Schwab Strategic Trust
Schwab U.S. REIT ETF
Portfolio Holdings as of May 31, 2026 (Unaudited)
   
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.8% OF NET ASSETS
 
Data Center REITs 9.2%
Digital Realty Trust, Inc.
2,288,089
434,736,910
Equinix, Inc.
457,107
488,208,560
 
922,945,470
 
Diversified REITs 2.2%
AH Realty Trust, Inc.
564,875
3,846,799
American Assets Trust, Inc.
335,301
7,812,513
Broadstone Net Lease, Inc.
1,340,601
27,120,358
CTO Realty Growth, Inc.
207,691
4,268,050
Essential Properties Realty Trust, Inc.
1,487,404
45,484,814
Gladstone Commercial Corp.
341,307
4,303,881
Global Net Lease, Inc.
1,395,950
13,080,052
WP Carey, Inc.
1,552,677
115,550,223
 
221,466,690
 
Health Care REITs 17.9%
Alexandria Real Estate Equities, Inc.
1,105,149
54,903,802
American Healthcare REIT, Inc.
1,256,968
61,453,166
CareTrust REIT, Inc.
1,582,835
64,611,325
Chiron Real Estate, Inc.
88,675
3,195,847
Community Healthcare Trust, Inc.
180,569
3,109,398
Diversified Healthcare Trust
1,543,761
12,844,092
Healthcare Realty Trust, Inc.
2,472,282
49,247,857
Healthpeak Properties, Inc.
4,924,466
94,303,524
LTC Properties, Inc.
337,137
12,612,295
Medical Properties Trust, Inc.
3,498,327
17,876,451
National Health Investors, Inc.
337,749
24,753,624
Omega Healthcare Investors, Inc.
2,094,135
97,921,753
Sabra Health Care REIT, Inc.
1,785,575
35,515,087
Sila Realty Trust, Inc.
389,942
11,791,846
Ventas, Inc.
3,365,172
284,087,820
Welltower, Inc.
4,682,468
961,451,154
 
1,789,679,041
 
Hotel & Resort REITs 2.7%
Apple Hospitality REIT, Inc.
1,559,521
22,909,363
DiamondRock Hospitality Co.
1,441,545
15,842,580
Host Hotels & Resorts, Inc.
4,531,292
104,129,090
Park Hotels & Resorts, Inc.
1,414,121
17,153,288
Pebblebrook Hotel Trust
804,842
12,273,840
RLJ Lodging Trust
1,057,705
10,291,470
Ryman Hospitality Properties, Inc.
446,506
51,406,236
Service Properties Trust
4,044,147
7,239,023
Summit Hotel Properties, Inc.
753,217
4,346,062
Sunstone Hotel Investors, Inc.
1,344,519
14,547,696
Xenia Hotels & Resorts, Inc.
671,622
11,666,074
 
271,804,722
 
Industrial REITs 12.7%
Americold Realty Trust, Inc.
2,018,529
31,670,720
EastGroup Properties, Inc.
377,240
76,168,528
First Industrial Realty Trust, Inc.
938,947
58,092,651
SECURITY
NUMBER
OF SHARES
VALUE ($)
Innovative Industrial Properties, Inc.
198,867
11,532,297
Lineage, Inc.
403,983
17,940,885
LXP Industrial Trust
418,792
21,626,419
Prologis, Inc.
6,238,097
894,979,777
Rexford Industrial Realty, Inc.
1,631,138
57,856,465
STAG Industrial, Inc.
1,353,604
51,260,984
Terreno Realty Corp.
738,258
48,496,168
 
1,269,624,894
 
Multi-Family Residential REITs 7.7%
AvalonBay Communities, Inc.
1,003,199
183,093,849
Camden Property Trust
732,630
78,069,053
Centerspace
118,382
7,988,417
Equity Residential
2,435,873
159,427,888
Essex Property Trust, Inc.
456,563
124,477,336
Independence Realty Trust, Inc.
1,678,136
27,236,147
Mid-America Apartment Communities,
Inc.
828,255
106,902,873
NexPoint Residential Trust, Inc.
155,129
4,508,049
UDR, Inc.
2,130,772
78,625,487
 
770,329,099
 
Office REITs 2.8%
Brandywine Realty Trust
1,234,711
3,827,604
BXP, Inc.
1,044,684
62,691,487
COPT Defense Properties
800,432
25,661,850
Cousins Properties, Inc.
1,190,044
31,905,080
Douglas Emmett, Inc.
1,186,933
13,815,900
Easterly Government Properties, Inc.
309,041
7,410,803
Empire State Realty Trust, Inc., Class A
986,922
5,655,063
Highwoods Properties, Inc.
779,416
20,342,758
Hudson Pacific Properties, Inc. *
381,598
4,571,544
JBG SMITH Properties
417,492
6,124,608
Kilroy Realty Corp.
772,613
26,477,447
Piedmont Realty Trust, Inc., Class A *
885,123
7,355,372
SL Green Realty Corp.
504,496
22,904,118
Vornado Realty Trust
1,134,749
38,297,779
 
277,041,413
 
Other Specialized REITs 8.0%
EPR Properties
539,596
30,783,952
Farmland Partners, Inc.
281,630
2,892,340
Four Corners Property Trust, Inc.
778,158
19,376,134
Gaming & Leisure Properties, Inc.
2,005,146
94,181,708
Gladstone Land Corp.
246,455
2,336,393
Iron Mountain, Inc.
2,096,006
268,812,770
Lamar Advertising Co., Class A
615,431
93,828,610
Millrose Properties, Inc.
1,092,256
30,823,464
Outfront Media, Inc.
1,030,976
33,238,666
Safehold, Inc.
326,260
4,884,112
VICI Properties, Inc.
7,739,949
218,421,361
 
