# EDGAR Filing Document

**Accession Number:** 0001454889
**File Stem:** 0001193125-26-201303
**Filing Date:** 2026-5
**Character Count:** 1414212
**Document Hash:** d28ff0ca6965c7df2aaed1007c3cbbe4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-201303.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001193125-26-201303

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 62

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22311
- **FILM NUMBER:** 26932152

**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. Broad Market ETF (Series ID: S000026631)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000079978 | Schwab U.S. Broad Market ETF | SCHB            |

### Schwab U.S. Large-Cap ETF (Series ID: S000026632)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000079979 | Schwab U.S. Large-Cap ETF | SCHX            |

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

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

### Schwab U.S. Large-Cap Value ETF (Series ID: S000026634)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000079981 | Schwab U.S. Large-Cap Value ETF | SCHV            |

### Schwab U.S. Mid-Cap ETF (Series ID: S000026635)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000079982 | Schwab U.S. Mid-Cap ETF | SCHM            |

### Schwab U.S. Small-Cap ETF (Series ID: S000026636)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000079983 | Schwab U.S. Small-Cap ETF | SCHA            |

### Schwab International Equity ETF (Series ID: S000026637)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000079984 | Schwab International Equity ETF | SCHF            |

### Schwab International Small-Cap Equity ETF (Series ID: S000026638)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000079985 | Schwab International Small-Cap Equity ETF | SCHC            |

### Schwab Emerging Markets Equity ETF (Series ID: S000026639)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000079986 | Schwab Emerging Markets Equity ETF | SCHE            |

### Schwab U.S. Dividend Equity ETF (Series ID: S000034163)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000105320 | Schwab U.S. Dividend Equity ETF | SCHD            |

### Schwab 1000 Index ETF (Series ID: S000059091)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000193734 | Schwab 1000 Index ETF | SCHK            |

### Schwab International Dividend Equity ETF (Series ID: S000071197)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000225985 | Schwab International Dividend Equity ETF | SCHY            |

### Schwab High Yield Bond ETF (Series ID: S000080101)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000241773 | Schwab High Yield Bond ETF | SCYB            |

### Schwab Mortgage-Backed Securities ETF (Series ID: S000088676)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000255020 | Schwab Mortgage-Backed Securities ETF | SMBS            |

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

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

------

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22311

------

**Schwab Strategic Trust – Schwab U.S. Equity ETFs, Schwab International Equity ETFs and Schwab Fixed-Income 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. Equity ETFs, Schwab International Equity ETFs and Schwab Fixed-Income 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: August 31

Date of reporting period: February 28, 2026

------

Item 1: Report(s) to Shareholders.

------

![](g50418g2imgef46627d1.jpg)

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

Schwab International Dividend Equity ETF

**Ticker Symbol: SCHY**

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

------

This semiannual shareholder report contains important information about the fund for the period of September 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 six months 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 International Dividend Equity ETF | $4 | &nbsp;&nbsp;0.08%<br>\*<br>|

---

\*

Annualized.

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

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

Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | Since Inception\* |
| Fund: Schwab International Dividend Equity ETF (04/29/2021)<sup>1,2,3</sup> <br>| 23.51% | &nbsp;&nbsp;&nbsp;&nbsp;44.89% | &nbsp;&nbsp;&nbsp;&nbsp;10.48% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>4,5</sup> <br>| 17.64% | &nbsp;&nbsp;&nbsp;&nbsp;34.63% | &nbsp;&nbsp;&nbsp;&nbsp;9.74% |
| Dow Jones International Dividend 100 Index (Net)<sup>4</sup> <br>| 23.50% | &nbsp;&nbsp;&nbsp;&nbsp;44.68% | &nbsp;&nbsp;&nbsp;&nbsp;10.47% |

---

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

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

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

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

Index ownership — Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones International Dividend 100 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab International Dividend Equity 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.

\*

Inception (04/29/2021) represents the date that the shares began trading in the secondary market.

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

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

The 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<sup>®</sup> 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 Dow Jones International Dividend 100 Index (Net). The fund does not seek to track the regulatory index.

Schwab International Dividend Equity ETF \| Semiannual Report

REG127168-01 00323344

------

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

Statistics

---

| | |
|:---|:---|
| Net Assets (millions) | $2250 |
| Number of Holdings<br>(excludes derivatives)<br>| 102 |
| Portfolio Turnover Rate<br>(not annualized; excludes in-kind transactions)<br>| 5% |
| Weighted Average Market Cap (millions) | $97265 |
| Price/Earnings Ratio (P/E) | 16.3 |
| Price/Book Ratio (P/B) | 2.4 |

---

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

![](g50418g2img65242f3a2.jpg)

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

Top Equity Holdings % of Net Assets

![](g50418g2imgc307376b3.jpg)

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

![](g50418g2img9a9119654.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.

2Schwab International Dividend Equity ETF \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

Proxy Voting Policies, Procedures and Results

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

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

Schwab International Dividend Equity ETF \| Semiannual Report

------

![](g50418g3img5cbf24d71.jpg)

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

Schwab International Equity ETF

**Ticker Symbol: SCHF**

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

------

This semiannual shareholder report contains important information about the fund for the period of September 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 six months 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 International Equity ETF | $2 | &nbsp;&nbsp;0.03%<br>\*<br>|

---

\*

Annualized.

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

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

Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab International Equity ETF (11/03/2009)<sup>1,2,3</sup> <br>| 22.50% | &nbsp;&nbsp;&nbsp;&nbsp;42.23% | &nbsp;&nbsp;&nbsp;&nbsp;11.61% | &nbsp;&nbsp;&nbsp;&nbsp;11.04% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>4,5</sup> <br>| 17.64% | &nbsp;&nbsp;&nbsp;&nbsp;34.63% | &nbsp;&nbsp;&nbsp;&nbsp;10.78% | &nbsp;&nbsp;&nbsp;&nbsp;10.26% |
| FTSE Developed ex US Index (Net)<sup>4</sup> <br>| 22.50% | &nbsp;&nbsp;&nbsp;&nbsp;41.91% | &nbsp;&nbsp;&nbsp;&nbsp;11.43% | &nbsp;&nbsp;&nbsp;&nbsp;10.89% |

---

&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 — FTSE is a trademark of the London Stock Exchange Group companies (LSEG) and is used by the fund under license. The Schwab International Equity ETF is not sponsored, endorsed, sold or promoted by FTSE nor LSEG and neither FTSE nor LSEG makes any representation regarding the advisability of investing in shares of the fund. Fees payable under the license are paid by the investment adviser.

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<sup>®</sup> 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 FTSE Developed ex US Index (Net). The fund does not seek to track the regulatory index.

Schwab International Equity ETF \| Semiannual Report

REG127170-01 00323345

------

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

Statistics

---

| | |
|:---|:---|
| Net Assets (millions) | $62921 |
| Number of Holdings<br>(excludes derivatives)<br>| 1480 |
| Portfolio Turnover Rate<br>(not annualized; excludes in-kind transactions)<br>| 2% |
| Weighted Average Market Cap (millions) | $134295 |
| Price/Earnings Ratio (P/E) | 19.0 |
| Price/Book Ratio (P/B) | 2.3 |

---

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

![](g50418g3img2963aee12.jpg)

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

Top Equity Holdings % of Net Assets

![](g50418g3img5fb697633.jpg)

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

![](g50418g3img9c8207f44.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.

2Schwab International Equity ETF \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

Proxy Voting Policies, Procedures and Results

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

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

Schwab International Equity ETF \| Semiannual Report

------

![](g50418g4img86e675231.jpg)

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

Schwab International Small-Cap Equity ETF

**Ticker Symbol: SCHC**

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

------

This semiannual shareholder report contains important information about the fund for the period of September 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 six months 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 International Small-Cap Equity ETF | $4 | &nbsp;&nbsp;0.08%<br>\*<br>|

---

\*

Annualized.

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

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

Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab International Small-Cap Equity ETF (01/14/2010)<sup>1,2,3</sup> <br>| 20.69% | &nbsp;&nbsp;&nbsp;&nbsp;50.28% | &nbsp;&nbsp;&nbsp;&nbsp;9.33% | &nbsp;&nbsp;&nbsp;&nbsp;9.72% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>4,5</sup> <br>| 17.64% | &nbsp;&nbsp;&nbsp;&nbsp;34.63% | &nbsp;&nbsp;&nbsp;&nbsp;10.78% | &nbsp;&nbsp;&nbsp;&nbsp;10.26% |
| FTSE Developed Small Cap ex US Liquid Index (Net)<sup>4</sup> <br>| 20.52% | &nbsp;&nbsp;&nbsp;&nbsp;49.85% | &nbsp;&nbsp;&nbsp;&nbsp;9.16% | &nbsp;&nbsp;&nbsp;&nbsp;9.55% |

---

&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 — FTSE is a trademark of the London Stock Exchange Group companies (LSEG) and is used by the fund under license. The Schwab International Small-Cap Equity ETF is not sponsored, endorsed, sold or promoted by FTSE nor LSEG and neither FTSE nor LSEG makes any representation regarding the advisability of investing in shares of the fund. Fees payable under the license are paid by the investment adviser.

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<sup>®</sup> 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 FTSE Developed Small Cap ex US Liquid Index (Net). The fund does not seek to track the regulatory index.

Schwab International Small-Cap Equity ETF \| Semiannual Report

REG127171-01 00323346

------

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

Statistics

---

| | |
|:---|:---|
| Net Assets (millions) | $5688 |
| Number of Holdings<br>(excludes derivatives)<br>| 2162 |
| Portfolio Turnover Rate<br>(not annualized; excludes in-kind transactions)<br>| 15% |
| Weighted Average Market Cap (millions) | $3869 |
| Price/Earnings Ratio (P/E) | 15.9 |
| Price/Book Ratio (P/B) | 1.7 |

---

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

![](g50418g4img61e3a8882.jpg)

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

Top Equity Holdings % of Net Assets

![](g50418g4imgb459248f3.jpg)

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

![](g50418g4img0892472f4.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.

2Schwab International Small-Cap Equity ETF \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

Proxy Voting Policies, Procedures and Results

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

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

Schwab International Small-Cap Equity ETF \| Semiannual Report

------

![](g50418g5imgb4dff1c61.jpg)

Semiannual Report \| February 28, 2026

Schwab Emerging Markets Equity ETF

Ticker Symbol: SCHE

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

------

This semiannual shareholder report contains important information about the fund for the period of September 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 six months 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 Emerging Markets Equity ETF | $4 | &nbsp;&nbsp;0.07%<br>\*<br>|

---

\*

Annualized.

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

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

.

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

Average Annual Total Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Emerging Markets Equity ETF (01/14/2010)<br>1,2,3<br>| 17.26% | &nbsp;&nbsp;&nbsp;&nbsp;34.46% | &nbsp;&nbsp;&nbsp;&nbsp;5.35% | &nbsp;&nbsp;&nbsp;&nbsp;9.90% |
| MSCI Emerging Markets Index (Net)<br>4,5<br>| 28.87% | &nbsp;&nbsp;&nbsp;&nbsp;49.96% | &nbsp;&nbsp;&nbsp;&nbsp;6.31% | &nbsp;&nbsp;&nbsp;&nbsp;10.69% |
| FTSE Emerging Index (Net)<br>4<br>| 17.30% | &nbsp;&nbsp;&nbsp;&nbsp;34.94% | &nbsp;&nbsp;&nbsp;&nbsp;5.67% | &nbsp;&nbsp;&nbsp;&nbsp;10.17% |

---

&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 — FTSE is a trademark of the London Stock Exchange Group companies (LSEG) and is used by the fund under license. The Schwab Emerging Markets Equity

ETF is not sponsored, endorsed, sold or promoted by FTSE nor LSEG and neither FTSE nor LSEG makes any representation regarding the advisability of investing in shares of

the fund. Fees payable under the license are paid by the investment adviser.

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 FTSE Emerging Index (Net). The fund does not seek to track the regulatory index.

Schwab Emerging Markets Equity ETF \| Semiannual Report

REG127158-01 00323334

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $12462 |
| Number of Holdings<br>(excludes derivatives)<br>| 2137 |
| Portfolio Turnover Rate<br>(not annualized; excludes in-kind transactions)<br>| 2% |
| Weighted Average Market Cap (millions) | $327117 |
| Price/Earnings Ratio (P/E) | 16.9 |
| Price/Book Ratio (P/B) | 2.5 |

---

Sector Weightings % of Investments

![](g50418g5img0e126c8a2.jpg)

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

Top Equity Holdings % of Net Assets

![](g50418g5img22763a113.jpg)

Country Weightings % of Investments

![](g50418g5imgbe64ea404.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.

2Schwab Emerging Markets Equity ETF \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab Emerging Markets Equity ETF \| Semiannual Report

------

![](g50418g6img18163c2c1.jpg)

Semiannual Report \| February 28, 2026

Schwab U.S. Broad Market ETF

Ticker Symbol: SCHB

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

------

This semiannual shareholder report contains important information about the fund for the period of September 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 six months 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 U.S. Broad Market ETF | $2 | &nbsp;&nbsp;0.03%<br>\*<br>|

---

\*

Annualized.

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

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

.

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

Average Annual Total Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab U.S. Broad Market ETF (11/03/2009)<br>1,2<br>| 6.94% | &nbsp;&nbsp;&nbsp;&nbsp;16.86% | &nbsp;&nbsp;&nbsp;&nbsp;12.73% | &nbsp;&nbsp;&nbsp;&nbsp;15.02% |
| Dow Jones U.S. Broad Stock Market Index | 6.94% | &nbsp;&nbsp;&nbsp;&nbsp;16.90% | &nbsp;&nbsp;&nbsp;&nbsp;12.74% | &nbsp;&nbsp;&nbsp;&nbsp;15.04% |

---

&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®

is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Broad Stock Market Index is a product of

S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The

Schwab U.S. Broad Market 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.

Schwab U.S. Broad Market ETF \| Semiannual Report

REG127181-01 00323353

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $38703 |
| Number of Holdings<br>(excludes derivatives)<br>| 2409 |
| Portfolio Turnover Rate<br>(not annualized; excludes in-kind transactions)<br>| 2% |
| Weighted Average Market Cap (millions) | $1132514 |
| Price/Earnings Ratio (P/E) | 26.8 |
| Price/Book Ratio (P/B) | 4.8 |

---

Sector Weightings % of Investments

![](g50418g6img22ac6f5f2.jpg)

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

Top Equity Holdings % of Net Assets

![](g50418g6img83e66ddb3.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.

2Schwab U.S. Broad Market ETF \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab U.S. Broad Market ETF \| Semiannual Report

------

![](g50418g7img76eca3a71.jpg)

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

Schwab 1000 Index<sup>®</sup>

ETF

**Ticker Symbol: SCHK**

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

------

This semiannual shareholder report contains important information about the fund for the period of September 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 six months 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 1000 Index ETF | $2 | &nbsp;&nbsp;0.03%<br>\*<br>|

---

\*

Annualized.

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

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

Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | Since Inception\* |
| Fund: Schwab 1000 Index ETF (10/11/2017)<sup>1,2</sup> <br>| 6.79% | &nbsp;&nbsp;&nbsp;&nbsp;16.75% | &nbsp;&nbsp;&nbsp;&nbsp;13.15% | &nbsp;&nbsp;&nbsp;&nbsp;14.00% |
| Russell 1000<sup>®</sup> Index<sup>3</sup> <br>| 6.85% | &nbsp;&nbsp;&nbsp;&nbsp;16.73% | &nbsp;&nbsp;&nbsp;&nbsp;13.32% | &nbsp;&nbsp;&nbsp;&nbsp;14.16% |
| Schwab 1000 Index<sup>®</sup> | 6.82% | &nbsp;&nbsp;&nbsp;&nbsp;16.77% | &nbsp;&nbsp;&nbsp;&nbsp;13.19% | &nbsp;&nbsp;&nbsp;&nbsp;14.05% |

---

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

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

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

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

\*

Inception (10/11/2017) represents the date that the shares began trading in the secondary market.

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

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

The Russell 1000<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 Schwab 1000 Index<sup>®</sup>. The fund does not seek to track the regulatory index.

Schwab 1000 Index<sup>®</sup> ETF \| Semiannual Report

REG127156-01 00323332

------

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

Statistics

---

| | |
|:---|:---|
| Net Assets (millions) | $4929 |
| Number of Holdings<br>(excludes derivatives)<br>| 991 |
| Portfolio Turnover Rate<br>(not annualized; excludes in-kind transactions)<br>| 2% |
| Weighted Average Market Cap (millions) | $1175493 |
| Price/Earnings Ratio (P/E) | 27.2 |
| Price/Book Ratio (P/B) | 5.1 |

---

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

![](g50418g7imgd7fb89882.jpg)

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

Top Equity Holdings % of Net Assets

![](g50418g7img248915cc3.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.

2Schwab 1000 Index<sup>®</sup> ETF \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

Proxy Voting Policies, Procedures and Results

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

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

Schwab 1000 Index<sup>®</sup> ETF \| Semiannual Report

------

![](g50418g8imgda85ac6a1.jpg)

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

Schwab U.S. Large-Cap ETF

**Ticker Symbol: SCHX**

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

------

This semiannual shareholder report contains important information about the fund for the period of September 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 six months 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. Large-Cap ETF | $2 | &nbsp;&nbsp;0.03%<br>\*<br>|

---

\*

Annualized.

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

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

Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab U.S. Large-Cap ETF (11/03/2009)<sup>1,2</sup> <br>| 6.56% | &nbsp;&nbsp;&nbsp;&nbsp;16.51% | &nbsp;&nbsp;&nbsp;&nbsp;13.38% | &nbsp;&nbsp;&nbsp;&nbsp;15.37% |
| S&P 500<sup>®</sup> Index<sup>3</sup> <br>| 7.12% | &nbsp;&nbsp;&nbsp;&nbsp;16.99% | &nbsp;&nbsp;&nbsp;&nbsp;14.19% | &nbsp;&nbsp;&nbsp;&nbsp;15.50% |
| Dow Jones U.S. Large-Cap Total Stock Market Index | 6.57% | &nbsp;&nbsp;&nbsp;&nbsp;16.54% | &nbsp;&nbsp;&nbsp;&nbsp;13.40% | &nbsp;&nbsp;&nbsp;&nbsp;15.39% |

---

&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 — Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Large-Cap Total Stock Market Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Large-Cap 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 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 U.S. Large-Cap Total Stock Market Index. The fund does not seek to track the regulatory index.

Schwab U.S. Large-Cap ETF \| Semiannual Report

REG127185-01 00323355

------

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

Statistics

---

| | |
|:---|:---|
| Net Assets (millions) | $64216 |
| Number of Holdings<br>(excludes derivatives)<br>| 749 |
| Portfolio Turnover Rate<br>(not annualized; excludes in-kind transactions)<br>| 2% |
| Weighted Average Market Cap (millions) | $1209155 |
| Price/Earnings Ratio (P/E) | 27.5 |
| Price/Book Ratio (P/B) | 5.2 |

---

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

![](g50418g8img1ba066cd2.jpg)

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

Top Equity Holdings % of Net Assets

![](g50418g8img80be580e3.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.

2Schwab U.S. Large-Cap ETF \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

Proxy Voting Policies, Procedures and Results

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

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

Schwab U.S. Large-Cap ETF \| Semiannual Report

------

![](g50418g9img747692ae1.jpg)

Semiannual Report \| February 28, 2026

Schwab U.S. Large-Cap Growth ETF

Ticker Symbol: SCHG

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

------

This semiannual shareholder report contains important information about the fund for the period of September 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 six months 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 U.S. Large-Cap Growth ETF | $2 | &nbsp;&nbsp;0.04%<br>\*<br>|

---

\*

Annualized.

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

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

.

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

Average Annual Total Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab U.S. Large-Cap Growth ETF (12/11/2009)<br>1,2<br>| 0.91% | &nbsp;&nbsp;&nbsp;&nbsp;13.17% | &nbsp;&nbsp;&nbsp;&nbsp;14.47% | &nbsp;&nbsp;&nbsp;&nbsp;18.32% |
| <br>S&P 500<br>®<br> Index<br>3<br>| 7.12% | &nbsp;&nbsp;&nbsp;&nbsp;16.99% | &nbsp;&nbsp;&nbsp;&nbsp;14.19% | &nbsp;&nbsp;&nbsp;&nbsp;15.50% |
| Dow Jones U.S. Large-Cap Growth Total Stock Market Index | 0.95% | &nbsp;&nbsp;&nbsp;&nbsp;13.21% | &nbsp;&nbsp;&nbsp;&nbsp;14.51% | &nbsp;&nbsp;&nbsp;&nbsp;18.36% |

---

&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®

is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Large-Cap Growth Total Stock Market Index

is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset

Management. The Schwab U.S. Large-Cap Growth 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 S&P 500®

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

the Dow Jones U.S. Large-Cap Growth Total Stock Market Index. The fund does not seek to track the regulatory index.

Schwab U.S. Large-Cap Growth ETF \| Semiannual Report

REG127186-01 00323356

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $50571 |
| Number of Holdings<br>(excludes derivatives)<br>| 195 |
| Portfolio Turnover Rate<br>(not annualized; excludes in-kind transactions)<br>| 9% |
| Weighted Average Market Cap (millions) | $1798797 |
| Price/Earnings Ratio (P/E) | 34.1 |
| Price/Book Ratio (P/B) | 9.4 |

---

Sector Weightings % of Investments

![](g50418g9img7bf20b5d2.jpg)

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

Top Equity Holdings % of Net Assets

![](g50418g9img2a0d89a23.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.

2Schwab U.S. Large-Cap Growth ETF \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab U.S. Large-Cap Growth ETF \| Semiannual Report

------

![](g50418g10img84f973801.jpg)

Semiannual Report \| February 28, 2026

Schwab U.S. Large-Cap Value ETF

Ticker Symbol: SCHV

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

------

This semiannual shareholder report contains important information about the fund for the period of September 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 six months 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 U.S. Large-Cap Value ETF | $2 | &nbsp;&nbsp;0.04%<br>\*<br>|

---

\*

Annualized.

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

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

.

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

Average Annual Total Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab U.S. Large-Cap Value ETF (12/11/2009)<br>1,2<br>| 13.34% | &nbsp;&nbsp;&nbsp;&nbsp;19.54% | &nbsp;&nbsp;&nbsp;&nbsp;11.85% | &nbsp;&nbsp;&nbsp;&nbsp;11.95% |
| <br>S&P 500<br>®<br> Index<br>3<br>| 7.12% | &nbsp;&nbsp;&nbsp;&nbsp;16.99% | &nbsp;&nbsp;&nbsp;&nbsp;14.19% | &nbsp;&nbsp;&nbsp;&nbsp;15.50% |
| Dow Jones U.S. Large-Cap Value Total Stock Market Index | 13.38% | &nbsp;&nbsp;&nbsp;&nbsp;19.61% | &nbsp;&nbsp;&nbsp;&nbsp;11.88% | &nbsp;&nbsp;&nbsp;&nbsp;11.99% |

---

&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®

is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Large-Cap Value Total Stock Market Index is

a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset

Management. The Schwab U.S. Large-Cap Value 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 S&P 500®

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

the Dow Jones U.S. Large-Cap Value Total Stock Market Index. The fund does not seek to track the regulatory index.

Schwab U.S. Large-Cap Value ETF \| Semiannual Report

REG127187-01 00323357

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $15646 |
| Number of Holdings<br>(excludes derivatives)<br>| 555 |
| Portfolio Turnover Rate<br>(not annualized; excludes in-kind transactions)<br>| 8% |
| Weighted Average Market Cap (millions) | $230181 |
| Price/Earnings Ratio (P/E) | 22.7 |
| Price/Book Ratio (P/B) | 3.4 |

---

Sector Weightings % of Investments

![](g50418g10imga52f4aab2.jpg)

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

Top Equity Holdings % of Net Assets

![](g50418g10img3be7da7d3.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.

2Schwab U.S. Large-Cap Value ETF \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab U.S. Large-Cap Value ETF \| Semiannual Report

------

![](g50418g11img43dd12de1.jpg)

Semiannual Report \| February 28, 2026

Schwab U.S. Mid-Cap ETF

Ticker Symbol: SCHM

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

------

This semiannual shareholder report contains important information about the fund for the period of September 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 six months 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 U.S. Mid-Cap ETF | $2 | &nbsp;&nbsp;0.04%<br>\*<br>|

---

\*

Annualized.

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

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

.

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

Average Annual Total Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab U.S. Mid-Cap ETF (01/13/2011)<br>1,2<br>| 12.46% | &nbsp;&nbsp;&nbsp;&nbsp;19.69% | &nbsp;&nbsp;&nbsp;&nbsp;7.86% | &nbsp;&nbsp;&nbsp;&nbsp;11.77% |
| <br>S&P 500<br>®<br> Index<br>3<br>| 7.12% | &nbsp;&nbsp;&nbsp;&nbsp;16.99% | &nbsp;&nbsp;&nbsp;&nbsp;14.19% | &nbsp;&nbsp;&nbsp;&nbsp;15.50% |
| Dow Jones U.S. Mid-Cap Total Stock Market Index | 12.47% | &nbsp;&nbsp;&nbsp;&nbsp;19.70% | &nbsp;&nbsp;&nbsp;&nbsp;7.86% | &nbsp;&nbsp;&nbsp;&nbsp;11.79% |

---

&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®

is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Mid-Cap Total Stock Market Index is a

product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management.

The Schwab U.S. Mid-Cap 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 S&P 500®

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

the Dow Jones U.S. Mid-Cap Total Stock Market Index. The fund does not seek to track the regulatory index.

Schwab U.S. Mid-Cap ETF \| Semiannual Report

REG127188-01 00323358

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $13640 |
| Number of Holdings<br>(excludes derivatives)<br>| 497 |
| Portfolio Turnover Rate<br>(not annualized; excludes in-kind transactions)<br>| 16% |
| Weighted Average Market Cap (millions) | $16140 |
| Price/Earnings Ratio (P/E) | 22.1 |
| Price/Book Ratio (P/B) | 2.9 |

---

Sector Weightings % of Investments

![](g50418g11imgcb5463982.jpg)

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

Top Equity Holdings % of Net Assets

![](g50418g11img01d77c9c3.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.

2Schwab U.S. Mid-Cap ETF \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab U.S. Mid-Cap ETF \| Semiannual Report

------

![](g50418g12imgabda0efb1.jpg)

Semiannual Report \| February 28, 2026

Schwab U.S. Small-Cap ETF

Ticker Symbol: SCHA

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

------

This semiannual shareholder report contains important information about the fund for the period of September 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 six months 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 U.S. Small-Cap ETF | $2 | &nbsp;&nbsp;0.04%<br>\*<br>|

---

\*

Annualized.

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

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

.

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

Average Annual Total Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab U.S. Small-Cap ETF (11/03/2009)<br>1,2<br>| 12.53% | &nbsp;&nbsp;&nbsp;&nbsp;22.45% | &nbsp;&nbsp;&nbsp;&nbsp;5.85% | &nbsp;&nbsp;&nbsp;&nbsp;11.29% |
| <br>S&P 500<br>®<br> Index<br>3<br>| 7.12% | &nbsp;&nbsp;&nbsp;&nbsp;16.99% | &nbsp;&nbsp;&nbsp;&nbsp;14.19% | &nbsp;&nbsp;&nbsp;&nbsp;15.50% |
| Dow Jones U.S. Small-Cap Total Stock Market Index | 12.50% | &nbsp;&nbsp;&nbsp;&nbsp;22.41% | &nbsp;&nbsp;&nbsp;&nbsp;5.79% | &nbsp;&nbsp;&nbsp;&nbsp;11.25% |

---

&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®

is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Small-Cap Total Stock Market Index is a

product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management.

The Schwab U.S. Small-Cap 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 S&P 500®

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

the Dow Jones U.S. Small-Cap Total Stock Market Index. The fund does not seek to track the regulatory index.

Schwab U.S. Small-Cap ETF \| Semiannual Report

REG127190-01 00323360

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $20734 |
| Number of Holdings<br>(excludes derivatives)<br>| 1721 |
| Portfolio Turnover Rate<br>(not annualized; excludes in-kind transactions)<br>| 11% |
| Weighted Average Market Cap (millions) | $8313 |
| Price/Earnings Ratio (P/E) | 18.7 |
| Price/Book Ratio (P/B) | 2.3 |

---

Sector Weightings % of Investments

![](g50418g12img5066affc2.jpg)

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

Top Equity Holdings % of Net Assets

![](g50418g12img79d7a0553.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.

2Schwab U.S. Small-Cap ETF \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab U.S. Small-Cap ETF \| Semiannual Report

------

![](g50418g13imgb7743ed61.jpg)

Semiannual Report \| February 28, 2026

Schwab U.S. Dividend Equity ETF

Ticker Symbol: SCHD

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

------

This semiannual shareholder report contains important information about the fund for the period of September 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 six months 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 U.S. Dividend Equity ETF | $3 | &nbsp;&nbsp;0.06%<br>\*<br>|

---

\*

Annualized.

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

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

.

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

Average Annual Total Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab U.S. Dividend Equity ETF (10/20/2011)<br>1,2<br>| 15.96% | &nbsp;&nbsp;&nbsp;&nbsp;15.72% | &nbsp;&nbsp;&nbsp;&nbsp;11.03% | &nbsp;&nbsp;&nbsp;&nbsp;13.35% |
| <br>S&P 500<br>®<br> Index<br>3<br>| 7.12% | &nbsp;&nbsp;&nbsp;&nbsp;16.99% | &nbsp;&nbsp;&nbsp;&nbsp;14.19% | &nbsp;&nbsp;&nbsp;&nbsp;15.50% |
| Dow Jones U.S. Dividend 100<br>TM<br> Index<br>| 16.03% | &nbsp;&nbsp;&nbsp;&nbsp;15.80% | &nbsp;&nbsp;&nbsp;&nbsp;11.11% | &nbsp;&nbsp;&nbsp;&nbsp;13.45% |

---

&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®

is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Dividend 100

TM

Index is a product of S&P

Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab

U.S. Dividend Equity 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 S&P 500®

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

the Dow Jones U.S. Dividend 100™ Index. The fund does not seek to track the regulatory index.

Schwab U.S. Dividend Equity ETF \| Semiannual Report

REG127182-01 00323354

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $85917 |
| Number of Holdings<br>(excludes derivatives)<br>| 98 |
| Portfolio Turnover Rate<br>(not annualized; excludes in-kind transactions)<br>| 6% |
| Weighted Average Market Cap (millions) | $158847 |
| Price/Earnings Ratio (P/E) | 20.0 |
| Price/Book Ratio (P/B) | 3.7 |

---

Sector Weightings % of Investments

![](g50418g13img6c85d67b2.jpg)

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

Top Equity Holdings % of Net Assets

![](g50418g13img601ffe7d3.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%.

2Schwab U.S. Dividend Equity ETF \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab U.S. Dividend Equity ETF \| Semiannual Report

------

![](g50418g14img112e726f1.jpg)

Semiannual Report \| February 28, 2026

Schwab Mortgage-Backed Securities ETF

Ticker Symbol: SMBS

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

------

This semiannual shareholder report contains important information about the fund for the period of September 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 six months 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 Mortgage-Backed Securities ETF | $2 | &nbsp;&nbsp;0.03%<br>\*<br>|

---

\*

Annualized.

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

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

.

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

Average Annual Total Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | Since Inception\* |
| Fund: Schwab Mortgage-Backed Securities ETF (11/19/2024)<br>1,2<br>| 4.80% | &nbsp;&nbsp;&nbsp;&nbsp;7.34% | &nbsp;&nbsp;&nbsp;&nbsp;8.14% |
| Bloomberg US Aggregate Bond Index<br>3<br>| 3.99% | &nbsp;&nbsp;&nbsp;&nbsp;6.26% | &nbsp;&nbsp;&nbsp;&nbsp;6.92% |
| Bloomberg US MBS Float Adjusted Total Return Index | 4.86% | &nbsp;&nbsp;&nbsp;&nbsp;7.44% | &nbsp;&nbsp;&nbsp;&nbsp;8.24% |

---

&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.

Bloomberg®

and Bloomberg US MBS Float Adjusted Total Return Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services

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

Management, and Bloomberg does not approve, endorse, review, or recommend Schwab Mortgage-Backed Securities ETF. Bloomberg does not guarantee the timeliness,

accurateness, or completeness of any data or information relating to Schwab Mortgage-Backed Securities ETF.

\*

Inception (11/19/2024) represents the date that the shares began trading in the secondary market.

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

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

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

reinvested in the fund at NAV.

The Bloomberg US Aggregate Bond Index serves as the fund's regulatory index and provides a broad measure of market performance. The fund generally invests in

securities that are included in the Bloomberg US MBS Float Adjusted Total Return Index. The fund does not seek to track the regulatory index.

Schwab Mortgage-Backed Securities ETF \| Semiannual Report

REG127172-01 00323347

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $6257 |
| Number of Holdings | 4085 |
| Portfolio Turnover Rate<br>(not annualized; excludes in-kind transactions)<br>| 10% |
| Weighted Average Maturity<br>(Source: Aladdin)<br>| 5.7 Yrs |
| Weighted Average Duration<br>(Source: Aladdin)<br>| 4.6 Yrs |

---

Portfolio Composition By Security Type % of Investments

![](g50418g14img11221cb12.jpg)

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

Portfolio holdings may have changed since the report date.

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

2Schwab Mortgage-Backed Securities ETF \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab Mortgage-Backed Securities ETF \| Semiannual Report

------

![](g50418g15img2a9280aa1.jpg)

Semiannual Report \| February 28, 2026

Schwab High Yield Bond ETF

Ticker Symbol: SCYB

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

------

This semiannual shareholder report contains important information about the fund for the period of September 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 six months 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 High Yield Bond ETF | $2 | &nbsp;&nbsp;0.03%<br>\*<br>|

---

\*

Annualized.

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

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

.

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

Average Annual Total Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | Since Inception\* |
| Fund: Schwab High Yield Bond ETF (07/11/2023)<br>1,2<br>| 2.87% | &nbsp;&nbsp;&nbsp;&nbsp;7.03% | &nbsp;&nbsp;&nbsp;&nbsp;9.46% |
| Bloomberg US Aggregate Bond Index<br>3<br>| 3.99% | &nbsp;&nbsp;&nbsp;&nbsp;6.26% | &nbsp;&nbsp;&nbsp;&nbsp;5.57% |
| ICE BofA US Cash Pay High Yield Constrained Index | 2.82% | &nbsp;&nbsp;&nbsp;&nbsp;7.07% | &nbsp;&nbsp;&nbsp;&nbsp;9.68% |

---

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

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

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

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

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

"ICE®

" is a registered trademark of ICE Data Indices, LLC or its affiliates and "BofA®

" is a registered trademark of Bank of America Corporation licensed by Bank of America

Corporation and its affiliates ("BofA") and may not be used without BofA's prior written approval. These trademarks have been licensed, along with the ICE BofA US Cash Pay

High Yield Constrained Index ("Index") for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management, in connection with the Schwab High Yield

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

Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in the Schwab High Yield Bond ETF.

\*

Inception (07/11/2023) represents the date that the shares began trading in the secondary market.

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

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

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

reinvested in the fund at NAV.

The Bloomberg US Aggregate Bond Index serves as the fund's regulatory index and provides a broad measure of market performance. The fund generally invests in

securities that are included in the ICE BofA US Cash Pay High Yield Constrained Index. The fund does not seek to track the regulatory index.

Schwab High Yield Bond ETF \| Semiannual Report

REG127167-01 00323343

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $2369 |
| Number of Holdings | 1842 |
| Portfolio Turnover Rate<br>(not annualized; excludes in-kind transactions)<br>| 10% |
| Weighted Average Maturity<br>(Source: Aladdin)<br>| 3.7 Yrs |
| Weighted Average Duration<br>(Source: Aladdin)<br>| 2.9 Yrs |

---

Portfolio Composition By Security Type % of Investments

![](g50418g15imgaef9f2032.jpg)

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

Portfolio Composition By Credit Quality % of Investments

2,3

![](g50418g15imgdff03e413.jpg)

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

Portfolio holdings may have changed since the report date.

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

Bloomberg Index Rating: Based on the middle rating of Moody's, S&P and Fitch; when a rating from only two agencies is available, the lower is used; when only one agency

rates a bond, that rating is used. In cases where explicit bond level ratings may not be available, other sources may be used to classify securities by credit quality. Source:

Bloomberg Index Service Ltd.

Excludes short-term investments.

Less than 0.05%.

2Schwab High Yield Bond ETF \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab High Yield Bond ETF \| Semiannual Report

------

#### Item 2: Code of Ethics.
Not applicable to this semi-annual report.

#### Item 3: Audit Committee Financial Expert.
Not applicable to this semi-annual report.

#### Item 4: Principal Accountant Fees and Services.
Not applicable to this semi-annual report.

#### Item 5: Audit Committee of Listed Registrants.
Not applicable to this semi-annual report.

#### 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)](g892423img5ce0b35b1.jpg)

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

Schwab International Equity ETFs

------

---

| | |
|:---|:---|
| Schwab International Dividend Equity ETF | **SCHY** |
| Schwab International Equity ETF | **SCHF** |
| Schwab International Small-Cap Equity ETF | **SCHC** |
| Schwab Emerging Markets Equity ETF | **SCHE** |

---

------

**In This Report**

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

---

| | |
|:---|:---|
| **[Item 7 - Financial Statements and Financial Highlights for Open-End](#xx_0a8df149-9d07-4201-a6d5-d557d79b1302_1)**<br> **[Management Investment Companies](#xx_0a8df149-9d07-4201-a6d5-d557d79b1302_1)** <br>|  |
| [Financial Statements and Portfolio Holdings](#xx_0a8df149-9d07-4201-a6d5-d557d79b1302_1) <br>|  |
| [Schwab International Dividend Equity ETF](#xx_0a8df149-9d07-4201-a6d5-d557d79b1302_1) | 2 |
| [Schwab International Equity ETF](#xx_62e6b273-a0c9-469c-b79f-3d35b4f48d9e_1) | 9 |
| [Schwab International Small-Cap Equity ETF](#xx_66d49faf-b965-4291-8c94-68718e115f4f_1) | 27 |
| [Schwab Emerging Markets Equity ETF](#xx_50da50a8-2dee-4afe-8059-71ad0b7216c8_1) | 50 |
| [Financial Notes](#xx_928acff5-40ba-41cb-a5cd-b42f08ba03dc_1) | 80 |
| **[Item 8 – Changes in and Disagreements with Accountants for Open-End](#xx_7efdc56a-6089-4d18-ab29-51f2c932a218_1)**<br> **[Management Investment Companies](#xx_7efdc56a-6089-4d18-ab29-51f2c932a218_1)**<br>| 92 |
| **[Item 9 – Proxy Disclosures for Open-End Management Investment](#xx_2b6e803a-e736-44a4-a731-a2d19fe93d8f_1)**<br> **[Companies](#xx_2b6e803a-e736-44a4-a731-a2d19fe93d8f_1)**<br>| 93 |
| **[Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End](#xx_4e333d7a-8189-4476-826b-7ba515efe4d0_1)**<br> **[Management Investment Companies](#xx_4e333d7a-8189-4476-826b-7ba515efe4d0_1)**<br>| 94 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory](#xx_34969177-75c7-4ec4-b8e4-c58bba7ad95f_1)**<br> **[Contract](#xx_34969177-75c7-4ec4-b8e4-c58bba7ad95f_1)**<br>| 95  |

---

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.

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**1**

------

Schwab International Dividend Equity ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 9/1/25– <br>2/28/26\*<br>| 9/1/24– <br>8/31/25<br>| 9/1/23– <br>8/31/24<br>| 9/1/22– <br>8/31/23<br>| 9/1/21– <br>8/31/22<br>| 4/29/21<sup>1</sup>– <br>8/31/21<br>|
| **Per-Share Data** | **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; $28.02 | &nbsp;&nbsp; $26.05 | &nbsp;&nbsp; $23.70 | &nbsp;&nbsp; $21.72 | &nbsp;&nbsp; $26.07 | &nbsp;&nbsp; $25.00 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.43 | 1.14 | 1.00 | 1.08 | 1.37 | 0.41 |
| Net realized and unrealized gains (losses) | 6.05 | 1.88 | 2.54 | 1.78 | &nbsp;&nbsp; (5.09)<br>| 0.71 |
| Total from investment operations | 6.48 | 3.02 | 3.54 | 2.86 | &nbsp;&nbsp; (3.72)<br>| 1.12 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.05)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $33.93 | &nbsp;&nbsp; $28.02 | &nbsp;&nbsp; $26.05 | &nbsp;&nbsp; $23.70 | &nbsp;&nbsp; $21.72 | &nbsp;&nbsp; $26.07 |
| Total return | 23.51 %<sup>3</sup><br>| 12.07<br> %<br>| 15.55<br> %<br>| 13.31<br> %<br>| &nbsp;&nbsp; (14.47<br> %)<br>| 4.48 %<sup>3</sup><br>|
| **Ratios/Supplemental Data** | **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 | 0.08 %<sup>4</sup><br>| 0.10 %<sup>5</sup><br>| 0.14<br> %<br>| 0.14 %<sup>6</sup><br>| 0.14 %<sup>6</sup><br>| 0.14 %<sup>4</sup><br>|
| Net investment income (loss) | 2.92 %<sup>4</sup><br>| 4.42<br> %<br>| 4.15<br> %<br>| 4.67<br> %<br>| 5.72<br> %<br>| 4.76 %<sup>4</sup><br>|
| Portfolio turnover rate<sup>7</sup> <br>| &nbsp;&nbsp; 5 %<sup>3</sup><br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp; 3 %<sup>3</sup><br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $2250 | &nbsp;&nbsp; $1297 | &nbsp;&nbsp; $781 | &nbsp;&nbsp; $754 | &nbsp;&nbsp; $439 | &nbsp;&nbsp; $102 |

---

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

\* Unaudited.

<sup>1</sup> Commencement of operations.

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

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

<sup>5</sup> Effective February 28, 2025, the annual operating expense ratio was reduced to 0.08%. The ratio presented for the period ended August 31, 2025, is a blended ratio.

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

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

*See financial notes*

**2**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab International Dividend Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited)

------

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 98.5% OF NET ASSETS | **COMMON STOCKS** 98.5% OF NET ASSETS | **COMMON STOCKS** 98.5% OF NET ASSETS |
| **Australia 13.2%** | **Australia 13.2%** | **Australia 13.2%** |
| BHP Group Ltd.  | 2736992 | 113929748 |
| Insurance Australia Group Ltd.  | 746408 | 3542639 |
| Medibank Pvt Ltd.  | 826869 | 2580995 |
| QBE Insurance Group Ltd.  | 472271 | 7313536 |
| Rio Tinto Ltd.  | 527007 | 62844402 |
| Telstra Group Ltd.  | 6617876 | 24430074 |
| Wesfarmers Ltd.  | 1439168 | 81660130 |
|  |  | **296301524** |
| **Brazil 1.4%** | **Brazil 1.4%** | **Brazil 1.4%** |
| Ambev SA  | 2893201 | 9178855 |
| Banco do Brasil SA  | 700875 | 3683169 |
| BB Seguridade Participacoes SA  | 155414 | 1050973 |
| Engie Brasil Energia SA  | 532457 | 3496866 |
| Klabin SA  | 1641843 | 6582291 |
| Neoenergia SA  | 269644 | 1728275 |
| TIM SA  | 1281031 | 6969252 |
|  |  | **32689681** |
| **Canada 3.5%** | **Canada 3.5%** | **Canada 3.5%** |
| Bank of Nova Scotia  | 312843 | 23736476 |
| BCE, Inc.  | 554631 | 14578965 |
| Great-West Lifeco, Inc.  | 65716 | 3175338 |
| iA Financial Corp., Inc.  | 24596 | 2797652 |
| Manulife Financial Corp. *(a)* | 411194 | 14643614 |
| Quebecor, Inc., Class B  | 219823 | 9092067 |
| Sun Life Financial, Inc.  | 158031 | 10358889 |
|  |  | **78383001** |
| **China 1.2%** | **China 1.2%** | **China 1.2%** |
| China Construction Bank Corp., <br> H Shares <br>| 26845660 | 27421722 |
| **Denmark 0.1%** | **Denmark 0.1%** | **Denmark 0.1%** |
| Tryg AS  | 94523 | 2339175 |
| **Finland 3.0%** | **Finland 3.0%** | **Finland 3.0%** |
| Elisa OYJ  | 296600 | 15212501 |
| Kesko OYJ, B Shares  | 235466 | 5799388 |
| Kone OYJ, B Shares  | 608474 | 45993596 |
|  |  | **67005485** |
| **France 11.7%** | **France 11.7%** | **France 11.7%** |
| AXA SA  | 493503 | 24157877 |
| Cie Generale des Etablissements <br> Michelin SCA <br>| 1308270 | 53136811 |
| TotalEnergies SE  | 1166365 | 92653136 |
| Vinci SA  | 557219 | 92600639 |
|  |  | **262548463** |
| **Germany 5.8%** | **Germany 5.8%** | **Germany 5.8%** |
| Allianz SE  | 104426 | 47123657 |
| Deutsche Post AG  | 1399625 | 82792135 |
|  |  | **129915792** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Hong Kong 0.3%** | **Hong Kong 0.3%** | **Hong Kong 0.3%** |
| BOC Hong Kong Holdings Ltd.  | 1008505 | 5788929 |
| **India 2.8%** | **India 2.8%** | **India 2.8%** |
| HCL Technologies Ltd.  | 1653261 | 25243345 |
| ITC Ltd.  | 2618487 | 9026065 |
| Power Grid Corp. of India Ltd.  | 8478194 | 27831578 |
|  |  | **62100988** |
| **Indonesia 1.1%** | **Indonesia 1.1%** | **Indonesia 1.1%** |
| Bank Central Asia Tbk. PT  | 14874016 | 6365706 |
| Bank Rakyat Indonesia Persero Tbk. PT  | 21430470 | 4998099 |
| Telkom Indonesia Persero Tbk. PT, <br> Class B <br>| 68001462 | 14358794 |
|  |  | **25722599** |
| **Italy 7.9%** | **Italy 7.9%** | **Italy 7.9%** |
| Enel SpA  | 7522526 | 90541564 |
| Eni SpA  | 3224975 | 74844718 |
| Generali  | 285597 | 12193313 |
|  |  | **177579595** |
| **Japan 6.2%** | **Japan 6.2%** | **Japan 6.2%** |
| Daito Trust Construction Co. Ltd.  | 606018 | 13973834 |
| Japan Tobacco, Inc.  | 768064 | 29453317 |
| Ono Pharmaceutical Co. Ltd.  | 5644492 | 96692995 |
|  |  | **140120146** |
| **Malaysia 0.3%** | **Malaysia 0.3%** | **Malaysia 0.3%** |
| Bursa Malaysia Bhd.  | 150800 | 348417 |
| Telekom Malaysia Bhd.  | 3659700 | 7007136 |
|  |  | **7355553** |
| **Mexico 0.5%** | **Mexico 0.5%** | **Mexico 0.5%** |
| Arca Continental SAB de CV  | 408428 | 4920316 |
| Coca-Cola Femsa SAB de CV  | 397881 | 4426964 |
| Kimberly-Clark de Mexico SAB de CV, <br> A Shares <br>| 1076279 | 2704146 |
|  |  | **12051426** |
| **Netherlands 3.3%** | **Netherlands 3.3%** | **Netherlands 3.3%** |
| Koninklijke Ahold Delhaize NV  | 732119 | 36106536 |
| Koninklijke KPN NV  | 6717771 | 38079967 |
|  |  | **74186503** |
| **New Zealand 0.2%** | **New Zealand 0.2%** | **New Zealand 0.2%** |
| Spark New Zealand Ltd.  | 3597811 | 4922215 |
| **Norway 1.4%** | **Norway 1.4%** | **Norway 1.4%** |
| DNB Bank ASA  | 226464 | 7177129 |
| Gjensidige Forsikring ASA  | 50148 | 1414817 |
| Telenor ASA  | 1240106 | 22981341 |
|  |  | **31573287** |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**3**

------

Schwab International Dividend Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Qatar 0.7%** | **Qatar 0.7%** | **Qatar 0.7%** |
| Industries Qatar QSC  | 3325497 | 11042367 |
| Ooredoo QPSC  | 1313310 | 4887490 |
|  |  | **15929857** |
| **Republic of Korea 0.7%** | **Republic of Korea 0.7%** | **Republic of Korea 0.7%** |
| Cheil Worldwide, Inc.  | 113066 | 1725269 |
| KT&G Corp.  | 83103 | 9422384 |
| LG Uplus Corp.  | 362051 | 4162894 |
|  |  | **15310547** |
| **Russia 0.0%** | **Russia 0.0%** | **Russia 0.0%** |
| Severstal PAO *\*(b)(c)* | 708 | 0 |
| **Saudi Arabia 1.8%** | **Saudi Arabia 1.8%** | **Saudi Arabia 1.8%** |
| Jarir Marketing Co.  | 1017880 | 3796460 |
| Saudi Telecom Co.  | 3200374 | 35682007 |
|  |  | **39478467** |
| **Singapore 2.1%** | **Singapore 2.1%** | **Singapore 2.1%** |
| DBS Group Holdings Ltd.  | 524656 | 23693206 |
| Genting Singapore Ltd.  | 9546269 | 5396357 |
| Jardine Cycle & Carriage Ltd.  | 84974 | 2375523 |
| Singapore Exchange Ltd.  | 224854 | 3235437 |
| United Overseas Bank Ltd.  | 417161 | 12193100 |
|  |  | **46893623** |
| **South Africa 0.9%** | **South Africa 0.9%** | **South Africa 0.9%** |
| Bidvest Group Ltd.  | 525444 | 8334811 |
| Sanlam Ltd.  | 408202 | 2722971 |
| Vodacom Group Ltd.  | 1010876 | 10335163 |
|  |  | **21392945** |
| **Spain 1.3%** | **Spain 1.3%** | **Spain 1.3%** |
| Endesa SA  | 451020 | 18409197 |
| Mapfre SA  | 263361 | 1228254 |
| Naturgy Energy Group SA  | 305645 | 9505451 |
|  |  | **29142902** |
| **Switzerland 10.3%** | **Switzerland 10.3%** | **Switzerland 10.3%** |
| Coca-Cola HBC AG  | 165650 | 10712256 |
| Kuehne & Nagel International AG  | 91033 | 21229788 |
| Roche Holding AG  | 197882 | 94431694 |
| SGS SA  | 252904 | 31898690 |
| Swisscom AG  | 44305 | 41565643 |
| Zurich Insurance Group AG  | 40944 | 30910976 |
|  |  | **230749047** |
| **Taiwan 0.5%** | **Taiwan 0.5%** | **Taiwan 0.5%** |
| Chicony Electronics Co. Ltd.  | 1249752 | 5005255 |
| Chipbond Technology Corp.  | 1088000 | 1969562 |
| Radiant Opto-Electronics Corp.  | 954405 | 3730653 |
| Tung Ho Steel Enterprise Corp.  | 704000 | 1655621 |
|  |  | **12361091** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Thailand 0.8%** | **Thailand 0.8%** | **Thailand 0.8%** |
| Central Pattana PCL NVDR  | 2262800 | 5095577 |
| PTT Exploration & Production PCL <br> NVDR <br>| 2495700 | 10999225 |
| Tisco Financial Group PCL NVDR  | 97896 | 360595 |
| TMBThanachart Bank PCL NVDR  | 14210500 | 1078873 |
|  |  | **17534270** |
| **United Arab Emirates 0.4%** | **United Arab Emirates 0.4%** | **United Arab Emirates 0.4%** |
| Abu Dhabi Islamic Bank PJSC  | 426735 | 2962994 |
| Emirates NBD Bank PJSC  | 671661 | 6035265 |
|  |  | **8998259** |
| **United Kingdom 15.1%** | **United Kingdom 15.1%** | **United Kingdom 15.1%** |
| British American Tobacco PLC  | 1340202 | 83605077 |
| GSK PLC  | 3174523 | 93938351 |
| Imperial Brands PLC  | 597557 | 26712553 |
| Schroders PLC  | 246454 | 1941681 |
| Unilever PLC  | 1162272 | 85428201 |
| Vodafone Group PLC  | 31865560 | 49053664 |
|  |  | **340679527** |
| **Total Common Stocks** <br>**(Cost $1,722,559,949)** | **Total Common Stocks** <br>**(Cost $1,722,559,949)** | **2216476619** |
| **PREFERRED STOCKS** 0.9% OF NET ASSETS | **PREFERRED STOCKS** 0.9% OF NET ASSETS | **PREFERRED STOCKS** 0.9% OF NET ASSETS |
| **Brazil 0.6%** | **Brazil 0.6%** | **Brazil 0.6%** |
| Itau Unibanco Holding SA  | 1334278 | 12171073 |
| Klabin SA  | 2 | 2 |
|  |  | **12171075** |
| **Republic of Korea 0.3%** | **Republic of Korea 0.3%** | **Republic of Korea 0.3%** |
| Hyundai Motor Co.  | 33985 | 7595536 |
| **Russia 0.0%** | **Russia 0.0%** | **Russia 0.0%** |
| Sberbank of Russia PJSC *\*(b)(c)* | 69290 | 0 |
| **Total Preferred Stocks** <br>**(Cost $12,617,196)** | **Total Preferred Stocks** <br>**(Cost $12,617,196)** | **19766611** |

---

*See financial notes*

**4**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab International Dividend Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **SHORT-TERM INVESTMENTS** 0.7% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.7% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.7% OF NET ASSETS |
| **Money Market Funds 0.7%** | **Money Market Funds 0.7%** | **Money Market Funds 0.7%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 3.63% *(d)*<br>| 3501782 | 3501782 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 3.63% *(d)(e)*<br>| 11641380 | 11641380 |
|  |  | **15143162** |
| **Total Short-Term Investments** <br>**(Cost $15,143,162)** | **Total Short-Term Investments** <br>**(Cost $15,143,162)** | **15143162** |
| **Total Investments in Securities** <br>**(Cost $1,750,320,307)** | **Total Investments in Securities** <br>**(Cost $1,750,320,307)** | **2251386392** |

---

&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>| 70 | 11077850 | 456157 |
| MSCI Emerging Markets Index, <br> expires 03/20/26<br>| 25 | 2004625 | 73907 |
|  |  |  | **530064** |

---

&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 $11,011,361. 

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* Fair valued using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;*(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;*(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)*** |
| Consumer Staples | 14.1<br> %<br>|
| Financials | 13.8<br> %<br>|
| Communication Services | 13.6<br> %<br>|
| Industrials | 13.2<br> %<br>|
| Health Care | 12.7<br> %<br>|
| Materials | 8.2<br> %<br>|
| Energy | 7.9<br> %<br>|
| Consumer Discretionary | 6.7<br> %<br>|
| Utilities | 6.7<br> %<br>|
| Information Technology | 1.6<br> %<br>|
| Other *(b)* | 0.9<br> %<br>|
| Short-Term Investments | 0.7<br> %<br>|
| **Total** | **100.1%**<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>| $2216476619 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2216476619 |
| Russia |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 0 |
| Preferred Stocks<sup>1</sup> <br>| 19766611 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19766611 |
| Russia |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 0 |
| Short-Term Investments<sup>1</sup> <br>| 15143162 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15143162 |
| Futures Contracts<sup>2</sup> <br>| 530064 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 530064 |
| **Total** | **$2251916456** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$2251916456** |

---

&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 International Equity ETFs \| Semiannual Holdings and Financial Statements

**5**

------

Schwab International Dividend Equity ETF

Statement of Assets and Liabilities

------

As of February 28, 2026; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $1,750,320,307) including securities on loan of $11,011,361 |  | $2251386392 |
| Foreign currency, at value (cost $2,114,424) |  | 2111779 |
| Deposit with broker for futures contracts |  | 454627 |
| Receivables: |  |  |
| Dividends |  | 6024369 |
| Foreign tax reclaims |  | 2224836 |
| Income from securities on loan | + | 8399 |
| **Total assets** |  | **2262210402** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 11641380 |
| Payables: |  |  |
| Investments bought |  | 778197 |
| Management fees |  | 127491 |
| Variation margin on futures contracts | + | 33628 |
| **Total liabilities** |  | **12580696** |
| **Net assets** |  | **$2249629706** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $1793382630 |
| Total distributable earnings | + | 456247076 |
| **Net assets** |  | **$2249629706** |

---

&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** |
| $2249629706 |  | &nbsp;&nbsp;&nbsp;&nbsp; 66300000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $33.93 |

---

*See financial notes*

**6**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab International Dividend Equity ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $2,097,664) |  | $23912828 |
| Other Interest |  | 9362 |
| Securities on loan, net | + | 36994 |
| **Total investment income**  |  | **23959184** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 637746 |
| **Total expenses** | – | **637746** |
| **Net investment income** |  | **23321438** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated issuers (net of foreign capital gains tax paid of $36,641) |  | (1409119)<br>|
| Net realized gains on futures contracts |  | 1062522 |
| Net realized gains on foreign currency transactions | + | 45889 |
| **Net realized losses** |  | **(300708)**<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 351606075 |
| Net change in unrealized appreciation (depreciation) on futures contracts |  | 452249 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 115660 |
| **Net change in unrealized appreciation (depreciation)** |  | **352173984** |
| **Net realized and unrealized gains** |  | **351873276** |
| **Increase in net assets resulting from operations** |  | **$375194714** |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**7**

------

Schwab International Dividend Equity ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 |
| Net investment income |  | $23321438 | &nbsp;&nbsp;&nbsp; $41378378 |
| Net realized gains (losses) |  | (300708)<br>| &nbsp;&nbsp;&nbsp; 8716960 |
| Net change in unrealized appreciation (depreciation) | + | 352173984 | &nbsp;&nbsp;&nbsp; 79846579 |
| **Increase in net assets resulting from operations** |  | **$375194714** | &nbsp;&nbsp;&nbsp; **$129941917** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($29214780)**<br>| &nbsp;&nbsp;&nbsp; **($37519120)**<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** |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 | 9/1/24-8/31/25 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 20000000 | &nbsp;&nbsp;&nbsp; $606167212 | &nbsp;&nbsp;&nbsp; 17500000 | &nbsp;&nbsp;&nbsp; $452140378 |
| Shares redeemed | + |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1200000)<br>| &nbsp;&nbsp;&nbsp; (28530358)<br>|
| **Net transactions in fund shares**  |  | **20000000** | &nbsp;&nbsp;&nbsp; **$606167212** | &nbsp;&nbsp;&nbsp; **16300000** | &nbsp;&nbsp;&nbsp; **$423610020** |
| **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** |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 | 9/1/24-8/31/25 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 46300000 | &nbsp;&nbsp;&nbsp; $1297482560 | &nbsp;&nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp; $781449743 |
| Total increase | + | 20000000 | &nbsp;&nbsp;&nbsp; 952147146 | &nbsp;&nbsp;&nbsp; 16300000 | &nbsp;&nbsp;&nbsp; 516032817 |
| **End of period** |  | **66300000** | &nbsp;&nbsp;&nbsp; **$2249629706** | &nbsp;&nbsp;&nbsp; **46300000** | &nbsp;&nbsp;&nbsp; **$1297482560** |

---

*See financial notes*

**8**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab International Equity ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 9/1/25– <br>2/28/26\*<br>| 9/1/24– <br>8/31/25<sup>1</sup> <br>| 9/1/23– <br>8/31/24<sup>1</sup> <br>| 9/1/22– <br>8/31/23<sup>1</sup> <br>| 9/1/21– <br>8/31/22<sup>1</sup> <br>| 9/1/20– <br>8/31/21<sup>1</sup> <br>|
| **Per-Share Data** | **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; $22.78 | &nbsp;&nbsp; $20.37 | &nbsp;&nbsp; $17.64 | &nbsp;&nbsp; $15.66 | &nbsp;&nbsp; $20.03 | &nbsp;&nbsp; $16.06 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.20 | 0.59 | 0.53 | 0.53 | 0.58 | 0.48 |
| Net realized and unrealized gains (losses) | 4.83 | 2.39 | 2.74 | 1.96 | &nbsp;&nbsp; (4.36)<br>| 3.92 |
| Total from investment operations | 5.03 | 2.98 | 3.27 | 2.49 | &nbsp;&nbsp; (3.78)<br>| 4.40 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.43)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $27.13 | &nbsp;&nbsp; $22.78 | &nbsp;&nbsp; $20.37 | &nbsp;&nbsp; $17.64 | &nbsp;&nbsp; $15.66 | &nbsp;&nbsp; $20.03 |
| Total return | 22.50 %<sup>3</sup><br>| 15.07<br> %<br>| 18.90<br> %<br>| 16.09<br> %<br>| &nbsp;&nbsp; (19.27<br> %)<br>| 27.62<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Total expenses | 0.03 %<sup>4</sup><br>| 0.05 %<sup>5</sup><br>| 0.06<br> %<br>| 0.06 %<sup>6</sup><br>| 0.06 %<sup>6</sup><br>| 0.06<br> %<br>|
| Net investment income (loss) | 1.69 %<sup>4</sup><br>| 2.91<br> %<br>| 2.86<br> %<br>| 3.15<br> %<br>| 3.20<br> %<br>| 2.59<br> %<br>|
| Portfolio turnover rate<sup>7</sup> <br>| &nbsp;&nbsp; 2 %<sup>3</sup><br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 6<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $62921 | &nbsp;&nbsp; $50445 | &nbsp;&nbsp; $41540 | &nbsp;&nbsp; $31752 | &nbsp;&nbsp; $26120 | &nbsp;&nbsp; $28338 |

---

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

\* Unaudited.

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

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

<sup>5</sup> Effective June 10, 2025, the annual operating expense ratio was reduced to 0.03%. The ratio presented for the period ended August 31, 2025, is a blended ratio.

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

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

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**9**

------

Schwab International Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited)

------

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.0% OF NET ASSETS | **COMMON STOCKS** 99.0% OF NET ASSETS | **COMMON STOCKS** 99.0% OF NET ASSETS |
| **Australia 5.8%** | **Australia 5.8%** | **Australia 5.8%** |
| a2 Milk Co. Ltd.  | 1502586 | 10419061 |
| AGL Energy Ltd.  | 1203259 | 8480702 |
| ALS Ltd.  | 1051972 | 19207008 |
| AMP Ltd.  | 5693682 | 5274885 |
| Ampol Ltd.  | 534992 | 10740155 |
| Ansell Ltd.  | 305580 | 7068868 |
| ANZ Group Holdings Ltd.  | 6380654 | 182068856 |
| APA Group  | 2774941 | 18193572 |
| Aristocrat Leisure Ltd.  | 1176507 | 40312096 |
| ASX Ltd.  | 408090 | 15402114 |
| Atlas Arteria Ltd.  | 2362674 | 8082048 |
| Aurizon Holdings Ltd.  | 4044025 | 11960197 |
| Bank of Queensland Ltd.  | 1504032 | 7502941 |
| Beach Energy Ltd.  | 3568620 | 2784780 |
| Bendigo & Adelaide Bank Ltd.  | 1255459 | 9582270 |
| BHP Group Ltd.  | 10487818 | 436564833 |
| BlueScope Steel Ltd.  | 917554 | 18309061 |
| Brambles Ltd.  | 2892100 | 51691274 |
| CAR Group Ltd.  | 779453 | 14731259 |
| Challenger Ltd.  | 1159405 | 7378414 |
| Charter Hall Group  | 1026906 | 16151372 |
| Cleanaway Waste Management Ltd.  | 4553152 | 8274252 |
| Cochlear Ltd.  | 136082 | 19299763 |
| Coles Group Ltd.  | 2820387 | 41324558 |
| Commonwealth Bank of Australia  | 3582549 | 445823055 |
| Computershare Ltd.  | 1145968 | 25308737 |
| CSL Ltd.  | 1033971 | 108141518 |
| Deterra Royalties Ltd.  | 856930 | 2638187 |
| Dexus  | 2243258 | 10726997 |
| Domino's Pizza Enterprises Ltd.  | 134460 | 1948080 |
| Downer EDI Ltd.  | 1386361 | 8486838 |
| Dyno Nobel Ltd.  | 3887974 | 9198941 |
| Endeavour Group Ltd.  | 3337593 | 9300077 |
| Evolution Mining Ltd.  | 4309822 | 50923736 |
| Flight Centre Travel Group Ltd. *(a)* | 412900 | 3795867 |
| Fortescue Ltd.  | 3405329 | 51302728 |
| Goodman Group  | 4236448 | 87372911 |
| GPT Group  | 4106650 | 14808621 |
| GQG Partners, Inc., Class A  | 1983928 | 2594409 |
| Harvey Norman Holdings Ltd.  | 1183535 | 4858251 |
| HUB24 Ltd.  | 166306 | 11591061 |
| IGO Ltd. \* | 1557812 | 9569709 |
| Iluka Resources Ltd.  | 847058 | 4074678 |
| Insignia Financial Ltd. \* | 1327936 | 4419472 |
| Insurance Australia Group Ltd.  | 4860152 | 23067497 |
| James Hardie Industries PLC, CDI \* | 1213567 | 29595124 |
| JB Hi-Fi Ltd.  | 234681 | 13735869 |
| Lendlease Corp. Ltd.  | 1386208 | 4149102 |
| Light & Wonder, Inc. \* | 176123 | 16845246 |
| Lottery Corp. Ltd.  | 4571870 | 17952373 |
| Lynas Rare Earths Ltd. \* | 1887485 | 25530312 |
| Macquarie Group Ltd.  | 729420 | 110971450 |
| Magellan Financial Group Ltd.  | 393966 | 2375229 |
| Medibank Pvt Ltd.  | 5836332 | 18217572 |
| Metcash Ltd.  | 2385031 | 5608986 |
| Mineral Resources Ltd. \* | 365873 | 15899892 |
| Mirvac Group  | 8665647 | 12659929 |
| National Australia Bank Ltd.  | 6532462 | 228205759 |
| Netwealth Group Ltd.  | 240106 | 4411257 |
| New Hope Corp. Ltd.  | 1069725 | 3575373 |
| NEXTDC Ltd. \* | 1406393 | 13911455 |
| Northern Star Resources Ltd.  | 2933180 | 63295231 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Orica Ltd.  | 1029031 | 17908142 |
| Origin Energy Ltd.  | 3718857 | 32200466 |
| Orora Ltd.  | 2623903 | 4001639 |
| Perpetual Ltd.  | 225929 | 2985095 |
| PLS Group Ltd. \* | 6613403 | 24460692 |
| Pro Medicus Ltd.  | 113646 | 10528680 |
| Qantas Airways Ltd.  | 1558188 | 11048907 |
| QBE Insurance Group Ltd.  | 3232944 | 50065010 |
| Qube Holdings Ltd.  | 3710133 | 13246575 |
| Ramsay Health Care Ltd.  | 400204 | 12283799 |
| REA Group Ltd. *(a)* | 102620 | 12168460 |
| Reece Ltd. *(a)* | 523681 | 5844333 |
| Region Group  | 2423957 | 3990371 |
| Rio Tinto Ltd.  | 784697 | 93573356 |
| Santos Ltd.  | 6942874 | 33447401 |
| Scentre Group  | 11126747 | 30290607 |
| SEEK Ltd.  | 689108 | 8132499 |
| SGH Ltd.  | 399898 | 13308911 |
| Sigma Healthcare Ltd.  | 9049779 | 18316088 |
| Sims Ltd.  | 320288 | 5012442 |
| Sonic Healthcare Ltd.  | 977181 | 16594931 |
| South32 Ltd.  | 9325369 | 30570339 |
| Steadfast Group Ltd.  | 2324010 | 7287307 |
| Stockland  | 5145521 | 18738148 |
| Suncorp Group Ltd.  | 2305709 | 24039488 |
| Technology One Ltd.  | 629314 | 11691893 |
| Telix Pharmaceuticals Ltd. \* | 596289 | 4249455 |
| Telstra Group Ltd.  | 8648072 | 31924599 |
| TPG Telecom Ltd.  | 733139 | 2058538 |
| Transurban Group  | 6593875 | 67385470 |
| Treasury Wine Estates Ltd.  | 1713966 | 5545420 |
| Vicinity Ltd.  | 8015169 | 13994429 |
| Washington H Soul Pattinson & Co. <br> Ltd. <br>| 650813 | 17740427 |
| Wesfarmers Ltd.  | 2408874 | 136682419 |
| Westpac Banking Corp.  | 7304212 | 221435504 |
| Whitehaven Coal Ltd.  | 1670302 | 9296563 |
| WiseTech Global Ltd.  | 398536 | 13502156 |
| Woodside Energy Group Ltd.  | 4068403 | 82080546 |
| Woolworths Group Ltd.  | 2618404 | 67176219 |
| Worley Ltd.  | 1081701 | 8741716 |
| Xero Ltd. \* | 332302 | 19688806 |
| Yancoal Australia Ltd.  | 894461 | 3735385 |
|  |  | **3664669099** |
| **Austria 0.2%** | **Austria 0.2%** | **Austria 0.2%** |
| ANDRITZ AG  | 138929 | 12064665 |
| BAWAG Group AG  | 162686 | 25355009 |
| Erste Group Bank AG  | 604671 | 71893276 |
| OMV AG  | 302497 | 19572274 |
| Raiffeisen Bank International AG  | 263236 | 13134527 |
| Strabag SE  | 43460 | 4885020 |
| Telekom Austria AG  | 211519 | 2385022 |
| Verbund AG  | 143746 | 10234173 |
|  |  | **159523966** |
| **Belgium 0.8%** | **Belgium 0.8%** | **Belgium 0.8%** |
| Ackermans & van Haaren NV  | 44188 | 15161411 |
| Ageas SA  | 368820 | 27390804 |
| Anheuser-Busch InBev SA  | 2038905 | 165672842 |
| Argenx SE \* | 130737 | 101477060 |
| D'ieteren Group  | 44666 | 9671995 |
| Elia Group SA  | 94494 | 15039514 |
| Groupe Bruxelles Lambert NV  | 160103 | 16077312 |
| KBC Group NV  | 489305 | 66322548 |
| Lotus Bakeries NV  | 829 | 10296982 |

---

*See financial notes*

**10**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab International Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sofina SA  | 31152 | 9261500 |
| Syensqo SA  | 147632 | 8431333 |
| UCB SA  | 257317 | 76652336 |
| Warehouses De Pauw CVA  | 381284 | 11722742 |
|  |  | **533178379** |
| **Canada 10.3%** | **Canada 10.3%** | **Canada 10.3%** |
| Agnico Eagle Mines Ltd.  | 1069722 | 268738387 |
| Alamos Gold, Inc., Class A  | 884583 | 47950450 |
| Alimentation Couche-Tard, Inc.  | 1661235 | 100830028 |
| AltaGas Ltd.  | 650634 | 22116356 |
| ARC Resources Ltd.  | 1284261 | 23823590 |
| AtkinsRealis Group, Inc.  | 348745 | 24177028 |
| Bank of Montreal  | 1540546 | 221743289 |
| Bank of Nova Scotia  | 2673950 | 202881802 |
| Barrick Mining Corp.  | 3625175 | 183963311 |
| BCE, Inc.  | 673986 | 17716316 |
| Bombardier, Inc., Class B \* | 190588 | 39392053 |
| Brookfield Asset Management Ltd., <br> Class A <br>| 826547 | 38598657 |
| Brookfield Corp.  | 4520922 | 198292740 |
| CAE, Inc. \* | 663823 | 19688118 |
| Cameco Corp.  | 921363 | 109021931 |
| Canadian Imperial Bank of <br> Commerce <br>| 2013039 | 203377676 |
| Canadian National Railway Co.  | 1193093 | 133905302 |
| Canadian Natural Resources Ltd.  | 4365379 | 190990333 |
| Canadian Pacific Kansas City Ltd.  | 1930324 | 169049308 |
| Canadian Tire Corp. Ltd., Class A  | 111580 | 15653189 |
| Celestica, Inc. \* | 246287 | 68400916 |
| Cenovus Energy, Inc.  | 2914417 | 64940523 |
| CGI, Inc.  | 417171 | 30514337 |
| Constellation Software, Inc.  | 42309 | 78195259 |
| Descartes Systems Group, Inc. \* | 176805 | 11695822 |
| Dollarama, Inc.  | 569152 | 83804747 |
| Element Fleet Management Corp.  | 825683 | 19669642 |
| Emera, Inc.  | 636721 | 33132741 |
| Enbridge, Inc.  | 4662743 | 247761107 |
| Fairfax Financial Holdings Ltd.  | 47388 | 81574350 |
| First Quantum Minerals Ltd. \* | 1435882 | 42996972 |
| FirstService Corp.  | 84370 | 13296541 |
| Fortis, Inc.  | 1070488 | 61591226 |
| Franco-Nevada Corp.  | 409093 | 114354669 |
| George Weston Ltd.  | 341003 | 25032973 |
| GFL Environmental, Inc.  | 566158 | 25023283 |
| Gildan Activewear, Inc.  | 385251 | 26261528 |
| Great-West Lifeco, Inc. *(a)* | 589047 | 28462219 |
| Hydro One Ltd.  | 698347 | 30015838 |
| iA Financial Corp., Inc.  | 193028 | 21955812 |
| Imperial Oil Ltd.  | 327769 | 38344058 |
| Intact Financial Corp.  | 382728 | 73902129 |
| Ivanhoe Mines Ltd., Class A \* | 1663104 | 19022930 |
| Keyera Corp.  | 472011 | 18017299 |
| Kinross Gold Corp.  | 2607117 | 96382182 |
| Loblaw Cos. Ltd.  | 1188690 | 55100621 |
| Lundin Gold, Inc.  | 208955 | 19698167 |
| Lundin Mining Corp.  | 1429598 | 45555104 |
| Magna International, Inc. *(a)* | 577175 | 36399033 |
| Manulife Financial Corp.  | 3652271 | 130066211 |
| Metro, Inc.  | 421582 | 30042567 |
| National Bank of Canada  | 842745 | 117632706 |
| Nutrien Ltd.  | 1036279 | 77949820 |
| Open Text Corp.  | 527036 | 13057555 |
| Pan American Silver Corp.  | 881029 | 60451438 |
| Pembina Pipeline Corp.  | 1229864 | 54060452 |
| Power Corp. of Canada  | 1165238 | 58541708 |
| RB Global, Inc.  | 392409 | 39535815 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Restaurant Brands International, <br> Inc. <br>| 697636 | 50057308 |
| Royal Bank of Canada  | 3039045 | 508204710 |
| Saputo, Inc.  | 510301 | 16291019 |
| Shopify, Inc., Class A \* | 2587704 | 312437011 |
| Stantec, Inc.  | 239938 | 22219577 |
| Sun Life Financial, Inc.  | 1215518 | 79676877 |
| Suncor Energy, Inc.  | 2612743 | 147605564 |
| TC Energy Corp.  | 2228939 | 143246327 |
| Teck Resources Ltd., Class B  | 1019968 | 59911014 |
| TELUS Corp.  | 1153382 | 15814234 |
| TFI International, Inc.  | 170823 | 20412087 |
| Thomson Reuters Corp.  | 290572 | 27980218 |
| TMX Group Ltd.  | 597011 | 20140394 |
| Toronto-Dominion Bank  | 3639431 | 354590015 |
| Tourmaline Oil Corp.  | 789770 | 37083895 |
| Waste Connections, Inc.  | 550601 | 94763040 |
| Wheaton Precious Metals Corp.  | 976770 | 159186617 |
| Whitecap Resources, Inc.  | 2511702 | 25082950 |
| WSP Global, Inc.  | 276329 | 46816983 |
|  |  | **6465870004** |
| **Denmark 1.1%** | **Denmark 1.1%** | **Denmark 1.1%** |
| AP Moller - Maersk AS, Class A  | 5713 | 13993600 |
| AP Moller - Maersk AS, Class B *(a)* | 8336 | 20648989 |
| Carlsberg AS, Class B  | 195471 | 30370905 |
| Coloplast AS, Class B  | 291818 | 22504296 |
| Danske Bank AS  | 1351971 | 70525542 |
| Demant AS *\*(a)* | 173829 | 5406060 |
| DSV AS  | 408537 | 105588221 |
| Genmab AS \* | 133400 | 38968063 |
| H Lundbeck AS *(a)* | 629218 | 3852071 |
| H Lundbeck AS, Class A  | 14209 | 78140 |
| Novo Nordisk AS, Class B  | 6822534 | 256491915 |
| Novonesis Novozymes B, Class B  | 748364 | 44407503 |
| Orsted AS \* | 1008220 | 23899020 |
| Pandora AS  | 160150 | 12654077 |
| Rockwool AS, B Shares  | 166368 | 5509231 |
| Tryg AS  | 662173 | 16386898 |
| Vestas Wind Systems AS  | 2174694 | 55827914 |
|  |  | **727112445** |
| **Finland 0.9%** | **Finland 0.9%** | **Finland 0.9%** |
| Elisa OYJ  | 304589 | 15622254 |
| Fortum OYJ  | 885161 | 20703626 |
| Kesko OYJ, B Shares  | 583146 | 14362541 |
| Kone OYJ, B Shares  | 672903 | 50863682 |
| Metso OYJ  | 1480784 | 30954750 |
| Neste OYJ  | 908976 | 22730974 |
| Nokia OYJ  | 10815181 | 82797355 |
| Nordea Bank Abp  | 6992404 | 135810103 |
| Orion OYJ, B Shares  | 228445 | 18260387 |
| Sampo OYJ, A Shares  | 5234820 | 58024913 |
| Stora Enso OYJ, R Shares  | 1233552 | 16756517 |
| UPM-Kymmene OYJ  | 1103164 | 35141613 |
| Valmet OYJ  | 311825 | 10481853 |
| Wartsila OYJ Abp  | 973783 | 42425622 |
|  |  | **554936190** |
| **France 7.8%** | **France 7.8%** | **France 7.8%** |
| Accor SA  | 478198 | 27812615 |
| Aeroports de Paris SA  | 83786 | 11712857 |
| Air Liquide SA  | 1239612 | 260873887 |
| Airbus SE  | 1251883 | 272324886 |
| Alstom SA \* | 709520 | 23699395 |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**11**

------

Schwab International Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Amundi SA  | 125730 | 12031828 |
| Arkema SA  | 123709 | 9048618 |
| AXA SA  | 3593680 | 175917224 |
| Ayvens SA  | 756355 | 9644708 |
| BioMerieux  | 92142 | 10879208 |
| BNP Paribas SA  | 2127503 | 239890592 |
| Bollore SE  | 1536570 | 8991317 |
| Bouygues SA  | 414445 | 25778185 |
| Bureau Veritas SA  | 740105 | 25708437 |
| Capgemini SE  | 331742 | 41891018 |
| Carrefour SA  | 1212140 | 22963187 |
| Cie de Saint-Gobain SA  | 965006 | 98260377 |
| Cie Generale des Etablissements <br> Michelin SCA <br>| 1432099 | 58166261 |
| Covivio SA  | 121319 | 8902452 |
| Credit Agricole SA  | 2012769 | 44642119 |
| Danone SA  | 1364693 | 117044352 |
| Dassault Aviation SA  | 36945 | 14770061 |
| Dassault Systemes SE  | 1412342 | 30933100 |
| Edenred SE  | 520164 | 12037492 |
| Eiffage SA  | 164396 | 28377771 |
| Engie SA  | 3867164 | 132093269 |
| EssilorLuxottica SA  | 615942 | 163775098 |
| Eurazeo SE  | 65781 | 3869402 |
| Eurofins Scientific SE  | 243555 | 19600461 |
| Euronext NV  | 192598 | 31836072 |
| FDJ UNITED  | 227286 | 6886031 |
| Gecina SA  | 109811 | 10171347 |
| Getlink SE  | 615385 | 13383700 |
| Hermes International SCA  | 72666 | 175797574 |
| Ipsen SA  | 76195 | 14852967 |
| Kering SA  | 151058 | 50991472 |
| Klepierre SA  | 446242 | 18767396 |
| Legrand SA  | 539320 | 97967876 |
| L'Oreal SA  | 489959 | 229893804 |
| LVMH Moet Hennessy Louis Vuitton <br> SE <br>| 546538 | 351106406 |
| Orange SA  | 4422361 | 94978773 |
| Pernod Ricard SA  | 411698 | 38041555 |
| Publicis Groupe SA  | 489798 | 43615735 |
| Renault SA  | 402439 | 15257382 |
| Rexel SA  | 477208 | 20774019 |
| Safran SA  | 745824 | 299402164 |
| Sanofi SA  | 2302661 | 223481453 |
| Sartorius Stedim Biotech  | 59602 | 12885131 |
| Schneider Electric SE  | 1160200 | 379037068 |
| SCOR SE  | 370250 | 13508067 |
| SEB SA  | 50981 | 3139080 |
| Societe Generale SA  | 1508640 | 131563248 |
| Sodexo SA  | 184454 | 10105219 |
| SPIE SA  | 318897 | 19767393 |
| STMicroelectronics NV  | 1389715 | 46616176 |
| Teleperformance SE  | 115036 | 6992170 |
| Thales SA  | 191949 | 57769067 |
| TotalEnergies SE  | 3927351 | 311979002 |
| Unibail-Rodamco-Westfield \* | 258515 | 32400030 |
| Veolia Environnement SA  | 1267037 | 53795834 |
| Vinci SA  | 1066060 | 177161650 |
| Wendel SE  | 54671 | 5735273 |
|  |  | **4911300311** |
| **Germany 6.8%** | **Germany 6.8%** | **Germany 6.8%** |
| adidas AG  | 357944 | 66859208 |
| Allianz SE  | 827424 | 373386370 |
| Aumovio SE \* | 116610 | 5823926 |
| BASF SE  | 1908922 | 109763212 |
| Bayer AG  | 2115589 | 104935792 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Bayerische Motoren Werke AG  | 621285 | 65623506 |
| Bechtle AG  | 184008 | 7430234 |
| Beiersdorf AG  | 223420 | 28397215 |
| Brenntag SE  | 267612 | 16525208 |
| Carl Zeiss Meditec AG, Bearer <br> Shares <br>| 71558 | 2291330 |
| Commerzbank AG  | 1436067 | 58751317 |
| Continental AG  | 233221 | 20134623 |
| CTS Eventim AG & Co. KGaA  | 118731 | 9651787 |
| Daimler Truck Holding AG  | 1083697 | 55057803 |
| Delivery Hero SE \* | 485130 | 11258249 |
| Deutsche Bank AG  | 3793855 | 135703594 |
| Deutsche Boerse AG  | 394163 | 108156255 |
| Deutsche Lufthansa AG  | 1306547 | 14019516 |
| Deutsche Post AG  | 1969780 | 116518561 |
| Deutsche Telekom AG  | 7454235 | 300033498 |
| Deutsche Wohnen SE  | 135407 | 3797033 |
| DWS Group GmbH & Co. KGaA  | 64405 | 4566382 |
| E.ON SE  | 4771163 | 110863609 |
| Evonik Industries AG  | 569725 | 9948855 |
| Fielmann Group AG  | 47960 | 2618970 |
| Fraport AG Frankfurt Airport Services <br> Worldwide \*<br>| 84217 | 8277967 |
| Fresenius Medical Care AG  | 448644 | 20897221 |
| Fresenius SE & Co. KGaA  | 868400 | 52188794 |
| FUCHS SE  | 58526 | 2128331 |
| GEA Group AG  | 319920 | 24892383 |
| Hannover Rueck SE  | 129825 | 39516722 |
| Heidelberg Materials AG  | 271108 | 60674441 |
| Henkel AG & Co. KGaA  | 217020 | 19666080 |
| Hensoldt AG  | 127221 | 11175614 |
| HOCHTIEF AG  | 32481 | 15823344 |
| Infineon Technologies AG  | 2774388 | 150109900 |
| KION Group AG  | 144489 | 9894696 |
| Knorr-Bremse AG  | 142512 | 18761431 |
| LEG Immobilien SE  | 157232 | 13143586 |
| Mercedes-Benz Group AG  | 1614078 | 112438798 |
| Merck KGaA  | 277987 | 42110540 |
| MTU Aero Engines AG  | 115995 | 50043477 |
| Muenchener <br> Rueckversicherungs-Gesellschaft <br> AG in Muenchen <br>| 279764 | 183524365 |
| Nemetschek SE  | 124039 | 9929505 |
| Qiagen NV  | 446036 | 22097597 |
| Rational AG  | 10941 | 9539974 |
| RENK Group AG  | 167435 | 11254523 |
| Rheinmetall AG  | 96894 | 190309012 |
| RTL Group SA  | 78182 | 3429298 |
| RWE AG  | 1429594 | 92059267 |
| SAP SE  | 2199099 | 443893672 |
| Scout24 SE  | 149117 | 12720514 |
| Siemens AG  | 1572634 | 459374644 |
| Siemens Energy AG  | 1594893 | 313440431 |
| Siemens Healthineers AG  | 633079 | 31498662 |
| Symrise AG  | 286077 | 26204289 |
| Talanx AG  | 129336 | 16339654 |
| Traton SE *(a)* | 150025 | 6383930 |
| Volkswagen AG  | 60363 | 7255348 |
| Vonovia SE  | 1509776 | 51142591 |
| Zalando SE \* | 504001 | 12347788 |
|  |  | **4296604442** |
| **Hong Kong 1.8%** | **Hong Kong 1.8%** | **Hong Kong 1.8%** |
| AAC Technologies Holdings, Inc.  | 1547265 | 7386061 |
| AIA Group Ltd.  | 22572782 | 250483240 |
| ASMPT Ltd.  | 697940 | 10002247 |
| Bank of East Asia Ltd.  | 2131630 | 4147633 |

---

*See financial notes*

**12**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab International Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| BOC Aviation Ltd.  | 415248 | 4623806 |
| BOC Hong Kong Holdings Ltd.  | 7742220 | 44441193 |
| Brightoil Petroleum Holdings <br> Ltd. *\*(b)*<br>| 2936732 | 0 |
| Budweiser Brewing Co. APAC Ltd.  | 3386646 | 3372726 |
| Cathay Pacific Airways Ltd.  | 2720309 | 4889646 |
| Champion REIT  | 3905082 | 1397855 |
| Chow Tai Fook Jewellery Group Ltd.  | 3615236 | 6063793 |
| CK Asset Holdings Ltd.  | 3877598 | 24676953 |
| CK Hutchison Holdings Ltd.  | 5664079 | 46632535 |
| CK Infrastructure Holdings Ltd.  | 1327684 | 11278817 |
| CLP Holdings Ltd.  | 3372282 | 31989073 |
| CTF Services Ltd.  | 3299428 | 3770944 |
| Dah Sing Banking Group Ltd.  | 765499 | 1282984 |
| DFI Retail Group Holdings Ltd.  | 632689 | 2650967 |
| First Pacific Co. Ltd.  | 4442178 | 3589111 |
| FIT Hon Teng Ltd. *\*(a)* | 4026999 | 3233069 |
| Galaxy Entertainment Group Ltd.  | 4528023 | 24173691 |
| Hang Lung Group Ltd.  | 1771117 | 3803911 |
| Hang Lung Properties Ltd.  | 3705148 | 4864631 |
| Henderson Land Development Co. <br> Ltd. <br>| 2933070 | 13288930 |
| Hong Kong & China Gas Co. Ltd.  | 22889753 | 22268944 |
| Hong Kong Exchanges & Clearing <br> Ltd. <br>| 2540602 | 136089469 |
| Hongkong Land Holdings Ltd.  | 2218832 | 19237273 |
| HUTCHMED China Ltd. *\*(a)* | 994655 | 2886504 |
| Hysan Development Co. Ltd.  | 1243224 | 3467991 |
| Jardine Matheson Holdings Ltd.  | 390140 | 32186550 |
| Johnson Electric Holdings Ltd.  | 901954 | 3579151 |
| Kerry Properties Ltd.  | 1205974 | 3888274 |
| KLN Logistics Group Ltd.  | 575661 | 521779 |
| Lenovo Group Ltd.  | 16505835 | 20531666 |
| Link REIT  | 5464119 | 27075581 |
| Man Wah Holdings Ltd.  | 3058263 | 1993971 |
| MGM China Holdings Ltd.  | 1993059 | 3190056 |
| MMG Ltd. \* | 9170163 | 12672918 |
| MTR Corp. Ltd.  | 3477716 | 16601307 |
| NagaCorp Ltd.  | 2851056 | 1640182 |
| New World Development Co. <br> Ltd. *\*(a)*<br>| 2839401 | 3942125 |
| Nexteer Automotive Group Ltd.  | 1856535 | 1775328 |
| Orient Overseas International Ltd.  | 263372 | 5033669 |
| PCCW Ltd.  | 8452845 | 6418938 |
| Power Assets Holdings Ltd.  | 2873216 | 23306323 |
| PRADA SpA  | 1146284 | 6521179 |
| Samsonite Group SA  | 2714778 | 6677490 |
| Sands China Ltd.  | 5028351 | 11384606 |
| Shangri-La Asia Ltd.  | 2230778 | 1451603 |
| Shenzhou International Group <br> Holdings Ltd. <br>| 1717994 | 13913684 |
| Sino Land Co. Ltd.  | 7514634 | 12277574 |
| SITC International Holdings Co. Ltd.  | 2899836 | 12374670 |
| SJM Holdings Ltd. \* | 4713196 | 1452133 |
| Sun Hung Kai Properties Ltd.  | 2944492 | 54958781 |
| Super Hi International Holding <br> Ltd. *\*(a)*<br>| 617945 | 1055432 |
| Swire Pacific Ltd., A Shares  | 747875 | 8045573 |
| Swire Pacific Ltd., B Shares  | 1659149 | 2933469 |
| Swire Properties Ltd.  | 2101069 | 7252336 |
| Techtronic Industries Co. Ltd.  | 3081459 | 50266764 |
| United Energy Group Ltd.  | 30167514 | 2506841 |
| VTech Holdings Ltd.  | 331481 | 2735450 |
| WH Group Ltd.  | 16969030 | 21346466 |
| Wharf Holdings Ltd.  | 2162401 | 7159948 |
| Wharf Real Estate Investment Co. <br> Ltd. <br>| 3410044 | 12598873 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Wynn Macau Ltd.  | 2973943 | 2170914 |
| Xinyi Glass Holdings Ltd. *(a)* | 3273941 | 4344523 |
| Yue Yuen Industrial Holdings Ltd.  | 1967638 | 4676258 |
|  |  | **1108456382** |
| **Ireland 0.3%** | **Ireland 0.3%** | **Ireland 0.3%** |
| AIB Group PLC  | 4627156 | 48350067 |
| Bank of Ireland Group PLC  | 2042239 | 39870385 |
| Kerry Group PLC, Class A  | 356243 | 31672400 |
| Kingspan Group PLC  | 336399 | 33502672 |
| Ryanair Holdings PLC  | 342266 | 11080794 |
|  |  | **164476318** |
| **Israel 1.0%** | **Israel 1.0%** | **Israel 1.0%** |
| Airport City Ltd. \* | 145244 | 2547856 |
| Amot Investments Ltd.  | 437288 | 2899586 |
| Azrieli Group Ltd.  | 72132 | 10355020 |
| Bank Hapoalim BM  | 2847739 | 71744113 |
| Bank Leumi Le-Israel BM  | 3229648 | 78048840 |
| Bezeq The Israeli Telecommunication <br> Corp. Ltd. <br>| 5906687 | 15570437 |
| Big Shopping Centers Ltd.  | 40183 | 9676165 |
| Camtek Ltd. \* | 57030 | 9485750 |
| Clal Insurance Enterprises Holdings <br> Ltd. <br>| 136633 | 10188590 |
| Delek Group Ltd.  | 20351 | 6222102 |
| Elbit Systems Ltd.  | 55889 | 42761453 |
| Energix-Renewable Energies Ltd.  | 529005 | 3374456 |
| Enlight Renewable Energy Ltd. \* | 274324 | 18767455 |
| Fattal Holdings 1998 Ltd. \* | 13232 | 2595461 |
| FIBI Holdings Ltd.  | 30782 | 3212359 |
| First International Bank of Israel Ltd.  | 119612 | 10273657 |
| Gav-Yam Lands Corp. Ltd.  | 84578 | 989465 |
| Harel Insurance Investments & <br> Financial Services Ltd. <br>| 240358 | 12610679 |
| ICL Group Ltd.  | 1607639 | 7593772 |
| Israel Corp. Ltd.  | 9081 | 2339653 |
| Israel Discount Bank Ltd., A Shares  | 2634334 | 31852133 |
| Melisron Ltd.  | 47180 | 6384765 |
| Menora Mivtachim Holdings Ltd.  | 52983 | 7560430 |
| Migdal Insurance & Financial <br> Holdings Ltd. \*<br>| 1221613 | 6604156 |
| Mivne Real Estate KD Ltd.  | 1328744 | 5505090 |
| Mizrahi Tefahot Bank Ltd.  | 317466 | 23754134 |
| Next Vision Stabilized Systems Ltd.  | 145318 | 16588040 |
| Nice Ltd. \* | 137435 | 15561078 |
| Nova Ltd. \* | 64513 | 28289959 |
| OPC Energy Ltd. \* | 312744 | 9846097 |
| Phoenix Financial Ltd.  | 474350 | 24206548 |
| Shapir Engineering & Industry Ltd.  | 305765 | 3188963 |
| Shikun & Binui Ltd. \* | 727731 | 3832057 |
| Shufersal Ltd.  | 390456 | 5467019 |
| Strauss Group Ltd.  | 128101 | 5642352 |
| Teva Pharmaceutical Industries Ltd. \* | 2469540 | 83569041 |
| Tower Semiconductor Ltd. \* | 240266 | 30338339 |
|  |  | **629447070** |
| **Italy 2.6%** | **Italy 2.6%** | **Italy 2.6%** |
| A2A SpA  | 3370197 | 9864418 |
| Amplifon SpA  | 289716 | 4506743 |
| Banca Mediolanum SpA  | 463676 | 9985714 |
| Banca Monte dei Paschi di Siena <br> SpA <br>| 4426195 | 43365428 |
| Banco BPM SpA  | 3192439 | 47248346 |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**13**

------

Schwab International Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| BPER Banca SpA  | 2996672 | 42493439 |
| Brunello Cucinelli SpA  | 68556 | 6664936 |
| Buzzi SpA  | 172698 | 9987246 |
| Davide Campari-Milano NV  | 1244521 | 9371873 |
| DiaSorin SpA  | 51197 | 4303920 |
| Enel SpA  | 16595516 | 199744603 |
| Eni SpA  | 4314938 | 100140410 |
| Ferrari NV  | 256426 | 97307787 |
| FinecoBank Banca Fineco SpA  | 1325572 | 31286413 |
| Generali  | 2086800 | 89094094 |
| Hera SpA  | 1620346 | 8467571 |
| Infrastrutture Wireless Italiane <br> SpA *(a)*<br>| 715525 | 7599161 |
| Interpump Group SpA  | 158082 | 7297916 |
| Intesa Sanpaolo SpA  | 32805851 | 226012174 |
| Italgas SpA  | 1327937 | 17152778 |
| Leonardo SpA  | 855114 | 57347173 |
| Mediobanca Banca di Credito <br> Finanziario SpA <br>| 237291 | 5174732 |
| Moncler SpA  | 484198 | 33409722 |
| Nexi SpA *(a)* | 925409 | 3800169 |
| Pirelli & C SpA  | 838442 | 6309933 |
| Poste Italiane SpA  | 973329 | 26144523 |
| Prysmian SpA  | 612132 | 74081303 |
| Recordati Industria Chimica e <br> Farmaceutica SpA <br>| 228601 | 13069007 |
| Reply SpA  | 44075 | 4719970 |
| Snam SpA  | 4391235 | 34167386 |
| Stellantis NV  | 4586411 | 37586742 |
| Telecom Italia SpA \* | 23331581 | 17525786 |
| Tenaris SA  | 740428 | 20212048 |
| Terna - Rete Elettrica Nazionale  | 3030197 | 36493095 |
| UniCredit SpA  | 3272156 | 279751363 |
| Unipol Assicurazioni SpA  | 834715 | 20854201 |
|  |  | **1642542123** |
| **Japan 21.1%** | **Japan 21.1%** | **Japan 21.1%** |
| ABC-Mart, Inc. *(a)* | 202130 | 3396561 |
| Acom Co. Ltd.  | 781232 | 2564993 |
| Activia Properties, Inc.  | 4221 | 4039183 |
| Advance Residence Investment <br> Corp. <br>| 5362 | 5907215 |
| Advantest Corp.  | 1565890 | 269297976 |
| Aeon Co. Ltd.  | 5279714 | 75294048 |
| AEON Financial Service Co. Ltd.  | 228133 | 2579054 |
| AEON REIT Investment Corp.  | 3746 | 3279924 |
| AGC, Inc.  | 403219 | 17897887 |
| Aica Kogyo Co. Ltd.  | 106785 | 2717417 |
| Air Water, Inc.  | 364844 | 5069842 |
| Aisin Corp.  | 1069470 | 19039820 |
| Ajinomoto Co., Inc.  | 2024632 | 64425119 |
| Alfresa Holdings Corp.  | 387840 | 6655074 |
| Alps Alpine Co. Ltd.  | 395470 | 5938699 |
| ALSOK Co. Ltd.  | 702623 | 5764996 |
| Amada Co. Ltd.  | 578466 | 9642644 |
| Amano Corp.  | 134610 | 3534132 |
| ANA Holdings, Inc.  | 313928 | 6842575 |
| Aozora Bank Ltd.  | 213778 | 3868201 |
| Asahi Group Holdings Ltd.  | 3170918 | 34517055 |
| Asahi Intecc Co. Ltd.  | 454080 | 9789805 |
| Asahi Kasei Corp.  | 2601864 | 30739075 |
| Asics Corp.  | 1430845 | 43935763 |
| Astellas Pharma, Inc.  | 3837657 | 63946611 |
| Azbil Corp.  | 1017779 | 9478627 |
| Bandai Namco Holdings, Inc.  | 1192943 | 32428183 |
| BayCurrent, Inc.  | 293088 | 8457079 |
| Bic Camera, Inc.  | 198538 | 2294711 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| BIPROGY, Inc.  | 154241 | 4689717 |
| Blue Zones Holdings Co. Ltd.  | 43920 | 2709045 |
| Bridgestone Corp.  | 2385909 | 58010636 |
| Brother Industries Ltd.  | 513384 | 10627748 |
| Calbee, Inc.  | 143039 | 2830088 |
| Canon Marketing Japan, Inc.  | 92354 | 4143138 |
| Canon, Inc.  | 1806768 | 55108594 |
| Capcom Co. Ltd.  | 743375 | 17107743 |
| Casio Computer Co. Ltd.  | 420344 | 4231037 |
| Central Japan Railway Co.  | 1795430 | 52991779 |
| Chiba Bank Ltd.  | 1352170 | 20153720 |
| Chubu Electric Power Co., Inc.  | 1556999 | 26303186 |
| Chugai Pharmaceutical Co. Ltd.  | 1360375 | 91098291 |
| Chugin Financial Group, Inc.  | 336609 | 6925144 |
| Chugoku Electric Power Co., Inc.  | 606467 | 4228274 |
| Coca-Cola Bottlers Japan Holdings, <br> Inc. <br>| 282195 | 7454105 |
| COMSYS Holdings Corp.  | 217809 | 8038530 |
| Cosmo Energy Holdings Co. Ltd.  | 263340 | 8124956 |
| Cosmos Pharmaceutical Corp.  | 85207 | 3786493 |
| Credit Saison Co. Ltd.  | 231358 | 7071516 |
| CyberAgent, Inc.  | 927804 | 8189040 |
| Dai Nippon Printing Co. Ltd.  | 836856 | 17420541 |
| Daicel Corp.  | 512857 | 5385614 |
| Daido Steel Co. Ltd.  | 335018 | 5115663 |
| Daifuku Co. Ltd.  | 752299 | 31185775 |
| Dai-ichi Life Holdings, Inc.  | 7349763 | 75839668 |
| Daiichi Sankyo Co. Ltd.  | 3948725 | 77494914 |
| Daikin Industries Ltd.  | 588676 | 75090361 |
| Daito Trust Construction Co. Ltd.  | 632463 | 14583614 |
| Daiwa House Industry Co. Ltd.  | 1227159 | 44354576 |
| Daiwa House REIT Investment Corp.  | 8492 | 7234178 |
| Daiwa Office Investment Corp.  | 1186 | 2772714 |
| Daiwa Securities Group, Inc.  | 2899963 | 30573829 |
| Daiwa Securities Living Investments <br> Corp. <br>| 3586 | 2662081 |
| Denso Corp.  | 3779058 | 54462005 |
| Dentsu Group, Inc.  | 442882 | 8298807 |
| Dentsu Soken, Inc.  | 195751 | 2470005 |
| Dexerials Corp.  | 320714 | 5315276 |
| DIC Corp.  | 166332 | 4718555 |
| Disco Corp.  | 188064 | 90945281 |
| DMG Mori Co. Ltd.  | 309384 | 6135166 |
| Dowa Holdings Co. Ltd.  | 122924 | 9093817 |
| East Japan Railway Co.  | 2211310 | 54671940 |
| Ebara Corp.  | 975089 | 34612927 |
| Eisai Co. Ltd.  | 546830 | 18356676 |
| Electric Power Development Co. Ltd.  | 332482 | 7943365 |
| ENEOS Holdings, Inc.  | 5603898 | 53409769 |
| EXEO Group, Inc.  | 379128 | 7268087 |
| Ezaki Glico Co. Ltd.  | 99920 | 3882240 |
| FANUC Corp.  | 1983913 | 90386377 |
| Fast Retailing Co. Ltd.  | 379333 | 167720461 |
| Food & Life Cos. Ltd.  | 226449 | 14598618 |
| FP Corp.  | 89065 | 1610444 |
| Frontier Real Estate Investment <br> Corp. <br>| 5759 | 3301396 |
| Fuji Electric Co. Ltd.  | 298954 | 26635389 |
| Fuji Media Holdings, Inc.  | 94001 | 2156077 |
| Fuji Oil Co. Ltd.  | 92468 | 2361969 |
| FUJIFILM Holdings Corp.  | 2568836 | 53375846 |
| Fujikura Ltd.  | 580546 | 99524827 |
| Fujitec Co. Ltd.  | 20424 | 740431 |
| Fujitsu Ltd.  | 3678617 | 84540450 |
| Fukuoka Financial Group, Inc.  | 356037 | 15605196 |
| Furukawa Electric Co. Ltd.  | 145915 | 26262363 |
| Fuyo General Lease Co. Ltd.  | 111312 | 3312445 |
| GLP J-Reit  | 9670 | 8671257 |

---

*See financial notes*

**14**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab International Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| GMO internet group, Inc.  | 111547 | 2141274 |
| GMO Payment Gateway, Inc.  | 99000 | 5130562 |
| Goldwin, Inc.  | 210699 | 3329348 |
| GS Yuasa Corp.  | 194407 | 6923317 |
| Gunma Bank Ltd.  | 682464 | 9887805 |
| Hachijuni Nagano Bank Ltd.  | 787071 | 10483357 |
| Hakuhodo DY Holdings, Inc.  | 467976 | 3510007 |
| Hamamatsu Photonics KK  | 631307 | 8182224 |
| Hankyu Hanshin Holdings, Inc.  | 504008 | 14704605 |
| Harmonic Drive Systems, Inc.  | 141436 | 4126443 |
| Haseko Corp.  | 520389 | 11379395 |
| Heiwa Corp.  | 107317 | 1387130 |
| Hikari Tsushin, Inc.  | 38260 | 10834105 |
| Hino Motors Ltd. \* | 538212 | 1575423 |
| Hirogin Holdings, Inc.  | 582024 | 7219148 |
| Hirose Electric Co. Ltd.  | 61923 | 9255233 |
| Hisamitsu Pharmaceutical Co., Inc.  | 50715 | 1958760 |
| Hitachi Construction Machinery Co. <br> Ltd. <br>| 223365 | 10053392 |
| Hitachi Ltd.  | 9411784 | 315042326 |
| Honda Motor Co. Ltd.  | 7984272 | 81031731 |
| Horiba Ltd.  | 77777 | 10484016 |
| Hoshizaki Corp.  | 221225 | 7787687 |
| House Foods Group, Inc.  | 141547 | 2798755 |
| Hoya Corp.  | 722652 | 130829520 |
| Hulic Co. Ltd.  | 1023582 | 13564715 |
| Ibiden Co. Ltd.  | 544586 | 33266400 |
| Idemitsu Kosan Co. Ltd.  | 1697165 | 16207994 |
| IHI Corp.  | 1970232 | 54302055 |
| Iida Group Holdings Co. Ltd.  | 279568 | 4979847 |
| Industrial & Infrastructure Fund <br> Investment Corp. <br>| 4971 | 4839661 |
| INFRONEER Holdings, Inc.  | 434946 | 7296228 |
| Inpex Corp.  | 1874978 | 45635974 |
| Internet Initiative Japan, Inc.  | 265253 | 3870273 |
| Invincible Investment Corp.  | 16503 | 7008159 |
| Isetan Mitsukoshi Holdings Ltd.  | 677437 | 13364330 |
| Isuzu Motors Ltd.  | 1159158 | 21668552 |
| Ito En Ltd.  | 112223 | 2183002 |
| ITOCHU Corp.  | 13681710 | 198927024 |
| Itoham Yonekyu Holdings, Inc.  | 45150 | 1865284 |
| Iwatani Corp.  | 404334 | 5332418 |
| Iyogin Holdings, Inc.  | 519822 | 11300406 |
| Izumi Co. Ltd.  | 240669 | 1600092 |
| J Front Retailing Co. Ltd.  | 498491 | 8237674 |
| Japan Airlines Co. Ltd.  | 291711 | 6031341 |
| Japan Airport Terminal Co. Ltd.  | 133804 | 4571405 |
| Japan Exchange Group, Inc.  | 2178445 | 29797081 |
| Japan Hotel REIT Investment Corp.  | 10814 | 5873673 |
| Japan Logistics Fund, Inc.  | 4682 | 3112837 |
| Japan Metropolitan Fund Invest  | 14525 | 11322290 |
| Japan Post Bank Co. Ltd.  | 3843499 | 75355968 |
| Japan Post Holdings Co. Ltd.  | 3599750 | 46943737 |
| Japan Post Insurance Co. Ltd.  | 372791 | 12182416 |
| Japan Prime Realty Investment <br> Corp. <br>| 7248 | 4948835 |
| Japan Real Estate Investment Corp.  | 15143 | 12618763 |
| Japan Steel Works Ltd.  | 143760 | 9410583 |
| Japan Tobacco, Inc.  | 2352398 | 90208530 |
| Jeol Ltd.  | 104968 | 4631030 |
| JFE Holdings, Inc.  | 1264673 | 17824903 |
| JGC Holdings Corp.  | 422256 | 6699299 |
| JMDC, Inc.  | 69594 | 1861041 |
| JTEKT Corp.  | 456794 | 6287592 |
| Justsystems Corp.  | 69193 | 1739520 |
| JX Advanced Metals Corp.  | 1120862 | 29858543 |
| Kadokawa Corp.  | 233545 | 4332082 |
| Kagome Co. Ltd.  | 149584 | 2777544 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Kajima Corp.  | 873561 | 39961394 |
| Kakaku.com, Inc.  | 254627 | 2807625 |
| Kamigumi Co. Ltd.  | 181237 | 6751477 |
| Kandenko Co. Ltd.  | 262617 | 11751112 |
| Kaneka Corp.  | 116559 | 3941169 |
| Kansai Electric Power Co., Inc.  | 2097839 | 37932423 |
| Kansai Paint Co. Ltd.  | 324138 | 5738462 |
| Kao Corp.  | 965570 | 41275992 |
| Kawasaki Heavy Industries Ltd.  | 332511 | 38879028 |
| Kawasaki Kisen Kaisha Ltd.  | 801016 | 12893215 |
| KDDI Corp.  | 5925697 | 101377337 |
| KDX Realty Investment Corp.  | 7704 | 8388663 |
| Keihan Holdings Co. Ltd.  | 196044 | 4350953 |
| Keikyu Corp.  | 501810 | 5028546 |
| Keio Corp.  | 211731 | 5691817 |
| Keisei Electric Railway Co. Ltd.  | 917236 | 7966514 |
| Kewpie Corp.  | 208842 | 5990037 |
| Keyence Corp.  | 399533 | 169051401 |
| Kikkoman Corp.  | 1598259 | 15355571 |
| Kinden Corp.  | 245322 | 13337346 |
| Kintetsu Group Holdings Co. Ltd.  | 411725 | 8713143 |
| Kioxia Holdings Corp. \* | 351400 | 47738632 |
| Kirin Holdings Co. Ltd.  | 1713968 | 29717927 |
| Kobayashi Pharmaceutical Co. Ltd.  | 118844 | 4437858 |
| Kobe Bussan Co. Ltd.  | 273036 | 6481162 |
| Kobe Steel Ltd.  | 736750 | 10735669 |
| Koei Tecmo Holdings Co. Ltd.  | 234779 | 2712835 |
| Koito Manufacturing Co. Ltd.  | 370524 | 6694944 |
| Kokusai Electric Corp.  | 411935 | 17055230 |
| Kokuyo Co. Ltd.  | 828235 | 4884796 |
| Komatsu Ltd.  | 1955163 | 94336223 |
| Konami Group Corp.  | 207576 | 27694527 |
| Konica Minolta, Inc.  | 1172012 | 4480107 |
| Kose Holdings Corp.  | 68358 | 2729942 |
| Kotobuki Spirits Co. Ltd.  | 251473 | 3201298 |
| Kraftia Corp.  | 99980 | 6765660 |
| K's Holdings Corp.  | 296444 | 3257324 |
| Kubota Corp.  | 2001526 | 40716391 |
| Kuraray Co. Ltd.  | 618730 | 7313795 |
| Kurita Water Industries Ltd.  | 219559 | 12253115 |
| Kusuri No. Aoki Holdings Co. Ltd.  | 94717 | 2465524 |
| Kyocera Corp.  | 2828980 | 50074531 |
| Kyoto Financial Group, Inc.  | 510797 | 12684451 |
| Kyowa Kirin Co. Ltd.  | 481699 | 8901211 |
| Kyushu Electric Power Co., Inc.  | 946206 | 12205982 |
| Kyushu Financial Group, Inc.  | 751726 | 6442334 |
| Kyushu Railway Co.  | 320058 | 8126244 |
| LaSalle Logiport REIT  | 3817 | 3765047 |
| Lasertec Corp.  | 168090 | 36239612 |
| Lion Corp.  | 496792 | 5850133 |
| Lixil Corp.  | 597434 | 7021882 |
| LY Corp.  | 5694539 | 14188475 |
| M3, Inc.  | 922488 | 10151061 |
| Mabuchi Motor Co. Ltd.  | 401014 | 4726122 |
| Macnica Holdings, Inc.  | 265876 | 4714669 |
| Makita Corp.  | 518479 | 20108185 |
| Marubeni Corp.  | 3148669 | 121167035 |
| Marui Group Co. Ltd.  | 366312 | 7447073 |
| Maruichi Steel Tube Ltd.  | 363181 | 3780106 |
| Maruwa Co. Ltd.  | 19645 | 7710780 |
| MatsukiyoCocokara & Co.  | 711012 | 11790617 |
| Mazda Motor Corp.  | 1310670 | 11656463 |
| McDonald's Holdings Co. Japan Ltd.  | 182300 | 8675670 |
| Mebuki Financial Group, Inc.  | 1994739 | 17158908 |
| Medipal Holdings Corp.  | 429210 | 8431623 |
| MEIJI Holdings Co. Ltd.  | 551609 | 14227891 |
| Mercari, Inc. \* | 223127 | 5252149 |
| Metaplanet, Inc. *\*(a)* | 2405719 | 4992493 |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**15**

------

Schwab International Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Minebea Mitsumi, Inc.  | 769833 | 16587467 |
| MISUMI Group, Inc.  | 601671 | 12131691 |
| Mitsubishi Chemical Group Corp.  | 2876666 | 21382680 |
| Mitsubishi Corp.  | 7024048 | 237996566 |
| Mitsubishi Electric Corp.  | 4215912 | 161777606 |
| Mitsubishi Estate Co. Ltd.  | 2360595 | 79802853 |
| Mitsubishi Gas Chemical Co., Inc.  | 339014 | 9476106 |
| Mitsubishi HC Capital, Inc.  | 1745729 | 16928959 |
| Mitsubishi Heavy Industries Ltd.  | 6851363 | 220033525 |
| Mitsubishi Logistics Corp.  | 612909 | 5625611 |
| Mitsubishi Materials Corp.  | 245526 | 9445183 |
| Mitsubishi Motors Corp.  | 1729664 | 4753876 |
| Mitsubishi UFJ Financial Group, Inc.  | 23539469 | 447570304 |
| Mitsui & Co. Ltd.  | 5416105 | 203704522 |
| Mitsui Chemicals, Inc.  | 785987 | 11981739 |
| Mitsui Fudosan Accommodations <br> Fund, Inc. <br>| 4600 | 4063026 |
| Mitsui Fudosan Co. Ltd.  | 5623383 | 75872899 |
| Mitsui Fudosan Logistics Park, Inc.  | 5854 | 4413232 |
| Mitsui Kinzoku Co. Ltd.  | 113828 | 26910434 |
| Mitsui OSK Lines Ltd.  | 693915 | 25769859 |
| Miura Co. Ltd.  | 196172 | 4052232 |
| Mizuho Financial Group, Inc.  | 5217926 | 238996886 |
| Modec, Inc.  | 105019 | 9033820 |
| Money Forward, Inc. \* | 88685 | 1812043 |
| MonotaRO Co. Ltd.  | 518129 | 6904515 |
| Mori Hills REIT Investment Corp.  | 2818 | 2653297 |
| Morinaga & Co. Ltd.  | 147669 | 2733000 |
| Morinaga Milk Industry Co. Ltd.  | 146233 | 4646674 |
| MS&AD Insurance Group Holdings, <br> Inc. <br>| 2624901 | 73572886 |
| Murata Manufacturing Co. Ltd.  | 3462682 | 91110954 |
| Nabtesco Corp.  | 224717 | 7316167 |
| Nagase & Co. Ltd.  | 210022 | 6664205 |
| Nagoya Railroad Co. Ltd.  | 390887 | 4616785 |
| Nankai Electric Railway Co. Ltd.  | 214458 | 4278858 |
| NEC Corp.  | 2664800 | 73974336 |
| Nexon Co. Ltd.  | 869634 | 18498348 |
| NGK Insulators Ltd.  | 563463 | 16554714 |
| NH Foods Ltd.  | 217944 | 9979706 |
| NHK Spring Co. Ltd.  | 318707 | 6144487 |
| Nichias Corp.  | 106776 | 6566254 |
| Nichirei Corp.  | 412215 | 5609292 |
| NIDEC Corp.  | 2017559 | 31815726 |
| Nifco, Inc.  | 165752 | 5885855 |
| Nihon Kohden Corp.  | 377698 | 4209412 |
| Nihon M&A Center Holdings, Inc.  | 680785 | 3151342 |
| Nikkon Holdings Co. Ltd. *(a)* | 179665 | 4545568 |
| Nikon Corp.  | 609463 | 7795661 |
| Nintendo Co. Ltd.  | 2166761 | 124835966 |
| Nippon Building Fund, Inc.  | 16669 | 15513247 |
| Nippon Electric Glass Co. Ltd.  | 156291 | 6886314 |
| Nippon Express Holdings, Inc.  | 508245 | 12533183 |
| Nippon Kayaku Co. Ltd.  | 226142 | 2904177 |
| Nippon Paint Holdings Co. Ltd.  | 2036161 | 15089437 |
| Nippon Prologis REIT, Inc.  | 14148 | 8300764 |
| Nippon Sanso Holdings Corp.  | 389169 | 14938606 |
| Nippon Shinyaku Co. Ltd.  | 101762 | 3352850 |
| Nippon Shokubai Co. Ltd.  | 261539 | 4262520 |
| Nippon Steel Corp.  | 10712870 | 43640578 |
| Nippon Television Holdings, Inc.  | 116506 | 2537200 |
| Nippon Yusen KK  | 864497 | 29729284 |
| Nipro Corp.  | 339668 | 3460317 |
| Nissan Chemical Corp.  | 261473 | 11902569 |
| Nissan Motor Co. Ltd. \* | 4640301 | 12875442 |
| Nisshin Seifun Group, Inc.  | 518631 | 7255021 |
| Nissin Foods Holdings Co. Ltd.  | 415060 | 8762452 |
| Niterra Co. Ltd.  | 388956 | 19688834 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Nitori Holdings Co. Ltd.  | 919619 | 18424776 |
| Nitto Denko Corp.  | 1473221 | 34319326 |
| NOF Corp.  | 454655 | 9138238 |
| NOK Corp.  | 136442 | 2907558 |
| Nomura Holdings, Inc.  | 6255442 | 58197147 |
| Nomura Real Estate Holdings, Inc.  | 1221745 | 9097060 |
| Nomura Real Estate Master Fund, <br> Inc. <br>| 9042 | 9666036 |
| Nomura Research Institute Ltd.  | 883239 | 24705234 |
| NS Solutions Corp. *(a)* | 133557 | 3438906 |
| NSK Ltd.  | 1028319 | 9277100 |
| NTT, Inc.  | 59198606 | 58127438 |
| Obayashi Corp.  | 1422494 | 40235283 |
| OBIC Business Consultants Co. Ltd.  | 55387 | 2242087 |
| Obic Co. Ltd.  | 694957 | 18695400 |
| Odakyu Electric Railway Co. Ltd.  | 671868 | 7713841 |
| Oji Holdings Corp.  | 1757522 | 11082661 |
| OKUMA Corp.  | 113361 | 3387216 |
| Olympus Corp.  | 2296958 | 22480396 |
| Omron Corp.  | 389069 | 13835780 |
| Ono Pharmaceutical Co. Ltd.  | 806215 | 13810870 |
| Open House Group Co. Ltd.  | 144857 | 10734959 |
| Oracle Corp. Japan  | 72744 | 4394693 |
| Organo Corp.  | 52336 | 5816042 |
| Oriental Land Co. Ltd.  | 2268834 | 40922572 |
| ORIX Corp.  | 2349316 | 83409182 |
| Orix JREIT, Inc.  | 11290 | 7527872 |
| Osaka Gas Co. Ltd.  | 755516 | 31532056 |
| Otsuka Corp.  | 457773 | 9233160 |
| Otsuka Holdings Co. Ltd.  | 948341 | 65055130 |
| PALTAC Corp.  | 60607 | 1963492 |
| Pan Pacific International Holdings <br> Corp. <br>| 4144942 | 27610823 |
| Panasonic Holdings Corp.  | 4847029 | 78763251 |
| Park24 Co. Ltd.  | 256812 | 3701054 |
| PeptiDream, Inc. \* | 264588 | 2415822 |
| Persol Holdings Co. Ltd.  | 4043537 | 6469659 |
| Pola Orbis Holdings, Inc. *(a)* | 150566 | 1328935 |
| Rakus Co. Ltd.  | 377460 | 2110149 |
| Rakuten Bank Ltd. \* | 197882 | 8064840 |
| Rakuten Group, Inc. \* | 3150078 | 16708276 |
| Recruit Holdings Co. Ltd.  | 2876141 | 126485727 |
| Relo Group, Inc.  | 205021 | 2529194 |
| Renesas Electronics Corp.  | 3454650 | 65696435 |
| Resona Holdings, Inc.  | 4789639 | 58610763 |
| Resonac Holdings Corp.  | 392622 | 30001476 |
| Resorttrust, Inc.  | 342113 | 4240119 |
| Ricoh Co. Ltd.  | 1143156 | 10763422 |
| Rinnai Corp.  | 248519 | 6483381 |
| Rohm Co. Ltd.  | 744808 | 13720210 |
| Rohto Pharmaceutical Co. Ltd.  | 418374 | 6543919 |
| Rorze Corp.  | 203803 | 4345622 |
| Round One Corp.  | 331910 | 2283243 |
| Ryohin Keikaku Co. Ltd.  | 1029072 | 23709028 |
| Sankyo Co. Ltd.  | 394621 | 5573350 |
| Sankyu, Inc.  | 96198 | 6189328 |
| Sanrio Co. Ltd.  | 401188 | 14713867 |
| Santen Pharmaceutical Co. Ltd.  | 685267 | 7674551 |
| Sanwa Holdings Corp.  | 413500 | 10948977 |
| Sapporo Holdings Ltd.  | 766029 | 8709057 |
| Sawai Group Holdings Co. Ltd.  | 232799 | 3460858 |
| SBI Holdings, Inc.  | 1147348 | 24618836 |
| SCREEN Holdings Co. Ltd.  | 191330 | 28094413 |
| SCSK Corp.  | 73018 | 2656476 |
| Secom Co. Ltd.  | 857629 | 33168063 |
| Sega Sammy Holdings, Inc.  | 300486 | 5032960 |
| Seibu Holdings, Inc.  | 343574 | 10210942 |
| Seiko Epson Corp.  | 603908 | 8190714 |

---

*See financial notes*

**16**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab International Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Seino Holdings Co. Ltd.  | 214697 | 3665491 |
| Sekisui Chemical Co. Ltd.  | 829739 | 16204158 |
| Sekisui House Ltd.  | 1286209 | 31519844 |
| Sekisui House Reit, Inc.  | 8241 | 4967033 |
| Seven & i Holdings Co. Ltd.  | 4636618 | 65202209 |
| Seven Bank Ltd.  | 1357373 | 2616067 |
| SG Holdings Co. Ltd. *(a)* | 772471 | 7847167 |
| Sharp Corp. \* | 625907 | 2582205 |
| SHIFT, Inc. \* | 447538 | 2013169 |
| Shikoku Electric Power Co., Inc.  | 314791 | 3570824 |
| Shimadzu Corp.  | 530914 | 14823085 |
| Shimamura Co. Ltd.  | 307242 | 7076652 |
| Shimano, Inc.  | 166450 | 17868387 |
| Shimizu Corp.  | 1093672 | 24468831 |
| Shin-Etsu Chemical Co. Ltd.  | 3955734 | 156278414 |
| Shionogi & Co. Ltd.  | 1603313 | 37627150 |
| Shiseido Co. Ltd.  | 836373 | 17678340 |
| Shizuoka Financial Group, Inc.  | 963953 | 19411806 |
| SHO-BOND Holdings Co. Ltd.  | 356450 | 3356167 |
| SKY Perfect JSAT Holdings, Inc.  | 283146 | 5206803 |
| Skylark Holdings Co. Ltd.  | 489554 | 11269541 |
| SMC Corp.  | 118766 | 57372821 |
| Socionext, Inc.  | 392275 | 5084186 |
| SoftBank Corp.  | 60641138 | 83042916 |
| SoftBank Group Corp.  | 8392151 | 219795071 |
| Sojitz Corp.  | 456109 | 20683758 |
| Sompo Holdings, Inc.  | 1848191 | 73927640 |
| Sony Financial Group, Inc. \* | 12767825 | 13076543 |
| Sony Group Corp.  | 12888060 | 300728279 |
| Sotetsu Holdings, Inc.  | 152090 | 2864991 |
| Square Enix Holdings Co. Ltd.  | 575770 | 9494443 |
| Stanley Electric Co. Ltd.  | 235941 | 4987064 |
| Subaru Corp.  | 1241717 | 23593617 |
| Sugi Holdings Co. Ltd.  | 202876 | 4665011 |
| SUMCO Corp.  | 809454 | 9474954 |
| Sumitomo Bakelite Co. Ltd.  | 93771 | 3615101 |
| Sumitomo Chemical Co. Ltd.  | 3081032 | 11242683 |
| Sumitomo Corp.  | 2182590 | 93147140 |
| Sumitomo Electric Industries Ltd.  | 1623461 | 107884118 |
| Sumitomo Forestry Co. Ltd.  | 1047665 | 11374169 |
| Sumitomo Heavy Industries Ltd.  | 226109 | 8940086 |
| Sumitomo Metal Mining Co. Ltd.  | 536687 | 43399029 |
| Sumitomo Mitsui Financial Group, <br> Inc. <br>| 7916239 | 304074846 |
| Sumitomo Mitsui Trust Group, Inc.  | 1367684 | 48032098 |
| Sumitomo Pharma Co. Ltd. \* | 345423 | 5584292 |
| Sumitomo Realty & Development Co. <br> Ltd. <br>| 1406651 | 47643686 |
| Sumitomo Rubber Industries Ltd.  | 354331 | 6312709 |
| Sundrug Co. Ltd.  | 131741 | 3562597 |
| Suntory Beverage & Food Ltd.  | 250747 | 7897025 |
| Suzuken Co. Ltd.  | 128338 | 5430269 |
| Suzuki Motor Corp.  | 3780700 | 57403679 |
| Sysmex Corp.  | 990022 | 9334267 |
| T&D Holdings, Inc.  | 982998 | 26532289 |
| Taiheiyo Cement Corp.  | 226041 | 6505058 |
| Taisei Corp.  | 311146 | 40536171 |
| Taiyo Holdings Co. Ltd.  | 183137 | 6300265 |
| Taiyo Yuden Co. Ltd.  | 244911 | 7523415 |
| Takara Holdings, Inc.  | 349302 | 3642361 |
| Takasago Thermal Engineering Co. <br> Ltd. <br>| 223673 | 7507103 |
| Takashimaya Co. Ltd.  | 543783 | 6892852 |
| Takeda Pharmaceutical Co. Ltd.  | 3391362 | 126400868 |
| TBS Holdings, Inc.  | 67650 | 2560842 |
| TDK Corp.  | 4088409 | 63489817 |
| Teijin Ltd.  | 366763 | 4072273 |
| Terumo Corp.  | 3088315 | 41737996 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| THK Co. Ltd.  | 229613 | 8290335 |
| TIS, Inc.  | 458749 | 9473222 |
| Tobu Railway Co. Ltd.  | 406295 | 8187056 |
| Toda Corp.  | 477081 | 4982422 |
| Toei Animation Co. Ltd.  | 102098 | 1592369 |
| Toho Co. Ltd.  | 1124525 | 11272260 |
| Toho Gas Co. Ltd.  | 177893 | 6412694 |
| Tohoku Electric Power Co., Inc.  | 1056973 | 8770591 |
| Tokai Carbon Co. Ltd.  | 389765 | 2779845 |
| Tokio Marine Holdings, Inc.  | 3939023 | 164675761 |
| Tokyo Century Corp.  | 335053 | 4899446 |
| Tokyo Electric Power Co. Holdings, <br> Inc. \*<br>| 3145964 | 14113263 |
| Tokyo Electron Ltd.  | 946680 | 266859163 |
| Tokyo Gas Co. Ltd.  | 723878 | 35497262 |
| Tokyo Metro Co. Ltd. *(a)* | 623187 | 6673939 |
| Tokyo Ohka Kogyo Co. Ltd.  | 219428 | 12958374 |
| Tokyo Seimitsu Co. Ltd.  | 88817 | 9841692 |
| Tokyo Tatemono Co. Ltd.  | 396074 | 11096414 |
| Tokyu Corp.  | 1054403 | 13490280 |
| Tokyu Fudosan Holdings Corp.  | 1207268 | 12144207 |
| Tomy Co. Ltd.  | 184315 | 3392931 |
| TOPPAN Holdings, Inc.  | 523318 | 17983033 |
| Toray Industries, Inc.  | 2985270 | 25622173 |
| Toridoll Holdings Corp.  | 84715 | 2311519 |
| Tosoh Corp.  | 554007 | 9685586 |
| TOTO Ltd.  | 313731 | 12283988 |
| Toyo Seikan Group Holdings Ltd.  | 232223 | 6068662 |
| Toyo Suisan Kaisha Ltd.  | 184639 | 14540506 |
| Toyo Tire Corp.  | 240012 | 7420579 |
| Toyoda Gosei Co. Ltd.  | 197238 | 6431633 |
| Toyota Boshoku Corp.  | 123578 | 2533695 |
| Toyota Industries Corp.  | 360804 | 46751417 |
| Toyota Motor Corp.  | 22783443 | 558185233 |
| Toyota Tsusho Corp.  | 1481687 | 66318839 |
| Trend Micro, Inc.  | 264191 | 8799316 |
| TS Tech Co. Ltd.  | 184991 | 2386962 |
| Tsumura & Co.  | 133995 | 3596087 |
| Tsuruha Holdings, Inc. *(a)* | 540426 | 9086426 |
| UBE Corp.  | 198907 | 3680018 |
| Ulvac, Inc.  | 96096 | 6450511 |
| U-Next Holdings Co. Ltd.  | 97288 | 1159667 |
| Unicharm Corp.  | 2434020 | 16673719 |
| United Urban Investment Corp.  | 6296 | 7476563 |
| USS Co. Ltd.  | 817495 | 9961789 |
| Visional, Inc. \* | 44333 | 2087946 |
| West Japan Railway Co.  | 971874 | 20878561 |
| Workman Co. Ltd.  | 46591 | 2321716 |
| Yakult Honsha Co. Ltd.  | 523535 | 8767220 |
| Yamada Holdings Co. Ltd.  | 1158852 | 4309556 |
| Yamaguchi Financial Group, Inc.  | 406537 | 7165988 |
| Yamaha Corp.  | 803419 | 6231804 |
| Yamaha Motor Co. Ltd.  | 1965790 | 15650773 |
| Yamato Holdings Co. Ltd.  | 567324 | 6955056 |
| Yamato Kogyo Co. Ltd.  | 65952 | 5493712 |
| Yamazaki Baking Co. Ltd.  | 279400 | 6279677 |
| Yaskawa Electric Corp.  | 538551 | 19023915 |
| Yokogawa Electric Corp.  | 538972 | 21558880 |
| Yokohama Financial Group, Inc.  | 2329684 | 25218037 |
| Yokohama Rubber Co. Ltd.  | 264937 | 13375394 |
| Zenkoku Hosho Co. Ltd.  | 263343 | 5424571 |
| Zensho Holdings Co. Ltd.  | 191861 | 12201684 |
| Zeon Corp.  | 372811 | 5112495 |
| ZOZO, Inc.  | 888253 | 6480193 |
|  |  | **13294499173** |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**17**

------

Schwab International Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Netherlands 3.9%** | **Netherlands 3.9%** | **Netherlands 3.9%** |
| ABN AMRO Bank NV, GDR  | 1222070 | 40920598 |
| Adyen NV \* | 56788 | 66700949 |
| Aegon Ltd.  | 2845691 | 21617649 |
| Akzo Nobel NV  | 366300 | 25785084 |
| ArcelorMittal SA  | 918882 | 60191596 |
| ASM International NV  | 99262 | 83703290 |
| ASML Holding NV  | 843040 | 1227698681 |
| ASR Nederland NV  | 337760 | 24501862 |
| BE Semiconductor Industries NV  | 153079 | 34232235 |
| CSG NV \* | 283282 | 10646216 |
| CTP NV  | 283031 | 6008462 |
| CVC Capital Partners PLC  | 455261 | 6498699 |
| DSM-Firmenich AG  | 386107 | 27553184 |
| EXOR NV  | 176783 | 15518907 |
| Heineken Holding NV  | 249768 | 21586764 |
| Heineken NV  | 595968 | 55279497 |
| IMCD NV *(a)* | 125229 | 12035634 |
| ING Groep NV, Series N  | 6361269 | 184989823 |
| InPost SA \* | 569167 | 10214638 |
| JDE Peet's NV  | 325039 | 12165624 |
| Koninklijke Ahold Delhaize NV  | 1927354 | 95052956 |
| Koninklijke KPN NV  | 7943357 | 45027253 |
| Koninklijke Philips NV  | 1648009 | 52692391 |
| Koninklijke Vopak NV  | 130183 | 7138158 |
| Magnum Ice Cream Co. NV \* | 1030307 | 16344676 |
| NN Group NV  | 560973 | 45900229 |
| Prosus NV \* | 2609011 | 134030815 |
| Randstad NV  | 220361 | 7240818 |
| Universal Music Group NV  | 2017888 | 45529975 |
| Wolters Kluwer NV  | 499938 | 40197859 |
|  |  | **2437004522** |
| **New Zealand 0.2%** | **New Zealand 0.2%** | **New Zealand 0.2%** |
| Air New Zealand Ltd.  | 2976605 | 991292 |
| Auckland International Airport Ltd.  | 3587642 | 19719321 |
| Contact Energy Ltd.  | 1745596 | 9730762 |
| EBOS Group Ltd.  | 418459 | 6016267 |
| Fisher & Paykel Healthcare Corp. <br> Ltd. <br>| 1224912 | 30061842 |
| Fletcher Building Ltd. \* | 2466538 | 5194961 |
| Infratil Ltd.  | 1950876 | 13134390 |
| Mainfreight Ltd.  | 161494 | 6235802 |
| Mercury NZ Ltd.  | 1495099 | 5732687 |
| Meridian Energy Ltd.  | 2629589 | 8930827 |
| Ryman Healthcare Ltd. \* | 1605839 | 2399323 |
| Spark New Zealand Ltd.  | 3511168 | 4803677 |
|  |  | **112951151** |
| **Norway 0.5%** | **Norway 0.5%** | **Norway 0.5%** |
| Aker ASA, A Shares  | 47673 | 4630295 |
| Aker BP ASA  | 649484 | 19539000 |
| DNB Bank ASA  | 1755972 | 55650509 |
| Equinor ASA  | 1425846 | 42205545 |
| Gjensidige Forsikring ASA  | 387056 | 10919948 |
| Kongsberg Gruppen ASA  | 881372 | 35742565 |
| Mowi ASA  | 933646 | 22003010 |
| Norsk Hydro ASA  | 2816174 | 26091363 |
| Orkla ASA  | 1351385 | 18480794 |
| Salmar ASA  | 143931 | 8608567 |
| Telenor ASA  | 1346713 | 24956956 |
| Var Energi ASA  | 1717044 | 6405480 |
| Vend Marketplaces ASA, B Shares  | 299152 | 7496567 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Yara International ASA  | 351127 | 17742001 |
|  |  | **300472600** |
| **Poland 0.4%** | **Poland 0.4%** | **Poland 0.4%** |
| Allegro.eu SA \* | 1698898 | 13198302 |
| Bank Polska Kasa Opieki SA  | 378778 | 23982082 |
| Dino Polska SA \* | 1054965 | 11870626 |
| KGHM Polska Miedz SA \* | 302975 | 28451741 |
| LPP SA  | 2720 | 15736890 |
| mBank SA \* | 29179 | 8440932 |
| ORLEN SA  | 1250086 | 40120040 |
| Powszechna Kasa Oszczednosci <br> Bank Polski SA <br>| 1851312 | 47911860 |
| Powszechny Zaklad Ubezpieczen SA  | 1202603 | 22768552 |
| Santander Bank Polska SA  | 89853 | 14868821 |
|  |  | **227349846** |
| **Portugal 0.2%** | **Portugal 0.2%** | **Portugal 0.2%** |
| Banco Comercial Portugues SA, <br> Class R <br>| 19279336 | 20295595 |
| EDP Renovaveis SA  | 694588 | 10956539 |
| EDP SA  | 6516608 | 34746830 |
| Galp Energia SGPS SA  | 898434 | 19327435 |
| Jeronimo Martins SGPS SA  | 598034 | 15717762 |
|  |  | **101044161** |
| **Republic of Korea 7.1%** | **Republic of Korea 7.1%** | **Republic of Korea 7.1%** |
| Alteogen, Inc.  | 84965 | 24068987 |
| Amorepacific Corp.  | 59536 | 6266076 |
| Amorepacific Holdings Corp.  | 49720 | 1083575 |
| BGF retail Co. Ltd.  | 15373 | 1333716 |
| BNK Financial Group, Inc.  | 591955 | 8201365 |
| Celltrion Pharm, Inc.  | 43294 | 2160938 |
| Celltrion, Inc.  | 312106 | 51746459 |
| Cheil Worldwide, Inc.  | 133903 | 2043219 |
| CJ CheilJedang Corp.  | 15201 | 2261393 |
| CJ Corp.  | 24717 | 3754372 |
| CJ Logistics Corp.  | 15125 | 1387904 |
| Coway Co. Ltd. \* | 109707 | 6246092 |
| DB Insurance Co. Ltd.  | 90713 | 11546437 |
| Dongsuh Cos., Inc.  | 61243 | 1168662 |
| Doosan Bobcat, Inc.  | 95368 | 4309294 |
| Doosan Co. Ltd.  | 14967 | 13297064 |
| Doosan Enerbility Co. Ltd. \* | 950540 | 70241503 |
| Ecopro BM Co. Ltd. \* | 108567 | 16717129 |
| Ecopro Co. Ltd. \* | 223247 | 28710945 |
| Ecopro Materials Co. Ltd. \* | 66110 | 3304351 |
| E-MART, Inc.  | 37647 | 2747956 |
| F&F Co. Ltd.  | 47199 | 2319756 |
| Green Cross Corp. \* | 18240 | 2144167 |
| GS Engineering & Construction <br> Corp. <br>| 123257 | 1919330 |
| GS Holdings Corp.  | 106854 | 5103142 |
| GS Retail Co. Ltd.  | 60108 | 919274 |
| Hana Financial Group, Inc.  | 561556 | 47547807 |
| Hanjin Kal Corp. \* | 48039 | 5219670 |
| Hankook Tire & Technology Co. Ltd.  | 143508 | 7272668 |
| Hanmi Pharm Co. Ltd. \* | 14639 | 6034708 |
| Hanmi Science Co. Ltd. \* | 47888 | 1451454 |
| Hanmi Semiconductor Co. Ltd.  | 89999 | 20239608 |
| Hanon Systems \* | 451562 | 1456550 |
| Hanwha Aerospace Co. Ltd.  | 73727 | 61246969 |
| Hanwha Corp. \* | 58715 | 5575578 |
| Hanwha Life Insurance Co. Ltd. \* | 675734 | 2327607 |
| Hanwha Ocean Co. Ltd. \* | 275462 | 27038745 |

---

*See financial notes*

**18**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab International Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Hanwha Solutions Corp. \* | 255690 | 9420626 |
| Hanwha Systems Co. Ltd. \* | 145932 | 11524418 |
| Hanwha Vision Co. Ltd. \* | 68796 | 4084239 |
| HD Hyundai Co. Ltd.  | 86442 | 17576840 |
| HD Hyundai Electric Co. Ltd.  | 48291 | 35248905 |
| HD Hyundai Heavy Industries Co. <br> Ltd. <br>| 66521 | 27884715 |
| HD Hyundai Marine Solution Co. <br> Ltd. <br>| 29041 | 3720720 |
| HD Korea Shipbuilding & Offshore <br> Engineering Co. Ltd. <br>| 95980 | 30025026 |
| Hite Jinro Co. Ltd.  | 60810 | 751195 |
| HL Mando Co. Ltd.  | 63413 | 2768395 |
| HLB, Inc. \* | 270542 | 9742145 |
| HMM Co. Ltd.  | 517740 | 7684219 |
| Hotel Shilla Co. Ltd. \* | 60181 | 2006033 |
| HYBE Co. Ltd.  | 45310 | 12205509 |
| Hyosung Heavy Industries Corp.  | 11227 | 22032549 |
| Hyundai Autoever Corp.  | 13959 | 4861633 |
| Hyundai Engineering & Construction <br> Co. Ltd. <br>| 160713 | 18400717 |
| Hyundai Glovis Co. Ltd.  | 81392 | 16380246 |
| Hyundai Marine & Fire Insurance Co. <br> Ltd. \*<br>| 109989 | 2626432 |
| Hyundai Mobis Co. Ltd.  | 126993 | 45641558 |
| Hyundai Motor Co.  | 287917 | 134901674 |
| Hyundai Rotem Co. Ltd.  | 159306 | 25526613 |
| Hyundai Steel Co.  | 190864 | 6169743 |
| iM Financial Group Co. Ltd.  | 308716 | 3946672 |
| Industrial Bank of Korea  | 553606 | 9909875 |
| Kakao Corp.  | 663004 | 28714042 |
| Kakao Games Corp. \* | 79006 | 803516 |
| KakaoBank Corp.  | 422621 | 7976476 |
| Kakaopay Corp. \* | 61412 | 2856074 |
| Kangwon Land, Inc.  | 206879 | 2739691 |
| KB Financial Group, Inc.  | 763477 | 84388490 |
| KCC Corp.  | 6882 | 3114482 |
| KEPCO Plant Service & Engineering <br> Co. Ltd. \*<br>| 40973 | 1765955 |
| Kia Corp.  | 499331 | 71333000 |
| Korea Aerospace Industries Ltd.  | 154625 | 20584420 |
| Korea Electric Power Corp.  | 561006 | 22814634 |
| Korea Gas Corp.  | 49517 | 1418214 |
| Korea Investment Holdings Co. Ltd.  | 85711 | 15402359 |
| Korea Zinc Co. Ltd.  | 10110 | 14267153 |
| Korean Air Lines Co. Ltd. \* | 408470 | 7979150 |
| Krafton, Inc. \* | 60658 | 10478633 |
| KT&G Corp.  | 226576 | 25689639 |
| Kumho Petrochemical Co. Ltd. \* | 31719 | 3382478 |
| L&F Co. Ltd. \* | 48028 | 4196816 |
| LG Chem Ltd.  | 98822 | 28681394 |
| LG CNS Co. Ltd.  | 99899 | 5173775 |
| LG Corp.  | 176197 | 13191809 |
| LG Display Co. Ltd. \* | 675878 | 6737637 |
| LG Electronics, Inc.  | 225371 | 22826941 |
| LG Energy Solution Ltd. \* | 89703 | 26627168 |
| LG H&H Co. Ltd.  | 20547 | 3813729 |
| LG Innotek Co. Ltd.  | 26775 | 5937591 |
| LG Uplus Corp.  | 414009 | 4760312 |
| LIG Nex1 Co. Ltd. \* | 29348 | 10384520 |
| Lotte Chemical Corp.  | 35667 | 2377800 |
| Lotte Corp.  | 49903 | 1240203 |
| Lotte Shopping Co. Ltd.  | 21747 | 1628190 |
| LS Corp. \* | 35598 | 7040411 |
| LS Electric Co. Ltd.  | 31652 | 17316735 |
| Meritz Financial Group, Inc. \* | 165933 | 14661164 |
| Mirae Asset Securities Co. Ltd.  | 425405 | 21292430 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Misto Holdings Corp.  | 59560 | 2028808 |
| NAVER Corp.  | 321648 | 56906094 |
| NCSoft Corp.  | 29957 | 4810613 |
| Netmarble Corp.  | 41466 | 1516240 |
| NH Investment & Securities Co. Ltd.  | 281388 | 6944229 |
| NongShim Co. Ltd. \* | 8626 | 2578505 |
| Orion Corp. \* | 41521 | 3850470 |
| Otoki Corp.  | 2455 | 678389 |
| Pan Ocean Co. Ltd.  | 478695 | 1757045 |
| Pearl Abyss Corp. \* | 98452 | 3668424 |
| Posco DX Co. Ltd.  | 106920 | 2921068 |
| POSCO Future M Co. Ltd. \* | 73417 | 12606186 |
| POSCO Holdings, Inc.  | 158309 | 45451246 |
| Posco International Corp.  | 90960 | 4565389 |
| S-1 Corp.  | 36964 | 2256127 |
| Samsung Biologics Co. Ltd. \* | 25502 | 31520720 |
| Samsung C&T Corp.  | 169475 | 41293700 |
| Samsung Card Co. Ltd.  | 62560 | 2739854 |
| Samsung E&A Co. Ltd.  | 308929 | 7817182 |
| Samsung Electro-Mechanics Co. <br> Ltd. <br>| 115541 | 36023732 |
| Samsung Electronics Co. Ltd.  | 10060167 | 1514095346 |
| Samsung Episholdings Co. Ltd. \* | 13646 | 6403233 |
| Samsung Fire & Marine Insurance <br> Co. Ltd. <br>| 67659 | 24928238 |
| Samsung Heavy Industries Co. Ltd. \* | 1393711 | 28048616 |
| Samsung Life Insurance Co. Ltd.  | 168337 | 26915196 |
| Samsung SDI Co. Ltd. \* | 130126 | 42154130 |
| Samsung SDS Co. Ltd.  | 82611 | 11198571 |
| Samsung Securities Co. Ltd.  | 142113 | 10551038 |
| Samyang Foods Co. Ltd.  | 8206 | 6965260 |
| Shinhan Financial Group Co. Ltd.  | 909154 | 61242282 |
| SK Biopharmaceuticals Co. Ltd. \* | 55369 | 4611197 |
| SK Bioscience Co. Ltd. \* | 46415 | 1579433 |
| SK Hynix, Inc.  | 1159460 | 855187390 |
| SK IE Technology Co. Ltd. \* | 49422 | 931064 |
| SK Innovation Co. Ltd.  | 150160 | 13330158 |
| SK Square Co. Ltd. \* | 191151 | 85708999 |
| SK, Inc.  | 73961 | 20617561 |
| SKC Co. Ltd. \* | 41993 | 3304559 |
| S-Oil Corp. \* | 92440 | 7068752 |
| Woori Financial Group, Inc.  | 1424513 | 35649960 |
| Yuhan Corp.  | 116310 | 8910227 |
|  |  | **4490387429** |
| **Singapore 1.2%** | **Singapore 1.2%** | **Singapore 1.2%** |
| CapitaLand Ascendas REIT  | 7930689 | 16866469 |
| CapitaLand Ascott Trust  | 4404182 | 3377520 |
| CapitaLand Integrated Commercial <br> Trust <br>| 12741230 | 24679617 |
| CapitaLand Investment Ltd.  | 4612951 | 11159924 |
| City Developments Ltd.  | 899922 | 6986784 |
| ComfortDelGro Corp. Ltd.  | 5100530 | 6250402 |
| DBS Group Holdings Ltd.  | 4302527 | 194299990 |
| Frasers Logistics & Commercial <br> Trust <br>| 5906555 | 4623069 |
| Genting Singapore Ltd.  | 12812695 | 7242817 |
| Hutchison Port Holdings Trust, <br> U Shares <br>| 10362929 | 2331659 |
| Jardine Cycle & Carriage Ltd.  | 117213 | 3276793 |
| Keppel DC REIT  | 4450518 | 8127997 |
| Keppel Ltd.  | 2983714 | 30855026 |
| Keppel REIT  | 6363287 | 4879937 |
| Mapletree Industrial Trust  | 4434597 | 7152293 |
| Mapletree Logistics Trust  | 6873814 | 7010491 |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**19**

------

Schwab International Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Mapletree Pan Asia Commercial <br> Trust <br>| 4510796 | 5064103 |
| Netlink NBN Trust  | 5962379 | 4666763 |
| Olam Group Ltd.  | 2324043 | 1681227 |
| Oversea-Chinese Banking Corp. Ltd.  | 6968531 | 118065873 |
| SATS Ltd.  | 1775518 | 5502653 |
| Seatrium Ltd.  | 4365256 | 8282891 |
| Sembcorp Industries Ltd.  | 1819376 | 8803084 |
| SIA Engineering Co. Ltd.  | 441647 | 1229077 |
| Singapore Airlines Ltd.  | 2928581 | 16624273 |
| Singapore Exchange Ltd.  | 1765855 | 25408990 |
| Singapore Technologies Engineering <br> Ltd. <br>| 3131893 | 24686701 |
| Singapore Telecommunications Ltd.  | 15490706 | 61725231 |
| StarHub Ltd.  | 1163436 | 947416 |
| Suntec Real Estate Investment Trust  | 4199605 | 4714740 |
| Thai Beverage PCL  | 16283922 | 5922128 |
| United Overseas Bank Ltd.  | 2646755 | 77361373 |
| UOL Group Ltd.  | 1014525 | 9047588 |
| Venture Corp. Ltd.  | 530255 | 6552465 |
| Wilmar International Ltd.  | 4034888 | 11228846 |
| Yangzijiang Maritime Development <br> Ltd. \*<br>| 4714887 | 2329766 |
|  |  | **738965976** |
| **Spain 2.9%** | **Spain 2.9%** | **Spain 2.9%** |
| Acciona SA  | 51253 | 14934962 |
| ACS Actividades de Construccion y <br> Servicios SA <br>| 377622 | 48866080 |
| Aena SME SA  | 1486896 | 46821279 |
| Amadeus IT Group SA  | 934470 | 58189571 |
| Banco Bilbao Vizcaya Argentaria SA  | 12156859 | 283483733 |
| Banco de Sabadell SA  | 10648628 | 40333664 |
| Banco Santander SA  | 31745802 | 404433770 |
| Bankinter SA  | 1299641 | 21751346 |
| CaixaBank SA  | 7715231 | 95830629 |
| Cellnex Telecom SA \* | 1218707 | 46247136 |
| Corp. ACCIONA Energias Renovables <br> SA <br>| 114388 | 2984780 |
| Endesa SA  | 674381 | 27526080 |
| Ferrovial SE  | 1004516 | 74909801 |
| Grifols SA  | 657554 | 8252858 |
| Iberdrola SA  | 14498163 | 343215599 |
| Industria de Diseno Textil SA  | 2359910 | 158320201 |
| Mapfre SA  | 1976246 | 9216749 |
| Merlin Properties Socimi SA  | 828338 | 14680064 |
| Naturgy Energy Group SA  | 538306 | 16741126 |
| Redeia Corp. SA  | 883760 | 16413558 |
| Repsol SA  | 2372806 | 53271905 |
| Telefonica SA  | 8751980 | 39783841 |
|  |  | **1826208732** |
| **Sweden 2.7%** | **Sweden 2.7%** | **Sweden 2.7%** |
| AAK AB  | 387730 | 10631570 |
| AddTech AB, B Shares  | 493421 | 18298347 |
| Alfa Laval AB  | 566223 | 33574502 |
| Assa Abloy AB, B Shares  | 2077382 | 88781338 |
| Atlas Copco AB, A Shares  | 5383693 | 116384337 |
| Atlas Copco AB, B Shares  | 3225137 | 60713045 |
| Axfood AB  | 248627 | 9065933 |
| Beijer Ref AB  | 988111 | 15512815 |
| Boliden AB \* | 611216 | 48598670 |
| Castellum AB  | 698764 | 9305133 |
| Epiroc AB, A Shares  | 1397199 | 42105203 |
| Epiroc AB, B Shares  | 762953 | 19871651 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| EQT AB  | 1164332 | 36145833 |
| Essity AB, B Shares  | 1256037 | 39995060 |
| Evolution AB  | 265396 | 16130956 |
| Fastighets AB Balder, B Shares \* | 1508864 | 11358371 |
| Getinge AB, B Shares  | 494464 | 11119494 |
| H & M Hennes & Mauritz AB, <br> B Shares <br>| 1055356 | 22539745 |
| Hexagon AB, B Shares  | 4414332 | 50344110 |
| Holmen AB, B Shares  | 166194 | 6568481 |
| Industrivarden AB, A Shares  | 252315 | 14387878 |
| Industrivarden AB, C Shares  | 324417 | 18402303 |
| Indutrade AB  | 568653 | 14798365 |
| Investment AB Latour, B Shares  | 286078 | 7311594 |
| Investor AB, A Shares  | 1036502 | 43033455 |
| Investor AB, B Shares  | 3737174 | 156464598 |
| L E Lundbergforetagen AB, B Shares  | 146067 | 9600085 |
| Lifco AB, B Shares  | 459852 | 16401079 |
| Nibe Industrier AB, B Shares  | 3199675 | 13146094 |
| Saab AB, B Shares  | 771792 | 55891749 |
| Sagax AB, B Shares  | 440376 | 9322348 |
| Sagax AB, D Shares  | 333959 | 1297327 |
| Sandvik AB  | 2192543 | 97056466 |
| Securitas AB, B Shares  | 1042529 | 18568307 |
| Skandinaviska Enskilda Banken AB, <br> A Shares <br>| 3255682 | 69569247 |
| Skandinaviska Enskilda Banken AB, <br> C Shares <br>| 5327 | 115720 |
| Skanska AB, B Shares  | 708571 | 21832148 |
| SKF AB, B Shares  | 716494 | 20615105 |
| SSAB AB, A Shares  | 479398 | 4288897 |
| SSAB AB, B Shares  | 1286263 | 11387703 |
| Svenska Cellulosa AB SCA, B Shares  | 1255609 | 17096133 |
| Svenska Handelsbanken AB, <br> A Shares <br>| 3121751 | 50030501 |
| Svenska Handelsbanken AB, <br> B Shares *(a)*<br>| 77385 | 2075585 |
| Sweco AB, B Shares  | 458848 | 7353692 |
| Swedbank AB, A Shares  | 1741528 | 67131807 |
| Swedish Orphan Biovitrum AB \* | 417657 | 18303103 |
| Tele2 AB, B Shares  | 1150867 | 24337267 |
| Telefonaktiebolaget LM Ericsson, <br> B Shares <br>| 5859064 | 67892308 |
| Telia Co. AB  | 4969698 | 25535344 |
| Trelleborg AB, B Shares  | 444619 | 19504378 |
| Verisure PLC \* | 536543 | 5983374 |
| Volvo AB, A Shares  | 433503 | 16912315 |
| Volvo AB, B Shares  | 3305622 | 128889435 |
| Volvo Car AB, B Shares *\*(a)* | 1315331 | 3625594 |
|  |  | **1725205898** |
| **Switzerland 7.5%** | **Switzerland 7.5%** | **Switzerland 7.5%** |
| ABB Ltd.  | 3374413 | 315129500 |
| Adecco Group AG  | 344087 | 9646337 |
| Alcon AG  | 1060380 | 92187773 |
| Amrize Ltd. \* | 1052914 | 67346518 |
| Avolta AG \* | 180991 | 11943688 |
| Bachem Holding AG  | 45923 | 3547008 |
| Banque Cantonale Vaudoise  | 64538 | 9894064 |
| Barry Callebaut AG  | 7935 | 14909401 |
| Belimo Holding AG  | 21087 | 21167888 |
| BKW AG  | 40502 | 7973477 |
| Chocoladefabriken Lindt & Spruengli <br> AG <br>| 232 | 38251869 |
| Chocoladefabriken Lindt & Spruengli <br> AG, Participation Certificates <br>| 2016 | 33187127 |

---

*See financial notes*

**20**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab International Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Cie Financiere Richemont SA, <br> Class A <br>| 1130044 | 231063545 |
| DKSH Holding AG  | 70701 | 5727420 |
| Emmi AG  | 5407 | 5694909 |
| EMS-Chemie Holding AG  | 13924 | 11569386 |
| Flughafen Zurich AG  | 39754 | 13646780 |
| Galderma Group AG  | 366869 | 69600399 |
| Geberit AG  | 69954 | 58943101 |
| Georg Fischer AG  | 175882 | 11156003 |
| Givaudan SA  | 16410 | 65977141 |
| Helvetia Baloise Holding AG  | 172270 | 44800728 |
| Holcim AG \* | 1046541 | 96455141 |
| Julius Baer Group Ltd.  | 440976 | 37615273 |
| Kuehne & Nagel International AG  | 101033 | 23561886 |
| Logitech International SA  | 310734 | 28622842 |
| Lonza Group AG  | 146315 | 102014307 |
| Nestle SA  | 5416944 | 591528453 |
| Novartis AG  | 4114056 | 698113657 |
| Partners Group Holding AG  | 45848 | 51115110 |
| PSP Swiss Property AG  | 95257 | 20524134 |
| Roche Holding AG  | 1505568 | 718475334 |
| Roche Holding AG, Bearer Shares  | 63943 | 31711671 |
| Sandoz Group AG  | 888033 | 78543664 |
| Schindler Holding AG  | 42731 | 15641085 |
| Schindler Holding AG, Participation <br> Certificates <br>| 88258 | 33694232 |
| SGS SA  | 357830 | 45132969 |
| SIG Group AG \* | 680625 | 11080456 |
| Sika AG  | 327300 | 67881607 |
| Sonova Holding AG  | 103287 | 27116111 |
| Straumann Holding AG  | 232766 | 28026957 |
| Swatch Group AG  | 129018 | 6438737 |
| Swatch Group AG, Bearer Shares  | 57648 | 14752131 |
| Swiss Life Holding AG  | 60570 | 69418631 |
| Swiss Prime Site AG  | 167761 | 32001221 |
| Swiss Re AG  | 630681 | 111489607 |
| Swisscom AG  | 55066 | 51661295 |
| Swissquote Group Holding SA  | 24553 | 13147293 |
| Temenos AG  | 118517 | 11018745 |
| UBS Group AG  | 6837630 | 284601178 |
| VAT Group AG  | 58723 | 41553939 |
| VZ Holding AG  | 26657 | 5019093 |
| Zurich Insurance Group AG  | 306157 | 231135497 |
|  |  | **4722456318** |
| **United Kingdom 11.9%** | **United Kingdom 11.9%** | **United Kingdom 11.9%** |
| 3i Group PLC  | 2053983 | 91736229 |
| Admiral Group PLC  | 541809 | 21590804 |
| Airtel Africa PLC  | 1542765 | 7238851 |
| Anglo American PLC  | 2287313 | 113812272 |
| Antofagasta PLC  | 730250 | 41902544 |
| Ashtead Group PLC  | 896246 | 64176023 |
| Associated British Foods PLC  | 624280 | 16593213 |
| AstraZeneca PLC  | 3212890 | 671347184 |
| Autotrader Group PLC  | 1891847 | 12536873 |
| Aviva PLC  | 6501732 | 59964966 |
| BAE Systems PLC  | 6445768 | 183026087 |
| Barclays PLC  | 29657514 | 180564981 |
| Barratt Redrow PLC  | 2934235 | 14402939 |
| Beazley PLC  | 1235146 | 21039689 |
| Berkeley Group Holdings PLC  | 204031 | 11861135 |
| BP PLC  | 33555478 | 215485287 |
| British American Tobacco PLC  | 4568223 | 284976919 |
| British Land Co. PLC  | 2048243 | 11235336 |
| BT Group PLC  | 12188149 | 35525602 |
| Bunzl PLC  | 700658 | 20667461 |
| Burberry Group PLC \* | 787558 | 12314213 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Centrica PLC  | 10047265 | 26901257 |
| Coca-Cola Europacific Partners PLC  | 460702 | 50728078 |
| Coca-Cola HBC AG  | 437152 | 28269749 |
| Compass Group PLC  | 3641279 | 111519827 |
| Convatec Group PLC  | 3867901 | 13333304 |
| Croda International PLC  | 298072 | 12398978 |
| DCC PLC  | 184281 | 12846172 |
| Diageo PLC  | 4769443 | 106604056 |
| Diploma PLC  | 286642 | 21870066 |
| Endeavour Mining PLC  | 408145 | 29027829 |
| Entain PLC  | 1276406 | 9867363 |
| Experian PLC  | 1948328 | 72977267 |
| Fresnillo PLC  | 385251 | 21961098 |
| Glencore PLC \* | 22417744 | 160945031 |
| GSK PLC  | 8557012 | 253213347 |
| Haleon PLC  | 19002413 | 103647342 |
| Halma PLC  | 809120 | 45514421 |
| Hikma Pharmaceuticals PLC  | 324954 | 5740658 |
| Hiscox Ltd.  | 733279 | 15261057 |
| Howden Joinery Group PLC  | 1180047 | 15389179 |
| HSBC Holdings PLC  | 36780443 | 689127377 |
| ICG PLC  | 593045 | 13386984 |
| IMI PLC  | 491720 | 19039466 |
| Imperial Brands PLC  | 1622205 | 72517328 |
| Informa PLC  | 2803819 | 31596723 |
| InterContinental Hotels Group PLC  | 304058 | 41807975 |
| International Consolidated Airlines <br> Group SA <br>| 4779736 | 27227438 |
| Intertek Group PLC  | 334324 | 21224523 |
| J Sainsbury PLC  | 3743809 | 17566430 |
| JD Sports Fashion PLC  | 5469318 | 6028170 |
| Kingfisher PLC  | 3834635 | 19101024 |
| Land Securities Group PLC  | 1585504 | 13780986 |
| Legal & General Group PLC  | 11920342 | 43479338 |
| Lloyds Banking Group PLC  | 126452137 | 174173687 |
| London Stock Exchange Group PLC  | 1060801 | 126360708 |
| M&G PLC  | 4424214 | 18897213 |
| Marks & Spencer Group PLC  | 4368489 | 23287284 |
| Melrose Industries PLC  | 2691966 | 20477499 |
| Metlen Energy & Metals PLC \* | 228371 | 9585620 |
| Mondi PLC  | 920150 | 10975507 |
| National Grid PLC  | 10540503 | 197120992 |
| NatWest Group PLC  | 17302594 | 143994623 |
| Next PLC  | 248951 | 45251708 |
| NMC Health PLC *\*(b)* | 136583 | 0 |
| Pearson PLC  | 1343599 | 17337833 |
| Persimmon PLC  | 678728 | 13742481 |
| Phoenix Group Holdings PLC  | 1586293 | 16357736 |
| Prudential PLC  | 5514512 | 84334039 |
| Reckitt Benckiser Group PLC  | 1404237 | 122941700 |
| RELX PLC  | 3924149 | 136327167 |
| Rentokil Initial PLC  | 5430509 | 33307361 |
| Rightmove PLC  | 1580403 | 9506228 |
| Rio Tinto PLC  | 2227561 | 219671712 |
| Rolls-Royce Holdings PLC  | 18179412 | 325924691 |
| Sage Group PLC  | 2011928 | 22229156 |
| Schroders PLC  | 1630547 | 12846220 |
| Segro PLC  | 2952337 | 33389476 |
| Severn Trent PLC  | 558563 | 24631475 |
| Shell PLC  | 12388826 | 511926699 |
| Smith & Nephew PLC  | 1799450 | 33180277 |
| Smiths Group PLC  | 710223 | 26220422 |
| Spirax Group PLC  | 155973 | 16576610 |
| SSE PLC  | 2568002 | 92839025 |
| St. James's Place PLC  | 1120099 | 20329869 |
| Standard Chartered PLC  | 3933791 | 96890492 |
| Taylor Wimpey PLC  | 7653812 | 11633028 |
| Tesco PLC  | 13589557 | 87807877 |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**21**

------

Schwab International Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Unilever PLC  | 4597419 | 337915078 |
| UNITE Group PLC  | 1029535 | 6976154 |
| United Utilities Group PLC  | 1476686 | 27655638 |
| Vodafone Group PLC  | 39683155 | 61088026 |
| Weir Group PLC  | 546476 | 25876460 |
| Whitbread PLC  | 360989 | 12618616 |
| Wise PLC, Class A \* | 1572899 | 18196846 |
| WPP PLC  | 2261578 | 8361586 |
|  |  | **7464663268** |
| **Total Common Stocks** <br>**(Cost $36,351,509,132)** | **Total Common Stocks** <br>**(Cost $36,351,509,132)** | **62299325803** |
| **PREFERRED STOCKS** 0.5% OF NET ASSETS | **PREFERRED STOCKS** 0.5% OF NET ASSETS | **PREFERRED STOCKS** 0.5% OF NET ASSETS |
| **Germany 0.2%** | **Germany 0.2%** | **Germany 0.2%** |
| Bayerische Motoren Werke AG  | 122284 | 12835449 |
| FUCHS SE  | 140680 | 6105870 |
| Henkel AG & Co. KGaA  | 332627 | 32667513 |
| Volkswagen AG  | 445047 | 53177272 |
|  |  | **104786104** |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Telecom Italia SpA - RSP \* | 13823813 | 12107496 |
| **Republic of Korea 0.3%** | **Republic of Korea 0.3%** | **Republic of Korea 0.3%** |
| Amorepacific Corp.  | 28747 | 1035172 |
| CJ CheilJedang Corp.  | 493 | 47329 |
| Doosan Co. Ltd.  | 3123 | 1330830 |
| Hanwha Corp. \* | 38387 | 1497053 |
| Hyundai Motor Co.  | 48072 | 10743933 |
| Hyundai Motor Co. 2nd  | 78360 | 17622148 |
| LG Chem Ltd.  | 16357 | 2285545 |
| LG Electronics, Inc.  | 42619 | 1976147 |
| LG H&H Co. Ltd.  | 3290 | 264847 |
| Mirae Asset Securities Co. Ltd.  | 298571 | 4784193 |
| Samsung Electronics Co. Ltd.  | 1749002 | 174839408 |
| Samsung Fire & Marine Insurance <br> Co. Ltd. <br>| 6016 | 1720948 |
| Samsung SDI Co. Ltd. \* | 2947 | 566455 |
|  |  | **218714008** |
| **Spain 0.0%** | **Spain 0.0%** | **Spain 0.0%** |
| Grifols SA, B Shares  | 500739 | 4534678 |
| **Total Preferred Stocks** <br>**(Cost $202,434,109)** | **Total Preferred Stocks** <br>**(Cost $202,434,109)** | **340142286** |
| **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 *\*(b)* | 31758 | 161602 |
| **Total Warrants** <br>**(Cost $0)** | **Total Warrants** <br>**(Cost $0)** | **161602** |

---

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **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 <br> U.S. Government Money Market <br> Fund, Premier Class 3.63% *(c)*<br>| 67645948 | 67645948 |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 3.63% *(c)(d)*<br>| 179498123 | 179498123 |
|  |  | **247144071** |
| **Total Short-Term Investments** <br>**(Cost $247,144,071)** | **Total Short-Term Investments** <br>**(Cost $247,144,071)** | **247144071** |
| **Total Investments in Securities** <br>**(Cost $36,801,087,312)** | **Total Investments in Securities** <br>**(Cost $36,801,087,312)** | **62886773762** |

---

&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>| 1751 | 277104505 | **15344165** |

---

&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 $169,994,301. 

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

*(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;

---

| | |
|:---|:---|
| CDI — | CHESS Depositary Interest |
| CVA — | Dutch Certificate |
| 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 | 24.0<br> %<br>|
| Industrials | 18.8<br> %<br>|
| Information Technology | 12.1<br> %<br>|
| Health Care | 8.8<br> %<br>|
| Consumer Discretionary | 8.5<br> %<br>|
| Materials | 7.5<br> %<br>|
| Consumer Staples | 6.4<br> %<br>|
| Energy | 4.5<br> %<br>|
| Utilities | 3.5<br> %<br>|
| Communication Services | 3.2<br> %<br>|
| Real Estate | 2.2<br> %<br>|
| Short-Term Investments | 0.4<br> %<br>|
| **Total** | **99.9%**<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* Excludes derivatives.

*See financial notes*

**22**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab International Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (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>| $53726206153 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53726206153 |
| Hong Kong | 1108456382 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 1108456382 |
| United Kingdom | 7464663268 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 7464663268 |
| Preferred Stocks<sup>1</sup> <br>| 340142286 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 340142286 |
| Warrants |  |  |  |  |
| Canada |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 161602 | &nbsp;&nbsp; 161602 |
| Short-Term Investments<sup>1</sup> <br>| 247144071 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 247144071 |
| Futures Contracts<sup>2</sup> <br>| 15344165 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15344165 |
| **Total** | **$62901956325** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$161602** | &nbsp;&nbsp; **$62902117927** |

---

&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 International Equity ETFs \| Semiannual Holdings and Financial Statements

**23**

------

Schwab International Equity ETF

Statement of Assets and Liabilities

------

As of February 28, 2026; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $36,801,087,312) including securities on loan of $169,994,301 |  | $62886773762 |
| Foreign currency, at value (cost $34,552,883) |  | 34763701 |
| Deposit with broker for futures contracts |  | 19928358 |
| Receivables: |  |  |
| Dividends |  | 80621488 |
| Foreign tax reclaims |  | 79606054 |
| Investments sold |  | 3293215 |
| Income from securities on loan | + | 213791 |
| **Total assets** |  | **63105200369** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 179498123 |
| Payables: |  |  |
| Investments bought |  | 2644768 |
| Management fees |  | 1398359 |
| Variation margin on futures contracts | + | 709154 |
| **Total liabilities** |  | **184250404** |
| **Net assets** |  | **$62920949965** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $40238457145 |
| Total distributable earnings | + | 22682492820 |
| **Net assets** |  | **$62920949965** |

---

&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** |
| $62920949965 |  | &nbsp;&nbsp;&nbsp;&nbsp; 2319400000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $27.13 |

---

*See financial notes*

**24**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab International Equity ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $42,432,192) |  | $464501049 |
| Other Interest |  | 497235 |
| Securities on loan, net | + | 1825087 |
| **Total investment income**  |  | **466823371** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 8133804 |
| Professional fees | + | 1441 <br><sup>1</sup><br>|
| **Total expenses** |  | **8135245** |
| Expense reduction | – | 1441 <br><sup>1</sup><br>|
| **Net expenses** | – | **8133804** |
| **Net investment income** |  | **458689567** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (82005904)<br>|
| Net realized gains on futures contracts |  | 23401197 |
| Net realized losses on foreign currency transactions | + | (1115130)<br>|
| **Net realized losses** |  | **(59719837)**<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 11055173942 |
| Net change in unrealized appreciation (depreciation) on futures contracts |  | 10847405 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 385172 |
| **Net change in unrealized appreciation (depreciation)** |  | **11066406519** |
| **Net realized and unrealized gains** |  | **11006686682** |
| **Increase in net assets resulting from operations** |  | **$11465376249** |

---

&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 International Equity ETFs \| Semiannual Holdings and Financial Statements

**25**

------

Schwab International Equity ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 |
| Net investment income |  | $458689567 | &nbsp;&nbsp;&nbsp; $1275865910 |
| Net realized gains (losses) |  | (59719837)<br>| &nbsp;&nbsp;&nbsp; 186089421 |
| Net change in unrealized appreciation (depreciation) | + | 11066406519 | &nbsp;&nbsp;&nbsp; 5221637993 |
| **Increase in net assets resulting from operations** |  | **$11465376249** | &nbsp;&nbsp;&nbsp; **$6683593324** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($1515330000)**<br>| &nbsp;&nbsp;&nbsp; **($1203655940)**<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>  |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 | 9/1/24-8/31/25 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 104800000 | &nbsp;&nbsp;&nbsp; $2526075783 | &nbsp;&nbsp;&nbsp; 206000000 | &nbsp;&nbsp;&nbsp; $4117017522 |
| Shares redeemed | + |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (30800000)<br>| &nbsp;&nbsp;&nbsp; (692236335)<br>|
| **Net transactions in fund shares**  |  | **104800000** | &nbsp;&nbsp;&nbsp; **$2526075783** | &nbsp;&nbsp;&nbsp; **175200000** | &nbsp;&nbsp;&nbsp; **$3424781187** |
| **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>  |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 | 9/1/24-8/31/25 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 2214600000 | &nbsp;&nbsp;&nbsp; $50444827933 | &nbsp;&nbsp;&nbsp; 2039400000 | &nbsp;&nbsp;&nbsp; $41540109362 |
| Total increase | + | 104800000 | &nbsp;&nbsp;&nbsp; 12476122032 | &nbsp;&nbsp;&nbsp; 175200000 | &nbsp;&nbsp;&nbsp; 8904718571 |
| **End of period** |  | **2319400000** | &nbsp;&nbsp;&nbsp; **$62920949965** | &nbsp;&nbsp;&nbsp; **2214600000** | &nbsp;&nbsp;&nbsp; **$50444827933** |

---

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

<sup>1</sup> For the period ended August 31, 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*

**26**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab International Small-Cap Equity ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 9/1/25– <br>2/28/26\*<br>| 9/1/24– <br>8/31/25<br>| 9/1/23– <br>8/31/24<br>| 9/1/22– <br>8/31/23<br>| 9/1/21– <br>8/31/22<br>| 9/1/20– <br>8/31/21<br>|
| **Per-Share Data** | **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; $44.34 | &nbsp;&nbsp; $37.83 | &nbsp;&nbsp; $34.02 | &nbsp;&nbsp; $31.67 | &nbsp;&nbsp; $43.21 | &nbsp;&nbsp; $33.20 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.39 | 1.11 | 0.93 | 0.96 | 0.93 | 0.72 |
| Net realized and unrealized gains (losses) | 8.54 | 6.66 | 3.85 | 2.12 | &nbsp;&nbsp; (11.45)<br>| 10.11 |
| Total from investment operations | 8.93 | 7.77 | 4.78 | 3.08 | &nbsp;&nbsp; (10.52)<br>| 10.83 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (0.82)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $51.70 | &nbsp;&nbsp; $44.34 | &nbsp;&nbsp; $37.83 | &nbsp;&nbsp; $34.02 | &nbsp;&nbsp; $31.67 | &nbsp;&nbsp; $43.21 |
| Total return | 20.69 %<sup>2</sup><br>| 21.38<br> %<br>| 14.46<br> %<br>| 9.87<br> %<br>| &nbsp;&nbsp; (24.85<br> %)<br>| 33.01<br> %<br>|
| **Ratios/Supplemental Data** | **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 | 0.08 %<sup>3</sup><br>| 0.10 %<sup>4</sup><br>| 0.11<br> %<br>| 0.11<br> %<br>| 0.11 %<sup>5</sup><br>| 0.11<br> %<br>|
| Net investment income (loss) | 1.70 %<sup>3</sup><br>| 2.93<br> %<br>| 2.70<br> %<br>| 2.95<br> %<br>| 2.49<br> %<br>| 1.87<br> %<br>|
| Portfolio turnover rate<sup>6</sup> <br>| &nbsp;&nbsp; 15 %<sup>2</sup><br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 22<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $5688 | &nbsp;&nbsp; $4793 | &nbsp;&nbsp; $4267 | &nbsp;&nbsp; $3767 | &nbsp;&nbsp; $3383 | &nbsp;&nbsp; $3832 |

---

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

\* Unaudited.

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

<sup>2</sup> Not annualized.

<sup>3</sup> Annualized.

<sup>4</sup> Effective June 10, 2025, the annual operating expense ratio was reduced to 0.08%. The ratio presented for the period ended August 31, 2025, is a blended ratio.

