Schwab Strategic Trust
Schwab Mortgage-Backed Securities ETF
Portfolio Holdings as of May 31, 2026 (Unaudited)
All securities are currently in a fixed rate coupon period based on index eligibility requirements and the fund’s investment objective. The maturity date shown for all the securities is the final legal maturity.
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
SECURITIZED 99.6% OF NET ASSETS
 
Mortgage-Backed Securities Pass-Through 99.6%
Federal Home Loan Mortgage Corp.
1.00%, 03/01/36 to 08/01/36 (a)
572,007
500,659
1.50%, 07/01/35 to 04/01/52 (a)
97,219,993
80,264,753
2.00%, 01/01/28 to 05/01/52 (a)
467,573,095
386,684,588
2.50%, 04/01/27 to 01/01/54 (a)
244,063,855
210,524,357
3.00%, 12/01/26 to 02/01/53 (a)
176,655,822
158,449,629
3.50%, 09/01/33 to 01/01/55 (a)
112,410,959
103,984,557
4.00%, 11/01/33 to 05/01/55 (a)
87,517,336
83,454,645
4.50%, 10/01/37 to 05/01/56 (a)
135,310,746
131,647,184
5.00%, 05/01/33 to 06/01/56 (a)
328,184,314
325,229,964
5.50%, 06/01/33 to 05/01/56 (a)
326,045,870
329,465,372
6.00%, 12/01/36 to 03/01/56 (a)
259,212,116
266,230,298
6.50%, 11/01/52 to 10/01/55 (a)
99,399,653
103,827,028
7.00%, 10/01/53 to 12/01/55 (a)
11,564,133
12,244,717
7.50%, 08/01/54 (a)
211,829
222,440
Federal National Mortgage Association
1.00%, 12/01/36 (a)
3,598,030
3,137,238
1.50%, 07/01/35 to 04/01/52 (a)
122,660,985
100,349,688
2.00%, 11/01/27 to 04/01/52 (a)
513,051,024
428,417,217
2.50%, 03/01/27 to 01/01/54 (a)
444,370,465
381,973,601
3.00%, 03/01/27 to 07/01/52 (a)
276,241,075
247,693,188
3.50%, 07/01/28 to 12/01/55 (a)
200,244,283
185,375,991
4.00%, 05/01/33 to 07/01/55 (a)
195,716,942
186,066,538
4.50%, 07/01/29 to 05/01/56 (a)
153,510,171
149,231,093
5.00%, 06/01/33 to 05/01/56 (a)
240,554,974
238,761,208
5.50%, 05/01/33 to 04/01/56 (a)
306,510,794
310,090,589
6.00%, 09/01/36 to 05/01/56 (a)
232,277,684
238,909,513
6.50%, 01/01/53 to 04/01/56 (a)
95,140,644
99,306,061
7.00%, 02/01/53 to 09/01/55 (a)
20,341,255
21,540,486
7.50%, 11/01/53 to 08/01/54 (a)
1,375,601
1,454,594
Government National Mortgage Association
1.50%, 02/20/51 to 12/20/51 (a)
4,492,485
3,519,647
2.00%, 08/20/50 to 05/20/52 (a)
177,550,476
145,897,080
2.50%, 07/20/27 to 04/20/53 (a)
173,237,474
148,438,352
3.00%, 04/20/27 to 12/20/54 (a)
174,638,158
156,385,487
3.50%, 12/20/40 to 03/20/56 (a)
147,100,881
135,454,043
4.00%, 04/15/39 to 09/20/55 (a)
111,032,086
105,081,519
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
4.50%, 09/15/34 to 05/20/56 (a)
173,467,649
168,176,058
5.00%, 12/15/36 to 05/20/56 (a)
285,410,333
282,940,014
5.50%, 10/20/52 to 05/20/56 (a)
257,021,801
259,788,053
6.00%, 11/20/52 to 05/20/56 (a)
131,621,405
134,575,344
6.50%, 11/20/52 to 05/20/56 (a)
45,820,078
47,804,274
7.00%, 11/20/52 to 10/20/55 (a)
8,948,008
9,303,677
7.50%, 01/20/54 to 02/20/54 (a)
317,727
328,482
Uniform Mortgage-Backed Security, TBA
4.00%, 06/11/56 (a)(b)
3,500,000
3,277,272
4.50%, 06/11/56 (a)(b)
1,500,000
1,439,986
5.00%, 06/11/56 (a)(b)
3,500,000
3,443,956
5.50%, 06/11/56 (a)(b)
7,000,000
7,032,200
Total Securitized
(Cost $6,317,134,449)
6,397,922,640
SECURITY
NUMBER
OF SHARES
VALUE ($)
Short-Term Investments 1.7% OF NET ASSETS
 
Money Market Funds 1.7%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 3.56% (c)
107,552,942
107,552,942
Total Short-Term Investments
(Cost $107,552,942)
107,552,942
Total Investments in Securities
(Cost $6,424,687,391)
6,505,475,582
(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)
Security or a portion of the security purchased on a delayed-delivery or
when-issued basis.
(c)
The rate shown is the annualized 7-day yield.
TBA —
To-be-announced

  
1

Schwab Mortgage-Backed Securities 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
Assets
Securitized1
$
$6,397,922,640
$
$6,397,922,640
Short-Term Investments1
107,552,942
107,552,942
Total
$107,552,942
$6,397,922,640
$—
$6,505,475,582
1
As categorized in the Portfolio Holdings.
2
  

Schwab Strategic Trust
Schwab High Yield Bond ETF
Portfolio Holdings as of May 31, 2026 (Unaudited)
Most securities are currently in a fixed rate coupon period based on index eligibility requirements and the fund’s investment objective. Generally, for fixed rate securities, the rate shown is the interest rate that was established when the security was issued. The fund may invest in securities not included in its index, including variable rate securities. For variable rate securities, the rate shown is the interest rate as of the report date based on each security’s rate reset date. The reference rate and spread used is shown parenthetically in the security description, if available; if not, the reference rate is described in a footnote. The maturity date shown for all the securities is the final legal maturity.
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
CORPORATES 98.4% OF NET ASSETS
 
Financial Institutions 13.1%
Banking 0.2%
Ally Financial, Inc.
6.70%, 02/14/33 (a)
631,000
651,868
6.65%, 01/17/40 (a)(b)
979,000
970,315
Dresdner Funding Trust I
8.15%, 06/30/31 (a)(c)
2,179,000
2,350,765
Popular, Inc.
7.25%, 03/13/28 (a)
862,000
894,919
Synchrony Financial
7.25%, 02/02/33 (a)
995,000
1,032,079
 
5,899,946
Brokerage/Asset Managers/Exchanges 1.2%
Aretec Group, Inc.
7.50%, 04/01/29 (a)(c)
1,015,000
1,017,957
10.00%, 08/15/30 (a)(c)
1,141,000
1,211,576
Armor Holdco, Inc.
8.50%, 11/15/29 (a)(c)(d)
558,000
563,314
Coinbase Global, Inc.
3.38%, 10/01/28 (a)(c)
1,584,000
1,521,042
3.63%, 10/01/31 (a)(c)
1,814,000
1,601,839
First Eagle Holdings, Inc.
7.25%, 08/15/32 (a)(c)
1,000,000
1,014,989
Focus Financial Partners LLC
6.75%, 09/15/31 (a)(c)
1,738,000
1,752,512
Hightower Holding LLC
6.75%, 04/15/29 (a)(c)
1,064,000
1,066,418
9.13%, 01/31/30 (a)(c)
885,000
915,742
Hunt Cos., Inc.
5.25%, 04/15/29 (a)(c)
1,561,000
1,540,644
Jane Street Group/JSG Finance, Inc.
4.50%, 11/15/29 (a)(c)
728,000
713,081
7.13%, 04/30/31 (a)(c)
1,756,000
1,821,388
6.13%, 11/01/32 (a)(c)
1,945,000
1,950,967
6.75%, 05/01/33 (a)(c)
3,685,000
3,792,219
Jefferies Finance LLC/JFIN Co-Issuer Corp.
5.00%, 08/15/28 (a)(c)
1,606,000
1,553,052
6.63%, 10/15/31 (a)(c)
919,000
907,068
Osaic Holdings, Inc.
6.75%, 08/01/32 (a)(c)
1,067,000
1,077,950
8.00%, 08/01/33 (a)(c)
1,852,000
1,885,474
Stonex Escrow Issuer LLC
6.88%, 07/15/32 (a)(c)
883,000
911,781
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
StoneX Group, Inc.
7.88%, 03/01/31 (a)(c)
1,181,000
1,243,880
VFH Parent LLC/Valor Co-Issuer, Inc.
7.50%, 06/15/31 (a)(c)
832,000
870,770
 
28,933,663
Finance Companies 4.3%
Atlanticus Holdings Corp.
9.75%, 09/01/30 (a)(c)
893,000
902,578
Azorra Finance Ltd.
7.75%, 04/15/30 (a)(c)
618,000
643,970
7.25%, 01/15/31 (a)(c)
1,169,000
1,196,733
6.25%, 02/15/34 (a)(c)
750,000
723,946
BlackRock TCP Capital Corp.
6.95%, 05/30/29 (a)(d)
607,000
603,439
Bread Financial Holdings, Inc.
6.75%, 05/15/31 (a)(c)
837,000
857,696
8.38%, 06/15/35 (a)(b)(c)
643,000
672,528
Cobra AcquisitionCo LLC
6.38%, 11/01/29 (a)(c)
776,000
671,688
12.25%, 11/01/29 (a)(c)(d)
220,000
222,216
CrossCountry Intermediate HoldCo LLC
6.50%, 10/01/30 (a)(c)
1,959,000
1,930,868
6.75%, 12/01/32 (a)(c)
676,000
650,536
Enova International, Inc.
9.13%, 08/01/29 (a)(c)
763,000
799,817
FirstCash, Inc.
4.63%, 09/01/28 (a)(c)
781,000
770,304
5.63%, 01/01/30 (a)(c)
998,000
997,071
6.88%, 03/01/32 (a)(c)
1,041,000
1,071,670
6.13%, 05/01/34 (a)(c)
1,200,000
1,201,464
Freedom Mortgage Corp.
12.25%, 10/01/30 (a)(c)
993,000
1,074,211
Freedom Mortgage Holdings LLC
9.25%, 02/01/29 (a)(c)
1,906,000
1,986,271
6.88%, 05/01/31 (a)(c)
1,366,000
1,324,792
9.13%, 05/15/31 (a)(c)
926,000
959,873
8.38%, 04/01/32 (a)(c)
1,159,000
1,177,553
7.88%, 04/01/33 (a)
865,000
845,338
FS KKR Capital Corp.
3.25%, 07/15/27 (a)
863,000
841,697
3.13%, 10/12/28 (a)(d)
1,250,000
1,177,272
7.88%, 01/15/29 (a)
675,000
695,055
6.88%, 08/15/29 (a)
1,000,000
1,004,296
6.13%, 01/15/30 (a)
1,175,000
1,150,694
6.13%, 01/15/31 (a)(d)
650,000
629,936
FTAI Aviation Investors LLC
5.50%, 05/01/28 (a)(c)
1,157,000
1,156,281
7.88%, 12/01/30 (a)(c)
953,000
1,000,558
  
3

Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
7.00%, 05/01/31 (a)(c)
1,355,000
1,405,829
7.00%, 06/15/32 (a)(c)
1,525,000
1,576,993
5.88%, 04/15/33 (a)(c)
1,014,000
1,010,549
GGAM Finance Ltd.
8.00%, 06/15/28 (a)(c)
872,000
906,889
6.88%, 04/15/29 (a)(c)
1,114,000
1,146,482
5.88%, 03/15/30 (a)(c)
428,000
433,170
Global Aircraft Leasing Co. Ltd.
8.75%, 09/01/27 (a)(c)
1,532,000
1,567,720
goeasy Ltd.
9.25%, 12/01/28 (a)(c)
1,014,000
994,449
6.88%, 05/15/30 (a)(c)
1,024,000
920,291
7.38%, 10/01/30 (a)(c)(d)
1,017,000
914,085
6.88%, 02/15/31 (a)(c)(d)
1,168,000
1,034,299
LD Holdings Group LLC
8.75%, 11/01/27 (a)(c)(d)
831,000
788,458
6.13%, 04/01/28 (a)(c)
692,000
602,799
LFS Topco LLC
8.75%, 07/15/30 (a)(c)
730,000
727,295
Navient Corp.
4.88%, 03/15/28 (a)
922,000
904,158
5.50%, 03/15/29 (a)
1,428,000
1,371,714
9.38%, 07/25/30 (a)
985,000
1,004,175
11.50%, 03/15/31 (a)
809,000
861,411
9.38%, 10/15/31 (a)
100,000
99,642
7.88%, 06/15/32 (a)
851,000
792,650
5.63%, 08/01/33
1,096,000
892,671
OneMain Finance Corp.
6.63%, 01/15/28 (a)
1,662,000
1,690,922
3.88%, 09/15/28 (a)
1,004,000
971,872
6.63%, 05/15/29 (a)
1,675,000
1,703,204
5.38%, 11/15/29 (a)
1,480,000
1,445,083
7.88%, 03/15/30 (a)
1,242,000
1,293,261
6.13%, 05/15/30 (a)
950,000
946,669
4.00%, 09/15/30 (a)
2,184,000
2,017,042
7.50%, 05/15/31 (a)
1,129,000
1,164,509
7.13%, 11/15/31 (a)
1,328,000
1,345,365
6.75%, 03/15/32 (a)
1,380,000
1,374,000
7.13%, 09/15/32 (a)
960,000
968,623
6.50%, 03/15/33 (a)
1,480,000
1,446,279
6.75%, 09/15/33 (a)
1,335,000
1,309,727
Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc.
7.75%, 05/15/31 (a)(c)
1,000,000
993,823
PennyMac Financial Services, Inc.
4.25%, 02/15/29 (a)(c)
1,134,000
1,083,689
7.88%, 12/15/29 (a)(c)
1,322,000
1,373,709
7.13%, 11/15/30 (a)(c)
1,174,000
1,186,539
5.75%, 09/15/31 (a)(c)
876,000
826,831
6.88%, 05/15/32 (a)(c)
1,525,000
1,494,512
6.88%, 02/15/33 (a)(c)
1,271,000
1,235,832
6.75%, 02/15/34 (a)(c)
1,260,000
1,208,961
Phoenix Aviation Capital Ltd.
9.25%, 07/15/30 (a)(c)
1,542,000
1,590,699
Planet Financial Group LLC
10.50%, 12/15/29 (a)(c)
1,069,000
1,071,323
PROG Holdings, Inc.
6.00%, 11/15/29 (a)(c)
1,422,000
1,387,542
Prospect Capital Corp.
3.44%, 10/15/28 (a)(d)
497,000
459,874
Provident Funding Associates LP/PFG Finance Corp.
9.75%, 09/15/29 (a)(c)
1,130,000
1,181,885
Rfna LP
7.88%, 02/15/30 (a)(c)
1,100,000
1,080,047
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Rocket Cos., Inc.
6.50%, 08/01/29 (a)(c)
1,676,000
1,715,833
6.13%, 08/01/30 (a)(c)
3,354,000
3,407,086
7.13%, 02/01/32 (a)(c)
1,533,000
1,589,189
6.38%, 08/01/33 (a)(c)
3,511,000
3,569,813
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.
3.63%, 03/01/29 (a)(c)
1,291,000
1,242,312
3.88%, 03/01/31 (a)(c)
2,244,000
2,086,904
4.00%, 10/15/33 (a)(c)
1,770,000
1,590,204
SLM Corp.
6.50%, 01/31/30 (a)
1,354,000
1,372,378
6.50%, 05/15/32 (a)(b)
850,000
851,211
Stonebriar ABF Issuer LLC
8.13%, 12/15/30 (a)(c)
1,276,000
1,340,605
TrueNoord Capital DAC
8.75%, 03/01/30 (a)(c)
767,000
786,449
United Wholesale Mortgage LLC
5.75%, 06/15/27 (a)(c)
1,100,000
1,096,326
5.50%, 04/15/29 (a)(c)
1,258,000
1,202,429
UWM Holdings LLC
6.63%, 02/01/30 (a)(c)
1,109,000
1,052,674
6.25%, 03/15/31 (a)(c)
1,432,000
1,315,869
Velocity Commercial Capital LLC
9.38%, 02/15/31 (a)(c)
827,000
852,493
Walker & Dunlop, Inc.
6.63%, 04/01/33 (a)(c)
911,000
922,920
 
108,742,597
Financial Other 1.4%
Burford Capital Global Finance LLC
6.25%, 04/15/28 (a)(c)
865,000
845,278
6.88%, 04/15/30 (a)(c)
945,000
899,886
9.25%, 07/01/31 (a)(c)
1,421,000
1,365,766
7.50%, 07/15/33 (a)(c)
460,000
393,581
8.50%, 01/15/34 (a)(c)
884,000
768,872
Credit Acceptance Corp.
9.25%, 12/15/28 (a)(c)
655,000
685,031
6.63%, 03/15/30 (a)(c)
1,141,000
1,151,126
Encore Capital Group, Inc.
8.50%, 05/15/30 (a)(c)
1,405,000
1,496,089
6.63%, 04/15/31 (a)(c)
517,000
521,735
6.63%, 06/01/32 (a)(c)
1,000,000
1,000,420
Five Point Operating Co. LP
8.00%, 10/01/30 (a)(c)
568,000
582,844
Greystar Real Estate Partners LLC
7.75%, 09/01/30 (a)(c)
1,256,000
1,306,292
HA Sustainable Infrastructure Capital, Inc.
8.00%, 06/01/56 (a)(b)
879,000
938,802
7.13%, 11/15/56 (a)(b)
1,250,000
1,263,770
Howard Hughes Corp.
4.38%, 02/01/31 (a)(c)
1,520,000
1,429,545
5.88%, 03/01/32 (a)(c)
983,000
966,479
6.13%, 03/01/34 (a)(c)
853,000
833,913
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
9.75%, 01/15/29 (a)
1,269,000
1,260,073
4.38%, 02/01/29 (a)
1,163,000
1,007,696
10.00%, 11/15/29 (a)(c)
2,030,000
2,034,718
9.00%, 06/15/30 (a)
1,236,000
1,176,826
Jefferson Capital Holdings LLC
9.50%, 02/15/29 (a)(c)
975,000
1,025,057
8.25%, 05/15/30 (a)(c)
1,088,000
1,145,569
Kennedy-Wilson, Inc.
4.75%, 03/01/29 (a)
1,214,000
1,217,341
4.75%, 02/01/30 (a)(d)
1,113,000
1,126,441
4
  

Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
5.00%, 03/01/31 (a)(d)
989,000
997,683
7.00%, 06/01/31 (a)(c)
1,920,000
1,966,486
7.25%, 06/01/33 (a)(c)
1,000,000
1,017,471
PHH Escrow Issuer LLC/PHH Corp.
9.88%, 11/01/29 (a)(c)
1,184,000
1,164,533
PRA Group, Inc.
8.38%, 02/01/28 (a)(c)
1,235,000
1,256,005
5.00%, 10/01/29 (a)(c)
846,000
802,697
8.88%, 01/31/30 (a)(c)
946,000
973,304
 
