# EDGAR Filing Document

**Accession Number:** 0001454889
**File Stem:** 0001193125-25-194717
**Filing Date:** 2025-9
**Character Count:** 2287696
**Document Hash:** c1b246693219e9568536a702555baf7a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-194717.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001193125-25-194717

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 42

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**EFFECTIVENESS DATE**: 20250903

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22311
- **FILM NUMBER:** 251288260

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? N-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 Fixed-Income

ETFs, Schwab Core Bond ETF, Schwab Government

Money Market ETF and Schwab Ultra-Short Income

ETF

(Exact name of registrant as specified in charter)

------

211 Main Street, San Francisco, California 94105

(Address of principal executive offices) (Zip code)

------

Omar Aguilar

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

Schwab Ultra-Short Income ETF

211 Main Street, San Francisco, California 94105

(Name and address of agent for service)

------

Registrant's telephone number, including area code: (415) 636-7000

Date of fiscal year end: December 31

Date of reporting period: June 30, 2025

------

Item 1: Report(s) to Shareholders.

------

![](g17124g2imga879bddc1.jpg)

**Semiannual Report \|** June 30, 2025

Schwab U.S. TIPS ETF

**Ticker Symbol: SCHP**

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

------

This semiannual shareholder report contains important information about the fund for the period of January 1, 2025, to June 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED June 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab U.S. TIPS ETF | $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. TIPS ETF (08/05/2010)<br>1,2<br>| 4.66% | &nbsp;&nbsp;&nbsp;&nbsp;5.80% | &nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;2.62% |
| Bloomberg US Aggregate Bond Index<br>3<br>| 4.02% | &nbsp;&nbsp;&nbsp;&nbsp;6.08% | &nbsp;&nbsp;&nbsp;&nbsp;-0.73% | &nbsp;&nbsp;&nbsp;&nbsp;1.76% |
| Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)<br>SM<br>| 4.67% | &nbsp;&nbsp;&nbsp;&nbsp;5.84% | &nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;2.67% |

---

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

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

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

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

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

Index ownership — Bloomberg®

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

SM

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

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

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

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

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

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

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

reinvested in the fund at NAV.

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

securities that are included in the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)

SM

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

Schwab U.S. TIPS ETF \| Semiannual Report

REG124717-01 00315753

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $12990 |
| Number of Holdings | 49 |
| Portfolio Turnover Rate<br>(not annualized; excludes in-kind transactions)<br>| 12% |
| Weighted Average Maturity<br>(Source: Aladdin)<br>| 7.1 Yrs |
| Weighted Average Duration<br>(Source: Aladdin)<br>| 6.4 Yrs |

---

Portfolio Composition By Security Type % of Investments

![](g17124g2img925956902.jpg)

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

Portfolio holdings may have changed since the report date.

Less than 0.05%.

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

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

------

![](g17124g3img9dd756b21.jpg)

Semiannual Report \| June 30, 2025

Schwab Short-Term U.S. Treasury ETF

**Ticker Symbol: SCHO**

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

------

This semiannual shareholder report contains important information about the fund for the period of January 1, 2025, to June 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

.

You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED June 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br> $10,000 INVESTMENT<br>| &nbsp;&nbsp; COSTS PAID AS A<br> PERCENTAGE OF A<br> $10,000 INVESTMENT<br>|
| Schwab Short-Term U.S. Treasury ETF | $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 Short-Term U.S. Treasury ETF (08/05/2010)<br>1,2<br>| 2.80% | &nbsp;&nbsp;&nbsp;&nbsp; 5.69% | &nbsp;&nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp;&nbsp; 1.54% |
| Bloomberg US Aggregate Bond Index<br>3<br>| 4.02% | &nbsp;&nbsp;&nbsp;&nbsp; 6.08% | &nbsp;&nbsp;&nbsp;&nbsp; -0.73% | &nbsp;&nbsp;&nbsp;&nbsp; 1.76% |
| Bloomberg US Treasury 1-3 Year Index | 2.84% | &nbsp;&nbsp;&nbsp;&nbsp; 5.72% | &nbsp;&nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp;&nbsp; 1.59% |

---

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

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

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

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

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

Index ownership — Bloomberg®

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

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

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

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

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

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

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

reinvested in the fund at NAV.

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

securities that are included in the Bloomberg US Treasury 1-3 Year Index. The fund does not seek to track the regulatory index.

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

REG124715-01 00315766

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $11030 |
| Number of Holdings | 97 |
| Portfolio Turnover Rate<br> (not annualized; excludes in-kind transactions)<br>| 34% |
| Weighted Average Maturity<br> (Source: Aladdin)<br>| 2.0 Yrs |
| Weighted Average Duration<br> (Source: Aladdin)<br>| 1.9 Yrs |

---

Portfolio Composition By Security Type % of Investments

![](g17124g3img1590b7672.jpg)

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

Portfolio holdings may have changed since the report date.

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

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

------

![](g17124g4imge385cf361.jpg)

Semiannual Report \| June 30, 2025

Schwab Intermediate-Term U.S. Treasury ETF

**Ticker Symbol: SCHR**

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

------

This semiannual shareholder report contains important information about the fund for the period of January 1, 2025, to June 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

.

You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED June 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br> $10,000 INVESTMENT<br>| &nbsp;&nbsp; COSTS PAID AS A<br> PERCENTAGE OF A<br> $10,000 INVESTMENT<br>|
| Schwab Intermediate-Term U.S. Treasury ETF | $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 Intermediate-Term U.S. Treasury ETF (08/05/2010)<br>1,2<br>| 4.84% | &nbsp;&nbsp;&nbsp;&nbsp; 6.65% | &nbsp;&nbsp;&nbsp;&nbsp; -0.76% | &nbsp;&nbsp;&nbsp;&nbsp; 1.47% |
| Bloomberg US Aggregate Bond Index<br>3<br>| 4.02% | &nbsp;&nbsp;&nbsp;&nbsp; 6.08% | &nbsp;&nbsp;&nbsp;&nbsp; -0.73% | &nbsp;&nbsp;&nbsp;&nbsp; 1.76% |
| Bloomberg US Treasury 3-10 Year Index | 4.84% | &nbsp;&nbsp;&nbsp;&nbsp; 6.67% | &nbsp;&nbsp;&nbsp;&nbsp; -0.72% | &nbsp;&nbsp;&nbsp;&nbsp; 1.52% |

---

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

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

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

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

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

Index ownership — Bloomberg®

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

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

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

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

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

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

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

reinvested in the fund at NAV.

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

securities that are included in the Bloomberg US Treasury 3-10 Year Index. The fund does not seek to track the regulatory index.

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

REG124712-01 00315776

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $10920 |
| Number of Holdings | 104 |
| Portfolio Turnover Rate<br> (not annualized; excludes in-kind transactions)<br>| 21% |
| Weighted Average Maturity<br> (Source: Aladdin)<br>| 5.6 Yrs |
| Weighted Average Duration<br> (Source: Aladdin)<br>| 4.9 Yrs |

---

Portfolio Composition By Security Type % of Investments

![](g17124g4img8a9a08142.jpg)

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

Portfolio holdings may have changed since the report date.

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

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

------

![](g17124g5img64306c421.jpg)

Semiannual Report \| June 30, 2025

Schwab Long-Term U.S. Treasury ETF

**Ticker Symbol: SCHQ**

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

------

This semiannual shareholder report contains important information about the fund for the period of January 1, 2025, to June 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED June 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br> $10,000 INVESTMENT<br>| &nbsp;&nbsp; COSTS PAID AS A<br> PERCENTAGE OF A<br> $10,000 INVESTMENT<br>|
| Schwab Long-Term U.S. Treasury ETF | $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 | Since Inception\* |
| Fund: Schwab Long-Term U.S. Treasury ETF (10/10/2019)<br>1,2<br>| 3.24% | &nbsp;&nbsp;&nbsp;&nbsp; 1.54% | &nbsp;&nbsp;&nbsp;&nbsp; -8.24% | &nbsp;&nbsp;&nbsp;&nbsp; -4.91% |
| Bloomberg US Aggregate Bond Index<br>3<br>| 4.02% | &nbsp;&nbsp;&nbsp;&nbsp; 6.08% | &nbsp;&nbsp;&nbsp;&nbsp; -0.73% | &nbsp;&nbsp;&nbsp;&nbsp; 0.37% |
| Bloomberg US Long Treasury Index | 3.08% | &nbsp;&nbsp;&nbsp;&nbsp; 1.56% | &nbsp;&nbsp;&nbsp;&nbsp; -8.22% | &nbsp;&nbsp;&nbsp;&nbsp; -4.89% |

---

&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 — Bloomberg®

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

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

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

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

\*

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

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

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

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

reinvested in the fund at NAV.

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

securities that are included in the Bloomberg US Long Treasury Index. The fund does not seek to track the regulatory index.

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

REG124713-01 00315777

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (thousands) | $758831 |
| Number of Holdings | 93 |
| Portfolio Turnover Rate<br> (not annualized; excludes in-kind transactions)<br>| 10% |
| Weighted Average Maturity<br> (Source: Aladdin)<br>| 22.1 Yrs |
| Weighted Average Duration<br> (Source: Aladdin)<br>| 14.2 Yrs |

---

Portfolio Composition By Security Type % of Investments

![](g17124g5img464a36a22.jpg)

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

Portfolio holdings may have changed since the report date.

Less than 0.05%.

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

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

------

![](g17124g6imge888a9bb1.jpg)

Semiannual Report \| June 30, 2025

Schwab U.S. Aggregate Bond ETF

**Ticker Symbol: SCHZ**

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

------

This semiannual shareholder report contains important information about the fund for the period of January 1, 2025, to June 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED June 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab U.S. Aggregate Bond ETF | $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. Aggregate Bond ETF (07/14/2011)<br>1,2<br>| 4.07% | &nbsp;&nbsp;&nbsp;&nbsp;6.05% | &nbsp;&nbsp;&nbsp;&nbsp;-0.78% | &nbsp;&nbsp;&nbsp;&nbsp;1.69% |
| Bloomberg US Aggregate Bond Index | 4.02% | &nbsp;&nbsp;&nbsp;&nbsp;6.08% | &nbsp;&nbsp;&nbsp;&nbsp;-0.73% | &nbsp;&nbsp;&nbsp;&nbsp;1.76% |

---

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

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

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

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

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

Index ownership — Bloomberg®

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

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

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

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

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

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

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

reinvested in the fund at NAV.

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

REG124716-01 00315752

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $8591 |
| Number of Holdings | 11101 |
| Portfolio Turnover Rate<br>(not annualized; excludes in-kind transactions)<br>| 19% |
| Weighted Average Maturity<br>(Source: Aladdin)<br>| 8.1 Yrs |
| Weighted Average Duration<br>(Source: Aladdin)<br>| 5.9 Yrs |

---

Portfolio Composition By Security Type % of Investments

![](g17124g6imgb8b061f72.jpg)

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

Portfolio holdings may have changed since the report date.

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

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

------

![](g17124g7imgb83250571.jpg)

Semiannual Report \| June 30, 2025

Schwab 1-5 Year Corporate Bond ETF

**Ticker Symbol: SCHJ**

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

------

This semiannual shareholder report contains important information about the fund for the period of January 1, 2025, to June 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED June 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br> $10,000 INVESTMENT<br>| &nbsp;&nbsp; COSTS PAID AS A<br> PERCENTAGE OF A<br> $10,000 INVESTMENT<br>|
| Schwab 1-5 Year Corporate Bond ETF | $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 | Since Inception\* |
| Fund: Schwab 1-5 Year Corporate Bond ETF (10/10/2019)<br>1,2<br>| 3.78% | &nbsp;&nbsp;&nbsp;&nbsp; 7.24% | &nbsp;&nbsp;&nbsp;&nbsp; 2.02% | &nbsp;&nbsp;&nbsp;&nbsp; 2.43% |
| Bloomberg US Aggregate Bond Index<br>3<br>| 4.02% | &nbsp;&nbsp;&nbsp;&nbsp; 6.08% | &nbsp;&nbsp;&nbsp;&nbsp; -0.73% | &nbsp;&nbsp;&nbsp;&nbsp; 0.37% |
| Bloomberg US 1-5 Year Corporate Bond Index | 3.80% | &nbsp;&nbsp;&nbsp;&nbsp; 7.26% | &nbsp;&nbsp;&nbsp;&nbsp; 2.09% | &nbsp;&nbsp;&nbsp;&nbsp; 2.50% |

---

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

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

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

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

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

Index ownership — Bloomberg®

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

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

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

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

\*

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

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

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

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

reinvested in the fund at NAV.

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

securities that are included in the Bloomberg US 1-5 Year Corporate Bond Index. The fund does not seek to track the regulatory index.

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

REG124710-01 00315736

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (thousands) | $528767 |
| Number of Holdings<br> (excludes derivatives)<br>| 2954 |
| Portfolio Turnover Rate<br> (not annualized; excludes in-kind transactions)<br>| 20% |
| Weighted Average Maturity<br> (Source: Aladdin)<br>| 3.0 Yrs |
| Weighted Average Duration<br> (Source: Aladdin)<br>| 2.7 Yrs |

---

Portfolio Composition By Security Type % of Investments

![](g17124g7img07a5b4b42.jpg)

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

Portfolio holdings may have changed since the report date.

Excludes derivatives.

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

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

------

![](g17124g8imgf1c03f891.jpg)

Semiannual Report \| June 30, 2025

Schwab 5-10 Year Corporate Bond ETF

**Ticker Symbol: SCHI**

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

------

This semiannual shareholder report contains important information about the fund for the period of January 1, 2025, to June 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED June 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br> $10,000 INVESTMENT<br>| &nbsp;&nbsp; COSTS PAID AS A<br> PERCENTAGE OF A<br> $10,000 INVESTMENT<br>|
| Schwab 5-10 Year Corporate Bond ETF | $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 | Since Inception\* |
| Fund: Schwab 5-10 Year Corporate Bond ETF (10/10/2019)<br>1,2<br>| 5.33% | &nbsp;&nbsp;&nbsp;&nbsp; 8.53% | &nbsp;&nbsp;&nbsp;&nbsp; 0.82% | &nbsp;&nbsp;&nbsp;&nbsp; 1.77% |
| Bloomberg US Aggregate Bond Index<br>3<br>| 4.02% | &nbsp;&nbsp;&nbsp;&nbsp; 6.08% | &nbsp;&nbsp;&nbsp;&nbsp; -0.73% | &nbsp;&nbsp;&nbsp;&nbsp; 0.37% |
| Bloomberg US 5-10 Year Corporate Bond Index | 5.35% | &nbsp;&nbsp;&nbsp;&nbsp; 8.53% | &nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 1.84% |

---

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

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

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

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

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

Index ownership — Bloomberg®

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

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

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

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

\*

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

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

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

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

reinvested in the fund at NAV.

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

securities that are included in the Bloomberg US 5-10 Year Corporate Bond Index. The fund does not seek to track the regulatory index.

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

REG124711-01 00315739

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $8708 |
| Number of Holdings<br> (excludes derivatives)<br>| 2230 |
| Portfolio Turnover Rate<br> (not annualized; excludes in-kind transactions)<br>| 11% |
| Weighted Average Maturity<br> (Source: Aladdin)<br>| 7.4 Yrs |
| Weighted Average Duration<br> (Source: Aladdin)<br>| 6.1 Yrs |

---

Portfolio Composition By Security Type % of Investments

![](g17124g8img52765e5c2.jpg)

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

Portfolio holdings may have changed since the report date.

Excludes derivatives.

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

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

------

![](g17124g9imga5e15a1e1.jpg)

Semiannual Report \| June 30, 2025

Schwab Municipal Bond ETF

**Ticker Symbol: SCMB**

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

------

This semiannual shareholder report contains important information about the fund for the period of January 1, 2025, to June 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED June 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br> $10,000 INVESTMENT<br>| &nbsp;&nbsp; COSTS PAID AS A<br> PERCENTAGE OF A<br> $10,000 INVESTMENT<br>|
| Schwab Municipal Bond ETF | $1 | &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 Municipal Bond ETF (10/12/2022)<br>1,2<br>| -0.73% | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 3.36% |
| Bloomberg Municipal Bond Index<br>3<br>| -0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp;&nbsp; 3.76% |
| ICE AMT-Free Core U.S. National Municipal Index | -0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp;&nbsp;&nbsp; 3.38% |

---

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

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

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

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

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

"ICE®

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

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

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

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

\*

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

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

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

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

reinvested in the fund at NAV.

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

that are included in the ICE AMT-Free Core U.S. National Municipal Index. The fund does not seek to track the regulatory index.

Schwab Municipal Bond ETF \| Semiannual Report

REG124714-01 00315773

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $2060 |
| Number of Holdings | 5128 |
| Portfolio Turnover Rate<br> (not annualized; excludes in-kind transactions)<br>| 12% |
| Weighted Average Maturity<br> (Source: Aladdin)<br>| 8.1 Yrs |
| Weighted Average Duration<br> (Source: Aladdin)<br>| 7.5 Yrs |

---

Portfolio Composition By Security Type % of Investments

![](g17124g9imge8c118f02.jpg)

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

Portfolio holdings may have changed since the report date.

2 Schwab Municipal 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 Municipal Bond ETF \| Semiannual Report

------

![](g17124g10imgcd10069d1.jpg)

Semiannual Report \| June 30, 2025

Schwab Core Bond ETF

**Ticker Symbol: SCCR**

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

------

This semiannual shareholder report contains important information about the fund for the period of February 5, 2025, to June 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

.

You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

.

If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED June 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br> $10,000 INVESTMENT<br>| &nbsp;&nbsp; COSTS PAID AS A<br> PERCENTAGE OF A<br> $10,000 INVESTMENT<br>|
| Schwab Core Bond ETF | $7<br> \*<br>| &nbsp;&nbsp; 0.16%<br> \*\*<br>|

---

\*

For the period from 02/05/2025 (commencement of operations) through 06/30/2025. Expenses for a full reporting period would be higher than the figure shown.

\*\*

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 | Since Inception\* |
| Fund: Schwab Core Bond ETF (02/05/2025)<br>1,2<br>| 3.52% |
| Bloomberg US Aggregate Bond Index | 3.21% |

---

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

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

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

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

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

\*

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

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

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

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

reinvested in the fund at NAV.

Schwab Core Bond ETF \| Semiannual Report

REG128065-00 00315729

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (thousands) | $294045 |
| Number of Holdings | 298 |
| Portfolio Turnover Rate<br> (not annualized; excludes in-kind transactions)<br>| 38% |
| Weighted Average Maturity<br> (Source: Aladdin)<br>| 8.2 Yrs |
| Weighted Average Duration<br> (Source: Aladdin)<br>| 5.9 Yrs |

---

Portfolio Composition By Security Type % of Investments

![](g17124g10img4bacac9c2.jpg)

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

Portfolio holdings may have changed since the report date.

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

2 Schwab Core 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 Core Bond ETF \| Semiannual Report

------

![](g17124g11img90233ec81.jpg)

Semiannual Report \| June 30, 2025

Schwab Government Money Market ETF

**Ticker Symbol: SGVT**

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

------

This semiannual shareholder report contains important information about the fund for the period of June 12, 2025, to June 30, 2025.

You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus. You can also request this

information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase or

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

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

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

FUND COSTS FOR THE LAST six months ENDED June 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br> $10,000 INVESTMENT<br>| &nbsp;&nbsp; COSTS PAID AS A<br> PERCENTAGE OF A<br> $10,000 INVESTMENT<br>|
| Schwab Government Money Market ETF | $1<br> \*<br>| &nbsp;&nbsp; 0.28%<br> \*\*<br>|

---

\*

For the period from 06/12/2025 (commencement of operations) through 06/30/2025. Expenses for a full reporting period would be higher than the figure shown.

\*\*

Annualized.

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

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (thousands) | $20042 |
| Number of Holdings | 24 |
| Weighted Average Maturity | 21 Days |

---

Portfolio Composition by Security Type % of Investments

![](g17124g11imga2d578072.jpg)

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

Portfolio Composition By Effective Maturity % of Investments

![](g17124g11img5bcedb433.jpg)

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

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

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

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

support to the fund at any time.

Portfolio holdings may have changed since the report date.

Schwab Government Money Market ETF \| Semiannual Report

REG128066-00 00315730

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

2 Schwab Government Money Market ETF \| Semiannual Report

------

![](g17124g12imgc7ac04dd1.jpg)

Semiannual Report \| June 30, 2025

Schwab Ultra-Short Income ETF

**Ticker Symbol: SCUS**

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

------

This semiannual shareholder report contains important information about the fund for the period of January 1, 2025, to June 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED June 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Ultra-Short Income ETF | $7 | &nbsp;&nbsp;0.14%<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 | Since Inception\* |
| Fund: Schwab Ultra-Short Income ETF (08/13/2024)<br>1,2<br>| 2.33% | &nbsp;&nbsp;&nbsp;&nbsp;4.33% |
| Bloomberg US Aggregate Bond Index<br>3<br>| 4.02% | &nbsp;&nbsp;&nbsp;&nbsp;2.68% |
| ICE BofA US 3-Month Treasury Bill Index | 2.07% | &nbsp;&nbsp;&nbsp;&nbsp;4.03% |

---

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

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

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

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

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

\*

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

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

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

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

reinvested in the fund at NAV.

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

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

Schwab Ultra-Short Income ETF \| Semiannual Report

REG128064-00 00315728

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (thousands) | $83118 |
| Number of Holdings | 112 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 34% |
| Weighted Average Maturity<br>(Source: Aladdin)<br>| 0.5 Yrs |
| Weighted Average Duration<br>(Source: Aladdin)<br>| 0.4 Yrs |

---

Portfolio Composition By Security Type % of Investments

![](g17124g12imgc5cae48d2.jpg)

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

Portfolio holdings may have changed since the report date.

2Schwab Ultra-Short Income 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 Ultra-Short Income 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)](g42240img934c2abd1.jpg)

**Semiannual Holdings and Financial Statements** \| June 30, 2025

Schwab Fixed-Income ETFs

------

---

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

---

------

**In This Report**

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

---

| | |
|:---|:---|
| **[Item 7 - Financial Statements and Financial Highlights for Open-End](#xx_d2225372-126a-427d-974a-1095da8ac04d_1)**<br> **[Management Investment Companies](#xx_d2225372-126a-427d-974a-1095da8ac04d_1)** <br>|  |
| [Financial Statements and Portfolio Holdings](#xx_d2225372-126a-427d-974a-1095da8ac04d_1) <br>|  |
| [Schwab U.S. TIPS ETF](#xx_d2225372-126a-427d-974a-1095da8ac04d_1) | 2 |
| [Schwab Short-Term U.S.](#xx_7cca7d51-9098-44fe-9c89-46a1934b45a6_1)[Treasury ETF](#xx_7cca7d51-9098-44fe-9c89-46a1934b45a6_1) | 7 |
| [Schwab Intermediate-Term U.S.](#xx_c5e697b3-08db-42ae-981a-3ccc656835dc_1)[Treasury ETF](#xx_c5e697b3-08db-42ae-981a-3ccc656835dc_1) | 13 |
| [Schwab Long-Term U.S.](#xx_f13aaae5-f61a-413e-94e5-20caab2f596d_1)[Treasury ETF](#xx_f13aaae5-f61a-413e-94e5-20caab2f596d_1) | 19 |
| [Schwab U.S.](#xx_04712c97-51be-4d68-b1d2-d52dde561c38_1)[Aggregate Bond ETF](#xx_04712c97-51be-4d68-b1d2-d52dde561c38_1) | 25 |
| [Schwab 1-5](#xx_7dc2d5aa-b55d-4ce0-81f7-d077db01dab8_1)[Year Corporate Bond ETF](#xx_7dc2d5aa-b55d-4ce0-81f7-d077db01dab8_1)  | 111 |
| [Schwab 5-10](#xx_a25522b9-a39c-4eaa-8991-6e7021696c8c_1)[Year Corporate Bond ETF](#xx_a25522b9-a39c-4eaa-8991-6e7021696c8c_1) | 147 |
| [Schwab Municipal Bond ETF](#xx_0f89043f-8824-4e56-bae3-1d17b7ba59e1_1)  | 177 |
| [Financial Notes](#xx_16e2b341-2a37-4b41-8d6e-b27b2514c57b_1) | 304 |
| **[Item 8 – Changes in and Disagreements with Accountants for Open-End](#xx_732a114a-06e2-41eb-815c-cf3465e96033_1)**<br> **[Management Investment Companies](#xx_732a114a-06e2-41eb-815c-cf3465e96033_1)**<br>| 316 |
| **[Item 9 – Proxy Disclosures for Open-End Management Investment](#xx_85194679-f90c-4e81-bc70-96dc2221026a_1)**<br> **[Companies](#xx_85194679-f90c-4e81-bc70-96dc2221026a_1)**<br>| 317 |
| **[Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End](#xx_ad52b645-e360-447e-8d81-099d71da11bc_1)**<br> **[Management Investment Companies](#xx_ad52b645-e360-447e-8d81-099d71da11bc_1)**<br>| 318 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory](#xx_46427846-2ef5-4889-b48b-188fa71f9f2b_1)**<br> **[Contract](#xx_46427846-2ef5-4889-b48b-188fa71f9f2b_1)** <br>|  |
| [Investment Advisory Agreement Approval](#xx_46427846-2ef5-4889-b48b-188fa71f9f2b_1) | 319  |

---

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 U.S. TIPS ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 1/1/25– <br>6/30/25\*<br>| 1/1/24– <br>12/31/24<sup>1</sup> <br>| 1/1/23– <br>12/31/23<sup>1</sup> <br>| 1/1/22– <br>12/31/22<sup>1</sup> <br>| 1/1/21– <br>12/31/21<sup>1</sup> <br>| 1/1/20– <br>12/31/20<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; $25.81 | &nbsp;&nbsp; $26.08 | &nbsp;&nbsp; $25.89 | &nbsp;&nbsp; $31.42 | &nbsp;&nbsp; $31.03 | &nbsp;&nbsp; $28.29 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.56 | 1.25 | 0.75 | 1.81 | 1.47 | 0.41 |
| Net realized and unrealized gains (losses) | 0.64 | &nbsp;&nbsp; (0.18)<br>| 0.23 | &nbsp;&nbsp; (5.47)<br>| 0.30 | 2.68 |
| Total from investment operations | 1.20 | 1.07 | 0.98 | &nbsp;&nbsp; (3.66)<br>| 1.77 | 3.09 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (0.35)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $26.67 | &nbsp;&nbsp; $25.81 | &nbsp;&nbsp; $26.08 | &nbsp;&nbsp; $25.89 | &nbsp;&nbsp; $31.42 | &nbsp;&nbsp; $31.03 |
| Total return | 4.66 %<sup>3</sup><br>| 1.95<br> %<br>| 3.87<br> %<br>| &nbsp;&nbsp; (11.96<br> %)<br>| 5.80<br> %<br>| 10.94<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>| 0.03<br> %<br>| 0.04 %<sup>5</sup><br>| 0.05 %<sup>6,7</sup><br>| 0.05<br> %<br>| 0.05<br> %<br>|
| Net investment income (loss) | 4.27 %<sup>4</sup><br>| 2.95<br> %<br>| 2.88<br> %<br>| 6.34<br> %<br>| 4.69<br> %<br>| 1.36<br> %<br>|
| Portfolio turnover rate<sup>8</sup> <br>| &nbsp;&nbsp; 12 %<sup>3</sup><br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 23<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $12990 | &nbsp;&nbsp; $11489 | &nbsp;&nbsp; $11420 | &nbsp;&nbsp; $13832 | &nbsp;&nbsp; $21304 | &nbsp;&nbsp; $14090 |

---

&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 market close on October 10, 2024 (see financial note 10 for additional information). 

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

<sup>6</sup> Effective July 1, 2022, the annual operating expense ratio was reduced to 0.04%. The ratio presented for the period ended December 31, 2022, is a blended ratio.

<sup>7</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>8</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 U.S. TIPS ETF

Portfolio Holdings as of June 30, 2025 (Unaudited)

------

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

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

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

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **TREASURIES** 99.6% OF NET ASSETS | **TREASURIES** 99.6% OF NET ASSETS | **TREASURIES** 99.6% OF NET ASSETS |
| **U.S. Treasury Inflation Protected Securities** | **U.S. Treasury Inflation Protected Securities** | **U.S. Treasury Inflation Protected Securities** |
| 0.13%, 07/15/26  | 344943828 | 341972730 |
| 0.13%, 10/15/26  | 388756792 | 384352908 |
| 0.38%, 01/15/27  | 318878033 | 314568198 |
| 2.38%, 01/15/27  | 158343629 | 161021863 |
| 0.13%, 04/15/27  | 397672804 | 389424199 |
| 0.38%, 07/15/27  | 353574383 | 348899189 |
| 1.63%, 10/15/27  | 398954959 | 403934104 |
| 0.50%, 01/15/28  | 361148082 | 354418878 |
| 1.75%, 01/15/28  | 149009922 | 150907471 |
| 1.25%, 04/15/28  | 393678818 | 392979117 |
| 3.63%, 04/15/28  | 152129712 | 161786382 |
| 0.75%, 07/15/28  | 312645937 | 308872204 |
| 2.38%, 10/15/28  | 405374351 | 420567973 |
| 0.88%, 01/15/29  | 269942966 | 265820008 |
| 2.50%, 01/15/29  | 138180209 | 143804576 |
| 2.13%, 04/15/29  | 417668810 | 428918131 |
| 3.88%, 04/15/29  | 175371006 | 191493492 |
| 0.25%, 07/15/29  | 318246109 | 305609502 |
| 1.63%, 10/15/29  | 430974335 | 436369931 |
| 0.13%, 01/15/30  | 359514153 | 339312546 |
| 1.63%, 04/15/30  | 454496282 | 457798484 |
| 0.13%, 07/15/30  | 395809612 | 371805924 |
| 0.13%, 01/15/31  | 408264333 | 378242550 |
| 0.13%, 07/15/31  | 417863157 | 384629978 |
| 0.13%, 01/15/32  | 459906913 | 416889446 |
| 3.38%, 04/15/32  | 64196679 | 71480244 |
| 0.63%, 07/15/32  | 472717368 | 440984366 |
| 1.13%, 01/15/33  | 463838385 | 443219321 |
| 1.38%, 07/15/33  | 454633603 | 441500729 |
| 1.75%, 01/15/34  | 480204300 | 476143198 |
| 1.88%, 07/15/34  | 498681793 | 499383064 |
| 2.13%, 01/15/35  | 524370314 | 533106408 |
| 2.13%, 02/15/40  | 81221611 | 80231723 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.13%, 02/15/41  | 121277301 | 118780693 |
| 0.75%, 02/15/42  | 190617458 | 148141783 |
| 0.63%, 02/15/43  | 153473041 | 114124592 |
| 1.38%, 02/15/44  | 210514735 | 176922833 |
| 0.75%, 02/15/45  | 232844968 | 170186024 |
| 1.00%, 02/15/46  | 120097778 | 91100733 |
| 0.88%, 02/15/47  | 146037246 | 105888413 |
| 1.00%, 02/15/48  | 106294725 | 78238731 |
| 1.00%, 02/15/49  | 96511226 | 70095048 |
| 0.25%, 02/15/50  | 150315168 | 87364820 |
| 0.13%, 02/15/51  | 148386679 | 80934500 |
| 0.13%, 02/15/52  | 176532261 | 94396489 |
| 1.50%, 02/15/53  | 163127977 | 129364945 |
| 2.13%, 02/15/54  | 163631610 | 149869937 |
| 2.38%, 02/15/55  | 84354692 | 81632936 |
| **Total Treasuries** <br>**(Cost $13,674,844,854)** | **Total Treasuries** <br>**(Cost $13,674,844,854)** | **12937491314** |

---

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Short-Term Investments** 0.0% OF NET ASSETS | **Short-Term Investments** 0.0% OF NET ASSETS | **Short-Term Investments** 0.0% OF NET ASSETS |
| **Money Market Funds 0.0%** | **Money Market Funds 0.0%** | **Money Market Funds 0.0%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.27% *(a)*<br>| 618971 | **618971** |
| **Total Short-Term Investments** <br>**(Cost $618,971)** | **Total Short-Term Investments** <br>**(Cost $618,971)** | **618971** |
| **Total Investments in Securities** <br>**(Cost $13,675,463,825)** | **Total Investments in Securities** <br>**(Cost $13,675,463,825)** | **12938110285** |

---

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

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

------

The following is a summary of the inputs used to value the fund's investments as of June 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Treasuries<sup>1</sup> <br>| $— | &nbsp;&nbsp; $12937491314 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12937491314 |
| Short-Term Investments<sup>1</sup> <br>| 618971 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 618971 |
| **Total** | **$618971** | &nbsp;&nbsp; **$12937491314** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$12938110285** |

---

&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 U.S. TIPS ETF

Statement of Assets and Liabilities

------

As of June 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $13,675,463,825) |  | $12938110285 |
| Receivables: |  |  |
| Investments sold |  | 247172984 |
| Interest |  | 52221714 |
| Dividends | + | 17977 |
| **Total assets** |  | **13237522960** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 220730998 |
| Fund shares redeemed |  | 26673045 |
| Management fees | + | 317903 |
| **Total liabilities** |  | **247721946** |
| **Net assets** |  | **$12989801014** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $14810961770 |
| Total distributable loss | + | (1821160756)<br>|
| **Net assets** |  | **$12989801014** |

---

&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** |
| $12989801014 |  | &nbsp;&nbsp;&nbsp;&nbsp; 487000000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $26.67 |

---

*See financial notes*

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

------

Schwab U.S. TIPS ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated issuers |  | $264362430 |
| Dividends received from securities - unaffiliated issuers  | + | 212929 |
| **Total investment income**  |  | **264575359** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 1845739 |
| **Total expenses** | – | **1845739** |
| **Net investment income** |  | **262729620** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (95815784)<br>|
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  | + | 14840552 |
| **Net realized losses** |  | **(80975232)**<br>|
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers** | + | **373221626** |
| **Net realized and unrealized gains** |  | **292246394** |
| **Increase in net assets resulting from operations** |  | **$554976014** |

---

*See financial notes*

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

**5**

------

Schwab U.S. TIPS 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** |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 |
| Net investment income |  | $262729620 | &nbsp;&nbsp;&nbsp; $333559040 |
| Net realized losses |  | (80975232)<br>| &nbsp;&nbsp;&nbsp; (249856390)<br>|
| Net change in unrealized appreciation (depreciation) | + | 373221626 | &nbsp;&nbsp;&nbsp; 117034861 |
| **Increase in net assets resulting from operations** |  | **$554976014** | &nbsp;&nbsp;&nbsp; **$200737511** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($163954290)**<br>| &nbsp;&nbsp;&nbsp; **($333819075)**<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 95500000 | &nbsp;&nbsp;&nbsp; $2533263108 | &nbsp;&nbsp;&nbsp; 119700000 | &nbsp;&nbsp;&nbsp; $3132767936 |
| Shares redeemed | + | (53700000)<br>| &nbsp;&nbsp;&nbsp; (1423538257)<br>| &nbsp;&nbsp;&nbsp; (112400000)<br>| &nbsp;&nbsp;&nbsp; (2931011084)<br>|
| **Net transactions in fund shares**  |  | **41800000** | &nbsp;&nbsp;&nbsp; **$1109724851** | &nbsp;&nbsp;&nbsp; **7300000** | &nbsp;&nbsp;&nbsp; **$201756852** |
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 445200000 | &nbsp;&nbsp;&nbsp; $11489054439 | &nbsp;&nbsp;&nbsp; 437900000 | &nbsp;&nbsp;&nbsp; $11420379151 |
| Total increase | + | 41800000 | &nbsp;&nbsp;&nbsp; 1500746575 | &nbsp;&nbsp;&nbsp; 7300000 | &nbsp;&nbsp;&nbsp; 68675288 |
| **End of period** |  | **487000000** | &nbsp;&nbsp;&nbsp; **$12989801014** | &nbsp;&nbsp;&nbsp; **445200000** | &nbsp;&nbsp;&nbsp; **$11489054439** |

---

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

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

*See financial notes*

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

------

Schwab Short-Term U.S. Treasury ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 1/1/25– <br>6/30/25\*<br>| 1/1/24– <br>12/31/24<sup>1</sup> <br>| 1/1/23– <br>12/31/23<sup>1</sup> <br>| 1/1/22– <br>12/31/22<sup>1</sup> <br>| 1/1/21– <br>12/31/21<sup>1</sup> <br>| 1/1/20– <br>12/31/20<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; $24.14 | &nbsp;&nbsp; $24.22 | &nbsp;&nbsp; $24.12 | &nbsp;&nbsp; $25.42 | &nbsp;&nbsp; $25.70 | &nbsp;&nbsp; $25.24 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.50 | 1.67 | 0.91 | 0.34 | 0.11 | 0.33 |
| Net realized and unrealized gains (losses) | 0.17 | 0.06 <br><sup>3</sup><br>| 0.10 | &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (0.28)<br>| 0.46 |
| Total from investment operations | 0.67 | 1.73 | 1.01 | &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (0.17)<br>| 0.79 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.33)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $24.38 | &nbsp;&nbsp; $24.14 | &nbsp;&nbsp; $24.22 | &nbsp;&nbsp; $24.12 | &nbsp;&nbsp; $25.42 | &nbsp;&nbsp; $25.70 |
| Total return | 2.80 %<sup>4</sup><br>| 4.04<br> %<br>| 4.26<br> %<br>| &nbsp;&nbsp; (3.85<br> %)<br>| &nbsp;&nbsp; (0.66<br> %)<br>| 3.11<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>| 0.04 %<sup>6,7</sup><br>| 0.05 %<sup>8</sup><br>| 0.05<br> %<br>|
| Net investment income (loss) | 4.18 %<sup>5</sup><br>| 4.25<br> %<br>| 3.78<br> %<br>| 1.39<br> %<br>| 0.41<br> %<br>| 1.26<br> %<br>|
| Portfolio turnover rate<sup>9</sup> <br>| &nbsp;&nbsp; 34 %<sup>4</sup><br>| &nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp; 74<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $11030 | &nbsp;&nbsp; $11230 | &nbsp;&nbsp; $11900 | &nbsp;&nbsp; $10256 | &nbsp;&nbsp; $8956 | &nbsp;&nbsp; $7508 |

---

&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 market close on October 10, 2024 (see financial note 10 for additional information). 

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

<sup>3</sup> The per share amount does not accord with the change in aggregate gains and losses in securities during the period because of the timing of fund transactions in relation to fluctuating market values. 

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

<sup>6</sup> Effective July 1, 2022, the annual operating expense ratio was reduced to 0.03%. The ratio presented for the period ended December 31, 2022, is a blended ratio.

<sup>7</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>8</sup> Effective December 20, 2021, the annual operating expense ratio was reduced to 0.04%. The ratio presented for the period ended December 31, 2021, is a blended ratio.

<sup>9</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 Short-Term U.S. Treasury ETF

Portfolio Holdings as of June 30, 2025 (Unaudited)

------

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

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

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **TREASURIES** 99.3% OF NET ASSETS | **TREASURIES** 99.3% OF NET ASSETS | **TREASURIES** 99.3% OF NET ASSETS |
| **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
| 6.75%, 08/15/26  | 8816200 | 9094806 |
| 6.50%, 11/15/26  | 10249000 | 10652154 |
| 6.63%, 02/15/27  | 6862800 | 7191062 |
| 6.38%, 08/15/27  | 8728200 | 9204160 |
| 6.13%, 11/15/27  | 18681600 | 19703980 |
| **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** |
| 4.50%, 07/15/26  | 93076400 | 93574504 |
| 0.63%, 07/31/26  | 127191000 | 122716957 |
| 1.88%, 07/31/26  | 53717600 | 52534134 |
| 4.38%, 07/31/26  | 153714600 | 154351075 |
| 1.50%, 08/15/26  | 128874600 | 125416129 |
| 4.38%, 08/15/26  | 99481200 | 99926146 |
| 0.75%, 08/31/26  | 137777400 | 132809879 |
| 1.38%, 08/31/26  | 55103600 | 53506457 |
| 3.75%, 08/31/26  | 163920200 | 163545616 |
| 4.63%, 09/15/26  | 105715400 | 106588791 |
| 0.88%, 09/30/26  | 136545400 | 131547625 |
| 1.63%, 09/30/26  | 42890800 | 41715492 |
| 3.50%, 09/30/26  | 165777400 | 164948513 |
| 4.63%, 10/15/26  | 108959000 | 109948569 |
| 1.13%, 10/31/26  | 136465000 | 131622092 |
| 1.63%, 10/31/26  | 55102400 | 53506368 |
| 4.13%, 10/31/26  | 165763600 | 166245999 |
| 2.00%, 11/15/26  | 120444400 | 117456814 |
| 4.63%, 11/15/26  | 115031000 | 116172324 |
| 1.25%, 11/30/26  | 138596600 | 133675338 |
| 1.63%, 11/30/26  | 50014200 | 48501075 |
| 4.25%, 11/30/26  | 164917400 | 165793524 |
| 4.38%, 12/15/26  | 120128600 | 121043642 |
| 1.25%, 12/31/26  | 133957800 | 128976244 |
| 1.75%, 12/31/26  | 55364000 | 53704161 |
| 4.25%, 12/31/26  | 165750200 | 166747292 |
| 4.00%, 01/15/27  | 123002600 | 123317313 |
| 1.50%, 01/31/27  | 183188800 | 176730679 |
| 4.13%, 01/31/27  | 165769200 | 166559195 |
| 2.25%, 02/15/27  | 107132400 | 104537787 |
| 4.13%, 02/15/27  | 127635600 | 128271285 |
| 1.13%, 02/28/27  | 32864600 | 31464003 |
| 1.88%, 02/28/27  | 121958400 | 118228188 |
| 4.13%, 02/28/27  | 165772200 | 166662577 |
| 4.25%, 03/15/27  | 133218000 | 134253562 |
| 0.63%, 03/31/27  | 53168000 | 50372527 |
| 2.50%, 03/31/27  | 122416000 | 119819442 |
| 3.88%, 03/31/27  | 165773000 | 166061160 |
| 4.50%, 04/15/27  | 139337400 | 141092725 |
| 0.50%, 04/30/27  | 75104000 | 70832460 |
| 2.75%, 04/30/27  | 115902400 | 113862789 |
| 3.75%, 04/30/27  | 165763000 | 165756525 |
| 2.38%, 05/15/27  | 129466200 | 126285175 |
| 4.50%, 05/15/27  | 138150000 | 139992899 |
| 0.50%, 05/31/27  | 75099200 | 70659253 |
| 2.63%, 05/31/27  | 114905000 | 112553038 |
| 3.88%, 05/31/27  | 165780000 | 166181499 |
| 4.63%, 06/15/27  | 139351000 | 141683496 |
| 0.50%, 06/30/27  | 87586000 | 82200830 |
| 3.25%, 06/30/27  | 112926400 | 111925060 |
| 3.75%, 06/30/27  | 165707000 | 165817039 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.38%, 07/15/27  | 138377000 | 140122929 |
| 0.38%, 07/31/27  | 104031400 | 97110873 |
| 2.75%, 07/31/27  | 109991800 | 107856413 |
| 2.25%, 08/15/27  | 104510600 | 101391612 |
| 3.75%, 08/15/27  | 138868200 | 138949568 |
| 0.50%, 08/31/27  | 89275200 | 83360718 |
| 3.13%, 08/31/27  | 107682600 | 106374424 |
| 3.38%, 09/15/27  | 139350600 | 138408895 |
| 0.38%, 09/30/27  | 114566200 | 106403358 |
| 4.13%, 09/30/27  | 105715400 | 106689964 |
| 3.88%, 10/15/27  | 139351000 | 139857236 |
| 0.50%, 10/31/27  | 111274200 | 103363300 |
| 4.13%, 10/31/27  | 103311200 | 104271672 |
| 2.25%, 11/15/27  | 106118800 | 102632632 |
| 4.13%, 11/15/27  | 139227200 | 140537893 |
| 0.63%, 11/30/27  | 119396400 | 111010669 |
| 3.88%, 11/30/27  | 101465400 | 101865713 |
| 4.00%, 12/15/27  | 139350200 | 140357223 |
| 0.63%, 12/31/27  | 132243800 | 122614798 |
| 3.88%, 12/31/27  | 103311200 | 103763187 |
| 4.25%, 01/15/28  | 139349000 | 141177956 |
| 0.75%, 01/31/28  | 146716600 | 136142689 |
| 3.50%, 01/31/28  | 103287200 | 102786903 |
| 2.75%, 02/15/28  | 143675600 | 140280142 |
| 4.25%, 02/15/28  | 139345200 | 141250311 |
| 1.13%, 02/29/28  | 148955800 | 139308585 |
| 4.00%, 02/29/28  | 103309200 | 104100161 |
| 3.88%, 03/15/28  | 139346000 | 140031844 |
| 1.25%, 03/31/28  | 135140000 | 126567056 |
| 3.63%, 03/31/28  | 103312000 | 103150575 |
| 3.75%, 04/15/28  | 139347000 | 139542957 |
| 1.25%, 04/30/28  | 147942000 | 138296875 |
| 3.50%, 04/30/28  | 103279000 | 102734364 |
| 2.88%, 05/15/28  | 149938000 | 146611251 |
| 3.75%, 05/15/28  | 139350000 | 139584065 |
| 1.25%, 05/31/28  | 148665000 | 138711414 |
| 3.63%, 05/31/28  | 99199000 | 99005252 |
| 3.88%, 06/15/28  | 139291000 | 140047307 |
| 1.25%, 06/30/28  | 136556000 | 127157107 |
| 4.00%, 06/30/28  | 103268000 | 104171595 |
| **Total Treasuries** <br>**(Cost $10,884,533,090)** | **Total Treasuries** <br>**(Cost $10,884,533,090)** | **10955142914** |

---

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Short-Term Investments** 0.3% OF NET ASSETS | **Short-Term Investments** 0.3% OF NET ASSETS | **Short-Term Investments** 0.3% OF NET ASSETS |
| **Money Market Funds 0.3%** | **Money Market Funds 0.3%** | **Money Market Funds 0.3%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.27% *(a)*<br>| 25803243 | **25803243** |
| **Total Short-Term Investments** <br>**(Cost $25,803,243)** | **Total Short-Term Investments** <br>**(Cost $25,803,243)** | **25803243** |
| **Total Investments in Securities** <br>**(Cost $10,910,336,333)** | **Total Investments in Securities** <br>**(Cost $10,910,336,333)** | **10980946157** |

---

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

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

*See financial notes*

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

------

Schwab Short-Term U.S. Treasury ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

The following is a summary of the inputs used to value the fund's investments as of June 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Treasuries<sup>1</sup> <br>| $— | &nbsp;&nbsp; $10955142914 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10955142914 |
| Short-Term Investments<sup>1</sup> <br>| 25803243 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25803243 |
| **Total** | **$25803243** | &nbsp;&nbsp; **$10955142914** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$10980946157** |

---

&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

**9**

------

Schwab Short-Term U.S. Treasury ETF

Statement of Assets and Liabilities

------

As of June 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $10,910,336,333) |  | $10980946157 |
| Receivables: |  |  |
| Investments sold |  | 957179757 |
| Interest |  | 72937163 |
| Fund shares sold |  | 4876193 |
| Dividends | + | 36812 |
| **Total assets** |  | **12015976082** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 542021265 |
| Fund shares redeemed |  | 443733563 |
| Management fees | + | 271020 |
| **Total liabilities** |  | **986025848** |
| **Net assets** |  | **$11029950234** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $11446658621 |
| Total distributable loss | + | (416708387)<br>|
| **Net assets** |  | **$11029950234** |

---

&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** |
| $11029950234 |  | &nbsp;&nbsp;&nbsp;&nbsp; 452400000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $24.38 |

---

*See financial notes*

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

------

Schwab Short-Term U.S. Treasury ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated issuers |  | $232256101 |
| Dividends received from securities - unaffiliated issuers  | + | 268751 |
| **Total investment income**  |  | **232524852** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 1654984 |
| **Total expenses** | – | **1654984** |
| **Net investment income** |  | **230869868** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (1328400)<br>|
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  | + | 19536167 |
| **Net realized gains** |  | **18207767** |
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers** | + | **64218487** |
| **Net realized and unrealized gains** |  | **82426254** |
| **Increase in net assets resulting from operations** |  | **$313296122** |

---

*See financial notes*

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

**11**

------

Schwab Short-Term U.S. Treasury ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 |
| Net investment income |  | $230869868 | &nbsp;&nbsp;&nbsp; $466787995 |
| Net realized gains (losses) |  | 18207767 | &nbsp;&nbsp;&nbsp; (43072014)<br>|
| Net change in unrealized appreciation (depreciation) | + | 64218487 | &nbsp;&nbsp;&nbsp; (5425306)<br>|
| **Increase in net assets resulting from operations** |  | **$313296122** | &nbsp;&nbsp;&nbsp; **$418290675** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($196765450)**<br>| &nbsp;&nbsp;&nbsp; **($466133505)**<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 138900000 | &nbsp;&nbsp;&nbsp; $3374420236 | &nbsp;&nbsp;&nbsp; 103700000 | &nbsp;&nbsp;&nbsp; $2516459367 |
| Shares redeemed | + | (151800000)<br>| &nbsp;&nbsp;&nbsp; (3691056307)<br>| &nbsp;&nbsp;&nbsp; (129800000)<br>| &nbsp;&nbsp;&nbsp; (3138896435)<br>|
| **Net transactions in fund shares**  |  | **(12900000)**<br>| &nbsp;&nbsp;&nbsp; **($316636071)**<br>| &nbsp;&nbsp;&nbsp; **(26100000)**<br>| &nbsp;&nbsp;&nbsp; **($622437068)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 465300000 | &nbsp;&nbsp;&nbsp; $11230055633 | &nbsp;&nbsp;&nbsp; 491400000 | &nbsp;&nbsp;&nbsp; $11900335531 |
| Total decrease | + | (12900000)<br>| &nbsp;&nbsp;&nbsp; (200105399)<br>| &nbsp;&nbsp;&nbsp; (26100000)<br>| &nbsp;&nbsp;&nbsp; (670279898)<br>|
| **End of period** |  | **452400000** | &nbsp;&nbsp;&nbsp; **$11029950234** | &nbsp;&nbsp;&nbsp; **465300000** | &nbsp;&nbsp;&nbsp; **$11230055633** |

---

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

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

*See financial notes*

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

------

Schwab Intermediate-Term U.S. Treasury ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 1/1/25– <br>6/30/25\*<br>| 1/1/24– <br>12/31/24<sup>1</sup> <br>| 1/1/23– <br>12/31/23<sup>1</sup> <br>| 1/1/22– <br>12/31/22<sup>1</sup> <br>| 1/1/21– <br>12/31/21<sup>1</sup> <br>| 1/1/20– <br>12/31/20<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; $24.27 | &nbsp;&nbsp; $24.86 | &nbsp;&nbsp; $24.61 | &nbsp;&nbsp; $28.08 | &nbsp;&nbsp; $29.11 | &nbsp;&nbsp; $27.49 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.48 | 1.47 | 0.79 | 0.56 | 0.28 | 0.47 |
| Net realized and unrealized gains (losses) | 0.69 | &nbsp;&nbsp; (0.46)<br>| 0.25 | &nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp; (1.03)<br>| 1.62 |
| Total from investment operations | 1.17 | 1.01 | 1.04 | &nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp; (0.75)<br>| 2.09 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.47)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $25.03 | &nbsp;&nbsp; $24.27 | &nbsp;&nbsp; $24.86 | &nbsp;&nbsp; $24.61 | &nbsp;&nbsp; $28.08 | &nbsp;&nbsp; $29.11 |
| Total return | 4.84 %<sup>3</sup><br>| 1.33<br> %<br>| 4.29<br> %<br>| &nbsp;&nbsp; (10.63<br> %)<br>| &nbsp;&nbsp; (2.57<br> %)<br>| 7.62<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>| 0.03<br> %<br>| 0.03<br> %<br>| 0.04 %<sup>5,6</sup><br>| 0.05 %<sup>7</sup><br>| 0.05<br> %<br>|
| Net investment income (loss) | 3.94 %<sup>4</sup><br>| 3.76<br> %<br>| 3.20<br> %<br>| 2.18<br> %<br>| 0.97<br> %<br>| 1.63<br> %<br>|
| Portfolio turnover rate<sup>8</sup> <br>| &nbsp;&nbsp; 21 %<sup>3</sup><br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 56<br> %<br>| &nbsp;&nbsp; 88<br> %<br>| &nbsp;&nbsp; 56<br> %<br>| &nbsp;&nbsp; 51<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $10920 | &nbsp;&nbsp; $10078 | &nbsp;&nbsp; $7878 | &nbsp;&nbsp; $7555 | &nbsp;&nbsp; $3712 | &nbsp;&nbsp; $3953 |

---

&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 market close on October 10, 2024 (see financial note 10 for additional information). 

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

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

<sup>7</sup> Effective December 20, 2021, the annual operating expense ratio was reduced to 0.04%. The ratio presented for the period ended December 31, 2021, is a blended ratio.

<sup>8</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

**13**

------

Schwab Intermediate-Term U.S. Treasury ETF

Portfolio Holdings as of June 30, 2025 (Unaudited)

------

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

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

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **TREASURIES** 99.2% OF NET ASSETS | **TREASURIES** 99.2% OF NET ASSETS | **TREASURIES** 99.2% OF NET ASSETS |
| **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
| 5.50%, 08/15/28  | 9573000 | 10096523 |
| 5.25%, 11/15/28  | 12687600 | 13298191 |
| 5.25%, 02/15/29  | 5541800 | 5844651 |
| 6.13%, 08/15/29  | 5365800 | 5849980 |
| 6.25%, 05/15/30  | 11880400 | 13169609 |
| 5.38%, 02/15/31  | 14505800 | 15613567 |
| **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** |
| 2.88%, 08/15/28  | 117959800 | 115089137 |
| 1.13%, 08/31/28  | 109704000 | 101321929 |
| 4.38%, 08/31/28  | 167245800 | 170577651 |
| 1.25%, 09/30/28  | 110556200 | 102311990 |
| 4.63%, 09/30/28  | 138153600 | 142017584 |
| 1.38%, 10/31/28  | 103123200 | 95638712 |
| 4.88%, 10/31/28  | 128794200 | 133452928 |
| 3.13%, 11/15/28  | 109107800 | 107091863 |
| 1.50%, 11/30/28  | 103843400 | 96537855 |
| 4.38%, 11/30/28  | 100254800 | 102373466 |
| 1.38%, 12/31/28  | 100446000 | 92818382 |
| 3.75%, 12/31/28  | 103928600 | 104042272 |
| 1.75%, 01/31/29  | 93190200 | 87085514 |
| 4.00%, 01/31/29  | 109476200 | 110493987 |
| 2.63%, 02/15/29  | 106750800 | 102822705 |
| 1.88%, 02/28/29  | 88764600 | 83202943 |
| 4.25%, 02/28/29  | 112915800 | 114940345 |
| 2.38%, 03/31/29  | 83672000 | 79746607 |
| 4.13%, 03/31/29  | 118501400 | 120135423 |
| 2.88%, 04/30/29  | 76871400 | 74544238 |
| 4.63%, 04/30/29  | 125021200 | 128962298 |
| 2.38%, 05/15/29  | 88057600 | 83788870 |
| 2.75%, 05/31/29  | 73139800 | 70545623 |
| 4.50%, 05/31/29  | 124902000 | 128346564 |
| 3.25%, 06/30/29  | 70179600 | 68918560 |
| 4.25%, 06/30/29  | 125439000 | 127805681 |
| 2.63%, 07/31/29  | 65817000 | 63055772 |
| 4.00%, 07/31/29  | 124390200 | 125580653 |
| 1.63%, 08/15/29  | 80570800 | 74213260 |
| 3.13%, 08/31/29  | 64997000 | 63448244 |
| 3.63%, 08/31/29  | 123719000 | 123134235 |
| 3.50%, 09/30/29  | 123707000 | 122494091 |
| 3.88%, 09/30/29  | 63082800 | 63390821 |
| 4.00%, 10/31/29  | 60810400 | 61404252 |
| 4.13%, 10/31/29  | 125586200 | 127416030 |
| 1.75%, 11/15/29  | 60911400 | 56102731 |
| 3.88%, 11/30/29  | 61253400 | 61538133 |
| 4.13%, 11/30/29  | 123685000 | 125525780 |
| 3.88%, 12/31/29  | 61443600 | 61717216 |
| 4.38%, 12/31/29  | 123601000 | 126700682 |
| 3.50%, 01/31/30  | 61222600 | 60524280 |
| 4.25%, 01/31/30  | 124577000 | 127068540 |
| 1.50%, 02/15/30  | 103154400 | 93374879 |
| 4.00%, 02/28/30  | 185026400 | 186876664 |
| 3.63%, 03/31/30  | 62506600 | 62071984 |
| 4.00%, 03/31/30  | 123974000 | 125160470 |
| 3.50%, 04/30/30  | 61654600 | 60874284 |
| 3.88%, 04/30/30  | 123810000 | 124327487 |
| 0.63%, 05/15/30  | 143096200 | 123157756 |
| 3.75%, 05/31/30  | 62013600 | 61887635 |
| 4.00%, 05/31/30  | 123917000 | 125141648 |
| 3.75%, 06/30/30  | 61474400 | 61332721 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.88%, 06/30/30  | 125000000 | 125493164 |
| 4.00%, 07/31/30  | 61450400 | 62000093 |
| 0.63%, 08/15/30  | 184602400 | 157474501 |
| 4.13%, 08/31/30  | 62886800 | 63807994 |
| 4.63%, 09/30/30  | 65986000 | 68483673 |
| 4.88%, 10/31/30  | 65997000 | 69294272 |
| 0.88%, 11/15/30  | 193370400 | 165913313 |
| 4.38%, 11/30/30  | 68693200 | 70482980 |
| 3.75%, 12/31/30  | 70133600 | 69807588 |
| 4.00%, 01/31/31  | 73294800 | 73830196 |
| 1.13%, 02/15/31  | 186710600 | 161606777 |
| 4.25%, 02/28/31  | 72660800 | 74079956 |
| 4.13%, 03/31/31  | 77009200 | 78004905 |
| 4.63%, 04/30/31  | 79184400 | 82240423 |
| 1.63%, 05/15/31  | 185093400 | 163272624 |
| 4.63%, 05/31/31  | 79194400 | 82244622 |
| 4.25%, 06/30/31  | 79157400 | 80635417 |
| 4.13%, 07/31/31  | 78307400 | 79228124 |
| 1.25%, 08/15/31  | 203157400 | 173842423 |
| 3.75%, 08/31/31  | 78638400 | 77919596 |
| 3.63%, 09/30/31  | 78921400 | 77623513 |
| 4.13%, 10/31/31  | 78842400 | 79686260 |
| 1.38%, 11/15/31  | 197164800 | 168768447 |
| 4.13%, 11/30/31  | 78554400 | 79370630 |
| 4.50%, 12/31/31  | 78936400 | 81409330 |
| 4.38%, 01/31/32  | 78046400 | 79918295 |
| 1.88%, 02/15/32  | 185414400 | 162932904 |
| 4.13%, 02/29/32  | 78850400 | 79595783 |
| 4.13%, 03/31/32  | 78549000 | 79266987 |
| 4.00%, 04/30/32  | 77997000 | 78112777 |
| 2.88%, 05/15/32  | 179487000 | 167511852 |
| 4.13%, 05/31/32  | 78207000 | 78885202 |
| 4.00%, 06/30/32  | 78000000 | 78067032 |
| 2.75%, 08/15/32  | 174223200 | 160748124 |
| 4.13%, 11/15/32  | 177727200 | 178976844 |
| 3.50%, 02/15/33  | 175303200 | 169044329 |
| 3.38%, 05/15/33  | 177339200 | 169109553 |
| 3.88%, 08/15/33  | 190049000 | 187227960 |
| 4.50%, 11/15/33  | 204095400 | 209708024 |
| 4.00%, 02/15/34  | 213967800 | 211828122 |
| 4.38%, 05/15/34  | 211610800 | 214983347 |
| 3.88%, 08/15/34  | 214940800 | 209953503 |
| 4.25%, 11/15/34  | 214849800 | 215621916 |
| 4.63%, 02/15/35  | 212358000 | 219176684 |
| 4.25%, 05/15/35  | 144082000 | 144340898 |
| **Total Treasuries** <br>**(Cost $10,793,007,652)** | **Total Treasuries** <br>**(Cost $10,793,007,652)** | **10837536853** |

---

*See financial notes*

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

------

Schwab Intermediate-Term U.S. Treasury ETF

Portfolio Holdings as of June 30, 2025 (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 <br>4.27% *(a)*<br>| 17509629 | **17509629** |
| **Total Short-Term Investments** <br>**(Cost $17,509,629)** | **Total Short-Term Investments** <br>**(Cost $17,509,629)** | **17509629** |
| **Total Investments in Securities** <br>**(Cost $10,810,517,281)** | **Total Investments in Securities** <br>**(Cost $10,810,517,281)** | **10855046482** |

---

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

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

------

The following is a summary of the inputs used to value the fund's investments as of June 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Treasuries<sup>1</sup> <br>| $— | &nbsp;&nbsp; $10837536853 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10837536853 |
| Short-Term Investments<sup>1</sup> <br>| 17509629 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17509629 |
| **Total** | **$17509629** | &nbsp;&nbsp; **$10837536853** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$10855046482** |

---

&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

**15**

------

Schwab Intermediate-Term U.S. Treasury ETF

Statement of Assets and Liabilities

------

As of June 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $10,810,517,281) |  | $10855046482 |
| Receivables: |  |  |
| Investments sold |  | 456537870 |
| Interest |  | 81575125 |
| Fund shares sold |  | 12514082 |
| Dividends | + | 21072 |
| **Total assets** |  | **11405694631** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 262889274 |
| Fund shares redeemed |  | 222750660 |
| Management fees | + | 264732 |
| **Total liabilities** |  | **485904666** |
| **Net assets** |  | **$10919789965** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $11567264983 |
| Total distributable loss | + | (647475018)<br>|
| **Net assets** |  | **$10919789965** |

---

&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** |
| $10919789965 |  | &nbsp;&nbsp;&nbsp;&nbsp; 436300000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $25.03 |

---

*See financial notes*

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

------

Schwab Intermediate-Term U.S. Treasury ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated issuers |  | $204789624 |
| Dividends received from securities - unaffiliated issuers  |  | 239675 |
| Securities on loan, net | + | 429 |
| **Total investment income**  |  | **205029728** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 1549912 |
| **Total expenses** | – | **1549912** |
| **Net investment income** |  | **203479816** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (26033599)<br>|
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  | + | 12518193 |
| **Net realized losses** |  | **(13515406)**<br>|
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers** | + | **303380987** |
| **Net realized and unrealized gains** |  | **289865581** |
| **Increase in net assets resulting from operations** |  | **$493345397** |

---

*See financial notes*

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

**17**

------

Schwab Intermediate-Term U.S. Treasury ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 |
| Net investment income |  | $203479816 | &nbsp;&nbsp;&nbsp; $333374796 |
| Net realized losses |  | (13515406)<br>| &nbsp;&nbsp;&nbsp; (96891897)<br>|
| Net change in unrealized appreciation (depreciation) | + | 303380987 | &nbsp;&nbsp;&nbsp; (153836310)<br>|
| **Increase in net assets resulting from operations** |  | **$493345397** | &nbsp;&nbsp;&nbsp; **$82646589** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($171522610)**<br>| &nbsp;&nbsp;&nbsp; **($332975855)**<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 59400000 | &nbsp;&nbsp;&nbsp; $1470339343 | &nbsp;&nbsp;&nbsp; 135400000 | &nbsp;&nbsp;&nbsp; $3362757740 |
| Shares redeemed | + | (38300000)<br>| &nbsp;&nbsp;&nbsp; (950353466)<br>| &nbsp;&nbsp;&nbsp; (37100000)<br>| &nbsp;&nbsp;&nbsp; (912891109)<br>|
| **Net transactions in fund shares**  |  | **21100000** | &nbsp;&nbsp;&nbsp; **$519985877** | &nbsp;&nbsp;&nbsp; **98300000** | &nbsp;&nbsp;&nbsp; **$2449866631** |
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 415200000 | &nbsp;&nbsp;&nbsp; $10077981301 | &nbsp;&nbsp;&nbsp; 316900000 | &nbsp;&nbsp;&nbsp; $7878443936 |
| Total increase | + | 21100000 | &nbsp;&nbsp;&nbsp; 841808664 | &nbsp;&nbsp;&nbsp; 98300000 | &nbsp;&nbsp;&nbsp; 2199537365 |
| **End of period** |  | **436300000** | &nbsp;&nbsp;&nbsp; **$10919789965** | &nbsp;&nbsp;&nbsp; **415200000** | &nbsp;&nbsp;&nbsp; **$10077981301** |

---

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

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

*See financial notes*

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

------

Schwab Long-Term U.S. Treasury ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 1/1/25– <br>6/30/25\*<br>| 1/1/24– <br>12/31/24<br>| 1/1/23– <br>12/31/23<br>| 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 1/1/20– <br>12/31/20<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; $31.47 | &nbsp;&nbsp; $35.07 | &nbsp;&nbsp; $35.28 | &nbsp;&nbsp; $51.26 | &nbsp;&nbsp; $54.87 | &nbsp;&nbsp; $47.34 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.72 | 1.45 | 1.40 | 1.12 | 0.86 | 0.86 |
| Net realized and unrealized gains (losses) | 0.30 | &nbsp;&nbsp; (3.61)<br>| &nbsp;&nbsp; (0.28 )<sup>2</sup><br>| &nbsp;&nbsp; (16.08)<br>| &nbsp;&nbsp; (3.60)<br>| 7.50 |
| Total from investment operations | 1.02 | &nbsp;&nbsp; (2.16)<br>| 1.12 | &nbsp;&nbsp; (14.96)<br>| &nbsp;&nbsp; (2.74)<br>| 8.36 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (0.83)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $31.88 | &nbsp;&nbsp; $31.47 | &nbsp;&nbsp; $35.07 | &nbsp;&nbsp; $35.28 | &nbsp;&nbsp; $51.26 | &nbsp;&nbsp; $54.87 |
| Total return | 3.24 %<sup>3</sup><br>| &nbsp;&nbsp; (6.30<br> %)<br>| 3.29<br> %<br>| &nbsp;&nbsp; (29.42<br> %)<br>| &nbsp;&nbsp; (4.96<br> %)<br>| 17.64<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>| 0.03<br> %<br>| 0.03<br> %<br>| 0.04 %<sup>5,6</sup><br>| 0.05 %<sup>7</sup><br>| 0.05<br> %<br>|
| Net investment income (loss) | 4.60 %<sup>4</sup><br>| 4.34<br> %<br>| 4.11<br> %<br>| 2.83<br> %<br>| 1.70<br> %<br>| 1.55<br> %<br>|
| Portfolio turnover rate<sup>8</sup> <br>| &nbsp;&nbsp; 10 %<sup>3</sup><br>| &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp; 45<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $758831 | &nbsp;&nbsp; $708031 | &nbsp;&nbsp; $620780 | &nbsp;&nbsp; $188739 | &nbsp;&nbsp; $99948 | &nbsp;&nbsp; $90535 |

---

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

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

<sup>5</sup> Effective July 1, 2022, the annual operating expense ratio was reduced to 0.03%. The ratio presented for the period ended December 31, 2022, is a blended ratio.

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

<sup>7</sup> Effective December 20, 2021, the annual operating expense ratio was reduced to 0.04%. The ratio presented for the period ended December 31, 2021, is a blended ratio.

<sup>8</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

**19**

------

Schwab Long-Term U.S. Treasury ETF

Portfolio Holdings as of June 30, 2025 (Unaudited)

------

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

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

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **TREASURIES** 99.0% OF NET ASSETS | **TREASURIES** 99.0% OF NET ASSETS | **TREASURIES** 99.0% OF NET ASSETS |
| **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
| 4.50%, 02/15/36  | 2344300 | 2406204 |
| 4.75%, 02/15/37  | 1394400 | 1452682 |
| 5.00%, 05/15/37  | 1800400 | 1914754 |
| 4.38%, 02/15/38  | 1893900 | 1892420 |
| 4.50%, 05/15/38  | 2143900 | 2170029 |
| 3.50%, 02/15/39  | 2196000 | 1983091 |
| 4.25%, 05/15/39  | 3260000 | 3174680 |
| 4.50%, 08/15/39  | 3482600 | 3471173 |
| 4.38%, 11/15/39  | 3745900 | 3673323 |
| 4.63%, 02/15/40  | 3774600 | 3797896 |
| 1.13%, 05/15/40  | 11203600 | 6968114 |
| 4.38%, 05/15/40  | 3654800 | 3573138 |
| 1.13%, 08/15/40  | 13702500 | 8432390 |
| 3.88%, 08/15/40  | 3632000 | 3342859 |
| 1.38%, 11/15/40  | 15296100 | 9750069 |
| 4.25%, 11/15/40  | 3606300 | 3458385 |
| 1.88%, 02/15/41  | 18527000 | 12750339 |
| 4.75%, 02/15/41  | 3823400 | 3874180 |
| 2.25%, 05/15/41  | 14045000 | 10205668 |
| 4.38%, 05/15/41  | 3530500 | 3422654 |
| 1.75%, 08/15/41  | 19642400 | 13046850 |
| 3.75%, 08/15/41  | 3572000 | 3201126 |
| 2.00%, 11/15/41  | 17517400 | 12052792 |
| 3.13%, 11/15/41  | 3750800 | 3076828 |
| 2.38%, 02/15/42  | 14014500 | 10196644 |
| 3.13%, 02/15/42  | 3969600 | 3242357 |
| 3.00%, 05/15/42  | 3692200 | 2949145 |
| 3.25%, 05/15/42  | 12441800 | 10296562 |
| 2.75%, 08/15/42  | 4258200 | 3259519 |
| 3.38%, 08/15/42  | 10855200 | 9114128 |
| 2.75%, 11/15/42  | 6241400 | 4756142 |
| 4.00%, 11/15/42  | 10920200 | 9966389 |
| 3.13%, 02/15/43  | 5362100 | 4313558 |
| 3.88%, 02/15/43  | 10922500 | 9780757 |
| 2.88%, 05/15/43  | 8432000 | 6501204 |
| 3.88%, 05/15/43  | 10881800 | 9723908 |
| 3.63%, 08/15/43  | 6068100 | 5221410 |
| 4.38%, 08/15/43  | 11764500 | 11219473 |
| 3.75%, 11/15/43  | 6199600 | 5418354 |
| 4.75%, 11/15/43  | 11766200 | 11757008 |
| 3.63%, 02/15/44  | 6556500 | 5614515 |
| 4.50%, 02/15/44  | 11758800 | 11366534 |
| 3.38%, 05/15/44  | 6120100 | 5035217 |
| 4.63%, 05/15/44  | 11766900 | 11543513 |
| 3.13%, 08/15/44  | 7881600 | 6217228 |
| 4.13%, 08/15/44  | 11767400 | 10785558 |
| 3.00%, 11/15/44  | 6745800 | 5196374 |
| 4.63%, 11/15/44  | 11763000 | 11518550 |
| 2.50%, 02/15/45  | 9157100 | 6450032 |
| 4.75%, 02/15/45  | 11761600 | 11702792 |
| 3.00%, 05/15/45  | 4178900 | 3202409 |
| 5.00%, 05/15/45  | 8125000 | 8348437 |
| 2.88%, 08/15/45  | 5531500 | 4138253 |
| 3.00%, 11/15/45  | 3601900 | 2745323 |
| 2.50%, 02/15/46  | 7002000 | 4855449 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.50%, 05/15/46  | 6766200 | 4675550 |
| 2.25%, 08/15/46  | 9266400 | 6073836 |
| 2.88%, 11/15/46  | 3893800 | 2868635 |
| 3.00%, 02/15/47  | 7634900 | 5735719 |
| 3.00%, 05/15/47  | 6261800 | 4691458 |
| 2.75%, 08/15/47  | 9074500 | 6472671 |
| 2.75%, 11/15/47  | 9144900 | 6505739 |
| 3.00%, 02/15/48  | 10427200 | 7751971 |
| 3.13%, 05/15/48  | 11084800 | 8414056 |
| 3.00%, 08/15/48  | 12264900 | 9076984 |
| 3.38%, 11/15/48  | 12499500 | 9892182 |
| 3.00%, 02/15/49  | 13255400 | 9772751 |
| 2.88%, 05/15/49  | 12856200 | 9234367 |
| 2.25%, 08/15/49  | 12189200 | 7650628 |
| 2.38%, 11/15/49  | 11402600 | 7338642 |
| 2.00%, 02/15/50  | 14277200 | 8388970 |
| 1.25%, 05/15/50  | 16752800 | 8055741 |
| 1.38%, 08/15/50  | 18860600 | 9305054 |
| 1.63%, 11/15/50  | 18573200 | 9793010 |
| 1.88%, 02/15/51  | 20746600 | 11663479 |
| 2.38%, 05/15/51  | 20835800 | 13219339 |
| 2.00%, 08/15/51  | 20712500 | 11948523 |
| 1.88%, 11/15/51  | 19328300 | 10761937 |
| 2.25%, 02/15/52  | 17647000 | 10786729 |
| 2.88%, 05/15/52  | 16658200 | 11732318 |
| 3.00%, 08/15/52  | 15874900 | 11465895 |
| 4.00%, 11/15/52  | 15963900 | 13967165 |
| 3.63%, 02/15/53  | 15863100 | 12956931 |
| 3.63%, 05/15/53  | 15934300 | 13003883 |
| 4.13%, 08/15/53  | 17642900 | 15766964 |
| 4.75%, 11/15/53  | 18489300 | 18330408 |
| 4.25%, 02/15/54  | 19329300 | 17641006 |
| 4.63%, 05/15/54  | 19331300 | 18784587 |
| 4.25%, 08/15/54  | 19333100 | 17664110 |
| 4.50%, 11/15/54  | 19332300 | 18435160 |
| 4.63%, 02/15/55  | 19330000 | 18825607 |
| 4.75%, 05/15/55  | 13163000 | 13092043 |
| **Total Treasuries** <br>**(Cost $803,596,362)** | **Total Treasuries** <br>**(Cost $803,596,362)** | **751272434** |

---

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Short-Term Investments** 0.0% OF NET ASSETS | **Short-Term Investments** 0.0% OF NET ASSETS | **Short-Term Investments** 0.0% OF NET ASSETS |
| **Money Market Funds 0.0%** | **Money Market Funds 0.0%** | **Money Market Funds 0.0%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.27% *(a)*<br>| 25094 | **25094** |
| **Total Short-Term Investments** <br>**(Cost $25,094)** | **Total Short-Term Investments** <br>**(Cost $25,094)** | **25094** |
| **Total Investments in Securities** <br>**(Cost $803,621,456)** | **Total Investments in Securities** <br>**(Cost $803,621,456)** | **751297528** |

---

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

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

*See financial notes*

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

------

Schwab Long-Term U.S. Treasury ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

The following is a summary of the inputs used to value the fund's investments as of June 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Treasuries<sup>1</sup> <br>| $— | &nbsp;&nbsp; $751272434 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $751272434 |
| Short-Term Investments<sup>1</sup> <br>| 25094 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25094 |
| **Total** | **$25094** | &nbsp;&nbsp; **$751272434** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$751297528** |

---

&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

**21**

------

Schwab Long-Term U.S. Treasury ETF

Statement of Assets and Liabilities

------

As of June 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $803,621,456) |  | $751297528 |
| Receivables: |  |  |
| Investments sold |  | 9760122 |
| Interest |  | 7565173 |
| Dividends | + | 2218 |
| **Total assets** |  | **768625041** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 9774511 |
| Management fees | + | 19118 |
| **Total liabilities** |  | **9793629** |
| **Net assets** |  | **$758831412** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $871783532 |
| Total distributable loss | + | (112952120)<br>|
| **Net assets** |  | **$758831412** |

---

&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** |
| $758831412 |  | &nbsp;&nbsp;&nbsp;&nbsp; 23800000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $31.88 |

---

*See financial notes*

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

------

Schwab Long-Term U.S. Treasury ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated issuers |  | $18528998 |
| Dividends received from securities - unaffiliated issuers  | + | 35107 |
| **Total investment income**  |  | **18564105** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 120410 |
| **Total expenses** | – | **120410** |
| **Net investment income** |  | **18443695** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (8500182)<br>|
| Net realized losses on sales of in-kind redemptions - unaffiliated issuers  | + | (6977957)<br>|
| **Net realized losses** |  | **(15478139)**<br>|
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers** | + | **13022566** |
| **Net realized and unrealized losses** |  | **(2455573)**<br>|
| **Increase in net assets resulting from operations** |  | **$15988122** |

---

*See financial notes*

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

**23**

------

Schwab Long-Term U.S. Treasury ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 |
| Net investment income |  | $18443695 | &nbsp;&nbsp;&nbsp; $30990933 |
| Net realized losses |  | (15478139)<br>| &nbsp;&nbsp;&nbsp; (1403729)<br>|
| Net change in unrealized appreciation (depreciation) | + | 13022566 | &nbsp;&nbsp;&nbsp; (79253789)<br>|
| **Increase (decrease) in net assets resulting from operations** |  | **$15988122** | &nbsp;&nbsp;&nbsp; **($49666585)**<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($15787895)**<br>| &nbsp;&nbsp;&nbsp; **($31021445)**<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 10050000 | &nbsp;&nbsp;&nbsp; $324270434 | &nbsp;&nbsp;&nbsp; 17150000 | &nbsp;&nbsp;&nbsp; $578721402 |
| Shares redeemed | + | (8750000)<br>| &nbsp;&nbsp;&nbsp; (273670051)<br>| &nbsp;&nbsp;&nbsp; (12350000)<br>| &nbsp;&nbsp;&nbsp; (410782549)<br>|
| **Net transactions in fund shares**  |  | **1300000** | &nbsp;&nbsp;&nbsp; **$50600383** | &nbsp;&nbsp;&nbsp; **4800000** | &nbsp;&nbsp;&nbsp; **$167938853** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 22500000 | &nbsp;&nbsp;&nbsp; $708030802 | &nbsp;&nbsp;&nbsp; 17700000 | &nbsp;&nbsp;&nbsp; $620779979 |
| Total increase | + | 1300000 | &nbsp;&nbsp;&nbsp; 50800610 | &nbsp;&nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp; 87250823 |
| **End of period** |  | **23800000** | &nbsp;&nbsp;&nbsp; **$758831412** | &nbsp;&nbsp;&nbsp; **22500000** | &nbsp;&nbsp;&nbsp; **$708030802** |

---

*See financial notes*

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

------

Schwab U.S. Aggregate Bond ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 1/1/25– <br>6/30/25\*<br>| 1/1/24– <br>12/31/24<sup>1</sup> <br>| 1/1/23– <br>12/31/23<sup>1</sup> <br>| 1/1/22– <br>12/31/22<sup>1</sup> <br>| 1/1/21– <br>12/31/21<sup>1</sup> <br>| 1/1/20– <br>12/31/20<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; $22.71 | &nbsp;&nbsp; $23.32 | &nbsp;&nbsp; $22.85 | &nbsp;&nbsp; $26.96 | &nbsp;&nbsp; $28.03 | &nbsp;&nbsp; $26.72 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.46 | 1.44 | 0.75 | 0.56 | 0.48 | 0.60 |
| Net realized and unrealized gains (losses) | 0.46 | &nbsp;&nbsp; (0.49)<br>| 0.49 | &nbsp;&nbsp; (4.07)<br>| &nbsp;&nbsp; (0.96)<br>| 1.39 |
| Total from investment operations | 0.92 | 0.95 | 1.24 | &nbsp;&nbsp; (3.51)<br>| &nbsp;&nbsp; (0.48)<br>| 1.99 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.68)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $23.23 | &nbsp;&nbsp; $22.71 | &nbsp;&nbsp; $23.32 | &nbsp;&nbsp; $22.85 | &nbsp;&nbsp; $26.96 | &nbsp;&nbsp; $28.03 |
| Total return | 4.07 %<sup>3</sup><br>| 1.26<br> %<br>| 5.53<br> %<br>| &nbsp;&nbsp; (13.09<br> %)<br>| &nbsp;&nbsp; (1.74<br> %)<br>| 7.50<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>| 0.03<br> %<br>| 0.03<br> %<br>| 0.04 %<sup>5,6</sup><br>| 0.04<br> %<br>| 0.04<br> %<br>|
| Net investment income (loss) | 4.08 %<sup>4</sup><br>| 3.87<br> %<br>| 3.28<br> %<br>| 2.29<br> %<br>| 1.76<br> %<br>| 2.14<br> %<br>|
| Portfolio turnover rate<sup>7,8</sup> <br>| &nbsp;&nbsp; 19 %<sup>3</sup><br>| &nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp; 68<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $8591 | &nbsp;&nbsp; $8441 | &nbsp;&nbsp; $7584 | &nbsp;&nbsp; $6805 | &nbsp;&nbsp; $9074 | &nbsp;&nbsp; $8733 |

---

&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 market close on October 10, 2024 (see financial note 10 for additional information). 

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

<sup>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.

<sup>8</sup> Portfolio turnover rate Includes to-be-announced (TBA) transactions.

*See financial notes*

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

**25**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited)

------

All securities are currently in a fixed rate coupon period based on index eligibility requirements and the fund's investment objective. Generally, for fixed rate securities, the rate shown is the interest rate that was established when the security was issued and when a security is purchased with a zero coupon rate, the effective yield at the time of purchase is shown. In some cases, for securitized products, the fixed interest rate can change but remains index eligible as a fixed rate coupon. Variable rate securities are subject to index requirements and will be removed from the index and fund prior to converting from a fixed rate coupon to a variable rate coupon. The maturity date shown for all the securities is the final legal maturity.

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

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **CORPORATES** 23.7% OF NET ASSETS | **CORPORATES** 23.7% OF NET ASSETS | **CORPORATES** 23.7% OF NET ASSETS |
| **Financial Institutions 8.0%** | **Financial Institutions 8.0%** | **Financial Institutions 8.0%** |
| ***Banking 5.4%***  | ***Banking 5.4%***  | ***Banking 5.4%***  |
| **Ally Financial, Inc.** | **Ally Financial, Inc.** | **Ally Financial, Inc.** |
| 4.75%, 06/09/27 *(a)* | 190000 | 191155 |
| 7.10%, 11/15/27 *(a)* | 65000 | 68545 |
| 2.20%, 11/02/28 *(a)* | 315000 | 290836 |
| 6.99%, 06/13/29 *(a)(b)* | 400000 | 420972 |
| 6.85%, 01/03/30 *(a)(b)* | 270000 | 285134 |
| 8.00%, 11/01/31  | 705000 | 802205 |
| 6.18%, 07/26/35 *(a)(b)* | 250000 | 254913 |
| **American Express Co.** | **American Express Co.** | **American Express Co.** |
| 1.65%, 11/04/26 *(a)* | 250000 | 241845 |
| 2.55%, 03/04/27 *(a)* | 630000 | 613721 |
| 3.30%, 05/03/27 *(a)* | 410000 | 403858 |
| 5.39%, 07/28/27 *(a)(b)* | 330000 | 333303 |
| 5.85%, 11/05/27 *(a)* | 500000 | 518275 |
| 5.10%, 02/16/28 *(a)(b)* | 510000 | 516089 |
| 5.04%, 07/26/28 *(a)(b)* | 250000 | 253665 |
| 4.73%, 04/25/29 *(a)(b)* | 400000 | 404536 |
| 4.05%, 05/03/29 *(a)* | 315000 | 315025 |
| 5.28%, 07/27/29 *(a)(b)* | 435000 | 447428 |
| 5.53%, 04/25/30 *(a)(b)* | 355000 | 369214 |
| 5.09%, 01/30/31 *(a)(b)* | 400000 | 409420 |
| 5.02%, 04/25/31 *(a)(b)* | 400000 | 408720 |
| 6.49%, 10/30/31 *(a)(b)* | 300000 | 327180 |
| 4.99%, 05/26/33 *(a)(b)* | 150000 | 150479 |
| 4.42%, 08/03/33 *(a)(b)* | 400000 | 390708 |
| 5.04%, 05/01/34 *(a)(b)* | 305000 | 308160 |
| 5.63%, 07/28/34 *(a)(b)* | 150000 | 153765 |
| 5.92%, 04/25/35 *(a)(b)* | 205000 | 214323 |
| 5.28%, 07/26/35 *(a)(b)* | 550000 | 557584 |
| 5.44%, 01/30/36 *(a)(b)* | 350000 | 357658 |
| 5.67%, 04/25/36 *(a)(b)* | 400000 | 414644 |
| 4.05%, 12/03/42  | 380000 | 321780 |
| **American Express Credit Corp.** | **American Express Credit Corp.** | **American Express Credit Corp.** |
| 3.30%, 05/03/27 *(a)* | 225000 | 222035 |
| **Associated Banc-Corp.** | **Associated Banc-Corp.** | **Associated Banc-Corp.** |
| 6.46%, 08/29/30 *(a)(b)* | 215000 | 221048 |
| **Australia & New Zealand Banking Group Ltd.** | **Australia & New Zealand Banking Group Ltd.** | **Australia & New Zealand Banking Group Ltd.** |
| 4.42%, 12/16/26  | 250000 | 251328 |
| 4.75%, 01/18/27  | 250000 | 252545 |
| 4.90%, 07/16/27  | 250000 | 254110 |
| 3.92%, 09/30/27  | 350000 | 348786 |
| 4.36%, 06/18/28  | 250000 | 251920 |
| 4.62%, 12/16/29  | 250000 | 254403 |
| **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** |
| 6.14%, 09/14/28 *(a)(b)* | 200000 | 206856 |
| 5.38%, 03/13/29  | 400000 | 412304 |
| 7.88%, 11/15/34 *(a)(b)* | 200000 | 227374 |
| 6.03%, 03/13/35 *(a)(b)* | 200000 | 208290 |
| **Banco Santander SA** | **Banco Santander SA** | **Banco Santander SA** |
| 4.25%, 04/11/27  | 600000 | 598692 |
| 5.29%, 08/18/27  | 600000 | 610110 |
| 1.72%, 09/14/27 *(a)(b)* | 400000 | 386432 |
| 6.53%, 11/07/27 *(a)(b)* | 200000 | 205446 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.80%, 02/23/28  | 400000 | 393132 |
| 4.18%, 03/24/28 *(a)(b)* | 200000 | 198816 |
| 4.38%, 04/12/28  | 600000 | 598626 |
| 5.37%, 07/15/28 *(a)(b)* | 400000 | 407376 |
| 5.59%, 08/08/28  | 600000 | 619836 |
| 6.61%, 11/07/28  | 400000 | 426780 |
| 3.31%, 06/27/29  | 600000 | 575826 |
| 5.54%, 03/14/30 *(a)(b)* | 400000 | 412144 |
| 3.49%, 05/28/30  | 600000 | 570264 |
| 2.75%, 12/03/30  | 400000 | 356760 |
| 2.96%, 03/25/31  | 200000 | 182832 |
| 5.44%, 07/15/31  | 400000 | 415664 |
| 3.23%, 11/22/32 *(a)(b)* | 400000 | 358740 |
| 6.92%, 08/08/33  | 200000 | 217014 |
| 6.94%, 11/07/33  | 400000 | 452100 |
| 6.35%, 03/14/34  | 400000 | 419084 |
| **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
| 6.22%, 09/15/26  | 140000 | 143013 |
| 4.25%, 10/22/26  | 525000 | 524228 |
| 1.73%, 07/22/27 *(a)(b)* | 1715000 | 1667392 |
| 5.93%, 09/15/27 *(a)(b)* | 290000 | 295127 |
| 3.25%, 10/21/27 *(a)* | 870000 | 853827 |
| 4.18%, 11/25/27 *(a)* | 650000 | 647861 |
| 3.82%, 01/20/28 *(a)(b)* | 675000 | 669343 |
| 2.55%, 02/04/28 *(a)(b)* | 635000 | 617366 |
| 3.71%, 04/24/28 *(a)(b)* | 745000 | 736432 |
| 4.38%, 04/27/28 *(a)(b)* | 685000 | 685199 |
| 3.59%, 07/21/28 *(a)(b)* | 675000 | 664915 |
| 4.95%, 07/22/28 *(a)(b)* | 900000 | 910584 |
| 6.20%, 11/10/28 *(a)(b)* | 650000 | 676481 |
| 3.42%, 12/20/28 *(a)(b)* | 1750000 | 1710730 |
| 4.98%, 01/24/29 *(a)(b)* | 750000 | 761002 |
| 3.97%, 03/05/29 *(a)(b)* | 810000 | 801074 |
| 5.20%, 04/25/29 *(a)(b)* | 1035000 | 1058029 |
| 4.62%, 05/09/29 *(a)(b)* | 500000 | 503345 |
| 2.09%, 06/14/29 *(a)(b)* | 900000 | 843759 |
| 4.27%, 07/23/29 *(a)(b)* | 850000 | 847866 |
| 5.82%, 09/15/29 *(a)(b)* | 750000 | 782040 |
| 3.97%, 02/07/30 *(a)(b)* | 900000 | 886410 |
| 3.19%, 07/23/30 *(a)(b)* | 715000 | 681002 |
| 2.88%, 10/22/30 *(a)(b)* | 570000 | 533771 |
| 5.16%, 01/24/31 *(a)(b)* | 550000 | 563931 |
| 2.50%, 02/13/31 *(a)(b)* | 1040000 | 950695 |
| 2.59%, 04/29/31 *(a)(b)* | 800000 | 731808 |
| 1.90%, 07/23/31 *(a)(b)* | 845000 | 743025 |
| 1.92%, 10/24/31 *(a)(b)* | 825000 | 719870 |
| 2.65%, 03/11/32 *(a)(b)* | 625000 | 561294 |
| 2.69%, 04/22/32 *(a)(b)* | 1250000 | 1123075 |
| 2.30%, 07/21/32 *(a)(b)* | 1125000 | 980842 |
| 2.57%, 10/20/32 *(a)(b)* | 900000 | 793323 |
| 2.97%, 02/04/33 *(a)(b)* | 1000000 | 895930 |
| 4.57%, 04/27/33 *(a)(b)* | 1000000 | 984340 |
| 5.02%, 07/22/33 *(a)(b)* | 1300000 | 1316120 |
| 5.29%, 04/25/34 *(a)(b)* | 1385000 | 1414085 |
| 5.87%, 09/15/34 *(a)(b)* | 1085000 | 1145630 |
| 5.47%, 01/23/35 *(a)(b)* | 1500000 | 1541745 |
| 5.43%, 08/15/35 *(a)(b)* | 535000 | 535037 |
| 5.52%, 10/25/35 *(a)(b)* | 1025000 | 1022786 |
| 5.51%, 01/24/36 *(a)(b)* | 1000000 | 1029040 |
| 5.74%, 02/12/36 *(a)(b)* | 550000 | 559163 |

---

*See financial notes*

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

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.46%, 05/09/36 *(a)(b)* | 500000 | 513210 |
| 2.48%, 09/21/36 *(a)(b)* | 670000 | 568039 |
| 6.11%, 01/29/37  | 525000 | 555203 |
| 3.85%, 03/08/37 *(a)(b)* | 825000 | 755287 |
| 4.24%, 04/24/38 *(a)(b)* | 600000 | 546954 |
| 7.75%, 05/14/38  | 450000 | 537678 |
| 4.08%, 04/23/40 *(a)(b)* | 440000 | 382972 |
| 2.68%, 06/19/41 *(a)(b)* | 1445000 | 1034331 |
| 5.88%, 02/07/42  | 485000 | 507548 |
| 3.31%, 04/22/42 *(a)(b)* | 1100000 | 845658 |
| 5.00%, 01/21/44  | 600000 | 567366 |
| 4.88%, 04/01/44  | 215000 | 199658 |
| 4.75%, 04/21/45  | 200000 | 177762 |
| 4.44%, 01/20/48 *(a)(b)* | 615000 | 526588 |
| 3.95%, 01/23/49 *(a)(b)* | 400000 | 314216 |
| 4.33%, 03/15/50 *(a)(b)* | 875000 | 728752 |
| 4.08%, 03/20/51 *(a)(b)* | 1585000 | 1261153 |
| 2.83%, 10/24/51 *(a)(b)* | 360000 | 225828 |
| 3.48%, 03/13/52 *(a)(b)* | 300000 | 214578 |
| 2.97%, 07/21/52 *(a)(b)* | 600000 | 388296 |
| **Bank of America NA** | **Bank of America NA** | **Bank of America NA** |
| 5.53%, 08/18/26 *(a)* | 550000 | 557914 |
| 6.00%, 10/15/36  | 380000 | 402044 |
| **Bank of Montreal** | **Bank of Montreal** | **Bank of Montreal** |
| 1.25%, 09/15/26  | 600000 | 579216 |
| 5.27%, 12/11/26  | 345000 | 349830 |
| 2.65%, 03/08/27  | 330000 | 322341 |
| 5.37%, 06/04/27  | 160000 | 163502 |
| 4.57%, 09/10/27 *(a)(b)* | 300000 | 300696 |
| 4.70%, 09/14/27 *(a)* | 330000 | 333317 |
| 5.20%, 02/01/28 *(a)* | 350000 | 358344 |
| 5.72%, 09/25/28 *(a)* | 240000 | 250296 |
| 5.00%, 01/27/29 *(a)(b)* | 250000 | 254188 |
| 4.64%, 09/10/30 *(a)(b)* | 50000 | 50454 |
| 5.51%, 06/04/31 *(a)* | 220000 | 230083 |
| 3.80%, 12/15/32 *(a)(b)* | 404000 | 393645 |
| 3.09%, 01/10/37 *(a)(b)* | 400000 | 347552 |
| **Bank of New York Mellon Corp.** | **Bank of New York Mellon Corp.** | **Bank of New York Mellon Corp.** |
| 2.45%, 08/17/26 *(a)* | 350000 | 343651 |
| 1.05%, 10/15/26 *(a)* | 200000 | 192408 |
| 2.05%, 01/26/27 *(a)* | 250000 | 242500 |
| 3.25%, 05/16/27 *(a)* | 355000 | 350286 |
| 3.40%, 01/29/28 *(a)* | 360000 | 354258 |
| 3.44%, 02/07/28 *(a)(b)* | 400000 | 395520 |
| 3.85%, 04/28/28  | 310000 | 309504 |
| 4.44%, 06/09/28 *(a)(b)* | 220000 | 221256 |
| 3.99%, 06/13/28 *(a)(b)* | 280000 | 279255 |
| 1.65%, 07/14/28 *(a)* | 245000 | 228840 |
| 5.80%, 10/25/28 *(a)(b)* | 400000 | 414312 |
| 3.00%, 10/30/28 *(a)* | 290000 | 279543 |
| 3.85%, 04/26/29 *(a)* | 165000 | 163475 |
| 3.30%, 08/23/29 *(a)* | 295000 | 283504 |
| 6.32%, 10/25/29 *(a)(b)* | 330000 | 350463 |
| 4.98%, 03/14/30 *(a)(b)* | 205000 | 209949 |
| 4.60%, 07/26/30 *(a)(b)* | 160000 | 161840 |
| 1.65%, 01/28/31 *(a)* | 265000 | 230015 |
| 1.80%, 07/28/31 *(a)* | 300000 | 260814 |
| 2.50%, 01/26/32 *(a)* | 80000 | 70620 |
| 4.29%, 06/13/33 *(a)(b)* | 340000 | 330942 |
| 5.83%, 10/25/33 *(a)(b)* | 500000 | 530700 |
| 4.71%, 02/01/34 *(a)(b)* | 125000 | 123696 |
| 4.97%, 04/26/34 *(a)(b)* | 375000 | 376853 |
| 6.47%, 10/25/34 *(a)(b)* | 300000 | 330672 |
| 5.19%, 03/14/35 *(a)(b)* | 400000 | 405656 |
| 5.32%, 06/06/36 *(a)(b)* | 220000 | 224838 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Bank of Nova Scotia** | **Bank of Nova Scotia** | **Bank of Nova Scotia** |
| 2.70%, 08/03/26  | 430000 | 423348 |
| 5.35%, 12/07/26  | 340000 | 345001 |
| 1.95%, 02/02/27  | 305000 | 295246 |
| 2.95%, 03/11/27  | 460000 | 451292 |
| 5.25%, 06/12/28  | 250000 | 257705 |
| 4.40%, 09/08/28 *(a)(b)* | 300000 | 300654 |
| 4.93%, 02/14/29 *(a)(b)* | 200000 | 202594 |
| 5.45%, 08/01/29  | 350000 | 363731 |
| 4.85%, 02/01/30  | 315000 | 321032 |
| 2.15%, 08/01/31  | 355000 | 310369 |
| 2.45%, 02/02/32  | 325000 | 282981 |
| 5.65%, 02/01/34  | 270000 | 283373 |
| 4.59%, 05/04/37 *(a)(b)* | 375000 | 354780 |
| **Bank OZK** | **Bank OZK** | **Bank OZK** |
| 2.75%, 10/01/31 *(a)(b)(c)* | 215000 | 193154 |
| **BankUnited, Inc.** | **BankUnited, Inc.** | **BankUnited, Inc.** |
| 5.13%, 06/11/30 *(a)* | 230000 | 227797 |
| **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
| 6.50%, 09/13/27 *(a)(b)* | 445000 | 455150 |
| 2.28%, 11/24/27 *(a)(b)* | 410000 | 397671 |
| 4.34%, 01/10/28 *(a)* | 400000 | 399008 |
| 5.67%, 03/12/28 *(a)(b)* | 300000 | 305838 |
| 4.84%, 05/09/28 *(a)* | 600000 | 601200 |
| 5.50%, 08/09/28 *(a)(b)* | 600000 | 612108 |
| 4.84%, 09/10/28 *(a)(b)* | 200000 | 201602 |
| 7.39%, 11/02/28 *(a)(b)* | 430000 | 456643 |
| 4.97%, 05/16/29 *(a)(b)* | 600000 | 606612 |
| 6.49%, 09/13/29 *(a)(b)* | 330000 | 348873 |
| 5.69%, 03/12/30 *(a)(b)* | 600000 | 621036 |
| 5.09%, 06/20/30 *(a)(b)* | 545000 | 547561 |
| 4.94%, 09/10/30 *(a)(b)* | 410000 | 413264 |
| 5.37%, 02/25/31 *(a)(b)* | 550000 | 561940 |
| 2.65%, 06/24/31 *(a)(b)* | 400000 | 361920 |
| 2.67%, 03/10/32 *(a)(b)* | 300000 | 266571 |
| 2.89%, 11/24/32 *(a)(b)* | 400000 | 354464 |
| 5.75%, 08/09/33 *(a)(b)* | 375000 | 389089 |
| 7.44%, 11/02/33 *(a)(b)* | 525000 | 596206 |
| 6.22%, 05/09/34 *(a)(b)* | 460000 | 488557 |
| 7.12%, 06/27/34 *(a)(b)* | 310000 | 338501 |
| 6.69%, 09/13/34 *(a)(b)* | 475000 | 519275 |
| 5.34%, 09/10/35 *(a)(b)* | 570000 | 566398 |
| 3.56%, 09/23/35 *(a)(b)* | 300000 | 275850 |
| 5.79%, 02/25/36 *(a)(b)* | 600000 | 613614 |
| 3.81%, 03/10/42 *(a)(b)* | 360000 | 282553 |
| 3.33%, 11/24/42 *(a)(b)* | 200000 | 148818 |
| 5.25%, 08/17/45  | 485000 | 466284 |
| 4.95%, 01/10/47  | 450000 | 410071 |
| 6.04%, 03/12/55 *(a)(b)* | 300000 | 308553 |
| **BPCE SA** | **BPCE SA** | **BPCE SA** |
| 3.38%, 12/02/26  | 275000 | 272036 |
| **Canadian Imperial Bank of Commerce** | **Canadian Imperial Bank of Commerce** | **Canadian Imperial Bank of Commerce** |
| 5.62%, 07/17/26  | 105000 | 106344 |
| 5.93%, 10/02/26  | 300000 | 305946 |
| 3.45%, 04/07/27 *(a)* | 465000 | 459299 |
| 5.24%, 06/28/27  | 330000 | 336023 |
| 4.86%, 01/13/28 *(a)(b)* | 250000 | 251908 |
| 5.00%, 04/28/28 *(a)* | 400000 | 407888 |
| 5.99%, 10/03/28 *(a)* | 250000 | 262528 |
| 4.86%, 03/30/29 *(a)(b)* | 310000 | 313410 |
| 5.26%, 04/08/29 *(a)* | 385000 | 396408 |
| 4.63%, 09/11/30 *(a)(b)* | 250000 | 250240 |
| 5.25%, 01/13/31 *(a)(b)* | 250000 | 256230 |
| 3.60%, 04/07/32 *(a)* | 400000 | 372664 |
| 6.09%, 10/03/33 *(a)* | 365000 | 391598 |

---

*See financial notes*

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

**27**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Capital One Financial Corp.** | **Capital One Financial Corp.** | **Capital One Financial Corp.** |
| 3.75%, 07/28/26 *(a)* | 445000 | 441017 |
| 4.10%, 02/09/27 *(a)* | 300000 | 298671 |
| 3.75%, 03/09/27 *(a)* | 370000 | 367173 |
| 3.65%, 05/11/27 *(a)* | 300000 | 296841 |
| 1.88%, 11/02/27 *(a)(b)* | 495000 | 478348 |
| 3.80%, 01/31/28 *(a)* | 565000 | 558000 |
| 4.93%, 05/10/28 *(a)(b)* | 525000 | 529147 |
| 5.47%, 02/01/29 *(a)(b)* | 250000 | 256063 |
| 6.31%, 06/08/29 *(a)(b)* | 500000 | 525035 |
| 5.70%, 02/01/30 *(a)(b)* | 250000 | 258675 |
| 3.27%, 03/01/30 *(a)(b)* | 450000 | 430614 |
| 5.25%, 07/26/30 *(a)(b)* | 125000 | 127859 |
| 5.46%, 07/26/30 *(a)(b)* | 270000 | 278116 |
| 7.62%, 10/30/31 *(a)(b)* | 500000 | 565180 |
| 2.36%, 07/29/32 *(a)(b)* | 335000 | 284311 |
| 2.62%, 11/02/32 *(a)(b)* | 230000 | 200900 |
| 6.70%, 11/29/32 *(a)* | 275000 | 300341 |
| 5.27%, 05/10/33 *(a)(b)* | 420000 | 424049 |
| 5.82%, 02/01/34 *(a)(b)* | 275000 | 283872 |
| 6.38%, 06/08/34 *(a)(b)* | 500000 | 532550 |
| 7.96%, 11/02/34 *(a)(b)* | 280000 | 325870 |
| 6.05%, 02/01/35 *(a)(b)* | 295000 | 308254 |
| 5.88%, 07/26/35 *(a)(b)* | 275000 | 283806 |
| 6.18%, 01/30/36 *(a)(b)* | 500000 | 508690 |
| **Capital One NA** | **Capital One NA** | **Capital One NA** |
| 4.65%, 09/13/28 *(a)* | 400000 | 402228 |
| 2.70%, 02/06/30 *(a)* | 300000 | 276297 |
| **Citibank NA** | **Citibank NA** | **Citibank NA** |
| 4.93%, 08/06/26 *(a)* | 600000 | 604206 |
| 5.49%, 12/04/26 *(a)* | 275000 | 279499 |
| 4.58%, 05/29/27 *(a)* | 600000 | 603312 |
| 4.88%, 11/19/27 *(a)(b)* | 685000 | 689425 |
| 5.80%, 09/29/28 *(a)* | 715000 | 747904 |
| 4.84%, 08/06/29 *(a)* | 410000 | 418930 |
| 4.91%, 05/29/30 *(a)* | 750000 | 764587 |
| 5.57%, 04/30/34 *(a)* | 500000 | 520955 |
| **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
| 3.20%, 10/21/26 *(a)* | 860000 | 848313 |
| 4.30%, 11/20/26  | 350000 | 349566 |
| 4.45%, 09/29/27  | 1050000 | 1051134 |
| 3.89%, 01/10/28 *(a)(b)* | 840000 | 832650 |
| 6.63%, 01/15/28  | 60000 | 63532 |
| 3.07%, 02/24/28 *(a)(b)* | 845000 | 826697 |
| 4.64%, 05/07/28 *(a)(b)* | 750000 | 752310 |
| 4.66%, 05/24/28 *(a)(b)* | 335000 | 336380 |
| 3.67%, 07/24/28 *(a)(b)* | 700000 | 689241 |
| 4.13%, 07/25/28  | 600000 | 596118 |
| 3.52%, 10/27/28 *(a)(b)* | 710000 | 695630 |
| 4.79%, 03/04/29 *(a)(b)* | 500000 | 503780 |
| 4.08%, 04/23/29 *(a)(b)* | 615000 | 609084 |
| 5.17%, 02/13/30 *(a)(b)* | 850000 | 867357 |
| 3.98%, 03/20/30 *(a)(b)* | 770000 | 754869 |
| 4.54%, 09/19/30 *(a)(b)* | 750000 | 746880 |
| 2.98%, 11/05/30 *(a)(b)* | 610000 | 571119 |
| 2.67%, 01/29/31 *(a)(b)* | 770000 | 706105 |
| 4.41%, 03/31/31 *(a)(b)* | 1200000 | 1187868 |
| 4.95%, 05/07/31 *(a)(b)* | 500000 | 505940 |
| 2.57%, 06/03/31 *(a)(b)* | 1080000 | 979808 |
| 2.56%, 05/01/32 *(a)(b)* | 995000 | 881878 |
| 6.63%, 06/15/32  | 260000 | 283704 |
| 2.52%, 11/03/32 *(a)(b)* | 475000 | 415753 |
| 3.06%, 01/25/33 *(a)(b)* | 875000 | 782661 |
| 5.88%, 02/22/33  | 200000 | 207900 |
| 3.79%, 03/17/33 *(a)(b)* | 815000 | 761512 |
| 4.91%, 05/24/33 *(a)(b)* | 700000 | 698922 |
| 6.00%, 10/31/33  | 225000 | 236837 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.27%, 11/17/33 *(a)(b)* | 700000 | 754313 |
| 6.17%, 05/25/34 *(a)(b)* | 975000 | 1018348 |
| 5.59%, 11/19/34 *(a)(b)* | 400000 | 406232 |
| 5.83%, 02/13/35 *(a)(b)* | 655000 | 667989 |
| 5.45%, 06/11/35 *(a)(b)* | 625000 | 639225 |
| 6.02%, 01/24/36 *(a)(b)* | 920000 | 945107 |
| 5.33%, 03/27/36 *(a)(b)* | 600000 | 605076 |
| 6.13%, 08/25/36  | 220000 | 228021 |
| 3.88%, 01/24/39 *(a)(b)* | 310000 | 267614 |
| 8.13%, 07/15/39  | 605000 | 762076 |
| 5.41%, 09/19/39 *(a)(b)* | 300000 | 291867 |
| 5.32%, 03/26/41 *(a)(b)* | 455000 | 444612 |
| 5.88%, 01/30/42  | 360000 | 372686 |
| 2.90%, 11/03/42 *(a)(b)* | 405000 | 287603 |
| 6.68%, 09/13/43  | 300000 | 328044 |
| 5.30%, 05/06/44  | 220000 | 206215 |
| 4.65%, 07/30/45  | 170000 | 149739 |
| 4.75%, 05/18/46  | 605000 | 519423 |
| 4.28%, 04/24/48 *(a)(b)* | 280000 | 231157 |
| 4.65%, 07/23/48 *(a)* | 750000 | 648592 |
| 5.61%, 03/04/56 *(a)(b)* | 580000 | 570123 |
| **Citizens Financial Group, Inc.** | **Citizens Financial Group, Inc.** | **Citizens Financial Group, Inc.** |
| 2.85%, 07/27/26 *(a)* | 205000 | 201601 |
| 5.84%, 01/23/30 *(a)(b)* | 350000 | 362495 |
| 2.50%, 02/06/30 *(a)* | 180000 | 163384 |
| 3.25%, 04/30/30 *(a)* | 300000 | 281118 |
| 5.72%, 07/23/32 *(a)(b)* | 350000 | 362593 |
| 2.64%, 09/30/32 *(a)* | 145000 | 122164 |
| 6.65%, 04/25/35 *(a)(b)* | 200000 | 215912 |
| 5.64%, 05/21/37 *(a)(b)* | 220000 | 218055 |
| **Comerica Bank** | **Comerica Bank** | **Comerica Bank** |
| 5.33%, 08/25/33 *(a)(b)* | 250000 | 243418 |
| **Comerica, Inc.** | **Comerica, Inc.** | **Comerica, Inc.** |
| 4.00%, 02/01/29 *(a)* | 215000 | 210188 |
| 5.98%, 01/30/30 *(a)(b)* | 250000 | 256195 |
| **Commonwealth Bank of Australia** | **Commonwealth Bank of Australia** | **Commonwealth Bank of Australia** |
| 4.58%, 11/27/26  | 300000 | 302205 |
| 4.42%, 03/14/28  | 250000 | 252513 |
| **Cooperatieve Rabobank UA** | **Cooperatieve Rabobank UA** | **Cooperatieve Rabobank UA** |
| 3.75%, 07/21/26  | 600000 | 595644 |
| 5.50%, 10/05/26  | 370000 | 376179 |
| 5.04%, 03/05/27  | 250000 | 253925 |
| 4.80%, 01/09/29  | 370000 | 377245 |
| 5.25%, 05/24/41  | 415000 | 408908 |
| 5.75%, 12/01/43  | 380000 | 383621 |
| 5.25%, 08/04/45  | 300000 | 284511 |
| **Credit Suisse USA LLC** | **Credit Suisse USA LLC** | **Credit Suisse USA LLC** |
| 7.13%, 07/15/32  | 175000 | 199420 |
| **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
| 7.15%, 07/13/27 *(a)(b)* | 400000 | 410280 |
| 2.31%, 11/16/27 *(a)(b)* | 510000 | 494955 |
| 2.55%, 01/07/28 *(a)(b)* | 450000 | 437107 |
| 5.71%, 02/08/28 *(a)(b)* | 205000 | 208506 |
| 5.37%, 01/10/29 *(a)(b)* | 375000 | 381765 |
| 6.72%, 01/18/29 *(a)(b)* | 425000 | 446416 |
| 5.41%, 05/10/29  | 400000 | 414588 |
| 6.82%, 11/20/29 *(a)(b)* | 325000 | 346746 |
| 5.00%, 09/11/30 *(a)(b)* | 300000 | 302211 |
| 5.30%, 05/09/31 *(a)(b)* | 400000 | 406420 |
| 5.88%, 07/08/31 *(a)(b)* | 270000 | 277090 |
| 3.55%, 09/18/31 *(a)(b)* | 510000 | 477176 |
| 3.73%, 01/14/32 *(a)(b)* | 415000 | 380273 |
| 3.04%, 05/28/32 *(a)(b)* | 350000 | 314510 |
| 4.88%, 12/01/32 *(a)(b)* | 345000 | 341322 |
| 3.74%, 01/07/33 *(a)(b)* | 300000 | 270075 |

---

*See financial notes*

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

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 7.08%, 02/10/34 *(a)(b)* | 350000 | 373440 |
| 5.40%, 09/11/35 *(a)(b)* | 300000 | 298716 |
| **Fifth Third Bancorp** | **Fifth Third Bancorp** | **Fifth Third Bancorp** |
| 2.55%, 05/05/27 *(a)* | 300000 | 290775 |
| 1.71%, 11/01/27 *(a)(b)* | 300000 | 289872 |
| 3.95%, 03/14/28 *(a)* | 110000 | 109052 |
| 4.06%, 04/25/28 *(a)(b)* | 100000 | 99396 |
| 6.36%, 10/27/28 *(a)(b)* | 210000 | 219087 |
| 6.34%, 07/27/29 *(a)(b)* | 500000 | 526830 |
| 4.77%, 07/28/30 *(a)(b)* | 215000 | 216432 |
| 4.90%, 09/06/30 *(a)(b)* | 25000 | 25288 |
| 5.63%, 01/29/32 *(a)(b)* | 300000 | 312591 |
| 4.34%, 04/25/33 *(a)(b)* | 175000 | 167249 |
| 8.25%, 03/01/38  | 395000 | 476307 |
| **Fifth Third Bank NA** | **Fifth Third Bank NA** | **Fifth Third Bank NA** |
| 2.25%, 02/01/27 *(a)* | 250000 | 242548 |
| **First Citizens BancShares, Inc.** | **First Citizens BancShares, Inc.** | **First Citizens BancShares, Inc.** |
| 6.25%, 03/12/40 *(a)(b)* | 215000 | 214940 |
| **First Horizon Bank** | **First Horizon Bank** | **First Horizon Bank** |
| 5.75%, 05/01/30 *(a)* | 250000 | 255935 |
| **First-Citizens Bank & Trust Co.** | **First-Citizens Bank & Trust Co.** | **First-Citizens Bank & Trust Co.** |
| 6.13%, 03/09/28  | 220000 | 228485 |
| **FNB Corp.** | **FNB Corp.** | **FNB Corp.** |
| 5.72%, 12/11/30 *(a)(b)* | 145000 | 145905 |
| **Goldman Sachs Capital I** | **Goldman Sachs Capital I** | **Goldman Sachs Capital I** |
| 6.35%, 02/15/34  | 285000 | 296286 |
| **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
| 3.50%, 11/16/26 *(a)* | 900000 | 890001 |
| 5.95%, 01/15/27  | 240000 | 246778 |
| 3.85%, 01/26/27 *(a)* | 845000 | 839668 |
| 1.54%, 09/10/27 *(a)(b)* | 890000 | 859526 |
| 1.95%, 10/21/27 *(a)(b)* | 1295000 | 1254454 |
| 2.64%, 02/24/28 *(a)(b)* | 975000 | 947154 |
| 3.62%, 03/15/28 *(a)(b)* | 935000 | 922639 |
| 4.94%, 04/23/28 *(a)(b)* | 750000 | 756547 |
| 3.69%, 06/05/28 *(a)(b)* | 750000 | 739905 |
| 4.48%, 08/23/28 *(a)(b)* | 675000 | 676168 |
| 3.81%, 04/23/29 *(a)(b)* | 810000 | 797113 |
| 4.22%, 05/01/29 *(a)(b)* | 1050000 | 1044760 |
| 6.48%, 10/24/29 *(a)(b)* | 750000 | 796117 |
| 2.60%, 02/07/30 *(a)* | 640000 | 591738 |
| 3.80%, 03/15/30 *(a)* | 700000 | 683284 |
| 5.73%, 04/25/30 *(a)(b)* | 700000 | 728819 |
| 5.05%, 07/23/30 *(a)(b)* | 640000 | 650470 |
| 4.69%, 10/23/30 *(a)(b)* | 500000 | 501750 |
| 5.21%, 01/28/31 *(a)(b)* | 500000 | 511945 |
| 5.22%, 04/23/31 *(a)(b)* | 750000 | 769357 |
| 1.99%, 01/27/32 *(a)(b)* | 740000 | 641299 |
| 2.62%, 04/22/32 *(a)(b)* | 985000 | 876571 |
| 2.38%, 07/21/32 *(a)(b)* | 1250000 | 1092462 |
| 2.65%, 10/21/32 *(a)(b)* | 800000 | 706624 |
| 6.13%, 02/15/33  | 370000 | 404821 |
| 3.10%, 02/24/33 *(a)(b)* | 1085000 | 977270 |
| 6.56%, 10/24/34 *(a)(b)* | 345000 | 382150 |
| 5.85%, 04/25/35 *(a)(b)* | 580000 | 609058 |
| 5.33%, 07/23/35 *(a)(b)* | 885000 | 895859 |
| 5.02%, 10/23/35 *(a)(b)* | 1000000 | 988620 |
| 5.54%, 01/28/36 *(a)(b)* | 900000 | 923544 |
| 6.45%, 05/01/36  | 220000 | 235400 |
| 6.75%, 10/01/37  | 1555000 | 1707950 |
| 4.02%, 10/31/38 *(a)(b)* | 790000 | 689867 |
| 4.41%, 04/23/39 *(a)(b)* | 335000 | 302545 |
| 6.25%, 02/01/41  | 750000 | 803482 |
| 3.21%, 04/22/42 *(a)(b)* | 665000 | 498338 |
| 2.91%, 07/21/42 *(a)(b)* | 450000 | 322560 |
| 3.44%, 02/24/43 *(a)(b)* | 600000 | 458988 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.80%, 07/08/44 *(a)* | 560000 | 504330 |
| 5.15%, 05/22/45  | 535000 | 482222 |
| 4.75%, 10/21/45 *(a)* | 525000 | 466788 |
| 5.56%, 11/19/45 *(a)(b)* | 900000 | 888102 |
| 5.73%, 01/28/56 *(a)(b)* | 885000 | 887018 |
| **HSBC Bank USA NA** | **HSBC Bank USA NA** | **HSBC Bank USA NA** |
| 5.88%, 11/01/34  | 255000 | 270030 |
| 5.63%, 08/15/35  | 295000 | 303160 |
| 7.00%, 01/15/39  | 250000 | 287038 |
| **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
| 4.38%, 11/23/26  | 300000 | 299487 |
| 5.89%, 08/14/27 *(a)(b)* | 645000 | 654320 |
| 4.04%, 03/13/28 *(a)(b)* | 800000 | 793656 |
| 5.60%, 05/17/28 *(a)(b)* | 600000 | 611652 |
| 4.76%, 06/09/28 *(a)(b)* | 700000 | 702744 |
| 5.21%, 08/11/28 *(a)(b)* | 700000 | 710199 |
| 2.01%, 09/22/28 *(a)(b)* | 650000 | 616102 |
| 7.39%, 11/03/28 *(a)(b)* | 690000 | 732877 |
| 5.13%, 11/19/28 *(a)(b)* | 400000 | 405232 |
| 4.90%, 03/03/29 *(a)(b)* | 400000 | 403504 |
| 6.16%, 03/09/29 *(a)(b)* | 730000 | 759207 |
| 4.58%, 06/19/29 *(a)(b)* | 985000 | 986537 |
| 2.21%, 08/17/29 *(a)(b)* | 710000 | 661422 |
| 5.55%, 03/04/30 *(a)(b)* | 480000 | 494520 |
| 4.95%, 03/31/30  | 700000 | 712103 |
| 3.97%, 05/22/30 *(a)(b)* | 910000 | 886367 |
| 5.29%, 11/19/30 *(a)(b)* | 600000 | 613116 |
| 5.13%, 03/03/31 *(a)(b)* | 500000 | 506725 |
| 5.24%, 05/13/31 *(a)(b)* | 600000 | 611304 |
| 2.85%, 06/04/31 *(a)(b)* | 480000 | 438782 |
| 2.36%, 08/18/31 *(a)(b)* | 200000 | 177776 |
| 5.73%, 05/17/32 *(a)(b)* | 400000 | 416052 |
| 2.80%, 05/24/32 *(a)(b)* | 990000 | 880159 |
| 2.87%, 11/22/32 *(a)(b)* | 525000 | 464683 |
| 4.76%, 03/29/33 *(a)(b)* | 535000 | 523348 |
| 5.40%, 08/11/33 *(a)(b)* | 715000 | 734069 |
| 8.11%, 11/03/33 *(a)(b)* | 540000 | 624375 |
| 6.25%, 03/09/34 *(a)(b)* | 730000 | 781509 |
| 6.55%, 06/20/34 *(a)(b)* | 595000 | 632074 |
| 7.40%, 11/13/34 *(a)(b)* | 210000 | 234980 |
| 5.72%, 03/04/35 *(a)(b)* | 350000 | 363381 |
| 5.87%, 11/18/35 *(a)(b)* | 500000 | 506075 |
| 5.45%, 03/03/36 *(a)(b)* | 500000 | 503030 |
| 6.50%, 05/02/36  | 685000 | 734755 |
| 5.79%, 05/13/36 *(a)(b)* | 500000 | 514810 |
| 6.50%, 09/15/37  | 665000 | 709997 |
| 6.80%, 06/01/38  | 675000 | 740321 |
| 6.10%, 01/14/42  | 200000 | 211614 |
| 6.33%, 03/09/44 *(a)(b)* | 840000 | 903512 |
| 5.25%, 03/14/44  | 300000 | 285036 |
| **HSBC USA, Inc.** | **HSBC USA, Inc.** | **HSBC USA, Inc.** |
| 5.29%, 03/04/27  | 330000 | 335551 |
| **Huntington Bancshares, Inc.** | **Huntington Bancshares, Inc.** | **Huntington Bancshares, Inc.** |
| 4.44%, 08/04/28 *(a)(b)* | 200000 | 200034 |
| 6.21%, 08/21/29 *(a)(b)* | 400000 | 419876 |
| 2.55%, 02/04/30 *(a)* | 350000 | 320474 |
| 5.02%, 05/17/33 *(a)(b)* | 80000 | 79141 |
| 5.71%, 02/02/35 *(a)(b)* | 325000 | 332508 |
| 2.49%, 08/15/36 *(a)(b)* | 355000 | 298346 |
| 6.14%, 11/18/39 *(a)(b)* | 200000 | 204436 |
| **Huntington National Bank** | **Huntington National Bank** | **Huntington National Bank** |
| 4.87%, 04/12/28 *(a)(b)* | 275000 | 277046 |
| 4.55%, 05/17/28 *(a)(b)* | 330000 | 331261 |
| 5.65%, 01/10/30 *(a)* | 250000 | 260148 |

---

*See financial notes*

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

**29**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **ING Groep NV** | **ING Groep NV** | **ING Groep NV** |
| 3.95%, 03/29/27  | 545000 | 542624 |
| 6.08%, 09/11/27 *(a)(b)* | 325000 | 331048 |
| 4.02%, 03/28/28 *(a)(b)* | 400000 | 397600 |
| 4.55%, 10/02/28  | 325000 | 326648 |
| 4.05%, 04/09/29  | 255000 | 251922 |
| 5.34%, 03/19/30 *(a)(b)* | 400000 | 410772 |
| 5.07%, 03/25/31 *(a)(b)* | 300000 | 305268 |
| 2.73%, 04/01/32 *(a)(b)* | 250000 | 224783 |
| 4.25%, 03/28/33 *(a)(b)* | 400000 | 385136 |
| 6.11%, 09/11/34 *(a)(b)* | 285000 | 303035 |
| 5.55%, 03/19/35 *(a)(b)* | 495000 | 507484 |
| 5.53%, 03/25/36 *(a)(b)* | 300000 | 305742 |
| **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
| 2.95%, 10/01/26 *(a)* | 955000 | 941343 |
| 7.63%, 10/15/26  | 220000 | 229691 |
| 4.13%, 12/15/26  | 600000 | 599604 |
| 8.00%, 04/29/27  | 225000 | 240264 |
| 1.47%, 09/22/27 *(a)(b)* | 935000 | 902350 |
| 4.25%, 10/01/27  | 493000 | 495396 |
| 6.07%, 10/22/27 *(a)(b)* | 500000 | 510925 |
| 3.63%, 12/01/27 *(a)* | 340000 | 335488 |
| 5.04%, 01/23/28 *(a)(b)* | 745000 | 753039 |
| 3.78%, 02/01/28 *(a)(b)* | 810000 | 803050 |
| 2.95%, 02/24/28 *(a)(b)* | 525000 | 513340 |
| 5.57%, 04/22/28 *(a)(b)* | 610000 | 622798 |
| 4.32%, 04/26/28 *(a)(b)* | 755000 | 754668 |
| 3.54%, 05/01/28 *(a)(b)* | 875000 | 862627 |
| 2.18%, 06/01/28 *(a)(b)* | 500000 | 480580 |
| 4.98%, 07/22/28 *(a)(b)* | 705000 | 714200 |
| 4.85%, 07/25/28 *(a)(b)* | 1000000 | 1010730 |
| 4.51%, 10/22/28 *(a)(b)* | 560000 | 561803 |
| 3.51%, 01/23/29 *(a)(b)* | 750000 | 735000 |
| 4.92%, 01/24/29 *(a)(b)* | 450000 | 456232 |
| 4.01%, 04/23/29 *(a)(b)* | 750000 | 743617 |
| 2.07%, 06/01/29 *(a)(b)* | 600000 | 563166 |
| 4.20%, 07/23/29 *(a)(b)* | 470000 | 468200 |
| 5.30%, 07/24/29 *(a)(b)* | 550000 | 564850 |
| 6.09%, 10/23/29 *(a)(b)* | 545000 | 573018 |
| 4.45%, 12/05/29 *(a)(b)* | 850000 | 851929 |
| 5.01%, 01/23/30 *(a)(b)* | 685000 | 698077 |
| 5.58%, 04/22/30 *(a)(b)* | 690000 | 716896 |
| 3.70%, 05/06/30 *(a)(b)* | 715000 | 696360 |
| 4.57%, 06/14/30 *(a)(b)* | 500000 | 502330 |
| 5.00%, 07/22/30 *(a)(b)* | 750000 | 763837 |
| 8.75%, 09/01/30  | 260000 | 307528 |
| 2.74%, 10/15/30 *(a)(b)* | 1085000 | 1012023 |
| 4.60%, 10/22/30 *(a)(b)* | 545000 | 547044 |
| 5.14%, 01/24/31 *(a)(b)* | 750000 | 769597 |
| 4.49%, 03/24/31 *(a)(b)* | 875000 | 874002 |
| 2.52%, 04/22/31 *(a)(b)* | 925000 | 846097 |
| 5.10%, 04/22/31 *(a)(b)* | 725000 | 743284 |
| 2.96%, 05/13/31 *(a)(b)* | 950000 | 878807 |
| 1.76%, 11/19/31 *(a)(b)* | 475000 | 411830 |
| 1.95%, 02/04/32 *(a)(b)* | 925000 | 802724 |
| 2.58%, 04/22/32 *(a)(b)* | 1100000 | 983411 |
| 2.55%, 11/08/32 *(a)(b)* | 750000 | 660780 |
| 2.96%, 01/25/33 *(a)(b)* | 1165000 | 1047323 |
| 4.59%, 04/26/33 *(a)(b)* | 715000 | 708043 |
| 4.91%, 07/25/33 *(a)(b)* | 1000000 | 1006640 |
| 5.72%, 09/14/33 *(a)(b)* | 780000 | 813283 |
| 5.35%, 06/01/34 *(a)(b)* | 1300000 | 1339494 |
| 6.25%, 10/23/34 *(a)(b)* | 900000 | 979155 |
| 5.34%, 01/23/35 *(a)(b)* | 605000 | 619701 |
| 5.77%, 04/22/35 *(a)(b)* | 875000 | 920010 |
| 5.29%, 07/22/35 *(a)(b)* | 1130000 | 1151029 |
| 4.95%, 10/22/35 *(a)(b)* | 750000 | 742822 |
| 5.50%, 01/24/36 *(a)(b)* | 750000 | 773340 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.57%, 04/22/36 *(a)(b)* | 1000000 | 1037770 |
| 6.40%, 05/15/38  | 740000 | 823191 |
| 3.88%, 07/24/38 *(a)(b)* | 750000 | 662265 |
| 5.50%, 10/15/40  | 450000 | 459184 |
| 3.11%, 04/22/41 *(a)(b)* | 500000 | 383055 |
| 5.60%, 07/15/41  | 525000 | 539621 |
| 2.53%, 11/19/41 *(a)(b)* | 465000 | 327025 |
| 5.40%, 01/06/42  | 350000 | 351057 |
| 3.16%, 04/22/42 *(a)(b)* | 600000 | 453870 |
| 5.63%, 08/16/43  | 450000 | 454198 |
| 4.85%, 02/01/44  | 220000 | 205148 |
| 4.95%, 06/01/45  | 505000 | 462499 |
| 5.53%, 11/29/45 *(a)(b)* | 750000 | 753187 |
| 4.26%, 02/22/48 *(a)(b)* | 675000 | 569470 |
| 4.03%, 07/24/48 *(a)(b)* | 450000 | 365072 |
| 3.96%, 11/15/48 *(a)(b)* | 1095000 | 877818 |
| 3.90%, 01/23/49 *(a)(b)* | 490000 | 387850 |
| 3.11%, 04/22/51 *(a)(b)* | 675000 | 455591 |
| 3.33%, 04/22/52 *(a)(b)* | 1150000 | 806840 |
| **JPMorgan Chase Bank NA** | **JPMorgan Chase Bank NA** | **JPMorgan Chase Bank NA** |
| 5.11%, 12/08/26 *(a)* | 770000 | 779964 |
| **KeyBank NA** | **KeyBank NA** | **KeyBank NA** |
| 5.85%, 11/15/27 *(a)* | 385000 | 397501 |
| 4.39%, 12/14/27  | 250000 | 250305 |
| 3.90%, 04/13/29  | 255000 | 246363 |
| 4.90%, 08/08/32  | 325000 | 313823 |
| 5.00%, 01/26/33 *(a)* | 200000 | 197484 |
| **KeyCorp** | **KeyCorp** | **KeyCorp** |
| 2.25%, 04/06/27  | 135000 | 130240 |
| 4.10%, 04/30/28  | 250000 | 248485 |
| 2.55%, 10/01/29  | 320000 | 295712 |
| 4.79%, 06/01/33 *(a)(b)* | 150000 | 146396 |
| 6.40%, 03/06/35 *(a)(b)* | 295000 | 314933 |
| **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** |
| 3.75%, 01/11/27  | 420000 | 416417 |
| 5.99%, 08/07/27 *(a)(b)* | 400000 | 406148 |
| 5.46%, 01/05/28 *(a)(b)* | 345000 | 349806 |
| 3.75%, 03/18/28 *(a)(b)* | 400000 | 395196 |
| 4.38%, 03/22/28  | 430000 | 429652 |
| 4.55%, 08/16/28  | 465000 | 466753 |
| 3.57%, 11/07/28 *(a)(b)* | 595000 | 582612 |
| 5.09%, 11/26/28 *(a)(b)* | 400000 | 405496 |
| 5.87%, 03/06/29 *(a)(b)* | 270000 | 279226 |
| 4.82%, 06/13/29 *(a)(b)* | 360000 | 363283 |
| 5.72%, 06/05/30 *(a)(b)* | 400000 | 415852 |
| 4.98%, 08/11/33 *(a)(b)* | 280000 | 278312 |
| 7.95%, 11/15/33 *(a)(b)* | 305000 | 348859 |
| 5.68%, 01/05/35 *(a)(b)* | 630000 | 647111 |
| 5.59%, 11/26/35 *(a)(b)* | 200000 | 203516 |
| 6.07%, 06/13/36 *(a)(b)* | 370000 | 380253 |
| 5.30%, 12/01/45  | 190000 | 176981 |
| 3.37%, 12/14/46 *(a)(b)* | 435000 | 311095 |
| 4.34%, 01/09/48  | 325000 | 259236 |
| **M&T Bank Corp.** | **M&T Bank Corp.** | **M&T Bank Corp.** |
| 4.55%, 08/16/28 *(a)(b)* | 125000 | 125305 |
| 7.41%, 10/30/29 *(a)(b)* | 330000 | 358364 |
| 5.18%, 07/08/31 *(a)(b)* | 220000 | 223753 |
| 6.08%, 03/13/32 *(a)(b)* | 250000 | 264153 |
| 5.05%, 01/27/34 *(a)(b)* | 350000 | 345667 |
| 5.39%, 01/16/36 *(a)(b)* | 250000 | 249250 |
| **Manufacturers & Traders Trust Co.** | **Manufacturers & Traders Trust Co.** | **Manufacturers & Traders Trust Co.** |
| 3.40%, 08/17/27  | 275000 | 268650 |
| 4.70%, 01/27/28 *(a)* | 460000 | 464181 |
| 4.76%, 07/06/28 *(a)(b)* | 250000 | 251715 |

---

*See financial notes*

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

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** |
| 2.76%, 09/13/26  | 210000 | 206300 |
| 3.68%, 02/22/27  | 400000 | 396532 |
| 1.54%, 07/20/27 *(a)(b)* | 775000 | 752099 |
| 3.29%, 07/25/27  | 350000 | 344127 |
| 1.64%, 10/13/27 *(a)(b)* | 480000 | 463459 |
| 2.34%, 01/19/28 *(a)(b)* | 400000 | 387636 |
| 3.96%, 03/02/28  | 350000 | 348065 |
| 4.05%, 09/11/28  | 25000 | 24918 |
| 5.35%, 09/13/28 *(a)(b)* | 500000 | 511015 |
| 5.42%, 02/22/29 *(a)(b)* | 385000 | 394968 |
| 3.74%, 03/07/29  | 550000 | 539814 |
| 3.20%, 07/18/29  | 520000 | 496142 |
| 2.56%, 02/25/30  | 400000 | 367332 |
| 5.26%, 04/17/30 *(a)(b)* | 200000 | 205186 |
| 2.05%, 07/17/30  | 565000 | 501844 |
| 5.20%, 01/16/31 *(a)(b)* | 350000 | 358603 |
| 5.48%, 02/22/31 *(a)(b)* | 200000 | 207384 |
| 2.31%, 07/20/32 *(a)(b)* | 680000 | 592606 |
| 2.49%, 10/13/32 *(a)(b)* | 320000 | 280278 |
| 2.85%, 01/19/33 *(a)(b)* | 375000 | 332126 |
| 4.32%, 04/19/33 *(a)(b)* | 280000 | 269819 |
| 5.13%, 07/20/33 *(a)(b)* | 405000 | 410245 |
| 5.47%, 09/13/33 *(a)(b)* | 200000 | 206204 |
| 5.44%, 02/22/34 *(a)(b)* | 250000 | 257480 |
| 5.41%, 04/19/34 *(a)(b)(c)* | 200000 | 205382 |
| 5.43%, 04/17/35 *(a)(b)* | 315000 | 321914 |
| 5.57%, 01/16/36 *(a)(b)* | 390000 | 401368 |
| 5.62%, 04/24/36 *(a)(b)* | 400000 | 411944 |
| 4.29%, 07/26/38  | 200000 | 185804 |
| 4.15%, 03/07/39  | 285000 | 262861 |
| 3.75%, 07/18/39  | 535000 | 460485 |
| **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** |
| 2.84%, 09/13/26  | 350000 | 344152 |
| 3.66%, 02/28/27  | 300000 | 297288 |
| 1.55%, 07/09/27 *(a)(b)* | 250000 | 242835 |
| 3.17%, 09/11/27  | 475000 | 464521 |
| 4.02%, 03/05/28  | 390000 | 388561 |
| 5.67%, 05/27/29 *(a)(b)* | 385000 | 398729 |
| 5.78%, 07/06/29 *(a)(b)* | 510000 | 529691 |
| 4.25%, 09/11/29 *(a)(b)* | 440000 | 437589 |
| 5.38%, 05/26/30 *(a)(b)* | 270000 | 277714 |
| 3.15%, 07/16/30 *(a)(b)* | 250000 | 236870 |
| 2.87%, 09/13/30 *(a)(b)* | 200000 | 186890 |
| 2.59%, 05/25/31 *(a)(b)* | 265000 | 241145 |
| 2.20%, 07/10/31 *(a)(b)* | 445000 | 396321 |
| 1.98%, 09/08/31 *(a)(b)* | 375000 | 328433 |
| 2.56%, 09/13/31  | 435000 | 379907 |
| 2.26%, 07/09/32 *(a)(b)* | 250000 | 216655 |
| 5.67%, 09/13/33 *(a)(b)* | 270000 | 280268 |
| 5.75%, 07/06/34 *(a)(b)* | 390000 | 406189 |
| 5.58%, 05/26/35 *(a)(b)* | 205000 | 210650 |
| 5.59%, 07/10/35 *(a)(b)* | 300000 | 308808 |
| 5.42%, 05/13/36 *(a)(b)* | 300000 | 303747 |
| **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** |
| 3.13%, 07/27/26  | 890000 | 879044 |
| 6.25%, 08/09/26  | 200000 | 204034 |
| 4.35%, 09/08/26  | 675000 | 674224 |
| 3.63%, 01/20/27  | 900000 | 892755 |
| 3.95%, 04/23/27  | 600000 | 596364 |
| 1.51%, 07/20/27 *(a)(b)* | 815000 | 790794 |
| 2.48%, 01/21/28 *(a)(b)* | 775000 | 752796 |
| 5.65%, 04/13/28 *(a)(b)* | 345000 | 352756 |
| 4.21%, 04/20/28 *(a)(b)* | 675000 | 673569 |
| 3.59%, 07/22/28 *(a)(b)* | 850000 | 835227 |
| 6.30%, 10/18/28 *(a)(b)* | 600000 | 625248 |
| 3.77%, 01/24/29 *(a)(b)* | 905000 | 891579 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.12%, 02/01/29 *(a)(b)* | 650000 | 661713 |
| 4.99%, 04/12/29 *(a)(b)* | 500000 | 507415 |
| 5.16%, 04/20/29 *(a)(b)* | 800000 | 816024 |
| 5.45%, 07/20/29 *(a)(b)* | 750000 | 771570 |
| 6.41%, 11/01/29 *(a)(b)* | 445000 | 471504 |
| 5.17%, 01/16/30 *(a)(b)* | 600000 | 612810 |
| 4.43%, 01/23/30 *(a)(b)* | 950000 | 948537 |
| 5.66%, 04/18/30 *(a)(b)* | 785000 | 816007 |
| 5.04%, 07/19/30 *(a)(b)* | 650000 | 661550 |
| 4.65%, 10/18/30 *(a)(b)* | 875000 | 877161 |
| 5.23%, 01/15/31 *(a)(b)* | 750000 | 769395 |
| 2.70%, 01/22/31 *(a)(b)* | 1030000 | 950000 |
| 3.62%, 04/01/31 *(a)(b)* | 850000 | 815337 |
| 5.19%, 04/17/31 *(a)(b)* | 725000 | 743676 |
| 1.79%, 02/13/32 *(a)(b)* | 825000 | 706183 |
| 7.25%, 04/01/32  | 345000 | 397309 |
| 1.93%, 04/28/32 *(a)(b)* | 725000 | 620172 |
| 2.24%, 07/21/32 *(a)(b)* | 1055000 | 914126 |
| 2.51%, 10/20/32 *(a)(b)* | 785000 | 687911 |
| 2.94%, 01/21/33 *(a)(b)* | 750000 | 669810 |
| 4.89%, 07/20/33 *(a)(b)* | 620000 | 621283 |
| 6.34%, 10/18/33 *(a)(b)* | 945000 | 1027309 |
| 5.25%, 04/21/34 *(a)(b)* | 965000 | 982447 |
| 5.42%, 07/21/34 *(a)(b)* | 710000 | 727800 |
| 6.63%, 11/01/34 *(a)(b)* | 580000 | 640332 |
| 5.47%, 01/18/35 *(a)(b)* | 685000 | 701173 |
| 5.83%, 04/19/35 *(a)(b)* | 895000 | 938658 |
| 5.32%, 07/19/35 *(a)(b)* | 950000 | 962331 |
| 5.59%, 01/18/36 *(a)(b)* | 900000 | 926181 |
| 5.66%, 04/17/36 *(a)(b)* | 850000 | 881509 |
| 2.48%, 09/16/36 *(a)(b)* | 895000 | 760625 |
| 5.30%, 04/20/37 *(a)(b)* | 600000 | 597636 |
| 5.95%, 01/19/38 *(a)(b)* | 410000 | 422202 |
| 3.97%, 07/22/38 *(a)(b)* | 570000 | 496937 |
| 5.94%, 02/07/39 *(a)(b)* | 450000 | 462379 |
| 4.46%, 04/22/39 *(a)(b)* | 290000 | 268990 |
| 3.22%, 04/22/42 *(a)(b)* | 550000 | 418231 |
| 6.38%, 07/24/42  | 600000 | 656568 |
| 4.30%, 01/27/45  | 755000 | 643955 |
| 4.38%, 01/22/47  | 700000 | 598255 |
| 5.60%, 03/24/51 *(a)(b)* | 585000 | 581642 |
| 2.80%, 01/25/52 *(a)(b)* | 600000 | 372126 |
| 5.52%, 11/19/55 *(a)(b)* | 805000 | 787757 |
| **Morgan Stanley Bank NA** | **Morgan Stanley Bank NA** | **Morgan Stanley Bank NA** |
| 5.88%, 10/30/26 *(a)* | 500000 | 510750 |
| 4.45%, 10/15/27 *(a)(b)* | 665000 | 666071 |
| 4.95%, 01/14/28 *(a)(b)* | 325000 | 327805 |
| 5.50%, 05/26/28 *(a)(b)* | 600000 | 612882 |
| 4.97%, 07/14/28 *(a)(b)* | 300000 | 303753 |
| 5.02%, 01/12/29 *(a)(b)* | 525000 | 533332 |
| **National Australia Bank Ltd.** | **National Australia Bank Ltd.** | **National Australia Bank Ltd.** |
| 2.50%, 07/12/26  | 450000 | 442503 |
| 3.91%, 06/09/27  | 555000 | 553957 |
| 4.50%, 10/26/27  | 250000 | 252515 |
| 4.94%, 01/12/28  | 355000 | 362679 |
| 4.31%, 06/13/28  | 250000 | 251703 |
| 4.90%, 06/13/28  | 480000 | 491976 |
| 4.79%, 01/10/29  | 355000 | 362711 |
| 4.53%, 06/13/30  | 250000 | 252933 |
| **National Bank of Canada** | **National Bank of Canada** | **National Bank of Canada** |
| 5.60%, 07/02/27 *(a)(b)* | 250000 | 252790 |
| 4.95%, 02/01/28 *(a)(b)* | 250000 | 251998 |
| 5.60%, 12/18/28  | 300000 | 311658 |
| 4.50%, 10/10/29  | 280000 | 279919 |
| **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
| 5.58%, 03/01/28 *(a)(b)* | 200000 | 203658 |
| 3.07%, 05/22/28 *(a)(b)* | 380000 | 370705 |

---

*See financial notes*

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

**31**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.52%, 09/30/28 *(a)(b)* | 425000 | 434324 |
| 4.89%, 05/18/29 *(a)(b)* | 535000 | 540452 |
| 5.81%, 09/13/29 *(a)(b)* | 445000 | 462177 |
| 5.08%, 01/27/30 *(a)(b)* | 635000 | 644646 |
| 4.45%, 05/08/30 *(a)(b)* | 450000 | 446746 |
| 6.02%, 03/02/34 *(a)(b)* | 335000 | 354886 |
| 6.48%, 06/01/34 *(a)(b)* | 300000 | 313899 |
| 5.78%, 03/01/35 *(a)(b)* | 400000 | 415632 |
| 3.03%, 11/28/35 *(a)(b)* | 250000 | 225610 |
| **Northern Trust Corp.** | **Northern Trust Corp.** | **Northern Trust Corp.** |
| 4.00%, 05/10/27 *(a)* | 310000 | 309799 |
| 3.65%, 08/03/28 *(a)* | 275000 | 271615 |
| 3.15%, 05/03/29 *(a)* | 215000 | 207477 |
| 1.95%, 05/01/30 *(a)* | 360000 | 323471 |
| 3.38%, 05/08/32 *(a)(b)* | 240000 | 233179 |
| **PNC Bank NA** | **PNC Bank NA** | **PNC Bank NA** |
| 3.10%, 10/25/27 *(a)* | 425000 | 414749 |
| 3.25%, 01/22/28 *(a)* | 300000 | 292947 |
| 4.05%, 07/26/28  | 350000 | 347431 |
| 2.70%, 10/22/29  | 300000 | 279456 |
| **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** |
| 2.60%, 07/23/26 *(a)* | 350000 | 344439 |
| 1.15%, 08/13/26 *(a)* | 230000 | 222284 |
| 3.15%, 05/19/27 *(a)* | 220000 | 216106 |
| 5.10%, 07/23/27 *(a)(b)* | 340000 | 342604 |
| 6.62%, 10/20/27 *(a)(b)* | 300000 | 308529 |
| 5.30%, 01/21/28 *(a)(b)* | 250000 | 253840 |
| 5.35%, 12/02/28 *(a)(b)* | 380000 | 389249 |
| 3.45%, 04/23/29 *(a)* | 400000 | 389476 |
| 5.58%, 06/12/29 *(a)(b)* | 580000 | 600921 |
| 2.55%, 01/22/30 *(a)* | 600000 | 556410 |
| 5.49%, 05/14/30 *(a)(b)* | 365000 | 378198 |
| 2.31%, 04/23/32 *(a)(b)* | 310000 | 272304 |
| 4.81%, 10/21/32 *(a)(b)* | 570000 | 571607 |
| 4.63%, 06/06/33 *(a)(b)* | 225000 | 218745 |
| 6.04%, 10/28/33 *(a)(b)* | 450000 | 478953 |
| 5.07%, 01/24/34 *(a)(b)* | 435000 | 437397 |
| 5.94%, 08/18/34 *(a)(b)* | 335000 | 354788 |
| 6.88%, 10/20/34 *(a)(b)* | 765000 | 855958 |
| 5.68%, 01/22/35 *(a)(b)* | 400000 | 416060 |
| 5.40%, 07/23/35 *(a)(b)* | 450000 | 458752 |
| 5.58%, 01/29/36 *(a)(b)* | 500000 | 515720 |
| **Regions Bank** | **Regions Bank** | **Regions Bank** |
| 6.45%, 06/26/37  | 325000 | 337106 |
| **Regions Financial Corp.** | **Regions Financial Corp.** | **Regions Financial Corp.** |
| 1.80%, 08/12/28 *(a)* | 215000 | 198834 |
| 5.72%, 06/06/30 *(a)(b)* | 200000 | 206784 |
| 5.50%, 09/06/35 *(a)(b)* | 250000 | 250748 |
| **Royal Bank of Canada** | **Royal Bank of Canada** | **Royal Bank of Canada** |
| 1.15%, 07/14/26  | 305000 | 295813 |
| 5.20%, 07/20/26  | 300000 | 303150 |
| 1.40%, 11/02/26  | 395000 | 381491 |
| 4.88%, 01/19/27  | 350000 | 353721 |
| 3.63%, 05/04/27  | 400000 | 396476 |
| 5.07%, 07/23/27 *(a)(b)* | 420000 | 423142 |
| 4.24%, 08/03/27  | 350000 | 350655 |
| 6.00%, 11/01/27  | 400000 | 415812 |
| 4.90%, 01/12/28  | 90000 | 91669 |
| 4.72%, 03/27/28 *(a)(b)* | 250000 | 251678 |
| 5.20%, 08/01/28  | 325000 | 334627 |
| 4.52%, 10/18/28 *(a)(b)* | 250000 | 251130 |
| 4.97%, 01/24/29 *(a)(b)* | 450000 | 456579 |
| 4.95%, 02/01/29  | 250000 | 256063 |
| 4.97%, 08/02/30 *(a)(b)* | 400000 | 405772 |
| 4.65%, 10/18/30 *(a)(b)* | 640000 | 641542 |
| 5.15%, 02/04/31 *(a)(b)* | 500000 | 510340 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.97%, 05/02/31 *(a)(b)* | 285000 | 289358 |
| 2.30%, 11/03/31  | 425000 | 373320 |
| 3.88%, 05/04/32  | 350000 | 335188 |
| 5.00%, 02/01/33  | 500000 | 508330 |
| 5.00%, 05/02/33  | 300000 | 304377 |
| 5.15%, 02/01/34  | 445000 | 455925 |
| **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** |
| 3.24%, 10/05/26 *(a)(d)* | 300000 | 295491 |
| 4.40%, 07/13/27 *(a)* | 310000 | 309724 |
| 2.49%, 01/06/28 *(a)(b)* | 335000 | 324437 |
| 6.50%, 03/09/29 *(a)(b)* | 330000 | 344223 |
| 5.47%, 03/20/29 *(a)(b)* | 250000 | 254178 |
| 6.57%, 06/12/29 *(a)(b)* | 155000 | 162570 |
| 6.17%, 01/09/30 *(a)(b)* | 460000 | 478750 |
| 5.35%, 09/06/30 *(a)(b)* | 250000 | 254543 |
| 7.66%, 11/09/31 *(a)(b)* | 200000 | 223306 |
| 6.34%, 05/31/35 *(a)(b)* | 200000 | 209440 |
| **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** |
| 2.47%, 01/11/28 *(a)(b)* | 300000 | 290865 |
| 3.82%, 11/03/28 *(a)(b)* | 410000 | 402095 |
| 6.53%, 01/10/29 *(a)(b)* | 400000 | 418052 |
| 4.86%, 09/11/30 *(a)(b)* | 225000 | 224872 |
| 2.90%, 03/15/32 *(a)(b)* | 305000 | 272130 |
| **SouthState Corp.** | **SouthState Corp.** | **SouthState Corp.** |
| 7.00%, 06/13/35 *(a)(b)* | 100000 | 102614 |
| **State Street Bank & Trust Co.** | **State Street Bank & Trust Co.** | **State Street Bank & Trust Co.** |
| 4.59%, 11/25/26  | 375000 | 377899 |
| 4.78%, 11/23/29  | 250000 | 255398 |
| **State Street Corp.** | **State Street Corp.** | **State Street Corp.** |
| 5.27%, 08/03/26 *(a)* | 250000 | 252670 |
| 4.99%, 03/18/27 *(a)* | 325000 | 329940 |
| 4.33%, 10/22/27 *(a)* | 425000 | 427435 |
| 1.68%, 11/18/27 *(a)(b)* | 245000 | 236521 |
| 2.20%, 02/07/28 *(a)(b)* | 135000 | 130834 |
| 4.54%, 02/28/28 *(a)* | 400000 | 404728 |
| 5.82%, 11/04/28 *(a)(b)* | 185000 | 191743 |
| 4.53%, 02/20/29 *(a)(b)* | 300000 | 302523 |
| 5.68%, 11/21/29 *(a)(b)* | 305000 | 318917 |
| 4.14%, 12/03/29 *(a)(b)* | 95000 | 94840 |
| 2.40%, 01/24/30  | 305000 | 283809 |
| 4.83%, 04/24/30 *(a)* | 300000 | 305937 |
| 2.20%, 03/03/31  | 270000 | 239409 |
| 3.15%, 03/30/31 *(a)(b)* | 350000 | 331160 |
| 2.62%, 02/07/33 *(a)(b)* | 365000 | 322087 |
| 4.42%, 05/13/33 *(a)(b)* | 200000 | 196590 |
| 4.16%, 08/04/33 *(a)(b)* | 250000 | 240610 |
| 4.82%, 01/26/34 *(a)(b)* | 200000 | 199594 |
| 5.16%, 05/18/34 *(a)(b)* | 25000 | 25558 |
| 3.03%, 11/01/34 *(a)(b)* | 250000 | 231165 |
| 6.12%, 11/21/34 *(a)(b)* | 150000 | 160145 |
| 5.15%, 02/28/36 *(a)(b)* | 200000 | 202326 |
| **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** |
| 5.88%, 07/13/26  | 250000 | 253775 |
| 2.63%, 07/14/26  | 715000 | 702645 |
| 1.40%, 09/17/26  | 600000 | 579576 |
| 3.01%, 10/19/26  | 410000 | 403309 |
| 3.45%, 01/11/27  | 300000 | 296517 |
| 2.17%, 01/14/27  | 300000 | 290760 |
| 3.36%, 07/12/27  | 600000 | 590568 |
| 5.52%, 01/13/28  | 500000 | 514785 |
| 3.54%, 01/17/28  | 375000 | 368606 |
| 5.80%, 07/13/28  | 300000 | 312597 |
| 5.72%, 09/14/28  | 395000 | 411227 |
| 1.90%, 09/17/28  | 310000 | 287782 |
| 4.31%, 10/16/28 *(c)* | 250000 | 250625 |
| 5.32%, 07/09/29  | 255000 | 262880 |

---

*See financial notes*

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

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.04%, 07/16/29  | 790000 | 748991 |
| 2.72%, 09/27/29  | 330000 | 309296 |
| 5.71%, 01/13/30  | 440000 | 461833 |
| 2.75%, 01/15/30  | 520000 | 483111 |
| 2.13%, 07/08/30  | 490000 | 437590 |
| 2.14%, 09/23/30  | 300000 | 265074 |
| 5.42%, 07/09/31  | 200000 | 207668 |
| 2.22%, 09/17/31  | 375000 | 326561 |
| 5.77%, 01/13/33  | 600000 | 631074 |
| 5.81%, 09/14/33  | 205000 | 217767 |
| 5.56%, 07/09/34  | 500000 | 517125 |
| 5.63%, 01/15/35  | 300000 | 310716 |
| 2.30%, 01/12/41  | 230000 | 156750 |
| 2.93%, 09/17/41  | 360000 | 260658 |
| 3.05%, 01/14/42  | 230000 | 171943 |
| 6.18%, 07/13/43  | 180000 | 192413 |
| 5.84%, 07/09/44  | 380000 | 386639 |
| **Synchrony Financial** | **Synchrony Financial** | **Synchrony Financial** |
| 3.70%, 08/04/26 *(a)* | 200000 | 198134 |
| 3.95%, 12/01/27 *(a)* | 450000 | 442732 |
| 5.15%, 03/19/29 *(a)* | 330000 | 331389 |
| 5.45%, 03/06/31 *(a)(b)* | 240000 | 242239 |
| 2.88%, 10/28/31 *(a)* | 405000 | 351965 |
| **Synovus Bank** | **Synovus Bank** | **Synovus Bank** |
| 5.63%, 02/15/28 *(a)* | 270000 | 273129 |
| **Toronto-Dominion Bank** | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** |
| 5.53%, 07/17/26  | 500000 | 506230 |
| 1.25%, 09/10/26  | 570000 | 550392 |
| 4.57%, 12/17/26  | 400000 | 401668 |
| 1.95%, 01/12/27  | 265000 | 256327 |
| 2.80%, 03/10/27  | 390000 | 381124 |
| 4.98%, 04/05/27  | 200000 | 202636 |
| 4.11%, 06/08/27  | 75000 | 74849 |
| 4.69%, 09/15/27  | 575000 | 580744 |
| 5.16%, 01/10/28  | 450000 | 459589 |
| 4.86%, 01/31/28  | 205000 | 207888 |
| 4.57%, 06/02/28  | 250000 | 251883 |
| 5.52%, 07/17/28  | 425000 | 439990 |
| 4.99%, 04/05/29  | 390000 | 398046 |
| 4.78%, 12/17/29  | 250000 | 252943 |
| 4.81%, 06/03/30  | 200000 | 202002 |
| 2.00%, 09/10/31  | 300000 | 262200 |
| 3.63%, 09/15/31 *(a)(b)* | 505000 | 499415 |
| 2.45%, 01/12/32  | 325000 | 283865 |
| 5.30%, 01/30/32  | 200000 | 205582 |
| 3.20%, 03/10/32  | 510000 | 464243 |
| 4.46%, 06/08/32  | 685000 | 672636 |
| 5.15%, 09/10/34 *(a)(b)* | 145000 | 145471 |
| **Truist Bank** | **Truist Bank** | **Truist Bank** |
| 3.80%, 10/30/26 *(a)* | 400000 | 396376 |
| 2.25%, 03/11/30 *(a)* | 500000 | 450195 |
| **Truist Financial Corp.** | **Truist Financial Corp.** | **Truist Financial Corp.** |
| 1.13%, 08/03/27 *(a)* | 300000 | 282225 |
| 4.12%, 06/06/28 *(a)(b)* | 300000 | 299145 |
| 4.87%, 01/26/29 *(a)(b)* | 400000 | 404808 |
| 3.88%, 03/19/29 *(a)* | 200000 | 195520 |
| 1.89%, 06/07/29 *(a)(b)* | 375000 | 349020 |
| 7.16%, 10/30/29 *(a)(b)* | 420000 | 454490 |
| 5.44%, 01/24/30 *(a)(b)* | 400000 | 412080 |
| 1.95%, 06/05/30 *(a)* | 300000 | 265707 |
| 5.15%, 08/05/32 *(a)(b)* | 250000 | 254745 |
| 4.92%, 07/28/33 *(a)(b)* | 285000 | 278194 |
| 6.12%, 10/28/33 *(a)(b)* | 200000 | 212568 |
| 5.12%, 01/26/34 *(a)(b)* | 400000 | 400360 |
| 5.87%, 06/08/34 *(a)(b)* | 575000 | 601128 |
| 5.71%, 01/24/35 *(a)(b)* | 500000 | 518575 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **U.S. Bancorp** | **U.S. Bancorp** | **U.S. Bancorp** |
| 2.38%, 07/22/26 *(a)* | 420000 | 412348 |
| 3.15%, 04/27/27 *(a)* | 400000 | 393188 |
| 6.79%, 10/26/27 *(a)(b)* | 300000 | 309039 |
| 2.22%, 01/27/28 *(a)(b)* | 310000 | 299714 |
| 3.90%, 04/26/28 *(a)* | 350000 | 347988 |
| 4.55%, 07/22/28 *(a)(b)* | 600000 | 601758 |
| 4.65%, 02/01/29 *(a)(b)* | 400000 | 402924 |
| 5.78%, 06/12/29 *(a)(b)* | 550000 | 571065 |
| 3.00%, 07/30/29 *(a)* | 315000 | 298318 |
| 5.38%, 01/23/30 *(a)(b)* | 450000 | 463612 |
| 1.38%, 07/22/30 *(a)* | 550000 | 475904 |
| 5.10%, 07/23/30 *(a)(b)* | 200000 | 204224 |
| 5.05%, 02/12/31 *(a)(b)* | 250000 | 254615 |
| 5.08%, 05/15/31 *(a)(b)* | 250000 | 255150 |
| 2.68%, 01/27/33 *(a)(b)* | 250000 | 219533 |
| 4.97%, 07/22/33 *(a)(b)* | 420000 | 414998 |
| 5.85%, 10/21/33 *(a)(b)* | 440000 | 463320 |
| 4.84%, 02/01/34 *(a)(b)* | 630000 | 622831 |
| 5.84%, 06/12/34 *(a)(b)* | 555000 | 583710 |
| 5.68%, 01/23/35 *(a)(b)* | 580000 | 602788 |
| 5.42%, 02/12/36 *(a)(b)* | 350000 | 357126 |
| 2.49%, 11/03/36 *(a)(b)* | 380000 | 322487 |
| **U.S. Bank NA** | **U.S. Bank NA** | **U.S. Bank NA** |
| 4.51%, 10/22/27 *(a)(b)* | 250000 | 250380 |
| 4.73%, 05/15/28 *(a)(b)* | 250000 | 251410 |
| **UBS AG** | **UBS AG** | **UBS AG** |
| 1.25%, 08/07/26  | 615000 | 595234 |
| 5.00%, 07/09/27  | 480000 | 487517 |
| 7.50%, 02/15/28  | 750000 | 809212 |
| 5.65%, 09/11/28  | 325000 | 338738 |
| 4.50%, 06/26/48  | 375000 | 324368 |
| **UBS Group AG** | **UBS Group AG** | **UBS Group AG** |
| 4.88%, 05/15/45  | 615000 | 554373 |
| **Wachovia Corp.** | **Wachovia Corp.** | **Wachovia Corp.** |
| 7.57%, 08/01/26 *(e)* | 245000 | 252874 |
| 5.50%, 08/01/35  | 280000 | 284684 |
| **Webster Financial Corp.** | **Webster Financial Corp.** | **Webster Financial Corp.** |
| 4.10%, 03/25/29 *(a)* | 140000 | 136797 |
| **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
| 3.00%, 10/23/26  | 1010000 | 992870 |
| 4.30%, 07/22/27  | 710000 | 710227 |
| 4.90%, 01/24/28 *(a)(b)* | 700000 | 705320 |
| 3.53%, 03/24/28 *(a)(b)* | 1175000 | 1159572 |
| 5.71%, 04/22/28 *(a)(b)* | 900000 | 920547 |
| 3.58%, 05/22/28 *(a)(b)* | 900000 | 886500 |
| 2.39%, 06/02/28 *(a)(b)* | 970000 | 935245 |
| 4.81%, 07/25/28 *(a)(b)* | 900000 | 907677 |
| 4.15%, 01/24/29 *(a)* | 750000 | 747772 |
| 4.97%, 04/23/29 *(a)(b)* | 650000 | 659412 |
| 5.57%, 07/25/29 *(a)(b)* | 1335000 | 1378761 |
| 6.30%, 10/23/29 *(a)(b)* | 820000 | 867093 |
| 7.95%, 11/15/29  | 235000 | 263729 |
| 5.20%, 01/23/30 *(a)(b)* | 750000 | 768300 |
| 2.88%, 10/30/30 *(a)(b)* | 1085000 | 1014149 |
| 5.24%, 01/24/31 *(a)(b)* | 750000 | 769672 |
| 2.57%, 02/11/31 *(a)(b)* | 900000 | 824607 |
| 4.48%, 04/04/31 *(a)(b)* | 700000 | 697060 |
| 5.15%, 04/23/31 *(a)(b)* | 650000 | 666042 |
| 3.35%, 03/02/33 *(a)(b)* | 820000 | 749537 |
| 4.90%, 07/25/33 *(a)(b)* | 1255000 | 1255402 |
| 5.39%, 04/24/34 *(a)(b)* | 1025000 | 1050010 |
| 5.56%, 07/25/34 *(a)(b)* | 1305000 | 1348261 |
| 6.49%, 10/23/34 *(a)(b)* | 1055000 | 1154645 |
| 5.50%, 01/23/35 *(a)(b)* | 810000 | 831214 |
| 5.38%, 02/07/35  | 125000 | 131176 |

---

*See financial notes*

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

**33**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.21%, 12/03/35 *(a)(b)* | 750000 | 753427 |
| 5.61%, 04/23/36 *(a)(b)* | 850000 | 877973 |
| 3.07%, 04/30/41 *(a)(b)* | 900000 | 681129 |
| 5.38%, 11/02/43  | 555000 | 527294 |
| 5.61%, 01/15/44  | 725000 | 703859 |
| 4.65%, 11/04/44  | 620000 | 531421 |
| 3.90%, 05/01/45  | 710000 | 565224 |
| 4.90%, 11/17/45  | 600000 | 528420 |
| 4.40%, 06/14/46  | 500000 | 409405 |
| 4.75%, 12/07/46  | 475000 | 407260 |
| 5.01%, 04/04/51 *(a)(b)* | 1605000 | 1463648 |
| 4.61%, 04/25/53 *(a)(b)* | 900000 | 768087 |
| 5.95%, 12/01/86  | 200000 | 205078 |
| **Wells Fargo Bank NA** | **Wells Fargo Bank NA** | **Wells Fargo Bank NA** |
| 5.45%, 08/07/26 *(a)* | 260000 | 263401 |
| 5.25%, 12/11/26 *(a)* | 670000 | 679956 |
| 5.85%, 02/01/37  | 260000 | 270200 |
| 6.60%, 01/15/38  | 285000 | 315740 |
| **Westpac Banking Corp.** | **Westpac Banking Corp.** | **Westpac Banking Corp.** |
| 2.70%, 08/19/26  | 300000 | 295413 |
| 3.35%, 03/08/27  | 375000 | 370909 |
| 4.04%, 08/26/27  | 300000 | 300378 |
| 5.46%, 11/18/27  | 350000 | 361260 |
| 3.40%, 01/25/28  | 400000 | 394208 |
| 5.54%, 11/17/28  | 300000 | 314073 |
| 1.95%, 11/20/28  | 275000 | 256693 |
| 5.05%, 04/16/29  | 235000 | 242461 |
| 2.65%, 01/16/30  | 250000 | 234310 |
| 2.15%, 06/03/31  | 375000 | 333236 |
| 4.32%, 11/23/31 *(a)(b)* | 550000 | 546661 |
| 5.41%, 08/10/33 *(a)(b)* | 250000 | 252320 |
| 6.82%, 11/17/33  | 255000 | 280518 |
| 4.11%, 07/24/34 *(a)(b)* | 280000 | 270684 |
| 2.67%, 11/15/35 *(a)(b)* | 465000 | 410558 |
| 5.62%, 11/20/35 *(a)(b)* | 400000 | 401884 |
| 3.02%, 11/18/36 *(a)(b)* | 300000 | 263118 |
| 4.42%, 07/24/39  | 280000 | 253649 |
| 2.96%, 11/16/40  | 300000 | 222600 |
| 3.13%, 11/18/41  | 375000 | 273053 |
| **Wintrust Financial Corp.** | **Wintrust Financial Corp.** | **Wintrust Financial Corp.** |
| 4.85%, 06/06/29 *(c)* | 215000 | 210350 |
| **Zions Bancorp NA** | **Zions Bancorp NA** | **Zions Bancorp NA** |
| 3.25%, 10/29/29 *(a)(c)* | 250000 | 230475 |
|  |  | **467298336** |
| ***Brokerage/Asset Managers/Exchanges 0.4%***  | ***Brokerage/Asset Managers/Exchanges 0.4%***  | ***Brokerage/Asset Managers/Exchanges 0.4%***  |
| **Affiliated Managers Group, Inc.** | **Affiliated Managers Group, Inc.** | **Affiliated Managers Group, Inc.** |
| 3.30%, 06/15/30 *(a)* | 195000 | 182976 |
| 5.50%, 08/20/34 *(a)* | 140000 | 139944 |
| **Ameriprise Financial, Inc.** | **Ameriprise Financial, Inc.** | **Ameriprise Financial, Inc.** |
| 2.88%, 09/15/26 *(a)* | 200000 | 197138 |
| 5.70%, 12/15/28 *(a)* | 175000 | 183428 |
| 5.15%, 05/15/33 *(a)* | 300000 | 308157 |
| 5.20%, 04/15/35 *(a)* | 200000 | 201644 |
| **Apollo Global Management, Inc.** | **Apollo Global Management, Inc.** | **Apollo Global Management, Inc.** |
| 6.38%, 11/15/33 *(a)* | 150000 | 164142 |
| 5.80%, 05/21/54 *(a)* | 220000 | 217800 |
| 6.00%, 12/15/54 *(a)(b)* | 170000 | 166789 |
| **Ares Management Corp.** | **Ares Management Corp.** | **Ares Management Corp.** |
| 5.60%, 10/11/54 *(a)* | 100000 | 94686 |
| **ARES Management Corp.** | **ARES Management Corp.** | **ARES Management Corp.** |
| 6.38%, 11/10/28 *(a)* | 200000 | 212044 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **BGC Group, Inc.** | **BGC Group, Inc.** | **BGC Group, Inc.** |
| 8.00%, 05/25/28 *(a)* | 100000 | 107016 |
| 6.60%, 06/10/29 *(a)* | 170000 | 176346 |
| 6.15%, 04/02/30 *(a)(d)* | 200000 | 202950 |
| **BlackRock Funding, Inc.** | **BlackRock Funding, Inc.** | **BlackRock Funding, Inc.** |
| 4.60%, 07/26/27 *(a)* | 225000 | 227828 |
| 5.00%, 03/14/34 *(a)* | 285000 | 291498 |
| 4.90%, 01/08/35 *(a)* | 175000 | 177287 |
| 5.25%, 03/14/54 *(a)* | 430000 | 413793 |
| 5.35%, 01/08/55 *(a)* | 345000 | 336986 |
| **BlackRock, Inc.** | **BlackRock, Inc.** | **BlackRock, Inc.** |
| 3.20%, 03/15/27  | 360000 | 355324 |
| 3.25%, 04/30/29 *(a)* | 400000 | 388956 |
| 2.40%, 04/30/30 *(a)* | 450000 | 414270 |
| 1.90%, 01/28/31 *(a)* | 550000 | 484407 |
| 2.10%, 02/25/32 *(a)* | 280000 | 241853 |
| **Blackstone Reg Finance Co. LLC** | **Blackstone Reg Finance Co. LLC** | **Blackstone Reg Finance Co. LLC** |
| 5.00%, 12/06/34 *(a)* | 200000 | 199248 |
| **Blue Owl Finance LLC** | **Blue Owl Finance LLC** | **Blue Owl Finance LLC** |
| 3.13%, 06/10/31 *(a)* | 175000 | 155470 |
| 4.38%, 02/15/32 *(a)* | 100000 | 93484 |
| 6.25%, 04/18/34 *(a)* | 300000 | 308715 |
| 4.13%, 10/07/51 *(a)* | 170000 | 116255 |
| **Brookfield Asset Management Ltd.** | **Brookfield Asset Management Ltd.** | **Brookfield Asset Management Ltd.** |
| 5.80%, 04/24/35 *(a)* | 200000 | 205446 |
| **Brookfield Capital Finance LLC** | **Brookfield Capital Finance LLC** | **Brookfield Capital Finance LLC** |
| 6.09%, 06/14/33 *(a)* | 165000 | 175268 |
| **Brookfield Finance I U.K. PLC/Brookfield Finance, Inc.** | **Brookfield Finance I U.K. PLC/Brookfield Finance, Inc.** | **Brookfield Finance I U.K. PLC/Brookfield Finance, Inc.** |
| 2.34%, 01/30/32 *(a)* | 180000 | 153279 |
| **Brookfield Finance LLC/Brookfield Finance, Inc.** | **Brookfield Finance LLC/Brookfield Finance, Inc.** | **Brookfield Finance LLC/Brookfield Finance, Inc.** |
| 3.45%, 04/15/50 *(a)* | 150000 | 101966 |
| **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** |
| 3.90%, 01/25/28 *(a)* | 345000 | 341150 |
| 4.85%, 03/29/29 *(a)* | 300000 | 302991 |
| 4.35%, 04/15/30 *(a)* | 250000 | 246980 |
| 2.72%, 04/15/31 *(a)* | 150000 | 135799 |
| 6.35%, 01/05/34 *(a)* | 175000 | 188044 |
| 5.68%, 01/15/35 *(a)* | 100000 | 102703 |
| 4.70%, 09/20/47 *(a)* | 260000 | 222440 |
| 3.50%, 03/30/51 *(a)* | 210000 | 142962 |
| 3.63%, 02/15/52 *(a)* | 130000 | 89926 |
| 5.97%, 03/04/54 *(a)* | 275000 | 275690 |
| 5.81%, 03/03/55 *(a)* | 145000 | 142052 |
| **Cboe Global Markets, Inc.** | **Cboe Global Markets, Inc.** | **Cboe Global Markets, Inc.** |
| 3.65%, 01/12/27 *(a)* | 200000 | 198424 |
| 1.63%, 12/15/30 *(a)* | 235000 | 202770 |
| 3.00%, 03/16/32 *(a)* | 100000 | 89903 |
| **Charles Schwab Corp.** | **Charles Schwab Corp.** | **Charles Schwab Corp.** |
| 5.88%, 08/24/26 *(a)(f)* | 270000 | 274620 |
| 3.20%, 03/02/27 *(a)(f)* | 165000 | 162535 |
| 2.45%, 03/03/27 *(a)(f)* | 410000 | 398610 |
| 3.30%, 04/01/27 *(a)(f)* | 210000 | 207262 |
| 3.20%, 01/25/28 *(a)(f)* | 190000 | 186063 |
| 2.00%, 03/20/28 *(a)(f)* | 335000 | 317188 |
| 4.00%, 02/01/29 *(a)(f)* | 150000 | 149028 |
| 5.64%, 05/19/29 *(a)(b)(f)* | 325000 | 336908 |
| 3.25%, 05/22/29 *(a)(f)* | 165000 | 159420 |
| 2.75%, 10/01/29 *(a)(f)* | 135000 | 126839 |
| 6.20%, 11/17/29 *(a)(b)(f)* | 350000 | 371511 |
| 4.63%, 03/22/30 *(a)(f)* | 140000 | 142370 |
| 1.65%, 03/11/31 *(a)(f)* | 195000 | 167694 |
| 2.30%, 05/13/31 *(a)(f)* | 210000 | 186988 |
| 1.95%, 12/01/31 *(a)(f)* | 225000 | 192645 |
| 2.90%, 03/03/32 *(a)(f)* | 265000 | 238540 |
| 5.85%, 05/19/34 *(a)(b)(f)* | 375000 | 398329 |
| 6.14%, 08/24/34 *(a)(b)(f)* | 375000 | 405911 |

---

*See financial notes*

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

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **CI Financial Corp.** | **CI Financial Corp.** | **CI Financial Corp.** |
| 3.20%, 12/17/30 *(a)* | 360000 | 318100 |
| 4.10%, 06/15/51 *(a)* | 100000 | 71464 |
| **CME Group, Inc.** | **CME Group, Inc.** | **CME Group, Inc.** |
| 3.75%, 06/15/28 *(a)* | 150000 | 149139 |
| 4.40%, 03/15/30 *(a)* | 125000 | 125923 |
| 2.65%, 03/15/32 *(a)* | 225000 | 201710 |
| 5.30%, 09/15/43 *(a)* | 250000 | 251065 |
| 4.15%, 06/15/48 *(a)* | 255000 | 215564 |
| **Eaton Vance Corp.** | **Eaton Vance Corp.** | **Eaton Vance Corp.** |
| 3.50%, 04/06/27 *(a)* | 113000 | 111594 |
| **Franklin Resources, Inc.** | **Franklin Resources, Inc.** | **Franklin Resources, Inc.** |
| 1.60%, 10/30/30 *(a)* | 250000 | 215380 |
| 2.95%, 08/12/51 *(a)* | 170000 | 104681 |
| **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** |
| 3.10%, 09/15/27 *(a)* | 200000 | 195526 |
| 4.00%, 09/15/27 *(a)* | 450000 | 448227 |
| 3.63%, 09/01/28 *(a)* | 290000 | 284444 |
| 4.35%, 06/15/29 *(a)* | 305000 | 306159 |
| 2.10%, 06/15/30 *(a)* | 375000 | 336304 |
| 5.25%, 06/15/31 *(a)* | 200000 | 207738 |
| 1.85%, 09/15/32 *(a)* | 350000 | 290804 |
| 4.60%, 03/15/33 *(a)* | 450000 | 448087 |
| 2.65%, 09/15/40 *(a)* | 350000 | 253641 |
| 4.25%, 09/21/48 *(a)* | 330000 | 272755 |
| 3.00%, 06/15/50 *(a)* | 360000 | 235516 |
| 4.95%, 06/15/52 *(a)* | 455000 | 412230 |
| 3.00%, 09/15/60 *(a)* | 470000 | 286686 |
| 5.20%, 06/15/62 *(a)* | 290000 | 271046 |
| **Invesco Finance PLC** | **Invesco Finance PLC** | **Invesco Finance PLC** |
| 5.38%, 11/30/43  | 125000 | 118561 |
| **Janus Henderson U.S. Holdings, Inc.** | **Janus Henderson U.S. Holdings, Inc.** | **Janus Henderson U.S. Holdings, Inc.** |
| 5.45%, 09/10/34 *(a)* | 100000 | 99334 |
| **Jefferies Financial Group, Inc.** | **Jefferies Financial Group, Inc.** | **Jefferies Financial Group, Inc.** |
| 4.85%, 01/15/27  | 200000 | 201736 |
| 6.45%, 06/08/27  | 100000 | 103686 |
| 5.88%, 07/21/28 *(a)* | 165000 | 171176 |
| 4.15%, 01/23/30  | 300000 | 293337 |
| 2.63%, 10/15/31 *(a)* | 325000 | 282958 |
| 2.75%, 10/15/32 *(a)* | 245000 | 207089 |
| 6.20%, 04/14/34 *(a)* | 425000 | 444546 |
| 6.25%, 01/15/36  | 170000 | 176766 |
| 6.50%, 01/20/43  | 75000 | 78164 |
| **Lazard Group LLC** | **Lazard Group LLC** | **Lazard Group LLC** |
| 3.63%, 03/01/27 *(a)* | 100000 | 98374 |
| 4.50%, 09/19/28 *(a)* | 200000 | 199326 |
| 4.38%, 03/11/29 *(a)* | 160000 | 158443 |
| **Legg Mason, Inc.** | **Legg Mason, Inc.** | **Legg Mason, Inc.** |
| 5.63%, 01/15/44  | 211000 | 210572 |
| **LPL Holdings, Inc.** | **LPL Holdings, Inc.** | **LPL Holdings, Inc.** |
| 5.70%, 05/20/27 *(a)* | 170000 | 173303 |
| 4.90%, 04/03/28 *(a)* | 150000 | 151177 |
| 6.75%, 11/17/28 *(a)* | 200000 | 213390 |
| 5.20%, 03/15/30 *(a)* | 225000 | 228555 |
| 5.15%, 06/15/30 *(a)* | 150000 | 151948 |
| 6.00%, 05/20/34 *(a)* | 150000 | 155485 |
| 5.65%, 03/15/35 *(a)* | 150000 | 150937 |
| **Marex Group PLC** | **Marex Group PLC** | **Marex Group PLC** |
| 6.40%, 11/04/29 *(a)* | 260000 | 267730 |
| **Nasdaq, Inc.** | **Nasdaq, Inc.** | **Nasdaq, Inc.** |
| 5.35%, 06/28/28 *(a)* | 250000 | 257542 |
| 1.65%, 01/15/31 *(a)* | 200000 | 172858 |
| 5.55%, 02/15/34 *(a)* | 350000 | 365162 |
| 2.50%, 12/21/40 *(a)* | 200000 | 138798 |
| 3.25%, 04/28/50 *(a)* | 170000 | 114657 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.95%, 03/07/52 *(a)* | 110000 | 82429 |
| 5.95%, 08/15/53 *(a)* | 220000 | 224957 |
| 6.10%, 06/28/63 *(a)* | 225000 | 230580 |
| **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** |
| 1.65%, 07/14/26  | 400000 | 388500 |
| 2.33%, 01/22/27  | 500000 | 483700 |
| 5.39%, 07/06/27  | 200000 | 203518 |
| 6.07%, 07/12/28  | 200000 | 208780 |
| 2.17%, 07/14/28  | 300000 | 280179 |
| 3.10%, 01/16/30  | 650000 | 607425 |
| 2.68%, 07/16/30  | 400000 | 362988 |
| 2.61%, 07/14/31  | 400000 | 353092 |
| 3.00%, 01/22/32  | 310000 | 274530 |
| 6.18%, 01/18/33  | 240000 | 255914 |
| 6.09%, 07/12/33  | 200000 | 212466 |
| 5.78%, 07/03/34  | 240000 | 248273 |
| **Raymond James Financial, Inc.** | **Raymond James Financial, Inc.** | **Raymond James Financial, Inc.** |
| 4.65%, 04/01/30 *(a)* | 225000 | 228330 |
| 4.95%, 07/15/46  | 205000 | 184974 |
| 3.75%, 04/01/51 *(a)* | 260000 | 189766 |
| **Stifel Financial Corp.** | **Stifel Financial Corp.** | **Stifel Financial Corp.** |
| 4.00%, 05/15/30 *(a)* | 125000 | 120275 |
| **TPG Operating Group II LP** | **TPG Operating Group II LP** | **TPG Operating Group II LP** |
| 5.88%, 03/05/34 *(a)* | 210000 | 218364 |
|  |  | **31259121** |
| ***Finance Companies 0.4%***  | ***Finance Companies 0.4%***  | ***Finance Companies 0.4%***  |
| **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** | **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** | **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** |
| 2.45%, 10/29/26 *(a)* | 1200000 | 1169412 |
| 6.10%, 01/15/27 *(a)* | 300000 | 306756 |
| 6.45%, 04/15/27 *(a)* | 175000 | 180792 |
| 3.65%, 07/21/27 *(a)* | 350000 | 345002 |
| 4.63%, 10/15/27 *(a)* | 225000 | 226003 |
| 3.88%, 01/23/28 *(a)* | 300000 | 295620 |
| 4.88%, 04/01/28 *(a)* | 250000 | 252720 |
| 5.75%, 06/06/28 *(a)* | 190000 | 196667 |
| 3.00%, 10/29/28 *(a)* | 1050000 | 1000786 |
| 5.10%, 01/19/29 *(a)* | 200000 | 203592 |
| 4.63%, 09/10/29 *(a)* | 350000 | 350290 |
| 6.15%, 09/30/30 *(a)* | 270000 | 288068 |
| 5.38%, 12/15/31 *(a)* | 250000 | 255872 |
| 3.30%, 01/30/32 *(a)* | 1255000 | 1137319 |
| 3.40%, 10/29/33 *(a)* | 475000 | 419016 |
| 5.30%, 01/19/34 *(a)* | 150000 | 151160 |
| 4.95%, 09/10/34 *(a)* | 300000 | 293652 |
| 3.85%, 10/29/41 *(a)* | 460000 | 368869 |
| 6.95%, 03/10/55 *(a)(b)* | 200000 | 208962 |
| 6.50%, 01/31/56 *(a)(b)* | 150000 | 150570 |
| **Air Lease Corp.** | **Air Lease Corp.** | **Air Lease Corp.** |
| 1.88%, 08/15/26 *(a)* | 200000 | 194482 |
| 2.20%, 01/15/27 *(a)* | 350000 | 339041 |
| 3.63%, 04/01/27 *(a)* | 150000 | 148400 |
| 3.63%, 12/01/27 *(a)* | 199000 | 196055 |
| 5.85%, 12/15/27 *(a)* | 200000 | 206982 |
| 5.30%, 02/01/28 *(a)* | 125000 | 127809 |
| 2.10%, 09/01/28 *(a)* | 200000 | 186614 |
| 4.63%, 10/01/28 *(a)* | 200000 | 201398 |
| 3.25%, 10/01/29 *(a)* | 250000 | 238302 |
| 3.00%, 02/01/30 *(a)* | 300000 | 280947 |
| 3.13%, 12/01/30 *(a)* | 265000 | 245067 |
| 5.20%, 07/15/31 *(a)* | 150000 | 153441 |
| 2.88%, 01/15/32 *(a)* | 300000 | 267180 |
| **Apollo Debt Solutions BDC** | **Apollo Debt Solutions BDC** | **Apollo Debt Solutions BDC** |
| 6.90%, 04/13/29 *(a)* | 230000 | 240097 |
| 6.70%, 07/29/31 *(a)* | 350000 | 363800 |
| 6.55%, 03/15/32 *(a)(d)* | 150000 | 153626 |

---

*See financial notes*

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

**35**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **ARES Capital Corp.** | **ARES Capital Corp.** | **ARES Capital Corp.** |
| 2.15%, 07/15/26 *(a)* | 335000 | 326514 |
| 7.00%, 01/15/27  | 335000 | 345898 |
| 2.88%, 06/15/27 *(a)* | 160000 | 154706 |
| 2.88%, 06/15/28 *(a)* | 350000 | 329966 |
| 5.88%, 03/01/29 *(a)* | 315000 | 321253 |
| 5.95%, 07/15/29 *(a)* | 210000 | 215006 |
| 3.20%, 11/15/31 *(a)* | 300000 | 261879 |
| **ARES Strategic Income Fund** | **ARES Strategic Income Fund** | **ARES Strategic Income Fund** |
| 5.70%, 03/15/28 *(a)* | 275000 | 277255 |
| 5.45%, 09/09/28 *(a)(d)* | 170000 | 170082 |
| 6.35%, 08/15/29 *(a)* | 225000 | 230796 |
| 5.60%, 02/15/30 *(a)* | 200000 | 199648 |
| 5.80%, 09/09/30 *(a)(d)* | 150000 | 150576 |
| 6.20%, 03/21/32 *(a)* | 200000 | 201590 |
| **Bain Capital Specialty Finance, Inc.** | **Bain Capital Specialty Finance, Inc.** | **Bain Capital Specialty Finance, Inc.** |
| 5.95%, 03/15/30 *(a)* | 100000 | 99256 |
| **Barings BDC, Inc.** | **Barings BDC, Inc.** | **Barings BDC, Inc.** |
| 3.30%, 11/23/26 *(a)* | 110000 | 107668 |
| 7.00%, 02/15/29 *(a)* | 85000 | 87725 |
| **Barings Private Credit Corp.** | **Barings Private Credit Corp.** | **Barings Private Credit Corp.** |
| 6.15%, 06/11/30 *(a)(d)* | 110000 | 108840 |
| **BlackRock TCP Capital Corp.** | **BlackRock TCP Capital Corp.** | **BlackRock TCP Capital Corp.** |
| 6.95%, 05/30/29 *(a)(c)* | 95000 | 98291 |
| **Blackstone Private Credit Fund** | **Blackstone Private Credit Fund** | **Blackstone Private Credit Fund** |
| 2.63%, 12/15/26 *(a)* | 310000 | 299541 |
| 3.25%, 03/15/27 *(a)* | 300000 | 291753 |
| 4.95%, 09/26/27 *(a)* | 125000 | 124573 |
| 7.30%, 11/27/28 *(a)* | 200000 | 213594 |
| 4.00%, 01/15/29 *(a)* | 250000 | 240230 |
| 5.60%, 11/22/29 *(a)* | 125000 | 125965 |
| 5.25%, 04/01/30 *(a)* | 100000 | 99177 |
| 6.25%, 01/25/31 *(a)* | 100000 | 102929 |
| 6.00%, 01/29/32 *(a)* | 350000 | 352191 |
| 6.00%, 11/22/34 *(a)* | 200000 | 195916 |
| **Blackstone Secured Lending Fund** | **Blackstone Secured Lending Fund** | **Blackstone Secured Lending Fund** |
| 2.75%, 09/16/26 *(a)* | 200000 | 194834 |
| 2.13%, 02/15/27 *(a)* | 230000 | 219841 |
| 5.88%, 11/15/27 *(a)* | 115000 | 117527 |
| 5.35%, 04/13/28 *(a)* | 300000 | 302370 |
| 2.85%, 09/30/28 *(a)* | 200000 | 186330 |
| 5.30%, 06/30/30 *(a)* | 150000 | 148673 |
| **Blue Owl Capital Corp.** | **Blue Owl Capital Corp.** | **Blue Owl Capital Corp.** |
| 3.40%, 07/15/26 *(a)* | 275000 | 270589 |
| 8.45%, 11/15/26 *(a)* | 150000 | 156008 |
| 2.63%, 01/15/27 *(a)* | 335000 | 323794 |
| 3.13%, 04/13/27 *(a)* | 220000 | 212410 |
| 2.88%, 06/11/28 *(a)* | 250000 | 233020 |
| 5.95%, 03/15/29 *(a)* | 200000 | 201100 |
| **Blue Owl Credit Income Corp.** | **Blue Owl Credit Income Corp.** | **Blue Owl Credit Income Corp.** |
| 3.13%, 09/23/26 *(a)(c)* | 250000 | 243480 |
| 4.70%, 02/08/27 *(a)* | 150000 | 149180 |
| 7.75%, 09/16/27 *(a)* | 150000 | 157384 |
| 7.95%, 06/13/28 *(a)* | 200000 | 213978 |
| 7.75%, 01/15/29 *(a)* | 150000 | 159831 |
| 6.60%, 09/15/29 *(a)* | 200000 | 206106 |
| 5.80%, 03/15/30 *(a)* | 250000 | 250832 |
| 6.65%, 03/15/31 *(a)* | 250000 | 257625 |
| **Blue Owl Technology Finance Corp.** | **Blue Owl Technology Finance Corp.** | **Blue Owl Technology Finance Corp.** |
| 2.50%, 01/15/27 *(a)* | 100000 | 95858 |
| 6.10%, 03/15/28 *(a)(d)* | 185000 | 186010 |
| 6.75%, 04/04/29 *(a)* | 235000 | 240003 |
| **Carlyle Secured Lending, Inc.** | **Carlyle Secured Lending, Inc.** | **Carlyle Secured Lending, Inc.** |
| 6.75%, 02/18/30 *(a)* | 100000 | 102264 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Franklin BSP Capital Corp.** | **Franklin BSP Capital Corp.** | **Franklin BSP Capital Corp.** |
| 7.20%, 06/15/29 *(a)* | 115000 | 119379 |
| **FS KKR Capital Corp.** | **FS KKR Capital Corp.** | **FS KKR Capital Corp.** |
| 2.63%, 01/15/27 *(a)(c)* | 300000 | 288192 |
| 3.25%, 07/15/27 *(a)* | 125000 | 119896 |
| 3.13%, 10/12/28 *(a)* | 410000 | 375958 |
| 7.88%, 01/15/29 *(a)* | 115000 | 121535 |
| 6.88%, 08/15/29 *(a)* | 175000 | 179569 |
| **GATX Corp.** | **GATX Corp.** | **GATX Corp.** |
| 3.85%, 03/30/27 *(a)* | 100000 | 99048 |
| 3.50%, 03/15/28 *(a)* | 150000 | 146532 |
| 4.55%, 11/07/28 *(a)* | 105000 | 105214 |
| 4.70%, 04/01/29 *(a)* | 255000 | 257081 |
| 4.00%, 06/30/30 *(a)* | 200000 | 194686 |
| 1.90%, 06/01/31 *(a)* | 125000 | 106291 |
| 3.50%, 06/01/32 *(a)* | 125000 | 114048 |
| 5.45%, 09/15/33 *(a)* | 130000 | 132779 |
| 6.05%, 03/15/34 *(a)* | 245000 | 260239 |
| 6.90%, 05/01/34 *(a)* | 150000 | 166510 |
| 5.20%, 03/15/44 *(a)* | 100000 | 91647 |
| 3.10%, 06/01/51 *(a)* | 295000 | 184520 |
| 6.05%, 06/05/54 *(a)* | 170000 | 170284 |
| **Goldman Sachs BDC, Inc.** | **Goldman Sachs BDC, Inc.** | **Goldman Sachs BDC, Inc.** |
| 6.38%, 03/11/27  | 130000 | 133068 |
| **Goldman Sachs Private Credit Corp.** | **Goldman Sachs Private Credit Corp.** | **Goldman Sachs Private Credit Corp.** |
| 5.88%, 05/06/28 *(a)(d)* | 100000 | 101085 |
| 6.25%, 05/06/30 *(a)(c)(d)* | 150000 | 152193 |
| **Golub Capital BDC, Inc.** | **Golub Capital BDC, Inc.** | **Golub Capital BDC, Inc.** |
| 2.50%, 08/24/26 *(a)* | 250000 | 243355 |
| 2.05%, 02/15/27 *(a)* | 180000 | 171619 |
| 7.05%, 12/05/28 *(a)* | 100000 | 105178 |
| 6.00%, 07/15/29 *(a)* | 150000 | 152102 |
| **Golub Capital Private Credit Fund** | **Golub Capital Private Credit Fund** | **Golub Capital Private Credit Fund** |
| 5.80%, 09/12/29 *(a)* | 300000 | 299892 |
| **Hercules Capital, Inc.** | **Hercules Capital, Inc.** | **Hercules Capital, Inc.** |
| 3.38%, 01/20/27 *(a)* | 225000 | 218158 |
| 6.00%, 06/16/30 *(a)* | 100000 | 100053 |
| **HPS Corporate Lending Fund** | **HPS Corporate Lending Fund** | **HPS Corporate Lending Fund** |
| 5.45%, 01/14/28 *(a)* | 200000 | 200742 |
| 6.75%, 01/30/29 *(a)* | 230000 | 237963 |
| 6.25%, 09/30/29 *(a)* | 120000 | 122342 |
| 5.95%, 04/14/32 *(a)* | 200000 | 199208 |
| **Main Street Capital Corp.** | **Main Street Capital Corp.** | **Main Street Capital Corp.** |
| 3.00%, 07/14/26 *(a)* | 120000 | 117529 |
| 6.50%, 06/04/27 *(a)* | 100000 | 102334 |
| 6.95%, 03/01/29 *(a)* | 100000 | 104160 |
| **Morgan Stanley Direct Lending Fund** | **Morgan Stanley Direct Lending Fund** | **Morgan Stanley Direct Lending Fund** |
| 4.50%, 02/11/27 *(a)* | 150000 | 149097 |
| 6.15%, 05/17/29 *(a)* | 200000 | 204668 |
| **MSD Investment Corp.** | **MSD Investment Corp.** | **MSD Investment Corp.** |
| 6.25%, 05/31/30 *(a)(d)* | 150000 | 148806 |
| **New Mountain Finance Corp.** | **New Mountain Finance Corp.** | **New Mountain Finance Corp.** |
| 6.20%, 10/15/27  | 85000 | 86047 |
| **North Haven Private Income Fund LLC** | **North Haven Private Income Fund LLC** | **North Haven Private Income Fund LLC** |
| 5.75%, 02/01/30 *(a)* | 75000 | 74797 |
| **Nuveen Churchill Direct Lending Corp.** | **Nuveen Churchill Direct Lending Corp.** | **Nuveen Churchill Direct Lending Corp.** |
| 6.65%, 03/15/30 *(a)* | 75000 | 77084 |
| **Oaktree Specialty Lending Corp.** | **Oaktree Specialty Lending Corp.** | **Oaktree Specialty Lending Corp.** |
| 2.70%, 01/15/27 *(a)* | 195000 | 187116 |
| 7.10%, 02/15/29 *(a)* | 60000 | 61769 |
| 6.34%, 02/27/30 *(a)* | 100000 | 99099 |
| **Oaktree Strategic Credit Fund** | **Oaktree Strategic Credit Fund** | **Oaktree Strategic Credit Fund** |
| 8.40%, 11/14/28 *(a)* | 145000 | 156445 |
| 6.50%, 07/23/29 *(a)* | 120000 | 122992 |

---

*See financial notes*

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

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Sixth Street Lending Partners** | **Sixth Street Lending Partners** | **Sixth Street Lending Partners** |
| 6.50%, 03/11/29 *(a)* | 215000 | 222078 |
| 5.75%, 01/15/30 *(a)* | 150000 | 150428 |
| 6.13%, 07/15/30 *(a)(d)* | 250000 | 254782 |
| **Sixth Street Specialty Lending, Inc.** | **Sixth Street Specialty Lending, Inc.** | **Sixth Street Specialty Lending, Inc.** |
| 2.50%, 08/01/26 *(a)(c)* | 250000 | 244570 |
| 5.63%, 08/15/30 *(a)* | 100000 | 100402 |
|  |  | **30240803** |
| ***Financial Other 0.0%***  | ***Financial Other 0.0%***  | ***Financial Other 0.0%***  |
| **Andrew W Mellon Foundation** | **Andrew W Mellon Foundation** | **Andrew W Mellon Foundation** |
| 0.95%, 08/01/27 *(a)* | 145000 | 136377 |
| **HA Sustainable Infrastructure Capital, Inc.** | **HA Sustainable Infrastructure Capital, Inc.** | **HA Sustainable Infrastructure Capital, Inc.** |
| 6.15%, 01/15/31 *(a)* | 170000 | 172077 |
| 6.38%, 07/01/34 *(a)* | 160000 | 160106 |
| 6.75%, 07/15/35 *(a)* | 120000 | 122250 |
| **ORIX Corp.** | **ORIX Corp.** | **ORIX Corp.** |
| 3.70%, 07/18/27  | 143000 | 141171 |
| 5.00%, 09/13/27 *(c)* | 150000 | 151832 |
| 4.65%, 09/10/29  | 200000 | 201560 |
| 2.25%, 03/09/31  | 190000 | 167548 |
| 5.20%, 09/13/32  | 200000 | 203670 |
| 5.40%, 02/25/35  | 150000 | 152277 |
|  |  | **1608868** |
| ***Insurance 1.2%***  | ***Insurance 1.2%***  | ***Insurance 1.2%***  |
| **ACE Capital Trust II** | **ACE Capital Trust II** | **ACE Capital Trust II** |
| 9.70%, 04/01/30  | 165000 | 197035 |
| **Aegon Ltd.** | **Aegon Ltd.** | **Aegon Ltd.** |
| 5.50%, 04/11/48 *(a)(b)* | 250000 | 251550 |
| **Aetna, Inc.** | **Aetna, Inc.** | **Aetna, Inc.** |
| 6.63%, 06/15/36  | 265000 | 284888 |
| 6.75%, 12/15/37  | 230000 | 249196 |
| 4.50%, 05/15/42 *(a)* | 135000 | 111411 |
| 4.75%, 03/15/44 *(a)* | 125000 | 106110 |
| **Aflac, Inc.** | **Aflac, Inc.** | **Aflac, Inc.** |
| 3.60%, 04/01/30 *(a)* | 250000 | 243047 |
| 4.00%, 10/15/46 *(a)* | 150000 | 117714 |
| 4.75%, 01/15/49 *(a)* | 205000 | 178155 |
| **Alleghany Corp.** | **Alleghany Corp.** | **Alleghany Corp.** |
| 3.63%, 05/15/30 *(a)* | 225000 | 218603 |
| 3.25%, 08/15/51 *(a)* | 215000 | 144770 |
| **Allstate Corp.** | **Allstate Corp.** | **Allstate Corp.** |
| 3.28%, 12/15/26 *(a)* | 165000 | 162751 |
| 5.05%, 06/24/29 *(a)* | 150000 | 154044 |
| 1.45%, 12/15/30 *(a)* | 215000 | 183571 |
| 5.25%, 03/30/33 *(a)* | 200000 | 205198 |
| 5.35%, 06/01/33  | 104000 | 107697 |
| 5.55%, 05/09/35  | 200000 | 207940 |
| 5.95%, 04/01/36  | 150000 | 159924 |
| 4.50%, 06/15/43  | 100000 | 87108 |
| 4.20%, 12/15/46 *(a)* | 201000 | 164613 |
| 3.85%, 08/10/49 *(a)* | 150000 | 114975 |
| 6.50%, 05/15/67 *(a)(b)* | 155000 | 159238 |
| **American Financial Group, Inc.** | **American Financial Group, Inc.** | **American Financial Group, Inc.** |
| 5.25%, 04/02/30 *(a)* | 100000 | 103524 |
| 4.50%, 06/15/47 *(a)* | 170000 | 138166 |
| **American International Group, Inc.** | **American International Group, Inc.** | **American International Group, Inc.** |
| 4.85%, 05/07/30 *(a)* | 200000 | 203246 |
| 3.40%, 06/30/30 *(a)* | 100000 | 95153 |
| 5.13%, 03/27/33 *(a)* | 250000 | 254280 |
| 3.88%, 01/15/35 *(a)* | 190000 | 173776 |
| 5.45%, 05/07/35 *(a)* | 200000 | 205078 |
| 4.50%, 07/16/44 *(a)* | 300000 | 262476 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.75%, 04/01/48 *(a)* | 280000 | 248587 |
| 4.38%, 06/30/50 *(a)* | 300000 | 251343 |
| **American National Group, Inc.** | **American National Group, Inc.** | **American National Group, Inc.** |
| 5.00%, 06/15/27 *(a)* | 265000 | 266208 |
| **Aon Corp.** | **Aon Corp.** | **Aon Corp.** |
| 8.21%, 01/01/27  | 235000 | 247662 |
| 4.50%, 12/15/28 *(a)* | 100000 | 100662 |
| 3.75%, 05/02/29 *(a)* | 100000 | 97919 |
| 2.80%, 05/15/30 *(a)* | 335000 | 310652 |
| 6.25%, 09/30/40  | 150000 | 159467 |
| **Aon Corp./Aon Global Holdings PLC** | **Aon Corp./Aon Global Holdings PLC** | **Aon Corp./Aon Global Holdings PLC** |
| 2.85%, 05/28/27 *(a)* | 150000 | 146277 |
| 2.05%, 08/23/31 *(a)* | 200000 | 172698 |
| 5.00%, 09/12/32 *(a)* | 155000 | 157793 |
| 5.35%, 02/28/33 *(a)* | 200000 | 206248 |
| 2.90%, 08/23/51 *(a)* | 245000 | 151925 |
| 3.90%, 02/28/52 *(a)* | 260000 | 193053 |
| **Aon Global Ltd.** | **Aon Global Ltd.** | **Aon Global Ltd.** |
| 4.60%, 06/14/44 *(a)* | 90000 | 78149 |
| 4.75%, 05/15/45 *(a)* | 230000 | 201620 |
| **Aon North America, Inc.** | **Aon North America, Inc.** | **Aon North America, Inc.** |
| 5.13%, 03/01/27 *(a)* | 175000 | 177219 |
| 5.15%, 03/01/29 *(a)* | 200000 | 204914 |
| 5.30%, 03/01/31 *(a)* | 150000 | 155373 |
| 5.45%, 03/01/34 *(a)* | 610000 | 627214 |
| 5.75%, 03/01/54 *(a)* | 545000 | 537751 |
| **Arch Capital Finance LLC** | **Arch Capital Finance LLC** | **Arch Capital Finance LLC** |
| 4.01%, 12/15/26 *(a)* | 125000 | 124466 |
| 5.03%, 12/15/46 *(a)* | 150000 | 136106 |
| **Arch Capital Group Ltd.** | **Arch Capital Group Ltd.** | **Arch Capital Group Ltd.** |
| 7.35%, 05/01/34  | 75000 | 86760 |
| 3.64%, 06/30/50 *(a)* | 320000 | 234749 |
| **Arch Capital Group U.S., Inc.** | **Arch Capital Group U.S., Inc.** | **Arch Capital Group U.S., Inc.** |
| 5.14%, 11/01/43  | 175000 | 163285 |
| **Arthur J Gallagher & Co.** | **Arthur J Gallagher & Co.** | **Arthur J Gallagher & Co.** |
| 4.60%, 12/15/27 *(a)* | 200000 | 201690 |
| 5.00%, 02/15/32 *(a)* | 200000 | 202768 |
| 5.50%, 03/02/33 *(a)* | 270000 | 279193 |
| 6.50%, 02/15/34 *(a)* | 125000 | 137208 |
| 5.45%, 07/15/34 *(a)* | 205000 | 210295 |
| 5.15%, 02/15/35 *(a)* | 500000 | 500625 |
| 3.50%, 05/20/51 *(a)* | 310000 | 216123 |
| 3.05%, 03/09/52 *(a)* | 160000 | 101256 |
| 5.75%, 03/02/53 *(a)* | 190000 | 187032 |
| 6.75%, 02/15/54 *(a)* | 200000 | 222200 |
| 5.55%, 02/15/55 *(a)* | 400000 | 384292 |
| **Aspen Insurance Holdings Ltd.** | **Aspen Insurance Holdings Ltd.** | **Aspen Insurance Holdings Ltd.** |
| 5.75%, 07/01/30 *(a)* | 90000 | 91545 |
| **Assurant, Inc.** | **Assurant, Inc.** | **Assurant, Inc.** |
| 4.90%, 03/27/28 *(a)* | 100000 | 100854 |
| 3.70%, 02/22/30 *(a)* | 150000 | 142875 |
| 2.65%, 01/15/32 *(a)* | 100000 | 85246 |
| **Assured Guaranty U.S. Holdings, Inc.** | **Assured Guaranty U.S. Holdings, Inc.** | **Assured Guaranty U.S. Holdings, Inc.** |
| 6.13%, 09/15/28 *(a)* | 145000 | 152481 |
| 3.15%, 06/15/31 *(a)* | 100000 | 92495 |
| 3.60%, 09/15/51 *(a)* | 160000 | 109485 |
| **Athene Holding Ltd.** | **Athene Holding Ltd.** | **Athene Holding Ltd.** |
| 4.13%, 01/12/28 *(a)* | 350000 | 346780 |
| 6.15%, 04/03/30 *(a)* | 125000 | 132738 |
| 3.50%, 01/15/31 *(a)* | 200000 | 188390 |
| 6.65%, 02/01/33 *(a)(c)* | 125000 | 135214 |
| 5.88%, 01/15/34 *(a)(c)* | 200000 | 207424 |
| 3.95%, 05/25/51 *(a)* | 100000 | 70867 |
| 3.45%, 05/15/52 *(a)* | 140000 | 89352 |
| 6.25%, 04/01/54 *(a)* | 305000 | 301340 |

---

*See financial notes*

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

**37**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.63%, 10/15/54 *(a)(b)* | 100000 | 98666 |
| 6.63%, 05/19/55 *(a)* | 200000 | 206138 |
| **AXA SA** | **AXA SA** | **AXA SA** |
| 8.60%, 12/15/30  | 200000 | 238342 |
| **AXIS Specialty Finance LLC** | **AXIS Specialty Finance LLC** | **AXIS Specialty Finance LLC** |
| 3.90%, 07/15/29 *(a)* | 135000 | 131528 |
| 4.90%, 01/15/40 *(a)(b)* | 165000 | 159042 |
| **AXIS Specialty Finance PLC** | **AXIS Specialty Finance PLC** | **AXIS Specialty Finance PLC** |
| 4.00%, 12/06/27 *(a)* | 100000 | 99019 |
| **Berkshire Hathaway Finance Corp.** | **Berkshire Hathaway Finance Corp.** | **Berkshire Hathaway Finance Corp.** |
| 2.30%, 03/15/27 *(a)* | 250000 | 243930 |
| 1.85%, 03/12/30 *(a)* | 150000 | 136056 |
| 1.45%, 10/15/30 *(a)* | 300000 | 262554 |
| 2.88%, 03/15/32 *(a)* | 275000 | 253764 |
| 5.75%, 01/15/40  | 250000 | 271072 |
| 4.40%, 05/15/42  | 190000 | 175915 |
| 4.30%, 05/15/43  | 115000 | 101632 |
| 4.20%, 08/15/48 *(a)* | 655000 | 551058 |
| 4.25%, 01/15/49 *(a)* | 600000 | 508038 |
| 2.85%, 10/15/50 *(a)* | 540000 | 348975 |
| 2.50%, 01/15/51 *(a)* | 330000 | 198782 |
| 3.85%, 03/15/52 *(a)* | 800000 | 619440 |
| **Berkshire Hathaway, Inc.** | **Berkshire Hathaway, Inc.** | **Berkshire Hathaway, Inc.** |
| 4.50%, 02/11/43  | 50000 | 46724 |
| **Brighthouse Financial, Inc.** | **Brighthouse Financial, Inc.** | **Brighthouse Financial, Inc.** |
| 3.70%, 06/22/27 *(a)* | 250000 | 245835 |
| 5.63%, 05/15/30 *(a)(c)* | 200000 | 205330 |
| 4.70%, 06/22/47 *(a)* | 305000 | 233962 |
| 3.85%, 12/22/51 *(a)* | 160000 | 103187 |
| **Brown & Brown, Inc.** | **Brown & Brown, Inc.** | **Brown & Brown, Inc.** |
| 4.60%, 12/23/26  | 120000 | 120586 |
| 4.70%, 06/23/28 *(a)* | 150000 | 151349 |
| 4.50%, 03/15/29 *(a)* | 115000 | 114994 |
| 4.90%, 06/23/30 *(a)* | 230000 | 232247 |
| 2.38%, 03/15/31 *(a)* | 200000 | 176174 |
| 4.20%, 03/17/32 *(a)* | 185000 | 177104 |
| 5.25%, 06/23/32 *(a)* | 150000 | 152985 |
| 5.65%, 06/11/34 *(a)* | 100000 | 102803 |
| 5.55%, 06/23/35 *(a)* | 290000 | 295957 |
| 4.95%, 03/17/52 *(a)* | 200000 | 173214 |
| 6.25%, 06/23/55 *(a)* | 300000 | 309759 |
| **Centene Corp.** | **Centene Corp.** | **Centene Corp.** |
| 4.25%, 12/15/27 *(a)* | 705000 | 694792 |
| 2.45%, 07/15/28 *(a)* | 675000 | 627797 |
| 4.63%, 12/15/29 *(a)* | 875000 | 852224 |
| 3.38%, 02/15/30 *(a)* | 605000 | 557507 |
| 3.00%, 10/15/30 *(a)* | 675000 | 603423 |
| 2.50%, 03/01/31 *(a)* | 685000 | 590532 |
| 2.63%, 08/01/31 *(a)* | 400000 | 343280 |
| **Chubb Corp.** | **Chubb Corp.** | **Chubb Corp.** |
| 6.00%, 05/11/37  | 300000 | 326022 |
| 6.50%, 05/15/38  | 110000 | 123916 |
| **Chubb INA Holdings LLC** | **Chubb INA Holdings LLC** | **Chubb INA Holdings LLC** |
| 4.65%, 08/15/29 *(a)* | 200000 | 203596 |
| 1.38%, 09/15/30 *(a)* | 350000 | 304769 |
| 5.00%, 03/15/34 *(a)* | 290000 | 295432 |
| 4.15%, 03/13/43  | 150000 | 128369 |
| 4.35%, 11/03/45 *(a)* | 400000 | 346664 |
| 2.85%, 12/15/51 *(a)* | 265000 | 170686 |
| 3.05%, 12/15/61 *(a)* | 360000 | 222923 |
| **Cincinnati Financial Corp.** | **Cincinnati Financial Corp.** | **Cincinnati Financial Corp.** |
| 6.92%, 05/15/28  | 165000 | 177504 |
| 6.13%, 11/01/34  | 60000 | 63859 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **CNA Financial Corp.** | **CNA Financial Corp.** | **CNA Financial Corp.** |
| 3.45%, 08/15/27 *(a)* | 150000 | 147209 |
| 3.90%, 05/01/29 *(a)* | 180000 | 176558 |
| 2.05%, 08/15/30 *(a)* | 160000 | 140981 |
| 5.50%, 06/15/33 *(a)* | 220000 | 226072 |
| **CNO Financial Group, Inc.** | **CNO Financial Group, Inc.** | **CNO Financial Group, Inc.** |
| 5.25%, 05/30/29 *(a)* | 230000 | 232374 |
| 6.45%, 06/15/34 *(a)* | 150000 | 157688 |
| **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** |
| 3.65%, 04/05/27 *(a)* | 400000 | 395028 |
| 3.85%, 04/05/29 *(a)* | 400000 | 392144 |
| 3.90%, 04/05/32 *(a)* | 520000 | 488566 |
| 5.75%, 01/15/34 *(a)* | 210000 | 218310 |
| 4.35%, 04/05/42 *(a)* | 150000 | 126189 |
| 4.40%, 04/05/52 *(a)* | 350000 | 280581 |
| 6.88%, 12/15/52 *(a)(b)* | 280000 | 288938 |
| 6.38%, 09/15/54 *(a)(b)* | 200000 | 199648 |
| **Elevance Health, Inc.** | **Elevance Health, Inc.** | **Elevance Health, Inc.** |
| 3.65%, 12/01/27 *(a)* | 500000 | 494260 |
| 4.10%, 03/01/28 *(a)* | 350000 | 349146 |
| 5.15%, 06/15/29 *(a)* | 175000 | 180197 |
| 2.88%, 09/15/29 *(a)* | 210000 | 197908 |
| 4.75%, 02/15/30 *(a)* | 225000 | 227830 |
| 2.25%, 05/15/30 *(a)* | 350000 | 316200 |
| 2.55%, 03/15/31 *(a)* | 355000 | 318943 |
| 4.95%, 11/01/31 *(a)* | 200000 | 202988 |
| 4.10%, 05/15/32 *(a)* | 100000 | 96071 |
| 5.50%, 10/15/32 *(a)* | 200000 | 208682 |
| 4.75%, 02/15/33 *(a)* | 355000 | 352774 |
| 5.38%, 06/15/34 *(a)* | 300000 | 306927 |
| 5.95%, 12/15/34  | 120000 | 127129 |
| 5.20%, 02/15/35 *(a)* | 300000 | 303288 |
| 5.85%, 01/15/36  | 100000 | 105239 |
| 6.38%, 06/15/37  | 65000 | 70333 |
| 4.63%, 05/15/42  | 255000 | 223872 |
| 4.65%, 01/15/43  | 300000 | 263409 |
| 5.10%, 01/15/44  | 225000 | 207484 |
| 4.65%, 08/15/44 *(a)* | 250000 | 217572 |
| 4.38%, 12/01/47 *(a)* | 425000 | 347599 |
| 4.55%, 03/01/48 *(a)* | 250000 | 208802 |
| 3.70%, 09/15/49 *(a)* | 285000 | 204941 |
| 3.13%, 05/15/50 *(a)* | 300000 | 195384 |
| 3.60%, 03/15/51 *(a)* | 365000 | 257653 |
| 4.55%, 05/15/52 *(a)* | 260000 | 213135 |
| 6.10%, 10/15/52 *(a)* | 215000 | 219526 |
| 5.13%, 02/15/53 *(a)* | 250000 | 223510 |
| 5.65%, 06/15/54 *(a)* | 300000 | 288339 |
| 5.70%, 02/15/55 *(a)* | 400000 | 387856 |
| 5.85%, 11/01/64 *(a)* | 200000 | 194510 |
| **Enact Holdings, Inc.** | **Enact Holdings, Inc.** | **Enact Holdings, Inc.** |
| 6.25%, 05/28/29 *(a)* | 255000 | 264677 |
| **Enstar Finance LLC** | **Enstar Finance LLC** | **Enstar Finance LLC** |
| 5.50%, 01/15/42 *(a)(b)* | 100000 | 98650 |
| **Enstar Group Ltd.** | **Enstar Group Ltd.** | **Enstar Group Ltd.** |
| 4.95%, 06/01/29 *(a)* | 150000 | 151161 |
| 3.10%, 09/01/31 *(a)* | 185000 | 164569 |
| **Equitable Holdings, Inc.** | **Equitable Holdings, Inc.** | **Equitable Holdings, Inc.** |
| 4.35%, 04/20/28 *(a)* | 550000 | 548966 |
| 5.00%, 04/20/48 *(a)* | 450000 | 398596 |
| **Essent Group Ltd.** | **Essent Group Ltd.** | **Essent Group Ltd.** |
| 6.25%, 07/01/29 *(a)* | 150000 | 155403 |
| **Everest Reinsurance Holdings, Inc.** | **Everest Reinsurance Holdings, Inc.** | **Everest Reinsurance Holdings, Inc.** |
| 4.87%, 06/01/44  | 170000 | 150899 |
| 3.50%, 10/15/50 *(a)* | 290000 | 198569 |
| 3.13%, 10/15/52 *(a)* | 345000 | 214690 |

---

*See financial notes*

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

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **F&G Annuities & Life, Inc.** | **F&G Annuities & Life, Inc.** | **F&G Annuities & Life, Inc.** |
| 7.40%, 01/13/28 *(a)* | 150000 | 157416 |
| 6.50%, 06/04/29 *(a)* | 150000 | 155001 |
| 6.25%, 10/04/34 *(a)* | 210000 | 208830 |
| **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** |
| 4.85%, 04/17/28 *(a)* | 265000 | 267533 |
| 4.63%, 04/29/30 *(a)* | 300000 | 299190 |
| 5.63%, 08/16/32 *(a)* | 225000 | 231777 |
| 6.00%, 12/07/33 *(a)* | 200000 | 208988 |
| 6.35%, 03/22/54 *(a)* | 250000 | 254952 |
| 6.10%, 03/15/55 *(a)* | 255000 | 252037 |
| 6.50%, 05/20/55 *(a)(d)* | 100000 | 102410 |
| **Fidelity National Financial, Inc.** | **Fidelity National Financial, Inc.** | **Fidelity National Financial, Inc.** |
| 3.40%, 06/15/30 *(a)* | 200000 | 187122 |
| 2.45%, 03/15/31 *(a)* | 200000 | 173788 |
| 3.20%, 09/17/51 *(a)* | 245000 | 153372 |
| **First American Financial Corp.** | **First American Financial Corp.** | **First American Financial Corp.** |
| 4.00%, 05/15/30 *(a)* | 150000 | 143912 |
| 2.40%, 08/15/31 *(a)* | 200000 | 171428 |
| **Globe Life, Inc.** | **Globe Life, Inc.** | **Globe Life, Inc.** |
| 4.55%, 09/15/28 *(a)* | 165000 | 165950 |
| 2.15%, 08/15/30 *(a)* | 165000 | 146005 |
| 4.80%, 06/15/32 *(a)* | 155000 | 152615 |
| 5.85%, 09/15/34 *(a)* | 145000 | 150224 |
| **Hanover Insurance Group, Inc.** | **Hanover Insurance Group, Inc.** | **Hanover Insurance Group, Inc.** |
| 2.50%, 09/01/30 *(a)* | 115000 | 102456 |
| **Hartford Insurance Group, Inc.** | **Hartford Insurance Group, Inc.** | **Hartford Insurance Group, Inc.** |
| 2.80%, 08/19/29 *(a)* | 165000 | 155288 |
| 5.95%, 10/15/36  | 175000 | 183248 |
| 6.10%, 10/01/41  | 150000 | 155747 |
| 4.40%, 03/15/48 *(a)* | 75000 | 63128 |
| 3.60%, 08/19/49 *(a)* | 350000 | 256816 |
| 2.90%, 09/15/51 *(a)* | 125000 | 78306 |
| **Horace Mann Educators Corp.** | **Horace Mann Educators Corp.** | **Horace Mann Educators Corp.** |
| 7.25%, 09/15/28 *(a)* | 100000 | 106955 |
| **Humana, Inc.** | **Humana, Inc.** | **Humana, Inc.** |
| 1.35%, 02/03/27 *(a)* | 270000 | 258220 |
| 3.95%, 03/15/27 *(a)* | 150000 | 149508 |
| 5.75%, 03/01/28 *(a)* | 100000 | 103189 |
| 5.75%, 12/01/28 *(a)* | 130000 | 135331 |
| 3.70%, 03/23/29 *(a)* | 275000 | 266711 |
| 3.13%, 08/15/29 *(a)* | 145000 | 136773 |
| 4.88%, 04/01/30 *(a)* | 165000 | 166340 |
| 5.38%, 04/15/31 *(a)* | 350000 | 358127 |
| 2.15%, 02/03/32 *(a)* | 330000 | 277088 |
| 5.88%, 03/01/33 *(a)* | 250000 | 259087 |
| 5.95%, 03/15/34 *(a)* | 250000 | 259912 |
| 5.55%, 05/01/35 *(a)* | 200000 | 201172 |
| 4.63%, 12/01/42 *(a)* | 125000 | 104575 |
| 4.95%, 10/01/44 *(a)* | 250000 | 216167 |
| 4.80%, 03/15/47 *(a)* | 150000 | 124524 |
| 3.95%, 08/15/49 *(a)* | 150000 | 108296 |
| 5.50%, 03/15/53 *(a)* | 225000 | 202304 |
| 5.75%, 04/15/54 *(a)* | 300000 | 280026 |
| **Jackson Financial, Inc.** | **Jackson Financial, Inc.** | **Jackson Financial, Inc.** |
| 5.17%, 06/08/27 *(a)* | 145000 | 146949 |
| 3.13%, 11/23/31 *(a)* | 150000 | 133194 |
| 5.67%, 06/08/32 *(a)* | 145000 | 148107 |
| 4.00%, 11/23/51 *(a)* | 90000 | 61307 |
| **Kemper Corp.** | **Kemper Corp.** | **Kemper Corp.** |
| 2.40%, 09/30/30 *(a)* | 245000 | 215696 |
| **Lincoln National Corp.** | **Lincoln National Corp.** | **Lincoln National Corp.** |
| 3.63%, 12/12/26 *(a)* | 189000 | 186830 |
| 3.80%, 03/01/28 *(a)* | 150000 | 147638 |
| 3.05%, 01/15/30 *(a)* | 195000 | 183374 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.40%, 01/15/31 *(a)* | 150000 | 140195 |
| 6.30%, 10/09/37  | 150000 | 157047 |
| 7.00%, 06/15/40  | 150000 | 166575 |
| **Loews Corp.** | **Loews Corp.** | **Loews Corp.** |
| 3.20%, 05/15/30 *(a)* | 165000 | 156305 |
| 6.00%, 02/01/35  | 110000 | 119917 |
| 4.13%, 05/15/43 *(a)* | 150000 | 127367 |
| **Manulife Financial Corp.** | **Manulife Financial Corp.** | **Manulife Financial Corp.** |
| 2.48%, 05/19/27 *(a)* | 125000 | 121343 |
| 4.06%, 02/24/32 *(a)(b)* | 300000 | 296649 |
| 3.70%, 03/16/32 *(a)* | 150000 | 142265 |
| 5.38%, 03/04/46  | 185000 | 183006 |
| **Markel Group, Inc.** | **Markel Group, Inc.** | **Markel Group, Inc.** |
| 3.50%, 11/01/27 *(a)* | 175000 | 171864 |
| 3.35%, 09/17/29 *(a)* | 100000 | 96396 |
| 5.00%, 04/05/46  | 100000 | 89004 |
| 4.30%, 11/01/47 *(a)* | 100000 | 79476 |
| 5.00%, 05/20/49 *(a)* | 270000 | 237087 |
| 4.15%, 09/17/50 *(a)* | 200000 | 153872 |
| 3.45%, 05/07/52 *(a)* | 240000 | 162091 |
| **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** |
| 4.55%, 11/08/27 *(a)* | 300000 | 302406 |
| 4.38%, 03/15/29 *(a)* | 510000 | 512453 |
| 4.65%, 03/15/30 *(a)* | 300000 | 303639 |
| 2.25%, 11/15/30 *(a)* | 290000 | 259791 |
| 4.85%, 11/15/31 *(a)* | 300000 | 304875 |
| 5.75%, 11/01/32 *(a)* | 150000 | 160085 |
| 5.40%, 09/15/33 *(a)* | 200000 | 207544 |
| 5.00%, 03/15/35 *(a)* | 600000 | 599916 |
| 4.75%, 03/15/39 *(a)* | 205000 | 195082 |
| 5.35%, 11/15/44 *(a)* | 150000 | 147366 |
| 4.35%, 01/30/47 *(a)* | 200000 | 169650 |
| 4.20%, 03/01/48 *(a)* | 175000 | 144254 |
| 4.90%, 03/15/49 *(a)* | 375000 | 339311 |
| 2.90%, 12/15/51 *(a)* | 195000 | 122852 |
| 5.45%, 03/15/53 *(a)* | 150000 | 145751 |
| 5.70%, 09/15/53 *(a)* | 300000 | 301776 |
| 5.45%, 03/15/54 *(a)* | 150000 | 145059 |
| 5.40%, 03/15/55 *(a)* | 450000 | 434214 |
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| 4.55%, 03/23/30 *(a)* | 375000 | 380321 |
| 6.50%, 12/15/32  | 280000 | 314423 |
| 5.38%, 07/15/33 *(a)* | 50000 | 52113 |
| 6.38%, 06/15/34  | 250000 | 277137 |
| 5.30%, 12/15/34 *(a)* | 50000 | 51395 |
| 5.70%, 06/15/35  | 400000 | 423704 |
| 5.88%, 02/06/41  | 235000 | 243702 |
| 4.13%, 08/13/42  | 290000 | 243974 |
| 4.88%, 11/13/43  | 125000 | 114841 |
| 4.72%, 12/15/44  | 235000 | 209921 |
| 4.05%, 03/01/45  | 260000 | 213039 |
| 4.60%, 05/13/46 *(a)* | 345000 | 305874 |
| 5.00%, 07/15/52 *(a)* | 300000 | 272760 |
| 5.25%, 01/15/54 *(a)* | 135000 | 127460 |
| 6.35%, 03/15/55 *(a)(b)* | 250000 | 256912 |
| 6.40%, 12/15/66 *(a)* | 420000 | 437791 |
| 10.75%, 08/01/69 *(a)(b)* | 225000 | 301484 |
| **MGIC Investment Corp.** | **MGIC Investment Corp.** | **MGIC Investment Corp.** |
| 5.25%, 08/15/28 *(a)* | 200000 | 200120 |
| **Munich Re America Corp.** | **Munich Re America Corp.** | **Munich Re America Corp.** |
| 7.45%, 12/15/26  | 80000 | 83946 |
| **Nationwide Financial Services, Inc.** | **Nationwide Financial Services, Inc.** | **Nationwide Financial Services, Inc.** |
| 6.75%, 05/15/87 *(b)* | 115000 | 114071 |
| **NMI Holdings, Inc.** | **NMI Holdings, Inc.** | **NMI Holdings, Inc.** |
| 6.00%, 08/15/29 *(a)* | 50000 | 51410 |

---

*See financial notes*

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

**39**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Old Republic International Corp.** | **Old Republic International Corp.** | **Old Republic International Corp.** |
| 3.88%, 08/26/26 *(a)* | 200000 | 198686 |
| 5.75%, 03/28/34 *(a)* | 160000 | 164968 |
| 3.85%, 06/11/51 *(a)* | 190000 | 135622 |
| **PartnerRe Finance B LLC** | **PartnerRe Finance B LLC** | **PartnerRe Finance B LLC** |
| 3.70%, 07/02/29 *(a)* | 200000 | 194192 |
| 4.50%, 10/01/50 *(a)(b)* | 150000 | 140204 |
| **Primerica, Inc.** | **Primerica, Inc.** | **Primerica, Inc.** |
| 2.80%, 11/19/31 *(a)* | 200000 | 177166 |
| **Principal Financial Group, Inc.** | **Principal Financial Group, Inc.** | **Principal Financial Group, Inc.** |
| 3.10%, 11/15/26 *(a)* | 215000 | 211463 |
| 3.70%, 05/15/29 *(a)* | 170000 | 165913 |
| 2.13%, 06/15/30 *(a)* | 260000 | 231982 |
| 4.63%, 09/15/42  | 100000 | 89131 |
| 4.35%, 05/15/43  | 160000 | 136501 |
| 4.30%, 11/15/46 *(a)* | 150000 | 125469 |
| 5.50%, 03/15/53 *(a)* | 50000 | 48330 |
| **Progressive Corp.** | **Progressive Corp.** | **Progressive Corp.** |
| 4.00%, 03/01/29 *(a)* | 175000 | 174011 |
| 3.20%, 03/26/30 *(a)* | 275000 | 262622 |
| 3.00%, 03/15/32 *(a)* | 150000 | 136926 |
| 6.25%, 12/01/32  | 210000 | 231061 |
| 4.35%, 04/25/44  | 150000 | 128561 |
| 3.70%, 01/26/45  | 150000 | 117344 |
| 4.13%, 04/15/47 *(a)* | 350000 | 288368 |
| 4.20%, 03/15/48 *(a)* | 165000 | 136790 |
| 3.95%, 03/26/50 *(a)* | 150000 | 117963 |
| **Prudential Financial, Inc.** | **Prudential Financial, Inc.** | **Prudential Financial, Inc.** |
| 3.88%, 03/27/28 *(a)* | 92000 | 91638 |
| 2.10%, 03/10/30 *(a)* | 150000 | 136658 |
| 5.75%, 07/15/33  | 220000 | 235316 |
| 5.70%, 12/14/36  | 110000 | 115606 |
| 6.63%, 12/01/37  | 100000 | 112512 |
| 3.00%, 03/10/40 *(a)* | 255000 | 193236 |
| 4.60%, 05/15/44  | 200000 | 176864 |
| 4.50%, 09/15/47 *(a)(b)* | 300000 | 295572 |
| 3.91%, 12/07/47 *(a)* | 260000 | 203372 |
| 4.42%, 03/27/48 *(a)* | 200000 | 168314 |
| 5.70%, 09/15/48 *(a)(b)* | 425000 | 430924 |
| 3.94%, 12/07/49 *(a)* | 355000 | 272136 |
| 4.35%, 02/25/50 *(a)* | 250000 | 208140 |
| 3.70%, 10/01/50 *(a)(b)* | 280000 | 256236 |
| 3.70%, 03/13/51 *(a)* | 455000 | 335340 |
| 5.13%, 03/01/52 *(a)(b)* | 350000 | 338264 |
| 6.00%, 09/01/52 *(a)(b)* | 300000 | 302652 |
| 6.75%, 03/01/53 *(a)(b)* | 150000 | 157241 |
| 6.50%, 03/15/54 *(a)(b)* | 200000 | 206320 |
| **Prudential Funding Asia PLC** | **Prudential Funding Asia PLC** | **Prudential Funding Asia PLC** |
| 3.13%, 04/14/30  | 300000 | 283449 |
| 3.63%, 03/24/32 *(a)* | 110000 | 102337 |
| **Radian Group, Inc.** | **Radian Group, Inc.** | **Radian Group, Inc.** |
| 4.88%, 03/15/27 *(a)* | 145000 | 145278 |
| 6.20%, 05/15/29 *(a)* | 230000 | 239184 |
| **Reinsurance Group of America, Inc.** | **Reinsurance Group of America, Inc.** | **Reinsurance Group of America, Inc.** |
| 3.95%, 09/15/26 *(a)* | 125000 | 124366 |
| 3.90%, 05/15/29 *(a)* | 200000 | 196504 |
| 3.15%, 06/15/30 *(a)* | 295000 | 275760 |
| 6.00%, 09/15/33 *(a)* | 150000 | 157383 |
| 5.75%, 09/15/34 *(a)* | 150000 | 154314 |
| **RenaissanceRe Finance, Inc.** | **RenaissanceRe Finance, Inc.** | **RenaissanceRe Finance, Inc.** |
| 3.45%, 07/01/27 *(a)* | 205000 | 202046 |
| **RenaissanceRe Holdings Ltd.** | **RenaissanceRe Holdings Ltd.** | **RenaissanceRe Holdings Ltd.** |
| 3.60%, 04/15/29 *(a)* | 250000 | 242080 |
| 5.80%, 04/01/35 *(a)* | 115000 | 118228 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Selective Insurance Group, Inc.** | **Selective Insurance Group, Inc.** | **Selective Insurance Group, Inc.** |
| 5.90%, 04/15/35 *(a)* | 10000 | 10244 |
| 5.38%, 03/01/49 *(a)* | 100000 | 89814 |
| **SiriusPoint Ltd.** | **SiriusPoint Ltd.** | **SiriusPoint Ltd.** |
| 7.00%, 04/05/29 *(a)* | 170000 | 179027 |
| **Stewart Information Services Corp.** | **Stewart Information Services Corp.** | **Stewart Information Services Corp.** |
| 3.60%, 11/15/31 *(a)* | 195000 | 174931 |
| **Transatlantic Holdings, Inc.** | **Transatlantic Holdings, Inc.** | **Transatlantic Holdings, Inc.** |
| 8.00%, 11/30/39  | 121000 | 152310 |
| **Travelers Cos., Inc.** | **Travelers Cos., Inc.** | **Travelers Cos., Inc.** |
| 6.75%, 06/20/36  | 50000 | 57245 |
| 6.25%, 06/15/37  | 235000 | 259428 |
| 5.35%, 11/01/40  | 250000 | 251325 |
| 4.60%, 08/01/43  | 225000 | 199836 |
| 4.30%, 08/25/45 *(a)* | 115000 | 97402 |
| 3.75%, 05/15/46 *(a)* | 225000 | 174901 |
| 4.00%, 05/30/47 *(a)* | 190000 | 152384 |
| 4.10%, 03/04/49 *(a)* | 150000 | 121190 |
| 2.55%, 04/27/50 *(a)* | 225000 | 134901 |
| 3.05%, 06/08/51 *(a)* | 275000 | 181321 |
| 5.45%, 05/25/53 *(a)* | 180000 | 176337 |
| **Travelers Property Casualty Corp.** | **Travelers Property Casualty Corp.** | **Travelers Property Casualty Corp.** |
| 6.38%, 03/15/33  | 185000 | 207474 |
| **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** |
| 4.75%, 07/15/26  | 200000 | 200796 |
| 3.45%, 01/15/27  | 250000 | 247450 |
| 3.38%, 04/15/27  | 95000 | 93688 |
| 4.60%, 04/15/27 *(a)* | 150000 | 151034 |
| 3.70%, 05/15/27 *(a)* | 100000 | 99132 |
| 2.95%, 10/15/27  | 315000 | 306640 |
| 5.25%, 02/15/28 *(a)* | 325000 | 333755 |
| 3.85%, 06/15/28  | 350000 | 347035 |
| 4.40%, 06/15/28 *(a)* | 150000 | 150761 |
| 3.88%, 12/15/28  | 250000 | 246867 |
| 4.25%, 01/15/29 *(a)* | 290000 | 289527 |
| 4.70%, 04/15/29 *(a)* | 30000 | 30364 |
| 4.00%, 05/15/29 *(a)* | 300000 | 296538 |
| 2.88%, 08/15/29  | 340000 | 321154 |
| 4.80%, 01/15/30 *(a)* | 300000 | 304734 |
| 5.30%, 02/15/30 *(a)* | 400000 | 414280 |
| 2.00%, 05/15/30  | 400000 | 358040 |
| 4.65%, 01/15/31 *(a)* | 220000 | 221177 |
| 4.90%, 04/15/31 *(a)* | 300000 | 304992 |
| 2.30%, 05/15/31 *(a)* | 425000 | 375509 |
| 4.95%, 01/15/32 *(a)* | 400000 | 405328 |
| 4.20%, 05/15/32 *(a)* | 455000 | 440768 |
| 5.35%, 02/15/33 *(a)* | 510000 | 525504 |
| 4.50%, 04/15/33 *(a)* | 475000 | 463225 |
| 5.00%, 04/15/34 *(a)* | 395000 | 394913 |
| 5.15%, 07/15/34 *(a)* | 580000 | 586073 |
| 5.30%, 06/15/35 *(a)* | 290000 | 295701 |
| 4.63%, 07/15/35  | 300000 | 290001 |
| 5.80%, 03/15/36  | 275000 | 289083 |
| 6.50%, 06/15/37  | 175000 | 192250 |
| 6.63%, 11/15/37  | 200000 | 222646 |
| 6.88%, 02/15/38  | 300000 | 341106 |
| 3.50%, 08/15/39 *(a)* | 405000 | 327528 |
| 2.75%, 05/15/40 *(a)* | 300000 | 217743 |
| 5.70%, 10/15/40 *(a)* | 85000 | 86997 |
| 5.95%, 02/15/41 *(a)* | 125000 | 128846 |
| 3.05%, 05/15/41 *(a)* | 445000 | 327591 |
| 4.63%, 11/15/41 *(a)* | 173000 | 155226 |
| 4.38%, 03/15/42 *(a)* | 175000 | 150682 |
| 3.95%, 10/15/42 *(a)* | 185000 | 150216 |
| 4.25%, 03/15/43 *(a)* | 150000 | 126117 |
| 5.50%, 07/15/44 *(a)* | 450000 | 438727 |

---

*See financial notes*

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

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.75%, 07/15/45  | 535000 | 473823 |
| 4.20%, 01/15/47 *(a)* | 220000 | 177151 |
| 4.25%, 04/15/47 *(a)* | 250000 | 202500 |
| 3.75%, 10/15/47 *(a)* | 300000 | 223455 |
| 4.25%, 06/15/48 *(a)* | 400000 | 322188 |
| 4.45%, 12/15/48 *(a)* | 350000 | 290073 |
| 3.70%, 08/15/49 *(a)* | 415000 | 302651 |
| 2.90%, 05/15/50 *(a)* | 395000 | 246219 |
| 3.25%, 05/15/51 *(a)* | 535000 | 355101 |
| 4.75%, 05/15/52 *(a)* | 550000 | 469843 |
| 5.88%, 02/15/53 *(a)* | 500000 | 501535 |
| 5.05%, 04/15/53 *(a)* | 585000 | 522797 |
| 5.38%, 04/15/54 *(a)* | 530000 | 495947 |
| 5.63%, 07/15/54 *(a)* | 800000 | 776336 |
| 5.95%, 06/15/55 *(a)* | 220000 | 223744 |
| 3.88%, 08/15/59 *(a)* | 390000 | 275504 |
| 3.13%, 05/15/60 *(a)* | 340000 | 204707 |
| 4.95%, 05/15/62 *(a)* | 275000 | 236591 |
| 6.05%, 02/15/63 *(a)* | 290000 | 294695 |
| 5.20%, 04/15/63 *(a)* | 525000 | 468111 |
| 5.50%, 04/15/64 *(a)* | 345000 | 322975 |
| 5.75%, 07/15/64 *(a)* | 550000 | 535513 |
| **Unum Group** | **Unum Group** | **Unum Group** |
| 4.00%, 06/15/29 *(a)* | 170000 | 166945 |
| 5.75%, 08/15/42  | 150000 | 145541 |
| 4.50%, 12/15/49 *(a)* | 150000 | 119073 |
| 4.13%, 06/15/51 *(a)* | 185000 | 138424 |
| 6.00%, 06/15/54 *(a)* | 100000 | 98626 |
| **Voya Financial, Inc.** | **Voya Financial, Inc.** | **Voya Financial, Inc.** |
| 5.70%, 07/15/43  | 175000 | 170490 |
| 4.80%, 06/15/46  | 100000 | 86530 |
| 4.70%, 01/23/48 *(a)(b)* | 100000 | 95821 |
| **W.R. Berkley Corp.** | **W.R. Berkley Corp.** | **W.R. Berkley Corp.** |
| 4.75%, 08/01/44  | 100000 | 87605 |
| 4.00%, 05/12/50 *(a)* | 150000 | 114605 |
| 3.55%, 03/30/52 *(a)* | 150000 | 103947 |
| 3.15%, 09/30/61 *(a)* | 125000 | 77098 |
| **Willis North America, Inc.** | **Willis North America, Inc.** | **Willis North America, Inc.** |
| 4.65%, 06/15/27 *(a)* | 225000 | 226462 |
| 4.50%, 09/15/28 *(a)* | 150000 | 150498 |
| 2.95%, 09/15/29 *(a)* | 260000 | 244785 |
| 5.35%, 05/15/33 *(a)* | 250000 | 256352 |
| 5.05%, 09/15/48 *(a)* | 160000 | 142629 |
| 3.88%, 09/15/49 *(a)* | 255000 | 188496 |
| 5.90%, 03/05/54 *(a)* | 35000 | 34815 |
| **XL Group Ltd.** | **XL Group Ltd.** | **XL Group Ltd.** |
| 5.25%, 12/15/43  | 135000 | 130579 |
|  |  | **99629491** |
| ***REITs 0.6%***  | ***REITs 0.6%***  | ***REITs 0.6%***  |
| **Agree LP** | **Agree LP** | **Agree LP** |
| 2.90%, 10/01/30 *(a)* | 250000 | 230860 |
| 2.60%, 06/15/33 *(a)* | 75000 | 62540 |
| 5.63%, 06/15/34 *(a)* | 150000 | 153907 |
| 5.60%, 06/15/35 *(a)* | 100000 | 101897 |
| **Alexandria Real Estate Equities, Inc.** | **Alexandria Real Estate Equities, Inc.** | **Alexandria Real Estate Equities, Inc.** |
| 3.95%, 01/15/28 *(a)* | 150000 | 148446 |
| 4.50%, 07/30/29 *(a)* | 160000 | 159731 |
| 2.75%, 12/15/29 *(a)* | 200000 | 184950 |
| 4.70%, 07/01/30 *(a)* | 120000 | 120016 |
| 4.90%, 12/15/30 *(a)* | 250000 | 252102 |
| 3.38%, 08/15/31 *(a)* | 230000 | 212936 |
| 2.00%, 05/18/32 *(a)* | 220000 | 182728 |
| 1.88%, 02/01/33 *(a)* | 350000 | 280609 |
| 2.95%, 03/15/34 *(a)* | 300000 | 253572 |
| 4.75%, 04/15/35 *(a)* | 150000 | 143786 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.25%, 05/15/36 *(a)* | 125000 | 122706 |
| 4.85%, 04/15/49 *(a)* | 100000 | 84049 |
| 4.00%, 02/01/50 *(a)* | 230000 | 170156 |
| 3.00%, 05/18/51 *(a)* | 240000 | 145999 |
| 3.55%, 03/15/52 *(a)* | 300000 | 202674 |
| 5.15%, 04/15/53 *(a)* | 150000 | 131613 |
| 5.63%, 05/15/54 *(a)* | 175000 | 164307 |
| **American Assets Trust LP** | **American Assets Trust LP** | **American Assets Trust LP** |
| 6.15%, 10/01/34 *(a)* | 150000 | 150171 |
| **American Homes 4 Rent LP** | **American Homes 4 Rent LP** | **American Homes 4 Rent LP** |
| 4.25%, 02/15/28 *(a)* | 225000 | 223801 |
| 4.90%, 02/15/29 *(a)* | 100000 | 101155 |
| 2.38%, 07/15/31 *(a)* | 390000 | 339604 |
| 3.63%, 04/15/32 *(a)* | 150000 | 138573 |
| 5.50%, 02/01/34 *(a)* | 150000 | 152641 |
| 3.38%, 07/15/51 *(a)* | 215000 | 142508 |
| 4.30%, 04/15/52 *(a)* | 125000 | 97416 |
| **Americold Realty Operating Partnership LP** | **Americold Realty Operating Partnership LP** | **Americold Realty Operating Partnership LP** |
| 5.41%, 09/12/34 *(a)* | 100000 | 98054 |
| **AvalonBay Communities, Inc.** | **AvalonBay Communities, Inc.** | **AvalonBay Communities, Inc.** |
| 2.90%, 10/15/26 *(a)* | 100000 | 98292 |
| 3.35%, 05/15/27 *(a)* | 200000 | 197248 |
| 3.20%, 01/15/28 *(a)* | 150000 | 146568 |
| 3.30%, 06/01/29 *(a)* | 230000 | 222164 |
| 2.30%, 03/01/30 *(a)* | 250000 | 228347 |
| 2.45%, 01/15/31 *(a)* | 200000 | 180078 |
| 2.05%, 01/15/32 *(a)* | 200000 | 172642 |
| 5.30%, 12/07/33 *(a)* | 185000 | 190694 |
| 5.35%, 06/01/34 *(a)* | 100000 | 103030 |
| 3.90%, 10/15/46 *(a)* | 150000 | 118446 |
| 4.35%, 04/15/48 *(a)* | 100000 | 83243 |
| **Boston Properties LP** | **Boston Properties LP** | **Boston Properties LP** |
| 2.75%, 10/01/26 *(a)* | 225000 | 220061 |
| 6.75%, 12/01/27 *(a)* | 150000 | 157554 |
| 4.50%, 12/01/28 *(a)* | 300000 | 297807 |
| 3.40%, 06/21/29 *(a)* | 350000 | 332031 |
| 2.90%, 03/15/30 *(a)* | 265000 | 243532 |
| 3.25%, 01/30/31 *(a)* | 383000 | 351173 |
| 2.55%, 04/01/32 *(a)* | 250000 | 211045 |
| 2.45%, 10/01/33 *(a)* | 405000 | 324373 |
| 6.50%, 01/15/34 *(a)* | 25000 | 26805 |
| 5.75%, 01/15/35 *(a)* | 250000 | 251770 |
| **Brixmor Operating Partnership LP** | **Brixmor Operating Partnership LP** | **Brixmor Operating Partnership LP** |
| 3.90%, 03/15/27 *(a)* | 150000 | 148742 |
| 4.13%, 05/15/29 *(a)* | 250000 | 246110 |
| 4.05%, 07/01/30 *(a)* | 225000 | 218592 |
| 2.50%, 08/16/31 *(a)* | 225000 | 196468 |
| 5.20%, 04/01/32 *(a)* | 125000 | 126408 |
| 5.50%, 02/15/34 *(a)* | 170000 | 172009 |
| 5.75%, 02/15/35 *(a)* | 100000 | 102845 |
| **Broadstone Net Lease LLC** | **Broadstone Net Lease LLC** | **Broadstone Net Lease LLC** |
| 2.60%, 09/15/31 *(a)* | 125000 | 106481 |
| **Camden Property Trust** | **Camden Property Trust** | **Camden Property Trust** |
| 4.10%, 10/15/28 *(a)* | 265000 | 263765 |
| 3.15%, 07/01/29 *(a)* | 116000 | 110868 |
| 2.80%, 05/15/30 *(a)* | 250000 | 232645 |
| 4.90%, 01/15/34 *(a)* | 100000 | 100154 |
| 3.35%, 11/01/49 *(a)* | 120000 | 85507 |
| **COPT Defense Properties LP** | **COPT Defense Properties LP** | **COPT Defense Properties LP** |
| 2.00%, 01/15/29 *(a)* | 150000 | 136757 |
| 2.75%, 04/15/31 *(a)* | 200000 | 176984 |
| 2.90%, 12/01/33 *(a)* | 65000 | 53744 |
| **Cousins Properties LP** | **Cousins Properties LP** | **Cousins Properties LP** |
| 5.25%, 07/15/30 *(a)* | 150000 | 152866 |
| 5.88%, 10/01/34 *(a)* | 150000 | 154639 |

---

*See financial notes*

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

**41**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **CubeSmart LP** | **CubeSmart LP** | **CubeSmart LP** |
| 3.13%, 09/01/26 *(a)* | 200000 | 196790 |
| 4.38%, 02/15/29 *(a)* | 118000 | 117235 |
| 3.00%, 02/15/30 *(a)* | 175000 | 163313 |
| 2.00%, 02/15/31 *(a)* | 275000 | 238672 |
| **Digital Realty Trust LP** | **Digital Realty Trust LP** | **Digital Realty Trust LP** |
| 3.70%, 08/15/27 *(a)* | 370000 | 365486 |
| 5.55%, 01/15/28 *(a)* | 300000 | 308001 |
| 4.45%, 07/15/28 *(a)* | 50000 | 50080 |
| 3.60%, 07/01/29 *(a)* | 365000 | 353944 |
| **DOC Dr. LLC** | **DOC Dr. LLC** | **DOC Dr. LLC** |
| 4.30%, 03/15/27 *(a)* | 200000 | 199678 |
| 3.95%, 01/15/28 *(a)* | 105000 | 104112 |
| 2.63%, 11/01/31 *(a)* | 255000 | 224711 |
| **EPR Properties** | **EPR Properties** | **EPR Properties** |
| 4.75%, 12/15/26 *(a)* | 200000 | 199820 |
| 4.50%, 06/01/27 *(a)* | 210000 | 209038 |
| 4.95%, 04/15/28 *(a)* | 100000 | 99959 |
| 3.75%, 08/15/29 *(a)* | 225000 | 214648 |
| **ERP Operating LP** | **ERP Operating LP** | **ERP Operating LP** |
| 3.25%, 08/01/27 *(a)* | 165000 | 161862 |
| 3.50%, 03/01/28 *(a)* | 200000 | 196850 |
| 4.15%, 12/01/28 *(a)* | 80000 | 80019 |
| 3.00%, 07/01/29 *(a)* | 250000 | 237977 |
| 2.50%, 02/15/30 *(a)* | 305000 | 281552 |
| 4.95%, 06/15/32 *(a)* | 150000 | 151778 |
| 4.65%, 09/15/34 *(a)* | 150000 | 145643 |
| 4.50%, 07/01/44 *(a)* | 225000 | 195867 |
| 4.50%, 06/01/45 *(a)* | 210000 | 180151 |
| **Essential Properties LP** | **Essential Properties LP** | **Essential Properties LP** |
| 2.95%, 07/15/31 *(a)* | 220000 | 195666 |
| **Essex Portfolio LP** | **Essex Portfolio LP** | **Essex Portfolio LP** |
| 3.63%, 05/01/27 *(a)* | 180000 | 177939 |
| 1.70%, 03/01/28 *(a)* | 100000 | 93252 |
| 4.00%, 03/01/29 *(a)* | 245000 | 241320 |
| 3.00%, 01/15/30 *(a)* | 150000 | 140390 |
| 1.65%, 01/15/31 *(a)* | 150000 | 127362 |
| 2.65%, 03/15/32 *(a)* | 250000 | 218630 |
| 5.50%, 04/01/34 *(a)* | 75000 | 76842 |
| 5.38%, 04/01/35 *(a)* | 75000 | 76241 |
| 4.50%, 03/15/48 *(a)* | 114000 | 96304 |
| 2.65%, 09/01/50 *(a)* | 100000 | 59303 |
| **Extra Space Storage LP** | **Extra Space Storage LP** | **Extra Space Storage LP** |
| 3.50%, 07/01/26 *(a)* | 100000 | 99001 |
| 3.88%, 12/15/27 *(a)* | 200000 | 197844 |
| 5.70%, 04/01/28 *(a)* | 200000 | 206688 |
| 3.90%, 04/01/29 *(a)* | 200000 | 195976 |
| 4.00%, 06/15/29 *(a)* | 150000 | 147269 |
| 5.50%, 07/01/30 *(a)* | 200000 | 207624 |
| 2.20%, 10/15/30 *(a)* | 325000 | 287277 |
| 2.55%, 06/01/31 *(a)* | 150000 | 132678 |
| 2.35%, 03/15/32 *(a)* | 200000 | 169876 |
| 5.40%, 02/01/34 *(a)* | 230000 | 233728 |
| 5.40%, 06/15/35 *(a)* | 150000 | 150879 |
| **Federal Realty OP LP** | **Federal Realty OP LP** | **Federal Realty OP LP** |
| 3.25%, 07/15/27 *(a)* | 200000 | 195266 |
| 5.38%, 05/01/28 *(a)* | 100000 | 102551 |
| 3.20%, 06/15/29 *(a)* | 215000 | 204639 |
| 4.50%, 12/01/44 *(a)* | 200000 | 169298 |
| **Healthcare Realty Holdings LP** | **Healthcare Realty Holdings LP** | **Healthcare Realty Holdings LP** |
| 3.50%, 08/01/26 *(a)* | 200000 | 197506 |
| 3.75%, 07/01/27 *(a)* | 225000 | 221998 |
| 3.10%, 02/15/30 *(a)* | 325000 | 302195 |
| **Healthpeak OP LLC** | **Healthpeak OP LLC** | **Healthpeak OP LLC** |
| 3.25%, 07/15/26 *(a)* | 260000 | 256919 |
| 1.35%, 02/01/27 *(a)* | 160000 | 152669 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.50%, 07/15/29 *(a)* | 260000 | 251126 |
| 3.00%, 01/15/30 *(a)* | 300000 | 281589 |
| 5.25%, 12/15/32 *(a)* | 200000 | 203568 |
| 5.38%, 02/15/35 *(a)* | 25000 | 25294 |
| 6.75%, 02/01/41 *(a)* | 175000 | 192202 |
| **Highwoods Realty LP** | **Highwoods Realty LP** | **Highwoods Realty LP** |
| 3.88%, 03/01/27 *(a)* | 25000 | 24568 |
| 4.13%, 03/15/28 *(a)* | 210000 | 205947 |
| 4.20%, 04/15/29 *(a)* | 200000 | 194628 |
| 2.60%, 02/01/31 *(a)* | 160000 | 138363 |
| 7.65%, 02/01/34 *(a)* | 100000 | 113105 |
| **Host Hotels & Resorts LP** | **Host Hotels & Resorts LP** | **Host Hotels & Resorts LP** |
| 3.38%, 12/15/29 *(a)* | 200000 | 188838 |
| 3.50%, 09/15/30 *(a)* | 275000 | 255802 |
| 5.70%, 06/15/32 *(a)* | 150000 | 152290 |
| 5.70%, 07/01/34 *(a)* | 150000 | 151056 |
| 5.50%, 04/15/35 *(a)* | 200000 | 198376 |
| **Invitation Homes Operating Partnership LP** | **Invitation Homes Operating Partnership LP** | **Invitation Homes Operating Partnership LP** |
| 2.30%, 11/15/28 *(a)* | 150000 | 140517 |
| 5.45%, 08/15/30 *(a)* | 150000 | 155298 |
| 2.00%, 08/15/31 *(a)* | 225000 | 191288 |
| 4.15%, 04/15/32 *(a)* | 200000 | 189810 |
| 5.50%, 08/15/33 *(a)* | 30000 | 30536 |
| 2.70%, 01/15/34 *(a)* | 250000 | 206710 |
| 4.88%, 02/01/35 *(a)* | 100000 | 96965 |
| **Kilroy Realty LP** | **Kilroy Realty LP** | **Kilroy Realty LP** |
| 4.75%, 12/15/28 *(a)* | 115000 | 114228 |
| 4.25%, 08/15/29 *(a)* | 100000 | 96590 |
| 3.05%, 02/15/30 *(a)* | 150000 | 135786 |
| 2.50%, 11/15/32 *(a)* | 200000 | 161092 |
| 2.65%, 11/15/33 *(a)* | 50000 | 39363 |
| 6.25%, 01/15/36 *(a)* | 150000 | 149651 |
| **Kimco Realty OP LLC** | **Kimco Realty OP LLC** | **Kimco Realty OP LLC** |
| 2.80%, 10/01/26 *(a)* | 350000 | 343189 |
| 1.90%, 03/01/28 *(a)* | 250000 | 236570 |
| 3.20%, 04/01/32 *(a)* | 150000 | 136850 |
| 4.60%, 02/01/33 *(a)* | 150000 | 148010 |
| 6.40%, 03/01/34 *(a)* | 150000 | 163419 |
| 4.85%, 03/01/35 *(a)* | 100000 | 98039 |
| 5.30%, 02/01/36 *(a)* | 140000 | 141018 |
| 4.25%, 04/01/45 *(a)* | 150000 | 124070 |
| 4.13%, 12/01/46 *(a)* | 100000 | 79375 |
| 4.45%, 09/01/47 *(a)* | 200000 | 167030 |
| 3.70%, 10/01/49 *(a)* | 150000 | 109371 |
| **Kite Realty Group LP** | **Kite Realty Group LP** | **Kite Realty Group LP** |
| 4.00%, 10/01/26 *(a)* | 100000 | 99146 |
| 5.20%, 08/15/32 *(a)* | 90000 | 90858 |
| 5.50%, 03/01/34 *(a)* | 100000 | 101962 |
| **Kite Realty Group Trust** | **Kite Realty Group Trust** | **Kite Realty Group Trust** |
| 4.75%, 09/15/30 *(a)* | 150000 | 149726 |
| **Lineage OP LP** | **Lineage OP LP** | **Lineage OP LP** |
| 5.25%, 07/15/30 *(a)(d)* | 150000 | 151007 |
| **LXP Industrial Trust** | **LXP Industrial Trust** | **LXP Industrial Trust** |
| 6.75%, 11/15/28 *(a)* | 75000 | 79424 |
| 2.70%, 09/15/30 *(a)* | 260000 | 232794 |
| **Mid-America Apartments LP** | **Mid-America Apartments LP** | **Mid-America Apartments LP** |
| 3.60%, 06/01/27 *(a)* | 180000 | 178202 |
| 4.20%, 06/15/28 *(a)* | 200000 | 199782 |
| 3.95%, 03/15/29 *(a)* | 50000 | 49391 |
| 2.75%, 03/15/30 *(a)* | 100000 | 93297 |
| 1.70%, 02/15/31 *(a)* | 300000 | 257907 |
| 5.30%, 02/15/32 *(a)* | 80000 | 82757 |
| 4.95%, 03/01/35 *(a)* | 150000 | 149073 |
| 2.88%, 09/15/51 *(a)* | 150000 | 94797 |

---

*See financial notes*

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

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **National Health Investors, Inc.** | **National Health Investors, Inc.** | **National Health Investors, Inc.** |
| 3.00%, 02/01/31 *(a)* | 200000 | 177692 |
| **NNN REIT, Inc.** | **NNN REIT, Inc.** | **NNN REIT, Inc.** |
| 3.60%, 12/15/26 *(a)* | 185000 | 182919 |
| 3.50%, 10/15/27 *(a)* | 125000 | 122913 |
| 4.30%, 10/15/28 *(a)* | 150000 | 149709 |
| 2.50%, 04/15/30 *(a)* | 100000 | 91295 |
| 5.60%, 10/15/33 *(a)* | 150000 | 155238 |
| 5.50%, 06/15/34 *(a)* | 150000 | 153847 |
| 4.80%, 10/15/48 *(a)* | 85000 | 73558 |
| 3.10%, 04/15/50 *(a)* | 120000 | 76782 |
| 3.50%, 04/15/51 *(a)* | 100000 | 68997 |
| **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** |
| 4.50%, 04/01/27 *(a)* | 200000 | 200494 |
| 4.75%, 01/15/28 *(a)* | 143000 | 143805 |
| 3.63%, 10/01/29 *(a)* | 240000 | 228667 |
| 5.20%, 07/01/30 *(a)* | 170000 | 171056 |
| 3.38%, 02/01/31 *(a)* | 225000 | 205969 |
| **Phillips Edison Grocery Center Operating Partnership I LP** | **Phillips Edison Grocery Center Operating Partnership I LP** | **Phillips Edison Grocery Center Operating Partnership I LP** |
| 2.63%, 11/15/31 *(a)* | 100000 | 87136 |
| 5.25%, 08/15/32 *(a)* | 100000 | 100986 |
| 4.95%, 01/15/35 *(a)* | 100000 | 97042 |
| **Piedmont Operating Partnership LP** | **Piedmont Operating Partnership LP** | **Piedmont Operating Partnership LP** |
| 9.25%, 07/20/28 *(a)* | 190000 | 211726 |
| 6.88%, 07/15/29 *(a)* | 125000 | 131734 |
| 3.15%, 08/15/30 *(a)* | 100000 | 89814 |
| 2.75%, 04/01/32 *(a)* | 100000 | 83534 |
| **Prologis LP** | **Prologis LP** | **Prologis LP** |
| 3.25%, 10/01/26 *(a)* | 150000 | 148253 |
| 4.88%, 06/15/28 *(a)* | 360000 | 367484 |
| 3.88%, 09/15/28 *(a)* | 130000 | 128843 |
| 4.38%, 02/01/29 *(a)* | 75000 | 75534 |
| 2.88%, 11/15/29 *(a)* | 275000 | 259457 |
| 2.25%, 04/15/30 *(a)* | 350000 | 318510 |
| 1.75%, 07/01/30 *(a)* | 100000 | 87957 |
| 1.25%, 10/15/30 *(a)* | 255000 | 218104 |
| 1.63%, 03/15/31 *(a)* | 195000 | 166668 |
| 2.25%, 01/15/32 *(a)* | 150000 | 130208 |
| 4.63%, 01/15/33 *(a)* | 245000 | 243905 |
| 4.75%, 06/15/33 *(a)* | 200000 | 199440 |
| 5.13%, 01/15/34 *(a)* | 200000 | 202740 |
| 5.00%, 03/15/34 *(a)* | 150000 | 150444 |
| 5.00%, 01/31/35 *(a)* | 200000 | 199902 |
| 5.25%, 05/15/35 *(a)* | 200000 | 202714 |
| 4.38%, 09/15/48 *(a)* | 50000 | 41672 |
| 3.05%, 03/01/50 *(a)* | 160000 | 104746 |
| 3.00%, 04/15/50 *(a)* | 250000 | 162640 |
| 2.13%, 10/15/50 *(a)* | 260000 | 138515 |
| 5.25%, 06/15/53 *(a)* | 295000 | 277648 |
| 5.25%, 03/15/54 *(a)* | 260000 | 244317 |
| **Public Storage Operating Co.** | **Public Storage Operating Co.** | **Public Storage Operating Co.** |
| 1.50%, 11/09/26 *(a)* | 150000 | 144890 |
| 3.09%, 09/15/27 *(a)* | 250000 | 244720 |
| 1.85%, 05/01/28 *(a)* | 25000 | 23497 |
| 5.13%, 01/15/29 *(a)* | 255000 | 263032 |
| 3.39%, 05/01/29 *(a)* | 175000 | 169816 |
| 2.30%, 05/01/31 *(a)* | 290000 | 257793 |
| 2.25%, 11/09/31 *(a)* | 210000 | 183613 |
| 5.10%, 08/01/33 *(a)* | 300000 | 308256 |
| 5.35%, 08/01/53 *(a)* | 175000 | 168236 |
| **Realty Income Corp.** | **Realty Income Corp.** | **Realty Income Corp.** |
| 4.13%, 10/15/26 *(a)* | 250000 | 249512 |
| 3.00%, 01/15/27 *(a)* | 165000 | 162058 |
| 3.95%, 08/15/27 *(a)* | 200000 | 198922 |
| 3.40%, 01/15/28 *(a)* | 160000 | 157002 |
| 3.65%, 01/15/28 *(a)* | 200000 | 197706 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.20%, 06/15/28 *(a)* | 250000 | 236245 |
| 3.25%, 06/15/29 *(a)* | 150000 | 144042 |
| 4.00%, 07/15/29 *(a)* | 50000 | 49376 |
| 3.10%, 12/15/29 *(a)* | 200000 | 189730 |
| 3.40%, 01/15/30 *(a)* | 250000 | 239495 |
| 4.85%, 03/15/30 *(a)* | 200000 | 203660 |
| 3.25%, 01/15/31 *(a)* | 395000 | 370332 |
| 3.20%, 02/15/31 *(a)* | 250000 | 232380 |
| 5.63%, 10/13/32 *(a)* | 250000 | 261732 |
| 2.85%, 12/15/32 *(a)* | 300000 | 263061 |
| 4.90%, 07/15/33 *(a)* | 200000 | 199502 |
| 5.13%, 02/15/34 *(a)* | 200000 | 202430 |
| 4.65%, 03/15/47 *(a)* | 235000 | 204845 |
| 5.38%, 09/01/54 *(a)* | 150000 | 144141 |
| **Regency Centers LP** | **Regency Centers LP** | **Regency Centers LP** |
| 3.60%, 02/01/27 *(a)* | 170000 | 168550 |
| 4.13%, 03/15/28 *(a)* | 165000 | 164625 |
| 2.95%, 09/15/29 *(a)* | 210000 | 198775 |
| 3.70%, 06/15/30 *(a)* | 50000 | 48355 |
| 5.25%, 01/15/34 *(a)* | 65000 | 66033 |
| 5.10%, 01/15/35 *(a)* | 75000 | 75245 |
| 4.40%, 02/01/47 *(a)* | 150000 | 125856 |
| 4.65%, 03/15/49 *(a)* | 90000 | 78118 |
| **Rexford Industrial Realty LP** | **Rexford Industrial Realty LP** | **Rexford Industrial Realty LP** |
| 2.13%, 12/01/30 *(a)* | 50000 | 43556 |
| 2.15%, 09/01/31 *(a)* | 200000 | 171534 |
| **Sabra Health Care LP** | **Sabra Health Care LP** | **Sabra Health Care LP** |
| 5.13%, 08/15/26 *(a)* | 160000 | 160282 |
| 3.90%, 10/15/29 *(a)* | 120000 | 114392 |
| 3.20%, 12/01/31 *(a)* | 250000 | 223352 |
| **Safehold GL Holdings LLC** | **Safehold GL Holdings LLC** | **Safehold GL Holdings LLC** |
| 2.80%, 06/15/31 *(a)* | 210000 | 188250 |
| 2.85%, 01/15/32 *(a)* | 210000 | 183013 |
| **Simon Property Group LP** | **Simon Property Group LP** | **Simon Property Group LP** |
| 3.25%, 11/30/26 *(a)* | 200000 | 197280 |
| 1.38%, 01/15/27 *(a)* | 100000 | 95783 |
| 3.38%, 06/15/27 *(a)* | 250000 | 246337 |
| 3.38%, 12/01/27 *(a)* | 125000 | 122794 |
| 1.75%, 02/01/28 *(a)* | 300000 | 283071 |
| 2.45%, 09/13/29 *(a)* | 400000 | 371844 |
| 2.65%, 07/15/30 *(a)* | 195000 | 179880 |
| 2.20%, 02/01/31 *(a)* | 200000 | 177356 |
| 2.25%, 01/15/32 *(a)* | 125000 | 108001 |
| 2.65%, 02/01/32 *(a)* | 250000 | 220335 |
| 5.50%, 03/08/33 *(a)* | 200000 | 208898 |
| 6.25%, 01/15/34 *(a)* | 160000 | 174122 |
| 4.75%, 09/26/34 *(a)* | 200000 | 194846 |
| 6.75%, 02/01/40 *(a)* | 170000 | 192658 |
| 4.75%, 03/15/42 *(a)* | 200000 | 180576 |
| 4.25%, 10/01/44 *(a)* | 100000 | 82664 |
| 4.25%, 11/30/46 *(a)* | 175000 | 142795 |
| 3.25%, 09/13/49 *(a)* | 405000 | 272581 |
| 3.80%, 07/15/50 *(a)* | 225000 | 167015 |
| 5.85%, 03/08/53 *(a)* | 175000 | 175383 |
| 6.65%, 01/15/54 *(a)* | 150000 | 165919 |
| **Store Capital LLC** | **Store Capital LLC** | **Store Capital LLC** |
| 4.50%, 03/15/28 *(a)* | 160000 | 158410 |
| 4.63%, 03/15/29 *(a)* | 100000 | 98419 |
| 2.75%, 11/18/30 *(a)* | 190000 | 167878 |
| 2.70%, 12/01/31 *(a)* | 170000 | 144386 |
| **Sun Communities Operating LP** | **Sun Communities Operating LP** | **Sun Communities Operating LP** |
| 2.30%, 11/01/28 *(a)* | 150000 | 140385 |
| 2.70%, 07/15/31 *(a)* | 300000 | 265980 |
| 4.20%, 04/15/32 *(a)* | 175000 | 166344 |

---

*See financial notes*

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

**43**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Tanger Properties LP** | **Tanger Properties LP** | **Tanger Properties LP** |
| 3.13%, 09/01/26 *(a)* | 100000 | 98191 |
| 3.88%, 07/15/27 *(a)* | 150000 | 148043 |
| 2.75%, 09/01/31 *(a)* | 140000 | 122875 |
| **UDR, Inc.** | **UDR, Inc.** | **UDR, Inc.** |
| 3.50%, 01/15/28 *(a)* | 145000 | 142281 |
| 4.40%, 01/26/29 *(a)* | 205000 | 204998 |
| 3.20%, 01/15/30 *(a)* | 150000 | 142173 |
| 3.00%, 08/15/31 *(a)* | 285000 | 259735 |
| 2.10%, 08/01/32 *(a)* | 100000 | 82875 |
| 1.90%, 03/15/33 *(a)* | 150000 | 120015 |
| 5.13%, 09/01/34 *(a)* | 205000 | 203178 |
| **Ventas Realty LP** | **Ventas Realty LP** | **Ventas Realty LP** |
| 3.25%, 10/15/26 *(a)* | 100000 | 98500 |
| 3.85%, 04/01/27 *(a)* | 100000 | 99165 |
| 4.00%, 03/01/28 *(a)* | 200000 | 198262 |
| 4.40%, 01/15/29 *(a)* | 250000 | 249560 |
| 3.00%, 01/15/30 *(a)* | 170000 | 159547 |
| 4.75%, 11/15/30 *(a)* | 200000 | 200936 |
| 2.50%, 09/01/31 *(a)* | 50000 | 44101 |
| 5.63%, 07/01/34 *(a)* | 150000 | 154752 |
| 5.00%, 01/15/35 *(a)* | 135000 | 132763 |
| 5.70%, 09/30/43 *(a)* | 150000 | 146489 |
| 4.38%, 02/01/45 *(a)* | 130000 | 106647 |
| 4.88%, 04/15/49 *(a)* | 150000 | 129018 |
| **Welltower OP LLC** | **Welltower OP LLC** | **Welltower OP LLC** |
| 2.70%, 02/15/27 *(a)* | 100000 | 97782 |
| 4.25%, 04/15/28 *(a)* | 265000 | 265530 |
| 4.13%, 03/15/29 *(a)* | 300000 | 298359 |
| 3.10%, 01/15/30 *(a)* | 150000 | 142127 |
| 2.75%, 01/15/31 *(a)* | 265000 | 242372 |
| 2.80%, 06/01/31 *(a)* | 200000 | 181798 |
| 2.75%, 01/15/32 *(a)* | 90000 | 80434 |
| 6.50%, 03/15/41 *(a)* | 260000 | 287300 |
| 4.95%, 09/01/48 *(a)* | 150000 | 138089 |
| **WP Carey, Inc.** | **WP Carey, Inc.** | **WP Carey, Inc.** |
| 3.85%, 07/15/29 *(a)* | 100000 | 97411 |
| 2.40%, 02/01/31 *(a)* | 235000 | 206903 |
| 2.45%, 02/01/32 *(a)* | 140000 | 120208 |
| 2.25%, 04/01/33 *(a)* | 200000 | 163196 |
|  |  | **55372087** |
|  |  | **685408706** |
| **Industrial 13.4%** | **Industrial 13.4%** | **Industrial 13.4%** |
| ***Basic Industry 0.6%***  | ***Basic Industry 0.6%***  | ***Basic Industry 0.6%***  |
| **Air Products & Chemicals, Inc.** | **Air Products & Chemicals, Inc.** | **Air Products & Chemicals, Inc.** |
| 1.85%, 05/15/27 *(a)* | 300000 | 288255 |
| 4.30%, 06/11/28 *(a)* | 170000 | 170891 |
| 4.60%, 02/08/29 *(a)* | 290000 | 294382 |
| 2.05%, 05/15/30 *(a)* | 125000 | 112988 |
| 4.90%, 10/11/32 *(a)* | 150000 | 152114 |
| 4.80%, 03/03/33 *(a)* | 150000 | 151305 |
| 4.85%, 02/08/34 *(a)* | 445000 | 446290 |
| 2.70%, 05/15/40 *(a)* | 300000 | 218829 |
| 2.80%, 05/15/50 *(a)* | 300000 | 190101 |
| **Albemarle Corp.** | **Albemarle Corp.** | **Albemarle Corp.** |
| 4.65%, 06/01/27 *(a)* | 250000 | 249255 |
| 5.05%, 06/01/32 *(a)* | 200000 | 192726 |
| 5.45%, 12/01/44 *(a)* | 105000 | 87924 |
| 5.65%, 06/01/52 *(a)* | 130000 | 109222 |
| **AngloGold Ashanti Holdings PLC** | **AngloGold Ashanti Holdings PLC** | **AngloGold Ashanti Holdings PLC** |
| 3.38%, 11/01/28 *(a)* | 250000 | 239362 |
| 3.75%, 10/01/30 *(a)* | 270000 | 253298 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **ArcelorMittal SA** | **ArcelorMittal SA** | **ArcelorMittal SA** |
| 6.55%, 11/29/27 *(a)* | 325000 | 338988 |
| 4.25%, 07/16/29  | 250000 | 247095 |
| 6.80%, 11/29/32 *(a)* | 325000 | 357731 |
| 6.00%, 06/17/34 *(a)* | 100000 | 104957 |
| 7.00%, 10/15/39  | 215000 | 238549 |
| 6.75%, 03/01/41 *(g)* | 125000 | 132254 |
| 6.35%, 06/17/54 *(a)(c)* | 125000 | 126835 |
| **Barrick North America Finance LLC** | **Barrick North America Finance LLC** | **Barrick North America Finance LLC** |
| 5.70%, 05/30/41  | 345000 | 347343 |
| 5.75%, 05/01/43  | 200000 | 202238 |
| **Barrick PD Australia Finance Pty. Ltd.** | **Barrick PD Australia Finance Pty. Ltd.** | **Barrick PD Australia Finance Pty. Ltd.** |
| 5.95%, 10/15/39  | 320000 | 332557 |
| **BHP Billiton Finance USA Ltd.** | **BHP Billiton Finance USA Ltd.** | **BHP Billiton Finance USA Ltd.** |
| 5.25%, 09/08/26  | 295000 | 298540 |
| 4.75%, 02/28/28 *(a)* | 335000 | 340420 |
| 5.10%, 09/08/28 *(a)* | 250000 | 256607 |
| 5.00%, 02/21/30 *(a)* | 300000 | 307635 |
| 5.25%, 09/08/30 *(a)* | 370000 | 383834 |
| 4.90%, 02/28/33 *(a)* | 300000 | 301521 |
| 5.25%, 09/08/33 *(a)* | 400000 | 410096 |
| 5.30%, 02/21/35 *(a)* | 375000 | 382965 |
| 4.13%, 02/24/42  | 275000 | 236329 |
| 5.00%, 09/30/43  | 735000 | 698184 |
| 5.50%, 09/08/53 *(a)* | 215000 | 213127 |
| **Cabot Corp.** | **Cabot Corp.** | **Cabot Corp.** |
| 4.00%, 07/01/29 *(a)* | 170000 | 166114 |
| 5.00%, 06/30/32 *(a)* | 115000 | 115078 |
| **Celulosa Arauco y Constitucion SA** | **Celulosa Arauco y Constitucion SA** | **Celulosa Arauco y Constitucion SA** |
| 3.88%, 11/02/27 *(a)* | 200000 | 196220 |
| 5.50%, 11/02/47 *(a)* | 200000 | 175038 |
| **CF Industries, Inc.** | **CF Industries, Inc.** | **CF Industries, Inc.** |
| 5.15%, 03/15/34  | 200000 | 199392 |
| 4.95%, 06/01/43  | 235000 | 209359 |
| 5.38%, 03/15/44  | 250000 | 232867 |
| **Dow Chemical Co.** | **Dow Chemical Co.** | **Dow Chemical Co.** |
| 4.80%, 11/30/28 *(a)* | 65000 | 65979 |
| 7.38%, 11/01/29  | 129000 | 143132 |
| 2.10%, 11/15/30 *(a)* | 250000 | 220612 |
| 6.30%, 03/15/33 *(a)* | 175000 | 188556 |
| 5.15%, 02/15/34 *(a)* | 150000 | 150294 |
| 4.25%, 10/01/34 *(a)* | 345000 | 317438 |
| 5.35%, 03/15/35 *(a)* | 140000 | 139434 |
| 9.40%, 05/15/39  | 100000 | 131241 |
| 5.25%, 11/15/41 *(a)* | 215000 | 196779 |
| 4.38%, 11/15/42 *(a)* | 450000 | 366894 |
| 4.63%, 10/01/44 *(a)* | 150000 | 123816 |
| 5.55%, 11/30/48 *(a)* | 300000 | 276039 |
| 4.80%, 05/15/49 *(a)* | 280000 | 229438 |
| 3.60%, 11/15/50 *(a)* | 350000 | 237587 |
| 6.90%, 05/15/53 *(a)* | 250000 | 269385 |
| 5.60%, 02/15/54 *(a)* | 150000 | 136991 |
| **DuPont de Nemours, Inc.** | **DuPont de Nemours, Inc.** | **DuPont de Nemours, Inc.** |
| 4.73%, 11/15/28 *(a)* | 575000 | 584171 |
| 5.32%, 11/15/38 *(a)* | 328000 | 339913 |
| 5.42%, 11/15/48 *(a)* | 640000 | 646048 |
| **Eastman Chemical Co.** | **Eastman Chemical Co.** | **Eastman Chemical Co.** |
| 4.50%, 12/01/28 *(a)* | 100000 | 100358 |
| 5.75%, 03/08/33 *(a)* | 150000 | 156366 |
| 5.63%, 02/20/34 *(a)* | 210000 | 214242 |
| 4.80%, 09/01/42 *(a)* | 200000 | 176000 |
| 4.65%, 10/15/44 *(a)* | 285000 | 241361 |
| **Ecolab, Inc.** | **Ecolab, Inc.** | **Ecolab, Inc.** |
| 2.70%, 11/01/26 *(a)* | 300000 | 294561 |
| 3.25%, 12/01/27 *(a)* | 350000 | 343616 |
| 4.80%, 03/24/30 *(a)* | 50000 | 51252 |