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

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

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**27**

------

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited)

------

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.4% OF NET ASSETS | **COMMON STOCKS** 99.4% OF NET ASSETS | **COMMON STOCKS** 99.4% OF NET ASSETS |
| **Australia 7.4%** | **Australia 7.4%** | **Australia 7.4%** |
| 29Metals Ltd. \* | 1760881 | 508231 |
| Abacus Group  | 828742 | 637851 |
| Abacus Storage King  | 895228 | 956977 |
| Accent Group Ltd. *(a)* | 852404 | 704660 |
| Alkane Resources Ltd. \* | 2054932 | 2562783 |
| Alpha HPA Ltd. \* | 1771552 | 820623 |
| Amotiv Ltd.  | 273037 | 1537181 |
| Amplitude Energy Ltd. \* | 564524 | 1025886 |
| Arafura Rare Earths Ltd. \* | 5463902 | 1012401 |
| ARB Corp. Ltd.  | 154986 | 2838586 |
| Arena REIT  | 847996 | 2066790 |
| AUB Group Ltd.  | 272221 | 4915918 |
| Audinate Group Ltd. *\*(a)* | 166019 | 359673 |
| Aurelia Metals Ltd. \* | 3120579 | 678284 |
| Aussie Broadband Ltd.  | 496534 | 1797584 |
| Austal Ltd. \* | 717193 | 2642427 |
| Australian Clinical Labs Ltd. *(a)* | 430011 | 692571 |
| Australian Ethical Investment Ltd.  | 193346 | 716498 |
| Australian Finance Group Ltd.  | 394388 | 508720 |
| Baby Bunting Group Ltd. \* | 255382 | 363996 |
| Bapcor Ltd. *(b)* | 586035 | 363345 |
| Bapcor Ltd. *\*(b)(c)* | 430908 | 267165 |
| Bega Cheese Ltd.  | 552384 | 2472163 |
| Bellevue Gold Ltd. \* | 3087079 | 4015014 |
| Boss Energy Ltd. *\*(a)* | 858101 | 999845 |
| BrainChip Holdings Ltd. \* | 4068969 | 449461 |
| Bravura Solutions Ltd.  | 625775 | 927594 |
| Breville Group Ltd. *(a)* | 208869 | 4749820 |
| BWP Property Group Ltd.  | 1200737 | 3303023 |
| Capricorn Metals Ltd. \* | 832512 | 8733226 |
| Catalyst Metals Ltd. \* | 486825 | 2952425 |
| Catapult Sports Ltd. \* | 492654 | 1249880 |
| Cedar Woods Properties Ltd.  | 126157 | 815446 |
| Centuria Capital Group  | 1426709 | 1916563 |
| Centuria Industrial REIT  | 1331805 | 3046647 |
| Centuria Office REIT *(a)* | 998024 | 714798 |
| Chalice Mining Ltd. \* | 726348 | 999030 |
| Champion Iron Ltd.  | 818480 | 3132267 |
| Charter Hall Long Wale REIT  | 1474564 | 3951190 |
| Charter Hall Retail REIT  | 1190281 | 3435429 |
| Charter Hall Social Infrastructure REIT  | 690418 | 1417036 |
| Chorus Ltd.  | 887007 | 5063327 |
| Clarity Pharmaceuticals Ltd. \* | 598264 | 1539134 |
| Clinuvel Pharmaceuticals Ltd. *(a)* | 83861 | 598233 |
| Codan Ltd.  | 218519 | 5529887 |
| Collins Foods Ltd.  | 231027 | 1654646 |
| Core Lithium Ltd. *\*(a)* | 5155262 | 955214 |
| Corporate Travel Management <br> Ltd. *(a)(c)*<br>| 220728 | 1895881 |
| Credit Corp. Group Ltd.  | 139111 | 1207494 |
| Cromwell Property Group  | 3450712 | 1094322 |
| Data#3 Ltd.  | 299859 | 1489451 |
| Deep Yellow Ltd. \* | 1877714 | 3519343 |
| Develop Global Ltd. \* | 500805 | 2070013 |
| Dexus Industria REIT  | 694273 | 1276516 |
| Dicker Data Ltd.  | 179821 | 1287902 |
| DigiCo Infrastructure REIT  | 901365 | 1323257 |
| DroneShield Ltd. *\*(a)* | 1649749 | 4256012 |
| Eagers Automotive Ltd.  | 363802 | 6222325 |
| Elders Ltd.  | 407384 | 2107740 |
| Elevra Lithium Ltd. *\*(a)* | 314181 | 1827033 |
| Emeco Holdings Ltd. \* | 562382 | 541055 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Emerald Resources NL \* | 1051706 | 5306449 |
| EML Payments Ltd. \* | 714881 | 328602 |
| EQT Holdings Ltd.  | 55097 | 858330 |
| ESG Minerals *\*(c)* | 98343 | 0 |
| EVT Ltd.  | 248990 | 2359989 |
| Fineos Corp. Ltd. \* | 333484 | 613156 |
| Firefinch Ltd. *\*(c)* | 2051119 | 0 |
| FleetPartners Group Ltd.  | 333788 | 630366 |
| G8 Education Ltd.  | 1543328 | 368451 |
| GDI Property Group Partnership  | 1225368 | 550153 |
| Gemlife Communities Group \* | 381793 | 1455654 |
| Generation Development Group Ltd.  | 689375 | 2284467 |
| Genesis Minerals Ltd. \* | 2242628 | 11874695 |
| Gentrack Group Ltd. \* | 198797 | 988876 |
| GrainCorp Ltd., Class A  | 436301 | 1915329 |
| Greatland Resources Ltd. \* | 1069519 | 10525884 |
| Growthpoint Properties Australia Ltd.  | 523206 | 835213 |
| Guzman y Gomez Ltd. *(a)* | 117542 | 1616690 |
| GWA Group Ltd.  | 459075 | 781912 |
| Hansen Technologies Ltd.  | 376721 | 1422893 |
| Healius Ltd.  | 1163818 | 568136 |
| HealthCo REIT \* | 869950 | 446378 |
| Helia Group Ltd.  | 554251 | 2377822 |
| HMC Capital Ltd.  | 563495 | 1116378 |
| HomeCo Daily Needs REIT  | 3703477 | 3444265 |
| IDP Education Ltd. *(a)* | 541211 | 1797335 |
| Imdex Ltd.  | 1015804 | 3076630 |
| Ingenia Communities Group  | 853752 | 2774425 |
| Inghams Group Ltd. *(a)* | 786506 | 1154638 |
| Integral Diagnostics Ltd.  | 673172 | 1170556 |
| ioneer Ltd. \* | 4083683 | 436536 |
| IperionX Ltd. \* | 564822 | 2704938 |
| IPH Ltd. *(a)* | 478432 | 1220618 |
| IRESS Ltd.  | 382985 | 2036090 |
| Judo Capital Holdings Ltd. \* | 2191854 | 2694493 |
| Jumbo Interactive Ltd. *(a)* | 111545 | 770283 |
| Karoon Energy Ltd.  | 1518136 | 1671535 |
| Kelsian Group Ltd.  | 385012 | 1242936 |
| Kogan.com Ltd.  | 188900 | 565402 |
| L1 Group Ltd. *(a)* | 779191 | 688560 |
| Leo Lithium Ltd. *\*(c)* | 1797999 | 0 |
| Lifestyle Communities Ltd. *\*(a)* | 211113 | 746231 |
| Liontown Ltd. \* | 5189466 | 6305557 |
| Lovisa Holdings Ltd.  | 129786 | 2213334 |
| Maas Group Holdings Ltd.  | 316756 | 1079019 |
| Macquarie Technology Group Ltd. \* | 27987 | 1354062 |
| Mayne Pharma Group Ltd. \* | 151792 | 272600 |
| McMillan Shakespeare Ltd.  | 121470 | 1391975 |
| Megaport Ltd. \* | 331917 | 2079193 |
| Mesoblast Ltd. \* | 1949348 | 3111815 |
| Monadelphous Group Ltd.  | 197691 | 4566068 |
| Myer Holdings Ltd. \* | 2591963 | 692686 |
| MyState Ltd.  | 342349 | 1110087 |
| Nanosonics Ltd. \* | 540781 | 1318026 |
| National Storage REIT  | 2562790 | 5077316 |
| Navigator Global Investments Ltd.  | 460916 | 831034 |
| Neuren Pharmaceuticals Ltd. \* | 225146 | 2093877 |
| nib holdings Ltd.  | 997548 | 4556887 |
| Nick Scali Ltd.  | 160915 | 2138709 |
| Nickel Industries Ltd. \* | 4107616 | 2956566 |
| Nine Entertainment Co. Holdings Ltd.  | 2663443 | 2002499 |
| Novonix Ltd. *\*(a)* | 1415921 | 358215 |
| NRW Holdings Ltd.  | 901883 | 4203435 |
| Nufarm Ltd. \* | 697640 | 1024177 |
| Nuix Ltd. *\*(a)* | 433015 | 590946 |
| Omni Bridgeway Ltd. \* | 564615 | 637761 |
| oOh!media Ltd.  | 1135366 | 829347 |
| Opthea Ltd. *\*(c)* | 2276227 | 330919 |

---

*See financial notes*

**28**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Ora Banda Mining Ltd. \* | 2479911 | 2279829 |
| Paladin Energy Ltd. \* | 895797 | 8548041 |
| Pantoro Gold Ltd. \* | 673335 | 2759151 |
| Perenti Ltd.  | 1727825 | 2893637 |
| Perseus Mining Ltd.  | 2833961 | 12117737 |
| PEXA Group Ltd. \* | 276774 | 2954701 |
| Pinnacle Investment Management <br> Group Ltd. *(a)*<br>| 345418 | 3869670 |
| PolyNovo Ltd. \* | 1307763 | 899358 |
| PPK Mining Equipment Group Pty. <br> Ltd. *\*(c)*<br>| 78953 | 0 |
| Praemium Ltd.  | 940469 | 512722 |
| Predictive Discovery Ltd. \* | 4127205 | 2882428 |
| Premier Investments Ltd.  | 194182 | 1859879 |
| PWR Holdings Ltd. *(a)* | 179484 | 1282930 |
| Ramelius Resources Ltd.  | 3984318 | 13032961 |
| Redox Ltd.  | 388640 | 889056 |
| Regal Partners Ltd.  | 453046 | 1049306 |
| Regis Healthcare Ltd.  | 379262 | 1878454 |
| Regis Resources Ltd.  | 1560469 | 10497927 |
| Reliance Worldwide Corp. Ltd.  | 1597273 | 3790529 |
| Resolute Mining Ltd. \* | 4400055 | 4656514 |
| Ridley Corp. Ltd.  | 634275 | 1301807 |
| Rural Funds Trust  | 827797 | 1262450 |
| Sandfire Resources Ltd. \* | 958407 | 13789953 |
| Select Harvests Ltd. \* | 308219 | 885199 |
| Service Stream Ltd.  | 1203988 | 1784686 |
| Silex Systems Ltd. \* | 473847 | 2330041 |
| SiteMinder Ltd. \* | 523144 | 1342147 |
| SmartGroup Corp. Ltd.  | 269756 | 1695571 |
| Solvar Ltd.  | 278188 | 369738 |
| Southern Cross Gold Consolidated <br> Ltd. \*<br>| 426059 | 3482648 |
| SRG Global Ltd.  | 1187036 | 2453230 |
| St Barbara Ltd. \* | 2443662 | 1445425 |
| Stanmore Resources Ltd.  | 686659 | 1291878 |
| Strike Energy Ltd. \* | 4572645 | 316094 |
| Super Retail Group Ltd.  | 322496 | 3569211 |
| Superloop Ltd. \* | 993759 | 2089197 |
| Supply Network Ltd. *(a)* | 44219 | 1119015 |
| Tabcorp Holdings Ltd.  | 4857050 | 3703674 |
| Temple & Webster Group Ltd. \* | 214083 | 1257146 |
| Tuas Ltd. \* | 591515 | 2714739 |
| Tyro Payments Ltd. \* | 1021701 | 637101 |
| Vault Minerals Ltd. \* | 2157948 | 9042629 |
| Ventia Services Group Pty. Ltd.  | 1677522 | 7005550 |
| Virgin Australia Holdings Ltd. \* | 473228 | 1058952 |
| Viva Energy Group Ltd.  | 2269043 | 2862150 |
| Vulcan Energy Resources Ltd. \* | 677001 | 1804419 |
| Vulcan Steel Ltd.  | 142225 | 728754 |
| Waypoint REIT Ltd.  | 1332933 | 2422283 |
| WEB Travel Group Ltd. \* | 713693 | 1642821 |
| Weebit Nano Ltd. *\*(a)* | 406821 | 1443807 |
| Westgold Resources Ltd.  | 1897943 | 10482413 |
| Zip Co. Ltd. \* | 2642951 | 3597484 |
|  |  | **422852238** |
| **Austria 0.9%** | **Austria 0.9%** | **Austria 0.9%** |
| Agrana Beteiligungs AG  | 26932 | 373634 |
| AT&S Austria Technologie & <br> Systemtechnik AG \*<br>| 52680 | 3190824 |
| CA Immobilien Anlagen AG  | 64175 | 2000366 |
| CPI Europe AG \* | 68847 | 1306293 |
| DO & Co. AG  | 16314 | 4150949 |
| EVN AG  | 74768 | 2613046 |
| Lenzing AG *\*(a)* | 39199 | 1131602 |
| Oesterreichische Post AG  | 67998 | 2818013 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Palfinger AG  | 31296 | 1431859 |
| Porr AG  | 34748 | 1606206 |
| SBO AG *(a)* | 21205 | 890056 |
| UNIQA Insurance Group AG  | 232575 | 4596827 |
| Vienna Insurance Group AG Wiener <br> Versicherung Gruppe <br>| 74120 | 5767140 |
| voestalpine AG  | 251313 | 14403047 |
| Wienerberger AG  | 221028 | 7254905 |
|  |  | **53534767** |
| **Belgium 1.7%** | **Belgium 1.7%** | **Belgium 1.7%** |
| Aedifica SA  | 100620 | 9343782 |
| Azelis Group NV  | 365350 | 3621342 |
| Barco NV  | 126759 | 1632838 |
| Bekaert SA  | 65935 | 3405914 |
| bpost SA \* | 220209 | 557702 |
| CMB Tech NV  | 232776 | 3418993 |
| Cofinimmo SA  | 80564 | 8817804 |
| Colruyt Group NV  | 59422 | 2406473 |
| Deme Group NV  | 13986 | 3256418 |
| Fagron  | 128537 | 3452624 |
| Financiere de Tubize SA  | 40589 | 10854660 |
| Gimv NV  | 50264 | 2783361 |
| KBC Ancora  | 79925 | 7105870 |
| Kinepolis Group NV  | 29350 | 944309 |
| Melexis NV  | 42793 | 2872386 |
| Montea NV  | 43896 | 4063317 |
| Ontex Group NV *\*(a)* | 122703 | 672222 |
| Proximus SADP  | 266038 | 2194066 |
| Retail Estates NV  | 24933 | 2028306 |
| Shurgard Self Storage Ltd.  | 69710 | 2296355 |
| Solvay SA  | 153768 | 5032675 |
| Tessenderlo Group SA  | 41653 | 1322934 |
| Umicore SA  | 462005 | 9829720 |
| Vastned NV \* | 18094 | 666544 |
| VGP NV  | 28334 | 3679936 |
| Xior Student Housing NV  | 80738 | 2859821 |
|  |  | **99120372** |
| **Canada 15.3%** | **Canada 15.3%** | **Canada 15.3%** |
| Advantage Energy Ltd. \* | 218138 | 1669803 |
| Air Canada \* | 305107 | 4615139 |
| Algonquin Power & Utilities Corp.  | 1620402 | 11334557 |
| Allied Gold Corp. \* | 123288 | 3903344 |
| Allied Properties Real Estate <br> Investment Trust <br>| 350646 | 2445022 |
| Altus Group Ltd.  | 56528 | 1936007 |
| Aritzia, Inc. \* | 198948 | 17618462 |
| Atco Ltd., Class I  | 157672 | 7498336 |
| Athabasca Oil Corp. \* | 653632 | 4227030 |
| ATS Corp. \* | 173054 | 5525902 |
| B2Gold Corp.  | 2673115 | 16424610 |
| Bausch Health Cos., Inc. \* | 535632 | 3177228 |
| Baytex Energy Corp.  | 1406394 | 5403457 |
| Birchcliff Energy Ltd.  | 366364 | 1840080 |
| BlackBerry Ltd. \* | 1218580 | 4136837 |
| Boardwalk Real Estate Investment <br> Trust <br>| 87054 | 4174456 |
| Boralex, Inc., Class A  | 214182 | 4359491 |
| Boyd Group, Inc.  | 57641 | 10062504 |
| Brookfield Business Corp., Class A  | 31720 | 1091251 |
| Brookfield Infrastructure Corp., <br> Class A *(a)*<br>| 251244 | 12530423 |
| Brookfield Renewable Corp. *(a)* | 284308 | 12134449 |
| Brookfield Wealth Solutions Ltd. \* | 35668 | 1586145 |
| BRP, Inc.  | 70260 | 5152108 |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**29**

------

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Canada Packers, Inc.  | 31311 | 432525 |
| Canadian Apartment Properties REIT  | 330988 | 9158989 |
| Canfor Corp. \* | 114165 | 1150983 |
| Capital Power Corp.  | 327457 | 15373444 |
| Capstone Copper Corp. \* | 1374458 | 14219747 |
| Cargojet, Inc.  | 15169 | 1061279 |
| Centerra Gold, Inc.  | 421958 | 8870137 |
| Chartwell Retirement Residences  | 632174 | 10299451 |
| Choice Properties Real Estate <br> Investment Trust <br>| 601569 | 6995553 |
| Cogeco Communications, Inc.  | 21324 | 1131359 |
| Colliers International Group, Inc.  | 91851 | 10896047 |
| Crombie Real Estate Investment Trust  | 153958 | 1846796 |
| CT Real Estate Investment Trust  | 111287 | 1403480 |
| Definity Financial Corp.  | 205690 | 10297696 |
| Denison Mines Corp. \* | 1206209 | 5023476 |
| Discovery Silver Corp. \* | 694078 | 5735425 |
| DPM Metals, Inc.  | 295758 | 12807470 |
| Dream Industrial Real Estate <br> Investment Trust <br>| 609693 | 5936667 |
| Eldorado Gold Corp. *(a)* | 424650 | 19724733 |
| Endeavour Silver Corp. \* | 395917 | 5509774 |
| Energy Fuels, Inc. \* | 308852 | 6596663 |
| Enghouse Systems Ltd.  | 92065 | 1194817 |
| EQB, Inc.  | 37302 | 3154061 |
| Equinox Gold Corp. \* | 1565085 | 29377260 |
| ERO Copper Corp. \* | 128065 | 4381356 |
| Exchange Income Corp.  | 34923 | 2782881 |
| Finning International, Inc.  | 281085 | 18952654 |
| First Capital Real Estate Investment <br> Trust <br>| 449495 | 7049674 |
| First Majestic Silver Corp.  | 967680 | 30963490 |
| Fortuna Mining Corp. \* | 416025 | 5685894 |
| Freehold Royalties Ltd. *(a)* | 222849 | 2874153 |
| G Mining Ventures Corp. \* | 240641 | 9856074 |
| Galaxy Digital, Inc., Class A \* | 237575 | 4887894 |
| Gibson Energy, Inc.  | 348167 | 7482329 |
| goeasy Ltd.  | 16719 | 1316337 |
| Granite Real Estate Investment Trust  | 127891 | 8624215 |
| H&R Real Estate Investment Trust  | 543194 | 4154059 |
| Hudbay Minerals, Inc.  | 798292 | 22622712 |
| IAMGOLD Corp. \* | 1215789 | 29916691 |
| IGM Financial, Inc.  | 166787 | 8298688 |
| International Petroleum Corp. \* | 101307 | 2312341 |
| InterRent Real Estate Investment Trust  | 184951 | 1815811 |
| K92 Mining, Inc. \* | 322741 | 7780712 |
| Killam Apartment Real Estate <br> Investment Trust <br>| 162918 | 2018781 |
| Kinaxis, Inc. \* | 58048 | 5512187 |
| Labrador Iron Ore Royalty Corp.  | 87475 | 2002397 |
| Leon's Furniture Ltd.  | 25717 | 537213 |
| Lightspeed Commerce, Inc. \* | 261883 | 2363735 |
| Linamar Corp.  | 81495 | 5617440 |
| Maple Leaf Foods, Inc.  | 156206 | 3210363 |
| MDA Space Ltd. \* | 165388 | 4796052 |
| Methanex Corp.  | 140471 | 7088180 |
| New Gold, Inc. \* | 1042876 | 14008497 |
| NexGen Energy Ltd. \* | 1263579 | 16120742 |
| NFI Group, Inc. \* | 128286 | 1603751 |
| NGEx Minerals Ltd. \* | 183764 | 4246978 |
| North West Co., Inc.  | 100583 | 4128487 |
| Northland Power, Inc.  | 555284 | 8900178 |
| Novagold Resources, Inc. \* | 632104 | 8435160 |
| OceanaGold Corp.  | 490082 | 20845149 |
| Onex Corp.  | 120389 | 8953372 |
| OR Royalties, Inc.  | 397073 | 18816459 |
| Orla Mining Ltd.  | 411515 | 8901047 |
| Paramount Resources Ltd., Class A  | 156883 | 3105797 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Parex Resources, Inc.  | 201755 | 3156837 |
| Perpetua Resources Corp. \* | 115185 | 4246436 |
| Pet Valu Holdings Ltd.  | 91509 | 1911568 |
| Peyto Exploration & Development <br> Corp. *(a)*<br>| 268448 | 5202244 |
| PrairieSky Royalty Ltd.  | 490757 | 11205171 |
| Premium Brands Holdings Corp.  | 86968 | 6759891 |
| Primaris Real Estate Investment Trust  | 249677 | 3342818 |
| Quebecor, Inc., Class B  | 111043 | 4592833 |
| Richelieu Hardware Ltd.  | 69378 | 2214846 |
| RioCan Real Estate Investment Trust  | 631617 | 9137224 |
| Russel Metals, Inc.  | 120258 | 4235946 |
| Seabridge Gold, Inc. \* | 119966 | 4727919 |
| Secure Waste Infrastructure Corp.  | 300963 | 4175107 |
| Sienna Senior Living, Inc.  | 119410 | 2055759 |
| Skeena Resources Ltd. \* | 133336 | 5082772 |
| SmartCentres Real Estate Investment <br> Trust <br>| 276935 | 5638806 |
| South Bow Corp.  | 436451 | 14035811 |
| Sprott, Inc.  | 29336 | 4758375 |
| SSR Mining, Inc. \* | 429549 | 13816999 |
| Stella-Jones, Inc.  | 117103 | 8037549 |
| Strathcona Resources Ltd.  | 53058 | 1159313 |
| Superior Plus Corp.  | 457887 | 2205754 |
| Tamarack Valley Energy Ltd.  | 662199 | 4947617 |
| TerraVest Industries, Inc.  | 21733 | 2343566 |
| Topaz Energy Corp.  | 261573 | 5976181 |
| Torex Gold Resources, Inc.  | 196338 | 11964403 |
| Toromont Industries Ltd.  | 171435 | 26610543 |
| TransAlta Corp.  | 567064 | 7795909 |
| Transcontinental, Inc., Class A  | 156522 | 2669430 |
| Triple Flag Precious Metals Corp.  | 86978 | 3596847 |
| Trisura Group Ltd. \* | 62183 | 2127403 |
| Vermilion Energy, Inc.  | 325859 | 3500263 |
| Wesdome Gold Mines Ltd. \* | 211150 | 4152248 |
| West Fraser Timber Co. Ltd.  | 110534 | 7339487 |
| Westshore Terminals Investment Corp.  | 69134 | 1622090 |
| Winpak Ltd.  | 54131 | 1912257 |
|  |  | **872272625** |
| **Denmark 2.5%** | **Denmark 2.5%** | **Denmark 2.5%** |
| AL Sydbank  | 110503 | 9883802 |
| ALK-Abello AS \* | 279238 | 9725672 |
| Alm Brand AS  | 1622967 | 4213867 |
| Ambu AS, Class B  | 282946 | 3554710 |
| Bavarian Nordic AS \* | 164194 | 5124576 |
| Chemometec AS  | 36119 | 2399562 |
| D/S Norden AS  | 41891 | 1876092 |
| Dfds AS \* | 62791 | 1029979 |
| FLSmidth & Co. AS  | 99097 | 8777476 |
| GN Store Nord AS *\*(a)* | 273057 | 4040622 |
| Gubra AS  | 13332 | 823769 |
| ISS AS  | 299115 | 10635410 |
| Jyske Bank AS  | 91879 | 13771686 |
| Netcompany Group AS *\*(a)* | 86535 | 4419740 |
| NKT AS \* | 113528 | 14702307 |
| NTG Nordic Transport Group AS \* | 33100 | 891315 |
| Per Aarsleff Holding AS  | 36902 | 4665234 |
| Ringkjoebing Landbobank AS  | 51535 | 13461971 |
| Royal Unibrew AS  | 103461 | 10185873 |
| Scandinavian Tobacco Group AS, <br> A Shares <br>| 107979 | 1767798 |
| Schouw & Co. AS  | 25232 | 2699441 |
| TORM PLC, Class A  | 120944 | 3541549 |
| UIE PLC  | 26565 | 1502887 |

---

*See financial notes*

**30**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Zealand Pharma AS \* | 150336 | 8642894 |
|  |  | **142338232** |
| **Finland 1.3%** | **Finland 1.3%** | **Finland 1.3%** |
| Citycon OYJ \* | 165151 | 739807 |
| Finnair OYJ \* | 195033 | 801359 |
| Hiab OYJ, B shares  | 77668 | 4469586 |
| Huhtamaki OYJ  | 180412 | 6739715 |
| Kalmar OYJ, B Shares  | 76469 | 4393364 |
| Kemira OYJ  | 232860 | 5636226 |
| Kojamo OYJ \* | 319942 | 3722782 |
| Konecranes OYJ  | 136052 | 16111854 |
| Mandatum OYJ  | 970593 | 7829331 |
| Metsa Board OYJ, B Shares  | 326833 | 1214016 |
| Nokian Renkaat OYJ *(a)* | 252131 | 3176365 |
| Outokumpu OYJ  | 767657 | 5188985 |
| QT Group OYJ \* | 37020 | 960735 |
| Revenio Group OYJ  | 44049 | 967361 |
| Sanoma OYJ  | 134929 | 1459286 |
| Terveystalo OYJ  | 157271 | 1730630 |
| TietoEVRY OYJ  | 208062 | 4662605 |
| Tokmanni Group Corp.  | 96321 | 912084 |
| YIT OYJ \* | 290966 | 978412 |
|  |  | **71694503** |
| **France 3.6%** | **France 3.6%** | **France 3.6%** |
| Air France-KLM \* | 249090 | 3617438 |
| Altarea SCA  | 13362 | 2028860 |
| Alten SA  | 60109 | 4510189 |
| Antin Infrastructure Partners SA  | 121632 | 1387282 |
| ARGAN SA  | 34777 | 2919452 |
| Beneteau SACA  | 80629 | 764445 |
| Carmila SA \* | 132841 | 2904777 |
| Clariane SE \* | 515776 | 2478536 |
| Coface SA  | 214934 | 3974079 |
| Derichebourg SA  | 194916 | 2169045 |
| Elior Group SA  | 283077 | 931162 |
| Elis SA  | 379516 | 12170251 |
| Emeis SA \* | 168317 | 3056497 |
| Equasens  | 10431 | 435367 |
| Eramet SA *(a)* | 17850 | 1247670 |
| Etablissements Maurel et Prom SA  | 117207 | 1235098 |
| Eutelsat Communications SACA \* | 434418 | 1156629 |
| Exail Technologies SA *\*(a)* | 19732 | 2893559 |
| Exosens SAS  | 71764 | 5278790 |
| Fnac Darty SA  | 20120 | 840951 |
| Forvia SE \* | 334936 | 4777145 |
| Gaztransport Et Technigaz SA  | 77634 | 17654195 |
| GL Events SACA  | 19426 | 780980 |
| ICADE *(a)* | 95673 | 2419628 |
| ID Logistics Group SACA \* | 6413 | 3032518 |
| Imerys SA  | 68938 | 1994180 |
| Interparfums SA  | 49833 | 1454471 |
| IPSOS SA  | 73081 | 2973442 |
| JCDecaux SE  | 150364 | 3113961 |
| Lagardere SA  | 20220 | 456466 |
| LISI SA  | 39696 | 2624668 |
| Manitou BF SA  | 19520 | 542763 |
| Mercialys SA  | 197124 | 2853446 |
| Mersen SA  | 45107 | 1483231 |
| Metropole Television SA  | 105576 | 1443489 |
| Nexans SA  | 84067 | 12139245 |
| Nexity SA \* | 102754 | 1156802 |
| Opmobility  | 110737 | 2226625 |
| OVH Groupe SA *\*(a)* | 49339 | 540020 |
| Peugeot Invest SA  | 9759 | 841139 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Planisware SA  | 36360 | 691177 |
| Pluxee NV  | 161870 | 2163478 |
| Quadient SA  | 42326 | 675653 |
| Remy Cointreau SA *(a)* | 46790 | 2303715 |
| Rubis SCA  | 149579 | 6470916 |
| SES SA, Class A  | 763362 | 5700733 |
| Societe BIC SA  | 41157 | 2643518 |
| SOITEC \* | 53885 | 2602141 |
| Sopra Steria Group  | 28413 | 4401398 |
| Stef SA  | 7466 | 1103652 |
| Technip Energies NV  | 317343 | 13721037 |
| Television Francaise 1 SA  | 193779 | 1663339 |
| Trigano SA  | 17029 | 3377832 |
| Ubisoft Entertainment SA \* | 201553 | 990922 |
| Valeo SE  | 444192 | 6445584 |
| Vallourec SACA  | 342140 | 7982344 |
| Verallia SA  | 31902 | 729604 |
| Vicat SACA  | 32542 | 2735671 |
| Virbac SACA  | 8657 | 3781889 |
| Viridien \* | 14725 | 1896792 |
| Vivendi SE \* | 1413562 | 3675123 |
| Voltalia SA *\*(a)* | 85615 | 712654 |
| Vusion  | 18148 | 2560568 |
| Wavestone  | 16204 | 925036 |
| Worldline SA *\*(a)* | 510161 | 942372 |
| X-Fab Silicon Foundries SE *\*(a)* | 118162 | 653204 |
|  |  | **202058843** |
| **Germany 4.0%** | **Germany 4.0%** | **Germany 4.0%** |
| 1&1 AG  | 51750 | 1478650 |
| Adesso SE  | 6842 | 504089 |
| Adtran Networks SE  | 39723 | 1055272 |
| AIXTRON SE  | 237329 | 7733918 |
| AlzChem Group AG  | 12130 | 2133962 |
| Aroundtown SA \* | 1518916 | 5480583 |
| Atoss Software SE  | 19052 | 1979534 |
| Aurubis AG  | 55187 | 11259528 |
| Auto1 Group SE \* | 248683 | 5050265 |
| Befesa SA  | 79763 | 3201991 |
| Bilfinger SE  | 75368 | 10598354 |
| CANCOM SE  | 52076 | 1466445 |
| Ceconomy AG \* | 278941 | 1488643 |
| Dermapharm Holding SE  | 30023 | 1421471 |
| Deutsche Beteiligungs AG *(a)* | 21259 | 630023 |
| Deutsche EuroShop AG  | 20575 | 507722 |
| Deutsche Pfandbriefbank AG  | 284588 | 1206959 |
| Deutz AG  | 271338 | 4004611 |
| Douglas AG \* | 71737 | 997765 |
| Duerr AG  | 103357 | 2983722 |
| Eckert & Ziegler SE  | 90859 | 1654215 |
| Elmos Semiconductor SE  | 12714 | 2203677 |
| Energiekontor AG  | 14215 | 657080 |
| Evotec SE \* | 304550 | 2114344 |
| flatexDEGIRO SE  | 168837 | 6143840 |
| Freenet AG  | 249790 | 8163583 |
| Gerresheimer AG *(a)* | 67911 | 1359094 |
| GFT Technologies SE *(a)* | 37178 | 694436 |
| Grand City Properties SA  | 145089 | 1898077 |
| Grenke AG  | 48429 | 839404 |
| HelloFresh SE \* | 304597 | 1736691 |
| Hornbach Holding AG & Co. KGaA  | 20636 | 2095384 |
| HUGO BOSS AG *(a)* | 76842 | 3391389 |
| Hypoport SE *\*(a)* | 8208 | 891589 |
| Indus Holding AG  | 39356 | 1424233 |
| IONOS Group SE \* | 105882 | 2894095 |
| Jenoptik AG  | 109384 | 3634273 |
| K&S AG *(a)* | 371816 | 6580659 |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**31**

------

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Kloeckner & Co. SE  | 123834 | 1611243 |
| Kontron AG *(a)* | 78192 | 2167705 |
| Krones AG  | 27630 | 4338826 |
| KWS Saat SE & Co. KGaA  | 21557 | 1651858 |
| Lanxess AG  | 169205 | 3819801 |
| Nagarro SE  | 14107 | 937741 |
| Nordex SE \* | 264331 | 13457566 |
| Norma Group SE  | 65490 | 1221720 |
| Patrizia SE  | 82411 | 795936 |
| Pfeiffer Vacuum Technology AG  | 6992 | 1362150 |
| PNE AG *(a)* | 73659 | 760111 |
| ProSiebenSat.1 Media SE  | 123926 | 687701 |
| Puma SE  | 215763 | 6052894 |
| Redcare Pharmacy NV *\*(a)* | 31655 | 2266798 |
| Salzgitter AG  | 46680 | 3006528 |
| Schaeffler AG  | 414143 | 5065820 |
| Schott Pharma AG & Co. KGaA  | 73438 | 1281548 |
| Secunet Security Networks AG  | 3491 | 782322 |
| SGL Carbon SE \* | 125281 | 580583 |
| Siltronic AG *(a)* | 22707 | 1538903 |
| Sixt SE  | 26752 | 2078365 |
| SMA Solar Technology AG \* | 28619 | 1092784 |
| Springer Nature AG & Co. KGaA  | 42174 | 789746 |
| Stabilus SE  | 44612 | 996581 |
| Stroeer SE & Co. KGaA  | 64277 | 2625859 |
| Suedzucker AG *(a)* | 120930 | 1446383 |
| TAG Immobilien AG  | 376299 | 7348661 |
| TeamViewer SE \* | 310300 | 1701428 |
| thyssenkrupp AG  | 1041444 | 12966482 |
| Thyssenkrupp Nucera AG & Co. <br> KGaA *\*(a)*<br>| 49635 | 532418 |
| Tkms AG& Co. KGaA \* | 51653 | 5851675 |
| TUI AG  | 939435 | 8962265 |
| United Internet AG  | 161178 | 5328481 |
| Verbio SE \* | 38370 | 1241315 |
| Vossloh AG  | 20380 | 1985170 |
| Wacker Chemie AG  | 36629 | 3494428 |
| Wacker Neuson SE  | 58397 | 1437594 |
| Wuestenrot & Wuerttembergische AG  | 44642 | 872858 |
|  |  | **227699817** |
| **Hong Kong 1.1%** | **Hong Kong 1.1%** | **Hong Kong 1.1%** |
| Beijing Tong Ren Tang Chinese <br> Medicine Co. Ltd. *(a)*<br>| 505428 | 561504 |
| Bright Smart Securities & Commodities <br> Group Ltd. \*<br>| 1840122 | 2020755 |
| Cafe de Coral Holdings Ltd. *(a)* | 718096 | 425047 |
| CGN Mining Co. Ltd. *(a)* | 6985469 | 4384811 |
| China Animal Healthcare Ltd. *\*(c)* | 192752 | 0 |
| China Travel International Investment <br> Hong Kong Ltd. *\*(a)*<br>| 4061948 | 690653 |
| Chow Sang Sang Holdings <br> International Ltd. <br>| 710092 | 1262745 |
| CITIC Resources Holdings Ltd. *(a)* | 6612184 | 431111 |
| CITIC Telecom International Holdings <br> Ltd. <br>| 3418986 | 1145177 |
| Cowell e Holdings, Inc. *\*(a)* | 539640 | 1934443 |
| Dah Sing Financial Holdings Ltd.  | 383952 | 2088086 |
| Deep Source Holdings Ltd. *\*(a)* | 11841051 | 1316993 |
| Duality Biotherapeutics, Inc. *\*(a)* | 64240 | 2586961 |
| Envision Greenwise Holdings Ltd. *\*(a)* | 2325060 | 948197 |
| Fortune Real Estate Investment Trust  | 3216476 | 2236934 |
| Giordano International Ltd.  | 2158532 | 422205 |
| Guotai Junan International Holdings <br> Ltd. *(a)*<br>| 5087558 | 1821131 |
| HBM Holdings Ltd. *\*(a)* | 1246684 | 1936451 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| HKBN Ltd. *(a)* | 671256 | 632455 |
| Huabao International Holdings Ltd. *(a)* | 2003900 | 1160508 |
| Hutchison Telecommunications Hong <br> Kong Holdings Ltd. <br>| 2688194 | 405524 |
| IGG, Inc.  | 1533760 | 619610 |
| LK Technology Holdings Ltd. *(a)* | 1149062 | 493579 |
| Luk Fook Holdings International Ltd.  | 675633 | 2544588 |
| Melco International Development <br> Ltd. *\*(a)*<br>| 1814394 | 981174 |
| MH Development NPV *\*(c)* | 459925 | 0 |
| Mongolian Mining Corp. \* | 1050691 | 1679032 |
| OSL Group Ltd. *\*(a)* | 1019006 | 2085652 |
| Pacific Basin Shipping Ltd.  | 9268173 | 4099625 |
| Prosperity REIT  | 2929835 | 561834 |
| Realord Group Holdings Ltd. \* | 833031 | 1456871 |
| SmarTone Telecommunications <br> Holdings Ltd. <br>| 665423 | 448314 |
| Stella International Holdings Ltd.  | 1181000 | 2279821 |
| SUNeVision Holdings Ltd. *(a)* | 1359965 | 1171822 |
| Sunlight Real Estate Investment Trust  | 2057504 | 699675 |
| Superb Summit International Group <br> Ltd. *\*(c)*<br>| 1120000 | 0 |
| SY Holdings Group Ltd. *(a)* | 1007594 | 1366705 |
| Time Interconnect Technology Ltd.  | 1213419 | 3024957 |
| Truly International Holdings Ltd. *(a)* | 3148465 | 398481 |
| United Laboratories International <br> Holdings Ltd. <br>| 2366264 | 3932606 |
| Value Partners Group Ltd. *(a)* | 2314926 | 707308 |
| Vitasoy International Holdings Ltd.  | 1356024 | 1234301 |
| Vobile Group Ltd. *\*(a)* | 3617923 | 2289488 |
| VSTECS Holdings Ltd.  | 1222349 | 1242328 |
|  |  | **61729462** |
| **Ireland 0.2%** | **Ireland 0.2%** | **Ireland 0.2%** |
| Cairn Homes PLC  | 1224751 | 3448862 |
| Glanbia PLC  | 383414 | 7922198 |
|  |  | **11371060** |
| **Israel 1.7%** | **Israel 1.7%** | **Israel 1.7%** |
| Alony Hetz Properties & Investments <br> Ltd. <br>| 335778 | 3941069 |
| Ashtrom Group Ltd.  | 99356 | 2157385 |
| Aura Investments Ltd.  | 316774 | 2092395 |
| Bet Shemesh Engines Holdings 1997 <br> Ltd. \*<br>| 14393 | 3677036 |
| Cellcom Israel Ltd.  | 227752 | 2653541 |
| Danel Adir Yeoshua Ltd.  | 10287 | 1443628 |
| Delek Automotive Systems Ltd.  | 101354 | 634240 |
| Delta Galil Ltd.  | 23297 | 1129425 |
| El Al Israel Airlines  | 638435 | 3180619 |
| Elco Ltd.  | 20195 | 977754 |
| Electra Ltd.  | 85880 | 2602134 |
| Equital Ltd. \* | 47997 | 2205931 |
| Formula Systems 1985 Ltd.  | 20030 | 2326032 |
| Fox Wizel Ltd.  | 16990 | 1536245 |
| G City Ltd.  | 213207 | 533128 |
| Hilan Ltd.  | 33862 | 2165414 |
| IDI Insurance Co. Ltd.  | 17325 | 1262622 |
| Inrom Construction Industries Ltd.  | 212679 | 1359366 |
| Isracard Ltd.  | 386352 | 1837278 |
| Israel Canada TR Ltd.  | 377241 | 2359448 |
| Kenon Holdings Ltd.  | 41341 | 3266036 |
| Matrix IT Ltd.  | 101780 | 3074484 |
| Mega Or Holdings Ltd.  | 48015 | 7808649 |
| Meitav Investment House Ltd.  | 74858 | 2745681 |

---

*See financial notes*

**32**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Nayax Ltd. \* | 29946 | 1500476 |
| Oil Refineries Ltd.  | 4549939 | 1481649 |
| One Software Technologies Ltd.  | 94321 | 1820929 |
| Orion Retail Properties Ltd. \* | 25612 | 21647 |
| OY Nofar Energy Ltd. \* | 54134 | 2866106 |
| Partner Communications Co. Ltd.  | 278708 | 3407236 |
| Paz Retail & Energy Ltd.  | 21360 | 5240961 |
| Perion Network Ltd. \* | 94497 | 783017 |
| Priortech Ltd. \* | 17562 | 1549316 |
| Rami Levy Chain Stores Hashikma <br> Marketing 2006 Ltd. <br>| 17823 | 2285182 |
| Reit 1 Ltd.  | 417765 | 3117898 |
| Sella Capital Real Estate Ltd.  | 503776 | 1470187 |
| Summit Real Estate Holdings Ltd.  | 83540 | 1509680 |
| Tel Aviv Stock Exchange Ltd.  | 178303 | 8678150 |
| YH Dimri Construction & Development <br> Ltd. <br>| 21344 | 3032075 |
|  |  | **95734049** |
| **Italy 2.5%** | **Italy 2.5%** | **Italy 2.5%** |
| ACEA SpA  | 89088 | 2768501 |
| Anima Holding SpA  | 59394 | 482470 |
| Ariston Holding NV  | 141499 | 845364 |
| Arnoldo Mondadori Editore SpA  | 282917 | 688123 |
| Azimut Holding SpA  | 226888 | 9400145 |
| Banca Generali SpA  | 116849 | 7567306 |
| Banca IFIS SpA  | 66028 | 1917798 |
| Banca Popolare di Sondrio SpA  | 183978 | 3736233 |
| BFF Bank SpA \* | 382584 | 1709297 |
| Brembo NV  | 291317 | 3460218 |
| Carel Industries SpA  | 96378 | 2640010 |
| Cementir Holding NV  | 85634 | 1615707 |
| Credito Emiliano SpA  | 146577 | 2699791 |
| Danieli & C Officine Meccaniche SpA  | 25172 | 2003168 |
| De' Longhi SpA  | 147260 | 6777450 |
| El.En. SpA  | 98662 | 1654161 |
| Enav SpA  | 528946 | 3444265 |
| ERG SpA  | 108306 | 3189250 |
| Fincantieri SpA \* | 198055 | 3374363 |
| GVS SpA \* | 137500 | 649385 |
| Intercos SpA  | 111258 | 1628893 |
| Iren SpA  | 1315716 | 4414951 |
| Italmobiliare SpA  | 34721 | 1176559 |
| Iveco Group NV  | 403392 | 9120859 |
| Juventus Football Club SpA *\*(a)* | 224218 | 621067 |
| Lottomatica Group SpA  | 525549 | 12745395 |
| Maire SpA  | 298673 | 5416601 |
| MARR SpA  | 63984 | 713153 |
| MFE-MediaForEurope NV, Class A  | 619254 | 2262188 |
| MFE-MediaForEurope NV, Class B  | 122480 | 578449 |
| Moltiply Group SpA  | 28850 | 1134305 |
| Piaggio & C SpA *(a)* | 366722 | 785009 |
| RAI Way SpA  | 194156 | 1416703 |
| Rizzoli Corriere Della Sera Mediagroup <br> SpA <br>| 345683 | 396720 |
| Saipem SpA  | 2709077 | 11422229 |
| Salvatore Ferragamo SpA \* | 135416 | 1079228 |
| Sanlorenzo SpA  | 28884 | 1137347 |
| Sesa SpA  | 15090 | 1374564 |
| SOL SpA  | 77848 | 4742822 |
| Tamburi Investment Partners SpA  | 243790 | 2740265 |
| Technogym SpA  | 225639 | 4955264 |
| Technoprobe SpA \* | 308403 | 6241214 |
| Tinexta SpA  | 42950 | 770808 |
| Webuild SpA  | 994139 | 3878170 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Zignago Vetro SpA *(a)* | 62592 | 574961 |
|  |  | **141950729** |
| **Japan 20.3%** | **Japan 20.3%** | **Japan 20.3%** |
| & ST HD Co. Ltd.  | 52579 | 1008978 |
| 77 Bank Ltd.  | 141688 | 8927365 |
| A&D HOLON Holdings Co. Ltd.  | 60050 | 1088496 |
| ADEKA Corp.  | 170322 | 5231026 |
| Aeon Hokkaido Corp. *(a)* | 81727 | 477406 |
| Ai Holdings Corp.  | 79233 | 1483414 |
| Aichi Corp.  | 57968 | 544314 |
| Aichi Financial Group, Inc.  | 78077 | 3300613 |
| Aichi Steel Corp.  | 55792 | 1252528 |
| Aida Engineering Ltd.  | 104615 | 797386 |
| Aiful Corp.  | 636902 | 2113148 |
| Ain Holdings, Inc.  | 56848 | 2246611 |
| Aiphone Co. Ltd.  | 22735 | 430891 |
| Airman Corp.  | 42962 | 621350 |
| Aisan Industry Co. Ltd.  | 71783 | 1055653 |
| Aizawa Securities Group Co. Ltd.  | 49283 | 488647 |
| Akita Bank Ltd.  | 34170 | 1227822 |
| Alconix Corp.  | 57674 | 1219050 |
| Alpen Co. Ltd. *(a)* | 28580 | 406939 |
| Alpha Systems, Inc.  | 13004 | 309014 |
| Altech Corp.  | 34764 | 587397 |
| Anest Iwata Corp.  | 71079 | 798543 |
| Anicom Holdings, Inc.  | 127358 | 1004181 |
| Anritsu Corp.  | 261592 | 5071827 |
| Anycolor, Inc.  | 59517 | 1479109 |
| AOKI Holdings, Inc.  | 69407 | 807322 |
| Aoyama Trading Co. Ltd.  | 82190 | 1388741 |
| Appier Group, Inc.  | 143844 | 762868 |
| Arata Corp.  | 56710 | 1118763 |
| ARCLANDS Corp.  | 105794 | 1325432 |
| Arcs Co. Ltd.  | 92597 | 2307141 |
| ARE Holdings, Inc.  | 155170 | 4527138 |
| Argo Graphics, Inc.  | 131426 | 1351931 |
| Ariake Japan Co. Ltd.  | 38266 | 1492650 |
| Arisawa Manufacturing Co. Ltd.  | 60502 | 1024998 |
| Artience Co. Ltd.  | 61527 | 1732017 |
| As One Corp.  | 123492 | 1799879 |
| Asahi Diamond Industrial Co. Ltd. *(a)* | 91851 | 970723 |
| Asahi Kogyosha Co. Ltd.  | 44754 | 1370211 |
| Asahi Yukizai Corp.  | 25489 | 829362 |
| Asanuma Corp.  | 150542 | 1110805 |
| ASKA Pharmaceutical Holdings Co. <br> Ltd. <br>| 39643 | 632764 |
| ASKUL Corp.  | 70700 | 590053 |
| Atom Corp. *\*(a)* | 248809 | 999220 |
| Autobacs Seven Co. Ltd.  | 131107 | 1492247 |
| Avant Group Corp.  | 48983 | 447396 |
| Avex, Inc.  | 63453 | 492180 |
| Awa Bank Ltd.  | 69059 | 2649565 |
| Axial Retailing, Inc.  | 147862 | 1235932 |
| AZ-COM MARUWA Holdings, Inc. *(a)* | 104498 | 661960 |
| Bando Chemical Industries Ltd.  | 58392 | 893131 |
| Bank of Iwate Ltd.  | 29737 | 1352331 |
| Bank of Nagoya Ltd.  | 87348 | 3317685 |
| Bank of Saga Ltd.  | 34124 | 1132185 |
| Bank of the Ryukyus Ltd.  | 83316 | 1309042 |
| Base Co. Ltd.  | 14378 | 308511 |
| baudroie, Inc.  | 24304 | 293438 |
| Belc Co. Ltd.  | 25653 | 1325987 |
| Bell System24 Holdings, Inc.  | 72486 | 688530 |
| Belluna Co. Ltd.  | 90561 | 573674 |
| BML, Inc.  | 44827 | 1250418 |
| BrainPad, Inc.  | 5600 | 96559 |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**33**

------

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Broadleaf Co. Ltd.  | 137594 | 632778 |
| BRONCO BILLY Co. Ltd.  | 20652 | 557554 |
| Buffalo, Inc.  | 10420 | 352395 |
| Bunka Shutter Co. Ltd.  | 119179 | 1644269 |
| C Uyemura & Co. Ltd.  | 22505 | 3126555 |
| CAC Holdings Corp.  | 19062 | 236131 |
| Canon Electronics, Inc.  | 10416 | 241845 |
| Cawachi Ltd.  | 13471 | 285598 |
| CCI Group, Inc.  | 403278 | 2722530 |
| Central Automotive Products Ltd.  | 92391 | 1343331 |
| Central Glass Co. Ltd.  | 50588 | 1428939 |
| Change Holdings, Inc. *(a)* | 72794 | 465788 |
| Chiba Kogyo Bank Ltd.  | 97837 | 1537819 |
| Chiyoda Corp. \* | 348533 | 2953461 |
| Chofu Seisakusho Co. Ltd.  | 40372 | 557256 |
| Chori Co. Ltd.  | 22054 | 656853 |
| Chubu Shiryo Co. Ltd.  | 50282 | 639938 |
| Chubu Steel Plate Co. Ltd.  | 36306 | 554851 |
| Chudenko Corp.  | 64018 | 2107622 |
| Chugoku Marine Paints Ltd.  | 85899 | 2596915 |
| Chuo Spring Co. Ltd. *(a)* | 24806 | 537827 |
| Citizen Watch Co. Ltd.  | 449646 | 5509514 |
| CKD Corp.  | 121480 | 4326205 |
| CMK Corp. *(a)* | 142623 | 574603 |
| COLOPL, Inc.  | 153578 | 436757 |
| Colowide Co. Ltd. *(a)* | 191175 | 2295937 |
| Comforia Residential REIT, Inc.  | 3906 | 2809568 |
| Computer Engineering & Consulting <br> Ltd. <br>| 47286 | 604837 |
| Comture Corp.  | 42710 | 410071 |
| Cosel Co. Ltd.  | 46606 | 408372 |
| CRE Logistics REIT, Inc.  | 1253 | 1318609 |
| Create Restaurants Holdings, Inc. *(a)* | 488637 | 2306648 |
| Create SD Holdings Co. Ltd.  | 52718 | 1148062 |
| Cresco Ltd.  | 58268 | 574003 |
| CTI Engineering Co. Ltd.  | 40398 | 903052 |
| Curves Holdings Co. Ltd.  | 89550 | 469188 |
| Cybozu, Inc.  | 46648 | 666891 |
| Dai Nippon Toryo Co. Ltd.  | 46588 | 445812 |
| Dai-Dan Co. Ltd.  | 187554 | 4408795 |
| Daido Metal Co. Ltd.  | 92054 | 724640 |
| Daiei Kankyo Co. Ltd.  | 74969 | 1853517 |
| Daihen Corp.  | 39955 | 3736384 |
| Daiichi Jitsugyo Co. Ltd.  | 46659 | 1069907 |
| Daiichikosho Co. Ltd.  | 145340 | 1616544 |
| Daiki Aluminium Industry Co. Ltd.  | 51466 | 491832 |
| Daikokutenbussan Co. Ltd.  | 11855 | 422186 |
| Daikyonishikawa Corp.  | 80113 | 484398 |
| Dainichiseika Color & Chemicals <br> Manufacturing Co. Ltd. <br>| 27821 | 899895 |
| Daio Paper Corp.  | 206644 | 1553883 |
| Daiseki Co. Ltd.  | 87762 | 2223210 |
| Daishi Hokuetsu Financial Group, Inc.  | 486577 | 6360952 |
| Daito Pharmaceutical Co. Ltd.  | 46473 | 437568 |
| Daiwa Industries Ltd.  | 49555 | 602119 |
| Daiwabo Holdings Co. Ltd.  | 179506 | 3679226 |
| DCM Holdings Co. Ltd.  | 208565 | 2276348 |
| DeNA Co. Ltd. *(a)* | 136198 | 2320491 |
| Denka Co. Ltd.  | 174768 | 4118312 |
| Denyo Co. Ltd.  | 36013 | 898451 |
| Digital Arts, Inc.  | 22333 | 805347 |
| Digital Garage, Inc.  | 39719 | 539593 |
| Dip Corp. *(a)* | 68243 | 884263 |
| DKS Co. Ltd.  | 18966 | 1503917 |
| Doshisha Co. Ltd.  | 45193 | 1073922 |
| Doutor Nichires Holdings Co. Ltd.  | 61816 | 1186234 |
| DTS Corp.  | 278980 | 2042428 |
| Duskin Co. Ltd.  | 80602 | 2231817 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| DyDo Group Holdings, Inc. *(a)* | 40185 | 669214 |
| Eagle Industry Co. Ltd.  | 50991 | 1118618 |
| Earth Corp.  | 33031 | 1074764 |
| EDION Corp.  | 169146 | 2432236 |
| eGuarantee, Inc.  | 73417 | 813524 |
| Ehime Bank Ltd.  | 62687 | 760074 |
| Eiken Chemical Co. Ltd.  | 59264 | 1191923 |
| Eizo Corp.  | 72176 | 1064668 |
| Elecom Co. Ltd.  | 96087 | 1104116 |
| EM Systems Co. Ltd.  | 64150 | 293375 |
| en, Inc.  | 50748 | 403384 |
| Enplas Corp.  | 13118 | 1197319 |
| ES-Con Japan Ltd. *(a)* | 86601 | 636230 |
| ESCON Japan REIT Investment Corp.  | 612 | 487248 |
| ESPEC Corp.  | 41119 | 1017934 |
| euglena Co. Ltd.  | 230587 | 578960 |
| Exedy Corp.  | 51602 | 2049207 |
| FCC Co. Ltd.  | 69400 | 1718053 |
| Feed One Co. Ltd.  | 42648 | 364130 |
| Ferrotec Corp.  | 85772 | 3488565 |
| FIDEA Holdings Co. Ltd.  | 34595 | 485272 |
| Financial Partners Group Co. Ltd.  | 120473 | 1613509 |
| First Bank of Toyama Ltd.  | 119266 | 2080900 |
| Fixstars Corp.  | 53914 | 535946 |
| France Bed Holdings Co. Ltd.  | 44919 | 393590 |
| Fudo Tetra Corp.  | 31246 | 797536 |
| Fuji Co. Ltd.  | 67918 | 910939 |
| Fuji Corp.  | 167404 | 6531035 |
| Fuji Kyuko Co. Ltd.  | 80326 | 1231708 |
| Fuji Seal International, Inc.  | 80930 | 1492896 |
| Fujibo Holdings, Inc.  | 23002 | 1616217 |
| Fujicco Co. Ltd.  | 40640 | 428200 |
| Fujimi, Inc.  | 113106 | 2390711 |
| Fujio Food Group, Inc.  | 42777 | 297281 |
| Fujita Kanko, Inc.  | 88085 | 1328680 |
| Fujiya Co. Ltd.  | 20962 | 338614 |
| Fukuda Corp.  | 11964 | 601553 |
| Fukuda Denshi Co. Ltd.  | 30770 | 1984653 |
| Fukui Bank Ltd.  | 48225 | 1090371 |
| Fukui Computer Holdings, Inc.  | 17782 | 391232 |
| Fukuoka REIT Corp.  | 1528 | 1820388 |
| Fukuyama Transporting Co. Ltd.  | 47949 | 1719868 |
| FULLCAST Holdings Co. Ltd.  | 28699 | 310105 |
| Funai Soken Holdings, Inc.  | 164048 | 1214664 |
| Furukawa Co. Ltd.  | 46962 | 1756657 |
| Furuno Electric Co. Ltd.  | 52859 | 2684848 |
| Furuya Metal Co. Ltd.  | 36072 | 1772120 |
| Fuso Chemical Co. Ltd.  | 42360 | 2604682 |
| Futaba Industrial Co. Ltd.  | 125085 | 939790 |
| Future Corp.  | 83576 | 973737 |
| G-7 Holdings, Inc.  | 43801 | 425035 |
| Gakken Holdings Co. Ltd.  | 68140 | 465687 |
| Galilei Co. Ltd.  | 52334 | 1312331 |
| Genki Global Dining Concepts Corp.  | 20869 | 402342 |
| Genky DrugStores Co. Ltd.  | 32014 | 921716 |
| Geo Holdings Corp.  | 53243 | 613509 |
| Gift Holdings, Inc.  | 21202 | 572403 |
| Giken Ltd. *(a)* | 39802 | 627654 |
| Global One Real Estate Investment <br> Corp. <br>| 1787 | 1605868 |
| GLOBERIDE, Inc.  | 44383 | 672888 |
| Glory Ltd.  | 101752 | 2709911 |
| GMO Financial Holdings, Inc.  | 65430 | 399809 |
| Godo Steel Ltd.  | 22100 | 574706 |
| Goldcrest Co. Ltd.  | 28996 | 620315 |
| GREE Holdings, Inc.  | 131485 | 333502 |
| G-Tekt Corp.  | 47539 | 629387 |
| GungHo Online Entertainment, Inc.  | 79698 | 1311412 |

---

*See financial notes*

**34**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Gunze Ltd.  | 63318 | 1924381 |
| H.U. Group Holdings, Inc.  | 120232 | 2585999 |
| H2O Retailing Corp.  | 171057 | 2685965 |
| Hakuto Co. Ltd.  | 19873 | 564527 |
| Halows Co. Ltd.  | 22825 | 717096 |
| Hamakyorex Co. Ltd.  | 118666 | 1490498 |
| Hankyu Hanshin REIT, Inc.  | 1332 | 1353969 |
| Hanwa Co. Ltd.  | 64178 | 3687280 |
| Happinet Corp.  | 63034 | 1285914 |
| Hazama Ando Corp.  | 307955 | 4223101 |
| Health Care & Medical Investment <br> Corp. <br>| 654 | 541631 |
| Heiwa Real Estate Co. Ltd.  | 84888 | 1378869 |
| Heiwa Real Estate REIT, Inc.  | 2135 | 2140128 |
| Heiwado Co. Ltd.  | 71394 | 1374149 |
| Hibiya Engineering Ltd.  | 30155 | 1261247 |
| Hiday Hidaka Corp. *(a)* | 52913 | 1065886 |
| HI-LEX Corp.  | 38799 | 995292 |
| Hioki EE Corp.  | 19801 | 982916 |
| Hirata Corp.  | 54776 | 1071838 |
| HIS Co. Ltd.  | 105845 | 867776 |
| Hisaka Works Ltd.  | 38980 | 455401 |
| Hochiki Corp.  | 32002 | 1318001 |
| Hogy Medical Co. Ltd.  | 38764 | 1666014 |
| Hokkaido Electric Power Co., Inc. *(a)* | 430855 | 3395786 |
| Hokkaido Gas Co. Ltd.  | 155146 | 909262 |
| Hokkan Holdings Ltd.  | 26358 | 425442 |
| Hokuetsu Corp. *(a)* | 227937 | 1513983 |
| Hokuhoku Financial Group, Inc.  | 225452 | 9026744 |
| Hokuriku Electric Power Co.  | 364258 | 2583928 |
| Hokuto Corp.  | 44002 | 567059 |
| Hoosiers Holdings Co. Ltd.  | 59586 | 507220 |
| Hoshino Resorts REIT, Inc.  | 1150 | 1996894 |
| Hosiden Corp.  | 103636 | 1952904 |
| Hosokawa Micron Corp.  | 30006 | 1303063 |
| Hulic Reit, Inc.  | 2600 | 2864371 |
| Hyakugo Bank Ltd.  | 456956 | 4975662 |
| Hyakujushi Bank Ltd.  | 48420 | 3030030 |
| Ichibanya Co. Ltd. *(a)* | 133849 | 777589 |
| Ichigo Office REIT Investment Corp.  | 1668 | 1056623 |
| Ichigo, Inc.  | 387257 | 1098830 |
| Ichiyoshi Securities Co. Ltd.  | 65204 | 632724 |
| Idec Corp.  | 59870 | 1267384 |
| IDOM, Inc.  | 126629 | 1242566 |
| Iino Kaiun Kaisha Ltd.  | 181063 | 1929792 |
| I'll, Inc.  | 19886 | 300089 |
| Imperial Hotel Ltd. *(a)* | 114341 | 1095623 |
| Inaba Denki Sangyo Co. Ltd.  | 213030 | 3923573 |
| Inabata & Co. Ltd.  | 100433 | 2801510 |
| Ines Corp.  | 34917 | 475251 |
| Infomart Corp.  | 429091 | 1107598 |
| Insource Co. Ltd.  | 112382 | 524029 |
| Intage Holdings, Inc.  | 35040 | 381540 |
| Inui Global Logistics Co. Ltd.  | 46382 | 489592 |
| Iriso Electronics Co. Ltd.  | 32014 | 787406 |
| Ise Chemicals Corp. *(a)* | 38346 | 1648049 |
| Iseki & Co. Ltd.  | 40254 | 550471 |
| Ishihara Sangyo Kaisha Ltd.  | 63109 | 1584546 |
| Istyle, Inc.  | 152547 | 472908 |
| Itochu Enex Co. Ltd.  | 101557 | 1356262 |
| Itochu-Shokuhin Co. Ltd.  | 10744 | 903563 |
| Itoki Corp.  | 95690 | 2212592 |
| Iwaki Co. Ltd.  | 20412 | 386341 |
| J Trust Co. Ltd.  | 116456 | 402048 |
| JAC Recruitment Co. Ltd.  | 150506 | 862789 |
| Jaccs Co. Ltd.  | 42276 | 1199569 |
| JAFCO Group Co. Ltd.  | 108659 | 1722885 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Japan Aviation Electronics Industry <br> Ltd. <br>| 96192 | 1665377 |
| Japan Elevator Service Holdings Co. <br> Ltd. <br>| 295586 | 3071822 |
| Japan Excellent, Inc.  | 2322 | 2269574 |
| Japan Investment Adviser Co. Ltd.  | 56440 | 749400 |
| Japan Lifeline Co. Ltd.  | 111341 | 1138192 |
| Japan Material Co. Ltd.  | 145373 | 2031730 |
| Japan Petroleum Exploration Co. Ltd.  | 299629 | 4577199 |
| Japan Pulp & Paper Co. Ltd.  | 191725 | 1418366 |
| Japan Securities Finance Co. Ltd.  | 163984 | 2492452 |
| Japan Transcity Corp.  | 104282 | 906393 |
| Japan Wool Textile Co. Ltd.  | 113807 | 1527875 |
| JBCC Holdings, Inc.  | 110454 | 957917 |
| JCR Pharmaceuticals Co. Ltd.  | 156206 | 694360 |
| JCU Corp.  | 40340 | 1800927 |
| JDC Corp.  | 111332 | 498454 |
| JINS Holdings, Inc.  | 24657 | 840194 |
| JM Holdings Co. Ltd.  | 51654 | 572702 |
| J-Oil Mills, Inc.  | 42747 | 573884 |
| Joshin Denki Co. Ltd.  | 40870 | 743971 |
| Joyful Honda Co. Ltd.  | 102904 | 1454662 |
| JP-Holdings, Inc.  | 84128 | 423536 |
| JSB Co. Ltd.  | 16832 | 377339 |
| JSP Corp.  | 27721 | 517755 |
| Juroku Financial Group, Inc.  | 65101 | 4294894 |
| JVCKenwood Corp.  | 301597 | 2512262 |
| K&O Energy Group, Inc.  | 22535 | 767886 |
| Kaga Electronics Co. Ltd.  | 69952 | 1953503 |
| Kaken Pharmaceutical Co. Ltd.  | 65299 | 1854931 |
| Kameda Seika Co. Ltd.  | 29655 | 825306 |
| Kamei Corp.  | 36234 | 787923 |
| Kanaden Corp.  | 21724 | 328660 |
| Kanadevia Corp.  | 350377 | 2441698 |
| Kanamoto Co. Ltd.  | 64481 | 1800718 |
| Kanematsu Corp.  | 346704 | 5461768 |
| Kanro, Inc. *(a)* | 49012 | 447347 |
| Kanto Denka Kogyo Co. Ltd.  | 102167 | 1155002 |
| Kappa Create Co. Ltd. *(a)* | 56427 | 577552 |
| Kasumigaseki Capital Co. Ltd.  | 28747 | 1438040 |
| Katakura Industries Co. Ltd.  | 42634 | 861555 |
| Katitas Co. Ltd.  | 107274 | 2456394 |
| Kato Sangyo Co. Ltd.  | 45998 | 2015221 |
| Kawada Technologies, Inc.  | 28782 | 1017625 |
| KeePer Technical Laboratory Co. Ltd.  | 26217 | 612080 |
| Keihanshin Building Co. Ltd.  | 71090 | 989454 |
| Keiyo Bank Ltd.  | 236653 | 3413563 |
| Key Coffee, Inc.  | 37361 | 483150 |
| KH Neochem Co. Ltd.  | 66594 | 1328681 |
| Kisoji Co. Ltd.  | 57258 | 956103 |
| Kissei Pharmaceutical Co. Ltd.  | 66684 | 2139868 |
| Ki-Star Real Estate Co. Ltd.  | 17140 | 884858 |
| Kitz Corp.  | 145936 | 2020904 |
| Kiyo Bank Ltd.  | 118011 | 3238925 |
| Koa Corp.  | 80227 | 1021561 |
| Koatsu Gas Kogyo Co. Ltd.  | 75922 | 554370 |
| Kohnan Shoji Co. Ltd.  | 37747 | 1045674 |
| Kojima Co. Ltd.  | 50414 | 427530 |
| Komatsu Matere Co. Ltd.  | 73474 | 435785 |
| KOMEDA Holdings Co. Ltd.  | 96759 | 1816497 |
| Komeri Co. Ltd.  | 54324 | 1275244 |
| Komori Corp.  | 93884 | 1093234 |
| Konishi Co. Ltd.  | 99914 | 885707 |
| Konoike Transport Co. Ltd.  | 64694 | 1450306 |
| Kosaido Holdings Co. Ltd. *(a)* | 157893 | 498583 |
| Koshidaka Holdings Co. Ltd.  | 97736 | 732433 |
| KPP Group Holdings Co. Ltd.  | 86310 | 516893 |
| Krosaki Harima Corp.  | 38238 | 1028660 |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**35**

------

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Kumagai Gumi Co. Ltd.  | 263414 | 3408143 |
| Kumiai Chemical Industry Co. Ltd. *(a)* | 178687 | 840072 |
| Kura Sushi, Inc. *(a)* | 45104 | 1079029 |
| Kurabo Industries Ltd.  | 30591 | 1969188 |
| Kureha Corp.  | 65272 | 2050659 |
| Kurimoto Ltd.  | 121186 | 1379328 |
| KYB Corp.  | 65724 | 2226933 |
| Kyodo Printing Co. Ltd.  | 39064 | 439869 |
| Kyoei Steel Ltd.  | 41282 | 702025 |
| Kyokuto Kaihatsu Kogyo Co. Ltd.  | 67723 | 1518210 |
| Kyokuto Securities Co. Ltd. *(a)* | 48116 | 585559 |
| Kyokuyo Co. Ltd.  | 23352 | 813674 |
| Kyorin Pharmaceutical Co. Ltd.  | 77561 | 856959 |
| Kyoritsu Maintenance Co. Ltd.  | 136772 | 2341221 |
| Kyosan Electric Manufacturing Co. Ltd.  | 101915 | 507209 |
| Leopalace21 Corp.  | 394780 | 1881289 |
| Life Corp.  | 76460 | 1331592 |
| Lifedrink Co., Inc.  | 87608 | 684030 |
| Lintec Corp.  | 84130 | 2942192 |
| LITALICO, Inc.  | 51706 | 445442 |
| M&A Capital Partners Co. Ltd.  | 33034 | 791335 |
| Maeda Kosen Co. Ltd.  | 88038 | 1210117 |
| Maezawa Kyuso Industries Co. Ltd.  | 37490 | 420224 |
| Makino Milling Machine Co. Ltd.  | 42508 | 3166489 |
| Mandom Corp. *(a)* | 57977 | 1197603 |
| Mani, Inc.  | 151410 | 1625385 |
| Mars Group Holdings Corp.  | 25330 | 513495 |
| Marudai Food Co. Ltd.  | 38531 | 592804 |
| Maruha Nichiro Corp.  | 274029 | 2782853 |
| Marusan Securities Co. Ltd.  | 121311 | 868699 |
| Maruzen Showa Unyu Co. Ltd.  | 29323 | 1722286 |
| Matsuda Sangyo Co. Ltd.  | 31928 | 1789400 |
| Matsui Securities Co. Ltd.  | 232036 | 1420826 |
| Matsuya Co. Ltd.  | 82198 | 1351496 |
| Matsuyafoods Holdings Co. Ltd. *(a)* | 17814 | 688028 |
| Max Co. Ltd.  | 74921 | 3339953 |
| Maxell Ltd.  | 82959 | 1217883 |
| Maxvalu Tokai Co. Ltd.  | 22102 | 532996 |
| MCJ Co. Ltd.  | 132535 | 1945686 |
| MEC Co. Ltd.  | 30188 | 1359306 |
| Medley, Inc. *\*(a)* | 48941 | 621931 |
| Megachips Corp.  | 20207 | 1182975 |
| Megmilk Snow Brand Co. Ltd.  | 87204 | 1954934 |
| Meidensha Corp.  | 75601 | 3786708 |
| Meiko Electronics Co. Ltd.  | 41615 | 5853421 |
| Meisei Industrial Co. Ltd.  | 80106 | 1042084 |
| MEITEC Group Holdings, Inc.  | 147478 | 3248531 |
| Menicon Co. Ltd.  | 129862 | 1580386 |
| METAWATER Co. Ltd.  | 46722 | 1256893 |
| Micronics Japan Co. Ltd.  | 66886 | 5226640 |
| Mie Kotsu Group Holdings, Inc.  | 116807 | 454883 |
| Milbon Co. Ltd.  | 60344 | 1086482 |
| Ministop Co. Ltd. *(a)* | 23382 | 283804 |
| Mirai Corp.  | 3771 | 1222178 |
| Mirai Industry Co. Ltd.  | 14666 | 326903 |
| Mirait One Corp.  | 169385 | 4406994 |
| Mirarth Holdings, Inc. *(a)* | 233462 | 632534 |
| MIRARTH Real Estate Investment <br> Corp. <br>| 1863 | 1065594 |
| Miroku Jyoho Service Co. Ltd.  | 33005 | 381156 |
| Mitani Sekisan Co. Ltd.  | 18263 | 962719 |
| Mitsuba Corp.  | 84320 | 791217 |
| Mitsubishi Estate Logistics REIT <br> Investment Corp. <br>| 2481 | 2065845 |
| Mitsubishi Logisnext Co. Ltd.  | 41691 | 407764 |
| Mitsubishi Pencil Co. Ltd.  | 98001 | 1539141 |
| Mitsubishi Research Institute, Inc.  | 18806 | 605887 |
| Mitsuboshi Belting Ltd.  | 42513 | 1169533 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Mitsui DM Sugar Co. Ltd.  | 30299 | 688944 |
| Mitsui E&S Co. Ltd.  | 196171 | 9896191 |
| Mitsui High-Tec, Inc.  | 209158 | 1174902 |
| Mitsui-Soko Holdings Co. Ltd.  | 145445 | 3483227 |
| Mitsuuroko Group Holdings Co. Ltd.  | 72655 | 1092210 |
| MIXI, Inc.  | 73000 | 1255436 |
| Miyaji Engineering Group, Inc.  | 49835 | 619885 |
| Miyazaki Bank Ltd.  | 34300 | 2135443 |
| Mizuho Leasing Co. Ltd.  | 274625 | 2689522 |
| Mizuno Corp.  | 120534 | 3138323 |
| Mochida Pharmaceutical Co. Ltd.  | 48367 | 1228344 |
| Monex Group, Inc. *(a)* | 367473 | 1758221 |
| Monogatari Corp.  | 66097 | 2121031 |
| Mori Trust Reit, Inc.  | 4463 | 2221138 |
| Morita Holdings Corp.  | 79921 | 1531617 |
| MOS Food Services, Inc.  | 56042 | 1534537 |
| m-up Holdings, Inc.  | 129816 | 567906 |
| Murakami Corp.  | 13684 | 576722 |
| Musashi Seimitsu Industry Co. Ltd.  | 90099 | 1803423 |
| Musashino Bank Ltd.  | 65561 | 2737920 |
| Nachi-Fujikoshi Corp.  | 34308 | 1180041 |
| Nagaileben Co. Ltd.  | 46060 | 536936 |
| Nagawa Co. Ltd. *(a)* | 20030 | 805690 |
| Nakanishi, Inc.  | 132264 | 2305989 |
| Namura Shipbuilding Co. Ltd.  | 109312 | 3899874 |
| Nanto Bank Ltd.  | 60415 | 2960287 |
| NEC Capital Solutions Ltd.  | 18700 | 525217 |
| Net Protections Holdings, Inc. \* | 123124 | 425857 |
| Neturen Co. Ltd.  | 57937 | 559238 |
| Nextage Co. Ltd.  | 98024 | 2420384 |
| Nichiban Co. Ltd.  | 31870 | 406221 |
| Nichicon Corp.  | 116184 | 1605181 |
| Nichiden Corp.  | 27666 | 453643 |
| Nichiha Corp.  | 53463 | 1272154 |
| Nichireki Group Co. Ltd.  | 51891 | 810979 |
| Nihon Dengi Co. Ltd.  | 21258 | 1659792 |
| Nihon Nohyaku Co. Ltd.  | 79764 | 557901 |
| Nihon Parkerizing Co. Ltd.  | 171213 | 1752432 |
| Nihon Tokushu Toryo Co. Ltd.  | 29776 | 485380 |
| Nikkiso Co. Ltd.  | 112078 | 1760226 |
| Nippn Corp.  | 140372 | 2577720 |
| Nippon Beet Sugar Manufacturing Co. <br> Ltd. <br>| 19372 | 560842 |
| Nippon Carbon Co. Ltd.  | 13203 | 427063 |
| Nippon Ceramic Co. Ltd.  | 30324 | 759435 |
| Nippon Chemi-Con Corp. \* | 41818 | 505700 |
| Nippon Denko Co. Ltd.  | 218757 | 657147 |
| Nippon Densetsu Kogyo Co. Ltd.  | 65435 | 2221332 |
| Nippon Fine Chemical Co. Ltd.  | 21058 | 377257 |
| Nippon Gas Co. Ltd.  | 219633 | 4394770 |
| Nippon Kanzai Holdings Co. Ltd.  | 23973 | 447445 |
| Nippon Light Metal Holdings Co. Ltd.  | 123589 | 2469801 |
| Nippon Paper Industries Co. Ltd.  | 231013 | 1950201 |
| Nippon Parking Development Co. Ltd., <br> Class C <br>| 418630 | 769555 |
| NIPPON REIT Investment Corp.  | 3399 | 2031236 |
| Nippon Rietec Co. Ltd.  | 26870 | 553320 |
| Nippon Seiki Co. Ltd.  | 98953 | 1810151 |
| Nippon Sheet Glass Co. Ltd. \* | 205544 | 801770 |
| Nippon Signal Co. Ltd.  | 95639 | 1103256 |
| Nippon Soda Co. Ltd.  | 95822 | 2568551 |
| Nippon Thompson Co. Ltd.  | 130606 | 898452 |
| Nippon Yakin Kogyo Co. Ltd.  | 24797 | 843376 |
| Nishikawa Rubber Co. Ltd.  | 45866 | 1335218 |
| Nishimatsu Construction Co. Ltd.  | 58177 | 2560347 |
| Nishimatsuya Chain Co. Ltd.  | 76153 | 1079921 |
| Nishi-Nippon Financial Holdings, Inc.  | 258249 | 7367437 |
| Nishi-Nippon Railroad Co. Ltd.  | 151336 | 3154186 |

---

*See financial notes*

**36**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Nishio Holdings Co. Ltd.  | 38358 | 1142448 |
| Nissan Shatai Co. Ltd.  | 133298 | 944292 |
| Nissei ASB Machine Co. Ltd.  | 16998 | 1008176 |
| Nissha Co. Ltd.  | 87032 | 759248 |
| Nisshin Oillio Group Ltd.  | 56067 | 2190608 |
| Nisshinbo Holdings, Inc.  | 284808 | 3199700 |
| Nissui Corp.  | 566361 | 5619172 |
| Nitta Corp.  | 34185 | 1036772 |
| Nittetsu Mining Co. Ltd.  | 109239 | 2928200 |
| Nitto Boseki Co. Ltd.  | 62203 | 10040132 |
| Nitto Kogyo Corp.  | 51325 | 1597691 |
| Nittoku Co. Ltd.  | 29270 | 501691 |
| Noevir Holdings Co. Ltd.  | 36864 | 1113299 |
| Nohmi Bosai Ltd.  | 45439 | 1308236 |
| Nojima Corp.  | 376073 | 2820698 |
| Nomura Co. Ltd.  | 175762 | 1650390 |
| Nomura Micro Science Co. Ltd.  | 60170 | 1364303 |
| Noritake Co. Ltd.  | 47822 | 2144141 |
| Noritsu Koki Co. Ltd.  | 116327 | 1691352 |
| Noritz Corp.  | 69853 | 1088566 |
| North Pacific Bank Ltd.  | 698790 | 4914469 |
| NPR-RIKEN Corp.  | 49052 | 1434251 |
| NS United Kaiun Kaisha Ltd.  | 22197 | 1087635 |
| NSD Co. Ltd.  | 137518 | 2511658 |
| NTN Corp.  | 1020600 | 2765180 |
| NTT UD REIT Investment Corp.  | 2499 | 2319328 |
| Nxera Pharma Co. Ltd. \* | 156135 | 966062 |
| Obara Group, Inc.  | 18318 | 691068 |
| Ogaki Kyoritsu Bank Ltd.  | 74928 | 3282674 |
| Ohsho Food Service Corp.  | 69178 | 1440054 |
| Oiles Corp.  | 48272 | 830479 |
| Oisix ra daichi, Inc.  | 54866 | 502887 |
| Oita Bank Ltd.  | 30758 | 1975998 |
| Okabe Co. Ltd.  | 70819 | 471295 |
| Okamoto Industries, Inc.  | 26500 | 1038783 |
| Okamura Corp.  | 149121 | 2611349 |
| Okasan Securities Group, Inc.  | 393426 | 2512383 |
| Oki Electric Industry Co. Ltd.  | 176449 | 3650474 |
| Okinawa Cellular Telephone Co.  | 83868 | 1802255 |
| Okinawa Electric Power Co., Inc.  | 106912 | 814894 |
| Okinawa Financial Group, Inc.  | 37705 | 1451446 |
| Okumura Corp.  | 62493 | 2926013 |
| Okura Industrial Co. Ltd.  | 18364 | 616348 |
| One REIT, Inc.  | 1428 | 823187 |
| Onoken Co. Ltd.  | 43011 | 411859 |
| Onward Holdings Co. Ltd.  | 248576 | 1300795 |
| Open Up Group, Inc.  | 104733 | 1283965 |
| Optex Group Co. Ltd.  | 69904 | 1432780 |
| Optorun Co. Ltd.  | 56962 | 1236837 |
| Orient Corp.  | 126832 | 934231 |
| Oriental Shiraishi Corp.  | 212452 | 591940 |
| Osaka Organic Chemical Industry Ltd.  | 30935 | 937214 |
| Osaka Soda Co. Ltd.  | 195520 | 2947984 |
| Osaka Steel Co. Ltd.  | 27056 | 451785 |
| OSAKA Titanium Technologies Co. Ltd.  | 62362 | 1236255 |
| Osaki Electric Co. Ltd.  | 70796 | 790376 |
| OSG Corp.  | 144854 | 2715230 |
| Oyo Corp.  | 35231 | 702928 |
| Pacific Industrial Co. Ltd.  | 25527 | 492146 |
| Pacific Metals Co. Ltd.  | 37262 | 910517 |
| Pack Corp.  | 87378 | 748834 |
| PAL GROUP Holdings Co. Ltd.  | 191533 | 2029115 |
| Pasona Group, Inc.  | 41203 | 538377 |
| Penta-Ocean Construction Co. Ltd.  | 555865 | 7596080 |
| PHC Holdings Corp.  | 62018 | 436956 |
| Pigeon Corp.  | 223335 | 2466877 |
| PILLAR Corp.  | 40658 | 2213566 |
| Pilot Corp.  | 62777 | 1962221 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Piolax, Inc.  | 37347 | 430582 |
| PKSHA Technology, Inc. *\*(a)* | 34414 | 752755 |
| Plus Alpha Consulting Co. Ltd.  | 51414 | 737661 |
| Premium Group Co. Ltd.  | 79209 | 937063 |
| Press Kogyo Co. Ltd.  | 159931 | 1030524 |
| Prestige International, Inc.  | 182209 | 819284 |
| Prima Meat Packers Ltd.  | 46502 | 865853 |
| Procrea Holdings, Inc.  | 52309 | 998771 |
| Qol Holdings Co. Ltd.  | 44915 | 566166 |
| Quants Research Institute Holdings, <br> Inc. *(a)*<br>| 50964 | 247761 |
| Raito Kogyo Co. Ltd.  | 83771 | 2336735 |
| Raiznext Corp.  | 49910 | 840438 |
| Raksul, Inc.  | 103275 | 1255506 |
| Remixpoint, Inc. *\*(a)* | 300330 | 444363 |
| Rengo Co. Ltd.  | 446774 | 4465594 |
| RENOVA, Inc. \* | 99454 | 471391 |
| Restar Corp.  | 38398 | 774723 |
| Retail Partners Co. Ltd.  | 50458 | 444386 |
| Rheon Automatic Machinery Co. Ltd.  | 37821 | 392442 |
| Ricoh Leasing Co. Ltd.  | 30394 | 1247882 |
| Rigaku Holdings Corp.  | 232754 | 2804229 |
| Riken Keiki Co. Ltd.  | 79526 | 1846480 |
| Riken Technos Corp.  | 82725 | 977069 |
| Riken Vitamin Co. Ltd.  | 47294 | 939064 |
| Ringer Hut Co. Ltd. *(a)* | 47501 | 683954 |
| Riso Kagaku Corp.  | 74892 | 617364 |
| Rock Field Co. Ltd.  | 45611 | 414260 |
| Roland Corp.  | 31172 | 803634 |
| Royal Holdings Co. Ltd.  | 139224 | 1366156 |
| RS Technologies Co. Ltd.  | 27600 | 732759 |
| Ryobi Ltd.  | 41218 | 798619 |
| RYODEN Corp.  | 25242 | 601443 |
| Ryoyo Ryosan Holdings, Inc.  | 74703 | 1650763 |
| S Foods, Inc.  | 34830 | 713890 |
| S&B Foods, Inc.  | 37826 | 1120546 |
| Sagami Holdings Corp.  | 52332 | 636531 |
| Saibu Gas Holdings Co. Ltd.  | 63485 | 1056830 |
| Saizeriya Co. Ltd.  | 60615 | 2721609 |
| Sakai Chemical Industry Co. Ltd.  | 32054 | 852036 |
| Sakai Moving Service Co. Ltd.  | 44020 | 824996 |
| Sakata INX Corp.  | 87598 | 1503684 |
| Sakata Seed Corp.  | 68156 | 1925175 |
| Sakura Internet, Inc. *(a)* | 46562 | 900671 |
| Sala Corp.  | 114326 | 894837 |
| Samty Residential Investment Corp.  | 774 | 570616 |
| San ju San Financial Group, Inc.  | 45637 | 1844480 |
| San-A Co. Ltd.  | 81303 | 1616947 |
| San-Ai Obbli Co. Ltd.  | 105459 | 1733952 |
| Sangetsu Corp.  | 101092 | 2172385 |
| San-In Godo Bank Ltd.  | 305770 | 3466536 |
| Sankei Real Estate, Inc.  | 826 | 668736 |
| Sanken Electric Co. Ltd. \* | 27318 | 1351158 |
| Sanki Engineering Co. Ltd.  | 95040 | 4796895 |
| Sansan, Inc. \* | 163370 | 1228480 |
| Sanshin Electronics Co. Ltd.  | 23924 | 496485 |
| Santec Holdings Corp.  | 11460 | 1454108 |
| Sanyo Chemical Industries Ltd.  | 26156 | 998493 |
| Sanyo Denki Co. Ltd.  | 58271 | 1907221 |
| Sanyo Electric Railway Co. Ltd.  | 31602 | 422237 |
| Sato Corp.  | 51412 | 823251 |
| SBS Holdings, Inc.  | 31832 | 870601 |
| Seika Corp.  | 54146 | 995350 |
| Seikitokyu Kogyo Co. Ltd.  | 43078 | 475686 |
| Seiko Group Corp.  | 57710 | 4897726 |
| Seiren Co. Ltd.  | 107581 | 2504768 |
| Sekisui Jushi Corp.  | 49420 | 786288 |
| Senko Group Holdings Co. Ltd.  | 278576 | 3513314 |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**37**

------

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Senshu Electric Co. Ltd.  | 27051 | 1117559 |
| Senshu Ikeda Holdings, Inc.  | 491644 | 2906565 |
| Septeni Holdings Co. Ltd.  | 180018 | 479664 |
| Seria Co. Ltd.  | 95200 | 2646392 |
| Shibaura Machine Co. Ltd.  | 46838 | 1386015 |
| Shibaura Mechatronics Corp.  | 126270 | 4674720 |
| Shibusawa Logistics Corp.  | 71366 | 647265 |
| Shibuya Corp.  | 51254 | 1222874 |
| Shiga Bank Ltd.  | 82793 | 4793907 |
| Shikoku Bank Ltd.  | 77071 | 1210922 |
| Shikoku Kasei Holdings Corp.  | 63598 | 2134530 |
| Shima Seiki Manufacturing Ltd.  | 53856 | 362892 |
| Shin Nippon Air Technologies Co. Ltd.  | 50252 | 1347027 |
| Shin Nippon Biomedical Laboratories <br> Ltd. *(a)*<br>| 46332 | 505386 |
| Shinagawa Refra Co. Ltd.  | 56448 | 904976 |
| Shin-Etsu Polymer Co. Ltd.  | 79600 | 1139510 |
| Shinmaywa Industries Ltd.  | 106639 | 1859907 |
| Shinnihon Corp.  | 62726 | 884291 |
| Shinsho Corp.  | 26094 | 462798 |
| Shinwa Co. Ltd.  | 21205 | 458395 |
| Ship Healthcare Holdings, Inc.  | 154490 | 2713779 |
| Shizuoka Gas Co. Ltd.  | 80173 | 782088 |
| Shochiku Co. Ltd. *(a)* | 21668 | 1537751 |
| Shoei Co. Ltd.  | 95527 | 1101352 |
| Shoei Foods Corp. *(a)* | 23830 | 628853 |
| Shofu, Inc.  | 55330 | 665200 |
| Showa Sangyo Co. Ltd.  | 44980 | 986751 |
| SIGMAXYZ Holdings, Inc.  | 128935 | 606170 |
| Siix Corp.  | 63433 | 578972 |
| Simplex Holdings, Inc.  | 297537 | 1644672 |
| Sinanen Holdings Co. Ltd.  | 9822 | 447927 |
| Sinfonia Technology Co. Ltd.  | 43037 | 3633164 |
| Sinko Industries Ltd.  | 110933 | 1016072 |
| Sintokogio Ltd.  | 94241 | 729783 |
| SMS Co. Ltd.  | 136800 | 1536892 |
| Sodick Co. Ltd.  | 103628 | 1009564 |
| Softcreate Holdings Corp.  | 27016 | 356983 |
| Software Service, Inc.  | 4652 | 388846 |
| Solasto Corp.  | 104056 | 634500 |
| SOSiLA Logistics REIT, Inc.  | 1342 | 1113140 |
| Sparx Group Co. Ltd.  | 37499 | 510395 |
| SRA Holdings  | 21712 | 703684 |
| SRE Holdings Corp.  | 27136 | 507524 |
| St. Marc Holdings Co. Ltd.  | 31329 | 627082 |
| Star Asia Investment Corp.  | 5118 | 1993111 |
| Star Micronics Co. Ltd.  | 12150 | 170976 |
| Starts Corp., Inc.  | 72558 | 2481728 |
| Starts Proceed Investment Corp.  | 460 | 621976 |
| Starzen Co. Ltd.  | 92905 | 818219 |
| Stella Chemifa Corp.  | 16088 | 578086 |
| Strike Co. Ltd.  | 22635 | 667633 |
| Sumida Corp.  | 55622 | 446045 |
| Sumitomo Osaka Cement Co. Ltd.  | 66763 | 1985037 |
| Sumitomo Seika Chemicals Co. Ltd.  | 18549 | 849482 |
| Sumitomo Warehouse Co. Ltd.  | 114664 | 2970798 |
| Sun Corp. *(a)* | 24391 | 1099841 |
| Sun Frontier Fudousan Co. Ltd.  | 52365 | 950871 |
| Suruga Bank Ltd.  | 270315 | 3675765 |
| SWCC Corp.  | 59459 | 5884013 |
| Systena Corp.  | 513964 | 1455065 |
| T Hasegawa Co. Ltd.  | 65982 | 1233636 |
| Tachibana Eletech Co. Ltd.  | 30946 | 674915 |
| Tachi-S Co. Ltd.  | 67896 | 1021539 |
| Tadano Ltd.  | 238107 | 2246479 |
| Taihei Dengyo Kaisha Ltd.  | 87258 | 1752146 |
| Taikisha Ltd.  | 87134 | 2190559 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Takamatsu Construction Group Co. <br> Ltd. <br>| 38771 | 1049207 |
| Takaoka Toko Co. Ltd.  | 22692 | 850269 |
| Takara Bio, Inc.  | 102010 | 749435 |
| Takara Standard Co. Ltd.  | 92823 | 1807410 |
| Takasago International Corp.  | 182692 | 1619508 |
| Takeuchi Manufacturing Co. Ltd.  | 71251 | 3422786 |
| Taki Chemical Co. Ltd.  | 15508 | 387390 |
| Takuma Co. Ltd.  | 129642 | 2532638 |
| Tama Home Co. Ltd. *(a)* | 28483 | 729749 |
| Tamron Co. Ltd.  | 267510 | 1804247 |
| Tamura Corp.  | 165328 | 771972 |
| Tanseisha Co. Ltd.  | 91389 | 951792 |
| TDC Soft, Inc.  | 58168 | 416537 |
| TechMatrix Corp.  | 82347 | 1013745 |
| Techno Ryowa Ltd.  | 28934 | 1434422 |
| Teikoku Electric Manufacturing Co. Ltd.  | 30457 | 668152 |
| Teikoku Sen-I Co. Ltd.  | 40702 | 791229 |
| Tekken Corp.  | 21288 | 694033 |
| TKC Corp.  | 75845 | 1957760 |
| Toa Corp.  | 33800 | 398131 |
| Toa Corp.  | 122656 | 3323202 |
| TOA ROAD Corp.  | 80456 | 1005925 |
| Toagosei Co. Ltd.  | 180282 | 2219966 |
| TOC Co. Ltd.  | 33900 | 198894 |
| Tocalo Co. Ltd.  | 119700 | 2395917 |
| Tochigi Bank Ltd.  | 183076 | 1192559 |
| Toei Co. Ltd.  | 56543 | 1955691 |
| Toenec Corp.  | 85503 | 1312735 |
| Toho Bank Ltd.  | 479552 | 2233046 |
| Toho Holdings Co. Ltd.  | 108293 | 3353008 |
| Toho Titanium Co. Ltd.  | 75510 | 1349870 |
| Tohokushinsha Film Corp. *(a)* | 98200 | 406323 |
| Tokai Corp.  | 45199 | 755030 |
| TOKAI Holdings Corp.  | 247607 | 1922176 |
| Tokai Rika Co. Ltd.  | 109574 | 2361675 |
| Tokai Tokyo Financial Holdings, Inc.  | 530965 | 2822744 |
| Token Corp.  | 10539 | 1014579 |
| Tokushu Tokai Paper Co. Ltd.  | 62140 | 673440 |
| Tokuyama Corp.  | 143175 | 4104732 |
| Tokyo Electron Device Ltd. *(a)* | 37813 | 890074 |
| Tokyo Energy & Systems, Inc.  | 33562 | 416824 |
| Tokyo Keiki, Inc. *(a)* | 29710 | 1668898 |
| Tokyo Kiraboshi Financial Group, Inc.  | 52221 | 3913439 |
| Tokyo Steel Manufacturing Co. Ltd.  | 106513 | 1105211 |
| Tokyotokeiba Co. Ltd.  | 31306 | 1197097 |
| Tokyu Construction Co. Ltd.  | 177234 | 1814059 |
| Tokyu REIT, Inc.  | 1580 | 2130280 |
| Tomoku Co. Ltd.  | 24566 | 582189 |
| TOMONY Holdings, Inc.  | 352052 | 2216603 |
| Topre Corp.  | 85543 | 1651959 |
| Topy Industries Ltd.  | 31366 | 730283 |
| Torishima Pump Manufacturing Co. <br> Ltd. <br>| 39158 | 667160 |
| Tosei Corp.  | 122182 | 1291275 |
| Tosei REIT Investment Corp.  | 660 | 629457 |
| Toshiba TEC Corp.  | 50985 | 1076033 |
| Totech Corp.  | 54580 | 1597634 |
| Totetsu Kogyo Co. Ltd.  | 41807 | 1558474 |
| Towa Bank Ltd.  | 69376 | 547009 |
| Towa Corp.  | 128149 | 2470639 |
| Towa Pharmaceutical Co. Ltd.  | 50917 | 1438232 |
| Toyo Corp.  | 35212 | 429423 |
| Toyo Gosei Co. Ltd. *(a)* | 13000 | 960897 |
| Toyo Kanetsu KK  | 32056 | 633420 |
| Toyo Tanso Co. Ltd.  | 30579 | 1245684 |
| Toyobo Co. Ltd.  | 180224 | 2130943 |
| TPR Co. Ltd.  | 115014 | 1038717 |

---

*See financial notes*

**38**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Transaction Co. Ltd.  | 53700 | 467091 |
| Transcosmos, Inc.  | 44429 | 1162482 |
| TRE Holdings Corp.  | 87202 | 1003696 |
| Tri Chemical Laboratories, Inc.  | 59458 | 1445272 |
| Trusco Nakayama Corp.  | 94977 | 1534840 |
| TSI Holdings Co. Ltd.  | 98144 | 723547 |
| Tsubakimoto Chain Co.  | 188528 | 3230184 |
| Tsuburaya Fields Holdings, Inc.  | 70575 | 702021 |
| Tsugami Corp.  | 94647 | 2394592 |
| Tsukishima Holdings Co. Ltd.  | 48823 | 1089820 |
| Tsurumi Manufacturing Co. Ltd.  | 72984 | 1041059 |
| TV Asahi Holdings Corp.  | 42833 | 925934 |
| Tv Tokyo Holdings Corp.  | 11320 | 323014 |
| UACJ Corp.  | 313363 | 5549711 |
| Uchida Yoko Co. Ltd.  | 96900 | 1333170 |
| Union Tool Co.  | 19184 | 1935295 |
| Unipres Corp.  | 72441 | 685783 |
| UNISOL Holdings Corp. *(a)* | 40857 | 616028 |
| United Arrows Ltd.  | 49714 | 852422 |
| United Super Markets Holdings, Inc.  | 177007 | 1030580 |
| Ushio, Inc.  | 135522 | 2791601 |
| UT Group Co. Ltd.  | 867444 | 1194559 |
| Valor Holdings Co. Ltd.  | 90449 | 2175411 |
| Valqua Ltd.  | 34519 | 1187299 |
| Vector, Inc.  | 58747 | 540717 |
| Vision, Inc.  | 84675 | 715907 |
| Vital KSK Holdings, Inc.  | 72613 | 692992 |
| VT Holdings Co. Ltd.  | 188736 | 693896 |
| Wacoal Holdings Corp.  | 95776 | 2785709 |
| Wacom Co. Ltd.  | 249699 | 1402633 |
| Wakita & Co. Ltd.  | 85007 | 1115096 |
| Warabeya Nichiyo Holdings Co. Ltd.  | 25214 | 555556 |
| Weathernews, Inc.  | 57456 | 786075 |
| Wellneo Sugar Co. Ltd.  | 25164 | 488371 |
| West Holdings Corp.  | 51188 | 570158 |
| WingArc1st, Inc.  | 42475 | 746526 |
| World Co. Ltd.  | 121738 | 1287362 |
| Yahagi Construction Co. Ltd.  | 61450 | 995795 |
| YAMABIKO Corp.  | 80736 | 1985757 |
| Yamae Group Holdings Co. Ltd.  | 44803 | 876690 |
| Yamagata Bank Ltd.  | 61067 | 1067817 |
| Yamaichi Electronics Co. Ltd.  | 37784 | 2035314 |
| Yamanashi Chuo Bank Ltd.  | 57333 | 2023410 |
| Yamazen Corp.  | 99865 | 982499 |
| Yellow Hat Ltd.  | 134658 | 1517140 |
| Yodoko Ltd.  | 239608 | 2214599 |
| Yokogawa Bridge Holdings Corp.  | 69610 | 1431213 |
| Yokorei Co. Ltd.  | 88165 | 807532 |
| Yokowo Co. Ltd.  | 48709 | 1038917 |
| Yondenko Corp.  | 60088 | 812848 |
| Yondoshi Holdings, Inc.  | 44424 | 523271 |
| Yonex Co. Ltd.  | 120776 | 2873869 |
| Yoshinoya Holdings Co. Ltd. *(a)* | 133280 | 2640417 |
| Yuasa Trading Co. Ltd.  | 26235 | 1088889 |
| Yurtec Corp.  | 77221 | 1600064 |
| Zacros Corp.  | 117192 | 1157470 |
| Zenrin Co. Ltd.  | 61209 | 404205 |
| ZERIA Pharmaceutical Co. Ltd.  | 63034 | 909628 |
| Zojirushi Corp.  | 71075 | 746600 |
| Zuken, Inc.  | 32977 | 975845 |
|  |  | **1153810692** |
| **Netherlands 1.6%** | **Netherlands 1.6%** | **Netherlands 1.6%** |
| Aalberts NV  | 207196 | 8616093 |
| Allfunds Group PLC  | 753983 | 7500170 |
| Aperam SA  | 89369 | 4687110 |
| Arcadis NV  | 145875 | 5153261 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Basic-Fit NV \* | 108371 | 4022863 |
| Brunel International NV *(a)* | 38572 | 315606 |
| Corbion NV  | 123754 | 2844886 |
| Eurocommercial Properties NV  | 89925 | 3020664 |
| Flow Traders Ltd. \* | 68833 | 2147183 |
| Fugro NV  | 223683 | 2839103 |
| Galapagos NV \* | 106407 | 3570540 |
| Havas NV \* | 122049 | 2491546 |
| Koninklijke BAM Groep NV  | 533679 | 6014447 |
| Koninklijke Heijmans NV  | 49733 | 5240739 |
| NSI NV  | 33302 | 752579 |
| OCI NV \* | 209752 | 896508 |
| PostNL NV  | 708736 | 957305 |
| SBM Offshore NV  | 275811 | 10609681 |
| Signify NV  | 258501 | 6018784 |
| Sligro Food Group NV  | 44487 | 758473 |
| Theon International PLC *(a)* | 55567 | 2014165 |
| TKH Group NV  | 73740 | 3402494 |
| TomTom NV \* | 124080 | 769132 |
| Van Lanschot Kempen NV  | 66628 | 4444725 |
| Wereldhave NV  | 79404 | 2184429 |
|  |  | **91272486** |
| **New Zealand 0.4%** | **New Zealand 0.4%** | **New Zealand 0.4%** |
| Argosy Property Ltd.  | 1675441 | 1146097 |
| Channel Infrastructure NZ Ltd.  | 792838 | 1370138 |
| Freightways Group Ltd.  | 346577 | 2984276 |
| Genesis Energy Ltd.  | 1130653 | 1553646 |
| Goodman Property Trust  | 2075577 | 2416173 |
| Kiwi Property Group Ltd.  | 3017464 | 1819682 |
| Oceania Healthcare Ltd. \* | 1413083 | 703774 |
| Precinct Properties Group  | 3357767 | 2206236 |
| Scales Corp. Ltd.  | 275121 | 1041695 |
| SKY Network Television Ltd.  | 269091 | 542533 |
| SKYCITY Entertainment Group Ltd. \* | 2097749 | 1051060 |
| Stride Property Group  | 996573 | 717592 |
| Summerset Group Holdings Ltd.  | 455243 | 2911977 |
| Vector Ltd.  | 482089 | 1385639 |
|  |  | **21850518** |
| **Norway 2.8%** | **Norway 2.8%** | **Norway 2.8%** |
| Aker Solutions ASA  | 535487 | 2308920 |
| Atea ASA \* | 166210 | 2522834 |
| Austevoll Seafood ASA  | 180210 | 1858284 |
| AutoStore Holdings Ltd. \* | 2275907 | 2607626 |
| Bakkafrost P  | 104546 | 5011140 |
| Bluenord ASA \* | 48096 | 2588470 |
| Bonheur ASA  | 37601 | 997987 |
| Borregaard ASA  | 194155 | 3608237 |
| BW Energy Ltd. \* | 136453 | 742980 |
| BW LPG Ltd.  | 186044 | 3357764 |
| BW Offshore Ltd.  | 170366 | 913308 |
| Cadeler AS \* | 450590 | 2912869 |
| DNO ASA  | 1671901 | 2862832 |
| DOF Group ASA  | 269228 | 3582764 |
| Elkem ASA  | 588936 | 1890608 |
| Entra ASA  | 95584 | 1167496 |
| Europris ASA  | 321911 | 3085993 |
| Frontline PLC  | 305549 | 11369683 |
| Grieg Seafood ASA \* | 80254 | 633535 |
| Hafnia Ltd.  | 555199 | 4145872 |
| Hoegh Autoliners ASA  | 214937 | 2993583 |
| Leroy Seafood Group ASA  | 588191 | 3072833 |
| MPC Container Ships ASA  | 760069 | 1776855 |
| NEL ASA *\*(a)* | 3524460 | 755765 |
| Nordic Semiconductor ASA \* | 356663 | 5372402 |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**39**

------

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Protector Forsikring ASA  | 129248 | 7037491 |
| Scatec ASA \* | 260843 | 3361506 |
| SpareBank 1 SMN  | 260658 | 5849694 |
| SpareBank 1 Sor-Norge ASA  | 430064 | 9561097 |
| Sparebanken Norge  | 301772 | 6523368 |
| Stolt-Nielsen Ltd.  | 43788 | 1551134 |
| Storebrand ASA  | 855130 | 16197619 |
| Subsea 7 SA  | 475878 | 13746008 |
| TGS ASA  | 403865 | 4792856 |
| TOMRA Systems ASA  | 491216 | 6072172 |
| Veidekke ASA  | 217955 | 4508750 |
| Wallenius Wilhelmsen ASA  | 215607 | 2980251 |
| Wilh Wilhelmsen Holding ASA, Class A  | 22066 | 1792947 |
| Wilh Wilhelmsen Holding ASA, Class B  | 11539 | 800528 |
|  |  | **156916061** |
| **Poland 1.7%** | **Poland 1.7%** | **Poland 1.7%** |
| Alior Bank SA  | 186244 | 6232200 |
| Asseco Poland SA  | 141417 | 6978522 |
| Bank Handlowy w Warszawie SA  | 66103 | 2201799 |
| Bank Millennium SA \* | 1271204 | 6169840 |
| Benefit Systems SA \* | 5884 | 6381957 |
| Budimex SA  | 26813 | 6056594 |
| CD Projekt SA  | 147970 | 10052012 |
| Cyfrowy Polsat SA \* | 332965 | 1180823 |
| Enea SA  | 546441 | 3780953 |
| Grupa Azoty SA \* | 106331 | 494058 |
| Grupa Kety SA  | 20867 | 6319705 |
| Jastrzebska Spolka Weglowa SA \* | 114279 | 868132 |
| KRUK SA  | 37813 | 4901460 |
| Modivo SA \* | 110789 | 3439044 |
| Orange Polska SA  | 1400112 | 5513995 |
| Pepco Group NV  | 426633 | 3518007 |
| PGE Polska Grupa Energetyczna SA \* | 1838254 | 5806529 |
| Tauron Polska Energia SA \* | 2229878 | 7340032 |
| Warsaw Stock Exchange  | 61172 | 1389475 |
| XTB SA  | 158284 | 3938658 |
| Zabka Group SA \* | 1101040 | 6887953 |
|  |  | **99451748** |
| **Portugal 0.3%** | **Portugal 0.3%** | **Portugal 0.3%** |
| Altri SGPS SA *(a)* | 135760 | 774210 |
| Corticeira Amorim SGPS SA  | 75306 | 606392 |
| CTT-Correios de Portugal SA  | 163413 | 1375675 |
| Mota-Engil SGPS SA *(a)* | 172059 | 1057397 |
| Navigator Co. SA *(a)* | 458513 | 1860135 |
| NOS SGPS SA  | 396634 | 2411775 |
| REN - Redes Energeticas Nacionais <br> SGPS SA <br>| 754094 | 3427882 |
| Semapa-Sociedade de Investimento e <br> Gestao <br>| 29043 | 814413 |
| Sonae SGPS SA  | 1681215 | 3999797 |
|  |  | **16327676** |
| **Republic of Korea 7.6%** | **Republic of Korea 7.6%** | **Republic of Korea 7.6%** |
| ABLBio, Inc. \* | 85956 | 11592259 |
| Advanced Nano Products Co. Ltd.  | 20199 | 1002578 |
| Ahnlab, Inc.  | 13116 | 594483 |
| Ananti, Inc. \* | 133034 | 795337 |
| APR Corp.  | 51749 | 11241962 |
| Asiana Airlines, Inc. \* | 122261 | 659538 |
| BH Co. Ltd.  | 47253 | 635296 |
| BHI Co. Ltd. \* | 38833 | 2524077 |
| Binex Co. Ltd. \* | 55122 | 608890 |
| Binggrae Co. Ltd.  | 9283 | 528521 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Bioneer Corp. \* | 39576 | 354905 |
| BNC Korea Co. Ltd. \* | 125421 | 394093 |
| Boryung  | 50445 | 348924 |
| Bukwang Pharmaceutical Co. Ltd.  | 178835 | 697438 |
| Cafe24 Corp. \* | 28125 | 648136 |
| Caregen Co. Ltd.  | 30253 | 2877032 |
| Chabiotech Co. Ltd. \* | 115068 | 1731819 |
| Cheryong Electric Co. Ltd.  | 24787 | 961498 |
| Chong Kun Dang Pharmaceutical <br> Corp. <br>| 14013 | 909846 |
| Chunbo Co. Ltd. \* | 7941 | 297546 |
| CJ CGV Co. Ltd. \* | 153210 | 590048 |
| CJ ENM Co. Ltd. \* | 21843 | 1102400 |
| Classys, Inc. \* | 46806 | 1900223 |
| Com2uSCorp \* | 14935 | 372726 |
| Cosmax, Inc. \* | 16865 | 2227563 |
| CosmoAM&T Co. Ltd. \* | 48892 | 1984910 |
| Cosmochemical Co. Ltd. \* | 57997 | 688223 |
| Creative & Innovative System \* | 108034 | 1103246 |
| CS Wind Corp. \* | 51247 | 1913079 |
| D&D PharmaTech, Inc. \* | 59468 | 3819842 |
| Daea TI Co. Ltd. \* | 145204 | 474424 |
| Daeduck Electronics Co. Ltd.  | 71857 | 3127041 |
| Daejoo Electronic Materials Co. Ltd.  | 22173 | 1552187 |
| Daesang Corp.  | 44226 | 694826 |
| Daewoo Engineering & Construction <br> Co. Ltd. \*<br>| 439703 | 3099471 |
| Daewoong Co. Ltd.  | 37965 | 711266 |
| Daewoong Pharmaceutical Co. Ltd.  | 8883 | 1088685 |
| Daishin Securities Co. Ltd.  | 56466 | 1760514 |
| D'Alba Global Co. Ltd.  | 14484 | 1706665 |
| Danal Co. Ltd. \* | 116603 | 687378 |
| Daou Technology, Inc.  | 48439 | 1828459 |
| DB HiTek Co. Ltd.  | 60593 | 4031109 |
| Dentium Co. Ltd. \* | 12157 | 426784 |
| DI Dong Il Corp. \* | 28976 | 484444 |
| DL E&C Co. Ltd. \* | 61638 | 2189574 |
| DL Holdings Co. Ltd. \* | 23997 | 862457 |
| Dong-A Socio Holdings Co. Ltd.  | 7712 | 626717 |
| Dong-A ST Co. Ltd.  | 9106 | 331070 |
| Dongjin Semichem Co. Ltd.  | 68238 | 2604287 |
| DongKook Pharmaceutical Co. Ltd.  | 54258 | 769457 |
| Dongkuk Steel Mill Co. Ltd.  | 60258 | 430205 |
| Dongwon Industries Co. Ltd.  | 18265 | 544712 |
| Doosan Fuel Cell Co. Ltd. \* | 87782 | 2428727 |
| Doosan Robotics, Inc. \* | 42006 | 3109933 |
| Doosan Tesna, Inc.  | 25377 | 1199608 |
| DoubleUGames Co. Ltd. \* | 22820 | 840779 |
| Douzone Bizon Co. Ltd.  | 37958 | 3124246 |
| Duk San Neolux Co. Ltd. \* | 26741 | 776112 |
| E1 Corp.  | 3595 | 258660 |
| Ecopro HN Co. Ltd.  | 28784 | 763371 |
| Enchem Co. Ltd. \* | 36091 | 1906789 |
| ENF Technology Co. Ltd.  | 20646 | 838183 |
| Eo Technics Co. Ltd. \* | 17149 | 4989125 |
| ESR Kendall Square REIT Co. Ltd.  | 369310 | 1110369 |
| Eubiologics Co. Ltd. \* | 52930 | 550089 |
| Eugene Technology Co. Ltd.  | 30581 | 2848699 |
| Fadu, Inc. \* | 68943 | 2842072 |
| Foosung Co. Ltd. \* | 125027 | 697926 |
| GemVax & Kael Co. Ltd. \* | 65555 | 2123645 |
| GI Innovation, Inc. \* | 95515 | 1071680 |
| Grand Korea Leisure Co. Ltd.  | 68589 | 623666 |
| Green Cross Holdings Corp. \* | 44710 | 495120 |
| GS P&L Co. Ltd.  | 18024 | 642775 |
| HAESUNG DS Co. Ltd.  | 23193 | 1041549 |
| Han Kuk Carbon Co. Ltd. \* | 67634 | 1970014 |
| Hana Micron, Inc.  | 87824 | 2210100 |

---

*See financial notes*

**40**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Hana Tour Service, Inc.  | 22504 | 752480 |
| Hanall Biopharma Co. Ltd. \* | 66058 | 2833353 |
| Hancom, Inc.  | 34560 | 546569 |
| Hanil Cement Co. Ltd.  | 41425 | 524400 |
| Hankook & Co. Co. Ltd.  | 48188 | 1048512 |
| Hankook Shell Oil Co. Ltd.  | 1467 | 518065 |
| Hansol Chemical Co. Ltd.  | 18470 | 4339840 |
| Hanssem Co. Ltd. \* | 19254 | 664554 |
| Hanwha Engine \* | 110706 | 4155804 |
| Hanwha General Insurance Co. Ltd. \* | 110405 | 584068 |
| Hanwha Investment & Securities Co. <br> Ltd. \*<br>| 244990 | 1420380 |
| Harim Holdings Co. Ltd.  | 97268 | 1092701 |
| HD Construction Equipment Co. Ltd.  | 62893 | 6151578 |
| HDC Holdings Co. Ltd.  | 53037 | 908837 |
| HDC Hyundai Development <br> Co-Engineering & Construction, <br> Class E <br>| 77141 | 1241442 |
| HD-Hyundai Marine Engine \* | 42452 | 2576336 |
| HK inno N Corp. \* | 32956 | 1237139 |
| HL Holdings Corp. \* | 10999 | 378867 |
| HLB Life Science Co. Ltd. \* | 225507 | 609033 |
| HLB Therapeutics Co. Ltd. \* | 185716 | 362137 |
| HPSP Co. Ltd.  | 88459 | 2758002 |
| HS Hyosung Advanced Materials <br> Corp. \*<br>| 4715 | 822708 |
| Hugel, Inc. \* | 11740 | 2203545 |
| Humedix Co. Ltd.  | 14017 | 414615 |
| Huons Global Co. Ltd.  | 11809 | 518824 |
| Hyosung Corp.  | 15506 | 1821699 |
| Hyosung TNC Corp.  | 5270 | 1558836 |
| Hyundai Bioscience Co. Ltd. \* | 184196 | 2007781 |
| Hyundai Department Store Co. Ltd.  | 28114 | 2149837 |
| Hyundai Elevator Co. Ltd.  | 48754 | 3345165 |
| Hyundai GF Holdings  | 83457 | 928267 |
| Hyundai Green Food  | 35325 | 391436 |
| Hyundai Home Shopping Network <br> Corp. <br>| 8802 | 520104 |
| Hyundai Wia Corp.  | 34397 | 2422257 |
| Il Dong Pharmaceutical Co. Ltd. \* | 40702 | 1097836 |
| Iljin Electric Co. Ltd.  | 48422 | 3012700 |
| InBody Co. Ltd.  | 19535 | 434564 |
| Innocean Worldwide, Inc.  | 37552 | 523405 |
| Innox Advanced Materials Co. Ltd. \* | 24764 | 601670 |
| Intellian Technologies, Inc.  | 16705 | 1405148 |
| IS Dongseo Co. Ltd. \* | 25040 | 542229 |
| ISC Co. Ltd.  | 20849 | 2794360 |
| i-SENS, Inc.  | 38782 | 633561 |
| ISU Specialty Chemical \* | 40991 | 3282699 |
| IsuPetasys Co. Ltd.  | 115417 | 10237893 |
| JB Financial Group Co. Ltd.  | 329594 | 7274668 |
| JR Global Reit  | 419982 | 549174 |
| Jusung Engineering Co. Ltd.  | 67846 | 2645923 |
| JW Pharmaceutical Corp. \* | 24746 | 622736 |
| JYP Entertainment Corp. \* | 58388 | 2833147 |
| KC Tech Co. Ltd.  | 18313 | 625710 |
| KCC Glass Corp.  | 17672 | 356266 |
| KEPCO Engineering & Construction Co., <br> Inc. \*<br>| 38674 | 4707555 |
| KIWOOM Securities Co. Ltd.  | 31017 | 10047912 |
| KMW Co. Ltd. \* | 54604 | 709833 |
| Koh Young Technology, Inc.  | 109967 | 2434792 |
| Kolmar Korea Co. Ltd. \* | 31187 | 1654201 |
| Kolon Industries, Inc.  | 39745 | 1867752 |
| Komipharm International Co. Ltd. \* | 87427 | 546381 |
| Korea Electric Terminal Co. Ltd.  | 13005 | 729582 |
| Korea Line Corp. \* | 316695 | 477739 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Korea Petrochemical Ind Co. Ltd.  | 7821 | 1032470 |
| Korean Reinsurance Co.  | 288220 | 2789032 |
| Kumho Tire Co., Inc. \* | 325407 | 1578965 |
| L&C Bio Co. Ltd.  | 36820 | 2523776 |
| Lake Materials Co. Ltd.  | 79141 | 1301136 |
| LEENO Industrial, Inc.  | 105377 | 7779658 |
| LigaChem Biosciences, Inc. \* | 54130 | 7213570 |
| Lotte Chilsung Beverage Co. Ltd.  | 6838 | 661221 |
| Lotte Energy Materials Corp. \* | 59772 | 1857357 |
| LOTTE Fine Chemical Co. Ltd.  | 32380 | 1150238 |
| LOTTE REIT Co. Ltd.  | 349450 | 1178194 |
| Lotte Rental Co. Ltd.  | 24639 | 578079 |
| Lotte Tour Development Co. Ltd. \* | 73347 | 1180384 |
| Lotte Wellfood Co. Ltd.  | 4827 | 426158 |
| LS Materials Ltd. \* | 79414 | 970524 |
| Lunit, Inc. \* | 56726 | 1604969 |
| LX Holdings Corp.  | 92798 | 586398 |
| LX International Corp.  | 56497 | 1673112 |
| LX Semicon Co. Ltd.  | 25174 | 1022010 |
| Mcnex Co. Ltd.  | 21628 | 410458 |
| Medytox, Inc.  | 10490 | 939251 |
| MegaStudyEdu Co. Ltd. \* | 13198 | 440392 |
| Mezzion Pharma Co. Ltd. \* | 45672 | 4492588 |
| Myoung Shin Industrial Co. Ltd. \* | 49580 | 393607 |
| Naturecell Co. Ltd. \* | 109221 | 1632431 |
| Neowiz \* | 21689 | 395031 |
| Nexon Games Co. Ltd. \* | 45262 | 373172 |
| NEXTIN, Inc.  | 16312 | 933248 |
| NHN Corp. \* | 30423 | 801551 |
| NHN KCP Corp.  | 46061 | 685231 |
| NICE Information Service Co. Ltd.  | 61832 | 735450 |
| OCI Co. Ltd.  | 8379 | 512001 |
| OCI Holdings Co. Ltd.  | 27971 | 2955573 |
| Orion Holdings Corp. \* | 39914 | 661765 |
| Oscotec, Inc. \* | 70604 | 2566972 |
| Paradise Co. Ltd.  | 98162 | 1361371 |
| Park Systems Corp.  | 9991 | 2003756 |
| Partron Co. Ltd.  | 77950 | 466020 |
| People & Technology, Inc.  | 37751 | 1435509 |
| Peptron, Inc.  | 44774 | 8870761 |
| PharmaResearch Co. Ltd.  | 14174 | 3443735 |
| Pharmicell Co. Ltd.  | 120135 | 1356269 |
| Poongsan Corp. \* | 34741 | 2796669 |
| Posco M-Tech Co. Ltd.  | 46343 | 639492 |
| PSK, Inc.  | 40061 | 1785130 |
| Rainbow Robotics \* | 16879 | 10091025 |
| RFHIC Corp. \* | 34356 | 1356566 |
| S&S Tech Corp.  | 30171 | 2070127 |
| Sam Chun Dang Pharm Co. Ltd.  | 30348 | 17405005 |
| Samchully Co. Ltd.  | 3484 | 369350 |
| Sanil Electric Co. Ltd.  | 25219 | 2922494 |
| SD Biosensor, Inc. \* | 68141 | 399798 |
| SeAH Besteel Holdings Corp.  | 26199 | 1258499 |
| Sebang Global Battery Co. Ltd.  | 10651 | 510152 |
| Seegene, Inc.  | 65734 | 1199526 |
| Seobu T&D \* | 64955 | 706671 |
| Seojin System Co. Ltd. \* | 68738 | 2272153 |
| Seoul Semiconductor Co. Ltd. \* | 72959 | 583266 |
| SFA Engineering Corp.  | 24001 | 563944 |
| SFA Semicon Co. Ltd. \* | 143092 | 785837 |
| SHIFT UP Corp. \* | 25066 | 563702 |
| Shin Poong Pharmaceutical Co. Ltd. \* | 66160 | 562486 |
| Shinhan Alpha REIT Co. Ltd.  | 261561 | 1045517 |
| Shinsegae, Inc.  | 12529 | 3209549 |
| Shinsung Delta Tech Co. Ltd.  | 33786 | 1648785 |
| Shinsung E&G Co. Ltd. \* | 294790 | 502075 |
| Silicon2 Co. Ltd. \* | 69937 | 2131899 |
| SIMMTECH Co. Ltd.  | 48432 | 1818094 |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**41**

------

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| SK Chemicals Co. Ltd.  | 21905 | 1047664 |
| SK Discovery Co. Ltd.  | 16248 | 675447 |
| SK Gas Ltd.  | 4776 | 773589 |
| SK Networks Co. Ltd.  | 189959 | 759308 |
| SK oceanplant Co. Ltd. \* | 65265 | 875644 |
| SK REITs Co. Ltd.  | 395031 | 1622964 |
| SL Corp. \* | 28224 | 1440140 |
| SM Entertainment Co. Ltd.  | 23632 | 1897460 |
| SNT Motiv Co. Ltd.  | 26829 | 694738 |
| Solid, Inc.  | 120101 | 702155 |
| SOLUM Co. Ltd. \* | 80651 | 1036100 |
| Solus Advanced Materials Co. Ltd.  | 65875 | 409858 |
| Soop Co. Ltd.  | 14858 | 732313 |
| Soulbrain Co. Ltd.  | 8298 | 2569871 |
| ST Pharm Co. Ltd. \* | 26641 | 2820594 |
| Studio Dragon Corp. \* | 25815 | 801279 |
| Sung Kwang Bend Co. Ltd.  | 34067 | 828881 |
| Sungeel Hitech Co. Ltd. \* | 15217 | 666438 |
| Sungwoo Hitech Co. Ltd.  | 84956 | 524442 |
| Synopex, Inc. \* | 187898 | 881690 |
| Taihan Cable & Solution Co. Ltd. \* | 230156 | 5759900 |
| TCC Steel \* | 32115 | 346712 |
| TechWing, Inc.  | 56151 | 1819004 |
| TES Co. Ltd.  | 23987 | 1227281 |
| TK Corp. \* | 30224 | 591453 |
| TKG Huchems Co. Ltd.  | 40868 | 538941 |
| Tokai Carbon Korea Co. Ltd.  | 9481 | 1479656 |
| Tongyang Life Insurance Co. Ltd. \* | 73802 | 388891 |
| Unid Co. Ltd. \* | 6602 | 376798 |
| Voronoi, Inc. \* | 22368 | 5201318 |
| VT Co. Ltd. \* | 46967 | 564845 |
| Wemade Co. Ltd.  | 43193 | 780687 |
| WONIK IPS Co. Ltd.  | 61024 | 5328199 |
| Woori Technology, Inc. \* | 323728 | 3850529 |
| YG Entertainment, Inc.  | 25165 | 1294550 |
| Youlchon Chemical Co. Ltd.  | 23955 | 439633 |
| Young Poong Corp. \* | 9228 | 414410 |
| Youngone Corp.  | 42569 | 2867526 |
| Youngone Holdings Co. Ltd.  | 11359 | 1970157 |
| Yuanta Securities Korea Co. Ltd.  | 144378 | 520905 |
|  |  | **431753188** |
| **Singapore 0.8%** | **Singapore 0.8%** | **Singapore 0.8%** |
| AEM Holdings Ltd. \* | 499615 | 1145498 |
| AIMS APAC REIT  | 1279098 | 1527010 |
| Bumitama Agri Ltd.  | 636878 | 664647 |
| CapitaLand China Trust  | 2422230 | 1311798 |
| Capitaland India Trust  | 2101011 | 2009901 |
| CDL Hospitality Trusts  | 1692485 | 1150759 |
| Digital Core REIT Management Pte. <br> Ltd. <br>| 1755882 | 904279 |
| Eagle Hospitality Trust *\*(c)* | 940343 | 0 |
| ESR-REIT  | 1200788 | 2363887 |
| Far East Hospitality Trust  | 1877252 | 875660 |
| First Real Estate Investment Trust  | 2915575 | 599320 |
| First Resources Ltd.  | 890130 | 1667872 |
| Frasers Centrepoint Trust  | 2688769 | 4867994 |
| Golden Agri-Resources Ltd.  | 13201862 | 2974685 |
| iFAST Corp. Ltd.  | 336633 | 2472483 |
| Keppel Infrastructure Trust  | 8714787 | 3789487 |
| KORE U.S. REIT  | 1974966 | 424618 |
| Lendlease Global Commercial REIT  | 3557524 | 1617248 |
| NTT DC REIT \* | 1496100 | 1488619 |
| OUE Real Estate Investment Trust  | 4412739 | 1290836 |
| Parkway Life Real Estate Investment <br> Trust <br>| 937205 | 2978665 |
| Prime U.S. REIT  | 2495424 | 489103 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Raffles Medical Group Ltd.  | 1580661 | 1324664 |
| Riverstone Holdings Ltd.  | 1177264 | 716680 |
| Sheng Siong Group Ltd.  | 1356287 | 2820125 |
| Singapore Post Ltd.  | 3400288 | 1008110 |
| Starhill Global REIT  | 3066327 | 1369708 |
| Stoneweg Europe Stapled Trust  | 782609 | 1570845 |
| UMS Integration Ltd.  | 1445132 | 1656672 |
|  |  | **47081173** |
| **Spain 2.1%** | **Spain 2.1%** | **Spain 2.1%** |
| Acerinox SA  | 493471 | 7883137 |
| Almirall SA  | 162570 | 2472270 |
| Atresmedia Corp. de Medios de <br> Comunicacion SA <br>| 178505 | 1091742 |
| CIE Automotive SA  | 122261 | 4590444 |
| Cirsa Enterprises SA \* | 61461 | 1039160 |
| Colonial SFL Socimi SA  | 816602 | 5495725 |
| Construcciones y Auxiliar de <br> Ferrocarriles SA <br>| 35685 | 2490077 |
| Distribuidora Internacional de <br> Alimentacion SA \*<br>| 27357 | 1232261 |
| Ebro Foods SA  | 103534 | 2366617 |
| Elecnor SA  | 79437 | 2701189 |
| Enagas SA  | 455286 | 8248802 |
| Ence Energia y Celulosa SA *\*(a)* | 225056 | 666966 |
| Fluidra SA  | 213708 | 5722733 |
| Gestamp Automocion SA  | 288862 | 1090026 |
| Global Dominion Access SA  | 194395 | 729881 |
| Grenergy Renovables SA \* | 17131 | 2228969 |
| HBX Group International PLC \* | 162870 | 1392257 |
| Indra Sistemas SA  | 185414 | 13737127 |
| Laboratorios Farmaceuticos Rovi SA  | 35403 | 3542578 |
| Linea Directa Aseguradora SA Cia de <br> Seguros y Reaseguros <br>| 1464835 | 2189586 |
| Logista Integral SA  | 123211 | 4693032 |
| Melia Hotels International SA  | 237757 | 2341203 |
| Neinor Homes SA \* | 115800 | 2605980 |
| Pharma Mar SA \* | 25663 | 2431600 |
| Prosegur Cash SA  | 593834 | 449431 |
| Prosegur Cia de Seguridad SA  | 218207 | 745859 |
| Puig Brands SA, Class B  | 310788 | 6003261 |
| Sacyr SA  | 1020204 | 5463862 |
| Solaria Energia y Medio Ambiente SA \* | 135906 | 3525400 |
| Tecnicas Reunidas SA \* | 90759 | 3960603 |
| Unicaja Banco SA  | 2363098 | 7533298 |
| Vidrala SA  | 47704 | 4618578 |
| Viscofan SA  | 93252 | 6529088 |
|  |  | **121812742** |
| **Sweden 4.7%** | **Sweden 4.7%** | **Sweden 4.7%** |
| AddLife AB, B Shares  | 237632 | 4061230 |
| Addnode Group AB  | 268269 | 2063470 |
| AFRY AB  | 202392 | 3030519 |
| Alleima AB  | 406268 | 3719298 |
| AQ Group AB  | 115799 | 2434672 |
| Arjo AB, B Shares  | 420968 | 1262540 |
| Asker Healthcare Group AB \* | 460202 | 3282712 |
| Asmodee Group AB, Class B \* | 317575 | 3890757 |
| Atrium Ljungberg AB, B Shares  | 483055 | 1887226 |
| Attendo AB  | 264260 | 3051880 |
| Avanza Bank Holding AB  | 274401 | 10057457 |
| Betsson AB, Class B  | 225214 | 2336359 |
| Better Collective AS *\*(a)* | 75646 | 1073159 |
| Bilia AB, A Shares  | 146817 | 2255318 |
| Billerud Aktiebolag  | 465146 | 4255736 |
| BioArctic AB \* | 86686 | 2966843 |

---

*See financial notes*

**42**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| BoneSupport Holding AB \* | 114625 | 2571332 |
| Boozt AB \* | 129147 | 1311137 |
| Bravida Holding AB  | 432656 | 5044600 |
| Bufab AB  | 278112 | 3607016 |
| Bure Equity AB  | 111836 | 2657509 |
| Camurus AB \* | 80223 | 4472344 |
| Catena AB  | 88170 | 4866520 |
| Cibus Nordic Real Estate AB publ  | 166581 | 2824784 |
| Clas Ohlson AB, B Shares  | 77923 | 3223113 |
| Cloetta AB, B Shares  | 373641 | 2169972 |
| Corem Property Group AB, B Shares  | 1683284 | 713044 |
| Dios Fastigheter AB  | 219169 | 1706451 |
| Dometic Group AB  | 667276 | 2792581 |
| Electrolux AB, B Shares \* | 453329 | 3837615 |
| Electrolux Professional AB, B Shares  | 478516 | 3150295 |
| Elekta AB, B Shares *(a)* | 738945 | 4754257 |
| Embracer Group AB \* | 312379 | 1835304 |
| Fabege AB  | 401676 | 3744037 |
| Fagerhult Group AB  | 177616 | 576790 |
| Granges AB  | 211118 | 3743808 |
| Hacksaw AB \* | 94499 | 610401 |
| Hemnet Group AB  | 170841 | 2217263 |
| Hexatronic Group AB *\*(a)* | 397845 | 1219648 |
| Hexpol AB  | 539838 | 4642944 |
| HMS Networks AB \* | 66907 | 3160482 |
| Hufvudstaden AB, A Shares  | 209891 | 3035796 |
| Husqvarna AB, B Shares  | 707569 | 3411351 |
| Instalco AB  | 455109 | 1778550 |
| Intea Fastigheter AB  | 134341 | 1146483 |
| Investment AB Oresund  | 57554 | 900697 |
| INVISIO AB  | 77188 | 2660593 |
| JM AB  | 127696 | 1902150 |
| Kinnevik AB, Class B \* | 503511 | 3562625 |
| Lagercrantz Group AB, B Shares  | 393200 | 9622344 |
| Lindab International AB  | 142193 | 2726419 |
| Loomis AB  | 145129 | 7363737 |
| Medicover AB, B Shares  | 108654 | 2619228 |
| MEKO AB  | 82850 | 610636 |
| MIPS AB  | 55627 | 1564752 |
| Modern Times Group MTG AB, <br> B Shares \*<br>| 209645 | 2059831 |
| Munters Group AB  | 274781 | 5771175 |
| Mycronic AB  | 314949 | 7166341 |
| NCAB Group AB \* | 365657 | 2222894 |
| NCC AB, B Shares  | 189741 | 4634907 |
| Nolato AB, B Shares  | 415470 | 2396783 |
| Nordnet AB publ  | 420461 | 13327849 |
| Norion Bank AB \* | 119727 | 760353 |
| NP3 Fastigheter AB  | 66163 | 1976252 |
| Nyfosa AB  | 336013 | 2757715 |
| Pandox AB  | 223188 | 4996783 |
| Peab AB, B Shares  | 336529 | 3961095 |
| Platzer Fastigheter Holding AB, <br> B Shares <br>| 129039 | 1138420 |
| Ratos AB, B Shares  | 397480 | 1652899 |
| Roko AB \* | 5407 | 906101 |
| Samhallsbyggnadsbolaget i Norden <br> AB *\*(a)*<br>| 2160031 | 945639 |
| Scandic Hotels Group AB  | 310717 | 2940974 |
| Sdiptech AB, B Shares \* | 75118 | 1620982 |
| Sectra AB, Class B  | 270542 | 5811079 |
| Sinch AB \* | 1327202 | 3378830 |
| SkiStar AB  | 82375 | 1600463 |
| Storskogen Group AB, B Shares  | 2944897 | 3008674 |
| Systemair AB  | 205488 | 1922194 |
| Thule Group AB  | 228804 | 5944147 |
| Troax Group AB  | 81088 | 911303 |
| Truecaller AB, B Shares  | 551356 | 677080 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Vimian Group AB \* | 412092 | 1213997 |
| Vitec Software Group AB, B Shares  | 69251 | 1835927 |
| Vitrolife AB  | 157666 | 1667073 |
| Volati AB  | 53253 | 502866 |
| Wallenstam AB, B Shares  | 682992 | 3456367 |
| Wihlborgs Fastigheter AB  | 575288 | 6101906 |
| Xvivo Perfusion AB *\*(a)* | 50149 | 1042154 |
|  |  | **266298837** |
| **Switzerland 4.2%** | **Switzerland 4.2%** | **Switzerland 4.2%** |
| Accelleron Industries AG  | 199064 | 18779134 |
| Allreal Holding AG  | 31374 | 9627806 |
| ALSO Holding AG  | 11909 | 2536499 |
| ams-OSRAM AG \* | 215809 | 2403490 |
| APG SGA SA  | 2479 | 686596 |
| Arbonia AG  | 101345 | 651649 |
| Aryzta AG \* | 48603 | 3507531 |
| Autoneum Holding AG  | 5070 | 837254 |
| BAJAJ Mobility AG \* | 21771 | 439355 |
| Basilea Pharmaceutica Ag Allschwil \* | 26933 | 1933166 |
| Bell Food Group AG  | 3898 | 1094816 |
| Bossard Holding AG, Class A  | 11742 | 2531466 |
| Bucher Industries AG  | 14038 | 6972909 |
| Burckhardt Compression Holding AG  | 6491 | 4853163 |
| Burkhalter Holding AG  | 15784 | 3341311 |
| Bystronic AG  | 3089 | 1024244 |
| Cembra Money Bank AG  | 61823 | 8006724 |
| Cie Financiere Tradition SA  | 2976 | 1048691 |
| Clariant AG \* | 425891 | 4665668 |
| Comet Holding AG  | 15448 | 5977927 |
| COSMO Pharmaceuticals NV  | 18041 | 2669613 |
| Daetwyler Holding AG  | 15654 | 3419637 |
| dormakaba Holding AG  | 64321 | 4809125 |
| Dottikon Es Holding AG \* | 6331 | 2963604 |
| EFG International AG \* | 309141 | 7589340 |
| Forbo Holding AG  | 2010 | 2347026 |
| Galenica AG  | 105828 | 13224200 |
| Huber & Suhner AG  | 30304 | 7297706 |
| Implenia AG  | 30288 | 2843500 |
| Inficon Holding AG  | 36075 | 5600878 |
| Interroll Holding AG  | 1406 | 3535796 |
| Intershop Holding AG  | 11754 | 2607415 |
| Kardex Holding AG  | 12550 | 4259216 |
| Komax Holding AG \* | 8524 | 752590 |
| Landis & Gyr Group AG \* | 54209 | 3714732 |
| LEM Holding SA \* | 1007 | 417046 |
| Luzerner Kantonalbank AG  | 41029 | 5527085 |
| Medacta Group SA  | 12676 | 2627338 |
| Medartis Holding AG \* | 9546 | 1141970 |
| Medmix AG  | 53911 | 662452 |
| Mobimo Holding AG  | 15720 | 8186542 |
| Montana Aerospace AG \* | 61722 | 2504033 |
| OC Oerlikon Corp. AG Pfaffikon  | 380848 | 2094775 |
| PolyPeptide Group AG \* | 27949 | 933996 |
| Schweiter Technologies AG  | 2079 | 705571 |
| Sensirion Holding AG \* | 19464 | 1422374 |
| SFS Group AG  | 34626 | 5501979 |
| Siegfried Holding AG \* | 84416 | 9406997 |
| SKAN Group AG  | 25960 | 1765435 |
| Softwareone Holding AG  | 352110 | 3092781 |
| St. Galler Kantonalbank AG  | 5757 | 4790950 |
| Stadler Rail AG  | 115264 | 3075505 |
| Sulzer AG  | 36406 | 8047617 |
| Sunrise Communications AG, Class A  | 89065 | 5688671 |
| Tecan Group AG  | 26607 | 4712143 |
| TX Group AG  | 4486 | 939141 |
| Valiant Holding AG  | 33589 | 7293886 |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**43**

------

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Vetropack Holding AG  | 25719 | 760818 |
| Vontobel Holding AG  | 56152 | 5125636 |
| VP Bank AG, Class A  | 6584 | 743113 |
| Ypsomed Holding AG  | 8001 | 2777800 |
| Zehnder Group AG  | 18567 | 1967636 |
|  |  | **240467067** |
| **United Kingdom 10.7%** | **United Kingdom 10.7%** | **United Kingdom 10.7%** |
| 4imprint Group PLC  | 57834 | 3090756 |
| Aberdeen Group PLC  | 3792330 | 11206712 |
| AG Barr PLC  | 183003 | 1712426 |
| AJ Bell PLC  | 703463 | 4108426 |
| AO World PLC \* | 604504 | 802160 |
| Ashmore Group PLC  | 931888 | 2981845 |
| ASOS PLC *\*(a)* | 110334 | 423506 |
| Aston Martin Lagonda Global Holdings <br> PLC *\*(a)*<br>| 632988 | 394022 |
| Auction Technology Group PLC \* | 200725 | 841978 |
| B&M European Value Retail SA  | 2100597 | 5394119 |
| Babcock International Group PLC  | 534607 | 9717527 |
| Balfour Beatty PLC  | 1041387 | 10633698 |
| Baltic Classifieds Group PLC  | 923294 | 2301411 |
| Bellway PLC  | 242466 | 9081893 |
| Big Yellow Group PLC  | 394178 | 5511504 |
| Bodycote PLC  | 360918 | 3784840 |
| Breedon Group PLC  | 576726 | 2774305 |
| Bridgepoint Group PLC  | 1010074 | 3422143 |
| Bytes Technology Group PLC  | 450497 | 1837604 |
| C&C Group PLC  | 790215 | 1249387 |
| Canal & SA \* | 1434417 | 5953282 |
| Carnival PLC  | 275936 | 8718076 |
| Chemring Group PLC  | 555157 | 3985671 |
| Clarkson PLC  | 58159 | 3330972 |
| Close Brothers Group PLC \* | 311536 | 2076630 |
| CMC Markets PLC  | 223679 | 977356 |
| Coats Group PLC  | 3940899 | 4943350 |
| Computacenter PLC  | 116252 | 4960801 |
| Cranswick PLC  | 109307 | 7979804 |
| Crest Nicholson Holdings PLC  | 479933 | 982064 |
| Currys PLC  | 2108727 | 4567308 |
| Derwent London PLC  | 227642 | 5551804 |
| Diversified Energy Co. *(a)* | 128305 | 1783645 |
| Domino's Pizza Group PLC  | 734905 | 1983989 |
| Dr. Martens PLC  | 1191220 | 1109864 |
| Drax Group PLC  | 721496 | 8604031 |
| Dunelm Group PLC  | 262689 | 3559974 |
| easyJet PLC  | 781722 | 4876573 |
| Elementis PLC  | 1192051 | 2660402 |
| Energean PLC  | 269241 | 3232489 |
| Firstgroup PLC  | 1154035 | 2851733 |
| Frasers Group PLC \* | 215228 | 2040010 |
| Future PLC  | 184644 | 1031704 |
| Games Workshop Group PLC  | 69682 | 16760052 |
| Genuit Group PLC  | 520902 | 2668243 |
| Genus PLC  | 138644 | 5433555 |
| Grafton Group PLC, CDI  | 362525 | 4824250 |
| Grainger PLC  | 1483845 | 3830312 |
| Great Portland Estates PLC  | 811212 | 3784498 |
| Greencore Group PLC  | 1155498 | 4194473 |
| Greggs PLC  | 203294 | 4329365 |
| Hammerson PLC  | 1074249 | 5317814 |
| Harbour Energy PLC  | 1154585 | 3933480 |
| Hays PLC  | 3351234 | 1827457 |
| Helios Towers PLC \* | 1745534 | 4705298 |
| Hill & Smith PLC  | 165944 | 5309858 |
| Hilton Food Group PLC  | 163788 | 1164883 |
| Hochschild Mining PLC  | 666317 | 7242781 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Ibstock PLC  | 845696 | 1505382 |
| IG Group Holdings PLC  | 697068 | 12192615 |
| Inchcape PLC  | 691982 | 8266024 |
| IntegraFin Holdings PLC  | 522835 | 2235302 |
| International Workplace Group PLC  | 1567579 | 4691363 |
| Investec PLC  | 1245844 | 10753333 |
| IP Group PLC \* | 1890350 | 1448643 |
| Ithaca Energy PLC  | 467451 | 1395190 |
| ITV PLC  | 7520701 | 8073794 |
| J D Wetherspoon PLC  | 159417 | 1550664 |
| Johnson Matthey PLC  | 353139 | 9552523 |
| JTC PLC  | 339146 | 5945778 |
| Jupiter Fund Management PLC  | 915066 | 2312888 |
| Just Group PLC  | 1955730 | 5692607 |
| Kainos Group PLC  | 161964 | 1644030 |
| Keller Group PLC  | 142704 | 3865944 |
| Lancashire Holdings Ltd.  | 517981 | 4665874 |
| Lion Finance Group PLC  | 67498 | 10553950 |
| LondonMetric Property PLC  | 4758983 | 13756154 |
| Man Group PLC  | 2411594 | 8682788 |
| Marshalls PLC  | 477407 | 1154045 |
| Mitchells & Butlers PLC \* | 530761 | 2147880 |
| Mitie Group PLC  | 2559241 | 6214030 |
| Molten Ventures PLC \* | 308439 | 1915824 |
| MONY Group PLC  | 1014185 | 2345255 |
| Moonpig Group PLC  | 642243 | 1908254 |
| Morgan Advanced Materials PLC  | 582391 | 1890933 |
| Morgan Sindall Group PLC  | 91442 | 6085487 |
| NCC Group PLC  | 593548 | 1058142 |
| Ninety One PLC  | 535734 | 1796346 |
| Ocado Group PLC \* | 1243374 | 3512143 |
| OSB Group PLC  | 746315 | 6125651 |
| Oxford Instruments PLC  | 111091 | 3943004 |
| Oxford Nanopore Technologies PLC *\*(a)* | 911854 | 1631728 |
| Pagegroup PLC  | 661865 | 1667567 |
| Pan African Resources PLC  | 3609095 | 8695223 |
| Paragon Banking Group PLC  | 393728 | 4528566 |
| Pennon Group PLC  | 993673 | 8015657 |
| Pets at Home Group PLC  | 948588 | 2657784 |
| Picton Property Income Ltd.  | 1050422 | 1228648 |
| Playtech PLC  | 467394 | 2221350 |
| Plus500 Ltd.  | 142461 | 7676586 |
| Premier Foods PLC  | 1374355 | 3647460 |
| Primary Health Properties PLC  | 5359159 | 7803142 |
| PZ Cussons PLC  | 522364 | 576582 |
| QinetiQ Group PLC  | 999921 | 6788932 |
| Quilter PLC  | 2788053 | 7346856 |
| Rank Group PLC  | 408089 | 519028 |
| Raspberry PI Holdings PLC *\*(a)* | 134687 | 675790 |
| Rathbones Group PLC  | 117851 | 3588772 |
| Renishaw PLC  | 70909 | 4099343 |
| RHI Magnesita NV  | 37059 | 1666611 |
| Rotork PLC  | 1758560 | 9121449 |
| RS Group PLC  | 993456 | 9302810 |
| Safestore Holdings PLC  | 445262 | 4747153 |
| Savills PLC  | 276313 | 3766896 |
| Senior PLC  | 828759 | 3431811 |
| Serco Group PLC  | 2086752 | 8450263 |
| Shaftesbury Capital PLC  | 3108502 | 6456900 |
| Sirius Real Estate Ltd.  | 3105009 | 4671296 |
| Softcat PLC  | 273867 | 4197483 |
| Spire Healthcare Group PLC  | 554621 | 1513689 |
| SSP Group PLC  | 1663929 | 4599412 |
| Supermarket Income REIT PLC  | 2650015 | 3156650 |
| Tate & Lyle PLC  | 755506 | 3825275 |
| TBC Bank Group PLC  | 94260 | 6095607 |
| Telecom Plus PLC  | 155764 | 2869010 |
| THG PLC \* | 1499506 | 703587 |

---

*See financial notes*

**44**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| TP ICAP Group PLC  | 1560720 | 5308721 |
| Trainline PLC \* | 841079 | 2208429 |
| Travis Perkins PLC  | 430874 | 4043432 |
| Tritax Big Box REIT PLC  | 5182418 | 12004999 |
| Trustpilot Group PLC \* | 772951 | 1527614 |
| Vesuvius PLC  | 394362 | 2647817 |
| Victrex PLC  | 180934 | 1719824 |
| Vistry Group PLC \* | 668411 | 6263553 |
| Volution Group PLC  | 408084 | 3906375 |
| Watches of Switzerland Group PLC \* | 466714 | 3206389 |
| WH Smith PLC  | 259799 | 2401345 |
| Wickes Group PLC  | 466716 | 1578102 |
| Workspace Group PLC  | 277075 | 1601807 |
| Zigup PLC  | 445763 | 2460150 |
|  |  | **606063426** |
| **Total Common Stocks** <br>**(Cost $4,132,395,665)** | **Total Common Stocks** <br>**(Cost $4,132,395,665)** | **5655462311** |
| **PREFERRED STOCKS** 0.2% OF NET ASSETS | **PREFERRED STOCKS** 0.2% OF NET ASSETS | **PREFERRED STOCKS** 0.2% OF NET ASSETS |
| **Germany 0.1%** | **Germany 0.1%** | **Germany 0.1%** |
| Draegerwerk AG & Co. KGaA *(a)* | 18664 | 1974478 |
| KSB SE & Co. KGaA  | 1446 | 1843876 |
| Sixt SE  | 34588 | 2237926 |
|  |  | **6056280** |
| **Italy 0.1%** | **Italy 0.1%** | **Italy 0.1%** |
| Danieli & C Officine Meccaniche SpA - <br> RSP <br>| 74652 | 4158522 |
| **Republic of Korea 0.0%** | **Republic of Korea 0.0%** | **Republic of Korea 0.0%** |
| Daishin Securities Co. Ltd.  | 40842 | 790719 |
| **Sweden 0.0%** | **Sweden 0.0%** | **Sweden 0.0%** |
| Corem Property Group AB  | 21502 | 571951 |
| **Total Preferred Stocks** <br>**(Cost $6,974,359)** | **Total Preferred Stocks** <br>**(Cost $6,974,359)** | **11577472** |
| **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>| 143120 | 20611 |
| **United Kingdom 0.0%** | **United Kingdom 0.0%** | **United Kingdom 0.0%** |
| Greencore Group PLC  | Greencore Group PLC  | Greencore Group PLC  |
| CVR *\*(c)* | 357409 | 4325 |
| **Total Rights** <br>**(Cost $10,081)** | **Total Rights** <br>**(Cost $10,081)** | **24936** |
| **WARRANTS** 0.0% OF NET ASSETS | **WARRANTS** 0.0% OF NET ASSETS | **WARRANTS** 0.0% OF NET ASSETS |
| **Australia 0.0%** | **Australia 0.0%** | **Australia 0.0%** |
| Opthea Ltd. | Opthea Ltd. | Opthea Ltd. |
| expires 06/30/26 *\*(c)* | 332101 | 32187 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Webuild SpA | Webuild SpA | Webuild SpA |
| expires 08/02/30 *\*(a)(c)* | 41766 | 162931 |
| **Total Warrants** <br>**(Cost $0)** | **Total Warrants** <br>**(Cost $0)** | **195118** |

---

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

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 3.1% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 3.1% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 3.1% OF NET ASSETS |
| **Money Market Funds 3.1%** | **Money Market Funds 3.1%** | **Money Market Funds 3.1%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 3.63% *(d)*<br>| 5012874 | 5012874 |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 3.63% *(d)(e)*<br>| 169150733 | 169150733 |
|  |  | **174163607** |
| **Total Short-Term Investments** <br>**(Cost $174,163,607)** | **Total Short-Term Investments** <br>**(Cost $174,163,607)** | **174163607** |
| **Total Investments in Securities** <br>**(Cost $4,313,543,712)** | **Total Investments in Securities** <br>**(Cost $4,313,543,712)** | **5841423444** |

---

&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>| 125 | 19781875 | **1163490** |

---

&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 $160,013,339. 

*(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;

---

| | |
|:---|:---|
| CDI — | CHESS Depositary Interest |
| 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;

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**45**

------

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | |
|:---|:---|
|  | % OF NET ASSETS |
| **SECTOR WEIGHTINGS *(a)*** | **SECTOR WEIGHTINGS *(a)*** |
| Industrials | 21.4<br> %<br>|
| Materials | 16.6<br> %<br>|
| Financials | 12.6<br> %<br>|
| Consumer Discretionary | 9.6<br> %<br>|
| Real Estate | 8.7<br> %<br>|
| Information Technology | 8.4<br> %<br>|
| Health Care | 6.4<br> %<br>|
| Energy | 5.2<br> %<br>|
| Consumer Staples | 4.3<br> %<br>|
| Utilities | 3.2<br> %<br>|
| Communication Services | 3.2<br> %<br>|
| Short-Term Investments | 3.1<br> %<br>|
| **Total** | **102.7%**<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>| $5123799438 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5123799438 |
| Australia | 420358273 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2,493,965<br> \*<br>| &nbsp;&nbsp; 422852238 |
| Hong Kong | 61729462 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 61729462 |
| Singapore | 47081173 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 47081173 |
| Preferred Stocks<sup>1</sup> <br>| 11577472 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11577472 |
| Rights |  |  |  |  |
| New Zealand |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 20611 | &nbsp;&nbsp; 20611 |
| United Kingdom |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 4325 | &nbsp;&nbsp; 4325 |
| Warrants |  |  |  |  |
| Australia |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 32187 | &nbsp;&nbsp; 32187 |
| Italy |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 162931 | &nbsp;&nbsp; 162931 |
| Short-Term Investments<sup>1</sup> <br>| 174163607 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 174163607 |
| Futures Contracts<sup>2</sup> <br>| 1163490 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1163490 |
| **Total** | **$5839872915** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$2714019** | &nbsp;&nbsp; **$5842586934** |

---

&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*

**46**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab International Small-Cap Equity ETF

Statement of Assets and Liabilities

------

As of February 28, 2026; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $4,313,543,712) including securities on loan of $160,013,339 |  | $5841423444 |
| Cash |  | 41391 |
| Foreign currency, at value (cost $3,115,765) |  | 3124268 |
| Deposit with broker for futures contracts |  | 1806857 |
| Receivables: |  |  |
| Dividends |  | 7351689 |
| Foreign tax reclaims |  | 4125156 |
| Income from securities on loan | + | 268487 |
| **Total assets** |  | **5858141292** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 169150733 |
| Payables: |  |  |
| Investments bought |  | 887404 |
| Management fees |  | 321511 |
| Foreign capital gains tax |  | 186023 |
| Variation margin on futures contracts | + | 50626 |
| **Total liabilities** |  | **170596297** |
| **Net assets** |  | **$5687544995** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $4130036403 |
| Total distributable earnings | + | 1557508592 |
| **Net assets** |  | **$5687544995** |

---

&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** |
| $5687544995 |  | &nbsp;&nbsp;&nbsp;&nbsp; 110000000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $51.70 |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**47**

------

Schwab International Small-Cap Equity ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $4,802,510) |  | $43003438 |
| Securities on loan, net | + | 1831146 |
| **Total investment income**  |  | **44834584** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 2010210 |
| Professional fees | + | 18084 <br><sup>1</sup><br>|
| **Total expenses** |  | **2028294** |
| Expense reduction | – | 18084 <br><sup>1</sup><br>|
| **Net expenses** | – | **2010210** |
| **Net investment income** |  | **42824374** |
| **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 $7,333) |  | 194251279 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 324278663 |
| Net realized gains on futures contracts |  | 1815011 |
| Net realized losses on foreign currency transactions | + | (648148)<br>|
| **Net realized gains** |  | **519696805** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated <br> issuers (net of change in foreign capital gains tax of $42,560)<br>|  | 416920189 |
| Net change in unrealized appreciation (depreciation) on futures contracts |  | 1133534 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 120702 |
| **Net change in unrealized appreciation (depreciation)** |  | **418174425** |
| **Net realized and unrealized gains** |  | **937871230** |
| **Increase in net assets resulting from operations** |  | **$980695604** |

---

&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*

**48**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab International Small-Cap Equity ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 |
| Net investment income |  | $42824374 | &nbsp;&nbsp;&nbsp; $122861183 |
| Net realized gains |  | 519696805 | &nbsp;&nbsp;&nbsp; 106759774 |
| Net change in unrealized appreciation (depreciation) | + | 418174425 | &nbsp;&nbsp;&nbsp; 607950147 |
| **Increase in net assets resulting from operations** |  | **$980695604** | &nbsp;&nbsp;&nbsp; **$837571104** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($170410050)**<br>| &nbsp;&nbsp;&nbsp; **($140093440)**<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** |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 | 9/1/24-8/31/25 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 13900000 | &nbsp;&nbsp;&nbsp; $629566442 | &nbsp;&nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp; $157327959 |
| Shares redeemed | + | (12000000)<br>| &nbsp;&nbsp;&nbsp; (545403670)<br>| &nbsp;&nbsp;&nbsp; (8900000)<br>| &nbsp;&nbsp;&nbsp; (328639902)<br>|
| **Net transactions in fund shares**  |  | **1900000** | &nbsp;&nbsp;&nbsp; **$84162772** | &nbsp;&nbsp;&nbsp; **(4700000)**<br>| &nbsp;&nbsp;&nbsp; **($171311943)**<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** |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 | 9/1/24-8/31/25 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 108100000 | &nbsp;&nbsp;&nbsp; $4793096669 | &nbsp;&nbsp;&nbsp; 112800000 | &nbsp;&nbsp;&nbsp; $4266930948 |
| Total increase (decrease) | + | 1900000 | &nbsp;&nbsp;&nbsp; 894448326 | &nbsp;&nbsp;&nbsp; (4700000)<br>| &nbsp;&nbsp;&nbsp; 526165721 |
| **End of period** |  | **110000000** | &nbsp;&nbsp;&nbsp; **$5687544995** | &nbsp;&nbsp;&nbsp; **108100000** | &nbsp;&nbsp;&nbsp; **$4793096669** |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**49**

------

Schwab Emerging Markets Equity ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 9/1/25– <br>2/28/26\*<br>| 9/1/24– <br>8/31/25<br>| 9/1/23– <br>8/31/24<br>| 9/1/22– <br>8/31/23<br>| 9/1/21– <br>8/31/22<br>| 9/1/20– <br>8/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $31.21 | &nbsp;&nbsp; $27.23 | &nbsp;&nbsp; $24.62 | &nbsp;&nbsp; $25.22 | &nbsp;&nbsp; $31.64 | &nbsp;&nbsp; $27.11 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.24 | 0.73 | 0.69 | 0.75 | 0.93 | 0.63 |
| Net realized and unrealized gains (losses) | 5.06 | 4.06 | 2.78 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (6.63)<br>| 4.64 |
| Total from investment operations | 5.30 | 4.79 | 3.47 | 0.13 | &nbsp;&nbsp; (5.70)<br>| 5.27 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.74)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $35.60 | &nbsp;&nbsp; $31.21 | &nbsp;&nbsp; $27.23 | &nbsp;&nbsp; $24.62 | &nbsp;&nbsp; $25.22 | &nbsp;&nbsp; $31.64 |
| Total return | 17.26 %<sup>2</sup><br>| 17.98<br> %<br>| 14.57<br> %<br>| 0.61<br> %<br>| &nbsp;&nbsp; (18.32<br> %)<br>| 19.53<br> %<br>|
| **Ratios/Supplemental Data** | **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 %<sup>3</sup><br>| 0.10 %<sup>4</sup><br>| 0.11<br> %<br>| 0.11 %<sup>5</sup><br>| 0.11 %<sup>5</sup><br>| 0.11<br> %<br>|
| Net investment income (loss) | 1.41 %<sup>3</sup><br>| 2.57<br> %<br>| 2.73<br> %<br>| 3.09<br> %<br>| 3.33<br> %<br>| 2.04<br> %<br>|
| Portfolio turnover rate<sup>6</sup> <br>| &nbsp;&nbsp; 2 %<sup>2</sup><br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 15<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $12462 | &nbsp;&nbsp; $10641 | &nbsp;&nbsp; $9089 | &nbsp;&nbsp; $8463 | &nbsp;&nbsp; $8557 | &nbsp;&nbsp; $9505 |

---

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

\* Unaudited.

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

<sup>2</sup> Not annualized.

<sup>3</sup> Annualized.

<sup>4</sup> Effective June 10, 2025, the annual operating expense ratio was reduced to 0.07%. The ratio presented for the period ended August 31, 2025, is a blended ratio.

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

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

*See financial notes*

**50**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited)

------

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 98.2% OF NET ASSETS | **COMMON STOCKS** 98.2% OF NET ASSETS | **COMMON STOCKS** 98.2% OF NET ASSETS |
| **Brazil 3.4%** | **Brazil 3.4%** | **Brazil 3.4%** |
| Allos SA  | 454451 | 2896839 |
| Alupar Investimento SA  | 306183 | 2131433 |
| Ambev SA  | 5219573 | 16559411 |
| Auren Energia SA  | 385415 | 891324 |
| Axia Energia  | 1373626 | 16411139 |
| B3 SA - Brasil Bolsa Balcao  | 6229772 | 21744405 |
| Banco Bradesco SA  | 1829997 | 6555139 |
| Banco BTG Pactual SA  | 1437603 | 17172689 |
| Banco do Brasil SA  | 2193898 | 11529157 |
| Banco Santander Brasil SA  | 456115 | 2979487 |
| BB Seguridade Participacoes SA  | 749677 | 5069622 |
| Brava Energia \* | 528774 | 1921933 |
| Caixa Seguridade Participacoes SA  | 600740 | 2083938 |
| Cia de Saneamento Basico do Estado <br> de Sao Paulo SABESP <br>| 565781 | 16977788 |
| Cia De Sanena Do Parana  | 362036 | 3183836 |
| Cia Energetica de Minas Gerais  | 181203 | 551557 |
| Cia Paranaense de Energia - Copel  | 2211348 | 6321402 |
| Cia Siderurgica Nacional SA \* | 762812 | 1282174 |
| Cosan SA \* | 1446431 | 1774070 |
| CPFL Energia SA  | 246465 | 2419787 |
| CSN Mineracao SA  | 673352 | 714272 |
| Embraer SA  | 833541 | 15021568 |
| Energisa SA  | 373783 | 3924891 |
| Eneva SA \* | 1115815 | 4656164 |
| Engie Brasil Energia SA  | 437127 | 2870794 |
| Equatorial SA  | 1170540 | 9611559 |
| GPS Participacoes e <br> Empreendimentos SA <br>| 587872 | 2110371 |
| Grupo Mateus SA  | 523220 | 583583 |
| Hapvida Participacoes e <br> Investimentos SA \*<br>| 392600 | 803060 |
| Hypera SA  | 369965 | 1665017 |
| Itau Unibanco Holding SA  | 649235 | 5517108 |
| Klabin SA  | 908262 | 3641301 |
| Localiza Rent a Car SA  | 1056605 | 10458192 |
| Lojas Renner SA  | 1199761 | 3644891 |
| M Dias Branco SA  | 164171 | 749091 |
| MBRF Global Foods Co. SA  | 1057217 | 4263213 |
| Motiva Infraestrutura de Mobilidade <br> SA <br>| 1445755 | 4693872 |
| Multiplan Empreendimentos <br> Imobiliarios SA <br>| 433238 | 2973662 |
| Natura Cosmeticos SA \* | 1167841 | 2074553 |
| Neoenergia SA  | 243701 | 1561994 |
| Petroleo Brasileiro SA - Petrobras  | 4429356 | 36905902 |
| Porto Seguro SA  | 216754 | 2211771 |
| PRIO SA \* | 921331 | 9789372 |
| Raia Drogasil SA  | 1580507 | 7729409 |
| Rede D'Or Sao Luiz SA  | 1170076 | 9194783 |
| Rumo SA  | 1505322 | 4687666 |
| Sendas Distribuidora SA  | 1673032 | 3047007 |
| SLC Agricola SA  | 272571 | 875909 |
| Smartfit Escola de Ginastica e Danca <br> SA <br>| 436812 | 1720554 |
| Suzano SA  | 825896 | 9340620 |
| Telefonica Brasil SA  | 905540 | 7624522 |
| TIM SA  | 925555 | 5035340 |
| TOTVS SA  | 622831 | 4595616 |
| Transmissora Alianca de Energia <br> Eletrica SA <br>| 277390 | 2389675 |
| Ultrapar Participacoes SA  | 768915 | 3868302 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Vale SA  | 4294391 | 74083238 |
| Vibra Energia SA  | 1318175 | 7690543 |
| WEG SA  | 1755774 | 17015603 |
|  |  | **429802118** |
| **Chile 0.6%** | **Chile 0.6%** | **Chile 0.6%** |
| Aguas Andinas SA, Class A  | 4315559 | 1821723 |
| Banco de Chile  | 51409682 | 10586111 |
| Banco de Credito e Inversiones SA  | 90726 | 6205744 |
| Banco Itau Chile SA  | 77170 | 1845074 |
| Banco Santander Chile  | 77583119 | 6656524 |
| Cencosud SA  | 1594577 | 4975232 |
| Cencosud Shopping SA  | 670793 | 1941535 |
| Cia Cervecerias Unidas SA  | 120922 | 814640 |
| Cia Sud Americana de Vapores SA  | 16690752 | 905051 |
| Colbun SA  | 9835526 | 1635429 |
| Empresas CMPC SA  | 1274727 | 1885536 |
| Empresas Copec SA  | 447228 | 3684896 |
| Enel Americas SA  | 26231561 | 2355661 |
| Enel Chile SA  | 31012368 | 2591637 |
| Falabella SA  | 977786 | 7248328 |
| Latam Airlines Group SA  | 348041325 | 9778634 |
| Plaza SA  | 846453 | 3950772 |
| Quinenco SA  | 386946 | 1947700 |
|  |  | **70830227** |
| **China 30.0%** | **China 30.0%** | **China 30.0%** |
| 360 Security Technology, Inc., <br> A Shares <br>| 558000 | 1008497 |
| 37 Interactive Entertainment Network <br> Technology Group Co. Ltd., <br> A Shares <br>| 208800 | 745616 |
| 3peak, Inc., A Shares \* | 10330 | 266166 |
| 3SBio, Inc. \* | 2110975 | 5920980 |
| Accelink Technologies Co. Ltd., <br> A Shares <br>| 72700 | 804469 |
| ACM Research Shanghai, Inc., <br> A Shares <br>| 24254 | 608886 |
| Addsino Co. Ltd., A Shares \* | 127600 | 571893 |
| Advanced Micro-Fabrication <br> Equipment, Inc. China, A Shares <br>| 53140 | 2731471 |
| AECC Aero-Engine Control Co. Ltd., <br> A Shares <br>| 113300 | 460076 |
| AECC Aviation Power Co. Ltd., <br> A Shares <br>| 207500 | 1728133 |
| Agricultural Bank of China Ltd., <br> A Shares <br>| 7310700 | 6819583 |
| Agricultural Bank of China Ltd., <br> H Shares <br>| 36661539 | 24887374 |
| Aier Eye Hospital Group Co. Ltd., <br> A Shares <br>| 788344 | 1217981 |
| AIMA Technology Group Co. Ltd., <br> A Shares <br>| 34100 | 145627 |
| Air China Ltd., A Shares \* | 1042900 | 1278373 |
| Air China Ltd., H Shares *\*(a)* | 1868678 | 1622102 |
| Aisino Corp., A Shares  | 229700 | 338813 |
| Akeso, Inc. \* | 831676 | 11365950 |
| Alibaba Group Holding Ltd.  | 21446611 | 391800299 |
| Alibaba Health Information <br> Technology Ltd. \*<br>| 6871208 | 4901637 |
| All Winner Technology Co. Ltd., <br> A Shares <br>| 71370 | 443559 |
| Alpha Group, A Shares \* | 162500 | 217428 |
| Aluminum Corp. of China Ltd., <br> A Shares <br>| 1143700 | 2287100 |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**51**

------

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Aluminum Corp. of China Ltd., <br> H Shares <br>| 4538771 | 8204678 |
| Amlogic Shanghai Co. Ltd., A Shares \* | 40017 | 554099 |
| An Hui Wenergy Co. Ltd., A Shares  | 148100 | 186072 |
| Angang Steel Co. Ltd., H Shares *\*(a)* | 1911372 | 525361 |
| Angel Yeast Co. Ltd., A Shares  | 93800 | 601417 |
| Angelalign Technology, Inc. *(a)* | 92963 | 897880 |
| Anhui Anke Biotechnology Group Co. <br> Ltd., A Shares <br>| 148500 | 216877 |
| Anhui Conch Cement Co. Ltd., <br> A Shares <br>| 370400 | 1379910 |
| Anhui Conch Cement Co. Ltd., <br> H Shares <br>| 1414421 | 4430152 |
| Anhui Expressway Co. Ltd., H Shares  | 642307 | 1137277 |
| Anhui Gujing Distillery Co. Ltd., <br> A Shares <br>| 112704 | 1991117 |
| Anhui Jianghuai Automobile Group <br> Corp. Ltd., A Shares \*<br>| 179400 | 1432920 |
| Anhui Kouzi Distillery Co. Ltd., <br> A Shares <br>| 21100 | 86511 |
| Anhui Xinhua Media Co. Ltd., <br> A Shares <br>| 178100 | 181192 |
| Anhui Yingjia Distillery Co. Ltd., <br> A Shares <br>| 30900 | 171234 |
| Anhui Zhongding Sealing Parts Co. <br> Ltd., A Shares <br>| 113200 | 359685 |
| Anjoy Foods Group Co. Ltd., A Shares  | 30300 | 423570 |
| Anker Innovations Technology Co. <br> Ltd., A Shares <br>| 47000 | 662914 |
| ANTA Sports Products Ltd.  | 1496652 | 16273052 |
| Apeloa Pharmaceutical Co. Ltd., <br> A Shares <br>| 120600 | 317632 |
| APT Medical, Inc., A Shares  | 11591 | 416005 |
| ASR Microelectronics Co. Ltd., <br> A Shares \*<br>| 34590 | 492818 |
| Asymchem Laboratories Tianjin Co. <br> Ltd., A Shares <br>| 37980 | 539732 |
| Autel Intelligent Technology Corp. Ltd., <br> Class A <br>| 47966 | 256508 |
| Autobio Diagnostics Co. Ltd., <br> A Shares <br>| 67600 | 357760 |
| Autohome, Inc., ADR  | 77514 | 1486719 |
| Avary Holding Shenzhen Co. Ltd., <br> A Shares <br>| 202500 | 1741094 |
| AVIC Chengdu UAS Co. Ltd., Class A \* | 55557 | 403829 |
| AviChina Industry & Technology Co. <br> Ltd., H Shares <br>| 3075550 | 1671035 |
| Avicopter PLC, A Shares  | 57300 | 323627 |
| BAIC BluePark New Energy <br> Technology Co. Ltd., A Shares \*<br>| 461400 | 537333 |
| BAIC Foton Motor Co. Ltd., A Shares \* | 478600 | 223224 |
| BAIC Motor Corp. Ltd., H Shares \* | 2993030 | 696396 |
| Baidu, Inc., A Shares \* | 2575977 | 40736671 |
| Baiyin Nonferrous Group Co. Ltd., <br> A Shares <br>| 703100 | 1096528 |
| Bank of Beijing Co. Ltd., A Shares  | 1782000 | 1399959 |
| Bank of Changsha Co. Ltd., A Shares  | 372900 | 532644 |
| Bank of Chengdu Co. Ltd., A Shares  | 338400 | 797553 |
| Bank of China Ltd., A Shares  | 4332600 | 3334275 |
| Bank of China Ltd., H Shares  | 81677699 | 48450173 |
| Bank of Communications Co. Ltd., <br> A Shares <br>| 4450300 | 4248636 |
| Bank of Communications Co. Ltd., <br> H Shares <br>| 8828851 | 7742873 |
| Bank of Guiyang Co. Ltd., A Shares  | 407700 | 345252 |
| Bank of Hangzhou Co. Ltd., A Shares  | 564000 | 1335831 |
| Bank of Jiangsu Co. Ltd., A Shares  | 1636000 | 2467985 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Bank of Nanjing Co. Ltd., A Shares  | 992100 | 1626773 |
| Bank of Ningbo Co. Ltd., A Shares  | 570260 | 2600743 |
| Bank of Qingdao Co. Ltd., A Shares  | 700300 | 538936 |
| Bank of Shanghai Co. Ltd., A Shares  | 1156870 | 1632220 |
| Bank of Suzhou Co. Ltd., A Shares  | 346200 | 410239 |
| Bank of Xi'an Co. Ltd., Class A  | 326600 | 178512 |
| Bank of Zhengzhou Co. Ltd., A Shares  | 1609787 | 452840 |
| Baoshan Iron & Steel Co. Ltd., <br> A Shares <br>| 1888032 | 1981348 |
| BBMG Corp., A Shares  | 1810700 | 541027 |
| BBMG Jidong Cement Group Co. Ltd., <br> A Shares <br>| 287800 | 216870 |
| Beijing Capital Eco-Environment <br> Protection Group Co. Ltd., <br> A Shares <br>| 698900 | 323937 |
| Beijing Capital International Airport <br> Co. Ltd., H Shares \*<br>| 2460392 | 736027 |
| Beijing Compass Technology <br> Development Co. Ltd., A Shares \*<br>| 51800 | 876030 |
| Beijing Dabeinong Technology Group <br> Co. Ltd., A Shares <br>| 397000 | 234350 |
| Beijing Easpring Material Technology <br> Co. Ltd., A Shares <br>| 49000 | 407232 |
| Beijing E-Hualu Information <br> Technology Co. Ltd., A Shares \*<br>| 73800 | 136179 |
| Beijing Enlight Media Co. Ltd., <br> A Shares <br>| 270800 | 769271 |
| Beijing Enterprises Holdings Ltd.  | 614942 | 2767265 |
| Beijing Enterprises Water Group Ltd.  | 5452778 | 1972778 |
| Beijing Jetsen Technology Co. Ltd., <br> A Shares <br>| 319000 | 332907 |
| Beijing Jingneng Clean Energy Co. <br> Ltd., H Shares <br>| 2272526 | 688543 |
| Beijing Jingneng Power Co. Ltd., <br> Class A <br>| 730100 | 586345 |
| Beijing Kingsoft Office Software, Inc., <br> A Shares <br>| 39574 | 1737105 |
| Beijing New Building Materials PLC, <br> A Shares <br>| 164100 | 669469 |
| Beijing Originwater Technology Co. <br> Ltd., A Shares <br>| 349777 | 215141 |
| Beijing Roborock Technology Co. Ltd., <br> A Shares <br>| 22461 | 468444 |
| Beijing Shiji Information Technology <br> Co. Ltd., A Shares <br>| 252980 | 436942 |
| Beijing Shougang Co. Ltd., A Shares  | 284600 | 237274 |
| Beijing Shunxin Agriculture Co. Ltd., <br> A Shares <br>| 70600 | 149311 |
| Beijing Sinnet Technology Co. Ltd., <br> A Shares <br>| 130100 | 330896 |
| Beijing Tiantan Biological Products <br> Corp. Ltd., A Shares <br>| 163920 | 389677 |
| Beijing Tong Ren Tang Co. Ltd., <br> A Shares <br>| 138600 | 621598 |
| Beijing Ultrapower Software Co. Ltd., <br> A Shares <br>| 204800 | 347458 |
| Beijing United Information Technology <br> Co. Ltd., A Shares <br>| 71905 | 286429 |
| Beijing Wantai Biological Pharmacy <br> Enterprise Co. Ltd., A Shares \*<br>| 78250 | 467500 |
| Beijing Yanjing Brewery Co. Ltd., <br> A Shares <br>| 313000 | 589421 |
| Beijing Yuanliu Hongyuan Electronic <br> Technology Co. Ltd., A Shares <br>| 18400 | 179175 |
| Beijing Zhong Ke San Huan High-Tech <br> Co. Ltd., A Shares <br>| 117530 | 262267 |

---

*See financial notes*

**52**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Beijing-Shanghai High Speed Railway <br> Co. Ltd., A Shares <br>| 3679200 | 2654468 |
| BeOne Medicines Ltd., Class A \* | 9613 | 361071 |
| BeOne Medicines Ltd., Class H \* | 963876 | 23695960 |
| Bestechnic Shanghai Co. Ltd., <br> A Shares <br>| 12684 | 382411 |
| Bethel Automotive Safety Systems Co. <br> Ltd., A Shares <br>| 54740 | 440256 |
| Betta Pharmaceuticals Co. Ltd., <br> A Shares <br>| 40000 | 268186 |
| BGI Genomics Co. Ltd., A Shares \* | 28700 | 203258 |
| Bilibili, Inc., Z Shares \* | 343286 | 9707672 |
| Bloomage Biotechnology Corp. Ltd., <br> A Shares <br>| 34275 | 236596 |
| Blue Moon Group Holdings Ltd. *\*(a)* | 2017005 | 740053 |
| Bluefocus Intelligent Communications <br> Group Co. Ltd., A Shares <br>| 385640 | 1039855 |
| BOC International China Co. Ltd., <br> A Shares <br>| 207000 | 431747 |
| BOE Technology Group Co. Ltd., <br> A Shares <br>| 3306200 | 2158868 |
| BOE Technology Group Co. Ltd., <br> B Shares <br>| 1136950 | 479655 |
| Bosideng International Holdings Ltd.  | 4900381 | 3044668 |
| Bright Dairy & Food Co. Ltd., <br> A Shares <br>| 43000 | 49826 |
| Brilliance China Automotive Holdings <br> Ltd. <br>| 3547190 | 1891012 |
| BTG Hotels Group Co. Ltd., A Shares  | 102500 | 260848 |
| Business-intelligence of Oriental <br> Nations Corp. Ltd., A Shares \*<br>| 157600 | 315159 |
| BYD Co. Ltd., A Shares  | 454000 | 5910490 |
| BYD Co. Ltd., H Shares  | 4417228 | 53618992 |
| BYD Electronic International Co. Ltd.  | 916856 | 3781284 |
| By-health Co. Ltd., A Shares  | 78200 | 137459 |
| C&D International Investment Group <br> Ltd. <br>| 1177442 | 2275963 |
| C&S Paper Co. Ltd., A Shares  | 151300 | 200016 |
| Caida Securities Co. Ltd., A Shares  | 256100 | 255693 |
| Caitong Securities Co. Ltd., A Shares  | 479760 | 607663 |
| Cambricon Technologies Corp. Ltd., <br> A Shares \*<br>| 34867 | 5986580 |
| Camel Group Co. Ltd., A Shares  | 173400 | 247682 |
| Canmax Technologies Co. Ltd., <br> A Shares <br>| 73320 | 538286 |
| CanSino Biologics, Inc., H Shares *\*(a)* | 137068 | 621718 |
| Capital Securities Co. Ltd., A Shares  | 94900 | 253126 |
| Cathay Biotech, Inc., A Shares  | 71206 | 567498 |
| CCOOP Group Co. Ltd., A Shares \* | 1547500 | 521029 |
| CECEP Solar Energy Co. Ltd., <br> A Shares <br>| 345700 | 293756 |
| CECEP Wind-Power Corp., A Shares  | 627620 | 302792 |
| Central China Securities Co. Ltd., <br> H Shares <br>| 788150 | 210586 |
| CETC Cyberspace Security Technology <br> Co. Ltd., A Shares <br>| 87900 | 257772 |
| CGN Power Co. Ltd., A Shares  | 1447700 | 833479 |
| CGN Power Co. Ltd., H Shares  | 13064319 | 5244333 |
| Changchun High-Tech Industry Group <br> Co. Ltd., A Shares <br>| 41300 | 576499 |
| Changjiang Securities Co. Ltd., <br> A Shares <br>| 519900 | 602429 |
| Changzhou Xingyu Automotive <br> Lighting Systems Co. Ltd., <br> A Shares <br>| 26400 | 587227 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Chaozhou Three-Circle Group Co. <br> Ltd., A Shares <br>| 176408 | 1622432 |
| Chengdu Kanghong Pharmaceutical <br> Group Co. Ltd., A Shares <br>| 79100 | 337111 |
| Chengdu Xingrong Environment Co. <br> Ltd., A Shares <br>| 283400 | 304842 |
| Chengxin Lithium Group Co. Ltd., <br> A Shares \*<br>| 81300 | 504918 |
| Chifeng Jilong Gold Mining Co. Ltd., <br> A Shares <br>| 145100 | 844261 |
| Chifeng Jilong Gold Mining Co. Ltd., <br> H Shares *(a)*<br>| 215915 | 1094736 |
| China Baoan Group Co. Ltd., <br> A Shares <br>| 261200 | 363576 |
| China Bohai Bank Co. Ltd., H Shares \* | 4048867 | 471030 |
| China Cinda Asset Management Co. <br> Ltd., H Shares *(a)*<br>| 13768507 | 2217845 |
| China CITIC Bank Corp. Ltd., <br> A Shares <br>| 1128300 | 1184066 |
| China CITIC Bank Corp. Ltd., <br> H Shares <br>| 10832565 | 9984824 |
| China CITIC Financial Asset <br> Management Co. Ltd., H Shares \*<br>| 21654188 | 2353069 |
| China Coal Energy Co. Ltd., A Shares  | 482300 | 1066404 |
| China Coal Energy Co. Ltd., H Shares  | 2741930 | 4556943 |
| China Communications Services Corp. <br> Ltd., H Shares <br>| 3212764 | 1827733 |
| China Conch Venture Holdings Ltd.  | 1549830 | 2633194 |
| China Construction Bank Corp., <br> A Shares <br>| 1740500 | 2179145 |
| China Construction Bank Corp., <br> H Shares <br>| 104608859 | 106853587 |
| China CSSC Holdings Ltd., A Shares  | 618200 | 3401456 |
| China Eastern Airlines Corp. Ltd., <br> A Shares \*<br>| 1261500 | 1053564 |
| China Eastern Airlines Corp. Ltd., <br> H Shares *\*(a)*<br>| 2226334 | 1579637 |
| China Energy Engineering Corp. Ltd., <br> A Shares <br>| 2956108 | 1094392 |
| China Energy Engineering Corp. Ltd., <br> H Shares <br>| 5937367 | 1001940 |
| China Enterprise Co. Ltd., A Shares \* | 460400 | 193933 |
| China Everbright Bank Co. Ltd., <br> A Shares <br>| 4025300 | 1900913 |
| China Everbright Bank Co. Ltd., <br> H Shares <br>| 3563789 | 1498931 |
| China Everbright Environment Group <br> Ltd. <br>| 4398104 | 2878786 |
| China Everbright Ltd. *(a)* | 968507 | 1089580 |
| China Feihe Ltd.  | 4689030 | 2277930 |
| China Film Group Co. Ltd., A Shares  | 162200 | 351308 |
| China Galaxy Securities Co. Ltd., <br> A Shares <br>| 560300 | 1193135 |
| China Galaxy Securities Co. Ltd., <br> H Shares <br>| 4173728 | 5287759 |
| China Gas Holdings Ltd.  | 3325584 | 3443712 |
| China Great Wall Securities Co. Ltd., <br> A Shares <br>| 279900 | 404292 |
| China Greatwall Technology Group Co. <br> Ltd., A Shares \*<br>| 301900 | 730009 |
| China Hongqiao Group Ltd.  | 3710058 | 16818734 |
| China International Capital Corp. Ltd., <br> A Shares <br>| 308800 | 1559550 |
| China International Capital Corp. Ltd., <br> H Shares <br>| 2003198 | 5188445 |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**53**

------

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| China International Marine Containers <br> Group Co. Ltd., H Shares <br>| 1009440 | 1606659 |
| China Jinmao Holdings Group Ltd.  | 8724029 | 1773324 |
| China Jushi Co. Ltd., A Shares  | 378277 | 1490855 |
| China Lesso Group Holdings Ltd.  | 1223161 | 1069581 |
| China Life Insurance Co. Ltd., <br> H Shares <br>| 8928590 | 36046978 |
| China Literature Ltd. \* | 511421 | 2066044 |
| China Longyuan Power Group Corp. <br> Ltd., H Shares <br>| 3929530 | 3802860 |
| China Medical System Holdings Ltd.  | 1457370 | 2720173 |
| China Meheco Group Co. Ltd., <br> A Shares <br>| 150240 | 233433 |
| China Mengniu Dairy Co. Ltd.  | 3487768 | 7214396 |
| China Merchants Bank Co. Ltd., <br> A Shares <br>| 1731000 | 9776596 |
| China Merchants Bank Co. Ltd., <br> H Shares <br>| 4539522 | 28343902 |
| China Merchants Energy Shipping Co. <br> Ltd., A Shares <br>| 784800 | 1857650 |
| China Merchants Expressway <br> Network & Technology Holdings <br> Co. Ltd., A Shares <br>| 516800 | 729903 |
| China Merchants Port Group Co. Ltd., <br> A Shares <br>| 74200 | 221706 |
| China Merchants Port Holdings Co. <br> Ltd. <br>| 1359589 | 3038246 |
| China Merchants Securities Co. Ltd., <br> A Shares <br>| 669180 | 1619086 |
| China Merchants Securities Co. Ltd., <br> H Shares <br>| 535640 | 964846 |
| China Merchants Shekou Industrial <br> Zone Holdings Co. Ltd., A Shares <br>| 705400 | 1018892 |
| China Minsheng Banking Corp. Ltd., <br> A Shares <br>| 3084700 | 1744470 |
| China Minsheng Banking Corp. Ltd., <br> H Shares <br>| 7811327 | 4044396 |
| China National Accord Medicines <br> Corp. Ltd., B Shares <br>| 228748 | 405024 |
| China National Building Material Co. <br> Ltd., H Shares <br>| 4154800 | 3611877 |
| China National Chemical Engineering <br> Co. Ltd., A Shares <br>| 575800 | 783858 |
| China National Medicines Corp. Ltd., <br> A Shares <br>| 46400 | 198020 |
| China National Nuclear Power Co. <br> Ltd., A Shares <br>| 1734500 | 2153936 |
| China National Software & Service Co. <br> Ltd., A Shares \*<br>| 80470 | 523221 |
| China Northern Rare Earth Group <br> High-Tech Co. Ltd., A Shares <br>| 308600 | 2806722 |
| China Oilfield Services Ltd., A Shares  | 158229 | 389063 |
| China Oilfield Services Ltd., H Shares  | 2217301 | 2860156 |
| China Overseas Land & Investment <br> Ltd. <br>| 4391422 | 8056213 |
| China Pacific Insurance Group Co. <br> Ltd., A Shares <br>| 593500 | 3530256 |
| China Pacific Insurance Group Co. <br> Ltd., H Shares <br>| 3061834 | 14068039 |
| China Petroleum & Chemical Corp., <br> A Shares <br>| 2749100 | 2588463 |
| China Petroleum & Chemical Corp., <br> H Shares <br>| 27660632 | 19272252 |
| China Power International <br> Development Ltd. <br>| 4508246 | 1890407 |
| China Railway Group Ltd., A Shares  | 1847200 | 1696186 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| China Railway Group Ltd., H Shares  | 4724454 | 3122598 |
| China Railway Hi-tech Industry Co. <br> Ltd., A Shares <br>| 193200 | 238793 |
| China Railway Signal & <br> Communication Corp. Ltd., <br> A Shares <br>| 516806 | 430866 |
| China Railway Signal & <br> Communication Corp. Ltd., <br> H Shares <br>| 1856909 | 873599 |
| China Rare Earth Nonferrous Metals <br> Co. Ltd., A Shares \*<br>| 24300 | 361548 |
| China Rare Earth Resources & <br> Technology Co. Ltd., A Shares \*<br>| 93300 | 883650 |
| China Reinsurance Group Corp., <br> H Shares <br>| 8189795 | 1727551 |
| China Resources Beer Holdings Co. <br> Ltd. <br>| 1902715 | 6713619 |
| China Resources Boya <br> Bio-pharmaceutical Group Co. <br> Ltd., A Shares <br>| 58000 | 188095 |
| China Resources Building Materials <br> Technology Holdings Ltd. <br>| 2857355 | 686746 |
| China Resources Double Crane <br> Pharmaceutical Co. Ltd., A Shares <br>| 108140 | 290017 |
| China Resources Gas Group Ltd.  | 1084216 | 2908005 |
| China Resources Land Ltd.  | 3439801 | 13975298 |
| China Resources Microelectronics <br> Ltd., A Shares <br>| 93908 | 781552 |
| China Resources Mixc Lifestyle <br> Services Ltd. <br>| 766200 | 4662544 |
| China Resources Pharmaceutical <br> Group Ltd. *(a)*<br>| 2172247 | 1263556 |
| China Resources Power Holdings Co. <br> Ltd. <br>| 2397933 | 5726480 |
| China Resources Sanjiu Medical & <br> Pharmaceutical Co. Ltd., A Shares <br>| 127855 | 538188 |
| China Ruyi Holdings Ltd. *\*(a)* | 12673502 | 3289020 |
| China Shenhua Energy Co. Ltd., <br> A Shares <br>| 558870 | 3442383 |
| China Shenhua Energy Co. Ltd., <br> H Shares <br>| 4049864 | 23277729 |
| China South Publishing & Media <br> Group Co. Ltd., A Shares <br>| 175200 | 283705 |
| China Southern Airlines Co. Ltd., <br> A Shares \*<br>| 1070800 | 1145574 |
| China Southern Airlines Co. Ltd., <br> H Shares \*<br>| 1940311 | 1458554 |
| China Southern Power Grid Energy <br> Efficiency&Clean Energy Co. Ltd., <br> A Shares <br>| 262500 | 314500 |
| China Southern Power Grid Energy <br> Storage Co. Ltd., A Shares <br>| 143300 | 311835 |
| China State Construction Engineering <br> Corp. Ltd., A Shares <br>| 3368900 | 2474786 |
| China State Construction International <br> Holdings Ltd. <br>| 2009496 | 2386584 |
| China Suntien Green Energy Corp. <br> Ltd., H Shares <br>| 2563749 | 1376571 |
| China Taiping Insurance Holdings Co. <br> Ltd. <br>| 1663723 | 4862181 |
| China Three Gorges Renewables <br> Group Co. Ltd., A Shares <br>| 2323100 | 1408576 |
| China Tourism Group Duty Free Corp. <br> Ltd., A Shares <br>| 162100 | 1903834 |
| China Tourism Group Duty Free Corp. <br> Ltd., H Shares *(a)*<br>| 140044 | 1412588 |

