0001193125-19-062446.txt : 20190304 0001193125-19-062446.hdr.sgml : 20190304 20190304161913 ACCESSION NUMBER: 0001193125-19-062446 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 20 CONFORMED PERIOD OF REPORT: 20181231 FILED AS OF DATE: 20190304 DATE AS OF CHANGE: 20190304 EFFECTIVENESS DATE: 20190304 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCHWAB STRATEGIC TRUST CENTRAL INDEX KEY: 0001454889 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-22311 FILM NUMBER: 19653974 BUSINESS ADDRESS: STREET 1: 211 MAIN STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: 1-415-667-7000 MAIL ADDRESS: STREET 1: 211 MAIN STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 FORMER COMPANY: FORMER CONFORMED NAME: Schwab Strategic Trust DATE OF NAME CHANGE: 20090127 0001454889 S000029407 Schwab U.S. TIPS ETF C000090317 Schwab U.S. TIPS ETF SCHP 0001454889 S000029408 Schwab Short-Term U.S. Treasury ETF C000090318 Schwab Short-Term U.S. Treasury ETF SCHO 0001454889 S000029409 Schwab Intermediate-Term U.S. Treasury ETF C000090319 Schwab Intermediate-Term U.S. Treasury ETF SCHR 0001454889 S000033156 Schwab U.S. Aggregate Bond ETF C000102078 Schwab U.S. Aggregate Bond ETF SCHZ N-CSR 1 d611041dncsr.htm N-CSR N-CSR
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22311

 

 

Schwab Strategic Trust

(Exact name of registrant as specified in charter)

 

 

211 Main Street, San Francisco, California 94105

(Address of principal executive offices) (Zip code)

 

 

Marie Chandoha

Schwab Strategic Trust

211 Main Street, San Francisco, California 94105

(Name and address of agent for service)

 

 

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2018

 

 

 

 

Item 1:

Report(s) to Shareholders.

Table of Contents
Annual Report  |  December 31, 2018
Schwab Fixed-Income ETFs
Schwab U.S. TIPS ETF SCHP
Schwab Short-Term U.S. Treasury ETF SCHO
Schwab Intermediate-Term U.S. Treasury ETF SCHR
Schwab U.S. Aggregate Bond ETF SCHZ
    
New Notice Regarding Shareholder Report Delivery Options
Beginning on January 1, 2021, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary (such as a bank or broker-dealer). Instead, the reports will be made available on a fund’s website www.schwabfunds.com/schwabetfs_prospectus, and you will be notified by mail each time a report is posted and the mailing will provide a website link to access the report. You will continue to receive other fund regulatory documents (such as prospectuses or supplements) in paper unless you have elected to receive all fund documents electronically as described below.
If you would like to continue to receive a fund’s future shareholder reports in paper free of charge after January 1, 2021, you can make that request by contacting your financial intermediary.
If you already receive shareholder reports and other fund documents electronically, you will not be affected by this change and you need not take any action. If you do not receive shareholder reports and other fund documents electronically but would like to do so, contact your financial intermediary.

 

This page is intentionally left blank.

 

Fund investment adviser: Charles Schwab Investment Management, Inc. (CSIM)
Distributor: SEI Investments Distribution Co. (SIDCO)
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Schwab Fixed-Income ETFs  |  Annual Report

 

Schwab Fixed-Income ETFs
Performance at a Glance
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. To obtain performance information current to the most recent month end, please visit www.schwabfunds.com/schwabetfs_prospectus.
Total Returns for the 12 Months Ended December 31, 2018
Schwab U.S. TIPS ETF (Ticker Symbol: SCHP)  
Market Price Return1 -1.42%
NAV Return1 -1.31%
Bloomberg Barclays US Treasury Inflation-Linked Bond Index (Series-L) -1.26%
ETF Category: Morningstar Inflation-Protected Bond2 -1.64%
Performance Details pages 8-9
Schwab Short-Term U.S. Treasury ETF (Ticker Symbol: SCHO)  
Market Price Return1 1.56%
NAV Return1 1.50%
Bloomberg Barclays US Treasury 1-3 Year Index 1.56%
ETF Category: Morningstar Short Government2 1.14%
Performance Details pages 10-11
Schwab Intermediate-Term U.S. Treasury ETF (Ticker Symbol: SCHR)  
Market Price Return1 1.45%
NAV Return1 1.28%
Bloomberg Barclays US Treasury 3-10 Year Index 1.35%
ETF Category: Morningstar Intermediate Government2 0.51%
Performance Details pages 12-13
Schwab U.S. Aggregate Bond ETF (Ticker Symbol: SCHZ)  
Market Price Return1 -0.03%
NAV Return1 -0.09%
Bloomberg Barclays US Aggregate Bond Index 0.01%
ETF Category: Morningstar Intermediate-Term Bond2 -0.50%
Performance Details pages 14-15
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Fixed income securities are subject to increased loss of principal during periods of rising interest rates. An investment in the fund(s) is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
TIPS generally have lower yields than conventional fixed rate bonds and will likely decline in price during periods of deflation, which could result in losses.
Index ownership — Bloomberg Index Services Limited and its affiliates (collectively, Bloomberg) and Bloomberg’s licensors, including Barclays Bank PLC (Barclays), own all proprietary rights in the Bloomberg Barclays Indices. The funds are not sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays endorses or recommends the funds. Neither Bloomberg nor Barclays guarantees the timeliness, accurateness or completeness of any data or information relating to the Bloomberg Barclays Indices, and neither shall be liable in any way in respect of the use or accuracy of the Bloomberg Barclays Indices.
1 ETF performance must be shown based on both a Market Price and a Net Asset Value (NAV) basis. The fund’s per share net asset value (NAV) is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the market value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price of the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
2 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs within the category as of the report date.
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Schwab Fixed-Income ETFs
From the President
Jonathan de St. Paer
President of Charles Schwab
Investment Management, Inc.
and the funds covered
in this report.
Dear Shareholder,
The past year was not an easy one for investors. Positive returns were hard to find in most asset classes, and the stock market became more turbulent as 2018 came to a close. The equity market experienced the biggest swings since the end of the global financial crisis and finished with the biggest annual loss since 2008. Bonds were little help, as the Federal Reserve’s interest rate hikes depressed prices and kept total returns muted.
As investors, sometimes it can feel like the only period of performance that really matters is the one we just lived through. In fact, it’s such a common tendency that behavioral economists have given it a name: recency bias. When markets are soaring, it feels like nothing can stop them. When markets correct, it’s hard to have confidence that they will ultimately recover. In these periods, it is important to remember your long-term goals and stay focused on them.
At Charles Schwab Investment Management, we focus on offering products that help investors through those periods when market events might distract them from their goals. Many of our funds are designed to help investors build diversified portfolios to provide long-term benefits and weather short-term market fluctuations. The Schwab Fixed-Income ETFs are a case in point, providing a cost-efficient option for allocating a portion of your assets to Treasuries and corporate bonds.
While fixed-income securities weren’t the respite they normally are from tumult in the stock market, they still provided some cushion to diversified portfolios. The Schwab Short-Term U.S. Treasury ETF and Schwab Intermediate-Term U.S. Treasury ETF both had small gains in the 12-month period ended December 31, 2018, while the Schwab U.S. TIPS ETF lost ground and the Schwab U.S. Aggregate Bond ETF was flat; all posted returns that were in line with their underlying bond-market benchmarks.
As the new year begins, I am slated to transition into the role of Chief Executive Officer of Charles Schwab Investment Management, replacing Marie Chandoha upon her retirement. Looking back at how Charles Schwab Investment Management has grown into the market leader it is today, Marie deserves particular credit. As our Chief Executive Officer for over eight years, Marie has provided the vision and leadership that has helped us stay focused on the goal of providing cost-effective funds to help investors meet their investment objectives. It’s been my privilege to be part of the great team Marie built.
 
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Schwab Fixed-Income ETFs
From the President (continued)
“ As the new year begins, I am slated to transition into the role of Chief Executive Officer of Charles Schwab Investment Management, replacing Marie Chandoha upon her retirement.”
I look forward to furthering Charles Schwab Investment Management’s important mission. As we may be entering a more challenging investment environment, it becomes even more important to serve our clients to the best of our ability. I remain confident because at Charles Schwab Investment Management we seek to offer high quality products that help investors achieve their goals—and build portfolios that serve their needs, even during the more difficult stretches in the market.
Thank you for investing with Charles Schwab Investment Management, and for trusting us to help you achieve your financial goals. For more information about the Schwab Fixed-Income ETFs, please continue reading this report. In addition, you can find further details about these funds by visiting our website at www.schwabfunds.com. We are also happy to hear from you at 1-877-824-5615.
Sincerely,
Management views may have changed since the report date.
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Schwab Fixed-Income ETFs  |  Annual Report

 

Schwab Fixed-Income ETFs
The Investment Environment
For the 12-month reporting period ended December 31, 2018, fixed-income returns were mixed, with U.S. Treasuries posting modest, albeit positive, gains and corporate credit markets generally losing ground. Global growth showed signs of weakening as the period wore on, and market volatility spiked in the fourth quarter, driving a steep stock-market sell-off in December that resulted in major stock indices posting their worst annual performance since the financial crisis of 2008. In this environment, the Bloomberg Barclays US Aggregate Bond Index returned 0.01% for the reporting period, while the Bloomberg Barclays US Treasury 1-3 Year Index and Bloomberg Barclays US Treasury 3-10 Year Index returned 1.56% and 1.35%, respectively. Over the same period, the Bloomberg Barclays US Treasury Inflation-Linked Bond Index (Series-L) was down, returning –1.26%.
Despite some hiccups along the way, for most of the reporting period, the U.S. economy continued to exhibit steady growth as it marked its tenth year of expansion, buoyed by a combination of tax reform, strong corporate earnings, and still-accommodative financial conditions—even as multiple economies around the globe exhibited growing weakness. U.S. gross domestic product (GDP) grew at an annual rate of 3.4% in the third quarter of 2018, down from 4.2% in the second quarter but up from just over 2% for the previous two quarters. Unemployment remained low. Despite a tight labor market and growing economy, inflation and wage growth remained in check, although pressure on wage growth rose toward the end of the reporting period. Toward year-end, however, domestic economic growth showed growing signs of weakening on multiple fronts. Consumer confidence, which had hit an 18-year high in October, the highest since 2000, fell in November and December—its sharpest decline in more than three years.
Despite reaching a nearly three-year high in October, oil prices fell precipitously over the last three months of the reporting period, ending the year down 25% amid concerns of economic slowing and a global oil glut. Demand has been particularly impacted by poor economic performance in China, Brazil, and Europe, while supply has risen, notably due to the growth of shale in the U.S. and strong increases in Russian oil production. For four consecutive months through November, the Organization of the Petroleum Exporting Countries (OPEC) cut its oil demand forecast for 2019. In December, OPEC held it flat.
The Federal Reserve (Fed) continued its efforts to achieve more normalized monetary policy, raising the federal funds rate by 0.25% four times over the year—in March, June, September, and December. The overnight interest rate ended the year in a target range of 2.25% to 2.50%, converging closer to what the Fed considers a neutral level, according to Fed Chairman Jerome Powell and suggesting a more cautious approach to further rate hikes. The Fed also continued
Yields of U.S. Treasury Securities: Effective Yields of Three-Month, Two-Year and 10-Year Treasuries    
 
Indices are unmanaged, do not incur management fees, costs and expenses, and cannot be invested in directly. Index return figures assume dividends and distributions were reinvested. Performance results less than one year are not annualized. Past performance is not a guarantee of future results.
For index definitions, please see the Glossary.
Data source: Bloomberg L.P.
Nothing in this report represents a recommendation of a security by the investment adviser.
Management views may have changed since the report date.
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Schwab Fixed-Income ETFs
The Investment Environment (continued)
its program to slowly reduce the size of its balance sheet by allowing securities to mature without reinvesting the proceeds. As of the end of the reporting period, the Fed’s balance sheet stood at under $4.1 trillion, down from $4.5 trillion when the program was announced in June 2017.
Outside the U.S., most central banks maintained accommodative monetary policies or, in some cases in the face of signs of rising inflation, tightened their policies. The European Central Bank has held interest rates unchanged since March 2016 and in December reiterated that it would likely maintain those rates through next summer, but confirmed the termination of its monthly asset purchase program by the end of 2018. Also in December, the Bank of Japan upheld its short-term interest rate target of –0.1%, also unchanged since 2016. In August, the Bank of England raised its key official bank rate from 0.50% to 0.75%, following a quarter-point increase in November 2017, despite ongoing uncertainties over the United Kingdom economy’s wider direction and the impact of Brexit.
In the U.S., the yield curve flattened over most of the year, as short-term yields, which typically respond to changes in the federal funds rate, rose faster than longer-term yields, which are influenced more by economic growth and inflation expectations. Over the last two months of the reporting period, however, as investors opted for safer assets, demand for longer-term Treasuries rose amid the stock-market sell-off driving yields lower. (Bond yields and bond prices move in opposite directions.) Over the reporting period, the three-month Treasury yield rose steadily, from 1.39% to 2.45%. The 10-year Treasury yield, which began the year at 2.40% and peaked at 3.24% in early November as stock indices hit record highs, ended the year at 2.69%. Outside the U.S., bond yields generally remained low.
6
Schwab Fixed-Income ETFs  |  Annual Report

 

Schwab Fixed-Income ETFs
Fund Management
Matthew Hastings, CFA, Vice President and Head of Taxable Bond Strategies, leads the portfolio management team for Schwab Fixed-Income ETFs and Schwab’s taxable bond funds. He also has overall responsibility for all aspects of the management of the funds. Prior to joining CSIM in 1999, Mr. Hastings was in fixed-income sales and trading at Lehman Brothers. He has worked in the fixed-income securities industry since 1996.
    
Steven Hung, Senior Portfolio Manager, is responsible for the day-to-day co-management of the Schwab U.S. Aggregate Bond ETF. His primary focus is corporate bonds. Prior to joining CSIM in 1999, Mr. Hung was an associate in Schwab’s management training program for nine months. In that role, he worked as a clerk on the Options Trading Floor of the Pacific Coast Stock Exchange.
    
Mark McKissick, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the funds. His primary focus is taxable government securities. Prior to joining CSIM in 2016, Mr. McKissick worked for 17 years at Denver Investments, most recently as a director of fixed income and portfolio manager. He has worked in the fixed-income securities industry since 1992.
    
Alfonso Portillo, Jr., Senior Portfolio Manager, is responsible for the day-to-day co-management of the Schwab U.S. Aggregate Bond ETF. His primary focus is securitized products. Prior to joining CSIM in 2007, Mr. Portillo worked for ten years at Pacific Investment Management Company, most recently as a vice president and member of the mortgage- and asset-backed portfolio management team. He has worked in fixed-income asset management since 1996.
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Schwab Fixed-Income ETFs  |  Annual Report

 

Schwab U.S. TIPS ETF
The Schwab U.S. TIPS ETF (the fund) seeks to track as closely as possible, before fees and expenses, the total return of the Bloomberg Barclays US Treasury Inflation-Linked Bond Index (Series-L) (the index). To pursue this investment objective, the fund generally invests in all of the securities in approximately the same weight as represented by the index. For more information about the fund’s investment objective, strategy, and risks, please see the fund’s prospectus.
Market Highlights. Despite a tight labor market and continued low unemployment, four quarter-point rate hikes to the federal funds target rate, and the Federal Reserve’s continuation of its balance sheet reduction program, inflation remained benign for most of the year. Oil prices fell steeply in the final quarter of the year, and trade tensions and tightening financial conditions somewhat diminished investors’ expectations for economic growth. Amid this environment of low inflationary expectations, demand for U.S. Treasury Inflation-Protected Securities (TIPS) weakened over the reporting period—particularly during the last three months—driving TIPS prices lower and real yields higher across all maturities. Although they outperformed nominal (non–inflation protected) treasury securities through the first three quarters of the reporting period, TIPS significantly underperformed in the fourth quarter.
Performance. For the 12 months ended December 31, 2018, the fund’s market price return was -1.42% and its NAV return was -1.31% (for an explanation of market price and NAV returns, please refer to footnote 2 on the following page). The index returned -1.26% during the same period. Differences between the return of the fund and the return of the index may be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.
Contributors and Detractors. The fund closely tracked the performance of the index for the 12-month reporting period. While the broader U.S. TIPS universe produced negative results for the reporting period, those with shorter durations performed better than those with longer durations.
Portfolio Composition % of Investments1
By Security Type
Weighted Average Maturity4 7.9 Yrs
Weighted Average Duration4 7.2 Yrs
Management views and portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of operational and transaction costs incurred by the fund.
Fixed income securities are subject to increased loss of principal during periods of rising interest rates. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
TIPS generally have lower yields than conventional fixed rate bonds and will likely decline in price during periods of deflation, which could result in losses.
1 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
2 Less than 0.05%.
3 Includes the fund’s position in money market mutual funds registered under the Investment Company Act of 1940, as amended.
4 See Glossary for definitions of maturity and duration.
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Schwab Fixed-Income ETFs  |  Annual Report

 

Schwab U.S. TIPS ETF
Performance and Fund Facts as of December 31, 2018
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. To obtain performance information current to the most recent month end, please visit www.schwabfunds.com/schwabetfs_prospectus.    
 
Performance of Hypothetical $10,000 Investment (August 5, 2010 – December 31, 2018)1
 
Average Annual Total Returns1
Fund and Inception Date 1 Year 5 Years Since Inception*
Fund: Schwab U.S. TIPS ETF (8/5/2010)      
Market Price Return2 -1.42% 1.68% 2.35%
NAV Return2 -1.31% 1.63% 2.36%
Bloomberg Barclays US Treasury Inflation-Linked Bond Index (Series-L) -1.26% 1.69% 2.45%
ETF Category: Morningstar Inflation-Protected Bond3 -1.64% 1.14% N/A
Fund Expense Ratio4: 0.05%
    
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Bloomberg Index Services Limited and its affiliates (collectively, Bloomberg) and Bloomberg’s licensors, including Barclays Bank PLC (Barclays), own all proprietary rights in the Bloomberg Barclays Indices. The fund is not sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays endorses or recommends the fund. Neither Bloomberg nor Barclays guarantees the timeliness, accurateness or completeness of any data or information relating to the Bloomberg Barclays Indices, and neither shall be liable in any way in respect of the use or accuracy of the Bloomberg Barclays Indices.
* Inception (8/5/10) represents the date that the shares began trading in the secondary market.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a Market Price and a Net Asset Value (NAV) basis. The fund’s per share net asset value (NAV) is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the market value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price of the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs within the category as of the report date.
4 As stated in the prospectus.
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Schwab Fixed-Income ETFs  |  Annual Report

 

Schwab Short-Term U.S. Treasury ETF
The Schwab Short-Term U.S. Treasury ETF (the fund) seeks to track as closely as possible, before fees and expenses, the total return of the Bloomberg Barclays US Treasury 1–3 Year Index (the index). To pursue this investment objective, the fund generally invests in a representative sample of securities in the index. For more information about the fund’s investment objective, strategy, and risks, please see the fund’s prospectus.
Market Highlights. U.S. bond returns for 2018 were mixed, with U.S. Treasuries, government, and asset-backed securities posting modest, albeit positive, returns and credit markets generally losing ground. Although multiple economies around the globe weakened, the U.S. economy exhibited steady growth through the first three quarters of the year, but in the final quarter showed signs of weakening amid falling oil prices and heightened volatility that led to steep stock market declines in December. The Federal Reserve raised the federal funds target rate by 0.25% four times over the reporting period and continued its program to reduce the size of its balance sheet. Despite a tight labor market, inflation remained in check.
Over the reporting period, yields on short-term Treasuries rose relatively steadily until the last two months of the year, when sharp stock-market declines and spiking volatility drove investors to safer havens, driving yields lower—particularly across longer maturities. The yield on the 1-year Treasury bill began 2018 at 1.76%, peaked at 2.74% in early November, and ended the year at 2.63%. The yield on the 2-year Treasury note began at 1.89%, peaked at 2.98%, and ended the year at 2.48%. The yield on the 3-year Treasury note began the year at 1.98%, peaked at 3.05%, and ended 2018 at 2.46%. The spread between the 1-year and 3-year yields narrowed from 0.22% to -0.17% for the year.
Performance. For the 12 months ended December 31, 2018, the fund’s market price return was 1.56% and its NAV return was 1.50% (for an explanation of market price and NAV returns, please refer to footnote 2 on the following page). The index returned 1.56% during the same period.
Contributors and Detractors. The fund closely tracked the performance of the index for the 12-month reporting period. Coupon income generated by the fund’s holdings contributed positively to the performance of both the index and the fund, more than offsetting the impact of negative price returns that detracted from performance.
Portfolio Composition % of Investments1
By Security Type
Weighted Average Maturity3 2.0 Yrs
Weighted Average Duration3 1.9 Yrs
Management views and portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of operational and transaction costs incurred by the fund.
Fixed income securities are subject to increased loss of principal during periods of rising interest rates. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
1 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
2 Includes the fund’s position in money market mutual funds registered under the Investment Company Act of 1940, as amended.
3 See Glossary for definitions of maturity and duration.
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Schwab Fixed-Income ETFs  |  Annual Report

 

Schwab Short-Term U.S. Treasury ETF
Performance and Fund Facts as of December 31, 2018
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. To obtain performance information current to the most recent month end, please visit www.schwabfunds.com/schwabetfs_prospectus.    
 
Performance of Hypothetical $10,000 Investment (August 5, 2010 – December 31, 2018)1
 
Average Annual Total Returns1
Fund and Inception Date 1 Year 5 Years Since Inception*
Fund: Schwab Short-Term U.S. Treasury ETF (8/5/2010)      
Market Price Return2 1.56% 0.72% 0.70%
NAV Return2 1.50% 0.72% 0.69%
Bloomberg Barclays US Treasury 1-3 Year Index 1.56% 0.81% 0.79%
ETF Category: Morningstar Short Government3 1.14% 0.71% N/A
Fund Expense Ratio4: 0.06%
    
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Bloomberg Index Services Limited and its affiliates (collectively, Bloomberg) and Bloomberg’s licensors, including Barclays Bank PLC (Barclays), own all proprietary rights in the Bloomberg Barclays Indices. The fund is not sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays endorses or recommends the fund. Neither Bloomberg nor Barclays guarantees the timeliness, accurateness or completeness of any data or information relating to the Bloomberg Barclays Indices, and neither shall be liable in any way in respect of the use or accuracy of the Bloomberg Barclays Indices.
* Inception (8/5/10) represents the date that the shares began trading in the secondary market.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a Market Price and a Net Asset Value (NAV) basis. The fund’s per share net asset value (NAV) is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the market value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price of the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs within the category as of the report date.
4 As stated in the prospectus.
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Schwab Fixed-Income ETFs  |  Annual Report

 

Schwab Intermediate-Term U.S. Treasury ETF
The Schwab Intermediate-Term U.S. Treasury ETF (the fund) seeks to track as closely as possible, before fees and expenses, the total return of the Bloomberg Barclays US Treasury 3–10 Year Index (the index). To pursue this investment objective, the fund generally invests in a representative sample of securities included in the index. For more information about the fund’s investment objective, strategy, and risks, please see the fund’s prospectus.
Market Highlights. U.S. bond returns for 2018 were mixed, with U.S. Treasuries, government, and asset-backed securities posting modest, albeit positive, returns and credit markets generally losing ground. Although multiple economies around the globe weakened, the U.S. economy exhibited steady growth through the first three quarters of the year, but in the final quarter showed signs of weakening amid falling oil prices and heightened volatility that led to steep stock market declines in December. The Federal Reserve raised the federal funds target rate by 0.25% four times over the reporting period and continued its program to reduce the size of its balance sheet. Despite a tight labor market, inflation remained in check.
Despite some volatility along the way, yields on intermediate-term Treasuries rose relatively steadily until the last two months of the year, when—after reaching their peaks in early November—yields were driven lower on increasing demand as investors sought safer havens amid sharp stock-market declines and spiking volatility. The yield on the 3-year Treasury note began 2018 at 1.98%, peaked at 3.05% in early November, and ended the year at 2.46%. The yield on the 5-year Treasury note began the year at 2.20%, peaked at 3.09%, and ended the year at 2.51%. The yield on the 10-year Treasury began the year at 2.40%, peaked at 3.24%, and closed out the year at 2.69%.
Performance. For the 12 months ended December 31, 2018, the fund’s market price return was 1.45% and its NAV return was 1.28% (for an explanation of market price and NAV returns, please refer to footnote 2 on the following page). The index returned 1.35% during the same period. Differences between the return of the fund and the return of the index may be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.
Contributors and Detractors. The fund closely tracked the performance of the index for the 12-month reporting period. Coupon income generated by the fund’s holdings contributed positively to the performance of both the index and the fund, more than offsetting the impact of negative price returns that detracted from performance.
Portfolio Composition % of Investments1
By Security Type
Weighted Average Maturity3 5.6 Yrs
Weighted Average Duration3 5.2 Yrs
Management views and portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of operational and transaction costs incurred by the fund.
Fixed income securities are subject to increased loss of principal during periods of rising interest rates. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
1 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
2 Includes the fund’s position in money market mutual funds registered under the Investment Company Act of 1940, as amended.
3 See Glossary for definitions of maturity and duration.
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Schwab Fixed-Income ETFs  |  Annual Report

 

Schwab Intermediate-Term U.S. Treasury ETF
Performance and Fund Facts as of December 31, 2018
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. To obtain performance information current to the most recent month end, please visit www.schwabfunds.com/schwabetfs_prospectus.    
 
Performance of Hypothetical $10,000 Investment (August 5, 2010 – December 31, 2018)1
 
Average Annual Total Returns1
Fund and Inception Date 1 Year 5 Years Since Inception*
Fund: Schwab Intermediate-Term U.S. Treasury ETF (8/5/2010)      
Market Price Return2 1.45% 1.99% 2.22%
NAV Return2 1.28% 1.97% 2.21%
Bloomberg Barclays US Treasury 3-10 Year Index 1.35% 2.05% 2.31%
ETF Category: Morningstar Intermediate Government3 0.51% 1.76% N/A
Fund Expense Ratio4: 0.06%
    
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Bloomberg Index Services Limited and its affiliates (collectively, Bloomberg) and Bloomberg’s licensors, including Barclays Bank PLC (Barclays), own all proprietary rights in the Bloomberg Barclays Indices. The fund is not sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays endorses or recommends the fund. Neither Bloomberg nor Barclays guarantees the timeliness, accurateness or completeness of any data or information relating to the Bloomberg Barclays Indices, and neither shall be liable in any way in respect of the use or accuracy of the Bloomberg Barclays Indices.
* Inception (8/5/10) represents the date that the shares began trading in the secondary market.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a Market Price and a Net Asset Value (NAV) basis. The fund’s per share net asset value (NAV) is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the market value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price of the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs within the category as of the report date.
4 As stated in the prospectus.
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Schwab Fixed-Income ETFs  |  Annual Report

 

Schwab U.S. Aggregate Bond ETF
The Schwab U.S. Aggregate Bond ETF (the fund) seeks to track as closely as possible, before fees and expenses, the total return of the Bloomberg Barclays US Aggregate Bond Index (the index). To pursue this investment objective, the fund generally invests in a representative sample of securities included in the index. In addition, for the 12-month reporting period ended December 31, 2018, the fund also held positions in TBAs, or “to-be-announced” securities. TBAs are mortgage-backed bonds that settle on a forward date and are used to gain exposure to the mortgage market. The average month-end position in these securities was 3.0% of the fund, with a minimum exposure of 2.2 % and a maximum exposure of 3.9%. For more information about the fund’s investment objective, strategy, and risks, please see the fund’s prospectus.
Market Highlights. U.S. bond returns for 2018 were mixed, with U.S. Treasuries, government, and asset-backed securities posting modest, albeit positive, returns and credit markets generally losing ground. Although multiple economies around the globe weakened, the U.S. economy exhibited steady growth through the first three quarters of the year, but in the final quarter showed signs of weakening amid falling oil prices and heightened volatility that led to steep stock market declines in December. The Federal Reserve raised the federal funds target rate by 0.25% four times over the reporting period and continued its program to reduce the size of its balance sheet. Despite a tight labor market, inflation remained in check.
The yield curve flattened over most of the year as short-term yields increased faster than longer-term yields, although over the last two months of the reporting period, demand for longer-term Treasuries rose amid the stock-market sell-off, driving yields lower. The yield on the 10-year Treasury note began the year at 2.40%, peaked at 3.24% in early November, and ended the year at 2.69%. The yield on the 30-year Treasury bond rose from 2.74% to 3.02% over the year. The yield on the 2-year Treasury note rose from 1.89% to 2.48%.
Performance. For the 12-month reporting period, the fund’s market price return was -0.03% and its NAV return was -0.09% (for an explanation of market price and NAV returns, please refer to footnote 2 on the following page). The index returned 0.01% during the same period. Differences between the return of the fund and the return of the index may be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.
Contributors and Detractors. The fund closely tracked the performance of the index for the 12-month reporting period, which meant keeping the fund’s credit quality, duration, and sector allocations aligned to the index. The fund’s corporate bonds detracted from price return, while coupon income generated by the fund’s holdings contributed to fund performance, with the net result slightly negative for the fund for the reporting period.
Portfolio Composition % of Investments1
By Security Type
Weighted Average Maturity4 8.0 Yrs
Weighted Average Duration4 5.7 Yrs
Management views and portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of operational and transaction costs incurred by the fund.
Fixed income securities are subject to increased loss of principal during periods of rising interest rates. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
1 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
2 The fund may seek to obtain exposure to U.S. agency mortgage pass-through securities, in part or in full, through the use of “to-be-announced” or “TBA” transactions, which are standardized contracts for future delivery of mortgage pass-through securities in which the exact mortgage pools to be delivered are not specified until a few days prior to settlement. These transactions represented approximately 3.3% of total investments on December 31, 2018.
3 Includes the fund’s position in money market mutual funds registered under the Investment Company Act of 1940, as amended.
4 See Glossary for definitions of maturity and duration.
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Schwab Fixed-Income ETFs  |  Annual Report

 

Schwab U.S. Aggregate Bond ETF
Performance and Fund Facts as of December 31, 2018
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. To obtain performance information current to the most recent month end, please visit www.schwabfunds.com/schwabetfs_prospectus.    
 
Performance of Hypothetical $10,000 Investment (July 14, 2011 – December 31, 2018)1
 
Average Annual Total Returns1
Fund and Inception Date 1 Year 5 Years Since Inception*
Fund: Schwab U.S. Aggregate Bond ETF (7/14/2011)      
Market Price Return2 -0.03% 2.45% 2.36%
NAV Return2 -0.09% 2.46% 2.36%
Bloomberg Barclays US Aggregate Bond Index 0.01% 2.52% 2.48%
ETF Category: Morningstar Intermediate-Term Bond3 -0.50% 2.27% N/A
Fund Expense Ratio4: 0.04%
    
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Bloomberg Index Services Limited and its affiliates (collectively, Bloomberg) and Bloomberg’s licensors, including Barclays Bank PLC (Barclays), own all proprietary rights in the Bloomberg Barclays Indices. The fund is not sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays endorses or recommends the fund. Neither Bloomberg nor Barclays guarantees the timeliness, accurateness or completeness of any data or information relating to the Bloomberg Barclays Indices, and neither shall be liable in any way in respect of the use or accuracy of the Bloomberg Barclays Indices.
* Inception (7/14/11) represents the date that the shares began trading in the secondary market.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a Market Price and a Net Asset Value (NAV) basis. The fund’s per share net asset value (NAV) is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the market value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price of the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs within the category as of the report date.
4 As stated in the prospectus.
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Schwab Fixed-Income ETFs  |  Annual Report

 

Schwab Fixed-Income ETFs
Fund Expenses (Unaudited)
Examples for a $1,000 Investment
As a fund shareholder, you may incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares; and, (2) ongoing costs, including management fees.
The expense examples below are intended to help you understand your ongoing cost (in dollars) of investing in a fund and to compare this cost with the ongoing cost of investing in other mutual funds. These examples are based on an investment of $1,000 invested for six months beginning July 1, 2018 and held through December 31, 2018.
Actual Return lines in the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number given for your fund under the heading entitled “Expenses Paid During Period.”
Hypothetical Return lines in the table below provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed return of 5% per year before expenses. Because the return used is not an actual return, it may not be used to estimate the actual ending account value or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in a fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, including any brokerage commissions you may pay when purchasing or selling shares of a fund. Therefore, the hypothetical return lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
  Expense Ratio
(Annualized)1 		Beginning
Account Value
at 7/1/18 		Ending
Account Value
(Net of Expenses)
at 12/31/18 		Expenses Paid
During Period
7/1/18-12/31/182
Schwab U.S. TIPS ETF        
Actual Return 0.05% $1,000.00 $ 987.50 $0.25
Hypothetical 5% Return 0.05% $1,000.00 $1,024.95 $0.26
Schwab Short-Term U.S. Treasury ETF        
Actual Return 0.06% $1,000.00 $1,014.80 $0.30
Hypothetical 5% Return 0.06% $1,000.00 $1,024.90 $0.31
Schwab Intermediate-Term U.S. Treasury ETF        
Actual Return 0.06% $1,000.00 $1,025.40 $0.31
Hypothetical 5% Return 0.06% $1,000.00 $1,024.90 $0.31
Schwab U.S. Aggregate Bond ETF        
Actual Return 0.04% $1,000.00 $1,016.20 $0.20
Hypothetical 5% Return 0.04% $1,000.00 $1,025.00 $0.20
    
1 Based on the most recent six-month expense ratio; may differ from the expense ratio provided in the Financial Highlights which covers a 12-month period.
2 Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 days of the period, and divided by 365 days of the fiscal year.
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Schwab Fixed-Income ETFs  |  Annual Report

 

Schwab U.S. TIPS ETF
Financial Statements
Financial Highlights
  1/1/18–
12/31/18 		1/1/17–
12/31/17 		1/1/16–
12/31/16 		1/1/15–
12/31/15 		1/1/14–
12/31/14 		 
Per-Share Data
Net asset value at beginning of period $55.39 $54.84 $53.15 $54.11 $52.92  
Income (loss) from investment operations:            
Net investment income (loss) 1.51 1 1.17 1 0.99 1 0.17 1 0.64  
Net realized and unrealized gains (losses) (2.23) 0.43 1.46 (0.98) 1.26  
Total from investment operations (0.72) 1.60 2.45 (0.81) 1.90  
Less distributions:            
Distributions from net investment income (1.40) (1.05) (0.76) (0.15) (0.71)  
Net asset value at end of period $53.27 $55.39 $54.84 $53.15 $54.11  
Total return (1.31%) 2.95% 4.60% (1.50%) 3.56%  
Ratios/Supplemental Data
Ratios to average net assets:            
Total expenses 0.05% 0.05% 2 0.07% 0.07% 0.07%  
Net investment income (loss) 2.80% 2.13% 1.78% 0.31% 1.10%  
Portfolio turnover rate3 17% 19% 16% 19% 20%  
Net assets, end of period (x 1,000) $5,779,263 $2,880,386 $1,614,977 $815,816 $549,259  
 
1
Calculated based on the average shares outstanding during the period.
2
Effective March 1, 2017, the annual operating expense ratio was reduced. The ratio presented for the period ended 12/31/17 is a blended ratio.
3
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
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Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. TIPS ETF
Portfolio Holdings as of December 31, 2018
This section shows all the securities in the fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Form N-Q is available on the SEC’s website at www.sec.gov. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund’s website at www.schwabfunds.com/schwabetfs_prospectus.
For fixed rate obligations, the rate shown is the interest rate (the rate established when the obligation was issued). For variable rate obligations, the rate shown is the rate as of the report date based on each security’s rate reset date. The reference rate and spread used is shown parenthetically in the security description if available; if not the reference rate is described in a footnote. The maturity date shown for all the securities is the final legal maturity.    
 
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Treasuries 99.7% of net assets
U.S. Treasury Inflation Protected Securities
1.38%, 01/15/20 103,125,329 102,492,405
0.13%, 04/15/20 264,626,197 258,722,723
1.25%, 07/15/20 158,477,548 158,186,284
1.13%, 01/15/21 181,275,518 180,537,915
0.13%, 04/15/21 230,091,270 223,853,072
0.63%, 07/15/21 192,421,991 190,379,214
0.13%, 01/15/22 212,385,456 206,244,889
0.13%, 04/15/22 224,194,379 216,994,285
0.13%, 07/15/22 219,049,584 212,880,638
0.13%, 01/15/23 220,071,908 212,706,348
0.63%, 04/15/23 219,577,586 216,172,315
0.38%, 07/15/23 218,300,373 213,604,407
0.63%, 01/15/24 217,678,192 214,412,403
0.13%, 07/15/24 214,012,571 205,416,931
0.25%, 01/15/25 214,519,361 205,518,212
2.38%, 01/15/25 140,866,555 152,364,241
0.38%, 07/15/25 214,281,632 206,777,965
0.63%, 01/15/26 192,968,207 188,088,242
2.00%, 01/15/26 102,610,640 109,569,188
0.13%, 07/15/26 180,971,161 170,031,550
0.38%, 01/15/27 179,579,942 170,735,398
2.38%, 01/15/27 82,556,770 91,209,462
0.38%, 07/15/27 177,455,348 168,733,848
0.50%, 01/15/28 175,982,170 168,054,942
1.75%, 01/15/28 82,650,062 87,842,655
3.63%, 04/15/28 69,596,264 85,526,259
0.75%, 07/15/28 172,814,861 169,296,392
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
2.50%, 01/15/29 79,745,855 90,883,292
3.88%, 04/15/29 84,683,342 107,906,221
3.38%, 04/15/32 32,173,920 41,353,529
2.13%, 02/15/40 43,556,073 51,261,906
2.13%, 02/15/41 55,430,387 65,609,694
0.75%, 02/15/42 97,387,306 88,588,731
0.63%, 02/15/43 71,982,139 63,261,478
1.38%, 02/15/44 108,637,678 112,469,426
0.75%, 02/15/45 121,057,490 108,511,932
1.00%, 02/15/46 88,925,646 84,462,157
0.88%, 02/15/47 87,222,837 80,192,188
1.00%, 02/15/48 85,442,790 81,075,286
Total Treasuries
(Cost $5,920,186,053)   5,761,928,023
Security Number
of Shares 		Value ($)
Other Investment Company 0.0% of net assets
 
Money Market Fund 0.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.27% (a) 68,157 68,157
Total Other Investment Company
(Cost $68,157)   68,157
(a) The rate shown is the 7-day yield.
 