34,621,329
Insurance 4.1%
Acrisure LLC/Acrisure Finance, Inc.
8.25%, 02/01/29 (a)(c)
1,400,000
1,382,386
4.25%, 02/15/29 (a)(c)
1,318,000
1,250,574
8.50%, 06/15/29 (a)(c)
1,491,000
1,471,760
6.00%, 08/01/29 (a)(c)
1,036,000
972,288
7.50%, 11/06/30 (a)(c)
1,432,000
1,431,394
6.75%, 07/01/32 (a)(c)
1,407,000
1,359,982
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/27 (a)(c)
1,751,000
1,732,095
6.75%, 04/15/28 (a)(c)
2,613,000
2,638,568
5.88%, 11/01/29 (a)(c)
831,000
812,260
7.00%, 01/15/31 (a)(c)
2,669,000
2,711,293
6.50%, 10/01/31 (a)(c)
1,780,000
1,786,385
7.38%, 10/01/32 (a)(c)
1,214,000
1,209,314
American National Group, Inc.
7.00%, 12/01/55 (a)(b)
997,000
981,677
AmWINS Group, Inc.
6.38%, 02/15/29 (a)(c)
1,303,000
1,318,962
4.88%, 06/30/29 (a)(c)
1,436,000
1,386,854
Amynta Agency Borrower, Inc. & Amynta Warranty Borrower, Inc.
7.50%, 07/15/33 (a)(c)
860,000
834,900
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset
Investor 2 LLC
7.88%, 11/01/29 (a)(c)
967,000
971,410
Ardonagh Finco Ltd.
7.75%, 02/15/31 (a)(c)
2,460,000
2,482,844
Ardonagh Group Finance Ltd.
8.88%, 02/15/32 (a)(c)
2,051,000
2,002,056
Assurant, Inc.
7.00%, 03/27/48 (a)(b)
93,000
94,907
Asurion LLC/Asurion Co-Issuer, Inc.
8.00%, 12/31/32 (a)(c)
5,458,000
5,695,302
8.38%, 02/01/34 (a)(c)
5,760,000
5,633,808
Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance
7.13%, 05/15/31 (a)(c)
1,255,000
1,261,165
Broadstreet Partners Group LLC
5.88%, 04/15/29 (a)(c)
1,330,000
1,315,746
Centene Corp.
4.25%, 12/15/27 (a)
2,290,000
2,284,079
2.45%, 07/15/28 (a)
3,500,000
3,319,659
4.63%, 12/15/29 (a)
5,650,000
5,506,053
3.38%, 02/15/30 (a)
3,750,000
3,486,762
3.00%, 10/15/30 (a)
3,847,000
3,469,085
2.50%, 03/01/31 (a)
3,750,000
3,268,836
2.63%, 08/01/31 (a)
2,250,000
1,955,338
CRC Insurance Group LLC
7.13%, 06/01/31 (a)(c)
4,604,000
4,620,851
Global Atlantic Fin Co.
7.95%, 10/15/54 (a)(b)(c)
935,000
941,449
7.25%, 03/01/56 (a)(b)(c)
1,411,000
1,403,678
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance
LLC
7.25%, 02/15/31 (a)(c)
1,939,000
1,923,163
8.13%, 02/15/32 (a)(c)
1,311,000
1,213,668
HUB International Ltd.
5.63%, 12/01/29 (a)(c)
2,208,000
2,176,926
7.25%, 06/15/30 (a)(c)
4,235,000
4,349,065
7.38%, 01/31/32 (a)(c)
2,625,000
2,690,796
Humana, Inc.
6.63%, 09/15/56 (a)(b)
1,000,000
991,988
Jones Deslauriers Insurance Management, Inc.
8.50%, 03/15/30 (a)(c)
1,429,000
1,458,600
6.88%, 10/01/33 (a)(c)
612,000
571,155
Liberty Mutual Group, Inc.
7.80%, 03/15/37 (c)
841,000
941,592
4.30%, 02/01/61 (a)(c)(d)
1,537,000
978,827
Molina Healthcare, Inc.
4.38%, 06/15/28 (a)(c)
1,743,000
1,718,440
3.88%, 11/15/30 (a)(c)
1,645,000
1,523,424
6.50%, 02/15/31 (a)(c)
1,220,000
1,238,657
3.88%, 05/15/32 (a)(c)
1,554,000
1,394,405
6.25%, 01/15/33 (a)(c)
892,000
892,425
Nassau Cos., of New York
7.88%, 07/15/30 (a)(c)
973,000
935,735
Pelagos Insurance Capital Ltd.
7.75%, 06/15/55 (a)(b)
1,000,000
1,051,127
Ryan Specialty LLC
4.38%, 02/01/30 (a)(c)
1,098,000
1,065,311
5.88%, 08/01/32 (a)(c)
1,501,000
1,491,965
USI, Inc.
7.50%, 01/15/32 (a)(c)
1,251,000
1,275,147
Wilton RE Ltd.
6.00%, 10/22/30 (a)(b)(c)(e)
1,141,000
1,109,006
 
103,985,142
REITs 1.9%
Apollo Commercial Real Estate Finance, Inc.
4.63%, 06/15/29 (a)(c)
849,000
848,733
Arbor Realty SR, Inc.
8.50%, 12/15/28 (a)(c)(d)
303,000
300,140
7.88%, 07/15/30 (a)(c)(d)
995,000
934,935
Blackstone Mortgage Trust, Inc.
7.75%, 12/01/29 (a)(c)
671,000
696,802
6.25%, 06/01/31 (a)(c)
1,000,000
984,281
Brandywine Operating Partnership LP
3.95%, 11/15/27 (a)
724,000
706,931
8.30%, 03/15/28 (a)(f)
456,000
474,796
8.88%, 04/12/29 (a)
1,508,000
1,591,732
6.13%, 01/15/31 (a)
825,000
774,235
Diversified Healthcare Trust
4.75%, 02/15/28 (a)
773,000
756,124
7.25%, 10/15/30 (a)(c)
705,000
724,841
4.38%, 03/01/31 (a)
878,000
800,697
EF Holdco/EF Cayman Holdings/Ellington Financial REIT Cayman/TRS/EF Cayman
Non-MTM
7.38%, 09/30/30 (a)(c)
573,000
572,989
Hudson Pacific Properties LP
3.95%, 11/01/27 (a)
1,234,000
1,203,103
5.95%, 02/15/28 (a)
595,000
590,093
4.65%, 04/01/29 (a)(d)
1,205,000
1,132,897
MPT Operating Partnership LP/MPT Finance Corp.
5.00%, 10/15/27 (a)
1,943,000
1,898,346
4.63%, 08/01/29 (a)(d)
1,710,000
1,399,454
  
5

Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
3.50%, 03/15/31 (a)
2,803,000
2,010,410
8.50%, 02/15/32 (a)(c)
2,135,000
2,224,700
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer
5.88%, 10/01/28 (a)(c)
665,000
665,415
4.88%, 05/15/29 (a)(c)
1,299,000
1,269,425
7.00%, 02/01/30 (a)(c)
822,000
842,074
Pebblebrook Hotel LP/PEB Finance Corp.
6.38%, 10/15/29 (a)(c)
668,000
681,192
RHP Hotel Properties LP/RHP Finance Corp.
7.25%, 07/15/28 (a)(c)
1,677,000
1,717,166
4.50%, 02/15/29 (a)(c)
1,331,000
1,307,745
6.50%, 04/01/32 (a)(c)
1,338,000
1,372,646
6.50%, 06/15/33 (a)(c)
917,000
943,716
5.75%, 03/15/34 (a)(c)
750,000
744,426
Rithm Capital Corp.
8.00%, 04/01/29 (a)(c)
1,441,000
1,445,862
8.00%, 07/15/30 (a)(c)
885,000
878,988
8.50%, 06/01/31 (a)(c)
1,000,000
999,461
RLJ Lodging Trust LP
4.00%, 09/15/29 (a)(c)
848,000
809,697
Service Properties Trust
3.95%, 01/15/28 (a)(d)
928,000
901,961
4.95%, 10/01/29 (a)
787,000
741,126
4.38%, 02/15/30 (a)
896,000
808,328
8.63%, 11/15/31 (a)(c)
1,185,000
1,251,285
8.88%, 06/15/32 (a)
1,016,000
1,050,377
Starwood Property Trust, Inc.
5.25%, 10/15/28 (a)(c)
1,066,000
1,063,738
7.25%, 04/01/29 (a)(c)
700,000
726,804
6.00%, 04/15/30 (a)(c)
1,193,000
1,203,970
6.50%, 07/01/30 (a)(c)
1,108,000
1,134,816
6.50%, 10/15/30 (a)(c)
920,000
943,408
5.75%, 01/15/31 (a)(c)
548,000
548,563
6.13%, 06/01/31 (a)(c)
500,000
505,830
Vornado Realty LP
3.40%, 06/01/31 (a)
984,000
899,392
5.75%, 02/01/33 (a)
737,000
734,904
XHR LP
4.88%, 06/01/29 (a)(c)
1,098,000
1,083,682
6.63%, 05/15/30 (a)(c)
499,000
511,320
 
48,413,556
 
330,596,233
 
Industrial 82.0%
Basic Industry 6.2%
Ahlstrom Holding 3 OYJ
4.88%, 02/04/28 (a)(c)(d)
526,000
518,805
Alcoa Nederland Holding BV
4.13%, 03/31/29 (a)(c)
747,000
729,183
7.13%, 03/15/31 (a)(c)
1,145,000
1,195,950
Algoma Steel, Inc.
9.13%, 04/15/29 (a)(c)
691,000
672,624
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp.
8.63%, 06/15/29 (a)(c)
997,000
1,042,287
Alumina Pty. Ltd.
6.13%, 03/15/30 (a)(c)
998,000
1,020,683
6.38%, 09/15/32 (a)(c)
942,000
968,389
Arsenal AIC Parent LLC
8.00%, 10/01/30 (a)(c)
799,000
838,179
11.50%, 10/01/31 (a)(c)
787,000
850,650
Ashland, Inc.
3.38%, 09/01/31 (a)(c)
849,000
776,033
6.88%, 05/15/43 (a)
1,059,000
1,060,566
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Avient Corp.
7.13%, 08/01/30 (a)(c)
2,473,000
2,518,271
6.25%, 11/01/31 (a)(c)
425,000
431,399
Axalta Coating Systems Dutch Holding B BV
7.25%, 02/15/31 (a)(c)
868,000
904,819
Axalta Coating Systems LLC
3.38%, 02/15/29 (a)(c)
1,368,000
1,306,529
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV
4.75%, 06/15/27 (a)(c)
1,202,000
1,200,243
Bond U.S. Bidco 1, Inc./Bidco 2/Bidco 3/German Bidco 1 GmbH/German Bidco 2
7.13%, 06/15/33 (a)(c)
1,300,000
1,311,211
Calderys Financing LLC
11.25%, 06/01/28 (a)(c)
635,000
658,353
Carpenter Technology Corp.
5.63%, 03/01/34 (a)(c)
654,000
650,572
Cascades, Inc./Cascades USA, Inc.
5.38%, 01/15/28 (a)(c)
1,261,000
1,257,533
6.75%, 07/15/30 (a)(c)
545,000
554,429
Celanese U.S. Holdings LLC
7.35%, 11/15/28 (a)(f)
1,558,000
1,625,870
7.33%, 07/15/29 (a)
1,348,000
1,411,374
6.50%, 04/15/30 (a)
1,045,000
1,072,221
7.55%, 11/15/30 (a)
1,659,000
1,766,145
7.00%, 02/15/31 (a)
706,000
732,331
7.38%, 07/15/32 (a)
2,218,000
2,333,238
6.75%, 04/15/33 (a)(d)
2,075,000
2,142,747
7.70%, 11/15/33 (a)
2,054,000
2,207,606
7.38%, 02/15/34 (a)
1,255,000
1,311,584
Century Aluminum Co.
6.88%, 08/01/32 (a)(c)
414,000
431,689
Cerdia Finanz GmbH
9.38%, 10/03/31 (a)(c)
1,551,000
1,380,390
Champion Iron Canada, Inc.
7.88%, 07/15/32 (a)(c)
877,000
918,681
Chemours Co.
5.75%, 11/15/28 (a)(c)
1,102,000
1,100,718
4.63%, 11/15/29 (a)(c)
1,277,000
1,226,373
8.00%, 01/15/33 (a)(c)
826,000
844,431
7.88%, 03/15/34 (a)(c)
1,175,000
1,192,687
Clearwater Paper Corp.
4.75%, 08/15/28 (a)(c)
582,000
472,360
Cleveland-Cliffs, Inc.
4.63%, 03/01/29 (a)(c)
803,000
781,213
6.88%, 11/01/29 (a)(c)
1,362,000
1,393,740
6.75%, 04/15/30 (a)(c)
1,184,000
1,191,359
4.88%, 03/01/31 (a)(c)
956,000
889,672
7.50%, 09/15/31 (a)(c)
1,546,000
1,597,061
7.00%, 03/15/32 (a)(c)
2,289,000
2,316,947
7.38%, 05/01/33 (a)(c)
1,690,000
1,736,756
7.63%, 01/15/34 (a)(c)
1,625,000
1,673,505
Coeur Mining, Inc.
5.13%, 02/15/29 (a)(c)
948,000
941,460
6.88%, 04/01/32 (a)(c)
725,000
751,575
Commercial Metals Co.
4.13%, 01/15/30 (a)
1,356,000
1,302,947
4.38%, 03/15/32 (a)
970,000
914,407
5.75%, 11/15/33 (a)(c)
1,458,000
1,460,002
6.00%, 12/15/35 (a)(c)
1,129,000
1,131,915
Compass Minerals International, Inc.
8.00%, 07/01/30 (a)(c)
1,205,000
1,275,232
Consolidated Energy Finance SA
5.63%, 10/15/28 (a)(c)(d)
851,000
829,019
12.00%, 02/15/31 (a)(c)
914,000
961,985
6
  

Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Constellium SE
5.63%, 06/15/28 (a)(c)
300,000
300,413
3.75%, 04/15/29 (a)(c)
968,000
937,685
6.38%, 08/15/32 (a)(c)
713,000
729,506
Coronado Finance Pty. Ltd.
9.25%, 10/01/29 (a)(c)
831,000
758,919
CVR Partners LP/CVR Nitrogen Finance Corp.
6.13%, 06/15/28 (a)(c)
1,137,000
1,137,262
Domtar Corp.
6.75%, 10/01/28 (a)(c)
1,369,000
1,017,812
Eldorado Gold Corp.
6.25%, 09/01/29 (a)(c)
1,013,000
1,013,995
Element Solutions, Inc.
3.88%, 09/01/28 (a)(c)
1,522,000
1,483,369
FMC Corp.
3.45%, 10/01/29 (a)
1,000,000
914,672
5.65%, 05/18/33 (a)(d)
668,000
600,719
4.50%, 10/01/49 (a)(d)
1,057,000
661,102
6.38%, 05/18/53 (a)(d)
1,251,000
974,943
8.45%, 11/01/55 (a)(b)
970,000
723,734
Fortescue Treasury Pty. Ltd.
4.50%, 09/15/27 (a)(c)
1,391,000
1,385,152
5.88%, 04/15/30 (a)(c)
964,000
981,462
4.38%, 04/01/31 (a)(c)
1,809,000
1,728,652
6.13%, 04/15/32 (a)(c)
810,000
839,403
GrafTech Finance, Inc.
4.63%, 12/23/29 (a)(c)(d)
821,000
571,612
GrafTech Global Enterprises, Inc.
9.88%, 12/23/29 (a)(c)
753,000
603,996
Graphic Packaging International LLC
4.75%, 07/15/27 (a)(c)
1,439,000
1,431,243
3.50%, 03/15/28 (a)(c)
771,000
746,615
3.50%, 03/01/29 (a)(c)
592,000
562,548
3.75%, 02/01/30 (a)(c)
706,000
662,553
6.38%, 07/15/32 (a)(c)(d)
487,000
491,680
HB Fuller Co.
4.25%, 10/15/28 (a)
788,000
778,020
Herens Holdco SARL
4.75%, 05/15/28 (a)(c)(d)
852,000
748,332
Hudbay Minerals, Inc.
6.13%, 04/01/29 (a)(c)
901,000
907,838
Huntsman International LLC
2.95%, 06/15/31 (a)
1,312,000
1,134,369
5.70%, 10/15/34 (a)
654,000
621,052
IAMGOLD Corp.
5.75%, 10/15/28 (a)(c)
954,000
954,708
Illuminate Buyer LLC/Illuminate Holdings IV, Inc.
9.00%, 07/01/28 (a)(c)
77,000
76,948
INEOS Finance PLC
6.75%, 05/15/28 (a)(c)
760,000
765,353
7.50%, 04/15/29 (a)(c)
1,142,000
1,137,419
INEOS Quattro Finance 2 PLC
9.63%, 03/15/29 (a)(c)(d)
627,000
599,255
Infrabuild Australia Pty. Ltd.
14.50%, 11/15/28 (a)(c)
836,000
895,291
Ingevity Corp.
3.88%, 11/01/28 (a)(c)
1,012,000
977,957
Innophos Holdings, Inc.
11.50%, 06/15/29 (a)(c)
852,000
803,496
JW Aluminum Continuous Cast Co.
10.25%, 04/01/30 (a)(c)
565,000
599,095
Kaiser Aluminum Corp.
4.50%, 06/01/31 (a)(c)
1,024,000
982,294
5.88%, 03/01/34 (a)(c)
790,000
787,239
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
LSB Industries, Inc.
6.25%, 10/15/28 (a)(c)
1,268,000
1,273,489
Magnera Corp.
4.75%, 11/15/29 (a)(c)
1,015,000
951,011
7.25%, 11/15/31 (a)(c)
1,326,000
1,281,887
Mativ Holdings, Inc.
8.00%, 10/01/29 (a)(c)
821,000
818,787
Maxam Prill SARL
7.75%, 07/15/30 (a)(c)
923,000
951,859
Mercer International, Inc.
12.88%, 10/01/28 (a)(c)
822,000
432,248
5.13%, 02/01/29 (a)(d)
1,305,000
623,119
Methanex Corp.
5.13%, 10/15/27 (a)
1,162,000
1,162,679
5.25%, 12/15/29 (a)
879,000
878,289
5.65%, 12/01/44 (a)
847,000
769,908
Methanex U.S. Operations, Inc.
6.25%, 03/15/32 (a)(c)
647,000
666,547
Mineral Resources Ltd.
9.25%, 10/01/28 (a)(c)
1,233,000
1,280,017
8.50%, 05/01/30 (a)(c)
1,164,000
1,202,883
7.00%, 04/01/31 (a)(c)
1,345,000
1,399,426
6.00%, 05/01/32 (a)(c)
750,000
747,725
6.25%, 05/01/34 (a)(c)
750,000
746,242
Minerals Technologies, Inc.
5.00%, 07/01/28 (a)(c)
808,000
804,707
Novelis Corp.
4.75%, 01/30/30 (a)(c)
2,492,000
2,406,729
6.88%, 01/30/30 (a)(c)
818,000
841,056
3.88%, 08/15/31 (a)(c)
1,470,000
1,337,839
6.38%, 08/15/33 (a)(c)
1,414,000
1,428,554
Nufarm Australia Ltd./Nufarm Americas, Inc.
5.00%, 01/27/30 (a)(c)
479,000
449,201
Olin Corp.
5.63%, 08/01/29 (a)
1,012,000
1,006,929
5.00%, 02/01/30 (a)
819,000
795,283
6.63%, 04/01/33 (a)(c)
1,074,000
1,067,462
Olympus Water U.S. Holding Corp.
4.25%, 10/01/28 (a)(c)
1,375,000
1,340,145
6.25%, 10/01/29 (a)(c)(d)
1,272,000
1,253,197
7.25%, 06/15/31 (a)(c)
1,258,000
1,277,852
6.75%, 08/01/32 (a)(c)
1,445,000
1,412,115
7.25%, 02/15/33 (a)(c)
2,505,000
2,477,979
Perenti Finance Pty. Ltd.
7.50%, 04/26/29 (a)(c)
575,000
592,910
Perimeter Holdings LLC
6.25%, 01/15/34 (a)(c)
1,106,000
1,101,610
PLS Group Ltd.
6.88%, 05/01/31 (a)(c)
1,000,000
1,026,586
Qnity Electronics, Inc.
5.75%, 08/15/32 (a)(c)
1,754,000
1,767,616
6.25%, 08/15/33 (a)(c)
1,356,000
1,384,441
Rain Carbon, Inc.
12.25%, 09/01/29 (a)(c)
1,048,000
1,114,837
SCIH Salt Holdings, Inc.
4.88%, 05/01/28 (a)(c)
1,906,000
1,885,763
6.63%, 05/01/29 (a)(c)
708,000
701,202
SK Invictus Intermediate II SARL
5.00%, 10/30/29 (a)(c)
1,045,000
1,025,605
Skeena Resources Ltd.
8.50%, 04/01/31 (a)(c)
750,000
788,557
Solstice Advanced Materials, Inc.
5.63%, 09/30/33 (a)(c)
1,429,000
1,413,634
  
7

Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
SunCoke Energy, Inc.
4.88%, 06/30/29 (a)(c)
883,000
845,044
Taseko Mines Ltd.
8.25%, 05/01/30 (a)(c)
811,000
847,930
TMS International Corp.
6.25%, 04/15/29 (a)(c)
652,000
641,122
Tronox, Inc.
4.63%, 03/15/29 (a)(c)(d)
2,179,000
1,737,378
U.S. Steel Corp.
6.88%, 03/01/29 (a)
755,000
758,568
6.65%, 06/01/37 (d)
898,000
922,249
Veritiv Operating Co.
10.50%, 11/30/30 (a)(c)
1,796,000
1,844,979
Windsor Holdings III LLC
8.50%, 06/15/30 (a)(c)
764,000
795,493
WR Grace Holdings LLC
5.63%, 08/15/29 (a)(c)
1,879,000
1,801,100
7.38%, 03/01/31 (a)(c)
1,025,000
1,033,233
6.63%, 08/15/32 (a)(c)
1,068,000
1,060,366
7.00%, 08/01/33 (a)(c)
775,000
769,188
 