799,579,510
 
Retail REITs 15.7%
Acadia Realty Trust
929,051
20,457,703
Agree Realty Corp.
849,029
62,955,500
Alexander's, Inc.
15,257
3,754,900
  
1
Schwab U.S. REIT ETF
Portfolio Holdings (Unaudited) continued
SECURITY
NUMBER
OF SHARES
VALUE ($)
Brixmor Property Group, Inc.
2,172,208
66,382,676
CBL & Associates Properties, Inc.
109,052
5,244,311
Curbline Properties Corp.
687,344
20,022,331
Federal Realty Investment Trust
556,255
66,544,786
Getty Realty Corp.
389,550
12,672,062
InvenTrust Properties Corp.
551,025
18,255,458
Kimco Realty Corp.
4,776,006
115,006,224
Kite Realty Group Trust
1,533,034
42,035,792
Macerich Co.
1,950,731
43,930,462
NETSTREIT Corp.
687,550
13,929,763
NNN REIT, Inc.
1,345,718
59,897,908
Phillips Edison & Co., Inc.
890,986
35,773,088
Realty Income Corp.
6,517,617
399,399,570
Regency Centers Corp.
1,166,272
90,211,139
Simon Property Group, Inc.
2,181,039
446,916,702
SITE Centers Corp.
372,023
1,878,716
Tanger, Inc.
815,894
29,429,297
Urban Edge Properties
893,053
20,040,109
 
1,574,738,497
 
Self Storage REITs 6.6%
CubeSmart
1,615,651
64,626,040
Extra Space Storage, Inc.
1,503,795
217,012,657
National Storage Affiliates Trust
501,759
21,400,021
Public Storage
1,119,128
339,867,982
Smartstop Self Storage REIT, Inc.
391,391
12,230,969
 
655,137,669
 
Single-Family Residential REITs 3.9%
American Homes 4 Rent, Class A
2,309,829
74,099,315
Equity LifeStyle Properties, Inc.
1,373,321
84,830,038
Invitation Homes, Inc.
3,995,851
116,878,642
Sun Communities, Inc.
823,614
101,848,107
UMH Properties, Inc.
573,107
8,608,067
 
386,264,169
 
Telecom Tower REITs 8.7%
American Tower Corp.
2,321,658
434,057,180
Crown Castle, Inc.
3,085,402
282,314,283
SBA Communications Corp.
754,883
153,362,030
 
869,733,493
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Timber REITs 1.7%
Rayonier, Inc.
1,969,362
41,139,972
Weyerhaeuser Co.
5,105,039
125,124,506
 
166,264,478
Total Common Stocks
(Cost $9,056,690,024)
9,974,609,145
 
 
 
 
SHORT-TERM INVESTMENTS 0.1% OF NET ASSETS
 
Money Market Funds 0.1%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 3.56% (a)
15,473,600
15,473,600
Total Short-Term Investments
(Cost $15,473,600)
15,473,600
Total Investments in Securities
(Cost $9,072,163,624)
9,990,082,745
 
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
DEPRECIATION
($)
FUTURES CONTRACTS
Long
Dow Jones U.S. Real Estate
Index, expires 06/18/26
577
22,151,030
(56,150
)
 
*
Non-income producing security.
(a)
The rate shown is the annualized 7-day yield.
 
REIT —
Real Estate Investment Trust
 
Below is a summary of the fund’s transactions with affiliated issuers and companies which are or were affiliates during the period ended May 31, 2026. An affiliated company is a company in which the investment adviser has or had an ownership of at least 5% of the voting securities of a security issue during the report period. A dash in the Value at February 28, 2026, and/or Value and Balance of Shares Held at May 31, 2026, columns means either the issuer was not held or not held as an affiliate on the stated date. 
SECURITY
VALUE AT
2/28/26
PURCHASES
SALES
NET REALIZED
GAINS (LOSSES)
NET CHANGE
IN UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
5/31/26
BALANCE
OF SHARES
HELD AT
5/31/26
DIVIDENDS
RECEIVED
COMMON STOCKS 0.0% OF NET ASSETS
 
Hotel & Resort REITs 0.0%
Service Properties Trust
$2,505,289
$3,917,215
($131,581
)
($543,431
)
$1,491,531
$—
—
$40,233
 
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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 May 31, 2026:  
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 Stocks 1
$9,974,609,145
$—
$—
$9,974,609,145
Short-Term Investments 1
15,473,600
—
—
15,473,600
Liabilities
Futures Contracts 2
(56,150
)
—
—
(56,150
)
Total
$9,990,026,595
$—
$—
$9,990,026,595
 
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
  
3
Schwab U.S. REIT ETF
Notes to Portfolio Holdings (Unaudited)
Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the 1940 Act), the Board of Trustees has designated authority to a Valuation Designee, the fund’s investment adviser, to make fair valuation determinations under adopted procedures, subject to Board of Trustees oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities as well as to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Securities held in the fund’s portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:
● 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.
● 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.
● 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 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. These generally include active listed equities, mutual funds, exchange-traded funds and futures contracts. Mutual funds and exchange-traded funds are classified as Level 1 prices, without consideration to the classification level of the underlying securities held which could be Level 1, Level 2, or Level 3 in the fair value hierarchy.
● 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.
● 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.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
4
  
Schwab U.S. REIT ETF
Notes to Portfolio Holdings (Unaudited) (continued)
The levels associated with valuing the fund’s investments are disclosed in the fund’s Portfolio Holdings.
REG66362MAY26
  
5