The following is a summary of the inputs used to value the fund’s investments as of December 31, 2018 (see financial note 2(a) for additional information):
Description Quoted Prices in
Active Markets for
Identical Assets
(Level 1) 		Other Significant
Observable Inputs
(Level 2) 		Significant
Unobservable Inputs
(Level 3) 		Total  
Assets          
Treasuries $— $5,761,928,023 $— $5,761,928,023  
Other Investment Company1 68,157 — — 68,157  
Total $68,157 $5,761,928,023 $— $5,761,996,180  
1 As categorized in Portfolio Holdings.
Fund investments in underlying mutual funds are classified as Level 1, without consideration to the classification level of the investments held by the underlying mutual funds, which could be Level 1, Level 2 or Level 3.
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See financial notes

 

Schwab U.S. TIPS ETF
Statement of Assets and Liabilities
As of December 31, 2018
Assets
Investments in unaffiliated issuers, at value (cost $5,920,254,210)   $5,761,996,180
Receivables:    
Investments sold   72,398,263
Interest   17,524,252
Fund shares sold   2,663,255
Dividends + 9,533
Total assets   5,854,591,483
Liabilities
Payables:    
Investments bought   69,756,144
Investment adviser fees   245,969
Fund shares redeemed + 5,326,510
Total liabilities   75,328,623
Net Assets
Total assets   5,854,591,483
Total liabilities – 75,328,623
Net assets   $5,779,262,860
Net Assets by Source    
Capital received from investors   5,976,860,225
Total distributable loss1   (197,597,365)
    
Net Asset Value (NAV)
Net Assets ÷ Shares
Outstanding 		= NAV
$5,779,262,860   108,500,000   $53.27
         
1 The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 10 for additional information).
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Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. TIPS ETF
Statement of Operations
For the period January 1, 2018 through December 31, 2018
Investment Income
Dividends   $63,229
Interest + 131,924,140
Total investment income   131,987,369
Expenses
Investment adviser fees   2,317,194
Total expenses – 2,317,194
Net investment income   129,670,175
Realized and Unrealized Gains (Losses)
Net realized losses on investments   (20,965,423)
Net realized gains on in-kind redemptions + 1,194,915
Net realized losses   (19,770,508)
Net change in unrealized appreciation (depreciation) on investments + (167,659,366)
Net realized and unrealized losses   (187,429,874)
Decrease in net assets resulting from operations   ($57,759,699)
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See financial notes

 

Schwab U.S. TIPS ETF
Statement of Changes in Net Assets
For the current and prior report periods
Operations  
  1/1/18-12/31/18 1/1/17-12/31/17
Net investment income   $129,670,175 $46,731,565
Net realized losses   (19,770,508) (3,947,311)
Net change in unrealized appreciation (depreciation) + (167,659,366) 23,021,737
Increase (decrease) in net assets resulting from operations   (57,759,699) 65,805,991
Distributions to Shareholders1  
Total distributions   ($130,028,200) ($46,465,385)
    
Transactions in Fund Shares      
    1/1/18-12/31/18 1/1/17-12/31/17
    SHARES VALUE SHARES VALUE
Shares sold   68,000,000 $3,701,238,840 24,750,000 $1,367,959,304
Shares redeemed + (11,500,000) (614,573,583) (2,200,000) (121,891,683)
Net transactions in fund shares   56,500,000 $3,086,665,257 22,550,000 $1,246,067,621
Shares Outstanding and Net Assets      
    1/1/18-12/31/18 1/1/17-12/31/17
    SHARES NET ASSETS SHARES NET ASSETS
Beginning of period   52,000,000 $2,880,385,502 29,450,000 $1,614,977,275
Total increase + 56,500,000 2,898,877,358 22,550,000 1,265,408,227
End of period2   108,500,000 $5,779,262,860 52,000,000 $2,880,385,502
1 For the period ended December 31, 2017, the fund distributed to shareholders $46,465,385 from net investment income. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 10 for additional information).
2 End of period - Net assets include net investment income not yet distributed of $587,519 at December 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018.
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Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab Short-Term U.S. Treasury ETF
Financial Statements
Financial Highlights
  1/1/18–
12/31/18 		1/1/17–
12/31/17 		1/1/16–
12/31/16 		1/1/15–
12/31/15 		1/1/14–
12/31/14 		 
Per-Share Data
Net asset value at beginning of period $50.03 $50.41 $50.43 $50.55 $50.51  
Income (loss) from investment operations:            
Net investment income (loss) 0.94 1 0.57 1 0.42 1 0.35 1 0.24  
Net realized and unrealized gains (losses) (0.20) 2 (0.39) (0.03) (0.13) 0.04  
Total from investment operations 0.74 0.18 0.39 0.22 0.28  
Less distributions:            
Distributions from net investment income (0.89) (0.56) (0.41) (0.34) (0.24)  
Net asset value at end of period $49.88 $50.03 $50.41 $50.43 $50.55  
Total return 1.50% 0.35% 0.78% 0.44% 0.55%  
Ratios/Supplemental Data
Ratios to average net assets:            
Total expenses 0.06% 0.06% 0.08% 3 0.08% 0.08%  
Net investment income (loss) 1.89% 1.13% 0.83% 0.69% 0.49%  
Portfolio turnover rate4 65% 65% 66% 89% 109%  
Net assets, end of period (x 1,000) $4,254,630 $2,181,398 $1,414,092 $1,071,573 $702,651  
 
1
Calculated based on the average shares outstanding during the period.
2
The per share amount does not accord with the change in aggregate gains and losses in securities during the period because of the timing of fund transactions in relation to fluctuating market values.
3
Effective December 29, 2016, the annual operating expense ratio was reduced. The ratio presented for the period ended 12/31/16 is a blended ratio.
4
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
22
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab Short-Term U.S. Treasury ETF
Portfolio Holdings as of December 31, 2018
This section shows all the securities in the fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Form N-Q is available on the SEC’s website at www.sec.gov. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund’s website at www.schwabfunds.com/schwabetfs_prospectus.
For fixed rate obligations, the rate shown is the interest rate (the rate established when the obligation was issued). For variable rate obligations, the rate shown is the rate as of the report date based on each security’s rate reset date. The reference rate and spread used is shown parenthetically in the security description if available; if not the reference rate is described in a footnote. The maturity date shown for all the securities is the final legal maturity.    
 
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Treasuries 99.5% of net assets
Bonds
8.50%, 02/15/20 3,874,000 4,124,297
8.75%, 05/15/20 2,894,000 3,133,264
8.75%, 08/15/20 5,964,000 6,548,053
7.88%, 02/15/21 4,417,000 4,905,717
8.00%, 11/15/21 11,903,000 13,711,931
Notes
1.25%, 01/31/20 74,316,000 73,249,159
1.38%, 01/31/20 74,561,000 73,594,037
2.00%, 01/31/20 89,269,000 88,695,377
1.38%, 02/15/20 31,302,000 30,874,043
3.63%, 02/15/20 59,568,000 60,221,852
1.25%, 02/29/20 26,560,000 26,153,819
1.38%, 02/29/20 49,913,000 49,220,847
2.25%, 02/29/20 69,300,000 69,029,297
1.63%, 03/15/20 31,448,000 31,099,738
1.13%, 03/31/20 22,668,000 22,276,623
1.38%, 03/31/20 42,127,000 41,513,197
2.25%, 03/31/20 38,842,000 38,687,239
1.50%, 04/15/20 31,608,000 31,190,676
1.13%, 04/30/20 31,617,000 31,026,034
1.38%, 04/30/20 41,904,000 41,263,982
2.38%, 04/30/20 57,390,000 57,245,404
1.50%, 05/15/20 30,410,000 29,981,765
3.50%, 05/15/20 41,277,000 41,796,187
1.38%, 05/31/20 31,436,000 30,933,147
1.50%, 05/31/20 45,174,000 44,516,683
1.50%, 06/15/20 28,925,000 28,508,723
1.63%, 06/30/20 45,276,000 44,673,794
1.88%, 06/30/20 33,598,000 33,271,863
2.50%, 06/30/20 27,024,000 27,006,582
1.50%, 07/15/20 31,332,000 30,847,333
1.63%, 07/31/20 44,782,000 44,156,626
2.00%, 07/31/20 29,672,000 29,433,233
2.63%, 07/31/20 48,128,000 48,192,860
1.50%, 08/15/20 28,615,000 28,152,242
2.63%, 08/15/20 45,306,000 45,380,330
1.38%, 08/31/20 43,682,000 42,868,082
2.13%, 08/31/20 55,931,000 55,571,600
2.63%, 08/31/20 65,911,000 66,008,837
1.38%, 09/15/20 25,552,000 25,074,397
1.38%, 09/30/20 36,445,000 35,736,743
2.00%, 09/30/20 54,497,000 54,027,602
2.75%, 09/30/20 19,450,000 19,526,356
1.63%, 10/15/20 30,125,000 29,661,946
1.38%, 10/31/20 42,611,000 41,755,451
1.75%, 10/31/20 28,517,000 28,133,803
2.88%, 10/31/20 222,545,000 223,970,679
1.75%, 11/15/20 28,892,000 28,494,171
2.63%, 11/15/20 125,526,000 125,788,329
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
1.63%, 11/30/20 96,256,000 94,691,840
2.00%, 11/30/20 40,378,000 40,013,651
2.75%, 11/30/20 35,109,000 35,274,259
1.88%, 12/15/20 20,052,000 19,817,407
1.75%, 12/31/20 43,534,000 42,922,653
2.38%, 12/31/20 27,957,000 27,901,850
2.00%, 01/15/21 29,789,000 29,495,183
1.38%, 01/31/21 43,047,000 42,069,194
2.13%, 01/31/21 66,101,000 65,607,824
2.25%, 02/15/21 33,390,000 33,216,529
3.63%, 02/15/21 57,763,000 59,117,948
1.13%, 02/28/21 44,329,000 43,060,602
2.00%, 02/28/21 33,779,000 33,435,932
2.38%, 03/15/21 34,641,000 34,556,427
1.25%, 03/31/21 42,740,000 41,613,901
2.25%, 03/31/21 51,039,000 50,787,792
2.38%, 04/15/21 73,854,000 73,686,675
1.38%, 04/30/21 69,238,000 67,544,915
2.63%, 05/15/21 54,255,000 54,441,502
3.13%, 05/15/21 47,671,000 48,393,514
1.38%, 05/31/21 52,782,000 51,438,739
2.63%, 06/15/21 37,244,000 37,377,118
1.13%, 06/30/21 66,142,000 64,032,432
2.63%, 07/15/21 61,390,000 61,617,815
1.13%, 07/31/21 130,433,000 126,061,457
2.75%, 08/15/21 188,465,000 189,771,739
2.75%, 09/15/21 79,562,000 80,127,636
1.13%, 09/30/21 77,498,000 74,749,277
2.88%, 10/15/21 100,177,000 101,249,206
1.25%, 10/31/21 137,108,000 132,566,297
2.00%, 10/31/21 13,282,000 13,114,418
2.88%, 11/15/21 27,883,000 28,197,228
1.75%, 11/30/21 168,922,000 165,556,756
2.00%, 12/31/21 90,000,000 88,790,625
Total Treasuries
(Cost $4,232,245,925)   4,233,534,291
Security Number
of Shares 		Value ($)
Other Investment Company 0.1% of net assets
 
Money Market Fund 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.27% (a) 3,504,467 3,504,467
Total Other Investment Company
(Cost $3,504,467)   3,504,467
(a) The rate shown is the 7-day yield.
 
23
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab Short-Term U.S. Treasury ETF
Portfolio Holdings as of December 31, 2018 (continued)
The following is a summary of the inputs used to value the fund’s investments as of December 31, 2018 (see financial note 2(a) for additional information):
Description Quoted Prices in
Active Markets for
Identical Assets
(Level 1) 		Other Significant
Observable Inputs
(Level 2) 		Significant
Unobservable Inputs
(Level 3) 		Total  
Assets          
Treasuries $— $4,233,534,291 $— $4,233,534,291  
Other Investment Company1 3,504,467 — — 3,504,467  
Total $3,504,467 $4,233,534,291 $— $4,237,038,758  
1 As categorized in Portfolio Holdings.
Fund investments in underlying mutual funds are classified as Level 1, without consideration to the classification level of the investments held by the underlying mutual funds, which could be Level 1, Level 2 or Level 3.
24
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab Short-Term U.S. Treasury ETF
Statement of Assets and Liabilities
As of December 31, 2018
Assets
Investments in unaffiliated issuers, at value (cost $4,235,750,392)   $4,237,038,758
Receivables:    
Investments sold   175,460,937
Interest   21,237,076
Fund shares sold   4,983,209
Dividends + 5,396
Total assets   4,438,725,376
Liabilities
Payables:    
Investments bought   183,895,533
Investment adviser fees + 199,977
Total liabilities   184,095,510
Net Assets
Total assets   4,438,725,376
Total liabilities – 184,095,510
Net assets   $4,254,629,866
Net Assets by Source    
Capital received from investors   4,274,695,617
Total distributable loss1   (20,065,751)
    
Net Asset Value (NAV)
Net Assets ÷ Shares
Outstanding 		= NAV
$4,254,629,866   85,300,000   $49.88
         
1 The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 10 for additional information).
25
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab Short-Term U.S. Treasury ETF
Statement of Operations
For the period January 1, 2018 through December 31, 2018
Investment Income
Dividends   $42,428
Interest + 53,300,191
Total investment income   53,342,619
Expenses
Investment adviser fees   1,644,411
Total expenses – 1,644,411
Net investment income   51,698,208
Realized and Unrealized Gains (Losses)
Net realized losses on investments   (16,506,686)
Net realized gains on in-kind redemptions + 158,873
Net realized losses   (16,347,813)
Net change in unrealized appreciation (depreciation) on investments + 19,233,560
Net realized and unrealized gains   2,885,747
Increase in net assets resulting from operations   $54,583,955
26
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab Short-Term U.S. Treasury ETF
Statement of Changes in Net Assets
For the current and prior report periods
Operations  
  1/1/18-12/31/18 1/1/17-12/31/17
Net investment income   $51,698,208 $20,456,466
Net realized losses   (16,347,813) (4,201,781)
Net change in unrealized appreciation (depreciation) + 19,233,560 (11,926,446)
Increase in net assets resulting from operations   54,583,955 4,328,239
Distributions to Shareholders1  
Total distributions   ($51,440,855) ($20,557,590)
    
Transactions in Fund Shares      
    1/1/18-12/31/18 1/1/17-12/31/17
    SHARES VALUE SHARES VALUE
Shares sold   52,000,000 $2,581,262,926 23,100,000 $1,163,271,626
Shares redeemed + (10,300,000) (511,174,627) (7,550,000) (379,735,412)
Net transactions in fund shares   41,700,000 $2,070,088,299 15,550,000 $783,536,214
Shares Outstanding and Net Assets      
    1/1/18-12/31/18 1/1/17-12/31/17
    SHARES NET ASSETS SHARES NET ASSETS
Beginning of period   43,600,000 $2,181,398,467 28,050,000 $1,414,091,604
Total increase + 41,700,000 2,073,231,399 15,550,000 767,306,863
End of period2   85,300,000 $4,254,629,866 43,600,000 $2,181,398,467
1 For the period ended December 31, 2017, the fund distributed to shareholders $20,557,590 from net investment income. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 10 for additional information).
2 End of period - Net assets include distributions in excess of net investment income of ($27,075) at December 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018.
27
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab Intermediate-Term U.S. Treasury ETF
Financial Statements
Financial Highlights
  1/1/18–
12/31/18 		1/1/17–
12/31/17 		1/1/16–
12/31/16 		1/1/15–
12/31/15 		1/1/14–
12/31/14 		 
Per-Share Data
Net asset value at beginning of period $53.35 $53.41 $53.55 $53.52 $52.08  
Income (loss) from investment operations:            
Net investment income (loss) 1.21 1 0.89 1 0.79 1 0.85 1 0.77  
Net realized and unrealized gains (losses) (0.55) 2 (0.07) (0.15) 0.02 3 1.44  
Total from investment operations 0.66 0.82 0.64 0.87 2.21  
Less distributions:            
Distributions from net investment income (1.12) (0.88) (0.78) (0.84) (0.77)  
Net asset value at end of period $52.89 $53.35 $53.41 $53.55 $53.52  
Total return 1.28% 1.54% 1.16% 1.62% 4.27%  
Ratios/Supplemental Data
Ratios to average net assets:            
Total expenses 0.06% 0.06% 0.09% 4 0.10% 5 0.10%  
Net investment income (loss) 2.34% 1.66% 1.44% 1.59% 1.43%  
Portfolio turnover rate6 41% 30% 30% 32% 49%  
Net assets, end of period (x 1,000) $3,480,449 $1,165,708 $790,506 $441,747 $254,226  
 
1
Calculated based on the average shares outstanding during the period.
2
The per share amount does not accord with the change in aggregate gains and losses in securities during the period because of the timing of fund transactions in relation to fluctuating market values.
3
The per share amount does not accord with the change in aggregate gains and losses in securities on the Statement of Operations during the period because of the timing of sales and repurchases of fund shares in relation to fluctuating market values.
4
Effective December 29, 2016, the annual operating expense ratio was reduced. The ratio presented for the period ended 12/31/16 is a blended ratio.
5
Effective February 24, 2015, the annual operating expense ratio was reduced. The ratio presented for the period ended 12/31/15 is a blended ratio.
6
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
28
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab Intermediate-Term U.S. Treasury ETF
Portfolio Holdings as of December 31, 2018
This section shows all the securities in the fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Form N-Q is available on the SEC’s website at www.sec.gov. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund’s website at www.schwabfunds.com/schwabetfs_prospectus.
For fixed rate obligations, the rate shown is the interest rate (the rate established when the obligation was issued). For variable rate obligations, the rate shown is the rate as of the report date based on each security’s rate reset date. The reference rate and spread used is shown parenthetically in the security description if available; if not the reference rate is described in a footnote. The maturity date shown for all the securities is the final legal maturity.    
 
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Treasuries 99.5% of net assets
Bonds
7.25%, 08/15/22 2,515,000 2,927,175
7.63%, 11/15/22 1,196,000 1,420,881
7.13%, 02/15/23 6,766,000 7,982,162
6.25%, 08/15/23 6,661,000 7,741,461
7.50%, 11/15/24 6,059,000 7,682,149
7.63%, 02/15/25 2,360,000 3,032,139
6.88%, 08/15/25 3,501,000 4,410,645
6.00%, 02/15/26 5,832,000 7,117,660
6.75%, 08/15/26 3,836,000 4,933,081
6.50%, 11/15/26 3,958,000 5,045,677
6.63%, 02/15/27 3,793,000 4,898,822
6.38%, 08/15/27 2,709,000 3,482,176
6.13%, 11/15/27 6,859,000 8,717,226
5.50%, 08/15/28 5,716,000 7,063,056
5.25%, 11/15/28 5,685,000 6,926,373
Notes
1.50%, 01/31/22 33,265,000 32,322,925
1.88%, 01/31/22 39,517,000 38,822,365
2.00%, 02/15/22 57,851,000 57,051,029
1.75%, 02/28/22 24,965,000 24,426,692
1.88%, 02/28/22 45,231,000 44,420,906
1.75%, 03/31/22 23,046,000 22,534,667
1.88%, 03/31/22 33,195,000 32,580,374
1.75%, 04/30/22 22,577,000 22,059,316
1.88%, 04/30/22 31,795,000 31,193,876
1.75%, 05/15/22 19,137,000 18,693,336
1.75%, 05/31/22 26,669,000 26,042,383
1.88%, 05/31/22 22,589,000 22,149,573
1.75%, 06/30/22 24,639,000 24,048,049
2.13%, 06/30/22 21,187,000 20,940,370
1.88%, 07/31/22 21,750,000 21,303,955
2.00%, 07/31/22 21,732,000 21,379,279
1.63%, 08/15/22 23,483,000 22,789,518
1.63%, 08/31/22 32,087,000 31,131,911
1.88%, 08/31/22 19,234,000 18,826,780
1.75%, 09/30/22 29,170,000 28,406,566
1.88%, 09/30/22 21,296,000 20,837,637
1.88%, 10/31/22 17,893,000 17,497,397
2.00%, 10/31/22 21,302,000 20,928,383
1.63%, 11/15/22 27,696,000 26,820,222
2.00%, 11/30/22 47,794,000 46,935,202
2.13%, 12/31/22 46,039,000 45,401,468
1.75%, 01/31/23 18,020,000 17,502,629
2.38%, 01/31/23 33,309,000 33,162,623
2.00%, 02/15/23 42,319,000 41,506,508
1.50%, 02/28/23 19,235,000 18,484,384
2.63%, 02/28/23 27,537,000 27,682,753
1.50%, 03/31/23 20,262,000 19,455,082
2.50%, 03/31/23 26,796,000 26,804,897
1.63%, 04/30/23 18,020,000 17,381,205
2.75%, 04/30/23 31,599,000 31,931,653
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
1.75%, 05/15/23 37,652,000 36,495,966
1.63%, 05/31/23 33,308,000 32,097,983
2.75%, 05/31/23 29,009,000 29,330,252
1.38%, 06/30/23 9,392,000 8,944,596
2.63%, 06/30/23 61,139,000 61,470,966
1.25%, 07/31/23 38,791,000 36,697,650
2.75%, 07/31/23 60,846,000 61,504,373
2.50%, 08/15/23 31,675,000 31,676,237
1.38%, 08/31/23 20,565,000 19,549,612
2.75%, 08/31/23 29,828,000 30,167,643
1.38%, 09/30/23 9,370,000 8,896,380
2.88%, 09/30/23 33,684,000 34,236,628
1.63%, 10/31/23 17,495,000 16,796,225
2.88%, 10/31/23 45,160,000 45,917,665
2.75%, 11/15/23 52,206,000 52,794,337
2.13%, 11/30/23 31,899,000 31,330,799
2.88%, 11/30/23 86,745,000 88,269,814
2.25%, 12/31/23 26,878,000 26,544,125
2.63%, 12/31/23 24,500,000 24,630,635
2.25%, 01/31/24 20,839,000 20,573,628
2.75%, 02/15/24 61,347,000 62,022,775
2.13%, 02/29/24 22,492,000 22,065,882
2.13%, 03/31/24 21,196,000 20,783,258
2.00%, 04/30/24 21,760,000 21,191,350
2.50%, 05/15/24 53,368,000 53,285,655
2.00%, 05/31/24 24,140,000 23,493,595
2.00%, 06/30/24 24,567,000 23,895,726
2.13%, 07/31/24 21,308,000 20,850,211
2.38%, 08/15/24 51,144,000 50,690,496
1.88%, 08/31/24 23,275,000 22,467,194
2.13%, 09/30/24 21,275,000 20,795,481
2.25%, 10/31/24 19,141,000 18,826,594
2.25%, 11/15/24 56,090,000 55,141,290
2.13%, 11/30/24 21,325,000 20,820,197
2.25%, 12/31/24 18,958,000 18,631,049
2.50%, 01/31/25 24,621,000 24,531,076
2.00%, 02/15/25 49,431,000 47,832,216
2.75%, 02/28/25 22,803,000 23,039,492
2.63%, 03/31/25 19,284,000 19,345,392
2.88%, 04/30/25 26,486,000 26,952,092
2.13%, 05/15/25 53,619,000 52,194,745
2.88%, 05/31/25 33,095,000 33,673,516
2.75%, 06/30/25 22,349,000 22,579,038
2.88%, 07/31/25 39,569,000 40,271,504
2.00%, 08/15/25 72,440,000 69,857,910
2.75%, 08/31/25 42,440,000 42,864,400
3.00%, 09/30/25 30,194,000 30,974,798
3.00%, 10/31/25 32,374,000 33,218,127
2.25%, 11/15/25 63,978,000 62,583,479
2.88%, 11/30/25 65,952,000 67,147,380
2.63%, 12/31/25 20,600,000 20,650,695
1.63%, 02/15/26 53,427,000 50,027,290
1.63%, 05/15/26 62,683,000 58,552,288
1.50%, 08/15/26 49,105,000 45,301,302
2.00%, 11/15/26 49,947,000 47,693,532
 
29
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab Intermediate-Term U.S. Treasury ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
2.25%, 02/15/27 51,160,000 49,693,147
2.38%, 05/15/27 47,193,000 46,218,723
2.25%, 08/15/27 44,077,000 42,668,602
2.75%, 02/15/28 48,811,000 49,075,075
2.88%, 05/15/28 93,763,000 95,222,553
2.88%, 08/15/28 83,634,000 84,944,048
3.13%, 11/15/28 61,815,000 64,129,441
Total Treasuries
(Cost $3,449,607,563)   3,460,964,724
Security Number
of Shares 		Value ($)
Other Investment Company 0.1% of net assets
 
Money Market Fund 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.27% (a) 3,844,608 3,844,608
Total Other Investment Company
(Cost $3,844,608)   3,844,608
(a) The rate shown is the 7-day yield.
The following is a summary of the inputs used to value the fund’s investments as of December 31, 2018 and reflects the complete schedule of portfolio holdings (see financial note 2(a) for additional information):
Description Quoted Prices in
Active Markets for
Identical Assets
(Level 1) 		Other Significant
Observable Inputs
(Level 2) 		Significant
Unobservable Inputs
(Level 3) 		Total  
Assets          
Treasuries $— $3,460,964,724 $— $3,460,964,724  
Other Investment Company1 3,844,608 — — 3,844,608  
Total $3,844,608 $3,460,964,724 $— $3,464,809,332  
1 As categorized in Portfolio Holdings.
Fund investments in underlying mutual funds are classified as Level 1, without consideration to the classification level of the investments held by the underlying mutual funds, which could be Level 1, Level 2 or Level 3.
30
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab Intermediate-Term U.S. Treasury ETF
Statement of Assets and Liabilities
As of December 31, 2018
Assets
Investments in unaffiliated issuers, at value (cost $3,453,452,171)   $3,464,809,332
Receivables:    
Investments sold   58,883,763
Fund shares sold   50,233,747
Interest   18,852,535
Dividends + 5,870
Total assets   3,592,785,247
Liabilities
Payables:    
Investments bought   112,170,619
Investment adviser fees + 165,451
Total liabilities   112,336,070
Net Assets
Total assets   3,592,785,247
Total liabilities – 112,336,070
Net assets   $3,480,449,177
Net Assets by Source    
Capital received from investors   3,492,036,093
Total distributable loss1   (11,586,916)
    
Net Asset Value (NAV)
Net Assets ÷ Shares
Outstanding 		= NAV
$3,480,449,177   65,800,000   $52.89
         
1 The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 10 for additional information).
31
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Schwab Intermediate-Term U.S. Treasury ETF
Statement of Operations
For the period January 1, 2018 through December 31, 2018
Investment Income
Dividends   $33,985
Interest + 53,646,623
Total investment income   53,680,608
Expenses
Investment adviser fees   1,344,067
Total expenses – 1,344,067
Net investment income   52,336,541
Realized and Unrealized Gains (Losses)
Net realized losses on investments   (18,749,401)
Net realized gains on in-kind redemptions + 439,240
Net realized losses   (18,310,161)
Net change in unrealized appreciation (depreciation) on investments + 32,708,262
Net realized and unrealized gains   14,398,101
Increase in net assets resulting from operations   $66,734,642
32
Schwab Fixed-Income ETFs  |  Annual Report
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Schwab Intermediate-Term U.S. Treasury ETF
Statement of Changes in Net Assets
For the current and prior report periods
Operations  
  1/1/18-12/31/18 1/1/17-12/31/17
Net investment income   $52,336,541 $16,436,695
Net realized losses   (18,310,161) (1,961,408)
Net change in unrealized appreciation (depreciation) + 32,708,262 (2,252,440)
Increase in net assets resulting from operations   66,734,642 12,222,847
Distributions to Shareholders1  
Total distributions   ($52,237,145) ($16,446,695)
    
Transactions in Fund Shares      
    1/1/18-12/31/18 1/1/17-12/31/17
    SHARES VALUE SHARES VALUE
Shares sold   49,550,000 $2,591,430,842 8,450,000 $454,993,243
Shares redeemed + (5,600,000) (291,186,748) (1,400,000) (75,567,594)
Net transactions in fund shares   43,950,000 $2,300,244,094 7,050,000 $379,425,649
Shares Outstanding and Net Assets      
    1/1/18-12/31/18 1/1/17-12/31/17
    SHARES NET ASSETS SHARES NET ASSETS
Beginning of period   21,850,000 $1,165,707,586 14,800,000 $790,505,785
Total increase + 43,950,000 2,314,741,591 7,050,000 375,201,801
End of period2   65,800,000 $3,480,449,177 21,850,000 $1,165,707,586
1 For the period ended December 31, 2017, the fund distributed to shareholders $16,446,695 from net investment income. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 10 for additional information).
2 End of period - Net assets include net investment income not yet distributed of $25,741 at December 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018.
33
Schwab Fixed-Income ETFs  |  Annual Report
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Schwab U.S. Aggregate Bond ETF
Financial Statements
Financial Highlights
  1/1/18–
12/31/18 		1/1/17–
12/31/17 		1/1/16–
12/31/16 		1/1/15–
12/31/15 		1/1/14–
12/31/14 		 
Per-Share Data
Net asset value at beginning of period $52.07 $51.55 $51.41 $52.20 $50.28  
Income (loss) from investment operations:            
Net investment income (loss) 1.35 1 1.18 1 1.06 1 1.00 1 1.00  
Net realized and unrealized gains (losses) (1.42) 0.59 0.23 2 (0.71) 1.98  
Total from investment operations (0.07) 1.77 1.29 0.29 2.98  
Less distributions:            
Distributions from net investment income (1.41) (1.25) (1.15) (1.08) (1.06)  
Net asset value at end of period $50.59 $52.07 $51.55 $51.41 $52.20  
Total return (0.09%) 3.46% 2.49% 0.56% 5.97%  
Ratios/Supplemental Data
Ratios to average net assets:            
Total expenses 0.04% 0.04% 0.05% 3 0.05% 0.05%  
Net investment income (loss) 2.67% 2.26% 2.01% 1.92% 1.96%  
Portfolio turnover rate4,5 71% 101% 119% 104% 6 74%  
Net assets, end of period (x 1,000) $5,544,583 $4,925,693 $3,309,447 $2,102,482 $1,226,778  
 
1
Calculated based on the average shares outstanding during the period.
2
The per share amount does not accord with the change in aggregate gains and losses in securities on the Statement of Operations during the period because of the timing of sales and repurchases of fund shares in relation to fluctuating market values.
3
Effective October 7, 2016, the annual operating expense ratio was reduced. The ratio presented for the period ended 12/31/16 is a blended ratio.
4
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
5
Includes to-be-announced (TBA) transactions. (See financial note 2)
6
Revised methodology adopted as of December 31, 2015. For comparison purposes, portfolio turnover rate would have been 146% using previous methodology.
34
Schwab Fixed-Income ETFs  |  Annual Report
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Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018
This section shows all the securities in the fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Form N-Q is available on the SEC’s website at www.sec.gov. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund’s website at www.schwabfunds.com/schwabetfs_prospectus.
For fixed rate obligations, the rate shown is the interest rate (the rate established when the obligation was issued). For variable rate obligations, the rate shown is the rate as of the report date based on each security’s rate reset date. The reference rate and spread used is shown parenthetically in the security description if available; if not the reference rate is described in a footnote. The maturity date shown for all the securities is the final legal maturity.    
 
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Corporates 24.1% of net assets
 
Financial Institutions 7.8%
Banking 5.6%
American Express Co.
2.65%, 12/02/22 500,000 484,145
3.40%, 02/27/23 (a) 500,000 495,822
3.00%, 10/30/24 (a) 750,000 718,652
4.05%, 12/03/42 750,000 709,349
American Express Credit Corp.
2.20%, 03/03/20 (a) 500,000 494,709
2.38%, 05/26/20 (a) 1,000,000 989,716
2.60%, 09/14/20 (a) 500,000 495,005
2.25%, 05/05/21 (a) 1,000,000 978,905
3.30%, 05/03/27 (a) 750,000 729,113
Australia & New Zealand Banking Group Ltd.
2.30%, 06/01/21 1,000,000 976,275
2.63%, 05/19/22 1,000,000 974,925
2.63%, 11/09/22 750,000 728,734
Banco Bilbao Vizcaya Argentaria S.A.
3.00%, 10/20/20 250,000 246,631
Bank of America Corp.
5.63%, 07/01/20 3,750,000 3,877,511
5.88%, 01/05/21 800,000 842,181
2.63%, 04/19/21 1,250,000 1,233,407
5.00%, 05/13/21 3,250,000 3,374,726
2.33%, 10/01/21 (a)(b) 2,000,000 1,961,459
3.50%, 05/17/22 (a)(b) 250,000 250,122
2.50%, 10/21/22 (a) 2,250,000 2,167,530
3.30%, 01/11/23 2,900,000 2,857,689
3.12%, 01/20/23 (a)(b) 2,750,000 2,704,886
4.10%, 07/24/23 500,000 507,097
3.00%, 12/20/23 (a)(b) 500,000 486,274
3.95%, 04/21/25 500,000 484,868
3.88%, 08/01/25 2,500,000 2,475,292
3.25%, 10/21/27 (a) 1,000,000 926,689
3.71%, 04/24/28 (a)(b) 500,000 480,142
3.59%, 07/21/28 (a)(b) 250,000 237,338
3.42%, 12/20/28 (a)(b) 750,000 701,410
3.97%, 03/05/29 (a)(b) 1,000,000 973,145
6.11%, 01/29/37 250,000 275,532
4.24%, 04/24/38 (a)(b) 2,250,000 2,144,423
7.75%, 05/14/38 900,000 1,167,197
5.88%, 02/07/42 1,000,000 1,163,015
5.00%, 01/21/44 1,000,000 1,037,108
4.44%, 01/20/48 (a)(b) 750,000 722,473
Bank of Montreal
3.10%, 07/13/20 500,000 499,837
2.35%, 09/11/22 1,000,000 966,505
2.55%, 11/06/22 (a) 500,000 485,117
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Bank of New York Mellon Corp.
2.60%, 08/17/20 (a) 2,100,000 2,086,677
4.15%, 02/01/21 500,000 510,466
2.60%, 02/07/22 (a) 1,000,000 982,733
2.20%, 08/16/23 (a) 500,000 475,078
3.95%, 11/18/25 (a) 500,000 507,783
3.44%, 02/07/28 (a)(b) 500,000 488,383
3.00%, 10/30/28 (a) 500,000 459,797
Bank of Nova Scotia
2.15%, 07/14/20 1,000,000 986,182
2.50%, 01/08/21 500,000 493,859
2.45%, 03/22/21 500,000 491,587
2.70%, 03/07/22 500,000 489,311
Barclays Bank PLC
5.14%, 10/14/20 1,000,000 1,011,251
Barclays PLC
3.25%, 01/12/21 1,500,000 1,471,230
4.34%, 05/16/24 (a)(b) 500,000 486,600
3.65%, 03/16/25 1,000,000 924,255
4.97%, 05/16/29 (a)(b) 500,000 482,977
5.25%, 08/17/45 1,000,000 927,566
BB&T Corp.
2.45%, 01/15/20 (a) 250,000 248,336
3.20%, 09/03/21 (a) 750,000 749,796
3.95%, 03/22/22 (a) 100,000 101,354
BNP Paribas S.A.
2.38%, 05/21/20 1,000,000 989,282
5.00%, 01/15/21 200,000 207,015
3.25%, 03/03/23 350,000 344,130
4.25%, 10/15/24 300,000 296,973
BPCE S.A.
2.65%, 02/03/21 1,500,000 1,473,205
4.00%, 04/15/24 1,000,000 1,006,765
Branch Banking & Trust Co.
3.63%, 09/16/25 (a) 1,000,000 981,317
3.80%, 10/30/26 (a) 500,000 496,047
Capital One Financial Corp.
4.75%, 07/15/21 1,050,000 1,076,650
3.05%, 03/09/22 (a) 500,000 488,031
3.50%, 06/15/23 2,000,000 1,966,148
3.20%, 02/05/25 (a) 500,000 467,407
4.20%, 10/29/25 (a) 750,000 722,648
3.75%, 07/28/26 (a) 300,000 275,226
3.80%, 01/31/28 (a) 250,000 231,475
Capital One NA
2.35%, 01/31/20 (a) 250,000 246,895
2.25%, 09/13/21 (a) 1,250,000 1,206,577
Citigroup, Inc.
2.40%, 02/18/20 1,000,000 991,192
2.65%, 10/26/20 2,750,000 2,714,630
2.90%, 12/08/21 (a) 1,000,000 984,512
4.50%, 01/14/22 1,850,000 1,891,540
2.75%, 04/25/22 (a) 2,000,000 1,944,268
 