156,758,236
Capital Goods 10.2%
AAR Escrow Issuer LLC
6.75%, 03/15/29 (a)(c)
1,488,000
1,529,359
ACProducts Holdings, Inc.
6.38%, 05/15/29 (a)(c)
992,000
466,240
Advanced Drainage Systems, Inc.
6.38%, 06/15/30 (a)(c)
1,101,000
1,115,787
5.38%, 03/01/34 (a)(c)
444,000
433,660
Alta Equipment Group, Inc.
9.00%, 06/01/29 (a)(c)
1,088,000
1,044,181
American Builders & Contractors Supply Co., Inc.
4.00%, 01/15/28 (a)(c)
1,238,000
1,214,950
3.88%, 11/15/29 (a)(c)
590,000
561,704
Ameritex Holdco Intermediate LLC
7.63%, 08/15/33 (a)(c)
1,361,000
1,418,383
Amsted Industries, Inc.
4.63%, 05/15/30 (a)(c)
1,006,000
977,083
6.38%, 03/15/33 (a)(c)
939,000
957,613
Ardagh Group SA
9.50%, 12/01/30 (a)(c)
2,485,000
2,654,974
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
3.25%, 09/01/28 (a)(c)
829,000
796,844
4.00%, 09/01/29 (a)(c)(d)
2,304,000
2,187,327
ATI, Inc.
5.88%, 12/01/27 (a)
1,419,000
1,426,143
4.88%, 10/01/29 (a)
870,000
860,852
7.25%, 08/15/30 (a)
1,188,000
1,234,364
5.13%, 10/01/31 (a)
816,000
809,490
Atkore, Inc.
4.25%, 06/01/31 (a)(c)
656,000
626,569
ATS Corp.
4.13%, 12/15/28 (a)(c)
1,055,000
1,027,272
Axon Enterprise, Inc.
6.13%, 03/15/30 (a)(c)
1,786,000
1,824,892
6.25%, 03/15/33 (a)(c)
979,000
1,003,975
Ball Corp.
6.00%, 06/15/29 (a)
1,594,000
1,622,560
2.88%, 08/15/30 (a)
2,330,000
2,121,087
3.13%, 09/15/31 (a)
1,558,000
1,410,098
5.50%, 09/15/33 (a)(c)
787,000
792,411
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
BlueLinx Holdings, Inc.
6.00%, 11/15/29 (a)(c)
930,000
912,238
Boise Cascade Co.
4.88%, 07/01/30 (a)(c)
1,020,000
1,001,900
Bombardier, Inc.
8.75%, 11/15/30 (a)(c)
1,907,000
2,024,200
7.25%, 07/01/31 (a)(c)
983,000
1,034,104
7.00%, 06/01/32 (a)(c)
1,052,000
1,096,968
6.75%, 06/15/33 (a)(c)
766,000
798,786
7.45%, 05/01/34 (c)
1,321,000
1,456,375
5.88%, 01/15/35 (a)(c)
900,000
908,568
Builders FirstSource, Inc.
5.00%, 03/01/30 (a)(c)
1,200,000
1,170,666
4.25%, 02/01/32 (a)(c)
1,507,000
1,387,942
6.38%, 06/15/32 (a)(c)
1,858,000
1,876,484
6.38%, 03/01/34 (a)(c)
1,622,000
1,622,644
6.75%, 05/15/35 (a)
1,242,000
1,255,923
BWX Technologies, Inc.
4.13%, 06/30/28 (a)(c)
939,000
925,384
4.13%, 04/15/29 (a)(c)
1,092,000
1,058,473
Camelot Return Merger Sub, Inc.
8.75%, 08/01/28 (a)(c)(d)
1,171,000
716,634
Canpack Group, Inc./CANPACK SA
6.00%, 05/15/31 (a)(c)
250,000
251,382
Chart Industries, Inc.
7.50%, 01/01/30 (a)(c)
1,980,000
2,052,286
9.50%, 01/01/31 (a)(c)
1,082,000
1,137,959
Clean Harbors, Inc.
5.13%, 07/15/29 (a)(c)
1,246,000
1,244,292
6.38%, 02/01/31 (a)(c)
1,188,000
1,208,293
5.75%, 10/15/33 (a)(c)
1,189,000
1,195,614
Clydesdale Acquisition Holdings, Inc.
6.63%, 04/15/29 (a)(c)
1,109,000
1,099,060
6.88%, 01/15/30 (a)(c)
468,000
460,709
8.75%, 04/15/30 (a)(c)
1,875,000
1,803,126
6.75%, 04/15/32 (a)(c)
2,230,000
2,145,655
Columbus McKinnon Corp.
7.13%, 02/01/33 (a)(c)
1,482,000
1,502,859
CompoSecure Holdings LLC
5.63%, 02/01/33 (a)(c)
1,599,000
1,553,157
Cornerstone Building Brands, Inc.
6.13%, 01/15/29 (a)(c)
560,000
103,600
9.50%, 08/15/29 (a)(c)(d)
1,064,000
649,731
CP Atlas Buyer, Inc.
9.75%, 07/15/30 (a)(c)(d)
845,000
795,832
Crown Americas LLC
5.25%, 04/01/30 (a)
966,000
971,459
5.88%, 06/01/33 (a)
1,241,000
1,248,811
Efesto Bidco SpA Efesto U.S. LLC
7.50%, 02/15/32 (a)(c)
1,311,000
1,285,561
EMRLD Borrower LP/Emerald Co-Issuer, Inc.
6.63%, 12/15/30 (a)(c)
4,721,000
4,832,431
6.75%, 07/15/31 (a)(c)
1,118,000
1,155,771
EnerSys
4.38%, 12/15/27 (a)(c)
680,000
675,902
6.63%, 01/15/32 (a)(c)
728,000
749,681
Enpro, Inc.
6.13%, 06/01/33 (a)(c)
909,000
927,726
Enviri Corp.
5.75%, 07/31/27 (c)
1,386,000
1,386,000
EquipmentShare.com, Inc.
9.00%, 05/15/28 (a)(c)
1,799,000
1,868,868
8.63%, 05/15/32 (a)(c)
884,000
930,100
8.00%, 03/15/33 (a)(c)
805,000
837,756
8
  

Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Esab Corp.
6.25%, 04/15/29 (a)(c)
1,369,000
1,395,433
5.63%, 04/01/31 (a)(c)
1,650,000
1,662,299
FXI Holdings, Inc.
14.00%, 11/15/29 (a)(c)
755,320
209,571
11.00%, 11/15/30 (a)(c)
1,172,624
981,052
Gates Corp.
6.88%, 07/01/29 (a)(c)
972,000
1,001,920
GFL Environmental Holdings U.S., Inc.
5.50%, 02/01/34 (a)(c)
1,550,000
1,515,798
GFL Environmental, Inc.
4.00%, 08/01/28 (a)(c)
1,506,000
1,478,023
4.75%, 06/15/29 (a)(c)
1,469,000
1,447,490
4.38%, 08/15/29 (a)(c)
1,261,000
1,228,743
6.75%, 01/15/31 (a)(c)
1,594,000
1,647,844
Goat Holdco LLC
6.75%, 02/01/32 (a)(c)
1,364,000
1,389,424
Griffon Corp.
5.75%, 03/01/28 (a)
1,802,000
1,804,239
Herc Holdings, Inc.
6.63%, 06/15/29 (a)(c)
965,000
989,192
7.00%, 06/15/30 (a)(c)
2,897,000
3,011,933
5.75%, 03/15/31 (a)(c)
888,000
890,148
7.25%, 06/15/33 (a)(c)
2,090,000
2,182,330
6.00%, 03/15/34 (a)(c)
1,150,000
1,143,604
Iris Holding, Inc.
10.00%, 12/15/28 (a)(c)(d)
690,000
568,861
James Hardie International Finance DAC
5.00%, 01/15/28 (a)(c)
1,064,000
1,058,520
JELD-WEN Holding, Inc.
7.00%, 09/01/32 (a)(c)(d)
727,000
449,628
JELD-WEN, Inc.
4.88%, 12/15/27 (a)(c)(d)
844,000
694,279
Knife River Corp.
7.75%, 05/01/31 (a)(c)
1,083,000
1,124,929
LBM Acquisition LLC
6.25%, 01/15/29 (a)(c)
1,178,000
731,572
9.50%, 06/15/31 (a)(c)
1,736,000
1,462,241
Madison IAQ LLC
4.13%, 06/30/28 (a)(c)
1,096,000
1,083,077
5.88%, 06/30/29 (a)(c)
1,586,000
1,587,325
Manitowoc Co., Inc.
9.25%, 10/01/31 (a)(c)
592,000
636,097
Masterbrand, Inc.
7.00%, 07/15/32 (a)(c)
1,398,000
1,396,569
Mauser Packaging Solutions Holding Co.
7.88%, 04/15/30 (a)
4,475,000
4,523,540
9.25%, 04/15/30 (a)(c)
1,876,000
1,799,231
Maxim Crane Works Holdings Capital LLC
11.50%, 09/01/28 (a)(c)
415,000
434,730
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC
6.75%, 04/01/32 (a)(c)
919,000
904,189
MIWD Holdco II LLC/MIWD Finance Corp.
5.50%, 02/01/30 (a)(c)(d)
1,223,000
1,143,453
Moog, Inc.
5.50%, 10/15/34 (a)(c)
711,000
706,170
Mueller Water Products, Inc.
4.00%, 06/15/29 (a)(c)
1,118,000
1,080,734
NESCO Holdings II, Inc.
5.50%, 04/15/29 (a)(c)
1,330,000
1,325,375
New Enterprise Stone & Lime Co., Inc.
5.25%, 07/15/28 (a)(c)
1,709,000
1,701,220
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
OI European Group BV
4.75%, 02/15/30 (a)(c)
1,072,000
1,020,746
Oscar AcquisitionCo LLC/Oscar Finance, Inc.
9.50%, 04/15/30 (a)(c)
1,041,000
341,812
Owens-Brockway Glass Container, Inc.
7.25%, 05/15/31 (a)(c)
1,206,000
1,187,332
7.38%, 06/01/32 (a)(c)(d)
758,000
728,433
9.50%, 06/01/33 (a)(c)
850,000
874,435
Park River Holdings, Inc.
8.75%, 12/31/30 (a)(c)
858,432
835,878
8.00%, 03/15/31 (a)(c)
1,478,000
1,497,523
Patrick Industries, Inc.
4.75%, 05/01/29 (a)(c)
915,000
896,549
6.38%, 11/01/32 (a)(c)
708,000
707,849
Quikrete Holdings, Inc.
6.38%, 03/01/32 (a)(c)
5,986,000
6,099,309
6.75%, 03/01/33 (a)(c)
2,738,000
2,780,050
QXO Building Products, Inc.
6.75%, 04/30/32 (a)(c)
3,757,000
3,830,637
RB Global Holdings, Inc.
6.75%, 03/15/28 (a)(c)
1,059,000
1,076,808
7.75%, 03/15/31 (a)(c)
1,493,000
1,554,234
Resideo Funding, Inc.
4.00%, 09/01/29 (a)(c)
912,000
867,295
6.50%, 07/15/32 (a)(c)
893,000
898,905
Reworld Holding Corp.
4.88%, 12/01/29 (a)(c)
1,115,000
1,058,858
Roller Bearing Co. of America, Inc.
4.38%, 10/15/29 (a)(c)
588,000
575,984
Sealed Air Corp.
6.88%, 07/15/33 (c)
905,000
889,978
Sensata Technologies BV
4.00%, 04/15/29 (a)(c)
1,240,000
1,214,617
5.88%, 09/01/30 (a)(c)
730,000
737,325
Sensata Technologies, Inc.
4.38%, 02/15/30 (a)(c)
1,032,000
1,006,093
3.75%, 02/15/31 (a)(c)
1,175,000
1,102,545
6.63%, 07/15/32 (a)(c)
1,054,000
1,092,435
Silgan Holdings, Inc.
4.13%, 02/01/28 (a)
893,000
882,139
Smyrna Ready Mix Concrete LLC
6.00%, 11/01/28 (a)(c)
1,951,000
1,957,192
8.88%, 11/15/31 (a)(c)
1,957,000
2,064,649
Specialty Building Products Holdings LLC/SBP Finance Corp.
7.75%, 10/15/29 (a)(c)
1,018,000
941,322
Standard Building Solutions, Inc.
6.50%, 08/15/32 (a)(c)
1,507,000
1,530,946
6.25%, 08/01/33 (a)(c)
1,508,000
1,511,383
5.88%, 03/15/34 (a)(c)
1,000,000
975,693
Standard Industries, Inc.
4.75%, 01/15/28 (a)(c)
2,151,000
2,142,052
4.38%, 07/15/30 (a)(c)
2,776,000
2,646,265
3.38%, 01/15/31 (a)(c)
1,994,000
1,816,453
Sword Purchaser LLC
8.25%, 04/15/33 (a)(c)
2,750,000
2,834,543
10.50%, 04/15/34 (a)(c)
609,000
633,818
Synergy Infrastructure Holdings LLC
7.88%, 12/01/30 (a)(c)
959,000
1,007,134
Terex Corp.
5.00%, 05/15/29 (a)(c)
1,114,000
1,107,589
6.25%, 10/15/32 (a)(c)
1,346,000
1,367,368
Titan International, Inc.
7.00%, 04/30/28 (a)
809,000
809,002
  
9

Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
TK Elevator U.S. Newco, Inc.
5.25%, 07/15/27 (a)(c)
1,012,000
1,013,385
TransDigm, Inc.
6.75%, 08/15/28 (a)(c)
4,081,000
4,136,477
4.63%, 01/15/29 (a)
2,122,000
2,092,401
6.38%, 03/01/29 (a)(c)
4,306,000
4,395,931
4.88%, 05/01/29 (a)
1,614,000
1,596,486
6.88%, 12/15/30 (a)(c)
2,801,000
2,889,582
7.13%, 12/01/31 (a)(c)
1,843,000
1,916,407
6.63%, 03/01/32 (a)(c)
3,996,000
4,115,013
6.00%, 01/15/33 (a)(c)
3,174,000
3,212,098
6.38%, 05/31/33 (a)(c)
4,301,000
4,347,500
6.25%, 01/31/34 (a)(c)
1,192,000
1,220,720
6.75%, 01/31/34 (a)(c)
2,748,000
2,819,311
6.13%, 07/31/34 (a)(c)
2,285,000
2,278,408
Trident TPI Holdings, Inc.
12.75%, 12/31/28 (a)(c)
1,130,000
1,140,438
TriMas Corp.
4.13%, 04/15/29 (a)(c)
1,053,000
1,012,178
Trinity Industries, Inc.
7.75%, 07/15/28 (a)(c)
996,000
1,021,591
Trivium Packaging Finance BV
8.25%, 07/15/30 (a)(c)
953,000
1,006,220
12.25%, 01/15/31 (a)(c)
1,056,000
1,165,980
United Rentals North America, Inc.
3.88%, 11/15/27 (a)
1,810,000
1,793,740
4.88%, 01/15/28 (a)
3,298,000
3,301,638
5.25%, 01/15/30 (a)
1,273,000
1,274,002
4.00%, 07/15/30 (a)
1,377,000
1,316,569
3.88%, 02/15/31 (a)
1,563,000
1,479,014
3.75%, 01/15/32 (a)
1,182,000
1,094,173
5.38%, 11/15/33 (a)(c)
2,581,000
2,551,379
6.13%, 03/15/34 (a)(c)
1,875,000
1,926,626
Velocity Vehicle Group LLC
8.00%, 06/01/29 (a)(c)
1,008,000
995,592
Waste Pro USA, Inc.
7.00%, 02/01/33 (a)(c)
1,785,000
1,829,191
WESCO Distribution, Inc.
7.25%, 06/15/28 (a)(c)
1,912,000
1,916,562
6.38%, 03/15/29 (a)(c)
1,469,000
1,503,776
5.25%, 04/15/31 (a)(c)
1,100,000
1,092,315
6.63%, 03/15/32 (a)(c)
1,482,000
1,530,598
6.38%, 03/15/33 (a)(c)
1,601,000
1,646,038
5.50%, 04/15/34 (a)(c)
1,400,000
1,393,319
White Cap Supply Holdings LLC
7.38%, 11/15/30 (a)(c)
258,000
257,361
Wilsonart LLC
11.00%, 08/15/32 (a)
821,000
630,935
Wrangler Holdco Corp.
6.63%, 04/01/32 (a)(c)
504,000
517,967
 
258,363,610
Communications 14.3%
Advantage Sales & Marketing, Inc.
9.00%, 11/15/30 (a)(c)(d)
873,868
727,495
Africell Holding Ltd.
10.50%, 10/23/29 (a)(c)
717,000
729,660
Allen Media LLC/Allen Media Co-Issuer, Inc.
10.50%, 02/15/28 (a)(c)
846,000
342,630
Altice Financing SA
9.63%, 07/15/27 (a)(c)
536,000
415,060
5.00%, 01/15/28 (a)(c)
1,769,000
1,292,516
5.75%, 08/15/29 (a)(c)(d)
2,792,000
2,025,559
Altice France Lux 3/Altice Holdings 1
10.00%, 01/15/33 (a)(c)
1,780,000
1,737,517
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Altice France SA
9.50%, 11/01/29 (a)(c)
2,150,279
2,187,939
6.88%, 10/15/30 (a)(c)
1,638,887
1,615,109
6.50%, 10/15/31 (a)(c)
872,641
849,642
6.50%, 04/15/32 (a)(c)
3,222,956
3,140,185
6.88%, 07/15/32 (a)(c)
2,703,361
2,642,486
AMC Global Media, Inc.
4.25%, 02/15/29 (a)(d)
877,000
778,566
10.50%, 07/15/32 (a)(c)
1,890,000
1,958,011
AP Core Holdings II LLC
11.00%, 05/15/31 (a)(c)
1,500,000
1,572,460
ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C
7.88%, 02/03/30 (a)(c)
683,000
700,447
Banijay Entertainment SAS
8.13%, 05/01/29 (a)(c)
760,000
782,485
Bell Telephone Co. of Canada or Bell Canada
6.88%, 09/15/55 (a)(b)
1,725,000
1,775,123
7.00%, 09/15/55 (a)(b)
2,031,000
2,099,026
Block Communications, Inc.
10.25%, 03/01/31 (a)(c)
985,000
921,791
British Telecommunications PLC
4.88%, 11/23/81 (a)(b)(c)(d)
874,000
849,187
Cable One, Inc.
4.00%, 11/15/30 (a)(c)(d)
1,169,000
747,837
CCO Holdings LLC/CCO Holdings Capital Corp.
5.00%, 02/01/28 (a)(c)
3,748,000
3,712,882
5.38%, 06/01/29 (a)(c)
2,580,000
2,534,095
6.38%, 09/01/29 (a)(c)
2,330,000
2,342,097
4.75%, 03/01/30 (a)(c)
4,889,000
4,623,445
4.50%, 08/15/30 (a)(c)
5,037,000
4,691,455
4.25%, 02/01/31 (a)(c)
5,004,000
4,533,504
7.38%, 03/01/31 (a)(c)(d)
1,649,000
1,673,640
4.75%, 02/01/32 (a)(c)
2,425,000
2,163,637
4.50%, 05/01/32 (a)
5,133,000
4,507,690
7.00%, 02/01/33 (a)(c)
3,371,000
3,297,276
4.50%, 06/01/33 (a)(c)(d)
2,723,000
2,331,268
4.25%, 01/15/34 (a)(c)(d)
3,652,000
3,054,193
7.38%, 02/01/36 (a)(c)(d)
2,118,000
2,069,663
Cimpress PLC
7.38%, 09/15/32 (a)(c)
1,042,000
1,055,206
Clear Channel Outdoor Holdings, Inc.
7.75%, 04/15/28 (a)(c)
1,359,000
1,363,031
7.50%, 06/01/29 (a)(c)
1,558,000
1,566,675
7.88%, 04/01/30 (a)(c)
953,000
993,741
7.13%, 02/15/31 (a)(c)
2,365,000
2,446,741
7.50%, 03/15/33 (a)(c)
1,592,000
1,671,751
CMG Media Corp.
8.88%, 06/18/29 (a)(c)
1,242,000
1,003,060
Cogent Communications Group LLC/Cogent Finance, Inc.
7.00%, 06/15/27 (a)(c)(d)
628,000
627,898
7.00%, 06/15/27 (a)(c)
1,128,000
1,126,046
6.50%, 07/01/32 (a)(c)(d)
749,000
691,805
Connect Finco SARL/Connect U.S. Finco LLC
9.00%, 09/15/29 (a)(c)
3,216,000
3,399,849
Connect Holding II LLC
10.50%, 04/03/31 (a)
3,750,000
3,820,507
CSC Holdings LLC
5.38%, 02/01/28 (a)(c)
1,411,000
896,627
7.50%, 04/01/28 (a)(c)
1,370,000
463,123
11.25%, 05/15/28 (a)(c)
1,676,000
1,120,111
11.75%, 01/31/29 (a)(c)
3,969,000
2,509,430
6.50%, 02/01/29 (a)(c)
2,788,000
1,640,593
5.75%, 01/15/30 (a)(c)
3,277,000
850,939
4.13%, 12/01/30 (a)(c)(d)
2,375,000
1,355,726
4.63%, 12/01/30 (a)(c)
3,674,000
956,632
10
  

Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
3.38%, 02/15/31 (a)(c)
1,952,000
1,087,632
4.50%, 11/15/31 (a)(c)
2,333,000
1,325,949
5.00%, 11/15/31 (a)(c)
694,000
166,560
Deluxe Corp.
8.00%, 06/01/29 (a)(c)
1,437,000
1,457,743
8.13%, 09/15/29 (a)(c)
801,000
837,328
Directv Financing LLC
8.88%, 02/01/30 (a)(c)
4,079,000
4,181,975
Directv Financing LLC/Directv Financing Co-Obligor, Inc.
5.88%, 08/15/27 (a)(c)
329,000
330,059
10.00%, 02/15/31 (a)(c)
3,560,000
3,727,783
9.25%, 06/01/32 (a)
2,400,000
2,465,519
Discovery Communications LLC
3.95%, 03/20/28 (a)
2,253,000
2,265,095
4.13%, 05/15/29 (a)
2,210,000
2,114,932
3.63%, 05/15/30 (a)
1,083,000
1,009,349
5.00%, 09/20/37 (a)
886,000
699,940
6.35%, 06/01/40
939,000
775,267
Discovery Global Holdings, Inc.
4.05%, 03/15/29 (a)
2,252,000
2,158,740
4.28%, 03/15/32 (a)
4,726,000
4,162,176
5.05%, 03/15/42 (a)
7,283,000
5,143,541
5.14%, 03/15/52 (a)
1,744,000
1,132,131
DISH DBS Corp.
7.38%, 07/01/28 (a)(g)(h)(i)
1,932,000
1,874,613
5.75%, 12/01/28 (a)(c)(g)(h)(i)
3,401,000
3,340,324
5.13%, 06/01/29 (g)(h)(i)
3,527,000
3,195,132
DISH Network Corp.
11.75%, 11/15/27 (a)(c)
3,935,000
4,056,769
Dotdash Meredith, Inc.
7.63%, 06/15/32 (a)(c)
816,000
784,904
EchoStar Corp.
10.75%, 11/30/29 (a)
6,765,000
7,356,160
Embarq LLC
8.00%, 06/01/36
2,615,000
719,125
EW Scripps Co.
9.88%, 08/15/30 (a)(c)
1,146,000
1,095,117
Fibercop SpA
6.38%, 11/15/33 (a)(c)
628,000
629,627
6.00%, 09/30/34 (a)(c)
1,212,000
1,167,657
7.20%, 07/18/36 (a)(c)
868,000
869,762
7.72%, 06/04/38 (a)(c)
792,000
802,681
GCI LLC
4.75%, 10/15/28 (a)(c)
1,213,000
1,171,460
Getty Images, Inc.
14.00%, 03/01/28 (a)(c)
638,000
578,985
11.25%, 02/21/30 (a)(c)
1,045,000
901,312
10.50%, 11/15/30 (a)(c)
1,199,000
1,060,411
Graham Holdings Co.
5.63%, 12/01/33 (a)(c)
1,091,000
1,074,286
Gray Media, Inc.
10.50%, 07/15/29 (a)(c)
1,887,000
1,998,590
4.75%, 10/15/30 (a)(c)
1,564,000
1,186,201
5.38%, 11/15/31 (a)(c)
2,046,000
1,470,000
9.63%, 07/15/32 (a)(c)
1,947,000
1,922,013
7.25%, 08/15/33 (a)(c)
1,205,000
1,195,929
HTA Group Ltd.
7.50%, 06/04/29 (a)(c)
1,736,000
1,784,433
6.75%, 04/01/31 (a)(c)
500,000
508,335
iHeartCommunications, Inc.
4.75%, 01/15/28 (a)(c)
10,000
9,542
9.13%, 05/01/29 (a)(c)
1,534,450
1,488,644
10.88%, 05/01/30 (a)(c)(d)
1,373,400
1,170,539
7.75%, 08/15/30 (a)(c)
1,434,900
1,318,867
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Iliad Holding SAS
7.00%, 10/15/28 (a)(c)
1,617,000
1,629,887
8.50%, 04/15/31 (a)(c)
1,644,000
1,742,420
7.00%, 04/15/32 (a)(c)
1,288,000
1,311,764
Lamar Media Corp.
3.75%, 02/15/28 (a)
978,000
959,625
4.88%, 01/15/29 (a)
1,157,000
1,149,126
4.00%, 02/15/30 (a)
948,000
910,860
3.63%, 01/15/31 (a)
1,398,000
1,309,027
5.38%, 11/01/33 (a)(c)
454,000
447,499
LCPR Senior Secured Financing DAC
6.75%, 10/15/27 (a)(c)
2,114,000
1,357,019
5.13%, 07/15/29 (a)(c)
1,338,000
830,744
Level 3 Financing, Inc.
6.88%, 06/30/33 (a)(c)
3,185,000
3,283,996
7.00%, 03/31/34 (a)(c)
3,729,000
3,867,744
8.50%, 01/15/36 (a)(c)
2,810,000
3,040,915
7.50%, 02/15/37 (a)(c)
1,750,000
1,805,368
Lumen Technologies, Inc.
4.50%, 01/15/29 (a)(c)(d)
745,000
720,143
7.60%, 09/15/39
702,000
674,194
7.65%, 03/15/42
636,000
605,860
McGraw-Hill Education, Inc.
5.75%, 08/01/28 (a)(c)
1,904,000
1,893,978
8.00%, 08/01/29 (a)(c)
1,301,000
1,306,952
7.38%, 09/01/31 (a)(c)
1,145,000
1,170,258
Midcontinent Communications
8.00%, 08/15/32 (a)(c)
1,220,000
1,152,951
Millicom International Cellular SA
5.13%, 01/15/28 (a)(c)
1,136,700
1,131,014
6.25%, 03/25/29 (a)(c)
1,737,900
1,751,369
7.38%, 04/02/32 (a)(c)
1,304,000
1,343,550
Nexstar Media, Inc.
4.75%, 11/01/28 (a)(c)
1,927,000
1,897,835
6.50%, 09/15/33 (a)(c)
5,100,000
5,144,258
7.25%, 04/15/34 (a)(c)
2,900,000
2,919,975
OAK-Eagle Acquireco, Inc.
7.25%, 07/01/33 (a)(c)
4,500,000
4,695,487
8.75%, 07/01/34 (a)(c)
4,271,000
4,516,130
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.00%, 08/15/27 (a)(c)
1,087,000
1,087,101
4.25%, 01/15/29 (a)(c)
1,290,000
1,260,013
4.63%, 03/15/30 (a)(c)
906,000
881,108
7.38%, 02/15/31 (a)(c)
1,237,000
1,294,836
Paramount Global
3.38%, 02/15/28 (a)
1,215,000
1,177,864
3.70%, 06/01/28 (a)
825,000
797,738
4.20%, 06/01/29 (a)
1,117,000
1,065,764
7.88%, 07/30/30
1,400,000
1,470,205
4.95%, 01/15/31 (a)
2,100,000
1,959,390
4.20%, 05/19/32 (a)
1,623,000
1,405,882
5.50%, 05/15/33
740,000
663,201
6.88%, 04/30/36
1,827,000
1,690,789
5.90%, 10/15/40 (a)
500,000
380,673
4.85%, 07/01/42 (a)
808,000
546,241
4.38%, 03/15/43
2,765,000
1,771,020
5.85%, 09/01/43 (a)
2,124,000
1,566,646
5.25%, 04/01/44 (a)
600,000
403,943
4.90%, 08/15/44 (a)
1,233,000
807,385
4.60%, 01/15/45 (a)
1,214,000
763,978
4.95%, 05/19/50 (a)
1,718,000
1,103,492
ROBLOX Corp.
3.88%, 05/01/30 (a)(c)
1,967,000
1,858,352
  
11

Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Rogers Communications, Inc.
7.00%, 04/15/55 (a)(b)
1,642,000
1,680,738
7.13%, 04/15/55 (a)(b)
1,177,000
1,220,913
6.88%, 07/31/56 (a)(b)
1,250,000
1,271,263
RR Donnelley & Sons Co.
9.50%, 08/01/29 (a)(c)
1,465,000
1,520,113
10.88%, 08/01/29 (a)(c)
1,206,000
1,247,123
SBA Communications Corp.
3.13%, 02/01/29 (a)
2,399,000
2,302,885
Scripps Escrow II, Inc.
3.88%, 01/15/29 (a)(c)
1,170,000
1,087,263
5.38%, 01/15/31 (a)(c)
1,015,000
718,611
SES AMERICOM, Inc.
5.30%, 03/25/44 (c)
973,000
751,043
SES SA
5.30%, 04/04/43 (c)
300,000
234,768
Sinclair Television Group, Inc.
5.50%, 03/01/30 (a)(c)(d)
1,135,000
1,008,022
8.13%, 02/15/33 (a)(c)
1,753,000
1,803,399
9.75%, 02/15/33 (a)(c)(d)
2,927,000
3,289,216
Sirius XM Radio LLC
5.00%, 08/01/27 (a)(c)
2,363,000
2,360,626
4.00%, 07/15/28 (a)(c)
3,498,000
3,409,335
5.50%, 07/01/29 (a)(c)
2,299,000
2,291,318
4.13%, 07/01/30 (a)(c)
2,671,000
2,519,510
3.88%, 09/01/31 (a)(c)
2,607,000
2,376,421
5.88%, 04/15/32 (a)(c)
2,100,000
2,092,096
Snap, Inc.
6.88%, 03/01/33 (a)(c)
2,815,000
2,792,174
6.88%, 03/15/34 (a)(c)
1,330,000
1,310,070
Stagwell Global LLC
5.63%, 08/15/29 (a)(c)
1,951,000
1,900,222
Sunrise FinCo I BV
4.88%, 07/15/31 (a)(c)
1,603,000
1,518,883
Telecom Italia Capital SA
6.38%, 11/15/33
1,043,000
1,088,962
6.00%, 09/30/34
1,136,000
1,157,397
7.20%, 07/18/36
766,000
835,581
7.72%, 06/04/38
890,000
1,011,366
TELUS Corp.
6.63%, 10/15/55 (a)(b)
1,285,000
1,303,113
7.00%, 10/15/55 (a)(b)
1,433,000
1,475,957
6.38%, 06/09/56 (a)(b)
1,220,000
1,220,157
6.63%, 06/09/56 (a)(b)
1,108,000
1,105,257
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC
6.00%, 01/15/30 (a)(c)(d)
1,842,000
1,791,262
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC
4.75%, 04/15/28 (a)(c)
1,058,000
1,055,270
6.50%, 02/15/29 (a)(c)
1,706,000
1,686,949
8.63%, 06/15/32 (a)(c)
919,000
964,298
Uniti Services LLC
7.50%, 10/15/33 (a)(c)
2,087,000
2,197,937
Univision Communications, Inc.
4.50%, 05/01/29 (a)(c)
1,678,000
1,596,318
7.38%, 06/30/30 (a)(c)
1,667,000
1,661,422
8.50%, 07/31/31 (a)(c)
2,049,000
2,064,539
9.38%, 08/01/32 (a)(c)
2,332,000
2,390,190
8.88%, 04/15/33 (a)(c)
2,167,000
2,160,923
Versant Media Group, Inc.
7.25%, 01/30/31 (a)(c)
2,054,000
2,135,216
Viasat, Inc.
6.50%, 07/15/28 (a)(c)
1,279,000
1,277,718
7.50%, 05/30/31 (a)(c)
1,239,000
1,252,320
Virgin Media Finance PLC
5.00%, 07/15/30 (a)(c)
1,918,000
1,576,440
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Virgin Media O2 Vendor Financing Notes VI DAC
8.50%, 03/15/33 (a)(c)
1,044,000
901,443
Virgin Media Secured Finance PLC
5.50%, 05/15/29 (a)(c)
2,368,000
2,277,586
4.50%, 08/15/30 (a)(c)
2,024,000
1,762,573
Vmed O2 U.K. Financing I PLC
4.25%, 01/31/31 (a)(c)
2,544,000
2,128,952
4.75%, 07/15/31 (a)(c)
2,675,000
2,261,023
7.75%, 04/15/32 (a)(c)
1,228,000
1,148,041
6.75%, 01/15/33 (a)(c)
1,023,000
901,020
Vodafone Group PLC
7.00%, 04/04/79 (a)(b)
3,330,000
3,452,008
4.13%, 06/04/81 (a)(b)
2,413,000
2,249,687
5.13%, 06/04/81 (a)(b)
1,866,000
1,463,493
VZ Secured Financing BV
5.00%, 01/15/32 (a)(c)
2,662,000
2,313,181
7.50%, 01/15/33 (a)(c)
1,927,000
1,854,819
Windstream Services LLC/Windstream Escrow Finance Corp.
8.25%, 10/01/31 (a)(c)
3,563,000
3,761,815
Zegona Finance PLC
8.63%, 07/15/29 (a)(c)
1,209,000
1,266,177
Ziggo Bond Co. BV
5.13%, 02/28/30 (a)(c)
848,000
740,796
Ziggo BV
4.88%, 01/15/30 (a)(c)
2,002,000
1,873,295
 
363,354,286
Consumer Cyclical 17.4%
1011778 BC ULC/New Red Finance, Inc.
3.88%, 01/15/28 (a)(c)
2,640,000
2,596,002
4.38%, 01/15/28 (a)(c)
2,229,000
2,207,267
3.50%, 02/15/29 (a)(c)
1,818,000
1,749,066
6.13%, 06/15/29 (a)(c)
1,906,000
1,942,045
5.63%, 09/15/29 (a)(c)
1,135,000
1,144,889
4.00%, 10/15/30 (a)(c)
3,936,000
3,733,244
Academy Ltd.
5.88%, 05/15/31 (a)(c)
850,000
855,703
Adams Homes, Inc.
9.25%, 10/15/28 (a)(c)
945,000
978,300
Adient Global Holdings Ltd.
8.25%, 04/15/31 (a)(c)
558,000
582,184
7.50%, 02/15/33 (a)(c)
1,372,000
1,423,724
ADT Security Corp.
4.13%, 08/01/29 (a)(c)
1,271,000
1,221,363
4.88%, 07/15/32 (c)
1,521,000
1,441,085
5.88%, 10/15/33 (a)(c)
1,909,000
1,866,960
Advance Auto Parts, Inc.
1.75%, 10/01/27 (a)
1,099,000
1,052,999
5.95%, 03/09/28 (a)
567,000
574,038
3.90%, 04/15/30 (a)
928,000
867,084
7.00%, 08/01/30 (a)(c)
1,461,000
1,502,227
3.50%, 03/15/32 (a)
738,000
647,669
7.38%, 08/01/33 (a)(c)
1,637,000
1,704,174
Affinity Interactive
6.88%, 12/15/27 (a)(c)
642,000
373,576
Allied Universal Holdco LLC
7.88%, 02/15/31 (a)(c)
3,726,000
3,898,868
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.00%, 06/01/29 (a)(c)
1,023,000
1,015,499
6.88%, 06/15/30 (a)(c)
1,614,000
1,651,761
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL
4.63%, 06/01/28 (a)(c)
3,548,000
3,499,224
12
  

Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Allison Transmission, Inc.
4.75%, 10/01/27 (a)(c)
985,000
985,075
5.88%, 06/01/29 (a)(c)
881,000
890,055
3.75%, 01/30/31 (a)(c)
1,525,000
1,429,175
5.88%, 12/01/33 (a)(c)
389,000
390,268
Allwyn Entertainment Financing U.K. PLC
7.88%, 04/30/29 (a)(c)
1,176,000
1,214,587
AMC Entertainment Holdings, Inc.
7.50%, 02/15/29 (a)(c)
855,000
746,671
American Axle & Manufacturing, Inc.
5.00%, 10/01/29 (a)
1,017,000
995,633
6.38%, 10/15/32 (a)(c)
1,438,000
1,444,274
7.75%, 10/15/33 (a)(c)
2,145,000
2,152,360
Angi Group LLC
3.88%, 08/15/28 (a)(c)
899,000
796,370
Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp.
7.00%, 04/15/30 (a)(c)
1,082,000
1,092,188
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.
5.75%, 01/15/29 (a)(c)
1,041,000
1,028,048
5.25%, 04/15/30 (a)(c)
913,000
877,676
9.75%, 04/15/30 (a)(c)
850,000
916,388
Aptiv Swiss Holdings Ltd.
6.88%, 12/15/54 (a)(b)
1,037,000
1,064,223
Aramark Services, Inc.
5.00%, 02/01/28 (a)(c)
1,875,000
1,872,979
Arches Buyer, Inc.
4.25%, 06/01/28 (a)(c)
1,276,000
1,240,760
6.13%, 12/01/28 (a)(c)(d)
1,140,000
1,106,754
Arko Corp.
5.13%, 11/15/29 (a)(c)
715,000
656,932
Asbury Automotive Group, Inc.
4.50%, 03/01/28 (a)
1,343,000
1,334,295
4.63%, 11/15/29 (a)(c)
1,190,000
1,156,328
4.75%, 03/01/30 (a)
757,000
738,189
5.00%, 02/15/32 (a)(c)
772,000
737,448
Ashton Woods USA LLC/Ashton Woods Finance Co.
4.63%, 08/01/29 (a)(c)
681,000
654,626
4.63%, 04/01/30 (a)(c)
1,016,000
964,693
6.88%, 08/01/33 (a)(c)
777,000
762,566
Aston Martin Capital Holdings Ltd.
10.00%, 03/31/29 (a)(c)
1,822,000
1,481,723
Bath & Body Works, Inc.
5.25%, 02/01/28
694,000
696,268
7.50%, 06/15/29 (a)
1,364,000
1,385,767
6.63%, 10/01/30 (a)(c)
1,227,000
1,249,634
6.95%, 03/01/33
538,000
535,169
6.88%, 11/01/35
1,277,000
1,278,854
6.75%, 07/01/36
1,177,000
1,162,576
BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc.
9.50%, 07/01/32 (a)(c)
942,000
857,789
Beazer Homes USA, Inc.
5.88%, 10/15/27 (a)
604,000
604,594
7.25%, 10/15/29 (a)
911,000
926,724
7.50%, 03/15/31 (a)(c)
442,000
447,401
Belron U.K. Finance PLC
5.75%, 10/15/29 (a)(c)
1,474,000
1,487,299
Bloomin' Brands, Inc./OSI Restaurant Partners LLC
5.13%, 04/15/29 (a)(c)
620,000
592,461
Boyd Gaming Corp.
4.75%, 12/01/27 (a)
1,177,000
1,173,990
4.75%, 06/15/31 (a)(c)
1,643,000
1,584,919
Boyne USA, Inc.
4.75%, 05/15/29 (a)(c)
1,496,000
1,474,662
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Brightstar Lottery PLC
5.25%, 01/15/29 (a)(c)
1,633,000
1,624,684
Brightstar Lottery PLC/Brightstar Global Solutions Corp.
5.75%, 01/15/33 (a)(c)
811,000
787,834
Brinker International, Inc.
8.25%, 07/15/30 (a)(c)
611,000
638,743
Brink's Co.
4.63%, 10/15/27 (a)(c)
993,000
988,728
6.50%, 06/15/29 (a)(c)
654,000
670,650
6.75%, 06/15/32 (a)(c)
1,137,000
1,165,868
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC
6.25%, 09/15/27 (a)(c)
1,221,000
1,226,524
5.00%, 06/15/29 (a)(c)
766,000
725,871
4.88%, 02/15/30 (a)(c)
924,000
855,055
Caesars Entertainment, Inc.
4.63%, 10/15/29 (a)(c)
2,358,000
2,273,476
7.00%, 02/15/30 (a)(c)
2,602,000
2,634,743
6.50%, 02/15/32 (a)(c)
2,348,000
2,291,291
6.00%, 10/15/32 (a)(c)(d)
1,856,000
1,663,462
Carnival Corp. Ltd.
5.13%, 05/01/29 (a)(c)
1,894,000
1,893,149
5.75%, 03/15/30 (a)(c)
1,506,000
1,522,274
5.88%, 06/15/31 (a)(c)
1,782,000
1,811,010
5.75%, 08/01/32 (a)(c)
5,071,000
5,128,972
6.13%, 02/15/33 (a)(c)
3,455,000
3,502,205
Carriage Services, Inc.
4.25%, 05/15/29 (a)(c)
936,000
896,262
Cars.com, Inc.
6.38%, 11/01/28 (a)(c)
1,085,000
1,064,993
Century Communities, Inc.
3.88%, 08/15/29 (a)(c)
890,000
841,129
6.63%, 09/15/33 (a)(c)
888,000
881,237
Champions Financing, Inc.
8.75%, 02/15/29 (a)(c)(d)
1,119,000
1,082,348
Churchill Downs, Inc.
4.75%, 01/15/28 (a)(c)
1,061,000
1,051,162
5.75%, 04/01/30 (a)(c)
1,702,000
1,703,462
6.75%, 05/01/31 (a)(c)
754,000
770,718
Cinemark USA, Inc.
5.25%, 07/15/28 (a)(c)
1,569,000
1,561,506
7.00%, 08/01/32 (a)(c)
732,000
758,094
Clarios Global LP/Clarios U.S. Finance Co.
6.75%, 05/15/28 (a)(c)
1,770,000
1,803,262
6.75%, 02/15/30 (a)(c)
1,210,000
1,251,491
6.75%, 09/15/32 (a)(c)
1,672,000
1,714,084
Cooper-Standard Automotive, Inc.
9.25%, 03/01/31 (a)(c)
1,924,000
1,947,107
CoreCivic, Inc.
8.25%, 04/15/29 (a)
1,077,000
1,123,282
Cougar JV Subsidiary LLC
8.00%, 05/15/32 (a)(c)
1,172,000
1,229,818
Crocs, Inc.
4.25%, 03/15/29 (a)(c)(d)
593,000
575,133
4.13%, 08/15/31 (a)(c)
854,000
795,767
Cushman & Wakefield U.S. Borrower LLC
6.75%, 05/15/28 (a)(c)
778,000
779,174
8.88%, 09/01/31 (a)(c)
1,409,000
1,487,216
Cyprium Corp./Cyprium Holdings Luxembourg SARL
6.13%, 04/15/31 (a)(c)
1,520,000
1,524,323
6.38%, 04/15/34 (a)(c)
1,400,000
1,400,641
Dealer Tire LLC/DT Issuer LLC
8.00%, 02/01/28 (a)(c)
859,000
849,485
Dexko Global, Inc.
7.50%, 04/15/32 (a)(c)(d)
1,281,320
1,108,906
  