---

*See financial notes*

**54**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| China Tower Corp. Ltd., H Shares  | 5589719 | 7967805 |
| China Traditional Chinese Medicine <br> Holdings Co. Ltd. *(a)*<br>| 3946320 | 1019102 |
| China TransInfo Technology Co. Ltd., <br> A Shares <br>| 156500 | 265969 |
| China United Network <br> Communications Ltd., A Shares <br>| 2642100 | 1894669 |
| China Vanke Co. Ltd., A Shares \* | 847900 | 598148 |
| China Vanke Co. Ltd., H Shares *\*(a)* | 2476922 | 1190622 |
| China World Trade Center Co. Ltd., <br> A Shares <br>| 64000 | 190296 |
| China XD Electric Co. Ltd., A Shares  | 448200 | 1050453 |
| China Yangtze Power Co. Ltd., <br> A Shares <br>| 2072700 | 7866768 |
| China Zhenhua Group Science & <br> Technology Co. Ltd., A Shares <br>| 51400 | 432572 |
| China Zheshang Bank Co. Ltd., <br> A Shares <br>| 2134990 | 927323 |
| China Zheshang Bank Co. Ltd., <br> H Shares <br>| 2970345 | 1021487 |
| Chinalin Securities Co. Ltd., A Shares  | 124200 | 327838 |
| Chinese Universe Publishing & Media <br> Group Co. Ltd., A Shares <br>| 121000 | 166133 |
| Chongqing Afari Technology Co. Ltd., <br> A Shares \*<br>| 415500 | 705531 |
| Chongqing Brewery Co. Ltd., <br> A Shares <br>| 45800 | 370157 |
| Chongqing Changan Automobile Co. <br> Ltd., A Shares <br>| 697664 | 1124658 |
| Chongqing Changan Automobile Co. <br> Ltd., B Shares <br>| 1989198 | 1032471 |
| Chongqing Department Store Co. Ltd., <br> A shares <br>| 53000 | 183699 |
| Chongqing Fuling Zhacai Group Co. <br> Ltd., A Shares <br>| 110760 | 214711 |
| Chongqing Rural Commercial Bank <br> Co. Ltd., Class A <br>| 562500 | 532091 |
| Chongqing Rural Commercial Bank <br> Co. Ltd., H Shares <br>| 2832791 | 2133063 |
| Chongqing Taiji Industry Group Co. <br> Ltd., A Shares \*<br>| 44900 | 115704 |
| Chongqing Water Group Co. Ltd., <br> A Shares <br>| 50100 | 33590 |
| Chongqing Zhifei Biological Products <br> Co. Ltd., A Shares \*<br>| 206100 | 519388 |
| Cinda Securities Co. Ltd., A Shares  | 161100 | 415846 |
| CITIC Ltd.  | 6110463 | 9780303 |
| Citic Pacific Special Steel Group Co. <br> Ltd., A Shares <br>| 217010 | 570288 |
| CITIC Securities Co. Ltd., A Shares  | 1040280 | 4149960 |
| CITIC Securities Co. Ltd., H Shares  | 1899616 | 6814396 |
| CMOC Group Ltd., A Shares  | 1465900 | 5125704 |
| CMOC Group Ltd., H Shares  | 4348858 | 13432165 |
| CNGR Advanced Material Co. Ltd., <br> A Shares <br>| 57380 | 479972 |
| CNOOC Energy Technology & Services <br> Ltd., A Shares <br>| 654800 | 437112 |
| CNPC Capital Co. Ltd., A Shares  | 687700 | 911133 |
| COFCO Sugar Holding Co. Ltd., <br> A Shares <br>| 222800 | 510489 |
| Contemporary Amperex Technology <br> Co. Ltd., A Shares <br>| 372300 | 18558837 |
| Contemporary Amperex Technology <br> Co. Ltd., H Shares *(a)*<br>| 94700 | 6004896 |
| COSCO SHIPPING Development Co. <br> Ltd., A Shares <br>| 1177600 | 499470 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| COSCO SHIPPING Development Co. <br> Ltd., H Shares <br>| 3948927 | 600759 |
| COSCO SHIPPING Energy <br> Transportation Co. Ltd., A Shares <br>| 320100 | 960174 |
| COSCO SHIPPING Energy <br> Transportation Co. Ltd., <br> H Shares *(a)*<br>| 1570645 | 3780961 |
| COSCO SHIPPING Holdings Co. Ltd., <br> A Shares <br>| 1101821 | 2410519 |
| COSCO SHIPPING Holdings Co. Ltd., <br> H Shares <br>| 2973469 | 5770442 |
| COSCO SHIPPING Ports Ltd.  | 1559601 | 1293993 |
| Country Garden Services Holdings Co. <br> Ltd. <br>| 2553299 | 2062969 |
| CRRC Corp. Ltd., A Shares  | 2091100 | 1917098 |
| CRRC Corp. Ltd., H Shares  | 4739130 | 3513990 |
| CSC Financial Co. Ltd., A Shares  | 358800 | 1247268 |
| CSC Financial Co. Ltd., H Shares  | 978159 | 1499348 |
| CSG Holding Co. Ltd., A Shares  | 275200 | 201760 |
| CSG Holding Co. Ltd., B Shares  | 798385 | 175556 |
| CSI Solar Co. Ltd., A Shares  | 408238 | 864566 |
| CSPC Innovation Pharmaceutical Co. <br> Ltd., A Shares <br>| 103920 | 500296 |
| CSPC Pharmaceutical Group Ltd.  | 9515123 | 12042689 |
| CSSC Science & Technology Co. Ltd., <br> A Shares <br>| 116000 | 226052 |
| Daan Gene Co. Ltd., A Shares \* | 140160 | 128906 |
| Damai Entertainment Holdings Ltd. \* | 14382336 | 1507708 |
| Daqin Railway Co. Ltd., A Shares  | 1596100 | 1186449 |
| Daqo New Energy Corp., ADR \* | 48566 | 1171412 |
| DaShenLin Pharmaceutical Group Co. <br> Ltd., A Shares <br>| 89400 | 255134 |
| Datang International Power <br> Generation Co. Ltd., H Shares <br>| 4471050 | 1514709 |
| DHC Software Co. Ltd., A Shares  | 238800 | 336573 |
| Dian Diagnostics Group Co. Ltd., <br> A Shares <br>| 69500 | 235114 |
| Digital China Information Service <br> Group Co. Ltd., A Shares \*<br>| 111000 | 295584 |
| Do-Fluoride New Materials Co. Ltd., <br> A Shares <br>| 98280 | 438907 |
| Dong-E-E-Jiao Co. Ltd., A Shares  | 58500 | 463590 |
| Dongfang Electric Corp. Ltd., <br> A Shares <br>| 268900 | 1452889 |
| Dongfang Electric Corp. Ltd., <br> H Shares *(a)*<br>| 441953 | 2236278 |
| DongFeng Automobile Co. Ltd., <br> A Shares <br>| 174000 | 176006 |
| Dongfeng Motor Group Co. Ltd., <br> H Shares \*<br>| 2604394 | 3266251 |
| Dongguan Development Holdings Co. <br> Ltd., A Shares <br>| 98400 | 158050 |
| Dongguan Yiheda Automation Co. <br> Ltd., A Shares <br>| 59500 | 259650 |
| Dongxing Securities Co. Ltd., <br> A Shares <br>| 284900 | 579691 |
| Double Medical Technology, Inc., <br> Class A <br>| 13200 | 94620 |
| East Buy Holding Ltd. *\*(a)* | 512520 | 1666870 |
| East Money Information Co. Ltd., <br> A Shares <br>| 1322602 | 4341267 |
| Eastern Air Logistics Co. Ltd., <br> A Shares <br>| 146200 | 405513 |
| Eastroc Beverage Group Co. Ltd., <br> A Shares <br>| 44400 | 1563244 |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**55**

------

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Easyhome New Retail Group Co. Ltd., <br> A Shares \*<br>| 488900 | 210926 |
| Ecovacs Robotics Co. Ltd., A Shares  | 51200 | 517381 |
| Empyrean Technology Co. Ltd., <br> A Shares <br>| 38000 | 559291 |
| ENN Energy Holdings Ltd.  | 901334 | 7927715 |
| ENN Natural Gas Co. Ltd., A Shares  | 247475 | 735474 |
| Eoptolink Technology, Inc. Ltd., <br> A Shares <br>| 82340 | 4318803 |
| Eve Energy Co. Ltd., A Shares  | 183536 | 1667390 |
| Everbright Securities Co. Ltd., <br> A Shares <br>| 308800 | 748944 |
| Everbright Securities Co. Ltd., <br> H Shares <br>| 450055 | 492508 |
| Everdisplay Optronics Shanghai Co. <br> Ltd., A Shares \*<br>| 668463 | 254294 |
| Eyebright Medical Technology Beijing <br> Co. Ltd., A Shares <br>| 15044 | 136694 |
| Fangda Carbon New Material Co. Ltd., <br> A Shares <br>| 344780 | 317096 |
| Far East Horizon Ltd.  | 2798802 | 2769408 |
| Farasis Energy Gan Zhou Co. Ltd., <br> A Shares \*<br>| 93274 | 197671 |
| FAW Jiefang Group Co. Ltd., <br> A Shares <br>| 236400 | 238781 |
| Fiberhome Telecommunication <br> Technologies Co. Ltd., A Shares <br>| 98800 | 742343 |
| Financial Street Holdings Co. Ltd., <br> A Shares \*<br>| 190300 | 78495 |
| First Capital Securities Co. Ltd., <br> A Shares <br>| 423400 | 464692 |
| Flat Glass Group Co. Ltd., A Shares \* | 127900 | 318403 |
| Flat Glass Group Co. Ltd., <br> H Shares *\*(a)*<br>| 576350 | 799447 |
| Focus Media Information Technology <br> Co. Ltd., A Shares <br>| 1152500 | 1187625 |
| Foshan Haitian Flavouring & Food Co. <br> Ltd., A Shares <br>| 413304 | 2166248 |
| Fosun International Ltd. *(a)* | 2030342 | 1004509 |
| Founder Securities Co. Ltd., A Shares  | 690500 | 772936 |
| Foxconn Industrial Internet Co. Ltd., <br> A Shares <br>| 967700 | 7856242 |
| Fujian Funeng Co. Ltd., A Shares  | 144620 | 218166 |
| Fujian Kuncai Material Technology Co. <br> Ltd., A Shares \*<br>| 35980 | 108398 |
| Fujian Sunner Development Co. Ltd., <br> A Shares <br>| 120900 | 340097 |
| Full Truck Alliance Co. Ltd., ADR  | 1007021 | 9445857 |
| Fushun Special Steel Co. Ltd., <br> A Shares <br>| 131200 | 149923 |
| Fuyao Glass Industry Group Co. Ltd., <br> A Shares <br>| 178300 | 1569666 |
| Fuyao Glass Industry Group Co. Ltd., <br> H Shares <br>| 723505 | 6012135 |
| GalaxyCore, Inc., Class A  | 210559 | 518042 |
| Gambol Pet Group Co. Ltd., A Shares  | 16800 | 151009 |
| Gan & Lee Pharmaceuticals Co. Ltd., <br> A Shares <br>| 48600 | 467306 |
| Ganfeng Lithium Group Co. Ltd., <br> A Shares <br>| 142320 | 1516360 |
| Ganfeng Lithium Group Co. Ltd., <br> H Shares *(a)*<br>| 524442 | 4612748 |
| G-bits Network Technology Xiamen <br> Co. Ltd., A Shares <br>| 6200 | 379153 |
| GCL System Integration Technology <br> Co. Ltd., A Shares \*<br>| 557600 | 407173 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| GCL Technology Holdings Ltd. \* | 30149058 | 4625182 |
| GD Power Development Co. Ltd., <br> A Shares <br>| 1636300 | 1171017 |
| GDS Holdings Ltd., A Shares \* | 996626 | 5328318 |
| Geely Automobile Holdings Ltd.  | 7467403 | 15417572 |
| GEM Co. Ltd., A Shares  | 495400 | 717008 |
| Gemdale Corp., A Shares \* | 431500 | 206917 |
| Genscript Biotech Corp. \* | 1471105 | 2245545 |
| GF Securities Co. Ltd., A Shares  | 505200 | 1534546 |
| GF Securities Co. Ltd., H Shares *(a)* | 1520454 | 3351077 |
| Giant Biogene Holding Co. Ltd. *(a)* | 598769 | 2443408 |
| Giant Network Group Co. Ltd., <br> A Shares <br>| 161000 | 870600 |
| GigaDevice Semiconductor, Inc., <br> A Shares <br>| 61184 | 2675334 |
| Ginlong Technologies Co. Ltd., <br> A Shares <br>| 37350 | 458321 |
| Glarun Technology Co. Ltd., A Shares  | 112900 | 480996 |
| GoerTek, Inc., A Shares  | 321300 | 1272855 |
| Goke Microelectronics Co. Ltd., <br> A Shares <br>| 17300 | 406471 |
| Goldwind Science & Technology Co. <br> Ltd., A Shares <br>| 372700 | 1545470 |
| Goldwind Science & Technology Co. <br> Ltd., H Shares <br>| 923136 | 1826882 |
| Goneo Group Co. Ltd., A Shares  | 66584 | 422646 |
| GoodWe Technologies Co. Ltd., <br> A Shares \*<br>| 18877 | 239646 |
| Gotion High-tech Co. Ltd., A Shares  | 154200 | 851810 |
| Grandjoy Holdings Group Co. Ltd., <br> A Shares \*<br>| 359072 | 181083 |
| Great Wall Motor Co. Ltd., A Shares  | 244600 | 730852 |
| Great Wall Motor Co. Ltd., H Shares  | 2725678 | 4481149 |
| Gree Electric Appliances, Inc. of <br> Zhuhai, A Shares <br>| 326700 | 1783281 |
| Green Development Electricity Group <br> of Tianjin Co. Ltd., A Shares <br>| 177500 | 232841 |
| Greenland Holdings Corp. Ltd., <br> A Shares \*<br>| 605500 | 150031 |
| Greentown China Holdings Ltd.  | 1199548 | 1604069 |
| GRG Banking Equipment Co. Ltd., <br> A Shares <br>| 247500 | 496017 |
| Guangdong Baolihua New Energy <br> Stock Co. Ltd., A Shares <br>| 342000 | 233287 |
| Guangdong Electric Power <br> Development Co. Ltd., B Shares <br>| 1401814 | 360214 |
| Guangdong Golden Dragon <br> Development, Inc., A Shares \*<br>| 75300 | 142239 |
| Guangdong Haid Group Co. Ltd., <br> A Shares <br>| 122800 | 981018 |
| Guangdong HEC Technology Holding <br> Co. Ltd., A Shares *\*(b)*<br>| 254900 | 1404367 |
| Guangdong Investment Ltd.  | 3250922 | 3171064 |
| Guangdong Kinlong Hardware <br> Products Co. Ltd., A Shares <br>| 21800 | 78514 |
| Guangdong South New Media Co. <br> Ltd., A Shares <br>| 24100 | 160388 |
| Guangdong Xinbao Electrical <br> Appliances Holdings Co. Ltd., <br> A Shares <br>| 74500 | 157124 |
| Guanghui Energy Co. Ltd., A Shares  | 622300 | 533330 |
| Guangshen Railway Co. Ltd., <br> H Shares <br>| 2674188 | 748704 |
| Guangxi Guiguan Electric Power Co. <br> Ltd., A Shares <br>| 98200 | 127242 |

---

*See financial notes*

**56**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Guangxi Liugong Machinery Co. Ltd., <br> A Shares <br>| 202000 | 351540 |
| Guangzhou Automobile Group Co. <br> Ltd., A Shares <br>| 336160 | 394422 |
| Guangzhou Automobile Group Co. <br> Ltd., H Shares *(a)*<br>| 2881367 | 1373983 |
| Guangzhou Baiyun International <br> Airport Co. Ltd., A Shares <br>| 118300 | 162081 |
| Guangzhou Baiyunshan <br> Pharmaceutical Holdings Co. Ltd., <br> A Shares <br>| 179500 | 661656 |
| Guangzhou Baiyunshan <br> Pharmaceutical Holdings Co. Ltd., <br> H Shares <br>| 248916 | 610663 |
| Guangzhou Development Group, Inc., <br> A Shares <br>| 314700 | 338510 |
| Guangzhou Great Power Energy & <br> Technology Co. Ltd., A Shares \*<br>| 33200 | 213643 |
| Guangzhou Haige Communications <br> Group, Inc. Co., A Shares <br>| 271400 | 698585 |
| Guangzhou Kingmed Diagnostics <br> Group Co. Ltd., A Shares <br>| 45900 | 208329 |
| Guangzhou Port Co. Ltd., A Shares  | 429800 | 224895 |
| Guangzhou Shiyuan Electronic <br> Technology Co. Ltd., A Shares <br>| 64400 | 362883 |
| Guangzhou Tinci Materials Technology <br> Co. Ltd., A Shares <br>| 187780 | 1157186 |
| Guangzhou Wondfo Biotech Co. Ltd., <br> A Shares <br>| 48200 | 142614 |
| Guangzhou Yuexiu Capital Holdings <br> Group Co. Ltd., A Shares <br>| 280118 | 393584 |
| Guangzhou Zhujiang Brewery Co. Ltd., <br> A Shares <br>| 214300 | 296732 |
| Guizhou Panjiang Refined Coal Co. <br> Ltd., A Shares <br>| 257100 | 223715 |
| Guobo Electronics Co. Ltd., A Shares  | 12048 | 215940 |
| Guolian Minsheng Securities Co. Ltd., <br> A Shares <br>| 564400 | 810293 |
| Guosen Securities Co. Ltd., A Shares  | 481600 | 881648 |
| Guosheng Securities, Inc., A Shares \* | 194100 | 451520 |
| Guotai Haitong Securities Co. Ltd., <br> A Shares <br>| 1204774 | 3324108 |
| Guotai Haitong Securities Co. Ltd., <br> H Shares <br>| 3407398 | 6943606 |
| Guoyuan Securities Co. Ltd., <br> A Shares <br>| 407000 | 493556 |
| H World Group Ltd.  | 2330154 | 13017870 |
| Haidilao International Holding Ltd.  | 1910458 | 4303455 |
| Haier Smart Home Co. Ltd., A Shares  | 545100 | 2041871 |
| Haier Smart Home Co. Ltd., H Shares  | 2762592 | 9422723 |
| Hainan Airlines Holding Co. Ltd., <br> A Shares \*<br>| 3402400 | 843050 |
| Hainan Airport Infrastructure Co. Ltd., <br> A Shares <br>| 1020700 | 632275 |
| Hainan Drinda New Energy <br> Technology Co. Ltd., A Shares \*<br>| 14400 | 195067 |
| Haisco Pharmaceutical Group Co. <br> Ltd., A Shares <br>| 76800 | 522194 |
| Haitian International Holdings Ltd.  | 750064 | 2427928 |
| Hangzhou Binjiang Real Estate Group <br> Co. Ltd., A Shares <br>| 279900 | 458959 |
| Hangzhou Chang Chuan Technology <br> Co. Ltd., A Shares <br>| 59500 | 1253152 |
| Hangzhou First Applied Material Co. <br> Ltd., A Shares <br>| 229590 | 605690 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Hangzhou GreatStar Industrial Co. <br> Ltd., A Shares <br>| 106000 | 551715 |
| Hangzhou Iron & Steel Co., A Shares \* | 241900 | 350462 |
| Hangzhou Lion Microelectronics Co. <br> Ltd., A Shares \*<br>| 61656 | 375729 |
| Hangzhou Oxygen Plant Group Co. <br> Ltd., A Shares <br>| 68200 | 323460 |
| Hangzhou Robam Appliances Co. Ltd., <br> A Shares <br>| 97000 | 296758 |
| Hangzhou Shunwang Technology Co. <br> Ltd., A Shares <br>| 63500 | 262667 |
| Hangzhou Silan Microelectronics Co. <br> Ltd., A Shares <br>| 132600 | 622133 |
| Hangzhou Tigermed Consulting Co. <br> Ltd., A Shares <br>| 64700 | 562420 |
| Hangzhou Tigermed Consulting Co. <br> Ltd., H Shares <br>| 144770 | 870972 |
| Han's Laser Technology Industry <br> Group Co. Ltd., A Shares <br>| 68000 | 716582 |
| Hansoh Pharmaceutical Group Co. <br> Ltd. <br>| 1377211 | 6155251 |
| Haohua Chemical Science & <br> Technology Co. Ltd., A Shares <br>| 79400 | 436643 |
| Harbin Boshi Automation Co. Ltd., <br> A Shares <br>| 97500 | 230928 |
| Harbin Hatou Investment Co. Ltd., <br> A Shares <br>| 185700 | 177826 |
| Hebei Changshan Biochemical <br> Pharmaceutical Co. Ltd., <br> A Shares \*<br>| 81800 | 556191 |
| Hebei Yangyuan Zhihui Beverage Co. <br> Ltd., A Shares <br>| 122000 | 539326 |
| Hefei Meiya Optoelectronic <br> Technology, Inc., A Shares <br>| 84110 | 245432 |
| Heilongjiang Agriculture Co. Ltd., <br> A Shares <br>| 183100 | 429134 |
| Henan Shenhuo Coal Industry & <br> Electricity Power Co. Ltd., <br> A Shares <br>| 187700 | 887765 |
| Henan Shuanghui Investment & <br> Development Co. Ltd., A Shares <br>| 269000 | 1030378 |
| Hengan International Group Co. Ltd.  | 787186 | 2936544 |
| Hengdian Group DMEGC Magnetics <br> Co. Ltd., A Shares <br>| 151500 | 489109 |
| Hengli Petrochemical Co. Ltd., <br> A Shares <br>| 366600 | 1373234 |
| Hengtong Optic-electric Co. Ltd., <br> A Shares <br>| 166000 | 1149266 |
| Hengyi Petrochemical Co. Ltd., <br> A Shares <br>| 302900 | 566870 |
| Hesteel Co. Ltd., A Shares  | 955400 | 371805 |
| Hgtech Co. Ltd., A Shares  | 84800 | 1110660 |
| Hisense Home Appliances Group Co. <br> Ltd., A Shares <br>| 102400 | 354323 |
| Hisense Home Appliances Group Co. <br> Ltd., H Shares *(a)*<br>| 395183 | 1210484 |
| Hisense Visual Technology Co. Ltd., <br> A Shares <br>| 114800 | 378322 |
| Hithink RoyalFlush Information <br> Network Co. Ltd., A Shares <br>| 43900 | 2126631 |
| HLA Group Corp. Ltd., A Shares  | 504600 | 476586 |
| Hongta Securities Co. Ltd., A Shares  | 162900 | 193745 |
| Hongyuan Green Energy Co. Ltd., <br> A Shares \*<br>| 48517 | 179617 |
| Hopson Development Holdings Ltd. \* | 1392711 | 573312 |
| Horizon Robotics \* | 10261220 | 10770008 |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**57**

------

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Hoshine Silicon Industry Co. Ltd., <br> A Shares <br>| 57100 | 426945 |
| Hoymiles Power Electronics, Inc., <br> A Shares <br>| 7634 | 119524 |
| Hua Hong Semiconductor Ltd., <br> A Shares \*<br>| 25210 | 465846 |
| Hua Hong Semiconductor Ltd., <br> Class H \*<br>| 845901 | 10462714 |
| Huaan Securities Co. Ltd., A Shares  | 260300 | 242814 |
| Huadian Power International Corp. <br> Ltd., A Shares <br>| 597852 | 444409 |
| Huadian Power International Corp. <br> Ltd., H Shares <br>| 1892594 | 1081531 |
| Huadong Medicine Co. Ltd., A Shares  | 135500 | 709800 |
| Huafon Chemical Co. Ltd., A Shares  | 381500 | 690057 |
| Huaibei Mining Holdings Co. Ltd., <br> A Shares <br>| 208500 | 410563 |
| Hualan Biological Engineering, Inc., <br> A Shares <br>| 171980 | 387782 |
| Huali Industrial Group Co. Ltd., <br> A Shares <br>| 49900 | 346563 |
| Huaneng Lancang River Hydropower, <br> Inc., A Shares <br>| 517300 | 706482 |
| Huaneng Power International, Inc., <br> A Shares <br>| 864800 | 912585 |
| Huaneng Power International, Inc., <br> H Shares <br>| 4948373 | 3814640 |
| Huapont Life Sciences Co. Ltd., <br> A Shares <br>| 279800 | 226747 |
| Huaqin Technology Co. Ltd., Class A  | 78200 | 1050546 |
| Huatai Securities Co. Ltd., A Shares  | 668800 | 2084121 |
| Huatai Securities Co. Ltd., <br> H Shares *(a)*<br>| 1511573 | 3242612 |
| Huaxi Securities Co. Ltd., A Shares  | 165400 | 215522 |
| Huaxia Bank Co. Ltd., A Shares  | 1290700 | 1258550 |
| Huaxia Eye Hospital Group Co. Ltd., <br> A Shares <br>| 13150 | 35822 |
| Huaxin Building Materials Group Co. <br> Ltd., A Shares <br>| 128926 | 437840 |
| Huaxin Building Materials Group Co. <br> Ltd., H Shares <br>| 259394 | 610171 |
| Huayu Automotive Systems Co. Ltd., <br> A Shares <br>| 295100 | 831419 |
| Hubei Energy Group Co. Ltd., <br> A Shares <br>| 589300 | 407989 |
| Hubei Jumpcan Pharmaceutical Co. <br> Ltd., A Shares <br>| 36400 | 147438 |
| Hubei Xingfa Chemicals Group Co. <br> Ltd., A Shares <br>| 108000 | 678453 |
| Huizhou Desay Sv Automotive Co. <br> Ltd., A Shares <br>| 46700 | 844301 |
| Hunan Gold Corp. Ltd., A Shares  | 143780 | 790058 |
| Hunan Valin Steel Co. Ltd., A Shares  | 571800 | 559224 |
| Hunan Yuneng New Energy Battery <br> Material Co. Ltd., A Shares <br>| 80400 | 785262 |
| Hundsun Technologies, Inc., A Shares  | 185694 | 812508 |
| Hwatsing Technology Co. Ltd., <br> A Shares <br>| 31101 | 878601 |
| Hygeia Healthcare Holdings Co. Ltd., <br> Class C \*<br>| 447848 | 760331 |
| Hygon Information Technology Co. <br> Ltd., A Shares <br>| 192899 | 7341009 |
| Hytera Communications Corp. Ltd., <br> A Shares \*<br>| 165400 | 267354 |
| IEIT Systems Co. Ltd., A Shares  | 118728 | 1105445 |
| Iflytek Co. Ltd., A Shares  | 192500 | 1566172 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Imeik Technology Development Co. <br> Ltd., A Shares <br>| 22260 | 463246 |
| Industrial & Commercial Bank of <br> China Ltd., A Shares <br>| 6344500 | 6399152 |
| Industrial & Commercial Bank of <br> China Ltd., H Shares <br>| 95839898 | 79027805 |
| Industrial Bank Co. Ltd., A Shares  | 1797200 | 4796270 |
| Industrial Securities Co. Ltd., <br> A Shares <br>| 826460 | 813101 |
| Ingenic Semiconductor Co. Ltd., <br> A Shares <br>| 35000 | 679503 |
| Inner Mongolia BaoTou Steel Union <br> Co. Ltd., A Shares <br>| 4131200 | 1950923 |
| Inner Mongolia Berun Chemical Co. <br> Ltd., A Shares <br>| 326900 | 446451 |
| Inner Mongolia Dian Tou Energy Corp. <br> Ltd., A Shares <br>| 254400 | 1138346 |
| Inner Mongolia ERDOS Resources Co. <br> Ltd., A Shares <br>| 130100 | 331086 |
| Inner Mongolia ERDOS Resources Co. <br> Ltd., B Shares <br>| 438820 | 545453 |
| Inner Mongolia Junzheng Energy & <br> Chemical Industry Group Co. Ltd., <br> A Shares <br>| 771100 | 675467 |
| Inner Mongolia MengDian HuaNeng <br> Thermal Power Corp. Ltd., <br> A Shares <br>| 593500 | 440309 |
| Inner Mongolia Yili Industrial Group <br> Co. Ltd., A Shares <br>| 532700 | 2024926 |
| Inner Mongolia Yitai Coal Co. Ltd., <br> B Shares <br>| 1028900 | 2094840 |
| Innovent Biologics, Inc. \* | 1911842 | 20799621 |
| Intco Medical Technology Co. Ltd., <br> A Shares <br>| 60450 | 386442 |
| iQIYI, Inc., ADR \* | 543434 | 869494 |
| iRay Group, A Shares  | 13720 | 242608 |
| IRICO Display Devices Co. Ltd., <br> A Shares \*<br>| 207000 | 209990 |
| Isoftstone Information Technology <br> Group Co. Ltd., A Shares <br>| 83500 | 602436 |
| J&T Global Express Ltd. \* | 7108205 | 9332634 |
| JA Solar Technology Co. Ltd., <br> A Shares \*<br>| 316736 | 558601 |
| Jafron Biomedical Co. Ltd., A Shares  | 68050 | 196883 |
| Jason Furniture Hangzhou Co. Ltd., <br> A Shares <br>| 75010 | 390963 |
| JCET Group Co. Ltd., A Shares  | 136600 | 958862 |
| JCHX Mining Management Co. Ltd., <br> A Shares <br>| 56500 | 637889 |
| JD Health International, Inc. \* | 1246946 | 9046641 |
| JD Logistics, Inc. \* | 2317295 | 3309088 |
| JD.com, Inc., A Shares  | 3031301 | 40457908 |
| Jiangling Motors Corp. Ltd., A Shares  | 46100 | 125247 |
| Jiangsu Cnano Technology Co. Ltd., <br> A Shares <br>| 28759 | 199819 |
| Jiangsu Eastern Shenghong Co. Ltd., <br> A Shares \*<br>| 600500 | 1139575 |
| Jiangsu Expressway Co. Ltd., <br> A Shares <br>| 172000 | 300835 |
| Jiangsu Expressway Co. Ltd., <br> H Shares <br>| 1503506 | 1956712 |
| Jiangsu Financial Leasing Co. Ltd., <br> A Shares <br>| 511900 | 480496 |
| Jiangsu Hengli Hydraulic Co. Ltd., <br> A Shares <br>| 111584 | 1835040 |

---

*See financial notes*

**58**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Jiangsu Hengrui Pharmaceuticals Co. <br> Ltd. \*<br>| 187000 | 1589780 |
| Jiangsu Hengrui Pharmaceuticals Co. <br> Ltd., A Shares <br>| 533744 | 4400088 |
| Jiangsu Hoperun Software Co. Ltd., <br> A Shares <br>| 64000 | 482642 |
| Jiangsu King's Luck Brewery JSC Ltd., <br> A Shares <br>| 118000 | 537466 |
| Jiangsu Linyang Energy Co. Ltd., <br> A Shares <br>| 188800 | 172264 |
| Jiangsu Nhwa Pharmaceutical Co. <br> Ltd., A Shares <br>| 94700 | 328646 |
| Jiangsu Pacific Quartz Co. Ltd., <br> A Shares <br>| 42600 | 304556 |
| Jiangsu Phoenix Publishing & Media <br> Corp. Ltd., A Shares <br>| 276400 | 404071 |
| Jiangsu Xukuang Energy Co. Ltd., <br> A Shares <br>| 247300 | 171934 |
| Jiangsu Yanghe Distillery Co. Ltd., <br> A Shares <br>| 131600 | 1020438 |
| Jiangsu Yangnong Chemical Co. Ltd., <br> A Shares <br>| 44200 | 518605 |
| Jiangsu Yoke Technology Co. Ltd., <br> A Shares <br>| 41800 | 584697 |
| Jiangsu Yuyue Medical Equipment & <br> Supply Co. Ltd., A Shares <br>| 93500 | 527402 |
| Jiangsu Zhongtian Technology Co. <br> Ltd., A Shares <br>| 231800 | 984514 |
| Jiangxi Copper Co. Ltd., A Shares  | 173400 | 1466883 |
| Jiangxi Copper Co. Ltd., H Shares  | 1264306 | 7370397 |
| Jiangxi Special Electric Motor Co. Ltd., <br> A Shares \*<br>| 161500 | 256577 |
| Jilin Aodong Pharmaceutical Group <br> Co. Ltd., A Shares <br>| 105100 | 291515 |
| Jinduicheng Molybdenum Co. Ltd., <br> A Shares <br>| 242600 | 867376 |
| Jinko Solar Co. Ltd., A Shares \* | 825615 | 907335 |
| Jinxin Fertility Group Ltd. \* | 2611699 | 834713 |
| JiuGui Liquor Co. Ltd., A Shares  | 31000 | 231385 |
| Jizhong Energy Resources Co. Ltd., <br> A Shares <br>| 326700 | 274278 |
| JL Mag Rare-Earth Co. Ltd., A Shares  | 116500 | 697550 |
| Joincare Pharmaceutical Group <br> Industry Co. Ltd., A Shares <br>| 175700 | 293478 |
| Joinn Laboratories China Co. Ltd., <br> A Shares <br>| 55272 | 295900 |
| Joinn Laboratories China Co. Ltd., <br> H Shares *(a)*<br>| 148529 | 406349 |
| Jointown Pharmaceutical Group Co. <br> Ltd., A Shares <br>| 559771 | 431604 |
| Jonjee Hi-Tech Industrial & <br> Commercial Holding Co. Ltd., <br> A Shares <br>| 78800 | 215121 |
| JOYY, Inc., ADR  | 32374 | 1931757 |
| Juneyao Airlines Co. Ltd., A Shares  | 250400 | 510223 |
| J-Yuan Trust Co. Ltd., A Shares \* | 870300 | 369131 |
| Kangmei Pharmaceutical Co. Ltd., <br> A Shares \*<br>| 622800 | 175196 |
| Kanzhun Ltd., ADR  | 361165 | 5807533 |
| KE Holdings, Inc., ADR  | 743882 | 12236859 |
| Keboda Technology Co. Ltd., <br> A Shares <br>| 25100 | 245772 |
| Keda Industrial Group Co. Ltd., <br> A Shares <br>| 180000 | 471979 |
| Kingboard Holdings Ltd.  | 736989 | 3817722 |
| Kingboard Laminates Holdings Ltd.  | 1031801 | 3118296 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| KingClean Electric Co. Ltd., A Shares \* | 70600 | 319819 |
| Kingdee International Software Group <br> Co. Ltd. \*<br>| 3503620 | 4510455 |
| Kingfa Sci & Tech Co. Ltd., A Shares  | 178500 | 503169 |
| Kingnet Network Co. Ltd., A Shares  | 203600 | 673038 |
| Kingsoft Corp. Ltd.  | 1172718 | 3897991 |
| Kuaishou Technology  | 3333513 | 26784361 |
| Kuang-Chi Technologies Co. Ltd., <br> A Shares \*<br>| 192000 | 1340745 |
| Kunlun Energy Co. Ltd.  | 4186396 | 4490308 |
| Kunlun Tech Co. Ltd., A Shares \* | 117300 | 1044620 |
| Kweichow Moutai Co. Ltd., A Shares  | 104500 | 22161756 |
| Lakala Payment Co. Ltd., A Shares  | 52500 | 219767 |
| Lao Feng Xiang Co. Ltd., A Shares  | 133558 | 861200 |
| Laobaixing Pharmacy Chain JSC, <br> A Shares <br>| 62699 | 136713 |
| Laopu Gold Co. Ltd., H Shares  | 62240 | 5756811 |
| LB Group Co. Ltd., A Shares  | 238500 | 811697 |
| Lee & Man Paper Manufacturing Ltd.  | 1979766 | 979487 |
| Legend Holdings Corp., H Shares \* | 690361 | 807553 |
| Lens Technology Co. Ltd., A Shares  | 413200 | 2118125 |
| Lens Technology Co. Ltd., H Shares  | 272600 | 957671 |
| Leo Group Co. Ltd., A Shares  | 656400 | 921327 |
| Lepu Medical Technology Beijing Co. <br> Ltd., A Shares <br>| 180000 | 481948 |
| Levima Advanced Materials Corp., <br> A Shares <br>| 70900 | 219389 |
| Leyard Optoelectronic Co. Ltd., <br> A Shares <br>| 236200 | 294695 |
| Li Auto, Inc., Class A \* | 1445259 | 12702589 |
| Li Ning Co. Ltd.  | 2722055 | 7836807 |
| LianChuang Electronic Technology Co. <br> Ltd., A Shares \*<br>| 107700 | 176128 |
| Liaoning Port Co. Ltd., A Shares  | 1502300 | 378810 |
| Lingyi iTech Guangdong Co., <br> A Shares <br>| 657800 | 1474583 |
| Livzon Pharmaceutical Group, Inc., <br> A Shares <br>| 51600 | 266540 |
| Livzon Pharmaceutical Group, Inc., <br> H Shares <br>| 174592 | 648179 |
| Longfor Group Holdings Ltd.  | 2476170 | 3149760 |
| LONGi Green Energy Technology Co. <br> Ltd., A Shares \*<br>| 629248 | 1680220 |
| Longshine Technology Group Co. Ltd., <br> A Shares <br>| 105200 | 292559 |
| Loongson Technology Corp. Ltd., <br> A Shares \*<br>| 29424 | 680737 |
| Lufax Holding Ltd., ADR \* | 576790 | 1499654 |
| Luoyang Xinqianglian Slewing Bearing <br> Co. Ltd., A Shares <br>| 39000 | 271145 |
| Luxi Chemical Group Co. Ltd., <br> A Shares <br>| 165500 | 450844 |
| Luxshare Precision Industry Co. Ltd., <br> A Shares <br>| 617217 | 4517868 |
| Luye Pharma Group Ltd. \* | 2323684 | 769397 |
| Luzhou Laojiao Co. Ltd., A Shares  | 125400 | 2019662 |
| Maanshan Iron & Steel Co. Ltd., <br> A Shares \*<br>| 479300 | 290616 |
| Maanshan Iron & Steel Co. Ltd., <br> H Shares \*<br>| 1760575 | 616707 |
| Mango Excellent Media Co. Ltd., <br> A Shares <br>| 164370 | 584084 |
| Mao Geping Cosmetics Co. Ltd., <br> Class H <br>| 102550 | 1029151 |
| Maxscend Microelectronics Co. Ltd., <br> A Shares <br>| 45248 | 528857 |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**59**

------

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Meihua Holdings Group Co. Ltd., <br> A Shares <br>| 293400 | 490076 |
| Meinian Onehealth Healthcare <br> Holdings Co. Ltd., A Shares <br>| 350700 | 357810 |
| Meitu, Inc. \* | 4029900 | 2915980 |
| Meituan, B Shares \* | 6379862 | 66187148 |
| Metallurgical Corp. of China Ltd., <br> A Shares <br>| 1338200 | 626102 |
| Metallurgical Corp. of China Ltd., <br> H Shares <br>| 3789437 | 934988 |
| MGI Tech Co. Ltd., Class A \* | 37680 | 349840 |
| Microport Scientific Corp. *\*(a)* | 1156005 | 1616780 |
| Micro-Tech Nanjing Co. Ltd., <br> A Shares <br>| 17179 | 206647 |
| Midea Group Co. Ltd., Class H  | 732770 | 8510723 |
| Ming Yang Smart Energy Group Ltd., <br> A Shares <br>| 228700 | 764011 |
| MINISO Group Holding Ltd.  | 542894 | 2501346 |
| Minmetals Capital Co. Ltd., A Shares  | 402600 | 336825 |
| Minmetals New Energy Materials <br> Hunan Co. Ltd., A Shares \*<br>| 236184 | 397605 |
| Minth Group Ltd.  | 831296 | 4663330 |
| Montage Technology Co. Ltd., <br> A Shares <br>| 91325 | 2177004 |
| Muyuan Foods Co. Ltd., A Shares  | 461286 | 3153276 |
| Nanjing Iron & Steel Co. Ltd., <br> A Shares <br>| 549300 | 473169 |
| Nanjing King-Friend Biochemical <br> Pharmaceutical Co. Ltd., A Shares <br>| 132900 | 191769 |
| Nanjing Securities Co. Ltd., A Shares  | 272700 | 313604 |
| NARI Technology Co. Ltd., A Shares  | 669296 | 2663175 |
| National Silicon Industry Group Co. <br> Ltd., A Shares \*<br>| 241070 | 763171 |
| NAURA Technology Group Co. Ltd., <br> A Shares <br>| 60450 | 4157639 |
| NavInfo Co. Ltd., A Shares \* | 279800 | 445337 |
| NetEase Cloud Music, Inc. \* | 103150 | 2038697 |
| NetEase, Inc.  | 2179868 | 49939255 |
| New China Life Insurance Co. Ltd., <br> A Shares <br>| 174000 | 1917299 |
| New China Life Insurance Co. Ltd., <br> H Shares <br>| 1177616 | 8317826 |
| New Hope Liuhe Co. Ltd., A Shares  | 421800 | 535480 |
| New Oriental Education & Technology <br> Group, Inc. <br>| 1866421 | 10436677 |
| Newland Digital Technology Co. Ltd., <br> A Shares <br>| 108600 | 398412 |
| Nexchip Semiconductor Corp., <br> A Shares <br>| 160607 | 832893 |
| Nine Dragons Paper Holdings Ltd. \* | 1791074 | 2021846 |
| Ninestar Corp., A Shares \* | 136400 | 429027 |
| Ningbo Deye Technology Co. Ltd., <br> A Shares <br>| 72605 | 1105864 |
| Ningbo Joyson Electronic Corp., <br> A Shares <br>| 130600 | 532801 |
| Ningbo Orient Wires & Cables Co. <br> Ltd., A Shares <br>| 65200 | 562585 |
| Ningbo Ronbay New Energy <br> Technology Co. Ltd., A Shares <br>| 62681 | 290067 |
| Ningbo Sanxing Medical Electric Co. <br> Ltd., A Shares <br>| 109200 | 419076 |
| Ningbo Shanshan Co. Ltd., A Shares \* | 232900 | 512245 |
| Ningbo Tuopu Group Co. Ltd., <br> A Shares <br>| 157055 | 1552489 |
| Ningbo Zhoushan Port Co. Ltd., <br> A Shares <br>| 747600 | 465282 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Ningxia Baofeng Energy Group Co. <br> Ltd., A Shares <br>| 639900 | 2231895 |
| NIO, Inc., Class A \* | 2091709 | 10589375 |
| Nongfu Spring Co. Ltd., H Shares  | 2111375 | 12794331 |
| North Industries Group Red Arrow Co. <br> Ltd., A Shares \*<br>| 74900 | 221395 |
| Northeast Securities Co. Ltd., <br> A Shares <br>| 200000 | 262356 |
| Offshore Oil Engineering Co. Ltd., <br> A Shares <br>| 683000 | 717753 |
| OFILM Group Co. Ltd., A Shares \* | 303500 | 434842 |
| OmniVision Integrated Circuits Group, <br> Inc., A Shares <br>| 103050 | 1847447 |
| Oppein Home Group, Inc., A Shares  | 45440 | 378242 |
| ORG Technology Co. Ltd., A Shares  | 81700 | 68233 |
| Orient Securities Co. Ltd., A Shares  | 619316 | 912604 |
| Orient Securities Co. Ltd., <br> H Shares *(a)*<br>| 1210225 | 954608 |
| Oriental Energy Co. Ltd., A Shares \* | 156600 | 195838 |
| Oriental Pearl Group Co. Ltd., <br> A Shares <br>| 304000 | 509111 |
| Ourpalm Co. Ltd., A Shares \* | 334900 | 283603 |
| Ovctek China, Inc., A Shares  | 81180 | 188606 |
| Pacific Securities Co. Ltd., A Shares \* | 388700 | 236815 |
| Pangang Group Vanadium Titanium & <br> Resources Co. Ltd., A Shares \*<br>| 760300 | 470970 |
| PDD Holdings, Inc., ADR \* | 907101 | 94093587 |
| People.cn Co. Ltd., A Shares  | 111800 | 380331 |
| People's Insurance Co. Group of China <br> Ltd., A Shares <br>| 932100 | 1164293 |
| People's Insurance Co. Group of China <br> Ltd., H Shares <br>| 10294573 | 8436071 |
| Perfect World Co. Ltd., A Shares  | 184250 | 579801 |
| PetroChina Co. Ltd., A Shares  | 2407400 | 3810632 |
| PetroChina Co. Ltd., H Shares  | 25035825 | 30534031 |
| Pharmaron Beijing Co. Ltd., A Shares  | 115000 | 496145 |
| Pharmaron Beijing Co. Ltd., <br> H Shares *(a)*<br>| 331816 | 840341 |
| PICC Property & Casualty Co. Ltd., <br> H Shares <br>| 8228898 | 17031872 |
| Ping An Bank Co. Ltd., A Shares  | 1690700 | 2686037 |
| Ping An Healthcare & Technology Co. <br> Ltd. *\*(a)*<br>| 1076610 | 1812667 |
| Ping An Insurance Group Co. of China <br> Ltd., A Shares <br>| 893300 | 8214417 |
| Ping An Insurance Group Co. of China <br> Ltd., H Shares <br>| 7791071 | 67729822 |
| Pingdingshan Tianan Coal Mining Co. <br> Ltd., A Shares <br>| 258300 | 335821 |
| Piotech, Inc., A Shares  | 23646 | 1273132 |
| Polaris Bay Group Co. Ltd., A Shares \* | 157700 | 158829 |
| Poly Developments & Holdings Group <br> Co. Ltd., A Shares <br>| 893600 | 885668 |
| Poly Property Services Co. Ltd., <br> H Shares <br>| 188251 | 771087 |
| Pop Mart International Group Ltd.  | 801010 | 23532162 |
| Porton Pharma Solutions Ltd., <br> A Shares \*<br>| 58800 | 201574 |
| Postal Savings Bank of China Co. Ltd., <br> A Shares <br>| 2395000 | 1734925 |
| Postal Savings Bank of China Co. Ltd., <br> H Shares <br>| 11621564 | 7324624 |
| Power Construction Corp. of China <br> Ltd., A Shares <br>| 1562800 | 1305200 |
| Pylon Technologies Co. Ltd., A Shares  | 19566 | 184683 |
| Qfin Holdings, Inc., ADR  | 129105 | 1879769 |

---

*See financial notes*

**60**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Qi An Xin Technology Group, Inc., <br> A Shares \*<br>| 65414 | 340852 |
| Qingdao Huicheng Environmental <br> Technology Group Co. Ltd., <br> A Shares <br>| 16300 | 240334 |
| Qingdao Port International Co. Ltd., <br> A Shares <br>| 156500 | 212365 |
| Qingdao Port International Co. Ltd., <br> H Shares <br>| 537785 | 519762 |
| Qingdao Rural Commercial Bank <br> Corp., A Shares <br>| 799200 | 368096 |
| Qingdao TGOOD Electric Co. Ltd., <br> A Shares <br>| 113900 | 501194 |
| Qinghai Salt Lake Industry Co. Ltd., <br> A Shares \*<br>| 400400 | 2229340 |
| Quzhou Xin'an Development Co. Ltd., <br> A Shares \*<br>| 849200 | 461676 |
| Range Intelligent Computing <br> Technology Group Co. Ltd., <br> A Shares <br>| 131100 | 1975605 |
| Raytron Technology Co. Ltd., <br> A Shares <br>| 45400 | 772956 |
| Remegen Co. Ltd., A Shares \* | 23187 | 333464 |
| Remegen Co. Ltd., H Shares \* | 218458 | 2249611 |
| RLX Technology, Inc., ADR  | 868097 | 2100795 |
| RoboTechnik Intelligent Technology <br> Co. Ltd., A Shares <br>| 18200 | 1095571 |
| Rockchip Electronics Co. Ltd., <br> A Shares <br>| 34900 | 915471 |
| Rongsheng Petrochemical Co. Ltd., <br> A Shares <br>| 820400 | 1865388 |
| Ruijie Networks Co. Ltd., A Shares  | 24360 | 322248 |
| SAIC Motor Corp. Ltd., A Shares  | 812800 | 1697652 |
| Sailun Group Co. Ltd., A Shares  | 309500 | 709140 |
| Sanan Optoelectronics Co. Ltd., <br> A Shares <br>| 401900 | 978258 |
| Sangfor Technologies, Inc., A Shares  | 34500 | 659236 |
| Sansure Biotech, Inc., A Shares  | 68395 | 191401 |
| Sany Heavy Equipment International <br> Holdings Co. Ltd. <br>| 1237377 | 2491475 |
| Sany Heavy Industry Co. Ltd., <br> A Shares <br>| 715900 | 2415585 |
| Sany Renewable Energy Co. Ltd., <br> A Shares <br>| 43035 | 166974 |
| Satellite Chemical Co. Ltd., A Shares  | 321962 | 1097155 |
| SDIC Capital Co. Ltd., A Shares  | 525900 | 571822 |
| SDIC Power Holdings Co. Ltd., <br> A Shares <br>| 639600 | 1235217 |
| Sealand Securities Co. Ltd., A Shares  | 473900 | 290796 |
| Seazen Group Ltd. \* | 2855415 | 839597 |
| Seazen Holdings Co. Ltd., A Shares \* | 220700 | 536237 |
| SenseTime Group, Inc., Class B \* | 33155734 | 10851068 |
| Seres Group Co. Ltd., A Shares  | 139600 | 2183660 |
| SF Holding Co. Ltd., A Shares  | 423000 | 2334826 |
| SF Holding Co. Ltd., H Shares *(a)* | 260380 | 1197685 |
| SG Micro Corp., A Shares  | 59107 | 592543 |
| Shaanxi Coal Industry Co. Ltd., <br> A Shares <br>| 849300 | 2933786 |
| Shaanxi Energy Investment Co. Ltd., <br> A Shares <br>| 298600 | 463944 |
| Shaanxi International Trust Co. Ltd., <br> A Shares <br>| 381900 | 200944 |
| Shan Xi Hua Yang Group New Energy <br> Co. Ltd., A Shares <br>| 376250 | 553333 |
| Shandong Buchang Pharmaceuticals <br> Co. Ltd., A Shares <br>| 147300 | 366699 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Shandong Gold Mining Co. Ltd., <br> A Shares <br>| 321704 | 2218341 |
| Shandong Gold Mining Co. Ltd., <br> H Shares <br>| 1134573 | 5978804 |
| Shandong Himile Mechanical <br> Science & Technology Co. Ltd., <br> A Shares <br>| 68600 | 964873 |
| Shandong Hi-speed Co. Ltd., <br> A Shares <br>| 244600 | 347244 |
| Shandong Hualu Hengsheng <br> Chemical Co. Ltd., A Shares <br>| 205360 | 1155373 |
| Shandong Humon Smelting Co. Ltd., <br> A Shares <br>| 213000 | 586760 |
| Shandong Linglong Tyre Co. Ltd., <br> A Shares <br>| 86400 | 192674 |
| Shandong Nanshan Aluminum Co. <br> Ltd., A Shares <br>| 1118500 | 1154219 |
| Shandong Pharmaceutical Glass Co. <br> Ltd., A Shares <br>| 69900 | 206922 |
| Shandong Sun Paper Industry JSC <br> Ltd., A Shares <br>| 257800 | 648549 |
| Shandong Weigao Group Medical <br> Polymer Co. Ltd., H Shares <br>| 3063794 | 1993660 |
| Shanghai Aiko Solar Energy Co. Ltd., <br> A Shares \*<br>| 147960 | 313134 |
| Shanghai Allist Pharmaceuticals Co. <br> Ltd., A Shares <br>| 42416 | 573159 |
| Shanghai Awinic Technology Co. Ltd., <br> A Shares <br>| 17102 | 200511 |
| Shanghai Bairun Investment Holding <br> Group Co. Ltd., A Shares <br>| 97428 | 275063 |
| Shanghai Baosight Software Co. Ltd., <br> A Shares <br>| 404865 | 1426873 |
| Shanghai BOCHU Electronic <br> Technology Corp. Ltd., A Shares <br>| 24246 | 535957 |
| Shanghai Construction Group Co. <br> Ltd., A Shares <br>| 660700 | 287935 |
| Shanghai Electric Group Co. Ltd., <br> A Shares \*<br>| 1185800 | 1572794 |
| Shanghai Electric Group Co. Ltd., <br> H Shares \*<br>| 3072808 | 1858106 |
| Shanghai Electric Power Co. Ltd., <br> A Shares <br>| 237200 | 755414 |
| Shanghai Environment Group Co. Ltd., <br> A Shares <br>| 167500 | 212888 |
| Shanghai Fosun Pharmaceutical <br> Group Co. Ltd., A Shares <br>| 161200 | 622160 |
| Shanghai Fosun Pharmaceutical <br> Group Co. Ltd., H Shares <br>| 531056 | 1359184 |
| Shanghai Fudan Microelectronics <br> Group Co. Ltd., A Shares <br>| 53876 | 672891 |
| Shanghai Fudan Microelectronics <br> Group Co. Ltd., H Shares *(a)*<br>| 320710 | 2019672 |
| Shanghai Huayi Group Co. Ltd., <br> A Shares <br>| 179800 | 250272 |
| Shanghai Industrial Holdings Ltd.  | 599398 | 1177011 |
| Shanghai International Airport Co. <br> Ltd., A Shares <br>| 222500 | 989444 |
| Shanghai International Port Group Co. <br> Ltd., A Shares <br>| 1000200 | 742034 |
| Shanghai Jahwa United Co. Ltd., <br> A Shares <br>| 56800 | 185528 |
| Shanghai Jinjiang International Hotels <br> Co. Ltd., A Shares <br>| 96700 | 398589 |
| Shanghai Jinjiang International Hotels <br> Co. Ltd., B Shares <br>| 204265 | 302312 |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**61**

------

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Shanghai Jinqiao Export Processing <br> Zone Development Co. Ltd., <br> A Shares <br>| 99800 | 154044 |
| Shanghai Junshi Biosciences Co. Ltd., <br> A Shares \*<br>| 76221 | 377722 |
| Shanghai Junshi Biosciences Co. Ltd., <br> H Shares \*<br>| 208817 | 546726 |
| Shanghai Lingang Holdings Corp. Ltd., <br> A Shares <br>| 174700 | 288243 |
| Shanghai Lujiazui Finance & Trade <br> Zone Development Co. Ltd., <br> A Shares <br>| 230800 | 281566 |
| Shanghai Lujiazui Finance & Trade <br> Zone Development Co. Ltd., <br> B Shares <br>| 500330 | 211640 |
| Shanghai M&G Stationery, Inc., <br> A Shares <br>| 44200 | 175617 |
| Shanghai Mechanical & Electrical <br> Industry Co. Ltd., A Shares <br>| 57900 | 231654 |
| Shanghai Mechanical & Electrical <br> Industry Co. Ltd., B Shares <br>| 268401 | 426489 |
| Shanghai Moons' Electric Co. Ltd., <br> A Shares <br>| 40800 | 411098 |
| Shanghai Pharmaceuticals Holding <br> Co. Ltd., A Shares <br>| 200000 | 501392 |
| Shanghai Pharmaceuticals Holding <br> Co. Ltd., H Shares <br>| 878568 | 1308504 |
| Shanghai Pudong Development Bank <br> Co. Ltd., A Shares <br>| 2753200 | 3900524 |
| Shanghai Putailai New Energy <br> Technology Group Co. Ltd., <br> A Shares <br>| 201276 | 833748 |
| Shanghai RAAS Blood Products Co. <br> Ltd., A Shares <br>| 653600 | 599214 |
| Shanghai Rural Commercial Bank Co. <br> Ltd., A Shares <br>| 841900 | 1031990 |
| Shanghai Stonehill Technology Co. <br> Ltd., A Shares \*<br>| 469300 | 757211 |
| Shanghai Tunnel Engineering Co. Ltd., <br> A Shares <br>| 279100 | 269707 |
| Shanghai United Imaging Healthcare <br> Co. Ltd., A Shares <br>| 80422 | 1532037 |
| Shanghai Yuyuan Tourist Mart Group <br> Co. Ltd., A Shares <br>| 416100 | 311124 |
| Shanghai Zhangjiang High-Tech Park <br> Development Co. Ltd., A Shares <br>| 156400 | 941468 |
| Shanghai Zhenhua Heavy Industries <br> Co. Ltd., B Shares <br>| 1324520 | 364243 |
| Shanjin International Gold Co. Ltd., <br> A Shares <br>| 275600 | 1244456 |
| Shanxi Coal International Energy <br> Group Co. Ltd., A Shares <br>| 176300 | 302960 |
| Shanxi Coking Coal Energy Group Co. <br> Ltd., A Shares <br>| 532500 | 569685 |
| Shanxi Lu'an Environmental Energy <br> Development Co. Ltd., A Shares <br>| 297700 | 646089 |
| Shanxi Meijin Energy Co. Ltd., <br> A Shares \*<br>| 247000 | 188646 |
| Shanxi Securities Co. Ltd., A Shares  | 348200 | 305523 |
| Shanxi Taigang Stainless Steel Co. <br> Ltd., A Shares \*<br>| 470200 | 362541 |
| Shanxi Xinghuacun Fen Wine Factory <br> Co. Ltd., A Shares <br>| 106900 | 2510886 |
| Shede Spirits Co. Ltd., A Shares  | 30800 | 238377 |
| Shenergy Co. Ltd., A Shares  | 391700 | 488704 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Shenghe Resources Holding Co. Ltd., <br> A Shares <br>| 167100 | 817611 |
| Shengyi Electronics Co. Ltd., <br> A Shares <br>| 45830 | 576006 |
| Shengyi Technology Co. Ltd., <br> A Shares <br>| 219400 | 2210021 |
| Shennan Circuits Co. Ltd., A Shares  | 59730 | 2485173 |
| Shenwan Hongyuan Group Co. Ltd., <br> A Shares <br>| 1884400 | 1376036 |
| Shenwan Hongyuan Group Co. Ltd., <br> H Shares <br>| 2026976 | 803312 |
| Shenyang Xingqi Pharmaceutical Co. <br> Ltd., A Shares <br>| 25060 | 265945 |
| Shenzhen Airport Co. Ltd., A Shares  | 213000 | 226322 |
| Shenzhen Aisidi Co. Ltd., A Shares  | 127200 | 265491 |
| Shenzhen Capchem Technology Co. <br> Ltd., A Shares <br>| 80640 | 671246 |
| Shenzhen Dynanonic Co. Ltd., <br> A Shares \*<br>| 22880 | 140864 |
| Shenzhen Energy Group Co. Ltd., <br> A Shares <br>| 423600 | 433423 |
| Shenzhen Everwin Precision <br> Technology Co. Ltd., A Shares <br>| 123200 | 694750 |
| Shenzhen Expressway Corp. Ltd., <br> H Shares <br>| 562555 | 516373 |
| Shenzhen Gas Corp. Ltd., A Shares  | 368700 | 374026 |
| Shenzhen Goodix Technology Co. Ltd., <br> A Shares <br>| 36300 | 414221 |
| Shenzhen Huaqiang Industry Co. Ltd., <br> A Shares <br>| 99300 | 366175 |
| Shenzhen Infogem Technologies Co. <br> Ltd., A Shares \*<br>| 60900 | 347155 |
| Shenzhen Inovance Technology Co. <br> Ltd., A Shares <br>| 226300 | 2405194 |
| Shenzhen International Holdings Ltd.  | 1833888 | 2138166 |
| Shenzhen Investment Ltd. \* | 3261556 | 350250 |
| Shenzhen Kaifa Technology Co. Ltd., <br> A Shares <br>| 155600 | 780166 |
| Shenzhen Kangtai Biological Products <br> Co. Ltd., A Shares <br>| 105180 | 230722 |
| Shenzhen Kedali Industry Co. Ltd., <br> A Shares <br>| 23100 | 556482 |
| Shenzhen Kingdom Sci-Tech Co. Ltd., <br> A Shares \*<br>| 92200 | 207759 |
| Shenzhen Kinwong Electronic Co. <br> Ltd., A Shares <br>| 72500 | 702714 |
| Shenzhen Kstar Science & Technology <br> Co. Ltd., A Shares <br>| 44500 | 368861 |
| Shenzhen Longsys Electronics Co. <br> Ltd., A Shares \*<br>| 30100 | 1279740 |
| Shenzhen Mindray Bio-Medical <br> Electronics Co. Ltd., A Shares <br>| 105300 | 2853471 |
| Shenzhen MTC Co. Ltd., A Shares  | 454200 | 707691 |
| Shenzhen New Industries Biomedical <br> Engineering Co. Ltd., A Shares <br>| 72600 | 553740 |
| Shenzhen Overseas Chinese Town Co. <br> Ltd., A Shares \*<br>| 775400 | 294975 |
| Shenzhen Salubris Pharmaceuticals <br> Co. Ltd., A Shares <br>| 92000 | 658532 |
| Shenzhen SC New Energy Technology <br> Corp., A Shares <br>| 31000 | 559011 |
| Shenzhen SED Industry Co. Ltd., <br> A Shares <br>| 108000 | 325059 |
| Shenzhen Senior Technology Material <br> Co. Ltd., A Shares <br>| 119700 | 247917 |

---

*See financial notes*

**62**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Shenzhen Sunway Communication <br> Co. Ltd., A Shares <br>| 88700 | 990181 |
| Shenzhen Transsion Holdings Co. Ltd., <br> A Shares <br>| 97104 | 818199 |
| Shenzhen Woer Heat-Shrinkable <br> Material Co. Ltd., Class A <br>| 132900 | 552644 |
| Shenzhen Yan Tian Port Holding Co. <br> Ltd., A Shares <br>| 288700 | 197771 |
| Shenzhen YUTO Packaging <br> Technology Co. Ltd., A Shares <br>| 67900 | 313229 |
| Shenzhen Zhongjin Lingnan Nonfemet <br> Co. Ltd., A Shares <br>| 304100 | 366113 |
| Shijiazhuang Changshan BeiMing <br> Technology Co. Ltd., A Shares \*<br>| 150200 | 460173 |
| Shijiazhuang Yiling Pharmaceutical <br> Co. Ltd., A Shares <br>| 159500 | 406369 |
| Shougang Fushan Resources Group <br> Ltd. <br>| 1973981 | 850446 |
| Siasun Robot & Automation Co. Ltd., <br> A Shares \*<br>| 140300 | 357861 |
| SICC Co. Ltd., A Shares \* | 39141 | 532271 |
| Sichuan Biokin Pharmaceutical Co. <br> Ltd., A Shares \*<br>| 18623 | 718221 |
| Sichuan Changhong Electric Co. Ltd., <br> A Shares <br>| 416200 | 627251 |
| Sichuan Chuantou Energy Co. Ltd., <br> A Shares <br>| 419800 | 883545 |
| Sichuan Hebang Biotechnology Co. <br> Ltd., A Shares \*<br>| 812600 | 347027 |
| Sichuan Kelun Pharmaceutical Co. <br> Ltd., A Shares <br>| 138500 | 616507 |
| Sichuan Kelun-Biotech <br> Biopharmaceutical Co. Ltd., <br> Class H \*<br>| 66795 | 3308091 |
| Sichuan New Energy Power Co. Ltd., <br> A Shares <br>| 139800 | 294438 |
| Sichuan Road & Bridge Group Co. <br> Ltd., A Shares <br>| 607160 | 879647 |
| Sichuan Swellfun Co. Ltd., A Shares  | 48700 | 271719 |
| Sichuan Yahua Industrial Group Co. <br> Ltd., A Shares <br>| 100900 | 407812 |
| Sino Biopharmaceutical Ltd.  | 11451728 | 8857278 |
| Sinolink Securities Co. Ltd., A Shares  | 294000 | 391234 |
| Sinoma International Engineering Co., <br> A Shares <br>| 204100 | 329611 |
| Sinoma Science & Technology Co. <br> Ltd., A Shares <br>| 158200 | 1167437 |
| Sinomine Resource Group Co. Ltd., <br> A Shares <br>| 62860 | 833748 |
| Sinopec Engineering Group Co. Ltd., <br> H Shares <br>| 1891307 | 1914966 |
| Sinopec Oilfield Service Corp., <br> H Shares \*<br>| 3413700 | 436415 |
| Sinopec Shanghai Petrochemical Co. <br> Ltd., A Shares <br>| 914100 | 422349 |
| Sinopec Shanghai Petrochemical Co. <br> Ltd., H Shares <br>| 3499176 | 715747 |
| Sinopharm Group Co. Ltd., H Shares  | 1537003 | 4153876 |
| Sinosoft Co. Ltd., A Shares  | 75400 | 212873 |
| Sinotrans Ltd., H Shares  | 2305940 | 1547680 |
| Sinotruk Hong Kong Ltd.  | 820325 | 4316534 |
| Skshu Paint Co. Ltd., A Shares  | 66679 | 508482 |
| Smartsens Technology Shanghai Co. <br> Ltd., A Shares <br>| 23005 | 326621 |
| Smoore International Holdings Ltd.  | 2179888 | 3302375 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Songcheng Performance Development <br> Co. Ltd., A Shares <br>| 244300 | 295899 |
| SooChow Securities Co. Ltd., <br> A Shares <br>| 454285 | 615125 |
| Southwest Securities Co. Ltd., <br> A Shares <br>| 621200 | 412872 |
| SPIC Industry-Finance Holdings Co. <br> Ltd., Class A <br>| 416900 | 404085 |
| Spring Airlines Co. Ltd., A Shares  | 84600 | 678191 |
| StarPower Semiconductor Ltd., <br> A Shares <br>| 20580 | 326417 |
| State Grid Yingda Co. Ltd., A Shares  | 235700 | 254907 |
| STO Express Co. Ltd., A Shares  | 130200 | 261884 |
| Sun Art Retail Group Ltd.  | 2515189 | 527337 |
| Sungrow Power Supply Co. Ltd., <br> A Shares <br>| 173600 | 3656255 |
| Sunny Optical Technology Group Co. <br> Ltd. <br>| 798866 | 5948997 |
| Sunresin New Materials Co. Ltd., <br> A Shares <br>| 58800 | 640287 |
| Sunshine Insurance Group Co. Ltd., <br> H Shares <br>| 2593295 | 1299606 |
| Sunwoda Electronic Co. Ltd., <br> A Shares <br>| 174300 | 664336 |
| Suofeiya Home Collection Co. Ltd., <br> A Shares <br>| 83300 | 168764 |
| SUPCON Technology Co. Ltd., <br> A Shares <br>| 66386 | 776014 |
| Suzhou Centec Communications Co. <br> Ltd., A Shares \*<br>| 19085 | 548135 |
| Suzhou Dongshan Precision <br> Manufacturing Co. Ltd., A Shares <br>| 157600 | 1965147 |
| Suzhou Maxwell Technologies Co. <br> Ltd., A Shares <br>| 26060 | 1108392 |
| Suzhou Nanomicro Technology Co. <br> Ltd., A Shares <br>| 47791 | 199428 |
| Suzhou Novosense Microelectronics <br> Co. Ltd., A Shares \*<br>| 9567 | 237052 |
| Suzhou TFC Optical Communication <br> Co. Ltd., A Shares <br>| 64784 | 3481447 |
| Taiji Computer Corp. Ltd., A Shares  | 59600 | 195629 |
| TAL Education Group, ADR \* | 497194 | 5235453 |
| Talkweb Information System Co. Ltd., <br> A Shares \*<br>| 103100 | 548793 |
| TangShan Port Group Co. Ltd., <br> A Shares <br>| 599800 | 378541 |
| Tasly Pharmaceutical Group Co. Ltd., <br> A Shares <br>| 85100 | 179728 |
| TBEA Co. Ltd., A Shares  | 442923 | 1958677 |
| TCL Technology Group Corp., <br> A Shares <br>| 1422350 | 1030343 |
| TCL Zhonghuan Renewable Energy <br> Technology Co. Ltd., A Shares \*<br>| 282900 | 425531 |
| Tencent Holdings Ltd.  | 7421028 | 491436818 |
| Tencent Music Entertainment Group, <br> ADR <br>| 592061 | 8644091 |
| Thunder Software Technology Co. <br> Ltd., A Shares <br>| 40400 | 429856 |
| Tian Di Science & Technology Co. Ltd., <br> A Shares <br>| 299200 | 266890 |
| Tianfeng Securities Co. Ltd., <br> A Shares \*<br>| 1060200 | 633564 |
| Tianjin Chase Sun Pharmaceutical Co. <br> Ltd., A Shares <br>| 302500 | 162694 |
| Tianma Microelectronics Co. Ltd., <br> A Shares \*<br>| 229000 | 338782 |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**63**

------

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Tianqi Lithium Corp., A Shares \* | 134300 | 1107928 |
| Tianqi Lithium Corp., H Shares *\*(a)* | 159422 | 981134 |
| Tianshan Aluminum Group Co. Ltd., <br> A Shares <br>| 376300 | 969147 |
| TianShan Material Co. Ltd., A Shares \* | 197300 | 157302 |
| Tianshui Huatian Technology Co. Ltd., <br> A Shares <br>| 324700 | 718411 |
| Tingyi Cayman Islands Holding Corp.  | 2289555 | 3831463 |
| Titan Wind Energy Suzhou Co. Ltd., <br> A Shares <br>| 167900 | 247657 |
| Tongcheng Travel Holdings Ltd.  | 1524903 | 4027601 |
| TongFu Microelectronics Co. Ltd., <br> A Shares <br>| 148100 | 1122692 |
| Tonghua Dongbao Pharmaceutical Co. <br> Ltd., A Shares <br>| 121000 | 158373 |
| Tongkun Group Co. Ltd., A Shares  | 224000 | 793039 |
| Tongling Nonferrous Metals Group Co. <br> Ltd., A Shares <br>| 906700 | 1047987 |
| Tongwei Co. Ltd., A Shares *\*(b)* | 381200 | 1008992 |
| Topchoice Medical Corp., A Shares  | 42998 | 316928 |
| Topsec Technologies Group, Inc., <br> A Shares <br>| 156800 | 199517 |
| Topsports International Holdings Ltd.  | 3554416 | 1431372 |
| Towngas Smart Energy Co. Ltd. \* | 1573382 | 782452 |
| TravelSky Technology Ltd., H Shares  | 1134936 | 1556843 |
| Triangle Tyre Co. Ltd., A Shares  | 88400 | 200098 |
| Trina Solar Co. Ltd., A Shares \* | 213856 | 595040 |
| Trip.com Group Ltd.  | 713268 | 37513785 |
| Tsinghua Tongfang Co. Ltd., <br> A Shares \*<br>| 288600 | 400454 |
| Tsingtao Brewery Co. Ltd., A Shares  | 69800 | 635544 |
| Tsingtao Brewery Co. Ltd., H Shares  | 739264 | 5008980 |
| Unigroup Guoxin Microelectronics Co. <br> Ltd., A Shares <br>| 81679 | 948828 |
| Uni-President China Holdings Ltd.  | 1543875 | 1523713 |
| Unisplendour Corp. Ltd., A Shares  | 246800 | 933472 |
| United Nova Technology Co. Ltd., <br> A Shares \*<br>| 536932 | 608860 |
| Universal Scientific Industrial <br> Shanghai Co. Ltd., A Shares <br>| 156500 | 1086460 |
| Valiant Co. Ltd., A Shares  | 84400 | 219952 |
| Vanchip Tianjin Technology Co. Ltd., <br> A Shares \*<br>| 21658 | 124186 |
| Verisilicon Microelectronics Shanghai <br> Co. Ltd., A Shares \*<br>| 48078 | 1945712 |
| Victory Giant Technology Huizhou Co. <br> Ltd., A Shares <br>| 72200 | 3199745 |
| Vipshop Holdings Ltd., ADR  | 269503 | 4694742 |
| Visual China Group Co. Ltd., A Shares  | 48000 | 182180 |
| Walvax Biotechnology Co. Ltd., <br> A Shares <br>| 162200 | 292205 |
| Wangfujing Group Co. Ltd., A Shares  | 82500 | 166662 |
| Wangsu Science & Technology Co. <br> Ltd., A Shares <br>| 229600 | 675993 |
| Wanhua Chemical Group Co. Ltd., <br> A Shares <br>| 270100 | 3661225 |
| Want Want China Holdings Ltd.  | 5191472 | 3252074 |
| Wanxiang Qianchao Co. Ltd., <br> A Shares <br>| 304900 | 891915 |
| Weibo Corp., Class A  | 88665 | 898308 |
| Weichai Power Co. Ltd., A Shares  | 581100 | 2359668 |
| Weichai Power Co. Ltd., H Shares  | 2308999 | 9629008 |
| Weifu High-Technology Group Co. <br> Ltd., A Shares <br>| 89000 | 329490 |
| Weihai Guangwei Composites Co. <br> Ltd., A Shares <br>| 73120 | 432694 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Wens Foodstuff Group Co. Ltd., <br> A Shares <br>| 562520 | 1310188 |
| Western Mining Co. Ltd., A Shares  | 218400 | 1102998 |
| Western Securities Co. Ltd., A Shares  | 432700 | 504540 |
| Western Superconducting <br> Technologies Co. Ltd., A Shares <br>| 63280 | 832493 |
| Wingtech Technology Co. Ltd., <br> A Shares \*<br>| 110400 | 539055 |
| Winner Medical Co. Ltd., A Shares  | 43600 | 226932 |
| Winning Health Technology Group Co. <br> Ltd., A Shares <br>| 212700 | 333579 |
| Wintime Energy Group Co. Ltd., <br> A Shares \*<br>| 1528100 | 407588 |
| Wolong Electric Group Co. Ltd., <br> A Shares <br>| 145440 | 951384 |
| Wonders Information Co. Ltd., <br> A Shares \*<br>| 115200 | 112330 |
| Wuchan Zhongda Group Co. Ltd., <br> A Shares <br>| 443443 | 378105 |
| Wuhan Guide Infrared Co. Ltd., <br> A Shares \*<br>| 365036 | 827874 |
| Wuliangye Yibin Co. Ltd., A Shares  | 330800 | 5016797 |
| WUS Printed Circuit Kunshan Co. <br> Ltd., A Shares <br>| 155500 | 1894766 |
| WuXi AppTec Co. Ltd., A Shares  | 206751 | 2953500 |
| WuXi AppTec Co. Ltd., H Shares  | 519025 | 7896036 |
| Wuxi Autowell Technology Co. Ltd., <br> A Shares <br>| 20787 | 296827 |
| Wuxi Biologics Cayman, Inc. \* | 4168030 | 21431213 |
| WuXi XDC Cayman, Inc. \* | 468640 | 3783438 |
| XCMG Construction Machinery Co. <br> Ltd., A Shares <br>| 1064700 | 1902552 |
| Xiamen C & D, Inc., A Shares  | 328600 | 465056 |
| Xiamen Faratronic Co. Ltd., A Shares  | 22000 | 373534 |
| Xiamen Intretech, Inc., A Shares  | 102400 | 351189 |
| Xiamen ITG Group Corp. Ltd., <br> A Shares <br>| 178800 | 175389 |
| Xiamen Tungsten Co. Ltd., A Shares  | 120800 | 1235132 |
| Xi'An Shaangu Power Co. Ltd., <br> A Shares <br>| 182800 | 319192 |
| Xiangcai Co. Ltd., A Shares \* | 198500 | 305523 |
| Xiaomi Corp., B Shares \* | 20585630 | 91846677 |
| Xinhua Winshare Publishing & Media <br> Co. Ltd., H Shares <br>| 530509 | 695847 |
| Xinjiang Daqo New Energy Co. Ltd., <br> A Shares \*<br>| 160595 | 559434 |
| Xinxing Ductile Iron Pipes Co. Ltd., <br> A Shares <br>| 337600 | 257841 |
| Xinyi Solar Holdings Ltd.  | 5372827 | 2376582 |
| XPeng, Inc., A Shares \* | 1740947 | 15212407 |
| Xtep International Holdings Ltd.  | 1467797 | 1000154 |
| Xuji Electric Co. Ltd., A Shares  | 91400 | 424968 |
| Yadea Group Holdings Ltd.  | 1402845 | 2046299 |
| Yangling Metron New Material, Inc., <br> A Shares <br>| 72100 | 199878 |
| Yangtze Optical Fibre & Cable Joint <br> Stock Co. Ltd., A Shares <br>| 27200 | 917027 |
| Yangtze Optical Fibre & Cable Joint <br> Stock Co. Ltd., H Shares *(a)*<br>| 409970 | 7798820 |
| Yangzhou Yangjie Electronic <br> Technology Co. Ltd., A Shares <br>| 49900 | 635669 |
| Yangzijiang Financial Holding Ltd.  | 3211288 | 787049 |
| Yangzijiang Shipbuilding Holdings <br> Ltd. <br>| 3219894 | 11048219 |
| Yankuang Energy Group Co. Ltd., <br> A Shares <br>| 528690 | 1365475 |

---

*See financial notes*

**64**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Yankuang Energy Group Co. Ltd., <br> H Shares <br>| 3802034 | 6804840 |
| Yantai Changyu Pioneer Wine Co. <br> Ltd., A Shares <br>| 62483 | 187698 |
| Yantai Eddie Precision Machinery Co. <br> Ltd., A Shares <br>| 86520 | 306311 |
| Yantai Jereh Oilfield Services Group <br> Co. Ltd., A Shares <br>| 102500 | 1751982 |
| Yealink Network Technology Corp. <br> Ltd., A Shares <br>| 104930 | 574745 |
| Yifan Pharmaceutical Co. Ltd., <br> A Shares <br>| 124700 | 242461 |
| Yifeng Pharmacy Chain Co. Ltd., <br> A Shares <br>| 114676 | 406161 |
| Yihai International Holding Ltd.  | 633010 | 1319892 |
| Yihai Kerry Arawana Holdings Co. Ltd., <br> A Shares <br>| 90100 | 386224 |
| Yili Chuanning Biotechnology Co. Ltd., <br> A Shares <br>| 112400 | 185944 |
| Yixintang Pharmaceutical Group Co. <br> Ltd., A Shares <br>| 57800 | 114321 |
| Yonfer Agricultural Technology Co. <br> Ltd., A Shares <br>| 104800 | 279532 |
| Yonghui Superstores Co. Ltd., <br> A Shares \*<br>| 681200 | 421971 |
| YongXing Special Materials <br> Technology Co. Ltd., A Shares <br>| 41860 | 395971 |
| Yonyou Network Technology Co. Ltd., <br> A Shares \*<br>| 334740 | 693787 |
| Youngor Fashion Co. Ltd., A Shares  | 470100 | 501557 |
| Youngy Co. Ltd., A Shares  | 27400 | 238341 |
| YTO Express Group Co. Ltd., <br> A Shares <br>| 271800 | 776866 |
| Yuan Longping High-tech Agriculture <br> Co. Ltd., A Shares <br>| 116200 | 169366 |
| Yuexiu Property Co. Ltd.  | 1649059 | 969768 |
| Yum China Holdings, Inc.  | 418660 | 23185890 |
| YUNDA Holding Group Co. Ltd., <br> A Shares <br>| 137400 | 142589 |
| Yuneng Technology Co. Ltd., A Shares  | 13003 | 100921 |
| Yunnan Aluminium Co. Ltd., A Shares  | 336600 | 1530691 |
| Yunnan Baiyao Group Co. Ltd., <br> A Shares <br>| 155840 | 1273132 |
| Yunnan Botanee Bio-Technology <br> Group Co. Ltd., A Shares <br>| 18000 | 123649 |
| Yunnan Chihong Zinc&Germanium Co. <br> Ltd., A Shares <br>| 471300 | 757691 |
| Yunnan Copper Co. Ltd., A Shares  | 108300 | 404099 |
| Yunnan Energy New Material Group <br> Co. Ltd., A Shares \*<br>| 76600 | 691431 |
| Yunnan Tin Co. Ltd., A Shares  | 103300 | 667899 |
| Yunnan Yuntianhua Co. Ltd., A Shares  | 143700 | 929320 |
| Yutong Bus Co. Ltd., A Shares  | 186800 | 808362 |
| Zai Lab Ltd. \* | 1224376 | 2357293 |
| Zangge Mining Co. Ltd., A Shares  | 131100 | 1646369 |
| ZCZL Industrial Technology Group Co. <br> Ltd., A Shares <br>| 162400 | 593179 |
| Zhangzhou Pientzehuang <br> Pharmaceutical Co. Ltd., A Shares <br>| 51800 | 1232467 |
| Zhaojin Mining Industry Co. Ltd., <br> H Shares <br>| 2065310 | 9109157 |
| Zhefu Holding Group Co. Ltd., <br> A Shares <br>| 534600 | 406741 |
| Zhejiang China Commodities City <br> Group Co. Ltd., A Shares <br>| 447900 | 970105 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Zhejiang Chint Electrics Co. Ltd., <br> A Shares <br>| 183800 | 885125 |
| Zhejiang Crystal-Optech Co. Ltd., <br> A Shares <br>| 132400 | 544197 |
| Zhejiang Dahua Technology Co. Ltd., <br> A Shares <br>| 290600 | 815776 |
| Zhejiang Daily Digital Culture Group <br> Co. Ltd., A Shares <br>| 103200 | 215699 |
| Zhejiang Dingli Machinery Co. Ltd., <br> A Shares <br>| 34600 | 298953 |
| Zhejiang Expressway Co. Ltd., <br> H Shares *(a)*<br>| 2042086 | 1788292 |
| Zhejiang Hailiang Co. Ltd., A Shares  | 123600 | 265003 |
| Zhejiang HangKe Technology, Inc. Co., <br> A Shares <br>| 44364 | 193469 |
| Zhejiang Huace Film & Television Co. <br> Ltd., A Shares <br>| 223900 | 280328 |
| Zhejiang Huahai Pharmaceutical Co. <br> Ltd., A Shares <br>| 140250 | 326866 |
| Zhejiang Huayou Cobalt Co. Ltd., <br> A Shares <br>| 159860 | 1831858 |
| Zhejiang Jingsheng Mechanical & <br> Electrical Co. Ltd., A Shares <br>| 127800 | 1038285 |
| Zhejiang Jiuzhou Pharmaceutical Co. <br> Ltd., A Shares <br>| 74200 | 190775 |
| Zhejiang Juhua Co. Ltd., A Shares  | 201800 | 1223583 |
| Zhejiang Leapmotor Technology Co. <br> Ltd., Class H \*<br>| 855194 | 4482521 |
| Zhejiang Longsheng Group Co. Ltd., <br> A Shares <br>| 331300 | 791442 |
| Zhejiang Medicine Co. Ltd., A Shares  | 86200 | 204667 |
| Zhejiang NHU Co. Ltd., A Shares  | 285468 | 1310650 |
| Zhejiang Sanhua Intelligent Controls <br> Co. Ltd., A Shares <br>| 215220 | 1606410 |
| Zhejiang Sanhua Intelligent Controls <br> Co. Ltd., H Shares *(a)*<br>| 349200 | 1510701 |
| Zhejiang Supor Co. Ltd., A Shares  | 46200 | 299655 |
| Zhejiang Wanfeng Auto Wheel Co. <br> Ltd., A Shares <br>| 159400 | 379629 |
| Zhejiang Wanliyang Co. Ltd., <br> A Shares <br>| 170900 | 236887 |
| Zhejiang Weiming Environment <br> Protection Co. Ltd., A Shares <br>| 169600 | 696109 |
| Zhejiang Weixing New Building <br> Materials Co. Ltd., A Shares <br>| 155300 | 277738 |
| Zhejiang Wolwo Bio-Pharmaceutical <br> Co. Ltd., A Shares <br>| 54100 | 211483 |
| Zhejiang Yongtai Technology Co. Ltd., <br> A Shares \*<br>| 96200 | 345770 |
| Zhejiang Zheneng Electric Power Co. <br> Ltd., A Shares <br>| 788700 | 612714 |
| Zheshang Securities Co. Ltd., <br> A Shares <br>| 328200 | 510413 |
| ZhongAn Online P&C Insurance Co. <br> Ltd., H Shares \*<br>| 1185057 | 2322497 |
| Zhongji Innolight Co. Ltd., A Shares  | 92260 | 7180813 |
| Zhongjin Gold Corp. Ltd., A Shares  | 462600 | 2146830 |
| Zhongshan Public Utilities Group Co. <br> Ltd., A Shares <br>| 180100 | 317627 |
| Zhongsheng Group Holdings Ltd.  | 876458 | 1160820 |
| Zhongtai Securities Co. Ltd., A Shares  | 608500 | 568509 |
| Zhuhai Huafa Properties Co. Ltd., <br> A Shares <br>| 209400 | 131545 |
| Zhuzhou CRRC Times Electric Co. <br> Ltd., A Shares <br>| 51276 | 443935 |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**65**

------

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Zhuzhou CRRC Times Electric Co. <br> Ltd., H Shares <br>| 497743 | 2824011 |
| Zhuzhou Hongda Electronics Corp. <br> Ltd., A Shares <br>| 41900 | 326667 |
| Zhuzhou Kibing Group Co. Ltd., <br> A Shares <br>| 203000 | 223093 |
| Zijin Mining Group Co. Ltd., A Shares  | 1781400 | 10268969 |
| Zijin Mining Group Co. Ltd., H Shares  | 7166180 | 41226274 |
| ZJLD Group, Inc. *(a)* | 715161 | 835649 |
| Zoomlion Heavy Industry Science & <br> Technology Co. Ltd., A Shares <br>| 495300 | 721195 |
| Zoomlion Heavy Industry Science & <br> Technology Co. Ltd., H Shares *(a)*<br>| 1684744 | 2252887 |
| ZTE Corp., A Shares  | 354800 | 1998720 |
| ZTE Corp., H Shares *(a)* | 920075 | 3204086 |
| ZTO Express Cayman, Inc.  | 524615 | 12843499 |
|  |  | **3744135319** |
| **Colombia 0.1%** | **Colombia 0.1%** | **Colombia 0.1%** |
| Cementos Argos SA  | 782961 | 2481093 |
| Ecopetrol SA  | 5388152 | 3213985 |
| Interconexion Electrica SA ESP  | 523169 | 3831163 |
|  |  | **9526241** |
| **Czech Republic 0.2%** | **Czech Republic 0.2%** | **Czech Republic 0.2%** |
| CEZ AS  | 169169 | 9605551 |
| Colt CZ Group SE  | 17540 | 756569 |
| Komercni Banka AS  | 87510 | 5011539 |
| Moneta Money Bank AS  | 375950 | 3609706 |
|  |  | **18983365** |
| **Egypt 0.1%** | **Egypt 0.1%** | **Egypt 0.1%** |
| Commercial International Bank - <br> Egypt (CIB), GDR <br>| 3258035 | 8682663 |
| **Greece 0.8%** | **Greece 0.8%** | **Greece 0.8%** |
| Aegean Airlines SA  | 36024 | 583560 |
| Aktor SA Holding Co. Technical & <br> Energy Projects \*<br>| 79288 | 986706 |
| Alpha Bank SA  | 2481865 | 10900860 |
| Athens International Airport SA  | 67556 | 912493 |
| Athens Water Supply & Sewage Co. <br> SA <br>| 54829 | 507535 |
| Autohellas Tourist & Trading SA  | 29270 | 439592 |
| Ballys Intralot SA \* | 807968 | 897684 |
| Bank of Cyprus Holdings PLC  | 468891 | 5126519 |
| Cenergy Holdings SA  | 82186 | 2134815 |
| Ellaktor SA  | 129971 | 197652 |
| Eurobank SA  | 3013862 | 13949193 |
| FF Group *\*(b)* | 50437 | 0 |
| GEK Terna SA  | 75111 | 3199704 |
| Hellenic Telecommunications <br> Organization SA <br>| 190616 | 3938556 |
| HELLENiQ ENERGY Holdings SA  | 132176 | 1374891 |
| Holding Co. ADMIE IPTO SA  | 183410 | 661567 |
| Jumbo SA  | 134995 | 3956026 |
| LAMDA Development SA \* | 122422 | 1010360 |
| Motor Oil Hellas Corinth Refineries <br> SA <br>| 81461 | 3527920 |
| National Bank of Greece SA  | 988632 | 16090928 |
| OPAP Holding SA  | 219478 | 4094376 |
| Optima bank SA  | 227364 | 2625429 |
| Piraeus Bank SA \* | 1262651 | 12105397 |
| Piraeus Port Authority SA  | 7123 | 317062 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Public Power Corp. SA  | 225384 | 5029497 |
| Quest Holdings SA  | 39700 | 320148 |
| Sarantis SA  | 44281 | 765417 |
| Titan SA  | 47360 | 2935693 |
| Viohalco SA  | 63247 | 1178383 |
|  |  | **99767963** |
| **Hong Kong 0.0%** | **Hong Kong 0.0%** | **Hong Kong 0.0%** |
| China Huishan Dairy Holdings Co. <br> Ltd. *\*(b)*<br>| 3872695 | 0 |
| **Hungary 0.4%** | **Hungary 0.4%** | **Hungary 0.4%** |
| 4iG Nyrt \* | 33378 | 367609 |
| Magyar Telekom Telecommunications <br> PLC <br>| 386162 | 2619554 |
| MOL Hungarian Oil & Gas PLC  | 533680 | 5899420 |
| Opus Global Nyrt  | 490163 | 833950 |
| OTP Bank Nyrt  | 275181 | 33893884 |
| Richter Gedeon Nyrt  | 175338 | 6559643 |
|  |  | **50174060** |
| **Iceland 0.1%** | **Iceland 0.1%** | **Iceland 0.1%** |
| Alvotech SA \* | 133299 | 530827 |
| Arion Banki Hf.  | 1631369 | 2677786 |
| Eimskipafelag Islands Hf.  | 169064 | 342190 |
| Festi Hf.  | 301147 | 842439 |
| Hagar Hf.  | 1501201 | 1469828 |
| Islandsbanki Hf.  | 2344832 | 2652743 |
| Kvika banki Hf.  | 4995158 | 778824 |
| Reitir fasteignafelag Hf.  | 937279 | 994808 |
|  |  | **10289445** |
| **India 16.8%** | **India 16.8%** | **India 16.8%** |
| 360 ONE WAM Ltd.  | 290299 | 3521512 |
| 3M India Ltd.  | 3885 | 1601593 |
| Aarti Industries Ltd.  | 268168 | 1318051 |
| ABB India Ltd.  | 63865 | 4263224 |
| ACC Ltd.  | 67525 | 1181922 |
| Adani Energy Solutions Ltd. \* | 376925 | 4190967 |
| Adani Enterprises Ltd.  | 312100 | 7416197 |
| Adani Green Energy Ltd. \* | 374348 | 3898145 |
| Adani Ports & Special Economic Zone <br> Ltd. <br>| 877591 | 14672136 |
| Adani Power Ltd. \* | 6348730 | 9777503 |
| Adani Total Gas Ltd.  | 270617 | 1522990 |
| Aditya Birla Capital Ltd. \* | 770612 | 2917655 |
| AIA Engineering Ltd.  | 41787 | 1769108 |
| Ajanta Pharma Ltd.  | 47080 | 1549336 |
| Alkem Laboratories Ltd.  | 46593 | 2888240 |
| Ambuja Cements Ltd.  | 966501 | 5316081 |
| Apar Industries Ltd.  | 19847 | 2439091 |
| APL Apollo Tubes Ltd.  | 210105 | 5160694 |
| Apollo Hospitals Enterprise Ltd.  | 118517 | 10189261 |
| Ashok Leyland Ltd.  | 3390222 | 7866623 |
| Asian Paints Ltd.  | 547103 | 14289731 |
| Astral Ltd.  | 148523 | 2722925 |
| AU Small Finance Bank Ltd.  | 428488 | 4513722 |
| Aurobindo Pharma Ltd.  | 334108 | 4481888 |
| Authum Investment & Infrastucture <br> Ltd. <br>| 197890 | 1048112 |
| Avenue Supermarts Ltd. \* | 174626 | 7385345 |
| AWL Agri Business Ltd. \* | 423411 | 880087 |
| Axis Bank Ltd.  | 2745677 | 41766312 |
| Bajaj Auto Ltd.  | 79857 | 8753646 |

---

*See financial notes*

**66**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Bajaj Finance Ltd.  | 3369597 | 36886348 |
| Bajaj Finserv Ltd.  | 456733 | 10007574 |
| Bajaj Holdings & Investment Ltd.  | 33229 | 3946152 |
| Bajaj Housing Finance Ltd. \* | 1167029 | 1116535 |
| Balkrishna Industries Ltd.  | 100611 | 2636365 |
| Bandhan Bank Ltd.  | 964314 | 1928919 |
| Bank of Baroda  | 1171419 | 4145459 |
| Bank of India  | 973216 | 1883290 |
| Bank of Maharashtra  | 2077987 | 1707592 |
| Bata India Ltd.  | 73603 | 638329 |
| Bayer CropScience Ltd.  | 17888 | 918700 |
| Berger Paints India Ltd.  | 339801 | 1703557 |
| Bharat Dynamics Ltd.  | 115179 | 1601786 |
| Bharat Electronics Ltd.  | 4414982 | 21580825 |
| Bharat Forge Ltd.  | 312449 | 6563829 |
| Bharat Heavy Electricals Ltd.  | 1662439 | 4841519 |
| Bharat Petroleum Corp. Ltd.  | 2405596 | 10190755 |
| Bharti Airtel Ltd.  | 3342845 | 69053282 |
| Bharti Airtel Ltd. - Partly Paid Shares <br> *(b)*<br>| 208885 | 3393660 |
| Bharti Hexacom Ltd.  | 83157 | 1468790 |
| Biocon Ltd.  | 732979 | 3140547 |
| Blue Star Ltd.  | 147372 | 3144541 |
| Bosch Ltd.  | 10455 | 4185965 |
| Britannia Industries Ltd.  | 142819 | 9423020 |
| BSE Ltd.  | 240872 | 7167416 |
| Canara Bank  | 2185066 | 3779710 |
| Castrol India Ltd.  | 598934 | 1230505 |
| Central Bank of India Ltd.  | 725130 | 319380 |
| Central Depository Services India Ltd.  | 121032 | 1692496 |
| CG Power & Industrial Solutions Ltd.  | 783843 | 6248256 |
| Cholamandalam Financial Holdings <br> Ltd. <br>| 110875 | 1991518 |
| Cholamandalam Investment & Finance <br> Co. Ltd. <br>| 501933 | 9549148 |
| Cipla Ltd.  | 693177 | 10272365 |
| Coal India Ltd.  | 2775599 | 13138723 |
| Cochin Shipyard Ltd.  | 99432 | 1630345 |
| Coforge Ltd.  | 387480 | 5050481 |
| Colgate-Palmolive India Ltd.  | 155399 | 3850973 |
| Container Corp. of India Ltd.  | 409585 | 2231470 |
| Coromandel International Ltd.  | 142889 | 3486774 |
| CRISIL Ltd.  | 22751 | 1094434 |
| Cummins India Ltd.  | 164636 | 8864253 |
| Dabur India Ltd.  | 742701 | 4232868 |
| Dalmia Bharat Ltd.  | 92269 | 2021320 |
| Deepak Nitrite Ltd.  | 90963 | 1580470 |
| Divi's Laboratories Ltd.  | 154407 | 10876655 |
| Dixon Technologies India Ltd.  | 43899 | 5080102 |
| DLF Ltd.  | 786240 | 5218626 |
| Dr. Lal PathLabs Ltd.  | 106027 | 1631494 |
| Dr. Reddy's Laboratories Ltd.  | 717001 | 10137573 |
| Eicher Motors Ltd.  | 159396 | 14034890 |
| Emami Ltd.  | 227283 | 1155699 |
| Embassy Office Parks REIT  | 1064175 | 4971696 |
| Endurance Technologies Ltd.  | 37826 | 1106679 |
| Escorts Kubota Ltd.  | 33837 | 1308681 |
| Eternal Ltd. \* | 5436072 | 14717078 |
| Exide Industries Ltd.  | 487380 | 1790919 |
| Federal Bank Ltd.  | 2242543 | 7391231 |
| Fortis Healthcare Ltd.  | 599149 | 6208080 |
| FSN E-Commerce Ventures Ltd. \* | 1398108 | 4079853 |
| GAIL India Ltd.  | 3107021 | 5789789 |
| GE Vernova T&D India Ltd.  | 145465 | 6156215 |
| General Insurance Corp. of India  | 365014 | 1536869 |
| GlaxoSmithKline Pharmaceuticals <br> Ltd. <br>| 50667 | 1432190 |
| Glenmark Pharmaceuticals Ltd.  | 163219 | 3833418 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| GMR Airports Ltd. \* | 3163445 | 3499127 |
| Godfrey Phillips India Ltd.  | 46669 | 1085158 |
| Godrej Consumer Products Ltd.  | 482431 | 6456188 |
| Godrej Industries Ltd. \* | 53571 | 584754 |
| Godrej Properties Ltd. \* | 173526 | 3301669 |
| Grasim Industries Ltd.  | 411383 | 12660339 |
| Gujarat Fluorochemicals Ltd.  | 42788 | 1638268 |
| Gujarat Gas Ltd.  | 203645 | 911941 |
| Havells India Ltd.  | 266500 | 4092575 |
| HCL Technologies Ltd.  | 1269095 | 19377583 |
| HDB Financial Services Ltd.  | 163559 | 1267913 |
| HDFC Asset Management Co. Ltd.  | 239756 | 7111807 |
| HDFC Bank Ltd.  | 13611944 | 132825911 |
| HDFC Life Insurance Co. Ltd.  | 1139182 | 8956809 |
| Hero MotoCorp Ltd.  | 156112 | 9798156 |
| Hexaware Technologies Ltd.  | 141675 | 737370 |
| Hindalco Industries Ltd.  | 1733252 | 17617105 |
| Hindustan Aeronautics Ltd.  | 229348 | 9865043 |
| Hindustan Petroleum Corp. Ltd.  | 1124396 | 5422610 |
| Hindustan Unilever Ltd.  | 1072007 | 27550702 |
| Hindustan Zinc Ltd.  | 536008 | 3557430 |
| Hitachi Energy India Ltd.  | 15594 | 4381515 |
| Honeywell Automation India Ltd.  | 2225 | 757553 |
| Housing & Urban Development Corp. <br> Ltd. <br>| 552974 | 1135108 |
| Hyundai Motor India Ltd.  | 170796 | 4065255 |
| ICICI Bank Ltd.  | 6308214 | 95611726 |
| ICICI Lombard General Insurance Co. <br> Ltd. <br>| 296251 | 6191960 |
| ICICI Prudential Life Insurance Co. <br> Ltd. <br>| 469730 | 3379325 |
| IDBI Bank Ltd.  | 722213 | 920943 |
| IDFC First Bank Ltd.  | 4868259 | 3932012 |
| Indian Bank  | 330903 | 3602692 |
| Indian Hotels Co. Ltd.  | 1009047 | 7398467 |
| Indian Oil Corp. Ltd.  | 4566283 | 9409501 |
| Indian Overseas Bank \* | 777405 | 311470 |
| Indian Railway Catering & Tourism <br> Corp. Ltd. <br>| 364824 | 2283953 |
| Indian Railway Finance Corp. Ltd.  | 2063464 | 2348654 |
| Indian Renewable Energy <br> Development Agency Ltd. \*<br>| 928409 | 1247556 |
| Indraprastha Gas Ltd.  | 807134 | 1515856 |
| Indus Towers Ltd. \* | 1544136 | 7721847 |
| IndusInd Bank Ltd. \* | 317828 | 3342432 |
| Info Edge India Ltd.  | 414333 | 4689106 |
| Infosys Ltd.  | 4225440 | 60383831 |
| InterGlobe Aviation Ltd.  | 226990 | 12044090 |
| Ipca Laboratories Ltd.  | 162440 | 2729883 |
| IRB Infrastructure Developers Ltd.  | 2396996 | 1098954 |
| ITC Hotels Ltd. \* | 1305795 | 2527014 |
| ITC Ltd.  | 3621026 | 12481870 |
| Jindal Stainless Ltd.  | 360540 | 3076685 |
| Jindal Steel Ltd.  | 431177 | 5896818 |
| Jio Financial Services Ltd.  | 3693205 | 10368031 |
| JK Cement Ltd.  | 38636 | 2402003 |
| JSW Energy Ltd.  | 650973 | 3490055 |
| JSW Infrastructure Ltd.  | 385824 | 1080589 |
| JSW Steel Ltd.  | 1059665 | 14730859 |
| Jubilant Foodworks Ltd.  | 439226 | 2510035 |
| Kalyan Jewellers India Ltd.  | 485455 | 2188319 |
| Kansai Nerolac Paints Ltd.  | 269715 | 603341 |
| Kaynes Technology India Ltd. \* | 33119 | 1403921 |
| KEI Industries Ltd.  | 68279 | 3812914 |
| Kotak Mahindra Bank Ltd.  | 6559430 | 29936113 |
| KPIT Technologies Ltd.  | 164193 | 1391673 |
| L&T Finance Ltd.  | 1004513 | 3135230 |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**67**

------

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| L&T Technology Services Ltd.  | 34223 | 1321277 |
| Larsen & Toubro Ltd.  | 808264 | 38009875 |
| Laurus Labs Ltd.  | 430232 | 5087521 |
| LIC Housing Finance Ltd.  | 300982 | 1779069 |
| Linde India Ltd.  | 23844 | 1763868 |
| Lloyds Metals & Energy Ltd.  | 120563 | 1633989 |
| Lodha Developers Ltd.  | 333772 | 3625673 |
| LTIMindtree Ltd.  | 111695 | 5478167 |
| Lupin Ltd.  | 289920 | 7335616 |
| Mahindra & Mahindra Financial <br> Services Ltd. <br>| 739837 | 3043882 |
| Mahindra & Mahindra Ltd.  | 1115674 | 41663520 |
| Mangalore Refinery & Petrochemicals <br> Ltd. \*<br>| 263836 | 570296 |
| Mankind Pharma Ltd.  | 136119 | 3362867 |
| Marico Ltd.  | 627494 | 5439586 |
| Maruti Suzuki India Ltd.  | 158287 | 25849273 |
| Max Financial Services Ltd. \* | 309481 | 6168784 |
| Max Healthcare Institute Ltd.  | 890572 | 10689164 |
| Mazagon Dock Shipbuilders Ltd.  | 90892 | 2222840 |
| Metro Brands Ltd.  | 72836 | 845919 |
| Motilal Oswal Financial Services Ltd.  | 174059 | 1387383 |
| Mphasis Ltd.  | 144132 | 3638303 |
| MRF Ltd.  | 2708 | 4196561 |
| Multi Commodity Exchange of India <br> Ltd. <br>| 151200 | 4060697 |
| Muthoot Finance Ltd.  | 127525 | 4700733 |
| Narayana Hrudayalaya Ltd.  | 69450 | 1397684 |
| National Aluminium Co. Ltd.  | 1064926 | 4150784 |
| Nestle India Ltd.  | 862468 | 12245503 |
| New India Assurance Co. Ltd.  | 228150 | 369399 |
| NHPC Ltd.  | 3839062 | 3178814 |
| Nippon Life India Asset Management <br> Ltd. <br>| 216439 | 2215391 |
| NLC India Ltd.  | 413379 | 1181618 |
| NMDC Ltd.  | 3961085 | 3558941 |
| NTPC Green Energy Ltd. \* | 1038908 | 1029358 |
| NTPC Ltd.  | 5692456 | 23895785 |
| Oberoi Realty Ltd.  | 146044 | 2444548 |
| Oil & Natural Gas Corp. Ltd.  | 4656773 | 14316917 |
| Oil India Ltd.  | 635313 | 3379211 |
| One 97 Communications Ltd. \* | 489726 | 5912159 |
| Oracle Financial Services Software <br> Ltd. <br>| 30242 | 2304311 |
| Page Industries Ltd.  | 6335 | 2235934 |
| Patanjali Foods Ltd.  | 387838 | 2165639 |
| PB Fintech Ltd. \* | 408721 | 6656254 |
| Persistent Systems Ltd.  | 125397 | 6523725 |
| Petronet LNG Ltd.  | 951495 | 3382350 |
| Phoenix Mills Ltd.  | 219476 | 4001296 |
| PI Industries Ltd.  | 99827 | 3420571 |
| Pidilite Industries Ltd.  | 390368 | 6401990 |
| Piramal Finance Ltd. \* | 134915 | 2578291 |
| Polycab India Ltd.  | 62055 | 5873231 |
| Poonawalla Fincorp Ltd. \* | 306251 | 1530981 |
| Power Finance Corp. Ltd.  | 1746270 | 7942804 |
| Power Grid Corp. of India Ltd.  | 5349546 | 17561088 |
| Premier Energies Ltd.  | 139694 | 1122450 |
| Prestige Estates Projects Ltd.  | 186165 | 2850500 |
| Punjab National Bank  | 2698444 | 3839316 |
| Rail Vikas Nigam Ltd.  | 688562 | 2394324 |
| RBL Bank Ltd.  | 527541 | 1854124 |
| REC Ltd.  | 1476384 | 5676637 |
| Relaxo Footwears Ltd.  | 92130 | 352515 |
| Reliance Industries Ltd.  | 8175580 | 125262813 |
| Samvardhana Motherson International <br> Ltd. <br>| 5468821 | 8015417 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| SBI Cards & Payment Services Ltd. \* | 348156 | 2963543 |
| SBI Life Insurance Co. Ltd.  | 522497 | 11700096 |
| Schaeffler India Ltd.  | 49468 | 2369211 |
| Shree Cement Ltd.  | 12182 | 3491523 |
| Shriram Finance Ltd.  | 1484772 | 17616278 |
| Siemens Energy India Ltd.  | 100941 | 3251925 |
| Siemens Ltd. \* | 107346 | 4033723 |
| SJVN Ltd.  | 621604 | 498985 |
| Solar Industries India Ltd.  | 28892 | 4288565 |
| Sona Blw Precision Forgings Ltd.  | 542295 | 3186070 |
| SRF Ltd.  | 171204 | 4821686 |
| Star Health & Allied Insurance Co. <br> Ltd. \*<br>| 298996 | 1529879 |
| State Bank of India  | 2231938 | 29481539 |
| Steel Authority of India Ltd.  | 1718060 | 3129385 |
| Sun Pharmaceutical Industries Ltd.  | 1286077 | 24554933 |
| Sun TV Network Ltd.  | 161382 | 1148861 |
| Sundaram Finance Ltd.  | 81807 | 4954212 |
| Supreme Industries Ltd.  | 69997 | 3058513 |
| Suzlon Energy Ltd. \* | 13002235 | 6098354 |
| Swiggy Ltd. \* | 1301229 | 4315916 |
| Syngene International Ltd.  | 240372 | 1115512 |
| Tata Communications Ltd.  | 137726 | 2418404 |
| Tata Consultancy Services Ltd.  | 1222888 | 35451503 |
| Tata Consumer Products Ltd.  | 782275 | 9811086 |
| Tata Elxsi Ltd.  | 41822 | 2074637 |
| Tata Motors Ltd. \* | 2461202 | 13670000 |
| Tata Motors Passenger Vehicles Ltd.  | 2464807 | 10367084 |
| Tata Power Co. Ltd.  | 2010998 | 8345610 |
| Tata Steel Ltd.  | 9954664 | 23233248 |
| Tata Technologies Ltd.  | 204521 | 1316133 |
| Tata Teleservices Maharashtra Ltd. \* | 690147 | 315502 |
| Tech Mahindra Ltd.  | 749685 | 11188879 |
| Thermax Ltd.  | 37350 | 1280003 |
| Titan Co. Ltd.  | 440291 | 20943480 |
| Torrent Pharmaceuticals Ltd.  | 124192 | 5915403 |
| Torrent Power Ltd.  | 225965 | 3890593 |
| Trent Ltd.  | 217074 | 9304407 |
| Tube Investments of India Ltd.  | 129926 | 3932216 |
| TVS Motor Co. Ltd.  | 280457 | 11929316 |
| UltraTech Cement Ltd.  | 143348 | 19974692 |
| Union Bank of India Ltd.  | 1787588 | 3974394 |
| United Breweries Ltd.  | 90782 | 1601573 |
| United Spirits Ltd.  | 360260 | 5467878 |
| UNO Minda Ltd.  | 220054 | 2874752 |
| UPL Ltd.  | 662703 | 4643046 |
| Varun Beverages Ltd.  | 1598306 | 7930370 |
| Vedant Fashions Ltd.  | 70362 | 301591 |
| Vedanta Ltd.  | 1935501 | 15283812 |
| Vishal Mega Mart Ltd. \* | 2787434 | 3608678 |
| Vodafone Idea Ltd. \* | 31584489 | 3676561 |
| Voltas Ltd.  | 274785 | 4715756 |
| WAAREE Energies Ltd.  | 98421 | 2931007 |
| Whirlpool of India Ltd.  | 69278 | 701985 |
| Wipro Ltd.  | 3409757 | 7531908 |
| Yes Bank Ltd. \* | 28416669 | 6471946 |
| Zee Entertainment Enterprises Ltd.  | 1218178 | 1170961 |
| Zydus Lifesciences Ltd.  | 295278 | 2991525 |
|  |  | **2099103879** |
| **Indonesia 1.1%** | **Indonesia 1.1%** | **Indonesia 1.1%** |
| Alamtri Resources Indonesia Tbk. PT  | 11119596 | 1552034 |
| Amman Mineral Internasional PT \* | 14478327 | 6606573 |
| Astra International Tbk. PT  | 23998964 | 9555209 |
| Avia Avian Tbk. PT  | 23403852 | 614238 |
| Bank Central Asia Tbk. PT  | 58528810 | 25048864 |
| Bank Mandiri Persero Tbk. PT  | 51155293 | 16095686 |

---

*See financial notes*

**68**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Bank Negara Indonesia Persero Tbk. <br> PT <br>| 14483175 | 3801132 |
| Bank Rakyat Indonesia Persero Tbk. <br> PT <br>| 79218094 | 18475559 |
| Bank Syariah Indonesia Tbk. PT  | 4906959 | 690750 |
| Barito Pacific Tbk. PT \* | 25167595 | 2987385 |
| Bukit Asam Persero Tbk. PT  | 3850243 | 597115 |
| Bumi Serpong Damai Tbk. PT \* | 7461298 | 369393 |
| Charoen Pokphand Indonesia Tbk. PT  | 9100536 | 2307025 |
| Dayamitra Telekomunikasi PT  | 27749255 | 868975 |
| Dian Swastatika Sentosa Tbk. PT \* | 1446605 | 6810218 |
| Elang Mahkota Teknologi Tbk. PT  | 21714729 | 1152765 |
| GoTo Gojek Tokopedia Tbk. PT \* | 955443440 | 3476412 |
| Gudang Garam Tbk. PT  | 607062 | 626434 |
| Indah Kiat Pulp & Paper Tbk. PT  | 2891423 | 2000627 |
| Indocement Tunggal Prakarsa Tbk. PT  | 1411846 | 522126 |
| Indofood CBP Sukses Makmur Tbk. <br> PT <br>| 2731019 | 1278765 |
| Indofood Sukses Makmur Tbk. PT  | 4804686 | 1848507 |
| Indosat Tbk. PT  | 7418328 | 1022150 |
| Jasa Marga Persero Tbk. PT  | 1732157 | 382283 |
| Kalbe Farma Tbk. PT  | 23340108 | 1531412 |
| Mayora Indah Tbk. PT  | 4396890 | 553381 |
| Merdeka Copper Gold Tbk. PT \* | 14693532 | 3286654 |
| Perusahaan Gas Negara Persero Tbk. <br> PT <br>| 13118707 | 1870189 |
| Petrindo Jaya Kreasi Tbk. PT  | 18771840 | 1791527 |
| Sarana Menara Nusantara Tbk. PT  | 25196560 | 758978 |
| Semen Indonesia Persero Tbk. PT  | 3758524 | 654631 |
| Sumber Alfaria Trijaya Tbk. PT  | 23661264 | 2356953 |
| Telkom Indonesia Persero Tbk. PT, <br> Class B <br>| 50890320 | 10745704 |
| Tower Bersama Infrastructure Tbk. <br> PT <br>| 5791747 | 576929 |
| Trimegah Bangun Persada Tbk. PT  | 8705981 | 799714 |
| Unilever Indonesia Tbk. PT  | 7773561 | 1103554 |
| United Tractors Tbk. PT  | 1488221 | 2538808 |
| Vale Indonesia Tbk. PT  | 1761110 | 829870 |
| XLSMART Telecom Sejahtera Tbk. PT  | 5086824 | 961839 |
|  |  | **139050368** |
| **Kuwait 0.7%** | **Kuwait 0.7%** | **Kuwait 0.7%** |
| Agility Public Warehousing Co. KSCC  | 1910977 | 859566 |
| Boubyan Bank KSCP  | 2102588 | 4653381 |
| Burgan Bank SAK  | 1777915 | 1193776 |
| Gulf Bank KSCP  | 2571304 | 2841174 |
| Kuwait Finance House KSCP  | 14920752 | 39101319 |
| Mabanee Co. KPSC  | 841860 | 2689122 |
| Mobile Telecommunications Co. <br> KSCP <br>| 2702369 | 4774068 |
| National Bank of Kuwait SAKP  | 9938747 | 30548365 |
| Warba Bank KSCP  | 2098367 | 1969784 |
|  |  | **88630555** |
| **Malaysia 1.6%** | **Malaysia 1.6%** | **Malaysia 1.6%** |
| 99 Speed Mart Retail Holdings Bhd.  | 1479000 | 1307571 |
| Alliance Bank Malaysia Bhd.  | 1290030 | 1670972 |
| AMMB Holdings Bhd.  | 3385372 | 5594434 |
| Axiata Group Bhd.  | 5724677 | 3354475 |
| CelcomDigi Bhd.  | 4690214 | 3845228 |
| CIMB Group Holdings Bhd.  | 10067352 | 20802239 |
| Dialog Group Bhd.  | 4950800 | 2239375 |
| Fraser & Neave Holdings Bhd.  | 203600 | 1828266 |
| Gamuda Bhd.  | 6026214 | 6489292 |
| Genting Bhd.  | 2291800 | 1666871 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Genting Malaysia Bhd.  | 1828920 | 987081 |
| Hartalega Holdings Bhd. \* | 1951900 | 443956 |
| Hong Leong Bank Bhd.  | 750307 | 4489115 |
| Hong Leong Financial Group Bhd.  | 246700 | 1350478 |
| IHH Healthcare Bhd.  | 3600900 | 8440043 |
| IJM Corp. Bhd.  | 4076736 | 2629814 |
| IOI Corp. Bhd.  | 3616492 | 3680624 |
| Kuala Lumpur Kepong Bhd.  | 615564 | 3005838 |
| Malayan Banking Bhd.  | 9004818 | 27678649 |
| Maxis Bhd.  | 3504424 | 3494517 |
| MISC Bhd.  | 2385200 | 4946945 |
| Mr. DIY Group M Bhd.  | 4582400 | 2108069 |
| Nestle Malaysia Bhd.  | 80171 | 2264403 |
| Petronas Chemicals Group Bhd.  | 3334300 | 2570779 |
| Petronas Dagangan Bhd.  | 398400 | 2250535 |
| Petronas Gas Bhd.  | 1094636 | 5052599 |
| PPB Group Bhd.  | 711077 | 1988311 |
| Press Metal Aluminium Holdings Bhd.  | 4044864 | 7411946 |
| Public Bank Bhd.  | 17661970 | 22378184 |
| QL Resources Bhd.  | 2186175 | 2292365 |
| RHB Bank Bhd.  | 2364239 | 5103985 |
| SD Guthrie Bhd.  | 4032408 | 5958968 |
| Sime Darby Bhd.  | 5199600 | 3260608 |
| Sunway Bhd.  | 2860400 | 4307876 |
| Telekom Malaysia Bhd.  | 1324934 | 2536818 |
| Tenaga Nasional Bhd.  | 5487274 | 20279363 |
| Top Glove Corp. Bhd.  | 5869800 | 874964 |
| YTL Corp. Bhd.  | 4492336 | 2124363 |
| YTL Power International Bhd.  | 3136700 | 2281383 |
|  |  | **204991302** |
| **Mexico 2.5%** | **Mexico 2.5%** | **Mexico 2.5%** |
| Alpek SAB de CV \* | 1780387 | 850563 |
| Alsea SAB de CV  | 612890 | 2163958 |
| America Movil SAB de CV, Series B  | 18878641 | 24566591 |
| Arca Continental SAB de CV  | 1024178 | 12338232 |
| Banco del Bajio SA  | 1041379 | 3484982 |
| Becle SAB de CV  | 721352 | 735355 |
| Cemex SAB de CV, Series CPO  | 17989476 | 22541736 |
| Coca-Cola Femsa SAB de CV  | 586868 | 6529699 |
| Concentradora Fibra Danhos SA de <br> CV <br>| 1052394 | 1675292 |
| Corp. Inmobiliaria Vesta SAB de CV  | 979929 | 3612513 |
| El Puerto de Liverpool SAB de CV, <br> Series C1 <br>| 306693 | 1913846 |
| Fibra Uno Administracion SA de CV  | 3218223 | 5596259 |
| Fomento Economico Mexicano SAB <br> de CV <br>| 2045782 | 22976108 |
| GCC SAB de CV  | 206637 | 2405761 |
| Gentera SAB de CV  | 1197927 | 3490879 |
| Gruma SAB de CV, B Shares  | 185173 | 3322696 |
| Grupo Aeroportuario del Centro Norte <br> SAB de CV <br>| 340995 | 5214017 |
| Grupo Aeroportuario del Pacifico SAB <br> de CV, B Shares <br>| 480537 | 12551048 |
| Grupo Aeroportuario del Sureste SAB <br> de CV, B Shares <br>| 191132 | 6876908 |
| Grupo Bimbo SAB de CV, Series A  | 1531760 | 5562267 |
| Grupo Carso SAB de CV, Series A1  | 650444 | 5101559 |
| Grupo Comercial Chedraui SA de CV  | 357461 | 2294432 |
| Grupo Financiero Banorte SAB de CV, <br> O Shares <br>| 3458489 | 39475337 |
| Grupo Financiero Inbursa SAB de CV, <br> O Shares <br>| 2329625 | 5930348 |
| Grupo Mexico SAB de CV, Series B  | 3398228 | 43258972 |
| Industrias Penoles SAB de CV \* | 222616 | 14149818 |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**69**

------

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Kimberly-Clark de Mexico SAB de CV, <br> A Shares <br>| 1724151 | 4331922 |
| Megacable Holdings SAB de CV, <br> Series CPO <br>| 798673 | 3098420 |
| Operadora De Sites Mexicanos SAB <br> de CV, Class A-1 <br>| 1471929 | 1308876 |
| Orbia Advance Corp. SAB de CV \* | 1188466 | 1409775 |
| Prologis Property Mexico SA de CV  | 1331819 | 6546859 |
| Promotora y Operadora de <br> Infraestructura SAB de CV <br>| 236772 | 3904688 |
| Qualitas Controladora SAB de CV  | 236734 | 2310378 |
| Regional SAB de CV  | 299434 | 2814394 |
| Sigma Foods SAB de CV, A Shares  | 3012569 | 3387958 |
| Wal-Mart de Mexico SAB de CV  | 6124732 | 19841483 |
|  |  | **307573929** |
| **Philippines 0.5%** | **Philippines 0.5%** | **Philippines 0.5%** |
| Aboitiz Power Corp.  | 1440805 | 1106870 |
| ACEN Corp.  | 10205442 | 497309 |
| Ayala Corp.  | 324997 | 3381569 |
| Ayala Land, Inc.  | 7900911 | 2863592 |
| Bank of the Philippine Islands  | 2472133 | 4972989 |
| BDO Unibank, Inc.  | 2565203 | 6107732 |
| Bloomberry Resorts Corp.  | 4418990 | 209972 |
| Converge Information & <br> Communications Technology <br> Solutions, Inc. <br>| 3107220 | 775929 |
| DMCI Holdings, Inc.  | 5490826 | 918867 |
| Globe Telecom, Inc.  | 34258 | 1033711 |
| GT Capital Holdings, Inc.  | 126561 | 1470491 |
| International Container Terminal <br> Services, Inc. <br>| 1293326 | 16103496 |
| JG Summit Holdings, Inc.  | 3200913 | 1665263 |
| Jollibee Foods Corp.  | 486885 | 1806874 |
| LT Group, Inc.  | 4162510 | 1127519 |
| Manila Electric Co.  | 297368 | 3290051 |
| Megaworld Corp.  | 14447878 | 566240 |
| Metropolitan Bank & Trust Co.  | 2065636 | 2758241 |
| Monde Nissin Corp.  | 6327833 | 723150 |
| PLDT, Inc.  | 108115 | 2624833 |
| Puregold Price Club, Inc.  | 1174576 | 855496 |
| Semirara Mining & Power Corp.  | 1621338 | 787262 |
| SM Prime Holdings, Inc.  | 11683985 | 4356294 |
| Universal Robina Corp.  | 1105715 | 1533984 |
|  |  | **61537734** |
| **Qatar 0.7%** | **Qatar 0.7%** | **Qatar 0.7%** |
| Al Rayan Bank  | 7222074 | 4625618 |
| Barwa Real Estate Co.  | 2758190 | 1939293 |
| Commercial Bank PSQC  | 4159434 | 5540581 |
| Dukhan Bank  | 2024709 | 1995793 |
| Estithmar Holding QPSC \* | 598176 | 621998 |
| Ezdan Holding Group QSC \* | 1544156 | 392719 |
| Industries Qatar QSC  | 2398912 | 7965627 |
| Mesaieed Petrochemical Holding Co.  | 6304481 | 1809443 |
| Nebras Energy  | 676102 | 2738947 |
| Ooredoo QPSC  | 1145855 | 4264305 |
| Qatar Aluminum Manufacturing Co.  | 2687266 | 1287910 |
| Qatar Fuel QSC  | 779197 | 3167293 |
| Qatar Gas Transport Co. Ltd.  | 3387789 | 4587146 |
| Qatar International Islamic Bank QSC  | 1167607 | 3633339 |
| Qatar Islamic Bank QPSC  | 2121188 | 13807239 |
| Qatar National Bank QPSC  | 5322862 | 28215116 |
| Qatar Navigation QSC  | 1217048 | 3737049 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Vodafone Qatar PQSC \* | 1869004 | 1366975 |
|  |  | **91696391** |
| **Russia 0.0%** | **Russia 0.0%** | **Russia 0.0%** |
| Gazprom PJSC *\*(b)(c)* | 127160 | 0 |
| Sberbank of Russia PJSC *\*(b)(c)* | 107550 | 0 |
|  |  | **0** |
| **Saudi Arabia 3.3%** | **Saudi Arabia 3.3%** | **Saudi Arabia 3.3%** |
| Abdullah Al Othaim Markets Co.  | 495795 | 812909 |
| ACWA Power Co. \* | 269050 | 11899916 |
| Ades Holding Co.  | 406297 | 1942175 |
| Advanced Petrochemical Co. \* | 149684 | 944180 |
| Al Rajhi Bank  | 2361306 | 63582582 |
| Al Rajhi Co. for Co-operative <br> Insurance \*<br>| 57461 | 1141285 |
| Aldrees Petroleum & Transport <br> Services Co. <br>| 59248 | 1848094 |
| Alinma Bank  | 1425247 | 10631691 |
| Almarai Co. JSC  | 564427 | 5998043 |
| Arab National Bank  | 1092986 | 6002696 |
| Arabian Centres Co.  | 306944 | 1479524 |
| Arabian Contracting Services Co. \* | 24997 | 699748 |
| Arabian Drilling Co.  | 32312 | 774440 |
| Arabian Internet & Communications <br> Services Co. <br>| 26860 | 1339097 |
| Astra Industrial Group Co.  | 47206 | 1613429 |
| Bank AlBilad  | 900082 | 6143085 |
| Bank Al-Jazira  | 757295 | 2337966 |
| Banque Saudi Fransi  | 1574123 | 8338752 |
| BinDawood Holding Co.  | 401315 | 471833 |
| Bupa Arabia for Cooperative <br> Insurance Co. <br>| 89745 | 4254089 |
| Catrion Catering Holding Co.  | 52758 | 1073895 |
| Co. for Cooperative Insurance  | 91974 | 3327434 |
| Dallah Healthcare Co.  | 48970 | 1301637 |
| Dar Al Arkan Real Estate Development <br> Co. \*<br>| 660778 | 3510972 |
| Dr. Soliman Abdel Kader Fakeeh <br> Hospital Co. <br>| 54335 | 431968 |
| Dr. Sulaiman Al Habib Medical <br> Services Group Co. <br>| 122594 | 7549978 |
| Elm Co.  | 30322 | 5181797 |
| Emaar Economic City \* | 226403 | 516075 |
| Etihad Etisalat Co.  | 448327 | 7685469 |
| flynas Co. SJSC \* | 45920 | 716180 |
| Jabal Omar Development Co. \* | 662544 | 2631876 |
| Jamjoom Pharmaceuticals Factory <br> Co. <br>| 29629 | 1066388 |
| Jarir Marketing Co.  | 731055 | 2726668 |
| Leejam Sports Co. JSC  | 26325 | 576555 |
| Makkah Construction & Development <br> Co. <br>| 98537 | 2051705 |
| Mobile Telecommunications Co. Saudi <br> Arabia <br>| 518858 | 1588016 |
| Mouwasat Medical Services Co.  | 117994 | 2002271 |
| Nahdi Medical Co.  | 65410 | 1735129 |
| National Industrialization Co., <br> Class C \*<br>| 397371 | 888838 |
| Power & Water Utility Co. for Jubail & <br> Yanbu \*<br>| 89452 | 745493 |
| Qassim Cement Co.  | 57269 | 647061 |
| Rabigh Refining & Petrochemical Co. \* | 555858 | 1078847 |
| Riyad Bank  | 1766566 | 13083581 |
| Riyadh Cables Group Co.  | 85058 | 2671314 |

---

*See financial notes*

**70**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| SABIC Agri-Nutrients Co.  | 274024 | 9044275 |
| Sahara International Petrochemical <br> Co. <br>| 427297 | 1580050 |
| SAL Saudi Logistics Services  | 43757 | 1889849 |
| Saudi Arabian Mining Co. \* | 1594890 | 29849177 |
| Saudi Arabian Oil Co.  | 7202911 | 47931072 |
| Saudi Aramco Base Oil Co.  | 49233 | 1199028 |
| Saudi Awwal Bank  | 1222346 | 11151638 |
| Saudi Basic Industries Corp.  | 1072155 | 15492495 |
| Saudi Cement Co.  | 100166 | 878579 |
| Saudi Electricity Co.  | 938427 | 3387534 |
| Saudi Ground Services Co.  | 103451 | 893602 |
| Saudi Industrial Investment Group  | 401819 | 1381926 |
| Saudi Investment Bank  | 810395 | 2916722 |
| Saudi Kayan Petrochemical Co. \* | 917593 | 1176684 |
| Saudi National Bank  | 3497926 | 38868953 |
| Saudi Real Estate Co. \* | 175970 | 617858 |
| Saudi Research & Media Group \* | 45765 | 998658 |
| Saudi Tadawul Group Holding Co.  | 59675 | 2176422 |
| Saudi Telecom Co.  | 2258217 | 25177593 |
| Saudia Dairy & Foodstuff Co.  | 20786 | 1103887 |
| Savola Group \* | 174422 | 1046746 |
| Seera Group Holding \* | 200474 | 1229279 |
| Taiba Investments Co.  | 104778 | 946966 |
| Umm Al Qura for Development & <br> Construction Co. \*<br>| 727965 | 3210041 |
| United Electronics Co.  | 55081 | 1216631 |
| Yamama Cement Co.  | 129558 | 845552 |
| Yanbu National Petrochemical Co.  | 327118 | 2197705 |
|  |  | **405453603** |
| **South Africa 4.7%** | **South Africa 4.7%** | **South Africa 4.7%** |
| Absa Group Ltd.  | 942796 | 16069141 |
| African Rainbow Minerals Ltd.  | 115997 | 1817110 |
| Anglogold Ashanti PLC  | 605935 | 76434794 |
| Aspen Pharmacare Holdings Ltd.  | 411549 | 3501043 |
| Bid Corp. Ltd.  | 406979 | 10742149 |
| Bidvest Group Ltd.  | 407264 | 6460191 |
| Capitec Bank Holdings Ltd.  | 102897 | 30664114 |
| Clicks Group Ltd.  | 278367 | 5564892 |
| Discovery Ltd.  | 641081 | 10526335 |
| Exxaro Resources Ltd.  | 282707 | 3513080 |
| FirstRand Ltd.  | 6299490 | 39255311 |
| Foschini Group Ltd.  | 387061 | 2120902 |
| Gold Fields Ltd.  | 1077945 | 62876682 |
| Growthpoint Properties Ltd.  | 3950998 | 4668966 |
| Harmony Gold Mining Co. Ltd.  | 658875 | 14853093 |
| Impala Platinum Holdings Ltd.  | 1066619 | 23699145 |
| Investec Ltd.  | 257047 | 2210435 |
| Kumba Iron Ore Ltd.  | 56416 | 1302805 |
| Mr. Price Group Ltd.  | 296517 | 3412530 |
| MTN Group Ltd.  | 1948450 | 25408498 |
| Naspers Ltd., Class N  | 915189 | 50899860 |
| Nedbank Group Ltd.  | 546229 | 10809620 |
| NEPI Rockcastle NV \* | 772150 | 7181347 |
| Northam Platinum Holdings Ltd.  | 421568 | 11477084 |
| Old Mutual Ltd.  | 5562218 | 5779745 |
| OUTsurance Group Ltd.  | 1023842 | 4725721 |
| Pepkor Holdings Ltd.  | 4157075 | 6946957 |
| Reinet Investments SCA  | 170269 | 6019719 |
| Remgro Ltd.  | 598314 | 7288023 |
| Sanlam Ltd.  | 1953169 | 13028898 |
| Santam Ltd.  | 46489 | 1276984 |
| Sasol Ltd. \* | 736080 | 6719635 |
| Shoprite Holdings Ltd.  | 552419 | 9180203 |
| Sibanye Stillwater Ltd. \* | 3360271 | 14777381 |
| Standard Bank Group Ltd.  | 1576693 | 31829041 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Tiger Brands Ltd.  | 197783 | 3951311 |
| Valterra Platinum Ltd.  | 316120 | 37026604 |
| Vodacom Group Ltd.  | 559786 | 5723234 |
| Woolworths Holdings Ltd.  | 1042432 | 3565913 |
|  |  | **583308496** |
| **Taiwan 26.1%** | **Taiwan 26.1%** | **Taiwan 26.1%** |
| Accton Technology Corp.  | 587000 | 26330460 |
| Acer, Inc.  | 3462086 | 3039350 |
| Advanced Energy Solution Holding Co. <br> Ltd. <br>| 37000 | 1428503 |
| Advantech Co. Ltd.  | 551911 | 5950404 |
| Airtac International Group  | 168920 | 6521694 |
| Alchip Technologies Ltd.  | 97000 | 10846496 |
| ASE Technology Holding Co. Ltd.  | 3981120 | 49427574 |
| Asia Cement Corp.  | 2648061 | 3041652 |
| Asia Vital Components Co. Ltd.  | 388000 | 21941623 |
| ASMedia Technology, Inc.  | 48445 | 2041113 |
| ASPEED Technology, Inc.  | 35800 | 11160616 |
| Asustek Computer, Inc.  | 815621 | 13902482 |
| AUO Corp.  | 7239224 | 3850281 |
| Bizlink Holding, Inc.  | 213000 | 9622569 |
| Caliway Biopharmaceuticals Co. Ltd. \* | 1172000 | 6177117 |
| Capital Securities Corp.  | 2221644 | 2284924 |
| Catcher Technology Co. Ltd.  | 643224 | 3946602 |
| Cathay Financial Holding Co. Ltd.  | 11167905 | 28518216 |
| Chailease Holding Co. Ltd.  | 1783005 | 5941255 |
| Chang Hwa Commercial Bank Ltd.  | 9042765 | 6258169 |
| Cheng Shin Rubber Industry Co. Ltd.  | 2379277 | 2386062 |
| Chicony Electronics Co. Ltd.  | 719984 | 2883535 |
| China Airlines Ltd.  | 3141872 | 2113976 |
| China Motor Corp.  | 314600 | 602771 |
| China Steel Corp.  | 13493956 | 8971183 |
| Chroma ATE, Inc.  | 443000 | 19587325 |
| Chunghwa Telecom Co. Ltd.  | 4499310 | 19317149 |
| Compal Electronics, Inc.  | 4780535 | 4847776 |
| CTBC Financial Holding Co. Ltd.  | 21064792 | 37727784 |
| Delta Electronics, Inc.  | 2303148 | 105523746 |
| E Ink Holdings, Inc.  | 922000 | 5524142 |
| E.Sun Financial Holding Co. Ltd.  | 18547215 | 20858263 |
| Eclat Textile Co. Ltd.  | 222510 | 3015659 |
| Elite Material Co. Ltd.  | 334000 | 26111307 |
| eMemory Technology, Inc.  | 80000 | 6484893 |
| Eternal Materials Co. Ltd.  | 996352 | 2202694 |
| Eva Airways Corp.  | 3199374 | 3895300 |
| Evergreen Marine Corp. Taiwan Ltd.  | 1336088 | 8433223 |
| Far Eastern International Bank  | 3585919 | 1487862 |
| Far Eastern New Century Corp.  | 3570799 | 3294960 |
| Far EasTone Telecommunications Co. <br> Ltd. <br>| 2165509 | 6383225 |
| Feng TAY Enterprise Co. Ltd.  | 571694 | 1718141 |
| First Financial Holding Co. Ltd.  | 13085540 | 12535889 |
| Formosa Chemicals & Fibre Corp.  | 4085008 | 6675064 |
| Formosa Petrochemical Corp.  | 1392660 | 2431834 |
| Formosa Plastics Corp.  | 4899560 | 8100263 |
| Formosa Sumco Technology Corp.  | 66000 | 291820 |
| Fortune Electric Co. Ltd.  | 166100 | 5694371 |
| Foxconn Technology Co. Ltd.  | 1108355 | 2112945 |
| Fubon Financial Holding Co. Ltd.  | 10164344 | 30677684 |
| Genius Electronic Optical Co. Ltd.  | 95000 | 1345359 |
| Giant Manufacturing Co. Ltd.  | 382096 | 1000200 |
| Gigabyte Technology Co. Ltd.  | 629000 | 4826680 |
| Global Unichip Corp.  | 99000 | 8786325 |
| Globalwafers Co. Ltd.  | 311451 | 4540393 |
| Gold Circuit Electronics Ltd.  | 403000 | 10665406 |
| Hiwin Technologies Corp.  | 352445 | 2597237 |
| Hon Hai Precision Industry Co. Ltd.  | 14507092 | 112948107 |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**71**

------

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Hotai Motor Co. Ltd.  | 335600 | 6290282 |
| HTC Corp. \* | 847778 | 1233191 |
| Hua Nan Financial Holdings Co. Ltd., <br> Class C <br>| 11325696 | 13825543 |
| Innolux Corp.  | 9110381 | 7822826 |
| International Games System Co. Ltd.  | 258000 | 5745090 |
| Inventec Corp.  | 3092043 | 4581942 |
| Jentech Precision Industrial Co. Ltd.  | 99000 | 9896511 |
| KGI Financial Holding Co. Ltd.  | 19015334 | 13373060 |
| King Slide Works Co. Ltd.  | 68000 | 7505687 |
| King Yuan Electronics Co. Ltd.  | 1364000 | 14290731 |
| Largan Precision Co. Ltd.  | 111456 | 8999043 |
| Lite-On Technology Corp., ADR  | 2311866 | 12814483 |
| Lotes Co. Ltd.  | 98000 | 5573356 |
| MediaTek, Inc.  | 1757713 | 109536759 |
| Mega Financial Holding Co. Ltd.  | 13966508 | 18145586 |
| Micro-Star International Co. Ltd.  | 834095 | 2520110 |
| momo.com, Inc.  | 113974 | 702957 |
| Nan Ya Plastics Corp.  | 5902816 | 17361780 |
| Nan Ya Printed Circuit Board Corp.  | 258000 | 4587806 |
| Nanya Technology Corp. \* | 1354000 | 12385601 |
| Nien Made Enterprise Co. Ltd.  | 184752 | 2388499 |
| Novatek Microelectronics Corp.  | 679608 | 8557430 |
| Oneness Biotech Co. Ltd. \* | 367087 | 699807 |
| Parade Technologies Ltd.  | 88100 | 1538384 |
| Pegatron Corp.  | 2311657 | 5443811 |
| PharmaEssentia Corp.  | 348906 | 8093555 |
| Pou Chen Corp.  | 2620792 | 2607273 |
| Powerchip Semiconductor <br> Manufacturing Corp. \*<br>| 3890000 | 9559546 |
| Powertech Technology, Inc.  | 826000 | 6827977 |
| President Chain Store Corp.  | 707400 | 5054314 |
| Quanta Computer, Inc.  | 3128057 | 29214976 |
| Realtek Semiconductor Corp.  | 573336 | 8845000 |
| Ruentex Development Co. Ltd.  | 1835350 | 1734735 |
| Shanghai Commercial & Savings Bank <br> Ltd. <br>| 4505151 | 5795451 |
| Shihlin Electric & Engineering Corp.  | 290000 | 2192817 |
| Silergy Corp.  | 386000 | 3475249 |
| Sino-American Silicon Products, Inc.  | 647000 | 2446125 |
| SinoPac Financial Holdings Co. Ltd.  | 14201832 | 15106880 |
| Synnex Technology International <br> Corp. <br>| 1455956 | 3354049 |
| Taiwan Business Bank  | 8143918 | 4279269 |
| Taiwan Cooperative Financial Holding <br> Co. Ltd. <br>| 12625594 | 9708572 |
| Taiwan Fertilizer Co. Ltd.  | 907508 | 1362236 |
| Taiwan Glass Industry Corp. \* | 1199311 | 2347823 |
| Taiwan High Speed Rail Corp.  | 2652000 | 2298440 |
| Taiwan Mobile Co. Ltd.  | 1668524 | 5746895 |
| Taiwan Secom Co. Ltd.  | 387000 | 1314344 |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd. <br>| 29121500 | 1861439637 |
| Tatung Co. Ltd.  | 1279550 | 1541478 |
| TCC Group Holdings Co. Ltd.  | 7697872 | 6511288 |
| Teco Electric & Machinery Co. Ltd.  | 1652000 | 4387902 |
| Transcend Information, Inc.  | 233000 | 1567716 |
| TS Financial Holding Co. Ltd.  | 26024475 | 21345890 |
| U-Ming Marine Transport Corp.  | 572000 | 1218737 |
| Unimicron Technology Corp.  | 1613947 | 24898769 |
| Uni-President Enterprises Corp.  | 5891676 | 13685768 |
| United Microelectronics Corp.  | 13910850 | 29149005 |
| Vanguard International <br> Semiconductor Corp. <br>| 1267580 | 5421868 |
| Voltronic Power Technology Corp.  | 77000 | 2284515 |
| Walsin Lihwa Corp.  | 3457521 | 4071125 |
| Walsin Technology Corp.  | 380000 | 1899330 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Wan Hai Lines Ltd.  | 1354910 | 3316623 |
| Win Semiconductors Corp.  | 392000 | 4245170 |
| Winbond Electronics Corp. \* | 3694703 | 14501333 |
| Wistron Corp.  | 3595080 | 15665338 |
| Wiwynn Corp.  | 125000 | 16019993 |
| WPG Holdings Ltd.  | 1788000 | 4010125 |
| WT Microelectronics Co. Ltd.  | 828000 | 4881356 |
| Yageo Corp.  | 1858764 | 17747322 |
| Yang Ming Marine Transport Corp.  | 2144000 | 3943020 |
| Yuanta Financial Holding Co. Ltd.  | 13043513 | 20540472 |
| Yulon Motor Co. Ltd.  | 845408 | 832921 |
| Zhen Ding Technology Holding Ltd.  | 843000 | 5645029 |
|  |  | **3248789184** |
| **Thailand 1.7%** | **Thailand 1.7%** | **Thailand 1.7%** |
| Advanced Info Service PCL NVDR  | 1296100 | 15844234 |
| Airports of Thailand PCL NVDR  | 4627100 | 8112496 |
| Asset World Corp. PCL NVDR  | 6360400 | 511533 |
| Bangkok Bank PCL NVDR  | 709500 | 4051351 |
| Bangkok Dusit Medical Services PCL <br> NVDR <br>| 12191400 | 8510644 |
| Bangkok Expressway & Metro PCL <br> NVDR <br>| 9595690 | 1944759 |
| Banpu PCL NVDR  | 9933433 | 1821476 |
| Berli Jucker PCL NVDR  | 1707850 | 879061 |
| BTS Group Holdings PCL NVDR \* | 14402300 | 1102701 |
| Bumrungrad Hospital PCL NVDR  | 593300 | 4065398 |
| Carabao Group PCL NVDR  | 696100 | 1018901 |
| Central Pattana PCL NVDR  | 3149500 | 7092327 |
| Central Retail Corp. PCL NVDR  | 2860300 | 1895518 |
| Charoen Pokphand Foods PCL NVDR  | 4617500 | 3119431 |
| CP ALL PCL NVDR  | 6063100 | 10093789 |
| CP Axtra PCL NVDR  | 1025410 | 554187 |
| Delta Electronics Thailand PCL NVDR  | 3432110 | 30804526 |
| Digital Telecommunications <br> Infrastructure Fund, Class F <br>| 7537600 | 2424835 |
| Electricity Generating PCL NVDR  | 387200 | 1538337 |
| Global Power Synergy PCL NVDR  | 1194168 | 1671105 |
| Gulf Development PCL NVDR \* | 5073356 | 10118966 |
| Home Product Center PCL NVDR  | 7789719 | 1854397 |
| Indorama Ventures PCL NVDR  | 3007200 | 2215373 |
| Kasikornbank PCL NVDR  | 2197769 | 14211085 |
| Krung Thai Bank PCL NVDR  | 6625000 | 7299542 |
| Krungthai Card PCL NVDR  | 866500 | 926850 |
| Land & Houses PCL NVDR  | 4582900 | 642800 |
| Minor International PCL NVDR  | 5041680 | 4216943 |
| Muangthai Capital PCL NVDR  | 659315 | 784773 |
| Osotspa PCL NVDR  | 2639263 | 1460361 |
| PTT Exploration & Production PCL <br> NVDR <br>| 1664304 | 7335038 |
| PTT Global Chemical PCL NVDR  | 3297814 | 2997048 |
| PTT Oil & Retail Business PCL NVDR  | 2338900 | 1008244 |
| PTT PCL NVDR  | 14844000 | 17668586 |
| Ratch Group PCL NVDR  | 1458550 | 1454562 |
| SCB X PCL NVDR  | 1878600 | 8974492 |
| SCG Packaging PCL NVDR  | 1330000 | 881390 |
| Siam Cement PCL NVDR  | 895300 | 6480376 |
| Siam City Cement PCL NVDR  | 6300 | 30705 |
| Thai Life Insurance PCL NVDR  | 1087100 | 384690 |
| Thai Oil PCL NVDR  | 1137326 | 2003172 |
| Thai Union Group PCL NVDR  | 1433800 | 571952 |
| TMBThanachart Bank PCL NVDR  | 36441618 | 2766679 |
| True Corp. PCL NVDR  | 10688770 | 4985915 |
|  |  | **208330548** |

---

*See financial notes*

**72**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Turkey 1.0%** | **Turkey 1.0%** | **Turkey 1.0%** |
| AG Anadolu Grubu Holding AS  | 1370765 | 1053519 |
| Ahlatci Dogal Gaz Dagitim Enerji VE <br> Yatirim AS \*<br>| 955884 | 541097 |
| Akbank TAS  | 3678136 | 7544203 |
| Akcansa Cimento AS  | 76698 | 366981 |
| Akfen Yenilenebilir Enerji AS \* | 478850 | 194472 |
| Aksa Akrilik Kimya Sanayii AS  | 1848533 | 428149 |
| Aksa Enerji Uretim AS \* | 277098 | 423350 |
| Alarko Holding AS  | 174945 | 407588 |
| Alfa Solar Enerji Sanayi VE Ticaret AS  | 133827 | 123011 |
| Anadolu Anonim Turk Sigorta Sirketi  | 896642 | 530003 |
| Anadolu Efes Biracilik Ve Malt Sanayii <br> AS <br>| 2238355 | 965068 |
| Anadolu Hayat Emeklilik AS  | 80914 | 206555 |
| Arcelik AS \* | 310943 | 814992 |
| Aselsan Elektronik Sanayi Ve Ticaret <br> AS <br>| 1456514 | 10670639 |
| Astor Transformator Enerji Turizm <br> Insaat Ve Petrol Sanayi Ticaret AS <br>| 465929 | 1992955 |
| Aygaz AS  | 71227 | 398333 |
| Baticim Bati Anadolu Cimento Sanayii <br> AS \*<br>| 3109293 | 382718 |
| BIM Birlesik Magazalar AS  | 530350 | 8054410 |
| Borusan Birlesik Boru Fabrikalari <br> Sanayi ve Ticaret AS \*<br>| 46089 | 679504 |
| Borusan Yatirim ve Pazarlama AS  | 11719 | 610585 |
| Cimsa Cimento Sanayi VE Ticaret AS  | 502284 | 585112 |
| Coca-Cola Icecek AS  | 896512 | 1452299 |
| CW Enerji Muhendislik Ticaret VE <br> Sanayi AS \*<br>| 224530 | 155810 |
| Destek Finans Faktoring AS \* | 72291 | 2462215 |
| Dogan Sirketler Grubu Holding AS  | 922125 | 422122 |
| Dogus Otomotiv Servis ve Ticaret AS  | 112686 | 561480 |
| Efor Yatirim Sanayi Ticaret AS  | 562920 | 274850 |
| EGE Endustri VE Ticaret AS  | 1579 | 236120 |
| EIS Eczacibasi Ilac ve Sinai ve Finansal <br> Yatirimlar Sanayi ve Ticaret AS <br>| 223229 | 584075 |
| Emlak Konut Gayrimenkul Yatirim <br> Ortakligi AS <br>| 2446625 | 1319276 |
| Enerjisa Enerji AS  | 276531 | 675722 |
| Enerya Enerji AS  | 3183646 | 725792 |
| Enka Insaat ve Sanayi AS  | 1199676 | 2775906 |
| Eregli Demir ve Celik Fabrikalari TAS  | 4508697 | 3350326 |
| Europower Enerji VE Otomasyon <br> Teknolojileri Sanayi Ticaret AS \*<br>| 170570 | 137070 |
| Ford Otomotiv Sanayi AS  | 789925 | 2083000 |
| GEN Ilac VE Saglik Urunleri Sanayi VE <br> Ticaret AS <br>| 2102280 | 373561 |
| Girsim Elektrik Sanayi Taahut Ve <br> Ticaret AS \*<br>| 162163 | 170235 |
| Grainturk Tarim AS \* | 38910 | 202021 |
| Gubre Fabrikalari TAS \* | 108070 | 1308087 |
| Haci Omer Sabanci Holding AS  | 1572552 | 3606496 |
| Hektas Ticaret TAS \* | 4131610 | 285767 |
| Investco Holding AS \* | 53443 | 281489 |
| Is Gayrimenkul Yatirim Ortakligi AS \* | 589026 | 292153 |
| Is Yatirim Menkul Degerler AS, <br> Class A <br>| 686434 | 752151 |
| Iskenderun Demir ve Celik AS  | 176147 | 178663 |
| Kaleseramik Canakkale Kalebodur <br> Seramik Sanayi AS \*<br>| 92861 | 57467 |
| Kardemir Karabuk Demir Celik Sanayi <br> ve Ticaret AS, Class D \*<br>| 1067636 | 789939 |
| Kiler Holding AS \* | 356111 | 2511695 |
| KOC Holding AS  | 1293644 | 5874829 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Kocaer Celik Sanayi Ve Ticaret AS  | 323218 | 81040 |
| Konya Cimento Sanayii AS \* | 1163 | 115104 |
| Kuyumcukent Gayrimenkul Yatirimlari <br> AS \*<br>| 386791 | 647700 |
| LDR Turizm AS  | 199195 | 383188 |
| Lydia Holding AS \* | 148430 | 675416 |
| Lydia Yesil Enerji Kaynaklari <br> Anonimsirketi \*<br>| 537 | 171050 |
| Margun Enerji Uretim Sanayi VE <br> Ticaret AS \*<br>| 728465 | 824725 |
| Mavi Giyim Sanayi Ve Ticaret AS, <br> Class B <br>| 650370 | 671794 |
| MIA Teknoloji AS \* | 226817 | 193520 |
| Migros Ticaret AS  | 109152 | 1603053 |
| MLP Saglik Hizmetleri AS \* | 93776 | 932380 |
| Nuh Cimento Sanayi AS  | 74551 | 461362 |
| Otokar Otomotiv Ve Savunma Sanayi <br> AS \*<br>| 47904 | 419344 |
| Oyak Cimento Fabrikalari AS  | 1286421 | 717082 |
| Pasifik Eurasia Lojistik Dis Ticaret AS \* | 377256 | 1041158 |
| Pegasus Hava Tasimaciligi AS \* | 294994 | 1318851 |
| Petkim Petrokimya Holding AS \* | 1689267 | 664528 |
| Politeknik Metal Sanayi ve Ticaret AS \* | 633 | 86412 |
| Ral Yatirim Holding AS \* | 177366 | 631545 |
| Reysas Gayrimenkul Yatirim Ortakligi <br> AS \*<br>| 413415 | 304379 |
| Reysas Tasimacilik ve Lojistik Ticaret <br> AS \*<br>| 1560423 | 709700 |
| Sasa Polyester Sanayi AS \* | 12830249 | 721028 |
| Selcuk Ecza Deposu Ticaret ve Sanayi <br> AS <br>| 197461 | 381874 |
| Smart Gunes Enerjisi Teknolojileri <br> ArGE Uretim Sanayi ve Ticaret <br> AS \*<br>| 616191 | 103465 |
| Sok Marketler Ticaret AS \* | 344947 | 500325 |
| TAB Gida Sanayi Ve Ticaret AS, <br> Class A <br>| 30194 | 178785 |
| TAV Havalimanlari Holding AS \* | 220074 | 1547202 |
| Tekfen Holding AS  | 232673 | 380623 |
| Tera Yatirim Menkul Degerler AS \* | 112192 | 673885 |
| Tofas Turk Otomobil Fabrikasi AS  | 164963 | 1193531 |
| Trust Anadolu Metal Madencilik <br> Isletmeleri AS \*<br>| 249482 | 958146 |
| Turk Altin Isletmeleri AS \* | 850692 | 1180652 |
| Turk Hava Yollari AO  | 661572 | 4628520 |
| Turk Telekomunikasyon AS \* | 679311 | 1050214 |
| Turk Traktor ve Ziraat Makineleri AS  | 34184 | 397433 |
| Turkcell Iletisim Hizmetleri AS  | 1436353 | 3784335 |
| Turkiye Garanti Bankasi AS  | 712160 | 2594112 |
| Turkiye Halk Bankasi AS \* | 826169 | 921054 |
| Turkiye Is Bankasi AS, Class C  | 9583060 | 3686954 |
| Turkiye Petrol Rafinerileri AS  | 1150254 | 5718275 |
| Turkiye Sigorta AS  | 1811308 | 502773 |
| Turkiye Sinai Kalkinma Bankasi AS \* | 1662089 | 490850 |
| Turkiye Sise ve Cam Fabrikalari AS  | 1726552 | 1762215 |
| Turkiye Vakiflar Bankasi TAO, Class D \* | 770186 | 719857 |
| Ufuk Yatirim Yonetim ve Gayrimenkul <br> AS \*<br>| 23477 | 802292 |
| Ulker Biskuvi Sanayi AS  | 189780 | 533258 |
| Vestel Beyaz Esya Sanayi ve Ticaret <br> AS <br>| 498088 | 91227 |
| Yapi ve Kredi Bankasi AS \* | 3973226 | 3914272 |
| Ziraat Gayrimenkul Yatirim Ortakligi <br> AS <br>| 1204047 | 624595 |
| Zorlu Enerji Elektrik Uretim AS \* | 6266363 | 480469 |
|  |  | **124049412** |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**73**

------

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **United Arab Emirates 1.8%** | **United Arab Emirates 1.8%** | **United Arab Emirates 1.8%** |
| Abu Dhabi Commercial Bank PJSC  | 3844419 | 15869462 |
| Abu Dhabi Islamic Bank PJSC  | 1769168 | 12284049 |
| Abu Dhabi National Oil Co. for <br> Distribution PJSC <br>| 3080446 | 3355103 |
| Abu Dhabi Ports Co. PJSC \* | 1050782 | 1359060 |
| ADNOC Drilling Co. PJSC  | 3283354 | 4577412 |
| Adnoc Gas PLC  | 7857182 | 7274079 |
| ADNOC Logistics & Services  | 1991370 | 2971425 |
| Agility Global PLC  | 6921200 | 2600715 |
| Air Arabia PJSC  | 2894954 | 4264530 |
| Aldar Properties PJSC  | 4542192 | 13357388 |
| Alpha Dhabi Holding PJSC \* | 1898291 | 4714004 |
| Americana Restaurants International <br> PLC - Foreign Co. <br>| 3614210 | 1830453 |
| Apex Investment Co. PSC \* | 902411 | 877213 |
| Borouge PLC  | 3720717 | 2623969 |
| Dubai Electricity & Water Authority <br> PJSC <br>| 10752747 | 8783608 |
| Dubai Financial Market PJSC  | 2490998 | 1092022 |
| Dubai Investments PJSC  | 2797236 | 3046642 |
| Dubai Islamic Bank PJSC  | 3466044 | 7833294 |
| Emaar Development PJSC  | 1063318 | 5602430 |
| Emaar Properties PJSC  | 7564037 | 33365754 |
| Emirates Central Cooling Systems <br> Corp. <br>| 3159962 | 1531560 |
| Emirates NBD Bank PJSC  | 2191185 | 19689073 |
| Emirates Telecommunications Group <br> Co. PJSC <br>| 4165607 | 23002685 |
| Fertiglobe PLC  | 1518490 | 1108100 |
| First Abu Dhabi Bank PJSC  | 5310792 | 28372041 |
| Ghitha Holding PJSC \* | 54369 | 251078 |
| Lulu Retail Holdings PLC  | 3209538 | 961319 |
| Modon Holding PSC \* | 3892242 | 3560995 |
| NMDC Group PJSC  | 239843 | 1377976 |
| Parkin Co. PJSC  | 803393 | 1288474 |
| Phoenix Group PLC \* | 2988133 | 732276 |
| Presight AI Holding PLC \* | 719650 | 709353 |
| Pure Health Holding PJSC  | 2857474 | 1999621 |
| Salik Co. PJSC  | 2058353 | 3587006 |
| Space42 PLC \* | 1330479 | 565152 |
| Talabat Holding PLC  | 5086171 | 958361 |
| Two Point Zero Group PJSC \* | 4134193 | 2240145 |
|  |  | **229617827** |
| **Total Common Stocks** <br>**(Cost $6,772,909,718)** | **Total Common Stocks** <br>**(Cost $6,772,909,718)** | **12234324629** |
| **PREFERRED STOCKS** 1.6% OF NET ASSETS | **PREFERRED STOCKS** 1.6% OF NET ASSETS | **PREFERRED STOCKS** 1.6% OF NET ASSETS |
| **Brazil 1.4%** | **Brazil 1.4%** | **Brazil 1.4%** |
| Axia Energia, Class B  | 276119 | 3599855 |
| Axia Energia, Class C \* | 433615 | 4991982 |
| Banco Bradesco SA  | 6167808 | 25436864 |
| Braskem SA, A Shares \* | 251691 | 470661 |
| Cia Energetica de Minas Gerais  | 1851082 | 4356676 |
| Gerdau SA  | 1562055 | 6393389 |
| Isa Energia Brasil SA  | 371425 | 2061239 |
| Itau Unibanco Holding SA  | 6622430 | 60408762 |
| Itausa SA  | 7114190 | 19795742 |
| Klabin SA  | 2 | 2 |
| Localiza Rent a Car SA \* | 40638 | 386779 |
| Metalurgica Gerdau SA  | 1117900 | 2035974 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Petroleo Brasileiro SA - Petrobras  | 5464623 | 41908922 |
|  |  | **171846847** |
| **Chile 0.1%** | **Chile 0.1%** | **Chile 0.1%** |
| Embotelladora Andina SA, B Shares  | 489277 | 2353639 |
| Sociedad Quimica y Minera de Chile <br> SA, B Shares \*<br>| 168693 | 12871877 |
|  |  | **15225516** |
| **Colombia 0.1%** | **Colombia 0.1%** | **Colombia 0.1%** |
| Grupo Cibest SA  | 544237 | 9220143 |
| Grupo de Inversiones Suramericana <br> SA <br>| 124577 | 1525990 |
|  |  | **10746133** |
| **India 0.0%** | **India 0.0%** | **India 0.0%** |
| TVS Motor Co. Ltd. *\*(b)* | 11462880 | 126290 |
| **Total Preferred Stocks** <br>**(Cost $122,908,494)** | **Total Preferred Stocks** <br>**(Cost $122,908,494)** | **197944786** |
| **RIGHTS** 0.0% OF NET ASSETS | **RIGHTS** 0.0% OF NET ASSETS | **RIGHTS** 0.0% OF NET ASSETS |
| **Brazil 0.0%** | **Brazil 0.0%** | **Brazil 0.0%** |
| Hypera SA | Hypera SA | Hypera SA |
| expires 03/17/26, strike BRL <br> 21.25 \*<br>| 41257 | 16894 |
| **Total Rights** <br>**(Cost $0)** | **Total Rights** <br>**(Cost $0)** | **16894** |
| **WARRANTS** 0.0% OF NET ASSETS | **WARRANTS** 0.0% OF NET ASSETS | **WARRANTS** 0.0% OF NET ASSETS |
| **Malaysia 0.0%** | **Malaysia 0.0%** | **Malaysia 0.0%** |
| YTL Corp. Bhd. | YTL Corp. Bhd. | YTL Corp. Bhd. |
| expires 06/02/28 *\*(b)* | 1051207 | 169771 |
| YTL Power International Bhd. | YTL Power International Bhd. | YTL Power International Bhd. |
| expires 06/02/28 *\*(b)* | 583340 | 127597 |
|  |  | **297368** |
| **Total Warrants** <br>**(Cost $0)** | **Total Warrants** <br>**(Cost $0)** | **297368** |

---

*See financial notes*

**74**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **SHORT-TERM INVESTMENTS** 1.5% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 1.5% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 1.5% OF NET ASSETS |
| **Money Market Funds 1.5%** | **Money Market Funds 1.5%** | **Money Market Funds 1.5%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 3.63% *(d)*<br>| 141679005 | 141679005 |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 3.63% *(d)(e)*<br>| 53102117 | 53102117 |
|  |  | **194781122** |
| **Total Short-Term Investments** <br>**(Cost $194,781,122)** | **Total Short-Term Investments** <br>**(Cost $194,781,122)** | **194781122** |
| **Total Investments in Securities** <br>**(Cost $7,090,599,334)** | **Total Investments in Securities** <br>**(Cost $7,090,599,334)** | **12627364799** |

---

&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>| 371 | 29748635 | **733067** |

---

&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 $49,069,464. 

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* Fair valued using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;*(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.

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

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

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

---

| | |
|:---|:---|
| ADR — | American Depositary Receipt |
| GDR — | Global Depositary Receipt |
| NVDR — | Non-Voting Depositary Receipt |
| REIT — | Real Estate Investment Trust |
| BRL — | Brazilian Real |

---

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

---

| | |
|:---|:---|
|  | % OF NET ASSETS |
| **SECTOR WEIGHTINGS *(a)*** | **SECTOR WEIGHTINGS *(a)*** |
| Information Technology | 26.6<br> %<br>|
| Financials | 22.0<br> %<br>|
| Consumer Discretionary | 11.1<br> %<br>|
| Materials | 8.6<br> %<br>|
| Communication Services | 8.1<br> %<br>|
| Industrials | 6.8<br> %<br>|
| Energy | 4.3<br> %<br>|
| Consumer Staples | 4.1<br> %<br>|
| Health Care | 3.3<br> %<br>|
| Utilities | 3.0<br> %<br>|
| Real Estate | 1.8<br> %<br>|
| Short-Term Investments | 1.6<br> %<br>|
| **Total** | **101.3%**<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>| $6291317468 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6291317468 |
| China | 3741721960 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2413359 | &nbsp;&nbsp; 3744135319 |
| Greece | 99767963 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 99767963 |
| Hong Kong |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 0 |
| India | 2095710219 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3393660 | &nbsp;&nbsp; 2099103879 |
| Russia |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 0 |
| Preferred Stocks<sup>1</sup> <br>| 197818496 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 197818496 |
| India |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 126290 | &nbsp;&nbsp; 126290 |
| Rights<sup>1</sup> <br>| 16894 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16894 |
| Warrants |  |  |  |  |
| Malaysia |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 297368 | &nbsp;&nbsp; 297368 |
| Short-Term Investments<sup>1</sup> <br>| 194781122 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 194781122 |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**75**

------

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT<br> UNOBSERVABLE INPUTS<br> (LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** (continued) |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| $733067 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $733067 |
| **Total** | **$12621867189** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$6230677** | &nbsp;&nbsp; **$12628097866** |

---

&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*

**76**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Emerging Markets Equity ETF

Statement of Assets and Liabilities

------

As of February 28, 2026; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $7,090,599,334) including securities on loan of $49,069,464 |  | $12627364799 |
| Foreign currency, at value (cost $16,976,244) |  | 17275157 |
| Deposit with broker for futures contracts |  | 2491560 |
| Receivables: |  |  |
| Dividends |  | 11691106 |
| Income from securities on loan |  | 110075 |
| Foreign tax reclaims | + | 8051 |
| **Total assets** |  | **12658940748** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 53102117 |
| Payables: |  |  |
| Foreign capital gains tax |  | 142299851 |
| Management fees |  | 661026 |
| Investments bought |  | 361507 |
| Variation margin on futures contracts | + | 77901 |
| **Total liabilities** |  | **196502402** |
| **Net assets** |  | **$12462438346** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $9246354753 |
| Total distributable earnings | + | 3216083593 |
| **Net assets** |  | **$12462438346** |

---

&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** |
| $12462438346 |  | &nbsp;&nbsp;&nbsp;&nbsp; 350100000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $35.60 |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**77**

------

Schwab Emerging Markets Equity ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $10,719,167) |  | $84345042 |
| Other Interest |  | 43225 |
| Securities on loan, net | + | 780910 |
| **Total investment income**  |  | **85169177** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 4023669 |
| **Total expenses** | – | **4023669** |
| **Net investment income** |  | **81145508** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated issuers (net of foreign capital gains tax paid of $1,619,757) |  | (7591588)<br>|
| Net realized gains on futures contracts |  | 7210586 |
| Net realized losses on foreign currency transactions | + | (169377)<br>|
| **Net realized losses** |  | **(550379)**<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers (net of change in foreign capital gains tax liability <br> of ($2718914))<br>|  | 1754101036 |
| Net change in unrealized appreciation (depreciation) on futures contracts |  | 417967 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 631777 |
| **Net change in unrealized appreciation (depreciation)** |  | **1755150780** |
| **Net realized and unrealized gains** |  | **1754600401** |
| **Increase in net assets resulting from operations** |  | **$1835745909** |

---

*See financial notes*

**78**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Emerging Markets Equity ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 |
| Net investment income |  | $81145508 | &nbsp;&nbsp;&nbsp; $247566229 |
| Net realized losses |  | (550379)<br>| &nbsp;&nbsp;&nbsp; (67971526)<br>|
| Net change in unrealized appreciation (depreciation) | + | 1755150780 | &nbsp;&nbsp;&nbsp; 1443965608 |
| **Increase in net assets resulting from operations** |  | **$1835745909** | &nbsp;&nbsp;&nbsp; **$1623560311** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($310047850)**<br>| &nbsp;&nbsp;&nbsp; **($270250180)**<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** |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 | 9/1/24-8/31/25 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 9100000 | &nbsp;&nbsp;&nbsp; $295424531 | &nbsp;&nbsp;&nbsp; 7200000 | &nbsp;&nbsp;&nbsp; $198708530 |
| **Net transactions in fund shares**  |  | **9100000** | &nbsp;&nbsp;&nbsp; **$295424531** | &nbsp;&nbsp;&nbsp; **7200000** | &nbsp;&nbsp;&nbsp; **$198708530** |
| **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** |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 | 9/1/24-8/31/25 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 341000000 | &nbsp;&nbsp;&nbsp; $10641315756 | &nbsp;&nbsp;&nbsp; 333800000 | &nbsp;&nbsp;&nbsp; $9089297095 |
| Total increase | + | 9100000 | &nbsp;&nbsp;&nbsp; 1821122590 | &nbsp;&nbsp;&nbsp; 7200000 | &nbsp;&nbsp;&nbsp; 1552018661 |
| **End of period** |  | **350100000** | &nbsp;&nbsp;&nbsp; **$12462438346** | &nbsp;&nbsp;&nbsp; **341000000** | &nbsp;&nbsp;&nbsp; **$10641315756** |

---

*See financial notes*

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**79**

------

Schwab International Equity ETFs

Financial Notes, unaudited

------

&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 International Dividend Equity ETF** | Schwab Long-Term U.S. Treasury ETF |
| **Schwab International Equity ETF** | Schwab U.S. Aggregate Bond ETF |
| **Schwab International Small-Cap Equity ETF** | Schwab 1-5 Year Corporate Bond ETF |
| **Schwab Emerging Markets Equity ETF** | Schwab 5-10 Year Corporate Bond ETF |
| Schwab U.S. Broad Market ETF | Schwab Municipal Bond ETF |
| Schwab 1000 Index<sup>®</sup> ETF | Schwab Fundamental U.S. Broad Market ETF |
| Schwab U.S. Large-Cap ETF | Schwab Fundamental U.S. Large Company ETF |
| Schwab U.S. Large-Cap Growth ETF | Schwab Fundamental U.S. Small Company ETF |
| Schwab U.S. Large-Cap Value ETF | Schwab Fundamental International Equity ETF |
| Schwab U.S. Mid-Cap ETF | Schwab Fundamental International Small Equity ETF |
| Schwab U.S. Small-Cap ETF | Schwab Fundamental Emerging Markets Equity ETF |
| Schwab U.S. Dividend Equity ETF | Schwab Ariel Opportunities ETF |
| Schwab U.S. REIT 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 Short-Term U.S. Treasury ETF | Schwab Core Bond ETF |
| Schwab Intermediate-Term U.S. Treasury 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 International Dividend Equity ETF's** goal is to track as closely as possible, before fees and expenses, the total return of an index composed of high dividend yielding stocks issued by companies outside the United States. The fund generally invests in stocks that are included in the Dow Jones International Dividend 100 Index.

The **Schwab International Equity ETF's** goal is to track as closely as possible, before fees and expenses, the total return of the FTSE Developed ex US Index.

The **Schwab International Small-Cap Equity ETF's** goal is to track as closely as possible, before fees and expenses, the total return of the FTSE Developed Small Cap ex US Liquid Index.

The **Schwab Emerging Markets Equity ETF's** goal is to track as closely as possible, before fees and expenses, the total return of the FTSE Emerging Index.

**80**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab International Equity ETFs

Financial Notes, unaudited (continued)

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

**2. Significant Accounting Policies:**

The following is a summary of the significant accounting policies the 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 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.

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**81**

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Schwab International Equity ETFs

Financial Notes, unaudited (continued)

------

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

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

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 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

**82**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

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Schwab International Equity ETFs

Financial Notes, unaudited (continued)

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

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

cash collateral fund are in addition to these fees. All remaining revenue is retained by the fund, as applicable. No portion of lending revenue is paid to or retained by the investment adviser or any of its affiliates.

As of February 28, 2026, the funds had securities on loan, all of which were classified as common stocks and warrants. The value of securities on loan and the related collateral as of 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.

**(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.

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**83**

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Schwab International Equity ETFs

Financial Notes, unaudited (continued)

------

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

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

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 International Equity ETF, Schwab International Small-Cap Equity ETF and Schwab 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 International Equity ETF, Schwab International Small-Cap Equity ETF and Schwab 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 International Equity ETF, Schwab International Small-Cap Equity ETF and Schwab 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 International Equity ETF, Schwab International Small Cap-Equity ETF and Schwab Emerging Markets ETF make distributions from net investment income, if any, semiannually. Schwab International Dividend Equity ETF makes distributions from net investment income, if any, quarterly. The funds make distributions from net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

**(g) Accounting Estimates:**

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

**(h) Federal Income Taxes:**

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

**(i) Foreign Taxes:**

The 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.

**84**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

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Schwab International Equity ETFs

Financial Notes, unaudited (continued)

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

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

**(j) Segment Reporting:**

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

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

**(k) Indemnification:**

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

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**3. Affiliates and Affiliated Transactions:**

**Investment Adviser**

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

For its advisory services to the funds, the investment adviser is entitled to receive an annual fee, payable monthly, based on a percentage of each fund's average daily net assets as follows:

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| | | | |
|:---|:---|:---|:---|
| SCHWAB<br> INTERNATIONAL<br> DIVIDEND<br> EQUITY<br> ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCHWAB<br> INTERNATIONAL<br> EQUITY ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCHWAB<br> INTERNATIONAL<br> SMALL-CAP<br> EQUITY ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCHWAB<br> EMERGING<br> MARKETS<br> EQUITY ETF<br>|
| 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>|

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Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**85**

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Schwab International Equity ETFs

Financial Notes, unaudited (continued)

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

**3. Affiliates and Affiliated Transactions (continued):** 

**Investments from Affiliates**

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS |
|  | SCHWAB<br> INTERNATIONAL<br> DIVIDEND<br> EQUITY<br> ETF<br>| SCHWAB<br> INTERNATIONAL<br> EQUITY ETF<br>| SCHWAB<br> INTERNATIONAL<br> SMALL-CAP<br> EQUITY ETF<br>| SCHWAB<br> EMERGING<br> MARKETS<br> EQUITY ETF<br>|
| Schwab International Opportunities Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.2<br> %<br>|
| Schwab MarketTrack All Equity Portfolio | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.3<br> %<br>|
| Schwab MarketTrack Growth Portfolio | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.2<br> %<br>|
| Schwab Monthly Income Fund - Flexible Payout | 0.7<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Monthly Income Fund - Income Payout | 0.4<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Monthly Income Fund - Target Payout  | 0.6<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2010 Index Fund | —<br> %<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2015 Index Fund | —<br> %<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2020 Index Fund | —<br> %<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2025 Index Fund | —<br> %<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2030 Index Fund | —<br> %<br>| 0.4<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.2<br> %<br>|
| Schwab Target 2035 Index Fund | —<br> %<br>| 0.4<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.4<br> %<br>|
| Schwab Target 2040 Index Fund | —<br> %<br>| 0.5<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.5<br> %<br>|
| Schwab Target 2045 Index Fund | —<br> %<br>| 0.4<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.5<br> %<br>|
| Schwab Target 2050 Index Fund | —<br> %<br>| 0.5<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.8<br> %<br>|
| Schwab Target 2055 Index Fund | —<br> %<br>| 0.4<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.6<br> %<br>|
| Schwab Target 2060 Index Fund | —<br> %<br>| 0.5<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.7<br> %<br>|
| Schwab Target 2065 Index Fund | —<br> %<br>| 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.3<br> %<br>|
| Schwab Target 2070 Index Fund | —<br> %<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>|
| Schwab VIT Balanced Portfolio | —<br> %<br>| 0.0<br> %\*<br>| 0.0<br> %\*<br>| 0.0<br> %\*<br>|
| Schwab VIT Balanced with Growth Portfolio | —<br> %<br>| 0.0<br> %\*<br>| 0.1<br> %<br>| 0.0<br> %\*<br>|
| Schwab VIT Growth Portfolio | —<br> %<br>| 0.1<br> %<br>| 0.1<br> %<br>| 0.1<br> %<br>|

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

\* Less than 0.05%

**Other Affiliated Transactions**

The professional fees related to European Union foreign withholding tax claims discussed in financial note 2(d) are non-contingent and non-routine expenses. The investment adviser agreed to pay these professional fees, on behalf of the funds, subject to reimbursement by the funds to the investment adviser to the extent the funds are able to successfully recover tax claims in the future.

During the period ended February 28, 2026, the professional fees incurred by the Schwab International Equity ETF and Schwab International Small-Cap Equity ETF and paid by the investment adviser were $1,441 and $18,084, respectively, as shown as Professional fees in each fund's Statement of Operations.

During the period ended February 28, 2026, the Schwab International Equity ETF and Schwab International Small-Cap Equity ETF recovered previously withheld foreign taxes from Poland. The payments received by each fund amounted to $2,029,343 and $415,965, respectively which includes $764,377 and $152,570, 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

**86**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

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Schwab International Equity ETFs

Financial Notes, unaudited (continued)

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

**3. Affiliates and Affiliated Transactions (continued):** 

professional fees associated with recovering these foreign taxes in the amount of $49,657 and $30,075, 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 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 balance of professional fees related to foreign withholding tax claims subject to future reimbursement by the Schwab International Equity ETF and Schwab International Small-Cap Equity ETF to the investment adviser was $1,441 and $18,084, respectively. The Schwab 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 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:

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| | | | |
|:---|:---|:---|:---|
|  | PURCHASE COST | SALE PROCEEDS | NET REALIZED GAINS (LOSSES) |
| Schwab International Dividend Equity ETF | $28334916 | &nbsp;&nbsp; $13127076 | &nbsp;&nbsp; ($1318157)<br>|
| Schwab International Equity ETF | 619920465 | &nbsp;&nbsp; 330901140 | &nbsp;&nbsp; (109944580)<br>|
| Schwab International Small-Cap Equity ETF | 116385525 | &nbsp;&nbsp; 559154415 | &nbsp;&nbsp; 191153332 |
| Schwab Emerging Markets Equity ETF | 3680445 | &nbsp;&nbsp; 15603263 | &nbsp;&nbsp; (3758029)<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.

------

**4. Board of Trustees:**

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

------

**5. Borrowing from Banks:**

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

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**87**

------

Schwab International Equity ETFs

Financial Notes, unaudited (continued)

------

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

**5. Borrowing from Banks (continued):** 

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

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

------

**6. Derivatives:**

Certain funds entered into futures contracts during the report period to equitize available cash.

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

---

| | | |
|:---|:---|:---|
|  | EQUITY CONTRACTS | TOTAL |
| **Asset Derivatives** |  |  |
| Schwab International Dividend Equity ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| $530064 | &nbsp;&nbsp; $530064 |
| Schwab International Equity ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 15344165 | &nbsp;&nbsp; 15344165 |
| Schwab International Small-Cap Equity ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 1163490 | &nbsp;&nbsp; 1163490 |
| Schwab Emerging Markets Equity ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 733067 | &nbsp;&nbsp; 733067 |

---

&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.

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 International Dividend Equity ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| $1062522 | &nbsp;&nbsp; $1062522 |
| Schwab International Equity ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 23401197 | &nbsp;&nbsp; 23401197 |
| Schwab International Small-Cap Equity ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 1815011 | &nbsp;&nbsp; 1815011 |
| Schwab Emerging Markets Equity ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 7210586 | &nbsp;&nbsp; 7210586 |

---

&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;

**88**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab International Equity ETFs

Financial Notes, unaudited (continued)

------

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

**6. Derivatives (continued):** 

---

| | | |
|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation)** |  |  |
| Schwab International Dividend Equity ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| $452249 | &nbsp;&nbsp; $452249 |
| Schwab International Equity ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 10847405 | &nbsp;&nbsp; 10847405 |
| Schwab International Small-Cap Equity ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 1133534 | &nbsp;&nbsp; 1133534 |
| Schwab Emerging Markets Equity ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 417967 | &nbsp;&nbsp; 417967 |

---

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

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

During the period ended 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 International Dividend Equity ETF | $9750034 | &nbsp;&nbsp; 78 |
| Schwab International Equity ETF | 281499143 | &nbsp;&nbsp; 1956 |
| Schwab International Small-Cap Equity ETF | 24749335 | &nbsp;&nbsp; 173 |
| Schwab Emerging Markets Equity ETF | 33153341 | &nbsp;&nbsp; 473 |

---

------

**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 International Dividend Equity ETF | $179008075 | &nbsp;&nbsp; $86337670 |
| Schwab International Equity ETF | 1882187946 | &nbsp;&nbsp; 1358901548 |
| Schwab International Small-Cap Equity ETF | 878492012 | &nbsp;&nbsp; 778809952 |
| Schwab Emerging Markets Equity ETF | 299576392 | &nbsp;&nbsp; 215092229 |

---

------

**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 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 a fund.

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**89**

------

Schwab International Equity ETFs

Financial Notes, unaudited (continued)

------

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

**8. In-Kind Transactions:** (continued):

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

---

| | | |
|:---|:---|:---|
|  | IN-KIND PURCHASES <br>OF SECURITIES <br>| IN-KIND SALES <br>OF SECURITIES<br>|
| Schwab International Dividend Equity ETF | $504325745 | &nbsp;&nbsp; $— |
| Schwab International Equity ETF | 943014209 | &nbsp;&nbsp; — |
| Schwab International Small-Cap Equity ETF | 413179847 | &nbsp;&nbsp; 531926308 |
| Schwab Emerging Markets Equity ETF | 2046914 | &nbsp;&nbsp; — |

---

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 International Dividend Equity ETF | $1755593243 | &nbsp;&nbsp; $510249832 | &nbsp;&nbsp; ($13926619)<br>| &nbsp;&nbsp; $496323213 |
| Schwab International Equity ETF | 37360905213 | &nbsp;&nbsp; 26819578177 | &nbsp;&nbsp; (1278365463)<br>| &nbsp;&nbsp; 25541212714 |
| Schwab International Small-Cap Equity ETF | 4383500468 | &nbsp;&nbsp; 1828168067 | &nbsp;&nbsp; (369081601)<br>| &nbsp;&nbsp; 1459086466 |
| Schwab Emerging Markets Equity ETF | 7441132889 | &nbsp;&nbsp; 5701818719 | &nbsp;&nbsp; (514853742)<br>| &nbsp;&nbsp; 5186964977 |

---

The primary difference between book basis and tax basis unrealized appreciation or unrealized depreciation of investments is the tax deferral of losses on wash sales. The tax cost of the funds' investments, disclosed above, have been adjusted from their book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of August 31, 2025, the funds had capital loss carryforwards available as follows:

---

| | |
|:---|:---|
| Schwab International Dividend Equity ETF | $47798324 |
| Schwab International Equity ETF | 2103587224 |
| Schwab International Small-Cap Equity ETF | 331330977 |
| Schwab Emerging Markets Equity ETF | 1610088280 |

---

The tax basis components of distributions and components of distributable earnings on a tax basis are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of February 28, 2026. The tax basis components of distributions paid during the fiscal year ended August 31, 2025, were as follows:

---

| | |
|:---|:---|
|  | PRIOR FISCAL YEAR END DISTRIBUTIONS |
|  | ORDINARY <br>INCOME <br>|
| Schwab International Dividend Equity ETF | $37519120 |
| Schwab International Equity ETF | 1203655940 |
| Schwab International Small-Cap Equity ETF | 140093440 |
| Schwab Emerging Markets Equity ETF | 270250180 |

---

**90**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab International Equity ETFs

Financial Notes, unaudited (continued)

------

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

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

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

As of August 31, 2025, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds' financial statements. During the fiscal year ended August 31, 2025, the funds did not incur any interest or penalties.

------

**10. Share Split:**

Effective September 25, 2024, the Board of Trustees authorized a 2-for-1 share split for the Schwab International Equity ETF, which applied to shareholders of record as of the close of U.S. markets on October 09, 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. The share split increased the number of shares outstanding and decreased the NAV per share. The share split did not change the total market value of a shareholder's investment. The Financial Highlights and Statement of Changes in Net Assets for the Schwab International Equity 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.

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**91**

------

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

------

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

Not applicable.

**92**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Proxy Disclosures for Open-End Management Investment Companies

------

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

Not applicable.

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**93**

------

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).

**94**Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

------

Statement Regarding Basis for Approval of Investment Advisory Contract

------

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

Not applicable.