---

*See financial notes*

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

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 1.30%, 01/30/31 *(a)* | 310000 | 263667 |
| 2.13%, 02/01/32 *(a)* | 305000 | 263511 |
| 2.13%, 08/15/50 *(a)* | 250000 | 136320 |
| 2.70%, 12/15/51 *(a)* | 350000 | 215264 |
| 2.75%, 08/18/55 *(a)* | 264000 | 157896 |
| **EIDP, Inc.** | **EIDP, Inc.** | **EIDP, Inc.** |
| 2.30%, 07/15/30 *(a)* | 195000 | 177723 |
| 4.80%, 05/15/33 *(a)* | 250000 | 248990 |
| **FMC Corp.** | **FMC Corp.** | **FMC Corp.** |
| 3.20%, 10/01/26 *(a)* | 150000 | 147323 |
| 3.45%, 10/01/29 *(a)* | 235000 | 219227 |
| 5.65%, 05/18/33 *(a)* | 85000 | 84124 |
| 4.50%, 10/01/49 *(a)* | 170000 | 125880 |
| 6.38%, 05/18/53 *(a)* | 160000 | 153718 |
| **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** |
| 5.00%, 09/01/27 *(a)* | 200000 | 200184 |
| 4.13%, 03/01/28 *(a)* | 185000 | 182950 |
| 4.38%, 08/01/28 *(a)* | 210000 | 209072 |
| 5.25%, 09/01/29 *(a)* | 150000 | 152508 |
| 4.25%, 03/01/30 *(a)* | 165000 | 161934 |
| 4.63%, 08/01/30 *(a)* | 230000 | 228431 |
| 5.40%, 11/14/34 *(a)* | 200000 | 203288 |
| 5.45%, 03/15/43 *(a)* | 260000 | 246392 |
| **Georgia-Pacific LLC** | **Georgia-Pacific LLC** | **Georgia-Pacific LLC** |
| 7.75%, 11/15/29  | 275000 | 313236 |
| 8.88%, 05/15/31  | 50000 | 61102 |
| **Gerdau Trade, Inc.** | **Gerdau Trade, Inc.** | **Gerdau Trade, Inc.** |
| 5.75%, 06/09/35 *(a)* | 190000 | 190213 |
| **Huntsman International LLC** | **Huntsman International LLC** | **Huntsman International LLC** |
| 4.50%, 05/01/29 *(a)* | 275000 | 260931 |
| 2.95%, 06/15/31 *(a)* | 120000 | 101039 |
| 5.70%, 10/15/34 *(a)* | 120000 | 111578 |
| **International Flavors & Fragrances, Inc.** | **International Flavors & Fragrances, Inc.** | **International Flavors & Fragrances, Inc.** |
| 4.45%, 09/26/28 *(a)* | 100000 | 99844 |
| 5.00%, 09/26/48 *(a)* | 250000 | 215742 |
| **International Paper Co.** | **International Paper Co.** | **International Paper Co.** |
| 5.00%, 09/15/35 *(a)* | 200000 | 197154 |
| 7.30%, 11/15/39  | 100000 | 114977 |
| 6.00%, 11/15/41 *(a)* | 150000 | 152412 |
| 4.80%, 06/15/44 *(a)* | 135000 | 117759 |
| 5.15%, 05/15/46 *(a)* | 165000 | 149480 |
| 4.40%, 08/15/47 *(a)* | 250000 | 202007 |
| **Kinross Gold Corp.** | **Kinross Gold Corp.** | **Kinross Gold Corp.** |
| 4.50%, 07/15/27 *(a)* | 220000 | 220315 |
| 6.25%, 07/15/33 *(a)* | 130000 | 139927 |
| **Linde, Inc.** | **Linde, Inc.** | **Linde, Inc.** |
| 1.10%, 08/10/30 *(a)* | 200000 | 172208 |
| 3.55%, 11/07/42 *(a)* | 150000 | 118479 |
| 2.00%, 08/10/50 *(a)* | 245000 | 128877 |
| **Lubrizol Corp.** | **Lubrizol Corp.** | **Lubrizol Corp.** |
| 6.50%, 10/01/34  | 115000 | 129957 |
| **LYB International Finance BV** | **LYB International Finance BV** | **LYB International Finance BV** |
| 5.25%, 07/15/43  | 225000 | 200920 |
| 4.88%, 03/15/44 *(a)* | 250000 | 211620 |
| **LYB International Finance II BV** | **LYB International Finance II BV** | **LYB International Finance II BV** |
| 3.50%, 03/02/27 *(a)* | 250000 | 246465 |
| **LYB International Finance III LLC** | **LYB International Finance III LLC** | **LYB International Finance III LLC** |
| 2.25%, 10/01/30 *(a)* | 105000 | 93097 |
| 3.38%, 10/01/40 *(a)* | 330000 | 244061 |
| 4.20%, 10/15/49 *(a)* | 310000 | 230445 |
| 4.20%, 05/01/50 *(a)* | 360000 | 267080 |
| 3.63%, 04/01/51 *(a)* | 300000 | 201048 |
| 3.80%, 10/01/60 *(a)* | 325000 | 210779 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **LyondellBasell Industries NV** | **LyondellBasell Industries NV** | **LyondellBasell Industries NV** |
| 4.63%, 02/26/55 *(a)(c)* | 300000 | 236163 |
| **Mosaic Co.** | **Mosaic Co.** | **Mosaic Co.** |
| 4.05%, 11/15/27 *(a)* | 250000 | 248362 |
| 5.45%, 11/15/33 *(a)* | 150000 | 153530 |
| 4.88%, 11/15/41 *(a)* | 110000 | 98002 |
| 5.63%, 11/15/43 *(a)* | 200000 | 192138 |
| **NewMarket Corp.** | **NewMarket Corp.** | **NewMarket Corp.** |
| 2.70%, 03/18/31 *(a)* | 175000 | 156686 |
| **Newmont Corp.** | **Newmont Corp.** | **Newmont Corp.** |
| 2.80%, 10/01/29 *(a)* | 250000 | 236637 |
| 2.25%, 10/01/30 *(a)* | 300000 | 271083 |
| 2.60%, 07/15/32 *(a)* | 200000 | 177758 |
| 6.25%, 10/01/39  | 325000 | 351754 |
| 4.88%, 03/15/42 *(a)* | 300000 | 279729 |
| 5.45%, 06/09/44 *(a)* | 100000 | 97729 |
| **Newmont Corp./Newcrest Finance Pty. Ltd.** | **Newmont Corp./Newcrest Finance Pty. Ltd.** | **Newmont Corp./Newcrest Finance Pty. Ltd.** |
| 3.25%, 05/13/30 *(a)* | 310000 | 295972 |
| 5.35%, 03/15/34 *(a)* | 250000 | 256752 |
| 5.75%, 11/15/41 *(a)* | 255000 | 258807 |
| **Nucor Corp.** | **Nucor Corp.** | **Nucor Corp.** |
| 4.30%, 05/23/27 *(a)* | 150000 | 150521 |
| 3.95%, 05/01/28 *(a)* | 200000 | 199214 |
| 2.70%, 06/01/30 *(a)* | 230000 | 212656 |
| 4.65%, 06/01/30 *(a)* | 150000 | 151278 |
| 3.13%, 04/01/32 *(a)* | 200000 | 182258 |
| 6.40%, 12/01/37  | 110000 | 121425 |
| 5.20%, 08/01/43 *(a)* | 100000 | 96852 |
| 4.40%, 05/01/48 *(a)* | 95000 | 79921 |
| 3.85%, 04/01/52 *(a)* | 195000 | 148376 |
| 2.98%, 12/15/55 *(a)* | 150000 | 92084 |
| **Nutrien Ltd.** | **Nutrien Ltd.** | **Nutrien Ltd.** |
| 4.00%, 12/15/26 *(a)* | 310000 | 308292 |
| 4.90%, 03/27/28 *(a)* | 200000 | 202964 |
| 4.20%, 04/01/29 *(a)* | 290000 | 287306 |
| 5.40%, 06/21/34 *(a)* | 150000 | 152504 |
| 4.13%, 03/15/35 *(a)* | 250000 | 228537 |
| 5.88%, 12/01/36  | 175000 | 181867 |
| 6.13%, 01/15/41 *(a)* | 300000 | 308904 |
| 4.90%, 06/01/43 *(a)* | 200000 | 179188 |
| 5.25%, 01/15/45 *(a)* | 155000 | 143301 |
| 5.00%, 04/01/49 *(a)* | 125000 | 111424 |
| 3.95%, 05/13/50 *(a)* | 360000 | 268369 |
| **Packaging Corp. of America** | **Packaging Corp. of America** | **Packaging Corp. of America** |
| 3.40%, 12/15/27 *(a)* | 200000 | 195884 |
| 4.05%, 12/15/49 *(a)* | 235000 | 179963 |
| 3.05%, 10/01/51 *(a)* | 300000 | 189582 |
| **PPG Industries, Inc.** | **PPG Industries, Inc.** | **PPG Industries, Inc.** |
| 3.75%, 03/15/28 *(a)* | 275000 | 271760 |
| 2.80%, 08/15/29 *(a)* | 150000 | 141152 |
| 2.55%, 06/15/30 *(a)* | 100000 | 91173 |
| **Rayonier LP** | **Rayonier LP** | **Rayonier LP** |
| 2.75%, 05/17/31 *(a)* | 150000 | 132827 |
| **Reliance, Inc.** | **Reliance, Inc.** | **Reliance, Inc.** |
| 2.15%, 08/15/30 *(a)* | 150000 | 133080 |
| **Rio Tinto Alcan, Inc.** | **Rio Tinto Alcan, Inc.** | **Rio Tinto Alcan, Inc.** |
| 7.25%, 03/15/31  | 201000 | 230656 |
| 6.13%, 12/15/33  | 250000 | 271590 |
| 5.75%, 06/01/35  | 220000 | 233211 |
| **Rio Tinto Finance USA Ltd.** | **Rio Tinto Finance USA Ltd.** | **Rio Tinto Finance USA Ltd.** |
| 7.13%, 07/15/28  | 250000 | 270975 |
| 5.20%, 11/02/40  | 350000 | 344599 |
| 2.75%, 11/02/51 *(a)* | 300000 | 182739 |

---

*See financial notes*

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

**45**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Rio Tinto Finance USA PLC** | **Rio Tinto Finance USA PLC** | **Rio Tinto Finance USA PLC** |
| 4.50%, 03/14/28 *(a)* | 200000 | 201596 |
| 4.88%, 03/14/30 *(a)* | 500000 | 510090 |
| 5.00%, 03/14/32 *(a)* | 300000 | 305427 |
| 5.00%, 03/09/33 *(a)* | 200000 | 202958 |
| 5.25%, 03/14/35 *(a)* | 500000 | 508880 |
| 4.75%, 03/22/42 *(a)* | 150000 | 136529 |
| 4.13%, 08/21/42 *(a)* | 220000 | 186032 |
| 5.13%, 03/09/53 *(a)* | 325000 | 299686 |
| 5.75%, 03/14/55 *(a)* | 500000 | 501510 |
| 5.88%, 03/14/65 *(a)* | 200000 | 201414 |
| **RPM International, Inc.** | **RPM International, Inc.** | **RPM International, Inc.** |
| 3.75%, 03/15/27 *(a)* | 150000 | 148308 |
| 2.95%, 01/15/32 *(a)* | 225000 | 198484 |
| 5.25%, 06/01/45 *(a)* | 70000 | 64797 |
| 4.25%, 01/15/48 *(a)* | 100000 | 82861 |
| **Sherwin-Williams Co.** | **Sherwin-Williams Co.** | **Sherwin-Williams Co.** |
| 3.45%, 06/01/27 *(a)* | 450000 | 444028 |
| 2.95%, 08/15/29 *(a)* | 200000 | 189036 |
| 2.30%, 05/15/30 *(a)* | 200000 | 181090 |
| 2.20%, 03/15/32 *(a)* | 115000 | 98899 |
| 4.55%, 08/01/45 *(a)* | 175000 | 148454 |
| 4.50%, 06/01/47 *(a)* | 400000 | 335320 |
| 3.80%, 08/15/49 *(a)* | 215000 | 158821 |
| 3.30%, 05/15/50 *(a)* | 215000 | 145112 |
| 2.90%, 03/15/52 *(a)* | 150000 | 91746 |
| **Smurfit Kappa Treasury ULC** | **Smurfit Kappa Treasury ULC** | **Smurfit Kappa Treasury ULC** |
| 5.44%, 04/03/34 *(a)* | 430000 | 437951 |
| 5.78%, 04/03/54 *(a)* | 285000 | 281606 |
| **Smurfit Westrock Financing DAC** | **Smurfit Westrock Financing DAC** | **Smurfit Westrock Financing DAC** |
| 5.42%, 01/15/35 *(a)* | 250000 | 253410 |
| **Southern Copper Corp.** | **Southern Copper Corp.** | **Southern Copper Corp.** |
| 7.50%, 07/27/35  | 260000 | 298979 |
| 6.75%, 04/16/40  | 350000 | 383253 |
| 5.25%, 11/08/42  | 375000 | 349927 |
| 5.88%, 04/23/45  | 495000 | 490218 |
| **Steel Dynamics, Inc.** | **Steel Dynamics, Inc.** | **Steel Dynamics, Inc.** |
| 5.00%, 12/15/26 *(a)* | 240000 | 240331 |
| 1.65%, 10/15/27 *(a)* | 125000 | 117859 |
| 3.45%, 04/15/30 *(a)* | 200000 | 190508 |
| 3.25%, 01/15/31 *(a)* | 150000 | 140108 |
| 5.38%, 08/15/34 *(a)* | 100000 | 101565 |
| 5.25%, 05/15/35 *(a)* | 65000 | 65112 |
| 3.25%, 10/15/50 *(a)* | 185000 | 122231 |
| **Suzano Austria GmbH** | **Suzano Austria GmbH** | **Suzano Austria GmbH** |
| 2.50%, 09/15/28 *(a)* | 125000 | 116280 |
| 6.00%, 01/15/29 *(a)* | 575000 | 592302 |
| 5.00%, 01/15/30 *(a)* | 300000 | 299706 |
| 3.75%, 01/15/31 *(a)* | 380000 | 355665 |
| 3.13%, 01/15/32 *(a)* | 330000 | 291317 |
| **Suzano International Finance BV** | **Suzano International Finance BV** | **Suzano International Finance BV** |
| 5.50%, 01/17/27  | 200000 | 202374 |
| **Vale Overseas Ltd.** | **Vale Overseas Ltd.** | **Vale Overseas Ltd.** |
| 3.75%, 07/08/30 *(a)* | 340000 | 321188 |
| 6.13%, 06/12/33 *(a)* | 500000 | 524410 |
| 6.88%, 11/21/36  | 200000 | 217320 |
| 6.88%, 11/10/39  | 300000 | 326082 |
| 6.40%, 06/28/54 *(a)* | 575000 | 566467 |
| **Vale SA** | **Vale SA** | **Vale SA** |
| 5.63%, 09/11/42  | 210000 | 204578 |
| **Westlake Corp.** | **Westlake Corp.** | **Westlake Corp.** |
| 3.60%, 08/15/26 *(a)* | 185000 | 183163 |
| 3.38%, 06/15/30 *(a)* | 170000 | 160551 |
| 2.88%, 08/15/41 *(a)* | 155000 | 105031 |
| 5.00%, 08/15/46 *(a)* | 190000 | 164724 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.38%, 11/15/47 *(a)* | 140000 | 109455 |
| 3.13%, 08/15/51 *(a)* | 200000 | 123650 |
| 3.38%, 08/15/61 *(a)* | 110000 | 65595 |
| **WestRock MWV LLC** | **WestRock MWV LLC** | **WestRock MWV LLC** |
| 8.20%, 01/15/30  | 190000 | 217694 |
| **Weyerhaeuser Co.** | **Weyerhaeuser Co.** | **Weyerhaeuser Co.** |
| 4.00%, 11/15/29 *(a)* | 225000 | 221148 |
| 4.00%, 04/15/30 *(a)* | 260000 | 253703 |
| 7.38%, 03/15/32  | 185000 | 209000 |
| 3.38%, 03/09/33 *(a)* | 135000 | 120963 |
| **WRKCo, Inc.** | **WRKCo, Inc.** | **WRKCo, Inc.** |
| 3.90%, 06/01/28 *(a)* | 250000 | 246900 |
| 4.90%, 03/15/29 *(a)* | 335000 | 339613 |
| 4.20%, 06/01/32 *(a)* | 255000 | 245402 |
| 3.00%, 06/15/33 *(a)* | 250000 | 218777 |
| **Yamana Gold, Inc.** | **Yamana Gold, Inc.** | **Yamana Gold, Inc.** |
| 2.63%, 08/15/31 *(a)(d)* | 190000 | 167882 |
|  |  | **51904082** |
| ***Capital Goods 1.3%***  | ***Capital Goods 1.3%***  | ***Capital Goods 1.3%***  |
| **3M Co.** | **3M Co.** | **3M Co.** |
| 2.25%, 09/19/26 *(a)* | 275000 | 268433 |
| 2.88%, 10/15/27 *(a)* | 300000 | 291762 |
| 3.38%, 03/01/29 *(a)* | 250000 | 242270 |
| 2.38%, 08/26/29 *(a)* | 345000 | 320108 |
| 3.05%, 04/15/30 *(a)* | 170000 | 159921 |
| 5.70%, 03/15/37  | 200000 | 209996 |
| 3.88%, 06/15/44  | 110000 | 88567 |
| 3.13%, 09/19/46 *(a)* | 200000 | 136972 |
| 3.63%, 10/15/47 *(a)* | 150000 | 111060 |
| 4.00%, 09/14/48 *(a)* | 375000 | 297457 |
| 3.25%, 08/26/49 *(a)* | 350000 | 238290 |
| 3.70%, 04/15/50 *(a)* | 185000 | 136191 |
| **ABB Finance USA, Inc.** | **ABB Finance USA, Inc.** | **ABB Finance USA, Inc.** |
| 3.80%, 04/03/28 *(a)* | 230000 | 230170 |
| 4.38%, 05/08/42  | 150000 | 131501 |
| **Acuity Brands Lighting, Inc.** | **Acuity Brands Lighting, Inc.** | **Acuity Brands Lighting, Inc.** |
| 2.15%, 12/15/30 *(a)* | 215000 | 188314 |
| **AGCO Corp.** | **AGCO Corp.** | **AGCO Corp.** |
| 5.45%, 03/21/27 *(a)* | 155000 | 157218 |
| 5.80%, 03/21/34 *(a)* | 205000 | 208421 |
| **Allegion PLC** | **Allegion PLC** | **Allegion PLC** |
| 3.50%, 10/01/29 *(a)* | 235000 | 225309 |
| **Allegion U.S. Holding Co., Inc.** | **Allegion U.S. Holding Co., Inc.** | **Allegion U.S. Holding Co., Inc.** |
| 3.55%, 10/01/27 *(a)* | 100000 | 98164 |
| 5.41%, 07/01/32 *(a)* | 265000 | 273472 |
| **Amcor Finance USA, Inc.** | **Amcor Finance USA, Inc.** | **Amcor Finance USA, Inc.** |
| 4.50%, 05/15/28 *(a)* | 160000 | 160267 |
| 5.63%, 05/26/33 *(a)* | 180000 | 186694 |
| **Amcor Flexibles North America, Inc.** | **Amcor Flexibles North America, Inc.** | **Amcor Flexibles North America, Inc.** |
| 4.80%, 03/17/28 *(d)* | 325000 | 327733 |
| 5.10%, 03/17/30 *(a)(d)* | 200000 | 203540 |
| 2.63%, 06/19/30 *(a)* | 150000 | 136515 |
| 2.69%, 05/25/31 *(a)* | 380000 | 340427 |
| **Amphenol Corp.** | **Amphenol Corp.** | **Amphenol Corp.** |
| 5.05%, 04/05/27 *(a)* | 200000 | 203216 |
| 4.38%, 06/12/28 *(a)* | 220000 | 221566 |
| 4.35%, 06/01/29 *(a)* | 140000 | 140790 |
| 2.80%, 02/15/30 *(a)* | 355000 | 333352 |
| 2.20%, 09/15/31 *(a)* | 270000 | 236650 |
| 5.25%, 04/05/34 *(a)* | 330000 | 340072 |
| 5.38%, 11/15/54 *(a)* | 195000 | 191256 |

---

*See financial notes*

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

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Amrize Finance U.S. LLC** | **Amrize Finance U.S. LLC** | **Amrize Finance U.S. LLC** |
| 4.60%, 04/07/27 *(d)* | 200000 | 200892 |
| 4.70%, 04/07/28 *(a)(d)* | 200000 | 201858 |
| 4.95%, 04/07/30 *(a)(d)* | 285000 | 288916 |
| 5.40%, 04/07/35 *(a)(d)* | 250000 | 253875 |
| **AptarGroup, Inc.** | **AptarGroup, Inc.** | **AptarGroup, Inc.** |
| 3.60%, 03/15/32 *(a)* | 170000 | 157083 |
| **Avery Dennison Corp.** | **Avery Dennison Corp.** | **Avery Dennison Corp.** |
| 2.65%, 04/30/30 *(a)* | 225000 | 206822 |
| 5.75%, 03/15/33 *(a)* | 210000 | 219492 |
| **Berry Global, Inc.** | **Berry Global, Inc.** | **Berry Global, Inc.** |
| 1.65%, 01/15/27 *(a)* | 200000 | 191932 |
| 5.50%, 04/15/28 *(a)* | 130000 | 133465 |
| 5.80%, 06/15/31 *(a)* | 300000 | 315615 |
| 5.65%, 01/15/34 *(a)* | 150000 | 155207 |
| **Boeing Co.** | **Boeing Co.** | **Boeing Co.** |
| 2.70%, 02/01/27 *(a)* | 300000 | 291672 |
| 2.80%, 03/01/27 *(a)* | 130000 | 126273 |
| 5.04%, 05/01/27 *(a)* | 550000 | 554251 |
| 6.26%, 05/01/27 *(a)* | 300000 | 308844 |
| 3.25%, 02/01/28 *(a)* | 330000 | 320143 |
| 3.25%, 03/01/28 *(a)* | 115000 | 111183 |
| 3.45%, 11/01/28 *(a)* | 135000 | 130224 |
| 3.20%, 03/01/29 *(a)* | 300000 | 285741 |
| 6.30%, 05/01/29 *(a)* | 450000 | 475951 |
| 2.95%, 02/01/30 *(a)* | 200000 | 185646 |
| 5.15%, 05/01/30 *(a)* | 1215000 | 1237951 |
| 3.63%, 02/01/31 *(a)* | 465000 | 438235 |
| 6.39%, 05/01/31 *(a)* | 250000 | 269150 |
| 6.13%, 02/15/33  | 140000 | 148067 |
| 3.60%, 05/01/34 *(a)* | 315000 | 278227 |
| 6.53%, 05/01/34 *(a)* | 525000 | 571163 |
| 3.25%, 02/01/35 *(a)* | 250000 | 210757 |
| 6.63%, 02/15/38  | 125000 | 135358 |
| 3.55%, 03/01/38 *(a)* | 140000 | 112620 |
| 3.50%, 03/01/39 *(a)* | 155000 | 121021 |
| 6.88%, 03/15/39  | 195000 | 213069 |
| 5.88%, 02/15/40  | 110000 | 110084 |
| 5.71%, 05/01/40 *(a)* | 875000 | 864019 |
| 3.38%, 06/15/46 *(a)* | 135000 | 92206 |
| 3.65%, 03/01/47 *(a)* | 115000 | 80598 |
| 3.63%, 03/01/48 *(a)* | 150000 | 103613 |
| 3.85%, 11/01/48 *(a)* | 145000 | 104278 |
| 3.90%, 05/01/49 *(a)* | 200000 | 144058 |
| 3.75%, 02/01/50 *(a)* | 450000 | 318492 |
| 5.81%, 05/01/50 *(a)* | 1540000 | 1478585 |
| 6.86%, 05/01/54 *(a)* | 590000 | 646829 |
| 3.83%, 03/01/59 *(a)* | 100000 | 68112 |
| 3.95%, 08/01/59 *(a)* | 250000 | 171370 |
| 5.93%, 05/01/60 *(a)* | 1060000 | 1008728 |
| 7.01%, 05/01/64 *(a)* | 415000 | 456234 |
| **Carlisle Cos., Inc.** | **Carlisle Cos., Inc.** | **Carlisle Cos., Inc.** |
| 3.75%, 12/01/27 *(a)* | 200000 | 197442 |
| **Carrier Global Corp.** | **Carrier Global Corp.** | **Carrier Global Corp.** |
| 2.49%, 02/15/27 *(a)* | 149000 | 145050 |
| 2.72%, 02/15/30 *(a)* | 625000 | 581656 |
| 2.70%, 02/15/31 *(a)(d)* | 250000 | 227625 |
| 5.90%, 03/15/34 *(a)* | 240000 | 255653 |
| 3.38%, 04/05/40 *(a)* | 460000 | 365806 |
| 3.58%, 04/05/50 *(a)(d)* | 425000 | 312579 |
| 6.20%, 03/15/54 *(a)* | 174000 | 186782 |
| **Caterpillar Financial Services Corp.** | **Caterpillar Financial Services Corp.** | **Caterpillar Financial Services Corp.** |
| 4.45%, 10/16/26  | 225000 | 226210 |
| 1.70%, 01/08/27  | 305000 | 294563 |
| 4.50%, 01/08/27  | 200000 | 201306 |
| 5.00%, 05/14/27  | 250000 | 254320 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.60%, 08/12/27  | 200000 | 198156 |
| 1.10%, 09/14/27  | 285000 | 267740 |
| 4.40%, 10/15/27  | 200000 | 201434 |
| 4.60%, 11/15/27  | 300000 | 303660 |
| 4.40%, 03/03/28  | 100000 | 100794 |
| 4.85%, 02/27/29  | 175000 | 179123 |
| 4.38%, 08/16/29 *(c)* | 225000 | 226818 |
| 4.70%, 11/15/29  | 270000 | 275176 |
| **Caterpillar, Inc.** | **Caterpillar, Inc.** | **Caterpillar, Inc.** |
| 2.60%, 09/19/29 *(a)* | 150000 | 140951 |
| 2.60%, 04/09/30 *(a)* | 335000 | 311691 |
| 1.90%, 03/12/31 *(a)* | 25000 | 22043 |
| 5.20%, 05/15/35 *(a)* | 500000 | 509845 |
| 5.30%, 09/15/35  | 165000 | 170960 |
| 6.05%, 08/15/36  | 145000 | 158803 |
| 5.20%, 05/27/41  | 285000 | 283641 |
| 3.80%, 08/15/42  | 505000 | 417766 |
| 4.30%, 05/15/44 *(a)* | 175000 | 152618 |
| 3.25%, 09/19/49 *(a)* | 210000 | 147548 |
| 3.25%, 04/09/50 *(a)* | 350000 | 245175 |
| 5.50%, 05/15/55 *(a)* | 75000 | 74748 |
| 4.75%, 05/15/64 *(a)* | 125000 | 110110 |
| **CNH Industrial Capital LLC** | **CNH Industrial Capital LLC** | **CNH Industrial Capital LLC** |
| 1.45%, 07/15/26 *(a)* | 150000 | 145293 |
| 4.55%, 04/10/28 *(a)* | 235000 | 236121 |
| 5.50%, 01/12/29 *(a)* | 150000 | 154977 |
| 5.10%, 04/20/29 *(a)* | 150000 | 153176 |
| **CNH Industrial NV** | **CNH Industrial NV** | **CNH Industrial NV** |
| 3.85%, 11/15/27 *(a)* | 225000 | 222849 |
| **CRH America Finance, Inc.** | **CRH America Finance, Inc.** | **CRH America Finance, Inc.** |
| 5.40%, 05/21/34 *(a)* | 200000 | 205156 |
| 5.50%, 01/09/35 *(a)* | 400000 | 410620 |
| 5.88%, 01/09/55 *(a)* | 200000 | 204294 |
| **CRH SMW Finance DAC** | **CRH SMW Finance DAC** | **CRH SMW Finance DAC** |
| 5.20%, 05/21/29 *(a)* | 200000 | 205184 |
| 5.13%, 01/09/30 *(a)* | 200000 | 205104 |
| **Deere & Co.** | **Deere & Co.** | **Deere & Co.** |
| 5.38%, 10/16/29  | 150000 | 157062 |
| 3.10%, 04/15/30 *(a)* | 250000 | 237780 |
| 7.13%, 03/03/31  | 160000 | 182842 |
| 5.45%, 01/16/35 *(a)* | 300000 | 312657 |
| 3.90%, 06/09/42 *(a)* | 410000 | 349955 |
| 2.88%, 09/07/49 *(a)* | 170000 | 112169 |
| 3.75%, 04/15/50 *(a)* | 250000 | 194270 |
| 5.70%, 01/19/55 *(a)* | 250000 | 258760 |
| **Dover Corp.** | **Dover Corp.** | **Dover Corp.** |
| 2.95%, 11/04/29 *(a)* | 160000 | 150970 |
| 5.38%, 10/15/35  | 150000 | 155489 |
| 5.38%, 03/01/41 *(a)* | 90000 | 87759 |
| **Eagle Materials, Inc.** | **Eagle Materials, Inc.** | **Eagle Materials, Inc.** |
| 2.50%, 07/01/31 *(a)* | 250000 | 222015 |
| **Eaton Corp.** | **Eaton Corp.** | **Eaton Corp.** |
| 3.10%, 09/15/27 *(a)* | 200000 | 196378 |
| 4.35%, 05/18/28 *(a)* | 25000 | 25215 |
| 4.00%, 11/02/32  | 330000 | 319120 |
| 4.15%, 03/15/33 *(a)* | 300000 | 291708 |
| 4.15%, 11/02/42  | 325000 | 280020 |
| 3.92%, 09/15/47 *(a)* | 115000 | 91755 |
| 4.70%, 08/23/52 *(a)* | 200000 | 178294 |
| **Embraer Netherlands Finance BV** | **Embraer Netherlands Finance BV** | **Embraer Netherlands Finance BV** |
| 5.98%, 02/11/35 *(a)* | 200000 | 206402 |
| **Emerson Electric Co.** | **Emerson Electric Co.** | **Emerson Electric Co.** |
| 0.88%, 10/15/26 *(a)* | 225000 | 216247 |
| 1.80%, 10/15/27 *(a)* | 120000 | 114343 |
| 2.00%, 12/21/28 *(a)* | 270000 | 251926 |

---

*See financial notes*

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

**47**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 1.95%, 10/15/30 *(a)* | 125000 | 111668 |
| 2.20%, 12/21/31 *(a)* | 300000 | 264312 |
| 5.00%, 03/15/35 *(a)* | 125000 | 126926 |
| 5.25%, 11/15/39  | 65000 | 65664 |
| 2.75%, 10/15/50 *(a)* | 150000 | 94445 |
| 2.80%, 12/21/51 *(a)* | 300000 | 189360 |
| **Ferguson Enterprises, Inc.** | **Ferguson Enterprises, Inc.** | **Ferguson Enterprises, Inc.** |
| 5.00%, 10/03/34 *(a)* | 225000 | 223447 |
| **Flowserve Corp.** | **Flowserve Corp.** | **Flowserve Corp.** |
| 3.50%, 10/01/30 *(a)* | 200000 | 187534 |
| 2.80%, 01/15/32 *(a)* | 150000 | 130683 |
| **Fortive Corp.** | **Fortive Corp.** | **Fortive Corp.** |
| 4.30%, 06/15/46 *(a)* | 210000 | 172706 |
| **Fortune Brands Innovations, Inc.** | **Fortune Brands Innovations, Inc.** | **Fortune Brands Innovations, Inc.** |
| 3.25%, 09/15/29 *(a)* | 200000 | 189640 |
| 4.00%, 03/25/32 *(a)* | 110000 | 103435 |
| 5.88%, 06/01/33 *(a)* | 175000 | 183703 |
| 4.50%, 03/25/52 *(a)* | 125000 | 100506 |
| **GE Capital Funding LLC** | **GE Capital Funding LLC** | **GE Capital Funding LLC** |
| 4.55%, 05/15/32 *(a)* | 200000 | 198826 |
| **GE Capital International Funding Co. Unlimited Co.** | **GE Capital International Funding Co. Unlimited Co.** | **GE Capital International Funding Co. Unlimited Co.** |
| 4.42%, 11/15/35  | 375000 | 360326 |
| **General Dynamics Corp.** | **General Dynamics Corp.** | **General Dynamics Corp.** |
| 2.13%, 08/15/26 *(a)* | 150000 | 146871 |
| 3.50%, 04/01/27 *(a)* | 200000 | 198472 |
| 2.63%, 11/15/27 *(a)* | 150000 | 145404 |
| 3.75%, 05/15/28 *(a)* | 300000 | 298533 |
| 3.63%, 04/01/30 *(a)* | 300000 | 293094 |
| 2.25%, 06/01/31 *(a)* | 150000 | 134147 |
| 4.25%, 04/01/40 *(a)* | 210000 | 188725 |
| 2.85%, 06/01/41 *(a)* | 125000 | 91586 |
| 3.60%, 11/15/42 *(a)* | 200000 | 160506 |
| 4.25%, 04/01/50 *(a)* | 200000 | 168650 |
| **General Electric Co.** | **General Electric Co.** | **General Electric Co.** |
| 6.75%, 03/15/32  | 500000 | 566740 |
| 5.88%, 01/14/38  | 200000 | 213586 |
| 6.88%, 01/10/39  | 135000 | 158175 |
| 4.35%, 05/01/50 *(a)* | 265000 | 223861 |
| **HEICO Corp.** | **HEICO Corp.** | **HEICO Corp.** |
| 5.25%, 08/01/28 *(a)* | 150000 | 154014 |
| 5.35%, 08/01/33 *(a)* | 200000 | 204806 |
| **Hexcel Corp.** | **Hexcel Corp.** | **Hexcel Corp.** |
| 4.20%, 02/15/27 *(a)* | 260000 | 257816 |
| **Honeywell International, Inc.** | **Honeywell International, Inc.** | **Honeywell International, Inc.** |
| 2.50%, 11/01/26 *(a)* | 550000 | 537977 |
| 1.10%, 03/01/27 *(a)* | 275000 | 261929 |
| 4.65%, 07/30/27 *(a)* | 400000 | 404192 |
| 4.95%, 02/15/28 *(a)* | 150000 | 153351 |
| 4.25%, 01/15/29 *(a)* | 250000 | 250767 |
| 2.70%, 08/15/29 *(a)* | 250000 | 235895 |
| 4.88%, 09/01/29 *(a)* | 85000 | 87050 |
| 4.70%, 02/01/30 *(a)* | 325000 | 329820 |
| 1.95%, 06/01/30 *(a)* | 300000 | 268623 |
| 4.95%, 09/01/31 *(a)* | 140000 | 143933 |
| 4.75%, 02/01/32 *(a)* | 240000 | 242364 |
| 5.00%, 02/15/33 *(a)* | 350000 | 355932 |
| 4.50%, 01/15/34 *(a)* | 290000 | 284151 |
| 5.00%, 03/01/35 *(a)* | 335000 | 337375 |
| 5.70%, 03/15/36  | 250000 | 263752 |
| 5.70%, 03/15/37  | 200000 | 209826 |
| 3.81%, 11/21/47 *(a)* | 320000 | 249203 |
| 2.80%, 06/01/50 *(a)* | 250000 | 158725 |
| 5.25%, 03/01/54 *(a)* | 500000 | 475415 |
| 5.35%, 03/01/64 *(a)* | 140000 | 132768 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Howmet Aerospace, Inc.** | **Howmet Aerospace, Inc.** | **Howmet Aerospace, Inc.** |
| 5.90%, 02/01/27  | 125000 | 128025 |
| 6.75%, 01/15/28  | 125000 | 131975 |
| 3.00%, 01/15/29 *(a)* | 200000 | 191364 |
| 4.85%, 10/15/31 *(a)* | 215000 | 218423 |
| 5.95%, 02/01/37  | 190000 | 202242 |
| **Hubbell, Inc.** | **Hubbell, Inc.** | **Hubbell, Inc.** |
| 3.15%, 08/15/27 *(a)* | 105000 | 102585 |
| 3.50%, 02/15/28 *(a)* | 195000 | 191344 |
| 2.30%, 03/15/31 *(a)* | 145000 | 128680 |
| **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** |
| 3.48%, 12/01/27 *(a)* | 190000 | 186128 |
| 2.04%, 08/16/28 *(a)* | 100000 | 93135 |
| 5.35%, 01/15/30 *(a)* | 100000 | 102857 |
| 4.20%, 05/01/30 *(a)* | 250000 | 244417 |
| 5.75%, 01/15/35 *(a)* | 150000 | 154940 |
| **IDEX Corp.** | **IDEX Corp.** | **IDEX Corp.** |
| 3.00%, 05/01/30 *(a)* | 250000 | 232622 |
| 2.63%, 06/15/31 *(a)* | 190000 | 169550 |
| **Illinois Tool Works, Inc.** | **Illinois Tool Works, Inc.** | **Illinois Tool Works, Inc.** |
| 2.65%, 11/15/26 *(a)* | 345000 | 339387 |
| 4.88%, 09/15/41 *(a)* | 185000 | 173289 |
| 3.90%, 09/01/42 *(a)* | 350000 | 291063 |
| **Ingersoll Rand, Inc.** | **Ingersoll Rand, Inc.** | **Ingersoll Rand, Inc.** |
| 5.20%, 06/15/27 *(a)* | 200000 | 203334 |
| 5.40%, 08/14/28 *(a)* | 150000 | 154739 |
| 5.18%, 06/15/29 *(a)* | 220000 | 226024 |
| 5.31%, 06/15/31 *(a)* | 150000 | 155522 |
| 5.70%, 08/14/33 *(a)* | 250000 | 261962 |
| 5.45%, 06/15/34 *(a)* | 200000 | 205804 |
| 5.70%, 06/15/54 *(a)* | 150000 | 148775 |
| **John Deere Capital Corp.** | **John Deere Capital Corp.** | **John Deere Capital Corp.** |
| 2.25%, 09/14/26  | 275000 | 268741 |
| 1.70%, 01/11/27  | 20000 | 19312 |
| 4.85%, 03/05/27  | 220000 | 222999 |
| 1.75%, 03/09/27  | 150000 | 144444 |
| 4.90%, 06/11/27  | 170000 | 172800 |
| 2.80%, 09/08/27  | 300000 | 292227 |
| 4.15%, 09/15/27  | 395000 | 395987 |
| 3.05%, 01/06/28  | 250000 | 244287 |
| 4.75%, 01/20/28  | 325000 | 330470 |
| 4.90%, 03/03/28  | 225000 | 229934 |
| 1.50%, 03/06/28  | 185000 | 173330 |
| 4.25%, 06/05/28  | 200000 | 201228 |
| 4.95%, 07/14/28  | 400000 | 409928 |
| 4.50%, 01/16/29  | 250000 | 252812 |
| 3.45%, 03/07/29  | 325000 | 317450 |
| 3.35%, 04/18/29  | 145000 | 140953 |
| 4.85%, 06/11/29  | 200000 | 205000 |
| 2.80%, 07/18/29  | 325000 | 308093 |
| 4.85%, 10/11/29  | 110000 | 113106 |
| 2.45%, 01/09/30  | 300000 | 278298 |
| 4.55%, 06/05/30  | 230000 | 232268 |
| 4.70%, 06/10/30  | 250000 | 254342 |
| 1.45%, 01/15/31  | 200000 | 172680 |
| 4.90%, 03/07/31  | 245000 | 251282 |
| 4.40%, 09/08/31  | 350000 | 349517 |
| 3.90%, 06/07/32  | 150000 | 144507 |
| 5.15%, 09/08/33  | 150000 | 155123 |
| 5.10%, 04/11/34  | 325000 | 332455 |
| 5.05%, 06/12/34  | 275000 | 280052 |
| **Johnson Controls International PLC** | **Johnson Controls International PLC** | **Johnson Controls International PLC** |
| 6.00%, 01/15/36  | 102000 | 109467 |
| 4.63%, 07/02/44 *(a)* | 195000 | 168788 |
| 4.50%, 02/15/47 *(a)* | 110000 | 92787 |
| 4.95%, 07/02/64 *(a)(e)* | 155000 | 130467 |

---

*See financial notes*

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

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Johnson Controls International PLC/Tyco Fire & Security Finance SCA** | **Johnson Controls International PLC/Tyco Fire & Security Finance SCA** | **Johnson Controls International PLC/Tyco Fire & Security Finance SCA** |
| 5.50%, 04/19/29 *(a)* | 225000 | 233696 |
| 1.75%, 09/15/30 *(a)* | 150000 | 131790 |
| 4.90%, 12/01/32 *(a)* | 135000 | 135772 |
| **Kennametal, Inc.** | **Kennametal, Inc.** | **Kennametal, Inc.** |
| 4.63%, 06/15/28 *(a)* | 200000 | 200826 |
| 2.80%, 03/01/31 *(a)* | 50000 | 44931 |
| **L3Harris Technologies, Inc.** | **L3Harris Technologies, Inc.** | **L3Harris Technologies, Inc.** |
| 3.85%, 12/15/26 *(a)* | 150000 | 149183 |
| 5.40%, 01/15/27  | 250000 | 254292 |
| 4.40%, 06/15/28 *(a)* | 620000 | 621782 |
| 5.05%, 06/01/29 *(a)* | 200000 | 204758 |
| 2.90%, 12/15/29 *(a)* | 150000 | 141144 |
| 1.80%, 01/15/31 *(a)* | 285000 | 246744 |
| 5.25%, 06/01/31 *(a)* | 145000 | 149859 |
| 5.40%, 07/31/33 *(a)* | 455000 | 468377 |
| 5.35%, 06/01/34 *(a)* | 235000 | 240306 |
| 4.85%, 04/27/35 *(a)* | 100000 | 97956 |
| 6.15%, 12/15/40  | 100000 | 106134 |
| 5.05%, 04/27/45 *(a)* | 150000 | 140280 |
| 5.60%, 07/31/53 *(a)* | 150000 | 147266 |
| 5.50%, 08/15/54 *(a)* | 175000 | 169939 |
| **Leggett & Platt, Inc.** | **Leggett & Platt, Inc.** | **Leggett & Platt, Inc.** |
| 3.50%, 11/15/27 *(a)* | 190000 | 184477 |
| 4.40%, 03/15/29 *(a)* | 176000 | 171428 |
| 3.50%, 11/15/51 *(a)* | 150000 | 95661 |
| **Lennox International, Inc.** | **Lennox International, Inc.** | **Lennox International, Inc.** |
| 1.70%, 08/01/27 *(a)* | 230000 | 217543 |
| **Lockheed Martin Corp.** | **Lockheed Martin Corp.** | **Lockheed Martin Corp.** |
| 5.10%, 11/15/27 *(a)* | 325000 | 333372 |
| 4.50%, 02/15/29 *(a)* | 175000 | 176778 |
| 1.85%, 06/15/30 *(a)* | 170000 | 151229 |
| 4.70%, 12/15/31 *(a)* | 25000 | 25344 |
| 3.90%, 06/15/32 *(a)* | 300000 | 288885 |
| 5.25%, 01/15/33 *(a)* | 250000 | 259632 |
| 4.75%, 02/15/34 *(a)* | 300000 | 299265 |
| 4.80%, 08/15/34 *(a)* | 250000 | 249520 |
| 3.60%, 03/01/35 *(a)* | 150000 | 135951 |
| 4.50%, 05/15/36 *(a)* | 125000 | 120454 |
| 6.15%, 09/01/36  | 200000 | 221224 |
| 5.72%, 06/01/40  | 190000 | 198603 |
| 4.07%, 12/15/42  | 400000 | 336844 |
| 3.80%, 03/01/45 *(a)* | 350000 | 276332 |
| 4.70%, 05/15/46 *(a)* | 425000 | 379465 |
| 2.80%, 06/15/50 *(a)* | 385000 | 241718 |
| 4.09%, 09/15/52 *(a)* | 465000 | 366364 |
| 4.15%, 06/15/53 *(a)* | 250000 | 198532 |
| 5.70%, 11/15/54 *(a)* | 300000 | 302949 |
| 5.20%, 02/15/55 *(a)* | 50000 | 46860 |
| 4.30%, 06/15/62 *(a)* | 220000 | 173602 |
| 5.90%, 11/15/63 *(a)* | 200000 | 206456 |
| 5.20%, 02/15/64 *(a)* | 200000 | 184500 |
| **Martin Marietta Materials, Inc.** | **Martin Marietta Materials, Inc.** | **Martin Marietta Materials, Inc.** |
| 3.45%, 06/01/27 *(a)* | 25000 | 24595 |
| 3.50%, 12/15/27 *(a)* | 200000 | 196402 |
| 2.50%, 03/15/30 *(a)* | 150000 | 138033 |
| 2.40%, 07/15/31 *(a)* | 300000 | 264813 |
| 5.15%, 12/01/34 *(a)* | 225000 | 226323 |
| 4.25%, 12/15/47 *(a)* | 255000 | 207228 |
| 3.20%, 07/15/51 *(a)* | 275000 | 182350 |
| 5.50%, 12/01/54 *(a)* | 200000 | 193084 |
| **Masco Corp.** | **Masco Corp.** | **Masco Corp.** |
| 1.50%, 02/15/28 *(a)* | 150000 | 139308 |
| 2.00%, 10/01/30 *(a)* | 200000 | 173508 |
| 4.50%, 05/15/47 *(a)* | 175000 | 142408 |
| 3.13%, 02/15/51 *(a)* | 85000 | 53149 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Mohawk Industries, Inc.** | **Mohawk Industries, Inc.** | **Mohawk Industries, Inc.** |
| 5.85%, 09/18/28 *(a)* | 160000 | 166664 |
| 3.63%, 05/15/30 *(a)* | 175000 | 167605 |
| **Nordson Corp.** | **Nordson Corp.** | **Nordson Corp.** |
| 5.80%, 09/15/33 *(a)* | 150000 | 158751 |
| **Northrop Grumman Corp.** | **Northrop Grumman Corp.** | **Northrop Grumman Corp.** |
| 3.20%, 02/01/27 *(a)* | 325000 | 320037 |
| 3.25%, 01/15/28 *(a)* | 450000 | 439825 |
| 4.60%, 02/01/29 *(a)* | 245000 | 248197 |
| 4.40%, 05/01/30 *(a)* | 240000 | 240322 |
| 4.70%, 03/15/33 *(a)* | 250000 | 249297 |
| 4.90%, 06/01/34 *(a)* | 200000 | 199664 |
| 5.05%, 11/15/40  | 185000 | 178691 |
| 4.75%, 06/01/43  | 250000 | 226380 |
| 3.85%, 04/15/45 *(a)* | 255000 | 201850 |
| 4.03%, 10/15/47 *(a)* | 650000 | 518726 |
| 5.25%, 05/01/50 *(a)* | 300000 | 282507 |
| 4.95%, 03/15/53 *(a)* | 250000 | 225017 |
| 5.20%, 06/01/54 *(a)* | 400000 | 373264 |
| **nVent Finance SARL** | **nVent Finance SARL** | **nVent Finance SARL** |
| 4.55%, 04/15/28 *(a)* | 150000 | 150212 |
| 2.75%, 11/15/31 *(a)* | 100000 | 86936 |
| 5.65%, 05/15/33 *(a)* | 200000 | 203862 |
| **Oshkosh Corp.** | **Oshkosh Corp.** | **Oshkosh Corp.** |
| 4.60%, 05/15/28 *(a)* | 100000 | 100199 |
| 3.10%, 03/01/30 *(a)* | 135000 | 126544 |
| **Otis Worldwide Corp.** | **Otis Worldwide Corp.** | **Otis Worldwide Corp.** |
| 2.29%, 04/05/27 *(a)* | 200000 | 193772 |
| 5.25%, 08/16/28 *(a)* | 200000 | 205934 |
| 2.57%, 02/15/30 *(a)* | 450000 | 415215 |
| 3.11%, 02/15/40 *(a)* | 265000 | 204400 |
| 3.36%, 02/15/50 *(a)* | 250000 | 173510 |
| **Owens Corning** | **Owens Corning** | **Owens Corning** |
| 3.40%, 08/15/26 *(a)* | 100000 | 98986 |
| 5.50%, 06/15/27 *(a)* | 100000 | 102259 |
| 3.95%, 08/15/29 *(a)* | 175000 | 171623 |
| 3.88%, 06/01/30 *(a)* | 100000 | 96678 |
| 5.70%, 06/15/34 *(a)* | 285000 | 296246 |
| 7.00%, 12/01/36  | 115000 | 129380 |
| 4.30%, 07/15/47 *(a)* | 200000 | 161656 |
| 4.40%, 01/30/48 *(a)* | 135000 | 110592 |
| **Parker-Hannifin Corp.** | **Parker-Hannifin Corp.** | **Parker-Hannifin Corp.** |
| 3.25%, 03/01/27 *(a)* | 145000 | 142985 |
| 4.25%, 09/15/27 *(a)* | 350000 | 351211 |
| 3.25%, 06/14/29 *(a)* | 345000 | 331614 |
| 4.50%, 09/15/29 *(a)* | 275000 | 277898 |
| 4.20%, 11/21/34 *(a)* | 200000 | 191056 |
| 6.25%, 05/15/38  | 75000 | 81590 |
| 4.45%, 11/21/44 *(a)* | 140000 | 120893 |
| 4.10%, 03/01/47 *(a)* | 165000 | 133503 |
| 4.00%, 06/14/49 *(a)* | 275000 | 216994 |
| **Pentair Finance SARL** | **Pentair Finance SARL** | **Pentair Finance SARL** |
| 4.50%, 07/01/29 *(a)* | 280000 | 279672 |
| **Precision Castparts Corp.** | **Precision Castparts Corp.** | **Precision Castparts Corp.** |
| 3.90%, 01/15/43 *(a)* | 175000 | 142728 |
| 4.38%, 06/15/45 *(a)* | 129000 | 109970 |
| **Regal Rexnord Corp.** | **Regal Rexnord Corp.** | **Regal Rexnord Corp.** |
| 6.05%, 04/15/28 *(a)* | 400000 | 412072 |
| 6.30%, 02/15/30 *(a)* | 325000 | 340645 |
| 6.40%, 04/15/33 *(a)* | 370000 | 391327 |
| **Republic Services, Inc.** | **Republic Services, Inc.** | **Republic Services, Inc.** |
| 2.90%, 07/01/26 *(a)* | 200000 | 197280 |
| 3.38%, 11/15/27 *(a)* | 300000 | 295038 |
| 3.95%, 05/15/28 *(a)* | 175000 | 174321 |
| 4.88%, 04/01/29 *(a)* | 250000 | 255522 |

---

*See financial notes*

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

**49**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.75%, 07/15/30 *(a)* | 150000 | 152904 |
| 1.45%, 02/15/31 *(a)* | 275000 | 234842 |
| 1.75%, 02/15/32 *(a)* | 250000 | 210650 |
| 2.38%, 03/15/33 *(a)* | 150000 | 128241 |
| 5.00%, 12/15/33 *(a)* | 150000 | 153089 |
| 5.00%, 04/01/34 *(a)* | 250000 | 253965 |
| 5.20%, 11/15/34 *(a)* | 100000 | 102474 |
| 5.15%, 03/15/35 *(a)* | 200000 | 204072 |
| 6.20%, 03/01/40  | 100000 | 109080 |
| 5.70%, 05/15/41 *(a)* | 75000 | 77786 |
| 3.05%, 03/01/50 *(a)* | 380000 | 257112 |
| **Rockwell Automation, Inc.** | **Rockwell Automation, Inc.** | **Rockwell Automation, Inc.** |
| 3.50%, 03/01/29 *(a)* | 145000 | 141559 |
| 1.75%, 08/15/31 *(a)* | 150000 | 129026 |
| 4.20%, 03/01/49 *(a)* | 185000 | 152666 |
| 2.80%, 08/15/61 *(a)* | 160000 | 93440 |
| **RTX Corp.** | **RTX Corp.** | **RTX Corp.** |
| 2.65%, 11/01/26 *(a)* | 200000 | 196032 |
| 5.75%, 11/08/26 *(a)* | 400000 | 407540 |
| 3.50%, 03/15/27 *(a)* | 335000 | 331124 |
| 3.13%, 05/04/27 *(a)* | 390000 | 382668 |
| 7.20%, 08/15/27  | 50000 | 53143 |
| 4.13%, 11/16/28 *(a)* | 875000 | 871929 |
| 7.50%, 09/15/29  | 150000 | 168170 |
| 2.25%, 07/01/30 *(a)* | 270000 | 244339 |
| 6.00%, 03/15/31 *(a)* | 300000 | 322512 |
| 1.90%, 09/01/31 *(a)* | 425000 | 364178 |
| 2.38%, 03/15/32 *(a)* | 175000 | 152376 |
| 5.15%, 02/27/33 *(a)* | 350000 | 358025 |
| 6.10%, 03/15/34 *(a)* | 525000 | 567756 |
| 5.40%, 05/01/35  | 225000 | 231813 |
| 6.05%, 06/01/36  | 125000 | 135158 |
| 6.13%, 07/15/38  | 160000 | 172971 |
| 4.45%, 11/16/38 *(a)* | 200000 | 184532 |
| 4.88%, 10/15/40 *(d)* | 150000 | 141152 |
| 4.70%, 12/15/41  | 110000 | 99910 |
| 4.50%, 06/01/42  | 1025000 | 908550 |
| 4.80%, 12/15/43 *(a)* | 130000 | 117593 |
| 4.15%, 05/15/45 *(a)* | 175000 | 143876 |
| 3.75%, 11/01/46 *(a)* | 350000 | 267666 |
| 4.35%, 04/15/47 *(a)* | 270000 | 225877 |
| 4.05%, 05/04/47 *(a)* | 185000 | 147798 |
| 4.63%, 11/16/48 *(a)* | 490000 | 423007 |
| 3.13%, 07/01/50 *(a)* | 350000 | 232277 |
| 2.82%, 09/01/51 *(a)* | 325000 | 200999 |
| 3.03%, 03/15/52 *(a)* | 410000 | 263191 |
| 5.38%, 02/27/53 *(a)* | 270000 | 258765 |
| 6.40%, 03/15/54 *(a)* | 500000 | 548650 |
| **Snap-on, Inc.** | **Snap-on, Inc.** | **Snap-on, Inc.** |
| 3.25%, 03/01/27 *(a)* | 75000 | 73937 |
| 4.10%, 03/01/48 *(a)* | 90000 | 72689 |
| 3.10%, 05/01/50 *(a)* | 200000 | 135014 |
| **Sonoco Products Co.** | **Sonoco Products Co.** | **Sonoco Products Co.** |
| 4.45%, 09/01/26  | 100000 | 99917 |
| 2.25%, 02/01/27 *(a)* | 95000 | 91760 |
| 4.60%, 09/01/29 *(a)* | 260000 | 259514 |
| 3.13%, 05/01/30 *(a)* | 230000 | 214463 |
| 2.85%, 02/01/32 *(a)* | 140000 | 123224 |
| 5.00%, 09/01/34 *(a)* | 200000 | 194916 |
| 5.75%, 11/01/40 *(a)* | 155000 | 154585 |
| **Stanley Black & Decker, Inc.** | **Stanley Black & Decker, Inc.** | **Stanley Black & Decker, Inc.** |
| 6.00%, 03/06/28 *(a)* | 125000 | 130120 |
| 4.25%, 11/15/28 *(a)* | 150000 | 149187 |
| 2.30%, 03/15/30 *(a)* | 265000 | 237474 |
| 3.00%, 05/15/32 *(a)* | 230000 | 202623 |
| 5.20%, 09/01/40  | 100000 | 95310 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.85%, 11/15/48 *(a)* | 150000 | 126377 |
| 2.75%, 11/15/50 *(a)* | 225000 | 128482 |
| **Teledyne Technologies, Inc.** | **Teledyne Technologies, Inc.** | **Teledyne Technologies, Inc.** |
| 2.25%, 04/01/28 *(a)* | 200000 | 189940 |
| 2.75%, 04/01/31 *(a)* | 300000 | 272304 |
| **Textron, Inc.** | **Textron, Inc.** | **Textron, Inc.** |
| 3.65%, 03/15/27 *(a)* | 325000 | 321054 |
| 3.38%, 03/01/28 *(a)* | 100000 | 97603 |
| 3.90%, 09/17/29 *(a)* | 225000 | 219922 |
| 2.45%, 03/15/31 *(a)* | 150000 | 133325 |
| **Timken Co.** | **Timken Co.** | **Timken Co.** |
| 4.50%, 12/15/28 *(a)* | 150000 | 150591 |
| 4.13%, 04/01/32 *(a)* | 145000 | 136177 |
| **Trane Technologies Financing Ltd.** | **Trane Technologies Financing Ltd.** | **Trane Technologies Financing Ltd.** |
| 3.80%, 03/21/29 *(a)* | 200000 | 196752 |
| 5.25%, 03/03/33 *(a)* | 200000 | 206426 |
| 5.10%, 06/13/34 *(a)* | 150000 | 152397 |
| 4.65%, 11/01/44 *(a)* | 100000 | 88619 |
| **Trane Technologies Global Holding Co. Ltd.** | **Trane Technologies Global Holding Co. Ltd.** | **Trane Technologies Global Holding Co. Ltd.** |
| 3.75%, 08/21/28 *(a)* | 300000 | 296823 |
| 5.75%, 06/15/43  | 150000 | 153591 |
| 4.30%, 02/21/48 *(a)* | 100000 | 82080 |
| **Valmont Industries, Inc.** | **Valmont Industries, Inc.** | **Valmont Industries, Inc.** |
| 5.00%, 10/01/44 *(a)* | 130000 | 116093 |
| 5.25%, 10/01/54 *(a)* | 100000 | 90614 |
| **Veralto Corp.** | **Veralto Corp.** | **Veralto Corp.** |
| 5.50%, 09/18/26 *(a)* | 220000 | 222664 |
| 5.35%, 09/18/28 *(a)* | 200000 | 206246 |
| 5.45%, 09/18/33 *(a)* | 200000 | 206368 |
| **Vontier Corp.** | **Vontier Corp.** | **Vontier Corp.** |
| 2.40%, 04/01/28 *(a)* | 155000 | 146208 |
| 2.95%, 04/01/31 *(a)* | 200000 | 179240 |
| **Vulcan Materials Co.** | **Vulcan Materials Co.** | **Vulcan Materials Co.** |
| 3.90%, 04/01/27 *(a)* | 200000 | 198864 |
| 4.95%, 12/01/29 *(a)* | 20000 | 20399 |
| 3.50%, 06/01/30 *(a)* | 265000 | 253745 |
| 5.35%, 12/01/34 *(a)* | 200000 | 203738 |
| 4.50%, 06/15/47 *(a)* | 200000 | 169074 |
| 4.70%, 03/01/48 *(a)* | 190000 | 164584 |
| 5.70%, 12/01/54 *(a)* | 200000 | 198842 |
| **Waste Connections, Inc.** | **Waste Connections, Inc.** | **Waste Connections, Inc.** |
| 4.25%, 12/01/28 *(a)* | 215000 | 215821 |
| 3.50%, 05/01/29 *(a)* | 204000 | 199594 |
| 2.60%, 02/01/30 *(a)* | 200000 | 186186 |
| 2.20%, 01/15/32 *(a)* | 250000 | 216017 |
| 3.20%, 06/01/32 *(a)* | 210000 | 192001 |
| 5.00%, 03/01/34 *(a)* | 200000 | 202146 |
| 5.25%, 09/01/35 *(a)* | 150000 | 153446 |
| 3.05%, 04/01/50 *(a)* | 175000 | 115479 |
| 2.95%, 01/15/52 *(a)* | 300000 | 191565 |
| **Waste Management, Inc.** | **Waste Management, Inc.** | **Waste Management, Inc.** |
| 4.95%, 07/03/27 *(a)* | 155000 | 157762 |
| 3.15%, 11/15/27 *(a)* | 310000 | 303850 |
| 1.15%, 03/15/28 *(a)* | 280000 | 259658 |
| 4.50%, 03/15/28 *(a)* | 300000 | 303207 |
| 3.88%, 01/15/29 *(a)* | 250000 | 247150 |
| 4.88%, 02/15/29 *(a)* | 200000 | 204996 |
| 4.63%, 02/15/30 *(a)* | 270000 | 274018 |
| 1.50%, 03/15/31 *(a)* | 245000 | 209710 |
| 4.95%, 07/03/31 *(a)* | 225000 | 231147 |
| 4.80%, 03/15/32 *(a)* | 225000 | 228733 |
| 4.15%, 04/15/32 *(a)* | 230000 | 225485 |
| 4.63%, 02/15/33 *(a)* | 195000 | 195474 |
| 4.88%, 02/15/34 *(a)* | 375000 | 380629 |
| 4.95%, 03/15/35 *(a)* | 500000 | 502425 |

---

*See financial notes*

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

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.10%, 03/01/45 *(a)* | 150000 | 125330 |
| 4.15%, 07/15/49 *(a)* | 200000 | 163462 |
| 2.50%, 11/15/50 *(a)* | 275000 | 164258 |
| 5.35%, 10/15/54 *(a)* | 285000 | 275370 |
| **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** |
| 3.45%, 11/15/26 *(a)* | 250000 | 247015 |
| 4.70%, 09/15/28 *(a)(g)* | 450000 | 452817 |
| 5.50%, 05/29/35 *(a)* | 200000 | 203150 |
| **WW Grainger, Inc.** | **WW Grainger, Inc.** | **WW Grainger, Inc.** |
| 4.60%, 06/15/45 *(a)* | 195000 | 172405 |
| 3.75%, 05/15/46 *(a)* | 260000 | 202332 |
| 4.20%, 05/15/47 *(a)* | 140000 | 115283 |
| **Xylem, Inc.** | **Xylem, Inc.** | **Xylem, Inc.** |
| 3.25%, 11/01/26 *(a)* | 160000 | 157693 |
| 1.95%, 01/30/28 *(a)* | 100000 | 94580 |
| 2.25%, 01/30/31 *(a)* | 150000 | 133151 |
| 4.38%, 11/01/46 *(a)* | 165000 | 135485 |
|  |  | **110209352** |
| ***Communications 1.8%***  | ***Communications 1.8%***  | ***Communications 1.8%***  |
| **America Movil SAB de CV** | **America Movil SAB de CV** | **America Movil SAB de CV** |
| 3.63%, 04/22/29 *(a)* | 335000 | 324900 |
| 2.88%, 05/07/30 *(a)* | 285000 | 263759 |
| 5.00%, 01/20/33 *(a)* | 200000 | 200560 |
| 6.38%, 03/01/35  | 315000 | 344115 |
| 6.13%, 11/15/37  | 150000 | 159245 |
| 6.13%, 03/30/40  | 535000 | 559492 |
| 4.38%, 07/16/42  | 385000 | 325725 |
| 4.38%, 04/22/49 *(a)* | 410000 | 336384 |
| **American Tower Corp.** | **American Tower Corp.** | **American Tower Corp.** |
| 1.45%, 09/15/26 *(a)* | 60000 | 57985 |
| 3.38%, 10/15/26 *(a)* | 520000 | 513568 |
| 2.75%, 01/15/27 *(a)* | 110000 | 107394 |
| 3.13%, 01/15/27 *(a)* | 150000 | 147140 |
| 3.65%, 03/15/27 *(a)* | 225000 | 222350 |
| 3.55%, 07/15/27 *(a)* | 350000 | 344995 |
| 3.60%, 01/15/28 *(a)* | 300000 | 294615 |
| 1.50%, 01/31/28 *(a)* | 250000 | 232888 |
| 5.50%, 03/15/28 *(a)* | 150000 | 154281 |
| 5.80%, 11/15/28 *(a)* | 280000 | 292233 |
| 5.20%, 02/15/29 *(a)* | 135000 | 138287 |
| 3.95%, 03/15/29 *(a)* | 245000 | 240401 |
| 3.80%, 08/15/29 *(a)* | 400000 | 389108 |
| 2.90%, 01/15/30 *(a)* | 255000 | 237670 |
| 5.00%, 01/31/30 *(a)* | 175000 | 178402 |
| 1.88%, 10/15/30 *(a)* | 400000 | 348168 |
| 2.70%, 04/15/31 *(a)* | 200000 | 179484 |
| 2.30%, 09/15/31 *(a)* | 200000 | 173852 |
| 4.05%, 03/15/32 *(a)* | 250000 | 239080 |
| 5.65%, 03/15/33 *(a)* | 200000 | 208520 |
| 5.55%, 07/15/33 *(a)* | 350000 | 361357 |
| 5.90%, 11/15/33 *(a)* | 40000 | 42292 |
| 5.45%, 02/15/34 *(a)* | 50000 | 51469 |
| 5.40%, 01/31/35 *(a)* | 275000 | 281174 |
| 3.70%, 10/15/49 *(a)* | 135000 | 98921 |
| 3.10%, 06/15/50 *(a)* | 455000 | 298890 |
| 2.95%, 01/15/51 *(a)* | 390000 | 247342 |
| **AppLovin Corp.** | **AppLovin Corp.** | **AppLovin Corp.** |
| 5.13%, 12/01/29 *(a)* | 340000 | 344835 |
| 5.38%, 12/01/31 *(a)* | 300000 | 305466 |
| 5.50%, 12/01/34 *(a)* | 275000 | 279653 |
| 5.95%, 12/01/54 *(a)* | 160000 | 156640 |
| **AT&T, Inc.** | **AT&T, Inc.** | **AT&T, Inc.** |
| 2.95%, 07/15/26 *(a)* | 160000 | 157579 |
| 3.80%, 02/15/27 *(a)* | 250000 | 248148 |
| 4.25%, 03/01/27 *(a)* | 470000 | 469577 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.30%, 06/01/27 *(a)* | 720000 | 694145 |
| 1.65%, 02/01/28 *(a)* | 700000 | 656978 |
| 4.10%, 02/15/28 *(a)* | 350000 | 348600 |
| 4.35%, 03/01/29 *(a)* | 850000 | 852074 |
| 4.30%, 02/15/30 *(a)* | 870000 | 867694 |
| 4.70%, 08/15/30 *(a)* | 225000 | 227131 |
| 2.75%, 06/01/31 *(a)* | 900000 | 816084 |
| 2.25%, 02/01/32 *(a)* | 750000 | 645982 |
| 2.55%, 12/01/33 *(a)* | 1131000 | 947145 |
| 5.40%, 02/15/34 *(a)* | 790000 | 813265 |
| 4.50%, 05/15/35 *(a)* | 720000 | 686340 |
| 5.38%, 08/15/35 *(a)* | 325000 | 331029 |
| 5.25%, 03/01/37 *(a)* | 300000 | 300054 |
| 4.90%, 08/15/37 *(a)* | 239000 | 229270 |
| 6.30%, 01/15/38  | 150000 | 162110 |
| 4.85%, 03/01/39 *(a)* | 265000 | 250974 |
| 6.00%, 08/15/40 *(a)* | 150000 | 156146 |
| 5.35%, 09/01/40  | 175000 | 171246 |
| 3.50%, 06/01/41 *(a)* | 715000 | 561575 |
| 5.55%, 08/15/41  | 185000 | 182700 |
| 4.30%, 12/15/42 *(a)* | 450000 | 380083 |
| 3.10%, 02/01/43 *(a)(c)* | 215000 | 155064 |
| 4.65%, 06/01/44 *(a)* | 180000 | 155824 |
| 4.80%, 06/15/44 *(a)* | 50000 | 44392 |
| 4.35%, 06/15/45 *(a)* | 350000 | 290668 |
| 4.75%, 05/15/46 *(a)* | 600000 | 524886 |
| 5.15%, 11/15/46 *(a)* | 200000 | 184674 |
| 5.65%, 02/15/47 *(a)* | 250000 | 248960 |
| 5.45%, 03/01/47 *(a)* | 128000 | 121999 |
| 4.50%, 03/09/48 *(a)* | 535000 | 445607 |
| 4.55%, 03/09/49 *(a)* | 309000 | 257314 |
| 5.15%, 02/15/50 *(a)* | 190000 | 170954 |
| 3.65%, 06/01/51 *(a)* | 875000 | 621512 |
| 3.30%, 02/01/52 *(a)* | 275000 | 181726 |
| 3.50%, 09/15/53 *(a)* | 2245000 | 1521706 |
| 3.55%, 09/15/55 *(a)* | 2145000 | 1448969 |
| 6.05%, 08/15/56 *(a)* | 300000 | 306699 |
| 5.70%, 03/01/57 *(a)* | 50000 | 48348 |
| 3.80%, 12/01/57 *(a)* | 1780000 | 1248545 |
| 3.65%, 09/15/59 *(a)* | 1880000 | 1262044 |
| 3.85%, 06/01/60 *(a)* | 490000 | 342990 |
| 3.50%, 02/01/61 *(a)* | 220000 | 141130 |
| **Bell Telephone Co. of Canada or Bell Canada** | **Bell Telephone Co. of Canada or Bell Canada** | **Bell Telephone Co. of Canada or Bell Canada** |
| 2.15%, 02/15/32 *(a)* | 235000 | 198923 |
| 5.10%, 05/11/33 *(a)* | 325000 | 325039 |
| 5.20%, 02/15/34 *(a)* | 210000 | 210359 |
| 4.46%, 04/01/48 *(a)* | 400000 | 322404 |
| 4.30%, 07/29/49 *(a)* | 180000 | 140305 |
| 5.55%, 02/15/54 *(a)* | 205000 | 193149 |
| **British Telecommunications PLC** | **British Telecommunications PLC** | **British Telecommunications PLC** |
| 5.13%, 12/04/28 *(a)* | 225000 | 230121 |
| 9.63%, 12/15/30 *(g)* | 750000 | 922950 |
| **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** | **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** | **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** |
| 6.15%, 11/10/26 *(a)* | 330000 | 336527 |
| 3.75%, 02/15/28 *(a)* | 290000 | 284557 |
| 4.20%, 03/15/28 *(a)* | 315000 | 312370 |
| 2.25%, 01/15/29 *(a)* | 370000 | 341162 |
| 5.05%, 03/30/29 *(a)* | 375000 | 378915 |
| 6.10%, 06/01/29 *(a)* | 400000 | 419056 |
| 2.80%, 04/01/31 *(a)* | 450000 | 401494 |
| 2.30%, 02/01/32 *(a)(c)* | 315000 | 265860 |
| 4.40%, 04/01/33 *(a)* | 290000 | 273183 |
| 6.65%, 02/01/34 *(a)* | 255000 | 273151 |
| 6.55%, 06/01/34 *(a)* | 450000 | 480177 |
| 6.38%, 10/23/35 *(a)* | 600000 | 630852 |
| 5.38%, 04/01/38 *(a)* | 260000 | 245341 |

---

*See financial notes*

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

**51**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.50%, 06/01/41 *(a)* | 470000 | 341521 |
| 3.50%, 03/01/42 *(a)* | 380000 | 271609 |
| 6.48%, 10/23/45 *(a)* | 1000000 | 991890 |
| 5.38%, 05/01/47 *(a)* | 745000 | 647211 |
| 5.75%, 04/01/48 *(a)* | 720000 | 655726 |
| 5.13%, 07/01/49 *(a)* | 365000 | 303757 |
| 4.80%, 03/01/50 *(a)* | 795000 | 637439 |
| 3.70%, 04/01/51 *(a)* | 525000 | 350464 |
| 3.90%, 06/01/52 *(a)* | 700000 | 480571 |
| 5.25%, 04/01/53 *(a)* | 460000 | 392564 |
| 6.83%, 10/23/55 *(a)* | 145000 | 148829 |
| 3.85%, 04/01/61 *(a)* | 540000 | 346108 |
| 4.40%, 12/01/61 *(a)* | 425000 | 298495 |
| 3.95%, 06/30/62 *(a)* | 430000 | 277488 |
| 5.50%, 04/01/63 *(a)* | 300000 | 254157 |
| **Comcast Corp.** | **Comcast Corp.** | **Comcast Corp.** |
| 2.35%, 01/15/27 *(a)* | 450000 | 437841 |
| 3.30%, 02/01/27 *(a)* | 380000 | 374847 |
| 3.30%, 04/01/27 *(a)* | 315000 | 310366 |
| 5.35%, 11/15/27 *(a)* | 200000 | 205420 |
| 3.15%, 02/15/28 *(a)* | 520000 | 506870 |
| 3.55%, 05/01/28 *(a)* | 292000 | 287220 |
| 4.15%, 10/15/28 *(a)* | 1045000 | 1043349 |
| 4.55%, 01/15/29 *(a)* | 330000 | 333861 |
| 5.10%, 06/01/29 *(a)* | 200000 | 206548 |
| 2.65%, 02/01/30 *(a)* | 525000 | 487856 |
| 3.40%, 04/01/30 *(a)* | 500000 | 480105 |
| 4.25%, 10/15/30 *(a)* | 425000 | 423036 |
| 1.95%, 01/15/31 *(a)* | 475000 | 416499 |
| 1.50%, 02/15/31 *(a)* | 505000 | 431305 |
| 5.50%, 11/15/32 *(a)* | 310000 | 325670 |
| 4.25%, 01/15/33  | 550000 | 532015 |
| 4.65%, 02/15/33 *(a)* | 300000 | 298119 |
| 7.05%, 03/15/33  | 210000 | 239083 |
| 4.80%, 05/15/33 *(a)* | 300000 | 299478 |
| 5.30%, 06/01/34 *(a)* | 350000 | 358725 |
| 4.20%, 08/15/34 *(a)* | 340000 | 321603 |
| 5.30%, 05/15/35 *(a)* | 200000 | 203848 |
| 5.65%, 06/15/35  | 250000 | 261698 |
| 4.40%, 08/15/35 *(a)* | 230000 | 218226 |
| 6.50%, 11/15/35  | 210000 | 233331 |
| 3.20%, 07/15/36 *(a)* | 175000 | 146388 |
| 6.45%, 03/15/37  | 150000 | 164735 |
| 6.95%, 08/15/37  | 150000 | 170844 |
| 3.90%, 03/01/38 *(a)* | 375000 | 325534 |
| 4.60%, 10/15/38 *(a)* | 300000 | 278055 |
| 3.25%, 11/01/39 *(a)* | 405000 | 317411 |
| 3.75%, 04/01/40 *(a)* | 350000 | 290654 |
| 4.65%, 07/15/42  | 150000 | 133131 |
| 4.75%, 03/01/44  | 150000 | 132599 |
| 4.60%, 08/15/45 *(a)* | 250000 | 215938 |
| 3.40%, 07/15/46 *(a)* | 400000 | 284444 |
| 4.00%, 08/15/47 *(a)* | 286000 | 221507 |
| 3.97%, 11/01/47 *(a)* | 608000 | 468434 |
| 4.00%, 03/01/48 *(a)* | 355000 | 274365 |
| 4.70%, 10/15/48 *(a)* | 550000 | 472158 |
| 4.00%, 11/01/49 *(a)* | 450000 | 342742 |
| 3.45%, 02/01/50 *(a)* | 550000 | 379043 |
| 2.80%, 01/15/51 *(a)* | 540000 | 324162 |
| 2.89%, 11/01/51 *(a)* | 1503000 | 914591 |
| 2.45%, 08/15/52 *(a)* | 460000 | 250925 |
| 4.05%, 11/01/52 *(a)* | 318000 | 239343 |
| 5.35%, 05/15/53 *(a)* | 490000 | 454686 |
| 5.65%, 06/01/54 *(a)* | 285000 | 277311 |
| 6.05%, 05/15/55 *(a)* | 200000 | 204346 |
| 2.94%, 11/01/56 *(a)* | 1718000 | 1009840 |
| 4.95%, 10/15/58 *(a)* | 325000 | 278428 |
| 2.65%, 08/15/62 *(a)* | 345000 | 180608 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.99%, 11/01/63 *(a)* | 1150000 | 647082 |
| 5.50%, 05/15/64 *(a)* | 390000 | 363527 |
| **Crown Castle, Inc.** | **Crown Castle, Inc.** | **Crown Castle, Inc.** |
| 1.05%, 07/15/26 *(a)* | 250000 | 240838 |
| 4.00%, 03/01/27 *(a)* | 185000 | 183909 |
| 2.90%, 03/15/27 *(a)* | 180000 | 175316 |
| 3.65%, 09/01/27 *(a)* | 320000 | 314627 |
| 5.00%, 01/11/28 *(a)* | 265000 | 267828 |
| 3.80%, 02/15/28 *(a)* | 300000 | 294768 |
| 4.80%, 09/01/28 *(a)* | 25000 | 25169 |
| 4.30%, 02/15/29 *(a)* | 165000 | 163051 |
| 5.60%, 06/01/29 *(a)* | 200000 | 206768 |
| 4.90%, 09/01/29 *(a)* | 175000 | 176656 |
| 3.10%, 11/15/29 *(a)* | 185000 | 174022 |
| 3.30%, 07/01/30 *(a)* | 250000 | 234138 |
| 2.25%, 01/15/31 *(a)* | 350000 | 304773 |
| 2.10%, 04/01/31 *(a)* | 300000 | 257628 |
| 2.50%, 07/15/31 *(a)* | 260000 | 226983 |
| 5.10%, 05/01/33 *(a)* | 230000 | 229246 |
| 5.80%, 03/01/34 *(a)* | 200000 | 207496 |
| 5.20%, 09/01/34 *(a)* | 200000 | 198236 |
| 2.90%, 04/01/41 *(a)* | 350000 | 250544 |
| 4.75%, 05/15/47 *(a)* | 100000 | 85492 |
| 5.20%, 02/15/49 *(a)* | 125000 | 111913 |
| 4.00%, 11/15/49 *(a)* | 140000 | 104105 |
| 4.15%, 07/01/50 *(a)* | 155000 | 118663 |
| 3.25%, 01/15/51 *(a)* | 255000 | 166847 |
| **Deutsche Telekom International Finance BV** | **Deutsche Telekom International Finance BV** | **Deutsche Telekom International Finance BV** |
| 8.75%, 06/15/30 *(g)* | 1100000 | 1299595 |
| 9.25%, 06/01/32  | 70000 | 87500 |
| **Discovery Communications LLC** | **Discovery Communications LLC** | **Discovery Communications LLC** |
| 3.95%, 03/20/28 *(a)* | 405000 | 387304 |
| 4.13%, 05/15/29 *(a)* | 210000 | 195186 |
| 3.63%, 05/15/30 *(a)* | 275000 | 223025 |
| 5.20%, 09/20/47 *(a)* | 3000 | 2004 |
| **Electronic Arts, Inc.** | **Electronic Arts, Inc.** | **Electronic Arts, Inc.** |
| 1.85%, 02/15/31 *(a)* | 235000 | 204116 |
| 2.95%, 02/15/51 *(a)* | 250000 | 156588 |
| **Fox Corp.** | **Fox Corp.** | **Fox Corp.** |
| 4.71%, 01/25/29 *(a)* | 560000 | 565102 |
| 3.50%, 04/08/30 *(a)* | 200000 | 191468 |
| 6.50%, 10/13/33 *(a)* | 350000 | 378808 |
| 5.48%, 01/25/39 *(a)* | 415000 | 406310 |
| 5.58%, 01/25/49 *(a)* | 425000 | 399075 |
| **Grupo Televisa SAB** | **Grupo Televisa SAB** | **Grupo Televisa SAB** |
| 8.50%, 03/11/32  | 150000 | 167675 |
| 5.00%, 05/13/45 *(a)* | 355000 | 255540 |
| 6.13%, 01/31/46 *(a)* | 250000 | 206368 |
| 5.25%, 05/24/49 *(a)* | 200000 | 143462 |
| **Interpublic Group of Cos., Inc.** | **Interpublic Group of Cos., Inc.** | **Interpublic Group of Cos., Inc.** |
| 4.75%, 03/30/30 *(a)* | 300000 | 302925 |
| 2.40%, 03/01/31 *(a)* | 200000 | 178304 |
| 5.40%, 10/01/48 *(a)* | 240000 | 223217 |
| **Koninklijke KPN NV** | **Koninklijke KPN NV** | **Koninklijke KPN NV** |
| 8.38%, 10/01/30  | 210000 | 246401 |
| **Meta Platforms, Inc.** | **Meta Platforms, Inc.** | **Meta Platforms, Inc.** |
| 3.50%, 08/15/27 *(a)* | 810000 | 802516 |
| 4.60%, 05/15/28 *(a)* | 500000 | 509430 |
| 4.30%, 08/15/29 *(a)* | 150000 | 151512 |
| 4.80%, 05/15/30 *(a)* | 300000 | 309426 |
| 4.55%, 08/15/31 *(a)* | 300000 | 304386 |
| 3.85%, 08/15/32 *(a)* | 910000 | 875575 |
| 4.95%, 05/15/33 *(a)* | 500000 | 512970 |
| 4.75%, 08/15/34 *(a)* | 695000 | 698461 |
| 4.45%, 08/15/52 *(a)* | 700000 | 591654 |
| 5.60%, 05/15/53 *(a)* | 695000 | 695688 |

---

*See financial notes*

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

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.40%, 08/15/54 *(a)* | 1000000 | 976610 |
| 4.65%, 08/15/62 *(a)* | 455000 | 384211 |
| 5.75%, 05/15/63 *(a)* | 500000 | 505685 |
| 5.55%, 08/15/64 *(a)* | 850000 | 831852 |
| **NBCUniversal Media LLC** | **NBCUniversal Media LLC** | **NBCUniversal Media LLC** |
| 6.40%, 04/30/40  | 150000 | 163560 |
| 5.95%, 04/01/41  | 150000 | 154412 |
| 4.45%, 01/15/43  | 275000 | 236921 |
| **Netflix, Inc.** | **Netflix, Inc.** | **Netflix, Inc.** |
| 4.38%, 11/15/26  | 300000 | 301650 |
| 4.88%, 04/15/28  | 505000 | 515605 |
| 5.88%, 11/15/28  | 530000 | 558837 |
| 6.38%, 05/15/29  | 280000 | 301518 |
| 4.90%, 08/15/34 *(a)* | 300000 | 305871 |
| 5.40%, 08/15/54 *(a)* | 200000 | 197438 |
| **Omnicom Group, Inc.** | **Omnicom Group, Inc.** | **Omnicom Group, Inc.** |
| 2.45%, 04/30/30 *(a)* | 225000 | 205261 |
| 4.20%, 06/01/30 *(a)* | 195000 | 192420 |
| 2.60%, 08/01/31 *(a)* | 260000 | 230409 |
| 5.30%, 11/01/34 *(a)* | 150000 | 151455 |
| **Orange SA** | **Orange SA** | **Orange SA** |
| 9.00%, 03/01/31  | 775000 | 942361 |
| 5.38%, 01/13/42  | 250000 | 244333 |
| 5.50%, 02/06/44 *(a)* | 180000 | 177435 |
| **Paramount Global** | **Paramount Global** | **Paramount Global** |
| 2.90%, 01/15/27 *(a)* | 135000 | 131452 |
| 3.38%, 02/15/28 *(a)* | 130000 | 125823 |
| 3.70%, 06/01/28 *(a)* | 155000 | 150739 |
| 4.20%, 06/01/29 *(a)* | 134000 | 130472 |
| 7.88%, 07/30/30  | 245000 | 271899 |
| 4.95%, 01/15/31 *(a)* | 310000 | 301453 |
| 4.20%, 05/19/32 *(a)* | 275000 | 251276 |
| 5.50%, 05/15/33  | 125000 | 120804 |
| 6.88%, 04/30/36  | 310000 | 317728 |
| 5.90%, 10/15/40 *(a)* | 75000 | 68476 |
| 4.85%, 07/01/42 *(a)* | 145000 | 114563 |
| 4.38%, 03/15/43  | 435000 | 320534 |
| 5.85%, 09/01/43 *(a)* | 375000 | 326677 |
| 5.25%, 04/01/44 *(a)* | 120000 | 95651 |
| 4.90%, 08/15/44 *(a)* | 180000 | 139140 |
| 4.60%, 01/15/45 *(a)* | 175000 | 129822 |
| 4.95%, 05/19/50 *(a)* | 305000 | 233383 |
| **Rogers Communications, Inc.** | **Rogers Communications, Inc.** | **Rogers Communications, Inc.** |
| 2.90%, 11/15/26 *(a)* | 190000 | 185938 |
| 3.20%, 03/15/27 *(a)* | 360000 | 353102 |
| 5.00%, 02/15/29 *(a)* | 370000 | 375480 |
| 3.80%, 03/15/32 *(a)* | 550000 | 511428 |
| 5.30%, 02/15/34 *(a)* | 300000 | 300495 |
| 7.50%, 08/15/38  | 100000 | 115875 |
| 4.50%, 03/15/42 *(a)* | 165000 | 140968 |
| 4.50%, 03/15/43 *(a)* | 195000 | 164635 |
| 5.45%, 10/01/43 *(a)* | 225000 | 211523 |
| 5.00%, 03/15/44 *(a)* | 350000 | 312200 |
| 4.30%, 02/15/48 *(a)* | 215000 | 173675 |
| 4.35%, 05/01/49 *(a)* | 370000 | 297817 |
| 3.70%, 11/15/49 *(a)* | 345000 | 252788 |
| 4.55%, 03/15/52 *(a)* | 600000 | 488808 |
| **Sprint Capital Corp.** | **Sprint Capital Corp.** | **Sprint Capital Corp.** |
| 6.88%, 11/15/28  | 700000 | 751674 |
| 8.75%, 03/15/32  | 575000 | 697837 |
| **Take-Two Interactive Software, Inc.** | **Take-Two Interactive Software, Inc.** | **Take-Two Interactive Software, Inc.** |
| 5.40%, 06/12/29 *(a)* | 115000 | 118540 |
| 4.00%, 04/14/32 *(a)* | 200000 | 189800 |
| 5.60%, 06/12/34 *(a)* | 100000 | 103765 |
| **TCI Communications, Inc.** | **TCI Communications, Inc.** | **TCI Communications, Inc.** |
| 7.13%, 02/15/28  | 120000 | 128681 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Telefonica Emisiones SA** | **Telefonica Emisiones SA** | **Telefonica Emisiones SA** |
| 4.10%, 03/08/27  | 350000 | 348351 |
| 7.05%, 06/20/36  | 550000 | 611594 |
| 5.21%, 03/08/47  | 785000 | 694976 |
| 4.90%, 03/06/48  | 400000 | 336904 |
| 5.52%, 03/01/49 *(a)* | 450000 | 411457 |
| **Telefonica Europe BV** | **Telefonica Europe BV** | **Telefonica Europe BV** |
| 8.25%, 09/15/30  | 400000 | 462860 |
| **TELUS Corp.** | **TELUS Corp.** | **TELUS Corp.** |
| 2.80%, 02/16/27 *(a)* | 190000 | 185351 |
| 3.70%, 09/15/27 *(a)* | 160000 | 157790 |
| 3.40%, 05/13/32 *(a)* | 270000 | 246218 |
| 4.60%, 11/16/48 *(a)* | 225000 | 188330 |
| 4.30%, 06/15/49 *(a)* | 160000 | 125133 |
| **Time Warner Cable Enterprises LLC** | **Time Warner Cable Enterprises LLC** | **Time Warner Cable Enterprises LLC** |
| 8.38%, 07/15/33  | 315000 | 366764 |
| **Time Warner Cable LLC** | **Time Warner Cable LLC** | **Time Warner Cable LLC** |
| 6.55%, 05/01/37  | 415000 | 429280 |
| 7.30%, 07/01/38  | 435000 | 474463 |
| 6.75%, 06/15/39  | 440000 | 456918 |
| 5.88%, 11/15/40 *(a)* | 360000 | 345805 |
| 5.50%, 09/01/41 *(a)* | 325000 | 295857 |
| 4.50%, 09/15/42 *(a)* | 300000 | 239340 |
| **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** |
| 3.75%, 04/15/27 *(a)* | 1200000 | 1188324 |
| 5.38%, 04/15/27 *(a)* | 230000 | 230228 |
| 4.75%, 02/01/28 *(a)* | 500000 | 500795 |
| 2.05%, 02/15/28 *(a)* | 600000 | 567372 |
| 4.95%, 03/15/28 *(a)* | 300000 | 305190 |
| 4.80%, 07/15/28 *(a)* | 275000 | 278814 |
| 4.85%, 01/15/29 *(a)* | 300000 | 304608 |
| 2.63%, 02/15/29 *(a)* | 360000 | 338177 |
| 2.40%, 03/15/29 *(a)* | 200000 | 186152 |
| 3.38%, 04/15/29 *(a)* | 755000 | 727503 |
| 3.88%, 04/15/30 *(a)* | 1870000 | 1816144 |
| 2.55%, 02/15/31 *(a)* | 800000 | 717400 |
| 2.88%, 02/15/31 *(a)* | 375000 | 341610 |
| 3.50%, 04/15/31 *(a)* | 775000 | 728461 |
| 2.25%, 11/15/31 *(a)* | 350000 | 303772 |
| 2.70%, 03/15/32 *(a)* | 300000 | 264576 |
| 5.13%, 05/15/32 *(a)* | 350000 | 356814 |
| 5.20%, 01/15/33 *(a)* | 275000 | 279747 |
| 5.05%, 07/15/33 *(a)* | 415000 | 417760 |
| 5.75%, 01/15/34 *(a)* | 325000 | 340590 |
| 5.15%, 04/15/34 *(a)* | 300000 | 303996 |
| 4.70%, 01/15/35 *(a)* | 200000 | 193942 |
| 5.30%, 05/15/35 *(a)* | 275000 | 278630 |
| 4.38%, 04/15/40 *(a)* | 575000 | 509645 |
| 3.00%, 02/15/41 *(a)* | 650000 | 475605 |
| 4.50%, 04/15/50 *(a)* | 905000 | 748761 |
| 3.30%, 02/15/51 *(a)* | 880000 | 583801 |
| 3.40%, 10/15/52 *(a)* | 840000 | 561910 |
| 5.65%, 01/15/53 *(a)* | 565000 | 546971 |
| 5.75%, 01/15/54 *(a)* | 475000 | 466212 |
| 6.00%, 06/15/54 *(a)* | 320000 | 325875 |
| 5.50%, 01/15/55 *(a)* | 200000 | 189774 |
| 5.25%, 06/15/55 *(a)* | 110000 | 100510 |
| 5.88%, 11/15/55 *(a)* | 350000 | 351116 |
| 3.60%, 11/15/60 *(a)* | 545000 | 363569 |
| 5.80%, 09/15/62 *(a)* | 285000 | 280004 |
| **TWDC Enterprises 18 Corp.** | **TWDC Enterprises 18 Corp.** | **TWDC Enterprises 18 Corp.** |
| 1.85%, 07/30/26  | 315000 | 307377 |
| 2.95%, 06/15/27  | 295000 | 289982 |
| 7.00%, 03/01/32  | 180000 | 205686 |
| 4.38%, 08/16/41  | 150000 | 132096 |
| 4.13%, 12/01/41  | 95000 | 81084 |

---

*See financial notes*

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

**53**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.13%, 06/01/44  | 280000 | 233691 |
| 3.00%, 07/30/46  | 190000 | 128841 |
| **Verizon Communications, Inc.** | **Verizon Communications, Inc.** | **Verizon Communications, Inc.** |
| 2.10%, 03/22/28 *(a)* | 720000 | 682373 |
| 4.33%, 09/21/28  | 974000 | 978383 |
| 3.88%, 02/08/29 *(a)* | 265000 | 261762 |
| 4.02%, 12/03/29 *(a)* | 1132000 | 1117250 |
| 3.15%, 03/22/30 *(a)* | 425000 | 402568 |
| 1.50%, 09/18/30 *(a)* | 395000 | 341308 |
| 1.68%, 10/30/30 *(a)* | 373000 | 323081 |
| 1.75%, 01/20/31 *(a)* | 600000 | 518220 |
| 2.55%, 03/21/31 *(a)* | 1100000 | 987118 |
| 2.36%, 03/15/32 *(a)* | 1290000 | 1112560 |
| 5.05%, 05/09/33 *(a)* | 350000 | 355040 |
| 4.50%, 08/10/33  | 610000 | 593243 |
| 6.40%, 09/15/33  | 205000 | 224938 |
| 4.40%, 11/01/34 *(a)* | 625000 | 593662 |
| 4.78%, 02/15/35 *(a)* | 622000 | 606711 |
| 5.25%, 04/02/35 *(a)* | 650000 | 655694 |
| 4.27%, 01/15/36  | 450000 | 416335 |
| 5.25%, 03/16/37  | 440000 | 438772 |
| 5.40%, 07/02/37 *(a)(d)* | 1296000 | 1304424 |
| 4.81%, 03/15/39  | 400000 | 375804 |
| 2.65%, 11/20/40 *(a)* | 905000 | 638749 |
| 3.40%, 03/22/41 *(a)* | 1090000 | 841938 |
| 2.85%, 09/03/41 *(a)* | 175000 | 123851 |
| 4.75%, 11/01/41  | 190000 | 171238 |
| 3.85%, 11/01/42 *(a)* | 206000 | 164588 |
| 6.55%, 09/15/43  | 210000 | 230599 |
| 4.13%, 08/15/46  | 240000 | 193164 |
| 4.86%, 08/21/46  | 675000 | 603220 |
| 5.50%, 03/16/47  | 295000 | 287537 |
| 4.52%, 09/15/48  | 465000 | 393850 |
| 4.00%, 03/22/50 *(a)* | 380000 | 290141 |
| 2.88%, 11/20/50 *(a)* | 870000 | 542880 |
| 3.55%, 03/22/51 *(a)* | 125000 | 89540 |
| 3.88%, 03/01/52 *(a)* | 200000 | 148904 |
| 5.50%, 02/23/54 *(a)* | 310000 | 299937 |
| 5.01%, 08/21/54  | 225000 | 200471 |
| 4.67%, 03/15/55  | 400000 | 338012 |
| 2.99%, 10/30/56 *(a)* | 1095000 | 659836 |
| 3.00%, 11/20/60 *(a)* | 625000 | 368762 |
| 3.70%, 03/22/61 *(a)* | 1010000 | 697637 |
| **Vodafone Group PLC** | **Vodafone Group PLC** | **Vodafone Group PLC** |
| 7.88%, 02/15/30  | 135000 | 154441 |
| 6.25%, 11/30/32  | 145000 | 157276 |
| 6.15%, 02/27/37  | 405000 | 433795 |
| 5.00%, 05/30/38  | 200000 | 193578 |
| 4.38%, 02/19/43  | 245000 | 210462 |
| 5.25%, 05/30/48  | 425000 | 389840 |
| 4.88%, 06/19/49  | 500000 | 430630 |
| 4.25%, 09/17/50  | 475000 | 370533 |
| 5.63%, 02/10/53 *(a)* | 200000 | 189156 |
| 5.75%, 06/28/54 *(a)* | 525000 | 504714 |
| 5.13%, 06/19/59  | 145000 | 127638 |
| 5.75%, 02/10/63 *(a)* | 145000 | 136209 |
| 5.88%, 06/28/64 *(a)* | 300000 | 288069 |
| **Walt Disney Co.** | **Walt Disney Co.** | **Walt Disney Co.** |
| 3.38%, 11/15/26 *(a)* | 200000 | 198274 |
| 3.70%, 03/23/27  | 145000 | 144842 |
| 2.20%, 01/13/28  | 300000 | 287709 |
| 2.00%, 09/01/29 *(a)* | 625000 | 574087 |
| 3.80%, 03/22/30  | 375000 | 369394 |
| 2.65%, 01/13/31  | 650000 | 599644 |
| 6.55%, 03/15/33  | 130000 | 146856 |
| 6.20%, 12/15/34  | 200000 | 223534 |
| 6.40%, 12/15/35  | 275000 | 309815 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.15%, 03/01/37  | 105000 | 114755 |
| 6.65%, 11/15/37  | 350000 | 401033 |
| 4.63%, 03/23/40 *(a)* | 250000 | 238483 |
| 3.50%, 05/13/40 *(a)* | 525000 | 431440 |
| 6.15%, 02/15/41  | 175000 | 186970 |
| 5.40%, 10/01/43  | 110000 | 109539 |
| 4.75%, 09/15/44 *(a)* | 185000 | 167610 |
| 4.95%, 10/15/45 *(a)* | 135000 | 124570 |
| 7.75%, 12/01/45  | 125000 | 157915 |
| 4.75%, 11/15/46 *(a)* | 125000 | 112666 |
| 2.75%, 09/01/49 *(a)* | 635000 | 399872 |
| 4.70%, 03/23/50 *(a)* | 500000 | 447160 |
| 3.60%, 01/13/51 *(a)* | 805000 | 594959 |
| 3.80%, 05/13/60 *(a)* | 475000 | 347524 |
| **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** |
| 3.76%, 03/15/27 *(a)* | 388000 | 372554 |
| 4.05%, 03/15/29 *(a)* | 425000 | 396083 |
| 4.28%, 03/15/32 *(a)* | 784000 | 662221 |
| 5.05%, 03/15/42 *(a)* | 1325000 | 782995 |
| 5.14%, 03/15/52 *(a)* | 280000 | 196700 |
| **Weibo Corp.** | **Weibo Corp.** | **Weibo Corp.** |
| 3.38%, 07/08/30 *(a)* | 275000 | 256108 |
|  |  | **152965685** |
| ***Consumer Cyclical 1.6%***  | ***Consumer Cyclical 1.6%***  | ***Consumer Cyclical 1.6%***  |
| **Alibaba Group Holding Ltd.** | **Alibaba Group Holding Ltd.** | **Alibaba Group Holding Ltd.** |
| 3.40%, 12/06/27 *(a)* | 755000 | 741463 |
| 4.88%, 05/26/30 *(a)(d)* | 305000 | 311631 |
| 2.13%, 02/09/31 *(a)(c)* | 460000 | 406865 |
| 4.50%, 11/28/34 *(a)* | 270000 | 260080 |
| 5.25%, 05/26/35 *(a)(d)* | 350000 | 354140 |
| 4.00%, 12/06/37 *(a)* | 305000 | 269504 |
| 2.70%, 02/09/41 *(a)* | 295000 | 205529 |
| 4.20%, 12/06/47 *(a)* | 525000 | 421365 |
| 3.15%, 02/09/51 *(a)* | 435000 | 283020 |
| 4.40%, 12/06/57 *(a)* | 175000 | 139580 |
| 3.25%, 02/09/61 *(a)* | 310000 | 191986 |
| **Amazon.com, Inc.** | **Amazon.com, Inc.** | **Amazon.com, Inc.** |
| 3.30%, 04/13/27 *(a)* | 610000 | 603381 |
| 1.20%, 06/03/27 *(a)* | 300000 | 284904 |
| 3.15%, 08/22/27 *(a)* | 995000 | 978931 |
| 4.55%, 12/01/27 *(a)* | 500000 | 506920 |
| 1.65%, 05/12/28 *(a)* | 700000 | 657566 |
| 3.45%, 04/13/29 *(a)* | 455000 | 446637 |
| 4.65%, 12/01/29 *(a)* | 400000 | 409452 |
| 1.50%, 06/03/30 *(a)* | 670000 | 592930 |
| 2.10%, 05/12/31 *(a)* | 845000 | 750842 |
| 3.60%, 04/13/32 *(a)* | 725000 | 694122 |
| 4.70%, 12/01/32 *(a)* | 660000 | 672355 |
| 4.80%, 12/05/34 *(a)* | 95000 | 96995 |
| 3.88%, 08/22/37 *(a)* | 805000 | 728453 |
| 2.88%, 05/12/41 *(a)* | 600000 | 448326 |
| 4.95%, 12/05/44 *(a)* | 350000 | 339374 |
| 4.05%, 08/22/47 *(a)* | 1025000 | 848608 |
| 2.50%, 06/03/50 *(a)* | 800000 | 481672 |
| 3.10%, 05/12/51 *(a)* | 915000 | 617790 |
| 3.95%, 04/13/52 *(a)* | 700000 | 553490 |
| 4.25%, 08/22/57 *(a)* | 665000 | 545353 |
| 2.70%, 06/03/60 *(a)* | 600000 | 344976 |
| 3.25%, 05/12/61 *(a)* | 550000 | 358594 |
| 4.10%, 04/13/62 *(a)* | 365000 | 285751 |
| **American Honda Finance Corp.** | **American Honda Finance Corp.** | **American Honda Finance Corp.** |
| 5.25%, 07/07/26  | 365000 | 368128 |
| 1.30%, 09/09/26  | 450000 | 434160 |
| 2.30%, 09/09/26  | 325000 | 317385 |
| 2.35%, 01/08/27  | 200000 | 194214 |

---

*See financial notes*

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

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.90%, 03/12/27  | 210000 | 211974 |
| 4.90%, 07/09/27  | 205000 | 207556 |
| 4.45%, 10/22/27  | 200000 | 200704 |
| 3.50%, 02/15/28  | 200000 | 196164 |
| 2.00%, 03/24/28  | 310000 | 291422 |
| 5.13%, 07/07/28  | 300000 | 306423 |
| 5.65%, 11/15/28  | 295000 | 306570 |
| 2.25%, 01/12/29  | 350000 | 324768 |
| 4.90%, 03/13/29  | 200000 | 203188 |
| 4.40%, 09/05/29  | 200000 | 199294 |
| 4.60%, 04/17/30  | 235000 | 235275 |
| 5.85%, 10/04/30  | 50000 | 52907 |
| 1.80%, 01/13/31  | 200000 | 171880 |
| 5.05%, 07/10/31  | 220000 | 223159 |
| 4.90%, 01/10/34  | 250000 | 247488 |
| **Aptiv Swiss Holdings Ltd.** | **Aptiv Swiss Holdings Ltd.** | **Aptiv Swiss Holdings Ltd.** |
| 4.35%, 03/15/29 *(a)* | 105000 | 103617 |
| 3.25%, 03/01/32 *(a)* | 295000 | 264249 |
| 5.15%, 09/13/34 *(a)* | 200000 | 193276 |
| 4.40%, 10/01/46 *(a)* | 65000 | 49552 |
| 5.40%, 03/15/49 *(a)* | 80000 | 68766 |
| 3.10%, 12/01/51 *(a)* | 470000 | 283264 |
| 4.15%, 05/01/52 *(a)* | 300000 | 215229 |
| 5.75%, 09/13/54 *(a)* | 200000 | 179736 |
| **AutoNation, Inc.** | **AutoNation, Inc.** | **AutoNation, Inc.** |
| 3.80%, 11/15/27 *(a)* | 210000 | 206898 |
| 1.95%, 08/01/28 *(a)* | 65000 | 60318 |
| 4.75%, 06/01/30 *(a)* | 280000 | 278804 |
| 2.40%, 08/01/31 *(a)* | 150000 | 129087 |
| 3.85%, 03/01/32 *(a)* | 165000 | 152005 |
| **AutoZone, Inc.** | **AutoZone, Inc.** | **AutoZone, Inc.** |
| 5.05%, 07/15/26  | 225000 | 226676 |
| 3.75%, 06/01/27 *(a)* | 200000 | 198176 |
| 6.25%, 11/01/28 *(a)* | 235000 | 249222 |
| 3.75%, 04/18/29 *(a)* | 200000 | 195764 |
| 5.10%, 07/15/29 *(a)* | 150000 | 153966 |
| 4.00%, 04/15/30 *(a)* | 280000 | 274296 |
| 1.65%, 01/15/31 *(a)* | 150000 | 128594 |
| 4.75%, 08/01/32 *(a)* | 225000 | 224251 |
| 4.75%, 02/01/33 *(a)* | 220000 | 218044 |
| 6.55%, 11/01/33 *(a)* | 200000 | 220866 |
| 5.40%, 07/15/34 *(a)* | 150000 | 153644 |
| **Best Buy Co., Inc.** | **Best Buy Co., Inc.** | **Best Buy Co., Inc.** |
| 4.45%, 10/01/28 *(a)* | 150000 | 150489 |
| 1.95%, 10/01/30 *(a)* | 200000 | 175338 |
| **Block Financial LLC** | **Block Financial LLC** | **Block Financial LLC** |
| 2.50%, 07/15/28 *(a)* | 200000 | 188594 |
| 3.88%, 08/15/30 *(a)* | 200000 | 190310 |
| **Booking Holdings, Inc.** | **Booking Holdings, Inc.** | **Booking Holdings, Inc.** |
| 3.55%, 03/15/28 *(a)* | 195000 | 192026 |
| 4.63%, 04/13/30 *(a)* | 500000 | 506375 |
| **BorgWarner, Inc.** | **BorgWarner, Inc.** | **BorgWarner, Inc.** |
| 2.65%, 07/01/27 *(a)* | 325000 | 314421 |
| 4.95%, 08/15/29 *(a)* | 150000 | 152213 |
| 5.40%, 08/15/34 *(a)* | 170000 | 172271 |
| 4.38%, 03/15/45 *(a)* | 150000 | 124107 |
| **California Endowment** | **California Endowment** | **California Endowment** |
| 2.50%, 04/01/51 *(a)* | 200000 | 116866 |
| **CBRE Services, Inc.** | **CBRE Services, Inc.** | **CBRE Services, Inc.** |
| 2.50%, 04/01/31 *(a)* | 400000 | 353788 |
| 5.95%, 08/15/34 *(a)* | 300000 | 316395 |
| **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** |
| 3.70%, 12/01/29 *(a)* | 185000 | 176068 |
| 3.70%, 01/15/31 *(a)* | 220000 | 204224 |
| 5.85%, 08/01/34 *(a)* | 125000 | 126251 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Costco Wholesale Corp.** | **Costco Wholesale Corp.** | **Costco Wholesale Corp.** |
| 3.00%, 05/18/27 *(a)* | 525000 | 517267 |
| 1.60%, 04/20/30 *(a)* | 400000 | 357060 |
| 1.75%, 04/20/32 *(a)* | 450000 | 385249 |
| **Cummins, Inc.** | **Cummins, Inc.** | **Cummins, Inc.** |
| 4.90%, 02/20/29 *(a)* | 170000 | 174046 |
| 1.50%, 09/01/30 *(a)* | 250000 | 218250 |
| 4.70%, 02/15/31 *(a)* | 200000 | 201776 |
| 5.15%, 02/20/34 *(a)* | 200000 | 204182 |
| 5.30%, 05/09/35 *(a)* | 200000 | 203240 |
| 4.88%, 10/01/43 *(a)* | 165000 | 154417 |
| 2.60%, 09/01/50 *(a)* | 245000 | 146218 |
| 5.45%, 02/20/54 *(a)* | 285000 | 276627 |
| **Darden Restaurants, Inc.** | **Darden Restaurants, Inc.** | **Darden Restaurants, Inc.** |
| 3.85%, 05/01/27 *(a)* | 165000 | 163711 |
| 4.55%, 10/15/29 *(a)* | 250000 | 249630 |
| 6.30%, 10/10/33 *(a)* | 100000 | 107248 |
| 4.55%, 02/15/48 *(a)* | 120000 | 98329 |
| **Dick's Sporting Goods, Inc.** | **Dick's Sporting Goods, Inc.** | **Dick's Sporting Goods, Inc.** |
| 3.15%, 01/15/32 *(a)* | 215000 | 193027 |
| 4.10%, 01/15/52 *(a)* | 205000 | 146626 |
| **Dollar General Corp.** | **Dollar General Corp.** | **Dollar General Corp.** |
| 3.88%, 04/15/27 *(a)* | 190000 | 188453 |
| 4.63%, 11/01/27 *(a)* | 200000 | 201432 |
| 4.13%, 05/01/28 *(a)* | 150000 | 149052 |
| 5.20%, 07/05/28 *(a)* | 45000 | 45937 |
| 3.50%, 04/03/30 *(a)* | 300000 | 284937 |
| 5.00%, 11/01/32 *(a)* | 230000 | 230955 |
| 5.45%, 07/05/33 *(a)(c)* | 300000 | 307404 |
| 4.13%, 04/03/50 *(a)* | 195000 | 147204 |
| 5.50%, 11/01/52 *(a)* | 100000 | 92713 |
| **Dollar Tree, Inc.** | **Dollar Tree, Inc.** | **Dollar Tree, Inc.** |
| 4.20%, 05/15/28 *(a)* | 325000 | 322156 |
| 2.65%, 12/01/31 *(a)* | 260000 | 229551 |
| 3.38%, 12/01/51 *(a)* | 165000 | 104924 |
| **DR Horton, Inc.** | **DR Horton, Inc.** | **DR Horton, Inc.** |
| 1.40%, 10/15/27 *(a)* | 225000 | 211676 |
| 4.85%, 10/15/30 *(a)* | 150000 | 151491 |
| 5.00%, 10/15/34 *(a)* | 200000 | 198126 |
| 5.50%, 10/15/35 *(a)* | 200000 | 203872 |
| **eBay, Inc.** | **eBay, Inc.** | **eBay, Inc.** |
| 3.60%, 06/05/27 *(a)* | 300000 | 296844 |
| 2.70%, 03/11/30 *(a)* | 200000 | 185510 |
| 2.60%, 05/10/31 *(a)* | 250000 | 224565 |
| 6.30%, 11/22/32 *(a)* | 205000 | 224077 |
| 4.00%, 07/15/42 *(a)* | 300000 | 243663 |
| 3.65%, 05/10/51 *(a)* | 260000 | 188638 |
| **Expedia Group, Inc.** | **Expedia Group, Inc.** | **Expedia Group, Inc.** |
| 4.63%, 08/01/27 *(a)* | 225000 | 226017 |
| 3.80%, 02/15/28 *(a)* | 280000 | 275901 |
| 3.25%, 02/15/30 *(a)* | 400000 | 377884 |
| 2.95%, 03/15/31 *(a)* | 250000 | 227910 |
| **Ford Foundation** | **Ford Foundation** | **Ford Foundation** |
| 2.42%, 06/01/50 *(a)* | 155000 | 91157 |
| 2.82%, 06/01/70 *(a)* | 225000 | 125678 |
| **Ford Motor Co.** | **Ford Motor Co.** | **Ford Motor Co.** |
| 4.35%, 12/08/26 *(a)* | 400000 | 397660 |
| 6.63%, 10/01/28  | 200000 | 210268 |
| 9.63%, 04/22/30 *(a)* | 200000 | 230346 |
| 7.45%, 07/16/31  | 265000 | 287363 |
| 3.25%, 02/12/32 *(a)* | 680000 | 573811 |
| 6.10%, 08/19/32 *(a)* | 505000 | 504970 |
| 4.75%, 01/15/43  | 655000 | 504455 |
| 7.40%, 11/01/46  | 240000 | 246974 |
| 5.29%, 12/08/46 *(a)* | 475000 | 383805 |

---

*See financial notes*

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

**55**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** |
| 4.54%, 08/01/26 *(a)* | 300000 | 297981 |
| 2.70%, 08/10/26 *(a)* | 400000 | 389652 |
| 5.13%, 11/05/26  | 350000 | 349412 |
| 4.27%, 01/09/27 *(a)* | 250000 | 245910 |
| 5.80%, 03/05/27 *(a)* | 400000 | 403172 |
| 5.85%, 05/17/27 *(a)* | 450000 | 453649 |
| 4.95%, 05/28/27 *(a)* | 450000 | 447286 |
| 4.13%, 08/17/27 *(a)* | 440000 | 430153 |
| 3.82%, 11/02/27 *(a)* | 325000 | 313856 |
| 7.35%, 11/04/27 *(a)* | 505000 | 524675 |
| 2.90%, 02/16/28 *(a)* | 250000 | 234585 |
| 5.92%, 03/20/28 *(a)* | 240000 | 242450 |
| 6.80%, 05/12/28 *(a)* | 470000 | 485942 |
| 6.80%, 11/07/28 *(a)* | 450000 | 466497 |
| 2.90%, 02/10/29 *(a)* | 225000 | 204667 |
| 5.80%, 03/08/29 *(a)* | 400000 | 401000 |
| 5.11%, 05/03/29 *(a)* | 585000 | 572487 |
| 5.30%, 09/06/29 *(a)* | 260000 | 255460 |
| 5.88%, 11/07/29 *(a)* | 300000 | 301209 |
| 7.35%, 03/06/30 *(a)* | 300000 | 316803 |
| 7.20%, 06/10/30 *(a)* | 350000 | 368483 |
| 4.00%, 11/13/30 *(a)* | 585000 | 534128 |
| 6.05%, 03/05/31 *(a)* | 290000 | 289666 |
| 6.05%, 11/05/31 *(a)* | 200000 | 199052 |
| 7.12%, 11/07/33 *(a)* | 340000 | 353025 |
| 6.13%, 03/08/34 *(a)* | 385000 | 375190 |
| 6.50%, 02/07/35 *(a)* | 360000 | 359896 |
| **General Motors Co.** | **General Motors Co.** | **General Motors Co.** |
| 4.20%, 10/01/27 *(a)* | 295000 | 292183 |
| 6.80%, 10/01/27 *(a)* | 300000 | 312603 |
| 5.35%, 04/15/28 *(a)* | 200000 | 203110 |
| 5.00%, 10/01/28 *(a)* | 300000 | 302979 |
| 5.40%, 10/15/29 *(a)* | 375000 | 382909 |
| 5.63%, 04/15/30 *(a)* | 200000 | 204554 |
| 5.60%, 10/15/32 *(a)* | 375000 | 381270 |
| 5.00%, 04/01/35  | 300000 | 283476 |
| 6.60%, 04/01/36 *(a)* | 435000 | 460308 |
| 5.15%, 04/01/38 *(a)* | 375000 | 349031 |
| 6.25%, 10/02/43  | 530000 | 520333 |
| 5.20%, 04/01/45  | 355000 | 305083 |
| 6.75%, 04/01/46 *(a)* | 225000 | 230812 |
| 5.40%, 04/01/48 *(a)* | 215000 | 187282 |
| 5.95%, 04/01/49 *(a)* | 270000 | 252480 |
| **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** |
| 4.00%, 10/06/26 *(a)* | 300000 | 297975 |
| 4.35%, 01/17/27 *(a)* | 455000 | 452425 |
| 2.35%, 02/26/27 *(a)* | 265000 | 255558 |
| 5.00%, 04/09/27 *(a)* | 400000 | 402536 |
| 5.40%, 05/08/27  | 300000 | 304464 |
| 5.35%, 07/15/27  | 300000 | 304554 |
| 2.70%, 08/20/27 *(a)* | 300000 | 288258 |
| 3.85%, 01/05/28 *(a)* | 200000 | 195876 |
| 6.00%, 01/09/28 *(a)* | 300000 | 309258 |
| 5.05%, 04/04/28  | 350000 | 352768 |
| 2.40%, 04/10/28 *(a)* | 325000 | 305838 |
| 5.80%, 06/23/28 *(a)* | 270000 | 278211 |
| 2.40%, 10/15/28 *(a)* | 395000 | 367630 |
| 5.80%, 01/07/29 *(a)* | 500000 | 515330 |
| 5.65%, 01/17/29 *(a)* | 150000 | 153347 |
| 4.30%, 04/06/29 *(a)* | 350000 | 342552 |
| 5.55%, 07/15/29 *(a)* | 140000 | 143035 |
| 4.90%, 10/06/29 *(a)* | 200000 | 199792 |
| 5.35%, 01/07/30 *(a)* | 350000 | 354210 |
| 5.85%, 04/06/30 *(a)* | 250000 | 258563 |
| 3.60%, 06/21/30 *(a)* | 410000 | 383961 |
| 5.45%, 07/15/30 *(a)* | 250000 | 253688 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.35%, 01/08/31 *(a)* | 325000 | 281782 |
| 5.75%, 02/08/31 *(a)* | 200000 | 205604 |
| 2.70%, 06/10/31 *(a)* | 385000 | 337025 |
| 5.60%, 06/18/31 *(a)* | 250000 | 255105 |
| 3.10%, 01/12/32 *(a)* | 475000 | 417587 |
| 6.40%, 01/09/33 *(a)* | 125000 | 131611 |
| 6.10%, 01/07/34 *(a)* | 500000 | 515075 |
| 5.95%, 04/04/34 *(a)* | 300000 | 304494 |
| 5.45%, 09/06/34 *(a)* | 225000 | 220307 |
| 5.90%, 01/07/35 *(a)* | 300000 | 301719 |
| **Genuine Parts Co.** | **Genuine Parts Co.** | **Genuine Parts Co.** |
| 4.95%, 08/15/29 *(a)* | 325000 | 330268 |
| 1.88%, 11/01/30 *(a)* | 230000 | 199127 |
| 2.75%, 02/01/32 *(a)* | 295000 | 257603 |
| **GLP Capital LP/GLP Financing II, Inc.** | **GLP Capital LP/GLP Financing II, Inc.** | **GLP Capital LP/GLP Financing II, Inc.** |
| 5.75%, 06/01/28 *(a)* | 275000 | 282079 |
| 5.30%, 01/15/29 *(a)* | 260000 | 263013 |
| 4.00%, 01/15/30 *(a)* | 200000 | 192378 |
| 4.00%, 01/15/31 *(a)* | 200000 | 188886 |
| 3.25%, 01/15/32 *(a)* | 235000 | 207479 |
| 6.75%, 12/01/33 *(a)* | 240000 | 256937 |
| 6.25%, 09/15/54 *(a)* | 50000 | 48873 |
| **Harley-Davidson, Inc.** | **Harley-Davidson, Inc.** | **Harley-Davidson, Inc.** |
| 4.63%, 07/28/45 *(a)* | 125000 | 100998 |
| **Home Depot, Inc.** | **Home Depot, Inc.** | **Home Depot, Inc.** |
| 2.13%, 09/15/26 *(a)* | 330000 | 322456 |
| 4.95%, 09/30/26 *(a)* | 225000 | 227234 |
| 2.50%, 04/15/27 *(a)* | 240000 | 233635 |
| 2.88%, 04/15/27 *(a)* | 245000 | 240291 |
| 4.88%, 06/25/27 *(a)* | 250000 | 254108 |
| 2.80%, 09/14/27 *(a)* | 150000 | 146243 |
| 0.90%, 03/15/28 *(a)* | 215000 | 198372 |
| 1.50%, 09/15/28 *(a)* | 325000 | 300732 |
| 3.90%, 12/06/28 *(a)* | 300000 | 299181 |
| 4.90%, 04/15/29 *(a)* | 250000 | 256840 |
| 2.95%, 06/15/29 *(a)* | 590000 | 564978 |
| 4.75%, 06/25/29 *(a)* | 300000 | 306387 |
| 2.70%, 04/15/30 *(a)* | 450000 | 420475 |
| 1.38%, 03/15/31 *(a)* | 425000 | 360961 |
| 4.85%, 06/25/31 *(a)* | 275000 | 282277 |
| 1.88%, 09/15/31 *(a)* | 340000 | 293389 |
| 3.25%, 04/15/32 *(a)* | 400000 | 370764 |
| 4.50%, 09/15/32 *(a)* | 300000 | 301599 |
| 4.95%, 06/25/34 *(a)* | 450000 | 455467 |
| 5.88%, 12/16/36  | 900000 | 965997 |
| 3.30%, 04/15/40 *(a)* | 435000 | 347817 |
| 5.40%, 09/15/40 *(a)* | 206000 | 209201 |
| 5.95%, 04/01/41 *(a)* | 250000 | 264163 |
| 4.20%, 04/01/43 *(a)* | 250000 | 213433 |
| 4.88%, 02/15/44 *(a)* | 225000 | 208114 |
| 4.40%, 03/15/45 *(a)* | 325000 | 280290 |
| 4.25%, 04/01/46 *(a)* | 425000 | 356630 |
| 3.90%, 06/15/47 *(a)* | 360000 | 283903 |
| 4.50%, 12/06/48 *(a)* | 365000 | 313597 |
| 3.13%, 12/15/49 *(a)* | 450000 | 303439 |
| 3.35%, 04/15/50 *(a)* | 430000 | 301980 |
| 2.38%, 03/15/51 *(a)* | 475000 | 268755 |
| 2.75%, 09/15/51 *(a)* | 290000 | 178008 |
| 3.63%, 04/15/52 *(a)* | 475000 | 346251 |
| 4.95%, 09/15/52 *(a)* | 300000 | 272838 |
| 5.30%, 06/25/54 *(a)* | 435000 | 417865 |
| 3.50%, 09/15/56 *(a)* | 352000 | 245376 |
| **Honda Motor Co. Ltd.** | **Honda Motor Co. Ltd.** | **Honda Motor Co. Ltd.** |
| 2.53%, 03/10/27 *(a)* | 200000 | 194224 |
| 2.97%, 03/10/32 *(a)* | 255000 | 228712 |

---

*See financial notes*

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

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** |
| 5.75%, 01/30/27 *(a)* | 225000 | 229687 |
| 5.05%, 03/30/28 *(a)* | 50000 | 50550 |
| 4.38%, 09/15/28 *(a)* | 205000 | 204383 |
| 5.25%, 06/30/29 *(a)* | 175000 | 178168 |
| 5.75%, 04/23/30 *(a)(e)* | 160000 | 165574 |
| 5.75%, 03/30/32 *(a)* | 150000 | 154107 |
| 5.50%, 06/30/34 *(a)* | 100000 | 100203 |
| **JD.com, Inc.** | **JD.com, Inc.** | **JD.com, Inc.** |
| 3.38%, 01/14/30 *(a)(c)* | 250000 | 239510 |
| **Las Vegas Sands Corp.** | **Las Vegas Sands Corp.** | **Las Vegas Sands Corp.** |
| 3.50%, 08/18/26 *(a)* | 350000 | 345303 |
| 5.90%, 06/01/27 *(a)* | 390000 | 398545 |
| 3.90%, 08/08/29 *(a)* | 315000 | 300069 |
| 6.00%, 08/15/29 *(a)* | 190000 | 195400 |
| 6.20%, 08/15/34 *(a)* | 190000 | 194315 |
| **Lear Corp.** | **Lear Corp.** | **Lear Corp.** |
| 3.80%, 09/15/27 *(a)* | 150000 | 147857 |
| 4.25%, 05/15/29 *(a)* | 185000 | 181853 |
| 3.50%, 05/30/30 *(a)* | 90000 | 85011 |
| 2.60%, 01/15/32 *(a)* | 135000 | 116717 |
| 5.25%, 05/15/49 *(a)* | 200000 | 172392 |
| 3.55%, 01/15/52 *(a)* | 100000 | 64135 |
| **Lennar Corp.** | **Lennar Corp.** | **Lennar Corp.** |
| 5.00%, 06/15/27 *(a)* | 125000 | 125946 |
| 4.75%, 11/29/27 *(a)* | 250000 | 251833 |
| **LKQ Corp.** | **LKQ Corp.** | **LKQ Corp.** |
| 5.75%, 06/15/28 *(a)* | 290000 | 298946 |
| 6.25%, 06/15/33 *(a)* | 200000 | 211354 |
| **Lowe's Cos., Inc.** | **Lowe's Cos., Inc.** | **Lowe's Cos., Inc.** |
| 3.10%, 05/03/27 *(a)* | 510000 | 500244 |
| 1.30%, 04/15/28 *(a)* | 350000 | 324065 |
| 1.70%, 09/15/28 *(a)* | 200000 | 185070 |
| 6.50%, 03/15/29  | 166000 | 178108 |
| 3.65%, 04/05/29 *(a)* | 547000 | 534474 |
| 4.50%, 04/15/30 *(a)* | 415000 | 418183 |
| 1.70%, 10/15/30 *(a)* | 345000 | 300598 |
| 2.63%, 04/01/31 *(a)* | 525000 | 473681 |
| 3.75%, 04/01/32 *(a)* | 545000 | 514387 |
| 5.00%, 04/15/33 *(a)* | 425000 | 429683 |
| 5.15%, 07/01/33 *(a)* | 25000 | 25529 |
| 5.50%, 10/15/35  | 5000 | 5179 |
| 5.00%, 04/15/40 *(a)* | 200000 | 189250 |
| 2.80%, 09/15/41 *(a)* | 25000 | 17493 |
| 4.65%, 04/15/42 *(a)* | 200000 | 176432 |
| 4.38%, 09/15/45 *(a)* | 150000 | 123792 |
| 3.70%, 04/15/46 *(a)* | 475000 | 354264 |
| 4.05%, 05/03/47 *(a)* | 450000 | 350770 |
| 4.55%, 04/05/49 *(a)* | 180000 | 148522 |
| 5.13%, 04/15/50 *(a)* | 100000 | 89446 |
| 3.00%, 10/15/50 *(a)* | 520000 | 325385 |
| 3.50%, 04/01/51 *(a)* | 175000 | 120029 |
| 4.25%, 04/01/52 *(a)* | 405000 | 317241 |
| 5.63%, 04/15/53 *(a)* | 425000 | 409832 |
| 5.75%, 07/01/53 *(a)* | 145000 | 141954 |
| 4.45%, 04/01/62 *(a)* | 405000 | 314916 |
| 5.80%, 09/15/62 *(a)* | 300000 | 290625 |
| 5.85%, 04/01/63 *(a)* | 150000 | 146550 |
| **Magna International, Inc.** | **Magna International, Inc.** | **Magna International, Inc.** |
| 2.45%, 06/15/30 *(a)* | 125000 | 113325 |
| 5.50%, 03/21/33 *(a)* | 330000 | 338656 |
| **Marriott International, Inc.** | **Marriott International, Inc.** | **Marriott International, Inc.** |
| 5.45%, 09/15/26 *(a)* | 50000 | 50584 |
| 5.00%, 10/15/27 *(a)* | 250000 | 254190 |
| 4.65%, 12/01/28 *(a)* | 175000 | 176358 |
| 4.90%, 04/15/29 *(a)* | 200000 | 203628 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.88%, 05/15/29 *(a)* | 150000 | 152264 |
| 4.80%, 03/15/30 *(a)* | 150000 | 151602 |
| 4.63%, 06/15/30 *(a)* | 500000 | 501790 |
| 2.85%, 04/15/31 *(a)* | 325000 | 295288 |
| 3.50%, 10/15/32 *(a)* | 485000 | 441335 |
| 5.30%, 05/15/34 *(a)* | 300000 | 303963 |
| 5.35%, 03/15/35 *(a)* | 300000 | 302709 |
| 5.50%, 04/15/37 *(a)* | 500000 | 500525 |
| **McDonald's Corp.** | **McDonald's Corp.** | **McDonald's Corp.** |
| 3.50%, 03/01/27 *(a)* | 250000 | 247283 |
| 3.50%, 07/01/27 *(a)* | 250000 | 247025 |
| 3.80%, 04/01/28 *(a)* | 350000 | 347231 |
| 4.80%, 08/14/28 *(a)* | 150000 | 152867 |
| 5.00%, 05/17/29 *(a)* | 150000 | 154203 |
| 2.63%, 09/01/29 *(a)* | 300000 | 282066 |
| 2.13%, 03/01/30 *(a)* | 305000 | 277068 |
| 4.60%, 05/15/30 *(a)* | 150000 | 151688 |
| 3.60%, 07/01/30 *(a)* | 350000 | 338814 |
| 4.60%, 09/09/32 *(a)* | 290000 | 290592 |
| 4.95%, 08/14/33 *(a)* | 130000 | 132527 |
| 4.95%, 03/03/35 *(a)* | 265000 | 265106 |
| 4.70%, 12/09/35 *(a)* | 225000 | 219832 |
| 6.30%, 10/15/37  | 280000 | 306925 |
| 6.30%, 03/01/38  | 270000 | 295626 |
| 5.70%, 02/01/39  | 138000 | 143341 |
| 4.88%, 07/15/40  | 90000 | 85069 |
| 3.70%, 02/15/42  | 150000 | 119103 |
| 3.63%, 05/01/43  | 215000 | 166128 |
| 4.60%, 05/26/45 *(a)* | 125000 | 108645 |
| 4.88%, 12/09/45 *(a)* | 570000 | 515155 |
| 4.45%, 03/01/47 *(a)* | 140000 | 118455 |
| 4.45%, 09/01/48 *(a)* | 255000 | 213874 |
| 3.63%, 09/01/49 *(a)* | 545000 | 396253 |
| 4.20%, 04/01/50 *(a)* | 165000 | 131421 |
| 5.15%, 09/09/52 *(a)* | 250000 | 229628 |
| 5.45%, 08/14/53 *(a)* | 155000 | 149296 |
| **MDC Holdings, Inc.** | **MDC Holdings, Inc.** | **MDC Holdings, Inc.** |
| 3.85%, 01/15/30 *(a)* | 70000 | 66936 |
| 2.50%, 01/15/31 *(a)* | 150000 | 131723 |
| 6.00%, 01/15/43 *(a)* | 150000 | 135672 |
| 3.97%, 08/06/61 *(a)* | 175000 | 123433 |
| **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** |
| 8.50%, 01/18/31  | 450000 | 535297 |
| **Meritage Homes Corp.** | **Meritage Homes Corp.** | **Meritage Homes Corp.** |
| 5.13%, 06/06/27 *(a)* | 140000 | 141642 |
| **Nature Conservancy** | **Nature Conservancy** | **Nature Conservancy** |
| 3.96%, 03/01/52 *(a)* | 125000 | 97353 |
| **NIKE, Inc.** | **NIKE, Inc.** | **NIKE, Inc.** |
| 2.38%, 11/01/26 *(a)* | 310000 | 303490 |
| 2.75%, 03/27/27 *(a)* | 260000 | 254475 |
| 2.85%, 03/27/30 *(a)* | 500000 | 471390 |
| 3.25%, 03/27/40 *(a)* | 300000 | 239643 |
| 3.63%, 05/01/43 *(a)* | 115000 | 91555 |
| 3.88%, 11/01/45 *(a)* | 255000 | 203852 |
| 3.38%, 11/01/46 *(a)* | 245000 | 177610 |
| 3.38%, 03/27/50 *(a)* | 450000 | 319383 |
| **NVR, Inc.** | **NVR, Inc.** | **NVR, Inc.** |
| 3.00%, 05/15/30 *(a)* | 250000 | 232938 |
| **O'Reilly Automotive, Inc.** | **O'Reilly Automotive, Inc.** | **O'Reilly Automotive, Inc.** |
| 5.75%, 11/20/26 *(a)* | 200000 | 203664 |
| 3.60%, 09/01/27 *(a)* | 250000 | 246768 |
| 4.35%, 06/01/28 *(a)* | 209000 | 209723 |
| 3.90%, 06/01/29 *(a)* | 260000 | 255606 |
| 1.75%, 03/15/31 *(a)* | 250000 | 215113 |
| 5.00%, 08/19/34 *(a)* | 270000 | 268542 |

---

*See financial notes*

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

**57**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **PACCAR Financial Corp.** | **PACCAR Financial Corp.** | **PACCAR Financial Corp.** |
| 5.20%, 11/09/26  | 250000 | 253895 |
| 4.50%, 11/25/26  | 200000 | 201462 |
| 2.00%, 02/04/27  | 50000 | 48481 |
| 5.00%, 05/13/27  | 150000 | 152634 |
| 4.25%, 06/23/27  | 120000 | 120660 |
| 4.45%, 08/06/27  | 275000 | 278075 |
| 4.60%, 01/10/28  | 200000 | 202784 |
| 4.60%, 01/31/29  | 200000 | 202992 |
| 5.00%, 03/22/34  | 170000 | 173176 |
| **PulteGroup, Inc.** | **PulteGroup, Inc.** | **PulteGroup, Inc.** |
| 5.00%, 01/15/27 *(a)* | 135000 | 136040 |
| 7.88%, 06/15/32  | 110000 | 127801 |
| 6.38%, 05/15/33  | 140000 | 150324 |
| 6.00%, 02/15/35  | 125000 | 130989 |
| **PVH Corp.** | **PVH Corp.** | **PVH Corp.** |
| 5.50%, 06/13/30 *(a)* | 150000 | 151103 |
| **Ralph Lauren Corp.** | **Ralph Lauren Corp.** | **Ralph Lauren Corp.** |
| 2.95%, 06/15/30 *(a)* | 200000 | 187020 |
| 5.00%, 06/15/32 *(a)* | 150000 | 152417 |
| **Rockefeller Foundation** | **Rockefeller Foundation** | **Rockefeller Foundation** |
| 2.49%, 10/01/50 *(a)* | 325000 | 193651 |
| **Rollins, Inc.** | **Rollins, Inc.** | **Rollins, Inc.** |
| 5.25%, 02/24/35 *(a)* | 310000 | 311348 |
| **Ross Stores, Inc.** | **Ross Stores, Inc.** | **Ross Stores, Inc.** |
| 1.88%, 04/15/31 *(a)* | 250000 | 214510 |
| **Royal Caribbean Cruises Ltd.** | **Royal Caribbean Cruises Ltd.** | **Royal Caribbean Cruises Ltd.** |
| 7.50%, 10/15/27  | 245000 | 258963 |
| **Sands China Ltd.** | **Sands China Ltd.** | **Sands China Ltd.** |
| 2.30%, 03/08/27 *(a)(e)* | 140000 | 134424 |
| 5.40%, 08/08/28 *(a)(e)* | 440000 | 443630 |
| 2.85%, 03/08/29 *(a)(e)* | 270000 | 248154 |
| 4.38%, 06/18/30 *(a)(e)* | 200000 | 191370 |
| 3.25%, 08/08/31 *(a)(e)* | 295000 | 260411 |
| **Starbucks Corp.** | **Starbucks Corp.** | **Starbucks Corp.** |
| 4.85%, 02/08/27 *(a)* | 250000 | 252338 |
| 2.00%, 03/12/27 *(a)* | 250000 | 240805 |
| 3.50%, 03/01/28 *(a)* | 150000 | 147372 |
| 4.50%, 05/15/28 *(a)* | 200000 | 201038 |
| 4.00%, 11/15/28 *(a)* | 250000 | 248298 |
| 3.55%, 08/15/29 *(a)* | 305000 | 296887 |
| 2.25%, 03/12/30 *(a)* | 220000 | 199652 |
| 4.80%, 05/15/30 *(a)* | 100000 | 101274 |
| 2.55%, 11/15/30 *(a)* | 375000 | 340110 |
| 4.90%, 02/15/31 *(a)* | 100000 | 102178 |
| 3.00%, 02/14/32 *(a)* | 300000 | 271557 |
| 4.80%, 02/15/33 *(a)* | 190000 | 190466 |
| 5.00%, 02/15/34 *(a)* | 150000 | 151080 |
| 5.40%, 05/15/35 *(a)* | 100000 | 101958 |
| 4.30%, 06/15/45 *(a)* | 160000 | 130362 |
| 3.75%, 12/01/47 *(a)* | 185000 | 136870 |
| 4.50%, 11/15/48 *(a)* | 285000 | 237282 |
| 4.45%, 08/15/49 *(a)* | 305000 | 250780 |
| 3.35%, 03/12/50 *(a)* | 130000 | 87936 |
| 3.50%, 11/15/50 *(a)* | 300000 | 209217 |
| **Tapestry, Inc.** | **Tapestry, Inc.** | **Tapestry, Inc.** |
| 4.13%, 07/15/27 *(a)* | 195000 | 193754 |
| 3.05%, 03/15/32 *(a)* | 295000 | 263435 |
| 5.50%, 03/11/35 *(a)* | 250000 | 251115 |
| **Target Corp.** | **Target Corp.** | **Target Corp.** |
| 1.95%, 01/15/27 *(a)* | 300000 | 290748 |
| 4.35%, 06/15/28 *(a)* | 150000 | 150956 |
| 3.38%, 04/15/29 *(a)* | 345000 | 335878 |
| 2.35%, 02/15/30 *(a)* | 310000 | 286173 |
| 2.65%, 09/15/30 *(a)* | 195000 | 180365 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.50%, 09/15/32 *(a)* | 375000 | 373290 |
| 6.35%, 11/01/32  | 100000 | 111386 |
| 4.40%, 01/15/33 *(a)* | 150000 | 147945 |
| 5.25%, 02/15/36 *(a)* | 140000 | 141364 |
| 6.50%, 10/15/37  | 165000 | 185242 |
| 7.00%, 01/15/38  | 100000 | 116193 |
| 4.00%, 07/01/42  | 390000 | 328466 |
| 3.63%, 04/15/46  | 200000 | 151624 |
| 3.90%, 11/15/47 *(a)* | 200000 | 155166 |
| 2.95%, 01/15/52 *(a)* | 300000 | 190317 |
| 4.80%, 01/15/53 *(a)(c)* | 335000 | 297215 |
| **TJX Cos., Inc.** | **TJX Cos., Inc.** | **TJX Cos., Inc.** |
| 2.25%, 09/15/26 *(a)* | 400000 | 391860 |
| 1.15%, 05/15/28 *(a)* | 100000 | 92469 |
| 3.88%, 04/15/30 *(a)* | 250000 | 246860 |
| 4.50%, 04/15/50 *(a)* | 135000 | 118026 |
| **Toll Brothers Finance Corp.** | **Toll Brothers Finance Corp.** | **Toll Brothers Finance Corp.** |
| 4.88%, 03/15/27 *(a)* | 250000 | 250835 |
| 3.80%, 11/01/29 *(a)* | 100000 | 97085 |
| 5.60%, 06/15/35 *(a)* | 140000 | 141217 |
| **Toyota Motor Corp.** | **Toyota Motor Corp.** | **Toyota Motor Corp.** |
| 3.67%, 07/20/28  | 250000 | 248080 |
| 2.76%, 07/02/29  | 220000 | 208523 |
| 5.12%, 07/13/33 *(a)* | 340000 | 350142 |
| **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** |
| 4.55%, 08/07/26  | 200000 | 200758 |
| 5.00%, 08/14/26  | 75000 | 75654 |
| 5.40%, 11/20/26  | 300000 | 304887 |
| 3.20%, 01/11/27  | 450000 | 443988 |
| 5.00%, 03/19/27  | 275000 | 279078 |
| 3.05%, 03/22/27  | 550000 | 540276 |
| 1.15%, 08/13/27  | 425000 | 399751 |
| 4.55%, 09/20/27  | 440000 | 444699 |
| 4.35%, 10/08/27  | 320000 | 321469 |
| 5.45%, 11/10/27  | 125000 | 128696 |
| 3.05%, 01/11/28  | 250000 | 243493 |
| 4.63%, 01/12/28  | 325000 | 329066 |
| 1.90%, 04/06/28  | 195000 | 183914 |
| 5.25%, 09/11/28  | 250000 | 258143 |
| 4.65%, 01/05/29  | 265000 | 268376 |
| 3.65%, 01/08/29  | 200000 | 196300 |
| 5.05%, 05/16/29  | 250000 | 257000 |
| 4.45%, 06/29/29  | 200000 | 201488 |
| 4.55%, 08/09/29  | 250000 | 252300 |
| 2.15%, 02/13/30  | 250000 | 227300 |
| 3.38%, 04/01/30  | 400000 | 382692 |
| 4.80%, 05/15/30  | 200000 | 203280 |
| 5.55%, 11/20/30  | 300000 | 315987 |
| 1.65%, 01/10/31  | 315000 | 272062 |
| 5.10%, 03/21/31  | 255000 | 262224 |
| 1.90%, 09/12/31  | 175000 | 150330 |
| 4.60%, 10/10/31  | 200000 | 200500 |
| 4.70%, 01/12/33  | 250000 | 251125 |
| 4.80%, 01/05/34  | 225000 | 224996 |
| 5.35%, 01/09/35  | 200000 | 205474 |
| **Tractor Supply Co.** | **Tractor Supply Co.** | **Tractor Supply Co.** |
| 1.75%, 11/01/30 *(a)* | 200000 | 173524 |
| 5.25%, 05/15/33 *(a)* | 200000 | 204168 |
| **Uber Technologies, Inc.** | **Uber Technologies, Inc.** | **Uber Technologies, Inc.** |
| 4.30%, 01/15/30 *(a)* | 350000 | 348845 |
| 4.80%, 09/15/34 *(a)* | 450000 | 443331 |
| 5.35%, 09/15/54 *(a)* | 250000 | 234040 |
| **UL Solutions, Inc.** | **UL Solutions, Inc.** | **UL Solutions, Inc.** |
| 6.50%, 10/20/28 *(a)(d)* | 90000 | 94874 |

---

*See financial notes*

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

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **VICI Properties LP** | **VICI Properties LP** | **VICI Properties LP** |
| 4.75%, 02/15/28 *(a)* | 560000 | 563472 |
| 4.95%, 02/15/30 *(a)* | 300000 | 301893 |
| 5.13%, 11/15/31 *(a)* | 200000 | 200400 |
| 5.13%, 05/15/32 *(a)* | 430000 | 428671 |
| 5.63%, 04/01/35 *(a)* | 250000 | 252363 |
| 5.63%, 05/15/52 *(a)* | 250000 | 230798 |
| 6.13%, 04/01/54 *(a)* | 150000 | 148332 |
| **Walmart, Inc.** | **Walmart, Inc.** | **Walmart, Inc.** |
| 3.05%, 07/08/26 *(a)* | 215000 | 212876 |
| 1.05%, 09/17/26 *(a)* | 175000 | 169220 |
| 5.88%, 04/05/27  | 100000 | 103724 |
| 3.95%, 09/09/27 *(a)* | 100000 | 100110 |
| 3.90%, 04/15/28 *(a)* | 200000 | 200402 |
| 3.70%, 06/26/28 *(a)* | 550000 | 548245 |
| 1.50%, 09/22/28 *(a)* | 235000 | 217974 |
| 3.25%, 07/08/29 *(a)* | 350000 | 341260 |
| 2.38%, 09/24/29 *(a)* | 235000 | 220519 |
| 7.55%, 02/15/30  | 250000 | 286957 |
| 4.00%, 04/15/30 *(a)* | 85000 | 85142 |
| 1.80%, 09/22/31 *(a)* | 690000 | 601756 |
| 4.15%, 09/09/32 *(a)* | 530000 | 523969 |
| 4.10%, 04/15/33 *(a)* | 410000 | 400980 |
| 4.90%, 04/28/35 *(a)* | 420000 | 425548 |
| 5.25%, 09/01/35  | 465000 | 488664 |
| 6.50%, 08/15/37  | 285000 | 327784 |
| 6.20%, 04/15/38  | 400000 | 450212 |
| 3.95%, 06/28/38 *(a)* | 165000 | 151732 |
| 5.63%, 04/01/40  | 270000 | 288263 |
| 5.00%, 10/25/40  | 150000 | 151929 |
| 5.63%, 04/15/41  | 175000 | 186022 |
| 2.50%, 09/22/41 *(a)* | 250000 | 176665 |
| 4.00%, 04/11/43 *(a)* | 185000 | 157801 |
| 4.30%, 04/22/44 *(a)* | 165000 | 147168 |
| 3.63%, 12/15/47 *(a)* | 150000 | 116802 |
| 4.05%, 06/29/48 *(a)* | 560000 | 464066 |
| 2.95%, 09/24/49 *(a)* | 285000 | 192857 |
| 2.65%, 09/22/51 *(a)* | 285000 | 178307 |
| 4.50%, 04/15/53 *(a)* | 495000 | 434293 |
|  |  | **141581595** |
| ***Consumer Non-Cyclical 3.5%***  | ***Consumer Non-Cyclical 3.5%***  | ***Consumer Non-Cyclical 3.5%***  |
| **Abbott Laboratories** | **Abbott Laboratories** | **Abbott Laboratories** |
| 3.75%, 11/30/26 *(a)* | 503000 | 501597 |
| 1.15%, 01/30/28 *(a)* | 150000 | 140375 |
| 1.40%, 06/30/30 *(a)* | 100000 | 88035 |
| 4.75%, 11/30/36 *(a)* | 500000 | 497595 |
| 6.15%, 11/30/37  | 150000 | 166527 |
| 6.00%, 04/01/39  | 160000 | 176091 |
| 5.30%, 05/27/40  | 195000 | 199321 |
| 4.75%, 04/15/43 *(a)* | 200000 | 190034 |
| 4.90%, 11/30/46 *(a)* | 925000 | 875688 |
| **AbbVie, Inc.** | **AbbVie, Inc.** | **AbbVie, Inc.** |
| 2.95%, 11/21/26 *(a)* | 1100000 | 1082257 |
| 4.80%, 03/15/27 *(a)* | 685000 | 692035 |
| 4.65%, 03/15/28 *(a)* | 375000 | 380595 |
| 4.25%, 11/14/28 *(a)* | 535000 | 537787 |
| 4.80%, 03/15/29 *(a)* | 700000 | 714147 |
| 3.20%, 11/21/29 *(a)* | 1620000 | 1549757 |
| 4.88%, 03/15/30 *(a)* | 300000 | 307377 |
| 4.95%, 03/15/31 *(a)* | 550000 | 564932 |
| 5.05%, 03/15/34 *(a)* | 890000 | 906839 |
| 4.55%, 03/15/35 *(a)* | 550000 | 534743 |
| 5.20%, 03/15/35 *(a)* | 300000 | 306783 |
| 4.50%, 05/14/35 *(a)* | 730000 | 705727 |
| 4.30%, 05/14/36 *(a)* | 300000 | 283323 |
| 4.05%, 11/21/39 *(a)* | 1170000 | 1025891 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.63%, 10/01/42 *(a)* | 155000 | 139852 |
| 4.40%, 11/06/42  | 750000 | 660022 |
| 5.35%, 03/15/44 *(a)* | 200000 | 196594 |
| 4.85%, 06/15/44 *(a)* | 325000 | 299985 |
| 4.75%, 03/15/45 *(a)* | 258000 | 233227 |
| 4.70%, 05/14/45 *(a)* | 735000 | 659486 |
| 4.45%, 05/14/46 *(a)* | 560000 | 483090 |
| 4.88%, 11/14/48 *(a)* | 500000 | 454085 |
| 4.25%, 11/21/49 *(a)* | 1725000 | 1422625 |
| 5.40%, 03/15/54 *(a)* | 900000 | 876141 |
| 5.60%, 03/15/55 *(a)* | 35000 | 35054 |
| 5.50%, 03/15/64 *(a)* | 430000 | 417418 |
| **AdventHealth Obligated Group** | **AdventHealth Obligated Group** | **AdventHealth Obligated Group** |
| 2.80%, 11/15/51 *(a)* | 150000 | 92918 |
| **Adventist Health System** | **Adventist Health System** | **Adventist Health System** |
| 5.43%, 03/01/32 *(a)* | 55000 | 55663 |
| 5.76%, 12/01/34 *(a)* | 115000 | 115332 |
| 3.63%, 03/01/49 *(a)(c)* | 145000 | 98229 |
| **Advocate Health & Hospitals Corp.** | **Advocate Health & Hospitals Corp.** | **Advocate Health & Hospitals Corp.** |
| 3.83%, 08/15/28 *(a)* | 100000 | 98965 |
| 2.21%, 06/15/30 *(a)* | 160000 | 144909 |
| 4.27%, 08/15/48 *(a)* | 170000 | 141025 |
| 3.39%, 10/15/49 *(a)* | 150000 | 106847 |
| 3.01%, 06/15/50 *(a)* | 55000 | 36449 |
| **Agilent Technologies, Inc.** | **Agilent Technologies, Inc.** | **Agilent Technologies, Inc.** |
| 2.75%, 09/15/29 *(a)* | 275000 | 257667 |
| 2.10%, 06/04/30 *(a)* | 150000 | 134448 |
| 2.30%, 03/12/31 *(a)* | 275000 | 243862 |
| 4.75%, 09/09/34 *(a)* | 200000 | 197010 |
| **Ahold Finance USA LLC** | **Ahold Finance USA LLC** | **Ahold Finance USA LLC** |
| 6.88%, 05/01/29  | 150000 | 163098 |
| **AHS Hospital Corp.** | **AHS Hospital Corp.** | **AHS Hospital Corp.** |
| 5.02%, 07/01/45  | 130000 | 121880 |
| 2.78%, 07/01/51 *(a)* | 150000 | 92679 |
| **Allina Health System** | **Allina Health System** | **Allina Health System** |
| 3.89%, 04/15/49 *(a)* | 100000 | 76218 |
| 2.90%, 11/15/51 *(a)* | 125000 | 76276 |
| **Altria Group, Inc.** | **Altria Group, Inc.** | **Altria Group, Inc.** |
| 2.63%, 09/16/26 *(a)* | 100000 | 98060 |
| 6.20%, 11/01/28 *(a)* | 165000 | 174243 |
| 4.80%, 02/14/29 *(a)* | 695000 | 703264 |
| 3.40%, 05/06/30 *(a)* | 290000 | 275674 |
| 2.45%, 02/04/32 *(a)* | 560000 | 483252 |
| 5.63%, 02/06/35 *(a)* | 150000 | 153188 |
| 5.80%, 02/14/39 *(a)* | 550000 | 557700 |
| 3.40%, 02/04/41 *(a)* | 455000 | 337605 |
| 4.25%, 08/09/42  | 275000 | 224161 |
| 4.50%, 05/02/43  | 300000 | 250338 |
| 5.38%, 01/31/44  | 400000 | 378468 |
| 3.88%, 09/16/46 *(a)* | 505000 | 373740 |
| 5.95%, 02/14/49 *(a)* | 780000 | 777949 |
| 4.45%, 05/06/50 *(a)* | 160000 | 125896 |
| 3.70%, 02/04/51 *(a)* | 400000 | 277380 |
| 4.00%, 02/04/61 *(a)(c)* | 275000 | 194499 |
| **Amgen, Inc.** | **Amgen, Inc.** | **Amgen, Inc.** |
| 2.60%, 08/19/26 *(a)* | 450000 | 441949 |
| 2.20%, 02/21/27 *(a)* | 475000 | 459795 |
| 3.20%, 11/02/27 *(a)* | 200000 | 194910 |
| 5.15%, 03/02/28 *(a)* | 1050000 | 1073173 |
| 1.65%, 08/15/28 *(a)* | 250000 | 231183 |
| 3.00%, 02/22/29 *(a)* | 250000 | 238958 |
| 4.05%, 08/18/29 *(a)* | 445000 | 439971 |
| 2.45%, 02/21/30 *(a)* | 400000 | 366456 |
| 5.25%, 03/02/30 *(a)* | 750000 | 773587 |
| 2.30%, 02/25/31 *(a)* | 380000 | 338173 |
| 2.00%, 01/15/32 *(a)* | 300000 | 256329 |

---

*See financial notes*

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

**59**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.35%, 02/22/32 *(a)* | 360000 | 333662 |
| 4.20%, 03/01/33 *(a)* | 260000 | 250234 |
| 5.25%, 03/02/33 *(a)* | 1250000 | 1280925 |
| 6.40%, 02/01/39  | 125000 | 136760 |
| 3.15%, 02/21/40 *(a)* | 575000 | 443129 |
| 5.75%, 03/15/40  | 100000 | 102914 |
| 2.80%, 08/15/41 *(a)* | 230000 | 166147 |
| 4.95%, 10/01/41  | 125000 | 115268 |
| 5.15%, 11/15/41 *(a)* | 221000 | 208728 |
| 5.65%, 06/15/42 *(a)* | 115000 | 114841 |
| 5.60%, 03/02/43 *(a)* | 750000 | 744675 |
| 4.40%, 05/01/45 *(a)* | 650000 | 553767 |
| 4.56%, 06/15/48 *(a)* | 400000 | 340924 |
| 3.38%, 02/21/50 *(a)* | 580000 | 408726 |
| 4.66%, 06/15/51 *(a)* | 975000 | 835341 |
| 3.00%, 01/15/52 *(a)* | 320000 | 206426 |
| 4.20%, 02/22/52 *(a)* | 275000 | 215402 |
| 4.88%, 03/01/53 *(a)* | 315000 | 275710 |
| 5.65%, 03/02/53 *(a)* | 1245000 | 1217124 |
| 2.77%, 09/01/53 *(a)* | 372000 | 221035 |
| 4.40%, 02/22/62 *(a)* | 355000 | 277191 |
| 5.75%, 03/02/63 *(a)* | 800000 | 779360 |
| **Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.** |
| 4.70%, 02/01/36 *(a)* | 1390000 | 1357196 |
| 4.90%, 02/01/46 *(a)* | 2510000 | 2302875 |
| **Anheuser-Busch InBev Finance, Inc.** | **Anheuser-Busch InBev Finance, Inc.** | **Anheuser-Busch InBev Finance, Inc.** |
| 4.70%, 02/01/36 *(a)* | 232000 | 226448 |
| 4.63%, 02/01/44  | 210000 | 189937 |
| 4.90%, 02/01/46 *(a)* | 425000 | 388016 |
| **Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch InBev Worldwide, Inc.** |
| 4.75%, 01/23/29 *(a)* | 900000 | 916371 |
| 3.50%, 06/01/30 *(a)* | 455000 | 439184 |
| 4.90%, 01/23/31 *(a)* | 250000 | 257290 |
| 5.00%, 06/15/34 *(a)* | 300000 | 306414 |
| 5.88%, 06/15/35  | 115000 | 123772 |
| 4.38%, 04/15/38 *(a)* | 165000 | 154031 |
| 8.20%, 01/15/39  | 345000 | 440682 |
| 5.45%, 01/23/39 *(a)* | 565000 | 575464 |
| 8.00%, 11/15/39  | 140000 | 177407 |
| 4.95%, 01/15/42  | 490000 | 462927 |
| 4.60%, 04/15/48 *(a)* | 240000 | 213744 |
| 4.44%, 10/06/48 *(a)* | 535000 | 455392 |
| 5.55%, 01/23/49 *(a)* | 1200000 | 1194996 |
| 4.50%, 06/01/50 *(a)* | 205000 | 182122 |
| 4.75%, 04/15/58 *(a)* | 220000 | 193503 |
| 5.80%, 01/23/59 *(a)* | 600000 | 615120 |
| **Archer-Daniels-Midland Co.** | **Archer-Daniels-Midland Co.** | **Archer-Daniels-Midland Co.** |
| 2.50%, 08/11/26 *(a)* | 450000 | 442035 |
| 3.25%, 03/27/30 *(a)* | 250000 | 238760 |
| 2.90%, 03/01/32 *(a)* | 85000 | 76765 |
| 5.38%, 09/15/35  | 220000 | 229572 |
| 4.54%, 03/26/42  | 160000 | 142984 |
| 4.02%, 04/16/43  | 110000 | 90729 |
| 3.75%, 09/15/47 *(a)* | 190000 | 143330 |
| 4.50%, 03/15/49 *(a)* | 50000 | 42860 |
| 2.70%, 09/15/51 *(a)* | 250000 | 152565 |
| **Ascension Health** | **Ascension Health** | **Ascension Health** |
| 2.53%, 11/15/29 *(a)* | 270000 | 251983 |
| 3.11%, 11/15/39 *(a)* | 170000 | 133028 |
| 3.95%, 11/15/46  | 350000 | 280815 |
| 4.85%, 11/15/53  | 125000 | 111130 |
| **Astrazeneca Finance LLC** | **Astrazeneca Finance LLC** | **Astrazeneca Finance LLC** |
| 4.80%, 02/26/27 *(a)* | 350000 | 354046 |
| 4.88%, 03/03/28 *(a)* | 300000 | 306675 |
| 1.75%, 05/28/28 *(a)* | 350000 | 328391 |
| 4.85%, 02/26/29 *(a)* | 450000 | 460206 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.90%, 03/03/30 *(a)* | 200000 | 205326 |
| 4.90%, 02/26/31 *(a)* | 300000 | 308454 |
| 2.25%, 05/28/31 *(a)* | 240000 | 214879 |
| 5.00%, 02/26/34 *(a)* | 465000 | 474365 |
| **AstraZeneca PLC** | **AstraZeneca PLC** | **AstraZeneca PLC** |
| 3.13%, 06/12/27 *(a)* | 140000 | 137918 |
| 4.00%, 01/17/29 *(a)* | 235000 | 234196 |
| 1.38%, 08/06/30 *(a)* | 480000 | 416962 |
| 6.45%, 09/15/37  | 750000 | 842745 |
| 4.00%, 09/18/42  | 350000 | 297220 |
| 4.38%, 11/16/45  | 260000 | 226543 |
| 4.38%, 08/17/48 *(a)* | 250000 | 213975 |
| 2.13%, 08/06/50 *(a)* | 230000 | 128280 |
| 3.00%, 05/28/51 *(a)* | 250000 | 167785 |
| **Banner Health** | **Banner Health** | **Banner Health** |
| 2.34%, 01/01/30 *(a)* | 145000 | 133229 |
| 1.90%, 01/01/31 *(a)* | 135000 | 118413 |
| 2.91%, 01/01/42 *(a)* | 100000 | 71095 |
| 3.18%, 01/01/50 *(a)* | 25000 | 16837 |
| 2.91%, 01/01/51 *(a)* | 100000 | 63603 |
| **Baptist Health South Florida Foundation, Inc.** | **Baptist Health South Florida Foundation, Inc.** | **Baptist Health South Florida Foundation, Inc.** |
| 3.12%, 11/15/71 *(a)* | 50000 | 29115 |
| **Baptist Healthcare System Obligated Group** | **Baptist Healthcare System Obligated Group** | **Baptist Healthcare System Obligated Group** |
| Series 20B <br>3.54%, 08/15/50 *(a)*<br>| 160000 | 109709 |
| **BAT Capital Corp.** | **BAT Capital Corp.** | **BAT Capital Corp.** |
| 3.22%, 09/06/26 *(a)* | 395000 | 389620 |
| 4.70%, 04/02/27 *(a)* | 250000 | 251320 |
| 3.56%, 08/15/27 *(a)* | 715000 | 703717 |
| 2.26%, 03/25/28 *(a)* | 540000 | 511007 |
| 3.46%, 09/06/29 *(a)* | 200000 | 192268 |
| 4.91%, 04/02/30 *(a)* | 300000 | 304104 |
| 6.34%, 08/02/30 *(a)* | 200000 | 215654 |
| 2.73%, 03/25/31 *(a)* | 400000 | 360520 |
| 4.74%, 03/16/32 *(a)* | 345000 | 342923 |
| 5.35%, 08/15/32 *(a)* | 250000 | 256067 |
| 7.75%, 10/19/32 *(a)* | 250000 | 289152 |
| 6.42%, 08/02/33 *(a)* | 275000 | 299725 |
| 6.00%, 02/20/34 *(a)* | 300000 | 316548 |
| 5.63%, 08/15/35 *(a)* | 250000 | 254515 |
| 4.39%, 08/15/37 *(a)* | 765000 | 684882 |
| 3.73%, 09/25/40 *(a)* | 115000 | 90929 |
| 7.08%, 08/02/43 *(a)* | 200000 | 221088 |
| 4.54%, 08/15/47 *(a)* | 715000 | 578006 |
| 4.76%, 09/06/49 *(a)* | 300000 | 247860 |
| 5.28%, 04/02/50 *(a)* | 225000 | 199366 |
| 5.65%, 03/16/52 *(a)* | 160000 | 149352 |
| 7.08%, 08/02/53 *(a)* | 330000 | 368158 |
| **BAT International Finance PLC** | **BAT International Finance PLC** | **BAT International Finance PLC** |
| 4.45%, 03/16/28 *(a)* | 300000 | 300771 |
| 5.93%, 02/02/29 *(a)* | 300000 | 315024 |
| **Baxalta, Inc.** | **Baxalta, Inc.** | **Baxalta, Inc.** |
| 5.25%, 06/23/45 *(a)* | 173000 | 161378 |
| **Baxter International, Inc.** | **Baxter International, Inc.** | **Baxter International, Inc.** |
| 2.60%, 08/15/26 *(a)* | 225000 | 220784 |
| 1.92%, 02/01/27 *(a)* | 415000 | 399703 |
| 2.27%, 12/01/28 *(a)* | 450000 | 419251 |
| 3.95%, 04/01/30 *(a)* | 110000 | 107560 |
| 1.73%, 04/01/31 *(a)* | 200000 | 170900 |
| 2.54%, 02/01/32 *(a)* | 450000 | 392890 |
| 3.50%, 08/15/46 *(a)* | 170000 | 121735 |
| 3.13%, 12/01/51 *(a)* | 165000 | 105628 |
| **BayCare Health System, Inc.** | **BayCare Health System, Inc.** | **BayCare Health System, Inc.** |
| Series 2020 <br>3.83%, 11/15/50 *(a)*<br>| 170000 | 130409 |

---

*See financial notes*

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

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Baylor Scott & White Holdings** | **Baylor Scott & White Holdings** | **Baylor Scott & White Holdings** |
| 1.78%, 11/15/30 *(a)* | 170000 | 149569 |
| 4.19%, 11/15/45 *(a)* | 100000 | 83437 |
| 3.97%, 11/15/46 *(a)* | 110000 | 88190 |
| 2.84%, 11/15/50 *(a)* | 225000 | 142988 |
| **Becton Dickinson & Co.** | **Becton Dickinson & Co.** | **Becton Dickinson & Co.** |
| 3.70%, 06/06/27 *(a)* | 621000 | 614250 |
| 4.69%, 02/13/28 *(a)* | 290000 | 292914 |
| 4.87%, 02/08/29 *(a)* | 200000 | 202840 |
| 2.82%, 05/20/30 *(a)* | 325000 | 300947 |
| 1.96%, 02/11/31 *(a)* | 325000 | 282149 |
| 5.11%, 02/08/34 *(a)* | 100000 | 100307 |
| 4.69%, 12/15/44 *(a)* | 375000 | 326974 |
| 4.67%, 06/06/47 *(a)* | 450000 | 386860 |
| 3.79%, 05/20/50 *(a)* | 150000 | 111876 |
| **Beth Israel Lahey Health, Inc.** | **Beth Israel Lahey Health, Inc.** | **Beth Israel Lahey Health, Inc.** |
| 3.08%, 07/01/51 *(a)* | 150000 | 93557 |
| **Biogen, Inc.** | **Biogen, Inc.** | **Biogen, Inc.** |
| 2.25%, 05/01/30 *(a)* | 500000 | 450675 |
| 5.05%, 01/15/31 *(a)* | 100000 | 101838 |
| 5.20%, 09/15/45 *(a)* | 165000 | 148723 |
| 3.15%, 05/01/50 *(a)* | 525000 | 331165 |
| 3.25%, 02/15/51 *(a)* | 345000 | 221714 |
| 6.45%, 05/15/55 *(a)* | 200000 | 206082 |
| **Bio-Rad Laboratories, Inc.** | **Bio-Rad Laboratories, Inc.** | **Bio-Rad Laboratories, Inc.** |
| 3.30%, 03/15/27 *(a)* | 165000 | 161857 |
| 3.70%, 03/15/32 *(a)* | 250000 | 230580 |
| **Bon Secours Mercy Health, Inc.** | **Bon Secours Mercy Health, Inc.** | **Bon Secours Mercy Health, Inc.** |
| 3.46%, 06/01/30 *(a)* | 105000 | 100938 |
| **Boston Scientific Corp.** | **Boston Scientific Corp.** | **Boston Scientific Corp.** |
| 4.00%, 03/01/28 *(a)* | 50000 | 50178 |
| 2.65%, 06/01/30 *(a)* | 350000 | 324145 |
| 6.50%, 11/15/35 *(g)* | 175000 | 196303 |
| 4.55%, 03/01/39 *(a)* | 135000 | 128107 |
| 7.38%, 01/15/40  | 100000 | 121307 |
| 4.70%, 03/01/49 *(a)* | 140000 | 126050 |
| **Bristol-Myers Squibb Co.** | **Bristol-Myers Squibb Co.** | **Bristol-Myers Squibb Co.** |
| 4.90%, 02/22/27 *(a)* | 300000 | 304002 |
| 3.25%, 02/27/27  | 150000 | 148163 |
| 1.13%, 11/13/27 *(a)* | 300000 | 281151 |
| 3.45%, 11/15/27 *(a)* | 150000 | 148193 |
| 3.90%, 02/20/28 *(a)* | 400000 | 398284 |
| 4.90%, 02/22/29 *(a)* | 500000 | 512155 |
| 3.40%, 07/26/29 *(a)* | 705000 | 683455 |
| 1.45%, 11/13/30 *(a)* | 360000 | 311764 |
| 5.75%, 02/01/31 *(a)* | 280000 | 298530 |
| 5.10%, 02/22/31 *(a)* | 355000 | 367606 |
| 2.95%, 03/15/32 *(a)* | 250000 | 226853 |
| 5.90%, 11/15/33 *(a)* | 385000 | 414233 |
| 5.20%, 02/22/34 *(a)* | 750000 | 768442 |
| 4.13%, 06/15/39 *(a)* | 665000 | 592129 |
| 2.35%, 11/13/40 *(a)* | 300000 | 206547 |
| 3.55%, 03/15/42 *(a)* | 300000 | 237402 |
| 3.25%, 08/01/42  | 235000 | 176076 |
| 5.50%, 02/22/44 *(a)* | 200000 | 198666 |
| 4.50%, 03/01/44 *(a)* | 50000 | 43642 |
| 4.63%, 05/15/44 *(a)* | 220000 | 195488 |
| 5.00%, 08/15/45 *(a)* | 200000 | 185538 |
| 4.35%, 11/15/47 *(a)* | 350000 | 293020 |
| 4.55%, 02/20/48 *(a)* | 406000 | 349688 |
| 4.25%, 10/26/49 *(a)* | 1100000 | 892078 |
| 2.55%, 11/13/50 *(a)* | 450000 | 263214 |
| 3.70%, 03/15/52 *(a)* | 520000 | 379496 |
| 6.25%, 11/15/53 *(a)* | 265000 | 284096 |
| 5.55%, 02/22/54 *(a)* | 825000 | 805060 |
| 3.90%, 03/15/62 *(a)* | 300000 | 215205 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.40%, 11/15/63 *(a)* | 330000 | 357697 |
| 5.65%, 02/22/64 *(a)* | 525000 | 510615 |
| **Brown-Forman Corp.** | **Brown-Forman Corp.** | **Brown-Forman Corp.** |
| 4.00%, 04/15/38 *(a)* | 90000 | 79302 |
| 4.50%, 07/15/45 *(a)* | 175000 | 151328 |
| **Brunswick Corp.** | **Brunswick Corp.** | **Brunswick Corp.** |
| 2.40%, 08/18/31 *(a)* | 215000 | 183055 |
| 4.40%, 09/15/32 *(a)* | 160000 | 149558 |
| 5.10%, 04/01/52 *(a)* | 100000 | 76863 |
| **Bunge Ltd. Finance Corp.** | **Bunge Ltd. Finance Corp.** | **Bunge Ltd. Finance Corp.** |
| 3.25%, 08/15/26 *(a)* | 200000 | 197600 |
| 3.75%, 09/25/27 *(a)* | 290000 | 287578 |
| 4.20%, 09/17/29 *(a)* | 250000 | 247282 |
| 2.75%, 05/14/31 *(a)* | 350000 | 317082 |
| 4.65%, 09/17/34 *(a)* | 210000 | 203805 |
| **Campbell's Co.** | **Campbell's Co.** | **Campbell's Co.** |
| 5.20%, 03/19/27  | 150000 | 152229 |
| 4.15%, 03/15/28 *(a)* | 275000 | 274035 |
| 5.20%, 03/21/29 *(a)* | 150000 | 153600 |
| 2.38%, 04/24/30 *(a)* | 250000 | 226663 |
| 5.40%, 03/21/34 *(a)* | 250000 | 254025 |
| 4.80%, 03/15/48 *(a)* | 265000 | 231191 |
| 3.13%, 04/24/50 *(a)* | 125000 | 81365 |
| 5.25%, 10/13/54 *(a)* | 100000 | 91294 |
| **Cardinal Health, Inc.** | **Cardinal Health, Inc.** | **Cardinal Health, Inc.** |
| 3.41%, 06/15/27 *(a)* | 440000 | 433721 |
| 5.13%, 02/15/29 *(a)* | 150000 | 153830 |
| 5.00%, 11/15/29 *(a)* | 225000 | 229554 |
| 5.45%, 02/15/34 *(a)* | 125000 | 128706 |
| 5.35%, 11/15/34 *(a)* | 300000 | 306108 |
| 4.50%, 11/15/44 *(a)* | 100000 | 84157 |
| 4.90%, 09/15/45 *(a)* | 160000 | 142162 |
| 4.37%, 06/15/47 *(a)* | 175000 | 143045 |
| 5.75%, 11/15/54 *(a)* | 200000 | 197488 |
| **Catholic Health Services of Long Island Obligated Group** | **Catholic Health Services of Long Island Obligated Group** | **Catholic Health Services of Long Island Obligated Group** |
| 3.37%, 07/01/50 *(a)* | 165000 | 110703 |
| **Cedars-Sinai Health System** | **Cedars-Sinai Health System** | **Cedars-Sinai Health System** |
| 2.29%, 08/15/31 *(a)* | 175000 | 153136 |
| **Cencora, Inc.** | **Cencora, Inc.** | **Cencora, Inc.** |
| 3.45%, 12/15/27 *(a)* | 300000 | 294444 |
| 4.63%, 12/15/27 *(a)* | 45000 | 45397 |
| 4.85%, 12/15/29 *(a)* | 200000 | 203206 |
| 2.80%, 05/15/30 *(a)* | 100000 | 92977 |
| 2.70%, 03/15/31 *(a)* | 300000 | 271197 |
| 5.13%, 02/15/34 *(a)* | 150000 | 151262 |
| 5.15%, 02/15/35 *(a)* | 255000 | 257532 |
| 4.25%, 03/01/45 *(a)* | 170000 | 139937 |
| 4.30%, 12/15/47 *(a)* | 105000 | 85134 |
| **Children's Health System of Texas** | **Children's Health System of Texas** | **Children's Health System of Texas** |
| 2.51%, 08/15/50 *(a)* | 130000 | 76105 |
| **Children's Hospital** | **Children's Hospital** | **Children's Hospital** |
| 2.93%, 07/15/50 *(a)* | 125000 | 78643 |
| **Children's Hospital Corp.** | **Children's Hospital Corp.** | **Children's Hospital Corp.** |
| 4.12%, 01/01/47 *(a)* | 120000 | 98742 |
| 2.59%, 02/01/50 *(a)* | 110000 | 66531 |
| **Children's Hospital Medical Center** | **Children's Hospital Medical Center** | **Children's Hospital Medical Center** |
| 4.27%, 05/15/44  | 100000 | 85244 |
| **Children's Hospital of Philadelphia** | **Children's Hospital of Philadelphia** | **Children's Hospital of Philadelphia** |
| 2.70%, 07/01/50 *(a)* | 190000 | 115889 |
| **CHRISTUS Health** | **CHRISTUS Health** | **CHRISTUS Health** |
| 4.34%, 07/01/28 *(a)* | 150000 | 150206 |

---

*See financial notes*

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

**61**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Church & Dwight Co., Inc.** | **Church & Dwight Co., Inc.** | **Church & Dwight Co., Inc.** |
| 3.15%, 08/01/27 *(a)* | 200000 | 196126 |
| 5.60%, 11/15/32 *(a)* | 220000 | 231766 |
| 5.00%, 06/15/52 *(a)* | 205000 | 185420 |
| **Cigna Group** | **Cigna Group** | **Cigna Group** |
| 3.40%, 03/01/27 *(a)* | 435000 | 429014 |
| 3.05%, 10/15/27 *(a)* | 191000 | 186181 |
| 4.38%, 10/15/28 *(a)* | 1075000 | 1076698 |
| 5.00%, 05/15/29 *(a)* | 350000 | 358099 |
| 2.40%, 03/15/30 *(a)* | 500000 | 456420 |
| 2.38%, 03/15/31 *(a)* | 450000 | 400549 |
| 5.13%, 05/15/31 *(a)* | 250000 | 257307 |
| 5.25%, 02/15/34 *(a)* | 350000 | 355855 |
| 4.80%, 08/15/38 *(a)* | 680000 | 639418 |
| 3.20%, 03/15/40 *(a)* | 150000 | 114839 |
| 6.13%, 11/15/41  | 145000 | 150967 |
| 4.80%, 07/15/46 *(a)* | 450000 | 392256 |
| 3.88%, 10/15/47 *(a)* | 304000 | 228581 |
| 4.90%, 12/15/48 *(a)* | 905000 | 791323 |
| 3.40%, 03/15/50 *(a)* | 375000 | 254486 |
| 3.40%, 03/15/51 *(a)* | 425000 | 286042 |
| 5.60%, 02/15/54 *(a)* | 370000 | 354593 |
| **City of Hope** | **City of Hope** | **City of Hope** |
| 5.62%, 11/15/43  | 100000 | 96602 |
| 4.38%, 08/15/48 *(a)* | 120000 | 95528 |
| **Cleveland Clinic Foundation** | **Cleveland Clinic Foundation** | **Cleveland Clinic Foundation** |
| 4.86%, 01/01/14  | 45000 | 37991 |
| **Clorox Co.** | **Clorox Co.** | **Clorox Co.** |
| 3.10%, 10/01/27 *(a)* | 135000 | 131961 |
| 3.90%, 05/15/28 *(a)* | 175000 | 173649 |
| 4.40%, 05/01/29 *(a)* | 150000 | 150675 |
| 1.80%, 05/15/30 *(a)* | 150000 | 132590 |
| 4.60%, 05/01/32 *(a)* | 200000 | 200096 |
| **Coca-Cola Co.** | **Coca-Cola Co.** | **Coca-Cola Co.** |
| 3.38%, 03/25/27  | 400000 | 396816 |
| 2.90%, 05/25/27  | 150000 | 147332 |
| 1.45%, 06/01/27  | 500000 | 477515 |
| 1.50%, 03/05/28  | 120000 | 112902 |
| 1.00%, 03/15/28  | 400000 | 371404 |
| 2.13%, 09/06/29  | 300000 | 278643 |
| 3.45%, 03/25/30  | 400000 | 388820 |
| 1.65%, 06/01/30  | 450000 | 399402 |
| 2.00%, 03/05/31  | 305000 | 271456 |
| 1.38%, 03/15/31  | 400000 | 343708 |
| 2.25%, 01/05/32  | 505000 | 447284 |
| 5.00%, 05/13/34 *(a)* | 250000 | 257615 |
| 4.65%, 08/14/34 *(a)* | 225000 | 226325 |
| 2.50%, 06/01/40  | 350000 | 255521 |
| 2.88%, 05/05/41  | 100000 | 75216 |
| 4.20%, 03/25/50  | 305000 | 255648 |
| 2.60%, 06/01/50  | 505000 | 311605 |
| 3.00%, 03/05/51  | 615000 | 410918 |
| 5.30%, 05/13/54 *(a)* | 330000 | 321453 |
| 5.20%, 01/14/55 *(a)* | 450000 | 431086 |
| 2.75%, 06/01/60  | 175000 | 104559 |
| 5.40%, 05/13/64 *(a)* | 415000 | 405858 |
| **Coca-Cola Consolidated, Inc.** | **Coca-Cola Consolidated, Inc.** | **Coca-Cola Consolidated, Inc.** |
| 5.45%, 06/01/34 *(a)* | 200000 | 206286 |
| **Coca-Cola Femsa SAB de CV** | **Coca-Cola Femsa SAB de CV** | **Coca-Cola Femsa SAB de CV** |
| 2.75%, 01/22/30 *(a)* | 290000 | 271028 |
| 1.85%, 09/01/32 *(a)* | 250000 | 204825 |
| 5.25%, 11/26/43  | 230000 | 217778 |
| **Colgate-Palmolive Co.** | **Colgate-Palmolive Co.** | **Colgate-Palmolive Co.** |
| 3.10%, 08/15/27 *(a)* | 200000 | 196688 |
| 3.25%, 08/15/32 *(a)* | 250000 | 232203 |
| 4.60%, 03/01/33 *(a)* | 150000 | 151859 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.00%, 08/15/45  | 200000 | 168368 |
| 3.70%, 08/01/47 *(a)* | 147000 | 115799 |
| **CommonSpirit Health** | **CommonSpirit Health** | **CommonSpirit Health** |
| 6.07%, 11/01/27 *(a)* | 150000 | 155418 |
| 3.35%, 10/01/29 *(a)* | 325000 | 310905 |
| 2.78%, 10/01/30 *(a)* | 120000 | 110080 |
| 5.21%, 12/01/31 *(a)* | 250000 | 256660 |
| 5.32%, 12/01/34 *(a)* | 225000 | 226463 |
| 4.35%, 11/01/42  | 280000 | 235124 |
| 3.82%, 10/01/49 *(a)* | 220000 | 162560 |
| 4.19%, 10/01/49 *(a)* | 295000 | 229371 |
| 3.91%, 10/01/50 *(a)* | 160000 | 119040 |
| 6.46%, 11/01/52 *(a)* | 110000 | 116657 |
| **Community Health Network, Inc.** | **Community Health Network, Inc.** | **Community Health Network, Inc.** |
| 3.10%, 05/01/50 *(a)* | 180000 | 113938 |
| **Conagra Brands, Inc.** | **Conagra Brands, Inc.** | **Conagra Brands, Inc.** |
| 1.38%, 11/01/27 *(a)* | 360000 | 336031 |
| 7.00%, 10/01/28  | 160000 | 171400 |
| 4.85%, 11/01/28 *(a)* | 400000 | 404096 |
| 8.25%, 09/15/30  | 160000 | 186699 |
| 5.30%, 11/01/38 *(a)* | 300000 | 287424 |
| 5.40%, 11/01/48 *(a)* | 280000 | 253347 |
| **Conopco, Inc.** | **Conopco, Inc.** | **Conopco, Inc.** |
| 7.25%, 12/15/26  | 110000 | 114436 |
| **Constellation Brands, Inc.** | **Constellation Brands, Inc.** | **Constellation Brands, Inc.** |
| 3.70%, 12/06/26 *(a)* | 285000 | 282814 |
| 3.50%, 05/09/27 *(a)* | 80000 | 78804 |
| 4.35%, 05/09/27 *(a)* | 125000 | 125063 |
| 3.60%, 02/15/28 *(a)* | 285000 | 280164 |
| 4.65%, 11/15/28 *(a)* | 250000 | 252007 |
| 3.15%, 08/01/29 *(a)* | 290000 | 275613 |
| 2.88%, 05/01/30 *(a)* | 200000 | 185226 |
| 2.25%, 08/01/31 *(a)* | 300000 | 260382 |
| 4.75%, 05/09/32 *(a)* | 310000 | 308159 |
| 4.90%, 05/01/33 *(a)(c)* | 100000 | 99182 |
| 4.50%, 05/09/47 *(a)* | 200000 | 166774 |
| 4.10%, 02/15/48 *(a)* | 175000 | 136339 |
| 5.25%, 11/15/48 *(a)* | 100000 | 92017 |
| 3.75%, 05/01/50 *(a)* | 175000 | 127573 |
| **Corewell Health Obligated Group** | **Corewell Health Obligated Group** | **Corewell Health Obligated Group** |
| 3.49%, 07/15/49 *(a)* | 130000 | 93178 |
| **Cottage Health Obligated Group** | **Cottage Health Obligated Group** | **Cottage Health Obligated Group** |
| 3.30%, 11/01/49 *(a)* | 190000 | 132187 |
| **CVS Health Corp.** | **CVS Health Corp.** | **CVS Health Corp.** |
| 3.00%, 08/15/26 *(a)* | 250000 | 246095 |
| 3.63%, 04/01/27 *(a)* | 215000 | 212358 |
| 6.25%, 06/01/27  | 115000 | 119109 |
| 1.30%, 08/21/27 *(a)* | 600000 | 562680 |
| 4.30%, 03/25/28 *(a)* | 1532000 | 1526178 |
| 5.00%, 01/30/29 *(a)* | 250000 | 253930 |
| 5.40%, 06/01/29 *(a)* | 300000 | 308760 |
| 3.25%, 08/15/29 *(a)* | 620000 | 589446 |
| 5.13%, 02/21/30 *(a)* | 400000 | 407452 |
| 3.75%, 04/01/30 *(a)* | 525000 | 503879 |
| 1.75%, 08/21/30 *(a)* | 350000 | 302760 |
| 5.25%, 01/30/31 *(a)* | 200000 | 204612 |
| 1.88%, 02/28/31 *(a)* | 450000 | 385780 |
| 5.55%, 06/01/31 *(a)* | 275000 | 285931 |
| 2.13%, 09/15/31 *(a)* | 370000 | 316587 |
| 5.25%, 02/21/33 *(a)* | 540000 | 543942 |
| 5.30%, 06/01/33 *(a)* | 355000 | 358074 |
| 5.70%, 06/01/34 *(a)* | 355000 | 365810 |
| 4.88%, 07/20/35 *(a)* | 200000 | 191974 |
| 4.78%, 03/25/38 *(a)* | 1445000 | 1326640 |
| 6.13%, 09/15/39  | 145000 | 148742 |
| 4.13%, 04/01/40 *(a)* | 280000 | 233853 |

---

*See financial notes*

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

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.30%, 12/05/43 *(a)* | 270000 | 246091 |
| 5.13%, 07/20/45 *(a)* | 950000 | 841994 |
| 5.05%, 03/25/48 *(a)* | 2330000 | 2014495 |
| 5.63%, 02/21/53 *(a)* | 400000 | 370476 |
| 5.88%, 06/01/53 *(a)* | 370000 | 354075 |
| 6.05%, 06/01/54 *(a)* | 295000 | 289563 |
| 6.00%, 06/01/63 *(a)* | 225000 | 215323 |
| **Danaher Corp.** | **Danaher Corp.** | **Danaher Corp.** |
| 4.38%, 09/15/45 *(a)* | 125000 | 107966 |
| 2.60%, 10/01/50 *(a)* | 260000 | 157160 |
| 2.80%, 12/10/51 *(a)* | 295000 | 184384 |
| **Dartmouth-Hitchcock Health** | **Dartmouth-Hitchcock Health** | **Dartmouth-Hitchcock Health** |
| 4.18%, 08/01/48 *(a)* | 100000 | 77201 |
| **DH Europe Finance II SARL** | **DH Europe Finance II SARL** | **DH Europe Finance II SARL** |
| 2.60%, 11/15/29 *(a)* | 250000 | 233643 |
| 3.25%, 11/15/39 *(a)* | 245000 | 197071 |
| 3.40%, 11/15/49 *(a)* | 275000 | 196103 |
| **Diageo Capital PLC** | **Diageo Capital PLC** | **Diageo Capital PLC** |
| 5.38%, 10/05/26 *(a)* | 200000 | 202552 |
| 5.30%, 10/24/27 *(a)* | 300000 | 307644 |
| 3.88%, 05/18/28 *(a)* | 245000 | 243564 |
| 2.38%, 10/24/29 *(a)* | 250000 | 232173 |
| 2.00%, 04/29/30 *(a)* | 430000 | 386867 |
| 2.13%, 04/29/32 *(a)* | 250000 | 213380 |
| 5.50%, 01/24/33 *(a)* | 225000 | 234533 |
| 5.63%, 10/05/33 *(a)* | 300000 | 315552 |
| 3.88%, 04/29/43 *(a)* | 50000 | 40342 |
| **Diageo Investment Corp.** | **Diageo Investment Corp.** | **Diageo Investment Corp.** |
| 5.63%, 04/15/35 *(a)* | 200000 | 209298 |
| 7.45%, 04/15/35  | 100000 | 119068 |
| 4.25%, 05/11/42  | 100000 | 85691 |
| **Dignity Health** | **Dignity Health** | **Dignity Health** |
| 4.50%, 11/01/42  | 135000 | 113597 |
| 5.27%, 11/01/64  | 85000 | 75402 |
| **Duke University Health System, Inc.** | **Duke University Health System, Inc.** | **Duke University Health System, Inc.** |
| 3.92%, 06/01/47 *(a)* | 200000 | 158524 |
| **Edwards Lifesciences Corp.** | **Edwards Lifesciences Corp.** | **Edwards Lifesciences Corp.** |
| 4.30%, 06/15/28 *(a)* | 200000 | 199916 |
| **Eli Lilly & Co.** | **Eli Lilly & Co.** | **Eli Lilly & Co.** |
| 4.50%, 02/09/27 *(a)* | 300000 | 302586 |
| 5.50%, 03/15/27  | 75000 | 76886 |
| 3.10%, 05/15/27 *(a)* | 200000 | 197364 |
| 4.15%, 08/14/27 *(a)* | 200000 | 201012 |
| 4.55%, 02/12/28 *(a)* | 300000 | 303984 |
| 4.50%, 02/09/29 *(a)* | 300000 | 304608 |
| 3.38%, 03/15/29 *(a)* | 305000 | 298510 |
| 4.20%, 08/14/29 *(a)* | 300000 | 301173 |
| 4.75%, 02/12/30 *(a)* | 375000 | 384675 |
| 4.90%, 02/12/32 *(a)* | 300000 | 308358 |
| 4.70%, 02/27/33 *(a)* | 300000 | 303003 |
| 4.70%, 02/09/34 *(a)* | 465000 | 465028 |
| 4.60%, 08/14/34 *(a)* | 300000 | 297510 |
| 5.10%, 02/12/35 *(a)* | 375000 | 384270 |
| 3.70%, 03/01/45 *(a)* | 155000 | 123809 |
| 3.95%, 05/15/47 *(a)* | 205000 | 166440 |
| 3.95%, 03/15/49 *(a)* | 350000 | 281624 |
| 2.25%, 05/15/50 *(a)* | 425000 | 243440 |
| 4.88%, 02/27/53 *(a)* | 250000 | 229680 |
| 5.00%, 02/09/54 *(a)* | 430000 | 402252 |
| 5.05%, 08/14/54 *(a)* | 375000 | 352534 |
| 5.50%, 02/12/55 *(a)* | 375000 | 378349 |
| 4.15%, 03/15/59 *(a)* | 205000 | 163633 |
| 2.50%, 09/15/60 *(a)* | 305000 | 168595 |
| 4.95%, 02/27/63 *(a)* | 255000 | 232208 |
| 5.10%, 02/09/64 *(a)* | 475000 | 442049 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.20%, 08/14/64 *(a)* | 25000 | 23718 |
| 5.60%, 02/12/65 *(a)* | 200000 | 202526 |
| **Estee Lauder Cos., Inc.** | **Estee Lauder Cos., Inc.** | **Estee Lauder Cos., Inc.** |
| 3.15%, 03/15/27 *(a)* | 195000 | 191944 |
| 4.38%, 05/15/28 *(a)* | 255000 | 255921 |
| 2.38%, 12/01/29 *(a)* | 200000 | 184500 |
| 2.60%, 04/15/30 *(a)* | 250000 | 230565 |
| 1.95%, 03/15/31 *(a)* | 165000 | 143789 |
| 4.65%, 05/15/33 *(a)* | 220000 | 216865 |
| 5.00%, 02/14/34 *(a)* | 245000 | 245757 |
| 4.38%, 06/15/45 *(a)* | 135000 | 110460 |
| 4.15%, 03/15/47 *(a)* | 135000 | 105647 |
| 3.13%, 12/01/49 *(a)* | 110000 | 70622 |
| 5.15%, 05/15/53 *(a)* | 175000 | 166570 |
| **Flowers Foods, Inc.** | **Flowers Foods, Inc.** | **Flowers Foods, Inc.** |
| 2.40%, 03/15/31 *(a)* | 285000 | 249731 |
| 5.75%, 03/15/35 *(a)* | 150000 | 153897 |
| 6.20%, 03/15/55 *(a)* | 100000 | 99183 |
| **Fomento Economico Mexicano SAB de CV** | **Fomento Economico Mexicano SAB de CV** | **Fomento Economico Mexicano SAB de CV** |
| 3.50%, 01/16/50 *(a)* | 600000 | 433296 |
| **Franciscan Missionaries of Our Lady Health System, Inc.** | **Franciscan Missionaries of Our Lady Health System, Inc.** | **Franciscan Missionaries of Our Lady Health System, Inc.** |
| 3.91%, 07/01/49 *(a)* | 145000 | 109037 |
| **Fred Hutchinson Cancer Center** | **Fred Hutchinson Cancer Center** | **Fred Hutchinson Cancer Center** |
| 4.97%, 01/01/52 *(a)* | 125000 | 111386 |
| **GE HealthCare Technologies, Inc.** | **GE HealthCare Technologies, Inc.** | **GE HealthCare Technologies, Inc.** |
| 5.65%, 11/15/27 *(a)* | 525000 | 541117 |
| 4.80%, 08/14/29 *(a)* | 100000 | 101478 |
| 5.86%, 03/15/30 *(a)* | 350000 | 369838 |
| 4.80%, 01/15/31 *(a)* | 190000 | 191623 |
| 5.91%, 11/22/32 *(a)* | 500000 | 532370 |
| 5.50%, 06/15/35 *(a)* | 250000 | 256147 |
| 6.38%, 11/22/52 *(a)* | 270000 | 291084 |
| **General Mills, Inc.** | **General Mills, Inc.** | **General Mills, Inc.** |
| 4.70%, 01/30/27 *(a)* | 25000 | 25151 |
| 3.20%, 02/10/27 *(a)* | 375000 | 368962 |
| 4.20%, 04/17/28 *(a)* | 475000 | 474558 |
| 4.88%, 01/30/30 *(a)* | 200000 | 203354 |
| 2.88%, 04/15/30 *(a)* | 350000 | 325867 |
| 2.25%, 10/14/31 *(a)* | 200000 | 174270 |
| 4.95%, 03/29/33 *(a)* | 300000 | 300894 |
| 5.25%, 01/30/35 *(a)* | 225000 | 226179 |
| 4.15%, 02/15/43 *(a)* | 25000 | 20405 |
| 4.70%, 04/17/48 *(a)* | 50000 | 43143 |
| 3.00%, 02/01/51 *(a)* | 306000 | 195877 |
| **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** |
| 2.95%, 03/01/27 *(a)* | 390000 | 383124 |
| 1.20%, 10/01/27 *(a)* | 300000 | 281700 |
| 4.80%, 11/15/29 *(a)* | 200000 | 204276 |
| 1.65%, 10/01/30 *(a)* | 65000 | 56844 |
| 5.25%, 10/15/33 *(a)* | 300000 | 310455 |
| 5.10%, 06/15/35 *(a)* | 300000 | 303762 |
| 4.60%, 09/01/35 *(a)* | 330000 | 321044 |
| 4.00%, 09/01/36 *(a)* | 275000 | 251256 |
| 2.60%, 10/01/40 *(a)* | 275000 | 197629 |
| 5.65%, 12/01/41 *(a)* | 325000 | 331464 |
| 4.80%, 04/01/44 *(a)* | 515000 | 471050 |
| 4.50%, 02/01/45 *(a)* | 525000 | 458152 |
| 4.75%, 03/01/46 *(a)* | 685000 | 614055 |
| 4.15%, 03/01/47 *(a)* | 555000 | 454817 |
| 2.80%, 10/01/50 *(a)* | 350000 | 220094 |
| 5.55%, 10/15/53 *(a)* | 285000 | 281731 |
| 5.50%, 11/15/54 *(a)* | 300000 | 294846 |
| 5.60%, 11/15/64 *(a)* | 220000 | 216698 |
| **GlaxoSmithKline Capital PLC** | **GlaxoSmithKline Capital PLC** | **GlaxoSmithKline Capital PLC** |
| 3.38%, 06/01/29 *(a)* | 285000 | 276900 |

---

*See financial notes*

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

**63**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **GlaxoSmithKline Capital, Inc.** | **GlaxoSmithKline Capital, Inc.** | **GlaxoSmithKline Capital, Inc.** |
| 3.88%, 05/15/28  | 505000 | 502894 |
| 4.50%, 04/15/30 *(a)* | 250000 | 252300 |
| 5.38%, 04/15/34  | 205000 | 214662 |
| 4.88%, 04/15/35 *(a)* | 200000 | 199936 |
| 6.38%, 05/15/38  | 795000 | 884589 |
| 4.20%, 03/18/43  | 175000 | 151051 |
| **Hackensack Meridian Health, Inc.** | **Hackensack Meridian Health, Inc.** | **Hackensack Meridian Health, Inc.** |
| 2.68%, 09/01/41 *(a)* | 140000 | 98307 |
| 4.21%, 07/01/48 *(a)* | 90000 | 73598 |
| 2.88%, 09/01/50 *(a)* | 145000 | 91169 |
| 4.50%, 07/01/57 *(a)* | 100000 | 82237 |
| **Haleon U.S. Capital LLC** | **Haleon U.S. Capital LLC** | **Haleon U.S. Capital LLC** |
| 3.38%, 03/24/27 *(a)* | 545000 | 537397 |
| 3.38%, 03/24/29 *(a)* | 350000 | 338586 |
| 3.63%, 03/24/32 *(a)* | 500000 | 468065 |
| 4.00%, 03/24/52 *(a)* | 300000 | 232401 |
| **Hartford HealthCare Corp.** | **Hartford HealthCare Corp.** | **Hartford HealthCare Corp.** |
| 3.45%, 07/01/54  | 155000 | 108362 |
| **Hasbro, Inc.** | **Hasbro, Inc.** | **Hasbro, Inc.** |
| 3.55%, 11/19/26 *(a)* | 200000 | 197456 |
| 3.50%, 09/15/27 *(a)* | 175000 | 171199 |
| 3.90%, 11/19/29 *(a)* | 250000 | 241243 |
| 6.35%, 03/15/40  | 200000 | 205414 |
| 5.10%, 05/15/44 *(a)* | 125000 | 108703 |
| **HCA, Inc.** | **HCA, Inc.** | **HCA, Inc.** |
| 5.38%, 09/01/26 *(a)* | 420000 | 422234 |
| 4.50%, 02/15/27 *(a)* | 350000 | 350112 |
| 3.13%, 03/15/27 *(a)* | 360000 | 352706 |
| 5.20%, 06/01/28 *(a)* | 350000 | 357668 |
| 5.63%, 09/01/28 *(a)* | 420000 | 432499 |
| 5.88%, 02/01/29 *(a)* | 300000 | 311409 |
| 3.38%, 03/15/29 *(a)* | 265000 | 254543 |
| 4.13%, 06/15/29 *(a)* | 575000 | 565265 |
| 5.25%, 03/01/30 *(a)* | 150000 | 153866 |
| 3.50%, 09/01/30 *(a)* | 785000 | 742696 |
| 5.45%, 04/01/31 *(a)* | 550000 | 567226 |
| 2.38%, 07/15/31 *(a)* | 310000 | 270177 |
| 5.50%, 03/01/32 *(a)* | 200000 | 206618 |
| 3.63%, 03/15/32 *(a)* | 550000 | 507529 |
| 5.50%, 06/01/33 *(a)* | 380000 | 389713 |
| 5.60%, 04/01/34 *(a)* | 475000 | 487065 |
| 5.45%, 09/15/34 *(a)* | 250000 | 252227 |
| 5.75%, 03/01/35 *(a)* | 450000 | 462928 |
| 5.13%, 06/15/39 *(a)* | 300000 | 282477 |
| 4.38%, 03/15/42 *(a)* | 160000 | 133514 |
| 5.50%, 06/15/47 *(a)* | 445000 | 414642 |
| 5.25%, 06/15/49 *(a)* | 600000 | 534216 |
| 4.63%, 03/15/52 *(a)* | 600000 | 483258 |
| 5.90%, 06/01/53 *(a)* | 355000 | 343420 |
| 6.00%, 04/01/54 *(a)* | 450000 | 440730 |
| 5.95%, 09/15/54 *(a)* | 250000 | 243242 |
| 6.20%, 03/01/55 *(a)* | 350000 | 352730 |
| 6.10%, 04/01/64 *(a)* | 250000 | 244427 |
| **Hershey Co.** | **Hershey Co.** | **Hershey Co.** |
| 2.30%, 08/15/26 *(a)* | 230000 | 225639 |
| 4.55%, 02/24/28 *(a)* | 150000 | 152019 |
| 2.45%, 11/15/29 *(a)* | 100000 | 93109 |
| 4.75%, 02/24/30 *(a)* | 150000 | 153063 |
| 1.70%, 06/01/30 *(a)* | 55000 | 48759 |
| 4.95%, 02/24/32 *(a)* | 150000 | 153545 |
| 4.50%, 05/04/33 *(a)* | 210000 | 208694 |
| 5.10%, 02/24/35 *(a)* | 150000 | 152525 |
| 3.13%, 11/15/49 *(a)* | 160000 | 107587 |
| 2.65%, 06/01/50 *(a)* | 140000 | 85670 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Hoag Memorial Hospital Presbyterian** | **Hoag Memorial Hospital Presbyterian** | **Hoag Memorial Hospital Presbyterian** |
| 3.80%, 07/15/52 *(a)* | 155000 | 117330 |
| **Hormel Foods Corp.** | **Hormel Foods Corp.** | **Hormel Foods Corp.** |
| 4.80%, 03/30/27 *(a)* | 150000 | 151649 |
| 1.70%, 06/03/28 *(a)* | 220000 | 205768 |
| 1.80%, 06/11/30 *(a)* | 250000 | 222448 |
| 3.05%, 06/03/51 *(a)* | 170000 | 111814 |
| **Icon Investments Six DAC** | **Icon Investments Six DAC** | **Icon Investments Six DAC** |
| 5.81%, 05/08/27 *(a)* | 200000 | 204312 |
| 5.85%, 05/08/29 *(a)* | 160000 | 166032 |
| 6.00%, 05/08/34 *(a)* | 200000 | 204434 |
| **Illumina, Inc.** | **Illumina, Inc.** | **Illumina, Inc.** |
| 5.75%, 12/13/27 *(a)* | 260000 | 266581 |
| 2.55%, 03/23/31 *(a)* | 115000 | 101322 |
| **Indiana University Health, Inc. Obligated Group** | **Indiana University Health, Inc. Obligated Group** | **Indiana University Health, Inc. Obligated Group** |
| 3.97%, 11/01/48 *(a)* | 140000 | 111108 |
| 2.85%, 11/01/51 *(a)* | 100000 | 62899 |
| **Ingredion, Inc.** | **Ingredion, Inc.** | **Ingredion, Inc.** |
| 3.20%, 10/01/26 *(a)* | 150000 | 147725 |
| 2.90%, 06/01/30 *(a)* | 190000 | 175733 |
| 3.90%, 06/01/50 *(a)* | 115000 | 84735 |
| **Integris Baptist Medical Center, Inc.** | **Integris Baptist Medical Center, Inc.** | **Integris Baptist Medical Center, Inc.** |
| 3.88%, 08/15/50 *(a)* | 145000 | 103881 |
| **Iowa Health System** | **Iowa Health System** | **Iowa Health System** |
| Series 2020 <br>3.67%, 02/15/50 *(a)*<br>| 140000 | 103064 |
| **IQVIA, Inc.** | **IQVIA, Inc.** | **IQVIA, Inc.** |
| 5.70%, 05/15/28 *(a)* | 335000 | 343676 |
| 6.25%, 02/01/29 *(a)* | 200000 | 209144 |
| **J.M. Smucker Co.** | **J.M. Smucker Co.** | **J.M. Smucker Co.** |
| 5.90%, 11/15/28 *(a)* | 300000 | 315336 |
| 2.38%, 03/15/30 *(a)* | 200000 | 182202 |
| 2.13%, 03/15/32 *(a)* | 150000 | 127311 |
| 6.20%, 11/15/33 *(a)* | 315000 | 338338 |
| 4.25%, 03/15/35  | 200000 | 185860 |
| 6.50%, 11/15/43 *(a)* | 200000 | 212296 |
| 4.38%, 03/15/45  | 210000 | 172030 |
| 6.50%, 11/15/53 *(a)* | 290000 | 310312 |
| **JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL** | **JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL** | **JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL** |
| 2.50%, 01/15/27 *(a)* | 300000 | 291672 |
| 5.13%, 02/01/28 *(a)* | 325000 | 333083 |
| 5.50%, 01/15/30 *(a)* | 122000 | 125355 |
| 3.75%, 12/01/31 *(a)* | 215000 | 200161 |
| 3.63%, 01/15/32 *(a)* | 235000 | 215138 |
| 3.00%, 05/15/32 *(a)* | 370000 | 324220 |
| 5.75%, 04/01/33 *(a)* | 500000 | 514705 |
| 6.75%, 03/15/34 *(a)* | 300000 | 327816 |
| 4.38%, 02/02/52 *(a)* | 285000 | 221086 |
| 6.50%, 12/01/52 *(a)* | 475000 | 493311 |
| 7.25%, 11/15/53 *(a)* | 315000 | 355607 |
| **JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co.** | **JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co.** | **JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co.** |
| 5.50%, 01/15/36 *(a)(d)(h)* | 350000 | 350147 |
| 6.25%, 03/01/56 *(a)(d)(h)* | 300000 | 301074 |
| 6.38%, 04/15/66 *(a)(d)(h)* | 250000 | 251607 |
| **JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group** | **JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group** | **JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group** |
| 5.95%, 04/20/35 *(a)(d)* | 200000 | 207344 |
| 6.38%, 02/25/55 *(a)(d)* | 200000 | 204708 |
| **Johnson & Johnson** | **Johnson & Johnson** | **Johnson & Johnson** |
| 2.95%, 03/03/27 *(a)* | 300000 | 295593 |
| 0.95%, 09/01/27 *(a)* | 450000 | 423450 |
| 2.90%, 01/15/28 *(a)* | 380000 | 371260 |
| 4.55%, 03/01/28 *(a)* | 250000 | 254317 |
| 4.80%, 06/01/29 *(a)* | 300000 | 308619 |
| 6.95%, 09/01/29  | 205000 | 228764 |
| 4.70%, 03/01/30 *(a)* | 300000 | 307248 |

---

*See financial notes*

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

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 1.30%, 09/01/30 *(a)* | 475000 | 413763 |
| 4.90%, 06/01/31 *(a)* | 325000 | 336661 |
| 4.85%, 03/01/32 *(a)* | 375000 | 385815 |
| 4.95%, 05/15/33  | 175000 | 181395 |
| 4.38%, 12/05/33 *(a)* | 260000 | 260603 |
| 4.95%, 06/01/34 *(a)* | 160000 | 166435 |
| 5.00%, 03/01/35 *(a)* | 375000 | 384870 |
| 3.55%, 03/01/36 *(a)* | 317000 | 286150 |
| 3.63%, 03/03/37 *(a)* | 500000 | 447365 |
| 5.95%, 08/15/37  | 300000 | 332409 |
| 3.40%, 01/15/38 *(a)* | 355000 | 306262 |
| 5.85%, 07/15/38  | 232000 | 253567 |
| 2.10%, 09/01/40 *(a)* | 350000 | 241332 |
| 4.50%, 09/01/40  | 100000 | 95705 |
| 4.85%, 05/15/41  | 150000 | 147432 |
| 4.50%, 12/05/43 *(a)* | 100000 | 92791 |
| 3.70%, 03/01/46 *(a)* | 615000 | 494269 |
| 3.75%, 03/03/47 *(a)* | 300000 | 240996 |
| 3.50%, 01/15/48 *(a)* | 260000 | 198858 |
| 2.25%, 09/01/50 *(a)* | 320000 | 187546 |
| 5.25%, 06/01/54 *(a)* | 250000 | 248950 |
| 2.45%, 09/01/60 *(a)* | 225000 | 125294 |
| **Kaiser Foundation Hospitals** | **Kaiser Foundation Hospitals** | **Kaiser Foundation Hospitals** |
| 3.15%, 05/01/27 *(a)* | 200000 | 196408 |
| 2.81%, 06/01/41 *(a)* | 425000 | 304342 |
| 4.88%, 04/01/42  | 180000 | 167859 |
| 4.15%, 05/01/47 *(a)* | 410000 | 336561 |
| 3.27%, 11/01/49 *(a)* | 250000 | 173268 |
| 3.00%, 06/01/51 *(a)* | 455000 | 295313 |
| **Kellanova** | **Kellanova** | **Kellanova** |
| 4.30%, 05/15/28 *(a)* | 260000 | 261620 |
| 2.10%, 06/01/30 *(a)* | 250000 | 224560 |
| 7.45%, 04/01/31  | 200000 | 229606 |
| 4.50%, 04/01/46  | 161000 | 138236 |
| 5.75%, 05/16/54 *(a)* | 145000 | 143156 |
| **Kenvue, Inc.** | **Kenvue, Inc.** | **Kenvue, Inc.** |
| 5.05%, 03/22/28 *(a)* | 350000 | 358494 |
| 5.00%, 03/22/30 *(a)* | 255000 | 263073 |
| 4.85%, 05/22/32 *(a)* | 200000 | 202438 |
| 4.90%, 03/22/33 *(a)* | 400000 | 405980 |
| 5.10%, 03/22/43 *(a)* | 275000 | 266156 |
| 5.05%, 03/22/53 *(a)* | 400000 | 372324 |
| 5.20%, 03/22/63 *(a)* | 200000 | 185214 |
| **Keurig Dr. Pepper, Inc.** | **Keurig Dr. Pepper, Inc.** | **Keurig Dr. Pepper, Inc.** |
| 2.55%, 09/15/26 *(a)* | 150000 | 147042 |
| 5.10%, 03/15/27 *(a)* | 200000 | 202582 |
| 3.43%, 06/15/27 *(a)* | 200000 | 196932 |
| 4.35%, 05/15/28 *(a)* | 150000 | 150308 |
| 4.60%, 05/25/28 *(a)* | 410000 | 413538 |
| 5.05%, 03/15/29 *(a)* | 225000 | 230101 |
| 3.95%, 04/15/29 *(a)* | 150000 | 147701 |
| 3.20%, 05/01/30 *(a)* | 315000 | 297215 |
| 4.60%, 05/15/30 *(a)* | 150000 | 150786 |
| 4.05%, 04/15/32 *(a)* | 225000 | 216542 |
| 5.30%, 03/15/34 *(a)* | 200000 | 205068 |
| 4.50%, 11/15/45 *(a)* | 165000 | 139052 |
| 4.42%, 12/15/46 *(a)* | 250000 | 206540 |
| 5.09%, 05/25/48 *(a)* | 100000 | 89706 |
| 3.80%, 05/01/50 *(a)* | 350000 | 259371 |
| 4.50%, 04/15/52 *(a)* | 400000 | 330144 |
| **Kimberly-Clark Corp.** | **Kimberly-Clark Corp.** | **Kimberly-Clark Corp.** |
| 1.05%, 09/15/27 *(a)* | 200000 | 188070 |
| 3.95%, 11/01/28 *(a)* | 200000 | 199750 |
| 3.20%, 04/25/29 *(a)* | 265000 | 257201 |
| 3.10%, 03/26/30 *(a)* | 200000 | 190826 |
| 2.00%, 11/02/31 *(a)* | 190000 | 167869 |
| 6.63%, 08/01/37  | 275000 | 318420 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.30%, 03/01/41  | 200000 | 198018 |
| 3.20%, 07/30/46 *(a)* | 160000 | 112778 |
| 3.90%, 05/04/47 *(a)* | 50000 | 39255 |
| **Koninklijke Ahold Delhaize NV** | **Koninklijke Ahold Delhaize NV** | **Koninklijke Ahold Delhaize NV** |
| 5.70%, 10/01/40  | 123000 | 125913 |
| **Koninklijke Philips NV** | **Koninklijke Philips NV** | **Koninklijke Philips NV** |
| 6.88%, 03/11/38  | 217000 | 238594 |
| **Kraft Heinz Foods Co.** | **Kraft Heinz Foods Co.** | **Kraft Heinz Foods Co.** |
| 4.63%, 01/30/29 *(a)* | 120000 | 121284 |
| 3.75%, 04/01/30 *(a)* | 250000 | 242175 |
| 4.25%, 03/01/31 *(a)* | 225000 | 221663 |
| 5.20%, 03/15/32 *(a)* | 150000 | 152808 |
| 6.75%, 03/15/32  | 200000 | 220616 |
| 5.40%, 03/15/35 *(a)* | 150000 | 152132 |
| 5.00%, 07/15/35 *(a)* | 300000 | 296940 |
| 6.88%, 01/26/39  | 250000 | 277170 |
| 4.63%, 10/01/39 *(a)* | 125000 | 112505 |
| 6.50%, 02/09/40  | 200000 | 215006 |
| 5.00%, 06/04/42  | 350000 | 316200 |
| 5.20%, 07/15/45 *(a)* | 460000 | 417404 |
| 4.38%, 06/01/46 *(a)* | 710000 | 574915 |
| 4.88%, 10/01/49 *(a)* | 325000 | 279230 |
| 5.50%, 06/01/50 *(a)* | 300000 | 280800 |
| **Kroger Co.** | **Kroger Co.** | **Kroger Co.** |
| 2.65%, 10/15/26 *(a)* | 200000 | 196014 |
| 3.70%, 08/01/27 *(a)* | 150000 | 148718 |
| 4.50%, 01/15/29 *(a)* | 200000 | 201832 |
| 2.20%, 05/01/30 *(a)* | 150000 | 135746 |
| 1.70%, 01/15/31 *(a)* | 200000 | 172758 |
| 7.50%, 04/01/31  | 185000 | 212498 |
| 5.00%, 09/15/34 *(a)* | 650000 | 646893 |
| 6.90%, 04/15/38  | 130000 | 146617 |
| 5.40%, 07/15/40 *(a)* | 90000 | 88431 |
| 5.00%, 04/15/42 *(a)* | 160000 | 146139 |
| 5.15%, 08/01/43 *(a)* | 127000 | 118052 |
| 3.88%, 10/15/46 *(a)* | 110000 | 83796 |
| 4.45%, 02/01/47 *(a)* | 325000 | 269711 |
| 4.65%, 01/15/48 *(a)* | 150000 | 127245 |
| 5.40%, 01/15/49 *(a)* | 120000 | 112694 |
| 3.95%, 01/15/50 *(a)* | 220000 | 166217 |
| 5.50%, 09/15/54 *(a)* | 510000 | 484352 |
| 5.65%, 09/15/64 *(a)* | 445000 | 422194 |
| **Laboratory Corp. of America Holdings** | **Laboratory Corp. of America Holdings** | **Laboratory Corp. of America Holdings** |
| 3.60%, 09/01/27 *(a)* | 200000 | 197820 |
| 2.95%, 12/01/29 *(a)* | 200000 | 188220 |
| 4.35%, 04/01/30 *(a)* | 100000 | 99352 |
| 2.70%, 06/01/31 *(a)* | 215000 | 193840 |
| 4.80%, 10/01/34 *(a)* | 380000 | 372335 |
| 4.70%, 02/01/45 *(a)* | 250000 | 219605 |
| **Mass General Brigham, Inc.** | **Mass General Brigham, Inc.** | **Mass General Brigham, Inc.** |
| 3.77%, 07/01/48 *(a)* | 85000 | 64971 |
| 3.19%, 07/01/49 *(a)* | 205000 | 140064 |
| 4.12%, 07/01/55  | 100000 | 79017 |
| 3.34%, 07/01/60 *(a)* | 130000 | 85354 |
| **Mattel, Inc.** | **Mattel, Inc.** | **Mattel, Inc.** |
| 5.45%, 11/01/41 *(a)* | 120000 | 106994 |
| **Mayo Clinic** | **Mayo Clinic** | **Mayo Clinic** |
| 3.77%, 11/15/43  | 125000 | 101585 |
| 4.00%, 11/15/47  | 115000 | 91853 |
| 4.13%, 11/15/52  | 110000 | 88338 |
| 3.20%, 11/15/61 *(a)* | 90000 | 56874 |
| **McCormick & Co., Inc.** | **McCormick & Co., Inc.** | **McCormick & Co., Inc.** |
| 3.40%, 08/15/27 *(a)* | 250000 | 245862 |
| 2.50%, 04/15/30 *(a)* | 200000 | 183438 |
| 4.95%, 04/15/33 *(a)* | 150000 | 151611 |
| 4.20%, 08/15/47 *(a)* | 200000 | 159942 |

---

*See financial notes*

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

**65**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **McKesson Corp.** | **McKesson Corp.** | **McKesson Corp.** |
| 1.30%, 08/15/26 *(a)* | 260000 | 251992 |
| 4.90%, 07/15/28 *(a)* | 160000 | 163446 |
| 4.25%, 09/15/29 *(a)* | 150000 | 149916 |
| 4.65%, 05/30/30 *(a)* | 175000 | 176447 |
| 4.95%, 05/30/32 *(a)* | 175000 | 177384 |
| 5.10%, 07/15/33 *(a)* | 50000 | 51199 |
| 5.25%, 05/30/35 *(a)* | 200000 | 203436 |
| **McLaren Health Care Corp.** | **McLaren Health Care Corp.** | **McLaren Health Care Corp.** |
| Series A <br>4.39%, 05/15/48 *(a)*<br>| 150000 | 124724 |
| **Mead Johnson Nutrition Co.** | **Mead Johnson Nutrition Co.** | **Mead Johnson Nutrition Co.** |
| 5.90%, 11/01/39  | 125000 | 130281 |
| 4.60%, 06/01/44 *(a)* | 165000 | 144314 |
| **MedStar Health, Inc.** | **MedStar Health, Inc.** | **MedStar Health, Inc.** |
| 3.63%, 08/15/49  | 110000 | 77520 |
| **Medtronic Global Holdings SCA** | **Medtronic Global Holdings SCA** | **Medtronic Global Holdings SCA** |
| 4.50%, 03/30/33 *(a)* | 375000 | 371205 |
| **Medtronic, Inc.** | **Medtronic, Inc.** | **Medtronic, Inc.** |
| 4.38%, 03/15/35  | 635000 | 614616 |
| 4.00%, 04/01/43 *(a)* | 100000 | 85152 |
| 4.63%, 03/15/45  | 500000 | 450490 |
| **Memorial Health Services** | **Memorial Health Services** | **Memorial Health Services** |
| 3.45%, 11/01/49 *(a)* | 140000 | 99488 |
| **Memorial Sloan-Kettering Cancer Center** | **Memorial Sloan-Kettering Cancer Center** | **Memorial Sloan-Kettering Cancer Center** |
| 5.00%, 07/01/42  | 130000 | 124093 |
| 2.96%, 01/01/50 *(a)* | 125000 | 81920 |
| 4.13%, 07/01/52  | 95000 | 75949 |
| 4.20%, 07/01/55  | 140000 | 112745 |
| **Merck & Co., Inc.** | **Merck & Co., Inc.** | **Merck & Co., Inc.** |
| 1.70%, 06/10/27 *(a)* | 450000 | 431514 |
| 4.05%, 05/17/28 *(a)* | 190000 | 190958 |
| 1.90%, 12/10/28 *(a)* | 320000 | 298678 |
| 3.40%, 03/07/29 *(a)* | 525000 | 512200 |
| 4.30%, 05/17/30 *(a)* | 200000 | 201380 |
| 1.45%, 06/24/30 *(a)* | 350000 | 306187 |
| 2.15%, 12/10/31 *(a)* | 500000 | 436695 |
| 4.50%, 05/17/33 *(a)* | 425000 | 423916 |
| 6.50%, 12/01/33 *(g)* | 260000 | 295295 |
| 6.55%, 09/15/37  | 80000 | 91082 |
| 3.90%, 03/07/39 *(a)* | 295000 | 259818 |
| 2.35%, 06/24/40 *(a)* | 300000 | 211248 |
| 3.60%, 09/15/42 *(a)* | 140000 | 111233 |
| 4.15%, 05/18/43  | 350000 | 299043 |
| 4.90%, 05/17/44 *(a)* | 275000 | 257801 |
| 3.70%, 02/10/45 *(a)* | 555000 | 438134 |
| 4.00%, 03/07/49 *(a)* | 450000 | 358798 |
| 2.45%, 06/24/50 *(a)* | 350000 | 205177 |
| 2.75%, 12/10/51 *(a)* | 575000 | 354211 |
| 5.00%, 05/17/53 *(a)* | 435000 | 400744 |
| 2.90%, 12/10/61 *(a)* | 375000 | 218955 |
| 5.15%, 05/17/63 *(a)* | 215000 | 198353 |
| **Merck Sharp & Dohme Corp.** | **Merck Sharp & Dohme Corp.** | **Merck Sharp & Dohme Corp.** |
| 5.95%, 12/01/28  | 135000 | 143195 |
| 5.75%, 11/15/36  | 110000 | 117916 |
| **Methodist Hospital** | **Methodist Hospital** | **Methodist Hospital** |
| 2.71%, 12/01/50 *(a)* | 190000 | 116221 |
| **Molson Coors Beverage Co.** | **Molson Coors Beverage Co.** | **Molson Coors Beverage Co.** |
| 3.00%, 07/15/26 *(a)* | 690000 | 679843 |
| 5.00%, 05/01/42  | 325000 | 296982 |
| 4.20%, 07/15/46 *(a)* | 450000 | 359874 |
| **Mondelez International, Inc.** | **Mondelez International, Inc.** | **Mondelez International, Inc.** |
| 2.63%, 03/17/27 *(a)* | 250000 | 243727 |
| 4.25%, 05/06/28 *(a)* | 200000 | 200386 |
| 4.75%, 02/20/29 *(a)* | 150000 | 152754 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.75%, 04/13/30 *(a)* | 275000 | 255417 |
| 4.50%, 05/06/30 *(a)* | 150000 | 149967 |
| 1.50%, 02/04/31 *(a)* | 205000 | 175277 |
| 3.00%, 03/17/32 *(a)* | 150000 | 135516 |
| 1.88%, 10/15/32 *(a)(c)* | 225000 | 188213 |
| 4.75%, 08/28/34 *(a)* | 100000 | 98815 |
| 5.13%, 05/06/35 *(a)* | 100000 | 100457 |
| 2.63%, 09/04/50 *(a)* | 300000 | 178077 |
| **Montefiore Obligated Group** | **Montefiore Obligated Group** | **Montefiore Obligated Group** |
| 5.25%, 11/01/48  | 135000 | 110336 |
| 4.29%, 09/01/50  | 110000 | 74307 |
| **Mount Nittany Medical Center Obligated Group** | **Mount Nittany Medical Center Obligated Group** | **Mount Nittany Medical Center Obligated Group** |
| 3.80%, 11/15/52  | 100000 | 74155 |
| **Mount Sinai Hospital** | **Mount Sinai Hospital** | **Mount Sinai Hospital** |
| 3.98%, 07/01/48  | 60000 | 43473 |
| 3.74%, 07/01/49 *(a)* | 200000 | 134428 |
| 3.39%, 07/01/50 *(a)* | 115000 | 71187 |
| **Mylan, Inc.** | **Mylan, Inc.** | **Mylan, Inc.** |
| 4.55%, 04/15/28 *(a)* | 240000 | 238056 |
| 5.40%, 11/29/43 *(a)* | 150000 | 126218 |
| 5.20%, 04/15/48 *(a)* | 250000 | 198858 |
| **MyMichigan Health** | **MyMichigan Health** | **MyMichigan Health** |
| 3.41%, 06/01/50 *(a)* | 110000 | 77389 |
| **New York & Presbyterian Hospital** | **New York & Presbyterian Hospital** | **New York & Presbyterian Hospital** |
| 2.26%, 08/01/40 *(a)* | 100000 | 68803 |
| 4.02%, 08/01/45  | 325000 | 265902 |
| 4.06%, 08/01/56  | 105000 | 82037 |
| 2.61%, 08/01/60 *(a)* | 95000 | 51936 |
| 3.95%, 08/01/19 *(a)* | 45000 | 30958 |
| **Northwell Healthcare, Inc.** | **Northwell Healthcare, Inc.** | **Northwell Healthcare, Inc.** |
| 3.98%, 11/01/46 *(a)* | 175000 | 134750 |
| 4.26%, 11/01/47 *(a)* | 225000 | 179390 |
| 3.81%, 11/01/49 *(a)* | 155000 | 111479 |
| **Northwestern Memorial Healthcare Obligated Group** | **Northwestern Memorial Healthcare Obligated Group** | **Northwestern Memorial Healthcare Obligated Group** |
| 2.63%, 07/15/51 *(a)* | 125000 | 76150 |
| **Novant Health, Inc.** | **Novant Health, Inc.** | **Novant Health, Inc.** |
| 3.17%, 11/01/51 *(a)* | 320000 | 212474 |
| 3.32%, 11/01/61 *(a)* | 120000 | 76482 |
| **Novartis Capital Corp.** | **Novartis Capital Corp.** | **Novartis Capital Corp.** |
| 2.00%, 02/14/27 *(a)* | 200000 | 194352 |
| 3.10%, 05/17/27 *(a)* | 350000 | 345058 |
| 3.80%, 09/18/29 *(a)* | 300000 | 297546 |
| 2.20%, 08/14/30 *(a)* | 745000 | 678963 |
| 4.00%, 09/18/31 *(a)* | 215000 | 211855 |
| 4.20%, 09/18/34 *(a)* | 325000 | 313336 |
| 3.70%, 09/21/42  | 160000 | 131179 |
| 4.40%, 05/06/44  | 560000 | 500024 |
| 4.00%, 11/20/45 *(a)* | 375000 | 312986 |
| 2.75%, 08/14/50 *(a)* | 50000 | 32129 |
| 4.70%, 09/18/54 *(a)* | 200000 | 179268 |
| **NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery** | **NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery** | **NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery** |
| Series 2020 <br>2.67%, 10/01/50 *(a)*<br>| 135000 | 81180 |
| **NYU Langone Hospitals** | **NYU Langone Hospitals** | **NYU Langone Hospitals** |
| 5.75%, 07/01/43  | 85000 | 86211 |
| 4.78%, 07/01/44  | 70000 | 63491 |
| 4.37%, 07/01/47 *(a)* | 170000 | 145923 |
| 3.38%, 07/01/55 *(a)(c)* | 175000 | 118365 |
| **Ochsner LSU Health System of North Louisiana** | **Ochsner LSU Health System of North Louisiana** | **Ochsner LSU Health System of North Louisiana** |
| 2.51%, 05/15/31 *(a)* | 125000 | 102589 |
| **OhioHealth Corp.** | **OhioHealth Corp.** | **OhioHealth Corp.** |
| 2.30%, 11/15/31 *(a)* | 65000 | 57513 |
| 2.83%, 11/15/41 *(a)* | 100000 | 71929 |
| 3.04%, 11/15/50 *(a)* | 150000 | 101750 |

---

*See financial notes*

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

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Orlando Health Obligated Group** | **Orlando Health Obligated Group** | **Orlando Health Obligated Group** |
| 5.48%, 10/01/35 *(a)* | 125000 | 128161 |
| 4.09%, 10/01/48 *(a)* | 70000 | 56121 |
| 3.33%, 10/01/50 *(a)* | 165000 | 116036 |
| **PeaceHealth Obligated Group** | **PeaceHealth Obligated Group** | **PeaceHealth Obligated Group** |
| 4.79%, 11/15/48 *(a)* | 130000 | 108858 |
| 3.22%, 11/15/50 *(a)* | 100000 | 62489 |
| **Pepsico Singapore Financing I Pte. Ltd.** | **Pepsico Singapore Financing I Pte. Ltd.** | **Pepsico Singapore Financing I Pte. Ltd.** |
| 4.65%, 02/16/27 *(a)* | 260000 | 262488 |
| 4.55%, 02/16/29 *(a)* | 150000 | 152268 |
| 4.70%, 02/16/34 *(a)* | 150000 | 149321 |
| **PepsiCo, Inc.** | **PepsiCo, Inc.** | **PepsiCo, Inc.** |
| 2.38%, 10/06/26 *(a)* | 405000 | 397078 |
| 5.13%, 11/10/26 *(a)* | 90000 | 91202 |
| 2.63%, 03/19/27 *(a)* | 175000 | 171173 |
| 3.00%, 10/15/27 *(a)* | 500000 | 489315 |
| 3.60%, 02/18/28 *(a)* | 240000 | 238099 |
| 7.00%, 03/01/29  | 200000 | 219608 |
| 4.50%, 07/17/29 *(a)* | 200000 | 203256 |
| 2.63%, 07/29/29 *(a)* | 300000 | 283731 |
| 4.60%, 02/07/30 *(a)* | 300000 | 305727 |
| 2.75%, 03/19/30 *(a)* | 500000 | 468960 |
| 1.63%, 05/01/30 *(a)* | 295000 | 261963 |
| 1.40%, 02/25/31 *(a)* | 350000 | 300468 |
| 1.95%, 10/21/31 *(a)* | 460000 | 399979 |
| 3.90%, 07/18/32 *(a)* | 400000 | 386976 |
| 4.45%, 02/15/33 *(a)* | 300000 | 300735 |
| 4.80%, 07/17/34 *(a)* | 150000 | 151158 |
| 5.00%, 02/07/35 *(a)* | 375000 | 380914 |
| 3.50%, 03/19/40 *(a)* | 210000 | 174420 |
| 2.63%, 10/21/41 *(a)* | 50000 | 35374 |
| 4.00%, 03/05/42  | 260000 | 220581 |
| 3.60%, 08/13/42  | 145000 | 116890 |
| 4.45%, 04/14/46 *(a)* | 375000 | 331732 |
| 3.45%, 10/06/46 *(a)* | 200000 | 149652 |
| 4.00%, 05/02/47 *(a)* | 225000 | 183524 |
| 3.38%, 07/29/49 *(a)* | 225000 | 162088 |
| 2.88%, 10/15/49 *(a)* | 450000 | 296307 |
| 3.63%, 03/19/50 *(a)* | 375000 | 283732 |
| 2.75%, 10/21/51 *(a)* | 285000 | 178057 |
| 4.20%, 07/18/52 *(a)* | 155000 | 127221 |
| 4.65%, 02/15/53 *(a)* | 25000 | 22115 |
| 5.25%, 07/17/54 *(a)* | 170000 | 164975 |
| 3.88%, 03/19/60 *(a)* | 120000 | 90413 |
| **Pfizer Investment Enterprises Pte. Ltd.** | **Pfizer Investment Enterprises Pte. Ltd.** | **Pfizer Investment Enterprises Pte. Ltd.** |
| 4.45%, 05/19/28 *(a)* | 1235000 | 1245139 |
| 4.65%, 05/19/30 *(a)* | 800000 | 810976 |
| 4.75%, 05/19/33 *(a)* | 1455000 | 1453312 |
| 5.11%, 05/19/43 *(a)* | 890000 | 849274 |
| 5.30%, 05/19/53 *(a)* | 1795000 | 1696329 |
| 5.34%, 05/19/63 *(a)* | 1080000 | 1003406 |
| **Pfizer, Inc.** | **Pfizer, Inc.** | **Pfizer, Inc.** |
| 3.00%, 12/15/26  | 500000 | 493180 |
| 3.60%, 09/15/28 *(a)* | 310000 | 307052 |
| 3.45%, 03/15/29 *(a)* | 505000 | 494693 |
| 2.63%, 04/01/30 *(a)* | 350000 | 325955 |
| 1.70%, 05/28/30 *(a)* | 250000 | 221548 |
| 1.75%, 08/18/31 *(a)* | 300000 | 259830 |
| 4.00%, 12/15/36  | 250000 | 229310 |
| 4.10%, 09/15/38 *(a)* | 200000 | 179816 |
| 3.90%, 03/15/39 *(a)* | 300000 | 262101 |
| 7.20%, 03/15/39  | 780000 | 927420 |
| 2.55%, 05/28/40 *(a)* | 355000 | 255277 |
| 5.60%, 09/15/40  | 140000 | 144117 |
| 4.40%, 05/15/44  | 350000 | 307044 |
| 4.13%, 12/15/46  | 415000 | 341761 |
| 4.20%, 09/15/48 *(a)* | 325000 | 268187 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.00%, 03/15/49 *(a)* | 395000 | 312508 |
| 2.70%, 05/28/50 *(a)* | 250000 | 155573 |
| **Pharmacia LLC** | **Pharmacia LLC** | **Pharmacia LLC** |
| 6.60%, 12/01/28  | 220000 | 236357 |
| **Philip Morris International, Inc.** | **Philip Morris International, Inc.** | **Philip Morris International, Inc.** |
| 4.75%, 02/12/27  | 155000 | 156443 |
| 3.13%, 08/17/27 *(a)* | 50000 | 48915 |
| 4.38%, 11/01/27  | 255000 | 256193 |
| 5.13%, 11/17/27 *(a)* | 500000 | 510260 |
| 4.88%, 02/15/28 *(a)* | 435000 | 442534 |
| 3.13%, 03/02/28 *(a)* | 250000 | 243727 |
| 4.13%, 04/28/28  | 200000 | 199688 |
| 5.25%, 09/07/28 *(a)* | 100000 | 103074 |
| 4.88%, 02/13/29 *(a)* | 250000 | 254512 |
| 3.38%, 08/15/29 *(a)* | 355000 | 342681 |
| 4.63%, 11/01/29 *(a)* | 255000 | 257652 |
| 5.63%, 11/17/29 *(a)* | 400000 | 420096 |
| 5.13%, 02/15/30 *(a)* | 600000 | 617730 |
| 4.38%, 04/30/30 *(a)* | 200000 | 199590 |
| 2.10%, 05/01/30 *(a)* | 330000 | 297412 |
| 5.50%, 09/07/30 *(a)* | 200000 | 209282 |
| 1.75%, 11/01/30 *(a)* | 265000 | 231231 |
| 5.13%, 02/13/31 *(a)* | 305000 | 314232 |
| 4.75%, 11/01/31 *(a)* | 200000 | 201490 |
| 5.75%, 11/17/32 *(a)* | 475000 | 502488 |
| 5.38%, 02/15/33 *(a)* | 500000 | 516640 |
| 5.63%, 09/07/33 *(a)* | 360000 | 377456 |
| 5.25%, 02/13/34 *(a)* | 500000 | 510465 |
| 4.90%, 11/01/34 *(a)* | 200000 | 199236 |
| 4.88%, 04/30/35 *(a)* | 40000 | 39492 |
| 6.38%, 05/16/38  | 400000 | 444040 |
| 4.38%, 11/15/41  | 250000 | 218065 |
| 4.50%, 03/20/42  | 250000 | 220700 |
| 3.88%, 08/21/42  | 250000 | 203720 |
| 4.13%, 03/04/43  | 250000 | 209318 |
| 4.88%, 11/15/43  | 280000 | 256838 |
| 4.25%, 11/10/44  | 350000 | 297094 |
| **Piedmont Healthcare, Inc.** | **Piedmont Healthcare, Inc.** | **Piedmont Healthcare, Inc.** |
| 2.04%, 01/01/32 *(a)* | 110000 | 92270 |
| 2.72%, 01/01/42 *(a)* | 90000 | 62947 |
| 2.86%, 01/01/52 *(a)* | 105000 | 64431 |
| **Pilgrim's Pride Corp.** | **Pilgrim's Pride Corp.** | **Pilgrim's Pride Corp.** |
| 4.25%, 04/15/31 *(a)* | 250000 | 241428 |
| 3.50%, 03/01/32 *(a)* | 275000 | 247956 |
| 6.25%, 07/01/33 *(a)* | 350000 | 370422 |
| 6.88%, 05/15/34 *(a)* | 200000 | 219882 |
| **Polaris, Inc.** | **Polaris, Inc.** | **Polaris, Inc.** |
| 6.95%, 03/15/29 *(a)* | 225000 | 236612 |
| **Presbyterian Healthcare Services** | **Presbyterian Healthcare Services** | **Presbyterian Healthcare Services** |
| 4.88%, 08/01/52 *(a)* | 130000 | 115502 |
| **Procter & Gamble Co.** | **Procter & Gamble Co.** | **Procter & Gamble Co.** |
| 2.45%, 11/03/26  | 175000 | 171757 |
| 1.90%, 02/01/27  | 250000 | 242398 |
| 2.80%, 03/25/27  | 220000 | 215976 |
| 2.85%, 08/11/27  | 275000 | 269137 |
| 3.95%, 01/26/28  | 275000 | 276658 |
| 3.00%, 03/25/30  | 500000 | 477335 |
| 1.20%, 10/29/30  | 395000 | 341161 |
| 1.95%, 04/23/31  | 325000 | 288983 |
| 2.30%, 02/01/32  | 275000 | 246625 |
| 4.05%, 01/26/33  | 320000 | 315946 |
| 4.55%, 01/29/34  | 295000 | 296310 |
| 5.80%, 08/15/34  | 265000 | 287512 |
| 5.55%, 03/05/37  | 275000 | 298147 |
| 3.55%, 03/25/40  | 210000 | 179246 |

---

*See financial notes*

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

**67**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.50%, 10/25/47  | 150000 | 115544 |
| 3.60%, 03/25/50  | 150000 | 114579 |
| **Providence St. Joseph Health Obligated Group** | **Providence St. Joseph Health Obligated Group** | **Providence St. Joseph Health Obligated Group** |
| 2.53%, 10/01/29 *(a)* | 210000 | 194244 |
| 5.37%, 10/01/32 *(a)* | 120000 | 122143 |
| 5.40%, 10/01/33 *(a)* | 160000 | 162162 |
| 3.74%, 10/01/47  | 87000 | 63780 |
| 3.93%, 10/01/48 *(a)* | 170000 | 126949 |
| 2.70%, 10/01/51 *(a)* | 225000 | 126929 |
| **Queen's Health Systems** | **Queen's Health Systems** | **Queen's Health Systems** |
| 4.81%, 07/01/52 *(a)* | 100000 | 89786 |
| **Quest Diagnostics, Inc.** | **Quest Diagnostics, Inc.** | **Quest Diagnostics, Inc.** |
| 4.20%, 06/30/29 *(a)* | 325000 | 323762 |
| 4.63%, 12/15/29 *(a)* | 55000 | 55565 |
| 2.95%, 06/30/30 *(a)* | 200000 | 186276 |
| 2.80%, 06/30/31 *(a)* | 220000 | 199685 |
| 6.40%, 11/30/33 *(a)* | 250000 | 274352 |
| 5.00%, 12/15/34 *(a)* | 250000 | 249110 |
| 4.70%, 03/30/45 *(a)* | 50000 | 44045 |
| **Rady Children's Hospital-San Diego** | **Rady Children's Hospital-San Diego** | **Rady Children's Hospital-San Diego** |
| 3.15%, 08/15/51 *(a)* | 140000 | 92887 |
| **Regeneron Pharmaceuticals, Inc.** | **Regeneron Pharmaceuticals, Inc.** | **Regeneron Pharmaceuticals, Inc.** |
| 1.75%, 09/15/30 *(a)* | 375000 | 326149 |
| 2.80%, 09/15/50 *(a)* | 265000 | 158282 |
| **Revvity, Inc.** | **Revvity, Inc.** | **Revvity, Inc.** |
| 1.90%, 09/15/28 *(a)* | 150000 | 138954 |
| 3.30%, 09/15/29 *(a)* | 250000 | 236928 |
| 2.55%, 03/15/31 *(a)* | 75000 | 65939 |
| 2.25%, 09/15/31 *(a)* | 240000 | 205697 |
| 3.63%, 03/15/51 *(a)* | 125000 | 86183 |
| **Reynolds American, Inc.** | **Reynolds American, Inc.** | **Reynolds American, Inc.** |
| 5.70%, 08/15/35 *(a)* | 200000 | 204386 |
| 7.25%, 06/15/37  | 125000 | 139686 |
| 6.15%, 09/15/43  | 175000 | 177727 |
| 5.85%, 08/15/45 *(a)* | 710000 | 686591 |
| **Royalty Pharma PLC** | **Royalty Pharma PLC** | **Royalty Pharma PLC** |
| 1.75%, 09/02/27 *(a)* | 335000 | 317389 |
| 5.15%, 09/02/29 *(a)* | 245000 | 250106 |
| 2.15%, 09/02/31 *(a)* | 175000 | 150458 |
| 5.40%, 09/02/34 *(a)* | 150000 | 152087 |
| 3.30%, 09/02/40 *(a)* | 300000 | 226425 |
| 3.55%, 09/02/50 *(a)* | 380000 | 258085 |
| 3.35%, 09/02/51 *(a)* | 265000 | 172072 |
| 5.90%, 09/02/54 *(a)* | 100000 | 97466 |
| **Rush Obligated Group** | **Rush Obligated Group** | **Rush Obligated Group** |
| 3.92%, 11/15/29 *(a)* | 150000 | 147461 |
| **Sanofi SA** | **Sanofi SA** | **Sanofi SA** |
| 3.63%, 06/19/28 *(a)* | 275000 | 272250 |
| **Seattle Children's Hospital** | **Seattle Children's Hospital** | **Seattle Children's Hospital** |
| 2.72%, 10/01/50 *(a)* | 135000 | 83198 |
| **Sentara Health** | **Sentara Health** | **Sentara Health** |
| 2.93%, 11/01/51 *(a)* | 130000 | 81684 |
| **Sharp HealthCare** | **Sharp HealthCare** | **Sharp HealthCare** |
| 2.68%, 08/01/50 *(a)* | 135000 | 81969 |
| **Shire Acquisitions Investments Ireland DAC** | **Shire Acquisitions Investments Ireland DAC** | **Shire Acquisitions Investments Ireland DAC** |
| 3.20%, 09/23/26 *(a)* | 500000 | 493720 |
| **Smith & Nephew PLC** | **Smith & Nephew PLC** | **Smith & Nephew PLC** |
| 5.15%, 03/20/27 *(a)* | 110000 | 111434 |
| 2.03%, 10/14/30 *(a)* | 270000 | 236731 |
| 5.40%, 03/20/34 *(a)* | 200000 | 203112 |
| **Solventum Corp.** | **Solventum Corp.** | **Solventum Corp.** |
| 5.45%, 02/25/27 *(a)* | 260000 | 264324 |
| 5.40%, 03/01/29 *(a)* | 400000 | 412076 |
| 5.45%, 03/13/31 *(a)* | 305000 | 316877 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.60%, 03/23/34 *(a)* | 460000 | 473565 |
| 5.90%, 04/30/54 *(a)* | 350000 | 350276 |
| 6.00%, 05/15/64 *(a)* | 150000 | 148982 |
| **SSM Health Care Corp.** | **SSM Health Care Corp.** | **SSM Health Care Corp.** |
| 4.89%, 06/01/28 *(a)* | 220000 | 223725 |
| **Stanford Health Care** | **Stanford Health Care** | **Stanford Health Care** |
| 3.31%, 08/15/30 *(a)* | 100000 | 95494 |
| 3.80%, 11/15/48 *(a)* | 175000 | 134029 |
| 3.03%, 08/15/51 *(a)* | 125000 | 81476 |
| **STERIS Irish FinCo UnLtd Co.** | **STERIS Irish FinCo UnLtd Co.** | **STERIS Irish FinCo UnLtd Co.** |
| 2.70%, 03/15/31 *(a)* | 250000 | 224718 |
| 3.75%, 03/15/51 *(a)* | 200000 | 142550 |
| **Stryker Corp.** | **Stryker Corp.** | **Stryker Corp.** |
| 4.55%, 02/10/27  | 200000 | 201226 |
| 4.70%, 02/10/28 *(a)* | 200000 | 202728 |
| 3.65%, 03/07/28 *(a)* | 150000 | 148113 |
| 4.25%, 09/11/29 *(a)* | 225000 | 224840 |
| 4.85%, 02/10/30 *(a)* | 200000 | 204116 |
| 1.95%, 06/15/30 *(a)* | 300000 | 267747 |
| 4.63%, 09/11/34 *(a)* | 265000 | 261028 |
| 5.20%, 02/10/35 *(a)* | 300000 | 305859 |
| 4.10%, 04/01/43 *(a)* | 115000 | 95372 |
| 4.38%, 05/15/44 *(a)* | 105000 | 90057 |
| 4.63%, 03/15/46 *(a)* | 280000 | 248100 |
| 2.90%, 06/15/50 *(a)* | 200000 | 131124 |
| **Summa Health** | **Summa Health** | **Summa Health** |
| 3.51%, 11/15/51 *(a)* | 150000 | 123083 |
| **Sutter Health** | **Sutter Health** | **Sutter Health** |
| 3.70%, 08/15/28 *(a)* | 100000 | 98536 |
| 2.29%, 08/15/30 *(a)* | 250000 | 225968 |
| 5.16%, 08/15/33 *(a)* | 150000 | 152216 |
| 3.16%, 08/15/40 *(a)* | 165000 | 127708 |
| 4.09%, 08/15/48 *(a)* | 155000 | 124434 |
| 3.36%, 08/15/50 *(a)* | 200000 | 139204 |
| 5.55%, 08/15/53 *(a)* | 45000 | 44531 |
| **Sysco Corp.** | **Sysco Corp.** | **Sysco Corp.** |
| 3.30%, 07/15/26 *(a)* | 250000 | 247145 |
| 3.25%, 07/15/27 *(a)* | 300000 | 294411 |
| 5.75%, 01/17/29 *(a)* | 150000 | 156626 |
| 2.40%, 02/15/30 *(a)* | 200000 | 183042 |
| 5.95%, 04/01/30 *(a)* | 200000 | 211874 |
| 5.10%, 09/23/30 *(a)* | 275000 | 282166 |
| 2.45%, 12/14/31 *(a)* | 150000 | 131559 |
| 5.40%, 03/23/35 *(a)* | 175000 | 178115 |
| 5.38%, 09/21/35  | 175000 | 177298 |
| 6.60%, 04/01/40 *(a)* | 155000 | 169514 |
| 4.85%, 10/01/45 *(a)* | 175000 | 155246 |
| 4.50%, 04/01/46 *(a)* | 150000 | 126023 |
| 4.45%, 03/15/48 *(a)* | 175000 | 145639 |
| 3.30%, 02/15/50 *(a)* | 215000 | 144388 |
| 6.60%, 04/01/50 *(a)* | 380000 | 412619 |
| **Takeda Pharmaceutical Co. Ltd.** | **Takeda Pharmaceutical Co. Ltd.** | **Takeda Pharmaceutical Co. Ltd.** |
| 5.00%, 11/26/28 *(a)* | 500000 | 509510 |
| 2.05%, 03/31/30 *(a)* | 800000 | 716872 |
| 5.30%, 07/05/34 *(a)* | 205000 | 208409 |
| 3.03%, 07/09/40 *(a)* | 450000 | 336339 |
| 5.65%, 07/05/44 *(a)* | 230000 | 229156 |
| 3.18%, 07/09/50 *(a)* | 595000 | 389892 |
| 5.65%, 07/05/54 *(a)* | 200000 | 194716 |
| 3.38%, 07/09/60 *(a)* | 300000 | 191067 |
| **Texas Health Resources** | **Texas Health Resources** | **Texas Health Resources** |
| 2.33%, 11/15/50 *(a)* | 110000 | 62288 |
| 4.33%, 11/15/55  | 105000 | 86067 |
| **Thermo Fisher Scientific, Inc.** | **Thermo Fisher Scientific, Inc.** | **Thermo Fisher Scientific, Inc.** |
| 4.95%, 08/10/26 *(a)* | 295000 | 297295 |
| 5.00%, 12/05/26 *(a)* | 300000 | 303294 |

---

*See financial notes*

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

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.80%, 11/21/27 *(a)* | 100000 | 101643 |
| 1.75%, 10/15/28 *(a)* | 200000 | 185330 |
| 5.00%, 01/31/29 *(a)* | 325000 | 333694 |
| 2.60%, 10/01/29 *(a)* | 270000 | 253276 |
| 4.98%, 08/10/30 *(a)* | 250000 | 257395 |
| 2.00%, 10/15/31 *(a)* | 320000 | 279354 |
| 4.95%, 11/21/32 *(a)* | 200000 | 204626 |
| 5.09%, 08/10/33 *(a)* | 300000 | 307044 |
| 5.20%, 01/31/34 *(a)* | 200000 | 205726 |
| 2.80%, 10/15/41 *(a)* | 225000 | 161548 |
| 5.30%, 02/01/44 *(a)* | 148000 | 144054 |
| 4.10%, 08/15/47 *(a)* | 235000 | 193480 |
| **Toledo Hospital** | **Toledo Hospital** | **Toledo Hospital** |
| 5.75%, 11/15/38 *(a)* | 200000 | 200098 |
| **Trinity Health Corp.** | **Trinity Health Corp.** | **Trinity Health Corp.** |
| 2.63%, 12/01/40 *(a)* | 85000 | 61158 |
| 4.13%, 12/01/45  | 175000 | 143827 |
| 3.43%, 12/01/48  | 100000 | 74206 |
| **Tyson Foods, Inc.** | **Tyson Foods, Inc.** | **Tyson Foods, Inc.** |
| 3.55%, 06/02/27 *(a)* | 420000 | 414414 |
| 4.35%, 03/01/29 *(a)* | 365000 | 362795 |
| 5.40%, 03/15/29 *(a)* | 200000 | 206206 |
| 5.70%, 03/15/34 *(a)* | 250000 | 258840 |
| 4.88%, 08/15/34 *(a)* | 125000 | 122094 |
| 5.15%, 08/15/44 *(a)* | 175000 | 159756 |
| 4.55%, 06/02/47 *(a)* | 220000 | 183183 |
| 5.10%, 09/28/48 *(a)* | 335000 | 300545 |
| **UMass Memorial Health Care Obligated Group** | **UMass Memorial Health Care Obligated Group** | **UMass Memorial Health Care Obligated Group** |
| 5.36%, 07/01/52 *(a)* | 125000 | 113463 |
| **Unilever Capital Corp.** | **Unilever Capital Corp.** | **Unilever Capital Corp.** |
| 2.00%, 07/28/26  | 270000 | 263925 |
| 2.90%, 05/05/27 *(a)* | 445000 | 436945 |
| 3.50%, 03/22/28 *(a)* | 350000 | 345698 |
| 2.13%, 09/06/29 *(a)* | 200000 | 184448 |
| 1.38%, 09/14/30 *(a)* | 195000 | 169629 |
| 1.75%, 08/12/31 *(a)* | 230000 | 199258 |
| 5.90%, 11/15/32  | 275000 | 300066 |
| 5.00%, 12/08/33 *(a)* | 280000 | 287767 |
| 4.63%, 08/12/34 *(a)* | 500000 | 496855 |
| 2.63%, 08/12/51 *(a)* | 170000 | 104123 |
| **Universal Health Services, Inc.** | **Universal Health Services, Inc.** | **Universal Health Services, Inc.** |
| 1.65%, 09/01/26 *(a)* | 265000 | 256032 |
| 2.65%, 10/15/30 *(a)* | 250000 | 223035 |
| 2.65%, 01/15/32 *(a)* | 150000 | 127374 |
| 5.05%, 10/15/34 *(a)* | 150000 | 143498 |
| **UPMC** | **UPMC** | **UPMC** |
| 5.38%, 05/15/43 *(a)* | 130000 | 124261 |
| **Utah Acquisition Sub, Inc.** | **Utah Acquisition Sub, Inc.** | **Utah Acquisition Sub, Inc.** |
| 5.25%, 06/15/46 *(a)* | 300000 | 243360 |
| **Viatris, Inc.** | **Viatris, Inc.** | **Viatris, Inc.** |
| 2.30%, 06/22/27 *(a)* | 200000 | 190676 |
| 2.70%, 06/22/30 *(a)* | 430000 | 383366 |
| 3.85%, 06/22/40 *(a)* | 415000 | 306826 |
| 4.00%, 06/22/50 *(a)* | 475000 | 316801 |
| **WakeMed** | **WakeMed** | **WakeMed** |
| 3.29%, 10/01/52 *(a)* | 95000 | 64401 |
| **West Virginia United Health System Obligated Group** | **West Virginia United Health System Obligated Group** | **West Virginia United Health System Obligated Group** |
| 3.13%, 06/01/50 *(a)* | 110000 | 68676 |
| **Willis-Knighton Medical Center** | **Willis-Knighton Medical Center** | **Willis-Knighton Medical Center** |
| 4.81%, 09/01/48 *(a)* | 90000 | 78089 |
| 3.07%, 03/01/51 *(a)* | 120000 | 74641 |
| **Wyeth LLC** | **Wyeth LLC** | **Wyeth LLC** |
| 6.50%, 02/01/34  | 170000 | 189611 |
| 6.00%, 02/15/36  | 175000 | 188465 |
| 5.95%, 04/01/37  | 550000 | 587779 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Yale-New Haven Health Services Corp.** | **Yale-New Haven Health Services Corp.** | **Yale-New Haven Health Services Corp.** |
| 2.50%, 07/01/50 *(a)* | 160000 | 92325 |
| **Zimmer Biomet Holdings, Inc.** | **Zimmer Biomet Holdings, Inc.** | **Zimmer Biomet Holdings, Inc.** |
| 4.70%, 02/19/27  | 200000 | 201262 |
| 2.60%, 11/24/31 *(a)* | 365000 | 323160 |
| 5.20%, 09/15/34 *(a)* | 200000 | 200820 |
| 5.50%, 02/19/35 *(a)* | 200000 | 205246 |
| 4.45%, 08/15/45 *(a)* | 149000 | 124667 |
| **Zoetis, Inc.** | **Zoetis, Inc.** | **Zoetis, Inc.** |
| 3.00%, 09/12/27 *(a)* | 340000 | 331956 |
| 3.90%, 08/20/28 *(a)* | 220000 | 218475 |
| 4.70%, 02/01/43 *(a)* | 425000 | 388692 |
| 3.95%, 09/12/47 *(a)* | 175000 | 139997 |
| 4.45%, 08/20/48 *(a)* | 150000 | 126866 |
| 3.00%, 05/15/50 *(a)* | 115000 | 75780 |
|  |  | **303855826** |
| ***Energy 1.7%***  | ***Energy 1.7%***  | ***Energy 1.7%***  |
| **APA Corp.** | **APA Corp.** | **APA Corp.** |
| 4.25%, 01/15/30 *(a)(d)* | 150000 | 143534 |
| 6.10%, 02/15/35 *(a)(d)* | 85000 | 83260 |
| 5.10%, 09/01/40 *(a)(d)* | 210000 | 176297 |
| 5.35%, 07/01/49 *(a)(d)* | 120000 | 95369 |
| 6.75%, 02/15/55 *(a)(d)* | 130000 | 123191 |
| **Baker Hughes Holdings LLC** | **Baker Hughes Holdings LLC** | **Baker Hughes Holdings LLC** |
| 5.13%, 09/15/40  | 300000 | 289038 |
| **Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.** | **Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.** | **Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.** |
| 2.06%, 12/15/26 *(a)* | 200000 | 193960 |
| 3.34%, 12/15/27 *(a)* | 400000 | 392208 |
| 3.14%, 11/07/29 *(a)* | 150000 | 143213 |
| 4.49%, 05/01/30 *(a)* | 220000 | 220708 |
| 4.08%, 12/15/47 *(a)* | 380000 | 298403 |
| **Boardwalk Pipelines LP** | **Boardwalk Pipelines LP** | **Boardwalk Pipelines LP** |
| 4.45%, 07/15/27 *(a)* | 260000 | 260146 |
| 4.80%, 05/03/29 *(a)* | 160000 | 161874 |
| 3.40%, 02/15/31 *(a)* | 125000 | 115519 |
| 3.60%, 09/01/32 *(a)* | 200000 | 181388 |
| **BP Capital Markets America, Inc.** | **BP Capital Markets America, Inc.** | **BP Capital Markets America, Inc.** |
| 3.02%, 01/16/27 *(a)* | 325000 | 319611 |
| 3.54%, 04/06/27 *(a)* | 160000 | 158506 |
| 3.59%, 04/14/27 *(a)* | 250000 | 247630 |
| 5.02%, 11/17/27 *(a)* | 315000 | 320966 |
| 3.94%, 09/21/28 *(a)* | 325000 | 322601 |
| 4.23%, 11/06/28 *(a)* | 550000 | 550643 |
| 4.70%, 04/10/29 *(a)* | 345000 | 350341 |
| 4.97%, 10/17/29 *(a)* | 225000 | 230821 |
| 3.63%, 04/06/30 *(a)* | 340000 | 330157 |
| 1.75%, 08/10/30 *(a)* | 400000 | 351788 |
| 2.72%, 01/12/32 *(a)* | 695000 | 621796 |
| 4.81%, 02/13/33 *(a)* | 600000 | 599268 |
| 4.89%, 09/11/33 *(a)* | 460000 | 461040 |
| 4.99%, 04/10/34 *(a)* | 330000 | 332247 |
| 5.23%, 11/17/34 *(a)* | 250000 | 254365 |
| 3.06%, 06/17/41 *(a)* | 435000 | 321691 |
| 3.00%, 02/24/50 *(a)* | 625000 | 402162 |
| 2.77%, 11/10/50 *(a)* | 430000 | 263104 |
| 2.94%, 06/04/51 *(a)* | 655000 | 411510 |
| 3.00%, 03/17/52 *(a)* | 400000 | 252744 |
| 3.38%, 02/08/61 *(a)* | 605000 | 391090 |
| **BP Capital Markets PLC** | **BP Capital Markets PLC** | **BP Capital Markets PLC** |
| 3.28%, 09/19/27 *(a)* | 450000 | 441823 |
| 3.72%, 11/28/28 *(a)* | 250000 | 246125 |
| **Burlington Resources LLC** | **Burlington Resources LLC** | **Burlington Resources LLC** |
| 7.20%, 08/15/31  | 220000 | 250923 |
| 5.95%, 10/15/36  | 90000 | 95407 |

---

*See financial notes*

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

**69**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Canadian Natural Resources Ltd.** | **Canadian Natural Resources Ltd.** | **Canadian Natural Resources Ltd.** |
| 3.85%, 06/01/27 *(a)* | 200000 | 198068 |
| 5.00%, 12/15/29 *(a)(d)* | 230000 | 232155 |
| 2.95%, 07/15/30 *(a)* | 250000 | 229687 |
| 7.20%, 01/15/32  | 205000 | 226199 |
| 6.45%, 06/30/33  | 195000 | 207607 |
| 5.85%, 02/01/35  | 195000 | 198592 |
| 6.50%, 02/15/37  | 140000 | 147483 |
| 6.25%, 03/15/38  | 300000 | 311256 |
| 6.75%, 02/01/39  | 100000 | 107167 |
| 4.95%, 06/01/47 *(a)* | 235000 | 201099 |
| **Cenovus Energy, Inc.** | **Cenovus Energy, Inc.** | **Cenovus Energy, Inc.** |
| 4.25%, 04/15/27 *(a)* | 75000 | 74863 |
| 2.65%, 01/15/32 *(a)* | 100000 | 86492 |
| 5.25%, 06/15/37 *(a)* | 99000 | 93722 |
| 6.75%, 11/15/39  | 225000 | 241697 |
| 5.40%, 06/15/47 *(a)* | 175000 | 155397 |
| 3.75%, 02/15/52 *(a)* | 225000 | 152971 |
| **Cheniere Corpus Christi Holdings LLC** | **Cheniere Corpus Christi Holdings LLC** | **Cheniere Corpus Christi Holdings LLC** |
| 5.13%, 06/30/27 *(a)* | 370000 | 373707 |
| 3.70%, 11/15/29 *(a)* | 325000 | 313690 |
| 2.74%, 12/31/39 *(a)* | 200000 | 163688 |
| **Cheniere Energy Partners LP** | **Cheniere Energy Partners LP** | **Cheniere Energy Partners LP** |
| 4.50%, 10/01/29 *(a)* | 460000 | 455087 |
| 4.00%, 03/01/31 *(a)* | 390000 | 371147 |
| 3.25%, 01/31/32 *(a)* | 360000 | 322704 |
| 5.95%, 06/30/33 *(a)* | 490000 | 511717 |
| 5.75%, 08/15/34 *(a)* | 310000 | 318525 |
| **Cheniere Energy, Inc.** | **Cheniere Energy, Inc.** | **Cheniere Energy, Inc.** |
| 4.63%, 10/15/28 *(a)* | 490000 | 489387 |
| 5.65%, 04/15/34 *(a)* | 415000 | 425599 |
| **Chevron Corp.** | **Chevron Corp.** | **Chevron Corp.** |
| 2.00%, 05/11/27 *(a)* | 100000 | 96631 |
| 2.24%, 05/11/30 *(a)* | 500000 | 456925 |
| 3.08%, 05/11/50 *(a)* | 350000 | 236061 |
| **Chevron USA, Inc.** | **Chevron USA, Inc.** | **Chevron USA, Inc.** |
| 4.41%, 02/26/27  | 230000 | 232019 |
| 1.02%, 08/12/27 *(a)* | 260000 | 244769 |
| 3.85%, 01/15/28 *(a)* | 175000 | 174745 |
| 4.48%, 02/26/28 *(a)* | 300000 | 303684 |
| 3.25%, 10/15/29 *(a)* | 75000 | 72781 |
| 4.69%, 04/15/30 *(a)* | 325000 | 331770 |
| 4.82%, 04/15/32 *(a)* | 200000 | 204180 |
| 4.98%, 04/15/35 *(a)* | 225000 | 227851 |
| 6.00%, 03/01/41 *(a)* | 145000 | 153954 |
| 5.25%, 11/15/43 *(a)* | 110000 | 107468 |
| 2.34%, 08/12/50 *(a)* | 205000 | 118041 |
| **Columbia Pipeline Group, Inc.** | **Columbia Pipeline Group, Inc.** | **Columbia Pipeline Group, Inc.** |
| 5.80%, 06/01/45 *(a)* | 150000 | 145418 |
| **ConocoPhillips** | **ConocoPhillips** | **ConocoPhillips** |
| 5.90%, 10/15/32  | 100000 | 108026 |
| 6.50%, 02/01/39  | 500000 | 559130 |
| 4.88%, 10/01/47 *(a)* | 140000 | 124715 |
| **ConocoPhillips Co.** | **ConocoPhillips Co.** | **ConocoPhillips Co.** |
| 4.70%, 01/15/30 *(a)* | 350000 | 354966 |
| 4.85%, 01/15/32 *(a)* | 235000 | 237667 |
| 5.05%, 09/15/33 *(a)* | 390000 | 397379 |
| 5.00%, 01/15/35 *(a)* | 370000 | 369952 |
| 3.76%, 03/15/42 *(a)* | 200000 | 160348 |
| 4.30%, 11/15/44 *(a)* | 225000 | 187551 |
| 5.95%, 03/15/46 *(a)* | 95000 | 98595 |
| 3.80%, 03/15/52 *(a)* | 355000 | 257939 |
| 5.30%, 05/15/53 *(a)* | 325000 | 300336 |
| 5.55%, 03/15/54 *(a)* | 300000 | 287091 |
| 5.50%, 01/15/55 *(a)* | 400000 | 379692 |
| 4.03%, 03/15/62 *(a)* | 500000 | 361055 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.70%, 09/15/63 *(a)* | 200000 | 191948 |
| 5.65%, 01/15/65 *(a)* | 200000 | 190320 |
| **Continental Resources, Inc.** | **Continental Resources, Inc.** | **Continental Resources, Inc.** |
| 4.38%, 01/15/28 *(a)* | 340000 | 335407 |
| 4.90%, 06/01/44 *(a)* | 240000 | 189139 |
| **Coterra Energy, Inc.** | **Coterra Energy, Inc.** | **Coterra Energy, Inc.** |
| 3.90%, 05/15/27 *(a)* | 200000 | 197656 |
| 4.38%, 03/15/29 *(a)* | 170000 | 168462 |
| 5.60%, 03/15/34 *(a)* | 100000 | 100876 |
| 5.40%, 02/15/35 *(a)* | 205000 | 203036 |
| 5.90%, 02/15/55 *(a)* | 200000 | 186436 |
| **DCP Midstream Operating LP** | **DCP Midstream Operating LP** | **DCP Midstream Operating LP** |
| 5.63%, 07/15/27 *(a)* | 100000 | 102232 |
| 5.13%, 05/15/29 *(a)* | 100000 | 101615 |
| 8.13%, 08/16/30  | 185000 | 215680 |
| 3.25%, 02/15/32 *(a)* | 170000 | 150299 |
| 5.60%, 04/01/44 *(a)* | 115000 | 105139 |
| **Devon Energy Corp.** | **Devon Energy Corp.** | **Devon Energy Corp.** |
| 5.25%, 10/15/27 *(a)* | 255000 | 255515 |
| 5.88%, 06/15/28 *(a)(d)* | 150000 | 150069 |
| 4.50%, 01/15/30 *(a)* | 185000 | 182995 |
| 7.88%, 09/30/31  | 270000 | 311145 |
| 5.20%, 09/15/34 *(a)* | 205000 | 199264 |
| 5.60%, 07/15/41 *(a)* | 250000 | 231320 |
| 4.75%, 05/15/42 *(a)* | 295000 | 247363 |
| 5.00%, 06/15/45 *(a)* | 280000 | 233341 |
| 5.75%, 09/15/54 *(a)* | 225000 | 202838 |
| **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** |
| 3.25%, 12/01/26 *(a)* | 250000 | 246470 |
| 3.50%, 12/01/29 *(a)* | 430000 | 411497 |
| 5.15%, 01/30/30 *(a)* | 230000 | 235265 |
| 3.13%, 03/24/31 *(a)* | 205000 | 188006 |
| 6.25%, 03/15/33 *(a)* | 400000 | 426316 |
| 5.40%, 04/18/34 *(a)* | 325000 | 326027 |
| 5.55%, 04/01/35 *(a)* | 300000 | 303378 |
| 4.40%, 03/24/51 *(a)* | 250000 | 193283 |
| 4.25%, 03/15/52 *(a)* | 275000 | 207757 |
| 6.25%, 03/15/53 *(a)* | 210000 | 207921 |
| 5.75%, 04/18/54 *(a)* | 415000 | 385668 |
| 5.90%, 04/18/64 *(a)* | 285000 | 264811 |
| **Eastern Energy Gas Holdings LLC** | **Eastern Energy Gas Holdings LLC** | **Eastern Energy Gas Holdings LLC** |
| 5.65%, 10/15/54 *(a)* | 250000 | 239615 |
| **Eastern Gas Transmission & Storage, Inc.** | **Eastern Gas Transmission & Storage, Inc.** | **Eastern Gas Transmission & Storage, Inc.** |
| 3.00%, 11/15/29 *(a)* | 195000 | 184222 |
| 4.80%, 11/01/43 *(a)(d)* | 110000 | 96602 |
| 4.60%, 12/15/44 *(a)* | 190000 | 161046 |
| **Enbridge Energy Partners LP** | **Enbridge Energy Partners LP** | **Enbridge Energy Partners LP** |
| 7.50%, 04/15/38  | 115000 | 132686 |
| 5.50%, 09/15/40 *(a)* | 200000 | 193512 |
| 7.38%, 10/15/45 *(a)* | 240000 | 275143 |
| **Enbridge, Inc.** | **Enbridge, Inc.** | **Enbridge, Inc.** |
| 1.60%, 10/04/26 *(a)* | 215000 | 207909 |
| 4.25%, 12/01/26 *(a)* | 325000 | 324633 |
| 5.25%, 04/05/27 *(a)* | 200000 | 203028 |
| 3.70%, 07/15/27 *(a)* | 225000 | 222237 |
| 4.60%, 06/20/28 *(a)* | 120000 | 120918 |
| 6.00%, 11/15/28 *(a)* | 200000 | 210130 |
| 5.30%, 04/05/29 *(a)* | 245000 | 251848 |
| 3.13%, 11/15/29 *(a)* | 350000 | 330816 |
| 4.90%, 06/20/30 *(a)* | 170000 | 171756 |
| 6.20%, 11/15/30 *(a)* | 210000 | 224868 |
| 5.70%, 03/08/33 *(a)* | 740000 | 767957 |
| 2.50%, 08/01/33 *(a)* | 400000 | 333256 |
| 5.63%, 04/05/34 *(a)* | 230000 | 236737 |
| 5.55%, 06/20/35 *(a)* | 260000 | 264464 |
| 4.50%, 06/10/44 *(a)* | 280000 | 230933 |

---

*See financial notes*

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

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.50%, 12/01/46 *(a)* | 150000 | 143534 |
| 4.00%, 11/15/49 *(a)* | 235000 | 174671 |
| 3.40%, 08/01/51 *(a)* | 100000 | 66440 |
| 6.70%, 11/15/53 *(a)* | 350000 | 379179 |
| 5.95%, 04/05/54 *(a)* | 275000 | 272500 |
| 7.20%, 06/27/54 *(a)(b)* | 225000 | 231502 |
| **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** |
| 6.05%, 12/01/26 *(a)* | 375000 | 382999 |
| 4.40%, 03/15/27 *(a)* | 225000 | 225095 |
| 4.20%, 04/15/27 *(a)* | 150000 | 149541 |
| 5.50%, 06/01/27 *(a)* | 275000 | 280107 |
| 4.00%, 10/01/27 *(a)* | 200000 | 198684 |
| 4.95%, 05/15/28 *(a)* | 250000 | 253635 |
| 4.95%, 06/15/28 *(a)* | 350000 | 355106 |
| 5.25%, 04/15/29 *(a)* | 500000 | 512250 |
| 5.25%, 07/01/29 *(a)* | 250000 | 256290 |
| 4.15%, 09/15/29 *(a)* | 200000 | 197274 |
| 5.20%, 04/01/30 *(a)* | 275000 | 281141 |
| 3.75%, 05/15/30 *(a)* | 355000 | 340782 |
| 6.40%, 12/01/30 *(a)* | 375000 | 404580 |
| 5.75%, 02/15/33 *(a)* | 520000 | 540030 |
| 6.55%, 12/01/33 *(a)* | 430000 | 466688 |
| 5.55%, 05/15/34 *(a)* | 360000 | 364831 |
| 5.60%, 09/01/34 *(a)* | 350000 | 355719 |
| 4.90%, 03/15/35 *(a)* | 205000 | 196716 |
| 5.70%, 04/01/35 *(a)* | 450000 | 458536 |
| 6.63%, 10/15/36  | 185000 | 199965 |
| 7.50%, 07/01/38  | 150000 | 171863 |
| 6.05%, 06/01/41 *(a)* | 200000 | 200166 |
| 6.50%, 02/01/42 *(a)* | 350000 | 363846 |
| 6.10%, 02/15/42  | 185000 | 184171 |
| 4.95%, 01/15/43 *(a)* | 205000 | 176788 |
| 5.15%, 02/01/43 *(a)* | 165000 | 144703 |
| 5.95%, 10/01/43 *(a)* | 128000 | 122893 |
| 5.30%, 04/01/44 *(a)* | 230000 | 206135 |
| 5.00%, 05/15/44 *(a)* | 35000 | 30280 |
| 5.15%, 03/15/45 *(a)* | 345000 | 304556 |
| 5.35%, 05/15/45 *(a)* | 150000 | 135581 |
| 6.13%, 12/15/45 *(a)* | 300000 | 295164 |
| 5.30%, 04/15/47 *(a)* | 200000 | 176596 |
| 5.40%, 10/01/47 *(a)* | 400000 | 357124 |
| 6.00%, 06/15/48 *(a)* | 310000 | 298694 |
| 6.25%, 04/15/49 *(a)* | 500000 | 494540 |
| 5.00%, 05/15/50 *(a)* | 550000 | 460663 |
| 5.95%, 05/15/54 *(a)* | 505000 | 480371 |
| 6.05%, 09/01/54 *(a)* | 350000 | 336794 |
| 6.20%, 04/01/55 *(a)* | 325000 | 320304 |
| **Eni USA, Inc.** | **Eni USA, Inc.** | **Eni USA, Inc.** |
| 7.30%, 11/15/27  | 165000 | 175702 |
| **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** |
| 4.60%, 01/11/27 *(a)* | 300000 | 301905 |
| 3.95%, 02/15/27 *(a)* | 185000 | 184427 |
| 4.30%, 06/20/28 *(a)* | 150000 | 150714 |
| 4.15%, 10/16/28 *(a)* | 325000 | 325097 |
| 3.13%, 07/31/29 *(a)* | 300000 | 287031 |
| 2.80%, 01/31/30 *(a)* | 400000 | 375136 |
| 4.60%, 01/15/31 *(a)* | 220000 | 221635 |
| 5.35%, 01/31/33 *(a)* | 300000 | 311127 |
| 6.88%, 03/01/33  | 165000 | 186005 |
| 4.85%, 01/31/34 *(a)* | 200000 | 199452 |
| 6.65%, 10/15/34  | 100000 | 111215 |
| 4.95%, 02/15/35 *(a)* | 325000 | 324119 |
| 5.20%, 01/15/36 *(a)* | 220000 | 221815 |
| 7.55%, 04/15/38  | 150000 | 178730 |
| 6.13%, 10/15/39  | 175000 | 186846 |
| 6.45%, 09/01/40  | 140000 | 153629 |
| 5.95%, 02/01/41  | 250000 | 260107 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.70%, 02/15/42  | 175000 | 176621 |
| 4.85%, 08/15/42 *(a)* | 245000 | 224163 |
| 4.45%, 02/15/43 *(a)* | 300000 | 260049 |
| 4.85%, 03/15/44 *(a)* | 400000 | 361760 |
| 5.10%, 02/15/45 *(a)* | 350000 | 325766 |
| 4.90%, 05/15/46 *(a)* | 285000 | 256822 |
| 4.25%, 02/15/48 *(a)* | 320000 | 259962 |
| 4.80%, 02/01/49 *(a)* | 305000 | 266192 |
| 4.20%, 01/31/50 *(a)* | 390000 | 310030 |
| 3.70%, 01/31/51 *(a)* | 245000 | 177510 |
| 3.20%, 02/15/52 *(a)* | 325000 | 212644 |
| 3.30%, 02/15/53 *(a)* | 295000 | 195435 |
| 4.95%, 10/15/54 *(a)* | 155000 | 135847 |
| 5.55%, 02/16/55 *(a)* | 425000 | 410282 |
| 3.95%, 01/31/60 *(a)* | 230000 | 168261 |
| 5.25%, 08/16/77 *(a)(b)* | 300000 | 297084 |
| 5.38%, 02/15/78 *(a)(b)* | 225000 | 221627 |
| **EOG Resources, Inc.** | **EOG Resources, Inc.** | **EOG Resources, Inc.** |
| 4.40%, 07/15/28 *(a)* | 150000 | 150945 |
| 4.38%, 04/15/30 *(a)* | 250000 | 250092 |
| 5.00%, 07/15/32 *(a)* | 360000 | 364378 |
| 3.90%, 04/01/35 *(a)* | 170000 | 155679 |
| 5.35%, 01/15/36 *(a)* | 360000 | 365062 |
| 4.95%, 04/15/50 *(a)* | 245000 | 217991 |
| 5.65%, 12/01/54 *(a)* | 300000 | 293793 |
| 5.95%, 07/15/55 *(a)* | 150000 | 152795 |
| **EQT Corp.** | **EQT Corp.** | **EQT Corp.** |
| 3.90%, 10/01/27 *(a)* | 350000 | 345541 |
| 5.70%, 04/01/28 *(a)* | 150000 | 154310 |
| 4.50%, 01/15/29 *(a)(d)* | 200000 | 197712 |
| 5.00%, 01/15/29 *(a)* | 100000 | 100881 |
| 6.38%, 04/01/29 *(a)(d)* | 150000 | 154721 |
| 7.00%, 02/01/30 *(a)(g)* | 330000 | 357703 |
| 7.50%, 06/01/30 *(a)(d)* | 150000 | 164940 |
| 4.75%, 01/15/31 *(a)(d)* | 300000 | 295512 |
| 5.75%, 02/01/34 *(a)* | 210000 | 217178 |
| **Expand Energy Corp.** | **Expand Energy Corp.** | **Expand Energy Corp.** |
| 5.38%, 02/01/29 *(a)* | 200000 | 200328 |
| 5.38%, 03/15/30 *(a)* | 300000 | 301125 |
| 4.75%, 02/01/32 *(a)* | 415000 | 403168 |
| 5.70%, 01/15/35 *(a)* | 225000 | 228667 |
| **Exxon Mobil Corp.** | **Exxon Mobil Corp.** | **Exxon Mobil Corp.** |
| 2.28%, 08/16/26 *(a)* | 330000 | 323644 |
| 3.29%, 03/19/27 *(a)* | 300000 | 297891 |
| 2.44%, 08/16/29 *(a)* | 300000 | 282897 |
| 3.48%, 03/19/30 *(a)* | 575000 | 559159 |
| 2.61%, 10/15/30 *(a)* | 625000 | 578744 |
| 3.00%, 08/16/39 *(a)* | 230000 | 179759 |
| 4.23%, 03/19/40 *(a)* | 600000 | 536778 |
| 3.57%, 03/06/45 *(a)* | 300000 | 230838 |
| 4.11%, 03/01/46 *(a)* | 765000 | 629327 |
| 3.10%, 08/16/49 *(a)* | 490000 | 328565 |
| 4.33%, 03/19/50 *(a)* | 765000 | 635876 |
| 3.45%, 04/15/51 *(a)* | 765000 | 543265 |
| **Halliburton Co.** | **Halliburton Co.** | **Halliburton Co.** |
| 2.92%, 03/01/30 *(a)* | 305000 | 284007 |
| 4.85%, 11/15/35 *(a)* | 375000 | 361181 |
| 6.70%, 09/15/38  | 295000 | 324155 |
| 7.45%, 09/15/39  | 300000 | 351837 |
| 4.75%, 08/01/43 *(a)* | 225000 | 196007 |
| 5.00%, 11/15/45 *(a)* | 550000 | 487454 |
| **Helmerich & Payne, Inc.** | **Helmerich & Payne, Inc.** | **Helmerich & Payne, Inc.** |
| 2.90%, 09/29/31 *(a)* | 245000 | 205058 |
| 5.50%, 12/01/34 *(a)(d)* | 250000 | 228300 |

---

*See financial notes*

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

**71**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Hess Corp.** | **Hess Corp.** | **Hess Corp.** |
| 4.30%, 04/01/27 *(a)* | 230000 | 229627 |
| 7.88%, 10/01/29  | 175000 | 197141 |
| 7.30%, 08/15/31  | 233000 | 264777 |
| 7.13%, 03/15/33  | 200000 | 226844 |
| 6.00%, 01/15/40  | 240000 | 253176 |
| 5.60%, 02/15/41  | 350000 | 348064 |
| 5.80%, 04/01/47 *(a)* | 150000 | 149225 |
| **HF Sinclair Corp.** | **HF Sinclair Corp.** | **HF Sinclair Corp.** |
| 5.00%, 02/01/28 *(a)* | 245000 | 245110 |
| 4.50%, 10/01/30 *(a)* | 105000 | 101985 |
| 6.25%, 01/15/35 *(a)* | 200000 | 203190 |
| **Kinder Morgan Energy Partners LP** | **Kinder Morgan Energy Partners LP** | **Kinder Morgan Energy Partners LP** |
| 7.40%, 03/15/31  | 185000 | 208214 |
| 7.75%, 03/15/32  | 190000 | 218312 |
| 7.30%, 08/15/33  | 250000 | 282250 |
| 5.80%, 03/15/35  | 210000 | 217516 |
| 6.50%, 02/01/37  | 170000 | 180804 |
| 6.95%, 01/15/38  | 350000 | 388335 |
| 6.50%, 09/01/39  | 200000 | 212656 |
| 6.55%, 09/15/40  | 165000 | 176241 |
| 7.50%, 11/15/40  | 105000 | 120369 |
| 6.38%, 03/01/41  | 185000 | 192309 |
| 5.63%, 09/01/41  | 175000 | 168807 |
| 5.00%, 08/15/42 *(a)* | 175000 | 156837 |
| 4.70%, 11/01/42 *(a)* | 175000 | 152192 |
| 5.00%, 03/01/43 *(a)* | 315000 | 280813 |
| 5.50%, 03/01/44 *(a)* | 215000 | 203444 |
| 5.40%, 09/01/44 *(a)* | 100000 | 92891 |
| **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** |
| 4.30%, 03/01/28 *(a)* | 390000 | 390374 |
| 5.00%, 02/01/29 *(a)* | 300000 | 304893 |
| 5.10%, 08/01/29 *(a)* | 150000 | 153359 |
| 5.15%, 06/01/30 *(a)* | 300000 | 306549 |
| 2.00%, 02/15/31 *(a)* | 375000 | 327214 |
| 7.80%, 08/01/31  | 255000 | 294023 |
| 7.75%, 01/15/32  | 250000 | 288770 |
| 4.80%, 02/01/33 *(a)* | 250000 | 246640 |
| 5.20%, 06/01/33 *(a)* | 100000 | 100597 |
| 5.40%, 02/01/34 *(a)* | 325000 | 329348 |
| 5.30%, 12/01/34 *(a)* | 170000 | 170536 |
| 5.55%, 06/01/45 *(a)* | 525000 | 496513 |
| 5.05%, 02/15/46 *(a)* | 250000 | 221280 |
| 5.20%, 03/01/48 *(a)* | 246000 | 221816 |
| 3.25%, 08/01/50 *(a)* | 100000 | 64823 |
| 5.45%, 08/01/52 *(a)* | 295000 | 272120 |
| 5.95%, 08/01/54 *(a)* | 200000 | 197016 |
| **Marathon Petroleum Corp.** | **Marathon Petroleum Corp.** | **Marathon Petroleum Corp.** |
| 5.13%, 12/15/26 *(a)* | 270000 | 272425 |
| 5.15%, 03/01/30 *(a)* | 300000 | 306027 |
| 5.70%, 03/01/35 *(a)* | 200000 | 202926 |
| 6.50%, 03/01/41 *(a)* | 375000 | 391537 |
| 4.75%, 09/15/44 *(a)* | 200000 | 166746 |
| 4.50%, 04/01/48 *(a)* | 280000 | 217437 |
| 5.00%, 09/15/54 *(a)* | 165000 | 135505 |
| **MPLX LP** | **MPLX LP** | **MPLX LP** |
| 4.13%, 03/01/27 *(a)* | 410000 | 408011 |
| 4.25%, 12/01/27 *(a)* | 246000 | 245260 |
| 4.00%, 03/15/28 *(a)* | 350000 | 346601 |
| 4.80%, 02/15/29 *(a)* | 250000 | 252450 |
| 2.65%, 08/15/30 *(a)* | 450000 | 407623 |
| 4.95%, 09/01/32 *(a)* | 285000 | 282406 |
| 5.00%, 03/01/33 *(a)* | 350000 | 345618 |
| 5.50%, 06/01/34 *(a)* | 505000 | 507732 |
| 5.40%, 04/01/35 *(a)* | 250000 | 248295 |
| 4.50%, 04/15/38 *(a)* | 550000 | 487239 |
| 5.20%, 03/01/47 *(a)* | 300000 | 262584 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.20%, 12/01/47 *(a)* | 150000 | 131132 |
| 4.70%, 04/15/48 *(a)* | 535000 | 434580 |
| 5.50%, 02/15/49 *(a)* | 425000 | 384731 |
| 4.95%, 03/14/52 *(a)* | 425000 | 352639 |
| 5.95%, 04/01/55 *(a)* | 150000 | 143144 |
| 4.90%, 04/15/58 *(a)* | 185000 | 149304 |
| **National Fuel Gas Co.** | **National Fuel Gas Co.** | **National Fuel Gas Co.** |
| 5.50%, 10/01/26  | 100000 | 101137 |
| 3.95%, 09/15/27 *(a)* | 175000 | 172522 |
| 4.75%, 09/01/28 *(a)* | 105000 | 105213 |
| 5.50%, 03/15/30 *(a)* | 150000 | 154280 |
| 2.95%, 03/01/31 *(a)* | 70000 | 62542 |
| 5.95%, 03/15/35 *(a)* | 150000 | 153626 |
| **Northwest Pipeline LLC** | **Northwest Pipeline LLC** | **Northwest Pipeline LLC** |
| 4.00%, 04/01/27 *(a)* | 50000 | 49681 |
| **NOV, Inc.** | **NOV, Inc.** | **NOV, Inc.** |
| 3.60%, 12/01/29 *(a)* | 180000 | 172798 |
| 3.95%, 12/01/42 *(a)* | 365000 | 274969 |
| **Occidental Petroleum Corp.** | **Occidental Petroleum Corp.** | **Occidental Petroleum Corp.** |
| 8.50%, 07/15/27 *(a)* | 145000 | 153661 |
| 5.00%, 08/01/27 *(a)* | 150000 | 151478 |
| 6.38%, 09/01/28 *(a)* | 150000 | 156141 |
| 5.20%, 08/01/29 *(a)* | 350000 | 351389 |
| 8.88%, 07/15/30 *(a)* | 350000 | 400872 |
| 6.63%, 09/01/30 *(a)* | 375000 | 397009 |
| 6.13%, 01/01/31 *(a)* | 400000 | 414856 |
| 7.50%, 05/01/31  | 250000 | 275640 |
| 7.88%, 09/15/31  | 175000 | 196795 |
| 5.38%, 01/01/32 *(a)* | 350000 | 347749 |
| 5.55%, 10/01/34 *(a)(c)* | 300000 | 294705 |
| 6.45%, 09/15/36  | 540000 | 553171 |
| 7.95%, 06/15/39  | 55000 | 62109 |
| 6.20%, 03/15/40  | 200000 | 195824 |
| 6.60%, 03/15/46 *(a)* | 260000 | 256818 |
| 4.40%, 04/15/46 *(a)* | 210000 | 154921 |
| 4.20%, 03/15/48 *(a)* | 90000 | 61729 |
| 6.05%, 10/01/54 *(a)* | 270000 | 247493 |
| **ONEOK Partners LP** | **ONEOK Partners LP** | **ONEOK Partners LP** |
| 6.65%, 10/01/36  | 135000 | 145225 |
| 6.85%, 10/15/37  | 200000 | 218644 |
| 6.13%, 02/01/41 *(a)* | 200000 | 200342 |
| 6.20%, 09/15/43 *(a)* | 150000 | 149750 |
| **ONEOK, Inc.** | **ONEOK, Inc.** | **ONEOK, Inc.** |
| 4.85%, 07/15/26 *(a)* | 200000 | 200390 |
| 5.55%, 11/01/26 *(a)* | 250000 | 253470 |
| 4.00%, 07/13/27 *(a)* | 190000 | 188885 |
| 4.25%, 09/24/27 *(a)* | 250000 | 249770 |
| 4.55%, 07/15/28 *(a)* | 225000 | 225817 |
| 5.65%, 11/01/28 *(a)* | 200000 | 207324 |
| 4.35%, 03/15/29 *(a)* | 230000 | 228434 |
| 5.38%, 06/01/29 *(a)* | 155000 | 158430 |
| 3.40%, 09/01/29 *(a)* | 250000 | 238870 |
| 3.10%, 03/15/30 *(a)* | 260000 | 243253 |
| 3.25%, 06/01/30 *(a)* | 195000 | 182879 |
| 5.80%, 11/01/30 *(a)* | 200000 | 209546 |
| 6.35%, 01/15/31 *(a)* | 200000 | 214026 |
| 4.75%, 10/15/31 *(a)* | 300000 | 297567 |
| 6.10%, 11/15/32 *(a)* | 200000 | 211702 |
| 6.05%, 09/01/33 *(a)* | 475000 | 498840 |
| 5.65%, 09/01/34 *(a)* | 160000 | 162229 |
| 5.05%, 11/01/34 *(a)* | 350000 | 340875 |
| 6.00%, 06/15/35  | 100000 | 104006 |
| 5.15%, 10/15/43 *(a)* | 215000 | 191638 |
| 5.60%, 04/01/44 *(a)* | 100000 | 91647 |
| 5.05%, 04/01/45 *(a)* | 150000 | 127820 |
| 4.25%, 09/15/46 *(a)* | 190000 | 144961 |