13

Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Dream Finders Homes, Inc.
8.25%, 08/15/28 (a)(c)
491,000
503,360
6.88%, 09/15/30 (a)(c)
558,000
551,132
Empire Communities Corp.
9.75%, 05/01/29 (a)(c)
868,000
892,517
Everforth, Inc.
4.63%, 05/15/28 (a)(c)
1,018,000
943,743
EZCORP, Inc.
7.38%, 04/01/32 (a)(c)
759,000
805,328
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.
4.63%, 01/15/29 (a)(c)
1,488,000
1,452,020
6.75%, 01/15/30 (a)(c)
1,816,000
1,773,360
Forestar Group, Inc.
5.00%, 03/01/28 (a)(c)
793,000
793,724
6.50%, 03/15/33 (a)(c)
892,000
896,009
Forvia SE
8.00%, 06/15/30 (a)(c)
559,000
590,608
6.75%, 09/15/33 (a)(c)
1,162,000
1,170,330
Full House Resorts, Inc.
8.25%, 02/15/28 (a)(c)(d)
961,000
941,780
Gap, Inc.
3.63%, 10/01/29 (a)(c)
1,238,000
1,159,592
3.88%, 10/01/31 (a)(c)
1,320,000
1,200,134
Garda World Security Corp.
6.00%, 06/01/29 (a)(c)
1,222,000
1,196,836
6.50%, 01/15/31 (a)(c)
1,126,000
1,146,034
8.25%, 08/01/32 (a)(c)
1,197,000
1,228,638
8.38%, 11/15/32 (a)(c)
1,734,000
1,798,307
Garrett Motion Holdings, Inc./Garrett LX I SARL
7.75%, 05/31/32 (a)(c)
1,073,000
1,125,219
Gee Automotive Holdings LLC
7.25%, 03/01/31 (a)(c)
400,000
404,522
Genting New York LLC/GENNY Capital, Inc.
7.25%, 10/01/29 (a)(c)
533,000
546,078
GEO Group, Inc.
8.63%, 04/15/29 (a)
1,116,000
1,164,704
10.25%, 04/15/31 (a)
971,000
1,052,947
Global Auto Holdings Ltd./AAG FH U.K. Ltd.
8.38%, 01/15/29 (a)(c)
911,000
890,398
11.50%, 08/15/29 (a)(c)
968,000
1,002,664
8.75%, 01/15/32 (a)(c)
924,000
868,244
Goodyear Tire & Rubber Co.
5.00%, 07/15/29 (a)
915,000
874,389
6.63%, 07/15/30 (a)
786,000
769,052
5.25%, 04/30/31 (a)
650,000
580,863
5.25%, 07/15/31 (a)
1,274,000
1,131,728
5.63%, 04/30/33 (a)(d)
1,039,000
905,948
Great Canadian Gaming Corp./Raptor LLC
8.75%, 11/15/29 (a)(c)
964,000
951,530
Group 1 Automotive, Inc.
4.00%, 08/15/28 (a)(c)
1,394,000
1,356,745
6.38%, 01/15/30 (a)(c)
785,000
798,439
Hilton Domestic Operating Co., Inc.
5.88%, 04/01/29 (a)(c)
1,165,000
1,183,406
3.75%, 05/01/29 (a)(c)
1,692,000
1,637,934
4.88%, 01/15/30 (a)
1,765,000
1,746,682
4.00%, 05/01/31 (a)(c)
2,048,000
1,942,794
5.50%, 09/15/31 (a)(c)
1,350,000
1,358,544
3.63%, 02/15/32 (a)(c)
2,682,000
2,464,110
6.13%, 04/01/32 (a)(c)
843,000
859,908
5.88%, 03/15/33 (a)(c)
1,735,000
1,755,667
5.75%, 09/15/33 (a)(c)
2,084,000
2,103,529
5.50%, 03/31/34 (a)(c)
859,000
855,499
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.
5.00%, 06/01/29 (a)(c)
1,511,000
1,471,013
4.88%, 07/01/31 (a)(c)
1,118,000
1,043,493
6.63%, 01/15/32 (a)(c)
1,440,000
1,465,394
Jacobs Entertainment, Inc.
6.75%, 02/15/29 (a)(c)
948,000
932,529
Jaguar Land Rover Automotive PLC
4.50%, 10/01/27 (a)(c)(d)
1,210,000
1,198,737
5.88%, 01/15/28 (a)(c)
716,000
716,736
5.50%, 07/15/29 (a)(c)
1,062,000
1,056,091
JB Poindexter & Co., Inc.
8.75%, 12/15/31 (a)(c)
1,549,000
1,594,824
K Hovnanian Enterprises, Inc.
8.00%, 04/01/31 (a)(c)
840,000
849,711
8.38%, 10/01/33 (a)(c)
793,000
801,222
KB Home
6.88%, 06/15/27 (a)
880,000
889,469
4.80%, 11/15/29 (a)
484,000
475,126
7.25%, 07/15/30 (a)
676,000
691,555
4.00%, 06/15/31 (a)
945,000
880,334
Ken Garff Automotive LLC
4.88%, 09/15/28 (a)(c)
802,000
794,830
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
4.75%, 06/01/27 (a)(c)
1,563,000
1,564,128
Kingpin Intermediate Holdings LLC
7.25%, 10/15/32 (a)(c)
933,000
810,388
Kohl's Corp.
10.00%, 06/01/30 (a)(c)
730,000
794,424
5.13%, 05/01/31 (a)(f)
803,000
688,090
5.55%, 07/17/45 (a)
802,000
513,879
Kontoor Brands, Inc.
4.13%, 11/15/29 (a)(c)
1,178,000
1,128,789
Korn Ferry
4.63%, 12/15/27 (a)(c)
829,000
823,250
LCM Investments Holdings II LLC
4.88%, 05/01/29 (a)(c)
1,774,000
1,732,713
8.25%, 08/01/31 (a)(c)
1,419,000
1,481,470
Levi Strauss & Co.
3.50%, 03/01/31 (a)(c)
1,299,000
1,196,960
LGI Homes, Inc.
8.75%, 12/15/28 (a)(c)
593,000
615,221
4.00%, 07/15/29 (a)(c)
610,000
560,308
7.00%, 11/15/32 (a)(c)(d)
765,000
738,973
Life Time, Inc.
6.00%, 11/15/31 (a)(c)
1,037,000
1,054,137
Light & Wonder International, Inc.
7.25%, 11/15/29 (a)(c)
854,000
875,437
7.50%, 09/01/31 (a)(c)
1,358,000
1,416,185
6.25%, 10/01/33 (a)(c)
1,709,000
1,690,996
Lindblad Expeditions LLC
7.00%, 09/15/30 (a)(c)
1,193,000
1,228,748
Lithia Motors, Inc.
4.63%, 12/15/27 (a)(c)
1,495,000
1,488,245
3.88%, 06/01/29 (a)(c)
1,031,000
988,665
5.50%, 10/01/30 (a)(c)
1,030,000
1,021,827
4.38%, 01/15/31 (a)(c)
632,000
599,253
Live Nation Entertainment, Inc.
4.75%, 10/15/27 (a)(c)
1,573,000
1,567,758
3.75%, 01/15/28 (a)(c)
1,255,000
1,231,346
M/I Homes, Inc.
4.95%, 02/01/28 (a)
895,000
895,395
3.95%, 02/15/30 (a)
693,000
659,869
14
  

Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Macy's Retail Holdings LLC
6.13%, 03/15/32 (a)(c)
913,000
913,984
7.38%, 08/01/33 (a)(c)
786,000
821,591
4.50%, 12/15/34 (a)
878,000
774,395
5.13%, 01/15/42 (a)
698,000
543,190
Marriott Ownership Resorts, Inc.
4.75%, 01/15/28 (a)
725,000
723,607
4.50%, 06/15/29 (a)(c)
869,000
838,783
6.50%, 10/01/33 (a)(c)
1,182,000
1,160,704
Match Group Holdings II LLC
5.00%, 12/15/27 (a)(c)
1,018,000
1,014,721
4.63%, 06/01/28 (a)(c)
1,188,000
1,172,473
5.63%, 02/15/29 (a)(c)
707,000
707,764
4.13%, 08/01/30 (a)(c)
760,000
715,798
3.63%, 10/01/31 (a)(c)
596,000
534,131
6.13%, 09/15/33 (a)(c)
1,205,000
1,185,781
Mattamy Group Corp.
4.63%, 03/01/30 (a)(c)
1,249,000
1,198,842
6.00%, 12/15/33 (a)(c)
854,000
815,784
Mavis Tire Express Services Topco Corp.
6.50%, 05/15/29 (a)(c)
1,332,000
1,331,471
Men's Wearhouse LLC
9.00%, 02/01/31 (a)(c)
935,000
984,434
Merlin Entertainments Group U.S. Holdings, Inc.
7.38%, 02/15/31 (a)(c)
932,000
783,538
MGM Resorts International
4.75%, 10/15/28 (a)
2,082,000
2,064,103
6.13%, 09/15/29 (a)
1,020,000
1,035,529
6.50%, 04/15/32 (a)(d)
972,000
991,006
Michaels Cos., Inc.
8.50%, 03/15/33 (a)(c)
4,000,000
3,908,735
11.00%, 03/15/34 (a)(c)
1,031,000
975,697
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.
4.88%, 05/01/29 (a)(c)
1,335,000
1,300,096
Millrose Properties, Inc.
6.38%, 08/01/30 (a)(c)
2,127,000
2,158,403
6.25%, 09/15/32 (a)(c)
1,300,000
1,307,227
Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC
8.25%, 04/15/30 (a)(c)
820,000
856,419
11.88%, 04/15/31 (a)(c)
1,347,000
1,464,341
Motion Bondco DAC
6.63%, 11/15/27 (a)(c)(d)
793,000
764,177
Motion Finco SARL
8.38%, 02/15/32 (a)(c)
787,000
644,650
Murphy Oil USA, Inc.
5.63%, 05/01/27 (a)
623,000
623,399
4.75%, 09/15/29 (a)
874,000
859,882
3.75%, 02/15/31 (a)(c)
1,062,000
990,194
5.88%, 06/01/34 (a)(c)
1,000,000
1,004,142
NCL Corp. Ltd.
7.75%, 02/15/29 (a)(c)
573,000
600,093
6.25%, 03/01/30 (a)(c)
1,389,000
1,373,939
5.88%, 01/15/31 (a)(c)
2,086,000
2,017,511
6.75%, 02/01/32 (a)(c)
2,855,000
2,832,032
6.25%, 09/15/33 (a)(c)
1,533,000
1,470,941
NCL Finance Ltd.
6.13%, 03/15/28 (a)(c)
783,000
791,597
New Flyer Holdings, Inc.
9.25%, 07/01/30 (a)(c)
802,000
861,338
Newmark Group, Inc.
7.50%, 01/12/29 (a)
802,000
842,204
Nissan Motor Acceptance Co. LLC
5.30%, 09/13/27 (c)
349,000
348,778
2.75%, 03/09/28 (a)(c)
1,514,000
1,440,070
2.45%, 09/15/28 (a)(c)
1,157,000
1,078,381
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
7.05%, 09/15/28 (a)(c)
1,467,000
1,507,810
5.63%, 09/29/28 (a)(c)
1,697,000
1,694,993
5.55%, 09/13/29 (a)(c)
1,012,000
995,284
6.13%, 09/30/30 (a)(c)
2,472,000
2,442,725
Nissan Motor Co. Ltd.
4.35%, 09/17/27 (a)(c)
2,698,000
2,663,221
7.50%, 07/17/30 (a)(c)
1,846,000
1,913,337
4.81%, 09/17/30 (a)(c)
3,436,000
3,220,489
7.75%, 07/17/32 (a)(c)
1,464,000
1,532,869
8.13%, 07/17/35 (a)(c)
2,160,000
2,295,596
Nordstrom, Inc.
6.95%, 03/15/28
806,000
825,411
4.38%, 04/01/30 (a)
756,000
723,249
4.25%, 08/01/31 (a)
594,000
548,250
5.00%, 01/15/44 (a)
1,650,000
1,163,116
Ontario Gaming GTA LP/OTG Co-Issuer, Inc.
8.00%, 08/01/30 (a)(c)
820,000
795,734
OT Midco, Inc.
10.00%, 02/15/30 (a)(c)
1,036,000
402,041
Papa John's International, Inc.
3.88%, 09/15/29 (a)(c)
915,000
879,926
Penn Entertainment, Inc.
4.13%, 07/01/29 (a)(c)
584,000
559,510
6.75%, 04/01/31 (a)(c)
1,000,000
996,750
Penske Automotive Group, Inc.
3.75%, 06/15/29 (a)(c)
650,000
623,300
Petco Health & Wellness Co., Inc.
8.25%, 02/01/31 (a)(c)
1,153,000
1,155,826
PetSmart LLC/PetSmart Finance Corp.
7.50%, 09/15/32 (a)
2,841,000
2,865,242
10.00%, 09/15/33 (a)
1,482,000
1,497,016
Phinia, Inc.
6.75%, 04/15/29 (a)(c)
896,000
922,101
6.63%, 10/15/32 (a)(c)
899,000
922,989
Pioneer Opco LLC
7.00%, 05/15/33 (a)(c)
1,000,000
1,022,851
PM General Purchaser LLC
9.50%, 10/01/28 (a)(c)(d)
1,171,000
1,042,992
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.63%, 09/01/29 (a)(c)
1,048,000
613,197
5.88%, 09/01/31 (a)(c)
1,460,000
735,110
Prime Security Services Borrower LLC/Prime Finance, Inc.
3.38%, 08/31/27 (a)(c)
1,454,000
1,426,393
Rakuten Group, Inc.
9.75%, 04/15/29 (c)
3,323,000
3,633,979
8.13%, 12/15/29 (a)(b)(c)(e)
1,001,000
1,032,824
6.25%, 04/22/31 (a)(b)(c)(e)
1,981,000
1,889,921
Raven Acquisition Holdings LLC
6.88%, 11/15/31 (a)(c)
2,141,000
2,101,033
Resorts World Las Vegas LLC/RWLV Capital, Inc.
4.63%, 04/16/29 (a)(c)
1,525,000
1,389,361
8.45%, 07/27/30 (a)(c)
975,000
973,335
4.63%, 04/06/31 (a)(c)
600,000
508,466
Risewell Homes, Inc.
9.25%, 10/01/29 (a)(c)
927,000
968,176
8.50%, 11/01/30 (a)(c)
609,000
615,652
Rivers Enterprise Borrower LLC
6.25%, 10/15/30 (a)(c)
1,090,000
1,099,508
Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.
6.63%, 02/01/33 (a)(c)
1,188,000
1,206,381
S&S Holdings LLC
8.38%, 10/01/31 (a)(c)
1,079,000
1,035,630
Sally Holdings LLC/Sally Capital, Inc.
6.75%, 04/01/32 (a)(d)
1,124,000
1,155,882
  
15

Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc.
6.63%, 03/01/30 (a)(c)
1,503,000
1,299,169
SeaWorld Parks & Entertainment, Inc.
5.25%, 08/15/29 (a)(c)
1,390,000
1,353,695
Service Corp. International
4.63%, 12/15/27 (a)
1,715,000
1,709,663
5.13%, 06/01/29 (a)
1,635,000
1,634,454
3.38%, 08/15/30 (a)
1,217,000
1,132,170
4.00%, 05/15/31 (a)
875,000
824,044
5.75%, 10/15/32 (a)
952,000
960,919
Shea Homes LP/Shea Homes Funding Corp.
4.75%, 02/15/28 (a)
890,000
885,544
4.75%, 04/01/29 (a)
932,000
910,534
Signal Parent, Inc.
6.13%, 04/01/29 (a)(c)
599,000
240,349
Six Flags Entertainment Corp.
7.25%, 05/15/31 (a)(c)
1,280,000
1,277,236
Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management
Corp.
6.50%, 10/01/28 (a)
910,000
917,467
5.25%, 07/15/29 (a)
968,000
938,517
Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium Operations
LLC
8.63%, 01/15/32 (a)(c)
2,032,000
2,088,368
Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland
Co.
6.63%, 05/01/32 (a)(c)
1,551,000
1,586,068
Sonic Automotive, Inc.
4.63%, 11/15/29 (a)(c)
1,043,000
1,022,866
4.88%, 11/15/31 (a)(c)
1,113,000
1,065,831
Sotheby's
8.25%, 04/15/31 (a)(c)
1,400,000
1,379,536
Sotheby's/Bidfair Holdings, Inc.
5.88%, 06/01/29 (a)(c)
537,000
513,448
Speedway Motorsports LLC/Speedway Funding II, Inc.
4.88%, 11/01/27 (a)(c)
1,165,000
1,156,086
Staples, Inc.
10.75%, 09/01/29 (a)(c)
4,043,000
3,849,791
12.75%, 01/15/30 (a)(c)
1,586,800
1,215,919
Station Casinos LLC
4.50%, 02/15/28 (a)(c)
926,000
913,399
4.63%, 12/01/31 (a)(c)
840,000
795,740
6.63%, 03/15/32 (a)(c)
1,048,000
1,064,146
STL Holding Co. LLC
8.75%, 02/15/29 (a)(c)
791,000
824,771
StoneMor, Inc.
8.50%, 05/15/29 (a)(c)
702,000
691,308
Taylor Morrison Communities, Inc.
5.75%, 01/15/28 (a)(c)
751,000
758,749
5.13%, 08/01/30 (a)(c)
1,107,000
1,096,691
5.75%, 11/15/32 (a)(c)
615,000
618,496
Tenneco, Inc.
8.00%, 11/17/28 (a)(c)
2,915,000
2,922,675
TKC Holdings, Inc.
8.50%, 08/15/30 (a)(c)
1,800,000
1,842,145
12.00%, 02/15/31 (a)(c)
1,264,000
1,316,988
Travel & Leisure Co.
4.50%, 12/01/29 (a)(c)
1,168,000
1,129,376
4.63%, 03/01/30 (a)(c)
819,000
788,166
6.25%, 06/01/31 (a)(c)
1,500,000
1,509,419
6.13%, 09/01/33 (a)(c)
863,000
848,562
Tri Pointe Homes, Inc.
5.25%, 06/01/27 (a)
672,000
671,646
5.70%, 06/15/28 (a)
1,118,000
1,127,035
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
TriNet Group, Inc.
3.50%, 03/01/29 (a)(c)
1,025,000
959,015
7.13%, 08/15/31 (a)(c)
1,068,000
1,075,742
Under Armour, Inc.
7.25%, 07/15/30 (a)(c)
863,000
877,182
Universal Entertainment Corp.
9.88%, 08/01/29 (a)(c)
525,000
507,931
Upbound Group, Inc.
6.38%, 02/15/29 (a)(c)
906,000
897,563
Vail Resorts, Inc.
5.63%, 07/15/30 (a)(c)
712,000
714,147
6.50%, 05/15/32 (a)(c)
1,237,000
1,260,963
Valvoline, Inc.
3.63%, 06/15/31 (a)(c)
1,028,000
938,404
VF Corp.
2.95%, 04/23/30 (a)
1,055,000
955,686
6.00%, 10/15/33
937,000
936,236
6.45%, 11/01/37
864,000
831,348
Victoria's Secret & Co.
4.63%, 07/15/29 (a)(c)
1,128,000
1,089,566
Victra Holdings LLC/Victra Finance Corp.
8.75%, 09/15/29 (a)(c)
809,000
840,293
Viking Cruises Ltd.
7.00%, 02/15/29 (a)(c)
824,000
829,612
9.13%, 07/15/31 (a)(c)
1,453,000
1,528,739
5.88%, 10/15/33 (a)(c)
2,530,000
2,536,570
Voyager Parent LLC
9.25%, 07/01/32 (a)(c)
2,287,000
2,427,297
VT Topco, Inc.
8.50%, 08/15/30 (a)(c)(d)
903,000
927,982
Wabash National Corp.
4.50%, 10/15/28 (a)(c)
730,000
621,390
Wand NewCo 3, Inc.
7.63%, 01/30/32 (a)(c)
1,684,000
1,742,627
Wayfair LLC
7.25%, 10/31/29 (a)(c)
1,428,000
1,470,467
7.75%, 09/15/30 (a)(c)
1,193,000
1,242,984
6.75%, 11/15/32 (a)(c)
1,165,000
1,184,444
7.13%, 05/31/34 (a)(c)
700,000
713,637
Weekley Homes LLC/Weekley Finance Corp.
4.88%, 09/15/28 (a)(c)
1,154,000
1,130,169
6.75%, 01/15/34 (a)(c)
870,000
857,262
William Carter Co.
7.38%, 02/15/31 (a)(c)
1,030,000
1,065,262
Wolverine World Wide, Inc.
4.00%, 08/15/29 (a)(c)
1,026,000
967,468
Wyndham Hotels & Resorts, Inc.
4.38%, 08/15/28 (a)(c)
953,000
940,174
5.63%, 03/01/33 (a)(c)
1,000,000
986,416
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.13%, 10/01/29 (a)(c)
1,697,000
1,685,144
7.13%, 02/15/31 (a)(c)
1,285,000
1,358,034
6.25%, 03/15/33 (a)(c)
1,544,000
1,550,334
Yum! Brands, Inc.
4.75%, 01/15/30 (a)(c)
1,486,000
1,466,009
3.63%, 03/15/31 (a)
1,470,000
1,368,403
4.63%, 01/31/32 (a)
1,404,000
1,349,035
5.38%, 04/01/32 (a)
1,602,000
1,600,764
6.88%, 11/15/37
1,463,000
1,608,250
ZF North America Capital, Inc.
6.88%, 04/14/28 (a)(c)
1,102,000
1,129,002
7.13%, 04/14/30 (a)(c)
1,111,000
1,120,129
6.75%, 04/23/30 (a)(c)
1,478,000
1,472,350
16
  

Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
7.50%, 03/24/31 (a)(c)
2,291,000
2,315,682
6.88%, 04/23/32 (a)(c)
1,285,000
1,264,488
ZipRecruiter, Inc.
5.00%, 01/15/30 (a)(c)
1,068,000
739,682
 
440,313,213
Consumer Non-Cyclical 10.6%
1261229 BC Ltd.
10.00%, 04/15/32 (a)(c)
10,389,000
10,646,254
Acadia Healthcare Co., Inc.
5.50%, 07/01/28 (a)(c)
864,000
860,719
5.00%, 04/15/29 (a)(c)
1,193,000
1,168,359
7.38%, 03/15/33 (a)(c)
878,000
901,774
Accendra Health, Inc.
4.50%, 03/31/29 (a)(c)(d)
478,000
377,144
6.63%, 04/01/30 (a)(c)(d)
1,094,000
661,119
ACCO Brands Corp.
4.25%, 03/15/29 (a)(c)
1,178,000
1,085,253
Acushnet Co.
5.63%, 12/01/33 (a)(c)
895,000
890,240
Adapthealth LLC
6.13%, 08/01/28 (a)(c)
849,000
848,682
4.63%, 08/01/29 (a)(c)
1,001,000
966,745
5.13%, 03/01/30 (a)(c)
995,000
964,702
AHP Health Partners, Inc.
5.75%, 07/15/29 (a)(c)
907,000
899,850
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
6.50%, 02/15/28 (a)(c)
1,242,000
1,255,975
3.50%, 03/15/29 (a)(c)
1,612,000
1,538,970
4.88%, 02/15/30 (a)(c)
1,952,000
1,902,246
5.50%, 03/31/31 (a)(c)
1,211,000
1,193,928
5.63%, 03/31/32 (a)(c)
2,230,000
2,178,800
6.25%, 03/15/33 (a)(c)
1,048,000
1,050,645
5.75%, 03/31/34 (a)(c)
2,369,000
2,285,152
AMN Healthcare, Inc.
4.00%, 04/15/29 (a)(c)
513,000
495,695
6.50%, 01/15/31 (a)(c)
775,000
779,601
Amneal Pharmaceuticals LLC
6.88%, 08/01/32 (a)(c)
869,000
901,249
Avantor Funding, Inc.
4.63%, 07/15/28 (a)(c)
2,468,000
2,443,650
3.88%, 11/01/29 (a)(c)
1,521,000
1,445,297
B&G Foods, Inc.
5.25%, 09/15/27 (a)(d)
1,050,000
1,024,569
8.00%, 09/15/28 (a)(c)(d)
1,267,000
1,255,503
Bausch & Lomb Corp.
8.38%, 10/01/28 (a)(c)
2,258,000
2,334,208
Bausch Health Cos., Inc.
5.00%, 01/30/28 (a)(c)(d)
589,000
496,713
4.88%, 06/01/28 (a)(c)(d)
397,000
367,410
11.00%, 09/30/28 (c)(d)
1,475,000
1,540,837
5.00%, 02/15/29 (a)(c)
759,000
529,349
6.25%, 02/15/29 (a)(c)
1,211,000
867,379
7.25%, 05/30/29 (a)(c)
616,000
439,405
5.25%, 01/30/30 (a)(c)(d)
1,417,000
871,192
14.00%, 10/15/30 (a)(c)
718,000
686,939
5.25%, 02/15/31 (a)(c)
1,022,000
579,228
BellRing Brands, Inc.
7.00%, 03/15/30 (a)(c)
1,353,000
1,344,161
BioMarin Pharmaceutical, Inc.
5.50%, 02/15/34 (a)(c)
1,016,000
1,004,257
C&S Group Enterprises LLC
5.00%, 12/15/28 (a)(c)
1,000,000
941,923
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
CD&R Smokey Buyer, Inc./Radio Systems Corp.
9.50%, 10/15/29 (a)(c)
1,362,000
819,177
Central Garden & Pet Co.
5.13%, 02/01/28 (a)
506,000
505,400
4.13%, 10/15/30 (a)
823,000
779,029
4.13%, 04/30/31 (a)(c)
588,000
554,004
Champ Acquisition Corp.
8.38%, 12/01/31 (a)(c)
703,000
738,657
Charles River Laboratories International, Inc.
4.25%, 05/01/28 (a)(c)
1,485,000
1,458,034
3.75%, 03/15/29 (a)(c)
1,001,000
959,766
4.00%, 03/15/31 (a)(c)
460,000
431,171
Chobani LLC/Chobani Finance Corp., Inc.
4.63%, 11/15/28 (a)(c)
870,000
862,315
7.63%, 07/01/29 (a)(c)
818,000
844,395
6.38%, 04/15/34 (a)(c)
1,400,000
1,424,542
CHS/Community Health Systems, Inc.
6.00%, 01/15/29 (a)(c)
1,692,000
1,676,654
6.88%, 04/15/29 (a)(c)
2,514,000
2,489,279
6.13%, 04/01/30 (a)(c)
2,584,000
2,351,998
5.25%, 05/15/30 (a)(c)
2,478,000
2,337,305
4.75%, 02/15/31 (a)(c)(d)
1,897,000
1,745,737
10.88%, 01/15/32 (a)(c)
2,410,000
2,599,768
9.75%, 01/15/34 (a)(c)
2,988,000
3,137,908
Concentra Health Services, Inc.
6.88%, 07/15/32 (a)(c)
1,184,000
1,226,961
CVS Health Corp.
6.75%, 12/10/54 (a)(b)
1,715,000
1,789,191
7.00%, 03/10/55 (a)(b)
3,166,000
3,301,059
Darling Ingredients, Inc.
6.00%, 06/15/30 (a)(c)
1,750,000
1,767,805
DaVita, Inc.
4.63%, 06/01/30 (a)(c)
4,510,000
4,384,683
3.75%, 02/15/31 (a)(c)
2,133,000
1,984,372
6.88%, 09/01/32 (a)(c)
2,113,000
2,189,868
6.75%, 07/15/33 (a)
1,296,000
1,340,496
Dentsply Sirona, Inc.
8.38%, 09/12/55 (a)(b)
1,030,000
1,039,000
Edgewell Personal Care Co.
5.50%, 06/01/28 (a)(c)
1,452,000
1,447,574
4.13%, 04/01/29 (a)(c)
980,000
937,267
Elanco Animal Health, Inc.
6.40%, 08/28/28 (a)(f)
1,376,000
1,415,297
Embecta Corp.
5.00%, 02/15/30 (a)(c)(d)
1,056,000
817,642
Emergent BioSolutions, Inc.
3.88%, 08/15/28 (a)(c)
926,000
842,642
Encompass Health Corp.
4.50%, 02/01/28 (a)
1,437,000
1,431,429
4.75%, 02/01/30 (a)
840,000
826,852
4.63%, 04/01/31 (a)
1,217,000
1,178,497
5.88%, 06/01/34 (a)(c)
250,000
251,701
Endo Finance Holdings LP
8.50%, 04/15/31 (a)(c)
1,405,000
1,498,357
Energizer Holdings, Inc.
4.75%, 06/15/28 (a)(c)
831,000
821,831
4.38%, 03/31/29 (a)(c)
1,424,000
1,371,875
6.00%, 09/15/33 (a)(c)
932,000
889,552
Fiesta Purchaser, Inc.
7.88%, 03/01/31 (a)(c)
1,036,000
1,042,786
9.63%, 09/15/32 (a)(c)
980,000
986,691
Fortrea Holdings, Inc.
7.50%, 07/01/30 (a)(c)(d)
1,201,000
1,211,499
  
17

Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Froneri Lux FinCo SARL
6.00%, 08/01/32 (c)
1,178,000
1,149,402
Genmab AS/Genmab Finance LLC
6.25%, 12/15/32 (a)(c)
2,458,000
2,505,916
7.25%, 12/15/33 (a)(c)
1,136,000
1,183,554
Global Medical Response, Inc.
7.38%, 10/01/32 (a)(c)
1,289,000
1,340,193
Grifols SA
4.75%, 10/15/28 (a)(c)
1,636,000
1,611,715
HAH Group Holding Co. LLC
9.75%, 10/01/31 (a)(c)(d)
1,245,000
1,118,189
Harrow, Inc.
8.63%, 09/15/30 (a)(c)
588,000
595,666
HLF Financing SARL LLC/Herbalife International, Inc.
4.88%, 06/01/29 (a)(c)
1,195,000
1,122,314
7.75%, 05/01/33 (a)(c)
830,000
838,963
HNI Corp.
5.13%, 01/18/29 (a)(c)
777,000
760,357
Industrial F&B Investments III, Inc.
7.75%, 02/11/33 (a)(c)
1,250,000
1,275,948
Ingles Markets, Inc.
4.00%, 06/15/31 (a)(c)
817,000
769,201
Insulet Corp.
6.50%, 04/01/33 (a)(c)
1,189,000
1,210,868
IQVIA, Inc.
6.50%, 05/15/30 (a)(c)
1,485,000
1,523,962
6.25%, 06/01/32 (a)(c)
2,492,000
2,548,942
Jazz Securities DAC
4.38%, 01/15/29 (a)(c)
1,963,000
1,928,467
Kedrion SpA
6.50%, 09/01/29 (a)(c)
1,330,000
1,313,226
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc.
9.00%, 02/15/29 (a)(c)
1,524,000
1,593,566
7.13%, 04/30/33 (a)(c)
725,000
735,449
Kronos Acquisition Holdings, Inc.
8.25%, 06/30/31 (a)(c)(d)
1,092,000
782,145
10.75%, 06/30/32 (a)(c)
984,000
319,800
Lamb Weston Holdings, Inc.
4.88%, 05/15/28 (a)(c)
804,000
798,904
4.13%, 01/31/30 (a)(c)
1,348,000
1,288,489
4.38%, 01/31/32 (a)(c)
1,132,000
1,059,749
LifePoint Health, Inc.
5.38%, 01/15/29 (a)(c)
1,066,000
1,033,011
9.88%, 08/15/30 (a)(c)
736,000
779,033
8.38%, 02/15/32 (a)(c)
1,019,000
1,070,852
10.00%, 06/01/32 (a)(c)
1,558,000
1,597,075
7.00%, 05/01/34 (a)(c)
2,500,000
2,443,693
MajorDrive Holdings IV LLC
6.38%, 06/01/29 (a)(c)
1,040,000
885,558
Medline Borrower LP
5.25%, 10/01/29 (a)(c)
5,038,000
5,032,086
MPH Acquisition Holdings LLC
5.75%, 12/31/30 (a)(c)(d)
1,353,000
1,090,220
National Mentor Holdings, Inc.
10.50%, 12/15/30 (a)(c)
2,349,000
2,474,148
Neogen Food Safety Corp.
8.63%, 07/20/30 (a)(c)
985,000
1,034,752
Newell Brands, Inc.
6.38%, 09/15/27 (a)
1,054,000
1,066,958
8.50%, 06/01/28 (a)(c)
1,695,000
1,770,804
6.63%, 09/15/29 (a)
1,091,000
1,092,679
6.38%, 05/15/30 (a)
1,029,000
1,016,206
6.63%, 05/15/32 (a)(d)
999,000
972,765
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
7.38%, 04/01/36 (a)(f)
960,000
923,547
7.50%, 04/01/46 (a)(f)
1,325,000
1,155,984
Opal Bidco SAS
6.50%, 03/31/32 (a)(c)
1,785,000
1,819,902
Option Care Health, Inc.
4.38%, 10/31/29 (a)(c)
1,364,000
1,312,941
Organon & Co./Organon Foreign Debt Co-Issuer BV
4.13%, 04/30/28 (a)(c)
3,143,000
3,106,339
5.13%, 04/30/31 (a)(c)
2,717,000
2,694,609
6.75%, 05/15/34 (a)(c)
1,223,000
1,306,187
7.88%, 05/15/34 (a)(c)
1,058,000
1,136,915
Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc.
8.75%, 04/17/32 (a)(c)
870,000
790,613
Pediatrix Medical Group, Inc.
5.38%, 02/15/30 (a)(c)
1,402,000
1,388,316
Performance Food Group, Inc.
4.25%, 08/01/29 (a)(c)
1,708,000
1,655,813
6.13%, 09/15/32 (a)(c)
1,435,000
1,452,586
5.63%, 03/01/34 (a)(c)
1,270,000
1,242,010
Perrigo Finance Unlimited Co.
5.15%, 06/15/30 (a)(f)
1,189,000
1,140,616
6.13%, 09/30/32 (a)
1,275,000
1,217,942
4.90%, 12/15/44 (a)
753,000
544,544
Pilgrim's Pride Corp.
4.25%, 04/15/31 (a)
1,426,000
1,369,402
3.50%, 03/01/32 (a)
1,767,000
1,605,867
6.25%, 07/01/33 (a)
857,000
895,805
6.88%, 05/15/34 (a)
883,000
955,380
Post Holdings, Inc.
4.63%, 04/15/30 (a)(c)
2,868,000
2,792,791
4.50%, 09/15/31 (a)(c)
1,751,000
1,644,503
6.25%, 02/15/32 (a)(c)
2,579,000
2,623,201
6.38%, 03/01/33 (a)(c)
1,794,000
1,790,498
6.25%, 10/15/34 (a)(c)
1,269,000
1,259,107
6.50%, 03/15/36 (a)(c)
1,981,000
1,967,674
Prestige Brands, Inc.
5.13%, 01/15/28 (a)(c)
956,000
953,128
3.75%, 04/01/31 (a)(c)
1,111,000
1,020,592
Prime Healthcare Services, Inc.
9.38%, 09/01/29 (a)(c)
2,312,000
2,419,720
Primo Water Holdings, Inc./Triton Water Holdings, Inc.
6.25%, 04/01/29 (a)(c)
546,000
547,832
4.38%, 04/30/29 (a)(c)
1,444,000
1,419,298
Radiology Partners, Inc.
8.50%, 07/15/32 (a)(c)
1,716,000
1,761,045
Safeway, Inc.
7.25%, 02/01/31
317,000
331,666
Scotts Miracle-Gro Co.
4.50%, 10/15/29 (a)
627,000
611,739
4.00%, 04/01/31 (a)
1,034,000
962,847
4.38%, 02/01/32 (a)
806,000
750,307
Select Medical Corp.
6.25%, 12/01/32 (a)(c)(d)
823,000
802,532
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food,
Inc./Simmons Feed
4.63%, 03/01/29 (a)(c)
1,382,000
1,337,907
Somnigroup International, Inc.
4.00%, 04/15/29 (a)(c)
1,181,000
1,136,003
3.88%, 10/15/31 (a)(c)
1,651,000
1,512,270
Sotera Health Holdings LLC
7.38%, 06/01/31 (a)(c)
1,224,000
1,274,866
Spectrum Brands, Inc.
3.88%, 03/15/31 (a)(c)
15,000
13,204
18
  

Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Star Parent, Inc.
9.00%, 10/01/30 (a)(c)
1,780,000
1,870,892
Surgery Center Holdings, Inc.
7.25%, 04/15/32 (a)(c)
1,696,000
1,702,089
Team Health Holdings, Inc.
8.38%, 06/30/28 (a)(c)
495,000
497,074
TEAM Services Holding, Inc.
9.00%, 02/15/33 (a)(c)(d)
750,000
756,270
Teleflex, Inc.
4.63%, 11/15/27 (a)
1,118,000
1,115,760
4.25%, 06/01/28 (a)(c)
1,177,000
1,162,288
Tenet Healthcare Corp.
5.13%, 11/01/27 (a)
2,714,000
2,717,713
4.63%, 06/15/28 (a)
1,450,000
1,441,213
6.13%, 10/01/28 (a)(d)
2,645,000
2,653,099
4.25%, 06/01/29 (a)
2,462,000
2,401,515
4.38%, 01/15/30 (a)
2,611,000
2,527,948
6.13%, 06/15/30 (a)
3,406,000
3,442,359
6.75%, 05/15/31 (a)(c)
2,440,000
2,514,271
6.88%, 11/15/31
1,197,000
1,275,341
5.50%, 11/15/32 (a)(c)
2,223,000
2,215,378
6.00%, 11/15/33 (a)(c)
1,234,000
1,246,936
Thor Industries, Inc.
4.00%, 10/15/29 (a)(c)
726,000
686,962
Turning Point Brands, Inc.
7.63%, 03/15/32 (a)(c)
531,000
552,693
U.S. Acute Care Solutions LLC
9.75%, 05/15/29 (a)(c)
1,784,000
1,711,318
U.S. Foods, Inc.
6.88%, 09/15/28 (a)(c)
922,000
945,598
4.75%, 02/15/29 (a)(c)
1,182,000
1,166,382
4.63%, 06/01/30 (a)(c)
977,000
950,428
7.25%, 01/15/32 (a)(c)
1,097,000
1,141,401
5.75%, 04/15/33 (a)(c)
613,000
612,446
United Natural Foods, Inc.
6.75%, 10/15/28 (a)(c)
787,000
790,788
Viking Baked Goods Acquisition Corp.
8.63%, 11/01/31 (a)(c)
1,506,000
1,542,879
Whirlpool Corp.
4.75%, 02/26/29 (a)
1,250,000
1,182,052
6.13%, 06/15/30 (a)
1,191,000
1,121,258
2.40%, 05/15/31 (a)
966,000
740,610
5.50%, 03/01/33 (a)
690,000
578,472
6.50%, 06/15/33 (a)(d)
1,073,000
974,936
5.75%, 03/01/34 (a)
634,000
525,547
4.50%, 06/01/46 (a)
1,244,000
793,152
4.60%, 05/15/50 (a)
1,389,000
879,241
 
269,554,370
Energy 10.9%
Aethon United BR LP/Aethon United Finance Corp.
7.50%, 10/01/29 (a)(c)
1,868,000
1,949,260
AltaGas Ltd.
7.20%, 10/15/54 (a)(b)(c)
1,817,000
1,894,684
AmeriGas Partners LP/AmeriGas Finance Corp.
9.38%, 06/01/28 (a)(c)
834,000
854,813
9.50%, 06/01/30 (a)(c)
836,000
899,539
6.88%, 06/01/31 (a)(c)
875,000
894,912
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.75%, 01/15/28 (a)(c)
907,000
907,839
5.38%, 06/15/29 (a)(c)
1,180,000
1,179,918
6.63%, 02/01/32 (a)(c)
1,090,000
1,112,664
5.75%, 10/15/33 (a)(c)
1,050,000
1,039,662
5.75%, 07/01/34 (a)(c)
980,000
968,873
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Archrock Partners LP/Archrock Partners Finance Corp.
6.63%, 09/01/32 (a)(c)
1,186,000
1,214,642
Archrock Services LP/Archrock Partners Finance Corp.
6.00%, 02/01/34 (a)(c)
1,338,000
1,339,129
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
9.00%, 11/01/27 (a)(c)
401,000
457,727
5.88%, 06/30/29 (a)(c)
899,000
898,279
6.63%, 10/15/32 (a)(c)
764,000
784,422
6.63%, 07/15/33 (a)(c)
1,093,000
1,123,235
BKV Upstream Midstream LLC
7.50%, 10/15/30 (a)(c)
1,033,000
1,048,054
Blue Racer Midstream LLC/Blue Racer Finance Corp.
7.00%, 07/15/29 (a)(c)
985,000
1,013,717
7.25%, 07/15/32 (a)(c)
786,000
819,843
Borr IHC Ltd./Borr Finance LLC
10.00%, 11/15/28 (a)(c)
1,660,652
1,744,645
10.38%, 11/15/30 (a)(c)
1,191,546
1,266,175
Breakwater Energy Holdings SARL
9.25%, 11/15/30 (a)(c)
1,374,000
1,461,787
Bristow Group, Inc.
6.75%, 02/01/33 (a)(c)
800,000
808,678
Buckeye Partners LP
4.50%, 03/01/28 (a)(c)
783,000
775,102
6.88%, 07/01/29 (a)(c)
1,377,000
1,420,499
6.75%, 02/01/30 (a)(c)
681,000
705,688
5.85%, 11/15/43 (a)
1,219,000
1,117,484
5.60%, 10/15/44 (a)
723,000
638,425
California Resources Corp.
8.25%, 06/15/29 (a)(c)
867,000
908,091
7.00%, 01/15/34 (a)(c)
394,000
397,351
Calumet Specialty Products Partners LP/Calumet Finance Corp.
9.75%, 07/15/28 (a)(c)
585,000
600,620
9.75%, 02/15/31 (a)(c)
696,000
737,378
Caturus Energy LLC
8.50%, 02/15/30 (a)(c)
955,000
1,000,747
7.13%, 05/15/31 (a)(c)
1,025,000
1,025,004
CHC Group LLC
11.75%, 09/01/30 (a)(c)
931,000
793,055
Chord Energy Corp.
6.00%, 10/01/30 (a)(c)
908,000
919,656
6.75%, 03/15/33 (a)(c)
1,199,000
1,231,556
CNX Midstream Partners LP
4.75%, 04/15/30 (a)(c)
857,000
827,818
CNX Resources Corp.
7.38%, 01/15/31 (a)(c)
930,000
955,175
7.25%, 03/01/32 (a)(c)
959,000
991,875
5.88%, 03/01/34 (a)(c)
500,000
492,410
Comstock Resources, Inc.
6.75%, 03/01/29 (a)(c)
2,635,000
2,591,984
5.88%, 01/15/30 (a)(c)
1,533,000
1,449,888
CQP Holdco LP/BIP-V Chinook Holdco LLC
5.50%, 06/15/31 (a)(c)
1,682,000
1,656,894
7.50%, 12/15/33 (a)(c)
1,143,000
1,212,060
Crescent Energy Finance LLC
7.75%, 07/31/29 (a)(c)
526,000
528,199
7.63%, 04/01/32 (a)(c)
1,751,000
1,797,826
7.88%, 04/15/32 (a)(c)
1,999,000
2,050,001
7.38%, 01/15/33 (a)(c)
1,996,000
2,029,295
8.38%, 01/15/34 (a)(c)
1,243,000
1,304,516
CVR Energy, Inc.
5.75%, 02/15/28 (a)(c)
369,000
369,264
7.50%, 02/15/31 (a)(c)
1,000,000
1,011,907
7.88%, 02/15/34 (a)(c)
516,000
517,936
  