Schwab International Equity ETFs \| Semiannual Holdings and Financial Statements

**95**

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g892423img5ce0b35b1.jpg)

MFR54790-16

00323325

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g892426img4ec13f331.jpg)

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

Schwab U.S. Equity ETFs

------

---

| | |
|:---|:---|
| Schwab U.S. Broad Market ETF | **SCHB** |
| Schwab 1000 Index<sup>®</sup> ETF | **SCHK** |
| Schwab U.S. Large-Cap ETF | **SCHX** |
| Schwab U.S. Large-Cap Growth ETF | **SCHG** |
| Schwab U.S. Large-Cap Value ETF | **SCHV** |
| Schwab U.S. Mid-Cap ETF | **SCHM** |
| Schwab U.S. Small-Cap ETF | **SCHA** |
| Schwab U.S. Dividend Equity ETF | **SCHD** |

---

------

**In This Report**

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

---

| | |
|:---|:---|
| **[Item 7 - Financial Statements and Financial Highlights for Open-End](#xx_917369c9-8e72-4a47-84aa-a8f6c41bb9da_1)**<br> **[Management Investment Companies](#xx_917369c9-8e72-4a47-84aa-a8f6c41bb9da_1)** <br>|  |
| [Financial Statements and Portfolio Holdings](#xx_917369c9-8e72-4a47-84aa-a8f6c41bb9da_1) <br>|  |
| [Schwab U.S.](#xx_917369c9-8e72-4a47-84aa-a8f6c41bb9da_1)[Broad Market ETF](#xx_917369c9-8e72-4a47-84aa-a8f6c41bb9da_1) | 2 |
| [Schwab 1000 Index ETF](#xx_990f72bd-db82-4088-9559-1549ae425e77_1) | 27 |
| [Schwab U.S.](#xx_ad83786c-810e-494e-b03e-f96e84d77790_1)[Large-Cap ETF](#xx_ad83786c-810e-494e-b03e-f96e84d77790_1) | 41 |
| [Schwab U.S.](#xx_7518af73-e9ba-4ba8-a53d-1b8d91b19f70_1)[Large-Cap Growth ETF](#xx_7518af73-e9ba-4ba8-a53d-1b8d91b19f70_1) | 53 |
| [Schwab U.S.](#xx_ef2c0537-ba7e-46bc-8389-14cd10ffd4e5_1)[Large-Cap Value ETF](#xx_ef2c0537-ba7e-46bc-8389-14cd10ffd4e5_1) | 60 |
| [Schwab U.S.](#xx_07479f9f-fab5-4d06-9f8c-7911203c4ed5_1)[Mid-Cap ETF](#xx_07479f9f-fab5-4d06-9f8c-7911203c4ed5_1) | 70 |
| [Schwab U.S.](#xx_6ddc4295-b747-4b3a-be60-1b41ecf7b77c_1)[Small-Cap ETF](#xx_6ddc4295-b747-4b3a-be60-1b41ecf7b77c_1) | 80 |
| [Schwab U.S.](#xx_9a6005fb-5d19-4e10-94d5-b7e6577c03f4_1)[Dividend Equity ETF](#xx_9a6005fb-5d19-4e10-94d5-b7e6577c03f4_1) | 100 |
| [Financial Notes](#xx_3cae0b1c-e983-4d92-b8db-1a49ca3d9933_1) | 107 |
| **[Item 8 – Changes in and Disagreements with Accountants for Open-End](#xx_73decbad-8994-4488-8e52-5dd957aa601a_1)**<br> **[Management Investment Companies](#xx_73decbad-8994-4488-8e52-5dd957aa601a_1)**<br>| 119 |
| **[Item 9 – Proxy Disclosures for Open-End Management Investment](#xx_7e526fc2-56b4-495d-a366-edd50e56f06c_1)**<br> **[Companies](#xx_7e526fc2-56b4-495d-a366-edd50e56f06c_1)**<br>| 120 |
| **[Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End](#xx_ded99be8-2883-4199-b2c8-4e000e7399f1_1)**<br> **[Management Investment Companies](#xx_ded99be8-2883-4199-b2c8-4e000e7399f1_1)**<br>| 121 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory](#xx_58a58e4e-cfcc-40c5-9de0-b623ef5f7b15_1)**<br> **[Contract](#xx_58a58e4e-cfcc-40c5-9de0-b623ef5f7b15_1)**<br>| 122  |

---

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. Equity ETFs \| Semiannual Holdings and Financial Statements

**1**

------

Schwab U.S. Broad Market ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 9/1/25– <br>2/28/26\*<br>| 9/1/24– <br>8/31/25<sup>1</sup> <br>| 9/1/23– <br>8/31/24<sup>1</sup> <br>| 9/1/22– <br>8/31/23<sup>1</sup> <br>| 9/1/21– <br>8/31/22<sup>1,2</sup> <br>| 9/1/20– <br>8/31/21<sup>1,2</sup> <br>|
| **Per-Share Data** | **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; $24.92 | &nbsp;&nbsp; $21.79 | &nbsp;&nbsp; $17.51 | &nbsp;&nbsp; $15.49 | &nbsp;&nbsp; $18.19 | &nbsp;&nbsp; $13.88 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> <br>| 0.15 | 0.29 | 0.27 | 0.26 | 0.24 | 0.22 |
| Net realized and unrealized gains (losses) | 1.58 | 3.13 | 4.28 | 2.01 | &nbsp;&nbsp; (2.70)<br>| 4.33 |
| Total from investment operations | 1.73 | 3.42 | 4.55 | 2.27 | &nbsp;&nbsp; (2.46)<br>| 4.55 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.24)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $26.49 | &nbsp;&nbsp; $24.92 | &nbsp;&nbsp; $21.79 | &nbsp;&nbsp; $17.51 | &nbsp;&nbsp; $15.49 | &nbsp;&nbsp; $18.19 |
| Total return | 6.94 %<sup>4</sup><br>| 15.83<br> %<br>| 26.21<br> %<br>| 14.88<br> %<br>| &nbsp;&nbsp; (13.64<br> %)<br>| 33.23<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Total expenses | 0.03 %<sup>5</sup><br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.03 %<sup>6</sup><br>| 0.03 %<sup>6</sup><br>| 0.03<br> %<br>|
| Net investment income (loss) | 1.18 %<sup>5</sup><br>| 1.26<br> %<br>| 1.39<br> %<br>| 1.62<br> %<br>| 1.38<br> %<br>| 1.42<br> %<br>|
| Portfolio turnover rate<sup>7</sup> <br>| &nbsp;&nbsp; 2 %<sup>4</sup><br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 4<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $38703 | &nbsp;&nbsp; $36127 | &nbsp;&nbsp; $30661 | &nbsp;&nbsp; $23455 | &nbsp;&nbsp; $20360 | &nbsp;&nbsp; $22368 |

---

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

\* Unaudited.

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

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

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

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

*See financial notes*

**2**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (Unaudited)

------

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.9% OF NET ASSETS  | **COMMON STOCKS** 99.9% OF NET ASSETS  | **COMMON STOCKS** 99.9% OF NET ASSETS  |
| **Automobiles & Components 2.0%** | **Automobiles & Components 2.0%** | **Automobiles & Components 2.0%** |
| Adient PLC \* | 46088 | 1120860 |
| Aptiv PLC \* | 126938 | 9335020 |
| Autoliv, Inc.  | 41463 | 4914195 |
| BorgWarner, Inc.  | 126573 | 7286808 |
| Dana, Inc.  | 65671 | 2248575 |
| Dauch Corp. \* | 136430 | 900438 |
| Dorman Products, Inc. \* | 16039 | 1890356 |
| Ford Motor Co.  | 2277143 | 32084945 |
| Garrett Motion, Inc.  | 80399 | 1636924 |
| General Motors Co.  | 543650 | 42790691 |
| Gentex Corp.  | 126670 | 2964078 |
| Gentherm, Inc. \* | 18964 | 621450 |
| Goodyear Tire & Rubber Co. \* | 166523 | 1373815 |
| Harley-Davidson, Inc.  | 68475 | 1232550 |
| Holley, Inc. \* | 36882 | 150479 |
| Kodiak AI, Inc. *\*(a)* | 66805 | 561162 |
| LCI Industries  | 14021 | 1867597 |
| Lear Corp.  | 31216 | 4097100 |
| Mobileye Global, Inc., Class A \* | 91271 | 772153 |
| Patrick Industries, Inc.  | 19599 | 2426160 |
| Phinia, Inc.  | 23292 | 1691698 |
| QuantumScape Corp. \* | 274565 | 1899990 |
| Rivian Automotive, Inc., Class A \* | 474951 | 7280999 |
| Solid Power, Inc. \* | 98274 | 347890 |
| Standard Motor Products, Inc.  | 14195 | 563258 |
| Stoneridge, Inc. \* | 16000 | 126240 |
| Tesla, Inc. \* | 1635166 | 658170667 |
| Thor Industries, Inc.  | 30847 | 2965322 |
| Visteon Corp.  | 15245 | 1458489 |
| Winnebago Industries, Inc.  | 16587 | 661655 |
| XPEL, Inc. \* | 14791 | 630392 |
|  |  | **796071956** |
| **Banks 3.7%** | **Banks 3.7%** | **Banks 3.7%** |
| 1st Source Corp.  | 9726 | 651739 |
| Amalgamated Financial Corp.  | 12143 | 467384 |
| Amerant Bancorp, Inc.  | 20190 | 431057 |
| Ameris Bancorp  | 37335 | 2899436 |
| Arrow Financial Corp.  | 9966 | 331967 |
| Associated Banc-Corp.  | 94365 | 2492180 |
| Atlantic Union Bankshares Corp.  | 83774 | 3104664 |
| Axos Financial, Inc. \* | 33386 | 2898573 |
| Banc of California, Inc.  | 76344 | 1410074 |
| BancFirst Corp.  | 11584 | 1274240 |
| Bancorp, Inc. \* | 25213 | 1323430 |
| Bank First Corp.  | 5157 | 694493 |
| Bank of America Corp.  | 3911060 | 194888120 |
| Bank of Hawaii Corp.  | 22289 | 1688838 |
| Bank of Marin Bancorp  | 7905 | 196755 |
| Bank OZK  | 61325 | 2855292 |
| BankUnited, Inc.  | 42958 | 2006139 |
| Banner Corp.  | 19245 | 1132568 |
| Beacon Financial Corp.  | 48283 | 1435936 |
| BOK Financial Corp.  | 12792 | 1608210 |
| Burke & Herbert Financial Services <br> Corp. <br>| 7558 | 487038 |
| Business First Bancshares, Inc.  | 18412 | 502648 |
| Byline Bancorp, Inc.  | 19636 | 612643 |
| Camden National Corp.  | 10417 | 480849 |
| Capital City Bank Group, Inc.  | 8000 | 342760 |
| Capitol Federal Financial, Inc.  | 73213 | 525669 |
| Cathay General Bancorp  | 39124 | 1944854 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Central Pacific Financial Corp.  | 14712 | 468577 |
| Citigroup, Inc.  | 1040728 | 114677818 |
| Citizens Financial Group, Inc.  | 250311 | 15066219 |
| Citizens Financial Services, Inc.  | 2266 | 136096 |
| City Holding Co.  | 7825 | 938765 |
| CNB Financial Corp.  | 17211 | 482080 |
| Coastal Financial Corp. \* | 8645 | 641373 |
| Columbia Banking System, Inc.  | 172418 | 4905292 |
| Columbia Financial, Inc. \* | 18040 | 322916 |
| Commerce Bancshares, Inc.  | 75319 | 3840516 |
| Community Financial System, Inc.  | 31323 | 1896608 |
| Community Trust Bancorp, Inc.  | 8318 | 499413 |
| ConnectOne Bancorp, Inc.  | 29656 | 786774 |
| Cullen/Frost Bankers, Inc.  | 37277 | 5152427 |
| Customers Bancorp, Inc. \* | 18729 | 1263084 |
| CVB Financial Corp.  | 75205 | 1446192 |
| Dime Community Bancshares, Inc.  | 23671 | 765757 |
| Eagle Bancorp, Inc.  | 17500 | 445375 |
| East West Bancorp, Inc.  | 80344 | 8793651 |
| Eastern Bankshares, Inc.  | 125809 | 2460824 |
| Enterprise Financial Services Corp.  | 20639 | 1178487 |
| Equity Bancshares, Inc., Class A  | 7993 | 358726 |
| Esquire Financial Holdings, Inc.  | 3900 | 393822 |
| FB Financial Corp.  | 23233 | 1270613 |
| Fifth Third Bancorp  | 522749 | 25860393 |
| Financial Institutions, Inc.  | 12266 | 384907 |
| First BanCorp  | 90983 | 1922471 |
| First Bancorp/Southern Pines NC  | 26880 | 1526515 |
| First Busey Corp.  | 52272 | 1325618 |
| First Citizens BancShares, Inc., <br> Class A <br>| 5806 | 11020659 |
| First Commonwealth Financial Corp.  | 59845 | 1049083 |
| First Community Bankshares, Inc.  | 9732 | 380813 |
| First Financial Bancorp  | 60658 | 1702670 |
| First Financial Bankshares, Inc.  | 74826 | 2314368 |
| First Financial Corp.  | 6687 | 423688 |
| First Foundation, Inc. \* | 44425 | 260775 |
| First Hawaiian, Inc.  | 73485 | 1819489 |
| First Horizon Corp.  | 286165 | 6807865 |
| First Interstate BancSystem, Inc., <br> Class A <br>| 51178 | 1771271 |
| First Merchants Corp.  | 36242 | 1416337 |
| First Mid Bancshares, Inc.  | 11727 | 480924 |
| Firstsun Capital Bancorp \* | 5903 | 215282 |
| Five Star Bancorp  | 10105 | 393388 |
| Flagstar Bank NA  | 178871 | 2269873 |
| Flushing Financial Corp.  | 21896 | 337855 |
| FNB Corp.  | 209566 | 3560526 |
| Fulton Financial Corp.  | 104828 | 2143733 |
| GBank Financial Holdings, Inc. *\*(a)* | 5200 | 157092 |
| German American Bancorp, Inc.  | 21475 | 887777 |
| Glacier Bancorp, Inc.  | 74456 | 3387003 |
| Great Southern Bancorp, Inc.  | 4752 | 292391 |
| Hancock Whitney Corp.  | 49089 | 3230547 |
| Hanmi Financial Corp.  | 15737 | 410893 |
| HBT Financial, Inc.  | 6770 | 182519 |
| Heritage Commerce Corp.  | 33136 | 411880 |
| Heritage Financial Corp.  | 19785 | 522522 |
| Hilltop Holdings, Inc.  | 24721 | 925307 |
| Hingham Institution For Savings  | 1200 | 334944 |
| Home BancShares, Inc.  | 108440 | 2977762 |
| HomeTrust Bancshares, Inc.  | 8573 | 361266 |
| Hope Bancorp, Inc.  | 80343 | 904662 |
| Horizon Bancorp, Inc.  | 30851 | 519531 |
| Huntington Bancshares, Inc.  | 1187895 | 19956636 |
| Independent Bank Corp.  | 12311 | 427807 |
| Independent Bank Corp.  | 30268 | 2363023 |
| International Bancshares Corp.  | 31105 | 2087457 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**3**

------

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| JPMorgan Chase & Co.  | 1584143 | 475718143 |
| Kearny Financial Corp.  | 41298 | 315930 |
| KeyCorp  | 539779 | 11195016 |
| Lakeland Financial Corp.  | 14570 | 846371 |
| Live Oak Bancshares, Inc.  | 19301 | 700047 |
| M&T Bank Corp.  | 89269 | 19369588 |
| Mechanics Bancorp, Class A  | 27964 | 398767 |
| Mercantile Bank Corp.  | 10339 | 534113 |
| Metrocity Bankshares, Inc.  | 8494 | 238681 |
| Metropolitan Bank Holding Corp.  | 7657 | 644337 |
| Mid Penn Bancorp, Inc.  | 12019 | 386651 |
| Midland States Bancorp, Inc.  | 11502 | 254539 |
| National Bank Holdings Corp., <br> Class A <br>| 20859 | 834151 |
| NB Bancorp, Inc.  | 21592 | 460773 |
| NBT Bancorp, Inc.  | 30374 | 1297577 |
| Nicolet Bankshares, Inc.  | 11062 | 1689831 |
| Northeast Bank  | 4200 | 465696 |
| Northfield Bancorp, Inc.  | 23206 | 309568 |
| Northpointe Bancshares, Inc.  | 5900 | 106554 |
| Northwest Bancshares, Inc.  | 84034 | 1046223 |
| OceanFirst Financial Corp.  | 34521 | 623449 |
| OFG Bancorp  | 25842 | 1035747 |
| Old National Bancorp  | 202452 | 4676641 |
| Old Second Bancorp, Inc.  | 32477 | 637524 |
| Origin Bancorp, Inc.  | 16455 | 684528 |
| Orrstown Financial Services, Inc.  | 11541 | 414784 |
| Park National Corp.  | 8336 | 1371522 |
| Pathward Financial, Inc.  | 13549 | 1230114 |
| Peapack-Gladstone Financial Corp.  | 7818 | 261825 |
| Peoples Bancorp, Inc.  | 20702 | 668054 |
| Pinnacle Financial Partners, Inc.  | 87057 | 7901293 |
| PNC Financial Services Group, Inc.  | 227979 | 48411341 |
| Popular, Inc.  | 38580 | 5222189 |
| Preferred Bank  | 6654 | 583689 |
| Prosperity Bancshares, Inc.  | 54980 | 3868943 |
| Provident Financial Services, Inc.  | 76317 | 1605710 |
| QCR Holdings, Inc.  | 9564 | 827286 |
| Regions Financial Corp.  | 509953 | 14191992 |
| Renasant Corp.  | 56687 | 2134266 |
| Republic Bancorp, Inc., Class A  | 4756 | 328164 |
| S&T Bancorp, Inc.  | 21032 | 879348 |
| Seacoast Banking Corp. of Florida  | 55562 | 1729089 |
| ServisFirst Bancshares, Inc.  | 29425 | 2383719 |
| Simmons First National Corp., <br> Class A <br>| 82654 | 1645641 |
| SmartFinancial, Inc.  | 8370 | 328188 |
| South Plains Financial, Inc.  | 7100 | 290816 |
| Southern Missouri Bancorp, Inc.  | 5612 | 347439 |
| Southside Bancshares, Inc.  | 16445 | 515057 |
| Southstate Bank Corp.  | 58790 | 5800809 |
| Stellar Bancorp, Inc.  | 25611 | 964510 |
| Stock Yards Bancorp, Inc.  | 16288 | 1044712 |
| Texas Capital Bancshares, Inc. \* | 26772 | 2551372 |
| TFS Financial Corp.  | 25595 | 358842 |
| Tompkins Financial Corp.  | 7606 | 583456 |
| Towne Bank  | 41039 | 1405996 |
| TriCo Bancshares  | 18852 | 900749 |
| Triumph Financial, Inc. \* | 13170 | 735676 |
| Truist Financial Corp.  | 746550 | 36812381 |
| TrustCo Bank Corp.  | 10097 | 437907 |
| Trustmark Corp.  | 35633 | 1517609 |
| U.S. Bancorp  | 906521 | 49550438 |
| UMB Financial Corp.  | 41282 | 4783758 |
| United Bankshares, Inc.  | 80284 | 3315729 |
| United Community Banks, Inc.  | 68914 | 2216963 |
| Univest Financial Corp.  | 16289 | 546496 |
| Valley National Bancorp  | 277157 | 3494950 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| WaFd, Inc.  | 47576 | 1482468 |
| Washington Trust Bancorp, Inc.  | 11591 | 390501 |
| Webster Financial Corp.  | 93687 | 6757643 |
| Wells Fargo & Co.  | 1827617 | 148859405 |
| WesBanco, Inc.  | 54205 | 1890128 |
| Westamerica BanCorp  | 14841 | 751697 |
| Western Alliance Bancorp  | 60359 | 4848035 |
| Wintrust Financial Corp.  | 39091 | 5631449 |
| WSFS Financial Corp.  | 32274 | 2049722 |
| Zions Bancorp NA  | 85173 | 4878709 |
|  |  | **1422781507** |
| **Capital Goods 8.1%** | **Capital Goods 8.1%** | **Capital Goods 8.1%** |
| 3D Systems Corp. \* | 76902 | 148421 |
| 3M Co.  | 308505 | 51002047 |
| A.O. Smith Corp.  | 65987 | 5146986 |
| AAON, Inc.  | 39173 | 3964308 |
| AAR Corp. \* | 22157 | 2596136 |
| Acuity, Inc.  | 17594 | 5306174 |
| Advanced Drainage Systems, Inc.  | 41726 | 7149333 |
| AECOM  | 76839 | 7528685 |
| AeroVironment, Inc. \* | 18511 | 4669400 |
| AGCO Corp.  | 35794 | 4885881 |
| Air Lease Corp.  | 62089 | 4025851 |
| AirJoule Technologies Corp. \* | 8000 | 25840 |
| Alamo Group, Inc.  | 6204 | 1324740 |
| Albany International Corp., Class A  | 17106 | 986161 |
| Allegion PLC  | 49903 | 8041868 |
| Alliance Laundry Holdings, Inc. \* | 24000 | 538320 |
| Allient, Inc.  | 8606 | 566619 |
| Allison Transmission Holdings, Inc.  | 48594 | 6088828 |
| Ameresco, Inc., Class A \* | 18500 | 563510 |
| American Superconductor Corp. \* | 26110 | 850664 |
| American Woodmark Corp. \* | 9642 | 483064 |
| AMETEK, Inc.  | 133918 | 32035864 |
| Amprius Technologies, Inc. \* | 74358 | 797861 |
| API Group Corp. \* | 213849 | 9507727 |
| Apogee Enterprises, Inc.  | 11954 | 476008 |
| Applied Industrial Technologies, Inc.  | 21881 | 6183133 |
| Archer Aviation, Inc., Class A \* | 353927 | 2519960 |
| Arcosa, Inc.  | 28663 | 3080699 |
| Argan, Inc.  | 7903 | 3566229 |
| Armstrong World Industries, Inc.  | 24840 | 4309740 |
| Array Technologies, Inc. \* | 93660 | 709943 |
| Astec Industries, Inc.  | 13148 | 816359 |
| Astronics Corp. \* | 18379 | 1481715 |
| ATI, Inc. \* | 79601 | 13021928 |
| Atkore, Inc.  | 20882 | 1351274 |
| Atmus Filtration Technologies, Inc.  | 47753 | 3081501 |
| Axon Enterprise, Inc. \* | 45846 | 24866870 |
| AZZ, Inc.  | 18062 | 2456071 |
| Beta Technologies, Inc., Class A \* | 17000 | 319600 |
| Bloom Energy Corp., Class A \* | 126774 | 19734909 |
| Blue Bird Corp. \* | 18273 | 1064768 |
| BlueLinx Holdings, Inc. \* | 4759 | 313713 |
| Boeing Co. \* | 456046 | 103764146 |
| Boise Cascade Co.  | 21306 | 1762858 |
| Bowman Consulting Group Ltd. \* | 8117 | 272244 |
| Builders FirstSource, Inc. \* | 64661 | 6743496 |
| BWX Technologies, Inc.  | 53603 | 11041146 |
| Cadre Holdings, Inc.  | 15098 | 670200 |
| Carlisle Cos., Inc.  | 24086 | 9508430 |
| Carpenter Technology Corp.  | 28774 | 11454066 |
| Carrier Global Corp.  | 459544 | 29594634 |
| Caterpillar, Inc.  | 272328 | 202293408 |
| CECO Environmental Corp. \* | 19531 | 1180649 |
| Centuri Holdings, Inc. \* | 48321 | 1497951 |

---

*See financial notes*

**4**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| ChargePoint Holdings, Inc. *\*(a)* | 15000 | 94500 |
| Chart Industries, Inc. \* | 25516 | 5289467 |
| CNH Industrial NV  | 516853 | 6357292 |
| Columbus McKinnon Corp.  | 16620 | 315448 |
| Comfort Systems USA, Inc.  | 20528 | 29342107 |
| Construction Partners, Inc., Class A \* | 27706 | 3722855 |
| Core & Main, Inc., Class A \* | 110660 | 5993346 |
| Crane Co.  | 28307 | 5676403 |
| CSW Industrials, Inc.  | 10040 | 2955073 |
| Cummins, Inc.  | 80303 | 46886513 |
| Curtiss-Wright Corp.  | 21550 | 15092111 |
| Custom Truck One Source, Inc. \* | 37174 | 266166 |
| Deere & Co.  | 146278 | 92112719 |
| Distribution Solutions Group, Inc. \* | 5809 | 173689 |
| DNOW, Inc. \* | 110415 | 1300689 |
| Donaldson Co., Inc.  | 67110 | 6225124 |
| Douglas Dynamics, Inc.  | 12323 | 565872 |
| Dover Corp.  | 79560 | 17940780 |
| Ducommun, Inc. \* | 7304 | 902701 |
| DXP Enterprises, Inc. \* | 7607 | 1053341 |
| Dycom Industries, Inc. \* | 16640 | 6989133 |
| Eaton Corp. PLC  | 225985 | 84952281 |
| EMCOR Group, Inc.  | 26042 | 18870554 |
| Emerson Electric Co.  | 326232 | 49179474 |
| Energy Recovery, Inc. \* | 33280 | 347110 |
| Energy Vault Holdings, Inc. \* | 65432 | 196296 |
| Enerpac Tool Group Corp.  | 31594 | 1289035 |
| EnerSys  | 21015 | 3491642 |
| Enovix Corp. \* | 113732 | 599368 |
| Enpro, Inc.  | 12544 | 3244506 |
| Eos Energy Enterprises, Inc. \* | 167792 | 955575 |
| Esab Corp.  | 33120 | 4178750 |
| ESCO Technologies, Inc.  | 14956 | 4147149 |
| Eve Holding, Inc. \* | 50114 | 150342 |
| Everus Construction Group, Inc. \* | 29260 | 3536656 |
| Fastenal Co.  | 666414 | 30681701 |
| Federal Signal Corp.  | 35252 | 4104390 |
| Ferguson Enterprises, Inc.  | 113636 | 29631723 |
| Firefly Aerospace, Inc. \* | 12047 | 232146 |
| Flowserve Corp.  | 73676 | 6521800 |
| Fluence Energy, Inc. \* | 36240 | 563170 |
| Fluor Corp. \* | 96088 | 5026363 |
| Fortive Corp.  | 184897 | 10945902 |
| Fortune Brands Innovations, Inc.  | 71048 | 3860748 |
| Franklin Electric Co., Inc.  | 22478 | 2239258 |
| FTAI Aviation Ltd.  | 59612 | 18229350 |
| Gates Industrial Corp. PLC \* | 150126 | 4138974 |
| GATX Corp.  | 21036 | 3874200 |
| GE Vernova, Inc.  | 157941 | 137977258 |
| Generac Holdings, Inc. \* | 34165 | 7699766 |
| General Dynamics Corp.  | 147641 | 52715219 |
| General Electric Co.  | 613819 | 210085691 |
| Gibraltar Industries, Inc. \* | 16482 | 749601 |
| Global Industrial Co.  | 7498 | 247284 |
| Gorman-Rupp Co.  | 13517 | 868197 |
| Graco, Inc.  | 96031 | 9019232 |
| Graham Corp. \* | 6243 | 507056 |
| Granite Construction, Inc.  | 26218 | 3525272 |
| Great Lakes Dredge & Dock Corp. \* | 36546 | 619455 |
| Greenbrier Cos., Inc.  | 17524 | 988704 |
| Griffon Corp.  | 22977 | 1958559 |
| Hayward Holdings, Inc. \* | 117390 | 1878240 |
| HEICO Corp.  | 58684 | 18747191 |
| Helios Technologies, Inc.  | 18111 | 1291677 |
| Herc Holdings, Inc.  | 17725 | 2477778 |
| Hexcel Corp.  | 46975 | 4354113 |
| Hillman Solutions Corp. \* | 111550 | 914710 |
| Honeywell International, Inc.  | 369198 | 89932941 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Howmet Aerospace, Inc.  | 234220 | 61489777 |
| Hubbell, Inc.  | 30831 | 15774065 |
| Huntington Ingalls Industries, Inc.  | 22985 | 10217292 |
| Hyliion Holdings Corp. \* | 73893 | 151481 |
| Hyster-Yale, Inc.  | 5890 | 216929 |
| IDEX Corp.  | 43659 | 9145251 |
| IES Holdings, Inc. \* | 4999 | 2476255 |
| Illinois Tool Works, Inc.  | 153510 | 44614611 |
| Ingersoll Rand, Inc.  | 208564 | 19634215 |
| Insteel Industries, Inc.  | 11550 | 430584 |
| Intuitive Machines, Inc. *\*(a)* | 64932 | 1070079 |
| ITT, Inc.  | 49248 | 9968288 |
| Janus International Group, Inc. \* | 81330 | 566057 |
| JBT Marel Corp.  | 30296 | 4665584 |
| Johnson Controls International PLC  | 355982 | 51368203 |
| Kadant, Inc.  | 6759 | 2292450 |
| Karman Holdings, Inc. \* | 44596 | 3929354 |
| Kennametal, Inc.  | 46535 | 1874430 |
| Kratos Defense & Security Solutions, <br> Inc. \*<br>| 98790 | 8513722 |
| L3Harris Technologies, Inc.  | 109059 | 39756368 |
| Legence Corp., Class A \* | 20613 | 1196585 |
| Lennox International, Inc.  | 18440 | 10509694 |
| Leonardo DRS, Inc.  | 47373 | 2055514 |
| Limbach Holdings, Inc. \* | 5702 | 521277 |
| Lincoln Electric Holdings, Inc.  | 32257 | 9259372 |
| Lindsay Corp.  | 5967 | 803755 |
| Loar Holdings, Inc. \* | 20600 | 1458274 |
| Lockheed Martin Corp.  | 118572 | 78029862 |
| LSI Industries, Inc.  | 17500 | 378350 |
| Manitowoc Co., Inc. \* | 21000 | 309750 |
| Masco Corp.  | 120504 | 8630496 |
| MasTec, Inc. \* | 35566 | 10599379 |
| Masterbrand, Inc. \* | 73699 | 745834 |
| McGrath RentCorp  | 14225 | 1578264 |
| Mercury Systems, Inc. \* | 31921 | 2841927 |
| Microvast Holdings, Inc. \* | 120836 | 270673 |
| Middleby Corp. \* | 27217 | 4595863 |
| Miller Industries, Inc.  | 6716 | 282273 |
| Modine Manufacturing Co. \* | 30438 | 6917035 |
| Moog, Inc., Class A  | 16469 | 5557135 |
| MSC Industrial Direct Co., Inc., <br> Class A <br>| 26713 | 2506748 |
| Mueller Industries, Inc.  | 65462 | 7721898 |
| Mueller Water Products, Inc., Class A  | 90730 | 2715549 |
| MYR Group, Inc. \* | 9030 | 2437739 |
| NANO Nuclear Energy, Inc. *\*(a)* | 21193 | 563522 |
| National Presto Industries, Inc.  | 2567 | 338690 |
| Nextpower, Inc., Class A \* | 86319 | 9072127 |
| Nordson Corp.  | 30996 | 9095466 |
| Northrop Grumman Corp.  | 78092 | 56568283 |
| NPK International, Inc. \* | 47700 | 688311 |
| NuScale Power Corp. \* | 89262 | 1147017 |
| nVent Electric PLC  | 93243 | 11036241 |
| Oshkosh Corp.  | 37470 | 6370649 |
| Otis Worldwide Corp.  | 226209 | 20937905 |
| Owens Corning  | 48476 | 5917465 |
| PACCAR, Inc.  | 305037 | 38462115 |
| Parker-Hannifin Corp.  | 73406 | 74079867 |
| Pentair PLC  | 94844 | 9407576 |
| Plug Power, Inc. \* | 829535 | 1484868 |
| Powell Industries, Inc.  | 5463 | 2860427 |
| Power Solutions International, Inc. \* | 3500 | 292250 |
| Preformed Line Products Co.  | 1518 | 385041 |
| Primoris Services Corp.  | 31588 | 4760943 |
| Proto Labs, Inc. \* | 13117 | 814303 |
| Quanex Building Products Corp.  | 30533 | 626842 |
| Quanta Services, Inc.  | 86774 | 48860704 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**5**

------

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| QXO, Inc. \* | 281132 | 6733111 |
| RBC Bearings, Inc. \* | 18257 | 10514571 |
| Red Cat Holdings, Inc. *\*(a)* | 60830 | 708670 |
| Redwire Corp. *\*(a)* | 45284 | 410726 |
| Regal Rexnord Corp.  | 38225 | 8446960 |
| Resideo Technologies, Inc. \* | 79139 | 3062679 |
| Rocket Lab Corp. \* | 273011 | 18865060 |
| Rockwell Automation, Inc.  | 65307 | 26609337 |
| RTX Corp.  | 780224 | 158088987 |
| Rush Enterprises, Inc., Class A  | 39259 | 2786211 |
| Sensata Technologies Holding PLC  | 84677 | 3161839 |
| SES AI Corp. \* | 159460 | 261514 |
| Shoals Technologies Group, Inc., <br> Class A \*<br>| 97317 | 577090 |
| Simpson Manufacturing Co., Inc.  | 23788 | 4604643 |
| SiteOne Landscape Supply, Inc. \* | 25623 | 3661270 |
| Snap-on, Inc.  | 30537 | 11763463 |
| Southland Holdings, Inc. \* | 9000 | 10080 |
| SPX Technologies, Inc. \* | 28755 | 6525660 |
| StandardAero, Inc. \* | 112123 | 3453388 |
| Standex International Corp.  | 7037 | 1843694 |
| Stanley Black & Decker, Inc.  | 90806 | 7853811 |
| Sterling Infrastructure, Inc. \* | 17802 | 7621570 |
| Sunrun, Inc. \* | 133310 | 1766358 |
| Symbotic, Inc. \* | 32517 | 1781281 |
| Tecnoglass, Inc.  | 16031 | 730372 |
| Tennant Co.  | 10652 | 650092 |
| Terex Corp.  | 66108 | 4547569 |
| Terrestrial Energy, Inc. \* | 42909 | 296072 |
| Textron, Inc.  | 102235 | 10085483 |
| Thermon Group Holdings, Inc. \* | 19374 | 983812 |
| Timken Co.  | 37605 | 4075630 |
| Titan International, Inc. \* | 30834 | 300015 |
| Titan Machinery, Inc. \* | 11148 | 217275 |
| Toro Co.  | 57511 | 5685537 |
| Trane Technologies PLC  | 129102 | 59686437 |
| Transcat, Inc. \* | 5428 | 423221 |
| TransDigm Group, Inc.  | 32796 | 42726301 |
| Trex Co., Inc. \* | 63063 | 2612069 |
| Trinity Industries, Inc.  | 45773 | 1564521 |
| Tutor Perini Corp.  | 25560 | 1926457 |
| UFP Industries, Inc.  | 34038 | 3502851 |
| United Rentals, Inc.  | 36917 | 31010280 |
| V2X, Inc. \* | 12226 | 852764 |
| Valmont Industries, Inc.  | 11545 | 5309892 |
| Vertiv Holdings Co., Class A  | 222510 | 56715574 |
| Vicor Corp. \* | 13612 | 2741457 |
| Virgin Galactic Holdings, Inc. *\*(a)* | 63013 | 160683 |
| Voyager Technologies, Inc., Class A \* | 7300 | 194837 |
| VSE Corp.  | 15884 | 3606780 |
| Wabash National Corp.  | 26259 | 266529 |
| Watsco, Inc.  | 20197 | 8428814 |
| Watts Water Technologies, Inc., <br> Class A <br>| 15952 | 5244060 |
| WESCO International, Inc.  | 28229 | 8172295 |
| Westinghouse Air Brake Technologies <br> Corp. <br>| 99219 | 26188855 |
| Willis Lease Finance Corp.  | 1548 | 315343 |
| WillScot Holdings Corp.  | 107599 | 2325214 |
| Woodward, Inc.  | 35188 | 13609311 |
| Worthington Enterprises, Inc.  | 16967 | 950322 |
| WW Grainger, Inc.  | 25456 | 29140247 |
| Xometry, Inc., Class A \* | 24645 | 1010815 |
| Xylem, Inc.  | 141366 | 18315379 |
| Zurn Elkay Water Solutions Corp.  | 86526 | 4411095 |
|  |  | **3122318758** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Commercial & Professional Services 1.1%** | **Commercial & Professional Services 1.1%** | **Commercial & Professional Services 1.1%** |
| ABM Industries, Inc.  | 36256 | 1613392 |
| ACV Auctions, Inc., Class A \* | 99778 | 484921 |
| Alight, Inc., Class A  | 280911 | 247117 |
| Amentum Holdings, Inc. \* | 87180 | 2604067 |
| Automatic Data Processing, Inc.  | 235494 | 50480494 |
| Barrett Business Services, Inc.  | 13459 | 373756 |
| BlackSky Technology, Inc. \* | 24034 | 453041 |
| Booz Allen Hamilton Holding Corp., <br> Class A <br>| 70385 | 5548450 |
| Brady Corp., Class A  | 25271 | 2333524 |
| BrightView Holdings, Inc. \* | 40468 | 558054 |
| Brink's Co.  | 24380 | 2846853 |
| Broadridge Financial Solutions, Inc.  | 67967 | 12633026 |
| CACI International, Inc., Class A \* | 12692 | 7744278 |
| Casella Waste Systems, Inc., Class A \* | 36975 | 3444591 |
| CBIZ, Inc. \* | 28591 | 818846 |
| Cimpress PLC \* | 8762 | 640064 |
| Cintas Corp.  | 199087 | 40042368 |
| Clarivate PLC \* | 259489 | 596825 |
| Clean Harbors, Inc. \* | 29224 | 8568477 |
| Concentrix Corp.  | 26719 | 876383 |
| Conduent, Inc. \* | 86207 | 125862 |
| Copart, Inc. \* | 516831 | 19686093 |
| CoreCivic, Inc. \* | 63150 | 1116492 |
| CRA International, Inc.  | 3642 | 628828 |
| CSG Systems International, Inc.  | 15742 | 1257786 |
| Deluxe Corp.  | 26224 | 727716 |
| Ennis, Inc.  | 14809 | 312618 |
| Enviri Corp. \* | 49004 | 927646 |
| Equifax, Inc.  | 70998 | 14835742 |
| ExlService Holdings, Inc. \* | 93853 | 2932906 |
| Exponent, Inc.  | 29491 | 2146355 |
| First Advantage Corp. \* | 48639 | 559835 |
| Forrester Research, Inc. \* | 7000 | 41860 |
| Franklin Covey Co. \* | 6000 | 78120 |
| FTI Consulting, Inc. \* | 17472 | 2872746 |
| Genpact Ltd.  | 94277 | 3744682 |
| GEO Group, Inc. \* | 81388 | 1224075 |
| Healthcare Services Group, Inc. \* | 42410 | 923266 |
| HNI Corp.  | 40035 | 1799974 |
| Huron Consulting Group, Inc. \* | 9000 | 1272600 |
| ICF International, Inc.  | 10618 | 882674 |
| Innodata, Inc. \* | 18500 | 817145 |
| Insperity, Inc.  | 20574 | 456948 |
| Interface, Inc.  | 33929 | 1068424 |
| Jacobs Solutions, Inc.  | 69524 | 9584579 |
| KBR, Inc.  | 74309 | 3138069 |
| Kforce, Inc.  | 11106 | 300084 |
| Korn Ferry  | 30161 | 1890190 |
| Legalzoom.com, Inc. \* | 69728 | 490188 |
| Leidos Holdings, Inc.  | 74385 | 13024813 |
| Liquidity Services, Inc. \* | 12128 | 383366 |
| ManpowerGroup, Inc.  | 24000 | 671280 |
| Maximus, Inc.  | 32968 | 2492710 |
| MillerKnoll, Inc.  | 43188 | 869806 |
| Montrose Environmental Group, Inc. \* | 19062 | 556992 |
| MSA Safety, Inc.  | 21286 | 4159497 |
| OPENLANE, Inc. \* | 64651 | 1843200 |
| Parsons Corp. \* | 31328 | 2067648 |
| Paychex, Inc.  | 188424 | 17645908 |
| Paycom Software, Inc.  | 28128 | 3539346 |
| Paylocity Holding Corp. \* | 26116 | 2781093 |
| Pitney Bowes, Inc.  | 85935 | 922083 |
| Planet Labs PBC \* | 146177 | 3528713 |
| RB Global, Inc.  | 107557 | 10858955 |
| Republic Services, Inc.  | 116721 | 26729109 |

---

*See financial notes*

**6**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Resources Connection, Inc.  | 20000 | 75200 |
| Robert Half, Inc.  | 55078 | 1345005 |
| Rollins, Inc.  | 170217 | 10364513 |
| Science Applications International <br> Corp. <br>| 27276 | 2516484 |
| SS&C Technologies Holdings, Inc.  | 122374 | 9213538 |
| TaskUS, Inc., Class A \* | 10500 | 111510 |
| Tetra Tech, Inc.  | 154127 | 5523912 |
| TIC Solutions, Inc. \* | 99473 | 942009 |
| TransUnion  | 112898 | 8868138 |
| TriNet Group, Inc.  | 17414 | 663125 |
| TrueBlue, Inc. *\*(b)* | 18000 | 76140 |
| UL Solutions, Inc., Class A  | 43639 | 3664367 |
| UniFirst Corp.  | 8519 | 2000432 |
| Upwork, Inc. \* | 76945 | 1032602 |
| Veralto Corp.  | 144451 | 14073861 |
| Verisk Analytics, Inc.  | 80876 | 16787431 |
| Verra Mobility Corp. \* | 90852 | 1518137 |
| Vestis Corp. \* | 66754 | 525354 |
| Waste Management, Inc.  | 215817 | 51977366 |
| Willdan Group, Inc. \* | 7978 | 711159 |
|  |  | **442816832** |
| **Consumer Discretionary Distribution & Retail 5.1%** | **Consumer Discretionary Distribution & Retail 5.1%** | **Consumer Discretionary Distribution & Retail 5.1%** |
| 1-800-Flowers.com, Inc., Class A *\*(a)* | 16000 | 55680 |
| Abercrombie & Fitch Co., Class A \* | 27531 | 2692532 |
| Academy Sports & Outdoors, Inc.  | 39013 | 2345852 |
| Advance Auto Parts, Inc.  | 36234 | 1926562 |
| Amazon.com, Inc. \* | 5660990 | 1188807900 |
| American Eagle Outfitters, Inc.  | 93118 | 2287909 |
| Arhaus, Inc. \* | 30862 | 254611 |
| Arko Corp.  | 43506 | 279744 |
| Asbury Automotive Group, Inc. \* | 11380 | 2432816 |
| AutoNation, Inc. \* | 16280 | 3177205 |
| AutoZone, Inc. \* | 9690 | 36391570 |
| Bath & Body Works, Inc.  | 124296 | 2828977 |
| Bed Bath & Beyond, Inc. \* | 35216 | 187701 |
| Best Buy Co., Inc.  | 114128 | 7072512 |
| Boot Barn Holdings, Inc. \* | 17685 | 3346356 |
| Buckle, Inc.  | 16360 | 876078 |
| Build-A-Bear Workshop, Inc.  | 6963 | 338820 |
| Burlington Stores, Inc. \* | 36188 | 11105011 |
| Caleres, Inc.  | 20335 | 241783 |
| CarMax, Inc. \* | 88129 | 3804529 |
| Carvana Co. \* | 82050 | 27417828 |
| Chewy, Inc., Class A \* | 133298 | 3655031 |
| Coupang, Inc. \* | 783173 | 14942941 |
| Designer Brands, Inc., Class A  | 20000 | 142400 |
| Dick's Sporting Goods, Inc.  | 38547 | 7849326 |
| Dillard's, Inc., Class A  | 1736 | 1046443 |
| eBay, Inc.  | 263123 | 23907356 |
| Etsy, Inc. \* | 57270 | 3142978 |
| Five Below, Inc. \* | 32328 | 7226278 |
| Floor & Decor Holdings, Inc., Class A \* | 62119 | 4291802 |
| GameStop Corp., Class A \* | 242108 | 5817855 |
| Gap, Inc.  | 129441 | 3629526 |
| Genesco, Inc. \* | 6608 | 180002 |
| Genuine Parts Co.  | 80727 | 9627502 |
| GigaCloud Technology, Inc., Class A \* | 15615 | 692369 |
| Gold.com, Inc.  | 12773 | 734064 |
| Group 1 Automotive, Inc.  | 7462 | 2430672 |
| Groupon, Inc. \* | 14084 | 177740 |
| Haverty Furniture Cos., Inc.  | 8044 | 191528 |
| Home Depot, Inc.  | 578755 | 220343604 |
| Kohl's Corp.  | 64620 | 1057829 |
| Lands' End, Inc. *\*(a)* | 7423 | 119288 |
| Lithia Motors, Inc.  | 14259 | 3986531 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| LKQ Corp.  | 149604 | 4953388 |
| Lowe's Cos., Inc.  | 326328 | 86336599 |
| Macy's, Inc.  | 159145 | 3147888 |
| MarineMax, Inc. \* | 11506 | 350933 |
| Monro, Inc.  | 17179 | 369864 |
| Murphy USA, Inc.  | 10144 | 3963666 |
| National Vision Holdings, Inc. \* | 45528 | 1227890 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 35373 | 3788448 |
| O'Reilly Automotive, Inc. \* | 490589 | 46056495 |
| Outdoor Holding Co. \* | 51676 | 110070 |
| Pattern Group, Inc., Class A \* | 15993 | 168406 |
| Penske Automotive Group, Inc.  | 10715 | 1687827 |
| Petco Health & Wellness Co., Inc. \* | 50869 | 129716 |
| Pool Corp.  | 19017 | 4320282 |
| RealReal, Inc. \* | 57569 | 705796 |
| Revolve Group, Inc. \* | 23000 | 578680 |
| RH \* | 8969 | 1486253 |
| Ross Stores, Inc.  | 189565 | 38982147 |
| Sally Beauty Holdings, Inc. \* | 62036 | 996918 |
| Savers Value Village, Inc. \* | 22735 | 214391 |
| Shoe Carnival, Inc.  | 10461 | 211208 |
| Signet Jewelers Ltd.  | 23211 | 2232666 |
| Sleep Number Corp. \* | 24000 | 148080 |
| Sonic Automotive, Inc., Class A  | 8646 | 542277 |
| Stitch Fix, Inc., Class A \* | 65789 | 219077 |
| ThredUp, Inc., Class A \* | 55682 | 271728 |
| TJX Cos., Inc.  | 647294 | 104641548 |
| Tractor Supply Co.  | 307499 | 15940748 |
| Ulta Beauty, Inc. \* | 25960 | 17777148 |
| Upbound Group, Inc.  | 34820 | 746889 |
| Urban Outfitters, Inc. \* | 30536 | 2021483 |
| Valvoline, Inc. \* | 75254 | 2844601 |
| Victoria's Secret & Co. \* | 47948 | 3006340 |
| Warby Parker, Inc., Class A \* | 57664 | 1442177 |
| Wayfair, Inc., Class A \* | 63193 | 4823522 |
| Williams-Sonoma, Inc.  | 70566 | 14511898 |
| Winmark Corp.  | 1708 | 779258 |
| Zumiez, Inc. \* | 8189 | 214716 |
|  |  | **1985016062** |
| **Consumer Durables & Apparel 0.8%** | **Consumer Durables & Apparel 0.8%** | **Consumer Durables & Apparel 0.8%** |
| Acushnet Holdings Corp.  | 17363 | 1776756 |
| Beazer Homes USA, Inc. \* | 16658 | 426112 |
| Brunswick Corp.  | 38046 | 3029222 |
| Callaway Golf Co. \* | 81880 | 1151233 |
| Capri Holdings Ltd. \* | 70003 | 1435762 |
| Carter's, Inc.  | 21000 | 704550 |
| Cavco Industries, Inc. \* | 4668 | 2694650 |
| Century Communities, Inc.  | 15571 | 1046838 |
| Champion Homes, Inc. \* | 33279 | 3110921 |
| Columbia Sportswear Co.  | 16501 | 1022072 |
| Crocs, Inc. \* | 30482 | 2765022 |
| Deckers Outdoor Corp. \* | 84500 | 9909315 |
| DR Horton, Inc.  | 159405 | 25566968 |
| Dream Finders Homes, Inc., Class A \* | 15666 | 283085 |
| Ethan Allen Interiors, Inc.  | 13270 | 302291 |
| Figs, Inc., Class A \* | 91094 | 1407402 |
| Funko, Inc., Class A \* | 23000 | 115000 |
| Garmin Ltd.  | 94888 | 23990533 |
| G-III Apparel Group Ltd.  | 22408 | 685461 |
| GoPro, Inc., Class A \* | 74070 | 71685 |
| Green Brick Partners, Inc. \* | 17297 | 1274097 |
| Hasbro, Inc.  | 76736 | 7642138 |
| Helen of Troy Ltd. \* | 13500 | 238140 |
| Installed Building Products, Inc.  | 13268 | 4348720 |
| Johnson Outdoors, Inc., Class A  | 4785 | 232025 |
| KB Home  | 39863 | 2534490 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**7**

------

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Kontoor Brands, Inc.  | 30105 | 1963147 |
| Latham Group, Inc. \* | 25271 | 169568 |
| La-Z-Boy, Inc.  | 23787 | 849672 |
| Legacy Housing Corp. \* | 6676 | 146338 |
| Leggett & Platt, Inc.  | 77795 | 908646 |
| Lennar Corp., Class A  | 130116 | 14880066 |
| Levi Strauss & Co., Class A  | 58596 | 1298487 |
| LGI Homes, Inc. \* | 11830 | 613977 |
| Lululemon Athletica, Inc. \* | 62594 | 11590531 |
| M/I Homes, Inc. \* | 15173 | 2156994 |
| Malibu Boats, Inc., Class A \* | 11217 | 325966 |
| Mattel, Inc. \* | 178659 | 3028270 |
| Meritage Homes Corp.  | 41342 | 3118014 |
| Mohawk Industries, Inc. \* | 30393 | 3807331 |
| Movado Group, Inc.  | 8138 | 203043 |
| Newell Brands, Inc.  | 150390 | 684274 |
| NIKE, Inc., Class B  | 693088 | 43096212 |
| NVR, Inc. \* | 1636 | 12299104 |
| Oxford Industries, Inc. *(b)* | 9278 | 367316 |
| Peloton Interactive, Inc., Class A \* | 224476 | 902394 |
| Polaris, Inc.  | 30466 | 1850505 |
| PulteGroup, Inc.  | 113002 | 15503874 |
| PVH Corp.  | 27657 | 1897270 |
| Ralph Lauren Corp.  | 22282 | 8079453 |
| Smith & Wesson Brands, Inc.  | 25128 | 299023 |
| Somnigroup International, Inc.  | 122522 | 10966944 |
| Sonos, Inc. \* | 74666 | 1149856 |
| Steven Madden Ltd.  | 42025 | 1517102 |
| Sturm Ruger & Co., Inc.  | 9917 | 371292 |
| Tapestry, Inc.  | 119086 | 18514300 |
| Taylor Morrison Home Corp. \* | 57489 | 3787950 |
| Toll Brothers, Inc.  | 55747 | 8765658 |
| TopBuild Corp. \* | 16109 | 7221665 |
| Tri Pointe Homes, Inc. \* | 52970 | 2452511 |
| Under Armour, Inc., Class A \* | 177204 | 1314854 |
| VF Corp.  | 193061 | 3749245 |
| Whirlpool Corp. *(a)* | 36645 | 2507617 |
| Wolverine World Wide, Inc.  | 45625 | 806194 |
| YETI Holdings, Inc. \* | 46982 | 2053583 |
|  |  | **292982734** |
| **Consumer Services 2.0%** | **Consumer Services 2.0%** | **Consumer Services 2.0%** |
| Accel Entertainment, Inc. \* | 30821 | 350127 |
| ADT, Inc.  | 294060 | 2358361 |
| Airbnb, Inc., Class A \* | 246737 | 33336636 |
| Aramark  | 153160 | 6409746 |
| Biglari Holdings, Inc., Class B \* | 400 | 155112 |
| BJ's Restaurants, Inc. \* | 12955 | 492160 |
| Black Rock Coffee Bar, Inc., Class A \* | 10998 | 146713 |
| Bloomin' Brands, Inc.  | 44411 | 271795 |
| Booking Holdings, Inc.  | 18691 | 79237691 |
| Boyd Gaming Corp.  | 34521 | 2873183 |
| Bright Horizons Family Solutions, <br> Inc. \*<br>| 33316 | 2482708 |
| Brinker International, Inc. \* | 25622 | 3797180 |
| Caesars Entertainment, Inc. \* | 121423 | 3041646 |
| Carnival Corp.  | 631193 | 19914139 |
| Carriage Services, Inc.  | 7528 | 346815 |
| Cava Group, Inc. \* | 58448 | 4820207 |
| Cheesecake Factory, Inc. *(a)* | 26093 | 1690305 |
| Chipotle Mexican Grill, Inc. \* | 770871 | 28691819 |
| Choice Hotels International, Inc. *(a)* | 12500 | 1316875 |
| Churchill Downs, Inc.  | 38971 | 3582604 |
| Coursera, Inc. \* | 86684 | 555644 |
| Covista, Inc. \* | 20540 | 2012920 |
| Cracker Barrel Old Country Store, <br> Inc. *(a)*<br>| 14932 | 488575 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Darden Restaurants, Inc.  | 67732 | 14484488 |
| Dave & Buster's Entertainment, Inc. \* | 15802 | 232605 |
| Dine Brands Global, Inc.  | 12159 | 376443 |
| Domino's Pizza, Inc.  | 18090 | 7281406 |
| DoorDash, Inc., Class A \* | 217083 | 38308637 |
| DraftKings, Inc., Class A \* | 288432 | 6876219 |
| Driven Brands Holdings, Inc. \* | 34536 | 379896 |
| Duolingo, Inc. \* | 23151 | 2338251 |
| Dutch Bros, Inc., Class A \* | 73980 | 3966068 |
| El Pollo Loco Holdings, Inc. \* | 12037 | 133129 |
| European Wax Center, Inc., Class A \* | 20000 | 114400 |
| Expedia Group, Inc.  | 67849 | 14634351 |
| First Watch Restaurant Group, Inc. \* | 27448 | 342002 |
| Flutter Entertainment PLC \* | 102015 | 10827872 |
| Frontdoor, Inc. \* | 43072 | 2953447 |
| Global Business Travel Group I \* | 70770 | 387112 |
| Golden Entertainment, Inc.  | 12169 | 351684 |
| Graham Holdings Co., Class B  | 2012 | 2119058 |
| Grand Canyon Education, Inc. \* | 15752 | 2505671 |
| H&R Block, Inc.  | 73298 | 2244385 |
| Hilton Grand Vacations, Inc. \* | 37040 | 1665318 |
| Hilton Worldwide Holdings, Inc.  | 135350 | 42199423 |
| Hyatt Hotels Corp., Class A  | 24443 | 3947544 |
| Jack in the Box, Inc.  | 10900 | 184428 |
| KinderCare Learning Cos., Inc. \* | 30157 | 105549 |
| Krispy Kreme, Inc.  | 69830 | 261862 |
| Kura Sushi USA, Inc., Class A \* | 3998 | 281579 |
| Las Vegas Sands Corp.  | 177153 | 10048118 |
| Laureate Education, Inc. \* | 76512 | 2474398 |
| Liberty Live Holdings, Inc., Class C \* | 42238 | 4209017 |
| Life Time Group Holdings, Inc. \* | 89238 | 2409426 |
| Lincoln Educational Services Corp. \* | 17500 | 634200 |
| Lindblad Expeditions Holdings, Inc. \* | 21192 | 417694 |
| Lucky Strike Entertainment Corp., <br> Class A *(a)*<br>| 18097 | 151472 |
| Marriott International, Inc., Class A  | 129757 | 44341860 |
| Marriott Vacations Worldwide Corp.  | 16062 | 1044191 |
| Matthews International Corp., Class A  | 16840 | 445081 |
| McDonald's Corp.  | 414226 | 141275920 |
| McGraw Hill, Inc. \* | 14000 | 196000 |
| MGM Resorts International \* | 118839 | 4380405 |
| Monarch Casino & Resort, Inc.  | 7088 | 681157 |
| Navan, Inc., Class A \* | 24641 | 240003 |
| Norwegian Cruise Line Holdings Ltd. \* | 264505 | 6557079 |
| OneSpaWorld Holdings Ltd.  | 61343 | 1320715 |
| Papa John's International, Inc.  | 18897 | 592421 |
| Penn Entertainment, Inc. \* | 83937 | 1312775 |
| Perdoceo Education Corp.  | 37596 | 1253827 |
| Phoenix Education Partners, Inc.  | 2500 | 74000 |
| Planet Fitness, Inc., Class A \* | 48564 | 3989533 |
| Portillo's, Inc., Class A \* | 65432 | 349407 |
| Pursuit Attractions & Hospitality, Inc. \* | 11440 | 397654 |
| Red Rock Resorts, Inc., Class A  | 27834 | 1685349 |
| Royal Caribbean Cruises Ltd.  | 147798 | 45959266 |
| Rush Street Interactive, Inc. \* | 56895 | 1123676 |
| Sabre Corp. \* | 239631 | 282765 |
| Serve Robotics, Inc. *\*(a)* | 42216 | 421738 |
| Service Corp. International  | 80908 | 6810835 |
| Shake Shack, Inc., Class A \* | 22784 | 2187492 |
| SHARPLINK, Inc. \* | 119491 | 814929 |
| Six Flags Entertainment Corp. \* | 36078 | 614408 |
| Starbucks Corp.  | 662183 | 64907178 |
| Strategic Education, Inc.  | 13865 | 1140812 |
| Stride, Inc. \* | 24541 | 2070770 |
| Sweetgreen, Inc., Class A \* | 69553 | 386019 |
| Target Hospitality Corp. \* | 18754 | 146094 |
| Texas Roadhouse, Inc.  | 38204 | 6986365 |
| Travel & Leisure Co.  | 38010 | 2801337 |

---

*See financial notes*

**8**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| United Parks & Resorts, Inc. \* | 16507 | 574278 |
| Universal Technical Institute, Inc. \* | 30953 | 1120499 |
| Vail Resorts, Inc.  | 20730 | 2815341 |
| Venu Holding Corp. *\*(a)* | 18264 | 94060 |
| Wendy's Co. *(a)* | 97416 | 746207 |
| Wingstop, Inc.  | 16164 | 4194720 |
| Wyndham Hotels & Resorts, Inc.  | 44284 | 3622431 |
| Wynn Resorts Ltd.  | 49021 | 5303582 |
| Xponential Fitness, Inc., Class A \* | 25000 | 106500 |
| Yum! Brands, Inc.  | 161955 | 27234353 |
|  |  | **770823145** |
| **Consumer Staples Distribution & Retail 2.0%** | **Consumer Staples Distribution & Retail 2.0%** | **Consumer Staples Distribution & Retail 2.0%** |
| Albertsons Cos., Inc., Class A  | 229174 | 4102215 |
| Andersons, Inc.  | 18328 | 1196635 |
| BJ's Wholesale Club Holdings, Inc. \* | 76518 | 7559213 |
| Casey's General Stores, Inc.  | 21711 | 14884845 |
| Chefs' Warehouse, Inc. \* | 22357 | 1596066 |
| Costco Wholesale Corp.  | 257895 | 260677687 |
| Dollar General Corp.  | 127977 | 19995126 |
| Dollar Tree, Inc. \* | 110125 | 13928610 |
| Grocery Outlet Holding Corp. \* | 62353 | 616048 |
| Ingles Markets, Inc., Class A  | 7780 | 662078 |
| Kroger Co.  | 353651 | 24133144 |
| Maplebear, Inc. \* | 107749 | 4041665 |
| Natural Grocers by Vitamin Cottage, <br> Inc. <br>| 6292 | 170073 |
| Performance Food Group Co. \* | 90624 | 8795965 |
| PriceSmart, Inc.  | 15613 | 2414082 |
| Sprouts Farmers Market, Inc. \* | 56866 | 4200691 |
| Sysco Corp.  | 277554 | 25301823 |
| Target Corp.  | 264160 | 30058766 |
| U.S. Foods Holding Corp. \* | 129475 | 12508580 |
| United Natural Foods, Inc. \* | 38150 | 1457712 |
| Walmart, Inc.  | 2551766 | 326498460 |
| Weis Markets, Inc.  | 5703 | 386435 |
|  |  | **765185919** |
| **Energy 3.6%** | **Energy 3.6%** | **Energy 3.6%** |
| Antero Midstream Corp.  | 195562 | 4396234 |
| Antero Resources Corp. \* | 169096 | 6224424 |
| APA Corp.  | 208399 | 6329078 |
| Archrock, Inc.  | 101499 | 3585960 |
| Atlas Energy Solutions, Inc.  | 46559 | 448363 |
| Baker Hughes Co.  | 575268 | 37541990 |
| BKV Corp. \* | 14127 | 442599 |
| Bristow Group, Inc. \* | 12665 | 604120 |
| Cactus, Inc., Class A  | 40252 | 2173608 |
| California Resources Corp.  | 46887 | 2758831 |
| Calumet, Inc. \* | 39417 | 1062682 |
| Centrus Energy Corp., Class A \* | 10090 | 2044133 |
| Cheniere Energy, Inc.  | 124893 | 29441027 |
| Chevron Corp.  | 1101409 | 205699145 |
| Chord Energy Corp.  | 33733 | 3655645 |
| Clean Energy Fuels Corp. \* | 102320 | 231243 |
| CNX Resources Corp. \* | 78469 | 3278435 |
| Comstock Resources, Inc. \* | 46559 | 913022 |
| ConocoPhillips  | 719121 | 81591469 |
| Core Laboratories, Inc.  | 25730 | 452591 |
| Core Natural Resources, Inc.  | 29390 | 2412331 |
| Coterra Energy, Inc.  | 442225 | 13527663 |
| Crescent Energy Co., Class A  | 134539 | 1568725 |
| CVR Energy, Inc. \* | 17075 | 412532 |
| Delek U.S. Holdings, Inc.  | 34343 | 1308812 |
| Devon Energy Corp.  | 364071 | 15848011 |
| Diamondback Energy, Inc.  | 107984 | 18797855 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| DMC Global, Inc. \* | 10365 | 61050 |
| Dorian LPG Ltd.  | 21236 | 785520 |
| DT Midstream, Inc.  | 58639 | 8141439 |
| EOG Resources, Inc.  | 316309 | 39247621 |
| EQT Corp.  | 362237 | 22248597 |
| Excelerate Energy, Inc., Class A  | 13330 | 536533 |
| Expand Energy Corp.  | 137876 | 14879578 |
| Expro Group Holdings NV \* | 58106 | 1037773 |
| Exxon Mobil Corp.  | 2454060 | 374244150 |
| Flowco Holdings, Inc., Class A  | 12000 | 270720 |
| Granite Ridge Resources, Inc.  | 31068 | 157204 |
| Green Plains, Inc. \* | 37425 | 513845 |
| Gulfport Energy Corp. \* | 9057 | 1889834 |
| Halliburton Co.  | 488570 | 17588520 |
| Helix Energy Solutions Group, Inc. \* | 83431 | 766731 |
| Helmerich & Payne, Inc.  | 58124 | 2047127 |
| HF Sinclair Corp.  | 92343 | 4618073 |
| HighPeak Energy, Inc. *(a)* | 15000 | 78150 |
| Innovex International, Inc. \* | 21521 | 567078 |
| International Seaways, Inc.  | 24572 | 1855923 |
| Kinder Morgan, Inc.  | 1141491 | 37977406 |
| Kinetik Holdings, Inc. *(a)* | 26309 | 1196796 |
| Kodiak Gas Services, Inc.  | 48780 | 2661925 |
| Kosmos Energy Ltd. \* | 277476 | 646519 |
| Liberty Energy, Inc.  | 96103 | 2699533 |
| Magnolia Oil & Gas Corp., Class A  | 108784 | 3026371 |
| Marathon Petroleum Corp.  | 174368 | 34561481 |
| Matador Resources Co.  | 68537 | 3522802 |
| Murphy Oil Corp.  | 80162 | 2657370 |
| Nabors Industries Ltd. \* | 9065 | 708158 |
| NextDecade Corp. \* | 82294 | 443565 |
| Noble Corp. PLC  | 72036 | 3272595 |
| Northern Oil & Gas, Inc.  | 58532 | 1614898 |
| NOV, Inc.  | 213374 | 4322957 |
| Occidental Petroleum Corp.  | 416634 | 22114933 |
| Oceaneering International, Inc. \* | 60073 | 2132591 |
| ONEOK, Inc.  | 365014 | 30212209 |
| Ovintiv, Inc.  | 163195 | 8256035 |
| Par Pacific Holdings, Inc. \* | 28838 | 1230517 |
| Patterson-UTI Energy, Inc.  | 203265 | 1729785 |
| PBF Energy, Inc., Class A  | 48524 | 1727454 |
| Peabody Energy Corp.  | 73347 | 2313364 |
| Permian Resources Corp.  | 405182 | 7410779 |
| Phillips 66  | 234951 | 36259988 |
| ProPetro Holding Corp. \* | 48212 | 584812 |
| Range Resources Corp.  | 137625 | 5681160 |
| REX American Resources Corp. \* | 16264 | 578348 |
| Riley Exploration Permian, Inc.  | 6262 | 180596 |
| RPC, Inc.  | 48937 | 284324 |
| Sable Offshore Corp. *\*(a)* | 72124 | 595023 |
| SandRidge Energy, Inc.  | 17244 | 302287 |
| Seadrill Ltd. \* | 36440 | 1598987 |
| Select Water Solutions, Inc.  | 57905 | 791561 |
| SLB Ltd.  | 867142 | 44519070 |
| SM Energy Co.  | 131723 | 3046753 |
| Solaris Energy Infrastructure, Inc.  | 26460 | 1313210 |
| Talos Energy, Inc. \* | 73858 | 904760 |
| Targa Resources Corp.  | 124616 | 29384453 |
| TechnipFMC PLC  | 234310 | 15537096 |
| TETRA Technologies, Inc. \* | 77871 | 674363 |
| Texas Pacific Land Corp.  | 33987 | 17819044 |
| Tidewater, Inc. \* | 26556 | 2109078 |
| Transocean Ltd. \* | 587965 | 3810013 |
| Uranium Energy Corp. \* | 281348 | 4313065 |
| VAALCO Energy, Inc.  | 60307 | 310581 |
| Valaris Ltd. \* | 37144 | 3560252 |
| Valero Energy Corp.  | 177860 | 36397270 |
| Venture Global, Inc., Class A *(a)* | 295254 | 2861011 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**9**

------

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Viper Energy, Inc., Class A  | 96215 | 4477846 |
| Vitesse Energy, Inc. *(a)* | 17811 | 343930 |
| Weatherford International PLC  | 42433 | 4474984 |
| Williams Cos., Inc.  | 711556 | 53167464 |
| World Kinect Corp.  | 33708 | 841015 |
|  |  | **1391448381** |
| **Equity Real Estate Investment Trusts (REITs) 2.2%** | **Equity Real Estate Investment Trusts (REITs) 2.2%** | **Equity Real Estate Investment Trusts (REITs) 2.2%** |
| Acadia Realty Trust  | 78662 | 1645609 |
| Agree Realty Corp.  | 68048 | 5476503 |
| Alexander & Baldwin, Inc.  | 40908 | 850477 |
| Alexander's, Inc.  | 1052 | 246820 |
| Alexandria Real Estate Equities, Inc.  | 90538 | 4892674 |
| American Assets Trust, Inc.  | 27413 | 535102 |
| American Healthcare REIT, Inc.  | 102922 | 5376645 |
| American Homes 4 Rent, Class A  | 189254 | 5677620 |
| American Tower Corp.  | 272453 | 52272833 |
| Americold Realty Trust, Inc.  | 165041 | 2209899 |
| Apple Hospitality REIT, Inc.  | 129688 | 1589975 |
| Armada Hoffler Properties, Inc.  | 51892 | 324325 |
| AvalonBay Communities, Inc.  | 82506 | 14622538 |
| Brandywine Realty Trust  | 100320 | 320021 |
| Brixmor Property Group, Inc.  | 178826 | 5413063 |
| Broadstone Net Lease, Inc.  | 108493 | 2103679 |
| BXP, Inc.  | 86016 | 4952801 |
| Camden Property Trust  | 61843 | 6700071 |
| CareTrust REIT, Inc.  | 129550 | 5262321 |
| CBL & Associates Properties, Inc.  | 11811 | 446220 |
| Centerspace  | 9439 | 593713 |
| Chatham Lodging Trust  | 30216 | 232965 |
| Community Healthcare Trust, Inc.  | 16000 | 273440 |
| COPT Defense Properties  | 64672 | 2055276 |
| Cousins Properties, Inc.  | 96986 | 2246196 |
| Crown Castle, Inc.  | 253810 | 22726147 |
| CubeSmart  | 134691 | 5541188 |
| Curbline Properties Corp.  | 54704 | 1521318 |
| DiamondRock Hospitality Co.  | 119119 | 1195955 |
| Digital Realty Trust, Inc.  | 188500 | 33402200 |
| Diversified Healthcare Trust  | 130580 | 882721 |
| Douglas Emmett, Inc.  | 50078 | 495271 |
| Easterly Government Properties, Inc.  | 25602 | 596015 |
| EastGroup Properties, Inc.  | 30957 | 6077169 |
| Empire State Realty Trust, Inc., <br> Class A <br>| 80730 | 474692 |
| EPR Properties  | 44212 | 2626635 |
| Equinix, Inc.  | 57046 | 55577636 |
| Equity LifeStyle Properties, Inc.  | 112634 | 7564499 |
| Equity Residential  | 201358 | 12727839 |
| Essential Properties Realty Trust, Inc.  | 114891 | 3899401 |
| Essex Property Trust, Inc.  | 37349 | 9528103 |
| Extra Space Storage, Inc.  | 123081 | 18588923 |
| Federal Realty Investment Trust  | 45593 | 4959151 |
| First Industrial Realty Trust, Inc.  | 76640 | 4839050 |
| Four Corners Property Trust, Inc.  | 64317 | 1641370 |
| Gaming & Leisure Properties, Inc.  | 163759 | 8009453 |
| Getty Realty Corp.  | 30572 | 1003373 |
| Gladstone Commercial Corp.  | 28551 | 356602 |
| Global Net Lease, Inc.  | 113128 | 1065666 |
| Healthcare Realty Trust, Inc.  | 207247 | 3823707 |
| Healthpeak Properties, Inc.  | 402718 | 7120054 |
| Highwoods Properties, Inc.  | 64566 | 1452089 |
| Host Hotels & Resorts, Inc.  | 372820 | 7303544 |
| Hudson Pacific Properties, Inc. \* | 31738 | 229783 |
| Independence Realty Trust, Inc.  | 138989 | 2303048 |
| Industrial Logistics Properties Trust  | 34633 | 202949 |
| Innovative Industrial Properties, Inc.  | 15583 | 825276 |
| InvenTrust Properties Corp.  | 45286 | 1412923 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Invitation Homes, Inc.  | 328023 | 8640126 |
| Iron Mountain, Inc.  | 173223 | 18765248 |
| JBG SMITH Properties  | 36425 | 554024 |
| Kilroy Realty Corp.  | 63472 | 1892735 |
| Kimco Realty Corp.  | 397772 | 9367531 |
| Kite Realty Group Trust  | 127885 | 3331404 |
| Lamar Advertising Co., Class A  | 50454 | 6949534 |
| Lineage, Inc.  | 34414 | 1394455 |
| LTC Properties, Inc.  | 27419 | 1087986 |
| LXP Industrial Trust  | 33887 | 1679440 |
| Macerich Co.  | 149625 | 3062824 |
| Medical Properties Trust, Inc. *(a)* | 287243 | 1654520 |
| Mid-America Apartment <br> Communities, Inc. <br>| 67922 | 9092039 |
| Millrose Properties, Inc.  | 90267 | 2830773 |
| National Health Investors, Inc.  | 27681 | 2327142 |
| National Storage Affiliates Trust  | 40340 | 1412707 |
| NETSTREIT Corp.  | 50587 | 1050692 |
| NexPoint Diversified Real Estate Trust  | 25589 | 113871 |
| NexPoint Residential Trust, Inc.  | 12730 | 358859 |
| NNN REIT, Inc.  | 109864 | 4979036 |
| Omega Healthcare Investors, Inc.  | 170531 | 8231531 |
| One Liberty Properties, Inc.  | 10345 | 243004 |
| Orion Properties, Inc.  | 24025 | 59822 |
| Outfront Media, Inc.  | 84193 | 2425600 |
| Park Hotels & Resorts, Inc.  | 116325 | 1315636 |
| Peakstone Realty Trust  | 21148 | 441147 |
| Pebblebrook Hotel Trust  | 67754 | 869284 |
| Phillips Edison & Co., Inc.  | 71781 | 2819558 |
| Piedmont Realty Trust, Inc., Class A \* | 25000 | 189750 |
| Prologis, Inc.  | 540653 | 77080898 |
| Public Storage  | 92247 | 28325364 |
| Rayonier, Inc.  | 163759 | 3519181 |
| Realty Income Corp.  | 535616 | 35886272 |
| Regency Centers Corp.  | 95239 | 7523881 |
| Rexford Industrial Realty, Inc.  | 137916 | 5167712 |
| RLJ Lodging Trust  | 86524 | 693922 |
| Ryman Hospitality Properties, Inc.  | 36587 | 3612966 |
| Sabra Health Care REIT, Inc.  | 147205 | 3025063 |
| Safehold, Inc.  | 27389 | 442058 |
| Saul Centers, Inc.  | 7449 | 253862 |
| SBA Communications Corp.  | 62205 | 12513158 |
| Service Properties Trust *(b)* | 90470 | 208081 |
| Sila Realty Trust, Inc.  | 31864 | 819861 |
| Simon Property Group, Inc.  | 190696 | 38873380 |
| SL Green Realty Corp.  | 41177 | 1517372 |
| Smartstop Self Storage REIT, Inc.  | 33515 | 1117725 |
| STAG Industrial, Inc.  | 108297 | 4247408 |
| Summit Hotel Properties, Inc.  | 62271 | 280842 |
| Sun Communities, Inc.  | 67482 | 9208594 |
| Sunstone Hotel Investors, Inc.  | 119893 | 1112607 |
| Tanger, Inc.  | 69503 | 2575781 |
| Terreno Realty Corp.  | 60286 | 3982493 |
| UDR, Inc.  | 173886 | 6520725 |
| UMH Properties, Inc.  | 45695 | 689081 |
| Universal Health Realty Income Trust  | 8110 | 353758 |
| Urban Edge Properties  | 73577 | 1563511 |
| Ventas, Inc.  | 274670 | 23665567 |
| Veris Residential, Inc.  | 45522 | 858090 |
| VICI Properties, Inc.  | 624246 | 18858472 |
| Vornado Realty Trust  | 93950 | 2591141 |
| Welltower, Inc.  | 399113 | 82664285 |
| Weyerhaeuser Co.  | 418694 | 10270564 |
| Whitestone REIT  | 26363 | 400454 |
| WP Carey, Inc.  | 127400 | 9510410 |
| Xenia Hotels & Resorts, Inc.  | 58988 | 901337 |
|  |  | **854270690** |

---

*See financial notes*

**10**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Financial Services 7.2%** | **Financial Services 7.2%** | **Financial Services 7.2%** |
| Acadian Asset Management, Inc.  | 14901 | 802568 |
| Adamas Trust, Inc.  | 48713 | 401395 |
| Affiliated Managers Group, Inc.  | 16447 | 5035742 |
| Affirm Holdings, Inc., Class A \* | 167652 | 7876291 |
| AGNC Investment Corp.  | 623435 | 6988706 |
| Alerus Financial Corp.  | 14118 | 336573 |
| Ally Financial, Inc.  | 163928 | 6465320 |
| ALT5 Sigma Corp. \* | 60156 | 83617 |
| AlTi Global, Inc. \* | 26000 | 115180 |
| American Express Co.  | 312517 | 96536501 |
| Ameriprise Financial, Inc.  | 53976 | 25375197 |
| Annaly Capital Management, Inc.  | 398140 | 9252774 |
| Apollo Commercial Real Estate <br> Finance, Inc. <br>| 73477 | 778856 |
| Apollo Global Management, Inc.  | 269586 | 28198696 |
| Arbor Realty Trust, Inc. *(a)* | 114940 | 911474 |
| ARES Management Corp., Class A  | 120137 | 13456545 |
| ARMOUR Residential REIT, Inc. *(a)* | 66950 | 1201753 |
| Artisan Partners Asset Management, <br> Inc., Class A <br>| 41121 | 1656354 |
| Atlanticus Holdings Corp. \* | 3269 | 171001 |
| Bank of New York Mellon Corp.  | 405513 | 48296598 |
| Berkshire Hathaway, Inc., Class B \* | 1067090 | 538827096 |
| BGC Group, Inc., Class A  | 215082 | 2047581 |
| Blackrock, Inc.  | 84060 | 89375114 |
| Blackstone Mortgage Trust, Inc., <br> Class A <br>| 93474 | 1795636 |
| Blackstone, Inc.  | 429821 | 48728807 |
| Block, Inc. \* | 318733 | 20303292 |
| Blue Owl Capital, Inc. *(a)* | 367013 | 3871987 |
| Bread Financial Holdings, Inc.  | 26748 | 1895363 |
| BrightSpire Capital, Inc.  | 86429 | 502153 |
| Cannae Holdings, Inc.  | 29960 | 365512 |
| Cantaloupe, Inc. \* | 40490 | 422716 |
| Capital One Financial Corp.  | 369887 | 72364693 |
| Carlyle Group, Inc.  | 151457 | 7874249 |
| Cass Information Systems, Inc.  | 6983 | 309906 |
| Cboe Global Markets, Inc.  | 61093 | 18310794 |
| Charles Schwab Corp. *(c)* | 965264 | 91893133 |
| Chime Financial, Inc., Class A \* | 21000 | 464730 |
| Chimera Investment Corp.  | 47024 | 639997 |
| Claros Mortgage Trust, Inc. \* | 65880 | 157453 |
| CME Group, Inc.  | 209723 | 67006499 |
| Cohen & Steers, Inc.  | 15914 | 1064169 |
| Coinbase Global, Inc., Class A \* | 132734 | 23341274 |
| Corebridge Financial, Inc.  | 155203 | 4010446 |
| Corpay, Inc. \* | 40822 | 13271232 |
| Credit Acceptance Corp. \* | 3547 | 1678369 |
| Dave, Inc. \* | 6336 | 1224559 |
| Diamond Hill Investment Group, Inc.  | 1690 | 290460 |
| DigitalBridge Group, Inc.  | 96372 | 1488947 |
| Donnelley Financial Solutions, Inc. \* | 16204 | 806311 |
| Dynex Capital, Inc.  | 85142 | 1194542 |
| Ellington Financial, Inc.  | 58661 | 728570 |
| Enact Holdings, Inc.  | 15826 | 662160 |
| Encore Capital Group, Inc. \* | 12966 | 885448 |
| Enova International, Inc. \* | 14616 | 2032355 |
| Equitable Holdings, Inc.  | 166316 | 6689230 |
| Essent Group Ltd.  | 56561 | 3441171 |
| Euronet Worldwide, Inc. \* | 22302 | 1551104 |
| Evercore, Inc., Class A  | 22360 | 6905662 |
| EVERTEC, Inc.  | 36846 | 1043110 |
| EZCORP, Inc., Class A \* | 37906 | 1005646 |
| FactSet Research Systems, Inc.  | 21877 | 4743152 |
| Federal Agricultural Mortgage Corp., <br> Class C <br>| 5714 | 900869 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Federated Hermes, Inc.  | 44002 | 2464552 |
| Fidelity National Information Services, <br> Inc. <br>| 300859 | 15331775 |
| Figure Technology Solutions, Inc., <br> Class A *\*(a)*<br>| 19244 | 486488 |
| FirstCash Holdings, Inc.  | 22813 | 4398118 |
| Fiserv, Inc. \* | 312095 | 19440398 |
| Flywire Corp. \* | 62190 | 765559 |
| Franklin BSP Realty Trust, Inc.  | 46487 | 424426 |
| Franklin Resources, Inc.  | 177799 | 4718785 |
| Galaxy Digital, Inc., Class A \* | 113377 | 2334432 |
| GCM Grosvenor, Inc., Class A  | 31997 | 370525 |
| Gemini Space Station, Inc., <br> Class A *\*(a)*<br>| 10000 | 60300 |
| Global Payments, Inc.  | 137160 | 10487254 |
| Goldman Sachs Group, Inc.  | 174546 | 150034505 |
| Granite Point Mortgage Trust, Inc.  | 31022 | 53978 |
| Green Dot Corp., Class A \* | 32602 | 376879 |
| HA Sustainable Infrastructure Capital, <br> Inc. <br>| 72503 | 2647810 |
| Hamilton Lane, Inc., Class A  | 23579 | 2474380 |
| Houlihan Lokey, Inc.  | 31601 | 5175296 |
| Innventure, Inc. *\*(a)* | 18548 | 52676 |
| Interactive Brokers Group, Inc., <br> Class A <br>| 261139 | 18590485 |
| Intercontinental Exchange, Inc.  | 331634 | 54431088 |
| International Money Express, Inc. \* | 17362 | 273972 |
| Invesco Ltd.  | 257771 | 6769066 |
| Invesco Mortgage Capital, Inc.  | 47217 | 398039 |
| Jack Henry & Associates, Inc.  | 42244 | 6862960 |
| Jackson Financial, Inc., Class A  | 39387 | 4312089 |
| Janus Henderson Group PLC  | 72157 | 3759380 |
| Jefferies Financial Group, Inc.  | 96390 | 4279716 |
| Jefferson Capital, Inc.  | 7000 | 144410 |
| KKR & Co., Inc.  | 399463 | 35024916 |
| KKR Real Estate Finance Trust, Inc.  | 28000 | 194600 |
| Ladder Capital Corp.  | 62093 | 643904 |
| Lazard, Inc., Class A  | 65898 | 3334439 |
| LendingClub Corp. \* | 65054 | 969955 |
| LendingTree, Inc. \* | 6491 | 242569 |
| LPL Financial Holdings, Inc.  | 46433 | 13947545 |
| MarketAxess Holdings, Inc.  | 21622 | 4151424 |
| Marqeta, Inc., Class A \* | 238510 | 915878 |
| Mastercard, Inc., Class A  | 477341 | 246885539 |
| Merchants Bancorp  | 17882 | 756051 |
| MFA Financial, Inc.  | 60281 | 609441 |
| MGIC Investment Corp.  | 131078 | 3477499 |
| Miami International Holdings, Inc. \* | 12703 | 541148 |
| Moelis & Co., Class A  | 43910 | 2606498 |
| Moody's Corp.  | 89372 | 42683173 |
| Morgan Stanley  | 703315 | 117108981 |
| Morningstar, Inc.  | 13784 | 2524402 |
| MSCI, Inc.  | 43910 | 25109055 |
| Nasdaq, Inc.  | 261719 | 22921350 |
| Navient Corp.  | 39806 | 349895 |
| NCR Atleos Corp. \* | 43585 | 1929944 |
| Nelnet, Inc., Class A  | 8378 | 1084616 |
| NerdWallet, Inc., Class A \* | 22075 | 239514 |
| NewtekOne, Inc.  | 14258 | 175088 |
| NMI Holdings, Inc., Class A \* | 44079 | 1732746 |
| Northern Trust Corp.  | 110072 | 15750202 |
| OneMain Holdings, Inc.  | 69335 | 3814812 |
| Oppenheimer Holdings, Inc., Class A  | 4000 | 345160 |
| Orchid Island Capital, Inc.  | 97898 | 728361 |
| Paymentus Holdings, Inc., Class A \* | 29330 | 717705 |
| Payoneer Global, Inc. \* | 177735 | 767815 |
| PayPal Holdings, Inc.  | 543729 | 25125717 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**11**

------

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| PennyMac Financial Services, Inc.  | 16537 | 1520246 |
| PennyMac Mortgage Investment Trust  | 50369 | 617524 |
| Perella Weinberg Partners, Class A  | 40010 | 740585 |
| Piper Sandler Cos.  | 9770 | 2887524 |
| PJT Partners, Inc., Class A  | 14407 | 2127626 |
| PRA Group, Inc. \* | 20961 | 330136 |
| Priority Technology Holdings, Inc. \* | 16000 | 88800 |
| PROG Holdings, Inc.  | 23745 | 836061 |
| Radian Group, Inc.  | 78777 | 2719382 |
| Raymond James Financial, Inc.  | 102274 | 15656104 |
| Ready Capital Corp.  | 107320 | 198542 |
| Redwood Trust, Inc.  | 68415 | 413911 |
| Remitly Global, Inc. \* | 99706 | 1665090 |
| Repay Holdings Corp. \* | 35078 | 97517 |
| Ridgepost Capital, Inc., Class A  | 36216 | 292263 |
| Rithm Capital Corp.  | 318418 | 3200101 |
| Robinhood Markets, Inc., Class A \* | 457855 | 34728302 |
| Rocket Cos., Inc., Class A  | 562349 | 10229128 |
| S&P Global, Inc.  | 180315 | 79677592 |
| SEI Investments Co.  | 54354 | 4420067 |
| Sezzle, Inc. \* | 9980 | 728041 |
| Shift4 Payments, Inc., Class A *\*(a)* | 39540 | 1742528 |
| SLM Corp.  | 117121 | 2194848 |
| SoFi Technologies, Inc. \* | 732118 | 13002416 |
| Starwood Property Trust, Inc.  | 203235 | 3619615 |
| State Street Corp.  | 162255 | 20869238 |
| StepStone Group, Inc., Class A  | 42121 | 1817100 |
| Stifel Financial Corp.  | 88976 | 6588636 |
| StoneX Group, Inc. \* | 26738 | 3409095 |
| Synchrony Financial  | 208929 | 14439083 |
| T. Rowe Price Group, Inc.  | 126545 | 11974953 |
| Toast, Inc., Class A \* | 272392 | 7439026 |
| TPG RE Finance Trust, Inc.  | 45415 | 384211 |
| TPG, Inc.  | 75420 | 3274736 |
| Tradeweb Markets, Inc., Class A  | 67391 | 8306278 |
| Two Harbors Investment Corp.  | 58624 | 605586 |
| Upstart Holdings, Inc. \* | 48274 | 1314501 |
| UWM Holdings Corp.  | 139471 | 615067 |
| Velocity Financial, Inc. \* | 7693 | 143013 |
| Victory Capital Holdings, Inc., Class A  | 28155 | 1947763 |
| Virtu Financial, Inc., Class A  | 47092 | 1950080 |
| Virtus Investment Partners, Inc.  | 3623 | 501278 |
| Visa, Inc., Class A  | 982096 | 314408213 |
| Voya Financial, Inc.  | 55639 | 3721136 |
| Walker & Dunlop, Inc.  | 19865 | 913989 |
| Waterstone Financial, Inc.  | 11312 | 201467 |
| Western Union Co.  | 183478 | 1766893 |
| WEX, Inc. \* | 19751 | 2946652 |
| WisdomTree, Inc.  | 67242 | 1150511 |
| World Acceptance Corp. \* | 1661 | 224036 |
|  |  | **2794032411** |
| **Food, Beverage & Tobacco 2.2%** | **Food, Beverage & Tobacco 2.2%** | **Food, Beverage & Tobacco 2.2%** |
| Altria Group, Inc.  | 977791 | 67506691 |
| Archer-Daniels-Midland Co.  | 279781 | 19316080 |
| B&G Foods, Inc.  | 50519 | 268256 |
| Beyond Meat, Inc. *\*(a)* | 266413 | 251920 |
| Boston Beer Co., Inc., Class A \* | 4521 | 1025272 |
| BRC, Inc., Class A \* | 26000 | 16367 |
| Brown-Forman Corp., Class B  | 135769 | 3918293 |
| Bunge Global SA  | 78500 | 9471025 |
| Cal-Maine Foods, Inc.  | 26767 | 2331673 |
| Campbell's Co.  | 113522 | 3059418 |
| Celsius Holdings, Inc. \* | 95226 | 5105066 |
| Coca-Cola Co.  | 2252879 | 183744811 |
| Coca-Cola Consolidated, Inc.  | 32811 | 6640946 |
| Conagra Brands, Inc.  | 277598 | 5343762 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Constellation Brands, Inc., Class A  | 81694 | 12896215 |
| Darling Ingredients, Inc. \* | 92170 | 4899757 |
| Flowers Foods, Inc.  | 122736 | 1212632 |
| Fresh Del Monte Produce, Inc.  | 22536 | 967471 |
| Freshpet, Inc. \* | 27727 | 2341545 |
| General Mills, Inc.  | 309497 | 13998549 |
| Hershey Co.  | 86278 | 20385766 |
| Hormel Foods Corp.  | 169408 | 4336845 |
| Ingredion, Inc.  | 37423 | 4395706 |
| J&J Snack Foods Corp.  | 8993 | 782931 |
| J.M. Smucker Co.  | 62212 | 7213481 |
| John B Sanfilippo & Son, Inc.  | 4938 | 407928 |
| Keurig Dr. Pepper, Inc.  | 790679 | 23941760 |
| Kraft Heinz Co.  | 494586 | 12171761 |
| Lamb Weston Holdings, Inc.  | 80347 | 3871922 |
| Marzetti Co.  | 11880 | 1952359 |
| McCormick & Co., Inc. - Non Voting <br> Shares <br>| 146712 | 10422421 |
| MGP Ingredients, Inc.  | 8132 | 154508 |
| Mission Produce, Inc. \* | 22726 | 322482 |
| Molson Coors Beverage Co., Class B  | 100090 | 4903409 |
| Mondelez International, Inc., Class A  | 748831 | 46113013 |
| Monster Beverage Corp. \* | 415639 | 35454007 |
| National Beverage Corp. \* | 13228 | 480838 |
| PepsiCo, Inc.  | 794999 | 134943130 |
| Philip Morris International, Inc.  | 905842 | 169238461 |
| Pilgrim's Pride Corp.  | 25161 | 1085949 |
| Post Holdings, Inc. \* | 28258 | 3003825 |
| Primo Brands Corp.  | 147972 | 3356005 |
| Seaboard Corp.  | 146 | 749374 |
| Seneca Foods Corp., Class A \* | 3050 | 423889 |
| Simply Good Foods Co. \* | 51852 | 884595 |
| SunOpta, Inc. \* | 53743 | 348255 |
| Tootsie Roll Industries, Inc.  | 11148 | 470780 |
| Turning Point Brands, Inc.  | 10477 | 1435244 |
| Tyson Foods, Inc., Class A  | 166079 | 10793474 |
| Universal Corp.  | 13896 | 746632 |
| Utz Brands, Inc.  | 50502 | 469164 |
| Vita Coco Co., Inc. \* | 25281 | 1467815 |
| Vital Farms, Inc. \* | 21907 | 462019 |
| Westrock Coffee Co. *\*(a)* | 22000 | 97240 |
|  |  | **851602737** |
| **Health Care Equipment & Services 3.6%** | **Health Care Equipment & Services 3.6%** | **Health Care Equipment & Services 3.6%** |
| Abbott Laboratories  | 1011196 | 117652655 |
| Acadia Healthcare Co., Inc. \* | 53687 | 1258423 |
| Accendra Health, Inc. *\*(b)* | 60314 | 145960 |
| AdaptHealth Corp. \* | 62239 | 569487 |
| Addus HomeCare Corp. \* | 11424 | 1182727 |
| agilon health, Inc. \* | 275413 | 162301 |
| AirSculpt Technologies, Inc. *\*(a)* | 8500 | 13430 |
| Align Technology, Inc. \* | 39579 | 7523968 |
| Alignment Healthcare, Inc. \* | 83995 | 1614384 |
| Alphatec Holdings, Inc. \* | 62922 | 856998 |
| AMN Healthcare Services, Inc. \* | 22000 | 428560 |
| AngioDynamics, Inc. \* | 23038 | 263555 |
| Ardent Health, Inc. \* | 15000 | 140850 |
| Artivion, Inc. \* | 25635 | 986948 |
| AtriCure, Inc. \* | 29237 | 913949 |
| Avanos Medical, Inc. \* | 26000 | 366600 |
| Aveanna Healthcare Holdings, Inc. \* | 34835 | 256386 |
| Axogen, Inc. \* | 25831 | 819618 |
| Baxter International, Inc.  | 296970 | 6049279 |
| Becton Dickinson & Co.  | 166365 | 29360095 |
| Beta Bionics, Inc. \* | 23230 | 293395 |
| Billiontoone, Inc., Class A *\*(a)* | 2500 | 190825 |
| Bioventus, Inc., Class A \* | 20431 | 179384 |

---

*See financial notes*

**12**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Boston Scientific Corp. \* | 862410 | 66276208 |
| BrightSpring Health Services, Inc. \* | 69183 | 2866252 |
| Brookdale Senior Living, Inc. \* | 131875 | 2017687 |
| Butterfly Network, Inc. \* | 167946 | 636515 |
| Cardinal Health, Inc.  | 138423 | 31730704 |
| Castle Biosciences, Inc. \* | 18371 | 543230 |
| Cencora, Inc.  | 112836 | 41990789 |
| Centene Corp. \* | 272044 | 12209335 |
| Ceribell, Inc. \* | 12055 | 225067 |
| Certara, Inc. \* | 73832 | 522731 |
| Cerus Corp. \* | 149996 | 383990 |
| Chemed Corp.  | 8514 | 3490825 |
| Cigna Group  | 155249 | 44994265 |
| Claritev Corp. \* | 5000 | 67350 |
| Clover Health Investments Corp. \* | 237257 | 495867 |
| Community Health Systems, Inc. \* | 69358 | 239979 |
| Concentra Group Holdings Parent, <br> Inc. <br>| 71497 | 1713068 |
| CONMED Corp.  | 17906 | 823676 |
| Cooper Cos., Inc. \* | 115364 | 9652506 |
| CorVel Corp. \* | 18666 | 962792 |
| CVS Health Corp.  | 737701 | 58942310 |
| DaVita, Inc. \* | 20321 | 3176172 |
| Definitive Healthcare Corp. \* | 56733 | 72618 |
| Dentsply Sirona, Inc.  | 116124 | 1704700 |
| Dexcom, Inc. \* | 228249 | 16760324 |
| DocGo, Inc. \* | 50440 | 36216 |
| Doximity, Inc., Class A \* | 79789 | 1957224 |
| Edwards Lifesciences Corp. \* | 337170 | 29155090 |
| Elevance Health, Inc.  | 129381 | 41401920 |
| Encompass Health Corp.  | 57938 | 6250351 |
| Enovis Corp. \* | 33143 | 844152 |
| Ensign Group, Inc.  | 33238 | 7118582 |
| Envista Holdings Corp. \* | 100649 | 2939957 |
| Fulgent Genetics, Inc. \* | 15924 | 244115 |
| GE HealthCare Technologies, Inc.  | 264502 | 22289584 |
| GeneDx Holdings Corp. \* | 12226 | 974534 |
| Glaukos Corp. \* | 33695 | 4056878 |
| Globus Medical, Inc., Class A \* | 65149 | 6219124 |
| GoodRx Holdings, Inc., Class A \* | 51157 | 95664 |
| Guardant Health, Inc. \* | 75142 | 7055834 |
| Haemonetics Corp. \* | 26981 | 1708437 |
| HCA Healthcare, Inc.  | 92802 | 49157219 |
| HealthEquity, Inc. \* | 50698 | 3877890 |
| HealthStream, Inc.  | 12523 | 265863 |
| HeartFlow, Inc. \* | 10000 | 231600 |
| Henry Schein, Inc. \* | 57913 | 4771452 |
| Hims & Hers Health, Inc. \* | 120287 | 1746567 |
| Hinge Health, Inc., Class A \* | 9000 | 384840 |
| Hologic, Inc. \* | 128874 | 9711945 |
| Humana, Inc.  | 69780 | 13295881 |
| ICU Medical, Inc. \* | 14942 | 2249966 |
| IDEXX Laboratories, Inc. \* | 46480 | 30524810 |
| Innovage Holding Corp. \* | 12684 | 113649 |
| Inspire Medical Systems, Inc. \* | 15479 | 998550 |
| Insulet Corp. \* | 40646 | 10023710 |
| Integer Holdings Corp. \* | 20828 | 1805371 |
| Integra LifeSciences Holdings Corp. \* | 39256 | 446733 |
| Intuitive Surgical, Inc. \* | 206104 | 103775425 |
| iRadimed Corp.  | 4917 | 509057 |
| IRhythm Holdings, Inc. \* | 18379 | 2458191 |
| Kestra Medical Technologies Ltd. \* | 8000 | 186240 |
| Labcorp Holdings, Inc.  | 48016 | 13882386 |
| Lantheus Holdings, Inc. \* | 40232 | 3013779 |
| LeMaitre Vascular, Inc.  | 11326 | 1225247 |
| LifeStance Health Group, Inc. \* | 110762 | 801917 |
| LivaNova PLC \* | 31012 | 2189447 |
| Masimo Corp. \* | 26209 | 4595748 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| McKesson Corp.  | 71742 | 70835899 |
| Medline, Inc., Class A \* | 125323 | 5954096 |
| Medtronic PLC  | 744904 | 72747325 |
| Merit Medical Systems, Inc. \* | 34409 | 2655687 |
| Molina Healthcare, Inc. \* | 30217 | 4654929 |
| National HealthCare Corp.  | 7150 | 1169025 |
| National Research Corp.  | 11000 | 147510 |
| Neogen Corp. \* | 126729 | 1423167 |
| NeoGenomics, Inc. \* | 74519 | 732522 |
| Novocure Ltd. \* | 58580 | 800789 |
| Omada Health, Inc. \* | 5000 | 61400 |
| OmniAb, Inc., Class A *\*(d)* | 3072 | 0 |
| OmniAb, Inc., Class B *\*(d)* | 3072 | 0 |
| Omnicell, Inc. \* | 26432 | 1086355 |
| OPKO Health, Inc. \* | 324907 | 389888 |
| Option Care Health, Inc. \* | 95563 | 3101975 |
| OraSure Technologies, Inc. \* | 50676 | 159629 |
| Orchestra BioMed Holdings, Inc. \* | 43157 | 189028 |
| Orthofix Medical, Inc. \* | 24938 | 337411 |
| OrthoPediatrics Corp. \* | 11589 | 222161 |
| PACS Group, Inc. \* | 28000 | 1022280 |
| Pediatrix Medical Group, Inc. \* | 51643 | 1025114 |
| Pennant Group, Inc. \* | 21982 | 741013 |
| Penumbra, Inc. \* | 22533 | 7760140 |
| Phreesia, Inc. \* | 30862 | 380528 |
| Privia Health Group, Inc. \* | 70369 | 1671264 |
| PROCEPT BioRobotics Corp. \* | 34347 | 779333 |
| Progyny, Inc. \* | 45034 | 796651 |
| Pulse Biosciences, Inc. *\*(a)* | 10923 | 204588 |
| Quest Diagnostics, Inc.  | 65294 | 13836452 |
| QuidelOrtho Corp. \* | 41982 | 954671 |
| RadNet, Inc. \* | 41912 | 2925877 |
| ResMed, Inc.  | 84782 | 21726235 |
| RxSight, Inc. \* | 21093 | 157776 |
| Schrodinger, Inc. \* | 32574 | 392842 |
| Select Medical Holdings Corp.  | 65872 | 986104 |
| Senseonics Holdings, Inc. \* | 22534 | 186356 |
| SI-BONE, Inc. \* | 21723 | 337141 |
| Sight Sciences, Inc. \* | 20000 | 103200 |
| Simulations Plus, Inc. \* | 10592 | 129540 |
| Solventum Corp. \* | 84840 | 6295128 |
| STAAR Surgical Co. \* | 31130 | 619487 |
| STERIS PLC  | 56907 | 14360481 |
| Stryker Corp.  | 200167 | 77556706 |
| Surgery Partners, Inc. \* | 49254 | 763437 |
| Tandem Diabetes Care, Inc. \* | 39205 | 991886 |
| Teladoc Health, Inc. \* | 104142 | 547787 |
| Teleflex, Inc.  | 26589 | 3245453 |
| Tenet Healthcare Corp. \* | 51164 | 12248150 |
| TransMedics Group, Inc. \* | 19368 | 2813396 |
| TruBridge, Inc. \* | 8348 | 161033 |
| U.S. Physical Therapy, Inc.  | 8652 | 717770 |
| UFP Technologies, Inc. \* | 4962 | 1044898 |
| UnitedHealth Group, Inc.  | 526408 | 154379674 |
| Universal Health Services, Inc., <br> Class B <br>| 32177 | 6631680 |
| Varex Imaging Corp. \* | 24000 | 316080 |
| Veeva Systems, Inc., Class A \* | 87327 | 15894387 |
| Waystar Holding Corp. \* | 66612 | 1708598 |
| Zimmer Biomet Holdings, Inc.  | 114480 | 11269411 |
|  |  | **1402671225** |
| **Household & Personal Products 1.0%** | **Household & Personal Products 1.0%** | **Household & Personal Products 1.0%** |
| BellRing Brands, Inc. \* | 73900 | 1359021 |
| Central Garden & Pet Co., Class A \* | 34282 | 1184100 |
| Church & Dwight Co., Inc.  | 139317 | 14608781 |
| Clorox Co.  | 71433 | 9083420 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**13**

------

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Colgate-Palmolive Co.  | 469733 | 46569330 |
| Coty, Inc., Class A \* | 212733 | 533960 |
| Edgewell Personal Care Co.  | 26000 | 591240 |
| elf Beauty, Inc. \* | 34623 | 3187047 |
| Energizer Holdings, Inc.  | 35292 | 761954 |
| Estee Lauder Cos., Inc., Class A  | 142548 | 15604729 |
| Herbalife Ltd. \* | 60807 | 1186953 |
| Interparfums, Inc.  | 10272 | 1035212 |
| Kenvue, Inc.  | 1117058 | 21358149 |
| Kimberly-Clark Corp.  | 192782 | 21483626 |
| Medifast, Inc. *\*(b)* | 7873 | 82903 |
| Niagen Bioscience, Inc. \* | 33335 | 168342 |
| Nu Skin Enterprises, Inc., Class A *(b)* | 27870 | 236338 |
| Oil-Dri Corp. of America  | 6683 | 453375 |
| Olaplex Holdings, Inc. \* | 80314 | 129305 |
| Procter & Gamble Co.  | 1359796 | 227357891 |
| Reynolds Consumer Products, Inc.  | 30902 | 766679 |
| Spectrum Brands Holdings, Inc.  | 15263 | 1196314 |
| USANA Health Sciences, Inc. \* | 6500 | 139880 |
| WD-40 Co.  | 7752 | 1846526 |
|  |  | **370925075** |
| **Insurance 1.9%** | **Insurance 1.9%** | **Insurance 1.9%** |
| Abacus Global Management, Inc. *(a)* | 21503 | 196322 |
| Aflac, Inc.  | 274019 | 30944966 |
| Allstate Corp.  | 152786 | 32775653 |
| American Financial Group, Inc.  | 39934 | 5310423 |
| American Integrity Insurance Group, <br> Inc. \*<br>| 5000 | 101800 |
| American International Group, Inc.  | 313358 | 25222185 |
| AMERISAFE, Inc.  | 10631 | 345826 |
| Aon PLC, Class A  | 125227 | 42009902 |
| Arch Capital Group Ltd. \* | 209988 | 21030298 |
| Arthur J Gallagher & Co.  | 149142 | 34034204 |
| Assurant, Inc.  | 29362 | 6741222 |
| Assured Guaranty Ltd.  | 25862 | 2229563 |
| Axis Capital Holdings Ltd.  | 44457 | 4699994 |
| Baldwin Insurance Group, Inc., <br> Class A \*<br>| 42770 | 993547 |
| Bowhead Specialty Holdings, Inc. \* | 10983 | 278199 |
| Brighthouse Financial, Inc. \* | 32493 | 1948930 |
| Brown & Brown, Inc.  | 170320 | 12232382 |
| Chubb Ltd.  | 212850 | 72552051 |
| Cincinnati Financial Corp.  | 90590 | 14854948 |
| CNA Financial Corp.  | 11814 | 567308 |
| CNO Financial Group, Inc.  | 54294 | 2270032 |
| Donegal Group, Inc., Class A  | 9441 | 166350 |
| Employers Holdings, Inc.  | 14150 | 585103 |
| Erie Indemnity Co., Class A  | 14817 | 3992293 |
| Everest Group Ltd.  | 24307 | 8154756 |
| F&G Annuities & Life, Inc.  | 22251 | 503985 |
| Fidelity National Financial, Inc.  | 148629 | 7859502 |
| First American Financial Corp.  | 58802 | 4122608 |
| Genworth Financial, Inc., Class A \* | 239007 | 2017219 |
| Globe Life, Inc.  | 46051 | 6689368 |
| Goosehead Insurance, Inc., Class A \* | 14266 | 773217 |
| Hagerty, Inc., Class A \* | 23635 | 277475 |
| Hanover Insurance Group, Inc.  | 20664 | 3732538 |
| Hartford Insurance Group, Inc.  | 161831 | 22790660 |
| HCI Group, Inc.  | 5969 | 1053051 |
| Heritage Insurance Holdings, Inc. \* | 13097 | 365013 |
| Hippo Holdings, Inc. \* | 13164 | 378597 |
| Horace Mann Educators Corp.  | 23222 | 1010389 |
| James River Group Holdings, Inc.  | 31864 | 223048 |
| Kemper Corp.  | 33923 | 1096391 |
| Kinsale Capital Group, Inc.  | 12736 | 4962837 |
| Lemonade, Inc. \* | 36515 | 1889286 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Lincoln National Corp.  | 96782 | 3319623 |
| Loews Corp.  | 98933 | 10884609 |
| Markel Group, Inc. \* | 7361 | 15255452 |
| Marsh & McLennan Cos., Inc.  | 284797 | 53182992 |
| MBIA, Inc. \* | 29581 | 193756 |
| Mercury General Corp.  | 15341 | 1389588 |
| MetLife, Inc.  | 321229 | 23150974 |
| Neptune Insurance Holdings, Inc., <br> Class A \*<br>| 11727 | 244156 |
| Octave Specialty Group, Inc. \* | 23471 | 125570 |
| Old Republic International Corp.  | 132384 | 5675302 |
| Oscar Health, Inc., Class A \* | 124466 | 1697716 |
| Palomar Holdings, Inc. \* | 15348 | 1898701 |
| Primerica, Inc.  | 18425 | 4673686 |
| Principal Financial Group, Inc.  | 115881 | 11057365 |
| ProAssurance Corp. \* | 31753 | 779536 |
| Progressive Corp.  | 340988 | 72855496 |
| Prudential Financial, Inc.  | 203134 | 19984323 |
| Reinsurance Group of America, Inc., <br> Class A <br>| 38467 | 8298486 |
| RenaissanceRe Holdings Ltd.  | 26617 | 8050578 |
| RLI Corp.  | 53467 | 3332064 |
| Root, Inc., Class A \* | 8000 | 415040 |
| Ryan Specialty Holdings, Inc.  | 66320 | 2609692 |
| Safety Insurance Group, Inc.  | 8127 | 630899 |
| Selective Insurance Group, Inc.  | 35034 | 2944257 |
| SiriusPoint Ltd. \* | 61354 | 1297024 |
| Skyward Specialty Insurance Group, <br> Inc. \*<br>| 22368 | 1039441 |
| Slide Insurance Holdings, Inc. \* | 15000 | 285000 |
| Stewart Information Services Corp.  | 16532 | 1173607 |
| Tiptree, Inc.  | 11411 | 194329 |
| Travelers Cos., Inc.  | 129888 | 40088632 |
| Trupanion, Inc. \* | 19538 | 518539 |
| United Fire Group, Inc.  | 12402 | 481942 |
| Universal Insurance Holdings, Inc.  | 14165 | 498183 |
| Unum Group  | 89286 | 6404485 |
| W.R. Berkley Corp.  | 174389 | 12503691 |
| White Mountains Insurance Group <br> Ltd. <br>| 1471 | 3266370 |
| Willis Towers Watson PLC  | 56090 | 17116985 |
|  |  | **721501530** |
| **Materials 2.4%** | **Materials 2.4%** | **Materials 2.4%** |
| AdvanSix, Inc.  | 15186 | 270766 |
| Air Products & Chemicals, Inc.  | 129705 | 35755777 |
| Albemarle Corp.  | 68275 | 12198694 |
| Alcoa Corp.  | 150254 | 9327768 |
| Alpha Metallurgical Resources, Inc. \* | 6446 | 1048442 |
| Amcor PLC  | 267125 | 12936864 |
| Amrize Ltd. \* | 298160 | 19377418 |
| AptarGroup, Inc.  | 38552 | 5540308 |
| Ashland, Inc.  | 27099 | 1689894 |
| ASP Isotopes, Inc. *\*(a)* | 80515 | 429950 |
| Aspen Aerogels, Inc. \* | 38440 | 119933 |
| Avery Dennison Corp.  | 45038 | 8843211 |
| Avient Corp.  | 53131 | 2182090 |
| Axalta Coating Systems Ltd. \* | 126653 | 4231477 |
| Balchem Corp.  | 18897 | 3428483 |
| Ball Corp.  | 158080 | 10611910 |
| Cabot Corp.  | 31008 | 2360949 |
| Celanese Corp.  | 64307 | 3211492 |
| Century Aluminum Co. \* | 31304 | 1614034 |
| CF Industries Holdings, Inc.  | 91836 | 9141355 |
| Chemours Co.  | 85735 | 1563806 |
| Clearwater Paper Corp. \* | 9826 | 147292 |
| Cleveland-Cliffs, Inc. \* | 330474 | 3522853 |

---

*See financial notes*

**14**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Coeur Mining, Inc. \* | 370330 | 10054459 |
| Commercial Metals Co.  | 65086 | 4770804 |
| Compass Minerals International, Inc. \* | 19584 | 493517 |
| Corteva, Inc.  | 393884 | 31557986 |
| CRH PLC  | 389511 | 46733530 |
| Crown Holdings, Inc.  | 66831 | 7658833 |
| Dow, Inc.  | 410576 | 12617000 |
| DuPont de Nemours, Inc.  | 242725 | 12145959 |
| Eagle Materials, Inc.  | 18772 | 4201174 |
| Eastman Chemical Co.  | 67369 | 5087033 |
| Ecolab, Inc.  | 147969 | 45626241 |
| Ecovyst, Inc. \* | 78559 | 885360 |
| Element Solutions, Inc.  | 130287 | 4571771 |
| FMC Corp.  | 72555 | 1069461 |
| Freeport-McMoRan, Inc.  | 834200 | 56792336 |
| Graphic Packaging Holding Co.  | 172407 | 2108538 |
| Greif, Inc., Class A  | 17742 | 1289311 |
| Hawkins, Inc.  | 12036 | 1794568 |
| HB Fuller Co.  | 31515 | 2071166 |
| Hecla Mining Co.  | 392508 | 9777374 |
| Huntsman Corp.  | 95238 | 1204761 |
| Ingevity Corp. \* | 20710 | 1491741 |
| Innospec, Inc.  | 14337 | 1097927 |
| International Flavors & Fragrances, <br> Inc. <br>| 149125 | 12262549 |
| International Paper Co.  | 305702 | 13313322 |
| Ivanhoe Electric, Inc. \* | 65803 | 1131154 |
| Kaiser Aluminum Corp.  | 8783 | 1143020 |
| Knife River Corp. \* | 32600 | 2900748 |
| Koppers Holdings, Inc.  | 11766 | 444755 |
| Kronos Worldwide, Inc.  | 12600 | 73206 |
| Linde PLC  | 271728 | 138059562 |
| Louisiana-Pacific Corp.  | 36522 | 3094874 |
| LSB Industries, Inc. \* | 30289 | 351958 |
| LyondellBasell Industries NV, Class A  | 149591 | 8604474 |
| Martin Marietta Materials, Inc.  | 35171 | 23795643 |
| Materion Corp.  | 12241 | 1996017 |
| Mativ Holdings, Inc.  | 32540 | 352734 |
| McEwen, Inc. \* | 26273 | 744840 |
| Mercer International, Inc.  | 26000 | 46800 |
| Metallus, Inc. \* | 21884 | 372028 |
| Minerals Technologies, Inc.  | 18123 | 1279846 |
| Mosaic Co.  | 184464 | 5135478 |
| MP Materials Corp. \* | 77693 | 4573787 |
| Myers Industries, Inc.  | 21359 | 477801 |
| NewMarket Corp.  | 4507 | 2821427 |
| Newmont Corp.  | 634126 | 82436380 |
| Nucor Corp.  | 132884 | 23504522 |
| O-I Glass, Inc. \* | 90506 | 1212780 |
| Olin Corp.  | 66731 | 1692965 |
| Packaging Corp. of America  | 51593 | 11976799 |
| Perimeter Solutions, Inc. \* | 79766 | 1872906 |
| PPG Industries, Inc.  | 131144 | 16166121 |
| PureCycle Technologies, Inc. *\*(a)* | 86682 | 546963 |
| Quaker Chemical Corp.  | 8023 | 1179622 |
| Ramaco Resources, Inc., Class A \* | 24162 | 365813 |
| Ranpak Holdings Corp. \* | 25000 | 128000 |
| Reliance, Inc.  | 30418 | 9601138 |
| Royal Gold, Inc.  | 46757 | 14017281 |
| RPM International, Inc.  | 74690 | 8523623 |
| Ryerson Holding Corp.  | 25645 | 670873 |
| Scotts Miracle-Gro Co.  | 25724 | 1803767 |
| Sealed Air Corp.  | 88514 | 3706966 |
| Sensient Technologies Corp.  | 24325 | 2469717 |
| Sherwin-Williams Co.  | 134272 | 48685684 |
| Silgan Holdings, Inc.  | 51594 | 2479092 |
| Smurfit WestRock PLC  | 303142 | 14250705 |
| Solstice Advanced Materials, Inc.  | 91980 | 7221350 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sonoco Products Co.  | 57241 | 3232399 |
| Steel Dynamics, Inc.  | 79978 | 15446151 |
| Stepan Co.  | 12000 | 610680 |
| SunCoke Energy, Inc.  | 46492 | 265004 |
| Sylvamo Corp.  | 20186 | 934612 |
| TriMas Corp.  | 17857 | 697852 |
| Tronox Holdings PLC  | 69194 | 517571 |
| U.S. Lime & Minerals, Inc.  | 6371 | 727313 |
| USA Rare Earth, Inc. *\*(a)* | 62043 | 1172613 |
| Vulcan Materials Co.  | 77104 | 23902240 |
| Warrior Met Coal, Inc.  | 30016 | 2498532 |
| Westlake Corp.  | 18983 | 2000429 |
| Worthington Steel, Inc.  | 19751 | 820852 |
|  |  | **944970954** |
| **Media & Entertainment 8.7%** | **Media & Entertainment 8.7%** | **Media & Entertainment 8.7%** |
| Alphabet, Inc., Class A  | 3385620 | 1055500891 |
| Alphabet, Inc., Class C  | 2705947 | 842713074 |
| AMC Entertainment Holdings, Inc., <br> Class A *\*(a)*<br>| 298373 | 346113 |
| AMC Networks, Inc., Class A *\*(b)* | 23524 | 192191 |
| Angel Studios, Inc. *\*(a)* | 54807 | 214843 |
| Angi, Inc. \* | 21656 | 168484 |
| Atlanta Braves Holdings, Inc., <br> Class C \*<br>| 33081 | 1445970 |
| Bumble, Inc., Class A \* | 40078 | 121837 |
| Cable One, Inc. \* | 2650 | 254267 |
| Cargurus, Inc. \* | 50389 | 1546942 |
| Cars.com, Inc. \* | 36434 | 311146 |
| Charter Communications, Inc., <br> Class A \*<br>| 51186 | 12009771 |
| Cinemark Holdings, Inc.  | 60698 | 1714112 |
| Clear Channel Outdoor Holdings, <br> Inc. \*<br>| 228770 | 549048 |
| DoubleVerify Holdings, Inc. \* | 77654 | 818473 |
| EchoStar Corp., Class A \* | 78141 | 9027630 |
| Electronic Arts, Inc.  | 130231 | 26120432 |
| Emerald Holding, Inc.  | 11476 | 47855 |
| Eventbrite, Inc., Class A \* | 50440 | 222945 |
| EverQuote, Inc., Class A \* | 15097 | 238533 |
| EW Scripps Co., Class A *\*(b)* | 38082 | 158040 |
| Fox Corp., Class A  | 199984 | 11267099 |
| fuboTV, Inc., Class A \* | 203092 | 237618 |
| Gray Media, Inc. *(b)* | 48955 | 254076 |
| Grindr, Inc. \* | 27637 | 314509 |
| IAC, Inc. \* | 40084 | 1536019 |
| Ibotta, Inc., Class A \* | 13560 | 338593 |
| iHeartMedia, Inc., Class A \* | 67148 | 219574 |
| John Wiley & Sons, Inc., Class A  | 24217 | 751211 |
| Liberty Broadband Corp., Class C \* | 78067 | 4263239 |
| Liberty Media Corp.-Liberty Formula <br> One, Class C \*<br>| 142084 | 13013474 |
| Lionsgate Studios Corp. \* | 129589 | 1166301 |
| Live Nation Entertainment, Inc. \* | 92036 | 14922717 |
| Madison Square Garden <br> Entertainment Corp. \*<br>| 23590 | 1489473 |
| Madison Square Garden Sports <br> Corp. \*<br>| 10331 | 3426379 |
| Magnite, Inc. \* | 82808 | 1127845 |
| Match Group, Inc.  | 138079 | 4363296 |
| MediaAlpha, Inc., Class A \* | 19325 | 192090 |
| Meta Platforms, Inc., Class A  | 1267361 | 821478053 |
| MNTN, Inc., Class A \* | 6500 | 63440 |
| National CineMedia, Inc.  | 54780 | 195017 |
| Netflix, Inc. \* | 2463989 | 237134301 |
| New York Times Co., Class A  | 94156 | 7512707 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**15**

------

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| News Corp., Class A  | 298047 | 7239562 |
| Nexstar Media Group, Inc.  | 16434 | 4125263 |
| Nextdoor Holdings, Inc. \* | 144594 | 253039 |
| NIQ Global Intelligence PLC \* | 28000 | 373240 |
| Omnicom Group, Inc.  | 185513 | 15822404 |
| Optimum Communications, Inc., <br> Class A \*<br>| 160020 | 230429 |
| Paramount Skydance Corp., Class B  | 180725 | 2441595 |
| Pinterest, Inc., Class A \* | 347309 | 5949403 |
| Playtika Holding Corp.  | 39932 | 123390 |
| PubMatic, Inc., Class A \* | 24127 | 195429 |
| QuinStreet, Inc. \* | 33922 | 397566 |
| Reddit, Inc., Class A \* | 73456 | 10710619 |
| ROBLOX Corp., Class A \* | 380258 | 26108514 |
| Roku, Inc. \* | 76343 | 7512915 |
| Rumble, Inc. *\*(a)* | 64940 | 351325 |
| Scholastic Corp.  | 13332 | 463554 |
| Shutterstock, Inc.  | 13500 | 226800 |
| Sinclair, Inc.  | 22849 | 373353 |
| Sirius XM Holdings, Inc.  | 110065 | 2417027 |
| Snap, Inc., Class A \* | 658994 | 3433359 |
| Sphere Entertainment Co. \* | 15674 | 1865363 |
| Stagwell, Inc. \* | 60156 | 289952 |
| Stubhub Holdings, Inc., Class A *\*(a)* | 20000 | 191400 |
| Take-Two Interactive Software, Inc. \* | 101446 | 21453800 |
| TechTarget, Inc. \* | 14188 | 49800 |
| TEGNA, Inc.  | 93555 | 1959977 |
| TKO Group Holdings, Inc.  | 38977 | 8725781 |
| Trade Desk, Inc., Class A \* | 256612 | 6112498 |
| TripAdvisor, Inc. \* | 68016 | 687642 |
| Trump Media & Technology Group <br> Corp. \*<br>| 94685 | 1014076 |
| USA TODAY Co., Inc. \* | 72605 | 432000 |
| Versant Media Group, Inc. \* | 84381 | 2811575 |
| Walt Disney Co.  | 1038222 | 110093061 |
| Warner Bros Discovery, Inc. \* | 1438415 | 40520151 |
| Warner Music Group Corp., Class A  | 83927 | 2400312 |
| Webtoon Entertainment, Inc. *\*(a)* | 9000 | 101250 |
| Yelp, Inc. \* | 34875 | 777364 |
| Ziff Davis, Inc. \* | 22776 | 616774 |
| ZipRecruiter, Inc., Class A \* | 43500 | 78735 |
| ZoomInfo Technologies, Inc. \* | 163005 | 1012261 |
|  |  | **3368932186** |
| **Pharmaceuticals, Biotechnology & Life Sciences 6.6%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.6%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.6%** |
| 10X Genomics, Inc., Class A \* | 74942 | 1727413 |
| 4D Molecular Therapeutics, Inc. \* | 20000 | 193200 |
| AbbVie, Inc.  | 1027694 | 238507223 |
| Absci Corp. *\*(a)* | 77444 | 212197 |
| ACADIA Pharmaceuticals, Inc. \* | 76784 | 1885815 |
| Adaptive Biotechnologies Corp. \* | 74895 | 1199818 |
| ADMA Biologics, Inc. \* | 137783 | 2145281 |
| Agilent Technologies, Inc.  | 164407 | 19955722 |
| Agios Pharmaceuticals, Inc. \* | 34138 | 1031992 |
| Akebia Therapeutics, Inc. \* | 159254 | 208623 |
| Alkermes PLC \* | 96258 | 2897366 |
| Allogene Therapeutics, Inc. \* | 132049 | 367096 |
| Alnylam Pharmaceuticals, Inc. \* | 76684 | 25529637 |
| Alumis, Inc. \* | 45966 | 1364731 |
| Amgen, Inc.  | 313135 | 121546482 |
| Amicus Therapeutics, Inc. \* | 180762 | 2597550 |
| Amneal Pharmaceuticals, Inc. \* | 103037 | 1422941 |
| Amphastar Pharmaceuticals, Inc. \* | 21605 | 437069 |
| Amylyx Pharmaceuticals, Inc. \* | 58304 | 884472 |
| AnaptysBio, Inc. \* | 13507 | 743560 |
| ANI Pharmaceuticals, Inc. \* | 10389 | 767747 |
| Anika Therapeutics, Inc. \* | 8500 | 122060 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Annexon, Inc. \* | 78432 | 439219 |
| Apellis Pharmaceuticals, Inc. \* | 62298 | 1305766 |
| Apogee Therapeutics, Inc. \* | 28443 | 1991010 |
| Arbutus Biopharma Corp. \* | 85205 | 397055 |
| Arcellx, Inc. \* | 24283 | 2763163 |
| Arcus Biosciences, Inc. \* | 51072 | 1040337 |
| Arcutis Biotherapeutics, Inc. \* | 63168 | 1703641 |
| Ardelyx, Inc. \* | 142443 | 933002 |
| ArriVent Biopharma, Inc. \* | 18008 | 413644 |
| Arrowhead Pharmaceuticals, Inc. \* | 80745 | 5108736 |
| ARS Pharmaceuticals, Inc. *\*(a)* | 47630 | 442006 |
| Arvinas, Inc. \* | 46801 | 621049 |
| Atea Pharmaceuticals, Inc. \* | 46931 | 219637 |
| Atrium Therapeutics, Inc. \* | 8226 | 121333 |
| Avantor, Inc. \* | 394978 | 3574551 |
| Axsome Therapeutics, Inc. \* | 24682 | 4045133 |
| Azenta, Inc. \* | 23585 | 636323 |
| Beam Therapeutics, Inc. \* | 61389 | 1747131 |
| Bicara Therapeutics, Inc. \* | 24554 | 412016 |
| BioAge Labs, Inc. \* | 16108 | 358725 |
| BioCryst Pharmaceuticals, Inc. \* | 139729 | 1222629 |
| Biogen, Inc. \* | 85199 | 16342872 |
| Biohaven Ltd. \* | 30078 | 346499 |
| BioLife Solutions, Inc. \* | 26022 | 629732 |
| BioMarin Pharmaceutical, Inc. \* | 113111 | 6982342 |
| Bio-Rad Laboratories, Inc., Class A \* | 10744 | 2991559 |
| Bio-Techne Corp.  | 92262 | 5443458 |
| BridgeBio Oncology Therapeutics, <br> Inc. *\*(a)*<br>| 27500 | 275825 |
| Bridgebio Pharma, Inc. \* | 97894 | 6507993 |
| Bristol-Myers Squibb Co.  | 1182096 | 73727328 |
| Bruker Corp.  | 64452 | 2585170 |
| C4 Therapeutics, Inc. \* | 27023 | 72962 |
| CareDx, Inc. \* | 30207 | 566683 |
| Caribou Biosciences, Inc. \* | 78038 | 148272 |
| Catalyst Pharmaceuticals, Inc. \* | 64150 | 1480582 |
| Celcuity, Inc. \* | 20955 | 2340883 |
| Celldex Therapeutics, Inc. \* | 37528 | 1129218 |
| CG oncology, Inc. \* | 38925 | 2288790 |
| Charles River Laboratories <br> International, Inc. \*<br>| 28240 | 5040558 |
| Cogent Biosciences, Inc. \* | 91462 | 3553299 |
| Coherus Oncology, Inc. \* | 90259 | 150733 |
| Collegium Pharmaceutical, Inc. \* | 19395 | 808190 |
| Contineum Therapeutics, Inc., <br> Class A \*<br>| 10500 | 161070 |
| Corcept Therapeutics, Inc. \* | 55341 | 1975674 |
| CorMedix, Inc. *\*(a)* | 40194 | 286583 |
| Crinetics Pharmaceuticals, Inc. \* | 59545 | 2447299 |
| CRISPR Therapeutics AG \* | 56572 | 3402240 |
| CryoPort, Inc. \* | 36194 | 304753 |
| Cullinan Therapeutics, Inc. \* | 29851 | 462690 |
| Cytek Biosciences, Inc. \* | 61450 | 275296 |
| Cytokinetics, Inc. \* | 71889 | 4472934 |
| Danaher Corp.  | 365568 | 77003243 |
| Day One Biopharmaceuticals, Inc. \* | 45734 | 484780 |
| Definium Therapeutics, Inc. \* | 54699 | 954498 |
| Denali Therapeutics, Inc. \* | 84465 | 1788969 |
| Design Therapeutics, Inc. \* | 26443 | 276065 |
| Dianthus Therapeutics, Inc. \* | 17495 | 965549 |
| Disc Medicine, Inc. \* | 18441 | 1228539 |
| Dyne Therapeutics, Inc. \* | 83478 | 1303926 |
| Edgewise Therapeutics, Inc. \* | 47757 | 1453723 |
| Editas Medicine, Inc. \* | 94913 | 208809 |
| Elanco Animal Health, Inc. \* | 289743 | 7649215 |
| Eli Lilly & Co.  | 462117 | 486142463 |
| Emergent BioSolutions, Inc. \* | 29800 | 242870 |
| Enanta Pharmaceuticals, Inc. \* | 10879 | 155570 |

---

*See financial notes*

**16**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Enliven Therapeutics, Inc. \* | 30342 | 900854 |
| Entrada Therapeutics, Inc. \* | 17261 | 205924 |
| Erasca, Inc. \* | 125496 | 1714275 |
| Evolus, Inc. \* | 45497 | 195637 |
| Evommune, Inc. *\*(a)* | 6000 | 156000 |
| Exact Sciences Corp. \* | 110016 | 11373454 |
| Exelixis, Inc. \* | 156424 | 6892041 |
| EyePoint, Inc. \* | 45709 | 802650 |
| Fortrea Holdings, Inc. \* | 52577 | 563625 |
| Fulcrum Therapeutics, Inc. \* | 29898 | 250545 |
| Geron Corp. \* | 312350 | 524748 |
| Gilead Sciences, Inc.  | 721327 | 107441657 |
| Ginkgo Bioworks Holdings, Inc. \* | 26477 | 178720 |
| Gossamer Bio, Inc. \* | 110417 | 46916 |
| GRAIL, Inc. \* | 17955 | 955745 |
| Gyre Therapeutics, Inc. \* | 18000 | 148320 |
| Halozyme Therapeutics, Inc. \* | 67613 | 4701132 |
| Harmony Biosciences Holdings, Inc. \* | 21999 | 627851 |
| Harrow, Inc. \* | 19602 | 1062036 |
| Heron Therapeutics, Inc. \* | 82403 | 98060 |
| Humacyte, Inc. *\*(a)* | 68012 | 75833 |
| Ideaya Biosciences, Inc. \* | 50338 | 1620884 |
| Illumina, Inc. \* | 88677 | 11923509 |
| ImmunityBio, Inc. *\*(a)* | 169785 | 1660497 |
| Immunome, Inc. \* | 60200 | 1315972 |
| Immunovant, Inc. \* | 44372 | 1230436 |
| Incyte Corp. \* | 96903 | 9813367 |
| Indivior Pharmaceuticals, Inc. \* | 72281 | 2365034 |
| Innoviva, Inc. \* | 42017 | 964710 |
| Insmed, Inc. \* | 123906 | 18502883 |
| Intellia Therapeutics, Inc. \* | 68047 | 937688 |
| Ionis Pharmaceuticals, Inc. \* | 95236 | 7728401 |
| Iovance Biotherapeutics, Inc. \* | 221476 | 854897 |
| IQVIA Holdings, Inc. \* | 98840 | 17673580 |
| Ironwood Pharmaceuticals, Inc. \* | 85432 | 292177 |
| Janux Therapeutics, Inc. \* | 27817 | 378589 |
| Jazz Pharmaceuticals PLC \* | 35603 | 6765282 |
| Johnson & Johnson  | 1400502 | 347926712 |
| KalVista Pharmaceuticals, Inc. \* | 23406 | 381050 |
| Keros Therapeutics, Inc. \* | 11035 | 156587 |
| Kodiak Sciences, Inc. \* | 20592 | 551866 |
| Krystal Biotech, Inc. \* | 14809 | 4081953 |
| Kura Oncology, Inc. \* | 47103 | 411209 |
| Kymera Therapeutics, Inc. \* | 35261 | 3221092 |
| Kyverna Therapeutics, Inc. \* | 15000 | 123150 |
| LB Pharmaceuticals, Inc. *\*(a)* | 12556 | 301470 |
| LENZ Therapeutics, Inc. *\*(a)* | 13688 | 184651 |
| Lexicon Pharmaceuticals, Inc. \* | 108648 | 159713 |
| Ligand Pharmaceuticals, Inc. \* | 11952 | 2370201 |
| Liquidia Corp. \* | 39369 | 1221226 |
| Lyell Immunopharma, Inc. \* | 9101 | 218424 |
| Madrigal Pharmaceuticals, Inc. \* | 10712 | 4627584 |
| MannKind Corp. \* | 193132 | 633473 |
| MapLight Therapeutics, Inc. *\*(a)* | 10329 | 178382 |
| Maravai LifeSciences Holdings, Inc., <br> Class A \*<br>| 80332 | 285982 |
| Maze Therapeutics, Inc. \* | 11544 | 526291 |
| MBX Biosciences, Inc. \* | 15071 | 490561 |
| Medpace Holdings, Inc. \* | 12803 | 5783883 |
| Merck & Co., Inc.  | 1442708 | 178636105 |
| Mesa Laboratories, Inc.  | 4444 | 429157 |
| Mettler-Toledo International, Inc. \* | 11894 | 16255411 |
| MiMedx Group, Inc. \* | 65195 | 318804 |
| Mineralys Therapeutics, Inc. \* | 34679 | 1014708 |
| Mirum Pharmaceuticals, Inc. \* | 26944 | 2486662 |
| Moderna, Inc. \* | 203705 | 10912477 |
| Monte Rosa Therapeutics, Inc. \* | 35040 | 621960 |
| Myriad Genetics, Inc. \* | 53756 | 247815 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Natera, Inc. \* | 80221 | 16689177 |
| Nektar Therapeutics \* | 15648 | 1079399 |
| Neumora Therapeutics, Inc. \* | 50440 | 176036 |
| Neurocrine Biosciences, Inc. \* | 58463 | 7731732 |
| Novavax, Inc. \* | 96859 | 982150 |
| Nurix Therapeutics, Inc. \* | 54940 | 877392 |
| Nuvalent, Inc., Class A \* | 29940 | 3052383 |
| Nuvation Bio, Inc. \* | 144669 | 854994 |
| Ocular Therapeutix, Inc. \* | 98199 | 877899 |
| Olema Pharmaceuticals, Inc. \* | 28000 | 677600 |
| Omeros Corp. *\*(a)* | 47015 | 566531 |
| OmniAb, Inc. \* | 90471 | 155610 |
| Organogenesis Holdings, Inc. \* | 45916 | 147390 |
| Organon & Co.  | 151290 | 1102904 |
| ORIC Pharmaceuticals, Inc. \* | 46330 | 623138 |
| Oruka Therapeutics, Inc. \* | 24060 | 827905 |
| Pacific Biosciences of California, Inc. \* | 171883 | 288763 |
| Pacira BioSciences, Inc. \* | 25914 | 567776 |
| Perrigo Co. PLC  | 80086 | 1058737 |
| Perspective Therapeutics, Inc. \* | 62564 | 337846 |
| Pfizer, Inc.  | 3308735 | 91486523 |
| Phathom Pharmaceuticals, Inc. \* | 33011 | 414618 |
| Phibro Animal Health Corp., Class A  | 11372 | 620797 |
| Praxis Precision Medicines, Inc. \* | 14800 | 4983900 |
| Precigen, Inc. \* | 106633 | 404139 |
| Prestige Consumer Healthcare, Inc. \* | 29770 | 2063061 |
| Prime Medicine, Inc. \* | 88282 | 407863 |
| ProKidney Corp. *\*(a)* | 63806 | 142925 |
| Protagonist Therapeutics, Inc. \* | 34285 | 3156963 |
| Prothena Corp. PLC \* | 22200 | 192474 |
| PTC Therapeutics, Inc. \* | 47179 | 3217136 |
| Quanterix Corp. \* | 26147 | 171263 |
| Rapport Therapeutics, Inc. \* | 20394 | 592038 |
| Recursion Pharmaceuticals, Inc., <br> Class A *\*(a)*<br>| 309179 | 1134687 |
| Regeneron Pharmaceuticals, Inc.  | 58558 | 45773032 |
| REGENXBIO, Inc. \* | 25000 | 226000 |
| Relay Therapeutics, Inc. \* | 83964 | 861471 |
| Repligen Corp. \* | 30468 | 3922146 |
| Replimune Group, Inc. \* | 41209 | 315249 |
| Revolution Medicines, Inc. \* | 105445 | 10757499 |
| Revvity, Inc.  | 65743 | 6463194 |
| Rezolute, Inc. \* | 46352 | 148790 |
| Rhythm Pharmaceuticals, Inc. \* | 35093 | 3254174 |
| Rigel Pharmaceuticals, Inc. \* | 10304 | 357961 |
| Rocket Pharmaceuticals, Inc. \* | 50856 | 254789 |
| Roivant Sciences Ltd. \* | 255294 | 7388208 |
| Royalty Pharma PLC, Class A  | 218077 | 10077338 |
| Sana Biotechnology, Inc. \* | 123815 | 521261 |
| Sangamo Therapeutics, Inc. \* | 251256 | 108618 |
| Sarepta Therapeutics, Inc. \* | 63450 | 1063422 |
| Savara, Inc. \* | 79253 | 477103 |
| Scholar Rock Holding Corp. \* | 48568 | 2150105 |
| Septerna, Inc. \* | 11580 | 336052 |
| Sionna Therapeutics, Inc. \* | 7386 | 269884 |
| Soleno Therapeutics, Inc. \* | 28115 | 1098453 |
| Sotera Health Co. \* | 120287 | 1954664 |
| Spyre Therapeutics, Inc. \* | 38369 | 1650251 |
| Standard BioTools, Inc. \* | 178588 | 201804 |
| Stoke Therapeutics, Inc. \* | 28492 | 1037394 |
| Summit Therapeutics, Inc. \* | 91577 | 1519262 |
| Supernus Pharmaceuticals, Inc. \* | 32153 | 1759734 |
| Syndax Pharmaceuticals, Inc. \* | 52427 | 1138190 |
| Tango Therapeutics, Inc. \* | 59237 | 659900 |
| Tarsus Pharmaceuticals, Inc. \* | 23482 | 1773361 |
| Taysha Gene Therapies, Inc. \* | 129864 | 588284 |
| Tempus AI, Inc. *\*(a)* | 60460 | 3219495 |
| Terns Pharmaceuticals, Inc. \* | 49899 | 2101746 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**17**

------

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| TG Therapeutics, Inc. \* | 78941 | 2375335 |
| Theravance Biopharma, Inc. \* | 21785 | 397576 |
| Thermo Fisher Scientific, Inc.  | 218408 | 113814593 |
| Third Harmonic Bio, Inc. *\*(d)* | 12349 | 247 |
| Travere Therapeutics, Inc. \* | 54467 | 1622572 |
| Trevi Therapeutics, Inc. \* | 58522 | 697582 |
| Twist Bioscience Corp. \* | 35044 | 1644264 |
| Tyra Biosciences, Inc. \* | 13115 | 436861 |
| Ultragenyx Pharmaceutical, Inc. \* | 59264 | 1386185 |
| uniQure NV \* | 35124 | 548988 |
| United Therapeutics Corp. \* | 24987 | 12590949 |
| Upstream Bio, Inc. \* | 20416 | 156795 |
| Vanda Pharmaceuticals, Inc. \* | 40345 | 359474 |
| Vaxcyte, Inc. \* | 75053 | 4633772 |
| Ventyx Biosciences, Inc. \* | 40440 | 564947 |
| Vera Therapeutics, Inc. \* | 38609 | 1574861 |
| Veracyte, Inc. \* | 45937 | 1680835 |
| Vericel Corp. \* | 28210 | 1006533 |
| Vertex Pharmaceuticals, Inc. \* | 147669 | 73366389 |
| Viatris, Inc.  | 675280 | 10081930 |
| Viking Therapeutics, Inc. \* | 64892 | 2195945 |
| Vir Biotechnology, Inc. \* | 67408 | 612739 |
| Viridian Therapeutics, Inc. \* | 47988 | 1409887 |
| Waters Corp. \* | 57155 | 18254164 |
| WaVe Life Sciences Ltd. \* | 83790 | 1167195 |
| West Pharmaceutical Services, Inc.  | 41805 | 10632684 |
| Xencor, Inc. \* | 43069 | 549991 |
| Xeris Biopharma Holdings, Inc. \* | 93808 | 574105 |
| Zenas Biopharma, Inc. *\*(a)* | 16334 | 430401 |
| Zoetis, Inc.  | 255604 | 33509684 |
|  |  | **2549376361** |
| **Real Estate Management & Development 0.2%** | **Real Estate Management & Development 0.2%** | **Real Estate Management & Development 0.2%** |
| CBRE Group, Inc., Class A \* | 171033 | 25254733 |
| Compass, Inc., Class A \* | 373186 | 3638564 |
| CoStar Group, Inc. \* | 245443 | 10954121 |
| Cushman & Wakefield Ltd. \* | 133628 | 1791952 |
| eXp World Holdings, Inc.  | 53392 | 372142 |
| Forestar Group, Inc. \* | 11870 | 340906 |
| FRP Holdings, Inc. \* | 7078 | 169447 |
| Howard Hughes Holdings, Inc. \* | 17571 | 1271613 |
| Jones Lang LaSalle, Inc. \* | 27690 | 8737580 |
| Kennedy-Wilson Holdings, Inc.  | 70592 | 768041 |
| Marcus & Millichap, Inc.  | 13834 | 365356 |
| Newmark Group, Inc., Class A  | 93689 | 1360364 |
| Opendoor Technologies, Inc. \* | 471490 | 2555476 |
| RE/MAX Holdings, Inc., Class A \* | 10296 | 64762 |
| RMR Group, Inc., Class A  | 9000 | 147420 |
| Seaport Entertainment Group, Inc. \* | 4944 | 115492 |
| Seritage Growth Properties, Class A \* | 25000 | 74000 |
| St. Joe Co.  | 24258 | 1750700 |
| Tejon Ranch Co. \* | 14392 | 253443 |
| Zillow Group, Inc., Class C \* | 132449 | 5909874 |
|  |  | **65895986** |
| **Semiconductors & Semiconductor Equipment 13.1%** | **Semiconductors & Semiconductor Equipment 13.1%** | **Semiconductors & Semiconductor Equipment 13.1%** |
| ACM Research, Inc., Class A \* | 31182 | 1736214 |
| Advanced Micro Devices, Inc. \* | 947308 | 189660535 |
| Aehr Test Systems \* | 16000 | 598880 |
| Allegro MicroSystems, Inc. \* | 74586 | 2720151 |
| Alpha & Omega Semiconductor Ltd. \* | 14070 | 295611 |
| Ambarella, Inc. \* | 22760 | 1373338 |
| Ambiq Micro, Inc. \* | 3000 | 92100 |
| Amkor Technology, Inc.  | 66856 | 3197054 |
| Analog Devices, Inc.  | 286220 | 101834214 |
| Applied Materials, Inc.  | 463583 | 172591951 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Astera Labs, Inc. \* | 76628 | 9105705 |
| Axcelis Technologies, Inc. \* | 17933 | 1481445 |
| Blaize Holdings, Inc. *\*(a)* | 33089 | 39045 |
| Broadcom, Inc.  | 2748046 | 878138099 |
| CEVA, Inc. \* | 12725 | 265444 |
| Cirrus Logic, Inc. \* | 29847 | 4212009 |
| Cohu, Inc. \* | 26430 | 798186 |
| Credo Technology Group Holding <br> Ltd. \*<br>| 88732 | 9961942 |
| Diodes, Inc. \* | 26410 | 1801954 |
| Enphase Energy, Inc. \* | 76681 | 3241306 |
| Entegris, Inc.  | 88123 | 11671891 |
| First Solar, Inc. \* | 62206 | 12267023 |
| FormFactor, Inc. \* | 44244 | 4374847 |
| Ichor Holdings Ltd. \* | 20572 | 978199 |
| Impinj, Inc. \* | 16016 | 1964523 |
| indie Semiconductor, Inc., Class A \* | 140319 | 513568 |
| Intel Corp. \* | 2607886 | 118945680 |
| KLA Corp.  | 76390 | 116460374 |
| Kulicke & Soffa Industries, Inc.  | 31062 | 2165643 |
| Lam Research Corp.  | 731008 | 170975461 |
| Lattice Semiconductor Corp. \* | 78763 | 7531318 |
| MACOM Technology Solutions <br> Holdings, Inc. \*<br>| 36984 | 9176470 |
| Marvell Technology, Inc.  | 502027 | 41010586 |
| MaxLinear, Inc. \* | 50830 | 885967 |
| Microchip Technology, Inc.  | 313251 | 23381055 |
| Micron Technology, Inc.  | 653187 | 269354723 |
| MKS, Inc.  | 38985 | 9530273 |
| Monolithic Power Systems, Inc.  | 27826 | 31797883 |
| Navitas Semiconductor Corp. \* | 111490 | 1003410 |
| NVIDIA Corp.  | 14140696 | 2505589924 |
| NXP Semiconductors NV  | 146125 | 33171836 |
| ON Semiconductor Corp. \* | 233256 | 15506859 |
| Onto Innovation, Inc. \* | 28086 | 6063487 |
| PDF Solutions, Inc. \* | 22825 | 771028 |
| Penguin Solutions, Inc. \* | 29711 | 617395 |
| Photronics, Inc. \* | 36305 | 1358896 |
| Power Integrations, Inc.  | 32990 | 1580881 |
| Qnity Electronics, Inc.  | 121362 | 15383847 |
| Qorvo, Inc. \* | 49111 | 4071302 |
| QUALCOMM, Inc.  | 623604 | 88776265 |
| Rambus, Inc. \* | 62936 | 6272202 |
| Rigetti Computing, Inc. \* | 195088 | 3398433 |
| Semtech Corp. \* | 52002 | 4691620 |
| Silicon Laboratories, Inc. \* | 19968 | 4084055 |
| SiTime Corp. \* | 12730 | 5065012 |
| SkyWater Technology, Inc. \* | 16425 | 483880 |
| Skyworks Solutions, Inc.  | 86120 | 5131030 |
| SolarEdge Technologies, Inc. \* | 34487 | 1220840 |
| Synaptics, Inc. \* | 22381 | 1823156 |
| Teradyne, Inc.  | 91031 | 29132651 |
| Texas Instruments, Inc.  | 528590 | 112119225 |
| Ultra Clean Holdings, Inc. \* | 28390 | 1722705 |
| Universal Display Corp.  | 25688 | 2740653 |
| Veeco Instruments, Inc. \* | 33343 | 1018962 |
| Wolfspeed, Inc. \* | 8318 | 164031 |
|  |  | **5069094252** |
| **Software & Services 8.8%** | **Software & Services 8.8%** | **Software & Services 8.8%** |
| 8x8, Inc. \* | 98797 | 211426 |
| A10 Networks, Inc.  | 43835 | 844262 |
| Accenture PLC, Class A  | 360642 | 75273198 |
| ACI Worldwide, Inc. \* | 61071 | 2423297 |
| Adeia, Inc.  | 60468 | 1251083 |
| Adobe, Inc. \* | 243492 | 63894736 |
| Agilysys, Inc. \* | 14795 | 1067755 |

---

*See financial notes*

**18**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Akamai Technologies, Inc. \* | 83202 | 8186245 |
| Alarm.com Holdings, Inc. \* | 29243 | 1399278 |
| Alkami Technology, Inc. \* | 47187 | 780709 |
| Amplitude, Inc., Class A \* | 50961 | 372015 |
| Appfolio, Inc., Class A \* | 13784 | 2450244 |
| Appian Corp., Class A \* | 23706 | 632239 |
| Applied Digital Corp. \* | 145137 | 3957886 |
| AppLovin Corp., Class A \* | 157424 | 68443232 |
| Asana, Inc., Class A \* | 56370 | 400227 |
| ASGN, Inc. \* | 25480 | 1093092 |
| Atlassian Corp., Class A \* | 97486 | 7324123 |
| Aurora Innovation, Inc. \* | 715604 | 3349027 |
| Autodesk, Inc. \* | 123735 | 30422724 |
| AvePoint, Inc. \* | 87717 | 945589 |
| Bentley Systems, Inc., Class B  | 86664 | 3167569 |
| BigBear.ai Holdings, Inc. *\*(a)* | 257608 | 1020128 |
| Bill Holdings, Inc. \* | 54055 | 2405988 |
| Bit Digital, Inc. \* | 186531 | 311507 |
| BitMine Immersion Technologies, Inc.  | 166442 | 3159069 |
| Blackbaud, Inc. \* | 21674 | 1052056 |
| BlackLine, Inc. \* | 29515 | 1040404 |
| Blend Labs, Inc., Class A \* | 140615 | 236233 |
| Box, Inc., Class A \* | 86285 | 2032012 |
| Braze, Inc., Class A \* | 53571 | 1017313 |
| C3.ai, Inc., Class A \* | 71145 | 565603 |
| Cadence Design Systems, Inc. \* | 158371 | 47733019 |
| CCC Intelligent Solutions Holdings, <br> Inc. \*<br>| 344689 | 2009537 |
| Cipher Digital, Inc. \* | 170254 | 2655962 |
| Circle Internet Group, Inc. \* | 30924 | 2580299 |
| Cleanspark, Inc. \* | 161753 | 1609442 |
| Clear Secure, Inc., Class A  | 51713 | 2515320 |
| Clearwater Analytics Holdings, Inc., <br> Class A \*<br>| 169137 | 3956114 |
| Cloudflare, Inc., Class A \* | 182974 | 31506293 |
| Cognizant Technology Solutions Corp., <br> Class A <br>| 280290 | 18059085 |
| Commerce.com, Inc. \* | 41223 | 114600 |
| Commvault Systems, Inc. \* | 25694 | 2186046 |
| Confluent, Inc., Class A \* | 174939 | 5365379 |
| Consensus Cloud Solutions, Inc. \* | 9745 | 293130 |
| Core Scientific, Inc. \* | 184848 | 3136871 |
| CoreWeave, Inc., Class A \* | 132791 | 10564852 |
| Crowdstrike Holdings, Inc., Class A \* | 145945 | 54288621 |
| CS Disco, Inc. \* | 18160 | 59020 |
| Daily Journal Corp. \* | 480 | 244565 |
| Datadog, Inc., Class A \* | 188955 | 21155402 |
| Digimarc Corp. \* | 20000 | 88100 |
| Digital Turbine, Inc. \* | 58712 | 238371 |
| DigitalOcean Holdings, Inc. \* | 39928 | 2238364 |
| Docusign, Inc. \* | 117514 | 5296356 |
| Dolby Laboratories, Inc., Class A  | 35890 | 2389197 |
| Domo, Inc., Class B \* | 20483 | 73534 |
| Dropbox, Inc., Class A \* | 100893 | 2521316 |
| D-Wave Quantum, Inc. \* | 204197 | 3834820 |
| DXC Technology Co. \* | 101332 | 1275770 |
| Dynatrace, Inc. \* | 175988 | 6321489 |
| Elastic NV \* | 54136 | 2818862 |
| EPAM Systems, Inc. \* | 32361 | 4562901 |
| EverCommerce, Inc. *\*(a)* | 10445 | 119909 |
| Fair Isaac Corp. \* | 13697 | 19304004 |
| Fastly, Inc., Class A \* | 81432 | 1556980 |
| Five9, Inc. \* | 45516 | 793799 |
| Fortinet, Inc. \* | 367903 | 29075374 |
| Freshworks, Inc., Class A \* | 125879 | 984374 |
| Gartner, Inc. \* | 42248 | 6641386 |
| Gen Digital, Inc.  | 327525 | 7392239 |
| Gitlab, Inc., Class A \* | 81170 | 2134771 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| GoDaddy, Inc., Class A \* | 79021 | 6887470 |
| Grid Dynamics Holdings, Inc. \* | 38325 | 258694 |
| Guidewire Software, Inc. \* | 49648 | 7214847 |
| Hackett Group, Inc.  | 13157 | 179725 |
| HubSpot, Inc. \* | 30736 | 8129979 |
| Hut 8 Corp. \* | 56297 | 2996689 |
| I3 Verticals, Inc., Class A \* | 12243 | 273998 |
| Intapp, Inc. \* | 33676 | 755353 |
| InterDigital, Inc.  | 14749 | 5405951 |
| International Business Machines <br> Corp. <br>| 544026 | 130680485 |
| Intuit, Inc.  | 162126 | 66314398 |
| Kaltura, Inc. \* | 39809 | 55334 |
| Klaviyo, Inc., Class A \* | 80304 | 1398093 |
| Kyndryl Holdings, Inc. \* | 134946 | 1663884 |
| Life360, Inc. \* | 44912 | 2364617 |
| LiveRamp Holdings, Inc. \* | 36817 | 1000318 |
| Manhattan Associates, Inc. \* | 35193 | 4766188 |
| MARA Holdings, Inc. \* | 215997 | 1931013 |
| Microsoft Corp.  | 4325062 | 1698624850 |
| MongoDB, Inc. \* | 47379 | 15562580 |
| N-able, Inc. \* | 40159 | 176700 |
| nCino, Inc. \* | 62190 | 1003747 |
| NCR Voyix Corp. \* | 82464 | 630025 |
| Netskope, Inc., Class A \* | 33205 | 358614 |
| NextNav, Inc. \* | 51180 | 823486 |
| Nutanix, Inc., Class A \* | 157387 | 6024774 |
| Okta, Inc. \* | 97614 | 7077015 |
| ON24, Inc. \* | 31603 | 253140 |
| OneSpan, Inc.  | 20734 | 228903 |
| Onestream, Inc. \* | 48788 | 1150909 |
| Oracle Corp.  | 978138 | 142221265 |
| PagerDuty, Inc. \* | 54262 | 383090 |
| Palantir Technologies, Inc., Class A \* | 1329331 | 182370920 |
| Palo Alto Networks, Inc. \* | 462263 | 68840206 |
| PAR Technology Corp. \* | 24475 | 401145 |
| Pegasystems, Inc.  | 52298 | 2286992 |
| Pivotal Software, Inc. *\*(d)* | 45214 | 0 |
| Porch Group, Inc. \* | 56707 | 465564 |
| Procore Technologies, Inc. \* | 70322 | 3870523 |
| Progress Software Corp. \* | 23397 | 979866 |
| PTC, Inc. \* | 69502 | 10883318 |
| Q2 Holdings, Inc. \* | 35607 | 1713409 |
| Qualys, Inc. \* | 20543 | 1899611 |
| Rapid7, Inc. \* | 32124 | 199811 |
| Red Violet, Inc. \* | 7620 | 330022 |
| RingCentral, Inc., Class A \* | 44668 | 1628149 |
| Riot Platforms, Inc. \* | 188365 | 3068466 |
| Roper Technologies, Inc.  | 62505 | 21859874 |
| Rubrik, Inc., Class A \* | 82687 | 4296417 |
| SailPoint, Inc. \* | 44487 | 627267 |
| Salesforce, Inc.  | 553350 | 107787046 |
| Samsara, Inc., Class A \* | 203912 | 5893057 |
| SEMrush Holdings, Inc., Class A \* | 27224 | 321788 |
| SentinelOne, Inc., Class A \* | 186868 | 2451708 |
| ServiceNow, Inc. \* | 603779 | 65214170 |
| ServiceTitan, Inc., Class A \* | 33833 | 2449171 |
| Snowflake, Inc., Class A \* | 196786 | 33140730 |
| SoundHound AI, Inc., Class A *\*(a)* | 220536 | 1896610 |
| Sprinklr, Inc., Class A \* | 64902 | 377730 |
| Sprout Social, Inc., Class A \* | 30574 | 197202 |
| SPS Commerce, Inc. \* | 21732 | 1228075 |
| Strategy, Inc., Class A \* | 156483 | 20264548 |
| Synopsys, Inc. \* | 108082 | 44745948 |
| Telos Corp. \* | 25850 | 103917 |
| Tenable Holdings, Inc. \* | 70655 | 1358696 |
| Teradata Corp. \* | 54878 | 1728108 |
| Terawulf, Inc. \* | 193556 | 3139478 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**19**

------

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Trimble, Inc. \* | 138249 | 9244711 |
| Tucows, Inc., Class A \* | 7627 | 138506 |
| Twilio, Inc., Class A \* | 88501 | 10705081 |
| Tyler Technologies, Inc. \* | 24905 | 8833554 |
| UiPath, Inc., Class A \* | 245931 | 2638840 |
| Unisys Corp. \* | 25000 | 60750 |
| Unity Software, Inc. \* | 200393 | 3653164 |
| Varonis Systems, Inc. \* | 70368 | 1625501 |
| VeriSign, Inc.  | 48693 | 11099082 |
| Vertex, Inc., Class A \* | 44034 | 637612 |
| Via Transportation, Inc., Class A *\*(a)* | 9000 | 154620 |
| Weave Communications, Inc. \* | 44115 | 222340 |
| Whitefiber, Inc. *\*(a)* | 5600 | 94360 |
| Workday, Inc., Class A \* | 125940 | 16845734 |
| Workiva, Inc. \* | 30016 | 1848385 |
| Xperi, Inc. \* | 25564 | 156707 |
| Yext, Inc. \* | 59921 | 340351 |
| Zeta Global Holdings Corp., Class A \* | 114134 | 1934571 |
| Zoom Communications, Inc., Class A \* | 155574 | 11503142 |
| Zscaler, Inc. \* | 59118 | 8689755 |
|  |  | **3405668184** |
| **Technology Hardware & Equipment 8.7%** | **Technology Hardware & Equipment 8.7%** | **Technology Hardware & Equipment 8.7%** |
| 908 Devices, Inc. \* | 15500 | 106950 |
| ADTRAN Holdings, Inc. \* | 40118 | 409204 |
| Advanced Energy Industries, Inc.  | 21689 | 7278178 |
| Aeva Technologies, Inc. \* | 19296 | 255865 |
| Amphenol Corp., Class A  | 712296 | 104037954 |
| Apple, Inc.  | 8598680 | 2271599282 |
| Applied Optoelectronics, Inc. \* | 37280 | 3140094 |
| Arista Networks, Inc. \* | 601162 | 80255127 |
| Arlo Technologies, Inc. \* | 64740 | 1015771 |
| Arrow Electronics, Inc. \* | 30152 | 4587928 |
| Avnet, Inc.  | 49967 | 3289827 |
| Badger Meter, Inc.  | 16933 | 2581097 |
| Bel Fuse, Inc., Class B  | 7025 | 1613713 |
| Belden, Inc.  | 22968 | 3291314 |
| Benchmark Electronics, Inc.  | 20116 | 1162906 |
| Calix, Inc. \* | 33956 | 1757902 |
| CDW Corp.  | 75914 | 9310093 |
| Ciena Corp. \* | 81849 | 28540746 |
| Cisco Systems, Inc.  | 2293193 | 182217116 |
| Clearfield, Inc. \* | 6800 | 213792 |
| Cognex Corp.  | 95996 | 5222182 |
| Coherent Corp. \* | 91355 | 23654550 |
| Corning, Inc.  | 453906 | 68258384 |
| Corsair Gaming, Inc. \* | 25300 | 138897 |
| Crane NXT Co.  | 27859 | 1345311 |
| CTS Corp.  | 17456 | 919233 |
| Daktronics, Inc. \* | 22690 | 584948 |
| Dell Technologies, Inc., Class C  | 174627 | 25858766 |
| Diebold Nixdorf, Inc. \* | 21264 | 1701120 |
| Digi International, Inc. \* | 20614 | 1006376 |
| ePlus, Inc.  | 14708 | 1186347 |
| Evolv Technologies Holdings, Inc. \* | 81436 | 431611 |
| Extreme Networks, Inc. \* | 85301 | 1192508 |
| F5, Inc. \* | 33993 | 9224341 |
| Fabrinet \* | 21007 | 11462049 |
| Flex Ltd. \* | 215062 | 13553207 |
| GPGI, Inc., Class A  | 40547 | 910280 |
| Harmonic, Inc. \* | 64998 | 690929 |
| Hewlett Packard Enterprise Co.  | 765590 | 16437217 |
| HP, Inc.  | 546466 | 10377389 |
| Insight Enterprises, Inc. \* | 18235 | 1523717 |
| IonQ, Inc. \* | 206284 | 7915117 |
| IPG Photonics Corp. \* | 15217 | 2002101 |
| Itron, Inc. \* | 26712 | 2509592 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Jabil, Inc.  | 61848 | 16389102 |
| Keysight Technologies, Inc. \* | 99640 | 30622361 |
| Kimball Electronics, Inc. \* | 14244 | 355958 |
| Knowles Corp. \* | 50517 | 1372547 |
| Lightwave Logic, Inc. \* | 80880 | 356681 |
| Littelfuse, Inc.  | 14205 | 5006694 |
| Lumentum Holdings, Inc. \* | 41130 | 28828428 |
| Methode Electronics, Inc.  | 20778 | 175782 |
| MicroVision, Inc. \* | 200504 | 156614 |
| Mirion Technologies, Inc. \* | 145658 | 3147669 |
| Motorola Solutions, Inc.  | 96705 | 46636953 |
| Napco Security Technologies, Inc.  | 21098 | 983378 |
| NetApp, Inc.  | 115987 | 11486193 |
| NETGEAR, Inc. \* | 16629 | 342890 |
| NetScout Systems, Inc. \* | 39755 | 1161244 |
| nLight, Inc. \* | 30220 | 1698062 |
| Novanta, Inc. \* | 21190 | 2848572 |
| Ondas, Inc. *\*(a)* | 220456 | 2222197 |
| OSI Systems, Inc. \* | 9360 | 2669472 |
| Ouster, Inc. \* | 34195 | 647995 |
| PC Connection, Inc.  | 6985 | 425736 |
| Plexus Corp. \* | 16415 | 3186644 |
| Powerfleet, Inc. NJ \* | 70432 | 251442 |
| Pure Storage, Inc., Class A \* | 182219 | 11702104 |
| Quantum Computing, Inc. *\*(a)* | 112719 | 947967 |
| Ralliant Corp.  | 65930 | 3025528 |
| Ribbon Communications, Inc. \* | 51836 | 115594 |
| Rogers Corp. \* | 9462 | 1020287 |
| Sandisk Corp. \* | 85792 | 54508805 |
| Sanmina Corp. \* | 31835 | 4942702 |
| ScanSource, Inc. \* | 13215 | 486048 |
| Seagate Technology Holdings PLC  | 126525 | 51601956 |
| SmartRent, Inc. \* | 99028 | 150523 |
| Super Micro Computer, Inc. \* | 291509 | 9441977 |
| TD SYNNEX Corp.  | 43919 | 6886938 |
| TE Connectivity PLC  | 171310 | 39426997 |
| Teledyne Technologies, Inc. \* | 27243 | 18555207 |
| TTM Technologies, Inc. \* | 61689 | 6430461 |
| Ubiquiti, Inc.  | 2402 | 1842310 |
| Viasat, Inc. \* | 78305 | 3584803 |
| Viavi Solutions, Inc. \* | 129573 | 3849614 |
| Vishay Intertechnology, Inc.  | 71043 | 1329925 |
| Vistance Networks, Inc. \* | 125799 | 2210288 |
| Vontier Corp.  | 85885 | 3514414 |
| Western Digital Corp.  | 198765 | 55594571 |
| Xerox Holdings Corp.  | 80314 | 144565 |
| Zebra Technologies Corp., Class A \* | 29417 | 6588231 |
|  |  | **3363645460** |
| **Telecommunication Services 1.0%** | **Telecommunication Services 1.0%** | **Telecommunication Services 1.0%** |
| Anterix, Inc. \* | 11166 | 412137 |
| Array Digital Infrastructure, Inc.  | 7821 | 381117 |
| AST SpaceMobile, Inc. *\*(a)* | 140497 | 11125957 |
| AT&T, Inc.  | 4123143 | 115489235 |
| ATN International, Inc.  | 6200 | 178684 |
| Bandwidth, Inc., Class A \* | 16880 | 250162 |
| Cogent Communications Holdings, <br> Inc. <br>| 30420 | 570679 |
| Comcast Corp., Class A  | 2111589 | 65374796 |
| GCI Liberty, Inc., Class C \* | 20427 | 803803 |
| Globalstar, Inc. \* | 31638 | 1970098 |
| Gogo, Inc. \* | 44912 | 189978 |
| IDT Corp., Class B  | 11647 | 593415 |
| Iridium Communications, Inc.  | 63238 | 1514550 |
| Liberty Global Ltd., Class C \* | 168722 | 2075281 |
| Liberty Latin America Ltd., Class C \* | 92603 | 735268 |
| Lumen Technologies, Inc. \* | 550867 | 3916664 |

---

*See financial notes*

**20**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Telephone & Data Systems, Inc.  | 58455 | 2615861 |
| T-Mobile U.S., Inc.  | 279291 | 60631283 |
| Uniti Group, Inc.  | 103268 | 755922 |
| Verizon Communications, Inc.  | 2453116 | 122999236 |
|  |  | **392584126** |
| **Transportation 1.5%** | **Transportation 1.5%** | **Transportation 1.5%** |
| Alaska Air Group, Inc. \* | 67120 | 3463392 |
| Allegiant Travel Co. \* | 8571 | 875528 |
| American Airlines Group, Inc. \* | 381417 | 4985120 |
| ArcBest Corp.  | 13273 | 1362606 |
| Avis Budget Group, Inc. *\*(a)* | 9564 | 931629 |
| CH Robinson Worldwide, Inc.  | 68390 | 12669248 |
| Covenant Logistics Group, Inc., <br> Class A <br>| 8844 | 260367 |
| CSX Corp.  | 1085104 | 46323090 |
| Delta Air Lines, Inc.  | 376613 | 24743474 |
| Expeditors International of <br> Washington, Inc. <br>| 77840 | 11289135 |
| FedEx Corp.  | 126143 | 48817341 |
| Forward Air Corp. \* | 11351 | 287067 |
| Frontier Group Holdings, Inc. \* | 47172 | 209444 |
| FTAI Infrastructure, Inc.  | 76573 | 444506 |
| Genco Shipping & Trading Ltd.  | 24986 | 600913 |
| GXO Logistics, Inc. \* | 65493 | 4114925 |
| Heartland Express, Inc.  | 30757 | 339250 |
| Hertz Global Holdings, Inc. *\*(a)* | 70897 | 321872 |
| Hub Group, Inc., Class A  | 36897 | 1589154 |
| JB Hunt Transport Services, Inc.  | 43622 | 10181811 |
| JetBlue Airways Corp. \* | 177644 | 984148 |
| Joby Aviation, Inc. \* | 353194 | 3553132 |
| Kirby Corp. \* | 31493 | 4087791 |
| Knight-Swift Transportation Holdings, <br> Inc. <br>| 94444 | 5942416 |
| Landstar System, Inc.  | 20228 | 3296153 |
| Lyft, Inc., Class A \* | 232142 | 3212845 |
| Marten Transport Ltd.  | 34495 | 468787 |
| Matson, Inc.  | 18027 | 2994826 |
| Norfolk Southern Corp.  | 130257 | 40997088 |
| Old Dominion Freight Line, Inc.  | 107257 | 21778534 |
| Proficient Auto Logistics, Inc. \* | 15000 | 113550 |
| RXO, Inc. \* | 98555 | 1572938 |
| Ryder System, Inc.  | 23563 | 5220618 |
| Saia, Inc. \* | 15410 | 6247060 |
| Schneider National, Inc., Class B  | 26799 | 760556 |
| SkyWest, Inc. \* | 23397 | 2435160 |
| Southwest Airlines Co.  | 300423 | 14798837 |
| Sun Country Airlines Holdings, Inc. \* | 32967 | 648791 |
| Uber Technologies, Inc. \* | 1209657 | 91232331 |
| U-Haul Holding Co., Non Voting <br> Shares <br>| 64635 | 3048187 |
| Union Pacific Corp.  | 345295 | 91496269 |
| United Airlines Holdings, Inc. \* | 187887 | 19972388 |
| United Parcel Service, Inc., Class B  | 430369 | 49905589 |
| Universal Logistics Holdings, Inc.  | 3740 | 62196 |
| Werner Enterprises, Inc.  | 36860 | 1293417 |
| Wheels Up Experience, Inc. \* | 73976 | 44060 |
| XPO, Inc. \* | 67968 | 14305225 |
|  |  | **564282764** |
| **Utilities 2.4%** | **Utilities 2.4%** | **Utilities 2.4%** |
| AES Corp.  | 413020 | 7136986 |
| Alliant Energy Corp.  | 148927 | 10773379 |
| Ameren Corp.  | 156859 | 17768988 |
| American Electric Power Co., Inc.  | 311931 | 41742606 |
| American States Water Co.  | 22355 | 1666118 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| American Water Works Co., Inc.  | 113455 | 15433284 |
| Atmos Energy Corp.  | 94017 | 17561435 |
| Avista Corp.  | 47828 | 1942773 |
| Black Hills Corp.  | 45477 | 3349836 |
| California Water Service Group  | 35294 | 1591054 |
| CenterPoint Energy, Inc.  | 378512 | 16465272 |
| Chesapeake Utilities Corp.  | 13497 | 1835187 |
| Clearway Energy, Inc., Class C  | 66709 | 2555622 |
| CMS Energy Corp.  | 176755 | 13799263 |
| Consolidated Edison, Inc.  | 209665 | 23591506 |
| Constellation Energy Corp.  | 181554 | 59891034 |
| Dominion Energy, Inc.  | 498249 | 31459442 |
| DTE Energy Co.  | 120604 | 17878337 |
| Duke Energy Corp.  | 452465 | 59205045 |
| Edison International  | 223117 | 16675765 |
| Entergy Corp.  | 260876 | 27942428 |
| Essential Utilities, Inc.  | 163323 | 6528020 |
| Evergy, Inc.  | 135357 | 11323967 |
| Eversource Energy  | 217991 | 16613094 |
| Exelon Corp.  | 586509 | 29014600 |
| FirstEnergy Corp.  | 302755 | 15488946 |
| H2O America  | 19281 | 1037125 |
| Hallador Energy Co. \* | 20500 | 372690 |
| Hawaiian Electric Industries, Inc. \* | 96097 | 1488543 |
| IDACORP, Inc.  | 30923 | 4451984 |
| MDU Resources Group, Inc.  | 117043 | 2420449 |
| MGE Energy, Inc.  | 22816 | 1871368 |
| Middlesex Water Co.  | 9815 | 530010 |
| Montauk Renewables, Inc. \* | 52047 | 80152 |
| National Fuel Gas Co.  | 52450 | 4774523 |
| New Jersey Resources Corp.  | 58744 | 3186275 |
| NextEra Energy, Inc.  | 1212144 | 113662743 |
| NiSource, Inc.  | 276885 | 13096660 |
| Northwest Natural Holding Co.  | 24358 | 1291948 |
| Northwestern Energy Group, Inc.  | 36390 | 2545844 |
| NRG Energy, Inc.  | 111311 | 19920217 |
| OGE Energy Corp.  | 117936 | 5795375 |
| Oklo, Inc. \* | 71940 | 4528623 |
| ONE Gas, Inc.  | 34783 | 3041426 |
| Ormat Technologies, Inc.  | 35291 | 3659677 |
| Otter Tail Corp.  | 23894 | 2033379 |
| PG&E Corp.  | 1274882 | 24222758 |
| Pinnacle West Capital Corp.  | 69488 | 6969646 |
| Portland General Electric Co.  | 64729 | 3492777 |
| PPL Corp.  | 428617 | 16707491 |
| Public Service Enterprise Group, Inc.  | 290230 | 24980096 |
| Sempra  | 379219 | 36507413 |
| Southern Co.  | 641279 | 62447749 |
| Southwest Gas Holdings, Inc.  | 37344 | 3292620 |
| Spire, Inc.  | 34389 | 3150376 |
| Talen Energy Corp. \* | 26791 | 9938657 |
| TXNM Energy, Inc.  | 56594 | 3340178 |
| UGI Corp.  | 124419 | 4654515 |
| Unitil Corp.  | 10167 | 531836 |
| Vistra Corp.  | 185992 | 32342149 |
| WEC Energy Group, Inc.  | 188924 | 22096551 |
| Xcel Energy, Inc.  | 345536 | 28803881 |
| York Water Co.  | 7252 | 238446 |
|  |  | **942740137** |
| **Total Common Stocks** <br>**(Cost $17,715,302,577)** | **Total Common Stocks** <br>**(Cost $17,715,302,577)** | **38651639372** |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**21**

------

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  |
| **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 3.63% *(e)*<br>| 39079815 | 39079815 |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 3.63% *(e)(f)*<br>| 40145257 | 40145257 |
|  |  | **79225072** |
| **Total Short-Term Investments** <br>**(Cost $79,225,072)** | **Total Short-Term Investments** <br>**(Cost $79,225,072)** | **79225072** |
| **Total Investments in Securities** <br>**(Cost $17,794,527,649)** | **Total Investments in Securities** <br>**(Cost $17,794,527,649)** | **38730864444** |

---

&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>| 32 | 4215520 | (46168)<br>|
| S&P 500 Index, e-mini, expires <br> 03/20/26<br>| 111 | 38233950 | (86616)<br>|
|  |  |  | **(132784)**<br>|

---

&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 $37,635,166. 

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* Fair valued using significant unobservable inputs.

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

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* 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 August 31, 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> 8/31/25<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>| $— | $773 | ($135021)<br>| ($168722)<br>| ($8581)<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>|  |  |  |  | (31320)<br>| 76140 | 18000 |  |
| **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>|  |  |  |  | (41380)<br>| 367316 | 9278 | 12804 |
| **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>| 242390 | 3066 | (1375)<br>| 46 | (36046)<br>| 208081 | 90470 | 1803 |
| **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** |
| Charles Schwab Corp.<sup>(b)</sup> <br>| 94381507 | 1964020 | (3833459)<br>| 683452 | (1302387)<br>| 91893133 | 965264 | 573152 |

---

*See financial notes*

**22**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 8/31/25<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>|
| **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>| $— | $26 | ($132082)<br>| ($295544)<br>| $272235 | $— |  | $— |
| **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>|  | 171833 | (228037)<br>| (410161)<br>| 399400 | 145960 | 60314 |  |
| **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>|  |  |  |  | (27555)<br>| 82903 | 7873 |  |
| Nu Skin Enterprises, Inc., Class A<sup>(a)</sup> <br>|  |  |  |  | (102840)<br>| 236338 | 27870 | 3344 |
|  |  |  |  |  |  | **319241** |  |  |
| **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** |
| AMC Networks, Inc., Class A<sup>(a),\*</sup> <br>|  | 226652 | (174283)<br>| (103177)<br>| 96518 | 192191 | 23524 |  |
| EW Scripps Co., Class A<sup>(a),\*</sup> <br>|  | 1604 | (927)<br>| 421 | 43770 | 158040 | 38082 |  |
| Gray Media, Inc.<sup>(a)</sup> <br>|  | 2327 | (1117)<br>| 1004 | (46810)<br>| 254076 | 48955 | 7798 |
|  |  |  |  |  |  | **604307** |  |  |
| **Total** | **$94623897** | **$2370301** | **($4506301)**<br>| **($292681)**<br>| **($784996)**<br>| **$93614178** |  | **$598901** |

---

&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> Issuer is affiliated with the fund's investment adviser.

\* 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>| $31293923602 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31293923602 |
| Health Care Equipment & Services | 1402671225 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 1402671225 |
| Pharmaceuticals, Biotechnology & Life Sciences | 2549376114 | &nbsp;&nbsp; — | &nbsp;&nbsp; 247 | &nbsp;&nbsp; 2549376361 |
| Software & Services | 3405668184 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 3405668184 |
| Short-Term Investments<sup>1</sup> <br>| 79225072 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 79225072 |
| **<u>Liabilities</u>** |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| (132784)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (132784)<br>|
| **Total** | **$38730731413** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$247** | &nbsp;&nbsp; **$38730731660** |

---

&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 U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**23**

------

Schwab U.S. Broad Market ETF

Statement of Assets and Liabilities

------

As of February 28, 2026; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $53,016,353)  |  | $93614178 |
| Investments in securities, at value - unaffiliated issuers (cost $17,741,511,296) including securities on loan of $37,635,166 |  | 38637250266 |
| Cash |  | 26362 |
| Deposit with broker for futures contracts |  | 4833395 |
| Receivables: |  |  |
| Dividends |  | 33729506 |
| Investments sold |  | 5923152 |
| Income from securities on loan | + | 59570 |
| **Total assets** |  | **38775436429** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 40145257 |
| Payables: |  |  |
| Investments bought |  | 30731901 |
| Management fees |  | 888955 |
| Variation margin on futures contracts | + | 411335 |
| **Total liabilities** |  | **72177448** |
| **Net assets** |  | **$38703258981** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $18498264061 |
| Total distributable earnings | + | 20204994920 |
| **Net assets** |  | **$38703258981** |

---

&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** |
| $38703258981 |  | &nbsp;&nbsp;&nbsp;&nbsp; 1461100000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $26.49 |

---

*See financial notes*

**24**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Broad Market ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $65,283) |  | $226560703 |
| Dividends received from securities - affiliated issuers |  | 598901 |
| Other Interest |  | 79216 |
| Securities on loan, net | + | 491257 |
| **Total investment income**  |  | **227730077** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 5644990 |
| **Total expenses** | – | **5644990** |
| **Net investment income** |  | **222085087** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers |  | (400110)<br>|
| Net realized losses on sales of securities - unaffiliated issuers  |  | (103828752)<br>|
| Net realized gains on sales of in-kind redemptions - affiliated issuers |  | 517557 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 212371222 |
| Net realized gains on futures contracts | + | 3576882 |
| **Net realized gains** |  | **112236799** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | (1209897)<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 2167498347 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | (515234)<br>|
| **Net change in unrealized appreciation (depreciation)** |  | **2165773216** |
| **Net realized and unrealized gains** |  | **2278010015** |
| **Increase in net assets resulting from operations** |  | **$2500095102** |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**25**

------

Schwab U.S. Broad Market ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 |
| Net investment income |  | $222085087 | &nbsp;&nbsp;&nbsp; $410338156 |
| Net realized gains |  | 112236799 | &nbsp;&nbsp;&nbsp; 200318299 |
| Net change in unrealized appreciation (depreciation) | + | 2165773216 | &nbsp;&nbsp;&nbsp; 4314853875 |
| **Increase in net assets resulting from operations** |  | **$2500095102** | &nbsp;&nbsp;&nbsp; **$4925510330** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($226786075)**<br>| &nbsp;&nbsp;&nbsp; **($409095490)**<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>  |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 | 9/1/24-8/31/25 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 23750000 | &nbsp;&nbsp;&nbsp; $622363887 | &nbsp;&nbsp;&nbsp; 72300000 | &nbsp;&nbsp;&nbsp; $1613715983 |
| Shares redeemed | + | (12150000)<br>| &nbsp;&nbsp;&nbsp; (319136411)<br>| &nbsp;&nbsp;&nbsp; (30100000)<br>| &nbsp;&nbsp;&nbsp; (664475028)<br>|
| **Net transactions in fund shares**  |  | **11600000** | &nbsp;&nbsp;&nbsp; **$303227476** | &nbsp;&nbsp;&nbsp; **42200000** | &nbsp;&nbsp;&nbsp; **$949240955** |
| **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>  |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 | 9/1/24-8/31/25 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 1449500000 | &nbsp;&nbsp;&nbsp; $36126722478 | &nbsp;&nbsp;&nbsp; 1407300000 | &nbsp;&nbsp;&nbsp; $30661066683 |
| Total increase | + | 11600000 | &nbsp;&nbsp;&nbsp; 2576536503 | &nbsp;&nbsp;&nbsp; 42200000 | &nbsp;&nbsp;&nbsp; 5465655795 |
| **End of period** |  | **1461100000** | &nbsp;&nbsp;&nbsp; **$38703258981** | &nbsp;&nbsp;&nbsp; **1449500000** | &nbsp;&nbsp;&nbsp; **$36126722478** |

---

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

<sup>1</sup> For the period ended August 31, 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*

**26**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 1000 Index ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 9/1/25– <br>2/28/26\*<br>| 9/1/24– <br>8/31/25<sup>1</sup> <br>| 9/1/23– <br>8/31/24<sup>1</sup> <br>| 9/1/22– <br>8/31/23<sup>1</sup> <br>| 9/1/21– <br>8/31/22<sup>1</sup> <br>| 9/1/20– <br>8/31/21<sup>1</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $31.15 | &nbsp;&nbsp; $27.15 | &nbsp;&nbsp; $21.74 | &nbsp;&nbsp; $19.15 | &nbsp;&nbsp; $22.41 | &nbsp;&nbsp; $17.25 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.19 | 0.35 | 0.33 | 0.32 | 0.29 | 0.28 |
| Net realized and unrealized gains (losses) | 1.92 | 4.00 | 5.41 | 2.58 | &nbsp;&nbsp; (3.26)<br>| 5.17 |
| Total from investment operations | 2.11 | 4.35 | 5.74 | 2.90 | &nbsp;&nbsp; (2.97)<br>| 5.45 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.29)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $33.07 | &nbsp;&nbsp; $31.15 | &nbsp;&nbsp; $27.15 | &nbsp;&nbsp; $21.74 | &nbsp;&nbsp; $19.15 | &nbsp;&nbsp; $22.41 |
| Total return | 6.79 %<sup>3</sup><br>| 16.14<br> %<br>| 26.68<br> %<br>| 15.31<br> %<br>| &nbsp;&nbsp; (13.36<br> %)<br>| 31.95<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Total expenses | 0.03 %<sup>4</sup><br>| 0.04 %<sup>5</sup><br>| 0.05<br> %<br>| 0.05<br> %<br>| 0.05 %<sup>6</sup><br>| 0.05<br> %<br>|
| Net investment income (loss) | 1.17 %<sup>4</sup><br>| 1.24<br> %<br>| 1.37<br> %<br>| 1.61<br> %<br>| 1.36<br> %<br>| 1.43<br> %<br>|
| Portfolio turnover rate<sup>7</sup> <br>| &nbsp;&nbsp; 2 %<sup>3</sup><br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 5<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $4929 | &nbsp;&nbsp; $4504 | &nbsp;&nbsp; $3736 | &nbsp;&nbsp; $2939 | &nbsp;&nbsp; $2235 | &nbsp;&nbsp; $2090 |

---

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

\* Unaudited.

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

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

<sup>5</sup> Effective June 10, 2025, the annual operating expense ratio was reduced to 0.03%. The ratio presented for the period ended August 31, 2025, is a blended ratio.