35
Schwab Fixed-Income ETFs  |  Annual Report
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Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
3.14%, 01/24/23 (a)(b) 2,750,000 2,703,139
2.88%, 07/24/23 (a)(b) 1,500,000 1,452,806
5.50%, 09/13/25 1,000,000 1,050,857
3.70%, 01/12/26 750,000 722,199
3.20%, 10/21/26 (a) 1,000,000 924,127
4.30%, 11/20/26 1,000,000 963,205
4.45%, 09/29/27 1,000,000 964,848
3.67%, 07/24/28 (a)(b) 3,750,000 3,546,379
3.88%, 01/24/39 (a)(b) 1,500,000 1,342,510
5.30%, 05/06/44 1,000,000 1,000,041
4.65%, 07/30/45 1,200,000 1,173,236
4.75%, 05/18/46 250,000 231,968
Citizens Bank NA
2.25%, 03/02/20 (a) 250,000 247,405
2.20%, 05/26/20 (a) 250,000 246,557
2.55%, 05/13/21 (a) 250,000 244,661
Cooperatieve Rabobank UA
2.50%, 01/19/21 750,000 737,208
3.88%, 02/08/22 1,500,000 1,517,234
4.63%, 12/01/23 450,000 456,766
3.38%, 05/21/25 500,000 490,621
4.38%, 08/04/25 250,000 245,887
5.25%, 05/24/41 750,000 827,818
5.25%, 08/04/45 750,000 776,140
Credit Suisse AG
3.63%, 09/09/24 300,000 294,581
Credit Suisse Group Funding Guernsey Ltd.
2.75%, 03/26/20 1,250,000 1,236,884
3.13%, 12/10/20 750,000 743,010
3.45%, 04/16/21 2,250,000 2,243,137
3.80%, 09/15/22 500,000 496,777
3.75%, 03/26/25 2,500,000 2,387,155
4.55%, 04/17/26 250,000 247,901
Credit Suisse USA, Inc.
7.13%, 07/15/32 250,000 314,887
Deutsche Bank AG
3.13%, 01/13/21 2,000,000 1,936,555
3.30%, 11/16/22 500,000 463,788
3.95%, 02/27/23 1,500,000 1,413,683
Discover Bank
4.65%, 09/13/28 (a) 1,000,000 983,204
Discover Financial Services
3.85%, 11/21/22 1,500,000 1,490,933
Fifth Third Bancorp
8.25%, 03/01/38 600,000 797,579
Fifth Third Bank
3.85%, 03/15/26 (a) 500,000 493,011
Goldman Sachs Capital I
6.35%, 02/15/34 350,000 391,605
Goldman Sachs Group, Inc.
5.38%, 03/15/20 1,700,000 1,738,316
6.00%, 06/15/20 250,000 258,887
2.75%, 09/15/20 (a) 3,000,000 2,970,207
2.63%, 04/25/21 (a) 700,000 682,147
5.25%, 07/27/21 1,262,000 1,310,543
2.35%, 11/15/21 (a) 1,500,000 1,447,307
5.75%, 01/24/22 1,100,000 1,152,221
2.88%, 10/31/22 (a)(b) 1,000,000 971,599
3.63%, 01/22/23 1,000,000 985,183
3.85%, 07/08/24 (a) 650,000 635,886
3.50%, 01/23/25 (a) 1,000,000 948,675
4.25%, 10/21/25 1,000,000 958,459
5.95%, 01/15/27 265,000 279,491
3.85%, 01/26/27 (a) 2,250,000 2,118,619
3.69%, 06/05/28 (a)(b) 1,000,000 930,361
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
3.81%, 04/23/29 (a)(b) 500,000 467,351
6.45%, 05/01/36 500,000 558,006
6.75%, 10/01/37 1,500,000 1,696,743
4.41%, 04/23/39 (a)(b) 1,000,000 918,337
6.25%, 02/01/41 1,000,000 1,142,711
4.80%, 07/08/44 (a) 500,000 477,190
4.75%, 10/21/45 (a) 1,000,000 953,576
HSBC Bank USA NA
4.88%, 08/24/20 500,000 512,412
HSBC Holdings PLC
3.40%, 03/08/21 250,000 249,429
5.10%, 04/05/21 850,000 879,274
2.95%, 05/25/21 1,000,000 987,453
4.25%, 03/14/24 1,200,000 1,192,268
4.30%, 03/08/26 1,850,000 1,826,544
3.90%, 05/25/26 2,200,000 2,110,053
4.29%, 09/12/26 (a)(b) 500,000 492,914
4.58%, 06/19/29 (a)(b) 1,500,000 1,488,552
6.50%, 05/02/36 500,000 570,458
6.50%, 09/15/37 500,000 568,281
6.80%, 06/01/38 750,000 888,245
5.25%, 03/14/44 595,000 591,800
HSBC USA, Inc.
2.75%, 08/07/20 2,500,000 2,473,371
5.00%, 09/27/20 400,000 408,585
Huntington National Bank
2.40%, 04/01/20 (a) 1,000,000 989,696
3.55%, 10/06/23 (a) 500,000 498,684
ING Groep N.V.
3.15%, 03/29/22 3,000,000 2,951,968
JPMorgan Chase & Co.
4.95%, 03/25/20 1,000,000 1,021,344
4.25%, 10/15/20 500,000 509,140
2.55%, 10/29/20 (a) 2,500,000 2,472,863
4.63%, 05/10/21 6,250,000 6,434,184
2.30%, 08/15/21 (a) 2,000,000 1,952,021
4.35%, 08/15/21 2,250,000 2,303,334
3.20%, 01/25/23 1,291,000 1,272,911
3.38%, 05/01/23 2,000,000 1,957,432
3.88%, 02/01/24 1,200,000 1,203,894
3.80%, 07/23/24 (a)(b) 1,500,000 1,503,644
4.02%, 12/05/24 (a)(b) 350,000 353,019
3.13%, 01/23/25 (a) 1,000,000 953,484
3.30%, 04/01/26 (a) 3,575,000 3,407,836
2.95%, 10/01/26 (a) 500,000 462,236
4.13%, 12/15/26 250,000 244,329
3.78%, 02/01/28 (a)(b) 2,700,000 2,623,647
3.54%, 05/01/28 (a)(b) 1,750,000 1,670,205
4.20%, 07/23/29 (a)(b) 500,000 499,064
6.40%, 05/15/38 1,150,000 1,400,957
5.50%, 10/15/40 500,000 554,919
5.40%, 01/06/42 (c) 600,000 660,365
4.85%, 02/01/44 500,000 510,281
4.26%, 02/22/48 (a)(b) 500,000 466,149
4.03%, 07/24/48 (a)(b) 500,000 448,565
3.96%, 11/15/48 (a)(b) 1,000,000 887,330
3.90%, 01/23/49 (a)(b) 250,000 219,810
JPMorgan Chase Bank NA
3.09%, 04/26/21 (a)(b) 250,000 249,037
KeyCorp
2.90%, 09/15/20 400,000 397,203
4.10%, 04/30/28 1,750,000 1,754,066
Lloyds Bank PLC
6.38%, 01/21/21 500,000 528,262
 
36
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Lloyds Banking Group PLC
3.10%, 07/06/21 1,250,000 1,226,520
4.50%, 11/04/24 1,000,000 966,846
4.65%, 03/24/26 1,500,000 1,412,405
4.38%, 03/22/28 1,500,000 1,425,685
4.34%, 01/09/48 500,000 396,014
Mitsubishi UFJ Financial Group, Inc.
2.95%, 03/01/21 1,150,000 1,138,801
2.19%, 09/13/21 2,500,000 2,414,295
3.85%, 03/01/26 750,000 746,925
3.29%, 07/25/27 1,100,000 1,053,067
3.96%, 03/02/28 250,000 251,152
Mizuho Financial Group, Inc.
2.95%, 02/28/22 500,000 490,403
2.60%, 09/11/22 750,000 725,796
3.66%, 02/28/27 600,000 590,739
3.17%, 09/11/27 500,000 471,559
4.25%, 09/11/29 (a)(b) 500,000 507,794
Morgan Stanley
2.65%, 01/27/20 3,000,000 2,978,257
2.80%, 06/16/20 500,000 496,928
5.75%, 01/25/21 1,000,000 1,042,954
5.50%, 07/28/21 1,500,000 1,572,918
2.63%, 11/17/21 1,250,000 1,220,535
4.88%, 11/01/22 1,000,000 1,031,388
3.13%, 01/23/23 2,000,000 1,955,730
4.10%, 05/22/23 750,000 751,831
3.88%, 04/29/24 1,000,000 995,932
4.00%, 07/23/25 2,000,000 1,974,789
5.00%, 11/24/25 1,000,000 1,021,145
4.35%, 09/08/26 2,000,000 1,946,741
3.63%, 01/20/27 1,000,000 951,378
3.59%, 07/22/28 (a)(b) 2,000,000 1,893,063
3.77%, 01/24/29 (a)(b) 500,000 478,930
7.25%, 04/01/32 500,000 631,012
6.38%, 07/24/42 500,000 613,929
4.30%, 01/27/45 850,000 796,858
4.38%, 01/22/47 300,000 284,602
National Australia Bank Ltd.
2.50%, 05/22/22 1,000,000 971,040
3.00%, 01/20/23 250,000 245,260
2.88%, 04/12/23 500,000 484,894
3.38%, 01/14/26 1,000,000 976,808
PNC Bank NA
2.60%, 07/21/20 (a) 250,000 247,863
2.45%, 11/05/20 (a) 250,000 247,002
2.15%, 04/29/21 (a) 500,000 488,199
2.55%, 12/09/21 (a) 750,000 731,998
2.95%, 01/30/23 (a) 1,000,000 974,474
3.50%, 06/08/23 (a) 250,000 250,645
3.80%, 07/25/23 (a) 1,000,000 1,004,143
3.10%, 10/25/27 (a) 300,000 286,495
4.05%, 07/26/28 1,000,000 1,005,723
Regions Bank
6.45%, 06/26/37 250,000 293,185
Regions Financial Corp.
3.20%, 02/08/21 (a) 800,000 795,339
2.75%, 08/14/22 (a) 1,750,000 1,689,800
Royal Bank of Canada
2.50%, 01/19/21 500,000 494,414
2.75%, 02/01/22 1,500,000 1,476,649
3.70%, 10/05/23 250,000 251,166
Royal Bank of Scotland Group PLC
6.13%, 12/15/22 1,500,000 1,521,510
5.13%, 05/28/24 1,000,000 970,692
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
4.80%, 04/05/26 800,000 782,112
4.89%, 05/18/29 (a)(b) 1,000,000 956,310
Santander Holdings USA, Inc.
3.70%, 03/28/22 (a) 1,500,000 1,474,256
4.50%, 07/17/25 (a) 750,000 743,620
4.40%, 07/13/27 (a) 1,000,000 947,867
Santander UK Group Holdings PLC
3.37%, 01/05/24 (a)(b) 3,750,000 3,561,379
State Street Corp.
3.55%, 08/18/25 500,000 499,277
2.65%, 05/19/26 750,000 702,960
Sumitomo Mitsui Banking Corp.
2.45%, 01/16/20 585,000 580,433
3.40%, 07/11/24 500,000 494,320
Sumitomo Mitsui Financial Group, Inc.
2.93%, 03/09/21 3,000,000 2,969,355
2.85%, 01/11/22 500,000 491,023
3.10%, 01/17/23 1,000,000 981,498
3.94%, 10/16/23 250,000 254,560
2.63%, 07/14/26 1,350,000 1,235,826
3.01%, 10/19/26 1,000,000 938,983
3.94%, 07/19/28 250,000 250,130
4.31%, 10/16/28 150,000 154,326
SunTrust Bank
2.45%, 08/01/22 (a) 500,000 482,438
3.69%, 08/02/24 (a)(b) 500,000 498,329
SunTrust Banks, Inc.
4.00%, 05/01/25 (a) 1,000,000 1,004,029
Svenska Handelsbanken AB
2.40%, 10/01/20 800,000 787,887
2.45%, 03/30/21 500,000 490,337
3.35%, 05/24/21 500,000 499,899
Synchrony Bank
3.00%, 06/15/22 (a) 750,000 701,385
Synchrony Financial
3.95%, 12/01/27 (a) 1,000,000 843,802
Synovus Financial Corp.
3.13%, 11/01/22 (a) 750,000 708,742
Toronto-Dominion Bank
2.50%, 12/14/20 1,500,000 1,485,634
3.50%, 07/19/23 2,000,000 2,015,029
UBS AG
4.88%, 08/04/20 1,000,000 1,023,381
US Bancorp
3.00%, 03/15/22 (a) 600,000 596,509
2.95%, 07/15/22 (a) 1,500,000 1,480,328
3.60%, 09/11/24 (a) 1,000,000 995,957
3.15%, 04/27/27 (a) 500,000 479,507
3.90%, 04/26/28 (a) 1,250,000 1,266,702
US Bank NA
2.00%, 01/24/20 (a) 500,000 495,408
2.80%, 01/27/25 (a) 500,000 480,830
Wachovia Corp.
5.50%, 08/01/35 750,000 809,596
Wells Fargo & Co.
2.15%, 01/30/20 1,000,000 989,282
2.60%, 07/22/20 1,250,000 1,238,164
2.55%, 12/07/20 750,000 739,638
2.50%, 03/04/21 250,000 245,970
4.60%, 04/01/21 1,100,000 1,126,780
2.10%, 07/26/21 2,500,000 2,422,843
3.50%, 03/08/22 500,000 498,559
2.63%, 07/22/22 1,750,000 1,688,305
3.07%, 01/24/23 (a) 1,000,000 974,475
 
37
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
3.45%, 02/13/23 500,000 489,973
3.00%, 04/22/26 1,000,000 932,741
4.10%, 06/03/26 2,000,000 1,954,913
3.00%, 10/23/26 1,000,000 926,675
4.30%, 07/22/27 1,000,000 985,406
5.38%, 02/07/35 1,000,000 1,100,704
5.38%, 11/02/43 400,000 418,299
5.61%, 01/15/44 500,000 543,385
4.65%, 11/04/44 1,250,000 1,179,332
3.90%, 05/01/45 500,000 459,882
4.40%, 06/14/46 500,000 459,710
4.75%, 12/07/46 1,000,000 965,038
Wells Fargo Bank NA
2.60%, 01/15/21 250,000 246,967
3.33%, 07/23/21 (a)(b) 500,000 499,625
3.63%, 10/22/21 (a) 250,000 251,579
Westpac Banking Corp.
2.60%, 11/23/20 500,000 493,757
2.00%, 08/19/21 500,000 484,211
2.50%, 06/28/22 250,000 242,432
2.75%, 01/11/23 1,250,000 1,213,671
3.65%, 05/15/23 250,000 251,654
2.85%, 05/13/26 600,000 558,186
2.70%, 08/19/26 250,000 230,543
3.35%, 03/08/27 250,000 240,821
3.40%, 01/25/28 500,000 482,446
    311,969,893
Brokerage/Asset Managers/Exchanges 0.2%
Ameriprise Financial, Inc.
3.70%, 10/15/24 475,000 475,167
2.88%, 09/15/26 (a) 250,000 233,027
BlackRock, Inc.
4.25%, 05/24/21 150,000 154,472
3.50%, 03/18/24 1,250,000 1,264,430
Brookfield Finance, Inc.
3.90%, 01/25/28 (a) 500,000 472,892
4.70%, 09/20/47 (a) 250,000 230,742
CME Group, Inc.
3.00%, 03/15/25 (a) 1,050,000 1,023,253
5.30%, 09/15/43 (a) 500,000 584,820
4.15%, 06/15/48 (a) 200,000 203,073
E*TRADE Financial Corp.
4.50%, 06/20/28 (a) 250,000 246,827
Intercontinental Exchange, Inc.
2.75%, 12/01/20 (a) 1,000,000 993,834
3.45%, 09/21/23 (a) 150,000 150,682
4.00%, 10/15/23 500,000 512,151
3.75%, 09/21/28 (a) 500,000 498,760
4.25%, 09/21/48 (a) 250,000 246,025
Invesco Finance PLC
3.75%, 01/15/26 650,000 634,769
Jefferies Group LLC
5.13%, 01/20/23 700,000 716,378
6.25%, 01/15/36 150,000 150,796
Jefferies Group LLC/Jefferies Group Capital Finance, Inc.
4.85%, 01/15/27 700,000 670,006
Legg Mason, Inc.
4.75%, 03/15/26 250,000 255,843
Nasdaq, Inc.
3.85%, 06/30/26 (a) 300,000 290,175
Nomura Holdings, Inc.
6.70%, 03/04/20 (c) 1,000,000 1,038,900
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Raymond James Financial, Inc.
3.63%, 09/15/26 200,000 188,787
4.95%, 07/15/46 850,000 819,645
TD Ameritrade Holding Corp.
2.95%, 04/01/22 (a) 300,000 296,918
3.30%, 04/01/27 (a) 450,000 430,866
    12,783,238
Finance Companies 0.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
4.63%, 10/30/20 250,000 251,854
4.50%, 05/15/21 400,000 401,377
5.00%, 10/01/21 250,000 254,092
3.95%, 02/01/22 (a) 750,000 737,355
3.65%, 07/21/27 (a) 1,200,000 1,044,900
Air Lease Corp.
2.50%, 03/01/21 350,000 341,379
3.88%, 04/01/21 (a) 250,000 250,447
3.50%, 01/15/22 250,000 246,198
3.75%, 02/01/22 (a) 250,000 247,566
4.25%, 09/15/24 (a) 750,000 734,027
3.63%, 04/01/27 (a) 950,000 851,140
Aircastle Ltd.
5.13%, 03/15/21 250,000 254,203
5.50%, 02/15/22 250,000 255,964
5.00%, 04/01/23 250,000 251,220
4.40%, 09/25/23 (a) 250,000 246,140
4.13%, 05/01/24 (a) 150,000 141,714
GATX Corp.
4.55%, 11/07/28 (a) 200,000 197,626
5.20%, 03/15/44 (a) 250,000 255,270
GE Capital International Funding Co.
2.34%, 11/15/20 1,450,000 1,399,960
3.37%, 11/15/25 1,000,000 889,636
4.42%, 11/15/35 1,700,000 1,427,865
International Lease Finance Corp.
8.25%, 12/15/20 250,000 269,067
4.63%, 04/15/21 500,000 505,039
5.88%, 08/15/22 250,000 262,077
    11,716,116
Financial Other 0.0%
CME Group, Inc.
3.00%, 09/15/22 200,000 199,443
ORIX Corp.
2.90%, 07/18/22 500,000 488,793
    688,236
Insurance 1.2%
Aetna, Inc.
2.75%, 11/15/22 (a) 250,000 240,059
3.50%, 11/15/24 (a) 1,500,000 1,452,184
4.50%, 05/15/42 (a) 500,000 465,796
4.75%, 03/15/44 (a) 550,000 526,648
Aflac, Inc.
3.63%, 06/15/23 750,000 752,951
4.75%, 01/15/49 (a) 250,000 255,722
Allied World Assurance Co. Holdings Ltd.
4.35%, 10/29/25 (a) 500,000 493,622
Allstate Corp.
3.28%, 12/15/26 (a) 250,000 245,438
4.50%, 06/15/43 800,000 818,515
American Financial Group, Inc.
4.50%, 06/15/47 (a) 450,000 405,330
 
38
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
American International Group, Inc.
3.30%, 03/01/21 (a) 500,000 498,562
4.88%, 06/01/22 200,000 207,668
3.75%, 07/10/25 (a) 500,000 479,407
4.20%, 04/01/28 (a) 1,000,000 965,183
3.88%, 01/15/35 (a) 250,000 215,331
4.50%, 07/16/44 (a) 1,000,000 895,655
4.80%, 07/10/45 (a) 500,000 468,113
4.38%, 01/15/55 (a) 750,000 625,177
Anthem, Inc.
4.35%, 08/15/20 250,000 254,500
2.50%, 11/21/20 250,000 246,678
3.13%, 05/15/22 250,000 246,521
3.30%, 01/15/23 750,000 738,669
3.50%, 08/15/24 (a) 250,000 245,528
4.63%, 05/15/42 750,000 725,464
4.65%, 01/15/43 500,000 487,435
4.65%, 08/15/44 (a) 750,000 723,918
4.38%, 12/01/47 (a) 250,000 233,433
Aon Corp.
8.21%, 01/01/27 100,000 117,250
Aon PLC
4.00%, 11/27/23 (a) 500,000 506,548
3.50%, 06/14/24 (a) 500,000 488,838
3.88%, 12/15/25 (a) 1,500,000 1,482,446
4.75%, 05/15/45 (a) 250,000 246,217
Assurant, Inc.
6.75%, 02/15/34 151,000 171,018
AXA Equitable Holdings, Inc.
4.35%, 04/20/28 (a)(d) 250,000 236,695
5.00%, 04/20/48 (a)(d) 500,000 445,120
Berkshire Hathaway Finance Corp.
4.25%, 01/15/21 300,000 307,803
5.75%, 01/15/40 100,000 119,764
4.30%, 05/15/43 350,000 356,273
4.20%, 08/15/48 (a) 250,000 248,510
Berkshire Hathaway, Inc.
3.00%, 02/11/23 250,000 247,861
2.75%, 03/15/23 (a) 950,000 933,141
3.13%, 03/15/26 (a) 2,000,000 1,940,336
Brighthouse Financial, Inc.
3.70%, 06/22/27 (a) 500,000 423,228
4.70%, 06/22/47 (a) 200,000 149,435
Chubb Corp.
6.00%, 05/11/37 250,000 303,297
Chubb INA Holdings, Inc.
2.88%, 11/03/22 (a) 1,000,000 992,068
2.70%, 03/13/23 750,000 733,333
3.15%, 03/15/25 1,000,000 978,520
3.35%, 05/03/26 (a) 750,000 734,375
4.35%, 11/03/45 (a) 1,750,000 1,805,885
Cigna Corp.
3.20%, 09/17/20 (d) 750,000 747,225
3.75%, 07/15/23 (a) 750,000 748,275
4.13%, 11/15/25 (a)(d) 500,000 500,037
4.38%, 10/15/28 (a) 1,000,000 1,007,528
4.80%, 08/15/38 (a)(d) 500,000 492,600
4.90%, 12/15/48 (a) 1,000,000 982,193
Cigna Holding Co.
4.00%, 02/15/22 (a) 400,000 404,366
3.05%, 10/15/27 (a) 300,000 274,939
3.88%, 10/15/47 (a) 250,000 209,584
Hartford Financial Services Group, Inc.
5.13%, 04/15/22 1,000,000 1,049,065
5.95%, 10/15/36 300,000 340,961
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
6.10%, 10/01/41 350,000 404,584
4.40%, 03/15/48 (a) 800,000 749,102
Humana, Inc.
3.85%, 10/01/24 (a) 750,000 750,350
4.95%, 10/01/44 (a) 250,000 257,730
4.80%, 03/15/47 (a) 250,000 251,153
Lincoln National Corp.
4.00%, 09/01/23 500,000 510,251
3.80%, 03/01/28 (a) 750,000 728,792
Loews Corp.
3.75%, 04/01/26 (a) 250,000 247,997
Manulife Financial Corp.
4.15%, 03/04/26 350,000 353,823
Marsh & McLennan Cos., Inc.
3.50%, 06/03/24 (a) 500,000 493,119
3.75%, 03/14/26 (a) 250,000 247,436
MetLife, Inc.
4.75%, 02/08/21 258,000 266,291
3.60%, 04/10/24 1,315,000 1,325,004
5.70%, 06/15/35 500,000 564,187
6.40%, 12/15/36 (a) 1,000,000 1,018,360
5.88%, 02/06/41 250,000 294,970
4.60%, 05/13/46 (a) 250,000 250,320
Principal Financial Group, Inc.
4.63%, 09/15/42 100,000 96,990
4.35%, 05/15/43 250,000 232,764
Prudential Financial, Inc.
5.38%, 06/21/20 1,000,000 1,030,823
4.50%, 11/16/21 250,000 258,193
6.63%, 12/01/37 1,750,000 2,120,326
5.88%, 09/15/42 (a)(b) 1,000,000 1,011,250
5.63%, 06/15/43 (a)(b) 700,000 686,406
5.38%, 05/15/45 (a)(b) 750,000 704,700
The Progressive Corp.
4.00%, 03/01/29 (a) 500,000 515,040
3.70%, 01/26/45 300,000 275,293
Travelers Cos., Inc.
6.25%, 06/15/37 750,000 936,108
4.60%, 08/01/43 200,000 207,835
4.00%, 05/30/47 (a) 150,000 144,346
UnitedHealth Group, Inc.
2.70%, 07/15/20 1,000,000 996,649
1.95%, 10/15/20 250,000 245,701
2.88%, 03/15/22 (a) 1,000,000 992,499
3.35%, 07/15/22 500,000 502,541
2.88%, 03/15/23 500,000 492,836
3.75%, 07/15/25 750,000 759,856
6.63%, 11/15/37 500,000 647,844
6.88%, 02/15/38 750,000 981,539
4.75%, 07/15/45 1,000,000 1,060,439
4.20%, 01/15/47 (a) 1,250,000 1,245,084
4.25%, 04/15/47 (a) 250,000 248,431
Unum Group
5.63%, 09/15/20 350,000 362,291
Voya Financial, Inc.
3.65%, 06/15/26 1,000,000 946,852
5.70%, 07/15/43 200,000 216,710
XLIT Ltd.
6.25%, 05/15/27 685,000 785,002
5.25%, 12/15/43 250,000 267,802
5.50%, 03/31/45 750,000 778,258
    63,102,118
 
39
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
REITs 0.6%
Alexandria Real Estate Equities, Inc.
4.30%, 01/15/26 (a) 250,000 250,340
AvalonBay Communities, Inc.
3.50%, 11/15/24 (a) 700,000 696,356
3.35%, 05/15/27 (a) 250,000 241,172
3.20%, 01/15/28 (a) 500,000 474,764
Boston Properties LP
3.85%, 02/01/23 (a) 1,000,000 1,002,665
3.13%, 09/01/23 (a) 500,000 483,568
3.80%, 02/01/24 (a) 100,000 99,742
4.50%, 12/01/28 (a) 250,000 256,111
Digital Realty Trust LP
5.88%, 02/01/20 (a) 250,000 255,115
5.25%, 03/15/21 (a) 1,000,000 1,033,093
Duke Realty LP
3.75%, 12/01/24 (a) 1,000,000 993,758
ERP Operating LP
4.75%, 07/15/20 (a) 50,000 50,972
3.38%, 06/01/25 (a) 250,000 245,854
2.85%, 11/01/26 (a) 750,000 705,666
3.25%, 08/01/27 (a) 250,000 239,705
4.50%, 06/01/45 (a) 250,000 251,550
Essex Portfolio LP
3.88%, 05/01/24 (a) 500,000 501,978
3.50%, 04/01/25 (a) 500,000 486,630
Federal Realty Investment Trust
4.50%, 12/01/44 (a) 850,000 846,210
Government Properties Income Trust
4.00%, 07/15/22 (a) 175,000 172,365
HCP, Inc.
2.63%, 02/01/20 (a) 300,000 297,941
4.25%, 11/15/23 (a) 1,000,000 1,002,568
3.40%, 02/01/25 (a) 300,000 284,289
Healthcare Trust of America Holdings LP
2.95%, 07/01/22 (a) 450,000 437,747
3.75%, 07/01/27 (a) 1,000,000 953,849
Hospitality Properties Trust
4.38%, 02/15/30 (a) 1,250,000 1,146,893
Host Hotels & Resorts LP
3.75%, 10/15/23 (a) 250,000 245,477
Kilroy Realty LP
3.80%, 01/15/23 (a) 250,000 249,177
4.38%, 10/01/25 (a) 1,000,000 1,004,918
4.25%, 08/15/29 (a) 200,000 195,689
Kimco Realty Corp.
3.20%, 05/01/21 (a) 250,000 248,653
3.40%, 11/01/22 (a) 600,000 591,106
2.80%, 10/01/26 (a) 1,000,000 900,985
Life Storage LP
3.88%, 12/15/27 (a) 1,000,000 953,418
Mid-America Apartments LP
3.75%, 06/15/24 (a) 250,000 247,944
4.20%, 06/15/28 (a) 350,000 352,132
National Retail Properties, Inc.
4.30%, 10/15/28 (a) 200,000 201,376
Omega Healthcare Investors, Inc.
4.95%, 04/01/24 (a) 1,100,000 1,117,558
Prologis LP
4.25%, 08/15/23 (a) 1,100,000 1,136,725
3.75%, 11/01/25 (a) 1,000,000 1,006,468
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Realty Income Corp.
3.88%, 07/15/24 (a) 1,150,000 1,153,288
3.00%, 01/15/27 (a) 1,500,000 1,397,068
3.65%, 01/15/28 (a) 1,000,000 970,922
Regency Centers LP
3.60%, 02/01/27 (a) 250,000 239,402
Senior Housing Properties Trust
4.75%, 02/15/28 (a) 750,000 708,863
Simon Property Group LP
4.38%, 03/01/21 (a) 1,000,000 1,021,429
3.38%, 03/15/22 (a) 500,000 500,913
3.30%, 01/15/26 (a) 250,000 241,195
3.38%, 06/15/27 (a) 750,000 717,601
6.75%, 02/01/40 (a) 150,000 191,372
SL Green Operating Partnership LP
3.25%, 10/15/22 (a) 250,000 241,762
UDR, Inc.
4.40%, 01/26/29 (a) 150,000 151,590
Ventas Realty LP
3.75%, 05/01/24 (a) 150,000 148,717
4.00%, 03/01/28 (a) 1,000,000 971,000
Ventas Realty LP/Ventas Capital Corp.
2.70%, 04/01/20 (a) 250,000 247,947
VEREIT Operating Partnership LP
3.95%, 08/15/27 (a) 750,000 697,511
Vornado Realty LP
5.00%, 01/15/22 (a) 500,000 516,302
Welltower, Inc.
6.13%, 04/15/20 500,000 515,936
3.75%, 03/15/23 (a) 750,000 749,363
4.50%, 01/15/24 (a) 400,000 410,627
6.50%, 03/15/41 (a) 150,000 175,725
WP Carey, Inc.
4.00%, 02/01/25 (a) 400,000 389,722
    34,220,782
    434,480,383
 
Industrial 14.5%
Basic Industry 0.7%
Airgas, Inc.
3.65%, 07/15/24 (a) 500,000 504,117
ArcelorMittal
6.25%, 02/25/22 (e)(f) 1,000,000 1,057,709
Barrick North America Finance LLC
5.70%, 05/30/41 550,000 580,990
Barrick PD Australia Finance Pty Ltd.
5.95%, 10/15/39 500,000 534,280
BHP Billiton Finance USA Ltd.
4.13%, 02/24/42 250,000 239,168
5.00%, 09/30/43 1,050,000 1,148,708
Dow Chemical Co.
4.13%, 11/15/21 (a) 1,000,000 1,018,222
3.00%, 11/15/22 (a) 1,000,000 970,868
3.50%, 10/01/24 (a) 250,000 241,542
7.38%, 11/01/29 750,000 916,150
4.25%, 10/01/34 (a) 500,000 459,475
5.25%, 11/15/41 (a) 200,000 200,227
4.38%, 11/15/42 (a) 250,000 220,158
4.63%, 10/01/44 (a) 250,000 227,977
5.55%, 11/30/48 (a)(d) 450,000 457,939
 
40
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
DowDuPont, Inc.
3.77%, 11/15/20 750,000 757,530
4.21%, 11/15/23 (a) 500,000 511,626
4.49%, 11/15/25 (a) 500,000 515,530
4.73%, 11/15/28 (a) 500,000 517,196
5.32%, 11/15/38 (a) 500,000 516,405
5.42%, 11/15/48 (a) 500,000 521,411
Eastman Chemical Co.
2.70%, 01/15/20 (a) 265,000 263,113
3.60%, 08/15/22 (a) 549,000 550,146
4.80%, 09/01/42 (a) 250,000 231,169
4.65%, 10/15/44 (a) 250,000 224,330
Ecolab, Inc.
2.25%, 01/12/20 250,000 248,439
4.35%, 12/08/21 163,000 167,580
2.38%, 08/10/22 (a) 200,000 193,116
3.25%, 12/01/27 (a) 1,000,000 967,094
Fibria Overseas Finance Ltd.
5.25%, 05/12/24 200,000 203,580
5.50%, 01/17/27 200,000 201,250
Georgia-Pacific LLC
8.00%, 01/15/24 250,000 300,342
Goldcorp, Inc.
3.70%, 03/15/23 (a) 800,000 793,245
International Flavors & Fragrances, Inc.
4.45%, 09/26/28 (a) 250,000 254,175
5.00%, 09/26/48 (a) 500,000 499,939
International Paper Co.
4.75%, 02/15/22 (a) 325,000 339,273
3.65%, 06/15/24 (a) 200,000 201,039
3.00%, 02/15/27 (a) 250,000 227,971
4.80%, 06/15/44 (a) 600,000 539,847
4.40%, 08/15/47 (a) 150,000 126,635
4.35%, 08/15/48 (a) 1,100,000 944,777
Kinross Gold Corp.
5.95%, 03/15/24 (a) 250,000 250,000
4.50%, 07/15/27 (a) 250,000 216,563
LYB International Finance BV
4.00%, 07/15/23 150,000 150,874
5.25%, 07/15/43 250,000 239,138
4.88%, 03/15/44 (a) 150,000 136,688
LYB International Finance II BV
3.50%, 03/02/27 (a) 250,000 227,977
LyondellBasell Industries NV
6.00%, 11/15/21 (a) 250,000 264,415
5.75%, 04/15/24 (a) 250,000 267,845
4.63%, 02/26/55 (a) 500,000 422,788
Mosaic Co.
3.25%, 11/15/22 (a) 500,000 488,675
4.25%, 11/15/23 (a) 250,000 251,543
4.05%, 11/15/27 (a) 750,000 712,627
Newmont Mining Corp.
3.50%, 03/15/22 (a) 500,000 495,138
6.25%, 10/01/39 150,000 164,560
4.88%, 03/15/42 (a) 500,000 473,814
Nucor Corp.
4.13%, 09/15/22 (a) 500,000 516,473
5.20%, 08/01/43 (a) 300,000 318,599
Nutrien Ltd.
4.13%, 03/15/35 (a) 1,250,000 1,141,235
5.88%, 12/01/36 100,000 107,918
5.25%, 01/15/45 (a) 250,000 251,466
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Packaging Corp. of America
3.90%, 06/15/22 (a) 1,000,000 1,010,403
3.65%, 09/15/24 (a) 500,000 491,954
PPG Industries, Inc.
3.20%, 03/15/23 (a) 350,000 346,865
Praxair, Inc.
2.65%, 02/05/25 (a) 500,000 473,511
3.20%, 01/30/26 (a) 1,000,000 976,861
Rio Tinto Alcan, Inc.
7.25%, 03/15/31 381,000 490,941
Rio Tinto Finance USA Ltd.
5.20%, 11/02/40 500,000 552,111
Rio Tinto Finance USA PLC
4.75%, 03/22/42 (a) 500,000 520,472
RPM International, Inc.
4.25%, 01/15/48 (a) 750,000 640,926
Sherwin-Williams Co.
2.25%, 05/15/20 250,000 246,254
4.20%, 01/15/22 (a) 250,000 253,416
2.75%, 06/01/22 (a) 250,000 242,197
3.45%, 06/01/27 (a) 300,000 280,152
4.50%, 06/01/47 (a) 1,000,000 905,212
Southern Copper Corp.
5.38%, 04/16/20 500,000 511,205
7.50%, 07/27/35 250,000 293,125
6.75%, 04/16/40 150,000 166,117
5.25%, 11/08/42 750,000 715,176
Vale Overseas Ltd.
4.38%, 01/11/22 94,000 95,880
6.25%, 08/10/26 1,500,000 1,623,750
6.88%, 11/21/36 48,000 55,128
6.88%, 11/10/39 750,000 870,000
Westlake Chemical Corp.
3.60%, 08/15/26 (a) 200,000 183,676
5.00%, 08/15/46 (a) 200,000 183,269
4.38%, 11/15/47 (a) 100,000 84,118
WestRock RKT Co.
4.90%, 03/01/22 200,000 205,986
Weyerhaeuser Co.
4.63%, 09/15/23 350,000 363,554
7.38%, 03/15/32 600,000 735,338
WRKCo, Inc.
3.00%, 09/15/24 (a)(d) 250,000 235,818
3.75%, 03/15/25 (a)(d) 1,000,000 982,588
Yamana Gold, Inc.
4.95%, 07/15/24 (a) 250,000 244,767
    41,673,394
Capital Goods 1.2%
3M Co.
2.00%, 08/07/20 1,000,000 988,016
1.63%, 09/19/21 (a) 250,000 242,890
2.25%, 03/15/23 (a) 300,000 290,892
2.88%, 10/15/27 (a) 300,000 288,257
4.00%, 09/14/48 (a) 750,000 746,893
ABB Finance USA, Inc.
2.88%, 05/08/22 100,000 98,513
3.80%, 04/03/28 (a) 250,000 253,990
Allegion US Holding Co., Inc.
3.20%, 10/01/24 (a) 500,000 472,222
Bemis Co., Inc.
3.10%, 09/15/26 (a) 600,000 547,925
 
41
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Boeing Co.
1.88%, 06/15/23 (a) 100,000 94,837
2.60%, 10/30/25 (a) 500,000 474,819
3.45%, 11/01/28 (a) 750,000 742,709
5.88%, 02/15/40 350,000 436,215
3.65%, 03/01/47 (a) 500,000 464,151
Caterpillar Financial Services Corp.
3.15%, 09/07/21 1,500,000 1,504,528
2.55%, 11/29/22 1,250,000 1,214,820
Caterpillar, Inc.
3.40%, 05/15/24 (a) 1,000,000 1,004,962
6.05%, 08/15/36 150,000 180,811
5.20%, 05/27/41 500,000 554,819
3.80%, 08/15/42 250,000 233,112
CNH Industrial Capital LLC
4.20%, 01/15/24 750,000 741,860
CNH Industrial NV
4.50%, 08/15/23 200,000 201,480
3.85%, 11/15/27 (a) 150,000 136,535
Crane Co.
4.20%, 03/15/48 (a) 250,000 229,898
Deere & Co.
2.60%, 06/08/22 (a) 750,000 734,393
5.38%, 10/16/29 150,000 171,339
3.90%, 06/09/42 (a) 150,000 145,745
Dover Corp.
5.38%, 03/01/41 (a) 350,000 380,732
Eagle Materials, Inc.
4.50%, 08/01/26 (a) 750,000 745,828
Eaton Corp.
2.75%, 11/02/22 1,000,000 973,468
4.00%, 11/02/32 100,000 99,022
4.15%, 11/02/42 350,000 329,785
Embraer Netherlands Finance BV
5.40%, 02/01/27 250,000 259,065
Embraer Overseas Ltd.
5.70%, 09/16/23 (d) 250,000 261,565
Emerson Electric Co.
2.63%, 12/01/21 (a) 500,000 493,347
Fortive Corp.
3.15%, 06/15/26 (a) 750,000 708,470
4.30%, 06/15/46 (a) 500,000 468,652
General Dynamics Corp.
3.88%, 07/15/21 (a) 500,000 511,205
3.38%, 05/15/23 (a) 1,000,000 1,007,518
2.13%, 08/15/26 (a) 250,000 227,004
2.63%, 11/15/27 (a) 150,000 138,477
3.75%, 05/15/28 (a) 500,000 505,129
3.60%, 11/15/42 (a) 150,000 142,008
General Electric Co.
4.38%, 09/16/20 500,000 499,491
4.63%, 01/07/21 300,000 300,918
4.65%, 10/17/21 350,000 351,277
3.15%, 09/07/22 250,000 236,472
2.70%, 10/09/22 900,000 835,868
3.38%, 03/11/24 600,000 561,123
3.45%, 05/15/24 (a) 2,000,000 1,880,907
6.75%, 03/15/32 450,000 470,051
6.15%, 08/07/37 500,000 489,050
5.88%, 01/14/38 1,150,000 1,102,582
6.88%, 01/10/39 500,000 524,193
4.13%, 10/09/42 700,000 548,825
4.50%, 03/11/44 400,000 327,359
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Harris Corp.
4.40%, 06/15/28 (a) 600,000 598,427
Honeywell International, Inc.
1.85%, 11/01/21 (a) 250,000 241,706
3.35%, 12/01/23 250,000 252,998
2.50%, 11/01/26 (a) 1,750,000 1,638,536
Huntington Ingalls Industries, Inc.
3.48%, 12/01/27 (a) 250,000 233,483
Illinois Tool Works, Inc.
2.65%, 11/15/26 (a) 500,000 465,098
3.90%, 09/01/42 (a) 250,000 246,659
Ingersoll-Rand Global Holding Co., Ltd.
3.75%, 08/21/28 (a) 500,000 487,445
4.30%, 02/21/48 (a) 500,000 468,479
Ingersoll-Rand Luxembourg Finance S.A.
2.63%, 05/01/20 (a) 500,000 495,264
John Deere Capital Corp.
1.70%, 01/15/20 500,000 493,551
2.35%, 01/08/21 500,000 493,290
3.90%, 07/12/21 500,000 509,694
2.15%, 09/08/22 500,000 479,454
2.70%, 01/06/23 500,000 487,905
2.65%, 06/24/24 500,000 479,892
3.40%, 09/11/25 100,000 99,397
2.80%, 09/08/27 150,000 141,918
3.05%, 01/06/28 250,000 238,004
Johnson Controls International plc
3.63%, 07/02/24 (a) 500,000 493,314
3.90%, 02/14/26 (a) 500,000 491,108
6.00%, 01/15/36 500,000 560,090
4.63%, 07/02/44 (a) 200,000 189,833
5.13%, 09/14/45 (a) 500,000 501,036
4.50%, 02/15/47 (a) 50,000 46,438
L-3 Technologies, Inc.
4.95%, 02/15/21 (a) 500,000 511,879
3.85%, 12/15/26 (a) 500,000 484,847
Lockheed Martin Corp.
2.50%, 11/23/20 (a) 250,000 247,199
3.35%, 09/15/21 250,000 251,821
3.10%, 01/15/23 (a) 500,000 496,043
3.55%, 01/15/26 (a) 1,050,000 1,043,514
4.07%, 12/15/42 500,000 478,883
4.70%, 05/15/46 (a) 250,000 261,515
4.09%, 09/15/52 (a) 1,000,000 937,542
Masco Corp.
3.50%, 04/01/21 (a) 500,000 497,933
4.50%, 05/15/47 (a) 500,000 428,621
Northrop Grumman Corp.
2.08%, 10/15/20 1,000,000 981,124
3.50%, 03/15/21 500,000 504,098
3.20%, 02/01/27 (a) 500,000 469,669
3.25%, 01/15/28 (a) 250,000 233,699
4.75%, 06/01/43 750,000 760,940
3.85%, 04/15/45 (a) 750,000 664,767
4.03%, 10/15/47 (a) 200,000 182,646
Owens Corning
4.20%, 12/15/22 (a) 1,000,000 993,774
7.00%, 12/01/36 290,000 321,575
Parker-Hannifin Corp.
4.20%, 11/21/34 (a) 250,000 248,010
4.45%, 11/21/44 (a) 250,000 253,070
4.10%, 03/01/47 (a) 50,000 48,064
Precision Castparts Corp.
3.90%, 01/15/43 (a) 250,000 235,136
 