19

Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
DBR Land Holdings LLC
6.25%, 12/01/30 (a)(c)
889,000
903,260
Delek Logistics Partners LP/Delek Logistics Finance Corp.
8.63%, 03/15/29 (a)(c)
1,076,000
1,120,692
7.38%, 06/30/33 (a)(c)
791,000
817,184
6.88%, 06/01/34 (a)(c)
1,375,000
1,395,100
Diamond Foreign Asset Co./Diamond Finance LLC
8.50%, 10/01/30 (a)(c)
782,000
823,126
Energy Transfer LP
8.00%, 05/15/54 (a)(b)
1,315,000
1,401,804
7.13%, 10/01/54 (a)(b)
751,000
775,179
6.50%, 02/15/56 (a)(b)
2,111,000
2,130,094
6.75%, 02/15/56 (a)(b)
1,375,000
1,401,808
EnQuest PLC
9.88%, 04/30/31 (a)(c)
1,168,000
1,203,170
Excelerate Energy LP
8.00%, 05/15/30 (a)(c)
1,295,000
1,372,132
Ferrellgas LP/Ferrellgas Finance Corp.
5.88%, 04/01/29 (a)(c)
1,373,000
1,347,453
9.25%, 01/15/31 (a)(c)
1,033,000
1,090,441
Genesis Energy LP/Genesis Energy Finance Corp.
8.25%, 01/15/29 (a)
859,000
891,823
8.88%, 04/15/30 (a)
694,000
726,749
7.88%, 05/15/32 (a)
1,117,000
1,162,130
8.00%, 05/15/33 (a)
892,000
936,170
6.75%, 03/15/34 (a)
1,200,000
1,205,218
Global Partners LP/GLP Finance Corp.
6.88%, 01/15/29 (a)
1,020,000
1,030,762
8.25%, 01/15/32 (a)(c)
914,000
959,929
7.13%, 07/01/33 (a)(c)
880,000
895,432
Golar LNG Ltd.
7.50%, 10/02/30 (a)(c)
975,000
997,485
Gulfport Energy Operating Corp.
6.75%, 09/01/29 (a)(c)
954,000
980,019
Harvest Midstream I LP
7.50%, 05/15/32 (a)(c)
1,023,000
1,063,470
6.75%, 05/15/34 (a)(c)
450,000
462,287
Helix Energy Solutions Group, Inc.
9.75%, 03/01/29 (a)(c)
602,000
633,438
Hess Midstream Operations LP
5.88%, 03/01/28 (a)(c)
1,657,000
1,676,939
5.13%, 06/15/28 (a)(c)
987,000
985,854
6.50%, 06/01/29 (a)(c)
950,000
974,942
4.25%, 02/15/30 (a)(c)
1,038,000
1,008,905
5.50%, 10/15/30 (a)(c)
695,000
694,566
Hilcorp Energy I LP/Hilcorp Finance Co.
6.25%, 11/01/28 (a)(c)
1,547,000
1,553,855
5.75%, 02/01/29 (a)(c)
1,094,000
1,092,130
6.00%, 04/15/30 (a)(c)
1,159,000
1,152,892
6.00%, 02/01/31 (a)(c)
824,000
812,365
6.25%, 04/15/32 (a)(c)
761,000
749,800
8.38%, 11/01/33 (a)(c)
859,000
914,291
6.88%, 05/15/34 (a)(c)
890,000
891,038
7.25%, 02/15/35 (a)(c)
1,887,000
1,915,716
Howard Midstream Energy Partners LLC
7.38%, 07/15/32 (a)(c)
767,000
793,212
6.63%, 01/15/34 (a)(c)
1,454,000
1,471,763
Infinity Natural Resources LLC
7.63%, 04/01/31 (a)(c)
925,000
934,934
Ithaca Energy North Sea PLC
8.13%, 10/15/29 (a)(c)
1,333,000
1,388,678
ITT Holdings LLC
6.50%, 08/01/29 (a)(c)
2,122,000
2,110,396
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Kinetik Holdings LP
6.63%, 12/15/28 (a)(c)
1,883,000
1,924,010
5.88%, 06/15/30 (a)(c)
1,519,000
1,527,161
Kodiak Gas Services LLC
5.88%, 04/01/31 (a)(c)
1,700,000
1,711,132
6.50%, 10/01/33 (a)(c)
1,077,000
1,096,546
6.75%, 10/01/35 (a)(c)
1,008,000
1,036,620
Kraken Oil & Gas Partners LLC
7.63%, 08/15/29 (a)(c)
822,000
834,809
7.13%, 05/15/31 (a)(c)
100,000
99,480
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.
6.88%, 12/01/32 (a)(c)
955,000
987,874
Martin Midstream Partners LP/Martin Midstream Finance Corp.
11.50%, 02/15/28 (a)(c)
1,451,000
1,488,530
Matador Resources Co.
6.50%, 04/15/32 (a)(c)
1,216,000
1,232,783
6.25%, 04/15/33 (a)(c)
1,278,000
1,285,599
6.00%, 04/15/34 (a)(c)
1,250,000
1,235,832
Moss Creek Resources Holdings, Inc.
8.25%, 09/01/31 (a)(c)
1,273,000
1,295,797
Murphy Oil Corp.
6.00%, 10/01/32 (a)
1,393,000
1,402,277
6.50%, 02/15/34 (a)
650,000
651,533
5.88%, 12/01/42 (a)(f)
980,000
861,603
Nabors Industries, Inc.
9.13%, 01/31/30 (a)(c)
1,675,000
1,756,176
8.88%, 08/15/31 (a)(c)
912,000
956,676
7.63%, 11/15/32 (a)(c)
1,270,000
1,324,778
NGL Energy Operating LLC/NGL Energy Finance Corp.
8.13%, 02/15/29 (a)(c)
1,393,000
1,447,956
8.38%, 02/15/32 (a)(c)
2,084,000
2,191,050
Noble Finance II LLC
8.00%, 04/15/30 (a)(c)
2,177,000
2,264,650
Northern Oil & Gas, Inc.
8.75%, 06/15/31 (a)(c)
934,000
969,098
7.88%, 10/15/33 (a)(c)
1,229,000
1,248,160
Northriver Midstream Finance LP
6.75%, 07/15/32 (a)(c)
1,111,000
1,130,842
NuStar Logistics LP
6.38%, 10/01/30 (a)
1,096,000
1,138,503
Oceaneering International, Inc.
6.00%, 02/01/28 (a)
567,000
572,669
Par Petroleum LLC
7.38%, 06/01/34 (a)(c)
850,000
870,433
PBF Holding Co. LLC/PBF Finance Corp.
6.00%, 02/15/28 (a)
1,154,000
1,154,908
9.88%, 03/15/30 (a)(c)
1,354,000
1,448,182
7.88%, 09/15/30 (a)(c)
1,033,000
1,058,517
Prairie Acquiror LP
9.00%, 08/01/29 (a)(c)
1,022,000
1,066,063
Precision Drilling Corp.
6.88%, 01/15/29 (a)(c)
453,000
457,736
Range Resources Corp.
4.75%, 02/15/30 (a)(c)
1,417,000
1,387,370
Rockies Express Pipeline LLC
4.95%, 07/15/29 (a)(c)
1,080,000
1,070,643
4.80%, 05/15/30 (a)(c)
889,000
871,468
6.75%, 03/15/33 (a)(c)
811,000
845,014
6.88%, 04/15/40 (c)
1,334,000
1,364,803
Saturn Oil & Gas, Inc.
9.63%, 06/15/29 (a)(c)
855,000
896,050
Seadrill Finance Ltd.
8.38%, 08/01/30 (a)(c)
1,100,000
1,150,287
20
  

Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
SESI LLC
7.88%, 09/30/30 (a)(c)
1,251,000
1,292,147
SM Energy Co.
6.50%, 07/15/28 (a)
711,000
712,359
6.75%, 08/01/29 (a)(c)
1,390,000
1,425,945
8.63%, 11/01/30 (a)(c)
1,786,000
1,889,259
8.75%, 07/01/31 (a)(c)
3,147,000
3,295,699
7.00%, 08/01/32 (a)(c)
1,127,000
1,155,244
9.63%, 06/15/33 (a)(c)
1,422,000
1,583,671
6.63%, 04/15/34 (a)(c)
1,677,000
1,687,005
Solaris Energy Infrastructure LLC
6.38%, 05/15/31 (a)(c)
2,250,000
2,286,287
South Bow Canadian Infrastructure Holdings Ltd.
7.50%, 03/01/55 (a)(b)
1,218,000
1,303,521
7.63%, 03/01/55 (a)(b)
793,000
829,094
Star Holding LLC
8.75%, 08/01/31 (a)(c)
679,000
691,250
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.00%, 06/01/31 (a)(c)
1,019,000
977,596
6.50%, 12/15/35 (a)(c)
948,000
941,245
Summit Midstream Holdings LLC
8.63%, 10/31/29 (a)(c)
1,434,000
1,496,278
Sunoco LP
5.88%, 07/15/27 (a)(c)
1,383,000
1,385,630
7.00%, 05/01/29 (a)(c)
1,215,000
1,255,011
4.50%, 10/01/29 (a)(c)
1,553,000
1,512,399
4.63%, 05/01/30 (a)(c)
1,253,000
1,216,300
5.63%, 03/15/31 (a)(c)
1,292,000
1,294,177
5.38%, 07/15/31 (a)(c)
1,000,000
995,560
7.25%, 05/01/32 (a)(c)
1,214,000
1,271,393
6.63%, 08/15/32 (a)(c)
1,005,000
1,026,793
6.25%, 07/01/33 (a)(c)
1,849,000
1,881,590
5.88%, 03/15/34 (a)(c)
1,125,000
1,118,955
5.63%, 07/15/34 (a)(c)
1,000,000
988,034
Sunoco LP/Sunoco Finance Corp.
5.88%, 03/15/28 (a)
2,134,000
2,147,013
7.00%, 09/15/28 (a)(c)
1,288,000
1,318,983
4.50%, 05/15/29 (a)
1,012,000
992,159
4.50%, 04/30/30 (a)
1,278,000
1,242,119
Superior Plus LP/Superior General Partner, Inc.
4.50%, 03/15/29 (a)(c)
1,119,000
1,084,693
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
5.50%, 01/15/28 (a)(c)
1,697,000
1,697,510
7.38%, 02/15/29 (a)(c)
1,091,000
1,129,872
6.00%, 12/31/30 (a)(c)
1,019,000
1,029,020
6.00%, 09/01/31 (a)(c)
768,000
768,558
6.75%, 03/15/34 (a)(c)
1,452,000
1,484,300
Talos Production, Inc.
9.00%, 02/01/29 (a)(c)
1,149,000
1,200,372
9.38%, 02/01/31 (a)(c)
1,199,000
1,272,923
TGNR Intermediate Holdings LLC
5.50%, 10/15/29 (a)(c)
1,229,000
1,211,230
TGS ASA
8.50%, 01/15/30 (a)(c)
922,000
970,397
Tidewater, Inc.
9.13%, 07/15/30 (a)(c)
1,138,000
1,226,224
TransMontaigne Partners LLC
8.50%, 06/15/30 (a)(c)
1,000,000
1,032,400
Transocean International Ltd.
8.25%, 05/15/29 (a)(c)
1,409,000
1,464,209
8.75%, 02/15/30 (a)(c)
1,145,900
1,201,359
7.50%, 04/15/31 (d)
877,000
900,463
8.50%, 05/15/31 (a)(c)
1,261,000
1,332,820
7.88%, 10/15/32 (a)(c)
791,000
844,347
6.80%, 03/15/38
1,659,000
1,584,850
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
USA Compression Partners LP/USA Compression Finance Corp.
7.13%, 03/15/29 (a)(c)
1,641,000
1,691,442
6.25%, 10/01/33 (a)(c)
1,089,000
1,093,615
Valaris Ltd.
8.38%, 04/30/30 (a)(c)
1,884,000
1,963,036
Venture Global Calcasieu Pass LLC
3.88%, 08/15/29 (a)(c)
2,071,000
1,985,552
6.25%, 01/15/30 (a)(c)
1,607,000
1,658,249
4.13%, 08/15/31 (a)(c)
2,185,000
2,051,809
3.88%, 11/01/33 (a)(c)
2,214,000
1,975,250
6.00%, 05/01/36 (a)(c)
1,000,000
1,011,731
Venture Global LNG, Inc.
8.13%, 06/01/28 (a)(c)
4,713,000
4,819,768
9.50%, 02/01/29 (a)(c)
5,156,000
5,615,657
7.00%, 01/15/30 (a)(c)
2,393,000
2,455,662
8.38%, 06/01/31 (a)(c)
3,931,000
4,092,639
9.88%, 02/01/32 (a)(c)
3,431,000
3,670,229
Venture Global Plaquemines LNG LLC
6.13%, 12/15/30 (a)(c)
3,078,000
3,163,056
7.50%, 05/01/33 (a)(c)
1,958,000
2,161,863
6.50%, 01/15/34 (a)(c)
3,857,000
4,034,869
6.50%, 06/15/34 (a)(c)
2,132,000
2,226,113
7.75%, 05/01/35 (a)(c)
2,081,000
2,337,273
6.75%, 01/15/36 (a)(c)
3,329,000
3,532,672
Vermilion Energy, Inc.
6.88%, 05/01/30 (a)(c)
592,000
597,371
7.25%, 02/15/33 (a)(c)
722,000
726,853
Viridien
10.00%, 10/15/30 (a)(c)
623,000
666,608
W&T Offshore, Inc.
10.75%, 02/01/29 (a)(c)(d)
622,000
643,024
WBI Operating LLC
6.25%, 10/15/30 (a)(c)
811,000
818,396
6.50%, 10/15/33 (a)(c)
1,276,000
1,292,920
Weatherford International Ltd.
6.75%, 10/15/33 (a)(c)
1,871,000
1,926,271
Wildfire Intermediate Holdings LLC
7.50%, 10/15/29 (a)(c)
930,000
955,547
 
275,718,188
Industrial Other 1.1%
AECOM
6.00%, 08/01/33 (a)(c)
1,676,000
1,679,756
Albion Financing 1 SARL/Aggreko Holdings, Inc.
7.00%, 05/21/30 (a)(c)
1,704,000
1,760,419
APi Group DE, Inc.
4.13%, 07/15/29 (a)(c)
1,092,000
1,055,664
4.75%, 10/15/29 (a)(c)
1,150,000
1,131,830
5.75%, 06/01/34 (a)(c)
250,000
249,251
Arcosa, Inc.
4.38%, 04/15/29 (a)(c)
1,301,000
1,272,484
6.88%, 08/15/32 (a)(c)
1,106,000
1,146,852
Artera Services LLC
8.50%, 02/15/31 (a)(c)
1,056,000
965,093
Brand Industrial Services, Inc.
10.38%, 08/01/30 (a)(c)
2,472,000
2,187,863
Brundage-Bone Concrete Pumping Holdings, Inc.
7.50%, 02/01/32 (a)(c)
1,031,000
1,062,902
Dycom Industries, Inc.
4.50%, 04/15/29 (a)(c)
1,015,000
997,787
Fluor Corp.
4.25%, 09/15/28 (a)
557,000
547,774
  
21

Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Global Infrastructure Solutions, Inc.
5.63%, 06/01/29 (a)(c)
235,000
234,802
7.50%, 04/15/32 (a)(c)
1,516,000
1,598,163
Grand Canyon University
5.13%, 10/01/28 (a)
621,000
616,771
Granite Construction, Inc.
6.38%, 06/15/34 (a)(c)
1,000,000
1,023,011
Installed Building Products, Inc.
5.63%, 02/01/34 (a)(c)
1,096,000
1,078,731
KBR, Inc.
4.75%, 09/30/28 (a)(c)
1,369,000
1,357,607
Lsf12 Helix Parent LLC
7.13%, 02/01/33 (a)(c)
775,000
761,370
Park-Ohio Industries, Inc.
8.50%, 08/01/30 (a)(c)
567,000
595,203
TopBuild Corp.
4.13%, 02/15/32 (a)(c)
630,000
634,822
5.63%, 01/31/34 (a)(c)
911,000
920,317
Tutor Perini Corp.
11.88%, 04/30/29 (a)(c)
790,000
862,460
Vericast Corp./Harland Clarke/Checks in the Mail/Valassis Comm/Valassis Direct
13.00%, 12/15/30 (a)(c)
28,671
35,301
VM Consolidated, Inc.
5.50%, 04/15/29 (a)(c)
1,083,000
934,338
Williams Scotsman, Inc.
4.63%, 08/15/28 (a)(c)
1,128,000
1,117,813
6.63%, 06/15/29 (a)(c)
305,000
312,868
6.63%, 04/15/30 (a)(c)
606,000
623,732
7.38%, 10/01/31 (a)(c)
803,000
838,966
 
27,603,950
Owned No Guarantee 0.1%
CITGO Petroleum Corp.
8.38%, 01/15/29 (a)(c)
1,983,000
2,043,979
Teine Energy Ltd.
6.88%, 04/15/29 (a)(c)
794,000
799,270
 
2,843,249
Technology 9.4%
Ahead DB Holdings LLC
6.63%, 05/01/28 (a)(c)
967,000
973,368
Amentum Holdings, Inc.
7.25%, 08/01/32 (a)(c)
1,751,000
1,813,719
Amkor Technology, Inc.
5.88%, 10/01/33 (a)(c)
983,000
988,738
ams-OSRAM AG
12.25%, 03/30/29 (a)(c)
1,468,000
1,557,915
APLD ComputeCo 2 LLC
6.75%, 03/15/31 (a)(c)
3,754,000
3,785,808
APLD ComputeCo LLC
9.25%, 12/15/30 (a)(c)
3,468,000
3,745,520
AthenaHealth Group, Inc.
6.50%, 02/15/30 (a)(c)
4,029,000
3,887,317
Black Pearl Compute LLC
6.13%, 02/15/31 (a)(c)
2,500,000
2,546,651
Block, Inc.
5.63%, 08/15/30 (a)(c)
1,400,000
1,406,811
3.50%, 06/01/31 (a)
1,797,000
1,638,837
6.50%, 05/15/32 (a)
2,889,000
2,946,300
6.00%, 08/15/33 (a)(c)
1,704,000
1,705,842
CACI International, Inc.
6.38%, 06/15/33 (a)(c)
1,627,000
1,664,968
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Capstone Borrower, Inc.
8.00%, 06/15/30 (a)(c)
1,609,000
1,584,300
Castle U.S. Holding Corp.
10.00%, 06/30/31 (a)(c)
111,000
22,200
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc.
8.00%, 06/15/29 (a)(c)
1,247,000
688,968
Central Parent, Inc./CDK Global, Inc.
7.25%, 06/15/29 (a)(c)
1,240,000
657,200
Ciena Corp.
4.00%, 01/31/30 (a)(c)
970,000
931,515
Cipher Compute LLC
7.13%, 11/15/30 (a)(c)
2,310,000
2,410,950
Clarivate Science Holdings Corp.
3.88%, 07/01/28 (a)(c)
1,612,000
1,560,123
4.88%, 07/01/29 (a)(c)
1,566,000
1,435,255
Cloud Software Group, Inc.
6.50%, 03/31/29 (a)(c)
6,934,000
6,884,895
9.00%, 09/30/29 (a)(c)
5,496,000
5,435,438
8.25%, 06/30/32 (a)(c)
3,416,000
3,356,472
6.63%, 08/15/33 (a)(c)
2,225,000
2,027,149
Coherent Corp.
5.00%, 12/15/29 (a)(c)
1,395,000
1,381,486
Conduent Business Services LLC/Conduent State & Local Solutions, Inc.
6.00%, 11/01/29 (a)(c)
969,000
839,597
Consensus Cloud Solutions, Inc.
6.50%, 10/15/28 (a)(c)
1,000,000
1,002,265
Core Scientific Finance I LLC
7.75%, 05/15/31 (a)(c)
5,600,000
5,729,899
CoreLogic, Inc.
4.50%, 05/01/28 (a)(c)
1,276,000
1,254,185
CoreWeave, Inc.
9.25%, 06/01/30 (a)(c)
3,314,000
3,383,470
9.00%, 02/01/31 (a)(c)
3,039,000
3,085,100
9.75%, 10/01/31 (a)(c)
4,650,000
4,798,930
CPI CG, Inc.
10.00%, 07/15/29 (a)(c)
522,000
552,015
Crane NXT Co.
4.20%, 03/15/48 (a)
1,301,000
831,339
Diebold Nixdorf, Inc.
7.75%, 03/31/30 (a)(c)
1,494,000
1,566,719
Dye & Durham Ltd.
8.63%, 04/15/29 (a)(c)
868,000
713,943
Edged Compute LLC
7.50%, 04/30/31 (a)(c)
2,200,000
2,207,594
Elastic NV
4.13%, 07/15/29 (a)(c)
1,255,000
1,202,361
Ellucian Holdings, Inc.
6.50%, 12/01/29 (a)(c)
1,345,000
1,330,510
Entegris, Inc.
4.38%, 04/15/28 (a)(c)
1,302,000
1,284,451
4.75%, 04/15/29 (a)(c)
3,198,000
3,179,564
3.63%, 05/01/29 (a)(c)
887,000
847,763
5.95%, 06/15/30 (a)(c)
1,027,000
1,038,035
Fair Isaac Corp.
4.00%, 06/15/28 (a)(c)
1,933,000
1,893,191
6.00%, 05/15/33 (a)(c)
2,118,000
2,098,844
6.25%, 09/15/34 (a)(c)
1,981,000
1,966,835
Flash Compute LLC
7.25%, 12/31/30 (a)(c)
1,250,000
1,290,229
Fortress Intermediate 3, Inc.
7.50%, 06/01/31 (a)(c)
1,260,000
1,275,303
22
  

Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Gen Digital, Inc.
6.75%, 09/30/27 (a)(c)
1,181,000
1,188,574
7.13%, 09/30/30 (a)(c)
1,103,000
1,124,705
6.25%, 04/01/33 (a)(c)
2,092,000
2,085,401
Go Daddy Operating Co. LLC/GD Finance Co., Inc.
5.25%, 12/01/27 (a)(c)
1,264,000
1,265,100
3.50%, 03/01/29 (a)(c)
1,075,000
1,012,405
GoTo Group, Inc.
5.50%, 05/01/28 (a)(c)
1,425,600
878,652
HealthEquity, Inc.
4.50%, 10/01/29 (a)(c)
1,217,000
1,185,800
Ingram Micro, Inc.
4.75%, 05/15/29 (a)(c)
2,626,000
2,582,753
Insight Enterprises, Inc.
6.63%, 05/15/32 (a)(c)
1,252,000
1,272,845
ION Platform Finance U.S., Inc.
7.88%, 09/30/32 (a)(c)
2,336,000
1,812,026
ION Platform Finance U.S., Inc./ION Platform Finance SARL
4.63%, 05/01/28 (a)(c)
827,000
776,078
5.00%, 05/01/28 (a)(c)
890,000
833,328
5.75%, 05/15/28 (a)(c)
1,032,000
987,530
8.75%, 05/01/29 (a)(c)
1,117,000
1,031,178
9.50%, 05/30/29 (a)(c)
1,313,000
1,229,152
9.00%, 08/01/29 (a)(c)
875,000
806,054
Iron Mountain Information Management Services, Inc.
5.00%, 07/15/32 (a)(c)
1,366,000
1,317,227
Iron Mountain, Inc.
4.88%, 09/15/27 (a)(c)
2,199,000
2,192,117
5.25%, 03/15/28 (a)(c)
1,485,000
1,485,790
5.00%, 07/15/28 (a)(c)
1,507,000
1,506,107
7.00%, 02/15/29 (a)(c)
1,625,000
1,659,938
4.88%, 09/15/29 (a)(c)
1,176,000
1,156,050
5.25%, 07/15/30 (a)(c)
2,458,000
2,432,697
4.50%, 02/15/31 (a)(c)
2,280,000
2,178,710
5.63%, 07/15/32 (a)(c)
837,000
829,586
6.25%, 01/15/33 (a)(c)
1,779,000
1,808,053
Kioxia Holdings Corp.
6.25%, 07/24/30 (a)(c)
1,273,000
1,311,814
McAfee Corp.
7.38%, 02/15/30 (a)(c)
3,155,000
2,700,854
Meridian Arc Holdco LLC
6.25%, 04/30/31 (a)(c)
9,137,000
9,188,917
Mobius Merger Sub, Inc.
9.00%, 06/01/30 (a)(c)
882,000
591,673
NCR Atleos Corp.
9.50%, 04/01/29 (a)(c)
1,310,000
1,401,500
NCR Voyix Corp.
5.00%, 10/01/28 (a)(c)
1,575,000
1,548,900
5.13%, 04/15/29 (a)(c)
942,000
922,893
Neptune Bidco U.S., Inc.
9.29%, 04/15/29 (a)(c)
4,366,000
4,466,938
10.38%, 05/15/31 (a)(c)
2,048,000
2,141,429
9.50%, 02/15/33 (a)(c)
2,824,000
2,892,346
Newfold Digital Holdings Group, Inc.
11.75%, 04/30/29 (a)
1,191,200
768,562
ON Semiconductor Corp.
3.88%, 09/01/28 (a)(c)
1,633,000
1,594,012
Open Text Corp.
3.88%, 02/15/28 (a)(c)
1,552,000
1,506,335
3.88%, 12/01/29 (a)(c)
1,435,000
1,317,967
Open Text Holdings, Inc.
4.13%, 02/15/30 (a)(c)
1,690,000
1,553,758
4.13%, 12/01/31 (a)(c)
1,400,000
1,222,642
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Pagaya U.S. Holdings Co. LLC
8.88%, 08/01/30 (a)(c)(d)
1,136,000
890,321
Paysafe Finance PLC/Paysafe Holdings U.S. Corp.
4.00%, 06/15/29 (a)(c)
774,000
677,398
Pitney Bowes, Inc.
7.25%, 03/15/29 (a)(c)
1,665,000
1,680,951
PR RNO Property Owner 1 LLC
6.50%, 05/01/31 (a)(c)
7,900,000
7,915,405
PTC, Inc.
4.00%, 02/15/28 (a)(c)
1,496,000
1,471,423
RingCentral, Inc.
8.50%, 08/15/30 (a)(c)
925,000
970,670
Rocket Software, Inc.
9.00%, 11/28/28 (a)(c)
1,065,000
1,074,778
6.50%, 02/15/29 (a)(c)
1,196,000
1,119,617
Sabre Financial Borrower LLC
11.13%, 06/15/29 (a)(c)
1,525,000
1,588,271
Sabre GLBL, Inc.
10.75%, 11/15/29 (a)(c)
853,000
766,510
10.75%, 03/15/30 (a)(c)
904,000
799,678
11.13%, 07/15/30 (a)(c)
2,368,000
2,113,440
Science Applications International Corp.
4.88%, 04/01/28 (a)(c)
1,045,000
1,041,232
5.88%, 11/01/33 (a)(c)
895,000
884,344
SE Cosmos LLC
8.88%, 05/01/31 (a)(c)
1,725,000
1,805,255
Seagate Data Storage Technology Pte. Ltd.
4.09%, 06/01/29 (a)
719,000
705,259
8.25%, 12/15/29 (a)
1,192,000
1,243,201
5.88%, 07/15/30 (a)(c)
891,000
908,654
8.50%, 07/15/31 (a)(c)
498,000
521,070
9.63%, 12/01/32 (a)(c)
1,091,000
1,212,590
5.75%, 12/01/34 (a)
882,000
899,305
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.
6.75%, 08/15/32 (a)(c)
2,757,000
2,757,407
SS&C Technologies, Inc.
5.50%, 09/30/27 (a)(c)
3,366,000
3,367,794
6.50%, 06/01/32 (a)(c)
1,320,000
1,332,461
SV RNO Property Owner 1 LLC
5.88%, 03/01/31 (a)(c)
6,000,000
5,928,278
Synaptics, Inc.
4.00%, 06/15/29 (a)(c)
851,000
815,736
TTM Technologies, Inc.
4.00%, 03/01/29 (a)(c)
1,060,000
1,027,252
Twilio, Inc.
3.63%, 03/15/29 (a)
1,087,000
1,047,304
3.88%, 03/15/31 (a)
748,000
704,175
UKG, Inc.
6.88%, 02/01/31 (a)(c)
4,328,000
4,256,682
Unisys Corp.
10.63%, 01/15/31 (a)(c)(d)
1,348,000
1,317,857
Viavi Solutions, Inc.
3.75%, 10/01/29 (a)(c)
1,003,000
952,309
Virtusa Corp.
7.13%, 12/15/28 (a)(c)
885,000
739,595
WEX, Inc.
6.50%, 03/15/33 (a)(c)
1,016,000
1,012,358
WULF Compute LLC
7.75%, 10/15/30 (a)(c)
4,883,000
5,133,718
Xerox Corp.
10.25%, 10/15/30 (a)(c)(d)
661,000
581,946
13.50%, 04/15/31 (a)(c)(d)
841,000
563,550
  
23

Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
4.80%, 03/01/35
711,000
244,648
6.75%, 12/15/39
534,000
189,570
Xerox Holdings Corp.
5.50%, 08/15/28 (a)(c)
1,195,000
699,075
8.88%, 11/30/29 (a)(c)
1,135,000
516,425
Zebra Technologies Corp.
6.50%, 06/01/32 (a)(c)
927,000
940,884
Ziff Davis, Inc.
4.63%, 10/15/30 (a)(c)
908,000
862,979
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.
3.88%, 02/01/29 (a)(c)
1,394,000
1,093,842
 
238,553,500
Transportation 1.8%
Alaska Airlines, Inc.
6.50%, 06/01/31 (a)(c)
1,000,000
995,097
Allegiant Travel Co.
7.25%, 08/15/27 (a)(c)
1,220,000
1,228,043
American Airlines, Inc.
7.25%, 02/15/28 (a)(c)
1,044,000
1,059,611
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.75%, 04/20/29 (c)
3,907,000
3,905,242
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.75%, 07/15/27 (a)(c)
891,000
891,895
4.75%, 04/01/28 (a)(c)
509,000
501,935
5.38%, 03/01/29 (a)(c)
802,000
786,569
8.25%, 01/15/30 (a)(c)
1,259,000
1,299,414
8.00%, 02/15/31 (a)(c)
696,000
701,418
8.38%, 06/15/32 (a)(c)
1,048,000
1,070,977
Beacon Mobility Corp.
7.25%, 08/01/30 (a)(c)
813,000
842,205
Brightline East LLC
11.00%, 01/31/30 (a)(c)
2,474,000
259,770
Carriage Purchaser, Inc.
7.88%, 10/15/29 (a)(c)
739,000
721,276
Clue Opco LLC
9.50%, 10/15/31 (a)(c)(d)
1,409,000
1,320,938
Danaos Corp.
6.88%, 10/15/32 (a)(c)
763,000
787,814
Dcli Bidco LLC
7.75%, 11/15/29 (a)(c)
1,109,000
1,141,594
First Student Bidco, Inc./First Transit Parent, Inc.
4.00%, 07/31/29 (a)(c)
953,000
922,389
GB AIT Buyer, Inc.
8.75%, 04/30/34 (a)(c)
850,000
851,756
Genesee & Wyoming, Inc.
6.25%, 04/15/32 (a)(c)
962,000
977,696
Hertz Corp.
12.63%, 07/15/29 (a)(c)
1,992,000
1,815,922
5.00%, 12/01/29 (a)(c)
1,841,000
817,901
JetBlue Airways Corp./JetBlue Loyalty LP
9.88%, 09/20/31 (a)(c)
3,207,000
2,953,924
OneSky Flight LLC
8.88%, 12/15/29 (a)(c)
769,000
811,668
PODS LLC
8.75%, 05/15/31 (a)(c)
1,000,000
972,995
Railworks Holdings LP/Railworks Rally, Inc.
8.25%, 11/15/28 (a)(c)
1,094,000
1,101,880
Rand Parent LLC
8.50%, 02/15/30 (a)(c)
1,617,000
1,667,858
RXO, Inc.
6.38%, 05/15/31 (a)(c)
734,000
739,645
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Star Leasing Co. LLC
7.63%, 02/15/30 (a)(c)
1,247,000
1,209,285
Stena International SA
7.25%, 01/15/31 (a)(c)
1,904,000
1,953,388
Stonepeak Nile Parent LLC
7.25%, 03/15/32 (a)(c)
887,000
924,995
United Airlines Holdings, Inc.
4.88%, 03/01/29 (a)
1,270,000
1,256,369
5.38%, 03/01/31 (a)
1,550,000
1,534,913
VistaJet Malta Finance PLC/Vista Management Holding, Inc.
9.50%, 06/01/28 (a)(c)(d)
819,000
815,957
6.38%, 02/01/30 (a)(c)(d)
1,763,000
1,609,793
8.75%, 01/15/32 (a)(c)(d)
700,000
680,415
Watco Cos. LLC/Watco Finance Corp.
7.13%, 08/01/32 (a)(c)
1,479,000
1,524,655
XPO CNW, Inc.
6.70%, 05/01/34
760,000
806,238
XPO, Inc.
7.13%, 06/01/31 (a)(c)
871,000
899,651
7.13%, 02/01/32 (a)(c)
1,007,000
1,044,077
 
45,407,168
 
2,078,469,770
 
Utility 3.3%
Electric 3.3%
AES Corp.
7.60%, 01/15/55 (a)(b)
1,472,000
1,501,776
6.95%, 07/15/55 (a)(b)
1,075,000
1,060,498
Alpha Generation LLC
6.75%, 10/15/32 (a)(c)
1,537,000
1,573,828
6.25%, 01/15/34 (a)
1,538,000
1,525,720
Atlantica Sustainable Infrastructure Ltd.
4.13%, 06/15/28 (a)(c)
649,000
638,367
California Buyer Ltd./Atlantica Sustainable Infrastructure PLC
6.38%, 02/15/32 (a)(c)
1,757,000
1,748,262
Clearway Energy Operating LLC
4.75%, 03/15/28 (a)(c)
1,654,000
1,642,606
3.75%, 02/15/31 (a)(c)
1,396,000
1,301,502
3.75%, 01/15/32 (a)(c)
704,000
646,024
5.75%, 01/15/34 (a)(c)
939,000
934,064
ContourGlobal Power Holdings SA
6.75%, 02/28/30 (a)(c)
595,000
608,721
DPL LLC
4.35%, 04/15/29 (a)
836,000
807,919
Edison International
8.13%, 06/15/53 (a)(b)
1,464,000
1,496,060
7.88%, 06/15/54 (a)(b)
413,000
422,807
Electricite de France SA
9.13%, 03/15/33 (a)(b)(c)(e)
2,503,000
2,900,839
Emera U.S. Finance LLC
6.65%, 10/01/56 (a)(b)
625,000
633,421
6.85%, 10/01/56 (a)(b)
980,000
993,928
EUSHI Finance, Inc.
7.63%, 12/15/54 (a)(b)
1,058,000
1,102,623
6.25%, 04/01/56 (a)(b)
1,192,000
1,184,107
Hawaiian Electric Co., Inc.
6.00%, 10/01/33 (a)(c)
793,000
787,515
Leeward Renewable Energy Operations LLC
4.25%, 07/01/29 (a)(c)
1,019,000
974,012
Long Ridge Energy LLC
8.75%, 02/15/32 (a)(c)
1,034,000
1,075,349
24
  

Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
NOVA Chemicals Corp.
5.25%, 06/01/27 (a)(c)
1,559,000
1,564,843
4.25%, 05/15/29 (a)(c)
814,000
795,335
9.00%, 02/15/30 (a)(c)
1,123,000
1,184,107
7.00%, 12/01/31 (a)(c)
848,000
895,868
NRG Energy, Inc.
5.75%, 01/15/28 (a)
1,295,000
1,297,212
3.38%, 02/15/29 (a)(c)
1,047,000
999,715
5.25%, 06/15/29 (a)(c)
2,030,000
2,020,537
5.75%, 07/15/29 (a)(c)
1,446,000
1,447,873
3.63%, 02/15/31 (a)(c)
2,019,000
1,873,359
3.88%, 02/15/32 (a)(c)
802,000
737,593
6.00%, 02/01/33 (a)(c)
1,873,000
1,887,921
5.75%, 01/15/34 (a)(c)
1,461,000
1,445,838
5.88%, 05/15/34 (a)(c)
1,700,000
1,690,161
6.25%, 11/01/34 (a)(c)
1,864,000
1,881,121
6.00%, 01/15/36 (a)(c)
3,621,000
3,599,173
6.13%, 05/15/36 (a)(c)
1,500,000
1,497,562
PacifiCorp
7.38%, 09/15/55 (a)(b)
1,529,000
1,558,413
7.13%, 08/15/56 (a)(b)
1,500,000
1,508,898
Pattern Energy Operations LP/Pattern Energy Operations, Inc.
4.50%, 08/15/28 (a)(c)
1,169,000
1,151,798
PG&E Corp.
5.00%, 07/01/28 (a)
1,818,000
1,810,197
5.25%, 07/01/30 (a)
2,235,000
2,212,688
7.38%, 03/15/55 (a)(b)
2,530,000
2,578,354
6.85%, 09/15/56 (a)(b)
1,250,000
1,246,437
Puget Energy, Inc.
7.00%, 09/15/56 (a)(b)(c)
500,000
505,181
7.25%, 09/15/56 (a)(b)(c)
870,000
880,395
Talen Energy Supply LLC
6.25%, 02/01/34 (a)(c)
2,236,000
2,229,697
6.50%, 02/01/36 (a)(c)
2,132,000
2,145,675
TerraForm Power Operating LLC
5.00%, 01/31/28 (a)(c)
1,271,000
1,264,277
4.75%, 01/15/30 (a)(c)
1,085,000
1,048,293
TransAlta Corp.
5.88%, 02/01/34 (a)(c)
331,000
327,475
6.50%, 03/15/40
1,240,000
1,220,810
TXNM Energy, Inc.
7.00%, 07/31/56 (a)(b)(c)
763,000
770,985
VoltaGrid LLC
7.38%, 11/01/30 (a)(c)
2,872,000
2,992,021
XPLR Infrastructure Operating Partners LP
4.50%, 09/15/27 (a)(c)
1,708,000
1,697,510
7.25%, 01/15/29 (a)(c)
929,000
968,127
8.38%, 01/15/31 (a)(c)(d)
1,813,000
1,944,762
8.63%, 03/15/33 (a)(c)
1,271,000
1,366,673
7.75%, 04/15/34 (a)(c)
1,000,000
1,056,636
 
82,863,468
Total Corporates
(Cost $2,505,027,212)
2,491,929,471
SECURITY
NUMBER
OF SHARES
VALUE ($)
Short-Term Investments 3.2% OF NET ASSETS
 
Money Market Funds 3.2%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 3.56% (j)
14,297,774
14,297,774
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 3.56% (j)(k)
68,182,165
68,182,165
 
82,479,939
Total Short-Term Investments
(Cost $82,479,939)
82,479,939
Total Investments in Securities
(Cost $2,587,507,151)
2,574,409,410
(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)
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.
(c)
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 $2,048,086,407 or 80.8% of net assets.
(d)
All or a portion of this security is on loan.
(e)
Perpetual security. Maturity date represents the next call date.
(f)
Step up security that pays an initial coupon rate for a set period and increased
coupon rates at one or more preset intervals. Rate shown is as of period end.
(g)
Subsequent to the end of the reporting period, the issuer filed for bankruptcy.
(h)
Security placed in non-accrual status.
(i)
Security is in default on interest payments.
(j)
The rate shown is the annualized 7-day yield.
(k)
Security purchased with cash collateral received for securities on loan.
Securities on loan were valued at $64,726,694.
DAC —
Designated Activity Company
REIT —
Real Estate Investment Trust

  
25

Schwab High Yield Bond 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
Assets
Corporates1
$
$2,491,929,471
$
$2,491,929,471
Short-Term Investments1
82,479,939
82,479,939
Total
$82,479,939
$2,491,929,471
$—
$2,574,409,410
1
As categorized in the Portfolio Holdings.
26
  

Schwab Fixed-Income ETFs
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 funds’ investment adviser, to make fair valuation determinations under adopted procedures, subject to Board of Trustees oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities as well as to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Securities held in each fund’s portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:
● 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.
● 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.
● 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 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 generally accepted accounting principles in the United States of America (GAAP), the funds disclose the fair value of their investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee’s judgment will be required to estimate fair value.
The three levels of the fair value hierarchy are as follows:
● 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
  
27

Schwab Fixed-Income ETFs
Notes to Portfolio Holdings (Unaudited) (continued)
third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore a fund’s results of operations.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The levels associated with valuing the funds’ investments are disclosed in each fund’s Portfolio Holdings.
REG123135MAY26
28