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

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

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**27**

------

Schwab 1000 Index ETF

Portfolio Holdings as of February 28, 2026 (Unaudited)

------

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.8% OF NET ASSETS  | **COMMON STOCKS** 99.8% OF NET ASSETS  | **COMMON STOCKS** 99.8% OF NET ASSETS  |
| **Automobiles & Components 2.1%** | **Automobiles & Components 2.1%** | **Automobiles & Components 2.1%** |
| Aptiv PLC \* | 16788 | 1234590 |
| Autoliv, Inc.  | 5416 | 641904 |
| BorgWarner, Inc.  | 16732 | 963261 |
| Ford Motor Co.  | 300313 | 4231410 |
| General Motors Co.  | 71585 | 5634455 |
| Gentex Corp.  | 16746 | 391857 |
| Lear Corp.  | 4056 | 532350 |
| Lucid Group, Inc. *\*(a)* | 11203 | 112030 |
| Rivian Automotive, Inc., Class A \* | 62482 | 957849 |
| Tesla, Inc. \* | 216047 | 86961078 |
| Thor Industries, Inc.  | 4007 | 385193 |
|  |  | **102045977** |
| **Banks 3.5%** | **Banks 3.5%** | **Banks 3.5%** |
| Bank of America Corp.  | 516446 | 25734504 |
| Bank OZK  | 8060 | 375274 |
| BOK Financial Corp.  | 1638 | 205929 |
| Citigroup, Inc.  | 137534 | 15154872 |
| Citizens Financial Group, Inc.  | 33135 | 1994396 |
| Columbia Banking System, Inc.  | 23124 | 657878 |
| Commerce Bancshares, Inc.  | 9954 | 507554 |
| Cullen/Frost Bankers, Inc.  | 4994 | 690271 |
| East West Bancorp, Inc.  | 10573 | 1157215 |
| Fifth Third Bancorp  | 69231 | 3424858 |
| First Citizens BancShares, Inc., Class A  | 778 | 1476761 |
| First Financial Bankshares, Inc.  | 10528 | 325631 |
| First Horizon Corp.  | 37816 | 899643 |
| Flagstar Bank NA  | 22889 | 290461 |
| FNB Corp.  | 27471 | 466732 |
| Glacier Bancorp, Inc.  | 9832 | 447258 |
| Hancock Whitney Corp.  | 6485 | 426778 |
| Home BancShares, Inc.  | 13664 | 375213 |
| Huntington Bancshares, Inc.  | 156022 | 2621170 |
| JPMorgan Chase & Co.  | 209304 | 62853991 |
| KeyCorp  | 71623 | 1485461 |
| M&T Bank Corp.  | 11786 | 2557326 |
| Old National Bancorp  | 26693 | 616608 |
| Pinnacle Financial Partners, Inc.  | 11587 | 1051636 |
| PNC Financial Services Group, Inc.  | 30143 | 6400866 |
| Popular, Inc.  | 5129 | 694261 |
| Prosperity Bancshares, Inc.  | 7265 | 511238 |
| Regions Financial Corp.  | 67427 | 1876493 |
| Southstate Bank Corp.  | 7717 | 761436 |
| Truist Financial Corp.  | 98177 | 4841108 |
| U.S. Bancorp  | 119531 | 6533565 |
| UMB Financial Corp.  | 5437 | 630040 |
| United Bankshares, Inc.  | 10976 | 453309 |
| Valley National Bancorp  | 36881 | 465069 |
| Webster Financial Corp.  | 12357 | 891310 |
| Wells Fargo & Co.  | 241316 | 19655188 |
| Western Alliance Bancorp  | 7897 | 634287 |
| Wintrust Financial Corp.  | 5235 | 754154 |
| Zions Bancorp NA  | 11234 | 643484 |
|  |  | **171543228** |
| **Capital Goods 8.0%** | **Capital Goods 8.0%** | **Capital Goods 8.0%** |
| 3M Co.  | 40856 | 6754314 |
| A.O. Smith Corp.  | 8705 | 678990 |
| AAON, Inc.  | 5125 | 518650 |
| Acuity, Inc.  | 2313 | 697578 |
| Advanced Drainage Systems, Inc.  | 5461 | 935688 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| AECOM  | 10216 | 1000964 |
| AeroVironment, Inc. \* | 2452 | 618517 |
| AGCO Corp.  | 4664 | 636636 |
| Air Lease Corp.  | 8179 | 530326 |
| Allegion PLC  | 6630 | 1068425 |
| Allison Transmission Holdings, Inc.  | 6501 | 814575 |
| AMETEK, Inc.  | 17760 | 4248547 |
| API Group Corp. \* | 28541 | 1268933 |
| Applied Industrial Technologies, Inc.  | 2927 | 827112 |
| Archer Aviation, Inc., Class A \* | 46753 | 332881 |
| Armstrong World Industries, Inc.  | 3310 | 574285 |
| ATI, Inc. \* | 10544 | 1724893 |
| Axon Enterprise, Inc. \* | 6062 | 3288029 |
| Bloom Energy Corp., Class A \* | 16719 | 2602647 |
| Boeing Co. \* | 60216 | 13700946 |
| Builders FirstSource, Inc. \* | 8466 | 882919 |
| BWX Technologies, Inc.  | 6981 | 1437946 |
| Carlisle Cos., Inc.  | 3193 | 1260501 |
| Carpenter Technology Corp.  | 3806 | 1515054 |
| Carrier Global Corp.  | 60954 | 3925438 |
| Caterpillar, Inc.  | 36002 | 26743366 |
| Chart Industries, Inc. \* | 3377 | 700052 |
| CNH Industrial NV  | 67047 | 824678 |
| Comfort Systems USA, Inc.  | 2705 | 3866446 |
| Construction Partners, Inc., Class A \* | 3629 | 487629 |
| Core & Main, Inc., Class A \* | 14642 | 793011 |
| Crane Co.  | 3796 | 761212 |
| Cummins, Inc.  | 10597 | 6187270 |
| Curtiss-Wright Corp.  | 2833 | 1984035 |
| Deere & Co.  | 19314 | 12162219 |
| Donaldson Co., Inc.  | 8953 | 830480 |
| Dover Corp.  | 10605 | 2391428 |
| Dycom Industries, Inc. \* | 2259 | 948825 |
| Eaton Corp. PLC  | 29839 | 11217077 |
| EMCOR Group, Inc.  | 3456 | 2504287 |
| Emerson Electric Co.  | 43208 | 6513606 |
| Esab Corp.  | 4410 | 556410 |
| ESCO Technologies, Inc.  | 2039 | 565394 |
| Fastenal Co.  | 88135 | 4057735 |
| Federal Signal Corp.  | 4790 | 557700 |
| Ferguson Enterprises, Inc.  | 15046 | 3923395 |
| Flowserve Corp.  | 9920 | 878118 |
| Fluor Corp. \* | 12148 | 635462 |
| Fortive Corp.  | 24577 | 1454958 |
| Fortune Brands Innovations, Inc.  | 9186 | 499167 |
| FTAI Aviation Ltd.  | 7885 | 2411233 |
| Gates Industrial Corp. PLC \* | 19702 | 543184 |
| GATX Corp.  | 2720 | 500942 |
| GE Vernova, Inc.  | 20879 | 18239894 |
| Generac Holdings, Inc. \* | 4507 | 1015743 |
| General Dynamics Corp.  | 19484 | 6956762 |
| General Electric Co.  | 81131 | 27767896 |
| Graco, Inc.  | 12699 | 1192690 |
| HEICO Corp.  | 7726 | 2468148 |
| Hexcel Corp.  | 6139 | 569024 |
| Honeywell International, Inc.  | 48844 | 11897910 |
| Howmet Aerospace, Inc.  | 30934 | 8121103 |
| Hubbell, Inc.  | 4104 | 2099730 |
| Huntington Ingalls Industries, Inc.  | 3023 | 1343784 |
| IDEX Corp.  | 5729 | 1200054 |
| IES Holdings, Inc. \* | 652 | 322968 |
| Illinois Tool Works, Inc.  | 20309 | 5902405 |
| Ingersoll Rand, Inc.  | 27770 | 2614268 |
| ITT, Inc.  | 6521 | 1319916 |
| JBT Marel Corp.  | 3958 | 609532 |
| Johnson Controls International PLC  | 47009 | 6783399 |
| Karman Holdings, Inc. \* | 5807 | 511655 |

---

*See financial notes*

**28**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 1000 Index ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Kratos Defense & Security Solutions, <br> Inc. \*<br>| 13008 | 1121029 |
| L3Harris Technologies, Inc.  | 14387 | 5244637 |
| Lennox International, Inc.  | 2469 | 1407182 |
| Leonardo DRS, Inc.  | 6002 | 260427 |
| Lincoln Electric Holdings, Inc.  | 4201 | 1205897 |
| Loar Holdings, Inc. \* | 2653 | 187806 |
| Lockheed Martin Corp.  | 15655 | 10302242 |
| Masco Corp.  | 15990 | 1145204 |
| MasTec, Inc. \* | 4765 | 1420065 |
| Middleby Corp. \* | 3566 | 602155 |
| Modine Manufacturing Co. \* | 4139 | 940588 |
| Moog, Inc., Class A  | 2223 | 750107 |
| Mueller Industries, Inc.  | 8638 | 1018938 |
| Nextpower, Inc., Class A \* | 11514 | 1210121 |
| Nordson Corp.  | 4091 | 1200463 |
| Northrop Grumman Corp.  | 10301 | 7461838 |
| nVent Electric PLC  | 12355 | 1462338 |
| Oshkosh Corp.  | 4888 | 831058 |
| Otis Worldwide Corp.  | 29861 | 2763934 |
| Owens Corning  | 6413 | 782835 |
| PACCAR, Inc.  | 40303 | 5081805 |
| Parker-Hannifin Corp.  | 9702 | 9791064 |
| Pentair PLC  | 12667 | 1256440 |
| Primoris Services Corp.  | 4111 | 619610 |
| Quanta Services, Inc.  | 11478 | 6463032 |
| QXO, Inc. \* | 37114 | 888880 |
| RBC Bearings, Inc. \* | 2437 | 1403517 |
| Regal Rexnord Corp.  | 5188 | 1146444 |
| Resideo Technologies, Inc. \* | 10453 | 404531 |
| Rocket Lab Corp. \* | 36131 | 2496652 |
| Rockwell Automation, Inc.  | 8622 | 3513034 |
| RTX Corp.  | 103118 | 20893769 |
| Simpson Manufacturing Co., Inc.  | 3192 | 617875 |
| SiteOne Landscape Supply, Inc. \* | 3470 | 495828 |
| Snap-on, Inc.  | 4030 | 1552437 |
| SPX Technologies, Inc. \* | 3820 | 866911 |
| StandardAero, Inc. \* | 14852 | 457442 |
| Stanley Black & Decker, Inc.  | 11868 | 1026463 |
| Sterling Infrastructure, Inc. \* | 2338 | 1000968 |
| Symbotic, Inc. \* | 4233 | 231884 |
| Textron, Inc.  | 13642 | 1345783 |
| Timken Co.  | 4821 | 522500 |
| Toro Co.  | 7706 | 761815 |
| Trane Technologies PLC  | 17035 | 7875621 |
| TransDigm Group, Inc.  | 4327 | 5637172 |
| Trex Co., Inc. \* | 8355 | 346064 |
| UFP Industries, Inc.  | 4398 | 452598 |
| United Rentals, Inc.  | 4900 | 4116000 |
| Valmont Industries, Inc.  | 1515 | 696794 |
| Vertiv Holdings Co., Class A  | 29391 | 7491472 |
| Watsco, Inc.  | 2660 | 1110098 |
| Watts Water Technologies, Inc., Class A  | 2140 | 703504 |
| WESCO International, Inc.  | 3715 | 1075493 |
| Westinghouse Air Brake Technologies <br> Corp. <br>| 13101 | 3458009 |
| Woodward, Inc.  | 4591 | 1775615 |
| WW Grainger, Inc.  | 3355 | 3840569 |
| Xylem, Inc.  | 18680 | 2420181 |
| Zurn Elkay Water Solutions Corp.  | 11377 | 579999 |
|  |  | **394017731** |
| **Commercial & Professional Services 1.0%** | **Commercial & Professional Services 1.0%** | **Commercial & Professional Services 1.0%** |
| Amentum Holdings, Inc. \* | 11510 | 343804 |
| Automatic Data Processing, Inc.  | 31100 | 6666596 |
| Booz Allen Hamilton Holding Corp., <br> Class A <br>| 9455 | 745338 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Broadridge Financial Solutions, Inc.  | 8999 | 1672644 |
| CACI International, Inc., Class A \* | 1717 | 1047662 |
| Casella Waste Systems, Inc., Class A \* | 4795 | 446702 |
| Cintas Corp.  | 26254 | 5280467 |
| Clean Harbors, Inc. \* | 3908 | 1145826 |
| Copart, Inc. \* | 68723 | 2617659 |
| Equifax, Inc.  | 9392 | 1962552 |
| ExlService Holdings, Inc. \* | 12417 | 388031 |
| FTI Consulting, Inc. \* | 2367 | 389182 |
| Genpact Ltd.  | 12251 | 486610 |
| Jacobs Solutions, Inc.  | 9168 | 1263900 |
| KBR, Inc.  | 9572 | 404226 |
| Leidos Holdings, Inc.  | 9810 | 1717731 |
| MSA Safety, Inc.  | 2888 | 564344 |
| Parsons Corp. \* | 4068 | 268488 |
| Paychex, Inc.  | 24889 | 2330855 |
| Paycom Software, Inc.  | 3684 | 463558 |
| Paylocity Holding Corp. \* | 3381 | 360043 |
| RB Global, Inc.  | 14215 | 1435146 |
| Republic Services, Inc.  | 15464 | 3541256 |
| Rollins, Inc.  | 22487 | 1369233 |
| SS&C Technologies Holdings, Inc.  | 16103 | 1212395 |
| Tetra Tech, Inc.  | 20047 | 718484 |
| TransUnion  | 14967 | 1175658 |
| Veralto Corp.  | 19180 | 1868707 |
| Verisk Analytics, Inc.  | 10684 | 2217678 |
| Waste Management, Inc.  | 28546 | 6875019 |
|  |  | **50979794** |
| **Consumer Discretionary Distribution & Retail 5.2%** | **Consumer Discretionary Distribution & Retail 5.2%** | **Consumer Discretionary Distribution & Retail 5.2%** |
| Amazon.com, Inc. \* | 747956 | 157070760 |
| AutoNation, Inc. \* | 2109 | 411592 |
| AutoZone, Inc. \* | 1279 | 4803387 |
| Bath & Body Works, Inc.  | 16476 | 374994 |
| Best Buy Co., Inc.  | 15096 | 935499 |
| Boot Barn Holdings, Inc. \* | 2412 | 456399 |
| Burlington Stores, Inc. \* | 4817 | 1478193 |
| CarMax, Inc. \* | 11463 | 494858 |
| Carvana Co. \* | 10903 | 3643346 |
| Chewy, Inc., Class A \* | 17759 | 486952 |
| Coupang, Inc. \* | 104273 | 1989529 |
| Dick's Sporting Goods, Inc.  | 5071 | 1032608 |
| Dillard's, Inc., Class A  | 225 | 135628 |
| eBay, Inc.  | 34730 | 3155568 |
| Etsy, Inc. \* | 7568 | 415332 |
| Five Below, Inc. \* | 4189 | 936367 |
| Floor & Decor Holdings, Inc., Class A \* | 8232 | 568749 |
| GameStop Corp., Class A \* | 31211 | 750000 |
| Gap, Inc.  | 17954 | 503430 |
| Genuine Parts Co.  | 10786 | 1286338 |
| Group 1 Automotive, Inc.  | 946 | 308150 |
| Home Depot, Inc.  | 76534 | 29138025 |
| Lithia Motors, Inc.  | 1837 | 513588 |
| LKQ Corp.  | 19741 | 653625 |
| Lowe's Cos., Inc.  | 43130 | 11410904 |
| Murphy USA, Inc.  | 1302 | 508743 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 4669 | 500050 |
| O'Reilly Automotive, Inc. \* | 64834 | 6086616 |
| Penske Automotive Group, Inc.  | 1426 | 224624 |
| Pool Corp.  | 2546 | 578400 |
| Ross Stores, Inc.  | 24944 | 5129484 |
| TJX Cos., Inc.  | 85546 | 13829366 |
| Tractor Supply Co.  | 40665 | 2108074 |
| Ulta Beauty, Inc. \* | 3436 | 2352938 |
| Urban Outfitters, Inc. \* | 4094 | 271023 |
| Wayfair, Inc., Class A \* | 8186 | 624837 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**29**

------

Schwab 1000 Index ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Williams-Sonoma, Inc.  | 9372 | 1927352 |
|  |  | **257095328** |
| **Consumer Durables & Apparel 0.7%** | **Consumer Durables & Apparel 0.7%** | **Consumer Durables & Apparel 0.7%** |
| Deckers Outdoor Corp. \* | 11328 | 1328435 |
| DR Horton, Inc.  | 21059 | 3377653 |
| Garmin Ltd.  | 12544 | 3171500 |
| Hasbro, Inc.  | 10286 | 1024383 |
| Installed Building Products, Inc.  | 1773 | 581118 |
| Lennar Corp., Class A  | 16536 | 1891057 |
| Lululemon Athletica, Inc. \* | 8310 | 1538763 |
| Mattel, Inc. \* | 23771 | 402918 |
| Meritage Homes Corp.  | 5313 | 400706 |
| Mohawk Industries, Inc. \* | 3997 | 500704 |
| NIKE, Inc., Class B  | 91610 | 5696310 |
| NVR, Inc. \* | 218 | 1638878 |
| PulteGroup, Inc.  | 14954 | 2051689 |
| Ralph Lauren Corp.  | 3005 | 1089613 |
| SharkNinja, Inc. \* | 5367 | 659443 |
| Somnigroup International, Inc.  | 16195 | 1449614 |
| Tapestry, Inc.  | 15711 | 2442589 |
| Taylor Morrison Home Corp. \* | 7548 | 497338 |
| Toll Brothers, Inc.  | 7491 | 1177885 |
| TopBuild Corp. \* | 2144 | 961155 |
| VF Corp.  | 25387 | 493016 |
| Whirlpool Corp. *(a)* | 4846 | 331612 |
|  |  | **32706379** |
| **Consumer Services 2.0%** | **Consumer Services 2.0%** | **Consumer Services 2.0%** |
| ADT, Inc.  | 39467 | 316525 |
| Airbnb, Inc., Class A \* | 32624 | 4407829 |
| Aramark  | 20166 | 843947 |
| Booking Holdings, Inc.  | 2482 | 10522067 |
| Boyd Gaming Corp.  | 4337 | 360968 |
| Bright Horizons Family Solutions, Inc. \* | 4316 | 321628 |
| Brinker International, Inc. \* | 3397 | 503435 |
| Caesars Entertainment, Inc. \* | 15605 | 390905 |
| Carnival Corp.  | 83276 | 2627358 |
| Cava Group, Inc. \* | 7608 | 627432 |
| Chipotle Mexican Grill, Inc. \* | 101653 | 3783525 |
| Choice Hotels International, Inc.  | 1542 | 162450 |
| Churchill Downs, Inc.  | 5057 | 464890 |
| Darden Restaurants, Inc.  | 8983 | 1921015 |
| Domino's Pizza, Inc.  | 2389 | 961596 |
| DoorDash, Inc., Class A \* | 28722 | 5068571 |
| DraftKings, Inc., Class A \* | 38071 | 907613 |
| Duolingo, Inc. \* | 3010 | 304010 |
| Dutch Bros, Inc., Class A \* | 9714 | 520768 |
| Expedia Group, Inc.  | 8993 | 1939700 |
| Flutter Entertainment PLC \* | 13461 | 1428750 |
| Grand Canyon Education, Inc. \* | 2070 | 329275 |
| H&R Block, Inc.  | 9691 | 296738 |
| Hilton Worldwide Holdings, Inc.  | 17915 | 5585539 |
| Hyatt Hotels Corp., Class A  | 3243 | 523744 |
| Las Vegas Sands Corp.  | 23292 | 1321122 |
| Liberty Live Holdings, Inc., Class C \* | 3837 | 382357 |
| Life Time Group Holdings, Inc. \* | 11577 | 312579 |
| Marriott International, Inc., Class A  | 17167 | 5866479 |
| McDonald's Corp.  | 54751 | 18673376 |
| MGM Resorts International \* | 15929 | 587143 |
| Norwegian Cruise Line Holdings Ltd. \* | 34663 | 859296 |
| Planet Fitness, Inc., Class A \* | 6485 | 532743 |
| Royal Caribbean Cruises Ltd.  | 19497 | 6062787 |
| Service Corp. International  | 10687 | 899632 |
| Starbucks Corp.  | 87525 | 8579200 |
| Stride, Inc. \* | 3293 | 277863 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Texas Roadhouse, Inc.  | 5044 | 922396 |
| Vail Resorts, Inc.  | 2776 | 377009 |
| Viking Holdings Ltd. \* | 13984 | 1091032 |
| Wingstop, Inc.  | 2168 | 562618 |
| Wyndham Hotels & Resorts, Inc.  | 5714 | 467405 |
| Wynn Resorts Ltd.  | 6472 | 700206 |
| Yum! Brands, Inc.  | 21313 | 3583994 |
|  |  | **97179515** |
| **Consumer Staples Distribution & Retail 2.0%** | **Consumer Staples Distribution & Retail 2.0%** | **Consumer Staples Distribution & Retail 2.0%** |
| Albertsons Cos., Inc., Class A  | 31273 | 559787 |
| BJ's Wholesale Club Holdings, Inc. \* | 10154 | 1003114 |
| Casey's General Stores, Inc.  | 2854 | 1956674 |
| Costco Wholesale Corp.  | 34076 | 34443680 |
| Dollar General Corp.  | 16960 | 2649830 |
| Dollar Tree, Inc. \* | 14573 | 1843193 |
| Kroger Co.  | 46682 | 3185580 |
| Maplebear, Inc. \* | 14094 | 528666 |
| Performance Food Group Co. \* | 12054 | 1169961 |
| Sprouts Farmers Market, Inc. \* | 7569 | 559122 |
| Sysco Corp.  | 36666 | 3342472 |
| Target Corp.  | 34849 | 3965468 |
| U.S. Foods Holding Corp. \* | 17239 | 1665460 |
| Walmart, Inc.  | 337150 | 43138342 |
|  |  | **100011349** |
| **Energy 3.5%** | **Energy 3.5%** | **Energy 3.5%** |
| Antero Midstream Corp.  | 26149 | 587830 |
| Antero Resources Corp. \* | 22705 | 835771 |
| APA Corp.  | 27486 | 834750 |
| Baker Hughes Co.  | 75732 | 4942270 |
| Cheniere Energy, Inc.  | 16532 | 3897088 |
| Chevron Corp.  | 145537 | 27180490 |
| Chord Energy Corp.  | 4451 | 482355 |
| ConocoPhillips  | 95066 | 10786188 |
| Coterra Energy, Inc.  | 58614 | 1793002 |
| Devon Energy Corp.  | 48148 | 2095882 |
| Diamondback Energy, Inc.  | 14384 | 2503967 |
| DT Midstream, Inc.  | 7826 | 1086562 |
| EOG Resources, Inc.  | 41747 | 5179968 |
| EQT Corp.  | 47903 | 2942202 |
| Expand Energy Corp.  | 18267 | 1971375 |
| Exxon Mobil Corp.  | 324243 | 49447058 |
| Halliburton Co.  | 64562 | 2324232 |
| HF Sinclair Corp.  | 11981 | 599170 |
| Kinder Morgan, Inc.  | 150227 | 4998052 |
| Marathon Petroleum Corp.  | 23078 | 4574290 |
| Matador Resources Co.  | 9074 | 466404 |
| Occidental Petroleum Corp.  | 55466 | 2944135 |
| ONEOK, Inc.  | 48424 | 4008054 |
| Ovintiv, Inc.  | 21609 | 1093199 |
| Permian Resources Corp.  | 53506 | 978625 |
| Phillips 66  | 31023 | 4787780 |
| Range Resources Corp.  | 18293 | 755135 |
| SLB Ltd.  | 114610 | 5884077 |
| Targa Resources Corp.  | 16489 | 3888106 |
| TechnipFMC PLC  | 31026 | 2057334 |
| Texas Pacific Land Corp.  | 4408 | 2311070 |
| Valero Energy Corp.  | 23406 | 4789804 |
| Venture Global, Inc., Class A *(a)* | 37756 | 365856 |
| Viper Energy, Inc., Class A  | 12911 | 600878 |
| Williams Cos., Inc.  | 93816 | 7009932 |
|  |  | **171002891** |

---

*See financial notes*

**30**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 1000 Index ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Equity Real Estate Investment Trusts (REITs) 2.1%** | **Equity Real Estate Investment Trusts (REITs) 2.1%** | **Equity Real Estate Investment Trusts (REITs) 2.1%** |
| Agree Realty Corp.  | 8804 | 708546 |
| Alexandria Real Estate Equities, Inc.  | 11929 | 644643 |
| American Healthcare REIT, Inc.  | 13506 | 705553 |
| American Homes 4 Rent, Class A  | 25457 | 763710 |
| American Tower Corp.  | 35995 | 6906001 |
| AvalonBay Communities, Inc.  | 10817 | 1917097 |
| Brixmor Property Group, Inc.  | 23267 | 704292 |
| BXP, Inc.  | 11478 | 660903 |
| Camden Property Trust  | 8093 | 876796 |
| CareTrust REIT, Inc.  | 17484 | 710200 |
| Crown Castle, Inc.  | 33446 | 2994755 |
| CubeSmart  | 17574 | 722994 |
| Digital Realty Trust, Inc.  | 24837 | 4401116 |
| EastGroup Properties, Inc.  | 4094 | 803693 |
| Equinix, Inc.  | 7567 | 7372225 |
| Equity LifeStyle Properties, Inc.  | 15055 | 1011094 |
| Equity Residential  | 26586 | 1680501 |
| Essential Properties Realty Trust, Inc.  | 15271 | 518298 |
| Essex Property Trust, Inc.  | 5012 | 1278611 |
| Extra Space Storage, Inc.  | 16269 | 2457107 |
| Federal Realty Investment Trust  | 5964 | 648704 |
| First Industrial Realty Trust, Inc.  | 10106 | 638093 |
| Gaming & Leisure Properties, Inc.  | 21704 | 1061543 |
| Healthcare Realty Trust, Inc.  | 27046 | 498999 |
| Healthpeak Properties, Inc.  | 53338 | 943016 |
| Host Hotels & Resorts, Inc.  | 49098 | 961830 |
| Invitation Homes, Inc.  | 43290 | 1140259 |
| Iron Mountain, Inc.  | 22642 | 2452808 |
| Kimco Realty Corp.  | 51946 | 1223328 |
| Lamar Advertising Co., Class A  | 6649 | 915833 |
| Lineage, Inc.  | 4434 | 179666 |
| Mid-America Apartment Communities, <br> Inc. <br>| 9013 | 1206480 |
| Millrose Properties, Inc.  | 11786 | 369609 |
| NNN REIT, Inc.  | 14525 | 658273 |
| Omega Healthcare Investors, Inc.  | 23026 | 1111465 |
| Prologis, Inc.  | 71398 | 10179213 |
| Public Storage  | 12127 | 3723717 |
| Realty Income Corp.  | 70713 | 4737771 |
| Regency Centers Corp.  | 12742 | 1006618 |
| Rexford Industrial Realty, Inc.  | 17670 | 662095 |
| Ryman Hospitality Properties, Inc.  | 4840 | 477950 |
| SBA Communications Corp.  | 8173 | 1644081 |
| Simon Property Group, Inc.  | 25166 | 5130089 |
| STAG Industrial, Inc.  | 14192 | 556610 |
| Sun Communities, Inc.  | 9034 | 1232780 |
| Terreno Realty Corp.  | 7933 | 524054 |
| UDR, Inc.  | 23380 | 876750 |
| Ventas, Inc.  | 36052 | 3106240 |
| VICI Properties, Inc.  | 81982 | 2476676 |
| Vornado Realty Trust  | 12382 | 341495 |
| Welltower, Inc.  | 52749 | 10925373 |
| Weyerhaeuser Co.  | 55396 | 1358864 |
| WP Carey, Inc.  | 16772 | 1252030 |
|  |  | **102060447** |
| **Financial Services 7.3%** | **Financial Services 7.3%** | **Financial Services 7.3%** |
| Affiliated Managers Group, Inc.  | 2197 | 672677 |
| Affirm Holdings, Inc., Class A \* | 22254 | 1045493 |
| AGNC Investment Corp.  | 82546 | 925341 |
| Ally Financial, Inc.  | 21383 | 843345 |
| American Express Co.  | 41293 | 12755408 |
| Ameriprise Financial, Inc.  | 7146 | 3359477 |
| Annaly Capital Management, Inc.  | 52414 | 1218101 |
| Apollo Global Management, Inc.  | 35622 | 3726061 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| ARES Management Corp., Class A  | 15901 | 1781071 |
| Bank of New York Mellon Corp.  | 53711 | 6396980 |
| Berkshire Hathaway, Inc., Class B \* | 140989 | 71192396 |
| Blackrock, Inc.  | 11106 | 11808232 |
| Blackstone, Inc.  | 56778 | 6436922 |
| Block, Inc. \* | 42098 | 2681643 |
| Blue Owl Capital, Inc. *(a)* | 48921 | 516117 |
| Capital One Financial Corp.  | 48908 | 9568361 |
| Carlyle Group, Inc.  | 19929 | 1036109 |
| Cboe Global Markets, Inc.  | 8052 | 2413345 |
| Charles Schwab Corp. *(b)* | 127572 | 12144854 |
| CME Group, Inc.  | 27755 | 8867722 |
| Coinbase Global, Inc., Class A \* | 17516 | 3080189 |
| Corebridge Financial, Inc.  | 20798 | 537420 |
| Corpay, Inc. \* | 5350 | 1739285 |
| Credit Acceptance Corp. \* | 474 | 224287 |
| Enact Holdings, Inc.  | 1969 | 82383 |
| Equitable Holdings, Inc.  | 22094 | 888621 |
| Essent Group Ltd.  | 7425 | 451737 |
| Evercore, Inc., Class A  | 2996 | 925285 |
| FactSet Research Systems, Inc.  | 2911 | 631134 |
| Fidelity National Information Services, <br> Inc. <br>| 39736 | 2024947 |
| FirstCash Holdings, Inc.  | 2997 | 577792 |
| Fiserv, Inc. \* | 41330 | 2574446 |
| Franklin Resources, Inc.  | 23981 | 636456 |
| Global Payments, Inc.  | 18236 | 1394325 |
| Goldman Sachs Group, Inc.  | 23052 | 19814808 |
| Hamilton Lane, Inc., Class A  | 3105 | 325839 |
| Houlihan Lokey, Inc.  | 4150 | 679645 |
| Interactive Brokers Group, Inc., Class A  | 34214 | 2435695 |
| Intercontinental Exchange, Inc.  | 43785 | 7186432 |
| Invesco Ltd.  | 34002 | 892892 |
| Jack Henry & Associates, Inc.  | 5547 | 901166 |
| Jackson Financial, Inc., Class A  | 5284 | 578492 |
| Janus Henderson Group PLC  | 9799 | 510528 |
| Jefferies Financial Group, Inc.  | 12874 | 571606 |
| KKR & Co., Inc.  | 52777 | 4627487 |
| Lazard, Inc., Class A  | 8576 | 433946 |
| LPL Financial Holdings, Inc.  | 6126 | 1840128 |
| MarketAxess Holdings, Inc.  | 2803 | 538176 |
| Mastercard, Inc., Class A  | 63044 | 32606987 |
| MGIC Investment Corp.  | 17160 | 455255 |
| Moelis & Co., Class A  | 5615 | 333306 |
| Moody's Corp.  | 11823 | 5646547 |
| Morgan Stanley  | 92814 | 15454459 |
| Morningstar, Inc.  | 1826 | 334414 |
| MSCI, Inc.  | 5790 | 3310896 |
| Nasdaq, Inc.  | 34773 | 3045419 |
| Northern Trust Corp.  | 14497 | 2074376 |
| OneMain Holdings, Inc.  | 8988 | 494520 |
| PayPal Holdings, Inc.  | 71829 | 3319218 |
| PennyMac Financial Services, Inc.  | 2325 | 213737 |
| Piper Sandler Cos.  | 1310 | 387170 |
| Raymond James Financial, Inc.  | 13586 | 2079745 |
| Rithm Capital Corp.  | 42175 | 423859 |
| Robinhood Markets, Inc., Class A \* | 60481 | 4587484 |
| Rocket Cos., Inc., Class A  | 74734 | 1359411 |
| S&P Global, Inc.  | 23819 | 10525140 |
| SEI Investments Co.  | 7254 | 589895 |
| Shift4 Payments, Inc., Class A *\*(a)* | 5170 | 227842 |
| SLM Corp.  | 15167 | 284230 |
| SoFi Technologies, Inc. \* | 96712 | 1717605 |
| Starwood Property Trust, Inc.  | 26531 | 472517 |
| State Street Corp.  | 21470 | 2761471 |
| Stifel Financial Corp.  | 11767 | 871383 |
| StoneX Group, Inc. \* | 3545 | 451987 |
| Synchrony Financial  | 27691 | 1913725 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**31**

------

Schwab 1000 Index ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| T. Rowe Price Group, Inc.  | 16785 | 1588365 |
| Toast, Inc., Class A \* | 36253 | 990069 |
| TPG, Inc.  | 9947 | 431899 |
| Tradeweb Markets, Inc., Class A  | 8986 | 1107569 |
| Upstart Holdings, Inc. \* | 6479 | 176423 |
| Visa, Inc., Class A  | 129790 | 41550971 |
| Voya Financial, Inc.  | 7475 | 499928 |
| WEX, Inc. \* | 2707 | 403857 |
|  |  | **359186481** |
| **Food, Beverage & Tobacco 2.2%** | **Food, Beverage & Tobacco 2.2%** | **Food, Beverage & Tobacco 2.2%** |
| Altria Group, Inc.  | 129104 | 8913340 |
| Archer-Daniels-Midland Co.  | 36824 | 2542329 |
| Brown-Forman Corp., Class B  | 13497 | 389523 |
| Bunge Global SA  | 10396 | 1254277 |
| Cal-Maine Foods, Inc.  | 3482 | 303317 |
| Campbell's Co.  | 15145 | 408158 |
| Celsius Holdings, Inc. \* | 12299 | 659349 |
| Coca-Cola Co.  | 297674 | 24278292 |
| Coca-Cola Consolidated, Inc.  | 4333 | 876999 |
| Conagra Brands, Inc.  | 36882 | 709979 |
| Constellation Brands, Inc., Class A  | 10904 | 1721306 |
| General Mills, Inc.  | 41032 | 1855877 |
| Hershey Co.  | 11445 | 2704225 |
| Hormel Foods Corp.  | 22289 | 570598 |
| Ingredion, Inc.  | 4863 | 571208 |
| J.M. Smucker Co.  | 8192 | 949862 |
| Keurig Dr. Pepper, Inc.  | 104384 | 3160748 |
| Kraft Heinz Co.  | 64982 | 1599207 |
| Lamb Weston Holdings, Inc.  | 10603 | 510959 |
| McCormick & Co., Inc. - Non Voting <br> Shares <br>| 19563 | 1389756 |
| Molson Coors Beverage Co., Class B  | 12975 | 635645 |
| Mondelez International, Inc., Class A  | 98957 | 6093772 |
| Monster Beverage Corp. \* | 54954 | 4687576 |
| PepsiCo, Inc.  | 105127 | 17844257 |
| Philip Morris International, Inc.  | 119728 | 22368782 |
| Pilgrim's Pride Corp.  | 3257 | 140572 |
| Post Holdings, Inc. \* | 3584 | 380979 |
| Primo Brands Corp.  | 19434 | 440763 |
| Smithfield Foods, Inc.  | 1759 | 43764 |
| Tyson Foods, Inc., Class A  | 21927 | 1425036 |
|  |  | **109430455** |
| **Health Care Equipment & Services 3.6%** | **Health Care Equipment & Services 3.6%** | **Health Care Equipment & Services 3.6%** |
| Abbott Laboratories  | 133789 | 15566350 |
| Align Technology, Inc. \* | 5187 | 986049 |
| Baxter International, Inc.  | 40186 | 818589 |
| Becton Dickinson & Co.  | 21989 | 3880619 |
| Boston Scientific Corp. \* | 114080 | 8767048 |
| Cardinal Health, Inc.  | 18239 | 4180926 |
| Cencora, Inc.  | 14906 | 5547119 |
| Centene Corp. \* | 35850 | 1608948 |
| Chemed Corp.  | 1090 | 446911 |
| Cigna Group  | 20524 | 5948266 |
| Cooper Cos., Inc. \* | 15384 | 1287179 |
| CVS Health Corp.  | 97702 | 7806390 |
| DaVita, Inc. \* | 2674 | 417946 |
| Dexcom, Inc. \* | 30088 | 2209362 |
| Doximity, Inc., Class A \* | 10419 | 255578 |
| Edwards Lifesciences Corp. \* | 44607 | 3857167 |
| Elevance Health, Inc.  | 17069 | 5462080 |
| Encompass Health Corp.  | 7686 | 829166 |
| Ensign Group, Inc.  | 4431 | 948987 |
| GE HealthCare Technologies, Inc.  | 35017 | 2950882 |
| Glaukos Corp. \* | 4333 | 521693 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Globus Medical, Inc., Class A \* | 8675 | 828115 |
| Guardant Health, Inc. \* | 9940 | 933366 |
| HCA Healthcare, Inc.  | 12285 | 6507364 |
| HealthEquity, Inc. \* | 6659 | 509347 |
| Henry Schein, Inc. \* | 7870 | 648409 |
| Hims & Hers Health, Inc. \* | 15829 | 229837 |
| Hologic, Inc. \* | 17265 | 1301090 |
| Humana, Inc.  | 9228 | 1758303 |
| IDEXX Laboratories, Inc. \* | 6142 | 4033636 |
| Insulet Corp. \* | 5377 | 1326022 |
| Intuitive Surgical, Inc. \* | 27243 | 13717123 |
| IRhythm Holdings, Inc. \* | 2549 | 340929 |
| Labcorp Holdings, Inc.  | 6373 | 1842562 |
| Masimo Corp. \* | 3491 | 612147 |
| McKesson Corp.  | 9483 | 9363230 |
| Medtronic PLC  | 98673 | 9636405 |
| Merit Medical Systems, Inc. \* | 4510 | 348082 |
| Molina Healthcare, Inc. \* | 3951 | 608651 |
| Penumbra, Inc. \* | 2984 | 1027660 |
| Quest Diagnostics, Inc.  | 8547 | 1811195 |
| RadNet, Inc. \* | 5246 | 366223 |
| ResMed, Inc.  | 11184 | 2866012 |
| Solventum Corp. \* | 11243 | 834230 |
| STERIS PLC  | 7579 | 1912561 |
| Stryker Corp.  | 26441 | 10244830 |
| Teleflex, Inc.  | 3418 | 417201 |
| Tenet Healthcare Corp. \* | 6765 | 1619473 |
| UnitedHealth Group, Inc.  | 69674 | 20433294 |
| Universal Health Services, Inc., Class B  | 4242 | 874276 |
| Veeva Systems, Inc., Class A \* | 11574 | 2106584 |
| Waystar Holding Corp. \* | 8738 | 224130 |
| Zimmer Biomet Holdings, Inc.  | 15154 | 1491760 |
|  |  | **175071302** |
| **Household & Personal Products 1.0%** | **Household & Personal Products 1.0%** | **Household & Personal Products 1.0%** |
| Church & Dwight Co., Inc.  | 18420 | 1931521 |
| Clorox Co.  | 9403 | 1195686 |
| Colgate-Palmolive Co.  | 62031 | 6149753 |
| elf Beauty, Inc. \* | 4711 | 433648 |
| Estee Lauder Cos., Inc., Class A  | 18839 | 2062305 |
| Kenvue, Inc.  | 147366 | 2817638 |
| Kimberly-Clark Corp.  | 25451 | 2836259 |
| Procter & Gamble Co.  | 179718 | 30048850 |
|  |  | **47475660** |
| **Insurance 1.8%** | **Insurance 1.8%** | **Insurance 1.8%** |
| Aflac, Inc.  | 36192 | 4087162 |
| Allstate Corp.  | 20187 | 4330515 |
| American Financial Group, Inc.  | 5251 | 698278 |
| American International Group, Inc.  | 41412 | 3333252 |
| Aon PLC, Class A  | 16525 | 5543642 |
| Arch Capital Group Ltd. \* | 27750 | 2779162 |
| Arthur J Gallagher & Co.  | 19756 | 4508319 |
| Assurant, Inc.  | 3820 | 877034 |
| Axis Capital Holdings Ltd.  | 5995 | 633791 |
| Brown & Brown, Inc.  | 22449 | 1612287 |
| Chubb Ltd.  | 28174 | 9603390 |
| Cincinnati Financial Corp.  | 12013 | 1969892 |
| CNA Financial Corp.  | 1536 | 73759 |
| Erie Indemnity Co., Class A  | 1962 | 528641 |
| Everest Group Ltd.  | 3216 | 1078936 |
| Fidelity National Financial, Inc.  | 19576 | 1035179 |
| First American Financial Corp.  | 7865 | 551415 |
| Globe Life, Inc.  | 6212 | 902355 |
| Hanover Insurance Group, Inc.  | 2684 | 484811 |
| Hartford Insurance Group, Inc.  | 21378 | 3010664 |

---

*See financial notes*

**32**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 1000 Index ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Kinsale Capital Group, Inc.  | 1725 | 672181 |
| Lincoln National Corp.  | 13082 | 448713 |
| Loews Corp.  | 13037 | 1434331 |
| Markel Group, Inc. \* | 968 | 2006151 |
| Marsh & McLennan Cos., Inc.  | 37733 | 7046260 |
| MetLife, Inc.  | 42462 | 3060236 |
| Old Republic International Corp.  | 17597 | 754383 |
| Primerica, Inc.  | 2430 | 616394 |
| Principal Financial Group, Inc.  | 15333 | 1463075 |
| Progressive Corp.  | 45114 | 9639057 |
| Prudential Financial, Inc.  | 26854 | 2641896 |
| Reinsurance Group of America, Inc., <br> Class A <br>| 5049 | 1089221 |
| RenaissanceRe Holdings Ltd.  | 3535 | 1069196 |
| RLI Corp.  | 7019 | 437424 |
| Ryan Specialty Holdings, Inc.  | 8856 | 348484 |
| Travelers Cos., Inc.  | 17126 | 5285769 |
| Unum Group  | 11797 | 846199 |
| W.R. Berkley Corp.  | 22963 | 1646447 |
| Willis Towers Watson PLC  | 7346 | 2241779 |
|  |  | **90389680** |
| **Materials 2.5%** | **Materials 2.5%** | **Materials 2.5%** |
| Air Products & Chemicals, Inc.  | 17137 | 4724157 |
| Albemarle Corp.  | 9020 | 1611603 |
| Alcoa Corp.  | 19816 | 1230177 |
| Amcor PLC  | 35424 | 1715584 |
| Amrize Ltd. \* | 39424 | 2562166 |
| Anglogold Ashanti PLC  | 32492 | 4151503 |
| AptarGroup, Inc.  | 4994 | 717688 |
| Avery Dennison Corp.  | 6011 | 1180260 |
| Axalta Coating Systems Ltd. \* | 16587 | 554172 |
| Balchem Corp.  | 2568 | 465912 |
| Ball Corp.  | 20873 | 1401204 |
| Celanese Corp.  | 8240 | 411506 |
| CF Industries Holdings, Inc.  | 12109 | 1205330 |
| Cleveland-Cliffs, Inc. \* | 43658 | 465394 |
| Coeur Mining, Inc. \* | 49242 | 1336920 |
| Commercial Metals Co.  | 8501 | 623123 |
| Corteva, Inc.  | 51869 | 4155744 |
| CRH PLC  | 51611 | 6192288 |
| Crown Holdings, Inc.  | 8866 | 1016044 |
| Dow, Inc.  | 54434 | 1672757 |
| DuPont de Nemours, Inc.  | 32045 | 1603532 |
| Eagle Materials, Inc.  | 2421 | 541820 |
| Eastman Chemical Co.  | 8958 | 676419 |
| Ecolab, Inc.  | 19636 | 6054761 |
| Element Solutions, Inc.  | 17130 | 601092 |
| Freeport-McMoRan, Inc.  | 110204 | 7502688 |
| Graphic Packaging Holding Co.  | 22624 | 276691 |
| Hecla Mining Co.  | 52133 | 1298633 |
| International Flavors & Fragrances, Inc.  | 19542 | 1606939 |
| International Paper Co.  | 40525 | 1764864 |
| Linde PLC  | 35916 | 18248201 |
| Louisiana-Pacific Corp.  | 4753 | 402769 |
| LyondellBasell Industries NV, Class A  | 19876 | 1143267 |
| Martin Marietta Materials, Inc.  | 4655 | 3149433 |
| Mosaic Co.  | 24508 | 682303 |
| MP Materials Corp. \* | 10284 | 605419 |
| NewMarket Corp.  | 606 | 379362 |
| Newmont Corp.  | 83936 | 10911680 |
| Nucor Corp.  | 17562 | 3106366 |
| Packaging Corp. of America  | 6922 | 1606873 |
| PPG Industries, Inc.  | 17273 | 2129243 |
| Reliance, Inc.  | 4040 | 1275186 |
| Royal Gold, Inc.  | 6187 | 1854801 |
| RPM International, Inc.  | 9797 | 1118034 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sherwin-Williams Co.  | 17737 | 6431259 |
| Smurfit WestRock PLC  | 40050 | 1882750 |
| Solstice Advanced Materials, Inc.  | 12161 | 954760 |
| Steel Dynamics, Inc.  | 10488 | 2025547 |
| Vulcan Materials Co.  | 10200 | 3162000 |
| Westlake Corp.  | 2607 | 274726 |
|  |  | **120664950** |
| **Media & Entertainment 8.9%** | **Media & Entertainment 8.9%** | **Media & Entertainment 8.9%** |
| Alphabet, Inc., Class A  | 447322 | 139457107 |
| Alphabet, Inc., Class C  | 357524 | 111343699 |
| Charter Communications, Inc., Class A \* | 6764 | 1587037 |
| EchoStar Corp., Class A \* | 10275 | 1187071 |
| Electronic Arts, Inc.  | 17234 | 3456623 |
| Fox Corp., Class A  | 26297 | 1481573 |
| Liberty Broadband Corp., Class C \* | 9069 | 495258 |
| Liberty Media Corp.-Liberty Formula <br> One, Class C \*<br>| 17244 | 1579378 |
| Live Nation Entertainment, Inc. \* | 12080 | 1958651 |
| Match Group, Inc.  | 18268 | 577269 |
| Meta Platforms, Inc., Class A  | 167449 | 108537093 |
| Netflix, Inc. \* | 325917 | 31366252 |
| New York Times Co., Class A  | 12405 | 989795 |
| News Corp., Class A  | 39386 | 956686 |
| Nexstar Media Group, Inc.  | 2216 | 556260 |
| Omnicom Group, Inc.  | 24613 | 2099243 |
| Paramount Skydance Corp., Class B  | 23912 | 323051 |
| Pinterest, Inc., Class A \* | 46019 | 788306 |
| Reddit, Inc., Class A \* | 9744 | 1420773 |
| ROBLOX Corp., Class A \* | 50366 | 3458130 |
| Roku, Inc. \* | 10105 | 994433 |
| Sirius XM Holdings, Inc.  | 14422 | 316707 |
| Snap, Inc., Class A \* | 84972 | 442704 |
| Take-Two Interactive Software, Inc. \* | 13372 | 2827911 |
| TKO Group Holdings, Inc.  | 5076 | 1136364 |
| Trade Desk, Inc., Class A \* | 34134 | 813072 |
| Versant Media Group, Inc. \* | 11142 | 371251 |
| Walt Disney Co.  | 137272 | 14556323 |
| Warner Bros Discovery, Inc. \* | 190219 | 5358469 |
|  |  | **440436489** |
| **Pharmaceuticals, Biotechnology & Life Sciences 6.3%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.3%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.3%** |
| AbbVie, Inc.  | 135889 | 31537119 |
| Agilent Technologies, Inc.  | 21800 | 2646084 |
| Alnylam Pharmaceuticals, Inc. \* | 10145 | 3377473 |
| Amgen, Inc.  | 41373 | 16059344 |
| Atrium Therapeutics, Inc. \* | 1088 | 16048 |
| Avantor, Inc. \* | 52267 | 473016 |
| Axsome Therapeutics, Inc. \* | 3208 | 525759 |
| Biogen, Inc. \* | 11320 | 2171402 |
| BioMarin Pharmaceutical, Inc. \* | 14672 | 905703 |
| Bio-Rad Laboratories, Inc., Class A \* | 1410 | 392600 |
| Bio-Techne Corp.  | 12165 | 717735 |
| Bridgebio Pharma, Inc. \* | 13193 | 877071 |
| Bristol-Myers Squibb Co.  | 156712 | 9774127 |
| Charles River Laboratories International, <br> Inc. \*<br>| 3777 | 674157 |
| Corcept Therapeutics, Inc. \* | 7158 | 255541 |
| Cytokinetics, Inc. \* | 9588 | 596565 |
| Danaher Corp.  | 48315 | 10177072 |
| Elanco Animal Health, Inc. \* | 38090 | 1005576 |
| Eli Lilly & Co.  | 61059 | 64233457 |
| Exact Sciences Corp. \* | 14526 | 1501698 |
| Exelixis, Inc. \* | 20877 | 919841 |
| Gilead Sciences, Inc.  | 95394 | 14208936 |
| Halozyme Therapeutics, Inc. \* | 8986 | 624797 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**33**

------

Schwab 1000 Index ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Illumina, Inc. \* | 11811 | 1588107 |
| Incyte Corp. \* | 12625 | 1278534 |
| Insmed, Inc. \* | 16385 | 2446772 |
| Ionis Pharmaceuticals, Inc. \* | 12460 | 1011129 |
| IQVIA Holdings, Inc. \* | 13123 | 2346524 |
| Jazz Pharmaceuticals PLC \* | 4651 | 883783 |
| Johnson & Johnson  | 185241 | 46019422 |
| Madrigal Pharmaceuticals, Inc. \* | 1418 | 612576 |
| Medpace Holdings, Inc. \* | 1697 | 766637 |
| Merck & Co., Inc.  | 190893 | 23636371 |
| Mettler-Toledo International, Inc. \* | 1571 | 2147070 |
| Moderna, Inc. \* | 26844 | 1438033 |
| Natera, Inc. \* | 10637 | 2212921 |
| Neurocrine Biosciences, Inc. \* | 7735 | 1022954 |
| Nuvalent, Inc., Class A \* | 3944 | 402091 |
| Pfizer, Inc.  | 437061 | 12084737 |
| Regeneron Pharmaceuticals, Inc.  | 7761 | 6066541 |
| Repligen Corp. \* | 4158 | 535259 |
| Revolution Medicines, Inc. \* | 13948 | 1422975 |
| Revvity, Inc.  | 8781 | 863260 |
| Rhythm Pharmaceuticals, Inc. \* | 4590 | 425631 |
| Roivant Sciences Ltd. \* | 33425 | 967319 |
| Royalty Pharma PLC, Class A  | 29140 | 1346559 |
| Summit Therapeutics, Inc. \* | 11314 | 187699 |
| Tempus AI, Inc. \* | 7904 | 420888 |
| Thermo Fisher Scientific, Inc.  | 28893 | 15056431 |
| United Therapeutics Corp. \* | 3302 | 1663878 |
| Vertex Pharmaceuticals, Inc. \* | 19492 | 9684210 |
| Viatris, Inc.  | 88371 | 1319379 |
| Waters Corp. \* | 7586 | 2422817 |
| West Pharmaceutical Services, Inc.  | 5550 | 1411587 |
| Zoetis, Inc.  | 33811 | 4432622 |
|  |  | **311795837** |
| **Real Estate Management & Development 0.1%** | **Real Estate Management & Development 0.1%** | **Real Estate Management & Development 0.1%** |
| CBRE Group, Inc., Class A \* | 22620 | 3340069 |
| CoStar Group, Inc. \* | 32682 | 1458598 |
| Jones Lang LaSalle, Inc. \* | 3636 | 1147340 |
| Zillow Group, Inc., Class C \* | 13378 | 596926 |
|  |  | **6542933** |
| **Semiconductors & Semiconductor Equipment 13.5%** | **Semiconductors & Semiconductor Equipment 13.5%** | **Semiconductors & Semiconductor Equipment 13.5%** |
| Advanced Micro Devices, Inc. \* | 125205 | 25067293 |
| Allegro MicroSystems, Inc. \* | 9492 | 346173 |
| Amkor Technology, Inc.  | 8534 | 408096 |
| Analog Devices, Inc.  | 37797 | 13447795 |
| Applied Materials, Inc.  | 61290 | 22818267 |
| Astera Labs, Inc. \* | 10124 | 1203035 |
| Broadcom, Inc.  | 363086 | 116024131 |
| Cirrus Logic, Inc. \* | 4011 | 566032 |
| Credo Technology Group Holding Ltd. \* | 11676 | 1310864 |
| Enphase Energy, Inc. \* | 10359 | 437875 |
| Entegris, Inc.  | 11718 | 1552049 |
| First Solar, Inc. \* | 8226 | 1622167 |
| GLOBALFOUNDRIES, Inc. \* | 8034 | 382017 |
| Impinj, Inc. \* | 2086 | 255869 |
| Intel Corp. \* | 344747 | 15723911 |
| KLA Corp.  | 10096 | 15391857 |
| Lam Research Corp.  | 96615 | 22597282 |
| Lattice Semiconductor Corp. \* | 10589 | 1012520 |
| MACOM Technology Solutions Holdings, <br> Inc. \*<br>| 4972 | 1233653 |
| Marvell Technology, Inc.  | 66172 | 5405591 |
| Microchip Technology, Inc.  | 41677 | 3110771 |
| Micron Technology, Inc.  | 86305 | 35589593 |
| MKS, Inc.  | 5193 | 1269481 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Monolithic Power Systems, Inc.  | 3687 | 4213282 |
| NVIDIA Corp.  | 1868328 | 331049038 |
| NXP Semiconductors NV  | 19330 | 4388103 |
| ON Semiconductor Corp. \* | 30929 | 2056160 |
| Qnity Electronics, Inc.  | 16022 | 2030949 |
| Qorvo, Inc. \* | 6464 | 535866 |
| QUALCOMM, Inc.  | 82355 | 11724058 |
| Rambus, Inc. \* | 8189 | 816116 |
| Semtech Corp. \* | 6625 | 597707 |
| SiTime Corp. \* | 1699 | 675998 |
| Skyworks Solutions, Inc.  | 11296 | 673016 |
| Teradyne, Inc.  | 12047 | 3855401 |
| Texas Instruments, Inc.  | 69845 | 14814823 |
| Universal Display Corp.  | 3408 | 363600 |
|  |  | **664570439** |
| **Software & Services 8.9%** | **Software & Services 8.9%** | **Software & Services 8.9%** |
| Accenture PLC, Class A  | 47679 | 9951561 |
| ACI Worldwide, Inc. \* | 7779 | 308671 |
| Adobe, Inc. \* | 32185 | 8445666 |
| Akamai Technologies, Inc. \* | 11189 | 1100886 |
| Amdocs Ltd.  | 8356 | 583249 |
| Appfolio, Inc., Class A \* | 1830 | 325301 |
| AppLovin Corp., Class A \* | 20796 | 9041477 |
| Atlassian Corp., Class A \* | 12909 | 969853 |
| Aurora Innovation, Inc. \* | 93605 | 438071 |
| Autodesk, Inc. \* | 16418 | 4036694 |
| Bentley Systems, Inc., Class B  | 11381 | 415975 |
| Bill Holdings, Inc. \* | 6722 | 299196 |
| Cadence Design Systems, Inc. \* | 20953 | 6315234 |
| CCC Intelligent Solutions Holdings, Inc. \* | 45225 | 263662 |
| Circle Internet Group, Inc. \* | 4046 | 337598 |
| Clearwater Analytics Holdings, Inc., <br> Class A \*<br>| 22047 | 515679 |
| Cloudflare, Inc., Class A \* | 24256 | 4176641 |
| Cognizant Technology Solutions Corp., <br> Class A <br>| 37093 | 2389902 |
| Commvault Systems, Inc. \* | 3446 | 293186 |
| Confluent, Inc., Class A \* | 23177 | 710839 |
| CoreWeave, Inc., Class A \* | 17505 | 1392698 |
| Crowdstrike Holdings, Inc., Class A \* | 19291 | 7175866 |
| Datadog, Inc., Class A \* | 25011 | 2800231 |
| Docusign, Inc. \* | 15378 | 693086 |
| Dropbox, Inc., Class A \* | 13334 | 333217 |
| D-Wave Quantum, Inc. \* | 26829 | 503849 |
| Dynatrace, Inc. \* | 23158 | 831835 |
| Elastic NV \* | 7097 | 369541 |
| EPAM Systems, Inc. \* | 4242 | 598122 |
| Fair Isaac Corp. \* | 1830 | 2579129 |
| Figma, Inc., Class A \* | 2736 | 80411 |
| Fortinet, Inc. \* | 48629 | 3843150 |
| Gartner, Inc. \* | 5524 | 868373 |
| Gen Digital, Inc.  | 43041 | 971435 |
| Gitlab, Inc., Class A \* | 10607 | 278964 |
| GoDaddy, Inc., Class A \* | 10401 | 906551 |
| Guidewire Software, Inc. \* | 6567 | 954316 |
| HubSpot, Inc. \* | 4017 | 1062537 |
| InterDigital, Inc.  | 2001 | 733426 |
| International Business Machines Corp.  | 71901 | 17271339 |
| Intuit, Inc.  | 21438 | 8768785 |
| Kyndryl Holdings, Inc. \* | 17675 | 217933 |
| Life360, Inc. \* | 6200 | 326430 |
| Manhattan Associates, Inc. \* | 4598 | 622707 |
| MARA Holdings, Inc. \* | 28365 | 253583 |
| Microsoft Corp.  | 571447 | 224430095 |
| MongoDB, Inc. \* | 6253 | 2053923 |
| Nutanix, Inc., Class A \* | 20991 | 803535 |

---

*See financial notes*

**34**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 1000 Index ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Okta, Inc. \* | 12960 | 939600 |
| Oracle Corp.  | 129267 | 18795422 |
| Palantir Technologies, Inc., Class A \* | 175637 | 24095640 |
| Palo Alto Networks, Inc. \* | 61135 | 9104224 |
| Pegasystems, Inc.  | 7109 | 310877 |
| Procore Technologies, Inc. \* | 9279 | 510716 |
| PTC, Inc. \* | 9167 | 1435460 |
| Roper Technologies, Inc.  | 8259 | 2888420 |
| Rubrik, Inc., Class A \* | 10933 | 568079 |
| SailPoint, Inc. \* | 5475 | 77197 |
| Salesforce, Inc.  | 73186 | 14255901 |
| Samsara, Inc., Class A \* | 26879 | 776803 |
| SentinelOne, Inc., Class A \* | 24530 | 321834 |
| ServiceNow, Inc. \* | 79816 | 8620926 |
| ServiceTitan, Inc., Class A \* | 4335 | 313811 |
| Snowflake, Inc., Class A \* | 26041 | 4385565 |
| SoundHound AI, Inc., Class A *\*(a)* | 28715 | 246949 |
| Strategy, Inc., Class A \* | 20560 | 2662520 |
| Synopsys, Inc. \* | 14302 | 5921028 |
| Trimble, Inc. \* | 18226 | 1218773 |
| Twilio, Inc., Class A \* | 11677 | 1412450 |
| Tyler Technologies, Inc. \* | 3304 | 1171896 |
| UiPath, Inc., Class A \* | 32996 | 354047 |
| Unity Software, Inc. \* | 26422 | 481673 |
| Varonis Systems, Inc. \* | 9333 | 215592 |
| VeriSign, Inc.  | 6413 | 1461779 |
| Workday, Inc., Class A \* | 16693 | 2232856 |
| Zoom Communications, Inc., Class A \* | 20487 | 1514809 |
| Zscaler, Inc. \* | 7780 | 1143582 |
|  |  | **440082837** |
| **Technology Hardware & Equipment 8.8%** | **Technology Hardware & Equipment 8.8%** | **Technology Hardware & Equipment 8.8%** |
| Advanced Energy Industries, Inc.  | 2921 | 980200 |
| Amphenol Corp., Class A  | 94069 | 13739718 |
| Apple, Inc.  | 1136092 | 300132785 |
| Arista Networks, Inc. \* | 79375 | 10596563 |
| Arrow Electronics, Inc. \* | 4004 | 609249 |
| Badger Meter, Inc.  | 2231 | 340071 |
| Belden, Inc.  | 3037 | 435202 |
| CDW Corp.  | 10038 | 1231060 |
| Ciena Corp. \* | 10866 | 3788974 |
| Cisco Systems, Inc.  | 302988 | 24075427 |
| Cognex Corp.  | 13120 | 713728 |
| Coherent Corp. \* | 12111 | 3135901 |
| Corning, Inc.  | 60033 | 9027763 |
| Dell Technologies, Inc., Class C  | 23178 | 3432198 |
| F5, Inc. \* | 4417 | 1198597 |
| Fabrinet \* | 2751 | 1501028 |
| Flex Ltd. \* | 28376 | 1788256 |
| Hewlett Packard Enterprise Co.  | 101633 | 2182061 |
| HP, Inc.  | 72157 | 1370261 |
| IonQ, Inc. \* | 27224 | 1044585 |
| Itron, Inc. \* | 3492 | 328073 |
| Jabil, Inc.  | 8252 | 2186698 |
| Keysight Technologies, Inc. \* | 13188 | 4053068 |
| Littelfuse, Inc.  | 1938 | 683067 |
| Lumentum Holdings, Inc. \* | 5422 | 3800334 |
| Mirion Technologies, Inc. \* | 19017 | 410957 |
| Motorola Solutions, Inc.  | 12781 | 6163765 |
| NetApp, Inc.  | 15362 | 1521299 |
| Pure Storage, Inc., Class A \* | 24087 | 1546867 |
| Sandisk Corp. \* | 11345 | 7208159 |
| Sanmina Corp. \* | 4210 | 653645 |
| Seagate Technology Holdings PLC  | 16723 | 6820308 |
| Super Micro Computer, Inc. \* | 38403 | 1243873 |
| TD SYNNEX Corp.  | 5833 | 914673 |
| TE Connectivity PLC  | 22572 | 5194946 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Teledyne Technologies, Inc. \* | 3628 | 2471031 |
| Ubiquiti, Inc.  | 316 | 242369 |
| Vontier Corp.  | 11139 | 455808 |
| Western Digital Corp.  | 26339 | 7367018 |
| Zebra Technologies Corp., Class A \* | 3914 | 876579 |
|  |  | **435466164** |
| **Telecommunication Services 1.0%** | **Telecommunication Services 1.0%** | **Telecommunication Services 1.0%** |
| AST SpaceMobile, Inc. \* | 18586 | 1471825 |
| AT&T, Inc.  | 545255 | 15272593 |
| Comcast Corp., Class A  | 279704 | 8659636 |
| T-Mobile U.S., Inc.  | 36999 | 8032113 |
| Verizon Communications, Inc.  | 324100 | 16250374 |
|  |  | **49686541** |
| **Transportation 1.4%** | **Transportation 1.4%** | **Transportation 1.4%** |
| Alaska Air Group, Inc. \* | 8783 | 453203 |
| American Airlines Group, Inc. \* | 50486 | 659852 |
| Avis Budget Group, Inc. *\*(a)* | 1260 | 122737 |
| CH Robinson Worldwide, Inc.  | 9031 | 1672993 |
| CSX Corp.  | 142930 | 6101682 |
| Delta Air Lines, Inc.  | 49783 | 3270743 |
| Expeditors International of Washington, <br> Inc. <br>| 10364 | 1503091 |
| FedEx Corp.  | 16706 | 6465222 |
| GXO Logistics, Inc. \* | 8688 | 545867 |
| JB Hunt Transport Services, Inc.  | 5799 | 1353545 |
| Joby Aviation, Inc. \* | 46726 | 470063 |
| Knight-Swift Transportation Holdings, <br> Inc. <br>| 12400 | 780208 |
| Lyft, Inc., Class A \* | 30494 | 422037 |
| Norfolk Southern Corp.  | 17256 | 5431153 |
| Old Dominion Freight Line, Inc.  | 14146 | 2872345 |
| Ryder System, Inc.  | 3130 | 693483 |
| Saia, Inc. \* | 2030 | 822942 |
| Southwest Airlines Co.  | 39675 | 1954390 |
| Uber Technologies, Inc. \* | 159694 | 12044121 |
| U-Haul Holding Co., Non Voting Shares  | 7635 | 360067 |
| Union Pacific Corp.  | 45639 | 12093422 |
| United Airlines Holdings, Inc. \* | 24846 | 2641130 |
| United Parcel Service, Inc., Class B  | 56812 | 6587919 |
| XPO, Inc. \* | 9063 | 1907490 |
|  |  | **71229705** |
| **Utilities 2.4%** | **Utilities 2.4%** | **Utilities 2.4%** |
| AES Corp.  | 54589 | 943298 |
| Alliant Energy Corp.  | 19665 | 1422566 |
| Ameren Corp.  | 20706 | 2345576 |
| American Electric Power Co., Inc.  | 41254 | 5520610 |
| American Water Works Co., Inc.  | 14950 | 2033649 |
| Atmos Energy Corp.  | 12387 | 2313768 |
| CenterPoint Energy, Inc.  | 50419 | 2193227 |
| CMS Energy Corp.  | 23524 | 1836519 |
| Consolidated Edison, Inc.  | 27692 | 3115904 |
| Constellation Energy Corp.  | 23976 | 7909203 |
| Dominion Energy, Inc.  | 65510 | 4136301 |
| DTE Energy Co.  | 15924 | 2360574 |
| Duke Energy Corp.  | 59899 | 7837784 |
| Edison International  | 29482 | 2203485 |
| Entergy Corp.  | 34259 | 3669481 |
| Essential Utilities, Inc.  | 21509 | 859715 |
| Evergy, Inc.  | 17623 | 1474340 |
| Eversource Energy  | 28877 | 2200716 |
| Exelon Corp.  | 77545 | 3836151 |
| FirstEnergy Corp.  | 40008 | 2046809 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**35**

------

Schwab 1000 Index ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| IDACORP, Inc.  | 4149 | 597332 |
| National Fuel Gas Co.  | 6977 | 635116 |
| NextEra Energy, Inc.  | 160019 | 15004982 |
| NiSource, Inc.  | 36934 | 1746978 |
| NRG Energy, Inc.  | 14785 | 2645924 |
| OGE Energy Corp.  | 15387 | 756117 |
| Oklo, Inc. \* | 9481 | 596829 |
| Ormat Technologies, Inc.  | 4611 | 478161 |
| PG&E Corp.  | 168762 | 3206478 |
| Pinnacle West Capital Corp.  | 9214 | 924164 |
| PPL Corp.  | 56680 | 2209386 |
| Public Service Enterprise Group, Inc.  | 38281 | 3294846 |
| Sempra  | 50356 | 4847772 |
| Southern Co.  | 84773 | 8255195 |
| Southwest Gas Holdings, Inc.  | 5096 | 449314 |
| Talen Energy Corp. \* | 3489 | 1294314 |
| TXNM Energy, Inc.  | 7653 | 451680 |
| UGI Corp.  | 16664 | 623400 |
| Vistra Corp.  | 24542 | 4267608 |
| WEC Energy Group, Inc.  | 25074 | 2932655 |
| Xcel Energy, Inc.  | 45392 | 3783877 |
|  |  | **119261804** |
| **Total Common Stocks** <br>**(Cost $2,862,869,377)** | **Total Common Stocks** <br>**(Cost $2,862,869,377)** | **4919933916** |

---

&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% *(c)*<br>| 3616874 | 3616874 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 3.63% *(c)(d)*<br>| 1758125 | 1758125 |
|  |  | **5374999** |
| **Total Short-Term Investments** <br>**(Cost $5,374,999)** | **Total Short-Term Investments** <br>**(Cost $5,374,999)** | **5374999** |
| **Total Investments in Securities** <br>**(Cost $2,868,244,376)** | **Total Investments in Securities** <br>**(Cost $2,868,244,376)** | **4925308915** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| S&P 400 Mid-Cap Index, e-mini, <br> expires 03/20/26<br>| 2 | 715580 | 8811 |
| S&P 500 Index, e-mini, expires <br> 03/20/26<br>| 21 | 7233450 | (20065)<br>|
|  |  |  | **(11254)**<br>|

---

&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 $1,657,307. 

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

*(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 during the period ended February 28, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 8/31/25<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 |
| **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** |
| Charles Schwab Corp.<sup>(a)</sup> <br>| $12246244 | $566041 | ($594227)<br>| $112970 | ($186174)<br>| **$12144854** | 127572 | $75355 |

---

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

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

*See financial notes*

**36**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 1000 Index ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (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>| $4919933916 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4919933916 |
| Short-Term Investments<sup>1</sup> <br>| 5374999 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5374999 |
| Futures Contracts<sup>2</sup> <br>| 8811 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8811 |
| **<u>Liabilities</u>** |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| (20065)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (20065)<br>|
| **Total** | **$4925297661** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$4925297661** |

---

&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. Equity ETFs \| Semiannual Holdings and Financial Statements

**37**

------

Schwab 1000 Index ETF

Statement of Assets and Liabilities

------

As of February 28, 2026; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $8,296,530)  |  | $12144854 |
| Investments in securities, at value - unaffiliated issuers (cost $2,859,947,846) including securities on loan of $1,657,307 |  | 4913164061 |
| Cash |  | 3691 |
| Deposit with broker for futures contracts |  | 681835 |
| Receivables: |  |  |
| Dividends |  | 4333876 |
| Investments sold |  | 783432 |
| Income from securities on loan | + | 2545 |
| **Total assets** |  | **4931114294** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 1758125 |
| Payables: |  |  |
| Management fees |  | 113090 |
| Variation margin on futures contracts |  | 33492 |
| Investments bought | + | 23591 |
| **Total liabilities** |  | **1928298** |
| **Net assets** |  | **$4929185996** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $2949657138 |
| Total distributable earnings | + | 1979528858 |
| **Net assets** |  | **$4929185996** |

---

&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** |
| $4929185996 |  | &nbsp;&nbsp;&nbsp;&nbsp; 149050000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $33.07 |

---

*See financial notes*

**38**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 1000 Index ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $7,886) |  | $28399286 |
| Dividends received from securities - affiliated issuers |  | 75355 |
| Other Interest |  | 12064 |
| Securities on loan, net | + | 23144 |
| **Total investment income**  |  | **28509849** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 713653 |
| **Total expenses** | – | **713653** |
| **Net investment income** |  | **27796196** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - affiliated issuers  |  | 10753 |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (14282678)<br>|
| Net realized gains on sales of in-kind redemptions - affiliated issuers |  | 102217 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 43552062 |
| Net realized gains on futures contracts | + | 429526 |
| **Net realized gains** |  | **29811880** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | (186174)<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 250774728 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | (93195)<br>|
| **Net change in unrealized appreciation (depreciation)** |  | **250495359** |
| **Net realized and unrealized gains** |  | **280307239** |
| **Increase in net assets resulting from operations** |  | **$308103435** |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**39**

------

Schwab 1000 Index ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 |
| Net investment income |  | $27796196 | &nbsp;&nbsp;&nbsp; $49953097 |
| Net realized gains |  | 29811880 | &nbsp;&nbsp;&nbsp; 72689211 |
| Net change in unrealized appreciation (depreciation) | + | 250495359 | &nbsp;&nbsp;&nbsp; 512612606 |
| **Increase in net assets resulting from operations** |  | **$308103435** | &nbsp;&nbsp;&nbsp; **$635254914** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($27912870)**<br>| &nbsp;&nbsp;&nbsp; **($48800210)**<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>  |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 | 9/1/24-8/31/25 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 6550000 | &nbsp;&nbsp;&nbsp; $214818207 | &nbsp;&nbsp;&nbsp; 12800000 | &nbsp;&nbsp;&nbsp; $347351831 |
| Shares redeemed | + | (2100000)<br>| &nbsp;&nbsp;&nbsp; (69460379)<br>| &nbsp;&nbsp;&nbsp; (5800000)<br>| &nbsp;&nbsp;&nbsp; (165824287)<br>|
| **Net transactions in fund shares**  |  | **4450000** | &nbsp;&nbsp;&nbsp; **$145357828** | &nbsp;&nbsp;&nbsp; **7000000** | &nbsp;&nbsp;&nbsp; **$181527544** |
| **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>  |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 | 9/1/24-8/31/25 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 144600000 | &nbsp;&nbsp;&nbsp; $4503637603 | &nbsp;&nbsp;&nbsp; 137600000 | &nbsp;&nbsp;&nbsp; $3735655355 |
| Total increase | + | 4450000 | &nbsp;&nbsp;&nbsp; 425548393 | &nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; 767982248 |
| **End of period** |  | **149050000** | &nbsp;&nbsp;&nbsp; **$4929185996** | &nbsp;&nbsp;&nbsp; **144600000** | &nbsp;&nbsp;&nbsp; **$4503637603** |

---

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

<sup>1</sup> For the period ended August 31, 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*

**40**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Large-Cap ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 9/1/25– <br>2/28/26\*<br>| 9/1/24– <br>8/31/25<sup>1</sup> <br>| 9/1/23– <br>8/31/24<sup>1</sup> <br>| 9/1/22– <br>8/31/23<sup>1</sup> <br>| 9/1/21– <br>8/31/22<sup>1,2</sup> <br>| 9/1/20– <br>8/31/21<sup>1,2</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $25.54 | &nbsp;&nbsp; $22.22 | &nbsp;&nbsp; $17.75 | &nbsp;&nbsp; $15.61 | &nbsp;&nbsp; $18.24 | &nbsp;&nbsp; $14.05 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> <br>| 0.15 | 0.29 | 0.27 | 0.26 | 0.24 | 0.23 |
| Net realized and unrealized gains (losses) | 1.52 | 3.32 | 4.47 | 2.14 | &nbsp;&nbsp; (2.63)<br>| 4.20 |
| Total from investment operations | 1.67 | 3.61 | 4.74 | 2.40 | &nbsp;&nbsp; (2.39)<br>| 4.43 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.24)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $27.06 | &nbsp;&nbsp; $25.54 | &nbsp;&nbsp; $22.22 | &nbsp;&nbsp; $17.75 | &nbsp;&nbsp; $15.61 | &nbsp;&nbsp; $18.24 |
| Total return | 6.56 %<sup>4</sup><br>| 16.37<br> %<br>| 26.95<br> %<br>| 15.61<br> %<br>| &nbsp;&nbsp; (13.22<br> %)<br>| 32.05<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Total expenses | 0.03 %<sup>5</sup><br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.03 %<sup>6</sup><br>| 0.03 %<sup>6</sup><br>| 0.03<br> %<br>|
| Net investment income (loss) | 1.17 %<sup>5</sup><br>| 1.24<br> %<br>| 1.39<br> %<br>| 1.63<br> %<br>| 1.39<br> %<br>| 1.45<br> %<br>|
| Portfolio turnover rate<sup>7</sup> <br>| &nbsp;&nbsp; 2 %<sup>4</sup><br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 4<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $64216 | &nbsp;&nbsp; $59047 | &nbsp;&nbsp; $44971 | &nbsp;&nbsp; $34018 | &nbsp;&nbsp; $28911 | &nbsp;&nbsp; $33035 |

---

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

\* Unaudited.

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

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

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

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

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**41**

------

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited)

------

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.8% OF NET ASSETS  | **COMMON STOCKS** 99.8% OF NET ASSETS  | **COMMON STOCKS** 99.8% OF NET ASSETS  |
| **Automobiles & Components 2.1%** | **Automobiles & Components 2.1%** | **Automobiles & Components 2.1%** |
| Aptiv PLC \* | 221561 | 16293596 |
| Autoliv, Inc.  | 71917 | 8523603 |
| BorgWarner, Inc.  | 218400 | 12573288 |
| Ford Motor Co.  | 4032636 | 56819841 |
| General Motors Co.  | 960908 | 75633069 |
| Rivian Automotive, Inc., Class A \* | 837555 | 12839718 |
| Tesla, Inc. \* | 2898748 | 1166775057 |
|  |  | **1349458172** |
| **Banks 3.4%** | **Banks 3.4%** | **Banks 3.4%** |
| Bank of America Corp.  | 6932091 | 345426095 |
| BOK Financial Corp.  | 23152 | 2910669 |
| Citigroup, Inc.  | 1845390 | 203343524 |
| Citizens Financial Group, Inc.  | 443152 | 26673319 |
| Commerce Bancshares, Inc.  | 131152 | 6687440 |
| Cullen/Frost Bankers, Inc.  | 66770 | 9228949 |
| East West Bancorp, Inc.  | 142916 | 15642156 |
| Fifth Third Bancorp  | 932875 | 46149326 |
| First Citizens BancShares, Inc., <br> Class A <br>| 10417 | 19773029 |
| First Horizon Corp.  | 506904 | 12059246 |
| Huntington Bancshares, Inc.  | 2095968 | 35212262 |
| JPMorgan Chase & Co.  | 2808287 | 843328586 |
| KeyCorp  | 958811 | 19885740 |
| M&T Bank Corp.  | 158086 | 34301500 |
| PNC Financial Services Group, Inc.  | 404765 | 85951848 |
| Regions Financial Corp.  | 902258 | 25109840 |
| Truist Financial Corp.  | 1317238 | 64953006 |
| U.S. Bancorp  | 1602310 | 87582265 |
| Webster Financial Corp.  | 169568 | 12230940 |
| Wells Fargo & Co.  | 3237004 | 263653976 |
| Western Alliance Bancorp  | 105971 | 8511591 |
| Zions Bancorp NA  | 151677 | 8688059 |
|  |  | **2177303366** |
| **Capital Goods 7.7%** | **Capital Goods 7.7%** | **Capital Goods 7.7%** |
| 3M Co.  | 548105 | 90612719 |
| A.O. Smith Corp.  | 115326 | 8995428 |
| Acuity, Inc.  | 30744 | 9272083 |
| Advanced Drainage Systems, Inc.  | 73977 | 12675219 |
| AECOM  | 136499 | 13374172 |
| AeroVironment, Inc. \* | 32728 | 8255638 |
| AGCO Corp.  | 63362 | 8648913 |
| Allegion PLC  | 88701 | 14294166 |
| AMETEK, Inc.  | 237463 | 56805899 |
| API Group Corp. \* | 382880 | 17022845 |
| Axon Enterprise, Inc. \* | 80969 | 43917586 |
| Bloom Energy Corp., Class A \* | 224864 | 35004579 |
| Boeing Co. \* | 807803 | 183799417 |
| Builders FirstSource, Inc. \* | 114227 | 11912734 |
| BWX Technologies, Inc.  | 94355 | 19435243 |
| Carlisle Cos., Inc.  | 42479 | 16769435 |
| Carpenter Technology Corp.  | 51236 | 20395515 |
| Carrier Global Corp.  | 815571 | 52522772 |
| Caterpillar, Inc.  | 482596 | 358486787 |
| CNH Industrial NV  | 907238 | 11159027 |
| Comfort Systems USA, Inc.  | 36230 | 51786075 |
| Core & Main, Inc., Class A \* | 197326 | 10687176 |
| Crane Co.  | 49928 | 10012062 |
| Cummins, Inc.  | 142538 | 83223662 |
| Curtiss-Wright Corp.  | 38133 | 26705684 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Deere & Co.  | 259346 | 163312770 |
| Donaldson Co., Inc.  | 120650 | 11191494 |
| Dover Corp.  | 141621 | 31935535 |
| Eaton Corp. PLC  | 400326 | 150490550 |
| EMCOR Group, Inc.  | 46190 | 33470198 |
| Emerson Electric Co.  | 579479 | 87356459 |
| Fastenal Co.  | 1181415 | 54392347 |
| Ferguson Enterprises, Inc.  | 201498 | 52542618 |
| Fortive Corp.  | 327513 | 19388770 |
| Fortune Brands Innovations, Inc.  | 122527 | 6658117 |
| FTAI Aviation Ltd.  | 105961 | 32402874 |
| GE Vernova, Inc.  | 279934 | 244550342 |
| Generac Holdings, Inc. \* | 59936 | 13507776 |
| General Dynamics Corp.  | 261077 | 93217543 |
| General Electric Co.  | 1088343 | 372496275 |
| Graco, Inc.  | 169909 | 15957853 |
| HEICO Corp.  | 104010 | 33227035 |
| Honeywell International, Inc.  | 655005 | 159552668 |
| Howmet Aerospace, Inc.  | 414285 | 108762241 |
| Hubbell, Inc.  | 54577 | 27923230 |
| Huntington Ingalls Industries, Inc.  | 40418 | 17966609 |
| IDEX Corp.  | 77325 | 16197268 |
| Illinois Tool Works, Inc.  | 272254 | 79125180 |
| Ingersoll Rand, Inc.  | 370570 | 34885460 |
| ITT, Inc.  | 87210 | 17652176 |
| Johnson Controls International PLC  | 629303 | 90808423 |
| Kratos Defense & Security Solutions, <br> Inc. \*<br>| 178588 | 15390714 |
| L3Harris Technologies, Inc.  | 193339 | 70479799 |
| Lennox International, Inc.  | 32821 | 18706001 |
| Leonardo DRS, Inc.  | 78643 | 3412320 |
| Lincoln Electric Holdings, Inc.  | 56332 | 16170101 |
| Lockheed Martin Corp.  | 210116 | 138273137 |
| Masco Corp.  | 212820 | 15242168 |
| MasTec, Inc. \* | 64038 | 19084605 |
| Middleby Corp. \* | 47706 | 8055635 |
| Nordson Corp.  | 55481 | 16280345 |
| Northrop Grumman Corp.  | 138056 | 100005005 |
| nVent Electric PLC  | 167855 | 19867318 |
| Otis Worldwide Corp.  | 403314 | 37330744 |
| Owens Corning  | 84590 | 10325901 |
| PACCAR, Inc.  | 540640 | 68169298 |
| Parker-Hannifin Corp.  | 130009 | 131202483 |
| Pentair PLC  | 167984 | 16662333 |
| Quanta Services, Inc.  | 153594 | 86485710 |
| QXO, Inc. \* | 513315 | 12293894 |
| RBC Bearings, Inc. \* | 32650 | 18803788 |
| Regal Rexnord Corp.  | 68515 | 15140445 |
| Rocket Lab Corp. \* | 484004 | 33444676 |
| Rockwell Automation, Inc.  | 115969 | 47251569 |
| RTX Corp.  | 1382858 | 280194688 |
| Snap-on, Inc.  | 53342 | 20548405 |
| StandardAero, Inc. \* | 198974 | 6128399 |
| Stanley Black & Decker, Inc.  | 161357 | 13955767 |
| Textron, Inc.  | 182585 | 18012010 |
| Toro Co.  | 100462 | 9931673 |
| Trane Technologies PLC  | 228817 | 105786675 |
| TransDigm Group, Inc.  | 57967 | 75518828 |
| Trex Co., Inc. \* | 110034 | 4557608 |
| United Rentals, Inc.  | 65719 | 55203960 |
| Vertiv Holdings Co., Class A  | 393665 | 100341272 |
| Watsco, Inc.  | 35759 | 14923303 |
| WESCO International, Inc.  | 49693 | 14386123 |
| Westinghouse Air Brake Technologies <br> Corp. <br>| 176440 | 46571338 |
| Woodward, Inc.  | 62186 | 24051057 |
| WW Grainger, Inc.  | 45034 | 51551771 |

---

*See financial notes*

**42**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Xylem, Inc.  | 250513 | 32456464 |
|  |  | **4936943977** |
| **Commercial & Professional Services 1.0%** | **Commercial & Professional Services 1.0%** | **Commercial & Professional Services 1.0%** |
| Automatic Data Processing, Inc.  | 416652 | 89313523 |
| Booz Allen Hamilton Holding Corp., <br> Class A <br>| 125890 | 9923909 |
| Broadridge Financial Solutions, Inc.  | 120111 | 22325032 |
| CACI International, Inc., Class A \* | 22588 | 13782520 |
| Cintas Corp.  | 352564 | 70911197 |
| Clean Harbors, Inc. \* | 52173 | 15297124 |
| Copart, Inc. \* | 914688 | 34840466 |
| Equifax, Inc.  | 126671 | 26469172 |
| Genpact Ltd.  | 165732 | 6582875 |
| Jacobs Solutions, Inc.  | 124433 | 17154333 |
| KBR, Inc.  | 133453 | 5635720 |
| Leidos Holdings, Inc.  | 131153 | 22964890 |
| Parsons Corp. \* | 54789 | 3616074 |
| Paychex, Inc.  | 333799 | 31260276 |
| Paycom Software, Inc.  | 51924 | 6533597 |
| Paylocity Holding Corp. \* | 44227 | 4709733 |
| RB Global, Inc.  | 190866 | 19269831 |
| Republic Services, Inc.  | 207083 | 47422007 |
| Rollins, Inc.  | 301592 | 18363937 |
| SS&C Technologies Holdings, Inc.  | 217827 | 16400195 |
| Tetra Tech, Inc.  | 272943 | 9782277 |
| TransUnion  | 198864 | 15620767 |
| Veralto Corp.  | 256321 | 24973355 |
| Verisk Analytics, Inc.  | 143629 | 29813072 |
| Waste Management, Inc.  | 381734 | 91936817 |
|  |  | **654902699** |
| **Consumer Discretionary Distribution & Retail 5.3%** | **Consumer Discretionary Distribution & Retail 5.3%** | **Consumer Discretionary Distribution & Retail 5.3%** |
| Amazon.com, Inc. \* | 10034353 | 2107214130 |
| AutoZone, Inc. \* | 17150 | 64408197 |
| Bath & Body Works, Inc.  | 216854 | 4935597 |
| Best Buy Co., Inc.  | 201175 | 12466815 |
| Burlington Stores, Inc. \* | 64602 | 19824416 |
| CarMax, Inc. \* | 153921 | 6644770 |
| Carvana Co. \* | 145598 | 48653028 |
| Coupang, Inc. \* | 1390491 | 26530568 |
| Dick's Sporting Goods, Inc.  | 68216 | 13890824 |
| eBay, Inc.  | 465351 | 42281792 |
| Etsy, Inc. \* | 101884 | 5591394 |
| Floor & Decor Holdings, Inc., Class A \* | 109908 | 7593544 |
| GameStop Corp., Class A \* | 427378 | 10269893 |
| Genuine Parts Co.  | 143217 | 17080059 |
| Home Depot, Inc.  | 1027041 | 391015050 |
| Lithia Motors, Inc.  | 24723 | 6912056 |
| LKQ Corp.  | 266819 | 8834377 |
| Lowe's Cos., Inc.  | 578689 | 153103749 |
| Murphy USA, Inc.  | 17455 | 6820367 |
| O'Reilly Automotive, Inc. \* | 870464 | 81719160 |
| Penske Automotive Group, Inc.  | 19387 | 3053840 |
| Pool Corp.  | 34199 | 7769329 |
| Ross Stores, Inc.  | 334864 | 68861433 |
| TJX Cos., Inc.  | 1147659 | 185530554 |
| Tractor Supply Co.  | 542966 | 28147357 |
| Ulta Beauty, Inc. \* | 46214 | 31646885 |
| Williams-Sonoma, Inc.  | 125933 | 25898121 |
|  |  | **3386697305** |
| **Consumer Durables & Apparel 0.6%** | **Consumer Durables & Apparel 0.6%** | **Consumer Durables & Apparel 0.6%** |
| Deckers Outdoor Corp. \* | 152505 | 17884261 |
| DR Horton, Inc.  | 281843 | 45204799 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Garmin Ltd.  | 169064 | 42744451 |
| Hasbro, Inc.  | 138248 | 13768118 |
| Lennar Corp., Class A  | 230954 | 26411900 |
| Lululemon Athletica, Inc. \* | 110441 | 20450360 |
| Mohawk Industries, Inc. \* | 53599 | 6714347 |
| NIKE, Inc., Class B  | 1226815 | 76283357 |
| NVR, Inc. \* | 2904 | 21831662 |
| PulteGroup, Inc.  | 202286 | 27753639 |
| Ralph Lauren Corp.  | 39625 | 14368025 |
| Somnigroup International, Inc.  | 215688 | 19306233 |
| Tapestry, Inc.  | 210509 | 32727834 |
| Toll Brothers, Inc.  | 100101 | 15739881 |
| TopBuild Corp. \* | 28648 | 12842899 |
|  |  | **394031766** |
| **Consumer Services 1.9%** | **Consumer Services 1.9%** | **Consumer Services 1.9%** |
| ADT, Inc.  | 530881 | 4257666 |
| Airbnb, Inc., Class A \* | 437981 | 59175613 |
| Aramark  | 269667 | 11285564 |
| Booking Holdings, Inc.  | 33183 | 140674351 |
| Carnival Corp.  | 1117113 | 35244915 |
| Cava Group, Inc. \* | 102408 | 8445588 |
| Chipotle Mexican Grill, Inc. \* | 1361533 | 50676258 |
| Churchill Downs, Inc.  | 70356 | 6467827 |
| Darden Restaurants, Inc.  | 119850 | 25629923 |
| Domino's Pizza, Inc.  | 32027 | 12891188 |
| DoorDash, Inc., Class A \* | 385028 | 67945891 |
| DraftKings, Inc., Class A \* | 516641 | 12316721 |
| Duolingo, Inc. \* | 40929 | 4133829 |
| Expedia Group, Inc.  | 121052 | 26109706 |
| Flutter Entertainment PLC \* | 180542 | 19162728 |
| Hilton Worldwide Holdings, Inc.  | 240157 | 74876149 |
| Las Vegas Sands Corp.  | 313095 | 17758748 |
| Marriott International, Inc., Class A  | 229848 | 78545957 |
| McDonald's Corp.  | 734757 | 250596222 |
| MGM Resorts International \* | 211224 | 7785717 |
| Norwegian Cruise Line Holdings Ltd. \* | 467562 | 11590862 |
| Royal Caribbean Cruises Ltd.  | 261949 | 81455661 |
| Service Corp. International  | 147031 | 12377070 |
| Starbucks Corp.  | 1170721 | 114754072 |
| Texas Roadhouse, Inc.  | 69127 | 12641255 |
| Wingstop, Inc.  | 28065 | 7283148 |
| Wyndham Hotels & Resorts, Inc.  | 80019 | 6545554 |
| Wynn Resorts Ltd.  | 85853 | 9288436 |
| Yum! Brands, Inc.  | 285967 | 48088211 |
|  |  | **1218004830** |
| **Consumer Staples Distribution & Retail 2.1%** | **Consumer Staples Distribution & Retail 2.1%** | **Consumer Staples Distribution & Retail 2.1%** |
| Albertsons Cos., Inc., Class A  | 415659 | 7440296 |
| BJ's Wholesale Club Holdings, Inc. \* | 135469 | 13382983 |
| Casey's General Stores, Inc.  | 38430 | 26347224 |
| Costco Wholesale Corp.  | 457124 | 462056368 |
| Dollar General Corp.  | 226926 | 35454918 |
| Dollar Tree, Inc. \* | 195283 | 24699394 |
| Kroger Co.  | 631324 | 43081550 |
| Maplebear, Inc. \* | 187800 | 7044378 |
| Performance Food Group Co. \* | 160221 | 15551050 |
| Sprouts Farmers Market, Inc. \* | 98900 | 7305743 |
| Sysco Corp.  | 495325 | 45153827 |
| Target Corp.  | 469609 | 53436808 |
| U.S. Foods Holding Corp. \* | 230743 | 22292081 |
| Walmart, Inc.  | 4522597 | 578666286 |
|  |  | **1341912906** |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**43**

------

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Energy 3.5%** | **Energy 3.5%** | **Energy 3.5%** |
| Antero Resources Corp. \* | 302929 | 11150816 |
| APA Corp.  | 362242 | 11001290 |
| Baker Hughes Co.  | 1019871 | 66556781 |
| Cheniere Energy, Inc.  | 221523 | 52219617 |
| Chevron Corp.  | 1951931 | 364542634 |
| ConocoPhillips  | 1273079 | 144443543 |
| Coterra Energy, Inc.  | 790647 | 24185892 |
| Devon Energy Corp.  | 650207 | 28303511 |
| Diamondback Energy, Inc.  | 192759 | 33555487 |
| DT Midstream, Inc.  | 105761 | 14683857 |
| EOG Resources, Inc.  | 560501 | 69546964 |
| EQT Corp.  | 641684 | 39412231 |
| Expand Energy Corp.  | 244683 | 26406189 |
| Exxon Mobil Corp.  | 4350391 | 663434627 |
| Halliburton Co.  | 866904 | 31208544 |
| HF Sinclair Corp.  | 164147 | 8208991 |
| Kinder Morgan, Inc.  | 2017510 | 67122558 |
| Marathon Petroleum Corp.  | 309495 | 61345004 |
| Occidental Petroleum Corp.  | 739364 | 39245441 |
| ONEOK, Inc.  | 648023 | 53636864 |
| Ovintiv, Inc.  | 289360 | 14638722 |
| Permian Resources Corp.  | 718198 | 13135841 |
| Phillips 66  | 415082 | 64059605 |
| Range Resources Corp.  | 249274 | 10290031 |
| SLB Ltd.  | 1542687 | 79201551 |
| Targa Resources Corp.  | 222312 | 52421170 |
| TechnipFMC PLC  | 415815 | 27572693 |
| Texas Pacific Land Corp.  | 59610 | 31252927 |
| Valero Energy Corp.  | 313964 | 64249593 |
| Williams Cos., Inc.  | 1258596 | 94042293 |
|  |  | **2261075267** |
| **Equity Real Estate Investment Trusts (REITs) 2.0%** | **Equity Real Estate Investment Trusts (REITs) 2.0%** | **Equity Real Estate Investment Trusts (REITs) 2.0%** |
| Alexandria Real Estate Equities, Inc.  | 159243 | 8605492 |
| American Homes 4 Rent, Class A  | 338783 | 10163490 |
| American Tower Corp.  | 482530 | 92578206 |
| AvalonBay Communities, Inc.  | 146457 | 25956574 |
| BXP, Inc.  | 149099 | 8585120 |
| Camden Property Trust  | 109989 | 11916208 |
| Crown Castle, Inc.  | 448232 | 40134693 |
| CubeSmart  | 234654 | 9653666 |
| Digital Realty Trust, Inc.  | 332855 | 58981906 |
| EastGroup Properties, Inc.  | 56343 | 11060694 |
| Equinix, Inc.  | 101142 | 98538605 |
| Equity LifeStyle Properties, Inc.  | 202552 | 13603392 |
| Equity Residential  | 358618 | 22668244 |
| Essex Property Trust, Inc.  | 66227 | 16895170 |
| Extra Space Storage, Inc.  | 219742 | 33187634 |
| Federal Realty Investment Trust  | 81783 | 8895537 |
| Gaming & Leisure Properties, Inc.  | 292504 | 14306371 |
| Healthpeak Properties, Inc.  | 708776 | 12531160 |
| Host Hotels & Resorts, Inc.  | 669159 | 13108825 |
| Invitation Homes, Inc.  | 577446 | 15209928 |
| Iron Mountain, Inc.  | 303497 | 32877830 |
| Kimco Realty Corp.  | 702150 | 16535633 |
| Lamar Advertising Co., Class A  | 90146 | 12416710 |
| Lineage, Inc.  | 59548 | 2412885 |
| Mid-America Apartment <br> Communities, Inc. <br>| 121424 | 16253817 |
| NNN REIT, Inc.  | 196492 | 8905017 |
| Omega Healthcare Investors, Inc.  | 303293 | 14639953 |
| Prologis, Inc.  | 957171 | 136463870 |
| Public Storage  | 162212 | 49808817 |
| Realty Income Corp.  | 950139 | 63659313 |
| Regency Centers Corp.  | 169405 | 13382995 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Rexford Industrial Realty, Inc.  | 242156 | 9073585 |
| SBA Communications Corp.  | 110043 | 22136250 |
| Simon Property Group, Inc.  | 335732 | 68438968 |
| Sun Communities, Inc.  | 120561 | 16451754 |
| UDR, Inc.  | 311660 | 11687250 |
| Ventas, Inc.  | 484119 | 41711693 |
| VICI Properties, Inc.  | 1097653 | 33160097 |
| Welltower, Inc.  | 708352 | 146713866 |
| Weyerhaeuser Co.  | 740951 | 18175528 |
| WP Carey, Inc.  | 229356 | 17121425 |
|  |  | **1278608171** |
| **Financial Services 7.3%** | **Financial Services 7.3%** | **Financial Services 7.3%** |
| Affirm Holdings, Inc., Class A \* | 297848 | 13992899 |
| AGNC Investment Corp.  | 1109588 | 12438482 |
| Ally Financial, Inc.  | 287824 | 11351779 |
| American Express Co.  | 554183 | 171187129 |
| Ameriprise Financial, Inc.  | 95633 | 44958986 |
| Annaly Capital Management, Inc.  | 706189 | 16411832 |
| Apollo Global Management, Inc.  | 478185 | 50018151 |
| ARES Management Corp., Class A  | 212541 | 23806717 |
| Bank of New York Mellon Corp.  | 720163 | 85771413 |
| Berkshire Hathaway, Inc., Class B \* | 1891608 | 955167460 |
| Blackrock, Inc.  | 148860 | 158272418 |
| Blackstone, Inc.  | 760576 | 86226501 |
| Block, Inc. \* | 565042 | 35993175 |
| Blue Owl Capital, Inc. *(a)* | 656922 | 6930527 |
| Capital One Financial Corp.  | 655952 | 128330449 |
| Carlyle Group, Inc.  | 267446 | 13904518 |
| Cboe Global Markets, Inc.  | 108441 | 32501937 |
| Charles Schwab Corp. *(b)* | 1712090 | 162990968 |
| CME Group, Inc.  | 371525 | 118702238 |
| Coinbase Global, Inc., Class A \* | 234598 | 41254058 |
| Corebridge Financial, Inc.  | 284236 | 7344658 |
| Corpay, Inc. \* | 72473 | 23560972 |
| Equitable Holdings, Inc.  | 294994 | 11864659 |
| Evercore, Inc., Class A  | 39619 | 12235932 |
| FactSet Research Systems, Inc.  | 37919 | 8221218 |
| Fidelity National Information Services, <br> Inc. <br>| 533076 | 27165553 |
| Fiserv, Inc. \* | 552499 | 34415163 |
| Franklin Resources, Inc.  | 314673 | 8351421 |
| Global Payments, Inc.  | 243664 | 18630549 |
| Goldman Sachs Group, Inc.  | 309371 | 265926031 |
| Houlihan Lokey, Inc.  | 57350 | 9392210 |
| Interactive Brokers Group, Inc., <br> Class A <br>| 462753 | 32943386 |
| Intercontinental Exchange, Inc.  | 587609 | 96444265 |
| Invesco Ltd.  | 456467 | 11986823 |
| Jack Henry & Associates, Inc.  | 74739 | 12142098 |
| Jefferies Financial Group, Inc.  | 168705 | 7490502 |
| KKR & Co., Inc.  | 706513 | 61947060 |
| LPL Financial Holdings, Inc.  | 82929 | 24910213 |
| MarketAxess Holdings, Inc.  | 38841 | 7457472 |
| Mastercard, Inc., Class A  | 845492 | 437296917 |
| Moody's Corp.  | 158568 | 75730491 |
| Morgan Stanley  | 1245478 | 207384542 |
| Morningstar, Inc.  | 24552 | 4496453 |
| MSCI, Inc.  | 77713 | 44438625 |
| Nasdaq, Inc.  | 466238 | 40833124 |
| Northern Trust Corp.  | 194494 | 27830147 |
| PayPal Holdings, Inc.  | 963882 | 44540987 |
| Raymond James Financial, Inc.  | 181700 | 27814636 |
| Robinhood Markets, Inc., Class A \* | 809831 | 61425681 |
| S&P Global, Inc.  | 319602 | 141225732 |
| SEI Investments Co.  | 98137 | 7980501 |
| SoFi Technologies, Inc. \* | 1297520 | 23043955 |

---

*See financial notes*

**44**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Starwood Property Trust, Inc.  | 352087 | 6270670 |
| State Street Corp.  | 287468 | 36974134 |
| Stifel Financial Corp.  | 157124 | 11634995 |
| Synchrony Financial  | 370770 | 25623915 |
| T. Rowe Price Group, Inc.  | 225551 | 21343891 |
| Toast, Inc., Class A \* | 486898 | 13297184 |
| Tradeweb Markets, Inc., Class A  | 121488 | 14974003 |
| Visa, Inc., Class A  | 1741128 | 557404718 |
| Voya Financial, Inc.  | 96386 | 6446296 |
|  |  | **4690653419** |
| **Food, Beverage & Tobacco 2.3%** | **Food, Beverage & Tobacco 2.3%** | **Food, Beverage & Tobacco 2.3%** |
| Altria Group, Inc.  | 1730185 | 119451972 |
| Archer-Daniels-Midland Co.  | 494321 | 34127922 |
| Brown-Forman Corp., Class B  | 243559 | 7029113 |
| Bunge Global SA  | 139080 | 16780002 |
| Campbell's Co.  | 202296 | 5451877 |
| Celsius Holdings, Inc. \* | 165302 | 8861840 |
| Coca-Cola Co.  | 3993067 | 325674545 |
| Coca-Cola Consolidated, Inc.  | 58134 | 11766322 |
| Conagra Brands, Inc.  | 492830 | 9486977 |
| Constellation Brands, Inc., Class A  | 144900 | 22873914 |
| General Mills, Inc.  | 549173 | 24839095 |
| Hershey Co.  | 152751 | 36092006 |
| Hormel Foods Corp.  | 304604 | 7797862 |
| J.M. Smucker Co.  | 109349 | 12679017 |
| Keurig Dr. Pepper, Inc.  | 1404861 | 42539191 |
| Kraft Heinz Co.  | 877683 | 21599779 |
| Lamb Weston Holdings, Inc.  | 142840 | 6883460 |
| McCormick & Co., Inc. - Non Voting <br> Shares <br>| 260854 | 18531068 |
| Molson Coors Beverage Co., Class B  | 177821 | 8711451 |
| Mondelez International, Inc., Class A  | 1333632 | 82125059 |
| Monster Beverage Corp. \* | 735458 | 62734567 |
| PepsiCo, Inc.  | 1410439 | 239407916 |
| Philip Morris International, Inc.  | 1605045 | 299870557 |
| Pilgrim's Pride Corp.  | 41453 | 1789111 |
| Primo Brands Corp.  | 260931 | 5917915 |
| Tyson Foods, Inc., Class A  | 290437 | 18875501 |
|  |  | **1451898039** |
| **Health Care Equipment & Services 3.6%** | **Health Care Equipment & Services 3.6%** | **Health Care Equipment & Services 3.6%** |
| Abbott Laboratories  | 1794722 | 208815905 |
| Align Technology, Inc. \* | 67945 | 12916344 |
| Baxter International, Inc.  | 528256 | 10760575 |
| Becton Dickinson & Co.  | 295812 | 52204902 |
| Boston Scientific Corp. \* | 1528236 | 117444937 |
| Cardinal Health, Inc.  | 245834 | 56352528 |
| Cencora, Inc.  | 200220 | 74509871 |
| Centene Corp. \* | 487990 | 21900991 |
| Chemed Corp.  | 14411 | 5908654 |
| Cigna Group  | 275017 | 79705427 |
| Cooper Cos., Inc. \* | 206446 | 17273337 |
| CVS Health Corp.  | 1307609 | 104477959 |
| DaVita, Inc. \* | 38004 | 5940025 |
| Dexcom, Inc. \* | 400863 | 29435370 |
| Edwards Lifesciences Corp. \* | 598010 | 51709925 |
| Elevance Health, Inc.  | 229562 | 73459840 |
| Encompass Health Corp.  | 102712 | 11080570 |
| GE HealthCare Technologies, Inc.  | 468993 | 39522040 |
| HCA Healthcare, Inc.  | 164945 | 87371366 |
| Henry Schein, Inc. \* | 104680 | 8624585 |
| Hologic, Inc. \* | 231274 | 17428809 |
| Humana, Inc.  | 124333 | 23690410 |
| IDEXX Laboratories, Inc. \* | 82368 | 54093537 |
| Insulet Corp. \* | 72806 | 17954688 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Intuitive Surgical, Inc. \* | 365512 | 184038947 |
| Labcorp Holdings, Inc.  | 85784 | 24801870 |
| Masimo Corp. \* | 46808 | 8207783 |
| McKesson Corp.  | 127271 | 125663567 |
| Medline, Inc., Class A \* | 222127 | 10553254 |
| Medtronic PLC  | 1323986 | 129300473 |
| Molina Healthcare, Inc. \* | 52907 | 8150323 |
| Penumbra, Inc. \* | 40710 | 14020117 |
| Quest Diagnostics, Inc.  | 114642 | 24293786 |
| ResMed, Inc.  | 150510 | 38569693 |
| Solventum Corp. \* | 152427 | 11310083 |
| STERIS PLC  | 101855 | 25703109 |
| Stryker Corp.  | 354788 | 137466158 |
| Tenet Healthcare Corp. \* | 91143 | 21818723 |
| UnitedHealth Group, Inc.  | 933853 | 273871069 |
| Universal Health Services, Inc., <br> Class B <br>| 57379 | 11825812 |
| Veeva Systems, Inc., Class A \* | 155559 | 28313294 |
| Zimmer Biomet Holdings, Inc.  | 205010 | 20181184 |
|  |  | **2280671840** |
| **Household & Personal Products 1.0%** | **Household & Personal Products 1.0%** | **Household & Personal Products 1.0%** |
| Church & Dwight Co., Inc.  | 246951 | 25895282 |
| Clorox Co.  | 126709 | 16112316 |
| Colgate-Palmolive Co.  | 832620 | 82545947 |
| Estee Lauder Cos., Inc., Class A  | 252574 | 27649276 |
| Kenvue, Inc.  | 1976026 | 37781617 |
| Kimberly-Clark Corp.  | 344682 | 38411362 |
| Procter & Gamble Co.  | 2410836 | 403091779 |
|  |  | **631487579** |
| **Insurance 1.8%** | **Insurance 1.8%** | **Insurance 1.8%** |
| Aflac, Inc.  | 485792 | 54860490 |
| Allstate Corp.  | 270465 | 58020152 |
| American Financial Group, Inc.  | 70713 | 9403415 |
| American International Group, Inc.  | 555331 | 44698592 |
| Aon PLC, Class A  | 221254 | 74224079 |
| Arch Capital Group Ltd. \* | 371798 | 37235570 |
| Arthur J Gallagher & Co.  | 264558 | 60372136 |
| Assurant, Inc.  | 51344 | 11788069 |
| Brown & Brown, Inc.  | 301100 | 21625002 |
| Chubb Ltd.  | 377623 | 128716576 |
| Cincinnati Financial Corp.  | 161419 | 26469488 |
| CNA Financial Corp.  | 20051 | 962849 |
| Erie Indemnity Co., Class A  | 26316 | 7090583 |
| Everest Group Ltd.  | 43629 | 14637093 |
| Fidelity National Financial, Inc.  | 262219 | 13866141 |
| Globe Life, Inc.  | 82277 | 11951557 |
| Hartford Insurance Group, Inc.  | 286778 | 40386946 |
| Kinsale Capital Group, Inc.  | 22380 | 8720815 |
| Loews Corp.  | 174301 | 19176596 |
| Markel Group, Inc. \* | 12946 | 26830197 |
| Marsh & McLennan Cos., Inc.  | 505737 | 94441327 |
| MetLife, Inc.  | 569793 | 41064981 |
| Old Republic International Corp.  | 234665 | 10060088 |
| Principal Financial Group, Inc.  | 207662 | 19815108 |
| Progressive Corp.  | 605335 | 129335876 |
| Prudential Financial, Inc.  | 361551 | 35569387 |
| Reinsurance Group of America, Inc., <br> Class A <br>| 68053 | 14681074 |
| RenaissanceRe Holdings Ltd.  | 47967 | 14508099 |
| Travelers Cos., Inc.  | 230495 | 71139977 |
| Unum Group  | 157008 | 11262184 |
| W.R. Berkley Corp.  | 307980 | 22082166 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**45**

------

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Willis Towers Watson PLC  | 98591 | 30087015 |
|  |  | **1165083628** |
| **Materials 2.3%** | **Materials 2.3%** | **Materials 2.3%** |
| Air Products & Chemicals, Inc.  | 229530 | 63274535 |
| Albemarle Corp.  | 121720 | 21747712 |
| Alcoa Corp.  | 269519 | 16731740 |
| Amcor PLC  | 475025 | 23005461 |
| Amrize Ltd. \* | 529357 | 34402911 |
| AptarGroup, Inc.  | 68719 | 9875608 |
| Avery Dennison Corp.  | 80144 | 15736274 |
| Axalta Coating Systems Ltd. \* | 227369 | 7596398 |
| Ball Corp.  | 273445 | 18356363 |
| CF Industries Holdings, Inc.  | 160430 | 15969202 |
| Corteva, Inc.  | 698993 | 56003319 |
| CRH PLC  | 692160 | 83045357 |
| Crown Holdings, Inc.  | 117498 | 13465271 |
| Dow, Inc.  | 727410 | 22353309 |
| DuPont de Nemours, Inc.  | 430390 | 21536716 |
| Eastman Chemical Co.  | 118005 | 8910558 |
| Ecolab, Inc.  | 262531 | 80951434 |
| Freeport-McMoRan, Inc.  | 1478001 | 100622308 |
| International Flavors & Fragrances, <br> Inc. <br>| 263253 | 21647294 |
| International Paper Co.  | 547417 | 23840010 |
| Linde PLC  | 481454 | 244617148 |
| LyondellBasell Industries NV, Class A  | 268936 | 15469199 |
| Martin Marietta Materials, Inc.  | 62151 | 42049502 |
| Mosaic Co.  | 328497 | 9145357 |
| MP Materials Corp. \* | 137448 | 8091564 |
| Newmont Corp.  | 1124022 | 146122860 |
| Nucor Corp.  | 235323 | 41623932 |
| Packaging Corp. of America  | 91765 | 21302327 |
| PPG Industries, Inc.  | 231500 | 28537005 |
| Reliance, Inc.  | 54403 | 17171763 |
| Royal Gold, Inc.  | 83224 | 24949723 |
| RPM International, Inc.  | 133132 | 15193024 |
| Sherwin-Williams Co.  | 237856 | 86244207 |
| Smurfit WestRock PLC  | 536865 | 25238024 |
| Steel Dynamics, Inc.  | 142501 | 27521218 |
| Vulcan Materials Co.  | 136272 | 42244320 |
| Westlake Corp.  | 33988 | 3581655 |
|  |  | **1458174608** |
| **Media & Entertainment 9.1%** | **Media & Entertainment 9.1%** | **Media & Entertainment 9.1%** |
| Alphabet, Inc., Class A  | 5997685 | 1869838276 |
| Alphabet, Inc., Class C  | 4793044 | 1492697693 |
| Charter Communications, Inc., <br> Class A \*<br>| 90253 | 21176061 |
| Electronic Arts, Inc.  | 232573 | 46647167 |
| Fox Corp., Class A  | 352908 | 19882837 |
| Liberty Broadband Corp., Class C \* | 137095 | 7486758 |
| Liberty Media Corp.-Liberty Formula <br> One, Class C \*<br>| 253631 | 23230063 |
| Live Nation Entertainment, Inc. \* | 163470 | 26505026 |
| Match Group, Inc.  | 245847 | 7768765 |
| Meta Platforms, Inc., Class A  | 2246758 | 1456303600 |
| Netflix, Inc. \* | 4370702 | 420636361 |
| News Corp., Class A  | 528108 | 12827743 |
| Omnicom Group, Inc.  | 329698 | 28119942 |
| Paramount Skydance Corp., Class B  | 320097 | 4324511 |
| Pinterest, Inc., Class A \* | 612172 | 10486506 |
| Reddit, Inc., Class A \* | 130250 | 18991753 |
| ROBLOX Corp., Class A \* | 674473 | 46309316 |
| Roku, Inc. \* | 134213 | 13207901 |
| Sirius XM Holdings, Inc.  | 193808 | 4256024 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Snap, Inc., Class A \* | 1150179 | 5992433 |
| Take-Two Interactive Software, Inc. \* | 178697 | 37790842 |
| TKO Group Holdings, Inc.  | 68012 | 15225846 |
| Trade Desk, Inc., Class A \* | 458254 | 10915610 |
| Versant Media Group, Inc. \* | 149669 | 4986971 |
| Walt Disney Co.  | 1841436 | 195265873 |
| Warner Bros Discovery, Inc. \* | 2552176 | 71894798 |
|  |  | **5872768676** |
| **Pharmaceuticals, Biotechnology & Life Sciences 6.4%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.4%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.4%** |
| AbbVie, Inc.  | 1823760 | 423258221 |
| Agilent Technologies, Inc.  | 292540 | 35508505 |
| Alnylam Pharmaceuticals, Inc. \* | 135729 | 45186899 |
| Amgen, Inc.  | 555613 | 215666742 |
| Avantor, Inc. \* | 700325 | 6337941 |
| Biogen, Inc. \* | 150772 | 28921085 |
| BioMarin Pharmaceutical, Inc. \* | 196847 | 12151365 |
| Bio-Rad Laboratories, Inc., Class A \* | 18265 | 5085707 |
| Bio-Techne Corp.  | 160963 | 9496817 |
| Bristol-Myers Squibb Co.  | 2097751 | 130836730 |
| Charles River Laboratories <br> International, Inc. \*<br>| 50907 | 9086390 |
| Danaher Corp.  | 647678 | 136426894 |
| Elanco Animal Health, Inc. \* | 510750 | 13483800 |
| Eli Lilly & Co.  | 819196 | 861786000 |
| Exact Sciences Corp. \* | 194834 | 20141939 |
| Exelixis, Inc. \* | 276168 | 12167962 |
| Gilead Sciences, Inc.  | 1280172 | 190681619 |
| Illumina, Inc. \* | 157942 | 21236881 |
| Incyte Corp. \* | 170078 | 17223799 |
| Insmed, Inc. \* | 219500 | 32777935 |
| IQVIA Holdings, Inc. \* | 175765 | 31428540 |
| Jazz Pharmaceuticals PLC \* | 62079 | 11796251 |
| Johnson & Johnson  | 2485482 | 617468293 |
| Medpace Holdings, Inc. \* | 22823 | 10310518 |
| Merck & Co., Inc.  | 2559833 | 316958522 |
| Mettler-Toledo International, Inc. \* | 20897 | 28559721 |
| Moderna, Inc. \* | 356876 | 19117847 |
| Natera, Inc. \* | 141715 | 29482389 |
| Neurocrine Biosciences, Inc. \* | 103803 | 13727947 |
| Pfizer, Inc.  | 5861044 | 162057867 |
| Regeneron Pharmaceuticals, Inc.  | 103807 | 81142818 |
| Repligen Corp. \* | 54210 | 6978453 |
| Revvity, Inc.  | 118060 | 11606479 |
| Roivant Sciences Ltd. \* | 448478 | 12978953 |
| Royalty Pharma PLC, Class A  | 390160 | 18029294 |
| Summit Therapeutics, Inc. \* | 153228 | 2542052 |
| Tempus AI, Inc. *\*(a)* | 107393 | 5718677 |
| Thermo Fisher Scientific, Inc.  | 387715 | 202042164 |
| United Therapeutics Corp. \* | 43954 | 22148421 |
| Vertex Pharmaceuticals, Inc. \* | 261888 | 130113815 |
| Viatris, Inc.  | 1180928 | 17631255 |
| Waters Corp. \* | 101729 | 32490208 |
| West Pharmaceutical Services, Inc.  | 74458 | 18937648 |
| Zoetis, Inc.  | 455417 | 59705169 |
|  |  | **4090436532** |
| **Real Estate Management & Development 0.1%** | **Real Estate Management & Development 0.1%** | **Real Estate Management & Development 0.1%** |
| CBRE Group, Inc., Class A \* | 301624 | 44537800 |
| CoStar Group, Inc. \* | 435358 | 19430027 |
| Jones Lang LaSalle, Inc. \* | 48776 | 15391267 |
| Zillow Group, Inc., Class C \* | 228463 | 10194019 |
|  |  | **89553113** |

---

*See financial notes*

**46**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Semiconductors & Semiconductor Equipment 13.7%** | **Semiconductors & Semiconductor Equipment 13.7%** | **Semiconductors & Semiconductor Equipment 13.7%** |
| Advanced Micro Devices, Inc. \* | 1679007 | 336153991 |
| Analog Devices, Inc.  | 507431 | 180538875 |
| Applied Materials, Inc.  | 821448 | 305825090 |
| Astera Labs, Inc. \* | 135290 | 16076511 |
| Broadcom, Inc.  | 4871815 | 1556788483 |
| Credo Technology Group Holding <br> Ltd. \*<br>| 156652 | 17587320 |
| Entegris, Inc.  | 156493 | 20727498 |
| First Solar, Inc. \* | 111430 | 21973996 |
| Intel Corp. \* | 4625341 | 210961803 |
| KLA Corp.  | 135630 | 206774717 |
| Lam Research Corp.  | 1296531 | 303245636 |
| Lattice Semiconductor Corp. \* | 143589 | 13729980 |
| Marvell Technology, Inc.  | 891222 | 72803925 |
| Microchip Technology, Inc.  | 560346 | 41824225 |
| Micron Technology, Inc.  | 1157618 | 477366935 |
| Monolithic Power Systems, Inc.  | 49645 | 56731327 |
| NVIDIA Corp.  | 25055939 | 4439661831 |
| NXP Semiconductors NV  | 259308 | 58865509 |
| ON Semiconductor Corp. \* | 414106 | 27529767 |
| Qnity Electronics, Inc.  | 217981 | 27631272 |
| Qorvo, Inc. \* | 85591 | 7095494 |
| QUALCOMM, Inc.  | 1104931 | 157297977 |
| Skyworks Solutions, Inc.  | 152225 | 9069566 |
| Teradyne, Inc.  | 162352 | 51957511 |
| Texas Instruments, Inc.  | 937275 | 198805400 |
| Universal Display Corp.  | 47043 | 5019018 |
|  |  | **8822043657** |
| **Software & Services 9.0%** | **Software & Services 9.0%** | **Software & Services 9.0%** |
| Accenture PLC, Class A  | 639342 | 133443462 |
| Adobe, Inc. \* | 432814 | 113574722 |
| Akamai Technologies, Inc. \* | 147638 | 14526103 |
| AppLovin Corp., Class A \* | 278978 | 121291265 |
| Atlassian Corp., Class A \* | 172767 | 12979985 |
| Autodesk, Inc. \* | 219325 | 53925438 |
| Bentley Systems, Inc., Class B  | 152294 | 5566346 |
| Cadence Design Systems, Inc. \* | 281192 | 84751269 |
| Circle Internet Group, Inc. \* | 58218 | 4857710 |
| Cloudflare, Inc., Class A \* | 326499 | 56219863 |
| Cognizant Technology Solutions Corp., <br> Class A <br>| 496982 | 32020550 |
| CoreWeave, Inc., Class A \* | 234429 | 18651171 |
| Crowdstrike Holdings, Inc., Class A \* | 258918 | 96312318 |
| Datadog, Inc., Class A \* | 335215 | 37530671 |
| Docusign, Inc. \* | 210694 | 9495979 |
| Dynatrace, Inc. \* | 316277 | 11360670 |
| Elastic NV \* | 96069 | 5002313 |
| EPAM Systems, Inc. \* | 56567 | 7975947 |
| Fair Isaac Corp. \* | 24492 | 34518045 |
| Fortinet, Inc. \* | 650857 | 51437229 |
| Gartner, Inc. \* | 74003 | 11633272 |
| Gen Digital, Inc.  | 574347 | 12963012 |
| GoDaddy, Inc., Class A \* | 140926 | 12283110 |
| Guidewire Software, Inc. \* | 86736 | 12604475 |
| HubSpot, Inc. \* | 53953 | 14271108 |
| International Business Machines <br> Corp. <br>| 963929 | 231545385 |
| Intuit, Inc.  | 287784 | 117712289 |
| Manhattan Associates, Inc. \* | 61514 | 8330841 |
| Microsoft Corp.  | 7662261 | 3009276385 |
| MongoDB, Inc. \* | 84595 | 27786920 |
| Nutanix, Inc., Class A \* | 280753 | 10747225 |
| Okta, Inc. \* | 172719 | 12522127 |
| Oracle Corp.  | 1734181 | 252149917 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Palantir Technologies, Inc., Class A \* | 2355457 | 323145146 |
| Palo Alto Networks, Inc. \* | 819622 | 122058108 |
| Procore Technologies, Inc. \* | 123136 | 6777405 |
| PTC, Inc. \* | 125016 | 19576255 |
| Roper Technologies, Inc.  | 111456 | 38979507 |
| Rubrik, Inc., Class A \* | 146262 | 7599774 |
| SailPoint, Inc. \* | 78465 | 1106356 |
| Salesforce, Inc.  | 981702 | 191225733 |
| ServiceNow, Inc. \* | 1070473 | 115621789 |
| Snowflake, Inc., Class A \* | 348854 | 58750502 |
| Strategy, Inc., Class A \* | 275446 | 35670257 |
| Synopsys, Inc. \* | 191332 | 79211448 |
| Trimble, Inc. \* | 247645 | 16560021 |
| Twilio, Inc., Class A \* | 157430 | 19042733 |
| Tyler Technologies, Inc. \* | 44037 | 15619484 |
| Unity Software, Inc. \* | 354612 | 6464577 |
| VeriSign, Inc.  | 85559 | 19502318 |
| Workday, Inc., Class A \* | 223330 | 29872621 |
| Zoom Communications, Inc., Class A \* | 274161 | 20271464 |
| Zscaler, Inc. \* | 104297 | 15330616 |
|  |  | **5781653236** |
| **Technology Hardware & Equipment 8.8%** | **Technology Hardware & Equipment 8.8%** | **Technology Hardware & Equipment 8.8%** |
| Amphenol Corp., Class A  | 1262816 | 184446905 |
| Apple, Inc.  | 15235466 | 4024905408 |
| Arista Networks, Inc. \* | 1066888 | 142429548 |
| Arrow Electronics, Inc. \* | 53598 | 8155472 |
| CDW Corp.  | 136217 | 16705653 |
| Ciena Corp. \* | 145201 | 50631589 |
| Cisco Systems, Inc.  | 4063393 | 322877208 |
| Cognex Corp.  | 175020 | 9521088 |
| Coherent Corp. \* | 161671 | 41861472 |
| Corning, Inc.  | 804619 | 120998605 |
| Dell Technologies, Inc., Class C  | 310701 | 46008604 |
| F5, Inc. \* | 59720 | 16205619 |
| Fabrinet \* | 37367 | 20388556 |
| Flex Ltd. \* | 380976 | 24009108 |
| Hewlett Packard Enterprise Co.  | 1361153 | 29223955 |
| HP, Inc.  | 963379 | 18294567 |
| IonQ, Inc. \* | 364556 | 13988014 |
| Jabil, Inc.  | 109741 | 29080268 |
| Keysight Technologies, Inc. \* | 178139 | 54747459 |
| Motorola Solutions, Inc.  | 171851 | 82876863 |
| NetApp, Inc.  | 204973 | 20298476 |
| Pure Storage, Inc., Class A \* | 325619 | 20911252 |
| Seagate Technology Holdings PLC  | 225272 | 91874932 |
| Super Micro Computer, Inc. \* | 515273 | 16689692 |
| TD SYNNEX Corp.  | 78870 | 12367605 |
| TE Connectivity PLC  | 303469 | 69843390 |
| Teledyne Technologies, Inc. \* | 48302 | 32898492 |
| Ubiquiti, Inc.  | 4409 | 3381659 |
| Western Digital Corp.  | 353460 | 98862762 |
| Zebra Technologies Corp., Class A \* | 51955 | 11635842 |
|  |  | **5636120063** |
| **Telecommunication Services 1.0%** | **Telecommunication Services 1.0%** | **Telecommunication Services 1.0%** |
| AST SpaceMobile, Inc. \* | 248588 | 19685684 |
| AT&T, Inc.  | 7322057 | 205090817 |
| Comcast Corp., Class A  | 3756171 | 116291054 |
| T-Mobile U.S., Inc.  | 496493 | 107783665 |
| Verizon Communications, Inc.  | 4351345 | 218176438 |
|  |  | **667027658** |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**47**

------

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Transportation 1.4%** | **Transportation 1.4%** | **Transportation 1.4%** |
| American Airlines Group, Inc. \* | 675096 | 8823505 |
| CH Robinson Worldwide, Inc.  | 122809 | 22750367 |
| CSX Corp.  | 1918928 | 81919036 |
| Delta Air Lines, Inc.  | 667836 | 43876825 |
| Expeditors International of <br> Washington, Inc. <br>| 138311 | 20059244 |
| FedEx Corp.  | 223682 | 86564934 |
| JB Hunt Transport Services, Inc.  | 77994 | 18204580 |
| Joby Aviation, Inc. \* | 626468 | 6302268 |
| Knight-Swift Transportation Holdings, <br> Inc. <br>| 166334 | 10465735 |
| Norfolk Southern Corp.  | 231099 | 72736099 |
| Old Dominion Freight Line, Inc.  | 190321 | 38644679 |
| Saia, Inc. \* | 27635 | 11202953 |
| Southwest Airlines Co.  | 532379 | 26224990 |
| Uber Technologies, Inc. \* | 2141540 | 161514947 |
| U-Haul Holding Co., Non Voting <br> Shares <br>| 116151 | 5477681 |
| Union Pacific Corp.  | 611943 | 162152656 |
| United Airlines Holdings, Inc. \* | 333377 | 35437975 |
| United Parcel Service, Inc., Class B  | 761227 | 88271883 |
| XPO, Inc. \* | 122732 | 25831404 |
|  |  | **926461761** |
| **Utilities 2.4%** | **Utilities 2.4%** | **Utilities 2.4%** |
| AES Corp.  | 732631 | 12659864 |
| Alliant Energy Corp.  | 263741 | 19079024 |
| Ameren Corp.  | 277612 | 31447887 |
| American Electric Power Co., Inc.  | 552418 | 73924577 |
| American Water Works Co., Inc.  | 201787 | 27449086 |
| Atmos Energy Corp.  | 164685 | 30761511 |
| CenterPoint Energy, Inc.  | 670744 | 29177364 |
| CMS Energy Corp.  | 315913 | 24663328 |
| Consolidated Edison, Inc.  | 373171 | 41989201 |
| Constellation Energy Corp.  | 321747 | 106137900 |
| Dominion Energy, Inc.  | 882158 | 55699456 |
| DTE Energy Co.  | 214156 | 31746485 |
| Duke Energy Corp.  | 802066 | 104950336 |
| Edison International  | 394666 | 29497337 |
| Entergy Corp.  | 461514 | 49432764 |
| Essential Utilities, Inc.  | 287290 | 11482981 |
| Evergy, Inc.  | 237971 | 19908654 |
| Eversource Energy  | 387120 | 29502415 |
| Exelon Corp.  | 1044907 | 51691549 |
| FirstEnergy Corp.  | 534824 | 27361596 |
| NextEra Energy, Inc.  | 2149213 | 201531703 |
| NiSource, Inc.  | 494339 | 23382235 |
| NRG Energy, Inc.  | 199109 | 35632547 |
| OGE Energy Corp.  | 207306 | 10187017 |
| Oklo, Inc. \* | 126861 | 7985900 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| PG&E Corp.  | 2262541 | 42988279 |
| Pinnacle West Capital Corp.  | 123106 | 12347532 |
| PPL Corp.  | 765699 | 29846947 |
| Public Service Enterprise Group, Inc.  | 516371 | 44444052 |
| Sempra  | 671341 | 64629998 |
| Southern Co.  | 1135094 | 110535454 |
| Talen Energy Corp. \* | 46737 | 17338025 |
| Vistra Corp.  | 329121 | 57230851 |
| WEC Energy Group, Inc.  | 336303 | 39333999 |
| Xcel Energy, Inc.  | 611367 | 50963553 |
|  |  | **1556941407** |
| **Total Common Stocks** <br>**(Cost $34,794,886,070)** | **Total Common Stocks** <br>**(Cost $34,794,886,070)** | **64119913675** |

---

&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 <br> U.S. Government Money Market <br> Fund, Premier Class 3.63% *(c)*<br>| 29093581 | 29093581 |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 3.63% *(c)(d)*<br>| 11990475 | 11990475 |
|  |  | **41084056** |
| **Total Short-Term Investments** <br>**(Cost $41,084,056)** | **Total Short-Term Investments** <br>**(Cost $41,084,056)** | **41084056** |
| **Total Investments in Securities** <br>**(Cost $34,835,970,126)** | **Total Investments in Securities** <br>**(Cost $34,835,970,126)** | **64160997731** |

---

&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>| 250 | 86112500 | **(204906)**<br>|

---

&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 $11,111,990. 

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

*(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 during the period ended February 28, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 8/31/25<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** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS |
| **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** |
| Charles Schwab Corp.<sup>(a)</sup> <br>| $164560539 | $6206440 | ($6724126)<br>| $842669 | ($1894554)<br>| **$162990968** | 1712090 | $1007291 |

---

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

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

*See financial notes*

**48**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (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>| $64119913675 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $64119913675 |
| Short-Term Investments<sup>1</sup> <br>| 41084056 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41084056 |
| **<u>Liabilities</u>** |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| (204906)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (204906)<br>|
| **Total** | **$64160792825** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$64160792825** |

---

&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. Equity ETFs \| Semiannual Holdings and Financial Statements

**49**

------

Schwab U.S. Large-Cap ETF

Statement of Assets and Liabilities

------

As of February 28, 2026; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $100,738,175)  |  | $162990968 |
| Investments in securities, at value - unaffiliated issuers (cost $34,735,231,951) including securities on loan of $11,111,990 |  | 63998006763 |
| Cash |  | 45878 |
| Deposit with broker for futures contracts |  | 7599779 |
| Receivables: |  |  |
| Fund shares sold |  | 75772628 |
| Dividends |  | 57000006 |
| Income from securities on loan | + | 1027 |
| **Total assets** |  | **64301417049** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 11990475 |
| Payables: |  |  |
| Investments bought |  | 71637576 |
| Management fees |  | 1472689 |
| Variation margin on futures contracts | + | 347771 |
| **Total liabilities** |  | **85448511** |
| **Net assets** |  | **$64215968538** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $36096985957 |
| Total distributable earnings | + | 28118982581 |
| **Net assets** |  | **$64215968538** |

---

&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** |
| $64215968538 |  | &nbsp;&nbsp;&nbsp;&nbsp; 2372950000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $27.06 |

---

*See financial notes*

**50**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Large-Cap ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $95,448) |  | $370024772 |
| Dividends received from securities - affiliated issuers |  | 1007291 |
| Other Interest |  | 118165 |
| Securities on loan, net | + | 101816 |
| **Total investment income**  |  | **371252044** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 9294824 |
| **Total expenses** | – | **9294824** |
| **Net investment income** |  | **361957220** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - affiliated issuers |  | 84614 |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (210109132)<br>|
| Net realized gains on sales of in-kind redemptions - affiliated issuers |  | 758055 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 303912532 |
| Net realized gains on futures contracts | + | 3948785 |
| **Net realized gains** |  | **98594854** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | (1894554)<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 3429641718 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | (367340)<br>|
| **Net change in unrealized appreciation (depreciation)** |  | **3427379824** |
| **Net realized and unrealized gains** |  | **3525974678** |
| **Increase in net assets resulting from operations** |  | **$3887931898** |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**51**

------

Schwab U.S. Large-Cap ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 |
| Net investment income |  | $361957220 | &nbsp;&nbsp;&nbsp; $649367034 |
| Net realized gains |  | 98594854 | &nbsp;&nbsp;&nbsp; 910082179 |
| Net change in unrealized appreciation (depreciation) | + | 3427379824 | &nbsp;&nbsp;&nbsp; 6664970116 |
| **Increase in net assets resulting from operations** |  | **$3887931898** | &nbsp;&nbsp;&nbsp; **$8224419329** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($358010550)**<br>| &nbsp;&nbsp;&nbsp; **($632200320)**<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>  |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 | 9/1/24-8/31/25 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 83450000 | &nbsp;&nbsp;&nbsp; $2232478652 | &nbsp;&nbsp;&nbsp; 374750000 | &nbsp;&nbsp;&nbsp; $8505754961 |
| Shares redeemed | + | (22250000)<br>| &nbsp;&nbsp;&nbsp; (593620742)<br>| &nbsp;&nbsp;&nbsp; (86950000)<br>| &nbsp;&nbsp;&nbsp; (2022275814)<br>|
| **Net transactions in fund shares**  |  | **61200000** | &nbsp;&nbsp;&nbsp; **$1638857910** | &nbsp;&nbsp;&nbsp; **287800000** | &nbsp;&nbsp;&nbsp; **$6483479147** |
| **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>  |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 | 9/1/24-8/31/25 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 2311750000 | &nbsp;&nbsp;&nbsp; $59047189280 | &nbsp;&nbsp;&nbsp; 2023950000 | &nbsp;&nbsp;&nbsp; $44971491124 |
| Total increase | + | 61200000 | &nbsp;&nbsp;&nbsp; 5168779258 | &nbsp;&nbsp;&nbsp; 287800000 | &nbsp;&nbsp;&nbsp; 14075698156 |
| **End of period** |  | **2372950000** | &nbsp;&nbsp;&nbsp; **$64215968538** | &nbsp;&nbsp;&nbsp; **2311750000** | &nbsp;&nbsp;&nbsp; **$59047189280** |

---

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

<sup>1</sup> For the period ended August 31, 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*

**52**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Growth ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 9/1/25– <br>2/28/26\*<br>| 9/1/24– <br>8/31/25<sup>1</sup> <br>| 9/1/23– <br>8/31/24<sup>1</sup> <br>| 9/1/22– <br>8/31/23<sup>1</sup> <br>| 9/1/21– <br>8/31/22<sup>1,2</sup> <br>| 9/1/20– <br>8/31/21<sup>1,2</sup> <br>|
| **Per-Share Data** | **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; $30.52 | &nbsp;&nbsp; $25.41 | &nbsp;&nbsp; $19.21 | &nbsp;&nbsp; $15.52 | &nbsp;&nbsp; $19.59 | &nbsp;&nbsp; $15.02 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> <br>| 0.07 | 0.12 | 0.11 | 0.09 | 0.07 | 0.09 |
| Net realized and unrealized gains (losses) | 0.21 | 5.10 | 6.20 | 3.69 | &nbsp;&nbsp; (4.05)<br>| 4.56 |
| Total from investment operations | 0.28 | 5.22 | 6.31 | 3.78 | &nbsp;&nbsp; (3.98)<br>| 4.65 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.08)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $30.74 | &nbsp;&nbsp; $30.52 | &nbsp;&nbsp; $25.41 | &nbsp;&nbsp; $19.21 | &nbsp;&nbsp; $15.52 | &nbsp;&nbsp; $19.59 |
| Total return | 0.91 %<sup>4</sup><br>| 20.60<br> %<br>| 32.95<br> %<br>| 24.41<br> %<br>| &nbsp;&nbsp; (20.37<br> %)<br>| 31.06<br> %<br>|
| **Ratios/Supplemental Data** | **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 | 0.04 %<sup>5</sup><br>| 0.04<br> %<br>| 0.04<br> %<br>| 0.04 %<sup>6</sup><br>| 0.04 %<sup>6</sup><br>| 0.04<br> %<br>|
| Net investment income (loss) | 0.46 %<sup>5</sup><br>| 0.43<br> %<br>| 0.49<br> %<br>| 0.54<br> %<br>| 0.41<br> %<br>| 0.55<br> %<br>|
| Portfolio turnover rate<sup>7</sup> <br>| &nbsp;&nbsp; 9 %<sup>4</sup><br>| &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 12<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $50571 | &nbsp;&nbsp; $48075 | &nbsp;&nbsp; $31741 | &nbsp;&nbsp; $19818 | &nbsp;&nbsp; $14493 | &nbsp;&nbsp; $16563 |

---

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

\* Unaudited.

<sup>1</sup> Per-Share Data has been retroactively adjusted to reflect a 4-for-1 share split effective after the close of U.S. markets on October 10, 2024.

<sup>2</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>3</sup> Calculated based on the average shares outstanding during the period.

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

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

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

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**53**

------

Schwab U.S. Large-Cap Growth ETF

Portfolio Holdings as of February 28, 2026 (Unaudited)

------

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.9% OF NET ASSETS  | **COMMON STOCKS** 99.9% OF NET ASSETS  | **COMMON STOCKS** 99.9% OF NET ASSETS  |
| **Automobiles & Components 4.2%** | **Automobiles & Components 4.2%** | **Automobiles & Components 4.2%** |
| Tesla, Inc. \* | 5299312 | 2133026073 |
| **Banks 0.1%** | **Banks 0.1%** | **Banks 0.1%** |
| First Citizens BancShares, Inc., <br> Class A <br>| 19260 | 36558369 |
| **Capital Goods 6.0%** | **Capital Goods 6.0%** | **Capital Goods 6.0%** |
| Advanced Drainage Systems, Inc.  | 137473 | 23554624 |
| Axon Enterprise, Inc. \* | 151512 | 82180109 |
| Builders FirstSource, Inc. \* | 211678 | 22075899 |
| Carlisle Cos., Inc.  | 79987 | 31576468 |
| Carpenter Technology Corp.  | 95545 | 38033598 |
| Comfort Systems USA, Inc.  | 67544 | 96545367 |
| Core & Main, Inc., Class A \* | 366424 | 19845524 |
| Curtiss-Wright Corp.  | 70764 | 49558152 |
| EMCOR Group, Inc.  | 85909 | 62251380 |
| FTAI Aviation Ltd.  | 196922 | 60218748 |
| GE Vernova, Inc.  | 520680 | 454866048 |
| Generac Holdings, Inc. \* | 112292 | 25307248 |
| General Electric Co.  | 2024421 | 692878331 |
| HEICO Corp.  | 191224 | 61088419 |
| Lennox International, Inc.  | 61111 | 34829603 |
| MasTec, Inc. \* | 117827 | 35114803 |
| Parker-Hannifin Corp.  | 242229 | 244452662 |
| Quanta Services, Inc.  | 286297 | 161208115 |
| RBC Bearings, Inc. \* | 60315 | 34736615 |
| Rocket Lab Corp. \* | 902253 | 62345682 |
| Trane Technologies PLC  | 425700 | 196809624 |
| TransDigm Group, Inc.  | 108108 | 140842021 |
| United Rentals, Inc.  | 122052 | 102523680 |
| Vertiv Holdings Co., Class A  | 734314 | 187169295 |
| WW Grainger, Inc.  | 83956 | 96106952 |
|  |  | **3016118967** |
| **Commercial & Professional Services 0.2%** | **Commercial & Professional Services 0.2%** | **Commercial & Professional Services 0.2%** |
| CACI International, Inc., Class A \* | 42455 | 25904767 |
| Clean Harbors, Inc. \* | 96352 | 28250407 |
| Equifax, Inc.  | 234935 | 49092018 |
| Paycom Software, Inc.  | 93594 | 11776933 |
| Paylocity Holding Corp. \* | 84927 | 9043876 |
|  |  | **124068001** |
| **Consumer Discretionary Distribution & Retail 6.1%** | **Consumer Discretionary Distribution & Retail 6.1%** | **Consumer Discretionary Distribution & Retail 6.1%** |
| Amazon.com, Inc. \* | 12367732 | 2597223720 |
| AutoZone, Inc. \* | 31845 | 119596445 |
| Carvana Co. \* | 271683 | 90785591 |
| Coupang, Inc. \* | 2596412 | 49539541 |
| O'Reilly Automotive, Inc. \* | 1623320 | 152397282 |
| Pool Corp.  | 62768 | 14259634 |
| Ulta Beauty, Inc. \* | 86271 | 59077518 |
|  |  | **3082879731** |
| **Consumer Durables & Apparel 0.3%** | **Consumer Durables & Apparel 0.3%** | **Consumer Durables & Apparel 0.3%** |
| Deckers Outdoor Corp. \* | 279885 | 32822114 |
| Lululemon Athletica, Inc. \* | 207203 | 38367779 |
| NVR, Inc. \* | 5447 | 40949402 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| TopBuild Corp. \* | 53802 | 24119437 |
|  |  | **136258732** |
| **Consumer Services 2.0%** | **Consumer Services 2.0%** | **Consumer Services 2.0%** |
| Airbnb, Inc., Class A \* | 817505 | 110453101 |
| Booking Holdings, Inc.  | 61875 | 262309781 |
| Carnival Corp.  | 2086331 | 65823743 |
| Cava Group, Inc. \* | 193704 | 15974769 |
| Churchill Downs, Inc.  | 126647 | 11642659 |
| Domino's Pizza, Inc.  | 60183 | 24224259 |
| DoorDash, Inc., Class A \* | 718303 | 126758930 |
| DraftKings, Inc., Class A \* | 965978 | 23028916 |
| Duolingo, Inc. \* | 76982 | 7775182 |
| Flutter Entertainment PLC \* | 336836 | 35751773 |
| Hilton Worldwide Holdings, Inc.  | 446609 | 139243754 |
| Marriott International, Inc., Class A  | 428000 | 146260440 |
| Texas Roadhouse, Inc.  | 126901 | 23206386 |
| Wingstop, Inc.  | 53410 | 13860429 |
|  |  | **1006314122** |
| **Consumer Staples Distribution & Retail 1.9%** | **Consumer Staples Distribution & Retail 1.9%** | **Consumer Staples Distribution & Retail 1.9%** |
| Casey's General Stores, Inc.  | 71131 | 48766702 |
| Costco Wholesale Corp.  | 850765 | 859944754 |
| Performance Food Group Co. \* | 301256 | 29239908 |
|  |  | **937951364** |
| **Energy 0.8%** | **Energy 0.8%** | **Energy 0.8%** |
| Baker Hughes Co.  | 1896129 | 123741378 |
| Phillips 66  | 773915 | 119438302 |
| Targa Resources Corp.  | 412342 | 97230244 |
| Texas Pacific Land Corp.  | 111321 | 58364487 |
|  |  | **398774411** |
| **Equity Real Estate Investment Trusts (REITs) 0.5%** | **Equity Real Estate Investment Trusts (REITs) 0.5%** | **Equity Real Estate Investment Trusts (REITs) 0.5%** |
| Equinix, Inc.  | 188531 | 183678212 |
| SBA Communications Corp.  | 204697 | 41176849 |
| Sun Communities, Inc.  | 223370 | 30481070 |
|  |  | **255336131** |
| **Financial Services 6.6%** | **Financial Services 6.6%** | **Financial Services 6.6%** |
| Affirm Holdings, Inc., Class A \* | 555395 | 26092457 |
| Apollo Global Management, Inc.  | 891156 | 93214918 |
| Blackrock, Inc.  | 276901 | 294409450 |
| Block, Inc. \* | 1051044 | 66951503 |
| Coinbase Global, Inc., Class A \* | 437869 | 76999264 |
| FactSet Research Systems, Inc.  | 71954 | 15600347 |
| Interactive Brokers Group, Inc., <br> Class A <br>| 854978 | 60865884 |
| KKR & Co., Inc.  | 1318284 | 115587141 |
| LPL Financial Holdings, Inc.  | 153542 | 46120946 |
| Mastercard, Inc., Class A  | 1573638 | 813901310 |
| Moody's Corp.  | 294138 | 140477367 |
| MSCI, Inc.  | 144235 | 82477900 |
| Robinhood Markets, Inc., Class A \* | 1509123 | 114466979 |
| S&P Global, Inc.  | 595093 | 262959695 |
| SoFi Technologies, Inc. \* | 2419059 | 42962488 |
| Toast, Inc., Class A \* | 899450 | 24563979 |
| Tradeweb Markets, Inc., Class A  | 223333 | 27526909 |
| Visa, Inc., Class A  | 3238928 | 1036910410 |
|  |  | **3342088947** |

---

*See financial notes*

**54**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Growth ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Food, Beverage & Tobacco 0.1%** | **Food, Beverage & Tobacco 0.1%** | **Food, Beverage & Tobacco 0.1%** |
| Celsius Holdings, Inc. \* | 308759 | 16552570 |
| Constellation Brands, Inc., Class A  | 270147 | 42645405 |
|  |  | **59197975** |
| **Health Care Equipment & Services 3.0%** | **Health Care Equipment & Services 3.0%** | **Health Care Equipment & Services 3.0%** |
| Chemed Corp.  | 27367 | 11220744 |
| Dexcom, Inc. \* | 749233 | 55016179 |
| Humana, Inc.  | 230945 | 44004260 |
| IDEXX Laboratories, Inc. \* | 153215 | 100620887 |
| Insulet Corp. \* | 135254 | 33354989 |
| Intuitive Surgical, Inc. \* | 680313 | 342544399 |
| McKesson Corp.  | 236871 | 233879319 |
| Medline, Inc., Class A \* | 339969 | 16151927 |
| Penumbra, Inc. \* | 75143 | 25878498 |
| ResMed, Inc.  | 280110 | 71780989 |
| UnitedHealth Group, Inc.  | 1738450 | 509835231 |
| Veeva Systems, Inc., Class A \* | 289513 | 52694261 |
|  |  | **1496981683** |
| **Insurance 0.6%** | **Insurance 0.6%** | **Insurance 0.6%** |
| Kinsale Capital Group, Inc.  | 42327 | 16493562 |
| Markel Group, Inc. \* | 24153 | 50056368 |
| Progressive Corp.  | 1125791 | 240536505 |
|  |  | **307086435** |
| **Materials 1.5%** | **Materials 1.5%** | **Materials 1.5%** |
| Linde PLC  | 896210 | 455346377 |
| Martin Marietta Materials, Inc.  | 115790 | 78340040 |
| Sherwin-Williams Co.  | 443140 | 160678133 |
| Vulcan Materials Co.  | 253580 | 78609800 |
|  |  | **772974350** |
| **Media & Entertainment 15.6%** | **Media & Entertainment 15.6%** | **Media & Entertainment 15.6%** |
| Alphabet, Inc., Class A  | 7400399 | 2307148392 |
| Alphabet, Inc., Class C  | 5913767 | 1841724457 |
| Liberty Broadband Corp., Class C \* | 260683 | 14235899 |
| Liberty Media Corp.-Liberty Formula <br> One, Class C \*<br>| 473148 | 43335625 |
| Live Nation Entertainment, Inc. \* | 304778 | 49416705 |
| Meta Platforms, Inc., Class A  | 3576099 | 2317955850 |
| Netflix, Inc. \* | 8135976 | 783006330 |
| Pinterest, Inc., Class A \* | 1158424 | 19843803 |
| Reddit, Inc., Class A \* | 244645 | 35671687 |
| Take-Two Interactive Software, Inc. \* | 333798 | 70591601 |
| TKO Group Holdings, Inc.  | 128383 | 28741102 |
| Trade Desk, Inc., Class A \* | 845190 | 20132426 |
| Walt Disney Co.  | 3428887 | 363599178 |
|  |  | **7895403055** |
| **Pharmaceuticals, Biotechnology & Life Sciences 6.3%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.3%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.3%** |
| Alnylam Pharmaceuticals, Inc. \* | 253512 | 84399215 |
| Danaher Corp.  | 1206477 | 254132315 |
| Eli Lilly & Co.  | 1524072 | 1603308503 |
| Exact Sciences Corp. \* | 363632 | 37592276 |
| Insmed, Inc. \* | 409692 | 61179306 |
| IQVIA Holdings, Inc. \* | 327185 | 58503950 |
| Medpace Holdings, Inc. \* | 42707 | 19293314 |
| Mettler-Toledo International, Inc. \* | 39174 | 53538714 |
| Moderna, Inc. \* | 668403 | 35806349 |
| Natera, Inc. \* | 265035 | 55137882 |
| Neurocrine Biosciences, Inc. \* | 191802 | 25365815 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Regeneron Pharmaceuticals, Inc.  | 193476 | 151234385 |
| Repligen Corp. \* | 100870 | 12984995 |
| Roivant Sciences Ltd. \* | 837638 | 24241244 |
| Tempus AI, Inc. *\*(a)* | 196457 | 10461335 |
| Thermo Fisher Scientific, Inc.  | 721008 | 375724479 |
| Vertex Pharmaceuticals, Inc. \* | 486892 | 241902552 |
| Waters Corp. \* | 188644 | 60249121 |
| West Pharmaceutical Services, Inc.  | 138189 | 35146990 |
|  |  | **3200202740** |
| **Semiconductors & Semiconductor Equipment 17.1%** | **Semiconductors & Semiconductor Equipment 17.1%** | **Semiconductors & Semiconductor Equipment 17.1%** |
| Advanced Micro Devices, Inc. \* | 3125080 | 625672267 |
| Astera Labs, Inc. \* | 254243 | 30211696 |
| Broadcom, Inc.  | 6220102 | 1987633594 |
| Credo Technology Group Holding <br> Ltd. \*<br>| 292161 | 32800916 |
| KLA Corp.  | 252309 | 384657686 |
| Monolithic Power Systems, Inc.  | 91979 | 105108082 |
| NVIDIA Corp.  | 30912407 | 5477369396 |
| Universal Display Corp.  | 85541 | 9126369 |
|  |  | **8652580006** |
| **Software & Services 14.5%** | **Software & Services 14.5%** | **Software & Services 14.5%** |
| Adobe, Inc. \* | 805070 | 211258419 |
| AppLovin Corp., Class A \* | 519900 | 226036923 |
| Atlassian Corp., Class A \* | 323580 | 24310565 |
| Autodesk, Inc. \* | 409740 | 100742774 |
| Cadence Design Systems, Inc. \* | 524158 | 157981221 |
| Circle Internet Group, Inc. \* | 105814 | 8829120 |
| Cloudflare, Inc., Class A \* | 606759 | 104477832 |
| Crowdstrike Holdings, Inc., Class A \* | 482150 | 179350157 |
| Datadog, Inc., Class A \* | 626275 | 70117749 |
| Docusign, Inc. \* | 389923 | 17573830 |
| Dynatrace, Inc. \* | 579818 | 20827062 |
| Elastic NV \* | 180198 | 9382910 |
| Fair Isaac Corp. \* | 45536 | 64176617 |
| Fortinet, Inc. \* | 1215878 | 96090838 |
| GoDaddy, Inc., Class A \* | 260023 | 22663605 |
| HubSpot, Inc. \* | 100985 | 26711542 |
| Intuit, Inc.  | 535961 | 219224128 |
| Microsoft Corp.  | 9452624 | 3712423550 |
| MongoDB, Inc. \* | 156645 | 51453183 |
| Okta, Inc. \* | 323879 | 23481227 |
| Palantir Technologies, Inc., Class A \* | 4385372 | 601629185 |
| Palo Alto Networks, Inc. \* | 1525804 | 227222732 |
| Procore Technologies, Inc. \* | 230405 | 12681491 |
| PTC, Inc. \* | 230127 | 36035587 |
| Roper Technologies, Inc.  | 206830 | 72334656 |
| Rubrik, Inc., Class A \* | 278628 | 14477511 |
| Salesforce, Inc.  | 1827373 | 355953987 |
| ServiceNow, Inc. \* | 1993681 | 215337485 |
| Snowflake, Inc., Class A \* | 652243 | 109844244 |
| Strategy, Inc., Class A \* | 515290 | 66730055 |
| Synopsys, Inc. \* | 356934 | 147770676 |
| Tyler Technologies, Inc. \* | 82706 | 29334991 |
| Workday, Inc., Class A \* | 416765 | 55746486 |
| Zoom Communications, Inc., Class A \* | 513452 | 37964641 |
| Zscaler, Inc. \* | 194410 | 28576326 |
|  |  | **7358753305** |
| **Technology Hardware & Equipment 10.9%** | **Technology Hardware & Equipment 10.9%** | **Technology Hardware & Equipment 10.9%** |
| Apple, Inc.  | 18795835 | 4965483690 |
| Arista Networks, Inc. \* | 1982297 | 264636650 |
| Coherent Corp. \* | 302673 | 78371120 |
| Super Micro Computer, Inc. \* | 970317 | 31428568 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**55**

------

Schwab U.S. Large-Cap Growth ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| TE Connectivity PLC  | 565303 | 130104485 |
| Teledyne Technologies, Inc. \* | 90254 | 61471999 |
|  |  | **5531496512** |
| **Telecommunication Services 0.4%** | **Telecommunication Services 0.4%** | **Telecommunication Services 0.4%** |
| T-Mobile U.S., Inc.  | 924442 | 200687114 |
| **Transportation 0.7%** | **Transportation 0.7%** | **Transportation 0.7%** |
| American Airlines Group, Inc. \* | 1265853 | 16544699 |
| Saia, Inc. \* | 51068 | 20702457 |
| Uber Technologies, Inc. \* | 3987851 | 300763722 |
|  |  | **338010878** |
| **Utilities 0.5%** | **Utilities 0.5%** | **Utilities 0.5%** |
| Constellation Energy Corp.  | 599341 | 197710609 |
| Oklo, Inc. \* | 236888 | 14912100 |
| Talen Energy Corp. \* | 87281 | 32378632 |
|  |  | **245001341** |
| **Total Common Stocks** <br>**(Cost $31,396,300,075)** | **Total Common Stocks** <br>**(Cost $31,396,300,075)** | **50527750242** |

---

&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 <br> U.S. Government Money Market <br> Fund, Premier Class 3.63% *(b)*<br>| 20656221 | 20656221 |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 3.63% *(b)(c)*<br>| 6384375 | 6384375 |
|  |  | **27040596** |
| **Total Short-Term Investments** <br>**(Cost $27,040,596)** | **Total Short-Term Investments** <br>**(Cost $27,040,596)** | **27040596** |
| **Total Investments in Securities** <br>**(Cost $31,423,340,671)** | **Total Investments in Securities** <br>**(Cost $31,423,340,671)** | **50554790838** |

---

&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** |  |  |  |
| NASDAQ 100 Index, e-mini, <br> expires 03/20/26<br>| 72 | 36006840 | (362161)<br>|
| S&P 500 Index, e-mini, expires <br> 03/20/26<br>| 6 | 2066700 | (9078)<br>|
|  |  |  | **(371239)**<br>|

---

&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 $5,990,625. 

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

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

------

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>| $50527750242 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50527750242 |
| Short-Term Investments<sup>1</sup> <br>| 27040596 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27040596 |
| **<u>Liabilities</u>** |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| (371239)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (371239)<br>|
| **Total** | **$50554419599** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$50554419599** |

---

&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*

**56**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Growth ETF

Statement of Assets and Liabilities

------

As of February 28, 2026; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $31,423,340,671) including securities on loan of $5,990,625 |  | $50554790838 |
| Deposit with broker for futures contracts |  | 3090261 |
| Receivables: |  |  |
| Fund shares sold |  | 49189016 |
| Dividends |  | 19676171 |
| Income from securities on loan | + | 187 |
| **Total assets** |  | **50626746473** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 6384375 |
| Payables: |  |  |
| Investments bought |  | 47785608 |
| Management fees |  | 1555522 |
| Variation margin on futures contracts | + | 88030 |
| **Total liabilities** |  | **55813535** |
| **Net assets** |  | **$50570932938** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $30080612086 |
| Total distributable earnings | + | 20490320852 |
| **Net assets** |  | **$50570932938** |

---

&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** |
| $50570932938 |  | &nbsp;&nbsp;&nbsp;&nbsp; 1644950000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $30.74 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**57**

------

Schwab U.S. Large-Cap Growth ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers  |  | $127488515 |
| Other Interest |  | 81096 |
| Securities on loan, net | + | 105186 |
| **Total investment income**  |  | **127674797** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 10247580 |
| **Total expenses** | – | **10247580** |
| **Net investment income** |  | **117427217** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (346690799)<br>|
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 2799399840 |
| Net realized gains on futures contracts | + | 3831040 |
| **Net realized gains** |  | **2456540081** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | (2203098085)<br>|
| Net change in unrealized appreciation (depreciation) on futures contracts | + | (272196)<br>|
| **Net change in unrealized appreciation (depreciation)** |  | **(2203370281)**<br>|
| **Net realized and unrealized gains** |  | **253169800** |
| **Increase in net assets resulting from operations** |  | **$370597017** |

---

*See financial notes*

**58**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Growth ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 |
| Net investment income |  | $117427217 | &nbsp;&nbsp;&nbsp; $164367017 |
| Net realized gains |  | 2456540081 | &nbsp;&nbsp;&nbsp; 500209400 |
| Net change in unrealized appreciation (depreciation) | + | (2203370281)<br>| &nbsp;&nbsp;&nbsp; 7006566709 |
| **Increase in net assets resulting from operations** |  | **$370597017** | &nbsp;&nbsp;&nbsp; **$7671143126** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($98247510)**<br>| &nbsp;&nbsp;&nbsp; **($156290435)**<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>  |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 | 9/1/24-8/31/25 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 188250000 | &nbsp;&nbsp;&nbsp; $6060499582 | &nbsp;&nbsp;&nbsp; 376600000 | &nbsp;&nbsp;&nbsp; $10174898208 |
| Shares redeemed | + | (118600000)<br>| &nbsp;&nbsp;&nbsp; (3836964140)<br>| &nbsp;&nbsp;&nbsp; (50300000)<br>| &nbsp;&nbsp;&nbsp; (1355950622)<br>|
| **Net transactions in fund shares**  |  | **69650000** | &nbsp;&nbsp;&nbsp; **$2223535442** | &nbsp;&nbsp;&nbsp; **326300000** | &nbsp;&nbsp;&nbsp; **$8818947586** |
| **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>  |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 | 9/1/24-8/31/25 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 1575300000 | &nbsp;&nbsp;&nbsp; $48075047989 | &nbsp;&nbsp;&nbsp; 1249000000 | &nbsp;&nbsp;&nbsp; $31741247712 |
| Total increase | + | 69650000 | &nbsp;&nbsp;&nbsp; 2495884949 | &nbsp;&nbsp;&nbsp; 326300000 | &nbsp;&nbsp;&nbsp; 16333800277 |
| **End of period** |  | **1644950000** | &nbsp;&nbsp;&nbsp; **$50570932938** | &nbsp;&nbsp;&nbsp; **1575300000** | &nbsp;&nbsp;&nbsp; **$48075047989** |

---

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

<sup>1</sup> For the period ended August 31, 2025, transactions in fund shares have been retroactively adjusted to reflect a 4-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 U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**59**

------

Schwab U.S. Large-Cap Value ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 9/1/25– <br>2/28/26\*<br>| 9/1/24– <br>8/31/25<sup>1</sup> <br>| 9/1/23– <br>8/31/24<sup>1</sup> <br>| 9/1/22– <br>8/31/23<sup>1</sup> <br>| 9/1/21– <br>8/31/22<sup>1</sup> <br>| 9/1/20– <br>8/31/21<sup>1</sup> <br>|
| **Per-Share Data** | **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; $28.74 | &nbsp;&nbsp; $26.51 | &nbsp;&nbsp; $22.54 | &nbsp;&nbsp; $21.49 | &nbsp;&nbsp; $23.56 | &nbsp;&nbsp; $17.97 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.30 | 0.60 | 0.57 | 0.56 | 0.50 | 0.46 |
| Net realized and unrealized gains (losses) | 3.50 | 2.23 | 3.98 | 1.04 | &nbsp;&nbsp; (2.08)<br>| 5.69 |
| Total from investment operations | 3.80 | 2.83 | 4.55 | 1.60 | &nbsp;&nbsp; (1.58)<br>| 6.15 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.56)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $32.23 | &nbsp;&nbsp; $28.74 | &nbsp;&nbsp; $26.51 | &nbsp;&nbsp; $22.54 | &nbsp;&nbsp; $21.49 | &nbsp;&nbsp; $23.56 |
| Total return | 13.34 %<sup>3</sup><br>| 10.84<br> %<br>| 20.56<br> %<br>| 7.60<br> %<br>| &nbsp;&nbsp; (6.78<br> %)<br>| 34.95<br> %<br>|
| **Ratios/Supplemental Data** | **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 | 0.04 %<sup>4</sup><br>| 0.04<br> %<br>| 0.04<br> %<br>| 0.04 %<sup>5</sup><br>| 0.04 %<sup>5</sup><br>| 0.04<br> %<br>|
| Net investment income (loss) | 2.05 %<sup>4</sup><br>| 2.22<br> %<br>| 2.40<br> %<br>| 2.57<br> %<br>| 2.19<br> %<br>| 2.22<br> %<br>|
| Portfolio turnover rate<sup>6</sup> <br>| &nbsp;&nbsp; 8 %<sup>3</sup><br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 23<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $15646 | &nbsp;&nbsp; $13216 | &nbsp;&nbsp; $11695 | &nbsp;&nbsp; $9824 | &nbsp;&nbsp; $9497 | &nbsp;&nbsp; $9927 |

---

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

\* Unaudited.

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

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

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

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

*See financial notes*

**60**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Value ETF

Portfolio Holdings as of February 28, 2026 (Unaudited)

------

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.8% OF NET ASSETS  | **COMMON STOCKS** 99.8% OF NET ASSETS  | **COMMON STOCKS** 99.8% OF NET ASSETS  |
| **Automobiles & Components 0.6%** | **Automobiles & Components 0.6%** | **Automobiles & Components 0.6%** |
| Aptiv PLC \* | 114156 | 8395032 |
| Autoliv, Inc.  | 36851 | 4367581 |
| BorgWarner, Inc.  | 113420 | 6529589 |
| Ford Motor Co.  | 2061480 | 29046253 |
| General Motors Co.  | 492005 | 38725714 |
| Rivian Automotive, Inc., Class A \* | 423971 | 6499475 |
|  |  | **93563644** |
| **Banks 7.1%** | **Banks 7.1%** | **Banks 7.1%** |
| Bank of America Corp.  | 3543474 | 176571310 |
| BOK Financial Corp.  | 11637 | 1463004 |
| Citigroup, Inc.  | 943916 | 104010104 |
| Citizens Financial Group, Inc.  | 226397 | 13626836 |
| Commerce Bancshares, Inc.  | 68267 | 3480934 |
| Cullen/Frost Bankers, Inc.  | 33624 | 4647509 |
| East West Bancorp, Inc.  | 72883 | 7977044 |
| Fifth Third Bancorp  | 474471 | 23472080 |
| First Horizon Corp.  | 258598 | 6152046 |
| Huntington Bancshares, Inc.  | 1074345 | 18048996 |
| JPMorgan Chase & Co.  | 1435800 | 431170740 |
| KeyCorp  | 488846 | 10138666 |
| M&T Bank Corp.  | 81045 | 17585144 |
| PNC Financial Services Group, Inc.  | 206897 | 43934578 |
| Regions Financial Corp.  | 463185 | 12890439 |
| Truist Financial Corp.  | 675212 | 33294704 |
| U.S. Bancorp  | 819549 | 44796548 |
| Webster Financial Corp.  | 84668 | 6107103 |
| Wells Fargo & Co.  | 1655667 | 134854077 |
| Western Alliance Bancorp  | 54135 | 4348123 |
| Zions Bancorp NA  | 78461 | 4494246 |
|  |  | **1103064231** |
| **Capital Goods 10.8%** | **Capital Goods 10.8%** | **Capital Goods 10.8%** |
| 3M Co.  | 280170 | 46317704 |
| A.O. Smith Corp.  | 59927 | 4674306 |
| Acuity, Inc.  | 15962 | 4813980 |
| AECOM  | 69524 | 6811961 |
| AeroVironment, Inc. \* | 16809 | 4240070 |
| AGCO Corp.  | 32418 | 4425057 |
| Allegion PLC  | 45362 | 7310086 |
| AMETEK, Inc.  | 121456 | 29054704 |
| API Group Corp. \* | 194470 | 8646136 |
| Bloom Energy Corp., Class A \* | 114813 | 17872940 |
| Boeing Co. \* | 413124 | 93998104 |
| BWX Technologies, Inc.  | 48156 | 9919173 |
| Carrier Global Corp.  | 417227 | 26869419 |
| Caterpillar, Inc.  | 246820 | 183345301 |
| CNH Industrial NV  | 467041 | 5744604 |
| Crane Co.  | 25865 | 5186708 |
| Cummins, Inc.  | 72782 | 42495226 |
| Deere & Co.  | 132601 | 83500176 |
| Donaldson Co., Inc.  | 61097 | 5667358 |
| Dover Corp.  | 72374 | 16320337 |
| Eaton Corp. PLC  | 204769 | 76976762 |
| Emerson Electric Co.  | 296341 | 44673406 |
| Fastenal Co.  | 604949 | 27851852 |
| Ferguson Enterprises, Inc.  | 103321 | 26941984 |
| Fortive Corp.  | 167126 | 9893859 |
| Fortune Brands Innovations, Inc.  | 62858 | 3415704 |
| General Dynamics Corp.  | 133741 | 47752224 |
| Graco, Inc.  | 87029 | 8173764 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Honeywell International, Inc.  | 334977 | 81597047 |
| Howmet Aerospace, Inc.  | 212083 | 55678150 |
| Hubbell, Inc.  | 27987 | 14318989 |
| Huntington Ingalls Industries, Inc.  | 20755 | 9226013 |
| IDEX Corp.  | 39512 | 8276579 |
| Illinois Tool Works, Inc.  | 139219 | 40461218 |
| Ingersoll Rand, Inc.  | 189771 | 17865042 |
| ITT, Inc.  | 44994 | 9107235 |
| Johnson Controls International PLC  | 322413 | 46524196 |
| Kratos Defense & Security Solutions, <br> Inc. \*<br>| 90015 | 7757493 |
| L3Harris Technologies, Inc.  | 98672 | 35969891 |
| Leonardo DRS, Inc.  | 40492 | 1756948 |
| Lincoln Electric Holdings, Inc.  | 28999 | 8324163 |
| Lockheed Martin Corp.  | 107388 | 70669895 |
| Masco Corp.  | 109136 | 7816320 |
| Middleby Corp. \* | 24319 | 4106506 |
| Nordson Corp.  | 28178 | 8268552 |
| Northrop Grumman Corp.  | 70715 | 51224532 |
| nVent Electric PLC  | 85098 | 10072199 |
| Otis Worldwide Corp.  | 205206 | 18993867 |
| Owens Corning  | 43151 | 5267443 |
| PACCAR, Inc.  | 276703 | 34889481 |
| Pentair PLC  | 86688 | 8598583 |
| QXO, Inc. \* | 254659 | 6099083 |
| Regal Rexnord Corp.  | 35100 | 7756398 |
| Rockwell Automation, Inc.  | 59226 | 24131634 |
| RTX Corp.  | 707153 | 143283341 |
| Snap-on, Inc.  | 27374 | 10545012 |
| StandardAero, Inc. \* | 101552 | 3127802 |
| Stanley Black & Decker, Inc.  | 81363 | 7037086 |
| Textron, Inc.  | 93158 | 9190037 |
| Toro Co.  | 51737 | 5114720 |
| Trex Co., Inc. \* | 56034 | 2320928 |
| Watsco, Inc.  | 18465 | 7705998 |
| WESCO International, Inc.  | 25646 | 7424517 |
| Westinghouse Air Brake Technologies <br> Corp. <br>| 90139 | 23792189 |
| Woodward, Inc.  | 31689 | 12256038 |
| Xylem, Inc.  | 128544 | 16654161 |
|  |  | **1696102191** |
| **Commercial & Professional Services 1.9%** | **Commercial & Professional Services 1.9%** | **Commercial & Professional Services 1.9%** |
| Automatic Data Processing, Inc.  | 213433 | 45751498 |
| Booz Allen Hamilton Holding Corp., <br> Class A <br>| 63683 | 5020131 |
| Broadridge Financial Solutions, Inc.  | 61499 | 11430819 |
| Cintas Corp.  | 180267 | 36257102 |
| Copart, Inc. \* | 469945 | 17900205 |
| Genpact Ltd.  | 84997 | 3376081 |
| Jacobs Solutions, Inc.  | 63203 | 8713166 |
| KBR, Inc.  | 67352 | 2844275 |
| Leidos Holdings, Inc.  | 67564 | 11830456 |
| Parsons Corp. \* | 27780 | 1833480 |
| Paychex, Inc.  | 170757 | 15991393 |
| RB Global, Inc.  | 97632 | 9856927 |
| Republic Services, Inc.  | 106014 | 24277206 |
| Rollins, Inc.  | 154999 | 9437889 |
| SS&C Technologies Holdings, Inc.  | 110233 | 8299442 |
| Tetra Tech, Inc.  | 137938 | 4943698 |
| TransUnion  | 102160 | 8024668 |
| Veralto Corp.  | 131278 | 12790415 |
| Verisk Analytics, Inc.  | 73677 | 15293135 |
| Waste Management, Inc.  | 195488 | 47081330 |
|  |  | **300953316** |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**61**

------

Schwab U.S. Large-Cap Value ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Consumer Discretionary Distribution & Retail 3.3%** | **Consumer Discretionary Distribution & Retail 3.3%** | **Consumer Discretionary Distribution & Retail 3.3%** |
| Bath & Body Works, Inc.  | 110957 | 2525381 |
| Best Buy Co., Inc.  | 103007 | 6383344 |
| Burlington Stores, Inc. \* | 32852 | 10081293 |
| CarMax, Inc. \* | 76944 | 3321673 |
| Dick's Sporting Goods, Inc.  | 34913 | 7109334 |
| eBay, Inc.  | 238437 | 21664386 |
| Etsy, Inc. \* | 51946 | 2850797 |
| Floor & Decor Holdings, Inc., Class A \* | 56293 | 3889283 |
| GameStop Corp., Class A \* | 216079 | 5192378 |
| Genuine Parts Co.  | 73396 | 8753207 |
| Home Depot, Inc.  | 525002 | 199878762 |
| Lithia Motors, Inc.  | 12691 | 3548150 |
| LKQ Corp.  | 134810 | 4463559 |
| Lowe's Cos., Inc.  | 295893 | 78284411 |
| Murphy USA, Inc.  | 9034 | 3529945 |
| Penske Automotive Group, Inc.  | 9716 | 1530464 |
| Ross Stores, Inc.  | 171352 | 35236825 |
| TJX Cos., Inc.  | 587165 | 94921094 |
| Tractor Supply Co.  | 278250 | 14424480 |
| Williams-Sonoma, Inc.  | 64295 | 13222267 |
|  |  | **520811033** |
| **Consumer Durables & Apparel 1.1%** | **Consumer Durables & Apparel 1.1%** | **Consumer Durables & Apparel 1.1%** |
| DR Horton, Inc.  | 144267 | 23138984 |
| Garmin Ltd.  | 86188 | 21790912 |
| Hasbro, Inc.  | 70685 | 7039519 |
| Lennar Corp., Class A  | 118445 | 13545370 |
| Mohawk Industries, Inc. \* | 27201 | 3407469 |
| NIKE, Inc., Class B  | 627398 | 39011608 |
| PulteGroup, Inc.  | 102853 | 14111432 |
| Ralph Lauren Corp.  | 20489 | 7429311 |
| Somnigroup International, Inc.  | 110896 | 9926301 |
| Tapestry, Inc.  | 108086 | 16804130 |
| Toll Brothers, Inc.  | 51023 | 8022857 |
|  |  | **164227893** |
| **Consumer Services 2.2%** | **Consumer Services 2.2%** | **Consumer Services 2.2%** |
| ADT, Inc.  | 269263 | 2159489 |
| Aramark  | 137983 | 5774588 |
| Chipotle Mexican Grill, Inc. \* | 696854 | 25936906 |
| Darden Restaurants, Inc.  | 61357 | 13121194 |
| Expedia Group, Inc.  | 61781 | 13325544 |
| Las Vegas Sands Corp.  | 159867 | 9067656 |
| McDonald's Corp.  | 375610 | 128105547 |
| MGM Resorts International \* | 109192 | 4024817 |
| Norwegian Cruise Line Holdings Ltd. \* | 240382 | 5959070 |
| Royal Caribbean Cruises Ltd.  | 133686 | 41570999 |
| Service Corp. International  | 74410 | 6263834 |
| Starbucks Corp.  | 599278 | 58741230 |
| Wyndham Hotels & Resorts, Inc.  | 40053 | 3276335 |
| Wynn Resorts Ltd.  | 44174 | 4779185 |
| Yum! Brands, Inc.  | 146395 | 24617783 |
|  |  | **346724177** |
| **Consumer Staples Distribution & Retail 2.7%** | **Consumer Staples Distribution & Retail 2.7%** | **Consumer Staples Distribution & Retail 2.7%** |
| Albertsons Cos., Inc., Class A  | 207836 | 3720264 |
| BJ's Wholesale Club Holdings, Inc. \* | 69320 | 6848123 |
| Dollar General Corp.  | 116335 | 18176180 |
| Dollar Tree, Inc. \* | 100332 | 12689991 |
| Kroger Co.  | 321568 | 21943800 |
| Maplebear, Inc. \* | 96572 | 3622416 |
| Sprouts Farmers Market, Inc. \* | 51255 | 3786207 |
| Sysco Corp.  | 252600 | 23027016 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Target Corp.  | 239412 | 27242692 |
| U.S. Foods Holding Corp. \* | 117250 | 11327523 |
| Walmart, Inc.  | 2312839 | 295927750 |
|  |  | **428311962** |
| **Energy 6.7%** | **Energy 6.7%** | **Energy 6.7%** |
| Antero Resources Corp. \* | 153948 | 5666826 |
| APA Corp.  | 187813 | 5703881 |
| Cheniere Energy, Inc.  | 113345 | 26718817 |
| Chevron Corp.  | 998266 | 186436158 |
| ConocoPhillips  | 651581 | 73928380 |
| Coterra Energy, Inc.  | 400969 | 12265642 |
| Devon Energy Corp.  | 331413 | 14426408 |
| Diamondback Energy, Inc.  | 98225 | 17099008 |
| DT Midstream, Inc.  | 53844 | 7475701 |
| EOG Resources, Inc.  | 286141 | 35504375 |
| EQT Corp.  | 329307 | 20226036 |
| Expand Energy Corp.  | 125487 | 13542557 |
| Exxon Mobil Corp.  | 2224284 | 339203310 |
| Halliburton Co.  | 444401 | 15998436 |
| HF Sinclair Corp.  | 81826 | 4092118 |
| Kinder Morgan, Inc.  | 1033535 | 34385710 |
| Marathon Petroleum Corp.  | 158337 | 31383977 |
| Occidental Petroleum Corp.  | 379149 | 20125229 |
| ONEOK, Inc.  | 331564 | 27443552 |
| Ovintiv, Inc.  | 147714 | 7472851 |
| Permian Resources Corp.  | 365628 | 6687336 |
| Range Resources Corp.  | 124914 | 5156450 |
| SLB Ltd.  | 788285 | 40470552 |
| TechnipFMC PLC  | 213872 | 14181852 |
| Valero Energy Corp.  | 161019 | 32950928 |
| Williams Cos., Inc.  | 644134 | 48129693 |
|  |  | **1046675783** |
| **Equity Real Estate Investment Trusts (REITs) 3.7%** | **Equity Real Estate Investment Trusts (REITs) 3.7%** | **Equity Real Estate Investment Trusts (REITs) 3.7%** |
| Alexandria Real Estate Equities, Inc.  | 81606 | 4409988 |
| American Homes 4 Rent, Class A  | 173116 | 5193480 |
| American Tower Corp.  | 246842 | 47359106 |
| AvalonBay Communities, Inc.  | 74551 | 13212674 |
| BXP, Inc.  | 78306 | 4508860 |
| Camden Property Trust  | 55838 | 6049489 |
| Crown Castle, Inc.  | 229679 | 20565458 |
| CubeSmart  | 119489 | 4915778 |
| Digital Realty Trust, Inc.  | 170100 | 30141720 |
| EastGroup Properties, Inc.  | 28062 | 5508851 |
| Equity LifeStyle Properties, Inc.  | 102783 | 6902906 |
| Equity Residential  | 182358 | 11526849 |
| Essex Property Trust, Inc.  | 33956 | 8662515 |
| Extra Space Storage, Inc.  | 112031 | 16920042 |
| Federal Realty Investment Trust  | 41084 | 4468707 |
| Gaming & Leisure Properties, Inc.  | 150155 | 7344081 |
| Healthpeak Properties, Inc.  | 364643 | 6446888 |
| Host Hotels & Resorts, Inc.  | 339180 | 6644536 |
| Invitation Homes, Inc.  | 296168 | 7801065 |
| Iron Mountain, Inc.  | 155909 | 16889622 |
| Kimco Realty Corp.  | 358496 | 8442581 |
| Lamar Advertising Co., Class A  | 45863 | 6317170 |
| Lineage, Inc.  | 30022 | 1216491 |
| Mid-America Apartment <br> Communities, Inc. <br>| 61997 | 8298918 |
| NNN REIT, Inc.  | 100760 | 4566443 |
| Omega Healthcare Investors, Inc.  | 156526 | 7555510 |
| Prologis, Inc.  | 489875 | 69841479 |
| Public Storage  | 83172 | 25538794 |
| Realty Income Corp.  | 484718 | 32476106 |
| Regency Centers Corp.  | 86590 | 6840610 |

---

*See financial notes*

**62**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Value ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Rexford Industrial Realty, Inc.  | 122036 | 4572689 |
| Simon Property Group, Inc.  | 172236 | 35110309 |
| UDR, Inc.  | 158162 | 5931075 |
| Ventas, Inc.  | 247795 | 21350017 |
| VICI Properties, Inc.  | 563867 | 17034422 |
| Welltower, Inc.  | 361920 | 74960870 |
| Weyerhaeuser Co.  | 378836 | 9292847 |
| WP Carey, Inc.  | 115843 | 8647680 |
|  |  | **583466626** |
| **Financial Services 9.5%** | **Financial Services 9.5%** | **Financial Services 9.5%** |
| AGNC Investment Corp.  | 563101 | 6312362 |
| Ally Financial, Inc.  | 148658 | 5863072 |
| American Express Co.  | 283462 | 87561412 |
| Ameriprise Financial, Inc.  | 48995 | 23033529 |
| Annaly Capital Management, Inc.  | 361677 | 8405373 |
| ARES Management Corp., Class A  | 108814 | 12188256 |
| Bank of New York Mellon Corp.  | 367553 | 43775562 |
| Berkshire Hathaway, Inc., Class B \* | 967165 | 488369967 |
| Blackstone, Inc.  | 389723 | 44182897 |
| Blue Owl Capital, Inc. *(a)* | 331678 | 3499203 |
| Capital One Financial Corp.  | 335129 | 65564638 |
| Carlyle Group, Inc.  | 136875 | 7116131 |
| Cboe Global Markets, Inc.  | 55069 | 16505281 |
| Charles Schwab Corp. *(b)* | 877993 | 83584934 |
| CME Group, Inc.  | 190191 | 60766024 |
| Corebridge Financial, Inc.  | 142057 | 3670753 |
| Corpay, Inc. \* | 36820 | 11970182 |
| Equitable Holdings, Inc.  | 150471 | 6051944 |
| Evercore, Inc., Class A  | 20456 | 6317631 |
| Fidelity National Information Services, <br> Inc. <br>| 273713 | 13948414 |
| Fiserv, Inc. \* | 283896 | 17683882 |
| Franklin Resources, Inc.  | 163769 | 4346429 |
| Global Payments, Inc.  | 125172 | 9570651 |
| Goldman Sachs Group, Inc.  | 158187 | 135972800 |
| Houlihan Lokey, Inc.  | 28693 | 4699053 |
| Intercontinental Exchange, Inc.  | 300568 | 49332226 |
| Invesco Ltd.  | 234238 | 6151090 |
| Jack Henry & Associates, Inc.  | 37957 | 6166494 |
| Jefferies Financial Group, Inc.  | 87674 | 3892726 |
| MarketAxess Holdings, Inc.  | 19627 | 3768384 |
| Morgan Stanley  | 637151 | 106092013 |
| Morningstar, Inc.  | 12406 | 2272035 |
| Nasdaq, Inc.  | 237723 | 20819780 |
| Northern Trust Corp.  | 99805 | 14281097 |
| PayPal Holdings, Inc.  | 492799 | 22772242 |
| Raymond James Financial, Inc.  | 93158 | 14260627 |
| SEI Investments Co.  | 49428 | 4019485 |
| Starwood Property Trust, Inc.  | 184639 | 3288421 |
| State Street Corp.  | 147336 | 18950356 |
| Stifel Financial Corp.  | 80281 | 5944771 |
| Synchrony Financial  | 189667 | 13107886 |
| T. Rowe Price Group, Inc.  | 114983 | 10880841 |
| Voya Financial, Inc.  | 50638 | 3386669 |
|  |  | **1480347523** |
| **Food, Beverage & Tobacco 4.6%** | **Food, Beverage & Tobacco 4.6%** | **Food, Beverage & Tobacco 4.6%** |
| Altria Group, Inc.  | 885742 | 61151628 |
| Archer-Daniels-Midland Co.  | 253693 | 17514965 |
| Brown-Forman Corp., Class B  | 122078 | 3523171 |
| Bunge Global SA  | 71725 | 8653621 |
| Campbell's Co.  | 103023 | 2776470 |
| Coca-Cola Co.  | 2041935 | 166540219 |
| Coca-Cola Consolidated, Inc.  | 29735 | 6018364 |
| Conagra Brands, Inc.  | 251173 | 4835080 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| General Mills, Inc.  | 280546 | 12689096 |
| Hershey Co.  | 78079 | 18448506 |
| Hormel Foods Corp.  | 152868 | 3913421 |
| J.M. Smucker Co.  | 56524 | 6553958 |
| Keurig Dr. Pepper, Inc.  | 716727 | 21702493 |
| Kraft Heinz Co.  | 450705 | 11091850 |
| Lamb Weston Holdings, Inc.  | 73008 | 3518255 |
| McCormick & Co., Inc. - Non Voting <br> Shares <br>| 133715 | 9499114 |
| Molson Coors Beverage Co., Class B  | 88891 | 4354770 |
| Mondelez International, Inc., Class A  | 680504 | 41905436 |
| Monster Beverage Corp. \* | 375906 | 32064782 |
| PepsiCo, Inc.  | 721267 | 122427861 |
| Philip Morris International, Inc.  | 821015 | 153390232 |
| Pilgrim's Pride Corp.  | 22080 | 952973 |
| Primo Brands Corp.  | 133070 | 3018028 |
| Tyson Foods, Inc., Class A  | 149854 | 9739011 |
|  |  | **726283304** |
| **Health Care Equipment & Services 4.8%** | **Health Care Equipment & Services 4.8%** | **Health Care Equipment & Services 4.8%** |
| Abbott Laboratories  | 917332 | 106731578 |
| Align Technology, Inc. \* | 35207 | 6692851 |
| Baxter International, Inc.  | 269455 | 5488798 |
| Becton Dickinson & Co.  | 150988 | 26646362 |
| Boston Scientific Corp. \* | 782073 | 60102310 |
| Cardinal Health, Inc.  | 125469 | 28761259 |
| Cencora, Inc.  | 102316 | 38075876 |
| Centene Corp. \* | 246376 | 11057355 |
| Cigna Group  | 140862 | 40824625 |
| Cooper Cos., Inc. \* | 104547 | 8747448 |
| CVS Health Corp.  | 670027 | 53535157 |
| DaVita, Inc. \* | 18495 | 2890769 |
| Edwards Lifesciences Corp. \* | 305986 | 26458609 |
| Elevance Health, Inc.  | 117234 | 37514880 |
| Encompass Health Corp.  | 52781 | 5694014 |
| GE HealthCare Technologies, Inc.  | 240496 | 20266598 |
| HCA Healthcare, Inc.  | 84190 | 44595443 |
| Henry Schein, Inc. \* | 52572 | 4331407 |
| Hologic, Inc. \* | 116970 | 8814859 |
| Labcorp Holdings, Inc.  | 43774 | 12655939 |
| Masimo Corp. \* | 24141 | 4233124 |
| Medtronic PLC  | 676527 | 66069627 |
| Molina Healthcare, Inc. \* | 26920 | 4147026 |
| Quest Diagnostics, Inc.  | 58774 | 12454798 |
| Solventum Corp. \* | 78155 | 5799101 |
| STERIS PLC  | 51670 | 13038925 |
| Stryker Corp.  | 181519 | 70331352 |
| Tenet Healthcare Corp. \* | 46168 | 11052158 |
| Universal Health Services, Inc., <br> Class B <br>| 29270 | 6032547 |
| Zimmer Biomet Holdings, Inc.  | 104727 | 10309326 |
|  |  | **753354121** |
| **Household & Personal Products 2.1%** | **Household & Personal Products 2.1%** | **Household & Personal Products 2.1%** |
| Church & Dwight Co., Inc.  | 126999 | 13317115 |
| Clorox Co.  | 64051 | 8144725 |
| Colgate-Palmolive Co.  | 425512 | 42185260 |
| Estee Lauder Cos., Inc., Class A  | 129579 | 14185013 |
| Kenvue, Inc.  | 1011973 | 19348924 |
| Kimberly-Clark Corp.  | 175134 | 19516933 |
| Procter & Gamble Co.  | 1232458 | 206066977 |
|  |  | **322764947** |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**63**

------

Schwab U.S. Large-Cap Value ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Insurance 3.3%** | **Insurance 3.3%** | **Insurance 3.3%** |
| Aflac, Inc.  | 248449 | 28057346 |
| Allstate Corp.  | 138148 | 29635509 |
| American Financial Group, Inc.  | 36728 | 4884089 |
| American International Group, Inc.  | 284474 | 22897312 |
| Aon PLC, Class A  | 113329 | 38018480 |
| Arch Capital Group Ltd. \* | 190315 | 19060047 |
| Arthur J Gallagher & Co.  | 135482 | 30916992 |
| Assurant, Inc.  | 26294 | 6036839 |
| Brown & Brown, Inc.  | 154563 | 11100715 |
| Chubb Ltd.  | 192925 | 65760416 |
| Cincinnati Financial Corp.  | 82490 | 13526710 |
| CNA Financial Corp.  | 11708 | 562218 |
| Erie Indemnity Co., Class A  | 13519 | 3642559 |
| Everest Group Ltd.  | 22156 | 7433116 |
| Fidelity National Financial, Inc.  | 133918 | 7081584 |
| Globe Life, Inc.  | 41783 | 6069399 |
| Hartford Insurance Group, Inc.  | 146935 | 20692856 |
| Loews Corp.  | 89310 | 9825886 |
| Marsh & McLennan Cos., Inc.  | 258220 | 48220003 |
| MetLife, Inc.  | 291578 | 21014027 |
| Old Republic International Corp.  | 119908 | 5140456 |
| Principal Financial Group, Inc.  | 105666 | 10082650 |
| Prudential Financial, Inc.  | 184767 | 18177378 |
| Reinsurance Group of America, Inc., <br> Class A <br>| 34533 | 7449804 |
| RenaissanceRe Holdings Ltd.  | 24181 | 7313785 |
| Travelers Cos., Inc.  | 117674 | 36318903 |
| Unum Group  | 80796 | 5795497 |
| W.R. Berkley Corp.  | 158710 | 11379507 |
| Willis Towers Watson PLC  | 50503 | 15412001 |
|  |  | **511506084** |
| **Materials 3.4%** | **Materials 3.4%** | **Materials 3.4%** |
| Air Products & Chemicals, Inc.  | 117511 | 32394257 |
| Albemarle Corp.  | 62179 | 11109522 |
| Alcoa Corp.  | 135970 | 8441018 |
| Amcor PLC  | 244020 | 11817889 |
| Amrize Ltd. \* | 271668 | 17655703 |
| AptarGroup, Inc.  | 34377 | 4940319 |
| Avery Dennison Corp.  | 40620 | 7975737 |
| Axalta Coating Systems Ltd. \* | 113296 | 3785219 |
| Ball Corp.  | 140810 | 9452575 |
| CF Industries Holdings, Inc.  | 81873 | 8149638 |
| Corteva, Inc.  | 356048 | 28526566 |
| CRH PLC  | 353746 | 42442445 |
| Crown Holdings, Inc.  | 60339 | 6914849 |
| Dow, Inc.  | 375097 | 11526731 |
| DuPont de Nemours, Inc.  | 220618 | 11039725 |
| Eastman Chemical Co.  | 60209 | 4546382 |
| Ecolab, Inc.  | 134467 | 41462900 |
| Freeport-McMoRan, Inc.  | 757434 | 51566107 |
| International Flavors & Fragrances, <br> Inc. <br>| 135308 | 11126377 |
| International Paper Co.  | 278781 | 12140913 |
| LyondellBasell Industries NV, Class A  | 136550 | 7854356 |
| Mosaic Co.  | 166667 | 4640009 |
| MP Materials Corp. \* | 70628 | 4157870 |
| Newmont Corp.  | 575291 | 74787830 |
| Nucor Corp.  | 120838 | 21373825 |
| Packaging Corp. of America  | 47008 | 10912437 |
| PPG Industries, Inc.  | 118394 | 14594428 |
| Reliance, Inc.  | 27626 | 8719871 |
| Royal Gold, Inc.  | 42813 | 12834909 |
| RPM International, Inc.  | 67771 | 7734027 |
| Smurfit WestRock PLC  | 274586 | 12908288 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Steel Dynamics, Inc.  | 72487 | 13999414 |
| Westlake Corp.  | 17279 | 1820861 |
|  |  | **533352997** |
| **Media & Entertainment 0.9%** | **Media & Entertainment 0.9%** | **Media & Entertainment 0.9%** |
| Charter Communications, Inc., <br> Class A \*<br>| 46454 | 10899502 |
| Electronic Arts, Inc.  | 118464 | 23760324 |
| Fox Corp., Class A  | 181326 | 10215907 |
| Match Group, Inc.  | 124042 | 3919727 |
| News Corp., Class A  | 271210 | 6587691 |
| Omnicom Group, Inc.  | 168664 | 14385353 |
| Paramount Skydance Corp., Class B  | 161884 | 2187053 |
| ROBLOX Corp., Class A \* | 345130 | 23696626 |
| Roku, Inc. \* | 69020 | 6792258 |
| Sirius XM Holdings, Inc.  | 98895 | 2171734 |
| Snap, Inc., Class A \* | 593127 | 3090192 |
| Versant Media Group, Inc. \* | 76425 | 2546481 |
| Warner Bros Discovery, Inc. \* | 1307712 | 36838247 |
|  |  | **147091095** |
| **Pharmaceuticals, Biotechnology & Life Sciences 7.8%** | **Pharmaceuticals, Biotechnology & Life Sciences 7.8%** | **Pharmaceuticals, Biotechnology & Life Sciences 7.8%** |
| AbbVie, Inc.  | 932183 | 216341031 |
| Agilent Technologies, Inc.  | 149617 | 18160511 |
| Amgen, Inc.  | 284060 | 110260730 |
| Avantor, Inc. \* | 357711 | 3237285 |
| Biogen, Inc. \* | 77386 | 14844182 |
| BioMarin Pharmaceutical, Inc. \* | 100738 | 6218557 |
| Bio-Rad Laboratories, Inc., Class A \* | 9495 | 2643788 |
| Bio-Techne Corp.  | 82159 | 4847381 |
| Bristol-Myers Squibb Co.  | 1073887 | 66978332 |
| Charles River Laboratories <br> International, Inc. \*<br>| 26002 | 4641097 |
| Elanco Animal Health, Inc. \* | 260688 | 6882163 |
| Exelixis, Inc. \* | 141271 | 6224400 |
| Gilead Sciences, Inc.  | 654529 | 97492095 |
| Illumina, Inc. \* | 80631 | 10841644 |
| Incyte Corp. \* | 87343 | 8845226 |
| Jazz Pharmaceuticals PLC \* | 32220 | 6122444 |
| Johnson & Johnson  | 1270730 | 315687454 |
| Merck & Co., Inc.  | 1309091 | 162091648 |
| Pfizer, Inc.  | 3000160 | 82954424 |
| Revvity, Inc.  | 59551 | 5854459 |
| Royalty Pharma PLC, Class A  | 197533 | 9128000 |
| Summit Therapeutics, Inc. \* | 78022 | 1294385 |
| United Therapeutics Corp. \* | 22758 | 11467756 |
| Viatris, Inc.  | 605065 | 9033620 |
| Zoetis, Inc.  | 232233 | 30445746 |
|  |  | **1212538358** |
| **Real Estate Management & Development 0.3%** | **Real Estate Management & Development 0.3%** | **Real Estate Management & Development 0.3%** |
| CBRE Group, Inc., Class A \* | 154481 | 22810664 |
| CoStar Group, Inc. \* | 224338 | 10012205 |
| Jones Lang LaSalle, Inc. \* | 24923 | 7864453 |
| Zillow Group, Inc., Class C \* | 118179 | 5273147 |
|  |  | **45960469** |
| **Semiconductors & Semiconductor Equipment 7.1%** | **Semiconductors & Semiconductor Equipment 7.1%** | **Semiconductors & Semiconductor Equipment 7.1%** |
| Analog Devices, Inc.  | 259513 | 92332130 |
| Applied Materials, Inc.  | 420172 | 156430036 |
| Entegris, Inc.  | 80138 | 10614278 |
| First Solar, Inc. \* | 56649 | 11171183 |
| Intel Corp. \* | 2365405 | 107886122 |
| Lam Research Corp.  | 662471 | 154945342 |

---

*See financial notes*

**64**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Value ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Lattice Semiconductor Corp. \* | 71797 | 6865229 |
| Marvell Technology, Inc.  | 454791 | 37151877 |
| Microchip Technology, Inc.  | 284999 | 21272325 |
| Micron Technology, Inc.  | 592008 | 244126339 |
| NXP Semiconductors NV  | 132853 | 30158960 |
| ON Semiconductor Corp. \* | 212526 | 14128729 |
| Qnity Electronics, Inc.  | 110657 | 14026881 |
| Qorvo, Inc. \* | 44133 | 3658626 |
| QUALCOMM, Inc.  | 564806 | 80405782 |
| Skyworks Solutions, Inc.  | 77966 | 4645214 |
| Teradyne, Inc.  | 82544 | 26416556 |
| Texas Instruments, Inc.  | 479371 | 101679383 |
|  |  | **1117914992** |
| **Software & Services 2.7%** | **Software & Services 2.7%** | **Software & Services 2.7%** |
| Accenture PLC, Class A  | 327069 | 68265842 |
| Akamai Technologies, Inc. \* | 75869 | 7464751 |
| Bentley Systems, Inc., Class B  | 78274 | 2860915 |
| Cognizant Technology Solutions Corp., <br> Class A <br>| 254720 | 16411610 |
| CoreWeave, Inc., Class A \* | 119790 | 9530492 |
| EPAM Systems, Inc. \* | 29221 | 4120161 |
| Gartner, Inc. \* | 37787 | 5940116 |
| Gen Digital, Inc.  | 296792 | 6698595 |
| Guidewire Software, Inc. \* | 44632 | 6485922 |
| International Business Machines <br> Corp. <br>| 493005 | 118424731 |
| Manhattan Associates, Inc. \* | 31678 | 4290152 |
| Nutanix, Inc., Class A \* | 142260 | 5445713 |
| Oracle Corp.  | 887145 | 128990883 |
| SailPoint, Inc. \* | 37543 | 529356 |
| Trimble, Inc. \* | 125950 | 8422277 |
| Twilio, Inc., Class A \* | 79682 | 9638335 |
| Unity Software, Inc. \* | 179865 | 3278939 |
| VeriSign, Inc.  | 44028 | 10035742 |
|  |  | **416834532** |
| **Technology Hardware & Equipment 4.3%** | **Technology Hardware & Equipment 4.3%** | **Technology Hardware & Equipment 4.3%** |
| Amphenol Corp., Class A  | 645758 | 94319414 |
| Arrow Electronics, Inc. \* | 27356 | 4162489 |
| CDW Corp.  | 68372 | 8385142 |
| Ciena Corp. \* | 74402 | 25943977 |
| Cisco Systems, Inc.  | 2078480 | 165156021 |
| Cognex Corp.  | 88166 | 4796230 |
| Corning, Inc.  | 411560 | 61890393 |
| Dell Technologies, Inc., Class C  | 159130 | 23563970 |
| F5, Inc. \* | 30416 | 8253686 |
| Fabrinet \* | 18868 | 10294947 |
| Flex Ltd. \* | 194416 | 12252096 |
| Hewlett Packard Enterprise Co.  | 696753 | 14959287 |
| HP, Inc.  | 493903 | 9379218 |
| IonQ, Inc. \* | 186210 | 7144878 |
| Jabil, Inc.  | 56161 | 14882103 |
| Keysight Technologies, Inc. \* | 90670 | 27865611 |
| Motorola Solutions, Inc.  | 87885 | 42383420 |
| NetApp, Inc.  | 104931 | 10391317 |
| Pure Storage, Inc., Class A \* | 165084 | 10601694 |
| Seagate Technology Holdings PLC  | 114856 | 46842871 |
| TD SYNNEX Corp.  | 39771 | 6236491 |
| Ubiquiti, Inc.  | 2283 | 1751038 |
| Western Digital Corp.  | 180308 | 50432148 |
| Zebra Technologies Corp., Class A \* | 26800 | 6002128 |
|  |  | **667890569** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Telecommunication Services 1.8%** | **Telecommunication Services 1.8%** | **Telecommunication Services 1.8%** |
| AST SpaceMobile, Inc. \* | 126980 | 10055546 |
| AT&T, Inc.  | 3737584 | 104689728 |
| Comcast Corp., Class A  | 1917219 | 59357100 |
| Verizon Communications, Inc.  | 2224366 | 111529711 |
|  |  | **285632085** |
| **Transportation 2.4%** | **Transportation 2.4%** | **Transportation 2.4%** |
| CH Robinson Worldwide, Inc.  | 62355 | 11551264 |
| CSX Corp.  | 982888 | 41959489 |
| Delta Air Lines, Inc.  | 342031 | 22471437 |
| Expeditors International of <br> Washington, Inc. <br>| 70478 | 10221424 |
| FedEx Corp.  | 114471 | 44300277 |
| JB Hunt Transport Services, Inc.  | 39552 | 9231832 |
| Joby Aviation, Inc. \* | 319756 | 3216745 |
| Knight-Swift Transportation Holdings, <br> Inc. <br>| 86243 | 5426409 |
| Norfolk Southern Corp.  | 118457 | 37283156 |
| Old Dominion Freight Line, Inc.  | 96936 | 19682855 |
| Southwest Airlines Co.  | 273415 | 13468423 |
| U-Haul Holding Co., Non Voting <br> Shares <br>| 57267 | 2700712 |
| Union Pacific Corp.  | 312989 | 82935825 |
| United Airlines Holdings, Inc. \* | 170786 | 18154552 |
| United Parcel Service, Inc., Class B  | 389748 | 45195178 |
| XPO, Inc. \* | 61781 | 13003047 |
|  |  | **380802625** |
| **Utilities 4.7%** | **Utilities 4.7%** | **Utilities 4.7%** |
| AES Corp.  | 373900 | 6460992 |
| Alliant Energy Corp.  | 135921 | 9832525 |
| Ameren Corp.  | 142907 | 16188505 |
| American Electric Power Co., Inc.  | 282037 | 37742191 |
| American Water Works Co., Inc.  | 102865 | 13992726 |
| Atmos Energy Corp.  | 84566 | 15796083 |
| CenterPoint Energy, Inc.  | 345104 | 15012024 |
| CMS Energy Corp.  | 160066 | 12496353 |
| Consolidated Edison, Inc.  | 190343 | 21417394 |
| Dominion Energy, Inc.  | 450217 | 28426701 |
| DTE Energy Co.  | 109720 | 16264893 |
| Duke Energy Corp.  | 410028 | 53652164 |
| Edison International  | 203071 | 15177527 |
| Entergy Corp.  | 235613 | 25236508 |
| Essential Utilities, Inc.  | 149121 | 5960366 |
| Evergy, Inc.  | 121784 | 10188449 |
| Eversource Energy  | 198276 | 15110614 |
| Exelon Corp.  | 532667 | 26351037 |
| FirstEnergy Corp.  | 274800 | 14058768 |
| NextEra Energy, Inc.  | 1098720 | 103026974 |
| NiSource, Inc.  | 250973 | 11871023 |
| NRG Energy, Inc.  | 101038 | 18081760 |
| OGE Energy Corp.  | 105790 | 5198521 |
| PG&E Corp.  | 1159759 | 22035421 |
| Pinnacle West Capital Corp.  | 63436 | 6362631 |
| PPL Corp.  | 390931 | 15238490 |
| Public Service Enterprise Group, Inc.  | 263384 | 22669461 |
| Sempra  | 343950 | 33112067 |
| Southern Co.  | 580493 | 56528408 |
| Vistra Corp.  | 167803 | 29179264 |
| WEC Energy Group, Inc.  | 171677 | 20079342 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**65**

------

Schwab U.S. Large-Cap Value ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Xcel Energy, Inc.  | 311933 | 26002735 |
|  |  | **728751917** |
| **Total Common Stocks** <br>**(Cost $10,128,191,789)** | **Total Common Stocks** <br>**(Cost $10,128,191,789)** | **15614926474** |

---

&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 <br> U.S. Government Money Market <br> Fund, Premier Class 3.63% *(c)*<br>| 7555063 | 7555063 |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 3.63% *(c)(d)*<br>| 3352250 | 3352250 |
|  |  | **10907313** |
| **Total Short-Term Investments** <br>**(Cost $10,907,313)** | **Total Short-Term Investments** <br>**(Cost $10,907,313)** | **10907313** |
| **Total Investments in Securities** <br>**(Cost $10,139,099,102)** | **Total Investments in Securities** <br>**(Cost $10,139,099,102)** | **15625833787** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| DJIA CBOT, e-mini, expires <br> 03/20/26<br>| 111 | 27195000 | (354288)<br>|
| S&P 400 Mid-Cap Index, <br> e-mini, expires 03/20/26<br>| 8 | 2862320 | 723 |
|  |  |  | **(353565)**<br>|

---

&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 $3,075,325. 