42
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Raytheon Co.
2.50%, 12/15/22 (a) 2,000,000 1,950,104
Republic Services, Inc.
3.55%, 06/01/22 (a) 500,000 502,456
2.90%, 07/01/26 (a) 1,000,000 944,799
3.38%, 11/15/27 (a) 500,000 479,874
Rockwell Collins, Inc.
2.80%, 03/15/22 (a) 1,100,000 1,069,992
3.20%, 03/15/24 (a) 250,000 241,038
4.35%, 04/15/47 (a) 250,000 230,887
Roper Technologies, Inc.
2.80%, 12/15/21 (a) 1,250,000 1,225,457
3.13%, 11/15/22 (a) 250,000 245,177
3.85%, 12/15/25 (a) 500,000 491,098
Stanley Black & Decker, Inc.
2.90%, 11/01/22 250,000 245,743
4.25%, 11/15/28 (a) 250,000 257,667
4.85%, 11/15/48 (a) 300,000 310,466
Textron, Inc.
3.88%, 03/01/25 (a) 250,000 244,019
United Technologies Corp.
3.35%, 08/16/21 250,000 249,479
1.95%, 11/01/21 (a) 500,000 480,302
2.30%, 05/04/22 (a) 1,750,000 1,680,172
3.10%, 06/01/22 250,000 245,007
2.80%, 05/04/24 (a) 400,000 377,499
3.13%, 05/04/27 (a) 250,000 231,326
4.13%, 11/16/28 (a) 1,250,000 1,240,865
6.05%, 06/01/36 500,000 570,774
6.13%, 07/15/38 400,000 459,654
5.70%, 04/15/40 1,000,000 1,100,822
4.50%, 06/01/42 500,000 474,038
4.05%, 05/04/47 (a) 1,000,000 884,832
Wabtec Corp.
4.70%, 09/15/28 (a) 750,000 704,735
Waste Connections, Inc.
4.25%, 12/01/28 (a) 150,000 153,585
Waste Management, Inc.
2.90%, 09/15/22 (a) 450,000 443,136
3.15%, 11/15/27 (a) 200,000 191,311
4.10%, 03/01/45 (a) 500,000 484,560
    69,356,284
Communications 2.2%
21st Century Fox America, Inc.
4.00%, 10/01/23 1,000,000 1,027,002
3.70%, 10/15/25 (a) 500,000 503,836
6.20%, 12/15/34 1,250,000 1,523,839
6.15%, 03/01/37 200,000 246,034
6.65%, 11/15/37 500,000 660,311
6.15%, 02/15/41 350,000 436,068
4.95%, 10/15/45 (a) 500,000 550,298
Activision Blizzard, Inc.
2.30%, 09/15/21 (a) 500,000 487,262
3.40%, 06/15/27 (a) 250,000 235,969
America Movil S.A.B. de C.V.
3.13%, 07/16/22 1,200,000 1,177,886
6.13%, 03/30/40 1,000,000 1,183,271
4.38%, 07/16/42 500,000 481,453
American Tower Corp.
5.05%, 09/01/20 250,000 256,092
2.25%, 01/15/22 250,000 239,425
3.50%, 01/31/23 1,500,000 1,475,545
5.00%, 02/15/24 200,000 207,120
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
3.38%, 10/15/26 (a) 250,000 232,970
3.55%, 07/15/27 (a) 500,000 469,904
AT&T, Inc.
2.45%, 06/30/20 (a) 2,000,000 1,974,689
3.20%, 03/01/22 (a) 750,000 740,393
3.00%, 06/30/22 (a) 1,750,000 1,708,088
3.95%, 01/15/25 (a) 250,000 244,788
3.40%, 05/15/25 (a) 1,000,000 942,980
4.25%, 03/01/27 (a) 2,450,000 2,401,067
4.10%, 02/15/28 (a) 2,283,000 2,199,394
4.50%, 05/15/35 (a) 1,000,000 900,311
5.25%, 03/01/37 (a) 250,000 246,267
6.35%, 03/15/40 300,000 322,661
6.00%, 08/15/40 (a) 1,000,000 1,013,327
5.35%, 09/01/40 525,000 511,631
5.15%, 03/15/42 725,000 679,453
4.30%, 12/15/42 (a) 750,000 639,092
4.35%, 06/15/45 (a) 2,000,000 1,696,316
4.75%, 05/15/46 (a) 2,000,000 1,782,220
5.65%, 02/15/47 (a) 500,000 501,070
5.45%, 03/01/47 (a) 500,000 490,081
4.50%, 03/09/48 (a) 150,000 128,841
4.55%, 03/09/49 (a) 259,000 223,797
5.15%, 02/15/50 (a) 1,000,000 929,855
5.30%, 08/15/58 (a) 250,000 232,568
British Telecommunications PLC
5.13%, 12/04/28 (a) 750,000 755,650
CBS Corp.
3.38%, 02/15/28 (a) 1,000,000 908,456
5.50%, 05/15/33 300,000 315,942
4.90%, 08/15/44 (a) 400,000 366,340
4.60%, 01/15/45 (a) 250,000 222,877
CC Holdings GS V LLC/Crown Castle GS III Corp.
3.85%, 04/15/23 500,000 495,628
Charter Communications Operating LLC/Charter Communications Operating Capital
3.58%, 07/23/20 (a) 500,000 499,648
4.46%, 07/23/22 (a) 800,000 808,314
4.91%, 07/23/25 (a) 1,500,000 1,493,608
3.75%, 02/15/28 (a) 750,000 679,741
4.20%, 03/15/28 (a) 250,000 235,941
6.38%, 10/23/35 (a) 500,000 514,527
5.38%, 04/01/38 (a) 750,000 700,296
6.48%, 10/23/45 (a) 1,250,000 1,289,022
5.38%, 05/01/47 (a) 500,000 454,649
Comcast Cable Communications Holdings, Inc.
9.46%, 11/15/22 250,000 303,888
Comcast Corp.
3.30%, 10/01/20 750,000 753,059
3.45%, 10/01/21 250,000 252,633
1.63%, 01/15/22 (a) 200,000 191,491
3.13%, 07/15/22 250,000 249,463
2.85%, 01/15/23 1,500,000 1,471,675
2.75%, 03/01/23 (a) 750,000 730,381
3.60%, 03/01/24 750,000 752,326
3.70%, 04/15/24 (a) 250,000 251,704
3.95%, 10/15/25 (a) 500,000 506,358
3.15%, 03/01/26 (a) 500,000 478,861
2.35%, 01/15/27 (a) 500,000 447,427
3.30%, 02/01/27 (a) 530,000 505,648
3.15%, 02/15/28 (a) 500,000 470,141
3.55%, 05/01/28 (a) 250,000 241,596
4.15%, 10/15/28 (a) 1,000,000 1,016,626
4.25%, 10/15/30 (a) 250,000 253,171
4.25%, 01/15/33 750,000 746,053
7.05%, 03/15/33 250,000 311,024
 
43
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
3.20%, 07/15/36 (a) 250,000 215,468
4.60%, 10/15/38 (a) 1,000,000 1,011,710
4.65%, 07/15/42 500,000 495,810
4.75%, 03/01/44 1,000,000 1,003,799
4.60%, 08/15/45 (a) 1,072,000 1,046,864
3.97%, 11/01/47 (a) 1,448,000 1,297,478
4.00%, 03/01/48 (a) 500,000 456,743
4.70%, 10/15/48 (a) 1,250,000 1,266,619
4.00%, 11/01/49 (a) 50,000 44,916
4.95%, 10/15/58 (a) 500,000 509,656
Crown Castle International Corp.
4.88%, 04/15/22 750,000 772,320
4.45%, 02/15/26 (a) 500,000 498,554
3.70%, 06/15/26 (a) 250,000 240,699
3.65%, 09/01/27 (a) 300,000 278,619
4.75%, 05/15/47 (a) 750,000 697,818
Deutsche Telekom International Finance BV
8.75%, 06/15/30 (f) 1,150,000 1,502,844
Discovery Communications LLC
2.80%, 06/15/20 (a)(d) 1,000,000 989,746
3.95%, 03/20/28 (a) 500,000 464,497
6.35%, 06/01/40 1,000,000 1,050,890
4.88%, 04/01/43 1,000,000 887,758
Electronic Arts, Inc.
3.70%, 03/01/21 (a) 300,000 302,269
4.80%, 03/01/26 (a) 500,000 516,769
Grupo Televisa S.A.B.
6.63%, 03/18/25 1,250,000 1,374,658
6.63%, 01/15/40 500,000 538,837
6.13%, 01/31/46 (a) 250,000 256,671
Interpublic Group of Cos., Inc.
3.75%, 02/15/23 1,000,000 980,268
Koninklijke KPN N.V.
8.38%, 10/01/30 250,000 324,274
Moody's Corp.
2.75%, 12/15/21 (a) 750,000 736,038
NBCUniversal Media LLC
4.38%, 04/01/21 (c) 750,000 768,980
5.95%, 04/01/41 1,000,000 1,149,997
Omnicom Group, Inc./Omnicom Capital, Inc.
4.45%, 08/15/20 1,000,000 1,017,471
3.63%, 05/01/22 500,000 493,463
3.65%, 11/01/24 (a) 250,000 242,455
3.60%, 04/15/26 (a) 500,000 479,290
Orange S.A.
4.13%, 09/14/21 250,000 255,154
9.00%, 03/01/31 500,000 692,249
5.38%, 01/13/42 250,000 262,810
5.50%, 02/06/44 (a) 500,000 536,502
Rogers Communications, Inc.
3.00%, 03/15/23 (a) 250,000 245,576
3.63%, 12/15/25 (a) 500,000 488,227
5.00%, 03/15/44 (a) 500,000 521,811
TCI Communications, Inc.
7.13%, 02/15/28 800,000 980,300
Telefonica Emisiones S.A.U.
5.13%, 04/27/20 300,000 306,289
5.46%, 02/16/21 200,000 207,373
4.57%, 04/27/23 150,000 154,225
4.10%, 03/08/27 500,000 481,123
7.05%, 06/20/36 900,000 1,028,243
4.67%, 03/06/38 250,000 226,838
5.21%, 03/08/47 500,000 459,314
Telefonica Europe BV
8.25%, 09/15/30 750,000 956,382
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
TELUS Corp.
3.70%, 09/15/27 (a) 250,000 245,115
Time Warner Cable LLC
5.00%, 02/01/20 680,000 689,717
4.13%, 02/15/21 (a) 500,000 502,272
6.55%, 05/01/37 500,000 514,494
7.30%, 07/01/38 250,000 271,739
5.88%, 11/15/40 (a) 1,000,000 957,924
5.50%, 09/01/41 (a) 250,000 228,527
Verizon Communications, Inc.
4.60%, 04/01/21 250,000 258,250
3.00%, 11/01/21 (a) 1,100,000 1,095,217
3.50%, 11/01/21 250,000 252,847
2.45%, 11/01/22 (a) 750,000 728,206
5.15%, 09/15/23 1,250,000 1,331,834
3.50%, 11/01/24 (a) 1,000,000 987,566
2.63%, 08/15/26 500,000 454,084
4.13%, 03/16/27 2,000,000 2,005,001
4.50%, 08/10/33 3,000,000 2,969,108
4.40%, 11/01/34 (a) 2,500,000 2,416,243
4.81%, 03/15/39 500,000 491,207
4.13%, 08/15/46 500,000 442,864
4.86%, 08/21/46 1,000,000 986,466
4.52%, 09/15/48 3,000,000 2,822,899
5.01%, 08/21/54 1,000,000 971,791
4.67%, 03/15/55 1,000,000 922,124
Viacom, Inc.
4.50%, 03/01/21 1,000,000 1,018,193
3.88%, 12/15/21 100,000 100,668
3.88%, 04/01/24 (a) 248,000 243,542
6.88%, 04/30/36 400,000 430,374
5.85%, 09/01/43 (a) 500,000 491,990
Vodafone Group PLC
2.50%, 09/26/22 500,000 480,329
2.95%, 02/19/23 1,100,000 1,060,037
4.38%, 05/30/28 1,500,000 1,457,872
5.00%, 05/30/38 250,000 234,961
4.38%, 02/19/43 500,000 426,964
5.25%, 05/30/48 1,000,000 942,235
Walt Disney Co.
2.35%, 12/01/22 1,250,000 1,214,686
3.00%, 02/13/26 800,000 770,994
1.85%, 07/30/26 200,000 177,677
4.13%, 12/01/41 1,250,000 1,244,343
Warner Media LLC
4.75%, 03/29/21 300,000 307,728
4.00%, 01/15/22 500,000 506,508
3.55%, 06/01/24 (a) 400,000 386,332
3.88%, 01/15/26 (a) 1,500,000 1,434,817
3.80%, 02/15/27 (a) 250,000 234,978
4.85%, 07/15/45 (a) 1,000,000 900,453
WPP Finance 2010
3.75%, 09/19/24 250,000 233,928
5.63%, 11/15/43 150,000 147,833
    120,286,939
Consumer Cyclical 1.7%
Alibaba Group Holding Ltd.
3.13%, 11/28/21 (a) 250,000 247,480
3.40%, 12/06/27 (a) 1,750,000 1,619,986
4.50%, 11/28/34 (a) 500,000 488,366
4.00%, 12/06/37 (a) 1,250,000 1,123,511
Amazon.com, Inc.
3.30%, 12/05/21 (a) 1,250,000 1,265,804
2.40%, 02/22/23 (a) 1,600,000 1,549,993
 
44
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
2.80%, 08/22/24 (a) 500,000 486,355
4.80%, 12/05/34 (a) 500,000 536,455
4.95%, 12/05/44 (a) 500,000 555,561
4.05%, 08/22/47 (a) 1,000,000 979,553
4.25%, 08/22/57 (a) 1,000,000 974,361
American Honda Finance Corp.
2.00%, 02/14/20 650,000 642,527
2.45%, 09/24/20 200,000 197,651
2.60%, 11/16/22 1,000,000 973,497
2.90%, 02/16/24 500,000 484,432
2.30%, 09/09/26 300,000 273,648
Aptiv Corp.
4.15%, 03/15/24 (a) 540,000 541,137
Aptiv PLC
4.40%, 10/01/46 (a) 500,000 438,053
Automatic Data Processing, Inc.
2.25%, 09/15/20 (a) 350,000 348,169
AutoNation, Inc.
3.80%, 11/15/27 (a) 500,000 446,562
AutoZone, Inc.
3.70%, 04/15/22 (a) 500,000 504,247
3.25%, 04/15/25 (a) 1,000,000 953,419
Booking Holdings, Inc.
2.75%, 03/15/23 (a) 250,000 240,193
3.60%, 06/01/26 (a) 395,000 384,378
Carnival Corp.
3.95%, 10/15/20 350,000 354,604
Costco Wholesale Corp.
2.75%, 05/18/24 (a) 500,000 486,694
3.00%, 05/18/27 (a) 1,750,000 1,689,867
Daimler Finance North America LLC
8.50%, 01/18/31 500,000 684,116
Darden Restaurants, Inc.
3.85%, 05/01/27 (a) 345,000 332,475
Dollar Tree, Inc.
3.70%, 05/15/23 (a) 500,000 492,060
DR Horton, Inc.
4.00%, 02/15/20 500,000 501,079
2.55%, 12/01/20 250,000 244,096
eBay, Inc.
2.15%, 06/05/20 400,000 395,070
3.80%, 03/09/22 (a) 500,000 502,448
3.60%, 06/05/27 (a) 1,250,000 1,168,552
Ford Motor Co.
7.45%, 07/16/31 750,000 774,844
7.40%, 11/01/46 250,000 258,246
5.29%, 12/08/46 (a) 250,000 205,921
Ford Motor Credit Co. LLC
3.16%, 08/04/20 300,000 294,091
3.47%, 04/05/21 600,000 583,463
5.88%, 08/02/21 1,750,000 1,795,813
3.22%, 01/09/22 200,000 187,946
4.14%, 02/15/23 (a) 1,000,000 951,394
4.69%, 06/09/25 (a) 1,000,000 928,697
4.13%, 08/04/25 1,500,000 1,353,070
3.82%, 11/02/27 (a) 500,000 422,618
General Motors Co.
4.88%, 10/02/23 1,100,000 1,103,645
4.00%, 04/01/25 400,000 374,384
5.00%, 04/01/35 500,000 426,253
5.15%, 04/01/38 (a) 550,000 471,248
6.25%, 10/02/43 750,000 705,142
5.20%, 04/01/45 300,000 249,438
6.75%, 04/01/46 (a) 200,000 194,211
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
General Motors Financial Co., Inc.
3.15%, 01/15/20 (a) 750,000 745,649
2.65%, 04/13/20 600,000 590,165
3.20%, 07/06/21 (a) 1,250,000 1,221,734
4.38%, 09/25/21 2,250,000 2,255,790
3.45%, 01/14/22 (a) 750,000 727,289
3.15%, 06/30/22 (a) 500,000 477,968
3.25%, 01/05/23 (a) 500,000 471,296
4.35%, 01/17/27 (a) 1,250,000 1,152,453
3.85%, 01/05/28 (a) 1,000,000 872,362
GLP Capital LP/GLP Financing II, Inc.
5.38%, 11/01/23 (a) 500,000 508,725
5.25%, 06/01/25 (a) 500,000 497,710
5.75%, 06/01/28 (a) 350,000 354,812
Harley-Davidson, Inc.
4.63%, 07/28/45 (a) 500,000 473,366
Home Depot, Inc.
2.00%, 04/01/21 (a) 800,000 784,450
4.40%, 04/01/21 (a) 250,000 257,544
2.63%, 06/01/22 (a) 750,000 742,496
3.75%, 02/15/24 (a) 500,000 511,583
2.13%, 09/15/26 (a) 250,000 225,274
5.88%, 12/16/36 1,700,000 2,046,058
5.95%, 04/01/41 (a) 500,000 614,765
4.20%, 04/01/43 (a) 250,000 246,286
4.88%, 02/15/44 (a) 1,500,000 1,604,495
Kohl's Corp.
3.25%, 02/01/23 (a) 1,000,000 979,050
4.25%, 07/17/25 (a) 750,000 741,126
Lear Corp.
5.25%, 01/15/25 (a) 1,000,000 1,028,179
Lowe's Cos., Inc.
3.12%, 04/15/22 (a) 500,000 491,775
3.38%, 09/15/25 (a) 1,250,000 1,187,947
3.10%, 05/03/27 (a) 500,000 457,694
6.50%, 03/15/29 251,000 289,031
4.65%, 04/15/42 (a) 150,000 142,119
4.38%, 09/15/45 (a) 150,000 135,202
3.70%, 04/15/46 (a) 250,000 204,695
4.05%, 05/03/47 (a) 500,000 432,853
Macy's Retail Holdings, Inc.
2.88%, 02/15/23 (a) 200,000 185,360
4.50%, 12/15/34 (a) 30,000 24,067
Marriott International, Inc.
3.13%, 10/15/21 (a) 200,000 198,542
3.75%, 03/15/25 (a) 1,250,000 1,206,865
4.65%, 12/01/28 (a) 150,000 150,090
Mastercard, Inc.
2.95%, 11/21/26 (a) 500,000 481,614
3.80%, 11/21/46 (a) 500,000 484,154
McDonald's Corp.
2.20%, 05/26/20 (a) 500,000 494,587
2.75%, 12/09/20 (a) 1,500,000 1,490,286
3.38%, 05/26/25 (a) 750,000 734,232
3.80%, 04/01/28 (a) 500,000 491,837
6.30%, 03/01/38 150,000 179,683
4.88%, 12/09/45 (a) 850,000 858,825
4.45%, 03/01/47 (a) 250,000 239,964
4.45%, 09/01/48 (a) 500,000 477,553
NIKE, Inc.
2.25%, 05/01/23 (a) 100,000 96,810
3.63%, 05/01/43 (a) 50,000 46,297
Nordstrom, Inc.
4.00%, 10/15/21 (a) 300,000 302,222
5.00%, 01/15/44 (a) 500,000 432,422
 
45
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
O'Reilly Automotive, Inc.
3.55%, 03/15/26 (a) 500,000 481,038
PACCAR Financial Corp.
3.15%, 08/09/21 750,000 751,929
QVC, Inc.
5.13%, 07/02/22 200,000 202,273
4.38%, 03/15/23 250,000 240,110
5.45%, 08/15/34 (a) 200,000 175,139
Ralph Lauren Corp.
3.75%, 09/15/25 (a) 200,000 198,402
Royal Caribbean Cruises Ltd.
3.70%, 03/15/28 (a) 250,000 231,628
Sands China Ltd.
4.60%, 08/08/23 (a)(d) 750,000 746,910
5.40%, 08/08/28 (a)(d) 500,000 483,778
Starbucks Corp.
2.10%, 02/04/21 (a) 500,000 487,960
2.70%, 06/15/22 (a) 500,000 490,436
3.85%, 10/01/23 (a) 300,000 304,944
4.00%, 11/15/28 (a) 250,000 248,477
3.75%, 12/01/47 (a) 500,000 415,738
Tapestry, Inc.
4.25%, 04/01/25 (a) 250,000 243,878
4.13%, 07/15/27 (a) 200,000 187,468
Target Corp.
3.50%, 07/01/24 500,000 503,709
4.00%, 07/01/42 500,000 472,577
3.63%, 04/15/46 300,000 263,333
3.90%, 11/15/47 (a) 500,000 459,538
Toyota Motor Corp.
3.42%, 07/20/23 250,000 250,234
Toyota Motor Credit Corp.
2.15%, 03/12/20 500,000 494,296
4.25%, 01/11/21 250,000 257,150
3.40%, 09/15/21 1,350,000 1,361,106
2.70%, 01/11/23 500,000 485,934
2.90%, 04/17/24 250,000 243,904
3.20%, 01/11/27 250,000 243,228
Visa, Inc.
2.20%, 12/14/20 (a) 1,000,000 989,417
2.15%, 09/15/22 (a) 500,000 484,221
3.15%, 12/14/25 (a) 250,000 245,900
4.15%, 12/14/35 (a) 1,500,000 1,554,095
4.30%, 12/14/45 (a) 750,000 776,964
Walgreen Co.
4.40%, 09/15/42 150,000 131,958
Walgreens Boots Alliance, Inc.
3.30%, 11/18/21 (a) 1,000,000 996,078
3.80%, 11/18/24 (a) 1,000,000 986,076
3.45%, 06/01/26 (a) 500,000 471,201
4.80%, 11/18/44 (a) 200,000 182,741
4.65%, 06/01/46 (a) 250,000 226,222
Walmart, Inc.
2.35%, 12/15/22 (a) 1,000,000 974,655
2.55%, 04/11/23 (a) 2,200,000 2,146,144
2.65%, 12/15/24 (a) 1,250,000 1,215,199
3.70%, 06/26/28 (a) 2,500,000 2,540,296
5.25%, 09/01/35 1,000,000 1,153,947
6.20%, 04/15/38 150,000 190,082
3.95%, 06/28/38 (a) 750,000 744,560
5.63%, 04/15/41 150,000 181,718
4.30%, 04/22/44 (a) 300,000 303,452
3.63%, 12/15/47 (a) 250,000 230,750
4.05%, 06/29/48 (a) 750,000 748,180
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Walt Disney Co.
4.38%, 08/16/41 500,000 506,879
Western Union Co.
4.25%, 06/09/23 (a) 750,000 755,378
    96,095,404
Consumer Non-Cyclical 3.9%
Abbott Laboratories
2.55%, 03/15/22 500,000 487,473
3.40%, 11/30/23 (a) 1,500,000 1,497,103
3.75%, 11/30/26 (a) 708,000 700,404
4.75%, 11/30/36 (a) 500,000 523,524
5.30%, 05/27/40 150,000 165,948
4.90%, 11/30/46 (a) 1,250,000 1,317,191
AbbVie, Inc.
2.50%, 05/14/20 (a) 1,000,000 990,838
2.90%, 11/06/22 500,000 486,952
3.20%, 11/06/22 (a) 300,000 295,786
2.85%, 05/14/23 (a) 1,450,000 1,398,609
3.60%, 05/14/25 (a) 150,000 144,080
4.25%, 11/14/28 (a) 1,250,000 1,215,911
4.50%, 05/14/35 (a) 1,500,000 1,391,571
4.30%, 05/14/36 (a) 1,500,000 1,342,203
4.40%, 11/06/42 500,000 441,247
4.70%, 05/14/45 (a) 250,000 228,176
4.88%, 11/14/48 (a) 300,000 280,961
Allergan Finance LLC
3.25%, 10/01/22 (a) 1,250,000 1,223,216
Allergan Funding SCS
3.45%, 03/15/22 (a) 1,000,000 984,780
3.85%, 06/15/24 (a) 500,000 493,748
4.55%, 03/15/35 (a) 690,000 656,371
4.85%, 06/15/44 (a) 500,000 473,770
4.75%, 03/15/45 (a) 168,000 160,062
Allergan, Inc.
2.80%, 03/15/23 (a) 1,150,000 1,102,647
Altria Group, Inc.
4.75%, 05/05/21 500,000 511,303
2.85%, 08/09/22 600,000 576,472
2.95%, 05/02/23 800,000 761,798
4.25%, 08/09/42 200,000 161,865
3.88%, 09/16/46 (a) 1,000,000 764,611
AmerisourceBergen Corp.
3.45%, 12/15/27 (a) 1,000,000 933,263
Amgen, Inc.
3.45%, 10/01/20 500,000 502,437
4.10%, 06/15/21 (a) 1,000,000 1,020,223
1.85%, 08/19/21 (a) 1,500,000 1,447,284
3.88%, 11/15/21 (a) 500,000 506,926
3.63%, 05/22/24 (a) 650,000 648,812
2.60%, 08/19/26 (a) 250,000 227,561
4.95%, 10/01/41 500,000 511,101
5.15%, 11/15/41 (a) 850,000 878,555
4.40%, 05/01/45 (a) 500,000 469,364
4.66%, 06/15/51 (a) 1,000,000 946,007
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
3.65%, 02/01/26 (a) 2,150,000 2,034,800
4.70%, 02/01/36 (a) 2,250,000 2,092,602
4.90%, 02/01/46 (a) 2,550,000 2,369,956
Anheuser-Busch InBev Finance, Inc.
2.65%, 02/01/21 (a) 1,832,000 1,802,483
3.30%, 02/01/23 (a) 1,850,000 1,800,541
3.70%, 02/01/24 1,950,000 1,913,117
3.65%, 02/01/26 (a) 500,000 471,747
 
46
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
4.63%, 02/01/44 500,000 446,368
4.90%, 02/01/46 (a) 200,000 186,147
Anheuser-Busch InBev Worldwide, Inc.
4.38%, 02/15/21 250,000 255,051
3.75%, 01/15/22 500,000 500,724
3.50%, 01/12/24 (a) 500,000 489,630
4.00%, 04/13/28 (a) 750,000 718,770
4.38%, 04/15/38 (a) 750,000 671,242
4.95%, 01/15/42 50,000 46,821
4.60%, 04/15/48 (a) 250,000 224,920
4.44%, 10/06/48 (a) 2,000,000 1,733,782
4.75%, 04/15/58 (a) 400,000 349,517
Archer-Daniels-Midland Co.
2.50%, 08/11/26 (a) 900,000 835,494
4.02%, 04/16/43 200,000 188,956
Ascension Health
3.95%, 11/15/46 500,000 482,709
AstraZeneca PLC
2.38%, 11/16/20 750,000 737,261
2.38%, 06/12/22 (a) 500,000 480,007
6.45%, 09/15/37 1,650,000 1,973,505
4.00%, 09/18/42 150,000 134,144
BAT Capital Corp.
2.76%, 08/15/22 (a) 2,000,000 1,890,640
3.22%, 08/15/24 (a) 1,000,000 922,255
Baxalta, Inc.
4.00%, 06/23/25 (a) 300,000 293,712
5.25%, 06/23/45 (a) 298,000 303,131
Baxter International, Inc.
1.70%, 08/15/21 (a) 500,000 480,003
Baylor Scott & White Holdings
4.19%, 11/15/45 (a) 200,000 197,611
Becton Dickinson & Co.
3.25%, 11/12/20 650,000 646,358
2.89%, 06/06/22 (a) 750,000 726,975
3.73%, 12/15/24 (a) 1,000,000 967,268
3.70%, 06/06/27 (a) 200,000 189,505
4.69%, 12/15/44 (a) 400,000 375,749
4.67%, 06/06/47 (a) 500,000 472,074
Biogen, Inc.
2.90%, 09/15/20 750,000 744,721
4.05%, 09/15/25 (a) 1,000,000 996,887
5.20%, 09/15/45 (a) 500,000 518,126
Boston Scientific Corp.
6.00%, 01/15/20 650,000 666,589
4.13%, 10/01/23 (a) 100,000 101,517
3.85%, 05/15/25 250,000 246,283
4.00%, 03/01/28 (a) 250,000 243,118
7.00%, 11/15/35 (f) 150,000 188,072
Bristol-Myers Squibb Co.
3.25%, 02/27/27 250,000 244,217
3.25%, 08/01/42 100,000 87,149
4.50%, 03/01/44 (a) 600,000 630,894
Brown-Forman Corp.
4.00%, 04/15/38 (a) 750,000 749,982
Bunge Ltd. Finance Corp.
3.75%, 09/25/27 (a) 1,000,000 890,910
Campbell Soup Co.
2.50%, 08/02/22 350,000 331,777
4.15%, 03/15/28 (a) 1,000,000 932,735
Cardinal Health, Inc.
3.08%, 06/15/24 (a) 1,222,000 1,148,945
3.75%, 09/15/25 (a) 250,000 242,598
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
3.41%, 06/15/27 (a) 250,000 226,890
4.90%, 09/15/45 (a) 500,000 452,517
Catholic Health Initiatives
4.35%, 11/01/42 250,000 226,659
Celgene Corp.
2.88%, 08/15/20 1,000,000 993,402
3.55%, 08/15/22 1,000,000 989,848
3.63%, 05/15/24 (a) 700,000 683,540
3.45%, 11/15/27 (a) 500,000 455,848
3.90%, 02/20/28 (a) 250,000 234,937
5.25%, 08/15/43 250,000 241,310
5.00%, 08/15/45 (a) 250,000 231,989
4.35%, 11/15/47 (a) 750,000 633,980
4.55%, 02/20/48 (a) 500,000 434,932
Church & Dwight Co., Inc.
3.15%, 08/01/27 (a) 750,000 706,786
Cleveland Clinic Foundation
4.86%, 01/01/14 450,000 462,237
Clorox Co.
3.90%, 05/15/28 (a) 550,000 553,519
Coca-Cola Co.
1.88%, 10/27/20 100,000 98,313
3.30%, 09/01/21 750,000 759,837
2.20%, 05/25/22 250,000 243,109
2.50%, 04/01/23 250,000 244,146
Coca-Cola Femsa S.A.B. de C.V.
5.25%, 11/26/43 750,000 810,163
Colgate-Palmolive Co.
2.10%, 05/01/23 500,000 482,068
3.25%, 03/15/24 400,000 402,302
3.70%, 08/01/47 (a) 200,000 190,590
Conagra Brands, Inc.
3.80%, 10/22/21 250,000 250,253
3.20%, 01/25/23 (a) 783,000 760,558
4.30%, 05/01/24 (a) 250,000 248,784
4.85%, 11/01/28 (a) 250,000 246,318
5.30%, 11/01/38 (a) 250,000 236,941
5.40%, 11/01/48 (a) 250,000 231,058
Constellation Brands, Inc.
2.65%, 11/07/22 (a) 250,000 239,599
3.20%, 02/15/23 (a) 1,500,000 1,455,949
4.25%, 05/01/23 500,000 505,992
4.40%, 11/15/25 (a) 350,000 351,197
CVS Health Corp.
3.35%, 03/09/21 500,000 498,833
2.13%, 06/01/21 (a) 250,000 241,356
3.70%, 03/09/23 (a) 3,000,000 2,970,734
4.00%, 12/05/23 (a) 300,000 301,175
3.38%, 08/12/24 (a) 1,000,000 971,041
4.10%, 03/25/25 (a) 500,000 495,685
3.88%, 07/20/25 (a) 750,000 731,920
2.88%, 06/01/26 (a) 500,000 456,156
4.30%, 03/25/28 (a) 2,000,000 1,958,899
4.88%, 07/20/35 (a) 250,000 242,288
4.78%, 03/25/38 (a) 1,000,000 961,212
5.30%, 12/05/43 (a) 700,000 709,669
5.13%, 07/20/45 (a) 1,250,000 1,221,107
5.05%, 03/25/48 (a) 2,250,000 2,196,600
Dartmouth-Hitchcock Health
4.18%, 08/01/48 (a) 1,000,000 969,321
Diageo Capital PLC
3.88%, 05/18/28 (a) 450,000 458,674
5.88%, 09/30/36 1,000,000 1,209,340
 
47
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Eli Lilly & Co.
2.35%, 05/15/22 600,000 589,537
3.10%, 05/15/27 (a) 500,000 484,627
3.70%, 03/01/45 (a) 500,000 470,735
Estee Lauder Cos., Inc.
4.15%, 03/15/47 (a) 600,000 608,252
Express Scripts Holding Co.
3.05%, 11/30/22 (a) 500,000 484,341
3.00%, 07/15/23 (a) 500,000 481,742
3.40%, 03/01/27 (a) 500,000 464,639
4.80%, 07/15/46 (a) 1,000,000 962,255
Flowers Foods, Inc.
4.38%, 04/01/22 (a) 250,000 252,231
General Mills, Inc.
3.20%, 04/16/21 1,000,000 995,052
4.00%, 04/17/25 (a) 1,000,000 985,499
4.55%, 04/17/38 (a) 500,000 465,342
Genzyme Corp.
5.00%, 06/15/20 250,000 257,719
Gilead Sciences, Inc.
2.55%, 09/01/20 500,000 496,076
4.40%, 12/01/21 (a) 350,000 361,334
2.50%, 09/01/23 (a) 750,000 723,990
3.70%, 04/01/24 (a) 400,000 399,615
3.50%, 02/01/25 (a) 750,000 740,692
3.65%, 03/01/26 (a) 400,000 392,447
4.60%, 09/01/35 (a) 500,000 505,682
5.65%, 12/01/41 (a) 200,000 221,394
4.80%, 04/01/44 (a) 500,000 502,568
4.50%, 02/01/45 (a) 250,000 240,969
4.75%, 03/01/46 (a) 750,000 745,760
4.15%, 03/01/47 (a) 750,000 692,516
GlaxoSmithKline Capital PLC
3.13%, 05/14/21 350,000 350,560
2.85%, 05/08/22 150,000 148,251
GlaxoSmithKline Capital, Inc.
3.63%, 05/15/25 1,000,000 1,007,231
3.88%, 05/15/28 1,500,000 1,526,112
6.38%, 05/15/38 250,000 314,805
Hasbro, Inc.
6.35%, 03/15/40 450,000 468,789
5.10%, 05/15/44 (a) 100,000 90,764
Ingredion, Inc.
3.20%, 10/01/26 (a) 250,000 232,854
JM Smucker Co.
3.50%, 10/15/21 250,000 250,590
3.50%, 03/15/25 750,000 721,101
4.38%, 03/15/45 500,000 436,705
Johnson & Johnson
1.65%, 03/01/21 (a) 250,000 243,696
2.45%, 12/05/21 100,000 98,499
2.05%, 03/01/23 (a) 100,000 96,667
3.38%, 12/05/23 500,000 509,801
2.45%, 03/01/26 (a) 450,000 423,058
2.95%, 03/03/27 (a) 2,000,000 1,925,189
2.90%, 01/15/28 (a) 100,000 95,957
3.40%, 01/15/38 (a) 1,500,000 1,399,124
3.70%, 03/01/46 (a) 1,000,000 952,197
Kaiser Foundation Hospitals
3.15%, 05/01/27 (a) 1,250,000 1,202,967
Kellogg Co.
2.65%, 12/01/23 500,000 473,309
4.30%, 05/15/28 (a) 1,000,000 998,912
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Keurig Dr Pepper, Inc.
3.55%, 05/25/21 (d) 500,000 499,527
3.13%, 12/15/23 (a) 250,000 239,025
4.42%, 05/25/25 (a)(d) 1,000,000 996,746
4.60%, 05/25/28 (a)(d) 500,000 497,166
4.42%, 12/15/46 (a) 250,000 221,501
5.09%, 05/25/48 (a)(d) 250,000 238,620
Kimberly-Clark Corp.
6.63%, 08/01/37 100,000 132,036
5.30%, 03/01/41 1,000,000 1,151,814
Koninklijke Ahold Delhaize NV
5.70%, 10/01/40 73,000 79,238
Koninklijke Philips N.V.
6.88%, 03/11/38 150,000 195,474
5.00%, 03/15/42 200,000 216,097
Kraft Heinz Foods Co.
5.38%, 02/10/20 1,250,000 1,278,906
3.50%, 06/06/22 1,250,000 1,238,382
3.95%, 07/15/25 (a) 250,000 242,283
3.00%, 06/01/26 (a) 250,000 223,383
6.88%, 01/26/39 250,000 279,724
5.00%, 06/04/42 1,500,000 1,345,814
5.20%, 07/15/45 (a) 500,000 458,463
4.38%, 06/01/46 (a) 750,000 620,135
Kroger Co.
2.80%, 08/01/22 (a) 750,000 731,544
4.00%, 02/01/24 (a) 750,000 757,170
5.40%, 07/15/40 (a) 500,000 509,649
4.45%, 02/01/47 (a) 250,000 219,863
Laboratory Corp. of America Holdings
3.25%, 09/01/24 (a) 1,250,000 1,197,866
4.70%, 02/01/45 (a) 250,000 233,583
Mayo Clinic
4.13%, 11/15/52 250,000 252,157
McCormick & Co., Inc.
3.40%, 08/15/27 (a) 350,000 331,242
McKesson Corp.
2.70%, 12/15/22 (a) 750,000 723,513
3.80%, 03/15/24 (a) 500,000 495,271
3.95%, 02/16/28 (a) 1,000,000 960,984
Mead Johnson Nutrition Co.
3.00%, 11/15/20 500,000 498,672
4.13%, 11/15/25 (a) 300,000 308,035
4.60%, 06/01/44 (a) 350,000 359,968
Medtronic Global Holdings SCA
3.35%, 04/01/27 (a) 500,000 490,264
Medtronic, Inc.
2.50%, 03/15/20 1,850,000 1,840,852
4.13%, 03/15/21 (a) 100,000 102,128
3.15%, 03/15/22 1,300,000 1,296,999
3.63%, 03/15/24 (a) 200,000 202,054
3.50%, 03/15/25 1,425,000 1,420,548
4.38%, 03/15/35 2,000,000 2,051,243
4.63%, 03/15/45 750,000 788,149
Memorial Sloan-Kettering Cancer Center
4.20%, 07/01/55 250,000 251,711
Merck & Co., Inc.
1.85%, 02/10/20 100,000 99,121
3.88%, 01/15/21 (a) 1,600,000 1,633,257
2.80%, 05/18/23 1,250,000 1,233,924
2.75%, 02/10/25 (a) 2,100,000 2,033,209
3.70%, 02/10/45 (a) 500,000 481,399
 