---

*See financial notes*

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

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.45%, 06/01/47 *(a)* | 170000 | 151268 |
| 4.95%, 07/13/47 *(a)* | 65000 | 54666 |
| 4.20%, 10/03/47 *(a)* | 200000 | 150974 |
| 5.20%, 07/15/48 *(a)* | 325000 | 283325 |
| 4.85%, 02/01/49 *(a)* | 169000 | 137836 |
| 4.45%, 09/01/49 *(a)* | 220000 | 169640 |
| 3.95%, 03/01/50 *(a)* | 230000 | 164137 |
| 4.50%, 03/15/50 *(a)* | 180000 | 139102 |
| 7.15%, 01/15/51 *(a)* | 85000 | 91938 |
| 6.63%, 09/01/53 *(a)* | 525000 | 546509 |
| 5.70%, 11/01/54 *(a)* | 350000 | 323316 |
| 5.85%, 11/01/64 *(a)* | 155000 | 144175 |
| **Ovintiv, Inc.** | **Ovintiv, Inc.** | **Ovintiv, Inc.** |
| 5.65%, 05/15/28 *(a)* | 200000 | 205756 |
| 7.20%, 11/01/31  | 130000 | 141619 |
| 7.38%, 11/01/31  | 260000 | 285254 |
| 6.63%, 08/15/37  | 160000 | 164026 |
| 6.50%, 02/01/38  | 220000 | 222325 |
| 7.10%, 07/15/53 *(a)* | 25000 | 25929 |
| **Patterson-UTI Energy, Inc.** | **Patterson-UTI Energy, Inc.** | **Patterson-UTI Energy, Inc.** |
| 3.95%, 02/01/28 *(a)* | 200000 | 193766 |
| 5.15%, 11/15/29 *(a)* | 115000 | 113344 |
| 7.15%, 10/01/33 *(a)* | 115000 | 117916 |
| **Phillips 66** | **Phillips 66** | **Phillips 66** |
| 3.90%, 03/15/28 *(a)* | 380000 | 376360 |
| 2.15%, 12/15/30 *(a)* | 50000 | 44060 |
| 4.65%, 11/15/34 *(a)* | 150000 | 143298 |
| 5.88%, 05/01/42  | 400000 | 398432 |
| 4.88%, 11/15/44 *(a)* | 500000 | 434805 |
| 3.30%, 03/15/52 *(a)* | 425000 | 274010 |
| **Phillips 66 Co.** | **Phillips 66 Co.** | **Phillips 66 Co.** |
| 4.95%, 12/01/27 *(a)* | 275000 | 279397 |
| 3.75%, 03/01/28 *(a)* | 250000 | 246462 |
| 3.15%, 12/15/29 *(a)* | 295000 | 279763 |
| 5.25%, 06/15/31 *(a)* | 110000 | 113089 |
| 5.30%, 06/30/33 *(a)* | 300000 | 303744 |
| 4.95%, 03/15/35 *(a)* | 200000 | 194116 |
| 4.68%, 02/15/45 *(a)* | 185000 | 155655 |
| 4.90%, 10/01/46 *(a)* | 315000 | 267167 |
| 5.65%, 06/15/54 *(a)* | 150000 | 139589 |
| 5.50%, 03/15/55 *(a)* | 100000 | 91387 |
| **Pioneer Natural Resources Co.** | **Pioneer Natural Resources Co.** | **Pioneer Natural Resources Co.** |
| 1.90%, 08/15/30 *(a)* | 380000 | 337197 |
| 2.15%, 01/15/31 *(a)* | 250000 | 222145 |
| **Plains All American Pipeline LP/PAA Finance Corp.** | **Plains All American Pipeline LP/PAA Finance Corp.** | **Plains All American Pipeline LP/PAA Finance Corp.** |
| 4.50%, 12/15/26 *(a)* | 225000 | 225365 |
| 3.55%, 12/15/29 *(a)* | 290000 | 277321 |
| 3.80%, 09/15/30 *(a)* | 200000 | 191298 |
| 5.70%, 09/15/34 *(a)* | 200000 | 203758 |
| 6.65%, 01/15/37  | 250000 | 270365 |
| 5.15%, 06/01/42 *(a)* | 200000 | 178644 |
| 4.30%, 01/31/43 *(a)* | 150000 | 119553 |
| 4.70%, 06/15/44 *(a)* | 205000 | 170624 |
| 4.90%, 02/15/45 *(a)* | 200000 | 170988 |
| **Sabine Pass Liquefaction LLC** | **Sabine Pass Liquefaction LLC** | **Sabine Pass Liquefaction LLC** |
| 5.88%, 06/30/26 *(a)* | 300000 | 301716 |
| 5.00%, 03/15/27 *(a)* | 420000 | 422562 |
| 4.20%, 03/15/28 *(a)* | 450000 | 447993 |
| 4.50%, 05/15/30 *(a)* | 525000 | 524223 |
| 5.90%, 09/15/37 *(a)* | 175000 | 183559 |
| **Shell Finance U.S., Inc.** | **Shell Finance U.S., Inc.** | **Shell Finance U.S., Inc.** |
| 2.38%, 11/07/29 *(a)* | 400000 | 372148 |
| 2.75%, 04/06/30 *(a)* | 500000 | 469225 |
| 4.13%, 05/11/35  | 350000 | 330911 |
| 4.55%, 08/12/43  | 375000 | 331519 |
| 4.38%, 05/11/45  | 825000 | 699138 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.00%, 05/10/46  | 540000 | 431071 |
| 3.75%, 09/12/46  | 300000 | 231390 |
| 3.25%, 04/06/50 *(a)* | 500000 | 343035 |
| **Shell International Finance BV** | **Shell International Finance BV** | **Shell International Finance BV** |
| 2.50%, 09/12/26  | 305000 | 299858 |
| 3.88%, 11/13/28 *(a)* | 500000 | 498650 |
| 6.38%, 12/15/38  | 865000 | 961828 |
| 5.50%, 03/25/40  | 50000 | 51033 |
| 2.88%, 11/26/41 *(a)* | 220000 | 158822 |
| 3.63%, 08/21/42  | 160000 | 125650 |
| 4.00%, 05/10/46  | 150000 | 121848 |
| 3.13%, 11/07/49 *(a)* | 420000 | 281576 |
| 3.00%, 11/26/51 *(a)* | 275000 | 177345 |
| **South Bow USA Infrastructure Holdings LLC** | **South Bow USA Infrastructure Holdings LLC** | **South Bow USA Infrastructure Holdings LLC** |
| 5.03%, 10/01/29 *(a)(d)* | 420000 | 421579 |
| 5.58%, 10/01/34 *(a)(d)* | 400000 | 395816 |
| 6.18%, 10/01/54 *(a)(d)* | 205000 | 194978 |
| **Spectra Energy Partners LP** | **Spectra Energy Partners LP** | **Spectra Energy Partners LP** |
| 3.38%, 10/15/26 *(a)* | 150000 | 147972 |
| 5.95%, 09/25/43 *(a)* | 200000 | 197028 |
| 4.50%, 03/15/45 *(a)* | 100000 | 82439 |
| **Suncor Energy, Inc.** | **Suncor Energy, Inc.** | **Suncor Energy, Inc.** |
| 7.15%, 02/01/32  | 145000 | 160479 |
| 5.95%, 12/01/34  | 150000 | 155730 |
| 6.80%, 05/15/38  | 144000 | 155896 |
| 6.50%, 06/15/38  | 100000 | 106786 |
| 6.85%, 06/01/39  | 220000 | 240335 |
| 4.00%, 11/15/47 *(a)* | 215000 | 159450 |
| 3.75%, 03/04/51 *(a)* | 260000 | 183043 |
| **Targa Resources Corp.** | **Targa Resources Corp.** | **Targa Resources Corp.** |
| 5.20%, 07/01/27 *(a)* | 225000 | 228067 |
| 6.15%, 03/01/29 *(a)* | 250000 | 263137 |
| 4.20%, 02/01/33 *(a)* | 250000 | 234487 |
| 6.13%, 03/15/33 *(a)* | 250000 | 263900 |
| 6.50%, 03/30/34 *(a)* | 265000 | 285113 |
| 5.50%, 02/15/35 *(a)* | 200000 | 200948 |
| 5.55%, 08/15/35 *(a)* | 300000 | 301668 |
| 5.65%, 02/15/36 *(a)* | 220000 | 222145 |
| 4.95%, 04/15/52 *(a)* | 230000 | 192080 |
| 6.25%, 07/01/52 *(a)* | 195000 | 193598 |
| 6.50%, 02/15/53 *(a)* | 250000 | 256847 |
| 6.13%, 05/15/55 *(a)* | 300000 | 294021 |
| **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** | **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** | **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** |
| 6.50%, 07/15/27 *(a)* | 260000 | 260190 |
| 6.88%, 01/15/29 *(a)* | 80000 | 81654 |
| 5.50%, 03/01/30 *(a)* | 230000 | 233395 |
| 4.88%, 02/01/31 *(a)* | 475000 | 471176 |
| 4.00%, 01/15/32 *(a)* | 450000 | 418950 |
| **TC PipeLines LP** | **TC PipeLines LP** | **TC PipeLines LP** |
| 3.90%, 05/25/27 *(a)* | 200000 | 197838 |
| **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** |
| 7.00%, 03/15/27  | 100000 | 104243 |
| **Texas Eastern Transmission LP** | **Texas Eastern Transmission LP** | **Texas Eastern Transmission LP** |
| 7.00%, 07/15/32  | 115000 | 127581 |
| **TotalEnergies Capital International SA** | **TotalEnergies Capital International SA** | **TotalEnergies Capital International SA** |
| 3.46%, 02/19/29 *(a)* | 406000 | 397226 |
| 2.83%, 01/10/30 *(a)* | 250000 | 236922 |
| 2.99%, 06/29/41 *(a)* | 300000 | 221541 |
| 3.46%, 07/12/49 *(a)* | 310000 | 220506 |
| 3.13%, 05/29/50 *(a)* | 815000 | 539334 |
| 3.39%, 06/29/60 *(a)* | 310000 | 203961 |
| **TotalEnergies Capital SA** | **TotalEnergies Capital SA** | **TotalEnergies Capital SA** |
| 3.88%, 10/11/28  | 275000 | 273740 |
| 5.15%, 04/05/34 *(a)* | 460000 | 471357 |
| 4.72%, 09/10/34 *(a)* | 225000 | 223736 |

---

*See financial notes*

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

**73**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.49%, 04/05/54 *(a)* | 490000 | 471953 |
| 5.28%, 09/10/54 *(a)* | 295000 | 276745 |
| 5.64%, 04/05/64 *(a)* | 345000 | 334705 |
| 5.43%, 09/10/64 *(a)* | 250000 | 234120 |
| **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** |
| 4.25%, 05/15/28 *(a)* | 500000 | 498790 |
| 4.10%, 04/15/30 *(a)* | 350000 | 343059 |
| 4.63%, 03/01/34 *(a)* | 475000 | 455957 |
| 5.60%, 03/31/34  | 185000 | 188646 |
| 5.85%, 03/15/36  | 150000 | 154908 |
| 6.20%, 10/15/37  | 365000 | 383359 |
| 7.25%, 08/15/38  | 160000 | 181789 |
| 7.63%, 01/15/39  | 425000 | 497454 |
| 6.10%, 06/01/40  | 260000 | 270639 |
| 7.00%, 06/01/65 *(a)(b)* | 225000 | 225832 |
| **Transcontinental Gas Pipe Line Co. LLC** | **Transcontinental Gas Pipe Line Co. LLC** | **Transcontinental Gas Pipe Line Co. LLC** |
| 4.00%, 03/15/28 *(a)* | 150000 | 148671 |
| 3.25%, 05/15/30 *(a)* | 250000 | 235975 |
| 5.40%, 08/15/41 *(a)* | 135000 | 129830 |
| 4.45%, 08/01/42 *(a)* | 125000 | 106690 |
| 4.60%, 03/15/48 *(a)* | 215000 | 180927 |
| **Valero Energy Corp.** | **Valero Energy Corp.** | **Valero Energy Corp.** |
| 3.40%, 09/15/26 *(a)* | 140000 | 138422 |
| 2.15%, 09/15/27 *(a)* | 215000 | 205183 |
| 4.35%, 06/01/28 *(a)* | 150000 | 150092 |
| 4.00%, 04/01/29 *(a)* | 150000 | 147423 |
| 2.80%, 12/01/31 *(a)* | 200000 | 178328 |
| 7.50%, 04/15/32  | 220000 | 251929 |
| 6.63%, 06/15/37  | 400000 | 431540 |
| 4.90%, 03/15/45  | 200000 | 176288 |
| 3.65%, 12/01/51 *(a)* | 245000 | 165184 |
| 4.00%, 06/01/52 *(a)* | 205000 | 145716 |
| **Valero Energy Partners LP** | **Valero Energy Partners LP** | **Valero Energy Partners LP** |
| 4.50%, 03/15/28 *(a)* | 160000 | 160456 |
| **Western Midstream Operating LP** | **Western Midstream Operating LP** | **Western Midstream Operating LP** |
| 4.65%, 07/01/26 *(a)* | 250000 | 249532 |
| 4.50%, 03/01/28 *(a)* | 150000 | 149231 |
| 4.75%, 08/15/28 *(a)* | 210000 | 210286 |
| 4.05%, 02/01/30 *(a)(e)* | 420000 | 404347 |
| 5.45%, 11/15/34 *(a)* | 200000 | 196280 |
| 5.45%, 04/01/44 *(a)* | 200000 | 174486 |
| 5.30%, 03/01/48 *(a)* | 200000 | 167716 |
| 5.50%, 08/15/48 *(a)* | 135000 | 115861 |
| 5.25%, 02/01/50 *(a)(e)* | 300000 | 252870 |
| **Williams Cos., Inc.** | **Williams Cos., Inc.** | **Williams Cos., Inc.** |
| 3.75%, 06/15/27 *(a)* | 500000 | 494515 |
| 5.30%, 08/15/28 *(a)* | 275000 | 282738 |
| 4.90%, 03/15/29 *(a)* | 400000 | 405708 |
| 3.50%, 11/15/30 *(a)* | 350000 | 331233 |
| 7.50%, 01/15/31  | 200000 | 226468 |
| 2.60%, 03/15/31 *(a)* | 500000 | 448235 |
| 8.75%, 03/15/32  | 200000 | 240858 |
| 4.65%, 08/15/32 *(a)* | 145000 | 142303 |
| 5.65%, 03/15/33 *(a)* | 265000 | 275732 |
| 5.15%, 03/15/34 *(a)* | 315000 | 314905 |
| 6.30%, 04/15/40  | 295000 | 313862 |
| 5.80%, 11/15/43 *(a)* | 215000 | 213845 |
| 5.40%, 03/04/44 *(a)* | 260000 | 244587 |
| 5.75%, 06/24/44 *(a)* | 230000 | 226265 |
| 4.90%, 01/15/45 *(a)* | 175000 | 153991 |
| 5.10%, 09/15/45 *(a)* | 310000 | 281309 |
| 4.85%, 03/01/48 *(a)* | 250000 | 217003 |
| 3.50%, 10/15/51 *(a)* | 195000 | 133891 |
| 5.30%, 08/15/52 *(a)* | 250000 | 228520 |
| 5.80%, 11/15/54 *(a)* | 225000 | 220246 |
| 6.00%, 03/15/55 *(a)* | 50000 | 50059 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Woodside Finance Ltd.** | **Woodside Finance Ltd.** | **Woodside Finance Ltd.** |
| 4.90%, 05/19/28 *(a)* | 200000 | 201376 |
| 5.40%, 05/19/30 *(a)* | 300000 | 304368 |
| 5.70%, 05/19/32 *(a)* | 200000 | 203848 |
| 5.10%, 09/12/34 *(a)* | 315000 | 304567 |
| 6.00%, 05/19/35 *(a)* | 300000 | 306645 |
| 5.70%, 09/12/54 *(a)* | 245000 | 221664 |
|  |  | **145386544** |
| ***Industrial Other 0.1%***  | ***Industrial Other 0.1%***  | ***Industrial Other 0.1%***  |
| **American University** | **American University** | **American University** |
| 3.67%, 04/01/49  | 175000 | 132351 |
| **Booz Allen Hamilton, Inc.** | **Booz Allen Hamilton, Inc.** | **Booz Allen Hamilton, Inc.** |
| 5.95%, 08/04/33 *(a)* | 170000 | 174425 |
| **Brown University** | **Brown University** | **Brown University** |
| 2.92%, 09/01/50 *(a)* | 165000 | 108989 |
| **California Institute of Technology** | **California Institute of Technology** | **California Institute of Technology** |
| 4.32%, 08/01/45  | 100000 | 85985 |
| 4.70%, 11/01/11  | 135000 | 110758 |
| 3.65%, 09/01/19 *(a)* | 160000 | 101722 |
| **Case Western Reserve University** | **Case Western Reserve University** | **Case Western Reserve University** |
| 5.41%, 06/01/22 *(a)* | 130000 | 121459 |
| **Cintas Corp. No. 2** | **Cintas Corp. No. 2** | **Cintas Corp. No. 2** |
| 3.70%, 04/01/27 *(a)* | 300000 | 297933 |
| 4.00%, 05/01/32 *(a)* | 270000 | 261203 |
| **Claremont Mckenna College** | **Claremont Mckenna College** | **Claremont Mckenna College** |
| 3.78%, 01/01/22 *(a)* | 100000 | 64534 |
| **Duke University** | **Duke University** | **Duke University** |
| 2.68%, 10/01/44  | 165000 | 117478 |
| 2.76%, 10/01/50  | 115000 | 73440 |
| 2.83%, 10/01/55  | 190000 | 116552 |
| **Emory University** | **Emory University** | **Emory University** |
| 2.14%, 09/01/30 *(a)* | 180000 | 162247 |
| 2.97%, 09/01/50 *(a)* | 115000 | 75067 |
| **George Washington University** | **George Washington University** | **George Washington University** |
| 4.30%, 09/15/44  | 115000 | 97739 |
| 4.87%, 09/15/45  | 100000 | 90784 |
| 4.13%, 09/15/48 *(a)* | 200000 | 161174 |
| **Georgetown University** | **Georgetown University** | **Georgetown University** |
| 4.32%, 04/01/49 *(a)* | 126000 | 104257 |
| 2.94%, 04/01/50 *(a)* | 125000 | 80824 |
| 5.12%, 04/01/53 *(a)* | 85000 | 78995 |
| 5.22%, 10/01/18 *(a)* | 100000 | 88272 |
| **Howard University** | **Howard University** | **Howard University** |
| 5.21%, 10/01/52 *(a)* | 125000 | 109319 |
| **Jacobs Engineering Group, Inc.** | **Jacobs Engineering Group, Inc.** | **Jacobs Engineering Group, Inc.** |
| 6.35%, 08/18/28 *(a)* | 300000 | 315639 |
| **Johns Hopkins University** | **Johns Hopkins University** | **Johns Hopkins University** |
| 4.71%, 07/01/32 *(a)* | 100000 | 101229 |
| 4.08%, 07/01/53  | 120000 | 96472 |
| 2.81%, 01/01/60 *(a)* | 145000 | 85663 |
| **Leland Stanford Junior University** | **Leland Stanford Junior University** | **Leland Stanford Junior University** |
| 1.29%, 06/01/27 *(a)* | 170000 | 162350 |
| 3.65%, 05/01/48 *(a)* | 220000 | 169640 |
| 2.41%, 06/01/50 *(a)* | 155000 | 92053 |
| **Massachusetts Institute of Technology** | **Massachusetts Institute of Technology** | **Massachusetts Institute of Technology** |
| 3.96%, 07/01/38  | 100000 | 91429 |
| 2.99%, 07/01/50 *(a)* | 200000 | 134544 |
| 2.29%, 07/01/51 *(a)* | 240000 | 136330 |
| 3.07%, 04/01/52 *(a)* | 175000 | 117687 |
| 5.60%, 07/01/11  | 200000 | 200840 |
| 4.68%, 07/01/14  | 185000 | 154303 |
| 3.89%, 07/01/16  | 160000 | 110963 |

---

*See financial notes*

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

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Northeastern University** | **Northeastern University** | **Northeastern University** |
| 2.89%, 10/01/50  | 100000 | 65450 |
| **Northwestern University** | **Northwestern University** | **Northwestern University** |
| 4.94%, 12/01/35 *(a)* | 100000 | 101032 |
| 4.64%, 12/01/44  | 150000 | 140604 |
| 2.64%, 12/01/50 *(a)* | 160000 | 99638 |
| 3.66%, 12/01/57 *(a)* | 145000 | 104251 |
| **President & Fellows of Harvard College** | **President & Fellows of Harvard College** | **President & Fellows of Harvard College** |
| 4.89%, 03/15/30 *(a)* | 250000 | 257007 |
| 4.88%, 10/15/40  | 50000 | 48573 |
| 3.15%, 07/15/46 *(a)* | 232000 | 167731 |
| 2.52%, 10/15/50 *(a)* | 375000 | 228101 |
| 3.30%, 07/15/56 *(a)* | 150000 | 102770 |
| **Quanta Services, Inc.** | **Quanta Services, Inc.** | **Quanta Services, Inc.** |
| 2.90%, 10/01/30 *(a)* | 455000 | 419915 |
| 2.35%, 01/15/32 *(a)* | 165000 | 142294 |
| 5.25%, 08/09/34 *(a)* | 220000 | 222961 |
| **Thomas Jefferson University** | **Thomas Jefferson University** | **Thomas Jefferson University** |
| 3.85%, 11/01/57 *(a)* | 175000 | 121798 |
| **Trustees of Boston College** | **Trustees of Boston College** | **Trustees of Boston College** |
| 3.13%, 07/01/52  | 175000 | 118786 |
| **Trustees of Princeton University** | **Trustees of Princeton University** | **Trustees of Princeton University** |
| 5.70%, 03/01/39  | 225000 | 239998 |
| 2.52%, 07/01/50 *(a)* | 130000 | 80479 |
| 4.20%, 03/01/52 *(a)* | 90000 | 75690 |
| **Trustees of the University of Pennsylvania** | **Trustees of the University of Pennsylvania** | **Trustees of the University of Pennsylvania** |
| 2.40%, 10/01/50 *(a)* | 160000 | 93053 |
| 3.61%, 02/15/19 *(a)* | 100000 | 63880 |
| **University of Chicago** | **University of Chicago** | **University of Chicago** |
| 2.76%, 04/01/45 *(a)* | 205000 | 159324 |
| 2.55%, 04/01/50 *(a)* | 85000 | 54823 |
| 4.00%, 10/01/53 *(a)* | 125000 | 98883 |
| **University of Miami** | **University of Miami** | **University of Miami** |
| 4.06%, 04/01/52  | 145000 | 113277 |
| **University of Notre Dame du Lac** | **University of Notre Dame du Lac** | **University of Notre Dame du Lac** |
| 3.44%, 02/15/45  | 135000 | 103970 |
| 3.39%, 02/15/48 *(a)* | 159000 | 117760 |
| **University of Southern California** | **University of Southern California** | **University of Southern California** |
| 3.03%, 10/01/39  | 235000 | 189010 |
| 3.84%, 10/01/47 *(a)* | 115000 | 91024 |
| 2.81%, 10/01/50 *(a)* | 170000 | 108083 |
| 2.95%, 10/01/51 *(a)* | 180000 | 116039 |
| 4.98%, 10/01/53 *(a)* | 90000 | 83232 |
| 5.25%, 10/01/11  | 100000 | 92803 |
| 3.23%, 10/01/20 *(a)* | 75000 | 43156 |
| **Washington University** | **Washington University** | **Washington University** |
| 3.52%, 04/15/54 *(a)* | 125000 | 89946 |
| 4.35%, 04/15/22 *(a)* | 155000 | 118987 |
| **William Marsh Rice University** | **William Marsh Rice University** | **William Marsh Rice University** |
| 3.57%, 05/15/45  | 140000 | 110475 |
| 3.77%, 05/15/55  | 125000 | 95128 |
| **Yale University** | **Yale University** | **Yale University** |
| 1.48%, 04/15/30 *(a)* | 285000 | 252633 |
| 2.40%, 04/15/50 *(a)* | 190000 | 113280 |
|  |  | **9830493** |
| ***Technology 2.3%***  | ***Technology 2.3%***  | ***Technology 2.3%***  |
| **Accenture Capital, Inc.** | **Accenture Capital, Inc.** | **Accenture Capital, Inc.** |
| 3.90%, 10/04/27 *(a)* | 350000 | 349149 |
| 4.05%, 10/04/29 *(a)* | 300000 | 298212 |
| 4.25%, 10/04/31 *(a)* | 300000 | 297270 |
| 4.50%, 10/04/34 *(a)* | 400000 | 389396 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Adobe, Inc.** | **Adobe, Inc.** | **Adobe, Inc.** |
| 2.15%, 02/01/27 *(a)* | 285000 | 277180 |
| 4.85%, 04/04/27 *(a)* | 290000 | 294370 |
| 4.75%, 01/17/28 *(a)* | 200000 | 203674 |
| 4.80%, 04/04/29 *(a)* | 260000 | 266713 |
| 4.95%, 01/17/30 *(a)* | 200000 | 206776 |
| 2.30%, 02/01/30 *(a)* | 395000 | 364565 |
| 4.95%, 04/04/34 *(a)* | 200000 | 204322 |
| **Advanced Micro Devices, Inc.** | **Advanced Micro Devices, Inc.** | **Advanced Micro Devices, Inc.** |
| 4.21%, 09/24/26  | 250000 | 250895 |
| 3.92%, 06/01/32 *(a)* | 150000 | 144840 |
| 4.39%, 06/01/52 *(a)(c)* | 225000 | 188906 |
| **Alphabet, Inc.** | **Alphabet, Inc.** | **Alphabet, Inc.** |
| 2.00%, 08/15/26 *(a)* | 500000 | 489200 |
| 0.80%, 08/15/27 *(a)* | 325000 | 305237 |
| 4.00%, 05/15/30 *(a)* | 200000 | 200188 |
| 1.10%, 08/15/30 *(a)* | 675000 | 583389 |
| 4.50%, 05/15/35 *(a)* | 350000 | 345607 |
| 1.90%, 08/15/40 *(a)* | 525000 | 352642 |
| 2.05%, 08/15/50 *(a)* | 750000 | 419580 |
| 5.25%, 05/15/55 *(a)* | 400000 | 394176 |
| 2.25%, 08/15/60 *(a)* | 585000 | 311869 |
| 5.30%, 05/15/65 *(a)* | 400000 | 392080 |
| **Amdocs Ltd.** | **Amdocs Ltd.** | **Amdocs Ltd.** |
| 2.54%, 06/15/30 *(a)* | 250000 | 226405 |
| **Analog Devices, Inc.** | **Analog Devices, Inc.** | **Analog Devices, Inc.** |
| 3.50%, 12/05/26 *(a)* | 225000 | 223178 |
| 3.45%, 06/15/27 *(a)* | 260000 | 257478 |
| 4.25%, 06/15/28 *(a)* | 250000 | 251190 |
| 1.70%, 10/01/28 *(a)* | 215000 | 199425 |
| 4.50%, 06/15/30 *(a)* | 190000 | 191562 |
| 2.10%, 10/01/31 *(a)* | 350000 | 306054 |
| 5.05%, 04/01/34 *(a)* | 150000 | 153786 |
| 2.80%, 10/01/41 *(a)* | 250000 | 182083 |
| 2.95%, 10/01/51 *(a)* | 400000 | 260476 |
| 5.30%, 04/01/54 *(a)* | 150000 | 144773 |
| **Apple, Inc.** | **Apple, Inc.** | **Apple, Inc.** |
| 2.45%, 08/04/26 *(a)* | 630000 | 619416 |
| 2.05%, 09/11/26 *(a)* | 495000 | 483689 |
| 3.35%, 02/09/27 *(a)* | 720000 | 713117 |
| 3.20%, 05/11/27 *(a)* | 560000 | 553034 |
| 3.00%, 06/20/27 *(a)* | 275000 | 270350 |
| 2.90%, 09/12/27 *(a)* | 625000 | 611887 |
| 3.00%, 11/13/27 *(a)* | 450000 | 441634 |
| 1.20%, 02/08/28 *(a)* | 800000 | 747048 |
| 4.00%, 05/10/28 *(a)* | 450000 | 451629 |
| 4.00%, 05/12/28 *(a)* | 300000 | 300690 |
| 1.40%, 08/05/28 *(a)* | 650000 | 602459 |
| 3.25%, 08/08/29 *(a)* | 300000 | 291591 |
| 2.20%, 09/11/29 *(a)* | 500000 | 464375 |
| 1.65%, 05/11/30 *(a)* | 600000 | 534528 |
| 4.20%, 05/12/30 *(a)* | 300000 | 301479 |
| 1.25%, 08/20/30 *(a)* | 380000 | 329943 |
| 1.65%, 02/08/31 *(a)* | 820000 | 716262 |
| 1.70%, 08/05/31 *(a)* | 300000 | 260901 |
| 4.50%, 05/12/32 *(a)* | 300000 | 303891 |
| 3.35%, 08/08/32 *(a)* | 300000 | 283314 |
| 4.30%, 05/10/33 *(a)(c)* | 300000 | 301170 |
| 4.75%, 05/12/35 *(a)* | 300000 | 302565 |
| 4.50%, 02/23/36 *(a)* | 410000 | 409004 |
| 2.38%, 02/08/41 *(a)* | 470000 | 328878 |
| 3.85%, 05/04/43  | 945000 | 791778 |
| 4.45%, 05/06/44  | 265000 | 242947 |
| 3.45%, 02/09/45  | 600000 | 466458 |
| 4.38%, 05/13/45  | 600000 | 530898 |
| 4.65%, 02/23/46 *(a)* | 1015000 | 929009 |
| 3.85%, 08/04/46 *(a)* | 613000 | 496892 |

---

*See financial notes*

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

**75**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.25%, 02/09/47 *(a)* | 300000 | 257745 |
| 3.75%, 09/12/47 *(a)* | 350000 | 276542 |
| 3.75%, 11/13/47 *(a)* | 369000 | 291587 |
| 2.95%, 09/11/49 *(a)* | 430000 | 289390 |
| 2.65%, 05/11/50 *(a)* | 770000 | 483568 |
| 2.40%, 08/20/50 *(a)* | 400000 | 236952 |
| 2.65%, 02/08/51 *(a)* | 840000 | 522480 |
| 2.70%, 08/05/51 *(a)* | 475000 | 297564 |
| 3.95%, 08/08/52 *(a)* | 510000 | 406944 |
| 4.85%, 05/10/53 *(a)(c)* | 250000 | 238463 |
| 2.55%, 08/20/60 *(a)* | 475000 | 274507 |
| 2.80%, 02/08/61 *(a)* | 600000 | 356184 |
| 2.85%, 08/05/61 *(a)* | 460000 | 276248 |
| 4.10%, 08/08/62 *(a)* | 360000 | 284285 |
| **Applied Materials, Inc.** | **Applied Materials, Inc.** | **Applied Materials, Inc.** |
| 3.30%, 04/01/27 *(a)* | 500000 | 493885 |
| 1.75%, 06/01/30 *(a)* | 250000 | 222368 |
| 5.10%, 10/01/35 *(a)* | 145000 | 149514 |
| 5.85%, 06/15/41  | 240000 | 254366 |
| 4.35%, 04/01/47 *(a)* | 240000 | 206026 |
| 2.75%, 06/01/50 *(a)* | 260000 | 163064 |
| **Arrow Electronics, Inc.** | **Arrow Electronics, Inc.** | **Arrow Electronics, Inc.** |
| 3.88%, 01/12/28 *(a)* | 225000 | 220867 |
| 5.15%, 08/21/29 *(a)* | 155000 | 157571 |
| 2.95%, 02/15/32 *(a)* | 155000 | 136535 |
| 5.88%, 04/10/34 *(a)* | 160000 | 165344 |
| **Atlassian Corp.** | **Atlassian Corp.** | **Atlassian Corp.** |
| 5.25%, 05/15/29 *(a)* | 150000 | 154058 |
| 5.50%, 05/15/34 *(a)* | 235000 | 241479 |
| **Autodesk, Inc.** | **Autodesk, Inc.** | **Autodesk, Inc.** |
| 3.50%, 06/15/27 *(a)* | 160000 | 158110 |
| 2.85%, 01/15/30 *(a)* | 50000 | 46816 |
| 2.40%, 12/15/31 *(a)* | 435000 | 381895 |
| 5.30%, 06/15/35 *(a)* | 150000 | 152633 |
| **Automatic Data Processing, Inc.** | **Automatic Data Processing, Inc.** | **Automatic Data Processing, Inc.** |
| 1.70%, 05/15/28 *(a)* | 330000 | 310484 |
| 1.25%, 09/01/30 *(a)* | 350000 | 303394 |
| 4.45%, 09/09/34 *(a)* | 250000 | 245140 |
| **Avnet, Inc.** | **Avnet, Inc.** | **Avnet, Inc.** |
| 3.00%, 05/15/31 *(a)* | 125000 | 111948 |
| 5.50%, 06/01/32 *(a)* | 150000 | 151374 |
| **Baidu, Inc.** | **Baidu, Inc.** | **Baidu, Inc.** |
| 3.63%, 07/06/27  | 200000 | 197644 |
| 4.38%, 03/29/28 *(a)* | 200000 | 200576 |
| 4.88%, 11/14/28 *(a)* | 200000 | 203556 |
| 3.43%, 04/07/30 *(a)* | 200000 | 191956 |
| 2.38%, 08/23/31 *(a)* | 255000 | 227570 |
| **Broadcom Corp./Broadcom Cayman Finance Ltd.** | **Broadcom Corp./Broadcom Cayman Finance Ltd.** | **Broadcom Corp./Broadcom Cayman Finance Ltd.** |
| 3.88%, 01/15/27 *(a)* | 800000 | 795216 |
| 3.50%, 01/15/28 *(a)* | 255000 | 250390 |
| **Broadcom, Inc.** | **Broadcom, Inc.** | **Broadcom, Inc.** |
| 3.46%, 09/15/26 *(a)* | 244000 | 241743 |
| 5.05%, 07/12/27 *(a)* | 375000 | 380696 |
| 1.95%, 02/15/28 *(a)(d)* | 275000 | 259509 |
| 4.15%, 02/15/28 *(a)* | 285000 | 284307 |
| 4.80%, 04/15/28 *(a)* | 300000 | 304488 |
| 4.11%, 09/15/28 *(a)* | 330000 | 328782 |
| 4.00%, 04/15/29 *(a)(d)* | 210000 | 207218 |
| 4.75%, 04/15/29 *(a)* | 470000 | 476176 |
| 5.05%, 07/12/29 *(a)* | 640000 | 655674 |
| 4.35%, 02/15/30 *(a)* | 400000 | 398692 |
| 5.00%, 04/15/30 *(a)* | 200000 | 204430 |
| 5.05%, 04/15/30 *(a)* | 200000 | 204888 |
| 4.15%, 11/15/30 *(a)* | 523000 | 514951 |
| 2.45%, 02/15/31 *(a)(d)* | 790000 | 706931 |
| 5.15%, 11/15/31 *(a)* | 450000 | 463176 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.55%, 02/15/32 *(a)* | 285000 | 282689 |
| 4.15%, 04/15/32 *(a)(d)* | 420000 | 404956 |
| 5.20%, 04/15/32 *(a)* | 300000 | 308643 |
| 4.30%, 11/15/32 *(a)* | 615000 | 596845 |
| 2.60%, 02/15/33 *(a)(d)* | 500000 | 428335 |
| 3.42%, 04/15/33 *(a)(d)* | 610000 | 553227 |
| 3.47%, 04/15/34 *(a)(d)* | 905000 | 808382 |
| 4.80%, 10/15/34 *(a)* | 535000 | 528692 |
| 3.14%, 11/15/35 *(a)(d)* | 916000 | 773196 |
| 3.19%, 11/15/36 *(a)(d)* | 832000 | 690219 |
| 4.93%, 05/15/37 *(a)(d)* | 705000 | 684527 |
| 3.50%, 02/15/41 *(a)(d)* | 905000 | 717430 |
| 3.75%, 02/15/51 *(a)(d)* | 550000 | 411763 |
| **Broadridge Financial Solutions, Inc.** | **Broadridge Financial Solutions, Inc.** | **Broadridge Financial Solutions, Inc.** |
| 2.90%, 12/01/29 *(a)* | 250000 | 234383 |
| 2.60%, 05/01/31 *(a)* | 250000 | 222975 |
| **Cadence Design Systems, Inc.** | **Cadence Design Systems, Inc.** | **Cadence Design Systems, Inc.** |
| 4.20%, 09/10/27  | 175000 | 175453 |
| 4.30%, 09/10/29 *(a)* | 240000 | 240288 |
| 4.70%, 09/10/34 *(a)* | 300000 | 296622 |
| **CDW LLC/CDW Finance Corp.** | **CDW LLC/CDW Finance Corp.** | **CDW LLC/CDW Finance Corp.** |
| 2.67%, 12/01/26 *(a)* | 200000 | 195064 |
| 4.25%, 04/01/28 *(a)* | 195000 | 193549 |
| 3.28%, 12/01/28 *(a)* | 160000 | 153381 |
| 3.25%, 02/15/29 *(a)* | 265000 | 251286 |
| 5.10%, 03/01/30 *(a)* | 150000 | 151382 |
| 3.57%, 12/01/31 *(a)* | 305000 | 281344 |
| 5.55%, 08/22/34 *(a)* | 180000 | 181008 |
| **CGI, Inc.** | **CGI, Inc.** | **CGI, Inc.** |
| 1.45%, 09/14/26 *(a)* | 200000 | 193250 |
| 4.95%, 03/14/30 *(a)(d)* | 200000 | 202146 |
| 2.30%, 09/14/31 *(a)* | 100000 | 86683 |
| **Cisco Systems, Inc.** | **Cisco Systems, Inc.** | **Cisco Systems, Inc.** |
| 2.50%, 09/20/26 *(a)* | 450000 | 442152 |
| 4.80%, 02/26/27 *(a)* | 530000 | 536625 |
| 4.55%, 02/24/28 *(a)* | 300000 | 304122 |
| 4.85%, 02/26/29 *(a)* | 810000 | 830323 |
| 4.75%, 02/24/30 *(a)* | 300000 | 306852 |
| 4.95%, 02/26/31 *(a)* | 700000 | 720251 |
| 4.95%, 02/24/32 *(a)* | 300000 | 307623 |
| 5.05%, 02/26/34 *(a)* | 770000 | 788518 |
| 5.10%, 02/24/35 *(a)* | 375000 | 384161 |
| 5.90%, 02/15/39  | 575000 | 619171 |
| 5.50%, 01/15/40  | 515000 | 532273 |
| 5.30%, 02/26/54 *(a)* | 595000 | 577477 |
| 5.50%, 02/24/55 *(a)* | 220000 | 219712 |
| 5.35%, 02/26/64 *(a)* | 315000 | 304573 |
| **Concentrix Corp.** | **Concentrix Corp.** | **Concentrix Corp.** |
| 6.65%, 08/02/26 *(a)* | 210000 | 213885 |
| 6.60%, 08/02/28 *(a)* | 250000 | 262427 |
| 6.85%, 08/02/33 *(a)* | 155000 | 162102 |
| **Corning, Inc.** | **Corning, Inc.** | **Corning, Inc.** |
| 4.70%, 03/15/37  | 90000 | 86957 |
| 5.75%, 08/15/40  | 110000 | 111535 |
| 4.75%, 03/15/42  | 200000 | 179426 |
| 5.35%, 11/15/48 *(a)* | 165000 | 155532 |
| 3.90%, 11/15/49 *(a)* | 120000 | 91288 |
| 4.38%, 11/15/57 *(a)* | 150000 | 120414 |
| 5.85%, 11/15/68 *(a)* | 100000 | 96861 |
| 5.45%, 11/15/79 *(a)* | 350000 | 321181 |
| **Dell International LLC/EMC Corp.** | **Dell International LLC/EMC Corp.** | **Dell International LLC/EMC Corp.** |
| 4.90%, 10/01/26 *(a)* | 530000 | 532650 |
| 6.10%, 07/15/27 *(a)(c)* | 150000 | 155070 |
| 5.25%, 02/01/28 *(a)* | 250000 | 256137 |
| 4.75%, 04/01/28 *(a)* | 300000 | 303657 |
| 5.30%, 10/01/29 *(a)* | 550000 | 566175 |

---

*See financial notes*

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

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.35%, 02/01/30 *(a)* | 225000 | 223214 |
| 5.00%, 04/01/30 *(a)* | 300000 | 304983 |
| 6.20%, 07/15/30 *(a)* | 200000 | 214128 |
| 5.30%, 04/01/32 *(a)* | 300000 | 306624 |
| 5.75%, 02/01/33 *(a)* | 300000 | 315039 |
| 5.40%, 04/15/34 *(a)* | 310000 | 316060 |
| 4.85%, 02/01/35 *(a)* | 250000 | 241545 |
| 5.50%, 04/01/35 *(a)* | 250000 | 252740 |
| 8.10%, 07/15/36 *(a)* | 300000 | 361689 |
| 3.38%, 12/15/41 *(a)* | 250000 | 187065 |
| 8.35%, 07/15/46 *(a)* | 183000 | 233327 |
| 3.45%, 12/15/51 *(a)* | 220000 | 151213 |
| **Dell, Inc.** | **Dell, Inc.** | **Dell, Inc.** |
| 7.10%, 04/15/28  | 90000 | 96215 |
| 6.50%, 04/15/38  | 150000 | 160478 |
| **DXC Technology Co.** | **DXC Technology Co.** | **DXC Technology Co.** |
| 1.80%, 09/15/26 *(a)* | 210000 | 202986 |
| 2.38%, 09/15/28 *(a)* | 200000 | 186236 |
| **Equifax, Inc.** | **Equifax, Inc.** | **Equifax, Inc.** |
| 5.10%, 12/15/27 *(a)* | 325000 | 330304 |
| 5.10%, 06/01/28 *(a)* | 200000 | 203898 |
| 3.10%, 05/15/30 *(a)* | 250000 | 233880 |
| 2.35%, 09/15/31 *(a)* | 300000 | 261882 |
| **Equinix, Inc.** | **Equinix, Inc.** | **Equinix, Inc.** |
| 2.90%, 11/18/26 *(a)* | 250000 | 245120 |
| 1.80%, 07/15/27 *(a)* | 185000 | 176322 |
| 1.55%, 03/15/28 *(a)* | 215000 | 200399 |
| 2.00%, 05/15/28 *(a)* | 185000 | 173265 |
| 3.20%, 11/18/29 *(a)* | 350000 | 332206 |
| 2.15%, 07/15/30 *(a)* | 300000 | 267108 |
| 2.50%, 05/15/31 *(a)* | 300000 | 265980 |
| 3.90%, 04/15/32 *(a)* | 350000 | 331618 |
| 3.00%, 07/15/50 *(a)* | 195000 | 122035 |
| 2.95%, 09/15/51 *(a)* | 205000 | 126104 |
| 3.40%, 02/15/52 *(a)* | 145000 | 97336 |
| **FactSet Research Systems, Inc.** | **FactSet Research Systems, Inc.** | **FactSet Research Systems, Inc.** |
| 2.90%, 03/01/27 *(a)* | 220000 | 214852 |
| 3.45%, 03/01/32 *(a)* | 160000 | 145856 |
| **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** |
| 1.65%, 03/01/28 *(a)* | 250000 | 233390 |
| 2.25%, 03/01/31 *(a)* | 225000 | 197809 |
| 5.10%, 07/15/32 *(a)* | 225000 | 229505 |
| 3.10%, 03/01/41 *(a)* | 240000 | 176784 |
| 4.50%, 08/15/46 *(a)* | 125000 | 102588 |
| **Fiserv, Inc.** | **Fiserv, Inc.** | **Fiserv, Inc.** |
| 3.20%, 07/01/26 *(a)* | 750000 | 741690 |
| 2.25%, 06/01/27 *(a)* | 405000 | 390193 |
| 5.45%, 03/02/28 *(a)* | 350000 | 359754 |
| 5.38%, 08/21/28 *(a)* | 200000 | 205796 |
| 4.20%, 10/01/28 *(a)* | 450000 | 447984 |
| 3.50%, 07/01/29 *(a)* | 810000 | 780500 |
| 4.75%, 03/15/30 *(a)* | 50000 | 50424 |
| 5.35%, 03/15/31 *(a)* | 290000 | 300820 |
| 5.60%, 03/02/33 *(a)* | 250000 | 259560 |
| 5.63%, 08/21/33 *(a)* | 390000 | 405522 |
| 5.45%, 03/15/34 *(a)* | 225000 | 230429 |
| 5.15%, 08/12/34 *(a)* | 305000 | 306116 |
| 4.40%, 07/01/49 *(a)* | 625000 | 512456 |
| **Flex Ltd.** | **Flex Ltd.** | **Flex Ltd.** |
| 6.00%, 01/15/28 *(a)* | 105000 | 108442 |
| 4.88%, 06/15/29 *(a)* | 250000 | 251712 |
| 4.88%, 05/12/30 *(a)* | 250000 | 251130 |
| 5.25%, 01/15/32 *(a)* | 75000 | 75863 |
| **Fortinet, Inc.** | **Fortinet, Inc.** | **Fortinet, Inc.** |
| 2.20%, 03/15/31 *(a)* | 195000 | 171947 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Genpact Luxembourg SARL/Genpact USA, Inc.** | **Genpact Luxembourg SARL/Genpact USA, Inc.** | **Genpact Luxembourg SARL/Genpact USA, Inc.** |
| 6.00%, 06/04/29 *(a)* | 125000 | 129736 |
| **Global Payments, Inc.** | **Global Payments, Inc.** | **Global Payments, Inc.** |
| 2.15%, 01/15/27 *(a)* | 350000 | 338789 |
| 4.45%, 06/01/28 *(a)* | 175000 | 174904 |
| 3.20%, 08/15/29 *(a)* | 400000 | 378396 |
| 5.30%, 08/15/29 *(a)* | 250000 | 254605 |
| 2.90%, 05/15/30 *(a)* | 275000 | 253104 |
| 2.90%, 11/15/31 *(a)* | 200000 | 177042 |
| 4.15%, 08/15/49 *(a)* | 260000 | 193201 |
| 5.95%, 08/15/52 *(a)(c)* | 200000 | 192802 |
| **Hewlett Packard Enterprise Co.** | **Hewlett Packard Enterprise Co.** | **Hewlett Packard Enterprise Co.** |
| 4.45%, 09/25/26  | 375000 | 375701 |
| 4.40%, 09/25/27 *(a)* | 350000 | 350483 |
| 5.25%, 07/01/28 *(a)* | 150000 | 153912 |
| 4.55%, 10/15/29 *(a)* | 500000 | 497670 |
| 4.85%, 10/15/31 *(a)* | 300000 | 298917 |
| 5.00%, 10/15/34 *(a)* | 590000 | 572955 |
| 6.20%, 10/15/35 *(a)* | 225000 | 238295 |
| 6.35%, 10/15/45 *(a)* | 460000 | 472374 |
| 5.60%, 10/15/54 *(a)* | 450000 | 415741 |
| **HP, Inc.** | **HP, Inc.** | **HP, Inc.** |
| 3.00%, 06/17/27 *(a)* | 300000 | 292953 |
| 4.75%, 01/15/28 *(a)* | 285000 | 288389 |
| 4.00%, 04/15/29 *(a)* | 300000 | 293853 |
| 3.40%, 06/17/30 *(a)* | 200000 | 187956 |
| 2.65%, 06/17/31 *(a)* | 275000 | 242987 |
| 4.20%, 04/15/32 *(a)* | 230000 | 219901 |
| 5.50%, 01/15/33 *(a)* | 400000 | 408268 |
| 6.00%, 09/15/41  | 350000 | 353510 |
| **IBM International Capital Pte. Ltd.** | **IBM International Capital Pte. Ltd.** | **IBM International Capital Pte. Ltd.** |
| 4.60%, 02/05/27 *(a)* | 120000 | 120761 |
| 4.90%, 02/05/34 *(a)* | 300000 | 299547 |
| 5.25%, 02/05/44 *(a)* | 300000 | 288003 |
| 5.30%, 02/05/54 *(a)* | 425000 | 397902 |
| **Intel Corp.** | **Intel Corp.** | **Intel Corp.** |
| 3.75%, 03/25/27 *(a)* | 275000 | 272288 |
| 3.15%, 05/11/27 *(a)* | 370000 | 362559 |
| 3.75%, 08/05/27 *(a)* | 345000 | 340525 |
| 4.88%, 02/10/28 *(a)* | 555000 | 562393 |
| 1.60%, 08/12/28 *(a)* | 310000 | 284971 |
| 4.00%, 08/05/29 *(a)* | 250000 | 244897 |
| 2.45%, 11/15/29 *(a)* | 630000 | 576261 |
| 5.13%, 02/10/30 *(a)* | 50000 | 51155 |
| 3.90%, 03/25/30 *(a)* | 450000 | 436635 |
| 5.00%, 02/21/31 *(a)* | 150000 | 152525 |
| 2.00%, 08/12/31 *(a)* | 425000 | 365275 |
| 4.15%, 08/05/32 *(a)* | 375000 | 356074 |
| 4.00%, 12/15/32  | 145000 | 135977 |
| 5.20%, 02/10/33 *(a)* | 725000 | 731423 |
| 5.15%, 02/21/34 *(a)* | 315000 | 314395 |
| 4.60%, 03/25/40 *(a)* | 250000 | 219983 |
| 2.80%, 08/12/41 *(a)* | 300000 | 202011 |
| 4.80%, 10/01/41  | 200000 | 174832 |
| 4.25%, 12/15/42  | 175000 | 140882 |
| 5.63%, 02/10/43 *(a)* | 105000 | 99924 |
| 4.90%, 07/29/45 *(a)* | 255000 | 217380 |
| 4.10%, 05/19/46 *(a)* | 360000 | 270979 |
| 4.10%, 05/11/47 *(a)* | 305000 | 228872 |
| 3.73%, 12/08/47 *(a)* | 570000 | 402483 |
| 3.25%, 11/15/49 *(a)* | 595000 | 377539 |
| 4.75%, 03/25/50 *(a)* | 670000 | 546318 |
| 3.05%, 08/12/51 *(a)* | 450000 | 268254 |
| 4.90%, 08/05/52 *(a)* | 450000 | 372559 |
| 5.70%, 02/10/53 *(a)* | 490000 | 456018 |
| 5.60%, 02/21/54 *(a)* | 235000 | 215833 |
| 3.10%, 02/15/60 *(a)* | 220000 | 123475 |

---

*See financial notes*

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

**77**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.95%, 03/25/60 *(a)* | 300000 | 243984 |
| 3.20%, 08/12/61 *(a)* | 295000 | 168041 |
| 5.05%, 08/05/62 *(a)* | 335000 | 272851 |
| 5.90%, 02/10/63 *(a)* | 400000 | 376888 |
| **International Business Machines Corp.** | **International Business Machines Corp.** | **International Business Machines Corp.** |
| 3.30%, 01/27/27  | 150000 | 148154 |
| 2.20%, 02/09/27 *(a)* | 255000 | 247363 |
| 1.70%, 05/15/27 *(a)* | 410000 | 392116 |
| 4.15%, 07/27/27 *(a)* | 265000 | 265106 |
| 4.50%, 02/06/28 *(a)* | 475000 | 479451 |
| 4.65%, 02/10/28 *(a)* | 300000 | 303549 |
| 3.50%, 05/15/29  | 1010000 | 981962 |
| 4.80%, 02/10/30 *(a)* | 300000 | 304935 |
| 1.95%, 05/15/30 *(a)* | 400000 | 356948 |
| 2.72%, 02/09/32 *(a)* | 150000 | 133716 |
| 5.00%, 02/10/32 *(a)* | 250000 | 255157 |
| 4.40%, 07/27/32 *(a)* | 300000 | 295929 |
| 5.88%, 11/29/32  | 200000 | 215878 |
| 5.20%, 02/10/35 *(a)* | 275000 | 279141 |
| 4.15%, 05/15/39  | 550000 | 484797 |
| 5.60%, 11/30/39  | 195000 | 199935 |
| 2.85%, 05/15/40 *(a)* | 250000 | 184653 |
| 4.00%, 06/20/42  | 375000 | 311299 |
| 4.70%, 02/19/46  | 215000 | 189836 |
| 4.25%, 05/15/49  | 880000 | 709922 |
| 2.95%, 05/15/50 *(a)* | 240000 | 153137 |
| 3.43%, 02/09/52 *(a)* | 135000 | 93078 |
| 4.90%, 07/27/52 *(a)* | 220000 | 195631 |
| 5.10%, 02/06/53 *(a)* | 165000 | 150698 |
| 5.70%, 02/10/55 *(a)* | 300000 | 297288 |
| 7.13%, 12/01/96  | 125000 | 151834 |
| **Intuit, Inc.** | **Intuit, Inc.** | **Intuit, Inc.** |
| 5.25%, 09/15/26 *(a)* | 200000 | 202410 |
| 1.35%, 07/15/27 *(a)* | 240000 | 227686 |
| 1.65%, 07/15/30 *(a)* | 315000 | 278517 |
| 5.20%, 09/15/33 *(a)* | 400000 | 414488 |
| 5.50%, 09/15/53 *(a)* | 365000 | 362872 |
| **Jabil, Inc.** | **Jabil, Inc.** | **Jabil, Inc.** |
| 3.95%, 01/12/28 *(a)* | 225000 | 222707 |
| 5.45%, 02/01/29 *(a)* | 115000 | 118051 |
| 3.60%, 01/15/30 *(a)* | 225000 | 215163 |
| 3.00%, 01/15/31 *(a)* | 250000 | 228250 |
| **Juniper Networks, Inc.** | **Juniper Networks, Inc.** | **Juniper Networks, Inc.** |
| 3.75%, 08/15/29 *(a)* | 165000 | 160500 |
| 2.00%, 12/10/30 *(a)* | 150000 | 130635 |
| 5.95%, 03/15/41  | 110000 | 109724 |
| **Keysight Technologies, Inc.** | **Keysight Technologies, Inc.** | **Keysight Technologies, Inc.** |
| 4.60%, 04/06/27 *(a)* | 225000 | 225943 |
| 3.00%, 10/30/29 *(a)* | 175000 | 164714 |
| 5.35%, 07/30/30 *(a)* | 250000 | 258120 |
| **KLA Corp.** | **KLA Corp.** | **KLA Corp.** |
| 4.10%, 03/15/29 *(a)* | 204000 | 203837 |
| 4.65%, 07/15/32 *(a)* | 300000 | 302121 |
| 5.00%, 03/15/49 *(a)* | 125000 | 116065 |
| 3.30%, 03/01/50 *(a)* | 265000 | 183831 |
| 4.95%, 07/15/52 *(a)* | 430000 | 392431 |
| 5.25%, 07/15/62 *(a)* | 265000 | 248965 |
| **Kyndryl Holdings, Inc.** | **Kyndryl Holdings, Inc.** | **Kyndryl Holdings, Inc.** |
| 2.05%, 10/15/26 *(a)* | 200000 | 193914 |
| 2.70%, 10/15/28 *(a)* | 150000 | 141768 |
| 3.15%, 10/15/31 *(a)* | 200000 | 180780 |
| 6.35%, 02/20/34 *(a)* | 150000 | 160371 |
| 4.10%, 10/15/41 *(a)* | 100000 | 79696 |
| **Lam Research Corp.** | **Lam Research Corp.** | **Lam Research Corp.** |
| 4.00%, 03/15/29 *(a)* | 310000 | 308050 |
| 1.90%, 06/15/30 *(a)* | 250000 | 223275 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.88%, 03/15/49 *(a)* | 245000 | 223746 |
| 2.88%, 06/15/50 *(a)* | 225000 | 145541 |
| 3.13%, 06/15/60 *(a)* | 125000 | 78274 |
| **Leidos, Inc.** | **Leidos, Inc.** | **Leidos, Inc.** |
| 4.38%, 05/15/30 *(a)* | 385000 | 379810 |
| 2.30%, 02/15/31 *(a)* | 400000 | 350312 |
| 5.75%, 03/15/33 *(a)* | 50000 | 52249 |
| **Marvell Technology, Inc.** | **Marvell Technology, Inc.** | **Marvell Technology, Inc.** |
| 2.45%, 04/15/28 *(a)* | 350000 | 332885 |
| 4.88%, 06/22/28 *(a)* | 199000 | 201541 |
| 5.75%, 02/15/29 *(a)* | 75000 | 78074 |
| 2.95%, 04/15/31 *(a)* | 150000 | 136638 |
| 5.95%, 09/15/33 *(a)* | 130000 | 137424 |
| **Mastercard, Inc.** | **Mastercard, Inc.** | **Mastercard, Inc.** |
| 2.95%, 11/21/26 *(a)* | 225000 | 221927 |
| 3.30%, 03/26/27 *(a)* | 300000 | 296934 |
| 4.10%, 01/15/28 *(a)* | 200000 | 200830 |
| 3.50%, 02/26/28 *(a)* | 180000 | 177903 |
| 4.88%, 03/09/28 *(a)* | 210000 | 214943 |
| 4.55%, 03/15/28 *(a)* | 125000 | 126779 |
| 2.95%, 06/01/29 *(a)* | 320000 | 307498 |
| 3.35%, 03/26/30 *(a)* | 400000 | 385952 |
| 1.90%, 03/15/31 *(a)* | 165000 | 145819 |
| 2.00%, 11/18/31 *(a)* | 320000 | 279213 |
| 4.35%, 01/15/32 *(a)* | 320000 | 318864 |
| 4.95%, 03/15/32 *(a)* | 150000 | 154437 |
| 4.85%, 03/09/33 *(a)* | 150000 | 152907 |
| 4.88%, 05/09/34 *(a)* | 200000 | 202524 |
| 4.55%, 01/15/35 *(a)* | 350000 | 344358 |
| 3.80%, 11/21/46 *(a)* | 125000 | 100229 |
| 3.95%, 02/26/48 *(a)* | 200000 | 161626 |
| 3.65%, 06/01/49 *(a)* | 295000 | 225802 |
| 3.85%, 03/26/50 *(a)* | 450000 | 355441 |
| 2.95%, 03/15/51 *(a)* | 250000 | 165323 |
| **Microchip Technology, Inc.** | **Microchip Technology, Inc.** | **Microchip Technology, Inc.** |
| 4.90%, 03/15/28  | 300000 | 303672 |
| 5.05%, 03/15/29 *(a)* | 255000 | 259105 |
| 5.05%, 02/15/30 *(a)* | 300000 | 304497 |
| **Micron Technology, Inc.** | **Micron Technology, Inc.** | **Micron Technology, Inc.** |
| 5.38%, 04/15/28 *(a)* | 150000 | 154190 |
| 5.33%, 02/06/29 *(a)* | 200000 | 204782 |
| 6.75%, 11/01/29 *(a)* | 350000 | 378521 |
| 4.66%, 02/15/30 *(a)* | 250000 | 250045 |
| 5.30%, 01/15/31 *(a)* | 250000 | 256135 |
| 2.70%, 04/15/32 *(a)* | 350000 | 304769 |
| 5.88%, 02/09/33 *(a)* | 200000 | 208668 |
| 5.88%, 09/15/33 *(a)* | 265000 | 277362 |
| 5.80%, 01/15/35 *(a)* | 200000 | 206810 |
| 6.05%, 11/01/35 *(a)* | 405000 | 423784 |
| 3.37%, 11/01/41 *(a)* | 200000 | 147422 |
| 3.48%, 11/01/51 *(a)* | 215000 | 146761 |
| **Microsoft Corp.** | **Microsoft Corp.** | **Microsoft Corp.** |
| 2.40%, 08/08/26 *(a)* | 1155000 | 1135723 |
| 3.40%, 09/15/26 *(a)* | 130000 | 129220 |
| 3.30%, 02/06/27 *(a)* | 1200000 | 1188312 |
| 3.40%, 06/15/27 *(a)* | 185000 | 183966 |
| 1.35%, 09/15/30 *(a)* | 180000 | 157698 |
| 3.50%, 02/12/35 *(a)* | 525000 | 490791 |
| 4.20%, 11/03/35 *(a)* | 200000 | 197532 |
| 3.45%, 08/08/36 *(a)* | 620000 | 557188 |
| 4.10%, 02/06/37 *(a)* | 310000 | 296577 |
| 5.20%, 06/01/39  | 105000 | 110151 |
| 3.50%, 11/15/42  | 130000 | 105381 |
| 4.45%, 11/03/45 *(a)* | 235000 | 215060 |
| 3.70%, 08/08/46 *(a)* | 600000 | 483468 |
| 4.25%, 02/06/47 *(a)* | 410000 | 365134 |

---

*See financial notes*

**78**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.50%, 06/15/47 *(a)* | 183000 | 166197 |
| 2.53%, 06/01/50 *(a)* | 1860000 | 1151712 |
| 2.50%, 09/15/50 *(a)* | 460000 | 282918 |
| 2.92%, 03/17/52 *(a)* | 1809000 | 1201339 |
| 4.00%, 02/12/55 *(a)* | 185000 | 151239 |
| 3.95%, 08/08/56 *(a)* | 200000 | 159618 |
| 4.50%, 02/06/57 *(a)* | 250000 | 224393 |
| 2.68%, 06/01/60 *(a)* | 960000 | 568166 |
| 3.04%, 03/17/62 *(a)* | 591000 | 379883 |
| **Moody's Corp.** | **Moody's Corp.** | **Moody's Corp.** |
| 3.25%, 01/15/28 *(a)* | 100000 | 97977 |
| 4.25%, 02/01/29 *(a)* | 120000 | 120072 |
| 2.00%, 08/19/31 *(a)* | 210000 | 182333 |
| 5.00%, 08/05/34 *(a)* | 150000 | 151625 |
| 2.75%, 08/19/41 *(a)* | 195000 | 137762 |
| 5.25%, 07/15/44  | 175000 | 166957 |
| 4.88%, 12/17/48 *(a)* | 150000 | 134225 |
| 3.25%, 05/20/50 *(a)* | 100000 | 67397 |
| 3.75%, 02/25/52 *(a)* | 185000 | 137838 |
| 3.10%, 11/29/61 *(a)* | 190000 | 118104 |
| **Motorola Solutions, Inc.** | **Motorola Solutions, Inc.** | **Motorola Solutions, Inc.** |
| 4.60%, 02/23/28 *(a)* | 275000 | 277123 |
| 5.00%, 04/15/29 *(a)* | 50000 | 50881 |
| 4.60%, 05/23/29 *(a)* | 200000 | 201196 |
| 4.85%, 08/15/30 *(a)* | 170000 | 171938 |
| 2.30%, 11/15/30 *(a)* | 275000 | 244689 |
| 2.75%, 05/24/31 *(a)* | 345000 | 310148 |
| 5.60%, 06/01/32 *(a)* | 180000 | 187493 |
| 5.20%, 08/15/32 *(a)* | 150000 | 152562 |
| 5.40%, 04/15/34 *(a)* | 215000 | 219487 |
| 5.55%, 08/15/35 *(a)* | 260000 | 265278 |
| 5.50%, 09/01/44  | 100000 | 98124 |
| **NetApp, Inc.** | **NetApp, Inc.** | **NetApp, Inc.** |
| 2.38%, 06/22/27 *(a)* | 195000 | 187574 |
| 2.70%, 06/22/30 *(a)* | 250000 | 228535 |
| 5.70%, 03/17/35 *(a)* | 200000 | 205670 |
| **Nokia OYJ** | **Nokia OYJ** | **Nokia OYJ** |
| 4.38%, 06/12/27  | 190000 | 189316 |
| 6.63%, 05/15/39  | 175000 | 181865 |
| **NVIDIA Corp.** | **NVIDIA Corp.** | **NVIDIA Corp.** |
| 3.20%, 09/16/26 *(a)* | 295000 | 292416 |
| 1.55%, 06/15/28 *(a)* | 365000 | 341560 |
| 2.85%, 04/01/30 *(a)* | 400000 | 379488 |
| 2.00%, 06/15/31 *(a)* | 230000 | 204178 |
| 3.50%, 04/01/40 *(a)* | 350000 | 294945 |
| 3.50%, 04/01/50 *(a)* | 600000 | 449142 |
| 3.70%, 04/01/60 *(a)* | 175000 | 129068 |
| **NXP BV/NXP Funding LLC** | **NXP BV/NXP Funding LLC** | **NXP BV/NXP Funding LLC** |
| 5.55%, 12/01/28 *(a)* | 130000 | 134260 |
| **NXP BV/NXP Funding LLC/NXP USA, Inc.** | **NXP BV/NXP Funding LLC/NXP USA, Inc.** | **NXP BV/NXP Funding LLC/NXP USA, Inc.** |
| 3.15%, 05/01/27 *(a)* | 165000 | 161614 |
| 4.40%, 06/01/27 *(a)* | 170000 | 170394 |
| 4.30%, 06/18/29 *(a)* | 320000 | 317194 |
| 3.40%, 05/01/30 *(a)* | 275000 | 260612 |
| 2.50%, 05/11/31 *(a)* | 315000 | 278280 |
| 2.65%, 02/15/32 *(a)* | 300000 | 261189 |
| 5.00%, 01/15/33 *(a)* | 255000 | 254546 |
| 3.25%, 05/11/41 *(a)* | 300000 | 221049 |
| 3.13%, 02/15/42 *(a)* | 95000 | 67645 |
| 3.25%, 11/30/51 *(a)* | 150000 | 97191 |
| **Oracle Corp.** | **Oracle Corp.** | **Oracle Corp.** |
| 2.65%, 07/15/26 *(a)* | 866000 | 850386 |
| 2.80%, 04/01/27 *(a)* | 735000 | 716654 |
| 3.25%, 11/15/27 *(a)* | 800000 | 782072 |
| 2.30%, 03/25/28 *(a)* | 635000 | 602983 |
| 4.50%, 05/06/28 *(a)* | 250000 | 251430 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.80%, 08/03/28 *(a)* | 400000 | 406648 |
| 4.20%, 09/27/29 *(a)* | 400000 | 397420 |
| 6.15%, 11/09/29 *(a)* | 350000 | 373614 |
| 2.95%, 04/01/30 *(a)* | 950000 | 887509 |
| 4.65%, 05/06/30 *(a)* | 200000 | 201974 |
| 3.25%, 05/15/30 *(a)* | 150000 | 141689 |
| 2.88%, 03/25/31 *(a)* | 945000 | 861755 |
| 5.25%, 02/03/32 *(a)* | 400000 | 410688 |
| 6.25%, 11/09/32 *(a)* | 650000 | 703592 |
| 4.90%, 02/06/33 *(a)* | 465000 | 466232 |
| 4.30%, 07/08/34 *(a)* | 525000 | 498844 |
| 4.70%, 09/27/34 *(a)* | 500000 | 485720 |
| 3.90%, 05/15/35 *(a)* | 445000 | 401701 |
| 5.50%, 08/03/35 *(a)* | 500000 | 511375 |
| 3.85%, 07/15/36 *(a)* | 355000 | 312673 |
| 3.80%, 11/15/37 *(a)* | 535000 | 458672 |
| 6.50%, 04/15/38  | 410000 | 446437 |
| 6.13%, 07/08/39  | 430000 | 452102 |
| 3.60%, 04/01/40 *(a)* | 775000 | 620945 |
| 5.38%, 07/15/40  | 600000 | 586398 |
| 3.65%, 03/25/41 *(a)* | 750000 | 591585 |
| 4.50%, 07/08/44 *(a)* | 330000 | 278764 |
| 4.13%, 05/15/45 *(a)* | 590000 | 469369 |
| 4.00%, 07/15/46 *(a)* | 920000 | 710212 |
| 4.00%, 11/15/47 *(a)* | 710000 | 544556 |
| 3.60%, 04/01/50 *(a)* | 1320000 | 924858 |
| 3.95%, 03/25/51 *(a)* | 895000 | 661351 |
| 6.90%, 11/09/52 *(a)* | 735000 | 818511 |
| 5.55%, 02/06/53 *(a)* | 660000 | 621410 |
| 5.38%, 09/27/54 *(a)* | 505000 | 461646 |
| 4.38%, 05/15/55 *(a)* | 375000 | 293842 |
| 6.00%, 08/03/55 *(a)* | 500000 | 499700 |
| 3.85%, 04/01/60 *(a)* | 1000000 | 689710 |
| 4.10%, 03/25/61 *(a)* | 520000 | 376324 |
| 5.50%, 09/27/64 *(a)* | 365000 | 332581 |
| **Paychex, Inc.** | **Paychex, Inc.** | **Paychex, Inc.** |
| 5.10%, 04/15/30 *(a)* | 400000 | 409680 |
| 5.35%, 04/15/32 *(a)* | 400000 | 410804 |
| 5.60%, 04/15/35 *(a)* | 400000 | 413680 |
| **PayPal Holdings, Inc.** | **PayPal Holdings, Inc.** | **PayPal Holdings, Inc.** |
| 2.65%, 10/01/26 *(a)* | 400000 | 392872 |
| 3.90%, 06/01/27 *(a)* | 150000 | 149558 |
| 2.85%, 10/01/29 *(a)* | 425000 | 401378 |
| 2.30%, 06/01/30 *(a)* | 300000 | 273210 |
| 4.40%, 06/01/32 *(a)* | 315000 | 311639 |
| 5.15%, 06/01/34 *(a)* | 205000 | 208221 |
| 5.10%, 04/01/35 *(a)* | 150000 | 150618 |
| 3.25%, 06/01/50 *(a)* | 405000 | 275728 |
| 5.05%, 06/01/52 *(a)* | 310000 | 286772 |
| 5.50%, 06/01/54 *(a)* | 60000 | 58894 |
| 5.25%, 06/01/62 *(a)* | 145000 | 133419 |
| **Qorvo, Inc.** | **Qorvo, Inc.** | **Qorvo, Inc.** |
| 4.38%, 10/15/29 *(a)* | 225000 | 218981 |
| **QUALCOMM, Inc.** | **QUALCOMM, Inc.** | **QUALCOMM, Inc.** |
| 3.25%, 05/20/27 *(a)* | 550000 | 543328 |
| 1.30%, 05/20/28 *(a)* | 234000 | 217559 |
| 2.15%, 05/20/30 *(a)* | 450000 | 409549 |
| 4.50%, 05/20/30 *(a)* | 150000 | 151644 |
| 1.65%, 05/20/32 *(a)* | 480000 | 399566 |
| 4.25%, 05/20/32 *(a)* | 170000 | 168258 |
| 5.40%, 05/20/33 *(a)* | 65000 | 68560 |
| 4.65%, 05/20/35 *(a)* | 300000 | 297333 |
| 4.80%, 05/20/45 *(a)* | 450000 | 410868 |
| 4.30%, 05/20/47 *(a)* | 455000 | 382104 |
| 3.25%, 05/20/50 *(a)* | 260000 | 179392 |
| 4.50%, 05/20/52 *(a)* | 300000 | 254232 |
| 6.00%, 05/20/53 *(a)* | 375000 | 395302 |

---

*See financial notes*

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

**79**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **RELX Capital, Inc.** | **RELX Capital, Inc.** | **RELX Capital, Inc.** |
| 4.00%, 03/18/29 *(a)* | 285000 | 282965 |
| 3.00%, 05/22/30 *(a)* | 200000 | 188632 |
| 4.75%, 05/20/32 *(a)* | 150000 | 151194 |
| 5.25%, 03/27/35 *(a)* | 300000 | 307164 |
| **Roper Technologies, Inc.** | **Roper Technologies, Inc.** | **Roper Technologies, Inc.** |
| 3.80%, 12/15/26 *(a)* | 235000 | 233202 |
| 1.40%, 09/15/27 *(a)* | 295000 | 277681 |
| 4.20%, 09/15/28 *(a)* | 250000 | 249440 |
| 2.95%, 09/15/29 *(a)* | 220000 | 207970 |
| 4.50%, 10/15/29 *(a)* | 45000 | 45120 |
| 2.00%, 06/30/30 *(a)* | 200000 | 177840 |
| 1.75%, 02/15/31 *(a)* | 300000 | 257655 |
| 4.75%, 02/15/32 *(a)* | 150000 | 150342 |
| 4.90%, 10/15/34 *(a)* | 300000 | 296481 |
| **S&P Global, Inc.** | **S&P Global, Inc.** | **S&P Global, Inc.** |
| 2.95%, 01/22/27 *(a)* | 245000 | 240955 |
| 2.45%, 03/01/27 *(a)* | 255000 | 248245 |
| 4.75%, 08/01/28 *(a)* | 215000 | 218156 |
| 2.70%, 03/01/29 *(a)* | 350000 | 331961 |
| 4.25%, 05/01/29 *(a)* | 240000 | 240132 |
| 1.25%, 08/15/30 *(a)* | 250000 | 215545 |
| 2.90%, 03/01/32 *(a)* | 490000 | 445630 |
| 5.25%, 09/15/33 *(a)* | 265000 | 275409 |
| 3.25%, 12/01/49 *(a)* | 205000 | 144714 |
| 3.70%, 03/01/52 *(a)* | 295000 | 222716 |
| 2.30%, 08/15/60 *(a)* | 200000 | 102552 |
| 3.90%, 03/01/62 *(a)* | 185000 | 138306 |
| **Salesforce, Inc.** | **Salesforce, Inc.** | **Salesforce, Inc.** |
| 3.70%, 04/11/28 *(a)* | 435000 | 432286 |
| 1.50%, 07/15/28 *(a)* | 300000 | 278937 |
| 1.95%, 07/15/31 *(a)* | 450000 | 394897 |
| 2.70%, 07/15/41 *(a)* | 390000 | 280913 |
| 2.90%, 07/15/51 *(a)* | 585000 | 375307 |
| 3.05%, 07/15/61 *(a)* | 415000 | 254644 |
| **ServiceNow, Inc.** | **ServiceNow, Inc.** | **ServiceNow, Inc.** |
| 1.40%, 09/01/30 *(a)* | 540000 | 468034 |
| **Skyworks Solutions, Inc.** | **Skyworks Solutions, Inc.** | **Skyworks Solutions, Inc.** |
| 3.00%, 06/01/31 *(a)* | 215000 | 189583 |
| **Synopsys, Inc.** | **Synopsys, Inc.** | **Synopsys, Inc.** |
| 4.55%, 04/01/27  | 275000 | 276485 |
| 4.65%, 04/01/28 *(a)* | 275000 | 277964 |
| 4.85%, 04/01/30 *(a)* | 500000 | 507250 |
| 5.00%, 04/01/32 *(a)* | 400000 | 405360 |
| 5.15%, 04/01/35 *(a)* | 700000 | 706104 |
| 5.70%, 04/01/55 *(a)* | 500000 | 497520 |
| **TD SYNNEX Corp.** | **TD SYNNEX Corp.** | **TD SYNNEX Corp.** |
| 1.75%, 08/09/26 *(a)* | 150000 | 145188 |
| 2.38%, 08/09/28 *(a)* | 175000 | 164351 |
| 6.10%, 04/12/34 *(a)* | 150000 | 157851 |
| **Teledyne FLIR LLC** | **Teledyne FLIR LLC** | **Teledyne FLIR LLC** |
| 2.50%, 08/01/30 *(a)* | 150000 | 135903 |
| **Tencent Music Entertainment Group** | **Tencent Music Entertainment Group** | **Tencent Music Entertainment Group** |
| 2.00%, 09/03/30 *(a)* | 245000 | 216798 |
| **Texas Instruments, Inc.** | **Texas Instruments, Inc.** | **Texas Instruments, Inc.** |
| 1.13%, 09/15/26 *(a)* | 250000 | 241668 |
| 2.90%, 11/03/27 *(a)* | 310000 | 302842 |
| 4.60%, 02/15/28 *(a)* | 150000 | 152418 |
| 4.60%, 02/08/29 *(a)* | 200000 | 203608 |
| 2.25%, 09/04/29 *(a)* | 350000 | 324982 |
| 1.75%, 05/04/30 *(a)* | 350000 | 312270 |
| 3.65%, 08/16/32 *(a)* | 280000 | 265384 |
| 4.90%, 03/14/33 *(a)* | 250000 | 255987 |
| 3.88%, 03/15/39 *(a)* | 190000 | 168179 |
| 4.15%, 05/15/48 *(a)* | 470000 | 388168 |
| 2.70%, 09/15/51 *(a)* | 175000 | 106411 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.10%, 08/16/52 *(a)* | 190000 | 150959 |
| 5.00%, 03/14/53 *(a)* | 235000 | 216968 |
| 5.15%, 02/08/54 *(a)* | 225000 | 212398 |
| 5.05%, 05/18/63 *(a)* | 400000 | 367768 |
| **TR Finance LLC** | **TR Finance LLC** | **TR Finance LLC** |
| 5.50%, 08/15/35  | 100000 | 101435 |
| 5.85%, 04/15/40  | 125000 | 128563 |
| 5.65%, 11/23/43 *(a)* | 120000 | 117041 |
| **Trimble, Inc.** | **Trimble, Inc.** | **Trimble, Inc.** |
| 4.90%, 06/15/28 *(a)* | 175000 | 177758 |
| 6.10%, 03/15/33 *(a)* | 250000 | 265865 |
| **TSMC Arizona Corp.** | **TSMC Arizona Corp.** | **TSMC Arizona Corp.** |
| 1.75%, 10/25/26 *(a)* | 265000 | 256435 |
| 3.88%, 04/22/27 *(a)* | 385000 | 383164 |
| 4.13%, 04/22/29 *(a)* | 220000 | 219118 |
| 2.50%, 10/25/31 *(a)* | 350000 | 314247 |
| 4.25%, 04/22/32 *(a)* | 335000 | 330293 |
| 3.13%, 10/25/41 *(a)* | 200000 | 155226 |
| 3.25%, 10/25/51 *(a)* | 295000 | 213878 |
| 4.50%, 04/22/52 *(a)(c)* | 385000 | 347828 |
| **Tyco Electronics Group SA** | **Tyco Electronics Group SA** | **Tyco Electronics Group SA** |
| 3.13%, 08/15/27 *(a)* | 150000 | 146970 |
| 4.50%, 02/09/31 *(a)* | 125000 | 124983 |
| 2.50%, 02/04/32 *(a)* | 225000 | 198524 |
| 7.13%, 10/01/37  | 160000 | 184122 |
| **VeriSign, Inc.** | **VeriSign, Inc.** | **VeriSign, Inc.** |
| 4.75%, 07/15/27 *(a)* | 180000 | 180077 |
| 2.70%, 06/15/31 *(a)* | 185000 | 165668 |
| 5.25%, 06/01/32 *(a)* | 120000 | 122424 |
| **Verisk Analytics, Inc.** | **Verisk Analytics, Inc.** | **Verisk Analytics, Inc.** |
| 4.13%, 03/15/29 *(a)* | 275000 | 273413 |
| 5.25%, 06/05/34 *(a)* | 150000 | 153218 |
| 5.50%, 06/15/45 *(a)* | 100000 | 95983 |
| 3.63%, 05/15/50 *(a)* | 225000 | 160927 |
| **Visa, Inc.** | **Visa, Inc.** | **Visa, Inc.** |
| 1.90%, 04/15/27 *(a)* | 400000 | 386488 |
| 0.75%, 08/15/27 *(a)* | 215000 | 201864 |
| 2.75%, 09/15/27 *(a)* | 225000 | 219872 |
| 2.05%, 04/15/30 *(a)* | 460000 | 418821 |
| 1.10%, 02/15/31 *(a)* | 330000 | 281718 |
| 4.15%, 12/14/35 *(a)* | 510000 | 486030 |
| 2.70%, 04/15/40 *(a)* | 260000 | 196492 |
| 4.30%, 12/14/45 *(a)* | 925000 | 805712 |
| 3.65%, 09/15/47 *(a)* | 310000 | 242042 |
| 2.00%, 08/15/50 *(a)* | 425000 | 231566 |
| **VMware LLC** | **VMware LLC** | **VMware LLC** |
| 1.40%, 08/15/26 *(a)* | 535000 | 517730 |
| 4.65%, 05/15/27 *(a)* | 50000 | 50304 |
| 3.90%, 08/21/27 *(a)* | 350000 | 347203 |
| 1.80%, 08/15/28 *(a)* | 265000 | 245215 |
| 4.70%, 05/15/30 *(a)* | 200000 | 200914 |
| 2.20%, 08/15/31 *(a)* | 510000 | 442950 |
| **Western Digital Corp.** | **Western Digital Corp.** | **Western Digital Corp.** |
| 2.85%, 02/01/29 *(a)* | 245000 | 227970 |
| 3.10%, 02/01/32 *(a)* | 150000 | 132960 |
| **Western Union Co.** | **Western Union Co.** | **Western Union Co.** |
| 2.75%, 03/15/31 *(a)* | 155000 | 135943 |
| 6.20%, 11/17/36  | 200000 | 204104 |
| **Workday, Inc.** | **Workday, Inc.** | **Workday, Inc.** |
| 3.50%, 04/01/27 *(a)* | 320000 | 316042 |
| 3.70%, 04/01/29 *(a)* | 225000 | 219926 |
| 3.80%, 04/01/32 *(a)* | 300000 | 282102 |
| **Xilinx, Inc.** | **Xilinx, Inc.** | **Xilinx, Inc.** |
| 2.38%, 06/01/30 *(a)* | 225000 | 206350 |
|  |  | **194464746** |

---

*See financial notes*

**80**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***Transportation 0.5%***  | ***Transportation 0.5%***  | ***Transportation 0.5%***  |
| **American Airlines 2012-1 Class AA Pass-Through Trust** | **American Airlines 2012-1 Class AA Pass-Through Trust** | **American Airlines 2012-1 Class AA Pass-Through Trust** |
| 2.88%, 01/11/36  | 186178 | 165733 |
| **American Airlines 2014-1 Class A Pass-Through Trust** | **American Airlines 2014-1 Class A Pass-Through Trust** | **American Airlines 2014-1 Class A Pass-Through Trust** |
| 3.70%, 04/01/28  | 101336 | 99481 |
| **American Airlines 2015-1 Class A Pass-Through Trust** | **American Airlines 2015-1 Class A Pass-Through Trust** | **American Airlines 2015-1 Class A Pass-Through Trust** |
| 3.38%, 11/01/28  | 172334 | 168198 |
| **American Airlines 2015-2 Class AA Pass-Through Trust** | **American Airlines 2015-2 Class AA Pass-Through Trust** | **American Airlines 2015-2 Class AA Pass-Through Trust** |
| 3.60%, 03/22/29  | 140536 | 136592 |
| **American Airlines 2016-1 Class AA Pass-Through Trust** | **American Airlines 2016-1 Class AA Pass-Through Trust** | **American Airlines 2016-1 Class AA Pass-Through Trust** |
| 3.58%, 07/15/29  | 148918 | 144419 |
| **American Airlines 2016-2 Class AA Pass-Through Trust** | **American Airlines 2016-2 Class AA Pass-Through Trust** | **American Airlines 2016-2 Class AA Pass-Through Trust** |
| 3.20%, 12/15/29  | 142645 | 136660 |
| **American Airlines 2016-3 Class AA Pass-Through Trust** | **American Airlines 2016-3 Class AA Pass-Through Trust** | **American Airlines 2016-3 Class AA Pass-Through Trust** |
| 3.00%, 04/15/30  | 59829 | 56307 |
| **American Airlines 2017-1 Class AA Pass-Through Trust** | **American Airlines 2017-1 Class AA Pass-Through Trust** | **American Airlines 2017-1 Class AA Pass-Through Trust** |
| 3.65%, 08/15/30  | 73800 | 70959 |
| **American Airlines 2017-2 Class AA Pass-Through Trust** | **American Airlines 2017-2 Class AA Pass-Through Trust** | **American Airlines 2017-2 Class AA Pass-Through Trust** |
| 3.35%, 04/15/31  | 121123 | 114768 |
| **American Airlines 2019-1 Class AA Pass-Through Trust** | **American Airlines 2019-1 Class AA Pass-Through Trust** | **American Airlines 2019-1 Class AA Pass-Through Trust** |
| 3.15%, 08/15/33  | 131168 | 120323 |
| **Burlington Northern Santa Fe LLC** | **Burlington Northern Santa Fe LLC** | **Burlington Northern Santa Fe LLC** |
| 3.25%, 06/15/27 *(a)* | 200000 | 197334 |
| 6.20%, 08/15/36  | 100000 | 110377 |
| 6.15%, 05/01/37  | 105000 | 114632 |
| 5.75%, 05/01/40 *(a)* | 165000 | 172861 |
| 5.05%, 03/01/41 *(a)* | 200000 | 192128 |
| 5.40%, 06/01/41 *(a)* | 250000 | 249025 |
| 4.95%, 09/15/41 *(a)* | 115000 | 108440 |
| 4.40%, 03/15/42 *(a)* | 265000 | 234954 |
| 4.38%, 09/01/42 *(a)* | 350000 | 307146 |
| 5.15%, 09/01/43 *(a)* | 200000 | 192824 |
| 4.90%, 04/01/44 *(a)* | 150000 | 140354 |
| 4.55%, 09/01/44 *(a)* | 375000 | 332831 |
| 4.70%, 09/01/45 *(a)* | 250000 | 225752 |
| 3.90%, 08/01/46 *(a)* | 405000 | 324202 |
| 4.13%, 06/15/47 *(a)* | 250000 | 205557 |
| 4.15%, 12/15/48 *(a)* | 330000 | 272976 |
| 3.55%, 02/15/50 *(a)* | 405000 | 298704 |
| 3.05%, 02/15/51 *(a)* | 355000 | 235937 |
| 3.30%, 09/15/51 *(a)* | 350000 | 243418 |
| 2.88%, 06/15/52 *(a)* | 150000 | 95073 |
| 4.45%, 01/15/53 *(a)* | 305000 | 257935 |
| 5.20%, 04/15/54 *(a)* | 490000 | 464691 |
| 5.80%, 03/15/56 *(a)* | 270000 | 278248 |
| **Canadian National Railway Co.** | **Canadian National Railway Co.** | **Canadian National Railway Co.** |
| 6.90%, 07/15/28  | 265000 | 285206 |
| 3.85%, 08/05/32 *(a)* | 300000 | 285489 |
| 4.38%, 09/18/34 *(a)* | 200000 | 192798 |
| 6.38%, 11/15/37  | 200000 | 222090 |
| 3.20%, 08/02/46 *(a)* | 250000 | 178833 |
| 3.65%, 02/03/48 *(a)* | 235000 | 179592 |
| 4.45%, 01/20/49 *(a)* | 200000 | 173074 |
| 2.45%, 05/01/50 *(a)* | 200000 | 117816 |
| 4.40%, 08/05/52 *(a)* | 250000 | 212762 |
| 6.13%, 11/01/53 *(a)* | 50000 | 54577 |
| **Canadian Pacific Railway Co.** | **Canadian Pacific Railway Co.** | **Canadian Pacific Railway Co.** |
| 1.75%, 12/02/26 *(a)* | 295000 | 284843 |
| 4.00%, 06/01/28 *(a)* | 150000 | 149216 |
| 2.88%, 11/15/29 *(a)* | 150000 | 140978 |
| 2.05%, 03/05/30 *(a)* | 245000 | 220885 |
| 7.13%, 10/15/31  | 95000 | 106964 |
| 2.45%, 12/02/31 *(a)* | 400000 | 351272 |
| 4.80%, 09/15/35 *(a)* | 145000 | 141649 |
| 5.95%, 05/15/37  | 155000 | 164891 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.00%, 12/02/41 *(a)* | 300000 | 218424 |
| 4.30%, 05/15/43 *(a)* | 125000 | 107320 |
| 4.80%, 08/01/45 *(a)* | 150000 | 133830 |
| 4.95%, 08/15/45 *(a)* | 160000 | 146390 |
| 4.70%, 05/01/48 *(a)* | 150000 | 132320 |
| 3.50%, 05/01/50 *(a)* | 125000 | 89206 |
| 3.10%, 12/02/51 *(a)* | 610000 | 401380 |
| 4.20%, 11/15/69 *(a)* | 125000 | 94294 |
| 6.13%, 09/15/15 *(a)* | 254000 | 259448 |
| **CH Robinson Worldwide, Inc.** | **CH Robinson Worldwide, Inc.** | **CH Robinson Worldwide, Inc.** |
| 4.20%, 04/15/28 *(a)* | 185000 | 184058 |
| **CSX Corp.** | **CSX Corp.** | **CSX Corp.** |
| 2.60%, 11/01/26 *(a)* | 200000 | 195772 |
| 3.25%, 06/01/27 *(a)* | 313000 | 308045 |
| 3.80%, 03/01/28 *(a)* | 300000 | 297468 |
| 4.25%, 03/15/29 *(a)* | 150000 | 150095 |
| 2.40%, 02/15/30 *(a)* | 225000 | 207675 |
| 4.10%, 11/15/32 *(a)* | 85000 | 82493 |
| 5.20%, 11/15/33 *(a)* | 100000 | 103443 |
| 6.00%, 10/01/36  | 200000 | 214972 |
| 6.15%, 05/01/37  | 250000 | 271415 |
| 6.22%, 04/30/40  | 225000 | 243130 |
| 5.50%, 04/15/41 *(a)* | 150000 | 150293 |
| 4.75%, 05/30/42 *(a)* | 50000 | 45805 |
| 4.40%, 03/01/43 *(a)* | 180000 | 157244 |
| 4.10%, 03/15/44 *(a)* | 250000 | 208035 |
| 3.80%, 11/01/46 *(a)* | 260000 | 202722 |
| 4.30%, 03/01/48 *(a)* | 100000 | 83302 |
| 4.75%, 11/15/48 *(a)* | 220000 | 195270 |
| 4.50%, 03/15/49 *(a)* | 200000 | 170394 |
| 3.35%, 09/15/49 *(a)* | 260000 | 182062 |
| 3.80%, 04/15/50 *(a)* | 150000 | 114198 |
| 3.95%, 05/01/50 *(a)* | 150000 | 117149 |
| 2.50%, 05/15/51 *(a)* | 250000 | 144860 |
| 4.50%, 11/15/52 *(a)* | 345000 | 291853 |
| 4.50%, 08/01/54 *(a)* | 150000 | 125996 |
| 4.25%, 11/01/66 *(a)* | 200000 | 154612 |
| 4.65%, 03/01/68 *(a)* | 125000 | 102814 |
| **Delta Air Lines 2020-1 Class AA Pass-Through Trust** | **Delta Air Lines 2020-1 Class AA Pass-Through Trust** | **Delta Air Lines 2020-1 Class AA Pass-Through Trust** |
| 2.00%, 12/10/29  | 196288 | 185944 |
| **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** |
| 4.38%, 04/19/28 *(a)* | 120000 | 119395 |
| 4.95%, 07/10/28 *(a)* | 290000 | 291708 |
| 3.75%, 10/28/29 *(a)* | 210000 | 201012 |
| 5.25%, 07/10/30 *(a)* | 290000 | 292265 |
| **Federal Express Corp. Pass-Through Trusts** | **Federal Express Corp. Pass-Through Trusts** | **Federal Express Corp. Pass-Through Trusts** |
| 1.88%, 08/20/35  | 212624 | 183890 |
| **FedEx Corp.** | **FedEx Corp.** | **FedEx Corp.** |
| 3.40%, 02/15/28 *(a)(d)* | 150000 | 146483 |
| 3.10%, 08/05/29 *(a)* | 110000 | 104303 |
| 3.10%, 08/05/29 *(a)(d)* | 225000 | 212987 |
| 4.25%, 05/15/30 *(a)* | 90000 | 89443 |
| 4.25%, 05/15/30 *(a)(d)* | 100000 | 98125 |
| 2.40%, 05/15/31 *(a)(c)* | 100000 | 88626 |
| 2.40%, 05/15/31 *(a)(d)* | 230000 | 202262 |
| 4.90%, 01/15/34 *(d)* | 112000 | 109161 |
| 3.90%, 02/01/35 *(d)* | 155000 | 138717 |
| 3.25%, 05/15/41 *(a)(d)* | 100000 | 71762 |
| 3.88%, 08/01/42 *(d)* | 100000 | 76622 |
| 5.10%, 01/15/44 *(d)* | 175000 | 154357 |
| 4.10%, 02/01/45 *(d)* | 187000 | 143433 |
| 4.75%, 11/15/45 *(a)* | 95000 | 78951 |
| 4.75%, 11/15/45 *(a)(d)* | 265000 | 221574 |
| 4.55%, 04/01/46 *(a)(d)* | 325000 | 264618 |
| 4.40%, 01/15/47 *(a)(d)* | 215000 | 169758 |
| 4.05%, 02/15/48 *(a)(d)* | 275000 | 204168 |

---

*See financial notes*

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

**81**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.95%, 10/17/48 *(a)(d)* | 255000 | 216087 |
| 5.25%, 05/15/50 *(a)(c)(d)* | 300000 | 265665 |
| **GXO Logistics, Inc.** | **GXO Logistics, Inc.** | **GXO Logistics, Inc.** |
| 1.65%, 07/15/26 *(a)* | 295000 | 285383 |
| 6.50%, 05/06/34 *(a)* | 215000 | 224727 |
| **JetBlue 2019-1 Class AA Pass-Through Trust** | **JetBlue 2019-1 Class AA Pass-Through Trust** | **JetBlue 2019-1 Class AA Pass-Through Trust** |
| 2.75%, 11/15/33  | 171109 | 148438 |
| **JetBlue 2020-1 Class A Pass-Through Trust** | **JetBlue 2020-1 Class A Pass-Through Trust** | **JetBlue 2020-1 Class A Pass-Through Trust** |
| 4.00%, 05/15/34  | 165800 | 154773 |
| **Kirby Corp.** | **Kirby Corp.** | **Kirby Corp.** |
| 4.20%, 03/01/28 *(a)* | 150000 | 148724 |
| **Norfolk Southern Corp.** | **Norfolk Southern Corp.** | **Norfolk Southern Corp.** |
| 7.80%, 05/15/27  | 140000 | 149276 |
| 3.15%, 06/01/27 *(a)* | 100000 | 98138 |
| 2.55%, 11/01/29 *(a)* | 200000 | 185922 |
| 5.05%, 08/01/30 *(a)* | 170000 | 175676 |
| 2.30%, 05/15/31 *(a)* | 200000 | 177792 |
| 3.00%, 03/15/32 *(a)* | 235000 | 213110 |
| 4.45%, 03/01/33 *(a)* | 100000 | 97899 |
| 4.84%, 10/01/41  | 230000 | 212336 |
| 3.95%, 10/01/42 *(a)* | 100000 | 81775 |
| 4.45%, 06/15/45 *(a)* | 250000 | 213737 |
| 4.65%, 01/15/46 *(a)* | 170000 | 149250 |
| 3.94%, 11/01/47 *(a)* | 250000 | 196265 |
| 4.15%, 02/28/48 *(a)* | 275000 | 221897 |
| 4.10%, 05/15/49 *(a)* | 100000 | 79330 |
| 3.40%, 11/01/49 *(a)* | 150000 | 105365 |
| 3.05%, 05/15/50 *(a)* | 300000 | 197004 |
| 2.90%, 08/25/51 *(a)* | 75000 | 47105 |
| 4.05%, 08/15/52 *(a)* | 250000 | 193797 |
| 3.70%, 03/15/53 *(a)* | 125000 | 90978 |
| 4.55%, 06/01/53 *(a)* | 270000 | 228563 |
| 3.16%, 05/15/55 *(a)* | 260000 | 166917 |
| 5.95%, 03/15/64 *(a)* | 90000 | 92625 |
| 5.10%, 08/01/18 *(a)* | 315000 | 269832 |
| 4.10%, 05/15/21 *(a)* | 195000 | 134985 |
| **Ryder System, Inc.** | **Ryder System, Inc.** | **Ryder System, Inc.** |
| 1.75%, 09/01/26 *(a)* | 160000 | 155261 |
| 2.90%, 12/01/26 *(a)* | 150000 | 146732 |
| 2.85%, 03/01/27 *(a)* | 235000 | 229271 |
| 5.30%, 03/15/27 *(a)* | 50000 | 50776 |
| 4.30%, 06/15/27 *(a)* | 50000 | 50036 |
| 5.25%, 06/01/28 *(a)* | 255000 | 261655 |
| 6.30%, 12/01/28 *(a)* | 100000 | 106050 |
| 5.38%, 03/15/29 *(a)* | 35000 | 36020 |
| 4.95%, 09/01/29 *(a)* | 50000 | 50895 |
| 6.60%, 12/01/33 *(a)* | 200000 | 220096 |
| **Southwest Airlines Co.** | **Southwest Airlines Co.** | **Southwest Airlines Co.** |
| 3.00%, 11/15/26 *(a)* | 100000 | 98018 |
| 5.13%, 06/15/27 *(a)* | 475000 | 479370 |
| 3.45%, 11/16/27 *(a)* | 125000 | 121838 |
| 2.63%, 02/10/30 *(a)* | 140000 | 127723 |
| **Triton Container International Ltd./TAL International Container Corp.** | **Triton Container International Ltd./TAL International Container Corp.** | **Triton Container International Ltd./TAL International Container Corp.** |
| 3.25%, 03/15/32 *(a)* | 205000 | 178071 |
| **Union Pacific Corp.** | **Union Pacific Corp.** | **Union Pacific Corp.** |
| 2.15%, 02/05/27 *(a)* | 175000 | 169972 |
| 3.00%, 04/15/27 *(a)* | 75000 | 73653 |
| 3.95%, 09/10/28 *(a)* | 300000 | 298650 |
| 6.63%, 02/01/29  | 160000 | 173019 |
| 3.70%, 03/01/29 *(a)* | 325000 | 319790 |
| 2.40%, 02/05/30 *(a)* | 380000 | 350953 |
| 2.38%, 05/20/31 *(a)* | 300000 | 270054 |
| 2.80%, 02/14/32 *(a)* | 400000 | 361316 |
| 4.50%, 01/20/33 *(a)* | 50000 | 49755 |
| 3.38%, 02/01/35 *(a)* | 150000 | 133965 |
| 2.89%, 04/06/36 *(a)* | 250000 | 207382 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.60%, 09/15/37 *(a)* | 200000 | 174132 |
| 3.55%, 08/15/39 *(a)* | 165000 | 138346 |
| 3.20%, 05/20/41 *(a)* | 350000 | 268201 |
| 3.38%, 02/14/42 *(a)* | 100000 | 77747 |
| 4.05%, 11/15/45 *(a)* | 120000 | 97900 |
| 4.05%, 03/01/46 *(a)* | 175000 | 142321 |
| 3.35%, 08/15/46 *(a)* | 105000 | 75833 |
| 4.00%, 04/15/47 *(a)* | 200000 | 160254 |
| 4.50%, 09/10/48 *(a)* | 130000 | 111232 |
| 4.30%, 03/01/49 *(a)* | 275000 | 227879 |
| 3.25%, 02/05/50 *(a)* | 715000 | 494787 |
| 3.80%, 10/01/51 *(a)* | 305000 | 230083 |
| 2.95%, 03/10/52 *(a)* | 110000 | 70225 |
| 3.50%, 02/14/53 *(a)* | 355000 | 251730 |
| 5.60%, 12/01/54 *(a)* | 300000 | 298941 |
| 3.88%, 02/01/55 *(a)* | 170000 | 128185 |
| 3.95%, 08/15/59 *(a)* | 150000 | 110817 |
| 3.84%, 03/20/60 *(a)* | 550000 | 396880 |
| 3.55%, 05/20/61 *(a)* | 200000 | 134256 |
| 2.97%, 09/16/62 *(a)* | 350000 | 204148 |
| 5.15%, 01/20/63 *(a)* | 20000 | 18264 |
| 4.10%, 09/15/67 *(a)* | 225000 | 166460 |
| 3.75%, 02/05/70 *(a)* | 265000 | 180134 |
| 3.80%, 04/06/71 *(a)* | 410000 | 281608 |
| 3.85%, 02/14/72 *(a)* | 165000 | 114489 |
| **United Airlines 2014-2 Class A Pass-Through Trust** | **United Airlines 2014-2 Class A Pass-Through Trust** | **United Airlines 2014-2 Class A Pass-Through Trust** |
| 3.75%, 03/03/28  | 173753 | 171496 |
| **United Airlines 2016-1 Class AA Pass-Through Trust** | **United Airlines 2016-1 Class AA Pass-Through Trust** | **United Airlines 2016-1 Class AA Pass-Through Trust** |
| 3.10%, 01/07/30  | 160128 | 152996 |
| **United Airlines 2016-2 Class AA Pass-Through Trust** | **United Airlines 2016-2 Class AA Pass-Through Trust** | **United Airlines 2016-2 Class AA Pass-Through Trust** |
| 2.88%, 04/07/30  | 174614 | 164750 |
| **United Airlines 2018-1 Class AA Pass-Through Trust** | **United Airlines 2018-1 Class AA Pass-Through Trust** | **United Airlines 2018-1 Class AA Pass-Through Trust** |
| 3.50%, 09/01/31  | 142861 | 135325 |
| **United Airlines 2019-1 Class AA Pass-Through Trust** | **United Airlines 2019-1 Class AA Pass-Through Trust** | **United Airlines 2019-1 Class AA Pass-Through Trust** |
| 4.15%, 02/25/33  | 134805 | 128614 |
| **United Airlines 2019-2 Class AA Pass-Through Trust** | **United Airlines 2019-2 Class AA Pass-Through Trust** | **United Airlines 2019-2 Class AA Pass-Through Trust** |
| 2.70%, 11/01/33  | 227067 | 203484 |
| **United Airlines 2020-1 Class A Pass-Through Trust** | **United Airlines 2020-1 Class A Pass-Through Trust** | **United Airlines 2020-1 Class A Pass-Through Trust** |
| 5.88%, 04/15/29  | 274272 | 279524 |
| **United Airlines 2023-1 Class A Pass-Through Trust** | **United Airlines 2023-1 Class A Pass-Through Trust** | **United Airlines 2023-1 Class A Pass-Through Trust** |
| 5.80%, 07/15/37  | 401232 | 407218 |
| **United Airlines Pass-Through Trust** | **United Airlines Pass-Through Trust** | **United Airlines Pass-Through Trust** |
| 5.45%, 08/15/38  | 247824 | 249884 |
| 5.88%, 08/15/38  | 49565 | 49281 |
| **United Parcel Service, Inc.** | **United Parcel Service, Inc.** | **United Parcel Service, Inc.** |
| 2.40%, 11/15/26 *(a)* | 230000 | 224827 |
| 3.05%, 11/15/27 *(a)* | 300000 | 293526 |
| 3.40%, 03/15/29 *(a)* | 125000 | 121943 |
| 2.50%, 09/01/29 *(a)* | 275000 | 257018 |
| 4.45%, 04/01/30 *(a)* | 325000 | 328932 |
| 4.88%, 03/03/33 *(a)* | 240000 | 244212 |
| 5.15%, 05/22/34 *(a)* | 250000 | 256530 |
| 5.25%, 05/14/35 *(a)* | 300000 | 306591 |
| 6.20%, 01/15/38  | 400000 | 436980 |
| 5.20%, 04/01/40 *(a)* | 230000 | 226193 |
| 4.88%, 11/15/40 *(a)* | 160000 | 151411 |
| 3.63%, 10/01/42  | 110000 | 85899 |
| 3.40%, 11/15/46 *(a)* | 235000 | 169938 |
| 3.75%, 11/15/47 *(a)* | 360000 | 273442 |
| 4.25%, 03/15/49 *(a)* | 210000 | 171125 |
| 3.40%, 09/01/49 *(a)* | 300000 | 210087 |
| 5.30%, 04/01/50 *(a)(c)* | 350000 | 332398 |
| 5.05%, 03/03/53 *(a)* | 300000 | 273456 |
| 5.50%, 05/22/54 *(a)* | 150000 | 145715 |
| 5.95%, 05/14/55 *(a)* | 350000 | 359698 |

---

*See financial notes*

**82**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.60%, 05/22/64 *(a)* | 100000 | 96649 |
| 6.05%, 05/14/65 *(a)* | 250000 | 256325 |
|  |  | **41733136** |
|  |  | **1151931459** |
| **Utility 2.3%** | **Utility 2.3%** | **Utility 2.3%** |
| ***Electric 2.1%***  | ***Electric 2.1%***  | ***Electric 2.1%***  |
| **AEP Texas, Inc.** | **AEP Texas, Inc.** | **AEP Texas, Inc.** |
| 3.95%, 06/01/28 *(a)* | 105000 | 103804 |
| 5.45%, 05/15/29 *(a)* | 150000 | 155132 |
| 2.10%, 07/01/30 *(a)* | 200000 | 177834 |
| 4.70%, 05/15/32 *(a)* | 180000 | 177505 |
| 5.70%, 05/15/34 *(a)* | 100000 | 102330 |
| 3.80%, 10/01/47 *(a)* | 160000 | 117586 |
| 4.15%, 05/01/49 *(a)* | 100000 | 75997 |
| 3.45%, 01/15/50 *(a)* | 275000 | 187960 |
| 3.45%, 05/15/51 *(a)* | 100000 | 67212 |
| 5.25%, 05/15/52 *(a)* | 175000 | 157841 |
| **AEP Transmission Co. LLC** | **AEP Transmission Co. LLC** | **AEP Transmission Co. LLC** |
| 3.10%, 12/01/26 *(a)* | 100000 | 98523 |
| 5.15%, 04/01/34 *(a)* | 125000 | 126593 |
| 3.75%, 12/01/47 *(a)* | 265000 | 201079 |
| 4.25%, 09/15/48 *(a)* | 160000 | 129509 |
| 3.80%, 06/15/49 *(a)* | 150000 | 112055 |
| 3.15%, 09/15/49 *(a)* | 125000 | 83246 |
| 3.65%, 04/01/50 *(a)* | 225000 | 165515 |
| 4.50%, 06/15/52 *(a)* | 100000 | 84229 |
| 5.40%, 03/15/53 *(a)* | 200000 | 193642 |
| **AES Corp.** | **AES Corp.** | **AES Corp.** |
| 5.45%, 06/01/28 *(a)* | 250000 | 255612 |
| 2.45%, 01/15/31 *(a)* | 350000 | 306106 |
| 5.80%, 03/15/32 *(a)* | 225000 | 228562 |
| **Alabama Power Co.** | **Alabama Power Co.** | **Alabama Power Co.** |
| 3.75%, 09/01/27 *(a)* | 150000 | 149337 |
| 1.45%, 09/15/30 *(a)* | 190000 | 164741 |
| 3.05%, 03/15/32 *(a)* | 210000 | 191705 |
| 3.94%, 09/01/32 *(a)* | 175000 | 167947 |
| 5.10%, 04/02/35 *(a)* | 150000 | 151322 |
| 6.00%, 03/01/39  | 150000 | 161591 |
| 3.85%, 12/01/42  | 150000 | 121019 |
| 4.15%, 08/15/44 *(a)* | 150000 | 124377 |
| 3.75%, 03/01/45 *(a)* | 175000 | 137254 |
| 3.70%, 12/01/47 *(a)* | 200000 | 152462 |
| 4.30%, 07/15/48 *(a)* | 150000 | 124664 |
| 3.45%, 10/01/49 *(a)* | 200000 | 142456 |
| 3.13%, 07/15/51 *(a)* | 255000 | 170585 |
| 3.00%, 03/15/52 *(a)* | 170000 | 110145 |
| **Ameren Corp.** | **Ameren Corp.** | **Ameren Corp.** |
| 5.70%, 12/01/26 *(a)* | 200000 | 203358 |
| 1.95%, 03/15/27 *(a)* | 100000 | 96433 |
| 5.00%, 01/15/29 *(a)* | 200000 | 203760 |
| 3.50%, 01/15/31 *(a)* | 300000 | 283623 |
| 5.38%, 03/15/35 *(a)* | 200000 | 201352 |
| **Ameren Illinois Co.** | **Ameren Illinois Co.** | **Ameren Illinois Co.** |
| 3.80%, 05/15/28 *(a)* | 90000 | 89390 |
| 3.85%, 09/01/32 *(a)* | 210000 | 198939 |
| 4.95%, 06/01/33 *(a)* | 180000 | 182581 |
| 4.15%, 03/15/46 *(a)* | 175000 | 143819 |
| 3.70%, 12/01/47 *(a)* | 175000 | 132248 |
| 4.50%, 03/15/49 *(a)* | 150000 | 127419 |
| 3.25%, 03/15/50 *(a)* | 100000 | 67857 |
| 2.90%, 06/15/51 *(a)* | 200000 | 126196 |
| 5.90%, 12/01/52 *(a)* | 140000 | 144236 |
| 5.55%, 07/01/54 *(a)* | 100000 | 98563 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** |
| 5.75%, 11/01/27 *(a)* | 250000 | 258030 |
| 3.20%, 11/13/27 *(a)* | 75000 | 73238 |
| 4.30%, 12/01/28 *(a)* | 200000 | 200210 |
| 5.20%, 01/15/29 *(a)* | 200000 | 205240 |
| 2.30%, 03/01/30 *(a)* | 250000 | 225867 |
| 5.95%, 11/01/32 *(a)* | 260000 | 275878 |
| 5.63%, 03/01/33 *(a)* | 210000 | 218602 |
| 3.25%, 03/01/50 *(a)* | 150000 | 98091 |
| 7.05%, 12/15/54 *(a)(b)* | 35000 | 36386 |
| 3.88%, 02/15/62 *(a)(b)* | 325000 | 312276 |
| **Appalachian Power Co.** | **Appalachian Power Co.** | **Appalachian Power Co.** |
| 3.30%, 06/01/27 *(a)* | 200000 | 196318 |
| 2.70%, 04/01/31 *(a)* | 100000 | 90005 |
| 4.50%, 08/01/32 *(a)* | 160000 | 156214 |
| 7.00%, 04/01/38  | 170000 | 189458 |
| 4.40%, 05/15/44 *(a)* | 95000 | 77524 |
| 4.45%, 06/01/45 *(a)* | 150000 | 122136 |
| 4.50%, 03/01/49 *(a)* | 120000 | 97025 |
| 3.70%, 05/01/50 *(a)* | 195000 | 138200 |
| **Arizona Public Service Co.** | **Arizona Public Service Co.** | **Arizona Public Service Co.** |
| 2.95%, 09/15/27 *(a)* | 95000 | 92093 |
| 2.20%, 12/15/31 *(a)* | 250000 | 215192 |
| 5.55%, 08/01/33 *(a)* | 200000 | 205018 |
| 5.70%, 08/15/34 *(a)* | 105000 | 108482 |
| 5.05%, 09/01/41 *(a)* | 190000 | 175575 |
| 4.50%, 04/01/42 *(a)* | 70000 | 59877 |
| 4.35%, 11/15/45 *(a)* | 200000 | 164190 |
| 4.20%, 08/15/48 *(a)* | 100000 | 78028 |
| 4.25%, 03/01/49 *(a)* | 150000 | 118160 |
| 3.50%, 12/01/49 *(a)* | 145000 | 99480 |
| 3.35%, 05/15/50 *(a)* | 190000 | 129213 |
| 2.65%, 09/15/50 *(a)* | 175000 | 103250 |
| **Atlantic City Electric Co.** | **Atlantic City Electric Co.** | **Atlantic City Electric Co.** |
| 4.00%, 10/15/28 *(a)* | 235000 | 234109 |
| **Avangrid, Inc.** | **Avangrid, Inc.** | **Avangrid, Inc.** |
| 3.80%, 06/01/29 *(a)* | 195000 | 190560 |
| **Avista Corp.** | **Avista Corp.** | **Avista Corp.** |
| 4.35%, 06/01/48 *(a)* | 150000 | 123323 |
| 4.00%, 04/01/52 *(a)* | 160000 | 118506 |
| **Baltimore Gas & Electric Co.** | **Baltimore Gas & Electric Co.** | **Baltimore Gas & Electric Co.** |
| 2.25%, 06/15/31 *(a)* | 150000 | 133419 |
| 5.30%, 06/01/34 *(a)* | 125000 | 128139 |
| 6.35%, 10/01/36  | 125000 | 136371 |
| 3.50%, 08/15/46 *(a)* | 215000 | 158358 |
| 3.75%, 08/15/47 *(a)* | 175000 | 132990 |
| 4.25%, 09/15/48 *(a)* | 165000 | 134345 |
| 3.20%, 09/15/49 *(a)* | 185000 | 125752 |
| 2.90%, 06/15/50 *(a)* | 130000 | 81580 |
| 4.55%, 06/01/52 *(a)* | 175000 | 146647 |
| **Berkshire Hathaway Energy Co.** | **Berkshire Hathaway Energy Co.** | **Berkshire Hathaway Energy Co.** |
| 3.25%, 04/15/28 *(a)* | 200000 | 195834 |
| 3.70%, 07/15/30 *(a)* | 205000 | 199061 |
| 1.65%, 05/15/31 *(a)* | 175000 | 149261 |
| 6.13%, 04/01/36  | 520000 | 559494 |
| 5.95%, 05/15/37  | 150000 | 160089 |
| 5.15%, 11/15/43 *(a)* | 260000 | 245349 |
| 4.50%, 02/01/45 *(a)* | 250000 | 215585 |
| 3.80%, 07/15/48 *(a)* | 220000 | 166272 |
| 4.45%, 01/15/49 *(a)* | 300000 | 248508 |
| 4.25%, 10/15/50 *(a)* | 200000 | 160476 |
| 2.85%, 05/15/51 *(a)* | 455000 | 279611 |
| 4.60%, 05/01/53 *(a)* | 310000 | 259585 |
| **Black Hills Corp.** | **Black Hills Corp.** | **Black Hills Corp.** |
| 3.15%, 01/15/27 *(a)* | 225000 | 220403 |
| 5.95%, 03/15/28 *(a)* | 40000 | 41475 |

---

*See financial notes*

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

**83**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.05%, 10/15/29 *(a)* | 175000 | 164043 |
| 2.50%, 06/15/30 *(a)* | 200000 | 180064 |
| 4.35%, 05/01/33 *(a)* | 100000 | 94363 |
| 6.15%, 05/15/34 *(a)* | 150000 | 157874 |
| 4.20%, 09/15/46 *(a)* | 115000 | 91139 |
| 3.88%, 10/15/49 *(a)* | 140000 | 101643 |
| **CenterPoint Energy Houston Electric LLC** | **CenterPoint Energy Houston Electric LLC** | **CenterPoint Energy Houston Electric LLC** |
| 2.40%, 09/01/26 *(a)* | 100000 | 97855 |
| 5.20%, 10/01/28 *(a)* | 200000 | 206334 |
| 3.00%, 03/01/32 *(a)* | 250000 | 226652 |
| 4.45%, 10/01/32 *(a)* | 295000 | 289121 |
| 6.95%, 03/15/33  | 175000 | 198109 |
| 4.95%, 04/01/33 *(a)* | 320000 | 321942 |
| 5.05%, 03/01/35 *(a)* | 150000 | 149984 |
| 3.55%, 08/01/42 *(a)* | 153000 | 118639 |
| 3.95%, 03/01/48 *(a)* | 200000 | 156340 |
| 4.25%, 02/01/49 *(a)* | 250000 | 202620 |
| 2.90%, 07/01/50 *(a)* | 125000 | 80224 |
| 3.35%, 04/01/51 *(a)* | 255000 | 178429 |
| 3.60%, 03/01/52 *(a)* | 235000 | 169510 |
| **CenterPoint Energy, Inc.** | **CenterPoint Energy, Inc.** | **CenterPoint Energy, Inc.** |
| 5.40%, 06/01/29 *(a)* | 210000 | 217413 |
| 2.95%, 03/01/30 *(a)* | 250000 | 233060 |
| 2.65%, 06/01/31 *(a)* | 150000 | 134009 |
| 6.85%, 02/15/55 *(a)(b)* | 100000 | 103809 |
| 7.00%, 02/15/55 *(a)(b)* | 125000 | 129974 |
| 6.70%, 05/15/55 *(a)(b)* | 125000 | 126504 |
| **Cleco Corporate Holdings LLC** | **Cleco Corporate Holdings LLC** | **Cleco Corporate Holdings LLC** |
| 4.97%, 05/01/46 *(a)* | 160000 | 137227 |
| **Cleveland Electric Illuminating Co.** | **Cleveland Electric Illuminating Co.** | **Cleveland Electric Illuminating Co.** |
| 5.95%, 12/15/36  | 150000 | 156429 |
| **CMS Energy Corp.** | **CMS Energy Corp.** | **CMS Energy Corp.** |
| 4.88%, 03/01/44 *(a)* | 100000 | 89578 |
| 4.75%, 06/01/50 *(a)(b)* | 220000 | 213235 |
| 3.75%, 12/01/50 *(a)(b)* | 100000 | 90040 |
| 6.50%, 06/01/55 *(a)(b)* | 300000 | 301158 |
| **Commonwealth Edison Co.** | **Commonwealth Edison Co.** | **Commonwealth Edison Co.** |
| 3.70%, 08/15/28 *(a)* | 275000 | 271813 |
| 3.15%, 03/15/32 *(a)* | 50000 | 45719 |
| 4.90%, 02/01/33 *(a)* | 150000 | 151481 |
| 6.45%, 01/15/38  | 210000 | 232193 |
| 3.80%, 10/01/42 *(a)* | 200000 | 160160 |
| 4.60%, 08/15/43 *(a)* | 150000 | 132242 |
| 4.70%, 01/15/44 *(a)* | 150000 | 135464 |
| 3.70%, 03/01/45 *(a)* | 150000 | 116033 |
| 4.35%, 11/15/45 *(a)* | 150000 | 127130 |
| 3.65%, 06/15/46 *(a)* | 250000 | 190087 |
| 3.75%, 08/15/47 *(a)* | 215000 | 163174 |
| 4.00%, 03/01/48 *(a)* | 225000 | 178256 |
| 4.00%, 03/01/49 *(a)* | 180000 | 140863 |
| 3.20%, 11/15/49 *(a)* | 200000 | 135978 |
| 3.00%, 03/01/50 *(a)* | 300000 | 194913 |
| 3.13%, 03/15/51 *(a)* | 250000 | 166095 |
| 2.75%, 09/01/51 *(a)* | 205000 | 125185 |
| 3.85%, 03/15/52 *(a)* | 100000 | 75351 |
| **Connecticut Light & Power Co.** | **Connecticut Light & Power Co.** | **Connecticut Light & Power Co.** |
| 3.20%, 03/15/27 *(a)* | 200000 | 197336 |
| 4.65%, 01/01/29 *(a)* | 150000 | 151964 |
| 2.05%, 07/01/31 *(a)* | 100000 | 87381 |
| 4.90%, 07/01/33 *(a)* | 155000 | 155428 |
| 4.30%, 04/15/44 *(a)* | 150000 | 127152 |
| 4.15%, 06/01/45 *(a)* | 65000 | 53516 |
| 4.00%, 04/01/48 *(a)* | 320000 | 252310 |
| 5.25%, 01/15/53 *(a)* | 100000 | 93821 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** |
| 3.13%, 11/15/27 *(a)* | 25000 | 24473 |
| 3.80%, 05/15/28 *(a)* | 50000 | 49679 |
| 4.00%, 12/01/28 *(a)* | 200000 | 199282 |
| 3.35%, 04/01/30 *(a)* | 400000 | 384472 |
| 2.40%, 06/15/31 *(a)* | 125000 | 112199 |
| 5.50%, 03/15/34 *(a)* | 250000 | 260332 |
| 5.30%, 03/01/35  | 205000 | 210406 |
| 5.85%, 03/15/36  | 150000 | 158166 |
| 6.30%, 08/15/37  | 245000 | 266504 |
| 6.75%, 04/01/38  | 200000 | 227730 |
| 5.50%, 12/01/39  | 250000 | 254087 |
| 5.70%, 06/15/40  | 150000 | 154368 |
| 4.20%, 03/15/42  | 150000 | 127169 |
| 3.95%, 03/01/43 *(a)* | 250000 | 203565 |
| 4.45%, 03/15/44 *(a)* | 320000 | 276259 |
| 4.50%, 12/01/45 *(a)* | 250000 | 214340 |
| 3.88%, 06/15/47 *(a)* | 225000 | 173077 |
| 4.65%, 12/01/48 *(a)* | 140000 | 119577 |
| 4.13%, 05/15/49 *(a)* | 230000 | 181534 |
| 3.95%, 04/01/50 *(a)* | 350000 | 273234 |
| 3.20%, 12/01/51 *(a)* | 250000 | 165905 |
| 6.15%, 11/15/52 *(a)* | 150000 | 158354 |
| 5.70%, 05/15/54 *(a)* | 250000 | 249780 |
| 4.63%, 12/01/54 *(a)* | 300000 | 253092 |
| 4.30%, 12/01/56 *(a)* | 190000 | 149703 |
| 4.00%, 11/15/57 *(a)* | 160000 | 118861 |
| 4.50%, 05/15/58 *(a)* | 230000 | 187087 |
| 3.70%, 11/15/59 *(a)* | 180000 | 124931 |
| 3.00%, 12/01/60 *(a)* | 295000 | 174510 |
| 3.60%, 06/15/61 *(a)* | 325000 | 221448 |
| **Constellation Energy Generation LLC** | **Constellation Energy Generation LLC** | **Constellation Energy Generation LLC** |
| 5.60%, 03/01/28 *(a)* | 200000 | 207042 |
| 5.80%, 03/01/33 *(a)* | 200000 | 211830 |
| 6.13%, 01/15/34 *(a)* | 200000 | 215732 |
| 6.25%, 10/01/39  | 250000 | 267357 |
| 5.75%, 10/01/41 *(a)* | 100000 | 100362 |
| 5.60%, 06/15/42 *(a)* | 235000 | 230923 |
| 6.50%, 10/01/53 *(a)* | 265000 | 285405 |
| 5.75%, 03/15/54 *(a)* | 230000 | 226037 |
| **Consumers Energy Co.** | **Consumers Energy Co.** | **Consumers Energy Co.** |
| 4.90%, 02/15/29 *(a)* | 200000 | 204500 |
| 4.60%, 05/30/29 *(a)* | 150000 | 151776 |
| 4.70%, 01/15/30 *(a)* | 200000 | 203198 |
| 4.50%, 01/15/31 *(a)* | 150000 | 150515 |
| 3.60%, 08/15/32 *(a)* | 125000 | 116348 |
| 4.63%, 05/15/33 *(a)* | 160000 | 158614 |
| 5.05%, 05/15/35 *(a)* | 150000 | 151124 |
| 3.95%, 05/15/43 *(a)* | 120000 | 98370 |
| 3.25%, 08/15/46 *(a)* | 160000 | 117525 |
| 3.95%, 07/15/47 *(a)* | 150000 | 119670 |
| 4.05%, 05/15/48 *(a)* | 200000 | 161176 |
| 4.35%, 04/15/49 *(a)* | 200000 | 169360 |
| 3.75%, 02/15/50 *(a)* | 125000 | 95451 |
| 3.10%, 08/15/50 *(a)* | 220000 | 148628 |
| 3.50%, 08/01/51 *(a)* | 200000 | 148152 |
| 2.65%, 08/15/52 *(a)* | 105000 | 64395 |
| 2.50%, 05/01/60 *(a)* | 225000 | 124866 |
| **Dayton Power & Light Co.** | **Dayton Power & Light Co.** | **Dayton Power & Light Co.** |
| 3.95%, 06/15/49 *(a)* | 175000 | 130272 |
| **Delmarva Power & Light Co.** | **Delmarva Power & Light Co.** | **Delmarva Power & Light Co.** |
| 4.15%, 05/15/45 *(a)* | 150000 | 123275 |
| **Dominion Energy South Carolina, Inc.** | **Dominion Energy South Carolina, Inc.** | **Dominion Energy South Carolina, Inc.** |
| 2.30%, 12/01/31 *(a)* | 100000 | 87672 |
| 5.30%, 05/15/33  | 215000 | 220756 |
| 6.05%, 01/15/38  | 265000 | 282029 |
| 5.45%, 02/01/41 *(a)* | 100000 | 98987 |

---

*See financial notes*

**84**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.60%, 06/15/43 *(a)* | 100000 | 88893 |
| 5.10%, 06/01/65 *(a)* | 240000 | 215746 |
| **Dominion Energy, Inc.** | **Dominion Energy, Inc.** | **Dominion Energy, Inc.** |
| 2.85%, 08/15/26 *(a)* | 200000 | 196570 |
| 3.60%, 03/15/27 *(a)* | 265000 | 262353 |
| 4.25%, 06/01/28 *(a)* | 200000 | 199848 |
| 3.38%, 04/01/30 *(a)* | 500000 | 475660 |
| 5.00%, 06/15/30 *(a)* | 200000 | 204172 |
| 2.25%, 08/15/31 *(a)* | 200000 | 174966 |
| 5.38%, 11/15/32 *(a)* | 250000 | 256705 |
| 6.30%, 03/15/33  | 100000 | 107245 |
| 5.25%, 08/01/33  | 250000 | 251877 |
| 5.45%, 03/15/35 *(a)* | 200000 | 201868 |
| 5.95%, 06/15/35  | 220000 | 231532 |
| 7.00%, 06/15/38  | 155000 | 176436 |
| 4.90%, 08/01/41 *(a)* | 200000 | 180804 |
| 4.05%, 09/15/42 *(a)* | 110000 | 87473 |
| 4.70%, 12/01/44 *(a)* | 150000 | 128777 |
| 4.60%, 03/15/49 *(a)* | 200000 | 164538 |
| 4.85%, 08/15/52 *(a)* | 100000 | 84734 |
| 7.00%, 06/01/54 *(a)(b)* | 250000 | 268257 |
| 6.88%, 02/01/55 *(a)(b)* | 250000 | 262712 |
| 6.63%, 05/15/55 *(a)(b)* | 300000 | 305637 |
| **DTE Electric Co.** | **DTE Electric Co.** | **DTE Electric Co.** |
| 4.85%, 12/01/26  | 150000 | 151814 |
| 1.90%, 04/01/28 *(a)* | 150000 | 141596 |
| 2.25%, 03/01/30 *(a)* | 250000 | 228677 |
| 2.63%, 03/01/31 *(a)* | 200000 | 181980 |
| 5.20%, 04/01/33 *(a)* | 150000 | 154302 |
| 5.25%, 05/15/35 *(a)* | 200000 | 203788 |
| 4.00%, 04/01/43 *(a)* | 235000 | 192926 |
| 4.30%, 07/01/44 *(a)* | 150000 | 126635 |
| 3.70%, 03/15/45 *(a)* | 175000 | 135811 |
| 3.70%, 06/01/46 *(a)* | 175000 | 134384 |
| 3.75%, 08/15/47 *(a)* | 150000 | 114560 |
| 4.05%, 05/15/48 *(a)* | 200000 | 162274 |
| 3.95%, 03/01/49 *(a)* | 189000 | 148567 |
| 2.95%, 03/01/50 *(a)* | 115000 | 75097 |
| 3.25%, 04/01/51 *(a)* | 200000 | 137252 |
| 5.40%, 04/01/53 *(a)* | 200000 | 195594 |
| **DTE Energy Co.** | **DTE Energy Co.** | **DTE Energy Co.** |
| 2.85%, 10/01/26 *(a)* | 315000 | 309472 |
| 4.95%, 07/01/27 *(a)* | 430000 | 435242 |
| 4.88%, 06/01/28 *(a)* | 200000 | 203012 |
| 5.10%, 03/01/29 *(a)* | 350000 | 357189 |
| 3.40%, 06/15/29 *(a)* | 250000 | 240162 |
| 2.95%, 03/01/30 *(a)* | 210000 | 196150 |
| 5.20%, 04/01/30 *(a)* | 300000 | 307260 |
| **Duke Energy Carolinas LLC** | **Duke Energy Carolinas LLC** | **Duke Energy Carolinas LLC** |
| 2.95%, 12/01/26 *(a)* | 30000 | 29548 |
| 3.95%, 11/15/28 *(a)* | 236000 | 235653 |
| 2.45%, 02/01/30 *(a)* | 250000 | 231237 |
| 2.55%, 04/15/31 *(a)* | 300000 | 271653 |
| 6.45%, 10/15/32  | 80000 | 88020 |
| 4.95%, 01/15/33 *(a)* | 250000 | 254535 |
| 4.85%, 01/15/34 *(a)* | 200000 | 199864 |
| 5.25%, 03/15/35 *(a)* | 200000 | 204572 |
| 6.10%, 06/01/37  | 150000 | 159990 |
| 6.00%, 01/15/38  | 205000 | 218801 |
| 6.05%, 04/15/38  | 175000 | 187196 |
| 5.30%, 02/15/40  | 250000 | 250320 |
| 4.25%, 12/15/41 *(a)* | 200000 | 171412 |
| 4.00%, 09/30/42 *(a)* | 200000 | 165410 |
| 3.75%, 06/01/45 *(a)* | 200000 | 155710 |
| 3.88%, 03/15/46 *(a)* | 155000 | 121078 |
| 3.70%, 12/01/47 *(a)* | 255000 | 192015 |
| 3.95%, 03/15/48 *(a)* | 150000 | 117383 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.20%, 08/15/49 *(a)* | 300000 | 203532 |
| 3.45%, 04/15/51 *(a)* | 200000 | 141870 |
| 3.55%, 03/15/52 *(a)* | 250000 | 180477 |
| 5.35%, 01/15/53 *(a)* | 200000 | 192080 |
| 5.40%, 01/15/54 *(a)* | 100000 | 96426 |
| **Duke Energy Corp.** | **Duke Energy Corp.** | **Duke Energy Corp.** |
| 2.65%, 09/01/26 *(a)* | 550000 | 539775 |
| 3.15%, 08/15/27 *(a)* | 340000 | 333237 |
| 5.00%, 12/08/27 *(a)* | 280000 | 285205 |
| 4.30%, 03/15/28 *(a)* | 200000 | 200474 |
| 3.40%, 06/15/29 *(a)* | 200000 | 192748 |
| 2.45%, 06/01/30 *(a)* | 300000 | 272385 |
| 2.55%, 06/15/31 *(a)* | 435000 | 388003 |
| 4.50%, 08/15/32 *(a)* | 300000 | 293745 |
| 5.45%, 06/15/34 *(a)* | 295000 | 303405 |
| 3.30%, 06/15/41 *(a)* | 150000 | 112682 |
| 4.80%, 12/15/45 *(a)* | 115000 | 99749 |
| 3.75%, 09/01/46 *(a)* | 400000 | 296068 |
| 3.95%, 08/15/47 *(a)* | 200000 | 150638 |
| 4.20%, 06/15/49 *(a)* | 200000 | 155500 |
| 3.50%, 06/15/51 *(a)* | 250000 | 171832 |
| 5.00%, 08/15/52 *(a)* | 285000 | 250179 |
| 6.10%, 09/15/53 *(a)* | 200000 | 203910 |
| 5.80%, 06/15/54 *(a)* | 200000 | 195912 |
| 6.45%, 09/01/54 *(a)(b)* | 240000 | 247800 |
| 3.25%, 01/15/82 *(a)(b)* | 145000 | 139428 |
| **Duke Energy Florida LLC** | **Duke Energy Florida LLC** | **Duke Energy Florida LLC** |
| 3.20%, 01/15/27 *(a)* | 150000 | 148145 |
| 3.80%, 07/15/28 *(a)* | 305000 | 302557 |
| 2.50%, 12/01/29 *(a)* | 350000 | 325118 |
| 1.75%, 06/15/30 *(a)* | 275000 | 242973 |
| 5.88%, 11/15/33 *(a)* | 200000 | 213526 |
| 6.35%, 09/15/37  | 170000 | 185958 |
| 6.40%, 06/15/38  | 300000 | 329937 |
| 5.65%, 04/01/40  | 155000 | 159245 |
| 3.85%, 11/15/42 *(a)* | 150000 | 119817 |
| 3.40%, 10/01/46 *(a)* | 300000 | 215124 |
| 4.20%, 07/15/48 *(a)* | 200000 | 160978 |
| 3.00%, 12/15/51 *(a)* | 180000 | 114111 |
| **Duke Energy Indiana LLC** | **Duke Energy Indiana LLC** | **Duke Energy Indiana LLC** |
| 5.25%, 03/01/34 *(a)* | 100000 | 102313 |
| 6.12%, 10/15/35  | 100000 | 106464 |
| 6.35%, 08/15/38  | 200000 | 218434 |
| 6.45%, 04/01/39  | 200000 | 219662 |
| 4.90%, 07/15/43 *(a)* | 75000 | 68492 |
| 3.75%, 05/15/46 *(a)* | 200000 | 152296 |
| 3.25%, 10/01/49 *(a)* | 225000 | 153133 |
| 2.75%, 04/01/50 *(a)* | 85000 | 52341 |
| **Duke Energy Ohio, Inc.** | **Duke Energy Ohio, Inc.** | **Duke Energy Ohio, Inc.** |
| 3.65%, 02/01/29 *(a)* | 160000 | 157056 |
| 2.13%, 06/01/30 *(a)* | 200000 | 180260 |
| 5.25%, 04/01/33 *(a)* | 100000 | 102973 |
| 5.30%, 06/15/35 *(a)* | 100000 | 101632 |
| 3.70%, 06/15/46 *(a)* | 125000 | 93111 |
| 4.30%, 02/01/49 *(a)* | 200000 | 161192 |
| 5.65%, 04/01/53 *(a)* | 100000 | 98879 |
| **Duke Energy Progress LLC** | **Duke Energy Progress LLC** | **Duke Energy Progress LLC** |
| 4.35%, 03/06/27  | 250000 | 251347 |
| 3.45%, 03/15/29 *(a)* | 55000 | 53608 |
| 2.00%, 08/15/31 *(a)* | 200000 | 173836 |
| 3.40%, 04/01/32 *(a)* | 125000 | 116158 |
| 5.25%, 03/15/33 *(a)* | 150000 | 154902 |
| 5.10%, 03/15/34 *(a)* | 150000 | 152348 |
| 5.05%, 03/15/35 *(a)* | 200000 | 201060 |
| 6.30%, 04/01/38  | 195000 | 212072 |
| 4.10%, 05/15/42 *(a)* | 225000 | 187605 |
| 4.10%, 03/15/43 *(a)* | 100000 | 82775 |

---

*See financial notes*

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

**85**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.38%, 03/30/44 *(a)* | 175000 | 149135 |
| 4.15%, 12/01/44 *(a)* | 220000 | 180048 |
| 4.20%, 08/15/45 *(a)* | 175000 | 144520 |
| 3.70%, 10/15/46 *(a)* | 200000 | 151292 |
| 3.60%, 09/15/47 *(a)* | 250000 | 183402 |
| 2.50%, 08/15/50 *(a)* | 200000 | 116830 |
| 2.90%, 08/15/51 *(a)* | 190000 | 118655 |
| 4.00%, 04/01/52 *(a)* | 205000 | 157335 |
| 5.35%, 03/15/53 *(a)* | 100000 | 95358 |
| **Edison International** | **Edison International** | **Edison International** |
| 5.75%, 06/15/27 *(a)* | 310000 | 312359 |
| 4.13%, 03/15/28 *(a)* | 200000 | 193192 |
| 5.25%, 11/15/28 *(a)* | 235000 | 232742 |
| 6.95%, 11/15/29 *(a)* | 150000 | 156020 |
| 6.25%, 03/15/30 *(a)* | 150000 | 152519 |
| **El Paso Electric Co.** | **El Paso Electric Co.** | **El Paso Electric Co.** |
| 6.00%, 05/15/35  | 169000 | 175170 |
| **Emera U.S. Finance LP** | **Emera U.S. Finance LP** | **Emera U.S. Finance LP** |
| 2.64%, 06/15/31 *(a)* | 100000 | 87919 |
| 4.75%, 06/15/46 *(a)* | 400000 | 332952 |
| **Enel Americas SA** | **Enel Americas SA** | **Enel Americas SA** |
| 4.00%, 10/25/26 *(a)* | 185000 | 183833 |
| **Enel Chile SA** | **Enel Chile SA** | **Enel Chile SA** |
| 4.88%, 06/12/28 *(a)* | 335000 | 336434 |
| **Entergy Arkansas LLC** | **Entergy Arkansas LLC** | **Entergy Arkansas LLC** |
| 4.00%, 06/01/28 *(a)* | 200000 | 199464 |
| 5.15%, 01/15/33 *(a)* | 125000 | 128146 |
| 5.30%, 09/15/33 *(a)* | 210000 | 215785 |
| 5.45%, 06/01/34 *(a)* | 100000 | 103045 |
| 4.20%, 04/01/49 *(a)* | 225000 | 179923 |
| 2.65%, 06/15/51 *(a)* | 195000 | 114678 |
| 3.35%, 06/15/52 *(a)* | 105000 | 70419 |
| **Entergy Corp.** | **Entergy Corp.** | **Entergy Corp.** |
| 2.95%, 09/01/26 *(a)* | 205000 | 201681 |
| 1.90%, 06/15/28 *(a)* | 25000 | 23394 |
| 2.80%, 06/15/30 *(a)* | 300000 | 277323 |
| 2.40%, 06/15/31 *(a)* | 300000 | 265590 |
| 3.75%, 06/15/50 *(a)* | 245000 | 174790 |
| 7.13%, 12/01/54 *(a)(b)* | 320000 | 331379 |
| **Entergy Louisiana LLC** | **Entergy Louisiana LLC** | **Entergy Louisiana LLC** |
| 2.40%, 10/01/26 *(a)* | 200000 | 195640 |
| 3.12%, 09/01/27 *(a)* | 200000 | 195740 |
| 3.25%, 04/01/28 *(a)* | 200000 | 195350 |
| 1.60%, 12/15/30 *(a)* | 65000 | 56339 |
| 3.05%, 06/01/31 *(a)* | 120000 | 110873 |
| 2.35%, 06/15/32 *(a)* | 245000 | 211658 |
| 4.00%, 03/15/33 *(a)* | 211000 | 199365 |
| 5.15%, 09/15/34 *(a)* | 100000 | 100763 |
| 3.10%, 06/15/41 *(a)* | 95000 | 69830 |
| 4.95%, 01/15/45 *(a)* | 235000 | 209018 |
| 4.20%, 09/01/48 *(a)* | 380000 | 303156 |
| 4.20%, 04/01/50 *(a)* | 220000 | 175274 |
| 2.90%, 03/15/51 *(a)* | 300000 | 186552 |
| 5.70%, 03/15/54 *(a)* | 150000 | 148152 |
| 5.80%, 03/15/55 *(a)* | 200000 | 200522 |
| **Entergy Mississippi LLC** | **Entergy Mississippi LLC** | **Entergy Mississippi LLC** |
| 2.85%, 06/01/28 *(a)* | 100000 | 96464 |
| 5.00%, 09/01/33 *(a)* | 80000 | 80138 |
| 3.85%, 06/01/49 *(a)* | 210000 | 156288 |
| 3.50%, 06/01/51 *(a)* | 210000 | 146299 |
| 5.85%, 06/01/54 *(a)* | 50000 | 50180 |
| **Entergy Texas, Inc.** | **Entergy Texas, Inc.** | **Entergy Texas, Inc.** |
| 4.00%, 03/30/29 *(a)* | 272000 | 269032 |
| 1.75%, 03/15/31 *(a)* | 250000 | 215827 |
| 3.55%, 09/30/49 *(a)* | 210000 | 148166 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.00%, 09/15/52 *(a)* | 100000 | 87795 |
| 5.55%, 09/15/54 *(a)* | 150000 | 143394 |
| **Evergy Kansas Central, Inc.** | **Evergy Kansas Central, Inc.** | **Evergy Kansas Central, Inc.** |
| 2.55%, 07/01/26 *(a)* | 40000 | 39302 |
| 3.10%, 04/01/27 *(a)* | 300000 | 295203 |
| 4.13%, 03/01/42 *(a)* | 150000 | 124463 |
| 4.10%, 04/01/43 *(a)* | 160000 | 131507 |
| 4.25%, 12/01/45 *(a)* | 200000 | 163856 |
| 3.25%, 09/01/49 *(a)* | 185000 | 123848 |
| **Evergy Metro, Inc.** | **Evergy Metro, Inc.** | **Evergy Metro, Inc.** |
| 2.25%, 06/01/30 *(a)* | 275000 | 248451 |
| 5.40%, 04/01/34 *(a)* | 120000 | 122825 |
| 5.30%, 10/01/41 *(a)* | 50000 | 48403 |
| 4.20%, 06/15/47 *(a)* | 95000 | 76248 |
| 4.20%, 03/15/48 *(a)* | 130000 | 103632 |
| 4.13%, 04/01/49 *(a)* | 120000 | 93757 |
| **Evergy, Inc.** | **Evergy, Inc.** | **Evergy, Inc.** |
| 2.90%, 09/15/29 *(a)* | 250000 | 235125 |
| 6.65%, 06/01/55 *(a)(b)* | 150000 | 152319 |
| **Eversource Energy** | **Eversource Energy** | **Eversource Energy** |
| 5.00%, 01/01/27  | 100000 | 100978 |
| 2.90%, 03/01/27 *(a)* | 200000 | 195368 |
| 3.30%, 01/15/28 *(a)* | 250000 | 243682 |
| 5.45%, 03/01/28 *(a)* | 280000 | 287381 |
| 5.95%, 02/01/29 *(a)* | 275000 | 287694 |
| 4.25%, 04/01/29 *(a)* | 220000 | 218227 |
| 1.65%, 08/15/30 *(a)* | 200000 | 173768 |
| 2.55%, 03/15/31 *(a)* | 310000 | 276371 |
| 5.85%, 04/15/31 *(a)* | 200000 | 210650 |
| 3.38%, 03/01/32 *(a)* | 255000 | 232481 |
| 5.13%, 05/15/33 *(a)* | 200000 | 200154 |
| 5.95%, 07/15/34 *(a)* | 225000 | 235849 |
| 3.45%, 01/15/50 *(a)* | 305000 | 214256 |
| **Exelon Corp.** | **Exelon Corp.** | **Exelon Corp.** |
| 2.75%, 03/15/27 *(a)* | 200000 | 195240 |
| 5.15%, 03/15/28 *(a)* | 385000 | 393705 |
| 5.15%, 03/15/29 *(a)* | 200000 | 205354 |
| 4.05%, 04/15/30 *(a)* | 450000 | 443074 |
| 3.35%, 03/15/32 *(a)* | 245000 | 226257 |
| 5.30%, 03/15/33 *(a)* | 250000 | 256412 |
| 5.45%, 03/15/34 *(a)* | 265000 | 272468 |
| 4.95%, 06/15/35 *(a)(d)* | 150000 | 146022 |
| 5.63%, 06/15/35  | 150000 | 154482 |
| 5.10%, 06/15/45 *(a)* | 200000 | 182276 |
| 4.45%, 04/15/46 *(a)* | 100000 | 83206 |
| 4.70%, 04/15/50 *(a)* | 265000 | 224057 |
| 4.10%, 03/15/52 *(a)* | 120000 | 92245 |
| 5.60%, 03/15/53 *(a)* | 250000 | 240555 |
| 5.88%, 03/15/55 *(a)* | 150000 | 149913 |
| 6.50%, 03/15/55 *(a)(b)* | 300000 | 305403 |
| **FirstEnergy Corp.** | **FirstEnergy Corp.** | **FirstEnergy Corp.** |
| 3.90%, 07/15/27 *(a)(e)* | 485000 | 479907 |
| 2.65%, 03/01/30 *(a)* | 245000 | 225052 |
| 2.25%, 09/01/30 *(a)* | 150000 | 133287 |
| 4.85%, 07/15/47 *(a)(e)* | 170000 | 144794 |
| 3.40%, 03/01/50 *(a)* | 325000 | 220951 |
| **FirstEnergy Transmission LLC** | **FirstEnergy Transmission LLC** | **FirstEnergy Transmission LLC** |
| 4.55%, 01/15/30 *(a)* | 100000 | 100104 |
| **Florida Power & Light Co.** | **Florida Power & Light Co.** | **Florida Power & Light Co.** |
| 3.30%, 05/30/27 *(a)* | 45000 | 44330 |
| 5.05%, 04/01/28 *(a)* | 300000 | 307464 |
| 4.40%, 05/15/28 *(a)* | 230000 | 231916 |
| 5.15%, 06/15/29 *(a)* | 200000 | 207052 |
| 4.63%, 05/15/30 *(a)* | 200000 | 202890 |
| 2.45%, 02/03/32 *(a)* | 370000 | 326943 |
| 5.10%, 04/01/33 *(a)* | 230000 | 235451 |

---

*See financial notes*

**86**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.63%, 04/01/34  | 200000 | 211934 |
| 5.30%, 06/15/34 *(a)* | 325000 | 335351 |
| 5.00%, 08/01/34 *(a)* | 100000 | 100941 |
| 4.95%, 06/01/35  | 170000 | 170637 |
| 5.95%, 02/01/38  | 220000 | 236722 |
| 5.96%, 04/01/39  | 190000 | 203342 |
| 5.69%, 03/01/40  | 165000 | 172514 |
| 5.25%, 02/01/41 *(a)* | 195000 | 193442 |
| 4.13%, 02/01/42 *(a)* | 260000 | 221458 |
| 4.05%, 06/01/42 *(a)* | 210000 | 177773 |
| 3.80%, 12/15/42 *(a)* | 175000 | 143112 |
| 4.05%, 10/01/44 *(a)* | 185000 | 152714 |
| 3.70%, 12/01/47 *(a)* | 205000 | 155759 |
| 3.95%, 03/01/48 *(a)* | 340000 | 271062 |
| 4.13%, 06/01/48 *(a)* | 200000 | 162434 |
| 3.99%, 03/01/49 *(a)* | 210000 | 165629 |
| 3.15%, 10/01/49 *(a)* | 260000 | 175776 |
| 2.88%, 12/04/51 *(a)* | 400000 | 253104 |
| 5.30%, 04/01/53 *(a)* | 225000 | 215599 |
| 5.70%, 03/15/55 *(a)* | 300000 | 304230 |
| **Fortis, Inc.** | **Fortis, Inc.** | **Fortis, Inc.** |
| 3.06%, 10/04/26 *(a)* | 335000 | 329258 |
| **Georgia Power Co.** | **Georgia Power Co.** | **Georgia Power Co.** |
| 5.00%, 02/23/27 *(a)* | 150000 | 152246 |
| 3.25%, 03/30/27 *(a)* | 130000 | 128257 |
| 4.65%, 05/16/28 *(a)* | 200000 | 202864 |
| 2.65%, 09/15/29 *(a)* | 165000 | 154833 |
| 4.55%, 03/15/30 *(a)* | 200000 | 202138 |
| 4.70%, 05/15/32 *(a)* | 250000 | 250635 |
| 4.95%, 05/17/33 *(a)* | 275000 | 277522 |
| 5.25%, 03/15/34 *(a)* | 270000 | 275597 |
| 5.20%, 03/15/35 *(a)* | 200000 | 202970 |
| 4.75%, 09/01/40  | 100000 | 93383 |
| 4.30%, 03/15/42  | 300000 | 259320 |
| 4.30%, 03/15/43  | 150000 | 127839 |
| 3.70%, 01/30/50 *(a)* | 200000 | 149486 |
| 3.25%, 03/15/51 *(a)* | 200000 | 137598 |
| 5.13%, 05/15/52 *(a)* | 275000 | 257521 |
| **Iberdrola International BV** | **Iberdrola International BV** | **Iberdrola International BV** |
| 6.75%, 07/15/36  | 160000 | 181928 |
| **Idaho Power Co.** | **Idaho Power Co.** | **Idaho Power Co.** |
| 5.20%, 08/15/34 *(a)* | 100000 | 101914 |
| 4.20%, 03/01/48 *(a)* | 310000 | 251382 |
| **Indiana Michigan Power Co.** | **Indiana Michigan Power Co.** | **Indiana Michigan Power Co.** |
| 3.85%, 05/15/28 *(a)* | 50000 | 49528 |
| 6.05%, 03/15/37  | 115000 | 124160 |
| 4.55%, 03/15/46 *(a)* | 145000 | 122847 |
| 3.75%, 07/01/47 *(a)* | 165000 | 123138 |
| 4.25%, 08/15/48 *(a)* | 200000 | 159068 |
| 3.25%, 05/01/51 *(a)* | 130000 | 85305 |
| 5.63%, 04/01/53 *(a)* | 150000 | 147282 |
| **Interstate Power & Light Co.** | **Interstate Power & Light Co.** | **Interstate Power & Light Co.** |
| 4.10%, 09/26/28 *(a)* | 250000 | 248167 |
| 3.60%, 04/01/29 *(a)* | 80000 | 77866 |
| 2.30%, 06/01/30 *(a)* | 175000 | 157785 |
| 6.25%, 07/15/39  | 50000 | 53257 |
| 3.70%, 09/15/46 *(a)* | 125000 | 92359 |
| 3.50%, 09/30/49 *(a)* | 180000 | 127019 |
| 3.10%, 11/30/51 *(a)* | 145000 | 93106 |
| **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** |
| 4.25%, 05/01/30 *(a)* | 210000 | 201993 |
| 5.75%, 04/01/34 *(a)* | 90000 | 90541 |
| **ITC Holdings Corp.** | **ITC Holdings Corp.** | **ITC Holdings Corp.** |
| 3.35%, 11/15/27 *(a)* | 225000 | 220354 |
| 5.30%, 07/01/43 *(a)* | 100000 | 91891 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Jersey Central Power & Light Co.** | **Jersey Central Power & Light Co.** | **Jersey Central Power & Light Co.** |
| 5.10%, 01/15/35 *(a)* | 250000 | 249860 |
| **John Sevier Combined Cycle Generation LLC** | **John Sevier Combined Cycle Generation LLC** | **John Sevier Combined Cycle Generation LLC** |
| 4.63%, 01/15/42  | 23399 | 22573 |
| **Johnsonville Aeroderivative Combustion Turbine Generation LLC** | **Johnsonville Aeroderivative Combustion Turbine Generation LLC** | **Johnsonville Aeroderivative Combustion Turbine Generation LLC** |
| 5.08%, 10/01/54  | 183857 | 176651 |
| **Kentucky Utilities Co.** | **Kentucky Utilities Co.** | **Kentucky Utilities Co.** |
| 5.13%, 11/01/40 *(a)* | 200000 | 192948 |
| 4.38%, 10/01/45 *(a)* | 150000 | 126543 |
| 3.30%, 06/01/50 *(a)* | 150000 | 102090 |
| **Louisville Gas & Electric Co.** | **Louisville Gas & Electric Co.** | **Louisville Gas & Electric Co.** |
| 5.45%, 04/15/33 *(a)* | 160000 | 165454 |
| 4.25%, 04/01/49 *(a)* | 150000 | 119687 |
| **MidAmerican Energy Co.** | **MidAmerican Energy Co.** | **MidAmerican Energy Co.** |
| 3.10%, 05/01/27 *(a)* | 50000 | 49228 |
| 3.65%, 04/15/29 *(a)* | 300000 | 294498 |
| 6.75%, 12/30/31  | 100000 | 112869 |
| 5.35%, 01/15/34 *(a)* | 175000 | 181433 |
| 5.80%, 10/15/36  | 175000 | 186648 |
| 4.80%, 09/15/43 *(a)* | 200000 | 182744 |
| 4.40%, 10/15/44 *(a)* | 180000 | 155389 |
| 4.25%, 05/01/46 *(a)* | 195000 | 161710 |
| 3.95%, 08/01/47 *(a)* | 165000 | 130650 |
| 3.65%, 08/01/48 *(a)* | 265000 | 198368 |
| 4.25%, 07/15/49 *(a)* | 300000 | 244596 |
| 3.15%, 04/15/50 *(a)* | 315000 | 213192 |
| 2.70%, 08/01/52 *(a)* | 235000 | 145270 |
| 5.85%, 09/15/54 *(a)* | 100000 | 103026 |
| **Mississippi Power Co.** | **Mississippi Power Co.** | **Mississippi Power Co.** |
| 3.95%, 03/30/28 *(a)* | 195000 | 194230 |
| 4.25%, 03/15/42  | 100000 | 85496 |
| **National Grid PLC** | **National Grid PLC** | **National Grid PLC** |
| 5.81%, 06/12/33 *(a)* | 250000 | 263065 |
| 5.42%, 01/11/34 *(a)* | 200000 | 205652 |
| **National Rural Utilities Cooperative Finance Corp.** | **National Rural Utilities Cooperative Finance Corp.** | **National Rural Utilities Cooperative Finance Corp.** |
| 4.80%, 02/05/27 *(a)* | 200000 | 201984 |
| 5.10%, 05/06/27 *(a)* | 150000 | 152465 |
| 4.12%, 09/16/27 *(a)* | 125000 | 125060 |
| 3.40%, 02/07/28 *(a)* | 350000 | 343238 |
| 4.75%, 02/07/28 *(a)* | 200000 | 202804 |
| 5.05%, 09/15/28 *(a)* | 100000 | 102332 |
| 3.90%, 11/01/28 *(a)* | 280000 | 277421 |
| 4.85%, 02/07/29 *(a)* | 145000 | 147880 |
| 3.70%, 03/15/29 *(a)* | 275000 | 269723 |
| 4.95%, 02/07/30 *(a)* | 35000 | 35817 |
| 2.40%, 03/15/30 *(a)* | 200000 | 184172 |
| 1.35%, 03/15/31 *(a)* | 250000 | 210672 |
| 1.65%, 06/15/31 *(a)* | 150000 | 127812 |
| 8.00%, 03/01/32  | 100000 | 117954 |
| 2.75%, 04/15/32 *(a)* | 115000 | 102754 |
| 4.02%, 11/01/32 *(a)* | 110000 | 104972 |
| 4.15%, 12/15/32 *(a)* | 170000 | 163727 |
| 5.80%, 01/15/33 *(a)* | 225000 | 239308 |
| 5.00%, 08/15/34 *(a)* | 100000 | 100657 |
| 4.40%, 11/01/48 *(a)* | 150000 | 126891 |
| 4.30%, 03/15/49 *(a)* | 155000 | 129614 |
| 7.13%, 09/15/53 *(a)(b)* | 125000 | 130901 |
| **Nevada Power Co.** | **Nevada Power Co.** | **Nevada Power Co.** |
| 3.70%, 05/01/29 *(a)* | 240000 | 234910 |
| 2.40%, 05/01/30 *(a)* | 75000 | 68816 |
| 6.65%, 04/01/36  | 150000 | 165675 |
| 6.75%, 07/01/37  | 220000 | 245857 |
| 3.13%, 08/01/50 *(a)* | 150000 | 95849 |
| 5.90%, 05/01/53 *(a)* | 50000 | 49993 |
| 6.00%, 03/15/54 *(a)* | 150000 | 152943 |

---

*See financial notes*

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

**87**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** |
| 1.88%, 01/15/27 *(a)* | 350000 | 337589 |
| 3.55%, 05/01/27 *(a)* | 480000 | 473861 |
| 4.63%, 07/15/27 *(a)* | 410000 | 412747 |
| 4.85%, 02/04/28  | 250000 | 253562 |
| 4.90%, 02/28/28 *(a)* | 410000 | 415842 |
| 1.90%, 06/15/28 *(a)* | 475000 | 444092 |
| 4.90%, 03/15/29 *(a)* | 200000 | 203334 |
| 3.50%, 04/01/29 *(a)* | 155000 | 150265 |
| 2.75%, 11/01/29 *(a)* | 350000 | 327117 |
| 5.00%, 02/28/30 *(a)* | 200000 | 205148 |
| 5.05%, 03/15/30 *(a)* | 250000 | 256075 |
| 2.25%, 06/01/30 *(a)* | 675000 | 608620 |
| 2.44%, 01/15/32 *(a)* | 325000 | 281973 |
| 5.30%, 03/15/32 *(a)* | 200000 | 206072 |
| 5.00%, 07/15/32 *(a)* | 300000 | 303660 |
| 5.05%, 02/28/33 *(a)* | 250000 | 252347 |
| 5.25%, 03/15/34 *(a)* | 325000 | 328234 |
| 5.45%, 03/15/35 *(a)* | 200000 | 204164 |
| 3.00%, 01/15/52 *(a)* | 200000 | 125620 |
| 5.25%, 02/28/53 *(a)* | 340000 | 314520 |
| 5.55%, 03/15/54 *(a)* | 240000 | 230885 |
| 6.75%, 06/15/54 *(a)(b)* | 300000 | 312027 |
| 6.70%, 09/01/54 *(a)(b)* | 295000 | 304366 |
| 5.90%, 03/15/55 *(a)* | 100000 | 100453 |
| 6.38%, 08/15/55 *(a)(b)* | 450000 | 460660 |
| 6.50%, 08/15/55 *(a)(b)* | 300000 | 307992 |
| 4.80%, 12/01/77 *(a)(b)* | 225000 | 215575 |
| 5.65%, 05/01/79 *(a)(b)* | 145000 | 144198 |
| 3.80%, 03/15/82 *(a)(b)* | 175000 | 167867 |
| **Northern States Power Co.** | **Northern States Power Co.** | **Northern States Power Co.** |
| 2.25%, 04/01/31 *(a)* | 200000 | 180258 |
| 6.25%, 06/01/36  | 160000 | 176558 |
| 6.20%, 07/01/37  | 175000 | 191123 |
| 5.35%, 11/01/39  | 120000 | 122029 |
| 3.40%, 08/15/42 *(a)* | 145000 | 111644 |
| 4.00%, 08/15/45 *(a)* | 100000 | 80761 |
| 3.60%, 05/15/46 *(a)* | 250000 | 189277 |
| 3.60%, 09/15/47 *(a)* | 400000 | 299276 |
| 2.90%, 03/01/50 *(a)* | 130000 | 84891 |
| 2.60%, 06/01/51 *(a)* | 280000 | 169196 |
| 4.50%, 06/01/52 *(a)* | 145000 | 123460 |
| 5.10%, 05/15/53 *(a)* | 45000 | 41750 |
| 5.40%, 03/15/54 *(a)* | 150000 | 145556 |
| 5.65%, 06/15/54 *(a)* | 95000 | 96142 |
| **NorthWestern Corp.** | **NorthWestern Corp.** | **NorthWestern Corp.** |
| 4.18%, 11/15/44 *(a)* | 185000 | 151208 |
| **NSTAR Electric Co.** | **NSTAR Electric Co.** | **NSTAR Electric Co.** |
| 3.20%, 05/15/27 *(a)* | 250000 | 245932 |
| 3.25%, 05/15/29 *(a)* | 115000 | 110752 |
| 3.95%, 04/01/30 *(a)* | 150000 | 147168 |
| 1.95%, 08/15/31 *(a)* | 205000 | 177140 |
| 5.40%, 06/01/34 *(a)* | 150000 | 154037 |
| 5.50%, 03/15/40  | 115000 | 116739 |
| 3.10%, 06/01/51 *(a)* | 350000 | 229974 |
| 4.55%, 06/01/52 *(a)* | 90000 | 75022 |
| **Oglethorpe Power Corp.** | **Oglethorpe Power Corp.** | **Oglethorpe Power Corp.** |
| 5.95%, 11/01/39  | 180000 | 187004 |
| 5.38%, 11/01/40  | 200000 | 195966 |
| 4.50%, 04/01/47 *(a)* | 125000 | 102663 |
| 5.05%, 10/01/48 *(a)* | 200000 | 177162 |
| 3.75%, 08/01/50 *(a)* | 150000 | 105611 |
| 5.25%, 09/01/50  | 85000 | 76010 |
| 6.20%, 12/01/53 *(a)* | 125000 | 127871 |
| **Ohio Edison Co.** | **Ohio Edison Co.** | **Ohio Edison Co.** |
| 6.88%, 07/15/36  | 100000 | 112662 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Ohio Power Co.** | **Ohio Power Co.** | **Ohio Power Co.** |
| 2.60%, 04/01/30 *(a)* | 235000 | 216740 |
| 1.63%, 01/15/31 *(a)* | 200000 | 169974 |
| 5.65%, 06/01/34 *(a)* | 135000 | 138768 |
| 4.15%, 04/01/48 *(a)* | 200000 | 155442 |
| 4.00%, 06/01/49 *(a)* | 150000 | 113774 |
| 2.90%, 10/01/51 *(a)* | 45000 | 27504 |
| **Oklahoma Gas & Electric Co.** | **Oklahoma Gas & Electric Co.** | **Oklahoma Gas & Electric Co.** |
| 3.30%, 03/15/30 *(a)* | 125000 | 119444 |
| 3.25%, 04/01/30 *(a)* | 200000 | 189988 |
| 5.40%, 01/15/33 *(a)* | 150000 | 155303 |
| 4.15%, 04/01/47 *(a)* | 290000 | 231437 |
| 3.85%, 08/15/47 *(a)* | 190000 | 145185 |
| 5.60%, 04/01/53 *(a)* | 105000 | 102539 |
| **Oncor Electric Delivery Co. LLC** | **Oncor Electric Delivery Co. LLC** | **Oncor Electric Delivery Co. LLC** |
| 4.30%, 05/15/28 *(a)* | 150000 | 150752 |
| 3.70%, 11/15/28 *(a)* | 200000 | 196938 |
| 5.75%, 03/15/29 *(a)* | 123000 | 128858 |
| 4.65%, 11/01/29 *(a)* | 125000 | 126440 |
| 2.75%, 05/15/30 *(a)* | 200000 | 185702 |
| 7.00%, 05/01/32  | 250000 | 281707 |
| 4.15%, 06/01/32 *(a)* | 150000 | 144914 |
| 4.55%, 09/15/32 *(a)* | 200000 | 197660 |
| 5.65%, 11/15/33 *(a)* | 250000 | 262927 |
| 5.35%, 04/01/35 *(a)(d)* | 175000 | 178579 |
| 7.50%, 09/01/38  | 100000 | 120004 |
| 5.25%, 09/30/40  | 175000 | 171944 |
| 4.55%, 12/01/41 *(a)* | 150000 | 132531 |
| 5.30%, 06/01/42 *(a)* | 150000 | 143904 |
| 3.75%, 04/01/45 *(a)* | 175000 | 135345 |
| 3.80%, 09/30/47 *(a)* | 165000 | 124900 |
| 4.10%, 11/15/48 *(a)* | 200000 | 158462 |
| 3.80%, 06/01/49 *(a)* | 200000 | 149334 |
| 3.10%, 09/15/49 *(a)* | 230000 | 151264 |
| 3.70%, 05/15/50 *(a)* | 160000 | 116771 |
| 2.70%, 11/15/51 *(a)* | 140000 | 82482 |
| 4.60%, 06/01/52 *(a)* | 150000 | 125577 |
| 4.95%, 09/15/52 *(a)* | 250000 | 222510 |
| 5.35%, 10/01/52 *(a)* | 100000 | 93886 |
| 5.55%, 06/15/54 *(a)* | 200000 | 194032 |
| **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** |
| 3.30%, 03/15/27 *(a)* | 225000 | 219973 |
| 2.10%, 08/01/27 *(a)* | 350000 | 331761 |
| 3.30%, 12/01/27 *(a)* | 425000 | 411294 |
| 5.00%, 06/04/28 *(a)* | 120000 | 120401 |
| 3.00%, 06/15/28 *(a)* | 350000 | 332622 |
| 3.75%, 07/01/28  | 325000 | 315520 |
| 6.10%, 01/15/29 *(a)* | 45000 | 46633 |
| 4.20%, 03/01/29 *(a)* | 95000 | 92901 |
| 4.55%, 07/01/30 *(a)* | 910000 | 888606 |
| 2.50%, 02/01/31 *(a)* | 600000 | 521016 |
| 3.25%, 06/01/31 *(a)* | 400000 | 359636 |
| 4.40%, 03/01/32 *(a)* | 225000 | 211761 |
| 5.90%, 06/15/32 *(a)* | 275000 | 281042 |
| 6.15%, 01/15/33 *(a)* | 300000 | 309549 |
| 6.40%, 06/15/33 *(a)* | 315000 | 329455 |
| 6.95%, 03/15/34 *(a)* | 220000 | 236982 |
| 5.80%, 05/15/34 *(a)* | 350000 | 350098 |
| 5.70%, 03/01/35 *(a)* | 300000 | 297855 |
| 6.00%, 08/15/35 *(a)* | 250000 | 252857 |
| 4.50%, 07/01/40 *(a)* | 550000 | 458518 |
| 3.30%, 08/01/40 *(a)* | 350000 | 251310 |
| 4.20%, 06/01/41 *(a)* | 250000 | 193932 |
| 4.45%, 04/15/42 *(a)* | 215000 | 170405 |
| 3.75%, 08/15/42 *(a)(e)* | 100000 | 71671 |
| 4.60%, 06/15/43 *(a)* | 225000 | 179023 |
| 4.75%, 02/15/44 *(a)* | 200000 | 162322 |

---

*See financial notes*

**88**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.30%, 03/15/45 *(a)* | 260000 | 197142 |
| 4.25%, 03/15/46 *(a)(e)* | 175000 | 130408 |
| 4.00%, 12/01/46 *(a)* | 240000 | 171782 |
| 4.95%, 07/01/50 *(a)* | 945000 | 762662 |
| 3.50%, 08/01/50 *(a)* | 380000 | 243880 |
| 5.25%, 03/01/52 *(a)* | 280000 | 233069 |
| 6.75%, 01/15/53 *(a)* | 345000 | 347926 |
| 6.70%, 04/01/53 *(a)* | 200000 | 200912 |
| 5.90%, 10/01/54 *(a)* | 155000 | 140532 |
| **PacifiCorp** | **PacifiCorp** | **PacifiCorp** |
| 5.10%, 02/15/29 *(a)* | 25000 | 25518 |
| 3.50%, 06/15/29 *(a)* | 140000 | 135412 |
| 2.70%, 09/15/30 *(a)* | 270000 | 246739 |
| 5.30%, 02/15/31 *(a)* | 200000 | 206228 |
| 7.70%, 11/15/31  | 150000 | 174810 |
| 5.45%, 02/15/34 *(a)* | 175000 | 177595 |
| 5.25%, 06/15/35  | 25000 | 25019 |
| 6.10%, 08/01/36  | 140000 | 146931 |
| 5.75%, 04/01/37  | 200000 | 204042 |
| 6.25%, 10/15/37  | 150000 | 158643 |
| 6.35%, 07/15/38  | 150000 | 159902 |
| 6.00%, 01/15/39  | 155000 | 160175 |
| 4.10%, 02/01/42 *(a)* | 100000 | 80778 |
| 4.13%, 01/15/49 *(a)* | 225000 | 172595 |
| 4.15%, 02/15/50 *(a)* | 225000 | 171877 |
| 3.30%, 03/15/51 *(a)* | 250000 | 162273 |
| 2.90%, 06/15/52 *(a)* | 330000 | 196294 |
| 5.35%, 12/01/53 *(a)* | 325000 | 292731 |
| 5.50%, 05/15/54 *(a)* | 400000 | 368952 |
| 5.80%, 01/15/55 *(a)* | 440000 | 421696 |
| **PECO Energy Co.** | **PECO Energy Co.** | **PECO Energy Co.** |
| 4.90%, 06/15/33 *(a)* | 175000 | 177807 |
| 5.95%, 10/01/36  | 200000 | 213200 |
| 3.70%, 09/15/47 *(a)* | 150000 | 114284 |
| 3.90%, 03/01/48 *(a)* | 255000 | 199617 |
| 3.00%, 09/15/49 *(a)* | 130000 | 85600 |
| 2.80%, 06/15/50 *(a)* | 200000 | 126514 |
| 3.05%, 03/15/51 *(a)* | 60000 | 39367 |
| 2.85%, 09/15/51 *(a)* | 160000 | 101150 |
| 4.60%, 05/15/52 *(a)* | 125000 | 107005 |
| 4.38%, 08/15/52 *(a)* | 140000 | 116249 |
| **Potomac Electric Power Co.** | **Potomac Electric Power Co.** | **Potomac Electric Power Co.** |
| 5.20%, 03/15/34 *(a)* | 150000 | 153159 |
| 6.50%, 11/15/37  | 240000 | 269146 |
| 4.15%, 03/15/43 *(a)* | 250000 | 208452 |
| **PPL Capital Funding, Inc.** | **PPL Capital Funding, Inc.** | **PPL Capital Funding, Inc.** |
| 4.13%, 04/15/30 *(a)* | 150000 | 147339 |
| 5.25%, 09/01/34 *(a)* | 250000 | 252360 |
| **PPL Electric Utilities Corp.** | **PPL Electric Utilities Corp.** | **PPL Electric Utilities Corp.** |
| 5.00%, 05/15/33 *(a)* | 365000 | 371325 |
| 4.85%, 02/15/34 *(a)* | 200000 | 200462 |
| 4.75%, 07/15/43 *(a)* | 100000 | 90886 |
| 4.13%, 06/15/44 *(a)* | 95000 | 79784 |
| 4.15%, 10/01/45 *(a)* | 35000 | 29260 |
| 3.95%, 06/01/47 *(a)* | 140000 | 111793 |
| 4.15%, 06/15/48 *(a)* | 150000 | 122100 |
| 5.25%, 05/15/53 *(a)* | 200000 | 191580 |
| **Progress Energy, Inc.** | **Progress Energy, Inc.** | **Progress Energy, Inc.** |
| 7.75%, 03/01/31  | 250000 | 287992 |
| 7.00%, 10/30/31  | 200000 | 226224 |
| 6.00%, 12/01/39  | 185000 | 193147 |
| **Public Service Co. of Colorado** | **Public Service Co. of Colorado** | **Public Service Co. of Colorado** |
| 3.70%, 06/15/28 *(a)* | 175000 | 172970 |
| 1.90%, 01/15/31 *(a)* | 155000 | 134858 |
| 1.88%, 06/15/31 *(a)* | 225000 | 193527 |
| 4.10%, 06/01/32 *(a)* | 150000 | 143825 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.35%, 05/15/34 *(a)* | 125000 | 126898 |
| 6.25%, 09/01/37  | 120000 | 129034 |
| 3.60%, 09/15/42 *(a)* | 160000 | 123566 |
| 4.30%, 03/15/44 *(a)* | 100000 | 82625 |
| 3.80%, 06/15/47 *(a)* | 115000 | 86076 |
| 4.10%, 06/15/48 *(a)* | 85000 | 66208 |
| 4.05%, 09/15/49 *(a)* | 205000 | 156466 |
| 3.20%, 03/01/50 *(a)* | 250000 | 166758 |
| 2.70%, 01/15/51 *(a)* | 220000 | 130607 |
| 4.50%, 06/01/52 *(a)* | 105000 | 85813 |
| 5.25%, 04/01/53 *(a)* | 240000 | 220526 |
| 5.75%, 05/15/54 *(a)* | 200000 | 197326 |
| **Public Service Co. of New Hampshire** | **Public Service Co. of New Hampshire** | **Public Service Co. of New Hampshire** |
| 4.40%, 07/01/28  | 90000 | 90526 |
| 2.20%, 06/15/31 *(a)* | 75000 | 66095 |
| 5.35%, 10/01/33 *(a)* | 100000 | 103659 |
| 3.60%, 07/01/49 *(a)* | 130000 | 94465 |
| 5.15%, 01/15/53 *(a)* | 145000 | 134441 |
| **Public Service Co. of Oklahoma** | **Public Service Co. of Oklahoma** | **Public Service Co. of Oklahoma** |
| 2.20%, 08/15/31 *(a)* | 150000 | 129995 |
| 5.25%, 01/15/33 *(a)* | 165000 | 166914 |
| 3.15%, 08/15/51 *(a)* | 150000 | 94922 |
| **Public Service Electric & Gas Co.** | **Public Service Electric & Gas Co.** | **Public Service Electric & Gas Co.** |
| 3.00%, 05/15/27 *(a)* | 255000 | 250175 |
| 3.70%, 05/01/28 *(a)* | 235000 | 233127 |
| 3.20%, 05/15/29 *(a)* | 225000 | 217386 |
| 2.45%, 01/15/30 *(a)* | 340000 | 314279 |
| 1.90%, 08/15/31 *(a)* | 200000 | 173282 |
| 4.90%, 12/15/32 *(a)* | 245000 | 249616 |
| 4.65%, 03/15/33 *(a)* | 110000 | 109496 |
| 4.85%, 08/01/34 *(a)* | 125000 | 124855 |
| 5.80%, 05/01/37  | 80000 | 85008 |
| 3.95%, 05/01/42 *(a)* | 100000 | 82632 |
| 3.65%, 09/01/42 *(a)* | 125000 | 98620 |
| 3.80%, 01/01/43 *(a)* | 175000 | 140621 |
| 3.80%, 03/01/46 *(a)* | 180000 | 141055 |
| 3.60%, 12/01/47 *(a)* | 300000 | 224370 |
| 4.05%, 05/01/48 *(a)* | 285000 | 228889 |
| 3.85%, 05/01/49 *(a)* | 160000 | 124227 |
| 3.20%, 08/01/49 *(a)* | 150000 | 104247 |
| 3.15%, 01/01/50 *(a)* | 75000 | 51266 |
| 2.70%, 05/01/50 *(a)* | 225000 | 140670 |
| 2.05%, 08/01/50 *(a)* | 250000 | 133335 |
| 5.13%, 03/15/53 *(a)* | 150000 | 141246 |
| 5.30%, 08/01/54 *(a)* | 100000 | 96032 |
| 5.50%, 03/01/55 *(a)* | 100000 | 98923 |
| **Public Service Enterprise Group, Inc.** | **Public Service Enterprise Group, Inc.** | **Public Service Enterprise Group, Inc.** |
| 5.85%, 11/15/27 *(a)* | 200000 | 207096 |
| 5.88%, 10/15/28 *(a)* | 15000 | 15715 |
| 5.20%, 04/01/29 *(a)* | 300000 | 308769 |
| 4.90%, 03/15/30 *(a)* | 25000 | 25439 |
| 1.60%, 08/15/30 *(a)* | 360000 | 311494 |
| 2.45%, 11/15/31 *(a)* | 300000 | 263643 |
| 6.13%, 10/15/33 *(a)* | 155000 | 165149 |
| 5.45%, 04/01/34 *(a)* | 150000 | 153615 |
| **Puget Energy, Inc.** | **Puget Energy, Inc.** | **Puget Energy, Inc.** |
| 2.38%, 06/15/28 *(a)* | 50000 | 47267 |
| 4.10%, 06/15/30 *(a)* | 300000 | 290142 |
| 4.22%, 03/15/32 *(a)* | 150000 | 141363 |
| **Puget Sound Energy, Inc.** | **Puget Sound Energy, Inc.** | **Puget Sound Energy, Inc.** |
| 5.33%, 06/15/34 *(a)* | 75000 | 76501 |
| 6.27%, 03/15/37  | 100000 | 108329 |
| 5.76%, 10/01/39  | 155000 | 160802 |
| 5.80%, 03/15/40  | 125000 | 128684 |
| 5.64%, 04/15/41 *(a)* | 150000 | 148686 |
| 4.30%, 05/20/45 *(a)* | 165000 | 136259 |

---

*See financial notes*

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

**89**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.22%, 06/15/48 *(a)* | 215000 | 172077 |
| 3.25%, 09/15/49 *(a)* | 305000 | 204524 |
| 2.89%, 09/15/51 *(a)* | 210000 | 130368 |
| **San Diego Gas & Electric Co.** | **San Diego Gas & Electric Co.** | **San Diego Gas & Electric Co.** |
| 1.70%, 10/01/30 *(a)* | 275000 | 239613 |
| 3.00%, 03/15/32 *(a)* | 250000 | 225212 |
| 6.00%, 06/01/39  | 180000 | 189526 |
| 4.50%, 08/15/40  | 200000 | 178738 |
| 3.75%, 06/01/47 *(a)* | 125000 | 92524 |
| 4.15%, 05/15/48 *(a)* | 210000 | 163680 |
| 4.10%, 06/15/49 *(a)* | 165000 | 126814 |
| 3.32%, 04/15/50 *(a)* | 150000 | 100527 |
| 2.95%, 08/15/51 *(a)* | 185000 | 116496 |
| 3.70%, 03/15/52 *(a)* | 150000 | 108014 |
| 5.35%, 04/01/53 *(a)* | 230000 | 214896 |
| 5.55%, 04/15/54 *(a)* | 175000 | 168682 |
| **Sierra Pacific Power Co.** | **Sierra Pacific Power Co.** | **Sierra Pacific Power Co.** |
| 5.90%, 03/15/54 *(a)* | 110000 | 110626 |
| **Southern California Edison Co.** | **Southern California Edison Co.** | **Southern California Edison Co.** |
| 4.40%, 09/06/26  | 25000 | 24973 |
| 4.70%, 06/01/27 *(a)* | 190000 | 190771 |
| 5.85%, 11/01/27 *(a)* | 250000 | 256355 |
| 3.65%, 03/01/28 *(a)* | 100000 | 97244 |
| 5.30%, 03/01/28 *(a)* | 200000 | 202674 |
| 5.65%, 10/01/28 *(a)* | 115000 | 117897 |
| 4.20%, 03/01/29 *(a)* | 160000 | 156797 |
| 6.65%, 04/01/29  | 215000 | 225780 |
| 5.15%, 06/01/29 *(a)* | 80000 | 81034 |
| 2.85%, 08/01/29 *(a)* | 280000 | 259302 |
| 5.25%, 03/15/30 *(a)* | 250000 | 252507 |
| 2.25%, 06/01/30 *(a)* | 250000 | 219882 |
| 2.50%, 06/01/31 *(a)* | 240000 | 208531 |
| 5.45%, 06/01/31 *(a)* | 250000 | 254670 |
| 2.75%, 02/01/32 *(a)* | 200000 | 172286 |
| 5.95%, 11/01/32 *(a)* | 200000 | 205558 |
| 6.00%, 01/15/34  | 200000 | 205340 |
| 5.20%, 06/01/34 *(a)* | 250000 | 242977 |
| 5.75%, 04/01/35  | 200000 | 204244 |
| 5.55%, 01/15/37  | 160000 | 154269 |
| 5.95%, 02/01/38  | 250000 | 250370 |
| 6.05%, 03/15/39  | 150000 | 150219 |
| 5.50%, 03/15/40  | 215000 | 202354 |
| 4.50%, 09/01/40 *(a)* | 155000 | 129870 |
| 4.05%, 03/15/42 *(a)* | 190000 | 143887 |
| 3.90%, 03/15/43 *(a)* | 165000 | 121991 |
| 4.65%, 10/01/43 *(a)* | 250000 | 202562 |
| 3.60%, 02/01/45 *(a)* | 150000 | 103607 |
| 4.00%, 04/01/47 *(a)* | 555000 | 399495 |
| 4.13%, 03/01/48 *(a)* | 415000 | 301643 |
| 4.88%, 03/01/49 *(a)* | 245000 | 196708 |
| 3.65%, 02/01/50 *(a)* | 425000 | 283428 |
| 2.95%, 02/01/51 *(a)* | 310000 | 181347 |
| 3.65%, 06/01/51 *(a)* | 165000 | 109251 |
| 3.45%, 02/01/52 *(a)* | 325000 | 205601 |
| 5.45%, 06/01/52 *(a)* | 120000 | 103805 |
| 5.70%, 03/01/53 *(a)* | 140000 | 126020 |
| 5.88%, 12/01/53 *(a)* | 150000 | 137030 |
| 5.75%, 04/15/54 *(a)* | 15000 | 13439 |
| 6.20%, 09/15/55 *(a)* | 95000 | 91102 |
| **Southern Co.** | **Southern Co.** | **Southern Co.** |
| 3.25%, 07/01/26 *(a)* | 625000 | 618394 |
| 5.11%, 08/01/27 *(e)* | 310000 | 315031 |
| 1.75%, 03/15/28 *(a)* | 100000 | 93795 |
| 4.85%, 06/15/28 *(a)* | 250000 | 254435 |
| 5.50%, 03/15/29 *(a)* | 325000 | 338461 |
| 3.70%, 04/30/30 *(a)* | 350000 | 338744 |
| 5.70%, 10/15/32 *(a)* | 170000 | 178891 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.20%, 06/15/33 *(a)* | 200000 | 203896 |
| 5.70%, 03/15/34 *(a)* | 305000 | 319143 |
| 4.85%, 03/15/35 *(a)* | 200000 | 195822 |
| 4.25%, 07/01/36 *(a)* | 185000 | 169834 |
| 4.40%, 07/01/46 *(a)* | 550000 | 458760 |
| 3.75%, 09/15/51 *(a)(b)* | 290000 | 285975 |
| 6.38%, 03/15/55 *(a)(b)* | 300000 | 309219 |
| **Southern Power Co.** | **Southern Power Co.** | **Southern Power Co.** |
| 5.15%, 09/15/41  | 225000 | 212546 |
| 5.25%, 07/15/43  | 150000 | 141069 |
| 4.95%, 12/15/46 *(a)* | 128000 | 111182 |
| **Southwestern Electric Power Co.** | **Southwestern Electric Power Co.** | **Southwestern Electric Power Co.** |
| 2.75%, 10/01/26 *(a)* | 150000 | 146916 |
| 4.10%, 09/15/28 *(a)* | 200000 | 198298 |
| 6.20%, 03/15/40  | 20000 | 20916 |
| 3.90%, 04/01/45 *(a)* | 115000 | 86759 |
| 3.85%, 02/01/48 *(a)* | 200000 | 146570 |
| 3.25%, 11/01/51 *(a)* | 250000 | 161430 |
| **Southwestern Public Service Co.** | **Southwestern Public Service Co.** | **Southwestern Public Service Co.** |
| 4.50%, 08/15/41 *(a)* | 200000 | 174486 |
| 3.40%, 08/15/46 *(a)* | 175000 | 122579 |
| 3.70%, 08/15/47 *(a)* | 355000 | 260705 |
| 4.40%, 11/15/48 *(a)* | 155000 | 124970 |
| 3.75%, 06/15/49 *(a)* | 155000 | 112944 |
| 3.15%, 05/01/50 *(a)* | 170000 | 110799 |
| **System Energy Resources, Inc.** | **System Energy Resources, Inc.** | **System Energy Resources, Inc.** |
| 5.30%, 12/15/34 *(a)* | 100000 | 98867 |
| **Tampa Electric Co.** | **Tampa Electric Co.** | **Tampa Electric Co.** |
| 4.90%, 03/01/29 *(a)* | 200000 | 204256 |
| 2.40%, 03/15/31 *(a)* | 50000 | 44882 |
| 4.10%, 06/15/42 *(a)* | 135000 | 112895 |
| 4.35%, 05/15/44 *(a)* | 105000 | 88654 |
| 4.30%, 06/15/48 *(a)* | 150000 | 121173 |
| 4.45%, 06/15/49 *(a)* | 150000 | 123558 |
| 3.63%, 06/15/50 *(a)* | 120000 | 85686 |
| 3.45%, 03/15/51 *(a)* | 100000 | 68935 |
| 5.00%, 07/15/52 *(a)* | 75000 | 66821 |
| **Toledo Edison Co.** | **Toledo Edison Co.** | **Toledo Edison Co.** |
| 6.15%, 05/15/37  | 100000 | 108251 |
| **Tucson Electric Power Co.** | **Tucson Electric Power Co.** | **Tucson Electric Power Co.** |
| 1.50%, 08/01/30 *(a)* | 140000 | 120931 |
| 3.25%, 05/15/32 *(a)* | 165000 | 149775 |
| 5.20%, 09/15/34 *(a)* | 100000 | 100470 |
| 4.85%, 12/01/48 *(a)* | 155000 | 135174 |
| 4.00%, 06/15/50 *(a)* | 100000 | 75413 |
| 3.25%, 05/01/51 *(a)* | 185000 | 121961 |
| 5.50%, 04/15/53 *(a)* | 110000 | 104807 |
| **Union Electric Co.** | **Union Electric Co.** | **Union Electric Co.** |
| 2.95%, 06/15/27 *(a)* | 99000 | 97095 |
| 3.50%, 03/15/29 *(a)* | 330000 | 322417 |
| 2.95%, 03/15/30 *(a)* | 150000 | 141650 |
| 5.20%, 04/01/34 *(a)* | 150000 | 152766 |
| 5.25%, 04/15/35 *(a)* | 150000 | 153210 |
| 5.30%, 08/01/37  | 50000 | 50727 |
| 8.45%, 03/15/39  | 150000 | 191577 |
| 3.90%, 09/15/42 *(a)* | 240000 | 195667 |
| 3.65%, 04/15/45 *(a)* | 135000 | 103760 |
| 4.00%, 04/01/48 *(a)* | 100000 | 78475 |
| 3.25%, 10/01/49 *(a)* | 270000 | 185838 |
| 2.63%, 03/15/51 *(a)* | 255000 | 152016 |
| 3.90%, 04/01/52 *(a)* | 185000 | 141057 |
| 5.13%, 03/15/55 *(a)* | 125000 | 116088 |
| **Virginia Electric & Power Co.** | **Virginia Electric & Power Co.** | **Virginia Electric & Power Co.** |
| 3.50%, 03/15/27 *(a)* | 350000 | 346402 |
| 3.75%, 05/15/27 *(a)* | 175000 | 173799 |
| 3.80%, 04/01/28 *(a)* | 200000 | 198904 |

---

*See financial notes*

**90**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.88%, 07/15/29 *(a)* | 150000 | 142410 |
| 5.00%, 04/01/33 *(a)* | 200000 | 202168 |
| 5.30%, 08/15/33 *(a)* | 50000 | 51097 |
| 5.00%, 01/15/34 *(a)* | 170000 | 170394 |
| 5.05%, 08/15/34 *(a)* | 190000 | 190652 |
| 6.00%, 01/15/36  | 250000 | 263832 |
| 6.00%, 05/15/37  | 325000 | 342179 |
| 6.35%, 11/30/37  | 150000 | 161660 |
| 8.88%, 11/15/38  | 300000 | 396822 |
| 4.00%, 01/15/43 *(a)* | 250000 | 202540 |
| 4.65%, 08/15/43 *(a)* | 150000 | 131760 |
| 4.45%, 02/15/44 *(a)* | 250000 | 212547 |
| 4.20%, 05/15/45 *(a)* | 100000 | 81875 |
| 4.00%, 11/15/46 *(a)* | 220000 | 170768 |
| 3.80%, 09/15/47 *(a)* | 250000 | 187960 |
| 4.60%, 12/01/48 *(a)* | 300000 | 254685 |
| 3.30%, 12/01/49 *(a)* | 300000 | 201783 |
| 2.45%, 12/15/50 *(a)* | 450000 | 253390 |
| 2.95%, 11/15/51 *(a)* | 75000 | 46840 |
| 4.63%, 05/15/52 *(a)* | 240000 | 202603 |
| 5.45%, 04/01/53 *(a)* | 220000 | 209438 |
| 5.55%, 08/15/54 *(a)* | 100000 | 96837 |
| **WEC Energy Group, Inc.** | **WEC Energy Group, Inc.** | **WEC Energy Group, Inc.** |
| 5.60%, 09/12/26 *(a)* | 74000 | 75035 |
| 5.15%, 10/01/27 *(a)* | 175000 | 178327 |
| 1.38%, 10/15/27 *(a)* | 250000 | 234452 |
| 4.75%, 01/15/28 *(a)* | 145000 | 146720 |
| 2.20%, 12/15/28 *(a)* | 150000 | 139962 |
| 1.80%, 10/15/30 *(a)* | 86000 | 75432 |
| **Wisconsin Electric Power Co.** | **Wisconsin Electric Power Co.** | **Wisconsin Electric Power Co.** |
| 1.70%, 06/15/28 *(a)* | 150000 | 140450 |
| 4.75%, 09/30/32 *(a)* | 195000 | 197281 |
| 5.63%, 05/15/33  | 205000 | 218288 |
| 4.60%, 10/01/34 *(a)* | 60000 | 59360 |
| 4.30%, 10/15/48 *(a)* | 125000 | 102275 |
| **Wisconsin Power & Light Co.** | **Wisconsin Power & Light Co.** | **Wisconsin Power & Light Co.** |
| 3.05%, 10/15/27 *(a)* | 225000 | 219235 |
| 3.00%, 07/01/29 *(a)* | 250000 | 237487 |
| 1.95%, 09/16/31 *(a)* | 125000 | 107228 |
| 6.38%, 08/15/37  | 120000 | 131638 |
| 3.65%, 04/01/50 *(a)* | 200000 | 143332 |
| **Wisconsin Public Service Corp.** | **Wisconsin Public Service Corp.** | **Wisconsin Public Service Corp.** |
| 3.67%, 12/01/42  | 160000 | 125110 |
| 4.75%, 11/01/44 *(a)* | 150000 | 133680 |
| 3.30%, 09/01/49 *(a)* | 157000 | 107603 |
| 2.85%, 12/01/51 *(a)* | 55000 | 33852 |
| **Xcel Energy, Inc.** | **Xcel Energy, Inc.** | **Xcel Energy, Inc.** |
| 3.35%, 12/01/26 *(a)* | 150000 | 147947 |
| 4.75%, 03/21/28 *(a)* | 100000 | 101061 |
| 4.00%, 06/15/28 *(a)* | 325000 | 322601 |
| 3.40%, 06/01/30 *(a)* | 360000 | 341788 |
| 2.35%, 11/15/31 *(a)* | 75000 | 65121 |
| 4.60%, 06/01/32 *(a)* | 300000 | 293823 |
| 5.45%, 08/15/33 *(a)* | 300000 | 306708 |
| 5.50%, 03/15/34 *(a)* | 60000 | 61004 |
| 5.60%, 04/15/35 *(a)* | 240000 | 245071 |
| 6.50%, 07/01/36  | 80000 | 86848 |
| 3.50%, 12/01/49 *(a)* | 200000 | 137268 |
|  |  | **176207600** |
| ***Natural Gas 0.2%***  | ***Natural Gas 0.2%***  | ***Natural Gas 0.2%***  |
| **Atmos Energy Corp.** | **Atmos Energy Corp.** | **Atmos Energy Corp.** |
| 3.00%, 06/15/27 *(a)* | 200000 | 196180 |
| 2.63%, 09/15/29 *(a)* | 310000 | 290461 |
| 1.50%, 01/15/31 *(a)* | 375000 | 320509 |
| 5.90%, 11/15/33 *(a)* | 125000 | 134211 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.20%, 08/15/35 *(a)* | 150000 | 151929 |
| 5.50%, 06/15/41 *(a)* | 150000 | 151608 |
| 4.15%, 01/15/43 *(a)* | 200000 | 168332 |
| 4.13%, 10/15/44 *(a)* | 100000 | 83190 |
| 4.30%, 10/01/48 *(a)* | 235000 | 195139 |
| 4.13%, 03/15/49 *(a)* | 225000 | 179881 |
| 3.38%, 09/15/49 *(a)* | 240000 | 167316 |
| 2.85%, 02/15/52 *(a)* | 55000 | 33996 |
| 5.75%, 10/15/52 *(a)* | 190000 | 190412 |
| **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** |
| 5.25%, 03/01/28 *(a)* | 260000 | 266321 |
| 4.00%, 04/01/28 *(a)* | 120000 | 119160 |
| 1.75%, 10/01/30 *(a)* | 250000 | 217875 |
| 5.40%, 07/01/34 *(a)* | 100000 | 101796 |
| 5.85%, 01/15/41 *(a)* | 125000 | 126421 |
| **National Grid USA** | **National Grid USA** | **National Grid USA** |
| 5.80%, 04/01/35  | 85000 | 87245 |
| **NiSource, Inc.** | **NiSource, Inc.** | **NiSource, Inc.** |
| 3.49%, 05/15/27 *(a)* | 225000 | 221699 |
| 5.25%, 03/30/28 *(a)* | 300000 | 307128 |
| 5.20%, 07/01/29 *(a)* | 150000 | 154039 |
| 2.95%, 09/01/29 *(a)* | 350000 | 330295 |
| 3.60%, 05/01/30 *(a)* | 350000 | 336329 |
| 1.70%, 02/15/31 *(a)* | 220000 | 188485 |
| 5.40%, 06/30/33 *(a)* | 150000 | 153781 |
| 5.35%, 04/01/34 *(a)* | 200000 | 203592 |
| 5.95%, 06/15/41 *(a)* | 110000 | 112174 |
| 5.25%, 02/15/43 *(a)* | 150000 | 140736 |
| 4.80%, 02/15/44 *(a)* | 199000 | 176519 |
| 5.65%, 02/01/45 *(a)* | 175000 | 171337 |
| 4.38%, 05/15/47 *(a)* | 320000 | 263930 |
| 3.95%, 03/30/48 *(a)* | 165000 | 127684 |
| 5.00%, 06/15/52 *(a)* | 150000 | 132615 |
| 6.95%, 11/30/54 *(a)(b)* | 150000 | 156324 |
| 6.38%, 03/31/55 *(a)(b)* | 100000 | 100900 |
| 5.85%, 04/01/55 *(a)* | 360000 | 356836 |
| **Northwest Natural Holding Co.** | **Northwest Natural Holding Co.** | **Northwest Natural Holding Co.** |
| 7.00%, 09/15/55 *(a)(b)* | 100000 | 101235 |
| **ONE Gas, Inc.** | **ONE Gas, Inc.** | **ONE Gas, Inc.** |
| 5.10%, 04/01/29 *(a)* | 100000 | 102637 |
| 2.00%, 05/15/30 *(a)* | 80000 | 71786 |
| 4.25%, 09/01/32 *(a)* | 160000 | 154742 |
| 4.66%, 02/01/44 *(a)* | 200000 | 176502 |
| 4.50%, 11/01/48 *(a)* | 125000 | 105224 |
| **Piedmont Natural Gas Co., Inc.** | **Piedmont Natural Gas Co., Inc.** | **Piedmont Natural Gas Co., Inc.** |
| 3.50%, 06/01/29 *(a)* | 270000 | 261841 |
| 5.40%, 06/15/33 *(a)* | 100000 | 103049 |
| 5.10%, 02/15/35 *(a)* | 75000 | 75439 |
| 3.64%, 11/01/46 *(a)* | 130000 | 94775 |
| 3.35%, 06/01/50 *(a)* | 200000 | 134544 |
| 5.05%, 05/15/52 *(a)* | 170000 | 151149 |
| **Sempra** | **Sempra** | **Sempra** |
| 5.40%, 08/01/26 *(a)* | 150000 | 151471 |
| 3.25%, 06/15/27 *(a)* | 275000 | 269470 |
| 3.40%, 02/01/28 *(a)* | 355000 | 346675 |
| 3.70%, 04/01/29 *(a)* | 200000 | 195044 |
| 5.50%, 08/01/33 *(a)* | 205000 | 209375 |
| 3.80%, 02/01/38 *(a)* | 345000 | 286416 |
| 6.00%, 10/15/39  | 260000 | 263882 |
| 4.00%, 02/01/48 *(a)* | 250000 | 184865 |
| 4.13%, 04/01/52 *(a)(b)* | 300000 | 289038 |
| 6.40%, 10/01/54 *(a)(b)* | 360000 | 342378 |
| 6.88%, 10/01/54 *(a)(b)* | 300000 | 303540 |
| 6.55%, 04/01/55 *(a)(b)* | 35000 | 33216 |
| 6.63%, 04/01/55 *(a)(b)* | 115000 | 110850 |

---

*See financial notes*

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

**91**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Southern California Gas Co.** | **Southern California Gas Co.** | **Southern California Gas Co.** |
| 2.95%, 04/15/27 *(a)* | 240000 | 235320 |
| 2.55%, 02/01/30 *(a)* | 250000 | 229952 |
| 5.20%, 06/01/33 *(a)* | 100000 | 101405 |
| 5.05%, 09/01/34 *(a)* | 85000 | 85631 |
| 5.13%, 11/15/40  | 155000 | 148823 |
| 3.75%, 09/15/42 *(a)* | 105000 | 81628 |
| 4.13%, 06/01/48 *(a)* | 125000 | 97461 |
| 4.30%, 01/15/49 *(a)* | 175000 | 141010 |
| 3.95%, 02/15/50 *(a)* | 150000 | 113124 |
| 6.35%, 11/15/52 *(a)* | 210000 | 225208 |
| 5.75%, 06/01/53 *(a)* | 150000 | 147865 |
| 5.60%, 04/01/54 *(a)* | 150000 | 146428 |
| **Southern Co. Gas Capital Corp.** | **Southern Co. Gas Capital Corp.** | **Southern Co. Gas Capital Corp.** |
| 1.75%, 01/15/31 *(a)* | 200000 | 172142 |
| 5.15%, 09/15/32 *(a)* | 90000 | 91533 |
| 5.75%, 09/15/33 *(a)* | 225000 | 236250 |
| 5.88%, 03/15/41 *(a)* | 200000 | 205172 |
| 4.40%, 06/01/43 *(a)* | 156000 | 132179 |
| 3.95%, 10/01/46 *(a)* | 175000 | 135002 |
| 4.40%, 05/30/47 *(a)* | 185000 | 151058 |
| 3.15%, 09/30/51 *(a)* | 150000 | 96117 |
| **Southwest Gas Corp.** | **Southwest Gas Corp.** | **Southwest Gas Corp.** |
| 5.45%, 03/23/28 *(a)* | 100000 | 102372 |
| 2.20%, 06/15/30 *(a)* | 255000 | 229490 |
| 4.05%, 03/15/32 *(a)* | 190000 | 180422 |
| 3.80%, 09/29/46 *(a)* | 100000 | 73907 |
| 4.15%, 06/01/49 *(a)* | 125000 | 95779 |
| 3.18%, 08/15/51 *(a)* | 85000 | 55034 |
| **Spire Missouri, Inc.** | **Spire Missouri, Inc.** | **Spire Missouri, Inc.** |
| 4.80%, 02/15/33 *(a)* | 125000 | 124782 |
| 3.30%, 06/01/51 *(a)* | 110000 | 74140 |
| **Washington Gas Light Co.** | **Washington Gas Light Co.** | **Washington Gas Light Co.** |
| 3.80%, 09/15/46 *(a)* | 160000 | 120749 |
| 3.65%, 09/15/49 *(a)* | 200000 | 143974 |
|  |  | **15509485** |
| ***Utility Other 0.0%***  | ***Utility Other 0.0%***  | ***Utility Other 0.0%***  |
| **American Water Capital Corp.** | **American Water Capital Corp.** | **American Water Capital Corp.** |
| 2.95%, 09/01/27 *(a)* | 100000 | 97607 |
| 3.75%, 09/01/28 *(a)* | 250000 | 246810 |
| 3.45%, 06/01/29 *(a)* | 165000 | 160116 |
| 2.30%, 06/01/31 *(a)* | 200000 | 175926 |
| 4.45%, 06/01/32 *(a)* | 275000 | 271716 |
| 5.15%, 03/01/34 *(a)* | 200000 | 203104 |
| 5.25%, 03/01/35 *(a)* | 215000 | 217967 |
| 6.59%, 10/15/37  | 225000 | 253017 |
| 4.30%, 12/01/42 *(a)* | 175000 | 149723 |
| 4.30%, 09/01/45 *(a)* | 150000 | 127773 |
| 4.00%, 12/01/46 *(a)* | 100000 | 79970 |
| 3.75%, 09/01/47 *(a)* | 250000 | 190115 |
| 4.20%, 09/01/48 *(a)* | 230000 | 185495 |
| 4.15%, 06/01/49 *(a)* | 180000 | 144146 |
| 3.45%, 05/01/50 *(a)* | 155000 | 109635 |
| 3.25%, 06/01/51 *(a)* | 95000 | 64327 |
| 5.45%, 03/01/54 *(a)* | 200000 | 193718 |
| **Essential Utilities, Inc.** | **Essential Utilities, Inc.** | **Essential Utilities, Inc.** |
| 3.57%, 05/01/29 *(a)* | 250000 | 242722 |
| 2.70%, 04/15/30 *(a)* | 160000 | 147552 |
| 2.40%, 05/01/31 *(a)* | 50000 | 44205 |
| 5.38%, 01/15/34 *(a)* | 100000 | 101717 |
| 4.28%, 05/01/49 *(a)* | 205000 | 161548 |
| 3.35%, 04/15/50 *(a)* | 290000 | 192076 |
| 5.30%, 05/01/52 *(a)* | 150000 | 136972 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **United Utilities PLC** | **United Utilities PLC** | **United Utilities PLC** |
| 6.88%, 08/15/28  | 80000 | 85974 |
|  |  | **3983931** |
|  |  | **195701016** |
| **Total Corporates** <br>**(Cost $2,172,853,384)** | **Total Corporates** <br>**(Cost $2,172,853,384)** | **2033041181** |
| **TREASURIES** 44.9% OF NET ASSETS | **TREASURIES** 44.9% OF NET ASSETS | **TREASURIES** 44.9% OF NET ASSETS |
| **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
| 6.75%, 08/15/26  | 1209000 | 1247206 |
| 6.50%, 11/15/26  | 1748000 | 1816759 |
| 6.63%, 02/15/27  | 1000000 | 1047832 |
| 6.38%, 08/15/27  | 1200000 | 1265438 |
| 6.13%, 11/15/27  | 2434000 | 2567204 |
| 5.50%, 08/15/28  | 1748000 | 1843594 |
| 5.25%, 11/15/28  | 2248000 | 2356185 |
| 5.25%, 02/15/29  | 1174000 | 1238157 |
| 6.13%, 08/15/29  | 1044000 | 1138205 |
| 6.25%, 05/15/30  | 2131000 | 2362247 |
| 5.38%, 02/15/31  | 2594000 | 2792096 |
| 4.50%, 02/15/36  | 2844000 | 2919099 |
| 4.75%, 02/15/37  | 1432000 | 1491853 |
| 5.00%, 05/15/37  | 1648000 | 1752674 |
| 4.38%, 02/15/38  | 1996000 | 1994441 |
| 4.50%, 05/15/38  | 2096000 | 2121545 |
| 3.50%, 02/15/39  | 872000 | 787457 |
| 4.25%, 05/15/39  | 2846000 | 2771515 |
| 4.50%, 08/15/39  | 3146000 | 3135677 |
| 4.38%, 11/15/39  | 3825000 | 3750891 |
| 4.63%, 02/15/40  | 2955000 | 2973238 |
| 1.13%, 05/15/40  | 11700000 | 7276852 |
| 4.38%, 05/15/40  | 2194000 | 2144978 |
| 1.13%, 08/15/40  | 14100000 | 8677008 |
| 3.88%, 08/15/40  | 2994000 | 2755650 |
| 1.38%, 11/15/40  | 15700000 | 10007524 |
| 4.25%, 11/15/40  | 3053000 | 2927779 |
| 1.88%, 02/15/41  | 19100000 | 13144680 |
| 4.75%, 02/15/41  | 4292000 | 4349003 |
| 2.25%, 05/15/41  | 14200000 | 10318297 |
| 4.38%, 05/15/41  | 3944000 | 3823523 |
| 1.75%, 08/15/41  | 19900000 | 13217953 |
| 3.75%, 08/15/41  | 3817000 | 3420688 |
| 2.00%, 11/15/41  | 18000000 | 12384844 |
| 3.13%, 11/15/41  | 3844000 | 3153281 |
| 2.38%, 02/15/42  | 14400000 | 10477125 |
| 3.13%, 02/15/42  | 4082000 | 3334165 |
| 3.00%, 05/15/42  | 3998000 | 3193403 |
| 3.25%, 05/15/42  | 13100000 | 10841273 |
| 2.75%, 08/15/42  | 4191000 | 3208080 |
| 3.38%, 08/15/42  | 11700000 | 9823430 |
| 2.75%, 11/15/42  | 6358000 | 4844995 |
| 4.00%, 11/15/42  | 10900000 | 9947953 |
| 3.13%, 02/15/43  | 5286000 | 4252339 |
| 3.88%, 02/15/43  | 11450000 | 10253117 |
| 2.88%, 05/15/43  | 8881000 | 6847390 |
| 3.88%, 05/15/43  | 11300000 | 10097609 |
| 3.63%, 08/15/43  | 6417000 | 5521628 |
| 4.38%, 08/15/43  | 12850000 | 12254684 |
| 3.75%, 11/15/43  | 6150000 | 5375004 |
| 4.75%, 11/15/43  | 12150000 | 12140508 |
| 3.63%, 02/15/44  | 7027000 | 6017418 |
| 4.50%, 02/15/44  | 12150000 | 11744684 |
| 3.38%, 05/15/44  | 6294000 | 5178290 |
| 4.63%, 05/15/44  | 12500000 | 12262695 |
| 3.13%, 08/15/44  | 8132000 | 6414750 |
| 4.13%, 08/15/44  | 11800000 | 10815438 |

---

*See financial notes*

**92**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.00%, 11/15/44  | 6936000 | 5342888 |
| 4.63%, 11/15/44  | 12700000 | 12436078 |
| 2.50%, 02/15/45  | 9832000 | 6925415 |
| 4.75%, 02/15/45  | 12200000 | 12139000 |
| 3.00%, 05/15/45  | 5434000 | 4164227 |
| 5.00%, 05/15/45  | 8000000 | 8220000 |
| 2.88%, 08/15/45  | 5832000 | 4363065 |
| 3.00%, 11/15/45  | 3782000 | 2882593 |
| 2.50%, 02/15/46  | 7591000 | 5263884 |
| 2.50%, 05/15/46  | 6732000 | 4651917 |
| 2.25%, 08/15/46  | 9078000 | 5950345 |
| 2.88%, 11/15/46  | 3719000 | 2739857 |
| 3.00%, 02/15/47  | 7184000 | 5396980 |
| 3.00%, 05/15/47  | 4038000 | 3025345 |
| 2.75%, 08/15/47  | 8280000 | 5905969 |
| 2.75%, 11/15/47  | 6378000 | 4537349 |
| 3.00%, 02/15/48  | 7300000 | 5427094 |
| 3.13%, 05/15/48  | 10320000 | 7833525 |
| 3.00%, 08/15/48  | 6878000 | 5090257 |
| 3.38%, 11/15/48  | 8600000 | 6806094 |
| 3.00%, 02/15/49  | 13776000 | 10156571 |
| 2.88%, 05/15/49  | 13300000 | 9553141 |
| 2.25%, 08/15/49  | 12100000 | 7594641 |
| 2.38%, 11/15/49  | 11300000 | 7272609 |
| 2.00%, 02/15/50  | 14898000 | 8753739 |
| 1.25%, 05/15/50  | 16450000 | 7910137 |
| 1.38%, 08/15/50  | 19600000 | 9669844 |
| 1.63%, 11/15/50  | 19200000 | 10123500 |
| 1.88%, 02/15/51  | 21650000 | 12171359 |
| 2.38%, 05/15/51  | 21800000 | 13831078 |
| 2.00%, 08/15/51  | 21400000 | 12345125 |
| 1.88%, 11/15/51  | 20450000 | 11386496 |
| 2.25%, 02/15/52  | 18600000 | 11369250 |
| 2.88%, 05/15/52  | 16700000 | 11761758 |
| 3.00%, 08/15/52  | 16500000 | 11917383 |
| 4.00%, 11/15/52  | 16450000 | 14392465 |
| 3.63%, 02/15/53  | 16600000 | 13558828 |
| 3.63%, 05/15/53  | 16750000 | 13669570 |
| 4.13%, 08/15/53  | 18700000 | 16711664 |
| 4.75%, 11/15/53  | 19350000 | 19183711 |
| 4.25%, 02/15/54  | 21100000 | 19257047 |
| 4.63%, 05/15/54  | 20800000 | 20211750 |
| 4.25%, 08/15/54  | 20900000 | 19095742 |
| 4.50%, 11/15/54  | 21000000 | 20025469 |
| 4.63%, 02/15/55  | 22650000 | 22058977 |
| 4.75%, 05/15/55  | 15700000 | 15615367 |
| **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** |
| 4.50%, 07/15/26  | 6000000 | 6032109 |
| 0.63%, 07/31/26  | 18000000 | 17366836 |
| 1.88%, 07/31/26  | 6784000 | 6634540 |
| 4.38%, 07/31/26  | 21525000 | 21614127 |
| 1.50%, 08/15/26  | 15119000 | 14713267 |
| 4.38%, 08/15/26  | 13000000 | 13058145 |
| 0.75%, 08/31/26  | 17700000 | 17061832 |
| 1.38%, 08/31/26  | 6986000 | 6783515 |
| 3.75%, 08/31/26  | 20400000 | 20353383 |
| 4.63%, 09/15/26  | 14000000 | 14115664 |
| 0.88%, 09/30/26  | 16600000 | 15992414 |
| 1.63%, 09/30/26  | 4990000 | 4853262 |
| 3.50%, 09/30/26  | 20400000 | 20298000 |
| 4.63%, 10/15/26  | 13920000 | 14046422 |
| 1.13%, 10/31/26  | 16500000 | 15914443 |
| 1.63%, 10/31/26  | 6584000 | 6393295 |
| 4.13%, 10/31/26  | 20875000 | 20935750 |
| 2.00%, 11/15/26  | 15032000 | 14659136 |
| 4.63%, 11/15/26  | 13500000 | 13633945 |
| 1.25%, 11/30/26  | 16000000 | 15431875 |
| 1.63%, 11/30/26  | 6286000 | 6095824 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.25%, 11/30/26  | 20600000 | 20709437 |
| 4.38%, 12/15/26  | 14200000 | 14308164 |
| 1.25%, 12/31/26  | 17000000 | 16367812 |
| 1.75%, 12/31/26  | 5990000 | 5810417 |
| 4.25%, 12/31/26  | 20900000 | 21025727 |
| 4.00%, 01/15/27  | 14100000 | 14136076 |
| 1.50%, 01/31/27  | 23000000 | 22189160 |
| 4.13%, 01/31/27  | 11390000 | 11444281 |
| 2.25%, 02/15/27  | 12626000 | 12320214 |
| 4.13%, 02/15/27  | 15865000 | 15944015 |
| 1.13%, 02/28/27  | 2400000 | 2297719 |
| 1.88%, 02/28/27  | 16000000 | 15510625 |
| 4.13%, 02/28/27  | 20700000 | 20811182 |
| 4.25%, 03/15/27  | 16500000 | 16628262 |
| 0.63%, 03/31/27  | 6100000 | 5779273 |
| 2.50%, 03/31/27  | 14500000 | 14192441 |
| 3.88%, 03/31/27  | 20000000 | 20034766 |
| 4.50%, 04/15/27  | 17000000 | 17214160 |
| 0.50%, 04/30/27  | 7650000 | 7214906 |
| 2.75%, 04/30/27  | 14300000 | 14048353 |
| 3.75%, 04/30/27  | 21000000 | 20999180 |
| 2.38%, 05/15/27  | 16320000 | 15919013 |
| 4.50%, 05/15/27  | 11000000 | 11146738 |
| 0.50%, 05/31/27  | 8700000 | 8185647 |
| 2.63%, 05/31/27  | 13450000 | 13174695 |
| 3.88%, 05/31/27  | 19000000 | 19046016 |
| 4.63%, 06/15/27  | 17800000 | 18097941 |
| 0.50%, 06/30/27  | 10400000 | 9760563 |
| 3.25%, 06/30/27  | 14500000 | 14371426 |
| 3.75%, 06/30/27  | 15000000 | 15009961 |
| 4.38%, 07/15/27  | 17500000 | 17720801 |
| 0.38%, 07/31/27  | 12600000 | 11761805 |
| 2.75%, 07/31/27  | 14000000 | 13728203 |
| 2.25%, 08/15/27  | 12672000 | 12293820 |
| 3.75%, 08/15/27  | 17300000 | 17310137 |
| 0.50%, 08/31/27  | 10500000 | 9804375 |
| 3.13%, 08/31/27  | 13500000 | 13335996 |
| 3.38%, 09/15/27  | 16500000 | 16388496 |
| 0.38%, 09/30/27  | 13700000 | 12723875 |
| 4.13%, 09/30/27  | 13500000 | 13624453 |
| 3.88%, 10/15/27  | 16800000 | 16861031 |
| 0.50%, 10/31/27  | 13200000 | 12261562 |
| 4.13%, 10/31/27  | 13000000 | 13120859 |
| 2.25%, 11/15/27  | 13474000 | 13031358 |
| 4.13%, 11/15/27  | 16900000 | 17059098 |
| 0.63%, 11/30/27  | 14500000 | 13481602 |
| 3.88%, 11/30/27  | 13000000 | 13051289 |
| 4.00%, 12/15/27  | 16900000 | 17022129 |
| 0.63%, 12/31/27  | 16000000 | 14835000 |
| 3.88%, 12/31/27  | 12500000 | 12554687 |
| 4.25%, 01/15/28  | 17200000 | 17425750 |
| 0.75%, 01/31/28  | 17550000 | 16285166 |
| 3.50%, 01/31/28  | 12500000 | 12439453 |
| 2.75%, 02/15/28  | 16822000 | 16424449 |
| 4.25%, 02/15/28  | 16500000 | 16725586 |
| 1.13%, 02/29/28  | 17500000 | 16366602 |
| 4.00%, 02/29/28  | 13000000 | 13099531 |
| 3.88%, 03/15/28  | 15000000 | 15073828 |
| 1.25%, 03/31/28  | 15000000 | 14048437 |
| 3.63%, 03/31/28  | 8850000 | 8836172 |
| 3.75%, 04/15/28  | 17000000 | 17023906 |
| 1.25%, 04/30/28  | 18000000 | 16826484 |
| 3.50%, 04/30/28  | 12800000 | 12732500 |
| 2.88%, 05/15/28  | 19170000 | 18744666 |
| 3.75%, 05/15/28  | 16900000 | 16928387 |
| 1.25%, 05/31/28  | 18505000 | 17266033 |
| 3.63%, 05/31/28  | 12500000 | 12475586 |
| 3.88%, 06/15/28  | 14000000 | 14076016 |

---

*See financial notes*

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

**93**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 1.25%, 06/30/28  | 16500000 | 15364336 |
| 4.00%, 06/30/28  | 11100000 | 11197125 |
| 1.00%, 07/31/28  | 18000000 | 16597266 |
| 4.13%, 07/31/28  | 12500000 | 12653320 |
| 2.88%, 08/15/28  | 18368000 | 17920997 |
| 1.13%, 08/31/28  | 17500000 | 16162891 |
| 4.38%, 08/31/28  | 13400000 | 13666953 |
| 1.25%, 09/30/28  | 17750000 | 16426377 |
| 4.63%, 09/30/28  | 14500000 | 14905547 |
| 1.38%, 10/31/28  | 16500000 | 15302461 |
| 4.88%, 10/31/28  | 15000000 | 15542578 |
| 3.13%, 11/15/28  | 17714000 | 17386706 |
| 1.50%, 11/30/28  | 17500000 | 16268848 |
| 4.38%, 11/30/28  | 16050000 | 16389182 |
| 1.38%, 12/31/28  | 16500000 | 15247031 |
| 3.75%, 12/31/28  | 17000000 | 17018594 |
| 1.75%, 01/31/29  | 15800000 | 14764977 |
| 4.00%, 01/31/29  | 18000000 | 18167344 |
| 2.63%, 02/15/29  | 17166000 | 16534345 |
| 1.88%, 02/28/29  | 15000000 | 14060156 |
| 4.25%, 02/28/29  | 18250000 | 18577217 |
| 2.38%, 03/31/29  | 13900000 | 13247895 |
| 4.13%, 03/31/29  | 19500000 | 19768887 |
| 2.88%, 04/30/29  | 13200000 | 12800391 |
| 4.63%, 04/30/29  | 21000000 | 21661992 |
| 2.38%, 05/15/29  | 14658000 | 13947431 |
| 2.75%, 05/31/29  | 12000000 | 11574375 |
| 4.50%, 05/31/29  | 20550000 | 21116731 |
| 3.25%, 06/30/29  | 12500000 | 12275391 |
| 4.25%, 06/30/29  | 20500000 | 20886777 |
| 2.63%, 07/31/29  | 11000000 | 10538516 |
| 4.00%, 07/31/29  | 21000000 | 21200977 |
| 1.63%, 08/15/29  | 13166000 | 12127120 |
| 3.13%, 08/31/29  | 11400000 | 11128359 |
| 3.63%, 08/31/29  | 20500000 | 20403106 |
| 3.50%, 09/30/29  | 21000000 | 20794102 |
| 3.88%, 09/30/29  | 11000000 | 11053711 |
| 4.00%, 10/31/29  | 10500000 | 10602539 |
| 4.13%, 10/31/29  | 20400000 | 20697234 |
| 1.75%, 11/15/29  | 9866000 | 9087126 |
| 3.88%, 11/30/29  | 9800000 | 9845555 |
| 4.13%, 11/30/29  | 20000000 | 20297656 |
| 3.88%, 12/31/29  | 10000000 | 10044531 |
| 4.38%, 12/31/29  | 20000000 | 20501563 |
| 3.50%, 01/31/30  | 10500000 | 10380234 |
| 4.25%, 01/31/30  | 20775000 | 21190500 |
| 1.50%, 02/15/30  | 16998000 | 15386510 |
| 4.00%, 02/28/30  | 30500000 | 30805000 |
| 3.63%, 03/31/30  | 10500000 | 10426992 |
| 4.00%, 03/31/30  | 20000000 | 20191406 |
| 3.50%, 04/30/30  | 10200000 | 10070906 |
| 3.88%, 04/30/30  | 20500000 | 20585684 |
| 0.63%, 05/15/30  | 22905000 | 19713510 |
| 3.75%, 05/31/30  | 10000000 | 9979688 |
| 4.00%, 05/31/30  | 20400000 | 20601609 |
| 3.75%, 06/30/30  | 10750000 | 10725225 |
| 3.88%, 06/30/30  | 20000000 | 20078906 |
| 4.00%, 07/31/30  | 10000000 | 10089453 |
| 0.63%, 08/15/30  | 30000000 | 25591406 |
| 4.13%, 08/31/30  | 10500000 | 10653809 |
| 4.63%, 09/30/30  | 10500000 | 10897441 |
| 4.88%, 10/31/30  | 10500000 | 11024590 |
| 0.88%, 11/15/30  | 31500000 | 27027246 |
| 4.38%, 11/30/30  | 11800000 | 12107445 |
| 3.75%, 12/31/30  | 11250000 | 11197705 |
| 4.00%, 01/31/31  | 11600000 | 11684734 |
| 1.13%, 02/15/31  | 30600000 | 26485735 |
| 4.25%, 02/28/31  | 11500000 | 11724609 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.13%, 03/31/31  | 12500000 | 12661621 |
| 4.63%, 04/30/31  | 13000000 | 13501719 |
| 1.63%, 05/15/31  | 30300000 | 26727914 |
| 4.63%, 05/31/31  | 12900000 | 13396852 |
| 4.25%, 06/30/31  | 13000000 | 13242734 |
| 4.13%, 07/31/31  | 12500000 | 12646973 |
| 1.25%, 08/15/31  | 32400000 | 27724781 |
| 3.75%, 08/31/31  | 13025000 | 12905943 |
| 3.63%, 09/30/31  | 12225000 | 12023956 |
| 4.13%, 10/31/31  | 12200000 | 12330578 |
| 1.38%, 11/15/31  | 29300000 | 25080113 |
| 4.13%, 11/30/31  | 12500000 | 12629883 |
| 4.50%, 12/31/31  | 12500000 | 12891602 |
| 4.38%, 01/31/32  | 12750000 | 13055801 |
| 1.88%, 02/15/32  | 27800000 | 24429250 |
| 4.13%, 02/29/32  | 13000000 | 13122891 |
| 4.13%, 03/31/32  | 13000000 | 13118828 |
| 4.00%, 04/30/32  | 9000000 | 9013359 |
| 2.88%, 05/15/32  | 28400000 | 26505187 |
| 4.13%, 05/31/32  | 12800000 | 12911000 |
| 4.00%, 06/30/32  | 11000000 | 11009453 |
| 2.75%, 08/15/32  | 29500000 | 27218359 |
| 4.13%, 11/15/32  | 29200000 | 29405312 |
| 3.50%, 02/15/33  | 29000000 | 27964610 |
| 3.38%, 05/15/33  | 29600000 | 28226375 |
| 3.88%, 08/15/33  | 32500000 | 32017578 |
| 4.50%, 11/15/33  | 34240000 | 35181600 |
| 4.00%, 02/15/34  | 36000000 | 35640000 |
| 4.38%, 05/15/34  | 36500000 | 37081719 |
| 3.88%, 08/15/34  | 35250000 | 34432090 |
| 4.25%, 11/15/34  | 36600000 | 36731531 |
| 4.63%, 02/15/35  | 37050000 | 38239653 |
| 4.25%, 05/15/35  | 27500000 | 27549414 |
| **Total Treasuries** <br>**(Cost $3,916,557,089)** | **Total Treasuries** <br>**(Cost $3,916,557,089)** | **3853970774** |
| **GOVERNMENT RELATED** 4.3% OF NET ASSETS | **GOVERNMENT RELATED** 4.3% OF NET ASSETS | **GOVERNMENT RELATED** 4.3% OF NET ASSETS |
| **Agency 1.3%** | **Agency 1.3%** | **Agency 1.3%** |
| **Foreign 0.7%**  | **Foreign 0.7%**  | **Foreign 0.7%**  |
| ***Austria 0.0%***  | ***Austria 0.0%***  | ***Austria 0.0%***  |
| **Oesterreichische Kontrollbank AG** | **Oesterreichische Kontrollbank AG** | **Oesterreichische Kontrollbank AG** |
| 5.00%, 10/23/26  | 80000 | 81066 |
| 4.75%, 05/21/27  | 100000 | 101577 |
| 3.63%, 09/09/27  | 350000 | 348908 |
| 4.25%, 03/01/28  | 500000 | 506025 |
| 4.00%, 05/28/28  | 500000 | 503455 |
| 4.13%, 01/18/29  | 450000 | 454684 |
| 3.75%, 09/05/29  | 150000 | 149523 |
| 4.50%, 01/24/30  | 500000 | 513100 |
|  |  | **2658338** |
| ***Canada 0.1%***  | ***Canada 0.1%***  | ***Canada 0.1%***  |
| **Export Development Canada** | **Export Development Canada** | **Export Development Canada** |
| 3.00%, 05/25/27  | 1350000 | 1329817 |
| 3.88%, 02/14/28  | 1245000 | 1248934 |
| 4.13%, 02/13/29  | 980000 | 991143 |
| 4.00%, 06/20/30  | 500000 | 503343 |
|  |  | **4073237** |
| ***China 0.0%***  | ***China 0.0%***  | ***China 0.0%***  |
| **Industrial & Commercial Bank of China Ltd.** | **Industrial & Commercial Bank of China Ltd.** | **Industrial & Commercial Bank of China Ltd.** |
| 3.54%, 11/08/27  | 300000 | 295971 |

---

*See financial notes*

**94**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***Germany 0.3%***  | ***Germany 0.3%***  | ***Germany 0.3%***  |
| **Kreditanstalt fuer Wiederaufbau** | **Kreditanstalt fuer Wiederaufbau** | **Kreditanstalt fuer Wiederaufbau** |
| 4.63%, 08/07/26 *(i)* | 1500000 | 1510530 |
| 1.00%, 10/01/26 *(i)* | 1010000 | 974569 |
| 4.38%, 03/01/27 *(i)* | 1275000 | 1286398 |
| 3.00%, 05/20/27 *(i)* | 1750000 | 1724975 |
| 4.00%, 06/28/27 *(i)* | 870000 | 873811 |
| 3.50%, 08/27/27 *(i)* | 500000 | 497550 |
| 3.75%, 02/15/28 *(i)* | 770000 | 770616 |
| 2.88%, 04/03/28 *(i)* | 1185000 | 1159084 |
| 3.88%, 05/15/28 *(i)* | 500000 | 502190 |
| 3.88%, 06/15/28 *(i)* | 1000000 | 1004430 |
| 4.00%, 03/15/29 *(i)* | 1025000 | 1033097 |
| 1.75%, 09/14/29 *(i)* | 895000 | 825074 |
| 4.63%, 03/18/30 *(i)* | 1000000 | 1035170 |
| 3.75%, 07/15/30 *(i)* | 1695000 | 1688983 |
| 0.75%, 09/30/30 *(i)* | 530000 | 452885 |
| 4.75%, 10/29/30 *(i)* | 815000 | 849279 |
| 4.13%, 07/15/33 *(i)* | 1100000 | 1096953 |
| 4.38%, 02/28/34 *(i)* | 770000 | 778955 |
| 4.07%, 04/18/36 *(i)(j)* | 660000 | 413325 |
| 4.66%, 06/29/37 *(i)(j)* | 750000 | 442785 |
| **Landwirtschaftliche Rentenbank** | **Landwirtschaftliche Rentenbank** | **Landwirtschaftliche Rentenbank** |
| 1.75%, 07/27/26 *(i)* | 600000 | 586074 |
| 3.88%, 09/28/27 *(i)* | 60000 | 60163 |
| 2.50%, 11/15/27 *(i)* | 500000 | 485925 |
| 4.63%, 04/17/29 *(i)* | 500000 | 514675 |
| 0.88%, 09/03/30 *(i)* | 850000 | 731620 |
| 5.00%, 10/24/33 *(i)* | 565000 | 595205 |
|  |  | **21894321** |
| ***Japan 0.1%***  | ***Japan 0.1%***  | ***Japan 0.1%***  |
| **Japan Bank for International Cooperation** | **Japan Bank for International Cooperation** | **Japan Bank for International Cooperation** |
| 2.25%, 11/04/26  | 600000 | 586080 |
| 2.88%, 06/01/27  | 750000 | 734767 |
| 2.88%, 07/21/27  | 700000 | 685461 |
| 4.38%, 10/05/27  | 450000 | 454559 |
| 2.75%, 11/16/27  | 475000 | 462332 |
| 4.63%, 07/19/28  | 440000 | 449161 |
| 3.25%, 07/20/28  | 620000 | 608549 |
| 3.50%, 10/31/28  | 550000 | 542900 |
| 2.13%, 02/16/29  | 545000 | 511215 |
| 2.00%, 10/17/29  | 400000 | 368808 |
| 1.25%, 01/21/31  | 600000 | 515994 |
| 1.88%, 04/15/31  | 1200000 | 1063476 |
| **Japan International Cooperation Agency** | **Japan International Cooperation Agency** | **Japan International Cooperation Agency** |
| 2.13%, 10/20/26  | 200000 | 194912 |
| 2.75%, 04/27/27  | 710000 | 693201 |
| 3.38%, 06/12/28  | 525000 | 515891 |
| 1.00%, 07/22/30 *(c)* | 370000 | 317941 |
| 1.75%, 04/28/31  | 350000 | 306152 |
|  |  | **9011399** |
| ***Norway 0.0%***  | ***Norway 0.0%***  | ***Norway 0.0%***  |
| **Equinor ASA** | **Equinor ASA** | **Equinor ASA** |
| 3.00%, 04/06/27 *(a)* | 150000 | 147623 |
| 7.25%, 09/23/27  | 350000 | 373793 |
| 3.63%, 09/10/28 *(a)* | 285000 | 281403 |
| 3.13%, 04/06/30 *(a)* | 550000 | 525013 |
| 2.38%, 05/22/30 *(a)* | 300000 | 275322 |
| 3.63%, 04/06/40 *(a)* | 200000 | 167032 |
| 4.25%, 11/23/41  | 275000 | 243394 |
| 3.95%, 05/15/43  | 240000 | 201166 |
| 4.80%, 11/08/43  | 260000 | 240841 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.25%, 11/18/49 *(a)* | 400000 | 279792 |
| 3.70%, 04/06/50 *(a)* | 425000 | 321053 |
|  |  | **3056432** |
| ***Republic of Korea 0.1%***  | ***Republic of Korea 0.1%***  | ***Republic of Korea 0.1%***  |
| **Export-Import Bank of Korea** | **Export-Import Bank of Korea** | **Export-Import Bank of Korea** |
| 3.25%, 08/12/26  | 200000 | 197916 |
| 1.13%, 12/29/26  | 550000 | 525921 |
| 4.63%, 01/11/27  | 280000 | 282136 |
| 1.63%, 01/18/27  | 345000 | 332190 |
| 2.38%, 04/21/27  | 500000 | 484940 |
| 4.25%, 09/15/27  | 200000 | 200466 |
| 4.13%, 10/17/27  | 350000 | 349906 |
| 5.00%, 01/11/28  | 520000 | 530956 |
| 4.50%, 01/11/29  | 250000 | 252778 |
| 4.88%, 01/14/30  | 400000 | 411764 |
| 1.25%, 09/21/30  | 300000 | 259188 |
| 2.13%, 01/18/32  | 550000 | 474512 |
| 5.13%, 01/11/33  | 300000 | 309510 |
| 4.63%, 01/11/34 *(c)* | 250000 | 249528 |
| 2.50%, 06/29/41  | 200000 | 141688 |
| **Korea Development Bank** | **Korea Development Bank** | **Korea Development Bank** |
| 0.80%, 07/19/26  | 550000 | 530937 |
| 1.00%, 09/09/26  | 250000 | 240820 |
| 2.00%, 09/12/26  | 350000 | 341201 |
| 5.38%, 10/23/26  | 400000 | 406108 |
| 4.13%, 10/16/27  | 390000 | 389980 |
| 4.38%, 02/15/28  | 675000 | 679981 |
| 4.88%, 02/03/30  | 400000 | 411576 |
| 1.63%, 01/19/31  | 480000 | 419098 |
| 2.00%, 10/25/31  | 250000 | 219820 |
| 4.25%, 09/08/32  | 200000 | 195864 |
| 4.38%, 02/15/33  | 380000 | 373396 |
|  |  | **9212180** |
| ***Sweden 0.1%***  | ***Sweden 0.1%***  | ***Sweden 0.1%***  |
| **Svensk Exportkredit AB** | **Svensk Exportkredit AB** | **Svensk Exportkredit AB** |
| 2.25%, 03/22/27  | 575000 | 558843 |
| 3.88%, 08/04/27  | 400000 | 400534 |
| 3.75%, 05/08/28  | 500000 | 499105 |
| 4.13%, 06/14/28  | 800000 | 806656 |
| 4.25%, 02/01/29  | 300000 | 303576 |
| 4.88%, 10/04/30  | 700000 | 728819 |
|  |  | **3297533** |
|  |  | **53499411** |
| **U.S. 0.6%** | **U.S. 0.6%** | **U.S. 0.6%** |
| **Federal Farm Credit Banks Funding Corp.** |  |  |
| 4.50%, 08/14/26  | 2000000 | 2011720 |
| 3.50%, 10/02/26  | 3000000 | 2985840 |
| 4.13%, 03/20/29  | 1000000 | 1011060 |
| 4.00%, 04/01/30  | 1000000 | 1006690 |
| **Federal Home Loan Banks** |  |  |
| 4.00%, 10/09/26  | 2000000 | 2003380 |
| 1.25%, 12/21/26  | 500000 | 481885 |
| 4.13%, 01/15/27  | 2500000 | 2512800 |
| 4.75%, 04/09/27  | 2000000 | 2034940 |
| 4.25%, 12/10/27  | 2000000 | 2022440 |
| 4.00%, 06/30/28  | 5000000 | 5043950 |
| 3.25%, 11/16/28  | 5000000 | 4932300 |
| 4.75%, 12/08/28  | 2000000 | 2061400 |
| 4.75%, 03/10/34  | 2000000 | 2051200 |
| 5.50%, 07/15/36  | 400000 | 435824 |

---

*See financial notes*

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

**95**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Federal Home Loan Mortgage Corp.** |  |  |
| 6.75%, 09/15/29  | 500000 | 557330 |
| 6.75%, 03/15/31  | 1564000 | 1788825 |
| 6.25%, 07/15/32  | 700000 | 794087 |
| **Federal National Mortgage Association** |  |  |
| 1.88%, 09/24/26  | 4500000 | 4393125 |
| 0.75%, 10/08/27  | 6000000 | 5612460 |
| 7.13%, 01/15/30  | 527000 | 599304 |
| 7.25%, 05/15/30  | 1000000 | 1151660 |
| 0.88%, 08/05/30  | 1000000 | 863900 |
| 6.63%, 11/15/30  | 2700000 | 3052566 |
| 5.63%, 07/15/37  | 1500000 | 1647675 |
| **Private Export Funding Corp.** |  |  |
| 4.50%, 02/07/27 *(d)* | 50000 | 50312 |
| 3.90%, 10/15/27  | 195000 | 194848 |
| 1.40%, 07/15/28  | 240000 | 222965 |
| 4.30%, 12/15/28  | 150000 | 151705 |
| 4.60%, 02/15/34  | 150000 | 151392 |
| **Tennessee Valley Authority** |  |  |
| 2.88%, 02/01/27  | 500000 | 492615 |
| 5.25%, 09/15/39  | 750000 | 782190 |
| 4.63%, 09/15/60  | 100000 | 87203 |
|  |  | **53189591** |
|  |  | **106689002** |
| **Local Authority 0.7%** | **Local Authority 0.7%** | **Local Authority 0.7%** |
| **Foreign 0.2%**  | **Foreign 0.2%**  | **Foreign 0.2%**  |
| ***Canada 0.2%***  | ***Canada 0.2%***  | ***Canada 0.2%***  |
| **Hydro-Quebec** | **Hydro-Quebec** | **Hydro-Quebec** |
| 8.50%, 12/01/29  | 70000 | 82198 |
| 9.38%, 04/15/30  | 300000 | 366378 |
| 9.50%, 11/15/30  | 30000 | 37427 |
| **Province of Alberta** | **Province of Alberta** | **Province of Alberta** |
| 3.30%, 03/15/28  | 745000 | 733989 |
| 1.30%, 07/22/30  | 1000000 | 876820 |
| 4.50%, 01/24/34  | 60000 | 59948 |
| **Province of British Columbia** | **Province of British Columbia** | **Province of British Columbia** |
| 0.90%, 07/20/26  | 650000 | 629135 |
| 4.70%, 01/24/28  | 1000000 | 1020330 |
| 4.80%, 11/15/28  | 610000 | 626873 |
| 4.90%, 04/24/29  | 575000 | 594711 |
| 1.30%, 01/29/31  | 700000 | 602854 |
| 4.20%, 07/06/33  | 275000 | 270034 |
| 4.75%, 06/12/34  | 500000 | 507845 |
| 4.80%, 06/11/35  | 750000 | 760380 |
| 7.25%, 09/01/36  | 340000 | 413729 |
| **Province of Manitoba** | **Province of Manitoba** | **Province of Manitoba** |
| 1.50%, 10/25/28  | 180000 | 166687 |
| 4.30%, 07/27/33  | 260000 | 256394 |
| 4.90%, 05/31/34  | 350000 | 358463 |
| **Province of New Brunswick** | **Province of New Brunswick** | **Province of New Brunswick** |
| 3.63%, 02/24/28  | 295000 | 292395 |
| **Province of Ontario** | **Province of Ontario** | **Province of Ontario** |
| 3.10%, 05/19/27  | 725000 | 714545 |
| 1.05%, 05/21/27  | 550000 | 521768 |
| 4.20%, 01/18/29  | 545000 | 550101 |
| 3.70%, 09/17/29  | 200000 | 198044 |
| 2.00%, 10/02/29  | 385000 | 355825 |
| 4.70%, 01/15/30  | 750000 | 772627 |
| 1.13%, 10/07/30  | 490000 | 422860 |
| 1.60%, 02/25/31  | 600000 | 525336 |
| 1.80%, 10/14/31  | 530000 | 459335 |
| 2.13%, 01/21/32  | 475000 | 417554 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.05%, 04/24/34  | 450000 | 467158 |
| 4.85%, 06/11/35  | 500000 | 509345 |
| **Province of Quebec** | **Province of Quebec** | **Province of Quebec** |
| 2.75%, 04/12/27  | 640000 | 626918 |
| 3.63%, 04/13/28  | 1000000 | 993990 |
| 4.50%, 04/03/29  | 855000 | 872382 |
| 7.50%, 09/15/29  | 608000 | 690050 |
| 1.35%, 05/28/30  | 575000 | 507506 |
| 1.90%, 04/21/31  | 375000 | 332528 |
| 4.50%, 09/08/33  | 300000 | 300750 |
| 4.25%, 09/05/34  | 600000 | 586596 |
| **Province of Saskatchewan** | **Province of Saskatchewan** | **Province of Saskatchewan** |
| 3.25%, 06/08/27  | 300000 | 296319 |
|  |  | **19778127** |
| **U.S. 0.5%** | **U.S. 0.5%** | **U.S. 0.5%** |
| **Alameda County Joint Powers Authority** |  |  |
| RB (Build America Bonds) Series 2010 |  |  |
| 7.05%, 12/01/44  | 105000 | 118357 |
| **American Municipal Power, Inc.** |  |  |
| RB (Build America Bonds) Series 2010 |  |  |
| 8.08%, 02/15/50  | 250000 | 317870 |
| **Bay Area Toll Authority** |  |  |
| RB (Build America Bonds) Series <br> 2009F2<br>|  |  |
| 6.26%, 04/01/49  | 300000 | 315740 |
| RB (Build America Bonds) Series <br> 2010S1<br>|  |  |
| 7.04%, 04/01/50  | 300000 | 343960 |
| RB (Build America Bonds) Series <br> 2010S3<br>|  |  |
| 6.91%, 10/01/50  | 250000 | 281649 |
| RB Sereis F3 |  |  |
| 3.13%, 04/01/55 *(a)* | 165000 | 107650 |
| **Board of Regents of the University of Texas** <br> **System**<br>|  |  |
| RB (Build America Bonds) Series C |  |  |
| 4.79%, 08/15/46  | 60000 | 56622 |
| **California Health Facilities Financing** <br> **Authority**<br>|  |  |
| RB Series 2022 |  |  |
| 4.19%, 06/01/37 *(a)* | 10000 | 9289 |
| **California State University** |  |  |
| RB Series 2017B |  |  |
| 3.90%, 11/01/47 *(a)* | 115000 | 94274 |
| RB Series E |  |  |
| 2.90%, 11/01/51 *(a)* | 100000 | 69358 |
| Series B |  |  |
| 2.72%, 11/01/52  | 400000 | 256216 |
| **Central Puget Sound Regional Transit** <br> **Authority**<br>|  |  |
| RB (Build America Bonds) Series <br> 2009-S<br>|  |  |
| 5.49%, 11/01/39  | 15000 | 15294 |
| **Charlotte-Mecklenburg Hospital Authority** |  |  |
| 3.20%, 01/15/51 *(a)* | 75000 | 50726 |
| **Chicago O'Hare International Airport** |  |  |
| RB (Build America Bonds) Series <br> 2010B<br>|  |  |
| 6.40%, 01/01/40  | 150000 | 166084 |
| Series C |  |  |
| 4.47%, 01/01/49  | 150000 | 129637 |
| Series C |  |  |
| 4.57%, 01/01/54  | 50000 | 43344 |

---

*See financial notes*

**96**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Chicago Transit Authority Sales & Transfer** <br> **Tax Receipts Revenue**<br>|  |  |
| RB (Pension Funding) Series 2008A |  |  |
| 6.90%, 12/01/40  | 408269 | 452604 |
| RB (Pension Funding) Series 2008B |  |  |
| 6.90%, 12/01/40  | 183019 | 203004 |
| **City of Atlanta Water & Wastewater Revenue** |  |  |
| RB Series 2020 |  |  |
| 2.26%, 11/01/35 *(a)* | 125000 | 102814 |
| **City of Houston TX** |  |  |
| GO Bonds (Pension Funding) Series <br> 2017<br>|  |  |
| 3.96%, 03/01/47  | 255000 | 212745 |
| **City of New York** |  |  |
| 6.29%, 02/01/45 *(a)* | 100000 | 105076 |
| 6.39%, 02/01/55 *(a)* | 200000 | 208322 |
| GO Bonds Series 2023 B-1 |  |  |
| 5.83%, 10/01/53  | 200000 | 206301 |
| GO Bonds Series 2024 D-1 |  |  |
| 5.09%, 10/01/49  | 100000 | 94641 |
| GO Bonds Series 2024 D-1 |  |  |
| 5.11%, 10/01/54  | 200000 | 187042 |
| GO Bonds Series 2024 D-2 |  |  |
| 5.26%, 10/01/44 *(a)* | 100000 | 97370 |
| **City of New York NY** |  |  |
| GO Bonds (Build America Bonds) <br> Series C1<br>|  |  |
| 5.52%, 10/01/37  | 15000 | 15285 |
| **City of Riverside CA** |  |  |
| RB Series A |  |  |
| 3.86%, 06/01/45 *(a)* | 40000 | 33973 |
| **City of San Antonio TX Electric & Gas** <br> **Systems Revenue**<br>|  |  |
| RB (Build America Bonds) Series 2009 |  |  |
| 5.99%, 02/01/39  | 150000 | 158261 |
| RB Series 2012 |  |  |
| 4.43%, 02/01/42  | 210000 | 197889 |
| **City of San Francisco CA Public Utilities** <br> **Commission Water Revenue**<br>|  |  |
| RB (Build America Bonds) Series 2010 |  |  |
| 6.95%, 11/01/50  | 150000 | 170152 |
| **City of Tucson AZ** |  |  |
| Series A, (AGM) |  |  |
| 2.86%, 07/01/47  | 220000 | 155445 |
| **Commonwealth Financing Authority** |  |  |
| RB Series A |  |  |
| 3.86%, 06/01/38  | 75000 | 68708 |
| RB Series A |  |  |
| 2.99%, 06/01/42  | 20000 | 14973 |
| Series A |  |  |
| 4.14%, 06/01/38  | 215000 | 198944 |
| **Commonwealth of Massachusetts** |  |  |
| GO (Build America Bonds) Series 2009 |  |  |
| 5.46%, 12/01/39  | 100000 | 101720 |
| GO (Build America Bonds) Series <br> 2010D<br>|  |  |
| 4.50%, 08/01/31  | 400000 | 399353 |
| RB Series 2022 A |  |  |
| 3.77%, 07/15/29  | 150000 | 148399 |
| Series H |  |  |
| 2.90%, 09/01/49  | 300000 | 201947 |
| **Commonwealth of Massachusetts** <br> **Transportation Fund Revenue**<br>|  |  |
| RB (Build America Bonds) Series 2010 |  |  |
| 5.73%, 06/01/40  | 200000 | 205340 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **County of Broward Airport System Revenue** |  |  |
| RB Series C |  |  |
| 3.48%, 10/01/43 *(a)* | 30000 | 24504 |
| **County of Clark Department of Aviation** |  |  |
| RB (Build America Bonds) Series <br> 2010C<br>|  |  |
| 6.82%, 07/01/45  | 350000 | 391400 |
| **County of Cook IL** |  |  |
| GO (Build America Bonds) Series D |  |  |
| 6.23%, 11/15/34  | 115000 | 121305 |
| **County of Miami-Dade FL Aviation Revenue** |  |  |
| RB Series C |  |  |
| 4.28%, 10/01/41 *(a)* | 35000 | 31562 |
| **Dallas Area Rapid Transit** |  |  |
| RB (Build America Bonds) Series 2010 |  |  |
| 5.02%, 12/01/48  | 250000 | 227935 |
| Series B |  |  |
| 6.00%, 12/01/44  | 300000 | 308752 |
| **Dallas Convention Center Hotel Development** <br> **Corp.**<br>|  |  |
| RB Series 2009 |  |  |
| 7.09%, 01/01/42  | 105000 | 116141 |
| **Dallas County Hospital District** |  |  |
| GO (Build America Bonds) Series C |  |  |
| 5.62%, 08/15/44  | 150000 | 150284 |
| **Dallas Fort Worth International Airport** |  |  |
| RB Series 2020C |  |  |
| 2.92%, 11/01/50  | 150000 | 102792 |
| RB Series A |  |  |
| 4.09%, 11/01/51  | 25000 | 20251 |
| RB Series C |  |  |
| 2.84%, 11/01/46 *(a)* | 35000 | 25248 |
| Series A |  |  |
| 2.99%, 11/01/38  | 175000 | 148435 |
| Series A |  |  |
| 3.14%, 11/01/45  | 105000 | 78363 |
| Series C |  |  |
| 3.09%, 11/01/40 *(a)* | 205000 | 163169 |
| **Dallas Independent School District** |  |  |
| GO (Build America Bonds) Series <br> 2010C<br>|  |  |
| 6.45%, 02/15/35 *(a)* | 350000 | 350819 |
| **District of Columbia Water & Sewer Authority** |  |  |
| RB Series 2014A |  |  |
| 4.81%, 10/01/14  | 185000 | 158111 |
| **East Bay Municipal Utility District Water** <br> **System Revenue**<br>|  |  |
| Water System RB (Build America <br> Bonds) Series 2010<br>|  |  |
| 5.87%, 06/01/40  | 50000 | 52730 |
| **Empire State Development Corp.** |  |  |
| RB (Build America Bonds) Series 2009 |  |  |
| 5.77%, 03/15/39  | 305000 | 315172 |
| **Foothill-Eastern Transportation Corridor** <br> **Agency**<br>|  |  |
| Series A |  |  |
| 4.09%, 01/15/49 *(a)* | 130000 | 105319 |
| Series A |  |  |
| 3.92%, 01/15/53 *(a)* | 125000 | 93408 |
| **Golden State Tobacco Securitization Corp.** |  |  |
| RB Series 2021 A-1 |  |  |
| 3.71%, 06/01/41 *(a)* | 100000 | 76887 |
| RB Series B |  |  |
| 2.75%, 06/01/34 *(a)* | 100000 | 87466 |

---

*See financial notes*

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

**97**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series B |  |  |
| 3.00%, 06/01/46  | 125000 | 110988 |
| **Grand Parkway Transportation Corp.** |  |  |
| RB Series 2013E |  |  |
| 5.18%, 10/01/42  | 200000 | 200615 |
| Series B |  |  |
| 3.24%, 10/01/52 *(a)* | 300000 | 199807 |
| **Illinois** |  |  |
| GO (Build America Bonds) Series 2010 |  |  |
| 6.63%, 02/01/35  | 115385 | 121090 |
| **Illinois State Toll Highway Authority** |  |  |
| RB (Build America Bonds) Series A |  |  |
| 6.18%, 01/01/34  | 30000 | 32166 |
| **Indiana Finance Authority** |  |  |
| RB Series 2021 |  |  |
| 3.05%, 01/01/51  | 60000 | 42841 |
| **JobsOhio Beverage System** |  |  |
| Series B |  |  |
| 4.53%, 01/01/35  | 200000 | 198285 |
| **Kansas Development Finance Authority** |  |  |
| RB Series H |  |  |
| 4.93%, 04/15/45  | 40000 | 37275 |
| RB Series K |  |  |
| 2.77%, 05/01/51  | 30000 | 20345 |
| **Los Angeles Community College District** |  |  |
| GO (Build America Bonds) Series 2010 |  |  |
| 6.75%, 08/01/49  | 85000 | 94985 |
| **Los Angeles Department of Water & Power** |  |  |
| RB (Build America Bonds) Series 2010 |  |  |
| 6.57%, 07/01/45  | 250000 | 262942 |
| **Louisiana Local Government Environmental** <br> **Facilities & Community Development** <br> **Authority**<br>|  |  |
| RB Sereis A1 |  |  |
| 5.08%, 06/01/31 *(a)* | 103737 | 105365 |
| RB Series 2022 A |  |  |
| 4.48%, 08/01/39 *(a)* | 300000 | 286492 |
| RB Series 2023 |  |  |
| 5.05%, 12/01/34 *(a)* | 200000 | 204508 |
| RB Series A |  |  |
| 3.62%, 02/01/29 *(a)* | 29639 | 29412 |
| RB Series A |  |  |
| 4.15%, 02/01/33 *(a)* | 200000 | 197476 |
| RB Series A1 |  |  |
| 5.20%, 12/01/39 *(a)* | 100000 | 101322 |
| Series 2022-ELL, Class A3 |  |  |
| 4.28%, 02/01/36 *(a)* | 300000 | 291118 |
| **Louisville and Jefferson County Metropolitan** <br> **Sewer District**<br>|  |  |
| RB (Build America Bonds) |  |  |
| 6.25%, 05/15/43  | 100000 | 104823 |
| **Maryland Economic Development Corp.** |  |  |
| RB Series 2024 |  |  |
| 5.94%, 05/31/57 *(a)* | 150000 | 149332 |
| **Maryland Health & Higher Educational** <br> **Facilities Authority**<br>|  |  |
| RB Series D |  |  |
| 3.05%, 07/01/40 *(a)* | 100000 | 76483 |
| RB Series D |  |  |
| 3.20%, 07/01/50  | 100000 | 66297 |
| **Massachusetts School Building Authority** |  |  |
| RB Series 2010 |  |  |
| 5.72%, 08/15/39  | 50000 | 51476 |
| RB Series B |  |  |
| 1.75%, 08/15/30  | 350000 | 317592 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series B |  |  |
| 3.40%, 10/15/40 *(a)* | 250000 | 210873 |
| **Metropolitan Government Nashville &** <br> **Davidson County Health & Educational** <br> **Facilities Board**<br>|  |  |
| RB (Vanderbilt Univ Medical Center) <br> Series 2016 B<br>|  |  |
| 4.05%, 07/01/26 *(a)* | 200000 | 199272 |
| **Metropolitan Government of Nashville &** <br> **Davidson County Convention Center Auth**<br>|  |  |
| RB (Build America Bonds) Series B |  |  |
| 6.73%, 07/01/43  | 10000 | 10752 |
| **Metropolitan Transportation Authority** |  |  |
| RB (Build America Bonds) Series E |  |  |
| 6.81%, 11/15/40  | 240000 | 261053 |
| RB Series 2010 |  |  |
| 6.67%, 11/15/39  | 40000 | 43093 |
| **Metropolitan Transportation Authority** <br> **Dedicated Tax Fund**<br>|  |  |
| RB (Build America Bonds) Series C |  |  |
| 7.34%, 11/15/39  | 310000 | 366543 |
| **Metropolitan Washington Airports Authority** <br> **Dulles Toll Road Revenue**<br>|  |  |
| RB (Build America Bonds) Series B |  |  |
| 7.46%, 10/01/46  | 90000 | 105676 |
| **Metropolitan Water Reclamation District of** <br> **Greater Chicago**<br>|  |  |
| GO Bonds Series 2009 |  |  |
| 5.72%, 12/01/38  | 250000 | 258776 |
| **Michigan Finance Authority** |  |  |
| RB Series 2019 |  |  |
| 3.38%, 12/01/40  | 350000 | 287887 |
| **Michigan State University** |  |  |
| RB Series A |  |  |
| 4.50%, 08/15/48 *(a)* | 25000 | 22208 |
| **Missouri Health & Educational Facilities** <br> **Authority**<br>|  |  |
| RB Series 2017A |  |  |
| 3.65%, 08/15/57 *(a)* | 130000 | 93757 |
| **Municipal Electric Authority of Georgia** |  |  |
| RB (Build America Bonds) Series 2010 |  |  |
| 6.66%, 04/01/57  | 244000 | 259913 |
| RB (Build America Bonds) Series A |  |  |
| 6.64%, 04/01/57  | 241000 | 260935 |
| RB Series B |  |  |
| 7.06%, 04/01/57  | 35000 | 38263 |
| **New Jersey Economic Development** <br> **Authority**<br>|  |  |
| Series A |  |  |
| 7.43%, 02/15/29  | 516000 | 545225 |
| **New Jersey Transportation Trust Fund** <br> **Authority**<br>|  |  |
| RB (Build America Bonds) Series B |  |  |
| 6.56%, 12/15/40  | 50000 | 55075 |
| **New Jersey Turnpike Authority** |  |  |
| RB (Build America Bonds) Series 2009F |  |  |
| 7.41%, 01/01/40  | 500000 | 597651 |
| RB (Build America Bonds) Series <br> 2010A<br>|  |  |
| 7.10%, 01/01/41  | 650000 | 744262 |
| **New York City Municipal Water Finance** <br> **Authority**<br>|  |  |
| RB (Build America Bonds) Series GG |  |  |
| 5.72%, 06/15/42  | 100000 | 100775 |

---

*See financial notes*

**98**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Water System RB (Build America <br> Bonds)<br>|  |  |
| 6.01%, 06/15/42  | 250000 | 259490 |
| Water System RB (Build America <br> Bonds) Series 2011CC<br>|  |  |
| 5.88%, 06/15/44  | 250000 | 252940 |
| Water System RB (Build America <br> Bonds) Series AA-2-2009<br>|  |  |
| 5.75%, 06/15/41  | 300000 | 304116 |
| **New York State Dormitory Authority** |  |  |
| RB (Build America Bonds) Series 2010 |  |  |
| 5.60%, 03/15/40  | 200000 | 203069 |
| RB Series 2009F |  |  |
| 5.63%, 03/15/39  | 200000 | 204979 |
| **North Texas Tollway Authority** |  |  |
| RB (Build America Bonds) Series <br> 2009B<br>|  |  |
| 6.72%, 01/01/49  | 350000 | 388715 |
| **Ohio State University** |  |  |
| RB (Build America Bonds) Series <br> 2010C<br>|  |  |
| 4.91%, 06/01/40  | 500000 | 488229 |
| **Ohio Turnpike & Infrastructure Commission** |  |  |
| RB Series A |  |  |
| 3.22%, 02/15/48 *(a)* | 100000 | 72241 |
| **Oklahoma Development Finance Authority** |  |  |
| RB Series 2022 |  |  |
| 4.38%, 11/01/45 *(a)* | 45000 | 42297 |
| RB Series 2022 |  |  |
| 4.71%, 05/01/52 *(a)* | 150000 | 136581 |
| **Oregon School Boards Association** |  |  |
| Series B |  |  |
| 5.55%, 06/30/28  | 303665 | 305770 |
| **Oregon State University** |  |  |
| RB Series 2020 |  |  |
| 3.42%, 03/01/60 *(a)* | 270000 | 178485 |
| **Port Authority of New York & New Jersey** |  |  |
| Consolidated Bonds 164th Series |  |  |
| 5.65%, 11/01/40  | 240000 | 252274 |
| Consolidated Bonds 165th Series |  |  |
| 5.65%, 11/01/40  | 200000 | 209323 |
| Consolidated Bonds 168th Series |  |  |
| 4.93%, 10/01/51  | 500000 | 461714 |
| Consolidated Bonds 174th Series |  |  |
| 4.46%, 10/01/62  | 925000 | 771493 |
| Consolidated Bonds 181st Series |  |  |
| 4.96%, 08/01/46  | 200000 | 187462 |
| RB Series 182 |  |  |
| 5.31%, 08/01/46 *(a)* | 380000 | 365083 |
| **Port of Morrow** |  |  |
| RB Series 2020 1 |  |  |
| 2.54%, 09/01/40  | 100000 | 75599 |
| **Regents of the University of California** <br> **Medical Center Pooled Revenue**<br>|  |  |
| RB (Build America Bonds) Series F |  |  |
| 6.58%, 05/15/49  | 310000 | 332907 |
| RB (Build America Bonds) Series H |  |  |
| 6.55%, 05/15/48  | 100000 | 106949 |
| RB Series 2022 Q |  |  |
| 4.56%, 05/15/53  | 200000 | 168192 |
| Series N |  |  |
| 3.01%, 05/15/50 *(a)* | 235000 | 151481 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Regional Transportation District Sales Tax** <br> **Revenue**<br>|  |  |
| Series B |  |  |
| 5.84%, 11/01/50  | 200000 | 203828 |
| **Rutgers The State University of New Jersey** |  |  |
| RB (Build America Bonds) Series H |  |  |
| 5.67%, 05/01/40  | 30000 | 30316 |
| Series P |  |  |
| 3.92%, 05/01/19 *(a)* | 150000 | 99871 |
| Series R |  |  |
| 3.27%, 05/01/43  | 100000 | 78995 |
| **Sales Tax Securitization Corp.** |  |  |
| RB 2021 Series B |  |  |
| 3.24%, 01/01/42  | 150000 | 120985 |
| RB Series 2017B |  |  |
| 3.59%, 01/01/43  | 300000 | 254790 |
| RB Series B |  |  |
| 3.82%, 01/01/48  | 250000 | 197342 |
| **Salt River Project Agricultural Improvement &** <br> **Power District**<br>|  |  |
| RB (Build America Bonds) Series 2010 |  |  |
| 4.84%, 01/01/41  | 75000 | 70697 |
| **San Diego County Regional Transportation** <br> **Commission**<br>|  |  |
| RB (Build America Bonds) Series <br> 2010A<br>|  |  |
| 5.91%, 04/01/48  | 300000 | 305078 |
| **San Diego County Water Authority., Class B** |  |  |
| RB (Build America Bonds) Series <br> 2010B<br>|  |  |
| 6.14%, 05/01/49  | 345000 | 360448 |
| **San Joaquin Hills Transportation Corridor** <br> **Agency**<br>|  |  |
| RB Series B |  |  |
| 3.49%, 01/15/50 *(a)* | 240000 | 178706 |
| **San Jose Redevelopment Successor Agency** |  |  |
| Series A |  |  |
| 3.38%, 08/01/34 *(a)* | 375000 | 346621 |
| **State Board of Administration Finance Corp.** |  |  |
| RB Series 2024 A |  |  |
| 5.53%, 07/01/34 *(a)* | 300000 | 308607 |
| Series A |  |  |
| 1.71%, 07/01/27  | 350000 | 333462 |
| Series A |  |  |
| 2.15%, 07/01/30  | 350000 | 314887 |
| **State of California** |  |  |
| 4.50%, 04/01/33 *(a)* | 10000 | 9894 |
| GO (Build America Bonds) Series 2009 |  |  |
| 7.50%, 04/01/34  | 900000 | 1044862 |
| GO (Build America Bonds) Series 2009 |  |  |
| 7.55%, 04/01/39  | 1000000 | 1200080 |
| GO (Build America Bonds) Series 2009 |  |  |
| 7.30%, 10/01/39  | 800000 | 926246 |
| GO (Build America Bonds) Series 2009 |  |  |
| 7.35%, 11/01/39  | 615000 | 715477 |
| GO Bonds |  |  |
| 7.60%, 11/01/40  | 600000 | 724607 |
| GO Bonds Series 2010 |  |  |
| 7.63%, 03/01/40  | 100000 | 119934 |
| GO Bonds Series 2019 |  |  |
| 2.38%, 10/01/26  | 175000 | 171422 |
| GO Bonds Series 2021A |  |  |
| 1.70%, 02/01/28  | 100000 | 94522 |
| GO Bonds Series 2023 |  |  |
| 6.00%, 03/01/33  | 100000 | 109098 |

---

*See financial notes*

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

**99**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2023 |  |  |
| 5.20%, 03/01/43 *(a)* | 200000 | 193573 |
| GO Bonds Series 2024 |  |  |
| 5.13%, 09/01/29  | 150000 | 156016 |
| GO Bonds Series A |  |  |
| 3.05%, 04/01/29  | 200000 | 193782 |
| **State of Connecticut** |  |  |
| GO Bonds Series 2008A |  |  |
| 5.85%, 03/15/32  | 400000 | 428767 |
| **State of Illinois** |  |  |
| GO (Build America Bonds) Series 2010 |  |  |
| 7.35%, 07/01/35  | 196428 | 213535 |
| GO Bonds (Pension Funding) Series <br> 2003<br>|  |  |
| 5.10%, 06/01/33  | 1871618 | 1878271 |
| **State of Mississippi** |  |  |
| GO Bonds (Build America Bonds) <br> Series F<br>|  |  |
| 5.25%, 11/01/34  | 75000 | 76028 |
| **State of Oregon** |  |  |
| GO Bonds (Pension Funding) Series <br> 2003<br>|  |  |
| 5.89%, 06/01/27  | 165568 | 169431 |
| **State of Texas** |  |  |
| GO Mobility Fund Bonds (Build <br> America Bonds) Series 2009A<br>|  |  |
| 5.52%, 04/01/39  | 500000 | 515259 |
| **State of Wisconsin** |  |  |
| RB Series A |  |  |
| 3.95%, 05/01/36 *(a)* | 200000 | 187391 |
| **State Public School Building Authority** |  |  |
| RB Series A |  |  |
| 5.00%, 09/15/27  | 10000 | 10104 |
| **Texas** |  |  |
| GO (Build America Bonds) Series <br> 2010A<br>|  |  |
| 4.68%, 04/01/40  | 200000 | 192989 |
| **Texas Natural Gas Securitization Finance** <br> **Corp.**<br>|  |  |
| RB 2023 |  |  |
| 5.10%, 04/01/35 *(a)* | 264801 | 270648 |
| RB Series 2023 |  |  |
| 5.17%, 04/01/41 *(a)* | 750000 | 757784 |
| **Texas Private Activity Bond Surface** <br> **Transportation Corp.**<br>|  |  |
| RB Series B |  |  |
| 3.92%, 12/31/49  | 430000 | 334747 |
| **Texas Transportation Commission** |  |  |
| RB (Build America Bonds) Series B |  |  |
| 5.18%, 04/01/30  | 130000 | 132517 |
| **United Nations Development Corp.** |  |  |
| 6.54%, 08/01/55 *(a)* | 100000 | 104574 |
| **University of California** |  |  |
| RB Series 2015AQ |  |  |
| 4.77%, 05/15/15  | 300000 | 245442 |
| RB Series 2019 BD |  |  |
| 3.35%, 07/01/29  | 200000 | 195889 |
| RB Series 2020 BG |  |  |
| 1.32%, 05/15/27 *(a)* | 100000 | 95359 |
| RB Series AD |  |  |
| 4.86%, 05/15/12  | 400000 | 335894 |
| RB Series BG |  |  |
| 1.61%, 05/15/30 *(a)* | 250000 | 223495 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series BJ |  |  |
| 3.07%, 05/15/51 *(a)* | 250000 | 158436 |
| **University of Michigan** |  |  |
| RB Series C |  |  |
| 3.60%, 04/01/47  | 130000 | 108030 |
| Series B |  |  |
| 2.44%, 04/01/40 *(a)* | 430000 | 314425 |
| **University of Minnesota** |  |  |
| RB Series 2022 |  |  |
| 4.05%, 04/01/52  | 135000 | 107451 |
| **University of Pittsburgh-of the** <br> **Commonwealth System of Higher Education**<br>|  |  |
| RB Series 2019A |  |  |
| 3.56%, 09/15/19 *(a)* | 250000 | 158458 |
| **University of Virginia** |  |  |
| General Revenue Pledge and Refunding <br> Bonds, Series 2020<br>|  |  |
| 2.26%, 09/01/50 *(a)* | 400000 | 226700 |
| Series B |  |  |
| 2.58%, 11/01/51 *(a)* | 325000 | 196998 |
| Series C |  |  |
| 4.18%, 09/01/17 *(a)* | 150000 | 112171 |
|  |  | **39765783** |
|  |  | **59543910** |
| **Sovereign 1.0%** | **Sovereign 1.0%** | **Sovereign 1.0%** |
| ***Canada 0.0%***  | ***Canada 0.0%***  | ***Canada 0.0%***  |
| **Canada Government International Bonds** | **Canada Government International Bonds** | **Canada Government International Bonds** |
| 3.75%, 04/26/28  | 1350000 | 1351984 |
| 4.63%, 04/30/29  | 1000000 | 1029920 |
| 4.00%, 03/18/30  | 500000 | 503950 |
|  |  | **2885854** |
| ***Chile 0.1%***  | ***Chile 0.1%***  | ***Chile 0.1%***  |
| **Chile Government International Bonds** | **Chile Government International Bonds** | **Chile Government International Bonds** |
| 2.75%, 01/31/27 *(a)* | 570000 | 556360 |
| 3.24%, 02/06/28 *(a)* | 625000 | 608819 |
| 2.45%, 01/31/31 *(a)* | 575000 | 514125 |
| 2.55%, 01/27/32 *(a)* | 600000 | 527022 |
| 2.55%, 07/27/33 *(a)* | 870000 | 734819 |
| 3.50%, 01/31/34 *(a)* | 600000 | 538560 |
| 4.95%, 01/05/36 *(a)* | 640843 | 629929 |
| 5.65%, 01/13/37 *(a)* | 500000 | 516635 |
| 3.10%, 05/07/41 *(a)* | 950000 | 708253 |
| 3.63%, 10/30/42  | 150000 | 120656 |
| 3.50%, 01/25/50 *(a)* | 750000 | 535522 |
| 4.00%, 01/31/52 *(a)* | 350000 | 270634 |
| 5.33%, 01/05/54 *(a)* | 230000 | 216442 |
| 3.10%, 01/22/61 *(a)* | 820000 | 498257 |
| 3.25%, 09/21/71 *(a)* | 450000 | 274320 |
|  |  | **7250353** |
| ***Hungary 0.0%***  | ***Hungary 0.0%***  | ***Hungary 0.0%***  |
| **Hungary Government International Bonds** | **Hungary Government International Bonds** | **Hungary Government International Bonds** |
| 7.63%, 03/29/41  | 500000 | 563350 |
| ***Indonesia 0.1%***  | ***Indonesia 0.1%***  | ***Indonesia 0.1%***  |
| **Indonesia Government International Bonds** | **Indonesia Government International Bonds** | **Indonesia Government International Bonds** |
| 3.50%, 01/11/28  | 625000 | 615794 |
| 4.55%, 01/11/28 *(a)* | 285000 | 287599 |
| 4.10%, 04/24/28  | 500000 | 499945 |
| 4.75%, 02/11/29  | 400000 | 407780 |
| 3.40%, 09/18/29  | 375000 | 363157 |

---

*See financial notes*

**100**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.85%, 02/14/30  | 605000 | 567327 |
| 3.85%, 10/15/30  | 675000 | 658314 |
| 1.85%, 03/12/31  | 425000 | 368432 |
| 2.15%, 07/28/31 *(a)* | 200000 | 174616 |
| 3.55%, 03/31/32 *(a)* | 350000 | 326802 |
| 4.65%, 09/20/32 *(a)* | 275000 | 273229 |
| 4.85%, 01/11/33 *(a)* | 420000 | 421499 |
| 4.70%, 02/10/34 *(a)* | 240000 | 236059 |
| 4.75%, 09/10/34 *(a)* | 300000 | 294927 |
| 4.35%, 01/11/48  | 700000 | 586502 |
| 5.35%, 02/11/49 *(c)* | 300000 | 289872 |
| 3.70%, 10/30/49  | 500000 | 374045 |
| 3.50%, 02/14/50  | 350000 | 251171 |
| 4.20%, 10/15/50  | 500000 | 404010 |
| 3.05%, 03/12/51  | 605000 | 399155 |
| 5.65%, 01/11/53 *(a)* | 215000 | 212923 |
| 5.10%, 02/10/54 *(a)* | 200000 | 186050 |
| 5.15%, 09/10/54 *(a)(c)* | 200000 | 188292 |
| 3.20%, 09/23/61 *(a)* | 220000 | 138609 |
| 4.45%, 04/15/70  | 275000 | 218749 |
| 3.35%, 03/12/71  | 300000 | 188649 |
|  |  | **8933507** |
| ***Israel 0.1%***  | ***Israel 0.1%***  | ***Israel 0.1%***  |
| **Israel Government International Bonds** | **Israel Government International Bonds** | **Israel Government International Bonds** |
| 3.25%, 01/17/28  | 350000 | 337911 |
| 5.38%, 03/12/29  | 200000 | 203988 |
| 5.38%, 02/19/30  | 750000 | 766807 |
| 2.75%, 07/03/30  | 615000 | 556600 |
| 5.50%, 03/12/34  | 935000 | 946379 |
| 5.63%, 02/19/35  | 900000 | 917352 |
| 4.50%, 01/30/43  | 500000 | 415375 |
| 4.13%, 01/17/48  | 350000 | 264415 |
| 3.88%, 07/03/50  | 620000 | 437032 |
| 5.75%, 03/12/54  | 905000 | 841315 |
| 4.50%, 04/03/20  | 330000 | 234092 |
| **State of Israel** | **State of Israel** | **State of Israel** |
| 2.50%, 01/15/30  | 400000 | 361688 |
| 3.38%, 01/15/50  | 700000 | 454706 |
|  |  | **6737660** |
| ***Italy 0.0%***  | ***Italy 0.0%***  | ***Italy 0.0%***  |
| **Republic of Italy Government International Bonds** | **Republic of Italy Government International Bonds** | **Republic of Italy Government International Bonds** |
| 2.88%, 10/17/29  | 700000 | 659505 |
| 5.38%, 06/15/33  | 504000 | 526403 |
| 4.00%, 10/17/49  | 750000 | 544087 |
| 3.88%, 05/06/51  | 765000 | 526068 |
|  |  | **2256063** |
| ***Mexico 0.2%***  | ***Mexico 0.2%***  | ***Mexico 0.2%***  |
| **Mexico Government International Bonds** | **Mexico Government International Bonds** | **Mexico Government International Bonds** |
| 4.15%, 03/28/27  | 945000 | 941730 |
| 3.75%, 01/11/28  | 610000 | 600807 |
| 5.40%, 02/09/28 *(a)* | 450000 | 460112 |
| 4.50%, 04/22/29  | 955000 | 944505 |
| 3.25%, 04/16/30 *(a)* | 800000 | 739256 |
| 2.66%, 05/24/31 *(a)* | 1050000 | 910633 |
| 8.30%, 08/15/31  | 350000 | 415160 |
| 4.75%, 04/27/32 *(a)* | 760000 | 724979 |
| 5.85%, 07/02/32 *(a)* | 1000000 | 1014230 |
| 7.50%, 04/08/33  | 485000 | 540571 |
| 4.88%, 05/19/33 *(a)* | 500000 | 473110 |
| 3.50%, 02/12/34 *(a)* | 905000 | 764752 |
| 6.75%, 09/27/34  | 650000 | 692425 |
| 6.35%, 02/09/35 *(a)* | 800000 | 819152 |
| 6.00%, 05/07/36 *(a)* | 300000 | 296469 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.88%, 05/13/37 *(a)* | 1200000 | 1254156 |
| 6.63%, 01/29/38 *(a)* | 500000 | 507980 |
| 6.05%, 01/11/40  | 850000 | 812999 |
| 4.28%, 08/14/41 *(a)* | 855000 | 659838 |
| 4.75%, 03/08/44  | 1225000 | 968166 |
| 5.55%, 01/21/45  | 850000 | 764770 |
| 4.60%, 01/23/46  | 800000 | 604608 |
| 4.35%, 01/15/47  | 450000 | 325715 |
| 4.60%, 02/10/48  | 600000 | 447732 |
| 4.50%, 01/31/50 *(a)* | 725000 | 530019 |
| 5.00%, 04/27/51 *(a)* | 1090000 | 848718 |
| 4.40%, 02/12/52 *(a)* | 750000 | 528555 |
| 6.34%, 05/04/53 *(a)* | 270000 | 248611 |
| 6.40%, 05/07/54 *(a)* | 800000 | 737528 |
| 7.38%, 05/13/55 *(a)* | 750000 | 775627 |
| 3.77%, 05/24/61 *(a)* | 875000 | 516959 |
| 5.75%, 10/12/10  | 750000 | 595043 |
|  |  | **21464915** |
| ***Panama 0.1%***  | ***Panama 0.1%***  | ***Panama 0.1%***  |
| **Panama Government International Bonds** | **Panama Government International Bonds** | **Panama Government International Bonds** |
| 8.88%, 09/30/27  | 400000 | 434384 |
| 3.88%, 03/17/28 *(a)* | 400000 | 388220 |
| 9.38%, 04/01/29  | 400000 | 451588 |
| 3.16%, 01/23/30 *(a)* | 685000 | 618500 |
| 7.50%, 03/01/31 *(a)* | 200000 | 213444 |
| 2.25%, 09/29/32 *(a)* | 850000 | 650020 |
| 3.30%, 01/19/33 *(a)* | 300000 | 245163 |
| 6.40%, 02/14/35 *(a)* | 500000 | 487465 |
| 6.70%, 01/26/36  | 650000 | 647459 |
| 6.88%, 01/31/36 *(a)* | 200000 | 199688 |
| 8.00%, 03/01/38 *(a)* | 200000 | 214702 |
| 4.50%, 05/15/47 *(a)* | 500000 | 346935 |
| 4.50%, 04/16/50 *(a)* | 800000 | 541168 |
| 4.30%, 04/29/53  | 700000 | 453523 |
| 4.50%, 04/01/56 *(a)* | 800000 | 521464 |
| 7.88%, 03/01/57 *(a)* | 200000 | 204662 |
| 3.87%, 07/23/60 *(a)* | 1040000 | 593622 |
| 4.50%, 01/19/63 *(a)* | 475000 | 306066 |
|  |  | **7518073** |
| ***Peru 0.1%***  | ***Peru 0.1%***  | ***Peru 0.1%***  |
| **Peru Government International Bonds** | **Peru Government International Bonds** | **Peru Government International Bonds** |
| 4.13%, 08/25/27  | 250000 | 250008 |
| 2.84%, 06/20/30  | 275000 | 252125 |
| 2.78%, 01/23/31 *(a)* | 965000 | 867458 |
| 1.86%, 12/01/32 *(a)* | 375000 | 300285 |
| 8.75%, 11/21/33  | 700000 | 857255 |
| 3.00%, 01/15/34 *(a)* | 550000 | 463336 |
| 5.38%, 02/08/35 *(a)* | 400000 | 400064 |
| 6.55%, 03/14/37  | 400000 | 434476 |
| 3.30%, 03/11/41 *(a)* | 375000 | 279686 |
| 5.63%, 11/18/50  | 700000 | 666750 |
| 3.55%, 03/10/51 *(a)* | 400000 | 275544 |
| 5.88%, 08/08/54 *(a)* | 450000 | 435285 |
| 6.20%, 06/30/55 *(a)* | 400000 | 402276 |
| 2.78%, 12/01/60 *(a)* | 730000 | 394390 |
| 3.60%, 01/15/72 *(a)* | 300000 | 185424 |
| 3.23%, 07/28/21 *(a)* | 350000 | 188664 |
|  |  | **6653026** |
| ***Philippines 0.1%***  | ***Philippines 0.1%***  | ***Philippines 0.1%***  |
| **Bangko Sentral ng Pilipinas International Bonds** | **Bangko Sentral ng Pilipinas International Bonds** | **Bangko Sentral ng Pilipinas International Bonds** |
| 8.60%, 06/15/27  | 100000 | 107935 |

---

*See financial notes*

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

**101**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Philippines Government International Bonds** | **Philippines Government International Bonds** | **Philippines Government International Bonds** |
| 3.23%, 03/29/27  | 200000 | 196268 |
| 3.00%, 02/01/28  | 650000 | 628297 |
| 4.63%, 07/17/28 *(c)* | 230000 | 232019 |
| 3.75%, 01/14/29  | 525000 | 515807 |
| 9.50%, 02/02/30  | 600000 | 724278 |
| 2.46%, 05/05/30  | 350000 | 320348 |
| 7.75%, 01/14/31  | 550000 | 639149 |
| 1.65%, 06/10/31  | 425000 | 361505 |
| 1.95%, 01/06/32  | 200000 | 170056 |
| 6.38%, 01/15/32  | 350000 | 383026 |
| 3.56%, 09/29/32  | 300000 | 279006 |
| 5.61%, 04/13/33  | 260000 | 272802 |
| 5.00%, 07/17/33  | 425000 | 430117 |
| 5.25%, 05/14/34  | 255000 | 260332 |
| 6.38%, 10/23/34  | 450000 | 495567 |
| 5.50%, 02/04/35  | 400000 | 416016 |
| 4.75%, 03/05/35  | 415000 | 407713 |
| 5.00%, 01/13/37  | 500000 | 497195 |
| 3.95%, 01/20/40  | 700000 | 604009 |
| 3.70%, 03/01/41  | 500000 | 406270 |
| 3.70%, 02/02/42  | 650000 | 521801 |
| 2.95%, 05/05/45  | 435000 | 297679 |
| 2.65%, 12/10/45  | 590000 | 382491 |
| 3.20%, 07/06/46  | 350000 | 246243 |
| 4.20%, 03/29/47  | 100000 | 81602 |
| 5.95%, 10/13/47  | 275000 | 283594 |
| 5.50%, 01/17/48  | 470000 | 459458 |
| 5.60%, 05/14/49  | 200000 | 196954 |
| 5.90%, 02/04/50  | 200000 | 204876 |
|  |  | **11022413** |
| ***Poland 0.1%***  | ***Poland 0.1%***  | ***Poland 0.1%***  |
| **Republic of Poland Government International Bonds** | **Republic of Poland Government International Bonds** | **Republic of Poland Government International Bonds** |
| 5.50%, 11/16/27 *(a)* | 550000 | 567727 |
| 4.63%, 03/18/29 *(a)* | 500000 | 507265 |
| 5.75%, 11/16/32 *(a)* | 600000 | 634038 |
| 4.88%, 10/04/33 *(a)* | 925000 | 920440 |
| 5.13%, 09/18/34 *(a)* | 840000 | 844200 |
| 5.38%, 02/12/35 *(a)* | 900000 | 918405 |
| 5.50%, 04/04/53 *(a)* | 805000 | 749197 |
| 5.50%, 03/18/54 *(a)* | 1000000 | 928280 |
|  |  | **6069552** |
| ***Republic of Korea 0.0%***  | ***Republic of Korea 0.0%***  | ***Republic of Korea 0.0%***  |
| **Korea International Bonds** | **Korea International Bonds** | **Korea International Bonds** |
| 2.75%, 01/19/27  | 270000 | 265094 |
| 3.50%, 09/20/28  | 225000 | 221432 |
| 2.50%, 06/19/29  | 475000 | 448894 |
| 1.00%, 09/16/30  | 445000 | 382357 |
| 3.88%, 09/20/48  | 200000 | 163362 |
|  |  | **1481139** |
| ***Uruguay 0.1%***  | ***Uruguay 0.1%***  | ***Uruguay 0.1%***  |
| **Oriental Republic of Uruguay** | **Oriental Republic of Uruguay** | **Oriental Republic of Uruguay** |
| 5.25%, 09/10/60 *(a)* | 200000 | 181626 |
| **Uruguay Government International Bonds** | **Uruguay Government International Bonds** | **Uruguay Government International Bonds** |
| 4.38%, 10/27/27  | 630000 | 631443 |
| 4.38%, 01/23/31 *(a)* | 880000 | 879815 |
| 5.75%, 10/28/34 *(a)* | 220000 | 232615 |
| 7.63%, 03/21/36  | 425000 | 507735 |
| 5.44%, 02/14/37 *(a)* | 400000 | 410980 |
| 4.13%, 11/20/45  | 390000 | 331125 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.10%, 06/18/50  | 1000000 | 924730 |
| 4.98%, 04/20/55  | 850000 | 754774 |
|  |  | **4854843** |
|  |  | **87690748** |
| **Supranational\* 1.3%** | **Supranational\* 1.3%** | **Supranational\* 1.3%** |
| **African Development Bank** | **African Development Bank** | **African Development Bank** |
| 0.88%, 07/22/26  | 900000 | 871362 |
| 4.63%, 01/04/27  | 690000 | 697590 |
| 4.13%, 02/25/27  | 625000 | 627644 |
| 4.38%, 11/03/27  | 700000 | 709478 |
| 4.38%, 03/14/28  | 625000 | 634938 |
| 3.88%, 06/12/28  | 580000 | 582094 |
| 3.50%, 09/18/29  | 600000 | 592554 |
| 5.75%, 05/07/34*(a)(b)(k)* | 230000 | 221111 |
| 4.50%, 06/12/35  | 290000 | 294376 |
| **Arab Energy Fund** | **Arab Energy Fund** | **Arab Energy Fund** |
| 1.48%, 10/06/26 *(d)* | 290000 | 279505 |
| **Asian Development Bank** | **Asian Development Bank** | **Asian Development Bank** |
| 1.75%, 08/14/26  | 25000 | 24408 |
| 2.63%, 01/12/27  | 500000 | 490880 |
| 4.13%, 01/12/27  | 520000 | 522075 |
| 1.50%, 01/20/27  | 1335000 | 1288008 |
| 3.13%, 08/20/27  | 700000 | 691089 |
| 2.50%, 11/02/27  | 988000 | 960553 |
| 4.38%, 01/14/28  | 1500000 | 1522500 |
| 2.75%, 01/19/28  | 690000 | 673440 |
| 3.75%, 04/25/28  | 1000000 | 1000250 |
| 1.25%, 06/09/28  | 300000 | 279321 |
| 5.82%, 06/16/28  | 625000 | 660519 |
| 4.50%, 08/25/28  | 1190000 | 1216085 |
| 3.13%, 09/26/28  | 105000 | 102988 |
| 4.88%, 09/26/28*(a)* | 220000 | 221980 |
| 4.38%, 03/06/29  | 805000 | 821623 |
| 1.88%, 03/15/29  | 550000 | 514030 |
| 4.95%, 04/12/29*(a)(c)* | 160000 | 160251 |
| 3.63%, 08/28/29  | 510000 | 506736 |
| 1.75%, 09/19/29  | 1150000 | 1058816 |
| 1.88%, 01/24/30  | 1000000 | 919020 |
| 4.13%, 05/30/30  | 500000 | 506255 |
| 0.75%, 10/08/30  | 1000000 | 852210 |
| 1.50%, 03/04/31  | 530000 | 465229 |
| 3.13%, 04/27/32  | 200000 | 189124 |
| 3.88%, 09/28/32  | 600000 | 592986 |
| 4.00%, 01/12/33  | 400000 | 397724 |
| 3.88%, 06/14/33  | 425000 | 418064 |
| 4.13%, 01/12/34  | 650000 | 645990 |
| 4.38%, 03/22/35  | 500000 | 504495 |
| **Asian Infrastructure Investment Bank** | **Asian Infrastructure Investment Bank** | **Asian Infrastructure Investment Bank** |
| 4.88%, 09/14/26  | 500000 | 505550 |
| 3.75%, 09/14/27  | 675000 | 675243 |
| 4.00%, 01/18/28  | 825000 | 830387 |
| 4.13%, 01/18/29  | 765000 | 773798 |
| 4.50%, 01/16/30  | 510000 | 523994 |
| 4.25%, 03/13/34  | 300000 | 300747 |
| 4.50%, 05/21/35  | 500000 | 509905 |
| **Corp. Andina de Fomento** | **Corp. Andina de Fomento** | **Corp. Andina de Fomento** |
| 2.25%, 02/08/27  | 375000 | 364106 |
| 6.00%, 04/26/27  | 600000 | 619200 |
| 5.00%, 01/24/29  | 885000 | 909293 |
| 5.00%, 01/22/30  | 500000 | 515645 |
| **Council of Europe Development Bank** | **Council of Europe Development Bank** | **Council of Europe Development Bank** |
| 0.88%, 09/22/26  | 605000 | 583281 |
| 4.63%, 06/11/27  | 300000 | 304488 |

---

*See financial notes*

**102**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.13%, 01/24/29  | 500000 | 505420 |
| 4.50%, 01/15/30  | 450000 | 462227 |
| **European Bank for Reconstruction & Development** | **European Bank for Reconstruction & Development** | **European Bank for Reconstruction & Development** |
| 4.38%, 03/09/28  | 750000 | 761648 |
| 4.13%, 01/25/29  | 375000 | 379241 |
| 4.25%, 03/13/34  | 500000 | 499640 |
| **European Investment Bank** | **European Investment Bank** | **European Investment Bank** |
| 0.75%, 10/26/26  | 670000 | 643234 |
| 1.38%, 03/15/27  | 1655000 | 1588982 |
| 4.38%, 03/19/27  | 1300000 | 1312025 |
| 2.38%, 05/24/27  | 667000 | 649845 |
| 0.63%, 10/21/27  | 225000 | 209747 |
| 3.25%, 11/15/27  | 1745000 | 1726398 |
| 3.88%, 03/15/28  | 1170000 | 1174598 |
| 3.88%, 06/15/28  | 500000 | 502220 |
| 4.50%, 10/16/28  | 1000000 | 1023510 |
| 4.00%, 02/15/29  | 750000 | 756000 |
| 1.75%, 03/15/29  | 1075000 | 1000857 |
| 4.75%, 06/15/29  | 1705000 | 1765596 |
| 1.63%, 10/09/29  | 230000 | 210613 |
| 3.75%, 11/15/29  | 1000000 | 998100 |
| 4.50%, 03/14/30  | 1765000 | 1816432 |
| 0.88%, 05/17/30  | 755000 | 656684 |
| 3.63%, 07/15/30  | 1200000 | 1187940 |
| 0.75%, 09/23/30  | 450000 | 384696 |
| 1.25%, 02/14/31  | 1440000 | 1250150 |
| 1.63%, 05/13/31  | 570000 | 502546 |
| 4.38%, 10/10/31  | 1250000 | 1277800 |
| 4.25%, 08/16/32  | 1450000 | 1468966 |
| 3.75%, 02/14/33  | 1650000 | 1617214 |
| 4.13%, 02/13/34  | 1120000 | 1114277 |
| 4.63%, 02/12/35  | 900000 | 926883 |
| 4.88%, 02/15/36  | 390000 | 409364 |
| **Inter-American Development Bank** | **Inter-American Development Bank** | **Inter-American Development Bank** |
| 2.00%, 07/23/26  | 700000 | 685825 |
| 1.50%, 01/13/27  | 775000 | 747991 |
| 4.38%, 02/01/27  | 730000 | 735687 |
| 2.38%, 07/07/27  | 1305000 | 1270039 |
| 0.63%, 09/16/27  | 775000 | 724059 |
| 4.00%, 01/12/28  | 110000 | 110668 |
| 1.13%, 07/20/28  | 1025000 | 947695 |
| 3.13%, 09/18/28  | 1580000 | 1549490 |
| 4.13%, 02/15/29  | 825000 | 834339 |
| 2.25%, 06/18/29  | 1425000 | 1344316 |
| 3.50%, 09/14/29  | 750000 | 741390 |
| 4.50%, 02/15/30  | 1250000 | 1285275 |
| 1.13%, 01/13/31  | 725000 | 625342 |
| 3.63%, 09/17/31  | 100000 | 97947 |
| 3.50%, 04/12/33  | 800000 | 767224 |
| 4.50%, 09/13/33  | 765000 | 781218 |
| 4.38%, 07/17/34  | 35000 | 35362 |
| 3.88%, 10/28/41  | 240000 | 212659 |
| 3.20%, 08/07/42  | 230000 | 184702 |
| 4.38%, 01/24/44  | 250000 | 232540 |
| 5.13%, 09/11/54*(a)* | 50000 | 48624 |
| **Inter-American Investment Corp.** | **Inter-American Investment Corp.** | **Inter-American Investment Corp.** |
| 4.13%, 02/15/28  | 550000 | 553878 |
| 4.75%, 09/19/28  | 350000 | 359387 |
| 4.25%, 02/14/29  | 320000 | 323808 |
| 4.25%, 04/01/30  | 300000 | 303864 |
| **International Bank for Reconstruction & Development** | **International Bank for Reconstruction & Development** | **International Bank for Reconstruction & Development** |
| 0.88%, 07/15/26  | 800000 | 775136 |
| 4.00%, 08/27/26  | 1050000 | 1050787 |
| 1.88%, 10/27/26  | 395000 | 384813 |
| 3.13%, 06/15/27  | 1025000 | 1012064 |
| 2.50%, 11/22/27  | 1040000 | 1010620 |
| 0.75%, 11/24/27  | 1950000 | 1817146 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 1.38%, 04/20/28  | 1635000 | 1532992 |
| 3.63%, 05/05/28  | 1000000 | 997160 |
| 3.50%, 07/12/28  | 1040000 | 1032668 |
| 4.63%, 08/01/28  | 1010000 | 1035311 |
| 1.13%, 09/13/28  | 1075000 | 990225 |
| 3.63%, 09/21/29  | 815000 | 809287 |
| 3.88%, 10/16/29  | 1350000 | 1353429 |
| 1.75%, 10/23/29  | 1150000 | 1056597 |
| 3.88%, 02/14/30  | 1300000 | 1302561 |
| 4.13%, 03/20/30  | 1500000 | 1518720 |
| 0.88%, 05/14/30  | 1950000 | 1695544 |
| 0.75%, 08/26/30  | 1200000 | 1026672 |
| 4.00%, 01/10/31  | 1500000 | 1506405 |
| 1.25%, 02/10/31  | 1595000 | 1382020 |
| 4.50%, 04/10/31  | 900000 | 926379 |
| 1.63%, 11/03/31  | 1435000 | 1245106 |
| 4.63%, 01/15/32  | 2000000 | 2068580 |
| 2.50%, 03/29/32  | 1000000 | 910060 |
| 4.00%, 05/06/32  | 1500000 | 1495965 |
| 4.75%, 11/14/33  | 805000 | 836387 |
| 5.10%, 04/05/34*(a)* | 350000 | 351208 |
| 3.88%, 08/28/34  | 1000000 | 972550 |
| 4.50%, 08/28/34*(a)* | 50000 | 49709 |
| 4.70%, 11/08/34*(a)* | 260000 | 259841 |
| 4.75%, 02/15/35  | 320000 | 331002 |
| **International Finance Corp.** | **International Finance Corp.** | **International Finance Corp.** |
| 0.75%, 10/08/26  | 1025000 | 985497 |
| 4.38%, 01/15/27  | 500000 | 503780 |
| 4.50%, 01/21/28  | 500000 | 509250 |
| 4.50%, 07/13/28  | 600000 | 612852 |
| 4.25%, 07/02/29  | 180000 | 183044 |
| 3.88%, 07/02/30  | 500000 | 500970 |
| 0.75%, 08/27/30  | 500000 | 427930 |
| **Nordic Investment Bank** | **Nordic Investment Bank** | **Nordic Investment Bank** |
| 3.38%, 09/08/27  | 200000 | 198450 |
| 4.38%, 03/14/28  | 1050000 | 1066537 |
|  |  | **113144374** |
| **Total Government Related** <br>**(Cost $389,725,731)** | **Total Government Related** <br>**(Cost $389,725,731)** | **367068034** |
| **SECURITIZED** 26.3% OF NET ASSETS | **SECURITIZED** 26.3% OF NET ASSETS | **SECURITIZED** 26.3% OF NET ASSETS |
| **Asset-Backed Securities 0.0%** | **Asset-Backed Securities 0.0%** | **Asset-Backed Securities 0.0%** |
| ***Credit Card 0.0%***  | ***Credit Card 0.0%***  | ***Credit Card 0.0%***  |
| **Capital One Multi-Asset Execution Trust** | **Capital One Multi-Asset Execution Trust** | **Capital One Multi-Asset Execution Trust** |
| Series 2019-A3, Class A3 |  |  |
| 2.06%, 08/15/28 *(a)* | 2000000 | 1952765 |
| ***Electric 0.0%***  | ***Electric 0.0%***  | ***Electric 0.0%***  |
| **PG&E Wildfire Recovery Funding LLC** | **PG&E Wildfire Recovery Funding LLC** | **PG&E Wildfire Recovery Funding LLC** |
| 3.59%, 06/01/32  | 96334 | 94767 |
| 4.26%, 06/01/38  | 175000 | 165272 |
| 4.45%, 12/01/49  | 400000 | 344644 |
| 4.67%, 12/01/53  | 300000 | 259419 |
|  |  | **864102** |
| ***Utilities 0.0%***  | ***Utilities 0.0%***  | ***Utilities 0.0%***  |
| **Duke Energy Florida Project Finance LLC** | **Duke Energy Florida Project Finance LLC** | **Duke Energy Florida Project Finance LLC** |
| 2.54%, 09/01/31  | 189050 | 181371 |
| 2.86%, 03/01/35  | 35000 | 31867 |
| **Duke Energy Progress NC Storm Funding LLC** | **Duke Energy Progress NC Storm Funding LLC** | **Duke Energy Progress NC Storm Funding LLC** |
| 2.39%, 07/01/39  | 175000 | 145964 |

---

*See financial notes*

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

**103**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **PG&E Energy Recovery Funding LLC** | **PG&E Energy Recovery Funding LLC** | **PG&E Energy Recovery Funding LLC** |
| 2.82%, 07/15/48  | 100000 | 70502 |
| **PG&E Wildfire Recovery Funding LLC** | **PG&E Wildfire Recovery Funding LLC** | **PG&E Wildfire Recovery Funding LLC** |
| 4.38%, 06/03/41  | 115000 | 106463 |
| 5.10%, 06/01/54  | 315000 | 291892 |
|  |  | **828059** |
|  |  | **3644926** |
| **Commercial Mortgage-Backed Security 1.9%** | **Commercial Mortgage-Backed Security 1.9%** | **Commercial Mortgage-Backed Security 1.9%** |
| **Bank** | **Bank** | **Bank** |
| Series 2017-BNK7, Class A5 |  |  |
| 3.44%, 09/15/60 *(a)* | 1000000 | 978944 |
| Series 2017-BNK8, Class A4 |  |  |
| 3.49%, 11/15/50 *(a)* | 600000 | 580070 |
| Series 2017-BNK9, Class A4 |  |  |
| 3.54%, 11/15/54 *(a)* | 1000000 | 976889 |
| Series 2019-BN19, Class A3 |  |  |
| 3.18%, 08/15/61 *(a)* | 800000 | 749754 |
| Series 2020-BN26, Class A4 |  |  |
| 2.40%, 03/15/63 *(a)* | 700000 | 631060 |
| Series 2024-BNK47, Class A5 |  |  |
| 5.72%, 06/15/57 *(a)* | 1750000 | 1841914 |
| Series 2025-BNK50, Class A5 |  |  |
| 5.65%, 05/15/68 *(a)(l)* | 1600000 | 1674867 |
| **BBCMS Mortgage Trust** | **BBCMS Mortgage Trust** | **BBCMS Mortgage Trust** |
| Series 2018-C2, Class A4 |  |  |
| 4.05%, 12/15/51 *(a)* | 1150000 | 1135660 |
| Series 2022-C15, Class A5 |  |  |
| 3.66%, 04/15/55 *(a)* | 3145000 | 2905225 |
| Series 2022-C18, Class A5 |  |  |
| 5.71%, 12/15/55 *(a)(l)* | 2657000 | 2796848 |
| Series 2023-C20, Class C20 |  |  |
| 5.58%, 07/15/56 *(a)* | 3642858 | 3794917 |
| Series 2023-C21, Class A5 |  |  |
| 6.00%, 09/15/56 *(a)* | 3700000 | 3945360 |
| Series 2025-C32, Class A4 |  |  |
| 5.43%, 02/15/62 *(a)* | 1035000 | 1063059 |
| Series 2025-C32, Class A5 |  |  |
| 5.72%, 02/15/62 *(a)* | 1000000 | 1052071 |
| **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** |
| Series 2019-B12, Class A5 |  |  |
| 3.12%, 08/15/52 *(a)* | 1875000 | 1765108 |
| Series 2019-B13, Class A4 |  |  |
| 2.95%, 08/15/57 *(a)* | 2600000 | 2437181 |
| Series 2019-B9, Class A5 |  |  |
| 4.02%, 03/15/52 *(a)* | 2600000 | 2540384 |
| Series 2020-B16, Class A5 |  |  |
| 2.73%, 02/15/53 *(a)* | 1073000 | 986762 |
| Series 2020-B18, Class A5 |  |  |
| 1.93%, 07/15/53 *(a)* | 1845000 | 1610171 |
| **BMO Mortgage Trust** | **BMO Mortgage Trust** | **BMO Mortgage Trust** |
| Series 2024-C9, Class A5 |  |  |
| 5.76%, 07/15/57 *(a)* | 8700000 | 9147514 |
| **CD Mortgage Trust** | **CD Mortgage Trust** | **CD Mortgage Trust** |
| Series 2017-CD3, Class A4 |  |  |
| 3.63%, 02/10/50 *(a)* | 1715000 | 1652312 |
| **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** |
| Series 2016-C7, Class A3 |  |  |
| 3.84%, 12/10/54 *(a)* | 3625000 | 3575220 |
| **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** |
| Series 2017-C4, Class A4 |  |  |
| 3.47%, 10/12/50 *(a)* | 5600000 | 5474950 |
| Series 2017-P7, Class A4 |  |  |
| 3.71%, 04/14/50 *(a)* | 500000 | 489788 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **COMM Mortgage Trust** | **COMM Mortgage Trust** | **COMM Mortgage Trust** |
| Series 2015-CR24, Class A5 |  |  |
| 3.70%, 08/10/48 *(a)* | 220337 | 219904 |
| **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** |
| Series 2015-C3, Class A4 |  |  |
| 3.72%, 08/15/48 *(a)* | 93999 | 93600 |
| Series 2019-C17, Class A5 |  |  |
| 3.02%, 09/15/52 *(a)* | 2238000 | 2075386 |
| **CSMC Trust** | **CSMC Trust** | **CSMC Trust** |
| Series 2016-NXSR, Class A4 |  |  |
| 3.79%, 12/15/49 *(a)(l)* | 100000 | 98610 |
| **Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through** <br> **Certificates** | **Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through** <br> **Certificates** | **Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through** <br> **Certificates** |
| Series K053, Class A2 |  |  |
| 3.00%, 12/25/25 *(a)* | 840735 | 834212 |
| Series K054, Class A2 |  |  |
| 2.75%, 01/25/26 *(a)* | 269335 | 266474 |
| Series K055, Class A2 |  |  |
| 2.67%, 03/25/26 *(a)* | 730077 | 720681 |
| Series K058, Class A2 |  |  |
| 2.65%, 08/25/26 *(a)* | 750000 | 736411 |
| Series K061, Class A2 |  |  |
| 3.35%, 11/25/26 *(a)(l)* | 500693 | 494573 |
| Series K062, Class A2 |  |  |
| 3.41%, 12/25/26 *(a)* | 257767 | 254717 |
| Series K064, Class A2 |  |  |
| 3.22%, 03/25/27 *(a)* | 107000 | 105381 |
| Series K070, Class A2 |  |  |
| 3.30%, 11/25/27 *(a)(l)* | 308000 | 302827 |
| Series K071, Class A2 |  |  |
| 3.29%, 11/25/27 *(a)* | 4768000 | 4683949 |
| Series K072, Class A2 |  |  |
| 3.44%, 12/25/27 *(a)* | 1500000 | 1478156 |
| Series K074, Class A2 |  |  |
| 3.60%, 01/25/28 *(a)* | 8175000 | 8082490 |
| Series K078, Class A2 |  |  |
| 3.85%, 06/25/28 *(a)* | 1183000 | 1176442 |
| Series K083, Class A2 |  |  |
| 4.05%, 09/25/28 *(a)(l)* | 2100000 | 2099263 |
| Series K084, Class A2 |  |  |
| 3.78%, 10/25/28 *(a)(l)* | 2000000 | 1982092 |
| Series K085, Class A2 |  |  |
| 4.06%, 10/25/28 *(a)(l)* | 900000 | 899417 |
| Series K087, Class A2 |  |  |
| 3.77%, 12/25/28 *(a)* | 2560000 | 2537445 |
| Series K088, Class A2 |  |  |
| 3.69%, 01/25/29 *(a)* | 2600000 | 2568748 |
| Series K089, Class A2 |  |  |
| 3.56%, 01/25/29 *(a)* | 2990000 | 2940802 |
| Series K091, Class A2 |  |  |
| 3.51%, 03/25/29 *(a)* | 800000 | 784814 |
| Series K098, Class A2 |  |  |
| 2.43%, 08/25/29 *(a)* | 500000 | 469329 |
| Series K100, Class A2 |  |  |
| 2.67%, 09/25/29 *(a)* | 800000 | 756564 |
| Series K103, Class A2 |  |  |
| 2.65%, 11/25/29 *(a)* | 2200000 | 2074603 |
| Series K112, Class A2 |  |  |
| 1.31%, 05/25/30 *(a)* | 2000000 | 1754555 |
| Series K126, Class A2 |  |  |
| 2.07%, 01/25/31 *(a)* | 1500000 | 1344650 |
| Series K130, Class A2 |  |  |
| 1.72%, 06/25/31 *(a)* | 3500000 | 3046984 |
| Series K131, Class A2 |  |  |
| 1.85%, 07/25/31 *(a)* | 1000000 | 875646 |
| Series K132, Class A2 |  |  |
| 2.02%, 08/25/31 *(a)* | 1000000 | 879047 |

---

*See financial notes*

**104**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Series K144, Class A2 |  |  |
| 2.45%, 04/25/32 *(a)* | 2060000 | 1834383 |
| Series K149, Class A2 |  |  |
| 3.53%, 08/25/32 *(a)* | 3185000 | 3022082 |
| Series K150, Class A2 |  |  |
| 3.71%, 09/25/32 *(a)* | 1600000 | 1534132 |
| Series K-1511, Class A2 |  |  |
| 3.47%, 03/25/31 *(a)* | 500000 | 480591 |
| Series K-1512, Class A2 |  |  |
| 2.99%, 05/25/31 *(a)* | 1425000 | 1335065 |
| Series K153, Class A2 |  |  |
| 3.82%, 12/25/32 *(a)(l)* | 4200000 | 4045638 |
| Series K154, Class A2 |  |  |
| 3.42%, 04/25/32 *(a)* | 1760000 | 1715946 |
| Series K155, Class A3 |  |  |
| 3.75%, 04/25/33 *(a)* | 835000 | 797696 |
| Series K157, Class A2 |  |  |
| 3.99%, 05/25/33 *(a)* | 1700000 | 1683418 |
| Series K157, Class A2 |  |  |
| 4.20%, 05/25/33 *(a)* | 400000 | 393810 |
| Series K163, Class A2 |  |  |
| 5.00%, 03/25/34 *(a)(l)* | 1500000 | 1551285 |
| Series K733, Class A2 |  |  |
| 3.75%, 08/25/25 *(a)(l)* | 869432 | 866221 |
| Series K742, Class A2 |  |  |
| 1.76%, 03/25/28 *(a)* | 700000 | 660669 |
| Series K755, Class A2 |  |  |
| 5.20%, 02/25/31 *(a)* | 1000000 | 1045599 |
| **Federal National Mortgage Association-ACES** | **Federal National Mortgage Association-ACES** | **Federal National Mortgage Association-ACES** |
| Series 2016-M6, Class A2 |  |  |
| 2.49%, 05/25/26 *(a)* | 1710391 | 1681488 |
| **GS Mortgage Securities Trust** | **GS Mortgage Securities Trust** | **GS Mortgage Securities Trust** |
| Series 2016-GS4, Class A4 |  |  |
| 3.44%, 11/10/49 *(a)* | 365000 | 360540 |
| Series 2020-GC45, Class A5 |  |  |
| 2.91%, 02/13/53 *(a)* | 3500000 | 3246592 |
| **JP Morgan Chase Commercial Mortgage Securities Trust** | **JP Morgan Chase Commercial Mortgage Securities Trust** | **JP Morgan Chase Commercial Mortgage Securities Trust** |
| Series 2015-JP1, Class A4 |  |  |
| 3.65%, 01/15/49 *(a)* | 465864 | 464207 |
| **JPMBB Commercial Mortgage Securities Trust** | **JPMBB Commercial Mortgage Securities Trust** | **JPMBB Commercial Mortgage Securities Trust** |
| Series 2015-C33, Class A4 |  |  |
| 3.77%, 12/15/48 *(a)* | 1109467 | 1102970 |
| **Morgan Stanley Bank of America Merrill Lynch Trust** | **Morgan Stanley Bank of America Merrill Lynch Trust** | **Morgan Stanley Bank of America Merrill Lynch Trust** |
| Series 2015-C24, Class A4 |  |  |
| 3.73%, 05/15/48 *(a)* | 15717 | 15676 |
| **Morgan Stanley Capital I Trust** | **Morgan Stanley Capital I Trust** | **Morgan Stanley Capital I Trust** |
| Series 2015-UBS8, Class A4 |  |  |
| 3.81%, 12/15/48 *(a)* | 400000 | 397730 |
| Series 2017-H1, Class A4 |  |  |
| 3.26%, 06/15/50 *(a)* | 250000 | 244437 |
| Series 2017-HR2, Class A4 |  |  |
| 3.59%, 12/15/50 *(a)* | 1300000 | 1269269 |
| Series 2020-HR8, Class A4 |  |  |
| 2.04%, 07/15/53 *(a)* | 3000000 | 2654979 |
| **UBS Commercial Mortgage Trust** | **UBS Commercial Mortgage Trust** | **UBS Commercial Mortgage Trust** |
| Series 2017-C1, Class A4 |  |  |
| 3.54%, 11/15/50 *(a)* | 1747000 | 1706522 |
| Series 2017-C3, Class A4 |  |  |
| 3.43%, 08/15/50 *(a)* | 1550000 | 1500913 |
| Series 2017-C6, Class A5 |  |  |
| 3.58%, 12/15/50 *(a)* | 1305000 | 1276547 |
| Series 2019-C18, Class A4 |  |  |
| 3.04%, 12/15/52 *(a)* | 500000 | 465595 |
| **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** |
| Series 2015-C30, Class A4 |  |  |
| 3.66%, 09/15/58 *(a)* | 115615 | 115309 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Series 2015-C31, Class A3 |  |  |
| 3.43%, 11/15/48 *(a)* | 205986 | 205288 |
| Series 2015-P2, Class A4 |  |  |
| 3.81%, 12/15/48 *(a)* | 1500000 | 1493030 |
| Series 2016-C32, Class A4 |  |  |
| 3.56%, 01/15/59 *(a)* | 500000 | 495923 |
| Series 2016-NXS5, Class A4 |  |  |
| 3.37%, 01/15/59 *(a)* | 239231 | 238227 |
| Series 2016-NXS5, Class A6 |  |  |
| 3.64%, 01/15/59 *(a)* | 2000000 | 1986754 |
| Series 2016-NXS6, Class A4 |  |  |
| 2.92%, 11/15/49 *(a)* | 150000 | 146868 |
| Series 2017-C40, Class A4 |  |  |
| 3.58%, 10/15/50 *(a)* | 1551000 | 1519493 |
| Series 2017-C41, Class A4 |  |  |
| 3.47%, 11/15/50 *(a)* | 2000000 | 1951107 |
| Series 2017-C42, Class A4 |  |  |
| 3.59%, 12/15/50 *(a)* | 2400000 | 2335113 |
| Series 2018-C44, Class A5 |  |  |
| 4.21%, 05/15/51 *(a)* | 1500000 | 1482444 |
| Series 2018-C47, Class A3 |  |  |
| 4.18%, 09/15/61 *(a)* | 1229294 | 1215989 |
| Series 2019-C50, Class A5 |  |  |
| 3.73%, 05/15/52 *(a)* | 1000000 | 967913 |
| Series 2019-C53, Class A4 |  |  |
| 3.04%, 10/15/52 *(a)* | 4000000 | 3756212 |
| Series 2019-C54, Class A4 |  |  |
| 3.15%, 12/15/52 *(a)* | 800000 | 752611 |
| Series 2020-C55, Class A5 |  |  |
| 2.73%, 02/15/53 *(a)* | 750000 | 690697 |
| Series 2020-C58, Class A4 |  |  |
| 2.09%, 07/15/53 *(a)* | 3000000 | 2624568 |
| Series 2022-C62, Class A4 |  |  |
| 4.00%, 04/15/55 *(a)(l)* | 1800000 | 1707000 |
| Series 2025-C64, Class A5 |  |  |
| 5.65%, 02/15/58 *(a)* | 1400000 | 1462665 |
|  |  | **162945011** |
| **Mortgage-Backed Securities Pass-Through 24.4%** | **Mortgage-Backed Securities Pass-Through 24.4%** | **Mortgage-Backed Securities Pass-Through 24.4%** |
| **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** |
| 1.00%, 09/01/36 to 10/01/36 *(a)* | 564812 | 487218 |
| 1.50%, 08/01/35 to 08/01/51 *(a)* | 57601217 | 46762626 |
| 2.00%, 01/01/28 to 04/01/52 *(a)* | 236110746 | 192069352 |
| 2.50%, 04/01/27 to 05/01/52 *(a)* | 148188873 | 125447619 |
| 3.00%, 08/01/26 to 06/01/53 *(a)* | 78246881 | 69995086 |
| 3.50%, 01/01/26 to 02/01/53 *(a)* | 47774410 | 44151533 |
| 4.00%, 04/01/26 to 10/01/52 *(a)* | 26020748 | 24817124 |
| 4.50%, 05/01/34 to 09/01/52 *(a)* | 17412267 | 17026484 |
| 5.00%, 11/01/33 to 11/01/54 *(a)* | 27173482 | 26973162 |
| 5.50%, 09/01/32 to 01/01/55 *(a)* | 60052617 | 60404721 |
| 6.00%, 07/01/33 to 05/01/55 *(a)* | 46866434 | 48033200 |
| 6.50%, 12/01/33 to 05/01/55 *(a)* | 26779128 | 27818756 |
| 7.00%, 12/01/53 to 01/01/54 *(a)* | 5033976 | 5303394 |
| **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** |
| 1.00%, 03/01/36 to 07/01/36 *(a)* | 1086850 | 942762 |
| 1.50%, 09/01/35 to 04/01/51 *(a)* | 44480219 | 36925653 |
| 2.00%, 04/01/28 to 05/01/52 *(a)* | 243418154 | 200109723 |
| 2.50%, 07/01/27 to 05/01/52 *(a)* | 172126962 | 146371387 |
| 3.00%, 12/01/25 to 06/01/52 *(a)* | 104624504 | 93871757 |
| 3.50%, 10/01/25 to 07/01/52 *(a)* | 68408090 | 63505285 |
| 4.00%, 02/01/26 to 08/01/52 *(a)* | 47901001 | 45811676 |
| 4.50%, 03/01/30 to 09/01/52 *(a)* | 29896517 | 29231431 |
| 5.00%, 09/01/33 to 06/01/55 *(a)* | 54155938 | 53561404 |
| 5.50%, 07/01/29 to 06/01/55 *(a)* | 63810761 | 64216951 |
| 6.00%, 04/01/35 to 04/01/55 *(a)* | 68475763 | 69945855 |
| 6.50%, 08/01/34 to 03/01/55 *(a)* | 29013101 | 30105817 |

---

*See financial notes*

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

**105**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 7.00%, 12/01/53 to 03/01/55 *(a)* | 5532605 | 5825383 |
| 7.50%, 11/01/53 to 08/01/54 *(a)* | 1308087 | 1392181 |
| **Government National Mortgage Association** | **Government National Mortgage Association** | **Government National Mortgage Association** |
| 1.50%, 03/20/51 to 10/20/51 *(a)* | 1338574 | 1043871 |
| 2.00%, 04/20/36 to 04/20/52 *(a)* | 91251929 | 74499564 |
| 2.50%, 03/20/27 to 06/20/52 *(a)* | 94433083 | 80456179 |
| 3.00%, 01/20/27 to 06/20/52 *(a)* | 68794482 | 61520489 |
| 3.50%, 09/20/32 to 08/20/52 *(a)* | 53795568 | 49867354 |
| 4.00%, 06/15/39 to 10/20/52 *(a)* | 32795047 | 31094244 |
| 4.50%, 01/20/39 to 05/20/55 *(a)* | 33595650 | 32615539 |
| 5.00%, 03/20/33 to 05/20/55 *(a)* | 50950986 | 50306447 |
| 5.50%, 10/20/33 to 06/20/55 *(a)* | 56530800 | 56778311 |
| 6.00%, 10/15/36 to 04/20/55 *(a)* | 35828319 | 36491233 |
| 6.50%, 10/20/52 to 05/20/55 *(a)* | 13528083 | 13896335 |
| 7.00%, 01/20/53 to 12/20/54 *(a)* | 2985914 | 3085146 |
| 7.50%, 12/20/53 *(a)* | 207306 | 214829 |
| **Government National Mortgage Association, TBA** | **Government National Mortgage Association, TBA** | **Government National Mortgage Association, TBA** |
| 4.00%, 07/20/54 *(a)(h)* | 3500000 | 3254085 |
| 4.50%, 07/20/54 *(a)(h)* | 6500000 | 6221563 |
| **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** |
| 3.50%, 07/15/54 *(a)(h)* | 500000 | 450329 |
| 4.00%, 07/15/54 *(a)(h)* | 24500000 | 22787805 |
| 4.50%, 07/15/54 *(a)(h)* | 26000000 | 24871821 |
| 5.00%, 07/15/54 *(a)(h)* | 14000000 | 13724725 |
| 5.50%, 07/15/54 *(a)(h)* | 2000000 | 2000079 |
|  |  | **2096287488** |
| **Total Securitized** <br>**(Cost $2,476,361,612)** | **Total Securitized** <br>**(Cost $2,476,361,612)** | **2262877425** |

---

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Short-Term Investments** 1.3% OF NET ASSETS | **Short-Term Investments** 1.3% OF NET ASSETS | **Short-Term Investments** 1.3% OF NET ASSETS |
| **Money Market Funds 1.3%** | **Money Market Funds 1.3%** | **Money Market Funds 1.3%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.27% *(m)*<br>| 108911430 | 108911430 |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.27% *(m)(n)*<br>| 6636115 | 6636115 |
|  |  | **115547545** |
| **Total Short-Term Investments** <br>**(Cost $115,547,545)** | **Total Short-Term Investments** <br>**(Cost $115,547,545)** | **115547545** |
| **Total Investments in Securities** <br>**(Cost $9,071,045,361)** | **Total Investments in Securities** <br>**(Cost $9,071,045,361)** | **8632504959** |

---

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

\* Supranational bonds represent the debt of international organizations or institutions such as the World Bank, the International Monetary Fund, regional multilateral development banks and others. 

