Schwab Strategic Trust
Schwab U.S. REIT ETF
Portfolio Holdings as of November 30, 2022 (Unaudited)
  
The following are the portfolio holdings as of the report date. For more information, please refer to the fund’s semiannual or annual shareholder reports. You can also obtain this information at no cost by calling 1-866-414-6349 or by sending an email request to orders@mysummaryprospectus.com.  
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.9% OF NET ASSETS
 
Diversified REITs 3.0%
Alexander & Baldwin, Inc. *
342,160
6,757,660
American Assets Trust, Inc.
245,460
7,189,523
Armada Hoffler Properties, Inc.
319,081
3,876,834
Broadstone Net Lease, Inc.
815,256
13,834,894
Empire State Realty Trust, Inc., Class A
627,322
4,836,653
Essential Properties Realty Trust, Inc.
665,455
15,445,211
Global Net Lease, Inc.
488,133
6,604,440
iStar, Inc.
401,915
3,227,377
STORE Capital Corp.
1,252,083
39,941,448
WP Carey, Inc.
977,949
77,062,381
 
 
178,776,421
 
Health Care REITs 8.1%
CareTrust REIT, Inc.
457,299
9,054,520
Diversified Healthcare Trust
1,125,633
1,114,377
Global Medical REIT, Inc.
289,561
2,924,566
Healthcare Realty Trust, Inc.
1,793,172
36,813,821
Healthpeak Properties, Inc.
2,542,541
66,767,127
LTC Properties, Inc.
190,983
7,503,722
Medical Properties Trust, Inc.
2,822,616
37,032,722
National Health Investors, Inc.
210,444
11,839,579
Omega Healthcare Investors, Inc.
1,103,131
33,402,807
Physicians Realty Trust
1,066,944
15,929,474
Sabra Health Care REIT, Inc.
1,087,841
14,044,027
Ventas, Inc.
1,883,465
87,637,627
Welltower, Inc.
2,183,401
155,086,973
 
 
479,151,342
 
Hotel & Resort REITs 3.1%
Apple Hospitality REIT, Inc.
1,003,329
17,116,793
Ashford Hospitality Trust, Inc. *
162,801
1,059,835
Chatham Lodging Trust *
229,657
3,070,514
DiamondRock Hospitality Co.
993,786
9,351,526
Host Hotels & Resorts, Inc.
3,368,585
63,801,000
Park Hotels & Resorts, Inc.
1,059,545
13,593,962
Pebblebrook Hotel Trust
619,057
10,307,299
RLJ Lodging Trust
766,659
9,291,907
Ryman Hospitality Properties, Inc.
259,887
23,787,457
Service Properties Trust
778,498
6,111,209
Summit Hotel Properties, Inc.
503,018
4,300,804
Sunstone Hotel Investors, Inc.
999,633
10,985,967
Xenia Hotels & Resorts, Inc.
539,070
8,312,459
 
 
181,090,732
 
Industrial REITs 12.5%
Americold Realty Trust, Inc.
1,269,250
37,887,112
EastGroup Properties, Inc.
205,269
31,865,960
First Industrial Realty Trust, Inc.
622,299
31,457,214
Industrial Logistics Properties Trust
308,586
1,255,945
SECURITY
NUMBER
OF SHARES
VALUE ($)
Innovative Industrial Properties, Inc.
131,815
15,977,296
LXP Industrial Trust
1,319,039
14,192,860
Plymouth Industrial REIT, Inc.
172,132
3,563,132
Prologis, Inc.
4,350,352
512,427,962
Rexford Industrial Realty, Inc.
806,031
44,565,454
STAG Industrial, Inc.
844,471
27,791,541
Terreno Realty Corp.
313,276
18,370,505
 
 
739,354,981
 
Office REITs 5.8%
Alexandria Real Estate Equities, Inc.
699,656
108,873,470
Boston Properties, Inc.
672,079
48,443,454
Brandywine Realty Trust
808,473
5,586,548
City Office REIT, Inc.
195,384
1,932,348
Corporate Office Properties Trust
529,731
14,710,630
Cousins Properties, Inc.
713,668
18,826,562
Douglas Emmett, Inc.
827,819
14,337,825
Easterly Government Properties, Inc.
428,315
6,784,510
Equity Commonwealth
524,178
14,199,982
Highwoods Properties, Inc.
495,319
14,760,506
Hudson Pacific Properties, Inc.
607,943
7,027,821
JBG SMITH Properties
468,737
9,660,670
Kilroy Realty Corp.
495,641
21,421,604
Office Properties Income Trust
228,481
3,493,474
Orion Office REIT, Inc.
266,014
2,471,270
Paramount Group, Inc.
797,078
5,196,949
Piedmont Office Realty Trust, Inc.,
Class A
580,778
6,045,899
SL Green Realty Corp. (a)
303,054
12,716,146
Veris Residential, Inc. *
373,681
6,001,317
Vornado Realty Trust
759,174
19,199,510
 
 
341,690,495
 
Residential REITs 14.4%
American Homes 4 Rent, Class A
1,425,499
47,141,252
Apartment Income REIT Corp.
726,587
27,646,635
Apartment Investment & Management
Co., Class A
716,969
6,008,200
AvalonBay Communities, Inc.
658,887
115,239,336
Bluerock Homes Trust, Inc. *
16,860
413,407
Camden Property Trust
501,955
60,400,245
Centerspace
72,361
4,667,284
Elme Communities *
411,972
8,140,567
Equity LifeStyle Properties, Inc.
824,171
54,741,438
Equity Residential
1,595,050
103,454,943
Essex Property Trust, Inc.
306,862
67,626,248
Independence Realty Trust, Inc.
1,045,396
18,942,576
Invitation Homes, Inc.
2,732,180
89,151,033
Mid-America Apartment Communities,
Inc.
543,943
89,685,322
NexPoint Residential Trust, Inc.
107,540
5,171,599
Sun Communities, Inc.
581,089
85,361,974
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Schwab U.S. REIT ETF        
Portfolio Holdings (Unaudited) continued
SECURITY
NUMBER
OF SHARES
VALUE ($)
UDR, Inc.
1,439,170
59,682,380
UMH Properties, Inc.
239,365
4,215,218
 