48
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Molson Coors Brewing Co.
2.10%, 07/15/21 (a) 1,000,000 964,740
3.50%, 05/01/22 200,000 198,958
3.00%, 07/15/26 (a) 500,000 446,030
5.00%, 05/01/42 500,000 472,214
4.20%, 07/15/46 (a) 500,000 416,968
Mondelez International, Inc.
3.63%, 05/07/23 (a) 1,000,000 1,002,192
4.13%, 05/07/28 (a) 300,000 299,936
Mylan N.V.
3.95%, 06/15/26 (a) 1,000,000 914,290
Mylan, Inc.
4.55%, 04/15/28 (a)(d) 500,000 466,877
5.40%, 11/29/43 (a) 250,000 212,248
5.20%, 04/15/48 (a)(d) 250,000 206,836
Newell Brands, Inc.
3.85%, 04/01/23 (a) 500,000 493,150
4.20%, 04/01/26 (a) 450,000 440,201
5.38%, 04/01/36 (a) 193,000 183,930
Novartis Capital Corp.
4.40%, 04/24/20 (c) 100,000 102,188
2.40%, 09/21/22 100,000 97,732
3.00%, 11/20/25 (a) 1,000,000 969,580
3.10%, 05/17/27 (a) 750,000 726,996
4.40%, 05/06/44 750,000 803,065
NYU Langone Hospitals
4.78%, 07/01/44 200,000 211,446
PepsiCo, Inc.
2.15%, 10/14/20 (a) 100,000 98,779
3.13%, 11/01/20 250,000 251,176
2.00%, 04/15/21 (a) 300,000 294,122
1.70%, 10/06/21 (a) 1,000,000 967,582
2.75%, 03/05/22 1,350,000 1,336,998
2.75%, 03/01/23 250,000 246,462
3.60%, 03/01/24 (a) 500,000 507,888
2.38%, 10/06/26 (a) 250,000 229,752
3.00%, 10/15/27 (a) 500,000 482,580
4.60%, 07/17/45 (a) 1,300,000 1,389,233
3.45%, 10/06/46 (a) 1,000,000 889,797
Perrigo Finance Unlimited Co.
3.90%, 12/15/24 (a) 500,000 463,291
Pfizer, Inc.
1.95%, 06/03/21 500,000 490,481
3.00%, 09/15/21 250,000 251,590
2.20%, 12/15/21 350,000 344,215
3.00%, 06/15/23 500,000 498,171
3.20%, 09/15/23 (a) 250,000 251,147
3.40%, 05/15/24 250,000 251,941
2.75%, 06/03/26 1,000,000 950,912
3.60%, 09/15/28 (a) 250,000 251,247
7.20%, 03/15/39 500,000 691,705
4.40%, 05/15/44 850,000 887,197
4.13%, 12/15/46 1,250,000 1,257,957
Philip Morris International, Inc.
4.50%, 03/26/20 250,000 254,292
4.13%, 05/17/21 500,000 510,911
2.90%, 11/15/21 500,000 493,978
2.38%, 08/17/22 (a) 500,000 480,765
2.50%, 08/22/22 250,000 241,031
2.63%, 03/06/23 150,000 144,375
2.75%, 02/25/26 (a) 250,000 231,303
3.13%, 03/02/28 (a) 1,000,000 935,164
6.38%, 05/16/38 650,000 754,470
4.38%, 11/15/41 250,000 227,830
4.88%, 11/15/43 1,000,000 993,582
4.25%, 11/10/44 200,000 182,811
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Procter & Gamble Co.
1.85%, 02/02/21 1,500,000 1,473,634
2.30%, 02/06/22 500,000 492,448
3.50%, 10/25/47 750,000 704,488
Quest Diagnostics, Inc.
2.50%, 03/30/20 (a) 500,000 495,587
3.50%, 03/30/25 (a) 500,000 488,256
4.70%, 03/30/45 (a) 500,000 479,468
Reynolds American, Inc.
4.45%, 06/12/25 (a) 650,000 627,617
6.15%, 09/15/43 500,000 488,826
5.85%, 08/15/45 (a) 1,500,000 1,398,058
Sanofi
4.00%, 03/29/21 150,000 153,460
3.63%, 06/19/28 (a) 250,000 253,921
Shire Acquisitions Investments Ireland DAC
2.40%, 09/23/21 (a) 500,000 483,807
2.88%, 09/23/23 (a) 1,250,000 1,182,932
3.20%, 09/23/26 (a) 1,000,000 906,438
Stryker Corp.
3.50%, 03/15/26 (a) 1,750,000 1,685,435
4.63%, 03/15/46 (a) 500,000 504,178
Sysco Corp.
3.55%, 03/15/25 (a) 750,000 739,580
3.75%, 10/01/25 (a) 750,000 732,417
The Coca-Cola Co.
3.15%, 11/15/20 1,000,000 1,007,136
3.20%, 11/01/23 750,000 752,834
The Kroger Co.
6.15%, 01/15/20 300,000 308,598
7.50%, 04/01/31 (c) 100,000 123,433
Thermo Fisher Scientific, Inc.
4.50%, 03/01/21 50,000 51,128
3.60%, 08/15/21 (a) 550,000 551,929
3.30%, 02/15/22 750,000 747,354
4.15%, 02/01/24 (a) 800,000 811,262
5.30%, 02/01/44 (a) 200,000 221,245
4.10%, 08/15/47 (a) 250,000 232,311
Tyson Foods, Inc.
4.88%, 08/15/34 (a) 750,000 728,157
4.55%, 06/02/47 (a) 500,000 439,758
Unilever Capital Corp.
1.80%, 05/05/20 1,500,000 1,477,968
4.25%, 02/10/21 800,000 821,961
1.38%, 07/28/21 100,000 95,866
2.00%, 07/28/26 500,000 451,235
3.50%, 03/22/28 (a) 150,000 148,492
Wyeth LLC
5.95%, 04/01/37 500,000 600,691
Zimmer Biomet Holdings, Inc.
2.70%, 04/01/20 (a) 500,000 495,378
3.70%, 03/19/23 (a) 250,000 247,571
4.45%, 08/15/45 (a) 1,099,000 1,001,371
Zoetis, Inc.
3.25%, 02/01/23 (a) 250,000 246,456
3.00%, 09/12/27 (a) 500,000 462,641
3.90%, 08/20/28 (a) 500,000 490,829
4.70%, 02/01/43 (a) 100,000 101,756
4.45%, 08/20/48 (a) 250,000 245,978
    213,788,890
 
49
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Energy 2.2%
Anadarko Petroleum Corp.
4.85%, 03/15/21 (a) 598,000 612,587
6.45%, 09/15/36 1,000,000 1,082,910
6.60%, 03/15/46 (a) 1,000,000 1,107,815
Apache Corp.
3.63%, 02/01/21 (a) 250,000 249,697
3.25%, 04/15/22 (a) 983,000 963,514
6.00%, 01/15/37 278,000 285,630
5.10%, 09/01/40 (a) 500,000 454,290
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc.
2.77%, 12/15/22 (a) 250,000 239,982
3.34%, 12/15/27 (a) 750,000 690,856
4.08%, 12/15/47 (a) 500,000 412,991
Boardwalk Pipelines LP
4.95%, 12/15/24 (a) 500,000 507,659
4.45%, 07/15/27 (a) 2,000,000 1,849,814
BP Capital Markets America, Inc.
4.50%, 10/01/20 1,050,000 1,075,325
4.74%, 03/11/21 1,500,000 1,547,330
3.25%, 05/06/22 200,000 198,359
2.75%, 05/10/23 250,000 242,900
3.79%, 02/06/24 (a) 250,000 252,869
3.80%, 09/21/25 (a) 500,000 502,841
3.12%, 05/04/26 (a) 250,000 235,310
3.59%, 04/14/27 (a) 300,000 292,159
3.94%, 09/21/28 (a) 200,000 200,925
4.23%, 11/06/28 (a) 250,000 257,494
BP Capital Markets PLC
2.32%, 02/13/20 750,000 743,712
3.56%, 11/01/21 500,000 504,654
3.06%, 03/17/22 500,000 495,825
3.51%, 03/17/25 250,000 245,426
3.28%, 09/19/27 (a) 750,000 715,190
Buckeye Partners LP
4.88%, 02/01/21 (a) 350,000 354,062
4.35%, 10/15/24 (a) 300,000 291,334
4.13%, 12/01/27 (a) 1,750,000 1,576,412
Canadian Natural Resources Ltd.
2.95%, 01/15/23 (a) 2,600,000 2,487,525
3.80%, 04/15/24 (a) 150,000 148,094
7.20%, 01/15/32 225,000 271,390
6.25%, 03/15/38 100,000 109,075
Cenovus Energy, Inc.
3.00%, 08/15/22 (a) 750,000 712,583
3.80%, 09/15/23 (a) 500,000 482,858
4.25%, 04/15/27 (a) 750,000 684,281
5.25%, 06/15/37 (a) 250,000 220,866
6.75%, 11/15/39 200,000 195,720
Chevron Corp.
1.96%, 03/03/20 (a) 500,000 495,065
2.42%, 11/17/20 (a) 150,000 148,660
2.50%, 03/03/22 (a) 300,000 294,345
2.36%, 12/05/22 (a) 499,000 483,495
3.19%, 06/24/23 (a) 1,150,000 1,148,911
2.90%, 03/03/24 (a) 1,500,000 1,464,937
Concho Resources, Inc.
4.30%, 08/15/28 (a) 1,000,000 980,106
ConocoPhillips Canada Funding Co. I
5.95%, 10/15/36 250,000 298,602
ConocoPhillips Co.
4.95%, 03/15/26 (a) 500,000 535,544
6.50%, 02/01/39 1,350,000 1,673,782
4.30%, 11/15/44 (a) 500,000 492,952
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
ConocoPhillips Holding Co.
6.95%, 04/15/29 200,000 247,587
Continental Resources, Inc.
5.00%, 09/15/22 (a) 400,000 397,626
4.90%, 06/01/44 (a) 500,000 444,056
Devon Energy Corp.
3.25%, 05/15/22 (a) 1,000,000 975,218
5.00%, 06/15/45 (a) 800,000 707,154
Dominion Energy Gas Holdings LLC
4.80%, 11/01/43 (a) 1,300,000 1,312,234
Enable Midstream Partners LP
3.90%, 05/15/24 (a) 100,000 96,038
Enbridge Energy Partners LP
4.38%, 10/15/20 (a) 1,000,000 1,012,091
Enbridge, Inc.
4.25%, 12/01/26 (a) 1,000,000 990,468
3.70%, 07/15/27 (a) 500,000 474,425
4.50%, 06/10/44 (a) 150,000 143,869
5.50%, 12/01/46 (a) 250,000 267,785
Encana Corp.
6.50%, 02/01/38 500,000 543,617
Energy Transfer Operating LP
4.15%, 10/01/20 (a) 1,250,000 1,258,020
5.20%, 02/01/22 (a) 1,750,000 1,798,356
4.20%, 04/15/27 (a) 250,000 233,382
4.90%, 03/15/35 (a) 750,000 673,198
6.63%, 10/15/36 500,000 514,788
7.50%, 07/01/38 500,000 559,614
6.50%, 02/01/42 (a) 800,000 800,792
5.15%, 03/15/45 (a) 250,000 217,000
6.13%, 12/15/45 (a) 500,000 490,588
5.30%, 04/15/47 (a) 250,000 221,100
Enterprise Products Operating LLC
5.25%, 01/31/20 750,000 764,233
2.85%, 04/15/21 (a) 1,500,000 1,485,848
3.35%, 03/15/23 (a) 500,000 493,649
3.90%, 02/15/24 (a) 400,000 403,834
3.70%, 02/15/26 (a) 150,000 148,023
3.95%, 02/15/27 (a) 350,000 349,055
4.15%, 10/16/28 (a) 250,000 249,237
6.65%, 10/15/34 250,000 299,961
6.13%, 10/15/39 250,000 282,956
4.85%, 03/15/44 (a) 250,000 243,275
5.10%, 02/15/45 (a) 500,000 503,604
4.90%, 05/15/46 (a) 250,000 243,041
4.25%, 02/15/48 (a) 1,000,000 889,889
4.80%, 02/01/49 (a) 250,000 243,814
4.95%, 10/15/54 (a) 500,000 487,924
EOG Resources, Inc.
4.15%, 01/15/26 (a) 250,000 256,971
EQT Corp.
3.00%, 10/01/22 (a) 1,000,000 949,054
EQT Midstream Partners LP
5.50%, 07/15/28 (a) 250,000 245,298
Exxon Mobil Corp.
2.22%, 03/01/21 (a) 1,000,000 985,911
2.40%, 03/06/22 (a) 250,000 245,457
2.71%, 03/06/25 (a) 750,000 726,879
3.57%, 03/06/45 (a) 500,000 472,888
4.11%, 03/01/46 (a) 250,000 254,405
Halliburton Co.
3.50%, 08/01/23 (a) 250,000 248,416
3.80%, 11/15/25 (a) 750,000 727,826
4.85%, 11/15/35 (a) 750,000 738,502
 
50
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
4.50%, 11/15/41 (a) 150,000 137,371
5.00%, 11/15/45 (a) 500,000 492,712
Helmerich & Payne, Inc.
4.65%, 03/15/25 (a)(d) 1,750,000 1,786,701
Hess Corp.
7.30%, 08/15/31 347,000 376,256
7.13%, 03/15/33 600,000 637,954
5.60%, 02/15/41 500,000 441,280
5.80%, 04/01/47 (a) 250,000 225,121
HollyFrontier Corp.
5.88%, 04/01/26 (a) 250,000 253,086
Husky Energy, Inc.
3.95%, 04/15/22 (a) 500,000 502,957
6.80%, 09/15/37 500,000 598,287
Kerr-McGee Corp.
6.95%, 07/01/24 250,000 279,036
Kinder Morgan Energy Partners LP
6.85%, 02/15/20 (c) 800,000 828,556
3.45%, 02/15/23 (a) 1,500,000 1,465,065
4.30%, 05/01/24 (a) 300,000 299,905
5.80%, 03/15/35 100,000 102,501
5.00%, 08/15/42 (a) 1,100,000 1,009,974
4.70%, 11/01/42 (a) 300,000 261,987
5.40%, 09/01/44 (a) 400,000 383,655
Kinder Morgan, Inc.
4.30%, 06/01/25 (a) 750,000 745,113
4.30%, 03/01/28 (a) 1,000,000 980,569
7.80%, 08/01/31 500,000 600,275
5.55%, 06/01/45 (a) 1,200,000 1,192,528
Magellan Midstream Partners LP
5.15%, 10/15/43 (a) 750,000 755,216
Marathon Oil Corp.
2.80%, 11/01/22 (a) 550,000 517,040
6.60%, 10/01/37 1,000,000 1,123,929
Marathon Petroleum Corp.
3.40%, 12/15/20 (a) 500,000 500,082
5.13%, 03/01/21 (c) 250,000 257,348
3.63%, 09/15/24 (a) 500,000 487,141
6.50%, 03/01/41 (a) 500,000 540,999
4.75%, 09/15/44 (a) 250,000 221,237
MPLX LP
4.88%, 12/01/24 (a) 250,000 254,795
4.00%, 02/15/25 (a) 250,000 243,126
4.50%, 04/15/38 (a) 500,000 438,015
4.70%, 04/15/48 (a) 2,000,000 1,743,461
Noble Energy, Inc.
3.85%, 01/15/28 (a) 1,000,000 905,807
6.00%, 03/01/41 (a) 250,000 244,761
5.25%, 11/15/43 (a) 400,000 356,217
5.05%, 11/15/44 (a) 500,000 432,132
Occidental Petroleum Corp.
3.40%, 04/15/26 (a) 1,000,000 979,330
4.40%, 04/15/46 (a) 1,750,000 1,706,658
ONEOK, Inc.
5.20%, 07/15/48 (a) 1,000,000 960,224
Petro-Canada
5.95%, 05/15/35 500,000 562,263
6.80%, 05/15/38 500,000 583,319
Phillips 66
4.30%, 04/01/22 750,000 770,553
3.90%, 03/15/28 (a) 500,000 483,915
4.88%, 11/15/44 (a) 1,000,000 979,356
Phillips 66 Partners LP
3.61%, 02/15/25 (a) 500,000 481,018
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Pioneer Natural Resources Co.
7.50%, 01/15/20 250,000 259,849
Plains All American Pipeline LP
5.75%, 01/15/20 100,000 101,890
5.00%, 02/01/21 (a) 1,000,000 1,017,587
3.65%, 06/01/22 (a) 200,000 196,502
3.85%, 10/15/23 (a) 150,000 146,919
4.65%, 10/15/25 (a) 500,000 492,428
4.50%, 12/15/26 (a) 1,000,000 964,786
6.65%, 01/15/37 100,000 105,649
Sabine Pass Liquefaction LLC
5.63%, 04/15/23 (a) 1,000,000 1,054,530
5.75%, 05/15/24 (a) 2,175,000 2,271,808
5.63%, 03/01/25 (a) 1,000,000 1,039,760
Shell International Finance BV
4.38%, 03/25/20 500,000 508,716
1.88%, 05/10/21 1,000,000 974,320
3.40%, 08/12/23 750,000 756,802
3.25%, 05/11/25 1,500,000 1,480,322
2.88%, 05/10/26 500,000 480,050
4.13%, 05/11/35 850,000 845,082
6.38%, 12/15/38 1,500,000 1,898,541
4.55%, 08/12/43 750,000 781,324
4.38%, 05/11/45 250,000 256,954
4.00%, 05/10/46 250,000 242,008
Spectra Energy Partners LP
4.75%, 03/15/24 (a) 100,000 102,881
5.95%, 09/25/43 (a) 600,000 657,164
Suncor Energy, Inc.
3.60%, 12/01/24 (a) 500,000 489,695
5.95%, 12/01/34 250,000 279,004
6.50%, 06/15/38 600,000 693,039
4.00%, 11/15/47 (a) 250,000 224,047
Total Capital International S.A.
2.88%, 02/17/22 500,000 494,275
3.70%, 01/15/24 1,000,000 1,020,558
3.75%, 04/10/24 500,000 505,974
TransCanada PipeLines Ltd.
2.50%, 08/01/22 695,000 667,555
4.25%, 05/15/28 (a) 500,000 496,118
4.63%, 03/01/34 (a) 850,000 814,677
7.63%, 01/15/39 750,000 936,822
4.88%, 05/15/48 (a) 250,000 242,240
5.10%, 03/15/49 (a) 250,000 250,136
Transcontinental Gas Pipe Line Co. LLC
7.85%, 02/01/26 (a) 250,000 302,633
Valero Energy Corp.
6.63%, 06/15/37 700,000 769,049
4.90%, 03/15/45 500,000 471,643
Western Gas Partners LP
3.95%, 06/01/25 (a) 500,000 471,717
4.75%, 08/15/28 (a) 300,000 286,116
Williams Cos., Inc.
5.25%, 03/15/20 250,000 255,044
3.60%, 03/15/22 (a) 2,150,000 2,111,178
3.90%, 01/15/25 (a) 350,000 340,499
3.75%, 06/15/27 (a) 500,000 474,633
8.75%, 03/15/32 500,000 652,698
6.30%, 04/15/40 500,000 533,484
5.10%, 09/15/45 (a) 250,000 231,789
4.85%, 03/01/48 (a) 500,000 455,389
    120,072,334
 
51
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Industrial Other 0.1%
Cintas Corp. No 2
3.70%, 04/01/27 (a) 1,000,000 978,377
Fluor Corp.
3.50%, 12/15/24 (a) 300,000 292,976
Massachusetts Institute of Technology
5.60%, 07/01/11 415,000 531,343
President & Fellows of Harvard College
3.15%, 07/15/46 (a) 50,000 44,726
3.30%, 07/15/56 (a) 1,600,000 1,419,428
Princeton University
5.70%, 03/01/39 1,000,000 1,276,099
William Marsh Rice University
3.57%, 05/15/45 300,000 284,468
    4,827,417
Technology 1.9%
Adobe, Inc.
3.25%, 02/01/25 (a) 500,000 491,105
Alphabet, Inc.
3.38%, 02/25/24 600,000 609,320
Analog Devices, Inc.
2.50%, 12/05/21 (a) 150,000 146,525
3.13%, 12/05/23 (a) 750,000 729,331
3.90%, 12/15/25 (a) 300,000 294,845
Apple, Inc.
1.55%, 02/07/20 250,000 247,013
1.80%, 05/11/20 1,000,000 987,600
2.25%, 02/23/21 (a) 2,250,000 2,224,330
2.85%, 05/06/21 2,250,000 2,253,511
2.15%, 02/09/22 250,000 243,858
2.50%, 02/09/22 (a) 1,250,000 1,230,827
2.70%, 05/13/22 250,000 247,333
2.40%, 01/13/23 (a) 1,000,000 970,963
2.40%, 05/03/23 1,750,000 1,693,163
3.45%, 05/06/24 1,000,000 1,005,471
2.75%, 01/13/25 (a) 500,000 482,527
3.25%, 02/23/26 (a) 500,000 488,525
3.35%, 02/09/27 (a) 1,500,000 1,463,126
3.85%, 05/04/43 1,000,000 949,174
4.45%, 05/06/44 500,000 517,652
3.45%, 02/09/45 500,000 443,832
4.38%, 05/13/45 1,100,000 1,119,751
4.25%, 02/09/47 (a) 2,100,000 2,097,797
3.75%, 11/13/47 (a) 250,000 230,321
Applied Materials, Inc.
2.63%, 10/01/20 (a) 250,000 248,107
4.30%, 06/15/21 250,000 257,456
3.90%, 10/01/25 (a) 1,000,000 1,007,169
Arrow Electronics, Inc.
3.25%, 09/08/24 (a) 500,000 466,386
Autodesk, Inc.
4.38%, 06/15/25 (a) 500,000 505,902
Baidu, Inc.
3.00%, 06/30/20 250,000 248,789
2.88%, 07/06/22 500,000 486,227
3.88%, 09/29/23 (a) 750,000 747,729
4.38%, 03/29/28 (a) 250,000 245,538
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.00%, 01/15/22 (a) 1,500,000 1,443,586
3.63%, 01/15/24 (a) 2,500,000 2,367,929
3.13%, 01/15/25 (a) 500,000 451,988
3.88%, 01/15/27 (a) 250,000 224,654
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Cisco Systems, Inc.
4.45%, 01/15/20 1,000,000 1,015,676
2.20%, 02/28/21 1,500,000 1,480,587
2.20%, 09/20/23 (a) 750,000 718,694
3.63%, 03/04/24 250,000 255,148
3.50%, 06/15/25 250,000 251,234
5.90%, 02/15/39 500,000 616,761
5.50%, 01/15/40 1,000,000 1,182,257
Corning, Inc.
2.90%, 05/15/22 (a) 250,000 246,304
5.35%, 11/15/48 (a) 250,000 254,551
Dell International LLC/EMC Corp.
4.42%, 06/15/21 (a)(d) 1,250,000 1,248,655
5.45%, 06/15/23 (a)(d) 500,000 509,302
6.02%, 06/15/26 (a)(d) 2,000,000 2,011,948
8.35%, 07/15/46 (a)(d) 450,000 488,625
Fidelity National Information Services, Inc.
2.25%, 08/15/21 (a) 250,000 241,572
3.50%, 04/15/23 (a) 909,000 899,430
5.00%, 10/15/25 (a) 139,000 144,792
3.00%, 08/15/26 (a) 450,000 414,678
4.25%, 05/15/28 (a) 1,250,000 1,244,150
Fiserv, Inc.
3.50%, 10/01/22 (a) 250,000 248,493
3.85%, 06/01/25 (a) 250,000 248,122
4.20%, 10/01/28 (a) 750,000 749,982
Flex Ltd.
4.75%, 06/15/25 (a) 500,000 490,486
Harris Corp.
6.15%, 12/15/40 150,000 174,166
Hewlett Packard Enterprise Co.
3.60%, 10/15/20 (a) 1,000,000 1,003,000
4.40%, 10/15/22 (a) 1,000,000 1,016,199
6.35%, 10/15/45 (a) 750,000 702,240
HP, Inc.
4.30%, 06/01/21 500,000 508,590
6.00%, 09/15/41 500,000 497,147
IBM Credit LLC
2.65%, 02/05/21 250,000 247,263
Intel Corp.
2.45%, 07/29/20 750,000 747,166
1.70%, 05/19/21 (a) 750,000 729,104
2.35%, 05/11/22 (a) 1,600,000 1,565,547
3.15%, 05/11/27 (a) 1,000,000 972,228
4.80%, 10/01/41 500,000 544,334
4.25%, 12/15/42 (c) 250,000 245,234
4.10%, 05/19/46 (a) 650,000 633,140
4.10%, 05/11/47 (a) 750,000 721,645
International Business Machines Corp.
2.25%, 02/19/21 1,500,000 1,470,231
1.88%, 08/01/22 200,000 188,905
2.88%, 11/09/22 250,000 244,341
3.38%, 08/01/23 150,000 148,455
3.63%, 02/12/24 1,000,000 993,450
3.45%, 02/19/26 750,000 730,123
3.30%, 01/27/27 1,000,000 959,020
4.00%, 06/20/42 700,000 630,310
Jabil, Inc.
3.95%, 01/12/28 (a) 250,000 218,438
Keysight Technologies, Inc.
4.60%, 04/06/27 (a) 1,000,000 1,005,493
KLA-Tencor Corp.
4.65%, 11/01/24 (a) 500,000 513,037
 
52
Schwab Fixed-Income ETFs  |  Annual Report
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Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Lam Research Corp.
2.80%, 06/15/21 (a) 1,000,000 989,443
3.80%, 03/15/25 (a) 500,000 500,712
Microsoft Corp.
1.85%, 02/06/20 250,000 248,226
1.85%, 02/12/20 (a) 500,000 495,828
2.00%, 11/03/20 (a) 1,000,000 989,129
1.55%, 08/08/21 (a) 1,750,000 1,700,710
2.40%, 02/06/22 (a) 500,000 494,459
2.38%, 02/12/22 (a) 1,000,000 988,324
2.00%, 08/08/23 (a) 500,000 481,045
3.13%, 11/03/25 (a) 1,000,000 989,951
2.40%, 08/08/26 (a) 2,000,000 1,866,611
3.30%, 02/06/27 (a) 500,000 495,774
4.20%, 11/03/35 (a) 350,000 363,477
4.50%, 10/01/40 (c) 100,000 107,626
5.30%, 02/08/41 500,000 596,821
4.45%, 11/03/45 (a) 2,600,000 2,764,199
3.70%, 08/08/46 (a) 500,000 480,211
4.25%, 02/06/47 (a) 3,350,000 3,525,413
4.50%, 02/06/57 (a) 750,000 801,337
Motorola Solutions, Inc.
3.50%, 03/01/23 250,000 241,883
NVIDIA Corp.
2.20%, 09/16/21 (a) 700,000 684,652
3.20%, 09/16/26 (a) 500,000 475,022
NXP BV/NXP Funding LLC
5.35%, 03/01/26 (a)(d) 500,000 509,125
Oracle Corp.
2.80%, 07/08/21 1,000,000 995,510
1.90%, 09/15/21 (a) 250,000 242,647
2.50%, 05/15/22 (a) 1,000,000 979,002
2.50%, 10/15/22 1,500,000 1,460,665
2.40%, 09/15/23 (a) 250,000 240,066
3.40%, 07/08/24 (a) 650,000 649,194
2.95%, 05/15/25 (a) 500,000 478,884
2.65%, 07/15/26 (a) 500,000 463,848
4.30%, 07/08/34 (a) 400,000 402,179
3.90%, 05/15/35 (a) 250,000 239,733
3.80%, 11/15/37 (a) 4,500,000 4,216,539
6.50%, 04/15/38 500,000 623,633
6.13%, 07/08/39 750,000 901,923
4.13%, 05/15/45 (a) 100,000 94,843
4.00%, 07/15/46 (a) 500,000 467,676
4.38%, 05/15/55 (a) 250,000 245,734
QUALCOMM, Inc.
3.00%, 05/20/22 1,000,000 984,273
3.45%, 05/20/25 (a) 1,500,000 1,444,423
3.25%, 05/20/27 (a) 250,000 232,801
4.80%, 05/20/45 (a) 1,000,000 954,587
4.30%, 05/20/47 (a) 250,000 222,556
salesforce.com, Inc.
3.70%, 04/11/28 (a) 500,000 503,217
Seagate HDD Cayman
4.75%, 06/01/23 750,000 701,956
4.75%, 01/01/25 500,000 444,007
4.88%, 06/01/27 (a) 500,000 425,046
Texas Instruments, Inc.
1.85%, 05/15/22 (a) 1,500,000 1,448,390
Total System Services, Inc.
3.75%, 06/01/23 (a) 750,000 744,648
4.45%, 06/01/28 (a) 250,000 245,802
Trimble, Inc.
4.90%, 06/15/28 (a) 200,000 197,293
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Verisk Analytics, Inc.
4.00%, 06/15/25 (a) 500,000 502,650
VMware, Inc.
3.90%, 08/21/27 (a) 1,250,000 1,110,745
    105,894,061
Transportation 0.6%
American Airlines 2014-1 Class A Pass Through Trust
3.70%, 10/01/26 194,436 188,335
American Airlines 2015-1 Class A Pass Through Trust
3.38%, 05/01/27 621,063 591,972
American Airlines 2016-2 Class AA Pass Through Trust
3.20%, 06/15/28 1,349,250 1,268,403
Burlington Northern Santa Fe LLC
3.85%, 09/01/23 (a) 250,000 256,895
3.40%, 09/01/24 (a) 1,750,000 1,753,365
5.05%, 03/01/41 (a) 500,000 548,197
4.38%, 09/01/42 (a) 550,000 550,003
4.55%, 09/01/44 (a) 1,000,000 1,045,024
4.05%, 06/15/48 (a) 1,500,000 1,449,248
Canadian National Railway Co.
2.95%, 11/21/24 (a) 150,000 147,299
3.20%, 08/02/46 (a) 250,000 214,966
3.65%, 02/03/48 (a) 250,000 231,819
Canadian Pacific Railway Co.
2.90%, 02/01/25 (a) 350,000 335,596
4.00%, 06/01/28 (a) 250,000 254,312
7.13%, 10/15/31 500,000 627,848
Continental Airlines 2007-1 Class A Pass Through Trust
5.98%, 04/19/22 341,936 358,215
Continental Airlines 2012-1 Class A Pass Through Trust
4.15%, 04/11/24 72,930 73,044
CSX Corp.
4.25%, 06/01/21 (a) 150,000 153,400
2.60%, 11/01/26 (a) 250,000 227,845
3.25%, 06/01/27 (a) 1,000,000 942,567
6.15%, 05/01/37 500,000 593,032
5.50%, 04/15/41 (a) 1,000,000 1,112,377
4.10%, 03/15/44 (a) 850,000 791,235
3.80%, 11/01/46 (a) 500,000 442,188
Delta Air Lines 2007-1 Class A Pass Through Trust
6.82%, 08/10/22 332,922 360,658
Delta Air Lines, Inc.
2.60%, 12/04/20 500,000 491,884
FedEx Corp.
2.30%, 02/01/20 500,000 495,631
3.25%, 04/01/26 (a) 750,000 713,112
3.30%, 03/15/27 (a) 400,000 381,017
3.40%, 02/15/28 (a) 750,000 712,726
3.90%, 02/01/35 300,000 272,396
3.88%, 08/01/42 200,000 166,665
4.55%, 04/01/46 (a) 250,000 228,068
4.40%, 01/15/47 (a) 1,000,000 901,803
Kansas City Southern
4.70%, 05/01/48 (a) 200,000 196,079
Norfolk Southern Corp.
3.00%, 04/01/22 (a) 750,000 745,511
2.90%, 06/15/26 (a) 500,000 474,243
4.84%, 10/01/41 350,000 363,857
4.65%, 01/15/46 (a) 700,000 716,249
4.15%, 02/28/48 (a) 500,000 468,455
Ryder System, Inc.
3.40%, 03/01/23 (a) 500,000 493,891
3.88%, 12/01/23 (a) 250,000 250,605
 
53
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Southwest Airlines Co.
3.45%, 11/16/27 (a) 1,000,000 953,678
Union Pacific Corp.
4.16%, 07/15/22 (a) 250,000 256,182
3.65%, 02/15/24 (a) 500,000 502,829
3.25%, 08/15/25 (a) 500,000 485,105
2.75%, 03/01/26 (a) 1,000,000 934,166
3.38%, 02/01/35 (a) 750,000 658,344
4.38%, 09/10/38 (a) 250,000 245,972
4.15%, 01/15/45 (a) 1,000,000 939,446
4.00%, 04/15/47 (a) 500,000 467,922
4.50%, 09/10/48 (a) 350,000 346,518
United Airlines 2016-1 Class AA Pass Through Trust
3.10%, 07/07/28 473,616 449,092
United Parcel Service, Inc.
3.13%, 01/15/21 250,000 252,123
2.35%, 05/16/22 (a) 250,000 244,032
2.45%, 10/01/22 500,000 489,779
3.05%, 11/15/27 (a) 500,000 476,790
6.20%, 01/15/38 400,000 488,112
4.88%, 11/15/40 (a) 650,000 690,914
3.75%, 11/15/47 (a) 250,000 226,319
    31,697,358
    803,692,081
 