*(a)* The effective maturity may be shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or as the result of embedded demand features (puts or calls). 

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* Security is in a fixed-rate coupon period. Based on index eligibility requirements and the fund's investment objective this security will be removed from the index prior to converting to a floating rate security.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* All or a portion of this security is on loan. Securities on loan were valued at $6,443,961.

&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 $21,235,930 or 0.2% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* 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;*(f)* Issuer is affiliated with the fund's investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* Interest rate is subject to adjustments from time to time if a nationally recognized statistical rating organization downgrades (or subsequently upgrades) the debt rating assigned to the bond.

&nbsp;&nbsp;&nbsp;&nbsp;*(h)* Security or a portion of the security purchased on a delayed-delivery or when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;*(i)* Guaranteed by the Republic of Germany.

&nbsp;&nbsp;&nbsp;&nbsp;*(j)* Zero coupon security. When a security is purchased with a zero coupon rate the effective yield at the time of purchase is shown.

&nbsp;&nbsp;&nbsp;&nbsp;*(k)* Perpetual security. Maturity date represents the next call date.

&nbsp;&nbsp;&nbsp;&nbsp;*(l)* Fixed rate is determined by a formula set forth in the security's offering documents and is affected by the current WAC of the underlying loans.

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

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

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

---

| | |
|:---|:---|
| DAC — | Designated Activity Company |
| GO — | General obligation |
| RB — | Revenue bond |
| REIT — | Real Estate Investment Trust |
| TBA — | To-be-announced |
| WAC — | Weighted Average Coupon, which is the weighted average gross interest rate <br> of the securitized asset pool and is determined by the different speeds at <br> which the underlying mortgages are paid down.<br>|

---

*See financial notes*

**106**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

Below is a summary of the fund's transactions with affiliated issuers during the period ended June 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY <br>RATE, MATURITY DATE<br>| VALUE AT<br> 12/31/24<br>| PURCHASES | SALES | REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| ACCRETION OF<br> DISCOUNTS<br> (AMORTIZATION<br> OF PREMIUMS)<br>| VALUE AT<br> 6/30/25<br>| FACE AMOUNT<br> AT 6/30/25<br>| INTEREST<br> INCOME EARNED<br>|
| **CORPORATES** 0.0% OF NET ASSETS | **CORPORATES** 0.0% OF NET ASSETS | **CORPORATES** 0.0% OF NET ASSETS | **CORPORATES** 0.0% OF NET ASSETS | **CORPORATES** 0.0% OF NET ASSETS | **CORPORATES** 0.0% OF NET ASSETS | **CORPORATES** 0.0% OF NET ASSETS | **CORPORATES** 0.0% OF NET ASSETS | **CORPORATES** 0.0% OF NET ASSETS | **CORPORATES** 0.0% OF NET ASSETS |
| **Financial Institutions 0.0%** | **Financial Institutions 0.0%** | **Financial Institutions 0.0%** | **Financial Institutions 0.0%** | **Financial Institutions 0.0%** | **Financial Institutions 0.0%** | **Financial Institutions 0.0%** | **Financial Institutions 0.0%** | **Financial Institutions 0.0%** | **Financial Institutions 0.0%** |
| **Brokerage/Asset Managers/Exchanges 0.0%** | **Brokerage/Asset Managers/Exchanges 0.0%** | **Brokerage/Asset Managers/Exchanges 0.0%** | **Brokerage/Asset Managers/Exchanges 0.0%** | **Brokerage/Asset Managers/Exchanges 0.0%** | **Brokerage/Asset Managers/Exchanges 0.0%** | **Brokerage/Asset Managers/Exchanges 0.0%** | **Brokerage/Asset Managers/Exchanges 0.0%** | **Brokerage/Asset Managers/Exchanges 0.0%** | **Brokerage/Asset Managers/Exchanges 0.0%** |
| Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
| 3.45%, 02/13/26 | $88727 | $— | ($89154)<br>| ($1762)<br>| $2417 | ($228)<br>| $— | $— | $535 |
| 0.90%, 03/11/26 | 349354 |  | (352939)<br>| (10760)<br>| 14023 | 322 |  |  | 821 |
| 1.15%, 05/13/26 | 248358 |  | (252218)<br>| (7437)<br>| 11153 | 144 |  |  | 1254 |
| 5.88%, 08/24/26 | 300322 |  | (25447)<br>| 438 | (410)<br>| (283)<br>| 274620 | 270000 | 8225 |
| 3.20%, 03/02/27 | 184093 |  | (24463)<br>| (445)<br>| 4749 | (1399)<br>| 162535 | 165000 | 2893 |
| 2.45%, 03/03/27 | 424943 | 14499 | (48211)<br>| 234 | 5678 | 1467 | 398610 | 410000 | 5264 |
| 3.30%, 04/01/27 | 203975 |  |  |  | 4662 | (1375)<br>| 207262 | 210000 | 3465 |
| 3.20%, 01/25/28 | 181900 |  |  |  | 4728 | (565)<br>| 186063 | 190000 | 3040 |
| 2.00%, 03/20/28 | 306998 |  |  |  | 10318 | (128)<br>| 317188 | 335000 | 3350 |
| 4.00%, 02/01/29 | 169705 |  | (24649)<br>| 223 | 5065 | (1316)<br>| 149028 | 150000 | 3317 |
| 5.64%, 05/19/29 | 331771 |  |  |  | 5164 | (27)<br>| 336908 | 325000 | 9170 |
| 3.25%, 05/22/29 | 154613 |  |  |  | 5208 | (401)<br>| 159420 | 165000 | 2681 |
| 2.75%, 10/01/29 | 122888 |  |  |  | 4282 | (331)<br>| 126839 | 135000 | 1856 |
| 6.20%, 11/17/29 | 364810 |  |  |  | 7516 | (815)<br>| 371511 | 350000 | 10843 |
| 4.63%, 03/22/30 | 139802 |  |  |  | 3733 | (1165)<br>| 142370 | 140000 | 3238 |
| 1.65%, 03/11/31 | 180308 |  | (20797)<br>| (989)<br>| 8588 | 584 | 167694 | 195000 | 1691 |
| 2.30%, 05/13/31 | 178649 |  |  |  | 8476 | (137)<br>| 186988 | 210000 | 2415 |
| 1.95%, 12/01/31 | 200041 | 4065 | (20764)<br>| 241 | 8783 | 279 | 192645 | 225000 | 2285 |
| 2.90%, 03/03/32 | 250184 |  | (22063)<br>| 89 | 9640 | 690 | 238540 | 265000 | 4165 |
| 5.85%, 05/19/34 | 386192 |  |  |  | 12423 | (286)<br>| 398329 | 375000 | 10974 |
| 6.14%, 08/24/34 | 393742 |  |  |  | 12297 | (128)<br>| 405911 | 375000 | 11505 |
| **Total** | **$5161375** | **$18564** | **($880705)**<br>| **($20168)**<br>| **$148493** | **($5098)**<br>| **$4422461** |  | **$92987** |

---

------

The following is a summary of the inputs used to value the fund's investments as of June 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Corporates<sup>1</sup> <br>| $— | &nbsp;&nbsp; $2033041181 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2033041181 |
| Treasuries<sup>1</sup> <br>|  | &nbsp;&nbsp; 3853970774 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3853970774 |
| Government Related<sup>1</sup> <br>|  | &nbsp;&nbsp; 367068034 | &nbsp;&nbsp; — | &nbsp;&nbsp; 367068034 |
| Securitized<sup>1</sup> <br>|  | &nbsp;&nbsp; 2262877425 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2262877425 |
| Short-Term Investments<sup>1</sup> <br>| 115547545 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 115547545 |
| **Total** | **$115547545** | &nbsp;&nbsp; **$8516957414** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$8632504959** |

---

&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

**107**

------

Schwab U.S. Aggregate Bond ETF

Statement of Assets and Liabilities

------

As of June 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $4,523,335)  |  | $4422461 |
| Investments in securities, at value - unaffiliated issuers (cost $9,066,522,026) including securities on loan of $6,443,961 |  | 8628082498 |
| Cash |  | 3752153 |
| Receivables: |  |  |
| Investments sold |  | 110374669 |
| Interest |  | 65496287 |
| Dividends |  | 326111 |
| Income from securities on loan |  | 5262 |
| Foreign tax reclaims | + | 488 |
| **Total assets** |  | **8812459929** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 6636115 |
| Payables: |  |  |
| Investments bought |  | 126303529 |
| Investments bought - delayed-delivery |  | 88785782 |
| Management fees | + | 210225 |
| **Total liabilities** |  | **221935651** |
| **Net assets** |  | **$8590524278** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $9576525264 |
| Total distributable loss | + | (986000986)<br>|
| **Net assets** |  | **$8590524278** |

---

&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** |
| $8590524278 |  | &nbsp;&nbsp;&nbsp;&nbsp; 369800000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $23.23 |

---

*See financial notes*

**108**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated issuers (net of foreign withholding tax of $1,920) |  | $171216796 |
| Dividends received from securities - unaffiliated issuers  |  | 2445009 |
| Interest received from securities - affiliated issuers |  | 87889 |
| Securities on loan, net | + | 39923 |
| **Total investment income**  |  | **173789617** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 1269404 |
| **Total expenses** | – | **1269404** |
| **Net investment income** |  | **172520213** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers  |  | (19958)<br>|
| Net realized losses on sales of securities - unaffiliated issuers  |  | (21361394)<br>|
| Net realized losses on sales of in-kind redemptions - affiliated issuers |  | (210)<br>|
| Net realized losses on sales of in-kind redemptions - unaffiliated issuers  | + | (2955581)<br>|
| **Net realized losses** |  | **(24337143)**<br>|
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 148493 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | 192513672 |
| **Net change in unrealized appreciation (depreciation)** |  | **192662165** |
| **Net realized and unrealized gains** |  | **168325022** |
| **Increase in net assets resulting from operations** |  | **$340845235** |

---

*See financial notes*

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

**109**

------

Schwab U.S. Aggregate 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** |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 |
| Net investment income |  | $172520213 | &nbsp;&nbsp;&nbsp; $305333869 |
| Net realized losses |  | (24337143)<br>| &nbsp;&nbsp;&nbsp; (70348866)<br>|
| Net change in unrealized appreciation (depreciation) | + | 192662165 | &nbsp;&nbsp;&nbsp; (144029288)<br>|
| **Increase in net assets resulting from operations** |  | **$340845235** | &nbsp;&nbsp;&nbsp; **$90955715** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($148527400)**<br>| &nbsp;&nbsp;&nbsp; **($309988610)**<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 22000000 | &nbsp;&nbsp;&nbsp; $504638236 | &nbsp;&nbsp;&nbsp; 62200000 | &nbsp;&nbsp;&nbsp; $1439929588 |
| Shares redeemed | + | (23800000)<br>| &nbsp;&nbsp;&nbsp; (547071928)<br>| &nbsp;&nbsp;&nbsp; (15800000)<br>| &nbsp;&nbsp;&nbsp; (363762306)<br>|
| **Net transactions in fund shares**  |  | **(1800000)**<br>| &nbsp;&nbsp;&nbsp; **($42433692)**<br>| &nbsp;&nbsp;&nbsp; **46400000** | &nbsp;&nbsp;&nbsp; **$1076167282** |
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 371600000 | &nbsp;&nbsp;&nbsp; $8440640135 | &nbsp;&nbsp;&nbsp; 325200000 | &nbsp;&nbsp;&nbsp; $7583505748 |
| Total increase (decrease) | + | (1800000)<br>| &nbsp;&nbsp;&nbsp; 149884143 | &nbsp;&nbsp;&nbsp; 46400000 | &nbsp;&nbsp;&nbsp; 857134387 |
| **End of period** |  | **369800000** | &nbsp;&nbsp;&nbsp; **$8590524278** | &nbsp;&nbsp;&nbsp; **371600000** | &nbsp;&nbsp;&nbsp; **$8440640135** |

---

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

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

*See financial notes*

**110**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 1/1/25– <br>6/30/25\*<br>| 1/1/24– <br>12/31/24<sup>1</sup> <br>| 1/1/23– <br>12/31/23<sup>1</sup> <br>| 1/1/22– <br>12/31/22<sup>1</sup> <br>| 1/1/21– <br>12/31/21<sup>1</sup> <br>| 1/1/20– <br>12/31/20<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; $24.37 | &nbsp;&nbsp; $24.17 | &nbsp;&nbsp; $23.48 | &nbsp;&nbsp; $25.29 | &nbsp;&nbsp; $25.69 | &nbsp;&nbsp; $25.02 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.55 | 1.58 | 0.72 | 0.38 | 0.25 | 0.45 |
| Net realized and unrealized gains (losses) | 0.36 | 0.32 | 0.69 | &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (0.41)<br>| 0.88 |
| Total from investment operations | 0.91 | 1.90 | 1.41 | &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (0.16)<br>| 1.33 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.45)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.21)<br>|
| Total distributions | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.66)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $24.82 | &nbsp;&nbsp; $24.37 | &nbsp;&nbsp; $24.17 | &nbsp;&nbsp; $23.48 | &nbsp;&nbsp; $25.29 | &nbsp;&nbsp; $25.69 |
| Total return | 3.78 %<sup>3</sup><br>| 4.95<br> %<br>| 6.14<br> %<br>| &nbsp;&nbsp; (5.65<br> %)<br>| &nbsp;&nbsp; (0.64<br> %)<br>| 5.31<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>| 0.03<br> %<br>| 0.03<br> %<br>| 0.04 %<sup>5,6</sup><br>| 0.05 %<sup>7</sup><br>| 0.05<br> %<br>|
| Net investment income (loss) | 4.52 %<sup>4</sup><br>| 4.06<br> %<br>| 3.04<br> %<br>| 1.56<br> %<br>| 0.99<br> %<br>| 1.74<br> %<br>|
| Portfolio turnover rate<sup>8</sup> <br>| &nbsp;&nbsp; 20 %<sup>3</sup><br>| &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 80<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $528767 | &nbsp;&nbsp; $475203 | &nbsp;&nbsp; $389173 | &nbsp;&nbsp; $370872 | &nbsp;&nbsp; $609404 | &nbsp;&nbsp; $118146 |

---

&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 market close on October 10, 2024 (see financial note 10 for additional information). 

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

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

<sup>7</sup> Effective December 20, 2021, the annual operating expense ratio was reduced to 0.04%. The ratio presented for the period ended December 31, 2021, is a blended ratio.

<sup>8</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

**111**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited)

------

All securities are currently in a fixed rate coupon period based on index eligibility requirements and the fund's investment objective. Generally, for fixed rate securities, the rate shown is the interest rate that was established when the security was issued and when a security is purchased with a zero coupon rate, the effective yield at the time of purchase is shown. In some cases, for securitized products, the fixed interest rate can change but remains index eligible as a fixed rate coupon. Variable rate securities are subject to index requirements and will be removed from the index and fund prior to converting from a fixed rate coupon to a variable rate coupon. The maturity date shown for all the securities is the final legal maturity.

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

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **CORPORATES** 98.5% OF NET ASSETS | **CORPORATES** 98.5% OF NET ASSETS | **CORPORATES** 98.5% OF NET ASSETS |
| **Financial Institutions 42.9%** | **Financial Institutions 42.9%** | **Financial Institutions 42.9%** |
| ***Banking 32.4%***  | ***Banking 32.4%***  | ***Banking 32.4%***  |
| **Ally Financial, Inc.** | **Ally Financial, Inc.** | **Ally Financial, Inc.** |
| 4.75%, 06/09/27 *(a)* | 150000 | 150912 |
| 7.10%, 11/15/27 *(a)* | 140000 | 147636 |
| 2.20%, 11/02/28 *(a)* | 150000 | 138494 |
| 5.74%, 05/15/29 *(a)(b)* | 100000 | 101838 |
| 6.99%, 06/13/29 *(a)(b)* | 155000 | 163127 |
| 6.85%, 01/03/30 *(a)(b)* | 155000 | 163688 |
| 5.54%, 01/17/31 *(a)(b)* | 100000 | 101439 |
| **American Express Co.** | **American Express Co.** | **American Express Co.** |
| 1.65%, 11/04/26 *(a)* | 260000 | 251519 |
| 2.55%, 03/04/27 *(a)* | 390000 | 379922 |
| 3.30%, 05/03/27 *(a)* | 260000 | 256105 |
| 5.39%, 07/28/27 *(a)(b)* | 225000 | 227252 |
| 5.85%, 11/05/27 *(a)* | 275000 | 285051 |
| 5.10%, 02/16/28 *(a)(b)* | 345000 | 349119 |
| 5.04%, 07/26/28 *(a)(b)* | 235000 | 238445 |
| 4.73%, 04/25/29 *(a)(b)* | 150000 | 151701 |
| 4.05%, 05/03/29 *(a)* | 170000 | 170014 |
| 5.28%, 07/27/29 *(a)(b)* | 270000 | 277714 |
| 5.53%, 04/25/30 *(a)(b)* | 270000 | 280811 |
| 5.09%, 01/30/31 *(a)(b)* | 275000 | 281476 |
| 5.02%, 04/25/31 *(a)(b)* | 300000 | 306540 |
| **American Express Credit Corp.** | **American Express Credit Corp.** | **American Express Credit Corp.** |
| 3.30%, 05/03/27 *(a)* | 150000 | 148023 |
| **Associated Banc-Corp.** | **Associated Banc-Corp.** | **Associated Banc-Corp.** |
| 6.46%, 08/29/30 *(a)(b)* | 55000 | 56547 |
| **Australia & New Zealand Banking Group Ltd.** | **Australia & New Zealand Banking Group Ltd.** | **Australia & New Zealand Banking Group Ltd.** |
| 4.75%, 01/18/27  | 250000 | 252545 |
| 4.90%, 07/16/27  | 265000 | 269357 |
| 4.62%, 12/16/29  | 250000 | 254402 |
| **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** |
| 6.14%, 09/14/28 *(a)(b)* | 200000 | 206856 |
| 5.38%, 03/13/29  | 200000 | 206152 |
| **Banco Santander SA** | **Banco Santander SA** | **Banco Santander SA** |
| 4.25%, 04/11/27  | 200000 | 199564 |
| 5.29%, 08/18/27  | 400000 | 406740 |
| 1.72%, 09/14/27 *(a)(b)* | 200000 | 193216 |
| 6.53%, 11/07/27 *(a)(b)* | 200000 | 205446 |
| 3.80%, 02/23/28  | 200000 | 196566 |
| 5.55%, 03/14/28 *(a)(b)* | 200000 | 203268 |
| 4.18%, 03/24/28 *(a)(b)* | 400000 | 397632 |
| 4.38%, 04/12/28  | 200000 | 199542 |
| 5.37%, 07/15/28 *(a)(b)* | 200000 | 203688 |
| 5.59%, 08/08/28  | 200000 | 206612 |
| 6.61%, 11/07/28  | 200000 | 213390 |
| 3.31%, 06/27/29  | 200000 | 191942 |
| 5.57%, 01/17/30  | 200000 | 207610 |
| 5.54%, 03/14/30 *(a)(b)* | 200000 | 206072 |
| 3.49%, 05/28/30  | 200000 | 190088 |
| **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
| 6.22%, 09/15/26  | 120000 | 122582 |
| 4.25%, 10/22/26  | 400000 | 399412 |
| 1.73%, 07/22/27 *(a)(b)* | 1085000 | 1054880 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.93%, 09/15/27 *(a)(b)* | 300000 | 305304 |
| 3.25%, 10/21/27 *(a)* | 495000 | 485798 |
| 4.18%, 11/25/27 *(a)* | 390000 | 388717 |
| 3.82%, 01/20/28 *(a)(b)* | 435000 | 431355 |
| 2.55%, 02/04/28 *(a)(b)* | 200000 | 194446 |
| 3.71%, 04/24/28 *(a)(b)* | 390000 | 385515 |
| 4.38%, 04/27/28 *(a)(b)* | 440000 | 440128 |
| 3.59%, 07/21/28 *(a)(b)* | 395000 | 389099 |
| 4.95%, 07/22/28 *(a)(b)* | 580000 | 586821 |
| 6.20%, 11/10/28 *(a)(b)* | 400000 | 416296 |
| 3.42%, 12/20/28 *(a)(b)* | 1100000 | 1075316 |
| 4.98%, 01/24/29 *(a)(b)* | 485000 | 492115 |
| 3.97%, 03/05/29 *(a)(b)* | 480000 | 474710 |
| 5.20%, 04/25/29 *(a)(b)* | 600000 | 613350 |
| 4.62%, 05/09/29 *(a)(b)* | 400000 | 402676 |
| 2.09%, 06/14/29 *(a)(b)* | 580000 | 543756 |
| 4.27%, 07/23/29 *(a)(b)* | 500000 | 498745 |
| 5.82%, 09/15/29 *(a)(b)* | 515000 | 537001 |
| 3.97%, 02/07/30 *(a)(b)* | 530000 | 521997 |
| 3.19%, 07/23/30 *(a)(b)* | 485000 | 461938 |
| 2.88%, 10/22/30 *(a)(b)* | 375000 | 351165 |
| 5.16%, 01/24/31 *(a)(b)* | 500000 | 512665 |
| 2.50%, 02/13/31 *(a)(b)* | 640000 | 585043 |
| 2.59%, 04/29/31 *(a)(b)* | 500000 | 457380 |
| **Bank of America NA** | **Bank of America NA** | **Bank of America NA** |
| 5.53%, 08/18/26 *(a)* | 390000 | 395612 |
| **Bank of Montreal** | **Bank of Montreal** | **Bank of Montreal** |
| 1.25%, 09/15/26  | 280000 | 270301 |
| 5.27%, 12/11/26  | 250000 | 253500 |
| 2.65%, 03/08/27  | 265000 | 258849 |
| 4.57%, 09/10/27 *(a)(b)* | 200000 | 200464 |
| 4.70%, 09/14/27 *(a)* | 150000 | 151508 |
| 5.20%, 02/01/28 *(a)* | 200000 | 204768 |
| 5.72%, 09/25/28 *(a)* | 225000 | 234653 |
| 5.00%, 01/27/29 *(a)(b)* | 150000 | 152513 |
| 4.64%, 09/10/30 *(a)(b)* | 120000 | 121088 |
| 3.80%, 12/15/32 *(a)(b)* | 260000 | 253336 |
| **Bank of New York Mellon** | **Bank of New York Mellon** | **Bank of New York Mellon** |
| 4.73%, 04/20/29 *(a)(b)* | 250000 | 253525 |
| **Bank of New York Mellon Corp.** | **Bank of New York Mellon Corp.** | **Bank of New York Mellon Corp.** |
| 2.45%, 08/17/26 *(a)* | 165000 | 162007 |
| 1.05%, 10/15/26 *(a)* | 50000 | 48102 |
| 2.05%, 01/26/27 *(a)* | 100000 | 97000 |
| 3.25%, 05/16/27 *(a)* | 175000 | 172676 |
| 3.40%, 01/29/28 *(a)* | 155000 | 152528 |
| 3.44%, 02/07/28 *(a)(b)* | 225000 | 222480 |
| 3.85%, 04/28/28  | 200000 | 199680 |
| 4.44%, 06/09/28 *(a)(b)* | 140000 | 140799 |
| 3.99%, 06/13/28 *(a)(b)* | 145000 | 144614 |
| 4.89%, 07/21/28 *(a)(b)* | 45000 | 45611 |
| 5.80%, 10/25/28 *(a)(b)* | 220000 | 227872 |
| 3.00%, 10/30/28 *(a)* | 100000 | 96394 |
| 4.54%, 02/01/29 *(a)(b)* | 150000 | 151266 |
| 3.85%, 04/26/29 *(a)* | 105000 | 104030 |
| 3.30%, 08/23/29 *(a)* | 175000 | 168180 |
| 6.32%, 10/25/29 *(a)(b)* | 150000 | 159302 |
| 4.98%, 03/14/30 *(a)(b)* | 230000 | 235552 |
| 4.94%, 02/11/31 *(a)(b)* | 250000 | 255290 |

---

*See financial notes*

**112**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Bank of Nova Scotia** | **Bank of Nova Scotia** | **Bank of Nova Scotia** |
| 2.70%, 08/03/26  | 75000 | 73840 |
| 1.30%, 09/15/26  | 210000 | 202931 |
| 5.35%, 12/07/26  | 145000 | 147133 |
| 1.95%, 02/02/27  | 150000 | 145203 |
| 2.95%, 03/11/27  | 200000 | 196214 |
| 5.40%, 06/04/27  | 185000 | 189325 |
| 5.25%, 06/12/28  | 85000 | 87620 |
| 4.40%, 09/08/28 *(a)(b)* | 295000 | 295643 |
| 4.93%, 02/14/29 *(a)(b)* | 200000 | 202594 |
| 5.45%, 08/01/29  | 150000 | 155885 |
| 4.85%, 02/01/30  | 200000 | 203830 |
| 5.13%, 02/14/31 *(a)(b)* | 225000 | 229354 |
| **Bank OZK** | **Bank OZK** | **Bank OZK** |
| 2.75%, 10/01/31 *(a)(b)(c)* | 110000 | 98823 |
| **BankUnited, Inc.** | **BankUnited, Inc.** | **BankUnited, Inc.** |
| 5.13%, 06/11/30 *(a)* | 50000 | 49521 |
| **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
| 6.50%, 09/13/27 *(a)(b)* | 255000 | 260817 |
| 2.28%, 11/24/27 *(a)(b)* | 380000 | 368573 |
| 4.34%, 01/10/28 *(a)* | 310000 | 309231 |
| 5.67%, 03/12/28 *(a)(b)* | 220000 | 224281 |
| 4.84%, 05/09/28 *(a)* | 320000 | 320640 |
| 5.50%, 08/09/28 *(a)(b)* | 325000 | 331558 |
| 7.39%, 11/02/28 *(a)(b)* | 350000 | 371686 |
| 5.09%, 02/25/29 *(a)(b)* | 260000 | 263411 |
| 4.97%, 05/16/29 *(a)(b)* | 390000 | 394298 |
| 6.49%, 09/13/29 *(a)(b)* | 290000 | 306585 |
| 5.69%, 03/12/30 *(a)(b)* | 300000 | 310518 |
| 5.09%, 06/20/30 *(a)(b)* | 250000 | 251175 |
| 4.94%, 09/10/30 *(a)(b)* | 275000 | 277189 |
| 5.37%, 02/25/31 *(a)(b)* | 325000 | 332056 |
| 2.65%, 06/24/31 *(a)(b)* | 200000 | 180960 |
| **BPCE SA** | **BPCE SA** | **BPCE SA** |
| 3.38%, 12/02/26  | 250000 | 247305 |
| **Canadian Imperial Bank of Commerce** | **Canadian Imperial Bank of Commerce** | **Canadian Imperial Bank of Commerce** |
| 5.93%, 10/02/26  | 185000 | 188667 |
| 3.45%, 04/07/27 *(a)* | 200000 | 197548 |
| 5.24%, 06/28/27  | 200000 | 203650 |
| 4.51%, 09/11/27 *(a)(b)* | 200000 | 200378 |
| 4.86%, 01/13/28 *(a)(b)* | 215000 | 216640 |
| 5.00%, 04/28/28 *(a)* | 205000 | 209043 |
| 5.99%, 10/03/28 *(a)* | 135000 | 141765 |
| 4.86%, 03/30/29 *(a)(b)* | 250000 | 252750 |
| 5.26%, 04/08/29 *(a)* | 240000 | 247111 |
| 4.63%, 09/11/30 *(a)(b)* | 100000 | 100096 |
| 5.25%, 01/13/31 *(a)(b)* | 200000 | 204984 |
| **Capital One Financial Corp.** | **Capital One Financial Corp.** | **Capital One Financial Corp.** |
| 3.75%, 07/28/26 *(a)* | 285000 | 282449 |
| 3.75%, 03/09/27 *(a)* | 250000 | 248090 |
| 3.65%, 05/11/27 *(a)* | 190000 | 187999 |
| 7.15%, 10/29/27 *(a)(b)* | 145000 | 149905 |
| 1.88%, 11/02/27 *(a)(b)* | 260000 | 251254 |
| 3.80%, 01/31/28 *(a)* | 245000 | 241964 |
| 4.93%, 05/10/28 *(a)(b)* | 260000 | 262054 |
| 5.47%, 02/01/29 *(a)(b)* | 210000 | 215093 |
| 6.31%, 06/08/29 *(a)(b)* | 355000 | 372775 |
| 5.70%, 02/01/30 *(a)(b)* | 190000 | 196593 |
| 3.27%, 03/01/30 *(a)(b)* | 245000 | 234445 |
| 5.25%, 07/26/30 *(a)(b)* | 170000 | 173888 |
| 5.46%, 07/26/30 *(a)(b)* | 180000 | 185411 |
| **Capital One NA** | **Capital One NA** | **Capital One NA** |
| 3.45%, 07/27/26 *(a)* | 255000 | 252190 |
| 2.70%, 02/06/30 *(a)* | 250000 | 230248 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Citibank NA** | **Citibank NA** | **Citibank NA** |
| 5.49%, 12/04/26 *(a)* | 425000 | 431953 |
| 4.58%, 05/29/27 *(a)* | 400000 | 402208 |
| 4.88%, 11/19/27 *(a)(b)* | 170000 | 171098 |
| 5.80%, 09/29/28 *(a)* | 470000 | 491629 |
| 4.84%, 08/06/29 *(a)* | 385000 | 393385 |
| 4.91%, 05/29/30 *(a)* | 400000 | 407780 |
| **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
| 3.20%, 10/21/26 *(a)* | 615000 | 606642 |
| 4.30%, 11/20/26  | 200000 | 199752 |
| 4.45%, 09/29/27  | 655000 | 655707 |
| 3.89%, 01/10/28 *(a)(b)* | 560000 | 555100 |
| 6.63%, 01/15/28  | 65000 | 68827 |
| 3.07%, 02/24/28 *(a)(b)* | 520000 | 508737 |
| 4.64%, 05/07/28 *(a)(b)* | 400000 | 401232 |
| 4.66%, 05/24/28 *(a)(b)* | 310000 | 311277 |
| 3.67%, 07/24/28 *(a)(b)* | 470000 | 462776 |
| 4.13%, 07/25/28  | 350000 | 347735 |
| 3.52%, 10/27/28 *(a)(b)* | 420000 | 411499 |
| 4.79%, 03/04/29 *(a)(b)* | 400000 | 403024 |
| 4.08%, 04/23/29 *(a)(b)* | 415000 | 411008 |
| 5.17%, 02/13/30 *(a)(b)* | 610000 | 622456 |
| 3.98%, 03/20/30 *(a)(b)* | 490000 | 480371 |
| 4.54%, 09/19/30 *(a)(b)* | 550000 | 547712 |
| 2.98%, 11/05/30 *(a)(b)* | 390000 | 365141 |
| 2.67%, 01/29/31 *(a)(b)* | 470000 | 430999 |
| 4.41%, 03/31/31 *(a)(b)* | 650000 | 643428 |
| 4.95%, 05/07/31 *(a)(b)* | 400000 | 404752 |
| 2.57%, 06/03/31 *(a)(b)* | 580000 | 526193 |
| 5.59%, 11/19/34 *(a)(b)* | 240000 | 243739 |
| **Citizens Bank NA** | **Citizens Bank NA** | **Citizens Bank NA** |
| 4.58%, 08/09/28 *(a)(b)* | 250000 | 250695 |
| **Citizens Financial Group, Inc.** | **Citizens Financial Group, Inc.** | **Citizens Financial Group, Inc.** |
| 2.85%, 07/27/26 *(a)* | 85000 | 83591 |
| 5.84%, 01/23/30 *(a)(b)* | 245000 | 253746 |
| 2.50%, 02/06/30 *(a)* | 50000 | 45385 |
| 5.25%, 03/05/31 *(a)(b)* | 175000 | 177445 |
| **Comerica, Inc.** | **Comerica, Inc.** | **Comerica, Inc.** |
| 4.00%, 02/01/29 *(a)* | 145000 | 141755 |
| 5.98%, 01/30/30 *(a)(b)* | 190000 | 194708 |
| **Commonwealth Bank of Australia** | **Commonwealth Bank of Australia** | **Commonwealth Bank of Australia** |
| 4.58%, 11/27/26  | 250000 | 251837 |
| **Cooperatieve Rabobank UA** | **Cooperatieve Rabobank UA** | **Cooperatieve Rabobank UA** |
| 3.75%, 07/21/26  | 285000 | 282931 |
| 5.50%, 10/05/26  | 250000 | 254175 |
| 5.04%, 03/05/27  | 250000 | 253925 |
| 4.49%, 10/17/29  | 250000 | 252912 |
| **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
| 7.15%, 07/13/27 *(a)(b)* | 225000 | 230783 |
| 5.37%, 09/09/27  | 155000 | 158957 |
| 2.31%, 11/16/27 *(a)(b)* | 275000 | 266887 |
| 2.55%, 01/07/28 *(a)(b)* | 255000 | 247694 |
| 5.71%, 02/08/28 *(a)(b)* | 215000 | 218677 |
| 5.37%, 01/10/29 *(a)(b)* | 210000 | 213788 |
| 6.72%, 01/18/29 *(a)(b)* | 305000 | 320369 |
| 5.41%, 05/10/29  | 205000 | 212476 |
| 6.82%, 11/20/29 *(a)(b)* | 265000 | 282731 |
| 5.00%, 09/11/30 *(a)(b)* | 255000 | 256879 |
| 5.30%, 05/09/31 *(a)(b)* | 215000 | 218451 |
| 4.88%, 12/01/32 *(a)(b)* | 200000 | 197868 |
| **Fifth Third Bancorp** | **Fifth Third Bancorp** | **Fifth Third Bancorp** |
| 2.55%, 05/05/27 *(a)* | 100000 | 96925 |
| 1.71%, 11/01/27 *(a)(b)* | 120000 | 115949 |
| 3.95%, 03/14/28 *(a)* | 275000 | 272629 |
| 4.06%, 04/25/28 *(a)(b)* | 35000 | 34789 |
| 6.36%, 10/27/28 *(a)(b)* | 195000 | 203438 |

---

*See financial notes*

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

**113**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.34%, 07/27/29 *(a)(b)* | 240000 | 252878 |
| 4.77%, 07/28/30 *(a)(b)* | 250000 | 251665 |
| 4.90%, 09/06/30 *(a)(b)* | 130000 | 131499 |
| **First Citizens BancShares, Inc.** | **First Citizens BancShares, Inc.** | **First Citizens BancShares, Inc.** |
| 5.23%, 03/12/31 *(a)(b)* | 100000 | 100747 |
| **First Horizon Corp.** | **First Horizon Corp.** | **First Horizon Corp.** |
| 5.51%, 03/07/31 *(a)(b)* | 100000 | 101565 |
| **First-Citizens Bank & Trust Co.** | **First-Citizens Bank & Trust Co.** | **First-Citizens Bank & Trust Co.** |
| 6.13%, 03/09/28  | 115000 | 119436 |
| **FNB Corp.** | **FNB Corp.** | **FNB Corp.** |
| 5.72%, 12/11/30 *(a)(b)* | 100000 | 100624 |
| **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
| 3.50%, 11/16/26 *(a)* | 535000 | 529056 |
| 5.95%, 01/15/27  | 120000 | 123389 |
| 3.85%, 01/26/27 *(a)* | 570000 | 566403 |
| 1.54%, 09/10/27 *(a)(b)* | 535000 | 516682 |
| 1.95%, 10/21/27 *(a)(b)* | 800000 | 774952 |
| 2.64%, 02/24/28 *(a)(b)* | 560000 | 544006 |
| 3.62%, 03/15/28 *(a)(b)* | 615000 | 606870 |
| 4.94%, 04/23/28 *(a)(b)* | 235000 | 237052 |
| 3.69%, 06/05/28 *(a)(b)* | 475000 | 468606 |
| 4.48%, 08/23/28 *(a)(b)* | 475000 | 475822 |
| 3.81%, 04/23/29 *(a)(b)* | 500000 | 492045 |
| 4.22%, 05/01/29 *(a)(b)* | 670000 | 666657 |
| 6.48%, 10/24/29 *(a)(b)* | 515000 | 546667 |
| 2.60%, 02/07/30 *(a)* | 395000 | 365213 |
| 3.80%, 03/15/30 *(a)* | 415000 | 405090 |
| 5.73%, 04/25/30 *(a)(b)* | 465000 | 484144 |
| 5.05%, 07/23/30 *(a)(b)* | 475000 | 482771 |
| 4.69%, 10/23/30 *(a)(b)* | 350000 | 351225 |
| 5.21%, 01/28/31 *(a)(b)* | 425000 | 435153 |
| 5.22%, 04/23/31 *(a)(b)* | 500000 | 512905 |
| **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
| 4.38%, 11/23/26  | 200000 | 199658 |
| 5.89%, 08/14/27 *(a)(b)* | 380000 | 385491 |
| 2.25%, 11/22/27 *(a)(b)* | 205000 | 198735 |
| 4.04%, 03/13/28 *(a)(b)* | 405000 | 401788 |
| 5.60%, 05/17/28 *(a)(b)* | 395000 | 402671 |
| 4.76%, 06/09/28 *(a)(b)* | 395000 | 396548 |
| 5.21%, 08/11/28 *(a)(b)* | 490000 | 497139 |
| 2.01%, 09/22/28 *(a)(b)* | 455000 | 431272 |
| 7.39%, 11/03/28 *(a)(b)* | 465000 | 493895 |
| 5.13%, 11/19/28 *(a)(b)* | 300000 | 303924 |
| 6.16%, 03/09/29 *(a)(b)* | 350000 | 364003 |
| 4.58%, 06/19/29 *(a)(b)* | 635000 | 635991 |
| 2.21%, 08/17/29 *(a)(b)* | 430000 | 400579 |
| 5.55%, 03/04/30 *(a)(b)* | 365000 | 376041 |
| 4.95%, 03/31/30  | 550000 | 559509 |
| 3.97%, 05/22/30 *(a)(b)* | 625000 | 608769 |
| 5.29%, 11/19/30 *(a)(b)* | 450000 | 459837 |
| 5.13%, 03/03/31 *(a)(b)* | 300000 | 304035 |
| 5.24%, 05/13/31 *(a)(b)* | 300000 | 305652 |
| 2.85%, 06/04/31 *(a)(b)* | 200000 | 182826 |
| **HSBC USA, Inc.** | **HSBC USA, Inc.** | **HSBC USA, Inc.** |
| 5.29%, 03/04/27  | 245000 | 249121 |
| **Huntington Bancshares, Inc.** | **Huntington Bancshares, Inc.** | **Huntington Bancshares, Inc.** |
| 4.44%, 08/04/28 *(a)(b)* | 60000 | 60010 |
| 6.21%, 08/21/29 *(a)(b)* | 230000 | 241429 |
| 5.27%, 01/15/31 *(a)(b)* | 225000 | 230600 |
| **Huntington National Bank** | **Huntington National Bank** | **Huntington National Bank** |
| 4.87%, 04/12/28 *(a)(b)* | 250000 | 251860 |
| 4.55%, 05/17/28 *(a)(b)* | 250000 | 250955 |
| 5.65%, 01/10/30 *(a)* | 250000 | 260147 |
| **ING Groep NV** | **ING Groep NV** | **ING Groep NV** |
| 3.95%, 03/29/27  | 305000 | 303670 |
| 6.08%, 09/11/27 *(a)(b)* | 270000 | 275025 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.02%, 03/28/28 *(a)(b)* | 255000 | 253470 |
| 4.55%, 10/02/28  | 265000 | 266344 |
| 4.05%, 04/09/29  | 270000 | 266741 |
| 5.34%, 03/19/30 *(a)(b)* | 320000 | 328618 |
| 5.07%, 03/25/31 *(a)(b)* | 210000 | 213688 |
| **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
| 2.95%, 10/01/26 *(a)* | 405000 | 399208 |
| 7.63%, 10/15/26  | 165000 | 172268 |
| 4.13%, 12/15/26  | 395000 | 394739 |
| 8.00%, 04/29/27  | 100000 | 106784 |
| 1.47%, 09/22/27 *(a)(b)* | 520000 | 501842 |
| 4.25%, 10/01/27  | 290000 | 291409 |
| 6.07%, 10/22/27 *(a)(b)* | 385000 | 393412 |
| 3.63%, 12/01/27 *(a)* | 270000 | 266417 |
| 5.04%, 01/23/28 *(a)(b)* | 490000 | 495287 |
| 3.78%, 02/01/28 *(a)(b)* | 570000 | 565109 |
| 2.95%, 02/24/28 *(a)(b)* | 320000 | 312893 |
| 5.57%, 04/22/28 *(a)(b)* | 490000 | 500280 |
| 4.32%, 04/26/28 *(a)(b)* | 595000 | 594738 |
| 3.54%, 05/01/28 *(a)(b)* | 465000 | 458425 |
| 2.18%, 06/01/28 *(a)(b)* | 245000 | 235484 |
| 4.98%, 07/22/28 *(a)(b)* | 395000 | 400155 |
| 4.85%, 07/25/28 *(a)(b)* | 620000 | 626653 |
| 4.51%, 10/22/28 *(a)(b)* | 385000 | 386240 |
| 3.51%, 01/23/29 *(a)(b)* | 430000 | 421400 |
| 4.92%, 01/24/29 *(a)(b)* | 350000 | 354847 |
| 4.01%, 04/23/29 *(a)(b)* | 430000 | 426341 |
| 2.07%, 06/01/29 *(a)(b)* | 400000 | 375444 |
| 4.20%, 07/23/29 *(a)(b)* | 480000 | 478162 |
| 5.30%, 07/24/29 *(a)(b)* | 465000 | 477555 |
| 6.09%, 10/23/29 *(a)(b)* | 430000 | 452106 |
| 4.45%, 12/05/29 *(a)(b)* | 475000 | 476078 |
| 5.01%, 01/23/30 *(a)(b)* | 480000 | 489163 |
| 5.58%, 04/22/30 *(a)(b)* | 535000 | 555854 |
| 3.70%, 05/06/30 *(a)(b)* | 460000 | 448008 |
| 4.57%, 06/14/30 *(a)(b)* | 385000 | 386794 |
| 5.00%, 07/22/30 *(a)(b)* | 500000 | 509225 |
| 2.74%, 10/15/30 *(a)(b)* | 715000 | 666909 |
| 4.60%, 10/22/30 *(a)(b)* | 490000 | 491837 |
| 5.14%, 01/24/31 *(a)(b)* | 450000 | 461758 |
| 4.49%, 03/24/31 *(a)(b)* | 585000 | 584333 |
| 2.52%, 04/22/31 *(a)(b)* | 300000 | 274410 |
| 5.10%, 04/22/31 *(a)(b)* | 400000 | 410088 |
| 2.96%, 05/13/31 *(a)(b)* | 575000 | 531909 |
| **JPMorgan Chase Bank NA** | **JPMorgan Chase Bank NA** | **JPMorgan Chase Bank NA** |
| 5.11%, 12/08/26 *(a)* | 230000 | 232976 |
| **KeyBank NA** | **KeyBank NA** | **KeyBank NA** |
| 5.85%, 11/15/27 *(a)* | 250000 | 258117 |
| **KeyCorp** | **KeyCorp** | **KeyCorp** |
| 2.25%, 04/06/27  | 160000 | 154358 |
| 4.10%, 04/30/28  | 100000 | 99394 |
| 2.55%, 10/01/29  | 100000 | 92410 |
| 5.12%, 04/04/31 *(a)(b)* | 185000 | 187251 |
| **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** |
| 3.75%, 01/11/27  | 210000 | 208209 |
| 5.99%, 08/07/27 *(a)(b)* | 240000 | 243689 |
| 5.46%, 01/05/28 *(a)(b)* | 275000 | 278831 |
| 3.75%, 03/18/28 *(a)(b)* | 225000 | 222298 |
| 4.38%, 03/22/28  | 270000 | 269781 |
| 4.55%, 08/16/28  | 250000 | 250942 |
| 3.57%, 11/07/28 *(a)(b)* | 350000 | 342713 |
| 5.09%, 11/26/28 *(a)(b)* | 270000 | 273710 |
| 5.87%, 03/06/29 *(a)(b)* | 240000 | 248201 |
| 4.82%, 06/13/29 *(a)(b)* | 230000 | 232098 |
| 5.72%, 06/05/30 *(a)(b)* | 290000 | 301493 |

---

*See financial notes*

**114**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **M&T Bank Corp.** | **M&T Bank Corp.** | **M&T Bank Corp.** |
| 4.55%, 08/16/28 *(a)(b)* | 50000 | 50122 |
| 4.83%, 01/16/29 *(a)(b)* | 100000 | 100870 |
| 7.41%, 10/30/29 *(a)(b)* | 190000 | 206331 |
| **Manufacturers & Traders Trust Co.** | **Manufacturers & Traders Trust Co.** | **Manufacturers & Traders Trust Co.** |
| 3.40%, 08/17/27  | 250000 | 244228 |
| 4.70%, 01/27/28 *(a)* | 250000 | 252272 |
| **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** |
| 2.76%, 09/13/26  | 210000 | 206300 |
| 3.68%, 02/22/27  | 200000 | 198266 |
| 1.54%, 07/20/27 *(a)(b)* | 265000 | 257169 |
| 3.29%, 07/25/27  | 200000 | 196644 |
| 2.34%, 01/19/28 *(a)(b)* | 325000 | 314954 |
| 3.96%, 03/02/28  | 300000 | 298341 |
| 4.08%, 04/19/28 *(a)(b)* | 240000 | 238766 |
| 5.02%, 07/20/28 *(a)(b)* | 300000 | 303930 |
| 5.35%, 09/13/28 *(a)(b)* | 225000 | 229957 |
| 5.42%, 02/22/29 *(a)(b)* | 275000 | 282120 |
| 3.74%, 03/07/29  | 325000 | 318981 |
| 5.24%, 04/19/29 *(a)(b)* | 200000 | 204526 |
| 3.20%, 07/18/29  | 335000 | 319630 |
| 2.56%, 02/25/30  | 210000 | 192849 |
| 5.26%, 04/17/30 *(a)(b)* | 255000 | 261612 |
| 5.20%, 01/16/31 *(a)(b)* | 275000 | 281759 |
| **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** |
| 1.55%, 07/09/27 *(a)(b)* | 240000 | 233122 |
| 3.17%, 09/11/27  | 215000 | 210257 |
| 4.02%, 03/05/28  | 300000 | 298893 |
| 5.41%, 09/13/28 *(a)(b)* | 210000 | 214673 |
| 5.67%, 05/27/29 *(a)(b)* | 275000 | 284806 |
| 5.78%, 07/06/29 *(a)(b)* | 300000 | 311583 |
| 4.25%, 09/11/29 *(a)(b)* | 280000 | 278466 |
| 5.38%, 07/10/30 *(a)(b)* | 200000 | 205826 |
| 3.15%, 07/16/30 *(a)(b)* | 245000 | 232133 |
| 2.87%, 09/13/30 *(a)(b)* | 200000 | 186890 |
| 5.10%, 05/13/31 *(a)(b)* | 200000 | 203904 |
| **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** |
| 3.13%, 07/27/26  | 565000 | 558045 |
| 6.25%, 08/09/26  | 130000 | 132622 |
| 4.35%, 09/08/26  | 425000 | 424511 |
| 3.63%, 01/20/27  | 550000 | 545572 |
| 3.95%, 04/23/27  | 400000 | 397576 |
| 1.51%, 07/20/27 *(a)(b)* | 465000 | 451189 |
| 2.48%, 01/21/28 *(a)(b)* | 455000 | 441964 |
| 5.65%, 04/13/28 *(a)(b)* | 305000 | 311856 |
| 4.21%, 04/20/28 *(a)(b)* | 435000 | 434078 |
| 3.59%, 07/22/28 *(a)(b)* | 500000 | 491310 |
| 6.30%, 10/18/28 *(a)(b)* | 420000 | 437674 |
| 3.77%, 01/24/29 *(a)(b)* | 580000 | 571399 |
| 5.12%, 02/01/29 *(a)(b)* | 490000 | 498830 |
| 4.99%, 04/12/29 *(a)(b)* | 400000 | 405932 |
| 5.16%, 04/20/29 *(a)(b)* | 415000 | 423312 |
| 5.45%, 07/20/29 *(a)(b)* | 420000 | 432079 |
| 6.41%, 11/01/29 *(a)(b)* | 390000 | 413228 |
| 5.17%, 01/16/30 *(a)(b)* | 420000 | 428967 |
| 4.43%, 01/23/30 *(a)(b)* | 610000 | 609061 |
| 5.66%, 04/18/30 *(a)(b)* | 495000 | 514552 |
| 5.04%, 07/19/30 *(a)(b)* | 455000 | 463085 |
| 4.65%, 10/18/30 *(a)(b)* | 575000 | 576420 |
| 5.23%, 01/15/31 *(a)(b)* | 450000 | 461637 |
| 2.70%, 01/22/31 *(a)(b)* | 655000 | 604126 |
| 3.62%, 04/01/31 *(a)(b)* | 500000 | 479610 |
| 5.19%, 04/17/31 *(a)(b)* | 450000 | 461592 |
| **Morgan Stanley Bank NA** | **Morgan Stanley Bank NA** | **Morgan Stanley Bank NA** |
| 5.88%, 10/30/26 *(a)* | 325000 | 331987 |
| 4.45%, 10/15/27 *(a)(b)* | 360000 | 360580 |
| 4.95%, 01/14/28 *(a)(b)* | 325000 | 327805 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.50%, 05/26/28 *(a)(b)* | 400000 | 408588 |
| 4.97%, 07/14/28 *(a)(b)* | 320000 | 324003 |
| 5.02%, 01/12/29 *(a)(b)* | 300000 | 304761 |
| **National Australia Bank Ltd.** | **National Australia Bank Ltd.** | **National Australia Bank Ltd.** |
| 3.91%, 06/09/27  | 250000 | 249530 |
| 5.09%, 06/11/27  | 250000 | 254757 |
| 4.94%, 01/12/28  | 250000 | 255407 |
| 4.90%, 06/13/28  | 255000 | 261362 |
| 4.79%, 01/10/29  | 250000 | 255430 |
| 4.53%, 06/13/30  | 250000 | 252932 |
| **National Bank of Canada** | **National Bank of Canada** | **National Bank of Canada** |
| 5.60%, 12/18/28  | 295000 | 306464 |
| 4.50%, 10/10/29  | 300000 | 299913 |
| **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
| 5.58%, 03/01/28 *(a)(b)* | 200000 | 203658 |
| 3.07%, 05/22/28 *(a)(b)* | 215000 | 209741 |
| 5.52%, 09/30/28 *(a)(b)* | 215000 | 219717 |
| 4.89%, 05/18/29 *(a)(b)* | 300000 | 303057 |
| 5.81%, 09/13/29 *(a)(b)* | 200000 | 207720 |
| 5.08%, 01/27/30 *(a)(b)* | 345000 | 350241 |
| 4.45%, 05/08/30 *(a)(b)* | 200000 | 198554 |
| 4.96%, 08/15/30 *(a)(b)* | 240000 | 242938 |
| 5.12%, 05/23/31 *(a)(b)* | 200000 | 203456 |
| 6.48%, 06/01/34 *(a)(b)* | 200000 | 209266 |
| **Northern Trust Corp.** | **Northern Trust Corp.** | **Northern Trust Corp.** |
| 4.00%, 05/10/27 *(a)* | 210000 | 209864 |
| 3.65%, 08/03/28 *(a)* | 80000 | 79015 |
| 3.15%, 05/03/29 *(a)* | 125000 | 120626 |
| 1.95%, 05/01/30 *(a)* | 150000 | 134780 |
| 3.38%, 05/08/32 *(a)(b)* | 100000 | 97158 |
| **PNC Bank NA** | **PNC Bank NA** | **PNC Bank NA** |
| 3.10%, 10/25/27 *(a)* | 260000 | 253729 |
| 3.25%, 01/22/28 *(a)* | 250000 | 244123 |
| 2.70%, 10/22/29  | 250000 | 232880 |
| **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** |
| 2.60%, 07/23/26 *(a)* | 195000 | 191901 |
| 1.15%, 08/13/26 *(a)* | 160000 | 154632 |
| 3.15%, 05/19/27 *(a)* | 130000 | 127699 |
| 5.10%, 07/23/27 *(a)(b)* | 210000 | 211609 |
| 6.62%, 10/20/27 *(a)(b)* | 260000 | 267392 |
| 5.30%, 01/21/28 *(a)(b)* | 210000 | 213226 |
| 5.35%, 12/02/28 *(a)(b)* | 200000 | 204868 |
| 3.45%, 04/23/29 *(a)* | 300000 | 292107 |
| 5.58%, 06/12/29 *(a)(b)* | 475000 | 492133 |
| 2.55%, 01/22/30 *(a)* | 200000 | 185470 |
| 5.49%, 05/14/30 *(a)(b)* | 260000 | 269402 |
| 5.22%, 01/29/31 *(a)(b)* | 200000 | 205462 |
| 4.90%, 05/13/31 *(a)(b)* | 200000 | 202712 |
| **Regions Financial Corp.** | **Regions Financial Corp.** | **Regions Financial Corp.** |
| 1.80%, 08/12/28 *(a)* | 170000 | 157218 |
| 5.72%, 06/06/30 *(a)(b)* | 125000 | 129240 |
| **Royal Bank of Canada** | **Royal Bank of Canada** | **Royal Bank of Canada** |
| 1.15%, 07/14/26  | 170000 | 164880 |
| 5.20%, 07/20/26  | 175000 | 176838 |
| 1.40%, 11/02/26  | 160000 | 154528 |
| 4.88%, 01/19/27  | 255000 | 257711 |
| 2.05%, 01/21/27  | 120000 | 116422 |
| 3.63%, 05/04/27  | 210000 | 208150 |
| 5.07%, 07/23/27 *(a)(b)* | 265000 | 266982 |
| 4.24%, 08/03/27  | 255000 | 255477 |
| 4.51%, 10/18/27 *(a)(b)* | 200000 | 200440 |
| 6.00%, 11/01/27  | 220000 | 228697 |
| 4.90%, 01/12/28  | 165000 | 168059 |
| 5.20%, 08/01/28  | 245000 | 252257 |
| 4.52%, 10/18/28 *(a)(b)* | 180000 | 180814 |
| 4.97%, 01/24/29 *(a)(b)* | 300000 | 304386 |

---

*See financial notes*

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

**115**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.95%, 02/01/29  | 215000 | 220214 |
| 4.97%, 08/02/30 *(a)(b)* | 325000 | 329690 |
| 4.65%, 10/18/30 *(a)(b)* | 360000 | 360868 |
| 5.15%, 02/04/31 *(a)(b)* | 350000 | 357238 |
| 4.97%, 05/02/31 *(a)(b)* | 125000 | 126911 |
| **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** |
| 3.24%, 10/05/26 *(a)(d)* | 150000 | 147746 |
| 4.40%, 07/13/27 *(a)* | 200000 | 199822 |
| 2.49%, 01/06/28 *(a)(b)* | 190000 | 184009 |
| 6.50%, 03/09/29 *(a)(b)* | 175000 | 182543 |
| 5.47%, 03/20/29 *(a)(b)* | 60000 | 61003 |
| 6.57%, 06/12/29 *(a)(b)* | 115000 | 120617 |
| 6.17%, 01/09/30 *(a)(b)* | 220000 | 228967 |
| 5.35%, 09/06/30 *(a)(b)* | 230000 | 234179 |
| 5.74%, 03/20/31 *(a)(b)* | 170000 | 174595 |
| **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** |
| 2.47%, 01/11/28 *(a)(b)* | 250000 | 242388 |
| 3.82%, 11/03/28 *(a)(b)* | 225000 | 220662 |
| 6.53%, 01/10/29 *(a)(b)* | 200000 | 209026 |
| 4.86%, 09/11/30 *(a)(b)* | 255000 | 254855 |
| 5.69%, 04/15/31 *(a)(b)* | 200000 | 206400 |
| **SouthState Corp.** | **SouthState Corp.** | **SouthState Corp.** |
| 7.00%, 06/13/35 *(a)(b)* | 70000 | 71830 |
| **State Street Bank & Trust Co.** | **State Street Bank & Trust Co.** | **State Street Bank & Trust Co.** |
| 4.59%, 11/25/26  | 250000 | 251932 |
| 4.78%, 11/23/29  | 140000 | 143023 |
| **State Street Corp.** | **State Street Corp.** | **State Street Corp.** |
| 5.27%, 08/03/26 *(a)* | 265000 | 267830 |
| 4.99%, 03/18/27 *(a)* | 200000 | 203040 |
| 4.33%, 10/22/27 *(a)* | 100000 | 100573 |
| 1.68%, 11/18/27 *(a)(b)* | 95000 | 91712 |
| 2.20%, 02/07/28 *(a)(b)* | 160000 | 155062 |
| 4.54%, 02/28/28 *(a)* | 250000 | 252955 |
| 4.54%, 04/24/28 *(a)(b)* | 100000 | 100747 |
| 5.82%, 11/04/28 *(a)(b)* | 115000 | 119192 |
| 4.53%, 02/20/29 *(a)(b)* | 180000 | 181514 |
| 5.68%, 11/21/29 *(a)(b)* | 205000 | 214354 |
| 4.14%, 12/03/29 *(a)(b)* | 100000 | 99832 |
| 2.40%, 01/24/30  | 150000 | 139578 |
| 4.73%, 02/28/30 *(a)* | 150000 | 152303 |
| 4.83%, 04/24/30 *(a)* | 150000 | 152969 |
| 3.15%, 03/30/31 *(a)(b)* | 60000 | 56770 |
| 3.03%, 11/01/34 *(a)(b)* | 100000 | 92466 |
| **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** |
| 2.63%, 07/14/26  | 455000 | 447138 |
| 1.40%, 09/17/26  | 315000 | 304277 |
| 3.01%, 10/19/26  | 350000 | 344288 |
| 3.45%, 01/11/27  | 275000 | 271807 |
| 3.36%, 07/12/27  | 350000 | 344498 |
| 3.35%, 10/18/27  | 225000 | 220820 |
| 5.52%, 01/13/28  | 300000 | 308871 |
| 3.54%, 01/17/28  | 210000 | 206420 |
| 5.80%, 07/13/28  | 200000 | 208398 |
| 3.94%, 07/19/28  | 200000 | 198330 |
| 5.72%, 09/14/28  | 225000 | 234243 |
| 1.90%, 09/17/28  | 290000 | 269216 |
| 5.32%, 07/09/29  | 225000 | 231953 |
| 3.04%, 07/16/29  | 485000 | 459824 |
| 2.72%, 09/27/29  | 200000 | 187452 |
| 5.71%, 01/13/30  | 265000 | 278149 |
| 2.75%, 01/15/30  | 310000 | 288009 |
| **Synchrony Financial** | **Synchrony Financial** | **Synchrony Financial** |
| 3.70%, 08/04/26 *(a)* | 100000 | 99067 |
| 3.95%, 12/01/27 *(a)* | 190000 | 186932 |
| 5.15%, 03/19/29 *(a)* | 160000 | 160674 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.94%, 08/02/30 *(a)(b)* | 75000 | 77096 |
| 5.45%, 03/06/31 *(a)(b)* | 185000 | 186726 |
| **Synovus Financial Corp.** | **Synovus Financial Corp.** | **Synovus Financial Corp.** |
| 6.17%, 11/01/30 *(a)(b)* | 145000 | 148728 |
| **Toronto-Dominion Bank** | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** |
| 5.53%, 07/17/26  | 320000 | 323987 |
| 1.25%, 09/10/26  | 335000 | 323476 |
| 5.26%, 12/11/26  | 80000 | 81129 |
| 4.57%, 12/17/26  | 300000 | 301251 |
| 1.95%, 01/12/27  | 150000 | 145091 |
| 2.80%, 03/10/27  | 295000 | 288286 |
| 4.98%, 04/05/27  | 160000 | 162109 |
| 4.11%, 06/08/27  | 330000 | 329337 |
| 4.69%, 09/15/27  | 270000 | 272697 |
| 5.16%, 01/10/28  | 265000 | 270647 |
| 4.57%, 06/02/28  | 150000 | 151130 |
| 5.52%, 07/17/28  | 270000 | 279523 |
| 4.99%, 04/05/29  | 150000 | 153095 |
| 4.78%, 12/17/29  | 220000 | 222589 |
| 4.81%, 06/03/30  | 100000 | 101001 |
| 3.63%, 09/15/31 *(a)(b)* | 395000 | 390631 |
| 5.15%, 09/10/34 *(a)(b)* | 135000 | 135439 |
| **Truist Bank** | **Truist Bank** | **Truist Bank** |
| 3.80%, 10/30/26 *(a)* | 255000 | 252690 |
| 2.25%, 03/11/30 *(a)* | 250000 | 225098 |
| **Truist Financial Corp.** | **Truist Financial Corp.** | **Truist Financial Corp.** |
| 1.13%, 08/03/27 *(a)* | 100000 | 94075 |
| 4.12%, 06/06/28 *(a)(b)* | 100000 | 99715 |
| 4.87%, 01/26/29 *(a)(b)* | 325000 | 328906 |
| 3.88%, 03/19/29 *(a)* | 140000 | 136864 |
| 1.89%, 06/07/29 *(a)(b)* | 200000 | 186144 |
| 7.16%, 10/30/29 *(a)(b)* | 320000 | 346278 |
| 5.44%, 01/24/30 *(a)(b)* | 285000 | 293607 |
| 1.95%, 06/05/30 *(a)* | 120000 | 106283 |
| 5.07%, 05/20/31 *(a)(b)* | 200000 | 203140 |
| **U.S. Bancorp** | **U.S. Bancorp** | **U.S. Bancorp** |
| 2.38%, 07/22/26 *(a)* | 100000 | 98178 |
| 3.15%, 04/27/27 *(a)* | 250000 | 245743 |
| 6.79%, 10/26/27 *(a)(b)* | 65000 | 66958 |
| 2.22%, 01/27/28 *(a)(b)* | 270000 | 261041 |
| 3.90%, 04/26/28 *(a)* | 200000 | 198850 |
| 4.55%, 07/22/28 *(a)(b)* | 355000 | 356040 |
| 4.65%, 02/01/29 *(a)(b)* | 310000 | 312266 |
| 5.78%, 06/12/29 *(a)(b)* | 340000 | 353022 |
| 3.00%, 07/30/29 *(a)* | 200000 | 189408 |
| 5.38%, 01/23/30 *(a)(b)* | 290000 | 298772 |
| 5.10%, 07/23/30 *(a)(b)* | 200000 | 204224 |
| 5.05%, 02/12/31 *(a)(b)* | 250000 | 254615 |
| 5.08%, 05/15/31 *(a)(b)* | 200000 | 204120 |
| **U.S. Bank NA** | **U.S. Bank NA** | **U.S. Bank NA** |
| 4.51%, 10/22/27 *(a)(b)* | 250000 | 250380 |
| 4.73%, 05/15/28 *(a)(b)* | 250000 | 251410 |
| **UBS AG** | **UBS AG** | **UBS AG** |
| 1.25%, 08/07/26  | 250000 | 241965 |
| 5.00%, 07/09/27  | 310000 | 314855 |
| 4.86%, 01/10/28 *(a)(b)* | 300000 | 302511 |
| 7.50%, 02/15/28  | 300000 | 323685 |
| 5.65%, 09/11/28  | 250000 | 260567 |
| **Wachovia Corp.** | **Wachovia Corp.** | **Wachovia Corp.** |
| 7.57%, 08/01/26 *(e)* | 45000 | 46446 |
| **Webster Financial Corp.** | **Webster Financial Corp.** | **Webster Financial Corp.** |
| 4.10%, 03/25/29 *(a)* | 100000 | 97712 |
| **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
| 3.00%, 10/23/26  | 590000 | 579994 |
| 4.30%, 07/22/27  | 430000 | 430138 |
| 4.90%, 01/24/28 *(a)(b)* | 450000 | 453420 |

---

*See financial notes*

**116**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.53%, 03/24/28 *(a)(b)* | 750000 | 740152 |
| 5.71%, 04/22/28 *(a)(b)* | 635000 | 649497 |
| 3.58%, 05/22/28 *(a)(b)* | 590000 | 581150 |
| 2.39%, 06/02/28 *(a)(b)* | 690000 | 665277 |
| 4.81%, 07/25/28 *(a)(b)* | 540000 | 544606 |
| 4.15%, 01/24/29 *(a)* | 460000 | 458634 |
| 4.97%, 04/23/29 *(a)(b)* | 200000 | 202896 |
| 5.57%, 07/25/29 *(a)(b)* | 850000 | 877863 |
| 6.30%, 10/23/29 *(a)(b)* | 490000 | 518141 |
| 7.95%, 11/15/29  | 75000 | 84169 |
| 5.20%, 01/23/30 *(a)(b)* | 515000 | 527566 |
| 2.88%, 10/30/30 *(a)(b)* | 665000 | 621575 |
| 5.24%, 01/24/31 *(a)(b)* | 570000 | 584951 |
| 2.57%, 02/11/31 *(a)(b)* | 580000 | 531413 |
| 4.48%, 04/04/31 *(a)(b)* | 445000 | 443131 |
| 5.15%, 04/23/31 *(a)(b)* | 400000 | 409872 |
| **Wells Fargo Bank NA** | **Wells Fargo Bank NA** | **Wells Fargo Bank NA** |
| 5.45%, 08/07/26 *(a)* | 265000 | 268466 |
| 5.25%, 12/11/26 *(a)* | 440000 | 446538 |
| **Westpac Banking Corp.** | **Westpac Banking Corp.** | **Westpac Banking Corp.** |
| 2.70%, 08/19/26  | 130000 | 128012 |
| 4.60%, 10/20/26  | 150000 | 151007 |
| 3.35%, 03/08/27  | 210000 | 207709 |
| 4.04%, 08/26/27  | 150000 | 150189 |
| 5.46%, 11/18/27  | 260000 | 268364 |
| 3.40%, 01/25/28  | 145000 | 142900 |
| 5.54%, 11/17/28  | 235000 | 246024 |
| 1.95%, 11/20/28  | 245000 | 228690 |
| 5.05%, 04/16/29  | 150000 | 154763 |
| 2.65%, 01/16/30  | 170000 | 159331 |
| 4.32%, 11/23/31 *(a)(b)* | 305000 | 303149 |
| 4.11%, 07/24/34 *(a)(b)* | 220000 | 212681 |
| **Wintrust Financial Corp.** | **Wintrust Financial Corp.** | **Wintrust Financial Corp.** |
| 4.85%, 06/06/29  | 75000 | 73378 |
|  |  | **171446837** |
| ***Brokerage/Asset Managers/Exchanges 1.6%***  | ***Brokerage/Asset Managers/Exchanges 1.6%***  | ***Brokerage/Asset Managers/Exchanges 1.6%***  |
| **Affiliated Managers Group, Inc.** | **Affiliated Managers Group, Inc.** | **Affiliated Managers Group, Inc.** |
| 3.30%, 06/15/30 *(a)* | 60000 | 56300 |
| **Ameriprise Financial, Inc.** | **Ameriprise Financial, Inc.** | **Ameriprise Financial, Inc.** |
| 2.88%, 09/15/26 *(a)* | 95000 | 93641 |
| 5.70%, 12/15/28 *(a)* | 160000 | 167706 |
| **ARES Management Corp.** | **ARES Management Corp.** | **ARES Management Corp.** |
| 6.38%, 11/10/28 *(a)* | 75000 | 79517 |
| **BGC Group, Inc.** | **BGC Group, Inc.** | **BGC Group, Inc.** |
| 8.00%, 05/25/28 *(a)* | 105000 | 112367 |
| 6.60%, 06/10/29 *(a)* | 100000 | 103733 |
| 6.15%, 04/02/30 *(a)(d)* | 125000 | 126844 |
| **BlackRock Funding, Inc.** | **BlackRock Funding, Inc.** | **BlackRock Funding, Inc.** |
| 4.60%, 07/26/27 *(a)* | 125000 | 126571 |
| 4.70%, 03/14/29 *(a)* | 110000 | 112429 |
| **BlackRock, Inc.** | **BlackRock, Inc.** | **BlackRock, Inc.** |
| 3.20%, 03/15/27  | 120000 | 118441 |
| 3.25%, 04/30/29 *(a)* | 210000 | 204202 |
| 2.40%, 04/30/30 *(a)* | 215000 | 197929 |
| **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** |
| 3.90%, 01/25/28 *(a)* | 190000 | 187880 |
| 4.85%, 03/29/29 *(a)* | 150000 | 151495 |
| 4.35%, 04/15/30 *(a)* | 100000 | 98792 |
| **Cboe Global Markets, Inc.** | **Cboe Global Markets, Inc.** | **Cboe Global Markets, Inc.** |
| 3.65%, 01/12/27 *(a)* | 135000 | 133936 |
| **Charles Schwab Corp.** | **Charles Schwab Corp.** | **Charles Schwab Corp.** |
| 5.88%, 08/24/26 *(a)(f)* | 160000 | 162738 |
| 3.20%, 03/02/27 *(a)(f)* | 70000 | 68954 |
| 2.45%, 03/03/27 *(a)(f)* | 260000 | 252777 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.30%, 04/01/27 *(a)(f)* | 125000 | 123370 |
| 3.20%, 01/25/28 *(a)(f)* | 105000 | 102824 |
| 2.00%, 03/20/28 *(a)(f)* | 180000 | 170430 |
| 4.00%, 02/01/29 *(a)(f)* | 85000 | 84449 |
| 5.64%, 05/19/29 *(a)(b)(f)* | 205000 | 212511 |
| 3.25%, 05/22/29 *(a)(f)* | 90000 | 86956 |
| 2.75%, 10/01/29 *(a)(f)* | 85000 | 79862 |
| 6.20%, 11/17/29 *(a)(b)(f)* | 205000 | 217599 |
| 4.63%, 03/22/30 *(a)(f)* | 90000 | 91524 |
| **CME Group, Inc.** | **CME Group, Inc.** | **CME Group, Inc.** |
| 3.75%, 06/15/28 *(a)* | 110000 | 109369 |
| 4.40%, 03/15/30 *(a)* | 80000 | 80590 |
| **Eaton Vance Corp.** | **Eaton Vance Corp.** | **Eaton Vance Corp.** |
| 3.50%, 04/06/27 *(a)* | 65000 | 64191 |
| **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** |
| 3.10%, 09/15/27 *(a)* | 105000 | 102651 |
| 4.00%, 09/15/27 *(a)* | 275000 | 273916 |
| 3.63%, 09/01/28 *(a)* | 190000 | 186360 |
| 3.75%, 09/21/28 *(a)* | 125000 | 123153 |
| 4.35%, 06/15/29 *(a)* | 245000 | 245931 |
| 2.10%, 06/15/30 *(a)* | 200000 | 179362 |
| **Jefferies Financial Group, Inc.** | **Jefferies Financial Group, Inc.** | **Jefferies Financial Group, Inc.** |
| 4.85%, 01/15/27  | 155000 | 156345 |
| 6.45%, 06/08/27  | 75000 | 77765 |
| 5.88%, 07/21/28 *(a)* | 200000 | 207486 |
| 4.15%, 01/23/30  | 200000 | 195558 |
| **Lazard Group LLC** | **Lazard Group LLC** | **Lazard Group LLC** |
| 3.63%, 03/01/27 *(a)* | 60000 | 59024 |
| 4.50%, 09/19/28 *(a)* | 135000 | 134545 |
| 4.38%, 03/11/29 *(a)* | 100000 | 99027 |
| **LPL Holdings, Inc.** | **LPL Holdings, Inc.** | **LPL Holdings, Inc.** |
| 5.70%, 05/20/27 *(a)* | 90000 | 91749 |
| 6.75%, 11/17/28 *(a)* | 175000 | 186716 |
| 5.20%, 03/15/30 *(a)* | 150000 | 152370 |
| 5.15%, 06/15/30 *(a)* | 90000 | 91169 |
| **Marex Group PLC** | **Marex Group PLC** | **Marex Group PLC** |
| 6.40%, 11/04/29 *(a)* | 100000 | 102973 |
| **Nasdaq, Inc.** | **Nasdaq, Inc.** | **Nasdaq, Inc.** |
| 5.35%, 06/28/28 *(a)* | 170000 | 175129 |
| **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** |
| 1.65%, 07/14/26  | 200000 | 194250 |
| 2.33%, 01/22/27  | 275000 | 266035 |
| 5.39%, 07/06/27  | 200000 | 203518 |
| 6.07%, 07/12/28  | 200000 | 208780 |
| 2.17%, 07/14/28  | 225000 | 210134 |
| 5.61%, 07/06/29  | 200000 | 207250 |
| 3.10%, 01/16/30  | 300000 | 280349 |
| **Raymond James Financial, Inc.** | **Raymond James Financial, Inc.** | **Raymond James Financial, Inc.** |
| 4.65%, 04/01/30 *(a)* | 75000 | 76110 |
| **Stifel Financial Corp.** | **Stifel Financial Corp.** | **Stifel Financial Corp.** |
| 4.00%, 05/15/30 *(a)* | 75000 | 72165 |
|  |  | **8539747** |
| ***Finance Companies 2.7%***  | ***Finance Companies 2.7%***  | ***Finance Companies 2.7%***  |
| **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** | **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** | **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** |
| 2.45%, 10/29/26 *(a)* | 650000 | 633431 |
| 6.10%, 01/15/27 *(a)* | 225000 | 230067 |
| 6.45%, 04/15/27 *(a)* | 250000 | 258275 |
| 3.65%, 07/21/27 *(a)* | 195000 | 192215 |
| 3.88%, 01/23/28 *(a)* | 100000 | 98540 |
| 4.88%, 04/01/28 *(a)* | 150000 | 151632 |
| 5.75%, 06/06/28 *(a)* | 260000 | 269123 |
| 3.00%, 10/29/28 *(a)* | 680000 | 648128 |
| 5.10%, 01/19/29 *(a)* | 200000 | 203592 |

---

*See financial notes*

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

**117**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.63%, 09/10/29 *(a)* | 150000 | 150124 |
| 6.95%, 03/10/55 *(a)(b)* | 150000 | 156721 |
| **Air Lease Corp.** | **Air Lease Corp.** | **Air Lease Corp.** |
| 1.88%, 08/15/26 *(a)* | 215000 | 209068 |
| 2.20%, 01/15/27 *(a)* | 150000 | 145303 |
| 3.63%, 04/01/27 *(a)* | 100000 | 98933 |
| 3.63%, 12/01/27 *(a)* | 100000 | 98520 |
| 5.85%, 12/15/27 *(a)* | 100000 | 103491 |
| 5.30%, 02/01/28 *(a)* | 135000 | 138033 |
| 2.10%, 09/01/28 *(a)* | 110000 | 102638 |
| 4.63%, 10/01/28 *(a)* | 100000 | 100699 |
| 5.10%, 03/01/29 *(a)* | 100000 | 102200 |
| 3.25%, 10/01/29 *(a)* | 100000 | 95321 |
| 3.00%, 02/01/30 *(a)* | 125000 | 117061 |
| **Apollo Debt Solutions BDC** | **Apollo Debt Solutions BDC** | **Apollo Debt Solutions BDC** |
| 6.90%, 04/13/29 *(a)* | 205000 | 213999 |
| **ARES Capital Corp.** | **ARES Capital Corp.** | **ARES Capital Corp.** |
| 2.15%, 07/15/26 *(a)* | 175000 | 170567 |
| 7.00%, 01/15/27  | 205000 | 211669 |
| 2.88%, 06/15/27 *(a)* | 50000 | 48346 |
| 2.88%, 06/15/28 *(a)* | 255000 | 240404 |
| 5.88%, 03/01/29 *(a)* | 175000 | 178474 |
| 5.95%, 07/15/29 *(a)* | 170000 | 174053 |
| **ARES Strategic Income Fund** | **ARES Strategic Income Fund** | **ARES Strategic Income Fund** |
| 5.70%, 03/15/28 *(a)* | 175000 | 176435 |
| 5.45%, 09/09/28 *(a)(d)* | 110000 | 110053 |
| 6.35%, 08/15/29 *(a)* | 125000 | 128220 |
| 5.60%, 02/15/30 *(a)* | 150000 | 149736 |
| **Bain Capital Specialty Finance, Inc.** | **Bain Capital Specialty Finance, Inc.** | **Bain Capital Specialty Finance, Inc.** |
| 2.55%, 10/13/26 *(a)* | 25000 | 24254 |
| 5.95%, 03/15/30 *(a)* | 90000 | 89330 |
| **Barings BDC, Inc.** | **Barings BDC, Inc.** | **Barings BDC, Inc.** |
| 3.30%, 11/23/26 *(a)* | 70000 | 68516 |
| 7.00%, 02/15/29 *(a)* | 70000 | 72244 |
| **Barings Private Credit Corp.** | **Barings Private Credit Corp.** | **Barings Private Credit Corp.** |
| 6.15%, 06/11/30 *(a)(d)* | 70000 | 69262 |
| **BlackRock TCP Capital Corp.** | **BlackRock TCP Capital Corp.** | **BlackRock TCP Capital Corp.** |
| 6.95%, 05/30/29 *(a)(c)* | 50000 | 51732 |
| **Blackstone Private Credit Fund** | **Blackstone Private Credit Fund** | **Blackstone Private Credit Fund** |
| 2.63%, 12/15/26 *(a)* | 225000 | 217408 |
| 3.25%, 03/15/27 *(a)* | 250000 | 243127 |
| 7.30%, 11/27/28 *(a)* | 75000 | 80098 |
| 4.00%, 01/15/29 *(a)* | 120000 | 115310 |
| 5.95%, 07/16/29 *(a)* | 100000 | 102036 |
| 5.60%, 11/22/29 *(a)* | 125000 | 125965 |
| 5.25%, 04/01/30 *(a)* | 75000 | 74383 |
| **Blackstone Secured Lending Fund** | **Blackstone Secured Lending Fund** | **Blackstone Secured Lending Fund** |
| 2.75%, 09/16/26 *(a)* | 125000 | 121771 |
| 2.13%, 02/15/27 *(a)* | 120000 | 114700 |
| 5.88%, 11/15/27 *(a)* | 85000 | 86867 |
| 5.35%, 04/13/28 *(a)* | 75000 | 75593 |
| 2.85%, 09/30/28 *(a)* | 125000 | 116456 |
| 5.30%, 06/30/30 *(a)* | 90000 | 89204 |
| **Blue Owl Capital Corp.** | **Blue Owl Capital Corp.** | **Blue Owl Capital Corp.** |
| 3.40%, 07/15/26 *(a)* | 215000 | 211551 |
| 8.45%, 11/15/26 *(a)* | 75000 | 78004 |
| 2.63%, 01/15/27 *(a)* | 65000 | 62826 |
| 3.13%, 04/13/27 *(a)* | 70000 | 67585 |
| 2.88%, 06/11/28 *(a)* | 175000 | 163114 |
| 5.95%, 03/15/29 *(a)* | 175000 | 175962 |
| **Blue Owl Credit Income Corp.** | **Blue Owl Credit Income Corp.** | **Blue Owl Credit Income Corp.** |
| 3.13%, 09/23/26 *(a)* | 85000 | 82783 |
| 4.70%, 02/08/27 *(a)* | 130000 | 129289 |
| 7.75%, 09/16/27 *(a)* | 100000 | 104923 |
| 7.95%, 06/13/28 *(a)* | 95000 | 101640 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 7.75%, 01/15/29 *(a)* | 75000 | 79916 |
| 6.60%, 09/15/29 *(a)* | 200000 | 206106 |
| 5.80%, 03/15/30 *(a)* | 175000 | 175583 |
| **Blue Owl Technology Finance Corp.** | **Blue Owl Technology Finance Corp.** | **Blue Owl Technology Finance Corp.** |
| 2.50%, 01/15/27 *(a)* | 65000 | 62308 |
| 6.10%, 03/15/28 *(a)(d)* | 125000 | 125682 |
| 6.75%, 04/04/29 *(a)* | 130000 | 132768 |
| **Carlyle Secured Lending, Inc.** | **Carlyle Secured Lending, Inc.** | **Carlyle Secured Lending, Inc.** |
| 6.75%, 02/18/30 *(a)* | 65000 | 66472 |
| **Franklin BSP Capital Corp.** | **Franklin BSP Capital Corp.** | **Franklin BSP Capital Corp.** |
| 7.20%, 06/15/29 *(a)* | 85000 | 88237 |
| **FS KKR Capital Corp.** | **FS KKR Capital Corp.** | **FS KKR Capital Corp.** |
| 2.63%, 01/15/27 *(a)* | 65000 | 62442 |
| 3.25%, 07/15/27 *(a)* | 95000 | 91121 |
| 3.13%, 10/12/28 *(a)* | 135000 | 123791 |
| 7.88%, 01/15/29 *(a)* | 75000 | 79262 |
| 6.88%, 08/15/29 *(a)* | 125000 | 128264 |
| 6.13%, 01/15/30 *(a)* | 140000 | 139321 |
| **GATX Corp.** | **GATX Corp.** | **GATX Corp.** |
| 3.25%, 09/15/26 *(a)* | 75000 | 73916 |
| 5.40%, 03/15/27 *(a)* | 85000 | 86233 |
| 3.85%, 03/30/27 *(a)* | 15000 | 14857 |
| 3.50%, 03/15/28 *(a)* | 75000 | 73266 |
| 4.55%, 11/07/28 *(a)* | 65000 | 65133 |
| 4.70%, 04/01/29 *(a)* | 115000 | 115938 |
| 4.00%, 06/30/30 *(a)* | 90000 | 87609 |
| **Goldman Sachs BDC, Inc.** | **Goldman Sachs BDC, Inc.** | **Goldman Sachs BDC, Inc.** |
| 6.38%, 03/11/27  | 105000 | 107478 |
| **Goldman Sachs Private Credit Corp.** | **Goldman Sachs Private Credit Corp.** | **Goldman Sachs Private Credit Corp.** |
| 6.25%, 05/06/30 *(a)(c)(d)* | 100000 | 101462 |
| **Golub Capital BDC, Inc.** | **Golub Capital BDC, Inc.** | **Golub Capital BDC, Inc.** |
| 2.50%, 08/24/26 *(a)* | 125000 | 121678 |
| 2.05%, 02/15/27 *(a)* | 70000 | 66741 |
| 7.05%, 12/05/28 *(a)* | 75000 | 78884 |
| 6.00%, 07/15/29 *(a)* | 130000 | 131821 |
| **Golub Capital Private Credit Fund** | **Golub Capital Private Credit Fund** | **Golub Capital Private Credit Fund** |
| 5.80%, 09/12/29 *(a)* | 195000 | 194930 |
| **Hercules Capital, Inc.** | **Hercules Capital, Inc.** | **Hercules Capital, Inc.** |
| 2.63%, 09/16/26 *(a)* | 70000 | 67891 |
| 3.38%, 01/20/27 *(a)* | 75000 | 72719 |
| 6.00%, 06/16/30 *(a)* | 60000 | 60032 |
| **HPS Corporate Lending Fund** | **HPS Corporate Lending Fund** | **HPS Corporate Lending Fund** |
| 6.75%, 01/30/29 *(a)* | 95000 | 98289 |
| 6.25%, 09/30/29 *(a)* | 110000 | 112147 |
| 5.85%, 06/05/30 *(a)(d)* | 90000 | 89885 |
| **Main Street Capital Corp.** | **Main Street Capital Corp.** | **Main Street Capital Corp.** |
| 3.00%, 07/14/26 *(a)* | 125000 | 122426 |
| 6.50%, 06/04/27 *(a)* | 50000 | 51167 |
| 6.95%, 03/01/29 *(a)* | 70000 | 72912 |
| **Morgan Stanley Direct Lending Fund** | **Morgan Stanley Direct Lending Fund** | **Morgan Stanley Direct Lending Fund** |
| 4.50%, 02/11/27 *(a)* | 75000 | 74549 |
| 6.15%, 05/17/29 *(a)* | 110000 | 112567 |
| **MSD Investment Corp.** | **MSD Investment Corp.** | **MSD Investment Corp.** |
| 6.25%, 05/31/30 *(a)(d)* | 75000 | 74403 |
| **New Mountain Finance Corp.** | **New Mountain Finance Corp.** | **New Mountain Finance Corp.** |
| 6.20%, 10/15/27  | 65000 | 65801 |
| 6.88%, 02/01/29 *(a)* | 85000 | 86675 |
| **North Haven Private Income Fund LLC** | **North Haven Private Income Fund LLC** | **North Haven Private Income Fund LLC** |
| 5.75%, 02/01/30 *(a)* | 50000 | 49865 |
| **Nuveen Churchill Direct Lending Corp.** | **Nuveen Churchill Direct Lending Corp.** | **Nuveen Churchill Direct Lending Corp.** |
| 6.65%, 03/15/30 *(a)* | 75000 | 77084 |

---

*See financial notes*

**118**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Oaktree Specialty Lending Corp.** | **Oaktree Specialty Lending Corp.** | **Oaktree Specialty Lending Corp.** |
| 2.70%, 01/15/27 *(a)* | 55000 | 52776 |
| 7.10%, 02/15/29 *(a)* | 55000 | 56622 |
| 6.34%, 02/27/30 *(a)* | 80000 | 79279 |
| **Oaktree Strategic Credit Fund** | **Oaktree Strategic Credit Fund** | **Oaktree Strategic Credit Fund** |
| 8.40%, 11/14/28 *(a)* | 60000 | 64736 |
| 6.50%, 07/23/29 *(a)* | 100000 | 102493 |
| **Sixth Street Lending Partners** | **Sixth Street Lending Partners** | **Sixth Street Lending Partners** |
| 6.50%, 03/11/29 *(a)* | 175000 | 180761 |
| 5.75%, 01/15/30 *(a)* | 105000 | 105299 |
| **Sixth Street Specialty Lending, Inc.** | **Sixth Street Specialty Lending, Inc.** | **Sixth Street Specialty Lending, Inc.** |
| 2.50%, 08/01/26 *(a)* | 50000 | 48914 |
| 6.95%, 08/14/28 *(a)* | 65000 | 68502 |
| 6.13%, 03/01/29 *(a)* | 75000 | 76882 |
|  |  | **14226899** |
| ***Financial Other 0.1%***  | ***Financial Other 0.1%***  | ***Financial Other 0.1%***  |
| **Andrew W Mellon Foundation** | **Andrew W Mellon Foundation** | **Andrew W Mellon Foundation** |
| 0.95%, 08/01/27 *(a)* | 70000 | 65837 |
| **ORIX Corp.** | **ORIX Corp.** | **ORIX Corp.** |
| 3.70%, 07/18/27  | 60000 | 59233 |
| 5.00%, 09/13/27 *(c)* | 100000 | 101221 |
| 4.65%, 09/10/29  | 150000 | 151170 |
|  |  | **377461** |
| ***Insurance 3.4%***  | ***Insurance 3.4%***  | ***Insurance 3.4%***  |
| **Aegon Ltd.** | **Aegon Ltd.** | **Aegon Ltd.** |
| 5.50%, 04/11/48 *(a)(b)* | 200000 | 201240 |
| **Aflac, Inc.** | **Aflac, Inc.** | **Aflac, Inc.** |
| 2.88%, 10/15/26 *(a)* | 55000 | 54090 |
| 3.60%, 04/01/30 *(a)* | 200000 | 194438 |
| **Alleghany Corp.** | **Alleghany Corp.** | **Alleghany Corp.** |
| 3.63%, 05/15/30 *(a)* | 75000 | 72868 |
| **Allstate Corp.** | **Allstate Corp.** | **Allstate Corp.** |
| 3.28%, 12/15/26 *(a)* | 110000 | 108501 |
| 5.05%, 06/24/29 *(a)* | 75000 | 77022 |
| **American International Group, Inc.** | **American International Group, Inc.** | **American International Group, Inc.** |
| 4.85%, 05/07/30 *(a)* | 100000 | 101623 |
| 3.40%, 06/30/30 *(a)* | 60000 | 57092 |
| **American National Group, Inc.** | **American National Group, Inc.** | **American National Group, Inc.** |
| 5.00%, 06/15/27 *(a)* | 75000 | 75342 |
| 5.75%, 10/01/29 *(a)* | 110000 | 112739 |
| **Aon Corp.** | **Aon Corp.** | **Aon Corp.** |
| 8.21%, 01/01/27  | 135000 | 142274 |
| 4.50%, 12/15/28 *(a)* | 50000 | 50331 |
| 3.75%, 05/02/29 *(a)* | 100000 | 97919 |
| 2.80%, 05/15/30 *(a)* | 150000 | 139098 |
| **Aon Corp./Aon Global Holdings PLC** | **Aon Corp./Aon Global Holdings PLC** | **Aon Corp./Aon Global Holdings PLC** |
| 2.85%, 05/28/27 *(a)* | 130000 | 126773 |
| **Aon North America, Inc.** | **Aon North America, Inc.** | **Aon North America, Inc.** |
| 5.13%, 03/01/27 *(a)* | 120000 | 121522 |
| 5.15%, 03/01/29 *(a)* | 195000 | 199791 |
| **Arch Capital Finance LLC** | **Arch Capital Finance LLC** | **Arch Capital Finance LLC** |
| 4.01%, 12/15/26 *(a)* | 100000 | 99573 |
| **Arthur J Gallagher & Co.** | **Arthur J Gallagher & Co.** | **Arthur J Gallagher & Co.** |
| 4.60%, 12/15/27 *(a)* | 125000 | 126056 |
| 4.85%, 12/15/29 *(a)* | 150000 | 152331 |
| **Assurant, Inc.** | **Assurant, Inc.** | **Assurant, Inc.** |
| 4.90%, 03/27/28 *(a)* | 75000 | 75641 |
| 3.70%, 02/22/30 *(a)* | 75000 | 71438 |
| **Assured Guaranty U.S. Holdings, Inc.** | **Assured Guaranty U.S. Holdings, Inc.** | **Assured Guaranty U.S. Holdings, Inc.** |
| 6.13%, 09/15/28 *(a)* | 80000 | 84127 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Athene Holding Ltd.** | **Athene Holding Ltd.** | **Athene Holding Ltd.** |
| 4.13%, 01/12/28 *(a)* | 185000 | 183298 |
| 6.15%, 04/03/30 *(a)* | 100000 | 106190 |
| **AXIS Specialty Finance LLC** | **AXIS Specialty Finance LLC** | **AXIS Specialty Finance LLC** |
| 3.90%, 07/15/29 *(a)* | 60000 | 58457 |
| 4.90%, 01/15/40 *(a)(b)* | 90000 | 86750 |
| **AXIS Specialty Finance PLC** | **AXIS Specialty Finance PLC** | **AXIS Specialty Finance PLC** |
| 4.00%, 12/06/27 *(a)* | 40000 | 39608 |
| **Berkshire Hathaway Finance Corp.** | **Berkshire Hathaway Finance Corp.** | **Berkshire Hathaway Finance Corp.** |
| 2.30%, 03/15/27 *(a)* | 150000 | 146358 |
| 1.85%, 03/12/30 *(a)* | 100000 | 90704 |
| **Brighthouse Financial, Inc.** | **Brighthouse Financial, Inc.** | **Brighthouse Financial, Inc.** |
| 3.70%, 06/22/27 *(a)* | 130000 | 127834 |
| 5.63%, 05/15/30 *(a)(c)* | 100000 | 102665 |
| **Brown & Brown, Inc.** | **Brown & Brown, Inc.** | **Brown & Brown, Inc.** |
| 4.60%, 12/23/26  | 70000 | 70342 |
| 4.70%, 06/23/28 *(a)* | 90000 | 90809 |
| 4.50%, 03/15/29 *(a)* | 50000 | 49998 |
| 4.90%, 06/23/30 *(a)* | 150000 | 151465 |
| **Centene Corp.** | **Centene Corp.** | **Centene Corp.** |
| 4.25%, 12/15/27 *(a)* | 410000 | 404063 |
| 2.45%, 07/15/28 *(a)* | 450000 | 418531 |
| 4.63%, 12/15/29 *(a)* | 645000 | 628211 |
| 3.38%, 02/15/30 *(a)* | 345000 | 317917 |
| **Chubb INA Holdings LLC** | **Chubb INA Holdings LLC** | **Chubb INA Holdings LLC** |
| 4.65%, 08/15/29 *(a)* | 140000 | 142517 |
| **Cincinnati Financial Corp.** | **Cincinnati Financial Corp.** | **Cincinnati Financial Corp.** |
| 6.92%, 05/15/28  | 50000 | 53789 |
| **CNA Financial Corp.** | **CNA Financial Corp.** | **CNA Financial Corp.** |
| 3.45%, 08/15/27 *(a)* | 100000 | 98139 |
| 3.90%, 05/01/29 *(a)* | 195000 | 191272 |
| **CNO Financial Group, Inc.** | **CNO Financial Group, Inc.** | **CNO Financial Group, Inc.** |
| 5.25%, 05/30/29 *(a)* | 75000 | 75774 |
| **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** |
| 3.65%, 04/05/27 *(a)* | 225000 | 222203 |
| 3.85%, 04/05/29 *(a)* | 175000 | 171563 |
| 6.88%, 12/15/52 *(a)(b)* | 185000 | 190905 |
| **Elevance Health, Inc.** | **Elevance Health, Inc.** | **Elevance Health, Inc.** |
| 4.50%, 10/30/26  | 60000 | 60200 |
| 3.65%, 12/01/27 *(a)* | 315000 | 311384 |
| 4.10%, 03/01/28 *(a)* | 240000 | 239414 |
| 5.15%, 06/15/29 *(a)* | 110000 | 113267 |
| 2.88%, 09/15/29 *(a)* | 160000 | 150787 |
| 4.75%, 02/15/30 *(a)* | 150000 | 151887 |
| 2.25%, 05/15/30 *(a)* | 175000 | 158100 |
| **Enact Holdings, Inc.** | **Enact Holdings, Inc.** | **Enact Holdings, Inc.** |
| 6.25%, 05/28/29 *(a)* | 150000 | 155692 |
| **Enstar Finance LLC** | **Enstar Finance LLC** | **Enstar Finance LLC** |
| 5.50%, 01/15/42 *(a)(b)* | 110000 | 108515 |
| **Enstar Group Ltd.** | **Enstar Group Ltd.** | **Enstar Group Ltd.** |
| 4.95%, 06/01/29 *(a)* | 100000 | 100774 |
| **Equitable Holdings, Inc.** | **Equitable Holdings, Inc.** | **Equitable Holdings, Inc.** |
| 4.35%, 04/20/28 *(a)* | 280000 | 279474 |
| **Essent Group Ltd.** | **Essent Group Ltd.** | **Essent Group Ltd.** |
| 6.25%, 07/01/29 *(a)* | 100000 | 103602 |
| **F&G Annuities & Life, Inc.** | **F&G Annuities & Life, Inc.** | **F&G Annuities & Life, Inc.** |
| 7.40%, 01/13/28 *(a)* | 80000 | 83955 |
| 6.50%, 06/04/29 *(a)* | 75000 | 77500 |
| **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** |
| 4.85%, 04/17/28 *(a)* | 135000 | 136291 |
| 4.63%, 04/29/30 *(a)* | 75000 | 74798 |

---

*See financial notes*

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

**119**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Fidelity National Financial, Inc.** | **Fidelity National Financial, Inc.** | **Fidelity National Financial, Inc.** |
| 4.50%, 08/15/28 *(a)* | 85000 | 84888 |
| 3.40%, 06/15/30 *(a)* | 110000 | 102917 |
| **First American Financial Corp.** | **First American Financial Corp.** | **First American Financial Corp.** |
| 4.00%, 05/15/30 *(a)* | 100000 | 95941 |
| **Globe Life, Inc.** | **Globe Life, Inc.** | **Globe Life, Inc.** |
| 4.55%, 09/15/28 *(a)* | 80000 | 80461 |
| **Hartford Insurance Group, Inc.** | **Hartford Insurance Group, Inc.** | **Hartford Insurance Group, Inc.** |
| 2.80%, 08/19/29 *(a)* | 125000 | 117642 |
| **Horace Mann Educators Corp.** | **Horace Mann Educators Corp.** | **Horace Mann Educators Corp.** |
| 7.25%, 09/15/28 *(a)* | 60000 | 64173 |
| **Humana, Inc.** | **Humana, Inc.** | **Humana, Inc.** |
| 1.35%, 02/03/27 *(a)* | 145000 | 138674 |
| 3.95%, 03/15/27 *(a)* | 135000 | 134557 |
| 5.75%, 03/01/28 *(a)* | 80000 | 82551 |
| 5.75%, 12/01/28 *(a)* | 100000 | 104101 |
| 3.70%, 03/23/29 *(a)* | 145000 | 140630 |
| 3.13%, 08/15/29 *(a)* | 80000 | 75461 |
| 4.88%, 04/01/30 *(a)* | 75000 | 75609 |
| **Jackson Financial, Inc.** | **Jackson Financial, Inc.** | **Jackson Financial, Inc.** |
| 5.17%, 06/08/27 *(a)* | 75000 | 76008 |
| **Lincoln National Corp.** | **Lincoln National Corp.** | **Lincoln National Corp.** |
| 3.63%, 12/12/26 *(a)* | 70000 | 69196 |
| 3.80%, 03/01/28 *(a)* | 100000 | 98425 |
| 3.05%, 01/15/30 *(a)* | 100000 | 94038 |
| **Loews Corp.** | **Loews Corp.** | **Loews Corp.** |
| 3.20%, 05/15/30 *(a)* | 75000 | 71048 |
| **Manulife Financial Corp.** | **Manulife Financial Corp.** | **Manulife Financial Corp.** |
| 2.48%, 05/19/27 *(a)* | 50000 | 48537 |
| 4.06%, 02/24/32 *(a)(b)* | 175000 | 173045 |
| **Markel Group, Inc.** | **Markel Group, Inc.** | **Markel Group, Inc.** |
| 3.50%, 11/01/27 *(a)* | 60000 | 58925 |
| 3.35%, 09/17/29 *(a)* | 75000 | 72297 |
| **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** |
| 4.55%, 11/08/27 *(a)* | 170000 | 171363 |
| 4.38%, 03/15/29 *(a)* | 320000 | 321539 |
| 4.65%, 03/15/30 *(a)* | 175000 | 177123 |
| **Mercury General Corp.** | **Mercury General Corp.** | **Mercury General Corp.** |
| 4.40%, 03/15/27 *(a)* | 95000 | 94286 |
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| 4.55%, 03/23/30 *(a)* | 175000 | 177483 |
| **MGIC Investment Corp.** | **MGIC Investment Corp.** | **MGIC Investment Corp.** |
| 5.25%, 08/15/28 *(a)* | 120000 | 120072 |
| **Munich Re America Corp.** | **Munich Re America Corp.** | **Munich Re America Corp.** |
| 7.45%, 12/15/26  | 50000 | 52466 |
| **NMI Holdings, Inc.** | **NMI Holdings, Inc.** | **NMI Holdings, Inc.** |
| 6.00%, 08/15/29 *(a)* | 75000 | 77114 |
| **Old Republic International Corp.** | **Old Republic International Corp.** | **Old Republic International Corp.** |
| 3.88%, 08/26/26 *(a)* | 105000 | 104310 |
| **PartnerRe Finance B LLC** | **PartnerRe Finance B LLC** | **PartnerRe Finance B LLC** |
| 3.70%, 07/02/29 *(a)* | 100000 | 97096 |
| **Principal Financial Group, Inc.** | **Principal Financial Group, Inc.** | **Principal Financial Group, Inc.** |
| 3.10%, 11/15/26 *(a)* | 65000 | 63931 |
| 3.70%, 05/15/29 *(a)* | 95000 | 92716 |
| 2.13%, 06/15/30 *(a)* | 100000 | 89224 |
| **Progressive Corp.** | **Progressive Corp.** | **Progressive Corp.** |
| 2.45%, 01/15/27  | 100000 | 97570 |
| 2.50%, 03/15/27 *(a)* | 75000 | 73085 |
| 4.00%, 03/01/29 *(a)* | 120000 | 119322 |
| 6.63%, 03/01/29  | 50000 | 53988 |
| 3.20%, 03/26/30 *(a)* | 100000 | 95499 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Prudential Financial, Inc.** | **Prudential Financial, Inc.** | **Prudential Financial, Inc.** |
| 3.88%, 03/27/28 *(a)* | 50000 | 49803 |
| 2.10%, 03/10/30 *(a)* | 100000 | 91105 |
| 4.50%, 09/15/47 *(a)(b)* | 145000 | 142860 |
| 5.70%, 09/15/48 *(a)(b)* | 200000 | 202788 |
| **Prudential Funding Asia PLC** | **Prudential Funding Asia PLC** | **Prudential Funding Asia PLC** |
| 3.13%, 04/14/30  | 200000 | 188966 |
| **Radian Group, Inc.** | **Radian Group, Inc.** | **Radian Group, Inc.** |
| 4.88%, 03/15/27 *(a)* | 115000 | 115221 |
| 6.20%, 05/15/29 *(a)* | 110000 | 114392 |
| **Reinsurance Group of America, Inc.** | **Reinsurance Group of America, Inc.** | **Reinsurance Group of America, Inc.** |
| 3.95%, 09/15/26 *(a)* | 65000 | 64670 |
| 3.90%, 05/15/29 *(a)* | 100000 | 98252 |
| 3.15%, 06/15/30 *(a)* | 100000 | 93478 |
| **RenaissanceRe Finance, Inc.** | **RenaissanceRe Finance, Inc.** | **RenaissanceRe Finance, Inc.** |
| 3.45%, 07/01/27 *(a)* | 95000 | 93631 |
| **RenaissanceRe Holdings Ltd.** | **RenaissanceRe Holdings Ltd.** | **RenaissanceRe Holdings Ltd.** |
| 3.60%, 04/15/29 *(a)* | 50000 | 48416 |
| **SiriusPoint Ltd.** | **SiriusPoint Ltd.** | **SiriusPoint Ltd.** |
| 7.00%, 04/05/29 *(a)* | 75000 | 78982 |
| **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** |
| 4.75%, 07/15/26  | 130000 | 130517 |
| 3.45%, 01/15/27  | 75000 | 74235 |
| 3.38%, 04/15/27  | 110000 | 108481 |
| 4.60%, 04/15/27 *(a)* | 95000 | 95655 |
| 3.70%, 05/15/27 *(a)* | 120000 | 118958 |
| 2.95%, 10/15/27  | 200000 | 194692 |
| 5.25%, 02/15/28 *(a)* | 180000 | 184849 |
| 3.85%, 06/15/28  | 190000 | 188391 |
| 4.40%, 06/15/28 *(a)* | 90000 | 90456 |
| 3.88%, 12/15/28  | 180000 | 177745 |
| 4.25%, 01/15/29 *(a)* | 235000 | 234617 |
| 4.70%, 04/15/29 *(a)* | 75000 | 75911 |
| 4.00%, 05/15/29 *(a)* | 165000 | 163096 |
| 2.88%, 08/15/29  | 180000 | 170023 |
| 4.80%, 01/15/30 *(a)* | 250000 | 253945 |
| 5.30%, 02/15/30 *(a)* | 255000 | 264103 |
| 2.00%, 05/15/30  | 200000 | 179020 |
| **Unum Group** | **Unum Group** | **Unum Group** |
| 4.00%, 06/15/29 *(a)* | 75000 | 73652 |
| **Voya Financial, Inc.** | **Voya Financial, Inc.** | **Voya Financial, Inc.** |
| 4.70%, 01/23/48 *(a)(b)* | 75000 | 71866 |
| **Willis North America, Inc.** | **Willis North America, Inc.** | **Willis North America, Inc.** |
| 4.65%, 06/15/27 *(a)* | 145000 | 145942 |
| 4.50%, 09/15/28 *(a)* | 125000 | 125415 |
| 2.95%, 09/15/29 *(a)* | 125000 | 117685 |
|  |  | **17825960** |
| ***REITs 2.7%***  | ***REITs 2.7%***  | ***REITs 2.7%***  |
| **Agree LP** | **Agree LP** | **Agree LP** |
| 2.00%, 06/15/28 *(a)* | 60000 | 56276 |
| **Alexandria Real Estate Equities, Inc.** | **Alexandria Real Estate Equities, Inc.** | **Alexandria Real Estate Equities, Inc.** |
| 3.95%, 01/15/27 *(a)* | 70000 | 69475 |
| 3.95%, 01/15/28 *(a)* | 75000 | 74223 |
| 4.50%, 07/30/29 *(a)* | 50000 | 49916 |
| 2.75%, 12/15/29 *(a)* | 100000 | 92475 |
| **American Homes 4 Rent LP** | **American Homes 4 Rent LP** | **American Homes 4 Rent LP** |
| 4.25%, 02/15/28 *(a)* | 100000 | 99467 |
| 4.90%, 02/15/29 *(a)* | 50000 | 50578 |
| 4.95%, 06/15/30 *(a)* | 120000 | 121219 |
| **AvalonBay Communities, Inc.** | **AvalonBay Communities, Inc.** | **AvalonBay Communities, Inc.** |
| 2.90%, 10/15/26 *(a)* | 30000 | 29488 |
| 3.35%, 05/15/27 *(a)* | 75000 | 73968 |
| 3.20%, 01/15/28 *(a)* | 75000 | 73284 |

---

*See financial notes*

**120**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 1.90%, 12/01/28 *(a)* | 85000 | 78903 |
| 3.30%, 06/01/29 *(a)* | 120000 | 115912 |
| 2.30%, 03/01/30 *(a)* | 75000 | 68504 |
| **Boston Properties LP** | **Boston Properties LP** | **Boston Properties LP** |
| 2.75%, 10/01/26 *(a)* | 215000 | 210281 |
| 6.75%, 12/01/27 *(a)* | 165000 | 173309 |
| 4.50%, 12/01/28 *(a)* | 180000 | 178684 |
| 3.40%, 06/21/29 *(a)* | 125000 | 118583 |
| 2.90%, 03/15/30 *(a)* | 110000 | 101089 |
| **Brixmor Operating Partnership LP** | **Brixmor Operating Partnership LP** | **Brixmor Operating Partnership LP** |
| 3.90%, 03/15/27 *(a)* | 50000 | 49581 |
| 2.25%, 04/01/28 *(a)* | 10000 | 9462 |
| 4.13%, 05/15/29 *(a)* | 180000 | 177199 |
| **Camden Property Trust** | **Camden Property Trust** | **Camden Property Trust** |
| 5.85%, 11/03/26 *(a)* | 100000 | 101934 |
| 4.10%, 10/15/28 *(a)* | 85000 | 84604 |
| 3.15%, 07/01/29 *(a)* | 110000 | 105134 |
| **COPT Defense Properties LP** | **COPT Defense Properties LP** | **COPT Defense Properties LP** |
| 2.00%, 01/15/29 *(a)* | 75000 | 68378 |
| **CubeSmart LP** | **CubeSmart LP** | **CubeSmart LP** |
| 3.13%, 09/01/26 *(a)* | 85000 | 83636 |
| 2.25%, 12/15/28 *(a)* | 105000 | 97973 |
| 4.38%, 02/15/29 *(a)* | 50000 | 49676 |
| 3.00%, 02/15/30 *(a)* | 65000 | 60659 |
| **Digital Realty Trust LP** | **Digital Realty Trust LP** | **Digital Realty Trust LP** |
| 3.70%, 08/15/27 *(a)* | 175000 | 172865 |
| 5.55%, 01/15/28 *(a)* | 180000 | 184801 |
| 4.45%, 07/15/28 *(a)* | 100000 | 100159 |
| 3.60%, 07/01/29 *(a)* | 150000 | 145456 |
| **DOC Dr. LLC** | **DOC Dr. LLC** | **DOC Dr. LLC** |
| 4.30%, 03/15/27 *(a)* | 90000 | 89855 |
| 3.95%, 01/15/28 *(a)* | 80000 | 79323 |
| **EPR Properties** | **EPR Properties** | **EPR Properties** |
| 4.75%, 12/15/26 *(a)* | 55000 | 54951 |
| 4.50%, 06/01/27 *(a)* | 100000 | 99542 |
| 4.95%, 04/15/28 *(a)* | 75000 | 74969 |
| 3.75%, 08/15/29 *(a)* | 120000 | 114479 |
| **ERP Operating LP** | **ERP Operating LP** | **ERP Operating LP** |
| 3.25%, 08/01/27 *(a)* | 115000 | 112813 |
| 3.50%, 03/01/28 *(a)* | 125000 | 123031 |
| 4.15%, 12/01/28 *(a)* | 50000 | 50012 |
| 3.00%, 07/01/29 *(a)* | 145000 | 138027 |
| 2.50%, 02/15/30 *(a)* | 155000 | 143084 |
| **Essex Portfolio LP** | **Essex Portfolio LP** | **Essex Portfolio LP** |
| 3.63%, 05/01/27 *(a)* | 75000 | 74141 |
| 1.70%, 03/01/28 *(a)* | 125000 | 116565 |
| 4.00%, 03/01/29 *(a)* | 75000 | 73874 |
| 3.00%, 01/15/30 *(a)* | 75000 | 70195 |
| **Extra Space Storage LP** | **Extra Space Storage LP** | **Extra Space Storage LP** |
| 3.50%, 07/01/26 *(a)* | 100000 | 99001 |
| 3.88%, 12/15/27 *(a)* | 145000 | 143437 |
| 5.70%, 04/01/28 *(a)* | 95000 | 98177 |
| 3.90%, 04/01/29 *(a)* | 55000 | 53893 |
| 4.00%, 06/15/29 *(a)* | 50000 | 49090 |
| **Federal Realty OP LP** | **Federal Realty OP LP** | **Federal Realty OP LP** |
| 5.38%, 05/01/28 *(a)* | 95000 | 97423 |
| 3.20%, 06/15/29 *(a)* | 100000 | 95181 |
| 3.50%, 06/01/30 *(a)* | 70000 | 66686 |
| **Healthcare Realty Holdings LP** | **Healthcare Realty Holdings LP** | **Healthcare Realty Holdings LP** |
| 3.50%, 08/01/26 *(a)* | 100000 | 98753 |
| 3.75%, 07/01/27 *(a)* | 95000 | 93733 |
| 3.10%, 02/15/30 *(a)* | 150000 | 139474 |
| **Healthpeak OP LLC** | **Healthpeak OP LLC** | **Healthpeak OP LLC** |
| 3.25%, 07/15/26 *(a)* | 50000 | 49408 |
| 1.35%, 02/01/27 *(a)* | 110000 | 104960 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.13%, 12/01/28 *(a)* | 85000 | 78997 |
| 3.50%, 07/15/29 *(a)* | 140000 | 135222 |
| 3.00%, 01/15/30 *(a)* | 150000 | 140794 |
| **Highwoods Realty LP** | **Highwoods Realty LP** | **Highwoods Realty LP** |
| 3.88%, 03/01/27 *(a)* | 50000 | 49135 |
| 4.13%, 03/15/28 *(a)* | 50000 | 49035 |
| 4.20%, 04/15/29 *(a)* | 85000 | 82717 |
| 3.05%, 02/15/30 *(a)* | 90000 | 82320 |
| **Host Hotels & Resorts LP** | **Host Hotels & Resorts LP** | **Host Hotels & Resorts LP** |
| 3.38%, 12/15/29 *(a)* | 145000 | 136908 |
| **Invitation Homes Operating Partnership LP** | **Invitation Homes Operating Partnership LP** | **Invitation Homes Operating Partnership LP** |
| 2.30%, 11/15/28 *(a)* | 125000 | 117098 |
| **Kilroy Realty LP** | **Kilroy Realty LP** | **Kilroy Realty LP** |
| 4.75%, 12/15/28 *(a)* | 105000 | 104295 |
| 4.25%, 08/15/29 *(a)* | 50000 | 48295 |
| 3.05%, 02/15/30 *(a)* | 75000 | 67893 |
| **Kimco Realty OP LLC** | **Kimco Realty OP LLC** | **Kimco Realty OP LLC** |
| 2.80%, 10/01/26 *(a)* | 125000 | 122567 |
| 1.90%, 03/01/28 *(a)* | 90000 | 85165 |
| **Kite Realty Group LP** | **Kite Realty Group LP** | **Kite Realty Group LP** |
| 4.00%, 10/01/26 *(a)* | 70000 | 69402 |
| **LXP Industrial Trust** | **LXP Industrial Trust** | **LXP Industrial Trust** |
| 6.75%, 11/15/28 *(a)* | 65000 | 68834 |
| **Mid-America Apartments LP** | **Mid-America Apartments LP** | **Mid-America Apartments LP** |
| 1.10%, 09/15/26 *(a)* | 95000 | 91553 |
| 3.60%, 06/01/27 *(a)* | 50000 | 49501 |
| 4.20%, 06/15/28 *(a)* | 100000 | 99891 |
| 3.95%, 03/15/29 *(a)* | 100000 | 98782 |
| 2.75%, 03/15/30 *(a)* | 75000 | 69973 |
| **NNN REIT, Inc.** | **NNN REIT, Inc.** | **NNN REIT, Inc.** |
| 3.50%, 10/15/27 *(a)* | 100000 | 98330 |
| 4.30%, 10/15/28 *(a)* | 100000 | 99806 |
| **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** |
| 4.50%, 04/01/27 *(a)* | 155000 | 155383 |
| 4.75%, 01/15/28 *(a)* | 80000 | 80450 |
| 3.63%, 10/01/29 *(a)* | 100000 | 95278 |
| **Piedmont Operating Partnership LP** | **Piedmont Operating Partnership LP** | **Piedmont Operating Partnership LP** |
| 9.25%, 07/20/28 *(a)* | 110000 | 122578 |
| 6.88%, 07/15/29 *(a)* | 90000 | 94848 |
| **Prologis LP** | **Prologis LP** | **Prologis LP** |
| 3.25%, 10/01/26 *(a)* | 100000 | 98835 |
| 2.13%, 04/15/27 *(a)* | 75000 | 72518 |
| 3.38%, 12/15/27 *(a)* | 100000 | 98344 |
| 4.88%, 06/15/28 *(a)* | 145000 | 148015 |
| 3.88%, 09/15/28 *(a)* | 95000 | 94155 |
| 4.00%, 09/15/28 *(a)* | 100000 | 99471 |
| 2.88%, 11/15/29 *(a)* | 115000 | 108500 |
| 2.25%, 04/15/30 *(a)* | 110000 | 100103 |
| **Public Storage Operating Co.** | **Public Storage Operating Co.** | **Public Storage Operating Co.** |
| 1.50%, 11/09/26 *(a)* | 105000 | 101423 |
| 3.09%, 09/15/27 *(a)* | 100000 | 97888 |
| 1.85%, 05/01/28 *(a)* | 145000 | 136284 |
| 1.95%, 11/09/28 *(a)* | 70000 | 65224 |
| 5.13%, 01/15/29 *(a)* | 55000 | 56733 |
| 3.39%, 05/01/29 *(a)* | 130000 | 126149 |
| **Realty Income Corp.** | **Realty Income Corp.** | **Realty Income Corp.** |
| 4.13%, 10/15/26 *(a)* | 125000 | 124756 |
| 3.00%, 01/15/27 *(a)* | 140000 | 137504 |
| 3.95%, 08/15/27 *(a)* | 100000 | 99461 |
| 3.40%, 01/15/28 *(a)* | 100000 | 98126 |
| 3.65%, 01/15/28 *(a)* | 75000 | 74140 |
| 2.10%, 03/15/28 *(a)* | 105000 | 99459 |
| 2.20%, 06/15/28 *(a)* | 95000 | 89773 |
| 4.70%, 12/15/28 *(a)* | 120000 | 121808 |
| 4.75%, 02/15/29 *(a)* | 75000 | 75983 |

---

*See financial notes*

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

**121**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.25%, 06/15/29 *(a)* | 75000 | 72021 |
| 4.00%, 07/15/29 *(a)* | 75000 | 74063 |
| 3.10%, 12/15/29 *(a)* | 145000 | 137554 |
| 3.40%, 01/15/30 *(a)* | 100000 | 95798 |
| **Regency Centers LP** | **Regency Centers LP** | **Regency Centers LP** |
| 3.60%, 02/01/27 *(a)* | 125000 | 123934 |
| 4.13%, 03/15/28 *(a)* | 30000 | 29932 |
| 2.95%, 09/15/29 *(a)* | 95000 | 89922 |
| 3.70%, 06/15/30 *(a)* | 110000 | 106380 |
| **Rexford Industrial Realty LP** | **Rexford Industrial Realty LP** | **Rexford Industrial Realty LP** |
| 5.00%, 06/15/28 *(a)* | 65000 | 65611 |
| **Sabra Health Care LP** | **Sabra Health Care LP** | **Sabra Health Care LP** |
| 5.13%, 08/15/26 *(a)* | 110000 | 110194 |
| 3.90%, 10/15/29 *(a)* | 80000 | 76262 |
| **Simon Property Group LP** | **Simon Property Group LP** | **Simon Property Group LP** |
| 3.25%, 11/30/26 *(a)* | 120000 | 118368 |
| 1.38%, 01/15/27 *(a)* | 100000 | 95783 |
| 3.38%, 06/15/27 *(a)* | 135000 | 133022 |
| 3.38%, 12/01/27 *(a)* | 135000 | 132617 |
| 1.75%, 02/01/28 *(a)* | 175000 | 165125 |
| 2.45%, 09/13/29 *(a)* | 250000 | 232402 |
| **Store Capital LLC** | **Store Capital LLC** | **Store Capital LLC** |
| 4.50%, 03/15/28 *(a)* | 50000 | 49503 |
| 4.63%, 03/15/29 *(a)* | 75000 | 73814 |
| 5.40%, 04/30/30 *(a)(d)* | 75000 | 75959 |
| **Sun Communities Operating LP** | **Sun Communities Operating LP** | **Sun Communities Operating LP** |
| 2.30%, 11/01/28 *(a)* | 60000 | 56154 |
| **Tanger Properties LP** | **Tanger Properties LP** | **Tanger Properties LP** |
| 3.13%, 09/01/26 *(a)* | 50000 | 49096 |
| 3.88%, 07/15/27 *(a)* | 50000 | 49348 |
| **UDR, Inc.** | **UDR, Inc.** | **UDR, Inc.** |
| 2.95%, 09/01/26 *(a)* | 75000 | 73751 |
| 3.50%, 07/01/27 *(a)* | 75000 | 73978 |
| 3.50%, 01/15/28 *(a)* | 45000 | 44156 |
| 4.40%, 01/26/29 *(a)* | 65000 | 64999 |
| 3.20%, 01/15/30 *(a)* | 100000 | 94782 |
| **Ventas Realty LP** | **Ventas Realty LP** | **Ventas Realty LP** |
| 3.25%, 10/15/26 *(a)* | 105000 | 103425 |
| 4.00%, 03/01/28 *(a)* | 100000 | 99131 |
| 4.40%, 01/15/29 *(a)* | 160000 | 159718 |
| 3.00%, 01/15/30 *(a)* | 150000 | 140776 |
| **Welltower OP LLC** | **Welltower OP LLC** | **Welltower OP LLC** |
| 2.70%, 02/15/27 *(a)* | 85000 | 83115 |
| 4.25%, 04/15/28 *(a)* | 155000 | 155310 |
| 2.05%, 01/15/29 *(a)* | 100000 | 92704 |
| 4.13%, 03/15/29 *(a)* | 105000 | 104426 |
| 3.10%, 01/15/30 *(a)* | 150000 | 142126 |
| **WP Carey, Inc.** | **WP Carey, Inc.** | **WP Carey, Inc.** |
| 4.25%, 10/01/26 *(a)* | 95000 | 94805 |
| 3.85%, 07/15/29 *(a)* | 50000 | 48706 |
|  |  | **14639700** |
|  |  | **227056604** |
| **Industrial 49.2%** | **Industrial 49.2%** | **Industrial 49.2%** |
| ***Basic Industry 1.9%***  | ***Basic Industry 1.9%***  | ***Basic Industry 1.9%***  |
| **Air Products & Chemicals, Inc.** | **Air Products & Chemicals, Inc.** | **Air Products & Chemicals, Inc.** |
| 1.85%, 05/15/27 *(a)* | 115000 | 110498 |
| 4.30%, 06/11/28 *(a)* | 110000 | 110576 |
| 4.60%, 02/08/29 *(a)* | 170000 | 172569 |
| 2.05%, 05/15/30 *(a)* | 155000 | 140104 |
| **Albemarle Corp.** | **Albemarle Corp.** | **Albemarle Corp.** |
| 4.65%, 06/01/27 *(a)* | 160000 | 159523 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **AngloGold Ashanti Holdings PLC** | **AngloGold Ashanti Holdings PLC** | **AngloGold Ashanti Holdings PLC** |
| 3.38%, 11/01/28 *(a)* | 200000 | 191490 |
| **ArcelorMittal SA** | **ArcelorMittal SA** | **ArcelorMittal SA** |
| 6.55%, 11/29/27 *(a)* | 250000 | 260760 |
| 4.25%, 07/16/29  | 70000 | 69187 |
| **BHP Billiton Finance USA Ltd.** | **BHP Billiton Finance USA Ltd.** | **BHP Billiton Finance USA Ltd.** |
| 5.25%, 09/08/26  | 145000 | 146740 |
| 4.75%, 02/28/28 *(a)* | 180000 | 182912 |
| 5.10%, 09/08/28 *(a)* | 125000 | 128304 |
| 5.00%, 02/21/30 *(a)* | 200000 | 205090 |
| **Cabot Corp.** | **Cabot Corp.** | **Cabot Corp.** |
| 4.00%, 07/01/29 *(a)* | 70000 | 68400 |
| **Dow Chemical Co.** | **Dow Chemical Co.** | **Dow Chemical Co.** |
| 4.80%, 11/30/28 *(a)* | 155000 | 157334 |
| **DuPont de Nemours, Inc.** | **DuPont de Nemours, Inc.** | **DuPont de Nemours, Inc.** |
| 4.73%, 11/15/28 *(a)* | 385000 | 391141 |
| **Eastman Chemical Co.** | **Eastman Chemical Co.** | **Eastman Chemical Co.** |
| 4.50%, 12/01/28 *(a)* | 50000 | 50179 |
| 5.00%, 08/01/29 *(a)* | 200000 | 202986 |
| **Ecolab, Inc.** | **Ecolab, Inc.** | **Ecolab, Inc.** |
| 2.70%, 11/01/26 *(a)* | 130000 | 127643 |
| 1.65%, 02/01/27 *(a)* | 150000 | 144483 |
| 3.25%, 12/01/27 *(a)* | 110000 | 107994 |
| 5.25%, 01/15/28 *(a)* | 130000 | 133955 |
| 4.80%, 03/24/30 *(a)* | 125000 | 128129 |
| **FMC Corp.** | **FMC Corp.** | **FMC Corp.** |
| 3.20%, 10/01/26 *(a)* | 120000 | 117858 |
| 3.45%, 10/01/29 *(a)* | 100000 | 93288 |
| **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** |
| 5.00%, 09/01/27 *(a)* | 90000 | 90083 |
| 4.13%, 03/01/28 *(a)* | 135000 | 133504 |
| 4.38%, 08/01/28 *(a)* | 75000 | 74668 |
| 5.25%, 09/01/29 *(a)* | 45000 | 45752 |
| 4.25%, 03/01/30 *(a)* | 75000 | 73606 |
| **Georgia-Pacific LLC** | **Georgia-Pacific LLC** | **Georgia-Pacific LLC** |
| 7.75%, 11/15/29  | 115000 | 130990 |
| **Huntsman International LLC** | **Huntsman International LLC** | **Huntsman International LLC** |
| 4.50%, 05/01/29 *(a)* | 150000 | 142326 |
| **International Flavors & Fragrances, Inc.** | **International Flavors & Fragrances, Inc.** | **International Flavors & Fragrances, Inc.** |
| 4.45%, 09/26/28 *(a)* | 60000 | 59906 |
| **Kinross Gold Corp.** | **Kinross Gold Corp.** | **Kinross Gold Corp.** |
| 4.50%, 07/15/27 *(a)* | 135000 | 135193 |
| **LYB International Finance II BV** | **LYB International Finance II BV** | **LYB International Finance II BV** |
| 3.50%, 03/02/27 *(a)* | 100000 | 98586 |
| **Mosaic Co.** | **Mosaic Co.** | **Mosaic Co.** |
| 4.05%, 11/15/27 *(a)* | 165000 | 163919 |
| 5.38%, 11/15/28 *(a)* | 50000 | 51384 |
| **Newmont Corp.** | **Newmont Corp.** | **Newmont Corp.** |
| 2.80%, 10/01/29 *(a)* | 135000 | 127784 |
| **Newmont Corp./Newcrest Finance Pty. Ltd.** | **Newmont Corp./Newcrest Finance Pty. Ltd.** | **Newmont Corp./Newcrest Finance Pty. Ltd.** |
| 3.25%, 05/13/30 *(a)* | 125000 | 119344 |
| **Nucor Corp.** | **Nucor Corp.** | **Nucor Corp.** |
| 4.30%, 05/23/27 *(a)* | 180000 | 180625 |
| 2.70%, 06/01/30 *(a)* | 80000 | 73967 |
| 4.65%, 06/01/30 *(a)* | 90000 | 90767 |
| **Nutrien Ltd.** | **Nutrien Ltd.** | **Nutrien Ltd.** |
| 4.00%, 12/15/26 *(a)* | 120000 | 119339 |
| 5.20%, 06/21/27 *(a)* | 85000 | 86317 |
| 4.90%, 03/27/28 *(a)* | 135000 | 137001 |
| 4.20%, 04/01/29 *(a)* | 180000 | 178328 |
| **Packaging Corp. of America** | **Packaging Corp. of America** | **Packaging Corp. of America** |
| 3.40%, 12/15/27 *(a)* | 75000 | 73456 |
| 3.00%, 12/15/29 *(a)* | 100000 | 94431 |

---

*See financial notes*

**122**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **PPG Industries, Inc.** | **PPG Industries, Inc.** | **PPG Industries, Inc.** |
| 3.75%, 03/15/28 *(a)* | 105000 | 103763 |
| 2.80%, 08/15/29 *(a)* | 50000 | 47051 |
| 2.55%, 06/15/30 *(a)* | 50000 | 45587 |
| **Rio Tinto Finance USA Ltd.** | **Rio Tinto Finance USA Ltd.** | **Rio Tinto Finance USA Ltd.** |
| 7.13%, 07/15/28  | 55000 | 59614 |
| **Rio Tinto Finance USA PLC** | **Rio Tinto Finance USA PLC** | **Rio Tinto Finance USA PLC** |
| 4.50%, 03/14/28 *(a)* | 170000 | 171357 |
| 4.88%, 03/14/30 *(a)* | 400000 | 408072 |
| **Rohm & Haas Co.** | **Rohm & Haas Co.** | **Rohm & Haas Co.** |
| 7.85%, 07/15/29  | 100000 | 111439 |
| **RPM International, Inc.** | **RPM International, Inc.** | **RPM International, Inc.** |
| 3.75%, 03/15/27 *(a)* | 75000 | 74154 |
| 4.55%, 03/01/29 *(a)* | 95000 | 94932 |
| **Sherwin-Williams Co.** | **Sherwin-Williams Co.** | **Sherwin-Williams Co.** |
| 3.45%, 06/01/27 *(a)* | 240000 | 236815 |
| 4.55%, 03/01/28 *(a)* | 75000 | 75695 |
| 2.95%, 08/15/29 *(a)* | 150000 | 141777 |
| 2.30%, 05/15/30 *(a)* | 75000 | 67909 |
| **Smurfit Kappa Treasury ULC** | **Smurfit Kappa Treasury ULC** | **Smurfit Kappa Treasury ULC** |
| 5.20%, 01/15/30 *(a)* | 200000 | 205210 |
| **Steel Dynamics, Inc.** | **Steel Dynamics, Inc.** | **Steel Dynamics, Inc.** |
| 5.00%, 12/15/26 *(a)* | 105000 | 105145 |
| 1.65%, 10/15/27 *(a)* | 50000 | 47144 |
| 3.45%, 04/15/30 *(a)* | 100000 | 95254 |
| **Suzano Austria GmbH** | **Suzano Austria GmbH** | **Suzano Austria GmbH** |
| 2.50%, 09/15/28 *(a)* | 80000 | 74419 |
| 6.00%, 01/15/29 *(a)* | 325000 | 334779 |
| 5.00%, 01/15/30 *(a)* | 220000 | 219784 |
| **Suzano International Finance BV** | **Suzano International Finance BV** | **Suzano International Finance BV** |
| 5.50%, 01/17/27  | 150000 | 151780 |
| **Westlake Corp.** | **Westlake Corp.** | **Westlake Corp.** |
| 3.60%, 08/15/26 *(a)* | 130000 | 128709 |
| 3.38%, 06/15/30 *(a)* | 50000 | 47221 |
| **WestRock MWV LLC** | **WestRock MWV LLC** | **WestRock MWV LLC** |
| 8.20%, 01/15/30  | 40000 | 45830 |
| **Weyerhaeuser Co.** | **Weyerhaeuser Co.** | **Weyerhaeuser Co.** |
| 6.95%, 10/01/27  | 50000 | 52711 |
| 4.00%, 11/15/29 *(a)* | 125000 | 122860 |
| 4.00%, 04/15/30 *(a)* | 100000 | 97578 |
| **WRKCo, Inc.** | **WRKCo, Inc.** | **WRKCo, Inc.** |
| 3.38%, 09/15/27 *(a)* | 125000 | 122235 |
| 4.00%, 03/15/28 *(a)* | 100000 | 99080 |
| 3.90%, 06/01/28 *(a)* | 100000 | 98760 |
| 4.90%, 03/15/29 *(a)* | 125000 | 126721 |
|  |  | **9895804** |
| ***Capital Goods 5.7%***  | ***Capital Goods 5.7%***  | ***Capital Goods 5.7%***  |
| **3M Co.** | **3M Co.** | **3M Co.** |
| 2.25%, 09/19/26 *(a)* | 150000 | 146418 |
| 2.88%, 10/15/27 *(a)* | 145000 | 141018 |
| 3.63%, 09/14/28 *(a)* | 125000 | 123007 |
| 3.38%, 03/01/29 *(a)* | 160000 | 155053 |
| 2.38%, 08/26/29 *(a)* | 175000 | 162374 |
| 4.80%, 03/15/30 *(a)* | 110000 | 111878 |
| 3.05%, 04/15/30 *(a)* | 100000 | 94071 |
| **ABB Finance USA, Inc.** | **ABB Finance USA, Inc.** | **ABB Finance USA, Inc.** |
| 3.80%, 04/03/28 *(a)* | 75000 | 75056 |
| **AGCO Corp.** | **AGCO Corp.** | **AGCO Corp.** |
| 5.45%, 03/21/27 *(a)* | 105000 | 106503 |
| **Allegion PLC** | **Allegion PLC** | **Allegion PLC** |
| 3.50%, 10/01/29 *(a)* | 135000 | 129433 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Allegion U.S. Holding Co., Inc.** | **Allegion U.S. Holding Co., Inc.** | **Allegion U.S. Holding Co., Inc.** |
| 3.55%, 10/01/27 *(a)* | 50000 | 49082 |
| **Amcor Finance USA, Inc.** | **Amcor Finance USA, Inc.** | **Amcor Finance USA, Inc.** |
| 4.50%, 05/15/28 *(a)* | 145000 | 145242 |
| **Amcor Flexibles North America, Inc.** | **Amcor Flexibles North America, Inc.** | **Amcor Flexibles North America, Inc.** |
| 4.80%, 03/17/28 *(d)* | 65000 | 65547 |
| 5.10%, 03/17/30 *(a)(d)* | 150000 | 152655 |
| 2.63%, 06/19/30 *(a)* | 80000 | 72808 |
| **Amcor Group Finance PLC** | **Amcor Group Finance PLC** | **Amcor Group Finance PLC** |
| 5.45%, 05/23/29 *(a)* | 100000 | 102903 |
| **Amphenol Corp.** | **Amphenol Corp.** | **Amphenol Corp.** |
| 5.05%, 04/05/27 *(a)* | 85000 | 86367 |
| 4.38%, 06/12/28 *(a)* | 140000 | 140997 |
| 5.05%, 04/05/29 *(a)* | 125000 | 128656 |
| 4.35%, 06/01/29 *(a)* | 120000 | 120677 |
| 2.80%, 02/15/30 *(a)* | 150000 | 140853 |
| **Amrize Finance U.S. LLC** | **Amrize Finance U.S. LLC** | **Amrize Finance U.S. LLC** |
| 4.70%, 04/07/28 *(a)(d)* | 125000 | 126161 |
| 4.95%, 04/07/30 *(a)(d)* | 175000 | 177404 |
| **Avery Dennison Corp.** | **Avery Dennison Corp.** | **Avery Dennison Corp.** |
| 4.88%, 12/06/28 *(a)* | 75000 | 76202 |
| 2.65%, 04/30/30 *(a)* | 75000 | 68941 |
| **Berry Global, Inc.** | **Berry Global, Inc.** | **Berry Global, Inc.** |
| 1.65%, 01/15/27 *(a)* | 115000 | 110361 |
| 5.50%, 04/15/28 *(a)* | 75000 | 76999 |
| **Boeing Co.** | **Boeing Co.** | **Boeing Co.** |
| 2.70%, 02/01/27 *(a)* | 185000 | 179864 |
| 2.80%, 03/01/27 *(a)* | 90000 | 87420 |
| 5.04%, 05/01/27 *(a)* | 250000 | 251932 |
| 6.26%, 05/01/27 *(a)* | 110000 | 113243 |
| 3.25%, 02/01/28 *(a)* | 220000 | 213429 |
| 3.25%, 03/01/28 *(a)* | 80000 | 77345 |
| 3.45%, 11/01/28 *(a)* | 105000 | 101285 |
| 3.20%, 03/01/29 *(a)* | 160000 | 152395 |
| 6.30%, 05/01/29 *(a)* | 275000 | 290859 |
| 2.95%, 02/01/30 *(a)* | 175000 | 162440 |
| 5.15%, 05/01/30 *(a)* | 850000 | 866056 |
| **Carlisle Cos., Inc.** | **Carlisle Cos., Inc.** | **Carlisle Cos., Inc.** |
| 3.75%, 12/01/27 *(a)* | 150000 | 148081 |
| 2.75%, 03/01/30 *(a)* | 125000 | 115550 |
| **Carrier Global Corp.** | **Carrier Global Corp.** | **Carrier Global Corp.** |
| 2.49%, 02/15/27 *(a)* | 155000 | 150891 |
| 2.72%, 02/15/30 *(a)* | 375000 | 348994 |
| **Caterpillar Financial Services Corp.** | **Caterpillar Financial Services Corp.** | **Caterpillar Financial Services Corp.** |
| 2.40%, 08/09/26  | 30000 | 29441 |
| 1.15%, 09/14/26  | 120000 | 115943 |
| 4.45%, 10/16/26  | 135000 | 135726 |
| 1.70%, 01/08/27  | 35000 | 33802 |
| 4.50%, 01/08/27  | 75000 | 75490 |
| 5.00%, 05/14/27  | 225000 | 228888 |
| 3.60%, 08/12/27  | 115000 | 113940 |
| 1.10%, 09/14/27  | 90000 | 84550 |
| 4.40%, 10/15/27  | 125000 | 125896 |
| 4.60%, 11/15/27  | 150000 | 151830 |
| 4.85%, 02/27/29  | 220000 | 225183 |
| 4.38%, 08/16/29 *(c)* | 180000 | 181454 |
| 4.70%, 11/15/29  | 150000 | 152875 |
| 4.80%, 01/08/30  | 75000 | 76881 |
| **Caterpillar, Inc.** | **Caterpillar, Inc.** | **Caterpillar, Inc.** |
| 2.60%, 09/19/29 *(a)* | 75000 | 70475 |
| 2.60%, 04/09/30 *(a)* | 185000 | 172128 |
| **CNH Industrial Capital LLC** | **CNH Industrial Capital LLC** | **CNH Industrial Capital LLC** |
| 1.45%, 07/15/26 *(a)* | 100000 | 96862 |
| 4.50%, 10/08/27 *(a)* | 140000 | 140504 |
| 4.55%, 04/10/28 *(a)* | 100000 | 100477 |

---

*See financial notes*

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

**123**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.50%, 01/12/29 *(a)* | 155000 | 160143 |
| 5.10%, 04/20/29 *(a)* | 100000 | 102117 |
| **CNH Industrial NV** | **CNH Industrial NV** | **CNH Industrial NV** |
| 3.85%, 11/15/27 *(a)* | 100000 | 99044 |
| **CRH SMW Finance DAC** | **CRH SMW Finance DAC** | **CRH SMW Finance DAC** |
| 5.20%, 05/21/29 *(a)* | 200000 | 205184 |
| 5.13%, 01/09/30 *(a)* | 200000 | 205104 |
| **Deere & Co.** | **Deere & Co.** | **Deere & Co.** |
| 5.38%, 10/16/29  | 115000 | 120414 |
| **Dover Corp.** | **Dover Corp.** | **Dover Corp.** |
| 2.95%, 11/04/29 *(a)* | 105000 | 99074 |
| **Eaton Corp.** | **Eaton Corp.** | **Eaton Corp.** |
| 3.10%, 09/15/27 *(a)* | 100000 | 98189 |
| 4.35%, 05/18/28 *(a)* | 100000 | 100859 |
| **Emerson Electric Co.** | **Emerson Electric Co.** | **Emerson Electric Co.** |
| 0.88%, 10/15/26 *(a)* | 200000 | 192220 |
| 2.00%, 12/21/28 *(a)* | 240000 | 223934 |
| **Fortune Brands Innovations, Inc.** | **Fortune Brands Innovations, Inc.** | **Fortune Brands Innovations, Inc.** |
| 3.25%, 09/15/29 *(a)* | 125000 | 118525 |
| **General Dynamics Corp.** | **General Dynamics Corp.** | **General Dynamics Corp.** |
| 2.13%, 08/15/26 *(a)* | 125000 | 122392 |
| 3.50%, 04/01/27 *(a)* | 155000 | 153816 |
| 2.63%, 11/15/27 *(a)* | 60000 | 58162 |
| 3.75%, 05/15/28 *(a)* | 175000 | 174144 |
| 3.63%, 04/01/30 *(a)* | 150000 | 146547 |
| **HEICO Corp.** | **HEICO Corp.** | **HEICO Corp.** |
| 5.25%, 08/01/28 *(a)* | 110000 | 112944 |
| **Hexcel Corp.** | **Hexcel Corp.** | **Hexcel Corp.** |
| 4.20%, 02/15/27 *(a)* | 105000 | 104118 |
| **Honeywell International, Inc.** | **Honeywell International, Inc.** | **Honeywell International, Inc.** |
| 2.50%, 11/01/26 *(a)* | 120000 | 117377 |
| 1.10%, 03/01/27 *(a)* | 200000 | 190494 |
| 4.65%, 07/30/27 *(a)* | 195000 | 197044 |
| 4.25%, 01/15/29 *(a)* | 215000 | 215660 |
| 2.70%, 08/15/29 *(a)* | 115000 | 108512 |
| 4.88%, 09/01/29 *(a)* | 200000 | 204824 |
| 4.70%, 02/01/30 *(a)* | 175000 | 177595 |
| 1.95%, 06/01/30 *(a)* | 160000 | 143266 |
| **Howmet Aerospace, Inc.** | **Howmet Aerospace, Inc.** | **Howmet Aerospace, Inc.** |
| 5.90%, 02/01/27  | 125000 | 128025 |
| 6.75%, 01/15/28  | 75000 | 79185 |
| 3.00%, 01/15/29 *(a)* | 100000 | 95682 |
| **Hubbell, Inc.** | **Hubbell, Inc.** | **Hubbell, Inc.** |
| 3.15%, 08/15/27 *(a)* | 90000 | 87930 |
| **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** |
| 3.48%, 12/01/27 *(a)* | 100000 | 97962 |
| 2.04%, 08/16/28 *(a)* | 100000 | 93135 |
| 5.35%, 01/15/30 *(a)* | 100000 | 102857 |
| 4.20%, 05/01/30 *(a)* | 75000 | 73325 |
| **IDEX Corp.** | **IDEX Corp.** | **IDEX Corp.** |
| 3.00%, 05/01/30 *(a)* | 75000 | 69787 |
| **Illinois Tool Works, Inc.** | **Illinois Tool Works, Inc.** | **Illinois Tool Works, Inc.** |
| 2.65%, 11/15/26 *(a)* | 100000 | 98373 |
| **Ingersoll Rand, Inc.** | **Ingersoll Rand, Inc.** | **Ingersoll Rand, Inc.** |
| 5.20%, 06/15/27 *(a)* | 105000 | 106750 |
| 5.40%, 08/14/28 *(a)* | 75000 | 77369 |
| 5.18%, 06/15/29 *(a)* | 170000 | 174655 |
| **John Deere Capital Corp.** | **John Deere Capital Corp.** | **John Deere Capital Corp.** |
| 5.15%, 09/08/26  | 140000 | 141691 |
| 2.25%, 09/14/26  | 65000 | 63521 |
| 1.30%, 10/13/26  | 115000 | 111054 |
| 4.50%, 01/08/27  | 165000 | 166175 |
| 1.70%, 01/11/27  | 115000 | 111046 |
| 4.85%, 03/05/27  | 100000 | 101363 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.35%, 03/08/27  | 135000 | 131368 |
| 1.75%, 03/09/27  | 100000 | 96296 |
| 4.90%, 06/11/27  | 145000 | 147388 |
| 4.20%, 07/15/27  | 100000 | 100319 |
| 2.80%, 09/08/27  | 120000 | 116891 |
| 4.15%, 09/15/27  | 170000 | 170425 |
| 4.75%, 01/20/28  | 235000 | 238955 |
| 4.90%, 03/03/28  | 150000 | 153289 |
| 1.50%, 03/06/28  | 115000 | 107746 |
| 4.25%, 06/05/28  | 130000 | 130798 |
| 4.95%, 07/14/28  | 310000 | 317694 |
| 4.50%, 01/16/29  | 215000 | 217419 |
| 3.45%, 03/07/29  | 135000 | 131864 |
| 3.35%, 04/18/29  | 125000 | 121511 |
| 4.85%, 06/11/29  | 150000 | 153750 |
| 2.80%, 07/18/29  | 125000 | 118497 |
| 4.85%, 10/11/29  | 75000 | 77118 |
| 2.45%, 01/09/30  | 110000 | 102043 |
| 4.55%, 06/05/30  | 150000 | 151479 |
| 4.70%, 06/10/30  | 190000 | 193300 |
| **Johnson Controls International PLC/Tyco Fire & Security Finance SCA** | **Johnson Controls International PLC/Tyco Fire & Security Finance SCA** | **Johnson Controls International PLC/Tyco Fire & Security Finance SCA** |
| 5.50%, 04/19/29 *(a)* | 150000 | 155797 |
| **Kennametal, Inc.** | **Kennametal, Inc.** | **Kennametal, Inc.** |
| 4.63%, 06/15/28 *(a)* | 75000 | 75310 |
| **L3Harris Technologies, Inc.** | **L3Harris Technologies, Inc.** | **L3Harris Technologies, Inc.** |
| 3.85%, 12/15/26 *(a)* | 170000 | 169073 |
| 5.40%, 01/15/27  | 200000 | 203434 |
| 4.40%, 06/15/28 *(a)* | 335000 | 335958 |
| 5.05%, 06/01/29 *(a)* | 125000 | 127974 |
| 2.90%, 12/15/29 *(a)* | 50000 | 47048 |
| **Leggett & Platt, Inc.** | **Leggett & Platt, Inc.** | **Leggett & Platt, Inc.** |
| 3.50%, 11/15/27 *(a)* | 95000 | 92238 |
| 4.40%, 03/15/29 *(a)* | 75000 | 73052 |
| **Lennox International, Inc.** | **Lennox International, Inc.** | **Lennox International, Inc.** |
| 1.70%, 08/01/27 *(a)* | 50000 | 47292 |
| 5.50%, 09/15/28 *(a)* | 80000 | 82517 |
| **Lockheed Martin Corp.** | **Lockheed Martin Corp.** | **Lockheed Martin Corp.** |
| 5.10%, 11/15/27 *(a)* | 175000 | 179508 |
| 4.45%, 05/15/28 *(a)* | 110000 | 111306 |
| 4.50%, 02/15/29 *(a)* | 100000 | 101016 |
| 1.85%, 06/15/30 *(a)* | 60000 | 53375 |
| **Martin Marietta Materials, Inc.** | **Martin Marietta Materials, Inc.** | **Martin Marietta Materials, Inc.** |
| 3.45%, 06/01/27 *(a)* | 75000 | 73786 |
| 3.50%, 12/15/27 *(a)* | 100000 | 98201 |
| 2.50%, 03/15/30 *(a)* | 100000 | 92022 |
| **Masco Corp.** | **Masco Corp.** | **Masco Corp.** |
| 3.50%, 11/15/27 *(a)* | 50000 | 48973 |
| 1.50%, 02/15/28 *(a)* | 165000 | 153239 |
| **Mohawk Industries, Inc.** | **Mohawk Industries, Inc.** | **Mohawk Industries, Inc.** |
| 5.85%, 09/18/28 *(a)* | 130000 | 135414 |
| **Nordson Corp.** | **Nordson Corp.** | **Nordson Corp.** |
| 5.60%, 09/15/28 *(a)* | 100000 | 103175 |
| 4.50%, 12/15/29 *(a)* | 100000 | 100060 |
| **Northrop Grumman Corp.** | **Northrop Grumman Corp.** | **Northrop Grumman Corp.** |
| 3.20%, 02/01/27 *(a)* | 160000 | 157557 |
| 3.25%, 01/15/28 *(a)* | 325000 | 317652 |
| 4.40%, 05/01/30 *(a)* | 160000 | 160214 |
| **nVent Finance SARL** | **nVent Finance SARL** | **nVent Finance SARL** |
| 4.55%, 04/15/28 *(a)* | 115000 | 115162 |
| **Oshkosh Corp.** | **Oshkosh Corp.** | **Oshkosh Corp.** |
| 4.60%, 05/15/28 *(a)* | 95000 | 95189 |
| 3.10%, 03/01/30 *(a)* | 75000 | 70302 |

---

*See financial notes*

**124**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Otis Worldwide Corp.** | **Otis Worldwide Corp.** | **Otis Worldwide Corp.** |
| 2.29%, 04/05/27 *(a)* | 85000 | 82353 |
| 5.25%, 08/16/28 *(a)* | 130000 | 133857 |
| 2.57%, 02/15/30 *(a)* | 250000 | 230675 |
| **Owens Corning** | **Owens Corning** | **Owens Corning** |
| 3.40%, 08/15/26 *(a)* | 75000 | 74240 |
| 5.50%, 06/15/27 *(a)* | 70000 | 71581 |
| 3.95%, 08/15/29 *(a)* | 85000 | 83360 |
| 3.50%, 02/15/30 *(a)* | 75000 | 71711 |
| 3.88%, 06/01/30 *(a)* | 50000 | 48339 |
| **Parker-Hannifin Corp.** | **Parker-Hannifin Corp.** | **Parker-Hannifin Corp.** |
| 3.25%, 03/01/27 *(a)* | 100000 | 98610 |
| 4.25%, 09/15/27 *(a)* | 195000 | 195675 |
| 3.25%, 06/14/29 *(a)* | 200000 | 192240 |
| 4.50%, 09/15/29 *(a)* | 250000 | 252635 |
| **Pentair Finance SARL** | **Pentair Finance SARL** | **Pentair Finance SARL** |
| 4.50%, 07/01/29 *(a)* | 80000 | 79906 |
| **Regal Rexnord Corp.** | **Regal Rexnord Corp.** | **Regal Rexnord Corp.** |
| 6.05%, 04/15/28 *(a)* | 245000 | 252394 |
| 6.30%, 02/15/30 *(a)* | 145000 | 151980 |
| **Republic Services, Inc.** | **Republic Services, Inc.** | **Republic Services, Inc.** |
| 2.90%, 07/01/26 *(a)* | 10000 | 9864 |
| 3.38%, 11/15/27 *(a)* | 150000 | 147519 |
| 3.95%, 05/15/28 *(a)* | 125000 | 124515 |
| 4.88%, 04/01/29 *(a)* | 130000 | 132872 |
| 5.00%, 11/15/29 *(a)* | 150000 | 154305 |
| 2.30%, 03/01/30 *(a)* | 100000 | 91638 |
| **Rockwell Automation, Inc.** | **Rockwell Automation, Inc.** | **Rockwell Automation, Inc.** |
| 3.50%, 03/01/29 *(a)* | 130000 | 126915 |
| **RTX Corp.** | **RTX Corp.** | **RTX Corp.** |
| 2.65%, 11/01/26 *(a)* | 105000 | 102917 |
| 5.75%, 11/08/26 *(a)* | 240000 | 244524 |
| 3.50%, 03/15/27 *(a)* | 230000 | 227339 |
| 3.13%, 05/04/27 *(a)* | 235000 | 230582 |
| 7.20%, 08/15/27  | 25000 | 26572 |
| 4.13%, 11/16/28 *(a)* | 535000 | 533122 |
| 5.75%, 01/15/29 *(a)* | 115000 | 120538 |
| 7.50%, 09/15/29  | 110000 | 123324 |
| **Snap-on, Inc.** | **Snap-on, Inc.** | **Snap-on, Inc.** |
| 3.25%, 03/01/27 *(a)* | 50000 | 49291 |
| **Sonoco Products Co.** | **Sonoco Products Co.** | **Sonoco Products Co.** |
| 4.45%, 09/01/26  | 80000 | 79934 |
| 2.25%, 02/01/27 *(a)* | 105000 | 101418 |
| 4.60%, 09/01/29 *(a)* | 125000 | 124766 |
| 3.13%, 05/01/30 *(a)* | 100000 | 93245 |
| **Stanley Black & Decker, Inc.** | **Stanley Black & Decker, Inc.** | **Stanley Black & Decker, Inc.** |
| 6.00%, 03/06/28 *(a)* | 50000 | 52048 |
| 4.25%, 11/15/28 *(a)* | 140000 | 139241 |
| 2.30%, 03/15/30 *(a)* | 135000 | 120978 |
| **Teledyne Technologies, Inc.** | **Teledyne Technologies, Inc.** | **Teledyne Technologies, Inc.** |
| 2.25%, 04/01/28 *(a)* | 100000 | 94970 |
| **Textron, Inc.** | **Textron, Inc.** | **Textron, Inc.** |
| 3.65%, 03/15/27 *(a)* | 110000 | 108665 |
| 3.38%, 03/01/28 *(a)* | 70000 | 68322 |
| 3.00%, 06/01/30 *(a)* | 110000 | 102308 |
| **Timken Co.** | **Timken Co.** | **Timken Co.** |
| 4.50%, 12/15/28 *(a)* | 55000 | 55217 |
| **Trane Technologies Financing Ltd.** | **Trane Technologies Financing Ltd.** | **Trane Technologies Financing Ltd.** |
| 3.80%, 03/21/29 *(a)* | 125000 | 122970 |
| **Trane Technologies Global Holding Co. Ltd.** | **Trane Technologies Global Holding Co. Ltd.** | **Trane Technologies Global Holding Co. Ltd.** |
| 3.75%, 08/21/28 *(a)* | 150000 | 148411 |
| **Veralto Corp.** | **Veralto Corp.** | **Veralto Corp.** |
| 5.50%, 09/18/26 *(a)* | 180000 | 182180 |
| 5.35%, 09/18/28 *(a)* | 105000 | 108279 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Vontier Corp.** | **Vontier Corp.** | **Vontier Corp.** |
| 2.40%, 04/01/28 *(a)* | 100000 | 94328 |
| **Vulcan Materials Co.** | **Vulcan Materials Co.** | **Vulcan Materials Co.** |
| 3.90%, 04/01/27 *(a)* | 60000 | 59659 |
| 4.95%, 12/01/29 *(a)* | 115000 | 117292 |
| 3.50%, 06/01/30 *(a)* | 130000 | 124479 |
| **Waste Connections, Inc.** | **Waste Connections, Inc.** | **Waste Connections, Inc.** |
| 4.25%, 12/01/28 *(a)* | 95000 | 95363 |
| 3.50%, 05/01/29 *(a)* | 125000 | 122300 |
| 2.60%, 02/01/30 *(a)* | 115000 | 107057 |
| **Waste Management, Inc.** | **Waste Management, Inc.** | **Waste Management, Inc.** |
| 4.95%, 07/03/27 *(a)* | 125000 | 127227 |
| 3.15%, 11/15/27 *(a)* | 130000 | 127421 |
| 1.15%, 03/15/28 *(a)* | 135000 | 125192 |
| 4.50%, 03/15/28 *(a)* | 175000 | 176871 |
| 3.88%, 01/15/29 *(a)* | 150000 | 148290 |
| 4.88%, 02/15/29 *(a)* | 100000 | 102498 |
| 2.00%, 06/01/29 *(a)* | 125000 | 115418 |
| 4.63%, 02/15/30 *(a)* | 100000 | 101488 |
| 4.65%, 03/15/30 *(a)* | 125000 | 126880 |
| **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** |
| 3.45%, 11/15/26 *(a)* | 160000 | 158090 |
| 4.70%, 09/15/28 *(a)(g)* | 230000 | 231440 |
| 4.90%, 05/29/30 *(a)* | 75000 | 76075 |
| **Xylem, Inc.** | **Xylem, Inc.** | **Xylem, Inc.** |
| 3.25%, 11/01/26 *(a)* | 100000 | 98558 |
| 1.95%, 01/30/28 *(a)* | 140000 | 132412 |
|  |  | **29881059** |
| ***Communications 5.0%***  | ***Communications 5.0%***  | ***Communications 5.0%***  |
| **America Movil SAB de CV** | **America Movil SAB de CV** | **America Movil SAB de CV** |
| 3.63%, 04/22/29 *(a)* | 200000 | 193970 |
| 2.88%, 05/07/30 *(a)* | 200000 | 185094 |
| **American Tower Corp.** | **American Tower Corp.** | **American Tower Corp.** |
| 1.45%, 09/15/26 *(a)* | 180000 | 173954 |
| 3.38%, 10/15/26 *(a)* | 90000 | 88887 |
| 2.75%, 01/15/27 *(a)* | 150000 | 146447 |
| 3.13%, 01/15/27 *(a)* | 85000 | 83379 |
| 3.65%, 03/15/27 *(a)* | 45000 | 44470 |
| 3.55%, 07/15/27 *(a)* | 140000 | 137998 |
| 3.60%, 01/15/28 *(a)* | 165000 | 162038 |
| 1.50%, 01/31/28 *(a)* | 160000 | 149048 |
| 5.50%, 03/15/28 *(a)* | 100000 | 102854 |
| 5.25%, 07/15/28 *(a)* | 130000 | 133316 |
| 5.80%, 11/15/28 *(a)* | 140000 | 146117 |
| 5.20%, 02/15/29 *(a)* | 130000 | 133166 |
| 3.95%, 03/15/29 *(a)* | 55000 | 53968 |
| 3.80%, 08/15/29 *(a)* | 275000 | 267512 |
| 2.90%, 01/15/30 *(a)* | 200000 | 186408 |
| 5.00%, 01/31/30 *(a)* | 125000 | 127430 |
| 4.90%, 03/15/30 *(a)* | 125000 | 126853 |
| 2.10%, 06/15/30 *(a)* | 120000 | 106718 |
| **AppLovin Corp.** | **AppLovin Corp.** | **AppLovin Corp.** |
| 5.13%, 12/01/29 *(a)* | 220000 | 223128 |
| **AT&T, Inc.** | **AT&T, Inc.** | **AT&T, Inc.** |
| 2.95%, 07/15/26 *(a)* | 100000 | 98487 |
| 3.80%, 02/15/27 *(a)* | 110000 | 109185 |
| 4.25%, 03/01/27 *(a)* | 160000 | 159856 |
| 2.30%, 06/01/27 *(a)* | 445000 | 429020 |
| 1.65%, 02/01/28 *(a)* | 465000 | 436421 |
| 4.10%, 02/15/28 *(a)* | 355000 | 353580 |
| 4.35%, 03/01/29 *(a)* | 515000 | 516257 |
| 4.30%, 02/15/30 *(a)* | 635000 | 633317 |
| **British Telecommunications PLC** | **British Telecommunications PLC** | **British Telecommunications PLC** |
| 5.13%, 12/04/28 *(a)* | 200000 | 204552 |

---

*See financial notes*

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

**125**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** | **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** | **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** |
| 6.15%, 11/10/26 *(a)* | 200000 | 203956 |
| 3.75%, 02/15/28 *(a)* | 180000 | 176621 |
| 4.20%, 03/15/28 *(a)* | 240000 | 237996 |
| 2.25%, 01/15/29 *(a)* | 255000 | 235125 |
| 5.05%, 03/30/29 *(a)* | 235000 | 237453 |
| 6.10%, 06/01/29 *(a)* | 275000 | 288101 |
| **Comcast Corp.** | **Comcast Corp.** | **Comcast Corp.** |
| 2.35%, 01/15/27 *(a)* | 220000 | 214056 |
| 3.30%, 02/01/27 *(a)* | 250000 | 246610 |
| 3.30%, 04/01/27 *(a)* | 150000 | 147794 |
| 5.35%, 11/15/27 *(a)* | 155000 | 159201 |
| 3.15%, 02/15/28 *(a)* | 335000 | 326541 |
| 3.55%, 05/01/28 *(a)* | 175000 | 172135 |
| 4.15%, 10/15/28 *(a)* | 740000 | 738831 |
| 4.55%, 01/15/29 *(a)* | 215000 | 217515 |
| 5.10%, 06/01/29 *(a)* | 135000 | 139420 |
| 2.65%, 02/01/30 *(a)* | 300000 | 278775 |
| 3.40%, 04/01/30 *(a)* | 250000 | 240052 |
| **Crown Castle, Inc.** | **Crown Castle, Inc.** | **Crown Castle, Inc.** |
| 1.05%, 07/15/26 *(a)* | 180000 | 173403 |
| 4.00%, 03/01/27 *(a)* | 125000 | 124263 |
| 2.90%, 03/15/27 *(a)* | 150000 | 146097 |
| 3.65%, 09/01/27 *(a)* | 170000 | 167146 |
| 5.00%, 01/11/28 *(a)* | 190000 | 192027 |
| 3.80%, 02/15/28 *(a)* | 185000 | 181774 |
| 4.80%, 09/01/28 *(a)* | 35000 | 35237 |
| 4.30%, 02/15/29 *(a)* | 125000 | 123524 |
| 5.60%, 06/01/29 *(a)* | 150000 | 155076 |
| 4.90%, 09/01/29 *(a)* | 100000 | 100946 |
| 3.10%, 11/15/29 *(a)* | 125000 | 117583 |
| **Deutsche Telekom International Finance BV** | **Deutsche Telekom International Finance BV** | **Deutsche Telekom International Finance BV** |
| 8.75%, 06/15/30 *(g)* | 650000 | 767942 |
| **Discovery Communications LLC** | **Discovery Communications LLC** | **Discovery Communications LLC** |
| 3.95%, 03/20/28 *(a)* | 289000 | 276372 |
| 4.13%, 05/15/29 *(a)* | 130000 | 120829 |
| 3.63%, 05/15/30 *(a)* | 150000 | 121650 |
| **Fox Corp.** | **Fox Corp.** | **Fox Corp.** |
| 4.71%, 01/25/29 *(a)* | 370000 | 373371 |
| 3.50%, 04/08/30 *(a)* | 100000 | 95734 |
| **Interpublic Group of Cos., Inc.** | **Interpublic Group of Cos., Inc.** | **Interpublic Group of Cos., Inc.** |
| 4.65%, 10/01/28 *(a)* | 75000 | 75455 |
| 4.75%, 03/30/30 *(a)* | 125000 | 126219 |
| **Meta Platforms, Inc.** | **Meta Platforms, Inc.** | **Meta Platforms, Inc.** |
| 3.50%, 08/15/27 *(a)* | 475000 | 470611 |
| 4.60%, 05/15/28 *(a)* | 265000 | 269998 |
| 4.30%, 08/15/29 *(a)* | 205000 | 207066 |
| 4.80%, 05/15/30 *(a)* | 100000 | 103142 |
| **Netflix, Inc.** | **Netflix, Inc.** | **Netflix, Inc.** |
| 4.38%, 11/15/26  | 170000 | 170935 |
| 4.88%, 04/15/28  | 340000 | 347140 |
| 5.88%, 11/15/28  | 200000 | 210882 |
| 6.38%, 05/15/29  | 125000 | 134606 |
| **Omnicom Group, Inc.** | **Omnicom Group, Inc.** | **Omnicom Group, Inc.** |
| 2.45%, 04/30/30 *(a)* | 115000 | 104911 |
| 4.20%, 06/01/30 *(a)* | 110000 | 108545 |
| **Paramount Global** | **Paramount Global** | **Paramount Global** |
| 2.90%, 01/15/27 *(a)* | 115000 | 111978 |
| 3.38%, 02/15/28 *(a)* | 120000 | 116144 |
| 3.70%, 06/01/28 *(a)* | 70000 | 68076 |
| 4.20%, 06/01/29 *(a)* | 105000 | 102235 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Rogers Communications, Inc.** | **Rogers Communications, Inc.** | **Rogers Communications, Inc.** |
| 2.90%, 11/15/26 *(a)* | 120000 | 117434 |
| 3.20%, 03/15/27 *(a)* | 200000 | 196168 |
| 5.00%, 02/15/29 *(a)* | 255000 | 258777 |
| **Sprint Capital Corp.** | **Sprint Capital Corp.** | **Sprint Capital Corp.** |
| 6.88%, 11/15/28  | 465000 | 499326 |
| **Take-Two Interactive Software, Inc.** | **Take-Two Interactive Software, Inc.** | **Take-Two Interactive Software, Inc.** |
| 3.70%, 04/14/27 *(a)* | 115000 | 113898 |
| 4.95%, 03/28/28 *(a)* | 140000 | 142192 |
| 5.40%, 06/12/29 *(a)* | 90000 | 92770 |
| **TCI Communications, Inc.** | **TCI Communications, Inc.** | **TCI Communications, Inc.** |
| 7.13%, 02/15/28  | 50000 | 53617 |
| **Telefonica Emisiones SA** | **Telefonica Emisiones SA** | **Telefonica Emisiones SA** |
| 4.10%, 03/08/27  | 230000 | 228917 |
| **TELUS Corp.** | **TELUS Corp.** | **TELUS Corp.** |
| 2.80%, 02/16/27 *(a)* | 80000 | 78042 |
| 3.70%, 09/15/27 *(a)* | 115000 | 113412 |
| **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** |
| 3.75%, 04/15/27 *(a)* | 685000 | 678335 |
| 5.38%, 04/15/27 *(a)* | 120000 | 120119 |
| 4.75%, 02/01/28 *(a)* | 245000 | 245390 |
| 2.05%, 02/15/28 *(a)* | 350000 | 330967 |
| 4.95%, 03/15/28 *(a)* | 165000 | 167855 |
| 4.80%, 07/15/28 *(a)* | 170000 | 172358 |
| 4.85%, 01/15/29 *(a)* | 175000 | 177688 |
| 2.63%, 02/15/29 *(a)* | 225000 | 211360 |
| 2.40%, 03/15/29 *(a)* | 85000 | 79115 |
| 3.38%, 04/15/29 *(a)* | 400000 | 385432 |
| 4.20%, 10/01/29 *(a)* | 150000 | 149066 |
| 3.88%, 04/15/30 *(a)* | 1310000 | 1272272 |
| **TWDC Enterprises 18 Corp.** | **TWDC Enterprises 18 Corp.** | **TWDC Enterprises 18 Corp.** |
| 1.85%, 07/30/26  | 170000 | 165886 |
| 2.95%, 06/15/27  | 210000 | 206428 |
| **Verizon Communications, Inc.** | **Verizon Communications, Inc.** | **Verizon Communications, Inc.** |
| 4.13%, 03/16/27  | 475000 | 474919 |
| 3.00%, 03/22/27 *(a)* | 120000 | 117649 |
| 2.10%, 03/22/28 *(a)* | 295000 | 279583 |
| 4.33%, 09/21/28  | 535000 | 537407 |
| 3.88%, 02/08/29 *(a)* | 195000 | 192617 |
| 4.02%, 12/03/29 *(a)* | 645000 | 636596 |
| 3.15%, 03/22/30 *(a)* | 225000 | 213124 |
| **Vodafone Group PLC** | **Vodafone Group PLC** | **Vodafone Group PLC** |
| 4.38%, 05/30/28  | 100000 | 101934 |
| 7.88%, 02/15/30  | 100000 | 114401 |
| **Walt Disney Co.** | **Walt Disney Co.** | **Walt Disney Co.** |
| 3.38%, 11/15/26 *(a)* | 95000 | 94180 |
| 3.70%, 03/23/27  | 100000 | 99891 |
| 2.20%, 01/13/28  | 190000 | 182216 |
| 2.00%, 09/01/29 *(a)* | 325000 | 298525 |
| 3.80%, 03/22/30  | 200000 | 197010 |
| **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** |
| 3.76%, 03/15/27 *(a)* | 223000 | 214122 |
| 4.05%, 03/15/29 *(a)* | 280000 | 260949 |
|  |  | **26446476** |
| ***Consumer Cyclical 8.2%***  | ***Consumer Cyclical 8.2%***  | ***Consumer Cyclical 8.2%***  |
| **Alibaba Group Holding Ltd.** | **Alibaba Group Holding Ltd.** | **Alibaba Group Holding Ltd.** |
| 3.40%, 12/06/27 *(a)* | 470000 | 461573 |
| 4.88%, 05/26/30 *(a)(d)* | 200000 | 204348 |
| **Amazon.com, Inc.** | **Amazon.com, Inc.** | **Amazon.com, Inc.** |
| 3.30%, 04/13/27 *(a)* | 260000 | 257179 |
| 1.20%, 06/03/27 *(a)* | 135000 | 128207 |
| 3.15%, 08/22/27 *(a)* | 635000 | 624745 |
| 4.55%, 12/01/27 *(a)* | 350000 | 354844 |

---

*See financial notes*

**126**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 1.65%, 05/12/28 *(a)* | 460000 | 432115 |
| 3.45%, 04/13/29 *(a)* | 385000 | 377924 |
| 4.65%, 12/01/29 *(a)* | 305000 | 312207 |
| 1.50%, 06/03/30 *(a)* | 320000 | 283190 |
| **American Honda Finance Corp.** | **American Honda Finance Corp.** | **American Honda Finance Corp.** |
| 5.25%, 07/07/26  | 255000 | 257185 |
| 1.30%, 09/09/26  | 215000 | 207432 |
| 2.30%, 09/09/26  | 170000 | 166017 |
| 2.35%, 01/08/27  | 115000 | 111673 |
| 4.90%, 03/12/27  | 130000 | 131222 |
| 4.70%, 01/12/28  | 130000 | 131186 |
| 3.50%, 02/15/28  | 100000 | 98082 |
| 4.55%, 03/03/28  | 120000 | 120662 |
| 2.00%, 03/24/28  | 160000 | 150411 |
| 5.13%, 07/07/28  | 140000 | 142997 |
| 5.65%, 11/15/28  | 230000 | 239021 |
| 2.25%, 01/12/29  | 150000 | 139187 |
| 4.90%, 03/13/29  | 145000 | 147311 |
| 4.40%, 09/05/29  | 180000 | 179365 |
| 4.80%, 03/05/30  | 150000 | 151239 |
| **Aptiv Swiss Holdings Ltd.** | **Aptiv Swiss Holdings Ltd.** | **Aptiv Swiss Holdings Ltd.** |
| 4.65%, 09/13/29 *(a)* | 200000 | 199560 |
| **AutoNation, Inc.** | **AutoNation, Inc.** | **AutoNation, Inc.** |
| 3.80%, 11/15/27 *(a)* | 50000 | 49262 |
| 1.95%, 08/01/28 *(a)* | 75000 | 69598 |
| 4.75%, 06/01/30 *(a)* | 90000 | 89616 |
| **AutoZone, Inc.** | **AutoZone, Inc.** | **AutoZone, Inc.** |
| 5.05%, 07/15/26  | 100000 | 100745 |
| 3.75%, 06/01/27 *(a)* | 125000 | 123860 |
| 4.50%, 02/01/28 *(a)* | 60000 | 60473 |
| 6.25%, 11/01/28 *(a)* | 30000 | 31816 |
| 3.75%, 04/18/29 *(a)* | 110000 | 107670 |
| 5.10%, 07/15/29 *(a)* | 90000 | 92380 |
| 4.00%, 04/15/30 *(a)* | 150000 | 146945 |
| 5.13%, 06/15/30 *(a)* | 90000 | 92330 |
| **Best Buy Co., Inc.** | **Best Buy Co., Inc.** | **Best Buy Co., Inc.** |
| 4.45%, 10/01/28 *(a)* | 75000 | 75245 |
| **Block Financial LLC** | **Block Financial LLC** | **Block Financial LLC** |
| 2.50%, 07/15/28 *(a)* | 165000 | 155590 |
| **Booking Holdings, Inc.** | **Booking Holdings, Inc.** | **Booking Holdings, Inc.** |
| 3.55%, 03/15/28 *(a)* | 130000 | 128018 |
| 4.63%, 04/13/30 *(a)* | 250000 | 253187 |
| **BorgWarner, Inc.** | **BorgWarner, Inc.** | **BorgWarner, Inc.** |
| 2.65%, 07/01/27 *(a)* | 190000 | 183815 |
| 4.95%, 08/15/29 *(a)* | 130000 | 131918 |
| **CBRE Services, Inc.** | **CBRE Services, Inc.** | **CBRE Services, Inc.** |
| 5.50%, 04/01/29 *(a)* | 75000 | 77597 |
| 4.80%, 06/15/30 *(a)* | 110000 | 110553 |
| **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** |
| 3.70%, 12/01/29 *(a)* | 80000 | 76138 |
| **Costco Wholesale Corp.** | **Costco Wholesale Corp.** | **Costco Wholesale Corp.** |
| 3.00%, 05/18/27 *(a)* | 210000 | 206907 |
| 1.38%, 06/20/27 *(a)* | 245000 | 233762 |
| 1.60%, 04/20/30 *(a)* | 250000 | 223162 |
| **Cummins, Inc.** | **Cummins, Inc.** | **Cummins, Inc.** |
| 4.90%, 02/20/29 *(a)* | 90000 | 92142 |
| **Darden Restaurants, Inc.** | **Darden Restaurants, Inc.** | **Darden Restaurants, Inc.** |
| 3.85%, 05/01/27 *(a)* | 75000 | 74414 |
| 4.35%, 10/15/27 *(a)* | 50000 | 50131 |
| 4.55%, 10/15/29 *(a)* | 110000 | 109837 |
| **Dollar General Corp.** | **Dollar General Corp.** | **Dollar General Corp.** |
| 3.88%, 04/15/27 *(a)* | 100000 | 99186 |
| 4.63%, 11/01/27 *(a)* | 70000 | 70501 |
| 4.13%, 05/01/28 *(a)* | 140000 | 139115 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.20%, 07/05/28 *(a)* | 115000 | 117395 |
| 3.50%, 04/03/30 *(a)* | 175000 | 166213 |
| **Dollar Tree, Inc.** | **Dollar Tree, Inc.** | **Dollar Tree, Inc.** |
| 4.20%, 05/15/28 *(a)* | 235000 | 232944 |
| **DR Horton, Inc.** | **DR Horton, Inc.** | **DR Horton, Inc.** |
| 1.30%, 10/15/26 *(a)* | 130000 | 125087 |
| 1.40%, 10/15/27 *(a)* | 135000 | 127005 |
| **eBay, Inc.** | **eBay, Inc.** | **eBay, Inc.** |
| 3.60%, 06/05/27 *(a)* | 180000 | 178106 |
| 5.95%, 11/22/27 *(a)* | 75000 | 77933 |
| 2.70%, 03/11/30 *(a)* | 160000 | 148408 |
| **Expedia Group, Inc.** | **Expedia Group, Inc.** | **Expedia Group, Inc.** |
| 4.63%, 08/01/27 *(a)* | 190000 | 190859 |
| 3.80%, 02/15/28 *(a)* | 165000 | 162584 |
| 3.25%, 02/15/30 *(a)* | 250000 | 236177 |
| **Ford Motor Co.** | **Ford Motor Co.** | **Ford Motor Co.** |
| 4.35%, 12/08/26 *(a)* | 235000 | 233625 |
| 6.63%, 10/01/28  | 45000 | 47310 |
| 9.63%, 04/22/30 *(a)* | 90000 | 103656 |
| **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** |
| 4.54%, 08/01/26 *(a)* | 200000 | 198654 |
| 2.70%, 08/10/26 *(a)* | 290000 | 282498 |
| 4.27%, 01/09/27 *(a)* | 215000 | 211483 |
| 5.80%, 03/05/27 *(a)* | 295000 | 297339 |
| 5.85%, 05/17/27 *(a)* | 320000 | 322595 |
| 4.95%, 05/28/27 *(a)* | 320000 | 318070 |
| 4.13%, 08/17/27 *(a)* | 260000 | 254181 |
| 7.35%, 11/04/27 *(a)* | 275000 | 285714 |
| 2.90%, 02/16/28 *(a)* | 200000 | 187668 |
| 6.80%, 05/12/28 *(a)* | 350000 | 361872 |
| 6.80%, 11/07/28 *(a)* | 200000 | 207332 |
| 2.90%, 02/10/29 *(a)* | 205000 | 186474 |
| 5.80%, 03/08/29 *(a)* | 370000 | 370925 |
| 5.11%, 05/03/29 *(a)* | 320000 | 313155 |
| 5.30%, 09/06/29 *(a)* | 220000 | 216159 |
| 5.88%, 11/07/29 *(a)* | 105000 | 105423 |
| 7.35%, 03/06/30 *(a)* | 200000 | 211202 |
| 7.20%, 06/10/30 *(a)* | 200000 | 210562 |
| **General Motors Co.** | **General Motors Co.** | **General Motors Co.** |
| 4.20%, 10/01/27 *(a)* | 100000 | 99045 |
| 6.80%, 10/01/27 *(a)* | 210000 | 218822 |
| 5.00%, 10/01/28 *(a)* | 125000 | 126241 |
| 5.40%, 10/15/29 *(a)* | 155000 | 158269 |
| 5.63%, 04/15/30 *(a)* | 150000 | 153416 |
| **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** |
| 4.00%, 10/06/26 *(a)* | 205000 | 203616 |
| 4.35%, 01/17/27 *(a)* | 250000 | 248585 |
| 2.35%, 02/26/27 *(a)* | 205000 | 197696 |
| 5.00%, 04/09/27 *(a)* | 265000 | 266680 |
| 5.40%, 05/08/27  | 175000 | 177604 |
| 5.35%, 07/15/27  | 170000 | 172581 |
| 2.70%, 08/20/27 *(a)* | 200000 | 192172 |
| 3.85%, 01/05/28 *(a)* | 95000 | 93041 |
| 6.00%, 01/09/28 *(a)* | 190000 | 195863 |
| 5.05%, 04/04/28  | 225000 | 226780 |
| 2.40%, 04/10/28 *(a)* | 190000 | 178798 |
| 5.80%, 06/23/28 *(a)* | 240000 | 247298 |
| 2.40%, 10/15/28 *(a)* | 255000 | 237331 |
| 5.80%, 01/07/29 *(a)* | 270000 | 278278 |
| 5.65%, 01/17/29 *(a)* | 160000 | 163570 |
| 4.30%, 04/06/29 *(a)* | 300000 | 293616 |
| 5.55%, 07/15/29 *(a)* | 260000 | 265637 |
| 4.90%, 10/06/29 *(a)* | 175000 | 174818 |
| 5.35%, 01/07/30 *(a)* | 225000 | 227707 |
| 5.85%, 04/06/30 *(a)* | 175000 | 180994 |
| 3.60%, 06/21/30 *(a)* | 200000 | 187298 |

---

*See financial notes*

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

**127**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Genuine Parts Co.** | **Genuine Parts Co.** | **Genuine Parts Co.** |
| 6.50%, 11/01/28 *(a)* | 75000 | 79694 |
| 4.95%, 08/15/29 *(a)* | 175000 | 177837 |
| **GLP Capital LP/GLP Financing II, Inc.** | **GLP Capital LP/GLP Financing II, Inc.** | **GLP Capital LP/GLP Financing II, Inc.** |
| 5.75%, 06/01/28 *(a)* | 100000 | 102574 |
| 5.30%, 01/15/29 *(a)* | 150000 | 151739 |
| 4.00%, 01/15/30 *(a)* | 125000 | 120236 |
| **Home Depot, Inc.** | **Home Depot, Inc.** | **Home Depot, Inc.** |
| 2.13%, 09/15/26 *(a)* | 50000 | 48857 |
| 4.95%, 09/30/26 *(a)* | 150000 | 151490 |
| 2.50%, 04/15/27 *(a)* | 135000 | 131420 |
| 2.88%, 04/15/27 *(a)* | 150000 | 147117 |
| 4.88%, 06/25/27 *(a)* | 195000 | 198204 |
| 2.80%, 09/14/27 *(a)* | 180000 | 175491 |
| 0.90%, 03/15/28 *(a)* | 50000 | 46133 |
| 1.50%, 09/15/28 *(a)* | 170000 | 157306 |
| 3.90%, 12/06/28 *(a)* | 175000 | 174522 |
| 4.90%, 04/15/29 *(a)* | 150000 | 154104 |
| 2.95%, 06/15/29 *(a)* | 350000 | 335156 |
| 4.75%, 06/25/29 *(a)* | 225000 | 229790 |
| 2.70%, 04/15/30 *(a)* | 285000 | 266301 |
| **Honda Motor Co. Ltd.** | **Honda Motor Co. Ltd.** | **Honda Motor Co. Ltd.** |
| 2.53%, 03/10/27 *(a)* | 150000 | 145668 |
| **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** |
| 5.75%, 01/30/27 *(a)* | 100000 | 102083 |
| 4.38%, 09/15/28 *(a)* | 150000 | 149549 |
| 5.25%, 06/30/29 *(a)* | 170000 | 173077 |
| 5.75%, 04/23/30 *(a)(e)* | 75000 | 77613 |
| **JD.com, Inc.** | **JD.com, Inc.** | **JD.com, Inc.** |
| 3.38%, 01/14/30 *(a)(c)* | 200000 | 191608 |
| **Jones Lang LaSalle, Inc.** | **Jones Lang LaSalle, Inc.** | **Jones Lang LaSalle, Inc.** |
| 6.88%, 12/01/28 *(a)* | 85000 | 91270 |
| **Las Vegas Sands Corp.** | **Las Vegas Sands Corp.** | **Las Vegas Sands Corp.** |
| 3.50%, 08/18/26 *(a)* | 180000 | 177584 |
| 5.90%, 06/01/27 *(a)* | 175000 | 178834 |
| 3.90%, 08/08/29 *(a)* | 290000 | 276254 |
| 6.00%, 08/15/29 *(a)* | 90000 | 92558 |
| 6.00%, 06/14/30 *(a)* | 90000 | 92854 |
| **Lear Corp.** | **Lear Corp.** | **Lear Corp.** |
| 3.80%, 09/15/27 *(a)* | 100000 | 98571 |
| 4.25%, 05/15/29 *(a)* | 105000 | 103214 |
| **Lennar Corp.** | **Lennar Corp.** | **Lennar Corp.** |
| 5.00%, 06/15/27 *(a)* | 65000 | 65492 |
| 4.75%, 11/29/27 *(a)* | 130000 | 130953 |
| **LKQ Corp.** | **LKQ Corp.** | **LKQ Corp.** |
| 5.75%, 06/15/28 *(a)* | 150000 | 154628 |
| **Lowe's Cos., Inc.** | **Lowe's Cos., Inc.** | **Lowe's Cos., Inc.** |
| 3.35%, 04/01/27 *(a)* | 180000 | 177368 |
| 3.10%, 05/03/27 *(a)* | 265000 | 259931 |
| 1.30%, 04/15/28 *(a)* | 255000 | 236104 |
| 1.70%, 09/15/28 *(a)* | 230000 | 212830 |
| 3.65%, 04/05/29 *(a)* | 280000 | 273588 |
| 4.50%, 04/15/30 *(a)* | 200000 | 201534 |
| **Magna International, Inc.** | **Magna International, Inc.** | **Magna International, Inc.** |
| 5.05%, 03/14/29 *(a)* | 125000 | 127570 |
| 2.45%, 06/15/30 *(a)* | 120000 | 108792 |
| **Marriott International, Inc.** | **Marriott International, Inc.** | **Marriott International, Inc.** |
| 5.45%, 09/15/26 *(a)* | 145000 | 146692 |
| 5.00%, 10/15/27 *(a)* | 185000 | 188101 |
| 4.00%, 04/15/28 *(a)* | 95000 | 94180 |
| 5.55%, 10/15/28 *(a)* | 110000 | 114150 |
| 4.65%, 12/01/28 *(a)* | 70000 | 70543 |
| 4.90%, 04/15/29 *(a)* | 150000 | 152721 |
| 4.88%, 05/15/29 *(a)* | 80000 | 81207 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.80%, 03/15/30 *(a)* | 100000 | 101068 |
| 4.63%, 06/15/30 *(a)* | 180000 | 180644 |
| **McDonald's Corp.** | **McDonald's Corp.** | **McDonald's Corp.** |
| 3.50%, 03/01/27 *(a)* | 145000 | 143424 |
| 3.50%, 07/01/27 *(a)* | 185000 | 182798 |
| 3.80%, 04/01/28 *(a)* | 200000 | 198418 |
| 4.80%, 08/14/28 *(a)* | 110000 | 112102 |
| 5.00%, 05/17/29 *(a)* | 95000 | 97662 |
| 2.63%, 09/01/29 *(a)* | 175000 | 164538 |
| 2.13%, 03/01/30 *(a)* | 145000 | 131721 |
| 4.60%, 05/15/30 *(a)* | 100000 | 101125 |
| **MDC Holdings, Inc.** | **MDC Holdings, Inc.** | **MDC Holdings, Inc.** |
| 3.85%, 01/15/30 *(a)* | 45000 | 43030 |
| **Meritage Homes Corp.** | **Meritage Homes Corp.** | **Meritage Homes Corp.** |
| 5.13%, 06/06/27 *(a)* | 80000 | 80938 |
| **NIKE, Inc.** | **NIKE, Inc.** | **NIKE, Inc.** |
| 2.38%, 11/01/26 *(a)* | 195000 | 190905 |
| 2.75%, 03/27/27 *(a)* | 175000 | 171281 |
| 2.85%, 03/27/30 *(a)* | 250000 | 235695 |
| **NVR, Inc.** | **NVR, Inc.** | **NVR, Inc.** |
| 3.00%, 05/15/30 *(a)* | 150000 | 139763 |
| **O'Reilly Automotive, Inc.** | **O'Reilly Automotive, Inc.** | **O'Reilly Automotive, Inc.** |
| 5.75%, 11/20/26 *(a)* | 150000 | 152748 |
| 3.60%, 09/01/27 *(a)* | 100000 | 98707 |
| 4.35%, 06/01/28 *(a)* | 180000 | 180623 |
| 3.90%, 06/01/29 *(a)* | 100000 | 98310 |
| 4.20%, 04/01/30 *(a)* | 75000 | 74261 |
| **PACCAR Financial Corp.** | **PACCAR Financial Corp.** | **PACCAR Financial Corp.** |
| 5.20%, 11/09/26  | 145000 | 147259 |
| 4.50%, 11/25/26  | 40000 | 40292 |
| 2.00%, 02/04/27  | 95000 | 92113 |
| 5.00%, 05/13/27  | 100000 | 101756 |
| 4.25%, 06/23/27  | 70000 | 70385 |
| 4.45%, 08/06/27  | 265000 | 267963 |
| 4.60%, 01/10/28  | 50000 | 50696 |
| 4.95%, 08/10/28  | 65000 | 66709 |
| 4.60%, 01/31/29  | 100000 | 101496 |
| 4.00%, 09/26/29  | 135000 | 134322 |
| **PulteGroup, Inc.** | **PulteGroup, Inc.** | **PulteGroup, Inc.** |
| 5.00%, 01/15/27 *(a)* | 95000 | 95732 |
| **PVH Corp.** | **PVH Corp.** | **PVH Corp.** |
| 5.50%, 06/13/30 *(a)* | 90000 | 90662 |
| **Ralph Lauren Corp.** | **Ralph Lauren Corp.** | **Ralph Lauren Corp.** |
| 2.95%, 06/15/30 *(a)* | 130000 | 121563 |
| **Royal Caribbean Cruises Ltd.** | **Royal Caribbean Cruises Ltd.** | **Royal Caribbean Cruises Ltd.** |
| 3.70%, 03/15/28 *(a)* | 180000 | 175403 |
| **Sands China Ltd.** | **Sands China Ltd.** | **Sands China Ltd.** |
| 5.40%, 08/08/28 *(a)(e)* | 200000 | 201650 |
| 2.85%, 03/08/29 *(a)(e)* | 200000 | 183818 |
| 4.38%, 06/18/30 *(a)(e)* | 200000 | 191370 |
| **Starbucks Corp.** | **Starbucks Corp.** | **Starbucks Corp.** |
| 4.85%, 02/08/27 *(a)* | 150000 | 151403 |
| 2.00%, 03/12/27 *(a)* | 75000 | 72242 |
| 3.50%, 03/01/28 *(a)* | 165000 | 162109 |
| 4.00%, 11/15/28 *(a)* | 180000 | 178774 |
| 3.55%, 08/15/29 *(a)* | 205000 | 199547 |
| 2.25%, 03/12/30 *(a)* | 125000 | 113439 |
| 4.80%, 05/15/30 *(a)* | 100000 | 101274 |
| **Tapestry, Inc.** | **Tapestry, Inc.** | **Tapestry, Inc.** |
| 4.13%, 07/15/27 *(a)* | 80000 | 79489 |
| 5.10%, 03/11/30 *(a)* | 165000 | 167206 |
| **Target Corp.** | **Target Corp.** | **Target Corp.** |
| 1.95%, 01/15/27 *(a)* | 130000 | 125991 |
| 4.35%, 06/15/28 *(a)* | 90000 | 90573 |

---

*See financial notes*

**128**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.38%, 04/15/29 *(a)* | 210000 | 204448 |
| 2.35%, 02/15/30 *(a)* | 125000 | 115393 |
| **TJX Cos., Inc.** | **TJX Cos., Inc.** | **TJX Cos., Inc.** |
| 2.25%, 09/15/26 *(a)* | 250000 | 244912 |
| 1.15%, 05/15/28 *(a)* | 75000 | 69352 |
| 3.88%, 04/15/30 *(a)* | 75000 | 74058 |
| **Toll Brothers Finance Corp.** | **Toll Brothers Finance Corp.** | **Toll Brothers Finance Corp.** |
| 4.88%, 03/15/27 *(a)* | 85000 | 85284 |
| 4.35%, 02/15/28 *(a)* | 85000 | 84612 |
| 3.80%, 11/01/29 *(a)* | 75000 | 72814 |
| **Toyota Motor Corp.** | **Toyota Motor Corp.** | **Toyota Motor Corp.** |
| 5.28%, 07/13/26 *(a)* | 125000 | 126233 |
| 5.12%, 07/13/28 *(a)* | 100000 | 102837 |
| 3.67%, 07/20/28  | 100000 | 99232 |
| 2.76%, 07/02/29  | 100000 | 94783 |
| **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** |
| 4.55%, 08/07/26  | 120000 | 120455 |
| 5.00%, 08/14/26  | 320000 | 322790 |
| 5.40%, 11/20/26  | 180000 | 182932 |
| 4.60%, 01/08/27  | 55000 | 55425 |
| 3.20%, 01/11/27  | 135000 | 133196 |
| 1.90%, 01/13/27  | 160000 | 154691 |
| 5.00%, 03/19/27  | 80000 | 81186 |
| 3.05%, 03/22/27  | 280000 | 275050 |
| 1.15%, 08/13/27  | 100000 | 94059 |
| 4.55%, 09/20/27  | 160000 | 161709 |
| 4.35%, 10/08/27  | 100000 | 100459 |
| 5.45%, 11/10/27  | 100000 | 102957 |
| 3.05%, 01/11/28  | 100000 | 97397 |
| 4.63%, 01/12/28  | 240000 | 243002 |
| 1.90%, 04/06/28  | 150000 | 141473 |
| 5.25%, 09/11/28  | 120000 | 123908 |
| 4.65%, 01/05/29  | 215000 | 217739 |
| 3.65%, 01/08/29  | 110000 | 107965 |
| 5.05%, 05/16/29  | 170000 | 174760 |
| 4.45%, 06/29/29  | 155000 | 156153 |
| 4.55%, 08/09/29  | 225000 | 227070 |
| 4.95%, 01/09/30  | 100000 | 102374 |
| 2.15%, 02/13/30  | 125000 | 113650 |
| 3.38%, 04/01/30  | 200000 | 191346 |
| 4.80%, 05/15/30  | 200000 | 203280 |
| 4.55%, 05/17/30  | 150000 | 151037 |
| **Uber Technologies, Inc.** | **Uber Technologies, Inc.** | **Uber Technologies, Inc.** |
| 4.30%, 01/15/30 *(a)* | 250000 | 249175 |
| **UL Solutions, Inc.** | **UL Solutions, Inc.** | **UL Solutions, Inc.** |
| 6.50%, 10/20/28 *(a)(d)* | 90000 | 94874 |
| **VICI Properties LP** | **VICI Properties LP** | **VICI Properties LP** |
| 4.75%, 02/15/28 *(a)* | 235000 | 236457 |
| 4.95%, 02/15/30 *(a)* | 175000 | 176104 |
| **Walmart, Inc.** | **Walmart, Inc.** | **Walmart, Inc.** |
| 3.05%, 07/08/26 *(a)* | 145000 | 143567 |
| 1.05%, 09/17/26 *(a)* | 275000 | 265917 |
| 3.95%, 09/09/27 *(a)* | 240000 | 240264 |
| 3.90%, 04/15/28 *(a)* | 180000 | 180362 |
| 3.70%, 06/26/28 *(a)* | 320000 | 318979 |
| 1.50%, 09/22/28 *(a)* | 340000 | 315367 |
| 3.25%, 07/08/29 *(a)* | 125000 | 121879 |
| 2.38%, 09/24/29 *(a)* | 75000 | 70379 |
| 7.55%, 02/15/30  | 100000 | 114783 |
| 4.35%, 04/28/30 *(a)* | 175000 | 177054 |
|  |  | **43484430** |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***Consumer Non-Cyclical 12.2%***  | ***Consumer Non-Cyclical 12.2%***  | ***Consumer Non-Cyclical 12.2%***  |
| **Abbott Laboratories** | **Abbott Laboratories** | **Abbott Laboratories** |
| 3.75%, 11/30/26 *(a)* | 215000 | 214400 |
| 1.15%, 01/30/28 *(a)* | 115000 | 107620 |
| 1.40%, 06/30/30 *(a)* | 100000 | 88035 |
| **AbbVie, Inc.** | **AbbVie, Inc.** | **AbbVie, Inc.** |
| 2.95%, 11/21/26 *(a)* | 725000 | 713306 |
| 4.80%, 03/15/27 *(a)* | 380000 | 383903 |
| 4.65%, 03/15/28 *(a)* | 200000 | 202984 |
| 4.25%, 11/14/28 *(a)* | 320000 | 321667 |
| 4.80%, 03/15/29 *(a)* | 530000 | 540711 |
| 3.20%, 11/21/29 *(a)* | 985000 | 942290 |
| 4.88%, 03/15/30 *(a)* | 200000 | 204918 |
| **Advocate Health & Hospitals Corp.** | **Advocate Health & Hospitals Corp.** | **Advocate Health & Hospitals Corp.** |
| 3.83%, 08/15/28 *(a)* | 165000 | 163292 |
| 2.21%, 06/15/30 *(a)* | 50000 | 45284 |
| **Agilent Technologies, Inc.** | **Agilent Technologies, Inc.** | **Agilent Technologies, Inc.** |
| 3.05%, 09/22/26 *(a)* | 80000 | 78805 |
| 4.20%, 09/09/27 *(a)* | 75000 | 75005 |
| 2.75%, 09/15/29 *(a)* | 100000 | 93697 |
| 2.10%, 06/04/30 *(a)* | 80000 | 71706 |
| **Ahold Finance USA LLC** | **Ahold Finance USA LLC** | **Ahold Finance USA LLC** |
| 6.88%, 05/01/29  | 100000 | 108732 |
| **Altria Group, Inc.** | **Altria Group, Inc.** | **Altria Group, Inc.** |
| 2.63%, 09/16/26 *(a)* | 100000 | 98060 |
| 6.20%, 11/01/28 *(a)* | 60000 | 63361 |
| 4.80%, 02/14/29 *(a)* | 415000 | 419934 |
| 3.40%, 05/06/30 *(a)* | 175000 | 166355 |
| **Amgen, Inc.** | **Amgen, Inc.** | **Amgen, Inc.** |
| 2.60%, 08/19/26 *(a)* | 105000 | 103122 |
| 2.20%, 02/21/27 *(a)* | 340000 | 329117 |
| 3.20%, 11/02/27 *(a)* | 200000 | 194910 |
| 5.15%, 03/02/28 *(a)* | 610000 | 623463 |
| 1.65%, 08/15/28 *(a)* | 265000 | 245053 |
| 3.00%, 02/22/29 *(a)* | 195000 | 186387 |
| 4.05%, 08/18/29 *(a)* | 260000 | 257062 |
| 2.45%, 02/21/30 *(a)* | 225000 | 206131 |
| 5.25%, 03/02/30 *(a)* | 545000 | 562140 |
| **Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch InBev Worldwide, Inc.** |
| 4.75%, 01/23/29 *(a)* | 575000 | 585459 |
| 3.50%, 06/01/30 *(a)* | 310000 | 299224 |
| **Archer-Daniels-Midland Co.** | **Archer-Daniels-Midland Co.** | **Archer-Daniels-Midland Co.** |
| 2.50%, 08/11/26 *(a)* | 175000 | 171903 |
| 3.25%, 03/27/30 *(a)* | 180000 | 171907 |
| **Ascension Health** | **Ascension Health** | **Ascension Health** |
| 2.53%, 11/15/29 *(a)* | 180000 | 167989 |
| **Astrazeneca Finance LLC** | **Astrazeneca Finance LLC** | **Astrazeneca Finance LLC** |
| 4.80%, 02/26/27 *(a)* | 200000 | 202312 |
| 4.88%, 03/03/28 *(a)* | 260000 | 265785 |
| 1.75%, 05/28/28 *(a)* | 200000 | 187652 |
| 4.85%, 02/26/29 *(a)* | 205000 | 209649 |
| 4.90%, 03/03/30 *(a)* | 125000 | 128329 |
| **AstraZeneca PLC** | **AstraZeneca PLC** | **AstraZeneca PLC** |
| 3.13%, 06/12/27 *(a)* | 155000 | 152695 |
| 4.00%, 01/17/29 *(a)* | 200000 | 199316 |
| **Banner Health** | **Banner Health** | **Banner Health** |
| 2.34%, 01/01/30 *(a)* | 45000 | 41347 |
| **BAT Capital Corp.** | **BAT Capital Corp.** | **BAT Capital Corp.** |
| 3.22%, 09/06/26 *(a)* | 190000 | 187412 |
| 4.70%, 04/02/27 *(a)* | 160000 | 160845 |
| 3.56%, 08/15/27 *(a)* | 430000 | 423215 |
| 2.26%, 03/25/28 *(a)* | 325000 | 307551 |
| 3.46%, 09/06/29 *(a)* | 90000 | 86521 |
| 4.91%, 04/02/30 *(a)* | 175000 | 177394 |

---

*See financial notes*

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

**129**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **BAT International Finance PLC** | **BAT International Finance PLC** | **BAT International Finance PLC** |
| 4.45%, 03/16/28 *(a)* | 190000 | 190488 |
| 5.93%, 02/02/29 *(a)* | 190000 | 199515 |
| **Baxter International, Inc.** | **Baxter International, Inc.** | **Baxter International, Inc.** |
| 2.60%, 08/15/26 *(a)* | 75000 | 73595 |
| 1.92%, 02/01/27 *(a)* | 310000 | 298573 |
| 2.27%, 12/01/28 *(a)* | 200000 | 186334 |
| 3.95%, 04/01/30 *(a)* | 75000 | 73337 |
| **Becton Dickinson & Co.** | **Becton Dickinson & Co.** | **Becton Dickinson & Co.** |
| 3.70%, 06/06/27 *(a)* | 325000 | 321467 |
| 4.69%, 02/13/28 *(a)* | 125000 | 126256 |
| 4.87%, 02/08/29 *(a)* | 125000 | 126775 |
| 5.08%, 06/07/29 *(a)* | 140000 | 143154 |
| 2.82%, 05/20/30 *(a)* | 100000 | 92599 |
| **Biogen, Inc.** | **Biogen, Inc.** | **Biogen, Inc.** |
| 2.25%, 05/01/30 *(a)* | 250000 | 225337 |
| **Bio-Rad Laboratories, Inc.** | **Bio-Rad Laboratories, Inc.** | **Bio-Rad Laboratories, Inc.** |
| 3.30%, 03/15/27 *(a)* | 85000 | 83381 |
| **Bon Secours Mercy Health, Inc.** | **Bon Secours Mercy Health, Inc.** | **Bon Secours Mercy Health, Inc.** |
| 4.30%, 07/01/28 *(a)* | 45000 | 45125 |
| 3.46%, 06/01/30 *(a)* | 70000 | 67292 |
| **Boston Scientific Corp.** | **Boston Scientific Corp.** | **Boston Scientific Corp.** |
| 4.00%, 03/01/28 *(a)* | 50000 | 50178 |
| 2.65%, 06/01/30 *(a)* | 200000 | 185226 |
| **Bristol-Myers Squibb Co.** | **Bristol-Myers Squibb Co.** | **Bristol-Myers Squibb Co.** |
| 4.90%, 02/22/27 *(a)* | 150000 | 152001 |
| 3.25%, 02/27/27  | 135000 | 133346 |
| 1.13%, 11/13/27 *(a)* | 120000 | 112460 |
| 3.45%, 11/15/27 *(a)* | 115000 | 113614 |
| 3.90%, 02/20/28 *(a)* | 260000 | 258885 |
| 4.90%, 02/22/29 *(a)* | 340000 | 348265 |
| 3.40%, 07/26/29 *(a)* | 455000 | 441095 |
| **Brunswick Corp.** | **Brunswick Corp.** | **Brunswick Corp.** |
| 5.85%, 03/18/29 *(a)* | 95000 | 97997 |
| **Bunge Ltd. Finance Corp.** | **Bunge Ltd. Finance Corp.** | **Bunge Ltd. Finance Corp.** |
| 3.25%, 08/15/26 *(a)* | 145000 | 143260 |
| 3.75%, 09/25/27 *(a)* | 140000 | 138831 |
| 4.10%, 01/07/28 *(a)* | 50000 | 49731 |
| 4.20%, 09/17/29 *(a)* | 160000 | 158261 |
| **Campbell's Co.** | **Campbell's Co.** | **Campbell's Co.** |
| 5.20%, 03/19/27  | 95000 | 96412 |
| 4.15%, 03/15/28 *(a)* | 220000 | 219228 |
| 5.20%, 03/21/29 *(a)* | 85000 | 87040 |
| 2.38%, 04/24/30 *(a)* | 100000 | 90665 |
| **Cardinal Health, Inc.** | **Cardinal Health, Inc.** | **Cardinal Health, Inc.** |
| 4.70%, 11/15/26  | 100000 | 100544 |
| 3.41%, 06/15/27 *(a)* | 230000 | 226718 |
| 5.13%, 02/15/29 *(a)* | 125000 | 128191 |
| 5.00%, 11/15/29 *(a)* | 150000 | 153036 |
| **Cencora, Inc.** | **Cencora, Inc.** | **Cencora, Inc.** |
| 3.45%, 12/15/27 *(a)* | 155000 | 152129 |
| 4.63%, 12/15/27 *(a)* | 100000 | 100882 |
| 4.85%, 12/15/29 *(a)* | 140000 | 142244 |
| **CHRISTUS Health** | **CHRISTUS Health** | **CHRISTUS Health** |
| 4.34%, 07/01/28 *(a)* | 95000 | 95130 |
| **Church & Dwight Co., Inc.** | **Church & Dwight Co., Inc.** | **Church & Dwight Co., Inc.** |
| 3.15%, 08/01/27 *(a)* | 90000 | 88257 |
| **Cigna Group** | **Cigna Group** | **Cigna Group** |
| 3.40%, 03/01/27 *(a)* | 250000 | 246560 |
| 3.05%, 10/15/27 *(a)* | 115000 | 112099 |
| 4.38%, 10/15/28 *(a)* | 670000 | 671059 |
| 5.00%, 05/15/29 *(a)* | 200000 | 204628 |
| 2.40%, 03/15/30 *(a)* | 250000 | 228210 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Clorox Co.** | **Clorox Co.** | **Clorox Co.** |
| 3.10%, 10/01/27 *(a)* | 95000 | 92862 |
| 3.90%, 05/15/28 *(a)* | 115000 | 114112 |
| 4.40%, 05/01/29 *(a)* | 75000 | 75338 |
| 1.80%, 05/15/30 *(a)* | 85000 | 75134 |
| **Coca-Cola Co.** | **Coca-Cola Co.** | **Coca-Cola Co.** |
| 3.38%, 03/25/27  | 175000 | 173607 |
| 2.90%, 05/25/27  | 95000 | 93310 |
| 1.45%, 06/01/27  | 305000 | 291284 |
| 1.50%, 03/05/28  | 150000 | 141128 |
| 1.00%, 03/15/28  | 250000 | 232127 |
| 2.13%, 09/06/29  | 195000 | 181118 |
| 3.45%, 03/25/30  | 200000 | 194410 |
| 1.65%, 06/01/30  | 240000 | 213014 |
| **Coca-Cola Consolidated, Inc.** | **Coca-Cola Consolidated, Inc.** | **Coca-Cola Consolidated, Inc.** |
| 5.25%, 06/01/29 *(a)* | 100000 | 103104 |
| **Coca-Cola Femsa SAB de CV** | **Coca-Cola Femsa SAB de CV** | **Coca-Cola Femsa SAB de CV** |
| 2.75%, 01/22/30 *(a)* | 125000 | 116823 |
| **Colgate-Palmolive Co.** | **Colgate-Palmolive Co.** | **Colgate-Palmolive Co.** |
| 3.10%, 08/15/27 *(a)* | 75000 | 73758 |
| 4.60%, 03/01/28 *(a)* | 140000 | 142555 |
| 4.20%, 05/01/30 *(a)* | 75000 | 75382 |
| **CommonSpirit Health** | **CommonSpirit Health** | **CommonSpirit Health** |
| 6.07%, 11/01/27 *(a)* | 120000 | 124334 |
| 3.35%, 10/01/29 *(a)* | 170000 | 162627 |
| **Conagra Brands, Inc.** | **Conagra Brands, Inc.** | **Conagra Brands, Inc.** |
| 5.30%, 10/01/26  | 100000 | 101066 |
| 1.38%, 11/01/27 *(a)* | 135000 | 126012 |
| 7.00%, 10/01/28  | 100000 | 107125 |
| 4.85%, 11/01/28 *(a)* | 255000 | 257611 |
| **Conopco, Inc.** | **Conopco, Inc.** | **Conopco, Inc.** |
| 7.25%, 12/15/26  | 65000 | 67621 |
| **Constellation Brands, Inc.** | **Constellation Brands, Inc.** | **Constellation Brands, Inc.** |
| 3.70%, 12/06/26 *(a)* | 125000 | 124041 |
| 3.50%, 05/09/27 *(a)* | 95000 | 93580 |
| 4.35%, 05/09/27 *(a)* | 110000 | 110055 |
| 3.60%, 02/15/28 *(a)* | 145000 | 142539 |
| 4.65%, 11/15/28 *(a)* | 100000 | 100803 |
| 4.80%, 01/15/29 *(a)* | 75000 | 75857 |
| 3.15%, 08/01/29 *(a)* | 165000 | 156814 |
| 2.88%, 05/01/30 *(a)* | 100000 | 92613 |
| 4.80%, 05/01/30 *(a)* | 75000 | 75618 |
| **CVS Health Corp.** | **CVS Health Corp.** | **CVS Health Corp.** |
| 3.00%, 08/15/26 *(a)* | 135000 | 132891 |
| 3.63%, 04/01/27 *(a)* | 140000 | 138279 |
| 6.25%, 06/01/27  | 80000 | 82858 |
| 1.30%, 08/21/27 *(a)* | 435000 | 407943 |
| 4.30%, 03/25/28 *(a)* | 910000 | 906542 |
| 5.00%, 01/30/29 *(a)* | 185000 | 187908 |
| 5.40%, 06/01/29 *(a)* | 210000 | 216132 |
| 3.25%, 08/15/29 *(a)* | 300000 | 285216 |
| 5.13%, 02/21/30 *(a)* | 290000 | 295403 |
| 3.75%, 04/01/30 *(a)* | 285000 | 273534 |
| **DENTSPLY SIRONA, Inc.** | **DENTSPLY SIRONA, Inc.** | **DENTSPLY SIRONA, Inc.** |
| 3.25%, 06/01/30 *(a)* | 120000 | 109548 |
| **DH Europe Finance II SARL** | **DH Europe Finance II SARL** | **DH Europe Finance II SARL** |
| 2.60%, 11/15/29 *(a)* | 155000 | 144858 |
| **Diageo Capital PLC** | **Diageo Capital PLC** | **Diageo Capital PLC** |
| 5.38%, 10/05/26 *(a)* | 200000 | 202552 |
| 5.30%, 10/24/27 *(a)* | 200000 | 205096 |
| 2.38%, 10/24/29 *(a)* | 200000 | 185738 |
| 2.00%, 04/29/30 *(a)* | 200000 | 179938 |
| **Edwards Lifesciences Corp.** | **Edwards Lifesciences Corp.** | **Edwards Lifesciences Corp.** |
| 4.30%, 06/15/28 *(a)* | 130000 | 129945 |

---

*See financial notes*

**130**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Eli Lilly & Co.** | **Eli Lilly & Co.** | **Eli Lilly & Co.** |
| 4.50%, 02/09/27 *(a)* | 150000 | 151293 |
| 5.50%, 03/15/27  | 75000 | 76886 |
| 3.10%, 05/15/27 *(a)* | 75000 | 74012 |
| 4.15%, 08/14/27 *(a)* | 160000 | 160810 |
| 4.55%, 02/12/28 *(a)* | 100000 | 101328 |
| 4.50%, 02/09/29 *(a)* | 200000 | 203072 |
| 3.38%, 03/15/29 *(a)* | 205000 | 200638 |
| 4.20%, 08/14/29 *(a)* | 210000 | 210821 |
| 4.75%, 02/12/30 *(a)* | 260000 | 266708 |
| **Estee Lauder Cos., Inc.** | **Estee Lauder Cos., Inc.** | **Estee Lauder Cos., Inc.** |
| 3.15%, 03/15/27 *(a)* | 110000 | 108276 |
| 4.38%, 05/15/28 *(a)* | 135000 | 135487 |
| 2.38%, 12/01/29 *(a)* | 100000 | 92250 |
| 2.60%, 04/15/30 *(a)* | 125000 | 115283 |
| **Flowers Foods, Inc.** | **Flowers Foods, Inc.** | **Flowers Foods, Inc.** |
| 3.50%, 10/01/26 *(a)* | 75000 | 73961 |
| **GE HealthCare Technologies, Inc.** | **GE HealthCare Technologies, Inc.** | **GE HealthCare Technologies, Inc.** |
| 5.65%, 11/15/27 *(a)* | 305000 | 314363 |
| 4.80%, 08/14/29 *(a)* | 200000 | 202956 |
| 5.86%, 03/15/30 *(a)* | 250000 | 264170 |
| **General Mills, Inc.** | **General Mills, Inc.** | **General Mills, Inc.** |
| 4.70%, 01/30/27 *(a)* | 105000 | 105635 |
| 3.20%, 02/10/27 *(a)* | 125000 | 122988 |
| 4.20%, 04/17/28 *(a)* | 220000 | 219795 |
| 5.50%, 10/17/28 *(a)* | 130000 | 134849 |
| 4.88%, 01/30/30 *(a)* | 250000 | 254192 |
| 2.88%, 04/15/30 *(a)* | 165000 | 153623 |
| **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** |
| 2.95%, 03/01/27 *(a)* | 250000 | 245592 |
| 1.20%, 10/01/27 *(a)* | 155000 | 145545 |
| 4.80%, 11/15/29 *(a)* | 125000 | 127673 |
| **GlaxoSmithKline Capital PLC** | **GlaxoSmithKline Capital PLC** | **GlaxoSmithKline Capital PLC** |
| 3.38%, 06/01/29 *(a)* | 200000 | 194316 |
| **GlaxoSmithKline Capital, Inc.** | **GlaxoSmithKline Capital, Inc.** | **GlaxoSmithKline Capital, Inc.** |
| 3.88%, 05/15/28  | 370000 | 368457 |
| 4.50%, 04/15/30 *(a)* | 150000 | 151380 |
| **Haleon U.S. Capital LLC** | **Haleon U.S. Capital LLC** | **Haleon U.S. Capital LLC** |
| 3.38%, 03/24/27 *(a)* | 315000 | 310606 |
| 3.38%, 03/24/29 *(a)* | 250000 | 241847 |
| **Hasbro, Inc.** | **Hasbro, Inc.** | **Hasbro, Inc.** |
| 3.55%, 11/19/26 *(a)* | 125000 | 123410 |
| 3.50%, 09/15/27 *(a)* | 100000 | 97828 |
| 3.90%, 11/19/29 *(a)* | 185000 | 178519 |
| **HCA, Inc.** | **HCA, Inc.** | **HCA, Inc.** |
| 4.50%, 02/15/27 *(a)* | 265000 | 265085 |
| 3.13%, 03/15/27 *(a)* | 150000 | 146961 |
| 5.00%, 03/01/28 *(a)* | 100000 | 101493 |
| 5.20%, 06/01/28 *(a)* | 235000 | 240149 |
| 5.63%, 09/01/28 *(a)* | 305000 | 314077 |
| 5.88%, 02/01/29 *(a)* | 180000 | 186845 |
| 3.38%, 03/15/29 *(a)* | 145000 | 139278 |
| 4.13%, 06/15/29 *(a)* | 420000 | 412889 |
| 5.25%, 03/01/30 *(a)* | 150000 | 153866 |
| **Hershey Co.** | **Hershey Co.** | **Hershey Co.** |
| 2.30%, 08/15/26 *(a)* | 105000 | 103009 |
| 4.55%, 02/24/28 *(a)* | 60000 | 60808 |
| 4.25%, 05/04/28 *(a)* | 80000 | 80696 |
| 2.45%, 11/15/29 *(a)* | 75000 | 69832 |
| 4.75%, 02/24/30 *(a)* | 100000 | 102042 |
| 1.70%, 06/01/30 *(a)* | 60000 | 53191 |
| **Hormel Foods Corp.** | **Hormel Foods Corp.** | **Hormel Foods Corp.** |
| 4.80%, 03/30/27 *(a)* | 100000 | 101099 |
| 1.70%, 06/03/28 *(a)* | 170000 | 159003 |
| 1.80%, 06/11/30 *(a)* | 160000 | 142366 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Icon Investments Six DAC** | **Icon Investments Six DAC** | **Icon Investments Six DAC** |
| 5.85%, 05/08/29 *(a)* | 230000 | 238671 |
| **Illumina, Inc.** | **Illumina, Inc.** | **Illumina, Inc.** |
| 4.65%, 09/09/26  | 150000 | 150195 |
| 5.75%, 12/13/27 *(a)* | 115000 | 117911 |
| **Ingredion, Inc.** | **Ingredion, Inc.** | **Ingredion, Inc.** |
| 3.20%, 10/01/26 *(a)* | 100000 | 98483 |
| 2.90%, 06/01/30 *(a)* | 100000 | 92491 |
| **IQVIA, Inc.** | **IQVIA, Inc.** | **IQVIA, Inc.** |
| 5.70%, 05/15/28 *(a)* | 210000 | 215439 |
| 6.25%, 02/01/29 *(a)* | 165000 | 172544 |
| **J.M. Smucker Co.** | **J.M. Smucker Co.** | **J.M. Smucker Co.** |
| 3.38%, 12/15/27 *(a)* | 60000 | 58985 |
| 5.90%, 11/15/28 *(a)* | 135000 | 141901 |
| 2.38%, 03/15/30 *(a)* | 75000 | 68326 |
| **JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL** | **JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL** | **JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL** |
| 2.50%, 01/15/27 *(a)* | 150000 | 145836 |
| 5.13%, 02/01/28 *(a)* | 145000 | 148606 |
| 3.00%, 02/02/29 *(a)* | 145000 | 137894 |
| 5.50%, 01/15/30 *(a)* | 80000 | 82200 |
| **Johnson & Johnson** | **Johnson & Johnson** | **Johnson & Johnson** |
| 4.50%, 03/01/27  | 150000 | 151560 |
| 2.95%, 03/03/27 *(a)* | 185000 | 182282 |
| 0.95%, 09/01/27 *(a)* | 275000 | 258775 |
| 2.90%, 01/15/28 *(a)* | 290000 | 283330 |
| 4.55%, 03/01/28 *(a)* | 150000 | 152591 |
| 4.80%, 06/01/29 *(a)* | 185000 | 190315 |
| 6.95%, 09/01/29  | 80000 | 89274 |
| 4.70%, 03/01/30 *(a)* | 215000 | 220194 |
| **Kaiser Foundation Hospitals** | **Kaiser Foundation Hospitals** | **Kaiser Foundation Hospitals** |
| 3.15%, 05/01/27 *(a)* | 110000 | 108024 |
| **Kellanova** | **Kellanova** | **Kellanova** |
| 3.40%, 11/15/27 *(a)* | 150000 | 147795 |
| 4.30%, 05/15/28 *(a)* | 95000 | 95592 |
| 2.10%, 06/01/30 *(a)* | 80000 | 71859 |
| **Kenvue, Inc.** | **Kenvue, Inc.** | **Kenvue, Inc.** |
| 5.05%, 03/22/28 *(a)* | 190000 | 194611 |
| 5.00%, 03/22/30 *(a)* | 175000 | 180541 |
| **Keurig Dr. Pepper, Inc.** | **Keurig Dr. Pepper, Inc.** | **Keurig Dr. Pepper, Inc.** |
| 2.55%, 09/15/26 *(a)* | 70000 | 68620 |
| 5.10%, 03/15/27 *(a)* | 125000 | 126614 |
| 3.43%, 06/15/27 *(a)* | 140000 | 137852 |
| 4.60%, 05/25/28 *(a)* | 190000 | 191640 |
| 5.05%, 03/15/29 *(a)* | 160000 | 163627 |
| 3.95%, 04/15/29 *(a)* | 200000 | 196934 |
| 3.20%, 05/01/30 *(a)* | 125000 | 117943 |
| 4.60%, 05/15/30 *(a)* | 125000 | 125655 |
| **Kimberly-Clark Corp.** | **Kimberly-Clark Corp.** | **Kimberly-Clark Corp.** |
| 1.05%, 09/15/27 *(a)* | 140000 | 131649 |
| 3.95%, 11/01/28 *(a)* | 75000 | 74906 |
| 3.20%, 04/25/29 *(a)* | 120000 | 116468 |
| 3.10%, 03/26/30 *(a)* | 150000 | 143120 |
| **Kraft Heinz Foods Co.** | **Kraft Heinz Foods Co.** | **Kraft Heinz Foods Co.** |
| 3.88%, 05/15/27 *(a)* | 200000 | 198486 |
| 4.63%, 01/30/29 *(a)* | 75000 | 75803 |
| 3.75%, 04/01/30 *(a)* | 125000 | 121088 |
| **Kroger Co.** | **Kroger Co.** | **Kroger Co.** |
| 2.65%, 10/15/26 *(a)* | 145000 | 142110 |
| 3.70%, 08/01/27 *(a)* | 140000 | 138803 |
| 4.50%, 01/15/29 *(a)* | 115000 | 116053 |
| 2.20%, 05/01/30 *(a)* | 76000 | 68778 |
| **Laboratory Corp. of America Holdings** | **Laboratory Corp. of America Holdings** | **Laboratory Corp. of America Holdings** |
| 3.60%, 09/01/27 *(a)* | 135000 | 133529 |
| 2.95%, 12/01/29 *(a)* | 100000 | 94110 |
| 4.35%, 04/01/30 *(a)* | 75000 | 74514 |

---

*See financial notes*

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

**131**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **McCormick & Co., Inc.** | **McCormick & Co., Inc.** | **McCormick & Co., Inc.** |
| 3.40%, 08/15/27 *(a)* | 140000 | 137683 |
| 2.50%, 04/15/30 *(a)* | 75000 | 68789 |
| **McKesson Corp.** | **McKesson Corp.** | **McKesson Corp.** |
| 1.30%, 08/15/26 *(a)* | 125000 | 121150 |
| 3.95%, 02/16/28 *(a)* | 85000 | 84712 |
| 4.90%, 07/15/28 *(a)* | 80000 | 81723 |
| 4.25%, 09/15/29 *(a)* | 75000 | 74958 |
| **Medtronic Global Holdings SCA** | **Medtronic Global Holdings SCA** | **Medtronic Global Holdings SCA** |
| 4.25%, 03/30/28 *(a)* | 175000 | 175950 |
| **Merck & Co., Inc.** | **Merck & Co., Inc.** | **Merck & Co., Inc.** |
| 1.70%, 06/10/27 *(a)* | 290000 | 278087 |
| 4.05%, 05/17/28 *(a)* | 125000 | 125630 |
| 1.90%, 12/10/28 *(a)* | 200000 | 186674 |
| 3.40%, 03/07/29 *(a)* | 355000 | 346345 |
| 1.45%, 06/24/30 *(a)* | 200000 | 174964 |
| **Merck Sharp & Dohme Corp.** | **Merck Sharp & Dohme Corp.** | **Merck Sharp & Dohme Corp.** |
| 5.95%, 12/01/28  | 55000 | 58339 |
| **Molson Coors Beverage Co.** | **Molson Coors Beverage Co.** | **Molson Coors Beverage Co.** |
| 3.00%, 07/15/26 *(a)* | 325000 | 320216 |
| **Mondelez International, Inc.** | **Mondelez International, Inc.** | **Mondelez International, Inc.** |
| 2.63%, 03/17/27 *(a)* | 110000 | 107240 |
| 4.25%, 05/06/28 *(a)* | 25000 | 25048 |
| 4.13%, 05/07/28 *(a)* | 80000 | 80184 |
| 4.75%, 02/20/29 *(a)* | 130000 | 132387 |
| 2.75%, 04/13/30 *(a)* | 100000 | 92879 |
| 4.50%, 05/06/30 *(a)* | 75000 | 74984 |
| **Mylan, Inc.** | **Mylan, Inc.** | **Mylan, Inc.** |
| 4.55%, 04/15/28 *(a)* | 135000 | 133907 |
| **Novartis Capital Corp.** | **Novartis Capital Corp.** | **Novartis Capital Corp.** |
| 2.00%, 02/14/27 *(a)* | 265000 | 257516 |
| 3.10%, 05/17/27 *(a)* | 175000 | 172529 |
| 3.80%, 09/18/29 *(a)* | 150000 | 148773 |
| **Pepsico Singapore Financing I Pte. Ltd.** | **Pepsico Singapore Financing I Pte. Ltd.** | **Pepsico Singapore Financing I Pte. Ltd.** |
| 4.65%, 02/16/27 *(a)* | 40000 | 40383 |
| 4.55%, 02/16/29 *(a)* | 110000 | 111663 |
| **PepsiCo, Inc.** | **PepsiCo, Inc.** | **PepsiCo, Inc.** |
| 2.38%, 10/06/26 *(a)* | 205000 | 200990 |
| 5.13%, 11/10/26 *(a)* | 135000 | 136802 |
| 4.40%, 02/07/27  | 100000 | 100719 |
| 2.63%, 03/19/27 *(a)* | 110000 | 107594 |
| 3.00%, 10/15/27 *(a)* | 290000 | 283803 |
| 4.45%, 02/07/28 *(a)* | 150000 | 151893 |
| 3.60%, 02/18/28 *(a)* | 150000 | 148812 |
| 4.45%, 05/15/28 *(a)* | 105000 | 106633 |
| 7.00%, 03/01/29  | 100000 | 109804 |
| 4.50%, 07/17/29 *(a)* | 175000 | 177849 |
| 2.63%, 07/29/29 *(a)* | 170000 | 160781 |
| 4.60%, 02/07/30 *(a)* | 205000 | 208913 |
| 2.75%, 03/19/30 *(a)* | 250000 | 234480 |
| 1.63%, 05/01/30 *(a)* | 150000 | 133202 |
| **Pfizer Investment Enterprises Pte. Ltd.** | **Pfizer Investment Enterprises Pte. Ltd.** | **Pfizer Investment Enterprises Pte. Ltd.** |
| 4.45%, 05/19/28 *(a)* | 740000 | 746075 |
| 4.65%, 05/19/30 *(a)* | 550000 | 557546 |
| **Pfizer, Inc.** | **Pfizer, Inc.** | **Pfizer, Inc.** |
| 3.00%, 12/15/26  | 310000 | 305772 |
| 3.60%, 09/15/28 *(a)* | 195000 | 193146 |
| 3.45%, 03/15/29 *(a)* | 325000 | 318367 |
| 2.63%, 04/01/30 *(a)* | 225000 | 209542 |
| 1.70%, 05/28/30 *(a)* | 175000 | 155083 |
| **Pharmacia LLC** | **Pharmacia LLC** | **Pharmacia LLC** |
| 6.60%, 12/01/28  | 130000 | 139666 |
| **Philip Morris International, Inc.** | **Philip Morris International, Inc.** | **Philip Morris International, Inc.** |
| 4.75%, 02/12/27  | 125000 | 126164 |
| 3.13%, 08/17/27 *(a)* | 95000 | 92939 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.13%, 11/17/27 *(a)* | 290000 | 295951 |
| 4.88%, 02/15/28 *(a)* | 250000 | 254330 |
| 3.13%, 03/02/28 *(a)* | 75000 | 73118 |
| 5.25%, 09/07/28 *(a)* | 160000 | 164918 |
| 4.88%, 02/13/29 *(a)* | 215000 | 218881 |
| 3.38%, 08/15/29 *(a)* | 135000 | 130316 |
| 4.63%, 11/01/29 *(a)* | 155000 | 156612 |
| 5.63%, 11/17/29 *(a)* | 230000 | 241555 |
| 5.13%, 02/15/30 *(a)* | 450000 | 463297 |
| 4.38%, 04/30/30 *(a)* | 175000 | 174641 |
| 2.10%, 05/01/30 *(a)* | 200000 | 180250 |
| **Polaris, Inc.** | **Polaris, Inc.** | **Polaris, Inc.** |
| 6.95%, 03/15/29 *(a)* | 90000 | 94645 |
| **Procter & Gamble Co.** | **Procter & Gamble Co.** | **Procter & Gamble Co.** |
| 2.45%, 11/03/26  | 175000 | 171757 |
| 1.90%, 02/01/27  | 150000 | 145439 |
| 2.80%, 03/25/27  | 130000 | 127622 |
| 2.85%, 08/11/27  | 125000 | 122335 |
| 3.95%, 01/26/28  | 120000 | 120724 |
| 4.35%, 01/29/29  | 135000 | 136936 |
| 4.15%, 10/24/29  | 125000 | 125969 |
| 3.00%, 03/25/30  | 250000 | 238667 |
| 4.05%, 05/01/30  | 100000 | 100096 |
| **Providence St. Joseph Health Obligated Group** | **Providence St. Joseph Health Obligated Group** | **Providence St. Joseph Health Obligated Group** |
| 2.75%, 10/01/26 *(a)* | 80000 | 78337 |
| 2.53%, 10/01/29 *(a)* | 140000 | 129496 |
| **Quest Diagnostics, Inc.** | **Quest Diagnostics, Inc.** | **Quest Diagnostics, Inc.** |
| 4.60%, 12/15/27 *(a)* | 75000 | 75720 |
| 4.20%, 06/30/29 *(a)* | 95000 | 94638 |
| 4.63%, 12/15/29 *(a)* | 100000 | 101027 |
| 2.95%, 06/30/30 *(a)* | 140000 | 130393 |
| **Revvity, Inc.** | **Revvity, Inc.** | **Revvity, Inc.** |
| 1.90%, 09/15/28 *(a)* | 90000 | 83372 |
| 3.30%, 09/15/29 *(a)* | 180000 | 170588 |
| **Royalty Pharma PLC** | **Royalty Pharma PLC** | **Royalty Pharma PLC** |
| 1.75%, 09/02/27 *(a)* | 175000 | 165800 |
| 5.15%, 09/02/29 *(a)* | 125000 | 127605 |
| **Rush Obligated Group** | **Rush Obligated Group** | **Rush Obligated Group** |
| 3.92%, 11/15/29 *(a)* | 50000 | 49154 |
| **Sanofi SA** | **Sanofi SA** | **Sanofi SA** |
| 3.63%, 06/19/28 *(a)* | 160000 | 158400 |
| **Shire Acquisitions Investments Ireland DAC** | **Shire Acquisitions Investments Ireland DAC** | **Shire Acquisitions Investments Ireland DAC** |
| 3.20%, 09/23/26 *(a)* | 320000 | 315981 |
| **Smith & Nephew PLC** | **Smith & Nephew PLC** | **Smith & Nephew PLC** |
| 5.15%, 03/20/27 *(a)* | 75000 | 75978 |
| **Solventum Corp.** | **Solventum Corp.** | **Solventum Corp.** |
| 5.45%, 02/25/27 *(a)* | 210000 | 213492 |
| 5.40%, 03/01/29 *(a)* | 180000 | 185434 |
| **SSM Health Care Corp.** | **SSM Health Care Corp.** | **SSM Health Care Corp.** |
| 3.82%, 06/01/27 *(a)* | 150000 | 148952 |
| **Stryker Corp.** | **Stryker Corp.** | **Stryker Corp.** |
| 4.70%, 02/10/28 *(a)* | 100000 | 101364 |
| 3.65%, 03/07/28 *(a)* | 130000 | 128365 |
| 4.85%, 12/08/28 *(a)* | 95000 | 96923 |
| 4.25%, 09/11/29 *(a)* | 195000 | 194862 |
| 4.85%, 02/10/30 *(a)* | 185000 | 188807 |
| 1.95%, 06/15/30 *(a)* | 160000 | 142798 |
| **Sutter Health** | **Sutter Health** | **Sutter Health** |
| 3.70%, 08/15/28 *(a)* | 75000 | 73902 |
| **Sysco Corp.** | **Sysco Corp.** | **Sysco Corp.** |
| 3.30%, 07/15/26 *(a)* | 230000 | 227373 |
| 3.25%, 07/15/27 *(a)* | 100000 | 98137 |
| 5.75%, 01/17/29 *(a)* | 120000 | 125300 |

---

*See financial notes*

**132**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.40%, 02/15/30 *(a)* | 100000 | 91521 |
| 5.95%, 04/01/30 *(a)* | 150000 | 158906 |
| **Takeda Pharmaceutical Co. Ltd.** | **Takeda Pharmaceutical Co. Ltd.** | **Takeda Pharmaceutical Co. Ltd.** |
| 5.00%, 11/26/28 *(a)* | 275000 | 280230 |
| 2.05%, 03/31/30 *(a)* | 475000 | 425643 |
| **Thermo Fisher Scientific, Inc.** | **Thermo Fisher Scientific, Inc.** | **Thermo Fisher Scientific, Inc.** |
| 4.95%, 08/10/26 *(a)* | 145000 | 146128 |
| 5.00%, 12/05/26 *(a)* | 185000 | 187031 |
| 4.80%, 11/21/27 *(a)* | 135000 | 137218 |
| 1.75%, 10/15/28 *(a)* | 120000 | 111198 |
| 5.00%, 01/31/29 *(a)* | 150000 | 154013 |
| 2.60%, 10/01/29 *(a)* | 150000 | 140709 |
| **Tyson Foods, Inc.** | **Tyson Foods, Inc.** | **Tyson Foods, Inc.** |
| 3.55%, 06/02/27 *(a)* | 270000 | 266409 |
| 4.35%, 03/01/29 *(a)* | 240000 | 238550 |
| 5.40%, 03/15/29 *(a)* | 100000 | 103103 |
| **Unilever Capital Corp.** | **Unilever Capital Corp.** | **Unilever Capital Corp.** |
| 2.00%, 07/28/26  | 120000 | 117300 |
| 2.90%, 05/05/27 *(a)* | 195000 | 191470 |
| 4.25%, 08/12/27 *(a)* | 155000 | 155773 |
| 3.50%, 03/22/28 *(a)* | 225000 | 222235 |
| 4.88%, 09/08/28 *(a)* | 150000 | 153786 |
| 2.13%, 09/06/29 *(a)* | 170000 | 156781 |
| **Universal Health Services, Inc.** | **Universal Health Services, Inc.** | **Universal Health Services, Inc.** |
| 1.65%, 09/01/26 *(a)* | 155000 | 149755 |
| 4.63%, 10/15/29 *(a)* | 100000 | 98926 |
| **Viatris, Inc.** | **Viatris, Inc.** | **Viatris, Inc.** |
| 2.30%, 06/22/27 *(a)* | 205000 | 195443 |
| 2.70%, 06/22/30 *(a)* | 240000 | 213972 |
| **Zimmer Biomet Holdings, Inc.** | **Zimmer Biomet Holdings, Inc.** | **Zimmer Biomet Holdings, Inc.** |
| 5.35%, 12/01/28 *(a)* | 95000 | 97982 |
| 5.05%, 02/19/30 *(a)* | 150000 | 153786 |
| **Zoetis, Inc.** | **Zoetis, Inc.** | **Zoetis, Inc.** |
| 3.00%, 09/12/27 *(a)* | 175000 | 170860 |
| 3.90%, 08/20/28 *(a)* | 50000 | 49654 |
| 2.00%, 05/15/30 *(a)* | 100000 | 89875 |
|  |  | **64622715** |
| ***Energy 5.5%***  | ***Energy 5.5%***  | ***Energy 5.5%***  |
| **APA Corp.** | **APA Corp.** | **APA Corp.** |
| 4.25%, 01/15/30 *(a)(d)* | 80000 | 76551 |
| **Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.** | **Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.** | **Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.** |
| 2.06%, 12/15/26 *(a)* | 125000 | 121225 |
| 3.34%, 12/15/27 *(a)* | 270000 | 264740 |
| 3.14%, 11/07/29 *(a)* | 75000 | 71606 |
| **Boardwalk Pipelines LP** | **Boardwalk Pipelines LP** | **Boardwalk Pipelines LP** |
| 4.45%, 07/15/27 *(a)* | 100000 | 100056 |
| 4.80%, 05/03/29 *(a)* | 90000 | 91054 |
| **BP Capital Markets America, Inc.** | **BP Capital Markets America, Inc.** | **BP Capital Markets America, Inc.** |
| 3.02%, 01/16/27 *(a)* | 165000 | 162264 |
| 3.54%, 04/06/27 *(a)* | 105000 | 104019 |
| 3.59%, 04/14/27 *(a)* | 100000 | 99052 |
| 5.02%, 11/17/27 *(a)* | 150000 | 152841 |
| 3.94%, 09/21/28 *(a)* | 205000 | 203487 |
| 4.23%, 11/06/28 *(a)* | 370000 | 370433 |
| 4.70%, 04/10/29 *(a)* | 220000 | 223406 |
| 4.97%, 10/17/29 *(a)* | 155000 | 159010 |
| 4.87%, 11/25/29 *(a)* | 125000 | 127779 |
| 3.63%, 04/06/30 *(a)* | 250000 | 242762 |
| **BP Capital Markets PLC** | **BP Capital Markets PLC** | **BP Capital Markets PLC** |
| 3.28%, 09/19/27 *(a)* | 285000 | 279822 |
| 3.72%, 11/28/28 *(a)* | 150000 | 147675 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Canadian Natural Resources Ltd.** | **Canadian Natural Resources Ltd.** | **Canadian Natural Resources Ltd.** |
| 3.85%, 06/01/27 *(a)* | 235000 | 232730 |
| 5.00%, 12/15/29 *(a)(d)* | 150000 | 151406 |
| **Cenovus Energy, Inc.** | **Cenovus Energy, Inc.** | **Cenovus Energy, Inc.** |
| 4.25%, 04/15/27 *(a)* | 75000 | 74863 |
| **Cheniere Corpus Christi Holdings LLC** | **Cheniere Corpus Christi Holdings LLC** | **Cheniere Corpus Christi Holdings LLC** |
| 5.13%, 06/30/27 *(a)* | 225000 | 227254 |
| 3.70%, 11/15/29 *(a)* | 225000 | 217170 |
| **Cheniere Energy Partners LP** | **Cheniere Energy Partners LP** | **Cheniere Energy Partners LP** |
| 4.50%, 10/01/29 *(a)* | 245000 | 242383 |
| **Cheniere Energy, Inc.** | **Cheniere Energy, Inc.** | **Cheniere Energy, Inc.** |
| 4.63%, 10/15/28 *(a)* | 255000 | 254681 |
| **Chevron Corp.** | **Chevron Corp.** | **Chevron Corp.** |
| 2.00%, 05/11/27 *(a)* | 175000 | 169104 |
| 2.24%, 05/11/30 *(a)* | 275000 | 251309 |
| **Chevron USA, Inc.** | **Chevron USA, Inc.** | **Chevron USA, Inc.** |
| 4.41%, 02/26/27  | 150000 | 151317 |
| 1.02%, 08/12/27 *(a)* | 160000 | 150627 |
| 3.85%, 01/15/28 *(a)* | 115000 | 114832 |
| 4.48%, 02/26/28 *(a)* | 200000 | 202456 |
| 3.25%, 10/15/29 *(a)* | 115000 | 111597 |
| 4.69%, 04/15/30 *(a)* | 150000 | 153125 |
| **ConocoPhillips Co.** | **ConocoPhillips Co.** | **ConocoPhillips Co.** |
| 6.95%, 04/15/29  | 125000 | 137166 |
| 4.70%, 01/15/30 *(a)* | 250000 | 253547 |
| **Continental Resources, Inc.** | **Continental Resources, Inc.** | **Continental Resources, Inc.** |
| 4.38%, 01/15/28 *(a)* | 200000 | 197298 |
| **Coterra Energy, Inc.** | **Coterra Energy, Inc.** | **Coterra Energy, Inc.** |
| 3.90%, 05/15/27 *(a)* | 125000 | 123535 |
| 4.38%, 03/15/29 *(a)* | 100000 | 99095 |
| **DCP Midstream Operating LP** | **DCP Midstream Operating LP** | **DCP Midstream Operating LP** |
| 5.63%, 07/15/27 *(a)* | 105000 | 107344 |
| 5.13%, 05/15/29 *(a)* | 110000 | 111777 |
| **Devon Energy Corp.** | **Devon Energy Corp.** | **Devon Energy Corp.** |
| 5.25%, 10/15/27 *(a)* | 95000 | 95192 |
| 5.88%, 06/15/28 *(a)(d)* | 50000 | 50023 |
| 4.50%, 01/15/30 *(a)* | 100000 | 98916 |
| **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** |
| 3.25%, 12/01/26 *(a)* | 60000 | 59153 |
| 5.20%, 04/18/27 *(a)* | 190000 | 192749 |
| 3.50%, 12/01/29 *(a)* | 195000 | 186609 |
| 5.15%, 01/30/30 *(a)* | 200000 | 204578 |
| **Eastern Gas Transmission & Storage, Inc.** | **Eastern Gas Transmission & Storage, Inc.** | **Eastern Gas Transmission & Storage, Inc.** |
| 3.00%, 11/15/29 *(a)* | 85000 | 80302 |
| **Enbridge, Inc.** | **Enbridge, Inc.** | **Enbridge, Inc.** |
| 1.60%, 10/04/26 *(a)* | 155000 | 149888 |
| 5.90%, 11/15/26 *(a)* | 170000 | 173288 |
| 4.25%, 12/01/26 *(a)* | 115000 | 114870 |
| 3.70%, 07/15/27 *(a)* | 100000 | 98772 |
| 4.60%, 06/20/28 *(a)* | 70000 | 70536 |
| 6.00%, 11/15/28 *(a)* | 150000 | 157597 |
| 5.30%, 04/05/29 *(a)* | 205000 | 210730 |
| 3.13%, 11/15/29 *(a)* | 150000 | 141779 |
| 4.90%, 06/20/30 *(a)* | 110000 | 111136 |
| 7.38%, 03/15/55 *(a)(b)* | 120000 | 124805 |
| **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** |
| 3.90%, 07/15/26 *(a)* | 115000 | 114347 |
| 6.05%, 12/01/26 *(a)* | 200000 | 204266 |
| 4.40%, 03/15/27 *(a)* | 120000 | 120050 |
| 4.20%, 04/15/27 *(a)* | 100000 | 99694 |
| 5.50%, 06/01/27 *(a)* | 205000 | 208807 |
| 4.00%, 10/01/27 *(a)* | 145000 | 144046 |
| 5.55%, 02/15/28 *(a)* | 200000 | 205844 |
| 4.95%, 05/15/28 *(a)* | 185000 | 187690 |