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

*(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;

CBOT — Chicago Board of Trade <br> REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers during the period ended February 28, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 8/31/25<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** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS |
| **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** |
| Charles Schwab Corp.<sup>(a)</sup> <br>| $84085416 | $8118220 | ($8132297)<br>| $799023 | ($1285428)<br>| **$83584934** | 877993 | $515188 |

---

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

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

------

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>| $15614926474 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15614926474 |
| Short-Term Investments<sup>1</sup> <br>| 10907313 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10907313 |
| Futures Contracts<sup>2</sup> <br>| 723 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 723 |
| **<u>Liabilities</u>** |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| (354288)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (354288)<br>|
| **Total** | **$15625480222** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$15625480222** |

---

&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*

**66**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Value ETF

Statement of Assets and Liabilities

------

As of February 28, 2026; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $51,356,189)  |  | $83584934 |
| Investments in securities, at value - unaffiliated issuers (cost $10,087,742,913) including securities on loan of $3,075,325 |  | 15542248853 |
| Cash |  | 23408 |
| Deposit with broker for futures contracts |  | 2123516 |
| Receivables: |  |  |
| Dividends |  | 22453768 |
| Fund shares sold |  | 6446826 |
| Foreign tax reclaims |  | 7897 |
| Income from securities on loan | + | 550 |
| **Total assets** |  | **15656889752** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 3352250 |
| Payables: |  |  |
| Investments bought |  | 6335879 |
| Management fees |  | 472291 |
| Variation margin on futures contracts | + | 270651 |
| **Total liabilities** |  | **10431071** |
| **Net assets** |  | **$15646458681** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $10680505220 |
| Total distributable earnings | + | 4965953461 |
| **Net assets** |  | **$15646458681** |

---

&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** |
| $15646458681 |  | &nbsp;&nbsp;&nbsp;&nbsp; 485400000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $32.23 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**67**

------

Schwab U.S. Large-Cap Value ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $49,086) |  | $147358183 |
| Dividends received from securities - affiliated issuers |  | 515188 |
| Other Interest |  | 36551 |
| Securities on loan, net | + | 21246 |
| **Total investment income**  |  | **147931168** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 2819633 |
| **Total expenses** | – | **2819633** |
| **Net investment income** |  | **145111535** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - affiliated issuers |  | 78646 |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (125888165)<br>|
| Net realized gains on sales of in-kind redemptions - affiliated issuers |  | 720377 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 259450945 |
| Net realized gains on futures contracts | + | 2419860 |
| **Net realized gains** |  | **136781663** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | (1285428)<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 1544243095 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | (792741)<br>|
| **Net change in unrealized appreciation (depreciation)** |  | **1542164926** |
| **Net realized and unrealized gains** |  | **1678946589** |
| **Increase in net assets resulting from operations** |  | **$1824058124** |

---

*See financial notes*

**68**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Value ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 |
| Net investment income |  | $145111535 | &nbsp;&nbsp;&nbsp; $268666450 |
| Net realized gains |  | 136781663 | &nbsp;&nbsp;&nbsp; 258448652 |
| Net change in unrealized appreciation (depreciation) | + | 1542164926 | &nbsp;&nbsp;&nbsp; 767902365 |
| **Increase in net assets resulting from operations** |  | **$1824058124** | &nbsp;&nbsp;&nbsp; **$1295017467** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($148665335)**<br>| &nbsp;&nbsp;&nbsp; **($266419235)**<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>  |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 | 9/1/24-8/31/25 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 41650000 | &nbsp;&nbsp;&nbsp; $1223561552 | &nbsp;&nbsp;&nbsp; 48300000 | &nbsp;&nbsp;&nbsp; $1283637739 |
| Shares redeemed | + | (16050000)<br>| &nbsp;&nbsp;&nbsp; (468457953)<br>| &nbsp;&nbsp;&nbsp; (29650000)<br>| &nbsp;&nbsp;&nbsp; (791013330)<br>|
| **Net transactions in fund shares**  |  | **25600000** | &nbsp;&nbsp;&nbsp; **$755103599** | &nbsp;&nbsp;&nbsp; **18650000** | &nbsp;&nbsp;&nbsp; **$492624409** |
| **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>  |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 | 9/1/24-8/31/25 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 459800000 | &nbsp;&nbsp;&nbsp; $13215962293 | &nbsp;&nbsp;&nbsp; 441150000 | &nbsp;&nbsp;&nbsp; $11694739652 |
| Total increase | + | 25600000 | &nbsp;&nbsp;&nbsp; 2430496388 | &nbsp;&nbsp;&nbsp; 18650000 | &nbsp;&nbsp;&nbsp; 1521222641 |
| **End of period** |  | **485400000** | &nbsp;&nbsp;&nbsp; **$15646458681** | &nbsp;&nbsp;&nbsp; **459800000** | &nbsp;&nbsp;&nbsp; **$13215962293** |

---

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

<sup>1</sup> For the period ended August 31, 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*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**69**

------

Schwab U.S. Mid-Cap ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 9/1/25– <br>2/28/26\*<br>| 9/1/24– <br>8/31/25<sup>1</sup> <br>| 9/1/23– <br>8/31/24<sup>1</sup> <br>| 9/1/22– <br>8/31/23<sup>1</sup> <br>| 9/1/21– <br>8/31/22<sup>1</sup> <br>| 9/1/20– <br>8/31/21<sup>1</sup> <br>|
| **Per-Share Data** | **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; $29.49 | &nbsp;&nbsp; $27.23 | &nbsp;&nbsp; $23.91 | &nbsp;&nbsp; $22.43 | &nbsp;&nbsp; $26.67 | &nbsp;&nbsp; $19.15 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.21 | 0.40 | 0.38 | 0.39 | 0.35 | 0.31 |
| Net realized and unrealized gains (losses) | 3.44 | 2.26 | 3.31 | 1.48 | &nbsp;&nbsp; (4.22)<br>| 7.48 |
| Total from investment operations | 3.65 | 2.66 | 3.69 | 1.87 | &nbsp;&nbsp; (3.87)<br>| 7.79 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.27)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $32.88 | &nbsp;&nbsp; $29.49 | &nbsp;&nbsp; $27.23 | &nbsp;&nbsp; $23.91 | &nbsp;&nbsp; $22.43 | &nbsp;&nbsp; $26.67 |
| Total return | 12.46 %<sup>3</sup><br>| 9.89<br> %<br>| 15.63<br> %<br>| 8.45<br> %<br>| &nbsp;&nbsp; (14.62<br> %)<br>| 40.98<br> %<br>|
| **Ratios/Supplemental Data** | **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 | 0.04 %<sup>4</sup><br>| 0.04<br> %<br>| 0.04<br> %<br>| 0.04 %<sup>5</sup><br>| 0.04 %<sup>5</sup><br>| 0.04<br> %<br>|
| Net investment income (loss) | 1.41 %<sup>4</sup><br>| 1.43<br> %<br>| 1.53<br> %<br>| 1.71<br> %<br>| 1.43<br> %<br>| 1.31<br> %<br>|
| Portfolio turnover rate<sup>6</sup> <br>| &nbsp;&nbsp; 16 %<sup>3</sup><br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 23<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $13640 | &nbsp;&nbsp; $12110 | &nbsp;&nbsp; $11521 | &nbsp;&nbsp; $9976 | &nbsp;&nbsp; $9195 | &nbsp;&nbsp; $9986 |

---

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

\* Unaudited.

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

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

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

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

*See financial notes*

**70**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Mid-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited)

------

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.9% OF NET ASSETS  | **COMMON STOCKS** 99.9% OF NET ASSETS  | **COMMON STOCKS** 99.9% OF NET ASSETS  |
| **Automobiles & Components 1.0%** | **Automobiles & Components 1.0%** | **Automobiles & Components 1.0%** |
| Autoliv, Inc.  | 188695 | 22364132 |
| BorgWarner, Inc.  | 578987 | 33332282 |
| Gentex Corp.  | 592141 | 13856099 |
| Lear Corp.  | 140016 | 18377100 |
| Rivian Automotive, Inc., Class A \* | 2182583 | 33458997 |
| Thor Industries, Inc.  | 142171 | 13666898 |
|  |  | **135055508** |
| **Banks 3.8%** | **Banks 3.8%** | **Banks 3.8%** |
| Bank OZK  | 285625 | 13298700 |
| BOK Financial Corp.  | 59907 | 7531508 |
| Columbia Banking System, Inc.  | 809022 | 23016676 |
| Commerce Bancshares, Inc.  | 349736 | 17833039 |
| Cullen/Frost Bankers, Inc.  | 172847 | 23890912 |
| East West Bancorp, Inc.  | 372047 | 40720544 |
| First Financial Bankshares, Inc.  | 352133 | 10891474 |
| First Horizon Corp.  | 1332137 | 31691539 |
| Flagstar Bank NA  | 809616 | 10274027 |
| Glacier Bancorp, Inc.  | 347843 | 15823378 |
| KeyCorp  | 2512769 | 52114829 |
| Old National Bancorp  | 939542 | 21703420 |
| Pinnacle Financial Partners, Inc.  | 404600 | 36721496 |
| Popular, Inc.  | 180500 | 24432480 |
| Prosperity Bancshares, Inc.  | 256412 | 18043713 |
| Southstate Bank Corp.  | 271785 | 26817026 |
| UMB Financial Corp.  | 193088 | 22375038 |
| Valley National Bancorp  | 1298325 | 16371878 |
| Webster Financial Corp.  | 436414 | 31478542 |
| Western Alliance Bancorp  | 279120 | 22418918 |
| Wintrust Financial Corp.  | 181207 | 26104680 |
| Zions Bancorp NA  | 398743 | 22839999 |
|  |  | **516393816** |
| **Capital Goods 18.6%** | **Capital Goods 18.6%** | **Capital Goods 18.6%** |
| A.O. Smith Corp.  | 306051 | 23871978 |
| AAON, Inc.  | 182628 | 18481954 |
| Acuity, Inc.  | 82282 | 24815428 |
| Advanced Drainage Systems, Inc.  | 193544 | 33161829 |
| AECOM  | 358296 | 35105842 |
| AeroVironment, Inc. \* | 85924 | 21674329 |
| AGCO Corp.  | 167580 | 22874670 |
| Air Lease Corp.  | 283673 | 18393357 |
| Allegion PLC  | 232700 | 37499605 |
| Alliance Laundry Holdings, Inc. \* | 100407 | 2252129 |
| Allison Transmission Holdings, Inc.  | 224782 | 28165185 |
| API Group Corp. \* | 1001144 | 44510862 |
| Applied Industrial Technologies, Inc.  | 101986 | 28819204 |
| Armstrong World Industries, Inc.  | 116648 | 20238428 |
| ATI, Inc. \* | 367428 | 60107547 |
| Beta Technologies, Inc., Class A \* | 81906 | 1539833 |
| Bloom Energy Corp., Class A \* | 588420 | 91599341 |
| BWX Technologies, Inc.  | 247217 | 50921758 |
| Carlisle Cos., Inc.  | 112682 | 44483473 |
| Carpenter Technology Corp.  | 134717 | 53626796 |
| Chart Industries, Inc. \* | 119483 | 24768826 |
| CNH Industrial NV  | 2389985 | 29396815 |
| Core & Main, Inc., Class A \* | 514895 | 27886713 |
| Crane Co.  | 132477 | 26565613 |
| Curtiss-Wright Corp.  | 99748 | 69856517 |
| Donaldson Co., Inc.  | 313444 | 29075065 |
| Dycom Industries, Inc. \* | 78308 | 32890926 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Federal Signal Corp.  | 164484 | 19150872 |
| Flowserve Corp.  | 343840 | 30436717 |
| Fluor Corp. \* | 435912 | 22802557 |
| Fortune Brands Innovations, Inc.  | 324938 | 17657131 |
| FTAI Aviation Ltd.  | 277382 | 84823416 |
| Generac Holdings, Inc. \* | 158509 | 35723173 |
| Graco, Inc.  | 448451 | 42118518 |
| Hexcel Corp.  | 215377 | 19963294 |
| Huntington Ingalls Industries, Inc.  | 106107 | 47166684 |
| IDEX Corp.  | 202407 | 42398194 |
| ITT, Inc.  | 229826 | 46519081 |
| JBT Marel Corp.  | 140457 | 21630378 |
| Kratos Defense & Security Solutions, <br> Inc. \*<br>| 459973 | 39640473 |
| Leonardo DRS, Inc.  | 209321 | 9082438 |
| Lincoln Electric Holdings, Inc.  | 148721 | 42690363 |
| Loar Holdings, Inc. \* | 95658 | 6771630 |
| Masco Corp.  | 561704 | 40229240 |
| MasTec, Inc. \* | 165920 | 49447478 |
| Middleby Corp. \* | 125334 | 21163899 |
| Modine Manufacturing Co. \* | 142456 | 32373126 |
| Mueller Industries, Inc.  | 300326 | 35426455 |
| Nextpower, Inc., Class A \* | 401427 | 42189978 |
| Nordson Corp.  | 144327 | 42351315 |
| nVent Electric PLC  | 436369 | 51648635 |
| Oshkosh Corp.  | 171174 | 29103003 |
| Owens Corning  | 222220 | 27126395 |
| Pentair PLC  | 442588 | 43900304 |
| QXO, Inc. \* | 1311557 | 31411790 |
| RBC Bearings, Inc. \* | 85114 | 49018855 |
| Regal Rexnord Corp.  | 179525 | 39671434 |
| Sensata Technologies Holding PLC  | 393394 | 14689332 |
| Simpson Manufacturing Co., Inc.  | 112077 | 21694745 |
| SiteOne Landscape Supply, Inc. \* | 120402 | 17204242 |
| Snap-on, Inc.  | 140629 | 54173103 |
| SPX Technologies, Inc. \* | 134773 | 30585385 |
| StandardAero, Inc. \* | 522090 | 16080372 |
| Stanley Black & Decker, Inc.  | 418943 | 36234380 |
| Sterling Infrastructure, Inc. \* | 83164 | 35605003 |
| Textron, Inc.  | 476608 | 47017379 |
| Timken Co.  | 171099 | 18543710 |
| Toro Co.  | 264872 | 26185246 |
| Trex Co., Inc. \* | 289991 | 12011427 |
| UFP Industries, Inc.  | 157211 | 16178584 |
| Valmont Industries, Inc.  | 53314 | 24520708 |
| Watsco, Inc.  | 94426 | 39406803 |
| Watts Water Technologies, Inc., <br> Class A <br>| 74016 | 24332020 |
| WESCO International, Inc.  | 131484 | 38064618 |
| WillScot Holdings Corp.  | 492470 | 10642277 |
| Woodward, Inc.  | 162147 | 62711974 |
| Zurn Elkay Water Solutions Corp.  | 402267 | 20507572 |
|  |  | **2532609729** |
| **Commercial & Professional Services 2.4%** | **Commercial & Professional Services 2.4%** | **Commercial & Professional Services 2.4%** |
| Amentum Holdings, Inc. \* | 413858 | 12361938 |
| Booz Allen Hamilton Holding Corp., <br> Class A <br>| 328256 | 25876420 |
| CACI International, Inc., Class A \* | 59711 | 36433861 |
| Clean Harbors, Inc. \* | 135833 | 39826236 |
| ExlService Holdings, Inc. \* | 429785 | 13430781 |
| FTI Consulting, Inc. \* | 81979 | 13478987 |
| Genpact Ltd.  | 433786 | 17229980 |
| KBR, Inc.  | 343991 | 14526740 |
| Maximus, Inc.  | 152154 | 11504364 |
| MSA Safety, Inc.  | 99623 | 19467330 |
| Parsons Corp. \* | 144306 | 9524196 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**71**

------

Schwab U.S. Mid-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Paycom Software, Inc.  | 132061 | 16617236 |
| Paylocity Holding Corp. \* | 119201 | 12693714 |
| RB Global, Inc.  | 502259 | 50708069 |
| Science Applications International <br> Corp. <br>| 124091 | 11448636 |
| Tetra Tech, Inc.  | 707709 | 25364291 |
|  |  | **330492779** |
| **Consumer Discretionary Distribution & Retail 3.1%** | **Consumer Discretionary Distribution & Retail 3.1%** | **Consumer Discretionary Distribution & Retail 3.1%** |
| Abercrombie & Fitch Co., Class A \* | 126960 | 12416688 |
| AutoNation, Inc. \* | 73835 | 14409639 |
| Bath & Body Works, Inc.  | 558621 | 12714214 |
| Burlington Stores, Inc. \* | 168406 | 51678749 |
| CarMax, Inc. \* | 396520 | 17117768 |
| Chewy, Inc., Class A \* | 608409 | 16682575 |
| Dick's Sporting Goods, Inc.  | 178773 | 36403546 |
| Etsy, Inc. \* | 267113 | 14659161 |
| Five Below, Inc. \* | 149131 | 33335252 |
| Floor & Decor Holdings, Inc., Class A \* | 291451 | 20136350 |
| GameStop Corp., Class A \* | 1112755 | 26739503 |
| Gap, Inc.  | 612591 | 17177052 |
| Lithia Motors, Inc.  | 65632 | 18349394 |
| LKQ Corp.  | 691487 | 22895135 |
| Murphy USA, Inc.  | 46155 | 18034605 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 165456 | 17720338 |
| Penske Automotive Group, Inc.  | 49781 | 7841503 |
| Pool Corp.  | 88480 | 20100886 |
| RH \* | 41684 | 6907456 |
| Urban Outfitters, Inc. \* | 145582 | 9637528 |
| Valvoline, Inc. \* | 343939 | 13000894 |
| Wayfair, Inc., Class A \* | 289386 | 22088833 |
|  |  | **430047069** |
| **Consumer Durables & Apparel 3.1%** | **Consumer Durables & Apparel 3.1%** | **Consumer Durables & Apparel 3.1%** |
| Crocs, Inc. \* | 140654 | 12758724 |
| Hasbro, Inc.  | 360699 | 35922013 |
| Installed Building Products, Inc.  | 61212 | 20062845 |
| KB Home  | 175022 | 11127899 |
| Mattel, Inc. \* | 840641 | 14248865 |
| Meritage Homes Corp.  | 190347 | 14355971 |
| Mohawk Industries, Inc. \* | 140411 | 17589286 |
| Ralph Lauren Corp.  | 104804 | 38001930 |
| Somnigroup International, Inc.  | 567722 | 50816796 |
| Tapestry, Inc.  | 553460 | 86046426 |
| Taylor Morrison Home Corp. \* | 264389 | 17420591 |
| Toll Brothers, Inc.  | 260661 | 40986336 |
| TopBuild Corp. \* | 75489 | 33841719 |
| VF Corp.  | 888811 | 17260710 |
| Whirlpool Corp. *(a)* | 170321 | 11655066 |
|  |  | **422095177** |
| **Consumer Services 3.2%** | **Consumer Services 3.2%** | **Consumer Services 3.2%** |
| ADT, Inc.  | 1372762 | 11009551 |
| Aramark  | 710074 | 29716597 |
| Boyd Gaming Corp.  | 155904 | 12975890 |
| Bright Horizons Family Solutions, <br> Inc. \*<br>| 152562 | 11368920 |
| Brinker International, Inc. \* | 119901 | 17769328 |
| Caesars Entertainment, Inc. \* | 552835 | 13848517 |
| Cava Group, Inc. \* | 270004 | 22267230 |
| Choice Hotels International, Inc. *(a)* | 56175 | 5918036 |
| Churchill Downs, Inc.  | 179104 | 16465031 |
| Duolingo, Inc. \* | 108411 | 10949511 |
| Dutch Bros, Inc., Class A \* | 343567 | 18418627 |
| H&R Block, Inc.  | 341060 | 10443257 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Hyatt Hotels Corp., Class A  | 113261 | 18291652 |
| Liberty Live Holdings, Inc., Class C \* | 189183 | 18852086 |
| MGM Resorts International \* | 554741 | 20447753 |
| Norwegian Cruise Line Holdings Ltd. \* | 1230103 | 30494253 |
| Planet Fitness, Inc., Class A \* | 224242 | 18421480 |
| Service Corp. International  | 379372 | 31935535 |
| Stride, Inc. \* | 116775 | 9853475 |
| Texas Roadhouse, Inc.  | 178909 | 32717089 |
| Vail Resorts, Inc.  | 97274 | 13210782 |
| Wingstop, Inc.  | 75153 | 19502955 |
| Wyndham Hotels & Resorts, Inc.  | 204514 | 16729245 |
| Wynn Resorts Ltd.  | 228291 | 24698803 |
|  |  | **436305603** |
| **Consumer Staples Distribution & Retail 1.9%** | **Consumer Staples Distribution & Retail 1.9%** | **Consumer Staples Distribution & Retail 1.9%** |
| Albertsons Cos., Inc., Class A  | 1069667 | 19147039 |
| BJ's Wholesale Club Holdings, Inc. \* | 356347 | 35203520 |
| Casey's General Stores, Inc.  | 100554 | 68938817 |
| Maplebear, Inc. \* | 497169 | 18648809 |
| Performance Food Group Co. \* | 424146 | 41167611 |
| Sprouts Farmers Market, Inc. \* | 263381 | 19455954 |
| U.S. Foods Holding Corp. \* | 602970 | 58252932 |
|  |  | **260814682** |
| **Energy 3.5%** | **Energy 3.5%** | **Energy 3.5%** |
| Antero Midstream Corp.  | 902438 | 20286806 |
| Antero Resources Corp. \* | 791305 | 29127937 |
| APA Corp.  | 959258 | 29132665 |
| Chord Energy Corp.  | 153975 | 16686271 |
| DT Midstream, Inc.  | 275062 | 38189608 |
| HF Sinclair Corp.  | 422363 | 21122374 |
| Matador Resources Co.  | 315984 | 16241578 |
| Noble Corp. PLC  | 339044 | 15402769 |
| NOV, Inc.  | 984876 | 19953588 |
| Ovintiv, Inc.  | 759199 | 38407877 |
| Permian Resources Corp.  | 1879004 | 34366983 |
| Range Resources Corp.  | 640020 | 26420026 |
| TechnipFMC PLC  | 1094015 | 72544135 |
| Texas Pacific Land Corp.  | 156580 | 82093328 |
| Venture Global, Inc., Class A *(a)* | 1294184 | 12540643 |
|  |  | **472516588** |
| **Equity Real Estate Investment Trusts (REITs) 5.7%** | **Equity Real Estate Investment Trusts (REITs) 5.7%** | **Equity Real Estate Investment Trusts (REITs) 5.7%** |
| Agree Realty Corp.  | 309799 | 24932624 |
| Alexandria Real Estate Equities, Inc.  | 419949 | 22694044 |
| American Homes 4 Rent, Class A  | 880415 | 26412450 |
| Americold Realty Trust, Inc.  | 771578 | 10331429 |
| Brixmor Property Group, Inc.  | 827864 | 25059443 |
| BXP, Inc.  | 397895 | 22910794 |
| Camden Property Trust  | 287867 | 31187511 |
| CareTrust REIT, Inc.  | 603900 | 24530418 |
| CubeSmart  | 616767 | 25373794 |
| EastGroup Properties, Inc.  | 143803 | 28229967 |
| Equity LifeStyle Properties, Inc.  | 524408 | 35219241 |
| Federal Realty Investment Trust  | 212274 | 23089043 |
| First Industrial Realty Trust, Inc.  | 358228 | 22618516 |
| Gaming & Leisure Properties, Inc.  | 765673 | 37449066 |
| Healthcare Realty Trust, Inc.  | 949466 | 17517648 |
| Healthpeak Properties, Inc.  | 1880540 | 33247947 |
| Host Hotels & Resorts, Inc.  | 1730504 | 33900573 |
| Kilroy Realty Corp.  | 294437 | 8780111 |
| Kimco Realty Corp.  | 1831654 | 43135452 |
| Lamar Advertising Co., Class A  | 235036 | 32373859 |
| Lineage, Inc.  | 153797 | 6231855 |
| NNN REIT, Inc.  | 513599 | 23276307 |

---

*See financial notes*

**72**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Mid-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Omega Healthcare Investors, Inc.  | 799499 | 38591817 |
| Regency Centers Corp.  | 445320 | 35180280 |
| Rexford Industrial Realty, Inc.  | 627316 | 23505531 |
| STAG Industrial, Inc.  | 505356 | 19820062 |
| Terreno Realty Corp.  | 279731 | 18479030 |
| UDR, Inc.  | 813846 | 30519225 |
| Vornado Realty Trust  | 435703 | 12016689 |
| WP Carey, Inc.  | 592705 | 44245428 |
|  |  | **780860154** |
| **Financial Services 5.1%** | **Financial Services 5.1%** | **Financial Services 5.1%** |
| Affiliated Managers Group, Inc.  | 75965 | 23258964 |
| AGNC Investment Corp.  | 2902714 | 32539424 |
| Ally Financial, Inc.  | 758575 | 29918198 |
| Annaly Capital Management, Inc.  | 1847432 | 42934320 |
| Blue Owl Capital, Inc. *(a)* | 1708186 | 18021362 |
| Chime Financial, Inc., Class A \* | 90983 | 2013454 |
| Corebridge Financial, Inc.  | 723111 | 18685188 |
| Credit Acceptance Corp. \* | 16724 | 7913462 |
| Equitable Holdings, Inc.  | 775167 | 31177217 |
| Essent Group Ltd.  | 261624 | 15917204 |
| Evercore, Inc., Class A  | 104568 | 32294781 |
| FactSet Research Systems, Inc.  | 101288 | 21960251 |
| Figure Technology Solutions, Inc., <br> Class A *\*(a)*<br>| 85900 | 2171552 |
| Franklin Resources, Inc.  | 831386 | 22064984 |
| Houlihan Lokey, Inc.  | 147550 | 24164264 |
| Invesco Ltd.  | 1204331 | 31625732 |
| Jack Henry & Associates, Inc.  | 195768 | 31804469 |
| Jackson Financial, Inc., Class A  | 183637 | 20104579 |
| Janus Henderson Group PLC  | 334257 | 17414790 |
| Jefferies Financial Group, Inc.  | 445594 | 19784374 |
| Lazard, Inc., Class A  | 304380 | 15401628 |
| MarketAxess Holdings, Inc.  | 100630 | 19320960 |
| MGIC Investment Corp.  | 606002 | 16077233 |
| Morningstar, Inc.  | 64644 | 11838902 |
| OneMain Holdings, Inc.  | 318105 | 17502137 |
| Rithm Capital Corp.  | 1498957 | 15064518 |
| SEI Investments Co.  | 251376 | 20441896 |
| Starwood Property Trust, Inc.  | 939982 | 16741079 |
| Stifel Financial Corp.  | 413197 | 30597275 |
| TPG, Inc.  | 348022 | 15111115 |
| Tradeweb Markets, Inc., Class A  | 315045 | 38830872 |
| Voya Financial, Inc.  | 256868 | 17179332 |
| WEX, Inc. \* | 92575 | 13811264 |
|  |  | **693686780** |
| **Food, Beverage & Tobacco 2.3%** | **Food, Beverage & Tobacco 2.3%** | **Food, Beverage & Tobacco 2.3%** |
| Brown-Forman Corp., Class B  | 630918 | 18208294 |
| Bunge Global SA  | 366097 | 44169603 |
| Campbell's Co.  | 531471 | 14323144 |
| Celsius Holdings, Inc. \* | 432304 | 23175817 |
| Coca-Cola Consolidated, Inc.  | 153116 | 30990678 |
| Conagra Brands, Inc.  | 1292165 | 24874176 |
| Darling Ingredients, Inc. \* | 427190 | 22709420 |
| Ingredion, Inc.  | 171639 | 20160717 |
| J.M. Smucker Co.  | 288594 | 33462474 |
| Lamb Weston Holdings, Inc.  | 376219 | 18129994 |
| Marzetti Co.  | 54829 | 9010598 |
| Molson Coors Beverage Co., Class B  | 457140 | 22395289 |
| Pilgrim's Pride Corp.  | 115120 | 4968579 |
| Post Holdings, Inc. \* | 129002 | 13712913 |
| Primo Brands Corp.  | 681856 | 15464494 |
|  |  | **315756190** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Health Care Equipment & Services 4.9%** | **Health Care Equipment & Services 4.9%** | **Health Care Equipment & Services 4.9%** |
| Align Technology, Inc. \* | 180486 | 34310389 |
| Baxter International, Inc.  | 1388094 | 28275475 |
| Centene Corp. \* | 1263045 | 56685459 |
| Chemed Corp.  | 38251 | 15683292 |
| Cooper Cos., Inc. \* | 537653 | 44985426 |
| DaVita, Inc. \* | 95320 | 14898516 |
| Doximity, Inc., Class A \* | 370290 | 9083214 |
| Encompass Health Corp.  | 272304 | 29376155 |
| Ensign Group, Inc.  | 155583 | 33321211 |
| Glaukos Corp. \* | 155264 | 18693786 |
| Globus Medical, Inc., Class A \* | 300830 | 28717232 |
| Guardant Health, Inc. \* | 349996 | 32864624 |
| HealthEquity, Inc. \* | 233057 | 17826530 |
| Henry Schein, Inc. \* | 270589 | 22293828 |
| Hims & Hers Health, Inc. \* | 562815 | 8172074 |
| Hologic, Inc. \* | 601947 | 45362726 |
| Masimo Corp. \* | 123386 | 21635735 |
| Molina Healthcare, Inc. \* | 138732 | 21371665 |
| Option Care Health, Inc. \* | 429921 | 13955236 |
| Penumbra, Inc. \* | 105894 | 36468835 |
| Solventum Corp. \* | 398868 | 29596006 |
| Teleflex, Inc.  | 119385 | 14572133 |
| Tenet Healthcare Corp. \* | 237640 | 56888639 |
| Universal Health Services, Inc., <br> Class B <br>| 149405 | 30792370 |
|  |  | **665830556** |
| **Household & Personal Products 0.5%** | **Household & Personal Products 0.5%** | **Household & Personal Products 0.5%** |
| BellRing Brands, Inc. \* | 342048 | 6290263 |
| Clorox Co.  | 329871 | 41946396 |
| Coty, Inc., Class A \* | 986190 | 2475337 |
| elf Beauty, Inc. \* | 161649 | 14879790 |
| Reynolds Consumer Products, Inc.  | 147043 | 3648137 |
|  |  | **69239923** |
| **Insurance 3.7%** | **Insurance 3.7%** | **Insurance 3.7%** |
| American Financial Group, Inc.  | 187175 | 24890532 |
| Assurant, Inc.  | 135477 | 31104164 |
| Axis Capital Holdings Ltd.  | 208144 | 22004984 |
| CNA Financial Corp.  | 58136 | 2791691 |
| Everest Group Ltd.  | 113508 | 38080799 |
| F&G Annuities & Life, Inc.  | 101359 | 2295781 |
| Fidelity National Financial, Inc.  | 689380 | 36454414 |
| First American Financial Corp.  | 275600 | 19322316 |
| Globe Life, Inc.  | 215325 | 31278110 |
| Hanover Insurance Group, Inc.  | 96303 | 17395211 |
| Kinsale Capital Group, Inc.  | 59676 | 23253947 |
| Lincoln National Corp.  | 456545 | 15659494 |
| Loews Corp.  | 458353 | 50427997 |
| Old Republic International Corp.  | 614895 | 26360549 |
| Primerica, Inc.  | 86181 | 21860672 |
| Reinsurance Group of America, Inc., <br> Class A <br>| 177704 | 38336084 |
| RenaissanceRe Holdings Ltd.  | 124733 | 37726743 |
| RLI Corp.  | 247898 | 15449003 |
| Ryan Specialty Holdings, Inc.  | 306976 | 12079506 |
| Selective Insurance Group, Inc.  | 163312 | 13724740 |
| Unum Group  | 416600 | 29882718 |
|  |  | **510379455** |
| **Materials 6.6%** | **Materials 6.6%** | **Materials 6.6%** |
| Albemarle Corp.  | 318293 | 56869410 |
| Alcoa Corp.  | 700413 | 43481639 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**73**

------

Schwab U.S. Mid-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| AptarGroup, Inc.  | 177442 | 25500190 |
| Avery Dennison Corp.  | 209053 | 41047556 |
| Axalta Coating Systems Ltd. \* | 576990 | 19277236 |
| Ball Corp.  | 724827 | 48657636 |
| Celanese Corp.  | 295765 | 14770504 |
| CF Industries Holdings, Inc.  | 421822 | 41988162 |
| Cleveland-Cliffs, Inc. \* | 1540897 | 16425962 |
| Coeur Mining, Inc. \* | 1737304 | 47167804 |
| Commercial Metals Co.  | 299702 | 21968157 |
| Crown Holdings, Inc.  | 308474 | 35351120 |
| Eagle Materials, Inc.  | 86847 | 19436359 |
| Eastman Chemical Co.  | 308213 | 23273164 |
| FMC Corp.  | 335983 | 4952389 |
| Graphic Packaging Holding Co.  | 796812 | 9745011 |
| Louisiana-Pacific Corp.  | 171067 | 14496218 |
| Mosaic Co.  | 858490 | 23900362 |
| MP Materials Corp. \* | 363795 | 21416612 |
| NewMarket Corp.  | 21059 | 13183145 |
| Packaging Corp. of America  | 241738 | 56117059 |
| Reliance, Inc.  | 141424 | 44639071 |
| Royal Gold, Inc.  | 219096 | 65682790 |
| RPM International, Inc.  | 346726 | 39568371 |
| Sealed Air Corp.  | 398591 | 16692991 |
| Solstice Advanced Materials, Inc.  | 428747 | 33660927 |
| Sonoco Products Co.  | 266505 | 15049537 |
| Steel Dynamics, Inc.  | 371223 | 71694298 |
| Westlake Corp.  | 90175 | 9502641 |
|  |  | **895516321** |
| **Media & Entertainment 2.5%** | **Media & Entertainment 2.5%** | **Media & Entertainment 2.5%** |
| Liberty Broadband Corp., Class C \* | 362639 | 19803716 |
| Match Group, Inc.  | 637934 | 20158714 |
| New York Times Co., Class A  | 436317 | 34813733 |
| News Corp., Class A  | 1387712 | 33707525 |
| Nexstar Media Group, Inc.  | 76902 | 19303940 |
| Omnicom Group, Inc.  | 862543 | 73566292 |
| Paramount Skydance Corp., Class B  | 840657 | 11357276 |
| Pinterest, Inc., Class A \* | 1612389 | 27620224 |
| Roku, Inc. \* | 353172 | 34755657 |
| Sirius XM Holdings, Inc.  | 510248 | 11205046 |
| Snap, Inc., Class A \* | 3048153 | 15880877 |
| TKO Group Holdings, Inc.  | 179271 | 40133399 |
| Trump Media & Technology Group <br> Corp. \*<br>| 438137 | 4692447 |
|  |  | **346998846** |
| **Pharmaceuticals, Biotechnology & Life Sciences 6.9%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.9%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.9%** |
| Alkermes PLC \* | 445794 | 13418399 |
| Avantor, Inc. \* | 1844272 | 16690662 |
| BioMarin Pharmaceutical, Inc. \* | 519904 | 32093674 |
| Bio-Rad Laboratories, Inc., Class A \* | 49065 | 13661659 |
| Bio-Techne Corp.  | 421726 | 24881834 |
| Bridgebio Pharma, Inc. \* | 457985 | 30446843 |
| Bruker Corp.  | 299023 | 11993813 |
| Charles River Laboratories <br> International, Inc. \*<br>| 132895 | 23720429 |
| Corcept Therapeutics, Inc. \* | 252753 | 9023282 |
| CRISPR Therapeutics AG \* | 257948 | 15512993 |
| Cytokinetics, Inc. \* | 330605 | 20570243 |
| Elanco Animal Health, Inc. \* | 1344391 | 35491922 |
| Exact Sciences Corp. \* | 512417 | 52973669 |
| Exelixis, Inc. \* | 725527 | 31966720 |
| Halozyme Therapeutics, Inc. \* | 317641 | 22085579 |
| Incyte Corp. \* | 445970 | 45163382 |
| Ionis Pharmaceuticals, Inc. \* | 438078 | 35550030 |
| Jazz Pharmaceuticals PLC \* | 164261 | 31212875 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Madrigal Pharmaceuticals, Inc. \* | 50293 | 21726576 |
| Medpace Holdings, Inc. \* | 60187 | 27190079 |
| Moderna, Inc. \* | 940525 | 50383924 |
| Neurocrine Biosciences, Inc. \* | 269663 | 35662932 |
| Repligen Corp. \* | 143093 | 18420362 |
| Revolution Medicines, Inc. \* | 491502 | 50143034 |
| Revvity, Inc.  | 306722 | 30153840 |
| Roivant Sciences Ltd. \* | 1185766 | 34316068 |
| Royalty Pharma PLC, Class A  | 1016902 | 46991041 |
| Sotera Health Co. \* | 561733 | 9128161 |
| Summit Therapeutics, Inc. \* | 404312 | 6707536 |
| Tempus AI, Inc. \* | 276026 | 14698384 |
| United Therapeutics Corp. \* | 116460 | 58684194 |
| Vaxcyte, Inc. \* | 348718 | 21529849 |
| Viatris, Inc.  | 3115342 | 46512056 |
|  |  | **938706044** |
| **Real Estate Management & Development 0.5%** | **Real Estate Management & Development 0.5%** | **Real Estate Management & Development 0.5%** |
| Jones Lang LaSalle, Inc. \* | 127609 | 40267020 |
| Zillow Group, Inc., Class C \* | 606525 | 27063145 |
|  |  | **67330165** |
| **Semiconductors & Semiconductor Equipment 2.5%** | **Semiconductors & Semiconductor Equipment 2.5%** | **Semiconductors & Semiconductor Equipment 2.5%** |
| Allegro MicroSystems, Inc. \* | 335214 | 12225255 |
| Amkor Technology, Inc.  | 307050 | 14683131 |
| Cirrus Logic, Inc. \* | 138043 | 19480628 |
| Entegris, Inc.  | 410019 | 54307017 |
| Lattice Semiconductor Corp. \* | 370101 | 35389058 |
| MACOM Technology Solutions <br> Holdings, Inc. \*<br>| 173136 | 42958504 |
| MKS, Inc.  | 181572 | 44387091 |
| Onto Innovation, Inc. \* | 132577 | 28622048 |
| Qorvo, Inc. \* | 227407 | 18852040 |
| Rambus, Inc. \* | 291309 | 29031855 |
| Skyworks Solutions, Inc.  | 401639 | 23929652 |
| Universal Display Corp.  | 119351 | 12733558 |
|  |  | **336599837** |
| **Software & Services 4.6%** | **Software & Services 4.6%** | **Software & Services 4.6%** |
| Akamai Technologies, Inc. \* | 389172 | 38290633 |
| Aurora Innovation, Inc. \* | 3285078 | 15374165 |
| Bentley Systems, Inc., Class B  | 402317 | 14704686 |
| Bill Holdings, Inc. \* | 240402 | 10700293 |
| BitMine Immersion Technologies, Inc.  | 769405 | 14603307 |
| CCC Intelligent Solutions Holdings, <br> Inc. \*<br>| 1583345 | 9230901 |
| Commvault Systems, Inc. \* | 118842 | 10111077 |
| Confluent, Inc., Class A \* | 806868 | 24746642 |
| Docusign, Inc. \* | 544455 | 24538587 |
| Dolby Laboratories, Inc., Class A  | 165424 | 11012276 |
| Dropbox, Inc., Class A \* | 470613 | 11760619 |
| Dynatrace, Inc. \* | 814243 | 29247609 |
| Elastic NV \* | 252986 | 13172981 |
| EPAM Systems, Inc. \* | 149532 | 21084012 |
| Guidewire Software, Inc. \* | 229985 | 33421420 |
| InterDigital, Inc.  | 69689 | 25543109 |
| Kyndryl Holdings, Inc. \* | 618665 | 7628139 |
| Manhattan Associates, Inc. \* | 162910 | 22062901 |
| Nutanix, Inc., Class A \* | 732947 | 28057211 |
| Okta, Inc. \* | 455575 | 33029188 |
| Pegasystems, Inc.  | 247231 | 10811412 |
| Procore Technologies, Inc. \* | 324171 | 17842372 |
| Qualys, Inc. \* | 96757 | 8947120 |
| Rubrik, Inc., Class A \* | 383849 | 19944794 |
| SailPoint, Inc. \* | 194604 | 2743916 |

---

*See financial notes*

**74**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Mid-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Samsara, Inc., Class A \* | 942102 | 27226748 |
| SentinelOne, Inc., Class A \* | 866556 | 11369215 |
| ServiceTitan, Inc., Class A \* | 152607 | 11047221 |
| SPS Commerce, Inc. \* | 101990 | 5763455 |
| Trimble, Inc. \* | 643477 | 43029307 |
| Twilio, Inc., Class A \* | 410041 | 49598559 |
| UiPath, Inc., Class A \* | 1141614 | 12249518 |
| Unity Software, Inc. \* | 927014 | 16899465 |
|  |  | **635792858** |
| **Technology Hardware & Equipment 6.9%** | **Technology Hardware & Equipment 6.9%** | **Technology Hardware & Equipment 6.9%** |
| Arrow Electronics, Inc. \* | 139445 | 21217951 |
| Ciena Corp. \* | 381414 | 132999062 |
| Cognex Corp.  | 453252 | 24656909 |
| Coherent Corp. \* | 425029 | 110052759 |
| F5, Inc. \* | 155928 | 42312622 |
| Fabrinet \* | 96823 | 52829534 |
| Flex Ltd. \* | 1000238 | 63034999 |
| IonQ, Inc. \* | 958543 | 36779295 |
| Littelfuse, Inc.  | 67342 | 23735361 |
| Lumentum Holdings, Inc. \* | 191732 | 134386876 |
| Novanta, Inc. \* | 96494 | 12971688 |
| Sandisk Corp. \* | 399111 | 253579165 |
| TD SYNNEX Corp.  | 204880 | 32127233 |
|  |  | **940683454** |
| **Telecommunication Services 0.4%** | **Telecommunication Services 0.4%** | **Telecommunication Services 0.4%** |
| AST SpaceMobile, Inc. \* | 653236 | 51729759 |
| **Transportation 2.9%** | **Transportation 2.9%** | **Transportation 2.9%** |
| Alaska Air Group, Inc. \* | 313816 | 16192905 |
| American Airlines Group, Inc. \* | 1783170 | 23306032 |
| CH Robinson Worldwide, Inc.  | 319495 | 59186449 |
| GXO Logistics, Inc. \* | 309122 | 19422135 |
| JB Hunt Transport Services, Inc.  | 203402 | 47476061 |
| Joby Aviation, Inc. \* | 1643817 | 16536799 |
| Kirby Corp. \* | 146526 | 19019075 |
| Knight-Swift Transportation Holdings, <br> Inc. <br>| 438992 | 27621377 |
| Landstar System, Inc.  | 92791 | 15120293 |
| Lyft, Inc., Class A \* | 1080764 | 14957774 |
| Ryder System, Inc.  | 109091 | 24170202 |
| Saia, Inc. \* | 72064 | 29214025 |
| U-Haul Holding Co., Non Voting <br> Shares <br>| 296080 | 13963133 |
| XPO, Inc. \* | 317481 | 66820226 |
|  |  | **393006486** |
| **Utilities 3.3%** | **Utilities 3.3%** | **Utilities 3.3%** |
| AES Corp.  | 1927536 | 33307822 |
| Alliant Energy Corp.  | 695200 | 50290768 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Black Hills Corp.  | 204220 | 15042845 |
| Essential Utilities, Inc.  | 765923 | 30613942 |
| Evergy, Inc.  | 622699 | 52094998 |
| IDACORP, Inc.  | 146180 | 21045535 |
| National Fuel Gas Co.  | 243969 | 22208498 |
| NiSource, Inc.  | 1290679 | 61049117 |
| OGE Energy Corp.  | 544840 | 26773438 |
| Oklo, Inc. \* | 333297 | 20981046 |
| Pinnacle West Capital Corp.  | 323826 | 32479748 |
| Portland General Electric Co.  | 304366 | 16423589 |
| Talen Energy Corp. \* | 123474 | 45805150 |
| UGI Corp.  | 580264 | 21707676 |
|  |  | **449824172** |
| **Total Common Stocks** <br>**(Cost $10,035,338,831)** | **Total Common Stocks** <br>**(Cost $10,035,338,831)** | **13628271951** |

---

&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 <br> U.S. Government Money Market <br> Fund, Premier Class 3.63% *(b)*<br>| 11172168 | 11172168 |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 3.63% *(b)(c)*<br>| 45195473 | 45195473 |
|  |  | **56367641** |
| **Total Short-Term Investments** <br>**(Cost $56,367,641)** | **Total Short-Term Investments** <br>**(Cost $56,367,641)** | **56367641** |
| **Total Investments in Securities** <br>**(Cost $10,091,706,472)** | **Total Investments in Securities** <br>**(Cost $10,091,706,472)** | **13684639592** |

---

&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 400 Mid-Cap Index, <br> e-mini, expires 03/20/26<br>| 30 | 10733700 | **(3605)**<br>|

---

&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 $42,486,272. 

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

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

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

REIT — Real Estate Investment Trust

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**75**

------

Schwab U.S. Mid-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (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>| $13628271951 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13628271951 |
| Short-Term Investments<sup>1</sup> <br>| 56367641 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 56367641 |
| **<u>Liabilities</u>** |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| (3605)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3605)<br>|
| **Total** | **$13684635987** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$13684635987** |

---

&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*

**76**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Mid-Cap ETF

Statement of Assets and Liabilities

------

As of February 28, 2026; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $10,091,706,472) including securities on loan of $42,486,272 |  | $13684639592 |
| Cash |  | 119340 |
| Deposit with broker for futures contracts |  | 1188048 |
| Receivables: |  |  |
| Dividends |  | 8310692 |
| Income from securities on loan | + | 27411 |
| **Total assets** |  | **13694285083** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 45195473 |
| Payables: |  |  |
| Investments bought |  | 8488747 |
| Management fees |  | 408374 |
| Variation margin on futures contracts | + | 152493 |
| **Total liabilities** |  | **54245087** |
| **Net assets** |  | **$13640039996** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $10940137516 |
| Total distributable earnings | + | 2699902480 |
| **Net assets** |  | **$13640039996** |

---

&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** |
| $13640039996 |  | &nbsp;&nbsp;&nbsp;&nbsp; 414800000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $32.88 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**77**

------

Schwab U.S. Mid-Cap ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $72,846) |  | $90186137 |
| Other Interest |  | 27284 |
| Securities on loan, net | + | 216943 |
| **Total investment income**  |  | **90430364** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 2481568 |
| **Total expenses** | – | **2481568** |
| **Net investment income** |  | **87948796** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (270632377)<br>|
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 983192891 |
| Net realized gains on futures contracts | + | 1432026 |
| **Net realized gains** |  | **713992540** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 698001616 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | (165940)<br>|
| **Net change in unrealized appreciation (depreciation)** |  | **697835676** |
| **Net realized and unrealized gains** |  | **1411828216** |
| **Increase in net assets resulting from operations** |  | **$1499777012** |

---

*See financial notes*

**78**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Mid-Cap ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 |
| Net investment income |  | $87948796 | &nbsp;&nbsp;&nbsp; $163727302 |
| Net realized gains |  | 713992540 | &nbsp;&nbsp;&nbsp; 696823960 |
| Net change in unrealized appreciation (depreciation) | + | 697835676 | &nbsp;&nbsp;&nbsp; 298240897 |
| **Increase in net assets resulting from operations** |  | **$1499777012** | &nbsp;&nbsp;&nbsp; **$1158792159** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($106026940)**<br>| &nbsp;&nbsp;&nbsp; **($166318430)**<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>  |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 | 9/1/24-8/31/25 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 57950000 | &nbsp;&nbsp;&nbsp; $1748539478 | &nbsp;&nbsp;&nbsp; 58350000 | &nbsp;&nbsp;&nbsp; $1566327309 |
| Shares redeemed | + | (53750000)<br>| &nbsp;&nbsp;&nbsp; (1612306077)<br>| &nbsp;&nbsp;&nbsp; (70900000)<br>| &nbsp;&nbsp;&nbsp; (1969808159)<br>|
| **Net transactions in fund shares**  |  | **4200000** | &nbsp;&nbsp;&nbsp; **$136233401** | &nbsp;&nbsp;&nbsp; **(12550000)**<br>| &nbsp;&nbsp;&nbsp; **($403480850)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 | 9/1/24-8/31/25 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 410600000 | &nbsp;&nbsp;&nbsp; $12110056523 | &nbsp;&nbsp;&nbsp; 423150000 | &nbsp;&nbsp;&nbsp; $11521063644 |
| Total increase (decrease) | + | 4200000 | &nbsp;&nbsp;&nbsp; 1529983473 | &nbsp;&nbsp;&nbsp; (12550000)<br>| &nbsp;&nbsp;&nbsp; 588992879 |
| **End of period** |  | **414800000** | &nbsp;&nbsp;&nbsp; **$13640039996** | &nbsp;&nbsp;&nbsp; **410600000** | &nbsp;&nbsp;&nbsp; **$12110056523** |

---

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

<sup>1</sup> For the period ended August 31, 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*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**79**

------

Schwab U.S. Small-Cap ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 9/1/25– <br>2/28/26\*<br>| 9/1/24– <br>8/31/25<sup>1</sup> <br>| 9/1/23– <br>8/31/24<sup>1</sup> <br>| 9/1/22– <br>8/31/23<sup>1</sup> <br>| 9/1/21– <br>8/31/22<sup>1,2</sup> <br>| 9/1/20– <br>8/31/21<sup>1,2</sup> <br>|
| **Per-Share Data** | **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; $27.32 | &nbsp;&nbsp; $25.56 | &nbsp;&nbsp; $22.11 | &nbsp;&nbsp; $21.04 | &nbsp;&nbsp; $25.93 | &nbsp;&nbsp; $17.81 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> <br>| 0.19 | 0.33 | 0.32 | 0.33 | 0.28 | 0.28 |
| Net realized and unrealized gains (losses) | 3.22 | 1.83 | 3.46 | 1.05 | &nbsp;&nbsp; (4.86)<br>| 8.10 |
| Total from investment operations | 3.41 | 2.16 | 3.78 | 1.38 | &nbsp;&nbsp; (4.58)<br>| 8.38 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.26)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $30.51 | &nbsp;&nbsp; $27.32 | &nbsp;&nbsp; $25.56 | &nbsp;&nbsp; $22.11 | &nbsp;&nbsp; $21.04 | &nbsp;&nbsp; $25.93 |
| Total return | 12.53 %<sup>4</sup><br>| 8.54<br> %<br>| 17.29<br> %<br>| 6.69<br> %<br>| &nbsp;&nbsp; (17.78<br> %)<br>| 47.33<br> %<br>|
| **Ratios/Supplemental Data** | **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 | 0.04 %<sup>5</sup><br>| 0.04<br> %<br>| 0.04<br> %<br>| 0.04 %<sup>6</sup><br>| 0.04 %<sup>6</sup><br>| 0.04<br> %<br>|
| Net investment income (loss) | 1.35 %<sup>5</sup><br>| 1.30<br> %<br>| 1.38<br> %<br>| 1.55<br> %<br>| 1.20<br> %<br>| 1.18<br> %<br>|
| Portfolio turnover rate<sup>7</sup> <br>| &nbsp;&nbsp; 11 %<sup>4</sup><br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 15<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $20734 | &nbsp;&nbsp; $18618 | &nbsp;&nbsp; $17910 | &nbsp;&nbsp; $14481 | &nbsp;&nbsp; $13539 | &nbsp;&nbsp; $16622 |

---

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

\* Unaudited.

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

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

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

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

*See financial notes*

**80**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited)

------

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.6% OF NET ASSETS  | **COMMON STOCKS** 99.6% OF NET ASSETS  | **COMMON STOCKS** 99.6% OF NET ASSETS  |
| **Automobiles & Components 1.4%** | **Automobiles & Components 1.4%** | **Automobiles & Components 1.4%** |
| Adient PLC \* | 382403 | 9300041 |
| Dana, Inc.  | 566257 | 19388640 |
| Dauch Corp. \* | 1137955 | 7510503 |
| Dorman Products, Inc. \* | 134834 | 15891535 |
| Fox Factory Holding Corp. \* | 202364 | 3407810 |
| Garrett Motion, Inc.  | 642824 | 13087897 |
| Gentex Corp.  | 1063854 | 24894184 |
| Gentherm, Inc. \* | 148025 | 4850779 |
| Goodyear Tire & Rubber Co. \* | 1387751 | 11448946 |
| Harley-Davidson, Inc.  | 574265 | 10336770 |
| Holley, Inc. \* | 272860 | 1113269 |
| Kodiak AI, Inc. *\*(a)* | 506341 | 4253264 |
| LCI Industries  | 117249 | 15617567 |
| Lear Corp.  | 251539 | 33014494 |
| Livewire Group, Inc. *\*(a)* | 106290 | 178567 |
| Mobileye Global, Inc., Class A \* | 777628 | 6578733 |
| Patrick Industries, Inc.  | 161041 | 19935265 |
| Phinia, Inc.  | 186676 | 13558278 |
| QuantumScape Corp. \* | 2270771 | 15713735 |
| Solid Power, Inc. \* | 855835 | 3029656 |
| Standard Motor Products, Inc.  | 101415 | 4024147 |
| Stoneridge, Inc. \* | 135923 | 1072432 |
| Thor Industries, Inc.  | 255316 | 24543527 |
| Visteon Corp.  | 132720 | 12697322 |
| Winnebago Industries, Inc.  | 137832 | 5498119 |
| XPEL, Inc. \* | 121832 | 5192480 |
|  |  | **286137960** |
| **Banks 7.8%** | **Banks 7.8%** | **Banks 7.8%** |
| 1st Source Corp.  | 89568 | 6001952 |
| Amalgamated Financial Corp.  | 102424 | 3942300 |
| Amerant Bancorp, Inc.  | 190484 | 4066833 |
| Ameris Bancorp  | 310732 | 24131447 |
| Arrow Financial Corp.  | 69756 | 2323572 |
| Associated Banc-Corp.  | 795124 | 20999225 |
| Atlantic Union Bankshares Corp.  | 692250 | 25654785 |
| Axos Financial, Inc. \* | 275192 | 23892169 |
| Banc of California, Inc.  | 651737 | 12037582 |
| BancFirst Corp.  | 100286 | 11031460 |
| Bancorp, Inc. \* | 213018 | 11181315 |
| Bank First Corp.  | 43498 | 5857876 |
| Bank of Hawaii Corp.  | 193009 | 14624292 |
| Bank of Marin Bancorp  | 77651 | 1932733 |
| Bank OZK  | 514513 | 23955725 |
| BankUnited, Inc.  | 364067 | 17001929 |
| Banner Corp.  | 165875 | 9761744 |
| Beacon Financial Corp.  | 408768 | 12156760 |
| Burke & Herbert Financial Services <br> Corp. <br>| 64302 | 4143621 |
| Business First Bancshares, Inc.  | 142644 | 3894181 |
| Byline Bancorp, Inc.  | 159677 | 4981922 |
| Camden National Corp.  | 81845 | 3777965 |
| Capital City Bank Group, Inc.  | 66465 | 2847693 |
| Capitol Federal Financial, Inc.  | 589699 | 4234039 |
| Cathay General Bancorp  | 329788 | 16393762 |
| Central Pacific Financial Corp.  | 130778 | 4165279 |
| Citizens Financial Services, Inc.  | 23357 | 1402821 |
| City Holding Co.  | 70252 | 8428132 |
| CNB Financial Corp.  | 140775 | 3943108 |
| Coastal Financial Corp. \* | 63161 | 4685915 |
| Columbia Banking System, Inc.  | 1451023 | 41281604 |
| Columbia Financial, Inc. \* | 130317 | 2332674 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Community Financial System, Inc.  | 255293 | 15457991 |
| Community Trust Bancorp, Inc.  | 73742 | 4427470 |
| ConnectOne Bancorp, Inc.  | 244022 | 6473904 |
| Customers Bancorp, Inc. \* | 154364 | 10410308 |
| CVB Financial Corp.  | 624591 | 12010885 |
| Dime Community Bancshares, Inc.  | 198109 | 6408826 |
| Eagle Bancorp, Inc.  | 133469 | 3396786 |
| Eastern Bankshares, Inc.  | 1066927 | 20869093 |
| Enterprise Financial Services Corp.  | 179751 | 10263782 |
| Equity Bancshares, Inc., Class A  | 74832 | 3358460 |
| Esquire Financial Holdings, Inc.  | 32333 | 3264986 |
| FB Financial Corp.  | 196192 | 10729740 |
| Financial Institutions, Inc.  | 97869 | 3071129 |
| First BanCorp  | 760732 | 16074267 |
| First Bancorp/Southern Pines NC  | 200985 | 11413938 |
| First Busey Corp.  | 430068 | 10906524 |
| First Commonwealth Financial Corp.  | 504119 | 8837206 |
| First Community Bankshares, Inc.  | 88583 | 3466253 |
| First Financial Bancorp  | 502093 | 14093751 |
| First Financial Bankshares, Inc.  | 634036 | 19610734 |
| First Financial Corp.  | 57621 | 3650867 |
| First Foundation, Inc. \* | 399634 | 2345852 |
| First Hawaiian, Inc.  | 599851 | 14852311 |
| First Interstate BancSystem, Inc., <br> Class A <br>| 433958 | 15019286 |
| First Merchants Corp.  | 301976 | 11801222 |
| First Mid Bancshares, Inc.  | 105109 | 4310520 |
| Firstsun Capital Bancorp \* | 54113 | 1973501 |
| Five Star Bancorp  | 80743 | 3143325 |
| Flagstar Bank NA  | 1449809 | 18398076 |
| Flushing Financial Corp.  | 162214 | 2502962 |
| FNB Corp.  | 1737229 | 29515521 |
| Fulton Financial Corp.  | 875007 | 17893893 |
| GBank Financial Holdings, Inc. *\*(a)* | 44076 | 1331536 |
| German American Bancorp, Inc.  | 182484 | 7543889 |
| Glacier Bancorp, Inc.  | 623996 | 28385578 |
| Great Southern Bancorp, Inc.  | 40601 | 2498180 |
| Hancock Whitney Corp.  | 405797 | 26705501 |
| Hanmi Financial Corp.  | 144878 | 3782765 |
| HBT Financial, Inc.  | 56655 | 1527419 |
| Heritage Commerce Corp.  | 296795 | 3689162 |
| Heritage Financial Corp.  | 164398 | 4341751 |
| Hilltop Holdings, Inc.  | 209600 | 7845328 |
| Hingham Institution For Savings *(a)* | 9233 | 2577115 |
| Home BancShares, Inc.  | 888107 | 24387418 |
| HomeTrust Bancshares, Inc.  | 65769 | 2771506 |
| Hope Bancorp, Inc.  | 620224 | 6983722 |
| Horizon Bancorp, Inc.  | 246746 | 4155203 |
| Independent Bank Corp.  | 100284 | 3484869 |
| Independent Bank Corp.  | 240086 | 18743514 |
| International Bancshares Corp.  | 262005 | 17583156 |
| Kearny Financial Corp.  | 278799 | 2132812 |
| Lakeland Financial Corp.  | 124119 | 7210073 |
| Live Oak Bancshares, Inc.  | 171213 | 6209896 |
| Mechanics Bancorp, Class A  | 233268 | 3326402 |
| Mercantile Bank Corp.  | 78666 | 4063886 |
| Metrocity Bankshares, Inc.  | 91150 | 2561315 |
| Metropolitan Bank Holding Corp.  | 54146 | 4556386 |
| Mid Penn Bancorp, Inc.  | 98431 | 3166525 |
| Midland States Bancorp, Inc.  | 104689 | 2316768 |
| National Bank Holdings Corp., <br> Class A <br>| 184379 | 7373316 |
| NB Bancorp, Inc.  | 189459 | 4043055 |
| NBT Bancorp, Inc.  | 254328 | 10864892 |
| Nicolet Bankshares, Inc.  | 95669 | 14614396 |
| Northeast Bank  | 34640 | 3840883 |
| Northfield Bancorp, Inc.  | 174729 | 2330885 |
| Northpointe Bancshares, Inc.  | 50111 | 905005 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**81**

------

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Northwest Bancshares, Inc.  | 706120 | 8791194 |
| OceanFirst Financial Corp.  | 277303 | 5008092 |
| OFG Bancorp  | 214303 | 8589264 |
| Old National Bancorp  | 1688721 | 39009455 |
| Old Second Bancorp, Inc.  | 254253 | 4990986 |
| Origin Bancorp, Inc.  | 142062 | 5909779 |
| Orrstown Financial Services, Inc.  | 94402 | 3392808 |
| Park National Corp.  | 69452 | 11426938 |
| Pathward Financial, Inc.  | 110858 | 10064798 |
| Peapack-Gladstone Financial Corp.  | 77480 | 2594805 |
| Peoples Bancorp, Inc.  | 169679 | 5475541 |
| Pinnacle Financial Partners, Inc.  | 725642 | 65859268 |
| Popular, Inc.  | 323377 | 43772311 |
| Preferred Bank  | 54649 | 4793810 |
| Prosperity Bancshares, Inc.  | 460610 | 32413126 |
| Provident Financial Services, Inc.  | 633944 | 13338182 |
| QCR Holdings, Inc.  | 82203 | 7110560 |
| Renasant Corp.  | 460470 | 17336696 |
| Republic Bancorp, Inc., Class A  | 46429 | 3203601 |
| S&T Bancorp, Inc.  | 186205 | 7785231 |
| Seacoast Banking Corp. of Florida  | 469699 | 14617033 |
| ServisFirst Bancshares, Inc.  | 243243 | 19705115 |
| Simmons First National Corp., <br> Class A <br>| 702175 | 13980304 |
| SmartFinancial, Inc.  | 70319 | 2757208 |
| South Plains Financial, Inc.  | 59225 | 2425856 |
| Southern Missouri Bancorp, Inc.  | 46094 | 2853680 |
| Southside Bancshares, Inc.  | 136537 | 4276339 |
| Southstate Bank Corp.  | 487435 | 48095211 |
| Stellar Bancorp, Inc.  | 224311 | 8447552 |
| Stock Yards Bancorp, Inc.  | 133088 | 8536264 |
| Texas Capital Bancshares, Inc. \* | 221918 | 21148785 |
| TFS Financial Corp.  | 245168 | 3437255 |
| Tompkins Financial Corp.  | 61773 | 4738607 |
| Towne Bank  | 356277 | 12206050 |
| TriCo Bancshares  | 158144 | 7556120 |
| Triumph Financial, Inc. \* | 109156 | 6097454 |
| TrustCo Bank Corp.  | 88724 | 3847960 |
| Trustmark Corp.  | 291272 | 12405275 |
| UMB Financial Corp.  | 346271 | 40125884 |
| United Bankshares, Inc.  | 679964 | 28082513 |
| United Community Banks, Inc.  | 588567 | 18934200 |
| Univest Financial Corp.  | 139546 | 4681768 |
| Valley National Bancorp  | 2327419 | 29348754 |
| WaFd, Inc.  | 382434 | 11916643 |
| Washington Trust Bancorp, Inc.  | 92178 | 3105477 |
| WesBanco, Inc.  | 465626 | 16236379 |
| Westamerica BanCorp  | 120079 | 6082001 |
| Wintrust Financial Corp.  | 324744 | 46782621 |
| WSFS Financial Corp.  | 265142 | 16839168 |
|  |  | **1625007812** |
| **Capital Goods 13.5%** | **Capital Goods 13.5%** | **Capital Goods 13.5%** |
| 3D Systems Corp. \* | 618162 | 1193053 |
| AAON, Inc.  | 328579 | 33252195 |
| AAR Corp. \* | 188929 | 22136811 |
| Air Lease Corp.  | 509515 | 33036953 |
| AirJoule Technologies Corp. \* | 123162 | 397813 |
| AIRO Group Holdings, Inc. *\*(a)* | 49719 | 487246 |
| Alamo Group, Inc.  | 52231 | 11152885 |
| Albany International Corp., Class A  | 140012 | 8071692 |
| Alliance Laundry Holdings, Inc. \* | 180677 | 4052585 |
| Allient, Inc.  | 72195 | 4753319 |
| Allison Transmission Holdings, Inc.  | 403636 | 50575591 |
| Ameresco, Inc., Class A \* | 147996 | 4507958 |
| American Superconductor Corp. \* | 219134 | 7139386 |
| American Woodmark Corp. \* | 70217 | 3517872 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Amprius Technologies, Inc. \* | 636179 | 6826201 |
| Apogee Enterprises, Inc.  | 103945 | 4139090 |
| Applied Industrial Technologies, Inc.  | 182891 | 51681339 |
| Archer Aviation, Inc., Class A \* | 2992703 | 21308045 |
| Arcosa, Inc.  | 238200 | 25601736 |
| Argan, Inc.  | 66857 | 30169221 |
| Armstrong World Industries, Inc.  | 209275 | 36309212 |
| Array Technologies, Inc. \* | 741540 | 5620873 |
| Astec Industries, Inc.  | 110713 | 6874170 |
| Astronics Corp. \* | 153821 | 12401049 |
| ATI, Inc. \* | 658990 | 107804174 |
| Atkore, Inc.  | 163103 | 10554395 |
| Atmus Filtration Technologies, Inc.  | 396217 | 25567883 |
| AZZ, Inc.  | 145497 | 19784682 |
| Beta Technologies, Inc., Class A \* | 148176 | 2785709 |
| Blue Bird Corp. \* | 154071 | 8977717 |
| BlueLinx Holdings, Inc. \* | 38051 | 2508322 |
| Boise Cascade Co.  | 179684 | 14867054 |
| Bowman Consulting Group Ltd. \* | 69131 | 2318654 |
| Cadre Holdings, Inc.  | 139957 | 6212691 |
| CECO Environmental Corp. \* | 147446 | 8913111 |
| Centuri Holdings, Inc. \* | 406629 | 12605499 |
| ChargePoint Holdings, Inc. *\*(a)* | 105673 | 665740 |
| Chart Industries, Inc. \* | 214354 | 44435584 |
| Columbus McKinnon Corp.  | 139351 | 2644882 |
| Construction Partners, Inc., Class A \* | 231064 | 31048070 |
| CSW Industrials, Inc.  | 80995 | 23839258 |
| Custom Truck One Source, Inc. \* | 293463 | 2101195 |
| Distribution Solutions Group, Inc. \* | 31221 | 933508 |
| DNOW, Inc. \* | 901697 | 10621991 |
| Douglas Dynamics, Inc.  | 111501 | 5120126 |
| Ducommun, Inc. \* | 66541 | 8223802 |
| DXP Enterprises, Inc. \* | 61681 | 8540968 |
| Dycom Industries, Inc. \* | 140394 | 58968288 |
| Energy Recovery, Inc. \* | 257567 | 2686424 |
| Energy Vault Holdings, Inc. \* | 543174 | 1629522 |
| Enerpac Tool Group Corp.  | 257749 | 10516159 |
| EnerSys  | 179160 | 29767434 |
| Enovix Corp. \* | 935736 | 4931329 |
| Enpro, Inc.  | 102326 | 26466620 |
| Eos Energy Enterprises, Inc. \* | 1394454 | 7941416 |
| Esab Corp.  | 276741 | 34916412 |
| ESCO Technologies, Inc.  | 125406 | 34773830 |
| Eve Holding, Inc. \* | 487590 | 1462770 |
| Everus Construction Group, Inc. \* | 247940 | 29968508 |
| Federal Signal Corp.  | 294868 | 34331481 |
| Firefly Aerospace, Inc. *\*(a)* | 99717 | 1921547 |
| Flowserve Corp.  | 616516 | 54573996 |
| Fluence Energy, Inc. \* | 311758 | 4844719 |
| Fluor Corp. \* | 781729 | 40892244 |
| Franklin Electric Co., Inc.  | 185405 | 18470046 |
| Gates Industrial Corp. PLC \* | 1254324 | 34581713 |
| GATX Corp.  | 173263 | 31909847 |
| Gibraltar Industries, Inc. \* | 144200 | 6558216 |
| Global Industrial Co.  | 67148 | 2214541 |
| Gorman-Rupp Co.  | 100703 | 6468154 |
| Graham Corp. \* | 49731 | 4039152 |
| Granite Construction, Inc.  | 212032 | 28509823 |
| Great Lakes Dredge & Dock Corp. \* | 330813 | 5607280 |
| Greenbrier Cos., Inc.  | 149519 | 8435862 |
| Griffon Corp.  | 189594 | 16160993 |
| Hayward Holdings, Inc. \* | 967538 | 15480608 |
| Helios Technologies, Inc.  | 160678 | 11459555 |
| Herc Holdings, Inc.  | 148614 | 20774751 |
| Hexcel Corp.  | 386069 | 35784736 |
| Hillman Solutions Corp. \* | 957920 | 7854944 |
| Hyliion Holdings Corp. \* | 614686 | 1260106 |
| Hyster-Yale, Inc.  | 55518 | 2044728 |

---

*See financial notes*

**82**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| IES Holdings, Inc. \* | 42298 | 20952314 |
| Insteel Industries, Inc.  | 93795 | 3496678 |
| Intuitive Machines, Inc. *\*(a)* | 542260 | 8936445 |
| Janus International Group, Inc. \* | 672705 | 4682027 |
| JBT Marel Corp.  | 252320 | 38857280 |
| JELD-WEN Holding, Inc. *\*(b)* | 412519 | 808537 |
| Kadant, Inc.  | 57051 | 19349988 |
| Karman Holdings, Inc. \* | 372550 | 32825380 |
| Kennametal, Inc.  | 369596 | 14887327 |
| Legence Corp., Class A \* | 173848 | 10091876 |
| Limbach Holdings, Inc. \* | 53748 | 4913642 |
| Lindsay Corp.  | 52623 | 7088318 |
| Loar Holdings, Inc. \* | 172628 | 12220336 |
| LSI Industries, Inc.  | 150428 | 3252253 |
| Manitowoc Co., Inc. \* | 172389 | 2542738 |
| Masterbrand, Inc. \* | 618379 | 6257995 |
| McGrath RentCorp  | 119445 | 13252423 |
| Mercury Systems, Inc. \* | 256667 | 22851063 |
| Microvast Holdings, Inc. \* | 961024 | 2152694 |
| Miller Industries, Inc.  | 55179 | 2319173 |
| Modine Manufacturing Co. \* | 255278 | 58011925 |
| Moog, Inc., Class A  | 137991 | 46562303 |
| MSC Industrial Direct Co., Inc., <br> Class A <br>| 221702 | 20804516 |
| Mueller Industries, Inc.  | 538359 | 63504828 |
| Mueller Water Products, Inc., Class A  | 757003 | 22657100 |
| MYR Group, Inc. \* | 75169 | 20292623 |
| NANO Nuclear Energy, Inc. *\*(a)* | 179140 | 4763333 |
| National Presto Industries, Inc.  | 25706 | 3391650 |
| Net Power, Inc. \* | 184044 | 355205 |
| Nextpower, Inc., Class A \* | 719693 | 75639734 |
| NPK International, Inc. \* | 409707 | 5912072 |
| NuScale Power Corp. \* | 729869 | 9378817 |
| Omega Flex, Inc.  | 17140 | 615840 |
| Oshkosh Corp.  | 306777 | 52158226 |
| Plug Power, Inc. \* | 6744450 | 12072566 |
| Powell Industries, Inc.  | 45614 | 23883490 |
| Power Solutions International, Inc. \* | 32365 | 2702478 |
| Preformed Line Products Co.  | 12630 | 3203600 |
| Primoris Services Corp.  | 262386 | 39546818 |
| Proto Labs, Inc. \* | 115387 | 7163225 |
| Quanex Building Products Corp.  | 220619 | 4529308 |
| Red Cat Holdings, Inc. *\*(a)* | 506966 | 5906154 |
| Redwire Corp. *\*(a)* | 373930 | 3391545 |
| Resideo Technologies, Inc. \* | 669465 | 25908295 |
| Rush Enterprises, Inc., Class A  | 330187 | 23433371 |
| Sensata Technologies Holding PLC  | 707977 | 26435861 |
| SES AI Corp. \* | 1272860 | 2087490 |
| Shoals Technologies Group, Inc., <br> Class A \*<br>| 812113 | 4815830 |
| Simpson Manufacturing Co., Inc.  | 201318 | 38969125 |
| SiteOne Landscape Supply, Inc. \* | 216167 | 30888103 |
| Southland Holdings, Inc. \* | 71604 | 80196 |
| SPX Technologies, Inc. \* | 241649 | 54839824 |
| Standex International Corp.  | 58946 | 15443852 |
| Sterling Infrastructure, Inc. \* | 148879 | 63739566 |
| Sunrun, Inc. \* | 1124565 | 14900486 |
| Symbotic, Inc. \* | 268382 | 14701966 |
| Tecnoglass, Inc.  | 127423 | 5805392 |
| Tennant Co.  | 87333 | 5329933 |
| Terex Corp.  | 549975 | 37832780 |
| Terrestrial Energy, Inc. *\*(a)* | 331242 | 2285570 |
| Thermon Group Holdings, Inc. \* | 160239 | 8136936 |
| Timken Co.  | 307791 | 33358389 |
| Titan International, Inc. \* | 231399 | 2251512 |
| Titan Machinery, Inc. \* | 97762 | 1905381 |
| Transcat, Inc. \* | 45141 | 3519644 |
| Trinity Industries, Inc.  | 389839 | 13324697 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Tutor Perini Corp.  | 214809 | 16190154 |
| UFP Industries, Inc.  | 282859 | 29109020 |
| V2X, Inc. \* | 99837 | 6963631 |
| Valmont Industries, Inc.  | 95625 | 43980806 |
| Vicor Corp. \* | 110081 | 22170313 |
| Virgin Galactic Holdings, Inc. *\*(a)* | 304880 | 777444 |
| Voyager Technologies, Inc., Class A \* | 61551 | 1642796 |
| VSE Corp.  | 132727 | 30138320 |
| Wabash National Corp.  | 196963 | 1999174 |
| Watts Water Technologies, Inc., <br> Class A <br>| 132979 | 43715516 |
| Willis Lease Finance Corp.  | 15091 | 3074188 |
| WillScot Holdings Corp.  | 881431 | 19047724 |
| Worthington Enterprises, Inc.  | 152287 | 8529595 |
| Xometry, Inc., Class A \* | 212319 | 8708264 |
| Zurn Elkay Water Solutions Corp.  | 722377 | 36826779 |
|  |  | **2805542830** |
| **Commercial & Professional Services 3.0%** | **Commercial & Professional Services 3.0%** | **Commercial & Professional Services 3.0%** |
| ABM Industries, Inc.  | 297223 | 13226424 |
| ACCO Brands Corp.  | 437271 | 1779693 |
| ACV Auctions, Inc., Class A \* | 833901 | 4052759 |
| Alight, Inc., Class A  | 2242796 | 1972988 |
| Amentum Holdings, Inc. \* | 744578 | 22240545 |
| Barrett Business Services, Inc.  | 125026 | 3471972 |
| BlackSky Technology, Inc. \* | 150183 | 2830950 |
| Brady Corp., Class A  | 211036 | 19487064 |
| BrightView Holdings, Inc. \* | 339966 | 4688131 |
| Brink's Co.  | 201792 | 23563252 |
| Casella Waste Systems, Inc., Class A \* | 303458 | 28270147 |
| CBIZ, Inc. \* | 239431 | 6857304 |
| Cimpress PLC \* | 71281 | 5207077 |
| Clarivate PLC \* | 2135099 | 4910728 |
| Concentrix Corp.  | 215588 | 7071286 |
| Conduent, Inc. \* | 767479 | 1120519 |
| CoreCivic, Inc. \* | 509335 | 9005043 |
| CRA International, Inc.  | 32110 | 5544113 |
| CSG Systems International, Inc.  | 132111 | 10555669 |
| Deluxe Corp.  | 216967 | 6020834 |
| Ennis, Inc.  | 123500 | 2607085 |
| Enviri Corp. \* | 390959 | 7400854 |
| ExlService Holdings, Inc. \* | 769679 | 24052469 |
| Exponent, Inc.  | 241685 | 17589834 |
| First Advantage Corp. \* | 387581 | 4461057 |
| Forrester Research, Inc. \* | 58713 | 351104 |
| Franklin Covey Co. \* | 50858 | 662171 |
| FTI Consulting, Inc. \* | 146977 | 24165958 |
| GEO Group, Inc. \* | 664948 | 10000818 |
| Healthcare Services Group, Inc. \* | 344264 | 7494627 |
| HNI Corp.  | 333917 | 15012908 |
| Huron Consulting Group, Inc. \* | 77572 | 10968681 |
| ICF International, Inc.  | 89330 | 7426003 |
| Innodata, Inc. \* | 155142 | 6852622 |
| Insperity, Inc.  | 173432 | 3851925 |
| Interface, Inc.  | 282942 | 8909844 |
| Kelly Services, Inc., Class A  | 153578 | 1491242 |
| Kforce, Inc.  | 77693 | 2099265 |
| Korn Ferry  | 254095 | 15924134 |
| Legalzoom.com, Inc. \* | 555079 | 3902205 |
| Liquidity Services, Inc. \* | 115415 | 3648268 |
| ManpowerGroup, Inc.  | 224120 | 6268636 |
| Maximus, Inc.  | 273786 | 20700959 |
| MillerKnoll, Inc.  | 333417 | 6715018 |
| Montrose Environmental Group, Inc. \* | 159537 | 4661671 |
| MSA Safety, Inc.  | 178475 | 34875800 |
| OPENLANE, Inc. \* | 515877 | 14707653 |
| Pitney Bowes, Inc. *(a)* | 713583 | 7656746 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**83**

------

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Planet Labs PBC \* | 1225178 | 29575797 |
| Resources Connection, Inc.  | 157119 | 590767 |
| Robert Half, Inc. *(a)* | 483180 | 11799256 |
| Science Applications International <br> Corp. <br>| 223746 | 20642806 |
| TaskUS, Inc., Class A \* | 81102 | 861303 |
| TIC Solutions, Inc. \* | 881217 | 8345125 |
| TriNet Group, Inc.  | 145179 | 5528416 |
| TrueBlue, Inc. *\*(b)* | 148443 | 627914 |
| TTEC Holdings, Inc. \* | 97946 | 244865 |
| UL Solutions, Inc., Class A  | 365550 | 30695234 |
| UniFirst Corp.  | 70667 | 16594025 |
| Upwork, Inc. \* | 634413 | 8513822 |
| Verra Mobility Corp. \* | 773501 | 12925202 |
| Vestis Corp. \* | 544864 | 4288080 |
| Willdan Group, Inc. \* | 67553 | 6021674 |
|  |  | **613590341** |
| **Consumer Discretionary Distribution & Retail 3.0%** | **Consumer Discretionary Distribution & Retail 3.0%** | **Consumer Discretionary Distribution & Retail 3.0%** |
| 1-800-Flowers.com, Inc., Class A *\*(a)* | 130277 | 453364 |
| Abercrombie & Fitch Co., Class A \* | 227849 | 22283632 |
| Academy Sports & Outdoors, Inc.  | 322781 | 19408822 |
| Advance Auto Parts, Inc.  | 291445 | 15496131 |
| American Eagle Outfitters, Inc.  | 762947 | 18745608 |
| America's Car-Mart, Inc. \* | 38324 | 764947 |
| Arhaus, Inc. \* | 261865 | 2160386 |
| Arko Corp.  | 385009 | 2475608 |
| Asbury Automotive Group, Inc. \* | 94471 | 20196010 |
| AutoNation, Inc. \* | 132801 | 25917443 |
| BARK, Inc. \* | 594538 | 464513 |
| Bed Bath & Beyond, Inc. \* | 331662 | 1767758 |
| Boot Barn Holdings, Inc. \* | 148029 | 28010047 |
| Buckle, Inc.  | 145958 | 7816051 |
| Build-A-Bear Workshop, Inc.  | 59016 | 2871719 |
| Caleres, Inc.  | 164327 | 1953848 |
| Camping World Holdings, Inc., <br> Class A <br>| 302802 | 2519313 |
| Chewy, Inc., Class A \* | 1090463 | 29900495 |
| Designer Brands, Inc., Class A  | 168936 | 1202824 |
| Dillard's, Inc., Class A  | 14716 | 8870658 |
| Five Below, Inc. \* | 267423 | 59777063 |
| Gap, Inc.  | 1097859 | 30783966 |
| Genesco, Inc. \* | 47695 | 1299212 |
| GigaCloud Technology, Inc., Class A \* | 124253 | 5509378 |
| Gold.com, Inc.  | 95787 | 5504879 |
| Group 1 Automotive, Inc.  | 60140 | 19590004 |
| Groupon, Inc. \* | 138846 | 1752237 |
| Haverty Furniture Cos., Inc.  | 67410 | 1605032 |
| Kohl's Corp.  | 546090 | 8939493 |
| Lands' End, Inc. *\*(a)* | 59014 | 948355 |
| Macy's, Inc.  | 1304481 | 25802634 |
| MarineMax, Inc. \* | 91820 | 2800510 |
| Monro, Inc.  | 144691 | 3115197 |
| National Vision Holdings, Inc. \* | 384566 | 10371745 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 297279 | 31838581 |
| Outdoor Holding Co. \* | 518192 | 1103749 |
| Pattern Group, Inc., Class A *\*(a)* | 104174 | 1096952 |
| Petco Health & Wellness Co., Inc. \* | 442732 | 1128967 |
| RealReal, Inc. \* | 475248 | 5826540 |
| Revolve Group, Inc. \* | 195668 | 4923007 |
| RH \* | 74390 | 12327167 |
| Sally Beauty Holdings, Inc. \* | 476476 | 7656969 |
| Savers Value Village, Inc. \* | 180754 | 1704510 |
| Shoe Carnival, Inc.  | 85287 | 1721945 |
| Signet Jewelers Ltd.  | 198385 | 19082653 |
| Sleep Number Corp. *\*(a)* | 110711 | 683087 |
| Sonic Automotive, Inc., Class A  | 72114 | 4522990 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Stitch Fix, Inc., Class A \* | 573936 | 1911207 |
| ThredUp, Inc., Class A \* | 475904 | 2322411 |
| Torrid Holdings, Inc. *\*(a)* | 102186 | 104230 |
| Upbound Group, Inc.  | 252775 | 5422024 |
| Urban Outfitters, Inc. \* | 260793 | 17264497 |
| Valvoline, Inc. \* | 615620 | 23270436 |
| Victoria's Secret & Co. \* | 389248 | 24405850 |
| Warby Parker, Inc., Class A \* | 483591 | 12094611 |
| Wayfair, Inc., Class A \* | 518489 | 39576265 |
| Winmark Corp.  | 14276 | 6513282 |
| Zumiez, Inc. \* | 63165 | 1656186 |
|  |  | **619236998** |
| **Consumer Durables & Apparel 2.8%** | **Consumer Durables & Apparel 2.8%** | **Consumer Durables & Apparel 2.8%** |
| Acushnet Holdings Corp.  | 133930 | 13705057 |
| Beazer Homes USA, Inc. \* | 132451 | 3388097 |
| Brunswick Corp.  | 316000 | 25159920 |
| Callaway Golf Co. \* | 676552 | 9512321 |
| Capri Holdings Ltd. \* | 578148 | 11857815 |
| Carter's, Inc.  | 176189 | 5911141 |
| Cavco Industries, Inc. \* | 37811 | 21826778 |
| Century Communities, Inc.  | 124761 | 8387682 |
| Champion Homes, Inc. \* | 271449 | 25375053 |
| Columbia Sportswear Co.  | 122031 | 7558600 |
| Crocs, Inc. \* | 252345 | 22890215 |
| Dream Finders Homes, Inc., Class A \* | 139435 | 2519590 |
| Ethan Allen Interiors, Inc.  | 112514 | 2563069 |
| Figs, Inc., Class A \* | 760035 | 11742541 |
| Funko, Inc., Class A \* | 176739 | 883695 |
| G-III Apparel Group Ltd.  | 178968 | 5474631 |
| GoPro, Inc., Class A \* | 637097 | 616582 |
| Green Brick Partners, Inc. \* | 148324 | 10925546 |
| Helen of Troy Ltd. \* | 111604 | 1968695 |
| Hovnanian Enterprises, Inc., Class A \* | 22011 | 2765022 |
| Installed Building Products, Inc.  | 109830 | 35997881 |
| Johnson Outdoors, Inc., Class A  | 28968 | 1404658 |
| KB Home  | 313812 | 19952167 |
| Kontoor Brands, Inc.  | 248154 | 16182122 |
| Latham Group, Inc. \* | 226657 | 1520868 |
| La-Z-Boy, Inc.  | 201108 | 7183578 |
| Legacy Housing Corp. \* | 43596 | 955624 |
| Leggett & Platt, Inc.  | 655082 | 7651358 |
| Levi Strauss & Co., Class A  | 471843 | 10456041 |
| LGI Homes, Inc. \* | 98427 | 5108361 |
| M/I Homes, Inc. \* | 126734 | 18016505 |
| Malibu Boats, Inc., Class A \* | 92659 | 2692671 |
| Mattel, Inc. \* | 1507373 | 25549972 |
| Meritage Homes Corp.  | 342189 | 25807894 |
| Movado Group, Inc.  | 75546 | 1884873 |
| Newell Brands, Inc.  | 2030184 | 9237337 |
| Oxford Industries, Inc. *(b)* | 67799 | 2684162 |
| Peloton Interactive, Inc., Class A \* | 1954602 | 7857500 |
| Polaris, Inc.  | 258950 | 15728623 |
| Purple Innovation, Inc. \* | 285220 | 198228 |
| PVH Corp.  | 233531 | 16020227 |
| Smith & Wesson Brands, Inc.  | 214283 | 2549968 |
| Sonos, Inc. \* | 587836 | 9052674 |
| Steven Madden Ltd.  | 352315 | 12718572 |
| Sturm Ruger & Co., Inc.  | 78284 | 2930953 |
| Taylor Morrison Home Corp. \* | 474001 | 31231926 |
| Traeger, Inc. \* | 316679 | 272344 |
| Tri Pointe Homes, Inc. \* | 417085 | 19311036 |
| Under Armour, Inc., Class A \* | 1474407 | 10940100 |
| VF Corp.  | 1591910 | 30914892 |
| Whirlpool Corp. *(a)* | 305802 | 20926031 |
| Wolverine World Wide, Inc.  | 400031 | 7068548 |

---

*See financial notes*

**84**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| YETI Holdings, Inc. \* | 376969 | 16477315 |
|  |  | **591517059** |
| **Consumer Services 3.4%** | **Consumer Services 3.4%** | **Consumer Services 3.4%** |
| Accel Entertainment, Inc. \* | 278274 | 3161193 |
| Bally's Corp. *\*(a)* | 34461 | 490035 |
| Biglari Holdings, Inc., Class B \* | 4426 | 1716314 |
| BJ's Restaurants, Inc. \* | 101788 | 3866926 |
| Black Rock Coffee Bar, Inc., <br> Class A *\*(a)*<br>| 79929 | 1066253 |
| Bloomin' Brands, Inc.  | 368372 | 2254437 |
| Boyd Gaming Corp.  | 280934 | 23382137 |
| Bright Horizons Family Solutions, <br> Inc. \*<br>| 274800 | 20478096 |
| Brinker International, Inc. \* | 215236 | 31897975 |
| Caesars Entertainment, Inc. \* | 992910 | 24872396 |
| Carriage Services, Inc.  | 76148 | 3508138 |
| Cheesecake Factory, Inc. *(a)* | 221978 | 14379735 |
| Chegg, Inc. \* | 475948 | 312841 |
| Choice Hotels International, Inc. *(a)* | 100169 | 10552804 |
| Coursera, Inc. \* | 704656 | 4516845 |
| Covista, Inc. \* | 176307 | 17278086 |
| Cracker Barrel Old Country Store, <br> Inc. *(a)*<br>| 107804 | 3527347 |
| Dave & Buster's Entertainment, Inc. \* | 131112 | 1929969 |
| Dine Brands Global, Inc.  | 69485 | 2151256 |
| Driven Brands Holdings, Inc. \* | 286730 | 3154030 |
| Dutch Bros, Inc., Class A \* | 617302 | 33093560 |
| El Pollo Loco Holdings, Inc. \* | 126877 | 1403260 |
| European Wax Center, Inc., Class A \* | 156245 | 893721 |
| First Watch Restaurant Group, Inc. \* | 221435 | 2759080 |
| Frontdoor, Inc. \* | 349118 | 23939021 |
| Global Business Travel Group I \* | 580075 | 3173010 |
| Golden Entertainment, Inc.  | 95392 | 2756829 |
| Graham Holdings Co., Class B  | 16444 | 17318985 |
| Grand Canyon Education, Inc. \* | 134258 | 21356420 |
| H&R Block, Inc.  | 614463 | 18814857 |
| Hilton Grand Vacations, Inc. \* | 290724 | 13070951 |
| Hyatt Hotels Corp., Class A  | 202737 | 32742026 |
| Jack in the Box, Inc.  | 91794 | 1553155 |
| KinderCare Learning Cos., Inc. \* | 152706 | 534471 |
| Krispy Kreme, Inc. *(a)* | 457820 | 1716825 |
| Kura Sushi USA, Inc., Class A \* | 30740 | 2165018 |
| Laureate Education, Inc. \* | 651972 | 21084775 |
| Liberty Live Holdings, Inc., Class C \* | 339961 | 33877114 |
| Life Time Group Holdings, Inc. \* | 736650 | 19889550 |
| Lincoln Educational Services Corp. \* | 142154 | 5151661 |
| Lindblad Expeditions Holdings, Inc. \* | 187733 | 3700217 |
| Lucky Strike Entertainment Corp., <br> Class A *(a)*<br>| 74404 | 622762 |
| Marriott Vacations Worldwide Corp.  | 133999 | 8711275 |
| Matthews International Corp., Class A  | 149146 | 3941929 |
| McGraw Hill, Inc. \* | 119446 | 1672244 |
| Mister Car Wash, Inc. \* | 477326 | 3398561 |
| Monarch Casino & Resort, Inc.  | 60284 | 5793292 |
| Navan, Inc., Class A \* | 179531 | 1748632 |
| OneSpaWorld Holdings Ltd.  | 496429 | 10688116 |
| Papa John's International, Inc.  | 158938 | 4982706 |
| Penn Entertainment, Inc. \* | 623227 | 9747270 |
| Perdoceo Education Corp.  | 294493 | 9821342 |
| Phoenix Education Partners, Inc. *(a)* | 20540 | 607984 |
| Planet Fitness, Inc., Class A \* | 402656 | 33078190 |
| Portillo's, Inc., Class A \* | 347021 | 1853092 |
| Pursuit Attractions & Hospitality, Inc. \* | 103796 | 3607949 |
| RCI Hospitality Holdings, Inc.  | 37301 | 825471 |
| Red Rock Resorts, Inc., Class A  | 235095 | 14235002 |
| Rush Street Interactive, Inc. \* | 477555 | 9431711 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sabre Corp. \* | 1918178 | 2263450 |
| Serve Robotics, Inc. *\*(a)* | 287072 | 2867849 |
| Shake Shack, Inc., Class A \* | 195050 | 18726751 |
| SHARPLINK, Inc. \* | 958640 | 6537925 |
| Six Flags Entertainment Corp. \* | 490077 | 8346011 |
| Strategic Education, Inc.  | 113170 | 9311628 |
| Stride, Inc. \* | 210110 | 17729082 |
| Sweetgreen, Inc., Class A \* | 514857 | 2857456 |
| Target Hospitality Corp. \* | 155233 | 1209265 |
| Travel & Leisure Co.  | 312832 | 23055718 |
| Udemy, Inc. \* | 441839 | 2222450 |
| United Parks & Resorts, Inc. \* | 133074 | 4629645 |
| Universal Technical Institute, Inc. \* | 242788 | 8788926 |
| Vail Resorts, Inc.  | 174694 | 23725192 |
| Venu Holding Corp. *\*(a)* | 149983 | 772412 |
| Wendy's Co. *(a)* | 765559 | 5864182 |
| Xponential Fitness, Inc., Class A \* | 132794 | 565702 |
|  |  | **699732491** |
| **Consumer Staples Distribution & Retail 0.3%** | **Consumer Staples Distribution & Retail 0.3%** | **Consumer Staples Distribution & Retail 0.3%** |
| Andersons, Inc.  | 163553 | 10678375 |
| Chefs' Warehouse, Inc. \* | 176010 | 12565354 |
| Grocery Outlet Holding Corp. \* | 475786 | 4700766 |
| Ingles Markets, Inc., Class A  | 65456 | 5570306 |
| Natural Grocers by Vitamin Cottage, <br> Inc. <br>| 50884 | 1375395 |
| PriceSmart, Inc.  | 122976 | 19014549 |
| United Natural Foods, Inc. \* | 293795 | 11225907 |
| Weis Markets, Inc.  | 45594 | 3089449 |
|  |  | **68220101** |
| **Energy 4.7%** | **Energy 4.7%** | **Energy 4.7%** |
| Antero Midstream Corp.  | 1618963 | 36394288 |
| Archrock, Inc.  | 852165 | 30106989 |
| Atlas Energy Solutions, Inc.  | 373504 | 3596844 |
| BKV Corp. \* | 120152 | 3764362 |
| Bristow Group, Inc. \* | 121862 | 5812817 |
| Cactus, Inc., Class A  | 334187 | 18046098 |
| California Resources Corp.  | 380350 | 22379794 |
| Calumet, Inc. \* | 311587 | 8400386 |
| Centrus Energy Corp., Class A \* | 84974 | 17214883 |
| Chord Energy Corp.  | 276204 | 29932228 |
| Clean Energy Fuels Corp. \* | 836816 | 1891204 |
| CNX Resources Corp. \* | 655243 | 27376053 |
| Comstock Resources, Inc. \* | 384269 | 7535515 |
| Core Laboratories, Inc.  | 224287 | 3945208 |
| Core Natural Resources, Inc.  | 248498 | 20396716 |
| Crescent Energy Co., Class A  | 1178022 | 13735737 |
| CVR Energy, Inc. \* | 146180 | 3531709 |
| Delek U.S. Holdings, Inc.  | 292437 | 11144774 |
| DMC Global, Inc. \* | 86459 | 509244 |
| Dorian LPG Ltd.  | 178254 | 6593615 |
| Excelerate Energy, Inc., Class A  | 115812 | 4661433 |
| Expro Group Holdings NV \* | 488106 | 8717573 |
| Flowco Holdings, Inc., Class A  | 106152 | 2394789 |
| Granite Ridge Resources, Inc.  | 310156 | 1569389 |
| Green Plains, Inc. \* | 336400 | 4618772 |
| Gulfport Energy Corp. \* | 75947 | 15847101 |
| Helix Energy Solutions Group, Inc. \* | 661473 | 6078937 |
| Helmerich & Payne, Inc.  | 482111 | 16979949 |
| HighPeak Energy, Inc. *(a)* | 116507 | 607001 |
| Innovex International, Inc. \* | 187009 | 4927687 |
| International Seaways, Inc.  | 196281 | 14825104 |
| Kinetik Holdings, Inc. *(a)* | 221526 | 10077218 |
| Kodiak Gas Services, Inc.  | 403021 | 21992856 |
| Kosmos Energy Ltd. \* | 2311447 | 5385672 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**85**

------

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Liberty Energy, Inc.  | 785176 | 22055594 |
| Magnolia Oil & Gas Corp., Class A  | 890745 | 24780526 |
| Matador Resources Co.  | 567550 | 29172070 |
| Murphy Oil Corp.  | 649744 | 21539014 |
| Nabors Industries Ltd. \* | 70141 | 5479415 |
| New Fortress Energy, Inc. \* | 573244 | 624836 |
| NextDecade Corp. \* | 673289 | 3629028 |
| Noble Corp. PLC  | 608715 | 27653922 |
| Northern Oil & Gas, Inc.  | 469815 | 12962196 |
| NOV, Inc.  | 1769155 | 35843080 |
| Oceaneering International, Inc. \* | 485263 | 17226837 |
| Par Pacific Holdings, Inc. \* | 245428 | 10472413 |
| Patterson-UTI Energy, Inc.  | 1676944 | 14270793 |
| PBF Energy, Inc., Class A  | 400349 | 14252424 |
| Peabody Energy Corp.  | 591457 | 18654554 |
| ProFrac Holding Corp., Class A \* | 97951 | 484857 |
| ProPetro Holding Corp. \* | 460590 | 5586957 |
| REX American Resources Corp. \* | 137322 | 4883170 |
| Riley Exploration Permian, Inc.  | 48372 | 1395049 |
| RPC, Inc.  | 438602 | 2548278 |
| Sable Offshore Corp. *\*(a)* | 593598 | 4897184 |
| SandRidge Energy, Inc.  | 153446 | 2689908 |
| Seadrill Ltd. \* | 301708 | 13238947 |
| Select Water Solutions, Inc.  | 546830 | 7475166 |
| SM Energy Co.  | 1097691 | 25389593 |
| Solaris Energy Infrastructure, Inc.  | 222834 | 11059251 |
| Talos Energy, Inc. \* | 614597 | 7528813 |
| TETRA Technologies, Inc. \* | 648029 | 5611931 |
| Tidewater, Inc. \* | 223296 | 17734168 |
| Transocean Ltd. \* | 4817636 | 31218281 |
| Uranium Energy Corp. \* | 2345140 | 35950996 |
| VAALCO Energy, Inc.  | 504333 | 2597315 |
| Valaris Ltd. \* | 313713 | 30069391 |
| Venture Global, Inc., Class A *(a)* | 2331591 | 22593117 |
| Viper Energy, Inc., Class A  | 816956 | 38021132 |
| Vitesse Energy, Inc. *(a)* | 136532 | 2636433 |
| Weatherford International PLC  | 347848 | 36684050 |
| World Kinect Corp.  | 268302 | 6694135 |
|  |  | **966596769** |
| **Equity Real Estate Investment Trusts (REITs) 5.3%** | **Equity Real Estate Investment Trusts (REITs) 5.3%** | **Equity Real Estate Investment Trusts (REITs) 5.3%** |
| Acadia Realty Trust  | 635385 | 13292254 |
| Agree Realty Corp.  | 557060 | 44832189 |
| Alexander & Baldwin, Inc.  | 351680 | 7311427 |
| Alexander's, Inc.  | 10413 | 2443098 |
| American Assets Trust, Inc.  | 226718 | 4425535 |
| American Healthcare REIT, Inc.  | 858917 | 44869824 |
| Americold Realty Trust, Inc.  | 1380492 | 18484788 |
| Apple Hospitality REIT, Inc.  | 1068437 | 13099038 |
| Armada Hoffler Properties, Inc.  | 388872 | 2430450 |
| Brandywine Realty Trust  | 844541 | 2694086 |
| Brixmor Property Group, Inc.  | 1486362 | 44992178 |
| Broadstone Net Lease, Inc.  | 918293 | 17805701 |
| CareTrust REIT, Inc.  | 1084171 | 44039026 |
| CBL & Associates Properties, Inc.  | 75395 | 2848423 |
| Centerspace  | 80930 | 5090497 |
| Chatham Lodging Trust  | 229788 | 1771665 |
| Community Healthcare Trust, Inc.  | 121652 | 2079033 |
| COPT Defense Properties  | 547088 | 17386457 |
| Cousins Properties, Inc.  | 813565 | 18842165 |
| Curbline Properties Corp.  | 470784 | 13092503 |
| DiamondRock Hospitality Co.  | 992667 | 9966377 |
| Diversified Healthcare Trust  | 1052879 | 7117462 |
| Douglas Emmett, Inc.  | 816725 | 8077410 |
| Easterly Government Properties, Inc.  | 213752 | 4976147 |
| Empire State Realty Trust, Inc., <br> Class A <br>| 678960 | 3992285 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| EPR Properties  | 368732 | 21906368 |
| Essential Properties Realty Trust, Inc.  | 961421 | 32630629 |
| First Industrial Realty Trust, Inc.  | 643278 | 40616573 |
| Four Corners Property Trust, Inc.  | 516700 | 13186184 |
| Franklin Street Properties Corp., <br> Class A <br>| 403678 | 332106 |
| Getty Realty Corp.  | 259331 | 8511243 |
| Gladstone Commercial Corp.  | 235170 | 2937273 |
| Global Net Lease, Inc.  | 960685 | 9049653 |
| Healthcare Realty Trust, Inc.  | 1706203 | 31479445 |
| Highwoods Properties, Inc.  | 535228 | 12037278 |
| Hudson Pacific Properties, Inc. \* | 261714 | 1894809 |
| Independence Realty Trust, Inc.  | 1156596 | 19164796 |
| Industrial Logistics Properties Trust  | 290274 | 1701006 |
| Innovative Industrial Properties, Inc.  | 135626 | 7182753 |
| InvenTrust Properties Corp.  | 377458 | 11776690 |
| JBG SMITH Properties  | 285053 | 4335656 |
| Kilroy Realty Corp.  | 527283 | 15723579 |
| Kite Realty Group Trust  | 1052165 | 27408898 |
| LTC Properties, Inc.  | 232283 | 9216989 |
| LXP Industrial Trust  | 286976 | 14222531 |
| Macerich Co.  | 1240015 | 25383107 |
| Medical Properties Trust, Inc.  | 2388558 | 13758094 |
| Millrose Properties, Inc.  | 749632 | 23508460 |
| National Health Investors, Inc.  | 230503 | 19378387 |
| National Storage Affiliates Trust  | 344734 | 12072585 |
| NETSTREIT Corp.  | 404723 | 8406097 |
| NexPoint Diversified Real Estate Trust  | 201066 | 894744 |
| NexPoint Residential Trust, Inc.  | 106039 | 2989239 |
| One Liberty Properties, Inc.  | 78862 | 1852468 |
| Orion Properties, Inc.  | 264759 | 659250 |
| Outfront Media, Inc.  | 705118 | 20314450 |
| Park Hotels & Resorts, Inc.  | 972537 | 10999393 |
| Peakstone Realty Trust  | 158991 | 3316552 |
| Pebblebrook Hotel Trust  | 547128 | 7019652 |
| Phillips Edison & Co., Inc.  | 609044 | 23923248 |
| Piedmont Realty Trust, Inc., Class A \* | 600908 | 4560892 |
| Rayonier, Inc.  | 1347194 | 28951208 |
| RLJ Lodging Trust  | 724137 | 5807579 |
| Ryman Hospitality Properties, Inc.  | 305679 | 30185801 |
| Sabra Health Care REIT, Inc.  | 1212366 | 24914121 |
| Safehold, Inc.  | 222008 | 3583209 |
| Saul Centers, Inc.  | 59921 | 2042108 |
| Service Properties Trust *(b)* | 751286 | 1727958 |
| Sila Realty Trust, Inc.  | 267766 | 6889619 |
| SITE Centers Corp.  | 254986 | 1570714 |
| SL Green Realty Corp.  | 344433 | 12692356 |
| Smartstop Self Storage REIT, Inc.  | 269960 | 9003166 |
| STAG Industrial, Inc.  | 905723 | 35522456 |
| Summit Hotel Properties, Inc.  | 510124 | 2300659 |
| Sunstone Hotel Investors, Inc.  | 920373 | 8541061 |
| Tanger, Inc.  | 558006 | 20679702 |
| Terreno Realty Corp.  | 501459 | 33126382 |
| UMH Properties, Inc.  | 392393 | 5917286 |
| Universal Health Realty Income Trust  | 61910 | 2700514 |
| Urban Edge Properties  | 608034 | 12920723 |
| Veris Residential, Inc.  | 392469 | 7398041 |
| Vornado Realty Trust  | 783910 | 21620238 |
| Whitestone REIT  | 218290 | 3315825 |
| Xenia Hotels & Resorts, Inc.  | 463177 | 7077345 |
|  |  | **1108799166** |
| **Financial Services 5.9%** | **Financial Services 5.9%** | **Financial Services 5.9%** |
| Acadian Asset Management, Inc.  | 128576 | 6925103 |
| Adamas Trust, Inc.  | 405752 | 3343396 |
| Affiliated Managers Group, Inc.  | 136523 | 41800612 |
| Alerus Financial Corp.  | 123481 | 2943787 |

---

*See financial notes*

**86**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| ALT5 Sigma Corp. \* | 513353 | 713561 |
| AlTi Global, Inc. \* | 215481 | 954581 |
| Apollo Commercial Real Estate <br> Finance, Inc. <br>| 631820 | 6697292 |
| Arbor Realty Trust, Inc. *(a)* | 957051 | 7589414 |
| ARMOUR Residential REIT, Inc. *(a)* | 544757 | 9778388 |
| Artisan Partners Asset Management, <br> Inc., Class A <br>| 341882 | 13771007 |
| Atlanticus Holdings Corp. \* | 27000 | 1412370 |
| BGC Group, Inc., Class A  | 1742533 | 16588914 |
| Blackstone Mortgage Trust, Inc., <br> Class A <br>| 765075 | 14697091 |
| BRC Group Holdings, Inc. *\*(a)* | 88557 | 571193 |
| Bread Financial Holdings, Inc.  | 221455 | 15692301 |
| BrightSpire Capital, Inc.  | 627073 | 3643294 |
| Cannae Holdings, Inc.  | 213649 | 2606518 |
| Cantaloupe, Inc. \* | 283830 | 2963185 |
| Cass Information Systems, Inc.  | 57327 | 2544172 |
| Chime Financial, Inc., Class A \* | 164207 | 3633901 |
| Chimera Investment Corp.  | 406455 | 5531853 |
| Claros Mortgage Trust, Inc. \* | 627212 | 1499037 |
| Cohen & Steers, Inc.  | 133360 | 8917783 |
| Credit Acceptance Corp. \* | 29986 | 14188775 |
| Dave, Inc. \* | 53927 | 10422471 |
| Diamond Hill Investment Group, Inc.  | 12064 | 2073440 |
| DigitalBridge Group, Inc.  | 807734 | 12479490 |
| Donnelley Financial Solutions, Inc. \* | 127821 | 6360373 |
| Dynex Capital, Inc.  | 714398 | 10023004 |
| Ellington Financial, Inc.  | 525123 | 6522028 |
| Enact Holdings, Inc.  | 141453 | 5918394 |
| Encore Capital Group, Inc. \* | 107403 | 7334551 |
| Enova International, Inc. \* | 120084 | 16697680 |
| Essent Group Ltd.  | 469041 | 28536454 |
| Euronet Worldwide, Inc. \* | 189729 | 13195652 |
| EVERTEC, Inc.  | 310397 | 8787339 |
| EZCORP, Inc., Class A \* | 280768 | 7448775 |
| Federal Agricultural Mortgage Corp., <br> Class C <br>| 47569 | 7499729 |
| Federated Hermes, Inc.  | 357979 | 20050404 |
| Figure Technology Solutions, Inc., <br> Class A *\*(a)*<br>| 154394 | 3903080 |
| FirstCash Holdings, Inc.  | 188283 | 36299080 |
| Flywire Corp. \* | 531493 | 6542679 |
| Forge Global Holdings, Inc. \* | 43646 | 1964070 |
| Franklin BSP Realty Trust, Inc.  | 398791 | 3640962 |
| Galaxy Digital, Inc., Class A \* | 933530 | 19221383 |
| GCM Grosvenor, Inc., Class A  | 256908 | 2974995 |
| Gemini Space Station, Inc., <br> Class A *\*(a)*<br>| 71690 | 432291 |
| Granite Point Mortgage Trust, Inc.  | 211125 | 367357 |
| Green Dot Corp., Class A \* | 246585 | 2850523 |
| HA Sustainable Infrastructure Capital, <br> Inc. <br>| 610530 | 22296556 |
| Hamilton Lane, Inc., Class A  | 198547 | 20835522 |
| Innventure, Inc. *\*(a)* | 148066 | 420507 |
| International Money Express, Inc. \* | 143219 | 2259996 |
| Invesco Mortgage Capital, Inc.  | 341799 | 2881366 |
| Jackson Financial, Inc., Class A  | 330144 | 36144165 |
| Janus Henderson Group PLC  | 599718 | 31245308 |
| Jefferson Capital, Inc.  | 82619 | 1704430 |
| KKR Real Estate Finance Trust, Inc.  | 260257 | 1808786 |
| Ladder Capital Corp.  | 534091 | 5538524 |
| Lazard, Inc., Class A  | 547089 | 27682703 |
| LendingClub Corp. \* | 562344 | 8384549 |
| LendingTree, Inc. \* | 54087 | 2021231 |
| Marqeta, Inc., Class A \* | 1869037 | 7177102 |
| Merchants Bancorp  | 142737 | 6034920 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| MFA Financial, Inc.  | 492352 | 4977679 |
| MGIC Investment Corp.  | 1085681 | 28803117 |
| Miami International Holdings, Inc. \* | 105882 | 4510573 |
| Moelis & Co., Class A  | 359295 | 21327751 |
| Navient Corp.  | 324082 | 2848681 |
| NCR Atleos Corp. \* | 359846 | 15933981 |
| Nelnet, Inc., Class A  | 67794 | 8776611 |
| NerdWallet, Inc., Class A \* | 166025 | 1801371 |
| NewtekOne, Inc.  | 130776 | 1605929 |
| NMI Holdings, Inc., Class A \* | 373029 | 14663770 |
| OneMain Holdings, Inc.  | 571436 | 31440409 |
| Open Lending Corp., Class A \* | 494644 | 657877 |
| Oppenheimer Holdings, Inc., Class A  | 29158 | 2516044 |
| Orchid Island Capital, Inc. *(a)* | 808018 | 6011654 |
| Paymentus Holdings, Inc., Class A \* | 243500 | 5958445 |
| Payoneer Global, Inc. \* | 1407024 | 6078344 |
| PennyMac Financial Services, Inc.  | 141229 | 12983182 |
| PennyMac Mortgage Investment Trust  | 419174 | 5139073 |
| Perella Weinberg Partners, Class A  | 319183 | 5908077 |
| Piper Sandler Cos.  | 80661 | 23839359 |
| PJT Partners, Inc., Class A  | 118253 | 17463603 |
| PRA Group, Inc. \* | 188966 | 2976214 |
| Priority Technology Holdings, Inc. \* | 130526 | 724419 |
| PROG Holdings, Inc.  | 191556 | 6744687 |
| Radian Group, Inc.  | 659041 | 22750095 |
| Ready Capital Corp.  | 743101 | 1374737 |
| Redwood Trust, Inc.  | 607431 | 3674958 |
| Remitly Global, Inc. \* | 834380 | 13934146 |
| Repay Holdings Corp. \* | 326222 | 906897 |
| Ridgepost Capital, Inc., Class A  | 302907 | 2444459 |
| Rithm Capital Corp.  | 2687933 | 27013727 |
| Rocket Cos., Inc., Class A  | 4695420 | 85409690 |
| Sezzle, Inc. \* | 82488 | 6017500 |
| Shift4 Payments, Inc., Class A *\*(a)* | 327120 | 14416178 |
| SLM Corp.  | 986375 | 18484667 |
| StepStone Group, Inc., Class A  | 353751 | 15260818 |
| StoneX Group, Inc. \* | 225581 | 28761577 |
| Sui Group Holdings Ltd. *\*(a)* | 160296 | 201973 |
| TPG RE Finance Trust, Inc.  | 376996 | 3189386 |
| TPG, Inc.  | 625672 | 27166678 |
| Two Harbors Investment Corp.  | 504315 | 5209574 |
| Upstart Holdings, Inc. \* | 415287 | 11308265 |
| UWM Holdings Corp.  | 1154095 | 5089559 |
| Velocity Financial, Inc. \* | 46242 | 859639 |
| Victory Capital Holdings, Inc., Class A  | 233021 | 16120393 |
| Virtu Financial, Inc., Class A  | 388628 | 16093085 |
| Virtus Investment Partners, Inc.  | 30680 | 4244885 |
| Walker & Dunlop, Inc.  | 165514 | 7615299 |
| Waterstone Financial, Inc.  | 72120 | 1284457 |
| Western Union Co.  | 1542517 | 14854439 |
| WEX, Inc. \* | 166478 | 24836853 |
| WisdomTree, Inc.  | 559797 | 9578127 |
| World Acceptance Corp. \* | 13851 | 1868223 |
|  |  | **1230650531** |
| **Food, Beverage & Tobacco 1.3%** | **Food, Beverage & Tobacco 1.3%** | **Food, Beverage & Tobacco 1.3%** |
| B&G Foods, Inc.  | 388976 | 2065463 |
| Beyond Meat, Inc. *\*(a)* | 2185193 | 2066318 |
| Boston Beer Co., Inc., Class A \* | 37424 | 8487015 |
| BRC, Inc., Class A \* | 460880 | 290124 |
| Calavo Growers, Inc.  | 80583 | 2162848 |
| Cal-Maine Foods, Inc.  | 220920 | 19244341 |
| Darling Ingredients, Inc. \* | 767200 | 40784352 |
| Flowers Foods, Inc.  | 1027001 | 10146770 |
| Fresh Del Monte Produce, Inc.  | 160530 | 6891553 |
| Freshpet, Inc. \* | 236508 | 19973101 |
| Hain Celestial Group, Inc. *\*(b)* | 448857 | 358816 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**87**

------

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Ingredion, Inc.  | 307825 | 36157124 |
| J&J Snack Foods Corp.  | 75329 | 6558143 |
| John B Sanfilippo & Son, Inc.  | 44420 | 3669536 |
| Marzetti Co.  | 98598 | 16203595 |
| MGP Ingredients, Inc.  | 66372 | 1261068 |
| Mission Produce, Inc. \* | 204733 | 2905161 |
| National Beverage Corp. \* | 112922 | 4104715 |
| Post Holdings, Inc. \* | 232334 | 24697104 |
| Seaboard Corp.  | 1233 | 6328619 |
| Seneca Foods Corp., Class A \* | 25064 | 3483395 |
| Simply Good Foods Co. \* | 448034 | 7643460 |
| SunOpta, Inc. \* | 459689 | 2978785 |
| Tootsie Roll Industries, Inc.  | 95139 | 4017720 |
| Turning Point Brands, Inc.  | 92668 | 12694589 |
| Universal Corp.  | 121493 | 6527819 |
| Utz Brands, Inc.  | 377196 | 3504151 |
| Vita Coco Co., Inc. \* | 213125 | 12374037 |
| Vital Farms, Inc. \* | 179906 | 3794218 |
| Westrock Coffee Co. *\*(a)* | 181614 | 802734 |
|  |  | **272176674** |
| **Health Care Equipment & Services 4.7%** | **Health Care Equipment & Services 4.7%** | **Health Care Equipment & Services 4.7%** |
| Acadia Healthcare Co., Inc. \* | 449091 | 10526693 |
| Accendra Health, Inc. *\*(b)* | 357719 | 865680 |
| AdaptHealth Corp. \* | 518907 | 4747999 |
| Addus HomeCare Corp. \* | 88099 | 9120889 |
| agilon health, Inc. \* | 1550190 | 913527 |
| AirSculpt Technologies, Inc. *\*(a)* | 78918 | 124690 |
| Alignment Healthcare, Inc. \* | 710850 | 13662537 |
| Alphatec Holdings, Inc. \* | 552224 | 7521291 |
| AMN Healthcare Services, Inc. \* | 185900 | 3621332 |
| AngioDynamics, Inc. \* | 196768 | 2251026 |
| Ardent Health, Inc. \* | 116881 | 1097513 |
| Artivion, Inc. \* | 201366 | 7752591 |
| Astrana Health, Inc. \* | 208765 | 4244192 |
| AtriCure, Inc. \* | 241360 | 7544914 |
| Avanos Medical, Inc. \* | 225085 | 3173699 |
| Aveanna Healthcare Holdings, Inc. \* | 343680 | 2529485 |
| Axogen, Inc. \* | 223068 | 7077948 |
| Beta Bionics, Inc. \* | 191860 | 2423192 |
| Billiontoone, Inc., Class A *\*(a)* | 21244 | 1621555 |
| Bioventus, Inc., Class A \* | 219818 | 1930002 |
| BrightSpring Health Services, Inc. \* | 552684 | 22897698 |
| Brookdale Senior Living, Inc. \* | 1154800 | 17668440 |
| Butterfly Network, Inc. \* | 996940 | 3778403 |
| Castle Biosciences, Inc. \* | 140584 | 4157069 |
| Ceribell, Inc. \* | 105284 | 1965652 |
| Certara, Inc. \* | 584549 | 4138607 |
| Cerus Corp. \* | 932037 | 2386015 |
| Claritev Corp. *\*(a)* | 36568 | 492571 |
| Clover Health Investments Corp. \* | 1914626 | 4001568 |
| Community Health Systems, Inc. \* | 554896 | 1919940 |
| Concentra Group Holdings Parent, <br> Inc. <br>| 580460 | 13907822 |
| CONMED Corp.  | 149975 | 6898850 |
| CorVel Corp. \* | 151962 | 7838200 |
| Cross Country Healthcare, Inc. \* | 149834 | 1303556 |
| Definitive Healthcare Corp. \* | 204688 | 262001 |
| Dentsply Sirona, Inc.  | 967354 | 14200757 |
| DocGo, Inc. \* | 443068 | 318123 |
| Doximity, Inc., Class A \* | 666350 | 16345566 |
| Embecta Corp.  | 283477 | 2908474 |
| Enovis Corp. \* | 277402 | 7065429 |
| Ensign Group, Inc.  | 278901 | 59732227 |
| Envista Holdings Corp. \* | 798441 | 23322462 |
| Evolent Health, Inc., Class A \* | 539000 | 1751750 |
| Fulgent Genetics, Inc. \* | 98218 | 1505682 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| GeneDx Holdings Corp. \* | 104135 | 8300601 |
| Glaukos Corp. \* | 278770 | 33563908 |
| Globus Medical, Inc., Class A \* | 540307 | 51577706 |
| GoodRx Holdings, Inc., Class A \* | 461704 | 863386 |
| Guardant Health, Inc. \* | 627509 | 58923095 |
| Haemonetics Corp. \* | 227584 | 14410619 |
| Health Catalyst, Inc. \* | 352160 | 570499 |
| HealthEquity, Inc. \* | 418109 | 31981157 |
| HealthStream, Inc.  | 115270 | 2447182 |
| HeartFlow, Inc. \* | 86134 | 1994863 |
| Hims & Hers Health, Inc. \* | 1011508 | 14687096 |
| Hinge Health, Inc., Class A \* | 73054 | 3123789 |
| ICU Medical, Inc. \* | 119726 | 18028341 |
| Innovage Holding Corp. \* | 107048 | 959150 |
| Inspire Medical Systems, Inc. \* | 127684 | 8236895 |
| Integer Holdings Corp. \* | 169864 | 14723812 |
| Integra LifeSciences Holdings Corp. \* | 324693 | 3695006 |
| iRadimed Corp.  | 38944 | 4031872 |
| IRhythm Holdings, Inc. \* | 156650 | 20951938 |
| Kestra Medical Technologies Ltd. \* | 61149 | 1423549 |
| Lantheus Holdings, Inc. \* | 321365 | 24073452 |
| LeMaitre Vascular, Inc.  | 101143 | 10941650 |
| LifeStance Health Group, Inc. \* | 847140 | 6133294 |
| LivaNova PLC \* | 265308 | 18730745 |
| Merit Medical Systems, Inc. \* | 287211 | 22166945 |
| Nakamoto, Inc. \* | 2080506 | 509932 |
| National HealthCare Corp.  | 60232 | 9847932 |
| National Research Corp.  | 65403 | 877054 |
| Neogen Corp. \* | 1051686 | 11810434 |
| NeoGenomics, Inc. \* | 625875 | 6152351 |
| Novocure Ltd. \* | 493267 | 6742960 |
| Omada Health, Inc. \* | 38708 | 475334 |
| OmniAb, Inc., Class A *\*(c)* | 25234 | 0 |
| OmniAb, Inc., Class B *\*(c)* | 25234 | 0 |
| Omnicell, Inc. \* | 216690 | 8905959 |
| OPKO Health, Inc. \* | 2076135 | 2491362 |
| Option Care Health, Inc. \* | 771386 | 25039190 |
| OraSure Technologies, Inc. \* | 355592 | 1120115 |
| Orchestra BioMed Holdings, Inc. \* | 181026 | 792894 |
| Orthofix Medical, Inc. \* | 192025 | 2598098 |
| OrthoPediatrics Corp. \* | 81686 | 1565921 |
| PACS Group, Inc. \* | 209836 | 7661112 |
| Pediatrix Medical Group, Inc. \* | 406678 | 8072558 |
| Pennant Group, Inc. \* | 167662 | 5651886 |
| Phreesia, Inc. \* | 274098 | 3379628 |
| Privia Health Group, Inc. \* | 562943 | 13369896 |
| PROCEPT BioRobotics Corp. \* | 269795 | 6121649 |
| Progyny, Inc. \* | 389054 | 6882365 |
| Pulse Biosciences, Inc. *\*(a)* | 87991 | 1648071 |
| QuidelOrtho Corp. \* | 328829 | 7477571 |
| RadNet, Inc. \* | 337587 | 23566948 |
| RxSight, Inc. \* | 176528 | 1320429 |
| Schrodinger, Inc. \* | 271841 | 3278402 |
| Select Medical Holdings Corp.  | 532129 | 7965971 |
| Senseonics Holdings, Inc. *\*(a)* | 182188 | 1506695 |
| SI-BONE, Inc. \* | 185978 | 2886379 |
| Sight Sciences, Inc. \* | 166021 | 856668 |
| Simulations Plus, Inc. \* | 82733 | 1011825 |
| STAAR Surgical Co. \* | 240281 | 4781592 |
| Surgery Partners, Inc. \* | 371019 | 5750795 |
| Tandem Diabetes Care, Inc. \* | 327380 | 8282714 |
| Teladoc Health, Inc. \* | 855671 | 4500829 |
| Teleflex, Inc.  | 214071 | 26129506 |
| TransMedics Group, Inc. \* | 165751 | 24076990 |
| Treace Medical Concepts, Inc. \* | 233448 | 434213 |
| TruBridge, Inc. \* | 48007 | 926055 |
| U.S. Physical Therapy, Inc.  | 73621 | 6107598 |
| UFP Technologies, Inc. \* | 37492 | 7895065 |

---

*See financial notes*

**88**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Varex Imaging Corp. \* | 200724 | 2643535 |
| Waystar Holding Corp. \* | 558338 | 14321370 |
|  |  | **977496018** |
| **Household & Personal Products 0.6%** | **Household & Personal Products 0.6%** | **Household & Personal Products 0.6%** |
| Beauty Health Co. \* | 416899 | 433575 |
| BellRing Brands, Inc. \* | 610656 | 11229964 |
| Central Garden & Pet Co. \* | 39393 | 1543812 |
| Central Garden & Pet Co., Class A \* | 251714 | 8694201 |
| Coty, Inc., Class A \* | 1797537 | 4511818 |
| Edgewell Personal Care Co.  | 223692 | 5086756 |
| elf Beauty, Inc. \* | 289793 | 26675446 |
| Energizer Holdings, Inc.  | 294736 | 6363350 |
| Herbalife Ltd. \* | 499664 | 9753441 |
| Interparfums, Inc.  | 88729 | 8942109 |
| Medifast, Inc. *\*(b)* | 51559 | 542916 |
| Niagen Bioscience, Inc. \* | 269939 | 1363192 |
| Nu Skin Enterprises, Inc., Class A *(b)* | 239263 | 2028950 |
| Oil-Dri Corp. of America  | 50194 | 3405161 |
| Olaplex Holdings, Inc. \* | 621366 | 1000399 |
| Reynolds Consumer Products, Inc.  | 263061 | 6526543 |
| Spectrum Brands Holdings, Inc.  | 117978 | 9247116 |
| USANA Health Sciences, Inc. \* | 52397 | 1127583 |
| WD-40 Co.  | 65568 | 15618298 |
|  |  | **124094630** |
| **Insurance 2.6%** | **Insurance 2.6%** | **Insurance 2.6%** |
| Abacus Global Management, Inc. *(a)* | 155266 | 1417579 |
| American Integrity Insurance Group, <br> Inc. \*<br>| 33693 | 685989 |
| AMERISAFE, Inc.  | 91874 | 2988661 |
| Assured Guaranty Ltd.  | 209933 | 18098324 |
| Ategrity Specialty Holdings LLC \* | 32065 | 709278 |
| Axis Capital Holdings Ltd.  | 374184 | 39558732 |
| Baldwin Insurance Group, Inc., <br> Class A \*<br>| 345868 | 8034514 |
| Bowhead Specialty Holdings, Inc. \* | 82113 | 2079922 |
| Brighthouse Financial, Inc. \* | 277050 | 16617459 |
| CNO Financial Group, Inc.  | 461834 | 19309279 |
| Donegal Group, Inc., Class A  | 85182 | 1500907 |
| Employers Holdings, Inc.  | 108227 | 4475186 |
| F&G Annuities & Life, Inc.  | 181523 | 4111496 |
| First American Financial Corp.  | 494244 | 34651447 |
| Genworth Financial, Inc., Class A \* | 1936890 | 16347352 |
| Goosehead Insurance, Inc., Class A \* | 121894 | 6606655 |
| Hagerty, Inc., Class A \* | 177542 | 2084343 |
| Hanover Insurance Group, Inc.  | 172590 | 31174932 |
| HCI Group, Inc.  | 52217 | 9212123 |
| Heritage Insurance Holdings, Inc. \* | 107929 | 3007981 |
| Hippo Holdings, Inc. \* | 100667 | 2895183 |
| Horace Mann Educators Corp.  | 197760 | 8604538 |
| James River Group Holdings, Inc.  | 222133 | 1554931 |
| Kemper Corp.  | 284632 | 9199306 |
| Lemonade, Inc. \* | 308471 | 15960289 |
| Lincoln National Corp.  | 819920 | 28123256 |
| MBIA, Inc. \* | 213067 | 1395589 |
| Mercury General Corp.  | 129188 | 11701849 |
| Neptune Insurance Holdings, Inc., <br> Class A \*<br>| 86568 | 1802346 |
| Octave Specialty Group, Inc. \* | 211041 | 1129069 |
| Oscar Health, Inc., Class A \* | 1043795 | 14237364 |
| Palomar Holdings, Inc. \* | 128474 | 15893519 |
| Primerica, Inc.  | 154839 | 39276461 |
| ProAssurance Corp. \* | 249368 | 6121984 |
| RLI Corp.  | 446148 | 27803943 |
| Root, Inc., Class A \* | 66015 | 3424858 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Ryan Specialty Holdings, Inc.  | 550143 | 21648127 |
| Safety Insurance Group, Inc.  | 72070 | 5594794 |
| Selective Insurance Group, Inc.  | 293515 | 24667001 |
| Selectquote, Inc. \* | 687558 | 591369 |
| SiriusPoint Ltd. \* | 504564 | 10666483 |
| Skyward Specialty Insurance Group, <br> Inc. \*<br>| 182827 | 8495971 |
| Slide Insurance Holdings, Inc. \* | 112976 | 2146544 |
| Stewart Information Services Corp.  | 135497 | 9618932 |
| Tiptree, Inc.  | 113042 | 1925105 |
| Trupanion, Inc. \* | 162570 | 4314608 |
| United Fire Group, Inc.  | 106573 | 4141427 |
| Universal Insurance Holdings, Inc.  | 123478 | 4342721 |
| White Mountains Insurance Group <br> Ltd. <br>| 11802 | 26206459 |
|  |  | **536156185** |
| **Materials 4.9%** | **Materials 4.9%** | **Materials 4.9%** |
| AdvanSix, Inc.  | 129024 | 2300498 |
| Alpha Metallurgical Resources, Inc. \* | 52437 | 8528878 |
| Ashland, Inc.  | 221774 | 13829827 |
| ASP Isotopes, Inc. *\*(a)* | 529285 | 2826382 |
| Aspen Aerogels, Inc. \* | 336358 | 1049437 |
| Avient Corp.  | 443893 | 18230685 |
| Balchem Corp.  | 157279 | 28535129 |
| Cabot Corp.  | 257700 | 19621278 |
| Celanese Corp.  | 531752 | 26555695 |
| Century Aluminum Co. \* | 257219 | 13262212 |
| Chemours Co.  | 724898 | 13222139 |
| Clearwater Paper Corp. \* | 78282 | 1173447 |
| Cleveland-Cliffs, Inc. \* | 2768266 | 29509716 |
| Coeur Mining, Inc. \* | 3114906 | 84569698 |
| Commercial Metals Co.  | 538642 | 39482459 |
| Compass Minerals International, Inc. \* | 167354 | 4217321 |
| Eagle Materials, Inc.  | 155473 | 34794857 |
| Ecovyst, Inc. \* | 553118 | 6233640 |
| Element Solutions, Inc.  | 1104317 | 38750484 |
| FMC Corp.  | 605755 | 8928829 |
| Graphic Packaging Holding Co.  | 1429183 | 17478908 |
| Greif, Inc., Class A  | 152083 | 11051872 |
| Hawkins, Inc.  | 101285 | 15101593 |
| HB Fuller Co.  | 262308 | 17238882 |
| Hecla Mining Co.  | 3249996 | 80957400 |
| Huntsman Corp.  | 792015 | 10018990 |
| Ingevity Corp. \* | 174767 | 12588467 |
| Innospec, Inc.  | 120488 | 9226971 |
| Ivanhoe Electric, Inc. \* | 518372 | 8910815 |
| Kaiser Aluminum Corp.  | 78105 | 10164585 |
| Knife River Corp. \* | 274485 | 24423675 |
| Koppers Holdings, Inc.  | 94770 | 3582306 |
| Kronos Worldwide, Inc.  | 111294 | 646618 |
| Louisiana-Pacific Corp.  | 307831 | 26085599 |
| LSB Industries, Inc. \* | 259419 | 3014449 |
| Materion Corp.  | 100567 | 16398455 |
| Mativ Holdings, Inc.  | 265811 | 2881391 |
| McEwen, Inc. \* | 223225 | 6328429 |
| Mercer International, Inc.  | 222526 | 400547 |
| Metallus, Inc. \* | 173425 | 2948225 |
| Minerals Technologies, Inc.  | 151568 | 10703732 |
| Myers Industries, Inc.  | 180846 | 4045525 |
| NewMarket Corp.  | 37814 | 23671942 |
| O-I Glass, Inc. \* | 746676 | 10005458 |
| Olin Corp.  | 554074 | 14056857 |
| Orion SA  | 273008 | 1553416 |
| Perimeter Solutions, Inc. \* | 682578 | 16026931 |
| PureCycle Technologies, Inc. *\*(a)* | 690281 | 4355673 |
| Quaker Chemical Corp.  | 66499 | 9777348 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**89**

------

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Ramaco Resources, Inc., Class A \* | 222432 | 3367620 |
| Ranpak Holdings Corp. \* | 202610 | 1037363 |
| Ryerson Holding Corp.  | 214282 | 5605617 |
| Scotts Miracle-Gro Co.  | 215706 | 15125305 |
| Sealed Air Corp.  | 714405 | 29919281 |
| Sensient Technologies Corp.  | 205647 | 20879340 |
| Silgan Holdings, Inc.  | 424970 | 20419808 |
| Solstice Advanced Materials, Inc.  | 769860 | 60441709 |
| Sonoco Products Co.  | 479400 | 27071718 |
| Stepan Co.  | 104213 | 5303400 |
| SunCoke Energy, Inc.  | 411650 | 2346405 |
| Sylvamo Corp.  | 161566 | 7480506 |
| TriMas Corp.  | 155660 | 6083193 |
| Tronox Holdings PLC  | 578067 | 4323941 |
| U.S. Lime & Minerals, Inc.  | 51215 | 5846704 |
| USA Rare Earth, Inc. *\*(a)* | 458330 | 8662437 |
| Valhi, Inc.  | 10863 | 151756 |
| Warrior Met Coal, Inc.  | 255491 | 21267071 |
| Worthington Steel, Inc.  | 157615 | 6550479 |
|  |  | **1021151323** |
| **Media & Entertainment 2.2%** | **Media & Entertainment 2.2%** | **Media & Entertainment 2.2%** |
| Advantage Solutions, Inc. \* | 512091 | 267465 |
| AMC Entertainment Holdings, Inc., <br> Class A *\*(a)*<br>| 2484966 | 2882561 |
| AMC Networks, Inc., Class A *\*(b)* | 153223 | 1251832 |
| Angel Studios, Inc. *\*(a)* | 394875 | 1547910 |
| Angi, Inc. \* | 177855 | 1383712 |
| Atlanta Braves Holdings, Inc., <br> Class C \*<br>| 277379 | 12124236 |
| Bumble, Inc., Class A \* | 379292 | 1153048 |
| Cable One, Inc. \* | 22312 | 2140836 |
| Cargurus, Inc. \* | 394493 | 12110935 |
| Cars.com, Inc. \* | 267945 | 2288250 |
| Cinemark Holdings, Inc.  | 500992 | 14148014 |
| Clear Channel Outdoor Holdings, <br> Inc. \*<br>| 1567340 | 3761616 |
| DoubleVerify Holdings, Inc. \* | 653567 | 6888596 |
| EchoStar Corp., Class A \* | 653828 | 75536749 |
| Emerald Holding, Inc.  | 67347 | 280837 |
| Eventbrite, Inc., Class A \* | 397136 | 1755341 |
| EverQuote, Inc., Class A \* | 131953 | 2084857 |
| EW Scripps Co., Class A *\*(b)* | 330240 | 1370496 |
| fuboTV, Inc., Class A \* | 1660900 | 1943253 |
| Getty Images Holdings, Inc. *\*(a)* | 181281 | 141037 |
| Gray Media, Inc. *(b)* | 417073 | 2164609 |
| Grindr, Inc. \* | 213552 | 2430222 |
| IAC, Inc. \* | 316727 | 12136979 |
| Ibotta, Inc., Class A *\*(a)* | 64328 | 1606270 |
| iHeartMedia, Inc., Class A \* | 584588 | 1911603 |
| John Wiley & Sons, Inc., Class A  | 202723 | 6288467 |
| Lionsgate Studios Corp. \* | 1113704 | 10023336 |
| Madison Square Garden <br> Entertainment Corp. \*<br>| 196100 | 12381754 |
| Madison Square Garden Sports <br> Corp. \*<br>| 87274 | 28945295 |
| Magnite, Inc. \* | 696396 | 9484914 |
| MediaAlpha, Inc., Class A \* | 158948 | 1579943 |
| MNTN, Inc., Class A \* | 51820 | 505763 |
| National CineMedia, Inc.  | 455617 | 1621997 |
| New York Times Co., Class A  | 783622 | 62525199 |
| Nexstar Media Group, Inc.  | 138436 | 34750205 |
| Nextdoor Holdings, Inc. \* | 1109521 | 1941662 |
| NIQ Global Intelligence PLC *\*(a)* | 242205 | 3228593 |
| Optimum Communications, Inc., <br> Class A \*<br>| 1296682 | 1867222 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Playtika Holding Corp.  | 292356 | 903380 |
| PubMatic, Inc., Class A \* | 168208 | 1362485 |
| QuinStreet, Inc. \* | 276103 | 3235927 |
| Rumble, Inc. *\*(a)* | 546324 | 2955613 |
| Scholastic Corp.  | 108938 | 3787774 |
| Shutterstock, Inc.  | 116200 | 1952160 |
| Sinclair, Inc.  | 190289 | 3109322 |
| Sphere Entertainment Co. \* | 128501 | 15292904 |
| Stagwell, Inc. \* | 521608 | 2514151 |
| Stubhub Holdings, Inc., Class A *\*(a)* | 154525 | 1478804 |
| TechTarget, Inc. \* | 138915 | 487592 |
| TEGNA, Inc.  | 781471 | 16371817 |
| Thryv Holdings, Inc. \* | 200785 | 465821 |
| TripAdvisor, Inc. \* | 570688 | 5769656 |
| Trump Media & Technology Group <br> Corp. \*<br>| 786977 | 8428524 |
| USA TODAY Co., Inc. \* | 597646 | 3555994 |
| Warner Music Group Corp., Class A  | 709817 | 20300766 |
| Webtoon Entertainment, Inc. *\*(a)* | 88898 | 1000102 |
| Yelp, Inc. \* | 285118 | 6355280 |
| Ziff Davis, Inc. \* | 192917 | 5224192 |
| ZipRecruiter, Inc., Class A \* | 307608 | 556770 |
| ZoomInfo Technologies, Inc. \* | 1332639 | 8275688 |
|  |  | **453840336** |
| **Pharmaceuticals, Biotechnology & Life Sciences 9.7%** | **Pharmaceuticals, Biotechnology & Life Sciences 9.7%** | **Pharmaceuticals, Biotechnology & Life Sciences 9.7%** |
| 10X Genomics, Inc., Class A \* | 567381 | 13078132 |
| 4D Molecular Therapeutics, Inc. \* | 209175 | 2020630 |
| Absci Corp. *\*(a)* | 633147 | 1734823 |
| ACADIA Pharmaceuticals, Inc. \* | 606153 | 14887118 |
| Adaptive Biotechnologies Corp. \* | 572898 | 9177826 |
| ADMA Biologics, Inc. \* | 1154058 | 17968683 |
| Agios Pharmaceuticals, Inc. \* | 281848 | 8520265 |
| Akebia Therapeutics, Inc. \* | 1282207 | 1679691 |
| Alector, Inc. \* | 448560 | 1090001 |
| Alkermes PLC \* | 802247 | 24147635 |
| Allogene Therapeutics, Inc. \* | 787501 | 2189253 |
| Alumis, Inc. \* | 385829 | 11455263 |
| Amicus Therapeutics, Inc. \* | 1497610 | 21520656 |
| Amneal Pharmaceuticals, Inc. \* | 822800 | 11362868 |
| Amphastar Pharmaceuticals, Inc. \* | 173561 | 3511139 |
| Amylyx Pharmaceuticals, Inc. \* | 409174 | 6207170 |
| AnaptysBio, Inc. \* | 96187 | 5295094 |
| Anavex Life Sciences Corp. *\*(a)* | 417611 | 1850017 |
| ANI Pharmaceuticals, Inc. \* | 87834 | 6490933 |
| Anika Therapeutics, Inc. \* | 67578 | 970420 |
| Annexon, Inc. \* | 647609 | 3626610 |
| Apellis Pharmaceuticals, Inc. \* | 495977 | 10395678 |
| Apogee Therapeutics, Inc. \* | 235452 | 16481640 |
| Arbutus Biopharma Corp. \* | 745633 | 3474650 |
| Arcellx, Inc. \* | 210436 | 23945512 |
| Arcturus Therapeutics Holdings, Inc. \* | 134759 | 1109067 |
| Arcus Biosciences, Inc. \* | 415997 | 8473859 |
| Arcutis Biotherapeutics, Inc. \* | 540929 | 14588855 |
| Ardelyx, Inc. \* | 1182037 | 7742342 |
| ArriVent Biopharma, Inc. \* | 149208 | 3427308 |
| Arrowhead Pharmaceuticals, Inc. \* | 670583 | 42427786 |
| ARS Pharmaceuticals, Inc. *\*(a)* | 315782 | 2930457 |
| Arvinas, Inc. \* | 310149 | 4115677 |
| Atea Pharmaceuticals, Inc. \* | 351093 | 1643115 |
| Atrium Therapeutics, Inc. \* | 68679 | 1013015 |
| Axsome Therapeutics, Inc. \* | 205727 | 33716598 |
| Azenta, Inc. \* | 197763 | 5335646 |
| Beam Therapeutics, Inc. \* | 481048 | 13690626 |
| Bicara Therapeutics, Inc. \* | 153551 | 2576586 |
| BioAge Labs, Inc. \* | 125248 | 2789273 |
| BioCryst Pharmaceuticals, Inc. \* | 1147428 | 10039995 |

---

*See financial notes*

**90**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Biohaven Ltd. \* | 558385 | 6432595 |
| BioLife Solutions, Inc. \* | 188895 | 4571259 |
| BridgeBio Oncology Therapeutics, <br> Inc. *\*(a)*<br>| 230586 | 2312778 |
| Bridgebio Pharma, Inc. \* | 822510 | 54680465 |
| Bruker Corp.  | 539045 | 21621095 |
| C4 Therapeutics, Inc. \* | 382863 | 1033730 |
| CareDx, Inc. \* | 248408 | 4660134 |
| Caribou Biosciences, Inc. \* | 431620 | 820078 |
| Catalyst Pharmaceuticals, Inc. \* | 562050 | 12972114 |
| Celcuity, Inc. \* | 174762 | 19522663 |
| Celldex Therapeutics, Inc. \* | 322122 | 9692651 |
| CG oncology, Inc. \* | 332196 | 19533125 |
| Cogent Biosciences, Inc. \* | 745542 | 28964307 |
| Coherus Oncology, Inc. \* | 589883 | 985105 |
| Collegium Pharmaceutical, Inc. \* | 154682 | 6445599 |
| Contineum Therapeutics, Inc., <br> Class A \*<br>| 92243 | 1415008 |
| Corcept Therapeutics, Inc. \* | 453934 | 16205444 |
| CorMedix, Inc. *\*(a)* | 352950 | 2516533 |
| Crinetics Pharmaceuticals, Inc. \* | 497523 | 20448195 |
| CRISPR Therapeutics AG \* | 463151 | 27853901 |
| CryoPort, Inc. \* | 241656 | 2034743 |
| Cullinan Therapeutics, Inc. \* | 249874 | 3873047 |
| Cytek Biosciences, Inc. \* | 538016 | 2410312 |
| Cytokinetics, Inc. \* | 593206 | 36909277 |
| Day One Biopharmaceuticals, Inc. \* | 356888 | 3783013 |
| Definium Therapeutics, Inc. \* | 480596 | 8386400 |
| Denali Therapeutics, Inc. \* | 718161 | 15210650 |
| Design Therapeutics, Inc. \* | 146685 | 1531391 |
| Dianthus Therapeutics, Inc. \* | 144416 | 7970319 |
| Disc Medicine, Inc. \* | 154736 | 10308512 |
| Dyne Therapeutics, Inc. \* | 699664 | 10928752 |
| Edgewise Therapeutics, Inc. \* | 361290 | 10997668 |
| Editas Medicine, Inc. \* | 483589 | 1063896 |
| Emergent BioSolutions, Inc. \* | 251419 | 2049065 |
| Enanta Pharmaceuticals, Inc. \* | 124897 | 1786027 |
| Enliven Therapeutics, Inc. \* | 214911 | 6380708 |
| Entrada Therapeutics, Inc. \* | 115143 | 1373656 |
| Erasca, Inc. \* | 1147824 | 15679276 |
| Ethzilla Corp. *\*(a)* | 68775 | 242776 |
| Evolus, Inc. \* | 313827 | 1349456 |
| Evommune, Inc. *\*(a)* | 44899 | 1167374 |
| EyePoint, Inc. \* | 374883 | 6582945 |
| Fate Therapeutics, Inc. \* | 515140 | 762407 |
| Fortrea Holdings, Inc. \* | 445753 | 4778472 |
| Fulcrum Therapeutics, Inc. \* | 232035 | 1944453 |
| Geron Corp. \* | 2594623 | 4358967 |
| Ginkgo Bioworks Holdings, Inc. \* | 213654 | 1442164 |
| Gossamer Bio, Inc. \* | 1002010 | 425754 |
| GRAIL, Inc. \* | 143601 | 7643881 |
| Gyre Therapeutics, Inc. *\*(a)* | 101348 | 835107 |
| Halozyme Therapeutics, Inc. \* | 570341 | 39655810 |
| Harmony Biosciences Holdings, Inc. \* | 193374 | 5518894 |
| Harrow, Inc. \* | 160960 | 8720813 |
| Heron Therapeutics, Inc. \* | 883424 | 1051275 |
| Humacyte, Inc. *\*(a)* | 739813 | 824891 |
| Ideaya Biosciences, Inc. \* | 425310 | 13694982 |
| ImmunityBio, Inc. *\*(a)* | 1488520 | 14557726 |
| Immunome, Inc. \* | 503830 | 11013724 |
| Immunovant, Inc. \* | 372762 | 10336690 |
| Indivior Pharmaceuticals, Inc. \* | 605137 | 19800083 |
| Innoviva, Inc. \* | 343013 | 7875578 |
| Intellia Therapeutics, Inc. \* | 565419 | 7791474 |
| Ionis Pharmaceuticals, Inc. \* | 785510 | 63744136 |
| Iovance Biotherapeutics, Inc. *\*(a)* | 1606527 | 6201194 |
| Ironwood Pharmaceuticals, Inc. \* | 700434 | 2395484 |
| Janux Therapeutics, Inc. \* | 232868 | 3169333 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| KalVista Pharmaceuticals, Inc. \* | 188535 | 3069350 |
| Keros Therapeutics, Inc. \* | 94193 | 1336599 |
| Kodiak Sciences, Inc. \* | 190440 | 5103792 |
| Krystal Biotech, Inc. \* | 125246 | 34522807 |
| Kura Oncology, Inc. \* | 420060 | 3667124 |
| Kymera Therapeutics, Inc. \* | 295618 | 27004704 |
| Kyverna Therapeutics, Inc. \* | 110850 | 910078 |
| LB Pharmaceuticals, Inc. *\*(a)* | 103557 | 2486404 |
| LENZ Therapeutics, Inc. *\*(a)* | 105468 | 1422763 |
| Lexicon Pharmaceuticals, Inc. \* | 920465 | 1353084 |
| Ligand Pharmaceuticals, Inc. \* | 95477 | 18934044 |
| Liquidia Corp. \* | 332678 | 10319672 |
| Lyell Immunopharma, Inc. \* | 68488 | 1643712 |
| Madrigal Pharmaceuticals, Inc. \* | 90294 | 39007008 |
| MannKind Corp. \* | 1489074 | 4884163 |
| MapLight Therapeutics, Inc. *\*(a)* | 74866 | 1292936 |
| Maravai LifeSciences Holdings, Inc., <br> Class A \*<br>| 598010 | 2128916 |
| Maze Therapeutics, Inc. \* | 101967 | 4648675 |
| MBX Biosciences, Inc. \* | 121497 | 3954727 |
| Mesa Laboratories, Inc.  | 26726 | 2580930 |
| MiMedx Group, Inc. \* | 565953 | 2767510 |
| Mineralys Therapeutics, Inc. \* | 270044 | 7901487 |
| Mirum Pharmaceuticals, Inc. \* | 214031 | 19752921 |
| Monte Rosa Therapeutics, Inc. \* | 297284 | 5276791 |
| Myriad Genetics, Inc. \* | 450557 | 2077068 |
| Nektar Therapeutics \* | 130710 | 9016376 |
| Neumora Therapeutics, Inc. \* | 422088 | 1473087 |
| Novavax, Inc. \* | 786980 | 7979977 |
| Nurix Therapeutics, Inc. \* | 460007 | 7346312 |
| Nuvalent, Inc., Class A \* | 252334 | 25725451 |
| Nuvation Bio, Inc. \* | 1160736 | 6859950 |
| Ocular Therapeutix, Inc. \* | 823036 | 7357942 |
| Olema Pharmaceuticals, Inc. \* | 195637 | 4734415 |
| Omeros Corp. *\*(a)* | 341579 | 4116027 |
| OmniAb, Inc. \* | 568654 | 978085 |
| Organogenesis Holdings, Inc. \* | 356132 | 1143184 |
| Organon & Co.  | 1259420 | 9181172 |
| ORIC Pharmaceuticals, Inc. \* | 371506 | 4996756 |
| Oruka Therapeutics, Inc. \* | 192130 | 6611193 |
| Pacific Biosciences of California, Inc. \* | 1457151 | 2448014 |
| Pacira BioSciences, Inc. \* | 207776 | 4552372 |
| Perrigo Co. PLC  | 666963 | 8817251 |
| Perspective Therapeutics, Inc. \* | 292186 | 1577804 |
| Phathom Pharmaceuticals, Inc. \* | 220752 | 2772645 |
| Phibro Animal Health Corp., Class A  | 98645 | 5385031 |
| Praxis Precision Medicines, Inc. \* | 124247 | 41840177 |
| Precigen, Inc. \* | 852289 | 3230175 |
| Prestige Consumer Healthcare, Inc. \* | 233850 | 16205805 |
| Prime Medicine, Inc. \* | 528759 | 2442867 |
| ProKidney Corp. *\*(a)* | 512640 | 1148314 |
| Protagonist Therapeutics, Inc. \* | 284738 | 26218675 |
| Prothena Corp. PLC \* | 207480 | 1798852 |
| PTC Therapeutics, Inc. \* | 389833 | 26582712 |
| Quanterix Corp. \* | 209632 | 1373090 |
| Rapport Therapeutics, Inc. \* | 137765 | 3999318 |
| Recursion Pharmaceuticals, Inc., <br> Class A *\*(a)*<br>| 2501979 | 9182263 |
| REGENXBIO, Inc. \* | 228392 | 2064664 |
| Relay Therapeutics, Inc. \* | 645476 | 6622584 |
| Replimune Group, Inc. \* | 343904 | 2630866 |
| Revolution Medicines, Inc. \* | 881354 | 89915735 |
| Rezolute, Inc. \* | 417811 | 1341173 |
| Rhythm Pharmaceuticals, Inc. \* | 295067 | 27361563 |
| Rigel Pharmaceuticals, Inc. \* | 86819 | 3016092 |
| Rocket Pharmaceuticals, Inc. \* | 432790 | 2168278 |
| Sana Biotechnology, Inc. \* | 782782 | 3295512 |
| Sangamo Therapeutics, Inc. \* | 1621949 | 701169 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**91**

------

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sarepta Therapeutics, Inc. \* | 509647 | 8541684 |
| Savara, Inc. \* | 656768 | 3953743 |
| Scholar Rock Holding Corp. \* | 410085 | 18154463 |
| Septerna, Inc. *\*(a)* | 109792 | 3186164 |
| Seres Therapeutics, Inc. *\*(a)* | 31493 | 275249 |
| SIGA Technologies, Inc.  | 197347 | 1276835 |
| Sionna Therapeutics, Inc. \* | 68260 | 2494220 |
| Soleno Therapeutics, Inc. \* | 237033 | 9260879 |
| Sotera Health Co. \* | 1007144 | 16366090 |
| Spyre Therapeutics, Inc. \* | 332027 | 14280481 |
| Standard BioTools, Inc. \* | 1450328 | 1638871 |
| Stoke Therapeutics, Inc. \* | 250944 | 9136871 |
| Supernus Pharmaceuticals, Inc. \* | 278361 | 15234697 |
| Syndax Pharmaceuticals, Inc. \* | 422748 | 9177859 |
| Tango Therapeutics, Inc. \* | 481624 | 5365291 |
| Tarsus Pharmaceuticals, Inc. \* | 189940 | 14344269 |
| Taysha Gene Therapies, Inc. \* | 1068361 | 4839675 |
| Terns Pharmaceuticals, Inc. \* | 417862 | 17600347 |
| TG Therapeutics, Inc. \* | 660219 | 19865990 |
| Theravance Biopharma, Inc. \* | 181211 | 3307101 |
| Third Harmonic Bio, Inc. *\*(c)* | 98316 | 1966 |
| Travere Therapeutics, Inc. \* | 435702 | 12979563 |
| Trevi Therapeutics, Inc. \* | 500354 | 5964220 |
| Twist Bioscience Corp. \* | 292385 | 13718704 |
| Tyra Biosciences, Inc. \* | 113095 | 3767194 |
| Ultragenyx Pharmaceutical, Inc. \* | 469141 | 10973208 |
| uniQure NV \* | 304439 | 4758382 |
| Upstream Bio, Inc. \* | 164159 | 1260741 |
| Vanda Pharmaceuticals, Inc. \* | 290545 | 2588756 |
| Vaxcyte, Inc. \* | 626347 | 38670664 |
| Ventyx Biosciences, Inc. \* | 312701 | 4368433 |
| Vera Therapeutics, Inc. \* | 312780 | 12758296 |
| Veracyte, Inc. \* | 383825 | 14044157 |
| Vericel Corp. \* | 244793 | 8734214 |
| Viking Therapeutics, Inc. \* | 548395 | 18557687 |
| Vir Biotechnology, Inc. \* | 499455 | 4540046 |
| Viridian Therapeutics, Inc. \* | 412495 | 12119103 |
| WaVe Life Sciences Ltd. \* | 704335 | 9811386 |
| Xencor, Inc. \* | 345194 | 4408127 |
| Xeris Biopharma Holdings, Inc. \* | 799342 | 4891973 |
| Zenas Biopharma, Inc. *\*(a)* | 137062 | 3611584 |
|  |  | **2007040622** |
| **Real Estate Management & Development 0.6%** | **Real Estate Management & Development 0.6%** | **Real Estate Management & Development 0.6%** |
| Compass, Inc., Class A \* | 3048115 | 29719121 |
| Cushman & Wakefield Ltd. \* | 1124823 | 15083877 |
| eXp World Holdings, Inc.  | 434762 | 3030291 |
| Forestar Group, Inc. \* | 95298 | 2736959 |
| FRP Holdings, Inc. \* | 59454 | 1423329 |
| Howard Hughes Holdings, Inc. \* | 148970 | 10780959 |
| Kennedy-Wilson Holdings, Inc.  | 579722 | 6307376 |
| Marcus & Millichap, Inc.  | 116235 | 3069766 |
| Newmark Group, Inc., Class A  | 772585 | 11217934 |
| Opendoor Technologies, Inc. \* | 3876750 | 21011985 |
| RE/MAX Holdings, Inc., Class A \* | 97383 | 612539 |
| RMR Group, Inc., Class A  | 78577 | 1287091 |
| Seaport Entertainment Group, Inc. \* | 36509 | 852850 |
| Seritage Growth Properties, Class A \* | 200725 | 594146 |
| St. Joe Co.  | 193571 | 13970019 |
| Tejon Ranch Co. \* | 120520 | 2122357 |
|  |  | **123820599** |
| **Semiconductors & Semiconductor Equipment 3.7%** | **Semiconductors & Semiconductor Equipment 3.7%** | **Semiconductors & Semiconductor Equipment 3.7%** |
| ACM Research, Inc., Class A \* | 257684 | 14347845 |
| Aehr Test Systems \* | 136400 | 5105452 |
| Allegro MicroSystems, Inc. \* | 600771 | 21910118 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Alpha & Omega Semiconductor Ltd. \* | 119606 | 2512922 |
| Ambarella, Inc. \* | 197046 | 11889756 |
| Ambiq Micro, Inc. \* | 19303 | 592602 |
| Amkor Technology, Inc.  | 552290 | 26410508 |
| Axcelis Technologies, Inc. \* | 150840 | 12460892 |
| Blaize Holdings, Inc. *\*(a)* | 237028 | 279693 |
| CEVA, Inc. \* | 115597 | 2411354 |
| Cirrus Logic, Inc. \* | 247488 | 34925507 |
| Cohu, Inc. \* | 225759 | 6817922 |
| Diodes, Inc. \* | 224996 | 15351477 |
| Enphase Energy, Inc. \* | 634563 | 26822978 |
| FormFactor, Inc. \* | 376415 | 37219915 |
| Ichor Holdings Ltd. \* | 166900 | 7936095 |
| Impinj, Inc. \* | 129718 | 15911210 |
| indie Semiconductor, Inc., Class A \* | 986208 | 3609521 |
| Kulicke & Soffa Industries, Inc.  | 252637 | 17613852 |
| MACOM Technology Solutions <br> Holdings, Inc. \*<br>| 310578 | 77060613 |
| MaxLinear, Inc. \* | 396761 | 6915544 |
| MKS, Inc.  | 325709 | 79622822 |
| Navitas Semiconductor Corp. \* | 961231 | 8651079 |
| Onto Innovation, Inc. \* | 237671 | 51310792 |
| PDF Solutions, Inc. \* | 154700 | 5225766 |
| Penguin Solutions, Inc. \* | 231194 | 4804211 |
| Photronics, Inc. \* | 287772 | 10771306 |
| Power Integrations, Inc.  | 269404 | 12909840 |
| Rambus, Inc. \* | 522163 | 52038765 |
| Rigetti Computing, Inc. \* | 1604624 | 27952550 |
| Semtech Corp. \* | 421101 | 37991732 |
| Silicon Laboratories, Inc. \* | 159563 | 32635420 |
| SiTime Corp. \* | 106306 | 42297031 |
| SkyWater Technology, Inc. \* | 135167 | 3982020 |
| SolarEdge Technologies, Inc. \* | 291043 | 10302922 |
| Synaptics, Inc. \* | 189424 | 15430479 |
| Ultra Clean Holdings, Inc. \* | 219522 | 13320595 |
| Veeco Instruments, Inc. \* | 292998 | 8954019 |
| Wolfspeed, Inc. *\*(a)* | 43644 | 860660 |
|  |  | **767167785** |
| **Software & Services 5.8%** | **Software & Services 5.8%** | **Software & Services 5.8%** |
| 8x8, Inc. \* | 689160 | 1474802 |
| A10 Networks, Inc.  | 345657 | 6657354 |
| ACI Worldwide, Inc. \* | 501472 | 19898409 |
| Adeia, Inc.  | 530077 | 10967293 |
| Agilysys, Inc. \* | 123280 | 8897118 |
| Alarm.com Holdings, Inc. \* | 242645 | 11610563 |
| Alkami Technology, Inc. \* | 383637 | 6347274 |
| Amplitude, Inc., Class A \* | 460999 | 3365293 |
| Appfolio, Inc., Class A \* | 111993 | 19907876 |
| Appian Corp., Class A \* | 196480 | 5240122 |
| Applied Digital Corp. \* | 1207661 | 32932915 |
| Asana, Inc., Class A \* | 438156 | 3110908 |
| ASGN, Inc. \* | 207747 | 8912346 |
| Aurora Innovation, Inc. \* | 5895047 | 27588820 |
| AvePoint, Inc. \* | 684427 | 7378123 |
| BigBear.ai Holdings, Inc. *\*(a)* | 2121051 | 8399362 |
| Bill Holdings, Inc. \* | 431553 | 19208424 |
| Bit Digital, Inc. \* | 1557140 | 2600424 |
| BitMine Immersion Technologies, Inc.  | 1382573 | 26241236 |
| Blackbaud, Inc. \* | 177147 | 8598715 |
| BlackLine, Inc. \* | 242665 | 8553941 |
| Blend Labs, Inc., Class A \* | 1078444 | 1811786 |
| Box, Inc., Class A \* | 702292 | 16538977 |
| Braze, Inc., Class A \* | 419312 | 7962735 |
| C3.ai, Inc., Class A \* | 589076 | 4683154 |
| CCC Intelligent Solutions Holdings, <br> Inc. \*<br>| 2828108 | 16487870 |

---

*See financial notes*

**92**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Cipher Digital, Inc. \* | 1421881 | 22181344 |
| Cleanspark, Inc. \* | 1364299 | 13574775 |
| Clear Secure, Inc., Class A  | 430092 | 20919675 |
| Clearwater Analytics Holdings, Inc., <br> Class A \*<br>| 1398705 | 32715710 |
| Commerce.com, Inc. \* | 328687 | 913750 |
| Commvault Systems, Inc. \* | 213375 | 18153945 |
| Confluent, Inc., Class A \* | 1449051 | 44442394 |
| Consensus Cloud Solutions, Inc. \* | 91318 | 2746845 |
| Core Scientific, Inc. \* | 1506415 | 25563863 |
| CS Disco, Inc. \* | 123090 | 400043 |
| Daily Journal Corp. \* | 4405 | 2244392 |
| Digimarc Corp. *\*(a)* | 80529 | 354730 |
| Digital Turbine, Inc. \* | 494158 | 2006281 |
| DigitalOcean Holdings, Inc. \* | 333173 | 18677678 |
| Dolby Laboratories, Inc., Class A  | 297152 | 19781409 |
| Domo, Inc., Class B \* | 161318 | 579132 |
| Dropbox, Inc., Class A \* | 848538 | 21204965 |
| D-Wave Quantum, Inc. \* | 1682300 | 31593594 |
| DXC Technology Co. \* | 845872 | 10649528 |
| EverCommerce, Inc. *\*(a)* | 89451 | 1026897 |
| Expensify, Inc., Class A \* | 264669 | 251462 |
| Fastly, Inc., Class A \* | 681423 | 13028808 |
| Five9, Inc. \* | 379614 | 6620468 |
| Freshworks, Inc., Class A \* | 1008513 | 7886572 |
| Gitlab, Inc., Class A \* | 681969 | 17935785 |
| Grid Dynamics Holdings, Inc. \* | 318038 | 2146756 |
| Hackett Group, Inc.  | 113178 | 1546011 |
| Hut 8 Corp. \* | 466562 | 24835095 |
| I3 Verticals, Inc., Class A \* | 101104 | 2262708 |
| Intapp, Inc. \* | 273249 | 6128975 |
| InterDigital, Inc.  | 124980 | 45808919 |
| Kaltura, Inc. \* | 435697 | 605619 |
| Klaviyo, Inc., Class A \* | 668167 | 11632787 |
| Kyndryl Holdings, Inc. \* | 1109345 | 13678224 |
| Life360, Inc. \* | 381464 | 20084080 |
| LiveRamp Holdings, Inc. \* | 310844 | 8445631 |
| MARA Holdings, Inc. \* | 1832222 | 16380065 |
| N-able, Inc. \* | 363748 | 1600491 |
| nCino, Inc. \* | 512909 | 8278351 |
| NCR Voyix Corp. \* | 670190 | 5120252 |
| Netskope, Inc., Class A \* | 264802 | 2859862 |
| NextNav, Inc. \* | 433183 | 6969914 |
| ON24, Inc. \* | 183057 | 1466287 |
| OneSpan, Inc.  | 186329 | 2057072 |
| Onestream, Inc. \* | 391358 | 9232135 |
| PagerDuty, Inc. \* | 456133 | 3220299 |
| PAR Technology Corp. \* | 197023 | 3229207 |
| Pegasystems, Inc.  | 443811 | 19407855 |
| Pivotal Software, Inc. *\*(c)* | 272619 | 0 |
| Porch Group, Inc. \* | 475786 | 3906203 |
| Progress Software Corp. \* | 209265 | 8764018 |
| Q2 Holdings, Inc. \* | 303667 | 14612456 |
| Qualys, Inc. \* | 174422 | 16128802 |
| Rackspace Technology, Inc. *\*(a)* | 488823 | 953205 |
| Rapid7, Inc. \* | 278882 | 1734646 |
| Red Violet, Inc. \* | 63380 | 2744988 |
| RingCentral, Inc., Class A \* | 373812 | 13625447 |
| Riot Platforms, Inc. \* | 1566210 | 25513561 |
| Samsara, Inc., Class A \* | 1691442 | 48882674 |
| SEMrush Holdings, Inc., Class A \* | 215501 | 2547222 |
| SentinelOne, Inc., Class A \* | 1558190 | 20443453 |
| ServiceTitan, Inc., Class A \* | 274952 | 19903775 |
| Silvaco Group, Inc. \* | 42658 | 143331 |
| SoundHound AI, Inc., Class A *\*(a)* | 1876897 | 16141314 |
| Sprinklr, Inc., Class A \* | 595331 | 3464826 |
| Sprout Social, Inc., Class A \* | 254549 | 1641841 |
| SPS Commerce, Inc. \* | 182785 | 10329180 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Telos Corp. \* | 258023 | 1037252 |
| Tenable Holdings, Inc. \* | 579570 | 11145131 |
| Teradata Corp. \* | 453714 | 14287454 |
| Terawulf, Inc. \* | 1608037 | 26082360 |
| TON Strategy Co. *\*(a)* | 230077 | 446349 |
| Tucows, Inc., Class A \* | 43237 | 785184 |
| UiPath, Inc., Class A \* | 2046405 | 21957926 |
| Unisys Corp. \* | 318769 | 774609 |
| Varonis Systems, Inc. \* | 571063 | 13191555 |
| Vertex, Inc., Class A \* | 356237 | 5158312 |
| Via Transportation, Inc., Class A *\*(a)* | 50875 | 874032 |
| Weave Communications, Inc. \* | 319244 | 1608990 |
| Whitefiber, Inc. *\*(a)* | 51013 | 859569 |
| Workiva, Inc. \* | 253965 | 15639165 |
| Xperi, Inc. \* | 229964 | 1409679 |
| Yext, Inc. \* | 504289 | 2864362 |
| Zeta Global Holdings Corp., Class A \* | 955881 | 16202183 |
|  |  | **1193631534** |
| **Technology Hardware & Equipment 7.4%** | **Technology Hardware & Equipment 7.4%** | **Technology Hardware & Equipment 7.4%** |
| 908 Devices, Inc. \* | 137246 | 946997 |
| ADTRAN Holdings, Inc. \* | 355815 | 3629313 |
| Advanced Energy Industries, Inc.  | 183029 | 61419042 |
| Aeva Technologies, Inc. *\*(a)* | 133090 | 1764773 |
| Applied Optoelectronics, Inc. \* | 311906 | 26271842 |
| Arlo Technologies, Inc. \* | 513116 | 8050790 |
| Avnet, Inc.  | 395517 | 26040839 |
| Badger Meter, Inc.  | 142659 | 21745511 |
| Bel Fuse, Inc., Class B  | 58077 | 13340868 |
| Belden, Inc.  | 191012 | 27372020 |
| Benchmark Electronics, Inc.  | 173811 | 10048014 |
| Calix, Inc. \* | 291994 | 15116529 |
| Clearfield, Inc. \* | 55712 | 1751585 |
| Corsair Gaming, Inc. \* | 227074 | 1246636 |
| Crane NXT Co.  | 239551 | 11567918 |
| CTS Corp.  | 140301 | 7388251 |
| Daktronics, Inc. \* | 202077 | 5209545 |
| Diebold Nixdorf, Inc. \* | 174204 | 13936320 |
| Digi International, Inc. \* | 180011 | 8788137 |
| ePlus, Inc.  | 127692 | 10299637 |
| Evolv Technologies Holdings, Inc. \* | 680961 | 3609093 |
| Extreme Networks, Inc. \* | 646758 | 9041677 |
| GPGI, Inc., Class A  | 342053 | 7679090 |
| Harmonic, Inc. \* | 541102 | 5751914 |
| Insight Enterprises, Inc. \* | 150880 | 12607533 |
| IPG Photonics Corp. \* | 122760 | 16151533 |
| Itron, Inc. \* | 221904 | 20847881 |
| Kimball Electronics, Inc. \* | 118241 | 2954843 |
| Knowles Corp. \* | 415141 | 11279381 |
| Lightwave Logic, Inc. \* | 629343 | 2775403 |
| Littelfuse, Inc.  | 120741 | 42556373 |
| Lumentum Holdings, Inc. \* | 344042 | 241142478 |
| Methode Electronics, Inc.  | 171214 | 1448470 |
| MicroVision, Inc. \* | 1451584 | 1133832 |
| Mirion Technologies, Inc. \* | 1201962 | 25974399 |
| Napco Security Technologies, Inc.  | 174221 | 8120441 |
| NETGEAR, Inc. \* | 136501 | 2814651 |
| NetScout Systems, Inc. \* | 331324 | 9677974 |
| nLight, Inc. \* | 265543 | 14920861 |
| Novanta, Inc. \* | 173478 | 23320648 |
| Ondas, Inc. *\*(a)* | 1877108 | 18921249 |
| OSI Systems, Inc. \* | 77316 | 22050523 |
| Ouster, Inc. \* | 289077 | 5478009 |
| PC Connection, Inc.  | 55458 | 3380165 |
| Plexus Corp. \* | 130832 | 25398416 |
| Powerfleet, Inc. NJ \* | 569771 | 2034083 |
| Quantum Computing, Inc. *\*(a)* | 926613 | 7792815 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**93**

------

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Ralliant Corp.  | 547335 | 25117203 |
| Ribbon Communications, Inc. \* | 447696 | 998362 |
| Rogers Corp. \* | 81656 | 8804967 |
| Sandisk Corp. \* | 716198 | 455043561 |
| Sanmina Corp. \* | 264713 | 41099340 |
| ScanSource, Inc. \* | 97496 | 3585903 |
| SmartRent, Inc. \* | 839826 | 1276536 |
| TTM Technologies, Inc. \* | 501097 | 52234351 |
| Viasat, Inc. \* | 655550 | 30011079 |
| Viavi Solutions, Inc. \* | 1082511 | 32161402 |
| Vishay Intertechnology, Inc.  | 598278 | 11199764 |
| Vistance Networks, Inc. \* | 1075996 | 18905250 |
| Vontier Corp.  | 704877 | 28843567 |
| Xerox Holdings Corp.  | 568949 | 1024108 |
|  |  | **1535103695** |
| **Telecommunication Services 0.7%** | **Telecommunication Services 0.7%** | **Telecommunication Services 0.7%** |
| Anterix, Inc. \* | 90210 | 3329651 |
| Array Digital Infrastructure, Inc.  | 69579 | 3390585 |
| ATN International, Inc.  | 47941 | 1381660 |
| Bandwidth, Inc., Class A \* | 139889 | 2073155 |
| Cogent Communications Holdings, <br> Inc. <br>| 230261 | 4319696 |
| GCI Liberty, Inc., Class C \* | 166632 | 6556969 |
| Globalstar, Inc. \* | 246054 | 15321782 |
| Gogo, Inc. \* | 382408 | 1617586 |
| IDT Corp., Class B  | 99681 | 5078747 |
| Iridium Communications, Inc.  | 509544 | 12203579 |
| Liberty Global Ltd., Class C \* | 1456160 | 17910768 |
| Liberty Latin America Ltd., Class C \* | 766457 | 6085669 |
| Lumen Technologies, Inc. \* | 4582055 | 32578411 |
| Shenandoah Telecommunications Co.  | 220430 | 3004461 |
| Telephone & Data Systems, Inc.  | 478143 | 21396899 |
| Uniti Group, Inc.  | 866825 | 6345159 |
|  |  | **142594777** |
| **Transportation 1.7%** | **Transportation 1.7%** | **Transportation 1.7%** |
| Alaska Air Group, Inc. \* | 563630 | 29083308 |
| Allegiant Travel Co. \* | 65191 | 6659261 |
| ArcBest Corp.  | 109702 | 11262007 |
| Arrive AI, Inc. \* | 23656 | 26022 |
| Avis Budget Group, Inc. *\*(a)* | 81621 | 7950702 |
| Covenant Logistics Group, Inc., <br> Class A <br>| 72942 | 2147412 |
| Forward Air Corp. \* | 109858 | 2778309 |
| Frontier Group Holdings, Inc. \* | 413019 | 1833804 |
| FTAI Infrastructure, Inc.  | 555441 | 3224335 |
| Genco Shipping & Trading Ltd.  | 182668 | 4393165 |
| GXO Logistics, Inc. \* | 555200 | 34883216 |
| Heartland Express, Inc.  | 221571 | 2443928 |
| Hertz Global Holdings, Inc. *\*(a)* | 602007 | 2733112 |
| Hub Group, Inc., Class A  | 293996 | 12662408 |
| JetBlue Airways Corp. \* | 1408629 | 7803805 |
| Kirby Corp. \* | 262850 | 34117930 |
| Landstar System, Inc.  | 166872 | 27191792 |
| Lyft, Inc., Class A \* | 1941295 | 26867523 |
| Marten Transport Ltd.  | 281396 | 3824172 |
| Matson, Inc.  | 151519 | 25171851 |
| Proficient Auto Logistics, Inc. \* | 112760 | 853593 |
| RXO, Inc. \* | 795313 | 12693196 |
| Ryder System, Inc.  | 196065 | 43440161 |
| Schneider National, Inc., Class B  | 242322 | 6877098 |
| SkyWest, Inc. \* | 194204 | 20212752 |
| Sun Country Airlines Holdings, Inc. \* | 257551 | 5068604 |
| Universal Logistics Holdings, Inc.  | 35253 | 586257 |
| Werner Enterprises, Inc.  | 291195 | 10218033 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Wheels Up Experience, Inc. \* | 441676 | 263062 |
|  |  | **347270818** |
| **Utilities 2.6%** | **Utilities 2.6%** | **Utilities 2.6%** |
| American States Water Co.  | 188112 | 14019987 |
| Avista Corp.  | 395601 | 16069313 |
| Black Hills Corp.  | 366570 | 27001546 |
| California Water Service Group  | 289160 | 13035333 |
| Chesapeake Utilities Corp.  | 115084 | 15647972 |
| Clearway Energy, Inc., Class C  | 568559 | 21781495 |
| H2O America  | 161865 | 8706718 |
| Hallador Energy Co. \* | 174168 | 3166374 |
| Hawaiian Electric Industries, Inc. \* | 836062 | 12950600 |
| IDACORP, Inc.  | 262104 | 37735113 |
| MDU Resources Group, Inc.  | 991977 | 20514084 |
| MGE Energy, Inc.  | 177847 | 14587011 |
| Middlesex Water Co.  | 89159 | 4814586 |
| Montauk Renewables, Inc. \* | 320962 | 494282 |
| National Fuel Gas Co.  | 438265 | 39895263 |
| New Jersey Resources Corp.  | 488178 | 26478775 |
| Northwest Natural Holding Co.  | 200434 | 10631019 |
| Northwestern Energy Group, Inc.  | 297796 | 20833808 |
| ONE Gas, Inc.  | 290477 | 25399309 |
| Ormat Technologies, Inc.  | 294487 | 30538302 |
| Otter Tail Corp.  | 203506 | 17318361 |
| Portland General Electric Co.  | 546418 | 29484715 |
| Southwest Gas Holdings, Inc.  | 312129 | 27520414 |
| Spire, Inc.  | 285861 | 26187726 |
| TXNM Energy, Inc.  | 476181 | 28104203 |
| UGI Corp.  | 1043447 | 39035352 |
| Unitil Corp.  | 85989 | 4498085 |
| York Water Co.  | 68463 | 2251063 |
|  |  | **538700809** |
| **Total Common Stocks** <br>**(Cost $16,325,680,417)** | **Total Common Stocks** <br>**(Cost $16,325,680,417)** | **20655277863** |

---

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

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 1.6% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 1.6% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 1.6% OF NET ASSETS  |
| **Money Market Funds 1.6%** | **Money Market Funds 1.6%** | **Money Market Funds 1.6%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 3.63% *(d)*<br>| 16969220 | 16969220 |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 3.63% *(d)(e)*<br>| 303013558 | 303013558 |
|  |  | **319982778** |
| **Total Short-Term Investments** <br>**(Cost $319,982,778)** | **Total Short-Term Investments** <br>**(Cost $319,982,778)** | **319982778** |
| **Total Investments in Securities** <br>**(Cost $16,645,663,195)** | **Total Investments in Securities** <br>**(Cost $16,645,663,195)** | **20975260641** |

---

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

*See financial notes*

**94**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>DEPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| Russell 2000 Index, e-mini, <br> expires 03/20/26<br>| 206 | 27137410 | **(303944)**<br>|

---

&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 $289,425,438. 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* Fair valued using significant unobservable inputs.