Utility 1.8%
Electric 1.6%
AEP Transmission Co. LLC
3.75%, 12/01/47 (a) 250,000 229,853
Alabama Power Co.
3.55%, 12/01/23 350,000 353,680
4.30%, 01/02/46 (a) 500,000 506,027
3.70%, 12/01/47 (a) 1,000,000 913,969
Ameren Corp.
3.65%, 02/15/26 (a) 1,000,000 983,573
Ameren Illinois Co.
4.50%, 03/15/49 (a) 150,000 159,004
Appalachian Power Co.
3.40%, 06/01/25 (a) 500,000 490,294
3.30%, 06/01/27 (a) 750,000 717,816
7.00%, 04/01/38 750,000 945,912
4.45%, 06/01/45 (a) 500,000 489,172
Arizona Public Service Co.
4.35%, 11/15/45 (a) 1,000,000 1,011,261
Avangrid, Inc.
3.15%, 12/01/24 (a) 500,000 483,138
Berkshire Hathaway Energy Co.
2.40%, 02/01/20 (a) 300,000 298,088
2.38%, 01/15/21 250,000 246,655
3.25%, 04/15/28 (a) 1,500,000 1,428,603
6.13%, 04/01/36 487,000 583,929
5.95%, 05/15/37 250,000 292,912
5.15%, 11/15/43 (a) 800,000 855,582
4.50%, 02/01/45 (a) 850,000 850,676
Black Hills Corp.
4.35%, 05/01/33 (a) 250,000 251,217
CenterPoint Energy, Inc.
3.85%, 02/01/24 (a) 250,000 251,497
4.25%, 11/01/28 (a) 500,000 507,666
CMS Energy Corp.
3.00%, 05/15/26 (a) 1,500,000 1,412,750
4.88%, 03/01/44 (a) 500,000 523,818
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Commonwealth Edison Co.
3.70%, 08/15/28 (a) 950,000 953,949
Connecticut Light & Power Co.
4.00%, 04/01/48 (a) 150,000 148,452
Consolidated Edison Co. of New York, Inc.
6.75%, 04/01/38 500,000 639,082
5.50%, 12/01/39 250,000 283,302
3.95%, 03/01/43 (a) 1,000,000 938,973
4.45%, 03/15/44 (a) 1,150,000 1,150,485
4.50%, 05/15/58 (a) 150,000 144,917
Consumers Energy Co.
3.38%, 08/15/23 (a) 500,000 501,949
3.95%, 05/15/43 (a) 250,000 243,150
Delmarva Power & Light Co.
3.50%, 11/15/23 (a) 500,000 503,018
Dominion Energy, Inc.
2.85%, 08/15/26 (a) 1,000,000 923,032
5.25%, 08/01/33 500,000 536,901
4.05%, 09/15/42 (a) 500,000 453,648
DPL, Inc.
7.25%, 10/15/21 (a) 500,000 524,315
DTE Electric Co.
3.70%, 06/01/46 (a) 500,000 465,747
4.05%, 05/15/48 (a) 150,000 149,015
DTE Energy Co.
3.30%, 06/15/22 (a) 500,000 496,562
Duke Energy Carolinas LLC
6.10%, 06/01/37 250,000 300,432
6.05%, 04/15/38 1,255,000 1,531,614
5.30%, 02/15/40 600,000 683,869
3.75%, 06/01/45 (a) 750,000 692,866
3.88%, 03/15/46 (a) 250,000 235,010
Duke Energy Corp.
3.05%, 08/15/22 (a) 950,000 931,773
3.75%, 04/15/24 (a) 1,000,000 1,002,722
2.65%, 09/01/26 (a) 1,000,000 910,684
3.75%, 09/01/46 (a) 200,000 173,615
3.95%, 08/15/47 (a) 250,000 226,563
Duke Energy Florida LLC
3.20%, 01/15/27 (a) 1,750,000 1,695,042
Duke Energy Progress LLC
4.15%, 12/01/44 (a) 1,500,000 1,461,920
3.70%, 10/15/46 (a) 500,000 452,762
Edison International
2.95%, 03/15/23 (a) 500,000 472,774
Entergy Arkansas LLC
3.50%, 04/01/26 (a) 500,000 497,458
Entergy Corp.
4.00%, 07/15/22 (a) 500,000 504,785
Entergy Louisiana LLC
2.40%, 10/01/26 (a) 500,000 460,277
4.95%, 01/15/45 (a) 500,000 511,415
Eversource Energy
2.75%, 03/15/22 (a) 250,000 245,849
3.30%, 01/15/28 (a) 250,000 237,566
Exelon Corp.
2.85%, 06/15/20 (a) 500,000 496,213
3.95%, 06/15/25 (a) 500,000 494,205
4.95%, 06/15/35 (a)(d) 250,000 252,416
5.63%, 06/15/35 250,000 270,423
4.45%, 04/15/46 (a) 500,000 472,112
 
54
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Exelon Generation Co. LLC
2.95%, 01/15/20 (a) 1,250,000 1,244,297
6.25%, 10/01/39 1,000,000 1,045,916
5.60%, 06/15/42 (a) 250,000 244,165
FirstEnergy Corp.
3.90%, 07/15/27 (a) 1,500,000 1,456,419
4.85%, 07/15/47 (a) 500,000 501,127
Florida Power & Light Co.
3.13%, 12/01/25 (a) 1,250,000 1,239,592
5.95%, 02/01/38 150,000 184,703
5.96%, 04/01/39 500,000 622,291
4.05%, 06/01/42 (a) 350,000 349,674
3.80%, 12/15/42 (a) 275,000 262,300
3.70%, 12/01/47 (a) 500,000 468,762
3.95%, 03/01/48 (a) 250,000 244,787
4.13%, 06/01/48 (a) 150,000 150,764
Fortis, Inc.
3.06%, 10/04/26 (a) 250,000 228,609
Georgia Power Co.
2.85%, 05/15/22 1,000,000 983,167
4.30%, 03/15/42 150,000 138,667
Indiana Michigan Power Co.
3.75%, 07/01/47 (a) 250,000 229,107
Interstate Power & Light Co.
6.25%, 07/15/39 250,000 314,259
ITC Holdings Corp.
3.25%, 06/30/26 (a) 500,000 471,208
LG&E & KU Energy LLC
3.75%, 11/15/20 (a) 1,000,000 1,004,231
MidAmerican Energy Co.
3.95%, 08/01/47 (a) 200,000 194,104
3.65%, 08/01/48 (a) 250,000 230,716
National Rural Utilities Cooperative Finance Corp.
2.40%, 04/25/22 (a) 250,000 243,391
3.40%, 11/15/23 (a) 250,000 252,763
2.95%, 02/07/24 (a) 150,000 147,708
3.90%, 11/01/28 (a) 250,000 256,547
5.25%, 04/20/46 (a)(b) 800,000 793,700
Nevada Power Co.
2.75%, 04/15/20 250,000 249,481
6.65%, 04/01/36 500,000 649,687
NextEra Energy Capital Holdings, Inc.
3.55%, 05/01/27 (a) 150,000 143,391
Northern States Power Co.
6.25%, 06/01/36 750,000 949,740
4.00%, 08/15/45 (a) 250,000 244,219
3.60%, 05/15/46 (a) 500,000 462,855
3.60%, 09/15/47 (a) 250,000 229,442
NorthWestern Corp.
4.18%, 11/15/44 (a) 500,000 501,129
NSTAR Electric Co.
5.50%, 03/15/40 150,000 173,759
4.40%, 03/01/44 (a) 250,000 259,234
NV Energy, Inc.
6.25%, 11/15/20 350,000 367,891
Oncor Electric Delivery Co. LLC
7.00%, 05/01/32 250,000 323,075
4.55%, 12/01/41 (a) 1,200,000 1,253,854
Pacific Gas & Electric Co.
3.50%, 10/01/20 (a)(g) 250,000 239,471
3.25%, 06/15/23 (a)(g) 500,000 444,828
3.30%, 03/15/27 (a)(g) 500,000 414,104
3.30%, 12/01/27 (a)(g) 500,000 410,524
6.05%, 03/01/34 (g) 1,000,000 931,014
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
5.40%, 01/15/40 (g)(h) 500,000 446,074
4.30%, 03/15/45 (a)(g) 1,250,000 997,031
PECO Energy Co.
3.90%, 03/01/48 (a) 1,000,000 957,920
Potomac Electric Power Co.
3.60%, 03/15/24 (a) 250,000 252,156
PPL Capital Funding, Inc.
4.20%, 06/15/22 (a) 1,100,000 1,114,269
3.40%, 06/01/23 (a) 1,000,000 990,366
5.00%, 03/15/44 (a) 250,000 255,741
PPL Electric Utilities Corp.
6.25%, 05/15/39 500,000 632,985
4.15%, 06/15/48 (a) 750,000 749,911
PSEG Power LLC
5.13%, 04/15/20 400,000 410,701
3.00%, 06/15/21 (a) 1,500,000 1,476,125
Public Service Co. of Colorado
2.25%, 09/15/22 (a) 1,000,000 963,851
Public Service Electric & Gas Co.
3.95%, 05/01/42 (a) 100,000 97,693
3.80%, 01/01/43 (a) 150,000 144,074
3.80%, 03/01/46 (a) 150,000 142,211
3.60%, 12/01/47 (a) 500,000 457,146
Puget Energy, Inc.
6.50%, 12/15/20 500,000 528,475
6.00%, 09/01/21 250,000 264,620
Puget Sound Energy, Inc.
5.64%, 04/15/41 (a) 250,000 293,583
San Diego Gas & Electric Co.
3.00%, 08/15/21 250,000 249,057
3.75%, 06/01/47 (a) 250,000 227,978
Sempra Energy
3.55%, 06/15/24 (a) 400,000 392,597
South Carolina Electric & Gas Co.
4.35%, 02/01/42 (a) 1,000,000 989,343
Southern California Edison Co.
2.40%, 02/01/22 (a) 500,000 482,493
3.50%, 10/01/23 (a) 250,000 249,402
6.65%, 04/01/29 500,000 557,826
5.55%, 01/15/37 500,000 543,534
5.95%, 02/01/38 500,000 563,067
4.00%, 04/01/47 (a) 250,000 229,747
4.13%, 03/01/48 (a) 500,000 474,546
Southern Co.
2.35%, 07/01/21 (a) 350,000 340,098
4.25%, 07/01/36 (a) 250,000 236,676
4.40%, 07/01/46 (a) 250,000 230,748
Southern Power Co.
2.38%, 06/01/20 (a) 1,500,000 1,479,949
5.15%, 09/15/41 1,000,000 997,278
Southwestern Electric Power Co.
2.75%, 10/01/26 (a) 500,000 460,689
Tampa Electric Co.
4.30%, 06/15/48 (a) 1,000,000 959,476
TransAlta Corp.
6.50%, 03/15/40 250,000 229,158
Union Electric Co.
3.90%, 09/15/42 (a) 100,000 97,105
4.00%, 04/01/48 (a) 250,000 244,100
Virginia Electric & Power Co.
2.95%, 01/15/22 (a) 250,000 247,455
2.75%, 03/15/23 (a) 281,000 274,258
3.45%, 02/15/24 (a) 250,000 250,011
 
55
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
3.50%, 03/15/27 (a) 1,200,000 1,183,878
6.00%, 05/15/37 800,000 959,380
8.88%, 11/15/38 150,000 226,954
4.45%, 02/15/44 (a) 500,000 504,663
3.80%, 09/15/47 (a) 500,000 461,645
Westar Energy, Inc.
4.13%, 03/01/42 (a) 100,000 97,983
4.10%, 04/01/43 (a) 750,000 721,042
Xcel Energy, Inc.
4.70%, 05/15/20 (a) 500,000 506,079
2.40%, 03/15/21 (a) 250,000 246,308
4.00%, 06/15/28 (a) 250,000 253,332
    88,151,413
Natural Gas 0.1%
Atmos Energy Corp.
3.00%, 06/15/27 (a) 1,000,000 954,692
4.30%, 10/01/48 (a) 250,000 251,816
CenterPoint Energy Resources Corp.
5.85%, 01/15/41 (a) 250,000 294,345
4.10%, 09/01/47 (a) 200,000 185,880
NiSource, Inc.
3.49%, 05/15/27 (a) 250,000 238,988
4.80%, 02/15/44 (a) 875,000 850,180
4.38%, 05/15/47 (a) 150,000 140,093
ONE Gas, Inc.
3.61%, 02/01/24 (a) 100,000 100,360
4.66%, 02/01/44 (a) 300,000 319,048
Sempra Energy
3.75%, 11/15/25 (a) 885,000 854,899
3.40%, 02/01/28 (a) 250,000 228,862
3.80%, 02/01/38 (a) 150,000 128,657
6.00%, 10/15/39 350,000 390,314
Southern California Gas Co.
2.60%, 06/15/26 (a) 1,000,000 939,080
4.13%, 06/01/48 (a) 150,000 149,356
Southern Co. Gas Capital Corp.
3.95%, 10/01/46 (a) 750,000 659,151
4.40%, 05/30/47 (a) 250,000 234,698
    6,920,419
Utility Other 0.1%
American Water Capital Corp.
3.40%, 03/01/25 (a) 500,000 494,399
2.95%, 09/01/27 (a) 350,000 331,071
3.75%, 09/01/28 (a) 150,000 150,530
6.59%, 10/15/37 450,000 572,957
3.75%, 09/01/47 (a) 500,000 450,408
4.20%, 09/01/48 (a) 250,000 243,799
    2,243,164
    97,314,996
Total Corporates
(Cost $1,380,213,287)   1,335,487,460

Treasuries 38.7% of net assets
Bonds
8.50%, 02/15/20 3,000,000 3,193,828
8.75%, 05/15/20 2,750,000 2,977,358
8.75%, 08/15/20 1,750,000 1,921,377
7.88%, 02/15/21 750,000 832,983
8.13%, 05/15/21 750,000 846,431
8.13%, 08/15/21 1,000,000 1,142,559
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
8.00%, 11/15/21 (c) 2,149,000 2,475,589
7.25%, 08/15/22 1,500,000 1,745,830
7.63%, 11/15/22 2,200,000 2,613,660
7.13%, 02/15/23 1,500,000 1,769,619
6.25%, 08/15/23 1,250,000 1,452,759
7.50%, 11/15/24 750,000 950,918
7.63%, 02/15/25 500,000 642,402
6.88%, 08/15/25 500,000 629,912
6.00%, 02/15/26 (c) 1,891,000 2,307,869
6.75%, 08/15/26 1,209,000 1,554,769
6.50%, 11/15/26 1,250,000 1,593,506
6.63%, 02/15/27 1,000,000 1,291,543
6.38%, 08/15/27 500,000 642,705
6.13%, 11/15/27 2,438,000 3,098,498
5.50%, 08/15/28 1,750,000 2,162,412
5.25%, 11/15/28 750,000 913,770
5.25%, 02/15/29 2,778,000 3,397,027
6.13%, 08/15/29 4,250,000 5,576,797
6.25%, 05/15/30 (c) 3,135,000 4,206,105
5.38%, 02/15/31 3,700,000 4,702,396
4.50%, 02/15/36 5,850,000 7,213,096
4.75%, 02/15/37 3,386,000 4,317,282
5.00%, 05/15/37 4,250,000 5,580,366
4.38%, 02/15/38 (c) 2,800,000 3,431,477
4.50%, 05/15/38 2,000,000 2,490,469
3.50%, 02/15/39 (c) 1,072,000 1,173,107
4.25%, 05/15/39 2,350,000 2,836,248
4.50%, 08/15/39 5,950,000 7,417,860
4.38%, 11/15/39 (c) 3,031,000 3,717,770
4.63%, 02/15/40 6,115,000 7,753,271
4.38%, 05/15/40 5,000,000 6,140,430
3.88%, 08/15/40 3,500,000 4,020,830
4.25%, 11/15/40 (c) 4,159,000 5,027,841
4.75%, 02/15/41 5,500,000 7,110,146
4.38%, 05/15/41 3,400,000 4,186,516
3.75%, 08/15/41 2,523,000 2,847,590
3.13%, 11/15/41 3,600,000 3,687,680
3.13%, 02/15/42 (c) 2,490,000 2,550,110
3.00%, 05/15/42 4,000,000 4,006,250
2.75%, 08/15/42 5,399,000 5,170,913
2.75%, 11/15/42 6,270,000 5,997,769
3.13%, 02/15/43 7,500,000 7,653,516
2.88%, 05/15/43 9,999,000 9,765,625
3.63%, 08/15/43 7,983,000 8,839,146
3.75%, 11/15/43 11,268,000 12,729,759
3.63%, 02/15/44 11,295,000 12,515,610
3.38%, 05/15/44 12,112,000 12,904,011
3.13%, 08/15/44 (c) 10,500,000 10,721,894
3.00%, 11/15/44 (c) 10,350,000 10,337,467
2.50%, 02/15/45 (c) 10,800,000 9,791,086
3.00%, 05/15/45 (c) 11,250,000 11,231,982
2.88%, 08/15/45 9,350,000 9,109,676
3.00%, 11/15/45 9,650,000 9,633,226
2.50%, 02/15/46 (c) 14,300,000 12,914,687
2.50%, 05/15/46 10,100,000 9,111,896
2.25%, 08/15/46 (c) 14,400,000 12,311,438
2.88%, 11/15/46 8,785,000 8,544,442
3.00%, 02/15/47 8,650,000 8,628,544
3.00%, 05/15/47 9,200,000 9,163,344
2.75%, 08/15/47 14,450,000 13,689,682
2.75%, 11/15/47 (c) 14,150,000 13,393,859
3.00%, 02/15/48 7,900,000 7,860,346
3.13%, 05/15/48 10,940,000 11,150,894
3.00%, 08/15/48 17,150,000 17,073,964
3.38%, 11/15/48 8,700,000 9,305,771
Notes
1.38%, 01/15/20 28,750,000 28,390,063
1.25%, 01/31/20 (c) 8,400,000 8,279,414
 
56
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
1.38%, 01/31/20 (c) 5,182,000 5,114,796
2.00%, 01/31/20 (c) 8,000,000 7,948,594
1.38%, 02/15/20 7,900,000 7,791,992
3.63%, 02/15/20 12,650,000 12,788,853
1.25%, 02/29/20 4,450,000 4,381,946
1.38%, 02/29/20 (c) 18,350,000 18,095,537
1.63%, 03/15/20 5,500,000 5,439,092
1.13%, 03/31/20 3,384,000 3,325,573
1.38%, 03/31/20 6,250,000 6,158,936
2.25%, 03/31/20 3,300,000 3,286,852
1.50%, 04/15/20 18,000,000 17,762,344
1.13%, 04/30/20 4,750,000 4,661,216
1.38%, 04/30/20 (c) 9,550,000 9,404,139
1.50%, 05/15/20 (c) 17,500,000 17,253,564
3.50%, 05/15/20 5,500,000 5,569,180
1.38%, 05/31/20 5,000,000 4,920,020
1.50%, 05/31/20 (c) 9,000,000 8,869,043
2.50%, 05/31/20 4,100,000 4,096,877
1.50%, 06/15/20 9,000,000 8,870,475
1.63%, 06/30/20 (c) 7,000,000 6,906,895
1.88%, 06/30/20 (c) 5,346,000 5,294,106
2.50%, 06/30/20 5,000,000 4,996,777
1.50%, 07/15/20 5,000,000 4,922,656
1.63%, 07/31/20 (c) 21,700,000 21,396,963
2.00%, 07/31/20 3,500,000 3,471,836
1.50%, 08/15/20 7,000,000 6,886,797
2.63%, 08/15/20 (c) 8,276,000 8,289,578
1.38%, 08/31/20 9,000,000 8,832,305
2.13%, 08/31/20 7,000,000 6,955,020
2.63%, 08/31/20 5,000,000 5,007,422
1.38%, 09/15/20 5,000,000 4,906,543
1.38%, 09/30/20 (c) 11,500,000 11,276,514
2.00%, 09/30/20 8,500,000 8,426,787
2.75%, 09/30/20 10,000,000 10,039,258
1.63%, 10/15/20 6,800,000 6,695,477
1.38%, 10/31/20 11,815,000 11,577,777
1.75%, 10/31/20 7,984,000 7,876,715
2.88%, 10/31/20 10,800,000 10,869,187
1.75%, 11/15/20 (c) 18,000,000 17,752,148
2.63%, 11/15/20 (c) 20,332,000 20,374,491
1.63%, 11/30/20 (c) 16,600,000 16,330,250
2.00%, 11/30/20 5,944,000 5,890,365
2.75%, 11/30/20 8,600,000 8,640,480
1.88%, 12/15/20 6,000,000 5,929,805
1.75%, 12/31/20 (c) 11,000,000 10,845,527
2.38%, 12/31/20 6,091,000 6,078,985
2.50%, 12/31/20 8,000,000 8,000,625
2.00%, 01/15/21 (c) 19,000,000 18,812,598
1.38%, 01/31/21 8,000,000 7,818,281
2.13%, 01/31/21 3,506,000 3,479,842
2.25%, 02/15/21 1,500,000 1,492,207
3.63%, 02/15/21 (c) 10,073,000 10,309,283
1.13%, 02/28/21 8,000,000 7,771,094
2.00%, 02/28/21 2,965,000 2,934,887
2.38%, 03/15/21 9,050,000 9,027,905
1.25%, 03/31/21 (c) 9,000,000 8,762,871
2.25%, 03/31/21 5,076,000 5,051,017
2.38%, 04/15/21 7,100,000 7,083,914
1.38%, 04/30/21 (c) 16,000,000 15,608,750
2.25%, 04/30/21 3,286,000 3,271,367
2.63%, 05/15/21 21,200,000 21,272,875
3.13%, 05/15/21 2,500,000 2,537,891
1.38%, 05/31/21 8,000,000 7,796,406
2.00%, 05/31/21 3,034,000 3,001,053
2.63%, 06/15/21 9,500,000 9,533,955
1.13%, 06/30/21 4,000,000 3,872,422
2.13%, 06/30/21 1,512,000 1,499,863
2.63%, 07/15/21 14,500,000 14,553,809
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
1.13%, 07/31/21 6,500,000 6,282,148
2.25%, 07/31/21 3,000,000 2,984,121
2.13%, 08/15/21 13,421,900 13,303,148
2.75%, 08/15/21 2,650,000 2,668,374
1.13%, 08/31/21 5,100,000 4,923,891
2.00%, 08/31/21 3,750,000 3,704,297
2.75%, 09/15/21 4,000,000 4,028,438
1.13%, 09/30/21 2,900,000 2,797,142
2.13%, 09/30/21 6,250,000 6,192,139
2.88%, 10/15/21 12,200,000 12,330,578
1.25%, 10/31/21 4,550,000 4,399,281
2.00%, 10/31/21 3,000,000 2,962,148
2.00%, 11/15/21 (c) 9,300,000 9,182,660
2.88%, 11/15/21 12,000,000 12,135,234
1.75%, 11/30/21 8,100,000 7,938,633
1.88%, 11/30/21 (c) 8,000,000 7,870,469
2.63%, 12/15/21 3,000,000 3,013,828
2.00%, 12/31/21 7,500,000 7,399,219
2.13%, 12/31/21 5,750,000 5,694,746
1.50%, 01/31/22 (c) 6,300,000 6,121,582
1.88%, 01/31/22 8,500,000 8,350,586
2.00%, 02/15/22 8,600,000 8,481,078
1.75%, 02/28/22 7,500,000 7,338,281
1.88%, 02/28/22 8,600,000 8,445,973
1.75%, 03/31/22 (c) 6,050,000 5,915,766
1.88%, 03/31/22 (c) 8,500,000 8,342,617
1.75%, 04/30/22 6,000,000 5,862,422
1.88%, 04/30/22 9,724,000 9,540,156
1.75%, 05/15/22 5,000,000 4,884,082
1.75%, 05/31/22 8,000,000 7,812,031
1.88%, 05/31/22 (c) 6,500,000 6,373,555
1.75%, 06/30/22 10,500,000 10,248,164
2.13%, 06/30/22 9,000,000 8,895,234
1.88%, 07/31/22 6,000,000 5,876,953
2.00%, 07/31/22 6,500,000 6,394,502
1.63%, 08/15/22 (c) 18,911,000 18,352,535
1.63%, 08/31/22 8,500,000 8,246,992
1.88%, 08/31/22 9,000,000 8,809,453
1.75%, 09/30/22 6,250,000 6,086,426
1.88%, 09/30/22 8,500,000 8,317,051
1.88%, 10/31/22 8,000,000 7,823,125
2.00%, 10/31/22 9,000,000 8,842,148
1.63%, 11/15/22 (c) 7,677,000 7,434,245
2.00%, 11/30/22 (c) 17,000,000 16,694,531
2.13%, 12/31/22 (c) 29,000,000 28,598,418
1.75%, 01/31/23 9,300,000 9,032,988
2.38%, 01/31/23 10,500,000 10,453,857
2.00%, 02/15/23 12,894,000 12,646,445
1.50%, 02/28/23 (c) 7,500,000 7,207,324
2.63%, 02/28/23 7,500,000 7,539,697
1.50%, 03/31/23 (c) 7,000,000 6,721,230
2.50%, 03/31/23 8,100,000 8,102,689
1.63%, 04/30/23 8,000,000 7,716,406
2.75%, 04/30/23 7,700,000 7,781,060
1.75%, 05/15/23 (c) 10,500,000 10,177,617
1.63%, 05/31/23 (c) 9,300,000 8,962,148
2.75%, 05/31/23 15,500,000 15,671,650
1.38%, 06/30/23 5,500,000 5,237,998
2.63%, 06/30/23 23,000,000 23,124,883
1.25%, 07/31/23 6,250,000 5,912,720
2.75%, 07/31/23 2,900,000 2,931,379
2.50%, 08/15/23 17,176,000 17,176,671
1.38%, 08/31/23 6,000,000 5,703,753
2.75%, 08/31/23 4,000,000 4,045,547
1.38%, 09/30/23 (c) 6,750,000 6,408,812
2.88%, 09/30/23 25,500,000 25,918,359
1.63%, 10/31/23 7,750,000 7,440,454
2.88%, 10/31/23 3,000,000 3,050,332
 
57
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
2.75%, 11/15/23 (c) 13,296,000 13,445,840
2.13%, 11/30/23 6,250,000 6,138,672
2.88%, 11/30/23 17,500,000 17,807,617
2.25%, 12/31/23 4,750,000 4,690,996
2.63%, 12/31/23 11,800,000 11,862,918
2.25%, 01/31/24 4,700,000 4,640,148
2.75%, 02/15/24 (c) 10,119,000 10,230,467
2.13%, 02/29/24 6,250,000 6,131,592
2.13%, 03/31/24 7,250,000 7,108,823
2.00%, 04/30/24 (c) 5,500,000 5,356,270
2.50%, 05/15/24 (c) 15,730,000 15,705,729
2.00%, 05/31/24 (c) 6,300,000 6,131,303
2.00%, 06/30/24 6,250,000 6,079,224
2.13%, 07/31/24 7,000,000 6,849,609
2.38%, 08/15/24 14,500,000 14,371,426
1.88%, 08/31/24 9,000,000 8,687,637
2.13%, 09/30/24 8,500,000 8,308,418
2.25%, 10/31/24 8,250,000 8,114,487
2.25%, 11/15/24 (c) 18,200,000 17,892,164
2.13%, 11/30/24 7,000,000 6,834,297
2.25%, 12/31/24 9,500,000 9,336,162
2.50%, 01/31/25 7,000,000 6,974,434
2.00%, 02/15/25 (c) 16,800,000 16,256,625
2.75%, 02/28/25 6,900,000 6,971,561
2.63%, 03/31/25 3,050,000 3,059,710
2.88%, 04/30/25 4,000,000 4,070,391
2.13%, 05/15/25 (c) 15,612,400 15,197,696
2.88%, 05/31/25 7,300,000 7,427,607
2.75%, 06/30/25 8,000,000 8,082,344
2.88%, 07/31/25 5,500,000 5,597,646
2.00%, 08/15/25 (c) 22,700,000 21,890,869
2.75%, 08/31/25 9,750,000 9,847,500
3.00%, 09/30/25 13,700,000 14,054,273
3.00%, 10/31/25 3,000,000 3,078,223
2.25%, 11/15/25 (c) 14,900,000 14,575,226
2.88%, 11/30/25 7,700,000 7,839,562
2.63%, 12/31/25 7,000,000 7,017,227
1.63%, 02/15/26 (c) 13,000,000 12,172,773
1.63%, 05/15/26 (c) 12,911,000 12,060,185
1.50%, 08/15/26 (c) 18,750,000 17,297,616
2.00%, 11/15/26 (c) 11,000,000 10,503,711
2.25%, 02/15/27 (c) 18,750,000 18,212,402
2.38%, 05/15/27 13,750,000 13,466,138
2.25%, 08/15/27 15,300,000 14,811,117
2.25%, 11/15/27 (c) 18,800,000 18,165,867
2.75%, 02/15/28 19,850,000 19,957,392
2.88%, 05/15/28 28,800,000 29,248,313
2.88%, 08/15/28 13,900,000 14,117,730
3.13%, 11/15/28 15,500,000 16,080,342
Total Treasuries
(Cost $2,161,272,743)   2,142,694,291

Government Related 6.0% of net assets
 
Agency 2.8%
Foreign 1.4%
Austria 0.0%
Oesterreichische Kontrollbank AG
1.38%, 02/10/20 1,000,000 986,418
1.88%, 01/20/21 1,000,000 985,434
    1,971,852
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
British Virgin 0.0%
CNOOC Finance 2013 Ltd.
3.00%, 05/09/23 750,000 724,913
Canada 0.1%
CNOOC Nexen Finance 2014 ULC
4.25%, 04/30/24 500,000 507,734
4.88%, 04/30/44 500,000 530,058
Export Development Canada
1.63%, 01/17/20 1,000,000 990,175
1.75%, 07/21/20 2,000,000 1,974,001
Nexen Energy ULC
5.88%, 03/10/35 600,000 693,757
6.40%, 05/15/37 1,000,000 1,222,246
    5,917,971
China 0.0%
Agricultural Bank of China Ltd.
2.75%, 05/21/20 250,000 248,132
Industrial & Commercial Bank of China Ltd.
2.64%, 05/26/21 250,000 244,604
    492,736
Colombia 0.1%
Ecopetrol S.A.
5.88%, 09/18/23 300,000 313,503
5.38%, 06/26/26 (a) 2,500,000 2,521,875
5.88%, 05/28/45 250,000 236,992
    3,072,370
Germany 0.6%
FMS Wertmanagement
2.00%, 08/01/22 (i) 500,000 488,810
Kreditanstalt fuer Wiederaufbau
4.00%, 01/27/20 (i) 1,500,000 1,522,214
1.75%, 03/31/20 (i) 2,500,000 2,474,326
1.50%, 04/20/20 (i) 2,700,000 2,662,003
1.63%, 05/29/20 (i) 1,000,000 986,315
1.88%, 06/30/20 (i) 1,000,000 989,158
2.75%, 09/08/20 (i) 1,000,000 1,001,841
1.88%, 12/15/20 (i) 500,000 492,844
1.63%, 03/15/21 (i) 1,000,000 979,439
2.63%, 04/12/21 (i) 1,500,000 1,501,289
1.50%, 06/15/21 (i) 2,000,000 1,948,147
2.38%, 08/25/21 (i) 1,500,000 1,492,159
2.63%, 01/25/22 (i) 500,000 500,122
2.13%, 03/07/22 (i) 1,000,000 985,085
2.13%, 06/15/22 (i) 1,500,000 1,475,567
2.00%, 09/29/22 (i) 3,000,000 2,933,429
2.00%, 10/04/22 (i) 250,000 244,432
2.38%, 12/29/22 (i) 750,000 742,756
2.50%, 11/20/24 (i) 3,500,000 3,456,646
2.88%, 04/03/28 (i) 1,000,000 1,004,548
Landwirtschaftliche Rentenbank
2.25%, 10/01/21 (i) 1,000,000 990,836
2.00%, 01/13/25 (i) 500,000 478,105
2.38%, 06/10/25 (i) 500,000 487,728
1.75%, 07/27/26 (i) 500,000 465,040
2.50%, 11/15/27 (i) 500,000 487,352
    30,790,191
 
58
Schwab Fixed-Income ETFs  |  Annual Report
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Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Japan 0.2%
Japan Bank for International Cooperation
1.75%, 05/28/20 1,000,000 986,661
2.13%, 07/21/20 750,000 742,709
2.13%, 11/16/20 500,000 493,736
1.50%, 07/21/21 250,000 242,081
2.50%, 06/01/22 250,000 246,553
2.38%, 07/21/22 1,500,000 1,474,951
2.38%, 11/16/22 2,300,000 2,258,951
3.25%, 07/20/23 250,000 253,475
2.25%, 11/04/26 1,000,000 942,574
2.88%, 06/01/27 250,000 244,694
2.75%, 11/16/27 1,200,000 1,161,345
3.25%, 07/20/28 750,000 752,242
Japan International Cooperation Agency
2.13%, 10/20/26 200,000 186,679
    9,986,651
Mexico 0.2%
Petroleos Mexicanos
5.50%, 01/21/21 650,000 648,680
4.88%, 01/24/22 350,000 341,600
3.50%, 01/30/23 1,500,000 1,361,250
4.63%, 09/21/23 1,750,000 1,646,750
4.88%, 01/18/24 1,750,000 1,635,375
4.50%, 01/23/26 750,000 648,375
6.88%, 08/04/26 1,500,000 1,461,750
6.50%, 03/13/27 500,000 471,250
6.63%, 06/15/35 500,000 439,000
6.50%, 06/02/41 250,000 207,625
6.38%, 01/23/45 1,000,000 808,750
5.63%, 01/23/46 (d) 250,000 190,473
6.75%, 09/21/47 2,250,000 1,866,127
6.35%, 02/12/48 1,203,000 968,415
    12,695,420
Norway 0.1%
Equinor A.S.A.
3.15%, 01/23/22 750,000 748,327
2.45%, 01/17/23 500,000 486,088
3.70%, 03/01/24 400,000 407,745
3.25%, 11/10/24 150,000 149,491
4.25%, 11/23/41 1,000,000 994,191
    2,785,842
Republic of Korea 0.1%
Export-Import Bank of Korea
5.13%, 06/29/20 1,000,000 1,030,908
4.38%, 09/15/21 1,100,000 1,131,911
2.75%, 01/25/22 200,000 196,896
5.00%, 04/11/22 500,000 526,060
2.88%, 01/21/25 1,250,000 1,195,226
3.25%, 11/10/25 2,000,000 1,944,520
Korea Development Bank
2.25%, 05/18/20 500,000 494,679
    6,520,200
Sweden 0.0%
Svensk Exportkredit AB
1.75%, 05/18/20 250,000 246,932
1.75%, 03/10/21 750,000 735,955
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
2.88%, 05/22/21 250,000 251,416
2.38%, 03/09/22 900,000 890,669
    2,124,972
    77,083,118
U.S. 1.4%
CNOOC Finance 2015 USA LLC
3.50%, 05/05/25 200,000 194,056
4.38%, 05/02/28 250,000 254,602
Fannie Mae
1.63%, 01/21/20 1,300,000 1,287,195
1.50%, 07/30/20 3,600,000 3,541,021
1.50%, 11/30/20 300,000 294,110
1.88%, 12/28/20 250,000 246,848
1.38%, 02/26/21 1,500,000 1,463,912
1.38%, 10/07/21 1,000,000 970,328
2.00%, 01/05/22 250,000 246,408
1.88%, 04/05/22 3,000,000 2,941,008
2.38%, 01/19/23 3,000,000 2,979,261
2.13%, 04/24/26 6,000,000 5,720,766
1.88%, 09/24/26 2,000,000 1,862,886
7.13%, 01/15/30 (c) 527,000 726,220
7.25%, 05/15/30 1,000,000 1,391,285
6.63%, 11/15/30 1,200,000 1,610,636
5.63%, 07/15/37 1,000,000 1,320,353
Federal Farm Credit Bank
1.95%, 11/02/21 1,250,000 1,228,930
1.92%, 04/19/22 (a) 1,500,000 1,466,409
Federal Home Loan Bank
1.88%, 03/13/20 1,000,000 991,562
2.63%, 05/28/20 3,800,000 3,806,008
1.75%, 06/12/20 1,000,000 988,604
1.75%, 07/13/20 (a) 250,000 246,689
2.63%, 10/01/20 2,500,000 2,503,677
1.38%, 02/18/21 1,000,000 977,062
1.13%, 07/14/21 1,000,000 966,123
3.00%, 10/12/21 1,000,000 1,013,159
1.88%, 11/29/21 1,750,000 1,719,130
2.38%, 06/10/22 400,000 396,859
2.13%, 03/10/23 250,000 245,023
2.88%, 06/14/24 1,075,000 1,081,651
5.38%, 08/15/24 1,750,000 1,982,123
3.25%, 11/16/28 1,500,000 1,527,229
5.50%, 07/15/36 400,000 515,241
Freddie Mac
1.38%, 04/20/20 1,000,000 984,987
1.38%, 05/01/20 3,750,000 3,692,572
2.38%, 02/16/21 8,000,000 7,974,688
1.13%, 08/12/21 1,000,000 966,177
2.38%, 01/13/22 (c) 5,351,000 5,332,015
6.75%, 09/15/29 500,000 668,095
6.75%, 03/15/31 (c) 564,000 767,856
6.25%, 07/15/32 700,000 936,051
Private Export Funding Corp.
2.30%, 09/15/20 2,000,000 1,985,334
Tennessee Valley Authority
2.88%, 09/15/24 2,000,000 2,013,686
6.75%, 11/01/25 488,000 600,491
2.88%, 02/01/27 500,000 495,341
5.25%, 09/15/39 750,000 941,185
4.63%, 09/15/60 100,000 121,652
    76,186,504
    153,269,622
 
 
59
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Local Authority 0.9%
Foreign 0.3%
Canada 0.3%
Hydro-Quebec
8.05%, 07/07/24 (c) 1,160,000 1,441,868
Province of Alberta Canada
3.35%, 11/01/23 250,000 254,731
3.30%, 03/15/28 1,500,000 1,516,906
Province of British Columbia
2.65%, 09/22/21 250,000 249,853
2.00%, 10/23/22 450,000 438,512
2.25%, 06/02/26 300,000 287,251
Province of Manitoba
2.05%, 11/30/20 250,000 246,459
2.13%, 05/04/22 250,000 244,242
2.13%, 06/22/26 750,000 703,222
Province of Ontario
4.40%, 04/14/20 750,000 766,077
1.88%, 05/21/20 250,000 247,211
2.55%, 02/12/21 1,000,000 996,523
2.50%, 09/10/21 1,000,000 992,871
2.40%, 02/08/22 250,000 246,677
2.45%, 06/29/22 1,500,000 1,478,748
3.40%, 10/17/23 500,000 510,463
3.20%, 05/16/24 500,000 506,778
Province of Quebec
2.75%, 08/25/21 500,000 500,384
2.38%, 01/31/22 750,000 741,394
2.63%, 02/13/23 250,000 247,989
7.13%, 02/09/24 1,000,000 1,191,020
2.88%, 10/16/24 1,000,000 999,012
7.50%, 09/15/29 168,000 233,388
    15,041,579
    15,041,579
U.S. 0.6%
American Municipal Power, Inc.
RB (Build America Bonds) Series 2010
6.27%, 02/15/50 300,000 373,203
RB (Build America Bonds) Series 2010
8.08%, 02/15/50 250,000 398,423
Bay Area Toll Authority
RB (Build America Bonds) Series 2010S1
7.04%, 04/01/50 500,000 712,485
RB (Build America Bonds) Series 2010S3
6.91%, 10/01/50 1,100,000 1,568,424
California
GO (Build America Bonds) Series 2009
7.50%, 04/01/34 1,350,000 1,843,371
GO (Build America Bonds) Series 2009
7.55%, 04/01/39 1,400,000 2,010,386
GO (Build America Bonds) Series 2009
7.30%, 10/01/39 1,350,000 1,857,343
GO (Build America Bonds) Series 2009
7.35%, 11/01/39 1,465,000 2,026,989
City of Chicago IL
GO Bonds Series 2012
5.43%, 01/01/42 350,000 311,028
City of New York NY
GO Bonds Series 2010
6.25%, 06/01/35 (a) 750,000 781,275
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Commonwealth of Massachusetts
Series D
4.50%, 08/01/31 400,000 428,712
GO (Build America Bonds) Series 2009
5.46%, 12/01/39 (c) 100,000 121,445
Commonwealth of Massachusetts Transportation Fund Revenue
RB (Build America Bonds) Series 2010
5.73%, 06/01/40 200,000 244,504
Connecticut
GO Bonds Series 2008A
5.85%, 03/15/32 700,000 802,277
Dallas County Hospital District
GO (Build America Bonds) Series C
5.62%, 08/15/44 150,000 182,024
Dallas Independent School District
GO (Build America Bonds) Series 2010C
6.45%, 02/15/35 (a) 350,000 374,038
District of Columbia
Series E
5.59%, 12/01/34 350,000 416,209
Florida State Board of Administration Finance Corp.
Series A
2.64%, 07/01/21 100,000 99,640
Grand Parkway Transportation Corp.
RB Series 2013E
5.18%, 10/01/42 200,000 235,520
Illinois
GO Bonds (Pension Funding) Series 2003
4.95%, 06/01/23 550,000 558,723
GO Bonds (Pension Funding) Series 2003
5.10%, 06/01/33 1,980,000 1,890,860
Los Angeles Department of Water & Power Power System Revenue
RB (Build America Bonds) Series 2010
6.57%, 07/01/45 250,000 347,638
Los Angeles Unified School District
GO (Build America Bonds) Series 2009
5.76%, 07/01/29 300,000 347,682
GO (Build America Bonds) Series 2010
6.76%, 07/01/34 (c) 450,000 580,207
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd
RB (Vanderbilt Univ Medical Center) Series 2016 B
4.05%, 07/01/26 (a) 800,000 819,432
Metropolitan Transportation Authority
RB (Build America Bonds) Series E
6.81%, 11/15/40 650,000 865,332
New Jersey Transportation Trust Fund Authority
RB (Build America Bonds) Series 2010C
5.75%, 12/15/28 900,000 978,507
New Jersey Turnpike Authority
RB (Build America Bonds) Series 2010A
7.10%, 01/01/41 500,000 684,665
New York City Municipal Water Finance Authority
Water System RB (Build America Bonds) Series 2009
5.75%, 06/15/41 (c) 200,000 250,806
Water System RB (Build America Bonds)
6.01%, 06/15/42 250,000 323,568
Water System RB (Build America Bonds) Series 2011CC
5.88%, 06/15/44 250,000 321,495
New York City Transitional Finance Authority
RB (Build America Bonds) Series 2011A1
5.51%, 08/01/37 200,000 235,358
 