---

*See financial notes*

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

**133**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.95%, 06/15/28 *(a)* | 180000 | 182626 |
| 6.10%, 12/01/28 *(a)* | 105000 | 110372 |
| 5.25%, 04/15/29 *(a)* | 225000 | 230512 |
| 5.25%, 07/01/29 *(a)* | 150000 | 153774 |
| 4.15%, 09/15/29 *(a)* | 100000 | 98637 |
| 5.20%, 04/01/30 *(a)* | 175000 | 178908 |
| 3.75%, 05/15/30 *(a)* | 300000 | 287985 |
| **Eni USA, Inc.** | **Eni USA, Inc.** | **Eni USA, Inc.** |
| 7.30%, 11/15/27  | 100000 | 106486 |
| **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** |
| 4.60%, 01/11/27 *(a)* | 85000 | 85540 |
| 3.95%, 02/15/27 *(a)* | 100000 | 99690 |
| 4.30%, 06/20/28 *(a)* | 90000 | 90428 |
| 4.15%, 10/16/28 *(a)* | 225000 | 225067 |
| 3.13%, 07/31/29 *(a)* | 280000 | 267896 |
| 2.80%, 01/31/30 *(a)* | 235000 | 220392 |
| 5.25%, 08/16/77 *(a)(b)* | 195000 | 193105 |
| 5.38%, 02/15/78 *(a)(b)* | 130000 | 128051 |
| **EOG Resources, Inc.** | **EOG Resources, Inc.** | **EOG Resources, Inc.** |
| 4.40%, 07/15/28 *(a)* | 90000 | 90567 |
| 4.38%, 04/15/30 *(a)* | 125000 | 125046 |
| **EQT Corp.** | **EQT Corp.** | **EQT Corp.** |
| 7.50%, 06/01/27 *(a)(d)* | 75000 | 76481 |
| 6.50%, 07/01/27 *(a)(d)* | 75000 | 76784 |
| 3.90%, 10/01/27 *(a)* | 220000 | 217197 |
| 5.70%, 04/01/28 *(a)* | 75000 | 77155 |
| 4.50%, 01/15/29 *(a)(d)* | 130000 | 128513 |
| 5.00%, 01/15/29 *(a)* | 45000 | 45396 |
| 6.38%, 04/01/29 *(a)(d)* | 130000 | 134091 |
| 7.00%, 02/01/30 *(a)(g)* | 100000 | 108395 |
| 7.50%, 06/01/30 *(a)(d)* | 100000 | 109960 |
| **Expand Energy Corp.** | **Expand Energy Corp.** | **Expand Energy Corp.** |
| 5.38%, 02/01/29 *(a)* | 160000 | 160262 |
| 5.38%, 03/15/30 *(a)* | 150000 | 150563 |
| **Exxon Mobil Corp.** | **Exxon Mobil Corp.** | **Exxon Mobil Corp.** |
| 2.28%, 08/16/26 *(a)* | 185000 | 181437 |
| 3.29%, 03/19/27 *(a)* | 190000 | 188664 |
| 2.44%, 08/16/29 *(a)* | 230000 | 216888 |
| 3.48%, 03/19/30 *(a)* | 375000 | 364669 |
| **Halliburton Co.** | **Halliburton Co.** | **Halliburton Co.** |
| 2.92%, 03/01/30 *(a)* | 175000 | 162955 |
| **Helmerich & Payne, Inc.** | **Helmerich & Payne, Inc.** | **Helmerich & Payne, Inc.** |
| 4.65%, 12/01/27 *(a)(d)* | 75000 | 74399 |
| 4.85%, 12/01/29 *(a)(d)* | 75000 | 71816 |
| **Hess Corp.** | **Hess Corp.** | **Hess Corp.** |
| 4.30%, 04/01/27 *(a)* | 175000 | 174716 |
| 7.88%, 10/01/29  | 85000 | 95754 |
| **HF Sinclair Corp.** | **HF Sinclair Corp.** | **HF Sinclair Corp.** |
| 5.00%, 02/01/28 *(a)* | 100000 | 100045 |
| **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** |
| 1.75%, 11/15/26 *(a)* | 95000 | 91916 |
| 4.30%, 03/01/28 *(a)* | 250000 | 250240 |
| 5.00%, 02/01/29 *(a)* | 220000 | 223588 |
| 5.10%, 08/01/29 *(a)* | 100000 | 102239 |
| 5.15%, 06/01/30 *(a)* | 210000 | 214584 |
| **Marathon Petroleum Corp.** | **Marathon Petroleum Corp.** | **Marathon Petroleum Corp.** |
| 5.13%, 12/15/26 *(a)* | 135000 | 136212 |
| 3.80%, 04/01/28 *(a)* | 110000 | 108543 |
| 5.15%, 03/01/30 *(a)* | 200000 | 204018 |
| **MPLX LP** | **MPLX LP** | **MPLX LP** |
| 4.13%, 03/01/27 *(a)* | 215000 | 213957 |
| 4.25%, 12/01/27 *(a)* | 155000 | 154533 |
| 4.00%, 03/15/28 *(a)* | 250000 | 247572 |
| 4.80%, 02/15/29 *(a)* | 100000 | 100980 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **National Fuel Gas Co.** | **National Fuel Gas Co.** | **National Fuel Gas Co.** |
| 5.50%, 10/01/26  | 100000 | 101137 |
| 4.75%, 09/01/28 *(a)* | 70000 | 70142 |
| 5.50%, 03/15/30 *(a)* | 75000 | 77140 |
| **Northwest Pipeline LLC** | **Northwest Pipeline LLC** | **Northwest Pipeline LLC** |
| 4.00%, 04/01/27 *(a)* | 110000 | 109297 |
| **NOV, Inc.** | **NOV, Inc.** | **NOV, Inc.** |
| 3.60%, 12/01/29 *(a)* | 50000 | 48000 |
| **Occidental Petroleum Corp.** | **Occidental Petroleum Corp.** | **Occidental Petroleum Corp.** |
| 8.50%, 07/15/27 *(a)* | 105000 | 111272 |
| 5.00%, 08/01/27 *(a)* | 110000 | 111084 |
| 6.38%, 09/01/28 *(a)* | 115000 | 119708 |
| 5.20%, 08/01/29 *(a)* | 220000 | 220873 |
| **ONEOK, Inc.** | **ONEOK, Inc.** | **ONEOK, Inc.** |
| 4.85%, 07/15/26 *(a)* | 80000 | 80156 |
| 5.55%, 11/01/26 *(a)* | 180000 | 182498 |
| 4.00%, 07/13/27 *(a)* | 110000 | 109354 |
| 4.25%, 09/24/27 *(a)* | 150000 | 149862 |
| 4.55%, 07/15/28 *(a)* | 145000 | 145526 |
| 5.65%, 11/01/28 *(a)* | 120000 | 124394 |
| 4.35%, 03/15/29 *(a)* | 165000 | 163876 |
| 5.38%, 06/01/29 *(a)* | 105000 | 107324 |
| 3.40%, 09/01/29 *(a)* | 155000 | 148099 |
| 4.40%, 10/15/29 *(a)* | 120000 | 119120 |
| 3.10%, 03/15/30 *(a)* | 125000 | 116949 |
| 3.25%, 06/01/30 *(a)* | 90000 | 84406 |
| **Ovintiv, Inc.** | **Ovintiv, Inc.** | **Ovintiv, Inc.** |
| 5.65%, 05/15/28 *(a)* | 145000 | 149173 |
| **Patterson-UTI Energy, Inc.** | **Patterson-UTI Energy, Inc.** | **Patterson-UTI Energy, Inc.** |
| 3.95%, 02/01/28 *(a)* | 80000 | 77506 |
| 5.15%, 11/15/29 *(a)* | 80000 | 78848 |
| **Phillips 66** | **Phillips 66** | **Phillips 66** |
| 3.90%, 03/15/28 *(a)* | 170000 | 168371 |
| **Phillips 66 Co.** | **Phillips 66 Co.** | **Phillips 66 Co.** |
| 3.55%, 10/01/26 *(a)* | 80000 | 79171 |
| 4.95%, 12/01/27 *(a)* | 120000 | 121919 |
| 3.75%, 03/01/28 *(a)* | 100000 | 98585 |
| 3.15%, 12/15/29 *(a)* | 100000 | 94835 |
| **Plains All American Pipeline LP/PAA Finance Corp.** | **Plains All American Pipeline LP/PAA Finance Corp.** | **Plains All American Pipeline LP/PAA Finance Corp.** |
| 4.50%, 12/15/26 *(a)* | 150000 | 150243 |
| 3.55%, 12/15/29 *(a)* | 200000 | 191256 |
| **Sabine Pass Liquefaction LLC** | **Sabine Pass Liquefaction LLC** | **Sabine Pass Liquefaction LLC** |
| 5.88%, 06/30/26 *(a)* | 203000 | 204161 |
| 5.00%, 03/15/27 *(a)* | 290000 | 291769 |
| 4.20%, 03/15/28 *(a)* | 270000 | 268796 |
| 4.50%, 05/15/30 *(a)* | 305000 | 304549 |
| **Schlumberger Investment SA** | **Schlumberger Investment SA** | **Schlumberger Investment SA** |
| 2.65%, 06/26/30 *(a)* | 80000 | 73659 |
| **Shell Finance U.S., Inc.** | **Shell Finance U.S., Inc.** | **Shell Finance U.S., Inc.** |
| 2.38%, 11/07/29 *(a)* | 185000 | 172118 |
| 2.75%, 04/06/30 *(a)* | 250000 | 234612 |
| **Shell International Finance BV** | **Shell International Finance BV** | **Shell International Finance BV** |
| 2.50%, 09/12/26  | 200000 | 196628 |
| 3.88%, 11/13/28 *(a)* | 275000 | 274257 |
| 2.38%, 11/07/29 *(a)* | 85000 | 79811 |
| 2.75%, 04/06/30 *(a)* | 75000 | 70418 |
| **South Bow USA Infrastructure Holdings LLC** | **South Bow USA Infrastructure Holdings LLC** | **South Bow USA Infrastructure Holdings LLC** |
| 4.91%, 09/01/27 *(a)(d)* | 100000 | 100759 |
| 5.03%, 10/01/29 *(a)(d)* | 205000 | 205771 |
| **Spectra Energy Partners LP** | **Spectra Energy Partners LP** | **Spectra Energy Partners LP** |
| 3.38%, 10/15/26 *(a)* | 100000 | 98648 |
| **Targa Resources Corp.** | **Targa Resources Corp.** | **Targa Resources Corp.** |
| 5.20%, 07/01/27 *(a)* | 125000 | 126704 |
| 6.15%, 03/01/29 *(a)* | 200000 | 210510 |

---

*See financial notes*

**134**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** | **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** | **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** |
| 6.50%, 07/15/27 *(a)* | 145000 | 145106 |
| 5.00%, 01/15/28 *(a)* | 155000 | 155143 |
| 6.88%, 01/15/29 *(a)* | 150000 | 153102 |
| 5.50%, 03/01/30 *(a)* | 100000 | 101476 |
| **TC PipeLines LP** | **TC PipeLines LP** | **TC PipeLines LP** |
| 3.90%, 05/25/27 *(a)* | 100000 | 98919 |
| **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** |
| 7.00%, 03/15/27  | 60000 | 62546 |
| 7.00%, 10/15/28  | 75000 | 80755 |
| **TotalEnergies Capital International SA** | **TotalEnergies Capital International SA** | **TotalEnergies Capital International SA** |
| 3.46%, 02/19/29 *(a)* | 235000 | 229922 |
| 2.83%, 01/10/30 *(a)* | 250000 | 236922 |
| **TotalEnergies Capital SA** | **TotalEnergies Capital SA** | **TotalEnergies Capital SA** |
| 3.88%, 10/11/28  | 195000 | 194107 |
| **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** |
| 4.25%, 05/15/28 *(a)* | 255000 | 254383 |
| 4.10%, 04/15/30 *(a)* | 245000 | 240142 |
| 7.00%, 06/01/65 *(a)(b)* | 140000 | 140518 |
| **Transcontinental Gas Pipe Line Co. LLC** | **Transcontinental Gas Pipe Line Co. LLC** | **Transcontinental Gas Pipe Line Co. LLC** |
| 4.00%, 03/15/28 *(a)* | 75000 | 74336 |
| 3.25%, 05/15/30 *(a)* | 100000 | 94390 |
| **Valero Energy Corp.** | **Valero Energy Corp.** | **Valero Energy Corp.** |
| 3.40%, 09/15/26 *(a)* | 5000 | 4944 |
| 2.15%, 09/15/27 *(a)* | 75000 | 71576 |
| 4.35%, 06/01/28 *(a)* | 145000 | 145088 |
| 4.00%, 04/01/29 *(a)* | 75000 | 73712 |
| 5.15%, 02/15/30 *(a)* | 125000 | 127620 |
| **Valero Energy Partners LP** | **Valero Energy Partners LP** | **Valero Energy Partners LP** |
| 4.50%, 03/15/28 *(a)* | 110000 | 110314 |
| **Western Midstream Operating LP** | **Western Midstream Operating LP** | **Western Midstream Operating LP** |
| 4.65%, 07/01/26 *(a)* | 100000 | 99813 |
| 4.50%, 03/01/28 *(a)* | 50000 | 49744 |
| 4.75%, 08/15/28 *(a)* | 70000 | 70095 |
| 6.35%, 01/15/29 *(a)* | 100000 | 104757 |
| 4.05%, 02/01/30 *(a)(e)* | 205000 | 197360 |
| **Williams Cos., Inc.** | **Williams Cos., Inc.** | **Williams Cos., Inc.** |
| 3.75%, 06/15/27 *(a)* | 210000 | 207696 |
| 5.30%, 08/15/28 *(a)* | 205000 | 210769 |
| 4.90%, 03/15/29 *(a)* | 185000 | 187640 |
| 4.63%, 06/30/30 *(a)* | 150000 | 150174 |
| **Woodside Finance Ltd.** | **Woodside Finance Ltd.** | **Woodside Finance Ltd.** |
| 4.90%, 05/19/28 *(a)* | 100000 | 100688 |
| 5.40%, 05/19/30 *(a)* | 200000 | 202912 |
|  |  | **29177632** |
| ***Industrial Other 0.1%***  | ***Industrial Other 0.1%***  | ***Industrial Other 0.1%***  |
| **Cintas Corp. No. 2** | **Cintas Corp. No. 2** | **Cintas Corp. No. 2** |
| 3.70%, 04/01/27 *(a)* | 240000 | 238346 |
| **Jacobs Engineering Group, Inc.** | **Jacobs Engineering Group, Inc.** | **Jacobs Engineering Group, Inc.** |
| 6.35%, 08/18/28 *(a)* | 50000 | 52606 |
| **Leland Stanford Junior University** | **Leland Stanford Junior University** | **Leland Stanford Junior University** |
| 1.29%, 06/01/27 *(a)* | 50000 | 47750 |
| **MasTec, Inc.** | **MasTec, Inc.** | **MasTec, Inc.** |
| 5.90%, 06/15/29 *(a)* | 100000 | 103598 |
| **Quanta Services, Inc.** | **Quanta Services, Inc.** | **Quanta Services, Inc.** |
| 4.75%, 08/09/27 *(a)* | 100000 | 100876 |
| **Yale University** | **Yale University** | **Yale University** |
| 1.48%, 04/15/30 *(a)* | 185000 | 163990 |
|  |  | **707166** |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***Technology 9.3%***  | ***Technology 9.3%***  | ***Technology 9.3%***  |
| **Accenture Capital, Inc.** | **Accenture Capital, Inc.** | **Accenture Capital, Inc.** |
| 3.90%, 10/04/27 *(a)* | 150000 | 149636 |
| 4.05%, 10/04/29 *(a)* | 225000 | 223659 |
| **Adobe, Inc.** | **Adobe, Inc.** | **Adobe, Inc.** |
| 2.15%, 02/01/27 *(a)* | 155000 | 150747 |
| 4.85%, 04/04/27 *(a)* | 120000 | 121808 |
| 4.75%, 01/17/28 *(a)* | 125000 | 127296 |
| 4.80%, 04/04/29 *(a)* | 145000 | 148744 |
| 4.95%, 01/17/30 *(a)* | 150000 | 155082 |
| 2.30%, 02/01/30 *(a)* | 250000 | 230737 |
| **Advanced Micro Devices, Inc.** | **Advanced Micro Devices, Inc.** | **Advanced Micro Devices, Inc.** |
| 4.21%, 09/24/26  | 100000 | 100358 |
| 4.32%, 03/24/28 *(a)* | 60000 | 60505 |
| **Alphabet, Inc.** | **Alphabet, Inc.** | **Alphabet, Inc.** |
| 2.00%, 08/15/26 *(a)* | 395000 | 386468 |
| 0.80%, 08/15/27 *(a)* | 200000 | 187838 |
| **Amdocs Ltd.** | **Amdocs Ltd.** | **Amdocs Ltd.** |
| 2.54%, 06/15/30 *(a)* | 110000 | 99618 |
| **Analog Devices, Inc.** | **Analog Devices, Inc.** | **Analog Devices, Inc.** |
| 3.50%, 12/05/26 *(a)* | 200000 | 198380 |
| 4.25%, 06/15/28 *(a)* | 160000 | 160762 |
| 1.70%, 10/01/28 *(a)* | 175000 | 162323 |
| 4.50%, 06/15/30 *(a)* | 120000 | 120986 |
| **Apple, Inc.** | **Apple, Inc.** | **Apple, Inc.** |
| 2.45%, 08/04/26 *(a)* | 515000 | 506348 |
| 2.05%, 09/11/26 *(a)* | 310000 | 302916 |
| 3.35%, 02/09/27 *(a)* | 445000 | 440746 |
| 3.20%, 05/11/27 *(a)* | 355000 | 350584 |
| 3.00%, 06/20/27 *(a)* | 220000 | 216280 |
| 2.90%, 09/12/27 *(a)* | 410000 | 401398 |
| 3.00%, 11/13/27 *(a)* | 200000 | 196282 |
| 1.20%, 02/08/28 *(a)* | 435000 | 406207 |
| 4.00%, 05/10/28 *(a)* | 320000 | 321158 |
| 4.00%, 05/12/28 *(a)* | 300000 | 300690 |
| 1.40%, 08/05/28 *(a)* | 450000 | 417087 |
| 3.25%, 08/08/29 *(a)* | 195000 | 189534 |
| 2.20%, 09/11/29 *(a)* | 35000 | 32506 |
| 1.65%, 05/11/30 *(a)* | 425000 | 378624 |
| 4.20%, 05/12/30 *(a)* | 300000 | 301479 |
| **Applied Materials, Inc.** | **Applied Materials, Inc.** | **Applied Materials, Inc.** |
| 3.30%, 04/01/27 *(a)* | 190000 | 187676 |
| 4.80%, 06/15/29 *(a)* | 100000 | 102298 |
| 1.75%, 06/01/30 *(a)* | 120000 | 106736 |
| **Arrow Electronics, Inc.** | **Arrow Electronics, Inc.** | **Arrow Electronics, Inc.** |
| 3.88%, 01/12/28 *(a)* | 110000 | 107979 |
| 5.15%, 08/21/29 *(a)* | 100000 | 101659 |
| **Atlassian Corp.** | **Atlassian Corp.** | **Atlassian Corp.** |
| 5.25%, 05/15/29 *(a)* | 110000 | 112976 |
| **Autodesk, Inc.** | **Autodesk, Inc.** | **Autodesk, Inc.** |
| 3.50%, 06/15/27 *(a)* | 125000 | 123524 |
| 2.85%, 01/15/30 *(a)* | 95000 | 88949 |
| **Automatic Data Processing, Inc.** | **Automatic Data Processing, Inc.** | **Automatic Data Processing, Inc.** |
| 1.70%, 05/15/28 *(a)* | 220000 | 206989 |
| **Avnet, Inc.** | **Avnet, Inc.** | **Avnet, Inc.** |
| 6.25%, 03/15/28 *(a)* | 75000 | 77963 |
| **Baidu, Inc.** | **Baidu, Inc.** | **Baidu, Inc.** |
| 3.63%, 07/06/27  | 200000 | 197644 |
| 4.88%, 11/14/28 *(a)* | 200000 | 203556 |
| **Broadcom Corp./Broadcom Cayman Finance Ltd.** | **Broadcom Corp./Broadcom Cayman Finance Ltd.** | **Broadcom Corp./Broadcom Cayman Finance Ltd.** |
| 3.88%, 01/15/27 *(a)* | 510000 | 506950 |
| 3.50%, 01/15/28 *(a)* | 135000 | 132559 |

---

*See financial notes*

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

**135**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Broadcom, Inc.** | **Broadcom, Inc.** | **Broadcom, Inc.** |
| 3.46%, 09/15/26 *(a)* | 115000 | 113936 |
| 5.05%, 07/12/27 *(a)* | 285000 | 289329 |
| 1.95%, 02/15/28 *(a)(d)* | 165000 | 155706 |
| 4.15%, 02/15/28 *(a)* | 100000 | 99757 |
| 4.80%, 04/15/28 *(a)* | 220000 | 223291 |
| 4.11%, 09/15/28 *(a)* | 265000 | 264022 |
| 4.75%, 04/15/29 *(a)* | 345000 | 349533 |
| 5.05%, 07/12/29 *(a)* | 435000 | 445653 |
| 4.35%, 02/15/30 *(a)* | 330000 | 328921 |
| 5.00%, 04/15/30 *(a)* | 100000 | 102215 |
| 5.05%, 04/15/30 *(a)* | 120000 | 122933 |
| **Broadridge Financial Solutions, Inc.** | **Broadridge Financial Solutions, Inc.** | **Broadridge Financial Solutions, Inc.** |
| 2.90%, 12/01/29 *(a)* | 180000 | 168755 |
| **Cadence Design Systems, Inc.** | **Cadence Design Systems, Inc.** | **Cadence Design Systems, Inc.** |
| 4.20%, 09/10/27  | 110000 | 110285 |
| 4.30%, 09/10/29 *(a)* | 175000 | 175210 |
| **CDW LLC/CDW Finance Corp.** | **CDW LLC/CDW Finance Corp.** | **CDW LLC/CDW Finance Corp.** |
| 2.67%, 12/01/26 *(a)* | 195000 | 190187 |
| 4.25%, 04/01/28 *(a)* | 120000 | 119107 |
| 3.28%, 12/01/28 *(a)* | 105000 | 100656 |
| 3.25%, 02/15/29 *(a)* | 125000 | 118531 |
| 5.10%, 03/01/30 *(a)* | 100000 | 100921 |
| **CGI, Inc.** | **CGI, Inc.** | **CGI, Inc.** |
| 1.45%, 09/14/26 *(a)* | 135000 | 130444 |
| 4.95%, 03/14/30 *(a)(d)* | 125000 | 126341 |
| **Cisco Systems, Inc.** | **Cisco Systems, Inc.** | **Cisco Systems, Inc.** |
| 2.50%, 09/20/26 *(a)* | 250000 | 245640 |
| 4.80%, 02/26/27 *(a)* | 365000 | 369562 |
| 4.55%, 02/24/28 *(a)* | 230000 | 233160 |
| 4.85%, 02/26/29 *(a)* | 450000 | 461290 |
| 4.75%, 02/24/30 *(a)* | 200000 | 204568 |
| **Concentrix Corp.** | **Concentrix Corp.** | **Concentrix Corp.** |
| 6.65%, 08/02/26 *(a)* | 185000 | 188422 |
| 6.60%, 08/02/28 *(a)* | 140000 | 146959 |
| **Dell International LLC/EMC Corp.** | **Dell International LLC/EMC Corp.** | **Dell International LLC/EMC Corp.** |
| 4.90%, 10/01/26 *(a)* | 345000 | 346725 |
| 6.10%, 07/15/27 *(a)(c)* | 160000 | 165408 |
| 5.25%, 02/01/28 *(a)* | 200000 | 204910 |
| 4.75%, 04/01/28 *(a)* | 100000 | 101219 |
| 5.30%, 10/01/29 *(a)* | 370000 | 380882 |
| 4.35%, 02/01/30 *(a)* | 150000 | 148809 |
| 5.00%, 04/01/30 *(a)* | 175000 | 177907 |
| **Dell, Inc.** | **Dell, Inc.** | **Dell, Inc.** |
| 7.10%, 04/15/28  | 50000 | 53453 |
| **DXC Technology Co.** | **DXC Technology Co.** | **DXC Technology Co.** |
| 1.80%, 09/15/26 *(a)* | 160000 | 154656 |
| 2.38%, 09/15/28 *(a)* | 125000 | 116398 |
| **Equifax, Inc.** | **Equifax, Inc.** | **Equifax, Inc.** |
| 5.10%, 12/15/27 *(a)* | 155000 | 157530 |
| 5.10%, 06/01/28 *(a)* | 165000 | 168216 |
| 4.80%, 09/15/29 *(a)* | 100000 | 100914 |
| 3.10%, 05/15/30 *(a)* | 100000 | 93552 |
| **Equinix, Inc.** | **Equinix, Inc.** | **Equinix, Inc.** |
| 2.90%, 11/18/26 *(a)* | 155000 | 151974 |
| 1.80%, 07/15/27 *(a)* | 85000 | 81013 |
| 1.55%, 03/15/28 *(a)* | 100000 | 93209 |
| 2.00%, 05/15/28 *(a)* | 75000 | 70243 |
| 3.20%, 11/18/29 *(a)* | 235000 | 223053 |
| **FactSet Research Systems, Inc.** | **FactSet Research Systems, Inc.** | **FactSet Research Systems, Inc.** |
| 2.90%, 03/01/27 *(a)* | 90000 | 87894 |
| **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** |
| 1.65%, 03/01/28 *(a)* | 150000 | 140034 |
| 3.75%, 05/21/29 *(a)* | 110000 | 106996 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Fiserv, Inc.** | **Fiserv, Inc.** | **Fiserv, Inc.** |
| 3.20%, 07/01/26 *(a)* | 300000 | 296676 |
| 5.15%, 03/15/27 *(a)* | 180000 | 182462 |
| 2.25%, 06/01/27 *(a)* | 215000 | 207140 |
| 5.45%, 03/02/28 *(a)* | 185000 | 190156 |
| 5.38%, 08/21/28 *(a)* | 120000 | 123478 |
| 4.20%, 10/01/28 *(a)* | 215000 | 214037 |
| 3.50%, 07/01/29 *(a)* | 540000 | 520333 |
| 4.75%, 03/15/30 *(a)* | 135000 | 136143 |
| 2.65%, 06/01/30 *(a)* | 170000 | 155829 |
| **Flex Ltd.** | **Flex Ltd.** | **Flex Ltd.** |
| 6.00%, 01/15/28 *(a)* | 95000 | 98114 |
| 4.88%, 06/15/29 *(a)* | 140000 | 140959 |
| 4.88%, 05/12/30 *(a)* | 100000 | 100452 |
| **Genpact Luxembourg SARL/Genpact USA, Inc.** | **Genpact Luxembourg SARL/Genpact USA, Inc.** | **Genpact Luxembourg SARL/Genpact USA, Inc.** |
| 6.00%, 06/04/29 *(a)* | 75000 | 77842 |
| **Global Payments, Inc.** | **Global Payments, Inc.** | **Global Payments, Inc.** |
| 2.15%, 01/15/27 *(a)* | 100000 | 96797 |
| 4.95%, 08/15/27 *(a)* | 90000 | 91092 |
| 4.45%, 06/01/28 *(a)* | 80000 | 79956 |
| 3.20%, 08/15/29 *(a)* | 200000 | 189198 |
| 5.30%, 08/15/29 *(a)* | 100000 | 101842 |
| 2.90%, 05/15/30 *(a)* | 175000 | 161067 |
| **Hewlett Packard Enterprise Co.** | **Hewlett Packard Enterprise Co.** | **Hewlett Packard Enterprise Co.** |
| 4.45%, 09/25/26  | 200000 | 200374 |
| 4.40%, 09/25/27 *(a)* | 200000 | 200276 |
| 5.25%, 07/01/28 *(a)* | 75000 | 76956 |
| 4.55%, 10/15/29 *(a)* | 380000 | 378229 |
| **HP, Inc.** | **HP, Inc.** | **HP, Inc.** |
| 3.00%, 06/17/27 *(a)* | 160000 | 156242 |
| 4.75%, 01/15/28 *(a)* | 180000 | 182140 |
| 4.00%, 04/15/29 *(a)* | 195000 | 191004 |
| 5.40%, 04/25/30 *(a)* | 75000 | 77072 |
| 3.40%, 06/17/30 *(a)* | 90000 | 84580 |
| **IBM International Capital Pte. Ltd.** | **IBM International Capital Pte. Ltd.** | **IBM International Capital Pte. Ltd.** |
| 4.60%, 02/05/27 *(a)* | 100000 | 100634 |
| 4.60%, 02/05/29 *(a)* | 125000 | 126288 |
| **Intel Corp.** | **Intel Corp.** | **Intel Corp.** |
| 3.75%, 03/25/27 *(a)* | 190000 | 188127 |
| 3.15%, 05/11/27 *(a)* | 205000 | 200877 |
| 3.75%, 08/05/27 *(a)* | 250000 | 246757 |
| 4.88%, 02/10/28 *(a)* | 300000 | 303996 |
| 1.60%, 08/12/28 *(a)* | 210000 | 193045 |
| 4.00%, 08/05/29 *(a)* | 150000 | 146939 |
| 2.45%, 11/15/29 *(a)* | 380000 | 347586 |
| 5.13%, 02/10/30 *(a)* | 200000 | 204618 |
| 3.90%, 03/25/30 *(a)* | 285000 | 276535 |
| **International Business Machines Corp.** | **International Business Machines Corp.** | **International Business Machines Corp.** |
| 2.20%, 02/09/27 *(a)* | 135000 | 130957 |
| 1.70%, 05/15/27 *(a)* | 210000 | 200840 |
| 4.15%, 07/27/27 *(a)* | 175000 | 175070 |
| 6.22%, 08/01/27  | 75000 | 78143 |
| 6.50%, 01/15/28  | 75000 | 79358 |
| 4.50%, 02/06/28 *(a)* | 220000 | 222061 |
| 4.65%, 02/10/28 *(a)* | 200000 | 202366 |
| 3.50%, 05/15/29  | 580000 | 563899 |
| 4.80%, 02/10/30 *(a)* | 200000 | 203290 |
| 1.95%, 05/15/30 *(a)* | 200000 | 178474 |
| **Intuit, Inc.** | **Intuit, Inc.** | **Intuit, Inc.** |
| 1.35%, 07/15/27 *(a)* | 175000 | 166021 |
| 5.13%, 09/15/28 *(a)* | 150000 | 154838 |
| **Jabil, Inc.** | **Jabil, Inc.** | **Jabil, Inc.** |
| 4.25%, 05/15/27 *(a)* | 105000 | 104751 |
| 3.95%, 01/12/28 *(a)* | 80000 | 79185 |
| 5.45%, 02/01/29 *(a)* | 55000 | 56459 |
| 3.60%, 01/15/30 *(a)* | 100000 | 95628 |

---

*See financial notes*

**136**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Juniper Networks, Inc.** | **Juniper Networks, Inc.** | **Juniper Networks, Inc.** |
| 3.75%, 08/15/29 *(a)* | 100000 | 97273 |
| **Keysight Technologies, Inc.** | **Keysight Technologies, Inc.** | **Keysight Technologies, Inc.** |
| 4.60%, 04/06/27 *(a)* | 160000 | 160670 |
| 3.00%, 10/30/29 *(a)* | 100000 | 94122 |
| **KLA Corp.** | **KLA Corp.** | **KLA Corp.** |
| 4.10%, 03/15/29 *(a)* | 165000 | 164868 |
| **Kyndryl Holdings, Inc.** | **Kyndryl Holdings, Inc.** | **Kyndryl Holdings, Inc.** |
| 2.05%, 10/15/26 *(a)* | 100000 | 96957 |
| 2.70%, 10/15/28 *(a)* | 120000 | 113414 |
| **Lam Research Corp.** | **Lam Research Corp.** | **Lam Research Corp.** |
| 4.00%, 03/15/29 *(a)* | 205000 | 203711 |
| 1.90%, 06/15/30 *(a)* | 120000 | 107172 |
| **Leidos, Inc.** | **Leidos, Inc.** | **Leidos, Inc.** |
| 4.38%, 05/15/30 *(a)* | 125000 | 123315 |
| **Marvell Technology, Inc.** | **Marvell Technology, Inc.** | **Marvell Technology, Inc.** |
| 2.45%, 04/15/28 *(a)* | 130000 | 123643 |
| 4.88%, 06/22/28 *(a)* | 110000 | 111405 |
| 5.75%, 02/15/29 *(a)* | 115000 | 119714 |
| **Mastercard, Inc.** | **Mastercard, Inc.** | **Mastercard, Inc.** |
| 2.95%, 11/21/26 *(a)* | 135000 | 133156 |
| 3.30%, 03/26/27 *(a)* | 200000 | 197956 |
| 4.10%, 01/15/28 *(a)* | 145000 | 145602 |
| 3.50%, 02/26/28 *(a)* | 95000 | 93893 |
| 4.88%, 03/09/28 *(a)* | 150000 | 153531 |
| 4.55%, 03/15/28 *(a)* | 85000 | 86210 |
| 2.95%, 06/01/29 *(a)* | 170000 | 163358 |
| 3.35%, 03/26/30 *(a)* | 285000 | 274991 |
| **Microchip Technology, Inc.** | **Microchip Technology, Inc.** | **Microchip Technology, Inc.** |
| 4.90%, 03/15/28  | 200000 | 202448 |
| 5.05%, 03/15/29 *(a)* | 180000 | 182898 |
| 5.05%, 02/15/30 *(a)* | 200000 | 202998 |
| **Micron Technology, Inc.** | **Micron Technology, Inc.** | **Micron Technology, Inc.** |
| 5.38%, 04/15/28 *(a)* | 120000 | 123352 |
| 5.33%, 02/06/29 *(a)* | 140000 | 143347 |
| 6.75%, 11/01/29 *(a)* | 230000 | 248743 |
| 4.66%, 02/15/30 *(a)* | 150000 | 150027 |
| **Microsoft Corp.** | **Microsoft Corp.** | **Microsoft Corp.** |
| 2.40%, 08/08/26 *(a)* | 650000 | 639151 |
| 3.40%, 09/15/26 *(a)* | 205000 | 203770 |
| 3.30%, 02/06/27 *(a)* | 680000 | 673377 |
| 3.40%, 06/15/27 *(a)* | 125000 | 124301 |
| **Moody's Corp.** | **Moody's Corp.** | **Moody's Corp.** |
| 3.25%, 01/15/28 *(a)* | 80000 | 78382 |
| 4.25%, 02/01/29 *(a)* | 95000 | 95057 |
| **Motorola Solutions, Inc.** | **Motorola Solutions, Inc.** | **Motorola Solutions, Inc.** |
| 4.60%, 02/23/28 *(a)* | 115000 | 115888 |
| 5.00%, 04/15/29 *(a)* | 125000 | 127203 |
| 4.60%, 05/23/29 *(a)* | 125000 | 125748 |
| **NetApp, Inc.** | **NetApp, Inc.** | **NetApp, Inc.** |
| 2.38%, 06/22/27 *(a)* | 125000 | 120240 |
| 2.70%, 06/22/30 *(a)* | 120000 | 109697 |
| **Nokia OYJ** | **Nokia OYJ** | **Nokia OYJ** |
| 4.38%, 06/12/27  | 110000 | 109604 |
| **NVIDIA Corp.** | **NVIDIA Corp.** | **NVIDIA Corp.** |
| 3.20%, 09/16/26 *(a)* | 230000 | 227985 |
| 1.55%, 06/15/28 *(a)* | 240000 | 224587 |
| 2.85%, 04/01/30 *(a)* | 200000 | 189744 |
| **NXP BV/NXP Funding LLC** | **NXP BV/NXP Funding LLC** | **NXP BV/NXP Funding LLC** |
| 5.55%, 12/01/28 *(a)* | 135000 | 139424 |
| **NXP BV/NXP Funding LLC/NXP USA, Inc.** | **NXP BV/NXP Funding LLC/NXP USA, Inc.** | **NXP BV/NXP Funding LLC/NXP USA, Inc.** |
| 3.15%, 05/01/27 *(a)* | 75000 | 73461 |
| 4.40%, 06/01/27 *(a)* | 135000 | 135313 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.30%, 06/18/29 *(a)* | 205000 | 203202 |
| 3.40%, 05/01/30 *(a)* | 150000 | 142152 |
| **Oracle Corp.** | **Oracle Corp.** | **Oracle Corp.** |
| 2.65%, 07/15/26 *(a)* | 610000 | 599002 |
| 2.80%, 04/01/27 *(a)* | 390000 | 380266 |
| 3.25%, 11/15/27 *(a)* | 450000 | 439915 |
| 2.30%, 03/25/28 *(a)* | 350000 | 332353 |
| 4.50%, 05/06/28 *(a)* | 175000 | 176001 |
| 4.80%, 08/03/28 *(a)* | 250000 | 254155 |
| 4.20%, 09/27/29 *(a)* | 300000 | 298065 |
| 6.15%, 11/09/29 *(a)* | 265000 | 282880 |
| 2.95%, 04/01/30 *(a)* | 600000 | 560532 |
| 4.65%, 05/06/30 *(a)* | 155000 | 156530 |
| **Paychex, Inc.** | **Paychex, Inc.** | **Paychex, Inc.** |
| 5.10%, 04/15/30 *(a)* | 275000 | 281655 |
| **PayPal Holdings, Inc.** | **PayPal Holdings, Inc.** | **PayPal Holdings, Inc.** |
| 2.65%, 10/01/26 *(a)* | 285000 | 279921 |
| 3.90%, 06/01/27 *(a)* | 75000 | 74779 |
| 4.45%, 03/06/28 *(a)* | 45000 | 45384 |
| 2.85%, 10/01/29 *(a)* | 300000 | 283326 |
| 2.30%, 06/01/30 *(a)* | 170000 | 154819 |
| **Qorvo, Inc.** | **Qorvo, Inc.** | **Qorvo, Inc.** |
| 4.38%, 10/15/29 *(a)* | 160000 | 155720 |
| **QUALCOMM, Inc.** | **QUALCOMM, Inc.** | **QUALCOMM, Inc.** |
| 3.25%, 05/20/27 *(a)* | 155000 | 153120 |
| 1.30%, 05/20/28 *(a)* | 195000 | 181299 |
| 2.15%, 05/20/30 *(a)* | 200000 | 182022 |
| 4.50%, 05/20/30 *(a)* | 100000 | 101096 |
| **RELX Capital, Inc.** | **RELX Capital, Inc.** | **RELX Capital, Inc.** |
| 4.00%, 03/18/29 *(a)* | 150000 | 148929 |
| 4.75%, 03/27/30 *(a)* | 125000 | 126753 |
| 3.00%, 05/22/30 *(a)* | 100000 | 94316 |
| **Roper Technologies, Inc.** | **Roper Technologies, Inc.** | **Roper Technologies, Inc.** |
| 3.80%, 12/15/26 *(a)* | 140000 | 138929 |
| 1.40%, 09/15/27 *(a)* | 165000 | 155313 |
| 4.20%, 09/15/28 *(a)* | 170000 | 169619 |
| 2.95%, 09/15/29 *(a)* | 105000 | 99259 |
| 4.50%, 10/15/29 *(a)* | 100000 | 100266 |
| 2.00%, 06/30/30 *(a)* | 100000 | 88920 |
| **S&P Global, Inc.** | **S&P Global, Inc.** | **S&P Global, Inc.** |
| 2.95%, 01/22/27 *(a)* | 130000 | 127854 |
| 2.45%, 03/01/27 *(a)* | 210000 | 204437 |
| 4.75%, 08/01/28 *(a)* | 100000 | 101468 |
| 2.70%, 03/01/29 *(a)* | 225000 | 213403 |
| 4.25%, 05/01/29 *(a)* | 125000 | 125069 |
| 2.50%, 12/01/29 *(a)* | 125000 | 116396 |
| **Salesforce, Inc.** | **Salesforce, Inc.** | **Salesforce, Inc.** |
| 3.70%, 04/11/28 *(a)* | 300000 | 298128 |
| 1.50%, 07/15/28 *(a)* | 180000 | 167362 |
| **Synopsys, Inc.** | **Synopsys, Inc.** | **Synopsys, Inc.** |
| 4.55%, 04/01/27  | 175000 | 175945 |
| 4.65%, 04/01/28 *(a)* | 205000 | 207210 |
| 4.85%, 04/01/30 *(a)* | 350000 | 355075 |
| **TD SYNNEX Corp.** | **TD SYNNEX Corp.** | **TD SYNNEX Corp.** |
| 1.75%, 08/09/26 *(a)* | 100000 | 96792 |
| 2.38%, 08/09/28 *(a)* | 100000 | 93915 |
| **Texas Instruments, Inc.** | **Texas Instruments, Inc.** | **Texas Instruments, Inc.** |
| 1.13%, 09/15/26 *(a)* | 90000 | 87000 |
| 4.60%, 02/08/27 *(a)* | 100000 | 100952 |
| 2.90%, 11/03/27 *(a)* | 100000 | 97691 |
| 4.60%, 02/15/28 *(a)* | 150000 | 152418 |
| 4.60%, 02/08/29 *(a)* | 100000 | 101804 |
| 2.25%, 09/04/29 *(a)* | 190000 | 176419 |
| 1.75%, 05/04/30 *(a)* | 125000 | 111525 |
| 4.50%, 05/23/30 *(a)* | 100000 | 101131 |

---

*See financial notes*

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

**137**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Trimble, Inc.** | **Trimble, Inc.** | **Trimble, Inc.** |
| 4.90%, 06/15/28 *(a)* | 135000 | 137128 |
| **TSMC Arizona Corp.** | **TSMC Arizona Corp.** | **TSMC Arizona Corp.** |
| 1.75%, 10/25/26 *(a)* | 240000 | 232243 |
| 3.88%, 04/22/27 *(a)* | 150000 | 149285 |
| **Tyco Electronics Group SA** | **Tyco Electronics Group SA** | **Tyco Electronics Group SA** |
| 3.13%, 08/15/27 *(a)* | 105000 | 102879 |
| 4.63%, 02/01/30 *(a)* | 70000 | 70966 |
| **VeriSign, Inc.** | **VeriSign, Inc.** | **VeriSign, Inc.** |
| 4.75%, 07/15/27 *(a)* | 120000 | 120052 |
| **Verisk Analytics, Inc.** | **Verisk Analytics, Inc.** | **Verisk Analytics, Inc.** |
| 4.13%, 03/15/29 *(a)* | 75000 | 74567 |
| **Visa, Inc.** | **Visa, Inc.** | **Visa, Inc.** |
| 1.90%, 04/15/27 *(a)* | 50000 | 48311 |
| 0.75%, 08/15/27 *(a)* | 75000 | 70418 |
| 2.75%, 09/15/27 *(a)* | 155000 | 151468 |
| 2.05%, 04/15/30 *(a)* | 275000 | 250382 |
| **VMware LLC** | **VMware LLC** | **VMware LLC** |
| 1.40%, 08/15/26 *(a)* | 325000 | 314509 |
| 3.90%, 08/21/27 *(a)* | 290000 | 287683 |
| 1.80%, 08/15/28 *(a)* | 145000 | 134174 |
| 4.70%, 05/15/30 *(a)* | 125000 | 125571 |
| **Western Digital Corp.** | **Western Digital Corp.** | **Western Digital Corp.** |
| 2.85%, 02/01/29 *(a)* | 110000 | 102354 |
| **Workday, Inc.** | **Workday, Inc.** | **Workday, Inc.** |
| 3.50%, 04/01/27 *(a)* | 175000 | 172835 |
| 3.70%, 04/01/29 *(a)* | 105000 | 102632 |
| **Xilinx, Inc.** | **Xilinx, Inc.** | **Xilinx, Inc.** |
| 2.38%, 06/01/30 *(a)* | 130000 | 119224 |
|  |  | **48902640** |
| ***Transportation 1.3%***  | ***Transportation 1.3%***  | ***Transportation 1.3%***  |
| **American Airlines 2014-1 Class A Pass-Through Trust** | **American Airlines 2014-1 Class A Pass-Through Trust** | **American Airlines 2014-1 Class A Pass-Through Trust** |
| 3.70%, 04/01/28  | 64486 | 63306 |
| **American Airlines 2015-1 Class A Pass-Through Trust** | **American Airlines 2015-1 Class A Pass-Through Trust** | **American Airlines 2015-1 Class A Pass-Through Trust** |
| 3.38%, 11/01/28  | 139866 | 136509 |
| **American Airlines 2015-2 Class AA Pass-Through Trust** | **American Airlines 2015-2 Class AA Pass-Through Trust** | **American Airlines 2015-2 Class AA Pass-Through Trust** |
| 3.60%, 03/22/29  | 14340 | 13938 |
| **American Airlines 2016-1 Class AA Pass-Through Trust** | **American Airlines 2016-1 Class AA Pass-Through Trust** | **American Airlines 2016-1 Class AA Pass-Through Trust** |
| 3.58%, 07/15/29  | 59567 | 57768 |
| **American Airlines 2016-2 Class AA Pass-Through Trust** | **American Airlines 2016-2 Class AA Pass-Through Trust** | **American Airlines 2016-2 Class AA Pass-Through Trust** |
| 3.20%, 12/15/29  | 91050 | 87230 |
| **American Airlines 2016-3 Class AA Pass-Through Trust** | **American Airlines 2016-3 Class AA Pass-Through Trust** | **American Airlines 2016-3 Class AA Pass-Through Trust** |
| 3.00%, 04/15/30  | 14957 | 14077 |
| **American Airlines 2017-1 Class AA Pass-Through Trust** | **American Airlines 2017-1 Class AA Pass-Through Trust** | **American Airlines 2017-1 Class AA Pass-Through Trust** |
| 3.65%, 08/15/30  | 101475 | 97568 |
| **American Airlines 2017-2 Class AA Pass-Through Trust** | **American Airlines 2017-2 Class AA Pass-Through Trust** | **American Airlines 2017-2 Class AA Pass-Through Trust** |
| 3.35%, 04/15/31  | 62114 | 58855 |
| **Burlington Northern Santa Fe LLC** | **Burlington Northern Santa Fe LLC** | **Burlington Northern Santa Fe LLC** |
| 3.25%, 06/15/27 *(a)* | 75000 | 74000 |
| **Canadian National Railway Co.** | **Canadian National Railway Co.** | **Canadian National Railway Co.** |
| 6.90%, 07/15/28  | 100000 | 107625 |
| **Canadian Pacific Railway Co.** | **Canadian Pacific Railway Co.** | **Canadian Pacific Railway Co.** |
| 1.75%, 12/02/26 *(a)* | 195000 | 188286 |
| 4.00%, 06/01/28 *(a)* | 100000 | 99477 |
| 2.88%, 11/15/29 *(a)* | 140000 | 131579 |
| 4.80%, 03/30/30 *(a)* | 110000 | 111834 |
| **CH Robinson Worldwide, Inc.** | **CH Robinson Worldwide, Inc.** | **CH Robinson Worldwide, Inc.** |
| 4.20%, 04/15/28 *(a)* | 120000 | 119389 |
| **CSX Corp.** | **CSX Corp.** | **CSX Corp.** |
| 2.60%, 11/01/26 *(a)* | 135000 | 132146 |
| 3.25%, 06/01/27 *(a)* | 180000 | 177151 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.80%, 03/01/28 *(a)* | 175000 | 173523 |
| 4.25%, 03/15/29 *(a)* | 205000 | 205129 |
| **Delta Air Lines 2020-1 Class AA Pass-Through Trust** | **Delta Air Lines 2020-1 Class AA Pass-Through Trust** | **Delta Air Lines 2020-1 Class AA Pass-Through Trust** |
| 2.00%, 12/10/29  | 105155 | 99613 |
| **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** |
| 4.38%, 04/19/28 *(a)* | 75000 | 74622 |
| 4.95%, 07/10/28 *(a)* | 180000 | 181060 |
| 3.75%, 10/28/29 *(a)* | 105000 | 100506 |
| **FedEx Corp.** | **FedEx Corp.** | **FedEx Corp.** |
| 3.40%, 02/15/28 *(a)(d)* | 75000 | 73241 |
| 3.10%, 08/05/29 *(a)* | 75000 | 71116 |
| 3.10%, 08/05/29 *(a)(d)* | 115000 | 108860 |
| **GXO Logistics, Inc.** | **GXO Logistics, Inc.** | **GXO Logistics, Inc.** |
| 1.65%, 07/15/26 *(a)* | 90000 | 87066 |
| 6.25%, 05/06/29 *(a)* | 120000 | 125438 |
| **JB Hunt Transport Services, Inc.** | **JB Hunt Transport Services, Inc.** | **JB Hunt Transport Services, Inc.** |
| 4.90%, 03/15/30 *(a)* | 150000 | 152232 |
| **Kirby Corp.** | **Kirby Corp.** | **Kirby Corp.** |
| 4.20%, 03/01/28 *(a)* | 105000 | 104106 |
| **Norfolk Southern Corp.** | **Norfolk Southern Corp.** | **Norfolk Southern Corp.** |
| 7.80%, 05/15/27  | 75000 | 79970 |
| 3.15%, 06/01/27 *(a)* | 65000 | 63790 |
| 3.80%, 08/01/28 *(a)* | 75000 | 74235 |
| 2.55%, 11/01/29 *(a)* | 75000 | 69721 |
| **Ryder System, Inc.** | **Ryder System, Inc.** | **Ryder System, Inc.** |
| 1.75%, 09/01/26 *(a)* | 40000 | 38815 |
| 2.90%, 12/01/26 *(a)* | 95000 | 92930 |
| 2.85%, 03/01/27 *(a)* | 110000 | 107318 |
| 4.30%, 06/15/27 *(a)* | 50000 | 50036 |
| 5.65%, 03/01/28 *(a)* | 120000 | 124061 |
| 5.25%, 06/01/28 *(a)* | 155000 | 159045 |
| 5.38%, 03/15/29 *(a)* | 120000 | 123498 |
| 5.50%, 06/01/29 *(a)* | 40000 | 41403 |
| 4.95%, 09/01/29 *(a)* | 65000 | 66163 |
| 4.90%, 12/01/29 *(a)* | 70000 | 71077 |
| 5.00%, 03/15/30 *(a)* | 75000 | 76060 |
| 4.85%, 06/15/30 *(a)* | 60000 | 60607 |
| **Southwest Airlines Co.** | **Southwest Airlines Co.** | **Southwest Airlines Co.** |
| 3.00%, 11/15/26 *(a)* | 60000 | 58811 |
| 5.13%, 06/15/27 *(a)* | 300000 | 302760 |
| 3.45%, 11/16/27 *(a)* | 90000 | 87723 |
| 2.63%, 02/10/30 *(a)* | 100000 | 91231 |
| **Union Pacific Corp.** | **Union Pacific Corp.** | **Union Pacific Corp.** |
| 2.15%, 02/05/27 *(a)* | 80000 | 77702 |
| 3.00%, 04/15/27 *(a)* | 75000 | 73653 |
| 3.95%, 09/10/28 *(a)* | 225000 | 223987 |
| 6.63%, 02/01/29  | 65000 | 70289 |
| 3.70%, 03/01/29 *(a)* | 175000 | 172195 |
| 2.40%, 02/05/30 *(a)* | 130000 | 120063 |
| **United Airlines 2014-2 Class A Pass-Through Trust** | **United Airlines 2014-2 Class A Pass-Through Trust** | **United Airlines 2014-2 Class A Pass-Through Trust** |
| 3.75%, 03/03/28  | 42494 | 41942 |
| **United Airlines 2016-1 Class AA Pass-Through Trust** | **United Airlines 2016-1 Class AA Pass-Through Trust** | **United Airlines 2016-1 Class AA Pass-Through Trust** |
| 3.10%, 01/07/30  | 105745 | 101035 |
| **United Airlines 2016-2 Class AA Pass-Through Trust** | **United Airlines 2016-2 Class AA Pass-Through Trust** | **United Airlines 2016-2 Class AA Pass-Through Trust** |
| 2.88%, 04/07/30  | 68599 | 64723 |
| **United Airlines 2018-1 Class AA Pass-Through Trust** | **United Airlines 2018-1 Class AA Pass-Through Trust** | **United Airlines 2018-1 Class AA Pass-Through Trust** |
| 3.50%, 09/01/31  | 68029 | 64440 |
| **United Airlines 2020-1 Class A Pass-Through Trust** | **United Airlines 2020-1 Class A Pass-Through Trust** | **United Airlines 2020-1 Class A Pass-Through Trust** |
| 5.88%, 04/15/29  | 228560 | 232937 |
| **United Parcel Service, Inc.** | **United Parcel Service, Inc.** | **United Parcel Service, Inc.** |
| 2.40%, 11/15/26 *(a)* | 90000 | 87976 |
| 3.05%, 11/15/27 *(a)* | 155000 | 151655 |
| 3.40%, 03/15/29 *(a)* | 145000 | 141453 |

---

*See financial notes*

**138**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.50%, 09/01/29 *(a)* | 105000 | 98134 |
| 4.45%, 04/01/30 *(a)* | 100000 | 101210 |
|  |  | **6889898** |
|  |  | **260007820** |
| **Utility 6.4%** | **Utility 6.4%** | **Utility 6.4%** |
| ***Electric 5.7%***  | ***Electric 5.7%***  | ***Electric 5.7%***  |
| **AEP Texas, Inc.** | **AEP Texas, Inc.** | **AEP Texas, Inc.** |
| 3.95%, 06/01/28 *(a)* | 75000 | 74146 |
| 5.45%, 05/15/29 *(a)* | 125000 | 129276 |
| **AEP Transmission Co. LLC** | **AEP Transmission Co. LLC** | **AEP Transmission Co. LLC** |
| 3.10%, 12/01/26 *(a)* | 80000 | 78818 |
| **AES Corp.** | **AES Corp.** | **AES Corp.** |
| 5.45%, 06/01/28 *(a)* | 125000 | 127806 |
| **Alabama Power Co.** | **Alabama Power Co.** | **Alabama Power Co.** |
| 3.75%, 09/01/27 *(a)* | 100000 | 99558 |
| **Ameren Corp.** | **Ameren Corp.** | **Ameren Corp.** |
| 5.70%, 12/01/26 *(a)* | 160000 | 162686 |
| 1.95%, 03/15/27 *(a)* | 105000 | 101255 |
| 1.75%, 03/15/28 *(a)* | 80000 | 74740 |
| 5.00%, 01/15/29 *(a)* | 100000 | 101880 |
| **Ameren Illinois Co.** | **Ameren Illinois Co.** | **Ameren Illinois Co.** |
| 3.80%, 05/15/28 *(a)* | 75000 | 74492 |
| **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** |
| 5.75%, 11/01/27 *(a)* | 130000 | 134176 |
| 3.20%, 11/13/27 *(a)* | 125000 | 122064 |
| 4.30%, 12/01/28 *(a)* | 140000 | 140147 |
| 5.20%, 01/15/29 *(a)* | 150000 | 153930 |
| 2.30%, 03/01/30 *(a)* | 100000 | 90347 |
| 7.05%, 12/15/54 *(a)(b)* | 50000 | 51980 |
| 3.88%, 02/15/62 *(a)(b)* | 135000 | 129715 |
| **Arizona Public Service Co.** | **Arizona Public Service Co.** | **Arizona Public Service Co.** |
| 2.95%, 09/15/27 *(a)* | 85000 | 82399 |
| 2.60%, 08/15/29 *(a)* | 75000 | 70072 |
| **Avangrid, Inc.** | **Avangrid, Inc.** | **Avangrid, Inc.** |
| 3.80%, 06/01/29 *(a)* | 125000 | 122154 |
| **Berkshire Hathaway Energy Co.** | **Berkshire Hathaway Energy Co.** | **Berkshire Hathaway Energy Co.** |
| 3.25%, 04/15/28 *(a)* | 125000 | 122396 |
| **Black Hills Corp.** | **Black Hills Corp.** | **Black Hills Corp.** |
| 3.15%, 01/15/27 *(a)* | 85000 | 83263 |
| 5.95%, 03/15/28 *(a)* | 75000 | 77766 |
| 3.05%, 10/15/29 *(a)* | 75000 | 70304 |
| 2.50%, 06/15/30 *(a)* | 70000 | 63022 |
| **CenterPoint Energy Houston Electric LLC** | **CenterPoint Energy Houston Electric LLC** | **CenterPoint Energy Houston Electric LLC** |
| 2.40%, 09/01/26 *(a)* | 130000 | 127211 |
| 3.00%, 02/01/27 *(a)* | 55000 | 53929 |
| 5.20%, 10/01/28 *(a)* | 70000 | 72217 |
| 4.80%, 03/15/30 *(a)* | 100000 | 101841 |
| **CenterPoint Energy, Inc.** | **CenterPoint Energy, Inc.** | **CenterPoint Energy, Inc.** |
| 5.40%, 06/01/29 *(a)* | 150000 | 155295 |
| 2.95%, 03/01/30 *(a)* | 75000 | 69918 |
| 7.00%, 02/15/55 *(a)(b)* | 110000 | 114377 |
| 6.70%, 05/15/55 *(a)(b)* | 75000 | 75902 |
| **CMS Energy Corp.** | **CMS Energy Corp.** | **CMS Energy Corp.** |
| 3.45%, 08/15/27 *(a)* | 140000 | 137598 |
| 4.75%, 06/01/50 *(a)(b)* | 90000 | 87232 |
| **Commonwealth Edison Co.** | **Commonwealth Edison Co.** | **Commonwealth Edison Co.** |
| 2.95%, 08/15/27 *(a)* | 85000 | 82981 |
| 3.70%, 08/15/28 *(a)* | 120000 | 118609 |
| 2.20%, 03/01/30 *(a)* | 75000 | 68305 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Connecticut Light & Power Co.** | **Connecticut Light & Power Co.** | **Connecticut Light & Power Co.** |
| 3.20%, 03/15/27 *(a)* | 130000 | 128268 |
| 4.65%, 01/01/29 *(a)* | 100000 | 101309 |
| 4.95%, 01/15/30 *(a)* | 115000 | 117744 |
| **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** |
| 3.13%, 11/15/27 *(a)* | 95000 | 92997 |
| 3.80%, 05/15/28 *(a)* | 125000 | 124197 |
| 3.35%, 04/01/30 *(a)* | 100000 | 96118 |
| **Constellation Energy Generation LLC** | **Constellation Energy Generation LLC** | **Constellation Energy Generation LLC** |
| 5.60%, 03/01/28 *(a)* | 160000 | 165634 |
| **Consumers Energy Co.** | **Consumers Energy Co.** | **Consumers Energy Co.** |
| 4.65%, 03/01/28 *(a)* | 75000 | 76003 |
| 4.90%, 02/15/29 *(a)* | 100000 | 102250 |
| 4.60%, 05/30/29 *(a)* | 100000 | 101184 |
| 4.70%, 01/15/30 *(a)* | 105000 | 106679 |
| **Dominion Energy, Inc.** | **Dominion Energy, Inc.** | **Dominion Energy, Inc.** |
| 2.85%, 08/15/26 *(a)* | 75000 | 73714 |
| 3.60%, 03/15/27 *(a)* | 50000 | 49501 |
| 4.60%, 05/15/28 *(a)* | 100000 | 100765 |
| 4.25%, 06/01/28 *(a)* | 85000 | 84935 |
| 3.38%, 04/01/30 *(a)* | 250000 | 237830 |
| 5.00%, 06/15/30 *(a)* | 150000 | 153129 |
| 6.88%, 02/01/55 *(a)(b)* | 230000 | 241695 |
| **DTE Electric Co.** | **DTE Electric Co.** | **DTE Electric Co.** |
| 4.85%, 12/01/26  | 100000 | 101209 |
| 1.90%, 04/01/28 *(a)* | 150000 | 141595 |
| 2.25%, 03/01/30 *(a)* | 100000 | 91471 |
| **DTE Energy Co.** | **DTE Energy Co.** | **DTE Energy Co.** |
| 2.85%, 10/01/26 *(a)* | 100000 | 98245 |
| 4.95%, 07/01/27 *(a)* | 200000 | 202438 |
| 4.88%, 06/01/28 *(a)* | 140000 | 142108 |
| 5.10%, 03/01/29 *(a)* | 225000 | 229621 |
| 3.40%, 06/15/29 *(a)* | 115000 | 110475 |
| 2.95%, 03/01/30 *(a)* | 75000 | 70054 |
| 5.20%, 04/01/30 *(a)* | 200000 | 204840 |
| **Duke Energy Carolinas LLC** | **Duke Energy Carolinas LLC** | **Duke Energy Carolinas LLC** |
| 2.95%, 12/01/26 *(a)* | 125000 | 123116 |
| 3.95%, 11/15/28 *(a)* | 135000 | 134802 |
| 6.00%, 12/01/28  | 50000 | 52836 |
| 2.45%, 08/15/29 *(a)* | 115000 | 107325 |
| 2.45%, 02/01/30 *(a)* | 100000 | 92495 |
| 4.85%, 03/15/30 *(a)* | 75000 | 76697 |
| **Duke Energy Corp.** | **Duke Energy Corp.** | **Duke Energy Corp.** |
| 2.65%, 09/01/26 *(a)* | 285000 | 279702 |
| 4.85%, 01/05/27  | 135000 | 136377 |
| 3.15%, 08/15/27 *(a)* | 100000 | 98011 |
| 5.00%, 12/08/27 *(a)* | 110000 | 112045 |
| 4.30%, 03/15/28 *(a)* | 141000 | 141334 |
| 4.85%, 01/05/29 *(a)* | 125000 | 127065 |
| 3.40%, 06/15/29 *(a)* | 100000 | 96374 |
| 2.45%, 06/01/30 *(a)* | 140000 | 127113 |
| 3.25%, 01/15/82 *(a)(b)* | 85000 | 81733 |
| **Duke Energy Florida LLC** | **Duke Energy Florida LLC** | **Duke Energy Florida LLC** |
| 3.20%, 01/15/27 *(a)* | 145000 | 143206 |
| 3.80%, 07/15/28 *(a)* | 110000 | 109119 |
| 2.50%, 12/01/29 *(a)* | 80000 | 74313 |
| 1.75%, 06/15/30 *(a)* | 80000 | 70683 |
| **Duke Energy Ohio, Inc.** | **Duke Energy Ohio, Inc.** | **Duke Energy Ohio, Inc.** |
| 3.65%, 02/01/29 *(a)* | 100000 | 98160 |
| 2.13%, 06/01/30 *(a)* | 70000 | 63091 |
| **Duke Energy Progress LLC** | **Duke Energy Progress LLC** | **Duke Energy Progress LLC** |
| 4.35%, 03/06/27  | 65000 | 65350 |
| 3.70%, 09/01/28 *(a)* | 91000 | 89954 |
| 3.45%, 03/15/29 *(a)* | 100000 | 97469 |

---

*See financial notes*

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

**139**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Edison International** | **Edison International** | **Edison International** |
| 5.75%, 06/15/27 *(a)* | 105000 | 105799 |
| 4.13%, 03/15/28 *(a)* | 100000 | 96596 |
| 5.25%, 11/15/28 *(a)* | 135000 | 133703 |
| 5.45%, 06/15/29 *(a)* | 100000 | 98992 |
| 6.95%, 11/15/29 *(a)* | 105000 | 109214 |
| 6.25%, 03/15/30 *(a)* | 100000 | 101679 |
| **Enel Americas SA** | **Enel Americas SA** | **Enel Americas SA** |
| 4.00%, 10/25/26 *(a)* | 100000 | 99369 |
| **Enel Chile SA** | **Enel Chile SA** | **Enel Chile SA** |
| 4.88%, 06/12/28 *(a)* | 195000 | 195835 |
| **Entergy Arkansas LLC** | **Entergy Arkansas LLC** | **Entergy Arkansas LLC** |
| 4.00%, 06/01/28 *(a)* | 95000 | 94745 |
| **Entergy Corp.** | **Entergy Corp.** | **Entergy Corp.** |
| 2.95%, 09/01/26 *(a)* | 150000 | 147571 |
| 1.90%, 06/15/28 *(a)* | 120000 | 112292 |
| 2.80%, 06/15/30 *(a)* | 100000 | 92441 |
| 7.13%, 12/01/54 *(a)(b)* | 200000 | 207112 |
| **Entergy Louisiana LLC** | **Entergy Louisiana LLC** | **Entergy Louisiana LLC** |
| 2.40%, 10/01/26 *(a)* | 110000 | 107602 |
| 3.25%, 04/01/28 *(a)* | 85000 | 83024 |
| **Entergy Mississippi LLC** | **Entergy Mississippi LLC** | **Entergy Mississippi LLC** |
| 2.85%, 06/01/28 *(a)* | 80000 | 77171 |
| **Entergy Texas, Inc.** | **Entergy Texas, Inc.** | **Entergy Texas, Inc.** |
| 4.00%, 03/30/29 *(a)* | 65000 | 64291 |
| **Evergy Kansas Central, Inc.** | **Evergy Kansas Central, Inc.** | **Evergy Kansas Central, Inc.** |
| 2.55%, 07/01/26 *(a)* | 60000 | 58954 |
| 3.10%, 04/01/27 *(a)* | 50000 | 49201 |
| **Evergy Metro, Inc.** | **Evergy Metro, Inc.** | **Evergy Metro, Inc.** |
| 2.25%, 06/01/30 *(a)* | 70000 | 63242 |
| **Evergy, Inc.** | **Evergy, Inc.** | **Evergy, Inc.** |
| 2.90%, 09/15/29 *(a)* | 210000 | 197505 |
| 6.65%, 06/01/55 *(a)(b)* | 90000 | 91391 |
| **Eversource Energy** | **Eversource Energy** | **Eversource Energy** |
| 1.40%, 08/15/26 *(a)* | 95000 | 91858 |
| 5.00%, 01/01/27  | 60000 | 60587 |
| 2.90%, 03/01/27 *(a)* | 120000 | 117221 |
| 4.60%, 07/01/27 *(a)* | 145000 | 145783 |
| 3.30%, 01/15/28 *(a)* | 120000 | 116968 |
| 5.45%, 03/01/28 *(a)* | 205000 | 210404 |
| 5.95%, 02/01/29 *(a)* | 125000 | 130770 |
| 4.25%, 04/01/29 *(a)* | 110000 | 109113 |
| **Exelon Corp.** | **Exelon Corp.** | **Exelon Corp.** |
| 2.75%, 03/15/27 *(a)* | 125000 | 122025 |
| 5.15%, 03/15/28 *(a)* | 150000 | 153391 |
| 5.15%, 03/15/29 *(a)* | 125000 | 128346 |
| 4.05%, 04/15/30 *(a)* | 205000 | 201845 |
| **FirstEnergy Corp.** | **FirstEnergy Corp.** | **FirstEnergy Corp.** |
| 3.90%, 07/15/27 *(a)(e)* | 295000 | 291902 |
| 2.65%, 03/01/30 *(a)* | 100000 | 91858 |
| **FirstEnergy Transmission LLC** | **FirstEnergy Transmission LLC** | **FirstEnergy Transmission LLC** |
| 4.55%, 01/15/30 *(a)* | 100000 | 100104 |
| **Florida Power & Light Co.** | **Florida Power & Light Co.** | **Florida Power & Light Co.** |
| 3.30%, 05/30/27 *(a)* | 50000 | 49256 |
| 5.05%, 04/01/28 *(a)* | 200000 | 204976 |
| 4.40%, 05/15/28 *(a)* | 125000 | 126041 |
| 5.15%, 06/15/29 *(a)* | 180000 | 186347 |
| **Fortis, Inc.** | **Fortis, Inc.** | **Fortis, Inc.** |
| 3.06%, 10/04/26 *(a)* | 190000 | 186743 |
| **Georgia Power Co.** | **Georgia Power Co.** | **Georgia Power Co.** |
| 5.00%, 02/23/27 *(a)* | 50000 | 50749 |
| 3.25%, 03/30/27 *(a)* | 75000 | 73994 |
| 4.65%, 05/16/28 *(a)* | 145000 | 147076 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.65%, 09/15/29 *(a)* | 150000 | 140757 |
| 4.55%, 03/15/30 *(a)* | 100000 | 101069 |
| **Indiana Michigan Power Co.** | **Indiana Michigan Power Co.** | **Indiana Michigan Power Co.** |
| 3.85%, 05/15/28 *(a)* | 100000 | 99056 |
| **Interstate Power & Light Co.** | **Interstate Power & Light Co.** | **Interstate Power & Light Co.** |
| 4.10%, 09/26/28 *(a)* | 120000 | 119120 |
| 3.60%, 04/01/29 *(a)* | 85000 | 82733 |
| 2.30%, 06/01/30 *(a)* | 70000 | 63114 |
| **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** |
| 4.25%, 05/01/30 *(a)* | 100000 | 96187 |
| **ITC Holdings Corp.** | **ITC Holdings Corp.** | **ITC Holdings Corp.** |
| 3.35%, 11/15/27 *(a)* | 110000 | 107728 |
| **MidAmerican Energy Co.** | **MidAmerican Energy Co.** | **MidAmerican Energy Co.** |
| 3.10%, 05/01/27 *(a)* | 75000 | 73841 |
| 3.65%, 04/15/29 *(a)* | 155000 | 152157 |
| **Mississippi Power Co.** | **Mississippi Power Co.** | **Mississippi Power Co.** |
| 3.95%, 03/30/28 *(a)* | 40000 | 39842 |
| **National Grid PLC** | **National Grid PLC** | **National Grid PLC** |
| 5.60%, 06/12/28 *(a)* | 125000 | 129450 |
| **National Rural Utilities Cooperative Finance Corp.** | **National Rural Utilities Cooperative Finance Corp.** | **National Rural Utilities Cooperative Finance Corp.** |
| 5.60%, 11/13/26 *(a)* | 120000 | 122046 |
| 3.05%, 04/25/27 *(a)* | 70000 | 68713 |
| 5.10%, 05/06/27 *(a)* | 75000 | 76232 |
| 3.40%, 02/07/28 *(a)* | 200000 | 196136 |
| 4.75%, 02/07/28 *(a)* | 130000 | 131823 |
| 4.80%, 03/15/28 *(a)* | 140000 | 142282 |
| 5.05%, 09/15/28 *(a)* | 105000 | 107449 |
| 3.90%, 11/01/28 *(a)* | 130000 | 128803 |
| 4.85%, 02/07/29 *(a)* | 75000 | 76490 |
| 3.70%, 03/15/29 *(a)* | 100000 | 98081 |
| 5.15%, 06/15/29 *(a)* | 75000 | 77303 |
| 4.95%, 02/07/30 *(a)* | 100000 | 102333 |
| 2.40%, 03/15/30 *(a)* | 115000 | 105899 |
| 7.13%, 09/15/53 *(a)(b)* | 70000 | 73305 |
| **Nevada Power Co.** | **Nevada Power Co.** | **Nevada Power Co.** |
| 3.70%, 05/01/29 *(a)* | 95000 | 92985 |
| 6.25%, 05/15/55 *(a)(b)* | 80000 | 79797 |
| **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** |
| 1.88%, 01/15/27 *(a)* | 175000 | 168794 |
| 3.55%, 05/01/27 *(a)* | 255000 | 251739 |
| 4.63%, 07/15/27 *(a)* | 200000 | 201340 |
| 4.85%, 02/04/28  | 100000 | 101425 |
| 4.90%, 02/28/28 *(a)* | 240000 | 243420 |
| 1.90%, 06/15/28 *(a)* | 225000 | 210359 |
| 4.90%, 03/15/29 *(a)* | 165000 | 167751 |
| 3.50%, 04/01/29 *(a)* | 160000 | 155112 |
| 2.75%, 11/01/29 *(a)* | 200000 | 186924 |
| 5.00%, 02/28/30 *(a)* | 200000 | 205148 |
| 5.05%, 03/15/30 *(a)* | 175000 | 179252 |
| 2.25%, 06/01/30 *(a)* | 330000 | 297548 |
| 6.70%, 09/01/54 *(a)(b)* | 190000 | 196032 |
| 4.80%, 12/01/77 *(a)(b)* | 105000 | 100602 |
| 5.65%, 05/01/79 *(a)(b)* | 100000 | 99447 |
| 3.80%, 03/15/82 *(a)(b)* | 140000 | 134294 |
| **NSTAR Electric Co.** | **NSTAR Electric Co.** | **NSTAR Electric Co.** |
| 3.25%, 05/15/29 *(a)* | 115000 | 110752 |
| 4.85%, 03/01/30 *(a)* | 75000 | 76323 |
| **OGE Energy Corp.** | **OGE Energy Corp.** | **OGE Energy Corp.** |
| 5.45%, 05/15/29 *(a)* | 75000 | 77822 |
| **Oklahoma Gas & Electric Co.** | **Oklahoma Gas & Electric Co.** | **Oklahoma Gas & Electric Co.** |
| 3.80%, 08/15/28 *(a)* | 100000 | 99033 |
| 3.30%, 03/15/30 *(a)* | 75000 | 71666 |
| **Oncor Electric Delivery Co. LLC** | **Oncor Electric Delivery Co. LLC** | **Oncor Electric Delivery Co. LLC** |
| 4.30%, 05/15/28 *(a)* | 165000 | 165827 |
| 3.70%, 11/15/28 *(a)* | 50000 | 49235 |

---

*See financial notes*

**140**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.75%, 03/15/29 *(a)* | 80000 | 83810 |
| 4.65%, 11/01/29 *(a)* | 150000 | 151728 |
| 2.75%, 05/15/30 *(a)* | 125000 | 116064 |
| **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** |
| 3.30%, 03/15/27 *(a)* | 90000 | 87989 |
| 5.45%, 06/15/27 *(a)* | 75000 | 75962 |
| 2.10%, 08/01/27 *(a)* | 185000 | 175360 |
| 3.30%, 12/01/27 *(a)* | 215000 | 208066 |
| 5.00%, 06/04/28 *(a)* | 70000 | 70234 |
| 3.00%, 06/15/28 *(a)* | 185000 | 175815 |
| 3.75%, 07/01/28  | 125000 | 121354 |
| 6.10%, 01/15/29 *(a)* | 180000 | 186532 |
| 4.20%, 03/01/29 *(a)* | 100000 | 97790 |
| 5.55%, 05/15/29 *(a)* | 150000 | 152481 |
| **PacifiCorp** | **PacifiCorp** | **PacifiCorp** |
| 5.10%, 02/15/29 *(a)* | 100000 | 102070 |
| 3.50%, 06/15/29 *(a)* | 100000 | 96723 |
| **PPL Capital Funding, Inc.** | **PPL Capital Funding, Inc.** | **PPL Capital Funding, Inc.** |
| 4.13%, 04/15/30 *(a)* | 75000 | 73670 |
| **Public Service Co. of New Hampshire** | **Public Service Co. of New Hampshire** | **Public Service Co. of New Hampshire** |
| 4.40%, 07/01/28  | 60000 | 60350 |
| **Public Service Electric & Gas Co.** | **Public Service Electric & Gas Co.** | **Public Service Electric & Gas Co.** |
| 2.25%, 09/15/26 *(a)* | 75000 | 73334 |
| 3.00%, 05/15/27 *(a)* | 75000 | 73581 |
| 3.70%, 05/01/28 *(a)* | 85000 | 84323 |
| 3.65%, 09/01/28 *(a)* | 75000 | 73840 |
| 3.20%, 05/15/29 *(a)* | 75000 | 72462 |
| 2.45%, 01/15/30 *(a)* | 90000 | 83191 |
| **Public Service Enterprise Group, Inc.** | **Public Service Enterprise Group, Inc.** | **Public Service Enterprise Group, Inc.** |
| 5.85%, 11/15/27 *(a)* | 100000 | 103548 |
| 5.88%, 10/15/28 *(a)* | 100000 | 104764 |
| 5.20%, 04/01/29 *(a)* | 120000 | 123508 |
| 4.90%, 03/15/30 *(a)* | 125000 | 127196 |
| **Puget Energy, Inc.** | **Puget Energy, Inc.** | **Puget Energy, Inc.** |
| 2.38%, 06/15/28 *(a)* | 100000 | 94533 |
| 4.10%, 06/15/30 *(a)* | 100000 | 96714 |
| **San Diego Gas & Electric Co.** | **San Diego Gas & Electric Co.** | **San Diego Gas & Electric Co.** |
| 4.95%, 08/15/28 *(a)* | 130000 | 132772 |
| **Southern California Edison Co.** | **Southern California Edison Co.** | **Southern California Edison Co.** |
| 4.88%, 02/01/27 *(a)* | 110000 | 110694 |
| 4.70%, 06/01/27 *(a)* | 110000 | 110447 |
| 5.85%, 11/01/27 *(a)* | 150000 | 153813 |
| 3.65%, 03/01/28 *(a)* | 100000 | 97244 |
| 5.30%, 03/01/28 *(a)* | 135000 | 136805 |
| 5.65%, 10/01/28 *(a)* | 140000 | 143527 |
| 4.20%, 03/01/29 *(a)* | 95000 | 93098 |
| 6.65%, 04/01/29  | 75000 | 78760 |
| 5.15%, 06/01/29 *(a)* | 105000 | 106358 |
| 2.85%, 08/01/29 *(a)* | 100000 | 92608 |
| 5.25%, 03/15/30 *(a)* | 180000 | 181805 |
| 2.25%, 06/01/30 *(a)* | 90000 | 79158 |
| **Southern Co.** | **Southern Co.** | **Southern Co.** |
| 3.25%, 07/01/26 *(a)* | 340000 | 336406 |
| 5.11%, 08/01/27 *(e)* | 140000 | 142272 |
| 1.75%, 03/15/28 *(a)* | 85000 | 79726 |
| 4.85%, 06/15/28 *(a)* | 130000 | 132306 |
| 5.50%, 03/15/29 *(a)* | 200000 | 208284 |
| 3.70%, 04/30/30 *(a)* | 150000 | 145176 |
| 3.75%, 09/15/51 *(a)(b)* | 205000 | 202155 |
| **Southwestern Electric Power Co.** | **Southwestern Electric Power Co.** | **Southwestern Electric Power Co.** |
| 2.75%, 10/01/26 *(a)* | 95000 | 93047 |
| 4.10%, 09/15/28 *(a)* | 110000 | 109064 |
| **System Energy Resources, Inc.** | **System Energy Resources, Inc.** | **System Energy Resources, Inc.** |
| 6.00%, 04/15/28 *(a)* | 90000 | 93762 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Tampa Electric Co.** | **Tampa Electric Co.** | **Tampa Electric Co.** |
| 4.90%, 03/01/29 *(a)* | 125000 | 127660 |
| **Union Electric Co.** | **Union Electric Co.** | **Union Electric Co.** |
| 3.50%, 03/15/29 *(a)* | 125000 | 122127 |
| 2.95%, 03/15/30 *(a)* | 75000 | 70825 |
| **Virginia Electric & Power Co.** | **Virginia Electric & Power Co.** | **Virginia Electric & Power Co.** |
| 2.95%, 11/15/26 *(a)* | 90000 | 88512 |
| 3.50%, 03/15/27 *(a)* | 165000 | 163304 |
| 3.75%, 05/15/27 *(a)* | 155000 | 153937 |
| 3.80%, 04/01/28 *(a)* | 100000 | 99452 |
| 2.88%, 07/15/29 *(a)* | 90000 | 85446 |
| **WEC Energy Group, Inc.** | **WEC Energy Group, Inc.** | **WEC Energy Group, Inc.** |
| 5.15%, 10/01/27 *(a)* | 100000 | 101901 |
| 1.38%, 10/15/27 *(a)* | 115000 | 107848 |
| 4.75%, 01/15/28 *(a)* | 100000 | 101186 |
| 2.20%, 12/15/28 *(a)* | 75000 | 69981 |
| **Wisconsin Electric Power Co.** | **Wisconsin Electric Power Co.** | **Wisconsin Electric Power Co.** |
| 1.70%, 06/15/28 *(a)* | 95000 | 88951 |
| 5.00%, 05/15/29 *(a)* | 50000 | 51333 |
| **Wisconsin Power & Light Co.** | **Wisconsin Power & Light Co.** | **Wisconsin Power & Light Co.** |
| 3.00%, 07/01/29 *(a)* | 95000 | 90245 |
| **Wisconsin Public Service Corp.** | **Wisconsin Public Service Corp.** | **Wisconsin Public Service Corp.** |
| 4.55%, 12/01/29 *(a)* | 60000 | 60772 |
| **Xcel Energy, Inc.** | **Xcel Energy, Inc.** | **Xcel Energy, Inc.** |
| 3.35%, 12/01/26 *(a)* | 100000 | 98631 |
| 1.75%, 03/15/27 *(a)* | 100000 | 95763 |
| 4.75%, 03/21/28 *(a)* | 75000 | 75796 |
| 4.00%, 06/15/28 *(a)* | 125000 | 124077 |
| 2.60%, 12/01/29 *(a)* | 125000 | 115810 |
| 3.40%, 06/01/30 *(a)* | 100000 | 94941 |
|  |  | **30262624** |
| ***Natural Gas 0.6%***  | ***Natural Gas 0.6%***  | ***Natural Gas 0.6%***  |
| **Atmos Energy Corp.** | **Atmos Energy Corp.** | **Atmos Energy Corp.** |
| 3.00%, 06/15/27 *(a)* | 105000 | 102995 |
| 2.63%, 09/15/29 *(a)* | 105000 | 98382 |
| **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** |
| 5.25%, 03/01/28 *(a)* | 180000 | 184376 |
| **NiSource, Inc.** | **NiSource, Inc.** | **NiSource, Inc.** |
| 3.49%, 05/15/27 *(a)* | 225000 | 221699 |
| 5.25%, 03/30/28 *(a)* | 230000 | 235465 |
| 5.20%, 07/01/29 *(a)* | 55000 | 56481 |
| 2.95%, 09/01/29 *(a)* | 100000 | 94370 |
| 3.60%, 05/01/30 *(a)* | 200000 | 192188 |
| 6.95%, 11/30/54 *(a)(b)* | 100000 | 104216 |
| **ONE Gas, Inc.** | **ONE Gas, Inc.** | **ONE Gas, Inc.** |
| 5.10%, 04/01/29 *(a)* | 95000 | 97505 |
| **Piedmont Natural Gas Co., Inc.** | **Piedmont Natural Gas Co., Inc.** | **Piedmont Natural Gas Co., Inc.** |
| 3.50%, 06/01/29 *(a)* | 125000 | 121223 |
| **Sempra** | **Sempra** | **Sempra** |
| 5.40%, 08/01/26 *(a)* | 110000 | 111079 |
| 3.25%, 06/15/27 *(a)* | 135000 | 132285 |
| 3.40%, 02/01/28 *(a)* | 175000 | 170896 |
| 3.70%, 04/01/29 *(a)* | 100000 | 97522 |
| 4.13%, 04/01/52 *(a)(b)* | 185000 | 178240 |
| 6.88%, 10/01/54 *(a)(b)* | 200000 | 202360 |
| 6.63%, 04/01/55 *(a)(b)* | 75000 | 72293 |
| **Southern California Gas Co.** | **Southern California Gas Co.** | **Southern California Gas Co.** |
| 2.95%, 04/15/27 *(a)* | 130000 | 127465 |
| 2.55%, 02/01/30 *(a)* | 100000 | 91981 |
| **Southwest Gas Corp.** | **Southwest Gas Corp.** | **Southwest Gas Corp.** |
| 5.80%, 12/01/27 *(a)* | 20000 | 20660 |
| 5.45%, 03/23/28 *(a)* | 95000 | 97254 |

---

*See financial notes*

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

**141**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.70%, 04/01/28 *(a)* | 50000 | 49084 |
| 2.20%, 06/15/30 *(a)* | 70000 | 62997 |
|  |  | **2923016** |
| ***Utility Other 0.1%***  | ***Utility Other 0.1%***  | ***Utility Other 0.1%***  |
| **American Water Capital Corp.** | **American Water Capital Corp.** | **American Water Capital Corp.** |
| 2.95%, 09/01/27 *(a)* | 104000 | 101511 |
| 3.75%, 09/01/28 *(a)* | 100000 | 98724 |
| 3.45%, 06/01/29 *(a)* | 125000 | 121300 |
| 2.80%, 05/01/30 *(a)* | 100000 | 93029 |
| **Essential Utilities, Inc.** | **Essential Utilities, Inc.** | **Essential Utilities, Inc.** |
| 4.80%, 08/15/27 *(a)* | 125000 | 126403 |
| 3.57%, 05/01/29 *(a)* | 85000 | 82526 |
| 2.70%, 04/15/30 *(a)* | 75000 | 69165 |
| **United Utilities PLC** | **United Utilities PLC** | **United Utilities PLC** |
| 6.88%, 08/15/28  | 75000 | 80600 |
|  |  | **773258** |
|  |  | **33958898** |
| **Total Corporates** <br>**(Cost $515,176,938)** | **Total Corporates** <br>**(Cost $515,176,938)** | **521023322** |

---

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Short-Term Investments** 0.5% OF NET ASSETS | **Short-Term Investments** 0.5% OF NET ASSETS | **Short-Term Investments** 0.5% OF NET ASSETS |
| **Money Market Funds 0.5%** | **Money Market Funds 0.5%** | **Money Market Funds 0.5%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.27% *(h)*<br>| 1546721 | 1546721 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.27% *(h)(i)*<br>| 780715 | 780715 |
|  |  | **2327436** |
| **Total Short-Term Investments** <br>**(Cost $2,327,436)** | **Total Short-Term Investments** <br>**(Cost $2,327,436)** | **2327436** |
| **Total Investments in Securities** <br>**(Cost $517,504,374)** | **Total Investments in Securities** <br>**(Cost $517,504,374)** | **523350758** |

---

&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** |  |  |  |
| 2 Year US Treasury Notes <br> (CBOT), expires 09/30/25<br>| 9 | 1872211 | 5089 |
| 5 Year US Treasury Notes <br> (CBOT), expires 09/30/25<br>| 28 | 3052000 | 7845 |
|  |  |  | **12934** |
| **Short** |  |  |  |
| 3 Year US Treasury Notes <br> (CBOT), expires 09/30/25<br>| (19)<br>| (4036758)<br>| **(18776)**<br>|
| **Total Net Unrealized Depreciation on Futures Contracts** | **Total Net Unrealized Depreciation on Futures Contracts** | **Total Net Unrealized Depreciation on Futures Contracts** | **(5842)**<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* The effective maturity may be shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or as the result of embedded demand features (puts or calls).

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* Security is in a fixed-rate coupon period. Based on index eligibility requirements and the fund's investment objective this security will be removed from the index prior to converting to a floating rate security.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* All or a portion of this security is on loan. Securities on loan were valued at $756,056.

&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 $3,462,987 or 0.7% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* 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;*(f)* Issuer is affiliated with the fund's investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* Interest rate is subject to adjustments from time to time if a nationally recognized statistical rating organization downgrades (or subsequently upgrades) the debt rating assigned to the bond.

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

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

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

CBOT — Chicago Board of Trade <br> DAC — Designated Activity Company <br> REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers during the period ended June 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY <br>RATE, MATURITY DATE<br>| VALUE AT<br> 12/31/24<br>| PURCHASES | SALES | REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| ACCRETION OF<br> DISCOUNTS<br> (AMORTIZATION<br> OF PREMIUMS)<br>| VALUE AT<br> 6/30/25<br>| FACE AMOUNT<br> AT 6/30/25<br>| INTEREST<br> INCOME EARNED<br>|
| **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS |
| **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** |
| **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** |
| Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
| 3.45%, 02/13/26 | $49293 | $9870 | ($59436)<br>| ($584)<br>| $896 | ($39)<br>| $— | $— | $349 |
| 0.90%, 03/11/26 | 172284 |  | (174052)<br>| (5591)<br>| 7267 | 92 |  |  | 405 |
| 1.15%, 05/13/26 | 148060 | 28822 | (179374)<br>| (3795)<br>| 5620 | 667 |  |  | 796 |
| 5.88%, 08/24/26 | 173067 | 15253 | (25417)<br>| 304 | 38 | (507)<br>| 162738 | 160000 | 4997 |
| 3.20%, 03/02/27 | 101736 | 14612 | (49133)<br>| (947)<br>| 2178 | 508 | 68954 | 70000 | 1591 |
| 2.45%, 03/03/27 | 248281 |  |  |  | 3191 | 1305 | 252777 | 260000 | 3185 |
| 3.30%, 04/01/27 | 116557 | 4911 |  |  | 1378 | 524 | 123370 | 125000 | 1994 |
| 3.20%, 01/25/28 | 100524 |  |  |  | 1367 | 933 | 102824 | 105000 | 1680 |
| 2.00%, 03/20/28 | 164954 |  |  |  | 3142 | 2334 | 170430 | 180000 | 1800 |

---

*See financial notes*

**142**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| VALUE AT<br> 12/31/24<br>| PURCHASES | SALES | REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| ACCRETION OF<br> DISCOUNTS<br> (AMORTIZATION<br> OF PREMIUMS)<br>| VALUE AT<br> 6/30/25<br>| FACE AMOUNT<br> AT 6/30/25<br>| INTEREST<br> INCOME EARNED<br>|
| 4.00%, 02/01/29 | $82428 | $24324 | ($24810)<br>| $675 | $1453 | $379 | $84449 | $85000 | $2037 |
| 5.64%, 05/19/29 | 204167 | 5116 |  |  | 3309 | (81)<br>| 212511 | 205000 | 5753 |
| 3.25%, 05/22/29 | 84334 |  |  |  | 1989 | 633 | 86956 | 90000 | 1463 |
| 2.75%, 10/01/29 | 45514 | 31860 |  |  | 1839 | 649 | 79862 | 85000 | 1106 |
| 6.20%, 11/17/29 | 213674 |  |  |  | 4457 | (532)<br>| 217599 | 205000 | 6351 |
| 4.63%, 03/22/30 |  | 90600 |  |  | 951 | (27)<br>| 91524 | 90000 | 935 |
| **Total** | **$1904873** | **$225368** | **($512222)**<br>| **($9938)**<br>| **$39075** | **$6838** | **$1653994** |  | **$34442** |

---

------

The following is a summary of the inputs used to value the fund's investments as of June 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Corporates<sup>1</sup> <br>| $— | &nbsp;&nbsp; $521023322 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $521023322 |
| Short-Term Investments<sup>1</sup> <br>| 2327436 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2327436 |
| Futures Contracts<sup>2</sup> <br>| 12934 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12934 |
| **<u>Liabilities</u>** |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| (18776)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18776)<br>|
| **Total** | **$2321594** | &nbsp;&nbsp; **$521023322** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$523344916** |

---

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

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

*See financial notes*

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

**143**

------

Schwab 1-5 Year Corporate Bond ETF

Statement of Assets and Liabilities

------

As of June 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $1,624,094)  |  | $1653994 |
| Investments in securities, at value - unaffiliated issuers (cost $515,880,280) including securities on loan of $756,056 |  | 521696764 |
| Cash |  | 573894 |
| Deposit with broker for futures contracts |  | 58500 |
| Receivables: |  |  |
| Investments sold |  | 16572537 |
| Interest |  | 5768923 |
| Dividends |  | 4159 |
| Foreign tax reclaims |  | 2426 |
| Income from securities on loan | + | 786 |
| **Total assets** |  | **546331983** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 780715 |
| Payables: |  |  |
| Investments bought |  | 16771194 |
| Management fees |  | 12861 |
| Variation margin on futures contracts | + | 408 |
| **Total liabilities** |  | **17565178** |
| **Net assets** |  | **$528766805** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $531206083 |
| Total distributable loss | + | (2439278)<br>|
| **Net assets** |  | **$528766805** |

---

&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** |
| $528766805 |  | &nbsp;&nbsp;&nbsp;&nbsp; 21300000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $24.82 |

---

*See financial notes*

**144**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated issuers (net of foreign withholding tax of $87) |  | $11360460 |
| Interest received from securities - affiliated issuers |  | 41280 |
| Dividends received from securities - unaffiliated issuers  |  | 27678 |
| Other Interest |  | 1300 |
| Securities on loan, net | + | 6108 |
| **Total investment income**  |  | **11436826** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 75457 |
| **Total expenses** | – | **75457** |
| **Net investment income** |  | **11361369** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers  |  | (10917)<br>|
| Net realized losses on sales of securities - unaffiliated issuers  |  | (881008)<br>|
| Net realized gains on sales of in-kind redemptions - affiliated issuers |  | 979 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 320520 |
| Net realized losses on futures contracts | + | (7638)<br>|
| **Net realized losses** |  | **(578064)**<br>|
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 39075 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 8222289 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | (4398)<br>|
| **Net change in unrealized appreciation (depreciation)** |  | **8256966** |
| **Net realized and unrealized gains** |  | **7678902** |
| **Increase in net assets resulting from operations** |  | **$19040271** |

---

*See financial notes*

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

**145**

------

Schwab 1-5 Year Corporate 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** |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 |
| Net investment income |  | $11361369 | &nbsp;&nbsp;&nbsp; $17195034 |
| Net realized losses |  | (578064)<br>| &nbsp;&nbsp;&nbsp; (2794175)<br>|
| Net change in unrealized appreciation (depreciation) | + | 8256966 | &nbsp;&nbsp;&nbsp; 5797658 |
| **Increase in net assets resulting from operations** |  | **$19040271** | &nbsp;&nbsp;&nbsp; **$20198517** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($9572950)**<br>| &nbsp;&nbsp;&nbsp; **($17176230)**<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 3000000 | &nbsp;&nbsp;&nbsp; $73605206 | &nbsp;&nbsp;&nbsp; 6200000 | &nbsp;&nbsp;&nbsp; $150663215 |
| Shares redeemed | + | (1200000)<br>| &nbsp;&nbsp;&nbsp; (29508588)<br>| &nbsp;&nbsp;&nbsp; (2800000)<br>| &nbsp;&nbsp;&nbsp; (67656096)<br>|
| **Net transactions in fund shares**  |  | **1800000** | &nbsp;&nbsp;&nbsp; **$44096618** | &nbsp;&nbsp;&nbsp; **3400000** | &nbsp;&nbsp;&nbsp; **$83007119** |
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 19500000 | &nbsp;&nbsp;&nbsp; $475202866 | &nbsp;&nbsp;&nbsp; 16100000 | &nbsp;&nbsp;&nbsp; $389173460 |
| Total increase | + | 1800000 | &nbsp;&nbsp;&nbsp; 53563939 | &nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp; 86029406 |
| **End of period** |  | **21300000** | &nbsp;&nbsp;&nbsp; **$528766805** | &nbsp;&nbsp;&nbsp; **19500000** | &nbsp;&nbsp;&nbsp; **$475202866** |

---

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

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

*See financial notes*

**146**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 1/1/25– <br>6/30/25\*<br>| 1/1/24– <br>12/31/24<sup>1</sup> <br>| 1/1/23– <br>12/31/23<sup>1</sup> <br>| 1/1/22– <br>12/31/22<sup>1</sup> <br>| 1/1/21– <br>12/31/21<sup>1</sup> <br>| 1/1/20– <br>12/31/20<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; $22.09 | &nbsp;&nbsp; $22.49 | &nbsp;&nbsp; $21.60 | &nbsp;&nbsp; $25.87 | &nbsp;&nbsp; $26.85 | &nbsp;&nbsp; $25.04 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.58 | 1.83 | 1.10 | 0.68 | 0.51 | 0.63 |
| Net realized and unrealized gains (losses) | 0.58 | &nbsp;&nbsp; (0.25)<br>| 0.75 | &nbsp;&nbsp; (4.28)<br>| &nbsp;&nbsp; (0.99)<br>| 1.80 |
| Total from investment operations | 1.16 | 1.58 | 1.85 | &nbsp;&nbsp; (3.60)<br>| &nbsp;&nbsp; (0.48)<br>| 2.43 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.62)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $22.77 | &nbsp;&nbsp; $22.09 | &nbsp;&nbsp; $22.49 | &nbsp;&nbsp; $21.60 | &nbsp;&nbsp; $25.87 | &nbsp;&nbsp; $26.85 |
| Total return | 5.33 %<sup>3</sup><br>| 3.32<br> %<br>| 8.84<br> %<br>| &nbsp;&nbsp; (14.00<br> %)<br>| &nbsp;&nbsp; (1.80<br> %)<br>| 9.83<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>| 0.03<br> %<br>| 0.03<br> %<br>| 0.04 %<sup>5,6</sup><br>| 0.05 %<sup>7</sup><br>| 0.05<br> %<br>|
| Net investment income (loss) | 5.21 %<sup>4</sup><br>| 5.12<br> %<br>| 5.05<br> %<br>| 2.97<br> %<br>| 1.96<br> %<br>| 2.43<br> %<br>|
| Portfolio turnover rate<sup>8</sup> <br>| &nbsp;&nbsp; 11 %<sup>3</sup><br>| &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 36<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $8708 | &nbsp;&nbsp; $7740 | &nbsp;&nbsp; $5762 | &nbsp;&nbsp; $328 | &nbsp;&nbsp; $375 | &nbsp;&nbsp; $191 |

---

&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 market close on October 10, 2024 (see financial note 10 for additional information). 

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

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

<sup>7</sup> Effective December 20, 2021, the annual operating expense ratio was reduced to 0.04%. The ratio presented for the period ended December 31, 2021, is a blended ratio.

<sup>8</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

**147**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited)

------

All securities are currently in a fixed rate coupon period based on index eligibility requirements and the fund's investment objective. Generally, for fixed rate securities, the rate shown is the interest rate that was established when the security was issued and when a security is purchased with a zero coupon rate, the effective yield at the time of purchase is shown. In some cases, for securitized products, the fixed interest rate can change but remains index eligible as a fixed rate coupon. Variable rate securities are subject to index requirements and will be removed from the index and fund prior to converting from a fixed rate coupon to a variable rate coupon. The maturity date shown for all the securities is the final legal maturity.

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

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **CORPORATES** 98.4% OF NET ASSETS | **CORPORATES** 98.4% OF NET ASSETS | **CORPORATES** 98.4% OF NET ASSETS |
| **Financial Institutions 37.8%** | **Financial Institutions 37.8%** | **Financial Institutions 37.8%** |
| ***Banking 25.0%***  | ***Banking 25.0%***  | ***Banking 25.0%***  |
| **Ally Financial, Inc.** | **Ally Financial, Inc.** | **Ally Financial, Inc.** |
| 8.00%, 11/01/31  | 10977000 | 12491448 |
| 6.18%, 07/26/35 *(a)(b)* | 3045000 | 3104834 |
| **American Express Co.** | **American Express Co.** | **American Express Co.** |
| 6.49%, 10/30/31 *(a)(b)* | 4375000 | 4771375 |
| 4.99%, 05/26/33 *(a)(b)* | 3250000 | 3260368 |
| 4.42%, 08/03/33 *(a)(b)* | 5445000 | 5318513 |
| 5.04%, 05/01/34 *(a)(b)* | 5645000 | 5703482 |
| 5.63%, 07/28/34 *(a)(b)* | 2325000 | 2383358 |
| 5.92%, 04/25/35 *(a)(b)* | 2090000 | 2185053 |
| 5.28%, 07/26/35 *(a)(b)* | 7345000 | 7446288 |
| 5.44%, 01/30/36 *(a)(b)* | 5350000 | 5467058 |
| 5.67%, 04/25/36 *(a)(b)* | 6250000 | 6478813 |
| **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** |
| 7.88%, 11/15/34 *(a)(b)* | 3400000 | 3865358 |
| 6.03%, 03/13/35 *(a)(b)* | 4400000 | 4582380 |
| **Banco Santander SA** | **Banco Santander SA** | **Banco Santander SA** |
| 2.75%, 12/03/30  | 6200000 | 5529780 |
| 2.96%, 03/25/31  | 3200000 | 2925312 |
| 5.44%, 07/15/31  | 6800000 | 7066288 |
| 3.23%, 11/22/32 *(a)(b)* | 4400000 | 3946140 |
| 6.92%, 08/08/33  | 8800000 | 9548616 |
| 6.94%, 11/07/33  | 6400000 | 7233600 |
| 6.35%, 03/14/34  | 5600000 | 5867176 |
| 6.03%, 01/17/35  | 4400000 | 4637336 |
| **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
| 1.90%, 07/23/31 *(a)(b)* | 11675000 | 10266061 |
| 1.92%, 10/24/31 *(a)(b)* | 10630000 | 9275419 |
| 2.65%, 03/11/32 *(a)(b)* | 9220000 | 8280205 |
| 2.69%, 04/22/32 *(a)(b)* | 19830000 | 17816462 |
| 2.30%, 07/21/32 *(a)(b)* | 16015000 | 13962838 |
| 2.57%, 10/20/32 *(a)(b)* | 13545000 | 11939511 |
| 2.97%, 02/04/33 *(a)(b)* | 16610000 | 14881397 |
| 4.57%, 04/27/33 *(a)(b)* | 17610000 | 17334227 |
| 5.02%, 07/22/33 *(a)(b)* | 22220000 | 22495528 |
| 5.29%, 04/25/34 *(a)(b)* | 21580000 | 22033180 |
| 5.87%, 09/15/34 *(a)(b)* | 16355000 | 17268917 |
| 5.47%, 01/23/35 *(a)(b)* | 21750000 | 22355302 |
| 5.43%, 08/15/35 *(a)(b)* | 10820000 | 10820757 |
| 5.52%, 10/25/35 *(a)(b)* | 15170000 | 15137233 |
| 5.51%, 01/24/36 *(a)(b)* | 15210000 | 15651698 |
| 5.74%, 02/12/36 *(a)(b)* | 10680000 | 10857929 |
| 5.46%, 05/09/36 *(a)(b)* | 9100000 | 9340422 |
| 2.48%, 09/21/36 *(a)(b)* | 8755000 | 7422664 |
| 3.85%, 03/08/37 *(a)(b)* | 10678000 | 9775709 |
| **Bank of Montreal** | **Bank of Montreal** | **Bank of Montreal** |
| 5.51%, 06/04/31 *(a)* | 3370000 | 3524447 |
| 3.09%, 01/10/37 *(a)(b)* | 5520000 | 4796218 |
| **Bank of New York Mellon Corp.** | **Bank of New York Mellon Corp.** | **Bank of New York Mellon Corp.** |
| 1.65%, 01/28/31 *(a)* | 2390000 | 2074472 |
| 1.80%, 07/28/31 *(a)* | 2470000 | 2147369 |
| 2.50%, 01/26/32 *(a)* | 1855000 | 1637501 |
| 5.06%, 07/22/32 *(a)(b)* | 4740000 | 4851343 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.29%, 06/13/33 *(a)(b)* | 3280000 | 3192621 |
| 5.83%, 10/25/33 *(a)(b)* | 6385000 | 6777039 |
| 4.71%, 02/01/34 *(a)(b)* | 3120000 | 3087458 |
| 4.97%, 04/26/34 *(a)(b)* | 4330000 | 4351390 |
| 6.47%, 10/25/34 *(a)(b)* | 4740000 | 5224618 |
| 5.19%, 03/14/35 *(a)(b)* | 4315000 | 4376014 |
| 5.23%, 11/20/35 *(a)(b)* | 3290000 | 3346917 |
| 5.32%, 06/06/36 *(a)(b)* | 3500000 | 3576965 |
| 5.61%, 07/21/39 *(a)(b)* | 2205000 | 2247226 |
| **Bank of Nova Scotia** | **Bank of Nova Scotia** | **Bank of Nova Scotia** |
| 2.15%, 08/01/31  | 2635000 | 2303728 |
| 2.45%, 02/02/32  | 3780000 | 3291284 |
| 4.74%, 11/10/32 *(a)(b)* | 2975000 | 2975268 |
| 5.65%, 02/01/34  | 3735000 | 3919995 |
| 4.59%, 05/04/37 *(a)(b)* | 5540000 | 5241283 |
| **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
| 2.67%, 03/10/32 *(a)(b)* | 4290000 | 3811965 |
| 2.89%, 11/24/32 *(a)(b)* | 5632000 | 4990853 |
| 5.75%, 08/09/33 *(a)(b)* | 4405000 | 4570496 |
| 7.44%, 11/02/33 *(a)(b)* | 8260000 | 9380304 |
| 6.22%, 05/09/34 *(a)(b)* | 8650000 | 9186992 |
| 7.12%, 06/27/34 *(a)(b)* | 6715000 | 7332377 |
| 6.69%, 09/13/34 *(a)(b)* | 6470000 | 7073069 |
| 5.34%, 09/10/35 *(a)(b)* | 8695000 | 8640048 |
| 3.56%, 09/23/35 *(a)(b)* | 4324000 | 3975918 |
| 5.79%, 02/25/36 *(a)(b)* | 9180000 | 9388294 |
| **Canadian Imperial Bank of Commerce** | **Canadian Imperial Bank of Commerce** | **Canadian Imperial Bank of Commerce** |
| 3.60%, 04/07/32 *(a)* | 4170000 | 3885022 |
| 6.09%, 10/03/33 *(a)* | 4815000 | 5165869 |
| **Capital One Financial Corp.** | **Capital One Financial Corp.** | **Capital One Financial Corp.** |
| 7.62%, 10/30/31 *(a)(b)* | 7650000 | 8647254 |
| 2.36%, 07/29/32 *(a)(b)* | 4030000 | 3420221 |
| 2.62%, 11/02/32 *(a)(b)* | 2180000 | 1904186 |
| 6.70%, 11/29/32 *(a)* | 3155000 | 3445733 |
| 5.27%, 05/10/33 *(a)(b)* | 4595000 | 4639296 |
| 5.82%, 02/01/34 *(a)(b)* | 5809000 | 5996398 |
| 6.38%, 06/08/34 *(a)(b)* | 7460000 | 7945646 |
| 7.96%, 11/02/34 *(a)(b)* | 4450000 | 5178999 |
| 6.05%, 02/01/35 *(a)(b)* | 4200000 | 4388706 |
| 5.88%, 07/26/35 *(a)(b)* | 4240000 | 4375765 |
| 6.18%, 01/30/36 *(a)(b)* | 7775000 | 7910129 |
| **Citibank NA** | **Citibank NA** | **Citibank NA** |
| 5.57%, 04/30/34 *(a)* | 8455000 | 8809349 |
| **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
| 2.56%, 05/01/32 *(a)(b)* | 13305000 | 11792355 |
| 6.63%, 06/15/32  | 4115000 | 4490165 |
| 2.52%, 11/03/32 *(a)(b)* | 8045000 | 7041547 |
| 3.06%, 01/25/33 *(a)(b)* | 12650000 | 11315045 |
| 5.88%, 02/22/33  | 2255000 | 2344073 |
| 3.79%, 03/17/33 *(a)(b)* | 12713000 | 11878646 |
| 4.91%, 05/24/33 *(a)(b)* | 10745000 | 10728453 |
| 6.00%, 10/31/33  | 2895000 | 3047306 |
| 6.27%, 11/17/33 *(a)(b)* | 12590000 | 13566858 |
| 6.17%, 05/25/34 *(a)(b)* | 13885000 | 14502327 |
| 5.83%, 02/13/35 *(a)(b)* | 10965000 | 11182436 |
| 5.45%, 06/11/35 *(a)(b)* | 10905000 | 11153198 |
| 6.02%, 01/24/36 *(a)(b)* | 13110000 | 13467772 |

---

*See financial notes*

**148**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.33%, 03/27/36 *(a)(b)* | 9670000 | 9751808 |
| 5.41%, 09/19/39 *(a)(b)* | 4865000 | 4733110 |
| **Citizens Financial Group, Inc.** | **Citizens Financial Group, Inc.** | **Citizens Financial Group, Inc.** |
| 5.72%, 07/23/32 *(a)(b)* | 5345000 | 5537313 |
| 2.64%, 09/30/32 *(a)* | 2675000 | 2253714 |
| 6.65%, 04/25/35 *(a)(b)* | 3405000 | 3675902 |
| 5.64%, 05/21/37 *(a)(b)* | 1780000 | 1764265 |
| **Comerica Bank** | **Comerica Bank** | **Comerica Bank** |
| 5.33%, 08/25/33 *(a)(b)* | 2175000 | 2117732 |
| **Credit Suisse USA LLC** | **Credit Suisse USA LLC** | **Credit Suisse USA LLC** |
| 7.13%, 07/15/32  | 3210000 | 3657923 |
| **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
| 5.88%, 07/08/31 *(a)(b)* | 1935000 | 1985813 |
| 3.55%, 09/18/31 *(a)(b)* | 6795000 | 6357674 |
| 3.73%, 01/14/32 *(a)(b)* | 5275000 | 4833588 |
| 3.04%, 05/28/32 *(a)(b)* | 4135000 | 3715711 |
| 3.74%, 01/07/33 *(a)(b)* | 5445000 | 4901861 |
| 7.08%, 02/10/34 *(a)(b)* | 6700000 | 7148699 |
| 5.40%, 09/11/35 *(a)(b)* | 5310000 | 5287273 |
| **Fifth Third Bancorp** | **Fifth Third Bancorp** | **Fifth Third Bancorp** |
| 5.63%, 01/29/32 *(a)(b)* | 4285000 | 4464841 |
| 4.34%, 04/25/33 *(a)(b)* | 2810000 | 2685545 |
| **First Citizens BancShares, Inc.** | **First Citizens BancShares, Inc.** | **First Citizens BancShares, Inc.** |
| 6.25%, 03/12/40 *(a)(b)* | 3290000 | 3289079 |
| **Goldman Sachs Capital I** | **Goldman Sachs Capital I** | **Goldman Sachs Capital I** |
| 6.35%, 02/15/34  | 4105000 | 4267558 |
| **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
| 1.99%, 01/27/32 *(a)(b)* | 10830000 | 9385495 |
| 2.62%, 04/22/32 *(a)(b)* | 16535000 | 14714827 |
| 2.38%, 07/21/32 *(a)(b)* | 17205000 | 15036654 |
| 2.65%, 10/21/32 *(a)(b)* | 13190000 | 11650463 |
| 6.13%, 02/15/33  | 4610000 | 5043847 |
| 3.10%, 02/24/33 *(a)(b)* | 17305000 | 15586787 |
| 6.56%, 10/24/34 *(a)(b)* | 5460000 | 6047933 |
| 5.85%, 04/25/35 *(a)(b)* | 10765000 | 11304326 |
| 5.33%, 07/23/35 *(a)(b)* | 12905000 | 13063344 |
| 5.02%, 10/23/35 *(a)(b)* | 15215000 | 15041853 |
| 5.54%, 01/28/36 *(a)(b)* | 13085000 | 13427304 |
| **HSBC Bank USA NA** | **HSBC Bank USA NA** | **HSBC Bank USA NA** |
| 5.88%, 11/01/34  | 1540000 | 1630768 |
| **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
| 2.36%, 08/18/31 *(a)(b)* | 6405000 | 5693276 |
| 5.73%, 05/17/32 *(a)(b)* | 6215000 | 6464408 |
| 2.80%, 05/24/32 *(a)(b)* | 12905000 | 11473190 |
| 2.87%, 11/22/32 *(a)(b)* | 7500000 | 6638325 |
| 4.76%, 03/29/33 *(a)(b)* | 8735000 | 8544752 |
| 5.40%, 08/11/33 *(a)(b)* | 10690000 | 10975102 |
| 8.11%, 11/03/33 *(a)(b)* | 8495000 | 9822344 |
| 6.25%, 03/09/34 *(a)(b)* | 10065000 | 10775186 |
| 6.55%, 06/20/34 *(a)(b)* | 8880000 | 9433313 |
| 7.40%, 11/13/34 *(a)(b)* | 8495000 | 9505480 |
| 5.72%, 03/04/35 *(a)(b)* | 5355000 | 5559722 |
| 5.87%, 11/18/35 *(a)(b)* | 7875000 | 7970681 |
| 5.45%, 03/03/36 *(a)(b)* | 9915000 | 9975085 |
| 5.79%, 05/13/36 *(a)(b)* | 8945000 | 9209951 |
| **Huntington Bancshares, Inc.** | **Huntington Bancshares, Inc.** | **Huntington Bancshares, Inc.** |
| 5.02%, 05/17/33 *(a)(b)* | 1980000 | 1958735 |
| 5.71%, 02/02/35 *(a)(b)* | 5085000 | 5202464 |
| 2.49%, 08/15/36 *(a)(b)* | 2625000 | 2206076 |
| 6.14%, 11/18/39 *(a)(b)* | 2540000 | 2596337 |
| **ING Groep NV** | **ING Groep NV** | **ING Groep NV** |
| 2.73%, 04/01/32 *(a)(b)* | 3080000 | 2769320 |
| 4.25%, 03/28/33 *(a)(b)* | 4380000 | 4217239 |
| 6.11%, 09/11/34 *(a)(b)* | 5430000 | 5773610 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.55%, 03/19/35 *(a)(b)* | 6565000 | 6730569 |
| 5.53%, 03/25/36 *(a)(b)* | 4310000 | 4392493 |
| **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
| 8.75%, 09/01/30  | 2470000 | 2921516 |
| 1.76%, 11/19/31 *(a)(b)* | 6335000 | 5492508 |
| 1.95%, 02/04/32 *(a)(b)* | 13190000 | 11446414 |
| 2.58%, 04/22/32 *(a)(b)* | 14875000 | 13298399 |
| 2.55%, 11/08/32 *(a)(b)* | 12805000 | 11281717 |
| 2.96%, 01/25/33 *(a)(b)* | 15240000 | 13700608 |
| 4.59%, 04/26/33 *(a)(b)* | 10525000 | 10422592 |
| 4.91%, 07/25/33 *(a)(b)* | 20190000 | 20324062 |
| 5.72%, 09/14/33 *(a)(b)* | 15405000 | 16062331 |
| 5.35%, 06/01/34 *(a)(b)* | 19250000 | 19834815 |
| 6.25%, 10/23/34 *(a)(b)* | 13170000 | 14328301 |
| 5.34%, 01/23/35 *(a)(b)* | 12775000 | 13085432 |
| 5.77%, 04/22/35 *(a)(b)* | 13230000 | 13910551 |
| 5.29%, 07/22/35 *(a)(b)* | 15075000 | 15355546 |
| 4.95%, 10/22/35 *(a)(b)* | 13275000 | 13147958 |
| 5.50%, 01/24/36 *(a)(b)* | 11735000 | 12100193 |
| 5.57%, 04/22/36 *(a)(b)* | 15180000 | 15753349 |
| **KeyBank NA** | **KeyBank NA** | **KeyBank NA** |
| 4.90%, 08/08/32  | 3430000 | 3312042 |
| 5.00%, 01/26/33 *(a)* | 4400000 | 4344648 |
| **KeyCorp** | **KeyCorp** | **KeyCorp** |
| 4.79%, 06/01/33 *(a)(b)* | 3115000 | 3040147 |
| 6.40%, 03/06/35 *(a)(b)* | 4275000 | 4563862 |
| **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** |
| 4.98%, 08/11/33 *(a)(b)* | 5370000 | 5337619 |
| 7.95%, 11/15/33 *(a)(b)* | 4345000 | 4969811 |
| 5.68%, 01/05/35 *(a)(b)* | 8875000 | 9116045 |
| 5.59%, 11/26/35 *(a)(b)* | 4355000 | 4431561 |
| 6.07%, 06/13/36 *(a)(b)* | 5500000 | 5652405 |
| **M&T Bank Corp.** | **M&T Bank Corp.** | **M&T Bank Corp.** |
| 5.18%, 07/08/31 *(a)(b)* | 3250000 | 3305445 |
| 6.08%, 03/13/32 *(a)(b)* | 3550000 | 3750966 |
| 5.05%, 01/27/34 *(a)(b)* | 4705000 | 4646752 |
| 5.39%, 01/16/36 *(a)(b)* | 4070000 | 4057790 |
| **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** |
| 2.05%, 07/17/30  | 5655000 | 5022884 |
| 2.31%, 07/20/32 *(a)(b)* | 8015000 | 6984912 |
| 2.49%, 10/13/32 *(a)(b)* | 3545000 | 3104959 |
| 2.85%, 01/19/33 *(a)(b)* | 4040000 | 3578107 |
| 4.32%, 04/19/33 *(a)(b)* | 3040000 | 2929466 |
| 5.13%, 07/20/33 *(a)(b)* | 7230000 | 7323629 |
| 5.47%, 09/13/33 *(a)(b)* | 3025000 | 3118836 |
| 5.44%, 02/22/34 *(a)(b)* | 5185000 | 5340135 |
| 5.41%, 04/19/34 *(a)(b)(c)* | 4175000 | 4287349 |
| 5.43%, 04/17/35 *(a)(b)* | 7035000 | 7189418 |
| 5.57%, 01/16/36 *(a)(b)* | 5215000 | 5367017 |
| 5.62%, 04/24/36 *(a)(b)* | 6295000 | 6482969 |
| **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** |
| 4.71%, 07/08/31 *(a)(b)(d)* | 3000000 | 3001440 |
| 2.20%, 07/10/31 *(a)(b)* | 4485000 | 3994386 |
| 1.98%, 09/08/31 *(a)(b)* | 3815000 | 3341253 |
| 2.56%, 09/13/31  | 4365000 | 3812173 |
| 2.17%, 05/22/32 *(a)(b)* | 2835000 | 2454543 |
| 2.26%, 07/09/32 *(a)(b)* | 2715000 | 2352873 |
| 5.67%, 09/13/33 *(a)(b)* | 3135000 | 3254224 |
| 5.75%, 05/27/34 *(a)(b)* | 3990000 | 4150358 |
| 5.75%, 07/06/34 *(a)(b)* | 4470000 | 4655550 |
| 5.58%, 05/26/35 *(a)(b)* | 3380000 | 3473153 |
| 5.59%, 07/10/35 *(a)(b)* | 2880000 | 2964557 |
| 5.42%, 05/13/36 *(a)(b)* | 3920000 | 3968961 |
| **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** |
| 1.79%, 02/13/32 *(a)(b)* | 11785000 | 10087724 |
| 7.25%, 04/01/32  | 3985000 | 4589206 |

---

*See financial notes*

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

**149**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 1.93%, 04/28/32 *(a)(b)* | 11005000 | 9413787 |
| 2.24%, 07/21/32 *(a)(b)* | 15150000 | 13127020 |
| 2.51%, 10/20/32 *(a)(b)* | 10710000 | 9385387 |
| 2.94%, 01/21/33 *(a)(b)* | 11080000 | 9895326 |
| 4.89%, 07/20/33 *(a)(b)* | 8815000 | 8833247 |
| 6.34%, 10/18/33 *(a)(b)* | 12895000 | 14018154 |
| 5.25%, 04/21/34 *(a)(b)* | 13865000 | 14115679 |
| 5.42%, 07/21/34 *(a)(b)* | 10950000 | 11224516 |
| 6.63%, 11/01/34 *(a)(b)* | 8770000 | 9682255 |
| 5.47%, 01/18/35 *(a)(b)* | 10745000 | 10998689 |
| 5.83%, 04/19/35 *(a)(b)* | 13060000 | 13697067 |
| 5.32%, 07/19/35 *(a)(b)* | 14220000 | 14404576 |
| 5.59%, 01/18/36 *(a)(b)* | 13520000 | 13913297 |
| 5.66%, 04/17/36 *(a)(b)* | 13380000 | 13875997 |
| 2.48%, 09/16/36 *(a)(b)* | 12985000 | 11035432 |
| 5.30%, 04/20/37 *(a)(b)* | 8535000 | 8501372 |
| 5.95%, 01/19/38 *(a)(b)* | 8580000 | 8835341 |
| 5.94%, 02/07/39 *(a)(b)* | 6745000 | 6930555 |
| **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
| 6.02%, 03/02/34 *(a)(b)* | 4160000 | 4406938 |
| 5.78%, 03/01/35 *(a)(b)* | 6515000 | 6769606 |
| 3.03%, 11/28/35 *(a)(b)* | 3735000 | 3370613 |
| **Northern Trust Corp.** | **Northern Trust Corp.** | **Northern Trust Corp.** |
| 6.13%, 11/02/32 *(a)* | 4175000 | 4513968 |
| **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** |
| 2.31%, 04/23/32 *(a)(b)* | 4217000 | 3704213 |
| 4.81%, 10/21/32 *(a)(b)* | 6535000 | 6553429 |
| 4.63%, 06/06/33 *(a)(b)* | 3574000 | 3474643 |
| 6.04%, 10/28/33 *(a)(b)* | 6474000 | 6890537 |
| 5.07%, 01/24/34 *(a)(b)* | 6444000 | 6479506 |
| 5.94%, 08/18/34 *(a)(b)* | 3170000 | 3357252 |
| 6.88%, 10/20/34 *(a)(b)* | 10270000 | 11491103 |
| 5.68%, 01/22/35 *(a)(b)* | 6425000 | 6682964 |
| 5.40%, 07/23/35 *(a)(b)* | 6430000 | 6555064 |
| 5.58%, 01/29/36 *(a)(b)* | 7645000 | 7885359 |
| **Regions Financial Corp.** | **Regions Financial Corp.** | **Regions Financial Corp.** |
| 5.50%, 09/06/35 *(a)(b)* | 4580000 | 4593694 |
| **Royal Bank of Canada** | **Royal Bank of Canada** | **Royal Bank of Canada** |
| 2.30%, 11/03/31  | 6375000 | 5599800 |
| 3.88%, 05/04/32  | 4310000 | 4127601 |
| 5.00%, 02/01/33  | 7325000 | 7447035 |
| 5.00%, 05/02/33  | 4165000 | 4225767 |
| 5.15%, 02/01/34  | 5775000 | 5916776 |
| **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** |
| 7.66%, 11/09/31 *(a)(b)* | 2320000 | 2590350 |
| 6.34%, 05/31/35 *(a)(b)* | 3005000 | 3146836 |
| **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** |
| 2.90%, 03/15/32 *(a)(b)* | 2680000 | 2391176 |
| **State Street Corp.** | **State Street Corp.** | **State Street Corp.** |
| 2.20%, 03/03/31  | 3595000 | 3187687 |
| 4.68%, 10/22/32 *(a)(b)* | 3570000 | 3573427 |
| 2.62%, 02/07/33 *(a)(b)* | 2460000 | 2170778 |
| 4.42%, 05/13/33 *(a)(b)* | 2045000 | 2010133 |
| 4.16%, 08/04/33 *(a)(b)* | 3000000 | 2887320 |
| 4.82%, 01/26/34 *(a)(b)* | 3235000 | 3228433 |
| 5.16%, 05/18/34 *(a)(b)* | 4515000 | 4615775 |
| 6.12%, 11/21/34 *(a)(b)* | 2360000 | 2519607 |
| 5.15%, 02/28/36 *(a)(b)* | 3115000 | 3151227 |
| **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** |
| 2.13%, 07/08/30  | 6700000 | 5983368 |
| 5.85%, 07/13/30  | 2750000 | 2910848 |
| 2.14%, 09/23/30  | 2810000 | 2482860 |
| 1.71%, 01/12/31  | 2415000 | 2072939 |
| 5.42%, 07/09/31  | 4045000 | 4200085 |
| 2.22%, 09/17/31  | 4030000 | 3509445 |
| 5.45%, 01/15/32  | 2675000 | 2774350 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.77%, 01/13/33  | 7230000 | 7604442 |
| 5.78%, 07/13/33  | 2840000 | 2985862 |
| 5.81%, 09/14/33  | 3700000 | 3930436 |
| 5.56%, 07/09/34  | 6015000 | 6221014 |
| 5.63%, 01/15/35  | 4505000 | 4665919 |
| **Synchrony Financial** | **Synchrony Financial** | **Synchrony Financial** |
| 2.88%, 10/28/31 *(a)* | 3330000 | 2893937 |
| **Toronto-Dominion Bank** | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** |
| 2.00%, 09/10/31  | 3735000 | 3264390 |
| 2.45%, 01/12/32  | 2580000 | 2253449 |
| 5.30%, 01/30/32  | 3510000 | 3607964 |
| 3.20%, 03/10/32  | 6675000 | 6076119 |
| 4.46%, 06/08/32  | 8420000 | 8268019 |
| **Truist Financial Corp.** | **Truist Financial Corp.** | **Truist Financial Corp.** |
| 5.15%, 08/05/32 *(a)(b)* | 4240000 | 4320475 |
| 4.92%, 07/28/33 *(a)(b)* | 4270000 | 4168032 |
| 6.12%, 10/28/33 *(a)(b)* | 3210000 | 3411716 |
| 5.12%, 01/26/34 *(a)(b)* | 6525000 | 6530873 |
| 5.87%, 06/08/34 *(a)(b)* | 7540000 | 7882618 |
| 5.71%, 01/24/35 *(a)(b)* | 9175000 | 9515851 |
| **U.S. Bancorp** | **U.S. Bancorp** | **U.S. Bancorp** |
| 1.38%, 07/22/30 *(a)* | 5390000 | 4663859 |
| 2.68%, 01/27/33 *(a)(b)* | 3429000 | 3011108 |
| 4.97%, 07/22/33 *(a)(b)* | 5595000 | 5528364 |
| 5.85%, 10/21/33 *(a)(b)* | 6470000 | 6812910 |
| 4.84%, 02/01/34 *(a)(b)* | 8825000 | 8724571 |
| 5.84%, 06/12/34 *(a)(b)* | 7541000 | 7931096 |
| 5.68%, 01/23/35 *(a)(b)* | 8670000 | 9010644 |
| 5.42%, 02/12/36 *(a)(b)* | 5195000 | 5300770 |
| 2.49%, 11/03/36 *(a)(b)* | 5594000 | 4747348 |
| **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
| 3.35%, 03/02/33 *(a)(b)* | 17130000 | 15658019 |
| 4.90%, 07/25/33 *(a)(b)* | 18225000 | 18230832 |
| 5.39%, 04/24/34 *(a)(b)* | 16450000 | 16851380 |
| 5.56%, 07/25/34 *(a)(b)* | 18955000 | 19583358 |
| 6.49%, 10/23/34 *(a)(b)* | 14120000 | 15453634 |
| 5.50%, 01/23/35 *(a)(b)* | 13250000 | 13597017 |
| 5.38%, 02/07/35  | 2070000 | 2172279 |
| 5.21%, 12/03/35 *(a)(b)* | 11070000 | 11120590 |
| 5.61%, 04/23/36 *(a)(b)* | 12815000 | 13236742 |
| **Westpac Banking Corp.** | **Westpac Banking Corp.** | **Westpac Banking Corp.** |
| 4.35%, 07/01/30  | 3000000 | 3006660 |
| 2.15%, 06/03/31  | 4190000 | 3723360 |
| 5.41%, 08/10/33 *(a)(b)* | 4400000 | 4440832 |
| 6.82%, 11/17/33  | 3260000 | 3586228 |
| 2.67%, 11/15/35 *(a)(b)* | 6710000 | 5924393 |
| 5.62%, 11/20/35 *(a)(b)* | 6400000 | 6430144 |
| 3.02%, 11/18/36 *(a)(b)* | 5680000 | 4981701 |
| **Zions Bancorp NA** | **Zions Bancorp NA** | **Zions Bancorp NA** |
| 6.82%, 11/19/35 *(a)(b)* | 2200000 | 2287956 |
|  |  | **2175277516** |
| ***Brokerage/Asset Managers/Exchanges 2.0%***  | ***Brokerage/Asset Managers/Exchanges 2.0%***  | ***Brokerage/Asset Managers/Exchanges 2.0%***  |
| **Affiliated Managers Group, Inc.** | **Affiliated Managers Group, Inc.** | **Affiliated Managers Group, Inc.** |
| 5.50%, 08/20/34 *(a)* | 1800000 | 1799280 |
| **Ameriprise Financial, Inc.** | **Ameriprise Financial, Inc.** | **Ameriprise Financial, Inc.** |
| 4.50%, 05/13/32 *(a)* | 1995000 | 1981035 |
| 5.15%, 05/15/33 *(a)* | 3030000 | 3112386 |
| 5.20%, 04/15/35 *(a)* | 3465000 | 3493482 |
| **Apollo Global Management, Inc.** | **Apollo Global Management, Inc.** | **Apollo Global Management, Inc.** |
| 6.38%, 11/15/33 *(a)* | 2430000 | 2659100 |
| 6.00%, 12/15/54 *(a)(b)* | 2075000 | 2035803 |
| **BlackRock Funding, Inc.** | **BlackRock Funding, Inc.** | **BlackRock Funding, Inc.** |
| 5.00%, 03/14/34 *(a)* | 5140000 | 5257192 |
| 4.90%, 01/08/35 *(a)* | 2340000 | 2370584 |

---

*See financial notes*

**150**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **BlackRock, Inc.** | **BlackRock, Inc.** | **BlackRock, Inc.** |
| 1.90%, 01/28/31 *(a)* | 5170000 | 4553426 |
| 2.10%, 02/25/32 *(a)* | 4605000 | 3977615 |
| 4.75%, 05/25/33 *(a)* | 5155000 | 5215004 |
| **Blackstone Reg Finance Co. LLC** | **Blackstone Reg Finance Co. LLC** | **Blackstone Reg Finance Co. LLC** |
| 5.00%, 12/06/34 *(a)* | 3325000 | 3312498 |
| **Blue Owl Finance LLC** | **Blue Owl Finance LLC** | **Blue Owl Finance LLC** |
| 3.13%, 06/10/31 *(a)* | 2995000 | 2660758 |
| 4.38%, 02/15/32 *(a)* | 1850000 | 1729454 |
| 6.25%, 04/18/34 *(a)* | 4255000 | 4378608 |
| **Brookfield Asset Management Ltd.** | **Brookfield Asset Management Ltd.** | **Brookfield Asset Management Ltd.** |
| 5.80%, 04/24/35 *(a)* | 3140000 | 3225502 |
| **Brookfield Capital Finance LLC** | **Brookfield Capital Finance LLC** | **Brookfield Capital Finance LLC** |
| 6.09%, 06/14/33 *(a)* | 2455000 | 2607775 |
| **Brookfield Finance I U.K. PLC/Brookfield Finance, Inc.** | **Brookfield Finance I U.K. PLC/Brookfield Finance, Inc.** | **Brookfield Finance I U.K. PLC/Brookfield Finance, Inc.** |
| 2.34%, 01/30/32 *(a)* | 2710000 | 2307701 |
| **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** |
| 2.72%, 04/15/31 *(a)* | 2070000 | 1874033 |
| 6.35%, 01/05/34 *(a)* | 2750000 | 2954985 |
| 5.68%, 01/15/35 *(a)* | 2045000 | 2100276 |
| **Cboe Global Markets, Inc.** | **Cboe Global Markets, Inc.** | **Cboe Global Markets, Inc.** |
| 1.63%, 12/15/30 *(a)* | 2260000 | 1950041 |
| 3.00%, 03/16/32 *(a)* | 1385000 | 1245157 |
| **Charles Schwab Corp.** | **Charles Schwab Corp.** | **Charles Schwab Corp.** |
| 1.65%, 03/11/31 *(a)(e)* | 3110000 | 2674507 |
| 2.30%, 05/13/31 *(a)(e)* | 3220000 | 2867152 |
| 1.95%, 12/01/31 *(a)(e)* | 3515000 | 3009543 |
| 2.90%, 03/03/32 *(a)(e)* | 4200000 | 3780630 |
| 5.85%, 05/19/34 *(a)(b)(e)* | 5405000 | 5741245 |
| 6.14%, 08/24/34 *(a)(b)(e)* | 5560000 | 6018311 |
| **CI Financial Corp.** | **CI Financial Corp.** | **CI Financial Corp.** |
| 3.20%, 12/17/30 *(a)* | 3965000 | 3503514 |
| **CME Group, Inc.** | **CME Group, Inc.** | **CME Group, Inc.** |
| 2.65%, 03/15/32 *(a)* | 3350000 | 3003241 |
| **Franklin Resources, Inc.** | **Franklin Resources, Inc.** | **Franklin Resources, Inc.** |
| 1.60%, 10/30/30 *(a)* | 3890000 | 3351313 |
| **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** |
| 5.25%, 06/15/31 *(a)* | 3140000 | 3261487 |
| 1.85%, 09/15/32 *(a)* | 6750000 | 5608372 |
| 4.60%, 03/15/33 *(a)* | 6530000 | 6502247 |
| **Janus Henderson U.S. Holdings, Inc.** | **Janus Henderson U.S. Holdings, Inc.** | **Janus Henderson U.S. Holdings, Inc.** |
| 5.45%, 09/10/34 *(a)* | 1800000 | 1788012 |
| **Jefferies Financial Group, Inc.** | **Jefferies Financial Group, Inc.** | **Jefferies Financial Group, Inc.** |
| 2.63%, 10/15/31 *(a)* | 4270000 | 3717633 |
| 2.75%, 10/15/32 *(a)* | 2330000 | 1969456 |
| 6.20%, 04/14/34 *(a)* | 6380000 | 6673416 |
| **Lazard Group LLC** | **Lazard Group LLC** | **Lazard Group LLC** |
| 6.00%, 03/15/31 *(a)* | 1680000 | 1764890 |
| **LPL Holdings, Inc.** | **LPL Holdings, Inc.** | **LPL Holdings, Inc.** |
| 6.00%, 05/20/34 *(a)* | 1990000 | 2062774 |
| 5.65%, 03/15/35 *(a)* | 2205000 | 2218781 |
| 5.75%, 06/15/35 *(a)* | 2500000 | 2531400 |
| **Nasdaq, Inc.** | **Nasdaq, Inc.** | **Nasdaq, Inc.** |
| 1.65%, 01/15/31 *(a)* | 3095000 | 2674978 |
| 5.55%, 02/15/34 *(a)* | 5430000 | 5665228 |
| **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** |
| 4.90%, 07/01/30  | 3000000 | 3011070 |
| 2.68%, 07/16/30  | 4355000 | 3952032 |
| 2.61%, 07/14/31  | 4365000 | 3853116 |
| 3.00%, 01/22/32  | 3045000 | 2696591 |
| 6.18%, 01/18/33  | 3315000 | 3534818 |
| 6.09%, 07/12/33  | 2380000 | 2528345 |
| 5.78%, 07/03/34  | 4460000 | 4613736 |
| 5.49%, 06/29/35  | 2000000 | 2014680 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **TPG Operating Group II LP** | **TPG Operating Group II LP** | **TPG Operating Group II LP** |
| 5.88%, 03/05/34 *(a)* | 2730000 | 2838736 |
|  |  | **176232949** |
| ***Finance Companies 1.2%***  | ***Finance Companies 1.2%***  | ***Finance Companies 1.2%***  |
| **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** | **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** | **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** |
| 6.15%, 09/30/30 *(a)* | 3925000 | 4187661 |
| 5.38%, 12/15/31 *(a)* | 3420000 | 3500336 |
| 3.30%, 01/30/32 *(a)* | 17235000 | 15618874 |
| 3.40%, 10/29/33 *(a)* | 6425000 | 5667749 |
| 5.30%, 01/19/34 *(a)* | 3815000 | 3844490 |
| 4.95%, 09/10/34 *(a)* | 4605000 | 4507558 |
| 6.50%, 01/31/56 *(a)(b)* | 1900000 | 1907220 |
| **Air Lease Corp.** | **Air Lease Corp.** | **Air Lease Corp.** |
| 3.13%, 12/01/30 *(a)* | 3340000 | 3088765 |
| 5.20%, 07/15/31 *(a)* | 2665000 | 2726135 |
| 2.88%, 01/15/32 *(a)* | 3340000 | 2974604 |
| **Apollo Debt Solutions BDC** | **Apollo Debt Solutions BDC** | **Apollo Debt Solutions BDC** |
| 6.70%, 07/29/31 *(a)* | 4390000 | 4563098 |
| 6.55%, 03/15/32 *(a)(f)* | 2205000 | 2258295 |
| **Ares Capital Corp.** | **Ares Capital Corp.** | **Ares Capital Corp.** |
| 5.80%, 03/08/32 *(a)* | 4375000 | 4359337 |
| **ARES Capital Corp.** | **ARES Capital Corp.** | **ARES Capital Corp.** |
| 5.50%, 09/01/30 *(a)* | 3165000 | 3156296 |
| 3.20%, 11/15/31 *(a)* | 3290000 | 2871940 |
| **ARES Strategic Income Fund** | **ARES Strategic Income Fund** | **ARES Strategic Income Fund** |
| 5.80%, 09/09/30 *(a)(f)* | 2000000 | 2007680 |
| 6.20%, 03/21/32 *(a)* | 3315000 | 3341354 |
| **Blackstone Private Credit Fund** | **Blackstone Private Credit Fund** | **Blackstone Private Credit Fund** |
| 6.25%, 01/25/31 *(a)* | 2085000 | 2146070 |
| 6.00%, 01/29/32 *(a)* | 4425000 | 4452700 |
| 6.00%, 11/22/34 *(a)* | 3545000 | 3472611 |
| **Blue Owl Capital Corp.** | **Blue Owl Capital Corp.** | **Blue Owl Capital Corp.** |
| 6.20%, 07/15/30 *(a)* | 2000000 | 2021800 |
| **Blue Owl Credit Income Corp.** | **Blue Owl Credit Income Corp.** | **Blue Owl Credit Income Corp.** |
| 6.65%, 03/15/31 *(a)* | 3415000 | 3519157 |
| **GATX Corp.** | **GATX Corp.** | **GATX Corp.** |
| 1.90%, 06/01/31 *(a)* | 1750000 | 1488078 |
| 3.50%, 06/01/32 *(a)* | 1620000 | 1478056 |
| 4.90%, 03/15/33 *(a)* | 1655000 | 1639791 |
| 5.45%, 09/15/33 *(a)* | 1865000 | 1904874 |
| 6.05%, 03/15/34 *(a)* | 2110000 | 2241242 |
| 6.90%, 05/01/34 *(a)* | 1915000 | 2125784 |
| 5.50%, 06/15/35 *(a)* | 2000000 | 2025700 |
| **HPS Corporate Lending Fund** | **HPS Corporate Lending Fund** | **HPS Corporate Lending Fund** |
| 5.95%, 04/14/32 *(a)* | 2395000 | 2385516 |
| **Sixth Street Lending Partners** | **Sixth Street Lending Partners** | **Sixth Street Lending Partners** |
| 6.13%, 07/15/30 *(a)(f)* | 3000000 | 3057390 |
| **Sixth Street Specialty Lending, Inc.** | **Sixth Street Specialty Lending, Inc.** | **Sixth Street Specialty Lending, Inc.** |
| 5.63%, 08/15/30 *(a)* | 1450000 | 1455829 |
|  |  | **105995990** |
| ***Financial Other 0.2%***  | ***Financial Other 0.2%***  | ***Financial Other 0.2%***  |
| **HA Sustainable Infrastructure Capital, Inc.** | **HA Sustainable Infrastructure Capital, Inc.** | **HA Sustainable Infrastructure Capital, Inc.** |
| 6.15%, 01/15/31 *(a)* | 3000000 | 3036660 |
| 6.38%, 07/01/34 *(a)* | 4200000 | 4202792 |
| **J Paul Getty Trust** | **J Paul Getty Trust** | **J Paul Getty Trust** |
| 4.91%, 04/01/35 *(a)* | 2000000 | 2017760 |
| **ORIX Corp.** | **ORIX Corp.** | **ORIX Corp.** |
| 2.25%, 03/09/31  | 2045000 | 1803342 |
| 4.00%, 04/13/32  | 2050000 | 1946004 |

---

*See financial notes*

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

**151**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.20%, 09/13/32  | 2005000 | 2041792 |
| 5.40%, 02/25/35  | 2340000 | 2375521 |
|  |  | **17423871** |
| ***Insurance 4.9%***  | ***Insurance 4.9%***  | ***Insurance 4.9%***  |
| **Allstate Corp.** | **Allstate Corp.** | **Allstate Corp.** |
| 1.45%, 12/15/30 *(a)* | 2330000 | 1989401 |
| 5.25%, 03/30/33 *(a)* | 3470000 | 3560185 |
| 5.35%, 06/01/33  | 1310000 | 1356571 |
| 5.55%, 05/09/35  | 2500000 | 2599250 |
| **American International Group, Inc.** | **American International Group, Inc.** | **American International Group, Inc.** |
| 5.13%, 03/27/33 *(a)* | 3350000 | 3407352 |
| 3.88%, 01/15/35 *(a)* | 2000000 | 1829220 |
| 5.45%, 05/07/35 *(a)* | 2740000 | 2809569 |
| **Aon Corp./Aon Global Holdings PLC** | **Aon Corp./Aon Global Holdings PLC** | **Aon Corp./Aon Global Holdings PLC** |
| 2.05%, 08/23/31 *(a)* | 2170000 | 1873773 |
| 2.60%, 12/02/31 *(a)* | 2160000 | 1915618 |
| 5.00%, 09/12/32 *(a)* | 2210000 | 2249824 |
| 5.35%, 02/28/33 *(a)* | 3415000 | 3521685 |
| **Aon North America, Inc.** | **Aon North America, Inc.** | **Aon North America, Inc.** |
| 5.30%, 03/01/31 *(a)* | 2655000 | 2750102 |
| 5.45%, 03/01/34 *(a)* | 7275000 | 7480300 |
| **Arch Capital Group Ltd.** | **Arch Capital Group Ltd.** | **Arch Capital Group Ltd.** |
| 7.35%, 05/01/34  | 1230000 | 1422864 |
| **Arthur J Gallagher & Co.** | **Arthur J Gallagher & Co.** | **Arthur J Gallagher & Co.** |
| 2.40%, 11/09/31 *(a)* | 1660000 | 1455654 |
| 5.00%, 02/15/32 *(a)* | 2200000 | 2230448 |
| 5.50%, 03/02/33 *(a)* | 1610000 | 1664821 |
| 6.50%, 02/15/34 *(a)* | 1635000 | 1794674 |
| 5.45%, 07/15/34 *(a)* | 2225000 | 2282472 |
| 5.15%, 02/15/35 *(a)* | 6345000 | 6352931 |
| **Aspen Insurance Holdings Ltd.** | **Aspen Insurance Holdings Ltd.** | **Aspen Insurance Holdings Ltd.** |
| 5.75%, 07/01/30 *(a)* | 1250000 | 1271463 |
| **Assurant, Inc.** | **Assurant, Inc.** | **Assurant, Inc.** |
| 2.65%, 01/15/32 *(a)* | 1465000 | 1248854 |
| **Assured Guaranty U.S. Holdings, Inc.** | **Assured Guaranty U.S. Holdings, Inc.** | **Assured Guaranty U.S. Holdings, Inc.** |
| 3.15%, 06/15/31 *(a)* | 2080000 | 1923896 |
| **Athene Holding Ltd.** | **Athene Holding Ltd.** | **Athene Holding Ltd.** |
| 3.50%, 01/15/31 *(a)* | 2075000 | 1954546 |
| 6.65%, 02/01/33 *(a)(c)* | 1655000 | 1790230 |
| 5.88%, 01/15/34 *(a)(c)* | 2900000 | 3007648 |
| 6.63%, 10/15/54 *(a)(b)* | 2405000 | 2372917 |
| 6.88%, 06/28/55 *(a)(b)* | 2750000 | 2736552 |
| **AXA SA** | **AXA SA** | **AXA SA** |
| 8.60%, 12/15/30  | 3970000 | 4731089 |
| **Berkshire Hathaway Finance Corp.** | **Berkshire Hathaway Finance Corp.** | **Berkshire Hathaway Finance Corp.** |
| 1.45%, 10/15/30 *(a)* | 3015000 | 2638668 |
| 2.88%, 03/15/32 *(a)* | 4510000 | 4161738 |
| **Brown & Brown, Inc.** | **Brown & Brown, Inc.** | **Brown & Brown, Inc.** |
| 2.38%, 03/15/31 *(a)* | 2850000 | 2510480 |
| 4.20%, 03/17/32 *(a)* | 2810000 | 2690069 |
| 5.25%, 06/23/32 *(a)* | 2250000 | 2294775 |
| 5.65%, 06/11/34 *(a)* | 2460000 | 2528954 |
| 5.55%, 06/23/35 *(a)* | 4500000 | 4592430 |
| **Centene Corp.** | **Centene Corp.** | **Centene Corp.** |
| 3.00%, 10/15/30 *(a)* | 9475000 | 8470271 |
| 2.50%, 03/01/31 *(a)* | 9465000 | 8159682 |
| 2.63%, 08/01/31 *(a)* | 5745000 | 4930359 |
| **Chubb INA Holdings LLC** | **Chubb INA Holdings LLC** | **Chubb INA Holdings LLC** |
| 1.38%, 09/15/30 *(a)* | 4575000 | 3983773 |
| 5.00%, 03/15/34 *(a)* | 6900000 | 7029237 |
| **Cincinnati Financial Corp.** | **Cincinnati Financial Corp.** | **Cincinnati Financial Corp.** |
| 6.13%, 11/01/34  | 1540000 | 1639053 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **CNA Financial Corp.** | **CNA Financial Corp.** | **CNA Financial Corp.** |
| 2.05%, 08/15/30 *(a)* | 2365000 | 2083872 |
| 5.50%, 06/15/33 *(a)* | 2360000 | 2425136 |
| 5.13%, 02/15/34 *(a)* | 2025000 | 2028989 |
| **CNO Financial Group, Inc.** | **CNO Financial Group, Inc.** | **CNO Financial Group, Inc.** |
| 6.45%, 06/15/34 *(a)* | 2970000 | 3122212 |
| **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** |
| 3.90%, 04/05/32 *(a)* | 6465000 | 6074191 |
| 6.05%, 09/15/33 *(a)* | 2100000 | 2211552 |
| 5.75%, 01/15/34 *(a)* | 3615000 | 3758046 |
| 6.38%, 09/15/54 *(a)(b)* | 3160000 | 3154438 |
| **Elevance Health, Inc.** | **Elevance Health, Inc.** | **Elevance Health, Inc.** |
| 2.55%, 03/15/31 *(a)* | 4280000 | 3845280 |
| 4.95%, 11/01/31 *(a)* | 3180000 | 3227509 |
| 4.10%, 05/15/32 *(a)* | 2590000 | 2488239 |
| 5.50%, 10/15/32 *(a)* | 2960000 | 3088494 |
| 4.75%, 02/15/33 *(a)* | 4345000 | 4317757 |
| 5.38%, 06/15/34 *(a)* | 4220000 | 4317440 |
| 5.95%, 12/15/34  | 1625000 | 1721541 |
| 5.20%, 02/15/35 *(a)* | 5180000 | 5236773 |
| **Enstar Group Ltd.** | **Enstar Group Ltd.** | **Enstar Group Ltd.** |
| 3.10%, 09/01/31 *(a)* | 2305000 | 2050436 |
| **Equitable Holdings, Inc.** | **Equitable Holdings, Inc.** | **Equitable Holdings, Inc.** |
| 5.59%, 01/11/33 *(a)* | 2260000 | 2353880 |
| 6.70%, 03/28/55 *(a)(b)* | 2105000 | 2155394 |
| **F&G Annuities & Life, Inc.** | **F&G Annuities & Life, Inc.** | **F&G Annuities & Life, Inc.** |
| 6.25%, 10/04/34 *(a)* | 2280000 | 2267300 |
| **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** |
| 3.38%, 03/03/31 *(a)* | 2500000 | 2322375 |
| 5.63%, 08/16/32 *(a)* | 3155000 | 3250029 |
| 6.00%, 12/07/33 *(a)* | 3455000 | 3610268 |
| 5.75%, 05/20/35 *(a)(f)* | 2500000 | 2538075 |
| **Fidelity National Financial, Inc.** | **Fidelity National Financial, Inc.** | **Fidelity National Financial, Inc.** |
| 2.45%, 03/15/31 *(a)* | 2660000 | 2311380 |
| **First American Financial Corp.** | **First American Financial Corp.** | **First American Financial Corp.** |
| 2.40%, 08/15/31 *(a)* | 2575000 | 2207136 |
| 5.45%, 09/30/34 *(a)* | 2005000 | 1972138 |
| **Globe Life, Inc.** | **Globe Life, Inc.** | **Globe Life, Inc.** |
| 2.15%, 08/15/30 *(a)* | 1655000 | 1464476 |
| 4.80%, 06/15/32 *(a)* | 1805000 | 1777221 |
| 5.85%, 09/15/34 *(a)* | 1770000 | 1833773 |
| **Hanover Insurance Group, Inc.** | **Hanover Insurance Group, Inc.** | **Hanover Insurance Group, Inc.** |
| 2.50%, 09/01/30 *(a)* | 1295000 | 1153741 |
| **Humana, Inc.** | **Humana, Inc.** | **Humana, Inc.** |
| 5.38%, 04/15/31 *(a)* | 6690000 | 6845342 |
| 2.15%, 02/03/32 *(a)* | 3005000 | 2523178 |
| 5.88%, 03/01/33 *(a)* | 3415000 | 3539135 |
| 5.95%, 03/15/34 *(a)* | 3470000 | 3607585 |
| 5.55%, 05/01/35 *(a)* | 3335000 | 3354543 |
| **Jackson Financial, Inc.** | **Jackson Financial, Inc.** | **Jackson Financial, Inc.** |
| 3.13%, 11/23/31 *(a)* | 2370000 | 2104465 |
| 5.67%, 06/08/32 *(a)* | 1410000 | 1440216 |
| **Kemper Corp.** | **Kemper Corp.** | **Kemper Corp.** |
| 2.40%, 09/30/30 *(a)* | 1920000 | 1690349 |
| 3.80%, 02/23/32 *(a)* | 1735000 | 1584523 |
| **Lincoln National Corp.** | **Lincoln National Corp.** | **Lincoln National Corp.** |
| 3.40%, 01/15/31 *(a)(c)* | 2010000 | 1878606 |
| 3.40%, 03/01/32 *(a)* | 1275000 | 1147564 |
| 5.85%, 03/15/34 *(a)* | 1605000 | 1652909 |
| **Loews Corp.** | **Loews Corp.** | **Loews Corp.** |
| 6.00%, 02/01/35  | 1250000 | 1362688 |
| **Manulife Financial Corp.** | **Manulife Financial Corp.** | **Manulife Financial Corp.** |
| 3.70%, 03/16/32 *(a)* | 3010000 | 2854774 |

---

*See financial notes*

**152**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** |
| 2.25%, 11/15/30 *(a)* | 3500000 | 3135405 |
| 4.85%, 11/15/31 *(a)* | 4500000 | 4573125 |
| 2.38%, 12/15/31 *(a)* | 1645000 | 1441810 |
| 5.75%, 11/01/32 *(a)* | 2125000 | 2267864 |
| 5.88%, 08/01/33  | 1395000 | 1491157 |
| 5.40%, 09/15/33 *(a)* | 2465000 | 2557980 |
| 5.15%, 03/15/34 *(a)* | 2160000 | 2208146 |
| 5.00%, 03/15/35 *(a)* | 8705000 | 8703781 |
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| 6.50%, 12/15/32  | 2395000 | 2689441 |
| 5.38%, 07/15/33 *(a)* | 4155000 | 4330590 |
| 6.38%, 06/15/34  | 3380000 | 3746899 |
| 5.30%, 12/15/34 *(a)* | 3460000 | 3556534 |
| 5.70%, 06/15/35  | 4500000 | 4766670 |
| 6.35%, 03/15/55 *(a)(b)* | 4315000 | 4434310 |
| **Old Republic International Corp.** | **Old Republic International Corp.** | **Old Republic International Corp.** |
| 5.75%, 03/28/34 *(a)* | 1580000 | 1629059 |
| **PartnerRe Finance B LLC** | **PartnerRe Finance B LLC** | **PartnerRe Finance B LLC** |
| 4.50%, 10/01/50 *(a)(b)* | 2090000 | 1953502 |
| **Primerica, Inc.** | **Primerica, Inc.** | **Primerica, Inc.** |
| 2.80%, 11/19/31 *(a)* | 2765000 | 2449320 |
| **Principal Financial Group, Inc.** | **Principal Financial Group, Inc.** | **Principal Financial Group, Inc.** |
| 5.38%, 03/15/33 *(a)* | 1880000 | 1934238 |
| **Progressive Corp.** | **Progressive Corp.** | **Progressive Corp.** |
| 3.00%, 03/15/32 *(a)* | 2420000 | 2209073 |
| 6.25%, 12/01/32  | 1655000 | 1820980 |
| 4.95%, 06/15/33 *(a)* | 2155000 | 2202432 |
| **Prudential Financial, Inc.** | **Prudential Financial, Inc.** | **Prudential Financial, Inc.** |
| 5.75%, 07/15/33  | 1895000 | 2026930 |
| 5.20%, 03/14/35 *(a)* | 3560000 | 3596704 |
| 3.70%, 10/01/50 *(a)(b)* | 3650000 | 3340224 |
| 5.13%, 03/01/52 *(a)(b)* | 4200000 | 4059174 |
| 6.00%, 09/01/52 *(a)(b)* | 5045000 | 5089598 |
| 6.75%, 03/01/53 *(a)(b)* | 2035000 | 2133229 |
| 6.50%, 03/15/54 *(a)(b)* | 4315000 | 4451354 |
| **Prudential Funding Asia PLC** | **Prudential Funding Asia PLC** | **Prudential Funding Asia PLC** |
| 3.63%, 03/24/32 *(a)* | 1625000 | 1511803 |
| **Reinsurance Group of America, Inc.** | **Reinsurance Group of America, Inc.** | **Reinsurance Group of America, Inc.** |
| 6.00%, 09/15/33 *(a)* | 1655000 | 1736459 |
| 5.75%, 09/15/34 *(a)* | 3050000 | 3137718 |
| **RenaissanceRe Holdings Ltd.** | **RenaissanceRe Holdings Ltd.** | **RenaissanceRe Holdings Ltd.** |
| 5.75%, 06/05/33 *(a)* | 3215000 | 3308653 |
| 5.80%, 04/01/35 *(a)* | 2120000 | 2179508 |
| **Selective Insurance Group, Inc.** | **Selective Insurance Group, Inc.** | **Selective Insurance Group, Inc.** |
| 5.90%, 04/15/35 *(a)* | 1695000 | 1736358 |
| **Stewart Information Services Corp.** | **Stewart Information Services Corp.** | **Stewart Information Services Corp.** |
| 3.60%, 11/15/31 *(a)* | 1940000 | 1740335 |
| **Travelers Property Casualty Corp.** | **Travelers Property Casualty Corp.** | **Travelers Property Casualty Corp.** |
| 6.38%, 03/15/33  | 2005000 | 2248567 |
| **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** |
| 4.65%, 01/15/31 *(a)* | 3500000 | 3518725 |
| 4.90%, 04/15/31 *(a)* | 4590000 | 4666378 |
| 2.30%, 05/15/31 *(a)* | 6470000 | 5716568 |
| 4.95%, 01/15/32 *(a)* | 6340000 | 6424449 |
| 4.20%, 05/15/32 *(a)* | 6320000 | 6122310 |
| 5.35%, 02/15/33 *(a)* | 8325000 | 8578080 |
| 4.50%, 04/15/33 *(a)* | 6455000 | 6294981 |
| 5.00%, 04/15/34 *(a)* | 5440000 | 5438803 |
| 5.15%, 07/15/34 *(a)* | 8780000 | 8871927 |
| 5.30%, 06/15/35 *(a)* | 4750000 | 4843385 |
| **Voya Financial, Inc.** | **Voya Financial, Inc.** | **Voya Financial, Inc.** |
| 5.00%, 09/20/34 *(a)* | 1860000 | 1819973 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Willis North America, Inc.** | **Willis North America, Inc.** | **Willis North America, Inc.** |
| 5.35%, 05/15/33 *(a)* | 3138000 | 3217737 |
|  |  | **425080612** |
| ***REITs 4.5%***  | ***REITs 4.5%***  | ***REITs 4.5%***  |
| **Agree LP** | **Agree LP** | **Agree LP** |
| 2.90%, 10/01/30 *(a)* | 1615000 | 1491356 |
| 4.80%, 10/01/32 *(a)* | 1355000 | 1343293 |
| 2.60%, 06/15/33 *(a)* | 1325000 | 1104878 |
| 5.63%, 06/15/34 *(a)* | 1800000 | 1846890 |
| 5.60%, 06/15/35 *(a)* | 1750000 | 1783197 |
| **Alexandria Real Estate Equities, Inc.** | **Alexandria Real Estate Equities, Inc.** | **Alexandria Real Estate Equities, Inc.** |
| 4.70%, 07/01/30 *(a)* | 1915000 | 1915249 |
| 4.90%, 12/15/30 *(a)* | 2930000 | 2954641 |
| 3.38%, 08/15/31 *(a)* | 3230000 | 2990366 |
| 2.00%, 05/18/32 *(a)* | 3970000 | 3297403 |
| 1.88%, 02/01/33 *(a)* | 4270000 | 3423430 |
| 2.95%, 03/15/34 *(a)* | 3530000 | 2983697 |
| 4.75%, 04/15/35 *(a)* | 2150000 | 2060925 |
| **American Assets Trust LP** | **American Assets Trust LP** | **American Assets Trust LP** |
| 3.38%, 02/01/31 *(a)* | 2125000 | 1905721 |
| 6.15%, 10/01/34 *(a)* | 2340000 | 2342668 |
| **American Homes 4 Rent LP** | **American Homes 4 Rent LP** | **American Homes 4 Rent LP** |
| 2.38%, 07/15/31 *(a)* | 2135000 | 1859115 |
| 3.63%, 04/15/32 *(a)* | 2390000 | 2207930 |
| 5.50%, 02/01/34 *(a)* | 2565000 | 2610170 |
| 5.50%, 07/15/34 *(a)* | 2320000 | 2352874 |
| 5.25%, 03/15/35 *(a)* | 2100000 | 2088702 |
| **Americold Realty Operating Partnership LP** | **Americold Realty Operating Partnership LP** | **Americold Realty Operating Partnership LP** |
| 5.60%, 05/15/32 *(a)* | 1735000 | 1744022 |
| 5.41%, 09/12/34 *(a)* | 2180000 | 2137577 |
| **AvalonBay Communities, Inc.** | **AvalonBay Communities, Inc.** | **AvalonBay Communities, Inc.** |
| 2.45%, 01/15/31 *(a)* | 2627000 | 2365325 |
| 2.05%, 01/15/32 *(a)* | 2885000 | 2490361 |
| 5.00%, 02/15/33 *(a)* | 1535000 | 1559115 |
| 5.30%, 12/07/33 *(a)* | 2135000 | 2200715 |
| 5.35%, 06/01/34 *(a)* | 1740000 | 1792722 |
| **Boston Properties LP** | **Boston Properties LP** | **Boston Properties LP** |
| 3.25%, 01/30/31 *(a)* | 5300000 | 4859570 |
| 2.55%, 04/01/32 *(a)* | 3535000 | 2984176 |
| 2.45%, 10/01/33 *(a)* | 3535000 | 2831252 |
| 6.50%, 01/15/34 *(a)(c)* | 3400000 | 3645446 |
| 5.75%, 01/15/35 *(a)* | 3970000 | 3998108 |
| **Brixmor Operating Partnership LP** | **Brixmor Operating Partnership LP** | **Brixmor Operating Partnership LP** |
| 4.05%, 07/01/30 *(a)* | 3350000 | 3254592 |
| 2.50%, 08/16/31 *(a)* | 1925000 | 1680891 |
| 5.20%, 04/01/32 *(a)* | 1750000 | 1769705 |
| 5.50%, 02/15/34 *(a)* | 1955000 | 1978108 |
| 5.75%, 02/15/35 *(a)* | 1730000 | 1779218 |
| **Broadstone Net Lease LLC** | **Broadstone Net Lease LLC** | **Broadstone Net Lease LLC** |
| 2.60%, 09/15/31 *(a)* | 1570000 | 1337405 |
| **Camden Property Trust** | **Camden Property Trust** | **Camden Property Trust** |
| 4.90%, 01/15/34 *(a)* | 1835000 | 1837826 |
| **COPT Defense Properties LP** | **COPT Defense Properties LP** | **COPT Defense Properties LP** |
| 2.75%, 04/15/31 *(a)* | 2575000 | 2278669 |
| 2.90%, 12/01/33 *(a)* | 1830000 | 1513099 |
| **Cousins Properties LP** | **Cousins Properties LP** | **Cousins Properties LP** |
| 5.25%, 07/15/30 *(a)* | 2250000 | 2292997 |
| 5.38%, 02/15/32 *(a)* | 1705000 | 1724539 |
| 5.88%, 10/01/34 *(a)* | 2160000 | 2226809 |
| **CubeSmart LP** | **CubeSmart LP** | **CubeSmart LP** |
| 2.00%, 02/15/31 *(a)* | 1845000 | 1601275 |
| 2.50%, 02/15/32 *(a)* | 2220000 | 1910865 |

---

*See financial notes*

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

**153**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **DOC Dr. LLC** | **DOC Dr. LLC** | **DOC Dr. LLC** |
| 2.63%, 11/01/31 *(a)* | 2190000 | 1929872 |
| **EPR Properties** | **EPR Properties** | **EPR Properties** |
| 3.60%, 11/15/31 *(a)* | 1790000 | 1625069 |
| **ERP Operating LP** | **ERP Operating LP** | **ERP Operating LP** |
| 1.85%, 08/01/31 *(a)* | 2348000 | 2029071 |
| 4.95%, 06/15/32 *(a)* | 2000000 | 2023700 |
| 4.65%, 09/15/34 *(a)* | 2710000 | 2631274 |
| **Essential Properties LP** | **Essential Properties LP** | **Essential Properties LP** |
| 2.95%, 07/15/31 *(a)* | 1795000 | 1596455 |
| **Essex Portfolio LP** | **Essex Portfolio LP** | **Essex Portfolio LP** |
| 1.65%, 01/15/31 *(a)* | 1410000 | 1197203 |
| 2.55%, 06/15/31 *(a)* | 1215000 | 1078944 |
| 2.65%, 03/15/32 *(a)* | 3160000 | 2763483 |
| 5.50%, 04/01/34 *(a)* | 2360000 | 2417962 |
| 5.38%, 04/01/35 *(a)* | 1645000 | 1672225 |
| **Extra Space Storage LP** | **Extra Space Storage LP** | **Extra Space Storage LP** |
| 5.50%, 07/01/30 *(a)* | 3505000 | 3638611 |
| 2.20%, 10/15/30 *(a)* | 1515000 | 1339154 |
| 5.90%, 01/15/31 *(a)* | 2490000 | 2634420 |
| 2.55%, 06/01/31 *(a)* | 2050000 | 1813266 |
| 2.40%, 10/15/31 *(a)* | 2645000 | 2299801 |
| 2.35%, 03/15/32 *(a)* | 2685000 | 2280585 |
| 5.40%, 02/01/34 *(a)* | 2730000 | 2774253 |
| 5.35%, 01/15/35 *(a)* | 1650000 | 1664239 |
| 5.40%, 06/15/35 *(a)* | 2445000 | 2459328 |
| **First Industrial LP** | **First Industrial LP** | **First Industrial LP** |
| 5.25%, 01/15/31 *(a)* | 2240000 | 2267821 |
| **Healthcare Realty Holdings LP** | **Healthcare Realty Holdings LP** | **Healthcare Realty Holdings LP** |
| 2.00%, 03/15/31 *(a)* | 3630000 | 3111237 |
| **Healthpeak OP LLC** | **Healthpeak OP LLC** | **Healthpeak OP LLC** |
| 2.88%, 01/15/31 *(a)* | 2555000 | 2332817 |
| 5.25%, 12/15/32 *(a)* | 3145000 | 3201107 |
| 5.38%, 02/15/35 *(a)* | 2185000 | 2210717 |
| **Highwoods Realty LP** | **Highwoods Realty LP** | **Highwoods Realty LP** |
| 2.60%, 02/01/31 *(a)* | 1790000 | 1547938 |
| 7.65%, 02/01/34 *(a)* | 1380000 | 1560849 |
| **Host Hotels & Resorts LP** | **Host Hotels & Resorts LP** | **Host Hotels & Resorts LP** |
| 3.50%, 09/15/30 *(a)* | 3085000 | 2869636 |
| 2.90%, 12/15/31 *(a)* | 2075000 | 1820418 |
| 5.70%, 06/15/32 *(a)* | 2050000 | 2081303 |
| 5.70%, 07/01/34 *(a)* | 2570000 | 2588093 |
| 5.50%, 04/15/35 *(a)* | 3065000 | 3040112 |
| **Invitation Homes Operating Partnership LP** | **Invitation Homes Operating Partnership LP** | **Invitation Homes Operating Partnership LP** |
| 5.45%, 08/15/30 *(a)* | 1880000 | 1946402 |
| 2.00%, 08/15/31 *(a)* | 2990000 | 2542008 |
| 4.15%, 04/15/32 *(a)* | 2465000 | 2339408 |
| 5.50%, 08/15/33 *(a)* | 1710000 | 1740541 |
| 2.70%, 01/15/34 *(a)* | 1655000 | 1368420 |
| 4.88%, 02/01/35 *(a)* | 2150000 | 2084747 |
| **Kilroy Realty LP** | **Kilroy Realty LP** | **Kilroy Realty LP** |
| 2.50%, 11/15/32 *(a)* | 1834000 | 1477214 |
| 2.65%, 11/15/33 *(a)* | 2040000 | 1606010 |
| **Kimco Realty OP LLC** | **Kimco Realty OP LLC** | **Kimco Realty OP LLC** |
| 2.70%, 10/01/30 *(a)* | 2360000 | 2169076 |
| 2.25%, 12/01/31 *(a)* | 1995000 | 1731381 |
| 3.20%, 04/01/32 *(a)* | 2810000 | 2563647 |
| 4.60%, 02/01/33 *(a)* | 2830000 | 2792446 |
| 6.40%, 03/01/34 *(a)* | 2360000 | 2571126 |
| 4.85%, 03/01/35 *(a)* | 2100000 | 2058819 |
| **Kite Realty Group LP** | **Kite Realty Group LP** | **Kite Realty Group LP** |
| 4.95%, 12/15/31 *(a)* | 1510000 | 1515738 |
| 5.20%, 08/15/32 *(a)* | 1250000 | 1261913 |
| 5.50%, 03/01/34 *(a)* | 1510000 | 1539626 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Kite Realty Group Trust** | **Kite Realty Group Trust** | **Kite Realty Group Trust** |
| 4.75%, 09/15/30 *(a)* | 1715000 | 1711862 |
| **Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.** | **Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.** | **Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.** |
| 5.50%, 08/01/30 *(a)(d)* | 2000000 | 2014280 |
| **Lineage OP LP** | **Lineage OP LP** | **Lineage OP LP** |
| 5.25%, 07/15/30 *(a)(f)* | 2000000 | 2013420 |
| **LXP Industrial Trust** | **LXP Industrial Trust** | **LXP Industrial Trust** |
| 2.70%, 09/15/30 *(a)* | 1655000 | 1481821 |
| 2.38%, 10/01/31 *(a)* | 1650000 | 1398078 |
| **Mid-America Apartments LP** | **Mid-America Apartments LP** | **Mid-America Apartments LP** |
| 1.70%, 02/15/31 *(a)* | 2025000 | 1740872 |
| 5.30%, 02/15/32 *(a)* | 1680000 | 1737893 |
| 5.00%, 03/15/34 *(a)* | 1415000 | 1427183 |
| 4.95%, 03/01/35 *(a)* | 1550000 | 1540421 |
| **National Health Investors, Inc.** | **National Health Investors, Inc.** | **National Health Investors, Inc.** |
| 3.00%, 02/01/31 *(a)* | 1810000 | 1608113 |
| **NNN REIT, Inc.** | **NNN REIT, Inc.** | **NNN REIT, Inc.** |
| 4.60%, 02/15/31 *(a)* | 2000000 | 1989800 |
| 5.60%, 10/15/33 *(a)* | 2015000 | 2085364 |
| 5.50%, 06/15/34 *(a)* | 2115000 | 2169250 |
| **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** |
| 5.20%, 07/01/30 *(a)* | 2950000 | 2968319 |
| 3.38%, 02/01/31 *(a)* | 3074000 | 2814001 |
| 3.25%, 04/15/33 *(a)* | 2830000 | 2442516 |
| **Phillips Edison Grocery Center Operating Partnership I LP** | **Phillips Edison Grocery Center Operating Partnership I LP** | **Phillips Edison Grocery Center Operating Partnership I LP** |
| 2.63%, 11/15/31 *(a)* | 1545000 | 1346251 |
| 5.25%, 08/15/32 *(a)* | 1500000 | 1514790 |
| 5.75%, 07/15/34 *(a)* | 1510000 | 1553367 |
| 4.95%, 01/15/35 *(a)* | 1510000 | 1465334 |
| **Piedmont Operating Partnership LP** | **Piedmont Operating Partnership LP** | **Piedmont Operating Partnership LP** |
| 3.15%, 08/15/30 *(a)* | 1340000 | 1203508 |
| 2.75%, 04/01/32 *(a)* | 1320000 | 1102649 |
| **Prologis LP** | **Prologis LP** | **Prologis LP** |
| 1.75%, 07/01/30 *(a)* | 1600000 | 1407312 |
| 1.25%, 10/15/30 *(a)* | 3370000 | 2882395 |
| 4.75%, 01/15/31 *(a)* | 2240000 | 2270240 |
| 1.75%, 02/01/31 *(a)* | 1885000 | 1636840 |
| 1.63%, 03/15/31 *(a)* | 1800000 | 1538478 |
| 2.25%, 01/15/32 *(a)* | 2000000 | 1736100 |
| 4.63%, 01/15/33 *(a)* | 2560000 | 2548557 |
| 4.75%, 06/15/33 *(a)* | 3475000 | 3465270 |
| 5.13%, 01/15/34 *(a)* | 3330000 | 3375621 |
| 5.00%, 03/15/34 *(a)* | 3500000 | 3510360 |
| 5.00%, 01/31/35 *(a)* | 2910000 | 2908574 |
| 5.25%, 05/15/35 *(a)* | 3240000 | 3283967 |
| **Public Storage Operating Co.** | **Public Storage Operating Co.** | **Public Storage Operating Co.** |
| 2.30%, 05/01/31 *(a)* | 3115000 | 2769048 |
| 2.25%, 11/09/31 *(a)* | 2275000 | 1989146 |
| 5.10%, 08/01/33 *(a)* | 3205000 | 3293202 |
| **Realty Income Corp.** | **Realty Income Corp.** | **Realty Income Corp.** |
| 3.25%, 01/15/31 *(a)* | 4045000 | 3792390 |
| 3.20%, 02/15/31 *(a)* | 1935000 | 1798621 |
| 2.70%, 02/15/32 *(a)* | 1400000 | 1234506 |
| 5.63%, 10/13/32 *(a)* | 3650000 | 3821294 |
| 2.85%, 12/15/32 *(a)* | 2985000 | 2617457 |
| 1.80%, 03/15/33 *(a)* | 1755000 | 1416092 |
| 4.90%, 07/15/33 *(a)* | 2615000 | 2608489 |
| 5.13%, 02/15/34 *(a)* | 3415000 | 3456492 |
| 5.13%, 04/15/35 *(a)* | 2575000 | 2579867 |
| **Regency Centers LP** | **Regency Centers LP** | **Regency Centers LP** |
| 5.00%, 07/15/32 *(a)* | 1740000 | 1761245 |
| 5.25%, 01/15/34 *(a)* | 1805000 | 1833681 |
| 5.10%, 01/15/35 *(a)* | 1425000 | 1429646 |

---

*See financial notes*

**154**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Rexford Industrial Realty LP** | **Rexford Industrial Realty LP** | **Rexford Industrial Realty LP** |
| 2.13%, 12/01/30 *(a)* | 1750000 | 1524460 |
| 2.15%, 09/01/31 *(a)* | 1750000 | 1500923 |
| **Sabra Health Care LP** | **Sabra Health Care LP** | **Sabra Health Care LP** |
| 3.20%, 12/01/31 *(a)* | 3380000 | 3019726 |
| **Safehold GL Holdings LLC** | **Safehold GL Holdings LLC** | **Safehold GL Holdings LLC** |
| 2.80%, 06/15/31 *(a)* | 1830000 | 1640467 |
| 2.85%, 01/15/32 *(a)* | 1395000 | 1215729 |
| 6.10%, 04/01/34 *(a)* | 1270000 | 1325715 |
| 5.65%, 01/15/35 *(a)* | 1875000 | 1875281 |
| **Simon Property Group LP** | **Simon Property Group LP** | **Simon Property Group LP** |
| 2.65%, 07/15/30 *(a)* | 3530000 | 3256284 |
| 2.20%, 02/01/31 *(a)* | 3035000 | 2691377 |
| 2.25%, 01/15/32 *(a)* | 2830000 | 2445148 |
| 2.65%, 02/01/32 *(a)* | 3315000 | 2921642 |
| 5.50%, 03/08/33 *(a)* | 2645000 | 2762676 |
| 6.25%, 01/15/34 *(a)* | 2215000 | 2410496 |
| 4.75%, 09/26/34 *(a)* | 4435000 | 4320710 |
| **Store Capital LLC** | **Store Capital LLC** | **Store Capital LLC** |
| 2.75%, 11/18/30 *(a)* | 1460000 | 1290012 |
| 2.70%, 12/01/31 *(a)* | 1735000 | 1473588 |
| **Sun Communities Operating LP** | **Sun Communities Operating LP** | **Sun Communities Operating LP** |
| 2.70%, 07/15/31 *(a)* | 3430000 | 3041038 |
| 4.20%, 04/15/32 *(a)* | 2455000 | 2333576 |
| **Tanger Properties LP** | **Tanger Properties LP** | **Tanger Properties LP** |
| 2.75%, 09/01/31 *(a)* | 1820000 | 1597378 |
| **UDR, Inc.** | **UDR, Inc.** | **UDR, Inc.** |
| 3.00%, 08/15/31 *(a)* | 2540000 | 2314829 |
| 2.10%, 08/01/32 *(a)* | 1685000 | 1396444 |
| 1.90%, 03/15/33 *(a)* | 1535000 | 1228154 |
| 2.10%, 06/15/33 *(a)* | 1225000 | 988465 |
| 5.13%, 09/01/34 *(a)* | 1285000 | 1273576 |
| 3.10%, 11/01/34 *(a)* | 1320000 | 1114278 |
| **Ventas Realty LP** | **Ventas Realty LP** | **Ventas Realty LP** |
| 4.75%, 11/15/30 *(a)* | 2300000 | 2310764 |
| 2.50%, 09/01/31 *(a)* | 2180000 | 1922782 |
| 5.10%, 07/15/32 *(a)* | 2000000 | 2023880 |
| 5.63%, 07/01/34 *(a)* | 2475000 | 2553408 |
| 5.00%, 01/15/35 *(a)* | 2255000 | 2217635 |
| **Welltower OP LLC** | **Welltower OP LLC** | **Welltower OP LLC** |
| 4.50%, 07/01/30 *(a)* | 2500000 | 2512350 |
| 2.75%, 01/15/31 *(a)* | 2500000 | 2286525 |
| 2.80%, 06/01/31 *(a)* | 3190000 | 2899678 |
| 2.75%, 01/15/32 *(a)* | 2395000 | 2140435 |
| 3.85%, 06/15/32 *(a)* | 2070000 | 1963105 |
| **WP Carey, Inc.** | **WP Carey, Inc.** | **WP Carey, Inc.** |
| 2.40%, 02/01/31 *(a)* | 2025000 | 1782891 |
| 2.45%, 02/01/32 *(a)* | 1535000 | 1317997 |
| 2.25%, 04/01/33 *(a)* | 1850000 | 1509563 |
| 5.38%, 06/30/34 *(a)* | 1735000 | 1753027 |
|  |  | **392616371** |
|  |  | **3292627309** |
| **Industrial 51.2%** | **Industrial 51.2%** | **Industrial 51.2%** |
| ***Basic Industry 2.6%***  | ***Basic Industry 2.6%***  | ***Basic Industry 2.6%***  |
| **Air Products & Chemicals, Inc.** | **Air Products & Chemicals, Inc.** | **Air Products & Chemicals, Inc.** |
| 4.75%, 02/08/31 *(a)* | 3055000 | 3110601 |
| 4.90%, 10/11/32 *(a)* | 2000000 | 2028180 |
| 4.80%, 03/03/33 *(a)* | 2335000 | 2355315 |
| 4.85%, 02/08/34 *(a)* | 4780000 | 4793862 |
| **Albemarle Corp.** | **Albemarle Corp.** | **Albemarle Corp.** |
| 5.05%, 06/01/32 *(a)* | 2505000 | 2413893 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **AngloGold Ashanti Holdings PLC** | **AngloGold Ashanti Holdings PLC** | **AngloGold Ashanti Holdings PLC** |
| 3.75%, 10/01/30 *(a)* | 2939000 | 2757193 |
| **ArcelorMittal SA** | **ArcelorMittal SA** | **ArcelorMittal SA** |
| 6.80%, 11/29/32 *(a)* | 4135000 | 4551436 |
| 6.00%, 06/17/34 *(a)* | 2360000 | 2476985 |
| **BHP Billiton Finance USA Ltd.** | **BHP Billiton Finance USA Ltd.** | **BHP Billiton Finance USA Ltd.** |
| 5.25%, 09/08/30 *(a)* | 4030000 | 4180682 |
| 5.13%, 02/21/32 *(a)* | 3430000 | 3516676 |
| 4.90%, 02/28/33 *(a)* | 3080000 | 3095616 |
| 5.25%, 09/08/33 *(a)* | 6440000 | 6602546 |
| 5.30%, 02/21/35 *(a)* | 5445000 | 5560652 |
| **Cabot Corp.** | **Cabot Corp.** | **Cabot Corp.** |
| 5.00%, 06/30/32 *(a)* | 1565000 | 1566064 |
| **CF Industries, Inc.** | **CF Industries, Inc.** | **CF Industries, Inc.** |
| 5.15%, 03/15/34  | 3215000 | 3205226 |
| **Dow Chemical Co.** | **Dow Chemical Co.** | **Dow Chemical Co.** |
| 2.10%, 11/15/30 *(a)* | 3640000 | 3212118 |
| 6.30%, 03/15/33 *(a)* | 2620000 | 2822945 |
| 5.15%, 02/15/34 *(a)(c)* | 2540000 | 2544978 |
| 4.25%, 10/01/34 *(a)* | 2005000 | 1844821 |
| 5.35%, 03/15/35 *(a)* | 1805000 | 1797708 |
| **Eastman Chemical Co.** | **Eastman Chemical Co.** | **Eastman Chemical Co.** |
| 5.75%, 03/08/33 *(a)* | 1955000 | 2037970 |
| 5.63%, 02/20/34 *(a)* | 3230000 | 3295246 |
| **Ecolab, Inc.** | **Ecolab, Inc.** | **Ecolab, Inc.** |
| 1.30%, 01/30/31 *(a)* | 2870000 | 2441050 |
| 2.13%, 02/01/32 *(a)* | 2660000 | 2298160 |
| **EIDP, Inc.** | **EIDP, Inc.** | **EIDP, Inc.** |
| 2.30%, 07/15/30 *(a)* | 2468000 | 2249335 |
| 5.13%, 05/15/32 *(a)* | 2000000 | 2040800 |
| 4.80%, 05/15/33 *(a)* | 2415000 | 2405243 |
| **FMC Corp.** | **FMC Corp.** | **FMC Corp.** |
| 5.65%, 05/18/33 *(a)* | 2080000 | 2058555 |
| **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** |
| 4.63%, 08/01/30 *(a)* | 2430000 | 2413427 |
| 5.40%, 11/14/34 *(a)* | 3385000 | 3440649 |
| **Georgia-Pacific LLC** | **Georgia-Pacific LLC** | **Georgia-Pacific LLC** |
| 8.88%, 05/15/31  | 1915000 | 2340187 |
| **Gerdau Trade, Inc.** | **Gerdau Trade, Inc.** | **Gerdau Trade, Inc.** |
| 5.75%, 06/09/35 *(a)* | 2850000 | 2853192 |
| **Huntsman International LLC** | **Huntsman International LLC** | **Huntsman International LLC** |
| 2.95%, 06/15/31 *(a)* | 1750000 | 1473483 |
| 5.70%, 10/15/34 *(a)* | 1500000 | 1394730 |
| **Kinross Gold Corp.** | **Kinross Gold Corp.** | **Kinross Gold Corp.** |
| 6.25%, 07/15/33 *(a)* | 2100000 | 2260356 |
| **Linde, Inc.** | **Linde, Inc.** | **Linde, Inc.** |
| 1.10%, 08/10/30 *(a)* | 3080000 | 2652003 |
| **Lubrizol Corp.** | **Lubrizol Corp.** | **Lubrizol Corp.** |
| 6.50%, 10/01/34  | 1440000 | 1627286 |
| **LYB International Finance III LLC** | **LYB International Finance III LLC** | **LYB International Finance III LLC** |
| 2.25%, 10/01/30 *(a)* | 2230000 | 1977207 |
| 5.63%, 05/15/33 *(a)* | 1930000 | 1977980 |
| 5.50%, 03/01/34 *(a)* | 3465000 | 3465104 |
| 6.15%, 05/15/35 *(a)* | 2000000 | 2077700 |
| **Mosaic Co.** | **Mosaic Co.** | **Mosaic Co.** |
| 5.45%, 11/15/33 *(a)* | 2090000 | 2139178 |
| **NewMarket Corp.** | **NewMarket Corp.** | **NewMarket Corp.** |
| 2.70%, 03/18/31 *(a)* | 1670000 | 1495235 |
| **Newmont Corp.** | **Newmont Corp.** | **Newmont Corp.** |
| 2.25%, 10/01/30 *(a)* | 3580000 | 3234924 |
| 2.60%, 07/15/32 *(a)* | 3375000 | 2999666 |
| 5.88%, 04/01/35  | 2950000 | 3156500 |

---

*See financial notes*

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

**155**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Newmont Corp./Newcrest Finance Pty. Ltd.** | **Newmont Corp./Newcrest Finance Pty. Ltd.** | **Newmont Corp./Newcrest Finance Pty. Ltd.** |
| 5.35%, 03/15/34 *(a)* | 4165000 | 4277497 |
| **Nucor Corp.** | **Nucor Corp.** | **Nucor Corp.** |
| 3.13%, 04/01/32 *(a)* | 2140000 | 1950161 |
| 5.10%, 06/01/35 *(a)* | 2750000 | 2761302 |
| **Nutrien Ltd.** | **Nutrien Ltd.** | **Nutrien Ltd.** |
| 5.25%, 03/12/32 *(a)* | 2300000 | 2345655 |
| 5.40%, 06/21/34 *(a)* | 2900000 | 2948401 |
| 4.13%, 03/15/35 *(a)* | 1890000 | 1727744 |
| **Packaging Corp. of America** | **Packaging Corp. of America** | **Packaging Corp. of America** |
| 5.70%, 12/01/33 *(a)* | 1715000 | 1792930 |
| **Rayonier LP** | **Rayonier LP** | **Rayonier LP** |
| 2.75%, 05/17/31 *(a)* | 1990000 | 1762165 |
| **Reliance, Inc.** | **Reliance, Inc.** | **Reliance, Inc.** |
| 2.15%, 08/15/30 *(a)* | 2035000 | 1805452 |
| **Rio Tinto Alcan, Inc.** | **Rio Tinto Alcan, Inc.** | **Rio Tinto Alcan, Inc.** |
| 7.25%, 03/15/31  | 1955000 | 2243441 |
| 6.13%, 12/15/33  | 3040000 | 3302534 |
| 5.75%, 06/01/35  | 1620000 | 1717281 |
| **Rio Tinto Finance USA PLC** | **Rio Tinto Finance USA PLC** | **Rio Tinto Finance USA PLC** |
| 5.00%, 03/14/32 *(a)* | 5500000 | 5599495 |
| 5.00%, 03/09/33 *(a)* | 2590000 | 2628306 |
| 5.25%, 03/14/35 *(a)* | 7405000 | 7536513 |
| **RPM International, Inc.** | **RPM International, Inc.** | **RPM International, Inc.** |
| 2.95%, 01/15/32 *(a)* | 1445000 | 1274707 |
| **Sherwin-Williams Co.** | **Sherwin-Williams Co.** | **Sherwin-Williams Co.** |
| 4.80%, 09/01/31 *(a)* | 2065000 | 2090028 |
| 2.20%, 03/15/32 *(a)* | 2010000 | 1728580 |
| **Smurfit Kappa Treasury ULC** | **Smurfit Kappa Treasury ULC** | **Smurfit Kappa Treasury ULC** |
| 5.44%, 04/03/34 *(a)* | 4350000 | 4430431 |
| **Smurfit Westrock Financing DAC** | **Smurfit Westrock Financing DAC** | **Smurfit Westrock Financing DAC** |
| 5.42%, 01/15/35 *(a)* | 3545000 | 3593354 |
| **Steel Dynamics, Inc.** | **Steel Dynamics, Inc.** | **Steel Dynamics, Inc.** |
| 3.25%, 01/15/31 *(a)* | 2150000 | 2008208 |
| 5.38%, 08/15/34 *(a)* | 2525000 | 2564516 |
| 5.25%, 05/15/35 *(a)* | 2510000 | 2514342 |
| **Suzano Austria GmbH** | **Suzano Austria GmbH** | **Suzano Austria GmbH** |
| 3.75%, 01/15/31 *(a)* | 5150000 | 4820194 |
| 3.13%, 01/15/32 *(a)* | 4490000 | 3963682 |
| **Vale Overseas Ltd.** | **Vale Overseas Ltd.** | **Vale Overseas Ltd.** |
| 3.75%, 07/08/30 *(a)* | 6235000 | 5890017 |
| 6.13%, 06/12/33 *(a)* | 6175000 | 6476463 |
| 8.25%, 01/17/34  | 1823000 | 2187381 |
| **WestRock MWV LLC** | **WestRock MWV LLC** | **WestRock MWV LLC** |
| 7.95%, 02/15/31  | 1215000 | 1408550 |
| **Weyerhaeuser Co.** | **Weyerhaeuser Co.** | **Weyerhaeuser Co.** |
| 7.38%, 03/15/32  | 2735000 | 3089812 |
| 3.38%, 03/09/33 *(a)* | 1900000 | 1702438 |
| **WRKCo, Inc.** | **WRKCo, Inc.** | **WRKCo, Inc.** |
| 4.20%, 06/01/32 *(a)* | 2290000 | 2203804 |
| 3.00%, 06/15/33 *(a)* | 2565000 | 2244657 |
| **Yamana Gold, Inc.** | **Yamana Gold, Inc.** | **Yamana Gold, Inc.** |
| 2.63%, 08/15/31 *(a)(f)* | 2090000 | 1846703 |
|  |  | **226679407** |
| ***Capital Goods 5.2%***  | ***Capital Goods 5.2%***  | ***Capital Goods 5.2%***  |
| **3M Co.** | **3M Co.** | **3M Co.** |
| 5.15%, 03/15/35 *(a)* | 2395000 | 2415238 |
| **Acuity Brands Lighting, Inc.** | **Acuity Brands Lighting, Inc.** | **Acuity Brands Lighting, Inc.** |
| 2.15%, 12/15/30 *(a)* | 2240000 | 1961971 |
| **AGCO Corp.** | **AGCO Corp.** | **AGCO Corp.** |
| 5.80%, 03/21/34 *(a)* | 3030000 | 3080571 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Allegion U.S. Holding Co., Inc.** | **Allegion U.S. Holding Co., Inc.** | **Allegion U.S. Holding Co., Inc.** |
| 5.41%, 07/01/32 *(a)* | 2755000 | 2843077 |
| 5.60%, 05/29/34 *(a)* | 1680000 | 1727645 |
| **Amcor Finance USA, Inc.** | **Amcor Finance USA, Inc.** | **Amcor Finance USA, Inc.** |
| 5.63%, 05/26/33 *(a)* | 2025000 | 2100310 |
| **Amcor Flexibles North America, Inc.** | **Amcor Flexibles North America, Inc.** | **Amcor Flexibles North America, Inc.** |
| 2.69%, 05/25/31 *(a)* | 3260000 | 2920504 |
| 5.50%, 03/17/35 *(a)(f)* | 3650000 | 3708984 |
| **Amphenol Corp.** | **Amphenol Corp.** | **Amphenol Corp.** |
| 2.20%, 09/15/31 *(a)* | 3120000 | 2734618 |
| 5.25%, 04/05/34 *(a)* | 2745000 | 2828777 |
| 5.00%, 01/15/35 *(a)* | 3220000 | 3259445 |
| **Amrize Finance U.S. LLC** | **Amrize Finance U.S. LLC** | **Amrize Finance U.S. LLC** |
| 5.40%, 04/07/35 *(a)(f)* | 4320000 | 4386960 |
| **AptarGroup, Inc.** | **AptarGroup, Inc.** | **AptarGroup, Inc.** |
| 3.60%, 03/15/32 *(a)* | 1705000 | 1575454 |
| **Avery Dennison Corp.** | **Avery Dennison Corp.** | **Avery Dennison Corp.** |
| 2.25%, 02/15/32 *(a)* | 2040000 | 1737754 |
| 5.75%, 03/15/33 *(a)* | 1625000 | 1698450 |
| **Berry Global, Inc.** | **Berry Global, Inc.** | **Berry Global, Inc.** |
| 5.80%, 06/15/31 *(a)* | 3390000 | 3566449 |
| 5.65%, 01/15/34 *(a)* | 3325000 | 3440411 |
| **Boeing Co.** | **Boeing Co.** | **Boeing Co.** |
| 3.63%, 02/01/31 *(a)* | 5705000 | 5376620 |
| 6.39%, 05/01/31 *(a)* | 4530000 | 4876998 |
| 6.13%, 02/15/33  | 1750000 | 1850835 |
| 3.60%, 05/01/34 *(a)* | 3700000 | 3268062 |
| 6.53%, 05/01/34 *(a)* | 10755000 | 11700687 |
| 3.25%, 02/01/35 *(a)* | 3230000 | 2722987 |
| **Carlisle Cos., Inc.** | **Carlisle Cos., Inc.** | **Carlisle Cos., Inc.** |
| 2.20%, 03/01/32 *(a)* | 2525000 | 2139685 |
| **Carrier Global Corp.** | **Carrier Global Corp.** | **Carrier Global Corp.** |
| 2.70%, 02/15/31 *(a)(f)* | 3140000 | 2858970 |
| 5.90%, 03/15/34 *(a)* | 3730000 | 3973271 |
| **Caterpillar, Inc.** | **Caterpillar, Inc.** | **Caterpillar, Inc.** |
| 1.90%, 03/12/31 *(a)* | 2075000 | 1829569 |
| 5.20%, 05/15/35 *(a)* | 7295000 | 7438638 |
| **CRH America Finance, Inc.** | **CRH America Finance, Inc.** | **CRH America Finance, Inc.** |
| 5.40%, 05/21/34 *(a)* | 3460000 | 3549199 |
| 5.50%, 01/09/35 *(a)* | 5060000 | 5194343 |
| **Deere & Co.** | **Deere & Co.** | **Deere & Co.** |
| 7.13%, 03/03/31  | 1480000 | 1691285 |
| 5.45%, 01/16/35 *(a)* | 5560000 | 5794576 |
| **Eagle Materials, Inc.** | **Eagle Materials, Inc.** | **Eagle Materials, Inc.** |
| 2.50%, 07/01/31 *(a)* | 3025000 | 2686381 |
| **Eaton Corp.** | **Eaton Corp.** | **Eaton Corp.** |
| 4.00%, 11/02/32  | 2885000 | 2789882 |
| 4.15%, 03/15/33 *(a)* | 5750000 | 5591070 |
| **Embraer Netherlands Finance BV** | **Embraer Netherlands Finance BV** | **Embraer Netherlands Finance BV** |
| 5.98%, 02/11/35 *(a)* | 2755000 | 2843188 |
| **Emerson Electric Co.** | **Emerson Electric Co.** | **Emerson Electric Co.** |
| 1.95%, 10/15/30 *(a)* | 2315000 | 2068082 |
| 2.20%, 12/21/31 *(a)* | 4355000 | 3836929 |
| 5.00%, 03/15/35 *(a)* | 2000000 | 2030820 |
| **Ferguson Enterprises, Inc.** | **Ferguson Enterprises, Inc.** | **Ferguson Enterprises, Inc.** |
| 5.00%, 10/03/34 *(a)* | 3360000 | 3336816 |
| **Flowserve Corp.** | **Flowserve Corp.** | **Flowserve Corp.** |
| 3.50%, 10/01/30 *(a)* | 2160000 | 2025367 |
| 2.80%, 01/15/32 *(a)* | 2265000 | 1973313 |
| **Fortune Brands Innovations, Inc.** | **Fortune Brands Innovations, Inc.** | **Fortune Brands Innovations, Inc.** |
| 4.00%, 03/25/32 *(a)* | 1940000 | 1824221 |
| 5.88%, 06/01/33 *(a)* | 2640000 | 2771287 |

---

*See financial notes*

**156**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **GE Capital Funding LLC** | **GE Capital Funding LLC** | **GE Capital Funding LLC** |
| 4.55%, 05/15/32 *(a)* | 1925000 | 1913700 |
| **General Dynamics Corp.** | **General Dynamics Corp.** | **General Dynamics Corp.** |
| 2.25%, 06/01/31 *(a)* | 1935000 | 1730490 |
| **General Electric Co.** | **General Electric Co.** | **General Electric Co.** |
| 6.75%, 03/15/32  | 5920000 | 6710202 |
| **HEICO Corp.** | **HEICO Corp.** | **HEICO Corp.** |
| 5.35%, 08/01/33 *(a)* | 2470000 | 2529354 |
| **Hexcel Corp.** | **Hexcel Corp.** | **Hexcel Corp.** |
| 5.88%, 02/26/35 *(a)* | 1390000 | 1417591 |
| **Honeywell International, Inc.** | **Honeywell International, Inc.** | **Honeywell International, Inc.** |
| 1.75%, 09/01/31 *(a)* | 6690000 | 5716739 |
| 4.95%, 09/01/31 *(a)* | 2180000 | 2241236 |
| 4.75%, 02/01/32 *(a)* | 2835000 | 2862925 |
| 5.00%, 02/15/33 *(a)* | 4960000 | 5044072 |
| 4.50%, 01/15/34 *(a)* | 4100000 | 4017303 |
| 5.00%, 03/01/35 *(a)* | 6210000 | 6254029 |
| **Howmet Aerospace, Inc.** | **Howmet Aerospace, Inc.** | **Howmet Aerospace, Inc.** |
| 4.85%, 10/15/31 *(a)* | 2090000 | 2123273 |
| **Hubbell, Inc.** | **Hubbell, Inc.** | **Hubbell, Inc.** |
| 2.30%, 03/15/31 *(a)* | 1340000 | 1189183 |
| **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** |
| 5.75%, 01/15/35 *(a)* | 2360000 | 2437715 |
| **IDEX Corp.** | **IDEX Corp.** | **IDEX Corp.** |
| 2.63%, 06/15/31 *(a)* | 2110000 | 1882901 |
| **Ingersoll Rand, Inc.** | **Ingersoll Rand, Inc.** | **Ingersoll Rand, Inc.** |
| 5.31%, 06/15/31 *(a)* | 2085000 | 2161749 |
| 5.70%, 08/14/33 *(a)* | 4275000 | 4479559 |
| 5.45%, 06/15/34 *(a)* | 3535000 | 3637586 |
| **John Deere Capital Corp.** | **John Deere Capital Corp.** | **John Deere Capital Corp.** |
| 1.45%, 01/15/31  | 2700000 | 2331180 |
| 4.90%, 03/07/31  | 3700000 | 3794868 |
| 2.00%, 06/17/31  | 3375000 | 2957681 |
| 4.40%, 09/08/31  | 5155000 | 5147886 |
| 3.90%, 06/07/32  | 2301000 | 2216737 |
| 4.35%, 09/15/32  | 2430000 | 2405263 |
| 5.15%, 09/08/33  | 4335000 | 4483040 |
| 5.10%, 04/11/34  | 4370000 | 4470248 |
| 5.05%, 06/12/34  | 3285000 | 3345345 |
| **Johnson Controls International PLC/Tyco Fire & Security Finance SCA** | **Johnson Controls International PLC/Tyco Fire & Security Finance SCA** | **Johnson Controls International PLC/Tyco Fire & Security Finance SCA** |
| 1.75%, 09/15/30 *(a)* | 2425000 | 2130605 |
| 2.00%, 09/16/31 *(a)* | 2320000 | 1993506 |
| 4.90%, 12/01/32 *(a)* | 2985000 | 3002074 |
| **Kennametal, Inc.** | **Kennametal, Inc.** | **Kennametal, Inc.** |
| 2.80%, 03/01/31 *(a)* | 1210000 | 1087318 |
| **L3Harris Technologies, Inc.** | **L3Harris Technologies, Inc.** | **L3Harris Technologies, Inc.** |
| 1.80%, 01/15/31 *(a)* | 2795000 | 2419827 |
| 5.25%, 06/01/31 *(a)* | 3235000 | 3343405 |
| 5.40%, 07/31/33 *(a)* | 6625000 | 6819775 |
| 5.35%, 06/01/34 *(a)* | 2980000 | 3047288 |
| 4.85%, 04/27/35 *(a)* | 1935000 | 1895449 |
| **Lockheed Martin Corp.** | **Lockheed Martin Corp.** | **Lockheed Martin Corp.** |
| 4.70%, 12/15/31 *(a)* | 2490000 | 2524262 |
| 3.90%, 06/15/32 *(a)* | 3615000 | 3481064 |
| 5.25%, 01/15/33 *(a)* | 4085000 | 4242395 |
| 4.75%, 02/15/34 *(a)* | 3725000 | 3715874 |
| 4.80%, 08/15/34 *(a)* | 2510000 | 2505181 |
| 3.60%, 03/01/35 *(a)* | 2305000 | 2089114 |
| **Martin Marietta Materials, Inc.** | **Martin Marietta Materials, Inc.** | **Martin Marietta Materials, Inc.** |
| 2.40%, 07/15/31 *(a)* | 4145000 | 3658833 |
| 5.15%, 12/01/34 *(a)* | 3075000 | 3093081 |
| **Masco Corp.** | **Masco Corp.** | **Masco Corp.** |
| 2.00%, 10/01/30 *(a)* | 1385000 | 1201543 |
| 2.00%, 02/15/31 *(a)* | 2675000 | 2304004 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Nordson Corp.** | **Nordson Corp.** | **Nordson Corp.** |
| 5.80%, 09/15/33 *(a)* | 2165000 | 2291306 |
| **Northrop Grumman Corp.** | **Northrop Grumman Corp.** | **Northrop Grumman Corp.** |
| 4.65%, 07/15/30 *(a)* | 2000000 | 2018740 |
| 4.70%, 03/15/33 *(a)* | 4110000 | 4098451 |
| 4.90%, 06/01/34 *(a)* | 3840000 | 3833549 |
| **nVent Finance SARL** | **nVent Finance SARL** | **nVent Finance SARL** |
| 2.75%, 11/15/31 *(a)* | 1525000 | 1325774 |
| 5.65%, 05/15/33 *(a)* | 1990000 | 2028427 |
| **Otis Worldwide Corp.** | **Otis Worldwide Corp.** | **Otis Worldwide Corp.** |
| 5.13%, 11/19/31 *(a)* | 2905000 | 2993428 |
| **Owens Corning** | **Owens Corning** | **Owens Corning** |
| 5.70%, 06/15/34 *(a)* | 3370000 | 3502980 |
| **Parker-Hannifin Corp.** | **Parker-Hannifin Corp.** | **Parker-Hannifin Corp.** |
| 4.20%, 11/21/34 *(a)* | 2280000 | 2178038 |
| **Pentair Finance SARL** | **Pentair Finance SARL** | **Pentair Finance SARL** |
| 5.90%, 07/15/32 *(a)* | 1695000 | 1771597 |
| **Regal Rexnord Corp.** | **Regal Rexnord Corp.** | **Regal Rexnord Corp.** |
| 6.40%, 04/15/33 *(a)* | 5230000 | 5531457 |
| **Republic Services, Inc.** | **Republic Services, Inc.** | **Republic Services, Inc.** |
| 4.75%, 07/15/30 *(a)* | 2055000 | 2094785 |
| 1.45%, 02/15/31 *(a)* | 2595000 | 2216052 |
| 1.75%, 02/15/32 *(a)* | 3015000 | 2540439 |
| 2.38%, 03/15/33 *(a)* | 3280000 | 2804203 |
| 5.00%, 12/15/33 *(a)* | 2625000 | 2679049 |
| 5.00%, 04/01/34 *(a)* | 3685000 | 3743444 |
| 5.20%, 11/15/34 *(a)* | 2565000 | 2628458 |
| 5.15%, 03/15/35 *(a)* | 3200000 | 3265152 |
| **Rockwell Automation, Inc.** | **Rockwell Automation, Inc.** | **Rockwell Automation, Inc.** |
| 1.75%, 08/15/31 *(a)* | 1900000 | 1634323 |
| **RTX Corp.** | **RTX Corp.** | **RTX Corp.** |
| 2.25%, 07/01/30 *(a)* | 4085000 | 3696762 |
| 6.00%, 03/15/31 *(a)* | 4300000 | 4622672 |
| 1.90%, 09/01/31 *(a)* | 4380000 | 3753178 |
| 2.38%, 03/15/32 *(a)* | 5025000 | 4375368 |
| 5.15%, 02/27/33 *(a)* | 5525000 | 5651688 |
| 6.10%, 03/15/34 *(a)* | 6240000 | 6748186 |
| 5.40%, 05/01/35  | 2170000 | 2235708 |
| **Sonoco Products Co.** | **Sonoco Products Co.** | **Sonoco Products Co.** |
| 2.85%, 02/01/32 *(a)* | 1975000 | 1738336 |
| 5.00%, 09/01/34 *(a)* | 3175000 | 3094291 |
| **Stanley Black & Decker, Inc.** | **Stanley Black & Decker, Inc.** | **Stanley Black & Decker, Inc.** |
| 3.00%, 05/15/32 *(a)* | 2085000 | 1836822 |
| **Teledyne Technologies, Inc.** | **Teledyne Technologies, Inc.** | **Teledyne Technologies, Inc.** |
| 2.75%, 04/01/31 *(a)* | 4375000 | 3971100 |
| **Textron, Inc.** | **Textron, Inc.** | **Textron, Inc.** |
| 2.45%, 03/15/31 *(a)* | 1815000 | 1613226 |
| 6.10%, 11/15/33 *(a)* | 1695000 | 1809701 |
| 5.50%, 05/15/35 *(a)* | 2335000 | 2372337 |
| **Timken Co.** | **Timken Co.** | **Timken Co.** |
| 4.13%, 04/01/32 *(a)* | 1610000 | 1512031 |
| **Trane Technologies Financing Ltd.** | **Trane Technologies Financing Ltd.** | **Trane Technologies Financing Ltd.** |
| 5.25%, 03/03/33 *(a)* | 3170000 | 3271852 |
| 5.10%, 06/13/34 *(a)* | 2010000 | 2042120 |
| **Veralto Corp.** | **Veralto Corp.** | **Veralto Corp.** |
| 5.45%, 09/18/33 *(a)* | 3140000 | 3239978 |
| **Vontier Corp.** | **Vontier Corp.** | **Vontier Corp.** |
| 2.95%, 04/01/31 *(a)* | 2530000 | 2267386 |
| **Vulcan Materials Co.** | **Vulcan Materials Co.** | **Vulcan Materials Co.** |
| 5.35%, 12/01/34 *(a)* | 3180000 | 3239434 |
| **Waste Connections, Inc.** | **Waste Connections, Inc.** | **Waste Connections, Inc.** |
| 2.20%, 01/15/32 *(a)* | 2800000 | 2419396 |
| 3.20%, 06/01/32 *(a)* | 2085000 | 1906295 |

---

*See financial notes*

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

**157**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.20%, 01/15/33 *(a)* | 3310000 | 3205735 |
| 5.00%, 03/01/34 *(a)* | 3140000 | 3173692 |
| **Waste Management, Inc.** | **Waste Management, Inc.** | **Waste Management, Inc.** |
| 1.50%, 03/15/31 *(a)* | 3870000 | 3312565 |
| 4.95%, 07/03/31 *(a)* | 3115000 | 3200102 |
| 4.80%, 03/15/32 *(a)* | 3445000 | 3502153 |
| 4.15%, 04/15/32 *(a)* | 4351000 | 4265590 |
| 4.63%, 02/15/33 *(a)* | 2130000 | 2135176 |
| 4.88%, 02/15/34 *(a)* | 6170000 | 6262612 |
| 4.95%, 03/15/35 *(a)* | 6510000 | 6541573 |
| **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** |
| 5.61%, 03/11/34 *(a)* | 2200000 | 2280014 |
| 5.50%, 05/29/35 *(a)* | 3000000 | 3047250 |
| **WW Grainger, Inc.** | **WW Grainger, Inc.** | **WW Grainger, Inc.** |
| 4.45%, 09/15/34 *(a)* | 2285000 | 2233862 |
| **Xylem, Inc.** | **Xylem, Inc.** | **Xylem, Inc.** |
| 2.25%, 01/30/31 *(a)* | 2300000 | 2041641 |
|  |  | **455885636** |
| ***Communications 6.6%***  | ***Communications 6.6%***  | ***Communications 6.6%***  |
| **America Movil SAB de CV** | **America Movil SAB de CV** | **America Movil SAB de CV** |
| 4.70%, 07/21/32 *(a)* | 3490000 | 3466128 |
| 5.00%, 01/20/33 *(a)* | 2000000 | 2005600 |
| 6.38%, 03/01/35  | 4090000 | 4468039 |
| **American Tower Corp.** | **American Tower Corp.** | **American Tower Corp.** |
| 1.88%, 10/15/30 *(a)* | 3365000 | 2928963 |
| 2.70%, 04/15/31 *(a)* | 3215000 | 2885205 |
| 2.30%, 09/15/31 *(a)* | 3135000 | 2725130 |
| 4.05%, 03/15/32 *(a)* | 2740000 | 2620317 |
| 5.65%, 03/15/33 *(a)* | 3375000 | 3518775 |
| 5.55%, 07/15/33 *(a)* | 3715000 | 3835552 |
| 5.90%, 11/15/33 *(a)* | 3345000 | 3536668 |
| 5.45%, 02/15/34 *(a)* | 2655000 | 2733004 |
| 5.40%, 01/31/35 *(a)* | 2790000 | 2852636 |
| 5.35%, 03/15/35 *(a)* | 1275000 | 1301482 |
| **AppLovin Corp.** | **AppLovin Corp.** | **AppLovin Corp.** |
| 5.38%, 12/01/31 *(a)* | 4485000 | 4566717 |
| 5.50%, 12/01/34 *(a)* | 4260000 | 4332079 |
| **AT&T, Inc.** | **AT&T, Inc.** | **AT&T, Inc.** |
| 4.70%, 08/15/30 *(a)* | 4500000 | 4542615 |
| 2.75%, 06/01/31 *(a)* | 13275000 | 12037239 |
| 2.25%, 02/01/32 *(a)* | 10905000 | 9392586 |
| 2.55%, 12/01/33 *(a)* | 16535000 | 13847070 |
| 5.40%, 02/15/34 *(a)* | 11870000 | 12219571 |
| 4.50%, 05/15/35 *(a)* | 10890000 | 10380892 |
| **Bell Telephone Co. of Canada or Bell Canada** | **Bell Telephone Co. of Canada or Bell Canada** | **Bell Telephone Co. of Canada or Bell Canada** |
| 2.15%, 02/15/32 *(a)* | 1925000 | 1629474 |
| 5.10%, 05/11/33 *(a)* | 3715000 | 3715446 |
| 5.20%, 02/15/34 *(a)* | 2990000 | 2995113 |
| **British Telecommunications PLC** | **British Telecommunications PLC** | **British Telecommunications PLC** |
| 9.63%, 12/15/30 *(g)* | 11530000 | 14188818 |
| **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** | **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** | **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** |
| 2.80%, 04/01/31 *(a)* | 7245000 | 6464061 |
| 2.30%, 02/01/32 *(a)(c)* | 3985000 | 3363340 |
| 4.40%, 04/01/33 *(a)* | 4035000 | 3801010 |
| 6.65%, 02/01/34 *(a)* | 3740000 | 4006213 |
| 6.55%, 06/01/34 *(a)* | 6745000 | 7197320 |
| **Comcast Corp.** | **Comcast Corp.** | **Comcast Corp.** |
| 4.25%, 10/15/30 *(a)* | 6635000 | 6604346 |
| 1.95%, 01/15/31 *(a)* | 6385000 | 5598623 |
| 1.50%, 02/15/31 *(a)* | 7705000 | 6580609 |
| 4.95%, 05/15/32 *(a)* | 2500000 | 2544425 |
| 5.50%, 11/15/32 *(a)* | 4465000 | 4690706 |
| 4.25%, 01/15/33  | 7150000 | 6916195 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.65%, 02/15/33 *(a)* | 4470000 | 4441973 |
| 7.05%, 03/15/33  | 3310000 | 3768402 |
| 4.80%, 05/15/33 *(a)* | 4155000 | 4147770 |
| 5.30%, 06/01/34 *(a)* | 5420000 | 5555121 |
| 4.20%, 08/15/34 *(a)* | 4375000 | 4138269 |
| 5.30%, 05/15/35 *(a)* | 3500000 | 3567340 |
| 5.65%, 06/15/35  | 4000000 | 4187160 |
| **Crown Castle, Inc.** | **Crown Castle, Inc.** | **Crown Castle, Inc.** |
| 3.30%, 07/01/30 *(a)* | 3030000 | 2837747 |
| 2.25%, 01/15/31 *(a)* | 4580000 | 3988172 |
| 2.10%, 04/01/31 *(a)* | 4730000 | 4061935 |
| 2.50%, 07/15/31 *(a)* | 3065000 | 2675776 |
| 5.10%, 05/01/33 *(a)* | 3275000 | 3264258 |
| 5.80%, 03/01/34 *(a)* | 3450000 | 3579306 |
| 5.20%, 09/01/34 *(a)* | 2820000 | 2795128 |
| **Deutsche Telekom International Finance BV** | **Deutsche Telekom International Finance BV** | **Deutsche Telekom International Finance BV** |
| 9.25%, 06/01/32  | 2210000 | 2762500 |
| **Electronic Arts, Inc.** | **Electronic Arts, Inc.** | **Electronic Arts, Inc.** |
| 1.85%, 02/15/31 *(a)* | 3215000 | 2792485 |
| **Fox Corp.** | **Fox Corp.** | **Fox Corp.** |
| 6.50%, 10/13/33 *(a)* | 5350000 | 5790358 |
| **Grupo Televisa SAB** | **Grupo Televisa SAB** | **Grupo Televisa SAB** |
| 8.50%, 03/11/32  | 1320000 | 1475536 |
| **Interpublic Group of Cos., Inc.** | **Interpublic Group of Cos., Inc.** | **Interpublic Group of Cos., Inc.** |
| 2.40%, 03/01/31 *(a)* | 1980000 | 1765210 |
| 5.38%, 06/15/33 *(a)* | 1460000 | 1482002 |
| **Koninklijke KPN NV** | **Koninklijke KPN NV** | **Koninklijke KPN NV** |
| 8.38%, 10/01/30  | 2635000 | 3091751 |
| **Meta Platforms, Inc.** | **Meta Platforms, Inc.** | **Meta Platforms, Inc.** |
| 4.55%, 08/15/31 *(a)* | 4230000 | 4291843 |
| 3.85%, 08/15/32 *(a)* | 12980000 | 12488967 |
| 4.95%, 05/15/33 *(a)* | 7120000 | 7304693 |
| 4.75%, 08/15/34 *(a)* | 11240000 | 11295975 |
| **Netflix, Inc.** | **Netflix, Inc.** | **Netflix, Inc.** |
| 4.90%, 08/15/34 *(a)* | 4430000 | 4516695 |
| **Omnicom Group, Inc.** | **Omnicom Group, Inc.** | **Omnicom Group, Inc.** |
| 2.60%, 08/01/31 *(a)* | 3645000 | 3230163 |
| 5.30%, 11/01/34 *(a)* | 2405000 | 2428329 |
| **Orange SA** | **Orange SA** | **Orange SA** |
| 9.00%, 03/01/31  | 10570000 | 12852591 |
| **Paramount Global** | **Paramount Global** | **Paramount Global** |
| 7.88%, 07/30/30  | 3565000 | 3956401 |
| 4.95%, 01/15/31 *(a)* | 5670000 | 5513678 |
| 4.20%, 05/19/32 *(a)* | 4105000 | 3750862 |
| 5.50%, 05/15/33  | 1835000 | 1773399 |
| **Rogers Communications, Inc.** | **Rogers Communications, Inc.** | **Rogers Communications, Inc.** |
| 3.80%, 03/15/32 *(a)* | 8100000 | 7531947 |
| 5.30%, 02/15/34 *(a)* | 5525000 | 5534116 |
| **Sprint Capital Corp.** | **Sprint Capital Corp.** | **Sprint Capital Corp.** |
| 8.75%, 03/15/32  | 8695000 | 10552513 |
| **Take-Two Interactive Software, Inc.** | **Take-Two Interactive Software, Inc.** | **Take-Two Interactive Software, Inc.** |
| 4.00%, 04/14/32 *(a)* | 2160000 | 2049840 |
| 5.60%, 06/12/34 *(a)* | 1225000 | 1271121 |
| **Telefonica Europe BV** | **Telefonica Europe BV** | **Telefonica Europe BV** |
| 8.25%, 09/15/30  | 5400000 | 6248610 |
| **TELUS Corp.** | **TELUS Corp.** | **TELUS Corp.** |
| 3.40%, 05/13/32 *(a)* | 3835000 | 3497213 |
| **Time Warner Cable Enterprises LLC** | **Time Warner Cable Enterprises LLC** | **Time Warner Cable Enterprises LLC** |
| 8.38%, 07/15/33  | 4555000 | 5303523 |
| **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** |
| 2.55%, 02/15/31 *(a)* | 10820000 | 9702835 |
| 2.88%, 02/15/31 *(a)* | 4900000 | 4463704 |
| 3.50%, 04/15/31 *(a)* | 10930000 | 10273653 |
| 2.25%, 11/15/31 *(a)* | 4175000 | 3623566 |

---

*See financial notes*

**158**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.70%, 03/15/32 *(a)* | 4205000 | 3708474 |
| 5.13%, 05/15/32 *(a)* | 5150000 | 5250270 |
| 5.20%, 01/15/33 *(a)* | 5445000 | 5538981 |
| 5.05%, 07/15/33 *(a)* | 11070000 | 11143615 |
| 5.75%, 01/15/34 *(a)* | 4995000 | 5234610 |
| 5.15%, 04/15/34 *(a)* | 5090000 | 5157799 |
| 4.70%, 01/15/35 *(a)* | 4330000 | 4198844 |
| 5.30%, 05/15/35 *(a)* | 4000000 | 4052800 |
| **TWDC Enterprises 18 Corp.** | **TWDC Enterprises 18 Corp.** | **TWDC Enterprises 18 Corp.** |
| 7.00%, 03/01/32  | 2260000 | 2582502 |
| **Verizon Communications, Inc.** | **Verizon Communications, Inc.** | **Verizon Communications, Inc.** |
| 1.50%, 09/18/30 *(a)* | 4145000 | 3581570 |
| 1.68%, 10/30/30 *(a)* | 3875000 | 3356409 |
| 7.75%, 12/01/30  | 2105000 | 2423381 |
| 1.75%, 01/20/31 *(a)* | 9480000 | 8187876 |
| 2.55%, 03/21/31 *(a)* | 16305000 | 14631781 |
| 2.36%, 03/15/32 *(a)* | 19565000 | 16873834 |
| 5.05%, 05/09/33 *(a)* | 4300000 | 4361920 |
| 4.50%, 08/10/33  | 8925000 | 8679830 |
| 6.40%, 09/15/33  | 1680000 | 1843397 |
| 4.40%, 11/01/34 *(a)* | 8900000 | 8453754 |
| 4.78%, 02/15/35 *(a)* | 8980000 | 8759272 |
| 5.25%, 04/02/35 *(a)* | 10350000 | 10440666 |
| **Vodafone Group PLC** | **Vodafone Group PLC** | **Vodafone Group PLC** |
| 6.25%, 11/30/32  | 2145000 | 2326596 |
| **Walt Disney Co.** | **Walt Disney Co.** | **Walt Disney Co.** |
| 2.65%, 01/13/31  | 11090000 | 10230858 |
| 6.55%, 03/15/33  | 1630000 | 1841346 |
| 6.20%, 12/15/34  | 4360000 | 4873041 |
| **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** |
| 4.28%, 03/15/32 *(a)* | 12316000 | 10402957 |
| **Weibo Corp.** | **Weibo Corp.** | **Weibo Corp.** |
| 3.38%, 07/08/30 *(a)* | 3255000 | 3031381 |
|  |  | **577284167** |
| ***Consumer Cyclical 6.9%***  | ***Consumer Cyclical 6.9%***  | ***Consumer Cyclical 6.9%***  |
| **Alibaba Group Holding Ltd.** | **Alibaba Group Holding Ltd.** | **Alibaba Group Holding Ltd.** |
| 2.13%, 02/09/31 *(a)(c)* | 6395000 | 5656314 |
| 4.50%, 11/28/34 *(a)* | 2800000 | 2697128 |
| 5.25%, 05/26/35 *(a)(f)* | 5000000 | 5059150 |
| **Amazon.com, Inc.** | **Amazon.com, Inc.** | **Amazon.com, Inc.** |
| 2.10%, 05/12/31 *(a)* | 13430000 | 11933495 |
| 3.60%, 04/13/32 *(a)* | 10650000 | 10196416 |
| 4.70%, 12/01/32 *(a)* | 9605000 | 9784806 |
| 4.80%, 12/05/34 *(a)* | 5505000 | 5620605 |
| **American Honda Finance Corp.** | **American Honda Finance Corp.** | **American Honda Finance Corp.** |
| 5.85%, 10/04/30  | 2030000 | 2148024 |
| 1.80%, 01/13/31  | 2300000 | 1976620 |
| 5.05%, 07/10/31  | 3360000 | 3408250 |
| 4.85%, 10/23/31  | 2965000 | 2973450 |
| 4.90%, 01/10/34  | 3165000 | 3133192 |
| 5.20%, 03/05/35  | 2595000 | 2583115 |
| **Aptiv Swiss Holdings Ltd.** | **Aptiv Swiss Holdings Ltd.** | **Aptiv Swiss Holdings Ltd.** |
| 3.25%, 03/01/32 *(a)* | 3305000 | 2960487 |
| 5.15%, 09/13/34 *(a)* | 2320000 | 2242002 |
| **AutoNation, Inc.** | **AutoNation, Inc.** | **AutoNation, Inc.** |
| 2.40%, 08/01/31 *(a)* | 2200000 | 1893276 |
| 3.85%, 03/01/32 *(a)* | 2860000 | 2634746 |
| 5.89%, 03/15/35 *(a)* | 2095000 | 2126111 |
| **AutoZone, Inc.** | **AutoZone, Inc.** | **AutoZone, Inc.** |
| 1.65%, 01/15/31 *(a)* | 2415000 | 2070355 |
| 4.75%, 08/01/32 *(a)* | 3415000 | 3403628 |
| 4.75%, 02/01/33 *(a)* | 2315000 | 2294420 |
| 5.20%, 08/01/33 *(a)* | 1255000 | 1272357 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.55%, 11/01/33 *(a)* | 1980000 | 2186573 |
| 5.40%, 07/15/34 *(a)* | 3200000 | 3277728 |
| **Best Buy Co., Inc.** | **Best Buy Co., Inc.** | **Best Buy Co., Inc.** |
| 1.95%, 10/01/30 *(a)* | 2725000 | 2388980 |
| **Block Financial LLC** | **Block Financial LLC** | **Block Financial LLC** |
| 3.88%, 08/15/30 *(a)* | 2975000 | 2830861 |
| **BorgWarner, Inc.** | **BorgWarner, Inc.** | **BorgWarner, Inc.** |
| 5.40%, 08/15/34 *(a)* | 2345000 | 2376329 |
| **CBRE Services, Inc.** | **CBRE Services, Inc.** | **CBRE Services, Inc.** |
| 2.50%, 04/01/31 *(a)* | 2365000 | 2091772 |
| 5.95%, 08/15/34 *(a)* | 4295000 | 4529722 |
| 5.50%, 06/15/35 *(a)* | 2000000 | 2015360 |
| **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** |
| 3.70%, 01/15/31 *(a)* | 1850000 | 1717337 |
| 5.85%, 08/01/34 *(a)* | 2655000 | 2681577 |
| **Costco Wholesale Corp.** | **Costco Wholesale Corp.** | **Costco Wholesale Corp.** |
| 1.75%, 04/20/32 *(a)* | 4025000 | 3445843 |
| **Cummins, Inc.** | **Cummins, Inc.** | **Cummins, Inc.** |
| 1.50%, 09/01/30 *(a)* | 3595000 | 3138435 |
| 4.70%, 02/15/31 *(a)* | 3385000 | 3415059 |
| 5.15%, 02/20/34 *(a)* | 3010000 | 3072939 |
| 5.30%, 05/09/35 *(a)* | 4500000 | 4572900 |
| **Darden Restaurants, Inc.** | **Darden Restaurants, Inc.** | **Darden Restaurants, Inc.** |
| 6.30%, 10/10/33 *(a)* | 2235000 | 2396993 |
| **Dick's Sporting Goods, Inc.** | **Dick's Sporting Goods, Inc.** | **Dick's Sporting Goods, Inc.** |
| 3.15%, 01/15/32 *(a)* | 3080000 | 2765224 |
| **Dollar General Corp.** | **Dollar General Corp.** | **Dollar General Corp.** |
| 5.00%, 11/01/32 *(a)* | 2825000 | 2836724 |
| 5.45%, 07/05/33 *(a)(c)* | 4420000 | 4529086 |
| **Dollar Tree, Inc.** | **Dollar Tree, Inc.** | **Dollar Tree, Inc.** |
| 2.65%, 12/01/31 *(a)* | 3280000 | 2895879 |
| **DR Horton, Inc.** | **DR Horton, Inc.** | **DR Horton, Inc.** |
| 4.85%, 10/15/30 *(a)* | 2110000 | 2130973 |
| 5.00%, 10/15/34 *(a)* | 3015000 | 2986749 |
| **eBay, Inc.** | **eBay, Inc.** | **eBay, Inc.** |
| 2.60%, 05/10/31 *(a)* | 3375000 | 3031628 |
| 6.30%, 11/22/32 *(a)* | 1780000 | 1945647 |
| **Expedia Group, Inc.** | **Expedia Group, Inc.** | **Expedia Group, Inc.** |
| 2.95%, 03/15/31 *(a)* | 2435000 | 2219843 |
| 5.40%, 02/15/35 *(a)* | 4030000 | 4059217 |
| **Ford Motor Co.** | **Ford Motor Co.** | **Ford Motor Co.** |
| 7.45%, 07/16/31  | 4670000 | 5064101 |
| 3.25%, 02/12/32 *(a)* | 11050000 | 9324432 |
| 6.10%, 08/19/32 *(a)* | 7495000 | 7494550 |
| **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** |
| 4.00%, 11/13/30 *(a)* | 7435000 | 6788452 |
| 6.05%, 03/05/31 *(a)* | 4390000 | 4384951 |
| 3.63%, 06/17/31 *(a)* | 4420000 | 3894108 |
| 6.05%, 11/05/31 *(a)* | 5430000 | 5404262 |
| 6.53%, 03/19/32 *(a)* | 3305000 | 3356194 |
| 7.12%, 11/07/33 *(a)* | 5445000 | 5653598 |
| 6.13%, 03/08/34 *(a)* | 7100000 | 6919092 |
| 6.50%, 02/07/35 *(a)* | 5380000 | 5378440 |
| **General Motors Co.** | **General Motors Co.** | **General Motors Co.** |
| 5.60%, 10/15/32 *(a)* | 5025000 | 5109018 |
| 5.00%, 04/01/35  | 3270000 | 3089888 |
| 6.25%, 04/15/35 *(a)* | 2500000 | 2573650 |
| **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** |
| 5.45%, 07/15/30 *(a)* | 4085000 | 4145254 |
| 2.35%, 01/08/31 *(a)* | 4350000 | 3771537 |
| 5.75%, 02/08/31 *(a)* | 4270000 | 4389645 |
| 2.70%, 06/10/31 *(a)* | 4100000 | 3589099 |
| 5.60%, 06/18/31 *(a)* | 4595000 | 4688830 |
| 3.10%, 01/12/32 *(a)* | 5955000 | 5235219 |

---

*See financial notes*

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

**159**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.63%, 04/04/32 *(a)* | 2865000 | 2899294 |
| 6.40%, 01/09/33 *(a)* | 4210000 | 4432667 |
| 6.10%, 01/07/34 *(a)* | 6750000 | 6953512 |
| 5.95%, 04/04/34 *(a)* | 5280000 | 5359094 |
| 5.45%, 09/06/34 *(a)* | 3455000 | 3382929 |
| 5.90%, 01/07/35 *(a)* | 4435000 | 4460413 |
| **Genuine Parts Co.** | **Genuine Parts Co.** | **Genuine Parts Co.** |
| 1.88%, 11/01/30 *(a)* | 2100000 | 1818117 |
| 2.75%, 02/01/32 *(a)* | 2445000 | 2135047 |
| 6.88%, 11/01/33 *(a)* | 1500000 | 1672410 |
| **GLP Capital LP/GLP Financing II, Inc.** | **GLP Capital LP/GLP Financing II, Inc.** | **GLP Capital LP/GLP Financing II, Inc.** |
| 4.00%, 01/15/31 *(a)* | 2925000 | 2762458 |
| 3.25%, 01/15/32 *(a)* | 3342000 | 2950618 |
| 6.75%, 12/01/33 *(a)* | 1655000 | 1771793 |
| 5.63%, 09/15/34 *(a)* | 3600000 | 3593124 |
| **Home Depot, Inc.** | **Home Depot, Inc.** | **Home Depot, Inc.** |
| 1.38%, 03/15/31 *(a)* | 5935000 | 5040714 |
| 4.85%, 06/25/31 *(a)* | 4155000 | 4264941 |
| 1.88%, 09/15/31 *(a)* | 4855000 | 4189428 |
| 3.25%, 04/15/32 *(a)* | 5390000 | 4996045 |
| 4.50%, 09/15/32 *(a)* | 5035000 | 5061837 |
| 4.95%, 06/25/34 *(a)* | 8070000 | 8168050 |
| **Honda Motor Co. Ltd.** | **Honda Motor Co. Ltd.** | **Honda Motor Co. Ltd.** |
| 4.69%, 07/08/30 *(a)* | 5500000 | 5511165 |
| 2.97%, 03/10/32 *(a)* | 2985000 | 2677276 |
| **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** |
| 5.38%, 12/15/31 *(a)* | 2060000 | 2093537 |
| 5.75%, 03/30/32 *(a)* | 2095000 | 2152361 |
| 5.50%, 06/30/34 *(a)* | 1555000 | 1558157 |
| **Las Vegas Sands Corp.** | **Las Vegas Sands Corp.** | **Las Vegas Sands Corp.** |
| 6.20%, 08/15/34 *(a)* | 2025000 | 2070988 |
| **Lear Corp.** | **Lear Corp.** | **Lear Corp.** |
| 2.60%, 01/15/32 *(a)* | 1500000 | 1296855 |
| **Lennar Corp.** | **Lennar Corp.** | **Lennar Corp.** |
| 5.20%, 07/30/30 *(a)* | 3000000 | 3058230 |
| **LKQ Corp.** | **LKQ Corp.** | **LKQ Corp.** |
| 6.25%, 06/15/33 *(a)* | 2565000 | 2710615 |
| **Lowe's Cos., Inc.** | **Lowe's Cos., Inc.** | **Lowe's Cos., Inc.** |
| 1.70%, 10/15/30 *(a)* | 5575000 | 4857497 |
| 2.63%, 04/01/31 *(a)* | 6485000 | 5851091 |
| 3.75%, 04/01/32 *(a)* | 7125000 | 6724789 |
| 5.00%, 04/15/33 *(a)* | 5265000 | 5323020 |
| 5.15%, 07/01/33 *(a)* | 4195000 | 4283808 |
| **Magna International, Inc.** | **Magna International, Inc.** | **Magna International, Inc.** |
| 5.50%, 03/21/33 *(a)* | 2120000 | 2175608 |
| 5.88%, 06/01/35 *(a)* | 1750000 | 1796533 |
| **Marriott International, Inc.** | **Marriott International, Inc.** | **Marriott International, Inc.** |
| 2.85%, 04/15/31 *(a)* | 5040000 | 4579243 |
| 5.10%, 04/15/32 *(a)* | 1975000 | 2002472 |
| 3.50%, 10/15/32 *(a)* | 4630000 | 4213161 |
| 2.75%, 10/15/33 *(a)* | 2970000 | 2529371 |
| 5.30%, 05/15/34 *(a)* | 4180000 | 4235218 |
| 5.35%, 03/15/35 *(a)* | 4190000 | 4227836 |
| **McDonald's Corp.** | **McDonald's Corp.** | **McDonald's Corp.** |
| 3.60%, 07/01/30 *(a)* | 4170000 | 4036727 |
| 4.60%, 09/09/32 *(a)* | 3200000 | 3206528 |
| 4.95%, 08/14/33 *(a)* | 2460000 | 2507822 |
| 5.20%, 05/17/34 *(a)* | 2215000 | 2278548 |
| 4.95%, 03/03/35 *(a)* | 4070000 | 4071628 |
| **MDC Holdings, Inc.** | **MDC Holdings, Inc.** | **MDC Holdings, Inc.** |
| 2.50%, 01/15/31 *(a)* | 1730000 | 1519200 |
| **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** |
| 8.50%, 01/18/31  | 6585000 | 7833187 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Meritage Homes Corp.** | **Meritage Homes Corp.** | **Meritage Homes Corp.** |
| 5.65%, 03/15/35 *(a)* | 2100000 | 2108400 |
| **O'Reilly Automotive, Inc.** | **O'Reilly Automotive, Inc.** | **O'Reilly Automotive, Inc.** |
| 1.75%, 03/15/31 *(a)* | 1945000 | 1673575 |
| 4.70%, 06/15/32 *(a)* | 3840000 | 3821184 |
| 5.00%, 08/19/34 *(a)* | 2145000 | 2133417 |
| **PACCAR Financial Corp.** | **PACCAR Financial Corp.** | **PACCAR Financial Corp.** |
| 5.00%, 03/22/34  | 1610000 | 1640075 |
| **PulteGroup, Inc.** | **PulteGroup, Inc.** | **PulteGroup, Inc.** |
| 7.88%, 06/15/32  | 1495000 | 1736936 |
| 6.38%, 05/15/33  | 1635000 | 1755565 |
| 6.00%, 02/15/35  | 1185000 | 1241773 |
| **Ralph Lauren Corp.** | **Ralph Lauren Corp.** | **Ralph Lauren Corp.** |
| 5.00%, 06/15/32 *(a)* | 2000000 | 2032220 |
| **Rollins, Inc.** | **Rollins, Inc.** | **Rollins, Inc.** |
| 5.25%, 02/24/35 *(a)* | 2000000 | 2008700 |
| **Ross Stores, Inc.** | **Ross Stores, Inc.** | **Ross Stores, Inc.** |
| 1.88%, 04/15/31 *(a)* | 2295000 | 1969202 |
| **Sands China Ltd.** | **Sands China Ltd.** | **Sands China Ltd.** |
| 3.25%, 08/08/31 *(a)(h)* | 2685000 | 2370184 |
| **Starbucks Corp.** | **Starbucks Corp.** | **Starbucks Corp.** |
| 2.55%, 11/15/30 *(a)* | 5490000 | 4979210 |
| 4.90%, 02/15/31 *(a)* | 2060000 | 2104867 |
| 3.00%, 02/14/32 *(a)* | 4150000 | 3756539 |
| 4.80%, 02/15/33 *(a)* | 2065000 | 2070059 |
| 5.00%, 02/15/34 *(a)* | 2170000 | 2185624 |
| 5.40%, 05/15/35 *(a)* | 2600000 | 2650908 |
| **Tapestry, Inc.** | **Tapestry, Inc.** | **Tapestry, Inc.** |
| 3.05%, 03/15/32 *(a)* | 2035000 | 1817255 |
| 5.50%, 03/11/35 *(a)* | 3290000 | 3304673 |
| **Target Corp.** | **Target Corp.** | **Target Corp.** |
| 2.65%, 09/15/30 *(a)* | 2515000 | 2326249 |
| 4.50%, 09/15/32 *(a)* | 4370000 | 4350073 |
| 6.35%, 11/01/32  | 1265000 | 1409033 |
| 4.40%, 01/15/33 *(a)* | 2140000 | 2110682 |
| 4.50%, 09/15/34 *(a)* | 3135000 | 3042392 |
| 5.00%, 04/15/35 *(a)* | 4110000 | 4109877 |
| **TJX Cos., Inc.** | **TJX Cos., Inc.** | **TJX Cos., Inc.** |
| 1.60%, 05/15/31 *(a)* | 1950000 | 1683903 |
| **Toll Brothers Finance Corp.** | **Toll Brothers Finance Corp.** | **Toll Brothers Finance Corp.** |
| 5.60%, 06/15/35 *(a)* | 1970000 | 1987119 |
| **Toyota Motor Corp.** | **Toyota Motor Corp.** | **Toyota Motor Corp.** |
| 2.36%, 03/25/31 *(a)* | 2010000 | 1801282 |
| 5.12%, 07/13/33 *(a)* | 2025000 | 2085406 |
| 5.05%, 06/30/35 *(a)* | 2000000 | 2018080 |
| **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** |
| 5.55%, 11/20/30  | 4995000 | 5261184 |
| 1.65%, 01/10/31  | 2550000 | 2202410 |
| 5.10%, 03/21/31  | 3730000 | 3835671 |
| 1.90%, 09/12/31  | 2925000 | 2512663 |
| 4.60%, 10/10/31  | 3565000 | 3573913 |
| 2.40%, 01/13/32  | 1795000 | 1570751 |
| 4.70%, 01/12/33  | 1970000 | 1978865 |
| 4.80%, 01/05/34  | 3545000 | 3544929 |
| 5.35%, 01/09/35  | 3530000 | 3626616 |
| **Tractor Supply Co.** | **Tractor Supply Co.** | **Tractor Supply Co.** |
| 1.75%, 11/01/30 *(a)* | 3125000 | 2711313 |
| 5.25%, 05/15/33 *(a)* | 3180000 | 3246271 |
| **Uber Technologies, Inc.** | **Uber Technologies, Inc.** | **Uber Technologies, Inc.** |
| 4.80%, 09/15/34 *(a)* | 6590000 | 6492336 |
| **VICI Properties LP** | **VICI Properties LP** | **VICI Properties LP** |
| 5.13%, 11/15/31 *(a)* | 3495000 | 3501990 |
| 5.13%, 05/15/32 *(a)* | 6720000 | 6699235 |

---

*See financial notes*

**160**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.75%, 04/01/34 *(a)* | 2305000 | 2358568 |
| 5.63%, 04/01/35 *(a)* | 3940000 | 3977233 |
| **Walmart, Inc.** | **Walmart, Inc.** | **Walmart, Inc.** |
| 1.80%, 09/22/31 *(a)* | 8850000 | 7718173 |
| 4.15%, 09/09/32 *(a)* | 5520000 | 5457182 |
| 4.10%, 04/15/33 *(a)* | 6330000 | 6190740 |
| 4.90%, 04/28/35 *(a)* | 7180000 | 7274848 |
|  |  | **599175960** |
| ***Consumer Non-Cyclical 12.3%***  | ***Consumer Non-Cyclical 12.3%***  | ***Consumer Non-Cyclical 12.3%***  |
| **AbbVie, Inc.** | **AbbVie, Inc.** | **AbbVie, Inc.** |
| 4.95%, 03/15/31 *(a)* | 8755000 | 8992698 |
| 5.05%, 03/15/34 *(a)* | 13010000 | 13256149 |
| 4.55%, 03/15/35 *(a)* | 7320000 | 7116943 |
| 5.20%, 03/15/35 *(a)* | 4505000 | 4606858 |
| 4.50%, 05/14/35 *(a)* | 10950000 | 10585912 |
| **Adventist Health System** | **Adventist Health System** | **Adventist Health System** |
| 5.43%, 03/01/32 *(a)* | 1520000 | 1538316 |
| 5.76%, 12/01/34 *(a)* | 1915000 | 1920534 |
| **Agilent Technologies, Inc.** | **Agilent Technologies, Inc.** | **Agilent Technologies, Inc.** |
| 2.30%, 03/12/31 *(a)* | 3605000 | 3196806 |
| 4.75%, 09/09/34 *(a)* | 2565000 | 2526653 |
| **Altria Group, Inc.** | **Altria Group, Inc.** | **Altria Group, Inc.** |
| 2.45%, 02/04/32 *(a)* | 7890000 | 6808675 |
| 6.88%, 11/01/33 *(a)* | 1980000 | 2214907 |
| 5.63%, 02/06/35 *(a)* | 2205000 | 2251856 |
| **Amgen, Inc.** | **Amgen, Inc.** | **Amgen, Inc.** |
| 2.30%, 02/25/31 *(a)* | 5960000 | 5303983 |
| 2.00%, 01/15/32 *(a)* | 4140000 | 3537340 |
| 3.35%, 02/22/32 *(a)* | 4375000 | 4054925 |
| 4.20%, 03/01/33 *(a)* | 3955000 | 3806450 |
| 5.25%, 03/02/33 *(a)* | 18250000 | 18701505 |
| **Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch InBev Worldwide, Inc.** |
| 4.90%, 01/23/31 *(a)* | 3075000 | 3164667 |
| 5.00%, 06/15/34 *(a)* | 4295000 | 4386827 |
| 5.88%, 06/15/35  | 1370000 | 1474504 |
| **Archer-Daniels-Midland Co.** | **Archer-Daniels-Midland Co.** | **Archer-Daniels-Midland Co.** |
| 2.90%, 03/01/32 *(a)* | 3175000 | 2867406 |
| 5.94%, 10/01/32  | 1490000 | 1618617 |
| 4.50%, 08/15/33 *(a)* | 2400000 | 2355120 |
| **Astrazeneca Finance LLC** | **Astrazeneca Finance LLC** | **Astrazeneca Finance LLC** |
| 4.90%, 02/26/31 *(a)* | 4420000 | 4544556 |
| 2.25%, 05/28/31 *(a)* | 3415000 | 3057552 |
| 4.88%, 03/03/33 *(a)* | 2055000 | 2093161 |
| 5.00%, 02/26/34 *(a)* | 6295000 | 6421781 |
| **AstraZeneca PLC** | **AstraZeneca PLC** | **AstraZeneca PLC** |
| 1.38%, 08/06/30 *(a)* | 5700000 | 4951419 |
| **Banner Health** | **Banner Health** | **Banner Health** |
| 1.90%, 01/01/31 *(a)* | 1305000 | 1144655 |
| **BAT Capital Corp.** | **BAT Capital Corp.** | **BAT Capital Corp.** |
| 6.34%, 08/02/30 *(a)* | 4000000 | 4313080 |
| 5.83%, 02/20/31 *(a)* | 3530000 | 3717549 |
| 2.73%, 03/25/31 *(a)* | 5355000 | 4826461 |
| 4.74%, 03/16/32 *(a)* | 4255000 | 4229385 |
| 5.35%, 08/15/32 *(a)* | 4170000 | 4271206 |
| 7.75%, 10/19/32 *(a)* | 2420000 | 2798996 |
| 6.42%, 08/02/33 *(a)* | 5675000 | 6185239 |
| 6.00%, 02/20/34 *(a)* | 3970000 | 4188985 |
| **Baxter International, Inc.** | **Baxter International, Inc.** | **Baxter International, Inc.** |
| 1.73%, 04/01/31 *(a)* | 2555000 | 2183248 |
| 2.54%, 02/01/32 *(a)* | 6905000 | 6028686 |
| **Baylor Scott & White Holdings** | **Baylor Scott & White Holdings** | **Baylor Scott & White Holdings** |
| 1.78%, 11/15/30 *(a)* | 1385000 | 1218551 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Becton Dickinson & Co.** | **Becton Dickinson & Co.** | **Becton Dickinson & Co.** |
| 1.96%, 02/11/31 *(a)* | 4425000 | 3841564 |
| 4.30%, 08/22/32 *(a)* | 2355000 | 2282961 |
| 5.11%, 02/08/34 *(a)* | 2410000 | 2417399 |
| **Biogen, Inc.** | **Biogen, Inc.** | **Biogen, Inc.** |
| 5.05%, 01/15/31 *(a)* | 1500000 | 1527570 |
| 5.75%, 05/15/35 *(a)* | 2880000 | 2965450 |
| **Bio-Rad Laboratories, Inc.** | **Bio-Rad Laboratories, Inc.** | **Bio-Rad Laboratories, Inc.** |
| 3.70%, 03/15/32 *(a)* | 3395000 | 3131276 |
| **Bristol-Myers Squibb Co.** | **Bristol-Myers Squibb Co.** | **Bristol-Myers Squibb Co.** |
| 1.45%, 11/13/30 *(a)* | 5845000 | 5061828 |
| 5.75%, 02/01/31 *(a)* | 4120000 | 4392662 |
| 5.10%, 02/22/31 *(a)* | 5705000 | 5907585 |
| 2.95%, 03/15/32 *(a)* | 8100000 | 7350021 |
| 5.90%, 11/15/33 *(a)* | 3995000 | 4298340 |
| 5.20%, 02/22/34 *(a)* | 10630000 | 10891392 |
| **Brown-Forman Corp.** | **Brown-Forman Corp.** | **Brown-Forman Corp.** |
| 4.75%, 04/15/33 *(a)* | 2610000 | 2617256 |
| **Brunswick Corp.** | **Brunswick Corp.** | **Brunswick Corp.** |
| 2.40%, 08/18/31 *(a)* | 2400000 | 2043408 |
| 4.40%, 09/15/32 *(a)* | 1970000 | 1841438 |
| **Bunge Ltd. Finance Corp.** | **Bunge Ltd. Finance Corp.** | **Bunge Ltd. Finance Corp.** |
| 2.75%, 05/14/31 *(a)* | 4065000 | 3682687 |
| 4.65%, 09/17/34 *(a)* | 3705000 | 3595703 |
| **Campbell's Co.** | **Campbell's Co.** | **Campbell's Co.** |
| 5.40%, 03/21/34 *(a)* | 4390000 | 4460679 |
| 4.75%, 03/23/35 *(a)* | 3375000 | 3244354 |
| **Cardinal Health, Inc.** | **Cardinal Health, Inc.** | **Cardinal Health, Inc.** |
| 5.45%, 02/15/34 *(a)* | 1995000 | 2054152 |
| 5.35%, 11/15/34 *(a)* | 4230000 | 4316123 |
| **Cedars-Sinai Health System** | **Cedars-Sinai Health System** | **Cedars-Sinai Health System** |
| 2.29%, 08/15/31 *(a)* | 1300000 | 1137578 |
| **Cencora, Inc.** | **Cencora, Inc.** | **Cencora, Inc.** |
| 2.70%, 03/15/31 *(a)* | 4105000 | 3710879 |
| 5.13%, 02/15/34 *(a)* | 2090000 | 2107577 |
| 5.15%, 02/15/35 *(a)* | 3225000 | 3257024 |
| **Church & Dwight Co., Inc.** | **Church & Dwight Co., Inc.** | **Church & Dwight Co., Inc.** |
| 2.30%, 12/15/31 *(a)* | 1615000 | 1410589 |
| 5.60%, 11/15/32 *(a)* | 2380000 | 2507282 |
| **Cigna Group** | **Cigna Group** | **Cigna Group** |
| 2.38%, 03/15/31 *(a)* | 6370000 | 5670001 |
| 5.13%, 05/15/31 *(a)* | 3695000 | 3803005 |
| 5.40%, 03/15/33 *(a)* | 3360000 | 3475886 |
| 5.25%, 02/15/34 *(a)* | 5450000 | 5541178 |
| **Clorox Co.** | **Clorox Co.** | **Clorox Co.** |
| 4.60%, 05/01/32 *(a)* | 2845000 | 2846366 |
| **Coca-Cola Co.** | **Coca-Cola Co.** | **Coca-Cola Co.** |
| 2.00%, 03/05/31  | 3165000 | 2816913 |
| 1.38%, 03/15/31  | 5560000 | 4777541 |
| 2.25%, 01/05/32  | 8555000 | 7577249 |
| 5.00%, 05/13/34 *(a)* | 4890000 | 5038949 |
| 4.65%, 08/14/34 *(a)* | 2880000 | 2896963 |
| **Coca-Cola Consolidated, Inc.** | **Coca-Cola Consolidated, Inc.** | **Coca-Cola Consolidated, Inc.** |
| 5.45%, 06/01/34 *(a)* | 2255000 | 2325875 |
| **Coca-Cola Femsa SAB de CV** | **Coca-Cola Femsa SAB de CV** | **Coca-Cola Femsa SAB de CV** |
| 1.85%, 09/01/32 *(a)* | 3235000 | 2650436 |
| 5.10%, 05/06/35 *(a)* | 2115000 | 2102966 |
| **Colgate-Palmolive Co.** | **Colgate-Palmolive Co.** | **Colgate-Palmolive Co.** |
| 3.25%, 08/15/32 *(a)* | 2195000 | 2038738 |
| 4.60%, 03/01/33 *(a)* | 2280000 | 2308249 |
| **CommonSpirit Health** | **CommonSpirit Health** | **CommonSpirit Health** |
| 2.78%, 10/01/30 *(a)* | 2290000 | 2100686 |
| 5.21%, 12/01/31 *(a)* | 3305000 | 3393045 |
| 5.32%, 12/01/34 *(a)* | 3140000 | 3160410 |

---

*See financial notes*

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

**161**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Conagra Brands, Inc.** | **Conagra Brands, Inc.** | **Conagra Brands, Inc.** |
| 8.25%, 09/15/30  | 1250000 | 1458588 |
| **Constellation Brands, Inc.** | **Constellation Brands, Inc.** | **Constellation Brands, Inc.** |
| 2.25%, 08/01/31 *(a)* | 4485000 | 3892711 |
| 4.75%, 05/09/32 *(a)* | 2825000 | 2808220 |
| 4.90%, 05/01/33 *(a)(c)* | 3445000 | 3416820 |
| **CVS Health Corp.** | **CVS Health Corp.** | **CVS Health Corp.** |
| 1.75%, 08/21/30 *(a)* | 5480000 | 4740364 |
| 5.25%, 01/30/31 *(a)* | 3210000 | 3284023 |
| 1.88%, 02/28/31 *(a)* | 5680000 | 4869407 |
| 5.55%, 06/01/31 *(a)* | 4090000 | 4252578 |
| 2.13%, 09/15/31 *(a)* | 4300000 | 3679252 |
| 5.25%, 02/21/33 *(a)* | 8120000 | 8179276 |
| 5.30%, 06/01/33 *(a)* | 5435000 | 5482067 |
| 5.70%, 06/01/34 *(a)* | 5310000 | 5471689 |
| **Diageo Capital PLC** | **Diageo Capital PLC** | **Diageo Capital PLC** |
| 2.13%, 04/29/32 *(a)* | 3110000 | 2654447 |
| 5.50%, 01/24/33 *(a)* | 3525000 | 3674354 |
| 5.63%, 10/05/33 *(a)* | 3680000 | 3870771 |
| **Diageo Investment Corp.** | **Diageo Investment Corp.** | **Diageo Investment Corp.** |
| 5.13%, 08/15/30 *(a)* | 3230000 | 3329000 |
| 5.63%, 04/15/35 *(a)* | 3195000 | 3343536 |
| 7.45%, 04/15/35  | 2000000 | 2381360 |
| **Eli Lilly & Co.** | **Eli Lilly & Co.** | **Eli Lilly & Co.** |
| 4.90%, 02/12/32 *(a)* | 4465000 | 4589395 |
| 4.70%, 02/27/33 *(a)* | 4070000 | 4110741 |
| 4.70%, 02/09/34 *(a)* | 6845000 | 6845411 |
| 4.60%, 08/14/34 *(a)* | 5435000 | 5389889 |
| 5.10%, 02/12/35 *(a)* | 5205000 | 5333668 |
| **Estee Lauder Cos., Inc.** | **Estee Lauder Cos., Inc.** | **Estee Lauder Cos., Inc.** |
| 1.95%, 03/15/31 *(a)* | 2610000 | 2274485 |
| 4.65%, 05/15/33 *(a)* | 3055000 | 3011466 |
| 5.00%, 02/14/34 *(a)* | 2735000 | 2743451 |
| **Flowers Foods, Inc.** | **Flowers Foods, Inc.** | **Flowers Foods, Inc.** |
| 2.40%, 03/15/31 *(a)* | 2580000 | 2260725 |
| 5.75%, 03/15/35 *(a)* | 1930000 | 1980141 |
| **GE HealthCare Technologies, Inc.** | **GE HealthCare Technologies, Inc.** | **GE HealthCare Technologies, Inc.** |
| 4.80%, 01/15/31 *(a)* | 2950000 | 2975193 |
| 5.91%, 11/22/32 *(a)* | 7525000 | 8012168 |
| 5.50%, 06/15/35 *(a)* | 3750000 | 3842213 |
| **General Mills, Inc.** | **General Mills, Inc.** | **General Mills, Inc.** |
| 2.25%, 10/14/31 *(a)* | 2035000 | 1773197 |
| 4.95%, 03/29/33 *(a)* | 3960000 | 3971801 |
| 5.25%, 01/30/35 *(a)* | 3620000 | 3638969 |
| **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** |
| 1.65%, 10/01/30 *(a)* | 4340000 | 3795417 |
| 5.25%, 10/15/33 *(a)* | 4440000 | 4594734 |
| 5.10%, 06/15/35 *(a)* | 4260000 | 4313420 |
| **GlaxoSmithKline Capital, Inc.** | **GlaxoSmithKline Capital, Inc.** | **GlaxoSmithKline Capital, Inc.** |
| 5.38%, 04/15/34  | 2210000 | 2314157 |
| 4.88%, 04/15/35 *(a)* | 3215000 | 3213971 |
| **Haleon U.S. Capital LLC** | **Haleon U.S. Capital LLC** | **Haleon U.S. Capital LLC** |
| 3.63%, 03/24/32 *(a)* | 9020000 | 8443893 |
| **Hasbro, Inc.** | **Hasbro, Inc.** | **Hasbro, Inc.** |
| 6.05%, 05/14/34 *(a)* | 2265000 | 2340311 |
| **HCA, Inc.** | **HCA, Inc.** | **HCA, Inc.** |
| 3.50%, 09/01/30 *(a)* | 11465000 | 10847151 |
| 5.45%, 04/01/31 *(a)* | 7685000 | 7925694 |
| 2.38%, 07/15/31 *(a)* | 3840000 | 3346714 |
| 5.50%, 03/01/32 *(a)* | 3125000 | 3228406 |
| 3.63%, 03/15/32 *(a)* | 8650000 | 7982047 |
| 5.50%, 06/01/33 *(a)* | 5185000 | 5317529 |
| 5.60%, 04/01/34 *(a)* | 6080000 | 6234432 |
| 5.45%, 09/15/34 *(a)* | 5630000 | 5680163 |
| 5.75%, 03/01/35 *(a)* | 6620000 | 6810193 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Hershey Co.** | **Hershey Co.** | **Hershey Co.** |
| 4.95%, 02/24/32 *(a)* | 2325000 | 2379940 |
| 4.50%, 05/04/33 *(a)* | 1745000 | 1734146 |
| 5.10%, 02/24/35 *(a)* | 2305000 | 2343793 |
| **Icon Investments Six DAC** | **Icon Investments Six DAC** | **Icon Investments Six DAC** |
| 6.00%, 05/08/34 *(a)* | 2225000 | 2274328 |
| **Illumina, Inc.** | **Illumina, Inc.** | **Illumina, Inc.** |
| 2.55%, 03/23/31 *(a)* | 2115000 | 1863442 |
| **J.M. Smucker Co.** | **J.M. Smucker Co.** | **J.M. Smucker Co.** |
| 2.13%, 03/15/32 *(a)* | 1675000 | 1421640 |
| 6.20%, 11/15/33 *(a)* | 4085000 | 4387658 |
| 4.25%, 03/15/35  | 2960000 | 2750728 |
| **JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL** | **JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL** | **JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL** |
| 3.75%, 12/01/31 *(a)* | 2205000 | 2052811 |
| 3.63%, 01/15/32 *(a)* | 3870000 | 3542908 |
| 3.00%, 05/15/32 *(a)* | 4740000 | 4153520 |
| 5.75%, 04/01/33 *(a)* | 6860000 | 7061753 |
| 6.75%, 03/15/34 *(a)* | 6495000 | 7097216 |
| **JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group** | **JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group** | **JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group** |
| 5.95%, 04/20/35 *(a)(f)* | 4510000 | 4675607 |
| **Johnson & Johnson** | **Johnson & Johnson** | **Johnson & Johnson** |
| 1.30%, 09/01/30 *(a)* | 7655000 | 6668117 |
| 4.90%, 06/01/31 *(a)* | 5030000 | 5210476 |
| 4.85%, 03/01/32 *(a)* | 6085000 | 6260491 |
| 4.95%, 05/15/33  | 2320000 | 2404773 |
| 4.38%, 12/05/33 *(a)* | 3660000 | 3668491 |
| 4.95%, 06/01/34 *(a)(c)* | 3340000 | 3474335 |
| 5.00%, 03/01/35 *(a)* | 5455000 | 5598576 |
| **Kellanova** | **Kellanova** | **Kellanova** |
| 7.45%, 04/01/31  | 2630000 | 3019319 |
| 5.25%, 03/01/33 *(a)* | 1710000 | 1752134 |
| **Kenvue, Inc.** | **Kenvue, Inc.** | **Kenvue, Inc.** |
| 4.85%, 05/22/32 *(a)* | 3190000 | 3228886 |
| 4.90%, 03/22/33 *(a)* | 5410000 | 5490879 |
| **Keurig Dr. Pepper, Inc.** | **Keurig Dr. Pepper, Inc.** | **Keurig Dr. Pepper, Inc.** |
| 2.25%, 03/15/31 *(a)* | 1980000 | 1749686 |
| 5.20%, 03/15/31 *(a)* | 2180000 | 2251460 |
| 4.05%, 04/15/32 *(a)* | 3605000 | 3469488 |
| 5.30%, 03/15/34 *(a)* | 3570000 | 3660464 |
| 5.15%, 05/15/35 *(a)* | 2120000 | 2116841 |
| **Kimberly-Clark Corp.** | **Kimberly-Clark Corp.** | **Kimberly-Clark Corp.** |
| 2.00%, 11/02/31 *(a)* | 2580000 | 2279482 |
| 4.50%, 02/16/33 *(a)* | 1725000 | 1728657 |
| **Kraft Heinz Foods Co.** | **Kraft Heinz Foods Co.** | **Kraft Heinz Foods Co.** |
| 4.25%, 03/01/31 *(a)* | 1855000 | 1827490 |
| 5.20%, 03/15/32 *(a)* | 2035000 | 2073095 |
| 6.75%, 03/15/32  | 1330000 | 1467096 |
| 5.40%, 03/15/35 *(a)* | 2210000 | 2241404 |
| **Kroger Co.** | **Kroger Co.** | **Kroger Co.** |
| 1.70%, 01/15/31 *(a)* | 2120000 | 1831235 |
| 7.50%, 04/01/31  | 1845000 | 2119241 |
| 5.00%, 09/15/34 *(a)* | 9525000 | 9479470 |
| **Laboratory Corp. of America Holdings** | **Laboratory Corp. of America Holdings** | **Laboratory Corp. of America Holdings** |
| 2.70%, 06/01/31 *(a)* | 2075000 | 1870779 |
| 4.55%, 04/01/32 *(a)* | 2360000 | 2326346 |
| 4.80%, 10/01/34 *(a)* | 3535000 | 3463699 |
| **McCormick & Co., Inc.** | **McCormick & Co., Inc.** | **McCormick & Co., Inc.** |
| 1.85%, 02/15/31 *(a)* | 2250000 | 1954508 |
| 4.95%, 04/15/33 *(a)* | 2160000 | 2183198 |
| 4.70%, 10/15/34 *(a)* | 2140000 | 2076292 |
| **McKesson Corp.** | **McKesson Corp.** | **McKesson Corp.** |
| 4.95%, 05/30/32 *(a)* | 3000000 | 3040860 |
| 5.10%, 07/15/33 *(a)* | 2470000 | 2529231 |
| 5.25%, 05/30/35 *(a)* | 3000000 | 3051540 |

---

*See financial notes*

**162**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Medtronic Global Holdings SCA** | **Medtronic Global Holdings SCA** | **Medtronic Global Holdings SCA** |
| 4.50%, 03/30/33 *(a)* | 4670000 | 4622740 |
| **Medtronic, Inc.** | **Medtronic, Inc.** | **Medtronic, Inc.** |
| 4.38%, 03/15/35  | 7825000 | 7573817 |
| **Merck & Co., Inc.** | **Merck & Co., Inc.** | **Merck & Co., Inc.** |
| 2.15%, 12/10/31 *(a)* | 9020000 | 7877978 |
| 4.50%, 05/17/33 *(a)* | 6280000 | 6263986 |
| 6.50%, 12/01/33 *(g)* | 2780000 | 3157385 |
| **Mondelez International, Inc.** | **Mondelez International, Inc.** | **Mondelez International, Inc.** |
| 1.50%, 02/04/31 *(a)* | 3175000 | 2714657 |
| 3.00%, 03/17/32 *(a)* | 3095000 | 2796147 |
| 1.88%, 10/15/32 *(a)* | 2530000 | 2116345 |
| 4.75%, 08/28/34 *(a)* | 2000000 | 1976300 |
| 5.13%, 05/06/35 *(a)* | 1700000 | 1707769 |
| **Novartis Capital Corp.** | **Novartis Capital Corp.** | **Novartis Capital Corp.** |
| 2.20%, 08/14/30 *(a)* | 6195000 | 5645875 |
| 4.00%, 09/18/31 *(a)* | 2830000 | 2788597 |
| 4.20%, 09/18/34 *(a)* | 5500000 | 5302605 |
| **Ochsner LSU Health System of North Louisiana** | **Ochsner LSU Health System of North Louisiana** | **Ochsner LSU Health System of North Louisiana** |
| 2.51%, 05/15/31 *(a)* | 1460000 | 1198237 |
| **OhioHealth Corp.** | **OhioHealth Corp.** | **OhioHealth Corp.** |
| 2.30%, 11/15/31 *(a)* | 1310000 | 1159101 |
| **Pepsico Singapore Financing I Pte. Ltd.** | **Pepsico Singapore Financing I Pte. Ltd.** | **Pepsico Singapore Financing I Pte. Ltd.** |
| 4.70%, 02/16/34 *(a)* | 2505000 | 2493652 |
| **PepsiCo, Inc.** | **PepsiCo, Inc.** | **PepsiCo, Inc.** |
| 1.40%, 02/25/31 *(a)* | 3110000 | 2669873 |
| 1.95%, 10/21/31 *(a)* | 5155000 | 4482376 |
| 3.90%, 07/18/32 *(a)* | 5090000 | 4924270 |
| 4.45%, 02/15/33 *(a)* | 3925000 | 3934616 |
| 4.80%, 07/17/34 *(a)* | 3495000 | 3521981 |
| 5.00%, 02/07/35 *(a)* | 5000000 | 5078850 |
| **Pfizer Investment Enterprises Pte. Ltd.** | **Pfizer Investment Enterprises Pte. Ltd.** | **Pfizer Investment Enterprises Pte. Ltd.** |
| 4.75%, 05/19/33 *(a)* | 21880000 | 21854619 |
| **Pfizer, Inc.** | **Pfizer, Inc.** | **Pfizer, Inc.** |
| 1.75%, 08/18/31 *(a)* | 4590000 | 3975399 |
| **Philip Morris International, Inc.** | **Philip Morris International, Inc.** | **Philip Morris International, Inc.** |
| 5.50%, 09/07/30 *(a)* | 2620000 | 2741594 |
| 1.75%, 11/01/30 *(a)* | 3515000 | 3067084 |
| 5.13%, 02/13/31 *(a)* | 5805000 | 5980717 |
| 4.75%, 11/01/31 *(a)* | 3250000 | 3274213 |
| 5.75%, 11/17/32 *(a)* | 6055000 | 6405403 |
| 5.38%, 02/15/33 *(a)* | 10150000 | 10487792 |
| 5.63%, 09/07/33 *(a)* | 4280000 | 4487537 |
| 5.25%, 02/13/34 *(a)* | 7530000 | 7687603 |
| 4.90%, 11/01/34 *(a)* | 3180000 | 3167852 |
| 4.88%, 04/30/35 *(a)* | 3000000 | 2961900 |
| **Piedmont Healthcare, Inc.** | **Piedmont Healthcare, Inc.** | **Piedmont Healthcare, Inc.** |
| 2.04%, 01/01/32 *(a)* | 1355000 | 1136601 |
| **Pilgrim's Pride Corp.** | **Pilgrim's Pride Corp.** | **Pilgrim's Pride Corp.** |
| 4.25%, 04/15/31 *(a)* | 4385000 | 4234638 |
| 3.50%, 03/01/32 *(a)* | 3715000 | 3349667 |
| 6.25%, 07/01/33 *(a)* | 4450000 | 4709657 |
| 6.88%, 05/15/34 *(a)* | 2005000 | 2204317 |
| **Procter & Gamble Co.** | **Procter & Gamble Co.** | **Procter & Gamble Co.** |
| 1.20%, 10/29/30  | 5375000 | 4642388 |
| 1.95%, 04/23/31  | 4385000 | 3899054 |
| 2.30%, 02/01/32  | 3520000 | 3156806 |
| 4.05%, 01/26/33  | 3395000 | 3351985 |
| 4.55%, 01/29/34  | 3465000 | 3480385 |
| 5.80%, 08/15/34  | 2085000 | 2262121 |
| 4.55%, 10/24/34  | 2625000 | 2622506 |
| 4.60%, 05/01/35  | 2025000 | 2026823 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Providence St. Joseph Health Obligated Group** | **Providence St. Joseph Health Obligated Group** | **Providence St. Joseph Health Obligated Group** |
| 5.37%, 10/01/32 *(a)* | 1870000 | 1903398 |
| 5.40%, 10/01/33 *(a)* | 2485000 | 2518572 |
| **Quest Diagnostics, Inc.** | **Quest Diagnostics, Inc.** | **Quest Diagnostics, Inc.** |
| 2.80%, 06/30/31 *(a)* | 2930000 | 2659444 |
| 6.40%, 11/30/33 *(a)* | 3090000 | 3390997 |
| 5.00%, 12/15/34 *(a)* | 3470000 | 3457647 |
| **Regeneron Pharmaceuticals, Inc.** | **Regeneron Pharmaceuticals, Inc.** | **Regeneron Pharmaceuticals, Inc.** |
| 1.75%, 09/15/30 *(a)* | 5555000 | 4831350 |
| **Revvity, Inc.** | **Revvity, Inc.** | **Revvity, Inc.** |
| 2.55%, 03/15/31 *(a)* | 1845000 | 1622106 |
| 2.25%, 09/15/31 *(a)* | 2045000 | 1752708 |
| **Royalty Pharma PLC** | **Royalty Pharma PLC** | **Royalty Pharma PLC** |
| 2.20%, 09/02/30 *(a)* | 4250000 | 3768730 |
| 2.15%, 09/02/31 *(a)* | 2430000 | 2089217 |
| 5.40%, 09/02/34 *(a)* | 2205000 | 2235672 |
| **Smith & Nephew PLC** | **Smith & Nephew PLC** | **Smith & Nephew PLC** |
| 2.03%, 10/14/30 *(a)* | 4265000 | 3739467 |
| 5.40%, 03/20/34 *(a)* | 2670000 | 2711545 |
| **Solventum Corp.** | **Solventum Corp.** | **Solventum Corp.** |
| 5.45%, 03/13/31 *(a)* | 4315000 | 4483026 |
| 5.60%, 03/23/34 *(a)* | 7325000 | 7541014 |
| **Stanford Health Care** | **Stanford Health Care** | **Stanford Health Care** |
| 3.31%, 08/15/30 *(a)* | 1280000 | 1222323 |
| **STERIS Irish FinCo UnLtd Co.** | **STERIS Irish FinCo UnLtd Co.** | **STERIS Irish FinCo UnLtd Co.** |
| 2.70%, 03/15/31 *(a)* | 3000000 | 2696610 |
| **Stryker Corp.** | **Stryker Corp.** | **Stryker Corp.** |
| 4.63%, 09/11/34 *(a)* | 3290000 | 3240683 |
| 5.20%, 02/10/35 *(a)* | 4315000 | 4399272 |
| **Sutter Health** | **Sutter Health** | **Sutter Health** |
| 2.29%, 08/15/30 *(a)* | 3145000 | 2842671 |
| 5.21%, 08/15/32 *(a)* | 2125000 | 2184054 |
| 5.16%, 08/15/33 *(a)* | 1620000 | 1643927 |
| **Sysco Corp.** | **Sysco Corp.** | **Sysco Corp.** |
| 5.10%, 09/23/30 *(a)* | 3150000 | 3232089 |
| 2.45%, 12/14/31 *(a)* | 1660000 | 1455920 |
| 6.00%, 01/17/34 *(a)* | 2040000 | 2189593 |
| 5.40%, 03/23/35 *(a)* | 2535000 | 2580123 |
| **Takeda Pharmaceutical Co. Ltd.** | **Takeda Pharmaceutical Co. Ltd.** | **Takeda Pharmaceutical Co. Ltd.** |
| 5.30%, 07/05/34 *(a)* | 4825000 | 4905240 |
| **Thermo Fisher Scientific, Inc.** | **Thermo Fisher Scientific, Inc.** | **Thermo Fisher Scientific, Inc.** |
| 4.98%, 08/10/30 *(a)* | 3195000 | 3289508 |
| 2.00%, 10/15/31 *(a)* | 5385000 | 4700997 |
| 4.95%, 11/21/32 *(a)* | 3365000 | 3442832 |
| 5.09%, 08/10/33 *(a)* | 4030000 | 4124624 |
| 5.20%, 01/31/34 *(a)* | 2050000 | 2108692 |
| **Tyson Foods, Inc.** | **Tyson Foods, Inc.** | **Tyson Foods, Inc.** |
| 5.70%, 03/15/34 *(a)* | 3650000 | 3779064 |
| 4.88%, 08/15/34 *(a)* | 2450000 | 2393038 |
| **Unilever Capital Corp.** | **Unilever Capital Corp.** | **Unilever Capital Corp.** |
| 1.38%, 09/14/30 *(a)* | 2305000 | 2005096 |
| 1.75%, 08/12/31 *(a)* | 3335000 | 2889244 |
| 5.90%, 11/15/32  | 4270000 | 4659210 |
| 5.00%, 12/08/33 *(a)* | 3315000 | 3406958 |
| 4.63%, 08/12/34 *(a)* | 4615000 | 4585972 |
| **Universal Health Services, Inc.** | **Universal Health Services, Inc.** | **Universal Health Services, Inc.** |
| 2.65%, 10/15/30 *(a)* | 3390000 | 3024355 |
| 2.65%, 01/15/32 *(a)* | 2400000 | 2037984 |
| 5.05%, 10/15/34 *(a)* | 2090000 | 1999399 |
| **UPMC** | **UPMC** | **UPMC** |
| 5.04%, 05/15/33 *(a)* | 2125000 | 2133691 |
| **Wyeth LLC** | **Wyeth LLC** | **Wyeth LLC** |
| 6.50%, 02/01/34  | 3320000 | 3702995 |

---

*See financial notes*

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

**163**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Zimmer Biomet Holdings, Inc.** | **Zimmer Biomet Holdings, Inc.** | **Zimmer Biomet Holdings, Inc.** |
| 2.60%, 11/24/31 *(a)* | 3305000 | 2926148 |
| 5.20%, 09/15/34 *(a)* | 2895000 | 2906870 |
| 5.50%, 02/19/35 *(a)* | 2670000 | 2740034 |
| **Zoetis, Inc.** | **Zoetis, Inc.** | **Zoetis, Inc.** |
| 5.60%, 11/16/32 *(a)* | 3080000 | 3256361 |
|  |  | **1066864819** |
| ***Energy 6.9%***  | ***Energy 6.9%***  | ***Energy 6.9%***  |
| **APA Corp.** | **APA Corp.** | **APA Corp.** |
| 6.10%, 02/15/35 *(a)(f)* | 1530000 | 1498681 |
| **Boardwalk Pipelines LP** | **Boardwalk Pipelines LP** | **Boardwalk Pipelines LP** |
| 3.40%, 02/15/31 *(a)* | 2120000 | 1959198 |
| 3.60%, 09/01/32 *(a)* | 2180000 | 1977129 |
| 5.63%, 08/01/34 *(a)* | 2560000 | 2600038 |
| **BP Capital Markets America, Inc.** | **BP Capital Markets America, Inc.** | **BP Capital Markets America, Inc.** |
| 1.75%, 08/10/30 *(a)* | 4385000 | 3856476 |
| 2.72%, 01/12/32 *(a)* | 8375000 | 7492861 |
| 4.81%, 02/13/33 *(a)* | 10040000 | 10027751 |
| 4.89%, 09/11/33 *(a)* | 6345000 | 6359340 |
| 4.99%, 04/10/34 *(a)* | 4517000 | 4547761 |
| 5.23%, 11/17/34 *(a)* | 8570000 | 8719632 |
| **Burlington Resources LLC** | **Burlington Resources LLC** | **Burlington Resources LLC** |
| 7.20%, 08/15/31  | 1675000 | 1910438 |
| **Canadian Natural Resources Ltd.** | **Canadian Natural Resources Ltd.** | **Canadian Natural Resources Ltd.** |
| 2.95%, 07/15/30 *(a)* | 1955000 | 1796156 |
| 7.20%, 01/15/32  | 1840000 | 2030274 |
| 6.45%, 06/30/33  | 1670000 | 1777966 |
| 5.40%, 12/15/34 *(a)(f)* | 2925000 | 2906631 |
| 5.85%, 02/01/35  | 1620000 | 1649840 |
| **Cenovus Energy, Inc.** | **Cenovus Energy, Inc.** | **Cenovus Energy, Inc.** |
| 2.65%, 01/15/32 *(a)* | 2480000 | 2145002 |
| **Cheniere Energy Partners LP** | **Cheniere Energy Partners LP** | **Cheniere Energy Partners LP** |
| 4.00%, 03/01/31 *(a)* | 7040000 | 6699686 |
| 3.25%, 01/31/32 *(a)* | 4850000 | 4347540 |
| 5.95%, 06/30/33 *(a)* | 6115000 | 6386017 |
| 5.75%, 08/15/34 *(a)* | 5255000 | 5399512 |
| **Cheniere Energy, Inc.** | **Cheniere Energy, Inc.** | **Cheniere Energy, Inc.** |
| 5.65%, 04/15/34 *(a)* | 6165000 | 6322454 |
| **Chevron USA, Inc.** | **Chevron USA, Inc.** | **Chevron USA, Inc.** |
| 4.82%, 04/15/32 *(a)* | 2865000 | 2924879 |
| 4.98%, 04/15/35 *(a)* | 3440000 | 3483585 |
| **ConocoPhillips** | **ConocoPhillips** | **ConocoPhillips** |
| 5.90%, 10/15/32  | 2420000 | 2614229 |
| **ConocoPhillips Co.** | **ConocoPhillips Co.** | **ConocoPhillips Co.** |
| 4.85%, 01/15/32 *(a)* | 2780000 | 2811553 |
| 5.05%, 09/15/33 *(a)* | 4470000 | 4554572 |
| 5.00%, 01/15/35 *(a)* | 5445000 | 5444292 |
| **Coterra Energy, Inc.** | **Coterra Energy, Inc.** | **Coterra Energy, Inc.** |
| 5.60%, 03/15/34 *(a)* | 2190000 | 2209184 |
| 5.40%, 02/15/35 *(a)* | 3360000 | 3327811 |
| **DCP Midstream Operating LP** | **DCP Midstream Operating LP** | **DCP Midstream Operating LP** |
| 8.13%, 08/16/30  | 1245000 | 1451471 |
| 3.25%, 02/15/32 *(a)* | 1715000 | 1516249 |
| **Devon Energy Corp.** | **Devon Energy Corp.** | **Devon Energy Corp.** |
| 7.88%, 09/30/31  | 2830000 | 3261264 |
| 7.95%, 04/15/32  | 1720000 | 1980236 |
| 5.20%, 09/15/34 *(a)* | 5290000 | 5141986 |
| **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** |
| 3.13%, 03/24/31 *(a)* | 3510000 | 3219021 |
| 6.25%, 03/15/33 *(a)* | 4815000 | 5131779 |
| 5.40%, 04/18/34 *(a)* | 5495000 | 5512364 |
| 5.55%, 04/01/35 *(a)* | 5570000 | 5632718 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Eastern Energy Gas Holdings LLC** | **Eastern Energy Gas Holdings LLC** | **Eastern Energy Gas Holdings LLC** |
| 5.80%, 01/15/35 *(a)* | 2920000 | 3042990 |
| **Enbridge, Inc.** | **Enbridge, Inc.** | **Enbridge, Inc.** |
| 6.20%, 11/15/30 *(a)* | 3045000 | 3260586 |
| 5.70%, 03/08/33 *(a)* | 9995000 | 10372611 |
| 2.50%, 08/01/33 *(a)* | 4580000 | 3815781 |
| 5.63%, 04/05/34 *(a)* | 5185000 | 5336869 |
| 5.55%, 06/20/35 *(a)* | 4000000 | 4068680 |
| 7.20%, 06/27/54 *(a)(b)* | 2940000 | 3024966 |
| **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** |
| 6.40%, 12/01/30 *(a)* | 4295000 | 4633790 |
| 5.75%, 02/15/33 *(a)* | 6540000 | 6791921 |
| 6.55%, 12/01/33 *(a)* | 6550000 | 7108846 |
| 5.55%, 05/15/34 *(a)* | 5515000 | 5589011 |
| 5.60%, 09/01/34 *(a)* | 5110000 | 5193497 |
| 4.90%, 03/15/35 *(a)* | 2470000 | 2370187 |
| 5.70%, 04/01/35 *(a)* | 5275000 | 5375067 |
| **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** |
| 4.60%, 01/15/31 *(a)* | 3250000 | 3274148 |
| 5.35%, 01/31/33 *(a)* | 4460000 | 4625421 |
| 6.88%, 03/01/33  | 2095000 | 2361694 |
| 4.85%, 01/31/34 *(a)* | 4285000 | 4273259 |
| 6.65%, 10/15/34  | 1575000 | 1751636 |
| 4.95%, 02/15/35 *(a)* | 4695000 | 4682277 |
| **EOG Resources, Inc.** | **EOG Resources, Inc.** | **EOG Resources, Inc.** |
| 5.00%, 07/15/32 *(a)* | 5000000 | 5060800 |
| 3.90%, 04/01/35 *(a)* | 3155000 | 2889223 |
| **EQT Corp.** | **EQT Corp.** | **EQT Corp.** |
| 4.75%, 01/15/31 *(a)(f)* | 4795000 | 4723267 |
| 5.75%, 02/01/34 *(a)* | 3075000 | 3180104 |
| **Expand Energy Corp.** | **Expand Energy Corp.** | **Expand Energy Corp.** |
| 4.75%, 02/01/32 *(a)* | 4790000 | 4653437 |
| 5.70%, 01/15/35 *(a)* | 3475000 | 3531643 |
| **Exxon Mobil Corp.** | **Exxon Mobil Corp.** | **Exxon Mobil Corp.** |
| 2.61%, 10/15/30 *(a)* | 8560000 | 7926474 |
| **Helmerich & Payne, Inc.** | **Helmerich & Payne, Inc.** | **Helmerich & Payne, Inc.** |
| 2.90%, 09/29/31 *(a)* | 2375000 | 1987804 |
| 5.50%, 12/01/34 *(a)(c)(f)* | 2435000 | 2223642 |
| **Hess Corp.** | **Hess Corp.** | **Hess Corp.** |
| 7.30%, 08/15/31  | 2835000 | 3221637 |
| 7.13%, 03/15/33  | 2165000 | 2455586 |
| **HF Sinclair Corp.** | **HF Sinclair Corp.** | **HF Sinclair Corp.** |
| 4.50%, 10/01/30 *(a)* | 1410000 | 1369519 |
| 5.75%, 01/15/31 *(a)* | 3000000 | 3074760 |
| 6.25%, 01/15/35 *(a)* | 3285000 | 3337396 |
| **Kinder Morgan Energy Partners LP** | **Kinder Morgan Energy Partners LP** | **Kinder Morgan Energy Partners LP** |
| 7.40%, 03/15/31  | 1240000 | 1395595 |
| 7.75%, 03/15/32  | 1285000 | 1476478 |
| 7.30%, 08/15/33  | 2260000 | 2551540 |
| 5.80%, 03/15/35  | 2125000 | 2201054 |
| **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** |
| 2.00%, 02/15/31 *(a)* | 3350000 | 2923110 |
| 7.80%, 08/01/31  | 2325000 | 2680795 |
| 7.75%, 01/15/32  | 4430000 | 5117004 |
| 4.80%, 02/01/33 *(a)* | 3579000 | 3530898 |
| 5.20%, 06/01/33 *(a)* | 6520000 | 6558924 |
| 5.40%, 02/01/34 *(a)* | 4295000 | 4352467 |
| 5.30%, 12/01/34 *(a)* | 3315000 | 3325442 |
| 5.85%, 06/01/35 *(a)* | 3370000 | 3494218 |
| **Marathon Petroleum Corp.** | **Marathon Petroleum Corp.** | **Marathon Petroleum Corp.** |
| 5.70%, 03/01/35 *(a)* | 3945000 | 4002715 |
| **MPLX LP** | **MPLX LP** | **MPLX LP** |
| 2.65%, 08/15/30 *(a)* | 6740000 | 6105294 |
| 4.95%, 09/01/32 *(a)* | 4370000 | 4330233 |
| 5.00%, 03/01/33 *(a)* | 4975000 | 4912713 |