 
847,689,657
 
Retail REITs 13.2%
Acadia Realty Trust
446,845
6,872,476
Agree Realty Corp.
376,130
26,310,294
Brixmor Property Group, Inc.
1,412,095
32,732,362
Federal Realty Investment Trust
343,112
38,119,743
Getty Realty Corp.
200,126
6,608,161
InvenTrust Properties Corp.
317,889
8,172,926
Kimco Realty Corp.
2,914,315
66,796,100
Kite Realty Group Trust
1,032,463
23,540,156
National Retail Properties, Inc.
834,553
38,689,877
NETSTREIT Corp.
237,598
4,640,289
Phillips Edison & Co., Inc.
549,992
17,726,242
Realty Income Corp.
2,909,992
183,533,195
Regency Centers Corp.
725,666
48,205,992
Retail Opportunity Investments Corp.
586,670
8,946,718
RPT Realty
401,306
4,494,627
Simon Property Group, Inc.
1,542,497
184,235,842
SITE Centers Corp.
877,965
11,931,544
Spirit Realty Capital, Inc.
642,475
26,611,315
Tanger Factory Outlet Centers, Inc.
491,699
9,563,546
The Macerich Co.
1,012,332
12,856,616
The Necessity Retail REIT, Inc.
627,340
4,190,631
Urban Edge Properties
553,468
8,706,052
Whitestone REIT
219,462
2,135,365
 
 
775,620,069
 
Specialized REITs 39.8%
American Tower Corp.
2,193,849
485,389,091
Crown Castle, Inc.
2,040,474
288,584,238
CubeSmart
1,057,627
43,775,182
Digital Realty Trust, Inc.
1,354,262
152,300,304
EPR Properties
353,307
14,701,104
Equinix, Inc.
429,139
296,384,850
Extra Space Storage, Inc.
630,988
101,393,462
Farmland Partners, Inc.
227,770
3,024,786
Four Corners Property Trust, Inc.
383,591
10,410,660
Gaming & Leisure Properties, Inc.
1,203,794
63,331,602
Gladstone Land Corp.
150,111
3,083,280
Iron Mountain, Inc.
1,369,710
74,416,344
Lamar Advertising Co., Class A
410,493
41,106,769
Life Storage, Inc.
397,604
42,738,454
National Storage Affiliates Trust
402,227
16,012,657
Outfront Media, Inc.
688,036
12,584,178
SECURITY
NUMBER
OF SHARES
VALUE ($)
PotlatchDeltic Corp.
379,781
18,149,734
Public Storage
744,436
221,812,151
Rayonier, Inc.
689,938
24,754,975
Safehold, Inc.
112,723
3,327,583
SBA Communications Corp.
508,319
152,139,877
Uniti Group, Inc.
1,117,615
8,516,226
VICI Properties, Inc.
4,538,068
155,201,926
Weyerhaeuser Co.
3,488,377
114,104,812
 
 
2,347,244,245
Total Common Stocks
(Cost $5,860,781,059)
5,890,617,942
 
 
 
 
SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS
 
Money Market Funds 0.2%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 3.66% (b)
1,387,551
1,387,551
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 3.66% (b)(c)
9,707,000
9,707,000
 
 
11,094,551
Total Short-Term Investments
(Cost $11,094,551)
11,094,551
Total Investments in Securities
(Cost $5,871,875,610)
5,901,712,493
 
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
 
 
 
Dow Jones U.S. Real Estate
Index, expires 12/16/22
155
5,364,550
124,975
 
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$9,583,664.
(b)
The rate shown is the annualized 7-day yield.
(c)
Security purchased with cash collateral received for securities on loan.
 
REIT —
Real Estate Investment Trust
 
2  
Schwab U.S. REIT ETF        
Portfolio Holdings (Unaudited) continued
The following is a summary of the inputs used to value the fund’s investments as of November 30, 2022:  
DESCRIPTION
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1)
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3)
TOTAL
Asset
 
 
 
 
Common Stocks1
$5,890,617,942
$—
$—
$5,890,617,942
Short-Term Investments1
11,094,551
—
—
11,094,551
Futures Contracts2
124,975
—
—
124,975
Total
$5,901,837,468
$—
$—
$5,901,837,468
 
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.
  3
Schwab U.S. REIT ETF
Notes to Portfolio Holdings (Unaudited)
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 and 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:
• Securities traded on an exchange or over-the-counter: Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.
• Futures contracts: Futures contracts are valued at their settlement prices as of the close of their exchanges.
• Mutual funds: Mutual funds are valued at their respective net asset values (NAVs).
• 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 is 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 generally accepted accounting principles in the United States of America (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:
• Level 1 — quoted prices in active markets for identical investments— Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities, mutual funds and futures contracts. Investments in mutual funds are valued daily at their NAVs. Mutual funds are classified as Level 1 prices, without consideration to the classification level of the underlying securities held by an underlying fund.
• 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 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.
• Level 3 — significant unobservable inputs (including the Valuation Designee’s assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore the fund’s results of operations.
4  
Schwab U.S. REIT ETF
Notes to Portfolio Holdings (Unaudited) (continued)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
REG66362NOV22
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