60
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
North Texas Tollway Authority
RB (Build America Bonds) Series 2009B
6.72%, 01/01/49 250,000 344,993
Oregon
GO Bonds (Pension Funding) Series 2003
5.89%, 06/01/27 500,000 581,130
Oregon School Boards Association
Series B
5.55%, 06/30/28 250,000 286,543
Port Authority of New York & New Jersey
Consolidated Bonds 168th Series
4.93%, 10/01/51 250,000 287,110
Consolidated Bonds 174th Series
4.46%, 10/01/62 1,150,000 1,174,403
San Diego County Regional Transportation Commission
RB (Build America Bonds) Series 2010A
5.91%, 04/01/48 300,000 399,339
San Diego County Water Authority Financing Corp.
RB (Build America Bonds) Series 2010B
6.14%, 05/01/49 350,000 460,036
San Jose Redevelopment Agency Successor Agency
Series A
3.38%, 08/01/34 (a) 1,500,000 1,414,860
Texas
GO Mobility Fund Bonds (Build America Bonds) Series 2009A
5.52%, 04/01/39 750,000 933,367
GO (Build America Bonds) Series 2010A
4.68%, 04/01/40 500,000 562,395
Texas Transportation Commission
RB (Build America Bonds) Series B
5.18%, 04/01/30 1,130,000 1,285,612
University of California
RB Series AS
5.95%, 05/15/45 250,000 311,215
RB Series AD
4.86%, 05/15/12 250,000 263,550
Utah
GO (Build America Bonds) Series D
4.55%, 07/01/24 850,000 896,350
GO (Build America Bonds) Series B
3.54%, 07/01/25 525,000 538,057
Wisconsin
RB Series A
5.70%, 05/01/26 745,000 828,626
    33,559,155
    48,600,734
 
Sovereign 0.9%
Chile 0.1%
Chile Government International Bond
2.25%, 10/30/22 300,000 289,170
3.13%, 03/27/25 900,000 876,186
3.24%, 02/06/28 (a) 1,500,000 1,443,000
3.63%, 10/30/42 100,000 91,951
3.86%, 06/21/47 250,000 233,875
    2,934,182
Colombia 0.1%
Colombia Government International Bond
4.38%, 07/12/21 1,000,000 1,016,750
4.00%, 02/26/24 (a) 450,000 446,062
4.50%, 01/28/26 (a) 1,000,000 1,001,875
3.88%, 04/25/27 (a) 450,000 430,313
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
4.50%, 03/15/29 (a) 200,000 198,000
7.38%, 09/18/37 550,000 667,287
6.13%, 01/18/41 750,000 811,875
5.63%, 02/26/44 (a) 1,500,000 1,550,250
5.00%, 06/15/45 (a) 350,000 334,075
    6,456,487
Hungary 0.1%
Hungary Government International Bond
6.38%, 03/29/21 1,500,000 1,585,312
5.38%, 02/21/23 1,000,000 1,061,250
5.75%, 11/22/23 1,000,000 1,082,955
7.63%, 03/29/41 250,000 351,281
    4,080,798
Indonesia 0.0%
Indonesia Government International Bond
4.10%, 04/24/28 500,000 487,082
4.35%, 01/11/48 500,000 457,561
    944,643
Israel 0.0%
Israel Government International Bond
2.88%, 03/16/26 500,000 482,350
3.25%, 01/17/28 500,000 491,055
4.50%, 01/30/43 500,000 518,070
4.13%, 01/17/48 250,000 245,388
    1,736,863
Italy 0.0%
Italy Government International Bond
6.88%, 09/27/23 1,000,000 1,094,200
5.38%, 06/15/33 500,000 527,431
    1,621,631
Mexico 0.2%
Mexico Government International Bond
3.50%, 01/21/21 650,000 647,936
3.63%, 03/15/22 2,400,000 2,377,008
8.00%, 09/24/22 100,000 114,433
4.00%, 10/02/23 600,000 597,969
4.13%, 01/21/26 500,000 490,313
4.15%, 03/28/27 1,000,000 968,410
3.75%, 01/11/28 250,000 234,440
8.30%, 08/15/31 150,000 194,829
6.05%, 01/11/40 550,000 583,550
4.75%, 03/08/44 3,250,000 2,962,375
5.55%, 01/21/45 800,000 811,400
4.60%, 01/23/46 1,200,000 1,067,100
4.35%, 01/15/47 400,000 344,300
5.75%, 10/12/10 500,000 471,875
    11,865,938
Panama 0.1%
Panama Government International Bond
5.20%, 01/30/20 600,000 613,431
4.00%, 09/22/24 (a) 500,000 505,505
3.75%, 03/16/25 (a) 750,000 744,758
6.70%, 01/26/36 650,000 796,250
4.50%, 05/15/47 200,000 195,000
4.50%, 04/16/50 (a) 1,000,000 960,000
    3,814,944
 
61
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Peru 0.1%
Peruvian Government International Bond
7.35%, 07/21/25 1,000,000 1,217,500
4.13%, 08/25/27 750,000 776,250
5.63%, 11/18/50 750,000 882,375
    2,876,125
Philippines 0.1%
Philippine Government International Bond
4.00%, 01/15/21 800,000 808,220
4.20%, 01/21/24 1,300,000 1,338,748
9.50%, 10/21/24 500,000 648,528
5.50%, 03/30/26 600,000 668,226
9.50%, 02/02/30 500,000 737,201
7.75%, 01/14/31 350,000 472,442
6.38%, 01/15/32 350,000 432,154
6.38%, 10/23/34 250,000 314,075
3.95%, 01/20/40 1,500,000 1,473,186
3.70%, 02/02/42 700,000 665,008
    7,557,788
Poland 0.0%
Poland Government International Bond
5.13%, 04/21/21 850,000 887,889
5.00%, 03/23/22 500,000 526,773
3.00%, 03/17/23 300,000 296,544
4.00%, 01/22/24 250,000 256,307
    1,967,513
Republic of Korea 0.0%
Korea International Bond
3.88%, 09/11/23 600,000 618,231
2.75%, 01/19/27 250,000 240,219
3.50%, 09/20/28 200,000 201,531
4.13%, 06/10/44 200,000 212,402
    1,272,383
Uruguay 0.1%
Uruguay Government International Bond
4.50%, 08/14/24 250,000 254,963
4.38%, 10/27/27 500,000 501,742
7.63%, 03/21/36 800,000 1,046,960
4.13%, 11/20/45 150,000 134,625
5.10%, 06/18/50 900,000 886,725
4.98%, 04/20/55 600,000 572,106
    3,397,121
    50,526,416
 
Supranational* 1.4%
African Development Bank
1.88%, 03/16/20 450,000 445,179
2.38%, 09/23/21 1,500,000 1,490,841
2.13%, 11/16/22 1,500,000 1,472,658
Asian Development Bank
1.75%, 01/10/20 1,000,000 991,700
1.50%, 01/22/20 500,000 494,527
1.63%, 05/05/20 1,000,000 987,312
1.63%, 03/16/21 500,000 490,325
2.00%, 02/16/22 3,000,000 2,946,128
1.75%, 09/13/22 3,275,000 3,171,833
2.00%, 01/22/25 1,650,000 1,582,773
2.00%, 04/24/26 500,000 474,189
2.63%, 01/12/27 1,300,000 1,282,925
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
2.50%, 11/02/27 250,000 243,107
2.75%, 01/19/28 250,000 247,343
Corp. Andina de Fomento
2.13%, 09/27/21 1,000,000 971,920
4.38%, 06/15/22 550,000 570,598
Council of Europe Development Bank
1.88%, 01/27/20 200,000 198,494
1.63%, 03/10/20 500,000 494,321
1.63%, 03/16/21 500,000 489,669
European Bank for Reconstruction & Development
1.50%, 03/16/20 1,100,000 1,085,920
2.00%, 02/01/21 500,000 494,232
1.88%, 07/15/21 500,000 491,198
1.50%, 11/02/21 1,100,000 1,067,198
European Investment Bank
1.63%, 03/16/20 3,400,000 3,361,486
1.38%, 06/15/20 750,000 737,038
2.88%, 09/15/20 1,350,000 1,352,339
1.63%, 12/15/20 1,000,000 981,484
2.00%, 03/15/21 1,500,000 1,481,981
2.50%, 04/15/21 1,000,000 998,361
2.38%, 05/13/21 650,000 646,784
2.88%, 12/15/21 1,000,000 1,007,946
2.25%, 03/15/22 1,500,000 1,482,856
2.38%, 06/15/22 1,650,000 1,631,263
2.25%, 08/15/22 250,000 246,860
2.50%, 03/15/23 1,600,000 1,589,296
2.88%, 08/15/23 1,000,000 1,008,110
3.13%, 12/14/23 1,750,000 1,786,481
3.25%, 01/29/24 1,350,000 1,384,362
2.50%, 10/15/24 500,000 494,001
1.88%, 02/10/25 1,250,000 1,186,399
2.13%, 04/13/26 1,100,000 1,052,469
Inter-American Development Bank
3.88%, 02/14/20 950,000 963,162
1.63%, 05/12/20 1,700,000 1,678,537
2.13%, 11/09/20 650,000 644,108
1.88%, 03/15/21 4,600,000 4,533,088
2.13%, 01/18/22 750,000 739,537
2.50%, 01/18/23 1,000,000 994,352
2.38%, 07/07/27 1,100,000 1,062,395
3.13%, 09/18/28 1,500,000 1,534,762
4.38%, 01/24/44 500,000 592,439
International Bank for Reconstruction & Development
1.63%, 09/04/20 500,000 492,150
2.13%, 11/01/20 1,000,000 991,665
1.63%, 03/09/21 250,000 245,134
1.38%, 05/24/21 1,800,000 1,751,067
2.25%, 06/24/21 3,000,000 2,978,043
2.00%, 01/26/22 3,450,000 3,390,898
1.63%, 02/10/22 500,000 484,952
1.88%, 10/07/22 2,250,000 2,189,979
7.63%, 01/19/23 500,000 593,854
3.00%, 09/27/23 250,000 255,003
2.50%, 11/25/24 1,000,000 990,497
2.50%, 07/29/25 2,750,000 2,708,832
1.88%, 10/27/26 1,000,000 936,440
4.75%, 02/15/35 350,000 421,303
International Finance Corp.
1.75%, 03/30/20 500,000 494,623
1.63%, 07/16/20 1,000,000 985,582
1.13%, 07/20/21 1,000,000 964,650
2.88%, 07/31/23 500,000 504,435
 
62
Schwab Fixed-Income ETFs  |  Annual Report
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Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Nordic Investment Bank
2.25%, 09/30/21 1,450,000 1,436,063
2.88%, 07/19/23 250,000 252,316
    80,423,772
Total Government Related
(Cost $338,582,844)   332,820,544

Securitized 30.6% of net assets
 
Asset-Backed Securities 0.6%
Automobile 0.3%
BMW Vehicle Owner Trust
Series 2018-A, Class A4, ABS
2.51%, 06/25/24 (a) 1,400,000 1,378,197
CarMax Auto Owner Trust
Series 2018-3, Class A3, ABS
3.13%, 06/15/23 (a) 1,400,000 1,407,102
Ford Credit Auto Owner Trust
Series 2017-B, Class A4, ABS
1.87%, 09/15/22 (a) 1,100,000 1,077,103
Series 2018-A, Class A4, ABS
3.16%, 10/15/23 (a) 1,000,000 1,007,018
Honda Auto Receivables Owner Trust
Series 2017-2, Class A4
1.87%, 09/15/23 (a) 4,740,000 4,659,006
Series 2017-3, Class A4, ABS
1.98%, 11/20/23 (a) 1,260,000 1,238,685
Nissan Auto Receivables Owner Trust
Series 2017-C, Class A4, ABS
2.28%, 02/15/24 (a) 900,000 882,595
Toyota Auto Receivables Owner Trust
Series 2017-D, Class A3, ABS
1.93%, 01/18/22 (a) 950,000 937,012
Series 2018-C, Class A4, ABS
3.13%, 02/15/24 (a) 1,200,000 1,209,366
    13,796,084
Credit Card 0.3%
American Express Credit Account Master Trust
Series 2017-3, Class A
1.77%, 11/15/22 (a) 955,000 941,569
Capital One Multi-Asset Execution Trust
Series 2017-A4, Class A4, ABS
1.99%, 07/17/23 (a) 3,350,000 3,299,192
Series 2017-A6, Class A6, ABS
2.29%, 07/15/25 (a) 2,370,000 2,317,101
Chase Issuance Trust
Series 2015-A4 Class A4
1.84%, 04/15/22 (a) 650,000 640,468
Citibank Credit Card Issuance Trust
Series 2018-A1, Class A1, ABS
2.49%, 01/20/23 (a) 1,700,000 1,687,044
Series 2014-A1 Class A1
2.88%, 01/23/23 (a) 1,175,000 1,174,886
Series 2018-A6, Class A6, ABS
3.21%, 12/07/24 (a) 1,150,000 1,163,202
Discover Card Execution Note Trust
Series 2015-A4 Class A4
2.19%, 04/17/23 (a) 3,400,000 3,367,107
Series 2018-A5, Class A5, ABS
3.32%, 03/15/24 (a) 285,000 288,637
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Series 2017-A2, Class A2, ABS
2.39%, 07/15/24 (a) 1,363,000 1,342,971
Series 2018-A1, Class A1, ABS
3.03%, 08/15/25 (a) 100,000 100,354
World Financial Network Credit Card Master Trust
Series 2015-B Class A
2.55%, 06/17/24 (a) 620,000 614,734
    16,937,265
    30,733,349
 
Commercial Mortgage-Backed Securities 1.9%
Bank
Series 2017-BNK7, Class A5
3.44%, 09/15/60 (a) 1,000,000 981,969
CD Mortgage Trust
Series 2017-CD3, Class A4
3.63%, 02/10/50 (a) 1,715,000 1,721,581
CFCRE Commercial Mortgage Trust
Series 2016-C3 Class A3
3.87%, 01/10/48 (a) 4,725,000 4,793,197
Series 2016-C7, Class A3
3.84%, 12/10/54 (a) 1,425,000 1,440,129
Series 2016-C4 Class A4
3.28%, 05/10/58 (a) 1,000,000 978,413
Citigroup Commercial Mortgage Trust
Series 2013-GC17 Class A4
4.13%, 11/10/46 (a) 615,000 637,242
Series 2014-GC23 Class A4
3.62%, 07/10/47 (a) 1,000,000 1,011,923
Series 2014-GC25, Class A4
3.64%, 10/10/47 (a) 210,000 212,798
Series 2016-GC36 Class A5
3.62%, 02/10/49 (a) 3,100,000 3,112,549
Series 2017-P7, Class A4
3.71%, 04/14/50 (a) 500,000 503,376
Series 2017-C4, Class A4
3.47%, 10/12/50 (a) 1,300,000 1,285,870
COMM Mortgage Trust
Series 2012-LC4 Class A4
3.29%, 12/10/44 (a) 294,991 295,163
Series 2012-CR3 Class A3
2.82%, 10/15/45 (a) 254,855 251,067
Series 2012-CR4 Class A3
2.85%, 10/15/45 (a) 900,000 885,211
Series 2013-CR6, Class A4
3.10%, 03/10/46 (a) 4,950,000 4,926,820
Series 2014-CR14 Class A3
3.96%, 02/10/47 (a) 240,000 247,186
Series 2014-CR16 Class ASB
3.65%, 04/10/47 (a) 630,000 635,436
Series 2014-CR19 Class ASB
3.50%, 08/10/47 (a) 400,000 405,036
Series 2014-UBS4, Class A5
3.69%, 08/10/47 (a) 1,600,000 1,624,717
Series 2014-CR20 Class A3
3.33%, 11/10/47 (a) 1,550,000 1,544,809
Series 2014-CR21, Class A3
3.53%, 12/10/47 (a) 190,000 191,101
Series 2015-CR24 Class A5
3.70%, 08/10/48 (a) 400,000 405,231
Series 2015-LC23, Class A4
3.77%, 10/10/48 (a) 440,000 447,320
Series 2016-DC2, Class A5
3.77%, 02/10/49 (a) 100,000 101,198
 
63
Schwab Fixed-Income ETFs  |  Annual Report
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Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Series 2015-PC1, Class ASB
3.61%, 07/10/50 (a) 2,225,000 2,255,694
Series 2015-PC1, Class A5
3.90%, 07/10/50 (a) 497,400 508,208
Series 2013-CR11 Class A3
3.98%, 08/10/50 (a) 450,000 463,790
Series 2013-CR11 Class A4
4.26%, 08/10/50 (a) 340,000 354,426
Commercial Mortgage Pass Through Certificates
Series 2016-CR28 Class A4
3.76%, 02/10/49 (a) 2,100,000 2,128,573
CSAIL Commercial Mortgage Trust
Series 2015-C3, Class A4
3.72%, 08/15/48 (a) 300,000 303,454
Series 2015-C1 Class A4
3.51%, 04/15/50 (a) 308,000 309,265
CSMC Trust
Series 2016-NXSR, Class A4
3.79%, 12/15/49 (a) 100,000 100,856
Fannie Mae
Series 2010-M3 Class A3
4.33%, 03/25/20 (a)(e)(j) 104,262 105,264
Series 2014-M6 Class A2
2.68%, 05/25/21 (a) 556,266 554,257
Series 2015-M4 Class AV2
2.51%, 07/25/22 (a) 73,095 72,598
Series 2016-M3 Class ASQ2
2.26%, 02/25/23 (a)(e)(j) 60,435 59,549
Series 2014-M9 Class A2
3.10%, 07/25/24 (a)(e)(j) 492,000 495,897
Series 2015-M3 Class A2
2.72%, 10/25/24 (a) 550,000 540,855
Series 2015-M13 Class A2
2.71%, 06/25/25 (a)(e)(j) 150,000 146,824
Series 2016-M6 Class A2
2.49%, 05/25/26 (a) 2,600,000 2,475,120
Freddie Mac
Series K008 Class A2
3.53%, 06/25/20 (a) 140,600 141,374
Series K009 Class A2
3.81%, 08/25/20 (a) 500,000 504,993
Series K714 Class A2
3.03%, 10/25/20 (a) 760,012 759,938
Series K010 Class A2
4.33%, 10/25/20 (a) 305,000 312,022
Series K012 Class A2
4.18%, 12/25/20 (a)(e)(k) 1,021,000 1,044,414
Series K013 Class A2
3.97%, 01/25/21 (a)(e)(k) 492,000 500,245
Series K014 Class A2
3.87%, 04/25/21 (a) 706,282 719,138
Series K015 Class A2
3.23%, 07/25/21 (a) 525,000 528,881
Series K016 Class A2
2.97%, 10/25/21 (a) 494,466 495,551
Series K017 Class A2
2.87%, 12/25/21 (a) 99,739 99,767
Series K021, Class A1
1.60%, 01/25/22 (a) 107,491 105,524
Series K018, Class A2
2.79%, 01/25/22 (a) 150,000 149,764
Series K025 Class A1
1.88%, 04/25/22 (a) 242,751 238,968
Series K020 Class A2
2.37%, 05/25/22 (a) 385,000 379,646
Series K022 Class A2
2.36%, 07/25/22 (a) 1,200,000 1,180,325
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Series K024 Class A2
2.57%, 09/25/22 (a) 800,000 791,849
Series K025 Class A2
2.68%, 10/25/22 (a) 511,000 507,664
Series K029 Class A1
2.84%, 10/25/22 (a) 78,852 78,635
Series K026 Class A2
2.51%, 11/25/22 (a) 550,000 542,485
Series K027 Class A2
2.64%, 01/25/23 (a) 1,705,000 1,687,893
Series K033 Class A1
2.87%, 02/25/23 (a) 93,320 93,272
Series K028 Class A2
3.11%, 02/25/23 (a) 250,000 251,952
Series K030 Class A2
3.25%, 04/25/23 (a)(e)(k) 850,000 860,712
Series K031 Class A2
3.30%, 04/25/23 (a) 2,925,000 2,971,213
Series K033 Class A2
3.06%, 07/25/23 (a) 1,540,000 1,548,261
Series K034, Class A2
3.53%, 07/25/23 (a) 150,000 153,665
Series K035 Class A2
3.46%, 08/25/23 (a)(e)(k) 450,000 459,514
Series K725, Class A2
3.00%, 01/25/24 (a) 1,300,000 1,302,555
Series K037 Class A2
3.49%, 01/25/24 (a) 600,000 614,254
Series K727, Class A2
2.95%, 07/25/24 (a) 665,000 664,747
Series K728, Class A2
3.06%, 08/25/24 (a)(e)(k) 3,700,000 3,714,670
Series K040 Class A2
3.24%, 09/25/24 (a) 750,000 758,595
Series K045 Class A1
2.49%, 11/25/24 (a) 423,250 417,320
Series K042, Class A2
2.67%, 12/25/24 (a) 100,000 98,095
Series K043, Class A2
3.06%, 12/25/24 (a) 750,000 750,884
Series K052, Class A1
2.60%, 01/25/25 (a) 243,044 240,454
Series K044, Class A2
2.81%, 01/25/25 (a) 1,015,000 1,002,356
Series K045 Class A2
3.02%, 01/25/25 (a) 400,000 399,364
Series K053, Class A1
2.55%, 02/25/25 (a) 555,047 547,312
Series K046 Class A2
3.21%, 03/25/25 (a) 750,000 755,839
Series K048 Class A2
3.28%, 06/25/25 (a)(e)(k) 838,000 848,274
Series K053, Class A2
3.00%, 12/25/25 (a) 950,000 943,398
Series K054, Class A2
2.75%, 01/25/26 (a) 300,000 293,029
Series K055, Class A2
2.67%, 03/25/26 (a) 750,000 728,036
Series K062, Class A2
3.41%, 12/25/26 (a) 3,000,000 3,039,240
Series K064, Class A2
3.22%, 03/25/27 (a) 107,000 106,971
Series K071, Class A2
3.29%, 11/25/27 (a) 1,000,000 999,173
Series K074, Class A2
3.60%, 01/25/28 (a) 1,875,000 1,918,276
 
64
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
GS Mortgage Securities Trust
Series 2011-GC5 Class A4
3.71%, 08/10/44 (a) 233,000 236,107
Series 2012-GC6 Class A3
3.48%, 01/10/45 (a) 597,743 604,520
Series 2012-GCJ7 Class A4
3.38%, 05/10/45 (a) 384,982 386,818
Series 2013-GC12 Class AAB
2.68%, 06/10/46 (a) 241,994 239,554
Series 2013-GC13 Class A5
4.05%, 07/10/46 (a)(e)(l) 649,000 673,804
Series 2013-GC14 Class A5
4.24%, 08/10/46 (a) 700,000 728,082
Series 2016-GS4, Class A4
3.44%, 11/10/49 (a) 365,000 361,116
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2012-C6 Class A3
3.51%, 05/15/45 (a) 337,978 339,830
Series 2012-CBX Class A4
3.48%, 06/15/45 (a) 423,741 424,967
Series 2011-C5 Class A3
4.17%, 08/15/46 (a) 267,218 272,721
Series 2014-C20 Class A4A1
3.54%, 07/15/47 (a) 800,000 805,252
Series 2014-C26 Class ASB
3.29%, 01/15/48 (a) 600,000 600,453
Series 2015-C29 Class A4
3.61%, 05/15/48 (a) 1,000,000 1,008,211
Series 2015-C28 Class A4
3.23%, 10/15/48 (a) 2,000,000 1,974,357
Series 2015-C32 Class A2
2.82%, 11/15/48 (a) 600,000 594,473
Series 2015-C33 Class A4
3.77%, 12/15/48 (a) 1,150,000 1,168,346
Series 2015-JP1 Class A4
3.65%, 01/15/49 (a) 600,000 605,541
JPMDB Commercial Mortgage Securities Trust
Series 2017-C5, Class A1
2.10%, 03/15/50 (a) 262,334 258,716
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2012-C5 Class A4
3.18%, 08/15/45 (a) 430,000 428,449
Series 2013-C10 Class A4
4.08%, 07/15/46 (a)(e)(l) 180,000 186,060
Series 2014-C16 Class A5
3.89%, 06/15/47 (a) 270,000 276,338
Series 2015-C24 Class ASB
3.48%, 05/15/48 (a) 1,000,000 1,009,983
Series 2013-C8, Class AS
3.38%, 12/15/48 (a) 80,000 79,816
Morgan Stanley Capital I Trust
Series 2012-C4 Class A4
3.24%, 03/15/45 (a) 300,000 299,534
Series 2011-C3, Class A4
4.12%, 07/15/49 (a) 100,000 102,324
UBS Commercial Mortgage Trust
Series 2017-C3, Class A4
3.43%, 08/15/50 (a) 500,000 491,499
Series 2017-C6, Class A5
3.58%, 12/15/50 (a) 1,000,000 992,733
UBS-Barclays Commercial Mortgage Trust
Series 2012-C4 Class A5
2.85%, 12/10/45 (a) 500,000 494,786
Series 2013-C5 Class A4
3.18%, 03/10/46 (a) 1,850,000 1,851,270
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Wells Fargo Commercial Mortgage Trust
Series 2013-LC12 Class A4
4.22%, 07/15/46 (a)(e)(l) 640,000 664,966
Series 2015-C28, Class A3
3.29%, 05/15/48 (a) 1,210,000 1,197,814
Series 2015-C31 Class A3
3.43%, 11/15/48 (a) 500,000 498,151
Series 2015-P2, Class A4
3.81%, 12/15/48 (a) 1,500,000 1,534,886
Series 2016-NXS6, Class A4
2.92%, 11/15/49 (a) 150,000 143,116
Series 2014-LC16 Class A4
3.55%, 08/15/50 (a) 875,000 881,902
Series 2017-C40, Class A4
3.58%, 10/15/50 (a) 1,051,000 1,048,630
Series 2017-C41, Class A4
3.47%, 11/15/50 (a) 1,000,000 982,580
Series 2015-C30 Class A4
3.66%, 09/15/58 (a) 560,000 565,026
Series 2016-NXS5, Class A4
3.37%, 01/15/59 (a) 575,000 569,497
WFRBS Commercial Mortgage Trust
Series 2012-C7 Class A1
2.30%, 06/15/45 (a) 125,177 124,271
Series 2013-C14 Class A5
3.34%, 06/15/46 (a) 547,687 549,202
Series 2013-C15 Class A4
4.15%, 08/15/46 (a)(e)(l) 520,000 539,210
Series 2014-C19 Class A4
3.83%, 03/15/47 (a) 100,000 102,226
Series 2014-C20 Class ASB
3.64%, 05/15/47 (a) 1,780,000 1,806,274
Series 2013-C12 Class A4
3.20%, 03/15/48 (a) 881,000 878,313
    106,346,203
 
Covered 0.0%
Bank of Nova Scotia
1.85%, 04/14/20 500,000 494,397
1.88%, 04/26/21 500,000 488,357
Royal Bank of Canada
2.20%, 09/23/19 500,000 497,329
1.88%, 02/05/20 500,000 494,868
2.10%, 10/14/20 500,000 493,195
    2,468,146
 
Mortgage-Backed Securities Pass-Through 28.1%
Fannie Mae
4.00%, 02/01/24 to 12/01/48 (a) 126,776,267 129,748,060
4.00%, 04/01/24 to 05/01/41 (a)(c) 6,500,415 6,686,291
5.50%, 06/01/24 to 08/01/41 (a) 7,213,741 7,757,956
4.50%, 12/01/24 to 06/01/48 (a) 32,611,607 34,003,932
3.50%, 08/01/25 to 08/01/48 (a) 166,264,357 167,072,881
3.00%, 12/01/25 to 08/01/48 (a) 154,474,680 152,140,952
2.50%, 07/01/27 to 02/01/43 (a) 36,424,691 35,656,194
2.00%, 04/01/28 to 01/01/32 (a) 1,286,505 1,250,437
5.50%, 07/01/29 to 09/01/38 (a)(c) 1,060,486 1,140,674
6.00%, 12/01/32 to 07/01/41 (a) 3,530,505 3,851,285
5.00%, 09/01/33 to 09/01/39 (a)(c) 2,905,481 3,089,074
5.00%, 03/01/34 to 08/01/48 (a) 10,985,357 11,645,451
6.50%, 08/01/34 to 05/01/40 (a) 1,198,832 1,348,468
6.00%, 07/01/35 to 10/01/39 (a)(c) 1,107,987 1,204,921
4.50%, 04/01/39 to 04/01/41 (a)(c) 1,165,797 1,221,485
3.50%, 10/01/40 to 06/01/45 (a)(c) 17,720,525 17,797,614
3.00%, 07/01/43 to 10/01/46 (a)(c) 11,016,194 10,756,053
 
65
Schwab Fixed-Income ETFs  |  Annual Report
See financial notes

 

Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Fannie Mae TBA
2.00%, 01/01/34 (a)(m) 3,000,000 2,871,387
2.50%, 01/01/34 to 01/01/49 (a)(m) 4,500,000 4,362,530
3.00%, 01/01/34 to 01/01/49 (a)(m) 7,000,000 6,903,330
3.50%, 01/01/34 to 01/01/49 (a)(m) 12,500,000 12,596,280
4.00%, 01/01/34 to 01/01/49 (a)(m) 23,500,000 23,965,586
4.50%, 01/01/49 (a)(m) 24,000,000 24,855,469
5.00%, 01/01/49 (a)(m) 4,000,000 4,190,313
Freddie Mac
2.00%, 08/01/23 to 12/01/31 (a) 1,405,202 1,375,843
4.00%, 03/01/24 to 10/01/48 (a) 72,164,765 73,869,138
4.50%, 05/01/24 to 06/01/48 (a) 20,821,586 21,698,048
5.50%, 05/01/24 to 02/01/40 (a)(c) 492,179 526,046
5.50%, 04/01/25 to 06/01/41 (a) 4,428,282 4,753,186
3.50%, 12/01/25 to 07/01/48 (a) 117,096,910 117,573,298
3.00%, 08/01/26 to 04/01/47 (a) 100,429,465 98,828,283
2.50%, 04/01/27 to 11/01/46 (a) 28,420,283 27,859,350
6.00%, 09/01/32 to 06/01/34 (a)(c) 226,440 246,058
6.00%, 07/01/33 to 06/01/39 (a) 2,707,669 2,960,120
6.50%, 12/01/33 (a)(c) 150,399 168,047
5.00%, 06/01/34 to 11/01/48 (a) 9,028,291 9,568,685
5.00%, 11/01/34 to 08/01/39 (a)(c) 1,046,498 1,109,681
6.50%, 02/01/36 to 09/01/39 (a) 220,988 252,446
4.50%, 05/01/39 to 07/01/39 (a)(c) 306,191 320,632
3.00%, 06/01/43 to 10/01/46 (a)(c) 9,099,641 8,889,300
4.00%, 05/01/44 (a)(c) 1,178,525 1,205,162
Freddie Mac TBA
2.00%, 01/01/34 (a)(m) 1,000,000 956,777
2.50%, 01/01/34 (a)(m) 500,000 488,066
3.00%, 01/01/34 to 01/01/49 (a)(m) 9,000,000 8,869,854
3.50%, 01/01/34 to 01/01/49 (a)(m) 14,500,000 14,591,879
4.00%, 01/01/34 to 01/01/49 (a)(m) 21,000,000 21,413,476
4.50%, 01/01/49 (a)(m) 14,000,000 14,493,477
Ginnie Mae
3.00%, 01/20/27 to 02/20/47 (a) 75,204,611 74,423,716
2.50%, 03/20/27 to 01/20/47 (a) 4,277,893 4,178,310
6.00%, 10/20/32 to 01/20/45 (a) 1,553,411 1,686,302
5.50%, 02/20/33 to 12/20/45 (a) 2,897,180 3,109,209
3.50%, 03/20/33 to 03/20/48 (a) 130,843,988 132,005,463
5.00%, 03/20/33 to 09/20/48 (a) 15,311,000 16,139,296
5.50%, 04/15/33 (a)(c) 168,679 183,340
5.00%, 05/15/33 to 07/20/39 (a)(c) 485,014 516,727
6.00%, 09/20/37 (a)(c) 206,977 221,851
4.50%, 01/20/39 to 08/20/48 (a) 31,120,866 32,488,160
4.50%, 03/20/39 (a)(c) 271,770 285,443
4.00%, 06/15/39 to 10/20/48 (a) 85,761,923 88,178,031
3.00%, 01/20/43 to 12/20/46 (a)(c) 31,391,223 31,007,992
3.50%, 08/20/44 to 07/20/46 (a)(c) 28,166,197 28,395,235
Ginnie Mae TBA
2.50%, 01/01/49 (a)(m) 1,500,000 1,436,719
3.00%, 01/01/49 (a)(m) 6,000,000 5,909,248
3.50%, 01/01/49 (a)(m) 10,500,000 10,566,133
4.00%, 01/01/49 (a)(m) 12,000,000 12,287,813
4.50%, 01/01/49 (a)(m) 16,000,000 16,558,437
    1,557,710,900
Total Securitized
(Cost $1,725,239,022)   1,697,258,598
Security Number
of Shares 		Value ($)
Other Investment Company 0.8% of net assets
 
Money Market Fund 0.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.27% (n) 46,244,630 46,244,630
Total Other Investment Company
(Cost $46,244,630)   46,244,630
    
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
Short-Term Investments 2.5% of net assets
 
Government Related 1.2%
Federal Home Loan Bank
2.28%, 01/02/19 (o) 50,000,000 49,996,847
2.28%, 01/03/19 (o) 15,000,000 14,998,104
    64,994,951
 
 
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Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
Security
Rate, Maturity Date 		Face
Amount ($) 		Value ($)
U.S. Treasury Obligations 1.3%
U.S. Treasury Bill
2.31%, 01/02/19 (o) 40,000,000 39,997,439
2.21%, 01/10/19 (o) 30,000,000 29,983,425
2.29%, 01/10/19 (o) 5,000,000 4,997,144
    74,978,008
Total Short-Term Investments
(Cost $139,972,959)   139,972,959
* Supranational bonds represent the debt of international organizations or institutions such as the World Bank, the International Monetary Fund, regional multilateral development banks and others.
(a) The effective maturity may be shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or as the result of embedded demand features (puts or calls).
(b) Security converts to floating rate after the fixed-rate coupon period.
(c) All or a portion of this security is held as collateral for delayed-delivery securities.
(d) Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $16,483,038 or 0.3% of net assets.
(e) Variable-rate security.
(f) Interest rate is subject to adjustments from time to time if a nationally recognized statistical rating organization downgrades (or subsequently upgrades) the debt rating assigned to the bond.
(g) On January 29, 2019, the issuer filed for bankruptcy. The security was subsequently sold.
(h) Security is in default on interest payments.
(i) Guaranteed by the Republic of Germany.
(j) Variable rate is determined by formula set forth in the security’s offering documents and is affected by the MBS (Mortgage-Backed Securities) pass-through rate, which is the rate earned from a securitized asset pool once management fees and guarantee fees have been paid to the securitizing corporation.
(k) Variable rate is determined by formula set forth in the security’s offering documents and is affected by the current WAC (Weighted Average Coupon), which is the weighted average gross interest rate of the securitized asset pool and is determined by the different speeds at which the underlying mortgages are paid down.
(l) Security is a type of structured mortgage-backed security (MBS) that involves tranching (i.e. dividing) the underlying MBS pools’ cash flows into securities that have varying coupon and principal payback profiles. Tranches pay an investor an interest rate, which is determined by a formula set forth in the security’s offering documents. The floating interest rate may reset once a year and is generally tied to the London Interbank Offered Rate (LIBOR), the Constant Maturity Treasury (CMT), or the Cost of Funds Index (COFI). LIBOR is the interest rate banks charge each other for short-term loans. The CMT is an index published by the Federal Reserve Board to compute an index based on the monthly average yield of a range of Treasury securities maturing at different periods, adjusted to the equivalent of a one-year maturity. The COFI is a regional index of the average interest expenses paid by financial institutions on money market accounts, passbooks, CDs, and other liabilities. A variable interest rate can also be affected by the current WAC (Weighted Average Coupon), which is the weighted average gross interest rate of the securitized asset pool and is determined by the different speeds at which the underlying mortgages are paid down.
(m) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(n) The rate shown is the 7-day yield.
(o) The rate shown is the purchase yield.
   