---

*See financial notes*

**164**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.50%, 06/01/34 *(a)* | 7065000 | 7103222 |
| 5.40%, 04/01/35 *(a)* | 4170000 | 4141561 |
| **National Fuel Gas Co.** | **National Fuel Gas Co.** | **National Fuel Gas Co.** |
| 2.95%, 03/01/31 *(a)* | 2050000 | 1831593 |
| 5.95%, 03/15/35 *(a)* | 2280000 | 2335108 |
| **Occidental Petroleum Corp.** | **Occidental Petroleum Corp.** | **Occidental Petroleum Corp.** |
| 8.88%, 07/15/30 *(a)* | 4265000 | 4884918 |
| 6.63%, 09/01/30 *(a)* | 6010000 | 6362727 |
| 6.13%, 01/01/31 *(a)* | 4960000 | 5144214 |
| 7.50%, 05/01/31  | 3820000 | 4211779 |
| 7.88%, 09/15/31  | 2180000 | 2451497 |
| 5.38%, 01/01/32 *(a)* | 4330000 | 4302158 |
| 5.55%, 10/01/34 *(a)(c)* | 5270000 | 5176984 |
| **ONEOK, Inc.** | **ONEOK, Inc.** | **ONEOK, Inc.** |
| 5.80%, 11/01/30 *(a)* | 2405000 | 2519791 |
| 6.35%, 01/15/31 *(a)* | 2570000 | 2750234 |
| 4.75%, 10/15/31 *(a)* | 5365000 | 5321490 |
| 6.10%, 11/15/32 *(a)* | 3140000 | 3323721 |
| 6.05%, 09/01/33 *(a)* | 6355000 | 6673957 |
| 5.65%, 09/01/34 *(a)* | 2070000 | 2098835 |
| 5.05%, 11/01/34 *(a)* | 6975000 | 6793162 |
| 6.00%, 06/15/35  | 2000000 | 2080120 |
| **Ovintiv, Inc.** | **Ovintiv, Inc.** | **Ovintiv, Inc.** |
| 8.13%, 09/15/30  | 1285000 | 1461302 |
| 7.20%, 11/01/31  | 1565000 | 1704880 |
| 7.38%, 11/01/31  | 2195000 | 2408200 |
| 6.25%, 07/15/33 *(a)* | 2625000 | 2710654 |
| 6.50%, 08/15/34  | 2615000 | 2717770 |
| **Patterson-UTI Energy, Inc.** | **Patterson-UTI Energy, Inc.** | **Patterson-UTI Energy, Inc.** |
| 7.15%, 10/01/33 *(a)* | 1745000 | 1789253 |
| **Phillips 66** | **Phillips 66** | **Phillips 66** |
| 2.15%, 12/15/30 *(a)* | 3640000 | 3207568 |
| 4.65%, 11/15/34 *(a)* | 4275000 | 4083993 |
| **Phillips 66 Co.** | **Phillips 66 Co.** | **Phillips 66 Co.** |
| 5.25%, 06/15/31 *(a)* | 5450000 | 5603036 |
| 5.30%, 06/30/33 *(a)* | 3930000 | 3979046 |
| 4.95%, 03/15/35 *(a)* | 2555000 | 2479832 |
| **Pioneer Natural Resources Co.** | **Pioneer Natural Resources Co.** | **Pioneer Natural Resources Co.** |
| 1.90%, 08/15/30 *(a)* | 4830000 | 4285949 |
| 2.15%, 01/15/31 *(a)* | 4575000 | 4065253 |
| **Plains All American Pipeline LP** | **Plains All American Pipeline LP** | **Plains All American Pipeline LP** |
| 5.95%, 06/15/35 *(a)* | 4500000 | 4629645 |
| **Plains All American Pipeline LP/PAA Finance Corp.** | **Plains All American Pipeline LP/PAA Finance Corp.** | **Plains All American Pipeline LP/PAA Finance Corp.** |
| 3.80%, 09/15/30 *(a)* | 3380000 | 3232936 |
| 5.70%, 09/15/34 *(a)* | 2610000 | 2659042 |
| **Shell Finance U.S., Inc.** | **Shell Finance U.S., Inc.** | **Shell Finance U.S., Inc.** |
| 4.13%, 05/11/35  | 5125000 | 4845482 |
| **Shell International Finance BV** | **Shell International Finance BV** | **Shell International Finance BV** |
| 4.13%, 05/11/35 *(c)* | 1250000 | 1232488 |
| **South Bow USA Infrastructure Holdings LLC** | **South Bow USA Infrastructure Holdings LLC** | **South Bow USA Infrastructure Holdings LLC** |
| 5.58%, 10/01/34 *(a)(f)* | 5835000 | 5773966 |
| **Suncor Energy, Inc.** | **Suncor Energy, Inc.** | **Suncor Energy, Inc.** |
| 7.15%, 02/01/32  | 2000000 | 2213500 |
| 5.95%, 12/01/34  | 2225000 | 2309995 |
| **Targa Resources Corp.** | **Targa Resources Corp.** | **Targa Resources Corp.** |
| 4.90%, 09/15/30 *(a)* | 3250000 | 3279673 |
| 4.20%, 02/01/33 *(a)* | 3400000 | 3189030 |
| 6.13%, 03/15/33 *(a)* | 3745000 | 3953222 |
| 6.50%, 03/30/34 *(a)* | 4370000 | 4701683 |
| 5.50%, 02/15/35 *(a)* | 4385000 | 4405785 |
| **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** | **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** | **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** |
| 4.88%, 02/01/31 *(a)* | 4377000 | 4341765 |
| 4.00%, 01/15/32 *(a)* | 4145000 | 3858995 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Texas Eastern Transmission LP** | **Texas Eastern Transmission LP** | **Texas Eastern Transmission LP** |
| 7.00%, 07/15/32  | 1995000 | 2213253 |
| **TotalEnergies Capital SA** | **TotalEnergies Capital SA** | **TotalEnergies Capital SA** |
| 5.15%, 04/05/34 *(a)* | 5180000 | 5307894 |
| 4.72%, 09/10/34 *(a)* | 3340000 | 3321229 |
| **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** |
| 4.63%, 03/01/34 *(a)* | 5715000 | 5485886 |
| 5.60%, 03/31/34  | 1590000 | 1621339 |
| **Valero Energy Corp.** | **Valero Energy Corp.** | **Valero Energy Corp.** |
| 2.80%, 12/01/31 *(a)* | 1990000 | 1774364 |
| 7.50%, 04/15/32  | 3085000 | 3532726 |
| **Western Midstream Operating LP** | **Western Midstream Operating LP** | **Western Midstream Operating LP** |
| 6.15%, 04/01/33 *(a)* | 3280000 | 3413496 |
| 5.45%, 11/15/34 *(a)* | 3325000 | 3263155 |
| **Williams Cos., Inc.** | **Williams Cos., Inc.** | **Williams Cos., Inc.** |
| 3.50%, 11/15/30 *(a)* | 4915000 | 4651458 |
| 7.50%, 01/15/31  | 1450000 | 1641893 |
| 2.60%, 03/15/31 *(a)* | 6395000 | 5732926 |
| 8.75%, 03/15/32  | 1970000 | 2372451 |
| 4.65%, 08/15/32 *(a)* | 4240000 | 4161136 |
| 5.65%, 03/15/33 *(a)* | 3430000 | 3568915 |
| 5.15%, 03/15/34 *(a)* | 5510000 | 5508347 |
| 5.60%, 03/15/35 *(a)* | 4285000 | 4407680 |
| **Woodside Finance Ltd.** | **Woodside Finance Ltd.** | **Woodside Finance Ltd.** |
| 5.70%, 05/19/32 *(a)* | 2000000 | 2038480 |
| 5.10%, 09/12/34 *(a)* | 5395000 | 5216318 |
| 6.00%, 05/19/35 *(a)* | 5500000 | 5621825 |
|  |  | **601660370** |
| ***Industrial Other 0.4%***  | ***Industrial Other 0.4%***  | ***Industrial Other 0.4%***  |
| **Booz Allen Hamilton, Inc.** | **Booz Allen Hamilton, Inc.** | **Booz Allen Hamilton, Inc.** |
| 5.95%, 08/04/33 *(a)* | 2885000 | 2960096 |
| 5.95%, 04/15/35 *(a)* | 2760000 | 2817712 |
| **Cintas Corp. No. 2** | **Cintas Corp. No. 2** | **Cintas Corp. No. 2** |
| 4.00%, 05/01/32 *(a)* | 3430000 | 3318251 |
| **Cornell University** | **Cornell University** | **Cornell University** |
| 4.84%, 06/15/34 *(a)(c)* | 2310000 | 2323005 |
| **Emory University** | **Emory University** | **Emory University** |
| 2.14%, 09/01/30 *(a)* | 2450000 | 2208356 |
| **Jacobs Engineering Group, Inc.** | **Jacobs Engineering Group, Inc.** | **Jacobs Engineering Group, Inc.** |
| 5.90%, 03/01/33 *(a)* | 2009000 | 2093519 |
| **Johns Hopkins University** | **Johns Hopkins University** | **Johns Hopkins University** |
| 4.71%, 07/01/32 *(a)* | 1469000 | 1487054 |
| **Leland Stanford Junior University** | **Leland Stanford Junior University** | **Leland Stanford Junior University** |
| 4.68%, 03/01/35 *(a)* | 1670000 | 1669566 |
| **President & Fellows of Harvard College** | **President & Fellows of Harvard College** | **President & Fellows of Harvard College** |
| 4.61%, 02/15/35 *(a)(c)* | 3070000 | 3046821 |
| **Quanta Services, Inc.** | **Quanta Services, Inc.** | **Quanta Services, Inc.** |
| 2.90%, 10/01/30 *(a)* | 4193000 | 3869678 |
| 2.35%, 01/15/32 *(a)* | 2195000 | 1892946 |
| 5.25%, 08/09/34 *(a)* | 2730000 | 2766746 |
| **Trustees of Princeton University** | **Trustees of Princeton University** | **Trustees of Princeton University** |
| 4.65%, 07/01/30 *(a)* | 1250000 | 1280225 |
| **Yale University** | **Yale University** | **Yale University** |
| 4.70%, 04/15/32 *(a)* | 1510000 | 1535625 |
|  |  | **33269600** |
| ***Technology 9.0%***  | ***Technology 9.0%***  | ***Technology 9.0%***  |
| **Accenture Capital, Inc.** | **Accenture Capital, Inc.** | **Accenture Capital, Inc.** |
| 4.25%, 10/04/31 *(a)* | 4980000 | 4934682 |
| 4.50%, 10/04/34 *(a)* | 6580000 | 6405564 |

---

*See financial notes*

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

**165**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Adobe, Inc.** | **Adobe, Inc.** | **Adobe, Inc.** |
| 4.95%, 04/04/34 *(a)* | 3390000 | 3463258 |
| 5.30%, 01/17/35 *(a)* | 1975000 | 2067628 |
| **Advanced Micro Devices, Inc.** | **Advanced Micro Devices, Inc.** | **Advanced Micro Devices, Inc.** |
| 3.92%, 06/01/32 *(a)* | 1990000 | 1921544 |
| **Alphabet, Inc.** | **Alphabet, Inc.** | **Alphabet, Inc.** |
| 1.10%, 08/15/30 *(a)* | 9595000 | 8292767 |
| 4.50%, 05/15/35 *(a)* | 5500000 | 5430975 |
| **Analog Devices, Inc.** | **Analog Devices, Inc.** | **Analog Devices, Inc.** |
| 2.10%, 10/01/31 *(a)* | 4930000 | 4310989 |
| 5.05%, 04/01/34 *(a)* | 2695000 | 2763022 |
| **Apple, Inc.** | **Apple, Inc.** | **Apple, Inc.** |
| 1.25%, 08/20/30 *(a)* | 5345000 | 4640903 |
| 1.65%, 02/08/31 *(a)* | 11755000 | 10267875 |
| 1.70%, 08/05/31 *(a)* | 4875000 | 4239641 |
| 4.50%, 05/12/32 *(a)* | 4650000 | 4710310 |
| 3.35%, 08/08/32 *(a)* | 6350000 | 5996813 |
| 4.30%, 05/10/33 *(a)* | 4240000 | 4256536 |
| 4.75%, 05/12/35 *(a)* | 4240000 | 4276252 |
| **Arrow Electronics, Inc.** | **Arrow Electronics, Inc.** | **Arrow Electronics, Inc.** |
| 2.95%, 02/15/32 *(a)* | 2135000 | 1880657 |
| 5.88%, 04/10/34 *(a)* | 2215000 | 2288981 |
| **Atlassian Corp.** | **Atlassian Corp.** | **Atlassian Corp.** |
| 5.50%, 05/15/34 *(a)* | 2250000 | 2312033 |
| **Autodesk, Inc.** | **Autodesk, Inc.** | **Autodesk, Inc.** |
| 2.40%, 12/15/31 *(a)* | 4125000 | 3621420 |
| 5.30%, 06/15/35 *(a)* | 2500000 | 2543875 |
| **Automatic Data Processing, Inc.** | **Automatic Data Processing, Inc.** | **Automatic Data Processing, Inc.** |
| 1.25%, 09/01/30 *(a)* | 4155000 | 3601720 |
| 4.75%, 05/08/32 *(a)* | 5050000 | 5126002 |
| 4.45%, 09/09/34 *(a)* | 4515000 | 4427228 |
| **Avnet, Inc.** | **Avnet, Inc.** | **Avnet, Inc.** |
| 3.00%, 05/15/31 *(a)* | 1270000 | 1137387 |
| 5.50%, 06/01/32 *(a)* | 1400000 | 1412824 |
| **Baidu, Inc.** | **Baidu, Inc.** | **Baidu, Inc.** |
| 2.38%, 10/09/30 *(a)(c)* | 1425000 | 1292233 |
| 2.38%, 08/23/31 *(a)* | 2945000 | 2628206 |
| **Broadcom, Inc.** | **Broadcom, Inc.** | **Broadcom, Inc.** |
| 4.15%, 11/15/30 *(a)* | 7970000 | 7847342 |
| 2.45%, 02/15/31 *(a)(f)* | 12205000 | 10921644 |
| 5.15%, 11/15/31 *(a)* | 6680000 | 6875590 |
| 4.55%, 02/15/32 *(a)* | 3915000 | 3883249 |
| 4.15%, 04/15/32 *(a)(f)* | 5415000 | 5221035 |
| 5.20%, 04/15/32 *(a)* | 4935000 | 5077177 |
| 4.30%, 11/15/32 *(a)* | 8985000 | 8719763 |
| 2.60%, 02/15/33 *(a)(f)* | 7795000 | 6677743 |
| 3.42%, 04/15/33 *(a)(f)* | 9380000 | 8507003 |
| 3.47%, 04/15/34 *(a)(f)* | 14025000 | 12527691 |
| 4.80%, 10/15/34 *(a)* | 7320000 | 7233697 |
| **Broadridge Financial Solutions, Inc.** | **Broadridge Financial Solutions, Inc.** | **Broadridge Financial Solutions, Inc.** |
| 2.60%, 05/01/31 *(a)* | 4420000 | 3942198 |
| **Cadence Design Systems, Inc.** | **Cadence Design Systems, Inc.** | **Cadence Design Systems, Inc.** |
| 4.70%, 09/10/34 *(a)* | 4400000 | 4350456 |
| **CDW LLC/CDW Finance Corp.** | **CDW LLC/CDW Finance Corp.** | **CDW LLC/CDW Finance Corp.** |
| 3.57%, 12/01/31 *(a)* | 4435000 | 4091021 |
| 5.55%, 08/22/34 *(a)* | 2495000 | 2508972 |
| **CGI, Inc.** | **CGI, Inc.** | **CGI, Inc.** |
| 2.30%, 09/14/31 *(a)* | 1745000 | 1512618 |
| **Cisco Systems, Inc.** | **Cisco Systems, Inc.** | **Cisco Systems, Inc.** |
| 4.95%, 02/26/31 *(a)* | 10630000 | 10937526 |
| 4.95%, 02/24/32 *(a)* | 4500000 | 4614345 |
| 5.05%, 02/26/34 *(a)* | 11565000 | 11843138 |
| 5.10%, 02/24/35 *(a)* | 5420000 | 5552411 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Concentrix Corp.** | **Concentrix Corp.** | **Concentrix Corp.** |
| 6.85%, 08/02/33 *(a)* | 2330000 | 2436761 |
| **Dell International LLC/EMC Corp.** | **Dell International LLC/EMC Corp.** | **Dell International LLC/EMC Corp.** |
| 6.20%, 07/15/30 *(a)* | 3090000 | 3308278 |
| 5.30%, 04/01/32 *(a)* | 4510000 | 4609581 |
| 5.75%, 02/01/33 *(a)* | 4165000 | 4373791 |
| 5.40%, 04/15/34 *(a)* | 4650000 | 4740907 |
| 4.85%, 02/01/35 *(a)* | 3450000 | 3333321 |
| 5.50%, 04/01/35 *(a)* | 4420000 | 4468443 |
| **Equifax, Inc.** | **Equifax, Inc.** | **Equifax, Inc.** |
| 2.35%, 09/15/31 *(a)* | 4305000 | 3758007 |
| **Equinix Europe 2 Financing Corp. LLC** | **Equinix Europe 2 Financing Corp. LLC** | **Equinix Europe 2 Financing Corp. LLC** |
| 5.50%, 06/15/34 *(a)* | 3175000 | 3253550 |
| **Equinix, Inc.** | **Equinix, Inc.** | **Equinix, Inc.** |
| 2.15%, 07/15/30 *(a)* | 4535000 | 4037783 |
| 2.50%, 05/15/31 *(a)* | 4655000 | 4127123 |
| 3.90%, 04/15/32 *(a)* | 4930000 | 4671076 |
| **FactSet Research Systems, Inc.** | **FactSet Research Systems, Inc.** | **FactSet Research Systems, Inc.** |
| 3.45%, 03/01/32 *(a)* | 2115000 | 1928034 |
| **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** |
| 2.25%, 03/01/31 *(a)* | 3665000 | 3222085 |
| 5.10%, 07/15/32 *(a)* | 3265000 | 3330365 |
| **Fiserv, Inc.** | **Fiserv, Inc.** | **Fiserv, Inc.** |
| 5.35%, 03/15/31 *(a)* | 2030000 | 2105739 |
| 5.60%, 03/02/33 *(a)* | 4050000 | 4204872 |
| 5.63%, 08/21/33 *(a)* | 5925000 | 6160815 |
| 5.45%, 03/15/34 *(a)* | 3065000 | 3138958 |
| 5.15%, 08/12/34 *(a)* | 3755000 | 3768743 |
| **Flex Ltd.** | **Flex Ltd.** | **Flex Ltd.** |
| 5.25%, 01/15/32 *(a)* | 2175000 | 2200013 |
| **Fortinet, Inc.** | **Fortinet, Inc.** | **Fortinet, Inc.** |
| 2.20%, 03/15/31 *(a)* | 2290000 | 2019276 |
| **Global Payments, Inc.** | **Global Payments, Inc.** | **Global Payments, Inc.** |
| 2.90%, 11/15/31 *(a)* | 3215000 | 2845950 |
| 5.40%, 08/15/32 *(a)* | 3350000 | 3420317 |
| **Hewlett Packard Enterprise Co.** | **Hewlett Packard Enterprise Co.** | **Hewlett Packard Enterprise Co.** |
| 4.85%, 10/15/31 *(a)* | 5515000 | 5495091 |
| 5.00%, 10/15/34 *(a)* | 8560000 | 8312702 |
| **HP, Inc.** | **HP, Inc.** | **HP, Inc.** |
| 2.65%, 06/17/31 *(a)* | 4550000 | 4020334 |
| 4.20%, 04/15/32 *(a)* | 2850000 | 2724857 |
| 5.50%, 01/15/33 *(a)* | 4705000 | 4802252 |
| 6.10%, 04/25/35 *(a)* | 2250000 | 2330100 |
| **IBM International Capital Pte. Ltd.** | **IBM International Capital Pte. Ltd.** | **IBM International Capital Pte. Ltd.** |
| 4.75%, 02/05/31 *(a)* | 2435000 | 2467775 |
| 4.90%, 02/05/34 *(a)* | 4465000 | 4458258 |
| **Intel Corp.** | **Intel Corp.** | **Intel Corp.** |
| 5.00%, 02/21/31 *(a)* | 2255000 | 2292952 |
| 2.00%, 08/12/31 *(a)* | 5440000 | 4675517 |
| 4.15%, 08/05/32 *(a)* | 5300000 | 5032509 |
| 4.00%, 12/15/32  | 3015000 | 2827377 |
| 5.20%, 02/10/33 *(a)* | 9485000 | 9569037 |
| 5.15%, 02/21/34 *(a)(c)* | 4230000 | 4221878 |
| **International Business Machines Corp.** | **International Business Machines Corp.** | **International Business Machines Corp.** |
| 2.72%, 02/09/32 *(a)* | 2150000 | 1916596 |
| 5.00%, 02/10/32 *(a)* | 3785000 | 3863085 |
| 4.40%, 07/27/32 *(a)* | 3185000 | 3141780 |
| 5.88%, 11/29/32  | 2710000 | 2925147 |
| 4.75%, 02/06/33 *(a)* | 2985000 | 3000761 |
| 5.20%, 02/10/35 *(a)* | 3550000 | 3603463 |
| **Intuit, Inc.** | **Intuit, Inc.** | **Intuit, Inc.** |
| 1.65%, 07/15/30 *(a)* | 2385000 | 2108769 |
| 5.20%, 09/15/33 *(a)* | 5125000 | 5310627 |

---

*See financial notes*

**166**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Jabil, Inc.** | **Jabil, Inc.** | **Jabil, Inc.** |
| 3.00%, 01/15/31 *(a)* | 2700000 | 2465100 |
| **Juniper Networks, Inc.** | **Juniper Networks, Inc.** | **Juniper Networks, Inc.** |
| 2.00%, 12/10/30 *(a)* | 1880000 | 1637292 |
| **Keysight Technologies, Inc.** | **Keysight Technologies, Inc.** | **Keysight Technologies, Inc.** |
| 5.35%, 07/30/30 *(a)* | 3250000 | 3355560 |
| 4.95%, 10/15/34 *(a)* | 2535000 | 2507546 |
| **KLA Corp.** | **KLA Corp.** | **KLA Corp.** |
| 4.65%, 07/15/32 *(a)* | 4260000 | 4290118 |
| 4.70%, 02/01/34 *(a)* | 2155000 | 2146703 |
| **Kyndryl Holdings, Inc.** | **Kyndryl Holdings, Inc.** | **Kyndryl Holdings, Inc.** |
| 3.15%, 10/15/31 *(a)* | 2735000 | 2472167 |
| 6.35%, 02/20/34 *(a)* | 2120000 | 2266577 |
| **Leidos, Inc.** | **Leidos, Inc.** | **Leidos, Inc.** |
| 2.30%, 02/15/31 *(a)* | 4215000 | 3691413 |
| 5.40%, 03/15/32 *(a)* | 2135000 | 2187329 |
| 5.75%, 03/15/33 *(a)* | 3115000 | 3255113 |
| 5.50%, 03/15/35 *(a)* | 2210000 | 2245890 |
| **Marvell Technology, Inc.** | **Marvell Technology, Inc.** | **Marvell Technology, Inc.** |
| 4.75%, 07/15/30 *(a)* | 2000000 | 2009600 |
| 2.95%, 04/15/31 *(a)* | 3285000 | 2992372 |
| 5.95%, 09/15/33 *(a)* | 2225000 | 2352070 |
| **Mastercard, Inc.** | **Mastercard, Inc.** | **Mastercard, Inc.** |
| 1.90%, 03/15/31 *(a)* | 2535000 | 2240306 |
| 2.00%, 11/18/31 *(a)* | 3975000 | 3468347 |
| 4.35%, 01/15/32 *(a)* | 4895000 | 4877623 |
| 4.95%, 03/15/32 *(a)* | 1990000 | 2048864 |
| 4.85%, 03/09/33 *(a)* | 3265000 | 3328276 |
| 4.88%, 05/09/34 *(a)* | 4515000 | 4571979 |
| 4.55%, 01/15/35 *(a)* | 4710000 | 4634075 |
| **Micron Technology, Inc.** | **Micron Technology, Inc.** | **Micron Technology, Inc.** |
| 5.30%, 01/15/31 *(a)* | 4400000 | 4507976 |
| 2.70%, 04/15/32 *(a)* | 4235000 | 3687711 |
| 5.65%, 11/01/32 *(a)* | 2125000 | 2210893 |
| 5.88%, 02/09/33 *(a)* | 3305000 | 3448239 |
| 5.88%, 09/15/33 *(a)* | 3780000 | 3956337 |
| 5.80%, 01/15/35 *(a)* | 4575000 | 4730779 |
| **Microsoft Corp.** | **Microsoft Corp.** | **Microsoft Corp.** |
| 1.35%, 09/15/30 *(a)* | 1905000 | 1668971 |
| 3.50%, 02/12/35 *(a)* | 6445000 | 6025044 |
| **Moody's Corp.** | **Moody's Corp.** | **Moody's Corp.** |
| 2.00%, 08/19/31 *(a)* | 2455000 | 2131554 |
| 4.25%, 08/08/32 *(a)* | 2265000 | 2213924 |
| 5.00%, 08/05/34 *(a)* | 2260000 | 2284476 |
| **Motorola Solutions, Inc.** | **Motorola Solutions, Inc.** | **Motorola Solutions, Inc.** |
| 4.85%, 08/15/30 *(a)* | 2750000 | 2781350 |
| 2.30%, 11/15/30 *(a)* | 4090000 | 3639200 |
| 2.75%, 05/24/31 *(a)* | 3585000 | 3222843 |
| 5.60%, 06/01/32 *(a)* | 2445000 | 2546785 |
| 5.20%, 08/15/32 *(a)* | 2500000 | 2542700 |
| 5.40%, 04/15/34 *(a)* | 3780000 | 3858889 |
| **NetApp, Inc.** | **NetApp, Inc.** | **NetApp, Inc.** |
| 5.50%, 03/17/32 *(a)* | 2950000 | 3046583 |
| 5.70%, 03/17/35 *(a)* | 2725000 | 2802254 |
| **NVIDIA Corp.** | **NVIDIA Corp.** | **NVIDIA Corp.** |
| 2.00%, 06/15/31 *(a)* | 5105000 | 4531862 |
| **NXP BV/NXP Funding LLC/NXP USA, Inc.** | **NXP BV/NXP Funding LLC/NXP USA, Inc.** | **NXP BV/NXP Funding LLC/NXP USA, Inc.** |
| 2.50%, 05/11/31 *(a)* | 4670000 | 4125618 |
| 2.65%, 02/15/32 *(a)* | 4040000 | 3517345 |
| 5.00%, 01/15/33 *(a)* | 4065000 | 4057764 |
| **Oracle Corp.** | **Oracle Corp.** | **Oracle Corp.** |
| 2.88%, 03/25/31 *(a)* | 14310000 | 13049432 |
| 5.25%, 02/03/32 *(a)* | 5620000 | 5770166 |
| 6.25%, 11/09/32 *(a)* | 9440000 | 10218328 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.90%, 02/06/33 *(a)* | 6770000 | 6787940 |
| 4.30%, 07/08/34 *(a)* | 7825000 | 7435158 |
| 4.70%, 09/27/34 *(a)* | 7615000 | 7397516 |
| 3.90%, 05/15/35 *(a)* | 5480000 | 4946796 |
| **Paychex, Inc.** | **Paychex, Inc.** | **Paychex, Inc.** |
| 5.35%, 04/15/32 *(a)* | 6510000 | 6685835 |
| 5.60%, 04/15/35 *(a)* | 5230000 | 5408866 |
| **PayPal Holdings, Inc.** | **PayPal Holdings, Inc.** | **PayPal Holdings, Inc.** |
| 4.40%, 06/01/32 *(a)* | 5055000 | 5001063 |
| 5.15%, 06/01/34 *(a)* | 3555000 | 3610849 |
| 5.10%, 04/01/35 *(a)* | 2665000 | 2675980 |
| **QUALCOMM, Inc.** | **QUALCOMM, Inc.** | **QUALCOMM, Inc.** |
| 1.65%, 05/20/32 *(a)* | 5710000 | 4753175 |
| 4.25%, 05/20/32 *(a)* | 2005000 | 1984449 |
| 4.75%, 05/20/32 *(a)* | 1700000 | 1721658 |
| 5.40%, 05/20/33 *(a)* | 2850000 | 3006095 |
| 4.65%, 05/20/35 *(a)* | 4500000 | 4459995 |
| 5.00%, 05/20/35 *(a)* | 2650000 | 2671995 |
| **RELX Capital, Inc.** | **RELX Capital, Inc.** | **RELX Capital, Inc.** |
| 4.75%, 05/20/32 *(a)* | 1950000 | 1965522 |
| 5.25%, 03/27/35 *(a)* | 3435000 | 3517028 |
| **Roper Technologies, Inc.** | **Roper Technologies, Inc.** | **Roper Technologies, Inc.** |
| 1.75%, 02/15/31 *(a)* | 4375000 | 3757469 |
| 4.75%, 02/15/32 *(a)* | 2325000 | 2330301 |
| 4.90%, 10/15/34 *(a)* | 4245000 | 4195206 |
| **S&P Global, Inc.** | **S&P Global, Inc.** | **S&P Global, Inc.** |
| 1.25%, 08/15/30 *(a)* | 2745000 | 2366684 |
| 2.90%, 03/01/32 *(a)* | 6125000 | 5570381 |
| 5.25%, 09/15/33 *(a)* | 3305000 | 3434820 |
| **Salesforce, Inc.** | **Salesforce, Inc.** | **Salesforce, Inc.** |
| 1.95%, 07/15/31 *(a)* | 6525000 | 5726014 |
| **ServiceNow, Inc.** | **ServiceNow, Inc.** | **ServiceNow, Inc.** |
| 1.40%, 09/01/30 *(a)* | 6155000 | 5334723 |
| **Skyworks Solutions, Inc.** | **Skyworks Solutions, Inc.** | **Skyworks Solutions, Inc.** |
| 3.00%, 06/01/31 *(a)* | 2250000 | 1984005 |
| **Synopsys, Inc.** | **Synopsys, Inc.** | **Synopsys, Inc.** |
| 5.00%, 04/01/32 *(a)* | 6515000 | 6602301 |
| 5.15%, 04/01/35 *(a)* | 10600000 | 10692432 |
| **TD SYNNEX Corp.** | **TD SYNNEX Corp.** | **TD SYNNEX Corp.** |
| 2.65%, 08/09/31 *(a)* | 2235000 | 1932582 |
| 6.10%, 04/12/34 *(a)* | 2560000 | 2693990 |
| **Teledyne FLIR LLC** | **Teledyne FLIR LLC** | **Teledyne FLIR LLC** |
| 2.50%, 08/01/30 *(a)* | 2240000 | 2029485 |
| **Tencent Music Entertainment Group** | **Tencent Music Entertainment Group** | **Tencent Music Entertainment Group** |
| 2.00%, 09/03/30 *(a)* | 2310000 | 2044096 |
| **Texas Instruments, Inc.** | **Texas Instruments, Inc.** | **Texas Instruments, Inc.** |
| 1.90%, 09/15/31 *(a)* | 2370000 | 2071522 |
| 3.65%, 08/16/32 *(a)* | 1935000 | 1833993 |
| 4.90%, 03/14/33 *(a)* | 4045000 | 4141878 |
| 4.85%, 02/08/34 *(a)* | 2415000 | 2453254 |
| 5.10%, 05/23/35 *(a)* | 2500000 | 2547250 |
| **Trimble, Inc.** | **Trimble, Inc.** | **Trimble, Inc.** |
| 6.10%, 03/15/33 *(a)* | 3375000 | 3589177 |
| **TSMC Arizona Corp.** | **TSMC Arizona Corp.** | **TSMC Arizona Corp.** |
| 2.50%, 10/25/31 *(a)* | 5250000 | 4713712 |
| 4.25%, 04/22/32 *(a)* | 4300000 | 4239585 |
| **Tyco Electronics Group SA** | **Tyco Electronics Group SA** | **Tyco Electronics Group SA** |
| 4.50%, 02/09/31 *(a)* | 1875000 | 1874738 |
| 2.50%, 02/04/32 *(a)* | 2465000 | 2174943 |
| 5.00%, 05/09/35 *(a)* | 2240000 | 2230390 |
| **VeriSign, Inc.** | **VeriSign, Inc.** | **VeriSign, Inc.** |
| 2.70%, 06/15/31 *(a)* | 3120000 | 2793960 |
| 5.25%, 06/01/32 *(a)* | 2195000 | 2239339 |

---

*See financial notes*

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

**167**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Verisk Analytics, Inc.** | **Verisk Analytics, Inc.** | **Verisk Analytics, Inc.** |
| 5.75%, 04/01/33 *(a)* | 2020000 | 2126898 |
| 5.25%, 06/05/34 *(a)* | 2590000 | 2645556 |
| 5.25%, 03/15/35 *(a)* | 3080000 | 3100513 |
| **Visa, Inc.** | **Visa, Inc.** | **Visa, Inc.** |
| 1.10%, 02/15/31 *(a)* | 4210000 | 3594035 |
| **VMware LLC** | **VMware LLC** | **VMware LLC** |
| 2.20%, 08/15/31 *(a)* | 6560000 | 5697557 |
| **Western Digital Corp.** | **Western Digital Corp.** | **Western Digital Corp.** |
| 3.10%, 02/01/32 *(a)* | 2230000 | 1976672 |
| **Western Union Co.** | **Western Union Co.** | **Western Union Co.** |
| 2.75%, 03/15/31 *(a)* | 1420000 | 1245411 |
| **Workday, Inc.** | **Workday, Inc.** | **Workday, Inc.** |
| 3.80%, 04/01/32 *(a)* | 5275000 | 4960293 |
|  |  | **786257027** |
| ***Transportation 1.3%***  | ***Transportation 1.3%***  | ***Transportation 1.3%***  |
| **American Airlines 2012-1 Class AA Pass-Through Trust** | **American Airlines 2012-1 Class AA Pass-Through Trust** | **American Airlines 2012-1 Class AA Pass-Through Trust** |
| 2.88%, 01/11/36  | 2775344 | 2470584 |
| **American Airlines 2019-1 Class AA Pass-Through Trust** | **American Airlines 2019-1 Class AA Pass-Through Trust** | **American Airlines 2019-1 Class AA Pass-Through Trust** |
| 3.15%, 08/15/33  | 1708828 | 1567542 |
| **Canadian National Railway Co.** | **Canadian National Railway Co.** | **Canadian National Railway Co.** |
| 3.85%, 08/05/32 *(a)* | 3415000 | 3249816 |
| 5.85%, 11/01/33 *(a)* | 1275000 | 1364416 |
| 6.25%, 08/01/34  | 2085000 | 2293542 |
| 4.38%, 09/18/34 *(a)* | 3280000 | 3161887 |
| **Canadian Pacific Railway Co.** | **Canadian Pacific Railway Co.** | **Canadian Pacific Railway Co.** |
| 7.13%, 10/15/31  | 1550000 | 1745207 |
| 2.45%, 12/02/31 *(a)* | 5520000 | 4847554 |
| 5.20%, 03/30/35 *(a)* | 2880000 | 2921645 |
| **CSX Corp.** | **CSX Corp.** | **CSX Corp.** |
| 4.10%, 11/15/32 *(a)* | 4315000 | 4187707 |
| 5.20%, 11/15/33 *(a)* | 2385000 | 2467116 |
| 5.05%, 06/15/35 *(a)* | 2850000 | 2866102 |
| **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** |
| 5.25%, 07/10/30 *(a)* | 4500000 | 4535145 |
| **Federal Express Corp. Pass-Through Trusts** | **Federal Express Corp. Pass-Through Trusts** | **Federal Express Corp. Pass-Through Trusts** |
| 1.88%, 08/20/35  | 2741337 | 2370873 |
| **FedEx Corp.** | **FedEx Corp.** | **FedEx Corp.** |
| 2.40%, 05/15/31 *(a)(c)* | 1220000 | 1081237 |
| 2.40%, 05/15/31 *(a)(f)* | 3235000 | 2844859 |
| 4.90%, 01/15/34 *(f)* | 1885000 | 1837215 |
| 3.90%, 02/01/35 *(f)* | 1570000 | 1405072 |
| **GXO Logistics, Inc.** | **GXO Logistics, Inc.** | **GXO Logistics, Inc.** |
| 2.65%, 07/15/31 *(a)* | 1650000 | 1436506 |
| 6.50%, 05/06/34 *(a)* | 2185000 | 2283849 |
| **JetBlue 2019-1 Class AA Pass-Through Trust** | **JetBlue 2019-1 Class AA Pass-Through Trust** | **JetBlue 2019-1 Class AA Pass-Through Trust** |
| 2.75%, 11/15/33  | 1990067 | 1726403 |
| **JetBlue 2020-1 Class A Pass-Through Trust** | **JetBlue 2020-1 Class A Pass-Through Trust** | **JetBlue 2020-1 Class A Pass-Through Trust** |
| 4.00%, 05/15/34 *(a)* | 1915524 | 1788122 |
| **Norfolk Southern Corp.** | **Norfolk Southern Corp.** | **Norfolk Southern Corp.** |
| 5.05%, 08/01/30 *(a)* | 2428000 | 2509071 |
| 2.30%, 05/15/31 *(a)* | 2275000 | 2022384 |
| 3.00%, 03/15/32 *(a)* | 2385000 | 2162837 |
| 4.45%, 03/01/33 *(a)* | 2212000 | 2165526 |
| 5.55%, 03/15/34 *(a)* | 1645000 | 1722315 |
| 5.10%, 05/01/35 *(a)* | 1820000 | 1831157 |
| **Ryder System, Inc.** | **Ryder System, Inc.** | **Ryder System, Inc.** |
| 6.60%, 12/01/33 *(a)* | 2590000 | 2850243 |
| **Triton Container International Ltd./TAL International Container Corp.** | **Triton Container International Ltd./TAL International Container Corp.** | **Triton Container International Ltd./TAL International Container Corp.** |
| 3.25%, 03/15/32 *(a)* | 2525000 | 2193316 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Union Pacific Corp.** | **Union Pacific Corp.** | **Union Pacific Corp.** |
| 2.38%, 05/20/31 *(a)* | 4540000 | 4086817 |
| 2.80%, 02/14/32 *(a)* | 5203000 | 4699818 |
| 4.50%, 01/20/33 *(a)* | 4620000 | 4597316 |
| 3.38%, 02/01/35 *(a)* | 1880000 | 1679028 |
| 5.10%, 02/20/35 *(a)* | 4440000 | 4516901 |
| **United Airlines 2019-1 Class AA Pass-Through Trust** | **United Airlines 2019-1 Class AA Pass-Through Trust** | **United Airlines 2019-1 Class AA Pass-Through Trust** |
| 4.15%, 02/25/33  | 1900418 | 1813150 |
| **United Airlines 2019-2 Class AA Pass-Through Trust** | **United Airlines 2019-2 Class AA Pass-Through Trust** | **United Airlines 2019-2 Class AA Pass-Through Trust** |
| 2.70%, 11/01/33  | 2384202 | 2136579 |
| **United Parcel Service, Inc.** | **United Parcel Service, Inc.** | **United Parcel Service, Inc.** |
| 4.65%, 10/15/30 *(a)* | 2200000 | 2231702 |
| 4.88%, 03/03/33 *(a)* | 3700000 | 3764935 |
| 5.15%, 05/22/34 *(a)* | 3880000 | 3981346 |
| 5.25%, 05/14/35 *(a)* | 5700000 | 5825229 |
|  |  | **111242069** |
|  |  | **4458319055** |
| **Utility 9.4%** | **Utility 9.4%** | **Utility 9.4%** |
| ***Electric 8.5%***  | ***Electric 8.5%***  | ***Electric 8.5%***  |
| **AEP Texas, Inc.** | **AEP Texas, Inc.** | **AEP Texas, Inc.** |
| 2.10%, 07/01/30 *(a)* | 2590000 | 2302950 |
| 4.70%, 05/15/32 *(a)* | 1995000 | 1967349 |
| 5.40%, 06/01/33 *(a)* | 1905000 | 1937023 |
| 5.70%, 05/15/34 *(a)* | 1540000 | 1575882 |
| **AEP Transmission Co. LLC** | **AEP Transmission Co. LLC** | **AEP Transmission Co. LLC** |
| 5.15%, 04/01/34 *(a)* | 1885000 | 1909015 |
| 5.38%, 06/15/35 *(a)* | 2000000 | 2043980 |
| **AES Corp.** | **AES Corp.** | **AES Corp.** |
| 2.45%, 01/15/31 *(a)* | 4295000 | 3756364 |
| 5.80%, 03/15/32 *(a)* | 3395000 | 3448743 |
| **Alabama Power Co.** | **Alabama Power Co.** | **Alabama Power Co.** |
| 1.45%, 09/15/30 *(a)* | 2775000 | 2406092 |
| 3.05%, 03/15/32 *(a)* | 3320000 | 3030762 |
| 3.94%, 09/01/32 *(a)* | 1769000 | 1697709 |
| 5.85%, 11/15/33 *(a)* | 1340000 | 1430075 |
| 5.10%, 04/02/35 *(a)* | 2300000 | 2320263 |
| **Ameren Corp.** | **Ameren Corp.** | **Ameren Corp.** |
| 3.50%, 01/15/31 *(a)* | 3445000 | 3256937 |
| 5.38%, 03/15/35 *(a)* | 3100000 | 3120956 |
| **Ameren Illinois Co.** | **Ameren Illinois Co.** | **Ameren Illinois Co.** |
| 1.55%, 11/15/30 *(a)* | 1456000 | 1261027 |
| 3.85%, 09/01/32 *(a)* | 2425000 | 2297275 |
| 4.95%, 06/01/33 *(a)* | 1940000 | 1967820 |
| **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** |
| 5.95%, 11/01/32 *(a)* | 2360000 | 2504125 |
| 5.63%, 03/01/33 *(a)* | 3860000 | 4018106 |
| 6.95%, 12/15/54 *(a)(b)* | 2625000 | 2747167 |
| **Appalachian Power Co.** | **Appalachian Power Co.** | **Appalachian Power Co.** |
| 2.70%, 04/01/31 *(a)* | 2025000 | 1822601 |
| 4.50%, 08/01/32 *(a)* | 2065000 | 2016142 |
| 5.65%, 04/01/34 *(a)* | 1600000 | 1648944 |
| **Arizona Public Service Co.** | **Arizona Public Service Co.** | **Arizona Public Service Co.** |
| 2.20%, 12/15/31 *(a)* | 1885000 | 1622551 |
| 6.35%, 12/15/32 *(a)* | 1695000 | 1832481 |
| 5.55%, 08/01/33 *(a)* | 2115000 | 2168065 |
| 5.70%, 08/15/34 *(a)* | 1905000 | 1968170 |
| **Atlantic City Electric Co.** | **Atlantic City Electric Co.** | **Atlantic City Electric Co.** |
| 2.30%, 03/15/31 *(a)* | 1640000 | 1457599 |
| **Baltimore Gas & Electric Co.** | **Baltimore Gas & Electric Co.** | **Baltimore Gas & Electric Co.** |
| 2.25%, 06/15/31 *(a)* | 2870000 | 2552750 |
| 5.30%, 06/01/34 *(a)* | 1780000 | 1824696 |
| 5.45%, 06/01/35 *(a)* | 3000000 | 3075810 |

---

*See financial notes*

**168**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Berkshire Hathaway Energy Co.** | **Berkshire Hathaway Energy Co.** | **Berkshire Hathaway Energy Co.** |
| 3.70%, 07/15/30 *(a)* | 4670000 | 4534710 |
| 1.65%, 05/15/31 *(a)* | 2323000 | 1981333 |
| **Black Hills Corp.** | **Black Hills Corp.** | **Black Hills Corp.** |
| 4.35%, 05/01/33 *(a)* | 1770000 | 1670225 |
| 6.15%, 05/15/34 *(a)* | 1985000 | 2089193 |
| 6.00%, 01/15/35 *(a)* | 1890000 | 1963691 |
| **CenterPoint Energy Houston Electric LLC** | **CenterPoint Energy Houston Electric LLC** | **CenterPoint Energy Houston Electric LLC** |
| 2.35%, 04/01/31 *(a)* | 1595000 | 1418896 |
| 3.00%, 03/01/32 *(a)* | 1420000 | 1287386 |
| 4.45%, 10/01/32 *(a)* | 2145000 | 2102250 |
| 6.95%, 03/15/33  | 1420000 | 1607511 |
| 4.95%, 04/01/33 *(a)* | 2955000 | 2972937 |
| 5.15%, 03/01/34 *(a)* | 1705000 | 1723874 |
| 5.05%, 03/01/35 *(a)* | 2230000 | 2229755 |
| **CenterPoint Energy, Inc.** | **CenterPoint Energy, Inc.** | **CenterPoint Energy, Inc.** |
| 2.65%, 06/01/31 *(a)* | 2250000 | 2010128 |
| 6.85%, 02/15/55 *(a)(b)* | 1720000 | 1785515 |
| **CMS Energy Corp.** | **CMS Energy Corp.** | **CMS Energy Corp.** |
| 3.75%, 12/01/50 *(a)(b)* | 1815000 | 1634226 |
| 6.50%, 06/01/55 *(a)(b)* | 4250000 | 4266405 |
| **Commonwealth Edison Co.** | **Commonwealth Edison Co.** | **Commonwealth Edison Co.** |
| 3.15%, 03/15/32 *(a)* | 1240000 | 1133819 |
| 4.90%, 02/01/33 *(a)* | 1620000 | 1635989 |
| 5.30%, 06/01/34 *(a)* | 1560000 | 1609764 |
| **Connecticut Light & Power Co.** | **Connecticut Light & Power Co.** | **Connecticut Light & Power Co.** |
| 2.05%, 07/01/31 *(a)* | 1870000 | 1634025 |
| 4.90%, 07/01/33 *(a)* | 1245000 | 1248436 |
| 4.95%, 08/15/34 *(a)* | 1355000 | 1357940 |
| **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** |
| 2.40%, 06/15/31 *(a)* | 3940000 | 3536505 |
| 5.20%, 03/01/33 *(a)* | 2110000 | 2176613 |
| 5.50%, 03/15/34 *(a)* | 2425000 | 2525225 |
| 5.38%, 05/15/34 *(a)* | 1785000 | 1847064 |
| 5.30%, 03/01/35  | 1655000 | 1698642 |
| 5.13%, 03/15/35 *(a)* | 1740000 | 1762811 |
| **Constellation Energy Generation LLC** | **Constellation Energy Generation LLC** | **Constellation Energy Generation LLC** |
| 5.80%, 03/01/33 *(a)* | 2460000 | 2605509 |
| 6.13%, 01/15/34 *(a)* | 2225000 | 2400019 |
| **Consumers Energy Co.** | **Consumers Energy Co.** | **Consumers Energy Co.** |
| 4.50%, 01/15/31 *(a)* | 2140000 | 2147340 |
| 3.60%, 08/15/32 *(a)* | 1510000 | 1405478 |
| 4.63%, 05/15/33 *(a)* | 2874000 | 2849111 |
| 5.05%, 05/15/35 *(a)* | 3000000 | 3022470 |
| **Dominion Energy South Carolina, Inc.** | **Dominion Energy South Carolina, Inc.** | **Dominion Energy South Carolina, Inc.** |
| 2.30%, 12/01/31 *(a)* | 1830000 | 1604398 |
| 6.63%, 02/01/32  | 1375000 | 1523528 |
| 5.30%, 05/15/33  | 1185000 | 1216722 |
| 5.30%, 01/15/35 *(a)* | 2005000 | 2050092 |
| **Dominion Energy, Inc.** | **Dominion Energy, Inc.** | **Dominion Energy, Inc.** |
| 2.25%, 08/15/31 *(a)* | 3700000 | 3236871 |
| 4.35%, 08/15/32 *(a)* | 1910000 | 1835128 |
| 5.38%, 11/15/32 *(a)* | 3485000 | 3578468 |
| 6.30%, 03/15/33  | 1320000 | 1415634 |
| 5.25%, 08/01/33 *(a)* | 2050000 | 2065396 |
| 5.45%, 03/15/35 *(a)* | 3310000 | 3340915 |
| 5.95%, 06/15/35  | 2500000 | 2631050 |
| 7.00%, 06/01/54 *(a)(b)* | 4210000 | 4517456 |
| 6.63%, 05/15/55 *(a)(b)* | 5520000 | 5623721 |
| **DTE Electric Co.** | **DTE Electric Co.** | **DTE Electric Co.** |
| 2.63%, 03/01/31 *(a)* | 2780000 | 2529522 |
| 3.00%, 03/01/32 *(a)* | 1940000 | 1762606 |
| 5.20%, 04/01/33 *(a)* | 2460000 | 2530553 |
| 5.20%, 03/01/34 *(a)* | 1975000 | 2019240 |
| 5.25%, 05/15/35 *(a)* | 2240000 | 2282426 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **DTE Energy Co.** | **DTE Energy Co.** | **DTE Energy Co.** |
| 5.85%, 06/01/34 *(a)* | 3785000 | 3961381 |
| **Duke Energy Carolinas LLC** | **Duke Energy Carolinas LLC** | **Duke Energy Carolinas LLC** |
| 2.55%, 04/15/31 *(a)* | 2520000 | 2281885 |
| 2.85%, 03/15/32 *(a)* | 2160000 | 1941386 |
| 6.45%, 10/15/32  | 1405000 | 1545851 |
| 4.95%, 01/15/33 *(a)* | 5655000 | 5757582 |
| 4.85%, 01/15/34 *(a)* | 2280000 | 2278450 |
| 5.25%, 03/15/35 *(a)* | 2825000 | 2889579 |
| **Duke Energy Corp.** | **Duke Energy Corp.** | **Duke Energy Corp.** |
| 2.55%, 06/15/31 *(a)* | 4424000 | 3946031 |
| 4.50%, 08/15/32 *(a)* | 5020000 | 4915333 |
| 5.75%, 09/15/33 *(a)* | 2420000 | 2546614 |
| 5.45%, 06/15/34 *(a)* | 3560000 | 3661424 |
| 6.45%, 09/01/54 *(a)(b)* | 4360000 | 4501700 |
| **Duke Energy Florida LLC** | **Duke Energy Florida LLC** | **Duke Energy Florida LLC** |
| 2.40%, 12/15/31 *(a)* | 2590000 | 2292461 |
| 5.88%, 11/15/33 *(a)* | 2720000 | 2903954 |
| **Duke Energy Indiana LLC** | **Duke Energy Indiana LLC** | **Duke Energy Indiana LLC** |
| 5.25%, 03/01/34 *(a)* | 1200000 | 1227756 |
| **Duke Energy Ohio, Inc.** | **Duke Energy Ohio, Inc.** | **Duke Energy Ohio, Inc.** |
| 5.25%, 04/01/33 *(a)* | 1800000 | 1853514 |
| 5.30%, 06/15/35 *(a)* | 1500000 | 1524480 |
| **Duke Energy Progress LLC** | **Duke Energy Progress LLC** | **Duke Energy Progress LLC** |
| 2.00%, 08/15/31 *(a)* | 2985000 | 2594502 |
| 3.40%, 04/01/32 *(a)* | 2185000 | 2030433 |
| 5.25%, 03/15/33 *(a)* | 2320000 | 2395818 |
| 5.10%, 03/15/34 *(a)* | 2320000 | 2356308 |
| 5.05%, 03/15/35 *(a)* | 4090000 | 4111677 |
| **Edison International** | **Edison International** | **Edison International** |
| 5.25%, 03/15/32 *(a)(c)* | 2275000 | 2159840 |
| **El Paso Electric Co.** | **El Paso Electric Co.** | **El Paso Electric Co.** |
| 6.00%, 05/15/35  | 1800000 | 1865718 |
| **Emera U.S. Finance LP** | **Emera U.S. Finance LP** | **Emera U.S. Finance LP** |
| 2.64%, 06/15/31 *(a)* | 1975000 | 1736400 |
| **Entergy Arkansas LLC** | **Entergy Arkansas LLC** | **Entergy Arkansas LLC** |
| 5.15%, 01/15/33 *(a)* | 1848000 | 1894514 |
| 5.30%, 09/15/33 *(a)* | 1255000 | 1289575 |
| 5.45%, 06/01/34 *(a)* | 3205000 | 3302592 |
| **Entergy Corp.** | **Entergy Corp.** | **Entergy Corp.** |
| 2.40%, 06/15/31 *(a)* | 3095000 | 2740003 |
| **Entergy Louisiana LLC** | **Entergy Louisiana LLC** | **Entergy Louisiana LLC** |
| 1.60%, 12/15/30 *(a)* | 1225000 | 1061769 |
| 3.05%, 06/01/31 *(a)* | 1350000 | 1247319 |
| 2.35%, 06/15/32 *(a)* | 2202000 | 1902330 |
| 4.00%, 03/15/33 *(a)* | 3435000 | 3245594 |
| 5.35%, 03/15/34 *(a)* | 2115000 | 2172782 |
| 5.15%, 09/15/34 *(a)* | 2850000 | 2871745 |
| **Entergy Mississippi LLC** | **Entergy Mississippi LLC** | **Entergy Mississippi LLC** |
| 5.00%, 09/01/33 *(a)* | 1395000 | 1397413 |
| **Entergy Texas, Inc.** | **Entergy Texas, Inc.** | **Entergy Texas, Inc.** |
| 1.75%, 03/15/31 *(a)* | 2457000 | 2121153 |
| 5.25%, 04/15/35 *(a)* | 2115000 | 2136044 |
| **Evergy Kansas Central, Inc.** | **Evergy Kansas Central, Inc.** | **Evergy Kansas Central, Inc.** |
| 5.90%, 11/15/33 *(a)* | 1260000 | 1336356 |
| 5.25%, 03/15/35 *(a)* | 1335000 | 1351527 |
| **Evergy Metro, Inc.** | **Evergy Metro, Inc.** | **Evergy Metro, Inc.** |
| 4.95%, 04/15/33 *(a)* | 1275000 | 1275370 |
| 5.40%, 04/01/34 *(a)* | 1330000 | 1361308 |
| **Eversource Energy** | **Eversource Energy** | **Eversource Energy** |
| 1.65%, 08/15/30 *(a)* | 2600000 | 2258984 |
| 2.55%, 03/15/31 *(a)* | 1555000 | 1386314 |
| 5.85%, 04/15/31 *(a)* | 3240000 | 3412530 |
| 3.38%, 03/01/32 *(a)* | 3100000 | 2826239 |

---

*See financial notes*

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

**169**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.13%, 05/15/33 *(a)* | 3455000 | 3457660 |
| 5.50%, 01/01/34 *(a)* | 2785000 | 2840032 |
| 5.95%, 07/15/34 *(a)* | 2990000 | 3134178 |
| **Exelon Corp.** | **Exelon Corp.** | **Exelon Corp.** |
| 5.13%, 03/15/31 *(a)* | 2180000 | 2235263 |
| 3.35%, 03/15/32 *(a)* | 2305000 | 2128668 |
| 5.30%, 03/15/33 *(a)* | 3905000 | 4005163 |
| 5.45%, 03/15/34 *(a)* | 2760000 | 2837777 |
| 4.95%, 06/15/35 *(a)(f)* | 1500000 | 1460220 |
| 5.63%, 06/15/35  | 2500000 | 2574700 |
| 6.50%, 03/15/55 *(a)(b)* | 4245000 | 4321452 |
| **FirstEnergy Corp.** | **FirstEnergy Corp.** | **FirstEnergy Corp.** |
| 2.25%, 09/01/30 *(a)* | 1890000 | 1679416 |
| **FirstEnergy Transmission LLC** | **FirstEnergy Transmission LLC** | **FirstEnergy Transmission LLC** |
| 5.00%, 01/15/35 *(a)* | 1655000 | 1639129 |
| **Florida Power & Light Co.** | **Florida Power & Light Co.** | **Florida Power & Light Co.** |
| 2.45%, 02/03/32 *(a)* | 6145000 | 5429906 |
| 5.10%, 04/01/33 *(a)* | 3540000 | 3623898 |
| 4.80%, 05/15/33 *(a)* | 3080000 | 3092043 |
| 5.63%, 04/01/34  | 1710000 | 1812036 |
| 5.30%, 06/15/34 *(a)* | 4920000 | 5076702 |
| 5.00%, 08/01/34 *(a)* | 1660000 | 1675621 |
| 4.95%, 06/01/35  | 1600000 | 1606000 |
| **Georgia Power Co.** | **Georgia Power Co.** | **Georgia Power Co.** |
| 4.85%, 03/15/31 *(a)* | 2160000 | 2209097 |
| 4.70%, 05/15/32 *(a)* | 2975000 | 2982556 |
| 4.95%, 05/17/33 *(a)* | 4406000 | 4446403 |
| 5.25%, 03/15/34 *(a)* | 3995000 | 4077816 |
| 5.20%, 03/15/35 *(a)* | 3035000 | 3080070 |
| **Idaho Power Co.** | **Idaho Power Co.** | **Idaho Power Co.** |
| 5.20%, 08/15/34 *(a)* | 1340000 | 1365648 |
| **Interstate Power & Light Co.** | **Interstate Power & Light Co.** | **Interstate Power & Light Co.** |
| 5.70%, 10/15/33 *(a)* | 1305000 | 1355543 |
| 4.95%, 09/30/34 *(a)* | 1535000 | 1506802 |
| 5.60%, 06/29/35 *(a)* | 2750000 | 2827880 |
| **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** |
| 5.75%, 04/01/34 *(a)* | 1750000 | 1760518 |
| **Jersey Central Power & Light Co.** | **Jersey Central Power & Light Co.** | **Jersey Central Power & Light Co.** |
| 5.10%, 01/15/35 *(a)* | 3070000 | 3068281 |
| **Kentucky Utilities Co.** | **Kentucky Utilities Co.** | **Kentucky Utilities Co.** |
| 5.45%, 04/15/33 *(a)* | 1855000 | 1921724 |
| **Louisville Gas & Electric Co.** | **Louisville Gas & Electric Co.** | **Louisville Gas & Electric Co.** |
| 5.45%, 04/15/33 *(a)* | 1870000 | 1933748 |
| **MidAmerican Energy Co.** | **MidAmerican Energy Co.** | **MidAmerican Energy Co.** |
| 6.75%, 12/30/31  | 1635000 | 1845408 |
| 5.35%, 01/15/34 *(a)* | 1530000 | 1586243 |
| **National Grid PLC** | **National Grid PLC** | **National Grid PLC** |
| 5.81%, 06/12/33 *(a)* | 3380000 | 3556639 |
| 5.42%, 01/11/34 *(a)* | 3490000 | 3588627 |
| **National Rural Utilities Cooperative Finance Corp.** | **National Rural Utilities Cooperative Finance Corp.** | **National Rural Utilities Cooperative Finance Corp.** |
| 5.00%, 02/07/31 *(a)* | 1875000 | 1923375 |
| 1.35%, 03/15/31 *(a)* | 1695000 | 1428360 |
| 1.65%, 06/15/31 *(a)* | 1490000 | 1269599 |
| 8.00%, 03/01/32  | 1930000 | 2276512 |
| 2.75%, 04/15/32 *(a)* | 2140000 | 1912111 |
| 4.02%, 11/01/32 *(a)* | 2660000 | 2538411 |
| 4.15%, 12/15/32 *(a)* | 1640000 | 1579484 |
| 5.80%, 01/15/33 *(a)* | 2732000 | 2905728 |
| 5.00%, 08/15/34 *(a)* | 1645000 | 1655808 |
| **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** |
| 2.44%, 01/15/32 *(a)* | 3985000 | 3457426 |
| 5.30%, 03/15/32 *(a)* | 3095000 | 3188964 |
| 5.00%, 07/15/32 *(a)* | 4515000 | 4570083 |
| 5.05%, 02/28/33 *(a)* | 4520000 | 4562443 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.25%, 03/15/34 *(a)* | 5060000 | 5110347 |
| 5.45%, 03/15/35 *(a)* | 4330000 | 4420151 |
| 6.75%, 06/15/54 *(a)(b)* | 5110000 | 5314860 |
| 6.38%, 08/15/55 *(a)(b)* | 6300000 | 6449247 |
| **Northern States Power Co.** | **Northern States Power Co.** | **Northern States Power Co.** |
| 2.25%, 04/01/31 *(a)* | 1590000 | 1433051 |
| 5.05%, 05/15/35 *(a)* | 2515000 | 2542942 |
| **NSTAR Electric Co.** | **NSTAR Electric Co.** | **NSTAR Electric Co.** |
| 1.95%, 08/15/31 *(a)* | 1230000 | 1062843 |
| 5.40%, 06/01/34 *(a)* | 2575000 | 2644293 |
| 5.20%, 03/01/35 *(a)* | 1655000 | 1671401 |
| **Ohio Power Co.** | **Ohio Power Co.** | **Ohio Power Co.** |
| 1.63%, 01/15/31 *(a)* | 2035000 | 1729485 |
| 5.00%, 06/01/33 *(a)* | 1712000 | 1711743 |
| 5.65%, 06/01/34 *(a)* | 1630000 | 1675493 |
| **Oklahoma Gas & Electric Co.** | **Oklahoma Gas & Electric Co.** | **Oklahoma Gas & Electric Co.** |
| 5.40%, 01/15/33 *(a)* | 1880000 | 1946458 |
| **Oncor Electric Delivery Co. LLC** | **Oncor Electric Delivery Co. LLC** | **Oncor Electric Delivery Co. LLC** |
| 7.00%, 05/01/32  | 2020000 | 2276197 |
| 4.15%, 06/01/32 *(a)* | 1670000 | 1613370 |
| 4.55%, 09/15/32 *(a)* | 2875000 | 2841362 |
| 7.25%, 01/15/33  | 1740000 | 1993866 |
| 5.65%, 11/15/33 *(a)* | 3430000 | 3607365 |
| 5.35%, 04/01/35 *(a)(f)* | 3000000 | 3061350 |
| **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** |
| 4.55%, 07/01/30 *(a)* | 13501000 | 13183591 |
| 2.50%, 02/01/31 *(a)* | 8935000 | 7758797 |
| 3.25%, 06/01/31 *(a)* | 4155000 | 3735719 |
| 4.40%, 03/01/32 *(a)* | 1940000 | 1825850 |
| 5.90%, 06/15/32 *(a)* | 2370000 | 2422069 |
| 6.15%, 01/15/33 *(a)* | 3280000 | 3384402 |
| 6.40%, 06/15/33 *(a)* | 5075000 | 5307892 |
| 6.95%, 03/15/34 *(a)* | 3520000 | 3791709 |
| 5.80%, 05/15/34 *(a)* | 4835000 | 4836354 |
| 5.70%, 03/01/35 *(a)* | 4425000 | 4393361 |
| **PacifiCorp** | **PacifiCorp** | **PacifiCorp** |
| 2.70%, 09/15/30 *(a)* | 1835000 | 1676915 |
| 5.30%, 02/15/31 *(a)* | 3105000 | 3201690 |
| 7.70%, 11/15/31  | 1335000 | 1555809 |
| 5.45%, 02/15/34 *(a)* | 4670000 | 4739256 |
| 5.25%, 06/15/35  | 1400000 | 1401036 |
| 7.38%, 09/15/55 *(a)(b)* | 3615000 | 3762709 |
| **PECO Energy Co.** | **PECO Energy Co.** | **PECO Energy Co.** |
| 4.90%, 06/15/33 *(a)* | 2304000 | 2340956 |
| **Potomac Electric Power Co.** | **Potomac Electric Power Co.** | **Potomac Electric Power Co.** |
| 5.20%, 03/15/34 *(a)* | 1600000 | 1633696 |
| **PPL Capital Funding, Inc.** | **PPL Capital Funding, Inc.** | **PPL Capital Funding, Inc.** |
| 5.25%, 09/01/34 *(a)* | 3115000 | 3144406 |
| **PPL Electric Utilities Corp.** | **PPL Electric Utilities Corp.** | **PPL Electric Utilities Corp.** |
| 5.00%, 05/15/33 *(a)* | 2425000 | 2467025 |
| 4.85%, 02/15/34 *(a)* | 2760000 | 2766376 |
| **Progress Energy, Inc.** | **Progress Energy, Inc.** | **Progress Energy, Inc.** |
| 7.75%, 03/01/31  | 2670000 | 3075760 |
| 7.00%, 10/30/31  | 1605000 | 1815448 |
| **Public Service Co. of Colorado** | **Public Service Co. of Colorado** | **Public Service Co. of Colorado** |
| 1.90%, 01/15/31 *(a)* | 1585000 | 1379029 |
| 1.88%, 06/15/31 *(a)* | 3115000 | 2679274 |
| 4.10%, 06/01/32 *(a)* | 1240000 | 1188949 |
| 5.35%, 05/15/34 *(a)* | 3875000 | 3933822 |
| **Public Service Co. of New Hampshire** | **Public Service Co. of New Hampshire** | **Public Service Co. of New Hampshire** |
| 2.20%, 06/15/31 *(a)* | 1290000 | 1136825 |
| 5.35%, 10/01/33 *(a)* | 2815000 | 2918001 |

---

*See financial notes*

**170**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Public Service Co. of Oklahoma** | **Public Service Co. of Oklahoma** | **Public Service Co. of Oklahoma** |
| 2.20%, 08/15/31 *(a)* | 1965000 | 1702928 |
| 5.25%, 01/15/33 *(a)* | 2045000 | 2068722 |
| 5.20%, 01/15/35 *(a)* | 2610000 | 2612140 |
| **Public Service Electric & Gas Co.** | **Public Service Electric & Gas Co.** | **Public Service Electric & Gas Co.** |
| 1.90%, 08/15/31 *(a)* | 1765000 | 1529214 |
| 3.10%, 03/15/32 *(a)* | 2060000 | 1887496 |
| 4.90%, 12/15/32 *(a)* | 1730000 | 1762593 |
| 4.65%, 03/15/33 *(a)* | 2050000 | 2040611 |
| 5.20%, 08/01/33 *(a)* | 1950000 | 2011172 |
| 5.20%, 03/01/34 *(a)* | 2275000 | 2335652 |
| 4.85%, 08/01/34 *(a)* | 2710000 | 2706856 |
| 5.05%, 03/01/35 *(a)* | 1575000 | 1594325 |
| **Public Service Enterprise Group, Inc.** | **Public Service Enterprise Group, Inc.** | **Public Service Enterprise Group, Inc.** |
| 1.60%, 08/15/30 *(a)* | 2540000 | 2197760 |
| 2.45%, 11/15/31 *(a)* | 3360000 | 2952802 |
| 6.13%, 10/15/33 *(a)* | 1585000 | 1688786 |
| 5.45%, 04/01/34 *(a)* | 2125000 | 2176213 |
| 5.40%, 03/15/35 *(a)* | 1950000 | 1975253 |
| **Puget Energy, Inc.** | **Puget Energy, Inc.** | **Puget Energy, Inc.** |
| 4.22%, 03/15/32 *(a)* | 1795000 | 1691644 |
| 5.73%, 03/15/35 *(a)(f)* | 2550000 | 2571522 |
| **Puget Sound Energy, Inc.** | **Puget Sound Energy, Inc.** | **Puget Sound Energy, Inc.** |
| 5.33%, 06/15/34 *(a)* | 1830000 | 1866618 |
| **San Diego Gas & Electric Co.** | **San Diego Gas & Electric Co.** | **San Diego Gas & Electric Co.** |
| 1.70%, 10/01/30 *(a)* | 3480000 | 3032194 |
| 3.00%, 03/15/32 *(a)* | 2235000 | 2013400 |
| 5.40%, 04/15/35 *(a)* | 3500000 | 3576545 |
| **Southern California Edison Co.** | **Southern California Edison Co.** | **Southern California Edison Co.** |
| 2.50%, 06/01/31 *(a)* | 1885000 | 1637839 |
| 5.45%, 06/01/31 *(a)* | 3320000 | 3382018 |
| 2.75%, 02/01/32 *(a)* | 2050000 | 1765932 |
| 5.95%, 11/01/32 *(a)* | 3320000 | 3412263 |
| 6.00%, 01/15/34  | 2145000 | 2202272 |
| 5.20%, 06/01/34 *(a)* | 3885000 | 3775870 |
| 5.45%, 03/01/35 *(a)* | 4035000 | 3967091 |
| 5.75%, 04/01/35  | 1750000 | 1787135 |
| **Southern Co.** | **Southern Co.** | **Southern Co.** |
| 5.70%, 10/15/32 *(a)* | 2465000 | 2593920 |
| 5.20%, 06/15/33 *(a)* | 3090000 | 3150193 |
| 5.70%, 03/15/34 *(a)* | 4820000 | 5043503 |
| 4.85%, 03/15/35 *(a)* | 3095000 | 3030345 |
| 6.38%, 03/15/55 *(a)(b)* | 7755000 | 7993311 |
| **Southwestern Electric Power Co.** | **Southwestern Electric Power Co.** | **Southwestern Electric Power Co.** |
| 5.30%, 04/01/33 *(a)* | 1500000 | 1513455 |
| **Southwestern Public Service Co.** | **Southwestern Public Service Co.** | **Southwestern Public Service Co.** |
| 5.30%, 05/15/35 *(a)* | 2000000 | 2007160 |
| **System Energy Resources, Inc.** | **System Energy Resources, Inc.** | **System Energy Resources, Inc.** |
| 5.30%, 12/15/34 *(a)* | 2395000 | 2367865 |
| **Tampa Electric Co.** | **Tampa Electric Co.** | **Tampa Electric Co.** |
| 2.40%, 03/15/31 *(a)* | 1805000 | 1620240 |
| 5.15%, 03/01/35 *(a)* | 2490000 | 2505836 |
| **Tucson Electric Power Co.** | **Tucson Electric Power Co.** | **Tucson Electric Power Co.** |
| 1.50%, 08/01/30 *(a)* | 1335000 | 1153160 |
| 3.25%, 05/15/32 *(a)* | 1355000 | 1229974 |
| 5.20%, 09/15/34 *(a)* | 1680000 | 1687896 |
| **Union Electric Co.** | **Union Electric Co.** | **Union Electric Co.** |
| 2.15%, 03/15/32 *(a)* | 2335000 | 2011836 |
| 5.20%, 04/01/34 *(a)* | 2135000 | 2174369 |
| 5.25%, 04/15/35 *(a)* | 2250000 | 2298150 |
| **Virginia Electric & Power Co.** | **Virginia Electric & Power Co.** | **Virginia Electric & Power Co.** |
| 2.30%, 11/15/31 *(a)* | 2235000 | 1955893 |
| 2.40%, 03/30/32 *(a)* | 2425000 | 2108853 |
| 5.00%, 04/01/33 *(a)* | 3000000 | 3032520 |
| 5.30%, 08/15/33 *(a)* | 1900000 | 1941686 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.00%, 01/15/34 *(a)* | 2215000 | 2220139 |
| 5.05%, 08/15/34 *(a)* | 2450000 | 2458404 |
| 5.15%, 03/15/35 *(a)* | 2735000 | 2748210 |
| **WEC Energy Group, Inc.** | **WEC Energy Group, Inc.** | **WEC Energy Group, Inc.** |
| 1.80%, 10/15/30 *(a)* | 1241000 | 1088506 |
| **Wisconsin Electric Power Co.** | **Wisconsin Electric Power Co.** | **Wisconsin Electric Power Co.** |
| 4.75%, 09/30/32 *(a)* | 1980000 | 2003166 |
| 5.63%, 05/15/33  | 1490000 | 1586582 |
| 4.60%, 10/01/34 *(a)* | 1300000 | 1286129 |
| **Wisconsin Power & Light Co.** | **Wisconsin Power & Light Co.** | **Wisconsin Power & Light Co.** |
| 1.95%, 09/16/31 *(a)* | 1330000 | 1140901 |
| 3.95%, 09/01/32 *(a)* | 2550000 | 2412734 |
| 4.95%, 04/01/33 *(a)* | 1325000 | 1329889 |
| 5.38%, 03/30/34 *(a)* | 1345000 | 1377320 |
| **Xcel Energy, Inc.** | **Xcel Energy, Inc.** | **Xcel Energy, Inc.** |
| 2.35%, 11/15/31 *(a)* | 1310000 | 1137447 |
| 4.60%, 06/01/32 *(a)* | 2945000 | 2884362 |
| 5.45%, 08/15/33 *(a)* | 3535000 | 3614043 |
| 5.50%, 03/15/34 *(a)* | 3535000 | 3594176 |
| 5.60%, 04/15/35 *(a)* | 3500000 | 3573955 |
|  |  | **739874203** |
| ***Natural Gas 0.7%***  | ***Natural Gas 0.7%***  | ***Natural Gas 0.7%***  |
| **Atmos Energy Corp.** | **Atmos Energy Corp.** | **Atmos Energy Corp.** |
| 1.50%, 01/15/31 *(a)* | 2670000 | 2282022 |
| 5.45%, 10/15/32 *(a)* | 1335000 | 1398386 |
| 5.90%, 11/15/33 *(a)* | 3095000 | 3323071 |
| **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** |
| 1.75%, 10/01/30 *(a)* | 2200000 | 1917300 |
| 4.40%, 07/01/32 *(a)* | 2055000 | 2001447 |
| 5.40%, 07/01/34 *(a)* | 1715000 | 1745801 |
| **National Grid USA** | **National Grid USA** | **National Grid USA** |
| 5.80%, 04/01/35  | 1425000 | 1462634 |
| **NiSource, Inc.** | **NiSource, Inc.** | **NiSource, Inc.** |
| 1.70%, 02/15/31 *(a)* | 3295000 | 2822991 |
| 5.40%, 06/30/33 *(a)* | 2150000 | 2204201 |
| 5.35%, 04/01/34 *(a)* | 2905000 | 2957174 |
| 6.38%, 03/31/55 *(a)(b)* | 2135000 | 2154215 |
| **ONE Gas, Inc.** | **ONE Gas, Inc.** | **ONE Gas, Inc.** |
| 4.25%, 09/01/32 *(a)* | 1270000 | 1228268 |
| **Piedmont Natural Gas Co., Inc.** | **Piedmont Natural Gas Co., Inc.** | **Piedmont Natural Gas Co., Inc.** |
| 2.50%, 03/15/31 *(a)* | 1634000 | 1456090 |
| 5.40%, 06/15/33 *(a)* | 1390000 | 1432381 |
| 5.10%, 02/15/35 *(a)* | 1600000 | 1609360 |
| **Sempra** | **Sempra** | **Sempra** |
| 5.50%, 08/01/33 *(a)* | 3340000 | 3411276 |
| 6.40%, 10/01/54 *(a)(b)* | 5365000 | 5102383 |
| 6.55%, 04/01/55 *(a)(b)* | 2550000 | 2420026 |
| **Southern California Gas Co.** | **Southern California Gas Co.** | **Southern California Gas Co.** |
| 5.20%, 06/01/33 *(a)* | 2115000 | 2144716 |
| 5.05%, 09/01/34 *(a)* | 2840000 | 2861073 |
| 5.45%, 06/15/35 *(a)* | 2750000 | 2807805 |
| **Southern Co. Gas Capital Corp.** | **Southern Co. Gas Capital Corp.** | **Southern Co. Gas Capital Corp.** |
| 1.75%, 01/15/31 *(a)* | 1945000 | 1674081 |
| 5.15%, 09/15/32 *(a)* | 2220000 | 2257807 |
| 5.75%, 09/15/33 *(a)* | 2035000 | 2136750 |
| 4.95%, 09/15/34 *(a)* | 2070000 | 2051618 |
| **Southwest Gas Corp.** | **Southwest Gas Corp.** | **Southwest Gas Corp.** |
| 4.05%, 03/15/32 *(a)* | 2540000 | 2411959 |
| **Spire Missouri, Inc.** | **Spire Missouri, Inc.** | **Spire Missouri, Inc.** |
| 4.80%, 02/15/33 *(a)* | 1720000 | 1717007 |
| 5.15%, 08/15/34 *(a)* | 1280000 | 1302643 |
|  |  | **62294485** |

---

*See financial notes*

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

**171**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***Utility Other 0.2%***  | ***Utility Other 0.2%***  | ***Utility Other 0.2%***  |
| **American Water Capital Corp.** | **American Water Capital Corp.** | **American Water Capital Corp.** |
| 2.30%, 06/01/31 *(a)* | 2417000 | 2126066 |
| 4.45%, 06/01/32 *(a)* | 3385000 | 3344583 |
| 5.15%, 03/01/34 *(a)* | 2900000 | 2945008 |
| 5.25%, 03/01/35 *(a)* | 3435000 | 3482403 |
| **Essential Utilities, Inc.** | **Essential Utilities, Inc.** | **Essential Utilities, Inc.** |
| 2.40%, 05/01/31 *(a)* | 1925000 | 1701873 |
| 5.38%, 01/15/34 *(a)* | 2065000 | 2100456 |
|  |  | **15700389** |
|  |  | **817869077** |
| **Total Corporates** <br>**(Cost $8,382,082,133)** | **Total Corporates** <br>**(Cost $8,382,082,133)** | **8568815441** |

---

&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> 4.27% *(i)*<br>| 27903299 | 27903299 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.27% *(i)(j)*<br>| 32556093 | 32556093 |
|  |  | **60459392** |
| **Total Short-Term Investments** <br>**(Cost $60,459,392)** | **Total Short-Term Investments** <br>**(Cost $60,459,392)** | **60459392** |
| **Total Investments in Securities** <br>**(Cost $8,442,541,525)** | **Total Investments in Securities** <br>**(Cost $8,442,541,525)** | **8629274833** |

---

&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** |  |  |  |
| 10 Year US Treasury Notes <br> (CBOT), expires 09/19/25<br>| 128 | 14352000 | 5807 |
| 5 Year US Treasury Notes <br> (CBOT), expires 09/30/25<br>| 114 | 12426000 | (2827)<br>|
|  |  |  | **2980** |
| **Short** |  |  |  |
| 10 Year US Treasury Notes <br> Ultra Futures, expires <br> 09/19/25<br>| (5)<br>| (571328)<br>| (789)<br>|
| 3 Year US Treasury Notes <br> (CBOT), expires 09/30/25<br>| (18)<br>| (3824297)<br>| 1100 |
|  |  |  | **311** |
| **Total Net Unrealized Appreciation on Futures Contracts** | **Total Net Unrealized Appreciation on Futures Contracts** | **Total Net Unrealized Appreciation on Futures Contracts** | **3291** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* The effective maturity may be shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or as the result of embedded demand features (puts or calls).

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* Security is in a fixed-rate coupon period. Based on index eligibility requirements and the fund's investment objective this security will be removed from the index prior to converting to a floating rate security.

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

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* All or a portion of this security is on loan. Securities on loan were valued at $31,676,535.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* Security or a portion of the security purchased on a delayed-delivery or when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* Issuer is affiliated with the fund's investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* 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 $108,572,775 or 1.2% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* Interest rate is subject to adjustments from time to time if a nationally recognized statistical rating organization downgrades (or subsequently upgrades) the debt rating assigned to the bond.

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

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

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

CBOT — Chicago Board of Trade <br> DAC — Designated Activity Company <br> REIT — Real Estate Investment Trust

*See financial notes*

**172**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

Below is a summary of the fund's transactions with affiliated issuers during the period ended June 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY <br>RATE, MATURITY DATE<br>| VALUE AT<br> 12/31/24<br>| PURCHASES | SALES | REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| ACCRETION OF<br> DISCOUNTS<br> (AMORTIZATION<br> OF PREMIUMS)<br>| VALUE AT<br> 6/30/25<br>| FACE AMOUNT<br> AT 6/30/25<br>| INTEREST<br> INCOME EARNED<br>|
| **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS |
| **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** |
| **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** |
| Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
| 4.63%, 03/22/30 | $1862368 | $— | ($1875164)<br>| $51559 | ($40532)<br>| $1769 | $— | $— | $21564 |
| 1.65%, 03/11/31 | 2368589 | 184538 |  |  | 83758 | 37622 | 2674507 | 3110000 | 24517 |
| 2.30%, 05/13/31 | 2467053 | 298764 | (21424)<br>| 1922 | 90432 | 30405 | 2867152 | 3220000 | 34519 |
| 1.95%, 12/01/31 | 2690348 | 202460 | (20378)<br>| 1635 | 97327 | 38151 | 3009543 | 3515000 | 33084 |
| 2.90%, 03/03/32 | 3338662 | 353123 | (65637)<br>| 4146 | 119064 | 31272 | 3780630 | 4200000 | 57811 |
| 5.85%, 05/19/34 | 5154379 | 467955 | (51620)<br>| 5507 | 168432 | (3408)<br>| 5741245 | 5405000 | 151930 |
| 6.14%, 08/24/34 | 5423139 | 470136 | (52632)<br>| 5138 | 175369 | (2839)<br>| 6018311 | 5560000 | 164475 |
| **Total** | **$23304538** | **$1976976** | **($2086855)**<br>| **$69907** | **$693850** | **$132972** | **$24091388** |  | **$487900** |

---

------

The following is a summary of the inputs used to value the fund's investments as of June 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Corporates<sup>1</sup> <br>| $— | &nbsp;&nbsp; $8568815441 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8568815441 |
| Short-Term Investments<sup>1</sup> <br>| 60459392 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 60459392 |
| Futures Contracts<sup>2</sup> <br>| 6907 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6907 |
| **<u>Liabilities</u>** |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| (3616)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3616)<br>|
| **Total** | **$60462683** | &nbsp;&nbsp; **$8568815441** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$8629278124** |

---

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

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

*See financial notes*

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

**173**

------

Schwab 5-10 Year Corporate Bond ETF

Statement of Assets and Liabilities

------

As of June 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $23,031,370)  |  | $24091388 |
| Investments in securities, at value - unaffiliated issuers (cost $8,419,510,155) including securities on loan of $31,676,535 |  | 8605183445 |
| Cash |  | 7940822 |
| Deposit with broker for futures contracts |  | 1697025 |
| Receivables: |  |  |
| Investments sold |  | 314175150 |
| Interest |  | 109083597 |
| Fund shares sold |  | 2276641 |
| Dividends |  | 62285 |
| Income from securities on loan |  | 19086 |
| Foreign tax reclaims | + | 6175 |
| **Total assets** |  | **9064535614** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 32556093 |
| Payables: |  |  |
| Fund shares redeemed |  | 277750214 |
| Investments bought |  | 40594221 |
| Investments bought - delayed-delivery |  | 5015695 |
| Management fees |  | 211476 |
| Variation margin on futures contracts | + | 78384 |
| **Total liabilities** |  | **356206083** |
| **Net assets** |  | **$8708329531** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $8517798579 |
| Total distributable earnings | + | 190530952 |
| **Net assets** |  | **$8708329531** |

---

&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** |
| $8708329531 |  | &nbsp;&nbsp;&nbsp;&nbsp; 382400000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $22.77 |

---

*See financial notes*

**174**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated issuers |  | $209704242 |
| Interest received from securities - affiliated issuers |  | 620872 |
| Dividends received from securities - unaffiliated issuers  |  | 388762 |
| Other Interest |  | 32109 |
| Securities on loan, net | + | 215369 |
| **Total investment income**  |  | **210961354** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 1206962 |
| **Total expenses** | – | **1206962** |
| **Net investment income** |  | **209754392** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated issuers  |  | 201460 |
| Net realized gains on sales of in-kind redemptions - affiliated issuers |  | 69907 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 19397061 |
| Net realized losses on futures contracts | + | (655787)<br>|
| **Net realized gains** |  | **19012641** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 693850 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 207681494 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 13274 |
| **Net change in unrealized appreciation (depreciation)** |  | **208388618** |
| **Net realized and unrealized gains** |  | **227401259** |
| **Increase in net assets resulting from operations** |  | **$437155651** |

---

*See financial notes*

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

**175**

------

Schwab 5-10 Year Corporate 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** |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 |
| Net investment income |  | $209754392 | &nbsp;&nbsp;&nbsp; $348677168 |
| Net realized gains (losses) |  | 19012641 | &nbsp;&nbsp;&nbsp; (360131)<br>|
| Net change in unrealized appreciation (depreciation) | + | 208388618 | &nbsp;&nbsp;&nbsp; (126041711)<br>|
| **Increase in net assets resulting from operations** |  | **$437155651** | &nbsp;&nbsp;&nbsp; **$222275326** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($175840130)**<br>| &nbsp;&nbsp;&nbsp; **($348286925)**<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 78000000 | &nbsp;&nbsp;&nbsp; $1742403920 | &nbsp;&nbsp;&nbsp; 109500000 | &nbsp;&nbsp;&nbsp; $2445809400 |
| Shares redeemed | + | (46000000)<br>| &nbsp;&nbsp;&nbsp; (1035229096)<br>| &nbsp;&nbsp;&nbsp; (15300000)<br>| &nbsp;&nbsp;&nbsp; (342445920)<br>|
| **Net transactions in fund shares**  |  | **32000000** | &nbsp;&nbsp;&nbsp; **$707174824** | &nbsp;&nbsp;&nbsp; **94200000** | &nbsp;&nbsp;&nbsp; **$2103363480** |
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 350400000 | &nbsp;&nbsp;&nbsp; $7739839186 | &nbsp;&nbsp;&nbsp; 256200000 | &nbsp;&nbsp;&nbsp; $5762487305 |
| Total increase | + | 32000000 | &nbsp;&nbsp;&nbsp; 968490345 | &nbsp;&nbsp;&nbsp; 94200000 | &nbsp;&nbsp;&nbsp; 1977351881 |
| **End of period** |  | **382400000** | &nbsp;&nbsp;&nbsp; **$8708329531** | &nbsp;&nbsp;&nbsp; **350400000** | &nbsp;&nbsp;&nbsp; **$7739839186** |

---

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

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

*See financial notes*

**176**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1/1/25– <br>6/30/25\*<br>| 1/1/24– <br>12/31/24<sup>1</sup> <br>| 1/1/23– <br>12/31/23<sup>1</sup> <br>| 10/12/22<sup>2</sup>– <br>12/31/22<sup>1</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $25.67 | &nbsp;&nbsp; $26.24 | &nbsp;&nbsp; $25.58 | &nbsp;&nbsp; $25.00 |
| Income (loss) from investment operations: |  |  |  |  |
| Net investment income (loss)<sup>3</sup> <br>| 0.46 | 1.40 | 0.87 | 0.20 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.48)<br>| 0.57 | 0.49 |
| Total from investment operations | &nbsp;&nbsp; (0.22)<br>| 0.92 | 1.44 | 0.69 |
| Less distributions: |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (0.15)<br>|
| Other capital<sup>3</sup> <br>| 0.03 | 0.02 | 0.04 | 0.04 |
| Net asset value at end of period | &nbsp;&nbsp; $25.15 | &nbsp;&nbsp; $25.67 | &nbsp;&nbsp; $26.24 | &nbsp;&nbsp; $25.58 |
| Total return | &nbsp;&nbsp; (0.73 %)<sup>4</sup><br>| 1.14<br> %<br>| 5.87<br> %<br>| 2.93 %<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<br> %<br>| 0.03 %<sup>5</sup><br>|
| Net investment income (loss) | 3.75 %<sup>5</sup><br>| 3.47<br> %<br>| 3.41<br> %<br>| 3.50 %<sup>5</sup><br>|
| Portfolio turnover rate<sup>6</sup> <br>| &nbsp;&nbsp; 12 %<sup>4,7</sup><br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 13 %<sup>4</sup><br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $2060 | &nbsp;&nbsp; $488 | &nbsp;&nbsp; $247 | &nbsp;&nbsp; $61 |

---

&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 market close on October 10, 2024 (see financial note 10 for additional information). 

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

<sup>7</sup> Portfolio turnover rate excludes variable rate demand note transactions (see financial note 2b for additional information).

*See financial notes*

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

**177**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited)

------

For fixed rate securities, the rate shown is the interest rate (the rate established when the security was issued) and when a security is purchased with a zero coupon rate, the effective yield at the time of purchase is shown. For variable rate securities, the rate shown is the 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;

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MUNICIPAL SECURITIES** 98.9% OF NET ASSETS | **MUNICIPAL SECURITIES** 98.9% OF NET ASSETS | **MUNICIPAL SECURITIES** 98.9% OF NET ASSETS | **MUNICIPAL SECURITIES** 98.9% OF NET ASSETS | **MUNICIPAL SECURITIES** 98.9% OF NET ASSETS |
| **ALABAMA** 0.4%  | **ALABAMA** 0.4%  | **ALABAMA** 0.4%  | **ALABAMA** 0.4%  | **ALABAMA** 0.4%  |
| **Alabama Corrections Institution Finance Authority** | **Alabama Corrections Institution Finance Authority** | **Alabama Corrections Institution Finance Authority** | **Alabama Corrections Institution Finance Authority** | **Alabama Corrections Institution Finance Authority** |
| RB Series 2022 A  | 5.25% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102366 |
| **Alabama Federal Aid Highway Finance Authority** | **Alabama Federal Aid Highway Finance Authority** | **Alabama Federal Aid Highway Finance Authority** | **Alabama Federal Aid Highway Finance Authority** | **Alabama Federal Aid Highway Finance Authority** |
| Refunding RB Series 2017 B  | 5.00% | 09/01/25 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50162 |
| Refunding RB Series 2025 B  | 5.00% | 09/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 272468 |
| Refunding RB Series 2025 B  | 5.00% | 09/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 282968 |
| Refunding RB Series 2025 B  | 5.00% | 09/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 130612 |
| **Alabama Public School & College Authority** | **Alabama Public School & College Authority** | **Alabama Public School & College Authority** | **Alabama Public School & College Authority** | **Alabama Public School & College Authority** |
| Refunding RB Series 2020 A  | 5.00% | 11/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100656 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 263596 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53771 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 322748 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 105515 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55120 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 162087 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp; 515568 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 137633 |
| Refunding RB Series 2020 A  | 4.00% | 11/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 34325 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20921 |
| Refunding RB Series 2020 A  | 4.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1204797 |
| **Birmingham-Jefferson Civic Center Authority** | **Birmingham-Jefferson Civic Center Authority** | **Birmingham-Jefferson Civic Center Authority** | **Birmingham-Jefferson Civic Center Authority** | **Birmingham-Jefferson Civic Center Authority** |
| Special Tax Series 2018 A  | 4.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 181057 |
| **County of Jefferson Sewer Revenue** | **County of Jefferson Sewer Revenue** | **County of Jefferson Sewer Revenue** | **County of Jefferson Sewer Revenue** | **County of Jefferson Sewer Revenue** |
| Refunding RB Series 2024  | 5.00% | 10/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 895000 | &nbsp;&nbsp; 980966 |
| Refunding RB Series 2024  | 5.00% | 10/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 65772 |
| Refunding RB Series 2024  | 5.00% | 10/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21978 |
| Refunding RB Series 2024  | 5.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10893 |
| Refunding RB Series 2024  | 5.00% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 136124 |
| Refunding RB Series 2024  | 5.25% | 10/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103641 |
| Refunding RB Series 2024  | 5.25% | 10/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255658 |
| Refunding RB Series 2024  | 5.25% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2175000 | &nbsp;&nbsp; 2200917 |
| Refunding RB Series 2024  | 5.50% | 10/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp; 425764 |
| **Homewood Educational Building Authority** | **Homewood Educational Building Authority** | **Homewood Educational Building Authority** | **Homewood Educational Building Authority** | **Homewood Educational Building Authority** |
| RB CHF - Horizons II LLC Series 2024 C  | 5.50% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101489 |
| **Tuscaloosa City Board of Education** | **Tuscaloosa City Board of Education** | **Tuscaloosa City Board of Education** | **Tuscaloosa City Board of Education** | **Tuscaloosa City Board of Education** |
| RB Series 2016  | 5.00% | 08/01/46 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204813 |
| **University of Alabama** | **University of Alabama** | **University of Alabama** | **University of Alabama** | **University of Alabama** |
| Refunding RB Series 2012 A  | 3.50% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 108113 |
|  |  |  |  | &nbsp;&nbsp; **8612498** |

---

*See financial notes*

**178**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **ALASKA** 0.0%  | **ALASKA** 0.0%  | **ALASKA** 0.0%  | **ALASKA** 0.0%  | **ALASKA** 0.0%  |
| **Municipality of Anchorage Solid Waste Services Revenue** | **Municipality of Anchorage Solid Waste Services Revenue** | **Municipality of Anchorage Solid Waste Services Revenue** | **Municipality of Anchorage Solid Waste Services Revenue** | **Municipality of Anchorage Solid Waste Services Revenue** |
| Refunding RB Series 2022 A  | 4.00% | 11/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; **91927** |
| **ARIZONA** 1.4%  | **ARIZONA** 1.4%  | **ARIZONA** 1.4%  | **ARIZONA** 1.4%  | **ARIZONA** 1.4%  |
| **Arizona Department of Transportation State Highway Fund Revenue** | **Arizona Department of Transportation State Highway Fund Revenue** | **Arizona Department of Transportation State Highway Fund Revenue** | **Arizona Department of Transportation State Highway Fund Revenue** | **Arizona Department of Transportation State Highway Fund Revenue** |
| RB Series 2023  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 112605 |
| RB Series 2023  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 136296 |
| RB Series 2023  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 125227 |
| RB Series 2023  | 5.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 33191 |
| RB Series 2023  | 5.00% | 07/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 159435 |
| **Arizona Transportation Board** | **Arizona Transportation Board** | **Arizona Transportation Board** | **Arizona Transportation Board** | **Arizona Transportation Board** |
| RB County of Maricopa Transportation Excise Tax Revenue Series 2018  | 5.00% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200000 |
| **City of Mesa Utility System Revenue** | **City of Mesa Utility System Revenue** | **City of Mesa Utility System Revenue** | **City of Mesa Utility System Revenue** | **City of Mesa Utility System Revenue** |
| RB Series 2019 A  | 5.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76741 |
| Refunding RB Series 2014  | 3.25% | 07/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 39999 |
| Refunding RB Series 2016  | 4.00% | 07/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 65291 |
| Refunding RB Series 2020  | 4.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40700 |
| **City of Phoenix** | **City of Phoenix** | **City of Phoenix** | **City of Phoenix** | **City of Phoenix** |
| Refunding GO Bonds Series 2016  | 5.00% | 07/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76622 |
| **City of Phoenix Civic Improvement Corp.** | **City of Phoenix Civic Improvement Corp.** | **City of Phoenix Civic Improvement Corp.** | **City of Phoenix Civic Improvement Corp.** | **City of Phoenix Civic Improvement Corp.** |
| RB Airport Revenue Series 2015 A  | 5.00% | 07/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200143 |
| RB Airport Revenue Series 2019 A  | 3.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 123909 |
| RB Airport Revenue Series 2019 A  | 4.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 89012 |
| RB Airport Revenue Series 2019 A  | 5.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000215 |
| RB Phoenix Sky Harbor International Airport Customer Facility Charges Revenue Series <br> 2019 A <br>| 5.00% | 07/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1770000 | &nbsp;&nbsp; 1782841 |
| RB Wastewater Revenue Series 2020 A  | 5.00% | 07/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 184070 |
| RB Wastewater Revenue Series 2023  | 5.25% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156694 |
| RB Water System Revenue Series 2020 B  | 5.00% | 07/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1022611 |
| Refunding RB Airport Revenue Series 2017 D  | 5.00% | 07/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51731 |
| Refunding RB Airport Revenue Series 2017 D  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40976 |
| Refunding RB Airport Revenue Series 2017 D  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 132853 |
| Refunding RB Airport Revenue Series 2017 D  | 4.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 242185 |
| Refunding RB Wastewater Revenue Series 2017  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 86087 |
| **County of Pima Sewer System Revenue** | **County of Pima Sewer System Revenue** | **County of Pima Sewer System Revenue** | **County of Pima Sewer System Revenue** | **County of Pima Sewer System Revenue** |
| RB Series 2016  | 5.00% | 07/01/25 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 90000 |
| RB Series 2016  | 5.00% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 65000 |
| **Gilbert Water Resource Municipal Property Corp.** | **Gilbert Water Resource Municipal Property Corp.** | **Gilbert Water Resource Municipal Property Corp.** | **Gilbert Water Resource Municipal Property Corp.** | **Gilbert Water Resource Municipal Property Corp.** |
| RB Waterworks & Sewer System Revenue Series 2022  | 5.00% | 07/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 181135 |
| RB Waterworks & Sewer System Revenue Series 2022  | 4.00% | 07/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 134611 |
| **Maricopa County Special Health Care District** | **Maricopa County Special Health Care District** | **Maricopa County Special Health Care District** | **Maricopa County Special Health Care District** | **Maricopa County Special Health Care District** |
| GO Bonds Series 2018 C  | 4.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 289577 |
| **Salt River Project Agricultural Improvement & Power District** | **Salt River Project Agricultural Improvement & Power District** | **Salt River Project Agricultural Improvement & Power District** | **Salt River Project Agricultural Improvement & Power District** | **Salt River Project Agricultural Improvement & Power District** |
| RB Series 2019 A  | 4.00% | 01/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp; 311972 |
| RB Series 2019 A  | 5.00% | 01/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101388 |
| RB Series 2023 A  | 5.00% | 01/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 312770 |
| RB Series 2023 B  | 5.00% | 01/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 307952 |
| RB Series 2023 B  | 5.25% | 01/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5915000 | &nbsp;&nbsp; 6145066 |
| RB Series 2024 A  | 5.00% | 01/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103020 |

---

*See financial notes*

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

**179**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2024 A  | 5.25% | 01/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 260650 |
| RB Series 2024 B  | 5.00% | 05/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 264853 |
| Refunding RB Series 2016 A  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 56927 |
| Refunding RB Series 2016 A  | 5.00% | 01/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10332 |
| Refunding RB Series 2016 A  | 5.00% | 01/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206081 |
| Refunding RB Series 2016 A  | 5.00% | 01/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25608 |
| Refunding RB Series 2016 A  | 4.00% | 01/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24847 |
| Refunding RB Series 2017 A  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 227707 |
| Refunding RB Series 2017 A  | 5.00% | 01/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105223 |
| Refunding RB Series 2017 A  | 5.00% | 01/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 67949 |
| Refunding RB Series 2017 A  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 361688 |
| Refunding RB Series 2020 A  | 5.00% | 01/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5126898 |
| Refunding RB Series 2021 A  | 5.00% | 01/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 63514 |
| Refunding RB Series 2022 A  | 5.00% | 01/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111061 |
| Refunding RB Series 2025 B  | 5.00% | 01/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 561533 |
| Refunding RB Series 2025 B  | 5.00% | 01/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 2095000 | &nbsp;&nbsp; 2371540 |
| Refunding RB Series 2025 B  | 5.00% | 01/01/35  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 571524 |
| Refunding RB Series 2025 B  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4543667 |
| **State of Arizona** | **State of Arizona** | **State of Arizona** | **State of Arizona** | **State of Arizona** |
| Refunding COP Series 2019 A  | 5.00% | 10/01/25 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 452227 |
|  |  |  |  | &nbsp;&nbsp; **29635754** |
| **ARKANSAS** 0.0%  | **ARKANSAS** 0.0%  | **ARKANSAS** 0.0%  | **ARKANSAS** 0.0%  | **ARKANSAS** 0.0%  |
| **City of Springdale Sales & Use Tax Revenue** | **City of Springdale Sales & Use Tax Revenue** | **City of Springdale Sales & Use Tax Revenue** | **City of Springdale Sales & Use Tax Revenue** | **City of Springdale Sales & Use Tax Revenue** |
| RB Series 2023 B  | 4.25% | 08/01/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 67286 |
| **Fayetteville School District No. 1** | **Fayetteville School District No. 1** | **Fayetteville School District No. 1** | **Fayetteville School District No. 1** | **Fayetteville School District No. 1** |
| GO Bonds Series 2024  | 4.00% | 02/01/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 88886 |
| Refunding GO Bonds Series 2020  | 2.75% | 06/01/46 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 34232 |
| Refunding GO Bonds Series 2020  | 3.00% | 06/01/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 87859 |
| **University of Arkansas** | **University of Arkansas** | **University of Arkansas** | **University of Arkansas** | **University of Arkansas** |
| RB Medical Sciences Series 2021 A  | 5.00% | 12/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 71561 |
|  |  |  |  | &nbsp;&nbsp; **349824** |
| **CALIFORNIA** 16.2%  | **CALIFORNIA** 16.2%  | **CALIFORNIA** 16.2%  | **CALIFORNIA** 16.2%  | **CALIFORNIA** 16.2%  |
| **Alameda Corridor Transportation Authority** | **Alameda Corridor Transportation Authority** | **Alameda Corridor Transportation Authority** | **Alameda Corridor Transportation Authority** | **Alameda Corridor Transportation Authority** |
| RB Series 1999 A  | 3.71% | 10/01/35 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 33334 |
| RB Series 2022 C  | 5.00% | 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 111079 |
| RB Series 2024 A  | 4.88% | 10/01/52 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 78157 |
| Refunding RB Series 2016 B  | 5.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30338 |
| Refunding RB Series 2016 B  | 4.00% | 10/01/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 58924 |
| Refunding RB Series 2016 B  | 5.00% | 10/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151527 |
| **Alameda County Transportation Commission** | **Alameda County Transportation Commission** | **Alameda County Transportation Commission** | **Alameda County Transportation Commission** | **Alameda County Transportation Commission** |
| RB Series 2022  | 5.00% | 03/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 115332 |
| **Anaheim Public Financing Authority** | **Anaheim Public Financing Authority** | **Anaheim Public Financing Authority** | **Anaheim Public Financing Authority** | **Anaheim Public Financing Authority** |
| RB Series 1997 C  | 3.20% | 09/01/30 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 211403 |
| RB Series 1997 C  | 3.57% | 09/01/32 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 156575 |
| RB Series 1997 C  | 3.54% | 09/01/34 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 17920 |
| **Antelope Valley Community College District** | **Antelope Valley Community College District** | **Antelope Valley Community College District** | **Antelope Valley Community College District** | **Antelope Valley Community College District** |
| GO Bonds Series 2025 D  | 4.68% | 02/01/50 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 73938 |

---

*See financial notes*

**180**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Bay Area Toll Authority** | **Bay Area Toll Authority** | **Bay Area Toll Authority** | **Bay Area Toll Authority** | **Bay Area Toll Authority** |
| RB Series 2017 F-1  | 5.00% | 04/01/56 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 99200 |
| RB Series 2023 F-1  | 5.00% | 04/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109203 |
| RB Series 2023 F-1  | 5.00% | 04/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp; 1191421 |
| RB Series 2023 F-1  | 5.00% | 04/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 101863 |
| RB Series 2023 F-1  | 5.25% | 04/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 271770 |
| Refunding RB Series 2017  | 4.00% | 04/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25234 |
| Refunding RB Series 2017  | 4.00% | 04/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 140858 |
| Refunding RB Series 2017  | 4.00% | 04/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 190928 |
| Refunding RB Series 2017  | 4.00% | 04/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 222939 |
| Refunding RB Series 2019 S-8  | 3.00% | 04/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 35056 |
| Refunding RB Series 2021 F-2  | 2.60% | 04/01/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 150399 |
| Refunding RB Series 2024 S-11  | 5.00% | 04/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 51967 |
| Refunding RB Series 2024 S-11  | 5.00% | 04/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 182109 |
| Refunding RB Series 2025 F-1  | 5.00% | 04/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258639 |
| **Beverly Hills Unified School District** | **Beverly Hills Unified School District** | **Beverly Hills Unified School District** | **Beverly Hills Unified School District** | **Beverly Hills Unified School District** |
| GO Bonds Series 2009  | 3.32% | 08/01/33 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 115203 |
| **California Educational Facilities Authority** | **California Educational Facilities Authority** | **California Educational Facilities Authority** | **California Educational Facilities Authority** | **California Educational Facilities Authority** |
| RB Chapman University Series 2017 B  | 4.00% | 04/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 45089 |
| RB Leland Stanford Junior University Series 2010  | 5.25% | 04/01/40  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28926 |
| RB Leland Stanford Junior University Series 2016 U-7  | 5.00% | 06/01/46  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 272465 |
| RB Leland Stanford Junior University Series 2019 V-1  | 5.00% | 05/01/49  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 216850 |
| RB Leland Stanford Junior University Series 2023 V-3  | 5.00% | 06/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 116031 |
| RB University of San Francisco Series 2018 A  | 5.00% | 10/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 170132 |
| RB University of San Francisco Series 2018 A  | 5.00% | 10/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 247881 |
| RB University of Southern California Series 2025 A  | 5.00% | 10/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp; 978348 |
| Refunding RB Leland Stanford Junior University Series 2021 V-2  | 2.25% | 04/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 186748 |
| Refunding RB Loma Linda University Series 2017 A  | 5.00% | 04/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300612 |
| **California Enterprise Development Authority** | **California Enterprise Development Authority** | **California Enterprise Development Authority** | **California Enterprise Development Authority** | **California Enterprise Development Authority** |
| RB County of Riverside Series 2024 A  | 5.25% | 11/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 68682 |
| RB County of Riverside Series 2024 B  | 5.25% | 11/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp; 521224 |
| **California Infrastructure & Economic Development Bank** | **California Infrastructure & Economic Development Bank** | **California Infrastructure & Economic Development Bank** | **California Infrastructure & Economic Development Bank** | **California Infrastructure & Economic Development Bank** |
| RB Series 2017  | 5.00% | 05/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102051 |
| RB Series 2017  | 5.00% | 05/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202240 |
| RB Series 2023  | 4.00% | 10/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2974695 |
| RB Series 2023  | 4.00% | 10/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1770000 | &nbsp;&nbsp; 1708239 |
| RB Series 2023  | 4.00% | 10/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 183007 |
| RB Academy of Motion Picture Arts & Sciences Obligated Group Series 2020 A  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55560 |
| RB Department of Transportation Seismic Surcharge Revenue Series 2003 A  | 5.00% | 07/01/25 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 140000 |
| RB Department of Transportation Seismic Surcharge Revenue Series 2003 A  | 5.00% | 07/01/33 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp; 505312 |
| RB Department of Transportation Seismic Surcharge Revenue Series 2003 A  | 5.00% | 07/01/36 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 122339 |
| RB Department of Transportation Seismic Surcharge Revenue Series 2003 A  | 5.13% | 07/01/37 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 261761 |
| RB Infrastructure St. Revolving Series 2016 A  | 4.00% | 10/01/45 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50988 |
| RB Science Center Foundation Series 2021 B  | 4.00% | 05/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 65910 |
| RB Teachers' Retirement System Series 2019  | 5.00% | 08/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253165 |
| RB Water Resources Control Board Water Pollution Control Revolving Fund Series 2017  | 5.00% | 10/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10435 |
| RB Water Resources Control Board Water Pollution Control Revolving Fund Series 2018  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 137739 |
| RB Water Resources Control Board Water Pollution Control Revolving Fund Series 2022 <br> A <br>| 5.00% | 10/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26232 |
| RB Water Resources Control Board Water Pollution Control Revolving Fund Series 2022 <br> A <br>| 5.00% | 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36473 |

---

*See financial notes*

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

**181**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB California Academy of Sciences Series 2024 A  | 3.25% | 08/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50290 |
| Refunding RB J Paul Getty Trust Series 2023 A  | 5.00% | 04/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 58043 |
| Refunding RB Los Angeles County Museum of Natural History Foundation Series 2020  | 4.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 35471 |
| **California Municipal Finance Authority** | **California Municipal Finance Authority** | **California Municipal Finance Authority** | **California Municipal Finance Authority** | **California Municipal Finance Authority** |
| RB Capital Facilities Development Corp. Series 2018 A  | 5.00% | 06/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 506688 |
| RB Ignatian Corp. Series 2024 A  | 5.00% | 09/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256004 |
| RB Ignatian Corp. Series 2024 A  | 5.00% | 09/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152649 |
| RB Pomona College Series 2017  | 4.00% | 01/01/43 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155655 |
| **California School Facilities Financing Authority** | **California School Facilities Financing Authority** | **California School Facilities Financing Authority** | **California School Facilities Financing Authority** | **California School Facilities Financing Authority** |
| RB Azusa Unified School District Series 2010 A  | 5.04% | 08/01/49 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 28127 |
| **California State Public Works Board** | **California State Public Works Board** | **California State Public Works Board** | **California State Public Works Board** | **California State Public Works Board** |
| RB Series 2019 C  | 5.00% | 11/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204835 |
| RB Series 2021 B  | 4.00% | 05/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 91450 |
| RB Series 2021 C  | 5.00% | 11/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205761 |
| RB Series 2024 A  | 5.00% | 04/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 755000 | &nbsp;&nbsp; 832963 |
| RB Series 2024 A  | 5.00% | 04/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261364 |
| RB Series 2024 A  | 5.00% | 04/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 8935000 | &nbsp;&nbsp; 9219331 |
| RB Series 2025 A  | 5.25% | 04/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5644289 |
| RB Series 2025 A  | 5.00% | 04/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 262412 |
| RB Series 2025 A  | 5.00% | 04/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257795 |
| Refunding RB Series 2015 F  | 5.00% | 05/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75104 |
| Refunding RB Series 2017 B  | 5.00% | 10/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104881 |
| Refunding RB Series 2021 A  | 5.00% | 02/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 223021 |
| Refunding RB Series 2021 A  | 5.00% | 02/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28211 |
| Refunding RB Series 2022 A  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 203797 |
| Refunding RB Series 2022 A  | 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110822 |
| Refunding RB Series 2022 A  | 5.00% | 08/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 33672 |
| Refunding RB Series 2022 A  | 5.00% | 08/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 105792 |
| Refunding RB Series 2022 A  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 219812 |
| Refunding RB Series 2022 A  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 81698 |
| Refunding RB Series 2022 A  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 37794 |
| Refunding RB Series 2022 C  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 81698 |
| Refunding RB Series 2023 B  | 5.00% | 12/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201745 |
| Refunding RB Series 2023 B  | 5.00% | 12/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51650 |
| Refunding RB Series 2023 B  | 5.00% | 12/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31737 |
| Refunding RB Series 2023 B  | 5.00% | 12/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107944 |
| Refunding RB Series 2023 C  | 5.00% | 09/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 170919 |
| Refunding RB Series 2024 C  | 5.00% | 09/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 171450 |
| Refunding RB Series 2024 C  | 5.00% | 09/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 139173 |
| **California State University** | **California State University** | **California State University** | **California State University** | **California State University** |
| RB Series 2023 A  | 5.25% | 11/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 289845 |
| RB Series 2024 A  | 4.00% | 11/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 189483 |
| Refunding RB Series 2015 A  | 5.00% | 11/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 60128 |
| Refunding RB Series 2015 A  | 4.00% | 11/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 69176 |
| Refunding RB Series 2016 A  | 5.00% | 11/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 117013 |
| Refunding RB Series 2016 A  | 5.00% | 11/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254294 |
| Refunding RB Series 2016 A  | 5.00% | 11/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101676 |
| Refunding RB Series 2016 A  | 5.00% | 11/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 540000 | &nbsp;&nbsp; 548513 |
| Refunding RB Series 2016 A  | 5.00% | 11/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 172455 |
| Refunding RB Series 2016 A  | 4.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25018 |

---

*See financial notes*

**182**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2016 A  | 3.13% | 11/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 206451 |
| Refunding RB Series 2016 A  | 4.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp; 278017 |
| Refunding RB Series 2016 A  | 5.00% | 11/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 70373 |
| Refunding RB Series 2016 A  | 4.00% | 11/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 226490 |
| Refunding RB Series 2017 A  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51676 |
| Refunding RB Series 2017 A  | 5.00% | 11/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104832 |
| Refunding RB Series 2017 A  | 5.00% | 11/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 62317 |
| Refunding RB Series 2017 A  | 5.00% | 11/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5023344 |
| **Chabot-Las Positas Community College District** | **Chabot-Las Positas Community College District** | **Chabot-Las Positas Community College District** | **Chabot-Las Positas Community College District** | **Chabot-Las Positas Community College District** |
| Refunding GO Bonds Series 2016  | 4.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4004780 |
| Refunding GO Bonds Series 2016  | 4.00% | 08/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp; 1163789 |
| **Chaffey Community College District** | **Chaffey Community College District** | **Chaffey Community College District** | **Chaffey Community College District** | **Chaffey Community College District** |
| GO Bonds Series 2019 A  | 5.00% | 06/01/48 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107138 |
| **Chino Basin Regional Financing Authority** | **Chino Basin Regional Financing Authority** | **Chino Basin Regional Financing Authority** | **Chino Basin Regional Financing Authority** | **Chino Basin Regional Financing Authority** |
| RB Inland Empire Utilities Agency Series 2020 B  | 4.00% | 11/01/25 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100354 |
| **Chino Valley Unified School District** | **Chino Valley Unified School District** | **Chino Valley Unified School District** | **Chino Valley Unified School District** | **Chino Valley Unified School District** |
| GO Bonds Series 2020 B  | 4.00% | 08/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 100648 |
| GO Bonds Series 2020 B  | 5.00% | 08/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 163228 |
| **Citrus Community College District** | **Citrus Community College District** | **Citrus Community College District** | **Citrus Community College District** | **Citrus Community College District** |
| GO Bonds Series 2024 B  | 5.00% | 08/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105260 |
| **City & County of San Francisco** | **City & County of San Francisco** | **City & County of San Francisco** | **City & County of San Francisco** | **City & County of San Francisco** |
| Refunding COP Series 2024 R-1  | 4.00% | 04/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 91246 |
| Refunding GO Bonds Series 2022 R-1  | 5.00% | 06/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 144997 |
| Refunding GO Bonds Series 2022 R-1  | 5.00% | 06/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 44578 |
| Refunding GO Bonds Series 2022 R-1  | 5.00% | 06/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 62960 |
| Refunding GO Bonds Series 2024 R-1  | 5.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 109277 |
| **City of Los Angeles Department of Airports** | **City of Los Angeles Department of Airports** | **City of Los Angeles Department of Airports** | **City of Los Angeles Department of Airports** | **City of Los Angeles Department of Airports** |
| RB Series 2020 D  | 4.00% | 05/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 182298 |
| RB Series 2022 B  | 4.00% | 05/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1048212 |
| RB Series 2022 I  | 5.00% | 05/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 306527 |
| RB Series 2025 E  | 5.00% | 05/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2545000 | &nbsp;&nbsp; 2627231 |
| Refunding RB Series 2020 A  | 5.00% | 05/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107498 |
| Refunding RB Series 2020 A  | 5.00% | 05/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 131221 |
| Refunding RB Series 2020 A  | 5.00% | 05/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41597 |
| Refunding RB Series 2020 B  | 5.00% | 05/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 148274 |
| Refunding RB Series 2021 B  | 5.00% | 05/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp; 566359 |
| Refunding RB Series 2021 B  | 5.00% | 05/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102078 |
| **City of Los Angeles Wastewater System Revenue** | **City of Los Angeles Wastewater System Revenue** | **City of Los Angeles Wastewater System Revenue** | **City of Los Angeles Wastewater System Revenue** | **City of Los Angeles Wastewater System Revenue** |
| RB Series 2017 A  | 5.25% | 06/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25300 |
| RB Series 2022 A  | 5.00% | 06/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 82412 |
| Refunding RB Series 2018 B  | 5.00% | 06/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 120282 |
| Refunding RB Series 2022 C  | 5.00% | 06/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110837 |
| **City of Riverside Electric Revenue** | **City of Riverside Electric Revenue** | **City of Riverside Electric Revenue** | **City of Riverside Electric Revenue** | **City of Riverside Electric Revenue** |
| Refunding RB Series 2024 A  | 5.00% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31229 |
| **City of Sacramento Transient Occupancy Tax Revenue** | **City of Sacramento Transient Occupancy Tax Revenue** | **City of Sacramento Transient Occupancy Tax Revenue** | **City of Sacramento Transient Occupancy Tax Revenue** | **City of Sacramento Transient Occupancy Tax Revenue** |
| RB Series 2018 A  | 5.00% | 06/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 248662 |
| **City of San Francisco Public Utilities Commission Water Revenue** | **City of San Francisco Public Utilities Commission Water Revenue** | **City of San Francisco Public Utilities Commission Water Revenue** | **City of San Francisco Public Utilities Commission Water Revenue** | **City of San Francisco Public Utilities Commission Water Revenue** |
| RB Series 2020 A  | 5.00% | 11/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 298993 |
| RB Series 2020 B  | 5.00% | 11/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45402 |
| RB Series 2023 A  | 5.25% | 11/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 419745 |

---

*See financial notes*

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

**183**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2016 A  | 5.00% | 11/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 216612 |
| Refunding RB Series 2016 A  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 361731 |
| Refunding RB Series 2016 A  | 4.00% | 11/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40044 |
| Refunding RB Series 2023 C  | 5.00% | 11/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1146867 |
| Refunding RB Series 2023 C  | 5.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111344 |
| **City of San Jose** | **City of San Jose** | **City of San Jose** | **City of San Jose** | **City of San Jose** |
| GO Bonds Series 2019 A-1  | 5.00% | 09/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256902 |
| **City of Vernon Electric System Revenue** | **City of Vernon Electric System Revenue** | **City of Vernon Electric System Revenue** | **City of Vernon Electric System Revenue** | **City of Vernon Electric System Revenue** |
| RB Series 2021 A  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31162 |
| **Coast Community College District** | **Coast Community College District** | **Coast Community College District** | **Coast Community College District** | **Coast Community College District** |
| GO Bonds Series 2006 B  | 2.82% | 08/01/27 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 103785 |
| GO Bonds Series 2006 B  | 3.01% | 08/01/30 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp; 330813 |
| GO Bonds Series 2015  | 2.82% | 08/01/34 *(a)(b)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 101618 |
| GO Bonds Series 2017 D  | 4.50% | 08/01/39 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 130497 |
| GO Bonds Series 2019 F  | 4.14% | 08/01/40 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 155016 |
| **Compton Unified School District** | **Compton Unified School District** | **Compton Unified School District** | **Compton Unified School District** | **Compton Unified School District** |
| GO Bonds Series 2019 B  | 4.00% | 06/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 135198 |
| **Contra Costa Community College District** | **Contra Costa Community College District** | **Contra Costa Community College District** | **Contra Costa Community College District** | **Contra Costa Community College District** |
| GO Bonds Series 2014 A  | 4.00% | 08/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 3876858 |
| **Contra Costa Transportation Authority Sales Tax Revenue** | **Contra Costa Transportation Authority Sales Tax Revenue** | **Contra Costa Transportation Authority Sales Tax Revenue** | **Contra Costa Transportation Authority Sales Tax Revenue** | **Contra Costa Transportation Authority Sales Tax Revenue** |
| Refunding RB Series 2021 A  | 4.00% | 03/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41955 |
| **Corona-Norco Unified School District** | **Corona-Norco Unified School District** | **Corona-Norco Unified School District** | **Corona-Norco Unified School District** | **Corona-Norco Unified School District** |
| GO Bonds Series 2019 C  | 4.00% | 08/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 44677 |
| **County of Sacramento Airport System Revenue** | **County of Sacramento Airport System Revenue** | **County of Sacramento Airport System Revenue** | **County of Sacramento Airport System Revenue** | **County of Sacramento Airport System Revenue** |
| RB Series 2024  | 5.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153781 |
| Refunding RB Series 2016 A  | 5.00% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50135 |
| Refunding RB Series 2016 B  | 5.00% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100241 |
| **County of San Bernardino** | **County of San Bernardino** | **County of San Bernardino** | **County of San Bernardino** | **County of San Bernardino** |
| Refunding COP Series 2019 A  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41264 |
| **County of Santa Clara** | **County of Santa Clara** | **County of Santa Clara** | **County of Santa Clara** | **County of Santa Clara** |
| Refunding GO Bonds Series 2017 C  | 3.25% | 08/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 104908 |
| **Desert Community College District** | **Desert Community College District** | **Desert Community College District** | **Desert Community College District** | **Desert Community College District** |
| GO Bonds Series 2021 A-1  | 4.00% | 08/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 177604 |
| **Downey Unified School District** | **Downey Unified School District** | **Downey Unified School District** | **Downey Unified School District** | **Downey Unified School District** |
| GO Bonds Series 2023 A  | 4.00% | 08/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 890050 |
| **East Bay Municipal Utility District Water System Revenue** | **East Bay Municipal Utility District Water System Revenue** | **East Bay Municipal Utility District Water System Revenue** | **East Bay Municipal Utility District Water System Revenue** | **East Bay Municipal Utility District Water System Revenue** |
| RB Series 2017 A  | 5.00% | 06/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3705000 | &nbsp;&nbsp; 3764822 |
| RB Series 2017 A  | 4.00% | 06/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 143287 |
| RB Series 2024 A  | 5.00% | 06/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 62864 |
| Refunding RB Series 2017 B  | 5.00% | 06/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 73259 |
| Refunding RB Series 2017 B  | 5.00% | 06/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 277000 |
| Refunding RB Series 2017 B  | 5.00% | 06/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 83492 |
| Refunding RB Series 2017 B  | 5.00% | 06/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 119485 |
| Refunding RB Series 2017 B  | 5.00% | 06/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31012 |
| **East County Advanced Water Purification Joint Powers Authority** | **East County Advanced Water Purification Joint Powers Authority** | **East County Advanced Water Purification Joint Powers Authority** | **East County Advanced Water Purification Joint Powers Authority** | **East County Advanced Water Purification Joint Powers Authority** |
| RB Series 2024 A-1  | 3.13% | 09/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 70216 |
| RB Series 2024 A-2  | 5.00% | 09/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 337207 |
| **East Side Union High School District** | **East Side Union High School District** | **East Side Union High School District** | **East Side Union High School District** | **East Side Union High School District** |
| GO Bonds Series 2024 B  | 5.00% | 08/01/30 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111375 |

---

*See financial notes*

**184**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Eastern Municipal Water District Financing Authority** | **Eastern Municipal Water District Financing Authority** | **Eastern Municipal Water District Financing Authority** | **Eastern Municipal Water District Financing Authority** | **Eastern Municipal Water District Financing Authority** |
| RB Series 2017 D  | 5.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 85663 |
| **Elk Grove Unified School District** | **Elk Grove Unified School District** | **Elk Grove Unified School District** | **Elk Grove Unified School District** | **Elk Grove Unified School District** |
| GO Bonds Series 2019  | 4.00% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 183036 |
| Refunding COP Series 2016  | 3.13% | 02/01/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 205129 |
| **Folsom Cordova Unified School District** | **Folsom Cordova Unified School District** | **Folsom Cordova Unified School District** | **Folsom Cordova Unified School District** | **Folsom Cordova Unified School District** |
| GO Bonds Series 2019 D  | 4.00% | 10/01/44 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 325689 |
| **Foothill-De Anza Community College District** | **Foothill-De Anza Community College District** | **Foothill-De Anza Community College District** | **Foothill-De Anza Community College District** | **Foothill-De Anza Community College District** |
| Refunding GO Bonds Series 2016  | 4.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97076 |
| **Foothill-Eastern Transportation Corridor Agency** | **Foothill-Eastern Transportation Corridor Agency** | **Foothill-Eastern Transportation Corridor Agency** | **Foothill-Eastern Transportation Corridor Agency** | **Foothill-Eastern Transportation Corridor Agency** |
| RB Series 1995 A  | 2.48% | 01/01/28 *(b)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 317508 |
| RB Series 2021 A  | 4.00% | 01/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 560000 | &nbsp;&nbsp; 527621 |
| Refunding RB Series 2014 B-2  | 3.50% | 01/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 51439 |
| Refunding RB Series 2021 C  | 4.00% | 01/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 99764 |
| **Fresno Unified School District** | **Fresno Unified School District** | **Fresno Unified School District** | **Fresno Unified School District** | **Fresno Unified School District** |
| GO Bonds Series 2022 B  | 4.00% | 08/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 131833 |
| Refunding GO Bonds Series 2016 B  | 4.00% | 08/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 367959 |
| **Glendale Community College District** | **Glendale Community College District** | **Glendale Community College District** | **Glendale Community College District** | **Glendale Community College District** |
| GO Bonds Series 2017 A  | 5.25% | 08/01/41 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105914 |
| GO Bonds Series 2017 A  | 4.00% | 08/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1345315 |
| GO Bonds Series 2020 B  | 4.00% | 08/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 150724 |
| **Grossmont Healthcare District** | **Grossmont Healthcare District** | **Grossmont Healthcare District** | **Grossmont Healthcare District** | **Grossmont Healthcare District** |
| Refunding GO Bonds Series 2015 D  | 4.00% | 07/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200081 |
| **Grossmont-Cuyamaca Community College District** | **Grossmont-Cuyamaca Community College District** | **Grossmont-Cuyamaca Community College District** | **Grossmont-Cuyamaca Community College District** | **Grossmont-Cuyamaca Community College District** |
| GO Bonds Series 2018 B  | 4.00% | 08/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 119450 |
| **Hayward Area Recreation & Park District** | **Hayward Area Recreation & Park District** | **Hayward Area Recreation & Park District** | **Hayward Area Recreation & Park District** | **Hayward Area Recreation & Park District** |
| Refunding GO Bonds Series 2017 A  | 4.00% | 08/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23026 |
| **Hayward Unified School District** | **Hayward Unified School District** | **Hayward Unified School District** | **Hayward Unified School District** | **Hayward Unified School District** |
| GO Bonds Series 2017  | 4.00% | 08/01/42 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 32671 |
| GO Bonds Series 2019 A  | 4.00% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 224239 |
| GO Bonds Series 2020  | 4.00% | 08/01/45 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 137363 |
| GO Bonds Series 2020  | 4.00% | 08/01/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 132973 |
| **Imperial Irrigation District Electric System Revenue** | **Imperial Irrigation District Electric System Revenue** | **Imperial Irrigation District Electric System Revenue** | **Imperial Irrigation District Electric System Revenue** | **Imperial Irrigation District Electric System Revenue** |
| RB Series 2016 B-1  | 5.00% | 11/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50299 |
| **Irvine Facilities Financing Authority** | **Irvine Facilities Financing Authority** | **Irvine Facilities Financing Authority** | **Irvine Facilities Financing Authority** | **Irvine Facilities Financing Authority** |
| RB Series 2023 A  | 4.25% | 05/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 91795 |
| Special Tax Community Facilities District No. 2013-3 Series 2023 A  | 5.00% | 09/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103095 |
| Special Tax Community Facilities District No. 2013-3 Series 2023 A  | 5.25% | 09/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26049 |
| Special Tax Community Facilities District No. 2013-3 Series 2023 A  | 4.00% | 09/01/58 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 87396 |
| **Livermore Valley Joint Unified School District** | **Livermore Valley Joint Unified School District** | **Livermore Valley Joint Unified School District** | **Livermore Valley Joint Unified School District** | **Livermore Valley Joint Unified School District** |
| GO Bonds Series 2019  | 4.00% | 08/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 43994 |
| **Long Beach Community College District** | **Long Beach Community College District** | **Long Beach Community College District** | **Long Beach Community College District** | **Long Beach Community College District** |
| GO Bonds Series 2019 C  | 4.00% | 08/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 134031 |
| **Long Beach Unified School District** | **Long Beach Unified School District** | **Long Beach Unified School District** | **Long Beach Unified School District** | **Long Beach Unified School District** |
| GO Bonds Series 2019 B  | 3.00% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 107761 |
| GO Bonds Series 2019 B  | 3.00% | 08/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 246124 |
| GO Bonds Series 2019 F  | 3.00% | 08/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp; 2360773 |
| GO Bonds Series 2023 C  | 4.00% | 08/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 89003 |

---

*See financial notes*

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

**185**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Los Angeles Community College District** | **Los Angeles Community College District** | **Los Angeles Community College District** | **Los Angeles Community College District** | **Los Angeles Community College District** |
| GO Bonds Series 2017 J  | 4.00% | 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 948702 |
| GO Bonds Series 2019 K  | 4.00% | 08/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4065000 | &nbsp;&nbsp; 3995248 |
| GO Bonds Series 2019 K  | 3.00% | 08/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 235803 |
| GO Bonds Series 2022 C-1  | 5.00% | 08/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 60099 |
| GO Bonds Series 2022 C-1  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25688 |
| GO Bonds Series 2022 L  | 5.00% | 08/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200328 |
| GO Bonds Series 2022 L  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28017 |
| GO Bonds Series 2023 D  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 70081 |
| GO Bonds Series 2023 D  | 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 112084 |
| GO Bonds Series 2024  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 89579 |
| GO Bonds Series 2024  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 51762 |
| GO Bonds Series 2024  | 5.00% | 08/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 197710 |
| GO Bonds Series 2024 E  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107817 |
| GO Bonds Series 2024 E  | 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp; 717335 |
| Refunding GO Bonds Series 2015 C  | 5.00% | 08/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 155254 |
| Refunding GO Bonds Series 2015 C  | 5.00% | 06/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 81832 |
| Refunding GO Bonds Series 2016  | 4.00% | 08/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49593 |
| **Los Angeles County Facilities 2, Inc.** | **Los Angeles County Facilities 2, Inc.** | **Los Angeles County Facilities 2, Inc.** | **Los Angeles County Facilities 2, Inc.** | **Los Angeles County Facilities 2, Inc.** |
| RB Series 2024 A  | 5.25% | 06/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 158363 |
| **Los Angeles County Facilities, Inc.** | **Los Angeles County Facilities, Inc.** | **Los Angeles County Facilities, Inc.** | **Los Angeles County Facilities, Inc.** | **Los Angeles County Facilities, Inc.** |
| RB Series 2018 A  | 4.00% | 12/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 91773 |
| **Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue** | **Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue** | **Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue** | **Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue** | **Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue** |
| RB Series 2017 A  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30726 |
| RB Series 2017 A  | 5.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152157 |
| RB Series 2017 A  | 5.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202875 |
| RB Series 2019 A  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 124864 |
| RB Series 2019 B  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 63025 |
| RB Series 2019 B  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 177698 |
| RB Series 2020 A  | 5.00% | 06/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 183272 |
| RB Series 2020 A  | 5.00% | 06/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 865000 | &nbsp;&nbsp; 928517 |
| RB Series 2020 A  | 5.00% | 06/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 180701 |
| RB Series 2020 A  | 5.00% | 06/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2510000 | &nbsp;&nbsp; 2594989 |
| RB Series 2020 A  | 5.00% | 06/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257896 |
| RB Series 2020 A  | 5.00% | 06/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54318 |
| RB Series 2020 A  | 4.00% | 06/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1290000 | &nbsp;&nbsp; 1302072 |
| RB Series 2020 A  | 5.00% | 06/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 37763 |
| RB Series 2020 A  | 5.00% | 06/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53633 |
| RB Series 2021 A  | 5.00% | 06/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21935 |
| RB Series 2021 A  | 5.00% | 06/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 117252 |
| RB Series 2021 A  | 5.00% | 06/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 89751 |
| RB Series 2021 A  | 4.00% | 06/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 279896 |
| RB Series 2021 A  | 4.00% | 06/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 174389 |
| Refunding RB Series 2024 A  | 5.00% | 06/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1135289 |
| Refunding RB Series 2024 A  | 5.00% | 06/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 87024 |
| Refunding RB Series 2024 A  | 5.00% | 06/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 139653 |
| **Los Angeles County Public Works Financing Authority** | **Los Angeles County Public Works Financing Authority** | **Los Angeles County Public Works Financing Authority** | **Los Angeles County Public Works Financing Authority** | **Los Angeles County Public Works Financing Authority** |
| RB Series 2016 D  | 4.00% | 12/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 188272 |
| RB Series 2020 A  | 4.00% | 12/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 64072 |
| RB Series 2021 F  | 4.00% | 12/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 44808 |

---

*See financial notes*

**186**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** |
| RB Power System Revenue Series 2017 A  | 5.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 162507 |
| RB Power System Revenue Series 2017 A  | 5.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98720 |
| RB Power System Revenue Series 2017 C  | 5.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2961613 |
| RB Power System Revenue Series 2019 A  | 5.00% | 07/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 139153 |
| RB Power System Revenue Series 2019 A  | 5.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 172260 |
| RB Power System Revenue Series 2021 C  | 4.00% | 07/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50319 |
| RB Power System Revenue Series 2021 C  | 5.00% | 07/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50159 |
| RB Power System Revenue Series 2022 A  | 5.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 131872 |
| RB Power System Revenue Series 2022 A  | 5.00% | 07/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 265841 |
| RB Power System Revenue Series 2022 B  | 5.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51483 |
| RB Power System Revenue Series 2022 B  | 5.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 111573 |
| RB Power System Revenue Series 2023 B  | 5.25% | 07/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40754 |
| RB Power System Revenue Series 2024 D  | 5.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 72560 |
| RB Power System Revenue Series 2024 D  | 5.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100803 |
| Refunding RB Series 2025 B  | 5.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1078216 |
| Refunding RB Series 2025 B  | 5.00% | 07/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3262025 |
| Refunding RB Power System Revenue Series 2017 B  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10134 |
| Refunding RB Power System Revenue Series 2019 B  | 5.00% | 07/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 145983 |
| Refunding RB Power System Revenue Series 2019 D  | 5.00% | 07/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 248789 |
| Refunding RB Power System Revenue Series 2020 A  | 5.00% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200000 |
| Refunding RB Power System Revenue Series 2020 A  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 159758 |
| Refunding RB Power System Revenue Series 2020 B  | 5.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 241962 |
| Refunding RB Power System Revenue Series 2020 B  | 5.00% | 07/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp; 710869 |
| Refunding RB Power System Revenue Series 2021 B  | 5.00% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102902 |
| Refunding RB Power System Revenue Series 2021 B  | 5.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 81068 |
| Refunding RB Power System Revenue Series 2021 B  | 5.00% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151282 |
| Refunding RB Power System Revenue Series 2022 C  | 5.00% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155210 |
| Refunding RB Power System Revenue Series 2022 E  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101673 |
| Refunding RB Power System Revenue Series 2022 E  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106505 |
| Refunding RB Power System Revenue Series 2023 A  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52583 |
| Refunding RB Power System Revenue Series 2023 A  | 5.00% | 07/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 114171 |
| Refunding RB Power System Revenue Series 2023 D  | 5.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5186 |
| Refunding RB Power System Revenue Series 2023 E  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp; 714044 |
| Refunding RB Power System Revenue Series 2023 E  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107288 |
| Refunding RB Power System Revenue Series 2023 E  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 68671 |
| Refunding RB Power System Revenue Series 2023 E  | 5.00% | 07/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125276 |
| Refunding RB Power System Revenue Series 2024 B  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 91521 |
| Refunding RB Power System Revenue Series 2024 B  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 138968 |
| Refunding RB Power System Revenue Series 2024 B  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 158913 |
| Refunding RB Power System Revenue Series 2024 C  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 142120 |
| Refunding RB Power System Revenue Series 2024 C  | 5.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 199039 |
| **Los Angeles Department of Water & Power Water System Revenue** | **Los Angeles Department of Water & Power Water System Revenue** | **Los Angeles Department of Water & Power Water System Revenue** | **Los Angeles Department of Water & Power Water System Revenue** | **Los Angeles Department of Water & Power Water System Revenue** |
| RB Series 2018 A  | 5.00% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 84870 |
| Refunding RB Series 2016 A  | 5.00% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1993432 |
| Refunding RB Series 2016 A  | 5.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 247386 |
| Refunding RB Series 2020 A  | 5.00% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 87343 |
| Refunding RB Series 2020 A  | 5.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 301466 |
| Refunding RB Series 2021 C  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105327 |
| Refunding RB Series 2021 C  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 224723 |

---

*See financial notes*

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

**187**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2021 C  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 109027 |
| Refunding RB Series 2022 B  | 4.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 175809 |
| Refunding RB Series 2022 C  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78965 |
| Refunding RB Series 2022 C  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 99369 |
| Refunding RB Series 2022 C  | 5.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104226 |
| Refunding RB Series 2022 C  | 5.00% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 254370 |
| Refunding RB Series 2022 C  | 5.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154632 |
| Refunding RB Series 2022 D  | 5.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 55852 |
| Refunding RB Series 2022 D  | 5.00% | 07/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150584 |
| Refunding RB Series 2023 A  | 5.00% | 07/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 83384 |
| Refunding RB Series 2023 A  | 5.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55179 |
| Refunding RB Series 2024 B  | 5.00% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 55000 |
| **Los Angeles Unified School District** | **Los Angeles Unified School District** | **Los Angeles Unified School District** | **Los Angeles Unified School District** | **Los Angeles Unified School District** |
| COP Series 2023 A  | 5.00% | 10/01/34 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1190000 | &nbsp;&nbsp; 1361761 |
| COP Series 2023 A  | 5.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 810000 | &nbsp;&nbsp; 914387 |
| COP Series 2023 A  | 5.00% | 10/01/36 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 68660 |
| COP Series 2023 A  | 5.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 44370 |
| COP Series 2023 A  | 5.00% | 10/01/37 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 62939 |
| COP Series 2023 A  | 5.00% | 10/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 38454 |
| GO Bonds Series 2016 A  | 4.00% | 07/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 240000 |
| GO Bonds Series 2016 A  | 4.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200000 |
| GO Bonds Series 2016 A  | 4.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 105513 |
| GO Bonds Series 2018 B-1  | 5.00% | 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105423 |
| GO Bonds Series 2018 B-1  | 5.00% | 07/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 130724 |
| GO Bonds Series 2018 B-1  | 5.25% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 317040 |
| GO Bonds Series 2020 C  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 225413 |
| GO Bonds Series 2020 C  | 4.00% | 07/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 147590 |
| GO Bonds Series 2020 C  | 3.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 65267 |
| GO Bonds Series 2020 C  | 4.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 79900 |
| GO Bonds Series 2020 C  | 4.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49241 |
| GO Bonds Series 2020 C  | 4.00% | 07/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 190574 |
| GO Bonds Series 2020 C  | 3.00% | 07/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 75713 |
| GO Bonds Series 2020 RYQ  | 5.00% | 07/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 92993 |
| GO Bonds Series 2020 RYQ  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 216193 |
| GO Bonds Series 2020 RYQ  | 4.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 116093 |
| GO Bonds Series 2020 RYQ  | 4.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24969 |
| GO Bonds Series 2020 RYQ  | 4.00% | 07/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 208531 |
| GO Bonds Series 2021 RYRR  | 4.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 123228 |
| GO Bonds Series 2022 QRR  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 152784 |
| GO Bonds Series 2022 QRR  | 5.25% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 267931 |
| GO Bonds Series 2023  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 11100 |
| GO Bonds Series 2023  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27423 |
| GO Bonds Series 2023  | 5.25% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp; 556431 |
| GO Bonds Series 2023  | 5.25% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54120 |
| GO Bonds Series 2023  | 5.25% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 299935 |
| GO Bonds Series 2024 QRR  | 5.00% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300000 |
| GO Bonds Series 2024 QRR  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1715292 |
| GO Bonds Series 2024 QRR  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 76798 |
| GO Bonds Series 2024 QRR  | 5.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54395 |
| GO Bonds Series 2024 QRR  | 5.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 265712 |

---

*See financial notes*

**188**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2024 QRR  | 5.00% | 07/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2114657 |
| GO Bonds Series 2024 QRR  | 5.00% | 07/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 47370 |
| GO Bonds Series 2024 QRR  | 5.25% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 89588 |
| Refunding GO Bonds Series 2016 A  | 5.00% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 55000 |
| Refunding GO Bonds Series 2016 A  | 5.00% | 07/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25000 |
| Refunding GO Bonds Series 2016 B  | 5.00% | 07/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 158552 |
| Refunding GO Bonds Series 2016 B  | 2.00% | 07/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94505 |
| Refunding GO Bonds Series 2016 B  | 5.00% | 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30621 |
| Refunding GO Bonds Series 2016 B  | 3.00% | 07/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 64367 |
| Refunding GO Bonds Series 2016 B  | 3.00% | 07/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48512 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200000 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205157 |
| Refunding GO Bonds Series 2019 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 288319 |
| Refunding GO Bonds Series 2019 A  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 245546 |
| Refunding GO Bonds Series 2019 A  | 5.00% | 07/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 80945 |
| Refunding GO Bonds Series 2020 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 131054 |
| Refunding GO Bonds Series 2020 A  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 294498 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30000 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102579 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp; 466552 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 870000 | &nbsp;&nbsp; 949444 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 07/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 562438 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 1275000 | &nbsp;&nbsp; 1449817 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 07/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 7955000 | &nbsp;&nbsp; 9120155 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 07/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 270349 |
| **Marin Healthcare District** | **Marin Healthcare District** | **Marin Healthcare District** | **Marin Healthcare District** | **Marin Healthcare District** |
| GO Bonds Series 2017 A  | 4.00% | 08/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 87809 |
| **Metropolitan Water District of Southern California** | **Metropolitan Water District of Southern California** | **Metropolitan Water District of Southern California** | **Metropolitan Water District of Southern California** | **Metropolitan Water District of Southern California** |
| RB Series 2015 A  | 5.00% | 07/01/28 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125000 |
| RB Series 2020 A  | 5.00% | 10/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1535000 | &nbsp;&nbsp; 1575128 |
| RB Series 2021 A  | 5.00% | 10/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 207552 |
| RB Series 2023 A  | 5.00% | 04/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41410 |
| Refunding RB Series 2017 A  | 2.50% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 90000 |
| Refunding RB Series 2017 A  | 2.50% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99429 |
| Refunding RB Series 2017 A  | 2.50% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 148477 |
| Refunding RB Series 2019 A  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27583 |
| Refunding RB Series 2019 A  | 5.00% | 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108676 |
| Refunding RB Series 2019 A  | 5.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4278477 |
| Refunding RB Series 2020 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 68526 |
| Refunding RB Series 2020 C  | 5.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21210 |
| Refunding RB Series 2022 A  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54160 |
| Refunding RB Series 2022 A  | 5.00% | 10/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110487 |
| Refunding RB Series 2024 A  | 5.00% | 04/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28353 |
| Refunding RB Series 2024 A  | 5.00% | 04/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 128324 |
| **Mount San Antonio Community College District** | **Mount San Antonio Community College District** | **Mount San Antonio Community College District** | **Mount San Antonio Community College District** | **Mount San Antonio Community College District** |
| GO Bonds Series 2019 A  | 4.00% | 08/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 113008 |
| GO Bonds Series 2021 E  | 4.07% | 08/01/46 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 90193 |
| **Mountain View-Whisman School District** | **Mountain View-Whisman School District** | **Mountain View-Whisman School District** | **Mountain View-Whisman School District** | **Mountain View-Whisman School District** |
| GO Bonds Series 2022 B  | 4.25% | 09/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 38652 |

---

*See financial notes*

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

**189**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Municipal Improvement Corp. of Los Angeles** | **Municipal Improvement Corp. of Los Angeles** | **Municipal Improvement Corp. of Los Angeles** | **Municipal Improvement Corp. of Los Angeles** | **Municipal Improvement Corp. of Los Angeles** |
| Refunding RB Series 2016 B  | 5.00% | 11/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77015 |
| Refunding RB Series 2016 B  | 5.00% | 11/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35889 |
| Refunding RB Series 2016 B  | 4.00% | 11/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp; 579169 |
| Refunding RB Series 2016 B  | 4.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 497776 |
| Refunding RB Series 2016 B  | 4.00% | 11/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 147928 |
| **Natomas Unified School District** | **Natomas Unified School District** | **Natomas Unified School District** | **Natomas Unified School District** | **Natomas Unified School District** |
| GO Bonds Series 2020 A  | 4.00% | 08/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 22526 |
| **New Haven Unified School District** | **New Haven Unified School District** | **New Haven Unified School District** | **New Haven Unified School District** | **New Haven Unified School District** |
| GO Bonds Series 2009  | 3.52% | 08/01/33 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 96003 |
| **Newport Mesa Unified School District** | **Newport Mesa Unified School District** | **Newport Mesa Unified School District** | **Newport Mesa Unified School District** | **Newport Mesa Unified School District** |
| GO Bonds Series 2011  | 3.10% | 08/01/33 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 193385 |
| **Norman Y Mineta San Jose International Airport SJC** | **Norman Y Mineta San Jose International Airport SJC** | **Norman Y Mineta San Jose International Airport SJC** | **Norman Y Mineta San Jose International Airport SJC** | **Norman Y Mineta San Jose International Airport SJC** |
| Refunding RB Series 2017 B  | 5.00% | 03/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100800 |
| Refunding RB Series 2017 B  | 5.00% | 03/01/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 160528 |
| **North Orange County Community College District** | **North Orange County Community College District** | **North Orange County Community College District** | **North Orange County Community College District** | **North Orange County Community College District** |
| GO Bonds Series 2003 B  | 2.97% | 08/01/28 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 32097 |
| **Northern California Sanitation Agencies Financing Authority** | **Northern California Sanitation Agencies Financing Authority** | **Northern California Sanitation Agencies Financing Authority** | **Northern California Sanitation Agencies Financing Authority** | **Northern California Sanitation Agencies Financing Authority** |
| Refunding RB Sacramento Area Sewer District Series 2020 A  | 5.00% | 12/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103110 |
| Refunding RB Sacramento Area Sewer District Series 2021  | 5.00% | 12/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 40112 |
| Refunding RB Sacramento Area Sewer District Series 2021  | 5.00% | 12/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 144830 |
| Refunding RB Sacramento Area Sewer District Series 2021  | 5.00% | 12/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 130058 |
| Refunding RB Sacramento Area Sewer District Series 2024 A  | 5.00% | 12/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 75156 |
| Refunding RB Sacramento Area Sewer District Series 2024 A  | 5.00% | 12/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 61948 |
| **Oakland Unified School District/Alameda County** | **Oakland Unified School District/Alameda County** | **Oakland Unified School District/Alameda County** | **Oakland Unified School District/Alameda County** | **Oakland Unified School District/Alameda County** |
| GO Bonds Series 2015 A  | 5.00% | 08/01/40 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 350637 |
| GO Bonds Series 2021 A  | 4.00% | 08/01/46 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 181070 |
| **Orange County Local Transportation Authority Sales Tax Revenue** | **Orange County Local Transportation Authority Sales Tax Revenue** | **Orange County Local Transportation Authority Sales Tax Revenue** | **Orange County Local Transportation Authority Sales Tax Revenue** | **Orange County Local Transportation Authority Sales Tax Revenue** |
| RB Series 2019  | 5.00% | 02/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104158 |
| **Oxnard Union High School District** | **Oxnard Union High School District** | **Oxnard Union High School District** | **Oxnard Union High School District** | **Oxnard Union High School District** |
| GO Bonds Series 2018 A  | 5.00% | 08/01/42 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102655 |
| GO Bonds Series 2022 C  | 4.00% | 08/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46017 |
| **Palomar Community College District** | **Palomar Community College District** | **Palomar Community College District** | **Palomar Community College District** | **Palomar Community College District** |
| GO Bonds Series 2015 C  | 5.00% | 08/01/44 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 85151 |
| GO Bonds Series 2017 D  | 4.00% | 08/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 91843 |
| **Peninsula Corridor Joint Powers Board Measure RR Sales Tax Revenue** | **Peninsula Corridor Joint Powers Board Measure RR Sales Tax Revenue** | **Peninsula Corridor Joint Powers Board Measure RR Sales Tax Revenue** | **Peninsula Corridor Joint Powers Board Measure RR Sales Tax Revenue** | **Peninsula Corridor Joint Powers Board Measure RR Sales Tax Revenue** |
| RB Series 2022 A  | 5.00% | 06/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 306482 |
| **Peralta Community College District** | **Peralta Community College District** | **Peralta Community College District** | **Peralta Community College District** | **Peralta Community College District** |
| Refunding GO Bonds Series 2016 A  | 4.00% | 08/01/39 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50048 |
| **Perris Union High School District** | **Perris Union High School District** | **Perris Union High School District** | **Perris Union High School District** | **Perris Union High School District** |
| GO Bonds Series 2019 A  | 4.00% | 09/01/43 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 32631 |
| **Pleasanton Unified School District** | **Pleasanton Unified School District** | **Pleasanton Unified School District** | **Pleasanton Unified School District** | **Pleasanton Unified School District** |
| GO Bonds Series 2023  | 4.00% | 08/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 48339 |
| **Poway Unified School District** | **Poway Unified School District** | **Poway Unified School District** | **Poway Unified School District** | **Poway Unified School District** |
| GO Bonds Facilities Improvement District No. 2007-1 Series 2009 A  | 3.32% | 08/01/31 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 49588 |
| GO Bonds Facilities Improvement District No. 2007-1 Series 2011  | 3.98% | 08/01/33 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 64868 |
| GO Bonds Facilities Improvement District No. 2007-1 Series 2011  | 3.43% | 08/01/34 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 21861 |
| GO Bonds Facilities Improvement District No. 2007-1 Series 2011  | 4.12% | 08/01/37 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 155365 |
| GO Bonds Facilities Improvement District No. 2007-1 Series 2011  | 4.68% | 08/01/51 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 67707 |

---

*See financial notes*

**190**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Rancho Santiago Community College District** | **Rancho Santiago Community College District** | **Rancho Santiago Community College District** | **Rancho Santiago Community College District** | **Rancho Santiago Community College District** |
| GO Bonds Series 2006 C  | 3.31% | 09/01/30 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp; 239314 |
| **Rio Hondo Community College District** | **Rio Hondo Community College District** | **Rio Hondo Community College District** | **Rio Hondo Community College District** | **Rio Hondo Community College District** |
| GO Bonds Series 2022 D  | 4.49% | 08/01/44 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 197918 |
| GO Bonds Series 2025 A  | 4.38% | 08/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 329612 |
| **Riverside Community College District** | **Riverside Community College District** | **Riverside Community College District** | **Riverside Community College District** | **Riverside Community College District** |
| GO Bonds Series 2025 A  | 4.00% | 08/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 225168 |
| GO Bonds Series 2025 A  | 4.00% | 08/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 220931 |
| **Riverside County Public Financing Authority** | **Riverside County Public Financing Authority** | **Riverside County Public Financing Authority** | **Riverside County Public Financing Authority** | **Riverside County Public Financing Authority** |
| RB Series 2015  | 4.13% | 11/01/40 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100479 |
| RB Series 2015  | 5.25% | 11/01/45 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100849 |
| **Riverside County Transportation Commission** | **Riverside County Transportation Commission** | **Riverside County Transportation Commission** | **Riverside County Transportation Commission** | **Riverside County Transportation Commission** |
| Refunding RB Series 2021 B-1  | 4.00% | 06/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 58977 |
| Refunding RB Series 2021 B-1  | 4.00% | 06/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 263226 |
| Refunding RB Series 2021 B-1  | 4.00% | 06/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 75315 |
| Refunding RB Series 2021 B-1  | 4.00% | 06/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 134053 |
| Refunding RB Series 2021 C  | 4.00% | 06/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 43704 |
| **Riverside County Transportation Commission Sales Tax Revenue** | **Riverside County Transportation Commission Sales Tax Revenue** | **Riverside County Transportation Commission Sales Tax Revenue** | **Riverside County Transportation Commission Sales Tax Revenue** | **Riverside County Transportation Commission Sales Tax Revenue** |
| Refunding RB Series 2017 B  | 5.00% | 06/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21042 |
| Refunding RB Series 2017 B  | 5.00% | 06/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 324865 |
| Refunding RB Series 2017 B  | 5.00% | 06/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26019 |
| Refunding RB Series 2017 B  | 5.00% | 06/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25883 |
| **Riverside Unified School District** | **Riverside Unified School District** | **Riverside Unified School District** | **Riverside Unified School District** | **Riverside Unified School District** |
| GO Bonds Series 2019 B  | 4.00% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 186317 |
| **Sacramento City Financing Authority** | **Sacramento City Financing Authority** | **Sacramento City Financing Authority** | **Sacramento City Financing Authority** | **Sacramento City Financing Authority** |
| Refunding RB Series 2006  | 5.25% | 12/01/30 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110015 |
| **Sacramento City Unified School District** | **Sacramento City Unified School District** | **Sacramento City Unified School District** | **Sacramento City Unified School District** | **Sacramento City Unified School District** |
| GO Bonds Series 2022 A  | 5.50% | 08/01/52 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 820000 | &nbsp;&nbsp; 855202 |
| **Sacramento Municipal Utility District** | **Sacramento Municipal Utility District** | **Sacramento Municipal Utility District** | **Sacramento Municipal Utility District** | **Sacramento Municipal Utility District** |
| RB Series 2019 G  | 5.00% | 08/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36522 |
| RB Series 2019 G  | 5.00% | 08/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 145295 |
| RB Series 2020 H  | 4.00% | 08/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 298733 |
| RB Series 2023 K  | 5.00% | 08/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 7020000 | &nbsp;&nbsp; 7294380 |
| RB Series 2023 K  | 5.00% | 08/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 108273 |
| RB Series 2024 M  | 5.00% | 11/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 93564 |
| RB Series 2024 M  | 5.00% | 11/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36088 |
| Refunding RB Series 2024 N-1  | 5.00% | 11/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 137844 |
| **Sacramento Transportation Authority Sales Tax Revenue** | **Sacramento Transportation Authority Sales Tax Revenue** | **Sacramento Transportation Authority Sales Tax Revenue** | **Sacramento Transportation Authority Sales Tax Revenue** | **Sacramento Transportation Authority Sales Tax Revenue** |
| Refunding RB Series 2023  | 5.00% | 10/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 109677 |
| **San Bernardino City Unified School District** | **San Bernardino City Unified School District** | **San Bernardino City Unified School District** | **San Bernardino City Unified School District** | **San Bernardino City Unified School District** |
| GO Bonds Series 2020 F  | 3.00% | 08/01/44 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 379113 |
| **San Bernardino Community College District** | **San Bernardino Community College District** | **San Bernardino Community College District** | **San Bernardino Community College District** | **San Bernardino Community College District** |
| GO Bonds Series 2009 B  | 4.63% | 08/01/48 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 51177 |
| GO Bonds Series 2019 A  | 4.00% | 08/01/49 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 62069 |
| GO Bonds Series 2023 B  | 4.13% | 08/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 116681 |
| GO Bonds Series 2023 B  | 5.00% | 08/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 122747 |
| **San Diego Community College District** | **San Diego Community College District** | **San Diego Community College District** | **San Diego Community College District** | **San Diego Community College District** |
| GO Bonds Series 2016  | 5.00% | 08/01/29 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 226032 |
| GO Bonds Series 2016  | 5.00% | 08/01/31 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25686 |
| GO Bonds Series 2024  | 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 84025 |

---

*See financial notes*

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

**191**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2025 A-1  | 4.00% | 08/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 446117 |
| GO Bonds Series 2025 A-1  | 5.00% | 08/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp; 543868 |
| **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** |
| RB Series 2021 A  | 4.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 105313 |
| RB Series 2021 A  | 4.00% | 07/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 312570 |
| RB Series 2021 A  | 5.00% | 07/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35437 |
| RB Series 2021 A  | 4.00% | 07/01/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp; 476617 |
| RB Series 2021 A  | 5.00% | 07/01/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 55539 |
| Refunding RB Series 2019 A  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 58161 |
| Refunding RB Series 2019 A  | 4.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24943 |
| **San Diego County Regional Transportation Commission** | **San Diego County Regional Transportation Commission** | **San Diego County Regional Transportation Commission** | **San Diego County Regional Transportation Commission** | **San Diego County Regional Transportation Commission** |
| RB Series 2016 A  | 5.00% | 04/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200620 |
| Refunding RB Series 2023 A  | 5.00% | 04/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109429 |
| Refunding RB Series 2023 A  | 5.00% | 04/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 86161 |
| Refunding RB Series 2023 A  | 5.00% | 04/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp; 615259 |
| **San Diego County Water Authority** | **San Diego County Water Authority** | **San Diego County Water Authority** | **San Diego County Water Authority** | **San Diego County Water Authority** |
| Refunding RB Series 2021 B  | 4.00% | 05/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31563 |
| Refunding RB Series 2021 B  | 4.00% | 05/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 83340 |
| Refunding RB Series 2021 B  | 4.00% | 05/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 268088 |
| Refunding RB Series 2021 B  | 4.00% | 05/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50975 |
| Refunding RB Series 2021 S-1  | 5.00% | 05/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53349 |
| **San Diego Public Facilities Financing Authority** | **San Diego Public Facilities Financing Authority** | **San Diego Public Facilities Financing Authority** | **San Diego Public Facilities Financing Authority** | **San Diego Public Facilities Financing Authority** |
| RB Series 2021 A  | 4.00% | 10/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 230810 |
| RB Series 2023 A  | 4.00% | 10/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 115840 |
| RB Sewer Utility Revenue Series 2022 A  | 5.00% | 05/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15512 |
| RB Sewer Utility Revenue Series 2023 A  | 5.25% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36952 |
| RB Sewer Utility Revenue Series 2024 A  | 5.00% | 05/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257036 |
| RB Water Utility Revenue Series 2019 A  | 5.00% | 08/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202089 |
| Refunding RB Sewer Utility Revenue Series 2016 A  | 5.00% | 05/15/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76624 |
| Refunding RB Sewer Utility Revenue Series 2016 B  | 5.00% | 08/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76514 |
| **San Diego Unified School District** | **San Diego Unified School District** | **San Diego Unified School District** | **San Diego Unified School District** | **San Diego Unified School District** |
| GO Bonds Series 2010 C  | 3.08% | 07/01/30 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 25773 |
| GO Bonds Series 2010 C  | 3.41% | 07/01/35 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 140352 |
| GO Bonds Series 2010 C  | 4.23% | 07/01/45 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 60779 |
| GO Bonds Series 2012 R-1  | 3.04% | 07/01/30 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 141611 |
| GO Bonds Series 2017 I  | 3.13% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 145049 |
| GO Bonds Series 2017 I  | 4.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 90281 |
| GO Bonds Series 2019 B  | 3.25% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 272663 |
| GO Bonds Series 2019 L  | 4.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 89821 |
| GO Bonds Series 2020 M-2  | 4.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 178561 |
| GO Bonds Series 2021 N-2  | 4.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 243821 |
| GO Bonds Series 2022 F-2  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 71377 |
| GO Bonds Series 2023 A-3  | 5.00% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 109633 |
| GO Bonds Series 2023 A-3  | 4.00% | 07/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 355727 |
| GO Bonds Series 2023 G  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 685000 | &nbsp;&nbsp; 736650 |
| GO Bonds Series 2023 G  | 5.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 90285 |
| GO Bonds Series 2023 G  | 4.00% | 07/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp; 471338 |
| GO Bonds Series 2023 N-2  | 5.00% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 57427 |
| GO Bonds Series 2023 N-2  | 5.00% | 07/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 340397 |
| GO Bonds Series 2024 B-3  | 4.00% | 07/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 307477 |

---

*See financial notes*

**192**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2024 O-2  | 5.00% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150000 |
| Refunding GO Bonds Series 2005 E-2  | 5.50% | 07/01/27 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 159263 |
| Refunding GO Bonds Series 2006 F-1  | 5.25% | 07/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 97570 |
| Refunding GO Bonds Series 2025 ZR-6A  | 5.00% | 07/01/42  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 334290 |
| **San Francisco Bay Area Rapid Transit District** | **San Francisco Bay Area Rapid Transit District** | **San Francisco Bay Area Rapid Transit District** | **San Francisco Bay Area Rapid Transit District** | **San Francisco Bay Area Rapid Transit District** |
| GO Bonds Series 2017 A-1  | 4.00% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 140749 |
| GO Bonds Series 2019 B-1  | 4.00% | 08/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 140485 |
| GO Bonds Series 2019 B-1  | 3.00% | 08/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 110009 |
| GO Bonds Series 2020 C-1  | 4.00% | 08/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 190819 |
| GO Bonds Series 2020 C-1  | 3.00% | 08/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 72074 |
| GO Bonds Series 2022 D1  | 4.00% | 08/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92682 |
| GO Bonds Series 2022 D-1  | 5.25% | 08/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 202067 |
| GO Bonds Series 2022 D-1  | 4.25% | 08/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 127053 |
| Refunding GO Bonds Series 2017 E  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51432 |
| **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** |
| RB Series 2017 B  | 5.00% | 05/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150805 |
| RB Series 2018 E  | 5.00% | 05/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100857 |
| RB Series 2019 B  | 5.00% | 05/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30317 |
| RB Series 2019 F  | 5.00% | 05/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100970 |
| Refunding RB Series 2019 D  | 5.00% | 05/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53584 |
| Refunding RB Series 2019 D  | 5.00% | 05/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 69270 |
| Refunding RB Series 2019 D  | 5.00% | 05/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp; 399671 |
| Refunding RB Series 2021 B  | 5.00% | 05/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 67304 |
| Refunding RB Series 2022 B  | 5.00% | 05/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | &nbsp;&nbsp; 1133405 |
| Refunding RB Series 2023 B  | 5.00% | 05/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41786 |
| Refunding RB Series 2023 D  | 5.25% | 05/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1290000 | &nbsp;&nbsp; 1351353 |
| **San Francisco City & County Public Utilities Commission Power Revenue** | **San Francisco City & County Public Utilities Commission Power Revenue** | **San Francisco City & County Public Utilities Commission Power Revenue** | **San Francisco City & County Public Utilities Commission Power Revenue** | **San Francisco City & County Public Utilities Commission Power Revenue** |
| RB Series 2023 A  | 5.00% | 11/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2027292 |
| **San Francisco City & County Public Utilities Commission Wastewater Revenue** | **San Francisco City & County Public Utilities Commission Wastewater Revenue** | **San Francisco City & County Public Utilities Commission Wastewater Revenue** | **San Francisco City & County Public Utilities Commission Wastewater Revenue** | **San Francisco City & County Public Utilities Commission Wastewater Revenue** |
| RB Series 2018 A  | 4.00% | 10/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 182054 |
| RB Series 2021 A  | 5.00% | 10/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 321592 |
| RB Series 2021 A  | 5.00% | 10/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5165248 |
| RB Series 2023 A  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21114 |
| RB Series 2023 A  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32349 |
| RB Series 2023 A  | 5.00% | 10/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27462 |
| RB Series 2023 A  | 5.00% | 10/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111766 |
| RB Series 2024 C  | 5.00% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51665 |
| RB Series 2024 C  | 5.00% | 10/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 213891 |
| **San Francisco Community College District** | **San Francisco Community College District** | **San Francisco Community College District** | **San Francisco Community College District** | **San Francisco Community College District** |
| GO Bonds Series 2024 B  | 5.25% | 06/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 262315 |
| **San Francisco Municipal Transportation Agency** | **San Francisco Municipal Transportation Agency** | **San Francisco Municipal Transportation Agency** | **San Francisco Municipal Transportation Agency** | **San Francisco Municipal Transportation Agency** |
| RB Series 2017  | 4.00% | 03/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 90765 |
| **San Joaquin Hills Transportation Corridor Agency** | **San Joaquin Hills Transportation Corridor Agency** | **San Joaquin Hills Transportation Corridor Agency** | **San Joaquin Hills Transportation Corridor Agency** | **San Joaquin Hills Transportation Corridor Agency** |
| RB Series 1993  | 2.51% | 01/01/26 *(b)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 394612 |
| Refunding RB Series 1997 A  | 3.62% | 01/15/32 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 78571 |
| Refunding RB Series 2014 A  | 4.00% | 01/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 87119 |
| Refunding RB Series 2021 A  | 5.00% | 01/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54795 |
| Refunding RB Series 2021 A  | 4.00% | 01/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp; 368681 |

---

*See financial notes*

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

**193**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **San Jose Financing Authority** | **San Jose Financing Authority** | **San Jose Financing Authority** | **San Jose Financing Authority** | **San Jose Financing Authority** |
| RB Wastewater Revenue Series 2022 B  | 5.00% | 11/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104322 |
| RB Wastewater Revenue Series 2022 B  | 5.00% | 11/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 181202 |
| **San Jose Redevelopment Successor Agency** | **San Jose Redevelopment Successor Agency** | **San Jose Redevelopment Successor Agency** | **San Jose Redevelopment Successor Agency** | **San Jose Redevelopment Successor Agency** |
| Refunding Tax Allocation Series 2017 A  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129710 |
| **San Mateo County Community College District** | **San Mateo County Community College District** | **San Mateo County Community College District** | **San Mateo County Community College District** | **San Mateo County Community College District** |
| GO Bonds Series 2006 B  | 3.04% | 09/01/32 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 127577 |
| GO Bonds Series 2006 B  | 3.52% | 09/01/34 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 36688 |
| GO Bonds Series 2018 B  | 5.00% | 09/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153296 |
| **San Mateo Foster City Public Financing Authority** | **San Mateo Foster City Public Financing Authority** | **San Mateo Foster City Public Financing Authority** | **San Mateo Foster City Public Financing Authority** | **San Mateo Foster City Public Financing Authority** |
| RB Sewer Revenue Series 2021 B  | 5.00% | 08/01/25 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 340619 |
| **San Mateo Foster City School District** | **San Mateo Foster City School District** | **San Mateo Foster City School District** | **San Mateo Foster City School District** | **San Mateo Foster City School District** |
| GO Bonds Series 2023 B  | 4.00% | 08/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 133961 |
| **San Mateo Joint Powers Financing Authority** | **San Mateo Joint Powers Financing Authority** | **San Mateo Joint Powers Financing Authority** | **San Mateo Joint Powers Financing Authority** | **San Mateo Joint Powers Financing Authority** |
| RB Series 2018 A  | 5.00% | 07/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153554 |
| **Santa Clara Unified School District** | **Santa Clara Unified School District** | **Santa Clara Unified School District** | **Santa Clara Unified School District** | **Santa Clara Unified School District** |
| GO Bonds Series 2017  | 3.50% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 21622 |
| **Santa Clara Valley Transportation Authority** | **Santa Clara Valley Transportation Authority** | **Santa Clara Valley Transportation Authority** | **Santa Clara Valley Transportation Authority** | **Santa Clara Valley Transportation Authority** |
| Refunding RB 2000 Measure A Sales Tax Series 2023 A  | 5.00% | 04/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254547 |
| Refunding RB 2000 Measure A Sales Tax Series 2023 A  | 5.00% | 04/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54714 |
| Refunding RB 2000 Measure A Sales Tax Series 2023 A  | 5.00% | 04/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 126430 |
| Refunding RB 2000 Measure A Sales Tax Series 2023 A  | 5.00% | 04/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 45175 |
| **Santa Clara Valley Water District** | **Santa Clara Valley Water District** | **Santa Clara Valley Water District** | **Santa Clara Valley Water District** | **Santa Clara Valley Water District** |
| COP Series 2023 C1-2  | 4.00% | 06/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30374 |
| **Santa Monica Community College District** | **Santa Monica Community College District** | **Santa Monica Community College District** | **Santa Monica Community College District** | **Santa Monica Community College District** |
| GO Bonds Series 2018 A  | 4.00% | 08/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 138730 |
| GO Bonds Series 2022 B  | 4.00% | 08/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 141168 |
| **Southern California Public Power Authority** | **Southern California Public Power Authority** | **Southern California Public Power Authority** | **Southern California Public Power Authority** | **Southern California Public Power Authority** |
| RB Power System Revenue Series 2023 1  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 535952 |
| RB Power System Revenue Series 2023 1-A  | 5.00% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152559 |
| Refunding RB Series 2015 C  | 5.00% | 07/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200189 |
| **Southwestern Community College District** | **Southwestern Community College District** | **Southwestern Community College District** | **Southwestern Community College District** | **Southwestern Community College District** |
| GO Bonds Series 2017 A  | 4.00% | 08/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 45942 |
| **State of California** | **State of California** | **State of California** | **State of California** | **State of California** |
| GO Bonds Series 2003  | 5.00% | 02/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 74298 |
| GO Bonds Series 2013  | 4.00% | 02/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 57427 |
| GO Bonds Series 2015  | 4.00% | 03/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92717 |
| GO Bonds Series 2015  | 5.00% | 08/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 120073 |
| GO Bonds Series 2016  | 5.00% | 09/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128244 |
| GO Bonds Series 2016  | 4.00% | 09/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 181350 |
| GO Bonds Series 2016  | 4.00% | 09/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 155988 |
| GO Bonds Series 2016  | 4.00% | 09/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200004 |
| GO Bonds Series 2016  | 3.00% | 09/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 204956 |
| GO Bonds Series 2017  | 5.00% | 08/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 219811 |
| GO Bonds Series 2017  | 5.00% | 11/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 193773 |
| GO Bonds Series 2017  | 4.00% | 11/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 136421 |
| GO Bonds Series 2017  | 5.00% | 11/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3105000 | &nbsp;&nbsp; 3141756 |
| GO Bonds Series 2018  | 5.00% | 10/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 402161 |
| GO Bonds Series 2018  | 5.00% | 10/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127223 |
| GO Bonds Series 2018  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 2150000 | &nbsp;&nbsp; 2312773 |

---

*See financial notes*

**194**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2018  | 5.00% | 10/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 160807 |
| GO Bonds Series 2018  | 5.00% | 10/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 294207 |
| GO Bonds Series 2018  | 5.00% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1008131 |
| GO Bonds Series 2018  | 5.00% | 10/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50211 |
| GO Bonds Series 2019  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp; 337999 |
| GO Bonds Series 2019  | 5.00% | 11/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 134675 |
| GO Bonds Series 2019  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32899 |
| GO Bonds Series 2019  | 5.00% | 10/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 272324 |
| GO Bonds Series 2019  | 5.00% | 04/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 134478 |
| GO Bonds Series 2019  | 5.00% | 11/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21349 |
| GO Bonds Series 2019  | 5.00% | 11/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 234120 |
| GO Bonds Series 2019  | 5.00% | 04/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 272237 |
| GO Bonds Series 2019  | 3.00% | 10/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 137775 |
| GO Bonds Series 2019  | 5.00% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 179673 |
| GO Bonds Series 2020  | 5.00% | 11/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201466 |
| GO Bonds Series 2020  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36969 |
| GO Bonds Series 2020  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109664 |
| GO Bonds Series 2020  | 5.00% | 03/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108296 |
| GO Bonds Series 2020  | 4.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 118408 |
| GO Bonds Series 2020  | 5.00% | 03/01/35 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 11007 |
| GO Bonds Series 2020  | 5.00% | 03/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 430243 |
| GO Bonds Series 2020  | 4.00% | 11/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 136838 |
| GO Bonds Series 2020  | 4.00% | 03/01/36 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21143 |
| GO Bonds Series 2020  | 4.00% | 03/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp; 1557973 |
| GO Bonds Series 2020  | 5.00% | 03/01/36 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 22015 |
| GO Bonds Series 2020  | 5.00% | 03/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 261910 |
| GO Bonds Series 2020  | 5.00% | 11/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26846 |
| GO Bonds Series 2020  | 3.00% | 03/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 93248 |
| GO Bonds Series 2020  | 4.00% | 03/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 91770 |
| GO Bonds Series 2020  | 2.50% | 03/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 58482 |
| GO Bonds Series 2021  | 5.00% | 10/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 104036 |
| GO Bonds Series 2021  | 5.00% | 10/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 222390 |
| GO Bonds Series 2021  | 5.00% | 12/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152557 |
| GO Bonds Series 2021  | 4.00% | 10/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp; 650475 |
| GO Bonds Series 2021  | 4.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103760 |
| GO Bonds Series 2021  | 4.00% | 10/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254948 |
| GO Bonds Series 2021  | 5.00% | 12/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 227182 |
| GO Bonds Series 2021  | 4.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10112 |
| GO Bonds Series 2021  | 2.38% | 12/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 21044 |
| GO Bonds Series 2021  | 3.00% | 12/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 54138 |
| GO Bonds Series 2021  | 2.50% | 12/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 65490 |
| GO Bonds Series 2021  | 2.38% | 10/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 15432 |
| GO Bonds Series 2022  | 5.00% | 04/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 245019 |
| GO Bonds Series 2022  | 5.00% | 04/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 79881 |
| GO Bonds Series 2022  | 5.00% | 04/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 275889 |
| GO Bonds Series 2022  | 5.00% | 09/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 95696 |
| GO Bonds Series 2022  | 5.00% | 04/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp; 648787 |
| GO Bonds Series 2022  | 5.00% | 09/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 44670 |
| GO Bonds Series 2022  | 5.00% | 04/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103421 |
| GO Bonds Series 2022  | 5.25% | 09/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 6610000 | &nbsp;&nbsp; 6956966 |

---

*See financial notes*

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

**195**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2022  | 4.00% | 04/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 225018 |
| GO Bonds Series 2023  | 5.00% | 10/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 304260 |
| GO Bonds Series 2023  | 5.00% | 10/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 62267 |
| GO Bonds Series 2023  | 5.00% | 10/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 222859 |
| GO Bonds Series 2023  | 5.00% | 09/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 277360 |
| GO Bonds Series 2023  | 5.00% | 09/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 163503 |
| GO Bonds Series 2023  | 5.00% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 367343 |
| GO Bonds Series 2023  | 5.00% | 10/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156664 |
| GO Bonds Series 2023  | 5.25% | 10/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 398285 |
| GO Bonds Series 2023  | 5.25% | 10/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 178722 |
| GO Bonds Series 2023  | 5.25% | 09/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 210058 |
| GO Bonds Series 2024  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256638 |
| GO Bonds Series 2024  | 4.00% | 09/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41251 |
| GO Bonds Series 2024  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 176931 |
| GO Bonds Series 2024  | 5.00% | 09/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111059 |
| GO Bonds Series 2024  | 5.00% | 09/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 113256 |
| GO Bonds Series 2024  | 5.00% | 08/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 285610 |
| GO Bonds Series 2024  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 257784 |
| GO Bonds Series 2024  | 5.00% | 09/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54460 |
| GO Bonds Series 2024  | 5.00% | 09/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5378020 |
| GO Bonds Series 2024  | 5.00% | 09/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 421837 |
| GO Bonds Series 2024  | 5.00% | 09/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 253102 |
| GO Bonds Series 2024  | 5.00% | 09/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 249721 |
| GO Bonds Series 2024  | 4.00% | 08/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 224883 |
| GO Bonds Series 2024  | 5.00% | 08/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104039 |
| GO Bonds Series 2024  | 5.50% | 08/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 429874 |
| Refunding GO Bonds Series 2007  | 5.25% | 08/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 338774 |
| Refunding GO Bonds Series 2014  | 4.00% | 11/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 126379 |
| Refunding GO Bonds Series 2015  | 5.00% | 03/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10019 |
| Refunding GO Bonds Series 2015  | 5.00% | 08/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25030 |
| Refunding GO Bonds Series 2015  | 3.50% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 192720 |
| Refunding GO Bonds Series 2015 C  | 3.00% | 09/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 54841 |
| Refunding GO Bonds Series 2015 C  | 5.00% | 09/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150323 |
| Refunding GO Bonds Series 2016  | 5.00% | 09/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100354 |
| Refunding GO Bonds Series 2016  | 5.00% | 09/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 293161 |
| Refunding GO Bonds Series 2016  | 5.00% | 08/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30735 |
| Refunding GO Bonds Series 2016  | 5.00% | 08/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 179230 |
| Refunding GO Bonds Series 2016  | 5.00% | 09/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 512977 |
| Refunding GO Bonds Series 2016  | 5.00% | 09/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102410 |
| Refunding GO Bonds Series 2016  | 2.50% | 09/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23223 |
| Refunding GO Bonds Series 2016  | 4.00% | 09/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50319 |
| Refunding GO Bonds Series 2016  | 5.00% | 09/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40876 |
| Refunding GO Bonds Series 2016  | 3.00% | 09/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 151134 |
| Refunding GO Bonds Series 2016  | 4.00% | 09/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200250 |
| Refunding GO Bonds Series 2016  | 4.00% | 09/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100125 |
| Refunding GO Bonds Series 2016  | 4.00% | 09/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 70001 |
| Refunding GO Bonds Series 2016  | 5.00% | 09/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45731 |
| Refunding GO Bonds Series 2016  | 4.00% | 09/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 198920 |
| Refunding GO Bonds Series 2016  | 5.00% | 09/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20309 |
| Refunding GO Bonds Series 2017  | 5.00% | 08/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp; 380659 |

---

*See financial notes*

**196**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding GO Bonds Series 2017  | 5.00% | 08/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 160278 |
| Refunding GO Bonds Series 2017  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205310 |
| Refunding GO Bonds Series 2017  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129056 |
| Refunding GO Bonds Series 2017  | 5.00% | 08/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204899 |
| Refunding GO Bonds Series 2017  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15844 |
| Refunding GO Bonds Series 2017  | 5.00% | 08/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40967 |
| Refunding GO Bonds Series 2017  | 5.00% | 11/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26377 |
| Refunding GO Bonds Series 2017  | 5.00% | 08/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 81856 |
| Refunding GO Bonds Series 2017  | 5.00% | 11/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105175 |
| Refunding GO Bonds Series 2017  | 5.00% | 08/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156796 |
| Refunding GO Bonds Series 2017  | 5.00% | 11/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26254 |
| Refunding GO Bonds Series 2017  | 4.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125161 |
| Refunding GO Bonds Series 2017  | 4.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 90400 |
| Refunding GO Bonds Series 2017  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129053 |
| Refunding GO Bonds Series 2017  | 4.00% | 11/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 165119 |
| Refunding GO Bonds Series 2017  | 4.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199112 |
| Refunding GO Bonds Series 2017  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30436 |
| Refunding GO Bonds Series 2017  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205972 |
| Refunding GO Bonds Series 2018  | 5.00% | 10/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 80432 |
| Refunding GO Bonds Series 2018  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 63032 |
| Refunding GO Bonds Series 2018  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26808 |
| Refunding GO Bonds Series 2018  | 5.00% | 10/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 71121 |
| Refunding GO Bonds Series 2019  | 5.00% | 10/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251351 |
| Refunding GO Bonds Series 2019  | 5.00% | 04/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 274728 |
| Refunding GO Bonds Series 2019  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 765000 | &nbsp;&nbsp; 788225 |
| Refunding GO Bonds Series 2019  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 73804 |
| Refunding GO Bonds Series 2019  | 5.00% | 04/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 133135 |
| Refunding GO Bonds Series 2019  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp; 672318 |
| Refunding GO Bonds Series 2019  | 5.00% | 04/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 542834 |
| Refunding GO Bonds Series 2019  | 5.00% | 04/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 103138 |
| Refunding GO Bonds Series 2019  | 5.00% | 10/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 65707 |
| Refunding GO Bonds Series 2019  | 5.00% | 04/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110356 |
| Refunding GO Bonds Series 2019  | 5.00% | 04/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111987 |
| Refunding GO Bonds Series 2019  | 5.00% | 04/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 139858 |
| Refunding GO Bonds Series 2019  | 5.00% | 10/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108361 |
| Refunding GO Bonds Series 2019  | 5.00% | 04/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 160818 |
| Refunding GO Bonds Series 2019  | 5.00% | 04/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 2095000 | &nbsp;&nbsp; 2363841 |
| Refunding GO Bonds Series 2019  | 3.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 173175 |
| Refunding GO Bonds Series 2019  | 4.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4880000 | &nbsp;&nbsp; 4920343 |
| Refunding GO Bonds Series 2019  | 3.13% | 04/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73171 |
| Refunding GO Bonds Series 2019  | 5.00% | 04/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 210533 |
| Refunding GO Bonds Series 2019  | 3.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 184232 |
| Refunding GO Bonds Series 2019  | 5.00% | 11/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 99837 |
| Refunding GO Bonds Series 2019  | 5.00% | 04/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 199159 |
| Refunding GO Bonds Series 2019  | 3.00% | 10/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 134840 |
| Refunding GO Bonds Series 2019  | 5.00% | 11/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5192127 |
| Refunding GO Bonds Series 2020  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105625 |
| Refunding GO Bonds Series 2020  | 5.00% | 11/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 355543 |
| Refunding GO Bonds Series 2020  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 65798 |
| Refunding GO Bonds Series 2020  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 65798 |

---

*See financial notes*

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

**197**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding GO Bonds Series 2020  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 317293 |
| Refunding GO Bonds Series 2020  | 5.00% | 11/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 77022 |
| Refunding GO Bonds Series 2020  | 5.00% | 03/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 217676 |
| Refunding GO Bonds Series 2020  | 4.00% | 03/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp; 720821 |
| Refunding GO Bonds Series 2020  | 4.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 149082 |
| Refunding GO Bonds Series 2020  | 4.00% | 11/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 79425 |
| Refunding GO Bonds Series 2020  | 3.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 84144 |
| Refunding GO Bonds Series 2020  | 4.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 69091 |
| Refunding GO Bonds Series 2021  | 5.00% | 12/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206911 |
| Refunding GO Bonds Series 2021  | 5.00% | 09/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21049 |
| Refunding GO Bonds Series 2021  | 4.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129048 |
| Refunding GO Bonds Series 2021  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 158151 |
| Refunding GO Bonds Series 2021  | 5.00% | 12/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 232794 |
| Refunding GO Bonds Series 2021  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5378542 |
| Refunding GO Bonds Series 2021  | 5.00% | 12/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53955 |
| Refunding GO Bonds Series 2021  | 5.00% | 10/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 2065000 | &nbsp;&nbsp; 2261409 |
| Refunding GO Bonds Series 2021  | 5.00% | 12/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 112898 |
| Refunding GO Bonds Series 2021  | 5.00% | 09/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 100411 |
| Refunding GO Bonds Series 2021  | 5.00% | 10/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 64554 |
| Refunding GO Bonds Series 2021  | 5.00% | 09/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105635 |
| Refunding GO Bonds Series 2021  | 4.00% | 10/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 249904 |
| Refunding GO Bonds Series 2022  | 5.00% | 09/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 95336 |
| Refunding GO Bonds Series 2022  | 4.00% | 09/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76291 |
| Refunding GO Bonds Series 2022  | 4.00% | 09/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128908 |
| Refunding GO Bonds Series 2022  | 4.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1054256 |
| Refunding GO Bonds Series 2022  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55665 |
| Refunding GO Bonds Series 2022  | 5.00% | 11/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56397 |
| Refunding GO Bonds Series 2022  | 5.00% | 11/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 113409 |
| Refunding GO Bonds Series 2022  | 5.00% | 04/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 276298 |
| Refunding GO Bonds Series 2022  | 5.00% | 04/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105380 |
| Refunding GO Bonds Series 2022  | 5.00% | 09/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 166107 |
| Refunding GO Bonds Series 2022  | 5.00% | 04/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54277 |
| Refunding GO Bonds Series 2022  | 4.00% | 04/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 193054 |
| Refunding GO Bonds Series 2022  | 5.00% | 04/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 305002 |
| Refunding GO Bonds Series 2022  | 5.00% | 04/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105360 |
| Refunding GO Bonds Series 2022  | 5.00% | 09/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 163752 |
| Refunding GO Bonds Series 2022 A  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154867 |
| Refunding GO Bonds Series 2022 C  | 5.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp; 364006 |
| Refunding GO Bonds Series 2022 C  | 5.00% | 11/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 132199 |
| Refunding GO Bonds Series 2023  | 5.00% | 09/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100354 |
| Refunding GO Bonds Series 2023  | 5.00% | 09/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 308591 |
| Refunding GO Bonds Series 2023  | 5.00% | 09/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 236799 |
| Refunding GO Bonds Series 2023  | 5.00% | 09/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 157866 |
| Refunding GO Bonds Series 2023  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26359 |
| Refunding GO Bonds Series 2023  | 5.00% | 09/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109359 |
| Refunding GO Bonds Series 2023  | 5.00% | 09/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 191378 |
| Refunding GO Bonds Series 2023  | 5.00% | 10/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 219023 |
| Refunding GO Bonds Series 2023  | 5.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp; 402895 |
| Refunding GO Bonds Series 2023  | 5.00% | 10/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103471 |
| Refunding GO Bonds Series 2023  | 5.00% | 10/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp; 429452 |

---

*See financial notes*

**198**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding GO Bonds Series 2023  | 4.00% | 09/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 233667 |
| Refunding GO Bonds Series 2023  | 5.00% | 09/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 206216 |
| Refunding GO Bonds Series 2023 B  | 5.00% | 09/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 5200000 | &nbsp;&nbsp; 5854326 |
| Refunding GO Bonds Series 2023 B  | 5.00% | 09/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1132562 |
| Refunding GO Bonds Series 2024  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10505 |
| Refunding GO Bonds Series 2024  | 5.00% | 08/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 76444 |
| Refunding GO Bonds Series 2024  | 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 221845 |
| Refunding GO Bonds Series 2024  | 5.00% | 08/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 44991 |
| Refunding GO Bonds Series 2024  | 5.00% | 08/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 281192 |
| Refunding GO Bonds Series 2024  | 5.00% | 08/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 67907 |
| Refunding GO Bonds Series 2024  | 5.00% | 09/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 566281 |
| Refunding GO Bonds Series 2024  | 5.00% | 08/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 51410 |
| Refunding GO Bonds Series 2024  | 5.00% | 09/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 5100000 | &nbsp;&nbsp; 5813444 |
| Refunding GO Bonds Series 2024  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 113298 |
| Refunding GO Bonds Series 2024  | 5.00% | 09/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 281001 |
| Refunding GO Bonds Series 2024  | 5.00% | 08/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109357 |
| Refunding GO Bonds Series 2024  | 5.00% | 09/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 530226 |
| Refunding GO Bonds Series 2024  | 5.00% | 08/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 264193 |
| Refunding GO Bonds Series 2025  | 5.00% | 03/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 845564 |
| Refunding GO Bonds Series 2025  | 5.00% | 03/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 284788 |
| Refunding GO Bonds Series 2025  | 5.00% | 03/01/35  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 286252 |
| Refunding GO Bonds Series 2025  | 5.00% | 03/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1117554 |
| Refunding GO Bonds Series 2025  | 4.13% | 03/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3800000 | &nbsp;&nbsp; 3620667 |
| **State of California Department of Water Resources** | **State of California Department of Water Resources** | **State of California Department of Water Resources** | **State of California Department of Water Resources** | **State of California Department of Water Resources** |
| RB Series 2019 BA  | 5.00% | 12/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 59064 |
| RB Series 2025 BG  | 5.00% | 12/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 175581 |
| Refunding RB Series 2016 AW  | 5.00% | 12/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25847 |
| Refunding RB Series 2016 AW  | 5.00% | 12/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103066 |
| Refunding RB Series 2016 AW  | 4.00% | 12/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50050 |
| Refunding RB Series 2017 AX  | 5.00% | 12/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 58438 |
| Refunding RB Series 2020 BB  | 5.00% | 12/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25949 |
| Refunding RB Series 2020 BB  | 5.00% | 12/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 223830 |
| Refunding RB Series 2020 BB  | 5.00% | 12/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 50154 |
| Refunding RB Series 2020 BB  | 5.00% | 12/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 8940000 | &nbsp;&nbsp; 9883065 |
| Refunding RB Series 2020 BB  | 5.00% | 12/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 82423 |
| Refunding RB Series 2022 BF  | 5.00% | 12/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 85810 |
| Refunding RB Series 2022 BF  | 5.00% | 12/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 115864 |
| Refunding RB Series 2022 BF  | 5.00% | 12/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 79885 |
| **Sunnyvale Financing Authority** | **Sunnyvale Financing Authority** | **Sunnyvale Financing Authority** | **Sunnyvale Financing Authority** | **Sunnyvale Financing Authority** |
| RB Series 2020  | 4.00% | 04/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 224804 |
| **Sweetwater Union High School District** | **Sweetwater Union High School District** | **Sweetwater Union High School District** | **Sweetwater Union High School District** | **Sweetwater Union High School District** |
| GO Bonds Series 2022 A-1  | 5.00% | 08/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 180630 |
| **Twin Rivers Unified School District** | **Twin Rivers Unified School District** | **Twin Rivers Unified School District** | **Twin Rivers Unified School District** | **Twin Rivers Unified School District** |
| Refunding GO Bonds Series 2016  | 4.56% | 08/01/41 *(a)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp; 176523 |
| **University of California** | **University of California** | **University of California** | **University of California** | **University of California** |
| RB Series 2016 K  | 5.00% | 05/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10119 |
| RB Series 2016 K  | 4.00% | 05/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50005 |
| RB Series 2016 K  | 4.00% | 05/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46013 |
| RB Series 2017 AV  | 5.25% | 05/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152118 |
| RB Series 2017 M  | 5.00% | 05/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155099 |

---

*See financial notes*

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

**199**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2017 M  | 5.00% | 05/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 92345 |
| RB Series 2017 M  | 5.00% | 05/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 166479 |
| RB Series 2017 M  | 4.00% | 05/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 45662 |
| RB Series 2022 BK  | 5.00% | 05/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 234900 |
| RB Series 2023 BQ  | 5.00% | 05/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 5040000 | &nbsp;&nbsp; 5489549 |
| RB Series 2023 BQ  | 5.00% | 05/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56087 |
| RB Series 2023 BQ  | 5.00% | 05/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 125160 |
| RB Series 2023 BQ  | 5.00% | 05/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 122811 |
| RB Series 2024 BT  | 5.00% | 05/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 86763 |
| RB Series 2024 BX  | 5.00% | 05/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 95348 |
| RB Series 2025 CA  | 5.00% | 05/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 50577 |
| RB Series 2025 CB  | 5.00% | 05/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3799467 |
| RB Series 2025 CC  | 5.00% | 05/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 275272 |
| RB Series 2025 CC  | 5.00% | 05/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 273416 |
| RB Series 2025 CC  | 5.00% | 05/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 359698 |
| Refunding RB Series 2017 AY  | 5.00% | 05/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78347 |
| Refunding RB Series 2017 AY  | 5.00% | 05/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129718 |
| Refunding RB Series 2017 AY  | 5.00% | 05/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51824 |
| Refunding RB Series 2017 AY  | 5.00% | 05/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25594 |
| Refunding RB Series 2018 AZ  | 5.00% | 05/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 209801 |
| Refunding RB Series 2018 AZ  | 5.00% | 05/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208958 |
| Refunding RB Series 2018 AZ  | 5.00% | 05/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 145620 |
| Refunding RB Series 2018 AZ  | 5.00% | 05/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41328 |
| Refunding RB Series 2018 AZ  | 5.00% | 05/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 172389 |
| Refunding RB Series 2018 AZ  | 4.00% | 05/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1821959 |
| Refunding RB Series 2018 O  | 4.00% | 05/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 140738 |
| Refunding RB Series 2018 O  | 5.00% | 05/15/58 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 245829 |
| Refunding RB Series 2020 BE  | 5.00% | 05/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 43298 |
| Refunding RB Series 2020 BE  | 5.00% | 05/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104068 |
| Refunding RB Series 2020 BE  | 4.00% | 05/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4250000 | &nbsp;&nbsp; 3906512 |
| Refunding RB Series 2020 BE  | 4.00% | 05/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 903628 |
| Refunding RB Series 2021 BH  | 4.00% | 05/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23153 |
| Refunding RB Series 2021 BH  | 4.00% | 05/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 155196 |
| Refunding RB Series 2021 Q  | 5.00% | 05/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 82257 |
| Refunding RB Series 2021 Q  | 4.00% | 05/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 145085 |
| Refunding RB Series 2023 BM  | 5.00% | 05/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 33949 |
| Refunding RB Series 2023 BN  | 5.00% | 05/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 66348 |
| Refunding RB Series 2023 BN  | 5.00% | 05/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp; 438377 |
| Refunding RB Series 2023 BN  | 5.00% | 05/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 284455 |
| Refunding RB Series 2023 BN  | 5.00% | 05/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110214 |
| Refunding RB Series 2023 BN  | 5.00% | 05/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 371936 |
| Refunding RB Series 2023 BN  | 5.00% | 05/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1560000 | &nbsp;&nbsp; 1640580 |
| Refunding RB Series 2024 BS  | 5.00% | 05/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 80191 |
| Refunding RB Series 2024 BS  | 5.00% | 05/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 38122 |
| Refunding RB Series 2024 BS  | 5.00% | 05/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 62240 |
| Refunding RB Series 2024 BS  | 5.00% | 05/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 3115000 | &nbsp;&nbsp; 3555340 |
| Refunding RB Series 2024 BS  | 5.00% | 05/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp; 2649790 |
| Refunding RB Series 2024 BS  | 5.00% | 05/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 255138 |
| Refunding RB Series 2024 BS  | 5.00% | 05/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 68711 |
| Refunding RB Series 2024 BS  | 5.00% | 05/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 268040 |

---

*See financial notes*

**200**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2024 BV  | 5.00% | 05/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 225846 |
| Refunding RB Series 2024 BV  | 5.00% | 05/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 495000 | &nbsp;&nbsp; 533766 |
| Refunding RB Series 2024 BV  | 5.00% | 05/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 214032 |
| Refunding RB Series 2024 BW  | 5.00% | 05/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 16338 |
| Refunding RB Series 2024 BW  | 5.00% | 05/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 11217 |
| Refunding RB Series 2024 BW  | 5.00% | 05/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 142228 |
| Refunding RB Series 2024 BW  | 5.00% | 05/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 163738 |
| Refunding RB Series 2025 BZ  | 5.00% | 05/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 272299 |
| Refunding RB Series 2025 BZ  | 5.00% | 05/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27678 |
| Refunding RB Series 2025 BZ  | 5.00% | 05/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 285340 |
| Refunding RB Series 2025 BZ  | 5.00% | 05/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3303261 |
| Refunding RB Series 2025 BZ  | 5.25% | 05/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 287967 |
| **Ventura County Community College District** | **Ventura County Community College District** | **Ventura County Community College District** | **Ventura County Community College District** | **Ventura County Community College District** |
| Refunding GO Bonds Series 2015  | 3.13% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199994 |
| **Washington Township Health Care District** | **Washington Township Health Care District** | **Washington Township Health Care District** | **Washington Township Health Care District** | **Washington Township Health Care District** |
| GO Bonds Series 2015 B  | 4.00% | 08/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 45236 |
| GO Bonds Series 2023 B  | 5.25% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 264607 |
| GO Bonds Series 2023 B  | 5.50% | 08/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 645000 | &nbsp;&nbsp; 681722 |
| **West Contra Costa Unified School District** | **West Contra Costa Unified School District** | **West Contra Costa Unified School District** | **West Contra Costa Unified School District** | **West Contra Costa Unified School District** |
| GO Bonds Series 2024 B  | 5.00% | 08/01/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 383500 |
| **William S Hart Union High School District** | **William S Hart Union High School District** | **William S Hart Union High School District** | **William S Hart Union High School District** | **William S Hart Union High School District** |
| GO Bonds Series 2013 C  | 3.50% | 08/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 183767 |
| **Yosemite Community College District** | **Yosemite Community College District** | **Yosemite Community College District** | **Yosemite Community College District** | **Yosemite Community College District** |
| GO Bonds Series 2015  | 5.00% | 08/01/30 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 65118 |
|  |  |  |  | &nbsp;&nbsp; **334690931** |
| **COLORADO** 0.8%  | **COLORADO** 0.8%  | **COLORADO** 0.8%  | **COLORADO** 0.8%  | **COLORADO** 0.8%  |
| **Adams & Arapahoe Joint School District 28J Aurora** | **Adams & Arapahoe Joint School District 28J Aurora** | **Adams & Arapahoe Joint School District 28J Aurora** | **Adams & Arapahoe Joint School District 28J Aurora** | **Adams & Arapahoe Joint School District 28J Aurora** |
| GO Bonds Series 2021 A  | 5.00% | 12/01/29 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 71124 |
| GO Bonds Series 2025  | 5.50% | 12/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2081233 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 12/01/31 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51257 |
| **Adams & Weld Counties School District No. 27J Brighton** | **Adams & Weld Counties School District No. 27J Brighton** | **Adams & Weld Counties School District No. 27J Brighton** | **Adams & Weld Counties School District No. 27J Brighton** | **Adams & Weld Counties School District No. 27J Brighton** |
| GO Bonds Series 2015  | 5.00% | 12/01/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25104 |
| GO Bonds Series 2024 A  | 5.00% | 12/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77400 |
| GO Bonds Series 2024 A  | 5.00% | 12/01/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154524 |
| **Adams 12 Five Star Schools** | **Adams 12 Five Star Schools** | **Adams 12 Five Star Schools** | **Adams 12 Five Star Schools** | **Adams 12 Five Star Schools** |
| GO Bonds Series 2025  | 5.00% | 12/15/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 98266 |
| **Adams County School District No. 1** | **Adams County School District No. 1** | **Adams County School District No. 1** | **Adams County School District No. 1** | **Adams County School District No. 1** |
| GO Bonds Series 2017  | 5.25% | 12/01/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20446 |
| **Arapahoe County School District No. 5 Cherry Creek** | **Arapahoe County School District No. 5 Cherry Creek** | **Arapahoe County School District No. 5 Cherry Creek** | **Arapahoe County School District No. 5 Cherry Creek** | **Arapahoe County School District No. 5 Cherry Creek** |
| GO Bonds Series 2024  | 5.25% | 12/15/44 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 428300 |
| **Board of Governors of Colorado State University System** | **Board of Governors of Colorado State University System** | **Board of Governors of Colorado State University System** | **Board of Governors of Colorado State University System** | **Board of Governors of Colorado State University System** |
| Refunding RB Series 2013 A  | 5.00% | 03/01/43 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 184964 |
| **Boulder Larimer & Weld Counties St. Vrain Valley School District Re1J** | **Boulder Larimer & Weld Counties St. Vrain Valley School District Re1J** | **Boulder Larimer & Weld Counties St. Vrain Valley School District Re1J** | **Boulder Larimer & Weld Counties St. Vrain Valley School District Re1J** | **Boulder Larimer & Weld Counties St. Vrain Valley School District Re1J** |
| GO Bonds Series 2024  | 5.00% | 12/15/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103482 |
| **City & County of Denver** | **City & County of Denver** | **City & County of Denver** | **City & County of Denver** | **City & County of Denver** |
| COP Series 2018 A  | 5.38% | 06/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25264 |
| Refunding GO Bonds Series 2020 B  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 136407 |
| Refunding GO Bonds Series 2020 B  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10714 |
| Refunding GO Bonds Series 2020 B  | 5.00% | 08/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 87397 |

---

*See financial notes*

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

**201**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **City & County of Denver Airport System Revenue** | **City & County of Denver Airport System Revenue** | **City & County of Denver Airport System Revenue** | **City & County of Denver Airport System Revenue** | **City & County of Denver Airport System Revenue** |
| RB Series 2012 B  | 4.00% | 11/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 154534 |
| Refunding RB Series 2022 C  | 5.00% | 11/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 134271 |
| Refunding RB Series 2022 C  | 5.00% | 11/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 163822 |
| **City & County of Denver Pledged Excise Tax Revenue** | **City & County of Denver Pledged Excise Tax Revenue** | **City & County of Denver Pledged Excise Tax Revenue** | **City & County of Denver Pledged Excise Tax Revenue** | **City & County of Denver Pledged Excise Tax Revenue** |
| RB Series 2021 A  | 4.00% | 08/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 85540 |
| Refunding RB Series 2016 A  | 5.00% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151347 |
| Refunding RB Series 2016 A  | 4.00% | 08/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 222014 |
| **City of Aurora Water Revenue** | **City of Aurora Water Revenue** | **City of Aurora Water Revenue** | **City of Aurora Water Revenue** | **City of Aurora Water Revenue** |
| RB Series 2016  | 5.00% | 08/01/41 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp; 738104 |
| RB Series 2024  | 4.00% | 08/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 86423 |
| **City of Colorado Springs Utilities System Revenue** | **City of Colorado Springs Utilities System Revenue** | **City of Colorado Springs Utilities System Revenue** | **City of Colorado Springs Utilities System Revenue** | **City of Colorado Springs Utilities System Revenue** |
| RB Series 2022 B  | 5.00% | 11/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204612 |
| RB Series 2022 B  | 5.25% | 11/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154909 |
| RB Series 2023 A  | 5.25% | 11/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156176 |
| RB Series 2024 A  | 5.25% | 11/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208725 |
| Refunding RB Series 2022 A  | 5.00% | 11/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 100158 |
| **City of Westminster Water & Wastewater Utility Revenue** | **City of Westminster Water & Wastewater Utility Revenue** | **City of Westminster Water & Wastewater Utility Revenue** | **City of Westminster Water & Wastewater Utility Revenue** | **City of Westminster Water & Wastewater Utility Revenue** |
| RB Series 2024  | 5.00% | 12/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102494 |
| **Colorado Bridge & Tunnel Enterprise** | **Colorado Bridge & Tunnel Enterprise** | **Colorado Bridge & Tunnel Enterprise** | **Colorado Bridge & Tunnel Enterprise** | **Colorado Bridge & Tunnel Enterprise** |
| RB Series 2024 A  | 5.50% | 12/01/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 263526 |
| **Colorado High Performance Transportation Enterprise** | **Colorado High Performance Transportation Enterprise** | **Colorado High Performance Transportation Enterprise** | **Colorado High Performance Transportation Enterprise** | **Colorado High Performance Transportation Enterprise** |
| RB C-470 Express Lanes System Series 2017  | 5.00% | 12/31/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71680 |
| **Denver City & County School District No. 1** | **Denver City & County School District No. 1** | **Denver City & County School District No. 1** | **Denver City & County School District No. 1** | **Denver City & County School District No. 1** |
| GO Bonds Series 2017  | 5.00% | 12/01/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 96490 |
| GO Bonds Series 2017  | 4.00% | 12/01/41 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9369 |
| GO Bonds Series 2022 A  | 5.00% | 12/01/41 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 121407 |
| GO Bonds Series 2022 A  | 5.00% | 12/01/45 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206592 |
| GO Bonds Series 2025 A  | 5.00% | 12/01/34 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 287474 |
| GO Bonds Series 2025 A  | 5.25% | 12/01/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1131989 |
| GO Bonds Series 2025 A  | 5.25% | 12/01/38 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 280162 |
| GO Bonds Series 2025 A  | 5.25% | 12/01/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp; 319525 |
| Refunding GO Bonds Series 2016  | 4.00% | 12/01/26 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10051 |
| **E-470 Public Highway Authority** | **E-470 Public Highway Authority** | **E-470 Public Highway Authority** | **E-470 Public Highway Authority** | **E-470 Public Highway Authority** |
| RB Series 1997 B  | 3.53% | 09/01/26 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48242 |
| RB Series 2000 B  | 3.11% | 09/01/30 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 59495 |
| RB Series 2004 A  | 3.54% | 09/01/28 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 104192 |
| Refunding RB Series 2020 A  | 5.00% | 09/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 189715 |
| **El Paso County School District No. 20 Academy** | **El Paso County School District No. 20 Academy** | **El Paso County School District No. 20 Academy** | **El Paso County School District No. 20 Academy** | **El Paso County School District No. 20 Academy** |
| GO Bonds Series 2017  | 4.00% | 12/15/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 43696 |
| **Jefferson County School District R-1** | **Jefferson County School District R-1** | **Jefferson County School District R-1** | **Jefferson County School District R-1** | **Jefferson County School District R-1** |
| GO Bonds Series 2018  | 5.00% | 12/15/34 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 152249 |
| **Park Creek Metropolitan District** | **Park Creek Metropolitan District** | **Park Creek Metropolitan District** | **Park Creek Metropolitan District** | **Park Creek Metropolitan District** |
| Refunding RB Westerly Creek District Service Area Series 2015 A  | 5.00% | 12/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 149680 |
| **Regional Transportation District Sales Tax Revenue** | **Regional Transportation District Sales Tax Revenue** | **Regional Transportation District Sales Tax Revenue** | **Regional Transportation District Sales Tax Revenue** | **Regional Transportation District Sales Tax Revenue** |
| RB Series 2016 A  | 5.00% | 11/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100192 |
| Refunding RB Series 2013 A  | 5.00% | 11/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp; 667167 |
| Refunding RB Series 2013 A  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 279204 |
| Refunding RB Series 2017 B  | 5.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155441 |
| Refunding RB Series 2021 B  | 5.00% | 11/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107608 |

---

*See financial notes*

**202**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2021 B  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 169712 |
| Refunding RB Series 2021 B  | 2.00% | 11/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 35639 |
| Refunding RB Series 2023 A  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 79114 |
| Refunding RB Series 2023 A  | 5.00% | 11/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 118044 |
| Refunding RB Series 2023 A  | 5.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 60071 |
| **State of Colorado** | **State of Colorado** | **State of Colorado** | **State of Colorado** | **State of Colorado** |
| COP Series 2018 A  | 5.00% | 12/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31896 |
| COP Series 2018 A  | 4.00% | 12/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 998105 |
| COP Series 2018 N  | 5.00% | 03/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102613 |
| COP Series 2019 O  | 4.00% | 03/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp; 491817 |
| COP Series 2020 A  | 5.00% | 12/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55416 |
| COP Series 2020 A  | 5.00% | 12/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109391 |
| COP Series 2020 A  | 5.00% | 12/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 38007 |
| COP Series 2020 A  | 4.00% | 12/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151055 |
| COP Series 2020 A  | 3.00% | 12/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 43603 |
| COP Series 2020 A  | 4.00% | 12/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 14598 |
| COP Series 2020 A  | 4.00% | 12/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 181645 |
| COP Series 2021 A  | 5.00% | 12/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 148926 |
| COP Series 2021 A  | 5.00% | 12/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 93120 |
| COP Series 2021 A  | 4.00% | 12/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 38928 |
| COP Series 2021 A  | 4.00% | 12/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23806 |
| COP Series 2021 A  | 4.00% | 12/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 141433 |
| COP Series 2022  | 6.00% | 12/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 495000 | &nbsp;&nbsp; 558450 |
| **University of Colorado** | **University of Colorado** | **University of Colorado** | **University of Colorado** | **University of Colorado** |
| Refunding RB Series 2017 A-2  | 4.00% | 06/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92398 |
| Refunding RB Series 2024 A  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1072152 |
| **Weld County School District No. 6 Greeley** | **Weld County School District No. 6 Greeley** | **Weld County School District No. 6 Greeley** | **Weld County School District No. 6 Greeley** | **Weld County School District No. 6 Greeley** |
| GO Bonds Series 2021  | 4.00% | 12/01/45 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 183041 |
| **Weld County School District No. RE-2 Eaton** | **Weld County School District No. RE-2 Eaton** | **Weld County School District No. RE-2 Eaton** | **Weld County School District No. RE-2 Eaton** | **Weld County School District No. RE-2 Eaton** |
| GO Bonds Series 2019  | 5.00% | 12/01/44 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 223837 |
| **Weld County School District No. RE-4** | **Weld County School District No. RE-4** | **Weld County School District No. RE-4** | **Weld County School District No. RE-4** | **Weld County School District No. RE-4** |
| GO Bonds Series 2023  | 5.25% | 12/01/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52189 |
| **Weld County School District No. Re-5J** | **Weld County School District No. Re-5J** | **Weld County School District No. Re-5J** | **Weld County School District No. Re-5J** | **Weld County School District No. Re-5J** |
| GO Bonds Series 2021 5J  | 4.00% | 12/01/45 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 179929 |
| **Westminster Public Schools** | **Westminster Public Schools** | **Westminster Public Schools** | **Westminster Public Schools** | **Westminster Public Schools** |
| GO Bonds Series 2024 A  | 5.00% | 12/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257679 |
|  |  |  |  | &nbsp;&nbsp; **16820771** |
| **CONNECTICUT** 1.8%  | **CONNECTICUT** 1.8%  | **CONNECTICUT** 1.8%  | **CONNECTICUT** 1.8%  | **CONNECTICUT** 1.8%  |
| **City of New Haven** | **City of New Haven** | **City of New Haven** | **City of New Haven** | **City of New Haven** |
| Refunding GO Bonds Series 2024  | 5.00% | 08/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110764 |
| **Connecticut State Health & Educational Facilities Authority** | **Connecticut State Health & Educational Facilities Authority** | **Connecticut State Health & Educational Facilities Authority** | **Connecticut State Health & Educational Facilities Authority** | **Connecticut State Health & Educational Facilities Authority** |
| RB Yale University Series 1997 S  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78498 |
| RB Yale University Series 1999 U  | 5.00% | 07/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 2065000 | &nbsp;&nbsp; 2353241 |
| RB Yale University Series 2003 X-2  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp; 447825 |
| Refunding RB Quinnipiac University Series 2015 L  | 4.13% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 90235 |
| Refunding RB Sacred Heart University, Inc. Series 2017 I-1  | 5.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100504 |
| Refunding RB Yale University Series 2017 B-1  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 81551 |

---

*See financial notes*

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

**203**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **State of Connecticut** | **State of Connecticut** | **State of Connecticut** | **State of Connecticut** | **State of Connecticut** |
| GO Bonds Series 2016 A  | 5.00% | 03/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 121528 |
| GO Bonds Series 2016 A  | 4.00% | 03/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49655 |
| GO Bonds Series 2016 E  | 3.00% | 10/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 194709 |
| GO Bonds Series 2016 E  | 4.00% | 10/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 34932 |
| GO Bonds Series 2017 A  | 5.00% | 04/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 130096 |
| GO Bonds Series 2017 A  | 5.00% | 04/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51462 |
| GO Bonds Series 2019 A  | 5.00% | 04/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 95734 |
| GO Bonds Series 2019 A  | 5.00% | 04/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32384 |
| GO Bonds Series 2019 A  | 5.00% | 04/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 293261 |
| GO Bonds Series 2019 A  | 5.00% | 04/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 137082 |
| GO Bonds Series 2019 A  | 5.00% | 04/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 99677 |
| GO Bonds Series 2019 A  | 4.00% | 04/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 146847 |
| GO Bonds Series 2019 A  | 5.00% | 04/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 67245 |
| GO Bonds Series 2020 A  | 5.00% | 01/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101115 |
| GO Bonds Series 2020 A  | 5.00% | 01/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25872 |
| GO Bonds Series 2020 A  | 5.00% | 01/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31752 |
| GO Bonds Series 2020 A  | 5.00% | 01/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 136337 |
| GO Bonds Series 2020 A  | 4.00% | 01/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101935 |
| GO Bonds Series 2020 A  | 4.00% | 01/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5680000 | &nbsp;&nbsp; 5737569 |
| GO Bonds Series 2021 A  | 4.00% | 01/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 72825 |
| GO Bonds Series 2021 A  | 4.00% | 01/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 120546 |
| GO Bonds Series 2021 A  | 4.00% | 01/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31586 |
| GO Bonds Series 2021 A  | 3.00% | 01/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 114871 |
| GO Bonds Series 2021 A  | 2.00% | 01/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 64514 |
| GO Bonds Series 2022 A  | 4.00% | 01/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 130044 |
| GO Bonds Series 2022 A  | 4.00% | 01/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 269300 |
| GO Bonds Series 2022 B  | 4.00% | 01/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25378 |
| GO Bonds Series 2022 B  | 3.00% | 01/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 19747 |
| GO Bonds Series 2022 E  | 5.00% | 11/15/25  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251941 |
| GO Bonds Series 2022 E  | 5.00% | 11/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27325 |
| GO Bonds Series 2022 E  | 5.00% | 11/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56091 |
| GO Bonds Series 2022 F  | 5.00% | 11/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 236118 |
| GO Bonds Series 2024 A  | 5.00% | 01/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5477062 |
| GO Bonds Series 2024 A  | 5.00% | 01/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 277523 |
| GO Bonds Series 2024 A  | 5.00% | 01/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 100506 |
| GO Bonds Series 2024 B  | 5.00% | 01/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 160377 |
| GO Bonds Series 2024 F  | 5.00% | 11/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109301 |
| GO Bonds Series 2024 F  | 5.00% | 11/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1685000 | &nbsp;&nbsp; 1884563 |
| GO Bonds Series 2024 G  | 5.00% | 11/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1365000 | &nbsp;&nbsp; 1469134 |
| Refunding GO Bonds Series 2022 D  | 5.00% | 09/15/25  | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 195806 |
| Refunding GO Bonds Series 2022 D  | 5.00% | 09/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 148927 |
| Refunding GO Bonds Series 2022 D  | 5.00% | 09/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 630674 |
| Refunding GO Bonds Series 2022 D  | 5.00% | 09/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32167 |
| Refunding GO Bonds Series 2022 G  | 5.00% | 11/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 253144 |
| Refunding GO Bonds Series 2023 B  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25607 |
| Refunding GO Bonds Series 2023 B  | 5.00% | 08/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 112770 |
| **State of Connecticut Clean Water Fund-State Revolving Fund** | **State of Connecticut Clean Water Fund-State Revolving Fund** | **State of Connecticut Clean Water Fund-State Revolving Fund** | **State of Connecticut Clean Water Fund-State Revolving Fund** | **State of Connecticut Clean Water Fund-State Revolving Fund** |
| RB Series 2019 A  | 4.00% | 02/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 115912 |

---

*See financial notes*

**204**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **State of Connecticut Special Tax Revenue** | **State of Connecticut Special Tax Revenue** | **State of Connecticut Special Tax Revenue** | **State of Connecticut Special Tax Revenue** | **State of Connecticut Special Tax Revenue** |
| RB Series 2015 A  | 5.00% | 08/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40065 |
| RB Series 2015 A  | 5.00% | 08/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25037 |
| RB Series 2015 A  | 5.00% | 08/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100077 |
| RB Series 2016 A  | 5.00% | 09/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 160542 |
| RB Series 2016 A  | 5.00% | 09/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51356 |
| RB Series 2016 A  | 5.00% | 09/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76377 |
| RB Series 2016 A  | 4.00% | 09/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 179903 |
| RB Series 2018 A  | 5.00% | 01/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78716 |
| RB Series 2018 A  | 5.00% | 01/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 207371 |
| RB Series 2018 A  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103315 |
| RB Series 2018 A  | 5.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2058584 |
| RB Series 2018 B  | 5.00% | 10/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100518 |
| RB Series 2018 B  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 126252 |
| RB Series 2018 B  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32194 |
| RB Series 2018 B  | 5.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1039238 |
| RB Series 2020 A  | 5.00% | 05/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 331149 |
| RB Series 2020 A  | 5.00% | 05/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 260776 |
| RB Series 2020 A  | 5.00% | 05/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 212932 |
| RB Series 2020 A  | 5.00% | 05/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 295775 |
| RB Series 2020 A  | 5.00% | 05/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 218059 |
| RB Series 2020 A  | 5.00% | 05/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 134751 |
| RB Series 2020 A  | 4.00% | 05/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 69955 |
| RB Series 2020 A  | 4.00% | 05/01/39 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1950000 | &nbsp;&nbsp; 1899882 |
| RB Series 2021 A  | 5.00% | 05/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106466 |
| RB Series 2021 A  | 5.00% | 05/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 173358 |
| RB Series 2021 A  | 5.00% | 05/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 291560 |
| RB Series 2021 A  | 5.00% | 05/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 66858 |
| RB Series 2021 A  | 5.00% | 05/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 218985 |
| RB Series 2021 A  | 5.00% | 05/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 233546 |
| RB Series 2021 A  | 4.00% | 05/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 96146 |
| RB Series 2021 D  | 5.00% | 11/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 60766 |
| RB Series 2021 D  | 4.00% | 11/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 244882 |
| RB Series 2022 A  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25587 |
| RB Series 2022 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52322 |
| RB Series 2022 A  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 213642 |
| RB Series 2022 A  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 135819 |
| RB Series 2022 A  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp; 811412 |
| RB Series 2022 A  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27745 |
| RB Series 2022 A  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 86199 |
| RB Series 2023 A  | 5.00% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 90000 |
| RB Series 2023 A  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 118331 |
| RB Series 2023 A  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 824386 |
| RB Series 2023 A  | 5.25% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 367053 |
| RB Series 2023 A  | 5.25% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 261221 |
| RB Series 2024 A-1  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 380294 |
| RB Series 2024 A-2  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 163409 |
| RB Series 2024 A-2  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 274095 |
| RB Series 2024 A-2  | 5.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 262710 |
| Refunding RB Series 2022 B  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp; 544146 |

---

*See financial notes*

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

**205**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2023 B  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54328 |
| Refunding RB Series 2023 B  | 5.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55147 |
| Refunding RB Series 2023 B  | 5.00% | 07/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 279166 |
|  |  |  |  | &nbsp;&nbsp; **37587972** |
| **DELAWARE** 0.3%  | **DELAWARE** 0.3%  | **DELAWARE** 0.3%  | **DELAWARE** 0.3%  | **DELAWARE** 0.3%  |
| **Delaware River & Bay Authority** | **Delaware River & Bay Authority** | **Delaware River & Bay Authority** | **Delaware River & Bay Authority** | **Delaware River & Bay Authority** |
| Refunding RB Series 2019  | 4.00% | 01/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 90981 |
| **Delaware Transportation Authority** | **Delaware Transportation Authority** | **Delaware Transportation Authority** | **Delaware Transportation Authority** | **Delaware Transportation Authority** |
| RB U.S. 301 Project Revenue Series 2015  | 5.00% | 06/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100008 |
| Refunding RB Series 2020 0  | 5.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 83089 |
| **State of Delaware** | **State of Delaware** | **State of Delaware** | **State of Delaware** | **State of Delaware** |
| GO Bonds Series 2023 A  | 5.00% | 05/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3870828 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 01/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 2025000 | &nbsp;&nbsp; 2146623 |
| Refunding GO Bonds Series 2022  | 5.00% | 03/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 135551 |
|  |  |  |  | &nbsp;&nbsp; **6427080** |
| **DISTRICT OF COLUMBIA** 1.7%  | **DISTRICT OF COLUMBIA** 1.7%  | **DISTRICT OF COLUMBIA** 1.7%  | **DISTRICT OF COLUMBIA** 1.7%  | **DISTRICT OF COLUMBIA** 1.7%  |
| **District of Columbia** | **District of Columbia** | **District of Columbia** | **District of Columbia** | **District of Columbia** |
| GO Bonds Series 2015 A  | 4.00% | 06/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 118237 |
| GO Bonds Series 2016 A  | 5.00% | 06/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35134 |
| GO Bonds Series 2017 D  | 5.00% | 06/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20521 |
| GO Bonds Series 2019 A  | 5.00% | 10/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 283262 |
| GO Bonds Series 2019 A  | 5.00% | 10/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 268470 |
| GO Bonds Series 2019 A  | 5.00% | 10/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27005 |
| GO Bonds Series 2019 A  | 5.00% | 10/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 166620 |
| GO Bonds Series 2019 A  | 5.00% | 10/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 159495 |
| GO Bonds Series 2019 A  | 5.00% | 10/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 148111 |
| GO Bonds Series 2019 A  | 5.00% | 10/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52640 |
| GO Bonds Series 2019 A  | 5.00% | 10/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 287602 |
| GO Bonds Series 2019 A  | 5.00% | 10/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 242954 |
| GO Bonds Series 2023 A  | 5.00% | 01/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205738 |
| GO Bonds Series 2024 A  | 5.00% | 08/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp; 377457 |
| GO Bonds Series 2024 B  | 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 276180 |
| GO Bonds Series 2024 B  | 5.00% | 08/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 22665 |
| GO Bonds Series 2024 B  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 331275 |
| RB Series 2020  | 5.00% | 12/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 159912 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 06/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77174 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 06/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153441 |
| Refunding GO Bonds Series 2017 A  | 4.00% | 06/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 87900 |
| Refunding GO Bonds Series 2021 E  | 5.00% | 02/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 140663 |
| Refunding GO Bonds Series 2021 E  | 4.00% | 02/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126322 |
| Refunding GO Bonds Series 2023 B  | 5.00% | 06/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25522 |
| Refunding GO Bonds Series 2023 B  | 5.00% | 06/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 47990 |
| Refunding GO Bonds Series 2023 B  | 5.00% | 06/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 271449 |
| Refunding GO Bonds Series 2024 C  | 5.00% | 12/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 215275 |
| Refunding RB Georgetown University Series 2017  | 5.00% | 04/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76738 |
| Refunding RB Georgetown University Series 2017  | 5.00% | 04/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254886 |
| Refunding RB Georgetown University Series 2017  | 5.00% | 04/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 71160 |

---

*See financial notes*

**206**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **District of Columbia Income Tax Revenue** | **District of Columbia Income Tax Revenue** | **District of Columbia Income Tax Revenue** | **District of Columbia Income Tax Revenue** | **District of Columbia Income Tax Revenue** |
| RB Series 2019 A  | 5.00% | 03/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp; 373680 |
| RB Series 2019 A  | 5.00% | 03/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26942 |
| RB Series 2019 A  | 5.00% | 03/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 402013 |
| RB Series 2019 A  | 5.00% | 03/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53301 |
| RB Series 2019 A  | 5.00% | 03/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 143139 |
| RB Series 2019 A  | 4.00% | 03/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 128616 |
| RB Series 2019 A  | 4.00% | 03/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 98923 |
| RB Series 2019 A  | 4.00% | 03/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 181065 |
| RB Series 2020 A  | 5.00% | 03/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 272644 |
| RB Series 2020 A  | 5.00% | 03/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31831 |
| RB Series 2020 A  | 5.00% | 03/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 158048 |
| RB Series 2020 A  | 5.00% | 03/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 307127 |
| RB Series 2020 C  | 5.00% | 05/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25376 |
| RB Series 2022 A  | 5.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 263494 |
| RB Series 2022 A  | 5.00% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 318717 |
| RB Series 2022 A  | 5.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3545879 |
| RB Series 2023 A  | 5.00% | 05/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 329410 |
| RB Series 2023 A  | 5.00% | 05/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 278839 |
| RB Series 2023 A  | 5.25% | 05/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 311738 |
| RB Series 2023 C  | 5.00% | 10/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 451660 |
| Refunding RB Series 2019 C  | 5.00% | 10/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 70366 |
| Refunding RB Series 2019 C  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 303771 |
| Refunding RB Series 2019 C  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 327302 |
| Refunding RB Series 2020 B  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 185352 |
| Refunding RB Series 2020 B  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 225355 |
| Refunding RB Series 2020 B  | 5.00% | 10/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 49829 |
| Refunding RB Series 2022 C  | 5.00% | 12/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50451 |
| Refunding RB Series 2022 C  | 5.00% | 12/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 206011 |
| Refunding RB Series 2022 C  | 5.00% | 12/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54733 |
| Refunding RB Series 2022 C  | 5.00% | 12/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 113058 |
| Refunding RB Series 2022 C  | 5.00% | 12/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55474 |
| Refunding RB Series 2022 C  | 5.00% | 12/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 81723 |
| Refunding RB Series 2024 A  | 5.00% | 10/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp; 730819 |
| Refunding RB Series 2024 A  | 5.00% | 10/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 141960 |
| Refunding RB Series 2024 A  | 5.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp; 560579 |
| Refunding RB Series 2025 A  | 5.00% | 06/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2042488 |
| **District of Columbia Water & Sewer Authority** | **District of Columbia Water & Sewer Authority** | **District of Columbia Water & Sewer Authority** | **District of Columbia Water & Sewer Authority** | **District of Columbia Water & Sewer Authority** |
| RB Series 2017 A  | 5.00% | 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 85016 |
| RB Series 2018 A  | 5.00% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100406 |
| RB Series 2018 B  | 5.00% | 10/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30420 |
| RB Series 2018 B  | 5.00% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100406 |
| RB Series 2019 A  | 5.00% | 10/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 178086 |
| Refunding RB Series 2024 A  | 5.00% | 10/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 7350000 | &nbsp;&nbsp; 8370565 |
| Refunding RB Series 2024 A  | 5.00% | 10/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 234415 |
| Refunding RB Series 2024 A  | 5.00% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 157140 |
| **Metropolitan Washington Airports Authority Aviation Revenue** | **Metropolitan Washington Airports Authority Aviation Revenue** | **Metropolitan Washington Airports Authority Aviation Revenue** | **Metropolitan Washington Airports Authority Aviation Revenue** | **Metropolitan Washington Airports Authority Aviation Revenue** |
| RB Series 2009 D2  | 3.95% | 10/01/39 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 3150000 | &nbsp;&nbsp; 3150000 |

---

*See financial notes*

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

**207**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Metropolitan Washington Airports Authority Dulles Toll Road Revenue** | **Metropolitan Washington Airports Authority Dulles Toll Road Revenue** | **Metropolitan Washington Airports Authority Dulles Toll Road Revenue** | **Metropolitan Washington Airports Authority Dulles Toll Road Revenue** | **Metropolitan Washington Airports Authority Dulles Toll Road Revenue** |
| RB Series 2009  | 3.36% | 10/01/30 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 67168 |
| RB Series 2009  | 3.65% | 10/01/35 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 33201 |
| RB Series 2010 A  | 4.56% | 10/01/37 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 142540 |
| Refunding RB Series 2019 B  | 4.00% | 10/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 222727 |
| Refunding RB Series 2019 B  | 4.00% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp; 490078 |
| Refunding RB Series 2019 B  | 3.00% | 10/01/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 56400 |
| Refunding RB Series 2019 B  | 4.00% | 10/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 78748 |
| Refunding RB Series 2022 A  | 4.00% | 10/01/52 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 341507 |
| **Washington Convention & Sports Authority** | **Washington Convention & Sports Authority** | **Washington Convention & Sports Authority** | **Washington Convention & Sports Authority** | **Washington Convention & Sports Authority** |
| Refunding RB Series 2018 A  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 292408 |
| Refunding RB Series 2018 A  | 5.00% | 10/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 57351 |
| **Washington Metropolitan Area Transit Authority** | **Washington Metropolitan Area Transit Authority** | **Washington Metropolitan Area Transit Authority** | **Washington Metropolitan Area Transit Authority** | **Washington Metropolitan Area Transit Authority** |
| RB Series 2017 B  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 406541 |
| **Washington Metropolitan Area Transit Authority Dedicated Revenue** | **Washington Metropolitan Area Transit Authority Dedicated Revenue** | **Washington Metropolitan Area Transit Authority Dedicated Revenue** | **Washington Metropolitan Area Transit Authority Dedicated Revenue** | **Washington Metropolitan Area Transit Authority Dedicated Revenue** |
| RB Series 2020 A  | 5.00% | 07/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26386 |
| RB Series 2020 A  | 5.00% | 07/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 238916 |
| RB Series 2020 A  | 5.00% | 07/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp; 389406 |
| RB Series 2021 A  | 5.00% | 07/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 182503 |
| RB Series 2021 A  | 4.00% | 07/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101399 |
| RB Series 2021 A  | 5.00% | 07/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 143822 |
| RB Series 2021 A  | 4.00% | 07/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24656 |
| RB Series 2021 A  | 4.00% | 07/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24296 |
| RB Series 2021 A  | 5.00% | 07/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257541 |
| RB Series 2021 A  | 5.00% | 07/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp; 282994 |
| RB Series 2023 A  | 5.00% | 07/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51033 |
| RB Series 2023 A  | 4.13% | 07/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 605000 | &nbsp;&nbsp; 548443 |
| RB Series 2023 A  | 5.50% | 07/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156943 |
| RB Series 2023 A  | 5.25% | 07/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154089 |
| RB Series 2024 A  | 5.00% | 07/15/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 65562 |
| RB Series 2024 A  | 5.25% | 07/15/59 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154233 |
|  |  |  |  | &nbsp;&nbsp; **35030856** |
| **FLORIDA** 3.1%  | **FLORIDA** 3.1%  | **FLORIDA** 3.1%  | **FLORIDA** 3.1%  | **FLORIDA** 3.1%  |
| **Central Florida Expressway Authority** | **Central Florida Expressway Authority** | **Central Florida Expressway Authority** | **Central Florida Expressway Authority** | **Central Florida Expressway Authority** |
| RB Series 2016 B  | 5.00% | 07/01/33 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51159 |
| RB Series 2016 B  | 5.00% | 07/01/34 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2046374 |
| RB Series 2016 B  | 4.00% | 07/01/35 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 60803 |
| RB Series 2018  | 5.00% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100466 |
| RB Series 2019 A  | 5.00% | 07/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152060 |
| RB Series 2019 B  | 5.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75719 |
| RB Series 2021 D  | 5.00% | 07/01/35 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 286594 |
| RB Series 2024 A  | 5.00% | 07/01/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 207981 |
| RB Series 2024 B  | 5.00% | 07/01/34 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 645000 | &nbsp;&nbsp; 731710 |
| Refunding RB Series 2016 A  | 3.25% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 133862 |
| Refunding RB Series 2016 B  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 61331 |
| Refunding RB Series 2016 B  | 4.00% | 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50341 |
| Refunding RB Series 2016 B  | 4.00% | 07/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 130799 |
| Refunding RB Series 2016 B  | 4.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 130241 |
| Refunding RB Series 2016 B  | 4.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24233 |

---

*See financial notes*

**208**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2017  | 4.00% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 235187 |
| Refunding RB Series 2017  | 5.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126391 |
| Refunding RB Series 2021  | 5.00% | 07/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204677 |
| Refunding RB Series 2021  | 5.00% | 07/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 96059 |
| Refunding RB Series 2021  | 5.00% | 07/01/32 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 127362 |
| Refunding RB Series 2021  | 5.00% | 07/01/33 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 93182 |
| Refunding RB Series 2021  | 4.00% | 07/01/34 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 180424 |
| Refunding RB Series 2021  | 4.00% | 07/01/35 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 281886 |
| Refunding RB Series 2021  | 4.00% | 07/01/39 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 34505 |
| **City of Cape Coral Water & Sewer Revenue** | **City of Cape Coral Water & Sewer Revenue** | **City of Cape Coral Water & Sewer Revenue** | **City of Cape Coral Water & Sewer Revenue** | **City of Cape Coral Water & Sewer Revenue** |
| Refunding Special Assessment Utility Improvement Assessment North 1 West Area <br> Series 2023 <br>| 5.65% | 03/01/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 209240 |
| **City of Fort Lauderdale Water & Sewer Revenue** | **City of Fort Lauderdale Water & Sewer Revenue** | **City of Fort Lauderdale Water & Sewer Revenue** | **City of Fort Lauderdale Water & Sewer Revenue** | **City of Fort Lauderdale Water & Sewer Revenue** |
| RB Series 2023 A  | 5.50% | 09/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 268589 |
| **City of Fort Myers Utility System Revenue** | **City of Fort Myers Utility System Revenue** | **City of Fort Myers Utility System Revenue** | **City of Fort Myers Utility System Revenue** | **City of Fort Myers Utility System Revenue** |
| Refunding RB Series 2019 A  | 4.00% | 10/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 113993 |
| Refunding RB Series 2019 A  | 4.00% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 131474 |
| **City of Gainesville Utilities System Revenue** | **City of Gainesville Utilities System Revenue** | **City of Gainesville Utilities System Revenue** | **City of Gainesville Utilities System Revenue** | **City of Gainesville Utilities System Revenue** |
| RB Series 2017 A  | 5.00% | 10/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 179941 |
| RB Series 2017 A  | 4.00% | 10/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24725 |
| RB Series 2019 A  | 5.00% | 10/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50294 |
| **City of Jacksonville** | **City of Jacksonville** | **City of Jacksonville** | **City of Jacksonville** | **City of Jacksonville** |
| Refunding RB Series 2023 A  | 5.50% | 10/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31462 |
| **City of Lakeland Department of Electric Utilities** | **City of Lakeland Department of Electric Utilities** | **City of Lakeland Department of Electric Utilities** | **City of Lakeland Department of Electric Utilities** | **City of Lakeland Department of Electric Utilities** |
| RB Series 2021  | 5.00% | 10/01/48  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104046 |
| **City of Miami** | **City of Miami** | **City of Miami** | **City of Miami** | **City of Miami** |
| RB Series 2023 A  | 5.00% | 03/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1164285 |
| RB Series 2024 A  | 5.50% | 01/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106398 |
| **City of Miami Beach** | **City of Miami Beach** | **City of Miami Beach** | **City of Miami Beach** | **City of Miami Beach** |
| RB Series 2015  | 5.00% | 09/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 205360 |
| Refunding GO Bonds Series 2019  | 4.00% | 05/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92281 |
| **City of Miami Beach Water & Sewer Revenue** | **City of Miami Beach Water & Sewer Revenue** | **City of Miami Beach Water & Sewer Revenue** | **City of Miami Beach Water & Sewer Revenue** | **City of Miami Beach Water & Sewer Revenue** |
| Refunding RB Series 2017  | 5.00% | 09/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251658 |
| **City of Orlando** | **City of Orlando** | **City of Orlando** | **City of Orlando** | **City of Orlando** |
| RB Covenant Revenues Series 2018 B  | 5.00% | 10/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125597 |
| **City of Port St. Lucie** | **City of Port St. Lucie** | **City of Port St. Lucie** | **City of Port St. Lucie** | **City of Port St. Lucie** |
| Refunding Special Assessment Southwest Annexation Special Assessment District No. 1 <br> Series 2016 <br>| 3.25% | 07/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 116470 |
| **City of Tampa** | **City of Tampa** | **City of Tampa** | **City of Tampa** | **City of Tampa** |
| RB State of Florida Cigarette Tax Revenue Series 2020 A  | 5.00% | 09/01/45 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 102669 |
| Refunding RB University of Tampa, Inc. Series 2020 A  | 4.00% | 04/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 84330 |
| **City of Tampa Water & Wastewater System Revenue** | **City of Tampa Water & Wastewater System Revenue** | **City of Tampa Water & Wastewater System Revenue** | **City of Tampa Water & Wastewater System Revenue** | **City of Tampa Water & Wastewater System Revenue** |
| RB Series 2020 A  | 5.00% | 10/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1165000 | &nbsp;&nbsp; 1180905 |
| RB Series 2022 A  | 5.00% | 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25352 |
| RB Series 2022 A  | 5.25% | 10/01/57 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206799 |
| RB Series 2024  | 5.00% | 10/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104378 |
| **County of Broward Airport System Revenue** | **County of Broward Airport System Revenue** | **County of Broward Airport System Revenue** | **County of Broward Airport System Revenue** | **County of Broward Airport System Revenue** |
| RB Series 2012 Q-1  | 4.00% | 10/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 130026 |
| **County of Broward Convention Center Hotel Revenue** | **County of Broward Convention Center Hotel Revenue** | **County of Broward Convention Center Hotel Revenue** | **County of Broward Convention Center Hotel Revenue** | **County of Broward Convention Center Hotel Revenue** |
| RB Series 2022  | 5.00% | 01/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128562 |

---

*See financial notes*

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

**209**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **County of Broward Tourist Development Tax Revenue** | **County of Broward Tourist Development Tax Revenue** | **County of Broward Tourist Development Tax Revenue** | **County of Broward Tourist Development Tax Revenue** | **County of Broward Tourist Development Tax Revenue** |
| RB Series 2021  | 4.00% | 09/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 85730 |
| RB Series 2021  | 4.00% | 09/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 209261 |
| **County of Broward Water & Sewer Utility Revenue** | **County of Broward Water & Sewer Utility Revenue** | **County of Broward Water & Sewer Utility Revenue** | **County of Broward Water & Sewer Utility Revenue** | **County of Broward Water & Sewer Utility Revenue** |
| RB Series 2019 A  | 5.00% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129849 |
| RB Series 2019 A  | 5.00% | 10/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51713 |
| **County of Hillsborough** | **County of Hillsborough** | **County of Hillsborough** | **County of Hillsborough** | **County of Hillsborough** |
| RB Series 2021  | 3.00% | 08/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 36551 |
| RB Series 2021  | 2.25% | 08/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 89139 |
| **County of Manatee** | **County of Manatee** | **County of Manatee** | **County of Manatee** | **County of Manatee** |
| RB Series 2023  | 5.25% | 10/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 485000 | &nbsp;&nbsp; 508203 |
| Refunding RB Series 2022  | 4.00% | 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 130944 |
| **County of Miami-Dade** | **County of Miami-Dade** | **County of Miami-Dade** | **County of Miami-Dade** | **County of Miami-Dade** |
| GO Bonds Series 2014 A  | 3.75% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 177438 |
| RB Series 2009 C  | 4.76% | 10/01/44 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 293769 |
| RB Series 2023 A  | 5.00% | 04/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253622 |
| Refunding GO Bonds Series 2015 B  | 4.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50007 |
| Refunding GO Bonds Series 2016 A  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 206479 |
| Refunding RB Series 2009 A  | 6.88% | 10/01/34 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 273683 |
| Refunding RB Series 2016  | 4.00% | 10/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 170044 |
| **County of Miami-Dade Aviation Revenue** | **County of Miami-Dade Aviation Revenue** | **County of Miami-Dade Aviation Revenue** | **County of Miami-Dade Aviation Revenue** | **County of Miami-Dade Aviation Revenue** |
| RB Series 2025 B  | 5.25% | 10/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1032452 |
| Refunding RB Series 2015 B  | 5.00% | 10/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75391 |
| Refunding RB Series 2016  | 5.00% | 10/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51249 |
| **County of Miami-Dade Seaport Department** | **County of Miami-Dade Seaport Department** | **County of Miami-Dade Seaport Department** | **County of Miami-Dade Seaport Department** | **County of Miami-Dade Seaport Department** |
| Refunding RB Series 2021 A-2  | 4.00% | 10/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 175299 |
| Refunding RB Series 2021 B-2  | 4.00% | 10/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 112312 |
| **County of Miami-Dade Transit System** | **County of Miami-Dade Transit System** | **County of Miami-Dade Transit System** | **County of Miami-Dade Transit System** | **County of Miami-Dade Transit System** |
| RB Series 2022  | 5.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76277 |
| RB Series 2022  | 5.00% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 116073 |
| RB Series 2022  | 5.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 307435 |
| RB Series 2022  | 5.00% | 07/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp; 391869 |
| RB Series 2022  | 5.00% | 07/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100389 |
| Refunding RB Series 2017  | 4.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 171329 |
| **County of Miami-Dade Water & Sewer System Revenue** | **County of Miami-Dade Water & Sewer System Revenue** | **County of Miami-Dade Water & Sewer System Revenue** | **County of Miami-Dade Water & Sewer System Revenue** | **County of Miami-Dade Water & Sewer System Revenue** |
| RB Series 2017 A  | 4.00% | 10/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 272754 |
| RB Series 2017 A  | 3.38% | 10/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 31491 |
| RB Series 2017 A  | 4.00% | 10/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 17570 |
| RB Series 2019 B  | 3.00% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 178930 |
| RB Series 2019 B  | 4.00% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp; 599219 |
| RB Series 2021  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78874 |
| RB Series 2021  | 4.00% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98111 |
| RB Series 2021  | 4.00% | 10/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 238886 |
| RB Series 2021  | 4.00% | 10/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp; 378924 |
| RB Series 2021  | 3.00% | 10/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 38284 |
| RB Series 2021  | 4.00% | 10/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 22729 |
| RB Series 2021  | 4.00% | 10/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 133019 |
| RB Series 2021  | 5.00% | 10/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20360 |
| RB Series 2021  | 4.00% | 10/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 87155 |
| RB Series 2021  | 4.00% | 10/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 54646 |

---

*See financial notes*

**210**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2024 A  | 4.13% | 10/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 178559 |
| RB Series 2024 B  | 5.00% | 10/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 113729 |
| Refunding RB Series 2015  | 5.00% | 10/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 311558 |
| Refunding RB Series 2015  | 5.00% | 10/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 85465 |
| Refunding RB Series 2017 B  | 4.00% | 10/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 7600000 | &nbsp;&nbsp; 7609792 |
| Refunding RB Series 2017 B  | 4.00% | 10/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49753 |
| Refunding RB Series 2017 B  | 3.13% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 216291 |
| **County of Osceola Transportation Revenue** | **County of Osceola Transportation Revenue** | **County of Osceola Transportation Revenue** | **County of Osceola Transportation Revenue** | **County of Osceola Transportation Revenue** |
| Refunding RB Series 2020 A-1  | 4.00% | 10/01/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 126273 |
| **County of Pasco Water & Sewer Revenue** | **County of Pasco Water & Sewer Revenue** | **County of Pasco Water & Sewer Revenue** | **County of Pasco Water & Sewer Revenue** | **County of Pasco Water & Sewer Revenue** |
| RB Series 2014 B  | 4.00% | 10/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 135349 |
| **Duval County Public Schools** | **Duval County Public Schools** | **Duval County Public Schools** | **Duval County Public Schools** | **Duval County Public Schools** |
| COP Series 2022 A  | 5.00% | 07/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30624 |
| COP Series 2022 A  | 5.00% | 07/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 303507 |
| COP Series 2022 A  | 5.00% | 07/01/29 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 243764 |
| COP Series 2022 A  | 5.00% | 07/01/30 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27451 |
| COP Series 2022 A  | 5.00% | 07/01/31 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54467 |
| COP Series 2022 A  | 5.00% | 07/01/32 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108413 |
| COP Series 2022 A  | 5.00% | 07/01/33 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 43144 |
| **Florida Department of Management Services** | **Florida Department of Management Services** | **Florida Department of Management Services** | **Florida Department of Management Services** | **Florida Department of Management Services** |
| Refunding COP Series 2018 A  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 56631 |
| **Florida Higher Educational Facilities Financing Authority** | **Florida Higher Educational Facilities Financing Authority** | **Florida Higher Educational Facilities Financing Authority** | **Florida Higher Educational Facilities Financing Authority** | **Florida Higher Educational Facilities Financing Authority** |
| Refunding RB Rollins College Series 2020 A  | 3.00% | 12/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 41549 |
| **Florida Insurance Assistance Interlocal Agency, Inc.** | **Florida Insurance Assistance Interlocal Agency, Inc.** | **Florida Insurance Assistance Interlocal Agency, Inc.** | **Florida Insurance Assistance Interlocal Agency, Inc.** | **Florida Insurance Assistance Interlocal Agency, Inc.** |
| RB Guaranty Association, Inc. Series 2023 A-1  | 5.00% | 09/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 222784 |
| RB Guaranty Association, Inc. Series 2023 A-1  | 5.00% | 09/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51177 |
| **Florida Municipal Power Agency** | **Florida Municipal Power Agency** | **Florida Municipal Power Agency** | **Florida Municipal Power Agency** | **Florida Municipal Power Agency** |
| Refunding RB All-Requirements Power Supply Project Revenue Series 2016 A  | 5.00% | 10/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25535 |
| Refunding RB All-Requirements Power Supply Project Revenue Series 2016 A  | 5.00% | 10/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 66359 |
| **Fort Pierce Utilities Authority** | **Fort Pierce Utilities Authority** | **Fort Pierce Utilities Authority** | **Fort Pierce Utilities Authority** | **Fort Pierce Utilities Authority** |
| Refunding RB Series 2022 A  | 4.00% | 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 130067 |
| **Hillsborough County Aviation Authority** | **Hillsborough County Aviation Authority** | **Hillsborough County Aviation Authority** | **Hillsborough County Aviation Authority** | **Hillsborough County Aviation Authority** |
| RB Series 2018 F  | 5.00% | 10/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151325 |
| RB Series 2018 F  | 5.00% | 10/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250120 |
| **JEA Electric System Revenue** | **JEA Electric System Revenue** | **JEA Electric System Revenue** | **JEA Electric System Revenue** | **JEA Electric System Revenue** |
| Refunding RB Series 2017 B  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26224 |
| Refunding RB Series 2017 B  | 5.00% | 10/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52236 |
| Refunding RB Series 2017 B  | 5.00% | 10/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 260981 |
| Refunding RB Series 2017 III-B  | 5.00% | 10/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 165648 |
| Refunding RB Series 2024 3rd  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26747 |
| Refunding RB Series 2024 3rd  | 5.00% | 10/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 311471 |
| Refunding RB Series 2024 A  | 5.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110852 |
| **JEA Water & Sewer System Revenue** | **JEA Water & Sewer System Revenue** | **JEA Water & Sewer System Revenue** | **JEA Water & Sewer System Revenue** | **JEA Water & Sewer System Revenue** |
| Refunding RB Series 2017 A  | 5.00% | 10/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36618 |
| Refunding RB Series 2017 A  | 4.00% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49426 |
| Refunding RB Series 2024 A  | 5.25% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 337078 |
| Refunding RB Series 2024 A  | 5.50% | 10/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 126498 |
| Refunding RB Series 2025 A  | 5.25% | 10/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129722 |

---

*See financial notes*

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

**211**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Lee County School Board** | **Lee County School Board** | **Lee County School Board** | **Lee County School Board** | **Lee County School Board** |
| COP Series 2023 A  | 4.00% | 08/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 88294 |
| COP Series 2023 A  | 4.00% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 219965 |
| **Miami-Dade County Educational Facilities Authority** | **Miami-Dade County Educational Facilities Authority** | **Miami-Dade County Educational Facilities Authority** | **Miami-Dade County Educational Facilities Authority** | **Miami-Dade County Educational Facilities Authority** |
| RB Series 2018 A  | 4.00% | 04/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 28986 |
| RB Series 2018 A  | 5.00% | 04/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50091 |
| Refunding RB Series 2024 A  | 5.00% | 04/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 66098 |
| Refunding RB Series 2024 A  | 5.00% | 04/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 302653 |
| Refunding RB Series 2024 A  | 5.00% | 04/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25078 |
| **Miami-Dade County Expressway Authority** | **Miami-Dade County Expressway Authority** | **Miami-Dade County Expressway Authority** | **Miami-Dade County Expressway Authority** | **Miami-Dade County Expressway Authority** |
| RB Series 2014 A  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 225071 |
| RB Series 2014 A  | 5.00% | 07/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199028 |
| **Mid-Bay Bridge Authority** | **Mid-Bay Bridge Authority** | **Mid-Bay Bridge Authority** | **Mid-Bay Bridge Authority** | **Mid-Bay Bridge Authority** |
| Refunding RB Series 2015 A  | 5.00% | 10/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 55251 |
| **Orange County School Board** | **Orange County School Board** | **Orange County School Board** | **Orange County School Board** | **Orange County School Board** |
| COP Series 2016 C  | 5.00% | 08/01/34 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153610 |
| COP Series 2024 A  | 5.00% | 08/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55979 |
| COP Series 2024 A  | 5.00% | 08/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 95444 |
| **Orlando Utilities Commission** | **Orlando Utilities Commission** | **Orlando Utilities Commission** | **Orlando Utilities Commission** | **Orlando Utilities Commission** |
| RB Series 2023 A  | 5.00% | 10/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 357640 |
| RB Series 2025 A  | 5.00% | 10/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1155000 | &nbsp;&nbsp; 1184273 |
| Refunding RB Series 2013 A  | 5.00% | 10/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 145721 |
| Refunding RB Series 2024 B  | 5.00% | 10/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 163545 |
| Refunding RB Series 2024 B  | 5.00% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 216260 |
| **Palm Beach County School District** | **Palm Beach County School District** | **Palm Beach County School District** | **Palm Beach County School District** | **Palm Beach County School District** |
| COP Series 2020 A  | 5.00% | 08/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107585 |
| COP Series 2020 A  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53544 |
| Refunding COP Series 2017 A  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 146493 |
| Refunding COP Series 2018 C  | 5.00% | 08/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31909 |
| Refunding COP Series 2025 A  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1831164 |
| **School Board of Miami-Dade County** | **School Board of Miami-Dade County** | **School Board of Miami-Dade County** | **School Board of Miami-Dade County** | **School Board of Miami-Dade County** |
| GO Bonds Series 2022 A  | 5.00% | 03/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125421 |
| Refunding COP Series 2015 D  | 5.00% | 02/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50562 |
| Refunding COP Series 2015 D  | 5.00% | 02/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100968 |
| Refunding COP Series 2015 D  | 5.00% | 02/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 65603 |
| Refunding COP Series 2016 C  | 3.25% | 02/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 293589 |
| **School District of Broward County** | **School District of Broward County** | **School District of Broward County** | **School District of Broward County** | **School District of Broward County** |
| COP Series 2020 A  | 5.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 334008 |
| COP Series 2020 A  | 5.00% | 07/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 157743 |
| COP Series 2020 A  | 5.00% | 07/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 539059 |
| COP Series 2020 A  | 5.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 64397 |
| COP Series 2022 B  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp; 522818 |
| GO Bonds Series 2022  | 5.00% | 07/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 166082 |
| Refunding COP Series 2015 A  | 5.00% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75000 |
| Refunding COP Series 2015 A  | 5.00% | 07/01/26 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50020 |
| Refunding COP Series 2019 A  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 116882 |
| Refunding COP Series 2025 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5219240 |
| **South Florida Water Management District** | **South Florida Water Management District** | **South Florida Water Management District** | **South Florida Water Management District** | **South Florida Water Management District** |
| Refunding COP Series 2016  | 5.00% | 10/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 176702 |

---

*See financial notes*

**212**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **State of Florida** | **State of Florida** | **State of Florida** | **State of Florida** | **State of Florida** |
| Refunding GO Bonds Series 2021 A  | 5.00% | 06/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28354 |
| Refunding GO Bonds Series 2021 B  | 5.00% | 06/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30643 |
| Refunding GO Bonds Series 2021 B  | 5.00% | 06/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26705 |
| Refunding GO Bonds Series 2022 B  | 5.00% | 06/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 142935 |
| Refunding GO Bonds Series 2022 C  | 5.00% | 06/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156861 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 06/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 5030000 | &nbsp;&nbsp; 5784330 |
| **State of Florida Department of Transportation Turnpike System Revenue** | **State of Florida Department of Transportation Turnpike System Revenue** | **State of Florida Department of Transportation Turnpike System Revenue** | **State of Florida Department of Transportation Turnpike System Revenue** | **State of Florida Department of Transportation Turnpike System Revenue** |
| RB Series 2022 C  | 5.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 6095000 | &nbsp;&nbsp; 6218494 |
| Refunding RB Series 2022 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 89032 |
| **State of Florida Lottery Revenue** | **State of Florida Lottery Revenue** | **State of Florida Lottery Revenue** | **State of Florida Lottery Revenue** | **State of Florida Lottery Revenue** |
| Refunding RB Series 2016 B  | 5.00% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100000 |
| Refunding RB Series 2017 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 172530 |
| Refunding RB Series 2017 A  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 133340 |
| **Tampa Bay Water** | **Tampa Bay Water** | **Tampa Bay Water** | **Tampa Bay Water** | **Tampa Bay Water** |
| RB Series 2022  | 5.00% | 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35773 |
| RB Series 2024 A  | 5.25% | 10/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4855000 | &nbsp;&nbsp; 5053398 |
| Refunding RB Series 2001 A  | 6.00% | 10/01/29 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 105671 |
| Refunding RB Series 2015 A  | 4.00% | 10/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50118 |
| **Tampa-Hillsborough County Expressway Authority** | **Tampa-Hillsborough County Expressway Authority** | **Tampa-Hillsborough County Expressway Authority** | **Tampa-Hillsborough County Expressway Authority** | **Tampa-Hillsborough County Expressway Authority** |
| Refunding RB Series 2017 B  | 4.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp; 469676 |
|  |  |  |  | &nbsp;&nbsp; **63016462** |
| **GEORGIA** 3.1%  | **GEORGIA** 3.1%  | **GEORGIA** 3.1%  | **GEORGIA** 3.1%  | **GEORGIA** 3.1%  |
| **Atlanta Development Authority** | **Atlanta Development Authority** | **Atlanta Development Authority** | **Atlanta Development Authority** | **Atlanta Development Authority** |
| RB Hotel Motel Tax Series 2015 A-1  | 5.25% | 07/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50003 |
| **Augusta Water & Sewer Revenue** | **Augusta Water & Sewer Revenue** | **Augusta Water & Sewer Revenue** | **Augusta Water & Sewer Revenue** | **Augusta Water & Sewer Revenue** |
| Refunding RB Series 2012  | 3.50% | 10/01/42 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 41516 |
| **City of Atlanta Airport Passenger Facility Charge** | **City of Atlanta Airport Passenger Facility Charge** | **City of Atlanta Airport Passenger Facility Charge** | **City of Atlanta Airport Passenger Facility Charge** | **City of Atlanta Airport Passenger Facility Charge** |
| RB Series 2019 C  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 246802 |
| **City of Atlanta Department of Aviation** | **City of Atlanta Department of Aviation** | **City of Atlanta Department of Aviation** | **City of Atlanta Department of Aviation** | **City of Atlanta Department of Aviation** |
| RB Series 2024 A-1  | 5.00% | 07/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 306120 |
| Refunding RB Series 2020 A  | 5.00% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 130000 |
| Refunding RB Series 2020 A  | 5.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27537 |
| **City of Atlanta Water & Wastewater Revenue** | **City of Atlanta Water & Wastewater Revenue** | **City of Atlanta Water & Wastewater Revenue** | **City of Atlanta Water & Wastewater Revenue** | **City of Atlanta Water & Wastewater Revenue** |
| RB Series 2018 B  | 3.50% | 11/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 252396 |
| RB Series 2018 B  | 5.00% | 11/01/43 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 94937 |
| RB Series 2018 B  | 5.00% | 11/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10054 |
| RB Series 2024  | 5.00% | 11/01/41 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 42862 |
| Refunding RB Series 2015  | 5.00% | 11/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 55109 |
| Refunding RB Series 2015  | 5.00% | 11/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 80145 |
| Refunding RB Series 2015  | 5.00% | 11/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50086 |
| Refunding RB Series 2015  | 5.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 180008 |
| **County of DeKalb Water & Sewerage Revenue** | **County of DeKalb Water & Sewerage Revenue** | **County of DeKalb Water & Sewerage Revenue** | **County of DeKalb Water & Sewerage Revenue** | **County of DeKalb Water & Sewerage Revenue** |
| Refunding RB Series 2022  | 5.00% | 10/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 269488 |
| Refunding RB Series 2022  | 5.00% | 10/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 237863 |
| Refunding RB Series 2022  | 5.00% | 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102166 |

---

*See financial notes*

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

**213**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **County of Fulton Water & Sewerage Revenue** | **County of Fulton Water & Sewerage Revenue** | **County of Fulton Water & Sewerage Revenue** | **County of Fulton Water & Sewerage Revenue** | **County of Fulton Water & Sewerage Revenue** |
| RB Series 2020 A  | 2.25% | 01/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp; 293888 |
| RB Series 2020 A  | 2.25% | 01/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 99109 |
| RB Series 2020 A  | 2.38% | 01/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 132613 |
| **County of Paulding Water & Sewerage Revenue** | **County of Paulding Water & Sewerage Revenue** | **County of Paulding Water & Sewerage Revenue** | **County of Paulding Water & Sewerage Revenue** | **County of Paulding Water & Sewerage Revenue** |
| Refunding RB Series 2016  | 3.00% | 12/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 75133 |
| **Georgia Ports Authority** | **Georgia Ports Authority** | **Georgia Ports Authority** | **Georgia Ports Authority** | **Georgia Ports Authority** |
| RB Series 2021  | 4.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9033 |
| RB Series 2021  | 2.63% | 07/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 63599 |
| RB Series 2021  | 4.00% | 07/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 87272 |
| RB Series 2022  | 4.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 14612 |
| RB Series 2022  | 5.00% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105428 |
| RB Series 2022  | 4.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 403256 |
| RB Series 2022  | 4.00% | 07/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 108532 |
| RB Series 2022  | 5.25% | 07/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103650 |
| **Georgia State Road & Tollway Authority** | **Georgia State Road & Tollway Authority** | **Georgia State Road & Tollway Authority** | **Georgia State Road & Tollway Authority** | **Georgia State Road & Tollway Authority** |
| RB Series 2020  | 5.00% | 06/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 137456 |
| RB Series 2020  | 5.00% | 06/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10903 |
| **Gwinnett County School District** | **Gwinnett County School District** | **Gwinnett County School District** | **Gwinnett County School District** | **Gwinnett County School District** |
| GO Bonds Series 2019  | 5.00% | 02/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4310000 | &nbsp;&nbsp; 4494736 |
| GO Bonds Series 2021  | 4.00% | 02/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25297 |
| GO Bonds Series 2022 B  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 157549 |
| Refunding GO Bonds Series 2025  | 5.00% | 02/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 11015806 |
| Refunding GO Bonds Series 2025  | 5.00% | 02/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 11316307 |
| **Metropolitan Atlanta Rapid Transit Authority** | **Metropolitan Atlanta Rapid Transit Authority** | **Metropolitan Atlanta Rapid Transit Authority** | **Metropolitan Atlanta Rapid Transit Authority** | **Metropolitan Atlanta Rapid Transit Authority** |
| RB Series 2016 B  | 5.00% | 07/01/33 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 122723 |
| RB Series 2016 B  | 5.00% | 07/01/34 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25567 |
| RB Series 2024 A  | 5.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 233186 |
| RB Series 2025 A  | 5.00% | 07/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1027393 |
| Refunding RB Series 2017 C  | 3.25% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92202 |
| Refunding RB Series 2017 C  | 3.50% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9300 |
| Refunding RB Series 2017 C  | 3.25% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp; 349083 |
| **Municipal Electric Authority of Georgia** | **Municipal Electric Authority of Georgia** | **Municipal Electric Authority of Georgia** | **Municipal Electric Authority of Georgia** | **Municipal Electric Authority of Georgia** |
| RB Series 2019 A  | 5.00% | 01/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp; 2573761 |
| RB Series 2019 B  | 5.00% | 01/01/59 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 38613 |
| RB Series 2023 A  | 5.00% | 07/01/55 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249606 |
| RB Series 2023 A  | 5.00% | 07/01/64 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 750922 |
| Refunding RB Series 2016 A  | 5.00% | 01/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40875 |
| Refunding RB Series 2024 A  | 5.25% | 01/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208147 |
| **Private Colleges & Universities Authority** | **Private Colleges & Universities Authority** | **Private Colleges & Universities Authority** | **Private Colleges & Universities Authority** | **Private Colleges & Universities Authority** |
| RB Emory University Series 2023 B  | 5.00% | 09/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 9460000 | &nbsp;&nbsp; 10637796 |
| Refunding RB Emory University Series 2016 B  | 4.00% | 10/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9860 |
| Refunding RB Emory University Series 2019 A  | 5.00% | 09/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 297458 |
| Refunding RB Emory University Series 2020 B  | 5.00% | 09/01/25 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250808 |
| Refunding RB Emory University Series 2020 B  | 4.00% | 09/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 111849 |
| Refunding RB Emory University Series 2020 B  | 4.00% | 09/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 328336 |
| Refunding RB Emory University Series 2022 A  | 5.00% | 09/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111613 |
| **Rockdale County Public Facilities Authority** | **Rockdale County Public Facilities Authority** | **Rockdale County Public Facilities Authority** | **Rockdale County Public Facilities Authority** | **Rockdale County Public Facilities Authority** |
| RB Series 2024  | 5.00% | 01/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41217 |

---

*See financial notes*

**214**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Sandy Springs Public Facilities Authority** | **Sandy Springs Public Facilities Authority** | **Sandy Springs Public Facilities Authority** | **Sandy Springs Public Facilities Authority** | **Sandy Springs Public Facilities Authority** |
| RB Series 2015  | 5.00% | 05/01/41 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 193611 |
| **State of Georgia** | **State of Georgia** | **State of Georgia** | **State of Georgia** | **State of Georgia** |
| GO Bonds Series 2016 A  | 4.00% | 02/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25068 |
| GO Bonds Series 2016 A  | 2.50% | 02/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 93522 |
| GO Bonds Series 2017 A-2  | 5.00% | 02/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206572 |
| GO Bonds Series 2017 A-2  | 3.00% | 02/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96034 |
| GO Bonds Series 2017 A-2  | 4.00% | 02/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 55202 |
| GO Bonds Series 2017 A-2  | 3.00% | 02/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 308955 |
| GO Bonds Series 2018 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36702 |
| GO Bonds Series 2018 A  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 117832 |
| GO Bonds Series 2018 A  | 5.00% | 07/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 180290 |
| GO Bonds Series 2019 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 68161 |
| GO Bonds Series 2019 A  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 198172 |
| GO Bonds Series 2019 A  | 5.00% | 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 255265 |
| GO Bonds Series 2019 A  | 5.00% | 07/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107888 |
| GO Bonds Series 2020 A  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105053 |
| GO Bonds Series 2020 A  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 69740 |
| GO Bonds Series 2020 A  | 5.00% | 08/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3278600 |
| GO Bonds Series 2020 A  | 5.00% | 08/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 137407 |
| GO Bonds Series 2020 A  | 3.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 31886 |
| GO Bonds Series 2022 A  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 313949 |
| GO Bonds Series 2023 A  | 5.00% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100000 |
| Refunding GO Bonds Series 2016 C-1  | 4.00% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100000 |
| Refunding GO Bonds Series 2016 E  | 5.00% | 12/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 55530 |
| Refunding GO Bonds Series 2016 E  | 5.00% | 12/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 237785 |
| Refunding GO Bonds Series 2016 F  | 5.00% | 01/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 106233 |
| Refunding GO Bonds Series 2021 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4194525 |
| Refunding GO Bonds Series 2021 A  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 169154 |
| Refunding GO Bonds Series 2021 A  | 5.00% | 07/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55986 |
| Refunding GO Bonds Series 2021 A  | 4.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 108485 |
| Refunding GO Bonds Series 2021 A  | 4.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 205948 |
| Refunding GO Bonds Series 2022 C  | 4.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 83398 |
| Refunding GO Bonds Series 2022 C  | 4.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 94644 |
| Refunding GO Bonds Series 2023 C  | 4.00% | 01/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp; 300432 |
| Refunding GO Bonds Series 2023 C  | 5.00% | 01/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 3345000 | &nbsp;&nbsp; 3817865 |
| **Valdosta & Lowndes County Hospital Authority** | **Valdosta & Lowndes County Hospital Authority** | **Valdosta & Lowndes County Hospital Authority** | **Valdosta & Lowndes County Hospital Authority** | **Valdosta & Lowndes County Hospital Authority** |
| RB South Georgia Medical Center Obligated Group Series 2024  | 5.00% | 10/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 121685 |
|  |  |  |  | &nbsp;&nbsp; **63973165** |
| **HAWAII** 0.2%  | **HAWAII** 0.2%  | **HAWAII** 0.2%  | **HAWAII** 0.2%  | **HAWAII** 0.2%  |
| **City & County Honolulu Wastewater System Revenue** | **City & County Honolulu Wastewater System Revenue** | **City & County Honolulu Wastewater System Revenue** | **City & County Honolulu Wastewater System Revenue** | **City & County Honolulu Wastewater System Revenue** |
| RB Series 2015 A  | 5.00% | 07/01/40 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200000 |
| RB Series 2018 A  | 4.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 938497 |
| RB Series 2022 A  | 5.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 245871 |
| RB Series 2024 A  | 5.25% | 07/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156343 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 162375 |
| **City & County of Honolulu** | **City & County of Honolulu** | **City & County of Honolulu** | **City & County of Honolulu** | **City & County of Honolulu** |
| GO Bonds Series 2015 A  | 5.00% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 180096 |
| GO Bonds Series 2019 A  | 5.00% | 09/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 92462 |

---

*See financial notes*

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

**215**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2019 A  | 5.00% | 09/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 210228 |
| GO Bonds Series 2019 A  | 5.00% | 09/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53238 |
| GO Bonds Series 2021 E  | 5.00% | 03/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 233895 |
| GO Bonds Series 2021 E  | 5.00% | 03/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 217528 |
| GO Bonds Series 2021 E  | 5.00% | 03/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 274837 |
| GO Bonds Series 2021 E  | 5.00% | 03/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55707 |
| Refunding GO Bonds Series 2020 B  | 5.00% | 03/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 162348 |
| Refunding GO Bonds Series 2020 B  | 5.00% | 03/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54075 |
| **State of Hawaii** | **State of Hawaii** | **State of Hawaii** | **State of Hawaii** | **State of Hawaii** |
| GO Bonds Series 2014 EO  | 5.00% | 08/01/25 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 110175 |
| GO Bonds Series 2016 FB  | 3.00% | 04/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 58428 |
| GO Bonds Series 2017 FK  | 5.00% | 05/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52027 |
| GO Bonds Series 2017 FK  | 5.00% | 05/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103915 |
| GO Bonds Series 2017 FK  | 4.00% | 05/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101401 |
| GO Bonds Series 2017 FK  | 4.00% | 05/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25262 |
| GO Bonds Series 2017 FK  | 5.00% | 05/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154514 |
| GO Bonds Series 2018 FT  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25891 |
| GO Bonds Series 2018 FT  | 5.00% | 01/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 37024 |
| GO Bonds Series 2018 FT  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 98172 |
| GO Bonds Series 2018 FT  | 5.00% | 01/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102637 |
| GO Bonds Series 2019 FW  | 5.00% | 01/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 58660 |
| Refunding GO Bonds Series 2016 FE  | 5.00% | 10/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204418 |
| Refunding GO Bonds Series 2016 FH  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 164757 |
| Refunding GO Bonds Series 2016 FH  | 5.00% | 10/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154039 |
| Refunding GO Bonds Series 2016 FH  | 4.00% | 10/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50327 |
| **State of Hawaii Airports System Revenue** | **State of Hawaii Airports System Revenue** | **State of Hawaii Airports System Revenue** | **State of Hawaii Airports System Revenue** | **State of Hawaii Airports System Revenue** |
| Refunding RB Series 2020 D  | 5.00% | 07/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 86672 |
| Refunding RB Series 2020 D  | 5.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 124031 |
|  |  |  |  | &nbsp;&nbsp; **4949850** |
| **IDAHO** 0.1%  | **IDAHO** 0.1%  | **IDAHO** 0.1%  | **IDAHO** 0.1%  | **IDAHO** 0.1%  |
| **Idaho Housing & Finance Association** | **Idaho Housing & Finance Association** | **Idaho Housing & Finance Association** | **Idaho Housing & Finance Association** | **Idaho Housing & Finance Association** |
| RB Department of Transportation Transportation Expansion & Congestion Series 2022 A  | 5.00% | 08/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153597 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 08/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 338954 |
| Refunding RB Series 2021 A  | 5.00% | 07/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 43266 |
| **Idaho State Building Authority** | **Idaho State Building Authority** | **Idaho State Building Authority** | **Idaho State Building Authority** | **Idaho State Building Authority** |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 06/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153022 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 06/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261339 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 06/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 375690 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 06/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 22616 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 06/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 261434 |
| RB Sales Tax Revenue Series 2025 A  | 5.00% | 06/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 85408 |
| RB Sales Tax Revenue Series 2025 A  | 5.00% | 06/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 33149 |
| RB Sales Tax Revenue Series 2025 A  | 5.00% | 06/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 314166 |
|  |  |  |  | &nbsp;&nbsp; **2042641** |

---

*See financial notes*

**216**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **ILLINOIS** 5.0%  | **ILLINOIS** 5.0%  | **ILLINOIS** 5.0%  | **ILLINOIS** 5.0%  | **ILLINOIS** 5.0%  |
| **Chicago Board of Education Dedicated Capital Improvement Tax** | **Chicago Board of Education Dedicated Capital Improvement Tax** | **Chicago Board of Education Dedicated Capital Improvement Tax** | **Chicago Board of Education Dedicated Capital Improvement Tax** | **Chicago Board of Education Dedicated Capital Improvement Tax** |
| RB Series 2017  | 6.10% | 04/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 237260 |
| RB Series 2017  | 6.00% | 04/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101432 |
| RB Series 2023  | 5.00% | 04/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 197172 |
| **Chicago Midway International Airport** | **Chicago Midway International Airport** | **Chicago Midway International Airport** | **Chicago Midway International Airport** | **Chicago Midway International Airport** |
| Refunding RB Series 2016 B  | 5.00% | 01/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199705 |
| Refunding RB Series 2023 B  | 5.00% | 01/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50522 |
| Refunding RB Series 2023 B  | 5.00% | 01/01/35 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 188245 |
| **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** |
| RB Series 2017 D  | 5.00% | 01/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1993150 |
| RB Series 2018 B  | 5.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10403 |
| RB Series 2018 B  | 5.00% | 01/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103341 |
| RB Series 2018 B  | 5.00% | 01/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 123416 |
| RB Series 2018 B  | 5.00% | 01/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2525000 | &nbsp;&nbsp; 2526505 |
| RB Series 2018 B  | 4.00% | 01/01/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 85996 |
| RB Series 2018 B  | 5.00% | 01/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 214166 |
| RB Series 2022 B  | 4.50% | 01/01/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 32430 |
| RB Series 2022 B  | 5.25% | 01/01/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253451 |
| RB Series 2024 B  | 5.00% | 01/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203306 |
| RB Series 2024 B  | 5.25% | 01/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 409745 |
| RB Series 2024 B  | 5.50% | 01/01/59 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 366683 |
| Refunding RB Series 2016 B  | 5.00% | 01/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 205280 |
| Refunding RB Series 2016 C  | 5.00% | 01/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40363 |
| Refunding RB Series 2016 C  | 5.00% | 01/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100585 |
| Refunding RB Series 2017 B  | 5.00% | 01/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 112167 |
| Refunding RB Series 2017 B  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101462 |
| Refunding RB Series 2017 B  | 5.00% | 01/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 171716 |
| Refunding RB Series 2020 A  | 5.00% | 01/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 165746 |
| Refunding RB Series 2020 A  | 4.00% | 01/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 503099 |
| Refunding RB Series 2020 A  | 5.00% | 01/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 276012 |
| Refunding RB Series 2020 A  | 4.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5005 |
| Refunding RB Series 2020 A  | 4.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24770 |
| Refunding RB Series 2020 A  | 4.00% | 01/01/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 599378 |
| Refunding RB Series 2022 D  | 5.00% | 01/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 129193 |
| Refunding RB Series 2024 D  | 5.00% | 01/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 528286 |
| Refunding RB Series 2024 D  | 5.00% | 01/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 975000 | &nbsp;&nbsp; 1049697 |
| Refunding RB Series 2024 D  | 5.00% | 01/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 223554 |
| Refunding RB Series 2024 D  | 5.00% | 01/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 101059 |
| **Chicago Transit Authority Capital Grant Receipts Revenue** | **Chicago Transit Authority Capital Grant Receipts Revenue** | **Chicago Transit Authority Capital Grant Receipts Revenue** | **Chicago Transit Authority Capital Grant Receipts Revenue** | **Chicago Transit Authority Capital Grant Receipts Revenue** |
| Refunding RB Series 2021  | 5.00% | 06/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 83708 |
| **Chicago Transit Authority Sales Tax Receipts Fund** | **Chicago Transit Authority Sales Tax Receipts Fund** | **Chicago Transit Authority Sales Tax Receipts Fund** | **Chicago Transit Authority Sales Tax Receipts Fund** | **Chicago Transit Authority Sales Tax Receipts Fund** |
| RB Series 2017  | 5.00% | 12/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 95109 |
| RB Series 2017  | 5.00% | 12/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 252390 |
| Refunding RB Series 2020 A  | 5.00% | 12/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 135596 |
| Refunding RB Series 2020 A  | 4.00% | 12/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 29081 |
| Refunding RB Series 2020 A  | 5.00% | 12/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 83302 |
| Refunding RB Series 2022 A  | 5.00% | 12/01/46 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76394 |
| Refunding RB Series 2022 A  | 4.00% | 12/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 80496 |
| Refunding RB Series 2022 A  | 5.00% | 12/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24630 |

---

*See financial notes*

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

**217**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2022 A  | 5.00% | 12/01/57 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 979495 |
| Refunding RB Series 2024 A  | 5.00% | 12/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp; 545353 |
| Refunding RB Series 2024 A  | 5.00% | 12/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 213782 |
| Refunding RB Series 2024 A  | 5.00% | 12/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5270000 | &nbsp;&nbsp; 5276050 |
| **City of Chicago** | **City of Chicago** | **City of Chicago** | **City of Chicago** | **City of Chicago** |
| GO Bonds Series 1999  | 4.54% | 01/01/34 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 42218 |
| GO Bonds Series 2019 A  | 5.50% | 01/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 207599 |
| GO Bonds Series 2019 A  | 5.00% | 01/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp; 651168 |
| GO Bonds Series 2019 A  | 5.00% | 01/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 247346 |
| GO Bonds Series 2019 A  | 5.00% | 01/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 160195 |
| GO Bonds Series 2019 A  | 5.50% | 01/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp; 1440041 |
| GO Bonds Series 2023 A  | 5.00% | 01/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 286237 |
| GO Bonds Series 2023 A  | 4.00% | 01/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 91941 |
| GO Bonds Series 2023 A  | 5.00% | 01/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51684 |
| GO Bonds Series 2023 A  | 5.25% | 01/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35806 |
| GO Bonds Series 2023 A  | 5.50% | 01/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 502824 |
| GO Bonds Series 2024 A  | 5.00% | 01/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 108578 |
| GO Bonds Series 2025 B  | 5.50% | 01/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1547840 |
| Refunding GO Bonds Series 2020 A  | 5.00% | 01/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 187845 |
| Refunding GO Bonds Series 2020 A  | 5.00% | 01/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105104 |
| Refunding GO Bonds Series 2021 A  | 5.00% | 01/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26017 |
| Refunding GO Bonds Series 2021 A  | 4.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23541 |
| Refunding GO Bonds Series 2024 B  | 5.00% | 01/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 265147 |
| **City of Chicago Wastewater Transmission Revenue** | **City of Chicago Wastewater Transmission Revenue** | **City of Chicago Wastewater Transmission Revenue** | **City of Chicago Wastewater Transmission Revenue** | **City of Chicago Wastewater Transmission Revenue** |
| RB Series 2017 A  | 4.00% | 01/01/52 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1691418 |
| RB Series 2023 A  | 5.25% | 01/01/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206384 |
| RB Series 2023 A  | 5.25% | 01/01/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50750 |
| RB Series 2023 A  | 5.25% | 01/01/58 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 177393 |
| **City of Chicago Waterworks Revenue** | **City of Chicago Waterworks Revenue** | **City of Chicago Waterworks Revenue** | **City of Chicago Waterworks Revenue** | **City of Chicago Waterworks Revenue** |
| RB Series 1999  | 5.00% | 11/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 198768 |
| Refunding RB Series 2023 B  | 5.00% | 11/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 49560 |
| Refunding RB Series 2023 B  | 5.00% | 11/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 113025 |
| Refunding RB Series 2023 B  | 5.00% | 11/01/36 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53369 |
| Refunding RB Series 2023 B  | 4.00% | 11/01/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 232794 |
| **County of Cook** | **County of Cook** | **County of Cook** | **County of Cook** | **County of Cook** |
| Refunding GO Bonds Series 2016 A  | 5.00% | 11/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 71976 |
| Refunding GO Bonds Series 2021 A  | 5.00% | 11/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106983 |
| Refunding GO Bonds Series 2021 A  | 5.00% | 11/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 81225 |
| Refunding GO Bonds Series 2022 A  | 5.00% | 11/15/25  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 130873 |
| **County of Cook Sales Tax Revenue** | **County of Cook Sales Tax Revenue** | **County of Cook Sales Tax Revenue** | **County of Cook Sales Tax Revenue** | **County of Cook Sales Tax Revenue** |
| Refunding RB Series 2021 A  | 4.00% | 11/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 231631 |
| Refunding RB Series 2021 A  | 4.00% | 11/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 205284 |
| Refunding RB Series 2022 A  | 5.25% | 11/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51592 |
| Refunding RB Series 2024  | 5.00% | 11/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256145 |
| **County of Will** | **County of Will** | **County of Will** | **County of Will** | **County of Will** |
| GO Bonds Series 2016  | 5.00% | 11/15/45 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 256966 |
| **Illinois Finance Authority** | **Illinois Finance Authority** | **Illinois Finance Authority** | **Illinois Finance Authority** | **Illinois Finance Authority** |
| RB University of Chicago Series 2023 A  | 5.25% | 05/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128246 |
| RB University of Chicago Series 2023 A  | 5.25% | 05/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152321 |
| RB Water Revolving Fund - Clean Water Program Series 2020  | 4.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24804 |