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

&nbsp;&nbsp;&nbsp;&nbsp;*(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 August 31, 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> 8/31/25<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 |
| **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>| $— | $210029 | ($206496)<br>| ($676414)<br>| ($1150585)<br>| $808537 | 412519 | $— |
| **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>|  | 78449 | (16528)<br>| (679)<br>| (257564)<br>| 627914 | 148443 |  |
| **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>| 290004 | 28226 | (514201)<br>| (5554082)<br>| 5750053 |  |  |  |
| **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>|  | 342507 | (237004)<br>| (193681)<br>| (120820)<br>| 2684162 | 67799 | 93215 |
| **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>| 2178276 | 207673 | (368924)<br>| (2432452)<br>| 2143385 | 1727958 | 751286 | 14944 |
| **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>|  | 55409 | (13634)<br>| (293)<br>| (434411)<br>| 358816 | 448857 |  |
| **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>|  | 164250 | (96393)<br>| (351935)<br>| (537337)<br>| 865680 | 357719 |  |
| **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>|  | 54752 | (11583)<br>| (454)<br>| (179482)<br>| 542916 | 51559 |  |
| Nu Skin Enterprises, Inc., Class A<sup>(a)</sup> <br>|  | 363677 | (347334)<br>| (1020219)<br>| 140747 | 2028950 | 239263 | 28587 |
|  |  |  |  |  |  | **2571866** |  |  |
| **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>|  | 124023 | (155864)<br>| (648139)<br>| 822834 | 1251832 | 153223 |  |
| EW Scripps Co., Class A<sup>(a),\*</sup> <br>|  | 151365 | (23103)<br>| 5846 | 380169 | 1370496 | 330240 |  |
| Gray Media, Inc.<sup>(a)</sup> <br>|  | 212956 | (141531)<br>| (52819)<br>| (332362)<br>| 2164609 | 417073 | 65373 |
|  |  |  |  |  |  | **4786937** |  |  |
| **Total** | **$2468280** | **$1993316** | **($2132595)**<br>| **($10925321)**<br>| **$6224627** | **$14431870** |  | **$202119** |

---

&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 $289,425,438.

\* Non-income producing security.

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**95**

------

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (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>| $16477109689 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16477109689 |
| Health Care Equipment & Services | 977496018 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 977496018 |
| Pharmaceuticals, Biotechnology & Life Sciences | 2007038656 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1966 | &nbsp;&nbsp; 2007040622 |
| Software & Services | 1193631534 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 1193631534 |
| Short-Term Investments<sup>1</sup> <br>| 319982778 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 319982778 |
| **<u>Liabilities</u>** |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| (303944)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (303944)<br>|
| **Total** | **$20974954731** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1966** | &nbsp;&nbsp; **$20974956697** |

---

&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*

**96**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Small-Cap ETF

Statement of Assets and Liabilities

------

As of February 28, 2026; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $59,978,246)  |  | $14431870 |
| Investments in securities, at value - unaffiliated issuers (cost $16,585,684,949) including securities on loan of $289,425,438 |  | 20960828771 |
| Cash |  | 17 |
| Deposit with broker for futures contracts |  | 1935630 |
| Receivables: |  |  |
| Investments sold |  | 64189684 |
| Dividends |  | 12812504 |
| Income from securities on loan | + | 484577 |
| **Total assets** |  | **21054683053** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 303013558 |
| Payables: |  |  |
| Fund shares redeemed |  | 15255308 |
| Investments bought |  | 1836603 |
| Management fees |  | 632552 |
| Variation margin on futures contracts | + | 417368 |
| **Total liabilities** |  | **321155389** |
| **Net assets** |  | **$20733527664** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $17679050017 |
| Total distributable earnings | + | 3054477647 |
| **Net assets** |  | **$20733527664** |

---

&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** |
| $20733527664 |  | &nbsp;&nbsp;&nbsp;&nbsp; 679550000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $30.51 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**97**

------

Schwab U.S. Small-Cap ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $89,917) |  | $130972474 |
| Dividends received from securities - affiliated issuers |  | 202119 |
| Other Interest |  | 48320 |
| Securities on loan, net | + | 3857077 |
| **Total investment income**  |  | **135079990** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 3871700 |
| **Total expenses** | – | **3871700** |
| **Net investment income** |  | **131208290** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers |  | (10968181)<br>|
| Net realized losses on sales of securities - unaffiliated issuers  |  | (167923479)<br>|
| Net realized gains on sales of in-kind redemptions - affiliated issuers |  | 42860 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 1267064755 |
| Net realized gains on futures contracts | + | 3926437 |
| **Net realized gains** |  | **1092142392** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 6224627 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 1092701042 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | (324326)<br>|
| **Net change in unrealized appreciation (depreciation)** |  | **1098601343** |
| **Net realized and unrealized gains** |  | **2190743735** |
| **Increase in net assets resulting from operations** |  | **$2321952025** |

---

*See financial notes*

**98**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Small-Cap ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 |
| Net investment income |  | $131208290 | &nbsp;&nbsp;&nbsp; $230114218 |
| Net realized gains |  | 1092142392 | &nbsp;&nbsp;&nbsp; 792158844 |
| Net change in unrealized appreciation (depreciation) | + | 1098601343 | &nbsp;&nbsp;&nbsp; 457771935 |
| **Increase in net assets resulting from operations** |  | **$2321952025** | &nbsp;&nbsp;&nbsp; **$1480044997** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($147787965)**<br>| &nbsp;&nbsp;&nbsp; **($274836015)**<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>  |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 | 9/1/24-8/31/25 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 67900000 | &nbsp;&nbsp;&nbsp; $1913818093 | &nbsp;&nbsp;&nbsp; 83650000 | &nbsp;&nbsp;&nbsp; $2091252618 |
| Shares redeemed | + | (69750000)<br>| &nbsp;&nbsp;&nbsp; (1972212745)<br>| &nbsp;&nbsp;&nbsp; (103050000)<br>| &nbsp;&nbsp;&nbsp; (2589173046)<br>|
| **Net transactions in fund shares**  |  | **(1850000)**<br>| &nbsp;&nbsp;&nbsp; **($58394652)**<br>| &nbsp;&nbsp;&nbsp; **(19400000)**<br>| &nbsp;&nbsp;&nbsp; **($497920428)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 | 9/1/24-8/31/25 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 681400000 | &nbsp;&nbsp;&nbsp; $18617758256 | &nbsp;&nbsp;&nbsp; 700800000 | &nbsp;&nbsp;&nbsp; $17910469702 |
| Total increase (decrease) | + | (1850000)<br>| &nbsp;&nbsp;&nbsp; 2115769408 | &nbsp;&nbsp;&nbsp; (19400000)<br>| &nbsp;&nbsp;&nbsp; 707288554 |
| **End of period** |  | **679550000** | &nbsp;&nbsp;&nbsp; **$20733527664** | &nbsp;&nbsp;&nbsp; **681400000** | &nbsp;&nbsp;&nbsp; **$18617758256** |

---

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

<sup>1</sup> For the period ended August 31, 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 U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**99**

------

Schwab U.S. Dividend Equity ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 9/1/25– <br>2/28/26\*<br>| 9/1/24– <br>8/31/25<sup>1</sup> <br>| 9/1/23– <br>8/31/24<sup>1</sup> <br>| 9/1/22– <br>8/31/23<sup>1</sup> <br>| 9/1/21– <br>8/31/22<sup>1</sup> <br>| 9/1/20– <br>8/31/21<sup>1</sup> <br>|
| **Per-Share Data** | **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; $27.93 | &nbsp;&nbsp; $28.17 | &nbsp;&nbsp; $24.85 | &nbsp;&nbsp; $24.13 | &nbsp;&nbsp; $25.89 | &nbsp;&nbsp; $19.10 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.55 | 1.03 | 0.96 | 0.91 | 0.84 | 0.76 |
| Net realized and unrealized gains (losses) | 3.82 | &nbsp;&nbsp; (0.24)<br>| 3.30 | 0.68 | &nbsp;&nbsp; (1.79)<br>| 6.76 |
| Total from investment operations | 4.37 | 0.79 | 4.26 | 1.59 | &nbsp;&nbsp; (0.95)<br>| 7.52 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (0.73)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $31.76 | &nbsp;&nbsp; $27.93 | &nbsp;&nbsp; $28.17 | &nbsp;&nbsp; $24.85 | &nbsp;&nbsp; $24.13 | &nbsp;&nbsp; $25.89 |
| Total return | 15.96 %<sup>3</sup><br>| 2.90<br> %<br>| 17.71<br> %<br>| 6.75<br> %<br>| &nbsp;&nbsp; (3.74<br> %)<br>| 40.15<br> %<br>|
| **Ratios/Supplemental Data** | **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 | 0.06 %<sup>4</sup><br>| 0.06<br> %<br>| 0.06<br> %<br>| 0.06 %<sup>5</sup><br>| 0.06 %<sup>5</sup><br>| 0.06<br> %<br>|
| Net investment income (loss) | 3.91 %<sup>4</sup><br>| 3.77<br> %<br>| 3.78<br> %<br>| 3.74<br> %<br>| 3.31<br> %<br>| 3.27<br> %<br>|
| Portfolio turnover rate<sup>6</sup> <br>| &nbsp;&nbsp; 6 %<sup>3</sup><br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 46<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $85917 | &nbsp;&nbsp; $72622 | &nbsp;&nbsp; $60686 | &nbsp;&nbsp; $49611 | &nbsp;&nbsp; $37095 | &nbsp;&nbsp; $27955 |

---

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

\* Unaudited.

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

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

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

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

*See financial notes*

**100**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Dividend Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited)

------

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.8% OF NET ASSETS  | **COMMON STOCKS** 99.8% OF NET ASSETS  | **COMMON STOCKS** 99.8% OF NET ASSETS  |
| **Automobiles & Components 2.3%** | **Automobiles & Components 2.3%** | **Automobiles & Components 2.3%** |
| Autoliv, Inc.  | 2160358 | 256045630 |
| Ford Motor Co.  | 120935930 | 1703987254 |
|  |  | **1960032884** |
| **Banks 4.0%** | **Banks 4.0%** | **Banks 4.0%** |
| 1st Source Corp.  | 563830 | 37782248 |
| Bank OZK  | 3272583 | 152371465 |
| Banner Corp.  | 1050285 | 61809272 |
| Cathay General Bancorp  | 2104647 | 104622002 |
| Central Pacific Financial Corp.  | 826733 | 26331446 |
| City Holding Co.  | 443929 | 53258162 |
| Columbia Banking System, Inc.  | 9248968 | 263133140 |
| CVB Financial Corp.  | 3968788 | 76319793 |
| East West Bancorp, Inc.  | 4252416 | 465426931 |
| Fifth Third Bancorp  | 20425990 | 1010473725 |
| First Commonwealth Financial Corp.  | 3187365 | 55874508 |
| First Financial Corp.  | 364137 | 23071720 |
| German American Bancorp, Inc.  | 1157722 | 47860228 |
| International Bancshares Corp.  | 1672288 | 112227248 |
| Lakeland Financial Corp.  | 791755 | 45993048 |
| Northwest Bancshares, Inc.  | 4504027 | 56075136 |
| OFG Bancorp  | 1355056 | 54310645 |
| Preferred Bank  | 349068 | 30620245 |
| Regions Financial Corp.  | 27096442 | 754093981 |
| S&T Bancorp, Inc.  | 1177315 | 49223540 |
|  |  | **3480878483** |
| **Capital Goods 8.1%** | **Capital Goods 8.1%** | **Capital Goods 8.1%** |
| Fastenal Co.  | 35475548 | 1633294230 |
| Lockheed Martin Corp.  | 6292394 | 4140898643 |
| MSC Industrial Direct Co., Inc., <br> Class A <br>| 1414851 | 132769618 |
| Snap-on, Inc.  | 1607099 | 619086677 |
| Watsco, Inc.  | 1079326 | 450435120 |
|  |  | **6976484288** |
| **Commercial & Professional Services 1.2%** | **Commercial & Professional Services 1.2%** | **Commercial & Professional Services 1.2%** |
| Ennis, Inc.  | 789347 | 16663115 |
| Insperity, Inc.  | 1101713 | 24469046 |
| Kforce, Inc.  | 499708 | 13502110 |
| Paychex, Inc.  | 10009003 | 937343131 |
| Robert Half, Inc.  | 3067725 | 74913844 |
|  |  | **1066891246** |
| **Consumer Discretionary Distribution & Retail 4.4%** | **Consumer Discretionary Distribution & Retail 4.4%** | **Consumer Discretionary Distribution & Retail 4.4%** |
| Best Buy Co., Inc.  | 6037881 | 374167486 |
| Buckle, Inc.  | 928709 | 49732367 |
| Home Depot, Inc.  | 8405768 | 3200243993 |
| Signet Jewelers Ltd.  | 1266329 | 121808186 |
|  |  | **3745952032** |
| **Consumer Durables & Apparel 0.2%** | **Consumer Durables & Apparel 0.2%** | **Consumer Durables & Apparel 0.2%** |
| Carter's, Inc.  | 1132693 | 38001850 |
| Ethan Allen Interiors, Inc.  | 716768 | 16327975 |
| Oxford Industries, Inc. *(a)* | 428702 | 16972312 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Whirlpool Corp. *(b)* | 1733618 | 118631480 |
|  |  | **189933617** |
| **Consumer Services 1.1%** | **Consumer Services 1.1%** | **Consumer Services 1.1%** |
| Darden Restaurants, Inc.  | 3594230 | 768626085 |
| Vail Resorts, Inc.  | 1110839 | 150863045 |
| Wendy's Co. *(b)* | 4863734 | 37256202 |
|  |  | **956745332** |
| **Consumer Staples Distribution & Retail 1.9%** | **Consumer Staples Distribution & Retail 1.9%** | **Consumer Staples Distribution & Retail 1.9%** |
| Target Corp.  | 14041416 | 1597772727 |
| **Energy 21.1%** | **Energy 21.1%** | **Energy 21.1%** |
| APA Corp.  | 10949562 | 332538198 |
| Chevron Corp.  | 19846350 | 3706504326 |
| ConocoPhillips  | 32768858 | 3717954629 |
| Coterra Energy, Inc.  | 23527399 | 719703135 |
| EOG Resources, Inc.  | 16766863 | 2080432361 |
| Halliburton Co.  | 26007176 | 936258336 |
| HF Sinclair Corp.  | 4832733 | 241684977 |
| Murphy Oil Corp.  | 4149562 | 137557980 |
| ONEOK, Inc.  | 19443967 | 1609377149 |
| Ovintiv, Inc.  | 7825979 | 395916278 |
| SLB Ltd.  | 46163874 | 2370053291 |
| Valero Energy Corp.  | 9425144 | 1928761468 |
|  |  | **18176742128** |
| **Financial Services 1.8%** | **Financial Services 1.8%** | **Financial Services 1.8%** |
| Artisan Partners Asset Management, <br> Inc., Class A <br>| 2182427 | 87908160 |
| Cohen & Steers, Inc.  | 854582 | 57145898 |
| Federated Hermes, Inc.  | 2285699 | 128022001 |
| Janus Henderson Group PLC  | 3817993 | 198917435 |
| Moelis & Co., Class A  | 2287841 | 135806242 |
| Radian Group, Inc.  | 4188998 | 144604211 |
| T. Rowe Price Group, Inc.  | 6743756 | 638161630 |
| Virtus Investment Partners, Inc.  | 197751 | 27360828 |
| Western Union Co.  | 9843876 | 94796526 |
|  |  | **1512722931** |
| **Food, Beverage & Tobacco 15.6%** | **Food, Beverage & Tobacco 15.6%** | **Food, Beverage & Tobacco 15.6%** |
| Altria Group, Inc.  | 51506742 | 3556025468 |
| Archer-Daniels-Midland Co.  | 14850135 | 1025253320 |
| Coca-Cola Co.  | 42487057 | 3465244369 |
| Flowers Foods, Inc.  | 6511857 | 64337147 |
| General Mills, Inc.  | 16483127 | 745531834 |
| Hershey Co.  | 4578674 | 1081849093 |
| PepsiCo, Inc.  | 20319523 | 3449035834 |
|  |  | **13387277065** |
| **Household & Personal Products 1.4%** | **Household & Personal Products 1.4%** | **Household & Personal Products 1.4%** |
| Interparfums, Inc.  | 566969 | 57139136 |
| Kimberly-Clark Corp.  | 10254766 | 1142791123 |
|  |  | **1199930259** |
| **Insurance 2.2%** | **Insurance 2.2%** | **Insurance 2.2%** |
| American Financial Group, Inc.  | 2140103 | 284590897 |
| AMERISAFE, Inc.  | 584468 | 19012744 |
| Cincinnati Financial Corp.  | 4821156 | 790573161 |
| CNA Financial Corp.  | 668239 | 32088837 |
| Fidelity National Financial, Inc.  | 7872754 | 416311231 |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**101**

------

Schwab U.S. Dividend Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Unum Group  | 4757048 | 341223053 |
|  |  | **1883799923** |
| **Materials 2.8%** | **Materials 2.8%** | **Materials 2.8%** |
| Amcor PLC  | 14266173 | 690910758 |
| CF Industries Holdings, Inc.  | 4820944 | 479876766 |
| FMC Corp.  | 3851508 | 56771228 |
| Huntsman Corp.  | 5043993 | 63806512 |
| LyondellBasell Industries NV, Class A  | 7959979 | 457857992 |
| Packaging Corp. of America  | 2761660 | 641091752 |
|  |  | **2390315008** |
| **Media & Entertainment 0.3%** | **Media & Entertainment 0.3%** | **Media & Entertainment 0.3%** |
| Nexstar Media Group, Inc.  | 880352 | 220985959 |
| **Pharmaceuticals, Biotechnology & Life Sciences 16.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 16.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 16.0%** |
| AbbVie, Inc.  | 13066836 | 3032551299 |
| Amgen, Inc.  | 8709706 | 3380759481 |
| Bristol-Myers Squibb Co.  | 59036672 | 3682117233 |
| Merck & Co., Inc.  | 29417315 | 3642451943 |
|  |  | **13737879956** |
| **Semiconductors & Semiconductor Equipment 4.4%** | **Semiconductors & Semiconductor Equipment 4.4%** | **Semiconductors & Semiconductor Equipment 4.4%** |
| Skyworks Solutions, Inc.  | 4596679 | 273870135 |
| Texas Instruments, Inc.  | 16475951 | 3494713966 |
|  |  | **3768584101** |
| **Technology Hardware & Equipment 3.6%** | **Technology Hardware & Equipment 3.6%** | **Technology Hardware & Equipment 3.6%** |
| Cisco Systems, Inc.  | 38694643 | 3074676333 |
| **Telecommunication Services 4.3%** | **Telecommunication Services 4.3%** | **Telecommunication Services 4.3%** |
| Verizon Communications, Inc.  | 73973662 | 3709039413 |
| **Transportation 3.1%** | **Transportation 3.1%** | **Transportation 3.1%** |
| United Parcel Service, Inc., Class B  | 22835586 | 2648014553 |
| **Utilities 0.0%** | **Utilities 0.0%** | **Utilities 0.0%** |
| Clearway Energy, Inc., Class A  | 1068577 | 38490144 |
| **Total Common Stocks** <br>**(Cost $71,009,296,096)** | **Total Common Stocks** <br>**(Cost $71,009,296,096)** | **85723148382** |

---

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  |
| **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 3.63% *(c)*<br>| 24553152 | 24553152 |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 3.63% *(c)(d)*<br>| 138053750 | 138053750 |
|  |  | **162606902** |
| **Total Short-Term Investments** <br>**(Cost $162,606,902)** | **Total Short-Term Investments** <br>**(Cost $162,606,902)** | **162606902** |
| **Total Investments in Securities** <br>**(Cost $71,171,902,998)** | **Total Investments in Securities** <br>**(Cost $71,171,902,998)** | **85885755284** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| DJIA CBOT, e-mini, expires <br> 03/20/26<br>| 659 | 161455000 | (1498762)<br>|
| S&P 400 Mid-Cap Index, <br> e-mini, expires 03/20/26<br>| 80 | 28623200 | 162673 |
|  |  |  | **(1336089)**<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* All or a portion of this security is on loan. Securities on loan were valued at $133,331,741.

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

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

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

CBOT — Chicago Board of Trade

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 August 31, 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> 8/31/25<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 |
| **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>| $— | $1868057 | ($748894)<br>| ($632777)<br>| ($1076941)<br>| **$16972312** | 428702 | $562660 |

---

&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*

**102**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Dividend Equity ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (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>| $85723148382 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $85723148382 |
| Short-Term Investments<sup>1</sup> <br>| 162606902 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 162606902 |
| Futures Contracts<sup>2</sup> <br>| 162673 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 162673 |
| **<u>Liabilities</u>** |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| (1498762)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1498762)<br>|
| **Total** | **$85884419195** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$85884419195** |

---

&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. Equity ETFs \| Semiannual Holdings and Financial Statements

**103**

------

Schwab U.S. Dividend Equity ETF

Statement of Assets and Liabilities

------

As of February 28, 2026; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $35,905,572)  |  | $16972312 |
| Investments in securities, at value - unaffiliated issuers (cost $71,135,997,426) including securities on loan of $133,331,741 |  | 85868782972 |
| Cash |  | 1466728 |
| Deposit with broker for futures contracts |  | 18710627 |
| Receivables: |  |  |
| Dividends |  | 223017905 |
| Fund shares sold |  | 17468968 |
| Investments sold |  | 4737222 |
| Income from securities on loan | + | 65320 |
| **Total assets** |  | **86151222054** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 138053750 |
| Payables: |  |  |
| Investments bought |  | 84762805 |
| Fund shares redeemed |  | 4764264 |
| Management fees |  | 3838766 |
| Variation margin on futures contracts | + | 2657514 |
| **Total liabilities** |  | **234077099** |
| **Net assets** |  | **$85917144955** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $75561899280 |
| Total distributable earnings | + | 10355245675 |
| **Net assets** |  | **$85917144955** |

---

&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** |
| $85917144955 |  | &nbsp;&nbsp;&nbsp;&nbsp; 2705050000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $31.76 |

---

*See financial notes*

**104**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Dividend Equity ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $77,290) |  | $1449456738 |
| Dividends received from securities - affiliated issuers |  | 562660 |
| Other Interest |  | 256206 |
| Securities on loan, net | + | 199171 |
| **Total investment income**  |  | **1450474775** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 21864777 |
| **Total expenses** | – | **21864777** |
| **Net investment income** |  | **1428609998** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers |  | (592555)<br>|
| Net realized losses on sales of securities - unaffiliated issuers  |  | (50307053)<br>|
| Net realized losses on sales of in-kind redemptions - affiliated issuers |  | (40222)<br>|
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 784343484 |
| Net realized gains on futures contracts | + | 19281888 |
| **Net realized gains** |  | **752685542** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | (1076941)<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 9305280670 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | (2931646)<br>|
| **Net change in unrealized appreciation (depreciation)** |  | **9301272083** |
| **Net realized and unrealized gains** |  | **10053957625** |
| **Increase in net assets resulting from operations** |  | **$11482567623** |

---

*See financial notes*

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**105**

------

Schwab U.S. Dividend Equity ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 |
| Net investment income |  | $1428609998 | &nbsp;&nbsp;&nbsp; $2534015214 |
| Net realized gains |  | 752685542 | &nbsp;&nbsp;&nbsp; 770081548 |
| Net change in unrealized appreciation (depreciation) | + | 9301272083 | &nbsp;&nbsp;&nbsp; (1333039132)<br>|
| **Increase in net assets resulting from operations** |  | **$11482567623** | &nbsp;&nbsp;&nbsp; **$1971057630** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($1400554700)**<br>| &nbsp;&nbsp;&nbsp; **($2469946295)**<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>  |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 | 9/1/24-8/31/25 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 229750000 | &nbsp;&nbsp;&nbsp; $6658844974 | &nbsp;&nbsp;&nbsp; 867400000 | &nbsp;&nbsp;&nbsp; $24038610062 |
| Shares redeemed | + | (125100000)<br>| &nbsp;&nbsp;&nbsp; (3445217158)<br>| &nbsp;&nbsp;&nbsp; (421300000)<br>| &nbsp;&nbsp;&nbsp; (11604589808)<br>|
| **Net transactions in fund shares**  |  | **104650000** | &nbsp;&nbsp;&nbsp; **$3213627816** | &nbsp;&nbsp;&nbsp; **446100000** | &nbsp;&nbsp;&nbsp; **$12434020254** |
| **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>  |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 | 9/1/24-8/31/25 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 2600400000 | &nbsp;&nbsp;&nbsp; $72621504216 | &nbsp;&nbsp;&nbsp; 2154300000 | &nbsp;&nbsp;&nbsp; $60686372627 |
| Total increase | + | 104650000 | &nbsp;&nbsp;&nbsp; 13295640739 | &nbsp;&nbsp;&nbsp; 446100000 | &nbsp;&nbsp;&nbsp; 11935131589 |
| **End of period** |  | **2705050000** | &nbsp;&nbsp;&nbsp; **$85917144955** | &nbsp;&nbsp;&nbsp; **2600400000** | &nbsp;&nbsp;&nbsp; **$72621504216** |

---

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

<sup>1</sup> For the period ended August 31, 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*

**106**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Equity ETFs

Financial Notes, unaudited

------

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

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

---

| | |
|:---|:---|
| **SCHWAB STRATEGIC TRUST**  | **SCHWAB STRATEGIC TRUST**  |
| **Schwab U.S. Broad Market ETF** | Schwab Intermediate-Term U.S. Treasury ETF |
| **Schwab 1000 Index ETF** | Schwab Long-Term U.S. Treasury ETF |
| **Schwab U.S. Large-Cap ETF** | Schwab U.S. Aggregate Bond ETF |
| **Schwab U.S. Large-Cap Growth ETF** | Schwab 1-5 Year Corporate Bond ETF |
| **Schwab U.S. Large-Cap Value ETF** | Schwab 5-10 Year Corporate Bond ETF |
| **Schwab U.S. Mid-Cap ETF** | Schwab Fundamental U.S. Broad Market ETF |
| **Schwab U.S. Small-Cap ETF** | Schwab Fundamental U.S. Large Company ETF |
| **Schwab U.S. Dividend Equity ETF** | Schwab Fundamental U.S. Small Company ETF |
| Schwab U.S. REIT 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 funds issue and redeem shares at their net asset value per share only in large blocks of shares (Creation Units). These transactions are usually in exchange for a basket of securities and/or an amount of cash. As a practical matter, only institutional investors who have entered into an authorized participant agreement purchase or redeem Creation Units. Except when aggregated in Creation Units, shares of the funds are not redeemable securities.

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

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

**Investment Objectives** 

The **Schwab U.S. Broad Market ETF's** goal is to track as closely as possible, before fees and expenses, the total return of the Dow Jones U.S. Broad Stock Market Index.

The **Schwab 1000 Index ETF's** goal is to track as closely as possible, before fees and expenses, the total return of the Schwab 1000 Index<sup>®</sup>.

The **Schwab U.S. Large-Cap ETF's** goal is to track as closely as possible, before fees and expenses, the total return of the Dow Jones U.S. Large-Cap Total Stock Market Index.

The **Schwab U.S. Large-Cap Growth ETF's** goal is to track as closely as possible, before fees and expenses, the total return of the Dow Jones U.S. Large-Cap Growth Total Stock Market Index.

The **Schwab U.S. Large-Cap Value ETF's** goal is to track as closely as possible, before fees and expenses, the total return of the Dow Jones U.S. Large-Cap Value Total Stock Market Index.

The **Schwab U.S. Mid-Cap ETF's** goal is to track as closely as possible, before fees and expenses, the total return of the Dow Jones U.S. Mid-Cap Total Stock Market Index.

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**107**

------

Schwab U.S. Equity ETFs

Financial Notes, unaudited (continued)

------

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

**1. Business Structure of the Funds (continued):** 

The **Schwab U.S. Small-Cap ETF's** goal is to track as closely as possible, before fees and expenses, the total return of the Dow Jones U.S. Small-Cap Total Stock Market Index.

The **Schwab U.S. Dividend Equity ETF's** goal is to track as closely as possible, before fees and expenses, the total return of the Dow Jones U.S. Dividend 100™ Index.

------

**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.

&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

**108**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Equity ETFs

Financial Notes, unaudited (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.

&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 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

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**109**

------

Schwab U.S. Equity ETFs

Financial Notes, unaudited (continued)

------

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

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

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. 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).

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

**(d) Investment Income:**

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

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.

**(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:**

The funds make 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.

**110**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Equity ETFs

Financial Notes, unaudited (continued)

------

&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) 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.

**(j) 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 U.S.<br> BROAD<br> MARKET<br> ETF<br>| &nbsp;&nbsp;&nbsp; SCHWAB<br> 1000<br> INDEX<br> ETF<br>| &nbsp;&nbsp;&nbsp; SCHWAB U.S.<br> LARGE-CAP<br> ETF<br>| &nbsp;&nbsp;&nbsp; SCHWAB U.S.<br> LARGE-CAP<br> GROWTH<br> ETF<br>| &nbsp;&nbsp;&nbsp; SCHWAB U.S.<br> LARGE-CAP<br> VALUE<br> ETF<br>| &nbsp;&nbsp;&nbsp; SCHWAB U.S.<br> MID-CAP<br> ETF<br>| &nbsp;&nbsp;&nbsp; SCHWAB U.S.<br> SMALL-CAP<br> ETF<br>| &nbsp;&nbsp;&nbsp; SCHWAB U.S.<br> DIVIDEND<br> EQUITY<br> ETF<br>|
| 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>|

---

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**111**

------

Schwab U.S. Equity ETFs

Financial Notes, unaudited (continued)

------

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

**3. Affiliates and Affiliated Transactions (continued):** 

**Investments from Affiliates**

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

---

| | | | |
|:---|:---|:---|:---|
|  | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS |
|  | SCHWAB U.S.<br> LARGE-CAP<br> ETF<br>| SCHWAB U.S.<br> SMALL-CAP<br> ETF<br>| SCHWAB U.S.<br> DIVIDEND<br> EQUITY<br> ETF<br>|
| Schwab Monthly Income Fund - Flexible Payout | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>|
| Schwab Monthly Income Fund - Income Payout | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>|
| Schwab Monthly Income Fund - Target Payout  | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>|
| Schwab Target 2010 Index Fund | 0.0<br> %\*<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2015 Index Fund | 0.0<br> %\*<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2020 Index Fund | 0.1<br> %<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2025 Index Fund | 0.3<br> %<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2030 Index Fund | 1.0<br> %<br>| 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2035 Index Fund | 0.9<br> %<br>| 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2040 Index Fund | 1.1<br> %<br>| 0.3<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2045 Index Fund | 0.8<br> %<br>| 0.3<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2050 Index Fund | 1.2<br> %<br>| 0.4<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2055 Index Fund | 0.8<br> %<br>| 0.3<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2060 Index Fund | 1.0<br> %<br>| 0.4<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2065 Index Fund | 0.3<br> %<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2070 Index Fund | 0.0<br> %\*<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab VIT Balanced Portfolio | 0.0<br> %\*<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab VIT Balanced with Growth Portfolio | 0.1<br> %<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab VIT Growth Portfolio | 0.1<br> %<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>|

---

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

\* Less than 0.05%

**Interfund Transactions**

The funds may engage in direct transactions with other funds in the Schwab Funds Complex in accordance with procedures adopted by the Board of Trustees pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another fund is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs while allowing each fund to execute the transaction at the current market price. This practice is limited to funds that share the same investment adviser. 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 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 U.S. Broad Market ETF | $106258730 | &nbsp;&nbsp; $113344310 | &nbsp;&nbsp; ($66412610)<br>|
| Schwab 1000 Index ETF | 29403679 | &nbsp;&nbsp; 20479248 | &nbsp;&nbsp; (7575356)<br>|
| Schwab U.S. Large-Cap ETF | 307815023 | &nbsp;&nbsp; 307856529 | &nbsp;&nbsp; (149631361)<br>|
| Schwab U.S. Large-Cap Growth ETF | 628702425 | &nbsp;&nbsp; 1067859937 | &nbsp;&nbsp; (277421300)<br>|
| Schwab U.S. Large-Cap Value ETF | 674024005 | &nbsp;&nbsp; 379496670 | &nbsp;&nbsp; (84229593)<br>|
| Schwab U.S. Mid-Cap ETF | 311139891 | &nbsp;&nbsp; 451730842 | &nbsp;&nbsp; (111660962)<br>|
| Schwab U.S. Small-Cap ETF | 443146776 | &nbsp;&nbsp; 764659211 | &nbsp;&nbsp; 1588252 |
| Schwab U.S. Dividend Equity ETF | 248545556 | &nbsp;&nbsp; 76651433 | &nbsp;&nbsp; (3835960)<br>|

---

**112**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

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Schwab U.S. Equity ETFs

Financial Notes, unaudited (continued)

------

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

**3. Affiliates and Affiliated Transactions (continued):** 

**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.

------

**4. Board of Trustees:**

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

------

**5. Borrowing from Banks:**

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

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

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

------

**6. Derivatives:**

Certain funds entered into futures contracts during the report period to equitize available cash.

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Schwab U.S. Equity ETFs

Financial Notes, unaudited (continued)

------

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

**6. Derivatives (continued):** 

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 1000 Index ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| $8811 | &nbsp;&nbsp; $8811 |
| Schwab U.S. Large-Cap Value ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 723 | &nbsp;&nbsp; 723 |
| Schwab U.S. Dividend Equity ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 162673 | &nbsp;&nbsp; 162673 |

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Liability Derivatives** |  |  |
| Schwab U.S. Broad Market ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| ($132784)<br>| &nbsp;&nbsp; ($132784)<br>|
| Schwab 1000 Index ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| (20065)<br>| &nbsp;&nbsp; (20065)<br>|
| Schwab U.S. Large-Cap ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| (204906)<br>| &nbsp;&nbsp; (204906)<br>|
| Schwab U.S. Large-Cap Growth ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| (371239)<br>| &nbsp;&nbsp; (371239)<br>|
| Schwab U.S. Large-Cap Value ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| (354288)<br>| &nbsp;&nbsp; (354288)<br>|
| Schwab U.S. Mid-Cap ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| (3605)<br>| &nbsp;&nbsp; (3605)<br>|
| Schwab U.S. Small-Cap ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| (303944)<br>| &nbsp;&nbsp; (303944)<br>|
| Schwab U.S. Dividend Equity ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| (1498762)<br>| &nbsp;&nbsp; (1498762)<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.

**114**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

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Schwab U.S. Equity ETFs

Financial Notes, unaudited (continued)

------

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

**6. Derivatives (continued):** 

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

---

| | | |
|:---|:---|:---|
|  | EQUITY CONTRACTS | TOTAL |
| **Net Realized Gains (Losses)** |  |  |
| Schwab U.S. Broad Market ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| $3576882 | &nbsp;&nbsp; $3576882 |
| Schwab 1000 Index ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 429526 | &nbsp;&nbsp; 429526 |
| Schwab U.S. Large-Cap ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 3948785 | &nbsp;&nbsp; 3948785 |
| Schwab U.S. Large-Cap Growth ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 3831040 | &nbsp;&nbsp; 3831040 |
| Schwab U.S. Large-Cap Value ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 2419860 | &nbsp;&nbsp; 2419860 |
| Schwab U.S. Mid-Cap ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 1432026 | &nbsp;&nbsp; 1432026 |
| Schwab U.S. Small-Cap ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 3926437 | &nbsp;&nbsp; 3926437 |
| Schwab U.S. Dividend Equity ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 19281888 | &nbsp;&nbsp; 19281888 |

---

&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 U.S. Broad Market ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| ($515234)<br>| &nbsp;&nbsp; ($515234)<br>|
| Schwab 1000 Index ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| (93195)<br>| &nbsp;&nbsp; (93195)<br>|
| Schwab U.S. Large-Cap ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| (367340)<br>| &nbsp;&nbsp; (367340)<br>|
| Schwab U.S. Large-Cap Growth ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| (272196)<br>| &nbsp;&nbsp; (272196)<br>|
| Schwab U.S. Large-Cap Value ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| (792741)<br>| &nbsp;&nbsp; (792741)<br>|
| Schwab U.S. Mid-Cap ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| (165940)<br>| &nbsp;&nbsp; (165940)<br>|
| Schwab U.S. Small-Cap ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| (324326)<br>| &nbsp;&nbsp; (324326)<br>|
| Schwab U.S. Dividend Equity ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| (2931646)<br>| &nbsp;&nbsp; (2931646)<br>|

---

&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.

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**115**

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Schwab U.S. Equity ETFs

Financial Notes, unaudited (continued)

------

&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 U.S. Broad Market ETF | $40927068 | &nbsp;&nbsp; 142 |
| Schwab 1000 Index ETF | 5817360 | &nbsp;&nbsp; 17 |
| Schwab U.S. Large-Cap ETF | 70620621 | &nbsp;&nbsp; 207 |
| Schwab U.S. Large-Cap Growth ETF | 33334717 | &nbsp;&nbsp; 68 |
| Schwab U.S. Large-Cap Value ETF | 24077886 | &nbsp;&nbsp; 98 |
| Schwab U.S. Mid-Cap ETF | 13904777 | &nbsp;&nbsp; 42 |
| Schwab U.S. Small-Cap ETF | 25616704 | &nbsp;&nbsp; 204 |
| Schwab U.S. Dividend Equity ETF | 169732211 | &nbsp;&nbsp; 681 |

---

------

**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 U.S. Broad Market ETF | $783041751 | &nbsp;&nbsp; $702704037 |
| Schwab 1000 Index ETF | 122644100 | &nbsp;&nbsp; 111743817 |
| Schwab U.S. Large-Cap ETF | 1397078325 | &nbsp;&nbsp; 1275272419 |
| Schwab U.S. Large-Cap Growth ETF | 4748137644 | &nbsp;&nbsp; 4553625378 |
| Schwab U.S. Large-Cap Value ETF | 1117429740 | &nbsp;&nbsp; 1073168673 |
| Schwab U.S. Mid-Cap ETF | 2153122985 | &nbsp;&nbsp; 2048764141 |
| Schwab U.S. Small-Cap ETF | 2365116450 | &nbsp;&nbsp; 2066015913 |
| Schwab U.S. Dividend Equity ETF | 4553232605 | &nbsp;&nbsp; 4523097930 |

---

------

**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 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 a fund.

**116**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

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Schwab U.S. Equity ETFs

Financial Notes, unaudited (continued)

------

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

**8. In-Kind Transactions:** (continued):

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

---

| | | |
|:---|:---|:---|
|  | IN-KIND PURCHASES <br>OF SECURITIES <br>| IN-KIND SALES <br>OF SECURITIES<br>|
| Schwab U.S. Broad Market ETF | $560559081 | &nbsp;&nbsp; $283124568 |
| Schwab 1000 Index ETF | 203333641 | &nbsp;&nbsp; 65807712 |
| Schwab U.S. Large-Cap ETF | 1968161322 | &nbsp;&nbsp; 420732285 |
| Schwab U.S. Large-Cap Growth ETF | 5784848250 | &nbsp;&nbsp; 3730820996 |
| Schwab U.S. Large-Cap Value ETF | 1179801800 | &nbsp;&nbsp; 456106077 |
| Schwab U.S. Mid-Cap ETF | 1715230403 | &nbsp;&nbsp; 1635061568 |
| Schwab U.S. Small-Cap ETF | 1844258995 | &nbsp;&nbsp; 1972871187 |
| Schwab U.S. Dividend Equity ETF | 6115901445 | &nbsp;&nbsp; 2937253660 |

---

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 U.S. Broad Market ETF | $18069463040 | &nbsp;&nbsp; $21353133716 | &nbsp;&nbsp; ($691865096)<br>| &nbsp;&nbsp; $20661268620 |
| Schwab 1000 Index ETF | 2899368987 | &nbsp;&nbsp; 2147797692 | &nbsp;&nbsp; (121869018)<br>| &nbsp;&nbsp; 2025928674 |
| Schwab U.S. Large-Cap ETF | 35245956519 | &nbsp;&nbsp; 30046513960 | &nbsp;&nbsp; (1131677654)<br>| &nbsp;&nbsp; 28914836306 |
| Schwab U.S. Large-Cap Growth ETF | 31575973837 | &nbsp;&nbsp; 20140445369 | &nbsp;&nbsp; (1161999607)<br>| &nbsp;&nbsp; 18978445762 |
| Schwab U.S. Large-Cap Value ETF | 10246847001 | &nbsp;&nbsp; 5788977706 | &nbsp;&nbsp; (410344485)<br>| &nbsp;&nbsp; 5378633221 |
| Schwab U.S. Mid-Cap ETF | 10187474292 | &nbsp;&nbsp; 4299237429 | &nbsp;&nbsp; (802075734)<br>| &nbsp;&nbsp; 3497161695 |
| Schwab U.S. Small-Cap ETF | 17114351922 | &nbsp;&nbsp; 6402412413 | &nbsp;&nbsp; (2541807638)<br>| &nbsp;&nbsp; 3860604775 |
| Schwab U.S. Dividend Equity ETF | 71686173854 | &nbsp;&nbsp; 16765709077 | &nbsp;&nbsp; (2567463736)<br>| &nbsp;&nbsp; 14198245341 |

---

The primary difference between book basis and tax basis unrealized appreciation or unrealized depreciation of investments is the tax deferral of losses on wash sales. The tax cost of the funds' investments, disclosed above, have been adjusted from their book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of August 31, 2025, the funds had capital loss carryforwards available as follows:

---

| | |
|:---|:---|
| Schwab U.S. Broad Market ETF | $640176362 |
| Schwab 1000 Index ETF | 87681903 |
| Schwab U.S. Large-Cap ETF | 1046189825 |
| Schwab U.S. Large-Cap Growth ETF | 1070118997 |
| Schwab U.S. Large-Cap Value ETF | 592882490 |
| Schwab U.S. Mid-Cap ETF | 1516958956 |
| Schwab U.S. Small-Cap ETF | 1941263137 |
| Schwab U.S. Dividend Equity ETF | 5142983862 |

---

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**117**

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Schwab U.S. Equity ETFs

Financial Notes, unaudited (continued)

------

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

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

The tax basis components of distributions and components of distributable earnings on a tax basis are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of February 28, 2026. The tax basis components of distributions paid during the fiscal year ended August 31, 2025, were as follows:

---

| | |
|:---|:---|
|  | PRIOR FISCAL YEAR END DISTRIBUTIONS |
|  | ORDINARY <br>INCOME <br>|
| Schwab U.S. Broad Market ETF | $409095490 |
| Schwab 1000 Index ETF | 48800210 |
| Schwab U.S. Large-Cap ETF | 632200320 |
| Schwab U.S. Large-Cap Growth ETF | 156290435 |
| Schwab U.S. Large-Cap Value ETF | 266419235 |
| Schwab U.S. Mid-Cap ETF | 166318430 |
| Schwab U.S. Small-Cap ETF | 274836015 |
| Schwab U.S. Dividend Equity ETF | 2469946295 |

---

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

As of August 31, 2025, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds' financial statements. During the fiscal year ended August 31, 2025, 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 U.S. Broad Market ETF | 3-for-1 |
| Schwab 1000 Index ETF | 2-for-1 |
| Schwab U.S. Large-Cap ETF | 3-for-1 |
| Schwab U.S. Large-Cap Growth ETF | 4-for-1 |
| Schwab U.S. Large-Cap Value ETF | 3-for-1 |
| Schwab U.S. Mid-Cap ETF | 3-for-1 |
| Schwab U.S. Small-Cap ETF | 2-for-1 |
| Schwab U.S. Dividend Equity ETF | 3-for-1 |

---

These share splits applied to shareholders of record as of the close of U.S. markets on October 9, 2024, and paid after the close of U.S. markets on October 10, 2024. Shares began trading at their post-split price on October 11, 2024. These share splits increased the number of shares outstanding and decreased the NAV per share. The share splits did not change the total market value of a shareholder's investment. The Financial Highlights and Statement of Changes in Net Assets for the funds 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.

**118**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

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

------

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

Not applicable.

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**119**

------

Proxy Disclosures for Open-End Management Investment Companies

------

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

Not applicable.

**120**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

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

------

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

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

Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

**121**

------

Statement Regarding Basis for Approval of Investment Advisory Contract

------

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

Not applicable.

**122**Schwab U.S. Equity ETFs \| Semiannual Holdings and Financial Statements

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g892426img4ec13f331.jpg)

MFR54789-16

00323328

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g680386imgb826fb6d1.jpg)

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

Schwab Fixed-Income ETFs

------

---

| | |
|:---|:---|
| Schwab Mortgage-Backed Securities ETF | **SMBS** |
| Schwab High Yield Bond ETF | **SCYB** |

---

------

**In This Report**

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

---

| | |
|:---|:---|
| **[Item 7 - Financial Statements and Financial Highlights for Open-End](#xx_e430e22c-4b5c-4afb-8e3f-6fd0d7aa2df1_1)**<br> **[Management Investment Companies](#xx_e430e22c-4b5c-4afb-8e3f-6fd0d7aa2df1_1)** <br>|  |
| [Financial Statements and Portfolio Holdings](#xx_e430e22c-4b5c-4afb-8e3f-6fd0d7aa2df1_1) <br>|  |
| [Schwab Mortgage-Backed Securities ETF](#xx_e430e22c-4b5c-4afb-8e3f-6fd0d7aa2df1_1) | 2 |
| [Schwab High Yield Bond ETF](#xx_d7ece264-775f-4d56-88fb-4841d16af841_1)  | 7 |
| [Financial Notes](#xx_56a6de7e-285a-4541-a459-7e9ca3c4455c_1) | 35 |
| **[Item 8 – Changes in and Disagreements with Accountants for Open-End](#xx_342d2e57-3fdd-4b49-a81d-bb604ac0aae8_1)**<br> **[Management Investment Companies](#xx_342d2e57-3fdd-4b49-a81d-bb604ac0aae8_1)**<br>| 43 |
| **[Item 9 – Proxy Disclosures for Open-End Management Investment](#xx_308b5291-bc8c-4dad-a349-f0013513511f_1)**<br> **[Companies](#xx_308b5291-bc8c-4dad-a349-f0013513511f_1)**<br>| 44 |
| **[Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End](#xx_04bbaf3c-e0a4-4148-ab90-adcade917c2f_1)**<br> **[Management Investment Companies](#xx_04bbaf3c-e0a4-4148-ab90-adcade917c2f_1)**<br>| 45 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory](#xx_9bef4964-a0ba-4747-b97e-9bc839cfdff8_1)**<br> **[Contract](#xx_9bef4964-a0ba-4747-b97e-9bc839cfdff8_1)**<br>| 46  |

---

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

Distributor: SEI Investments Distribution Co. (SIDCO)

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

**1**

------

Schwab Mortgage-Backed Securities ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | |
|:---|:---|:---|
|  | 9/1/25– <br>2/28/26\*<br>| 11/19/24<sup>1</sup>– <br>8/31/25<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $25.52 | &nbsp;&nbsp; $25.00 |
| Income (loss) from investment operations: |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.66 | 1.02 |
| Net realized and unrealized gains (losses) | 0.54 | 0.31 |
| Total from investment operations | 1.20 | 1.33 |
| Less distributions: |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.82)<br>|
| Other capital<sup>2</sup> <br>| &nbsp;&nbsp; — | 0.01 |
| Net asset value at end of period | &nbsp;&nbsp; $26.07 | &nbsp;&nbsp; $25.52 |
| Total return | 4.80 %<sup>3</sup><br>| 5.47 %<sup>3</sup><br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |
| Total expenses | 0.03 %<sup>4</sup><br>| 0.03 %<sup>4</sup><br>|
| Net investment income (loss) | 5.16 %<sup>4</sup><br>| 5.19 %<sup>4</sup><br>|
| Portfolio turnover rate<sup>5</sup> <br>| &nbsp;&nbsp; 10 %<sup>3</sup><br>| &nbsp;&nbsp; 20 %<sup>3</sup><br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $6257 | &nbsp;&nbsp; $5445 |

---

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

\* Unaudited.

<sup>1</sup> Commencement of operations.

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

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

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

*See financial notes*

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

------

Schwab Mortgage-Backed Securities ETF

Portfolio Holdings as of February 28, 2026 (Unaudited)

------

All securities are currently in a fixed rate coupon period based on index eligibility requirements and the fund's investment objective. The maturity date shown for all the securities is the final legal maturity.

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

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **SECURITIZED** 99.5% OF NET ASSETS | **SECURITIZED** 99.5% OF NET ASSETS | **SECURITIZED** 99.5% OF NET ASSETS |
| **Mortgage-Backed Securities Pass-Through 99.5%** | **Mortgage-Backed Securities Pass-Through 99.5%** | **Mortgage-Backed Securities Pass-Through 99.5%** |
| **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** |
| 1.00%, 03/01/36 to 08/01/36 *(a)* | 593071 | 528410 |
| 1.50%, 07/01/35 to 04/01/52 *(a)* | 97385773 | 82631760 |
| 2.00%, 01/01/28 to 05/01/52 *(a)* | 446754864 | 381275030 |
| 2.50%, 04/01/27 to 07/01/52 *(a)* | 226483846 | 201832654 |
| 3.00%, 12/01/26 to 10/01/53 *(a)* | 167969665 | 155641476 |
| 3.50%, 09/01/33 to 01/01/55 *(a)* | 111147036 | 106457293 |
| 4.00%, 11/01/33 to 08/01/55 *(a)* | 86514805 | 85170457 |
| 4.50%, 10/01/37 to 11/01/55 *(a)* | 118068855 | 117928239 |
| 5.00%, 05/01/33 to 02/01/56 *(a)* | 229455105 | 232052452 |
| 5.50%, 06/01/33 to 12/01/55 *(a)* | 316256104 | 323326448 |
| 6.00%, 12/01/36 to 10/01/55 *(a)* | 263356102 | 271966484 |
| 6.50%, 11/01/52 to 10/01/55 *(a)* | 103865592 | 108653221 |
| 7.00%, 10/01/53 to 12/01/55 *(a)* | 12864328 | 13570278 |
| 7.50%, 08/01/54 *(a)* | 230230 | 242945 |
| **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** |
| 1.00%, 12/01/36 *(a)* | 3736374 | 3318195 |
| 1.50%, 07/01/35 to 04/01/52 *(a)* | 118867518 | 100011833 |
| 2.00%, 11/01/27 to 04/01/52 *(a)* | 502665644 | 431970692 |
| 2.50%, 03/01/27 to 01/01/54 *(a)* | 450482952 | 399187278 |
| 3.00%, 03/01/27 to 07/01/52 *(a)* | 280633680 | 259714376 |
| 3.50%, 07/01/28 to 12/01/55 *(a)* | 197962055 | 189594761 |
| 4.00%, 05/01/33 to 07/01/55 *(a)* | 191030949 | 187720511 |
| 4.50%, 07/01/29 to 01/01/56 *(a)* | 135562292 | 135476674 |
| 5.00%, 06/01/33 to 02/01/56 *(a)* | 214837068 | 217515122 |
| 5.50%, 05/01/33 to 12/01/55 *(a)* | 276204895 | 282641141 |
| 6.00%, 09/01/36 to 11/01/55 *(a)* | 246196010 | 254601522 |
| 6.50%, 01/01/53 to 09/01/55 *(a)* | 93544836 | 97787637 |
| 7.00%, 02/01/53 to 09/01/55 *(a)* | 23875376 | 25185182 |
| 7.50%, 11/01/53 to 08/01/54 *(a)* | 1617949 | 1716499 |
| **Government National Mortgage Association** | **Government National Mortgage Association** | **Government National Mortgage Association** |
| 1.50%, 02/20/51 to 12/20/51 *(a)* | 4229862 | 3423904 |
| 2.00%, 08/20/50 to 05/20/52 *(a)* | 172615379 | 146340856 |
| 2.50%, 07/20/27 to 04/20/53 *(a)* | 170945246 | 151063307 |
| 3.00%, 04/20/27 to 12/20/54 *(a)* | 170890369 | 157774509 |
| 3.50%, 12/20/40 to 10/20/55 *(a)* | 143656419 | 137470795 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.00%, 04/15/39 to 08/20/55 *(a)* | 107750274 | 105144328 |
| 4.50%, 09/15/34 to 01/20/56 *(a)* | 149872315 | 149175428 |
| 5.00%, 12/15/36 to 02/20/56 *(a)* | 237906406 | 239601403 |
| 5.50%, 10/20/52 to 02/20/56 *(a)* | 248525857 | 252914535 |
| 6.00%, 11/20/52 to 01/20/56 *(a)* | 139145392 | 142533221 |
| 6.50%, 11/20/52 to 11/20/55 *(a)* | 49204916 | 51266414 |
| 7.00%, 11/20/52 to 10/20/55 *(a)* | 9271187 | 9615239 |
| 7.50%, 01/20/54 to 02/20/54 *(a)* | 385464 | 399247 |
| **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** |
| 3.50%, 03/12/56 *(a)(b)* | 6500000 | 6129126 |
| 4.50%, 03/12/56 *(a)(b)* | 5000000 | 4945365 |
| 5.50%, 03/12/56 *(a)(b)* | 3000000 | 3048270 |
| **Total Securitized** <br>**(Cost $6,003,377,199)** | **Total Securitized** <br>**(Cost $6,003,377,199)** | **6228564517** |

---

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Short-Term Investments** 1.5% OF NET ASSETS | **Short-Term Investments** 1.5% OF NET ASSETS | **Short-Term Investments** 1.5% OF NET ASSETS |
| **Money Market Funds 1.5%** | **Money Market Funds 1.5%** | **Money Market Funds 1.5%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 3.63% *(c)*<br>| 91989713 | **91989713** |
| **Total Short-Term Investments** <br>**(Cost $91,989,713)** | **Total Short-Term Investments** <br>**(Cost $91,989,713)** | **91989713** |
| **Total Investments in Securities** <br>**(Cost $6,095,366,912)** | **Total Investments in Securities** <br>**(Cost $6,095,366,912)** | **6320554230** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* The effective maturity may be shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or as the result of embedded demand features (puts or calls).

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* Security or a portion of the security purchased on a delayed-delivery or when-issued basis.

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

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

TBA — To-be-announced

------

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>** |  |  |  |  |
| Securitized<sup>1</sup> <br>| $— | &nbsp;&nbsp; $6228564517 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6228564517 |
| Short-Term Investments<sup>1</sup> <br>| 91989713 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 91989713 |
| **Total** | **$91989713** | &nbsp;&nbsp; **$6228564517** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$6320554230** |

---

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

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

*See financial notes*

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

**3**

------

Schwab Mortgage-Backed Securities ETF

Statement of Assets and Liabilities

------

As of February 28, 2026; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $6,095,366,912) |  | $6320554230 |
| Receivables: |  |  |
| Interest |  | 20875489 |
| Dividends | + | 72731 |
| **Total assets** |  | **6341502450** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 69730690 |
| Investments bought - delayed-delivery |  | 14144552 |
| Management fees | + | 141026 |
| **Total liabilities** |  | **84016268** |
| **Net assets** |  | **$6257486182** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $6013647631 |
| Total distributable earnings | + | 243838551 |
| **Net assets** |  | **$6257486182** |

---

&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** |
| $6257486182 |  | &nbsp;&nbsp;&nbsp;&nbsp; 240000000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $26.07 |

---

*See financial notes*

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

------

Schwab Mortgage-Backed Securities ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated issuers |  | $147959046 |
| Dividends received from securities - unaffiliated issuers  | + | 549564 |
| **Total investment income**  |  | **148508610** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 858685 |
| **Total expenses** | – | **858685** |
| **Net investment income** |  | **147649925** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| **Net realized losses on sales of securities - unaffiliated issuers**  |  | **(3593358)**<br>|
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers** | + | **128128540** |
| **Net realized and unrealized gains** |  | **124535182** |
| **Increase in net assets resulting from operations** |  | **$272185107** |

---

*See financial notes*

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

**5**

------

Schwab Mortgage-Backed Securities ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 11/19/24\*-8/31/25 |
| Net investment income |  | $147649925 | &nbsp;&nbsp;&nbsp; $96552971 |
| Net realized losses |  | (3593358)<br>| &nbsp;&nbsp;&nbsp; (713215)<br>|
| Net change in unrealized appreciation (depreciation) | + | 128128540 | &nbsp;&nbsp;&nbsp; 97058778 |
| **Increase in net assets resulting from operations** |  | **$272185107** | &nbsp;&nbsp;&nbsp; **$192898534** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($145516510)**<br>| &nbsp;&nbsp;&nbsp; **($75728580)**<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** |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 11/19/24\*-8/31/25 | 11/19/24\*-8/31/25 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 26600000 | &nbsp;&nbsp;&nbsp; $685868393 | &nbsp;&nbsp;&nbsp; 213500000 | &nbsp;&nbsp;&nbsp; $5329779613 |
| Other capital |  |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 536113 |
| Shares redeemed | + |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (2536488)<br>|
| **Net transactions in fund shares**  |  | **26600000** | &nbsp;&nbsp;&nbsp; **$685868393** | &nbsp;&nbsp;&nbsp; **213400000** | &nbsp;&nbsp;&nbsp; **$5327779238** |
| **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** |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 11/19/24\*-8/31/25 | 11/19/24\*-8/31/25 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 213400000 | &nbsp;&nbsp;&nbsp; $5444949192 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— |
| Total increase | + | 26600000 | &nbsp;&nbsp;&nbsp; 812536990 | &nbsp;&nbsp;&nbsp; 213400000 | &nbsp;&nbsp;&nbsp; 5444949192 |
| **End of period** |  | **240000000** | &nbsp;&nbsp;&nbsp; **$6257486182** | &nbsp;&nbsp;&nbsp; **213400000** | &nbsp;&nbsp;&nbsp; **$5444949192** |

---

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

<sup>\*</sup> Commencement of operations.

*See financial notes*

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

------

Schwab High Yield Bond ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 9/1/25– <br>2/28/26\*<br>| 9/1/24– <br>8/31/25<sup>1</sup> <br>| 9/1/23– <br>8/31/24<sup>1</sup> <br>| 7/11/23<sup>2</sup>– <br>8/31/23<sup>1</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $26.62 | &nbsp;&nbsp; $26.45 | &nbsp;&nbsp; $25.51 | &nbsp;&nbsp; $25.00 |
| Income (loss) from investment operations: |  |  |  |  |
| Net investment income (loss)<sup>3</sup> <br>| 0.92 | 1.93 | 2.01 | 0.28 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.17)<br>| 0.11 | 0.89 | 0.23 |
| Total from investment operations | 0.75 | 2.04 | 2.90 | 0.51 |
| Less distributions: |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp; — |
| Net asset value at end of period | &nbsp;&nbsp; $26.47 | &nbsp;&nbsp; $26.62 | &nbsp;&nbsp; $26.45 | &nbsp;&nbsp; $25.51 |
| Total return | 2.87 %<sup>4</sup><br>| 8.02<br> %<br>| 11.95<br> %<br>| 2.04 %<sup>4</sup><br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |
| Total expenses | 0.03 %<sup>5</sup><br>| 0.03<br> %<br>| 0.03 %<sup>6</sup><br>| 0.10 %<sup>5</sup><br>|
| Net investment income (loss) | 7.04 %<sup>5</sup><br>| 7.37<br> %<br>| 7.87<br> %<br>| 7.88 %<sup>5</sup><br>|
| Portfolio turnover rate<sup>7</sup> <br>| &nbsp;&nbsp; 10 %<sup>4</sup><br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 1 %<sup>4</sup><br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $2369 | &nbsp;&nbsp; $1429 | &nbsp;&nbsp; $439 | &nbsp;&nbsp; $46 |

---

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

\* Unaudited.

<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> Commencement of operations.

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

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

<sup>6</sup> Effective September 25, 2023, the annual operating expense ratio was reduced to 0.03%. The ratio presented for the period ended August 31, 2024, is a blended ratio.

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

*See financial notes*

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

**7**

------

Schwab High Yield Bond ETF

Portfolio Holdings as of February 28, 2026 (Unaudited)

------

Most securities are currently in a fixed rate coupon period based on index eligibility requirements and the fund's investment objective. Generally, for fixed rate securities, the rate shown is the interest rate that was established when the security was issued. The fund may invest in securities not included in its index, including variable rate securities. For variable rate securities, the rate shown is the interest rate as of the report date based on each security's rate reset date. The reference rate and spread used is shown parenthetically in the security description, if available; if not, the reference rate is described in a footnote. The maturity date shown for all the securities is the final legal maturity.

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

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **CORPORATES** 98.5% OF NET ASSETS | **CORPORATES** 98.5% OF NET ASSETS | **CORPORATES** 98.5% OF NET ASSETS |
| **Financial Institutions 11.7%** | **Financial Institutions 11.7%** | **Financial Institutions 11.7%** |
| ***Banking 0.2%***  | ***Banking 0.2%***  | ***Banking 0.2%***  |
| **Ally Financial, Inc.** | **Ally Financial, Inc.** | **Ally Financial, Inc.** |
| 6.70%, 02/14/33 *(a)(b)* | 631000 | 658313 |
| 6.65%, 01/17/40 *(b)(c)* | 1019000 | 1017063 |
| **Dresdner Funding Trust I** | **Dresdner Funding Trust I** | **Dresdner Funding Trust I** |
| 8.15%, 06/30/31 *(b)(d)* | 2182000 | 2402505 |
| **Popular, Inc.** | **Popular, Inc.** | **Popular, Inc.** |
| 7.25%, 03/13/28 *(b)* | 848000 | 885741 |
| **Synchrony Financial** | **Synchrony Financial** | **Synchrony Financial** |
| 7.25%, 02/02/33 *(b)* | 695000 | 733282 |
|  |  | **5696904** |
| ***Brokerage/Asset Managers/Exchanges 1.1%***  | ***Brokerage/Asset Managers/Exchanges 1.1%***  | ***Brokerage/Asset Managers/Exchanges 1.1%***  |
| **Aretec Group, Inc.** | **Aretec Group, Inc.** | **Aretec Group, Inc.** |
| 7.50%, 04/01/29 *(a)(b)(d)* | 1499000 | 1487933 |
| 10.00%, 08/15/30 *(b)(d)* | 1156000 | 1231341 |
| **Armor Holdco, Inc.** | **Armor Holdco, Inc.** | **Armor Holdco, Inc.** |
| 8.50%, 11/15/29 *(b)(d)* | 550000 | 550016 |
| **Coinbase Global, Inc.** | **Coinbase Global, Inc.** | **Coinbase Global, Inc.** |
| 3.38%, 10/01/28 *(b)(d)* | 1261000 | 1203732 |
| 3.63%, 10/01/31 *(b)(d)* | 1772000 | 1550471 |
| **Focus Financial Partners LLC** | **Focus Financial Partners LLC** | **Focus Financial Partners LLC** |
| 6.75%, 09/15/31 *(b)(d)* | 1683000 | 1675466 |
| **Hightower Holding LLC** | **Hightower Holding LLC** | **Hightower Holding LLC** |
| 6.75%, 04/15/29 *(b)(d)* | 1003000 | 999265 |
| 9.13%, 01/31/30 *(b)(d)* | 940000 | 976932 |
| **Hunt Cos., Inc.** | **Hunt Cos., Inc.** | **Hunt Cos., Inc.** |
| 5.25%, 04/15/29 *(b)(d)* | 1308000 | 1253420 |
| **Jane Street Group/JSG Finance, Inc.** | **Jane Street Group/JSG Finance, Inc.** | **Jane Street Group/JSG Finance, Inc.** |
| 4.50%, 11/15/29 *(b)(d)* | 728000 | 710931 |
| 7.13%, 04/30/31 *(b)(d)* | 1728000 | 1798867 |
| 6.13%, 11/01/32 *(b)(d)* | 1853000 | 1865482 |
| 6.75%, 05/01/33 *(b)(d)* | 4625000 | 4749640 |
| **Jefferies Finance LLC/JFIN Co-Issuer Corp.** | **Jefferies Finance LLC/JFIN Co-Issuer Corp.** | **Jefferies Finance LLC/JFIN Co-Issuer Corp.** |
| 5.00%, 08/15/28 *(b)(d)* | 1528000 | 1454009 |
| 6.63%, 10/15/31 *(b)(d)* | 905000 | 881932 |
| **Osaic Holdings, Inc.** | **Osaic Holdings, Inc.** | **Osaic Holdings, Inc.** |
| 6.75%, 08/01/32 *(b)(d)* | 1050000 | 1060358 |
| 8.00%, 08/01/33 *(b)(d)* | 1420000 | 1416138 |
| **Stonex Escrow Issuer LLC** | **Stonex Escrow Issuer LLC** | **Stonex Escrow Issuer LLC** |
| 6.88%, 07/15/32 *(b)(d)* | 576000 | 598179 |
| **StoneX Group, Inc.** | **StoneX Group, Inc.** | **StoneX Group, Inc.** |
| 7.88%, 03/01/31 *(b)(d)* | 1221000 | 1297057 |
| **VFH Parent LLC/Valor Co-Issuer, Inc.** | **VFH Parent LLC/Valor Co-Issuer, Inc.** | **VFH Parent LLC/Valor Co-Issuer, Inc.** |
| 7.50%, 06/15/31 *(b)(d)* | 543000 | 566732 |
|  |  | **27327901** |
| ***Finance Companies 3.9%***  | ***Finance Companies 3.9%***  | ***Finance Companies 3.9%***  |
| **Atlanticus Holdings Corp.** | **Atlanticus Holdings Corp.** | **Atlanticus Holdings Corp.** |
| 9.75%, 09/01/30 *(b)(d)* | 893000 | 812141 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Azorra Finance Ltd.** | **Azorra Finance Ltd.** | **Azorra Finance Ltd.** |
| 7.75%, 04/15/30 *(b)(d)* | 618000 | 649559 |
| 7.25%, 01/15/31 *(b)(d)* | 1169000 | 1220983 |
| 6.25%, 02/15/34 *(b)(d)* | 500000 | 492927 |
| **BlackRock TCP Capital Corp.** | **BlackRock TCP Capital Corp.** | **BlackRock TCP Capital Corp.** |
| 6.95%, 05/30/29 *(a)(b)* | 607000 | 612388 |
| **Bread Financial Holdings, Inc.** | **Bread Financial Holdings, Inc.** | **Bread Financial Holdings, Inc.** |
| 6.75%, 05/15/31 *(b)(d)* | 837000 | 853812 |
| 8.38%, 06/15/35 *(b)(c)(d)* | 466000 | 475408 |
| **Cobra AcquisitionCo LLC** | **Cobra AcquisitionCo LLC** | **Cobra AcquisitionCo LLC** |
| 6.38%, 11/01/29 *(b)(d)* | 776000 | 671874 |
| 12.25%, 11/01/29 *(b)(d)* | 220000 | 222475 |
| **CrossCountry Intermediate HoldCo LLC** | **CrossCountry Intermediate HoldCo LLC** | **CrossCountry Intermediate HoldCo LLC** |
| 6.50%, 10/01/30 *(b)(d)* | 1229000 | 1225659 |
| 6.75%, 12/01/32 *(b)(d)* | 550000 | 544766 |
| **Enova International, Inc.** | **Enova International, Inc.** | **Enova International, Inc.** |
| 9.13%, 08/01/29 *(b)(d)* | 513000 | 539278 |
| **FirstCash, Inc.** | **FirstCash, Inc.** | **FirstCash, Inc.** |
| 4.63%, 09/01/28 *(b)(d)* | 571000 | 564462 |
| 5.63%, 01/01/30 *(b)(d)* | 983000 | 978771 |
| 6.88%, 03/01/32 *(b)(d)* | 1081000 | 1116945 |
| **Freedom Mortgage Corp.** | **Freedom Mortgage Corp.** | **Freedom Mortgage Corp.** |
| 12.25%, 10/01/30 *(b)(d)* | 993000 | 1080701 |
| **Freedom Mortgage Holdings LLC** | **Freedom Mortgage Holdings LLC** | **Freedom Mortgage Holdings LLC** |
| 9.25%, 02/01/29 *(b)(d)* | 1406000 | 1469558 |
| 6.88%, 05/01/31 *(b)(d)* | 1014000 | 978761 |
| 9.13%, 05/15/31 *(b)(d)* | 896000 | 928589 |
| 8.38%, 04/01/32 *(b)(d)* | 1111000 | 1120266 |
| 7.88%, 04/01/33 *(b)* | 800000 | 789294 |
| **FTAI Aviation Investors LLC** | **FTAI Aviation Investors LLC** | **FTAI Aviation Investors LLC** |
| 5.50%, 05/01/28 *(b)(d)* | 1157000 | 1159014 |
| 7.88%, 12/01/30 *(b)(d)* | 853000 | 903143 |
| 7.00%, 05/01/31 *(b)(d)* | 1306000 | 1372338 |
| 7.00%, 06/15/32 *(b)(d)* | 1145000 | 1202946 |
| 5.88%, 04/15/33 *(b)(d)* | 865000 | 877985 |
| **GGAM Finance Ltd.** | **GGAM Finance Ltd.** | **GGAM Finance Ltd.** |
| 8.00%, 06/15/28 *(b)(d)* | 815000 | 857463 |
| 6.88%, 04/15/29 *(b)(d)* | 1114000 | 1150289 |
| 5.88%, 03/15/30 *(b)(d)* | 294000 | 299386 |
| **Global Aircraft Leasing Co. Ltd.** | **Global Aircraft Leasing Co. Ltd.** | **Global Aircraft Leasing Co. Ltd.** |
| 8.75%, 09/01/27 *(b)(d)* | 1482000 | 1529427 |
| **goeasy Ltd.** | **goeasy Ltd.** | **goeasy Ltd.** |
| 9.25%, 12/01/28 *(b)(d)* | 1254000 | 1241725 |
| 6.88%, 05/15/30 *(b)(d)* | 1024000 | 900837 |
| 7.38%, 10/01/30 *(b)(d)* | 1003000 | 889939 |
| 6.88%, 02/15/31 *(b)(d)* | 1068000 | 921955 |
| **LD Holdings Group LLC** | **LD Holdings Group LLC** | **LD Holdings Group LLC** |
| 8.75%, 11/01/27 *(b)(d)* | 831000 | 793375 |
| 6.13%, 04/01/28 *(b)(d)* | 542000 | 482882 |
| **LFS Topco LLC** | **LFS Topco LLC** | **LFS Topco LLC** |
| 8.75%, 07/15/30 *(b)(d)* | 700000 | 677830 |
| **Navient Corp.** | **Navient Corp.** | **Navient Corp.** |
| 5.00%, 03/15/27 *(b)* | 1072000 | 1056640 |
| 4.88%, 03/15/28 *(b)* | 883000 | 844205 |
| 5.50%, 03/15/29 *(b)* | 1111000 | 1038546 |
| 9.38%, 07/25/30 *(b)* | 500000 | 506838 |

---

*See financial notes*

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

------

Schwab High Yield Bond ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 11.50%, 03/15/31 *(b)* | 809000 | 857898 |
| 7.88%, 06/15/32 *(a)(b)* | 826000 | 769382 |
| 5.63%, 08/01/33  | 1066000 | 876830 |
| **OneMain Finance Corp.** | **OneMain Finance Corp.** | **OneMain Finance Corp.** |
| 6.63%, 01/15/28 *(b)* | 1384000 | 1413465 |
| 3.88%, 09/15/28 *(b)* | 989000 | 957569 |
| 6.63%, 05/15/29 *(b)* | 1549000 | 1583273 |
| 5.38%, 11/15/29 *(b)* | 1520000 | 1503781 |
| 7.88%, 03/15/30 *(b)* | 1242000 | 1299883 |
| 6.13%, 05/15/30 *(b)* | 950000 | 953456 |
| 4.00%, 09/15/30 *(b)* | 1583000 | 1462653 |
| 7.50%, 05/15/31 *(b)* | 1129000 | 1166500 |
| 7.13%, 11/15/31 *(b)* | 1303000 | 1333051 |
| 6.75%, 03/15/32 *(b)* | 1315000 | 1326852 |
| 7.13%, 09/15/32 *(b)* | 820000 | 839604 |
| 6.50%, 03/15/33 *(b)* | 1495000 | 1482823 |
| 6.75%, 09/15/33 *(b)* | 1300000 | 1291892 |
| **PennyMac Financial Services, Inc.** | **PennyMac Financial Services, Inc.** | **PennyMac Financial Services, Inc.** |
| 4.25%, 02/15/29 *(b)(d)* | 940000 | 904379 |
| 7.88%, 12/15/29 *(b)(d)* | 1322000 | 1389090 |
| 7.13%, 11/15/30 *(b)(d)* | 897000 | 922779 |
| 5.75%, 09/15/31 *(b)(d)* | 740000 | 719084 |
| 6.88%, 05/15/32 *(b)(d)* | 1325000 | 1334349 |
| 6.88%, 02/15/33 *(b)(d)* | 1181000 | 1183283 |
| 6.75%, 02/15/34 *(b)(d)* | 1074000 | 1062835 |
| **Phoenix Aviation Capital Ltd.** | **Phoenix Aviation Capital Ltd.** | **Phoenix Aviation Capital Ltd.** |
| 9.25%, 07/15/30 *(b)(d)* | 1557000 | 1632511 |
| **Planet Financial Group LLC** | **Planet Financial Group LLC** | **Planet Financial Group LLC** |
| 10.50%, 12/15/29 *(b)(d)* | 956000 | 923925 |
| **PROG Holdings, Inc.** | **PROG Holdings, Inc.** | **PROG Holdings, Inc.** |
| 6.00%, 11/15/29 *(b)(d)* | 1477000 | 1451381 |
| **Prospect Capital Corp.** | **Prospect Capital Corp.** | **Prospect Capital Corp.** |
| 3.44%, 10/15/28 *(a)(b)* | 622000 | 553785 |
| **Provident Funding Associates LP/PFG Finance Corp.** | **Provident Funding Associates LP/PFG Finance Corp.** | **Provident Funding Associates LP/PFG Finance Corp.** |
| 9.75%, 09/15/29 *(b)(d)* | 986000 | 1025137 |
| **Rfna LP** | **Rfna LP** | **Rfna LP** |
| 7.88%, 02/15/30 *(b)(d)* | 650000 | 647610 |
| **Rocket Cos., Inc.** | **Rocket Cos., Inc.** | **Rocket Cos., Inc.** |
| 6.50%, 08/01/29 *(b)(d)* | 1676000 | 1723965 |
| 6.13%, 08/01/30 *(b)(d)* | 3177000 | 3261251 |
| 7.13%, 02/01/32 *(b)(d)* | 1440000 | 1506779 |
| 6.38%, 08/01/33 *(b)(d)* | 2996000 | 3100171 |
| **Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.** | **Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.** | **Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.** |
| 3.63%, 03/01/29 *(b)(d)* | 1271000 | 1225531 |
| 3.88%, 03/01/31 *(b)(d)* | 2192000 | 2061864 |
| 4.00%, 10/15/33 *(b)(d)* | 1770000 | 1630928 |
| **SLM Corp.** | **SLM Corp.** | **SLM Corp.** |
| 6.50%, 01/31/30 *(b)* | 1269000 | 1289638 |
| **Stonebriar ABF Issuer LLC** | **Stonebriar ABF Issuer LLC** | **Stonebriar ABF Issuer LLC** |
| 8.13%, 12/15/30 *(b)(d)* | 555000 | 583915 |
| **TrueNoord Capital DAC** | **TrueNoord Capital DAC** | **TrueNoord Capital DAC** |
| 8.75%, 03/01/30 *(b)(d)* | 717000 | 757894 |
| **United Wholesale Mortgage LLC** | **United Wholesale Mortgage LLC** | **United Wholesale Mortgage LLC** |
| 5.75%, 06/15/27 *(b)(d)* | 1050000 | 1046192 |
| 5.50%, 04/15/29 *(b)(d)* | 1113000 | 1092429 |
| **UWM Holdings LLC** | **UWM Holdings LLC** | **UWM Holdings LLC** |
| 6.63%, 02/01/30 *(b)(d)* | 989000 | 982342 |
| 6.25%, 03/15/31 *(b)(d)* | 1300000 | 1256928 |
| **Velocity Commercial Capital LLC** | **Velocity Commercial Capital LLC** | **Velocity Commercial Capital LLC** |
| 9.38%, 02/15/31 *(b)(d)* | 800000 | 811651 |
| **Walker & Dunlop, Inc.** | **Walker & Dunlop, Inc.** | **Walker & Dunlop, Inc.** |
| 6.63%, 04/01/33 *(b)(d)* | 926000 | 916159 |
|  |  | **92172077** |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***Financial Other 1.3%***  | ***Financial Other 1.3%***  | ***Financial Other 1.3%***  |
| **Burford Capital Global Finance LLC** | **Burford Capital Global Finance LLC** | **Burford Capital Global Finance LLC** |
| 6.25%, 04/15/28 *(b)(d)* | 865000 | 860811 |
| 6.88%, 04/15/30 *(b)(d)* | 870000 | 844921 |
| 9.25%, 07/01/31 *(b)(d)* | 905000 | 920538 |
| 7.50%, 07/15/33 *(b)(d)* | 460000 | 430822 |
| 8.50%, 01/15/34 *(b)(d)* | 884000 | 867346 |
| **Credit Acceptance Corp.** | **Credit Acceptance Corp.** | **Credit Acceptance Corp.** |
| 9.25%, 12/15/28 *(b)(d)* | 644000 | 673690 |
| 6.63%, 03/15/30 *(b)(d)* | 1391000 | 1386354 |
| **Encore Capital Group, Inc.** | **Encore Capital Group, Inc.** | **Encore Capital Group, Inc.** |
| 9.25%, 04/01/29 *(b)(d)* | 963000 | 1009121 |
| 8.50%, 05/15/30 *(b)(d)* | 805000 | 861647 |
| 6.63%, 04/15/31 *(b)(d)* | 517000 | 525329 |
| **Five Point Operating Co. LP** | **Five Point Operating Co. LP** | **Five Point Operating Co. LP** |
| 8.00%, 10/01/30 *(b)(d)* | 550000 | 569957 |
| **Greystar Real Estate Partners LLC** | **Greystar Real Estate Partners LLC** | **Greystar Real Estate Partners LLC** |
| 7.75%, 09/01/30 *(b)(d)* | 1196000 | 1253581 |
| **HA Sustainable Infrastructure Capital, Inc.** | **HA Sustainable Infrastructure Capital, Inc.** | **HA Sustainable Infrastructure Capital, Inc.** |
| 8.00%, 06/01/56 *(b)(c)* | 539000 | 567890 |
| 7.13%, 11/15/56 *(b)(c)* | 750000 | 749959 |
| **Howard Hughes Corp.** | **Howard Hughes Corp.** | **Howard Hughes Corp.** |
| 4.38%, 02/01/31 *(b)(d)* | 1378000 | 1311632 |
| 5.88%, 03/01/32 *(b)(d)* | 750000 | 750070 |
| 6.13%, 03/01/34 *(b)(d)* | 800000 | 799019 |
| **Icahn Enterprises LP/Icahn Enterprises Finance Corp.** | **Icahn Enterprises LP/Icahn Enterprises Finance Corp.** | **Icahn Enterprises LP/Icahn Enterprises Finance Corp.** |
| 5.25%, 05/15/27 *(b)* | 1821000 | 1795024 |
| 9.75%, 01/15/29 *(b)* | 1269000 | 1255255 |
| 4.38%, 02/01/29 *(b)* | 1082000 | 923058 |
| 10.00%, 11/15/29 *(b)(d)* | 2070000 | 2046588 |
| 9.00%, 06/15/30 *(b)* | 909000 | 865402 |
| **Jefferson Capital Holdings LLC** | **Jefferson Capital Holdings LLC** | **Jefferson Capital Holdings LLC** |
| 9.50%, 02/15/29 *(b)(d)* | 975000 | 1030038 |
| 8.25%, 05/15/30 *(b)(d)* | 775000 | 812559 |
| **Kennedy-Wilson, Inc.** | **Kennedy-Wilson, Inc.** | **Kennedy-Wilson, Inc.** |
| 4.75%, 03/01/29 *(b)* | 1214000 | 1197079 |
| 4.75%, 02/01/30 *(b)* | 1113000 | 1080389 |
| 5.00%, 03/01/31 *(b)* | 1124000 | 1090337 |
| **PHH Escrow Issuer LLC/PHH Corp.** | **PHH Escrow Issuer LLC/PHH Corp.** | **PHH Escrow Issuer LLC/PHH Corp.** |
| 9.88%, 11/01/29 *(b)(d)* | 1059000 | 1064183 |
| **PRA Group, Inc.** | **PRA Group, Inc.** | **PRA Group, Inc.** |
| 8.38%, 02/01/28 *(b)(d)* | 939000 | 946892 |
| 5.00%, 10/01/29 *(a)(b)(d)* | 724000 | 668880 |
| 8.88%, 01/31/30 *(b)(d)* | 602000 | 613288 |
|  |  | **29771659** |
| ***Insurance 3.2%***  | ***Insurance 3.2%***  | ***Insurance 3.2%***  |
| **Acrisure LLC/Acrisure Finance, Inc.** | **Acrisure LLC/Acrisure Finance, Inc.** | **Acrisure LLC/Acrisure Finance, Inc.** |
| 8.25%, 02/01/29 *(b)(d)* | 1400000 | 1401464 |
| 4.25%, 02/15/29 *(b)(d)* | 1318000 | 1255020 |
| 8.50%, 06/15/29 *(b)(d)* | 1506000 | 1503731 |
| 6.00%, 08/01/29 *(b)(d)* | 1036000 | 967785 |
| 7.50%, 11/06/30 *(b)(d)* | 882000 | 898102 |
| 6.75%, 07/01/32 *(b)(d)* | 1425000 | 1398713 |
| **Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer** | **Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer** | **Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer** |
| 4.25%, 10/15/27 *(b)(d)* | 1659000 | 1639607 |
| 6.75%, 10/15/27 *(b)(d)* | 1330000 | 1330753 |
| 6.75%, 04/15/28 *(b)(d)* | 2258000 | 2285295 |
| 5.88%, 11/01/29 *(b)(d)* | 756000 | 738238 |
| 7.00%, 01/15/31 *(b)(d)* | 3209000 | 3269474 |
| 6.50%, 10/01/31 *(b)(d)* | 1755000 | 1766826 |
| 7.38%, 10/01/32 *(b)(d)* | 964000 | 954385 |
| **American National Group, Inc.** | **American National Group, Inc.** | **American National Group, Inc.** |
| 7.00%, 12/01/55 *(b)(c)* | 1037000 | 1028881 |

---

*See financial notes*

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

**9**

------

Schwab High Yield Bond ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **AmWINS Group, Inc.** | **AmWINS Group, Inc.** | **AmWINS Group, Inc.** |
| 6.38%, 02/15/29 *(b)(d)* | 1303000 | 1326764 |
| 4.88%, 06/30/29 *(b)(d)* | 1031000 | 1004556 |
| **Amynta Agency Borrower, Inc. & Amynta Warranty Borrower, Inc.** | **Amynta Agency Borrower, Inc. & Amynta Warranty Borrower, Inc.** | **Amynta Agency Borrower, Inc. & Amynta Warranty Borrower, Inc.** |
| 7.50%, 07/15/33 *(b)(d)* | 605000 | 593333 |
| **APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset** <br> **Investor 2 LLC** | **APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset** <br> **Investor 2 LLC** | **APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset** <br> **Investor 2 LLC** |
| 7.88%, 11/01/29 *(b)(d)* | 967000 | 937714 |
| **Ardonagh Finco Ltd.** | **Ardonagh Finco Ltd.** | **Ardonagh Finco Ltd.** |
| 7.75%, 02/15/31 *(b)(d)* | 2210000 | 2264322 |
| **Ardonagh Group Finance Ltd.** | **Ardonagh Group Finance Ltd.** | **Ardonagh Group Finance Ltd.** |
| 8.88%, 02/15/32 *(b)(d)* | 2018000 | 1993523 |
| **Assurant, Inc.** | **Assurant, Inc.** | **Assurant, Inc.** |
| 7.00%, 03/27/48 *(b)(c)* | 93000 | 95820 |
| **Asurion LLC & Asurion Co-Issuer, Inc.** | **Asurion LLC & Asurion Co-Issuer, Inc.** | **Asurion LLC & Asurion Co-Issuer, Inc.** |
| 8.00%, 12/31/32 *(b)(d)* | 5093000 | 5353599 |
| 8.38%, 02/01/34 *(b)(d)* | 5450000 | 5427037 |
| **Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance** | **Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance** | **Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance** |
| 7.13%, 05/15/31 *(b)(d)* | 1162000 | 1166648 |
| **Broadstreet Partners Group LLC** | **Broadstreet Partners Group LLC** | **Broadstreet Partners Group LLC** |
| 5.88%, 04/15/29 *(b)(d)* | 1930000 | 1870801 |
| **Fidelis Insurance Holdings Ltd.** | **Fidelis Insurance Holdings Ltd.** | **Fidelis Insurance Holdings Ltd.** |
| 7.75%, 06/15/55 *(b)(c)* | 918000 | 989803 |
| **Global Atlantic Fin Co.** | **Global Atlantic Fin Co.** | **Global Atlantic Fin Co.** |
| 7.95%, 10/15/54 *(b)(c)(d)* | 837000 | 801677 |
| 7.25%, 03/01/56 *(b)(c)(d)* | 795000 | 757849 |
| **Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance** <br> **LLC** | **Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance** <br> **LLC** | **Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance** <br> **LLC** |
| 7.25%, 02/15/31 *(b)(d)* | 1550000 | 1572202 |
| 8.13%, 02/15/32 *(b)(d)* | 746000 | 714883 |
| **HUB International Ltd.** | **HUB International Ltd.** | **HUB International Ltd.** |
| 5.63%, 12/01/29 *(b)(d)* | 1981000 | 1951803 |
| 7.25%, 06/15/30 *(b)(d)* | 4164000 | 4297370 |
| 7.38%, 01/31/32 *(b)(d)* | 2525000 | 2571586 |
| **Jones Deslauriers Insurance Management, Inc.** | **Jones Deslauriers Insurance Management, Inc.** | **Jones Deslauriers Insurance Management, Inc.** |
| 8.50%, 03/15/30 *(b)(d)* | 1308000 | 1358102 |
| 6.88%, 10/01/33 *(b)(d)* | 585000 | 537802 |
| **Liberty Mutual Group, Inc.** | **Liberty Mutual Group, Inc.** | **Liberty Mutual Group, Inc.** |
| 7.80%, 03/15/37 *(d)* | 907000 | 1051473 |
| 4.30%, 02/01/61 *(b)(d)* | 957000 | 646056 |
| **Molina Healthcare, Inc.** | **Molina Healthcare, Inc.** | **Molina Healthcare, Inc.** |
| 4.38%, 06/15/28 *(b)(d)* | 1753000 | 1723902 |
| 3.88%, 11/15/30 *(b)(d)* | 1685000 | 1536092 |
| 6.50%, 02/15/31 *(b)(d)* | 800000 | 803556 |
| 3.88%, 05/15/32 *(b)(d)* | 1594000 | 1409120 |
| 6.25%, 01/15/33 *(b)(d)* | 892000 | 878157 |
| **Nassau Cos., of New York** | **Nassau Cos., of New York** | **Nassau Cos., of New York** |
| 7.88%, 07/15/30 *(b)(d)* | 742000 | 691430 |
| **Panther Escrow Issuer LLC** | **Panther Escrow Issuer LLC** | **Panther Escrow Issuer LLC** |
| 7.13%, 06/01/31 *(b)(d)* | 4254000 | 4330874 |
| **Ryan Specialty LLC** | **Ryan Specialty LLC** | **Ryan Specialty LLC** |
| 4.38%, 02/01/30 *(b)(d)* | 1000000 | 973979 |
| 5.88%, 08/01/32 *(b)(d)* | 1501000 | 1513293 |
| **USI, Inc.** | **USI, Inc.** | **USI, Inc.** |
| 7.50%, 01/15/32 *(b)(d)* | 911000 | 933551 |
| **Wilton RE Ltd.** | **Wilton RE Ltd.** | **Wilton RE Ltd.** |
| 6.00%, 10/22/30 *(b)(c)(d)(e)* | 875000 | 866290 |
|  |  | **75383241** |
| ***REITs 2.0%***  | ***REITs 2.0%***  | ***REITs 2.0%***  |
| **Apollo Commercial Real Estate Finance, Inc.** | **Apollo Commercial Real Estate Finance, Inc.** | **Apollo Commercial Real Estate Finance, Inc.** |
| 4.63%, 06/15/29 *(a)(b)(d)* | 822000 | 818522 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Arbor Realty SR, Inc.** | **Arbor Realty SR, Inc.** | **Arbor Realty SR, Inc.** |
| 8.50%, 12/15/28 *(b)(d)* | 303000 | 295038 |
| 7.88%, 07/15/30 *(b)(d)* | 995000 | 917775 |
| **Blackstone Mortgage Trust, Inc.** | **Blackstone Mortgage Trust, Inc.** | **Blackstone Mortgage Trust, Inc.** |
| 7.75%, 12/01/29 *(b)(d)* | 671000 | 715754 |
| **Brandywine Operating Partnership LP** | **Brandywine Operating Partnership LP** | **Brandywine Operating Partnership LP** |
| 3.95%, 11/15/27 *(b)* | 677000 | 664138 |
| 8.30%, 03/15/28 *(b)(f)* | 1199000 | 1266443 |
| 8.88%, 04/12/29 *(b)* | 1459000 | 1551140 |
| 6.13%, 01/15/31 *(b)* | 798000 | 757724 |
| **Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC** | **Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC** | **Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC** |
| 4.50%, 04/01/27 *(b)(d)* | 645000 | 636927 |
| **Diversified Healthcare Trust** | **Diversified Healthcare Trust** | **Diversified Healthcare Trust** |
| 4.75%, 02/15/28 *(b)* | 749000 | 732949 |
| 7.25%, 10/15/30 *(b)(d)* | 675000 | 702767 |
| 4.38%, 03/01/31 *(b)* | 724000 | 655397 |
| **EF Holdco/EF Cayman Holdings/Ellington Financial REIT Cayman/TRS/EF Cayman** <br> **Non-MTM** | **EF Holdco/EF Cayman Holdings/Ellington Financial REIT Cayman/TRS/EF Cayman** <br> **Non-MTM** | **EF Holdco/EF Cayman Holdings/Ellington Financial REIT Cayman/TRS/EF Cayman** <br> **Non-MTM** |
| 7.38%, 09/30/30 *(b)(d)* | 564000 | 570314 |
| **Hudson Pacific Properties LP** | **Hudson Pacific Properties LP** | **Hudson Pacific Properties LP** |
| 3.95%, 11/01/27 *(b)* | 1016000 | 967129 |
| 5.95%, 02/15/28 *(b)* | 1110000 | 1067822 |
| 4.65%, 04/01/29 *(a)(b)* | 1190000 | 1060106 |
| **MPT Operating Partnership LP/MPT Finance Corp.** | **MPT Operating Partnership LP/MPT Finance Corp.** | **MPT Operating Partnership LP/MPT Finance Corp.** |
| 5.00%, 10/15/27 *(a)(b)* | 1943000 | 1905059 |
| 4.63%, 08/01/29 *(b)* | 1560000 | 1349222 |
| 3.50%, 03/15/31 *(b)* | 2343000 | 1793918 |
| 8.50%, 02/15/32 *(b)(d)* | 2035000 | 2179491 |
| **Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer** | **Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer** | **Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer** |
| 5.88%, 10/01/28 *(b)(d)* | 665000 | 665383 |
| 4.88%, 05/15/29 *(b)(d)* | 1209000 | 1188480 |
| 7.00%, 02/01/30 *(b)(d)* | 809000 | 838219 |
| **Pebblebrook Hotel LP/PEB Finance Corp.** | **Pebblebrook Hotel LP/PEB Finance Corp.** | **Pebblebrook Hotel LP/PEB Finance Corp.** |
| 6.38%, 10/15/29 *(b)(d)* | 1308000 | 1334626 |
| **RHP Hotel Properties LP/RHP Finance Corp.** | **RHP Hotel Properties LP/RHP Finance Corp.** | **RHP Hotel Properties LP/RHP Finance Corp.** |
| 4.75%, 10/15/27 *(b)* | 200000 | 200097 |
| 7.25%, 07/15/28 *(b)(d)* | 1348000 | 1385183 |
| 4.50%, 02/15/29 *(b)(d)* | 1287000 | 1270081 |
| 6.50%, 04/01/32 *(b)(d)* | 1338000 | 1385368 |
| 6.50%, 06/15/33 *(b)(d)* | 876000 | 910497 |
| 5.75%, 03/15/34 *(b)(d)(g)* | 250000 | 252023 |
| **Rithm Capital Corp.** | **Rithm Capital Corp.** | **Rithm Capital Corp.** |
| 8.00%, 04/01/29 *(b)(d)* | 1330000 | 1339448 |
| 8.00%, 07/15/30 *(b)(d)* | 722000 | 725917 |
| **RLJ Lodging Trust LP** | **RLJ Lodging Trust LP** | **RLJ Lodging Trust LP** |
| 4.00%, 09/15/29 *(b)(d)* | 848000 | 811900 |
| **Service Properties Trust** | **Service Properties Trust** | **Service Properties Trust** |
| 5.50%, 12/15/27 *(b)* | 1067000 | 1070120 |
| 3.95%, 01/15/28 *(b)* | 860000 | 820741 |
| 8.38%, 06/15/29 *(b)* | 1067000 | 1120616 |
| 4.95%, 10/01/29 *(a)(b)* | 563000 | 511843 |
| 4.38%, 02/15/30 *(b)* | 896000 | 794344 |
| 8.63%, 11/15/31 *(b)(d)* | 1145000 | 1205272 |
| 8.88%, 06/15/32 *(b)* | 858000 | 861915 |
| **Starwood Property Trust, Inc.** | **Starwood Property Trust, Inc.** | **Starwood Property Trust, Inc.** |
| 5.25%, 10/15/28 *(b)(d)* | 1090000 | 1095758 |
| 7.25%, 04/01/29 *(b)(d)* | 677000 | 710245 |
| 6.00%, 04/15/30 *(b)(d)* | 854000 | 876975 |
| 6.50%, 07/01/30 *(b)(d)* | 945000 | 983381 |
| 6.50%, 10/15/30 *(b)(d)* | 960000 | 1001009 |
| 5.75%, 01/15/31 *(b)(d)* | 268000 | 271136 |
| **Vornado Realty LP** | **Vornado Realty LP** | **Vornado Realty LP** |
| 3.40%, 06/01/31 *(b)* | 947000 | 866182 |
| 5.75%, 02/01/33 *(b)* | 600000 | 608999 |

---

*See financial notes*

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

------

Schwab High Yield Bond ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **XHR LP** | **XHR LP** | **XHR LP** |
| 4.88%, 06/01/29 *(b)(d)* | 1096000 | 1081921 |
| 6.63%, 05/15/30 *(b)(d)* | 499000 | 518057 |
|  |  | **47313371** |
|  |  | **277665153** |
| **Industrial 83.0%** | **Industrial 83.0%** | **Industrial 83.0%** |
| ***Basic Industry 6.3%***  | ***Basic Industry 6.3%***  | ***Basic Industry 6.3%***  |
| **Ahlstrom Holding 3 OYJ** | **Ahlstrom Holding 3 OYJ** | **Ahlstrom Holding 3 OYJ** |
| 4.88%, 02/04/28 *(b)(d)* | 274000 | 272811 |
| **Alcoa Nederland Holding BV** | **Alcoa Nederland Holding BV** | **Alcoa Nederland Holding BV** |
| 4.13%, 03/31/29 *(b)(d)* | 747000 | 735140 |
| 7.13%, 03/15/31 *(b)(d)* | 1145000 | 1211332 |
| **Algoma Steel, Inc.** | **Algoma Steel, Inc.** | **Algoma Steel, Inc.** |
| 9.13%, 04/15/29 *(b)(d)* | 731000 | 670752 |
| **Alliance Resource Operating Partners LP/Alliance Resource Finance Corp.** | **Alliance Resource Operating Partners LP/Alliance Resource Finance Corp.** | **Alliance Resource Operating Partners LP/Alliance Resource Finance Corp.** |
| 8.63%, 06/15/29 *(b)(d)* | 949000 | 1002648 |
| **Alumina Pty. Ltd.** | **Alumina Pty. Ltd.** | **Alumina Pty. Ltd.** |
| 6.13%, 03/15/30 *(b)(d)* | 982000 | 1018548 |
| 6.38%, 09/15/32 *(b)(d)* | 875000 | 909124 |
| **Arsenal AIC Parent LLC** | **Arsenal AIC Parent LLC** | **Arsenal AIC Parent LLC** |
| 8.00%, 10/01/30 *(b)(d)* | 799000 | 844967 |
| 11.50%, 10/01/31 *(b)(d)* | 787000 | 868908 |
| **Ashland, Inc.** | **Ashland, Inc.** | **Ashland, Inc.** |
| 3.38%, 09/01/31 *(b)(d)* | 749000 | 690673 |
| 6.88%, 05/15/43 *(b)* | 836000 | 883747 |
| **Avient Corp.** | **Avient Corp.** | **Avient Corp.** |
| 7.13%, 08/01/30 *(b)(d)* | 1713000 | 1766488 |
| 6.25%, 11/01/31 *(b)(d)* | 425000 | 439141 |
| **Axalta Coating Systems Dutch Holding B BV** | **Axalta Coating Systems Dutch Holding B BV** | **Axalta Coating Systems Dutch Holding B BV** |
| 7.25%, 02/15/31 *(b)(d)* | 839000 | 883065 |
| **Axalta Coating Systems LLC** | **Axalta Coating Systems LLC** | **Axalta Coating Systems LLC** |
| 3.38%, 02/15/29 *(b)(d)* | 1056000 | 1019376 |
| **Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV** | **Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV** | **Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV** |
| 4.75%, 06/15/27 *(b)(d)* | 1032000 | 1032230 |
| **Big River Steel LLC/BRS Finance Corp.** | **Big River Steel LLC/BRS Finance Corp.** | **Big River Steel LLC/BRS Finance Corp.** |
| 6.63%, 01/31/29 *(b)(d)* | 803000 | 807940 |
| **Calderys Financing LLC** | **Calderys Financing LLC** | **Calderys Financing LLC** |
| 11.25%, 06/01/28 *(b)(d)* | 635000 | 660346 |
| **Carpenter Technology Corp.** | **Carpenter Technology Corp.** | **Carpenter Technology Corp.** |
| 5.63%, 03/01/34 *(b)(d)* | 644000 | 657478 |
| **Cascades, Inc./Cascades USA, Inc.** | **Cascades, Inc./Cascades USA, Inc.** | **Cascades, Inc./Cascades USA, Inc.** |
| 5.38%, 01/15/28 *(b)(d)* | 1202000 | 1201113 |
| 6.75%, 07/15/30 *(b)(d)* | 545000 | 559554 |
| **Celanese U.S. Holdings LLC** | **Celanese U.S. Holdings LLC** | **Celanese U.S. Holdings LLC** |
| 6.85%, 11/15/28 *(b)(f)* | 1588000 | 1672477 |
| 7.33%, 07/15/29 *(b)* | 1348000 | 1425893 |
| 6.50%, 04/15/30 *(b)* | 1045000 | 1071495 |
| 7.05%, 11/15/30 *(b)* | 1629000 | 1738125 |
| 7.00%, 02/15/31 *(b)* | 547000 | 563725 |
| 7.38%, 07/15/32 *(b)* | 2133000 | 2250554 |
| 6.75%, 04/15/33 *(a)(b)* | 2095000 | 2149407 |
| 7.20%, 11/15/33 *(b)* | 2069000 | 2224343 |
| 7.38%, 02/15/34 *(b)* | 1155000 | 1187311 |
| **Century Aluminum Co.** | **Century Aluminum Co.** | **Century Aluminum Co.** |
| 6.88%, 08/01/32 *(b)(d)* | 414000 | 428742 |
| **Cerdia Finanz GmbH** | **Cerdia Finanz GmbH** | **Cerdia Finanz GmbH** |
| 9.38%, 10/03/31 *(b)(d)* | 1550000 | 1588750 |
| **Champion Iron Canada, Inc.** | **Champion Iron Canada, Inc.** | **Champion Iron Canada, Inc.** |
| 7.88%, 07/15/32 *(b)(d)* | 877000 | 933418 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Chemours Co.** | **Chemours Co.** | **Chemours Co.** |
| 5.38%, 05/15/27 *(b)* | 974000 | 984865 |
| 5.75%, 11/15/28 *(b)(d)* | 1119000 | 1126435 |
| 4.63%, 11/15/29 *(b)(d)* | 1217000 | 1153820 |
| 8.00%, 01/15/33 *(a)(b)(d)* | 826000 | 840803 |
| 7.88%, 03/15/34 *(b)(d)(g)* | 1000000 | 1000000 |
| **Clearwater Paper Corp.** | **Clearwater Paper Corp.** | **Clearwater Paper Corp.** |
| 4.75%, 08/15/28 *(b)(d)* | 582000 | 521158 |
| **Cleveland-Cliffs, Inc.** | **Cleveland-Cliffs, Inc.** | **Cleveland-Cliffs, Inc.** |
| 4.63%, 03/01/29 *(b)(d)* | 788000 | 771778 |
| 6.88%, 11/01/29 *(b)(d)* | 1245000 | 1283352 |
| 6.75%, 04/15/30 *(b)(d)* | 1109000 | 1126838 |
| 4.88%, 03/01/31 *(b)(d)* | 828000 | 786222 |
| 7.50%, 09/15/31 *(b)(d)* | 1376000 | 1437269 |
| 7.00%, 03/15/32 *(b)(d)* | 2289000 | 2327629 |
| 7.38%, 05/01/33 *(b)(d)* | 1610000 | 1653578 |
| 7.63%, 01/15/34 *(b)(d)* | 1625000 | 1668779 |
| **Coeur Mining, Inc.** | **Coeur Mining, Inc.** | **Coeur Mining, Inc.** |
| 5.13%, 02/15/29 *(b)(d)* | 877000 | 875971 |
| **Commercial Metals Co.** | **Commercial Metals Co.** | **Commercial Metals Co.** |
| 4.13%, 01/15/30 *(b)* | 1225000 | 1198258 |
| 4.38%, 03/15/32 *(b)* | 856000 | 820650 |
| 5.75%, 11/15/33 *(b)(d)* | 1458000 | 1488458 |
| 6.00%, 12/15/35 *(b)(d)* | 1111000 | 1138589 |
| **Compass Minerals International, Inc.** | **Compass Minerals International, Inc.** | **Compass Minerals International, Inc.** |
| 8.00%, 07/01/30 *(b)(d)* | 1185000 | 1251129 |
| **Consolidated Energy Finance SA** | **Consolidated Energy Finance SA** | **Consolidated Energy Finance SA** |
| 5.63%, 10/15/28 *(a)(b)(d)* | 827000 | 695714 |
| 12.00%, 02/15/31 *(a)(b)(d)* | 914000 | 791753 |
| **Constellium SE** | **Constellium SE** | **Constellium SE** |
| 5.63%, 06/15/28 *(b)(d)* | 300000 | 300897 |
| 3.75%, 04/15/29 *(b)(d)* | 954000 | 925069 |
| 6.38%, 08/15/32 *(b)(d)* | 688000 | 716703 |
| **Coronado Finance Pty. Ltd.** | **Coronado Finance Pty. Ltd.** | **Coronado Finance Pty. Ltd.** |
| 9.25%, 10/01/29 *(a)(b)(d)* | 756000 | 701300 |
| **CVR Partners LP/CVR Nitrogen Finance Corp.** | **CVR Partners LP/CVR Nitrogen Finance Corp.** | **CVR Partners LP/CVR Nitrogen Finance Corp.** |
| 6.13%, 06/15/28 *(b)(d)* | 1177000 | 1175515 |
| **Domtar Corp.** | **Domtar Corp.** | **Domtar Corp.** |
| 6.75%, 10/01/28 *(b)(d)* | 1409000 | 1071974 |
| **Eldorado Gold Corp.** | **Eldorado Gold Corp.** | **Eldorado Gold Corp.** |
| 6.25%, 09/01/29 *(b)(d)* | 1003000 | 1009785 |
| **Element Solutions, Inc.** | **Element Solutions, Inc.** | **Element Solutions, Inc.** |
| 3.88%, 09/01/28 *(b)(d)* | 1499000 | 1474699 |
| **FMC Corp.** | **FMC Corp.** | **FMC Corp.** |
| 3.45%, 10/01/29 *(b)* | 900000 | 795113 |
| 5.65%, 05/18/33 *(a)(b)* | 659000 | 578788 |
| 4.50%, 10/01/49 *(b)* | 1047000 | 643294 |
| 6.38%, 05/18/53 *(a)(b)* | 1251000 | 937344 |
| 8.45%, 11/01/55 *(b)(c)* | 970000 | 638813 |
| **Fortescue Treasury Pty. Ltd.** | **Fortescue Treasury Pty. Ltd.** | **Fortescue Treasury Pty. Ltd.** |
| 4.50%, 09/15/27 *(b)(d)* | 1391000 | 1391091 |
| 5.88%, 04/15/30 *(b)(d)* | 464000 | 478295 |
| 4.38%, 04/01/31 *(b)(d)* | 1531000 | 1485368 |
| 6.13%, 04/15/32 *(b)(d)* | 810000 | 849076 |
| **GrafTech Finance, Inc.** | **GrafTech Finance, Inc.** | **GrafTech Finance, Inc.** |
| 4.63%, 12/23/29 *(a)(b)(d)* | 821000 | 402290 |
| **GrafTech Global Enterprises, Inc.** | **GrafTech Global Enterprises, Inc.** | **GrafTech Global Enterprises, Inc.** |
| 9.88%, 12/23/29 *(a)(b)(d)* | 753000 | 448035 |
| **Graphic Packaging International LLC** | **Graphic Packaging International LLC** | **Graphic Packaging International LLC** |
| 4.75%, 07/15/27 *(b)(d)* | 1292000 | 1294731 |
| 3.50%, 03/15/28 *(b)(d)* | 759000 | 738445 |
| 3.50%, 03/01/29 *(b)(d)* | 583000 | 558685 |
| 3.75%, 02/01/30 *(b)(d)* | 706000 | 668433 |
| 6.38%, 07/15/32 *(a)(b)(d)* | 472000 | 478718 |

---

*See financial notes*

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

**11**

------

Schwab High Yield Bond ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **HB Fuller Co.** | **HB Fuller Co.** | **HB Fuller Co.** |
| 4.25%, 10/15/28 *(b)* | 690000 | 678813 |
| **Hecla Mining Co.** | **Hecla Mining Co.** | **Hecla Mining Co.** |
| 7.25%, 02/15/28 *(b)* | 733000 | 735478 |
| **Herens Holdco SARL** | **Herens Holdco SARL** | **Herens Holdco SARL** |
| 4.75%, 05/15/28 *(b)(d)* | 852000 | 750213 |
| **Hudbay Minerals, Inc.** | **Hudbay Minerals, Inc.** | **Hudbay Minerals, Inc.** |
| 6.13%, 04/01/29 *(b)(d)* | 901000 | 908807 |
| **Huntsman International LLC** | **Huntsman International LLC** | **Huntsman International LLC** |
| 2.95%, 06/15/31 *(b)* | 1317000 | 1137325 |
| 5.70%, 10/15/34 *(a)(b)* | 645000 | 617342 |
| **IAMGOLD Corp.** | **IAMGOLD Corp.** | **IAMGOLD Corp.** |
| 5.75%, 10/15/28 *(b)(d)* | 1009000 | 1014161 |
| **Illuminate Buyer LLC/Illuminate Holdings IV, Inc.** | **Illuminate Buyer LLC/Illuminate Holdings IV, Inc.** | **Illuminate Buyer LLC/Illuminate Holdings IV, Inc.** |
| 9.00%, 07/01/28 *(b)(d)* | 77000 | 77312 |
| **INEOS Finance PLC** | **INEOS Finance PLC** | **INEOS Finance PLC** |
| 6.75%, 05/15/28 *(b)(d)* | 760000 | 704385 |
| 7.50%, 04/15/29 *(b)(d)* | 1142000 | 1020581 |
| **INEOS Quattro Finance 2 PLC** | **INEOS Quattro Finance 2 PLC** | **INEOS Quattro Finance 2 PLC** |
| 9.63%, 03/15/29 *(a)(b)(d)* | 627000 | 538436 |
| **Infrabuild Australia Pty. Ltd.** | **Infrabuild Australia Pty. Ltd.** | **Infrabuild Australia Pty. Ltd.** |
| 14.50%, 11/15/28 *(a)(b)(d)* | 881000 | 938090 |
| **Ingevity Corp.** | **Ingevity Corp.** | **Ingevity Corp.** |
| 3.88%, 11/01/28 *(b)(d)* | 987000 | 965287 |
| **Innophos Holdings, Inc.** | **Innophos Holdings, Inc.** | **Innophos Holdings, Inc.** |
| 11.50%, 06/15/29 *(b)(d)* | 852000 | 767899 |
| **JW Aluminum Continuous Cast Co.** | **JW Aluminum Continuous Cast Co.** | **JW Aluminum Continuous Cast Co.** |
| 10.25%, 04/01/30 *(b)(d)* | 565000 | 584806 |
| **Kaiser Aluminum Corp.** | **Kaiser Aluminum Corp.** | **Kaiser Aluminum Corp.** |
| 4.50%, 06/01/31 *(b)(d)* | 896000 | 866706 |
| 5.88%, 03/01/34 *(b)(d)* | 790000 | 799787 |
| **LSB Industries, Inc.** | **LSB Industries, Inc.** | **LSB Industries, Inc.** |
| 6.25%, 10/15/28 *(b)(d)* | 1131000 | 1137785 |
| **Magnera Corp.** | **Magnera Corp.** | **Magnera Corp.** |
| 4.75%, 11/15/29 *(a)(b)(d)* | 1015000 | 943868 |
| 7.25%, 11/15/31 *(b)(d)* | 1207000 | 1182657 |
| **Mativ Holdings, Inc.** | **Mativ Holdings, Inc.** | **Mativ Holdings, Inc.** |
| 8.00%, 10/01/29 *(b)(d)* | 821000 | 811281 |
| **Maxam Prill SARL** | **Maxam Prill SARL** | **Maxam Prill SARL** |
| 7.75%, 07/15/30 *(b)(d)* | 898000 | 941710 |
| **Mercer International, Inc.** | **Mercer International, Inc.** | **Mercer International, Inc.** |
| 12.88%, 10/01/28 *(a)(b)(d)* | 822000 | 574668 |
| 5.13%, 02/01/29 *(b)* | 1305000 | 808749 |
| **Methanex Corp.** | **Methanex Corp.** | **Methanex Corp.** |
| 5.13%, 10/15/27 *(b)* | 1122000 | 1127184 |
| 5.25%, 12/15/29 *(b)* | 779000 | 786072 |
| 5.65%, 12/01/44 *(b)* | 915000 | 833489 |
| **Methanex U.S. Operations, Inc.** | **Methanex U.S. Operations, Inc.** | **Methanex U.S. Operations, Inc.** |
| 6.25%, 03/15/32 *(b)(d)* | 627000 | 649342 |
| **Mineral Resources Ltd.** | **Mineral Resources Ltd.** | **Mineral Resources Ltd.** |
| 8.00%, 11/01/27 *(b)(d)* | 865000 | 884899 |
| 9.25%, 10/01/28 *(b)(d)* | 1657000 | 1736954 |
| 8.50%, 05/01/30 *(b)(d)* | 1065000 | 1102821 |
| 7.00%, 04/01/31 *(b)(d)* | 1345000 | 1415806 |
| **Minerals Technologies, Inc.** | **Minerals Technologies, Inc.** | **Minerals Technologies, Inc.** |
| 5.00%, 07/01/28 *(b)(d)* | 594000 | 593849 |
| **New Gold, Inc.** | **New Gold, Inc.** | **New Gold, Inc.** |
| 6.88%, 04/01/32 *(b)(d)* | 700000 | 746513 |
| **Novelis Corp.** | **Novelis Corp.** | **Novelis Corp.** |
| 4.75%, 01/30/30 *(b)(d)* | 2415000 | 2341958 |
| 6.88%, 01/30/30 *(b)(d)* | 619000 | 639314 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.88%, 08/15/31 *(b)(d)* | 1395000 | 1276312 |
| 6.38%, 08/15/33 *(b)(d)* | 1339000 | 1354524 |
| **Nufarm Australia Ltd./Nufarm Americas, Inc.** | **Nufarm Australia Ltd./Nufarm Americas, Inc.** | **Nufarm Australia Ltd./Nufarm Americas, Inc.** |
| 5.00%, 01/27/30 *(b)(d)* | 447000 | 410298 |
| **Olin Corp.** | **Olin Corp.** | **Olin Corp.** |
| 5.63%, 08/01/29 *(a)(b)* | 1012000 | 1012118 |
| 5.00%, 02/01/30 *(b)* | 819000 | 797100 |
| 6.63%, 04/01/33 *(b)(d)* | 1024000 | 1001187 |
| **Olympus Water U.S. Holding Corp.** | **Olympus Water U.S. Holding Corp.** | **Olympus Water U.S. Holding Corp.** |
| 4.25%, 10/01/28 *(b)(d)* | 1200000 | 1167654 |
| 6.25%, 10/01/29 *(a)(b)(d)* | 1108000 | 1084086 |
| 7.25%, 06/15/31 *(b)(d)* | 802000 | 821196 |
| 6.75%, 08/01/32 *(b)(d)* | 1445000 | 1423723 |
| 7.25%, 02/15/33 *(b)(d)* | 2405000 | 2396192 |
| **Perenti Finance Pty. Ltd.** | **Perenti Finance Pty. Ltd.** | **Perenti Finance Pty. Ltd.** |
| 7.50%, 04/26/29 *(b)(d)* | 556000 | 577971 |
| **Perimeter Holdings LLC** | **Perimeter Holdings LLC** | **Perimeter Holdings LLC** |
| 6.25%, 01/15/34 *(b)(d)* | 958000 | 963096 |
| **Qnity Electronics, Inc.** | **Qnity Electronics, Inc.** | **Qnity Electronics, Inc.** |
| 5.75%, 08/15/32 *(b)(d)* | 1511000 | 1547893 |
| 6.25%, 08/15/33 *(b)(d)* | 1356000 | 1409629 |
| **Rain Carbon, Inc.** | **Rain Carbon, Inc.** | **Rain Carbon, Inc.** |
| 12.25%, 09/01/29 *(b)(d)* | 973000 | 1037350 |
| **SCIH Salt Holdings, Inc.** | **SCIH Salt Holdings, Inc.** | **SCIH Salt Holdings, Inc.** |
| 4.88%, 05/01/28 *(b)(d)* | 1906000 | 1900123 |
| 6.63%, 05/01/29 *(a)(b)(d)* | 708000 | 706803 |
| **SK Invictus Intermediate II SARL** | **SK Invictus Intermediate II SARL** | **SK Invictus Intermediate II SARL** |
| 5.00%, 10/30/29 *(b)(d)* | 1029000 | 1013447 |
| **SNF Group SACA** | **SNF Group SACA** | **SNF Group SACA** |
| 3.13%, 03/15/27 *(b)(d)* | 604000 | 595668 |
| 3.38%, 03/15/30 *(b)(d)* | 830000 | 787425 |
| **Solstice Advanced Materials, Inc.** | **Solstice Advanced Materials, Inc.** | **Solstice Advanced Materials, Inc.** |
| 5.63%, 09/30/33 *(b)(d)* | 1429000 | 1445328 |
| **SunCoke Energy, Inc.** | **SunCoke Energy, Inc.** | **SunCoke Energy, Inc.** |
| 4.88%, 06/30/29 *(b)(d)* | 883000 | 807253 |
| **Taseko Mines Ltd.** | **Taseko Mines Ltd.** | **Taseko Mines Ltd.** |
| 8.25%, 05/01/30 *(b)(d)* | 811000 | 859566 |
| **TMS International Corp.** | **TMS International Corp.** | **TMS International Corp.** |
| 6.25%, 04/15/29 *(b)(d)* | 652000 | 642288 |
| **Tronox, Inc.** | **Tronox, Inc.** | **Tronox, Inc.** |
| 4.63%, 03/15/29 *(a)(b)(d)* | 2123000 | 1643335 |
| **U.S. Steel Corp.** | **U.S. Steel Corp.** | **U.S. Steel Corp.** |
| 6.88%, 03/01/29 *(b)* | 755000 | 754245 |
| 6.65%, 06/01/37  | 713000 | 750450 |
| **Veritiv Operating Co.** | **Veritiv Operating Co.** | **Veritiv Operating Co.** |
| 10.50%, 11/30/30 *(b)(d)* | 1796000 | 1923911 |
| **Vibrantz Technologies, Inc.** | **Vibrantz Technologies, Inc.** | **Vibrantz Technologies, Inc.** |
| 9.00%, 02/15/30 *(b)(d)* | 1100000 | 297000 |
| **Windsor Holdings III LLC** | **Windsor Holdings III LLC** | **Windsor Holdings III LLC** |
| 8.50%, 06/15/30 *(b)(d)* | 754000 | 791619 |
| **WR Grace Holdings LLC** | **WR Grace Holdings LLC** | **WR Grace Holdings LLC** |
| 5.63%, 08/15/29 *(b)(d)* | 1826000 | 1750781 |
| 7.38%, 03/01/31 *(b)(d)* | 965000 | 991331 |
| 6.63%, 08/15/32 *(b)(d)* | 1068000 | 1081288 |
| 7.00%, 08/01/33 *(b)(d)* | 775000 | 789574 |
|  |  | **150251241** |
| ***Capital Goods 10.2%***  | ***Capital Goods 10.2%***  | ***Capital Goods 10.2%***  |
| **AAR Escrow Issuer LLC** | **AAR Escrow Issuer LLC** | **AAR Escrow Issuer LLC** |
| 6.75%, 03/15/29 *(b)(d)* | 1488000 | 1534914 |
| **ACProducts Holdings, Inc.** | **ACProducts Holdings, Inc.** | **ACProducts Holdings, Inc.** |
| 6.38%, 05/15/29 *(b)(d)* | 992000 | 484840 |

---

*See financial notes*

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

------

Schwab High Yield Bond ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Advanced Drainage Systems, Inc.** | **Advanced Drainage Systems, Inc.** | **Advanced Drainage Systems, Inc.** |
| 6.38%, 06/15/30 *(b)(d)* | 986000 | 1006891 |
| 5.38%, 03/01/34 *(b)(d)* | 250000 | 252530 |
| **Alta Equipment Group, Inc.** | **Alta Equipment Group, Inc.** | **Alta Equipment Group, Inc.** |
| 9.00%, 06/01/29 *(b)(d)* | 1103000 | 1042432 |
| **American Builders & Contractors Supply Co., Inc.** | **American Builders & Contractors Supply Co., Inc.** | **American Builders & Contractors Supply Co., Inc.** |
| 4.00%, 01/15/28 *(b)(d)* | 1162000 | 1146050 |
| 3.88%, 11/15/29 *(b)(d)* | 469000 | 454450 |
| **AmeriTex HoldCo Intermediate LLC** | **AmeriTex HoldCo Intermediate LLC** | **AmeriTex HoldCo Intermediate LLC** |
| 7.63%, 08/15/33 *(b)(d)* | 1242000 | 1301309 |
| **Amsted Industries, Inc.** | **Amsted Industries, Inc.** | **Amsted Industries, Inc.** |
| 4.63%, 05/15/30 *(b)(d)* | 861000 | 853646 |
| 6.38%, 03/15/33 *(b)(d)* | 939000 | 979094 |
| **Ardagh Group SA** | **Ardagh Group SA** | **Ardagh Group SA** |
| 9.50%, 12/01/30 *(b)(d)* | 2485000 | 2693062 |
| **Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC** | **Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC** | **Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC** |
| 3.25%, 09/01/28 *(b)(d)* | 829000 | 802563 |
| 4.00%, 09/01/29 *(b)(d)* | 2270000 | 2168511 |
| **ATI, Inc.** | **ATI, Inc.** | **ATI, Inc.** |
| 5.88%, 12/01/27 *(b)* | 868000 | 871449 |
| 4.88%, 10/01/29 *(b)* | 830000 | 829549 |
| 7.25%, 08/15/30 *(b)* | 1128000 | 1182344 |
| 5.13%, 10/01/31 *(b)* | 616000 | 619413 |
| **Atkore, Inc.** | **Atkore, Inc.** | **Atkore, Inc.** |
| 4.25%, 06/01/31 *(b)(d)* | 599000 | 575180 |
| **ATS Corp.** | **ATS Corp.** | **ATS Corp.** |
| 4.13%, 12/15/28 *(b)(d)* | 1038000 | 1017889 |
| **Axon Enterprise, Inc.** | **Axon Enterprise, Inc.** | **Axon Enterprise, Inc.** |
| 6.13%, 03/15/30 *(b)(d)* | 1786000 | 1845163 |
| 6.25%, 03/15/33 *(b)(d)* | 934000 | 968814 |
| **Ball Corp.** | **Ball Corp.** | **Ball Corp.** |
| 6.00%, 06/15/29 *(b)* | 1594000 | 1645467 |
| 2.88%, 08/15/30 *(b)* | 2330000 | 2168511 |
| 3.13%, 09/15/31 *(b)* | 1436000 | 1334218 |
| 5.50%, 09/15/33 *(b)(d)* | 775000 | 798147 |
| **BlueLinx Holdings, Inc.** | **BlueLinx Holdings, Inc.** | **BlueLinx Holdings, Inc.** |
| 6.00%, 11/15/29 *(b)(d)* | 985000 | 972250 |
| **Boise Cascade Co.** | **Boise Cascade Co.** | **Boise Cascade Co.** |
| 4.88%, 07/01/30 *(b)(d)* | 920000 | 920240 |
| **Bombardier, Inc.** | **Bombardier, Inc.** | **Bombardier, Inc.** |
| 6.00%, 02/15/28 *(b)(d)* | 427000 | 426920 |
| 7.50%, 02/01/29 *(b)(d)* | 954000 | 992590 |
| 8.75%, 11/15/30 *(b)(d)* | 1464000 | 1570275 |
| 7.25%, 07/01/31 *(b)(d)* | 983000 | 1047055 |
| 7.00%, 06/01/32 *(b)(d)* | 969000 | 1021948 |
| 6.75%, 06/15/33 *(b)(d)* | 754000 | 795465 |
| 7.45%, 05/01/34 *(d)* | 1296000 | 1463280 |
| **Builders FirstSource, Inc.** | **Builders FirstSource, Inc.** | **Builders FirstSource, Inc.** |
| 5.00%, 03/01/30 *(b)(d)* | 1083000 | 1075878 |
| 4.25%, 02/01/32 *(b)(d)* | 1407000 | 1343255 |
| 6.38%, 06/15/32 *(b)(d)* | 1778000 | 1828523 |
| 6.38%, 03/01/34 *(b)(d)* | 1547000 | 1595369 |
| 6.75%, 05/15/35 *(b)* | 1175000 | 1227657 |
| **BWX Technologies, Inc.** | **BWX Technologies, Inc.** | **BWX Technologies, Inc.** |
| 4.13%, 06/30/28 *(b)(d)* | 857000 | 849455 |
| 4.13%, 04/15/29 *(b)(d)* | 961000 | 941539 |
| **Camelot Return Merger Sub, Inc.** | **Camelot Return Merger Sub, Inc.** | **Camelot Return Merger Sub, Inc.** |
| 8.75%, 08/01/28 *(a)(b)(d)* | 1171000 | 885313 |
| **Chart Industries, Inc.** | **Chart Industries, Inc.** | **Chart Industries, Inc.** |
| 7.50%, 01/01/30 *(b)(d)* | 1980000 | 2059323 |
| 9.50%, 01/01/31 *(b)(d)* | 884000 | 930581 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Clean Harbors, Inc.** | **Clean Harbors, Inc.** | **Clean Harbors, Inc.** |
| 5.13%, 07/15/29 *(b)(d)* | 846000 | 846404 |
| 6.38%, 02/01/31 *(b)(d)* | 1077000 | 1106649 |
| 5.75%, 10/15/33 *(b)(d)* | 538000 | 552102 |
| **Clydesdale Acquisition Holdings, Inc.** | **Clydesdale Acquisition Holdings, Inc.** | **Clydesdale Acquisition Holdings, Inc.** |
| 6.63%, 04/15/29 *(b)(d)* | 1070000 | 1084060 |
| 6.88%, 01/15/30 *(b)(d)* | 453000 | 460511 |
| 8.75%, 04/15/30 *(b)(d)* | 1875000 | 1868319 |
| 6.75%, 04/15/32 *(b)(d)* | 2132000 | 2149771 |
| **Columbus McKinnon Corp.** | **Columbus McKinnon Corp.** | **Columbus McKinnon Corp.** |
| 7.13%, 02/01/33 *(b)(d)* | 1482000 | 1524615 |
| **CompoSecure Holdings LLC** | **CompoSecure Holdings LLC** | **CompoSecure Holdings LLC** |
| 5.63%, 02/01/33 *(b)(d)* | 1499000 | 1492472 |
| **Cornerstone Building Brands, Inc.** | **Cornerstone Building Brands, Inc.** | **Cornerstone Building Brands, Inc.** |
| 6.13%, 01/15/29 *(b)(d)* | 560000 | 280013 |
| 9.50%, 08/15/29 *(b)(d)* | 1064000 | 774449 |
| **CP Atlas Buyer, Inc.** | **CP Atlas Buyer, Inc.** | **CP Atlas Buyer, Inc.** |
| 9.75%, 07/15/30 *(b)(d)* | 818000 | 819590 |
| **Crown Americas LLC** | **Crown Americas LLC** | **Crown Americas LLC** |
| 5.25%, 04/01/30 *(b)* | 966000 | 989263 |
| 5.88%, 06/01/33 *(b)(d)* | 1241000 | 1275770 |
| **Efesto Bidco SpA Efesto U.S. LLC** | **Efesto Bidco SpA Efesto U.S. LLC** | **Efesto Bidco SpA Efesto U.S. LLC** |
| 7.50%, 02/15/32 *(b)(d)* | 1290000 | 1322078 |
| **EMRLD Borrower LP/Emerald Co-Issuer, Inc.** | **EMRLD Borrower LP/Emerald Co-Issuer, Inc.** | **EMRLD Borrower LP/Emerald Co-Issuer, Inc.** |
| 6.63%, 12/15/30 *(b)(d)* | 4496000 | 4658958 |
| 6.75%, 07/15/31 *(b)(d)* | 1158000 | 1208590 |
| **EnerSys** | **EnerSys** | **EnerSys** |
| 4.38%, 12/15/27 *(b)(d)* | 635000 | 634724 |
| 6.63%, 01/15/32 *(b)(d)* | 728000 | 751828 |
| **Enpro, Inc.** | **Enpro, Inc.** | **Enpro, Inc.** |
| 6.13%, 06/01/33 *(b)(d)* | 924000 | 955922 |
| **Enviri Corp.** | **Enviri Corp.** | **Enviri Corp.** |
| 5.75%, 07/31/27 *(b)(d)* | 1319000 | 1321018 |
| **EquipmentShare.com, Inc.** | **EquipmentShare.com, Inc.** | **EquipmentShare.com, Inc.** |
| 9.00%, 05/15/28 *(b)(d)* | 1799000 | 1886563 |
| 8.63%, 05/15/32 *(b)(d)* | 884000 | 946669 |
| 8.00%, 03/15/33 *(b)(d)* | 805000 | 856105 |
| **Esab Corp.** | **Esab Corp.** | **Esab Corp.** |
| 6.25%, 04/15/29 *(b)(d)* | 1388000 | 1424516 |
| **FXI Holdings, Inc.** | **FXI Holdings, Inc.** | **FXI Holdings, Inc.** |
| 14.00%, 11/15/29 *(b)(d)* | 701102 | 409731 |
| 11.00%, 11/15/30 *(a)(b)(d)* | 1172624 | 1091303 |
| **Gates Corp.** | **Gates Corp.** | **Gates Corp.** |
| 6.88%, 07/01/29 *(b)(d)* | 1027000 | 1066834 |
| **GFL Environmental Holdings U.S., Inc.** | **GFL Environmental Holdings U.S., Inc.** | **GFL Environmental Holdings U.S., Inc.** |
| 5.50%, 02/01/34 *(b)(d)* | 1550000 | 1557513 |
| **GFL Environmental, Inc.** | **GFL Environmental, Inc.** | **GFL Environmental, Inc.** |
| 4.00%, 08/01/28 *(b)(d)* | 1211000 | 1193022 |
| 4.75%, 06/15/29 *(b)(d)* | 1121000 | 1114681 |
| 4.38%, 08/15/29 *(b)(d)* | 1242000 | 1220954 |
| 6.75%, 01/15/31 *(b)(d)* | 1543000 | 1620304 |
| **Goat Holdco LLC** | **Goat Holdco LLC** | **Goat Holdco LLC** |
| 6.75%, 02/01/32 *(b)(d)* | 1322000 | 1367157 |
| **Griffon Corp.** | **Griffon Corp.** | **Griffon Corp.** |
| 5.75%, 03/01/28 *(b)* | 1774000 | 1774504 |
| **Herc Holdings, Inc.** | **Herc Holdings, Inc.** | **Herc Holdings, Inc.** |
| 6.63%, 06/15/29 *(b)(d)* | 965000 | 996824 |
| 7.00%, 06/15/30 *(b)(d)* | 2912000 | 3053354 |
| 5.75%, 03/15/31 *(b)(d)* | 688000 | 697812 |
| 7.25%, 06/15/33 *(b)(d)* | 2053000 | 2171493 |
| 6.00%, 03/15/34 *(b)(d)* | 725000 | 729555 |
| **Iris Holding, Inc.** | **Iris Holding, Inc.** | **Iris Holding, Inc.** |
| 10.00%, 12/15/28 *(a)(b)(d)* | 690000 | 631954 |

---

*See financial notes*

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

**13**

------

Schwab High Yield Bond ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **James Hardie International Finance DAC** | **James Hardie International Finance DAC** | **James Hardie International Finance DAC** |
| 5.00%, 01/15/28 *(b)(d)* | 1064000 | 1065333 |
| **JELD-WEN, Inc.** | **JELD-WEN, Inc.** | **JELD-WEN, Inc.** |
| 4.88%, 12/15/27 *(b)(d)* | 884000 | 725195 |
| 7.00%, 09/01/32 *(a)(b)(d)* | 727000 | 393507 |
| **Knife River Corp.** | **Knife River Corp.** | **Knife River Corp.** |
| 7.75%, 05/01/31 *(b)(d)* | 1103000 | 1150710 |
| **LBM Acquisition LLC** | **LBM Acquisition LLC** | **LBM Acquisition LLC** |
| 6.25%, 01/15/29 *(b)(d)* | 1178000 | 899312 |
| 9.50%, 06/15/31 *(b)(d)* | 1791000 | 1672704 |
| **Madison IAQ LLC** | **Madison IAQ LLC** | **Madison IAQ LLC** |
| 4.13%, 06/30/28 *(b)(d)* | 1079000 | 1065724 |
| 5.88%, 06/30/29 *(b)(d)* | 1586000 | 1583470 |
| **Manitowoc Co., Inc.** | **Manitowoc Co., Inc.** | **Manitowoc Co., Inc.** |
| 9.25%, 10/01/31 *(b)(d)* | 492000 | 535428 |
| **Masterbrand, Inc.** | **Masterbrand, Inc.** | **Masterbrand, Inc.** |
| 7.00%, 07/15/32 *(b)(d)* | 1298000 | 1307401 |
| **Mauser Packaging Solutions Holding Co.** | **Mauser Packaging Solutions Holding Co.** | **Mauser Packaging Solutions Holding Co.** |
| 7.88%, 04/15/30 *(b)* | 2675000 | 2739936 |
| 9.25%, 04/15/30 *(b)(d)* | 1776000 | 1751613 |
| **Maxim Crane Works Holdings Capital LLC** | **Maxim Crane Works Holdings Capital LLC** | **Maxim Crane Works Holdings Capital LLC** |
| 11.50%, 09/01/28 *(b)(d)* | 415000 | 438436 |
| **Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC** | **Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC** | **Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC** |
| 6.75%, 04/01/32 *(b)(d)* | 905000 | 913078 |
| **MIWD Holdco II LLC/MIWD Finance Corp.** | **MIWD Holdco II LLC/MIWD Finance Corp.** | **MIWD Holdco II LLC/MIWD Finance Corp.** |
| 5.50%, 02/01/30 *(b)(d)* | 1238000 | 1161177 |
| **Moog, Inc.** | **Moog, Inc.** | **Moog, Inc.** |
| 4.25%, 12/15/27 *(b)(d)* | 1232000 | 1229577 |
| **Mueller Water Products, Inc.** | **Mueller Water Products, Inc.** | **Mueller Water Products, Inc.** |
| 4.00%, 06/15/29 *(b)(d)* | 1018000 | 989735 |
| **NESCO Holdings II, Inc.** | **NESCO Holdings II, Inc.** | **NESCO Holdings II, Inc.** |
| 5.50%, 04/15/29 *(b)(d)* | 1309000 | 1303250 |
| **New Enterprise Stone & Lime Co., Inc.** | **New Enterprise Stone & Lime Co., Inc.** | **New Enterprise Stone & Lime Co., Inc.** |
| 5.25%, 07/15/28 *(b)(d)* | 1533000 | 1538882 |
| **OI European Group BV** | **OI European Group BV** | **OI European Group BV** |
| 4.75%, 02/15/30 *(b)(d)* | 887000 | 855123 |
| **Oscar AcquisitionCo LLC/Oscar Finance, Inc.** | **Oscar AcquisitionCo LLC/Oscar Finance, Inc.** | **Oscar AcquisitionCo LLC/Oscar Finance, Inc.** |
| 9.50%, 04/15/30 *(b)(d)* | 836000 | 300960 |
| **Owens-Brockway Glass Container, Inc.** | **Owens-Brockway Glass Container, Inc.** | **Owens-Brockway Glass Container, Inc.** |
| 6.63%, 05/13/27 *(b)(d)* | 554000 | 554844 |
| 7.25%, 05/15/31 *(b)(d)* | 1206000 | 1220839 |
| 7.38%, 06/01/32 *(a)(b)(d)* | 758000 | 767066 |
| **Park River Holdings, Inc.** | **Park River Holdings, Inc.** | **Park River Holdings, Inc.** |
| 8.75%, 12/31/30 *(b)(d)* | 833432 | 804333 |
| 8.00%, 03/15/31 *(b)(d)* | 1470000 | 1480610 |
| **Patrick Industries, Inc.** | **Patrick Industries, Inc.** | **Patrick Industries, Inc.** |
| 4.75%, 05/01/29 *(b)(d)* | 798000 | 796525 |
| 6.38%, 11/01/32 *(b)(d)* | 685000 | 704065 |
| **Quikrete Holdings, Inc.** | **Quikrete Holdings, Inc.** | **Quikrete Holdings, Inc.** |
| 6.38%, 03/01/32 *(b)(d)* | 5292000 | 5503405 |
| 6.75%, 03/01/33 *(b)(d)* | 2738000 | 2847933 |
| **QXO Building Products, Inc.** | **QXO Building Products, Inc.** | **QXO Building Products, Inc.** |
| 6.75%, 04/30/32 *(b)(d)* | 3697000 | 3832332 |
| **RB Global Holdings, Inc.** | **RB Global Holdings, Inc.** | **RB Global Holdings, Inc.** |
| 6.75%, 03/15/28 *(b)(d)* | 939000 | 955331 |
| 7.75%, 03/15/31 *(b)(d)* | 1173000 | 1220993 |
| **Resideo Funding, Inc.** | **Resideo Funding, Inc.** | **Resideo Funding, Inc.** |
| 4.00%, 09/01/29 *(a)(b)(d)* | 812000 | 792258 |
| 6.50%, 07/15/32 *(b)(d)* | 790000 | 807515 |
| **Reworld Holding Corp.** | **Reworld Holding Corp.** | **Reworld Holding Corp.** |
| 4.88%, 12/01/29 *(b)(d)* | 911000 | 878703 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Roller Bearing Co. of America, Inc.** | **Roller Bearing Co. of America, Inc.** | **Roller Bearing Co. of America, Inc.** |
| 4.38%, 10/15/29 *(b)(d)* | 588000 | 580216 |
| **Sealed Air Corp.** | **Sealed Air Corp.** | **Sealed Air Corp.** |
| 4.00%, 12/01/27 *(b)(d)* | 1238000 | 1235208 |
| 5.00%, 04/15/29 *(b)(d)* | 387000 | 390362 |
| 6.50%, 07/15/32 *(b)(d)* | 741000 | 763781 |
| 6.88%, 07/15/33 *(d)* | 743000 | 768621 |
| **Sealed Air Corp./Sealed Air Corp. U.S.** | **Sealed Air Corp./Sealed Air Corp. U.S.** | **Sealed Air Corp./Sealed Air Corp. U.S.** |
| 6.13%, 02/01/28 *(b)(d)* | 1296000 | 1314718 |
| 7.25%, 02/15/31 *(b)(d)* | 971000 | 1009284 |
| **Silgan Holdings, Inc.** | **Silgan Holdings, Inc.** | **Silgan Holdings, Inc.** |
| 4.13%, 02/01/28 *(b)* | 893000 | 888176 |
| **Smyrna Ready Mix Concrete LLC** | **Smyrna Ready Mix Concrete LLC** | **Smyrna Ready Mix Concrete LLC** |
| 6.00%, 11/01/28 *(b)(d)* | 1941000 | 1945093 |
| 8.88%, 11/15/31 *(b)(d)* | 1957000 | 2080309 |
| **Specialty Building Products Holdings LLC/SBP Finance Corp.** | **Specialty Building Products Holdings LLC/SBP Finance Corp.** | **Specialty Building Products Holdings LLC/SBP Finance Corp.** |
| 7.75%, 10/15/29 *(b)(d)* | 1019000 | 983751 |
| **SPX FLOW, Inc.** | **SPX FLOW, Inc.** | **SPX FLOW, Inc.** |
| 8.75%, 04/01/30 *(b)(d)* | 844000 | 864908 |
| **Standard Building Solutions, Inc.** | **Standard Building Solutions, Inc.** | **Standard Building Solutions, Inc.** |
| 6.50%, 08/15/32 *(b)(d)* | 1507000 | 1553440 |
| 6.25%, 08/01/33 *(b)(d)* | 1508000 | 1537190 |
| 5.88%, 03/15/34 *(b)(d)* | 1000000 | 998252 |
| **Standard Industries, Inc.** | **Standard Industries, Inc.** | **Standard Industries, Inc.** |
| 4.75%, 01/15/28 *(b)(d)* | 2116000 | 2110819 |
| 4.38%, 07/15/30 *(b)(d)* | 2507000 | 2420370 |
| 3.38%, 01/15/31 *(b)(d)* | 1915000 | 1769310 |
| **Synergy Infrastructure Holdings LLC** | **Synergy Infrastructure Holdings LLC** | **Synergy Infrastructure Holdings LLC** |
| 7.88%, 12/01/30 *(b)(d)* | 944000 | 985703 |
| **Terex Corp.** | **Terex Corp.** | **Terex Corp.** |
| 5.00%, 05/15/29 *(b)(d)* | 1071000 | 1072662 |
| 6.25%, 10/15/32 *(b)(d)* | 1246000 | 1284119 |
| **Titan International, Inc.** | **Titan International, Inc.** | **Titan International, Inc.** |
| 7.00%, 04/30/28 *(b)* | 754000 | 757549 |
| **TK Elevator U.S. Newco, Inc.** | **TK Elevator U.S. Newco, Inc.** | **TK Elevator U.S. Newco, Inc.** |
| 5.25%, 07/15/27 *(b)(d)* | 2622000 | 2625223 |
| **TransDigm, Inc.** | **TransDigm, Inc.** | **TransDigm, Inc.** |
| 6.75%, 08/15/28 *(b)(d)* | 3831000 | 3904000 |
| 4.63%, 01/15/29 *(b)* | 2054000 | 2049154 |
| 6.38%, 03/01/29 *(b)(d)* | 4095000 | 4211425 |
| 4.88%, 05/01/29 *(b)* | 1514000 | 1512303 |
| 6.88%, 12/15/30 *(b)(d)* | 2209000 | 2300338 |
| 7.13%, 12/01/31 *(b)(d)* | 1696000 | 1779682 |
| 6.63%, 03/01/32 *(b)(d)* | 3868000 | 4012052 |
| 6.00%, 01/15/33 *(b)(d)* | 2674000 | 2723293 |
| 6.38%, 05/31/33 *(b)(d)* | 4251000 | 4342218 |
| 6.25%, 01/31/34 *(b)(d)* | 1192000 | 1233873 |
| 6.75%, 01/31/34 *(b)(d)* | 2748000 | 2854173 |
| 6.13%, 07/31/34 *(b)(d)* | 1600000 | 1627177 |
| **Trident TPI Holdings, Inc.** | **Trident TPI Holdings, Inc.** | **Trident TPI Holdings, Inc.** |
| 12.75%, 12/31/28 *(b)(d)* | 768000 | 788848 |
| **TriMas Corp.** | **TriMas Corp.** | **TriMas Corp.** |
| 4.13%, 04/15/29 *(b)(d)* | 939000 | 907059 |
| **Trinity Industries, Inc.** | **Trinity Industries, Inc.** | **Trinity Industries, Inc.** |
| 7.75%, 07/15/28 *(b)(d)* | 980000 | 1008868 |
| **Trivium Packaging Finance BV** | **Trivium Packaging Finance BV** | **Trivium Packaging Finance BV** |
| 8.25%, 07/15/30 *(b)(d)* | 878000 | 941115 |
| 12.25%, 01/15/31 *(b)(d)* | 1056000 | 1163596 |
| **United Rentals North America, Inc.** | **United Rentals North America, Inc.** | **United Rentals North America, Inc.** |
| 3.88%, 11/15/27 *(b)* | 1204000 | 1199769 |
| 4.88%, 01/15/28 *(b)* | 3163000 | 3163201 |
| 5.25%, 01/15/30 *(b)* | 1273000 | 1288070 |
| 4.00%, 07/15/30 *(b)* | 1357000 | 1321265 |
| 3.88%, 02/15/31 *(b)* | 1533000 | 1477940 |

---

*See financial notes*

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

------

Schwab High Yield Bond ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.75%, 01/15/32 *(b)* | 1182000 | 1117032 |
| 5.38%, 11/15/33 *(b)(d)* | 2360000 | 2380906 |
| 6.13%, 03/15/34 *(b)(d)* | 1673000 | 1754696 |
| **Velocity Vehicle Group LLC** | **Velocity Vehicle Group LLC** | **Velocity Vehicle Group LLC** |
| 8.00%, 06/01/29 *(b)(d)* | 963000 | 914036 |
| **Waste Pro USA, Inc.** | **Waste Pro USA, Inc.** | **Waste Pro USA, Inc.** |
| 7.00%, 02/01/33 *(b)(d)* | 1785000 | 1862194 |
| **WESCO Distribution, Inc.** | **WESCO Distribution, Inc.** | **WESCO Distribution, Inc.** |
| 7.25%, 06/15/28 *(b)(d)* | 1862000 | 1876784 |
| 6.38%, 03/15/29 *(b)(d)* | 1469000 | 1512011 |
| 6.63%, 03/15/32 *(b)(d)* | 1382000 | 1439379 |
| 6.38%, 03/15/33 *(b)(d)* | 1616000 | 1685958 |
| **White Cap Supply Holdings LLC** | **White Cap Supply Holdings LLC** | **White Cap Supply Holdings LLC** |
| 7.38%, 11/15/30 *(b)(d)* | 250000 | 254054 |
| **Wilsonart LLC** | **Wilsonart LLC** | **Wilsonart LLC** |
| 11.00%, 08/15/32 *(b)* | 821000 | 672955 |
| **Wrangler Holdco Corp.** | **Wrangler Holdco Corp.** | **Wrangler Holdco Corp.** |
| 6.63%, 04/01/32 *(b)(d)* | 504000 | 526126 |
|  |  | **240943223** |
| ***Communications 14.2%***  | ***Communications 14.2%***  | ***Communications 14.2%***  |
| **Advantage Sales & Marketing, Inc.** | **Advantage Sales & Marketing, Inc.** | **Advantage Sales & Marketing, Inc.** |
| 6.50%, 11/15/28 *(b)(d)* | 923000 | 760437 |
| **Africell Holding Ltd.** | **Africell Holding Ltd.** | **Africell Holding Ltd.** |
| 10.50%, 10/23/29 *(b)(d)* | 717000 | 723318 |
| **Allen Media LLC/Allen Media Co-Issuer, Inc.** | **Allen Media LLC/Allen Media Co-Issuer, Inc.** | **Allen Media LLC/Allen Media Co-Issuer, Inc.** |
| 10.50%, 02/15/28 *(b)(d)* | 406000 | 167958 |
| **Altice Financing SA** | **Altice Financing SA** | **Altice Financing SA** |
| 9.63%, 07/15/27 *(a)(b)(d)* | 536000 | 401255 |
| 5.00%, 01/15/28 *(b)(d)* | 1769000 | 1248235 |
| 5.75%, 08/15/29 *(b)(d)* | 2665000 | 1848809 |
| **Altice France Lux 3/Altice Holdings 1** | **Altice France Lux 3/Altice Holdings 1** | **Altice France Lux 3/Altice Holdings 1** |
| 10.00%, 01/15/33 *(b)(d)* | 1574000 | 1480989 |
| **Altice France SA** | **Altice France SA** | **Altice France SA** |
| 9.50%, 11/01/29 *(b)(d)* | 2125279 | 2159802 |
| 6.88%, 10/15/30 *(b)(d)* | 1478887 | 1435360 |
| 6.50%, 10/15/31 *(b)(d)* | 733641 | 709033 |
| 6.50%, 04/15/32 *(b)(d)* | 3222956 | 3089722 |
| 6.88%, 07/15/32 *(b)(d)* | 2758361 | 2651248 |
| **AMC Networks, Inc.** | **AMC Networks, Inc.** | **AMC Networks, Inc.** |
| 10.25%, 01/15/29 *(b)(d)* | 1103000 | 1183533 |
| 4.25%, 02/15/29 *(a)(b)* | 767000 | 678556 |
| 10.50%, 07/15/32 *(b)(d)* | 716000 | 734061 |
| **ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C** | **ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C** | **ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C** |
| 7.88%, 02/03/30 *(b)(d)* | 583000 | 602423 |
| **Banijay Entertainment SAS** | **Banijay Entertainment SAS** | **Banijay Entertainment SAS** |
| 8.13%, 05/01/29 *(b)(d)* | 800000 | 828732 |
| **Bell Telephone Co. of Canada or Bell Canada** | **Bell Telephone Co. of Canada or Bell Canada** | **Bell Telephone Co. of Canada or Bell Canada** |
| 6.88%, 09/15/55 *(b)(c)* | 1725000 | 1802061 |
| 7.00%, 09/15/55 *(b)(c)* | 1899000 | 2010925 |
| **Block Communications, Inc.** | **Block Communications, Inc.** | **Block Communications, Inc.** |
| 10.25%, 03/01/31 *(b)(d)* | 1000000 | 920196 |
| **British Telecommunications PLC** | **British Telecommunications PLC** | **British Telecommunications PLC** |
| 4.88%, 11/23/81 *(a)(b)(c)(d)* | 810000 | 795710 |
| **Cable One, Inc.** | **Cable One, Inc.** | **Cable One, Inc.** |
| 4.00%, 11/15/30 *(b)(d)* | 1234000 | 855307 |
| **Cablevision Lightpath LLC** | **Cablevision Lightpath LLC** | **Cablevision Lightpath LLC** |
| 3.88%, 09/15/27 *(b)(d)* | 2039000 | 2038666 |
| **CCO Holdings LLC/CCO Holdings Capital Corp.** | **CCO Holdings LLC/CCO Holdings Capital Corp.** | **CCO Holdings LLC/CCO Holdings Capital Corp.** |
| 5.13%, 05/01/27 *(b)(d)* | 1255000 | 1256721 |
| 5.00%, 02/01/28 *(b)(d)* | 4571000 | 4563933 |
| 5.38%, 06/01/29 *(b)(d)* | 2580000 | 2575604 |
| 6.38%, 09/01/29 *(b)(d)* | 2730000 | 2768091 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.75%, 03/01/30 *(b)(d)* | 4814000 | 4657272 |
| 4.50%, 08/15/30 *(b)(d)* | 3856000 | 3680407 |
| 4.25%, 02/01/31 *(b)(d)* | 4884000 | 4555870 |
| 7.38%, 03/01/31 *(a)(b)(d)* | 2529000 | 2610935 |
| 4.75%, 02/01/32 *(b)(d)* | 2070000 | 1926459 |
| 4.50%, 05/01/32 *(b)* | 4890000 | 4478480 |
| 7.00%, 02/01/33 *(b)(d)* | 3025000 | 3095183 |
| 4.50%, 06/01/33 *(b)(d)* | 2723000 | 2434015 |
| 4.25%, 01/15/34 *(a)(b)(d)* | 3555000 | 3099128 |
| 7.38%, 02/01/36 *(b)(d)* | 2000000 | 2031282 |
| **Cimpress PLC** | **Cimpress PLC** | **Cimpress PLC** |
| 7.38%, 09/15/32 *(b)(d)* | 896000 | 902524 |
| **Clear Channel Outdoor Holdings, Inc.** | **Clear Channel Outdoor Holdings, Inc.** | **Clear Channel Outdoor Holdings, Inc.** |
| 7.75%, 04/15/28 *(b)(d)* | 1359000 | 1370587 |
| 7.50%, 06/01/29 *(b)(d)* | 2216000 | 2233085 |
| 7.88%, 04/01/30 *(b)(d)* | 953000 | 1004842 |
| 7.13%, 02/15/31 *(b)(d)* | 2365000 | 2501049 |
| 7.50%, 03/15/33 *(b)(d)* | 1592000 | 1719489 |
| **CMG Media Corp.** | **CMG Media Corp.** | **CMG Media Corp.** |
| 8.88%, 06/18/29 *(b)(d)* | 1025000 | 897104 |
| **Cogent Communications Group LLC/Cogent Finance, Inc.** | **Cogent Communications Group LLC/Cogent Finance, Inc.** | **Cogent Communications Group LLC/Cogent Finance, Inc.** |
| 7.00%, 06/15/27 *(b)(d)* | 1661000 | 1633201 |
| 6.50%, 07/01/32 *(a)(b)(d)* | 852000 | 755869 |
| **Connect Finco SARL/Connect U.S. Finco LLC** | **Connect Finco SARL/Connect U.S. Finco LLC** | **Connect Finco SARL/Connect U.S. Finco LLC** |
| 9.00%, 09/15/29 *(b)(d)* | 3162000 | 3359382 |
| **Connect Holding II LLC** | **Connect Holding II LLC** | **Connect Holding II LLC** |
| 10.50%, 04/03/31 *(b)* | 3631000 | 3515433 |
| **CSC Holdings LLC** | **CSC Holdings LLC** | **CSC Holdings LLC** |
| 5.50%, 04/15/27 *(b)(d)* | 2551000 | 2165320 |
| 5.38%, 02/01/28 *(b)(d)* | 1411000 | 1016277 |
| 7.50%, 04/01/28 *(b)(d)* | 1370000 | 771933 |
| 11.25%, 05/15/28 *(a)(b)(d)* | 1676000 | 1329462 |
| 11.75%, 01/31/29 *(b)(d)* | 2920000 | 2082510 |
| 6.50%, 02/01/29 *(b)(d)* | 2729000 | 1726789 |
| 5.75%, 01/15/30 *(b)(d)* | 3234000 | 1252734 |
| 4.13%, 12/01/30 *(a)(b)(d)* | 2327000 | 1421833 |
| 4.63%, 12/01/30 *(b)(d)* | 3128000 | 1160661 |
| 3.38%, 02/15/31 *(a)(b)(d)* | 1952000 | 1165373 |
| 4.50%, 11/15/31 *(a)(b)(d)* | 2265000 | 1361313 |
| 5.00%, 11/15/31 *(b)(d)* | 694000 | 259928 |
| **Cumulus Media New Holdings, Inc.** | **Cumulus Media New Holdings, Inc.** | **Cumulus Media New Holdings, Inc.** |
| 8.00%, 07/01/29 *(b)(d)(h)(i)* | 280000 | 77700 |
| **Deluxe Corp.** | **Deluxe Corp.** | **Deluxe Corp.** |
| 8.00%, 06/01/29 *(b)(d)* | 992000 | 1002035 |
| 8.13%, 09/15/29 *(b)(d)* | 801000 | 841188 |
| **Directv Financing LLC** | **Directv Financing LLC** | **Directv Financing LLC** |
| 8.88%, 02/01/30 *(b)(d)* | 4035000 | 4042154 |
| **Directv Financing LLC/Directv Financing Co-Obligor, Inc.** | **Directv Financing LLC/Directv Financing Co-Obligor, Inc.** | **Directv Financing LLC/Directv Financing Co-Obligor, Inc.** |
| 5.88%, 08/15/27 *(b)(d)* | 2168000 | 2171885 |
| 10.00%, 02/15/31 *(b)(d)* | 3560000 | 3643758 |
| **Discovery Communications LLC** | **Discovery Communications LLC** | **Discovery Communications LLC** |
| 3.95%, 03/20/28 *(b)* | 2085000 | 2073762 |
| 4.13%, 05/15/29 *(b)* | 2220000 | 2190929 |
| 3.63%, 05/15/30 *(b)* | 889000 | 863441 |
| 5.00%, 09/20/37 *(b)* | 830000 | 660157 |
| 6.35%, 06/01/40  | 834000 | 683129 |
| **Discovery Global Holdings, Inc.** | **Discovery Global Holdings, Inc.** | **Discovery Global Holdings, Inc.** |
| 3.76%, 03/15/27 *(b)* | 1776000 | 1771729 |
| 4.05%, 03/15/29 *(b)(d)* | 2161000 | 2139649 |
| 4.28%, 03/15/32 *(a)(b)* | 615000 | 512935 |
| 4.28%, 03/15/32 *(b)(d)* | 4081000 | 3754520 |
| 5.05%, 03/15/42 *(b)* | 6762000 | 4767210 |
| 5.14%, 03/15/52 *(b)(d)* | 1579000 | 1038192 |

---

*See financial notes*

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

**15**

------

Schwab High Yield Bond ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **DISH DBS Corp.** | **DISH DBS Corp.** | **DISH DBS Corp.** |
| 7.38%, 07/01/28 *(b)* | 1947000 | 1880410 |
| 5.75%, 12/01/28 *(b)(d)* | 3351000 | 3252717 |
| 5.13%, 06/01/29  | 3514000 | 3141422 |
| **DISH Network Corp.** | **DISH Network Corp.** | **DISH Network Corp.** |
| 11.75%, 11/15/27 *(b)(d)* | 3935000 | 4075995 |
| **Dotdash Meredith, Inc.** | **Dotdash Meredith, Inc.** | **Dotdash Meredith, Inc.** |
| 7.63%, 06/15/32 *(b)(d)* | 831000 | 769336 |
| **EchoStar Corp.** | **EchoStar Corp.** | **EchoStar Corp.** |
| 10.75%, 11/30/29 *(b)* | 6765000 | 7390925 |
| **Embarq LLC** | **Embarq LLC** | **Embarq LLC** |
| 8.00%, 06/01/36  | 1805000 | 699437 |
| **EW Scripps Co.** | **EW Scripps Co.** | **EW Scripps Co.** |
| 9.88%, 08/15/30 *(b)(d)* | 1146000 | 1151801 |
| **Fibercop SpA** | **Fibercop SpA** | **Fibercop SpA** |
| 6.38%, 11/15/33 *(b)(d)* | 619000 | 629622 |
| 6.00%, 09/30/34 *(b)(d)* | 1167000 | 1146862 |
| 7.20%, 07/18/36 *(b)(d)* | 845000 | 858836 |
| 7.72%, 06/04/38 *(b)(d)* | 1347000 | 1394559 |
| **GCI LLC** | **GCI LLC** | **GCI LLC** |
| 4.75%, 10/15/28 *(b)(d)* | 1726000 | 1697383 |
| **Getty Images, Inc.** | **Getty Images, Inc.** | **Getty Images, Inc.** |
| 14.00%, 03/01/28 *(a)(b)(d)* | 613000 | 569324 |
| 11.25%, 02/21/30 *(b)(d)* | 997000 | 883116 |
| 10.50%, 11/15/30 *(b)(d)* | 1039000 | 920537 |
| **Graham Holdings Co.** | **Graham Holdings Co.** | **Graham Holdings Co.** |
| 5.63%, 12/01/33 *(b)(d)* | 982000 | 984444 |
| **Gray Media, Inc.** | **Gray Media, Inc.** | **Gray Media, Inc.** |
| 10.50%, 07/15/29 *(b)(d)* | 1791000 | 1921055 |
| 4.75%, 10/15/30 *(b)(d)* | 1504000 | 1222227 |
| 5.38%, 11/15/31 *(b)(d)* | 1906000 | 1502345 |
| 9.63%, 07/15/32 *(b)(d)* | 1647000 | 1712511 |
| 7.25%, 08/15/33 *(b)(d)* | 1105000 | 1141810 |
| **HTA Group Ltd.** | **HTA Group Ltd.** | **HTA Group Ltd.** |
| 7.50%, 06/04/29 *(b)(d)* | 1551000 | 1605463 |
| **iHeartCommunications, Inc.** | **iHeartCommunications, Inc.** | **iHeartCommunications, Inc.** |
| 4.75%, 01/15/28 *(b)(d)* | 10000 | 8954 |
| 9.13%, 05/01/29 *(a)(b)(d)* | 1183450 | 1052596 |
| 10.88%, 05/01/30 *(a)(b)(d)* | 1108400 | 823303 |
| 7.75%, 08/15/30 *(b)(d)* | 1383900 | 1101843 |
| **Iliad Holding SAS** | **Iliad Holding SAS** | **Iliad Holding SAS** |
| 7.00%, 10/15/28 *(b)(d)* | 1445000 | 1465081 |
| 8.50%, 04/15/31 *(b)(d)* | 1542000 | 1652914 |
| 7.00%, 04/15/32 *(b)(d)* | 1248000 | 1282709 |
| **Lamar Media Corp.** | **Lamar Media Corp.** | **Lamar Media Corp.** |
| 3.75%, 02/15/28 *(b)* | 963000 | 947531 |
| 4.88%, 01/15/29 *(b)* | 1097000 | 1096958 |
| 4.00%, 02/15/30 *(b)* | 826000 | 800645 |
| 3.63%, 01/15/31 *(b)* | 1303000 | 1234701 |
| 5.38%, 11/01/33 *(b)(d)* | 433000 | 434369 |
| **LCPR Senior Secured Financing DAC** | **LCPR Senior Secured Financing DAC** | **LCPR Senior Secured Financing DAC** |
| 6.75%, 10/15/27 *(b)(d)* | 1684000 | 1181174 |
| 5.13%, 07/15/29 *(a)(b)(d)* | 1238000 | 841193 |
| **Level 3 Financing, Inc.** | **Level 3 Financing, Inc.** | **Level 3 Financing, Inc.** |
| 3.63%, 01/15/29 *(b)(d)* | 1381000 | 1301592 |
| 3.75%, 07/15/29 *(b)(d)* | 1029000 | 957680 |
| 6.88%, 06/30/33 *(b)(d)* | 3085000 | 3197495 |
| 7.00%, 03/31/34 *(b)(d)* | 3679000 | 3827280 |
| 8.50%, 01/15/36 *(b)(d)* | 2616000 | 2726551 |
| **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** |
| 4.50%, 01/15/29 *(a)(b)(d)* | 745000 | 709757 |
| 7.60%, 09/15/39  | 529000 | 505864 |
| 7.65%, 03/15/42  | 606000 | 566186 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **McGraw-Hill Education, Inc.** | **McGraw-Hill Education, Inc.** | **McGraw-Hill Education, Inc.** |
| 5.75%, 08/01/28 *(b)(d)* | 1790000 | 1788764 |
| 8.00%, 08/01/29 *(b)(d)* | 1481000 | 1471586 |
| 7.38%, 09/01/31 *(b)(d)* | 1127000 | 1152547 |
| **Midcontinent Communications** | **Midcontinent Communications** | **Midcontinent Communications** |
| 8.00%, 08/15/32 *(b)(d)* | 1183000 | 1115194 |
| **Millicom International Cellular SA** | **Millicom International Cellular SA** | **Millicom International Cellular SA** |
| 5.13%, 01/15/28 *(b)(d)* | 956700 | 955091 |
| 6.25%, 03/25/29 *(b)(d)* | 1737900 | 1751645 |
| 7.38%, 04/02/32 *(b)(d)* | 1304000 | 1350112 |
| **Nexstar Media, Inc.** | **Nexstar Media, Inc.** | **Nexstar Media, Inc.** |
| 5.63%, 07/15/27 *(b)(d)* | 2136000 | 2137600 |
| 4.75%, 11/01/28 *(b)(d)* | 1598000 | 1591122 |
| **Outfront Media Capital LLC/Outfront Media Capital Corp.** | **Outfront Media Capital LLC/Outfront Media Capital Corp.** | **Outfront Media Capital LLC/Outfront Media Capital Corp.** |
| 5.00%, 08/15/27 *(b)(d)* | 1045000 | 1047240 |
| 4.25%, 01/15/29 *(b)(d)* | 1075000 | 1055585 |
| 4.63%, 03/15/30 *(b)(d)* | 906000 | 889500 |
| 7.38%, 02/15/31 *(b)(d)* | 1272000 | 1338122 |
| **Paramount Global** | **Paramount Global** | **Paramount Global** |
| 6.25%, 02/28/57 *(b)(c)* | 1067000 | 835248 |
| 6.38%, 03/30/62 *(b)(c)* | 1647000 | 1301130 |
| **ROBLOX Corp.** | **ROBLOX Corp.** | **ROBLOX Corp.** |
| 3.88%, 05/01/30 *(b)(d)* | 1667000 | 1592855 |
| **Rogers Communications, Inc.** | **Rogers Communications, Inc.** | **Rogers Communications, Inc.** |
| 7.00%, 04/15/55 *(b)(c)* | 1542000 | 1613586 |
| 7.13%, 04/15/55 *(b)(c)* | 1177000 | 1247159 |
| 5.25%, 03/15/82 *(b)(c)(d)* | 2186000 | 2190068 |
| **RR Donnelley & Sons Co.** | **RR Donnelley & Sons Co.** | **RR Donnelley & Sons Co.** |
| 9.50%, 08/01/29 *(b)(d)* | 1465000 | 1511000 |
| 10.88%, 08/01/29 *(b)(d)* | 1031000 | 1056554 |
| **SBA Communications Corp.** | **SBA Communications Corp.** | **SBA Communications Corp.** |
| 3.13%, 02/01/29 *(b)* | 2363000 | 2273316 |
| **Scripps Escrow II, Inc.** | **Scripps Escrow II, Inc.** | **Scripps Escrow II, Inc.** |
| 3.88%, 01/15/29 *(b)(d)* | 976000 | 921380 |
| 5.38%, 01/15/31 *(b)(d)* | 847000 | 668667 |
| **SES AMERICOM, Inc.** | **SES AMERICOM, Inc.** | **SES AMERICOM, Inc.** |
| 5.30%, 03/25/44 *(a)(d)* | 973000 | 796687 |
| **SES SA** | **SES SA** | **SES SA** |
| 5.30%, 04/04/43 *(a)(d)* | 300000 | 242604 |
| **Sinclair Television Group, Inc.** | **Sinclair Television Group, Inc.** | **Sinclair Television Group, Inc.** |
| 5.50%, 03/01/30 *(a)(b)(d)* | 1160000 | 1034952 |
| 8.13%, 02/15/33 *(b)(d)* | 1599000 | 1666158 |
| 9.75%, 02/15/33 *(a)(b)(d)* | 1656000 | 1842300 |
| **Sirius XM Radio LLC** | **Sirius XM Radio LLC** | **Sirius XM Radio LLC** |
| 5.00%, 08/01/27 *(b)(d)* | 2836000 | 2836072 |
| 4.00%, 07/15/28 *(b)(d)* | 3298000 | 3221746 |
| 5.50%, 07/01/29 *(b)(d)* | 2149000 | 2152675 |
| 4.13%, 07/01/30 *(b)(d)* | 2433000 | 2294964 |
| 3.88%, 09/01/31 *(b)(d)* | 2570000 | 2358734 |
| 5.88%, 04/15/32 *(b)(d)(g)* | 1000000 | 998253 |
| **Snap, Inc.** | **Snap, Inc.** | **Snap, Inc.** |
| 6.88%, 03/01/33 *(b)(d)* | 2697000 | 2687937 |
| 6.88%, 03/15/34 *(b)(d)* | 1345000 | 1341776 |
| **Stagwell Global LLC** | **Stagwell Global LLC** | **Stagwell Global LLC** |
| 5.63%, 08/15/29 *(b)(d)* | 1634000 | 1507701 |
| **Sunrise FinCo I BV** | **Sunrise FinCo I BV** | **Sunrise FinCo I BV** |
| 4.88%, 07/15/31 *(b)(d)* | 1603000 | 1529396 |
| **TEGNA, Inc.** | **TEGNA, Inc.** | **TEGNA, Inc.** |
| 4.63%, 03/15/28 *(b)* | 2189000 | 2184552 |
| 5.00%, 09/15/29 *(b)* | 1323000 | 1322641 |
| **Telecom Italia Capital SA** | **Telecom Italia Capital SA** | **Telecom Italia Capital SA** |
| 6.38%, 11/15/33  | 977000 | 1038419 |
| 6.00%, 09/30/34  | 918000 | 956627 |