---

*See financial notes*

**218**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Water Revolving Fund - Clean Water Program Series 2020  | 4.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 14555 |
| RB Water Revolving Fund - Clean Water Program Series 2025 A  | 5.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261799 |
| Refunding RB DePaul University Series 2016 A  | 4.00% | 10/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47671 |
| Refunding RB University of Chicago Series 2021 A  | 5.00% | 10/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25117 |
| Refunding RB University of Chicago Series 2024 A  | 5.00% | 04/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27466 |
| Refunding RB University of Chicago Series 2024 A  | 5.00% | 04/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 204675 |
| Refunding RB University of Chicago Series 2024 A  | 5.00% | 04/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 183821 |
| Refunding RB University of Chicago Series 2024 B  | 5.00% | 04/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27801 |
| Refunding RB University of Chicago Series 2024 B  | 5.00% | 04/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 11140637 |
| Refunding RB University of Chicago Series 2024 B  | 5.00% | 04/01/36  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 277822 |
| **Illinois Municipal Electric Agency** | **Illinois Municipal Electric Agency** | **Illinois Municipal Electric Agency** | **Illinois Municipal Electric Agency** | **Illinois Municipal Electric Agency** |
| Refunding RB Series 2015 A  | 4.00% | 02/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300000 |
| **Illinois State Toll Highway Authority** | **Illinois State Toll Highway Authority** | **Illinois State Toll Highway Authority** | **Illinois State Toll Highway Authority** | **Illinois State Toll Highway Authority** |
| RB Series 2014 C  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50023 |
| RB Series 2015 A  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125058 |
| RB Series 2015 A  | 5.00% | 01/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 224987 |
| RB Series 2015 B  | 5.00% | 01/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 274031 |
| RB Series 2016 B  | 5.00% | 01/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1155000 | &nbsp;&nbsp; 1149739 |
| RB Series 2017 A  | 5.00% | 01/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100637 |
| RB Series 2019 A  | 5.00% | 01/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp; 2116200 |
| RB Series 2020 A  | 5.00% | 01/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 504680 |
| RB Series 2021 A  | 4.00% | 01/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp; 666082 |
| RB Series 2021 A  | 5.00% | 01/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 132366 |
| RB Series 2021 A  | 4.00% | 01/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp; 458224 |
| RB Series 2021 A  | 5.00% | 01/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 303481 |
| RB Series 2023 A  | 5.00% | 01/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp; 435242 |
| Refunding RB Series 2016 A  | 5.00% | 12/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 115898 |
| Refunding RB Series 2016 A  | 5.00% | 12/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 130944 |
| Refunding RB Series 2019 A  | 5.00% | 01/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107419 |
| Refunding RB Series 2019 B  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 2130000 | &nbsp;&nbsp; 2206526 |
| Refunding RB Series 2019 B  | 5.00% | 01/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 65121 |
| Refunding RB Series 2019 C  | 5.00% | 01/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 404377 |
| Refunding RB Series 2019 C  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77695 |
| Refunding RB Series 2019 C  | 5.00% | 01/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 63305 |
| Refunding RB Series 2019 C  | 5.00% | 01/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 209467 |
| Refunding RB Series 2019 C  | 5.00% | 01/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 545618 |
| Refunding RB Series 2019 C  | 5.00% | 01/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 103108 |
| Refunding RB Series 2024 A  | 5.00% | 01/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 1025000 | &nbsp;&nbsp; 1144710 |
| Refunding RB Series 2024 A  | 5.00% | 01/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp; 462321 |
| Refunding RB Series 2024 A  | 5.00% | 01/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55835 |
| Refunding RB Series 2024 A  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp; 518061 |
| Refunding RB Series 2024 A  | 5.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1215000 | &nbsp;&nbsp; 1322230 |
| Refunding RB Series 2024 A  | 5.00% | 01/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 139663 |
| Refunding RB Series 2024 A  | 5.00% | 01/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 175719 |
| **Metropolitan Pier & Exposition Authority** | **Metropolitan Pier & Exposition Authority** | **Metropolitan Pier & Exposition Authority** | **Metropolitan Pier & Exposition Authority** | **Metropolitan Pier & Exposition Authority** |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2002 A  | 3.53% | 12/15/30 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 61397 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2002 A  | 3.45% | 12/15/31 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 23507 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2002 A  | 3.76% | 06/15/32 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 53570 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2002 A  | 4.62% | 12/15/32 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 186961 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2002 A  | 3.69% | 06/15/33 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 189607 |

---

*See financial notes*

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

**219**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2002 A  | 4.37% | 06/15/34 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp; 412977 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2002 A  | 4.27% | 06/15/35 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 223739 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2002 A  | 4.30% | 06/15/37 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 35252 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2002 A  | 4.11% | 06/15/38 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp; 253691 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2002 A  | 4.08% | 12/15/38 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 115015 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2002 A  | 4.24% | 06/15/39 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 51588 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2002 A  | 4.43% | 12/15/39 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 99975 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2012 B  | 4.33% | 12/15/41 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 32745 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2012 B  | 4.60% | 12/15/51 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp; 101465 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2015 A  | 4.45% | 12/15/52 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 11912 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2015 A  | 5.00% | 06/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96979 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2017 A  | 5.00% | 06/15/57 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp; 511142 |
| Refunding RB State of Illinois McCormick Place Expansion Project Fund Series 1994 A  | 3.60% | 06/15/28 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 203190 |
| Refunding RB State of Illinois McCormick Place Expansion Project Fund Series 2010  | 4.80% | 06/15/43 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 101901 |
| Refunding RB State of Illinois McCormick Place Expansion Project Fund Series 2010  | 4.51% | 06/15/44 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 57426 |
| Refunding RB State of Illinois McCormick Place Expansion Project Fund Series 2010  | 4.56% | 06/15/45 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 217152 |
| Refunding RB State of Illinois McCormick Place Expansion Project Fund Series 2010  | 4.69% | 06/15/46 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 68604 |
| Refunding RB State of Illinois McCormick Place Expansion Project Fund Series 2010  | 4.86% | 06/15/47 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 735000 | &nbsp;&nbsp; 238251 |
| Refunding RB State of Illinois McCormick Place Expansion Project Fund Series 2017 B  | 5.51% | 12/15/56 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 71244 |
| Refunding RB State of Illinois McCormick Place Expansion Project Fund Series 2020 A  | 4.00% | 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 103271 |
| Refunding RB State of Illinois McCormick Place Expansion Project Fund Series 2020 A  | 5.00% | 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp; 362313 |
| Refunding RB State of Illinois McCormick Place Expansion Project Fund Series 2020 B  | 5.00% | 06/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 505158 |
| Refunding RB State of Illinois McCormick Place Expansion Project Fund Series 2022 A  | 4.00% | 12/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2045000 | &nbsp;&nbsp; 1727473 |
| Refunding RB State of Illinois McCormick Place Expansion Project Fund Series 2022 A  | 4.00% | 06/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 44778 |
| Refunding RB State of Illinois McCormick Place Expansion Project Fund Series 2024 B  | 4.00% | 12/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202462 |
| **Metropolitan Water Reclamation District of Greater Chicago** | **Metropolitan Water Reclamation District of Greater Chicago** | **Metropolitan Water Reclamation District of Greater Chicago** | **Metropolitan Water Reclamation District of Greater Chicago** | **Metropolitan Water Reclamation District of Greater Chicago** |
| GO Bonds Series 2016 C  | 5.00% | 12/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101541 |
| GO Bonds Series 2024 A  | 5.00% | 12/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 91541 |
| Refunding GO Bonds Series 2007 C  | 5.25% | 12/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 182733 |
| Refunding GO Bonds Series 2016 A  | 5.00% | 12/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 105925 |
| Refunding GO Bonds Series 2016 A  | 5.00% | 12/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 133542 |
| Refunding GO Bonds Series 2016 A  | 5.00% | 12/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15396 |
| Refunding GO Bonds Series 2016 A  | 5.00% | 12/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 117940 |
| Refunding GO Bonds Series 2016 A  | 5.00% | 12/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 97269 |
| Refunding GO Bonds Series 2021 C  | 5.00% | 12/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 44162 |
| Refunding GO Bonds Series 2021 C  | 5.00% | 12/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111653 |
| **Northern Illinois Municipal Power Agency** | **Northern Illinois Municipal Power Agency** | **Northern Illinois Municipal Power Agency** | **Northern Illinois Municipal Power Agency** | **Northern Illinois Municipal Power Agency** |
| Refunding RB Series 2016 A  | 4.00% | 12/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 68936 |
| **Regional Transportation Authority** | **Regional Transportation Authority** | **Regional Transportation Authority** | **Regional Transportation Authority** | **Regional Transportation Authority** |
| RB Series 2004 A  | 5.75% | 06/01/34 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 564034 |
| **Sales Tax Securitization Corp.** | **Sales Tax Securitization Corp.** | **Sales Tax Securitization Corp.** | **Sales Tax Securitization Corp.** | **Sales Tax Securitization Corp.** |
| Refunding RB Series 2018 C  | 5.50% | 01/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 37472 |
| Refunding RB Series 2018 C  | 5.00% | 01/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151238 |
| Refunding RB Series 2020 A  | 5.00% | 01/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50401 |
| Refunding RB Series 2020 A  | 5.00% | 01/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 62816 |
| Refunding RB Series 2020 A  | 5.00% | 01/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 161581 |
| Refunding RB Series 2020 A  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36639 |
| Refunding RB Series 2020 A  | 5.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 270814 |
| Refunding RB Series 2020 A  | 4.00% | 01/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 205502 |
| Refunding RB Series 2021 A  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp; 549520 |

---

*See financial notes*

**220**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2021 A  | 5.00% | 01/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108828 |
| Refunding RB Series 2021 A  | 5.00% | 01/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 137123 |
| Refunding RB Series 2021 A  | 5.00% | 01/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 33092 |
| Refunding RB Series 2023 A  | 5.00% | 01/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 387777 |
| Refunding RB Series 2023 A  | 5.00% | 01/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp; 712326 |
| Refunding RB Series 2023 A  | 5.00% | 01/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40408 |
| Refunding RB Series 2023 C  | 5.00% | 01/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 142376 |
| Refunding RB Series 2023 C  | 5.00% | 01/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54364 |
| Refunding RB Series 2024 A  | 5.00% | 01/01/35  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 329270 |
| Refunding RB Series 2024 A  | 5.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 200699 |
| **State of Illinois** | **State of Illinois** | **State of Illinois** | **State of Illinois** | **State of Illinois** |
| GO Bonds Series 2017 A  | 5.00% | 12/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 138695 |
| GO Bonds Series 2017 A  | 4.50% | 12/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1260000 | &nbsp;&nbsp; 1201627 |
| GO Bonds Series 2017 C  | 5.00% | 11/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp; 853062 |
| GO Bonds Series 2017 D  | 5.00% | 11/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 296783 |
| GO Bonds Series 2017 D  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 307400 |
| GO Bonds Series 2017 D  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 245544 |
| GO Bonds Series 2017 D  | 5.00% | 11/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155396 |
| GO Bonds Series 2019 A  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 130063 |
| GO Bonds Series 2019 B  | 5.00% | 11/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52907 |
| GO Bonds Series 2019 B  | 4.00% | 11/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92876 |
| GO Bonds Series 2020  | 5.50% | 05/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 100564 |
| GO Bonds Series 2020  | 5.50% | 05/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 277708 |
| GO Bonds Series 2020  | 5.75% | 05/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 259612 |
| GO Bonds Series 2020 B  | 5.00% | 10/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53706 |
| GO Bonds Series 2020 B  | 5.00% | 10/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 240695 |
| GO Bonds Series 2020 B  | 4.00% | 10/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 248452 |
| GO Bonds Series 2020 C  | 4.00% | 10/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94336 |
| GO Bonds Series 2020 C  | 4.00% | 10/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 88692 |
| GO Bonds Series 2020 C  | 4.25% | 10/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 267998 |
| GO Bonds Series 2021 A  | 5.00% | 03/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104741 |
| GO Bonds Series 2021 A  | 5.00% | 03/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp; 775187 |
| GO Bonds Series 2021 A  | 4.00% | 03/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp; 346299 |
| GO Bonds Series 2021 A  | 4.00% | 03/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9214 |
| GO Bonds Series 2021 A  | 4.00% | 03/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1065000 | &nbsp;&nbsp; 964167 |
| GO Bonds Series 2021 A  | 5.00% | 03/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 148981 |
| GO Bonds Series 2021 B  | 5.00% | 03/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25746 |
| GO Bonds Series 2022 A  | 5.00% | 03/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 60727 |
| GO Bonds Series 2022 A  | 5.00% | 03/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 190519 |
| GO Bonds Series 2022 A  | 5.00% | 03/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 57484 |
| GO Bonds Series 2022 A  | 5.00% | 03/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 167025 |
| GO Bonds Series 2022 A  | 5.00% | 03/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53505 |
| GO Bonds Series 2022 A  | 5.25% | 03/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106175 |
| GO Bonds Series 2022 A  | 5.25% | 03/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 158216 |
| GO Bonds Series 2022 A  | 5.50% | 03/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 182705 |
| GO Bonds Series 2022 A  | 5.50% | 03/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153190 |
| GO Bonds Series 2022 C  | 5.50% | 10/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26300 |
| GO Bonds Series 2022 C  | 5.25% | 10/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 236940 |
| GO Bonds Series 2023 B  | 5.00% | 05/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 267081 |
| GO Bonds Series 2023 B  | 5.00% | 12/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 122607 |

---

*See financial notes*

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

**221**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2023 B  | 5.00% | 05/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 48164 |
| GO Bonds Series 2023 B  | 5.00% | 05/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 118375 |
| GO Bonds Series 2023 B  | 5.00% | 05/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 65087 |
| GO Bonds Series 2023 B  | 5.00% | 05/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 260377 |
| GO Bonds Series 2023 B  | 5.00% | 05/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp; 558893 |
| GO Bonds Series 2023 B  | 5.00% | 12/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 158920 |
| GO Bonds Series 2023 B  | 5.00% | 05/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156963 |
| GO Bonds Series 2023 B  | 5.25% | 05/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1054851 |
| GO Bonds Series 2023 B  | 5.00% | 12/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 192939 |
| GO Bonds Series 2023 B  | 5.25% | 05/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103514 |
| GO Bonds Series 2023 B  | 5.50% | 05/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35746 |
| GO Bonds Series 2023 C  | 5.00% | 12/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4119669 |
| GO Bonds Series 2023 C  | 5.00% | 12/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 261230 |
| GO Bonds Series 2024 B  | 5.00% | 05/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10789 |
| GO Bonds Series 2024 B  | 5.00% | 05/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 132212 |
| GO Bonds Series 2024 B  | 5.00% | 05/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 87579 |
| GO Bonds Series 2024 B  | 5.00% | 05/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 158176 |
| GO Bonds Series 2024 B  | 5.25% | 05/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41091 |
| GO Bonds Series 2024 B  | 5.25% | 05/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 81747 |
| GO Bonds Series 2024 B  | 5.25% | 05/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251992 |
| Refunding GO Bonds Series 2016  | 5.00% | 02/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 4530000 | &nbsp;&nbsp; 4658646 |
| Refunding GO Bonds Series 2016  | 5.00% | 02/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51292 |
| Refunding GO Bonds Series 2016  | 5.00% | 02/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp; 414872 |
| Refunding GO Bonds Series 2016  | 4.00% | 02/01/30 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 135700 |
| Refunding GO Bonds Series 2016  | 4.00% | 02/01/31 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100253 |
| Refunding GO Bonds Series 2018 A  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129636 |
| Refunding GO Bonds Series 2018 A  | 5.00% | 10/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp; 601362 |
| Refunding GO Bonds Series 2018 B  | 5.00% | 10/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104585 |
| Refunding GO Bonds Series 2022 B  | 5.00% | 03/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 161599 |
| Refunding GO Bonds Series 2023 D  | 5.00% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75000 |
| Refunding GO Bonds Series 2023 D  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77671 |
| Refunding GO Bonds Series 2023 D  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 120701 |
| Refunding GO Bonds Series 2023 D  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 217641 |
| Refunding GO Bonds Series 2023 D  | 5.00% | 07/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 59409 |
| Refunding GO Bonds Series 2023 D  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 244259 |
| Refunding GO Bonds Series 2023 D  | 5.00% | 07/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4080000 | &nbsp;&nbsp; 4399752 |
| Refunding GO Bonds Series 2023 D  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106286 |
| Refunding GO Bonds Series 2023 D  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 755000 | &nbsp;&nbsp; 796000 |
| Refunding GO Bonds Series 2023 D  | 4.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 245683 |
| Refunding GO Bonds Series 2024  | 5.00% | 02/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30310 |
| Refunding GO Bonds Series 2024  | 5.00% | 02/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31320 |
| Refunding GO Bonds Series 2024  | 5.00% | 02/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 89828 |
| Refunding GO Bonds Series 2024  | 5.00% | 02/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26694 |
| Refunding GO Bonds Series 2024  | 5.00% | 02/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 43084 |
| Refunding GO Bonds Series 2024  | 5.00% | 02/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 271969 |
| Refunding GO Bonds Series 2024  | 5.00% | 02/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104416 |
| **State of Illinois Sales Tax Revenue** | **State of Illinois Sales Tax Revenue** | **State of Illinois Sales Tax Revenue** | **State of Illinois Sales Tax Revenue** | **State of Illinois Sales Tax Revenue** |
| RB Series 2024 A  | 5.00% | 06/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 118973 |
| RB Series 2024 A  | 5.00% | 06/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27438 |
| RB Series 2024 A  | 5.00% | 06/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 357694 |

---

*See financial notes*

**222**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2024 B  | 5.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 277494 |
| RB Series 2024 B  | 5.00% | 06/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp; 409729 |
| RB Series 2024 B  | 5.00% | 06/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 428060 |
| RB Series 2024 C  | 5.00% | 06/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204816 |
| RB Series 2025 A  | 5.00% | 06/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 168905 |
| RB Series 2025 B  | 5.00% | 06/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108510 |
| RB Series 2025 B  | 5.00% | 06/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 529813 |
| RB Series 2025 B  | 5.00% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 83903 |
| RB Series 2025 C  | 5.00% | 06/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126981 |
| **University of Illinois** | **University of Illinois** | **University of Illinois** | **University of Illinois** | **University of Illinois** |
| Refunding RB Auxiliary Facilities System Series 2018 A  | 4.13% | 04/01/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 89092 |
| **Village of Rosemont** | **Village of Rosemont** | **Village of Rosemont** | **Village of Rosemont** | **Village of Rosemont** |
| GO Bonds Series 2017 A  | 5.00% | 12/01/46 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152873 |
| **Village of Schaumburg** | **Village of Schaumburg** | **Village of Schaumburg** | **Village of Schaumburg** | **Village of Schaumburg** |
| Refunding GO Bonds Series 2013 A  | 4.00% | 12/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46844 |
| **Will County Community High School District No. 210 Lincoln-Way** | **Will County Community High School District No. 210 Lincoln-Way** | **Will County Community High School District No. 210 Lincoln-Way** | **Will County Community High School District No. 210 Lincoln-Way** | **Will County Community High School District No. 210 Lincoln-Way** |
| GO Bonds Series 2006  | 2.96% | 01/01/26 *(b)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 142779 |
|  |  |  |  | &nbsp;&nbsp; **102267229** |
| **INDIANA** 0.7%  | **INDIANA** 0.7%  | **INDIANA** 0.7%  | **INDIANA** 0.7%  | **INDIANA** 0.7%  |
| **Allen County Building Corp.** | **Allen County Building Corp.** | **Allen County Building Corp.** | **Allen County Building Corp.** | **Allen County Building Corp.** |
| RB Series 2024  | 4.00% | 07/15/44 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 970654 |
| **Fishers Town Hall Building Corp.** | **Fishers Town Hall Building Corp.** | **Fishers Town Hall Building Corp.** | **Fishers Town Hall Building Corp.** | **Fishers Town Hall Building Corp.** |
| RB Series 2023 A  | 5.75% | 07/15/58 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 816389 |
| RB Series 2023 A  | 5.75% | 01/15/63 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 272130 |
| **Hamilton County Public Building Corp.** | **Hamilton County Public Building Corp.** | **Hamilton County Public Building Corp.** | **Hamilton County Public Building Corp.** | **Hamilton County Public Building Corp.** |
| RB Series 2024  | 4.00% | 01/10/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 86407 |
| **Indiana Finance Authority** | **Indiana Finance Authority** | **Indiana Finance Authority** | **Indiana Finance Authority** | **Indiana Finance Authority** |
| RB Deaconess Health System Obligated Group Series 2016 A  | 4.00% | 03/01/44 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 147110 |
| RB State Revolving Fund Series 2019 A  | 5.00% | 02/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 62872 |
| RB State Revolving Fund Series 2019 A  | 5.00% | 02/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31115 |
| RB State Revolving Fund Series 2019 A  | 5.00% | 02/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 7755000 | &nbsp;&nbsp; 8020786 |
| Refunding RB CWA Authority, Inc. Series 2021 1  | 5.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 191138 |
| Refunding RB CWA Authority, Inc. Series 2021 1  | 4.00% | 10/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25404 |
| Refunding RB CWA Authority, Inc. Series 2021 1  | 4.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50396 |
| Refunding RB Department of Transportation Series 2016 C  | 5.00% | 06/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 133415 |
| Refunding RB Department of Transportation Series 2016 C  | 5.00% | 06/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106412 |
| Refunding RB Marion County Capital Improvement Board Series 2022 A  | 5.00% | 02/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 540237 |
| Refunding RB Marion County Capital Improvement Board Series 2022 A  | 5.00% | 02/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54592 |
| Refunding RB Marion County Capital Improvement Board Series 2022 A  | 5.00% | 02/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27588 |
| Refunding RB Marion County Capital Improvement Board Series 2022 A  | 4.00% | 02/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51212 |
| Refunding RB Marion County Capital Improvement Board Series 2022 A  | 5.00% | 02/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 174282 |
| Refunding RB Marion County Capital Improvement Board Series 2022 A  | 4.00% | 02/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 115707 |
| Refunding RB State Revolving Fund Series 2017 C  | 5.00% | 02/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105367 |
| **Indiana Municipal Power Agency** | **Indiana Municipal Power Agency** | **Indiana Municipal Power Agency** | **Indiana Municipal Power Agency** | **Indiana Municipal Power Agency** |
| Refunding RB Series 2016 A  | 5.00% | 01/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126550 |
| Refunding RB Series 2016 A  | 5.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 136303 |
| Refunding RB Series 2025 A  | 5.00% | 01/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp; 722102 |
| **Indiana University** | **Indiana University** | **Indiana University** | **Indiana University** | **Indiana University** |
| RB Series 2024 A  | 5.00% | 06/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 255937 |

---

*See financial notes*

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

**223**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Indianapolis Local Public Improvement Bond Bank** | **Indianapolis Local Public Improvement Bond Bank** | **Indianapolis Local Public Improvement Bond Bank** | **Indianapolis Local Public Improvement Bond Bank** | **Indianapolis Local Public Improvement Bond Bank** |
| RB Series 1999 E  | 3.25% | 02/01/28 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 229562 |
| RB Series 2019 A  | 5.00% | 02/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151742 |
| RB Series 2019 A  | 5.00% | 02/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201068 |
| Refunding RB Series 2021 A  | 4.00% | 06/01/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000429 |
| Refunding RB Series 2022 B  | 4.00% | 02/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 88184 |
| **Purdue University** | **Purdue University** | **Purdue University** | **Purdue University** | **Purdue University** |
| Refunding RB Series 2025 A  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 33689 |
|  |  |  |  | &nbsp;&nbsp; **14928779** |
| **IOWA** 0.3%  | **IOWA** 0.3%  | **IOWA** 0.3%  | **IOWA** 0.3%  | **IOWA** 0.3%  |
| **Iowa Finance Authority** | **Iowa Finance Authority** | **Iowa Finance Authority** | **Iowa Finance Authority** | **Iowa Finance Authority** |
| RB State Revolving Fund Series 2024 A  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 85836 |
| Refunding RB State Revolving Fund Series 2017  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104887 |
| Refunding RB State Revolving Fund Series 2022 A  | 5.00% | 08/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5384421 |
| Refunding RB State Revolving Fund Series 2023 A  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56685 |
| Refunding RB State Revolving Fund Series 2023 A  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 140213 |
| Refunding RB State Revolving Fund Series 2023 A  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 38850 |
| **Iowa Higher Education Loan Authority** | **Iowa Higher Education Loan Authority** | **Iowa Higher Education Loan Authority** | **Iowa Higher Education Loan Authority** | **Iowa Higher Education Loan Authority** |
| RB Trustees of Grinnell College Series 2017  | 5.00% | 12/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101018 |
| **State of Iowa** | **State of Iowa** | **State of Iowa** | **State of Iowa** | **State of Iowa** |
| Refunding RB Series 2016 A  | 5.00% | 06/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101976 |
| Refunding RB Series 2016 A  | 5.00% | 06/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 147764 |
| Refunding RB Series 2019 A  | 5.00% | 06/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106832 |
| Refunding RB Series 2019 A  | 5.00% | 06/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 154131 |
|  |  |  |  | &nbsp;&nbsp; **6422613** |
| **KANSAS** 0.4%  | **KANSAS** 0.4%  | **KANSAS** 0.4%  | **KANSAS** 0.4%  | **KANSAS** 0.4%  |
| **Ellis County Unified School District No. 489 Hays** | **Ellis County Unified School District No. 489 Hays** | **Ellis County Unified School District No. 489 Hays** | **Ellis County Unified School District No. 489 Hays** | **Ellis County Unified School District No. 489 Hays** |
| Refunding GO Bonds Series 2022 B  | 5.00% | 09/01/42 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 113250 |
| **Kansas Development Finance Authority** | **Kansas Development Finance Authority** | **Kansas Development Finance Authority** | **Kansas Development Finance Authority** | **Kansas Development Finance Authority** |
| RB Kansas Athletics, Inc. Series 2025 C-1  | 4.50% | 09/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 3855421 |
| **State of Kansas Department of Transportation** | **State of Kansas Department of Transportation** | **State of Kansas Department of Transportation** | **State of Kansas Department of Transportation** | **State of Kansas Department of Transportation** |
| RB Series 2015  | 5.00% | 09/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250796 |
| RB Series 2015  | 5.00% | 09/01/28 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100315 |
| Refunding RB Series 2024 A  | 5.00% | 09/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 146517 |
| Refunding RB Series 2024 A  | 5.00% | 09/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1700559 |
| Refunding RB Series 2024 A  | 5.00% | 09/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 225444 |
| Refunding RB Series 2025 A  | 5.00% | 09/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2101415 |
| **Wyandotte County Unified School District No. 500 Kansas City** | **Wyandotte County Unified School District No. 500 Kansas City** | **Wyandotte County Unified School District No. 500 Kansas City** | **Wyandotte County Unified School District No. 500 Kansas City** | **Wyandotte County Unified School District No. 500 Kansas City** |
| GO Bonds Series 2016 A  | 5.50% | 09/01/47 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 278389 |
| GO Bonds Series 2025  | 5.25% | 09/01/55 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 96861 |
|  |  |  |  | &nbsp;&nbsp; **8868967** |
| **KENTUCKY** 0.7%  | **KENTUCKY** 0.7%  | **KENTUCKY** 0.7%  | **KENTUCKY** 0.7%  | **KENTUCKY** 0.7%  |
| **Kentucky Bond Development Corp.** | **Kentucky Bond Development Corp.** | **Kentucky Bond Development Corp.** | **Kentucky Bond Development Corp.** | **Kentucky Bond Development Corp.** |
| RB Series 2018  | 4.00% | 09/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 159464 |

---

*See financial notes*

**224**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Kentucky Economic Development Finance Authority** | **Kentucky Economic Development Finance Authority** | **Kentucky Economic Development Finance Authority** | **Kentucky Economic Development Finance Authority** | **Kentucky Economic Development Finance Authority** |
| Refunding RB Series 2017 A  | 4.00% | 12/01/41 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 229329 |
| Refunding RB Series 2017 A  | 5.00% | 12/01/45 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75032 |
| **Kentucky Municipal Power Agency** | **Kentucky Municipal Power Agency** | **Kentucky Municipal Power Agency** | **Kentucky Municipal Power Agency** | **Kentucky Municipal Power Agency** |
| Refunding RB Series 2015 A  | 4.00% | 09/01/39 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 465243 |
| **Kentucky State Property & Building Commission** | **Kentucky State Property & Building Commission** | **Kentucky State Property & Building Commission** | **Kentucky State Property & Building Commission** | **Kentucky State Property & Building Commission** |
| RB Commonwealth of Kentucky Series 2024 A  | 5.00% | 10/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27987 |
| RB Commonwealth of Kentucky Series 2024 A  | 5.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 160477 |
| RB Commonwealth of Kentucky Series 2024 A  | 5.00% | 10/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 63669 |
| RB Commonwealth of Kentucky Series 2025 A  | 5.00% | 04/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 81409 |
| RB Commonwealth of Kentucky Series 2025 A  | 5.00% | 04/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2107132 |
| Refunding RB Commonwealth of Kentucky Series 2016 B  | 5.00% | 11/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 186219 |
| Refunding RB Commonwealth of Kentucky Series 2016 B  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257480 |
| Refunding RB Commonwealth of Kentucky Series 2024 B  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77244 |
| Refunding RB Commonwealth of Kentucky Series 2024 B  | 5.00% | 11/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 80284 |
| **Kentucky Turnpike Authority** | **Kentucky Turnpike Authority** | **Kentucky Turnpike Authority** | **Kentucky Turnpike Authority** | **Kentucky Turnpike Authority** |
| Refunding RB Transportation Cabinet Series 2017 B  | 5.00% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 255000 |
| **Louisville & Jefferson County Metropolitan Sewer District** | **Louisville & Jefferson County Metropolitan Sewer District** | **Louisville & Jefferson County Metropolitan Sewer District** | **Louisville & Jefferson County Metropolitan Sewer District** | **Louisville & Jefferson County Metropolitan Sewer District** |
| RB Series 2016 A  | 3.00% | 05/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 191670 |
| Refunding RB Series 2023 C  | 5.00% | 05/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153095 |
| Refunding RB Series 2024 A  | 5.00% | 05/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 7745000 | &nbsp;&nbsp; 8454160 |
| **Louisville & Jefferson County Visitors & Convention Commission** | **Louisville & Jefferson County Visitors & Convention Commission** | **Louisville & Jefferson County Visitors & Convention Commission** | **Louisville & Jefferson County Visitors & Convention Commission** | **Louisville & Jefferson County Visitors & Convention Commission** |
| RB Series 2016  | 3.13% | 06/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 40490 |
| RB Series 2016  | 3.13% | 06/01/46 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 209245 |
| **Scott County School District Finance Corp.** | **Scott County School District Finance Corp.** | **Scott County School District Finance Corp.** | **Scott County School District Finance Corp.** | **Scott County School District Finance Corp.** |
| RB Board of Education Series 2022  | 4.00% | 09/01/45 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 36551 |
| **University of Kentucky** | **University of Kentucky** | **University of Kentucky** | **University of Kentucky** | **University of Kentucky** |
| RB Series 2024  | 4.13% | 10/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 433812 |
|  |  |  |  | &nbsp;&nbsp; **13744992** |
| **LOUISIANA** 0.5%  | **LOUISIANA** 0.5%  | **LOUISIANA** 0.5%  | **LOUISIANA** 0.5%  | **LOUISIANA** 0.5%  |
| **City of Shreveport Water & Sewer Revenue** | **City of Shreveport Water & Sewer Revenue** | **City of Shreveport Water & Sewer Revenue** | **City of Shreveport Water & Sewer Revenue** | **City of Shreveport Water & Sewer Revenue** |
| RB Series 2019 B  | 4.00% | 12/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 42308 |
| Refunding RB Series 2015  | 5.00% | 12/01/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp; 684603 |
| **East Baton Rouge Sewerage Commission** | **East Baton Rouge Sewerage Commission** | **East Baton Rouge Sewerage Commission** | **East Baton Rouge Sewerage Commission** | **East Baton Rouge Sewerage Commission** |
| Refunding RB Series 2019 A  | 4.00% | 02/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24174 |
| Refunding RB Series 2019 A  | 4.00% | 02/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 275643 |
| **Lafayette Parish School Board Sale Tax Revenue** | **Lafayette Parish School Board Sale Tax Revenue** | **Lafayette Parish School Board Sale Tax Revenue** | **Lafayette Parish School Board Sale Tax Revenue** | **Lafayette Parish School Board Sale Tax Revenue** |
| RB Series 2023  | 4.00% | 04/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 65066 |
| **Louisiana Local Government Environmental Facilities & Community Development Authority** | **Louisiana Local Government Environmental Facilities & Community Development Authority** | **Louisiana Local Government Environmental Facilities & Community Development Authority** | **Louisiana Local Government Environmental Facilities & Community Development Authority** | **Louisiana Local Government Environmental Facilities & Community Development Authority** |
| RB Louisiana Insurance Guaranty Association Series 2022 B  | 5.00% | 08/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 88018 |
| RB Louisiana Insurance Guaranty Association Series 2022 B  | 5.00% | 08/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 175679 |
| RB Louisiana Insurance Guaranty Association Series 2022 B  | 5.00% | 08/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 82031 |
| RB Louisiana Insurance Guaranty Association Series 2022 B  | 5.00% | 08/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76646 |
| **Louisiana Public Facilities Authority** | **Louisiana Public Facilities Authority** | **Louisiana Public Facilities Authority** | **Louisiana Public Facilities Authority** | **Louisiana Public Facilities Authority** |
| RB Loyola University New Orleans Series 2023 A  | 5.25% | 10/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 166435 |
| Refunding RB Tulane University Series 2020 A  | 5.00% | 04/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 303975 |
| Refunding RB Tulane University Series 2023 A  | 5.00% | 10/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100856 |
| Refunding RB Tulane University Series 2023 A  | 5.00% | 10/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40115 |

---

*See financial notes*

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

**225**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Louisiana Stadium & Exposition District** | **Louisiana Stadium & Exposition District** | **Louisiana Stadium & Exposition District** | **Louisiana Stadium & Exposition District** | **Louisiana Stadium & Exposition District** |
| Refunding RB Series 2023 A  | 5.00% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1003841 |
| Refunding RB Series 2023 A  | 5.25% | 07/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203051 |
| **Louisiana State Citizens Property Insurance Corp.** | **Louisiana State Citizens Property Insurance Corp.** | **Louisiana State Citizens Property Insurance Corp.** | **Louisiana State Citizens Property Insurance Corp.** | **Louisiana State Citizens Property Insurance Corp.** |
| Refunding RB Series 2016 A  | 5.00% | 06/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152885 |
| **State of Louisiana** | **State of Louisiana** | **State of Louisiana** | **State of Louisiana** | **State of Louisiana** |
| GO Bonds Series 2021 A  | 5.00% | 03/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5254121 |
| GO Bonds Series 2024 E  | 5.00% | 09/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 11150 |
| GO Bonds Series 2024 E  | 5.00% | 09/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 112294 |
| Refunding GO Bonds Series 2016 B  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153804 |
| Refunding GO Bonds Series 2016 B  | 5.00% | 08/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153510 |
| Refunding GO Bonds Series 2023 A  | 5.00% | 02/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 38333 |
| Refunding GO Bonds Series 2023 A  | 5.00% | 02/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 142093 |
| **State of Louisiana Gasoline & Fuels Tax Revenue** | **State of Louisiana Gasoline & Fuels Tax Revenue** | **State of Louisiana Gasoline & Fuels Tax Revenue** | **State of Louisiana Gasoline & Fuels Tax Revenue** | **State of Louisiana Gasoline & Fuels Tax Revenue** |
| RB Series 2024 A  | 5.00% | 05/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 88544 |
| RB Series 2024 A  | 5.00% | 05/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 1129416 |
|  |  |  |  | &nbsp;&nbsp; **10568591** |
| **MARYLAND** 2.5%  | **MARYLAND** 2.5%  | **MARYLAND** 2.5%  | **MARYLAND** 2.5%  | **MARYLAND** 2.5%  |
| **City of Baltimore** | **City of Baltimore** | **City of Baltimore** | **City of Baltimore** | **City of Baltimore** |
| RB Wastewater Utility Fund Series 2017 A  | 5.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99593 |
| RB Wastewater Utility Fund Series 2019 A  | 5.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151874 |
| RB Water Utility Fund Series 2019 A  | 4.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp; 618518 |
| **County of Montgomery** | **County of Montgomery** | **County of Montgomery** | **County of Montgomery** | **County of Montgomery** |
| Refunding GO Bonds Series 2017 C  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 149311 |
| Refunding GO Bonds Series 2017 C  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 89600 |
| Refunding GO Bonds Series 2024 B  | 5.00% | 12/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25846 |
| **County of Prince George's** | **County of Prince George's** | **County of Prince George's** | **County of Prince George's** | **County of Prince George's** |
| GO Bonds Series 2018 A  | 5.00% | 07/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 110071 |
| GO Bonds Series 2018 A  | 5.00% | 07/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21428 |
| GO Bonds Series 2018 A  | 5.00% | 07/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp; 501398 |
| GO Bonds Series 2018 A  | 4.00% | 07/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25711 |
| **Maryland Stadium Authority** | **Maryland Stadium Authority** | **Maryland Stadium Authority** | **Maryland Stadium Authority** | **Maryland Stadium Authority** |
| RB Baltimore City Public School Construction Financing Fund Series 2016  | 5.00% | 05/01/46 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp; 1578295 |
| RB Baltimore City Public School Construction Financing Fund Series 2018 A  | 5.00% | 05/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 208929 |
| RB Baltimore City Public School Construction Financing Fund Series 2020 A  | 5.00% | 05/01/50  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 167254 |
| RB Built to Learn Revenue Series 2021  | 4.00% | 06/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp; 455161 |
| RB Built to Learn Revenue Series 2021  | 2.75% | 06/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 65115 |
| RB Built to Learn Revenue Series 2022 A  | 4.00% | 06/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 89006 |
| RB Built to Learn Revenue Series 2024  | 5.00% | 06/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 161493 |
| **Maryland State Transportation Authority** | **Maryland State Transportation Authority** | **Maryland State Transportation Authority** | **Maryland State Transportation Authority** | **Maryland State Transportation Authority** |
| RB Series 2020  | 4.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 132068 |
| Refunding RB Series 2021 A  | 5.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 184007 |
| Refunding RB Series 2021 A  | 5.00% | 07/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152108 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 140954 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56789 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 33811 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3795000 | &nbsp;&nbsp; 4144587 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 124669 |

---

*See financial notes*

**226**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **State of Maryland** | **State of Maryland** | **State of Maryland** | **State of Maryland** | **State of Maryland** |
| GO Bonds Series 2016 1st  | 3.00% | 06/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 34476 |
| GO Bonds Series 2017 A  | 5.00% | 08/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40066 |
| GO Bonds Series 2017 A  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 257279 |
| GO Bonds Series 2017 A  | 5.00% | 03/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 310273 |
| GO Bonds Series 2017 A  | 5.00% | 08/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 46851 |
| GO Bonds Series 2017 A  | 4.00% | 03/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35611 |
| GO Bonds Series 2017 A  | 4.00% | 08/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 260282 |
| GO Bonds Series 2017 A  | 3.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24674 |
| GO Bonds Series 2018 2  | 4.00% | 08/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25630 |
| GO Bonds Series 2018 A  | 5.00% | 03/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 187993 |
| GO Bonds Series 2019 1st  | 5.00% | 03/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 93690 |
| GO Bonds Series 2019 1ST  | 5.00% | 03/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 48280 |
| GO Bonds Series 2019 A  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205137 |
| GO Bonds Series 2019 A  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26808 |
| GO Bonds Series 2019 A  | 5.00% | 08/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 37970 |
| GO Bonds Series 2019 A  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 113273 |
| GO Bonds Series 2019 A  | 2.13% | 08/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp; 252830 |
| GO Bonds Series 2019 A  | 2.25% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 86244 |
| GO Bonds Series 2020 A  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36754 |
| GO Bonds Series 2020 A  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 37531 |
| GO Bonds Series 2020 A  | 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55486 |
| GO Bonds Series 2020 A  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 286174 |
| GO Bonds Series 2020 A  | 5.00% | 03/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 223436 |
| GO Bonds Series 2020 A  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 69898 |
| GO Bonds Series 2021 A  | 5.00% | 03/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111803 |
| GO Bonds Series 2021 A  | 5.00% | 08/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 89934 |
| GO Bonds Series 2021 A  | 5.00% | 08/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 122496 |
| GO Bonds Series 2021 A  | 5.00% | 03/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 255735 |
| GO Bonds Series 2021 A  | 5.00% | 03/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 135174 |
| GO Bonds Series 2021 A  | 4.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75888 |
| GO Bonds Series 2022 A  | 5.00% | 06/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32063 |
| GO Bonds Series 2022 A  | 5.00% | 06/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108891 |
| GO Bonds Series 2022 A  | 5.00% | 06/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 213145 |
| GO Bonds Series 2022 A  | 5.00% | 06/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 289768 |
| GO Bonds Series 2022 A  | 5.00% | 06/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 165529 |
| GO Bonds Series 2022 A  | 5.00% | 06/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 136917 |
| GO Bonds Series 2022 A  | 5.00% | 06/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 217477 |
| GO Bonds Series 2023 A  | 5.00% | 03/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 225697 |
| GO Bonds Series 2023 A  | 5.00% | 03/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 11379853 |
| GO Bonds Series 2023 A  | 5.00% | 03/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 45110 |
| GO Bonds Series 2023 A  | 5.00% | 03/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109788 |
| GO Bonds Series 2023 A  | 5.00% | 03/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5505000 | &nbsp;&nbsp; 5988764 |
| GO Bonds Series 2024 A  | 5.00% | 06/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10955000 | &nbsp;&nbsp; 12408075 |
| GO Bonds Series 2024 A  | 5.00% | 06/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 168335 |
| GO Bonds Series 2024 A  | 5.00% | 06/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 61169 |
| Refunding GO Bonds Series 2015 B  | 4.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 507537 |
| Refunding GO Bonds Series 2017 B  | 5.00% | 08/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 275456 |
| Refunding GO Bonds Series 2017 B  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 189752 |
| Refunding GO Bonds Series 2020 B  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 131265 |

---

*See financial notes*

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

**227**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding GO Bonds Series 2020 B  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 176931 |
| Refunding GO Bonds Series 2022 C  | 4.00% | 03/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31382 |
| Refunding GO Bonds Series 2022 D  | 4.00% | 08/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 178500 |
| **State of Maryland Department of Transportation** | **State of Maryland Department of Transportation** | **State of Maryland Department of Transportation** | **State of Maryland Department of Transportation** | **State of Maryland Department of Transportation** |
| RB Series 2015  | 4.00% | 12/15/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20013 |
| RB Series 2017  | 5.00% | 09/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 57496 |
| RB Series 2017  | 3.00% | 09/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 296325 |
| RB Series 2017 0  | 5.00% | 09/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 97632 |
| RB Series 2017 0  | 3.00% | 09/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49455 |
| RB Series 2018  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 293474 |
| RB Series 2018  | 5.00% | 10/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 87366 |
| RB Series 2018 0  | 3.50% | 10/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 248211 |
| RB Series 2019  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26314 |
| RB Series 2019  | 5.00% | 10/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26248 |
| RB Series 2019  | 2.13% | 10/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 258241 |
| RB Series 2019  | 2.50% | 10/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 175478 |
| RB Series 2019  | 3.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23418 |
| RB Series 2020  | 5.00% | 10/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 22047 |
| RB Series 2020  | 5.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 37957 |
| RB Series 2021 A  | 2.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 82975 |
| RB Series 2021 A  | 2.13% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 183427 |
| **Washington Suburban Sanitary Commission** | **Washington Suburban Sanitary Commission** | **Washington Suburban Sanitary Commission** | **Washington Suburban Sanitary Commission** | **Washington Suburban Sanitary Commission** |
| RB Series 2013 A  | 3.90% | 06/01/27 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 3420000 | &nbsp;&nbsp; 3420000 |
|  |  |  |  | &nbsp;&nbsp; **51522753** |
| **MASSACHUSETTS** 4.6%  | **MASSACHUSETTS** 4.6%  | **MASSACHUSETTS** 4.6%  | **MASSACHUSETTS** 4.6%  | **MASSACHUSETTS** 4.6%  |
| **Commonwealth of Massachusetts** | **Commonwealth of Massachusetts** | **Commonwealth of Massachusetts** | **Commonwealth of Massachusetts** | **Commonwealth of Massachusetts** |
| GO Bonds Series 2006 E  | 5.00% | 11/01/25 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201432 |
| GO Bonds Series 2006 E  | 5.00% | 11/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5160 |
| GO Bonds Series 2015  | 4.00% | 05/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 150827 |
| GO Bonds Series 2015 E  | 3.25% | 09/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp; 487670 |
| GO Bonds Series 2015 E  | 3.25% | 09/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp; 333760 |
| GO Bonds Series 2016 E  | 4.00% | 04/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 84989 |
| GO Bonds Series 2016 E  | 3.00% | 04/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 102634 |
| GO Bonds Series 2016 E  | 4.00% | 04/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 235885 |
| GO Bonds Series 2016 E  | 3.00% | 04/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 104156 |
| GO Bonds Series 2016 E  | 4.00% | 04/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp; 389212 |
| GO Bonds Series 2016 G  | 4.00% | 09/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 115080 |
| GO Bonds Series 2016 G  | 3.00% | 09/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 223215 |
| GO Bonds Series 2016 H  | 5.00% | 12/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 180948 |
| GO Bonds Series 2016 J  | 4.00% | 12/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp; 294741 |
| GO Bonds Series 2017 A  | 5.00% | 04/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35127 |
| GO Bonds Series 2017 B  | 5.00% | 04/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 120435 |
| GO Bonds Series 2017 D  | 5.00% | 02/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 66339 |
| GO Bonds Series 2017 D  | 3.50% | 02/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 100055 |
| GO Bonds Series 2017 D  | 4.00% | 02/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 226406 |
| GO Bonds Series 2017 E  | 3.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 109746 |
| GO Bonds Series 2017 E  | 3.00% | 11/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 140681 |
| GO Bonds Series 2017 F  | 5.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101656 |
| GO Bonds Series 2017 F  | 5.00% | 11/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 505643 |

---

*See financial notes*

**228**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2017 F  | 5.00% | 11/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 8665000 | &nbsp;&nbsp; 8747719 |
| GO Bonds Series 2018 A  | 5.00% | 01/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20844 |
| GO Bonds Series 2018 A  | 5.00% | 01/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25515 |
| GO Bonds Series 2018 A  | 5.00% | 01/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25422 |
| GO Bonds Series 2018 B  | 5.00% | 01/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10504 |
| GO Bonds Series 2018 B  | 5.00% | 01/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 167737 |
| GO Bonds Series 2018 D  | 4.00% | 05/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 178421 |
| GO Bonds Series 2018 E  | 5.00% | 09/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51664 |
| GO Bonds Series 2019 A  | 5.00% | 01/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5198552 |
| GO Bonds Series 2019 A  | 5.00% | 01/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15060 |
| GO Bonds Series 2019 C  | 5.00% | 05/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25785 |
| GO Bonds Series 2019 C  | 5.00% | 05/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256375 |
| GO Bonds Series 2019 C  | 5.00% | 05/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 91936 |
| GO Bonds Series 2019 C  | 5.00% | 05/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152447 |
| GO Bonds Series 2019 C  | 5.00% | 05/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 157155 |
| GO Bonds Series 2019 G  | 3.00% | 09/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 140833 |
| GO Bonds Series 2020 B  | 2.00% | 03/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 29827 |
| GO Bonds Series 2020 B  | 2.50% | 03/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 70132 |
| GO Bonds Series 2020 C  | 3.00% | 03/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp; 251525 |
| GO Bonds Series 2020 C  | 2.75% | 03/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 96252 |
| GO Bonds Series 2020 D  | 5.00% | 07/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 274156 |
| GO Bonds Series 2020 D  | 3.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 188377 |
| GO Bonds Series 2020 D  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 320343 |
| GO Bonds Series 2020 D  | 3.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 171602 |
| GO Bonds Series 2020 D  | 5.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 109211 |
| GO Bonds Series 2020 D  | 5.00% | 07/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101375 |
| GO Bonds Series 2020 E  | 5.00% | 11/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253623 |
| GO Bonds Series 2020 E  | 5.00% | 11/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300834 |
| GO Bonds Series 2021 A  | 3.00% | 03/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 462718 |
| GO Bonds Series 2021 B  | 2.00% | 04/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 156631 |
| GO Bonds Series 2021 C  | 5.00% | 09/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp; 483070 |
| GO Bonds Series 2021 C  | 2.38% | 09/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 34239 |
| GO Bonds Series 2021 D  | 5.00% | 09/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253309 |
| GO Bonds Series 2022 A  | 5.00% | 02/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 1010000 | &nbsp;&nbsp; 1126258 |
| GO Bonds Series 2022 A  | 5.00% | 02/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 73223 |
| GO Bonds Series 2022 A  | 4.00% | 02/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 197265 |
| GO Bonds Series 2022 C  | 5.00% | 10/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 141666 |
| GO Bonds Series 2022 C  | 5.00% | 10/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 220199 |
| GO Bonds Series 2022 C  | 5.00% | 10/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 135486 |
| GO Bonds Series 2022 C  | 5.25% | 10/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 272465 |
| GO Bonds Series 2022 C  | 5.00% | 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 213256 |
| GO Bonds Series 2022 D  | 5.00% | 11/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 101292 |
| GO Bonds Series 2022 E  | 5.00% | 11/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 177272 |
| GO Bonds Series 2022 E  | 5.00% | 11/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126958 |
| GO Bonds Series 2023 A  | 5.00% | 05/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 229351 |
| GO Bonds Series 2023 A  | 5.00% | 05/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1615000 | &nbsp;&nbsp; 1656855 |
| GO Bonds Series 2023 A  | 5.00% | 05/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 382126 |
| GO Bonds Series 2023 B  | 5.00% | 10/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 45648 |
| GO Bonds Series 2023 B  | 5.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 38731 |
| GO Bonds Series 2023 C  | 5.00% | 10/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103118 |

---

*See financial notes*

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

**229**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2023 C  | 5.00% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 307643 |
| GO Bonds Series 2023 D  | 5.00% | 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102069 |
| GO Bonds Series 2023 D  | 5.00% | 10/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203965 |
| GO Bonds Series 2024 A  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103608 |
| GO Bonds Series 2024 A  | 5.00% | 01/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 284888 |
| GO Bonds Series 2024 A  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 50254 |
| GO Bonds Series 2024 A  | 5.00% | 01/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 202855 |
| GO Bonds Series 2024 A  | 5.00% | 01/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 16299 |
| GO Bonds Series 2024 A  | 5.00% | 01/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 214819 |
| GO Bonds Series 2024 A  | 5.00% | 01/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53239 |
| GO Bonds Series 2024 A  | 5.00% | 01/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102618 |
| GO Bonds Series 2024 A  | 5.00% | 01/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2160000 | &nbsp;&nbsp; 2202074 |
| GO Bonds Series 2024 B  | 5.00% | 05/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 33218 |
| GO Bonds Series 2024 B  | 5.00% | 05/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32595 |
| GO Bonds Series 2024 B  | 5.00% | 05/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36155 |
| GO Bonds Series 2024 E  | 5.00% | 08/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127564 |
| GO Bonds Series 2024 G  | 5.00% | 12/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 11283 |
| GO Bonds Series 2024 H  | 5.00% | 12/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 264568 |
| GO Bonds Series 2024 H  | 5.00% | 12/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155835 |
| GO Bonds Series 2024 I  | 5.00% | 12/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1028404 |
| GO Bonds Series 2025 A  | 5.00% | 04/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 6225000 | &nbsp;&nbsp; 6354540 |
| Refunding GO Bonds Series 2015 A  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 87039 |
| Refunding GO Bonds Series 2015 A  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20000 |
| Refunding GO Bonds Series 2016 B  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 367021 |
| Refunding GO Bonds Series 2016 B  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 160500 |
| Refunding GO Bonds Series 2016 B  | 5.00% | 07/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25506 |
| Refunding GO Bonds Series 2016 B  | 5.00% | 07/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50922 |
| Refunding GO Bonds Series 2016 C  | 5.00% | 10/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 110581 |
| Refunding GO Bonds Series 2017 C  | 5.00% | 10/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 301583 |
| Refunding GO Bonds Series 2017 C  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1802253 |
| Refunding GO Bonds Series 2017 C  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 221223 |
| Refunding GO Bonds Series 2017 E  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 144468 |
| Refunding GO Bonds Series 2017 E  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 153021 |
| Refunding GO Bonds Series 2018 B  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp; 545702 |
| Refunding GO Bonds Series 2018 B  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 256086 |
| Refunding GO Bonds Series 2020 B  | 5.00% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 60000 |
| Refunding GO Bonds Series 2020 B  | 5.00% | 07/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109187 |
| Refunding GO Bonds Series 2020 D  | 4.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35060 |
| Refunding GO Bonds Series 2020 D  | 4.00% | 11/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 143559 |
| Refunding GO Bonds Series 2021 A  | 5.00% | 09/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55453 |
| Refunding GO Bonds Series 2022 A  | 5.00% | 10/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 82070 |
| Refunding GO Bonds Series 2022 A  | 5.00% | 10/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 194320 |
| Refunding GO Bonds Series 2022 A  | 5.00% | 10/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 224889 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 03/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 162497 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 03/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56847 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 03/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 114038 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 03/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 156381 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 03/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31632 |
| Refunding GO Bonds Series 2024 B  | 5.00% | 11/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 101011 |
| Refunding GO Bonds Series 2024 B  | 5.00% | 11/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 163628 |

---

*See financial notes*

**230**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding GO Bonds Series 2024 B  | 5.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 188383 |
| Refunding GO Bonds Series 2024 B  | 5.00% | 11/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105527 |
| Refunding GO Bonds Series 2025 A  | 5.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp; 398296 |
| Refunding RB Series 2005  | 5.50% | 01/01/27 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78209 |
| Refunding RB Series 2005  | 5.50% | 01/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21367 |
| **Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue** | **Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue** | **Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue** | **Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue** | **Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue** |
| RB Series 2014 A  | 5.00% | 06/15/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 60089 |
| **Commonwealth of Massachusetts Transportation Fund Revenue** | **Commonwealth of Massachusetts Transportation Fund Revenue** | **Commonwealth of Massachusetts Transportation Fund Revenue** | **Commonwealth of Massachusetts Transportation Fund Revenue** | **Commonwealth of Massachusetts Transportation Fund Revenue** |
| RB Series 2016 B  | 4.00% | 06/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 412737 |
| RB Series 2019 A  | 5.00% | 06/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 503263 |
| RB Series 2021 A  | 4.00% | 06/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 308578 |
| RB Series 2022 A  | 5.00% | 06/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 287914 |
| RB Series 2022 B  | 5.00% | 06/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 304834 |
| RB Series 2023 A  | 5.00% | 06/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 198356 |
| RB Series 2023 B  | 5.00% | 06/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256209 |
| RB Series 2024 B  | 5.00% | 06/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3062817 |
| Refunding RB Series 2016 A  | 5.00% | 06/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76586 |
| Refunding RB Series 2021 A  | 5.00% | 06/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 133602 |
| **Massachusetts Bay Transportation Authority Assessment Revenue** | **Massachusetts Bay Transportation Authority Assessment Revenue** | **Massachusetts Bay Transportation Authority Assessment Revenue** | **Massachusetts Bay Transportation Authority Assessment Revenue** | **Massachusetts Bay Transportation Authority Assessment Revenue** |
| Refunding RB Series 2016 A  | 4.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 70999 |
| Refunding RB Series 2016 A  | 5.00% | 07/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127990 |
| Refunding RB Series 2022 A-1  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 81770 |
| Refunding RB Series 2022 A-1  | 3.13% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 41232 |
| Refunding RB Series 2022 A-2  | 5.00% | 07/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254676 |
| **Massachusetts Bay Transportation Authority Sales Tax Revenue** | **Massachusetts Bay Transportation Authority Sales Tax Revenue** | **Massachusetts Bay Transportation Authority Sales Tax Revenue** | **Massachusetts Bay Transportation Authority Sales Tax Revenue** | **Massachusetts Bay Transportation Authority Sales Tax Revenue** |
| RB Series 2005 A  | 5.00% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 220000 |
| RB Series 2005 A  | 5.00% | 07/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56185 |
| RB Series 2015 B  | 5.00% | 07/01/29 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100000 |
| RB Series 2023 A-1  | 5.25% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31331 |
| RB Series 2023 A-1  | 4.00% | 07/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1015000 | &nbsp;&nbsp; 904103 |
| RB Series 2023 A-1  | 5.25% | 07/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp; 564202 |
| Refunding RB Series 2007 A-1  | 5.25% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 110577 |
| Refunding RB Series 2016 A  | 3.34% | 07/01/32 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 132362 |
| Refunding RB Series 2020 B-1  | 5.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2513911 |
| Refunding RB Series 2021 A-1  | 4.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200853 |
| Refunding RB Series 2021 A-1  | 4.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp; 714535 |
| Refunding RB Series 2021 A-1  | 4.00% | 07/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp; 1286979 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 277246 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1825000 | &nbsp;&nbsp; 2001870 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27201 |
| Refunding RB Series 2024 A  | 4.00% | 07/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 232036 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2588413 |
| Refunding RB Series 2024 A  | 5.25% | 07/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261987 |
| **Massachusetts Clean Water Trust** | **Massachusetts Clean Water Trust** | **Massachusetts Clean Water Trust** | **Massachusetts Clean Water Trust** | **Massachusetts Clean Water Trust** |
| RB State Revolving Fund Series 2025 26B  | 5.00% | 02/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 266629 |
| **Massachusetts Department of Transportation** | **Massachusetts Department of Transportation** | **Massachusetts Department of Transportation** | **Massachusetts Department of Transportation** | **Massachusetts Department of Transportation** |
| RB Series 1997 A  | 3.45% | 01/01/28 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 65016 |
| RB Series 1997 A  | 3.26% | 01/01/29 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 35977 |

---

*See financial notes*

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

**231**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** |
| RB Emerson College Series 2016 A  | 5.00% | 01/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 194168 |
| RB President & Fellows of Harvard College Series 2024 B  | 5.00% | 02/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 9010000 | &nbsp;&nbsp; 10134672 |
| RB President & Fellows of Harvard College Series 2024 B  | 4.00% | 02/15/36  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 511190 |
| RB Trustees of Boston College Series 2021 V  | 5.00% | 07/01/55  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 263236 |
| RB Trustees of Boston University Series 2025 B-2  | 4.00% | 10/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 444841 |
| Refunding RB Broad Institute, Inc. Series 2017  | 4.00% | 04/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 232913 |
| Refunding RB Northeastern University Series 2022  | 5.00% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 216500 |
| Refunding RB Northeastern University Series 2022  | 5.00% | 10/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp; 509559 |
| Refunding RB Northeastern University Series 2022  | 5.00% | 10/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp; 342646 |
| Refunding RB President & Fellows of Harvard College Series 2016 A  | 5.00% | 07/15/25  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100071 |
| Refunding RB President & Fellows of Harvard College Series 2016 A  | 5.00% | 07/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 281314 |
| Refunding RB President & Fellows of Harvard College Series 2016 A  | 5.00% | 07/15/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 264547 |
| Refunding RB President & Fellows of Harvard College Series 2016 A  | 4.00% | 07/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 186312 |
| Refunding RB President & Fellows of Harvard College Series 2016 A  | 5.00% | 07/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 96369 |
| Refunding RB President & Fellows of Harvard College Series 2016 A  | 5.00% | 07/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152055 |
| Refunding RB President & Fellows of Harvard College Series 2016 A  | 4.00% | 07/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 394551 |
| Refunding RB President & Fellows of Harvard College Series 2016 A  | 5.00% | 07/15/36  | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 95640 |
| Refunding RB President & Fellows of Harvard College Series 2016 A  | 5.00% | 07/15/40  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 274929 |
| Refunding RB Smith College Series 2025  | 5.00% | 07/01/35  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 286105 |
| Refunding RB Suffolk University Series 2025  | 5.25% | 07/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2869151 |
| Refunding RB Trustees of Boston College Series 2017 T  | 4.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 80468 |
| Refunding RB Trustees of Boston College Series 2025 W  | 5.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 271844 |
| Refunding RB Trustees of Boston College Series 2025 W  | 4.25% | 07/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 899817 |
| Refunding RB Trustees of Boston College Series 2025 W  | 5.00% | 07/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204741 |
| Refunding RB Trustees of Boston University Series 2025 B-1  | 5.00% | 10/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 277019 |
| **Massachusetts Health & Educational Facilities Authority** | **Massachusetts Health & Educational Facilities Authority** | **Massachusetts Health & Educational Facilities Authority** | **Massachusetts Health & Educational Facilities Authority** | **Massachusetts Health & Educational Facilities Authority** |
| RB Massachusetts Institute of Technology Series 2002 K  | 5.50% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 111616 |
| **Massachusetts School Building Authority** | **Massachusetts School Building Authority** | **Massachusetts School Building Authority** | **Massachusetts School Building Authority** | **Massachusetts School Building Authority** |
| RB Series 2015 B  | 4.00% | 01/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 185164 |
| RB Series 2018 A  | 4.00% | 02/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 41911 |
| RB Series 2018 A  | 5.25% | 02/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202913 |
| RB Series 2018 B  | 5.25% | 02/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 355098 |
| RB Series 2019 A  | 5.00% | 02/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 507913 |
| RB Series 2019 A  | 5.00% | 02/15/49 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 141966 |
| Refunding RB Series 2015 C  | 5.00% | 08/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1200068 |
| Refunding RB Series 2016 C  | 5.00% | 11/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 184128 |
| Refunding RB Series 2016 C  | 5.00% | 11/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256282 |
| Refunding RB Series 2016 C  | 4.00% | 11/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49996 |
| **Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue** | **Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue** | **Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue** | **Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue** | **Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue** |
| Refunding RB Series 2018 A  | 5.00% | 01/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108044 |
| Refunding RB Series 2019 A  | 5.00% | 01/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 131487 |
| Refunding RB Series 2019 A  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25902 |
| Refunding RB Series 2019 A  | 5.00% | 01/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53857 |
| Refunding RB Series 2019 A  | 5.00% | 01/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 58497 |
| **Massachusetts Water Resources Authority** | **Massachusetts Water Resources Authority** | **Massachusetts Water Resources Authority** | **Massachusetts Water Resources Authority** | **Massachusetts Water Resources Authority** |
| RB Series 2016 C  | 5.00% | 08/01/33 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102514 |
| RB Series 2016 C  | 5.00% | 08/01/40 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp; 476692 |
| Refunding RB Series 2007 B  | 5.25% | 08/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 169747 |
| Refunding RB Series 2007 B  | 5.25% | 08/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 162229 |

---

*See financial notes*

**232**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2007 B  | 5.25% | 08/01/30 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 168686 |
| Refunding RB Series 2007 B  | 5.25% | 08/01/33 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 292216 |
| Refunding RB Series 2016 C  | 5.00% | 08/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25589 |
| Refunding RB Series 2016 C  | 4.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 64942 |
| Refunding RB Series 2016 C  | 4.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 959985 |
| Refunding RB Series 2016 D  | 3.00% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 39255 |
| Refunding RB Series 2017 C  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 93908 |
| **University of Massachusetts Building Authority** | **University of Massachusetts Building Authority** | **University of Massachusetts Building Authority** | **University of Massachusetts Building Authority** | **University of Massachusetts Building Authority** |
| RB Series 2015 1  | 5.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50069 |
| RB Series 2017 1  | 5.25% | 11/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2548576 |
| RB Series 2020 1  | 5.00% | 11/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100605 |
| RB Series 2022 1  | 4.00% | 11/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 88993 |
| RB Series 2022 1  | 5.00% | 11/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 65538 |
| Refunding RB Series 2021 1  | 5.00% | 11/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50348 |
| Refunding RB Series 2021 1  | 5.00% | 11/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26877 |
|  |  |  |  | &nbsp;&nbsp; **94456245** |
| **MICHIGAN** 1.2%  | **MICHIGAN** 1.2%  | **MICHIGAN** 1.2%  | **MICHIGAN** 1.2%  | **MICHIGAN** 1.2%  |
| **City of Grand Rapids** | **City of Grand Rapids** | **City of Grand Rapids** | **City of Grand Rapids** | **City of Grand Rapids** |
| GO Bonds Series 2025  | 5.00% | 04/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 507671 |
| **City of Lansing** | **City of Lansing** | **City of Lansing** | **City of Lansing** | **City of Lansing** |
| GO Bonds Series 2023 B  | 4.13% | 06/01/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 22636 |
| **Detroit City School District** | **Detroit City School District** | **Detroit City School District** | **Detroit City School District** | **Detroit City School District** |
| Refunding GO Bonds Series 2005 A  | 5.25% | 05/01/30 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 138099 |
| **Great Lakes Water Authority Sewage Disposal System Revenue** | **Great Lakes Water Authority Sewage Disposal System Revenue** | **Great Lakes Water Authority Sewage Disposal System Revenue** | **Great Lakes Water Authority Sewage Disposal System Revenue** | **Great Lakes Water Authority Sewage Disposal System Revenue** |
| Refunding RB Series 2016 C  | 5.00% | 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152561 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15694 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 218710 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 45129 |
| **Great Lakes Water Authority Water Supply System Revenue** | **Great Lakes Water Authority Water Supply System Revenue** | **Great Lakes Water Authority Water Supply System Revenue** | **Great Lakes Water Authority Water Supply System Revenue** | **Great Lakes Water Authority Water Supply System Revenue** |
| RB Series 2016 B  | 5.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100008 |
| RB Series 2022 A  | 5.25% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5090000 | &nbsp;&nbsp; 5302337 |
| Refunding RB Series 2016 D  | 5.00% | 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76281 |
| Refunding RB Series 2016 D  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75758 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100000 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 277856 |
| **L'Anse Creuse Public Schools** | **L'Anse Creuse Public Schools** | **L'Anse Creuse Public Schools** | **L'Anse Creuse Public Schools** | **L'Anse Creuse Public Schools** |
| GO Bonds Series 2025 I  | 5.00% | 05/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41335 |
| **Lansing Board of Water & Light** | **Lansing Board of Water & Light** | **Lansing Board of Water & Light** | **Lansing Board of Water & Light** | **Lansing Board of Water & Light** |
| RB Series 2019 A  | 5.00% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1055000 | &nbsp;&nbsp; 1059501 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 179282 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 86547 |
| **Michigan Finance Authority** | **Michigan Finance Authority** | **Michigan Finance Authority** | **Michigan Finance Authority** | **Michigan Finance Authority** |
| RB County of Wayne Series 2018  | 4.00% | 11/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 86203 |
| RB Detroit Public Lighting Authority Utility Users Tax Revenue Series 2014 B  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200113 |
| RB Great Lakes Water Authority Sewage Disposal System Revenue Series 2015 C  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 85126 |
| Refunding RB Clean Water Revolving Fund Series 2016 B  | 5.00% | 10/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102892 |
| **Michigan State Building Authority** | **Michigan State Building Authority** | **Michigan State Building Authority** | **Michigan State Building Authority** | **Michigan State Building Authority** |
| RB Series 2021 I  | 4.00% | 10/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 4448 |
| RB Series 2022 I  | 4.00% | 10/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 215166 |

---

*See financial notes*

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

**233**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2015 I  | 5.00% | 04/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150601 |
| Refunding RB Series 2015 I  | 5.00% | 04/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 755000 | &nbsp;&nbsp; 757759 |
| Refunding RB Series 2015 I  | 5.00% | 04/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100225 |
| Refunding RB Series 2016 I  | 5.00% | 10/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51249 |
| Refunding RB Series 2016 I  | 5.00% | 10/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 179178 |
| Refunding RB Series 2016 I  | 5.00% | 10/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 189134 |
| Refunding RB Series 2016 I  | 5.00% | 04/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 191670 |
| Refunding RB Series 2016 I  | 5.00% | 10/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 70279 |
| Refunding RB Series 2019 I  | 4.00% | 04/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 212437 |
| Refunding RB Series 2020 I  | 3.00% | 10/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 76294 |
| Refunding RB Series 2025 I  | 5.00% | 04/15/28 *(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2122185 |
| **Michigan State University** | **Michigan State University** | **Michigan State University** | **Michigan State University** | **Michigan State University** |
| RB Series 2019 B  | 4.00% | 02/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 91162 |
| **State of Michigan** | **State of Michigan** | **State of Michigan** | **State of Michigan** | **State of Michigan** |
| Refunding RB Series 2016  | 5.00% | 03/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 140420 |
| **State of Michigan Trunk Line Revenue** | **State of Michigan Trunk Line Revenue** | **State of Michigan Trunk Line Revenue** | **State of Michigan Trunk Line Revenue** | **State of Michigan Trunk Line Revenue** |
| RB Series 2020 B  | 5.00% | 11/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 216421 |
| RB Series 2020 B  | 5.00% | 11/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 147907 |
| RB Series 2020 B  | 5.00% | 11/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 278086 |
| RB Series 2020 B  | 5.00% | 11/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110636 |
| RB Series 2020 B  | 5.00% | 11/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54889 |
| RB Series 2020 B  | 4.00% | 11/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97720 |
| RB Series 2020 B  | 4.00% | 11/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp; 474557 |
| RB Series 2020 B  | 5.00% | 11/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5820000 | &nbsp;&nbsp; 5948212 |
| RB Series 2021 A  | 5.00% | 11/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 103536 |
| RB Series 2021 A  | 4.00% | 11/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 90432 |
| RB Series 2021 A  | 4.00% | 11/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 496155 |
| RB Series 2021 A  | 4.00% | 11/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48860 |
| RB Series 2021 A  | 4.00% | 11/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 192246 |
| RB Series 2021 A  | 4.00% | 11/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 131134 |
| RB Series 2021 A  | 4.00% | 11/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp; 422105 |
| RB Series 2021 A  | 4.00% | 11/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 180800 |
| RB Series 2023  | 5.00% | 11/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 33370 |
| RB Series 2023  | 5.00% | 11/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 82191 |
| RB Series 2023  | 5.00% | 11/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1051447 |
| RB Series 2023  | 5.00% | 11/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154765 |
| RB Series 2023  | 5.25% | 11/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208467 |
| RB Series 2023  | 5.50% | 11/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 132351 |
| **Troy School District** | **Troy School District** | **Troy School District** | **Troy School District** | **Troy School District** |
| GO Bonds Series 2023  | 5.00% | 05/01/52 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 131664 |
| **University of Michigan** | **University of Michigan** | **University of Michigan** | **University of Michigan** | **University of Michigan** |
| RB Series 2015  | 5.00% | 04/01/46 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 60992 |
| Refunding RB Series 2017 A  | 5.00% | 04/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30498 |
| **Wayne County Airport Authority** | **Wayne County Airport Authority** | **Wayne County Airport Authority** | **Wayne County Airport Authority** | **Wayne County Airport Authority** |
| RB Detroit Metropolitan Wayne County Airport Series 2021 A  | 5.00% | 12/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 221652 |
|  |  |  |  | &nbsp;&nbsp; **24527039** |

---

*See financial notes*

**234**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MINNESOTA** 1.2%  | **MINNESOTA** 1.2%  | **MINNESOTA** 1.2%  | **MINNESOTA** 1.2%  | **MINNESOTA** 1.2%  |
| **Metropolitan Council** | **Metropolitan Council** | **Metropolitan Council** | **Metropolitan Council** | **Metropolitan Council** |
| GO Bonds Series 2021 C  | 5.00% | 12/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 149949 |
| GO Bonds Series 2021 C  | 5.00% | 12/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21124 |
| **Minneapolis-St. Paul Metropolitan Airports Commission** | **Minneapolis-St. Paul Metropolitan Airports Commission** | **Minneapolis-St. Paul Metropolitan Airports Commission** | **Minneapolis-St. Paul Metropolitan Airports Commission** | **Minneapolis-St. Paul Metropolitan Airports Commission** |
| RB Series 2024 A  | 5.00% | 01/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45423 |
| Refunding RB Series 2016 A  | 5.00% | 01/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 106154 |
| Refunding RB Series 2016 A  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 362627 |
| Refunding RB Series 2016 A  | 5.00% | 01/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 118731 |
| Refunding RB Series 2022 A  | 5.00% | 01/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp; 417435 |
| **Minnesota Public Facilities Authority State Revolving Fund** | **Minnesota Public Facilities Authority State Revolving Fund** | **Minnesota Public Facilities Authority State Revolving Fund** | **Minnesota Public Facilities Authority State Revolving Fund** | **Minnesota Public Facilities Authority State Revolving Fund** |
| RB Series 2023 A  | 5.00% | 03/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25394 |
| RB Series 2023 A  | 5.00% | 03/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 89443 |
| RB Series 2023 A  | 5.00% | 03/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 113066 |
| RB Series 2023 A  | 5.00% | 03/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 885000 | &nbsp;&nbsp; 1008800 |
| RB Series 2023 A  | 5.00% | 03/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111451 |
| **North St. Paul-Maplewood-Oakdale Independent School District No. 622** | **North St. Paul-Maplewood-Oakdale Independent School District No. 622** | **North St. Paul-Maplewood-Oakdale Independent School District No. 622** | **North St. Paul-Maplewood-Oakdale Independent School District No. 622** | **North St. Paul-Maplewood-Oakdale Independent School District No. 622** |
| GO Bonds Series 2019 A  | 3.00% | 02/01/46 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 7592 |
| **Southern Minnesota Municipal Power Agency** | **Southern Minnesota Municipal Power Agency** | **Southern Minnesota Municipal Power Agency** | **Southern Minnesota Municipal Power Agency** | **Southern Minnesota Municipal Power Agency** |
| RB Series 1994 A  | 3.51% | 01/01/26 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24549 |
| **State of Minnesota** | **State of Minnesota** | **State of Minnesota** | **State of Minnesota** | **State of Minnesota** |
| COP Series 2023  | 5.00% | 11/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 324307 |
| COP Series 2023  | 5.00% | 11/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 42835 |
| COP Series 2023  | 5.00% | 11/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 157185 |
| GO Bonds Series 2020 A  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5405281 |
| GO Bonds Series 2020 A  | 5.00% | 08/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5293089 |
| GO Bonds Series 2021 A  | 5.00% | 09/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 16096 |
| GO Bonds Series 2021 A  | 4.00% | 09/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 87499 |
| GO Bonds Series 2021 A  | 4.00% | 09/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5021540 |
| GO Bonds Series 2021 A  | 4.00% | 09/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 59649 |
| GO Bonds Series 2024 A  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 74997 |
| GO Bonds Series 2024 A  | 5.00% | 08/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 226358 |
| GO Bonds Series 2024 A  | 5.00% | 08/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1140129 |
| GO Bonds Series 2024 A  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 337486 |
| GO Bonds Series 2024 A  | 5.00% | 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107470 |
| GO Bonds Series 2024 A  | 5.00% | 08/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105600 |
| Refunding GO Bonds Series 2016 D  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128251 |
| Refunding GO Bonds Series 2017 D  | 5.00% | 10/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105183 |
| Refunding GO Bonds Series 2023 D  | 5.00% | 08/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150254 |
| Refunding GO Bonds Series 2023 E  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 133923 |
| Refunding GO Bonds Series 2023 E  | 5.00% | 08/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 1635000 | &nbsp;&nbsp; 1850474 |
| Refunding RB Series 2022 A  | 5.00% | 03/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 187116 |
| Refunding RB Series 2022 A  | 5.00% | 03/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 148164 |
| **University of Minnesota** | **University of Minnesota** | **University of Minnesota** | **University of Minnesota** | **University of Minnesota** |
| RB Series 2016 A  | 5.00% | 04/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25127 |
|  |  |  |  | &nbsp;&nbsp; **23729751** |

---

*See financial notes*

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

**235**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MISSISSIPPI** 0.0%  | **MISSISSIPPI** 0.0%  | **MISSISSIPPI** 0.0%  | **MISSISSIPPI** 0.0%  | **MISSISSIPPI** 0.0%  |
| **State of Mississippi** | **State of Mississippi** | **State of Mississippi** | **State of Mississippi** | **State of Mississippi** |
| GO Bonds Series 2017 A  | 5.00% | 10/01/32 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31590 |
| GO Bonds Series 2017 A  | 5.00% | 10/01/34 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 115829 |
| GO Bonds Series 2019 B  | 4.00% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 145987 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 168479 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 10/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52496 |
| **State of Mississippi Gaming Tax Revenue** | **State of Mississippi Gaming Tax Revenue** | **State of Mississippi Gaming Tax Revenue** | **State of Mississippi Gaming Tax Revenue** | **State of Mississippi Gaming Tax Revenue** |
| RB Series 2019 A  | 4.00% | 10/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp; 404505 |
| **West Rankin Utility Authority** | **West Rankin Utility Authority** | **West Rankin Utility Authority** | **West Rankin Utility Authority** | **West Rankin Utility Authority** |
| RB Series 2018  | 5.00% | 01/01/48 *(a)(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52928 |
|  |  |  |  | &nbsp;&nbsp; **971814** |
| **MISSOURI** 0.2%  | **MISSOURI** 0.2%  | **MISSOURI** 0.2%  | **MISSOURI** 0.2%  | **MISSOURI** 0.2%  |
| **City of Kansas City Sanitary Sewer System Revenue** | **City of Kansas City Sanitary Sewer System Revenue** | **City of Kansas City Sanitary Sewer System Revenue** | **City of Kansas City Sanitary Sewer System Revenue** | **City of Kansas City Sanitary Sewer System Revenue** |
| RB Series 2018 A  | 4.00% | 01/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 18502 |
| **City of Kansas City Water Revenue** | **City of Kansas City Water Revenue** | **City of Kansas City Water Revenue** | **City of Kansas City Water Revenue** | **City of Kansas City Water Revenue** |
| RB Series 2025 A  | 5.00% | 12/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257293 |
| **City of Springfield Public Utility Revenue** | **City of Springfield Public Utility Revenue** | **City of Springfield Public Utility Revenue** | **City of Springfield Public Utility Revenue** | **City of Springfield Public Utility Revenue** |
| Refunding RB Series 2015  | 3.38% | 08/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 105079 |
| Refunding RB Series 2015  | 4.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15032 |
| Refunding RB Series 2015  | 4.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100210 |
| Refunding RB Series 2015  | 4.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200420 |
| **City of St. Louis Airport Revenue** | **City of St. Louis Airport Revenue** | **City of St. Louis Airport Revenue** | **City of St. Louis Airport Revenue** | **City of St. Louis Airport Revenue** |
| RB Series 2005  | 5.50% | 07/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 48526 |
| RB Series 2024 A  | 5.25% | 07/01/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 118584 |
| **County of Jackson** | **County of Jackson** | **County of Jackson** | **County of Jackson** | **County of Jackson** |
| RB Series 2023 A  | 4.38% | 12/01/58 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 90947 |
| **Curators of the University of Missouri** | **Curators of the University of Missouri** | **Curators of the University of Missouri** | **Curators of the University of Missouri** | **Curators of the University of Missouri** |
| RB Series 2020 B  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110911 |
| Refunding RB Series 2024  | 5.00% | 11/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50336 |
| Refunding RB Series 2024  | 5.00% | 11/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 285679 |
| **Health & Educational Facilities Authority of the State of Missouri** | **Health & Educational Facilities Authority of the State of Missouri** | **Health & Educational Facilities Authority of the State of Missouri** | **Health & Educational Facilities Authority of the State of Missouri** | **Health & Educational Facilities Authority of the State of Missouri** |
| RB St. Louis University Series 2019 A  | 5.00% | 10/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 55457 |
| **Metropolitan St. Louis Sewer District** | **Metropolitan St. Louis Sewer District** | **Metropolitan St. Louis Sewer District** | **Metropolitan St. Louis Sewer District** | **Metropolitan St. Louis Sewer District** |
| RB Series 2016 C  | 4.00% | 05/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50401 |
| Refunding RB Series 2017 A  | 5.00% | 05/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77900 |
| **Missouri Development Finance Board** | **Missouri Development Finance Board** | **Missouri Development Finance Board** | **Missouri Development Finance Board** | **Missouri Development Finance Board** |
| RB Zoological Subdistrict of the Metropolitan Zoo Park & Museum District of St. Louis <br> Series 2022 <br>| 5.25% | 05/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25198 |
| **Missouri Highway & Transportation Commission** | **Missouri Highway & Transportation Commission** | **Missouri Highway & Transportation Commission** | **Missouri Highway & Transportation Commission** | **Missouri Highway & Transportation Commission** |
| RB Series 2022 A  | 5.00% | 05/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104439 |
| RB Series 2022 A  | 5.00% | 05/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 117206 |
| RB Series 2023 A  | 5.00% | 05/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp; 433147 |
| Refunding RB Series 2014 A  | 5.00% | 05/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp; 662461 |
| **Springfield School District No. R-12** | **Springfield School District No. R-12** | **Springfield School District No. R-12** | **Springfield School District No. R-12** | **Springfield School District No. R-12** |
| GO Bonds Series 2019  | 5.00% | 03/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 140652 |
| **St. Charles County Francis Howell R-III School District** | **St. Charles County Francis Howell R-III School District** | **St. Charles County Francis Howell R-III School District** | **St. Charles County Francis Howell R-III School District** | **St. Charles County Francis Howell R-III School District** |
| Refunding GO Bonds Series 2022  | 5.00% | 03/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 333214 |
|  |  |  |  | &nbsp;&nbsp; **3401594** |

---

*See financial notes*

**236**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **NEBRASKA** 0.4%  | **NEBRASKA** 0.4%  | **NEBRASKA** 0.4%  | **NEBRASKA** 0.4%  | **NEBRASKA** 0.4%  |
| **Nebraska Public Power District** | **Nebraska Public Power District** | **Nebraska Public Power District** | **Nebraska Public Power District** | **Nebraska Public Power District** |
| Refunding RB Series 2023 A  | 5.00% | 07/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 152647 |
| **Omaha Public Power District** | **Omaha Public Power District** | **Omaha Public Power District** | **Omaha Public Power District** | **Omaha Public Power District** |
| RB Series 2019 A  | 5.00% | 02/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 214685 |
| RB Series 2021 A  | 5.00% | 02/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 81464 |
| RB Series 2022 A  | 5.00% | 02/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102312 |
| RB Series 2022 A  | 5.25% | 02/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154472 |
| RB Series 2023 A  | 5.25% | 02/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4965000 | &nbsp;&nbsp; 5124221 |
| RB Series 2024 A  | 5.50% | 02/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 110847 |
| RB Series 2024 C  | 4.00% | 02/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 86878 |
| Refunding RB Series 2017 A  | 4.00% | 02/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 139941 |
| Refunding RB Series 2021 B  | 4.00% | 02/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 45053 |
| Refunding RB Series 2024 B  | 5.00% | 02/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111889 |
| Refunding RB Series 2024 B  | 5.00% | 02/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 550226 |
| Refunding RB Series 2024 B  | 5.00% | 02/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 76442 |
| Refunding RB Series 2024 B  | 5.00% | 02/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 75794 |
| **Omaha Public Power District Nebraska City Station Unit 2** | **Omaha Public Power District Nebraska City Station Unit 2** | **Omaha Public Power District Nebraska City Station Unit 2** | **Omaha Public Power District Nebraska City Station Unit 2** | **Omaha Public Power District Nebraska City Station Unit 2** |
| Refunding RB Series 2016 A  | 5.00% | 02/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25041 |
| **University of Nebraska Facilities Corp.** | **University of Nebraska Facilities Corp.** | **University of Nebraska Facilities Corp.** | **University of Nebraska Facilities Corp.** | **University of Nebraska Facilities Corp.** |
| RB Series 2021 A  | 4.00% | 07/15/59 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 93691 |
| RB Series 2021 A  | 4.00% | 07/15/62 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 169043 |
|  |  |  |  | &nbsp;&nbsp; **7314646** |
| **NEVADA** 0.3%  | **NEVADA** 0.3%  | **NEVADA** 0.3%  | **NEVADA** 0.3%  | **NEVADA** 0.3%  |
| **City of Henderson** | **City of Henderson** | **City of Henderson** | **City of Henderson** | **City of Henderson** |
| GO Bonds Series 2020 A-1  | 4.00% | 06/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 90742 |
| **Clark County School District** | **Clark County School District** | **Clark County School District** | **Clark County School District** | **Clark County School District** |
| Refunding GO Bonds Series 2017 A  | 5.00% | 06/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51027 |
| **County of Clark** | **County of Clark** | **County of Clark** | **County of Clark** | **County of Clark** |
| GO Bonds Series 2018 A  | 5.00% | 06/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 166934 |
| GO Bonds Series 2018 A  | 5.00% | 05/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300573 |
| RB Regional Transportation Commission of Southern Nevada Motor Fuel Tax Revenue <br> Series 2022 <br>| 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21771 |
| Refunding GO Bonds Series 2016 B  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 190756 |
| **County of Clark Department of Aviation** | **County of Clark Department of Aviation** | **County of Clark Department of Aviation** | **County of Clark Department of Aviation** | **County of Clark Department of Aviation** |
| RB Series 2024 B  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 162568 |
| Refunding RB Series 2019 D  | 5.00% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100000 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 146312 |
| **County of Clark Passenger Facility Charge Revenue** | **County of Clark Passenger Facility Charge Revenue** | **County of Clark Passenger Facility Charge Revenue** | **County of Clark Passenger Facility Charge Revenue** | **County of Clark Passenger Facility Charge Revenue** |
| Refunding RB Series 2019 E  | 5.00% | 07/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106389 |
| **County of Washoe Gas Tax Revenue** | **County of Washoe Gas Tax Revenue** | **County of Washoe Gas Tax Revenue** | **County of Washoe Gas Tax Revenue** | **County of Washoe Gas Tax Revenue** |
| Refunding RB Series 2018  | 5.00% | 02/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2036807 |
| **Las Vegas Convention & Visitors Authority** | **Las Vegas Convention & Visitors Authority** | **Las Vegas Convention & Visitors Authority** | **Las Vegas Convention & Visitors Authority** | **Las Vegas Convention & Visitors Authority** |
| RB County of Clark & City of Las Vegas Combined Room Tax Revenue Series 2018 B  | 5.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1104207 |
| RB County of Clark & City of Las Vegas Combined Room Tax Revenue Series 2018 B  | 4.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 29926 |
| RB County of Clark & City of Las Vegas Combined Room Tax Revenue Series 2023 A  | 5.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152931 |
| **Las Vegas Valley Water District** | **Las Vegas Valley Water District** | **Las Vegas Valley Water District** | **Las Vegas Valley Water District** | **Las Vegas Valley Water District** |
| GO Bonds Series 2022 A  | 4.00% | 06/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 218009 |
| Refunding GO Bonds Series 2016 A  | 5.00% | 06/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75333 |

---

*See financial notes*

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

**237**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding GO Bonds Series 2016 A  | 5.00% | 06/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200141 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 06/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 272889 |
| **State of Nevada Highway Improvement Revenue** | **State of Nevada Highway Improvement Revenue** | **State of Nevada Highway Improvement Revenue** | **State of Nevada Highway Improvement Revenue** | **State of Nevada Highway Improvement Revenue** |
| RB Series 2017  | 5.00% | 12/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 232816 |
| RB Series 2017  | 5.00% | 12/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103380 |
| RB Series 2017  | 4.00% | 12/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1310000 | &nbsp;&nbsp; 1315587 |
|  |  |  |  | &nbsp;&nbsp; **7079098** |
| **NEW JERSEY** 4.3%  | **NEW JERSEY** 4.3%  | **NEW JERSEY** 4.3%  | **NEW JERSEY** 4.3%  | **NEW JERSEY** 4.3%  |
| **Garden State Preservation Trust** | **Garden State Preservation Trust** | **Garden State Preservation Trust** | **Garden State Preservation Trust** | **Garden State Preservation Trust** |
| RB Series 2003 B  | 3.33% | 11/01/25 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 29659 |
| **Gloucester County Improvement Authority** | **Gloucester County Improvement Authority** | **Gloucester County Improvement Authority** | **Gloucester County Improvement Authority** | **Gloucester County Improvement Authority** |
| RB Rowan University Series 2024  | 5.00% | 07/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101697 |
| **Hudson County Improvement Authority** | **Hudson County Improvement Authority** | **Hudson County Improvement Authority** | **Hudson County Improvement Authority** | **Hudson County Improvement Authority** |
| RB Series 2016  | 5.25% | 05/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50108 |
| RB Series 2020  | 4.00% | 10/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 44224 |
| **Middlesex County Improvement Authority** | **Middlesex County Improvement Authority** | **Middlesex County Improvement Authority** | **Middlesex County Improvement Authority** | **Middlesex County Improvement Authority** |
| RB Rutgers The State University of New Jersey Series 2023 A  | 5.00% | 08/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 512157 |
| **New Jersey Economic Development Authority** | **New Jersey Economic Development Authority** | **New Jersey Economic Development Authority** | **New Jersey Economic Development Authority** | **New Jersey Economic Development Authority** |
| RB Series 2015 WW  | 5.25% | 06/15/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100098 |
| RB Series 2016 AAA  | 5.00% | 06/15/41 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp; 454979 |
| RB Series 2016 BBB  | 5.50% | 06/15/29 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 130142 |
| RB Series 2016 BBB  | 4.75% | 06/15/31 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | &nbsp;&nbsp; 1210831 |
| RB Series 2016 BBB  | 5.50% | 06/15/31 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78085 |
| RB Series 2017 B  | 4.13% | 06/15/39 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 28993 |
| RB Series 2017 DDD  | 5.00% | 06/15/42 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 57544 |
| RB Series 2018 A  | 5.00% | 06/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1250218 |
| RB Series 2018 A  | 5.00% | 06/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 247745 |
| RB Series 2020 A  | 5.00% | 11/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000390 |
| RB Series 2021 QQQ  | 4.00% | 06/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 306906 |
| RB Series 2021 QQQ  | 4.00% | 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 85593 |
| RB Series 2022 A  | 5.00% | 11/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 297092 |
| Refunding RB Series 2005 N1  | 5.50% | 09/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1140000 | &nbsp;&nbsp; 1174755 |
| Refunding RB Series 2023 RRR  | 5.00% | 03/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202643 |
| Refunding RB Series 2023 RRR  | 5.00% | 03/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 263997 |
| Refunding RB Series 2024 SSS  | 5.00% | 06/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 510028 |
| Refunding RB Series 2024 SSS  | 5.25% | 06/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27542 |
| Refunding RB Motor Vehicle Surcharge Revenue Series 2017 A  | 3.13% | 07/01/31 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 72962 |
| Refunding RB Transit Corp. Series 2017 B  | 5.00% | 11/01/25 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100622 |
| **New Jersey Educational Facilities Authority** | **New Jersey Educational Facilities Authority** | **New Jersey Educational Facilities Authority** | **New Jersey Educational Facilities Authority** | **New Jersey Educational Facilities Authority** |
| RB Series 2016 B  | 5.00% | 09/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 161829 |
| RB Trustees of Princeton University Series 2015 D  | 4.00% | 07/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92663 |
| RB Trustees of Princeton University Series 2022 A  | 5.00% | 03/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | &nbsp;&nbsp; 1428214 |
| RB Trustees of Princeton University Series 2024 A1  | 5.00% | 03/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 182293 |
| RB Trustees of Princeton University Series 2024 A-2  | 5.00% | 03/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1780000 | &nbsp;&nbsp; 1873838 |
| RB Trustees of Princeton University Series 2024 B  | 4.00% | 03/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 174546 |
| RB Trustees of Princeton University Series 2024 B  | 5.25% | 03/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 209267 |
| Refunding RB Trustees of Princeton University Series 2017 B  | 5.00% | 07/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 93806 |
| Refunding RB Trustees of Princeton University Series 2017 B  | 5.00% | 07/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104146 |

---

*See financial notes*

**238**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Trustees of Princeton University Series 2024 C  | 5.00% | 03/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31161 |
| Refunding RB Trustees of Princeton University Series 2024 C  | 5.00% | 03/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 262218 |
| **New Jersey Transportation Trust Fund Authority** | **New Jersey Transportation Trust Fund Authority** | **New Jersey Transportation Trust Fund Authority** | **New Jersey Transportation Trust Fund Authority** | **New Jersey Transportation Trust Fund Authority** |
| RB Series 2006 C  | 2.91% | 12/15/26 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 43105 |
| RB Series 2006 C  | 3.44% | 12/15/28 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 53878 |
| RB Series 2006 C  | 3.15% | 12/15/29 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 182672 |
| RB Series 2006 C  | 3.28% | 12/15/30 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 41662 |
| RB Series 2006 C  | 4.11% | 12/15/32 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 5380000 | &nbsp;&nbsp; 4145973 |
| RB Series 2006 C  | 4.24% | 12/15/33 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 2954931 |
| RB Series 2006 C  | 3.64% | 12/15/34 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp; 323943 |
| RB Series 2006 C  | 3.39% | 12/15/35 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 23202 |
| RB Series 2008 A  | 3.57% | 12/15/28 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 98776 |
| RB Series 2008 A  | 4.07% | 12/15/35 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 142526 |
| RB Series 2008 A  | 3.62% | 12/15/36 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 18790 |
| RB Series 2008 A  | 4.29% | 12/15/38 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 102275 |
| RB Series 2009 A  | 3.48% | 12/15/32 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 202874 |
| RB Series 2009 A  | 3.77% | 12/15/33 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 168364 |
| RB Series 2009 A  | 3.84% | 12/15/34 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 118612 |
| RB Series 2009 A  | 3.99% | 12/15/38 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 165852 |
| RB Series 2009 A  | 4.02% | 12/15/39 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 25929 |
| RB Series 2010 A  | 3.80% | 12/15/26 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 143684 |
| RB Series 2010 A  | 3.46% | 12/15/28 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp; 628573 |
| RB Series 2010 A  | 3.36% | 12/15/29 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 108258 |
| RB Series 2010 A  | 3.78% | 12/15/31 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 168026 |
| RB Series 2010 A  | 3.75% | 12/15/33 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 73202 |
| RB Series 2010 A  | 3.52% | 12/15/34 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 59306 |
| RB Series 2010 A  | 4.47% | 12/15/40 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp; 136673 |
| RB Series 2014 AA  | 4.25% | 06/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 18688 |
| RB Series 2014 BB-1  | 5.00% | 06/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 83691 |
| RB Series 2016 A-1  | 5.00% | 06/15/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4100000 | &nbsp;&nbsp; 4176789 |
| RB Series 2016 A-1  | 5.00% | 06/15/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 223880 |
| RB Series 2016 A-1  | 4.10% | 06/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100624 |
| RB Series 2019 AA  | 4.00% | 06/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1472030 |
| RB Series 2019 AA  | 5.00% | 06/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1085000 | &nbsp;&nbsp; 1085634 |
| RB Series 2019 BB  | 5.00% | 06/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 209294 |
| RB Series 2019 BB  | 3.25% | 06/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 201492 |
| RB Series 2019 BB  | 4.00% | 06/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 677588 |
| RB Series 2019 BB  | 5.00% | 06/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 350321 |
| RB Series 2019 BB  | 3.50% | 06/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 238617 |
| RB Series 2019 BB  | 4.00% | 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1160000 | &nbsp;&nbsp; 1010787 |
| RB Series 2019 BB  | 5.00% | 06/15/50 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 210325 |
| RB Series 2020 AA  | 4.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 218959 |
| RB Series 2020 AA  | 4.00% | 06/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 137389 |
| RB Series 2020 AA  | 5.00% | 06/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105236 |
| RB Series 2020 AA  | 5.00% | 06/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 207861 |
| RB Series 2020 AA  | 4.00% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94135 |
| RB Series 2020 AA  | 4.00% | 06/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 224253 |
| RB Series 2020 AA  | 4.00% | 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 152489 |
| RB Series 2020 AA  | 5.00% | 06/15/50 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 50122 |
| RB Series 2020 AA  | 5.00% | 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 155741 |

---

*See financial notes*

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

**239**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2022 A  | 4.00% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47068 |
| RB Series 2022 A  | 4.00% | 06/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92841 |
| RB Series 2022 BB  | 5.00% | 06/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 47869 |
| RB Series 2022 BB  | 4.00% | 06/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 474283 |
| RB Series 2022 BB  | 4.00% | 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 217842 |
| RB Series 2022 CC  | 5.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54106 |
| RB Series 2022 CC  | 5.00% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 187093 |
| RB Series 2022 CC  | 5.25% | 06/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105092 |
| RB Series 2022 CC  | 5.00% | 06/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152705 |
| RB Series 2022 CC  | 5.25% | 06/15/46 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 121274 |
| RB Series 2022 CC  | 5.25% | 06/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 216515 |
| RB Series 2022 CC  | 5.00% | 06/15/48 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 68301 |
| RB Series 2023 BB  | 5.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 130981 |
| RB Series 2023 BB  | 5.00% | 06/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1535216 |
| RB Series 2023 BB  | 5.00% | 06/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp; 486544 |
| RB Series 2023 BB  | 5.25% | 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205930 |
| RB Series 2024 CC  | 5.00% | 06/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55053 |
| RB Series 2024 CC  | 5.00% | 06/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 276656 |
| RB Series 2024 CC  | 5.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 550289 |
| RB Series 2024 CC  | 5.00% | 06/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 70032 |
| RB Series 2024 CC  | 5.00% | 06/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254551 |
| RB Series 2024 CC  | 4.13% | 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1130000 | &nbsp;&nbsp; 1004863 |
| RB Series 2024 CC  | 4.13% | 06/15/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 86908 |
| RB Series 2024 CC  | 5.25% | 06/15/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp; 342757 |
| Refunding RB Series 2018 A  | 5.00% | 12/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 289035 |
| Refunding RB Series 2018 A  | 5.00% | 06/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76190 |
| Refunding RB Series 2018 A  | 5.00% | 12/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 159076 |
| Refunding RB Series 2018 A  | 5.00% | 06/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp; 294380 |
| Refunding RB Series 2018 A  | 5.00% | 12/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1105000 | &nbsp;&nbsp; 1152857 |
| Refunding RB Series 2018 A  | 5.00% | 12/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 217715 |
| Refunding RB Series 2019 A  | 4.00% | 12/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 61427 |
| Refunding RB Series 2021 A  | 5.00% | 06/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 132525 |
| Refunding RB Series 2021 A  | 5.00% | 06/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10764 |
| Refunding RB Series 2021 A  | 5.00% | 06/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110094 |
| Refunding RB Series 2021 A  | 5.00% | 06/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 218540 |
| Refunding RB Series 2021 A  | 5.00% | 06/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108399 |
| Refunding RB Series 2021 A  | 4.00% | 06/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30190 |
| Refunding RB Series 2021 A  | 4.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 213982 |
| Refunding RB Series 2022 AA  | 5.00% | 06/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 211934 |
| Refunding RB Series 2023 A  | 4.25% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 387307 |
| Refunding RB Series 2023 AA  | 5.00% | 06/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32702 |
| Refunding RB Series 2023 AA  | 5.00% | 06/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 38415 |
| Refunding RB Series 2023 AA  | 5.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 543426 |
| Refunding RB Series 2023 AA  | 5.00% | 06/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26674 |
| Refunding RB Series 2023 AA  | 5.00% | 06/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21003 |
| Refunding RB Series 2024 A  | 5.00% | 06/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 1860000 | &nbsp;&nbsp; 2058242 |
| Refunding RB Series 2024 A  | 5.00% | 06/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp; 570929 |
| Refunding RB Series 2024 A  | 5.00% | 06/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4435197 |
| Refunding RB Series 2024 A  | 5.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 324665 |
| Refunding RB Series 2024 A  | 5.00% | 06/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 855000 | &nbsp;&nbsp; 927071 |

---

*See financial notes*

**240**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2024 A  | 5.00% | 06/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 533101 |
| Refunding RB Series 2024 A  | 5.25% | 06/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 124339 |
| Refunding RB Series 2024 AA  | 5.00% | 06/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1220000 | &nbsp;&nbsp; 1290598 |
| Refunding RB Series 2024 AA  | 4.00% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 235337 |
| Refunding RB Series 2024 AA  | 5.25% | 06/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1061983 |
| Refunding RB Series 2024 AA  | 4.00% | 06/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 458778 |
| Refunding RB Series 2024 AA  | 5.00% | 06/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206209 |
| **New Jersey Turnpike Authority** | **New Jersey Turnpike Authority** | **New Jersey Turnpike Authority** | **New Jersey Turnpike Authority** | **New Jersey Turnpike Authority** |
| RB Series 2005 D-3  | 5.25% | 01/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 273072 |
| RB Series 2005 D-4  | 5.25% | 01/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1330000 | &nbsp;&nbsp; 1345133 |
| RB Series 2019 A  | 4.00% | 01/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2155000 | &nbsp;&nbsp; 1920976 |
| RB Series 2019 A  | 5.00% | 01/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3022061 |
| RB Series 2020 D  | 5.00% | 01/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 118377 |
| RB Series 2021 A  | 4.00% | 01/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 283551 |
| RB Series 2021 A  | 4.00% | 01/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 88295 |
| RB Series 2022 B  | 5.00% | 01/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 123244 |
| RB Series 2022 B  | 4.50% | 01/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 4845591 |
| RB Series 2022 B  | 5.25% | 01/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155012 |
| RB Series 2024 B  | 5.25% | 01/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp; 1170934 |
| RB Series 2025 A  | 4.75% | 01/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2974837 |
| RB Series 2025 B  | 5.00% | 01/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3032380 |
| Refunding RB Series 2005 A  | 5.25% | 01/01/27 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 119276 |
| Refunding RB Series 2005 A  | 5.25% | 01/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 85066 |
| Refunding RB Series 2017 B  | 5.00% | 01/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105508 |
| Refunding RB Series 2017 B  | 4.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 94945 |
| Refunding RB Series 2017 E  | 5.00% | 01/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 99973 |
| Refunding RB Series 2017 G  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 93093 |
| Refunding RB Series 2017 G  | 3.25% | 01/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 177282 |
| Refunding RB Series 2017 G  | 4.00% | 01/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 138308 |
| Refunding RB Series 2022 C  | 5.00% | 01/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109124 |
| Refunding RB Series 2024 C  | 5.00% | 01/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 416126 |
| Refunding RB Series 2024 C  | 5.00% | 01/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 311479 |
| **South Jersey Transportation Authority** | **South Jersey Transportation Authority** | **South Jersey Transportation Authority** | **South Jersey Transportation Authority** | **South Jersey Transportation Authority** |
| RB Series 2022 A  | 4.63% | 11/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 81345 |
| RB Series 2022 A  | 5.25% | 11/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204593 |
| RB Series 2022 A  | 5.25% | 11/01/52 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 517402 |
| **State of New Jersey** | **State of New Jersey** | **State of New Jersey** | **State of New Jersey** | **State of New Jersey** |
| GO Bonds Series 2020 A  | 5.00% | 06/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 331845 |
| GO Bonds Series 2020 A  | 5.00% | 06/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 339865 |
| GO Bonds Series 2020 A  | 5.00% | 06/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1598785 |
| GO Bonds Series 2020 A  | 5.00% | 06/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 1805000 | &nbsp;&nbsp; 1956366 |
| GO Bonds Series 2020 A  | 4.00% | 06/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 1785000 | &nbsp;&nbsp; 1882298 |
| GO Bonds Series 2020 A  | 4.00% | 06/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 755000 | &nbsp;&nbsp; 798842 |
| GO Bonds Series 2020 A  | 4.00% | 06/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 1225000 | &nbsp;&nbsp; 1297120 |
|  |  |  |  | &nbsp;&nbsp; **87949979** |
| **NEW MEXICO** 0.1%  | **NEW MEXICO** 0.1%  | **NEW MEXICO** 0.1%  | **NEW MEXICO** 0.1%  | **NEW MEXICO** 0.1%  |
| **New Mexico Finance Authority** | **New Mexico Finance Authority** | **New Mexico Finance Authority** | **New Mexico Finance Authority** | **New Mexico Finance Authority** |
| RB Department of Transportation Series 2021 A  | 5.00% | 06/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp; 432360 |
| RB Department of Transportation Series 2021 A  | 5.00% | 06/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 70649 |

---

*See financial notes*

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

**241**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Department of Transportation Series 2018 A  | 5.00% | 06/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104535 |
| Refunding RB Department of Transportation Series 2018 A  | 5.00% | 06/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26689 |
| Refunding RB Department of Transportation Series 2018 A  | 5.00% | 06/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 175084 |
| **State of New Mexico** | **State of New Mexico** | **State of New Mexico** | **State of New Mexico** | **State of New Mexico** |
| GO Bonds Series 2023  | 5.00% | 03/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 33803 |
| **State of New Mexico Severance Tax Permanent Fund** | **State of New Mexico Severance Tax Permanent Fund** | **State of New Mexico Severance Tax Permanent Fund** | **State of New Mexico Severance Tax Permanent Fund** | **State of New Mexico Severance Tax Permanent Fund** |
| RB Series 2021 A  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 138184 |
| RB Series 2021 A  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 138829 |
| RB Series 2021 A  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 163043 |
| RB Series 2021 A  | 5.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110195 |
| RB Series 2021 A  | 5.00% | 07/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 133720 |
| RB Series 2022 A  | 5.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp; 716268 |
| RB Series 2022 A  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 39326 |
| RB Series 2022 B  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204717 |
| RB Series 2022 B  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 37377 |
|  |  |  |  | &nbsp;&nbsp; **2524779** |
| **NEW YORK** 25.9%  | **NEW YORK** 25.9%  | **NEW YORK** 25.9%  | **NEW YORK** 25.9%  | **NEW YORK** 25.9%  |
| **Battery Park City Authority** | **Battery Park City Authority** | **Battery Park City Authority** | **Battery Park City Authority** | **Battery Park City Authority** |
| RB Series 2019 A  | 4.00% | 11/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 91818 |
| RB Series 2019 A  | 5.00% | 11/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15325 |
| RB Series 2023 A  | 5.00% | 11/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 335055 |
| RB Series 2023 A  | 5.00% | 11/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4055000 | &nbsp;&nbsp; 4162998 |
| Refunding RB Series 2023 B  | 5.00% | 11/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25197 |
| Refunding RB Series 2023 B  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31821 |
| Refunding RB Series 2023 B  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 254213 |
| **City of New York** | **City of New York** | **City of New York** | **City of New York** | **City of New York** |
| GO Bonds Series 2008 L-5  | 5.00% | 04/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 153084 |
| GO Bonds Series 2008 L-5  | 5.00% | 04/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32541 |
| GO Bonds Series 2012 1  | 5.00% | 04/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 153580 |
| GO Bonds Series 2012 1  | 5.00% | 04/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 83148 |
| GO Bonds Series 2012 1  | 5.00% | 04/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 16153 |
| GO Bonds Series 2012 G6  | 4.00% | 04/01/42 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 1625000 | &nbsp;&nbsp; 1625000 |
| GO Bonds Series 2013 D4  | 3.95% | 08/01/40 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 1935000 | &nbsp;&nbsp; 1935000 |
| GO Bonds Series 2015 F-1  | 3.50% | 06/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 19695 |
| GO Bonds Series 2015 F5  | 3.90% | 06/01/44 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp; 405000 |
| GO Bonds Series 2016 A-1  | 5.00% | 08/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152736 |
| GO Bonds Series 2016 A-1  | 4.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 105047 |
| GO Bonds Series 2016 A-1  | 4.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 173651 |
| GO Bonds Series 2016 A-1  | 5.00% | 08/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25301 |
| GO Bonds Series 2016 A-4  | 4.00% | 08/01/44 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 1390000 | &nbsp;&nbsp; 1390000 |
| GO Bonds Series 2016 B-1  | 5.00% | 12/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41135 |
| GO Bonds Series 2016 B-1  | 5.00% | 12/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25378 |
| GO Bonds Series 2016 B-1  | 5.00% | 12/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151672 |
| GO Bonds Series 2016 B-1  | 4.00% | 12/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 89529 |
| GO Bonds Series 2017 1  | 5.00% | 08/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 109780 |
| GO Bonds Series 2017 B-1  | 5.25% | 10/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156515 |
| GO Bonds Series 2017 B-1  | 3.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 93517 |
| GO Bonds Series 2017 B-1  | 5.00% | 10/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 225769 |
| GO Bonds Series 2017 B-1  | 5.00% | 10/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76723 |

---

*See financial notes*

**242**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2018 D1  | 5.00% | 12/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10305 |
| GO Bonds Series 2018 D-1  | 5.00% | 12/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105021 |
| GO Bonds Series 2018 D-1  | 5.00% | 12/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153392 |
| GO Bonds Series 2018 E-1  | 5.25% | 03/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 520254 |
| GO Bonds Series 2018 E-1  | 5.00% | 03/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50814 |
| GO Bonds Series 2018 E-1  | 3.63% | 03/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 58074 |
| GO Bonds Series 2018 E5  | 3.95% | 03/01/48 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp; 825000 |
| GO Bonds Series 2018 F-1  | 5.00% | 04/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25976 |
| GO Bonds Series 2018 F-1  | 5.00% | 04/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206988 |
| GO Bonds Series 2018 F-1  | 5.00% | 04/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25770 |
| GO Bonds Series 2018 F-1  | 5.00% | 04/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 179769 |
| GO Bonds Series 2018 F-1  | 5.00% | 04/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25509 |
| GO Bonds Series 2018 F-1  | 5.00% | 04/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 167764 |
| GO Bonds Series 2018 F-1  | 5.00% | 04/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126072 |
| GO Bonds Series 2018 F-1  | 3.50% | 04/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 44503 |
| GO Bonds Series 2019 A-1  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105371 |
| GO Bonds Series 2019 A-1  | 4.00% | 08/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 148075 |
| GO Bonds Series 2019 A-1  | 4.00% | 08/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73042 |
| GO Bonds Series 2019 A-1  | 4.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 141693 |
| GO Bonds Series 2019 A-1  | 3.00% | 08/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 36869 |
| GO Bonds Series 2019 B-1  | 5.00% | 10/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 58518 |
| GO Bonds Series 2019 B-1  | 5.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 238424 |
| GO Bonds Series 2019 B-1  | 4.00% | 10/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49233 |
| GO Bonds Series 2019 B-1  | 5.00% | 10/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 106876 |
| GO Bonds Series 2019 B-1  | 3.00% | 10/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 59847 |
| GO Bonds Series 2020 C  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 199285 |
| GO Bonds Series 2020 C  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 180711 |
| GO Bonds Series 2020 C  | 5.00% | 08/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 297483 |
| GO Bonds Series 2020 C  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 112907 |
| GO Bonds Series 2020 C  | 4.00% | 08/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 298691 |
| GO Bonds Series 2020 C  | 4.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 166208 |
| GO Bonds Series 2020 C  | 4.00% | 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9340 |
| GO Bonds Series 2020 C  | 5.00% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76779 |
| GO Bonds Series 2020 D-1  | 4.00% | 03/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30103 |
| GO Bonds Series 2020 D-1  | 5.00% | 03/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52515 |
| GO Bonds Series 2020 D-1  | 5.00% | 03/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30987 |
| GO Bonds Series 2020 D-1  | 3.00% | 03/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 55666 |
| GO Bonds Series 2020 D-1  | 4.00% | 03/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp; 446437 |
| GO Bonds Series 2021 1  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106954 |
| GO Bonds Series 2021 1  | 5.00% | 08/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 66775 |
| GO Bonds Series 2021 A-1  | 4.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30559 |
| GO Bonds Series 2021 A-1  | 4.00% | 08/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 14786 |
| GO Bonds Series 2021 A-1  | 4.00% | 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46701 |
| GO Bonds Series 2021 A-1  | 5.00% | 08/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp; 629147 |
| GO Bonds Series 2021 A-1  | 4.00% | 08/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 173209 |
| GO Bonds Series 2021 F1  | 4.00% | 03/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 685000 | &nbsp;&nbsp; 679388 |
| GO Bonds Series 2021 F-1  | 5.00% | 03/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15576 |
| GO Bonds Series 2021 F-1  | 3.00% | 03/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92917 |
| GO Bonds Series 2021 F-1  | 5.00% | 03/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 144408 |
| GO Bonds Series 2021 F-1  | 3.00% | 03/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 120108 |

---

*See financial notes*

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

**243**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2021 F-1  | 5.00% | 03/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36072 |
| GO Bonds Series 2021 F-1  | 4.00% | 03/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 154125 |
| GO Bonds Series 2021 F-1  | 3.00% | 03/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 139157 |
| GO Bonds Series 2022 A-1  | 5.00% | 09/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 265879 |
| GO Bonds Series 2022 A-1  | 5.00% | 09/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp; 323432 |
| GO Bonds Series 2022 A-1  | 5.00% | 09/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2101415 |
| GO Bonds Series 2022 A-1  | 5.00% | 09/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21423 |
| GO Bonds Series 2022 A-1  | 5.00% | 09/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 132705 |
| GO Bonds Series 2022 A-1  | 5.00% | 09/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21104 |
| GO Bonds Series 2022 A-1  | 5.00% | 09/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155823 |
| GO Bonds Series 2022 A-1  | 4.00% | 09/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 31137 |
| GO Bonds Series 2022 A-4  | 3.95% | 09/01/49 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 1050000 |
| GO Bonds Series 2022 B-1  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21456 |
| GO Bonds Series 2022 B-1  | 5.00% | 10/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 82855 |
| GO Bonds Series 2022 B-1  | 5.00% | 10/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56111 |
| GO Bonds Series 2022 B-1  | 5.00% | 10/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 272733 |
| GO Bonds Series 2022 B-1  | 5.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108126 |
| GO Bonds Series 2022 B-1  | 5.25% | 10/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 48084 |
| GO Bonds Series 2022 B-1  | 5.25% | 10/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52698 |
| GO Bonds Series 2022 B-1  | 5.25% | 10/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 178216 |
| GO Bonds Series 2022 B-1  | 5.25% | 10/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10329 |
| GO Bonds Series 2022 D-1  | 5.00% | 05/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 151025 |
| GO Bonds Series 2023 A  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 136535 |
| GO Bonds Series 2023 A  | 5.00% | 08/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp; 839421 |
| GO Bonds Series 2023 A  | 5.00% | 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 136424 |
| GO Bonds Series 2023 A  | 5.00% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41665 |
| GO Bonds Series 2023 A  | 5.00% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253454 |
| GO Bonds Series 2023 A  | 5.00% | 08/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101001 |
| GO Bonds Series 2023 A  | 4.13% | 08/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 218366 |
| GO Bonds Series 2023 E1  | 5.00% | 04/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 57621 |
| GO Bonds Series 2023 E-1  | 5.00% | 04/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 132197 |
| GO Bonds Series 2023 E-1  | 5.25% | 04/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 209443 |
| GO Bonds Series 2023 E-1  | 5.25% | 04/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 180978 |
| GO Bonds Series 2024 C  | 5.00% | 03/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 128470 |
| GO Bonds Series 2024 C  | 5.00% | 03/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10954 |
| GO Bonds Series 2024 C  | 4.00% | 03/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23373 |
| GO Bonds Series 2024 C  | 5.00% | 03/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36594 |
| GO Bonds Series 2024 C  | 5.25% | 03/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 207541 |
| GO Bonds Series 2024 C-1  | 5.00% | 09/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2227662 |
| GO Bonds Series 2024 C-1  | 5.00% | 09/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 213555 |
| GO Bonds Series 2024 C-1  | 5.00% | 09/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 264290 |
| GO Bonds Series 2024 C-1  | 5.00% | 09/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 665000 | &nbsp;&nbsp; 696714 |
| GO Bonds Series 2024 C-1  | 5.00% | 09/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36168 |
| GO Bonds Series 2024 C-1  | 5.25% | 09/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261615 |
| GO Bonds Series 2024 C-1  | 5.00% | 09/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 122492 |
| GO Bonds Series 2024 C-1  | 5.00% | 09/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254748 |
| GO Bonds Series 2024 C-1  | 5.25% | 09/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp; 441299 |
| GO Bonds Series 2024 D  | 5.00% | 04/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 309402 |
| GO Bonds Series 2024 D  | 5.00% | 04/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 271065 |
| GO Bonds Series 2024 D  | 5.00% | 04/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 537487 |

---

*See financial notes*

**244**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2024 D  | 5.00% | 04/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 37282 |
| GO Bonds Series 2024 D  | 4.00% | 04/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 93473 |
| GO Bonds Series 2024 D  | 5.00% | 04/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129643 |
| GO Bonds Series 2024 D  | 5.50% | 04/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2654094 |
| GO Bonds Series 2024 D  | 5.25% | 04/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31020 |
| GO Bonds Series 2025 G-1  | 5.00% | 02/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 11279276 |
| GO Bonds Series 2025 G-1  | 5.00% | 02/01/35  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1128204 |
| GO Bonds Series 2025 G-1  | 5.25% | 02/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 519575 |
| Refunding GO Bonds Series 2015 A  | 5.00% | 08/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 135211 |
| Refunding GO Bonds Series 2016 C  | 5.00% | 08/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45500 |
| Refunding GO Bonds Series 2016 C  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151678 |
| Refunding GO Bonds Series 2016 C  | 3.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 196492 |
| Refunding GO Bonds Series 2016 E  | 5.00% | 08/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153396 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 99643 |
| Refunding GO Bonds Series 2017 C  | 5.00% | 08/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20697 |
| Refunding GO Bonds Series 2017 C  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 120620 |
| Refunding GO Bonds Series 2017 C  | 5.00% | 08/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77612 |
| Refunding GO Bonds Series 2017 C  | 5.00% | 08/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 178784 |
| Refunding GO Bonds Series 2018 A  | 5.00% | 08/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250406 |
| Refunding GO Bonds Series 2018 A  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 164023 |
| Refunding GO Bonds Series 2019 E  | 5.00% | 08/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 325528 |
| Refunding GO Bonds Series 2019 E  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 115376 |
| Refunding GO Bonds Series 2019 E  | 5.00% | 08/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 74972 |
| Refunding GO Bonds Series 2019 E  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 79776 |
| Refunding GO Bonds Series 2020 A-1  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 171127 |
| Refunding GO Bonds Series 2020 A-1  | 5.00% | 08/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp; 505924 |
| Refunding GO Bonds Series 2020 A-1  | 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 181867 |
| Refunding GO Bonds Series 2020 A-1  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109522 |
| Refunding GO Bonds Series 2020 C-1  | 5.00% | 08/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 285463 |
| Refunding GO Bonds Series 2020 C-1  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 139041 |
| Refunding GO Bonds Series 2020 C-1  | 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 292090 |
| Refunding GO Bonds Series 2020 C-1  | 5.00% | 08/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 163334 |
| Refunding GO Bonds Series 2020 C-1  | 5.00% | 08/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 200125 |
| Refunding GO Bonds Series 2020 C-1  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 80648 |
| Refunding GO Bonds Series 2022 B-1  | 5.00% | 08/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 7360000 | &nbsp;&nbsp; 8007743 |
| Refunding GO Bonds Series 2022 B-1  | 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1102227 |
| Refunding GO Bonds Series 2022 B-1  | 5.00% | 08/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 222584 |
| Refunding GO Bonds Series 2023 C  | 5.00% | 08/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125203 |
| Refunding GO Bonds Series 2023 C  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35880 |
| Refunding GO Bonds Series 2023 C  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 167819 |
| Refunding GO Bonds Series 2023 D  | 5.00% | 08/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35057 |
| Refunding GO Bonds Series 2023 F-1  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 115376 |
| Refunding GO Bonds Series 2023 F-1  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 80216 |
| Refunding GO Bonds Series 2023 F-1  | 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110223 |
| Refunding GO Bonds Series 2023 F-1  | 5.00% | 08/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 84535 |
| Refunding GO Bonds Series 2023 F-1  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 148809 |
| Refunding GO Bonds Series 2023 F-1  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54614 |
| Refunding GO Bonds Series 2023 F-1  | 5.00% | 08/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 785000 | &nbsp;&nbsp; 850253 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 57688 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 08/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp; 409135 |

---

*See financial notes*

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

**245**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding GO Bonds Series 2024 A  | 5.00% | 08/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 129621 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 08/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 5275000 | &nbsp;&nbsp; 5958321 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 167081 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp; 584454 |
| Refunding GO Bonds Series 2025 F  | 5.00% | 08/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1127140 |
| **County of Nassau** | **County of Nassau** | **County of Nassau** | **County of Nassau** | **County of Nassau** |
| GO Bonds Series 2023 A  | 4.00% | 04/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 87101 |
| Refunding GO Bonds Series 2017 C  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 97932 |
| Refunding GO Bonds Series 2017 C  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52740 |
| **Dutchess County Local Development Corp.** | **Dutchess County Local Development Corp.** | **Dutchess County Local Development Corp.** | **Dutchess County Local Development Corp.** | **Dutchess County Local Development Corp.** |
| Refunding RB Vassar College Series 2017  | 4.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 107144 |
| **Empire State Development Corp.** | **Empire State Development Corp.** | **Empire State Development Corp.** | **Empire State Development Corp.** | **Empire State Development Corp.** |
| RB State of New York Personal Income Tax Revenue Series 2016 A  | 5.00% | 03/15/27 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 55889 |
| RB State of New York Personal Income Tax Revenue Series 2019 A  | 5.00% | 03/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129618 |
| RB State of New York Personal Income Tax Revenue Series 2019 A  | 5.00% | 03/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25690 |
| RB State of New York Personal Income Tax Revenue Series 2019 A  | 5.00% | 03/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 61211 |
| RB State of New York Personal Income Tax Revenue Series 2019 A  | 5.00% | 03/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50670 |
| RB State of New York Personal Income Tax Revenue Series 2019 A  | 4.00% | 03/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 223214 |
| RB State of New York Personal Income Tax Revenue Series 2020 A  | 5.00% | 03/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27419 |
| RB State of New York Personal Income Tax Revenue Series 2020 A  | 4.00% | 03/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 237575 |
| RB State of New York Personal Income Tax Revenue Series 2020 A  | 4.00% | 03/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 313419 |
| RB State of New York Personal Income Tax Revenue Series 2020 A  | 4.00% | 03/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp; 484706 |
| RB State of New York Personal Income Tax Revenue Series 2020 A  | 3.00% | 03/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 74847 |
| RB State of New York Sales Tax Revenue Series 2023 A  | 5.00% | 03/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 219564 |
| RB State of New York Sales Tax Revenue Series 2023 A  | 5.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 116276 |
| RB State of New York Sales Tax Revenue Series 2023 A  | 5.00% | 03/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78594 |
| RB State of New York Sales Tax Revenue Series 2023 A  | 5.00% | 03/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30479 |
| Refunding RB Series 2016 A  | 5.00% | 03/15/26 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 121981 |
| Refunding RB Series 2022 A  | 5.00% | 09/15/27 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 95000 |
| Refunding RB Personal Income Tax Revenue Series 2020 C  | 5.00% | 03/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 1035000 | &nbsp;&nbsp; 1120860 |
| Refunding RB Personal Income Tax Revenue Series 2020 C  | 5.00% | 03/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 6364818 |
| Refunding RB Personal Income Tax Revenue Series 2020 C  | 4.00% | 03/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 242423 |
| Refunding RB Personal Income Tax Revenue Series 2020 C  | 5.00% | 03/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5058052 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 5.00% | 09/15/28 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4314894 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 5.25% | 03/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 59807 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 5.00% | 03/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255837 |
| Refunding RB Personal Income Tax Revenue Series 2023 A  | 4.00% | 03/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2190829 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2017 A  | 5.00% | 03/15/26 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 111816 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2017 A  | 5.00% | 03/15/27 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 161505 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2017 A  | 5.00% | 03/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205685 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2017 C-2  | 5.00% | 03/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 57430 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2017 C-2  | 5.00% | 03/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 364709 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2017 C-3  | 5.00% | 03/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204261 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 C  | 5.00% | 03/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 111779 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 C  | 5.00% | 03/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp; 566725 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 C  | 5.00% | 03/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 97366 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 C  | 4.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 28164 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 C  | 5.00% | 03/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 219371 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 C  | 5.00% | 03/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 96629 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 C  | 4.00% | 03/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 134118 |

---

*See financial notes*

**246**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 C  | 3.00% | 03/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 108298 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 C  | 4.00% | 03/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 131002 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 E  | 5.00% | 03/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32903 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 E  | 4.00% | 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 247192 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 E  | 4.00% | 03/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 401180 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 E  | 4.00% | 03/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 73034 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 E  | 4.00% | 03/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 40297 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 E  | 4.00% | 03/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 221831 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2022 A  | 5.25% | 03/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 99580 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2023 A  | 5.00% | 03/15/63 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100661 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2023 B  | 5.00% | 03/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 224142 |
| Refunding RB State of New York Sales Tax Revenue Series 2019 A  | 5.00% | 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105735 |
| Refunding RB State of New York Sales Tax Revenue Series 2019 A  | 5.00% | 03/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 199802 |
| Refunding RB State of New York Sales Tax Revenue Series 2019 A  | 5.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41037 |
| Refunding RB State of New York Sales Tax Revenue Series 2019 A  | 4.00% | 03/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 184878 |
| Refunding RB State of New York Sales Tax Revenue Series 2019 A  | 4.00% | 03/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 91160 |
| Refunding RB State of New York Sales Tax Revenue Series 2021 A  | 5.00% | 03/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp; 395565 |
| Refunding RB State of New York Sales Tax Revenue Series 2021 A  | 4.00% | 03/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 247885 |
| Refunding RB State of New York Sales Tax Revenue Series 2021 A  | 4.00% | 03/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp; 555199 |
| Refunding RB State of New York Sales Tax Revenue Series 2021 A  | 3.00% | 03/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 82817 |
| Refunding RB State of New York Sales Tax Revenue Series 2021 A  | 3.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 64426 |
| Refunding RB State of New York Sales Tax Revenue Series 2021 A  | 4.00% | 03/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 343848 |
| Refunding RB State of New York Sales Tax Revenue Series 2021 A  | 4.00% | 03/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 54596 |
| Refunding RB State of New York Sales Tax Revenue Series 2021 A  | 4.00% | 03/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 134434 |
| Refunding RB State of New York Sales Tax Revenue Series 2021 A  | 4.00% | 03/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 133876 |
| Refunding RB State of New York Sales Tax Revenue Series 2021 A  | 3.00% | 03/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 84797 |
| **Hudson Yards Infrastructure Corp.** | **Hudson Yards Infrastructure Corp.** | **Hudson Yards Infrastructure Corp.** | **Hudson Yards Infrastructure Corp.** | **Hudson Yards Infrastructure Corp.** |
| Refunding RB Series 2017 A  | 5.00% | 02/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35482 |
| Refunding RB Series 2017 A  | 5.00% | 02/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 56816 |
| Refunding RB Series 2017 A  | 5.00% | 02/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 118660 |
| Refunding RB Series 2017 A  | 5.00% | 02/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 61768 |
| Refunding RB Series 2017 A  | 5.00% | 02/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 61546 |
| Refunding RB Series 2017 A  | 5.00% | 02/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51191 |
| Refunding RB Series 2017 A  | 4.00% | 02/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp; 290402 |
| Refunding RB Series 2017 A  | 5.00% | 02/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp; 565997 |
| Refunding RB Series 2017 A  | 5.00% | 02/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp; 829515 |
| Refunding RB Series 2017 A  | 4.00% | 02/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp; 580085 |
| Refunding RB Series 2017 A  | 4.00% | 02/15/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp; 557354 |
| **Long Island Power Authority** | **Long Island Power Authority** | **Long Island Power Authority** | **Long Island Power Authority** | **Long Island Power Authority** |
| RB Series 2000  | 3.23% | 06/01/28 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 63575 |
| RB Series 2017  | 5.00% | 09/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25232 |
| RB Series 2018  | 5.00% | 09/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 158366 |
| RB Series 2018  | 5.00% | 09/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 157251 |
| RB Series 2018  | 5.00% | 09/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 124344 |
| RB Series 2018  | 5.00% | 09/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2145000 | &nbsp;&nbsp; 2215337 |
| RB Series 2023 E  | 5.00% | 09/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100883 |
| Refunding RB Series 2016 B  | 5.00% | 09/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40899 |
| Refunding RB Series 2016 B  | 5.00% | 09/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 182987 |
| Refunding RB Series 2016 B  | 5.00% | 09/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1157806 |
| Refunding RB Series 2021 A  | 4.00% | 09/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78297 |

---

*See financial notes*

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

**247**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2024 A  | 5.00% | 09/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 33542 |
| Refunding RB Series 2024 A  | 5.00% | 09/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 795755 |
| Refunding RB Series 2024 A  | 5.00% | 09/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25929 |
| Refunding RB Series 2024 A  | 5.00% | 09/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253135 |
| Refunding RB Series 2024 A  | 5.00% | 09/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101098 |
| **Metropolitan Transportation Authority** | **Metropolitan Transportation Authority** | **Metropolitan Transportation Authority** | **Metropolitan Transportation Authority** | **Metropolitan Transportation Authority** |
| RB Series 2006 B  | 5.25% | 11/15/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1804536 |
| RB Series 2012 H  | 3.63% | 11/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 63360 |
| RB Series 2013 B  | 4.00% | 11/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 181755 |
| RB Series 2013 C  | 4.00% | 11/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 30344 |
| RB Series 2015 B  | 4.00% | 11/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 101486 |
| RB Series 2016 A-1  | 5.25% | 11/15/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp; 280076 |
| RB Series 2017 A1  | 5.25% | 11/15/57 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251132 |
| RB Series 2019 A-2  | 5.00% | 11/15/44 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50819 |
| RB Series 2019 C  | 5.00% | 11/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 56728 |
| RB Series 2019 C  | 5.00% | 11/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 178954 |
| RB Series 2020 A-1  | 5.00% | 11/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2630000 | &nbsp;&nbsp; 2620227 |
| RB Series 2020 A-1  | 4.00% | 11/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 82942 |
| RB Series 2020 A-1  | 4.00% | 11/15/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 20832 |
| RB Series 2020 B  | 3.90% | 11/15/46 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 3130000 | &nbsp;&nbsp; 3130000 |
| RB Series 2020 C-1  | 4.75% | 11/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 487959 |
| RB Series 2020 C-1  | 5.00% | 11/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp; 421435 |
| RB Series 2020 C-1  | 5.25% | 11/15/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1409461 |
| RB Series 2020 D-1  | 5.00% | 11/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100885 |
| RB Series 2020 D-3  | 4.00% | 11/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 169516 |
| RB Series 2021 A1  | 4.00% | 11/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 230548 |
| Refunding RB Series 2002 D-2A  | 4.05% | 11/01/32 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1200000 |
| Refunding RB Series 2015 C-1  | 5.00% | 11/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3935000 | &nbsp;&nbsp; 3940038 |
| Refunding RB Series 2016 A-2  | 5.00% | 11/15/25  | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 145985 |
| Refunding RB Series 2016 B  | 4.00% | 11/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp; 809738 |
| Refunding RB Series 2016 B  | 5.00% | 11/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100946 |
| Refunding RB Series 2016 C2A  | 4.00% | 11/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94595 |
| Refunding RB Series 2016 D  | 5.00% | 11/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 56341 |
| Refunding RB Series 2016 D  | 5.00% | 11/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 209641 |
| Refunding RB Series 2017 B  | 5.00% | 11/15/25  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100679 |
| Refunding RB Series 2017 B  | 5.00% | 11/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 214828 |
| Refunding RB Series 2017 C1  | 5.00% | 11/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 72753 |
| Refunding RB Series 2017 C-1  | 5.00% | 11/15/25  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201359 |
| Refunding RB Series 2017 C-1  | 5.00% | 11/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 138812 |
| Refunding RB Series 2017 C-1  | 5.00% | 11/15/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 151883 |
| Refunding RB Series 2017 C-1  | 5.00% | 11/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156642 |
| Refunding RB Series 2017 C-1  | 5.00% | 11/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156273 |
| Refunding RB Series 2017 C-1  | 5.00% | 11/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205736 |
| Refunding RB Series 2017 C-1  | 3.25% | 11/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 55644 |
| Refunding RB Series 2017 C-1  | 4.00% | 11/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 91825 |
| Refunding RB Series 2017 C-1  | 4.00% | 11/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 237086 |
| Refunding RB Series 2017 C-2  | 3.39% | 11/15/27 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92718 |
| Refunding RB Series 2017 C-2  | 3.91% | 11/15/29 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 133883 |
| Refunding RB Series 2017 C-2  | 3.29% | 11/15/33 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 217925 |
| Refunding RB Series 2017 C-2  | 3.98% | 11/15/39 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 22805 |

---

*See financial notes*

**248**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2017 C-2  | 4.70% | 11/15/40 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp; 192873 |
| Refunding RB Series 2017 D  | 5.00% | 11/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 62509 |
| Refunding RB Series 2017 D  | 5.00% | 11/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258997 |
| Refunding RB Series 2017 D  | 5.00% | 11/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 46158 |
| Refunding RB Series 2017 D  | 4.00% | 11/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp; 315189 |
| Refunding RB Series 2017 D  | 4.00% | 11/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 115097 |
| Refunding RB Series 2018 B  | 5.00% | 11/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20959 |
| Refunding RB Series 2020 E  | 4.00% | 11/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 60309 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 100381 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 77650 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108523 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 257592 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 354740 |
| Refunding RB Series 2024 A  | 5.50% | 11/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261636 |
| Refunding RB Series 2024 A  | 4.00% | 11/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 430983 |
| Refunding RB Series 2024 B  | 5.00% | 11/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 436783 |
| Refunding RB Series 2024 B  | 5.00% | 11/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4380000 | &nbsp;&nbsp; 4770841 |
| Refunding RB Series 2024 B  | 5.00% | 11/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105146 |
| Refunding RB Series 2025 A  | 5.00% | 11/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 333603 |
| Refunding RB Series 2025 A  | 4.63% | 11/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 730970 |
| Refunding RB Series 2025 A  | 5.25% | 11/15/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102000 |
| **Metropolitan Transportation Authority Dedicated Tax Fund** | **Metropolitan Transportation Authority Dedicated Tax Fund** | **Metropolitan Transportation Authority Dedicated Tax Fund** | **Metropolitan Transportation Authority Dedicated Tax Fund** | **Metropolitan Transportation Authority Dedicated Tax Fund** |
| RB Series 2016 B-1  | 5.00% | 11/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp; 2079162 |
| RB Series 2017 A  | 5.00% | 11/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp; 373554 |
| RB Series 2017 B-1  | 4.00% | 11/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 129693 |
| RB Series 2017 B-2  | 3.13% | 11/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 140853 |
| RB Series 2017 B-2  | 5.25% | 11/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 109376 |
| RB Series 2022 A  | 4.00% | 11/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 219630 |
| Refunding RB Series 2012 A  | 4.27% | 11/15/30 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 125306 |
| Refunding RB Series 2016 A  | 5.00% | 11/15/25  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100821 |
| Refunding RB Series 2016 A  | 5.25% | 11/15/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206372 |
| Refunding RB Series 2016 A  | 5.25% | 11/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp; 731119 |
| Refunding RB Series 2016 A  | 5.25% | 11/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 261725 |
| Refunding RB Series 2024 B-1  | 5.00% | 11/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1465000 | &nbsp;&nbsp; 1543069 |
| Refunding RB Series 2024 B-1  | 5.00% | 11/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261970 |
| Refunding RB Series 2024 B-1  | 5.00% | 11/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 91830 |
| Refunding RB Series 2024 B-2  | 5.00% | 11/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 180116 |
| Refunding RB University of Texas System Series 2024 B-1  | 5.00% | 11/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203834 |
| Special Tax Series 2024 A  | 4.00% | 11/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 87852 |
| Special Tax Series 2024 A  | 5.25% | 11/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 124589 |
| **Monroe County Industrial Development Corp.** | **Monroe County Industrial Development Corp.** | **Monroe County Industrial Development Corp.** | **Monroe County Industrial Development Corp.** | **Monroe County Industrial Development Corp.** |
| RB University of Rochester Series 2020 A  | 4.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 182964 |
| RB University of Rochester Series 2023 A  | 5.00% | 07/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100746 |
| Refunding RB University of Rochester Series 2017 C  | 4.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 82466 |
| **MTA Hudson Rail Yards Trust Obligations** | **MTA Hudson Rail Yards Trust Obligations** | **MTA Hudson Rail Yards Trust Obligations** | **MTA Hudson Rail Yards Trust Obligations** | **MTA Hudson Rail Yards Trust Obligations** |
| RB Series 2016 A  | 5.00% | 11/15/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10200000 | &nbsp;&nbsp; 10199134 |
| **Nassau County Interim Finance Authority** | **Nassau County Interim Finance Authority** | **Nassau County Interim Finance Authority** | **Nassau County Interim Finance Authority** | **Nassau County Interim Finance Authority** |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 11/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 830000 | &nbsp;&nbsp; 916570 |
| Refunding RB Series 2021 A  | 5.00% | 11/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp; 531050 |
| Refunding RB Series 2021 A  | 5.00% | 11/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 44931 |

---

*See financial notes*

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

**249**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2021 A  | 4.00% | 11/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1046646 |
| Refunding RB Series 2021 A  | 5.00% | 11/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 38481 |
| **New York City Municipal Water Finance Authority** | **New York City Municipal Water Finance Authority** | **New York City Municipal Water Finance Authority** | **New York City Municipal Water Finance Authority** | **New York City Municipal Water Finance Authority** |
| RB Series 2010 A-1  | 3.95% | 06/15/43 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250000 |
| RB Series 2019 DD-1  | 4.00% | 06/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 993630 |
| RB Series 2020 AA-2  | 5.00% | 06/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 58910 |
| RB Series 2025 EE-2  | 4.00% | 06/15/55 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 5085000 | &nbsp;&nbsp; 5085000 |
| RB Water & Sewer System Series 2012 BB  | 4.00% | 06/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 107626 |
| RB Water & Sewer System Series 2013 CC  | 3.75% | 06/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 80477 |
| RB Water & Sewer System Series 2014 AA  | 4.00% | 06/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 71064 |
| RB Water & Sewer System Series 2014 BB-4  | 3.90% | 06/15/50 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 4745000 | &nbsp;&nbsp; 4745000 |
| RB Water & Sewer System Series 2014 CC  | 4.00% | 06/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 118408 |
| RB Water & Sewer System Series 2016 AA  | 3.00% | 06/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 107022 |
| RB Water & Sewer System Series 2016 AA  | 4.00% | 06/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 44106 |
| RB Water & Sewer System Series 2017  | 4.00% | 06/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 39559 |
| RB Water & Sewer System Series 2017  | 4.00% | 06/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 129722 |
| RB Water & Sewer System Series 2017 BB-1  | 3.38% | 06/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 237180 |
| RB Water & Sewer System Series 2017 DD  | 5.00% | 06/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 115275 |
| RB Water & Sewer System Series 2018 DD-1  | 3.63% | 06/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 260062 |
| RB Water & Sewer System Series 2019 BB-1  | 5.00% | 06/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 236550 |
| RB Water & Sewer System Series 2019 CC-1  | 4.00% | 06/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 30472 |
| RB Water & Sewer System Series 2020 AA-2  | 5.00% | 06/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109162 |
| RB Water & Sewer System Series 2020 AA-2  | 5.00% | 06/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110563 |
| RB Water & Sewer System Series 2020 AA-2  | 3.00% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 121894 |
| RB Water & Sewer System Series 2020 AA-2  | 4.00% | 06/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 286998 |
| RB Water & Sewer System Series 2020 BB-1  | 4.00% | 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 175021 |
| RB Water & Sewer System Series 2020 GG-1  | 5.00% | 06/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 197037 |
| RB Water & Sewer System Series 2020 GG-1  | 4.00% | 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 87074 |
| RB Water & Sewer System Series 2020 GG-2  | 5.00% | 06/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 99860 |
| RB Water & Sewer System Series 2021 AA-1  | 3.50% | 06/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 90816 |
| RB Water & Sewer System Series 2021 AA-1  | 5.00% | 06/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 304305 |
| RB Water & Sewer System Series 2021 AA-1  | 4.00% | 06/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2445000 | &nbsp;&nbsp; 2124500 |
| RB Water & Sewer System Series 2021 CC-2  | 5.00% | 06/15/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp; 454750 |
| RB Water & Sewer System Series 2022 AA-1  | 5.25% | 06/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp; 443004 |
| RB Water & Sewer System Series 2022 CC-1  | 4.00% | 06/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 172951 |
| RB Water & Sewer System Series 2024 AA  | 5.00% | 06/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2950000 | &nbsp;&nbsp; 3019537 |
| RB Water & Sewer System Series 2024 AA  | 5.25% | 06/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1561646 |
| RB Water & Sewer System Series 2024 AA  | 4.00% | 06/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 215622 |
| RB Water & Sewer System Series 2024 CC-1  | 5.25% | 06/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 540000 | &nbsp;&nbsp; 560728 |
| RB Water & Sewer System Series 2025 BB  | 5.00% | 06/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 308255 |
| RB Water & Sewer System Series 2025 BB  | 5.25% | 06/15/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 416349 |
| Refunding RB Series 2022 BB1  | 3.90% | 06/15/44 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 2580000 | &nbsp;&nbsp; 2580000 |
| Refunding RB Series 2022 EE  | 5.00% | 06/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 6250000 | &nbsp;&nbsp; 6638191 |
| Refunding RB Series 2023 DD  | 5.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 189230 |
| Refunding RB Water & Sewer System Series 2015  | 4.00% | 06/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 43429 |
| Refunding RB Water & Sewer System Series 2015 FF  | 3.50% | 06/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 70536 |
| Refunding RB Water & Sewer System Series 2016 A  | 4.50% | 06/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101183 |
| Refunding RB Water & Sewer System Series 2016 A  | 3.00% | 06/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 118625 |
| Refunding RB Water & Sewer System Series 2016 CC-1  | 4.00% | 06/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100863 |
| Refunding RB Water & Sewer System Series 2016 CC-1  | 4.00% | 06/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 34322 |

---

*See financial notes*

**250**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Water & Sewer System Series 2016 CC-1  | 4.00% | 06/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23933 |
| Refunding RB Water & Sewer System Series 2016 CC-1  | 4.00% | 06/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 175557 |
| Refunding RB Water & Sewer System Series 2017 AA  | 3.00% | 06/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 220873 |
| Refunding RB Water & Sewer System Series 2017 BB-2  | 5.00% | 06/15/29 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31394 |
| Refunding RB Water & Sewer System Series 2017 EE  | 5.00% | 06/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 108440 |
| Refunding RB Water & Sewer System Series 2017 EE  | 5.00% | 06/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 230452 |
| Refunding RB Water & Sewer System Series 2017 EE  | 5.00% | 06/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255378 |
| Refunding RB Water & Sewer System Series 2018 DD-2  | 5.00% | 06/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156429 |
| Refunding RB Water & Sewer System Series 2018 DD-2  | 5.00% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50888 |
| Refunding RB Water & Sewer System Series 2018 EE  | 5.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10047 |
| Refunding RB Water & Sewer System Series 2018 EE  | 5.00% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 122131 |
| Refunding RB Water & Sewer System Series 2018 FF  | 5.00% | 06/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 68145 |
| Refunding RB Water & Sewer System Series 2019 AA  | 5.00% | 06/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 59310 |
| Refunding RB Water & Sewer System Series 2019 AA  | 4.00% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 481905 |
| Refunding RB Water & Sewer System Series 2019 AA  | 5.00% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206440 |
| Refunding RB Water & Sewer System Series 2019 EE-2  | 5.00% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 360105 |
| Refunding RB Water & Sewer System Series 2019 FF-2  | 5.00% | 06/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 222425 |
| Refunding RB Water & Sewer System Series 2019 FF-2  | 4.00% | 06/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25051 |
| Refunding RB Water & Sewer System Series 2019 FF-2  | 5.00% | 06/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 233273 |
| Refunding RB Water & Sewer System Series 2019 FF-2  | 4.00% | 06/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94008 |
| Refunding RB Water & Sewer System Series 2020 AA-1  | 4.00% | 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp; 468182 |
| Refunding RB Water & Sewer System Series 2020 DD-3  | 4.00% | 06/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 273095 |
| Refunding RB Water & Sewer System Series 2020 EE  | 5.00% | 06/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111893 |
| Refunding RB Water & Sewer System Series 2020 EE  | 5.00% | 06/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36328 |
| Refunding RB Water & Sewer System Series 2020 FF  | 5.00% | 06/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104867 |
| Refunding RB Water & Sewer System Series 2020 FF  | 5.00% | 06/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 160883 |
| Refunding RB Water & Sewer System Series 2021 BB-1  | 5.00% | 06/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 333511 |
| Refunding RB Water & Sewer System Series 2021 BB-1  | 4.00% | 06/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 223985 |
| Refunding RB Water & Sewer System Series 2021 DD  | 5.00% | 06/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp; 419630 |
| Refunding RB Water & Sewer System Series 2021 DD  | 5.00% | 06/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109162 |
| Refunding RB Water & Sewer System Series 2021 DD  | 5.00% | 06/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 151056 |
| Refunding RB Water & Sewer System Series 2021 DD  | 5.00% | 06/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27640 |
| Refunding RB Water & Sewer System Series 2022 AA-3  | 5.00% | 06/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 244092 |
| Refunding RB Water & Sewer System Series 2022 EE  | 5.00% | 06/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 133887 |
| Refunding RB Water & Sewer System Series 2022 EE  | 5.00% | 06/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | &nbsp;&nbsp; 2335531 |
| Refunding RB Water & Sewer System Series 2023 AA-3  | 5.00% | 06/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 34227 |
| Refunding RB Water & Sewer System Series 2023 DD  | 5.00% | 06/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 134990 |
| Refunding RB Water & Sewer System Series 2023 DD  | 5.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 228141 |
| Refunding RB Water & Sewer System Series 2023 DD  | 4.13% | 06/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5015000 | &nbsp;&nbsp; 4607846 |
| Refunding RB Water & Sewer System Series 2023 DD  | 5.00% | 06/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30733 |
| Refunding RB Water & Sewer System Series 2024 AA-2  | 5.00% | 06/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 333335 |
| Refunding RB Water & Sewer System Series 2024 AA-2  | 5.00% | 06/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp; 584058 |
| Refunding RB Water & Sewer System Series 2024 BB  | 5.00% | 06/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 108386 |
| Refunding RB Water & Sewer System Series 2024 BB  | 5.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 211030 |
| Refunding RB Water & Sewer System Series 2024 BB  | 5.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111928 |
| Refunding RB Water & Sewer System Series 2024 BB  | 5.00% | 06/15/36  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 147943 |
| Refunding RB Water & Sewer System Series 2024 BB  | 5.00% | 06/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 116406 |
| Refunding RB Water & Sewer System Series 2024 BB  | 5.00% | 06/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 102114 |
| Refunding RB Water & Sewer System Series 2024 CC-2  | 5.00% | 06/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103043 |

---

*See financial notes*

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

**251**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Water & Sewer System Series 2025 CC  | 5.00% | 06/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 279733 |
| Refunding RB Water & Sewer System Series 2025 CC  | 5.00% | 06/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 270553 |
| **New York City Transitional Finance Authority** | **New York City Transitional Finance Authority** | **New York City Transitional Finance Authority** | **New York City Transitional Finance Authority** | **New York City Transitional Finance Authority** |
| RB Series 2018 B-1  | 5.00% | 08/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150251 |
| RB Series 2020 A  | 5.00% | 11/01/25 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10069 |
| RB Series 2021 B  | 5.00% | 08/01/26 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 87146 |
| RB Series 2021 B-1  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10248 |
| RB Future Tax Secured Revenue Series 2024 D  | 5.00% | 05/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | &nbsp;&nbsp; 1239771 |
| RB Future Tax Secured Revenue Series 2024 D  | 5.00% | 05/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 220144 |
| RB Future Tax Secured Revenue Series 2024 D  | 5.00% | 05/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp; 375900 |
| RB Future Tax Secured Revenue Series 2024 D  | 5.00% | 05/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 165538 |
| RB Future Tax Secured Revenue Series 2024 D  | 5.00% | 05/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 259428 |
| RB Future Tax Secured Revenue Series 2024 D  | 5.25% | 05/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 247594 |
| RB Future Tax Secured Revenue Series 2024 D  | 5.00% | 05/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3320000 | &nbsp;&nbsp; 3388303 |
| RB Future Tax Secured Revenue Series 2024 D  | 5.00% | 05/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp; 545010 |
| RB Future Tax Secured Revenue Series 2024 D  | 4.25% | 05/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 452309 |
| RB Future Tax Secured Revenue Series 2024 F-1  | 5.00% | 02/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 221338 |
| RB Future Tax Secured Revenue Series 2024 F-1  | 5.00% | 02/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 119499 |
| RB Future Tax Secured Revenue Series 2024 F-1  | 5.00% | 02/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 214513 |
| RB Future Tax Secured Revenue Series 2024 F-1  | 5.25% | 02/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2650000 | &nbsp;&nbsp; 2744112 |
| RB Future Tax Secured Revenue Series 2024 G-1  | 5.00% | 05/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp; 427500 |
| RB Future Tax Secured Revenue Series 2024 G-1  | 5.00% | 05/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 146546 |
| RB Future Tax Secured Revenue Series 2024 G-1  | 5.00% | 05/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 234261 |
| RB Future Tax Secured Revenue Series 2024 G-1  | 5.00% | 05/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257124 |
| RB Future Tax Secured Revenue Series 2024 G-1  | 5.00% | 05/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20470 |
| RB Future Tax Secured Revenue Series 2024 G-1  | 5.25% | 05/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 130215 |
| RB Future Tax Secured Revenue Series 2024 G-1  | 5.25% | 05/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104003 |
| RB Future Tax Secured Revenue Series 2024 G-1  | 5.25% | 05/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77821 |
| RB Future Tax Secured Revenue Series 2024 G-1  | 4.13% | 05/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 158477 |
| RB Future Tax Secured Revenue Series 2025 E  | 5.00% | 11/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 271127 |
| RB Future Tax Secured Revenue Series 2025 E  | 5.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 533994 |
| RB Future Tax Secured Revenue Series 2025 E  | 5.00% | 11/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 262295 |
| RB Future Tax Secured Revenue Series 2025 E  | 5.00% | 11/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp; 1162357 |
| RB Future Tax Secured Revenue Series 2025 E  | 5.00% | 11/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 755000 | &nbsp;&nbsp; 766989 |
| RB Future Tax Secured Revenue Series 2025 H  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 277540 |
| RB Future Tax Secured Revenue Series 2025 H  | 5.00% | 11/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 224230 |
| RB Future Tax Secured Revenue Series 2025 H  | 5.00% | 11/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 272058 |
| RB Transitional Finance Authority Future Tax Secured Revenue Series 2023 B  | 5.00% | 05/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 105363 |
| RB Transitional Finance Authority Future Tax Secured Revenue Series 2023 B  | 4.38% | 05/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 138617 |
| RB Transitional Finance Authority Future Tax Secured Revenue Series 2023 C  | 5.50% | 05/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 214351 |
| RB Transitional Finance Authority Future Tax Secured Revenue Series 2023 C  | 5.25% | 05/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155757 |
| RB Transitional Finance Authority Future Tax Secured Revenue Series 2023 C  | 5.50% | 05/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105428 |
| RB Transitional Finance Authority Future Tax Secured Revenue Series 2024 C  | 5.00% | 05/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp; 401452 |
| RB Transitional Finance Authority Future Tax Secured Revenue Series 2024 C  | 5.00% | 05/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258301 |
| RB Transitional Finance Authority Future Tax Secured Revenue Series 2024 C  | 5.00% | 05/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 308968 |
| RB Transitional Finance Authority Future Tax Secured Revenue Series 2024 C  | 5.25% | 05/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 312469 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 85603 |
| Refunding RB Future Tax Secured Revenue Series 2024 A-1  | 5.00% | 11/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3940000 | &nbsp;&nbsp; 4411819 |
| Refunding RB Future Tax Secured Revenue Series 2024 A-1  | 5.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1640000 | &nbsp;&nbsp; 1795620 |
| Refunding RB Future Tax Secured Revenue Series 2024 A-1  | 5.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 208258 |

---

*See financial notes*

**252**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Future Tax Secured Revenue Series 2024 D-1  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 158297 |
| Refunding RB Future Tax Secured Revenue Series 2024 D-1  | 5.00% | 11/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 91438 |
| Refunding RB Future Tax Secured Revenue Series 2024 D-1  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27754 |
| Refunding RB Future Tax Secured Revenue Series 2024 D-1  | 5.00% | 11/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 112115 |
| Refunding RB Future Tax Secured Revenue Series 2024 D-1  | 5.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 292970 |
| Refunding RB Future Tax Secured Revenue Series 2024 D-1  | 5.00% | 11/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 206139 |
| Refunding RB Future Tax Secured Revenue Series 2024 D-1  | 5.00% | 11/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp; 501338 |
| Refunding RB Future Tax Secured Revenue Series 2024 D-1  | 5.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp; 458053 |
| Refunding RB Future Tax Secured Revenue Series 2024 D-1  | 5.00% | 11/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 37825 |
| Refunding RB Future Tax Secured Revenue Series 2024 D-1  | 5.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp; 718737 |
| Refunding RB Future Tax Secured Revenue Series 2024 D-1  | 5.00% | 11/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp; 581418 |
| Refunding RB Future Tax Secured Revenue Series 2025 F-1  | 5.00% | 11/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp; 3101347 |
| Refunding RB Future Tax Secured Revenue Series 2025 F-1  | 5.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10375000 | &nbsp;&nbsp; 11403150 |
| Refunding RB Future Tax Secured Revenue Series 2025 G-1  | 5.00% | 11/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27754 |
| Refunding RB Future Tax Secured Revenue Series 2025 G-1  | 5.00% | 11/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56058 |
| Refunding RB Future Tax Secured Revenue Series 2025 G-1  | 5.00% | 11/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 1085000 | &nbsp;&nbsp; 1228623 |
| Refunding RB Future Tax Secured Revenue Series 2025 J-1  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4221264 |
| Refunding RB Transitional Finance Authority Future Tax Secured Revenue Series 2024 <br> A-1 <br>| 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1440000 | &nbsp;&nbsp; 1519655 |
| Refunding RB Transitional Finance Authority Future Tax Secured Revenue Series 2024 <br> A-1 <br>| 5.00% | 11/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 161362 |
| Refunding RB Transitional Finance Authority Future Tax Secured Revenue Series 2024 <br> A-1 <br>| 5.00% | 11/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 61059 |
| Refunding RB Transitional Finance Authority Future Tax Secured Revenue Series 2024 <br> A-1 <br>| 5.00% | 11/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4150000 | &nbsp;&nbsp; 4680215 |
| Refunding RB Transitional Finance Authority Future Tax Secured Revenue Series 2024 <br> A-1 <br>| 5.00% | 11/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 277220 |
| Refunding RB Transitional Finance Authority Future Tax Secured Revenue Series 2024 <br> A-1 <br>| 5.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 283307 |
| Refunding RB Transitional Finance Authority Future Tax Secured Revenue Series 2024 <br> A-1 <br>| 5.00% | 11/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2010000 | &nbsp;&nbsp; 2224455 |
| Refunding RB Transitional Finance Authority Future Tax Secured Revenue Series 2024 <br> A-1 <br>| 5.00% | 11/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 58976 |
| **New York City Transitional Finance Authority Building Aid Revenue** | **New York City Transitional Finance Authority Building Aid Revenue** | **New York City Transitional Finance Authority Building Aid Revenue** | **New York City Transitional Finance Authority Building Aid Revenue** | **New York City Transitional Finance Authority Building Aid Revenue** |
| RB Series 2015 S-1  | 5.00% | 07/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25007 |
| RB Series 2015 S-1  | 5.00% | 07/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100013 |
| RB Series 2015 S-2  | 5.00% | 07/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40019 |
| RB Series 2015 S-2  | 5.00% | 07/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250032 |
| RB Series 2015 S-2  | 4.00% | 07/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp; 299028 |
| RB Series 2016 S-1  | 5.00% | 07/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 60583 |
| RB Series 2016 S-1  | 5.00% | 07/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30251 |
| RB Series 2016 S-1  | 4.00% | 07/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94537 |
| RB Series 2016 S-1  | 5.00% | 07/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 115425 |
| RB Series 2018 S-1  | 3.50% | 07/15/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 299157 |
| Refunding RB Series 2017 S-1  | 5.00% | 07/15/25 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100082 |
| Refunding RB Series 2017 S-1  | 4.00% | 07/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 149138 |
| Refunding RB Series 2018 S  | 5.00% | 07/15/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 155045 |
| Refunding RB Series 2018 S  | 5.00% | 07/15/29 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp; 418418 |
| Refunding RB Series 2018 S  | 5.00% | 07/15/34 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78149 |
| Refunding RB Series 2018 S-2A  | 5.00% | 07/15/32 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 210033 |
| Refunding RB Series 2018 S-2A  | 5.00% | 07/15/34 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104199 |

---

*See financial notes*

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

**253**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2018 S-2A  | 5.00% | 07/15/35 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 181584 |
| Refunding RB Series 2018 S-2A  | 4.00% | 07/15/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 246032 |
| Refunding RB Series 2018 S-2A  | 4.00% | 07/15/38 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 489693 |
| Refunding RB Series 2018 S-3  | 5.00% | 07/15/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21386 |
| Refunding RB Series 2018 S-3  | 5.00% | 07/15/34 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104199 |
| Refunding RB Series 2018 S-3A  | 5.00% | 07/15/25 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25020 |
| Refunding RB Series 2018 S-3A  | 5.00% | 07/15/27 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 57656 |
| Refunding RB Series 2018 S-3A  | 5.00% | 07/15/32 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 120769 |
| Refunding RB Series 2018 S-3A  | 5.00% | 07/15/33 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52308 |
| Refunding RB Series 2018 S-3A  | 5.00% | 07/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 145267 |
| Refunding RB Series 2018 S-3A  | 5.00% | 07/15/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 123571 |
| Refunding RB Series 2018 S-3A  | 4.00% | 07/15/38 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 195877 |
| Refunding RB Series 2018 S-4A  | 5.00% | 07/15/27 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 235867 |
| Refunding RB Series 2018 S-4A  | 5.00% | 07/15/32 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 73512 |
| Refunding RB Series 2021 S-1A  | 5.00% | 07/15/29 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 43521 |
| Refunding RB Series 2021 S-1A  | 5.00% | 07/15/32 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55918 |
| Refunding RB Series 2021 S-1A  | 5.00% | 07/15/33 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 6470000 | &nbsp;&nbsp; 7184166 |
| Refunding RB Series 2021 S-1A  | 4.00% | 07/15/34 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101610 |
| Refunding RB Series 2021 S-1A  | 4.00% | 07/15/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 29803 |
| Refunding RB Series 2022 S  | 5.00% | 07/15/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21386 |
| Refunding RB Series 2022 S  | 5.00% | 07/15/32 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 16808 |
| Refunding RB Series 2022 S-1A  | 5.00% | 07/15/30 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 38434 |
| Refunding RB Series 2022 S-1A  | 5.00% | 07/15/33 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 22618 |
| **New York City Transitional Finance Authority Future Tax Secured Revenue** | **New York City Transitional Finance Authority Future Tax Secured Revenue** | **New York City Transitional Finance Authority Future Tax Secured Revenue** | **New York City Transitional Finance Authority Future Tax Secured Revenue** | **New York City Transitional Finance Authority Future Tax Secured Revenue** |
| RB Series 2015 A-1  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75125 |
| RB Series 2015 A-1  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45075 |
| RB Series 2015 B-1  | 3.00% | 11/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 14902 |
| RB Series 2016 A-1  | 5.00% | 05/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 167463 |
| RB Series 2016 A-1  | 4.00% | 05/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251569 |
| RB Series 2016 A-1  | 5.00% | 05/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126711 |
| RB Series 2016 A-1  | 5.00% | 05/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151929 |
| RB Series 2016 A-1  | 4.00% | 05/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 149273 |
| RB Series 2016 A-1  | 5.00% | 05/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25196 |
| RB Series 2016 A-1  | 5.00% | 05/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1005240 |
| RB Series 2016 B1  | 4.00% | 08/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3760000 | &nbsp;&nbsp; 3598511 |
| RB Series 2016 B-1  | 5.00% | 08/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25485 |
| RB Series 2016 B-1  | 4.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30010 |
| RB Series 2016 B-1  | 4.00% | 08/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 245160 |
| RB Series 2016 B-1  | 5.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25172 |
| RB Series 2016 E-1  | 5.00% | 02/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40420 |
| RB Series 2016 E-1  | 3.00% | 02/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 183183 |
| RB Series 2016 E-1  | 5.00% | 02/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35193 |
| RB Series 2016 E-1  | 5.00% | 02/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50230 |
| RB Series 2016 E-1  | 5.00% | 02/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25092 |
| RB Series 2016 F-3  | 5.00% | 02/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25262 |
| RB Series 2016 F-3  | 3.00% | 02/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 89903 |
| RB Series 2016 F-3  | 4.00% | 02/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 254369 |
| RB Series 2016 F-3  | 3.00% | 02/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 84200 |
| RB Series 2016 F-3  | 3.25% | 02/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 171049 |
| RB Series 2017 A-2  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 149666 |

---

*See financial notes*

**254**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2017 A-2  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 138991 |
| RB Series 2017 A-3  | 5.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 81141 |
| RB Series 2017 A-3  | 4.00% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 138022 |
| RB Series 2017 B-1  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104046 |
| RB Series 2017 B-1  | 4.00% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 368060 |
| RB Series 2017 B-1  | 5.00% | 08/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 70100 |
| RB Series 2017 E-1  | 5.00% | 02/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31009 |
| RB Series 2017 E-1  | 5.00% | 02/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 66963 |
| RB Series 2017 E-1  | 5.00% | 02/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 123064 |
| RB Series 2017 F-1  | 4.00% | 05/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 154136 |
| RB Series 2017 F-1  | 5.00% | 05/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 176138 |
| RB Series 2017 F-1  | 3.25% | 05/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 84543 |
| RB Series 2018 A-1  | 5.00% | 08/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 141334 |
| RB Series 2018 A-1  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 46947 |
| RB Series 2018 A-1  | 5.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 112470 |
| RB Series 2018 B-1  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 260814 |
| RB Series 2018 B-1  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41405 |
| RB Series 2018 B-1  | 5.25% | 08/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208130 |
| RB Series 2019 A-2  | 5.00% | 05/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26261 |
| RB Series 2019 A-2  | 5.00% | 05/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 360751 |
| RB Series 2019 A-2  | 5.00% | 05/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 66670 |
| RB Series 2019 A3  | 4.00% | 05/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 184742 |
| RB Series 2019 A-3  | 4.00% | 05/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 155402 |
| RB Series 2019 A-3  | 4.00% | 05/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 136353 |
| RB Series 2019 A-3  | 3.00% | 05/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 184068 |
| RB Series 2019 B-1  | 4.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1495000 | &nbsp;&nbsp; 1411642 |
| RB Series 2019 B-1  | 4.00% | 11/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 180784 |
| RB Series 2019 B-1  | 3.00% | 11/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 106522 |
| RB Series 2019 C-1  | 5.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 157978 |
| RB Series 2019 C-1  | 4.00% | 11/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98495 |
| RB Series 2019 C-1  | 4.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 68507 |
| RB Series 2019 C-1  | 4.00% | 11/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 238328 |
| RB Series 2019 C-1  | 4.00% | 11/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 55434 |
| RB Series 2020 C-1  | 5.00% | 05/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54902 |
| RB Series 2020 C-1  | 5.00% | 05/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 213884 |
| RB Series 2020 C-1  | 4.00% | 05/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 127861 |
| RB Series 2020 C-1  | 4.00% | 05/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 33346 |
| RB Series 2020 C-1  | 4.00% | 05/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 187227 |
| RB Series 2020 C-1  | 4.00% | 05/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 231036 |
| RB Series 2020 C-1  | 4.00% | 05/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp; 428696 |
| RB Series 2020 C-1  | 4.00% | 05/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 885000 | &nbsp;&nbsp; 791689 |
| RB Series 2020 D-1  | 4.00% | 11/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 90532 |
| RB Series 2020 D-1  | 5.00% | 11/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 211701 |
| RB Series 2021 B-1  | 3.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 107541 |
| RB Series 2021 B-1  | 4.00% | 08/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 76067 |
| RB Series 2021 B-1  | 3.00% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 141464 |
| RB Series 2021 B-1  | 4.00% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 131528 |
| RB Series 2021 E1  | 4.00% | 02/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 150437 |
| RB Series 2021 E-1  | 4.00% | 02/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9522 |
| RB Series 2021 E-1  | 4.00% | 02/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23404 |

---

*See financial notes*

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

**255**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2021 E-1  | 4.00% | 02/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 31079 |
| RB Series 2021 E-1  | 4.00% | 02/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 222879 |
| RB Series 2022 A-1  | 5.00% | 08/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 59929 |
| RB Series 2022 A-1  | 5.00% | 08/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 84424 |
| RB Series 2022 A-1  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 272623 |
| RB Series 2022 A-1  | 5.25% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 139474 |
| RB Series 2022 A-1  | 5.00% | 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31382 |
| RB Series 2022 A-1  | 5.25% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26422 |
| RB Series 2022 A-1  | 5.00% | 08/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2066483 |
| RB Series 2022 A-1  | 5.00% | 08/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 71661 |
| RB Series 2022 A-1  | 4.00% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 1993675 |
| RB Series 2022 C1  | 4.00% | 02/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 937209 |
| RB Series 2022 C-1  | 5.00% | 02/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 289329 |
| RB Series 2022 C-1  | 4.00% | 02/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23121 |
| RB Series 2022 C-1  | 5.00% | 02/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153870 |
| RB Series 2022 C-1  | 5.00% | 02/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 2286149 |
| RB Series 2022 D-1  | 5.00% | 11/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 367901 |
| RB Series 2022 D-1  | 5.25% | 11/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 158786 |
| RB Series 2022 D-1  | 5.25% | 11/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 180584 |
| RB Series 2022 F-1  | 5.00% | 02/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52575 |
| RB Series 2022 F-1  | 5.00% | 02/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 238391 |
| RB Series 2022 F-1  | 5.00% | 02/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128892 |
| RB Series 2022 F-1  | 5.00% | 02/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 92322 |
| RB Series 2022 F-1  | 5.00% | 02/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152410 |
| RB Series 2022 F-1  | 4.00% | 02/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 268100 |
| RB Series 2022 F-1  | 5.00% | 02/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 212150 |
| RB Series 2023 A  | 5.00% | 05/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 218406 |
| RB Series 2023 A  | 5.00% | 05/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 216787 |
| RB Series 2023 A  | 5.00% | 05/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 37003 |
| RB Series 2023 A  | 5.00% | 05/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp; 341778 |
| RB Series 2023 A  | 5.00% | 05/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126558 |
| RB Series 2023 F-1  | 5.00% | 02/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205820 |
| Refunding RB Series 2002 1  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15830 |
| Refunding RB Series 2002 1  | 5.00% | 11/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 199013 |
| Refunding RB Series 2017 C  | 5.00% | 11/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 302128 |
| Refunding RB Series 2017 C  | 5.00% | 11/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26026 |
| Refunding RB Series 2017 C  | 5.00% | 11/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 134842 |
| Refunding RB Series 2017 C  | 5.00% | 11/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25886 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 66997 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105532 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp; 393862 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 65730 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 162092 |
| Refunding RB Series 2021 A-1  | 5.00% | 11/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 354996 |
| Refunding RB Series 2021 A-1  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 1040000 | &nbsp;&nbsp; 1137823 |
| Refunding RB Series 2021 A-1  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 49957 |
| Refunding RB Series 2021 A-1  | 5.00% | 11/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 221016 |
| Refunding RB Series 2021 A-1  | 4.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 123716 |
| Refunding RB Series 2021 A-1  | 4.00% | 11/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 136739 |
| Refunding RB Series 2021 F-1  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 314369 |

---

*See financial notes*

**256**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2021 F-1  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 131914 |
| Refunding RB Series 2021 F-1  | 5.00% | 11/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 139847 |
| Refunding RB Series 2021 F-1  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 605000 | &nbsp;&nbsp; 661907 |
| Refunding RB Series 2021 F-1  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 38856 |
| Refunding RB Series 2021 F-1  | 5.00% | 11/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 281730 |
| Refunding RB Series 2021 F-1  | 5.00% | 11/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 197821 |
| Refunding RB Series 2021 F-1  | 5.00% | 11/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 207251 |
| Refunding RB Series 2021 F-1  | 4.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 195735 |
| Refunding RB Series 2022 B-1  | 5.00% | 11/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251773 |
| Refunding RB Series 2022 B-1  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 221604 |
| Refunding RB Series 2022 B-1  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 361040 |
| Refunding RB Series 2022 B-1  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 333048 |
| Refunding RB Series 2022 B-1  | 5.25% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 218089 |
| Refunding RB Series 2022 D-1  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 207871 |
| Refunding RB Series 2022 D-1  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 99914 |
| Refunding RB Series 2022 D-1  | 5.00% | 11/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55418 |
| Refunding RB Series 2022 D-1  | 5.00% | 11/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106107 |
| Refunding RB Series 2023 E-1  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 278294 |
| Refunding RB Series 2023 E-1  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp; 506552 |
| Refunding RB Series 2023 E-1  | 5.00% | 11/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107574 |
| Refunding RB Series 2023 E-1  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 136758 |
| Refunding RB Series 2023 E-1  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 144321 |
| Refunding RB Series 2023 E-1  | 5.00% | 11/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp; 650268 |
| Refunding RB Series 2023 E-1  | 5.00% | 11/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 169164 |
| Refunding RB Series 2023 E-1  | 5.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 22202 |
| Refunding RB Series 2023 E-1  | 5.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3169984 |
| Refunding RB Series 2023 E-1  | 5.00% | 11/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5240520 |
| **New York Convention Center Development Corp.** | **New York Convention Center Development Corp.** | **New York Convention Center Development Corp.** | **New York Convention Center Development Corp.** | **New York Convention Center Development Corp.** |
| RB New York City Hotel Unit Fee Revenue Series 2016 A  | 4.80% | 11/15/47 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 97075 |
| Refunding RB New York City Hotel Unit Fee Revenue Series 2015  | 5.00% | 11/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125080 |
| **New York Liberty Development Corp.** | **New York Liberty Development Corp.** | **New York Liberty Development Corp.** | **New York Liberty Development Corp.** | **New York Liberty Development Corp.** |
| Refunding RB Series 2021 1  | 4.00% | 02/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 905000 | &nbsp;&nbsp; 829461 |
| Refunding RB Portfolio Authority of New York & New Jersey Series 2021 1  | 3.00% | 02/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 116625 |
| Refunding RB Portfolio Authority of New York & New Jersey Series 2021 1  | 2.75% | 02/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 105731 |
| **New York Power Authority** | **New York Power Authority** | **New York Power Authority** | **New York Power Authority** | **New York Power Authority** |
| RB Series 2024 A  | 4.00% | 11/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 215825 |
| RB SFP Transmission Project Series 2022 A  | 4.00% | 11/15/52 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 86829 |
| Refunding RB Series 2020 A  | 4.00% | 11/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp; 558163 |
| Refunding RB Series 2020 A  | 4.00% | 11/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 258614 |
| Refunding RB Series 2020 A  | 4.00% | 11/15/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 170418 |
| **New York State Dormitory Authority** | **New York State Dormitory Authority** | **New York State Dormitory Authority** | **New York State Dormitory Authority** | **New York State Dormitory Authority** |
| RB Series 2018 A  | 5.00% | 10/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102061 |
| RB Series 2019 A  | 5.00% | 10/01/25 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 120603 |
| RB Series 2019 A  | 5.00% | 10/01/30 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36526 |
| RB Series 2020 A  | 5.00% | 10/01/34 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 68168 |
| RB Series 2022 A  | 5.00% | 10/01/25 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 155826 |
| RB Series 2022 A  | 5.00% | 10/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 123643 |
| RB Series 2022 A  | 5.00% | 10/01/32 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 141885 |
| RB Series 2022 A  | 5.00% | 10/01/33 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 86802 |
| RB Series 2022 A  | 5.00% | 10/01/35 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 166036 |

---

*See financial notes*

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

**257**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2023 A  | 5.00% | 10/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 64387 |
| RB Series 2023 A  | 5.00% | 10/01/30 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 276568 |
| RB Series 2023 A  | 5.00% | 10/01/32 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 50593 |
| RB Series 2023 A  | 5.00% | 10/01/34 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 185476 |
| RB Series 2024 A  | 5.00% | 10/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154554 |
| RB Series 2024 A  | 5.00% | 10/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53656 |
| RB Series 2024 A  | 5.00% | 10/01/32 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 140537 |
| RB Series 2024 A  | 5.00% | 10/01/35 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 163990 |
| RB Series 2024 A  | 5.00% | 10/01/36 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 113497 |
| RB Series 2025 A  | 5.00% | 10/01/27 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4212876 |
| RB Fordham University Series 2020  | 4.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 159638 |
| RB Fordham University Series 2020  | 4.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 63379 |
| RB Institute of Technology Series 2024  | 5.25% | 07/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101873 |
| RB New York University Series 2016 A  | 5.00% | 07/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101634 |
| RB New York University Series 2016 A  | 5.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253838 |
| RB New York University Series 2016 A  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76040 |
| RB New York University Series 2016 A  | 4.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 92084 |
| RB New York University Series 2016 A  | 4.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 180857 |
| RB New York University Series 2019 A  | 4.00% | 07/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 219429 |
| RB New York University Series 2019 A  | 5.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5740000 | &nbsp;&nbsp; 5770129 |
| RB Pace University Series 2024 A  | 5.50% | 05/01/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 164982 |
| RB Personal Income Tax Revenue Series 2016 A  | 5.00% | 02/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203647 |
| RB Personal Income Tax Revenue Series 2016 A  | 5.00% | 02/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45771 |
| RB Personal Income Tax Revenue Series 2016 A  | 5.00% | 02/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101558 |
| RB Personal Income Tax Revenue Series 2016 D  | 5.00% | 02/15/27 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77087 |
| RB Personal Income Tax Revenue Series 2016 D  | 5.00% | 02/15/28 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 655000 | &nbsp;&nbsp; 673224 |
| RB Personal Income Tax Revenue Series 2017 A  | 5.00% | 02/15/28 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 213336 |
| RB Personal Income Tax Revenue Series 2017 B  | 5.00% | 02/15/28 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 326607 |
| RB Personal Income Tax Revenue Series 2020 A  | 5.00% | 03/15/26 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40604 |
| RB Personal Income Tax Revenue Series 2020 A  | 3.00% | 03/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 107322 |
| RB Personal Income Tax Revenue Series 2021 E  | 5.00% | 03/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp; 411244 |
| RB Personal Income Tax Revenue Series 2021 E  | 5.00% | 03/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 278258 |
| RB Personal Income Tax Revenue Series 2021 E  | 5.00% | 03/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 50490 |
| RB Rochester Institute of Technology Series 2019 A  | 4.00% | 07/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 178134 |
| RB Sales Tax Revenue Series 2015 B  | 5.00% | 03/15/29 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30130 |
| RB Sales Tax Revenue Series 2015 B  | 5.00% | 03/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 190737 |
| RB Sales Tax Revenue Series 2015 B  | 5.00% | 03/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 130356 |
| RB Sales Tax Revenue Series 2015 BB  | 5.00% | 03/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501420 |
| RB Sales Tax Revenue Series 2015 C  | 5.00% | 03/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100120 |
| RB Sales Tax Revenue Series 2016 A  | 5.00% | 03/15/26 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 187989 |
| RB Sales Tax Revenue Series 2016 A  | 5.00% | 03/15/27 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154400 |
| RB Sales Tax Revenue Series 2016 A  | 5.00% | 03/15/29 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30880 |
| RB Sales Tax Revenue Series 2016 A  | 5.00% | 03/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204639 |
| RB Sales Tax Revenue Series 2016 A  | 5.00% | 03/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 183960 |
| RB Sales Tax Revenue Series 2016 A  | 5.00% | 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101819 |
| RB Sales Tax Revenue Series 2017 A  | 5.00% | 03/15/27 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 151085 |
| RB Sales Tax Revenue Series 2017 A  | 5.00% | 03/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51601 |
| RB Sales Tax Revenue Series 2017 A  | 5.00% | 03/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154529 |
| RB Sales Tax Revenue Series 2017 A  | 5.00% | 03/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp; 538891 |
| RB Sales Tax Revenue Series 2017 A  | 5.00% | 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30654 |

---

*See financial notes*

**258**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Sales Tax Revenue Series 2018 A  | 5.00% | 03/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 342061 |
| RB Sales Tax Revenue Series 2018 A  | 5.00% | 03/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 183353 |
| RB Sales Tax Revenue Series 2018 A  | 5.00% | 03/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 144441 |
| RB Sales Tax Revenue Series 2018 A  | 5.00% | 03/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50972 |
| RB Sales Tax Revenue Series 2018 A  | 5.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 66069 |
| RB Sales Tax Revenue Series 2018 A  | 5.00% | 03/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 156820 |
| RB Sales Tax Revenue Series 2018 A  | 5.00% | 03/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 105974 |
| RB Sales Tax Revenue Series 2018 A  | 4.00% | 03/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 66545 |
| RB Sales Tax Revenue Series 2018 A  | 4.00% | 03/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 185652 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 03/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 276855 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 03/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2980000 | &nbsp;&nbsp; 3260503 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 03/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp; 346950 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3515000 | &nbsp;&nbsp; 3735889 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 03/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 631500 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 03/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127511 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 03/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202954 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 03/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 910000 | &nbsp;&nbsp; 922118 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 03/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 141705 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 03/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 136488 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 03/15/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100947 |
| RB Trustees of Columbia University in the City of New York Series 2016 A-2  | 5.00% | 10/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30301 |
| RB Trustees of Columbia University in the City of New York Series 2017 A  | 5.00% | 10/01/47  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 158778 |
| RB Trustees of Columbia University in the City of New York Series 2023 A  | 5.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 163127 |
| Refunding RB Cornell University Series 2020 A  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51224 |
| Refunding RB Cornell University Series 2020 A  | 4.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 240211 |
| Refunding RB Cornell University Series 2024 A  | 5.50% | 07/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp; 384883 |
| Refunding RB Icahn School of Medicine at Mount Sinai Series 2015 A  | 4.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 187434 |
| Refunding RB Icahn School of Medicine at Mount Sinai Series 2015 A  | 4.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 22372 |
| Refunding RB New School Series 2016 A  | 4.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 402803 |
| Refunding RB New School Series 2022 A  | 4.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 63557 |
| Refunding RB New York University Series 2015 A  | 5.00% | 07/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40012 |
| Refunding RB New York University Series 2015 A  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200062 |
| Refunding RB New York University Series 2015 A  | 5.00% | 07/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150046 |
| Refunding RB New York University Series 2017 A  | 5.00% | 07/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52009 |
| Refunding RB New York University Series 2017 A  | 4.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400003 |
| Refunding RB New York University Series 2017 A  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5150000 | &nbsp;&nbsp; 5249630 |
| Refunding RB New York University Series 2021 A  | 4.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 17830 |
| Refunding RB Personal Income Tax Revenue Series 2015 E  | 5.00% | 03/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 80221 |
| Refunding RB Personal Income Tax Revenue Series 2015 E  | 3.25% | 03/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 142372 |
| Refunding RB Personal Income Tax Revenue Series 2017 A  | 5.00% | 02/15/27 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 98863 |
| Refunding RB Personal Income Tax Revenue Series 2017 A  | 5.00% | 02/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10336 |
| Refunding RB Personal Income Tax Revenue Series 2017 A  | 5.00% | 02/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103115 |
| Refunding RB Personal Income Tax Revenue Series 2017 A  | 4.00% | 02/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1230000 | &nbsp;&nbsp; 1233955 |
| Refunding RB Personal Income Tax Revenue Series 2017 A  | 4.00% | 02/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125202 |
| Refunding RB Personal Income Tax Revenue Series 2017 A  | 4.00% | 02/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 169997 |
| Refunding RB Personal Income Tax Revenue Series 2017 A  | 5.00% | 02/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101968 |
| Refunding RB Personal Income Tax Revenue Series 2017 B  | 5.00% | 02/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 56572 |
| Refunding RB Personal Income Tax Revenue Series 2017 B  | 5.00% | 02/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128238 |
| Refunding RB Personal Income Tax Revenue Series 2017 B  | 5.00% | 02/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102180 |
| Refunding RB Personal Income Tax Revenue Series 2017 B  | 5.00% | 02/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25494 |

---

*See financial notes*

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

**259**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Personal Income Tax Revenue Series 2017 B  | 5.00% | 02/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40709 |
| Refunding RB Personal Income Tax Revenue Series 2017 B  | 5.00% | 02/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25418 |
| Refunding RB Personal Income Tax Revenue Series 2018 A  | 5.00% | 03/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 211591 |
| Refunding RB Personal Income Tax Revenue Series 2018 A  | 5.00% | 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101736 |
| Refunding RB Personal Income Tax Revenue Series 2018 A  | 5.25% | 03/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp; 775873 |
| Refunding RB Personal Income Tax Revenue Series 2018 A  | 4.00% | 03/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 86897 |
| Refunding RB Personal Income Tax Revenue Series 2019 A  | 5.00% | 03/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105893 |
| Refunding RB Personal Income Tax Revenue Series 2019 A  | 5.00% | 03/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 168688 |
| Refunding RB Personal Income Tax Revenue Series 2019 A  | 5.00% | 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 68197 |
| Refunding RB Personal Income Tax Revenue Series 2019 A  | 5.00% | 03/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 67843 |
| Refunding RB Personal Income Tax Revenue Series 2019 A  | 5.00% | 03/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30990 |
| Refunding RB Personal Income Tax Revenue Series 2019 A  | 5.00% | 03/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 143916 |
| Refunding RB Personal Income Tax Revenue Series 2019 A  | 5.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 117061 |
| Refunding RB Personal Income Tax Revenue Series 2019 A  | 5.00% | 03/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 354648 |
| Refunding RB Personal Income Tax Revenue Series 2019 A  | 5.00% | 03/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251574 |
| Refunding RB Personal Income Tax Revenue Series 2020 A  | 5.00% | 03/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 66051 |
| Refunding RB Personal Income Tax Revenue Series 2020 A  | 5.00% | 03/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 66000 |
| Refunding RB Personal Income Tax Revenue Series 2020 A  | 5.00% | 03/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54823 |
| Refunding RB Personal Income Tax Revenue Series 2020 A  | 5.00% | 03/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 136357 |
| Refunding RB Personal Income Tax Revenue Series 2020 A  | 5.00% | 03/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54242 |
| Refunding RB Personal Income Tax Revenue Series 2020 A  | 4.00% | 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151189 |
| Refunding RB Personal Income Tax Revenue Series 2020 A  | 4.00% | 03/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 195722 |
| Refunding RB Personal Income Tax Revenue Series 2020 A  | 3.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp; 310110 |
| Refunding RB Personal Income Tax Revenue Series 2020 A  | 4.00% | 03/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 45448 |
| Refunding RB Personal Income Tax Revenue Series 2020 A  | 4.00% | 03/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 66787 |
| Refunding RB Personal Income Tax Revenue Series 2020 A  | 3.00% | 03/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 141821 |
| Refunding RB Personal Income Tax Revenue Series 2020 D  | 5.00% | 02/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 126338 |
| Refunding RB Personal Income Tax Revenue Series 2020 D  | 5.00% | 02/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 215293 |
| Refunding RB Personal Income Tax Revenue Series 2020 D  | 4.00% | 02/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40135 |
| Refunding RB Personal Income Tax Revenue Series 2020 D  | 4.00% | 02/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3605000 | &nbsp;&nbsp; 3510067 |
| Refunding RB Personal Income Tax Revenue Series 2020 D  | 5.00% | 02/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154438 |
| Refunding RB Personal Income Tax Revenue Series 2020 D  | 4.00% | 02/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 445545 |
| Refunding RB Personal Income Tax Revenue Series 2020 D  | 5.00% | 02/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2415000 | &nbsp;&nbsp; 2418573 |
| Refunding RB Personal Income Tax Revenue Series 2020 D  | 4.00% | 02/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1245000 | &nbsp;&nbsp; 1095012 |
| Refunding RB Personal Income Tax Revenue Series 2021 A  | 5.00% | 03/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 64933 |
| Refunding RB Personal Income Tax Revenue Series 2021 A  | 5.00% | 03/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 126500 |
| Refunding RB Personal Income Tax Revenue Series 2021 A  | 5.00% | 03/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 438877 |
| Refunding RB Personal Income Tax Revenue Series 2021 A  | 5.00% | 03/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 65342 |
| Refunding RB Personal Income Tax Revenue Series 2021 A  | 5.00% | 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 162025 |
| Refunding RB Personal Income Tax Revenue Series 2021 A  | 5.00% | 03/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 267976 |
| Refunding RB Personal Income Tax Revenue Series 2021 A  | 4.00% | 03/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 214312 |
| Refunding RB Personal Income Tax Revenue Series 2021 A  | 4.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 51634 |
| Refunding RB Personal Income Tax Revenue Series 2021 A  | 4.00% | 03/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 133574 |
| Refunding RB Personal Income Tax Revenue Series 2021 A  | 3.00% | 03/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 104499 |
| Refunding RB Personal Income Tax Revenue Series 2021 E  | 5.00% | 03/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 138987 |
| Refunding RB Personal Income Tax Revenue Series 2021 E  | 4.00% | 03/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp; 412635 |
| Refunding RB Personal Income Tax Revenue Series 2021 E  | 4.00% | 03/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 94974 |
| Refunding RB Personal Income Tax Revenue Series 2021 E  | 4.00% | 03/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 26565 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 5.00% | 03/15/28 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 213475 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 5.00% | 03/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 44476 |

---

*See financial notes*

**260**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 4.00% | 03/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25465 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 4.00% | 03/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73683 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 4.00% | 03/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 223561 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 5.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 317470 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 4.00% | 03/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp; 482936 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 4.00% | 03/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 45913 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 5.00% | 03/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 495000 | &nbsp;&nbsp; 503615 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 4.00% | 03/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1098331 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 3.50% | 03/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 143787 |
| Refunding RB Personal Income Tax Revenue Series 2023 A  | 5.00% | 03/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27500 |
| Refunding RB Personal Income Tax Revenue Series 2023 A  | 5.00% | 03/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 5125000 | &nbsp;&nbsp; 5704295 |
| Refunding RB Personal Income Tax Revenue Series 2023 A  | 5.00% | 03/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 39521 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 5.00% | 03/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1041173 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 5.00% | 03/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 227266 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 5.00% | 03/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp; 450778 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 5.00% | 03/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp; 538561 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 5.00% | 03/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 198315 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 5.00% | 03/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 193402 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 5.00% | 03/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 346101 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 5.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 274241 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 5.00% | 03/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 115109 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 5.00% | 03/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp; 400932 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 5.00% | 03/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 117916 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 4.00% | 03/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 892787 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 5.25% | 03/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155890 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 5.25% | 03/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 945000 | &nbsp;&nbsp; 980526 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 4.00% | 03/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 432289 |
| Refunding RB Personal Income Tax Revenue Series 2025 A  | 5.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2649709 |
| Refunding RB Personal Income Tax Revenue Series 2025 A  | 5.00% | 03/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1530656 |
| Refunding RB Personal Income Tax Revenue Series 2025 A  | 5.00% | 03/15/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 380442 |
| Refunding RB Rockefeller University Series 2019 C  | 4.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 129498 |
| Refunding RB Sales Tax Revenue Series 2018 C  | 5.00% | 03/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 163443 |
| Refunding RB Sales Tax Revenue Series 2018 C  | 5.00% | 03/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp; 293920 |
| Refunding RB Sales Tax Revenue Series 2018 C  | 5.00% | 03/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 230125 |
| Refunding RB Sales Tax Revenue Series 2018 C  | 5.00% | 03/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 151202 |
| Refunding RB Sales Tax Revenue Series 2018 C  | 5.00% | 03/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 150707 |
| Refunding RB Sales Tax Revenue Series 2018 C  | 5.00% | 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp; 289966 |
| Refunding RB Sales Tax Revenue Series 2018 C  | 5.00% | 03/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101432 |
| Refunding RB Sales Tax Revenue Series 2018 E  | 5.00% | 03/15/27 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 166715 |
| Refunding RB Sales Tax Revenue Series 2018 E  | 5.00% | 03/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26505 |
| Refunding RB Sales Tax Revenue Series 2018 E  | 5.00% | 03/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52554 |
| Refunding RB Sales Tax Revenue Series 2018 E  | 5.00% | 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 317900 |
| Refunding RB Sales Tax Revenue Series 2018 E  | 5.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 408154 |
| Refunding RB Sales Tax Revenue Series 2018 E  | 5.00% | 03/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30467 |
| Refunding RB Sales Tax Revenue Series 2018 E  | 5.00% | 03/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251936 |
| Refunding RB Sales Tax Revenue Series 2023 A-1  | 5.00% | 03/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 125830 |
| Refunding RB Sales Tax Revenue Series 2023 A-1  | 5.00% | 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 211678 |
| Refunding RB Sales Tax Revenue Series 2023 A-1  | 5.00% | 03/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 81737 |
| Refunding RB Sales Tax Revenue Series 2023 A-1  | 5.00% | 03/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 358095 |
| Refunding RB Sales Tax Revenue Series 2023 A-1  | 5.00% | 03/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 343168 |

---

*See financial notes*

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

**261**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Sales Tax Revenue Series 2024 B  | 5.00% | 03/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 265822 |
| Refunding RB Sales Tax Revenue Series 2024 B  | 5.00% | 03/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp; 379819 |
| Refunding RB Sales Tax Revenue Series 2024 B  | 5.00% | 03/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 325059 |
| Refunding RB Sales Tax Revenue Series 2024 B  | 5.00% | 03/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 338258 |
| Refunding RB Sales Tax Revenue Series 2024 B  | 5.00% | 03/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp; 429758 |
| Refunding RB Sales Tax Revenue Series 2024 B  | 5.00% | 03/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 269000 |
| Refunding RB Sales Tax Revenue Series 2024 B  | 5.00% | 03/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104601 |
| Refunding RB Sales Tax Revenue Series 2024 B  | 5.00% | 03/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp; 436008 |
| Refunding RB Sales Tax Revenue Series 2024 B  | 5.00% | 03/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2665000 | &nbsp;&nbsp; 2745751 |
| Refunding RB Sales Tax Revenue Series 2024 B  | 5.00% | 03/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5086602 |
| Refunding RB Sales Tax Revenue Series 2024 B  | 4.00% | 03/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 560000 | &nbsp;&nbsp; 481850 |
| Refunding RB State University of New York Dormitory Facilities Revenue Series 2017 A  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51149 |
| Refunding RB Trustees of Columbia University in the City of New York Series 2018 B  | 5.00% | 10/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2045000 | &nbsp;&nbsp; 2093043 |
| **New York State Environmental Facilities Corp.** | **New York State Environmental Facilities Corp.** | **New York State Environmental Facilities Corp.** | **New York State Environmental Facilities Corp.** | **New York State Environmental Facilities Corp.** |
| RB State Revolving Fund Series 2017 E  | 5.00% | 06/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201232 |
| Refunding RB State Revolving Fund Series 2016 A  | 5.00% | 06/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101466 |
| Refunding RB State Revolving Fund Series 2017 A  | 5.00% | 06/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 7075000 | &nbsp;&nbsp; 7122103 |
| Refunding RB State Revolving Fund Series 2020 A  | 4.00% | 06/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 89737 |
| Refunding RB State Revolving Fund Series 2022 A  | 5.00% | 06/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255784 |
| Refunding RB State Revolving Fund Series 2024 A  | 5.00% | 06/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10483 |
| Refunding RB State Revolving Fund Series 2024 A  | 5.00% | 06/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 79798 |
| Refunding RB State Revolving Fund Series 2024 A  | 5.00% | 06/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 92555 |
| Refunding RB State Revolving Fund Series 2024 A  | 5.00% | 06/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 121438 |
| **New York State Thruway Authority** | **New York State Thruway Authority** | **New York State Thruway Authority** | **New York State Thruway Authority** | **New York State Thruway Authority** |
| RB Series 2016 A  | 5.00% | 01/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199743 |
| RB Series 2016 A  | 4.00% | 01/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 73180 |
| RB Series 2016 A  | 5.00% | 01/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74058 |
| RB Series 2016 A  | 5.25% | 01/01/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200190 |
| RB Series 2019 B  | 5.00% | 01/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 148215 |
| RB Series 2019 B  | 4.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3520000 | &nbsp;&nbsp; 3508313 |
| RB Series 2019 B  | 4.00% | 01/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98615 |
| RB Series 2019 B  | 4.00% | 01/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 171008 |
| RB Series 2019 B  | 4.00% | 01/01/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48345 |
| RB Series 2019 B  | 4.00% | 01/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 117361 |
| RB Series 2019 B  | 4.00% | 01/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 178535 |
| RB Series 2019 B  | 4.00% | 01/01/45 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 90151 |
| RB Series 2019 B  | 3.00% | 01/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp; 327138 |
| RB Series 2019 B  | 3.00% | 01/01/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 69093 |
| RB Series 2019 B  | 4.00% | 01/01/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 25686 |
| RB Series 2020 N  | 4.00% | 01/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 83259 |
| RB Series 2020 N  | 3.00% | 01/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 48503 |
| RB Personal Income Tax Revenue Series 2022 C  | 5.00% | 03/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5040000 | &nbsp;&nbsp; 5105795 |
| Refunding RB Series 2018 L  | 5.00% | 01/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104840 |
| Refunding RB Series 2018 L  | 5.00% | 01/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 140662 |
| Refunding RB Series 2018 L  | 5.00% | 01/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 223344 |
| Refunding RB Series 2018 L  | 5.00% | 01/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 134539 |
| Refunding RB Series 2018 L  | 4.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24743 |
| Refunding RB Series 2018 L  | 3.50% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48380 |
| Refunding RB Series 2021 O  | 5.00% | 01/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 6315000 | &nbsp;&nbsp; 6970986 |
| Refunding RB Series 2021 O  | 4.00% | 01/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 211976 |

---

*See financial notes*

**262**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2021 O  | 4.00% | 01/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 139157 |
| Refunding RB Series 2021 O  | 4.00% | 01/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 674598 |
| Refunding RB Series 2024 P  | 5.00% | 01/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 177252 |
| Refunding RB Series 2024 P  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28046 |
| Refunding RB Series 2024 P  | 5.00% | 01/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103494 |
| Refunding RB Series 2024 P  | 5.00% | 01/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101853 |
| Refunding RB Series 2024 P  | 5.25% | 01/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 305683 |
| Refunding RB Series 2024 Q  | 5.00% | 01/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 100682 |
| Refunding RB Personal Income Tax Revenue Series 2021 A1  | 5.00% | 03/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 99000 |
| Refunding RB Personal Income Tax Revenue Series 2021 A1  | 3.00% | 03/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 716708 |
| Refunding RB Personal Income Tax Revenue Series 2021 A1  | 4.00% | 03/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp; 603482 |
| Refunding RB Personal Income Tax Revenue Series 2021 A-1  | 5.00% | 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 270445 |
| Refunding RB Personal Income Tax Revenue Series 2021 A-1  | 4.00% | 03/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5080000 | &nbsp;&nbsp; 5101898 |
| Refunding RB Personal Income Tax Revenue Series 2021 A-1  | 4.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 233407 |
| Refunding RB Personal Income Tax Revenue Series 2021 A-1  | 4.00% | 03/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 197909 |
| Refunding RB Personal Income Tax Revenue Series 2021 A-1  | 4.00% | 03/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 443835 |
| Refunding RB Personal Income Tax Revenue Series 2021 A-1  | 3.00% | 03/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 94176 |
| Refunding RB Personal Income Tax Revenue Series 2021 A-1  | 4.00% | 03/15/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp; 286804 |
| Refunding RB Personal Income Tax Revenue Series 2021 A-1  | 4.00% | 03/15/57 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 298612 |
| Refunding RB Personal Income Tax Revenue Series 2021 A-1  | 4.00% | 03/15/59 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 182201 |
| Refunding RB Personal Income Tax Revenue Series 2022  | 5.00% | 03/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 232478 |
| Refunding RB Personal Income Tax Revenue Series 2022  | 4.00% | 03/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 209075 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 5.00% | 03/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 47811 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 5.00% | 03/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 241999 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 5.00% | 03/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4461059 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 5.00% | 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp; 419070 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 5.00% | 03/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 202657 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 5.00% | 03/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45747 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 4.00% | 03/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 400366 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 4.00% | 03/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 220678 |
| **Onondaga Civic Development Corp.** | **Onondaga Civic Development Corp.** | **Onondaga Civic Development Corp.** | **Onondaga Civic Development Corp.** | **Onondaga Civic Development Corp.** |
| RB Syracuse University Series 2025  | 4.50% | 12/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 953803 |
| **Onondaga County Trust for Cultural Resources** | **Onondaga County Trust for Cultural Resources** | **Onondaga County Trust for Cultural Resources** | **Onondaga County Trust for Cultural Resources** | **Onondaga County Trust for Cultural Resources** |
| Refunding RB Syracuse University Series 2019  | 4.00% | 12/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 135306 |
| **Port Authority of New York & New Jersey** | **Port Authority of New York & New Jersey** | **Port Authority of New York & New Jersey** | **Port Authority of New York & New Jersey** | **Port Authority of New York & New Jersey** |
| RB Series 2012 175th  | 3.25% | 12/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 58531 |
| RB Series 2019  | 4.00% | 11/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 189769 |
| RB Series 2019  | 5.00% | 11/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3620000 | &nbsp;&nbsp; 3692760 |
| RB Series 2023 241  | 5.00% | 07/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10565 |
| RB Series 2023 241  | 5.00% | 07/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261856 |
| Refunding RB Series 2015 194  | 5.00% | 10/15/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100399 |
| Refunding RB Series 2015 194  | 5.00% | 10/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100341 |
| Refunding RB Series 2015 194  | 5.00% | 10/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 105331 |
| Refunding RB Series 2015 194  | 5.00% | 10/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 230320 |
| Refunding RB Series 2015 194  | 5.25% | 10/15/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100296 |
| Refunding RB Series 2016 198  | 5.00% | 11/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25153 |
| Refunding RB Series 2016 198  | 5.25% | 11/15/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 161101 |
| Refunding RB Series 2017  | 5.25% | 10/15/57 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201476 |
| Refunding RB Series 2017 205  | 5.00% | 11/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104180 |
| Refunding RB Series 2017 205  | 5.00% | 11/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129390 |

---

*See financial notes*

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

**263**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2018 209  | 5.00% | 07/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 158103 |
| Refunding RB Series 2018 209  | 5.00% | 07/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 68016 |
| Refunding RB Series 2018 211  | 4.00% | 09/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 137178 |
| Refunding RB Series 2019 212  | 4.00% | 09/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49729 |
| Refunding RB Series 2019 212th  | 5.00% | 09/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 143703 |
| Refunding RB Series 2019 213  | 5.00% | 09/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 212893 |
| Refunding RB Series 2020 222  | 5.00% | 07/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 136133 |
| Refunding RB Series 2020 222  | 5.00% | 07/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 162397 |
| Refunding RB Series 2020 222  | 5.00% | 07/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 263366 |
| Refunding RB Series 2020 222  | 4.00% | 07/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98022 |
| Refunding RB Series 2020 222  | 4.00% | 07/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 38857 |
| Refunding RB Series 2021 224  | 4.00% | 07/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 141999 |
| Refunding RB Series 2021 224  | 4.00% | 07/15/61 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 249704 |
| Refunding RB Series 2022 230  | 4.00% | 12/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25501 |
| Refunding RB Series 2022 233  | 5.25% | 08/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 185520 |
| Refunding RB Series 2023 240  | 5.00% | 07/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203490 |
| Refunding RB Series 2023 243  | 5.00% | 12/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 98287 |
| Refunding RB Series 2024 244  | 5.00% | 07/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 282806 |
| Refunding RB Series 2024 244  | 5.00% | 07/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2192173 |
| Refunding RB Series 2024 244  | 5.00% | 07/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 157412 |
| Refunding RB Series 2024 245  | 5.00% | 09/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 71738 |
| Refunding RB Series 2024 245  | 5.00% | 09/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255720 |
| **State of New York** | **State of New York** | **State of New York** | **State of New York** | **State of New York** |
| GO Bonds Series 2013 A  | 3.50% | 03/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 59066 |
| Refunding GO Bonds Series 2025 A  | 5.00% | 03/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 168779 |
| **Suffolk County Water Authority** | **Suffolk County Water Authority** | **Suffolk County Water Authority** | **Suffolk County Water Authority** | **Suffolk County Water Authority** |
| Refunding RB Series 2015  | 4.00% | 06/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100080 |
| Refunding RB Series 2015  | 3.00% | 06/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99709 |
| **Triborough Bridge & Tunnel Authority** | **Triborough Bridge & Tunnel Authority** | **Triborough Bridge & Tunnel Authority** | **Triborough Bridge & Tunnel Authority** | **Triborough Bridge & Tunnel Authority** |
| RB Series 2015 A  | 5.00% | 11/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150047 |
| RB Series 2017 C-2  | 5.00% | 11/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3516225 |
| RB Series 2018 A  | 5.00% | 11/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200845 |
| RB Series 2018 A  | 4.00% | 11/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 172900 |
| RB Series 2018 A  | 4.00% | 11/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 858847 |
| RB Series 2020 A  | 5.00% | 11/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1163997 |
| RB Series 2020 A  | 4.00% | 11/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 255677 |
| RB Series 2020 A  | 5.00% | 11/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3028549 |
| RB Series 2021 A  | 5.00% | 11/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 166159 |
| RB Series 2021 A  | 5.00% | 11/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 140839 |
| RB Series 2022 A  | 5.00% | 11/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31136 |
| RB Series 2022 A  | 5.00% | 11/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp; 293614 |
| RB Series 2024 A-1  | 4.00% | 11/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 29939 |
| RB Series 2025 A  | 5.00% | 02/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1483075 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2021 C1A  | 4.00% | 05/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 89649 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2021 C1A  | 5.00% | 05/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 120744 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2021 C3  | 3.00% | 05/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 349520 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2021 C-3  | 2.50% | 05/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 60035 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2021 C-3  | 4.00% | 05/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 109585 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2022 B  | 4.00% | 05/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100985 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2022 B  | 5.00% | 05/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203679 |

---

*See financial notes*

**264**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2022 B  | 5.00% | 05/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 170707 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2022 B  | 5.00% | 05/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 217223 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2022 B  | 5.00% | 05/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 1280000 | &nbsp;&nbsp; 1427742 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2022 B  | 5.00% | 05/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 174579 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2022 C  | 5.25% | 05/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 47618 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2022 C  | 5.00% | 05/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp; 402061 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2022 C  | 5.25% | 05/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 339527 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2022 D-2  | 4.50% | 05/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 19575 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2022 D-2  | 5.25% | 05/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 113992 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2022 D-2  | 5.50% | 05/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 645000 | &nbsp;&nbsp; 674688 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2023 B  | 5.00% | 11/15/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp; 396940 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2024 A  | 5.00% | 05/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 173112 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2024 A  | 5.00% | 05/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152039 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2025 B-1  | 5.00% | 03/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp; 1213793 |
| RB Real Estate Transfer Tax Series 2025 A  | 5.00% | 12/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 166533 |
| RB Real Estate Transfer Tax Series 2025 A  | 5.00% | 12/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54625 |
| RB Real Estate Transfer Tax Series 2025 A  | 5.25% | 12/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2085000 | &nbsp;&nbsp; 2175418 |
| RB Real Estate Transfer Tax Series 2025 A  | 5.25% | 12/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51639 |
| RB Real Estate Transfer Tax Series 2025 A  | 5.50% | 12/01/59 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 262659 |
| Refunding RB Series 2001 C  | 3.90% | 01/01/32 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 1015000 | &nbsp;&nbsp; 1015000 |
| Refunding RB Series 2012 B  | 3.68% | 11/15/32 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 155910 |
| Refunding RB Series 2013 A  | 4.54% | 11/15/31 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 246249 |
| Refunding RB Series 2016 A  | 5.00% | 11/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100490 |
| Refunding RB Series 2017 B  | 5.00% | 11/15/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 67677 |
| Refunding RB Series 2017 B  | 5.00% | 11/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25960 |
| Refunding RB Series 2017 B  | 5.00% | 11/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206080 |
| Refunding RB Series 2017 B  | 5.00% | 11/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256409 |
| Refunding RB Series 2017 B  | 5.00% | 11/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 112579 |
| Refunding RB Series 2017 C-1  | 5.00% | 11/15/25  | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 287287 |
| Refunding RB Series 2017 C-1  | 5.00% | 11/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 80814 |
| Refunding RB Series 2018 B  | 5.00% | 11/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55617 |
| Refunding RB Series 2018 C  | 5.00% | 11/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 189947 |
| Refunding RB Series 2023 A  | 5.00% | 11/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 215503 |
| Refunding RB Series 2023 A  | 5.00% | 11/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 135110 |
| Refunding RB Series 2023 A  | 5.00% | 11/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 148595 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2021 A-1 <br>| 4.00% | 05/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp; 1208843 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2021 A-1 <br>| 5.00% | 05/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2050000 | &nbsp;&nbsp; 2061582 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2021 C-2 <br>| 3.00% | 05/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24380 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2022 A <br>| 5.00% | 05/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 137413 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2022 A <br>| 4.00% | 05/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 153419 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2022 A <br>| 5.00% | 05/15/52  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 264781 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2022 A <br>| 5.00% | 05/15/57 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251282 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2022 E <br>| 5.00% | 11/15/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 289019 |

---

*See financial notes*

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

**265**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2022 E <br>| 5.00% | 11/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 371042 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2022 E-1 <br>| 5.00% | 11/15/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 315293 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2023 A <br>| 5.00% | 11/15/25  | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 166263 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2023 A <br>| 5.00% | 11/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 2285000 | &nbsp;&nbsp; 2351387 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2023 A <br>| 5.00% | 11/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 72746 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2023 C <br>| 5.00% | 11/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 33773 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2023 C <br>| 5.00% | 11/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 104656 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2023 C <br>| 5.25% | 11/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 124661 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2024 B <br>| 4.13% | 05/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp; 586693 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2024 B-1 <br>| 5.25% | 05/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1285000 | &nbsp;&nbsp; 1328296 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2024 B-2 <br>| 5.00% | 05/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2165000 | &nbsp;&nbsp; 2410571 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2024 C <br>| 5.00% | 11/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3387351 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2024 C <br>| 5.00% | 11/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 6690306 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2024 C <br>| 5.00% | 11/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 299570 |
| **Triborough Bridge & Tunnel Authority Sales Tax Revenue** | **Triborough Bridge & Tunnel Authority Sales Tax Revenue** | **Triborough Bridge & Tunnel Authority Sales Tax Revenue** | **Triborough Bridge & Tunnel Authority Sales Tax Revenue** | **Triborough Bridge & Tunnel Authority Sales Tax Revenue** |
| RB Series 2022 A  | 4.00% | 05/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 173182 |
| RB Series 2022 A  | 5.25% | 05/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 267151 |
| RB Series 2022 A  | 4.00% | 05/15/57 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 126031 |
| RB Series 2022 A  | 5.25% | 05/15/57 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204646 |
| RB Series 2023 A  | 4.00% | 05/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp; 405170 |
| RB Series 2023 A  | 4.13% | 05/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 87788 |
| RB Series 2023 A  | 4.25% | 05/15/58 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 89429 |
| RB Series 2024 A-1  | 4.00% | 05/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 128657 |
| RB Series 2024 A-1  | 5.00% | 05/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 346353 |
| RB Series 2024 A-1  | 5.25% | 05/15/59 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1035055 |
| RB Series 2024 A-1  | 4.13% | 05/15/64 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp; 405695 |
| RB Series 2024 A-1  | 5.25% | 05/15/64 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1289254 |
| **Troy Capital Resource Corp.** | **Troy Capital Resource Corp.** | **Troy Capital Resource Corp.** | **Troy Capital Resource Corp.** | **Troy Capital Resource Corp.** |
| Refunding RB Rensselaer Polytechnic Institute Series 2020 A  | 4.00% | 09/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 181430 |
| **Trust for Cultural Resources of The City of New York** | **Trust for Cultural Resources of The City of New York** | **Trust for Cultural Resources of The City of New York** | **Trust for Cultural Resources of The City of New York** | **Trust for Cultural Resources of The City of New York** |
| Refunding RB Lincoln Center for the Performing Arts, Inc. Series 2020 A  | 4.00% | 12/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254433 |
| **Utility Debt Securitization Authority** | **Utility Debt Securitization Authority** | **Utility Debt Securitization Authority** | **Utility Debt Securitization Authority** | **Utility Debt Securitization Authority** |
| RB Series 2017  | 5.00% | 12/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51213 |
| RB Series 2017  | 5.00% | 12/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 132889 |
| RB Series 2017  | 5.00% | 12/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5155000 | &nbsp;&nbsp; 5257119 |
| RB Series 2017  | 5.00% | 12/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127318 |
| Refunding RB Series 2015  | 5.00% | 12/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251972 |
| Refunding RB Series 2015  | 5.00% | 12/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251802 |

---

*See financial notes*

**266**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2015  | 5.00% | 12/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150878 |
| Refunding RB Series 2015  | 5.00% | 12/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251294 |
| Refunding RB Series 2016 A  | 5.00% | 12/15/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204297 |
| Refunding RB Series 2016 A  | 5.00% | 12/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203537 |
| Refunding RB Series 2016 A  | 5.00% | 12/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 289717 |
| Refunding RB Series 2016 B  | 5.00% | 12/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25511 |
| Refunding RB Series 2016 B  | 5.00% | 12/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 86503 |
| Refunding RB Series 2022 TE  | 5.00% | 12/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 134490 |
| Refunding RB Series 2022 TE  | 5.00% | 06/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 92141 |
| Refunding RB Series 2022 TE  | 5.00% | 12/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 212946 |
|  |  |  |  | &nbsp;&nbsp; **533107065** |
| **NORTH CAROLINA** 1.3%  | **NORTH CAROLINA** 1.3%  | **NORTH CAROLINA** 1.3%  | **NORTH CAROLINA** 1.3%  | **NORTH CAROLINA** 1.3%  |
| **City of Charlotte** | **City of Charlotte** | **City of Charlotte** | **City of Charlotte** | **City of Charlotte** |
| Refunding COP Series 2021 A  | 3.00% | 06/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 122478 |
| **City of Charlotte Airport Revenue** | **City of Charlotte Airport Revenue** | **City of Charlotte Airport Revenue** | **City of Charlotte Airport Revenue** | **City of Charlotte Airport Revenue** |
| RB Series 2022 A  | 4.00% | 07/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 177771 |
| **City of Charlotte Water & Sewer System Revenue** | **City of Charlotte Water & Sewer System Revenue** | **City of Charlotte Water & Sewer System Revenue** | **City of Charlotte Water & Sewer System Revenue** | **City of Charlotte Water & Sewer System Revenue** |
| RB Series 2024  | 5.00% | 07/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258809 |
| **City of Raleigh Combined Enterprise System Revenue** | **City of Raleigh Combined Enterprise System Revenue** | **City of Raleigh Combined Enterprise System Revenue** | **City of Raleigh Combined Enterprise System Revenue** | **City of Raleigh Combined Enterprise System Revenue** |
| Refunding RB Series 2023  | 5.00% | 09/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 259987 |
| **County of Guilford** | **County of Guilford** | **County of Guilford** | **County of Guilford** | **County of Guilford** |
| GO Bonds Series 2025  | 5.00% | 03/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27965 |
| GO Bonds Series 2025  | 5.00% | 03/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2828262 |
| GO Bonds Series 2025  | 5.00% | 03/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 1290000 | &nbsp;&nbsp; 1472354 |
| GO Bonds Series 2025  | 5.00% | 03/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3290000 | &nbsp;&nbsp; 3693934 |
| **County of Union Enterprise System Revenue** | **County of Union Enterprise System Revenue** | **County of Union Enterprise System Revenue** | **County of Union Enterprise System Revenue** | **County of Union Enterprise System Revenue** |
| RB Series 2021  | 3.00% | 06/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 73821 |
| **County of Wake** | **County of Wake** | **County of Wake** | **County of Wake** | **County of Wake** |
| Refunding GO Bonds Series 2023 A  | 5.00% | 05/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 6710000 | &nbsp;&nbsp; 7607589 |
| **North Carolina Capital Facilities Finance Agency** | **North Carolina Capital Facilities Finance Agency** | **North Carolina Capital Facilities Finance Agency** | **North Carolina Capital Facilities Finance Agency** | **North Carolina Capital Facilities Finance Agency** |
| RB Duke University Series 2015 B  | 5.00% | 10/01/41 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 160852 |
| RB Duke University Series 2015 B  | 5.00% | 10/01/55 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251332 |
| Refunding RB Duke University Series 2016 B  | 5.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100837 |
| **North Carolina Municipal Power Agency No. 1** | **North Carolina Municipal Power Agency No. 1** | **North Carolina Municipal Power Agency No. 1** | **North Carolina Municipal Power Agency No. 1** | **North Carolina Municipal Power Agency No. 1** |
| Refunding RB Series 2015 A  | 5.00% | 01/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 60599 |
| Refunding RB Series 2015 A  | 5.00% | 01/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100937 |
| **North Carolina State University at Raleigh** | **North Carolina State University at Raleigh** | **North Carolina State University at Raleigh** | **North Carolina State University at Raleigh** | **North Carolina State University at Raleigh** |
| Refunding RB Series 2020 A  | 5.00% | 10/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 170493 |
| **North Carolina Turnpike Authority** | **North Carolina Turnpike Authority** | **North Carolina Turnpike Authority** | **North Carolina Turnpike Authority** | **North Carolina Turnpike Authority** |
| RB Series 2009 B  | 3.89% | 01/01/37 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 15516 |
| RB Series 2019  | 4.58% | 01/01/40 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 101330 |
| RB Series 2019  | 4.56% | 01/01/41 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 92497 |
| RB Series 2019  | 4.51% | 01/01/49 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 72725 |
| RB Series 2019  | 4.00% | 01/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 164514 |
| RB Series 2024 A  | 5.00% | 01/01/58 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 715000 | &nbsp;&nbsp; 716464 |
| Refunding RB Series 2017 A  | 5.00% | 07/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 193777 |
| Refunding RB Series 2018  | 4.00% | 01/01/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 39523 |
| Refunding RB Series 2018  | 4.00% | 01/01/41 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 132997 |

---

*See financial notes*

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

**267**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **State of North Carolina** | **State of North Carolina** | **State of North Carolina** | **State of North Carolina** | **State of North Carolina** |
| GO Bonds Series 2019 B  | 5.00% | 06/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 141659 |
| GO Bonds Series 2019 B  | 2.13% | 06/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp; 277124 |
| RB Series 2019  | 5.00% | 03/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25980 |
| RB Series 2019  | 5.00% | 03/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 214805 |
| RB Series 2019  | 5.00% | 03/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26564 |
| RB Series 2019  | 5.00% | 03/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 58227 |
| RB Series 2019 0  | 5.00% | 03/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 133854 |
| RB Highway Trust Fund Series 2020 B  | 5.00% | 05/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41768 |
| RB Highway Trust Fund Series 2020 B  | 5.00% | 05/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31974 |
| RB Highway Trust Fund Series 2020 B  | 5.00% | 05/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54288 |
| RB Highway Trust Fund Series 2020 B  | 5.00% | 05/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 246924 |
| RB Highway Trust Fund Series 2020 B  | 3.00% | 05/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24344 |
| RB Highway Trust Fund Series 2020 B  | 3.00% | 05/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 28401 |
| Refunding GO Bonds Series 2016 A  | 5.00% | 06/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4087824 |
| Refunding GO Bonds Series 2016 A  | 5.00% | 06/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 61252 |
| Refunding RB Series 2014 B  | 5.00% | 06/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 97036 |
| Refunding RB Series 2017 B  | 5.00% | 05/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 198771 |
| Refunding RB Series 2017 B  | 5.00% | 05/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 344587 |
| Refunding RB Series 2017 B  | 5.00% | 05/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 930000 | &nbsp;&nbsp; 969403 |
| Refunding RB Series 2017 B  | 5.00% | 05/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 83220 |
| Refunding RB Series 2025  | 5.00% | 03/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 121875 |
| Refunding RB Series 2025  | 5.00% | 03/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1078223 |
|  |  |  |  | &nbsp;&nbsp; **27245466** |
| **OHIO** 1.2%  | **OHIO** 1.2%  | **OHIO** 1.2%  | **OHIO** 1.2%  | **OHIO** 1.2%  |
| **American Municipal Power, Inc.** | **American Municipal Power, Inc.** | **American Municipal Power, Inc.** | **American Municipal Power, Inc.** | **American Municipal Power, Inc.** |
| RB Greenup Hydroelectric Revenue Series 2016 A  | 5.00% | 02/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 275677 |
| Refunding RB Fremont Energy Center Revenue Series 2021 A  | 5.00% | 02/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 135317 |
| Refunding RB Fremont Energy Center Revenue Series 2021 A  | 4.00% | 02/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 152959 |
| Refunding RB Prairie State Energy Campus Revenue Series 2019 C  | 5.00% | 02/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53779 |
| Refunding RB Prairie State Energy Campus Revenue Series 2019 C  | 4.00% | 02/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 259914 |
| Refunding RB Prairie State Energy Campus Revenue Series 2021 A  | 4.00% | 02/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 65715 |
| Refunding RB Prairie State Energy Campus Revenue Series 2021 A  | 4.00% | 02/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 94905 |
| **Brunswick City School District** | **Brunswick City School District** | **Brunswick City School District** | **Brunswick City School District** | **Brunswick City School District** |
| GO Bonds Series 2023  | 5.50% | 12/01/60 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 62357 |
| **City of Columbus** | **City of Columbus** | **City of Columbus** | **City of Columbus** | **City of Columbus** |
| Refunding GO Bonds Series 2016 1  | 5.00% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 115000 |
| Refunding GO Bonds Series 2016 1  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127961 |
| Refunding GO Bonds Series 2017 1  | 5.00% | 04/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104595 |
| **City of Columbus Sewerage Revenue** | **City of Columbus Sewerage Revenue** | **City of Columbus Sewerage Revenue** | **City of Columbus Sewerage Revenue** | **City of Columbus Sewerage Revenue** |
| Refunding RB Series 2015  | 5.00% | 06/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 86488 |
| **Columbus Regional Airport Authority** | **Columbus Regional Airport Authority** | **Columbus Regional Airport Authority** | **Columbus Regional Airport Authority** | **Columbus Regional Airport Authority** |
| Refunding RB Series 2025 B  | 5.25% | 01/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257537 |
| **County of Hamilton Sales Tax Revenue** | **County of Hamilton Sales Tax Revenue** | **County of Hamilton Sales Tax Revenue** | **County of Hamilton Sales Tax Revenue** | **County of Hamilton Sales Tax Revenue** |
| Refunding RB Series 2016 A  | 5.00% | 12/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76865 |
| Refunding RB Series 2016 A  | 4.00% | 12/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 453996 |
| **Northeast Ohio Regional Sewer District** | **Northeast Ohio Regional Sewer District** | **Northeast Ohio Regional Sewer District** | **Northeast Ohio Regional Sewer District** | **Northeast Ohio Regional Sewer District** |
| Refunding RB Series 2017  | 4.00% | 11/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92747 |

---

*See financial notes*

**268**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Ohio Higher Educational Facility Commission** | **Ohio Higher Educational Facility Commission** | **Ohio Higher Educational Facility Commission** | **Ohio Higher Educational Facility Commission** | **Ohio Higher Educational Facility Commission** |
| Refunding RB Case Western Reserve University Series 2016  | 5.00% | 12/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204861 |
| Refunding RB John Carroll University Series 2022  | 4.00% | 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 56841 |
| **Ohio State University** | **Ohio State University** | **Ohio State University** | **Ohio State University** | **Ohio State University** |
| RB Series 2023 B  | 5.00% | 12/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 107216 |
| Refunding RB Series 2020 A  | 5.00% | 12/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 153374 |
| **Ohio Turnpike & Infrastructure Commission** | **Ohio Turnpike & Infrastructure Commission** | **Ohio Turnpike & Infrastructure Commission** | **Ohio Turnpike & Infrastructure Commission** | **Ohio Turnpike & Infrastructure Commission** |
| RB Series 2013 A-2  | 3.79% | 02/15/36 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 193676 |
| RB Series 2018 A  | 4.00% | 02/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127296 |
| RB Series 2018 A  | 5.00% | 02/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 209769 |
| RB Series 2018 A  | 5.00% | 02/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 214538 |
| RB Series 2021 A  | 5.00% | 02/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5200000 | &nbsp;&nbsp; 5357685 |
| Refunding RB Series 2022 A  | 5.00% | 02/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55399 |
| Refunding RB Series 2022 A  | 5.00% | 02/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 112627 |
| **Ohio Water Development Authority** | **Ohio Water Development Authority** | **Ohio Water Development Authority** | **Ohio Water Development Authority** | **Ohio Water Development Authority** |
| RB Series 2018  | 5.00% | 06/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 79703 |
| RB Drinking Water Assistance Fund Series 2019  | 5.00% | 12/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 190802 |
| RB Drinking Water Assistance Fund Series 2023 A  | 5.00% | 12/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10105000 | &nbsp;&nbsp; 11502600 |
| RB Drinking Water Assistance Fund Series 2024 A  | 5.00% | 12/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 213938 |
| RB Drinking Water Assistance Fund Series 2024 A  | 5.00% | 12/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52379 |
| RB Fresh Water Fund Series 2024 A  | 5.00% | 06/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 151137 |
| **Ohio Water Development Authority Water Pollution Control Loan Fund** | **Ohio Water Development Authority Water Pollution Control Loan Fund** | **Ohio Water Development Authority Water Pollution Control Loan Fund** | **Ohio Water Development Authority Water Pollution Control Loan Fund** | **Ohio Water Development Authority Water Pollution Control Loan Fund** |
| RB Series 2023 C  | 5.00% | 12/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 119522 |
| RB Series 2024 C  | 3.95% | 12/01/54 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 600000 |
| RB Series 2024 D  | 5.00% | 12/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 113264 |
| RB Series 2024 D  | 5.00% | 12/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 61610 |
| Refunding RB Series 2023 A  | 5.00% | 12/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151378 |
| Refunding RB Series 2023 A  | 5.00% | 12/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21144 |
| **Port of Greater Cincinnati Development Authority** | **Port of Greater Cincinnati Development Authority** | **Port of Greater Cincinnati Development Authority** | **Port of Greater Cincinnati Development Authority** | **Port of Greater Cincinnati Development Authority** |
| Refunding RB Series 2024 B  | 4.25% | 12/01/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 55197 |
| Refunding RB Series 2024 B  | 5.00% | 12/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98100 |
| **Shaker Heights City School District** | **Shaker Heights City School District** | **Shaker Heights City School District** | **Shaker Heights City School District** | **Shaker Heights City School District** |
| GO Bonds Series 2024  | 5.25% | 12/15/59 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155636 |
| **State of Ohio** | **State of Ohio** | **State of Ohio** | **State of Ohio** | **State of Ohio** |
| GO Bonds Series 2025 A  | 5.00% | 06/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 572128 |
| RB Series 2018 1  | 5.00% | 12/15/25  | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 287689 |
| RB Series 2018 1  | 5.00% | 12/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36930 |
| Refunding GO Bonds Series 2015 A  | 5.00% | 09/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100344 |
| Refunding GO Bonds Series 2017 B  | 5.00% | 09/15/25  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25107 |
| Refunding GO Bonds Series 2017 B  | 5.00% | 09/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 171763 |
| Refunding GO Bonds Series 2017 C  | 5.00% | 08/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 120202 |
| Refunding GO Bonds Series 2017 U  | 5.00% | 05/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76444 |
| Refunding GO Bonds Series 2020 B  | 5.00% | 08/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100168 |
| Refunding GO Bonds Series 2021 B  | 5.00% | 09/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 38242 |
| Refunding GO Bonds Series 2021 B  | 5.00% | 09/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 33698 |
| **University of Cincinnati** | **University of Cincinnati** | **University of Cincinnati** | **University of Cincinnati** | **University of Cincinnati** |
| RB Series 2024 A  | 5.25% | 06/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 83014 |
| **Willoughby-Eastlake City School District** | **Willoughby-Eastlake City School District** | **Willoughby-Eastlake City School District** | **Willoughby-Eastlake City School District** | **Willoughby-Eastlake City School District** |
| GO Bonds Series 2016  | 5.00% | 12/01/46 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35300 |
|  |  |  |  | &nbsp;&nbsp; **24456533** |

---

*See financial notes*

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

**269**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **OKLAHOMA** 0.6%  | **OKLAHOMA** 0.6%  | **OKLAHOMA** 0.6%  | **OKLAHOMA** 0.6%  | **OKLAHOMA** 0.6%  |
| **Canadian County Educational Facilities Authority** | **Canadian County Educational Facilities Authority** | **Canadian County Educational Facilities Authority** | **Canadian County Educational Facilities Authority** | **Canadian County Educational Facilities Authority** |
| RB Independent School District No. 69 Mustang Series 2017  | 3.00% | 09/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98600 |
| RB Independent School District No. 69 Mustang Series 2023 A  | 5.25% | 09/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 83466 |
| **Cleveland County Educational Facilities Authority** | **Cleveland County Educational Facilities Authority** | **Cleveland County Educational Facilities Authority** | **Cleveland County Educational Facilities Authority** | **Cleveland County Educational Facilities Authority** |
| RB Independent School District No. 2 Moore Series 2021  | 4.00% | 06/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 229582 |
| **Grand River Dam Authority** | **Grand River Dam Authority** | **Grand River Dam Authority** | **Grand River Dam Authority** | **Grand River Dam Authority** |
| RB Electric System Revenue Series 2023  | 5.00% | 06/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 235251 |
| RB Electric System Revenue Series 2023  | 5.00% | 06/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53067 |
| Refunding RB Series 2016 A  | 5.00% | 06/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35993 |
| Refunding RB Series 2016 A  | 5.00% | 06/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30805 |
| Refunding RB Series 2016 A  | 5.00% | 06/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76970 |
| Refunding RB Series 2016 A  | 5.00% | 06/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35895 |
| Refunding RB Series 2024 A  | 5.00% | 06/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 101367 |
| **Oklahoma Capitol Improvement Authority** | **Oklahoma Capitol Improvement Authority** | **Oklahoma Capitol Improvement Authority** | **Oklahoma Capitol Improvement Authority** | **Oklahoma Capitol Improvement Authority** |
| RB Series 2020 B  | 4.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 86051 |
| **Oklahoma City Water Utilities Trust** | **Oklahoma City Water Utilities Trust** | **Oklahoma City Water Utilities Trust** | **Oklahoma City Water Utilities Trust** | **Oklahoma City Water Utilities Trust** |
| RB Series 2024  | 5.00% | 07/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5083666 |
| **Oklahoma County Finance Authority** | **Oklahoma County Finance Authority** | **Oklahoma County Finance Authority** | **Oklahoma County Finance Authority** | **Oklahoma County Finance Authority** |
| RB Independent School District No. 4 Choctaw-Nicoma Park Series 2023  | 5.00% | 09/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 685000 | &nbsp;&nbsp; 733294 |
| **Oklahoma County Independent School District No. 89 Oklahoma City** | **Oklahoma County Independent School District No. 89 Oklahoma City** | **Oklahoma County Independent School District No. 89 Oklahoma City** | **Oklahoma County Independent School District No. 89 Oklahoma City** | **Oklahoma County Independent School District No. 89 Oklahoma City** |
| GO Bonds Series 2023 A  | 3.00% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75000 |
| GO Bonds Series 2023 A  | 3.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 376341 |
| GO Bonds Series 2024 A  | 1.25% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 147962 |
| GO Bonds Series 2024 A  | 4.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 46138 |
| **Oklahoma Industries Authority** | **Oklahoma Industries Authority** | **Oklahoma Industries Authority** | **Oklahoma Industries Authority** | **Oklahoma Industries Authority** |
| RB Oklahoma County Independent School District No. 89 Oklahoma City Series 2024  | 5.00% | 04/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 99399 |
| **Oklahoma Turnpike Authority** | **Oklahoma Turnpike Authority** | **Oklahoma Turnpike Authority** | **Oklahoma Turnpike Authority** | **Oklahoma Turnpike Authority** |
| RB Series 2017 A  | 5.00% | 01/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25279 |
| RB Series 2017 A  | 4.00% | 01/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 96668 |
| RB Series 2017 C  | 4.00% | 01/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 327928 |
| RB Series 2018 A  | 4.00% | 01/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 90884 |
| RB Series 2023  | 5.50% | 01/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 354699 |
| RB Series 2025 A  | 5.00% | 01/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 130411 |
| RB Series 2025 A  | 5.25% | 01/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2097982 |
| Refunding RB Series 2017 D  | 5.00% | 01/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 106196 |
| Refunding RB Series 2017 D  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129491 |
| Refunding RB Series 2017 D  | 5.00% | 01/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 79131 |
| Refunding RB Series 2020 A  | 5.00% | 01/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 38209 |
| **Oklahoma Water Resources Board** | **Oklahoma Water Resources Board** | **Oklahoma Water Resources Board** | **Oklahoma Water Resources Board** | **Oklahoma Water Resources Board** |
| RB Series 2021  | 5.00% | 04/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153136 |
| RB Series 2024 B  | 4.25% | 10/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 280624 |
| RB Drinking Water State Revolving Fund Series 2023 A  | 4.13% | 04/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 175632 |
| **University of Oklahoma** | **University of Oklahoma** | **University of Oklahoma** | **University of Oklahoma** | **University of Oklahoma** |
| RB Series 2021 A  | 5.00% | 07/01/46 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 138004 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152456 |
|  |  |  |  | &nbsp;&nbsp; **12005577** |

---

*See financial notes*

**270**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **OREGON** 0.8%  | **OREGON** 0.8%  | **OREGON** 0.8%  | **OREGON** 0.8%  | **OREGON** 0.8%  |
| **City of Portland Sewer System Revenue** | **City of Portland Sewer System Revenue** | **City of Portland Sewer System Revenue** | **City of Portland Sewer System Revenue** | **City of Portland Sewer System Revenue** |
| Refunding RB Series 2023 A  | 5.00% | 12/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102643 |
| Refunding RB Series 2025 A  | 5.00% | 10/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp; 540656 |
| **Clackamas County School District No. 12 North Clackamas** | **Clackamas County School District No. 12 North Clackamas** | **Clackamas County School District No. 12 North Clackamas** | **Clackamas County School District No. 12 North Clackamas** | **Clackamas County School District No. 12 North Clackamas** |
| GO Bonds Series 2017 A  | 4.02% | 06/15/36 *(a)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 30562 |
| GO Bonds Series 2017 B  | 5.00% | 06/15/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204498 |
| **County of Multnomah** | **County of Multnomah** | **County of Multnomah** | **County of Multnomah** | **County of Multnomah** |
| GO Bonds Series 2021 A  | 5.00% | 06/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 65332 |
| **Deschutes Public Library District** | **Deschutes Public Library District** | **Deschutes Public Library District** | **Deschutes Public Library District** | **Deschutes Public Library District** |
| GO Bonds Series 2021  | 3.00% | 12/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 39623 |
| **Hillsboro School District No. 1J** | **Hillsboro School District No. 1J** | **Hillsboro School District No. 1J** | **Hillsboro School District No. 1J** | **Hillsboro School District No. 1J** |
| GO Bonds Series 2017  | 5.00% | 06/15/38 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25629 |
| **Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow** | **Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow** | **Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow** | **Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow** | **Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow** |
| GO Bonds Series 2017 B  | 5.00% | 06/15/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50964 |
| **Multnomah County School District No. 1J Portland** | **Multnomah County School District No. 1J Portland** | **Multnomah County School District No. 1J Portland** | **Multnomah County School District No. 1J Portland** | **Multnomah County School District No. 1J Portland** |
| GO Bonds Series 2020  | 5.00% | 06/15/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 112186 |
| GO Bonds Series 2020 0  | 5.00% | 06/15/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102129 |
| **Oregon City School District No. 62** | **Oregon City School District No. 62** | **Oregon City School District No. 62** | **Oregon City School District No. 62** | **Oregon City School District No. 62** |
| GO Bonds Series 2018 B  | 5.00% | 06/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150596 |
| GO Bonds Series 2025 B  | 5.00% | 06/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256824 |
| **Salem-Keizer School District No. 24J** | **Salem-Keizer School District No. 24J** | **Salem-Keizer School District No. 24J** | **Salem-Keizer School District No. 24J** | **Salem-Keizer School District No. 24J** |
| GO Bonds Series 2009 B  | 3.22% | 06/15/29 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 61667 |
| GO Bonds Series 2018  | 5.00% | 06/15/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77202 |
| **State of Oregon** | **State of Oregon** | **State of Oregon** | **State of Oregon** | **State of Oregon** |
| GO Bonds Series 2023 A  | 5.00% | 05/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 84837 |
| GO Bonds Series 2023 A  | 5.00% | 05/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 33264 |
| GO Bonds Series 2023 A  | 5.00% | 05/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 82434 |
| GO Bonds Series 2023 A  | 5.00% | 05/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 81638 |
| GO Bonds Series 2023 A  | 5.00% | 05/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 115455 |
| GO Bonds Series 2023 A  | 5.00% | 05/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 123778 |
| **State of Oregon Department of Transportation** | **State of Oregon Department of Transportation** | **State of Oregon Department of Transportation** | **State of Oregon Department of Transportation** | **State of Oregon Department of Transportation** |
| RB Series 2017 A  | 5.00% | 11/15/25  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50394 |
| RB Series 2020 A  | 5.00% | 11/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp; 303656 |
| RB Series 2022 A  | 5.25% | 11/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10513 |
| RB Series 2023 A  | 5.00% | 11/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105022 |
| Refunding RB Series 2019 A  | 5.00% | 11/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 210535 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 11403590 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 285257 |
| **Tri-County Metropolitan Transportation District of Oregon** | **Tri-County Metropolitan Transportation District of Oregon** | **Tri-County Metropolitan Transportation District of Oregon** | **Tri-County Metropolitan Transportation District of Oregon** | **Tri-County Metropolitan Transportation District of Oregon** |
| RB Payroll Tax Revenue Series 2018 A  | 5.00% | 09/01/43 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104898 |
| **Washington & Multnomah Counties School District No. 48J Beaverton** | **Washington & Multnomah Counties School District No. 48J Beaverton** | **Washington & Multnomah Counties School District No. 48J Beaverton** | **Washington & Multnomah Counties School District No. 48J Beaverton** | **Washington & Multnomah Counties School District No. 48J Beaverton** |
| GO Bonds Series 2022 B  | 5.00% | 06/15/52 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254505 |
| GO Bonds Series 2025 A  | 4.98% | 06/15/42 *(a)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 437150 |
| GO Bonds Series 2025 A  | 5.07% | 06/15/43 *(a)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 410103 |
| GO Bonds Series 2025 A  | 5.21% | 06/15/45 *(a)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 361855 |
|  |  |  |  | &nbsp;&nbsp; **16279395** |

---

*See financial notes*

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

**271**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **PENNSYLVANIA** 2.9%  | **PENNSYLVANIA** 2.9%  | **PENNSYLVANIA** 2.9%  | **PENNSYLVANIA** 2.9%  | **PENNSYLVANIA** 2.9%  |
| **Allegheny County Sanitary Authority** | **Allegheny County Sanitary Authority** | **Allegheny County Sanitary Authority** | **Allegheny County Sanitary Authority** | **Allegheny County Sanitary Authority** |
| RB Series 2018  | 5.00% | 06/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151557 |
| RB Series 2018  | 4.00% | 06/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 62237 |
| Refunding RB Series 2024  | 4.00% | 12/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 101663 |
| **City of Philadelphia** | **City of Philadelphia** | **City of Philadelphia** | **City of Philadelphia** | **City of Philadelphia** |
| GO Bonds Series 2015 B  | 4.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 160115 |
| **City of Philadelphia Water & Wastewater Revenue** | **City of Philadelphia Water & Wastewater Revenue** | **City of Philadelphia Water & Wastewater Revenue** | **City of Philadelphia Water & Wastewater Revenue** | **City of Philadelphia Water & Wastewater Revenue** |
| RB Series 2018 A  | 5.00% | 10/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30328 |
| RB Series 2018 A  | 5.00% | 10/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25159 |
| RB Series 2018 A  | 5.00% | 10/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 80334 |
| RB Series 2019 B  | 5.00% | 11/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3070000 | &nbsp;&nbsp; 3094812 |
| RB Series 2019 B  | 5.00% | 11/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200741 |
| RB Series 2021 C  | 5.00% | 10/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 229663 |
| RB Series 2021 C  | 4.00% | 10/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 258375 |
| RB Series 2024 C  | 5.00% | 09/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 98863 |
| RB Series 2024 C  | 5.00% | 09/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 162790 |
| RB Series 2024 C  | 5.25% | 09/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 67544 |
| Refunding RB Series 2023 B  | 5.00% | 09/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 90756 |
| **Commonwealth of Pennsylvania** | **Commonwealth of Pennsylvania** | **Commonwealth of Pennsylvania** | **Commonwealth of Pennsylvania** | **Commonwealth of Pennsylvania** |
| GO Bonds Series 2015 1st  | 5.00% | 03/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 220135 |
| GO Bonds Series 2015 1ST  | 4.00% | 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50088 |
| GO Bonds Series 2015 D  | 4.00% | 08/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75132 |
| GO Bonds Series 2016 1st  | 3.13% | 02/01/36 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp; 466809 |
| GO Bonds Series 2016 2nd  | 5.00% | 09/15/25  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100430 |
| GO Bonds Series 2016 2nd  | 4.00% | 09/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100935 |
| GO Bonds Series 2016 2nd  | 4.00% | 09/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125903 |
| GO Bonds Series 2016 2nd  | 3.00% | 09/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 204102 |
| GO Bonds Series 2016 2nd  | 3.00% | 09/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 234011 |
| GO Bonds Series 2016 2ND  | 4.00% | 09/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35294 |
| GO Bonds Series 2016 2ND  | 3.00% | 09/15/33 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94252 |
| GO Bonds Series 2016 2ND  | 4.00% | 09/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25120 |
| GO Bonds Series 2018 1st  | 5.00% | 03/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 259800 |
| GO Bonds Series 2018 1st  | 5.00% | 03/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 183494 |
| GO Bonds Series 2018 1st  | 4.00% | 03/01/34 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1010883 |
| GO Bonds Series 2018 1st  | 4.00% | 03/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 8205000 | &nbsp;&nbsp; 8249189 |
| GO Bonds Series 2018 1st  | 3.75% | 03/01/39 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97004 |
| GO Bonds Series 2020 1  | 2.00% | 05/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 165402 |
| GO Bonds Series 2020 1  | 2.13% | 05/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 60378 |
| GO Bonds Series 2021 1ST  | 2.00% | 05/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 29544 |
| GO Bonds Series 2021 1ST  | 2.00% | 05/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 17883 |
| GO Bonds Series 2021 1ST  | 2.00% | 05/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 100229 |
| GO Bonds Series 2022  | 5.00% | 10/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201055 |
| GO Bonds Series 2022  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107247 |
| GO Bonds Series 2022  | 5.00% | 10/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 83048 |
| GO Bonds Series 2022  | 5.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55570 |
| GO Bonds Series 2022  | 5.00% | 10/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 160587 |
| GO Bonds Series 2022  | 5.00% | 10/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26415 |
| GO Bonds Series 2023 1st  | 5.00% | 09/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 117794 |
| GO Bonds Series 2023 1st  | 5.00% | 09/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp; 698011 |

---

*See financial notes*

**272**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2023 1st  | 5.00% | 09/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp; 360657 |
| GO Bonds Series 2023 1st  | 5.00% | 09/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 274683 |
| GO Bonds Series 2023 1st  | 4.00% | 09/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp; 4324192 |
| GO Bonds Series 2023 1st  | 4.00% | 09/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2820382 |
| GO Bonds Series 2023 1st  | 4.00% | 09/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92749 |
| GO Bonds Series 2024 1ST  | 5.00% | 08/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54454 |
| GO Bonds Series 2024 1ST  | 5.00% | 08/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 72560 |
| GO Bonds Series 2024 1ST  | 5.00% | 08/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 45338 |
| GO Bonds Series 2024 1ST  | 5.00% | 08/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 198558 |
| GO Bonds Series 2024 BID  | 5.00% | 08/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27391 |
| GO Bonds Series 2024 BID  | 4.00% | 08/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 189896 |
| Refunding COP Series 2018 A  | 5.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202008 |
| Refunding GO Bonds Series 2015 1st  | 5.00% | 08/15/25  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 115293 |
| Refunding GO Bonds Series 2016 1  | 5.00% | 09/15/25  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 110473 |
| Refunding GO Bonds Series 2016 1  | 5.00% | 09/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205610 |
| Refunding GO Bonds Series 2016 2  | 5.00% | 01/15/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 310407 |
| Refunding GO Bonds Series 2016 2nd  | 5.00% | 01/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31083 |
| Refunding GO Bonds Series 2017 1  | 5.00% | 01/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 121283 |
| Refunding GO Bonds Series 2017 1  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp; 372664 |
| Refunding GO Bonds Series 2017 1  | 5.00% | 01/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 516932 |
| Refunding GO Bonds Series 2017 1  | 3.00% | 01/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 72535 |
| Refunding GO Bonds Series 2019  | 5.00% | 07/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 209375 |
| Refunding GO Bonds Series 2019  | 5.00% | 07/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 197648 |
| Refunding GO Bonds Series 2019  | 5.00% | 07/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108763 |
| Refunding GO Bonds Series 2023 1st  | 5.00% | 09/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 82169 |
| Refunding GO Bonds Series 2023 1st  | 5.00% | 09/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 65392 |
| Refunding GO Bonds Series 2023 1st  | 5.00% | 09/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 3085000 | &nbsp;&nbsp; 3476955 |
| **County of Allegheny** | **County of Allegheny** | **County of Allegheny** | **County of Allegheny** | **County of Allegheny** |
| GO Bonds Series 2020 C-78  | 4.00% | 11/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 45079 |
| GO Bonds Series 2020 C-78  | 4.00% | 11/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp; 2385687 |
| GO Bonds Series 2024 C-80  | 5.00% | 12/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152507 |
| **Delaware River Joint Toll Bridge Commission** | **Delaware River Joint Toll Bridge Commission** | **Delaware River Joint Toll Bridge Commission** | **Delaware River Joint Toll Bridge Commission** | **Delaware River Joint Toll Bridge Commission** |
| RB Series 2017  | 5.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100846 |
| **Delaware River Port Authority** | **Delaware River Port Authority** | **Delaware River Port Authority** | **Delaware River Port Authority** | **Delaware River Port Authority** |
| RB Series 2013  | 5.00% | 01/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50028 |
| Refunding RB Series 2018 B  | 5.00% | 01/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 131416 |
| **Delaware Valley Regional Finance Authority** | **Delaware Valley Regional Finance Authority** | **Delaware Valley Regional Finance Authority** | **Delaware Valley Regional Finance Authority** | **Delaware Valley Regional Finance Authority** |
| RB Series 1998 A  | 5.50% | 08/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 118624 |
| RB Series 2002  | 5.75% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 645000 | &nbsp;&nbsp; 744043 |
| Refunding RB Series 2023 A  | 4.00% | 03/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 88230 |
| Refunding RB Series 2023 A  | 4.00% | 03/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 93253 |
| **Northampton County General Purpose Authority** | **Northampton County General Purpose Authority** | **Northampton County General Purpose Authority** | **Northampton County General Purpose Authority** | **Northampton County General Purpose Authority** |
| Refunding RB Lafayette College Series 2017  | 5.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256491 |
| Refunding RB Lehigh University Series 2024 A  | 5.00% | 11/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 227685 |
| **Pennsylvania Higher Educational Facilities Authority** | **Pennsylvania Higher Educational Facilities Authority** | **Pennsylvania Higher Educational Facilities Authority** | **Pennsylvania Higher Educational Facilities Authority** | **Pennsylvania Higher Educational Facilities Authority** |
| RB Series 2016 AT-1  | 3.00% | 06/15/45 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 4063 |
| RB Series 2016 AT-1  | 3.00% | 06/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 236241 |
| RB Trustees of the University of Pennsylvania Series 2017 A  | 4.00% | 08/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 42127 |
| RB Trustees of the University of Pennsylvania Series 2018 A  | 4.00% | 02/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 197054 |

---

*See financial notes*

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

**273**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Pennsylvania State University** | **Pennsylvania State University** | **Pennsylvania State University** | **Pennsylvania State University** | **Pennsylvania State University** |
| RB Series 2016 A  | 5.00% | 09/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1012547 |
| RB Series 2017 A  | 5.00% | 09/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150504 |
| RB Series 2023  | 5.25% | 09/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10448 |
| **Pennsylvania Turnpike Commission** | **Pennsylvania Turnpike Commission** | **Pennsylvania Turnpike Commission** | **Pennsylvania Turnpike Commission** | **Pennsylvania Turnpike Commission** |
| RB Series 2015 B  | 5.00% | 12/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 90135 |
| RB Series 2015 B  | 5.00% | 12/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100057 |
| RB Series 2016 A-1  | 5.00% | 12/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30007 |
| RB Series 2016 A-1  | 5.00% | 12/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 248474 |
| RB Series 2017 A  | 4.00% | 12/01/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99596 |
| RB Series 2017 A-1  | 5.00% | 12/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1002947 |
| RB Series 2017 B-1  | 5.25% | 06/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201274 |
| RB Series 2018 A-2  | 5.00% | 12/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 90872 |
| RB Series 2019 A  | 5.00% | 12/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51937 |
| RB Series 2019 A  | 5.00% | 12/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 55183 |
| RB Series 2019 A  | 5.00% | 12/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200238 |
| RB Series 2019 A  | 4.00% | 12/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 87389 |
| RB Series 2019 A  | 4.00% | 12/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 61994 |
| RB Series 2019 A  | 5.00% | 12/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 120750 |
| RB Series 2020 B  | 5.00% | 12/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp; 368817 |
| RB Series 2020 B  | 5.00% | 12/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 265225 |
| RB Series 2021 A  | 3.00% | 12/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 63431 |
| RB Series 2021 A  | 4.00% | 12/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 55407 |
| RB Series 2021 A  | 4.00% | 12/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 62708 |
| RB Series 2021 A  | 4.00% | 12/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1105000 | &nbsp;&nbsp; 957420 |
| RB Series 2024 C  | 5.00% | 12/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204760 |
| RB Series 2025 A  | 4.13% | 12/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 924010 |
| Refunding RB Series 2015 A-1  | 4.00% | 12/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 104288 |
| Refunding RB Series 2016 A  | 5.00% | 12/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 195220 |
| Refunding RB Series 2016 A  | 3.38% | 12/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp; 317544 |
| Refunding RB Series 2016 B  | 5.00% | 06/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 122223 |
| Refunding RB Series 2016 B  | 4.00% | 06/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 120188 |
| Refunding RB Series 2016 B  | 4.00% | 06/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50051 |
| Refunding RB Series 2017 2nd  | 5.00% | 12/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51925 |
| Refunding RB Series 2017 2nd  | 5.00% | 12/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 62100 |
| Refunding RB Series 2017 2nd  | 5.00% | 12/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41107 |
| Refunding RB Series 2017 2ND  | 5.00% | 12/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261098 |
| Refunding RB Series 2017 2ND  | 5.00% | 12/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 97916 |
| Refunding RB Series 2017 3  | 5.00% | 12/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254255 |
| Refunding RB Series 2017 B2  | 5.00% | 06/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 62356 |
| Refunding RB Series 2017 B-2  | 4.00% | 06/01/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 80024 |
| Refunding RB Series 2017 B-2  | 4.00% | 06/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 122650 |
| Refunding RB Series 2017 B-2  | 4.00% | 06/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97027 |
| Refunding RB Series 2019  | 5.00% | 12/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 65556 |
| Refunding RB Series 2022 A  | 5.00% | 12/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 140351 |
| Refunding RB Series 2022 A  | 5.00% | 12/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 223993 |
| Refunding RB Series 2022 B  | 5.25% | 12/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257116 |
| Refunding RB Series 2023 1st  | 5.00% | 12/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 6777870 |
| Refunding RB Series 2023 A  | 5.00% | 12/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204299 |
| Refunding RB Series 2024 1st  | 5.00% | 12/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 260838 |

---

*See financial notes*

**274**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2024 1ST  | 5.00% | 12/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 137406 |
| Refunding RB Series 2024 1ST  | 5.00% | 12/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 63651 |
| Refunding RB Series 2024 1ST  | 5.00% | 12/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78776 |
| Refunding RB Series 2025 2ND  | 5.00% | 12/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258108 |
| **Pennsylvania Turnpike Commission Oil Franchise Tax Revenue** | **Pennsylvania Turnpike Commission Oil Franchise Tax Revenue** | **Pennsylvania Turnpike Commission Oil Franchise Tax Revenue** | **Pennsylvania Turnpike Commission Oil Franchise Tax Revenue** | **Pennsylvania Turnpike Commission Oil Franchise Tax Revenue** |
| RB Series 2018 A  | 5.00% | 12/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100024 |
| Refunding RB Series 2021 A  | 5.00% | 12/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126563 |
| Refunding RB Series 2021 A  | 4.00% | 12/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp; 609401 |
| Refunding RB Series 2021 B  | 5.00% | 12/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 260968 |
| Refunding RB Series 2021 B  | 4.00% | 12/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 85809 |
| Refunding RB Series 2021 B  | 4.00% | 12/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 169893 |
| **Philadelphia Authority for Industrial Development** | **Philadelphia Authority for Industrial Development** | **Philadelphia Authority for Industrial Development** | **Philadelphia Authority for Industrial Development** | **Philadelphia Authority for Industrial Development** |
| Refunding RB St. Joseph's University Series 2020 A  | 4.00% | 11/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 84676 |
| **Philadelphia Gas Works Co.** | **Philadelphia Gas Works Co.** | **Philadelphia Gas Works Co.** | **Philadelphia Gas Works Co.** | **Philadelphia Gas Works Co.** |
| RB Series 2020 A  | 5.00% | 08/01/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 178481 |
| RB Series 2024 A  | 5.25% | 08/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256414 |
| Refunding RB Series 2017 15th  | 5.00% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150461 |
| **Pittsburgh Water & Sewer Authority** | **Pittsburgh Water & Sewer Authority** | **Pittsburgh Water & Sewer Authority** | **Pittsburgh Water & Sewer Authority** | **Pittsburgh Water & Sewer Authority** |
| RB Series 1998 B  | 3.23% | 09/01/28 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 13590 |
| RB Series 1998 B  | 3.26% | 09/01/29 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 13123 |
| Refunding RB Series 2019 B  | 5.00% | 09/01/32 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 112705 |
| Refunding RB Series 2019 B  | 4.00% | 09/01/34 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76297 |
| **School District of Philadelphia** | **School District of Philadelphia** | **School District of Philadelphia** | **School District of Philadelphia** | **School District of Philadelphia** |
| GO Bonds Series 2018 B  | 4.00% | 09/01/43 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 181222 |
| GO Bonds Series 2019 A  | 5.00% | 09/01/44 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 115200 |
| GO Bonds Series 2019 D  | 3.00% | 09/01/44 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 37845 |
| GO Bonds Series 2023 A  | 5.50% | 09/01/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104025 |
| Refunding GO Bonds Series 2007 A  | 5.00% | 06/01/34 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 138900 |
| Refunding GO Bonds Series 2016 F  | 5.00% | 09/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20505 |
| Refunding GO Bonds Series 2016 F  | 5.00% | 09/01/27 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 86877 |
| Refunding GO Bonds Series 2016 F  | 5.00% | 09/01/28 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 112125 |
| **Southeastern Pennsylvania Transportation Authority** | **Southeastern Pennsylvania Transportation Authority** | **Southeastern Pennsylvania Transportation Authority** | **Southeastern Pennsylvania Transportation Authority** | **Southeastern Pennsylvania Transportation Authority** |
| RB Series 2022  | 5.25% | 06/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51864 |
| RB Series 2022  | 5.25% | 06/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255772 |
| **State Public School Building Authority** | **State Public School Building Authority** | **State Public School Building Authority** | **State Public School Building Authority** | **State Public School Building Authority** |
| RB School District of Philadelphia Series 2006 B  | 5.00% | 06/01/29 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 101870 |
| Refunding RB School District of Philadelphia Series 2016 A  | 5.00% | 06/01/31 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 96491 |
| Refunding RB School District of Philadelphia Series 2016 A  | 5.00% | 06/01/32 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101431 |
| Refunding RB School District of Philadelphia Series 2016 A  | 5.00% | 06/01/33 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp; 678664 |
| **University of Pittsburgh-of the Commonwealth System of Higher Education** | **University of Pittsburgh-of the Commonwealth System of Higher Education** | **University of Pittsburgh-of the Commonwealth System of Higher Education** | **University of Pittsburgh-of the Commonwealth System of Higher Education** | **University of Pittsburgh-of the Commonwealth System of Higher Education** |
| RB Series 2023 A  | 5.00% | 02/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 339310 |
| Refunding RB Series 2021  | 4.00% | 04/15/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 181382 |
| Refunding RB Series 2023  | 5.00% | 02/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 70045 |
| **Westmoreland County Municipal Authority** | **Westmoreland County Municipal Authority** | **Westmoreland County Municipal Authority** | **Westmoreland County Municipal Authority** | **Westmoreland County Municipal Authority** |
| Refunding RB Series 2016  | 5.00% | 08/15/38 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45037 |
|  |  |  |  | &nbsp;&nbsp; **59684541** |

---

*See financial notes*

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

**275**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **RHODE ISLAND** 0.1%  | **RHODE ISLAND** 0.1%  | **RHODE ISLAND** 0.1%  | **RHODE ISLAND** 0.1%  | **RHODE ISLAND** 0.1%  |
| **Rhode Island Commerce Corp.** | **Rhode Island Commerce Corp.** | **Rhode Island Commerce Corp.** | **Rhode Island Commerce Corp.** | **Rhode Island Commerce Corp.** |
| RB Series 2016 B  | 5.00% | 06/15/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102025 |
| RB Series 2016 B  | 5.00% | 06/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254611 |
| RB Series 2016 B  | 5.00% | 06/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 81400 |
| **Rhode Island Health & Educational Building Corp.** | **Rhode Island Health & Educational Building Corp.** | **Rhode Island Health & Educational Building Corp.** | **Rhode Island Health & Educational Building Corp.** | **Rhode Island Health & Educational Building Corp.** |
| RB Providence College Series 2023  | 5.00% | 11/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 148929 |
| Refunding RB Brown University Series 2017 A  | 5.00% | 09/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 171846 |
| Refunding RB Bryant University Series 2024  | 5.00% | 06/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 245992 |
| **Rhode Island Turnpike & Bridge Authority** | **Rhode Island Turnpike & Bridge Authority** | **Rhode Island Turnpike & Bridge Authority** | **Rhode Island Turnpike & Bridge Authority** | **Rhode Island Turnpike & Bridge Authority** |
| Refunding RB Series 2016 A  | 5.00% | 10/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1256532 |
|  |  |  |  | &nbsp;&nbsp; **2261335** |
| **SOUTH CAROLINA** 0.4%  | **SOUTH CAROLINA** 0.4%  | **SOUTH CAROLINA** 0.4%  | **SOUTH CAROLINA** 0.4%  | **SOUTH CAROLINA** 0.4%  |
| **Charleston Educational Excellence Finance Corp.** | **Charleston Educational Excellence Finance Corp.** | **Charleston Educational Excellence Finance Corp.** | **Charleston Educational Excellence Finance Corp.** | **Charleston Educational Excellence Finance Corp.** |
| Refunding RB School District Series 2023  | 5.00% | 12/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77358 |
| **City of Charleston Waterworks & Sewer System Revenue** | **City of Charleston Waterworks & Sewer System Revenue** | **City of Charleston Waterworks & Sewer System Revenue** | **City of Charleston Waterworks & Sewer System Revenue** | **City of Charleston Waterworks & Sewer System Revenue** |
| RB Series 2024 A  | 5.00% | 01/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208857 |
| RB Series 2024 A  | 5.00% | 01/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2590064 |
| **City of Columbia Waterworks & Sewer System Revenue** | **City of Columbia Waterworks & Sewer System Revenue** | **City of Columbia Waterworks & Sewer System Revenue** | **City of Columbia Waterworks & Sewer System Revenue** | **City of Columbia Waterworks & Sewer System Revenue** |
| Refunding RB Series 2016 B  | 4.00% | 02/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95301 |
| **City of Rock Hill Combined Utility System Revenue** | **City of Rock Hill Combined Utility System Revenue** | **City of Rock Hill Combined Utility System Revenue** | **City of Rock Hill Combined Utility System Revenue** | **City of Rock Hill Combined Utility System Revenue** |
| RB Series 2024 A  | 5.00% | 01/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201250 |
| **Greenville County School District** | **Greenville County School District** | **Greenville County School District** | **Greenville County School District** | **Greenville County School District** |
| Refunding RB Series 2023  | 5.00% | 12/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77443 |
| Refunding RB Series 2023  | 5.00% | 12/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105574 |
| **Horry County School District** | **Horry County School District** | **Horry County School District** | **Horry County School District** | **Horry County School District** |
| GO Bonds Series 2024  | 5.00% | 03/01/29 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 178506 |
| **Piedmont Municipal Power Agency** | **Piedmont Municipal Power Agency** | **Piedmont Municipal Power Agency** | **Piedmont Municipal Power Agency** | **Piedmont Municipal Power Agency** |
| Refunding RB Catawba Project Power Sales Revenue Series 2021 C  | 5.00% | 01/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 233691 |
| **South Carolina Public Service Authority** | **South Carolina Public Service Authority** | **South Carolina Public Service Authority** | **South Carolina Public Service Authority** | **South Carolina Public Service Authority** |
| RB Series 2015 E  | 5.25% | 12/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100081 |
| RB Series 2021 B  | 5.00% | 12/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45487 |
| RB Series 2022 A  | 5.00% | 12/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 60800 |
| RB Series 2022 A  | 5.00% | 12/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp; 486705 |
| RB Series 2022 A  | 4.00% | 12/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 125707 |
| RB Series 2022 E  | 5.75% | 12/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp; 383252 |
| RB Series 2025 A  | 5.00% | 12/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251181 |
| RB Series 2025 A  | 5.00% | 12/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249595 |
| Refunding RB Series 2014 C  | 4.00% | 12/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 26510 |
| Refunding RB Series 2015 A  | 5.00% | 12/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 109993 |
| Refunding RB Series 2016 A  | 5.00% | 12/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 85815 |
| Refunding RB Series 2016 A  | 5.00% | 12/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126122 |
| Refunding RB Series 2016 A  | 5.00% | 12/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 115102 |
| Refunding RB Series 2016 B  | 5.00% | 12/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30049 |
| Refunding RB Series 2016 B  | 5.00% | 12/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100129 |
| Refunding RB Series 2020 A  | 5.00% | 12/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 81701 |
| Refunding RB Series 2020 A  | 5.00% | 12/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 226908 |
| Refunding RB Series 2020 A  | 4.00% | 12/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94113 |
| Refunding RB Series 2020 A  | 4.00% | 12/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 136395 |

---

*See financial notes*

**276**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2020 A  | 5.00% | 12/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40184 |
| Refunding RB Series 2024 B  | 5.00% | 12/01/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 59433 |
| Refunding RB Series 2024 B  | 5.00% | 12/01/42 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25810 |
| Refunding RB Series 2024 B  | 5.00% | 12/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 46046 |
| Refunding RB Series 2024 B  | 5.00% | 12/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 262487 |
| Refunding RB Series 2024 B  | 5.25% | 12/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203422 |
| **South Carolina Transportation Infrastructure Bank** | **South Carolina Transportation Infrastructure Bank** | **South Carolina Transportation Infrastructure Bank** | **South Carolina Transportation Infrastructure Bank** | **South Carolina Transportation Infrastructure Bank** |
| Refunding RB Series 2017 A  | 5.00% | 10/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25405 |
| Refunding RB Series 2021 B  | 5.00% | 10/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 105536 |
| Refunding RB Series 2021 B  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51462 |
| Refunding RB Series 2021 B  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52616 |
| Refunding RB Series 2021 B  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 193162 |
| Refunding RB Series 2021 B  | 5.00% | 10/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28065 |
| **Spartanburg County School District No. 4** | **Spartanburg County School District No. 4** | **Spartanburg County School District No. 4** | **Spartanburg County School District No. 4** | **Spartanburg County School District No. 4** |
| GO Bonds Series 2022 A  | 5.25% | 03/01/52 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 389193 |
| **University of South Carolina** | **University of South Carolina** | **University of South Carolina** | **University of South Carolina** | **University of South Carolina** |
| RB Series 2021 A  | 5.00% | 05/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50985 |
|  |  |  |  | &nbsp;&nbsp; **8137495** |
| **TENNESSEE** 1.0%  | **TENNESSEE** 1.0%  | **TENNESSEE** 1.0%  | **TENNESSEE** 1.0%  | **TENNESSEE** 1.0%  |
| **City of Clarksville Water Sewer & Gas Revenue** | **City of Clarksville Water Sewer & Gas Revenue** | **City of Clarksville Water Sewer & Gas Revenue** | **City of Clarksville Water Sewer & Gas Revenue** | **City of Clarksville Water Sewer & Gas Revenue** |
| RB Series 2021 A  | 5.00% | 02/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36066 |
| **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** | **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** | **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** | **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** | **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** |
| RB Belmont University Series 2023  | 5.25% | 05/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49870 |
| RB Vanderbilt University Series 2024  | 5.00% | 10/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 11340 |
| RB Vanderbilt University Series 2024  | 4.00% | 10/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 86149 |
| **Metropolitan Government Nashville & Davidson County Sports Authority** | **Metropolitan Government Nashville & Davidson County Sports Authority** | **Metropolitan Government Nashville & Davidson County Sports Authority** | **Metropolitan Government Nashville & Davidson County Sports Authority** | **Metropolitan Government Nashville & Davidson County Sports Authority** |
| RB Series 2023 A  | 5.25% | 07/01/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154495 |
| **Metropolitan Government of Nashville & Davidson County** | **Metropolitan Government of Nashville & Davidson County** | **Metropolitan Government of Nashville & Davidson County** | **Metropolitan Government of Nashville & Davidson County** | **Metropolitan Government of Nashville & Davidson County** |
| GO Bonds Series 2017  | 4.00% | 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 66113 |
| GO Bonds Series 2017  | 4.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201169 |
| GO Bonds Series 2018  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153553 |
| GO Bonds Series 2018  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41897 |
| GO Bonds Series 2018  | 5.00% | 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 132562 |
| GO Bonds Series 2018  | 4.00% | 07/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126471 |
| GO Bonds Series 2021 C  | 5.00% | 01/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53900 |
| GO Bonds Series 2021 C  | 5.00% | 01/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54805 |
| GO Bonds Series 2021 C  | 4.00% | 01/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 47278 |
| GO Bonds Series 2021 C  | 3.00% | 01/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48065 |
| GO Bonds Series 2021 C  | 3.00% | 01/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 118497 |
| GO Bonds Series 2021 C  | 3.00% | 01/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 51275 |
| GO Bonds Series 2022 B  | 4.00% | 01/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 252230 |
| GO Bonds Series 2024 A  | 5.00% | 01/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp; 500886 |
| GO Bonds Series 2024 A  | 5.00% | 01/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 8595000 | &nbsp;&nbsp; 9760406 |
| GO Bonds Series 2024 B  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5400000 | &nbsp;&nbsp; 6068631 |
| GO Bonds Series 2024 B  | 4.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 54993 |
| GO Bonds Series 2024 C  | 5.00% | 01/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp; 372890 |
| GO Bonds Series 2024 C  | 5.00% | 01/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 80359 |
| GO Bonds Series 2024 C  | 4.00% | 01/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 228534 |

---

*See financial notes*

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

**277**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2024 C  | 4.00% | 01/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 453941 |
| Refunding GO Bonds Series 2016  | 2.50% | 01/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 106362 |
| **Metropolitan Government of Nashville & Davidson County Electric Revenue** | **Metropolitan Government of Nashville & Davidson County Electric Revenue** | **Metropolitan Government of Nashville & Davidson County Electric Revenue** | **Metropolitan Government of Nashville & Davidson County Electric Revenue** | **Metropolitan Government of Nashville & Davidson County Electric Revenue** |
| RB Series 2021 A  | 5.00% | 05/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25648 |
| RB Series 2024 A  | 5.25% | 05/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 157990 |
| **Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue** | **Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue** | **Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue** | **Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue** | **Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue** |
| RB Series 2021 A  | 4.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp; 443827 |
| **Metropolitan Nashville Airport Authority** | **Metropolitan Nashville Airport Authority** | **Metropolitan Nashville Airport Authority** | **Metropolitan Nashville Airport Authority** | **Metropolitan Nashville Airport Authority** |
| RB Series 2019 A  | 4.00% | 07/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 21504 |
| **Tennessee State School Bond Authority** | **Tennessee State School Bond Authority** | **Tennessee State School Bond Authority** | **Tennessee State School Bond Authority** | **Tennessee State School Bond Authority** |
| RB Series 2022 A  | 5.00% | 11/01/52 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101355 |
|  |  |  |  | &nbsp;&nbsp; **20063061** |
| **TEXAS** 7.8%  | **TEXAS** 7.8%  | **TEXAS** 7.8%  | **TEXAS** 7.8%  | **TEXAS** 7.8%  |
| **Alamo Community College District** | **Alamo Community College District** | **Alamo Community College District** | **Alamo Community College District** | **Alamo Community College District** |
| GO Bonds Series 2022  | 5.00% | 02/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 119422 |
| GO Bonds Series 2022  | 5.00% | 02/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10927 |
| **Aldine Independent School District** | **Aldine Independent School District** | **Aldine Independent School District** | **Aldine Independent School District** | **Aldine Independent School District** |
| GO Bonds Series 2024  | 4.00% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 176772 |
| **Allen Independent School District** | **Allen Independent School District** | **Allen Independent School District** | **Allen Independent School District** | **Allen Independent School District** |
| GO Bonds Series 2025  | 4.38% | 02/15/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 232578 |
| **Aubrey Independent School District** | **Aubrey Independent School District** | **Aubrey Independent School District** | **Aubrey Independent School District** | **Aubrey Independent School District** |
| GO Bonds Series 2022  | 4.00% | 02/15/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 178259 |
| **Austin Community College District** | **Austin Community College District** | **Austin Community College District** | **Austin Community College District** | **Austin Community College District** |
| GO Bonds Series 2015  | 4.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1406543 |
| GO Bonds Series 2023  | 5.25% | 08/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 56951 |
| **Austin Independent School District** | **Austin Independent School District** | **Austin Independent School District** | **Austin Independent School District** | **Austin Independent School District** |
| GO Bonds Series 2023  | 5.00% | 08/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75125 |
| GO Bonds Series 2023  | 5.00% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50614 |
| GO Bonds Series 2024  | 5.00% | 08/01/36 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111009 |
| GO Bonds Series 2024  | 5.00% | 08/01/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54830 |
| GO Bonds Series 2024  | 5.00% | 08/01/38 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 75940 |
| GO Bonds Series 2024  | 4.00% | 08/01/44 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92720 |
| **Azle Independent School District** | **Azle Independent School District** | **Azle Independent School District** | **Azle Independent School District** | **Azle Independent School District** |
| Refunding GO Bonds Series 2024  | 4.00% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 197714 |
| **Barbers Hill Independent School District** | **Barbers Hill Independent School District** | **Barbers Hill Independent School District** | **Barbers Hill Independent School District** | **Barbers Hill Independent School District** |
| GO Bonds Series 2022  | 4.00% | 02/15/41 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96277 |
| GO Bonds Series 2024  | 4.00% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp; 404804 |
| **Bastrop Independent School District** | **Bastrop Independent School District** | **Bastrop Independent School District** | **Bastrop Independent School District** | **Bastrop Independent School District** |
| GO Bonds Series 2023  | 5.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127675 |
| **Belton Independent School District** | **Belton Independent School District** | **Belton Independent School District** | **Belton Independent School District** | **Belton Independent School District** |
| GO Bonds Series 2022  | 4.00% | 02/15/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp; 347910 |
| **Bexar County Hospital District** | **Bexar County Hospital District** | **Bexar County Hospital District** | **Bexar County Hospital District** | **Bexar County Hospital District** |
| GO Bonds Series 2020  | 5.00% | 02/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25194 |
| GO Bonds Series 2020  | 4.00% | 02/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp; 298878 |
| GO Bonds Series 2022  | 4.25% | 02/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 610000 | &nbsp;&nbsp; 548712 |
| GO Bonds Series 2023  | 5.00% | 02/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 246995 |
| **Board of Regents of the University of Texas System** | **Board of Regents of the University of Texas System** | **Board of Regents of the University of Texas System** | **Board of Regents of the University of Texas System** | **Board of Regents of the University of Texas System** |
| RB Series 2016 B  | 5.00% | 08/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 271937 |
| RB Series 2016 E  | 5.00% | 08/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51309 |

---

*See financial notes*

**278**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2016 J  | 5.00% | 08/15/25  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150363 |
| RB Series 2016 J  | 5.00% | 08/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 189843 |
| RB Series 2017 B  | 3.38% | 08/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 66288 |
| RB Series 2019 B  | 5.00% | 08/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp; 414164 |
| RB Series 2019 B  | 5.00% | 08/15/49  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 317633 |
| RB Series 2023 A  | 5.00% | 08/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 122368 |
| RB Series 2023 A  | 5.00% | 08/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 220998 |
| RB Series 2023 A  | 5.00% | 08/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4720000 | &nbsp;&nbsp; 4938342 |
| RB Series 2024 B  | 5.00% | 08/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 138009 |
| RB Series 2024 B  | 5.00% | 08/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 110554 |
| RB Series 2024 B  | 4.00% | 08/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 140301 |
| Refunding RB Series 2019 A  | 5.00% | 08/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26791 |
| Refunding RB Series 2019 A  | 5.00% | 08/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 249316 |
| Refunding RB Series 2020 A  | 5.00% | 08/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 166024 |
| Refunding RB Series 2020 C  | 5.00% | 08/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 162468 |
| Refunding RB Series 2021 A  | 4.00% | 08/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50652 |
| Refunding RB Series 2021 A  | 2.00% | 08/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 197006 |
| Refunding RB Series 2021 A  | 2.25% | 08/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 40362 |
| Refunding RB Series 2022 A  | 3.25% | 08/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 37161 |
| Refunding RB Series 2023 A  | 5.00% | 07/01/32 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56483 |
| Refunding RB Series 2023 A  | 5.00% | 07/01/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 165578 |
| Refunding RB Series 2023 A  | 4.00% | 07/01/41 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp; 270655 |
| Refunding RB Series 2024 A  | 5.00% | 08/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205235 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/35 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 112455 |
| Refunding RB Series 2024 A  | 5.00% | 08/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 89905 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/36 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 261639 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3390000 | &nbsp;&nbsp; 3734773 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 59935 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108014 |
| Refunding RB Series 2024 A  | 4.13% | 08/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 78689 |
| Refunding RB Series 2025 A  | 5.00% | 07/01/39  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 223469 |
| Refunding RB Permanent University Fund Series 2024 B  | 5.00% | 07/01/36  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 141393 |
| Refunding RB Permanent University Fund Series 2025 A  | 5.00% | 07/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1136104 |
| Refunding RB University of Texas System Series 2024 B  | 5.00% | 07/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 39779 |
| Refunding RB University of Texas System Series 2024 B  | 5.00% | 07/01/35  | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 232736 |
| Refunding RB University of Texas System Series 2024 B  | 5.00% | 07/01/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 363562 |
| Refunding RB University of Texas System Series 2024 B  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 130767 |
| **Canutillo Independent School District** | **Canutillo Independent School District** | **Canutillo Independent School District** | **Canutillo Independent School District** | **Canutillo Independent School District** |
| GO Bonds Series 2024 A  | 5.25% | 02/15/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp; 378177 |
| **Carrollton-Farmers Branch Independent School District** | **Carrollton-Farmers Branch Independent School District** | **Carrollton-Farmers Branch Independent School District** | **Carrollton-Farmers Branch Independent School District** | **Carrollton-Farmers Branch Independent School District** |
| GO Bonds Series 2023  | 4.00% | 02/15/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 216291 |
| **Cedar Hill Independent School District** | **Cedar Hill Independent School District** | **Cedar Hill Independent School District** | **Cedar Hill Independent School District** | **Cedar Hill Independent School District** |
| GO Bonds Series 2024  | 4.00% | 02/15/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp; 481538 |
| **Central Texas Regional Mobility Authority** | **Central Texas Regional Mobility Authority** | **Central Texas Regional Mobility Authority** | **Central Texas Regional Mobility Authority** | **Central Texas Regional Mobility Authority** |
| RB Series 2020 E  | 4.00% | 01/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 132685 |
| RB Series 2021 B  | 5.00% | 01/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 302271 |
| RB Series 2021 B  | 4.00% | 01/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 156839 |
| RB Series 2021 C  | 5.00% | 01/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201907 |
| Refunding RB Series 2016  | 3.38% | 01/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 122305 |
| Refunding RB Series 2021 D  | 4.00% | 01/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp; 490703 |

---

*See financial notes*

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

**279**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Central Texas Turnpike System** | **Central Texas Turnpike System** | **Central Texas Turnpike System** | **Central Texas Turnpike System** | **Central Texas Turnpike System** |
| RB Series 2002 A  | 3.54% | 08/15/26 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96633 |
| RB Series 2002 A  | 3.60% | 08/15/27 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 93806 |
| RB Series 2002 A  | 3.26% | 08/15/29 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 197473 |
| RB Series 2002 A  | 3.61% | 08/15/30 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 84611 |
| Refunding RB Series 2020 A  | 5.00% | 08/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 88692 |
| Refunding RB Series 2024 A  | 5.00% | 08/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 339085 |
| Refunding RB Series 2024 A  | 5.00% | 08/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 165968 |
| Refunding RB Series 2024 A  | 5.00% | 08/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 59640 |
| Refunding RB Series 2024 C  | 5.00% | 08/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 60586 |
| Refunding RB Series 2024 C  | 5.00% | 08/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 340139 |
| Refunding RB Series 2024 C  | 5.00% | 08/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 1265000 | &nbsp;&nbsp; 1412035 |
| Refunding RB Series 2024 C  | 5.00% | 08/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 144412 |
| Refunding RB Series 2024 C  | 5.00% | 08/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 263375 |
| Refunding RB Series 2024 C  | 5.00% | 08/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104386 |
| **Chambers County Justice Center Public Facilities Corp.** | **Chambers County Justice Center Public Facilities Corp.** | **Chambers County Justice Center Public Facilities Corp.** | **Chambers County Justice Center Public Facilities Corp.** | **Chambers County Justice Center Public Facilities Corp.** |
| RB Series 2024  | 5.50% | 06/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26006 |
| **City of Austin** | **City of Austin** | **City of Austin** | **City of Austin** | **City of Austin** |
| Refunding GO Bonds Series 2015  | 2.95% | 09/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99941 |
| **City of Austin Airport System Revenue** | **City of Austin Airport System Revenue** | **City of Austin Airport System Revenue** | **City of Austin Airport System Revenue** | **City of Austin Airport System Revenue** |
| RB Series 2017 A  | 5.00% | 11/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150008 |
| **City of Austin Electric Utility Revenue** | **City of Austin Electric Utility Revenue** | **City of Austin Electric Utility Revenue** | **City of Austin Electric Utility Revenue** | **City of Austin Electric Utility Revenue** |
| RB Series 2019 B  | 5.00% | 11/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 228910 |
| Refunding RB Series 2020 A  | 5.00% | 11/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201771 |
| Refunding RB Series 2023  | 5.00% | 11/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15275 |
| **City of Austin Water & Wastewater System Revenue** | **City of Austin Water & Wastewater System Revenue** | **City of Austin Water & Wastewater System Revenue** | **City of Austin Water & Wastewater System Revenue** | **City of Austin Water & Wastewater System Revenue** |
| Refunding RB Series 2016  | 5.00% | 11/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25022 |
| Refunding RB Series 2022  | 5.00% | 11/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 279370 |
| Refunding RB Series 2022  | 5.00% | 11/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101234 |
| **City of Dallas** | **City of Dallas** | **City of Dallas** | **City of Dallas** | **City of Dallas** |
| Refunding GO Bonds Series 2017  | 3.00% | 02/15/33 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 117287 |
| Refunding GO Bonds Series 2017  | 3.13% | 02/15/35 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 90948 |
| Refunding GO Bonds Series 2017  | 3.25% | 02/15/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 229252 |
| Refunding GO Bonds Series 2023 A  | 5.00% | 02/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 86078 |
| **City of Dallas Waterworks & Sewer System Revenue** | **City of Dallas Waterworks & Sewer System Revenue** | **City of Dallas Waterworks & Sewer System Revenue** | **City of Dallas Waterworks & Sewer System Revenue** | **City of Dallas Waterworks & Sewer System Revenue** |
| RB Series 2018 C  | 4.00% | 10/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 454140 |
| RB Series 2021 C  | 3.00% | 10/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 155235 |
| RB Series 2023 A  | 4.00% | 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 150138 |
| Refunding RB Series 2015 A  | 5.00% | 10/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100520 |
| Refunding RB Series 2016 A  | 5.00% | 10/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 87046 |
| **City of El Paso** | **City of El Paso** | **City of El Paso** | **City of El Paso** | **City of El Paso** |
| GO Bonds Series 2016  | 4.00% | 08/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 302192 |
| GO Bonds Series 2016  | 4.00% | 08/15/42 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5067 |
| GO Bonds Series 2021 B  | 4.00% | 08/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 175850 |
| **City of El Paso Water & Sewer Revenue** | **City of El Paso Water & Sewer Revenue** | **City of El Paso Water & Sewer Revenue** | **City of El Paso Water & Sewer Revenue** | **City of El Paso Water & Sewer Revenue** |
| RB Series 2022  | 5.00% | 03/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50566 |
| RB Series 2022 A  | 4.00% | 03/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 180672 |
| RB Series 2023  | 5.25% | 03/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 61997 |
| Refunding RB Series 2025  | 4.00% | 03/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 218761 |

---

*See financial notes*

**280**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **City of Georgetown Utility System Revenue** | **City of Georgetown Utility System Revenue** | **City of Georgetown Utility System Revenue** | **City of Georgetown Utility System Revenue** | **City of Georgetown Utility System Revenue** |
| RB Series 2022  | 4.25% | 08/15/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46088 |
| **City of Houston** | **City of Houston** | **City of Houston** | **City of Houston** | **City of Houston** |
| GO Bonds Series 2024 A  | 5.25% | 03/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 412713 |
| GO Bonds Series 2024 A  | 4.13% | 03/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 396837 |
| Refunding GO Bonds Series 2016 A  | 5.00% | 03/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 121703 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 03/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25387 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 03/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257941 |
| Refunding GO Bonds Series 2019 A  | 5.00% | 03/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 169227 |
| Refunding GO Bonds Series 2019 A  | 5.00% | 03/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106911 |
| **City of Houston Airport System Revenue** | **City of Houston Airport System Revenue** | **City of Houston Airport System Revenue** | **City of Houston Airport System Revenue** | **City of Houston Airport System Revenue** |
| Refunding RB Series 2018 B  | 5.00% | 07/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52639 |
| Refunding RB Series 2018 D  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 132817 |
| Refunding RB Series 2018 D  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 117007 |
| **City of Houston Combined Utility System Revenue** | **City of Houston Combined Utility System Revenue** | **City of Houston Combined Utility System Revenue** | **City of Houston Combined Utility System Revenue** | **City of Houston Combined Utility System Revenue** |
| RB Series 1998 A  | 3.08% | 12/01/28 *(b)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 99104 |
| RB Series 2019 B  | 4.00% | 11/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 135389 |
| RB Series 2019 B  | 5.00% | 11/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100698 |
| Refunding RB Series 2016 B  | 4.00% | 11/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 95660 |
| Refunding RB Series 2016 B  | 5.00% | 11/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30439 |
| Refunding RB Series 2017 B  | 5.00% | 11/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126368 |
| Refunding RB Series 2017 B  | 4.00% | 11/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 440326 |
| Refunding RB Series 2019 A  | 5.00% | 11/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 272482 |
| Refunding RB Series 2021 A  | 4.00% | 11/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 176557 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 110602 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 140832 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 45330 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 146953 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 291186 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp; 372329 |
| Refunding RB Series 2024 A  | 5.25% | 11/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 285369 |
| **City of Hutto** | **City of Hutto** | **City of Hutto** | **City of Hutto** | **City of Hutto** |
| GO Bonds Series 2024  | 4.13% | 08/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 224736 |
| GO Bonds Series 2024  | 4.25% | 08/01/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 221171 |
| **City of Lubbock Electric Light & Power System Revenue** | **City of Lubbock Electric Light & Power System Revenue** | **City of Lubbock Electric Light & Power System Revenue** | **City of Lubbock Electric Light & Power System Revenue** | **City of Lubbock Electric Light & Power System Revenue** |
| RB Series 2021  | 4.00% | 04/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 53256 |
| **City of New Braunfels Utility System Revenue** | **City of New Braunfels Utility System Revenue** | **City of New Braunfels Utility System Revenue** | **City of New Braunfels Utility System Revenue** | **City of New Braunfels Utility System Revenue** |
| Refunding RB Series 2024  | 4.00% | 07/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 43001 |
| **City of Pflugerville** | **City of Pflugerville** | **City of Pflugerville** | **City of Pflugerville** | **City of Pflugerville** |
| GO Bonds Series 2023  | 4.00% | 08/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 219823 |
| **City of San Antonio Electric & Gas Systems Revenue** | **City of San Antonio Electric & Gas Systems Revenue** | **City of San Antonio Electric & Gas Systems Revenue** | **City of San Antonio Electric & Gas Systems Revenue** | **City of San Antonio Electric & Gas Systems Revenue** |
| RB Series 2018 A  | 5.00% | 02/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 172270 |
| RB Series 2020  | 5.00% | 02/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201174 |
| RB Series 2021 A  | 5.00% | 02/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101183 |
| RB Series 2023 A  | 5.25% | 02/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5303 |
| RB Series 2024 A  | 5.00% | 02/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 162104 |
| RB Series 2024 A  | 5.25% | 02/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 221631 |
| RB Series 2024 C  | 5.00% | 02/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254020 |
| RB Series 2024 E  | 5.25% | 02/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261404 |
| Refunding RB Series 2015  | 4.00% | 02/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75328 |

---

*See financial notes*

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

**281**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2016  | 5.00% | 02/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126669 |
| Refunding RB Series 2016  | 5.00% | 02/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40873 |
| Refunding RB Series 2016  | 5.00% | 02/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153396 |
| Refunding RB Series 2016  | 5.00% | 02/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10212 |
| Refunding RB Series 2017 0  | 4.00% | 02/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 810000 | &nbsp;&nbsp; 711393 |
| Refunding RB Series 2018  | 5.00% | 02/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 158669 |
| Refunding RB Series 2019  | 5.00% | 02/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 203385 |
| Refunding RB Series 2019  | 5.00% | 02/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31940 |
| Refunding RB Series 2019  | 5.00% | 02/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 116286 |
| Refunding RB Series 2019 0  | 3.00% | 02/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 85133 |
| Refunding RB Series 2024 B  | 5.00% | 02/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1061829 |
| Refunding RB Series 2024 B  | 5.25% | 02/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51960 |
| **City of Seguin** | **City of Seguin** | **City of Seguin** | **City of Seguin** | **City of Seguin** |
| GO Bonds Series 2024  | 5.25% | 09/01/58 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205869 |
| GO Bonds Series 2025  | 5.50% | 09/01/59 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1059839 |
| **Cleburne Independent School District** | **Cleburne Independent School District** | **Cleburne Independent School District** | **Cleburne Independent School District** | **Cleburne Independent School District** |
| GO Bonds Series 2016  | 5.00% | 02/15/41 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 90723 |
| **Comal Independent School District** | **Comal Independent School District** | **Comal Independent School District** | **Comal Independent School District** | **Comal Independent School District** |
| GO Bonds Series 2022  | 4.00% | 02/01/43 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 934727 |
| GO Bonds Series 2022  | 2.63% | 02/01/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 66539 |
| **Conroe Independent School District** | **Conroe Independent School District** | **Conroe Independent School District** | **Conroe Independent School District** | **Conroe Independent School District** |
| GO Bonds Series 2024  | 5.00% | 02/15/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 49397 |
| GO Bonds Series 2024  | 5.00% | 02/15/39 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp; 382734 |
| GO Bonds Series 2024  | 5.00% | 02/15/41 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp; 385820 |
| GO Bonds Series 2024  | 5.00% | 02/15/43 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78239 |
| **County of Bexar** | **County of Bexar** | **County of Bexar** | **County of Bexar** | **County of Bexar** |
| GO Bonds Series 2017  | 5.00% | 06/15/43 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp; 424151 |
| Refunding GO Bonds Series 2017  | 4.00% | 06/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 206829 |
| **County of Fort Bend** | **County of Fort Bend** | **County of Fort Bend** | **County of Fort Bend** | **County of Fort Bend** |
| GO Bonds Series 2023  | 5.25% | 03/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36220 |
| **County of Harris** | **County of Harris** | **County of Harris** | **County of Harris** | **County of Harris** |
| GO Bonds Series 2023 A  | 5.00% | 09/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255963 |
| GO Bonds Series 2024  | 4.00% | 09/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 43367 |
| Refunding GO Bonds Series 2015 A  | 5.00% | 10/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25122 |
| Refunding GO Bonds Series 2022 A  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 118477 |
| Refunding RB Toll Road Revenue Series 2016 A  | 5.00% | 08/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45956 |
| Refunding RB Toll Road Revenue Series 2016 A  | 5.00% | 08/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101835 |
| Refunding RB Toll Road Revenue Series 2016 A  | 5.00% | 08/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 252329 |
| Refunding RB Toll Road Revenue Series 2016 A  | 5.00% | 08/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25178 |
| **County of Harris Toll Road Revenue** | **County of Harris Toll Road Revenue** | **County of Harris Toll Road Revenue** | **County of Harris Toll Road Revenue** | **County of Harris Toll Road Revenue** |
| RB Series 2024 A  | 5.00% | 08/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 71675 |
| RB Series 2024 A  | 5.00% | 08/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 192532 |
| RB Series 2024 A  | 5.00% | 08/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103627 |
| RB Series 2024 A  | 4.00% | 08/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 176157 |
| RB Series 2024 A  | 5.25% | 08/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 281120 |
| Refunding RB Series 2018 A  | 5.00% | 08/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 136361 |
| Refunding RB Series 2018 A  | 5.00% | 08/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 209169 |
| Refunding RB Series 2018 A  | 4.00% | 08/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 88365 |
| Refunding RB Series 2021  | 3.00% | 08/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 701343 |
| Refunding RB Series 2021  | 4.00% | 08/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 83078 |

---

*See financial notes*

**282**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2022 A  | 5.00% | 08/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27166 |
| Refunding RB Series 2022 A  | 5.00% | 08/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111445 |
| **County of Hidalgo** | **County of Hidalgo** | **County of Hidalgo** | **County of Hidalgo** | **County of Hidalgo** |
| GO Bonds Series 2018 A  | 4.00% | 08/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 184726 |
| **Crowley Independent School District** | **Crowley Independent School District** | **Crowley Independent School District** | **Crowley Independent School District** | **Crowley Independent School District** |
| GO Bonds Series 2023  | 4.25% | 02/01/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 548519 |
| GO Bonds Series 2023  | 5.25% | 02/01/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258339 |
| **Cypress-Fairbanks Independent School District** | **Cypress-Fairbanks Independent School District** | **Cypress-Fairbanks Independent School District** | **Cypress-Fairbanks Independent School District** | **Cypress-Fairbanks Independent School District** |
| GO Bonds Series 2019 A  | 4.00% | 02/15/44 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 130091 |
| GO Bonds Series 2023  | 4.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 131731 |
| GO Bonds Series 2024 B  | 4.00% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 349963 |
| Refunding GO Bonds Series 2016  | 5.00% | 02/15/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 136866 |
| Refunding GO Bonds Series 2016  | 5.00% | 02/15/28 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101397 |
| Refunding GO Bonds Series 2023 A  | 5.00% | 02/15/27 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 124517 |
| Refunding GO Bonds Series 2025  | 5.00% | 02/15/34 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1414038 |
| **Dallas Area Rapid Transit** | **Dallas Area Rapid Transit** | **Dallas Area Rapid Transit** | **Dallas Area Rapid Transit** | **Dallas Area Rapid Transit** |
| RB Series 2016 A  | 5.00% | 12/01/41 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50449 |
| RB Series 2016 A  | 5.00% | 12/01/46 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 131167 |
| Refunding RB Series 2007  | 5.25% | 12/01/30 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp; 351362 |
| Refunding RB Series 2007  | 5.25% | 12/01/31 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 45191 |
| Refunding RB Series 2019  | 5.00% | 12/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 87155 |
| Refunding RB Series 2021 B  | 3.00% | 12/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 142866 |
| Refunding RB Series 2021 B  | 5.00% | 12/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1014284 |
| Refunding RB Series 2021 B  | 4.00% | 12/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 218015 |
| **Dallas Fort Worth International Airport** | **Dallas Fort Worth International Airport** | **Dallas Fort Worth International Airport** | **Dallas Fort Worth International Airport** | **Dallas Fort Worth International Airport** |
| RB Series 2024  | 5.00% | 11/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 248070 |
| RB Series 2024  | 5.00% | 11/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 140458 |
| RB Series 2024  | 5.00% | 11/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261124 |
| RB Series 2024 2024  | 5.25% | 11/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3200000 | &nbsp;&nbsp; 3336141 |
| Refunding RB Series 2020  | 4.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101644 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 179980 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 310632 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp; 300559 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55221 |
| Refunding RB Series 2020 A  | 4.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50822 |
| Refunding RB Series 2020 A  | 4.00% | 11/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75228 |
| Refunding RB Series 2020 B  | 5.00% | 11/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 140921 |
| Refunding RB Series 2021 A  | 4.00% | 11/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 49904 |
| Refunding RB Series 2021 B  | 5.00% | 11/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 115677 |
| Refunding RB Series 2021 B  | 4.00% | 11/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 91649 |
| Refunding RB Series 2022 B  | 5.00% | 11/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55751 |
| Refunding RB Series 2022 B  | 5.00% | 11/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 33462 |
| Refunding RB Series 2022 B  | 4.00% | 11/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48079 |
| Refunding RB Series 2022 B  | 4.00% | 11/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp; 485087 |
| **Dallas Independent School District** | **Dallas Independent School District** | **Dallas Independent School District** | **Dallas Independent School District** | **Dallas Independent School District** |
| GO Bonds Series 2016 A  | 3.00% | 02/15/35 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 4690 |
| GO Bonds Series 2016 A  | 3.00% | 02/15/36 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 461199 |
| GO Bonds Series 2023  | 5.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1018993 |
| GO Bonds Series 2024  | 5.00% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp; 518516 |

---

*See financial notes*

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

**283**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2025 C  | 5.00% | 02/15/33 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 231203 |
| Refunding GO Bonds Series 2025 B  | 5.00% | 02/15/29 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 540321 |
| **Del Valle Independent School District** | **Del Valle Independent School District** | **Del Valle Independent School District** | **Del Valle Independent School District** | **Del Valle Independent School District** |
| GO Bonds Series 2022  | 4.00% | 06/15/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1640000 | &nbsp;&nbsp; 1455756 |
| **Denton Independent School District** | **Denton Independent School District** | **Denton Independent School District** | **Denton Independent School District** | **Denton Independent School District** |
| GO Bonds Series 2015 A  | 5.00% | 08/15/45 *(a)(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25061 |
| GO Bonds Series 2018  | 5.00% | 08/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50203 |
| GO Bonds Series 2020  | 2.00% | 08/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 131381 |
| GO Bonds Series 2023  | 5.00% | 08/15/36 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109597 |
| GO Bonds Series 2023  | 5.00% | 08/15/39 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp; 335798 |
| GO Bonds Series 2023  | 5.00% | 08/15/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 190826 |
| GO Bonds Series 2023  | 5.00% | 08/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 158584 |
| GO Bonds Series 2023  | 5.00% | 08/15/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 608855 |
| **Duncanville Independent School District** | **Duncanville Independent School District** | **Duncanville Independent School District** | **Duncanville Independent School District** | **Duncanville Independent School District** |
| GO Bonds Series 2024  | 5.00% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101670 |
| **Eagle Mountain & Saginaw Independent School District** | **Eagle Mountain & Saginaw Independent School District** | **Eagle Mountain & Saginaw Independent School District** | **Eagle Mountain & Saginaw Independent School District** | **Eagle Mountain & Saginaw Independent School District** |
| GO Bonds Series 2021  | 3.00% | 08/15/46 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 18177 |
| GO Bonds Series 2024  | 4.00% | 08/15/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 214616 |
| **East Montgomery County Improvement District Sales Tax Revenue** | **East Montgomery County Improvement District Sales Tax Revenue** | **East Montgomery County Improvement District Sales Tax Revenue** | **East Montgomery County Improvement District Sales Tax Revenue** | **East Montgomery County Improvement District Sales Tax Revenue** |
| RB Series 2024  | 5.25% | 08/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1042326 |
| RB Series 2024  | 4.25% | 08/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 449192 |
| **El Paso County Community College District** | **El Paso County Community College District** | **El Paso County Community College District** | **El Paso County Community College District** | **El Paso County Community College District** |
| RB Series 2016  | 5.00% | 04/01/42 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75183 |
| **El Paso Independent School District** | **El Paso Independent School District** | **El Paso Independent School District** | **El Paso Independent School District** | **El Paso Independent School District** |
| GO Bonds Series 2019  | 4.00% | 08/15/43 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 64235 |
| **Forney Independent School District** | **Forney Independent School District** | **Forney Independent School District** | **Forney Independent School District** | **Forney Independent School District** |
| GO Bonds Series 2023  | 5.00% | 08/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202810 |
| **Fort Bend County Texas Public Facility Corp.** | **Fort Bend County Texas Public Facility Corp.** | **Fort Bend County Texas Public Facility Corp.** | **Fort Bend County Texas Public Facility Corp.** | **Fort Bend County Texas Public Facility Corp.** |
| RB Series 2023  | 5.00% | 03/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101609 |
| **Fort Worth Independent School District** | **Fort Worth Independent School District** | **Fort Worth Independent School District** | **Fort Worth Independent School District** | **Fort Worth Independent School District** |
| GO Bonds Series 2023  | 4.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 740000 | &nbsp;&nbsp; 660465 |
| **Friendswood Independent School District** | **Friendswood Independent School District** | **Friendswood Independent School District** | **Friendswood Independent School District** | **Friendswood Independent School District** |
| GO Bonds Series 2021  | 2.00% | 02/15/51 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 26442 |
| **Frisco Independent School District** | **Frisco Independent School District** | **Frisco Independent School District** | **Frisco Independent School District** | **Frisco Independent School District** |
| Refunding GO Bonds Series 2019  | 5.00% | 08/15/36 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 178200 |
| **Garland Independent School District** | **Garland Independent School District** | **Garland Independent School District** | **Garland Independent School District** | **Garland Independent School District** |
| GO Bonds Series 2023 A  | 5.00% | 02/15/32 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1119229 |
| GO Bonds Series 2023 A  | 5.00% | 02/15/35 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 166613 |
| GO Bonds Series 2023 A  | 5.00% | 02/15/38 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 635000 | &nbsp;&nbsp; 684675 |
| GO Bonds Series 2023 A  | 5.00% | 02/15/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10595 |
| GO Bonds Series 2023 A  | 5.00% | 02/15/41 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 157913 |
| GO Bonds Series 2023 A  | 5.00% | 02/15/42 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 115020 |
| GO Bonds Series 2023 A  | 5.00% | 02/15/43 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25991 |
| GO Bonds Series 2023 A  | 5.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 6645000 | &nbsp;&nbsp; 6761579 |
| **Georgetown Independent School District** | **Georgetown Independent School District** | **Georgetown Independent School District** | **Georgetown Independent School District** | **Georgetown Independent School District** |
| GO Bonds Series 2023  | 4.13% | 08/15/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 137235 |
| GO Bonds Series 2024  | 4.50% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 191314 |
| GO Bonds Series 2024  | 5.00% | 02/15/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203573 |

---

*See financial notes*

**284**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Grand Parkway Transportation Corp.** | **Grand Parkway Transportation Corp.** | **Grand Parkway Transportation Corp.** | **Grand Parkway Transportation Corp.** | **Grand Parkway Transportation Corp.** |
| RB Series 2018 A  | 5.00% | 10/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 207139 |
| RB Series 2018 A  | 5.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 516218 |
| RB Series 2018 A  | 5.00% | 10/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75870 |
| Refunding RB Series 2020 C  | 4.00% | 10/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp; 554764 |
| Refunding RB Series 2020 C  | 4.00% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 245994 |
| Refunding RB Series 2020 C  | 3.00% | 10/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 102345 |
| **Greater Texoma Utility Authority** | **Greater Texoma Utility Authority** | **Greater Texoma Utility Authority** | **Greater Texoma Utility Authority** | **Greater Texoma Utility Authority** |
| RB City of Sherman Water & Sewer System Revenue Series 2023  | 5.00% | 10/01/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151104 |
| RB City of Sherman Water & Sewer System Revenue Series 2023 A  | 4.38% | 10/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 405025 |
| **Greenwood Independent School District** | **Greenwood Independent School District** | **Greenwood Independent School District** | **Greenwood Independent School District** | **Greenwood Independent School District** |
| GO Bonds Series 2024  | 5.00% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30616 |
| GO Bonds Series 2024  | 4.00% | 02/15/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 129582 |
| **Harris County Cultural Education Facilities Finance Corp.** | **Harris County Cultural Education Facilities Finance Corp.** | **Harris County Cultural Education Facilities Finance Corp.** | **Harris County Cultural Education Facilities Finance Corp.** | **Harris County Cultural Education Facilities Finance Corp.** |
| RB Baylor College of Medicine Series 2024 A  | 5.00% | 05/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106376 |
| **Harris County Flood Control District** | **Harris County Flood Control District** | **Harris County Flood Control District** | **Harris County Flood Control District** | **Harris County Flood Control District** |
| GO Bonds Series 2020 A  | 4.00% | 10/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 990000 | &nbsp;&nbsp; 876432 |
| GO Bonds Series 2022 A  | 4.25% | 10/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 274807 |
| GO Bonds Series 2023 A  | 4.00% | 09/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 130615 |
| **Harris County-Houston Sports Authority** | **Harris County-Houston Sports Authority** | **Harris County-Houston Sports Authority** | **Harris County-Houston Sports Authority** | **Harris County-Houston Sports Authority** |
| Refunding RB Series 2024 A  | 5.00% | 11/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102960 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 167622 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp; 566166 |
| **Hays Consolidated Independent School District** | **Hays Consolidated Independent School District** | **Hays Consolidated Independent School District** | **Hays Consolidated Independent School District** | **Hays Consolidated Independent School District** |
| GO Bonds Series 2023  | 5.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153363 |
| **Highland Park Independent School District/Dallas County** | **Highland Park Independent School District/Dallas County** | **Highland Park Independent School District/Dallas County** | **Highland Park Independent School District/Dallas County** | **Highland Park Independent School District/Dallas County** |
| Refunding GO Bonds Series 2024  | 5.00% | 02/15/33 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 7040000 | &nbsp;&nbsp; 7990990 |
| **Houston Higher Education Finance Corp.** | **Houston Higher Education Finance Corp.** | **Houston Higher Education Finance Corp.** | **Houston Higher Education Finance Corp.** | **Houston Higher Education Finance Corp.** |
| RB William Marsh Rice University Series 2024  | 5.00% | 05/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp; 327880 |
| **Houston Independent School District** | **Houston Independent School District** | **Houston Independent School District** | **Houston Independent School District** | **Houston Independent School District** |
| GO Bonds Series 2017  | 4.00% | 02/15/42 *(a)(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10199 |
| Refunding GO Bonds Series 2016 A  | 5.00% | 02/15/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 238394 |
| Refunding GO Bonds Series 2017  | 5.00% | 02/15/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp; 426065 |
| Refunding GO Bonds Series 2017  | 5.00% | 02/15/28 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 88152 |
| Refunding GO Bonds Series 2017  | 4.00% | 02/15/42 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 37210 |
| **Humble Independent School District** | **Humble Independent School District** | **Humble Independent School District** | **Humble Independent School District** | **Humble Independent School District** |
| GO Bonds Series 2022  | 5.00% | 02/15/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 143366 |
| **Hurst-Euless-Bedford Independent School District** | **Hurst-Euless-Bedford Independent School District** | **Hurst-Euless-Bedford Independent School District** | **Hurst-Euless-Bedford Independent School District** | **Hurst-Euless-Bedford Independent School District** |
| GO Bonds Series 2024  | 5.00% | 08/15/43 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 167249 |
| GO Bonds Series 2024  | 4.00% | 08/15/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 87188 |
| **Hutto Independent School District** | **Hutto Independent School District** | **Hutto Independent School District** | **Hutto Independent School District** | **Hutto Independent School District** |
| GO Bonds Series 2023  | 5.00% | 08/01/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20341 |
| GO Bonds Series 2024  | 5.00% | 08/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 86839 |
| **Judson Independent School District** | **Judson Independent School District** | **Judson Independent School District** | **Judson Independent School District** | **Judson Independent School District** |
| GO Bonds Series 2024  | 4.00% | 02/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp; 391120 |
| GO Bonds Series 2024  | 5.00% | 02/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 112269 |
| GO Bonds Series 2024  | 4.00% | 02/01/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 72633 |

---

*See financial notes*

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

**285**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Katy Independent School District** | **Katy Independent School District** | **Katy Independent School District** | **Katy Independent School District** | **Katy Independent School District** |
| GO Bonds Series 2017  | 4.00% | 02/15/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 89830 |
| GO Bonds Series 2023  | 5.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204485 |
| GO Bonds Series 2025  | 5.00% | 02/15/28 *(c)(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1055313 |
| **Keller Independent School District** | **Keller Independent School District** | **Keller Independent School District** | **Keller Independent School District** | **Keller Independent School District** |
| GO Bonds Series 2020  | 4.00% | 02/15/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 104316 |
| **Klein Independent School District** | **Klein Independent School District** | **Klein Independent School District** | **Klein Independent School District** | **Klein Independent School District** |
| GO Bonds Series 2022  | 4.00% | 08/01/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 88809 |
| **Lake Travis Independent School District** | **Lake Travis Independent School District** | **Lake Travis Independent School District** | **Lake Travis Independent School District** | **Lake Travis Independent School District** |
| GO Bonds Series 2023  | 4.00% | 02/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 134724 |
| **Lamar Consolidated Independent School District** | **Lamar Consolidated Independent School District** | **Lamar Consolidated Independent School District** | **Lamar Consolidated Independent School District** | **Lamar Consolidated Independent School District** |
| GO Bonds Series 2018  | 4.00% | 02/15/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 26462 |
| GO Bonds Series 2022  | 4.00% | 02/15/62 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 166833 |
| GO Bonds Series 2023  | 4.00% | 02/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp; 367316 |
| GO Bonds Series 2023  | 4.00% | 02/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 86562 |
| GO Bonds Series 2023  | 5.50% | 02/15/58 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261206 |
| GO Bonds Series 2023 A  | 5.00% | 02/15/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 142285 |
| Refunding GO Bonds Series 2024  | 5.00% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 189473 |
| Refunding GO Bonds Series 2024  | 4.00% | 02/15/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp; 450650 |
| **Leander Independent School District** | **Leander Independent School District** | **Leander Independent School District** | **Leander Independent School District** | **Leander Independent School District** |
| Refunding GO Bonds Series 2015 A  | 5.00% | 08/15/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25057 |
| Refunding GO Bonds Series 2016 A  | 4.33% | 08/16/42 *(a)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 149925 |
| **Lewisville Independent School District** | **Lewisville Independent School District** | **Lewisville Independent School District** | **Lewisville Independent School District** | **Lewisville Independent School District** |
| GO Bonds Series 2024  | 5.00% | 08/15/29 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp; 493685 |
| GO Bonds Series 2024  | 5.00% | 08/15/36 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp; 346626 |
| GO Bonds Series 2024  | 5.00% | 08/15/39 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 133610 |
| GO Bonds Series 2024  | 5.00% | 08/15/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 47802 |
| Refunding GO Bonds Series 2016 B  | 5.00% | 08/15/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 120292 |
| **Lower Colorado River Authority** | **Lower Colorado River Authority** | **Lower Colorado River Authority** | **Lower Colorado River Authority** | **Lower Colorado River Authority** |
| RB Transmission Services Corp. Series 2019 A  | 4.00% | 05/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 66574 |
| RB Transmission Services Corp. Series 2020 A  | 5.00% | 05/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100099 |
| RB Transmission Services Corp. Series 2021 A  | 5.00% | 05/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 240279 |
| Refunding RB Transmission Services Corp. Series 2018  | 5.00% | 05/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45454 |
| Refunding RB Transmission Services Corp. Series 2018  | 5.00% | 05/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150192 |
| Refunding RB Transmission Services Corp. Series 2022  | 5.00% | 05/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 155839 |
| Refunding RB Transmission Services Corp. Series 2023 A  | 5.00% | 05/15/27 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78151 |
| Refunding RB Transmission Services Corp. Series 2023 A  | 5.00% | 05/15/30 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 147713 |
| Refunding RB Transmission Services Corp. Series 2023 A  | 5.00% | 05/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 66977 |
| Refunding RB Transmission Services Corp. Series 2024  | 5.00% | 05/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254479 |
| Refunding RB Transmission Services Corp. Series 2024  | 5.25% | 05/15/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51099 |
| **Mabank Independent School District** | **Mabank Independent School District** | **Mabank Independent School District** | **Mabank Independent School District** | **Mabank Independent School District** |
| Refunding GO Bonds Series 2024  | 4.00% | 08/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 219453 |
| **Manor Independent School District** | **Manor Independent School District** | **Manor Independent School District** | **Manor Independent School District** | **Manor Independent School District** |
| GO Bonds Series 2020  | 3.00% | 08/01/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 104702 |
| **Mansfield Independent School District** | **Mansfield Independent School District** | **Mansfield Independent School District** | **Mansfield Independent School District** | **Mansfield Independent School District** |
| GO Bonds Series 2024  | 4.00% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 440004 |
| **Medina Valley Independent School District** | **Medina Valley Independent School District** | **Medina Valley Independent School District** | **Medina Valley Independent School District** | **Medina Valley Independent School District** |
| GO Bonds Series 2023  | 4.00% | 02/15/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 172490 |
| **Melissa Independent School District** | **Melissa Independent School District** | **Melissa Independent School District** | **Melissa Independent School District** | **Melissa Independent School District** |
| GO Bonds Series 2024  | 4.00% | 02/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 263676 |

---

*See financial notes*

**286**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Midland Independent School District** | **Midland Independent School District** | **Midland Independent School District** | **Midland Independent School District** | **Midland Independent School District** |
| GO Bonds Series 2024  | 5.00% | 02/15/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 70989 |
| GO Bonds Series 2024  | 4.00% | 02/15/43 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92865 |
| GO Bonds Series 2024  | 5.00% | 02/15/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150858 |
| GO Bonds Series 2024  | 4.00% | 02/15/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp; 453537 |
| **Montgomery Independent School District** | **Montgomery Independent School District** | **Montgomery Independent School District** | **Montgomery Independent School District** | **Montgomery Independent School District** |
| GO Bonds Series 2023  | 4.00% | 02/15/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1010000 | &nbsp;&nbsp; 871076 |
| **New Caney Independent School District** | **New Caney Independent School District** | **New Caney Independent School District** | **New Caney Independent School District** | **New Caney Independent School District** |
| Refunding GO Bonds Series 2023  | 5.00% | 02/15/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127235 |
| **North East Independent School District** | **North East Independent School District** | **North East Independent School District** | **North East Independent School District** | **North East Independent School District** |
| Refunding GO Bonds Series 2007  | 5.25% | 02/01/29 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 217540 |
| **North East Texas Regional Mobility Authority** | **North East Texas Regional Mobility Authority** | **North East Texas Regional Mobility Authority** | **North East Texas Regional Mobility Authority** | **North East Texas Regional Mobility Authority** |
| RB Series 2016  | 5.00% | 01/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 244927 |
| **North Texas Tollway Authority** | **North Texas Tollway Authority** | **North Texas Tollway Authority** | **North Texas Tollway Authority** | **North Texas Tollway Authority** |
| RB Series 2021 B  | 3.00% | 01/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 43523 |
| Refunding RB Series 2008 D  | 3.24% | 01/01/28 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 101666 |
| Refunding RB Series 2008 D  | 3.35% | 01/01/29 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 138453 |
| Refunding RB Series 2008 D  | 3.40% | 01/01/30 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 99046 |
| Refunding RB Series 2008 D  | 3.41% | 01/01/31 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 223756 |
| Refunding RB Series 2008 D  | 3.62% | 01/01/32 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 79665 |
| Refunding RB Series 2008 D  | 3.73% | 01/01/34 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 102188 |
| Refunding RB Series 2008 D  | 3.73% | 01/01/35 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 226047 |
| Refunding RB Series 2008 D  | 3.56% | 01/01/36 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 49553 |
| Refunding RB Series 2008 D  | 3.77% | 01/01/38 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 147822 |
| Refunding RB Series 2016 A  | 4.00% | 01/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 165521 |
| Refunding RB Series 2017 A  | 5.00% | 01/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 141448 |
| Refunding RB Series 2017 A  | 5.00% | 01/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 217138 |
| Refunding RB Series 2017 A  | 5.00% | 01/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100950 |
| Refunding RB Series 2017 A  | 5.00% | 01/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2551822 |
| Refunding RB Series 2017 A  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 300065 |
| Refunding RB Series 2017 A  | 5.00% | 01/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 168461 |
| Refunding RB Series 2017 A  | 5.00% | 01/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 247249 |
| Refunding RB Series 2017 A  | 5.00% | 01/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 115645 |
| Refunding RB Series 2017 B  | 5.00% | 01/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50488 |
| Refunding RB Series 2017 B  | 5.00% | 01/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40950 |
| Refunding RB Series 2017 B  | 5.00% | 01/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 205757 |
| Refunding RB Series 2018  | 5.00% | 01/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300179 |
| Refunding RB Series 2018  | 4.25% | 01/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 42852 |
| Refunding RB Series 2019 A  | 4.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 123115 |
| Refunding RB Series 2019 A  | 5.00% | 01/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 295040 |
| Refunding RB Series 2019 B  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103518 |
| Refunding RB Series 2019 B  | 5.00% | 01/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107177 |
| Refunding RB Series 2020 A  | 3.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 89368 |
| Refunding RB Series 2020 A  | 4.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 59095 |
| Refunding RB Series 2020 A  | 3.00% | 01/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 43415 |
| Refunding RB Series 2022 A  | 4.13% | 01/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 87939 |
| Refunding RB Series 2022 B  | 5.00% | 01/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp; 434705 |
| Refunding RB Series 2023 A  | 5.00% | 01/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 121385 |
| Refunding RB Series 2023 A  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp; 554221 |
| Refunding RB Series 2024 A  | 5.00% | 01/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 123171 |

---

*See financial notes*

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

**287**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2024 A  | 5.00% | 01/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 209878 |
| Refunding RB Series 2024 B  | 5.00% | 01/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1628924 |
| Refunding RB Series 2024 B  | 5.00% | 01/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 329495 |
| Refunding RB Series 2024 B  | 5.00% | 01/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 99671 |
| Refunding RB Series 2024 B  | 5.00% | 01/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 172490 |
| Refunding RB Series 2024 B  | 5.00% | 01/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111504 |
| Refunding RB Series 2024 B  | 5.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp; 341492 |
| **Northwest Independent School District** | **Northwest Independent School District** | **Northwest Independent School District** | **Northwest Independent School District** | **Northwest Independent School District** |
| GO Bonds Series 2022 A  | 5.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp; 555973 |
| GO Bonds Series 2023  | 4.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 88493 |
| GO Bonds Series 2023  | 5.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 56107 |
| GO Bonds Series 2024  | 5.00% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 316769 |
| GO Bonds Series 2024 A  | 5.00% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10218 |
| **Pasadena Independent School District** | **Pasadena Independent School District** | **Pasadena Independent School District** | **Pasadena Independent School District** | **Pasadena Independent School District** |
| GO Bonds Series 2023  | 5.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102221 |
| GO Bonds Series 2023  | 4.25% | 02/15/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 180002 |
| **Permanent University Fund - Texas A&M University System** | **Permanent University Fund - Texas A&M University System** | **Permanent University Fund - Texas A&M University System** | **Permanent University Fund - Texas A&M University System** | **Permanent University Fund - Texas A&M University System** |
| Refunding RB Series 2025 A  | 5.00% | 07/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 359168 |
| **Permanent University Fund - University of Texas System** | **Permanent University Fund - University of Texas System** | **Permanent University Fund - University of Texas System** | **Permanent University Fund - University of Texas System** | **Permanent University Fund - University of Texas System** |
| RB Series 2022 A  | 5.00% | 07/01/32 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1575000 | &nbsp;&nbsp; 1776025 |
| Refunding RB Series 2007 B  | 5.25% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15394 |
| Refunding RB Series 2007 B  | 5.25% | 07/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107508 |
| Refunding RB Series 2007 B  | 5.25% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp; 356807 |
| **Pflugerville Independent School District** | **Pflugerville Independent School District** | **Pflugerville Independent School District** | **Pflugerville Independent School District** | **Pflugerville Independent School District** |
| GO Bonds Series 2023 A  | 5.00% | 02/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151513 |
| **Plano Independent School District** | **Plano Independent School District** | **Plano Independent School District** | **Plano Independent School District** | **Plano Independent School District** |
| GO Bonds Series 2023  | 5.00% | 02/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 121254 |
| GO Bonds Series 2023  | 5.00% | 02/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108576 |
| GO Bonds Series 2023  | 5.00% | 02/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 145481 |
| GO Bonds Series 2023  | 5.00% | 02/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104165 |
| GO Bonds Series 2023  | 5.00% | 02/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 176160 |
| GO Bonds Series 2025  | 5.00% | 02/15/27 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp; 596738 |
| GO Bonds Series 2025  | 5.00% | 02/15/29 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 205117 |
| GO Bonds Series 2025  | 5.00% | 02/15/32 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 561530 |
| **Port Authority of Houston of Harris County Texas** | **Port Authority of Houston of Harris County Texas** | **Port Authority of Houston of Harris County Texas** | **Port Authority of Houston of Harris County Texas** | **Port Authority of Houston of Harris County Texas** |
| RB Series 2021  | 5.00% | 10/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201671 |
| **Prosper Independent School District** | **Prosper Independent School District** | **Prosper Independent School District** | **Prosper Independent School District** | **Prosper Independent School District** |
| GO Bonds Series 2022  | 4.00% | 02/15/52 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 130609 |
| GO Bonds Series 2023  | 4.00% | 02/15/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 216632 |
| GO Bonds Series 2024  | 4.00% | 02/15/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 301875 |
| GO Bonds Series 2024 A  | 4.00% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 265158 |
| **Richardson Independent School District** | **Richardson Independent School District** | **Richardson Independent School District** | **Richardson Independent School District** | **Richardson Independent School District** |
| GO Bonds Series 2021  | 4.00% | 02/15/46 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 78083 |
| **Rockwall Independent School District** | **Rockwall Independent School District** | **Rockwall Independent School District** | **Rockwall Independent School District** | **Rockwall Independent School District** |
| GO Bonds Series 2022 A  | 5.00% | 02/15/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 186790 |
| GO Bonds Series 2023  | 4.00% | 02/15/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 216291 |
| **Round Rock Independent School District** | **Round Rock Independent School District** | **Round Rock Independent School District** | **Round Rock Independent School District** | **Round Rock Independent School District** |
| GO Bonds Series 2025 B  | 4.00% | 08/01/44 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 231801 |
| Refunding GO Bonds Series 2019 A  | 5.00% | 08/01/30 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 48717 |

---

*See financial notes*

**288**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding GO Bonds Series 2019 A  | 5.00% | 08/01/31 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10788 |
| Refunding GO Bonds Series 2019 A  | 4.00% | 08/01/32 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257792 |
| **Royse City Independent School District** | **Royse City Independent School District** | **Royse City Independent School District** | **Royse City Independent School District** | **Royse City Independent School District** |
| GO Bonds Series 2023  | 5.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 122799 |
| **Sabine-Neches Navigation District** | **Sabine-Neches Navigation District** | **Sabine-Neches Navigation District** | **Sabine-Neches Navigation District** | **Sabine-Neches Navigation District** |
| GO Bonds Series 2022  | 4.63% | 02/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 34253 |
| **Salado Independent School District** | **Salado Independent School District** | **Salado Independent School District** | **Salado Independent School District** | **Salado Independent School District** |
| GO Bonds Series 2024  | 4.25% | 02/15/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 224482 |
| **San Antonio Independent School District** | **San Antonio Independent School District** | **San Antonio Independent School District** | **San Antonio Independent School District** | **San Antonio Independent School District** |
| GO Bonds Series 2022  | 5.00% | 08/15/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1490000 | &nbsp;&nbsp; 1527551 |
| GO Bonds Series 2022  | 5.00% | 08/15/52 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 193232 |
| **San Antonio Public Facilities Corp.** | **San Antonio Public Facilities Corp.** | **San Antonio Public Facilities Corp.** | **San Antonio Public Facilities Corp.** | **San Antonio Public Facilities Corp.** |
| Refunding RB Series 2012  | 4.00% | 09/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 240797 |
| Refunding RB Series 2022  | 5.00% | 09/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27566 |
| **San Antonio Water System** | **San Antonio Water System** | **San Antonio Water System** | **San Antonio Water System** | **San Antonio Water System** |
| RB Series 2024 A  | 3.95% | 05/01/54 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5000000 |
| Refunding RB Series 2016 C  | 5.00% | 05/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 158239 |
| Refunding RB Series 2018 A  | 5.00% | 05/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75397 |
| Refunding RB Series 2023 A  | 5.25% | 05/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 521193 |
| **San Jacinto Community College District** | **San Jacinto Community College District** | **San Jacinto Community College District** | **San Jacinto Community College District** | **San Jacinto Community College District** |
| GO Bonds Series 2019 A  | 5.00% | 02/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 504492 |
| **Spring Branch Independent School District** | **Spring Branch Independent School District** | **Spring Branch Independent School District** | **Spring Branch Independent School District** | **Spring Branch Independent School District** |
| GO Bonds Series 2023  | 5.00% | 02/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | &nbsp;&nbsp; 1393036 |
| **Spring Independent School District** | **Spring Independent School District** | **Spring Independent School District** | **Spring Independent School District** | **Spring Independent School District** |
| GO Bonds Series 2023  | 4.00% | 08/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp; 339136 |
| **State of Texas** | **State of Texas** | **State of Texas** | **State of Texas** | **State of Texas** |
| Refunding GO Bonds Series 2015 A  | 5.00% | 10/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100412 |
| Refunding GO Bonds Series 2015 A  | 3.30% | 10/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300145 |
| Refunding GO Bonds Series 2015 A  | 5.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100138 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 10/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52360 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 10/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104071 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 166068 |
| Refunding GO Bonds Series 2017 B  | 5.00% | 10/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 120429 |
| Refunding GO Bonds Series 2017 B  | 5.00% | 10/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 151599 |
| Refunding GO Bonds Series 2017 B  | 5.00% | 10/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41732 |
| Refunding GO Bonds Series 2017 B  | 5.00% | 10/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156106 |
| Refunding GO Bonds Series 2017 B  | 5.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51896 |
| Refunding GO Bonds Series 2022 B  | 5.00% | 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35004 |
| Refunding GO Bonds Department of Transportation Texas Mobility Fund Series 2024  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 144871 |
| Refunding GO Bonds Department of Transportation Texas Mobility Fund Series 2024  | 5.00% | 10/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 78992 |
| Refunding GO Bonds Texas Department of Transportation Texas Mobility Fund Series <br> 2024 <br>| 5.00% | 10/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 80418 |
| Refunding GO Bonds Texas Department of Transportation Texas Mobility Fund Series <br> 2024 <br>| 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102986 |
| Refunding GO Bonds Texas Department of Transportation Texas Mobility Fund Series <br> 2024 <br>| 5.00% | 10/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111897 |
| Refunding GO Bonds Texas Department of Transportation Texas Mobility Fund Series <br> 2024 <br>| 5.00% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 145542 |

---

*See financial notes*

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

**289**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Tarrant County Hospital District** | **Tarrant County Hospital District** | **Tarrant County Hospital District** | **Tarrant County Hospital District** | **Tarrant County Hospital District** |
| GO Bonds Series 2023  | 4.00% | 08/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 458895 |
| GO Bonds Series 2023  | 4.25% | 08/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 183084 |
| GO Bonds Series 2023  | 5.25% | 08/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40917 |
| **Tarrant Regional Water District Water Supply System Revenue** | **Tarrant Regional Water District Water Supply System Revenue** | **Tarrant Regional Water District Water Supply System Revenue** | **Tarrant Regional Water District Water Supply System Revenue** | **Tarrant Regional Water District Water Supply System Revenue** |
| Refunding RB Series 2024  | 5.00% | 03/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54853 |
| Refunding RB Series 2024  | 5.00% | 03/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 151332 |
| Refunding RB Series 2024  | 5.00% | 03/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 113066 |
| Refunding RB Series 2024  | 4.00% | 03/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 43023 |
| **Texas A&M University** | **Texas A&M University** | **Texas A&M University** | **Texas A&M University** | **Texas A&M University** |
| RB Series 2024 A  | 5.00% | 05/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104220 |
| RB Series 2024 A  | 5.00% | 05/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 158593 |
| Refunding RB Series 2017 E  | 5.00% | 05/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104220 |
| **Texas Department of Transportation State Highway Fund** | **Texas Department of Transportation State Highway Fund** | **Texas Department of Transportation State Highway Fund** | **Texas Department of Transportation State Highway Fund** | **Texas Department of Transportation State Highway Fund** |
| RB Series 2016 A  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 159609 |
| Refunding RB Series 2015  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp; 381002 |
| Refunding RB Series 2024  | 5.00% | 10/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp; 518770 |
| Refunding RB Series 2024  | 5.00% | 10/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 181468 |
| **Texas Private Activity Bond Surface Transportation Corp.** | **Texas Private Activity Bond Surface Transportation Corp.** | **Texas Private Activity Bond Surface Transportation Corp.** | **Texas Private Activity Bond Surface Transportation Corp.** | **Texas Private Activity Bond Surface Transportation Corp.** |
| Refunding RB NTE Mobility Partners LLC Series 2019 A  | 5.00% | 12/31/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 111191 |
| Refunding RB NTE Mobility Partners LLC Series 2019 A  | 5.00% | 12/31/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 177391 |
| Refunding RB NTE Mobility Partners LLC Series 2019 A  | 4.00% | 12/31/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp; 300163 |
| Refunding RB NTE Mobility Partners LLC Series 2019 A  | 4.00% | 12/31/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 167948 |
| **Texas State Technical College** | **Texas State Technical College** | **Texas State Technical College** | **Texas State Technical College** | **Texas State Technical College** |
| RB Series 2022 A  | 5.50% | 08/01/42 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 321597 |
| **Texas State University System** | **Texas State University System** | **Texas State University System** | **Texas State University System** | **Texas State University System** |
| Refunding RB Series 2017 A  | 5.00% | 03/15/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 191977 |
| Refunding RB Series 2017 A  | 5.00% | 03/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25874 |
| Refunding RB Series 2017 A  | 5.00% | 03/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 123643 |
| Refunding RB Series 2024  | 5.00% | 03/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111878 |
| Refunding RB Series 2024  | 5.00% | 03/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 112625 |
| Refunding RB Series 2024  | 4.00% | 03/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp; 428681 |
| **Texas Transportation Commission** | **Texas Transportation Commission** | **Texas Transportation Commission** | **Texas Transportation Commission** | **Texas Transportation Commission** |
| Refunding GO Bonds Series 2024  | 5.00% | 04/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 66080 |
| Refunding GO Bonds Series 2024  | 5.00% | 04/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108269 |
| Refunding GO Bonds Series 2024  | 5.00% | 04/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 140714 |
| Refunding GO Bonds Series 2024  | 5.00% | 04/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 282995 |
| **Texas Water Development Board** | **Texas Water Development Board** | **Texas Water Development Board** | **Texas Water Development Board** | **Texas Water Development Board** |
| RB State Revolving Fund Series 2022  | 5.00% | 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 126202 |
| RB State Water Implementation Revenue Fund for Texas Series 2015 A  | 5.00% | 10/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40214 |
| RB State Water Implementation Revenue Fund for Texas Series 2015 A  | 5.00% | 10/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25126 |
| RB State Water Implementation Revenue Fund for Texas Series 2015 A  | 4.00% | 10/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 635000 | &nbsp;&nbsp; 595168 |
| RB State Water Implementation Revenue Fund for Texas Series 2015 A  | 4.00% | 10/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 89591 |
| RB State Water Implementation Revenue Fund for Texas Series 2015 A  | 4.00% | 10/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 21864 |
| RB State Water Implementation Revenue Fund for Texas Series 2016  | 4.00% | 10/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23046 |
| RB State Water Implementation Revenue Fund for Texas Series 2016  | 5.00% | 10/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50314 |
| RB State Water Implementation Revenue Fund for Texas Series 2017 A  | 5.00% | 04/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104805 |
| RB State Water Implementation Revenue Fund for Texas Series 2017 A  | 4.00% | 10/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4085000 | &nbsp;&nbsp; 4094048 |
| RB State Water Implementation Revenue Fund for Texas Series 2017 A  | 5.00% | 10/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150876 |
| RB State Water Implementation Revenue Fund for Texas Series 2018 A  | 4.00% | 10/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125583 |

---

*See financial notes*

**290**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB State Water Implementation Revenue Fund for Texas Series 2018 A  | 4.00% | 10/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 78271 |
| RB State Water Implementation Revenue Fund for Texas Series 2018 A  | 5.00% | 10/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202782 |
| RB State Water Implementation Revenue Fund for Texas Series 2018 B  | 5.00% | 04/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 90832 |
| RB State Water Implementation Revenue Fund for Texas Series 2018 B  | 5.00% | 04/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5319 |
| RB State Water Implementation Revenue Fund for Texas Series 2018 B  | 5.00% | 10/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52908 |
| RB State Water Implementation Revenue Fund for Texas Series 2018 B  | 4.00% | 10/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 116101 |
| RB State Water Implementation Revenue Fund for Texas Series 2018 B  | 4.00% | 10/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49588 |
| RB State Water Implementation Revenue Fund for Texas Series 2018 B  | 4.00% | 10/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 160531 |
| RB State Water Implementation Revenue Fund for Texas Series 2018 B  | 5.00% | 04/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 332668 |
| RB State Water Implementation Revenue Fund for Texas Series 2019 A  | 3.00% | 10/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 115534 |
| RB State Water Implementation Revenue Fund for Texas Series 2019 A  | 3.00% | 10/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 90422 |
| RB State Water Implementation Revenue Fund for Texas Series 2019 A  | 4.00% | 10/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 341164 |
| RB State Water Implementation Revenue Fund for Texas Series 2019 A  | 4.00% | 10/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 223334 |
| RB State Water Implementation Revenue Fund for Texas Series 2019 A  | 4.00% | 10/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 350363 |
| RB State Water Implementation Revenue Fund for Texas Series 2020  | 4.00% | 10/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 63103 |
| RB State Water Implementation Revenue Fund for Texas Series 2022  | 4.45% | 10/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51582 |
| RB State Water Implementation Revenue Fund for Texas Series 2022  | 4.55% | 10/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40881 |
| RB State Water Implementation Revenue Fund for Texas Series 2022  | 4.65% | 10/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 177972 |
| RB State Water Implementation Revenue Fund for Texas Series 2022  | 4.75% | 10/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 137274 |
| RB State Water Implementation Revenue Fund for Texas Series 2022  | 5.00% | 10/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204465 |
| RB State Water Implementation Revenue Fund for Texas Series 2022  | 4.80% | 10/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500659 |
| RB State Water Implementation Revenue Fund for Texas Series 2022  | 5.00% | 10/15/57 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151539 |
| RB State Water Implementation Revenue Fund for Texas Series 2023 A  | 5.00% | 10/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32903 |
| RB State Water Implementation Revenue Fund for Texas Series 2023 A  | 4.60% | 10/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 229239 |
| RB State Water Implementation Revenue Fund for Texas Series 2023 A  | 4.88% | 10/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30332 |
| RB State Water Implementation Revenue Fund for Texas Series 2023 A  | 5.25% | 10/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 134327 |
| RB State Water Implementation Revenue Fund for Texas Series 2023 A  | 5.00% | 10/15/58 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151610 |
| RB State Water Implementation Revenue Fund for Texas Series 2024 A  | 5.00% | 10/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 113288 |
| RB State Water Implementation Revenue Fund for Texas Series 2024 A  | 4.00% | 10/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp; 480695 |
| RB State Water Implementation Revenue Fund for Texas Series 2024 A  | 5.00% | 10/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153073 |
| RB State Water Implementation Revenue Fund for Texas Series 2024 A  | 4.38% | 10/15/59 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5225000 | &nbsp;&nbsp; 4828137 |
| RB Water Implementation Revenue Fund Series 2017 A  | 5.00% | 04/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31384 |
| RB Water Implementation Revenue Fund Series 2017 A  | 4.00% | 10/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp; 393495 |
| RB Water Implementation Revenue Fund Series 2019 A  | 3.00% | 10/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 42387 |
| RB Water Implementation Revenue Fund Series 2024 A  | 4.00% | 10/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp; 499733 |
| **Trinity River Authority Central Regional Wastewater System Revenue** | **Trinity River Authority Central Regional Wastewater System Revenue** | **Trinity River Authority Central Regional Wastewater System Revenue** | **Trinity River Authority Central Regional Wastewater System Revenue** | **Trinity River Authority Central Regional Wastewater System Revenue** |
| Refunding RB Series 2017  | 5.00% | 08/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36455 |
| Refunding RB Series 2020  | 3.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 148431 |
| **University of Houston** | **University of Houston** | **University of Houston** | **University of Houston** | **University of Houston** |
| Refunding RB Series 2017 A  | 5.00% | 02/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 55520 |
| **Via Metropolitan Transit Advanced Transportation District Sales Tax Revenue** | **Via Metropolitan Transit Advanced Transportation District Sales Tax Revenue** | **Via Metropolitan Transit Advanced Transportation District Sales Tax Revenue** | **Via Metropolitan Transit Advanced Transportation District Sales Tax Revenue** | **Via Metropolitan Transit Advanced Transportation District Sales Tax Revenue** |
| RB Series 2024  | 4.00% | 08/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 97992 |
| **Waxahachie Independent School District** | **Waxahachie Independent School District** | **Waxahachie Independent School District** | **Waxahachie Independent School District** | **Waxahachie Independent School District** |
| GO Bonds Series 2023  | 5.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 3975000 | &nbsp;&nbsp; 4072769 |
| GO Bonds Series 2023  | 4.25% | 02/15/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 317952 |
| GO Bonds Series 2024  | 4.00% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp; 469814 |
| **Weslaco Independent School District** | **Weslaco Independent School District** | **Weslaco Independent School District** | **Weslaco Independent School District** | **Weslaco Independent School District** |
| GO Bonds Series 2024  | 4.13% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 98720 |
| **West Harris County Regional Water Authority** | **West Harris County Regional Water Authority** | **West Harris County Regional Water Authority** | **West Harris County Regional Water Authority** | **West Harris County Regional Water Authority** |
| Refunding RB Series 2021  | 3.50% | 12/15/46 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 59353 |

---

*See financial notes*

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

**291**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **White Settlement Independent School District** | **White Settlement Independent School District** | **White Settlement Independent School District** | **White Settlement Independent School District** | **White Settlement Independent School District** |
| GO Bonds Series 2022  | 4.00% | 08/15/52 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 173035 |
| **Wylie Independent School District/Collin County** | **Wylie Independent School District/Collin County** | **Wylie Independent School District/Collin County** | **Wylie Independent School District/Collin County** | **Wylie Independent School District/Collin County** |
| GO Bonds Series 2024  | 5.25% | 08/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 233924 |
| **Ysleta Independent School District** | **Ysleta Independent School District** | **Ysleta Independent School District** | **Ysleta Independent School District** | **Ysleta Independent School District** |
| GO Bonds Series 2020  | 4.00% | 08/15/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 88493 |
|  |  |  |  | &nbsp;&nbsp; **159928619** |
| **UTAH** 0.2%  | **UTAH** 0.2%  | **UTAH** 0.2%  | **UTAH** 0.2%  | **UTAH** 0.2%  |
| **City of Salt Lake City Airport Revenue** | **City of Salt Lake City Airport Revenue** | **City of Salt Lake City Airport Revenue** | **City of Salt Lake City Airport Revenue** | **City of Salt Lake City Airport Revenue** |
| RB Series 2017 B  | 5.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100505 |
| RB Series 2017 B  | 5.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25001 |
| RB Series 2021 B  | 5.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76198 |
| **City of Salt Lake City Public Utilities Revenue** | **City of Salt Lake City Public Utilities Revenue** | **City of Salt Lake City Public Utilities Revenue** | **City of Salt Lake City Public Utilities Revenue** | **City of Salt Lake City Public Utilities Revenue** |
| RB Series 2022  | 5.00% | 02/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 61563 |
| **Intermountain Power Agency** | **Intermountain Power Agency** | **Intermountain Power Agency** | **Intermountain Power Agency** | **Intermountain Power Agency** |
| RB Series 2023 A  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105753 |
| RB Series 2023 A  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110698 |
| RB Series 2023 A  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 74547 |
| RB Series 2023 A  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 116223 |
| Refunding RB Series 2022 A  | 5.00% | 07/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 164810 |
| Refunding RB Series 2022 A  | 5.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 96574 |
| Refunding RB Series 2022 A  | 4.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp; 510946 |
| Refunding RB Series 2022 A  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 249393 |
| Refunding RB Series 2022 A  | 5.00% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102601 |
| Refunding RB Series 2022 A  | 5.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp; 391957 |
| Refunding RB Series 2022 A  | 5.00% | 07/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 116665 |
| Refunding RB Series 2022 A  | 5.00% | 07/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 192074 |
| **State of Utah** | **State of Utah** | **State of Utah** | **State of Utah** | **State of Utah** |
| GO Bonds Series 2020  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21418 |
| GO Bonds Series 2020  | 5.00% | 07/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107485 |
| GO Bonds Series 2020  | 5.00% | 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53624 |
| GO Bonds Series 2020  | 5.00% | 07/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 214024 |
| GO Bonds Series 2020 B  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 130929 |
| **Timpanogos Special Service District** | **Timpanogos Special Service District** | **Timpanogos Special Service District** | **Timpanogos Special Service District** | **Timpanogos Special Service District** |
| Refunding RB Series 2024  | 5.00% | 06/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 46295 |
| **University of Utah** | **University of Utah** | **University of Utah** | **University of Utah** | **University of Utah** |
| RB Series 2022 A  | 5.00% | 08/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127652 |
| RB Series 2022 A  | 4.00% | 08/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 129613 |
| RB Series 2022 B  | 5.00% | 08/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21346 |
| RB Series 2023 B  | 5.25% | 08/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41446 |
| **Utah Telecommunication Open Infrastructure Agency** | **Utah Telecommunication Open Infrastructure Agency** | **Utah Telecommunication Open Infrastructure Agency** | **Utah Telecommunication Open Infrastructure Agency** | **Utah Telecommunication Open Infrastructure Agency** |
| Refunding RB Series 2022  | 5.25% | 06/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 43520 |
| Refunding RB Series 2022  | 4.38% | 06/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150968 |
| **Utah Transit Authority** | **Utah Transit Authority** | **Utah Transit Authority** | **Utah Transit Authority** | **Utah Transit Authority** |
| Refunding RB Series 2018  | 4.00% | 12/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 108437 |
| Refunding RB Series 2024  | 5.00% | 06/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 162848 |
| Refunding RB Series 2024  | 5.00% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 215322 |
|  |  |  |  | &nbsp;&nbsp; **4070435** |

---

*See financial notes*

**292**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **VIRGINIA** 1.8%  | **VIRGINIA** 1.8%  | **VIRGINIA** 1.8%  | **VIRGINIA** 1.8%  | **VIRGINIA** 1.8%  |
| **Chesapeake Bay Bridge & Tunnel District** | **Chesapeake Bay Bridge & Tunnel District** | **Chesapeake Bay Bridge & Tunnel District** | **Chesapeake Bay Bridge & Tunnel District** | **Chesapeake Bay Bridge & Tunnel District** |
| RB Series 2016  | 5.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1136511 |
| **Chesterfield County Economic Development Authority** | **Chesterfield County Economic Development Authority** | **Chesterfield County Economic Development Authority** | **Chesterfield County Economic Development Authority** | **Chesterfield County Economic Development Authority** |
| RB Series 2024  | 5.00% | 04/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 61555 |
| **City of Alexandria** | **City of Alexandria** | **City of Alexandria** | **City of Alexandria** | **City of Alexandria** |
| GO Bonds Series 2019 A  | 3.00% | 07/15/46 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 185265 |
| GO Bonds Series 2023  | 5.00% | 12/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10960000 | &nbsp;&nbsp; 12169675 |
| **City of Richmond Public Utility Revenue** | **City of Richmond Public Utility Revenue** | **City of Richmond Public Utility Revenue** | **City of Richmond Public Utility Revenue** | **City of Richmond Public Utility Revenue** |
| RB Series 2016  | 5.00% | 01/15/28 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 131601 |
| RB Series 2016  | 5.00% | 01/15/33 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 227771 |
| **County of Fairfax** | **County of Fairfax** | **County of Fairfax** | **County of Fairfax** | **County of Fairfax** |
| Refunding GO Bonds Series 2016 A  | 4.00% | 10/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75784 |
| **County of Fairfax Sewer Revenue** | **County of Fairfax Sewer Revenue** | **County of Fairfax Sewer Revenue** | **County of Fairfax Sewer Revenue** | **County of Fairfax Sewer Revenue** |
| RB Series 2021 A  | 5.00% | 07/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 7415000 | &nbsp;&nbsp; 7675140 |
| **Hampton Roads Transportation Accountability Commission** | **Hampton Roads Transportation Accountability Commission** | **Hampton Roads Transportation Accountability Commission** | **Hampton Roads Transportation Accountability Commission** | **Hampton Roads Transportation Accountability Commission** |
| RB Series 2018 A  | 5.00% | 07/01/52 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 116552 |
| RB Series 2020 A  | 4.00% | 07/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 22986 |
| RB Series 2020 A  | 4.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 87789 |
| RB Series 2020 A  | 5.00% | 07/01/60 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 145508 |
| RB Series 2023 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52342 |
| RB Transportation Fund Series 2018 A  | 5.50% | 07/01/57 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 267900 |
| RB Transportation Fund Series 2020 A  | 5.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 252878 |
| RB Transportation Fund Series 2022 A  | 4.00% | 07/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 260266 |
| RB Transportation Fund Series 2022 A  | 4.00% | 07/01/57 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 94610 |
| **University of Virginia** | **University of Virginia** | **University of Virginia** | **University of Virginia** | **University of Virginia** |
| RB Series 2015 A-2  | 5.00% | 04/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75091 |
| RB Series 2019 B  | 5.00% | 09/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101168 |
| Refunding RB Series 2017 A  | 5.00% | 04/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 81568 |
| Refunding RB Series 2017 A  | 5.00% | 04/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151781 |
| Refunding RB Series 2017 A  | 5.00% | 04/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25141 |
| **Virginia College Building Authority** | **Virginia College Building Authority** | **Virginia College Building Authority** | **Virginia College Building Authority** | **Virginia College Building Authority** |
| RB Series 2024 A  | 5.00% | 02/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 226489 |
| RB Series 2024 A  | 4.00% | 02/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 100908 |
| RB Commonwealth of Virginia Series 2017 C  | 5.00% | 02/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103364 |
| RB Commonwealth of Virginia Series 2017 C  | 3.00% | 02/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp; 390578 |
| RB Commonwealth of Virginia Series 2019 A  | 3.00% | 02/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 93518 |
| RB Commonwealth of Virginia Series 2019 A  | 3.00% | 02/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 434182 |
| RB Commonwealth of Virginia Series 2019 A  | 3.00% | 02/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 42026 |
| RB Commonwealth of Virginia Series 2021 A  | 3.00% | 02/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 159645 |
| RB Commonwealth of Virginia Series 2021 A  | 4.00% | 02/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126134 |
| RB Commonwealth of Virginia Series 2022 A  | 5.00% | 02/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 92184 |
| RB Commonwealth of Virginia Series 2022 A  | 5.00% | 02/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 102308 |
| RB Commonwealth of Virginia Series 2022 A  | 5.25% | 02/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 42548 |
| RB Commonwealth of Virginia Series 2023 A  | 5.00% | 02/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 139998 |
| RB Commonwealth of Virginia Series 2023 A  | 5.00% | 02/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 765000 | &nbsp;&nbsp; 825868 |
| RB Commonwealth of Virginia Series 2023 A  | 5.00% | 02/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 164625 |
| RB Commonwealth of Virginia Series 2023 A  | 5.00% | 02/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 83804 |
| RB Commonwealth of Virginia Series 2023 A  | 5.00% | 02/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109679 |
| RB Commonwealth of Virginia Series 2023 A  | 5.00% | 02/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 119600 |

---

*See financial notes*

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

**293**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Commonwealth of Virginia Series 2023 A  | 5.00% | 02/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26530 |
| RB Commonwealth of Virginia Series 2023 A  | 5.25% | 02/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 80288 |
| RB Commonwealth of Virginia Series 2024 A  | 5.00% | 02/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 57036 |
| Refunding RB Commonwealth of Virginia Series 2017 E  | 5.00% | 02/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253221 |
| Refunding RB Commonwealth of Virginia Series 2017 E  | 5.00% | 02/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 171109 |
| Refunding RB Commonwealth of Virginia Series 2017 E  | 5.00% | 02/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 180044 |
| Refunding RB Commonwealth of Virginia Series 2017 E  | 5.00% | 02/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 211552 |
| Refunding RB Commonwealth of Virginia Series 2017 E  | 5.00% | 02/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52720 |
| Refunding RB Commonwealth of Virginia Series 2023 B  | 5.00% | 02/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 118752 |
| Refunding RB Commonwealth of Virginia Series 2023 B  | 5.00% | 02/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 279863 |
| Refunding RB Commonwealth of Virginia Series 2023 B  | 5.00% | 02/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 161452 |
| Refunding RB Commonwealth of Virginia Series 2023 B  | 5.00% | 02/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 61888 |
| Refunding RB Commonwealth of Virginia Series 2023 B  | 5.00% | 02/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp; 590106 |
| Refunding RB Commonwealth of Virginia Series 2023 B  | 5.00% | 02/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 212304 |
| **Virginia Commonwealth Transportation Board** | **Virginia Commonwealth Transportation Board** | **Virginia Commonwealth Transportation Board** | **Virginia Commonwealth Transportation Board** | **Virginia Commonwealth Transportation Board** |
| RB Commonwealth of Virginia Series 2018  | 4.00% | 05/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 4836436 |
| Refunding RB Series 2017  | 5.00% | 09/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 189163 |
| Refunding RB Series 2017 A  | 5.00% | 05/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101909 |
| Refunding RB Series 2017 A  | 5.00% | 05/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26074 |
| Refunding RB Series 2017 A  | 5.00% | 05/15/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 368235 |
| Refunding RB Series 2017 A  | 5.00% | 05/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104673 |
| Refunding RB Series 2022  | 5.00% | 05/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 118542 |
| Refunding RB Series 2022  | 4.00% | 05/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 72398 |
| Refunding RB Commonwealth of Virginia Series 2024  | 5.00% | 05/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 192945 |
| Refunding RB Commonwealth of Virginia Series 2024  | 5.00% | 05/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110181 |
| **Virginia Public Building Authority** | **Virginia Public Building Authority** | **Virginia Public Building Authority** | **Virginia Public Building Authority** | **Virginia Public Building Authority** |
| RB Commonwealth of Virginia Series 2021 A-1  | 5.00% | 08/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 38671 |
| RB Commonwealth of Virginia Series 2021 A-2  | 4.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 46307 |
| RB Commonwealth of Virginia Series 2021 A-2  | 4.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101812 |
| RB Commonwealth of Virginia Series 2021 A-2  | 4.00% | 08/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99564 |
| RB Commonwealth of Virginia Series 2021 A-2  | 4.00% | 08/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 160601 |
| RB Commonwealth of Virginia Series 2022 A  | 5.00% | 08/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108449 |
| Refunding RB Commonwealth of Virginia Series 2016 B  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102569 |
| Refunding RB Commonwealth of Virginia Series 2020 B  | 5.00% | 08/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 155278 |
| **Virginia Public School Authority** | **Virginia Public School Authority** | **Virginia Public School Authority** | **Virginia Public School Authority** | **Virginia Public School Authority** |
| Refunding RB Series 2015  | 5.00% | 08/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100158 |
| Refunding RB Series 2015  | 5.00% | 08/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50077 |
| **Virginia Resources Authority** | **Virginia Resources Authority** | **Virginia Resources Authority** | **Virginia Resources Authority** | **Virginia Resources Authority** |
| Refunding RB Series 2016 C  | 4.00% | 11/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9656 |
|  |  |  |  | &nbsp;&nbsp; **36306903** |
| **WASHINGTON** 2.5%  | **WASHINGTON** 2.5%  | **WASHINGTON** 2.5%  | **WASHINGTON** 2.5%  | **WASHINGTON** 2.5%  |
| **Central Puget Sound Regional Transit Authority** | **Central Puget Sound Regional Transit Authority** | **Central Puget Sound Regional Transit Authority** | **Central Puget Sound Regional Transit Authority** | **Central Puget Sound Regional Transit Authority** |
| RB Sales & Rental Car Taxes Revenue Series 2015 S-1  | 5.00% | 11/01/29 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 156146 |
| RB Sales & Rental Car Taxes Revenue Series 2015 S-1  | 5.00% | 11/01/30 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251849 |
| RB Sales & Rental Car Taxes Revenue Series 2015 S-1  | 5.00% | 11/01/31 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 141035 |
| RB Sales & Rental Car Taxes Revenue Series 2015 S-1  | 4.00% | 11/01/33 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 140575 |
| RB Sales & Rental Car Taxes Revenue Series 2015 S-1  | 5.00% | 11/01/36 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 55407 |
| RB Sales & Rental Car Taxes Revenue Series 2015 S-1  | 5.00% | 11/01/45 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 790000 | &nbsp;&nbsp; 795843 |
| Refunding RB Sales Motor Vehicle & Rental Car Tax Series 2021 S-1  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp; 474620 |

---

*See financial notes*

**294**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Sales Motor Vehicle & Rental Car Tax Series 2021 S-1  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 137221 |
| Refunding RB Sales Motor Vehicle & Rental Car Tax Series 2021 S-1  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp; 559065 |
| Refunding RB Sales Motor Vehicle & Rental Car Tax Series 2021 S-1  | 5.00% | 11/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111541 |
| Refunding RB Sales Motor Vehicle & Rental Car Tax Series 2021 S-1  | 5.00% | 11/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp; 399047 |
| Refunding RB Sales Motor Vehicle & Rental Car Tax Series 2021 S-1  | 5.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 93498 |
| Refunding RB Sales Motor Vehicle & Rental Car Tax Series 2021 S-1  | 3.00% | 11/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 45293 |
| Refunding RB Sales Motor Vehicle & Rental Car Tax Series 2021 S-1  | 5.00% | 11/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 271262 |
| Refunding RB Sales Motor Vehicle & Rental Car Tax Series 2021 S-1  | 4.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 83370 |
| Refunding RB Sales Motor Vehicle & Rental Car Tax Series 2021 S-1  | 4.00% | 11/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 89179 |
| **City of Seattle Drainage & Wastewater Revenue** | **City of Seattle Drainage & Wastewater Revenue** | **City of Seattle Drainage & Wastewater Revenue** | **City of Seattle Drainage & Wastewater Revenue** | **City of Seattle Drainage & Wastewater Revenue** |
| Refunding RB Series 2014  | 4.00% | 05/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 111116 |
| **City of Seattle Municipal Light & Power Revenue** | **City of Seattle Municipal Light & Power Revenue** | **City of Seattle Municipal Light & Power Revenue** | **City of Seattle Municipal Light & Power Revenue** | **City of Seattle Municipal Light & Power Revenue** |
| RB Series 2015 A  | 4.00% | 05/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 133336 |
| Refunding RB Series 2014  | 4.00% | 09/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 89901 |
| Refunding RB Series 2022  | 5.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102206 |
| Refunding RB Series 2023 A  | 5.00% | 03/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55652 |
| **City of Tacoma Electric System Revenue** | **City of Tacoma Electric System Revenue** | **City of Tacoma Electric System Revenue** | **City of Tacoma Electric System Revenue** | **City of Tacoma Electric System Revenue** |
| Refunding RB Series 2013 A  | 4.00% | 01/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 91347 |
| **County of King** | **County of King** | **County of King** | **County of King** | **County of King** |
| GO Bonds Series 2021 A  | 4.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 132731 |
| GO Bonds Series 2021 A  | 5.00% | 01/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27447 |
| GO Bonds Series 2021 A  | 5.00% | 01/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55719 |
| Refunding GO Bonds Series 2017  | 4.00% | 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30531 |
| **County of King Sewer Revenue** | **County of King Sewer Revenue** | **County of King Sewer Revenue** | **County of King Sewer Revenue** | **County of King Sewer Revenue** |
| Refunding RB Series 2016 A  | 4.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 123591 |
| Refunding RB Series 2016 B  | 4.00% | 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 237157 |
| Refunding RB Series 2016 B  | 4.00% | 07/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 80641 |
| Refunding RB Series 2016 B  | 5.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100498 |
| Refunding RB Series 2024 A  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 112099 |
| Refunding RB Series 2024 B  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 276435 |
| **Douglas County Public Utility District No. 1 Wells Hydroelectric Project Revenue** | **Douglas County Public Utility District No. 1 Wells Hydroelectric Project Revenue** | **Douglas County Public Utility District No. 1 Wells Hydroelectric Project Revenue** | **Douglas County Public Utility District No. 1 Wells Hydroelectric Project Revenue** | **Douglas County Public Utility District No. 1 Wells Hydroelectric Project Revenue** |
| RB Series 2022 B  | 3.00% | 09/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 71486 |
| **Energy Northwest** | **Energy Northwest** | **Energy Northwest** | **Energy Northwest** | **Energy Northwest** |
| Refunding RB Bonneville Power Administration Series 2015 A  | 5.00% | 07/01/25 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 115000 |
| Refunding RB Bonneville Power Administration Series 2015 C  | 5.00% | 07/01/25 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50000 |
| Refunding RB Bonneville Power Administration Series 2016 A  | 5.00% | 07/01/25 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 90000 |
| Refunding RB Bonneville Power Administration Series 2016 A  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 219878 |
| Refunding RB Bonneville Power Administration Series 2016 A  | 5.00% | 07/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp; 321968 |
| Refunding RB Bonneville Power Administration Series 2016 A  | 5.00% | 07/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 168579 |
| Refunding RB Bonneville Power Administration Series 2017 A  | 5.00% | 07/01/25 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 145000 |
| Refunding RB Bonneville Power Administration Series 2017 A  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp; 342601 |
| Refunding RB Bonneville Power Administration Series 2017 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 392638 |
| Refunding RB Bonneville Power Administration Series 2017 A  | 5.00% | 07/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 130580 |
| Refunding RB Bonneville Power Administration Series 2017 A  | 5.00% | 07/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 145861 |
| Refunding RB Bonneville Power Administration Series 2017 A  | 5.00% | 07/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36210 |
| Refunding RB Bonneville Power Administration Series 2018 C  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204538 |
| Refunding RB Bonneville Power Administration Series 2018 C  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 94233 |
| Refunding RB Bonneville Power Administration Series 2018 C  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 224512 |
| Refunding RB Bonneville Power Administration Series 2018 C  | 5.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208913 |
| Refunding RB Bonneville Power Administration Series 2019 A  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 136380 |

---

*See financial notes*

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

**295**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Bonneville Power Administration Series 2019 A  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 88934 |
| Refunding RB Bonneville Power Administration Series 2020 A  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 74449 |
| Refunding RB Bonneville Power Administration Series 2021 A  | 5.00% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 585000 | &nbsp;&nbsp; 608323 |
| Refunding RB Bonneville Power Administration Series 2021 A  | 4.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp; 447887 |
| Refunding RB Bonneville Power Administration Series 2023 A  | 4.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26378 |
| Refunding RB Bonneville Power Administration Series 2023 A  | 5.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 257567 |
| Refunding RB Bonneville Power Administration Series 2023 A  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110732 |
| Refunding RB Bonneville Power Administration Series 2023 A  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 104246 |
| Refunding RB Bonneville Power Administration Series 2023 A  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 331395 |
| Refunding RB Bonneville Power Administration Series 2024 A  | 5.00% | 07/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 150908 |
| Refunding RB Bonneville Power Administration Series 2024 A  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 112696 |
| Refunding RB Bonneville Power Administration Series 2024 A  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 252281 |
| Refunding RB Bonneville Power Administration Series 2024 A  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2900000 | &nbsp;&nbsp; 3185607 |
| Refunding RB Bonneville Power Administration Series 2024 A  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 162983 |
| Refunding RB Bonneville Power Administration Series 2024 A  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107778 |
| **Franklin County School District No. 1 Pasco** | **Franklin County School District No. 1 Pasco** | **Franklin County School District No. 1 Pasco** | **Franklin County School District No. 1 Pasco** | **Franklin County School District No. 1 Pasco** |
| Refunding GO Bonds Series 2023  | 4.00% | 12/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52096 |
| Refunding GO Bonds Series 2023  | 5.50% | 12/01/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 49357 |
| Refunding GO Bonds Series 2023  | 4.25% | 12/01/42 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24517 |
| **King & Snohomish Counties School District No. 417 Northshore** | **King & Snohomish Counties School District No. 417 Northshore** | **King & Snohomish Counties School District No. 417 Northshore** | **King & Snohomish Counties School District No. 417 Northshore** | **King & Snohomish Counties School District No. 417 Northshore** |
| GO Bonds Series 2018  | 5.00% | 12/01/35 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103341 |
| Refunding GO Bonds Series 2022  | 5.00% | 12/01/39 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 116721 |
| Refunding GO Bonds Series 2024  | 5.00% | 12/01/39 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 188279 |
| **King County Public Hospital District No. 2** | **King County Public Hospital District No. 2** | **King County Public Hospital District No. 2** | **King County Public Hospital District No. 2** | **King County Public Hospital District No. 2** |
| GO Bonds Series 2020 A  | 4.00% | 12/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 85942 |
| **King County School District No. 403 Renton** | **King County School District No. 403 Renton** | **King County School District No. 403 Renton** | **King County School District No. 403 Renton** | **King County School District No. 403 Renton** |
| GO Bonds Series 2023  | 4.00% | 12/01/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 43650 |
| **King County School District No. 411 Issaquah** | **King County School District No. 411 Issaquah** | **King County School District No. 411 Issaquah** | **King County School District No. 411 Issaquah** | **King County School District No. 411 Issaquah** |
| GO Bonds Series 2016  | 4.00% | 12/01/31 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50242 |
| **King County School District No. 414 Lake Washington** | **King County School District No. 414 Lake Washington** | **King County School District No. 414 Lake Washington** | **King County School District No. 414 Lake Washington** | **King County School District No. 414 Lake Washington** |
| Refunding GO Bonds Series 2020  | 4.00% | 12/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15604 |
| Refunding GO Bonds Series 2020  | 4.00% | 12/01/29 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 99619 |
| **Pierce County School District No. 10 Tacoma** | **Pierce County School District No. 10 Tacoma** | **Pierce County School District No. 10 Tacoma** | **Pierce County School District No. 10 Tacoma** | **Pierce County School District No. 10 Tacoma** |
| GO Bonds Series 2020 B  | 4.00% | 12/01/41 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 135878 |
| **Snohomish County Public Utility District No. 1 Electric System Revenue** | **Snohomish County Public Utility District No. 1 Electric System Revenue** | **Snohomish County Public Utility District No. 1 Electric System Revenue** | **Snohomish County Public Utility District No. 1 Electric System Revenue** | **Snohomish County Public Utility District No. 1 Electric System Revenue** |
| RB Series 2015  | 5.00% | 12/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100236 |
| **Snohomish County School District No. 15 Edmonds** | **Snohomish County School District No. 15 Edmonds** | **Snohomish County School District No. 15 Edmonds** | **Snohomish County School District No. 15 Edmonds** | **Snohomish County School District No. 15 Edmonds** |
| Refunding GO Bonds Series 2024  | 5.00% | 12/01/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53622 |
| **Spokane County School District No. 81 Spokane** | **Spokane County School District No. 81 Spokane** | **Spokane County School District No. 81 Spokane** | **Spokane County School District No. 81 Spokane** | **Spokane County School District No. 81 Spokane** |
| GO Bonds Series 2019  | 5.00% | 12/01/36 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 209174 |
| Refunding GO Bonds Series 2021  | 4.00% | 12/01/38 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 19715 |
| **State of Washington** | **State of Washington** | **State of Washington** | **State of Washington** | **State of Washington** |
| GO Bonds Series 2017 A  | 5.00% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25291 |
| GO Bonds Series 2017 D  | 5.00% | 02/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 147671 |
| GO Bonds Series 2018 C  | 5.00% | 02/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 6089117 |
| GO Bonds Series 2019 A  | 5.00% | 08/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 207895 |
| GO Bonds Series 2019 A  | 5.00% | 08/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 259916 |
| GO Bonds Series 2020 A  | 5.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155961 |
| GO Bonds Series 2020 A  | 5.00% | 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103394 |
| GO Bonds Series 2020 A  | 5.00% | 08/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 97065 |

---

*See financial notes*

**296**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2020 C  | 5.00% | 02/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 176321 |
| GO Bonds Series 2020 C  | 5.00% | 02/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 132577 |
| GO Bonds Series 2020 C  | 5.00% | 02/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31451 |
| GO Bonds Series 2020 C  | 5.00% | 02/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 6565000 | &nbsp;&nbsp; 6847404 |
| GO Bonds Series 2020 C  | 5.00% | 02/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 165790 |
| GO Bonds Series 2020 C  | 5.00% | 02/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154683 |
| GO Bonds Series 2020 C  | 5.00% | 02/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205376 |
| GO Bonds Series 2021 A  | 5.00% | 08/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32164 |
| GO Bonds Series 2021 A  | 5.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 163074 |
| GO Bonds Series 2021 A  | 5.00% | 08/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25823 |
| GO Bonds Series 2021 A  | 5.00% | 08/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154229 |
| GO Bonds Series 2021 C  | 5.00% | 02/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52091 |
| GO Bonds Series 2021 C  | 5.00% | 02/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 122750 |
| GO Bonds Series 2022 A-1  | 5.00% | 08/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 112001 |
| GO Bonds Series 2022 A-1  | 5.00% | 08/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 134441 |
| GO Bonds Series 2022 A-2  | 5.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 132439 |
| GO Bonds Series 2022 A-2  | 5.00% | 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 141977 |
| GO Bonds Series 2022 A-3  | 5.00% | 08/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 61345 |
| GO Bonds Series 2022 A-3  | 5.00% | 08/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255076 |
| GO Bonds Series 2022 C  | 5.00% | 02/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 33494 |
| GO Bonds Series 2022 C  | 5.00% | 02/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 57673 |
| GO Bonds Series 2022 C  | 5.00% | 02/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 46368 |
| GO Bonds Series 2022 C  | 5.00% | 02/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20524 |
| GO Bonds Series 2022 C  | 5.00% | 02/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 56174 |
| GO Bonds Series 2023 A  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27799 |
| GO Bonds Series 2023 A  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 60642 |
| GO Bonds Series 2023 A  | 5.00% | 08/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 268663 |
| GO Bonds Series 2023 A  | 5.00% | 08/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 259499 |
| GO Bonds Series 2023 B  | 5.00% | 02/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51780 |
| GO Bonds Series 2023 B  | 5.00% | 02/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 169715 |
| GO Bonds Series 2023 B  | 5.00% | 02/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 87248 |
| GO Bonds Series 2024 A  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 33451 |
| GO Bonds Series 2024 A  | 5.00% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257137 |
| GO Bonds Series 2024 C  | 5.00% | 02/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32820 |
| GO Bonds Series 2024 C  | 5.00% | 02/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 59636 |
| GO Bonds Series 2024 C  | 5.00% | 02/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35846 |
| GO Bonds Series 2025 C  | 5.00% | 02/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10794 |
| GO Bonds Series 2025 C  | 5.00% | 02/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 120712 |
| GO Bonds Series 2025 C  | 5.00% | 02/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2057610 |
| GO Bonds Series R-2022 D  | 4.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp; 653802 |
| Refunding GO Bonds Series 2016 B  | 5.00% | 07/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 80834 |
| Refunding GO Bonds Series 2016 B  | 5.00% | 07/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151280 |
| Refunding GO Bonds Series 2021  | 5.00% | 06/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10329 |
| Refunding GO Bonds Series R-2016 C  | 5.00% | 07/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 85767 |
| Refunding GO Bonds Series R-2017 A  | 5.00% | 08/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 168789 |
| Refunding GO Bonds Series R-2017 A  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 178661 |
| Refunding GO Bonds Series R-2018 C  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 62945 |
| Refunding GO Bonds Series R-2018 C  | 5.00% | 08/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 260707 |
| Refunding GO Bonds Series R-2018 C  | 5.00% | 08/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 119712 |
| Refunding GO Bonds Series R-2018 C  | 5.00% | 08/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20709 |

---

*See financial notes*

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

**297**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding GO Bonds Series R-2018 C  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 160081 |
| Refunding GO Bonds Series R-2018 D  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 157362 |
| Refunding GO Bonds Series R-2018 D  | 5.00% | 08/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15630 |
| Refunding GO Bonds Series R-2018 D  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104056 |
| Refunding GO Bonds Series R-2020 C  | 5.00% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250000 |
| Refunding GO Bonds Series R-2022 C  | 5.00% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30000 |
| Refunding GO Bonds Series R-2022 C  | 4.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 200663 |
| Refunding GO Bonds Series R-2022 C  | 4.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 166045 |
| Refunding GO Bonds Series R-2022 D  | 5.00% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200000 |
| Refunding GO Bonds Series R-2022 D  | 4.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 4010000 | &nbsp;&nbsp; 4126457 |
| Refunding GO Bonds Series R-2023 A  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 512843 |
| Refunding GO Bonds Series R-2023 A  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107077 |
| Refunding GO Bonds Series R-2023 A  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4810000 | &nbsp;&nbsp; 5394692 |
| Refunding GO Bonds Series R-2023 A  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 166792 |
| Refunding GO Bonds Series R-2023 B  | 5.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 11054 |
| Refunding GO Bonds Series R-2023 B  | 5.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 89469 |
| Refunding GO Bonds Series R-2023 B  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 312532 |
| Refunding GO Bonds Series R-2023 B  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 326507 |
| Refunding GO Bonds Series R-2024 C  | 5.00% | 08/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25043 |
| Refunding GO Bonds Series R-2024 C  | 5.00% | 08/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27241 |
| Refunding GO Bonds Series R-2024 C  | 5.00% | 08/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 139927 |
| Refunding GO Bonds Series R-2024 C  | 5.00% | 08/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 49639 |
| Refunding GO Bonds Series R-2024 C  | 5.00% | 08/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109125 |
| Refunding GO Bonds Series R-2024 C  | 5.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 85948 |
| Refunding GO Bonds Series R-2025 B  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 85529 |
| Refunding GO Bonds Series R-2025 B  | 5.00% | 07/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 223801 |
| Refunding GO Bonds Series R-2025 C  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54427 |
| Refunding GO Bonds Series R-2025 C  | 5.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp; 453413 |
| **University of Washington** | **University of Washington** | **University of Washington** | **University of Washington** | **University of Washington** |
| Refunding RB Series 2012 C  | 3.13% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 187430 |
| **Washington Biomed Research Properties Lease** | **Washington Biomed Research Properties Lease** | **Washington Biomed Research Properties Lease** | **Washington Biomed Research Properties Lease** | **Washington Biomed Research Properties Lease** |
| RB University of Washington Series 2015 A  | 4.00% | 01/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 17462 |
| **Washington State Convention Center Public Facilities District** | **Washington State Convention Center Public Facilities District** | **Washington State Convention Center Public Facilities District** | **Washington State Convention Center Public Facilities District** | **Washington State Convention Center Public Facilities District** |
| RB Lodging Tax Revenue Series 2018  | 4.00% | 07/01/58 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 124243 |
| RB Lodging Tax Revenue Series 2018  | 4.00% | 07/01/58 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 38144 |
| RB Lodging Tax Revenue Series 2018  | 5.00% | 07/01/58 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95644 |
| **Whatcom County School District No. 501 Bellingham** | **Whatcom County School District No. 501 Bellingham** | **Whatcom County School District No. 501 Bellingham** | **Whatcom County School District No. 501 Bellingham** | **Whatcom County School District No. 501 Bellingham** |
| Refunding GO Bonds Series 2023  | 5.00% | 12/01/39 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15977 |
|  |  |  |  | &nbsp;&nbsp; **51826587** |
| **WEST VIRGINIA** 0.0%  | **WEST VIRGINIA** 0.0%  | **WEST VIRGINIA** 0.0%  | **WEST VIRGINIA** 0.0%  | **WEST VIRGINIA** 0.0%  |
| **Marshall University** | **Marshall University** | **Marshall University** | **Marshall University** | **Marshall University** |
| Refunding RB Series 2020 A  | 3.00% | 05/01/46 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 36940 |
| **West Virginia Parkways Authority** | **West Virginia Parkways Authority** | **West Virginia Parkways Authority** | **West Virginia Parkways Authority** | **West Virginia Parkways Authority** |
| RB Series 2018  | 4.00% | 06/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 130425 |
| RB Series 2021  | 5.00% | 06/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 193165 |
|  |  |  |  | &nbsp;&nbsp; **360530** |

---

*See financial notes*

**298**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **WISCONSIN** 0.8%  | **WISCONSIN** 0.8%  | **WISCONSIN** 0.8%  | **WISCONSIN** 0.8%  | **WISCONSIN** 0.8%  |
| **Franklin Public School District** | **Franklin Public School District** | **Franklin Public School District** | **Franklin Public School District** | **Franklin Public School District** |
| GO Bonds Series 2025 A  | 4.00% | 04/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 227962 |
| **Public Finance Authority** | **Public Finance Authority** | **Public Finance Authority** | **Public Finance Authority** | **Public Finance Authority** |
| RB University of Kansas Series 2016  | 5.00% | 03/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25129 |
| **State of Wisconsin** | **State of Wisconsin** | **State of Wisconsin** | **State of Wisconsin** | **State of Wisconsin** |
| GO Bonds Series 2021 A  | 4.00% | 05/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4635000 | &nbsp;&nbsp; 4568339 |
| GO Bonds Series 2025 3  | 5.00% | 05/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1106429 |
| GO Bonds Series 2025 3  | 5.00% | 05/01/35  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1149724 |
| RB Series 2019 A  | 5.00% | 05/01/28 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 46866 |
| Refunding GO Bonds Series 2016 2  | 5.00% | 11/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 312293 |
| Refunding GO Bonds Series 2017  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 144543 |
| Refunding GO Bonds Series 2017  | 5.00% | 11/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 213914 |
| Refunding GO Bonds Series 2017  | 5.00% | 11/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 151120 |
| Refunding GO Bonds Series 2017 2  | 5.00% | 11/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 198262 |
| Refunding GO Bonds Series 2017 3  | 5.00% | 11/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp; 459133 |
| Refunding GO Bonds Series 2021 1  | 5.00% | 05/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31315 |
| Refunding GO Bonds Series 2022 4  | 5.00% | 05/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 71918 |
| Refunding GO Bonds Series 2023 2  | 5.00% | 05/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56086 |
| Refunding GO Bonds Series 2023 2  | 5.00% | 05/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 5140000 | &nbsp;&nbsp; 5870011 |
| Refunding GO Bonds Series 2023 2  | 5.00% | 05/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 49139 |
| Refunding GO Bonds Series 2023 2  | 5.00% | 05/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108214 |
| Refunding GO Bonds Series 2024 1  | 5.00% | 05/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 113254 |
| Refunding GO Bonds Series 2024 1  | 5.00% | 05/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 33858 |
| Refunding GO Bonds Series 2025 2  | 5.00% | 05/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20877 |
| Refunding RB Series 2019 A  | 5.00% | 05/01/26 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 61070 |
| Refunding RB Series 2019 A  | 5.00% | 05/01/27 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208292 |
| **State of Wisconsin Environmental Improvement Fund Revenue** | **State of Wisconsin Environmental Improvement Fund Revenue** | **State of Wisconsin Environmental Improvement Fund Revenue** | **State of Wisconsin Environmental Improvement Fund Revenue** | **State of Wisconsin Environmental Improvement Fund Revenue** |
| RB Series 2024 A  | 5.00% | 06/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 68148 |
| **Village of Mount Pleasant** | **Village of Mount Pleasant** | **Village of Mount Pleasant** | **Village of Mount Pleasant** | **Village of Mount Pleasant** |
| Tax Allocation Tax Increment District No. 5 Series 2018 A  | 5.00% | 04/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50696 |
| **Wisconsin Center District** | **Wisconsin Center District** | **Wisconsin Center District** | **Wisconsin Center District** | **Wisconsin Center District** |
| RB Series 2020 C  | 4.84% | 12/15/50 *(a)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp; 223175 |
| RB Series 2020 D  | 5.20% | 12/15/55 *(a)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 106583 |
| **Wisconsin Department of Transportation** | **Wisconsin Department of Transportation** | **Wisconsin Department of Transportation** | **Wisconsin Department of Transportation** | **Wisconsin Department of Transportation** |
| Refunding RB Series 2017 1  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 319589 |
| Refunding RB Series 2017 1  | 5.00% | 07/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 276784 |
| Refunding RB Fee Revenue Series 2023 1  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 345783 |
| Refunding RB Fee Revenue Series 2024 2  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 113372 |
| Refunding RB Vehicle Fee Revenue Series 2024 2  | 5.00% | 07/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25000 |
| **Wisconsin Health & Educational Facilities Authority** | **Wisconsin Health & Educational Facilities Authority** | **Wisconsin Health & Educational Facilities Authority** | **Wisconsin Health & Educational Facilities Authority** | **Wisconsin Health & Educational Facilities Authority** |
| Refunding RB Medical College of Wisconsin, Inc. Series 2016  | 4.00% | 12/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 66256 |
| Refunding RB Medical College of Wisconsin, Inc. Series 2022  | 4.00% | 12/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 87057 |
|  |  |  |  | &nbsp;&nbsp; **16910191** |
| **WYOMING** 0.1%  | **WYOMING** 0.1%  | **WYOMING** 0.1%  | **WYOMING** 0.1%  | **WYOMING** 0.1%  |
| **County of Campbell** | **County of Campbell** | **County of Campbell** | **County of Campbell** | **County of Campbell** |
| Refunding RB Basin Electric Power Cooperative Series 2019 A  | 3.63% | 07/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1048666 |

---

*See financial notes*

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

**299**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **University of Wyoming** | **University of Wyoming** | **University of Wyoming** | **University of Wyoming** | **University of Wyoming** |
| RB Series 2021 C  | 4.00% | 06/01/51 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 528584 |
|  |  |  |  | &nbsp;&nbsp; **1577250** |
| **Total Municipal Securities** <br>**(Cost $2,039,454,941)** | **Total Municipal Securities** <br>**(Cost $2,039,454,941)** | **Total Municipal Securities** <br>**(Cost $2,039,454,941)** | **Total Municipal Securities** <br>**(Cost $2,039,454,941)** | &nbsp;&nbsp; **2037729583** |
| **Total Investments in Securities** <br>**(Cost $2,039,454,941)** | **Total Investments in Securities** <br>**(Cost $2,039,454,941)** | **Total Investments in Securities** <br>**(Cost $2,039,454,941)** | **Total Investments in Securities** <br>**(Cost $2,039,454,941)** | &nbsp;&nbsp; **2037729583** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* The effective maturity may be shorter than the final maturity shown because the security is subject to a put, demand or call feature.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* Refunded bond.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* Credit-enhanced or liquidity-enhanced.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* Zero coupon bond. When a security is purchased with a zero coupon rate the effective yield at the time of purchase is shown.

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* VRDN is a municipal security which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are weekly but may be daily or monthly. Unless a reference rate and spread is shown parenthetically, the Remarketing Agent, generally a dealer, determines the interest rate for the security at each interest rate reset date. The rate is typically based on the SIFMA Municipal Swap Index.

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* Security or a portion of the security purchased on a delayed-delivery or when-issued basis.

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

---

| | |
|:---|:---|
| COP — | Certificate of participation |
| GO — | General obligation |
| RB — | Revenue bond |
| SIFMA — | Securities Industry and Financial Markets Association. The SIFMA Municipal Swap Index is a market index comprised of high-grade 7-day tax-exempt Variable Rate <br> Demand Obligations with certain characteristics.<br>|
| VRDN — | Variable rate demand note |

---

------

The following is a summary of the inputs used to value the fund's investments as of June 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Municipal Securities<sup>1</sup> <br>| $— | &nbsp;&nbsp; $2037729583 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2037729583 |
| **Total** | **$—** | &nbsp;&nbsp; **$2037729583** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$2037729583** |

---

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

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

*See financial notes*

**300**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Statement of Assets and Liabilities

------

As of June 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $2,039,454,941) |  | $2037729583 |
| Cash |  | 741262 |
| Receivables: |  |  |
| Interest |  | 25760541 |
| Fund shares sold | + | 17602759 |
| **Total assets** |  | **2081834145** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 19070199 |
| Investments bought - delayed-delivery |  | 3172340 |
| Management fees | + | 49351 |
| **Total liabilities** |  | **22291890** |
| **Net assets** |  | **$2059542255** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $2056612389 |
| Total distributable earnings | + | 2929866 |
| **Net assets** |  | **$2059542255** |

---

&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** |
| $2059542255 |  | &nbsp;&nbsp;&nbsp;&nbsp; 81900000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $25.15 |

---

*See financial notes*

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

**301**

------

Schwab Municipal Bond ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| **Interest received from securities - unaffiliated issuers** |  | **$20089254** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 159626 |
| **Total expenses** | – | **159626** |
| **Net investment income** |  | **19929628** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (1095217)<br>|
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  | + | 44633 |
| **Net realized losses** |  | **(1050584)**<br>|
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers** | + | **(1232210)**<br>|
| **Net realized and unrealized losses** |  | **(2282794)**<br>|
| **Increase in net assets resulting from operations** |  | **$17646834** |

---

*See financial notes*

**302**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Municipal 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** |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 |
| Net investment income |  | $19929628 | &nbsp;&nbsp;&nbsp; $12188033 |
| Net realized losses |  | (1050584)<br>| &nbsp;&nbsp;&nbsp; (162084)<br>|
| Net change in unrealized appreciation (depreciation) | + | (1232210)<br>| &nbsp;&nbsp;&nbsp; (7800373)<br>|
| **Increase in net assets resulting from operations** |  | **$17646834** | &nbsp;&nbsp;&nbsp; **$4225576** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($13899090)**<br>| &nbsp;&nbsp;&nbsp; **($11944295)**<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 63100000 | &nbsp;&nbsp;&nbsp; $1571669749 | &nbsp;&nbsp;&nbsp; 9700000 | &nbsp;&nbsp;&nbsp; $251338494 |
| Other capital |  |  | &nbsp;&nbsp;&nbsp; 1317817 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 152370 |
| Shares redeemed | + | (200000)<br>| &nbsp;&nbsp;&nbsp; (4987809)<br>| &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (2594714)<br>|
| **Net transactions in fund shares**  |  | **62900000** | &nbsp;&nbsp;&nbsp; **$1567999757** | &nbsp;&nbsp;&nbsp; **9600000** | &nbsp;&nbsp;&nbsp; **$248896150** |
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 19000000 | &nbsp;&nbsp;&nbsp; $487794754 | &nbsp;&nbsp;&nbsp; 9400000 | &nbsp;&nbsp;&nbsp; $246617323 |
| Total increase | + | 62900000 | &nbsp;&nbsp;&nbsp; 1571747501 | &nbsp;&nbsp;&nbsp; 9600000 | &nbsp;&nbsp;&nbsp; 241177431 |
| **End of period** |  | **81900000** | &nbsp;&nbsp;&nbsp; **$2059542255** | &nbsp;&nbsp;&nbsp; **19000000** | &nbsp;&nbsp;&nbsp; **$487794754** |

---

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

---

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

---

*See financial notes*

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

**303**

------

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

---

The funds issue and redeem shares at their net asset value per share (NAV) 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 NAV, shares may trade at a price greater than NAV (premium) or less than NAV (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 NAV 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 "Fund Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.

**Investment Objectives** 

The **Schwab U.S. TIPS ETF's** goal is to track as closely as possible, before fees and expenses, the total return of an index composed of inflation-protected U.S. Treasury securities.

The **Schwab Short-Term U.S. Treasury ETF's** goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the short-term U.S. Treasury bond market.

The **Schwab Intermediate-Term U.S. Treasury ETF's** goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the intermediate-term U.S. Treasury bond market.

The **Schwab Long-Term U.S. Treasury ETF's** goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the long-term U.S. Treasury bond market.

The **Schwab U.S. Aggregate Bond ETF's** goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the broad U.S. investment-grade bond market.

The **Schwab 1-5 Year Corporate Bond ETF's** goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the short-term U.S. corporate bond market.

**304**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;

**1. Business Structure of the Funds (continued):** 

The **Schwab 5-10 Year Corporate Bond ETF's** goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the intermediate-term U.S. corporate bond market.

The **Schwab Municipal Bond ETF's** goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the U.S. AMT-free municipal bond market.

------

**2. Significant Accounting Policies:**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Bonds and notes:** Fixed income investments are generally valued using an evaluated price at the mid-point of the bid/ask spread provided by an approved, independent pricing service (mid-price). To determine the evaluated mid-price, a pricing service may use a variety of techniques and inputs. Techniques may include, but are not limited to, spread models that calculate an investment-specific price relative to a benchmark or yield curve models that establish a price based on yields of comparable bonds along a range of maturities. Inputs differ by valuation approach and techniques, as appropriate, and examples of inputs may include, but are not limited to, interest rates, market conditions, comparable bonds, market trades, projected cash flows, credit reviews and issuer news.

&nbsp;&nbsp;&nbsp;&nbsp;● **Futures contracts:** Futures contracts are valued at their settlement prices as of the close of their exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Short-term securities (60 days or less to maturity):** Securities with remaining maturities of 60 days or less are generally valued at an evaluated price; however, such securities may be valued at their amortized cost if it approximates the security's fair value.

&nbsp;&nbsp;&nbsp;&nbsp;● **Mutual funds:** Mutual funds are valued at their respective NAVs.

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

In accordance with the authoritative guidance on fair value measurements and disclosures under 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

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

**305**

------

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):** 

liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee's judgment will be required to estimate fair value.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Valuation Designee's own assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore a fund's results of operations.

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

The levels associated with valuing the funds' investments as of June 30, 2025, are disclosed in each fund's Portfolio Holdings.

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

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

**Inflation-Protected Securities:** The Schwab U.S. TIPS ETF invests in U.S. Treasury inflation-protected securities (TIPS). Inflation-protected securities are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these instruments is generally fixed at issuance at a rate lower than typical bonds or notes. Over the life of an inflation-indexed instrument, interest will be paid based on a principal value, which is adjusted for any inflation or deflation. Any increase or decrease in the principal amount of an inflation-protected security will be included as an addition or reduction to interest income on the Statement of Operations, even though investors do not receive their principal until maturity.

**TBA Commitments:** The Schwab U.S. Aggregate Bond ETF may enter into "TBA" (to-be-announced) commitments to purchase or sell securities for a fixed price at a future date. Payments or proceeds of TBA commitments are not delivered until the contractual settlement date. Unsettled TBA commitments are valued at the current market value generally according to the procedures described above in the Security Valuation section. The fund's use of TBA commitments may cause the fund to experience higher portfolio turnover and higher transaction costs.

**306**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):** 

**Agency MBS and TBA Transactions:** Under Financial Industry Regulatory Authority Rule 4210, broker-dealers are required to collect margin from most customers, such as funds, for the majority of covered agency transactions, including TBAs. The Schwab U.S. Aggregate Bond ETF posts and receives variation margin with certain counterparties in instances where the unrealized gain (loss) on such transactions exceeds certain pre-determined thresholds. The variation margin, if any, is disclosed on the Statement of Assets and Liabilities.

**Delayed-Delivery Transactions and When-Issued Securities:** The funds may have transacted 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. Each fund complies with Rule 18f-4 under the 1940 Act, the funds operate as limited derivatives users, with respect to purchase commitments held within the funds, portfolio securities are no longer required to be segregated as collateral with a value at least equal to the amount of a purchase commitment and the funds' exposure is monitored under a derivatives risk management program.

**Variable Rate Demand Note:** A Variable Rate Demand Note (VRDN) is an asset class in the short-term municipal bond market with a variable (or floating) interest rate which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are daily and weekly, but could be monthly. The put feature entitles the holder to the right to demand repayment in full or to resell at a specific price and/or time, shortening the legal maturity of the VRDN, these put features are daily and weekly, but could be monthly, making these liquid and short-term investments. While the demand feature is intended to reduce credit risks, it is not always unconditional and may be subject to termination if the issuer's credit rating falls below investment grade or if the issuer fails to make payments on other debt. While most variable-rate demand securities allow a fund to exercise its demand rights at any time, some such securities may only allow a fund to exercise its demand rights at certain times, which reduces the liquidity usually associated with this type of security. A fund could suffer losses in the event that the demand feature provider, usually a bank, fails to meet its obligation to pay the demand.

**Securities Lending**: Under the trust's Securities Lending Program, a fund (lender) may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank. Collateral at the individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides a fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. Each fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreements 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 agents 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 June 30, 2025, the Schwab U.S. Aggregate Bond ETF, Schwab 1-5 Year Corporate Bond ETF and Schwab 5-10 Year Corporate Bond ETF had securities on loan, all of which were classified as corporate and government related bonds. The value of the securities on loan and the related collateral at June 30, 2025, are disclosed in each fund's Portfolio Holdings and Statement of Assets and Liabilities.

**(c) Security Transactions:**

Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains or losses from security transactions are based on the identified costs of the securities involved. Gains and losses from paydowns on mortgage and asset backed securities are recorded as adjustments to interest income.

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

**307**

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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):** 

**(d) Investment Income:**

Interest income is recorded as it accrues. If a fund buys a debt security at a discount (less than face value) or a premium (more than face value), it amortizes premiums and accretes discounts from the purchase settlement date up to maturity. The fund then increases (in the case of discounts) or reduces (in the case of premiums) the income it records from the security. Certain securities may be callable (meaning that the issuer has the option to pay it off before its maturity date). The fund amortizes the premium and accretes the discount on each callable security to the security's maturity date, except when the purchase price is higher than the call price at the security's call date (in which case the premium is amortized to the call date). Any increase or decrease in the principal amount of an inflation-protected security is included as an addition or reduction to interest income on the Statement of Operations; such adjustments may have a significant impact on a fund's distributions. Dividends and distributions from underlying funds are recorded on the date they are effective (the ex-dividend date). Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

**(e) Expenses:**

Pursuant to the Amended and Restated Advisory Agreement between the investment adviser and the trust, the investment adviser pays the operating expenses of each fund, excluding acquired fund fees and expenses, taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to a fund are charged directly to the fund. Acquired fund fees and expenses are indirect expenses incurred by a fund through its investments in underlying funds and are reflected in the NAVs 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 are included in net realized gains (losses) on sales of securities — unaffiliated issuers in each fund's Statement of Operations, if any.

**(g) Distributions to Shareholders:**

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

**(h) Accounting Estimates:**

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

**(i) Federal Income Taxes:**

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

**(j) Segment Reporting:**

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

**308**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

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Schwab Fixed-Income 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):** 

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 of the 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.

**(l) Recent Accounting Pronouncements:**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The guidance is effective for annual periods beginning after December 15, 2024, and with early adoption permitted. At this time, management is evaluating the impact of this amendment but believes it will not have a material impact on the financial statements and income tax disclosures.

------

**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 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 management fee, payable monthly, based on a percentage of each fund's average daily net assets as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| SCHWAB<br> U.S. TIPS ETF<br>| SCHWAB<br> SHORT-TERM<br> U.S. TREASURY ETF<br>| SCHWAB<br> INTERMEDIATE-TERM<br> U.S. TREASURY ETF<br>| SCHWAB<br> LONG-TERM<br> U.S. TREASURY ETF<br>| SCHWAB<br> U.S. AGGREGATE<br> BOND ETF<br>| SCHWAB<br> 1-5 YEAR<br> CORPORATE BOND ETF<br>| SCHWAB<br> 5-10 YEAR<br> CORPORATE BOND ETF<br>| SCHWAB<br> MUNICIPAL <br> BOND ETF<br>|
| 0.03<br> %<br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.03<br> %<br>|

---

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

**309**

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Schwab Fixed-Income 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):** 

**Investment from Affiliates**

Certain funds in the Fund Complex may own shares of other funds in the Fund Complex. The table below reflects the percentage of shares of each fund in this report that is owned by other funds in the Fund Complex as of June 30, 2025, as applicable:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS |
|  | SCHWAB<br> U.S. TIPS ETF<br>| SCHWAB<br> SHORT-TERM<br> U.S. TREASURY ETF<br>| SCHWAB<br> LONG-TERM<br> U.S. TREASURY ETF<br>| SCHWAB<br> U.S. AGGREGATE<br> BOND ETF<br>| SCHWAB<br> 1-5 YEAR<br> CORPORATE BOND ETF<br>| SCHWAB<br> 5-10 YEAR<br> CORPORATE BOND ETF<br>|
| Schwab Monthly Income Fund - <br> Flexible Payout<br>| —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.6<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>|
| Schwab Monthly Income Fund - <br> Income Payout<br>| —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.5<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.9<br> %<br>| 0.1<br> %<br>|
| Schwab Monthly Income Fund - Target <br> Payout <br>| —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.4<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>|
| Schwab Target 2010 Index Fund | 0.0<br> %\*<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| 0.3<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2015 Index Fund | 0.0<br> %\*<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| 0.4<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2020 Index Fund | 0.1<br> %<br>| 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 1.4<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2025 Index Fund | 0.3<br> %<br>| 0.3<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 3.0<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2030 Index Fund | 0.2<br> %<br>| 0.4<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 5.7<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2035 Index Fund | 0.0<br> %\*<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 3.6<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2040 Index Fund | —<br> %<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 3.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2045 Index Fund | —<br> %<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| 1.4<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2050 Index Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 1.3<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2055 Index Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.6<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2060 Index Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.5<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2065 Index Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab VIT Balanced Portfolio | 0.0<br> %\*<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.3<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab VIT Balanced with Growth <br> Portfolio<br>| 0.0<br> %\*<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.5<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab VIT Growth Portfolio | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.3<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|

---

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

\* Less than 0.05%

**Interfund 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 Fund 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 of the Board. The funds had no interfund borrowing or lending activity during the period.

------

**4. Board of Trustees:**

The Board 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.

**310**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

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Schwab Fixed-Income ETFs

Financial Notes, unaudited (continued)

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

**5. Borrowing from Banks:**

During the period, the funds were participants with other funds in the Fund Complex in a joint, syndicated, committed $1.2 billion line of credit (the Syndicated Credit Facility), maturing on September 25, 2025. 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 Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, maturing on September 25, 2025. 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 manage the effects of interest rate changes.

As of June 30, 2025, the Statement of Assets and Liabilities included the following financial derivative instrument fair values held at period end:

---

| | | |
|:---|:---|:---|
|  | INTEREST <br>RATE <br>CONTRACTS<br>| TOTAL |
| **Asset Derivatives** |  |  |
| Schwab 1-5 Year Corporate Bond ETF  |  |  |
| Futures Contracts<sup>1</sup> <br>| $12934 | &nbsp;&nbsp; $12934 |
| Schwab 5-10 Year Corporate Bond ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 6907 | &nbsp;&nbsp; 6907 |

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Liability Derivatives** |  |  |
| Schwab 1-5 Year Corporate Bond ETF  |  |  |
| Futures Contracts<sup>1</sup> <br>| ($18776)<br>| &nbsp;&nbsp; ($18776)<br>|
| Schwab 5-10 Year Corporate Bond ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| (3616)<br>| &nbsp;&nbsp; (3616)<br>|

---

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

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

The effects of the derivative contracts in the Statement of Operations for the period ended June 30, 2025, were:

---

| | | |
|:---|:---|:---|
|  | INTEREST <br>RATE <br>CONTRACTS<br>| TOTAL |
| **Net Realized Gains (Losses)** |  |  |
| Schwab 1-5 Year Corporate Bond ETF  |  |  |
| Futures Contracts<sup>1</sup> <br>| ($7638)<br>| &nbsp;&nbsp; ($7638)<br>|
| Schwab 5-10 Year Corporate Bond ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| (655787)<br>| &nbsp;&nbsp; (655787)<br>|

---

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

<br> <sup>1</sup> Statement of Operations location: Net realized gains (losses) on futures contracts.

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

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

**311**

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Schwab Fixed-Income ETFs

Financial Notes, unaudited (continued)

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

**6. Derivatives (continued):** 

---

| | | |
|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation)** |  |  |
| Schwab 1-5 Year Corporate Bond ETF  |  |  |
| Futures Contracts<sup>1</sup> <br>| ($4398)<br>| &nbsp;&nbsp; ($4398)<br>|
| Schwab 5-10 Year Corporate Bond ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 13274 | &nbsp;&nbsp; 13274 |

---

&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 June 30, 2025, the month-end average notional amounts of futures contracts held by the funds and the month-end average number of contracts held were as follows:

---

| | | |
|:---|:---|:---|
|  | NOTIONAL AMOUNTS  | NUMBER OF CONTRACTS  |
| Schwab U.S. TIPS ETF | $— | &nbsp;&nbsp; — |
| Schwab Short-Term U.S. Treasury ETF |  | &nbsp;&nbsp; — |
| Schwab Intermediate-Term U.S. Treasury ETF |  | &nbsp;&nbsp; — |
| Schwab Long-Term U.S. Treasury ETF |  | &nbsp;&nbsp; — |
| Schwab U.S. Aggregate Bond ETF |  | &nbsp;&nbsp; — |
| Schwab 1-5 Year Corporate Bond ETF  | 4833513 | &nbsp;&nbsp; 30 |
| Schwab 5-10 Year Corporate Bond ETF | 42669958 | &nbsp;&nbsp; 361 |
| Schwab Municipal Bond ETF  |  | &nbsp;&nbsp; — |

---

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

For the period ended June 30, 2025, purchases and sales/maturities of securities (excluding in-kind transactions and short-term obligations) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | PURCHASES OF LONG-TERM <br>U.S. GOVERNMENT <br>SECURITIES\* <br>| PURCHASES OF OTHER <br>LONG-TERM SECURITIES <br>| TOTAL PURCHASES OF <br>LONG-TERM SECURITIES <br>|
| Schwab U.S. TIPS ETF | $1494209539 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1494209539 |
| Schwab Short-Term U.S. Treasury ETF | 4288676786 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4288676786 |
| Schwab Intermediate-Term U.S. Treasury ETF | 2208933264 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2208933264 |
| Schwab Long-Term U.S. Treasury ETF | 92032188 | &nbsp;&nbsp; — | &nbsp;&nbsp; 92032188 |
| Schwab U.S. Aggregate Bond ETF | 1428756759 | &nbsp;&nbsp; 210003549 | &nbsp;&nbsp; 1638760308 |
| Schwab 1-5 Year Corporate Bond ETF  | 100734276 | &nbsp;&nbsp; — | &nbsp;&nbsp; 100734276 |
| Schwab 5-10 Year Corporate Bond ETF |  | &nbsp;&nbsp; 870423874 | &nbsp;&nbsp; 870423874 |
| Schwab Municipal Bond ETF  |  | &nbsp;&nbsp; 487669271 | &nbsp;&nbsp; 487669271 |
|  | SALES/MATURITIES OF <br>LONG-TERM U.S. GOVERNMENT <br>SECURITIES\* <br>| SALES/MATURITIES OF <br>OTHER LONG-TERM SECURITIES <br>| TOTAL SALES/MATURITIES OF <br>LONG-TERM SECURITIES <br>|
| Schwab U.S. TIPS ETF | $1583422821 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1583422821 |
| Schwab Short-Term U.S. Treasury ETF | 3774377132 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3774377132 |
| Schwab Intermediate-Term U.S. Treasury ETF | 2171242274 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2171242274 |
| Schwab Long-Term U.S. Treasury ETF | 79271346 | &nbsp;&nbsp; — | &nbsp;&nbsp; 79271346 |
| Schwab U.S. Aggregate Bond ETF | 1400037778 | &nbsp;&nbsp; 223110402 | &nbsp;&nbsp; 1623148180 |
| Schwab 1-5 Year Corporate Bond ETF  | 101409138 | &nbsp;&nbsp; — | &nbsp;&nbsp; 101409138 |
| Schwab 5-10 Year Corporate Bond ETF |  | &nbsp;&nbsp; 890443601 | &nbsp;&nbsp; 890443601 |
| Schwab Municipal Bond ETF  |  | &nbsp;&nbsp; 131969990 | &nbsp;&nbsp; 131969990 |

---

\*

Includes securities guaranteed by U.S. Government Agencies.

**312**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

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Schwab Fixed-Income ETFs

Financial Notes, unaudited (continued)

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

**8. In-Kind Transactions:**

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

The in-kind transactions for the period ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | IN-KIND PURCHASES <br>OF SECURITIES <br>| IN-KIND SALES <br>OF SECURITIES<br>|
| Schwab U.S. TIPS ETF | $2499759941 | &nbsp;&nbsp; $1405045099 |
| Schwab Short-Term U.S. Treasury ETF | 2814562415 | &nbsp;&nbsp; 3673554323 |
| Schwab Intermediate-Term U.S. Treasury ETF | 1417484431 | &nbsp;&nbsp; 932248149 |
| Schwab Long-Term U.S. Treasury ETF | 301618280 | &nbsp;&nbsp; 264167513 |
| Schwab U.S. Aggregate Bond ETF | 329955497 | &nbsp;&nbsp; 385169057 |
| Schwab 1-5 Year Corporate Bond ETF  | 72256281 | &nbsp;&nbsp; 28967201 |
| Schwab 5-10 Year Corporate Bond ETF | 1716590135 | &nbsp;&nbsp; 1026766635 |
| Schwab Municipal Bond ETF  | 1173581409 | &nbsp;&nbsp; 2439186 |

---

For the period ended June 30, 2025, the funds may realize net capital gains or losses resulting from in-kind redemptions of Creation Units. Because such gains or losses are not taxable to the funds and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the funds' tax year. These reclassifications have no effect on net assets or net asset values per share. The net realized gains or losses on sales of in-kind redemptions for the period ended June 30, 2025, are disclosed in the funds' Statements of Operations, if any.

------

**9. Federal Income Taxes:**

As of June 30, 2025, the tax basis cost of the funds' investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| Schwab U.S. TIPS ETF | $13737983605 | &nbsp;&nbsp; $— | &nbsp;&nbsp; ($799873320)<br>| &nbsp;&nbsp; ($799873320)<br>|
| Schwab Short-Term U.S. Treasury ETF | 10910812370 | &nbsp;&nbsp; 72033101 | &nbsp;&nbsp; (1899314)<br>| &nbsp;&nbsp; 70133787 |
| Schwab Intermediate-Term U.S. Treasury ETF | 10822582387 | &nbsp;&nbsp; 70756330 | &nbsp;&nbsp; (38292235)<br>| &nbsp;&nbsp; 32464095 |
| Schwab Long-Term U.S. Treasury ETF | 811307185 | &nbsp;&nbsp; — | &nbsp;&nbsp; (60009657)<br>| &nbsp;&nbsp; (60009657)<br>|
| Schwab U.S. Aggregate Bond ETF | 9092147922 | &nbsp;&nbsp; 29256853 | &nbsp;&nbsp; (488899816)<br>| &nbsp;&nbsp; (459642963)<br>|
| Schwab 1-5 Year Corporate Bond ETF  | 517533202 | &nbsp;&nbsp; 6912550 | &nbsp;&nbsp; (1100836)<br>| &nbsp;&nbsp; 5811714 |
| Schwab 5-10 Year Corporate Bond ETF | 8442819405 | &nbsp;&nbsp; 191574192 | &nbsp;&nbsp; (5115473)<br>| &nbsp;&nbsp; 186458719 |
| Schwab Municipal Bond ETF  | 2039467418 | &nbsp;&nbsp; 17215142 | &nbsp;&nbsp; (18952977)<br>| &nbsp;&nbsp; (1737835)<br>|

---

The primary differences between book basis and tax basis unrealized appreciation or unrealized depreciation of investments are the tax deferral of losses on wash sales. The 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.

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

**313**

------

Schwab Fixed-Income ETFs

Financial Notes, unaudited (continued)

------

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

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

Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of December 31, 2024, the funds had capital loss carryforwards as follows:

---

| | |
|:---|:---|
| Schwab U.S. TIPS ETF | $1043425520 |
| Schwab Short-Term U.S. Treasury ETF | 540084091 |
| Schwab Intermediate-Term U.S. Treasury ETF | 698875780 |
| Schwab Long-Term U.S. Treasury ETF | 36954104 |
| Schwab U.S. Aggregate Bond ETF | 524641794 |
| Schwab 1-5 Year Corporate Bond ETF  | 9549165 |
| Schwab 5-10 Year Corporate Bond ETF | 49537562 |
| Schwab Municipal Bond ETF  | 665017 |

---

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 June 30, 2025. The tax basis components of distributions paid during the fiscal year ended December 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | PRIOR FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
|  | TAX-EXEMPT <br>INCOME <br>| ORDINARY <br>INCOME <br>|
| Schwab U.S. TIPS ETF | $— | &nbsp;&nbsp; $333819075 |
| Schwab Short-Term U.S. Treasury ETF |  | &nbsp;&nbsp; 466133505 |
| Schwab Intermediate-Term U.S. Treasury ETF |  | &nbsp;&nbsp; 332975855 |
| Schwab Long-Term U.S. Treasury ETF |  | &nbsp;&nbsp; 31021445 |
| Schwab U.S. Aggregate Bond ETF |  | &nbsp;&nbsp; 309988610 |
| Schwab 1-5 Year Corporate Bond ETF  |  | &nbsp;&nbsp; 17176230 |
| Schwab 5-10 Year Corporate Bond ETF |  | &nbsp;&nbsp; 348286925 |
| Schwab Municipal Bond ETF  | 11934873 | &nbsp;&nbsp; 9422 |

---

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

As of December 31, 2024, 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. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the fiscal year ended December 31, 2024, the funds did not incur any interest or penalties.

**314**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;

**10. Share Splits:**

Effective September 25, 2024, the Board authorized the following share splits for the below funds:

---

| | |
|:---|:---|
| **Fund** | **Share Split Ratio** |
| Schwab U.S. TIPS ETF | 2-for-1 |
| Schwab Short-Term U.S. Treasury ETF | 2-for-1 |
| Schwab Intermediate-Term U.S. Treasury ETF | 2-for-1 |
| Schwab U.S. Aggregate Bond ETF | 2-for-1 |
| Schwab 1-5 Year Corporate Bond ETF  | 2-for-1 |
| Schwab 5-10 Year Corporate Bond ETF | 2-for-1 |
| Schwab Municipal Bond ETF  | 2-for-1 |

---

These share splits applied to shareholders of record as of the close of U.S. markets on October 9, 2024, and paid after the close of U.S. markets on October 10, 2024. Shares began trading at their post-split price on October 11, 2024. These share splits increased the number of shares outstanding and decreased the NAV per share. The share splits did not change the total market value of a shareholder's investment. The Financial Highlights and Statement of Changes in Net Assets for the Schwab U.S. TIPS ETF, Schwab Short-Term U.S. Treasury ETF, Schwab Intermediate-Term U.S. Treasury ETF, Schwab U.S. Aggregate Bond ETF, Schwab 1-5 Year Corporate Bond ETF, Schwab 5-10 Year Corporate Bond ETF, and Schwab Municipal Bond ETF have been retroactively adjusted to reflect the above share splits in the prior periods presented.

------

**11. Subsequent Events:**

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

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

**315**

------

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

------

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

Not applicable.

**316**Schwab Fixed-Income 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 Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

**317**

------

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).

**318**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

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Schwab Fixed-Income ETFs

Investment Advisory Agreement Approval

------

The Investment Company Act of 1940, as amended (the 1940 Act), requires that the continuation of a fund's investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or "interested persons" of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund's trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.

The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the investment advisory agreement (the Agreement) between Schwab Strategic Trust (the Trust) and Charles Schwab Investment Management, Inc. (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trust, including Schwab U.S. TIPS ETF, Schwab Short-Term U.S. Treasury ETF, Schwab Intermediate-Term U.S. Treasury ETF, Schwab U.S. Aggregate Bond ETF, Schwab 1-5 Year Corporate Bond ETF, Schwab 5-10 Year Corporate Bond ETF, Schwab Long-Term U.S. Treasury ETF, and Schwab Municipal Bond ETF (the Funds), and to review certain other agreements pursuant to which the investment adviser provides investment advisory services to certain other registered investment companies. In preparation for the meeting(s), the Board requests and reviews a wide variety of materials provided by the investment adviser, including information about the investment adviser's affiliates, personnel, business goals and priorities, profitability, oversight of third-party service providers, corporate structure and operations. As part of the renewal process, the Independent Trustees' legal counsel, on behalf of the Independent Trustees, sends an information request letter to the investment adviser seeking certain relevant information. The responses by the investment adviser are provided to the Trustees in the Board materials for their review prior to their meeting, and the Trustees are provided with the opportunity to request any additional materials. The Board also receives data provided by an independent provider of investment company data. This information is in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to the Funds' operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. In considering the renewal, the Independent Trustees receive advice from Independent Trustees' legal counsel, including a memorandum regarding the responsibilities of trustees for the approval of investment advisory agreements. In addition, the

Independent Trustees participate in question and answer sessions with representatives of the investment adviser and meet in executive session outside the presence of Fund management.

The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreement with respect to the Funds at meetings held on May 7, 2025 and June 5, 2025, and approved the renewal of the Agreement with respect to the Funds for an additional one-year term at the meeting on June 5, 2025 called for the purpose of voting on such approval.

The Board's approval of the continuance of the Agreement with respect to the Funds was based on consideration and evaluation of a variety of specific factors discussed at these meetings and at prior meetings, including:

1. the nature, extent and quality of the services provided to each Fund under the Agreement, including the resources of the investment adviser and its affiliates dedicated to the Funds;

2. each Fund's investment performance and how it compared to that of certain other comparable exchange-traded funds and benchmark data;

3. each Fund's expenses and how those expenses compared to those of certain other similar exchange-traded funds;

4. the profitability of the investment adviser and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to each Fund, including both direct and indirect benefits accruing to the investment adviser and its affiliates; and

5. the extent to which economies of scale would be realized as each Fund grows and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors.

**Nature, Extent and Quality of Services.** The Board considered the nature, extent and quality of the services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, the investment adviser's experience, track record, compliance program, resources dedicated to hiring and retaining skilled personnel and specialized talent, and information security resources. The Trustees also considered information provided by the investment adviser relating to services and support provided with respect to the Funds' portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, and vendor and risk oversight. The Trustees also considered the investment adviser's continued investment in

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

**319**

------

Schwab Fixed-Income ETFs

its infrastructure, including the investment adviser's technology and use of data, business continuity, cybersecurity, due diligence, risk management processes, and information security programs. The Trustees considered Schwab's overall financial condition and reputation as a full service brokerage firm, as well as the wide range of products, services, and account features that benefit Fund shareholders who are brokerage clients of Schwab. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds supported renewal of the Agreement with respect to the Funds.

**Fund Performance.** The Board considered each Fund's performance in determining whether to renew the Agreement with respect to such Fund. Specifically, the Trustees considered each Fund's performance relative to a peer category of other exchange-traded funds and applicable indices/benchmarks, in light of portfolio yield and the market environment, as well as in consideration of each Fund's investment style and strategy. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. In evaluating the performance of each Fund, the Trustees considered the risk profile for such Fund and such Fund's demonstrated performance in tracking its benchmark index. The Trustees noted that the Funds had closely tracked their respective indexes in 2024, with all of the Funds performing in their expected performance ranges. The Trustees further considered the level of Fund performance in the context of their review of Fund expenses and the investment adviser's profitability discussed below and also noted that the Board and a designated committee of the Board review performance throughout the year. Although the Schwab Short-Term U.S. Treasury ETF and the Schwab U.S. Aggregate Bond ETF had performance that ranked in the fourth quartile of a relevant peer group for more than one performance period considered, the Board noted that each Fund performed in line with its respective benchmark, each Fund's performance peer group included actively managed peers and concluded that other factors relevant to performance supported renewal of the Agreement with respect to each Fund including that the underperformance was attributable, to a significant extent, to investment decisions by the investment adviser that were reasonable and consistent with each Fund's investment objective and policies. Following such evaluation, the Board concluded, within the context of its full deliberations that the performance of each Fund supported renewal of the Agreement with respect to such Fund.

**Fund Expenses.** With respect to each Fund's expenses, the Trustees considered the rate of compensation called for by the Agreement and each Fund's net operating expense ratio, in each case, in comparison to those of other similar

exchange-traded funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The Trustees noted that each Fund's expenses ranked in the first quartile compared to its respective peer group, except for Schwab U.S. Aggregate Bond ETF which ranked in the third quartile. However, the Trustees acknowledged the Schwab U.S. Aggregate Bond ETF's peer group has a narrow range of expenses, and the difference between the first and second quartiles in its peer group is less than 0.01%. The investment adviser reported to the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Funds and provision of services as well as the competitive marketplace for financial products. The Trustees also considered fees charged by the investment adviser to mutual funds and other exchange-traded funds that it manages. The Board evaluated the Funds' unitary fee through review of comparative information with respect to fees paid by other similar exchange-traded funds tracking fixed income indexes. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of each Fund are reasonable and supported renewal of the Agreement with respect to such Fund.

**Profitability.** The Trustees considered the compensation flowing to the investment adviser and its affiliates, directly or indirectly, and reviewed profitability on a pre-tax basis, without regard to distribution expenses. The Trustees reviewed profitability of the investment adviser relating to the Schwab fund complex as a whole, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain costs across the Funds and other funds in the complex. The Trustees also considered any other benefits derived by the investment adviser from its relationship with the Funds, such as whether, by virtue of its management of the Funds, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. The Trustees considered whether the compensation and profitability with respect to the Funds under the Agreement and other service agreements were reasonable in light of the quality of all services rendered to the Funds by the investment adviser and its affiliates. The Trustees noted that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research capabilities, services and systems to benefit the Funds. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of the investment adviser is reasonable and supported renewal of the Agreement with respect to such Fund.

**Economies of Scale.** Although the Trustees recognized the difficulty of determining economies of scale with precision and although the Funds do not have breakpoints in their advisory fees, the Trustees considered the potential existence of any economies of scale by way of the relatively low advisory fee and unitary fee structure of the Funds and whether those are

**320**Schwab Fixed-Income ETFs \| Semiannual Holdings and Financial Statements

------

Schwab Fixed-Income ETFs

passed along to a Fund's shareholders through (i) the enhancement of services provided to the Funds in return for fees paid, including through the investment adviser's continued investment in its infrastructure, including modernizing the investment adviser's technology, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Funds and their shareholders; and (ii) pricing a fund to scale and keeping overall expenses down as the fund grows. Based on this evaluation, the Board concluded, within the context of its full deliberations, that each Fund obtains reasonable benefits from economies of scale.

\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*

In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees' deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the continuation of the Agreement with respect to the Funds and concluded that the compensation under the Agreement with respect to the Funds is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

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

**321**

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g42240img934c2abd1.jpg)

MFR62961-14

00315740

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g900779imgc8d7d3851.jpg)

**Semiannual Holdings and Financial Statements** \| June 30, 2025

Schwab Core Bond ETF

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ticker Symbol **SCCR**

------

**In This Report**

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

---

| | |
|:---|:---|
| **[Item 7 - Financial Statements and Financial Highlights for Open-End](#xx_90d0be3b-fdf1-4ffa-9f85-e3c29a14d2da_1)**<br> **[Management Investment Companies](#xx_90d0be3b-fdf1-4ffa-9f85-e3c29a14d2da_1)** <br>|  |
| [Financial Statements and Portfolio Holdings](#xx_90d0be3b-fdf1-4ffa-9f85-e3c29a14d2da_1) | 2 |
| [Financial Notes](#xx_37f59b5b-3bde-4fee-9d86-81df24a6af0b_1) | 11 |
| **[Item 8 – Changes in and Disagreements with Accountants for Open-End](#xx_a4a1512b-1542-4478-999e-36aec8c5ad0b_1)**<br> **[Management Investment Companies](#xx_a4a1512b-1542-4478-999e-36aec8c5ad0b_1)**<br>| 17 |
| **[Item 9 – Proxy Disclosures for Open-End Management Investment](#xx_542c048f-4898-47be-801e-a9f46b47da7f_1)**<br> **[Companies](#xx_542c048f-4898-47be-801e-a9f46b47da7f_1)**<br>| 18 |
| **[Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End](#xx_6517063c-de66-4396-b0e6-ad8d7fc6b41f_1)**<br> **[Management Investment Companies](#xx_6517063c-de66-4396-b0e6-ad8d7fc6b41f_1)**<br>| 19 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory](#xx_e8e19610-9891-49ef-a402-5c086c4f0f7b_1)**<br> **[Contract](#xx_e8e19610-9891-49ef-a402-5c086c4f0f7b_1)** <br>|  |
| [Investment Advisory Agreement Approval](#xx_e8e19610-9891-49ef-a402-5c086c4f0f7b_1) | 20  |

---

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

Distributor: SEI Investments Distribution Co. (SIDCO)

Schwab Core Bond ETF \| Semiannual Holdings and Financial Statements

**1**

------

Schwab Core Bond ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | |
|:---|:---|
|  | 2/5/25<sup>1</sup>– <br>6/30/25\*<br>|
| **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $25.00 |
| Income (loss) from investment operations: |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.48 |
| Net realized and unrealized gains (losses) | 0.36 |
| Total from investment operations | 0.84 |
| Less distributions: |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.31)<br>|
| Other capital | 0.04 |
| Net asset value at end of period | &nbsp;&nbsp; $25.57 |
| Total return | 3.52 %<sup>3</sup><br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |
| Total expenses | 0.16 %<sup>4</sup><br>|
| Net investment income (loss) | 4.79 %<sup>4</sup><br>|
| Portfolio turnover rate<sup>5</sup> <br>| &nbsp;&nbsp; 38 %<sup>3</sup><br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $294045 |

---

&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 Core Bond ETF \| Semiannual Holdings and Financial Statements

------

Schwab Core Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited)

------

For fixed rate securities, the rate shown is the coupon rate (the rate established when the security was issued). For variable rate securities, the rate shown is the interest rate as of the report date based on each security's rate reset date. The reference rate and spread used is shown parenthetically in the security description, if available; if not, the reference rate is described in a footnote. The maturity date shown for all the securities is the final legal maturity.

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

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **CORPORATES** 27.5% OF NET ASSETS | **CORPORATES** 27.5% OF NET ASSETS | **CORPORATES** 27.5% OF NET ASSETS |
| **Financial Institutions 11.0%** | **Financial Institutions 11.0%** | **Financial Institutions 11.0%** |
| ***Banking 9.6%***  | ***Banking 9.6%***  | ***Banking 9.6%***  |
| **American Express Co.** | **American Express Co.** | **American Express Co.** |
| 5.10%, 02/16/28 *(a)(b)* | 2715000 | 2747417 |
| **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
| 3.42%, 12/20/28 *(a)(b)* | 1420000 | 1388135 |
| 5.47%, 01/23/35 *(a)(b)* | 1335000 | 1372153 |
| **California State Public Works Board** | **California State Public Works Board** | **California State Public Works Board** |
| 4.45%, 04/01/27  | 100000 | 100610 |
| 4.83%, 04/01/30  | 150000 | 153011 |
| **Capital One Financial Corp.** | **Capital One Financial Corp.** | **Capital One Financial Corp.** |
| 1.88%, 11/02/27 *(a)(b)* | 2905000 | 2807276 |
| **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
| 5.17%, 02/13/30 *(a)(b)* | 2705000 | 2760236 |
| **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
| 3.75%, 02/25/26 *(b)* | 480000 | 478056 |
| 2.60%, 02/07/30 *(b)* | 3025000 | 2796885 |
| **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
| 3.16%, 04/22/42 *(a)(b)* | 2790000 | 2110495 |
| **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** |
| 5.12%, 02/01/29 *(a)(b)* | 2700000 | 2748654 |
| **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** |
| 6.88%, 10/20/34 *(a)(b)* | 1245000 | 1393030 |
| **U.S. Bancorp** | **U.S. Bancorp** | **U.S. Bancorp** |
| 2.38%, 07/22/26 *(b)* | 485000 | 476163 |
| 1.38%, 07/22/30 *(b)* | 3240000 | 2803507 |
| **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
| 4.15%, 01/24/29 *(b)* | 1390000 | 1385872 |
| 3.07%, 04/30/41 *(a)(b)* | 3755000 | 2841822 |
|  |  | **28363322** |
| ***Financial Other 0.2%***  | ***Financial Other 0.2%***  | ***Financial Other 0.2%***  |
| **Idaho Housing & Finance Association** | **Idaho Housing & Finance Association** | **Idaho Housing & Finance Association** |
| RB Series 2025 A <br>4.95%, 01/01/33 <br>| 415000 | 414444 |
| **Iowa Finance Authority** | **Iowa Finance Authority** | **Iowa Finance Authority** |
| 4.81%, 01/01/31  | 100000 | 100756 |
|  |  | **515200** |
| ***Insurance 0.5%***  | ***Insurance 0.5%***  | ***Insurance 0.5%***  |
| **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** |
| 5.35%, 02/15/33 *(b)* | 1350000 | 1391040 |
| ***REITs 0.7%***  | ***REITs 0.7%***  | ***REITs 0.7%***  |
| **Simon Property Group LP** | **Simon Property Group LP** | **Simon Property Group LP** |
| 4.75%, 09/26/34 *(b)* | 2155000 | 2099466 |
|  |  | **32369028** |
| **Industrial 16.0%** | **Industrial 16.0%** | **Industrial 16.0%** |
| ***Basic Industry 1.0%***  | ***Basic Industry 1.0%***  | ***Basic Industry 1.0%***  |
| **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** |
| 5.45%, 03/15/43 *(b)* | 2945000 | 2790859 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***Capital Goods 2.4%***  | ***Capital Goods 2.4%***  | ***Capital Goods 2.4%***  |
| **Boeing Co.** | **Boeing Co.** | **Boeing Co.** |
| 5.81%, 05/01/50 *(b)* | 2920000 | 2803551 |
| **Caterpillar, Inc.** | **Caterpillar, Inc.** | **Caterpillar, Inc.** |
| 5.20%, 05/15/35 *(b)* | 1380000 | 1407172 |
| **RTX Corp.** | **RTX Corp.** | **RTX Corp.** |
| 6.40%, 03/15/54 *(b)* | 2550000 | 2798115 |
|  |  | **7008838** |
| ***Communications 1.9%***  | ***Communications 1.9%***  | ***Communications 1.9%***  |
| **AT&T, Inc.** | **AT&T, Inc.** | **AT&T, Inc.** |
| 2.25%, 02/01/32 *(b)* | 3245000 | 2794951 |
| **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** |
| 4.50%, 04/15/50 *(b)* | 3390000 | 2804750 |
|  |  | **5599701** |
| ***Consumer Cyclical 1.4%***  | ***Consumer Cyclical 1.4%***  | ***Consumer Cyclical 1.4%***  |
| **Amazon.com, Inc.** | **Amazon.com, Inc.** | **Amazon.com, Inc.** |
| 4.05%, 08/22/47 *(b)* | 3375000 | 2794196 |
| **Target Corp.** | **Target Corp.** | **Target Corp.** |
| 5.00%, 04/15/35 *(b)* | 1360000 | 1359959 |
|  |  | **4154155** |
| ***Consumer Non-Cyclical 3.7%***  | ***Consumer Non-Cyclical 3.7%***  | ***Consumer Non-Cyclical 3.7%***  |
| **AbbVie, Inc.** | **AbbVie, Inc.** | **AbbVie, Inc.** |
| 4.05%, 11/21/39 *(b)* | 2405000 | 2108776 |
| **Anheuser-Busch InBev Finance, Inc.** | **Anheuser-Busch InBev Finance, Inc.** | **Anheuser-Busch InBev Finance, Inc.** |
| 4.90%, 02/01/46 *(b)* | 965000 | 881026 |
| **CommonSpirit Health** | **CommonSpirit Health** | **CommonSpirit Health** |
| 4.35%, 11/01/42  | 3385000 | 2842486 |
| **CVS Health Corp.** | **CVS Health Corp.** | **CVS Health Corp.** |
| 4.30%, 03/25/28 *(b)* | 2790000 | 2779398 |
| **GE HealthCare Technologies, Inc.** | **GE HealthCare Technologies, Inc.** | **GE HealthCare Technologies, Inc.** |
| 4.80%, 08/14/29 *(b)* | 1350000 | 1369953 |
| **Providence St. Joseph Health Obligated Group** | **Providence St. Joseph Health Obligated Group** | **Providence St. Joseph Health Obligated Group** |
| 5.37%, 10/01/32 *(b)* | 1000000 | 1017860 |
|  |  | **10999499** |
| ***Energy 1.9%***  | ***Energy 1.9%***  | ***Energy 1.9%***  |
| **EQT Corp.** | **EQT Corp.** | **EQT Corp.** |
| 3.90%, 10/01/27 *(b)* | 2810000 | 2774201 |
| **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** |
| 5.15%, 06/01/30 *(b)* | 2740000 | 2799814 |
|  |  | **5574015** |
| ***Industrial Other 0.3%***  | ***Industrial Other 0.3%***  | ***Industrial Other 0.3%***  |
| **Harris County Cultural Education Facilities Finance Corp.** | **Harris County Cultural Education Facilities Finance Corp.** | **Harris County Cultural Education Facilities Finance Corp.** |
| RB 2020 <br>2.51%, 11/15/27 <br>| 220000 | 210440 |
| **New Jersey Educational Facilities Authority** | **New Jersey Educational Facilities Authority** | **New Jersey Educational Facilities Authority** |
| RB Series 2017 C <br>3.44%, 09/01/27 <br>| 475000 | 466855 |

---

*See financial notes*

Schwab Core Bond ETF \| Semiannual Holdings and Financial Statements

**3**

------

Schwab Core Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Texas Tech University System** | **Texas Tech University System** | **Texas Tech University System** |
| RB Series 2025 B <br>4.62%, 02/15/29 <br>| 200000 | 203481 |
| RB Series 2025 B <br>5.31%, 02/15/39 *(b)*<br>| 125000 | 127164 |
|  |  | **1007940** |
| ***Technology 3.4%***  | ***Technology 3.4%***  | ***Technology 3.4%***  |
| **Broadcom, Inc.** | **Broadcom, Inc.** | **Broadcom, Inc.** |
| 4.75%, 04/15/29 *(b)* | 1365000 | 1382936 |
| **Fiserv, Inc.** | **Fiserv, Inc.** | **Fiserv, Inc.** |
| 3.50%, 07/01/29 *(b)* | 1430000 | 1377919 |
| **Micron Technology, Inc.** | **Micron Technology, Inc.** | **Micron Technology, Inc.** |
| 6.05%, 11/01/35 *(b)* | 1350000 | 1412613 |
| **Oracle Corp.** | **Oracle Corp.** | **Oracle Corp.** |
| 4.00%, 11/15/47 *(b)* | 1845000 | 1415078 |
| **QUALCOMM, Inc.** | **QUALCOMM, Inc.** | **QUALCOMM, Inc.** |
| 4.80%, 05/20/45 *(b)* | 2310000 | 2109122 |
| **Synopsys, Inc.** | **Synopsys, Inc.** | **Synopsys, Inc.** |
| 4.85%, 04/01/30 *(b)* | 2075000 | 2105088 |
| 5.00%, 04/01/32 *(b)* | 250000 | 253350 |
|  |  | **10056106** |
|  |  | **47191113** |
| **Utility 0.5%** | **Utility 0.5%** | **Utility 0.5%** |
| ***Electric 0.5%***  | ***Electric 0.5%***  | ***Electric 0.5%***  |
| **Florida Power & Light Co.** | **Florida Power & Light Co.** | **Florida Power & Light Co.** |
| 2.45%, 02/03/32 *(b)* | 1580000 | **1396135** |
| **Total Corporates** <br>**(Cost $80,054,869)** | **Total Corporates** <br>**(Cost $80,054,869)** | **80956276** |
| **TREASURIES** 14.1% OF NET ASSETS | **TREASURIES** 14.1% OF NET ASSETS | **TREASURIES** 14.1% OF NET ASSETS |
| **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
| 4.63%, 02/15/55  | 2000000 | 1947812 |
| 4.75%, 05/15/55  | 4200000 | 4177359 |
| **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** |
| 4.13%, 01/31/27  | 6110000 | 6139118 |
| 4.13%, 02/28/27  | 5000000 | 5026855 |
| 3.88%, 03/31/27  | 1685000 | 1687929 |
| 4.25%, 02/15/28  | 2000000 | 2027344 |
| 3.88%, 03/15/28  | 13710000 | 13777479 |
| 4.00%, 03/31/30  | 3115000 | 3144812 |
| 3.88%, 04/30/30  | 3600000 | 3615047 |
| **Total Treasuries** <br>**(Cost $41,223,558)** | **Total Treasuries** <br>**(Cost $41,223,558)** | **41543755** |
| **GOVERNMENT RELATED** 29.9% OF NET ASSETS | **GOVERNMENT RELATED** 29.9% OF NET ASSETS | **GOVERNMENT RELATED** 29.9% OF NET ASSETS |
| **Local Authority 29.9%** | **Local Authority 29.9%** | **Local Authority 29.9%** |
| **U.S. 29.9%** | **U.S. 29.9%** | **U.S. 29.9%** |
| **Allegheny County Airport Authority** |  |  |
| 4.88%, 01/01/30  | 150000 | 151676 |
| **American Municipal Power, Inc.** |  |  |
| RB Series 2019D |  |  |
| 2.91%, 02/15/30  | 300000 | 281707 |
| **Broomfield Urban Renewal Authority** |  |  |
| Tax Allocation |  |  |
| 4.90%, 12/01/30  | 515000 | 522699 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Burbank-Glendale-Pasadena Airport Authority Brick** <br> **Campaign**<br>|  |  |
| RB Series 2012B |  |  |
| 5.81%, 07/01/41  | 220000 | 229731 |
| **California Health Facilities Financing Authority** |  |  |
| 2.58%, 06/01/29  | 225000 | 211364 |
| **California State University** |  |  |
| RB Series 2018B |  |  |
| 3.80%, 11/01/30 *(b)* | 580000 | 567320 |
| RB Series 2020B |  |  |
| 2.98%, 11/01/51 *(b)* | 1000000 | 663652 |
| **City of Asheville NC** |  |  |
| 5.12%, 04/01/33  | 550000 | 563865 |
| 5.37%, 04/01/36 *(b)* | 625000 | 643054 |
| **City of Chula Vista** |  |  |
| RB 2021 |  |  |
| 1.83%, 06/01/31  | 1685000 | 1439934 |
| **City of Cleveland Income Tax Revenue** |  |  |
| 2.58%, 10/01/35 *(b)* | 1455000 | 1189316 |
| **City of Glendale** |  |  |
| COP 2021 |  |  |
| 2.32%, 07/01/31  | 1000000 | 887362 |
| COP 2021 |  |  |
| 2.94%, 07/01/37 *(b)* | 750000 | 604502 |
| **City of Houston Combined Utility System Revenue** |  |  |
| RB Series 2019 C |  |  |
| 2.36%, 11/15/30 *(b)* | 205000 | 187112 |
| **City of Kansas City MO** |  |  |
| 5.44%, 04/01/39 *(b)* | 2140000 | 2172699 |
| **City of Lakeland** |  |  |
| 4.61%, 10/01/28  | 400000 | 402006 |
| 4.78%, 10/01/30  | 400000 | 403407 |
| 4.89%, 10/01/31  | 410000 | 413665 |
| 4.99%, 10/01/32  | 400000 | 403673 |
| 5.12%, 10/01/33  | 415000 | 419433 |
| **City of New York** |  |  |
| 5.40%, 02/01/34  | 1365000 | 1423679 |
| GO Bonds Series 2023 B-2 |  |  |
| 5.98%, 10/01/38 *(b)* | 310000 | 327009 |
| **City of Oakland** |  |  |
| GO Bonds Series2023 A-2 |  |  |
| 5.50%, 07/15/31  | 195000 | 204510 |
| **City of Ogden City Sewer & Water Revenue** |  |  |
| RB Series 2020 B |  |  |
| 1.55%, 06/15/27  | 305000 | 291589 |
| **City of Philadelphia PA** |  |  |
| 4.68%, 08/01/30  | 550000 | 559897 |
| 4.95%, 08/01/32  | 800000 | 817470 |
| **City of Shelbyville** |  |  |
| GO Bonds Series 2021 |  |  |
| 0.75%, 08/01/27  | 235000 | 219861 |
| **City of Trussville** |  |  |
| GO Bonds Series 2020 B |  |  |
| 1.26%, 10/01/27  | 220000 | 207090 |
| **City of Watertown** |  |  |
| GO Bonds Series 2020 |  |  |
| 2.00%, 06/01/27  | 290000 | 279293 |
| **City of Worcester** |  |  |
| GO Bonds Series 1998 |  |  |
| 6.25%, 01/01/28  | 1280000 | 1323501 |
| **Colorado Health Facilities Authority** |  |  |
| RB Series 2019B |  |  |
| 3.80%, 11/01/44  | 1130000 | 901786 |

---

*See financial notes*

**4**Schwab Core Bond ETF \| Semiannual Holdings and Financial Statements

------

Schwab Core Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Commonwealth Financing Authority** |  |  |
| RB Series 2019A |  |  |
| 3.81%, 06/01/41  | 580000 | 489123 |
| RB Series A |  |  |
| 3.86%, 06/01/38  | 520000 | 476373 |
| Series A |  |  |
| 4.14%, 06/01/38  | 40000 | 37013 |
| **Connecticut Housing Finance Authority** |  |  |
| RB Series 2025 B-3 |  |  |
| 4.90%, 05/15/31  | 205000 | 206924 |
| RB Series 2025 B-3 |  |  |
| 4.94%, 11/15/31  | 210000 | 211666 |
| **County of Franklin** |  |  |
| RB Series 2019 B |  |  |
| 3.38%, 11/01/50  | 545000 | 379949 |
| **County of Harris Hotel Occupancy Tax Revenue** |  |  |
| RB 2024 |  |  |
| 4.99%, 08/15/37 *(b)* | 735000 | 722775 |
| **County of Miami-Dade** |  |  |
| RB Series 2009 B |  |  |
| 7.08%, 10/01/29  | 150000 | 165646 |
| **County of Miami-Dade Seaport Department** |  |  |
| 1.96%, 10/01/30  | 2500000 | 2229575 |
| **County of Pima** |  |  |
| RB Series 2021 |  |  |
| 2.03%, 05/01/31  | 195000 | 172196 |
| **County of Riverside** |  |  |
| 5.04%, 02/15/35  | 3000000 | 3029136 |
| **County of St. Louis** |  |  |
| RB Series 2020 B |  |  |
| 2.00%, 12/01/27  | 435000 | 413497 |
| **Dallas Fort Worth International Airport** |  |  |
| RB Series 2020 C |  |  |
| 1.95%, 11/01/28  | 245000 | 228671 |
| RB Series A |  |  |
| 4.09%, 11/01/51  | 300000 | 243014 |
| **District of Columbia** |  |  |
| 5.75%, 04/01/35 *(b)* | 510000 | 528013 |
| **District of Columbia Income Tax Revenue** |  |  |
| 5.29%, 06/01/40 *(b)* | 500000 | 500688 |
| 5.64%, 06/01/45 *(b)* | 2470000 | 2495009 |
| **Florida Housing Finance Corp.** |  |  |
| RB Series 2025 2 |  |  |
| 5.16%, 07/01/33  | 100000 | 101264 |
| **Golden State Tobacco Securitization Corp.** |  |  |
| RB Series 2021 A-1 |  |  |
| 2.33%, 06/01/27  | 885000 | 848587 |
| RB Series 2021 A-1 |  |  |
| 2.53%, 06/01/28  | 1875000 | 1769351 |
| RB Series 2021 A-1 |  |  |
| 2.59%, 06/01/29  | 1085000 | 1003898 |
| RB Series 2021 B |  |  |
| 1.89%, 06/01/27  | 165000 | 158151 |
| **Illinois Housing Development Authority** |  |  |
| RB Series 2025 B |  |  |
| 4.78%, 10/01/31  | 500000 | 507934 |
| RB Series 2025 B |  |  |
| 5.13%, 10/01/33 *(b)* | 500000 | 513540 |
| **Indiana Finance Authority** |  |  |
| RB Series 2022 |  |  |
| 4.31%, 03/01/52 *(b)* | 1000000 | 802038 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Indiana Housing & Community Development** <br> **Authority**<br>|  |  |
| Cmnty Dev Aut Inssfh 01/31 Fixed 4.832 |  |  |
| 4.83%, 01/01/31  | 200000 | 201880 |
| **JEA District Energy System Revenue** |  |  |
| RB Series 2025 A |  |  |
| 5.60%, 10/01/55 *(b)* | 300000 | 296065 |
| **JobsOhio Beverage System** |  |  |
| Series B |  |  |
| 4.53%, 01/01/35  | 555000 | 550240 |
| **Kansas Development Finance Authority** |  |  |
| RB Series 2021 K |  |  |
| 1.52%, 05/01/28  | 215000 | 200454 |
| RB Series H |  |  |
| 4.93%, 04/15/45  | 1130000 | 1053030 |
| **Kentucky State Property & Building Commission** |  |  |
| RB Series 2021 B |  |  |
| 2.22%, 09/01/31  | 965000 | 842032 |
| **Los Angeles Community College District** |  |  |
| GO Bonds 2004 B |  |  |
| 5.52%, 08/01/29  | 1700000 | 1743914 |
| **Maine Health & Higher Educational Facilities** <br> **Authority**<br>|  |  |
| RB Series 2021 B |  |  |
| 1.86%, 07/01/28  | 300000 | 277256 |
| **Maryland Department of Housing & Community** <br> **Development**<br>|  |  |
| RB Series 2025 B |  |  |
| 5.09%, 09/01/32  | 655000 | 665043 |
| **Massachusetts Housing Finance Agency** |  |  |
| RB Series 2025 243 |  |  |
| 4.65%, 06/01/31  | 500000 | 503782 |
| RB Series 2025 243 |  |  |
| 4.97%, 06/01/33  | 500000 | 505161 |
| **McKinney Economic Development Corp. Sales Tax** <br> **Revenue**<br>|  |  |
| 5.35%, 09/01/33  | 200000 | 205974 |
| **Michigan Finance Authority** |  |  |
| 2.67%, 09/01/49 *(b)(c)* | 535000 | 523850 |
| **Michigan State Housing Development Authority** |  |  |
| 4.17%, 12/01/27  | 150000 | 150602 |
| **Minnesota Housing Finance Agency** |  |  |
| 4.60%, 07/01/29 *(d)* | 770000 | 776145 |
| 4.91%, 01/01/31 *(d)* | 835000 | 843571 |
| RB Series 2025 A |  |  |
| 4.98%, 01/01/32  | 500000 | 503581 |
| **Montgomery County Housing Opportunities** <br> **Commission**<br>|  |  |
| RB Series 2025 |  |  |
| 5.05%, 12/01/37 *(b)* | 500000 | 497708 |
| RB Series 2025 |  |  |
| 4.48%, 12/01/29  | 250000 | 252614 |
| **Nebraska Investment Finance Authority** |  |  |
| 5.35%, 03/01/33  | 285000 | 288324 |
| 5.45%, 03/01/34 *(b)* | 1630000 | 1649097 |
| **New Hampshire Business Finance Authority** |  |  |
| 5.88%, 12/01/35  | 2000000 | 2073682 |
| **New Jersey Economic Development Authority** |  |  |
| RB Series 2019 NNN |  |  |
| 3.87%, 06/15/33  | 595000 | 558322 |
| Series A |  |  |
| 7.43%, 02/15/29  | 2103000 | 2222108 |

---

*See financial notes*

Schwab Core Bond ETF \| Semiannual Holdings and Financial Statements

**5**

------

Schwab Core Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **New York City Housing Development Corp.** |  |  |
| RB Series 2020 F1 |  |  |
| 2.24%, 05/01/30 *(b)* | 235000 | 212919 |
| **New York City Transitional Finance Authority** |  |  |
| 4.93%, 05/01/31  | 1045000 | 1072185 |
| 5.22%, 05/01/33  | 1000000 | 1030467 |
| 5.66%, 05/01/40 *(b)* | 1000000 | 1026449 |
| RB Series 2025 F |  |  |
| 4.75%, 11/01/27  | 260000 | 264070 |
| **New York City Transitional Finance Authority Future** <br> **Tax Secured Revenue**<br>|  |  |
| RB Series 2018 C-5 |  |  |
| 3.85%, 05/01/30 *(b)* | 210000 | 206435 |
| **New York State Dormitory Authority** |  |  |
| 5.99%, 07/01/45 *(b)* | 1500000 | 1524069 |
| **New York State Thruway Authority** |  |  |
| RB Series 2019 M |  |  |
| 3.50%, 01/01/42 *(b)* | 290000 | 238872 |
| **North Dakota Housing Finance Agency** |  |  |
| 5.05%, 01/01/31  | 475000 | 484232 |
| **Oregon State Lottery** |  |  |
| 4.46%, 04/01/30  | 250000 | 253396 |
| 5.38%, 04/01/38 *(b)* | 500000 | 510484 |
| **Pennsylvania Economic Development Financing** <br> **Authority**<br>|  |  |
| 2.62%, 03/01/29  | 1855000 | 1747620 |
| 5.11%, 06/01/34  | 440000 | 448570 |
| RB Series 2021 |  |  |
| 1.97%, 06/15/28  | 1000000 | 942015 |
| RB Series 2025 |  |  |
| 4.72%, 06/01/29  | 150000 | 152764 |
| RB Series 2025 |  |  |
| 4.88%, 06/01/31  | 210000 | 214125 |
| **Pennsylvania State University** |  |  |
| 5.09%, 09/01/36  | 350000 | 355487 |
| **Philadelphia Authority for Industrial Development** |  |  |
| RB Series 1999 C |  |  |
| 6.55%, 10/15/28  | 1740000 | 1859827 |
| **Port Authority of New York & New Jersey** |  |  |
| Consolidated Bonds 165th Series |  |  |
| 5.65%, 11/01/40  | 180000 | 188390 |
| RB Series 2019 215 |  |  |
| 3.29%, 08/01/69  | 290000 | 186078 |
| **Public Finance Authority** |  |  |
| RB Series 2017A |  |  |
| 3.11%, 07/01/27  | 300000 | 294167 |
| **Redondo Beach Community Financing Authority** |  |  |
| RB Series 2021 A |  |  |
| 2.09%, 05/01/30  | 525000 | 468171 |
| **Rhode Island Housing & Mortgage Finance Corp.** |  |  |
| RB Series 2025 85 |  |  |
| 4.96%, 10/01/33 *(b)* | 500000 | 506381 |
| **Rutgers The State University of New Jersey** |  |  |
| Series R |  |  |
| 3.27%, 05/01/43  | 1150000 | 908444 |
| **Sales Tax Securitization Corp.** |  |  |
| RB Series 2017 C |  |  |
| 3.28%, 01/01/29  | 1015000 | 982299 |
| RB Series 2024 B |  |  |
| 5.23%, 01/01/39 *(b)* | 695000 | 696854 |
| **South Carolina Public Service Authority** |  |  |
| RB Series 2009 F |  |  |
| 5.74%, 01/01/30  | 920000 | 952901 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2012 E |  |  |
| 4.55%, 12/01/30  | 1110000 | 1114272 |
| RB Series 2025 C |  |  |
| 4.71%, 12/01/28  | 350000 | 353061 |
| RB Series 2025 C |  |  |
| 5.01%, 12/01/32  | 125000 | 126190 |
| **Southwestern Illinois Development Authority** |  |  |
| 5.06%, 04/01/31  | 400000 | 407185 |
| **State Board of Administration Finance Corp.** |  |  |
| RB Series 2024 A |  |  |
| 5.53%, 07/01/34 *(b)* | 1095000 | 1126417 |
| Series A |  |  |
| 1.71%, 07/01/27  | 797000 | 759342 |
| **State of California** |  |  |
| GO Bonds |  |  |
| 5.10%, 09/01/35  | 3505000 | 3573835 |
| GO Bonds |  |  |
| 5.13%, 03/01/38 *(b)* | 1305000 | 1304265 |
| **State of Connecticut** |  |  |
| 4.59%, 03/15/30  | 250000 | 255219 |
| 5.15%, 03/15/35  | 200000 | 206115 |
| GO Bonds Series 2008A |  |  |
| 5.85%, 03/15/32  | 440000 | 471644 |
| **State of Hawaii** |  |  |
| GO Bonds Series 2021 GN |  |  |
| 5.08%, 10/01/41 *(b)* | 205000 | 204137 |
| **State of Illinois** |  |  |
| GO Bonds (Pension Funding) Series 2003 |  |  |
| 5.10%, 06/01/33  | 1444069 | 1449202 |
| GO Bonds Series 2024 A |  |  |
| 4.48%, 10/01/32  | 205000 | 201301 |
| **State of Oregon** |  |  |
| GO Bonds (Pension Funding) Series 2003 |  |  |
| 5.89%, 06/01/27  | 419440 | 429226 |
| **Toledo Lucas County Public Library** |  |  |
| GO Bonds Series 2025 B |  |  |
| 4.27%, 12/01/28  | 400000 | 401317 |
| GO Bonds Series 2025 B |  |  |
| 5.14%, 12/01/38 *(b)* | 500000 | 496781 |
| **University of Michigan** |  |  |
| RB Series C |  |  |
| 3.60%, 04/01/47  | 620000 | 515219 |
| **University of North Texas System** |  |  |
| 5.31%, 04/15/39 *(b)* | 320000 | 321198 |
| **Utah Housing Corp.** |  |  |
| 4.94%, 01/01/31 *(d)* | 270000 | 272485 |
| 5.40%, 01/01/33 *(d)* | 825000 | 836189 |
| RB Series 2025 D |  |  |
| 5.08%, 01/01/34 *(b)* | 360000 | 356368 |
| **Vermont Housing Finance Agency** |  |  |
| 5.36%, 11/01/33 *(d)* | 230000 | 234181 |
| RB Series 2025 B |  |  |
| 5.32%, 11/01/34 *(b)* | 135000 | 135943 |
|  |  | **87811091** |
| **Total Government Related** <br>**(Cost $86,975,591)** | **Total Government Related** <br>**(Cost $86,975,591)** | **87811091** |
| **SECURITIZED** 27.7% OF NET ASSETS | **SECURITIZED** 27.7% OF NET ASSETS | **SECURITIZED** 27.7% OF NET ASSETS |
| **Mortgage-Backed Securities Pass-Through 27.7%** | **Mortgage-Backed Securities Pass-Through 27.7%** | **Mortgage-Backed Securities Pass-Through 27.7%** |
| **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** |
| 2.00%, 10/01/36 to 08/01/52 *(b)* | 5093688 | 4261065 |
| 2.50%, 10/01/31 to 04/01/52 *(b)* | 7572071 | 6537320 |

---

*See financial notes*

**6**Schwab Core Bond ETF \| Semiannual Holdings and Financial Statements

------

Schwab Core Bond ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.00%, 04/01/50 to 11/01/52 *(b)* | 2968950 | 2583950 |
| 3.50%, 08/01/52 to 11/01/54 *(b)* | 1722380 | 1554165 |
| 4.00%, 06/01/52 to 09/01/52 *(b)* | 2144309 | 1999858 |
| 5.00%, 08/01/52 to 12/01/54 *(b)* | 5521722 | 5436862 |
| 5.50%, 05/01/53 to 05/01/55 *(b)* | 7942419 | 7952165 |
| 6.00%, 09/01/53 to 05/01/55 *(b)* | 3800229 | 3886920 |
| 6.50%, 12/01/53 to 06/01/55 *(b)* | 1980961 | 2049344 |
| **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** |
| 2.00%, 01/01/37 to 02/01/52 *(b)* | 11081622 | 9048966 |
| 2.50%, 11/01/36 to 12/01/51 *(b)* | 3675593 | 3198298 |
| 3.00%, 02/01/52 to 09/01/52 *(b)* | 1904127 | 1659974 |
| 3.50%, 01/01/52 to 10/01/52 *(b)* | 1591840 | 1440057 |
| 4.00%, 10/01/51 to 11/01/52 *(b)* | 1414624 | 1326331 |
| 5.00%, 11/01/53 to 04/01/54 *(b)* | 3727899 | 3664896 |
| 5.50%, 12/01/52 *(b)* | 873392 | 878320 |
| 6.00%, 08/01/54 to 05/01/55 *(b)* | 3079795 | 3132768 |
| 6.50%, 08/01/54 to 06/01/55 *(b)* | 1247853 | 1288771 |
| **Government National Mortgage Association** | **Government National Mortgage Association** | **Government National Mortgage Association** |
| 2.50%, 02/20/50 to 06/20/52 *(b)* | 5137596 | 4370958 |
| 3.00%, 11/20/49 to 09/20/52 *(b)* | 3198147 | 2836251 |
| 3.50%, 06/20/50 to 01/20/53 *(b)* | 2955925 | 2710582 |
| 4.00%, 11/20/48 to 06/20/54 *(b)* | 2539106 | 2389422 |
| 4.50%, 12/20/48 to 07/20/53 *(b)* | 4502449 | 4352714 |
| 5.50%, 07/20/54 to 02/20/55 *(b)* | 1881420 | 1889459 |
| 6.00%, 09/20/54 to 12/20/54 *(b)* | 647036 | 656787 |
| 6.50%, 07/20/54 to 08/20/54 *(b)* | 358197 | 367550 |
| **Total Securitized** <br>**(Cost $80,919,684)** | **Total Securitized** <br>**(Cost $80,919,684)** | **81473753** |

---

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Short-Term Investments** 1.3% OF NET ASSETS | **Short-Term Investments** 1.3% OF NET ASSETS | **Short-Term Investments** 1.3% OF NET ASSETS |
| **Money Market Funds 1.3%** | **Money Market Funds 1.3%** | **Money Market Funds 1.3%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.27% *(e)*<br>| 3674524 | **3674524** |
| **Total Short-Term Investments** <br>**(Cost $3,674,524)** | **Total Short-Term Investments** <br>**(Cost $3,674,524)** | **3674524** |
| **Total Investments in Securities** <br>**(Cost $292,848,226)** | **Total Investments in Securities** <br>**(Cost $292,848,226)** | **295459399** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* Fixed-to-Float security is in a fixed-rate coupon period.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* The effective maturity may be shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or as the result of embedded demand features (puts or calls).

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* Bond currently pays a fixed coupon rate and will be remarketed at a to be determined rate at the end of the current fixed rate term.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* Security or a portion of the security purchased on a delayed-delivery or when-issued basis.

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

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

---

| | |
|:---|:---|
| COP — | Certificate of participation |
| GO — | General obligation |
| RB — | Revenue bond |
| REIT — | Real Estate Investment Trust |

---

------

The following is a summary of the inputs used to value the fund's investments as of June 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Corporates<sup>1</sup> <br>| $— | &nbsp;&nbsp; $80956276 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $80956276 |
| Treasuries<sup>1</sup> <br>|  | &nbsp;&nbsp; 41543755 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41543755 |
| Government Related<sup>1</sup> <br>|  | &nbsp;&nbsp; 87811091 | &nbsp;&nbsp; — | &nbsp;&nbsp; 87811091 |
| Securitized<sup>1</sup> <br>|  | &nbsp;&nbsp; 81473753 | &nbsp;&nbsp; — | &nbsp;&nbsp; 81473753 |
| Short-Term Investments<sup>1</sup> <br>| 3674524 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3674524 |
| **Total** | **$3674524** | &nbsp;&nbsp; **$291784875** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$295459399** |

---

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

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

*See financial notes*

Schwab Core Bond ETF \| Semiannual Holdings and Financial Statements

**7**

------

Schwab Core Bond ETF

Statement of Assets and Liabilities

------

As of June 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $292,848,226) |  | $295459399 |
| Cash |  | 50714 |
| Receivables: |  |  |
| Interest |  | 2598131 |
| Investments sold |  | 1806458 |
| Dividends | + | 31749 |
| **Total assets** |  | **299946451** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought - delayed-delivery |  | 4732240 |
| Investments bought |  | 1133687 |
| Management fees | + | 35218 |
| **Total liabilities** |  | **5901145** |
| **Net assets** |  | **$294045306** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $290898861 |
| Total distributable earnings | + | 3146445 |
| **Net assets** |  | **$294045306** |

---

&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** |
| $294045306 |  | &nbsp;&nbsp;&nbsp;&nbsp; 11500000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $25.57 |

---

*See financial notes*

**8**Schwab Core Bond ETF \| Semiannual Holdings and Financial Statements

------

Schwab Core Bond ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period February 5, 2025\* through June 30, 2025; unaudited | For the period February 5, 2025\* through June 30, 2025; unaudited | For the period February 5, 2025\* through June 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated issuers |  | $3089612 |
| Dividends received from securities - unaffiliated issuers  | + | 85821 |
| **Total investment income**  |  | **3175433** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 102678 |
| **Total expenses** | – | **102678** |
| **Net investment income** |  | **3072755** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| **Net realized losses on sales of securities - unaffiliated issuers**  |  | **(472403)**<br>|
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers** | + | **2611173** |
| **Net realized and unrealized gains** |  | **2138770** |
| **Increase in net assets resulting from operations** |  | **$5211525** |

---

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

\* Commencement of operations.

*See financial notes*

Schwab Core Bond ETF \| Semiannual Holdings and Financial Statements

**9**

------

Schwab Core Bond ETF

Statement of Changes in Net Assets

------

For the current period only

Figures for the current period are unaudited

---

| | | |
|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 2/5/25\*-6/30/25 | 2/5/25\*-6/30/25 |
| Net investment income |  | $3072755 |
| Net realized losses |  | (472403)<br>|
| Net change in unrealized appreciation (depreciation) | + | 2611173 |
| **Increase in net assets resulting from operations** |  | **$5211525** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($2065080)**<br>|

---

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

---

| | | | |
|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 2/5/25\*-6/30/25 | 2/5/25\*-6/30/25 | 2/5/25\*-6/30/25 |
|  |  | SHARES | VALUE |
| Shares sold |  | 11500000 | &nbsp;&nbsp;&nbsp; $290619117 |
| Other capital |  |  | &nbsp;&nbsp;&nbsp; 279744 |
| **Net transactions in fund shares**  |  | **11500000** | &nbsp;&nbsp;&nbsp; **$290898861** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 2/5/25\*-6/30/25 | 2/5/25\*-6/30/25 | 2/5/25\*-6/30/25 |
|  |  | SHARES | NET ASSETS |
| Beginning of period |  |  | &nbsp;&nbsp;&nbsp; $— |
| Total increase | + | 11500000 | &nbsp;&nbsp;&nbsp; 294045306 |
| **End of period** |  | **11500000** | &nbsp;&nbsp;&nbsp; **$294045306** |

---

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

<sup>\*</sup> Commencement of operations.

*See financial notes*

**10**Schwab Core Bond ETF \| Semiannual Holdings and Financial Statements

------

Schwab Core Bond ETF

Financial Notes, unaudited

------

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

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

---

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

---

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

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

The Schwab Core Bond ETF commenced operations on February 5, 2025.

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

**Investment Objective** 

The **Schwab Core Bond ETF** goal is to seek to provide total return while generating income through investing in U.S. dollar-denominated debt securities.

------

**2. Significant Accounting Policies:**

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

The fund may invest in mutual funds, 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 are available on the SEC's website at www.sec.gov.

Schwab Core Bond ETF \| Semiannual Holdings and Financial Statements

**11**

------

Schwab Core Bond ETF

Financial Notes, unaudited (continued)

------

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

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

**(a) Security Valuation**

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

Securities held in the 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 NAVs.

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

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

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

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

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

**12**Schwab Core Bond ETF \| Semiannual Holdings and Financial Statements

------

Schwab Core Bond ETF

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 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 fund's investments as of June 30, 2025, are disclosed in the fund's Portfolio Holdings.

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

**Delayed-Delivery Transactions and When-Issued Securities:** The fund may transact in securities on a delayed-delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed-delivery or when-issued basis are identified as such in the fund's Portfolio Holdings, if any. The fund may receive compensation for interest forgone in the purchase of a delayed-delivery or when-issued security. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors. The fund complies with Rule 18f-4 under the 1940 Act, the fund operates as limited derivatives users, with respect to purchase commitments held within the fund, portfolio securities are no longer required to be segregated as collateral with a value at least equal to the amount of a purchase commitment and the fund's exposure is monitored under a derivatives risk management program.

**(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). Any increase or decrease in the principal amount of an inflation-protected security is included as an addition or reduction to interest income on the Statement of Operations; such adjustments may have a significant impact on a fund's distributions. Dividends and distributions from underlying funds are recorded on the date they are effective (the ex-dividend date). Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

**(e) Expenses:**

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

Schwab Core Bond ETF \| Semiannual Holdings and Financial Statements

**13**

------

Schwab Core Bond ETF

Financial Notes, unaudited (continued)

------

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

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

**(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 are included in net realized gains (losses) on sales of securities — unaffiliated issuers in each fund's Statement of Operations, if any.

**(g) Distributions to Shareholders:**

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

**(h) Accounting Estimates:**

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

**(i) Federal Income Taxes:**

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

**(j) Segment Reporting:**

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

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

**(k) Indemnification:**

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

**(l) Recent Accounting Pronouncements:**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The guidance is effective for annual periods beginning after December 15, 2024, and with early adoption permitted. At this time, management is evaluating the impact of this amendment but believes it will not have a material impact on the financial statements and income tax disclosures.

**14**Schwab Core Bond ETF \| Semiannual Holdings and Financial Statements

------

Schwab Core Bond ETF

Financial Notes, unaudited (continued)

------

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

**3. Affiliates and Affiliated Transactions:**

**Investment Adviser**

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

For its advisory services to the fund, the investment adviser is entitled to receive an annual management fee, payable monthly, equal to 0.16% of the fund's average daily net assets.

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the SEC, the fund may enter into interfund borrowing and lending transactions with other fund in the Fund 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 of the Board. The fund had no interfund borrowing or lending activity during the period.

------

**4. Board of Trustees:**

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

------

**5. Borrowing from Banks:**

During the period, the fund was a participant with other funds in the Fund Complex in a joint, syndicated, committed $1.2 billion line of credit (the Syndicated Credit Facility), maturing on September 25, 2025. Under the terms of the Syndicated Credit Facility, in addition to the investment adviser paying the interest charged on any borrowings by the fund, the investment adviser paid a commitment fee of 0.15% per annum on the fund's proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the fund was a participant with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, maturing on September 25, 2025. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount the fund borrows. There were no borrowings by the fund from either line of credit during the period.

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

------

**6. Purchases and Sales/Maturities of Investment Securities:**

For the period ended June 30, 2025, purchases and sales/maturities of securities (excluding in-kind transactions and short-term obligations) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | PURCHASES OF LONG-TERM <br>U.S. GOVERNMENT <br>SECURITIES\* <br>| PURCHASES OF OTHER <br>LONG-TERM SECURITIES <br>| TOTAL PURCHASES OF <br>LONG-TERM SECURITIES <br>|
| Schwab Core Bond ETF  | $133480834 | &nbsp;&nbsp; $94376882 | &nbsp;&nbsp; $227857716 |
|  | SALES/MATURITIES OF <br>LONG-TERM U.S. GOVERNMENT <br>SECURITIES\* <br>| SALES/MATURITIES OF <br>OTHER LONG-TERM SECURITIES <br>| TOTAL SALES/MATURITIES OF <br>LONG-TERM SECURITIES <br>|
| Schwab Core Bond ETF  | 58909960 | &nbsp;&nbsp; 9466500 | &nbsp;&nbsp; 68376460 |

---

\*

Includes securities guaranteed by U.S. Government Agencies.

Schwab Core Bond ETF \| Semiannual Holdings and Financial Statements

**15**

------

Schwab Core Bond ETF

Financial Notes, unaudited (continued)

------

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

**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 a relevant fund's underlying index, and an amount of cash. Investors purchasing and redeeming Creation Units are subject to a standard creation transaction fee and a standard redemption transaction fee paid to the custodian to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Purchasers and redeemers of Creation Units for cash are subject to an additional variable charge paid to the fund that will offset the transaction costs to the fund of buying or selling portfolio securities. Variable charges are recorded in the Transactions In Fund Shares section in Other capital in the Statement of Changes in Net Assets and in Per-Share Data Other capital in the Financial Highlights. In addition, purchasers and redeemers of shares in Creation Units are responsible for payment of the costs of transferring securities to or out of the fund. From time to time, the investment adviser may cover the cost of any transaction fees when believed to be in the best interests of the fund.

The in-kind transactions for the period ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | IN-KIND PURCHASES <br>OF SECURITIES <br>| IN-KIND SALES <br>OF SECURITIES<br>|
| Schwab Core Bond ETF  | $129883748 | &nbsp;&nbsp; $— |

---

For the period ended June 30, 2025, the fund may realize net capital gains or losses resulting from in-kind redemptions of Creation Units. Because such gains or losses are not taxable to the fund and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the fund's tax year. These reclassifications have no effect on net assets or net asset value per share. The net realized gains or losses on sales of in-kind redemptions for the period ended June 30, 2025, are disclosed in the fund's Statement of Operations, if any.

------

**8. Federal Income Taxes:**

As of June 30, 2025, the tax basis cost of the fund's investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| Schwab Core Bond ETF  | $292863182 | &nbsp;&nbsp; $2806412 | &nbsp;&nbsp; ($210195)<br>| &nbsp;&nbsp; $2596217 |

---

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

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 June 30, 2025.

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

------

**9. Subsequent Events:**

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

**16**Schwab Core Bond ETF \| 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 Core Bond ETF \| Semiannual Holdings and Financial Statements

**17**

------

Proxy Disclosures for Open-End Management Investment Companies

------

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

Not applicable.

**18**Schwab Core Bond ETF \| 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 Core Bond ETF \| Semiannual Holdings and Financial Statements

**19**

------

Schwab Core Bond ETF

Investment Advisory Agreement Approval

------

***Initial Approval of Investment Advisory Agreement***

The Investment Company Act of 1940, as amended (the 1940 Act), requires that the approval of a fund's investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreements or "interested persons" of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund's trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.

The Board of Trustees (the Board or the Trustees, as appropriate) called and held a meeting on December 10, 2024, in part, for the purpose of considering whether to appoint Charles Schwab Investment Management, Inc. (dba Schwab Asset Management) (the investment adviser), as investment adviser to the Schwab Core Bond ETF (the Fund) under the investment advisory agreement between Schwab Strategic Trust (the Trust) and the investment adviser (the Agreement). In preparation for the meeting, the Board requested and reviewed a wide variety of materials provided by the investment adviser and considered information that the Board receives from the investment adviser throughout the year, including information about the investment adviser's affiliates, personnel, business goals and priorities, profitability, oversight of third-party service providers, corporate structure and operations. The Board also received data provided by an independent provider of investment company data. In recognition of the fact that the Fund had not yet commenced operations, the Board also considered information provided by the investment adviser in connection with the Board's consideration of approval of the investment advisory agreement with respect to the other funds within the Trust. The Board also took into account the detailed information about other funds within the Trust that the Board reviews during the course of each year, including information that relates to those funds' operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. The Independent Trustees received advice from Independent Trustees' legal counsel, including with respect to the responsibilities of trustees for the approval of investment advisory agreements. In addition, the Independent Trustees participated in question and answer sessions with representatives of the investment adviser and met in executive session outside the presence of Fund management.

The Board, including a majority of the Independent Trustees, approved the Agreement with respect to the Fund. The

Board's approval was based on consideration and evaluation of a variety of specific factors discussed at this meeting, including:

1. the nature, extent and quality of the services to be provided to the Fund under the Agreement, including the resources of the investment adviser and its affiliates to be dedicated to the Fund;

2. the investment adviser's investment performance in managing other exchange-traded funds;

3. the Fund's estimated expenses and how those expenses compared to those of certain other similar exchange-traded funds;

4. the expected profitability of the investment adviser and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to management of the Fund, including both direct and indirect benefits accruing to the investment adviser and its affiliates; and

5. the extent to which economies of scale would be realized as the Fund grows and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors.

**Nature, Extent and Quality of Services.** The Board considered the nature, extent and quality of the services to be provided by the investment adviser to the Fund and the resources that the investment adviser and its affiliates will dedicate to the Fund. In this regard, the Trustees evaluated, among other things, the investment adviser's experience, track record, compliance program, resources dedicated to hiring and retaining skilled personnel and specialized talent, and information security resources. The Trustees also considered information provided by the investment adviser relating to services and support to be provided with respect to the Fund's portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, and vendor and risk oversight. The Trustees also considered investments the investment adviser has made in its infrastructure, including the investment adviser's technology and use of data, business continuity, cybersecurity, due diligence, risk management processes, and information security programs. The Trustees also considered Schwab's overall financial condition and reputation as a full service brokerage firm as well as the wide range of products, services, and account features that benefit Fund shareholders who are brokerage clients of Schwab. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services to be provided by the investment adviser to the Fund and the resources of the

**20**Schwab Core Bond ETF \| Semiannual Holdings and Financial Statements

------

Schwab Core Bond ETF

investment adviser and its affiliates dedicated to the Fund supported approval of the Agreement with respect to the Fund.

**Fund Performance.** Since the Fund had not commenced operations and therefore did not have any performance of its own, the Board considered the Fund's proposed sector allocations compared to its benchmark and other intermediate core bond exchange-traded funds. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expected performance of the Fund supported approval of the Agreement with respect to the Fund.

**Fund Expenses.** With respect to the Fund's expenses, the Trustees considered the proposed rate of compensation called for by the Agreement and the Fund's estimated operating expense ratio, in each case, in comparison to those of other intermediate core bond exchange-traded funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The investment adviser reported to the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Fund and the services to be provided as well as the competitive marketplace for financial products. The Board evaluated the Fund's unitary fee through review of comparative information with respect to fees paid by other similar exchange-traded funds. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of the Fund are reasonable and supported approval of the Agreement with respect to the Fund.

**Profitability.** With regard to profitability, the Trustees considered the expected compensation to be flowing to the investment adviser and its affiliates, directly or indirectly. In this connection, the Trustees reviewed management's profitability analysis of the investment adviser relating to the Fund, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain costs across the Fund and other funds in the complex. The Trustees considered any other potential benefits to be derived by the investment adviser from its relationship with the Fund, such as whether, by virtue of its management of the Fund, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. The Trustees considered whether the expected compensation and profitability with respect to the Fund under the Agreement and other service agreements were reasonable in light of the quality of all services to be rendered to the Fund by the investment adviser and its affiliates. The Trustees noted that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research capabilities, services, and systems that would benefit the Fund. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the expected profitability of the investment adviser, albeit uncertain, is reasonable and supported approval of the Agreement with respect to the Fund.

**Economies of Scale.** Recognizing that the Fund had not yet commenced operations and had no assets, the Trustees considered the potential existence of any economies of scale and whether those could be expected to be passed along to the Fund's shareholders by way of the relatively low advisory fee and unitary fee structure of the Fund through (i) the enhancement of services provided to the Fund in return for fees paid, including through the investment adviser's continued investment in its infrastructure and use of data and technologies, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Fund and its shareholders; and (ii) pricing the Fund to scale and keeping overall expenses down as the Fund grows. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the Fund may be expected to obtain reasonable benefits from economies of scale if such economies develop.

\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*

In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees' deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the Agreement with respect to the Fund and concluded that the compensation under the Agreement with respect to the Fund is fair and reasonable in light of the services to be provided and the related expenses to be borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

***Approval of Renewal of Investment Advisory Agreement***

The Investment Company Act of 1940, as amended (the 1940 Act), requires that the continuation of a fund's investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or "interested persons" of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund's trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.

The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the investment advisory agreement (the Agreement) between Schwab Strategic Trust (the Trust) and Charles Schwab Investment Management, Inc. (CSIM) (dba Schwab Asset Management) (the investment adviser) with respect to

Schwab Core Bond ETF \| Semiannual Holdings and Financial Statements

**21**

------

Schwab Core Bond ETF

the existing funds in the Trust, including Schwab Core Bond ETF (the Fund), and to review certain other agreements pursuant to which the investment adviser provides investment advisory services to certain other registered investment companies. In preparation for the meeting(s), the Board requests and reviews a wide variety of materials provided by the investment adviser, including information about the investment adviser's affiliates, personnel, business goals and priorities, profitability, oversight of third-party service providers, corporate structure and operations. As part of the renewal process, the Independent Trustees' legal counsel, on behalf of the Independent Trustees, sends an information request letter to the investment adviser seeking certain relevant information. The responses by the investment adviser are provided to the Trustees in the Board materials for their review prior to their meeting, and the Trustees are provided with the opportunity to request any additional materials. The Board also receives data provided by an independent provider of investment company data. This information is in addition to the detailed information about the Fund that the Board reviews during the course of each year, including information that relates to the Fund's operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. In considering the renewal, the Independent Trustees receive advice from Independent Trustees' legal counsel, including a memorandum regarding the responsibilities of trustees for the approval of investment advisory agreements. In addition, the Independent Trustees participate in question and answer sessions with representatives of the investment adviser and meet in executive session outside the presence of Fund management.

The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreement with respect to the Fund at meetings held on May 7, 2025 and June 5, 2025, and approved the renewal of the Agreement with respect to the Fund for an additional one-year term at the meeting on June 5, 2025 called for the purpose of voting on such approval.

The Board's approval of the continuance of the Agreement with respect to the Fund was based on consideration and evaluation of a variety of specific factors discussed at these meetings and at prior meetings, including:

1. the nature, extent and quality of the services provided to

the Fund under the Agreement, including the resources of the investment adviser and its affiliates dedicated to the Fund;

2. the Fund's expenses and how those expenses compared to those of certain other similar exchange-traded funds;

3. the profitability of the investment adviser and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to the Fund, including both direct and indirect benefits accruing to the investment adviser and its affiliates; and

4. the extent to which economies of scale would be realized as the Fund grows and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors.

Because the Fund commenced operations on February 5, 2025, information pertaining to the Fund was limited and there was no performance information available. The Board considered the available information pertaining to the Fund, including that the Fund has an operating expense ratio in the top quartile of its peer group and the Fund's assets under management. The Trustees further considered the nature, extent and quality of services the investment adviser provides the Fund, anticipated economies of scale and projected profitability with respect to the Fund.

\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*

In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees' deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the continuation of the Agreement with respect to the Fund and concluded that the compensation under the Agreement with respect to the Fund is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

**22**Schwab Core Bond ETF \| Semiannual Holdings and Financial Statements

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g900779imgc8d7d3851.jpg)

MFR128059-00

00315726

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g913080img5810e7621.jpg)

**Semiannual Holdings and Financial Statements** \| June 30, 2025

Schwab Government Money Market ETF

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ticker Symbol **SGVT**

------

**In This Report**

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

---

| | |
|:---|:---|
| **[Item 7 - Financial Statements and Financial Highlights for Open-End](#xx_2412d3b4-2200-48c4-8d6d-2db1b2f531d6_1)**<br> **[Management Investment Companies](#xx_2412d3b4-2200-48c4-8d6d-2db1b2f531d6_1)** <br>|  |
| [Financial Statements and Portfolio Holdings](#xx_2412d3b4-2200-48c4-8d6d-2db1b2f531d6_1) | 2 |
| [Financial Notes](#xx_eedd9157-6120-4478-9a8b-098c8f037a09_1) | 8 |
| **[Item 8 – Changes in and Disagreements with Accountants for Open-End](#xx_ebf7250a-6eaf-4af5-88b3-f1daa0644b47_1)**<br> **[Management Investment Companies](#xx_ebf7250a-6eaf-4af5-88b3-f1daa0644b47_1)**<br>| 14 |
| **[Item 9 – Proxy Disclosures for Open-End Management Investment](#xx_adf2dca1-d6df-4971-8756-f1dff1026738_1)**<br> **[Companies](#xx_adf2dca1-d6df-4971-8756-f1dff1026738_1)**<br>| 15 |
| **[Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End](#xx_d95ffb32-0d4c-43b4-bcca-b8e56b47eebd_1)**<br> **[Management Investment Companies](#xx_d95ffb32-0d4c-43b4-bcca-b8e56b47eebd_1)**<br>| 16 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory](#xx_18d6bb70-7c94-44e7-804f-de7043f489b9_1)**<br> **[Contract](#xx_18d6bb70-7c94-44e7-804f-de7043f489b9_1)** <br>|  |
| [Investment Advisory Agreement Approval](#xx_18d6bb70-7c94-44e7-804f-de7043f489b9_1) | 17  |

---

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

Distributor: SEI Investments Distribution Co. (SIDCO)

Schwab Government Money Market ETF \| Semiannual Holdings and Financial Statements

**1**

------

Schwab Government Money Market ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | |
|:---|:---|
|  | 6/12/25<sup>1</sup>– <br>6/30/25\*<br>|
| **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $100.00 |
| Income (loss) from investment operations: |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.21 |
| Net realized and unrealized gains (losses) | 0.00 <br><sup>3</sup><br>|
| Total from investment operations | 0.21 |
| Net asset value at end of period | &nbsp;&nbsp; $100.21 |
| Total return | 0.21 %<sup>4</sup><br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |
| Total expenses | 0.28 %<sup>5</sup><br>|
| Net investment income (loss) | 3.98 %<sup>5</sup><br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $20042 |

---

&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> Per-share amount was less than $0.005.

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

*See financial notes*

**2**Schwab Government Money Market ETF \| Semiannual Holdings and Financial Statements

------

Schwab Government Money Market ETF

Portfolio Holdings as of June 30, 2025 (Unaudited)

------

For fixed rate securities, the rate shown is the coupon rate (the rate established when the security was issued) and when a security is purchased with a zero coupon rate, the effective yield at the time of purchase is shown. For variable rate securities, the rate shown is the interest rate as of the report date based on each security's rate reset date. The reference rate and spread used is shown parenthetically in the security description, if available; if not, the reference rate is described in a footnote. The date shown in the maturity date column below is either the date on which the principal amount must be paid or the date payment must be made pursuant to a demand feature. If the security's structure includes one of a number of maturity-shortening provisions set forth in Rule 2a-7, such as an interest rate reset, demand feature or put feature, the effective maturity date is also disclosed. If the effective maturity and maturity date are the same, the date will only appear in the maturity date column.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| **U.S. GOVERNMENT AGENCY DEBT** 6.5% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 6.5% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 6.5% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 6.5% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 6.5% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 6.5% OF NET ASSETS |
| **FEDERAL FARM CREDIT BANKS FUNDING CORP** |  |  |  |  |  |
| <br>*(a)* | &nbsp;&nbsp; 4.26% |  | &nbsp;&nbsp; 08/20/25 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 248509 |
| <br>*(a)* | &nbsp;&nbsp; 4.24% |  | &nbsp;&nbsp; 12/16/25 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98120 |
|  | &nbsp;&nbsp; 4.38% |  | &nbsp;&nbsp; 06/23/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100349 |
| <br>(SOFR + 0.05%)<br> *(b)* | &nbsp;&nbsp; 4.44% | &nbsp;&nbsp; 07/02/25 | &nbsp;&nbsp; 07/02/26 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50015 |
| **FEDERAL HOME LOAN BANKS** |  |  |  |  |  |
| <br>*(a)* | &nbsp;&nbsp; 4.26% |  | &nbsp;&nbsp; 08/06/25 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 149351 |
| <br>*(a)* | &nbsp;&nbsp; 4.26% |  | &nbsp;&nbsp; 10/31/25 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98596 |
| <br>(SOFR + 0.02%)<br> *(b)* | &nbsp;&nbsp; 4.41% | &nbsp;&nbsp; 07/02/25 | &nbsp;&nbsp; 04/02/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100037 |
|  | &nbsp;&nbsp; 4.38% |  | &nbsp;&nbsp; 06/12/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100315 |
|  | &nbsp;&nbsp; 4.32% |  | &nbsp;&nbsp; 07/24/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99969 |
|  | &nbsp;&nbsp; 4.36% |  | &nbsp;&nbsp; 07/24/26 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25004 |
| <br>(SOFR + 0.10%)<br> *(b)* | &nbsp;&nbsp; 4.49% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 06/17/27 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50010 |
| <br>(SOFR + 0.13%)<br> *(b)* | &nbsp;&nbsp; 4.52% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 06/17/27 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25002 |
| **FEDERAL HOME LOAN MORTGAGE CORPORATION** |  |  |  |  |  |
| *(a)* | &nbsp;&nbsp; 4.21% |  | &nbsp;&nbsp; 11/07/25 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 147795 |
| **Total U.S. Government Agency Debt** <br>**(Cost $1,292,972)**<br>|  |  |  |  | &nbsp;&nbsp; **1293072** |
| **U.S. TREASURY DEBT** 47.8% OF NET ASSETS | **U.S. TREASURY DEBT** 47.8% OF NET ASSETS | **U.S. TREASURY DEBT** 47.8% OF NET ASSETS | **U.S. TREASURY DEBT** 47.8% OF NET ASSETS | **U.S. TREASURY DEBT** 47.8% OF NET ASSETS | **U.S. TREASURY DEBT** 47.8% OF NET ASSETS |
| **UNITED STATES TREASURY** |  |  |  |  |  |
| <br>*(a)* | &nbsp;&nbsp; 4.22% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 8909000 | &nbsp;&nbsp; 8909000 |
|  | &nbsp;&nbsp; 0.75% |  | &nbsp;&nbsp; 04/30/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97298 |
|  | &nbsp;&nbsp; 2.38% |  | &nbsp;&nbsp; 04/30/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98614 |
|  | &nbsp;&nbsp; 0.75% |  | &nbsp;&nbsp; 05/31/26 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 121326 |
|  | &nbsp;&nbsp; 0.88% |  | &nbsp;&nbsp; 06/30/26 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48482 |
|  | &nbsp;&nbsp; 4.63% |  | &nbsp;&nbsp; 06/30/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100594 |
| <br>(3 mo. US TBILL + 0.16%)<br> *(b)* | &nbsp;&nbsp; 4.40% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 04/30/27 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp; 215023 |
| **Total U.S. Treasury Debt** <br>**(Cost $9,589,959)**<br>|  |  |  |  | &nbsp;&nbsp; **9590337** |

---

*See financial notes*

Schwab Government Money Market ETF \| Semiannual Holdings and Financial Statements

**3**

------

Schwab Government Money Market ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ISSUER | FOOTNOTES | RATE | &nbsp;&nbsp; EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **REPURCHASE AGREEMENTS** 32.4% OF NET ASSETS | **REPURCHASE AGREEMENTS** 32.4% OF NET ASSETS | **REPURCHASE AGREEMENTS** 32.4% OF NET ASSETS | **REPURCHASE AGREEMENTS** 32.4% OF NET ASSETS | **REPURCHASE AGREEMENTS** 32.4% OF NET ASSETS | **REPURCHASE AGREEMENTS** 32.4% OF NET ASSETS | **REPURCHASE AGREEMENTS** 32.4% OF NET ASSETS |
| **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 32.4%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 32.4%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 32.4%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 32.4%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 32.4%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 32.4%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 32.4%** |
| **CITIGROUP GLOBAL MARKETS INC** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 2500306 | &nbsp;&nbsp; 2500000 |
| (Collateralized by U.S. Treasury Securities valued at $2,550,295, <br> 0.50% - 4.63%, due 02/28/26 - 03/31/26)<br>|  |  |  |  |  |  |
| **WELLS FARGO BANK NA** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 2000244 | &nbsp;&nbsp; 2000000 |
| (Collateralized by U.S. Treasury and U.S. Government Agency <br> Securities valued at $2,082,044, 0.13% - 6.00%, due 05/15/27 - <br> 06/20/55)<br>|  |  |  |  |  |  |
| Issued 06/27/25, repurchase date 07/03/25 |  | &nbsp;&nbsp; 4.39% |  | &nbsp;&nbsp; 07/03/25 | &nbsp;&nbsp; 500366 | &nbsp;&nbsp; 500000 |
| (Collateralized by U.S. Treasury and U.S. Government Agency <br> Securities valued at $515,065, 0.00% - 6.00%, due 08/15/27 - <br> 05/01/55)<br>|  |  |  |  |  |  |
| **WELLS FARGO SECURITIES LLC** |  |  |  |  |  |  |
| Issued 06/27/25, repurchase date 07/03/25 |  | &nbsp;&nbsp; 4.39% |  | &nbsp;&nbsp; 07/03/25 | &nbsp;&nbsp; 1501098 | &nbsp;&nbsp; 1500000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $1,560,001, 5.00%, due 02/01/54)<br>|  |  |  |  |  |  |
|  |  |  |  |  |  | &nbsp;&nbsp; **6500000** |
| **Total Repurchase Agreements** <br>**(Cost $6,500,000)** | **Total Repurchase Agreements** <br>**(Cost $6,500,000)** | **Total Repurchase Agreements** <br>**(Cost $6,500,000)** | **Total Repurchase Agreements** <br>**(Cost $6,500,000)** | **Total Repurchase Agreements** <br>**(Cost $6,500,000)** | **Total Repurchase Agreements** <br>**(Cost $6,500,000)** | &nbsp;&nbsp; **6500000** |
| **Total Investments in Securities** <br>**(Cost $17,382,931)** | **Total Investments in Securities** <br>**(Cost $17,382,931)** | **Total Investments in Securities** <br>**(Cost $17,382,931)** | **Total Investments in Securities** <br>**(Cost $17,382,931)** | **Total Investments in Securities** <br>**(Cost $17,382,931)** | **Total Investments in Securities** <br>**(Cost $17,382,931)** | &nbsp;&nbsp; **17383409** |

---

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

\* Collateralized via U.S. Government Agency Securities or less frequently by higher rated U.S. Treasury Securities.

*(a)* Zero coupon bond. When a security is purchased with a zero coupon rate the effective yield at the time of purchase is shown.

*(b)* Variable rate security; rate shown is effective rate at period end.

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

SOFR — Secured Overnight Financing Rate is published daily by the Federal Reserve Bank of New York and is based on the cost of borrowing cash overnight collateralized by U.S. Treasury securities. <br> US TBILL — The reference rate is the weekly auction stop for the U.S. Treasury Bill.

------

At June 30, 2025, all of the fund's investment securities were classified as Level 2. The breakdown of the fund's investments into

categories is disclosed on the Portfolio Holdings (see financial note 2(a) for additional information).

*See financial notes*

**4**Schwab Government Money Market ETF \| Semiannual Holdings and Financial Statements

------

Schwab Government Money Market ETF

Statement of Assets and Liabilities

------

As of June 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $10,882,931) |  | $10883409 |
| Repurchase agreements, at value - unaffiliated issuers (cost $6,500,000) |  | 6500000 |
| Cash |  | 847 |
| Receivables: |  |  |
| Fund shares sold |  | 3006328 |
| Interest | + | 4316 |
| **Total assets** |  | **20394900** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 350989 |
| Investment adviser and administrator fees | + | 1727 |
| **Total liabilities** |  | **352716** |
| **Net assets** |  | **$20042184** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $20017121 |
| Total distributable earnings | + | 25063 |
| **Net assets** |  | **$20042184** |

---

&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** |
| $20042184 |  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $100.21 |

---

*See financial notes*

Schwab Government Money Market ETF \| Semiannual Holdings and Financial Statements

**5**

------

Schwab Government Money Market ETF

Statement of Operations

------

---

| | |
|:---|:---|
| For the period June 12, 2025\* through June 30, 2025; unaudited | For the period June 12, 2025\* through June 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  |
| **Interest received from securities - unaffiliated issuers** | **$26313** |
| **Expenses** | **Expenses** |
| Management fees | 1728 |
| **Total expenses** | **1728** |
| **Net investment income** | **24585** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers** | **478** |
| **Increase in net assets resulting from operations** | **$25063** |

---

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

\* Commencement of operations.

*See financial notes*

**6**Schwab Government Money Market ETF \| Semiannual Holdings and Financial Statements

------

Schwab Government Money Market ETF

Statement of Changes in Net Assets

------

For the current period only

Figures for the current period are unaudited

---

| | | |
|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 6/12/25\*-6/30/25 | 6/12/25\*-6/30/25 |
| Net investment income |  | $24585 |
| Net change in unrealized appreciation (depreciation) | + | 478 |
| **Increase in net assets resulting from operations** |  | **$25063** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 6/12/25\*-6/30/25 | 6/12/25\*-6/30/25 | 6/12/25\*-6/30/25 |
|  |  | SHARES | VALUE |
| Shares sold |  | 200000 | &nbsp;&nbsp;&nbsp; $20017121 |
| **Net transactions in fund shares**  |  | **200000** | &nbsp;&nbsp;&nbsp; **$20017121** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 6/12/25\*-6/30/25 | 6/12/25\*-6/30/25 | 6/12/25\*-6/30/25 |
|  |  | SHARES | NET ASSETS |
| Beginning of period |  |  | &nbsp;&nbsp;&nbsp; $— |
| Total increase | + | 200000 | &nbsp;&nbsp;&nbsp; 20042184 |
| **End of period** |  | **200000** | &nbsp;&nbsp;&nbsp; **$20042184** |

---

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

<sup>\*</sup> Commencement of operations.

*See financial notes*

Schwab Government Money Market ETF \| Semiannual Holdings and Financial Statements

**7**

------

Schwab Government Money Market ETF

Financial Notes, unaudited

------

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

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

---

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

---

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

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

The Schwab Government Market Money Market ETF commenced operations on June 12, 2025.

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

**Investment Objective** 

The **Schwab Government Money Market ETF** seeks current income consistent with capital preservation while maintaining liquidity. To pursue its goal, the fund invests in U.S. government securities, such as U.S. Treasury bills and notes, other obligations that are issued by the U.S. government, its agencies or instrumentalities, including obligations that are not fully guaranteed by the U.S. Treasury, such as those issued by the Federal National Mortgage Association (Fannie Mae), the Federal home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, repurchase agreements that are collateralized fully by cash and/or U.S. government securities, and obligations that are issued by private issuers that are guaranteed as to principal or interest by the U.S. government, its agencies or instrumentalities.

Although the fund will seek to operate as a "government money market fund," it will not seek to maintain a stable NAV per share nor will it use the amortized cost method of valuation. Instead, the fund will calculate its NAV per share based on the market value of its investments. In addition, unlike a traditional money market fund, the fund operates as an ETF. As an ETF, the fund's shares will be traded on a national securities exchange and will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, shares on the securities exchange. A shareholder could lose money by investing in the fund. Because the share price and NAV of the fund will fluctuate, when shares are sold on a securities exchange (or redeemed, in the case of an Auhorized Participant), they may be worth more or less than what was originally paid for them.

**8**Schwab Government Money Market ETF \| Semiannual Holdings and Financial Statements

------

Schwab Government Money Market ETF

Financial Notes, unaudited (continued)

------

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

**2. Significant Accounting Policies:**

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

**(a) Security Valuation:**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Short-term investments:** Money market investments are generally valued using an evaluated price at the mid-point of the bid/ask spread provided by an approved, independent pricing service (mid-price). To determine the evaluated mid-price, a pricing service may use a variety of techniques and inputs. Techniques may include, but are not limited to, discounted cash flow models or yield curve models that establish a price based on yields of comparable bonds along a range of maturities. Inputs differ by valuation approach and technique, as appropriate, and examples of inputs may include, but are not limited to, interest rates, market conditions, comparable investments, market trades, projected cash flows, credit reviews and issuer news.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Short-term securities (60 days or less to maturity):** Securities with remaining maturities of 60 days or less are generally valued at an evaluated price; however, such securities may be valued at their amortized cost if it approximates the security's fair value.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs

Schwab Government Money Market ETF \| Semiannual Holdings and Financial Statements

**9**

------

Schwab Government Money Market ETF

Financial Notes, unaudited (continued)

------

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

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

are classified as Level 2 prices. These generally include forward foreign currency exchange contracts, U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Valuation Designee's assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore 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 fund's investments as of June 30, 2025, are disclosed in the fund's Portfolio Holdings.

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

**Repurchase Agreements:** In a repurchase agreement, the fund buys a security from another party (the counterparty), usually a financial institution, with the agreement that it be sold back in the future. Repurchase agreements subject the fund to counterparty risk, meaning that the fund could lose money if the other party fails to perform under the terms of the agreement. The fund mitigates this risk by ensuring that a fund's repurchase agreements are collateralized by cash and/or U.S. government securities, fixed income securities, equity securities or other types of securities. These risks are magnified to the extent that a repurchase agreement is secured by collateral other than cash and U.S. government securities, such as debt securities, equity securities and high yield securities that are rated below investment grade. All collateral is held by the fund's custodian (or, with multi-party agreements, the agent's bank) and is monitored daily to ensure that its fair value is at least equal to the maturity amount under the agreement. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed or limited and the value of the collateral may decline. Investments in repurchase agreements are also based on a review of the credit quality of the repurchase agreement counterparty.

As of June 30, 2025, the fund had investments in repurchase agreements with a value of $6,500,000 as disclosed in the Portfolio Holdings and the Statement of Asset and Liabilities. The value of the related collateral disclosed in the Portfolio Holdings exceeded the value of the repurchase agreements at period end.

**Delayed-Delivery Transactions and When-Issued Securities:** The fund may transact in securities on a delayed-delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed-delivery or when-issued basis are identified as such in the fund's Portfolio Holdings, if any. The fund may receive compensation for interest forgone in the purchase of a delayed-delivery or when-issued security. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors. The fund complies with Rule 18f-4 under the 1940 Act, where money market funds are only permitted to invest in a security on a delayed-delivery or when-issued basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security, provided that, (i) the fund intends to physically settle the transaction and (ii) the transaction will settle within 35 days of its trade date. Pursuant to Rule 18f-4 portfolio securities are no longer required to be segregated as collateral to cover delayed-delivery or when-issued securities held within the fund.

**(c) Security Transactions:** 

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

**(d) Investment Income:**

Interest income is recorded as it accrues. If the fund buys a debt security at a discount (less than face value) or a premium (more than face value), it amortizes premiums and accretes discounts from the purchase settlement date up to maturity. The fund then increases (in the case of discounts) or reduces (in the case of premiums) the income it records from the security. Certain securities

**10**Schwab Government Money Market ETF \| Semiannual Holdings and Financial Statements

------

Schwab Government Money Market ETF

Financial Notes, unaudited (continued)

------

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

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

may be callable (meaning that the issuer has the option to pay it off before its maturity date). The fund amortizes the premium and accretes the discount on each callable security to the security's maturity date, except when the purchase price is higher than the call price at the security's call date (in which case the premium is amortized to the call date).

**(e) Expenses:**

Pursuant to the Amended and Restated Advisory Agreement between the investment adviser and the trust, the investment adviser pays the operating expenses of the fund, excluding taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to the fund are charged directly to the fund.

**(f) Distributions to Shareholders:**

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

**(g) Accounting Estimates:**

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

**(h) Federal Income Taxes:**

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

**(i) Segment Reporting:**

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

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

**(j) Indemnification:**

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

**(k) Recent Accounting Pronouncements:**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The guidance is effective for annual periods beginning after December 15, 2024, and with early adoption permitted. At this time, management is evaluating the impact of this amendment but believes it will not have a material impact on the financial statements and income tax disclosures.

Schwab Government Money Market ETF \| Semiannual Holdings and Financial Statements

**11**

------

Schwab Government Money Market ETF

Financial Notes, unaudited (continued)

------

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

**3. Affiliates and Affiliated Transactions:**

**Investment Adviser**

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

For its advisory services to the fund, the investment adviser is entitled to receive an annual management fee, payable monthly, equal to 0.28% of the fund's average daily net assets.

**Interfund Transactions**

The fund may engage in direct transactions with certain other funds in the Fund Complex in accordance with procedures adopted by the Board pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another fund is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs while allowing each fund to execute the transaction at the current market price. This practice is limited to funds that share the same investment adviser. For the period ended June 30, 2025, the fund had no direct security transactions with other funds in the Fund Complex.

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the SEC, the fund may enter into interfund borrowing and lending transactions with other funds in the Fund 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. The fund had no interfund borrowing or lending activity during the period.

------

**4. Board of Trustees:**

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

------

**5. Borrowing from Banks:**

During the period, the fund was a participant with other funds in the Fund Complex in a joint, syndicated, committed $1.2 billion line of credit (the Syndicated Credit Facility), maturing on September 25, 2025. Under the terms of the Syndicated Credit Facility, in addition to the investment adviser paying the interest charged on any borrowings by the fund, the investment adviser paid a commitment fee of 0.15% per annum on the fund's proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the fund was a participant with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, maturing on September 25, 2025. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount the fund borrows. There were no borrowings by the fund from either line of credit during the period.

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

------

**6. In-Kind Transactions:**

The consideration for the purchase of Creation Units of the fund consists of the in-kind deposit of a designated portfolio of fixed-income securities, which constitutes an optimized representation of the securities involved in a relevant 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

**12**Schwab Government Money Market ETF \| Semiannual Holdings and Financial Statements

------

Schwab Government Money Market ETF

Financial Notes, unaudited (continued)

------

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

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

effect on the net asset value per share. In addition, purchasers and redeemers of shares in Creation Units are responsible for payment of the costs of transferring securities to or out of the fund. From time to time, the investment adviser may cover the cost of any transaction fees when believed to be in the best interests of the fund. There were no in-kind transactions for the period ended June 30, 2025.

For the period ended June 30, 2025, the fund may realize net capital gains or losses resulting from in-kind redemptions of Creation Units. Because such gains or losses are not taxable to the fund and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the fund's tax year. These reclassifications have no effect on net assets or net asset value per share. The net realized gains or losses on sales of in-kind redemptions for the period ended June 30, 2025, are disclosed in the fund's Statement of Operations, if any.

------

**7. Federal Income Taxes:**

As of June 30, 2025, the tax basis cost of the fund's investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | |
|:---|:---|:---|:---|
| TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| &nbsp;&nbsp; $17382931 | &nbsp;&nbsp; $570 | &nbsp;&nbsp; ($92)<br>| &nbsp;&nbsp; $478 |

---

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 June 30, 2025.

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

------

**8. Subsequent Events:**

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

Schwab Government Money Market ETF \| Semiannual Holdings and Financial Statements

**13**

------

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

------

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

Not applicable.

**14**Schwab Government Money Market ETF \| Semiannual Holdings and Financial Statements

------

Proxy Disclosures for Open-End Management Investment Companies

------

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

Not applicable.

Schwab Government Money Market ETF \| Semiannual Holdings and Financial Statements

**15**

------

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).

**16**Schwab Government Money Market ETF \| Semiannual Holdings and Financial Statements

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Schwab Government Money Market ETF

Investment Advisory Agreement Approval

------

***Initial Approval of Investment Advisory Agreement***

The Investment Company Act of 1940, as amended (the 1940 Act), requires that the approval of a fund's investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreements or "interested persons" of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund's trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.

The Board of Trustees (the Board or the Trustees, as appropriate) called and held a meeting on February 27, 2025, in part, for the purpose of considering whether to appoint Charles Schwab Investment Management, Inc. (dba Schwab Asset Management) (the investment adviser), as investment adviser to the Schwab Government Money Market ETF (the Fund) under the investment advisory agreement between Schwab Strategic Trust (the Trust) and the investment adviser (the Agreement). In preparation for the meeting, the Board requested and reviewed a wide variety of materials provided by the investment adviser and considered information that the Board receives from the investment adviser throughout the year, including information about the investment adviser's affiliates, personnel, business goals and priorities, profitability, oversight of third-party service providers, corporate structure and operations. The Board also received data provided by an independent provider of investment company data. In recognition of the fact that the Fund had not yet commenced operations, the Board also considered information provided by the investment adviser in connection with the Board's consideration of approval of the investment advisory agreement with respect to the other funds within the Trust. The Board also took into account the detailed information about other funds within the Trust that the Board reviews during the course of each year, including information that relates to those funds' operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. The Independent Trustees received advice from Independent Trustees' legal counsel, including with respect to the responsibilities of trustees for the approval of investment advisory agreements. In addition, the Independent Trustees participated in question and answer sessions with representatives of the investment adviser and met in executive session outside the presence of Fund management.

The Board, including a majority of the Independent Trustees, approved the Agreement with respect to the Fund. The

Board's approval was based on consideration and evaluation of a variety of specific factors discussed at this meeting, including:

1. the nature, extent and quality of the services to be provided to the Fund under the Agreement, including the resources of the investment adviser and its affiliates to be dedicated to the Fund;

2. the investment adviser's investment performance in managing the Schwab Government Money Fund;

3. the Fund's estimated expenses and how those expenses compared to those of certain other similar money market exchange-traded funds and money market funds;

4. the expected profitability of the investment adviser and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to management of the Fund, including both direct and indirect benefits accruing to the investment adviser and its affiliates; and

5. the extent to which economies of scale would be realized as the Fund grows and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors.

**Nature, Extent and Quality of Services.** The Board considered the nature, extent and quality of the services to be provided by the investment adviser to the Fund and the resources that the investment adviser and its affiliates will dedicate to the Fund. In this regard, the Trustees evaluated, among other things, the investment adviser's experience, track record, compliance program, resources dedicated to hiring and retaining skilled personnel and specialized talent, and information security resources. The Trustees also considered information provided by the investment adviser relating to services and support to be provided with respect to the Fund's portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, and vendor and risk oversight. The Trustees also considered investments the investment adviser has made in its infrastructure, including the investment adviser's technology and use of data, business continuity, cybersecurity, due diligence, risk management processes, and information security programs. The Trustees also considered Schwab's overall financial condition and reputation as a full service brokerage firm as well as the wide range of products, services, and account features that benefit Fund shareholders who are brokerage clients of Schwab. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services to be provided by the investment adviser to the Fund and the resources of the

Schwab Government Money Market ETF \| Semiannual Holdings and Financial Statements

**17**

------

Schwab Government Money Market ETF

investment adviser and its affiliates dedicated to the Fund supported approval of the Agreement with respect to the Fund.

**Fund Performance.** Since the Fund had not commenced operations and therefore did not have any performance of its own, the Board considered the Fund's risk profile and the characteristics of the Fund's proposed investment strategies and portfolio composition and compared the proposed strategies and portfolio composition to those of the Schwab Government Money Fund in determining whether to approve the Agreement. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expected performance of the Fund supported approval of the Agreement with respect to the Fund.

**Fund Expenses.** With respect to the Fund's expenses, the Trustees considered the proposed rate of compensation called for by the Agreement and the Fund's estimated operating expense ratio, in each case, in comparison to those of other money market exchange-traded funds and money market mutual funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The investment adviser reported to the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Fund and the services to be provided as well as the competitive marketplace for financial products. The Trustees noted that the market for money market exchange-traded funds is currently small and there is limited competition for the Fund. The Board evaluated the Fund's unitary fee through review of comparative information with respect to fees paid by other similar exchange-traded funds and mutual funds. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of the Fund are reasonable and supported approval of the Agreement with respect to the Fund.

**Profitability.** With regard to profitability, the Trustees considered the expected compensation to be flowing to the investment adviser and its affiliates, directly or indirectly. In this connection, the Trustees reviewed management's profitability analysis of the investment adviser relating to the Fund, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain costs across the Fund and other funds in the complex. The Trustees considered any other potential benefits to be derived by the investment adviser from its relationship with the Fund, such as whether, by virtue of its management of the Fund, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. The Trustees considered whether the expected compensation and profitability with respect to the Fund under the Agreement and other service agreements were reasonable in light of the quality of all services to be rendered to the Fund by the investment adviser and its affiliates. The Trustees noted that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research

capabilities, services, and systems that would benefit the Fund. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the expected profitability of the investment adviser, albeit uncertain, is reasonable and supported approval of the Agreement with respect to the Fund.

**Economies of Scale.** Recognizing that the Fund had not yet commenced operations and had no assets, the Trustees considered the potential existence of any economies of scale and whether those could be expected to be passed along to the Fund's shareholders by way of the competitive advisory fee and unitary fee structure of the Fund through (i) the enhancement of services provided to the Fund in return for fees paid, including through the investment adviser's continued investment in its infrastructure and use of data and technology, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Fund and its shareholders; and (ii) pricing the Fund to scale and keeping overall expenses down as the Fund grows. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the Fund may be expected to obtain reasonable benefits from economies of scale if such economies develop.

\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*

In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees' deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the Agreement with respect to the Fund and concluded that the compensation under the Agreement with respect to the Fund is fair and reasonable in light of the services to be provided and the related expenses to be borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

***Approval of Renewal of Investment Advisory Agreement*** 

The Investment Company Act of 1940, as amended (the 1940 Act), requires that the continuation of a fund's investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or "interested persons" of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund's trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.

**18**Schwab Government Money Market ETF \| Semiannual Holdings and Financial Statements

------

Schwab Government Money Market ETF

The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the investment advisory agreement (the Agreement) between Schwab Strategic Trust (the Trust) and Charles Schwab Investment Management, Inc. (CSIM) (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trust, including Schwab Government Money Market ETF (the Fund), and to review certain other agreements pursuant to which the investment adviser provides investment advisory services to certain other registered investment companies. In preparation for the meeting(s), the Board requests and reviews a wide variety of materials provided by the investment adviser, including information about the investment adviser's affiliates, personnel, business goals and priorities, profitability, oversight of third-party service providers, corporate structure and operations. As part of the renewal process, the Independent Trustees' legal counsel, on behalf of the Independent Trustees, sends an information request letter to the investment adviser seeking certain relevant information. The responses by the investment adviser are provided to the Trustees in the Board materials for their review prior to their meeting, and the Trustees are provided with the opportunity to request any additional materials. The Board also receives data provided by an independent provider of investment company data. This information is in addition to the detailed information about the Fund that the Board reviews during the course of each year, including information that relates to the Fund's operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. In considering the renewal, the Independent Trustees receive advice from Independent Trustees' legal counsel, including a memorandum regarding the responsibilities of trustees for the approval of investment advisory agreements. In addition, the Independent Trustees participate in question and answer sessions with representatives of the investment adviser and meet in executive session outside the presence of Fund management.

The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreement with respect to the Fund at meetings held on May 7, 2025 and June 5, 2025, and approved the renewal of the Agreement with respect to the Fund for an additional one-year term at the meeting on June 5, 2025 called for the purpose of voting on such approval.

The Board's approval of the continuance of the Agreement with respect to the Fund was based on consideration and evaluation of a variety of specific factors discussed at these meetings and at prior meetings, including:

1. the nature, extent and quality of the services provided to the Fund under the Agreement, including the resources of the investment adviser and its affiliates dedicated to the Fund;

2. the Fund's expenses and how those expenses compared to those of certain other similar exchange-traded funds;

3. the profitability of the investment adviser and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to the Fund, including both direct and indirect benefits accruing to the investment adviser and its affiliates; and

4. the extent to which economies of scale would be realized as the Fund grows and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors.

Because the Fund had not yet commenced operations, information pertaining to the Fund was limited and there was no performance information available. The Board considered the available information pertaining to the Fund, including the Fund's operating expense ratio and the Fund's expected assets under management. The Trustees further considered the nature, extent and quality of services the investment adviser is expected to provide to the Fund, anticipated economies of scale and projected profitability with respect to the Fund.

\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*

In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees' deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the continuation of the Agreement with respect to the Fund and concluded that the compensation under the Agreement with respect to the Fund is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

Schwab Government Money Market ETF \| Semiannual Holdings and Financial Statements

**19**

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g913080img5810e7621.jpg)

MFR128060-00

00315727

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g839002imga2e140831.jpg)

**Semiannual Holdings and Financial Statements** \| June 30, 2025

Schwab Ultra-Short Income ETF

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ticker Symbol **SCUS**

------

**In This Report**

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

---

| | |
|:---|:---|
| **[Item 7 - Financial Statements and Financial Highlights for Open-End](#xx_feb7f42e-8a97-4d01-af63-15b1e19cab41_1)**<br> **[Management Investment Companies](#xx_feb7f42e-8a97-4d01-af63-15b1e19cab41_1)** <br>|  |
| [Financial Statements and Portfolio Holdings](#xx_feb7f42e-8a97-4d01-af63-15b1e19cab41_1) | 2 |
| [Financial Notes](#xx_13f226c0-a086-46f0-8e4f-d361845e638a_1) | 12 |
| **[Item 8 – Changes in and Disagreements with Accountants for Open-End](#xx_cffa5bc6-0e13-4cf2-b33c-978a3b49b8c3_1)**<br> **[Management Investment Companies](#xx_cffa5bc6-0e13-4cf2-b33c-978a3b49b8c3_1)**<br>| 19 |
| **[Item 9 – Proxy Disclosures for Open-End Management Investment](#xx_a4600f0a-d378-44e4-b15e-953071f2d850_1)**<br> **[Companies](#xx_a4600f0a-d378-44e4-b15e-953071f2d850_1)**<br>| 20 |
| **[Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End](#xx_60a3968b-7e6d-4100-a408-526c60a051b6_1)**<br> **[Management Investment Companies](#xx_60a3968b-7e6d-4100-a408-526c60a051b6_1)**<br>| 21 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory](#xx_854127ef-df7a-4420-aed6-40124639ecd6_1)**<br> **[Contract](#xx_854127ef-df7a-4420-aed6-40124639ecd6_1)** <br>|  |
| [Investment Advisory Agreement Approval](#xx_854127ef-df7a-4420-aed6-40124639ecd6_1) | 22  |

---

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

Distributor: SEI Investments Distribution Co. (SIDCO)

Schwab Ultra-Short Income ETF \| Semiannual Holdings and Financial Statements

**1**

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Schwab Ultra-Short Income ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | |
|:---|:---|:---|
|  | 1/1/25– <br>6/30/25\*<br>| 8/13/24<sup>1</sup>– <br>12/31/24<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $25.08 | &nbsp;&nbsp; $25.00 |
| Income (loss) from investment operations: |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.55 | 0.46 |
| Net realized and unrealized gains (losses) | 0.03 | 0.02 |
| Total from investment operations | 0.58 | 0.48 |
| Less distributions: |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.41)<br>|
| Other capital | &nbsp;&nbsp; — | 0.01 |
| Net asset value at end of period | &nbsp;&nbsp; $25.19 | &nbsp;&nbsp; $25.08 |
| Total return | 2.33 %<sup>3</sup><br>| 1.96 %<sup>3</sup><br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |
| Total expenses | 0.14 %<sup>4</sup><br>| 0.14 %<sup>4</sup><br>|
| Net investment income (loss) | 4.43 %<sup>4</sup><br>| 4.75 %<sup>4</sup><br>|
| Portfolio turnover rate | &nbsp;&nbsp; 34 %<sup>3,5</sup><br>| &nbsp;&nbsp; 3 %<sup>3</sup><br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $83118 | &nbsp;&nbsp; $70231 |

---

&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 variable rate demand note transactions (see financial note 2b for additional information).

*See financial notes*

**2**Schwab Ultra-Short Income ETF \| Semiannual Holdings and Financial Statements

------

Schwab Ultra-Short Income ETF

Portfolio Holdings as of June 30, 2025 (Unaudited)

------

For fixed rate securities, the rate shown is the coupon rate (the rate established when the security was issued) and when a security is purchased with a zero coupon rate, the effective yield at the time of purchase is shown. For variable rate securities, the rate shown is the interest rate as of the report date based on each security's rate reset date. The reference rate and spread used is shown parenthetically in the security description, if available; if not, the reference rate is described in a footnote. The maturity date shown for all the securities is the final legal maturity. Securities whose maturities at the time of acquisition were one year or less are categorized under Short-Term Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER | RATE | MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **CORPORATES** 24.3% OF NET ASSETS | **CORPORATES** 24.3% OF NET ASSETS | **CORPORATES** 24.3% OF NET ASSETS | **CORPORATES** 24.3% OF NET ASSETS | **CORPORATES** 24.3% OF NET ASSETS |
| **Financial Institutions 12.0%**  | **Financial Institutions 12.0%**  | **Financial Institutions 12.0%**  | **Financial Institutions 12.0%**  | **Financial Institutions 12.0%**  |
| **Banking 10.0%**  | **Banking 10.0%**  | **Banking 10.0%**  | **Banking 10.0%**  | **Banking 10.0%**  |
| American Express Co. <br> *(a)* | &nbsp;&nbsp; 2.55% | &nbsp;&nbsp; 03/04/27 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 219186 |
| Bank of Montreal <br> *(a)* | &nbsp;&nbsp; 5.27% | &nbsp;&nbsp; 12/11/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 608400 |
| Bank of Nova Scotia  | &nbsp;&nbsp; 2.70% | &nbsp;&nbsp; 08/03/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 590718 |
| Bank of Nova Scotia <br> *(a)* | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 09/15/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 483170 |
| Canadian Imperial Bank of Commerce <br> *(a)* | &nbsp;&nbsp; 5.93% | &nbsp;&nbsp; 10/02/26 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp; 739369 |
| Goldman Sachs Group, Inc. <br> *(a)* | &nbsp;&nbsp; 3.50% | &nbsp;&nbsp; 11/16/26 | &nbsp;&nbsp; 437000 | &nbsp;&nbsp; 432145 |
| Morgan Stanley <br> *(a)(b)* | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 12/10/26 | &nbsp;&nbsp; 1205000 | &nbsp;&nbsp; 1185853 |
| Morgan Stanley <br> *(a)(b)* | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 01/28/27 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 526643 |
| National Australia Bank Ltd.  | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 12/10/25 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 525956 |
| PNC Financial Services Group, Inc. <br> *(a)* | &nbsp;&nbsp; 2.60% | &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 467452 |
| Royal Bank of Canada <br> *(a)* | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 04/27/26 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 414813 |
| Sumitomo Mitsui Financial Group, Inc.  | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 09/17/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 482980 |
| Toronto-Dominion Bank <br> *(a)* | &nbsp;&nbsp; 4.57% | &nbsp;&nbsp; 12/17/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 502085 |
| Truist Bank <br> *(a)* | &nbsp;&nbsp; 4.05% | &nbsp;&nbsp; 11/03/25 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 549054 |
| U.S. Bancorp <br> *(a)* | &nbsp;&nbsp; 3.95% | &nbsp;&nbsp; 11/17/25 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 549213 |
|  |  |  |  | &nbsp;&nbsp; **8277037** |
| **Brokerage/Asset Managers/Exchanges 0.1%**  | **Brokerage/Asset Managers/Exchanges 0.1%**  | **Brokerage/Asset Managers/Exchanges 0.1%**  | **Brokerage/Asset Managers/Exchanges 0.1%**  | **Brokerage/Asset Managers/Exchanges 0.1%**  |
| Jefferies Financial Group, Inc. <br> *(a)* | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 01/15/27 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126085 |
| **Insurance 1.3%**  | **Insurance 1.3%**  | **Insurance 1.3%**  | **Insurance 1.3%**  | **Insurance 1.3%**  |
| Elevance Health, Inc. <br> *(a)* | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 03/15/26 | &nbsp;&nbsp; 603000 | &nbsp;&nbsp; 591260 |
| Elevance Health, Inc. <br> *(a)* | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 10/30/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501665 |
|  |  |  |  | &nbsp;&nbsp; **1092925** |
| **REITs 0.6%**  | **REITs 0.6%**  | **REITs 0.6%**  | **REITs 0.6%**  | **REITs 0.6%**  |
| Simon Property Group LP <br> *(a)* | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 01/15/27 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 526806 |
|  |  |  |  | &nbsp;&nbsp; **10022853** |
| **Industrial 11.0%**  | **Industrial 11.0%**  | **Industrial 11.0%**  | **Industrial 11.0%**  | **Industrial 11.0%**  |
| **Basic Industry 0.4%**  | **Basic Industry 0.4%**  | **Basic Industry 0.4%**  | **Basic Industry 0.4%**  | **Basic Industry 0.4%**  |
| Westlake Corp. <br> *(a)* | &nbsp;&nbsp; 3.60% | &nbsp;&nbsp; 08/15/26 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp; 351475 |
| **Communications 1.6%**  | **Communications 1.6%**  | **Communications 1.6%**  | **Communications 1.6%**  | **Communications 1.6%**  |
| AT&T, Inc. <br> *(a)* | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp; 03/25/26 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 147054 |
| Comcast Corp. <br> *(a)* | &nbsp;&nbsp; 3.15% | &nbsp;&nbsp; 03/01/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 595338 |
| Comcast Corp. <br> *(a)* | &nbsp;&nbsp; 2.35% | &nbsp;&nbsp; 01/15/27 | &nbsp;&nbsp; 315000 | &nbsp;&nbsp; 306489 |
| T-Mobile USA, Inc. <br> *(a)(c)* | &nbsp;&nbsp; 2.63% | &nbsp;&nbsp; 04/15/26 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 128024 |
| Verizon Communications, Inc. <br> *(a)* | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 122380 |
|  |  |  |  | &nbsp;&nbsp; **1299285** |

---

*See financial notes*

Schwab Ultra-Short Income ETF \| Semiannual Holdings and Financial Statements

**3**

------

Schwab Ultra-Short Income ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER | RATE | MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Consumer Cyclical 1.9%**  | **Consumer Cyclical 1.9%**  | **Consumer Cyclical 1.9%**  | **Consumer Cyclical 1.9%**  | **Consumer Cyclical 1.9%**  |
| Home Depot, Inc. <br> *(a)* | &nbsp;&nbsp; 3.00% | &nbsp;&nbsp; 04/01/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 594756 |
| Toyota Motor Corp. <br> *(a)* | &nbsp;&nbsp; 5.28% | &nbsp;&nbsp; 07/13/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 605916 |
| VICI Properties LP/VICI Note Co., Inc. <br> *(a)(d)* | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 02/01/27 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 223080 |
| VICI Properties LP/VICI Note Co., Inc. <br> *(a)(d)* | &nbsp;&nbsp; 3.75% | &nbsp;&nbsp; 02/15/27 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 147705 |
|  |  |  |  | &nbsp;&nbsp; **1571457** |
| **Consumer Non-Cyclical 2.7%**  | **Consumer Non-Cyclical 2.7%**  | **Consumer Non-Cyclical 2.7%**  | **Consumer Non-Cyclical 2.7%**  | **Consumer Non-Cyclical 2.7%**  |
| AbbVie, Inc. <br> *(a)* | &nbsp;&nbsp; 3.20% | &nbsp;&nbsp; 05/14/26 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp; 524970 |
| CVS Health Corp. <br> *(a)* | &nbsp;&nbsp; 2.88% | &nbsp;&nbsp; 06/01/26 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 147738 |
| CVS Health Corp. <br> *(a)* | &nbsp;&nbsp; 3.00% | &nbsp;&nbsp; 08/15/26 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 123048 |
| Gilead Sciences, Inc. <br> *(a)* | &nbsp;&nbsp; 3.65% | &nbsp;&nbsp; 03/01/26 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp; 303509 |
| Kroger Co. <br> *(a)* | &nbsp;&nbsp; 3.50% | &nbsp;&nbsp; 02/01/26 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 149236 |
| Philip Morris International, Inc. <br> *(a)* | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 11/17/25 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 601020 |
| Philip Morris International, Inc. <br> *(a)* | &nbsp;&nbsp; 2.75% | &nbsp;&nbsp; 02/25/26 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 370826 |
|  |  |  |  | &nbsp;&nbsp; **2220347** |
| **Energy 2.5%**  | **Energy 2.5%**  | **Energy 2.5%**  | **Energy 2.5%**  | **Energy 2.5%**  |
| Exxon Mobil Corp. <br> *(a)* | &nbsp;&nbsp; 3.04% | &nbsp;&nbsp; 03/01/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 595548 |
| Schlumberger Holdings Corp. <br> *(a)(d)* | &nbsp;&nbsp; 4.00% | &nbsp;&nbsp; 12/21/25 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp; 529003 |
| Schlumberger Holdings Corp. <br> *(a)(d)* | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 05/29/27 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp; 962901 |
|  |  |  |  | &nbsp;&nbsp; **2087452** |
| **Technology 1.9%**  | **Technology 1.9%**  | **Technology 1.9%**  | **Technology 1.9%**  | **Technology 1.9%**  |
| Broadcom Corp./Broadcom Cayman Finance Ltd. <br> *(a)(c)* | &nbsp;&nbsp; 3.88% | &nbsp;&nbsp; 01/15/27 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 124253 |
| Broadcom, Inc. <br> *(a)* | &nbsp;&nbsp; 3.15% | &nbsp;&nbsp; 11/15/25 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 124411 |
| Equinix, Inc. <br> *(a)* | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 05/15/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 291822 |
| Fiserv, Inc. <br> *(a)* | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 03/15/27 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126710 |
| Hewlett Packard Enterprise Co. <br> *(a)* | &nbsp;&nbsp; 1.75% | &nbsp;&nbsp; 04/01/26 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 122494 |
| Hewlett Packard Enterprise Co. <br> *(a)* | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 09/25/26 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125234 |
| International Business Machines Corp. <br> *(a)* | &nbsp;&nbsp; 3.30% | &nbsp;&nbsp; 05/15/26 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp; 534967 |
| Oracle Corp. <br> *(a)* | &nbsp;&nbsp; 2.65% | &nbsp;&nbsp; 07/15/26 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 147295 |
|  |  |  |  | &nbsp;&nbsp; **1597186** |
|  |  |  |  | &nbsp;&nbsp; **9127202** |
| **Utility 1.3%**  | **Utility 1.3%**  | **Utility 1.3%**  | **Utility 1.3%**  | **Utility 1.3%**  |
| **Electric 1.3%**  | **Electric 1.3%**  | **Electric 1.3%**  | **Electric 1.3%**  | **Electric 1.3%**  |
| Dominion Energy, Inc. <br> *(a)* | &nbsp;&nbsp; 3.90% | &nbsp;&nbsp; 10/01/25 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 149849 |
| National Rural Utilities Cooperative Finance Corp. <br> *(a)* | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 11/13/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 508525 |
| Xcel Energy, Inc. <br> *(a)* | &nbsp;&nbsp; 3.35% | &nbsp;&nbsp; 12/01/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 394524 |
|  |  |  |  | &nbsp;&nbsp; **1052898** |
| **Total Corporates** <br>**(Cost $20,141,227)** | **Total Corporates** <br>**(Cost $20,141,227)** | **Total Corporates** <br>**(Cost $20,141,227)** | **Total Corporates** <br>**(Cost $20,141,227)** | &nbsp;&nbsp; **20202953** |
| **SHORT-TERM INVESTMENTS** 61.2% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 61.2% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 61.2% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 61.2% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 61.2% OF NET ASSETS |

---

*See financial notes*

**4**Schwab Ultra-Short Income ETF \| Semiannual Holdings and Financial Statements

------

Schwab Ultra-Short Income ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER | RATE | MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **CORPORATES** 0.5% OF NET ASSETS | **CORPORATES** 0.5% OF NET ASSETS | **CORPORATES** 0.5% OF NET ASSETS | **CORPORATES** 0.5% OF NET ASSETS | **CORPORATES** 0.5% OF NET ASSETS |
| **Industrial 0.5%**  | **Industrial 0.5%**  | **Industrial 0.5%**  | **Industrial 0.5%**  | **Industrial 0.5%**  |
| **Consumer Cyclical 0.2%**  | **Consumer Cyclical 0.2%**  | **Consumer Cyclical 0.2%**  | **Consumer Cyclical 0.2%**  | **Consumer Cyclical 0.2%**  |
| Starbucks Corp. <br> *(a)* | &nbsp;&nbsp; 3.80% | &nbsp;&nbsp; 08/15/25 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 154858 |
| **Technology 0.3%**  | **Technology 0.3%**  | **Technology 0.3%**  | **Technology 0.3%**  | **Technology 0.3%**  |
| Equinix, Inc. <br> *(a)* | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 138981 |
| Intel Corp. <br> *(a)* | &nbsp;&nbsp; 3.70% | &nbsp;&nbsp; 07/29/25 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 124886 |
|  |  |  |  | &nbsp;&nbsp; **263867** |
|  |  |  |  | &nbsp;&nbsp; **418725** |
| **Total Corporates** <br>**(Cost $418,660)**<br>|  |  |  | &nbsp;&nbsp; **418725** |
| **CERTIFICATES OF DEPOSIT** 24.5% OF NET ASSETS | **CERTIFICATES OF DEPOSIT** 24.5% OF NET ASSETS | **CERTIFICATES OF DEPOSIT** 24.5% OF NET ASSETS | **CERTIFICATES OF DEPOSIT** 24.5% OF NET ASSETS | **CERTIFICATES OF DEPOSIT** 24.5% OF NET ASSETS |
| **BANK OF AMERICA NA** | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100024 |
| **BANK OF NOVA SCOTIA (NEW YORK BRANCH)** |  |  |  |  |
| (SOFR + 0.27%)<br> *(e)* | &nbsp;&nbsp; 4.66% | &nbsp;&nbsp; 08/05/25 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000154 |
| **BARCLAYS BANK PLC (NEW YORK BRANCH)** |  |  |  |  |
| (SOFR + 0.35%)<br> *(e)* | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 10/24/25 | &nbsp;&nbsp; 515000 | &nbsp;&nbsp; 515320 |
| **BNP Paribas SA** | &nbsp;&nbsp; 4.52% | &nbsp;&nbsp; 12/03/25 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000262 |
| **Canadian Imperial Bank of Commerce** |  |  |  |  |
| (SOFR + 0.30%)<br> *(e)* | &nbsp;&nbsp; 4.69% | &nbsp;&nbsp; 02/09/26 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp; 310180 |
| **CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK (NEW YORK BRANCH)** | &nbsp;&nbsp; 4.42% | &nbsp;&nbsp; 11/05/25 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 900119 |
| **Credit Industriel et Commercial** |  |  |  |  |
| (SOFR + 0.34%)<br> *(e)* | &nbsp;&nbsp; 4.73% | &nbsp;&nbsp; 02/06/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000814 |
| **Deutsche Bank AG** |  |  |  |  |
| (SOFR + 0.37%)<br> *(e)* | &nbsp;&nbsp; 4.76% | &nbsp;&nbsp; 02/05/26 | &nbsp;&nbsp; 1108000 | &nbsp;&nbsp; 1108689 |
| **Lloyds Bank Corporate Markets PLC** | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 08/25/25 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 999699 |
| **MIZUHO BANK LTD (NEW YORK BRANCH)** |  |  |  |  |
| <br>(SOFR + 0.21%)<br> *(e)* | &nbsp;&nbsp; 4.61% | &nbsp;&nbsp; 09/02/25 | &nbsp;&nbsp; 890000 | &nbsp;&nbsp; 890105 |
| <br>(SOFR + 0.27%)<br> *(e)* | &nbsp;&nbsp; 4.67% | &nbsp;&nbsp; 11/06/25 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000352 |
| **MUFG Bank Ltd.** | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 01/26/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 999847 |
| **Natixis SA** | &nbsp;&nbsp; 4.51% | &nbsp;&nbsp; 02/20/26 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 350276 |
| **OVERSEA CHINESE BANKING CORPORATION LTD (NEW YORK BRANCH)** |  |  |  |  |
| (SOFR + 0.22%)<br> *(e)* | &nbsp;&nbsp; 4.62% | &nbsp;&nbsp; 12/01/25 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000088 |
| **ROYAL BANK OF CANADA (NEW YORK BRANCH)** |  |  |  |  |
| (SOFR + 0.32%)<br> *(e)* | &nbsp;&nbsp; 4.71% | &nbsp;&nbsp; 05/15/26 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 1700584 |
| **Svenska Handelsbanken AB** | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 07/14/25 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000006 |
| **TORONTO-DOMINION BANK (NEW YORK BRANCH)** |  |  |  |  |
|  | &nbsp;&nbsp; 4.72% | &nbsp;&nbsp; 08/13/25 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 900159 |
|  | &nbsp;&nbsp; 4.58% | &nbsp;&nbsp; 11/14/25 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 220046 |
|  | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 12/16/25 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 145050 |
| <br>(SOFR + 0.30%)<br> *(e)* | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 03/18/26 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 210040 |

---

*See financial notes*

Schwab Ultra-Short Income ETF \| Semiannual Holdings and Financial Statements

**5**

------

Schwab Ultra-Short Income ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER | RATE | MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **TRUIST BANK** |  |  |  |  |
|  | &nbsp;&nbsp; 4.61% | &nbsp;&nbsp; 07/09/25 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000038 |
|  | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 10/31/25 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1499386 |
| **Westpac Banking Corp.** | &nbsp;&nbsp; 4.31% | &nbsp;&nbsp; 03/19/26 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1500153 |
| **Total Certificates Of Deposit** <br>**(Cost $20,347,476)**<br>|  |  |  | &nbsp;&nbsp; **20351391** |
| **ASSET-BACKED COMMERCIAL PAPER** 14.6% OF NET ASSETS | **ASSET-BACKED COMMERCIAL PAPER** 14.6% OF NET ASSETS | **ASSET-BACKED COMMERCIAL PAPER** 14.6% OF NET ASSETS | **ASSET-BACKED COMMERCIAL PAPER** 14.6% OF NET ASSETS | **ASSET-BACKED COMMERCIAL PAPER** 14.6% OF NET ASSETS |
| **ATLANTIC ASSET SECURITIZATION LLC**<br> *(c)(d)(f)* | &nbsp;&nbsp; 4.49% | &nbsp;&nbsp; 08/11/25 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1392828 |
| **BARCLAYS BANK PLC US COLLATERALIZED CP NOTES SERIES 2010-1**<br> *(c)(d)(f)* | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 08/18/25 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp; 203775 |
| **Barton Capital SA**<br> *(c)(d)(f)* | &nbsp;&nbsp; 4.47% | &nbsp;&nbsp; 08/01/25 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1494161 |
| **BENNINGTON STARK CAPITAL COMPANY LLC**<br> *(c)(d)(f)* | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 07/02/25 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 899784 |
| **CABOT TRAIL FUNDING LLC**<br> *(c)(d)(f)* | &nbsp;&nbsp; 4.53% | &nbsp;&nbsp; 07/11/25 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199734 |
| **FALCON ASSET FUNDING LLC** |  |  |  |  |
| <br>(SOFR + 0.28%)<br> *(a)(c)(d)(e)* | &nbsp;&nbsp; 4.68% | &nbsp;&nbsp; 01/05/26 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1100093 |
| <br>(SOFR + 0.37%)<br> *(a)(c)(d)(e)* | &nbsp;&nbsp; 4.77% | &nbsp;&nbsp; 02/06/26 | &nbsp;&nbsp; 610000 | &nbsp;&nbsp; 610196 |
| **LIBERTY STREET FUNDING LLC**<br> *(c)(d)(f)* | &nbsp;&nbsp; 4.42% | &nbsp;&nbsp; 09/29/25 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 266999 |
| **LMA-Americas LLC**<br> *(c)(d)(f)* | &nbsp;&nbsp; 4.42% | &nbsp;&nbsp; 10/01/25 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp; 326254 |
| **Mainbeach Funding LLC**<br> *(c)(d)(f)* | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 09/04/25 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 495960 |
| **MATCHPOINT FINANCE PLC**<br> *(c)(d)(f)* | &nbsp;&nbsp; 4.34% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1399831 |
| **MetLife Short Term Funding LLC**<br> *(c)(d)(f)* | &nbsp;&nbsp; 4.41% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 835000 | &nbsp;&nbsp; 816724 |
| **Podium Funding Trust**<br> *(c)(f)* | &nbsp;&nbsp; 4.46% | &nbsp;&nbsp; 12/10/25 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 980421 |
| **PRICOA SHORT TERM FUNDING LLC**<br> *(c)(d)(f)* | &nbsp;&nbsp; 4.46% | &nbsp;&nbsp; 11/03/25 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1969487 |
| **Total Asset-Backed Commercial Paper** <br>**(Cost $12,156,972)**<br>|  |  |  | &nbsp;&nbsp; **12156247** |
| **FINANCIAL COMPANY COMMERCIAL PAPER** 16.1% OF NET ASSETS | **FINANCIAL COMPANY COMMERCIAL PAPER** 16.1% OF NET ASSETS | **FINANCIAL COMPANY COMMERCIAL PAPER** 16.1% OF NET ASSETS | **FINANCIAL COMPANY COMMERCIAL PAPER** 16.1% OF NET ASSETS | **FINANCIAL COMPANY COMMERCIAL PAPER** 16.1% OF NET ASSETS |
| **BPCE SA**<br> *(d)(f)* | &nbsp;&nbsp; 4.43% | &nbsp;&nbsp; 11/13/25 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1081927 |
| **DNB BANK ASA**<br> *(d)(f)* | &nbsp;&nbsp; 4.43% | &nbsp;&nbsp; 08/22/25 | &nbsp;&nbsp; 735000 | &nbsp;&nbsp; 730363 |
| **HSBC USA, Inc.** |  |  |  |  |
| <br>*(d)(f)* | &nbsp;&nbsp; 4.77% | &nbsp;&nbsp; 07/23/25 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp; 1445938 |
| <br>*(d)(f)* | &nbsp;&nbsp; 4.43% | &nbsp;&nbsp; 02/10/26 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp; 432978 |
| **Lloyds Bank Corporate Markets PLC**<br> *(f)* | &nbsp;&nbsp; 4.42% | &nbsp;&nbsp; 02/09/26 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 779027 |
| **Macquarie Bank Ltd.** |  |  |  |  |
| <br>*(d)(f)* | &nbsp;&nbsp; 4.49% | &nbsp;&nbsp; 10/22/25 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 985956 |
| <br>*(d)(f)* | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 12/09/25 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 392175 |

---

*See financial notes*

**6**Schwab Ultra-Short Income ETF \| Semiannual Holdings and Financial Statements

------

Schwab Ultra-Short Income ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER | RATE | MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **National Bank of Canada**<br> *(d)(f)* | &nbsp;&nbsp; 4.41% | &nbsp;&nbsp; 11/04/25 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 590826 |
| **ROYAL BANK OF CANADA**<br> *(d)(f)* | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 02/02/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 487428 |
| **SUMITOMO MITSUI TRUST BANK LTD (SINGAPORE BRANCH)**<br> *(d)(f)* | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 08/06/25 | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp; 2687954 |
| **SWEDBANK AB**<br> *(d)(f)* | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 08/12/25 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1989738 |
| **TORONTO-DOMINION BANK/THE**<br> *(d)(f)* | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 10/09/25 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 493939 |
| **UBS AG (LONDON BRANCH)**<br> *(d)(f)* | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 08/27/25 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1290778 |
| **Total Financial Company Commercial Paper** <br>**(Cost $13,390,285)**<br>|  |  |  | &nbsp;&nbsp; **13389027** |
| **NON-FINANCIAL COMPANY COMMERCIAL PAPER** 3.2% OF NET ASSETS | **NON-FINANCIAL COMPANY COMMERCIAL PAPER** 3.2% OF NET ASSETS | **NON-FINANCIAL COMPANY COMMERCIAL PAPER** 3.2% OF NET ASSETS | **NON-FINANCIAL COMPANY COMMERCIAL PAPER** 3.2% OF NET ASSETS | **NON-FINANCIAL COMPANY COMMERCIAL PAPER** 3.2% OF NET ASSETS |
| **TotalEnergies Capital SA**<br> *(c)(d)(f)* | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 10/10/25 | &nbsp;&nbsp; 480000 | &nbsp;&nbsp; 474056 |
| **TOTALENERGIES CAPITAL SA**<br> *(c)(d)(f)* | &nbsp;&nbsp; 4.48% | &nbsp;&nbsp; 10/17/25 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp; 2170896 |
| **Total Non-Financial Company Commercial Paper** <br>**(Cost $2,645,234)**<br>|  |  |  | &nbsp;&nbsp; **2644952** |
| **VARIABLE RATE DEMAND NOTES** 2.3% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 2.3% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 2.3% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 2.3% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 2.3% OF NET ASSETS |
| **Greyshoe Issuing Trust** |  |  |  |  |
| Taxable Variable Rate Demand Notes Series 2022 (**LOC**: Federal Home Loan Banks)<br> *(a)(c)(g)* | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 12/01/72 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| **Keep Memory Alive** |  |  |  |  |
| Taxable Variable Rate Demand Notes Series 2013 (**LOC**: PNC BANK NA)<br> *(a)(c)(g)* | &nbsp;&nbsp; 4.42% | &nbsp;&nbsp; 05/01/37 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 900000 |
| **Total Variable Rate Demand Notes** <br>**(Cost $1,900,000)**<br>|  |  |  | &nbsp;&nbsp; **1900000** |
| **Total Short-Term Investments** <br>**(Cost $50,858,627)**<br>|  |  |  | &nbsp;&nbsp; **50860342** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ISSUER | FOOTNOTES | RATE | MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **REPURCHASE AGREEMENTS** 13.3% OF NET ASSETS | **REPURCHASE AGREEMENTS** 13.3% OF NET ASSETS | **REPURCHASE AGREEMENTS** 13.3% OF NET ASSETS | **REPURCHASE AGREEMENTS** 13.3% OF NET ASSETS | **REPURCHASE AGREEMENTS** 13.3% OF NET ASSETS | **REPURCHASE AGREEMENTS** 13.3% OF NET ASSETS |
| **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 2.9%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 2.9%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 2.9%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 2.9%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 2.9%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 2.9%** |
| **FICC - BANK OF NEW YORK** |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.41% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 2400294 | &nbsp;&nbsp; 2400000 |
| (Collateralized by U.S. Government Agency Securities valued at $2,472,000, <br> 5.00%, due 08/01/53)<br>|  |  |  |  |  |
|  |  |  |  |  | &nbsp;&nbsp; **2400000** |
| **OTHER REPURCHASE AGREEMENTS\*\* 10.4%** | **OTHER REPURCHASE AGREEMENTS\*\* 10.4%** | **OTHER REPURCHASE AGREEMENTS\*\* 10.4%** | **OTHER REPURCHASE AGREEMENTS\*\* 10.4%** | **OTHER REPURCHASE AGREEMENTS\*\* 10.4%** | **OTHER REPURCHASE AGREEMENTS\*\* 10.4%** |
| **BARCLAYS BANK PLC** |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.41% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 1500184 | &nbsp;&nbsp; 1500000 |
| (Collateralized by U.S. Treasury Securities and common stocks, ETFs, corporate <br> bonds, asset backed securities, or non-agency collateralized mortgage <br> obligations valued at $1,534,163, 0.00%-2.38%, due 02/15/45-01/01/00)<br>|  |  |  |  |  |

---

*See financial notes*

Schwab Ultra-Short Income ETF \| Semiannual Holdings and Financial Statements

**7**

------

Schwab Ultra-Short Income ETF

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER | RATE | MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **BOFA SECURITIES INC** |  |  |  |  |
| Issued 06/11/25, repurchase date 10/14/25<br> *(a)(e)* | &nbsp;&nbsp; 4.89% | &nbsp;&nbsp; 09/28/25 | &nbsp;&nbsp; 2334053 | &nbsp;&nbsp; 2300664 |
| (Collateralized by common stocks, ETFs, corporate bonds, asset backed <br> securities, or non-agency collateralized mortgage obligations valued at <br> $2,484,001, 0.00%, due 01/01/00) <br>(SOFR + 0.50%)<br>|  |  |  |  |
| **CITIGROUP GLOBAL MARKETS INC** |  |  |  |  |
| Issued 06/30/25, repurchase date 10/14/25<br> *(a)(e)* | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 08/04/25 | &nbsp;&nbsp; 2501378 | &nbsp;&nbsp; 2490000 |
| (Collateralized by common stocks, ETFs, corporate bonds, asset backed <br> securities, or non-agency collateralized mortgage obligations valued at <br> $2,689,938, 0.00%, due 01/01/00) <br>(SOFR + 0.31%)<br>|  |  |  |  |
| **WELLS FARGO SECURITIES LLC** |  |  |  |  |
| Issued 06/16/25, repurchase date 01/09/26 | &nbsp;&nbsp; 4.96% | &nbsp;&nbsp; 01/09/26 | &nbsp;&nbsp; 2468448 | &nbsp;&nbsp; 2399631 |
| (Collateralized by common stocks, ETFs, corporate bonds, asset backed <br> securities, or non-agency collateralized mortgage obligations valued at <br> $2,760,000, 0.00%, due 04/20/29-07/16/31)<br>|  |  |  |  |
|  |  |  |  | &nbsp;&nbsp; **8690295** |
| **Total Repurchase Agreements** <br>**(Cost $11,090,000)**<br>|  |  |  | &nbsp;&nbsp; **11090295** |
| **Total Investments in Securities** <br>**(Cost $82,089,854)** | **Total Investments in Securities** <br>**(Cost $82,089,854)** | **Total Investments in Securities** <br>**(Cost $82,089,854)** | **Total Investments in Securities** <br>**(Cost $82,089,854)** | &nbsp;&nbsp; **82153590** |

---

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

\* Collateralized via U.S. Government Agency Securities or less frequently by higher rated U.S. Treasury Securities.

\*\* Collateralized via common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations or less frequently by higher rated U.S. Government Agency Securities and/ or U.S. Treasury Securities. Securities without a stated maturity date, such as common stocks, ETFs, American depositary receipts and perpetual bonds, are represented by 01/01/00. 

*(a)* The effective maturity may be shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or as the result of embedded demand features (puts or calls). 

*(b)* Fixed-to-Float security is in a fixed-rate coupon period.

*(c)* Credit-enhanced or liquidity-enhanced.

*(d)* Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $28,293,467 or 34.0% of net assets. 

*(e)* Variable rate security; rate shown is effective rate at period end.

*(f)* Zero coupon bond. When a security is purchased with a zero coupon rate the effective yield at the time of purchase is shown.

*(g)* VRDN is a municipal security which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are weekly but may be daily or monthly. Unless a reference rate and spread is shown parenthetically, the Remarketing Agent, generally a dealer, determines the interest rate for the security at each interest rate reset date. The rate is typically based on the SIFMA Municipal Swap Index. 

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

---

| | |
|:---|:---|
| CP — | Commercial paper |
| ETF — | Exchange-Traded Fund |
| FICC — | Fixed Income Clearing Corp |
| LOC — | Letter of credit |
| SIFMA — | Securities Industry and Financial Markets Association. The SIFMA Municipal Swap Index is a market index comprised of high-grade 7-day tax-exempt Variable Rate <br> Demand Obligations with certain characteristics.<br>|
| SOFR — | Secured Overnight Financing Rate is published daily by the Federal Reserve Bank of New York and is based on the cost of borrowing cash overnight collateralized by <br> U.S. Treasury securities.<br>|
| VRDN — | Variable rate demand note |

---

------

At June 30, 2025, all of the fund's investment securities were classified as Level 2. The breakdown of the fund's investments into

categories is disclosed on the Portfolio Holdings (see financial note 2(a) for additional information).

*See financial notes*

**8**Schwab Ultra-Short Income ETF \| Semiannual Holdings and Financial Statements

------

Schwab Ultra-Short Income ETF

Statement of Assets and Liabilities

------

As of June 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $70,999,854) |  | $71063295 |
| Repurchase agreements, at value - unaffiliated issuers (cost $11,090,000) |  | 11090295 |
| Cash |  | 532589 |
| Receivables: |  |  |
| Interest | + | 441773 |
| **Total assets** |  | **83127952** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Management fees | + | 9467 |
| **Total liabilities** |  | **9467** |
| **Net assets** |  | **$83118485** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $82792075 |
| Total distributable earnings | + | 326410 |
| **Net assets** |  | **$83118485** |

---

&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** |
| $83118485 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3300000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.19 |

---

*See financial notes*

Schwab Ultra-Short Income ETF \| Semiannual Holdings and Financial Statements

**9**

------

Schwab Ultra-Short Income ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated issuers |  | $1767225 |
| Other Interest | + | 18751 |
| **Total investment income**  |  | **1785976** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 54721 |
| **Total expenses** | – | **54721** |
| **Net investment income** |  | **1731255** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| **Net realized losses on sales of securities - unaffiliated issuers**  |  | **(4741)**<br>|
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers** | + | **61288** |
| **Net realized and unrealized gains** |  | **56547** |
| **Increase in net assets resulting from operations** |  | **$1787802** |

---

*See financial notes*

**10**Schwab Ultra-Short Income ETF \| Semiannual Holdings and Financial Statements

------

Schwab Ultra-Short Income 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** |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 8/13/24\*-12/31/24 |
| Net investment income |  | $1731255 | &nbsp;&nbsp;&nbsp; $938623 |
| Net realized losses |  | (4741)<br>| &nbsp;&nbsp;&nbsp; (3363)<br>|
| Net change in unrealized appreciation (depreciation) | + | 61288 | &nbsp;&nbsp;&nbsp; 2448 |
| **Increase in net assets resulting from operations** |  | **$1787802** | &nbsp;&nbsp;&nbsp; **$937708** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($1475380)**<br>| &nbsp;&nbsp;&nbsp; **($923720)**<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 8/13/24\*-12/31/24 | 8/13/24\*-12/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 1000000 | &nbsp;&nbsp;&nbsp; $25153018 | &nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp; $70189334 |
| Other capital |  |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 28076 |
| Shares redeemed | + | (500000)<br>| &nbsp;&nbsp;&nbsp; (12578353)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Net transactions in fund shares**  |  | **500000** | &nbsp;&nbsp;&nbsp; **$12574665** | &nbsp;&nbsp;&nbsp; **2800000** | &nbsp;&nbsp;&nbsp; **$70217410** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 8/13/24\*-12/31/24 | 8/13/24\*-12/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 2800000 | &nbsp;&nbsp;&nbsp; $70231398 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— |
| Total increase | + | 500000 | &nbsp;&nbsp;&nbsp; 12887087 | &nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp; 70231398 |
| **End of period** |  | **3300000** | &nbsp;&nbsp;&nbsp; **$83118485** | &nbsp;&nbsp;&nbsp; **2800000** | &nbsp;&nbsp;&nbsp; **$70231398** |

---

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

<sup>\*</sup> Commencement of operations.

*See financial notes*

Schwab Ultra-Short Income ETF \| Semiannual Holdings and Financial Statements

**11**

------

Schwab Ultra-Short Income ETF

Financial Notes, unaudited

------

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

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

---

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

---

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

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

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

**Investment Objective** 

The **Schwab Ultra-Short Income ETF's** goal is to seek current income consistent with capital preservation while maintaining liquidity.

------

**2. Significant Accounting Policies:**

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

**12**Schwab Ultra-Short Income ETF \| Semiannual Holdings and Financial Statements

------

Schwab Ultra-Short Income ETF

Financial Notes, unaudited (continued)

------

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

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

**(a) Security Valuation:**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Bonds and notes:** Fixed income investments are generally valued using an evaluated price at the mid-point of the bid/ask spread provided by an approved, independent pricing service (mid-price). To determine the evaluated mid-price, a pricing service may use a variety of techniques and inputs. Techniques may include, but are not limited to, spread models that calculate an investment-specific price relative to a benchmark or yield curve models that establish a price based on yields of comparable bonds along a range of maturities. Inputs differ by valuation approach and techniques, as appropriate, and examples of inputs may include, but are not limited to, interest rates, market conditions, comparable bonds, market trades, projected cash flows, credit reviews and issuer news.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Short-term securities (60 days or less to maturity):** Securities with remaining maturities of 60 days or less are generally valued at an evaluated price; however, such securities may be valued at their amortized cost if it approximates the security's fair value.

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

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

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

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

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

Schwab Ultra-Short Income ETF \| Semiannual Holdings and Financial Statements

**13**

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Schwab Ultra-Short Income ETF

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 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 fund's investments as of June 30, 2025, are disclosed in the fund's Portfolio Holdings.

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

**Repurchase Agreements:** In a repurchase agreement, the fund buys a security from another party (the counterparty), usually a financial institution, with the agreement that it be sold back in the future. Repurchase agreements subject the fund to counterparty risk, meaning that the fund could lose money if the other party fails to perform under the terms of the agreement. The fund mitigates this risk by ensuring that a fund's repurchase agreements are collateralized by cash and/or U.S. government securities, fixed income securities, equity securities or other types of securities. These risks are magnified to the extent that a repurchase agreement is secured by collateral other than cash and U.S. government securities, such as debt securities, equity securities and high yield securities that are rated below investment grade. All collateral is held by the fund's custodian (or, with multi-party agreements, the agent's bank) and is monitored daily to ensure that its fair value is at least equal to the maturity amount under the agreement. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed or limited and the value of the collateral may decline. Investments in repurchase agreements are also based on a review of the credit quality of the repurchase agreement counterparty.

As of June 30, 2025, the fund had investments in repurchase agreements with a gross value of $11,090,295 as disclosed in the Portfolio Holdings. The value of the related collateral disclosed in the Portfolio Holdings exceeded the value of the repurchase agreements at period end.

**Delayed-Delivery Transactions and When-Issued Securities:** The fund may transact in securities on a delayed-delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed-delivery or when-issued basis are identified as such in the fund's Portfolio Holdings, if any. The fund may receive compensation for interest forgone in the purchase of a delayed-delivery or when-issued security. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors. The fund complies with Rule 18f-4 under the 1940 Act, the fund operates as a limited derivatives user, with respect to purchase commitments held within the fund, portfolio securities are no longer required to be segregated as collateral with a value at least equal to the amount of a purchase commitment and the fund's exposure is monitored under a derivatives risk management program.

**Variable Rate Demand Note:** A Variable Rate Demand Note (VRDN) is an asset class in the short-term municipal bond market with a variable (or floating) interest rate which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are daily and weekly, but could be monthly. The put feature entitles the holder to the right to demand repayment in full or to resell at a specific price and/or time, shortening the legal maturity of the VRDN, these put features are daily and weekly, but could be monthly, making these liquid and short-term investments. While the demand feature is intended to reduce credit risks, it is not always unconditional and may be subject to termination if the issuer's credit rating falls below investment grade or if the issuer fails to make payments on other debt. While most variable-rate demand securities allow a fund to exercise its demand rights at any time, some such securities may only allow a fund to exercise its demand rights at certain times, which reduces the liquidity usually associated with this type of security. A fund could suffer losses in the event that the demand feature provider, usually a bank, fails to meet its obligation to pay the demand.

**(c) Security Transactions:** 

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

**14**Schwab Ultra-Short Income ETF \| Semiannual Holdings and Financial Statements

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Schwab Ultra-Short Income ETF

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):** 

**(d) Investment Income:**

Interest income is recorded as it accrues. If the fund buys a debt security at a discount (less than face value) or a premium (more than face value), it amortizes premiums and accretes discounts from the purchase settlement date up to maturity. The fund then increases (in the case of discounts) or reduces (in the case of premiums) the income it records from the security. Certain securities may be callable (meaning that the issuer has the option to pay it off before its maturity date). The fund amortizes the premium and accretes the discount on each callable security to the security's maturity date, except when the purchase price is higher than the call price at the security's call date (in which case the premium is amortized to the call date).

**(e) Expenses:**

Pursuant to the Amended and Restated Advisory Agreement between the investment adviser and the fund, the investment adviser pays the operating expenses of the fund, excluding taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to the fund are charged directly to the fund.

**(f) Distributions to Shareholders:**

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

**(g) Accounting Estimates:**

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

**(h) Federal Income Taxes:**

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

**(i) Segment Reporting:**

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

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

**(j) Indemnification:**

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

Schwab Ultra-Short Income ETF \| Semiannual Holdings and Financial Statements

**15**

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Schwab Ultra-Short Income ETF

Financial Notes, unaudited (continued)

------

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

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

**(k) Recent Accounting Pronouncements:**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The guidance is effective for annual periods beginning after December 15, 2024, and with early adoption permitted. At this time, management is evaluating the impact of this amendment but believes it will not have a material impact on the financial statements and income tax disclosures.

------

**3. Affiliates and Affiliated Transactions:**

**Investment Adviser**

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

For its advisory services to the fund, the investment adviser is entitled to receive an annual management fee, payable monthly, equal to 0.14% of the fund's average daily net assets.

**Interfund Transactions**

The fund may engage in direct transactions with certain other funds in the Fund Complex in accordance with procedures adopted by the Board pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another fund is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs while allowing each fund to execute the transaction at the current market price. This practice is limited to funds that share the same investment adviser. For the period ended June 30, 2025 the fund had no direct security transactions with other funds in the Fund Complex.

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the SEC, the fund may enter into interfund borrowing and lending transactions with other funds in the Fund 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. The fund had no interfund borrowing or lending activity during the period.

------

**4. Board of Trustees:**

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

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**5. Borrowing from Banks:**

During the period, the fund was a participant with other funds in the Fund Complex in a joint, syndicated, committed $1.2 billion line of credit (the Syndicated Credit Facility), maturing on September 25, 2025. Under the terms of the Syndicated Credit Facility, in addition to the investment adviser paying the interest charged on any borrowings by the fund, the investment adviser paid a commitment fee of 0.15% per annum on the fund's proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the fund was a participant with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, maturing on September 25, 2025. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount the fund borrows. There were no borrowings by the fund from either line of credit during the period.

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

**16**Schwab Ultra-Short Income ETF \| Semiannual Holdings and Financial Statements

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Schwab Ultra-Short Income ETF

Financial Notes, unaudited (continued)

------

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

**6. Purchases and Sales/Maturities of Investment Securities:**

For the period ended June 30, 2025, purchases and sales/maturities of securities (excluding in-kind transactions and short-term obligations) were as follows:

---

| | |
|:---|:---|
| PURCHASES <br>OF SECURITIES <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SALES <br>OF SECURITIES<br>|
| $9744424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6716344 |

---

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**7. In-Kind Transactions:**

The consideration for the purchase of Creation Units of the fund consists of the in-kind deposit of a designated portfolio of fixed-income securities, which constitutes an optimized representation of the securities involved in a relevant fund's underlying index, and an amount of cash. Investors purchasing and redeeming Creation Units are subject to a standard creation transaction fee and a standard redemption transaction fee paid to the custodian to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Purchasers and redeemers of Creation Units for cash are subject to an additional variable charge paid to the fund that will offset the transaction costs to the fund of buying or selling portfolio securities. Variable charges are recorded in the Transactions In Fund Shares section in Other capital in the Statement of Changes in Net Assets and in Per-Share Data Other capital in the Financial Highlights. Variable charges in the current period are recorded in the Transactions In Fund Shares section in the Statement of Changes in Net Assets and generally have no effect on the net asset value per share. In addition, purchasers and redeemers of shares in Creation Units are responsible for payment of the costs of transferring securities to or out of the fund. From time to time, the investment adviser may cover the cost of any transaction fees when believed to be in the best interests of the fund. There were no in-kind transactions for the period ended June 30, 2025.

For the period ended June 30, 2025, the fund may realize net capital gains or losses resulting from in-kind redemptions of Creation Units. Because such gains or losses are not taxable to the fund and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the fund's tax year. These reclassifications have no effect on net assets or net asset value per share. The net realized gains or losses on sales of in-kind redemptions for the period ended June 30, 2025, are disclosed in the fund's Statement of Operations, if any.

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**8. Federal Income Taxes:**

As of June 30, 2025, the tax basis cost of the fund's investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | |
|:---|:---|:---|:---|
| TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| &nbsp;&nbsp; $82089854 | &nbsp;&nbsp; $68609 | &nbsp;&nbsp; ($4873)<br>| &nbsp;&nbsp; $63736 |

---

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

Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of December 31, 2024, the fund had capital loss carryforwards of $3,363.

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 June 30, 2025. The tax basis components of distributions paid during the fiscal year ended December 31, 2024 were as follows:

---

| |
|:---|
| PRIOR FISCAL YEAR END DISTRIBUTIONS |
| ORDINARY <br>INCOME <br>|
| $923720 |

---

Schwab Ultra-Short Income ETF \| Semiannual Holdings and Financial Statements

**17**

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Schwab Ultra-Short Income ETF

Financial Notes, unaudited (continued)

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

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

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

As of December 31, 2024, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the fund, and has determined that no provision for income tax is required in the fund's financial statements. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the fund's Statement of Operations. During the period ended December 31, 2024, the fund did not incur any interest or penalties.

------

**9. Subsequent Events:**

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

**18**Schwab Ultra-Short Income ETF \| 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 Ultra-Short Income ETF \| Semiannual Holdings and Financial Statements

**19**

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Proxy Disclosures for Open-End Management Investment Companies

------

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

Not applicable.

**20**Schwab Ultra-Short Income ETF \| Semiannual Holdings and Financial Statements

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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 Ultra-Short Income ETF \| Semiannual Holdings and Financial Statements

**21**

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Schwab Ultra-Short Income ETF

Investment Advisory Agreement Approval

------

The Investment Company Act of 1940, as amended (the 1940 Act), requires that the continuation of a fund's investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or "interested persons" of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund's trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.

The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the investment advisory agreement (the Agreement) between Schwab Strategic Trust (the Trust) and Charles Schwab Investment Management, Inc. (CSIM) (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trust, including Schwab Ultra-Short Income ETF (the Fund), and to review certain other agreements pursuant to which the investment adviser provides investment advisory services to certain other registered investment companies. In preparation for the meeting(s), the Board requests and reviews a wide variety of materials provided by the investment adviser, including information about the investment adviser's affiliates, personnel, business goals and priorities, profitability, oversight of third-party service providers, corporate structure and operations. As part of the renewal process, the Independent Trustees' legal counsel, on behalf of the Independent Trustees, sends an information request letter to the investment adviser seeking certain relevant information. The responses by the investment adviser are provided to the Trustees in the Board materials for their review prior to their meeting, and the Trustees are provided with the opportunity to request any additional materials. The Board also receives data provided by an independent provider of investment company data. This information is in addition to the detailed information about the Fund that the Board reviews during the course of each year, including information that relates to the Fund's operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. In considering the renewal, the Independent Trustees receive advice from Independent Trustees' legal counsel, including a memorandum regarding the responsibilities of trustees for the approval of investment advisory agreements. In addition, the Independent Trustees participate in question and answer sessions with representatives of the investment adviser and meet in executive session outside the presence of Fund management.

The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreement with respect to the Fund at meetings held on May 7, 2025 and June 5, 2025, and approved the renewal of the Agreement with respect to the Fund for an additional one-year term at the meeting on June 5, 2025 called for the purpose of voting on such approval.

The Board's approval of the continuance of the Agreement with respect to the Fund was based on consideration and evaluation of a variety of specific factors discussed at these meetings and at prior meetings, including:

1. the nature, extent and quality of the services provided to the Fund under the Agreement, including the resources of the investment adviser and its affiliates dedicated to the Fund;

2. the Fund's limited investment performance;

3. the Fund's expenses and how those expenses compared to those of certain other similar exchange-traded funds;

4. the profitability of the investment adviser and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to the Fund, including both direct and indirect benefits accruing to the investment adviser and its affiliates; and

5. the extent to which economies of scale would be realized as the Fund grows and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors.

**Nature, Extent and Quality of Services.** The Board considered the nature, extent and quality of the services provided by the investment adviser to the Fund and the resources of the investment adviser and its affiliates dedicated to the Fund. In this regard, the Trustees evaluated, among other things, the investment adviser's experience, track record, compliance program, resources dedicated to hiring and retaining skilled personnel and specialized talent, and information security resources. The Trustees also considered information provided by the investment adviser relating to services and support provided with respect to the Fund's portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, and vendor and risk oversight. The Trustees also considered the investment adviser's continued investment in its infrastructure, including the investment adviser's technology and use of data, business continuity, cybersecurity, due diligence, risk management processes, and information security programs. The Trustees considered Schwab's overall financial condition and reputation as a full service brokerage firm, as well as the wide range of products, services and

**22**Schwab Ultra-Short Income ETF \| Semiannual Holdings and Financial Statements

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Schwab Ultra-Short Income ETF

account features that benefit Fund shareholders who are brokerage clients of Schwab. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by the investment adviser to the Fund and the resources of the investment adviser and its affiliates dedicated to the Fund supported renewal of the Agreement with respect to the Fund.

**Fund Performance.** The Trustees considered that the Fund commenced investment operations on August 13, 2024 and therefore had less than one year of performance history available. The Trustees acknowledged that the Fund outperformed its benchmark and some of the top funds in its peer group during its limited operating history.

**Fund Expenses.** With respect to the Fund's expenses, the Trustees considered the rate of compensation called for by the Agreement and the Fund's operating expense ratio, in each case, in comparison to those of other similar exchange-traded funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The investment adviser reported to the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Fund and provision of services as well as the competitive marketplace for financial products. The Trustees also considered fees charged by the investment adviser to mutual funds and other exchange-traded funds that it manages. The Board evaluated the Fund's unitary fee through review of comparative information with respect to fees paid by other similar exchange-traded funds. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of the Fund are reasonable and supported renewal of the Agreement with respect to the Fund.

**Profitability.** Although the Fund had a limited operating history, the Trustees considered the compensation flowing to the investment adviser and its affiliates, directly or indirectly, and reviewed profitability on a pre-tax basis, without regard to distribution expenses. The Trustees reviewed profitability of the investment adviser relating to the Schwab fund complex as a whole, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain costs across the Fund and other funds in the complex. The Trustees also considered any other benefits derived by the investment adviser from its relationship with the Fund, such as whether, by virtue of its management of the Fund, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to

other clients. The Trustees considered whether the compensation and profitability with respect to the Fund under the Agreement and other service agreements were reasonable in light of the quality of all services rendered to the Fund by the investment adviser and its affiliates. The Trustees noted that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research capabilities, services and systems to benefit the Fund. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of the investment adviser is reasonable and supported renewal of the Agreement with respect to the Fund.

**Economies of Scale.** Although the Trustees recognized the difficulty of determining economies of scale with precision, and although the Fund does not have breakpoints in its advisory fee, the Trustees considered the potential existence of any economies of scale by way of the relatively low advisory fee and unitary fee structure of the Fund and whether those are passed along to the Fund's shareholders through (i) the enhancement of services provided to the Fund in return for fees paid, including through the investment adviser's continued investment in its infrastructure and use of data and technology, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Fund and its shareholders; and (ii) pricing a fund to scale and keeping overall expenses down as the fund grows. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the Fund obtains reasonable benefits from economies of scale.

\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*

In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees' deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the continuation of the Agreement with respect to the Fund and concluded that the compensation under the Agreement with respect to the Fund is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

Schwab Ultra-Short Income ETF \| Semiannual Holdings and Financial Statements

**23**

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g839002imga2e140831.jpg)

MFR128058-00

00315725

------

#### 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 is 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.

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#### 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.

&nbsp;&nbsp;&nbsp;&nbsp; (2) Not applicable

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) Separate certifications for Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (the "1940 Act"), are attached.](d17124dex99cert.htm)

[(b)](d17124dex99906cert.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.](d17124dex99906cert.htm) 

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Schwab</u> <u>Strategic Trust – Schwab Fixed-Income ETFs, Schwab Core Bond ETF, Schwab Government Money Market ETF and Schwab Ultra-Short Income ETF</u>

---

| | |
|:---|:---|
| By: | /s/ Omar Aguilar |
|  | Omar Aguilar<br> Principal Executive Officer (Chief Executive Officer) |
| Date: | August 18, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By: | /s/ Omar Aguilar |
|  | Omar Aguilar<br> Principal Executive Officer (Chief Executive Officer) |
| Date: | August 18, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Dana Smith |
|  | Dana Smith<br> Principal Financial Officer (Chief Financial Officer) |
| Date: | August 18, 2025 |

---

## 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 Fixed-Income ETFs, Schwab Core Bond ETF, Schwab Government Money Market ETF and Schwab Ultra-Short Income ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: August 18, 2025 | /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 Fixed-Income ETFs, Schwab Core Bond ETF, Schwab Government Money Market ETF and Schwab Ultra-Short Income ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: August 18, 2025 | /s/ Dana Smith |
|  | Dana Smith<br> Principal Financial Officer (Chief Financial Officer) |

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## Exhibit 99.906

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES**-**OXLEY ACT OF 2002

In connection with the Semiannual Report for Schwab Strategic Trust – Schwab Fixed-Income ETFs, Schwab Core Bond ETF, Schwab Government Money Market ETF and Schwab Ultra-Short Income ETF (the "Funds") on Form N-CSRS for the period ended June 30, 2025 ("periodic report"), each of the undersigned, being the Principal Executive Officer and Principal Financial Officer, respectively, hereby certifies, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes**-**Oxley Act of 2002, that to the best of my knowledge:

(1) The periodic report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the Funds for the period presented therein.

---

| | |
|:---|:---|
| /s/ Omar Aguilar | Date: August 18, 2025 |
| Omar Aguilar |  |
| Principal Executive Officer (Chief Executive Officer) |  |

---

---

| | |
|:---|:---|
| /s/ Dana Smith | Date: August 18, 2025 |
| Dana Smith |  |
| Principal Financial Officer (Principal Financial Officer) |  |

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This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and is not being filed as part of the Form N-CSRS with the Commission.