---

*See financial notes*

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

------

Schwab High Yield Bond ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 7.20%, 07/18/36  | 766000 | 849502 |
| 7.72%, 06/04/38  | 875000 | 1000796 |
| **TELUS Corp.** | **TELUS Corp.** | **TELUS Corp.** |
| 6.63%, 10/15/55 *(b)(c)* | 1185000 | 1224506 |
| 7.00%, 10/15/55 *(b)(c)* | 1267000 | 1337502 |
| 6.38%, 06/09/56 *(b)(c)* | 1060000 | 1079797 |
| 6.63%, 06/09/56 *(b)(c)* | 1075000 | 1084089 |
| **Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC** | **Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC** | **Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC** |
| 6.00%, 01/15/30 *(a)(b)(d)* | 1731000 | 1637493 |
| **Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC** | **Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC** | **Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC** |
| 4.75%, 04/15/28 *(b)(d)* | 1025000 | 1023311 |
| 6.50%, 02/15/29 *(b)(d)* | 1706000 | 1660727 |
| 8.63%, 06/15/32 *(a)(b)(d)* | 904000 | 917612 |
| 8.63%, 06/15/32 *(b)(d)* | 1713000 | 1738793 |
| **Uniti Services LLC** | **Uniti Services LLC** | **Uniti Services LLC** |
| 7.50%, 10/15/33 *(b)(d)* | 2052000 | 2136464 |
| **Univision Communications, Inc.** | **Univision Communications, Inc.** | **Univision Communications, Inc.** |
| 8.00%, 08/15/28 *(b)(d)* | 2300000 | 2364073 |
| 4.50%, 05/01/29 *(b)(d)* | 1678000 | 1593168 |
| 7.38%, 06/30/30 *(b)(d)* | 1641000 | 1642385 |
| 8.50%, 07/31/31 *(b)(d)* | 2016000 | 2065001 |
| 9.38%, 08/01/32 *(b)(d)* | 2252000 | 2384871 |
| **Urban One, Inc.** | **Urban One, Inc.** | **Urban One, Inc.** |
| 7.63%, 04/01/31 *(b)(d)* | 483000 | 212497 |
| **Versant Media Group, Inc.** | **Versant Media Group, Inc.** | **Versant Media Group, Inc.** |
| 7.25%, 01/30/31 *(b)(d)* | 2029000 | 2077755 |
| **Viasat, Inc.** | **Viasat, Inc.** | **Viasat, Inc.** |
| 5.63%, 04/15/27 *(a)(b)(d)* | 795000 | 794099 |
| 6.50%, 07/15/28 *(b)(d)* | 1057000 | 1044370 |
| 7.50%, 05/30/31 *(b)(d)* | 1161000 | 1146821 |
| **Virgin Media Finance PLC** | **Virgin Media Finance PLC** | **Virgin Media Finance PLC** |
| 5.00%, 07/15/30 *(b)(d)* | 1918000 | 1608756 |
| **Virgin Media O2 Vendor Financing Notes VI DAC** | **Virgin Media O2 Vendor Financing Notes VI DAC** | **Virgin Media O2 Vendor Financing Notes VI DAC** |
| 8.50%, 03/15/33 *(b)(d)* | 803000 | 737544 |
| **Virgin Media Secured Finance PLC** | **Virgin Media Secured Finance PLC** | **Virgin Media Secured Finance PLC** |
| 5.50%, 05/15/29 *(b)(d)* | 2228000 | 2164702 |
| 4.50%, 08/15/30 *(b)(d)* | 2024000 | 1846652 |
| **Vmed O2 U.K. Financing I PLC** | **Vmed O2 U.K. Financing I PLC** | **Vmed O2 U.K. Financing I PLC** |
| 4.25%, 01/31/31 *(b)(d)* | 2461000 | 2171883 |
| 4.75%, 07/15/31 *(b)(d)* | 2675000 | 2384310 |
| 7.75%, 04/15/32 *(b)(d)* | 1228000 | 1229503 |
| 6.75%, 01/15/33 *(b)(d)* | 773000 | 733345 |
| **Vodafone Group PLC** | **Vodafone Group PLC** | **Vodafone Group PLC** |
| 7.00%, 04/04/79 *(b)(c)* | 3130000 | 3315906 |
| 4.13%, 06/04/81 *(b)(c)* | 2259000 | 2140629 |
| 5.13%, 06/04/81 *(b)(c)* | 1666000 | 1347758 |
| **VZ Secured Financing BV** | **VZ Secured Financing BV** | **VZ Secured Financing BV** |
| 5.00%, 01/15/32 *(b)(d)* | 2662000 | 2368407 |
| 7.50%, 01/15/33 *(b)(d)* | 1897000 | 1865847 |
| **Windstream Services LLC/Windstream Escrow Finance Corp.** | **Windstream Services LLC/Windstream Escrow Finance Corp.** | **Windstream Services LLC/Windstream Escrow Finance Corp.** |
| 8.25%, 10/01/31 *(b)(d)* | 3384000 | 3565365 |
| **Zegona Finance PLC** | **Zegona Finance PLC** | **Zegona Finance PLC** |
| 8.63%, 07/15/29 *(b)(d)* | 2239000 | 2371090 |
| **Ziggo Bond Co. BV** | **Ziggo Bond Co. BV** | **Ziggo Bond Co. BV** |
| 5.13%, 02/28/30 *(b)(d)* | 848000 | 736527 |
| **Ziggo BV** | **Ziggo BV** | **Ziggo BV** |
| 4.88%, 01/15/30 *(b)(d)* | 1480000 | 1395970 |
|  |  | **336838391** |
| ***Consumer Cyclical 18.0%***  | ***Consumer Cyclical 18.0%***  | ***Consumer Cyclical 18.0%***  |
| **1011778 BC ULC/New Red Finance, Inc.** | **1011778 BC ULC/New Red Finance, Inc.** | **1011778 BC ULC/New Red Finance, Inc.** |
| 3.88%, 01/15/28 *(b)(d)* | 2460000 | 2430442 |
| 4.38%, 01/15/28 *(b)(d)* | 1969000 | 1961709 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.50%, 02/15/29 *(b)(d)* | 1326000 | 1281492 |
| 6.13%, 06/15/29 *(b)(d)* | 1831000 | 1884132 |
| 5.63%, 09/15/29 *(b)(d)* | 1125000 | 1146290 |
| 4.00%, 10/15/30 *(b)(d)* | 3936000 | 3782267 |
| **Adams Homes, Inc.** | **Adams Homes, Inc.** | **Adams Homes, Inc.** |
| 9.25%, 10/15/28 *(b)(d)* | 877000 | 913424 |
| **Adient Global Holdings Ltd.** | **Adient Global Holdings Ltd.** | **Adient Global Holdings Ltd.** |
| 8.25%, 04/15/31 *(b)(d)* | 443000 | 463670 |
| 7.50%, 02/15/33 *(b)(d)* | 1372000 | 1440966 |
| **ADT Security Corp.** | **ADT Security Corp.** | **ADT Security Corp.** |
| 4.13%, 08/01/29 *(b)(d)* | 1071000 | 1045832 |
| 4.88%, 07/15/32 *(d)* | 1576000 | 1532467 |
| 5.88%, 10/15/33 *(b)(d)* | 1811000 | 1841579 |
| **Advance Auto Parts, Inc.** | **Advance Auto Parts, Inc.** | **Advance Auto Parts, Inc.** |
| 1.75%, 10/01/27 *(b)* | 1114000 | 1064612 |
| 5.95%, 03/09/28 *(a)(b)* | 523000 | 538012 |
| 3.90%, 04/15/30 *(b)* | 862000 | 805883 |
| 7.00%, 08/01/30 *(b)(d)* | 1295000 | 1329408 |
| 3.50%, 03/15/32 *(a)(b)* | 738000 | 655639 |
| 7.38%, 08/01/33 *(b)(d)* | 1529000 | 1567990 |
| **Affinity Interactive** | **Affinity Interactive** | **Affinity Interactive** |
| 6.88%, 12/15/27 *(b)(d)* | 630000 | 386183 |
| **Allied Universal Holdco LLC** | **Allied Universal Holdco LLC** | **Allied Universal Holdco LLC** |
| 7.88%, 02/15/31 *(b)(d)* | 3664000 | 3873117 |
| **Allied Universal Holdco LLC/Allied Universal Finance Corp.** | **Allied Universal Holdco LLC/Allied Universal Finance Corp.** | **Allied Universal Holdco LLC/Allied Universal Finance Corp.** |
| 6.00%, 06/01/29 *(b)(d)* | 909000 | 900187 |
| 6.88%, 06/15/30 *(b)(d)* | 1614000 | 1680912 |
| **Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL** | **Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL** | **Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL** |
| 4.63%, 06/01/28 *(b)(d)* | 3464000 | 3436877 |
| **Allison Transmission, Inc.** | **Allison Transmission, Inc.** | **Allison Transmission, Inc.** |
| 4.75%, 10/01/27 *(b)(d)* | 953000 | 954462 |
| 5.88%, 06/01/29 *(b)(d)* | 830000 | 840065 |
| 3.75%, 01/30/31 *(b)(d)* | 1525000 | 1451551 |
| 5.88%, 12/01/33 *(b)(d)* | 364000 | 371922 |
| **Allwyn Entertainment Financing U.K. PLC** | **Allwyn Entertainment Financing U.K. PLC** | **Allwyn Entertainment Financing U.K. PLC** |
| 7.88%, 04/30/29 *(a)(b)(d)* | 1000000 | 1039323 |
| **AMC Entertainment Holdings, Inc.** | **AMC Entertainment Holdings, Inc.** | **AMC Entertainment Holdings, Inc.** |
| 7.50%, 02/15/29 *(b)(d)* | 899000 | 652688 |
| **American Axle & Manufacturing, Inc.** | **American Axle & Manufacturing, Inc.** | **American Axle & Manufacturing, Inc.** |
| 6.88%, 07/01/28 *(b)* | 452000 | 452744 |
| 5.00%, 10/01/29 *(b)* | 987000 | 965031 |
| 6.38%, 10/15/32 *(b)(d)* | 1438000 | 1464433 |
| 7.75%, 10/15/33 *(b)(d)* | 1954000 | 1987229 |
| **ANGI Group LLC** | **ANGI Group LLC** | **ANGI Group LLC** |
| 3.88%, 08/15/28 *(b)(d)* | 841000 | 755504 |
| **Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp.** | **Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp.** | **Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp.** |
| 7.00%, 04/15/30 *(b)(d)* | 1032000 | 1043980 |
| **Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.** | **Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.** | **Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.** |
| 5.75%, 01/15/29 *(b)(d)* | 1041000 | 1026989 |
| 5.25%, 04/15/30 *(b)(d)* | 865000 | 818855 |
| 9.75%, 04/15/30 *(b)(d)* | 850000 | 916530 |
| **Aptiv Swiss Holdings Ltd.** | **Aptiv Swiss Holdings Ltd.** | **Aptiv Swiss Holdings Ltd.** |
| 6.88%, 12/15/54 *(b)(c)* | 952000 | 993085 |
| **Aramark Services, Inc.** | **Aramark Services, Inc.** | **Aramark Services, Inc.** |
| 5.00%, 02/01/28 *(b)(d)* | 1875000 | 1876676 |
| **Arches Buyer, Inc.** | **Arches Buyer, Inc.** | **Arches Buyer, Inc.** |
| 4.25%, 06/01/28 *(b)(d)* | 1238000 | 1200032 |
| 6.13%, 12/01/28 *(b)(d)* | 955000 | 902117 |
| **Arko Corp.** | **Arko Corp.** | **Arko Corp.** |
| 5.13%, 11/15/29 *(a)(b)(d)* | 715000 | 638446 |
| **Asbury Automotive Group, Inc.** | **Asbury Automotive Group, Inc.** | **Asbury Automotive Group, Inc.** |
| 4.50%, 03/01/28 *(b)* | 1251000 | 1247394 |
| 4.63%, 11/15/29 *(b)(d)* | 1171000 | 1153421 |

---

*See financial notes*

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

**17**

------

Schwab High Yield Bond ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.75%, 03/01/30 *(b)* | 700000 | 689358 |
| 5.00%, 02/15/32 *(b)(d)* | 750000 | 729822 |
| **ASGN, Inc.** | **ASGN, Inc.** | **ASGN, Inc.** |
| 4.63%, 05/15/28 *(b)(d)* | 1033000 | 1002454 |
| **Ashton Woods USA LLC/Ashton Woods Finance Co.** | **Ashton Woods USA LLC/Ashton Woods Finance Co.** | **Ashton Woods USA LLC/Ashton Woods Finance Co.** |
| 4.63%, 08/01/29 *(b)(d)* | 656000 | 641641 |
| 4.63%, 04/01/30 *(b)(d)* | 900000 | 860422 |
| 6.88%, 08/01/33 *(b)(d)* | 777000 | 784952 |
| **Aston Martin Capital Holdings Ltd.** | **Aston Martin Capital Holdings Ltd.** | **Aston Martin Capital Holdings Ltd.** |
| 10.00%, 03/31/29 *(b)(d)* | 1822000 | 1481905 |
| **Bath & Body Works, Inc.** | **Bath & Body Works, Inc.** | **Bath & Body Works, Inc.** |
| 5.25%, 02/01/28  | 694000 | 698075 |
| 7.50%, 06/15/29 *(b)* | 1226000 | 1253145 |
| 6.63%, 10/01/30 *(b)(d)* | 1095000 | 1122476 |
| 6.95%, 03/01/33  | 506000 | 506266 |
| 6.88%, 11/01/35  | 1252000 | 1276808 |
| 6.75%, 07/01/36  | 1078000 | 1082778 |
| **BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc.** | **BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc.** | **BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc.** |
| 9.50%, 07/01/32 *(b)(d)* | 942000 | 868416 |
| **Beazer Homes USA, Inc.** | **Beazer Homes USA, Inc.** | **Beazer Homes USA, Inc.** |
| 5.88%, 10/15/27 *(b)* | 1179000 | 1181559 |
| 7.25%, 10/15/29 *(b)* | 801000 | 817956 |
| 7.50%, 03/15/31 *(b)(d)* | 442000 | 455315 |
| **Belron U.K. Finance PLC** | **Belron U.K. Finance PLC** | **Belron U.K. Finance PLC** |
| 5.75%, 10/15/29 *(b)(d)* | 1474000 | 1507566 |
| **Bloomin' Brands, Inc./OSI Restaurant Partners LLC** | **Bloomin' Brands, Inc./OSI Restaurant Partners LLC** | **Bloomin' Brands, Inc./OSI Restaurant Partners LLC** |
| 5.13%, 04/15/29 *(b)(d)* | 620000 | 548856 |
| **Boyd Gaming Corp.** | **Boyd Gaming Corp.** | **Boyd Gaming Corp.** |
| 4.75%, 12/01/27 *(b)* | 1077000 | 1076120 |
| 4.75%, 06/15/31 *(b)(d)* | 1698000 | 1662269 |
| **Boyne USA, Inc.** | **Boyne USA, Inc.** | **Boyne USA, Inc.** |
| 4.75%, 05/15/29 *(b)(d)* | 1142000 | 1134457 |
| **Brightstar Lottery PLC** | **Brightstar Lottery PLC** | **Brightstar Lottery PLC** |
| 5.25%, 01/15/29 *(b)(d)* | 1633000 | 1627057 |
| **Brightstar Lottery PLC/Brightstar Global Solutions Corp.** | **Brightstar Lottery PLC/Brightstar Global Solutions Corp.** | **Brightstar Lottery PLC/Brightstar Global Solutions Corp.** |
| 5.75%, 01/15/33 *(b)(d)* | 557000 | 553869 |
| **Brinker International, Inc.** | **Brinker International, Inc.** | **Brinker International, Inc.** |
| 8.25%, 07/15/30 *(b)(d)* | 1690000 | 1786822 |
| **Brink's Co.** | **Brink's Co.** | **Brink's Co.** |
| 4.63%, 10/15/27 *(b)(d)* | 878000 | 879453 |
| 6.50%, 06/15/29 *(b)(d)* | 632000 | 651323 |
| 6.75%, 06/15/32 *(b)(d)* | 1152000 | 1193224 |
| **Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC** | **Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC** | **Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC** |
| 6.25%, 09/15/27 *(b)(d)* | 1177000 | 1179732 |
| 5.00%, 06/15/29 *(b)(d)* | 691000 | 669943 |
| 4.88%, 02/15/30 *(b)(d)* | 849000 | 798698 |
| **Caesars Entertainment, Inc.** | **Caesars Entertainment, Inc.** | **Caesars Entertainment, Inc.** |
| 4.63%, 10/15/29 *(b)(d)* | 2104000 | 2059842 |
| 7.00%, 02/15/30 *(b)(d)* | 2602000 | 2669012 |
| 6.50%, 02/15/32 *(b)(d)* | 2348000 | 2387698 |
| 6.00%, 10/15/32 *(a)(b)(d)* | 2167000 | 2120120 |
| **Carnival Corp.** | **Carnival Corp.** | **Carnival Corp.** |
| 5.13%, 05/01/29 *(b)(d)* | 1809000 | 1835811 |
| 5.75%, 03/15/30 *(b)(d)* | 2006000 | 2076086 |
| 5.88%, 06/15/31 *(b)(d)* | 1682000 | 1758871 |
| 5.75%, 08/01/32 *(b)(d)* | 4638000 | 4819109 |
| 6.13%, 02/15/33 *(b)(d)* | 3510000 | 3635890 |
| **Carriage Services, Inc.** | **Carriage Services, Inc.** | **Carriage Services, Inc.** |
| 4.25%, 05/15/29 *(b)(d)* | 862000 | 830673 |
| **Cars.com, Inc.** | **Cars.com, Inc.** | **Cars.com, Inc.** |
| 6.38%, 11/01/28 *(b)(d)* | 1085000 | 1063053 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Century Communities, Inc.** | **Century Communities, Inc.** | **Century Communities, Inc.** |
| 3.88%, 08/15/29 *(b)(d)* | 842000 | 803451 |
| 6.63%, 09/15/33 *(b)(d)* | 774000 | 787092 |
| **Champions Financing, Inc.** | **Champions Financing, Inc.** | **Champions Financing, Inc.** |
| 8.75%, 02/15/29 *(a)(b)(d)* | 1142000 | 1086372 |
| **Churchill Downs, Inc.** | **Churchill Downs, Inc.** | **Churchill Downs, Inc.** |
| 4.75%, 01/15/28 *(b)(d)* | 2146000 | 2140549 |
| 5.75%, 04/01/30 *(b)(d)* | 1647000 | 1661079 |
| 6.75%, 05/01/31 *(b)(d)* | 654000 | 674507 |
| **Cinemark USA, Inc.** | **Cinemark USA, Inc.** | **Cinemark USA, Inc.** |
| 5.25%, 07/15/28 *(b)(d)* | 1569000 | 1570561 |
| 7.00%, 08/01/32 *(b)(d)* | 622000 | 648362 |
| **Clarios Global LP/Clarios U.S. Finance Co.** | **Clarios Global LP/Clarios U.S. Finance Co.** | **Clarios Global LP/Clarios U.S. Finance Co.** |
| 6.75%, 05/15/28 *(b)(d)* | 1666000 | 1705273 |
| 6.75%, 02/15/30 *(b)(d)* | 1170000 | 1226113 |
| 6.75%, 09/15/32 *(b)(d)* | 1672000 | 1736539 |
| **Cooper-Standard Automotive, Inc.** | **Cooper-Standard Automotive, Inc.** | **Cooper-Standard Automotive, Inc.** |
| 9.25%, 03/01/31 *(b)(d)(g)* | 1600000 | 1605544 |
| **CoreCivic, Inc.** | **CoreCivic, Inc.** | **CoreCivic, Inc.** |
| 8.25%, 04/15/29 *(b)* | 1077000 | 1120690 |
| **Cougar JV Subsidiary LLC** | **Cougar JV Subsidiary LLC** | **Cougar JV Subsidiary LLC** |
| 8.00%, 05/15/32 *(b)(d)* | 1172000 | 1248990 |
| **Crocs, Inc.** | **Crocs, Inc.** | **Crocs, Inc.** |
| 4.25%, 03/15/29 *(b)(d)* | 584000 | 569463 |
| 4.13%, 08/15/31 *(b)(d)* | 668000 | 625457 |
| **Cushman & Wakefield U.S. Borrower LLC** | **Cushman & Wakefield U.S. Borrower LLC** | **Cushman & Wakefield U.S. Borrower LLC** |
| 6.75%, 05/15/28 *(b)(d)* | 684000 | 686416 |
| 8.88%, 09/01/31 *(b)(d)* | 1265000 | 1339722 |
| **Dealer Tire LLC/DT Issuer LLC** | **Dealer Tire LLC/DT Issuer LLC** | **Dealer Tire LLC/DT Issuer LLC** |
| 8.00%, 02/01/28 *(b)(d)* | 819000 | 811453 |
| **Dornoch Debt Merger Sub, Inc.** | **Dornoch Debt Merger Sub, Inc.** | **Dornoch Debt Merger Sub, Inc.** |
| 6.63%, 10/15/29 *(b)(d)* | 1259000 | 1138406 |
| **Dream Finders Homes, Inc.** | **Dream Finders Homes, Inc.** | **Dream Finders Homes, Inc.** |
| 8.25%, 08/15/28 *(b)(d)* | 1166000 | 1205399 |
| 6.88%, 09/15/30 *(b)(d)* | 458000 | 468661 |
| **Empire Communities Corp.** | **Empire Communities Corp.** | **Empire Communities Corp.** |
| 9.75%, 05/01/29 *(b)(d)* | 868000 | 897485 |
| **EZCORP, Inc.** | **EZCORP, Inc.** | **EZCORP, Inc.** |
| 7.38%, 04/01/32 *(b)(d)* | 659000 | 707396 |
| **Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.** | **Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.** | **Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.** |
| 4.63%, 01/15/29 *(b)(d)* | 1488000 | 1452356 |
| 6.75%, 01/15/30 *(b)(d)* | 1788000 | 1687898 |
| **Forestar Group, Inc.** | **Forestar Group, Inc.** | **Forestar Group, Inc.** |
| 5.00%, 03/01/28 *(b)(d)* | 848000 | 851963 |
| 6.50%, 03/15/33 *(b)(d)* | 892000 | 913939 |
| **Forvia SE** | **Forvia SE** | **Forvia SE** |
| 8.00%, 06/15/30 *(b)(d)* | 414000 | 441403 |
| 6.75%, 09/15/33 *(b)(d)* | 1162000 | 1197633 |
| **Full House Resorts, Inc.** | **Full House Resorts, Inc.** | **Full House Resorts, Inc.** |
| 8.25%, 02/15/28 *(a)(b)(d)* | 961000 | 836070 |
| **Gap, Inc.** | **Gap, Inc.** | **Gap, Inc.** |
| 3.63%, 10/01/29 *(b)(d)* | 1238000 | 1178713 |
| 3.88%, 10/01/31 *(b)(d)* | 1320000 | 1229315 |
| **Garda World Security Corp.** | **Garda World Security Corp.** | **Garda World Security Corp.** |
| 6.00%, 06/01/29 *(b)(d)* | 742000 | 725795 |
| 6.50%, 01/15/31 *(b)(d)* | 726000 | 746269 |
| 8.25%, 08/01/32 *(b)(d)* | 992000 | 1014927 |
| 8.38%, 11/15/32 *(b)(d)* | 1281000 | 1313250 |
| **Garrett Motion Holdings, Inc./Garrett LX I SARL** | **Garrett Motion Holdings, Inc./Garrett LX I SARL** | **Garrett Motion Holdings, Inc./Garrett LX I SARL** |
| 7.75%, 05/31/32 *(b)(d)* | 1073000 | 1134767 |
| **Gee Automotive Holdings LLC** | **Gee Automotive Holdings LLC** | **Gee Automotive Holdings LLC** |
| 7.25%, 03/01/31 *(b)(d)* | 400000 | 406794 |

---

*See financial notes*

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

------

Schwab High Yield Bond ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Genting New York LLC/GENNY Capital, Inc.** | **Genting New York LLC/GENNY Capital, Inc.** | **Genting New York LLC/GENNY Capital, Inc.** |
| 7.25%, 10/01/29 *(b)(d)* | 525000 | 544653 |
| **GEO Group, Inc.** | **GEO Group, Inc.** | **GEO Group, Inc.** |
| 8.63%, 04/15/29 *(b)* | 1766000 | 1841604 |
| 10.25%, 04/15/31 *(b)* | 971000 | 1043258 |
| **Global Auto Holdings Ltd./AAG FH U.K. Ltd.** | **Global Auto Holdings Ltd./AAG FH U.K. Ltd.** | **Global Auto Holdings Ltd./AAG FH U.K. Ltd.** |
| 8.38%, 01/15/29 *(b)(d)* | 778000 | 745347 |
| 11.50%, 08/15/29 *(b)(d)* | 968000 | 992113 |
| 8.75%, 01/15/32 *(b)(d)* | 862000 | 798836 |
| **Goodyear Tire & Rubber Co.** | **Goodyear Tire & Rubber Co.** | **Goodyear Tire & Rubber Co.** |
| 4.88%, 03/15/27 *(b)* | 1379000 | 1376219 |
| 5.00%, 07/15/29 *(b)* | 915000 | 897579 |
| 6.63%, 07/15/30 *(b)* | 786000 | 803610 |
| 5.25%, 04/30/31 *(b)* | 650000 | 623653 |
| 5.25%, 07/15/31 *(b)* | 1274000 | 1216344 |
| 5.63%, 04/30/33 *(b)* | 939000 | 894381 |
| **Great Canadian Gaming Corp./Raptor LLC** | **Great Canadian Gaming Corp./Raptor LLC** | **Great Canadian Gaming Corp./Raptor LLC** |
| 8.75%, 11/15/29 *(b)(d)* | 880000 | 895118 |
| **Group 1 Automotive, Inc.** | **Group 1 Automotive, Inc.** | **Group 1 Automotive, Inc.** |
| 4.00%, 08/15/28 *(b)(d)* | 1179000 | 1157785 |
| 6.38%, 01/15/30 *(b)(d)* | 760000 | 779465 |
| **Hilton Domestic Operating Co., Inc.** | **Hilton Domestic Operating Co., Inc.** | **Hilton Domestic Operating Co., Inc.** |
| 5.88%, 04/01/29 *(b)(d)* | 1030000 | 1055091 |
| 3.75%, 05/01/29 *(b)(d)* | 1666000 | 1623009 |
| 4.88%, 01/15/30 *(b)* | 1649000 | 1651157 |
| 4.00%, 05/01/31 *(b)(d)* | 1889000 | 1815492 |
| 3.63%, 02/15/32 *(b)(d)* | 2605000 | 2429064 |
| 6.13%, 04/01/32 *(b)(d)* | 830000 | 858656 |
| 5.88%, 03/15/33 *(b)(d)* | 1735000 | 1787081 |
| 5.75%, 09/15/33 *(b)(d)* | 1752000 | 1794398 |
| 5.50%, 03/31/34 *(b)(d)* | 809000 | 818071 |
| **Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.** | **Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.** | **Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.** |
| 5.00%, 06/01/29 *(b)(d)* | 1511000 | 1475783 |
| 4.88%, 07/01/31 *(b)(d)* | 816000 | 768505 |
| 6.63%, 01/15/32 *(b)(d)* | 1074000 | 1096504 |
| **Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.** | **Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.** | **Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.** |
| 4.88%, 04/01/27 *(b)* | 1122000 | 1122799 |
| **Jacobs Entertainment, Inc.** | **Jacobs Entertainment, Inc.** | **Jacobs Entertainment, Inc.** |
| 6.75%, 02/15/29 *(b)(d)* | 988000 | 971891 |
| **Jaguar Land Rover Automotive PLC** | **Jaguar Land Rover Automotive PLC** | **Jaguar Land Rover Automotive PLC** |
| 4.50%, 10/01/27 *(a)(b)(d)* | 1225000 | 1217777 |
| 5.88%, 01/15/28 *(b)(d)* | 716000 | 716866 |
| 5.50%, 07/15/29 *(a)(b)(d)* | 1052000 | 1055005 |
| **JB Poindexter & Co., Inc.** | **JB Poindexter & Co., Inc.** | **JB Poindexter & Co., Inc.** |
| 8.75%, 12/15/31 *(b)(d)* | 1130000 | 1171369 |
| **K Hovnanian Enterprises, Inc.** | **K Hovnanian Enterprises, Inc.** | **K Hovnanian Enterprises, Inc.** |
| 8.00%, 04/01/31 *(b)(d)* | 813000 | 836790 |
| 8.38%, 10/01/33 *(b)(d)* | 793000 | 813895 |
| **KB Home** | **KB Home** | **KB Home** |
| 6.88%, 06/15/27 *(b)* | 906000 | 924744 |
| 4.80%, 11/15/29 *(b)* | 477000 | 476716 |
| 7.25%, 07/15/30 *(b)* | 716000 | 733638 |
| 4.00%, 06/15/31 *(b)* | 842000 | 805291 |
| **Ken Garff Automotive LLC** | **Ken Garff Automotive LLC** | **Ken Garff Automotive LLC** |
| 4.88%, 09/15/28 *(b)(d)* | 845000 | 841325 |
| **KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC** | **KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC** | **KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC** |
| 4.75%, 06/01/27 *(b)(d)* | 1319000 | 1318091 |
| **Kingpin Intermediate Holdings LLC** | **Kingpin Intermediate Holdings LLC** | **Kingpin Intermediate Holdings LLC** |
| 7.25%, 10/15/32 *(a)(b)(d)* | 770000 | 716629 |
| **Kohl's Corp.** | **Kohl's Corp.** | **Kohl's Corp.** |
| 10.00%, 06/01/30 *(b)(d)* | 655000 | 713575 |
| 5.13%, 05/01/31 *(b)(f)* | 773000 | 654653 |
| 5.55%, 07/17/45 *(a)(b)* | 802000 | 529378 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Kontoor Brands, Inc.** | **Kontoor Brands, Inc.** | **Kontoor Brands, Inc.** |
| 4.13%, 11/15/29 *(b)(d)* | 1124000 | 1075046 |
| **Korn Ferry** | **Korn Ferry** | **Korn Ferry** |
| 4.63%, 12/15/27 *(b)(d)* | 869000 | 865835 |
| **LCM Investments Holdings II LLC** | **LCM Investments Holdings II LLC** | **LCM Investments Holdings II LLC** |
| 4.88%, 05/01/29 *(b)(d)* | 1718000 | 1697227 |
| 8.25%, 08/01/31 *(b)(d)* | 1419000 | 1492334 |
| **Levi Strauss & Co.** | **Levi Strauss & Co.** | **Levi Strauss & Co.** |
| 3.50%, 03/01/31 *(b)(d)* | 1299000 | 1219613 |
| **LGI Homes, Inc.** | **LGI Homes, Inc.** | **LGI Homes, Inc.** |
| 8.75%, 12/15/28 *(b)(d)* | 593000 | 619084 |
| 4.00%, 07/15/29 *(b)(d)* | 625000 | 581180 |
| 7.00%, 11/15/32 *(b)(d)* | 765000 | 750856 |
| **Liberty Interactive LLC** | **Liberty Interactive LLC** | **Liberty Interactive LLC** |
| 8.50%, 07/15/29  | 429000 | 18091 |
| 8.25%, 02/01/30  | 670000 | 32102 |
| **Life Time, Inc.** | **Life Time, Inc.** | **Life Time, Inc.** |
| 6.00%, 11/15/31 *(b)(d)* | 971000 | 1001236 |
| **Light & Wonder International, Inc.** | **Light & Wonder International, Inc.** | **Light & Wonder International, Inc.** |
| 7.25%, 11/15/29 *(b)(d)* | 791000 | 811684 |
| 7.50%, 09/01/31 *(b)(d)* | 950000 | 994023 |
| 6.25%, 10/01/33 *(b)(d)* | 1396000 | 1402903 |
| **Lindblad Expeditions LLC** | **Lindblad Expeditions LLC** | **Lindblad Expeditions LLC** |
| 7.00%, 09/15/30 *(b)(d)* | 1193000 | 1252061 |
| **Lithia Motors, Inc.** | **Lithia Motors, Inc.** | **Lithia Motors, Inc.** |
| 4.63%, 12/15/27 *(b)(d)* | 1103000 | 1104221 |
| 3.88%, 06/01/29 *(b)(d)* | 999000 | 966231 |
| 5.50%, 10/01/30 *(b)(d)* | 1000000 | 1006935 |
| 4.38%, 01/15/31 *(b)(d)* | 632000 | 608204 |
| **Live Nation Entertainment, Inc.** | **Live Nation Entertainment, Inc.** | **Live Nation Entertainment, Inc.** |
| 6.50%, 05/15/27 *(b)(d)* | 1955000 | 1965557 |
| 4.75%, 10/15/27 *(b)(d)* | 1523000 | 1522984 |
| 3.75%, 01/15/28 *(b)(d)* | 1186000 | 1168160 |
| **M/I Homes, Inc.** | **M/I Homes, Inc.** | **M/I Homes, Inc.** |
| 4.95%, 02/01/28 *(b)* | 829000 | 827499 |
| 3.95%, 02/15/30 *(b)* | 614000 | 592068 |
| **Macy's Retail Holdings LLC** | **Macy's Retail Holdings LLC** | **Macy's Retail Holdings LLC** |
| 6.13%, 03/15/32 *(b)(d)* | 938000 | 945577 |
| 7.38%, 08/01/33 *(b)(d)* | 595000 | 624084 |
| 4.50%, 12/15/34 *(b)* | 878000 | 794194 |
| 5.13%, 01/15/42 *(b)* | 595000 | 494831 |
| **Marriott Ownership Resorts, Inc.** | **Marriott Ownership Resorts, Inc.** | **Marriott Ownership Resorts, Inc.** |
| 4.75%, 01/15/28 *(a)(b)* | 623000 | 617168 |
| 4.50%, 06/15/29 *(b)(d)* | 839000 | 810300 |
| 6.50%, 10/01/33 *(b)(d)* | 1032000 | 1001332 |
| **Match Group Holdings II LLC** | **Match Group Holdings II LLC** | **Match Group Holdings II LLC** |
| 5.00%, 12/15/27 *(b)(d)* | 1026000 | 1026372 |
| 4.63%, 06/01/28 *(b)(d)* | 988000 | 976762 |
| 5.63%, 02/15/29 *(b)(d)* | 685000 | 684384 |
| 4.13%, 08/01/30 *(b)(d)* | 724000 | 688571 |
| 3.63%, 10/01/31 *(b)(d)* | 596000 | 541228 |
| 6.13%, 09/15/33 *(b)(d)* | 1205000 | 1202417 |
| **Mattamy Group Corp.** | **Mattamy Group Corp.** | **Mattamy Group Corp.** |
| 4.63%, 03/01/30 *(b)(d)* | 1199000 | 1171576 |
| 6.00%, 12/15/33 *(b)(d)* | 341000 | 335908 |
| **Mavis Tire Express Services Topco Corp.** | **Mavis Tire Express Services Topco Corp.** | **Mavis Tire Express Services Topco Corp.** |
| 6.50%, 05/15/29 *(b)(d)* | 1292000 | 1291709 |
| **Men's Wearhouse LLC** | **Men's Wearhouse LLC** | **Men's Wearhouse LLC** |
| 9.00%, 02/01/31 *(b)(d)* | 904000 | 931328 |
| **Merlin Entertainments Group U.S. Holdings, Inc.** | **Merlin Entertainments Group U.S. Holdings, Inc.** | **Merlin Entertainments Group U.S. Holdings, Inc.** |
| 7.38%, 02/15/31 *(b)(d)* | 907000 | 748948 |
| **MGM Resorts International** | **MGM Resorts International** | **MGM Resorts International** |
| 5.50%, 04/15/27 *(b)* | 1010000 | 1019740 |
| 4.75%, 10/15/28 *(b)* | 2050000 | 2052280 |

---

*See financial notes*

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

**19**

------

Schwab High Yield Bond ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.13%, 09/15/29 *(b)* | 870000 | 894637 |
| 6.50%, 04/15/32 *(a)(b)* | 972000 | 998267 |
| **Michaels Cos., Inc.** | **Michaels Cos., Inc.** | **Michaels Cos., Inc.** |
| 5.25%, 05/01/28 *(b)(d)* | 1328000 | 1328649 |
| 7.88%, 05/01/29 *(b)(d)* | 1542000 | 1549974 |
| 8.50%, 03/15/33 *(b)(d)(g)* | 3000000 | 2920785 |
| 11.00%, 03/15/34 *(b)(d)(g)* | 1000000 | 935553 |
| **Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.** | **Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.** | **Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.** |
| 4.88%, 05/01/29 *(b)(d)* | 1254000 | 1232898 |
| **Millrose Properties, Inc.** | **Millrose Properties, Inc.** | **Millrose Properties, Inc.** |
| 6.38%, 08/01/30 *(b)(d)* | 1706000 | 1751209 |
| 6.25%, 09/15/32 *(b)(d)* | 1200000 | 1216036 |
| **Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC** | **Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC** | **Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC** |
| 8.25%, 04/15/30 *(b)(d)* | 820000 | 855082 |
| 11.88%, 04/15/31 *(b)(d)* | 1263000 | 1339818 |
| **Motion Bondco DAC** | **Motion Bondco DAC** | **Motion Bondco DAC** |
| 6.63%, 11/15/27 *(b)(d)* | 688000 | 652149 |
| **Motion Finco SARL** | **Motion Finco SARL** | **Motion Finco SARL** |
| 8.38%, 02/15/32 *(b)(d)* | 703000 | 561155 |
| **Murphy Oil USA, Inc.** | **Murphy Oil USA, Inc.** | **Murphy Oil USA, Inc.** |
| 5.63%, 05/01/27 *(b)* | 584000 | 583994 |
| 4.75%, 09/15/29 *(b)* | 874000 | 866379 |
| 3.75%, 02/15/31 *(b)(d)* | 992000 | 934064 |
| **NCL Corp. Ltd.** | **NCL Corp. Ltd.** | **NCL Corp. Ltd.** |
| 7.75%, 02/15/29 *(b)(d)* | 545000 | 582705 |
| 6.25%, 03/01/30 *(b)(d)* | 1329000 | 1361456 |
| 5.88%, 01/15/31 *(b)(d)* | 2032000 | 2054372 |
| 6.75%, 02/01/32 *(b)(d)* | 2855000 | 2942135 |
| 6.25%, 09/15/33 *(b)(d)* | 1441000 | 1455365 |
| **NCL Finance Ltd.** | **NCL Finance Ltd.** | **NCL Finance Ltd.** |
| 6.13%, 03/15/28 *(b)(d)* | 536000 | 550592 |
| **New Flyer Holdings, Inc.** | **New Flyer Holdings, Inc.** | **New Flyer Holdings, Inc.** |
| 9.25%, 07/01/30 *(b)(d)* | 802000 | 866309 |
| **New Home Co., Inc.** | **New Home Co., Inc.** | **New Home Co., Inc.** |
| 9.25%, 10/01/29 *(b)(d)* | 701000 | 739144 |
| 8.50%, 11/01/30 *(b)(d)* | 609000 | 634924 |
| **Newmark Group, Inc.** | **Newmark Group, Inc.** | **Newmark Group, Inc.** |
| 7.50%, 01/12/29 *(b)* | 802000 | 848688 |
| **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** |
| 5.30%, 09/13/27 *(d)* | 338000 | 340533 |
| 2.75%, 03/09/28 *(b)(d)* | 1499000 | 1430315 |
| 2.45%, 09/15/28 *(b)(d)* | 1098000 | 1027975 |
| 7.05%, 09/15/28 *(b)(d)* | 1317000 | 1369398 |
| 5.63%, 09/29/28 *(b)(d)* | 1545000 | 1555747 |
| 5.55%, 09/13/29 *(b)(d)* | 977000 | 975551 |
| 6.13%, 09/30/30 *(b)(d)* | 2472000 | 2479181 |
| **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** |
| 4.35%, 09/17/27 *(b)(d)* | 2698000 | 2680751 |
| 7.50%, 07/17/30 *(b)(d)* | 1650000 | 1741861 |
| 4.81%, 09/17/30 *(b)(d)* | 3436000 | 3268383 |
| 7.75%, 07/17/32 *(b)(d)* | 1479000 | 1582921 |
| 8.13%, 07/17/35 *(a)(b)(d)* | 2160000 | 2360656 |
| **Nordstrom, Inc.** | **Nordstrom, Inc.** | **Nordstrom, Inc.** |
| 4.00%, 03/15/27 *(b)* | 1093000 | 1089726 |
| 6.95%, 03/15/28  | 611000 | 637011 |
| 4.38%, 04/01/30 *(b)* | 617000 | 594584 |
| 4.25%, 08/01/31 *(b)* | 594000 | 553874 |
| 5.00%, 01/15/44 *(b)* | 1584000 | 1208002 |
| **Odeon Finco PLC** | **Odeon Finco PLC** | **Odeon Finco PLC** |
| 12.75%, 11/01/27 *(a)(b)(d)* | 686000 | 695489 |
| **Ontario Gaming GTA LP/OTG Co-Issuer, Inc.** | **Ontario Gaming GTA LP/OTG Co-Issuer, Inc.** | **Ontario Gaming GTA LP/OTG Co-Issuer, Inc.** |
| 8.00%, 08/01/30 *(b)(d)* | 863000 | 834790 |
| **OT Midco, Inc.** | **OT Midco, Inc.** | **OT Midco, Inc.** |
| 10.00%, 02/15/30 *(b)(d)* | 1036000 | 442444 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Papa John's International, Inc.** | **Papa John's International, Inc.** | **Papa John's International, Inc.** |
| 3.88%, 09/15/29 *(b)(d)* | 942000 | 895986 |
| **Penn Entertainment, Inc.** | **Penn Entertainment, Inc.** | **Penn Entertainment, Inc.** |
| 4.13%, 07/01/29 *(b)(d)* | 584000 | 551577 |
| **Penske Automotive Group, Inc.** | **Penske Automotive Group, Inc.** | **Penske Automotive Group, Inc.** |
| 3.75%, 06/15/29 *(b)(d)* | 650000 | 629067 |
| **Petco Health & Wellness Co., Inc.** | **Petco Health & Wellness Co., Inc.** | **Petco Health & Wellness Co., Inc.** |
| 8.25%, 02/01/31 *(b)(d)* | 1153000 | 1126861 |
| **PetSmart LLC/PetSmart Finance Corp.** | **PetSmart LLC/PetSmart Finance Corp.** | **PetSmart LLC/PetSmart Finance Corp.** |
| 7.50%, 09/15/32 *(b)* | 2841000 | 2876882 |
| 10.00%, 09/15/33 *(b)* | 1330000 | 1335123 |
| **Phinia, Inc.** | **Phinia, Inc.** | **Phinia, Inc.** |
| 6.75%, 04/15/29 *(b)(d)* | 896000 | 927171 |
| 6.63%, 10/15/32 *(b)(d)* | 939000 | 975691 |
| **PM General Purchaser LLC** | **PM General Purchaser LLC** | **PM General Purchaser LLC** |
| 9.50%, 10/01/28 *(b)(d)* | 1171000 | 1096595 |
| **Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.** | **Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.** | **Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.** |
| 5.63%, 09/01/29 *(b)(d)* | 1026000 | 737438 |
| 5.88%, 09/01/31 *(a)(b)(d)* | 1421000 | 907664 |
| **Prime Security Services Borrower LLC/Prime Finance, Inc.** | **Prime Security Services Borrower LLC/Prime Finance, Inc.** | **Prime Security Services Borrower LLC/Prime Finance, Inc.** |
| 3.38%, 08/31/27 *(b)(d)* | 1454000 | 1431863 |
| **QVC, Inc.** | **QVC, Inc.** | **QVC, Inc.** |
| 6.88%, 04/15/29 *(b)* | 782000 | 332350 |
| 5.45%, 08/15/34 *(b)* | 666000 | 286380 |
| 5.95%, 03/15/43  | 798000 | 340741 |
| **Rakuten Group, Inc.** | **Rakuten Group, Inc.** | **Rakuten Group, Inc.** |
| 9.75%, 04/15/29 *(d)* | 3323000 | 3688735 |
| 8.13%, 12/15/29 *(b)(c)(d)(e)* | 1001000 | 1036889 |
| 6.25%, 04/22/31 *(b)(c)(d)(e)* | 1922000 | 1839078 |
| **Raven Acquisition Holdings LLC** | **Raven Acquisition Holdings LLC** | **Raven Acquisition Holdings LLC** |
| 6.88%, 11/15/31 *(b)(d)* | 2141000 | 2063024 |
| **Real Hero Merger Sub 2, Inc.** | **Real Hero Merger Sub 2, Inc.** | **Real Hero Merger Sub 2, Inc.** |
| 6.25%, 02/01/29 *(b)(d)* | 874000 | 327569 |
| **Resorts World Las Vegas LLC/RWLV Capital, Inc.** | **Resorts World Las Vegas LLC/RWLV Capital, Inc.** | **Resorts World Las Vegas LLC/RWLV Capital, Inc.** |
| 4.63%, 04/16/29 *(b)(d)* | 1025000 | 935041 |
| 8.45%, 07/27/30 *(b)(d)* | 975000 | 994419 |
| 4.63%, 04/06/31 *(b)(d)* | 600000 | 518855 |
| **Rivers Enterprise Borrower LLC** | **Rivers Enterprise Borrower LLC** | **Rivers Enterprise Borrower LLC** |
| 6.25%, 10/15/30 *(b)(d)* | 1090000 | 1114253 |
| **Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.** | **Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.** | **Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.** |
| 6.63%, 02/01/33 *(b)(d)* | 1150000 | 1180973 |
| **S&S Holdings LLC** | **S&S Holdings LLC** | **S&S Holdings LLC** |
| 8.38%, 10/01/31 *(b)(d)* | 972000 | 911760 |
| **Sally Holdings LLC/Sally Capital, Inc.** | **Sally Holdings LLC/Sally Capital, Inc.** | **Sally Holdings LLC/Sally Capital, Inc.** |
| 6.75%, 03/01/32 *(b)* | 1141000 | 1185280 |
| **Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc.** | **Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc.** | **Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc.** |
| 6.63%, 03/01/30 *(b)(d)* | 1304000 | 1182879 |
| **SeaWorld Parks & Entertainment, Inc.** | **SeaWorld Parks & Entertainment, Inc.** | **SeaWorld Parks & Entertainment, Inc.** |
| 5.25%, 08/15/29 *(b)(d)* | 1390000 | 1349453 |
| **Service Corp. International** | **Service Corp. International** | **Service Corp. International** |
| 4.63%, 12/15/27 *(b)* | 1490000 | 1489872 |
| 5.13%, 06/01/29 *(b)* | 1635000 | 1641249 |
| 3.38%, 08/15/30 *(b)* | 1200000 | 1128580 |
| 4.00%, 05/15/31 *(b)* | 863000 | 825520 |
| 5.75%, 10/15/32 *(b)* | 922000 | 941140 |
| **Shea Homes LP/Shea Homes Funding Corp.** | **Shea Homes LP/Shea Homes Funding Corp.** | **Shea Homes LP/Shea Homes Funding Corp.** |
| 4.75%, 02/15/28 *(b)* | 790000 | 788248 |
| 4.75%, 04/01/29 *(b)* | 869000 | 861181 |
| **Signal Parent, Inc.** | **Signal Parent, Inc.** | **Signal Parent, Inc.** |
| 6.13%, 04/01/29 *(b)(d)* | 575000 | 228675 |
| **Six Flags Entertainment Corp.** | **Six Flags Entertainment Corp.** | **Six Flags Entertainment Corp.** |
| 7.25%, 05/15/31 *(a)(b)(d)* | 1280000 | 1257517 |

---

*See financial notes*

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

------

Schwab High Yield Bond ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management** <br> **Corp.** | **Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management** <br> **Corp.** | **Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management** <br> **Corp.** |
| 6.50%, 10/01/28 *(b)* | 637000 | 637970 |
| 5.25%, 07/15/29 *(b)* | 953000 | 917293 |
| **Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium Operations** <br> **LLC** | **Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium Operations** <br> **LLC** | **Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium Operations** <br> **LLC** |
| 8.63%, 01/15/32 *(b)(d)* | 2032000 | 2058860 |
| **Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland** <br> **Co.** | **Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland** <br> **Co.** | **Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland** <br> **Co.** |
| 6.63%, 05/01/32 *(b)(d)* | 1285000 | 1307210 |
| **Sonic Automotive, Inc.** | **Sonic Automotive, Inc.** | **Sonic Automotive, Inc.** |
| 4.63%, 11/15/29 *(b)(d)* | 943000 | 930976 |
| 4.88%, 11/15/31 *(b)(d)* | 1053000 | 1017916 |
| **Sotheby's** | **Sotheby's** | **Sotheby's** |
| 7.38%, 10/15/27 *(b)(d)* | 1290000 | 1282945 |
| **Sotheby's/Bidfair Holdings, Inc.** | **Sotheby's/Bidfair Holdings, Inc.** | **Sotheby's/Bidfair Holdings, Inc.** |
| 5.88%, 06/01/29 *(b)(d)* | 527000 | 509677 |
| **Speedway Motorsports LLC/Speedway Funding II, Inc.** | **Speedway Motorsports LLC/Speedway Funding II, Inc.** | **Speedway Motorsports LLC/Speedway Funding II, Inc.** |
| 4.88%, 11/01/27 *(b)(d)* | 1090000 | 1089599 |
| **Staples, Inc.** | **Staples, Inc.** | **Staples, Inc.** |
| 10.75%, 09/01/29 *(b)(d)* | 3743000 | 3437624 |
| 12.75%, 01/15/30 *(b)(d)* | 1355800 | 954424 |
| **Station Casinos LLC** | **Station Casinos LLC** | **Station Casinos LLC** |
| 4.50%, 02/15/28 *(b)(d)* | 926000 | 922744 |
| 4.63%, 12/01/31 *(b)(d)* | 828000 | 799542 |
| 6.63%, 03/15/32 *(b)(d)* | 1048000 | 1073625 |
| **STL Holding Co. LLC** | **STL Holding Co. LLC** | **STL Holding Co. LLC** |
| 8.75%, 02/15/29 *(b)(d)* | 697000 | 733719 |
| **StoneMor, Inc.** | **StoneMor, Inc.** | **StoneMor, Inc.** |
| 8.50%, 05/15/29 *(b)(d)* | 702000 | 681543 |
| **Taylor Morrison Communities, Inc.** | **Taylor Morrison Communities, Inc.** | **Taylor Morrison Communities, Inc.** |
| 5.75%, 01/15/28 *(b)(d)* | 651000 | 664567 |
| 5.13%, 08/01/30 *(b)(d)* | 984000 | 993377 |
| 5.75%, 11/15/32 *(b)(d)* | 567000 | 586324 |
| **Tenneco, Inc.** | **Tenneco, Inc.** | **Tenneco, Inc.** |
| 8.00%, 11/17/28 *(b)(d)* | 2915000 | 2917172 |
| **TKC Holdings, Inc.** | **TKC Holdings, Inc.** | **TKC Holdings, Inc.** |
| 8.50%, 08/15/30 *(b)(d)* | 1800000 | 1843443 |
| 12.00%, 02/15/31 *(b)(d)* | 1150000 | 1209686 |
| **Travel & Leisure Co.** | **Travel & Leisure Co.** | **Travel & Leisure Co.** |
| 6.00%, 04/01/27 *(b)(f)* | 748000 | 757728 |
| 4.50%, 12/01/29 *(b)(d)* | 1000000 | 980254 |
| 4.63%, 03/01/30 *(b)(d)* | 759000 | 741808 |
| 6.13%, 09/01/33 *(b)(d)* | 780000 | 793389 |
| **Tri Pointe Homes, Inc.** | **Tri Pointe Homes, Inc.** | **Tri Pointe Homes, Inc.** |
| 5.25%, 06/01/27 *(b)* | 561000 | 565288 |
| 5.70%, 06/15/28 *(b)* | 992000 | 1008154 |
| **TriNet Group, Inc.** | **TriNet Group, Inc.** | **TriNet Group, Inc.** |
| 3.50%, 03/01/29 *(b)(d)* | 775000 | 696165 |
| 7.13%, 08/15/31 *(b)(d)* | 967000 | 939298 |
| **Under Armour, Inc.** | **Under Armour, Inc.** | **Under Armour, Inc.** |
| 7.25%, 07/15/30 *(a)(b)(d)* | 822000 | 851051 |
| **Universal Entertainment Corp.** | **Universal Entertainment Corp.** | **Universal Entertainment Corp.** |
| 9.88%, 08/01/29 *(b)(d)* | 200000 | 196745 |
| **Upbound Group, Inc.** | **Upbound Group, Inc.** | **Upbound Group, Inc.** |
| 6.38%, 02/15/29 *(b)(d)* | 906000 | 897631 |
| **Vail Resorts, Inc.** | **Vail Resorts, Inc.** | **Vail Resorts, Inc.** |
| 5.63%, 07/15/30 *(b)(d)* | 498000 | 507046 |
| 6.50%, 05/15/32 *(b)(d)* | 1204000 | 1247645 |
| **Valvoline, Inc.** | **Valvoline, Inc.** | **Valvoline, Inc.** |
| 3.63%, 06/15/31 *(b)(d)* | 1083000 | 1006754 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **VF Corp.** | **VF Corp.** | **VF Corp.** |
| 2.80%, 04/23/27 *(b)* | 493000 | 481169 |
| 2.95%, 04/23/30 *(b)* | 1055000 | 969411 |
| 6.00%, 10/15/33  | 927000 | 948292 |
| 6.45%, 11/01/37  | 632000 | 626847 |
| **Victoria's Secret & Co.** | **Victoria's Secret & Co.** | **Victoria's Secret & Co.** |
| 4.63%, 07/15/29 *(b)(d)* | 1077000 | 1052852 |
| **Victra Holdings LLC/Victra Finance Corp.** | **Victra Holdings LLC/Victra Finance Corp.** | **Victra Holdings LLC/Victra Finance Corp.** |
| 8.75%, 09/15/29 *(b)(d)* | 693000 | 728838 |
| **Viking Cruises Ltd.** | **Viking Cruises Ltd.** | **Viking Cruises Ltd.** |
| 7.00%, 02/15/29 *(b)(d)* | 724000 | 725588 |
| 9.13%, 07/15/31 *(b)(d)* | 1333000 | 1418919 |
| 5.88%, 10/15/33 *(b)(d)* | 2530000 | 2582485 |
| **Viking Ocean Cruises Ship VII Ltd.** | **Viking Ocean Cruises Ship VII Ltd.** | **Viking Ocean Cruises Ship VII Ltd.** |
| 5.63%, 02/15/29 *(b)(d)* | 502000 | 503335 |
| **VOC Escrow Ltd.** | **VOC Escrow Ltd.** | **VOC Escrow Ltd.** |
| 5.00%, 02/15/28 *(b)(d)* | 1053000 | 1052640 |
| **Voyager Parent LLC** | **Voyager Parent LLC** | **Voyager Parent LLC** |
| 9.25%, 07/01/32 *(b)(d)* | 2418000 | 2583490 |
| **VT Topco, Inc.** | **VT Topco, Inc.** | **VT Topco, Inc.** |
| 8.50%, 08/15/30 *(a)(b)(d)* | 611000 | 607503 |
| **Wabash National Corp.** | **Wabash National Corp.** | **Wabash National Corp.** |
| 4.50%, 10/15/28 *(b)(d)* | 693000 | 639236 |
| **Wand NewCo 3, Inc.** | **Wand NewCo 3, Inc.** | **Wand NewCo 3, Inc.** |
| 7.63%, 01/30/32 *(b)(d)* | 1684000 | 1758122 |
| **Wayfair LLC** | **Wayfair LLC** | **Wayfair LLC** |
| 7.25%, 10/31/29 *(b)(d)* | 1424000 | 1472547 |
| 7.75%, 09/15/30 *(b)(d)* | 1193000 | 1255400 |
| 6.75%, 11/15/32 *(b)(d)* | 665000 | 678277 |
| **Weekley Homes LLC/Weekley Finance Corp.** | **Weekley Homes LLC/Weekley Finance Corp.** | **Weekley Homes LLC/Weekley Finance Corp.** |
| 4.88%, 09/15/28 *(b)(d)* | 1118000 | 1107660 |
| 6.75%, 01/15/34 *(b)(d)* | 769000 | 774423 |
| **William Carter Co.** | **William Carter Co.** | **William Carter Co.** |
| 7.38%, 02/15/31 *(b)(d)* | 952000 | 981685 |
| **Wolverine World Wide, Inc.** | **Wolverine World Wide, Inc.** | **Wolverine World Wide, Inc.** |
| 4.00%, 08/15/29 *(b)(d)* | 1081000 | 1022350 |
| **Wyndham Hotels & Resorts, Inc.** | **Wyndham Hotels & Resorts, Inc.** | **Wyndham Hotels & Resorts, Inc.** |
| 4.38%, 08/15/28 *(b)(d)* | 942000 | 935970 |
| **Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.** | **Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.** | **Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.** |
| 5.25%, 05/15/27 *(b)(d)* | 953000 | 956385 |
| **Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.** | **Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.** | **Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.** |
| 5.13%, 10/01/29 *(b)(d)* | 1671000 | 1681838 |
| 7.13%, 02/15/31 *(b)(d)* | 1158000 | 1251132 |
| 6.25%, 03/15/33 *(b)(d)* | 1136000 | 1160763 |
| **Yum! Brands, Inc.** | **Yum! Brands, Inc.** | **Yum! Brands, Inc.** |
| 4.75%, 01/15/30 *(b)(d)* | 1486000 | 1488189 |
| 3.63%, 03/15/31 *(b)* | 1449000 | 1376145 |
| 4.63%, 01/31/32 *(b)* | 1404000 | 1381272 |
| 5.38%, 04/01/32 *(b)* | 1552000 | 1578710 |
| 6.88%, 11/15/37  | 1478000 | 1656621 |
| **ZF North America Capital, Inc.** | **ZF North America Capital, Inc.** | **ZF North America Capital, Inc.** |
| 6.88%, 04/14/28 *(b)(d)* | 1066000 | 1102531 |
| 7.13%, 04/14/30 *(b)(d)* | 999000 | 1022991 |
| 6.75%, 04/23/30 *(b)(d)* | 1115000 | 1127076 |
| 7.50%, 03/24/31 *(b)(d)* | 2186000 | 2254201 |
| 6.88%, 04/23/32 *(b)(d)* | 1178000 | 1182485 |
| **ZipRecruiter, Inc.** | **ZipRecruiter, Inc.** | **ZipRecruiter, Inc.** |
| 5.00%, 01/15/30 *(b)(d)* | 1068000 | 682617 |
|  |  | **427263889** |
| ***Consumer Non-Cyclical 11.3%***  | ***Consumer Non-Cyclical 11.3%***  | ***Consumer Non-Cyclical 11.3%***  |
| **1261229 BC Ltd.** | **1261229 BC Ltd.** | **1261229 BC Ltd.** |
| 10.00%, 04/15/32 *(b)(d)* | 10389000 | 10752694 |

---

*See financial notes*

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

**21**

------

Schwab High Yield Bond ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Acadia Healthcare Co., Inc.** | **Acadia Healthcare Co., Inc.** | **Acadia Healthcare Co., Inc.** |
| 5.50%, 07/01/28 *(b)(d)* | 811000 | 807809 |
| 5.00%, 04/15/29 *(b)(d)* | 1133000 | 1110666 |
| 7.38%, 03/15/33 *(a)(b)(d)* | 849000 | 877525 |
| **Accendra Health, Inc.** | **Accendra Health, Inc.** | **Accendra Health, Inc.** |
| 4.50%, 03/31/29 *(a)(b)(d)* | 879000 | 558055 |
| 6.63%, 04/01/30 *(a)(b)(d)* | 1091000 | 525893 |
| **ACCO Brands Corp.** | **ACCO Brands Corp.** | **ACCO Brands Corp.** |
| 4.25%, 03/15/29 *(b)(d)* | 1019000 | 938233 |
| **Acushnet Co.** | **Acushnet Co.** | **Acushnet Co.** |
| 5.63%, 12/01/33 *(b)(d)* | 785000 | 800909 |
| **AdaptHealth LLC** | **AdaptHealth LLC** | **AdaptHealth LLC** |
| 6.13%, 08/01/28 *(b)(d)* | 864000 | 869738 |
| 4.63%, 08/01/29 *(b)(d)* | 1001000 | 961266 |
| 5.13%, 03/01/30 *(b)(d)* | 910000 | 877579 |
| **AHP Health Partners, Inc.** | **AHP Health Partners, Inc.** | **AHP Health Partners, Inc.** |
| 5.75%, 07/15/29 *(b)(d)* | 962000 | 943400 |
| **Albertsons Cos., Inc.** | **Albertsons Cos., Inc.** | **Albertsons Cos., Inc.** |
| 5.63%, 03/31/32 *(b)(d)* | 1850000 | 1858411 |
| **Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC** | **Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC** | **Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC** |
| 6.50%, 02/15/28 *(b)(d)* | 738000 | 751679 |
| 3.50%, 03/15/29 *(b)(d)* | 1564000 | 1509084 |
| 4.88%, 02/15/30 *(b)(d)* | 1917000 | 1902532 |
| 5.50%, 03/31/31 *(b)(d)* | 1211000 | 1220664 |
| 6.25%, 03/15/33 *(b)(d)* | 2056000 | 2121935 |
| 5.75%, 03/31/34 *(b)(d)* | 2125000 | 2117090 |
| **Amer Sports Co.** | **Amer Sports Co.** | **Amer Sports Co.** |
| 6.75%, 02/16/31 *(b)(d)* | 1351000 | 1410371 |
| **AMN Healthcare, Inc.** | **AMN Healthcare, Inc.** | **AMN Healthcare, Inc.** |
| 4.00%, 04/15/29 *(b)(d)* | 473000 | 450860 |
| 6.50%, 01/15/31 *(b)(d)* | 1350000 | 1356492 |
| **Amneal Pharmaceuticals LLC** | **Amneal Pharmaceuticals LLC** | **Amneal Pharmaceuticals LLC** |
| 6.88%, 08/01/32 *(b)(d)* | 840000 | 884166 |
| **Avantor Funding, Inc.** | **Avantor Funding, Inc.** | **Avantor Funding, Inc.** |
| 4.63%, 07/15/28 *(b)(d)* | 2317000 | 2297292 |
| 3.88%, 11/01/29 *(b)(d)* | 1536000 | 1467632 |
| **B&G Foods, Inc.** | **B&G Foods, Inc.** | **B&G Foods, Inc.** |
| 5.25%, 09/15/27 *(a)(b)* | 1007000 | 982354 |
| 8.00%, 09/15/28 *(b)(d)* | 1267000 | 1230676 |
| **Bausch & Lomb Corp.** | **Bausch & Lomb Corp.** | **Bausch & Lomb Corp.** |
| 8.38%, 10/01/28 *(b)(d)* | 2183000 | 2264862 |
| **Bausch Health Cos., Inc.** | **Bausch Health Cos., Inc.** | **Bausch Health Cos., Inc.** |
| 5.00%, 01/30/28 *(b)(d)* | 589000 | 512913 |
| 4.88%, 06/01/28 *(b)(d)* | 392000 | 365173 |
| 11.00%, 09/30/28 *(a)(d)* | 1475000 | 1543669 |
| 5.00%, 02/15/29 *(b)(d)* | 759000 | 573667 |
| 6.25%, 02/15/29 *(a)(b)(d)* | 1211000 | 958204 |
| 7.25%, 05/30/29 *(b)(d)* | 441000 | 349881 |
| 5.25%, 01/30/30 *(a)(b)(d)* | 1417000 | 993338 |
| 14.00%, 10/15/30 *(a)(b)(d)* | 579000 | 584443 |
| 5.25%, 02/15/31 *(b)(d)* | 979000 | 639620 |
| **BellRing Brands, Inc.** | **BellRing Brands, Inc.** | **BellRing Brands, Inc.** |
| 7.00%, 03/15/30 *(b)(d)* | 1332000 | 1360049 |
| **BioMarin Pharmaceutical, Inc.** | **BioMarin Pharmaceutical, Inc.** | **BioMarin Pharmaceutical, Inc.** |
| 5.50%, 02/15/34 *(b)(d)* | 1000000 | 1009522 |
| **C&S Group Enterprises LLC** | **C&S Group Enterprises LLC** | **C&S Group Enterprises LLC** |
| 5.00%, 12/15/28 *(b)(d)* | 931000 | 881039 |
| **CD&R Smokey Buyer, Inc./Radio Systems Corp.** | **CD&R Smokey Buyer, Inc./Radio Systems Corp.** | **CD&R Smokey Buyer, Inc./Radio Systems Corp.** |
| 9.50%, 10/15/29 *(b)(d)* | 1352000 | 1111436 |
| **Central Garden & Pet Co.** | **Central Garden & Pet Co.** | **Central Garden & Pet Co.** |
| 5.13%, 02/01/28 *(b)* | 1555000 | 1558118 |
| 4.13%, 10/15/30 *(b)* | 798000 | 770686 |
| 4.13%, 04/30/31 *(b)(d)* | 571000 | 545359 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Champ Acquisition Corp.** | **Champ Acquisition Corp.** | **Champ Acquisition Corp.** |
| 8.38%, 12/01/31 *(b)(d)* | 692000 | 737620 |
| **Charles River Laboratories International, Inc.** | **Charles River Laboratories International, Inc.** | **Charles River Laboratories International, Inc.** |
| 4.25%, 05/01/28 *(b)(d)* | 1402000 | 1388328 |
| 3.75%, 03/15/29 *(b)(d)* | 1026000 | 988240 |
| 4.00%, 03/15/31 *(b)(d)* | 460000 | 434650 |
| **Chobani LLC/Chobani Finance Corp., Inc.** | **Chobani LLC/Chobani Finance Corp., Inc.** | **Chobani LLC/Chobani Finance Corp., Inc.** |
| 4.63%, 11/15/28 *(b)(d)* | 910000 | 905828 |
| 7.63%, 07/01/29 *(b)(d)* | 793000 | 825881 |
| **CHS/Community Health Systems, Inc.** | **CHS/Community Health Systems, Inc.** | **CHS/Community Health Systems, Inc.** |
| 6.00%, 01/15/29 *(b)(d)* | 1436000 | 1431685 |
| 6.88%, 04/15/29 *(b)(d)* | 2191000 | 2118669 |
| 6.13%, 04/01/30 *(b)(d)* | 2218000 | 1963242 |
| 5.25%, 05/15/30 *(b)(d)* | 2378000 | 2286619 |
| 4.75%, 02/15/31 *(b)(d)* | 1897000 | 1741989 |
| 10.88%, 01/15/32 *(b)(d)* | 2410000 | 2614792 |
| 9.75%, 01/15/34 *(b)(d)* | 2963000 | 3126169 |
| **Concentra Health Services, Inc.** | **Concentra Health Services, Inc.** | **Concentra Health Services, Inc.** |
| 6.88%, 07/15/32 *(b)(d)* | 1165000 | 1217883 |
| **CVS Health Corp.** | **CVS Health Corp.** | **CVS Health Corp.** |
| 6.75%, 12/10/54 *(b)(c)* | 1715000 | 1784886 |
| 7.00%, 03/10/55 *(b)(c)* | 3066000 | 3226686 |
| **Darling Ingredients, Inc.** | **Darling Ingredients, Inc.** | **Darling Ingredients, Inc.** |
| 5.25%, 04/15/27 *(b)(d)* | 840000 | 840542 |
| 6.00%, 06/15/30 *(b)(d)* | 1600000 | 1621536 |
| **DaVita, Inc.** | **DaVita, Inc.** | **DaVita, Inc.** |
| 4.63%, 06/01/30 *(b)(d)* | 4410000 | 4319954 |
| 3.75%, 02/15/31 *(b)(d)* | 2033000 | 1901064 |
| 6.88%, 09/01/32 *(b)(d)* | 2113000 | 2196909 |
| 6.75%, 07/15/33 *(b)* | 1296000 | 1346535 |
| **Dentsply Sirona, Inc.** | **Dentsply Sirona, Inc.** | **Dentsply Sirona, Inc.** |
| 8.38%, 09/12/55 *(b)(c)* | 1030000 | 1029764 |
| **Edgewell Personal Care Co.** | **Edgewell Personal Care Co.** | **Edgewell Personal Care Co.** |
| 5.50%, 06/01/28 *(b)(d)* | 1262000 | 1262639 |
| 4.13%, 04/01/29 *(b)(d)* | 981000 | 947367 |
| **Elanco Animal Health, Inc.** | **Elanco Animal Health, Inc.** | **Elanco Animal Health, Inc.** |
| 6.65%, 08/28/28 *(b)(f)* | 1276000 | 1329722 |
| **Embecta Corp.** | **Embecta Corp.** | **Embecta Corp.** |
| 5.00%, 02/15/30 *(b)(d)* | 1016000 | 955709 |
| **Emergent BioSolutions, Inc.** | **Emergent BioSolutions, Inc.** | **Emergent BioSolutions, Inc.** |
| 3.88%, 08/15/28 *(b)(d)* | 981000 | 858565 |
| **Encompass Health Corp.** | **Encompass Health Corp.** | **Encompass Health Corp.** |
| 4.50%, 02/01/28 *(b)* | 1437000 | 1431467 |
| 4.75%, 02/01/30 *(b)* | 827000 | 823211 |
| 4.63%, 04/01/31 *(b)* | 1232000 | 1210525 |
| **Endo Finance Holdings LP** | **Endo Finance Holdings LP** | **Endo Finance Holdings LP** |
| 8.50%, 04/15/31 *(b)(d)* | 1405000 | 1494116 |
| **Energizer Holdings, Inc.** | **Energizer Holdings, Inc.** | **Energizer Holdings, Inc.** |
| 4.75%, 06/15/28 *(b)(d)* | 806000 | 798919 |
| 4.38%, 03/31/29 *(b)(d)* | 1424000 | 1384455 |
| 6.00%, 09/15/33 *(b)(d)* | 721000 | 704803 |
| **Fiesta Purchaser, Inc.** | **Fiesta Purchaser, Inc.** | **Fiesta Purchaser, Inc.** |
| 7.88%, 03/01/31 *(b)(d)* | 937000 | 965875 |
| 9.63%, 09/15/32 *(b)(d)* | 692000 | 705277 |
| **Fortrea Holdings, Inc.** | **Fortrea Holdings, Inc.** | **Fortrea Holdings, Inc.** |
| 7.50%, 07/01/30 *(a)(b)(d)* | 1024000 | 977926 |
| **Froneri Lux FinCo SARL** | **Froneri Lux FinCo SARL** | **Froneri Lux FinCo SARL** |
| 6.00%, 08/01/32 *(d)* | 1051000 | 1057588 |
| **Genmab AS/Genmab Finance LLC** | **Genmab AS/Genmab Finance LLC** | **Genmab AS/Genmab Finance LLC** |
| 6.25%, 12/15/32 *(b)(d)* | 2380000 | 2471613 |
| 7.25%, 12/15/33 *(b)(d)* | 1136000 | 1206104 |
| **Global Medical Response, Inc.** | **Global Medical Response, Inc.** | **Global Medical Response, Inc.** |
| 7.38%, 10/01/32 *(b)(d)* | 1289000 | 1350266 |

---

*See financial notes*

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

------

Schwab High Yield Bond ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Grifols SA** | **Grifols SA** | **Grifols SA** |
| 4.75%, 10/15/28 *(b)(d)* | 1138000 | 1124543 |
| **HAH Group Holding Co. LLC** | **HAH Group Holding Co. LLC** | **HAH Group Holding Co. LLC** |
| 9.75%, 10/01/31 *(a)(b)(d)* | 1245000 | 1116282 |
| **Harrow, Inc.** | **Harrow, Inc.** | **Harrow, Inc.** |
| 8.63%, 09/15/30 *(b)(d)* | 348000 | 366066 |
| **HLF Financing SARL LLC/Herbalife International, Inc.** | **HLF Financing SARL LLC/Herbalife International, Inc.** | **HLF Financing SARL LLC/Herbalife International, Inc.** |
| 12.25%, 04/15/29 *(b)(d)* | 1716000 | 1834313 |
| 4.88%, 06/01/29 *(b)(d)* | 1213000 | 1163075 |
| **HNI Corp.** | **HNI Corp.** | **HNI Corp.** |
| 5.13%, 01/18/29 *(b)(d)* | 1004000 | 989879 |
| **Hologic, Inc.** | **Hologic, Inc.** | **Hologic, Inc.** |
| 4.63%, 02/01/28 *(b)(d)* | 1613000 | 1612503 |
| 3.25%, 02/15/29 *(b)(d)* | 1441000 | 1434374 |
| **Industrial F&B Investments III, Inc.** | **Industrial F&B Investments III, Inc.** | **Industrial F&B Investments III, Inc.** |
| 7.75%, 02/11/33 *(b)(d)* | 1250000 | 1283905 |
| **Ingles Markets, Inc.** | **Ingles Markets, Inc.** | **Ingles Markets, Inc.** |
| 4.00%, 06/15/31 *(b)(d)* | 813000 | 770966 |
| **Insulet Corp.** | **Insulet Corp.** | **Insulet Corp.** |
| 6.50%, 04/01/33 *(b)(d)* | 738000 | 768014 |
| **IQVIA, Inc.** | **IQVIA, Inc.** | **IQVIA, Inc.** |
| 5.00%, 05/15/27 *(b)(d)* | 1772000 | 1769179 |
| 6.50%, 05/15/30 *(b)(d)* | 1346000 | 1385025 |
| 6.25%, 06/01/32 *(b)(d)* | 2412000 | 2484182 |
| **Jazz Securities DAC** | **Jazz Securities DAC** | **Jazz Securities DAC** |
| 4.38%, 01/15/29 *(b)(d)* | 1903000 | 1877293 |
| **Kedrion SpA** | **Kedrion SpA** | **Kedrion SpA** |
| 6.50%, 09/01/29 *(b)(d)* | 1288000 | 1254466 |
| **KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc.** | **KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc.** | **KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc.** |
| 9.00%, 02/15/29 *(b)(d)* | 1468000 | 1542191 |
| **Kronos Acquisition Holdings, Inc.** | **Kronos Acquisition Holdings, Inc.** | **Kronos Acquisition Holdings, Inc.** |
| 8.25%, 06/30/31 *(b)(d)* | 907000 | 620161 |
| 10.75%, 06/30/32 *(b)(d)* | 678000 | 297100 |
| **Lamb Weston Holdings, Inc.** | **Lamb Weston Holdings, Inc.** | **Lamb Weston Holdings, Inc.** |
| 4.88%, 05/15/28 *(b)(d)* | 1891000 | 1892972 |
| 4.13%, 01/31/30 *(b)(d)* | 1265000 | 1227381 |
| 4.38%, 01/31/32 *(b)(d)* | 1098000 | 1052048 |
| **LifePoint Health, Inc.** | **LifePoint Health, Inc.** | **LifePoint Health, Inc.** |
| 5.38%, 01/15/29 *(b)(d)* | 1066000 | 1042651 |
| 9.88%, 08/15/30 *(b)(d)* | 624000 | 666567 |
| 11.00%, 10/15/30 *(b)(d)* | 1681000 | 1827872 |
| 8.38%, 02/15/32 *(b)(d)* | 943000 | 1021615 |
| 10.00%, 06/01/32 *(b)(d)* | 1823000 | 1903675 |
| **MajorDrive Holdings IV LLC** | **MajorDrive Holdings IV LLC** | **MajorDrive Holdings IV LLC** |
| 6.38%, 06/01/29 *(b)(d)* | 1010000 | 751910 |
| **Medline Borrower LP** | **Medline Borrower LP** | **Medline Borrower LP** |
| 5.25%, 10/01/29 *(b)(d)* | 4798000 | 4800738 |
| **MPH Acquisition Holdings LLC** | **MPH Acquisition Holdings LLC** | **MPH Acquisition Holdings LLC** |
| 5.75%, 12/31/30 *(a)(b)(d)* | 1353000 | 993176 |
| **National Mentor Holdings, Inc.** | **National Mentor Holdings, Inc.** | **National Mentor Holdings, Inc.** |
| 10.50%, 12/15/30 *(b)(d)* | 2075000 | 2069186 |
| **Neogen Food Safety Corp.** | **Neogen Food Safety Corp.** | **Neogen Food Safety Corp.** |
| 8.63%, 07/20/30 *(b)(d)* | 790000 | 844893 |
| **Newell Brands, Inc.** | **Newell Brands, Inc.** | **Newell Brands, Inc.** |
| 6.38%, 09/15/27 *(b)* | 884000 | 899625 |
| 8.50%, 06/01/28 *(b)(d)* | 1695000 | 1785075 |
| 6.63%, 09/15/29 *(b)* | 891000 | 905628 |
| 6.38%, 05/15/30 *(b)* | 1029000 | 1032984 |
| 6.63%, 05/15/32 *(a)(b)* | 989000 | 989557 |
| 7.38%, 04/01/36 *(b)(f)* | 790000 | 798033 |
| 7.50%, 04/01/46 *(b)(f)* | 1231000 | 1097041 |
| **Opal Bidco SAS** | **Opal Bidco SAS** | **Opal Bidco SAS** |
| 6.50%, 03/31/32 *(b)(d)* | 1602000 | 1651096 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Option Care Health, Inc.** | **Option Care Health, Inc.** | **Option Care Health, Inc.** |
| 4.38%, 10/31/29 *(b)(d)* | 1102000 | 1076770 |
| **Organon & Co./Organon Foreign Debt Co-Issuer BV** | **Organon & Co./Organon Foreign Debt Co-Issuer BV** | **Organon & Co./Organon Foreign Debt Co-Issuer BV** |
| 4.13%, 04/30/28 *(b)(d)* | 3143000 | 3087292 |
| 5.13%, 04/30/31 *(b)(d)* | 2717000 | 2416746 |
| 6.75%, 05/15/34 *(b)(d)* | 1188000 | 1153845 |
| 7.88%, 05/15/34 *(b)(d)* | 826000 | 770833 |
| **Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc.** | **Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc.** | **Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc.** |
| 8.75%, 04/17/32 *(b)(d)* | 870000 | 753637 |
| **Pediatrix Medical Group, Inc.** | **Pediatrix Medical Group, Inc.** | **Pediatrix Medical Group, Inc.** |
| 5.38%, 02/15/30 *(b)(d)* | 1165000 | 1158367 |
| **Performance Food Group, Inc.** | **Performance Food Group, Inc.** | **Performance Food Group, Inc.** |
| 4.25%, 08/01/29 *(b)(d)* | 1683000 | 1652581 |
| 6.13%, 09/15/32 *(b)(d)* | 1294000 | 1329905 |
| 5.63%, 03/01/34 *(b)(d)* | 1250000 | 1254963 |
| **Perrigo Finance Unlimited Co.** | **Perrigo Finance Unlimited Co.** | **Perrigo Finance Unlimited Co.** |
| 5.15%, 06/15/30 *(b)(f)* | 1189000 | 1151429 |
| 6.13%, 09/30/32 *(b)* | 1250000 | 1224332 |
| 4.90%, 12/15/44 *(b)* | 800000 | 649666 |
| **Pilgrim's Pride Corp.** | **Pilgrim's Pride Corp.** | **Pilgrim's Pride Corp.** |
| 4.25%, 04/15/31 *(b)* | 1149000 | 1127180 |
| 3.50%, 03/01/32 *(b)* | 1707000 | 1595721 |
| 6.25%, 07/01/33 *(b)* | 1377000 | 1485811 |
| 6.88%, 05/15/34 *(b)* | 582000 | 652434 |
| **Post Holdings, Inc.** | **Post Holdings, Inc.** | **Post Holdings, Inc.** |
| 4.63%, 04/15/30 *(b)(d)* | 2419000 | 2369710 |
| 4.50%, 09/15/31 *(b)(d)* | 1625000 | 1555757 |
| 6.25%, 02/15/32 *(b)(d)* | 2359000 | 2429645 |
| 6.38%, 03/01/33 *(b)(d)* | 1794000 | 1827498 |
| 6.25%, 10/15/34 *(a)(b)(d)* | 1062000 | 1085417 |
| 6.50%, 03/15/36 *(b)(d)* | 1731000 | 1762437 |
| **Prestige Brands, Inc.** | **Prestige Brands, Inc.** | **Prestige Brands, Inc.** |
| 5.13%, 01/15/28 *(b)(d)* | 850000 | 850029 |
| 3.75%, 04/01/31 *(b)(d)* | 960000 | 898416 |
| **Prime Healthcare Services, Inc.** | **Prime Healthcare Services, Inc.** | **Prime Healthcare Services, Inc.** |
| 9.38%, 09/01/29 *(b)(d)* | 2312000 | 2416762 |
| **Primo Water Holdings, Inc./Triton Water Holdings, Inc.** | **Primo Water Holdings, Inc./Triton Water Holdings, Inc.** | **Primo Water Holdings, Inc./Triton Water Holdings, Inc.** |
| 6.25%, 04/01/29 *(b)(d)* | 546000 | 547278 |
| 4.38%, 04/30/29 *(b)(d)* | 1269000 | 1245081 |
| **Radiology Partners, Inc.** | **Radiology Partners, Inc.** | **Radiology Partners, Inc.** |
| 8.50%, 07/15/32 *(b)(d)* | 1242000 | 1280415 |
| **Safeway, Inc.** | **Safeway, Inc.** | **Safeway, Inc.** |
| 7.25%, 02/01/31  | 217000 | 236444 |
| **Scotts Miracle-Gro Co.** | **Scotts Miracle-Gro Co.** | **Scotts Miracle-Gro Co.** |
| 4.50%, 10/15/29 *(a)(b)* | 519000 | 513769 |
| 4.00%, 04/01/31 *(b)* | 1049000 | 994267 |
| 4.38%, 02/01/32 *(b)* | 786000 | 749934 |
| **Select Medical Corp.** | **Select Medical Corp.** | **Select Medical Corp.** |
| 6.25%, 12/01/32 *(b)(d)* | 823000 | 803502 |
| **Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food,** <br> **Inc./Simmons Feed** | **Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food,** <br> **Inc./Simmons Feed** | **Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food,** <br> **Inc./Simmons Feed** |
| 4.63%, 03/01/29 *(b)(d)* | 1339000 | 1293669 |
| **Somnigroup International, Inc.** | **Somnigroup International, Inc.** | **Somnigroup International, Inc.** |
| 4.00%, 04/15/29 *(b)(d)* | 1146000 | 1114638 |
| 3.88%, 10/15/31 *(b)(d)* | 1241000 | 1165692 |
| **Sotera Health Holdings LLC** | **Sotera Health Holdings LLC** | **Sotera Health Holdings LLC** |
| 7.38%, 06/01/31 *(b)(d)* | 1224000 | 1289445 |
| **Spectrum Brands, Inc.** | **Spectrum Brands, Inc.** | **Spectrum Brands, Inc.** |
| 3.88%, 03/15/31 *(b)(d)* | 15000 | 13182 |
| **Star Parent, Inc.** | **Star Parent, Inc.** | **Star Parent, Inc.** |
| 9.00%, 10/01/30 *(b)(d)* | 1528000 | 1552777 |
| **Surgery Center Holdings, Inc.** | **Surgery Center Holdings, Inc.** | **Surgery Center Holdings, Inc.** |
| 7.25%, 04/15/32 *(b)(d)* | 1642000 | 1642060 |

---

*See financial notes*

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

**23**

------

Schwab High Yield Bond ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Team Health Holdings, Inc.** | **Team Health Holdings, Inc.** | **Team Health Holdings, Inc.** |
| 8.38%, 06/30/28 *(b)(d)* | 415000 | 418057 |
| **TEAM Services Holding, Inc.** | **TEAM Services Holding, Inc.** | **TEAM Services Holding, Inc.** |
| 9.00%, 02/15/33 *(b)(d)* | 750000 | 734220 |
| **Teleflex, Inc.** | **Teleflex, Inc.** | **Teleflex, Inc.** |
| 4.63%, 11/15/27 *(b)* | 967000 | 962245 |
| 4.25%, 06/01/28 *(b)(d)* | 942000 | 928412 |
| **Tenet Healthcare Corp.** | **Tenet Healthcare Corp.** | **Tenet Healthcare Corp.** |
| 5.13%, 11/01/27 *(b)* | 2704000 | 2707089 |
| 4.63%, 06/15/28 *(b)* | 1228000 | 1226994 |
| 6.13%, 10/01/28 *(b)* | 2645000 | 2652652 |
| 4.25%, 06/01/29 *(b)* | 2399000 | 2367289 |
| 4.38%, 01/15/30 *(b)* | 2536000 | 2491324 |
| 6.13%, 06/15/30 *(b)* | 3091000 | 3156511 |
| 6.75%, 05/15/31 *(b)(d)* | 1981000 | 2062270 |
| 6.88%, 11/15/31  | 1051000 | 1150078 |
| 5.50%, 11/15/32 *(b)(d)* | 2187000 | 2215610 |
| 6.00%, 11/15/33 *(b)(d)* | 1215000 | 1256365 |
| **Thor Industries, Inc.** | **Thor Industries, Inc.** | **Thor Industries, Inc.** |
| 4.00%, 10/15/29 *(b)(d)* | 572000 | 549463 |
| **Turning Point Brands, Inc.** | **Turning Point Brands, Inc.** | **Turning Point Brands, Inc.** |
| 7.63%, 03/15/32 *(b)(d)* | 451000 | 484761 |
| **U.S. Acute Care Solutions LLC** | **U.S. Acute Care Solutions LLC** | **U.S. Acute Care Solutions LLC** |
| 9.75%, 05/15/29 *(b)(d)* | 1668000 | 1670605 |
| **U.S. Foods, Inc.** | **U.S. Foods, Inc.** | **U.S. Foods, Inc.** |
| 6.88%, 09/15/28 *(b)(d)* | 962000 | 993065 |
| 4.75%, 02/15/29 *(b)(d)* | 1182000 | 1178162 |
| 4.63%, 06/01/30 *(b)(d)* | 1002000 | 992883 |
| 7.25%, 01/15/32 *(b)(d)* | 1112000 | 1165990 |
| 5.75%, 04/15/33 *(b)(d)* | 613000 | 625877 |
| **United Natural Foods, Inc.** | **United Natural Foods, Inc.** | **United Natural Foods, Inc.** |
| 6.75%, 10/15/28 *(b)(d)* | 682000 | 683867 |
| **Varex Imaging Corp.** | **Varex Imaging Corp.** | **Varex Imaging Corp.** |
| 7.88%, 10/15/27 *(b)(d)* | 1285000 | 1314182 |
| **Viking Baked Goods Acquisition Corp.** | **Viking Baked Goods Acquisition Corp.** | **Viking Baked Goods Acquisition Corp.** |
| 8.63%, 11/01/31 *(b)(d)* | 1481000 | 1502916 |
| **Whirlpool Corp.** | **Whirlpool Corp.** | **Whirlpool Corp.** |
| 4.75%, 02/26/29 *(b)* | 964000 | 950813 |
| 6.13%, 06/15/30 *(b)* | 1091000 | 1096726 |
| 2.40%, 05/15/31 *(b)* | 1021000 | 855105 |
| 5.50%, 03/01/33 *(b)* | 615000 | 587917 |
| 6.50%, 06/15/33 *(a)(b)* | 1073000 | 1071584 |
| 5.75%, 03/01/34 *(a)(b)* | 649000 | 617176 |
| 4.50%, 06/01/46 *(b)* | 984000 | 722833 |
| 4.60%, 05/15/50 *(b)* | 1020000 | 747708 |
|  |  | **266859927** |
| ***Energy 11.6%***  | ***Energy 11.6%***  | ***Energy 11.6%***  |
| **Aethon United BR LP/Aethon United Finance Corp.** | **Aethon United BR LP/Aethon United Finance Corp.** | **Aethon United BR LP/Aethon United Finance Corp.** |
| 7.50%, 10/01/29 *(b)(d)* | 1541000 | 1621844 |
| **AltaGas Ltd.** | **AltaGas Ltd.** | **AltaGas Ltd.** |
| 7.20%, 10/15/54 *(b)(c)(d)* | 1312000 | 1371403 |
| **AmeriGas Partners LP/AmeriGas Finance Corp.** | **AmeriGas Partners LP/AmeriGas Finance Corp.** | **AmeriGas Partners LP/AmeriGas Finance Corp.** |
| 5.75%, 05/20/27 *(b)* | 610000 | 615394 |
| 9.38%, 06/01/28 *(b)(d)* | 734000 | 759070 |
| 9.50%, 06/01/30 *(b)(d)* | 802000 | 858927 |
| **Antero Midstream Partners LP/Antero Midstream Finance Corp.** | **Antero Midstream Partners LP/Antero Midstream Finance Corp.** | **Antero Midstream Partners LP/Antero Midstream Finance Corp.** |
| 5.75%, 01/15/28 *(b)(d)* | 893000 | 893209 |
| 5.38%, 06/15/29 *(b)(d)* | 1132000 | 1132842 |
| 6.63%, 02/01/32 *(b)(d)* | 1073000 | 1116022 |
| 5.75%, 10/15/33 *(b)(d)* | 1050000 | 1066402 |
| 5.75%, 07/01/34 *(b)(d)* | 980000 | 995780 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Archrock Partners LP/Archrock Partners Finance Corp.** | **Archrock Partners LP/Archrock Partners Finance Corp.** | **Archrock Partners LP/Archrock Partners Finance Corp.** |
| 6.25%, 04/01/28 *(b)(d)* | 1160000 | 1161496 |
| 6.63%, 09/01/32 *(b)(d)* | 1050000 | 1093425 |
| **Archrock Services LP/Archrock Partners Finance Corp.** | **Archrock Services LP/Archrock Partners Finance Corp.** | **Archrock Services LP/Archrock Partners Finance Corp.** |
| 6.00%, 02/01/34 *(b)(d)* | 1316000 | 1333093 |
| **Ascent Resources Utica Holdings LLC/ARU Finance Corp.** | **Ascent Resources Utica Holdings LLC/ARU Finance Corp.** | **Ascent Resources Utica Holdings LLC/ARU Finance Corp.** |
| 9.00%, 11/01/27 *(b)(d)* | 401000 | 480957 |
| 5.88%, 06/30/29 *(b)(d)* | 835000 | 837971 |
| 6.63%, 10/15/32 *(b)(d)* | 740000 | 769302 |
| 6.63%, 07/15/33 *(b)(d)* | 1081000 | 1122458 |
| **BKV Upstream Midstream LLC** | **BKV Upstream Midstream LLC** | **BKV Upstream Midstream LLC** |
| 7.50%, 10/15/30 *(b)(d)* | 874000 | 890805 |
| **Blue Racer Midstream LLC/Blue Racer Finance Corp.** | **Blue Racer Midstream LLC/Blue Racer Finance Corp.** | **Blue Racer Midstream LLC/Blue Racer Finance Corp.** |
| 7.00%, 07/15/29 *(b)(d)* | 899000 | 938989 |
| 7.25%, 07/15/32 *(b)(d)* | 774000 | 819167 |
| **Borr IHC Ltd./Borr Finance LLC** | **Borr IHC Ltd./Borr Finance LLC** | **Borr IHC Ltd./Borr Finance LLC** |
| 10.00%, 11/15/28 *(b)(d)* | 1738903 | 1814114 |
| 10.38%, 11/15/30 *(b)(d)* | 1209000 | 1264163 |
| **Breakwater Energy Holdings SARL** | **Breakwater Energy Holdings SARL** | **Breakwater Energy Holdings SARL** |
| 9.25%, 11/15/30 *(b)(d)* | 1374000 | 1468142 |
| **Bristow Group, Inc.** | **Bristow Group, Inc.** | **Bristow Group, Inc.** |
| 6.88%, 03/01/28 *(b)(d)* | 952000 | 952000 |
| 6.75%, 02/01/33 *(b)(d)* | 800000 | 812225 |
| **Buckeye Partners LP** | **Buckeye Partners LP** | **Buckeye Partners LP** |
| 4.50%, 03/01/28 *(b)(d)* | 771000 | 772128 |
| 6.88%, 07/01/29 *(b)(d)* | 1377000 | 1429570 |
| 6.75%, 02/01/30 *(b)(d)* | 519000 | 542123 |
| 5.85%, 11/15/43 *(b)* | 994000 | 940021 |
| 5.60%, 10/15/44 *(b)* | 665000 | 608168 |
| **California Resources Corp.** | **California Resources Corp.** | **California Resources Corp.** |
| 8.25%, 06/15/29 *(b)(d)* | 1342000 | 1409662 |
| 7.00%, 01/15/34 *(b)(d)* | 307000 | 312818 |
| **Calumet Specialty Products Partners LP/Calumet Finance Corp.** | **Calumet Specialty Products Partners LP/Calumet Finance Corp.** | **Calumet Specialty Products Partners LP/Calumet Finance Corp.** |
| 9.75%, 07/15/28 *(b)(d)* | 560000 | 584749 |
| 9.75%, 02/15/31 *(b)(d)* | 650000 | 692926 |
| **Caturus Energy LLC** | **Caturus Energy LLC** | **Caturus Energy LLC** |
| 8.50%, 02/15/30 *(b)(d)* | 923000 | 965058 |
| **CHC Group LLC** | **CHC Group LLC** | **CHC Group LLC** |
| 11.75%, 09/01/30 *(b)(d)* | 811000 | 800673 |
| **Chord Energy Corp.** | **Chord Energy Corp.** | **Chord Energy Corp.** |
| 6.00%, 10/01/30 *(b)(d)* | 908000 | 927949 |
| 6.75%, 03/15/33 *(b)(d)* | 1199000 | 1246121 |
| **CITGO Petroleum Corp.** | **CITGO Petroleum Corp.** | **CITGO Petroleum Corp.** |
| 8.38%, 01/15/29 *(b)(d)* | 1791000 | 1861492 |
| **CNX Midstream Partners LP** | **CNX Midstream Partners LP** | **CNX Midstream Partners LP** |
| 4.75%, 04/15/30 *(b)(d)* | 757000 | 738756 |
| **CNX Resources Corp.** | **CNX Resources Corp.** | **CNX Resources Corp.** |
| 7.38%, 01/15/31 *(b)(d)* | 885000 | 918396 |
| 7.25%, 03/01/32 *(b)(d)* | 601000 | 630593 |
| 5.88%, 03/01/34 *(b)(d)* | 500000 | 501169 |
| **Comstock Resources, Inc.** | **Comstock Resources, Inc.** | **Comstock Resources, Inc.** |
| 6.75%, 03/01/29 *(b)(d)* | 2622000 | 2615546 |
| 5.88%, 01/15/30 *(b)(d)* | 1533000 | 1478500 |
| **CQP Holdco LP/BIP-V Chinook Holdco LLC** | **CQP Holdco LP/BIP-V Chinook Holdco LLC** | **CQP Holdco LP/BIP-V Chinook Holdco LLC** |
| 5.50%, 06/15/31 *(b)(d)* | 1628000 | 1624792 |
| 7.50%, 12/15/33 *(b)(d)* | 1145000 | 1235953 |
| **Crescent Energy Finance LLC** | **Crescent Energy Finance LLC** | **Crescent Energy Finance LLC** |
| 7.75%, 07/31/29 *(b)(d)* | 427000 | 429404 |
| 9.75%, 10/15/30 *(b)(d)* | 607000 | 653633 |
| 7.63%, 04/01/32 *(b)(d)* | 1589000 | 1608214 |
| 7.88%, 04/15/32 *(b)(d)* | 1939000 | 1976491 |
| 7.38%, 01/15/33 *(b)(d)* | 2036000 | 2024109 |
| 8.38%, 01/15/34 *(b)(d)* | 1243000 | 1285666 |

---

*See financial notes*

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

------

Schwab High Yield Bond ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **CVR Energy, Inc.** | **CVR Energy, Inc.** | **CVR Energy, Inc.** |
| 5.75%, 02/15/28 *(a)(b)(d)* | 369000 | 368584 |
| 7.50%, 02/15/31 *(b)(d)* | 1000000 | 997196 |
| 7.88%, 02/15/34 *(b)(d)* | 500000 | 490282 |
| **DBR Land Holdings LLC** | **DBR Land Holdings LLC** | **DBR Land Holdings LLC** |
| 6.25%, 12/01/30 *(b)(d)* | 859000 | 886484 |
| **Delek Logistics Partners LP/Delek Logistics Finance Corp.** | **Delek Logistics Partners LP/Delek Logistics Finance Corp.** | **Delek Logistics Partners LP/Delek Logistics Finance Corp.** |
| 7.13%, 06/01/28 *(b)(d)* | 1325000 | 1332334 |
| 8.63%, 03/15/29 *(b)(d)* | 1653000 | 1726767 |
| 7.38%, 06/30/33 *(b)(d)* | 791000 | 818623 |
| **Diamond Foreign Asset Co./Diamond Finance LLC** | **Diamond Foreign Asset Co./Diamond Finance LLC** | **Diamond Foreign Asset Co./Diamond Finance LLC** |
| 8.50%, 10/01/30 *(b)(d)* | 1562000 | 1666213 |
| **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** |
| 8.00%, 05/15/54 *(b)(c)* | 1315000 | 1411671 |
| 7.13%, 10/01/54 *(b)(c)* | 791000 | 819554 |
| 6.50%, 02/15/56 *(b)(c)* | 1738000 | 1757233 |
| 6.75%, 02/15/56 *(b)(c)* | 1245000 | 1273151 |
| **EnQuest PLC** | **EnQuest PLC** | **EnQuest PLC** |
| 11.63%, 11/01/27 *(b)(d)* | 500000 | 507616 |
| **Excelerate Energy LP** | **Excelerate Energy LP** | **Excelerate Energy LP** |
| 8.00%, 05/15/30 *(b)(d)* | 1295000 | 1373349 |
| **Ferrellgas LP/Ferrellgas Finance Corp.** | **Ferrellgas LP/Ferrellgas Finance Corp.** | **Ferrellgas LP/Ferrellgas Finance Corp.** |
| 5.88%, 04/01/29 *(b)(d)* | 1373000 | 1328256 |
| 9.25%, 01/15/31 *(b)(d)* | 1016000 | 1054815 |
| **Genesis Energy LP/Genesis Energy Finance Corp.** | **Genesis Energy LP/Genesis Energy Finance Corp.** | **Genesis Energy LP/Genesis Energy Finance Corp.** |
| 7.75%, 02/01/28 *(b)* | 2036000 | 2040292 |
| 8.25%, 01/15/29 *(b)* | 831000 | 867909 |
| 8.88%, 04/15/30 *(b)* | 694000 | 728458 |
| 7.88%, 05/15/32 *(b)* | 960000 | 1005539 |
| 8.00%, 05/15/33 *(b)* | 849000 | 898170 |
| 6.75%, 03/15/34 *(b)(g)* | 1200000 | 1214508 |
| **Global Partners LP/GLP Finance Corp.** | **Global Partners LP/GLP Finance Corp.** | **Global Partners LP/GLP Finance Corp.** |
| 6.88%, 01/15/29 *(b)* | 897000 | 906427 |
| 8.25%, 01/15/32 *(b)(d)* | 811000 | 858699 |
| 7.13%, 07/01/33 *(b)(d)* | 725000 | 751515 |
| **Golar LNG Ltd.** | **Golar LNG Ltd.** | **Golar LNG Ltd.** |
| 7.50%, 10/02/30 *(b)(d)* | 855000 | 860839 |
| **Gulfport Energy Operating Corp.** | **Gulfport Energy Operating Corp.** | **Gulfport Energy Operating Corp.** |
| 6.75%, 09/01/29 *(b)(d)* | 954000 | 989120 |
| **Harvest Midstream I LP** | **Harvest Midstream I LP** | **Harvest Midstream I LP** |
| 7.50%, 09/01/28 *(b)(d)* | 1449000 | 1466097 |
| 7.50%, 05/15/32 *(b)(d)* | 888000 | 922302 |
| **Helix Energy Solutions Group, Inc.** | **Helix Energy Solutions Group, Inc.** | **Helix Energy Solutions Group, Inc.** |
| 9.75%, 03/01/29 *(b)(d)* | 602000 | 633032 |
| **Hess Midstream Operations LP** | **Hess Midstream Operations LP** | **Hess Midstream Operations LP** |
| 5.88%, 03/01/28 *(b)(d)* | 1712000 | 1741205 |
| 5.13%, 06/15/28 *(b)(d)* | 1962000 | 1964857 |
| 6.50%, 06/01/29 *(b)(d)* | 850000 | 879948 |
| 4.25%, 02/15/30 *(b)(d)* | 1038000 | 1018204 |
| 5.50%, 10/15/30 *(b)(d)* | 695000 | 700666 |
| **Hilcorp Energy I LP/Hilcorp Finance Co.** | **Hilcorp Energy I LP/Hilcorp Finance Co.** | **Hilcorp Energy I LP/Hilcorp Finance Co.** |
| 6.25%, 11/01/28 *(b)(d)* | 1442000 | 1453113 |
| 5.75%, 02/01/29 *(b)(d)* | 779000 | 782822 |
| 6.00%, 04/15/30 *(b)(d)* | 1166000 | 1152044 |
| 6.00%, 02/01/31 *(b)(d)* | 824000 | 803175 |
| 6.25%, 04/15/32 *(b)(d)* | 738000 | 718606 |
| 8.38%, 11/01/33 *(b)(d)* | 859000 | 906979 |
| 6.88%, 05/15/34 *(b)(d)* | 890000 | 871893 |
| 7.25%, 02/15/35 *(b)(d)* | 1827000 | 1810698 |
| **Howard Midstream Energy Partners LLC** | **Howard Midstream Energy Partners LLC** | **Howard Midstream Energy Partners LLC** |
| 7.38%, 07/15/32 *(b)(d)* | 767000 | 809952 |
| 6.63%, 01/15/34 *(b)(d)* | 1431000 | 1479733 |
| **Ithaca Energy North Sea PLC** | **Ithaca Energy North Sea PLC** | **Ithaca Energy North Sea PLC** |
| 8.13%, 10/15/29 *(b)(d)* | 1173000 | 1235567 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **ITT Holdings LLC** | **ITT Holdings LLC** | **ITT Holdings LLC** |
| 6.50%, 08/01/29 *(b)(d)* | 2122000 | 2063097 |
| **Kinetik Holdings LP** | **Kinetik Holdings LP** | **Kinetik Holdings LP** |
| 6.63%, 12/15/28 *(b)(d)* | 1612000 | 1662689 |
| 5.88%, 06/15/30 *(b)(d)* | 1519000 | 1540122 |
| **Kodiak Gas Services LLC** | **Kodiak Gas Services LLC** | **Kodiak Gas Services LLC** |
| 7.25%, 02/15/29 *(b)(d)* | 932000 | 967011 |
| 6.50%, 10/01/33 *(b)(d)* | 1077000 | 1111180 |
| 6.75%, 10/01/35 *(b)(d)* | 1008000 | 1053765 |
| **Kraken Oil & Gas Partners LLC** | **Kraken Oil & Gas Partners LLC** | **Kraken Oil & Gas Partners LLC** |
| 7.63%, 08/15/29 *(b)(d)* | 822000 | 833927 |
| **Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.** | **Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.** | **Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.** |
| 6.88%, 12/01/32 *(b)(d)* | 690000 | 721697 |
| **Martin Midstream Partners LP/Martin Midstream Finance Corp.** | **Martin Midstream Partners LP/Martin Midstream Finance Corp.** | **Martin Midstream Partners LP/Martin Midstream Finance Corp.** |
| 11.50%, 02/15/28 *(b)(d)* | 956000 | 997165 |
| **Matador Resources Co.** | **Matador Resources Co.** | **Matador Resources Co.** |
| 6.88%, 04/15/28 *(b)(d)* | 1382000 | 1410994 |
| 6.50%, 04/15/32 *(b)(d)* | 1216000 | 1242503 |
| 6.25%, 04/15/33 *(b)(d)* | 1258000 | 1281211 |
| 6.00%, 04/15/34 *(b)(d)(g)* | 500000 | 500022 |
| **Moss Creek Resources Holdings, Inc.** | **Moss Creek Resources Holdings, Inc.** | **Moss Creek Resources Holdings, Inc.** |
| 8.25%, 09/01/31 *(b)(d)* | 1273000 | 1255388 |
| **Murphy Oil Corp.** | **Murphy Oil Corp.** | **Murphy Oil Corp.** |
| 6.00%, 10/01/32 *(b)* | 1408000 | 1411274 |
| 6.50%, 02/15/34 *(b)* | 650000 | 650357 |
| 5.88%, 12/01/42 *(b)(f)* | 892000 | 783642 |
| **Nabors Industries, Inc.** | **Nabors Industries, Inc.** | **Nabors Industries, Inc.** |
| 9.13%, 01/31/30 *(b)(d)* | 1148000 | 1207926 |
| 8.88%, 08/15/31 *(a)(b)(d)* | 912000 | 945311 |
| 7.63%, 11/15/32 *(b)(d)* | 1170000 | 1206083 |
| **NFE Financing LLC** | **NFE Financing LLC** | **NFE Financing LLC** |
| 12.00%, 11/15/29 *(b)(d)(i)(j)* | 4558000 | 1650680 |
| **NGL Energy Operating LLC/NGL Energy Finance Corp.** | **NGL Energy Operating LLC/NGL Energy Finance Corp.** | **NGL Energy Operating LLC/NGL Energy Finance Corp.** |
| 8.13%, 02/15/29 *(b)(d)* | 1103000 | 1144653 |
| 8.38%, 02/15/32 *(b)(d)* | 2084000 | 2187318 |
| **Noble Finance II LLC** | **Noble Finance II LLC** | **Noble Finance II LLC** |
| 8.00%, 04/15/30 *(b)(d)* | 2141000 | 2229584 |
| **Northern Oil & Gas, Inc.** | **Northern Oil & Gas, Inc.** | **Northern Oil & Gas, Inc.** |
| 8.75%, 06/15/31 *(b)(d)* | 888000 | 927128 |
| 7.88%, 10/15/33 *(b)(d)* | 1229000 | 1257244 |
| **Northriver Midstream Finance LP** | **Northriver Midstream Finance LP** | **Northriver Midstream Finance LP** |
| 6.75%, 07/15/32 *(b)(d)* | 978000 | 1006290 |
| **NuStar Logistics LP** | **NuStar Logistics LP** | **NuStar Logistics LP** |
| 5.63%, 04/28/27 *(b)* | 778000 | 785950 |
| 6.38%, 10/01/30 *(b)* | 1078000 | 1135686 |
| **Oceaneering International, Inc.** | **Oceaneering International, Inc.** | **Oceaneering International, Inc.** |
| 6.00%, 02/01/28 *(b)* | 490000 | 498872 |
| **PBF Holding Co. LLC/PBF Finance Corp.** | **PBF Holding Co. LLC/PBF Finance Corp.** | **PBF Holding Co. LLC/PBF Finance Corp.** |
| 6.00%, 02/15/28 *(b)* | 1136000 | 1132031 |
| 9.88%, 03/15/30 *(b)(d)* | 1254000 | 1331709 |
| 7.88%, 09/15/30 *(b)(d)* | 917000 | 920793 |
| **Permian Resources Operating LLC** | **Permian Resources Operating LLC** | **Permian Resources Operating LLC** |
| 8.00%, 04/15/27 *(b)(d)* | 1052000 | 1061107 |
| 5.88%, 07/01/29 *(b)(d)* | 990000 | 993878 |
| 9.88%, 07/15/31 *(b)(d)* | 1755000 | 1882696 |
| 7.00%, 01/15/32 *(b)(d)* | 1610000 | 1690648 |
| 6.25%, 02/01/33 *(b)(d)* | 1047000 | 1084694 |
| **Prairie Acquiror LP** | **Prairie Acquiror LP** | **Prairie Acquiror LP** |
| 9.00%, 08/01/29 *(b)(d)* | 1045000 | 1094867 |
| **Precision Drilling Corp.** | **Precision Drilling Corp.** | **Precision Drilling Corp.** |
| 6.88%, 01/15/29 *(b)(d)* | 446000 | 453009 |
| **Range Resources Corp.** | **Range Resources Corp.** | **Range Resources Corp.** |
| 4.75%, 02/15/30 *(b)(d)* | 1911000 | 1893013 |

---

*See financial notes*

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

**25**

------

Schwab High Yield Bond ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Rockies Express Pipeline LLC** | **Rockies Express Pipeline LLC** | **Rockies Express Pipeline LLC** |
| 4.95%, 07/15/29 *(b)(d)* | 1016000 | 1016741 |
| 4.80%, 05/15/30 *(b)(d)* | 846000 | 833196 |
| 6.75%, 03/15/33 *(b)(d)* | 500000 | 528849 |
| 6.88%, 04/15/40 *(d)* | 1203000 | 1239825 |
| **Saturn Oil & Gas, Inc.** | **Saturn Oil & Gas, Inc.** | **Saturn Oil & Gas, Inc.** |
| 9.63%, 06/15/29 *(b)(d)* | 882000 | 907476 |
| **Seadrill Finance Ltd.** | **Seadrill Finance Ltd.** | **Seadrill Finance Ltd.** |
| 8.38%, 08/01/30 *(b)(d)* | 1000000 | 1051469 |
| **SESI LLC** | **SESI LLC** | **SESI LLC** |
| 7.88%, 09/30/30 *(b)(d)* | 874000 | 892958 |
| **SM Energy Co.** | **SM Energy Co.** | **SM Energy Co.** |
| 8.38%, 07/01/28 *(b)(d)* | 1155000 | 1194309 |
| 6.50%, 07/15/28 *(b)* | 592000 | 595730 |
| 6.75%, 08/01/29 *(b)(d)* | 1343000 | 1374060 |
| 8.63%, 11/01/30 *(b)(d)* | 1801000 | 1907273 |
| 8.75%, 07/01/31 *(b)(d)* | 2732000 | 2869963 |
| 7.00%, 08/01/32 *(b)(d)* | 1002000 | 1021122 |
| 9.63%, 06/15/33 *(b)(d)* | 1422000 | 1573359 |
| **South Bow Canadian Infrastructure Holdings Ltd.** | **South Bow Canadian Infrastructure Holdings Ltd.** | **South Bow Canadian Infrastructure Holdings Ltd.** |
| 7.50%, 03/01/55 *(b)(c)* | 1080000 | 1146990 |
| 7.63%, 03/01/55 *(b)(c)* | 793000 | 826822 |
| **Star Holding LLC** | **Star Holding LLC** | **Star Holding LLC** |
| 8.75%, 08/01/31 *(b)(d)* | 694000 | 699977 |
| **Suburban Propane Partners LP/Suburban Energy Finance Corp.** | **Suburban Propane Partners LP/Suburban Energy Finance Corp.** | **Suburban Propane Partners LP/Suburban Energy Finance Corp.** |
| 5.00%, 06/01/31 *(b)(d)* | 1004000 | 967552 |
| 6.50%, 12/15/35 *(b)(d)* | 818000 | 810167 |
| **Summit Midstream Holdings LLC** | **Summit Midstream Holdings LLC** | **Summit Midstream Holdings LLC** |
| 8.63%, 10/31/29 *(b)(d)* | 1234000 | 1292362 |
| **Sunoco LP** | **Sunoco LP** | **Sunoco LP** |
| 5.88%, 07/15/27 *(b)(d)* | 1248000 | 1251428 |
| 7.00%, 05/01/29 *(b)(d)* | 1049000 | 1088438 |
| 4.50%, 10/01/29 *(b)(d)* | 1544000 | 1517711 |
| 4.63%, 05/01/30 *(b)(d)* | 1187000 | 1161977 |
| 5.63%, 03/15/31 *(b)(d)* | 1252000 | 1263352 |
| 5.38%, 07/15/31 *(b)(d)(g)* | 500000 | 501792 |
| 7.25%, 05/01/32 *(b)(d)* | 1114000 | 1177575 |
| 6.63%, 08/15/32 *(b)(d)* | 589000 | 609969 |
| 6.25%, 07/01/33 *(b)(d)* | 1742000 | 1795072 |
| 5.88%, 03/15/34 *(b)(d)* | 1125000 | 1130056 |
| 5.63%, 07/15/34 *(b)(d)(g)* | 500000 | 500547 |
| **Sunoco LP/Sunoco Finance Corp.** | **Sunoco LP/Sunoco Finance Corp.** | **Sunoco LP/Sunoco Finance Corp.** |
| 6.00%, 04/15/27 *(b)* | 1857000 | 1858855 |
| 5.88%, 03/15/28 *(b)* | 1333000 | 1334385 |
| 7.00%, 09/15/28 *(b)(d)* | 1136000 | 1167791 |
| 4.50%, 05/15/29 *(b)* | 1012000 | 997642 |
| 4.50%, 04/30/30 *(b)* | 1259000 | 1232972 |
| **Superior Plus LP/Superior General Partner, Inc.** | **Superior Plus LP/Superior General Partner, Inc.** | **Superior Plus LP/Superior General Partner, Inc.** |
| 4.50%, 03/15/29 *(b)(d)* | 935000 | 909068 |
| **Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.** | **Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.** | **Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.** |
| 5.50%, 01/15/28 *(b)(d)* | 1597000 | 1600203 |
| 7.38%, 02/15/29 *(b)(d)* | 1091000 | 1131585 |
| 6.00%, 12/31/30 *(b)(d)* | 812000 | 823434 |
| 6.00%, 09/01/31 *(b)(d)* | 724000 | 734039 |
| 6.75%, 03/15/34 *(b)(d)* | 1452000 | 1493105 |
| **Talos Production, Inc.** | **Talos Production, Inc.** | **Talos Production, Inc.** |
| 9.00%, 02/01/29 *(b)(d)* | 688000 | 716963 |
| 9.38%, 02/01/31 *(b)(d)* | 1239000 | 1319124 |
| **Teine Energy Ltd.** | **Teine Energy Ltd.** | **Teine Energy Ltd.** |
| 6.88%, 04/15/29 *(b)(d)* | 809000 | 811016 |
| **TGNR Intermediate Holdings LLC** | **TGNR Intermediate Holdings LLC** | **TGNR Intermediate Holdings LLC** |
| 5.50%, 10/15/29 *(b)(d)* | 1229000 | 1216691 |
| **TGS ASA** | **TGS ASA** | **TGS ASA** |
| 8.50%, 01/15/30 *(b)(d)* | 891000 | 944618 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Tidewater, Inc.** | **Tidewater, Inc.** | **Tidewater, Inc.** |
| 9.13%, 07/15/30 *(b)(d)* | 991000 | 1072794 |
| **TransMontaigne Partners LLC** | **TransMontaigne Partners LLC** | **TransMontaigne Partners LLC** |
| 8.50%, 06/15/30 *(b)(d)* | 933000 | 975576 |
| **Transocean International Ltd.** | **Transocean International Ltd.** | **Transocean International Ltd.** |
| 8.25%, 05/15/29 *(b)(d)* | 1409000 | 1468064 |
| 8.75%, 02/15/30 *(b)(d)* | 957600 | 1002474 |
| 7.50%, 04/15/31  | 877000 | 903898 |
| 8.50%, 05/15/31 *(b)(d)* | 1261000 | 1334290 |
| 7.88%, 10/15/32 *(b)(d)* | 791000 | 849711 |
| 6.80%, 03/15/38 *(a)* | 1559000 | 1511597 |
| **Transocean Titan Financing Ltd.** | **Transocean Titan Financing Ltd.** | **Transocean Titan Financing Ltd.** |
| 8.38%, 02/01/28 *(b)(d)* | 770157 | 789824 |
| **USA Compression Partners LP/USA Compression Finance Corp.** | **USA Compression Partners LP/USA Compression Finance Corp.** | **USA Compression Partners LP/USA Compression Finance Corp.** |
| 7.13%, 03/15/29 *(b)(d)* | 1615000 | 1669589 |
| 6.25%, 10/01/33 *(b)(d)* | 1055000 | 1073492 |
| **Valaris Ltd.** | **Valaris Ltd.** | **Valaris Ltd.** |
| 8.38%, 04/30/30 *(b)(d)* | 1697000 | 1780464 |
| **Venture Global Calcasieu Pass LLC** | **Venture Global Calcasieu Pass LLC** | **Venture Global Calcasieu Pass LLC** |
| 3.88%, 08/15/29 *(b)(d)* | 1977000 | 1895350 |
| 6.25%, 01/15/30 *(b)(d)* | 1482000 | 1531345 |
| 4.13%, 08/15/31 *(b)(d)* | 2185000 | 2050798 |
| 3.88%, 11/01/33 *(b)(d)* | 2269000 | 2020927 |
| **Venture Global LNG, Inc.** | **Venture Global LNG, Inc.** | **Venture Global LNG, Inc.** |
| 8.13%, 06/01/28 *(b)(d)* | 3723000 | 3822088 |
| 9.50%, 02/01/29 *(b)(d)* | 4915000 | 5274399 |
| 7.00%, 01/15/30 *(a)(b)(d)* | 2393000 | 2428857 |
| 8.38%, 06/01/31 *(b)(d)* | 3876000 | 3971805 |
| 9.88%, 02/01/32 *(b)(d)* | 3331000 | 3531440 |
| **Venture Global Plaquemines LNG LLC** | **Venture Global Plaquemines LNG LLC** | **Venture Global Plaquemines LNG LLC** |
| 6.13%, 12/15/30 *(b)(d)* | 3078000 | 3198944 |
| 7.50%, 05/01/33 *(b)(d)* | 1908000 | 2117516 |
| 6.50%, 01/15/34 *(b)(d)* | 3570000 | 3759028 |
| 6.50%, 06/15/34 *(b)(d)* | 1946000 | 2044207 |
| 7.75%, 05/01/35 *(b)(d)* | 2031000 | 2304722 |
| 6.75%, 01/15/36 *(b)(d)* | 3150000 | 3357289 |
| **Vermilion Energy, Inc.** | **Vermilion Energy, Inc.** | **Vermilion Energy, Inc.** |
| 6.88%, 05/01/30 *(b)(d)* | 592000 | 600744 |
| 7.25%, 02/15/33 *(b)(d)* | 711000 | 695875 |
| **Viridien** | **Viridien** | **Viridien** |
| 10.00%, 10/15/30 *(b)(d)* | 684000 | 733889 |
| **W&T Offshore, Inc.** | **W&T Offshore, Inc.** | **W&T Offshore, Inc.** |
| 10.75%, 02/01/29 *(b)(d)* | 622000 | 621806 |
| **WBI Operating LLC** | **WBI Operating LLC** | **WBI Operating LLC** |
| 6.25%, 10/15/30 *(b)(d)* | 811000 | 827005 |
| 6.50%, 10/15/33 *(b)(d)* | 1316000 | 1338142 |
| **Weatherford International Ltd.** | **Weatherford International Ltd.** | **Weatherford International Ltd.** |
| 6.75%, 10/15/33 *(b)(d)* | 1871000 | 1957092 |
| **Wildfire Intermediate Holdings LLC** | **Wildfire Intermediate Holdings LLC** | **Wildfire Intermediate Holdings LLC** |
| 7.50%, 10/15/29 *(b)(d)* | 915000 | 939717 |
|  |  | **274989957** |
| ***Industrial Other 1.2%***  | ***Industrial Other 1.2%***  | ***Industrial Other 1.2%***  |
| **AECOM** | **AECOM** | **AECOM** |
| 6.00%, 08/01/33 *(b)(d)* | 1676000 | 1713629 |
| **Albion Financing 1 SARL/Aggreko Holdings, Inc.** | **Albion Financing 1 SARL/Aggreko Holdings, Inc.** | **Albion Financing 1 SARL/Aggreko Holdings, Inc.** |
| 7.00%, 05/21/30 *(b)(d)* | 1704000 | 1785550 |
| **APi Group DE, Inc.** | **APi Group DE, Inc.** | **APi Group DE, Inc.** |
| 4.13%, 07/15/29 *(b)(d)* | 925000 | 899619 |
| 4.75%, 10/15/29 *(b)(d)* | 955000 | 944169 |
| **Arcosa, Inc.** | **Arcosa, Inc.** | **Arcosa, Inc.** |
| 4.38%, 04/15/29 *(b)(d)* | 1341000 | 1321900 |
| 6.88%, 08/15/32 *(b)(d)* | 1146000 | 1203096 |

---

*See financial notes*

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

------

Schwab High Yield Bond ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Artera Services LLC** | **Artera Services LLC** | **Artera Services LLC** |
| 8.50%, 02/15/31 *(a)(b)(d)* | 1003000 | 839193 |
| **Brand Industrial Services, Inc.** | **Brand Industrial Services, Inc.** | **Brand Industrial Services, Inc.** |
| 10.38%, 08/01/30 *(b)(d)* | 2372000 | 2218106 |
| **Brundage-Bone Concrete Pumping Holdings, Inc.** | **Brundage-Bone Concrete Pumping Holdings, Inc.** | **Brundage-Bone Concrete Pumping Holdings, Inc.** |
| 7.50%, 02/01/32 *(b)(d)* | 926000 | 944041 |
| **Covista, Inc.** | **Covista, Inc.** | **Covista, Inc.** |
| 5.50%, 03/01/28 *(b)(d)* | 840000 | 840000 |
| **Dycom Industries, Inc.** | **Dycom Industries, Inc.** | **Dycom Industries, Inc.** |
| 4.50%, 04/15/29 *(b)(d)* | 901000 | 887911 |
| **Fluor Corp.** | **Fluor Corp.** | **Fluor Corp.** |
| 4.25%, 09/15/28 *(b)* | 557000 | 553272 |
| **Global Infrastructure Solutions, Inc.** | **Global Infrastructure Solutions, Inc.** | **Global Infrastructure Solutions, Inc.** |
| 5.63%, 06/01/29 *(b)(d)* | 157000 | 157533 |
| 7.50%, 04/15/32 *(b)(d)* | 1092000 | 1157998 |
| **Grand Canyon University** | **Grand Canyon University** | **Grand Canyon University** |
| 5.13%, 10/01/28 *(b)* | 601000 | 604355 |
| **Great Lakes Dredge & Dock Corp.** | **Great Lakes Dredge & Dock Corp.** | **Great Lakes Dredge & Dock Corp.** |
| 5.25%, 06/01/29 *(b)(d)* | 1078000 | 1075908 |
| **Installed Building Products, Inc.** | **Installed Building Products, Inc.** | **Installed Building Products, Inc.** |
| 5.63%, 02/01/34 *(b)(d)* | 1135000 | 1152900 |
| **KBR, Inc.** | **KBR, Inc.** | **KBR, Inc.** |
| 4.75%, 09/30/28 *(b)(d)* | 1119000 | 1108695 |
| **Lsf12 Helix Parent LLC** | **Lsf12 Helix Parent LLC** | **Lsf12 Helix Parent LLC** |
| 7.13%, 02/01/33 *(b)(d)* | 775000 | 779947 |
| **Park-Ohio Industries, Inc.** | **Park-Ohio Industries, Inc.** | **Park-Ohio Industries, Inc.** |
| 8.50%, 08/01/30 *(b)(d)* | 558000 | 579788 |
| **TopBuild Corp.** | **TopBuild Corp.** | **TopBuild Corp.** |
| 3.63%, 03/15/29 *(b)(d)* | 981000 | 950141 |
| 4.13%, 02/15/32 *(b)(d)* | 485000 | 461464 |
| 5.63%, 01/31/34 *(b)(d)* | 897000 | 905254 |
| **Tutor Perini Corp.** | **Tutor Perini Corp.** | **Tutor Perini Corp.** |
| 11.88%, 04/30/29 *(b)(d)* | 790000 | 866979 |
| **Vericast Corp./Harland Clarke/Checks in the Mail/Valassis Comm/Valassis Direct** | **Vericast Corp./Harland Clarke/Checks in the Mail/Valassis Comm/Valassis Direct** | **Vericast Corp./Harland Clarke/Checks in the Mail/Valassis Comm/Valassis Direct** |
| 13.00%, 12/15/30 *(b)(d)* | 28671 | 35194 |
| **VM Consolidated, Inc.** | **VM Consolidated, Inc.** | **VM Consolidated, Inc.** |
| 5.50%, 04/15/29 *(b)(d)* | 942000 | 925532 |
| **Williams Scotsman, Inc.** | **Williams Scotsman, Inc.** | **Williams Scotsman, Inc.** |
| 4.63%, 08/15/28 *(b)(d)* | 748000 | 745651 |
| 6.63%, 06/15/29 *(b)(d)* | 305000 | 315282 |
| 6.63%, 04/15/30 *(b)(d)* | 606000 | 629499 |
| 7.38%, 10/01/31 *(b)(d)* | 803000 | 841204 |
|  |  | **27443810** |
| ***Technology 8.3%***  | ***Technology 8.3%***  | ***Technology 8.3%***  |
| **Ahead DB Holdings LLC** | **Ahead DB Holdings LLC** | **Ahead DB Holdings LLC** |
| 6.63%, 05/01/28 *(b)(d)* | 1007000 | 975048 |
| **Amentum Holdings, Inc.** | **Amentum Holdings, Inc.** | **Amentum Holdings, Inc.** |
| 7.25%, 08/01/32 *(b)(d)* | 1191000 | 1248733 |
| **Amkor Technology, Inc.** | **Amkor Technology, Inc.** | **Amkor Technology, Inc.** |
| 5.88%, 10/01/33 *(b)(d)* | 983000 | 1004320 |
| **ams-OSRAM AG** | **ams-OSRAM AG** | **ams-OSRAM AG** |
| 12.25%, 03/30/29 *(b)(d)* | 1218000 | 1300605 |
| **APLD ComputeCo LLC** | **APLD ComputeCo LLC** | **APLD ComputeCo LLC** |
| 9.25%, 12/15/30 *(b)(d)* | 3468000 | 3642725 |
| **AthenaHealth Group, Inc.** | **AthenaHealth Group, Inc.** | **AthenaHealth Group, Inc.** |
| 6.50%, 02/15/30 *(b)(d)* | 3375000 | 3176584 |
| **Black Pearl Compute LLC** | **Black Pearl Compute LLC** | **Black Pearl Compute LLC** |
| 6.13%, 02/15/31 *(b)(d)* | 2500000 | 2561755 |
| **Block, Inc.** | **Block, Inc.** | **Block, Inc.** |
| 5.63%, 08/15/30 *(b)(d)* | 1347000 | 1365381 |
| 3.50%, 06/01/31 *(b)* | 1351000 | 1269653 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.50%, 05/15/32 *(b)* | 2389000 | 2459174 |
| 6.00%, 08/15/33 *(b)(d)* | 1654000 | 1681987 |
| **CACI International, Inc.** | **CACI International, Inc.** | **CACI International, Inc.** |
| 6.38%, 06/15/33 *(b)(d)* | 1576000 | 1623725 |
| **Capstone Borrower, Inc.** | **Capstone Borrower, Inc.** | **Capstone Borrower, Inc.** |
| 8.00%, 06/15/30 *(b)(d)* | 1624000 | 1413908 |
| **Castle U.S. Holding Corp.** | **Castle U.S. Holding Corp.** | **Castle U.S. Holding Corp.** |
| 10.00%, 06/30/31 *(b)(d)* | 111000 | 26363 |
| **Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc.** | **Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc.** | **Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc.** |
| 8.00%, 06/15/29 *(b)(d)* | 1245000 | 796167 |
| **Central Parent, Inc./CDK Global, Inc.** | **Central Parent, Inc./CDK Global, Inc.** | **Central Parent, Inc./CDK Global, Inc.** |
| 7.25%, 06/15/29 *(b)(d)* | 1237000 | 782762 |
| **Ciena Corp.** | **Ciena Corp.** | **Ciena Corp.** |
| 4.00%, 01/31/30 *(b)(d)* | 870000 | 841057 |
| **Cipher Compute LLC** | **Cipher Compute LLC** | **Cipher Compute LLC** |
| 7.13%, 11/15/30 *(b)(d)* | 2310000 | 2410702 |
| **Clarivate Science Holdings Corp.** | **Clarivate Science Holdings Corp.** | **Clarivate Science Holdings Corp.** |
| 3.88%, 07/01/28 *(b)(d)* | 1627000 | 1523106 |
| 4.88%, 07/01/29 *(b)(d)* | 1566000 | 1286326 |
| **Cloud Software Group, Inc.** | **Cloud Software Group, Inc.** | **Cloud Software Group, Inc.** |
| 6.50%, 03/31/29 *(b)(d)* | 6309000 | 6192580 |
| 9.00%, 09/30/29 *(b)(d)* | 5496000 | 5387971 |
| 8.25%, 06/30/32 *(b)(d)* | 3641000 | 3647163 |
| 6.63%, 08/15/33 *(b)(d)* | 2163000 | 2042459 |
| **Coherent Corp.** | **Coherent Corp.** | **Coherent Corp.** |
| 5.00%, 12/15/29 *(b)(d)* | 1395000 | 1397014 |
| **Conduent Business Services LLC/Conduent State & Local Solutions, Inc.** | **Conduent Business Services LLC/Conduent State & Local Solutions, Inc.** | **Conduent Business Services LLC/Conduent State & Local Solutions, Inc.** |
| 6.00%, 11/01/29 *(b)(d)* | 969000 | 671181 |
| **Consensus Cloud Solutions, Inc.** | **Consensus Cloud Solutions, Inc.** | **Consensus Cloud Solutions, Inc.** |
| 6.50%, 10/15/28 *(b)(d)* | 1000000 | 997280 |
| **CoreLogic, Inc.** | **CoreLogic, Inc.** | **CoreLogic, Inc.** |
| 4.50%, 05/01/28 *(b)(d)* | 788000 | 737723 |
| **CoreWeave, Inc.** | **CoreWeave, Inc.** | **CoreWeave, Inc.** |
| 9.25%, 06/01/30 *(b)(d)* | 3314000 | 3249343 |
| 9.00%, 02/01/31 *(b)(d)* | 2906000 | 2807534 |
| **CPI CG, Inc.** | **CPI CG, Inc.** | **CPI CG, Inc.** |
| 10.00%, 07/15/29 *(b)(d)* | 431000 | 456458 |
| **Crane NXT Co.** | **Crane NXT Co.** | **Crane NXT Co.** |
| 4.20%, 03/15/48 *(a)(b)* | 1401000 | 931099 |
| **Crowdstrike Holdings, Inc.** | **Crowdstrike Holdings, Inc.** | **Crowdstrike Holdings, Inc.** |
| 3.00%, 02/15/29 *(b)* | 1118000 | 1062775 |
| **Diebold Nixdorf, Inc.** | **Diebold Nixdorf, Inc.** | **Diebold Nixdorf, Inc.** |
| 7.75%, 03/31/30 *(b)(d)* | 1494000 | 1579487 |
| **Dye & Durham Ltd.** | **Dye & Durham Ltd.** | **Dye & Durham Ltd.** |
| 8.63%, 04/15/29 *(b)(d)* | 920000 | 767517 |
| **Elastic NV** | **Elastic NV** | **Elastic NV** |
| 4.13%, 07/15/29 *(b)(d)* | 1186000 | 1121663 |
| **Ellucian Holdings, Inc.** | **Ellucian Holdings, Inc.** | **Ellucian Holdings, Inc.** |
| 6.50%, 12/01/29 *(b)(d)* | 1319000 | 1296734 |
| **Entegris, Inc.** | **Entegris, Inc.** | **Entegris, Inc.** |
| 4.38%, 04/15/28 *(b)(d)* | 1173000 | 1167376 |
| 4.75%, 04/15/29 *(b)(d)* | 2292000 | 2295452 |
| 3.63%, 05/01/29 *(b)(d)* | 927000 | 890662 |
| 5.95%, 06/15/30 *(b)(d)* | 1027000 | 1048249 |
| **Fair Isaac Corp.** | **Fair Isaac Corp.** | **Fair Isaac Corp.** |
| 4.00%, 06/15/28 *(b)(d)* | 1903000 | 1864817 |
| 6.00%, 05/15/33 *(b)(d)* | 2085000 | 2109199 |
| **Flash Compute LLC** | **Flash Compute LLC** | **Flash Compute LLC** |
| 7.25%, 12/31/30 *(b)(d)* | 1250000 | 1281086 |
| **Fortress Intermediate 3, Inc.** | **Fortress Intermediate 3, Inc.** | **Fortress Intermediate 3, Inc.** |
| 7.50%, 06/01/31 *(b)(d)* | 1240000 | 1213853 |

---

*See financial notes*

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

**27**

------

Schwab High Yield Bond ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Gen Digital, Inc.** | **Gen Digital, Inc.** | **Gen Digital, Inc.** |
| 6.75%, 09/30/27 *(b)(d)* | 1162000 | 1171942 |
| 7.13%, 09/30/30 *(b)(d)* | 1143000 | 1161836 |
| 6.25%, 04/01/33 *(b)(d)* | 1925000 | 1916871 |
| **Go Daddy Operating Co. LLC/GD Finance Co., Inc.** | **Go Daddy Operating Co. LLC/GD Finance Co., Inc.** | **Go Daddy Operating Co. LLC/GD Finance Co., Inc.** |
| 5.25%, 12/01/27 *(b)(d)* | 1155000 | 1149759 |
| 3.50%, 03/01/29 *(b)(d)* | 1044000 | 977643 |
| **GoTo Group, Inc.** | **GoTo Group, Inc.** | **GoTo Group, Inc.** |
| 5.50%, 05/01/28 *(b)(d)* | 1480600 | 968795 |
| **HealthEquity, Inc.** | **HealthEquity, Inc.** | **HealthEquity, Inc.** |
| 4.50%, 10/01/29 *(b)(d)* | 1232000 | 1201530 |
| **Imola Merger Corp.** | **Imola Merger Corp.** | **Imola Merger Corp.** |
| 4.75%, 05/15/29 *(b)(d)* | 2626000 | 2583407 |
| **Insight Enterprises, Inc.** | **Insight Enterprises, Inc.** | **Insight Enterprises, Inc.** |
| 6.63%, 05/15/32 *(b)(d)* | 1067000 | 1070717 |
| **ION Platform Finance U.S., Inc.** | **ION Platform Finance U.S., Inc.** | **ION Platform Finance U.S., Inc.** |
| 7.88%, 09/30/32 *(b)(d)* | 2288000 | 1837422 |
| **ION Platform Finance U.S., Inc./ION Platform Finance SARL** | **ION Platform Finance U.S., Inc./ION Platform Finance SARL** | **ION Platform Finance U.S., Inc./ION Platform Finance SARL** |
| 4.63%, 05/01/28 *(b)(d)* | 812000 | 752222 |
| 5.00%, 05/01/28 *(b)(d)* | 830000 | 769629 |
| 5.75%, 05/15/28 *(b)(d)* | 1002000 | 939829 |
| 8.75%, 05/01/29 *(b)(d)* | 1117000 | 1036428 |
| 9.50%, 05/30/29 *(b)(d)* | 1273000 | 1197092 |
| 9.00%, 08/01/29 *(b)(d)* | 850000 | 790603 |
| **Iron Mountain Information Management Services, Inc.** | **Iron Mountain Information Management Services, Inc.** | **Iron Mountain Information Management Services, Inc.** |
| 5.00%, 07/15/32 *(b)(d)* | 1366000 | 1322903 |
| **Iron Mountain, Inc.** | **Iron Mountain, Inc.** | **Iron Mountain, Inc.** |
| 4.88%, 09/15/27 *(b)(d)* | 2199000 | 2199492 |
| 5.25%, 03/15/28 *(b)(d)* | 1386000 | 1387704 |
| 5.00%, 07/15/28 *(b)(d)* | 1166000 | 1165783 |
| 7.00%, 02/15/29 *(b)(d)* | 1525000 | 1565997 |
| 4.88%, 09/15/29 *(b)(d)* | 1158000 | 1148447 |
| 5.25%, 07/15/30 *(b)(d)* | 2390000 | 2379817 |
| 4.50%, 02/15/31 *(b)(d)* | 1796000 | 1733616 |
| 5.63%, 07/15/32 *(b)(d)* | 762000 | 760809 |
| 6.25%, 01/15/33 *(b)(d)* | 1513000 | 1547002 |
| **Kioxia Holdings Corp.** | **Kioxia Holdings Corp.** | **Kioxia Holdings Corp.** |
| 6.25%, 07/24/30 *(b)(d)* | 1498000 | 1556727 |
| 6.63%, 07/24/33 *(b)(d)* | 1608000 | 1696054 |
| **McAfee Corp.** | **McAfee Corp.** | **McAfee Corp.** |
| 7.38%, 02/15/30 *(b)(d)* | 3210000 | 2630256 |
| **Mobius Merger Sub, Inc.** | **Mobius Merger Sub, Inc.** | **Mobius Merger Sub, Inc.** |
| 9.00%, 06/01/30 *(b)(d)* | 882000 | 601460 |
| **NCR Atleos Corp.** | **NCR Atleos Corp.** | **NCR Atleos Corp.** |
| 9.50%, 04/01/29 *(b)(d)* | 1310000 | 1407532 |
| **NCR Voyix Corp.** | **NCR Voyix Corp.** | **NCR Voyix Corp.** |
| 5.00%, 10/01/28 *(b)(d)* | 1377000 | 1354327 |
| 5.13%, 04/15/29 *(b)(d)* | 927000 | 910377 |
| **Neptune Bidco U.S., Inc.** | **Neptune Bidco U.S., Inc.** | **Neptune Bidco U.S., Inc.** |
| 9.29%, 04/15/29 *(b)(d)* | 4366000 | 4378356 |
| 10.38%, 05/15/31 *(b)(d)* | 1732000 | 1749569 |
| 9.50%, 02/15/33 *(b)(d)* | 2450000 | 2401100 |
| **Newfold Digital Holdings Group, Inc.** | **Newfold Digital Holdings Group, Inc.** | **Newfold Digital Holdings Group, Inc.** |
| 11.75%, 04/30/29 *(b)* | 1188200 | 802699 |
| **ON Semiconductor Corp.** | **ON Semiconductor Corp.** | **ON Semiconductor Corp.** |
| 3.88%, 09/01/28 *(b)(d)* | 1485000 | 1455075 |
| **Open Text Corp.** | **Open Text Corp.** | **Open Text Corp.** |
| 3.88%, 02/15/28 *(b)(d)* | 1522000 | 1452159 |
| 3.88%, 12/01/29 *(b)(d)* | 1385000 | 1247846 |
| **Open Text Holdings, Inc.** | **Open Text Holdings, Inc.** | **Open Text Holdings, Inc.** |
| 4.13%, 02/15/30 *(b)(d)* | 1721000 | 1552591 |
| 4.13%, 12/01/31 *(b)(d)* | 1415000 | 1237059 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Pagaya U.S. Holdings Co. LLC** | **Pagaya U.S. Holdings Co. LLC** | **Pagaya U.S. Holdings Co. LLC** |
| 8.88%, 08/01/30 *(a)(b)(d)* | 1151000 | 835032 |
| **Paysafe Finance PLC/Paysafe Holdings U.S. Corp.** | **Paysafe Finance PLC/Paysafe Holdings U.S. Corp.** | **Paysafe Finance PLC/Paysafe Holdings U.S. Corp.** |
| 4.00%, 06/15/29 *(b)(d)* | 814000 | 685204 |
| **Pitney Bowes, Inc.** | **Pitney Bowes, Inc.** | **Pitney Bowes, Inc.** |
| 6.88%, 03/15/27 *(b)(d)* | 2013000 | 2015081 |
| 7.25%, 03/15/29 *(b)(d)(g)* | 1000000 | 999776 |
| **PTC, Inc.** | **PTC, Inc.** | **PTC, Inc.** |
| 4.00%, 02/15/28 *(b)(d)* | 1192000 | 1170298 |
| **Rackspace Finance LLC** | **Rackspace Finance LLC** | **Rackspace Finance LLC** |
| 3.50%, 05/15/28 *(b)(d)* | 613000 | 252479 |
| **RingCentral, Inc.** | **RingCentral, Inc.** | **RingCentral, Inc.** |
| 8.50%, 08/15/30 *(b)(d)* | 875000 | 919578 |
| **Rocket Software, Inc.** | **Rocket Software, Inc.** | **Rocket Software, Inc.** |
| 9.00%, 11/28/28 *(b)(d)* | 745000 | 727101 |
| 6.50%, 02/15/29 *(b)(d)* | 1104000 | 925399 |
| **Sabre Financial Borrower LLC** | **Sabre Financial Borrower LLC** | **Sabre Financial Borrower LLC** |
| 11.13%, 06/15/29 *(b)(d)* | 1475000 | 1422727 |
| **Sabre GLBL, Inc.** | **Sabre GLBL, Inc.** | **Sabre GLBL, Inc.** |
| 10.75%, 11/15/29 *(b)(d)* | 908000 | 662981 |
| 10.75%, 03/15/30 *(b)(d)* | 904000 | 656060 |
| 11.13%, 07/15/30 *(b)(d)* | 2190000 | 1590488 |
| **Science Applications International Corp.** | **Science Applications International Corp.** | **Science Applications International Corp.** |
| 4.88%, 04/01/28 *(b)(d)* | 870000 | 866956 |
| 5.88%, 11/01/33 *(b)(d)* | 740000 | 735937 |
| **Seagate Data Storage Technology Pte. Ltd.** | **Seagate Data Storage Technology Pte. Ltd.** | **Seagate Data Storage Technology Pte. Ltd.** |
| 4.09%, 06/01/29 *(b)* | 694000 | 681234 |
| 8.25%, 12/15/29 *(b)* | 881000 | 930212 |
| 5.88%, 07/15/30 *(b)(d)* | 891000 | 917787 |
| 8.50%, 07/15/31 *(b)(d)* | 758000 | 798885 |
| 9.63%, 12/01/32 *(b)(d)* | 1071000 | 1201963 |
| 5.75%, 12/01/34 *(b)* | 797000 | 817343 |
| **Sensata Technologies BV** | **Sensata Technologies BV** | **Sensata Technologies BV** |
| 4.00%, 04/15/29 *(b)(d)* | 1183000 | 1158797 |
| 5.88%, 09/01/30 *(b)(d)* | 662000 | 670875 |
| **Sensata Technologies, Inc.** | **Sensata Technologies, Inc.** | **Sensata Technologies, Inc.** |
| 4.38%, 02/15/30 *(b)(d)* | 1032000 | 1013294 |
| 3.75%, 02/15/31 *(b)(d)* | 873000 | 823633 |
| 6.63%, 07/15/32 *(a)(b)(d)* | 1052000 | 1102231 |
| **Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.** | **Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.** | **Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.** |
| 6.75%, 08/15/32 *(b)(d)* | 2151000 | 2107179 |
| **SS&C Technologies, Inc.** | **SS&C Technologies, Inc.** | **SS&C Technologies, Inc.** |
| 5.50%, 09/30/27 *(b)(d)* | 3366000 | 3363513 |
| 6.50%, 06/01/32 *(b)(d)* | 900000 | 918123 |
| **SV RNO Property Owner 1 LLC** | **SV RNO Property Owner 1 LLC** | **SV RNO Property Owner 1 LLC** |
| 5.88%, 03/01/31 *(b)(d)* | 5500000 | 5528516 |
| **Synaptics, Inc.** | **Synaptics, Inc.** | **Synaptics, Inc.** |
| 4.00%, 06/15/29 *(b)(d)* | 878000 | 847837 |
| **TTM Technologies, Inc.** | **TTM Technologies, Inc.** | **TTM Technologies, Inc.** |
| 4.00%, 03/01/29 *(b)(d)* | 1099000 | 1067484 |
| **Twilio, Inc.** | **Twilio, Inc.** | **Twilio, Inc.** |
| 3.63%, 03/15/29 *(b)* | 1087000 | 1046776 |
| 3.88%, 03/15/31 *(b)* | 748000 | 706000 |
| **UKG, Inc.** | **UKG, Inc.** | **UKG, Inc.** |
| 6.88%, 02/01/31 *(b)(d)* | 4278000 | 4153291 |
| **Unisys Corp.** | **Unisys Corp.** | **Unisys Corp.** |
| 10.63%, 01/15/31 *(a)(b)(d)* | 1273000 | 1075717 |
| **Viavi Solutions, Inc.** | **Viavi Solutions, Inc.** | **Viavi Solutions, Inc.** |
| 3.75%, 10/01/29 *(b)(d)* | 704000 | 669531 |
| **Virtusa Corp.** | **Virtusa Corp.** | **Virtusa Corp.** |
| 7.13%, 12/15/28 *(b)(d)* | 925000 | 811141 |
| **WEX, Inc.** | **WEX, Inc.** | **WEX, Inc.** |
| 6.50%, 03/15/33 *(b)(d)* | 1056000 | 1062154 |

---

*See financial notes*

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

------

Schwab High Yield Bond ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **WULF Compute LLC** | **WULF Compute LLC** | **WULF Compute LLC** |
| 7.75%, 10/15/30 *(b)(d)* | 4861000 | 5151561 |
| **Xerox Corp.** | **Xerox Corp.** | **Xerox Corp.** |
| 10.25%, 10/15/30 *(a)(b)(d)* | 661000 | 479225 |
| 13.50%, 04/15/31 *(a)(b)(d)* | 841000 | 445204 |
| 4.80%, 03/01/35  | 431000 | 116370 |
| 6.75%, 12/15/39  | 505000 | 144993 |
| **Xerox Holdings Corp.** | **Xerox Holdings Corp.** | **Xerox Holdings Corp.** |
| 5.50%, 08/15/28 *(b)(d)* | 1145000 | 440711 |
| 8.88%, 11/30/29 *(b)(d)* | 829000 | 240656 |
| **Zebra Technologies Corp.** | **Zebra Technologies Corp.** | **Zebra Technologies Corp.** |
| 6.50%, 06/01/32 *(b)(d)* | 912000 | 935490 |
| **Ziff Davis, Inc.** | **Ziff Davis, Inc.** | **Ziff Davis, Inc.** |
| 4.63%, 10/15/30 *(b)(d)* | 1158000 | 1041749 |
| **ZoomInfo Technologies LLC/ZoomInfo Finance Corp.** | **ZoomInfo Technologies LLC/ZoomInfo Finance Corp.** | **ZoomInfo Technologies LLC/ZoomInfo Finance Corp.** |
| 3.88%, 02/01/29 *(b)(d)* | 1309000 | 1130314 |
|  |  | **196842124** |
| ***Transportation 1.9%***  | ***Transportation 1.9%***  | ***Transportation 1.9%***  |
| **Allegiant Travel Co.** | **Allegiant Travel Co.** | **Allegiant Travel Co.** |
| 7.25%, 08/15/27 *(b)(d)* | 1260000 | 1272679 |
| **American Airlines, Inc.** | **American Airlines, Inc.** | **American Airlines, Inc.** |
| 7.25%, 02/15/28 *(b)(d)* | 1044000 | 1064618 |
| **American Airlines, Inc./AAdvantage Loyalty IP Ltd.** | **American Airlines, Inc./AAdvantage Loyalty IP Ltd.** | **American Airlines, Inc./AAdvantage Loyalty IP Ltd.** |
| 5.75%, 04/20/29 *(d)* | 3907000 | 3953832 |
| **Avis Budget Car Rental LLC/Avis Budget Finance, Inc.** | **Avis Budget Car Rental LLC/Avis Budget Finance, Inc.** | **Avis Budget Car Rental LLC/Avis Budget Finance, Inc.** |
| 5.75%, 07/15/27 *(b)(d)* | 2607000 | 2606663 |
| 4.75%, 04/01/28 *(b)(d)* | 495000 | 484001 |
| 5.38%, 03/01/29 *(a)(b)(d)* | 802000 | 768290 |
| 8.25%, 01/15/30 *(a)(b)(d)* | 1159000 | 1170086 |
| 8.00%, 02/15/31 *(a)(b)(d)* | 696000 | 690411 |
| 8.38%, 06/15/32 *(b)(d)* | 1048000 | 1031219 |
| **Beacon Mobility Corp.** | **Beacon Mobility Corp.** | **Beacon Mobility Corp.** |
| 7.25%, 08/01/30 *(b)(d)* | 800000 | 838512 |
| **Brightline East LLC** | **Brightline East LLC** | **Brightline East LLC** |
| 11.00%, 01/31/30 *(b)(d)* | 1933000 | 523523 |
| **Carriage Purchaser, Inc.** | **Carriage Purchaser, Inc.** | **Carriage Purchaser, Inc.** |
| 7.88%, 10/15/29 *(b)(d)* | 739000 | 721405 |
| **Clue Opco LLC** | **Clue Opco LLC** | **Clue Opco LLC** |
| 9.50%, 10/15/31 *(b)(d)* | 1363000 | 1412784 |
| **Danaos Corp.** | **Danaos Corp.** | **Danaos Corp.** |
| 8.50%, 03/01/28 *(b)(d)* | 1483000 | 1483000 |
| 6.88%, 10/15/32 *(b)(d)* | 727000 | 750366 |
| **Dcli Bidco LLC** | **Dcli Bidco LLC** | **Dcli Bidco LLC** |
| 7.75%, 11/15/29 *(b)(d)* | 1124000 | 1153788 |
| **First Student Bidco, Inc./First Transit Parent, Inc.** | **First Student Bidco, Inc./First Transit Parent, Inc.** | **First Student Bidco, Inc./First Transit Parent, Inc.** |
| 4.00%, 07/31/29 *(b)(d)* | 953000 | 924232 |
| **Genesee & Wyoming, Inc.** | **Genesee & Wyoming, Inc.** | **Genesee & Wyoming, Inc.** |
| 6.25%, 04/15/32 *(b)(d)* | 903000 | 931883 |
| **Hertz Corp.** | **Hertz Corp.** | **Hertz Corp.** |
| 12.63%, 07/15/29 *(b)(d)* | 1992000 | 1838256 |
| 5.00%, 12/01/29 *(a)(b)(d)* | 1841000 | 957481 |
| **JetBlue Airways Corp./JetBlue Loyalty LP** | **JetBlue Airways Corp./JetBlue Loyalty LP** | **JetBlue Airways Corp./JetBlue Loyalty LP** |
| 9.88%, 09/20/31 *(b)(d)* | 3207000 | 3262003 |
| **OneSky Flight LLC** | **OneSky Flight LLC** | **OneSky Flight LLC** |
| 8.88%, 12/15/29 *(b)(d)* | 619000 | 659244 |
| **Railworks Holdings LP/Railworks Rally, Inc.** | **Railworks Holdings LP/Railworks Rally, Inc.** | **Railworks Holdings LP/Railworks Rally, Inc.** |
| 8.25%, 11/15/28 *(b)(d)* | 785000 | 795779 |
| **Rand Parent LLC** | **Rand Parent LLC** | **Rand Parent LLC** |
| 8.50%, 02/15/30 *(b)(d)* | 1617000 | 1688133 |
| **RXO, Inc.** | **RXO, Inc.** | **RXO, Inc.** |
| 6.38%, 05/15/31 *(b)(d)* | 650000 | 634359 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Star Leasing Co. LLC** | **Star Leasing Co. LLC** | **Star Leasing Co. LLC** |
| 7.63%, 02/15/30 *(b)(d)* | 1247000 | 1187034 |
| **Stena International SA** | **Stena International SA** | **Stena International SA** |
| 7.25%, 01/15/31 *(b)(d)* | 1775000 | 1830959 |
| **Stonepeak Nile Parent LLC** | **Stonepeak Nile Parent LLC** | **Stonepeak Nile Parent LLC** |
| 7.25%, 03/15/32 *(b)(d)* | 887000 | 941841 |
| **United Airlines Holdings, Inc.** | **United Airlines Holdings, Inc.** | **United Airlines Holdings, Inc.** |
| 4.88%, 03/01/29 *(b)* | 1250000 | 1262142 |
| 5.38%, 03/01/31 *(b)* | 1550000 | 1582255 |
| **VistaJet Malta Finance PLC/Vista Management Holding, Inc.** | **VistaJet Malta Finance PLC/Vista Management Holding, Inc.** | **VistaJet Malta Finance PLC/Vista Management Holding, Inc.** |
| 7.88%, 05/01/27 *(b)(d)* | 546000 | 547777 |
| 9.50%, 06/01/28 *(b)(d)* | 819000 | 845387 |
| 6.38%, 02/01/30 *(a)(b)(d)* | 1763000 | 1642051 |
| **Watco Cos. LLC/Watco Finance Corp.** | **Watco Cos. LLC/Watco Finance Corp.** | **Watco Cos. LLC/Watco Finance Corp.** |
| 7.13%, 08/01/32 *(b)(d)* | 1454000 | 1530856 |
| **XPO CNW, Inc.** | **XPO CNW, Inc.** | **XPO CNW, Inc.** |
| 6.70%, 05/01/34  | 566000 | 610144 |
| **XPO, Inc.** | **XPO, Inc.** | **XPO, Inc.** |
| 7.13%, 06/01/31 *(b)(d)* | 897000 | 934108 |
| 7.13%, 02/01/32 *(b)(d)* | 957000 | 1003805 |
|  |  | **45534906** |
|  |  | **1966967468** |
| **Utility 3.8%** | **Utility 3.8%** | **Utility 3.8%** |
| ***Electric 3.8%***  | ***Electric 3.8%***  | ***Electric 3.8%***  |
| **AES Corp.** | **AES Corp.** | **AES Corp.** |
| 7.60%, 01/15/55 *(b)(c)* | 1375000 | 1383206 |
| 6.95%, 07/15/55 *(b)(c)* | 1050000 | 1015626 |
| **Algonquin Power & Utilities Corp.** | **Algonquin Power & Utilities Corp.** | **Algonquin Power & Utilities Corp.** |
| 4.75%, 01/18/82 *(b)(c)* | 1041000 | 1033062 |
| **Alpha Generation LLC** | **Alpha Generation LLC** | **Alpha Generation LLC** |
| 6.75%, 10/15/32 *(b)(d)* | 1405000 | 1462630 |
| 6.25%, 01/15/34 *(b)* | 1424000 | 1446944 |
| **Atlantica Sustainable Infrastructure Ltd.** | **Atlantica Sustainable Infrastructure Ltd.** | **Atlantica Sustainable Infrastructure Ltd.** |
| 4.13%, 06/15/28 *(b)(d)* | 664000 | 650113 |
| **California Buyer Ltd./Atlantica Sustainable Infrastructure PLC** | **California Buyer Ltd./Atlantica Sustainable Infrastructure PLC** | **California Buyer Ltd./Atlantica Sustainable Infrastructure PLC** |
| 6.38%, 02/15/32 *(b)(d)* | 1757000 | 1752971 |
| **Clearway Energy Operating LLC** | **Clearway Energy Operating LLC** | **Clearway Energy Operating LLC** |
| 4.75%, 03/15/28 *(b)(d)* | 1694000 | 1689283 |
| 3.75%, 02/15/31 *(b)(d)* | 1396000 | 1323364 |
| 3.75%, 01/15/32 *(b)(d)* | 744000 | 692388 |
| 5.75%, 01/15/34 *(b)(d)* | 925000 | 937623 |
| **Constellation Energy Generation LLC** | **Constellation Energy Generation LLC** | **Constellation Energy Generation LLC** |
| 4.63%, 02/01/29 *(b)(d)* | 1010000 | 1009990 |
| **ContourGlobal Power Holdings SA** | **ContourGlobal Power Holdings SA** | **ContourGlobal Power Holdings SA** |
| 6.75%, 02/28/30 *(b)(d)* | 350000 | 360938 |
| **DPL LLC** | **DPL LLC** | **DPL LLC** |
| 4.35%, 04/15/29 *(b)* | 696000 | 686072 |
| **Edison International** | **Edison International** | **Edison International** |
| 8.13%, 06/15/53 *(b)(c)* | 1464000 | 1522838 |
| 7.88%, 06/15/54 *(b)(c)* | 407000 | 423996 |
| **Electricite de France SA** | **Electricite de France SA** | **Electricite de France SA** |
| 9.13%, 03/15/33 *(b)(c)(d)(e)* | 2257000 | 2685478 |
| **EUSHI Finance, Inc.** | **EUSHI Finance, Inc.** | **EUSHI Finance, Inc.** |
| 7.63%, 12/15/54 *(b)(c)* | 949000 | 1002514 |
| 6.25%, 04/01/56 *(b)(c)* | 1192000 | 1201141 |
| **Hawaiian Electric Co., Inc.** | **Hawaiian Electric Co., Inc.** | **Hawaiian Electric Co., Inc.** |
| 6.00%, 10/01/33 *(b)(d)* | 531000 | 541480 |
| **Leeward Renewable Energy Operations LLC** | **Leeward Renewable Energy Operations LLC** | **Leeward Renewable Energy Operations LLC** |
| 4.25%, 07/01/29 *(b)(d)* | 1059000 | 999009 |

---

*See financial notes*

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

**29**

------

Schwab High Yield Bond ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Lightning Power LLC** | **Lightning Power LLC** | **Lightning Power LLC** |
| 7.25%, 08/15/32 *(b)(d)* | 2388000 | 2536801 |
| **Long Ridge Energy LLC** | **Long Ridge Energy LLC** | **Long Ridge Energy LLC** |
| 8.75%, 02/15/32 *(b)(d)* | 1017000 | 1092156 |
| **NOVA Chemicals Corp.** | **NOVA Chemicals Corp.** | **NOVA Chemicals Corp.** |
| 5.25%, 06/01/27 *(b)(d)* | 1559000 | 1568628 |
| 8.50%, 11/15/28 *(b)(d)* | 645000 | 676044 |
| 4.25%, 05/15/29 *(b)(d)* | 814000 | 799346 |
| 9.00%, 02/15/30 *(b)(d)* | 1123000 | 1194431 |
| 7.00%, 12/01/31 *(b)(d)* | 515000 | 550696 |
| **NRG Energy, Inc.** | **NRG Energy, Inc.** | **NRG Energy, Inc.** |
| 5.75%, 01/15/28 *(b)* | 980000 | 980446 |
| 3.38%, 02/15/29 *(b)(d)* | 832000 | 802345 |
| 5.25%, 06/15/29 *(b)(d)* | 2019000 | 2027397 |
| 5.75%, 07/15/29 *(b)(d)* | 2435000 | 2440681 |
| 3.63%, 02/15/31 *(b)(d)* | 1302000 | 1229604 |
| 3.88%, 02/15/32 *(b)(d)* | 701000 | 656771 |
| 6.00%, 02/01/33 *(b)(d)* | 1813000 | 1857824 |
| 5.75%, 01/15/34 *(b)(d)* | 1461000 | 1482683 |
| 6.25%, 11/01/34 *(b)(d)* | 1829000 | 1892455 |
| 6.00%, 01/15/36 *(b)(d)* | 3564000 | 3629157 |
| **PacifiCorp** | **PacifiCorp** | **PacifiCorp** |
| 7.38%, 09/15/55 *(b)(c)* | 1529000 | 1549492 |
| 7.13%, 08/15/56 *(b)(c)* | 1400000 | 1376299 |
| **Pattern Energy Operations LP/Pattern Energy Operations, Inc.** | **Pattern Energy Operations LP/Pattern Energy Operations, Inc.** | **Pattern Energy Operations LP/Pattern Energy Operations, Inc.** |
| 4.50%, 08/15/28 *(b)(d)* | 1184000 | 1170964 |
| **PG&E Corp.** | **PG&E Corp.** | **PG&E Corp.** |
| 5.00%, 07/01/28 *(b)* | 1174000 | 1171595 |
| 5.25%, 07/01/30 *(b)* | 2235000 | 2238158 |
| 7.38%, 03/15/55 *(b)(c)* | 2305000 | 2386062 |
| 6.85%, 09/15/56 *(b)(c)* | 1250000 | 1248276 |
| **Talen Energy Supply LLC** | **Talen Energy Supply LLC** | **Talen Energy Supply LLC** |
| 8.63%, 06/01/30 *(b)(d)* | 1560000 | 1646349 |
| 6.25%, 02/01/34 *(b)(d)* | 2200000 | 2240017 |
| 6.50%, 02/01/36 *(b)(d)* | 2132000 | 2193280 |
| **TerraForm Power Operating LLC** | **TerraForm Power Operating LLC** | **TerraForm Power Operating LLC** |
| 5.00%, 01/31/28 *(b)(d)* | 1271000 | 1275259 |
| 4.75%, 01/15/30 *(b)(d)* | 1085000 | 1063350 |
| **TransAlta Corp.** | **TransAlta Corp.** | **TransAlta Corp.** |
| 5.88%, 02/01/34 *(b)(d)* | 205000 | 206401 |
| 6.50%, 03/15/40  | 846000 | 854785 |
| **TXNM Energy, Inc.** | **TXNM Energy, Inc.** | **TXNM Energy, Inc.** |
| 7.00%, 07/31/56 *(b)(c)(d)* | 723000 | 734872 |
| **Vistra Operations Co. LLC** | **Vistra Operations Co. LLC** | **Vistra Operations Co. LLC** |
| 5.00%, 07/31/27 *(b)(d)* | 1890000 | 1891036 |
| 4.38%, 05/01/29 *(b)(d)* | 2361000 | 2336952 |
| 7.75%, 10/15/31 *(b)(d)* | 2601000 | 2749855 |
| 6.88%, 04/15/32 *(b)(d)* | 1742000 | 1833438 |
| **VoltaGrid LLC** | **VoltaGrid LLC** | **VoltaGrid LLC** |
| 7.38%, 11/01/30 *(b)(d)* | 2825000 | 2951168 |
| **XPLR Infrastructure Operating Partners LP** | **XPLR Infrastructure Operating Partners LP** | **XPLR Infrastructure Operating Partners LP** |
| 4.50%, 09/15/27 *(b)(d)* | 1639000 | 1632939 |
| 7.25%, 01/15/29 *(b)(d)* | 929000 | 964707 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 8.38%, 01/15/31 *(a)(b)(d)* | 1753000 | 1857076 |
| 8.63%, 03/15/33 *(b)(d)* | 1246000 | 1319544 |
| 7.75%, 04/15/34 *(b)(d)* | 1000000 | 1037446 |
|  |  | **89167451** |
| **Total Corporates** <br>**(Cost $2,330,640,977)** | **Total Corporates** <br>**(Cost $2,330,640,977)** | **2333800072** |

---

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Short-Term Investments** 4.1% OF NET ASSETS | **Short-Term Investments** 4.1% OF NET ASSETS | **Short-Term Investments** 4.1% OF NET ASSETS |
| **Money Market Funds 4.1%** | **Money Market Funds 4.1%** | **Money Market Funds 4.1%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 3.63% *(k)*<br>| 23795090 | 23795090 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 3.63% *(k)(l)*<br>| 71565318 | 71565318 |
|  |  | **95360408** |
| **Total Short-Term Investments** <br>**(Cost $95,360,408)** | **Total Short-Term Investments** <br>**(Cost $95,360,408)** | **95360408** |
| **Total Investments in Securities** <br>**(Cost $2,426,001,385)** | **Total Investments in Securities** <br>**(Cost $2,426,001,385)** | **2429160480** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* All or a portion of this security is on loan. Securities on loan were valued at $68,154,206.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* The effective maturity may be shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or as the result of embedded demand features (puts or calls).

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* Security is in a fixed-rate coupon period. Based on index eligibility requirements and the fund's investment objective this security will be removed from the index prior to converting to a floating rate security.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $1,941,735,526 or 82.0% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* Perpetual security. Maturity date represents the next call date.

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* Step up security that pays an initial coupon rate for a set period and increased coupon rates at one or more preset intervals. Rate shown is as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* Security or a portion of the security purchased on a delayed-delivery or when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;*(h)* Subsequent to the end of the reporting period, the issuer filed for bankruptcy.

&nbsp;&nbsp;&nbsp;&nbsp;*(i)* Security placed in non-accrual status.

&nbsp;&nbsp;&nbsp;&nbsp;*(j)* Security is in default on interest payments.

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

&nbsp;&nbsp;&nbsp;&nbsp;*(l)* Security purchased with cash collateral received for securities on loan.

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

DAC — Designated Activity Company <br> REIT — Real Estate Investment Trust

*See financial notes*

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

------

Schwab High Yield Bond ETF

Portfolio Holdings as of February 28, 2026 (Unaudited) (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>** |  |  |  |  |
| Corporates<sup>1</sup> <br>| $— | &nbsp;&nbsp; $2333800072 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2333800072 |
| Short-Term Investments<sup>1</sup> <br>| 95360408 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 95360408 |
| **Total** | **$95360408** | &nbsp;&nbsp; **$2333800072** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$2429160480** |

---

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

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

*See financial notes*

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

**31**

------

Schwab High Yield Bond ETF

Statement of Assets and Liabilities

------

As of February 28, 2026; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $2,426,001,385) including securities on loan of $68,154,206 |  | $2429160480 |
| Receivables: |  |  |
| Interest |  | 40500423 |
| Investments sold |  | 14545684 |
| Income from securities on loan |  | 96634 |
| Dividends | + | 34553 |
| **Total assets** |  | **2484337774** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 71565318 |
| Payables: |  |  |
| Investments bought |  | 22110558 |
| Investments bought - delayed-delivery |  | 11246288 |
| Fund shares redeemed |  | 10586436 |
| Due to custodian  |  | 53648 |
| Management fees | + | 53398 |
| **Total liabilities** |  | **115615646** |
| **Net assets** |  | **$2368722128** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $2355111761 |
| Total distributable earnings | + | 13610367 |
| **Net assets** |  | **$2368722128** |

---

&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** |
| $2368722128 |  | &nbsp;&nbsp;&nbsp;&nbsp; 89500000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $26.47 |

---

*See financial notes*

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

------

Schwab High Yield Bond ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited | For the period September 1, 2025 through February 28, 2026; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated issuers |  | $67316382 |
| Dividends received from securities - unaffiliated issuers  |  | 215544 |
| Securities on loan, net | + | 499542 |
| **Total investment income**  |  | **68031468** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 288847 |
| **Total expenses** | – | **288847** |
| **Net investment income** |  | **67742621** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (2648484)<br>|
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  | + | 1438522 |
| **Net realized losses** |  | **(1209962)**<br>|
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers** | + | **(13321837)**<br>|
| **Net realized and unrealized losses** |  | **(14531799)**<br>|
| **Increase in net assets resulting from operations** |  | **$53210822** |

---

*See financial notes*

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

**33**

------

Schwab High Yield Bond ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 |
| Net investment income |  | $67742621 | &nbsp;&nbsp;&nbsp; $65269110 |
| Net realized losses |  | (1209962)<br>| &nbsp;&nbsp;&nbsp; (164787)<br>|
| Net change in unrealized appreciation (depreciation) | + | (13321837)<br>| &nbsp;&nbsp;&nbsp; 7825822 |
| **Increase in net assets resulting from operations** |  | **$53210822** | &nbsp;&nbsp;&nbsp; **$72930145** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($63063040)**<br>| &nbsp;&nbsp;&nbsp; **($60212470)**<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>  |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 | 9/1/24-8/31/25 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 38900000 | &nbsp;&nbsp;&nbsp; $1031484971 | &nbsp;&nbsp;&nbsp; 38400000 | &nbsp;&nbsp;&nbsp; $1010849359 |
| Shares redeemed | + | (3100000)<br>| &nbsp;&nbsp;&nbsp; (82265806)<br>| &nbsp;&nbsp;&nbsp; (1300000)<br>| &nbsp;&nbsp;&nbsp; (33360191)<br>|
| **Net transactions in fund shares**  |  | **35800000** | &nbsp;&nbsp;&nbsp; **$949219165** | &nbsp;&nbsp;&nbsp; **37100000** | &nbsp;&nbsp;&nbsp; **$977489168** |
| **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>  |
|  | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/25-2/28/26 | 9/1/24-8/31/25 | 9/1/24-8/31/25 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 53700000 | &nbsp;&nbsp;&nbsp; $1429355181 | &nbsp;&nbsp;&nbsp; 16600000 | &nbsp;&nbsp;&nbsp; $439148338 |
| Total increase | + | 35800000 | &nbsp;&nbsp;&nbsp; 939366947 | &nbsp;&nbsp;&nbsp; 37100000 | &nbsp;&nbsp;&nbsp; 990206843 |
| **End of period** |  | **89500000** | &nbsp;&nbsp;&nbsp; **$2368722128** | &nbsp;&nbsp;&nbsp; **53700000** | &nbsp;&nbsp;&nbsp; **$1429355181** |

---

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

<sup>1</sup> For the period ended August 31, 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*

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

------

Schwab Fixed-Income ETFs

Financial Notes, unaudited

------

&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 Mortgage-Backed Securities ETF**  | Schwab U.S. TIPS ETF |
| **Schwab High Yield Bond ETF** | Schwab Short-Term U.S. Treasury ETF |
| Schwab U.S. Broad Market ETF | Schwab Intermediate-Term U.S. Treasury ETF |
| Schwab 1000 Index<sup>®</sup>ETF | Schwab Long-Term U.S. Treasury ETF |
| Schwab U.S. Large-Cap ETF | Schwab U.S. Aggregate Bond ETF |
| Schwab U.S. Large-Cap Growth ETF | Schwab 1-5 Year Corporate Bond ETF |
| Schwab U.S. Large-Cap Value ETF | Schwab 5-10 Year Corporate Bond ETF |
| Schwab U.S. Mid-Cap ETF | Schwab Fundamental U.S. Broad Market ETF |
| Schwab U.S. Small-Cap ETF | Schwab Fundamental U.S. Large Company ETF |
| Schwab U.S. Dividend Equity ETF | Schwab Fundamental U.S. Small Company ETF |
| Schwab Municipal Bond 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 U.S. REIT ETF | Schwab Core Bond ETF |
| Schwab Ultra-Short Income 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 High Yield Bond ETF's** goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of U.S. dollar denominated below investment grade corporate debt. To pursue its goal, the fund generally invests in securities that are included in the ICE BofA US Cash Pay High Yield Constrained Index.

The **Schwab Mortgage-Backed Securities ETF's** goal is to track as closely as possible, before fees and expenses, the total return of an index composed of investment-grade mortgage-backed securities issued and/or guaranteed by U.S. government agencies. To pursue its goal, the fund generally invests in securities that are included in the Bloomberg US MBS Float Adjusted Total Return Index.

------

**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).

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

**35**

------

Schwab Fixed-Income ETFs

Financial Notes, unaudited (continued)

------

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

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

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

**(a) Security Valuation:**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Bonds and notes:** Fixed income investments are generally valued using an evaluated price at the mid-point of the bid/ask spread provided by an approved, independent pricing service (mid-price). To determine the evaluated mid-price, a pricing service may use a variety of techniques and inputs. Techniques may include, but are not limited to, spread models that calculate an investment-specific price relative to a benchmark or yield curve models that establish a price based on yields of comparable bonds along a range of maturities. Inputs differ by valuation approach and techniques, as appropriate, and examples of inputs may include, but are not limited to, interest rates, market conditions, comparable bonds, market trades, projected cash flows, credit reviews and issuer news.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Short-term securities (60 days or less to maturity):** Securities with remaining maturities of 60 days or less are generally valued at an evaluated price; however, such securities may be valued at their amortized cost if it approximates the security's fair value.

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

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

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the funds disclose the fair value of their investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or 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.

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

------

Schwab Fixed-Income ETFs

Financial Notes, unaudited (continued)

------

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Valuation Designee's assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore a fund's results of operations.

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

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

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

**TBA Commitments:** The Schwab Mortgage-Backed Securities ETF may enter into "TBA" (to-be-announced) commitments to purchase or sell securities for a fixed price at a future date. Payments or proceeds of TBA commitments are not delivered until the contractual settlement date. Unsettled TBA commitments are valued at the current market value generally according to the procedures described above in the Security Valuation section. The fund's use of TBA commitments may cause the fund to experience higher portfolio turnover and higher transaction costs.

**Agency MBS and TBA Transactions:** Under Financial Industry Regulatory Authority Rule 4210, broker-dealers are required to collect margin from most customers, such as funds, for the majority of covered agency transactions, including TBAs. The Schwab Mortgage-Backed Securities ETF posts and receives variation margin with certain counterparties in instances where the unrealized gain (loss) on such transactions exceeds certain pre-determined thresholds. The variation margin, if any, is disclosed in the Statement of Assets and Liabilities.

**Delayed-Delivery Transactions and When-Issued Securities:** The funds may transact in securities on a delayed-delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed-delivery or when-issued basis are identified as such in each fund's Portfolio Holdings, if any. The funds may receive compensation for interest forgone in the purchase of a delayed-delivery or when-issued security. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors. The funds comply with Rule 18f-4 under the 1940 Act, the funds operate as limited derivatives users, with respect to purchase commitments held within the funds, portfolio securities are no longer required to be segregated as collateral with a value at least equal to the amount of a purchase commitment and the funds' exposure is monitored under a derivatives risk management program.

**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

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

**37**

------

Schwab Fixed-Income ETFs

Financial Notes, unaudited (continued)

------

&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, Schwab High Yield Bond ETF had securities on loan, all of which were classified as corporate bonds. The value of securities on loan and the related collateral as of 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. Gains and losses from paydowns on mortgage and asset backed securities are recorded as adjustments to interest income.

**(d) Investment Income:**

Interest income is recorded as it accrues. If a fund buys a debt security at a discount (less than face value) or a premium (more than face value), it amortizes premiums and accretes discounts from the purchase settlement date up to maturity. The fund then increases (in the case of discounts) or reduces (in the case of premiums) the income it records from the security. Certain securities may be callable (meaning that the issuer has the option to pay it off before its maturity date). The fund amortizes the premium and accretes the discount on each callable security to the security's maturity date, except when the purchase price is higher than the call price at the security's call date (in which case the premium is amortized to the call date). Debt securities may be placed on non-accrual status and set to accrue at a rate of interest less than the contractual coupon or have the interest receivable written off when the collection of all or a portion of interest has become doubtful. Dividends and distributions from underlying funds are recorded on the date they are effective (the ex-dividend date). Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

**(e) Expenses:**

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

**(f) U.S. Treasury, Agency Debt & Agency MBS Charges:**

Due to market conditions or other reasons, delivery of U.S. Treasury securities, agency debt and agency MBS may not occur on a timely basis. In these instances, a fund may fail to receive a security purchased causing the fund to be unable to deliver a security sold. The Treasury Market Practices Group of the Federal Reserve Bank of New York recommends voluntary fail charges when securities are not delivered as agreed by the parties. These fail charges, if any, are included in net realized gains (losses) on sales of securities — unaffiliated issuers in each fund's Statement of Operations.

**(g) Distributions to Shareholders:**

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

**(h) Accounting Estimates:**

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

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

------

Schwab Fixed-Income ETFs

Financial Notes, unaudited (continued)

------

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

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

**(i) Federal Income Taxes:**

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

**(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> MORTGAGE-BACKED SECURITIES<br> ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCHWAB<br> HIGH YIELD<br> BOND ETF<br>|
| 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<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.

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

**39**

------

Schwab Fixed-Income ETFs

Financial Notes, unaudited (continued)

------

&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.

------

**5. Borrowing from Banks:**

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

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

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

------

**6. Purchases and Sales/Maturities of Investment Securities:**

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

---

| | | |
|:---|:---|:---|
|  | PURCHASES <br>OF SECURITIES <br>| SALES/MATURITIES <br>OF SECURITIES<br>|
| Schwab Mortgage-Backed Securities ETF | $992720657 | &nbsp;&nbsp; $549787333 |
| Schwab High Yield Bond ETF  | 219241611 | &nbsp;&nbsp; 195321434 |

---

------

**7. In-Kind Transactions:**

The consideration for the purchase of Creation Units of a fund consists of the in-kind deposit of a designated portfolio of fixed-income securities, which constitutes an optimized representation of the securities involved in the fund's underlying index, and an amount of cash. Investors purchasing and redeeming Creation Units are subject to a standard creation transaction fee and a standard redemption transaction fee paid to the custodian to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Purchasers and redeemers of Creation Units for cash are subject to an additional variable charge paid to the fund that will offset the transaction costs to the fund of buying or selling portfolio securities. Variable charges for the Schwab High Yield Bond ETF are recorded in the Transactions In Fund Shares section in the Statement of Changes in Net Assets and generally have no effect on the net asset value per share. For the Schwab Mortgage-Backed Securities ETF, variable charges are recorded in the Transactions In Fund Shares section in Other Capital in the Statement of Changes in Net Assets and in Per-Share Data 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.

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

------

Schwab Fixed-Income ETFs

Financial Notes, unaudited (continued)

------

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

**7. In-Kind Transactions:** (continued):

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 Mortgage-Backed Securities ETF | $205242239 | &nbsp;&nbsp; $— |
| Schwab High Yield Bond ETF  | 1003370238 | &nbsp;&nbsp; 81320675 |

---

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.

------

**8. 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 Mortgage-Backed Securities ETF | $6095459845 | &nbsp;&nbsp; $225214094 | &nbsp;&nbsp; ($119709)<br>| &nbsp;&nbsp; $225094385 |
| Schwab High Yield Bond ETF  | 2426001385 | &nbsp;&nbsp; 35037494 | &nbsp;&nbsp; (31878399)<br>| &nbsp;&nbsp; 3159095 |

---

The primary difference between book basis and tax basis unrealized appreciation or unrealized depreciation of investments is the tax deferral of losses on wash sales. The tax cost of the funds' investments, disclosed above, have been adjusted from their book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of August 31, 2025, the funds had capital loss carryforwards available as follows:

---

| | |
|:---|:---|
| Schwab Mortgage-Backed Securities ETF | $1876777 |
| Schwab High Yield Bond ETF  | 608123 |

---

The tax basis components of distributions and components of distributable earnings on a tax basis are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of February 28, 2026. The tax basis components of distributions paid during the fiscal year ended August 31, 2025, were as follows:

---

| | |
|:---|:---|
|  | PRIOR FISCAL YEAR END DISTRIBUTIONS |
|  | ORDINARY <br>INCOME <br>|
| Schwab Mortgage-Backed Securities ETF | $75728580 |
| Schwab High Yield Bond ETF  | 60212470 |

---

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

As of August 31, 2025, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds' financial statements. During the fiscal year ended August 31, 2025, the funds did not incur any interest or penalties.

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

**41**

------

Schwab Fixed-Income ETFs

Financial Notes, unaudited (continued)

------

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

**9. Share Splits:**

Effective September 25, 2024, the Board of Trustees authorized a 2-for-1 share split for Schwab High Yield Bond ETF, which 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. The share split did not change the total market value of a shareholder's investment. The Financial Highlights and Statement of Changes in Net Assets for the Schwab High Yield Bond ETF have been retroactively adjusted to reflect the share split in the prior periods presented.

------

**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.

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

------

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

------

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

Not applicable.

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

**43**

------

Proxy Disclosures for Open-End Management Investment Companies

------

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

Not applicable.

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

------

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

------

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

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

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

**45**

------

Statement Regarding Basis for Approval of Investment Advisory Contract

------

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

Not applicable.

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

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g680386imgb826fb6d1.jpg)

MFR123731-02

00323321

------

#### 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) | Code of ethics – not applicable to this semi-annual report. |
|  | (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.](d50418dex99cert.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-CSRS with the Commission.](d50418dex99906cert.htm) | [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-CSRS with the Commission.](d50418dex99906cert.htm) |

---

------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the 1940 Act, 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. Equity ETFs</u><u>,</u> <u>Schwab International Equity ETFs</u> <u>and Schwab</u> <u>Fixed-Income 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 1940 Act, 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.Cert

**<u>CERTIFICATIONS</u>**

I, Omar Aguilar, certify that:

1. I have reviewed this report on Form N-CSRS for the following series of Schwab Strategic Trust: Schwab International Dividend Equity ETF, Schwab International Equity ETF, Schwab International Small-Cap Equity ETF, Schwab Emerging Markets Equity ETF, Schwab U.S. Broad Market ETF, Schwab 1000 Index ETF, Schwab U.S. Large-Cap ETF, Schwab U.S. Large-Cap Growth ETF, Schwab U.S. Large-Cap Value ETF, Schwab U.S. Mid-Cap ETF, Schwab U.S. Small-Cap ETF, Schwab U.S. Dividend Equity ETF, Schwab High Yield Bond ETF and Schwab Mortgage-Backed Securities 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-CSRS for the following series of Schwab Strategic Trust: Schwab International Dividend Equity ETF, Schwab International Equity ETF, Schwab International Small-Cap Equity ETF, Schwab Emerging Markets Equity ETF, Schwab U.S. Broad Market ETF, Schwab 1000 Index ETF, Schwab U.S. Large-Cap ETF, Schwab U.S. Large-Cap Growth ETF, Schwab U.S. Large-Cap Value ETF, Schwab U.S. Mid-Cap ETF, Schwab U.S. Small-Cap ETF, Schwab U.S. Dividend Equity ETF, Schwab High Yield Bond ETF and Schwab Mortgage-Backed Securities 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 Semiannual Report for the following series of Schwab Strategic Trust: Schwab International Dividend Equity ETF, Schwab International Equity ETF, Schwab International Small-Cap Equity ETF, Schwab Emerging Markets Equity ETF, Schwab U.S. Broad Market ETF, Schwab 1000 Index ETF, Schwab U.S. Large-Cap ETF, Schwab U.S. Large-Cap Growth ETF, Schwab U.S. Large-Cap Value ETF, Schwab U.S. Mid-Cap ETF, Schwab U.S. Small-Cap ETF, Schwab U.S. Dividend Equity ETF, Schwab High Yield Bond ETF and Schwab Mortgage-Backed Securities ETF (the "Funds") on Form N-CSRS 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<br> Principal Executive Officer (Chief Executive Officer) |  |  |

---

---

| | | |
|:---|:---|:---|
| /s/ Dana Smith | Date: | April 16, 2026 |
| Dana Smith<br> Principal Financial Officer (Chief Financial Officer) |  |  |

---

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-CSRS with the Commission.