CD — Certificate of deposit
GO — General obligation
LIBOR — London Interbank Offered Rate is the interest rate banks charge each other for short-term loans
RB — Revenue bond
REIT — Real Estate Investment Trust
TBA — To-be-announced
 
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Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2018 (continued)
The following is a summary of the inputs used to value the fund’s investments as of December 31, 2018 and reflects the complete schedule of portfolio holdings (see financial note 2(a) for additional information):
Description Quoted Prices in
Active Markets for
Identical Assets
(Level 1) 		Other Significant
Observable Inputs
(Level 2) 		Significant
Unobservable Inputs
(Level 3) 		Total  
Assets          
Corporates 1 $— $1,335,487,460 $— $1,335,487,460  
Treasuries — 2,142,694,291 — 2,142,694,291  
Government Related1 — 332,820,544 — 332,820,544  
Securitized 1 — 1,697,258,598 — 1,697,258,598  
Other Investment Company1 46,244,630 — — 46,244,630  
Short-Term Investments1 — 139,972,959 — 139,972,959  
Total $46,244,630 $5,648,233,852 $— $5,694,478,482  
1 As categorized in Portfolio Holdings.
Fund investments in underlying mutual funds are classified as Level 1, without consideration to the classification level of the investments held by the underlying mutual funds, which could be Level 1, Level 2 or Level 3.
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Schwab U.S. Aggregate Bond ETF
Statement of Assets and Liabilities
As of December 31, 2018
Assets
Investments in unaffiliated issuers, at value (cost $5,791,525,485)   $5,694,478,482
Cash   754,792
Receivables:    
Investments sold   51,905,825
Fund shares sold   55,515,678
Interest   33,775,171
Dividends + 47,043
Total assets   5,836,476,991
Liabilities
Payables:    
Investments bought   97,365,783
Investments bought — Delayed delivery   194,344,692
Investment adviser fees + 183,759
Total liabilities   291,894,234
Net Assets
Total assets   5,836,476,991
Total liabilities – 291,894,234
Net assets   $5,544,582,757
Net Assets by Source    
Capital received from investors   5,693,638,265
Total distributable loss1   (149,055,508)
    
Net Asset Value (NAV)
Net Assets ÷ Shares
Outstanding 		= NAV
$5,544,582,757   109,600,000   $50.59
         
1 The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 10 for additional information).
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Schwab U.S. Aggregate Bond ETF
Statement of Operations
For the period January 1, 2018 through December 31, 2018
Investment Income
Dividends   $405,271
Interest + 139,049,653
Total investment income   139,454,924
Expenses
Investment adviser fees   2,058,950
Total expenses – 2,058,950
Net investment income   137,395,974
Realized and Unrealized Gains (Losses)
Net realized losses on investments   (26,769,578)
Net change in unrealized appreciation (depreciation) on investments + (106,172,649)
Net realized and unrealized losses   (132,942,227)
Increase in net assets resulting from operations   $4,453,747
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Schwab U.S. Aggregate Bond ETF
Statement of Changes in Net Assets
For the current and prior report periods
Operations  
  1/1/18-12/31/18 1/1/17-12/31/17
Net investment income   $137,395,974 $88,885,573
Net realized losses   (26,769,578) (906,970)
Net change in unrealized appreciation (depreciation) + (106,172,649) 39,801,062
Increase in net assets resulting from operations   4,453,747 127,779,665
Distributions to Shareholders1  
Total distributions   ($144,430,430) ($95,694,640)
    
Transactions in Fund Shares      
    1/1/18-12/31/18 1/1/17-12/31/17
    SHARES VALUE SHARES VALUE
Shares sold   15,800,000 $798,783,725 30,800,000 $1,604,905,807
Shares redeemed + (800,000) (39,917,780) (400,000) (20,744,738)
Net transactions in fund shares   15,000,000 $758,865,945 30,400,000 $1,584,161,069
Shares Outstanding and Net Assets      
    1/1/18-12/31/18 1/1/17-12/31/17
    SHARES NET ASSETS SHARES NET ASSETS
Beginning of period   94,600,000 $4,925,693,495 64,200,000 $3,309,447,401
Total increase + 15,000,000 618,889,262 30,400,000 1,616,246,094
End of period2   109,600,000 $5,544,582,757 94,600,000 $4,925,693,495
1 For the period ended December 31, 2017, the fund distributed to shareholders $95,694,640 from net investment income. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 10 for additional information).
2 End of period - Net assets include net investment income not yet distributed of $401,338 at December 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018.
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Schwab Fixed-Income ETFs
Financial Notes
1. Business Structure of the Funds:
Each of the funds in this report is a series of Schwab Strategic Trust (the trust), a no-load, open-end management investment company. The trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trust as of the end of the period, including the funds discussed in this report, which are highlighted:
SCHWAB STRATEGIC TRUST (ORGANIZED JANUARY 27, 2009)
Schwab U.S. TIPS ETF Schwab U.S. Dividend Equity ETF
Schwab Short-Term U.S. Treasury ETF Schwab International Equity ETF
Schwab Intermediate-Term U.S. Treasury ETF Schwab International Small-Cap Equity ETF
Schwab U.S. Aggregate Bond ETF Schwab Emerging Markets Equity ETF
Schwab U.S. Broad Market ETF Schwab U.S. REIT ETF
Schwab 1000 Index® ETF Schwab Fundamental U.S. Broad Market Index ETF
Schwab U.S. Large-Cap ETF Schwab Fundamental U.S. Large Company Index ETF
Schwab U.S. Large-Cap Growth ETF Schwab Fundamental U.S. Small Company Index ETF
Schwab U.S. Large-Cap Value ETF Schwab Fundamental International Large Company Index ETF
Schwab U.S. Mid-Cap ETF Schwab Fundamental International Small Company Index ETF
Schwab U.S. Small-Cap ETF Schwab Fundamental Emerging Markets Large Company Index ETF
The funds issue and redeem shares at their net asset value per share (NAV) only in large blocks of shares, typically 50,000 shares or more (Creation Units). These transactions are usually in exchange for a basket of securities and/or an amount of cash. As a practical matter, only institutions or large investors purchase or redeem Creation Units. Except when aggregated in Creation Units, shares of the funds are not redeemable securities.
Individual shares of the funds trade on national securities exchanges and elsewhere during the trading day and can only be bought and sold at market prices throughout the trading day through a broker-dealer. Because fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount).
Each fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, each fund may also keep certain assets in segregated accounts, as required by securities law.
    
2. Significant Accounting Policies:
The following is a summary of the significant accounting policies the funds use in their preparation of financial statements. The funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services — Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).
The funds may invest in certain other investment companies (underlying funds). For more information about the underlying funds’ operations and policies, please refer to those funds’ semiannual and annual reports, which are filed with the U.S. Securities and Exchange Commission (SEC).
Effective November 5, 2018, the funds adopted SEC Regulation S-X disclosure requirement changes. The adopted changes are reflected throughout this report.
(a) Security Valuation:
Under procedures approved by the funds’ Board of Trustees (the Board), the investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair market value. Among other things, these procedures allow the funds to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
The funds value the securities in their portfolios every business day. The funds use the following policies 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
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Schwab Fixed-Income ETFs
Financial Notes (continued)
2. Significant Accounting Policies (continued):
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 technique, 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.
•   Securities for which no quoted value is available: The Board has adopted procedures to fair value each fund’s securities when market prices are not “readily available” or are unreliable. For example, a fund may fair value a security when it is de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. Each fund makes fair value determinations in good faith in accordance with the fund’s valuation procedures. The Pricing Committee considers a number of factors, including unobservable market inputs when arriving at fair value. The Pricing Committee may employ techniques 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. The Pricing Committee regularly reviews these inputs and assumptions to calibrate the valuations. 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. The Board convenes on a regular basis to review fair value determinations made by the funds pursuant to the valuation procedures.
•   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 market value.
•   Underlying funds: Mutual funds are valued at their respective NAVs.
In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the funds disclose the fair value of their investments in a hierarchy that prioritizes the significant inputs to valuation techniques 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 the funds determine 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 management 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 securities—Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities. Investments in mutual funds are valued daily at their NAVs, which are classified as Level 1 prices, without consideration to the classification level of the specific investments held by an underlying fund.
•   Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)—Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations.
•   Level 3—significant unobservable inputs (including the funds’ own assumptions in determining the fair value of investments)—Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not available for these securities, the funds use one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the funds in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the funds in the absence of market information. Assumptions used by the funds due to the lack of observable inputs may significantly impact the resulting fair value and therefore the funds’ results of operations.
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Financial Notes (continued)
2. Significant Accounting Policies (continued):
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The levels associated with valuing the funds’ investments as of December 31, 2018 are disclosed in the Portfolio Holdings.
(b) Accounting Policies for certain Portfolio Investments (if held):
Securities Lending: Under the trust’s Securities Lending Program, a fund (lender) may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank. Collateral at the individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides a fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating under Rule 2a-7 of the 1940 Act. Each fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreements allow the funds or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement. Securities lending income, as disclosed in each fund’s Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between a fund and the lending agent. The aggregate market value of securities loaned will not at any time exceed one-third of the total assets of a fund, including collateral received from the loan. Securities lending fees paid to the unaffiliated lending agents start at 10% of gross lending revenue, with subsequent breakpoints to a low of 7.5%. Any expenses charged by the cash collateral fund are in addition to these fees.
As of December 31, 2018, the funds had no securities on loan.
Inflation-Protected Securities: The Schwab U.S. TIPS ETF invests in inflation-protected securities. Inflation-protected securities are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these instruments is generally fixed at issuance at a rate lower than typical bonds or notes. Over the life of an inflation-indexed instrument, however, interest will be paid based on a principal value, which is adjusted for any inflation or deflation. Any increase or decrease in the principal amount of an inflation-protected security will be included as an addition or reduction to interest income on the Statement of Operations, even though investors do not receive their principal until maturity.
TBA Commitments: The Schwab U.S. Aggregate Bond ETF may enter into “TBA” (to-be-announced) commitments to purchase or sell securities for a fixed price at a future date. Payments or proceeds of TBA commitments are not delivered until the contractual settlement date. Unsettled TBA commitments are valued at the current market value generally according to the procedures described above in the Security Valuation section. The fund’s use of TBA commitments may cause the fund to experience higher portfolio turnover and higher transaction costs.
Agency MBS and TBA Transactions: The Treasury Market Practices Group (TMPG) of the Federal Reserve Bank of New York recommended the margining of certain forward-settling Agency MBS transactions, including TBAs, to reduce counterparty credit risk. The TMPG recommended market participants exchange two-way variation margin on a regular basis. The Schwab U.S. Aggregate Bond ETF posts and receives variation margin with certain counterparties in instances where the unrealized gain/loss on such transactions exceeded certain pre-determined thresholds. The variation margin, if any, is disclosed on the Statement of Assets and Liabilities.
Delayed Delivery Transactions and When-Issued Securities: During the period, certain funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the funds’ Portfolio Holdings. The funds may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the funds identify securities as segregated in their records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic, or other factors.
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Financial Notes (continued)
2. Significant Accounting Policies (continued):
(c) Security Transactions:
Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains or losses from security transactions are based on the identified costs of the securities involved. Gains and losses from paydowns on mortgage and asset backed securities are recorded as adjustments to interest income.
(d) Investment Income:
Interest income is recorded as it accrues. If a fund buys a debt security at a discount (less than face value) or a premium (more than face value), it amortizes premiums and accretes discounts from the purchase settlement date up to maturity. The fund then increases (in the case of discounts) or reduces (in the case of premiums) the income it records from the security. Certain securities may be callable (meaning that the issuer has the option to pay it off before its maturity date). The fund amortizes the premium and accretes the discount on each callable security to the security’s maturity date, except when the purchase price is higher than the call price at the security’s call date (in which case the premium is amortized to the call date).
(e) Expenses:
Pursuant to the Amended and Restated Investment Advisory Agreement (Advisory Agreement) between Charles Schwab Investment Management, Inc. (CSIM or the investment adviser) and the trust, the investment adviser will pay the operating expenses of each fund, excluding taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to a fund are charged directly to the fund.
(f) U.S. Treasury, Agency Debt & Agency Mortgage-Backed Securities Charges:
Due to market conditions or other reasons, delivery of U.S. Treasury securities, agency debt and agency mortgage-backed securities may not occur on a timely basis. In these instances, a fund may fail to receive a security purchased causing the fund to be unable to deliver a security sold. The TMPG recommends voluntary fail charges when securities are not delivered as agreed by the parties. These fails charges are included in net realized gains (losses) on each fund’s Statement of Operations, if any.
(g) Distributions to Shareholders:
The funds make distributions from net investment income, if any, monthly and from net realized capital gains, if any, once a year.
(h) Accounting Estimates:
The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It’s possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.
(i) Federal Income Taxes:
The funds intend to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the funds distribute substantially all of their net investment income and net realized capital gains, if any, to their respective shareholders each year. As long as a fund meets the tax requirements, it is not required to pay federal income tax.
(j) Indemnification:
Under the funds’ organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business the funds enter into contracts with their vendors and others that provide general indemnifications. The funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the funds. However, based on experience, the funds expect the risk of loss attributable to these arrangements to be remote.
(k) Recent Accounting Standards:
In March 2017, the FASB issued Accounting Standards Update “Premium Amortization on Purchased Callable Debt Securities” which amends the amortization period for a callable debt security held at a premium from the maturity date to the earliest call date. The guidance is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. At this time, management believes these changes will not have a material impact to the financial statements.
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Financial Notes (continued)
2. Significant Accounting Policies (continued):
In August 2018, the FASB issued Accounting Standards Update “Fair Value Measurement (Topic 820)” (ASU 2018-13) which modifies the disclosure requirements for fair value measurement by removing, modifying, or adding certain disclosures. The amendments are effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. The funds are permitted to early adopt any removed or modified disclosures upon issuance of this update and delay adoption of the additional disclosures until their effective date. The funds have early adopted certain removed or modified disclosures, including the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for timing of transfers between levels upon issuance of ASU 2018-13, and have delayed adoption of the additional disclosures until their effective date. At this time, management is currently evaluating the impact that the adoption of the additional disclosures will have on the funds’ financial statements.
    
3. Risk Factors:
Investing in the funds may involve certain risks, as discussed in the funds’ prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.
Market Risk. Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. As with any investment whose performance is tied to these markets, the value of an investment in a fund will fluctuate, which means that an investor could lose money over short or long periods.
Investment Style Risk. The funds are index funds. Therefore, the funds follow the securities included in an index during upturns as well as downturns. Because of their indexing strategy, the funds do not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of each fund’s expenses, each fund’s performance may be below that of its respective index.
Interest Rate Risk. The funds’ investments in fixed-income securities are subject to the risk that interest rates rise and fall over time. As with any investment whose yield reflects current interest rates, a fund’s yield will change over time. During periods when interest rates are low, a fund’s yield (and total return) also may be low. Changes in interest rates also may affect a fund’s share price: a rise in interest rates could cause a fund’s share price to fall. The longer a fund’s portfolio duration, the more sensitive to interest rate movements its share price is likely to be. A change in a central bank’s monetary policy or improving economic conditions, among other things, may result in an increase in interest rates. The funds are currently subject to heightened levels of interest rate risk because of the continued economic recovery, along with the fact that the Federal Reserve Board ended its quantitative easing program in 2014, and has begun, and may continue, to raise interest rates.
Credit Risk. The funds are subject to the risk that a decline in the credit quality of a portfolio investment could cause the funds to lose money or underperform. The funds could lose money if the issuer or guarantor of a portfolio investment fails to make timely principal or interest payments or otherwise honor its obligations.
Inflation-Protected Security Risk. The value of inflation-protected securities, including TIPS, generally will fluctuate in response to changes in “real” interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.
Sampling Index Tracking Risk. To the extent a fund uses sampling techniques, the fund may not fully replicate the index and may hold securities not included in the index. As a result, a fund will be subject to the risk that the investment adviser’s investment management strategy, the implementation of which is subject to a number of constraints, may not produce the intended results. If a fund uses a sampling approach, it may not track the return of the index as well as it would if a fund purchased all of the securities in its index.
Tracking Error Risk. As index funds, the funds seek to track the performance of an index, although they may not be successful in doing so. The divergence between the performance of a fund and the index, positive or negative, is called “tracking error.” Tracking error can be caused by many factors and it may be significant.
Liquidity Risk. A fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the fund may have to sell them at a loss.
Securities Lending Risk. Securities lending involves the risk of loss of rights in, or delay in recovery of, the loaned securities if the borrower fails to return the security loaned or becomes insolvent.
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Financial Notes (continued)
3. Risk Factors (continued):
Market Trading Risk. Although fund shares are listed on national securities exchanges, there can be no assurance that an active trading market for fund shares will develop or be maintained. If an active market is not maintained, investors may find it difficult to buy or sell fund shares.
Mortgage-Backed and Mortgage Pass-Through Securities Risk. With respect to the Schwab U.S. Aggregate Bond ETF, certain of the mortgage-backed securities in which the fund may invest are not backed by the full faith and credit of the U.S. government and there can be no assurance that the U.S. government would provide financial support where it was not obligated to do so. Mortgage-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to similar or greater risk of decline in market value during periods of rising interest rates. Transactions in mortgage pass-through securities often occur through TBA transactions, as described in the fund’s prospectus. Default by or bankruptcy of a counterparty to a TBA transaction could expose the fund to possible losses.
Portfolio Turnover Risk. With respect to the Schwab U.S. Aggregate Bond ETF, the fund may engage in frequent trading of its portfolio securities in connection with its tracking of the index, primarily due to the fund rolling over its positions in TBAs as it tracks the portion of the index represented by mortgage-backed securities. A higher portfolio turnover rate may result in increased transaction costs, which may lower the fund’s performance. A higher portfolio turnover rate can also result in an increase in taxable capital gains distributions to the fund’s shareholders.
Prepayment and Extension Risk. With respect to the Schwab U.S. Aggregate Bond ETF, certain of the fund’s investments are subject to the risk that the securities may be paid off earlier or later than expected. Either situation could cause the fund to hold securities paying lower-than-market rates of interest, which could hurt the fund’s yield or share price.
Non-U.S. Issuer Risk. The Schwab U.S. Aggregate Bond ETF may invest in U.S.-registered, dollar-denominated bonds of non-U.S. corporations, governments, agencies and supra-national entities to the extent such bonds are included in the fund’s index. The fund’s investments in bonds of non-U.S. issuers may involve certain risks that are greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; the imposition of economic sanctions or other government restrictions; differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may be heightened in connection with bonds issued by non-U.S. corporations and entities in emerging markets.
Derivatives Risk. The Schwab U.S. Aggregate Bond ETF may invest in derivatives instruments. The principal types of derivatives used by the fund are futures contracts. A futures contract is an agreement to buy or sell a financial instrument at a specific price on a specific day. The fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Certain of these risks, such as market risk, credit risk, liquidity risk and leverage risk, are discussed elsewhere in this section. The fund’s use of derivatives is also subject to lack of availability risk, valuation risk, correlation risk and tax risk. Lack of availability risk is the risk that suitable derivative transactions may not be available in all circumstances for risk management or other purposes. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Tax risk is the risk that the use of derivatives may cause the fund to realize higher amounts of short-term capital gains. A fund’s use of derivatives could reduce the fund’s performance, increase the fund’s volatility, and cause the fund to lose more than the initial amount invested. Furthermore, the use of derivatives subject to regulation by the Commodity Futures Trading Commission (CFTC) could cause the fund to become a commodity pool, which would require the fund to comply with certain CFTC rules.
Leverage Risk. With respect to the Schwab U.S. Aggregate Bond ETF, certain fund transactions, such as TBA transactions or derivatives transactions, may give rise to a form of leverage and may expose the fund to greater risk. Leverage tends to magnify the effect of any decrease or increase in the value of the fund’s portfolio securities. The use of leverage may cause the fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations.
Concentration Risk. With respect to the Schwab U.S. Aggregate Bond ETF, to the extent that the fund’s or an index’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector or asset class, the fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class.
Shares of the Fund May Trade at Prices Other Than NAV. Fund shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the shares of a fund will approximate the fund’s NAV, there may be times when the market price and the NAV vary significantly. An investor may pay more than NAV when buying shares of a fund in the
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Financial Notes (continued)
3. Risk Factors (continued):
secondary market, and an investor may receive less than NAV when selling those shares in the secondary market. The market price of fund shares may deviate, sometimes significantly, from NAV during periods of market volatility. (See the unaudited Frequency Distribution of Discounts and Premiums in Other Information for an overview showing the frequency at which the daily closing price was at a discount or a premium to a fund’s daily NAV.)
Please refer to the funds’ prospectus for a more complete description of the principal risks of investing in the funds.
    
4. Affiliates and Affiliated Transactions:
Investment Adviser
CSIM, a wholly owned subsidiary of The Charles Schwab Corporation, serves as each fund’s investment adviser pursuant to the Advisory Agreement between CSIM and the trust.
For its advisory services to the funds, CSIM is entitled to receive an annual fee, payable monthly, based on a percentage of each fund’s average daily net assets as follows:
Schwab
U.S. TIPS ETF 		Schwab
Short-Term
U.S. Treasury ETF 		Schwab
Intermediate-Term
U.S. Treasury ETF 		Schwab
U.S. Aggregate
Bond ETF
0.05% 0.06% 0.06% 0.04%
In addition, advisory fees for each fund will cover interest expense.
Investment from Affiliates
Certain funds in the Fund Complex (for definition refer to Trustees and Officers section) may own shares of other funds in the Fund Complex. The table below reflects the percentages of shares of each fund in this report that are owned by other funds in the Fund Complex as of December 31, 2018, as applicable:
  Underlying Funds    
  Schwab
U.S. TIPS ETF 		Schwab
Short-Term
U.S. Treasury ETF 		Schwab
U.S. Aggregate
Bond ETF
Schwab Target 2010 Index Fund 0.0%* 0.0%* 0.2%
Schwab Target 2015 Index Fund 0.0%* 0.1% 0.3%
Schwab Target 2020 Index Fund 0.1% 0.1% 0.7%
Schwab Target 2025 Index Fund 0.0%* 0.1% 0.7%
Schwab Target 2030 Index Fund -% 0.1% 0.7%
Schwab Target 2035 Index Fund -% 0.0%* 0.4%
Schwab Target 2040 Index Fund -% 0.0%* 0.3%
Schwab Target 2045 Index Fund -% 0.0%* 0.1%
Schwab Target 2050 Index Fund -% 0.0%* 0.1%
Schwab Target 2055 Index Fund -% 0.0%* 0.0%*
Schwab Target 2060 Index Fund -% 0.0%* 0.0%*
Schwab VIT Balanced Portfolio 0.0%* -% 0.4%
Schwab VIT Balanced with Growth Portfolio 0.1% -% 0.7%
Schwab VIT Growth Portfolio 0.0%* -% 0.3%
* Less than 0.05%
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Financial Notes (continued)
4. Affiliates and Affiliated Transactions (continued):
Interfund Borrowing and Lending
Pursuant to an exemptive order issued by the SEC, the funds may enter into interfund borrowing and lending transactions with other funds in the Fund Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review of the Board. The funds had no interfund borrowing or lending activity during the period.
    
5. Other Service Providers:
SEI Investments Distribution Co. is the principal underwriter and distributor of shares of the funds.
State Street Bank and Trust Company (State Street) serves as the funds’ transfer agent. As part of these services, the transfer agent maintains records pertaining to the sale, redemption and transfer of the funds’ shares.
State Street also serves as custodian and accountant for the funds. The custodian is responsible for the daily safekeeping of securities and cash held by the funds. The funds’ accountant maintains all books and records related to the funds’ transactions.
    
6. Board of Trustees:
The Board may include people who are officers and/or directors of CSIM or its affiliates. Federal securities law limits the percentage of such “interested persons” who may serve on a trust’s board, and the trust was in compliance with these limitations throughout the report period. The trust does not pay any interested or non-interested trustees (independent trustees). The independent trustees are paid by CSIM. For information regarding the trustees, please refer to the Trustees and Officers table at the end of this report.
    
7. Borrowing from Banks:
During the period, the funds were participants with other U.S. registered investment companies managed by CSIM in a joint, syndicated, committed $605 million line of credit (the Syndicated Credit Facility), which matured on October 4, 2018. On October 4, 2018, the Syndicated Credit Facility was amended to run for a new 364 day period with an increased line of $750 million, maturing on October 3, 2019. Under the terms of the Syndicated Credit Facility, in addition to CSIM paying the interest charged on any borrowings by a fund, CSIM paid a commitment fee of 0.15% per annum on the funds’ proportionate share of the unused portion of the Syndicated Credit Facility.
During the period, the funds were participants with other U.S. registered investment companies managed by CSIM in a joint, unsecured, uncommitted $500 million line of credit (the Uncommitted Credit Facility), with State Street, which matured on November 30, 2018. On November 30, 2018 the Uncommitted Credit Facility was amended to run for a new 364 day period, maturing on November 29, 2019. Under the terms of the Uncommitted Credit Facility, CSIM pays interest on the amount a fund borrows. There were no borrowings from either line of credit during the period.
The funds also have access to custodian overdraft facilities. A fund may have utilized the overdraft facility and incurred an interest expense, which is paid by CSIM. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.
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Financial Notes (continued)
8. Purchases and Sales/Maturities of Investment Securities:
For the period ended December 31, 2018, purchases and sales/maturities of securities (excluding in-kind transactions and short-term obligations) were as follows:
  Purchases of Long-Term
U.S. Government Securities* 		Purchases of Other
Long-Term Securities 		Total Purchases of
Long-Term Securities
Schwab U.S. TIPS ETF $909,100,213 $— $909,100,213
Schwab Short-Term U.S. Treasury ETF 2,813,974,487 — 2,813,974,487
Schwab Intermediate-Term U.S. Treasury ETF 1,542,909,410 — 1,542,909,410
Schwab U.S. Aggregate Bond ETF 3,757,742,688 653,254,664 4,410,997,352
  Sales/Maturities of
Long-Term
U.S. Government
Securities 		Sales/Maturities of
Other Long-Term Securities 		Total Sales/Maturities of
Long-Term Securities
Schwab U.S. TIPS ETF $775,836,297 $— $775,836,297
Schwab Short-Term U.S. Treasury ETF 1,798,639,278 — 1,798,639,278
Schwab Intermediate-Term U.S. Treasury ETF 929,888,442 — 929,888,442
Schwab U.S. Aggregate Bond ETF 3,193,942,069 455,968,660 3,649,910,729
*Includes securities guaranteed by U.S. Government Agencies.
    
9. In-Kind Transactions:
The consideration for the purchase of Creation Units of a fund often consists of the in-kind deposit of a designated portfolio of fixed-income securities, which constitutes an optimized representation of the securities involved in a relevant fund’s underlying index, and an amount of cash. Due to the composition of the portfolio of the Schwab U.S. Aggregate Bond ETF, consideration for the subscription and redemption of Creation Units generally is cash. Investors purchasing and redeeming Creation Units are subject to a standard creation transaction fee and a standard redemption transaction fee paid to the custodian to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Purchasers and redeemers of Creation Units for cash are subject to an additional variable charge paid to the fund that will offset the transaction costs to the fund of buying or selling portfolio securities. In addition, purchasers and redeemers of shares in Creation Units are responsible for payment of the costs of transferring securities to or out of the fund. From time to time, CSIM may cover the cost of any transaction fees when believed to be in the best interests of the fund.
The in-kind transactions for the period ended December 31, 2018, were as follows:
  In-Kind Purchases
of Securities 		In-Kind Sales
of Securities
Schwab U.S. TIPS ETF $3,454,271,233 $606,207,716
Schwab Short-Term U.S. Treasury ETF 1,302,260,662 259,809,117
Schwab Intermediate-Term U.S. Treasury ETF 1,782,853,849 111,814,070
Schwab U.S. Aggregate Bond ETF — —
For the period ended December 31, 2018, the funds (except for the Schwab U.S. Aggregate Bond ETF) realized net capital gains or losses resulting from in-kind redemptions of Creation Units. Because such gains or losses are not taxable to the funds and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the funds’ tax year. These reclassifications have no effect on net assets or net asset values per share. The net realized in-kind gains or losses for the period ended December 31, 2018 are disclosed in the funds’ Statements of Operations, if any.
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Financial Notes (continued)
10. Federal Income Taxes
As of December 31, 2018, the tax basis cost of the funds’ investments and gross unrealized appreciation and depreciation were as follows:
  Schwab
U.S. TIPS ETF 		  Schwab
Short-Term
U.S. Treasury ETF 		  Schwab
Intermediate-Term
U.S. Treasury ETF 		  Schwab
U.S. Aggregate
Bond ETF
Tax cost $5,933,278,564   $4,236,602,601   $3,455,561,822   $5,796,205,301
Gross unrealized appreciation $—   $10,986,889   $19,182,465   $16,287,850
Gross unrealized depreciation (171,282,384)   (10,550,732)   (9,934,955)   (118,014,669)
Net unrealized appreciation (depreciation) ($171,282,384)   $436,157   $9,247,510   ($101,726,819)
As of December 31, 2018, the components of distributable earnings on a tax basis were as follows:
  Schwab
U.S. TIPS ETF 		  Schwab
Short-Term
U.S. Treasury ETF 		  Schwab
Intermediate-Term
U.S. Treasury ETF 		  Schwab
U.S. Aggregate
Bond ETF
Undistributed ordinary income $231,368   $230,278   $125,137   $112,597
Net unrealized appreciation (depreciation) on investments (171,282,384)   436,157   9,247,510   (101,726,819)
Total ($171,051,016)   $666,435   $9,372,647   ($101,614,222)
The primary difference between book basis and tax basis unrealized appreciation or unrealized depreciation of investments is the tax deferral of losses on wash sales. The tax cost of the funds’ investments, disclosed above, have been adjusted from their book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.
Net investment income and realized capital gains and losses may differ for financial statement and tax purposes primarily due to differing treatments of paydown gains and losses and amortization of bond discounts and premiums.
Capital loss carryforwards may be used to offset future realized capital gains for federal income tax purposes. As of December 31, 2018, the funds had capital loss carryforwards available to offset future net capital gains before the expiration dates as follows:
Expiration Date Schwab
U.S. TIPS ETF 		  Schwab
Short-Term
U.S. Treasury ETF 		  Schwab
Intermediate-Term
U.S. Treasury ETF 		  Schwab
U.S. Aggregate
Bond ETF
No expiration $26,546,349   $20,732,186   $20,959,563   $47,441,286
Total $26,546,349   $20,732,186   $20,959,563   $47,441,286
For the year ended December 31, 2018, the funds had no capital loss carryforwards utilized and capital losses expired as follows:
  Schwab
U.S. TIPS ETF 		Schwab
Short-Term
U.S. Treasury ETF 		Schwab
Intermediate-Term
U.S. Treasury ETF 		Schwab
U.S. Aggregate
Bond ETF
Capital losses expired $39 $366 $2,072 $—
The tax basis components of distributions paid during the current and prior fiscal years were:
  Schwab
U.S. TIPS ETF 		Schwab
Short-Term
U.S. Treasury ETF 		Schwab
Intermediate-Term
U.S. Treasury ETF 		Schwab
U.S. Aggregate
Bond ETF
Current period distributions        
Ordinary income $130,028,200 $51,440,855 $52,237,145 $144,430,430
Prior period distributions        
Ordinary income $46,465,385 $20,557,590 $16,446,695 $95,694,640
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Financial Notes (continued)
10. Federal Income Taxes (continued):
Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.
Permanent book and tax basis differences may result in reclassifications between components of net assets as required. The adjustments have no impact on net assets or the results of operations.
For the period ended December 31, 2018, the following funds (except for the Schwab U.S. Aggregate Bond ETF) reclassified non-taxable security gains and losses realized on the in-kind redemption of Creation Units (Note 9) as an increase or decrease to capital received from investors in the Statement of Assets and Liabilities as follows:
  Schwab
U.S. TIPS ETF 		Schwab
Short-Term
U.S. Treasury ETF 		Schwab
Intermediate-Term
U.S. Treasury ETF 		Schwab
U.S. Aggregate
Bond ETF
  $1,194,915 $158,873 $439,240 $—
As of December 31, 2018, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds’ financial statements. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period ended December 31, 2018, the funds did not incur any interest or penalties.
    
11. Subsequent Events:
Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Schwab Strategic Trust and Shareholders of Schwab U.S. TIPS ETF, Schwab Short-Term U.S. Treasury ETF, Schwab Intermediate-Term U.S. Treasury ETF and Schwab U.S. Aggregate Bond ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolio holdings, of Schwab U.S. TIPS ETF, Schwab Short-Term U.S. Treasury ETF, Schwab Intermediate-Term U.S. Treasury ETF and Schwab U.S. Aggregate Bond ETF (four of the funds constituting Schwab Strategic Trust, hereafter collectively referred to as the “Funds”) as of December 31, 2018, the related statements of operations for the year ended December 31, 2018, the statements of changes in net assets for each of the two years in the period ended December 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2018, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2018 and each of the financial highlights for each of the five years in the period ended December 31, 2018 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2018 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
PricewaterhouseCoopers LLP
San Francisco, California
February 19, 2019
We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 1989.
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Other Federal Tax Information (unaudited)
For the fiscal year ended December 31, 2018, the Schwab U.S. TIPS ETF, Schwab Short-Term U.S. Treasury ETF, Schwab Intermediate-Term U.S. Treasury ETF and Schwab U.S. Aggregate Bond ETF designate 100%, 100%, 100% and 90.88% of income dividends as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations, respectively.
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Other Information (unaudited)
Frequency Distribution of Discounts and Premiums
Market Price vs. NAV as of December 31, 2018
The following charts are provided to show the frequency at which the daily closing market price on the NYSE Arca, Inc. (Exchange), the secondary market for shares of each fund, was at a discount or premium to such fund’s daily NAV. The “Market Price” of each fund generally is determined using the official closing price on the primary stock exchange (generally, 4:00 p.m. Eastern time) on which the shares of the fund are listed for trading, as of the time that the fund’s NAV is calculated. The discount or premium is the percentage difference between the NAV and the Market Price of a fund. A discount is the amount that a fund is trading below the reported NAV, expressed as a percentage of NAV. A premium is the amount that a fund is trading above the reported NAV, expressed as a percentage of NAV. The NAV of each Fund will fluctuate with changes in the market value of its portfolio holdings. The Market Price of each fund will fluctuate in accordance with changes in its NAV, as well as supply and demand. Shares are bought and sold at market prices, which may be higher or lower than the NAV. The data presented below represents past performance and cannot be used to predict future results. The chart does not include days in which the NAV equals the Market Price.
  Number of Days
Market Price Above NAV 		Number of Days
Market Price Below NAV
  1-49
Basis
Points 		50-99
Basis
Points 		100-199
Basis
Points 		>200
Basis
Points 		1-49
Basis
Points 		50-99
Basis
Points 		100-199
Basis
Points 		>200
Basis
Points
Schwab U.S. TIPS ETF                
Commencement of trading                
8/5/10 through 12/31/18 1,324 3 — — 611 1 — —
Schwab Short-Term U.S. Treasury ETF                
Commencement of trading                
8/5/10 through 12/31/18 1,142 — — — 407 — — —
Schwab Intermediate-Term U.S. Treasury ETF                
Commencement of trading                
8/5/10 through 12/31/18 1,149 — — — 666 1 — —
Schwab U.S. Aggregate Bond ETF                
Commencement of trading                
7/14/11 through 12/31/18 1,518 4 — — 272 2 — —
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Trustees and Officers
The tables below give information about the trustees and officers of Schwab Strategic Trust, which includes the funds covered in this report. The “Fund Complex” includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust. The Fund Complex includes 99 funds.
The address for all trustees and officers is 211 Main Street, San Francisco, CA 94105. You can find more information about the trustees and officers in the Statement of Additional Information, which is available free by calling 1-877-824-5615.
Independent Trustees
Name, Year of Birth, and
Position(s) with the trust
(Terms of office, and
length of Time Served1) 		Principal Occupations
During the Past Five Years 		Number of
Portfolios in
Fund Complex
Overseen by
the Trustee 		Other Directorships
Robert W. Burns
1959
Trustee
(Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016) 		Retired/Private Investor (Jan. 2009 – present). Formerly, Managing Director, Pacific Investment Management Company, LLC (PIMCO) (investment management firm) and President, PIMCO Funds. 99 None
John F. Cogan
1947
Trustee
(Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Laudus Trust since 2010; Schwab Strategic Trust since 2016) 		Senior Fellow (Oct. 1979 – present), The Hoover Institution at Stanford University (public policy think tank); Senior Fellow (2000 – present), Stanford Institute for Economic Policy Research; Professor of Public Policy (1994 – 2015), Stanford University. 99 Director (2005 – present), Gilead Sciences, Inc.
Nancy F. Heller
1956
Trustee
(Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018) 		President and Chairman (2014 – 2016), TIAA Charitable (financial services); Senior Managing Director (2003 – 2016), TIAA (financial services). 99 None
Stephen Timothy Kochis
1946
Trustee
(Trustee of Schwab Strategic Trust since 2012; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016) 		CEO and Owner (May 2012 – present), Kochis Global (wealth management consulting). 99 None
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Independent Trustees (continued)
Name, Year of Birth, and
Position(s) with the trust
(Terms of office, and
length of Time Served1) 		Principal Occupations
During the Past Five Years 		Number of
Portfolios in
Fund Complex
Overseen by
the Trustee 		Other Directorships
David L. Mahoney
1954
Trustee
(Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) 		Private Investor. 99 Director (2003 – present), Symantec Corporation
Director (2004 – present), Corcept Therapeutics Incorporated
Director (2009 – present), Adamas Pharmaceuticals, Inc.
Jane P. Moncreiff
1961
Trustee
(Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2019) 		Chief Investment Officer (2009-2017), CareGroup Healthcare System, Inc. (healthcare). 99 None
Kiran M. Patel
1948
Trustee
(Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) 		Retired. Executive Vice President and General Manager of Small Business Group (Dec. 2008 – Sept. 2013), Intuit, Inc. (financial software and services firm for consumers and small businesses). 99 Director (2008 – present), KLA-Tencor Corporation
Kimberly S. Patmore
1956
Trustee
(Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) 		Consultant (2008 – present), Patmore Management Consulting (management consulting). 99 None
Gerald B. Smith
1950
Trustee
(Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2000; Laudus Trust since 2010; Schwab Strategic Trust since 2016) 		Chairman, Chief Executive Officer and Founder (Mar. 1990 – present), Smith Graham & Co. (investment advisors). 99 Director (2012 – present), Eaton
    
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Schwab Fixed-Income ETFs
Interested Trustees
Name, Year of Birth, and
Position(s) with the trust
(Terms of office, and
length of Time Served1) 		Principal Occupations
During the Past Five Years 		Number of
Portfolios in
Fund Complex
Overseen by
the Trustee 		Other Directorships
Walter W. Bettinger II2
1960
Chairman and Trustee
(Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Schwab Strategic Trust since 2009; Laudus Trust since 2010) 		Director, President and Chief Executive Officer (Oct. 2008 – present), The Charles Schwab Corporation; President and Chief Executive Officer (Oct. 2008 – present) and Director (May 2008 – present), Charles Schwab & Co., Inc.; Director (Apr. 2006 – present), Charles Schwab Bank; Director (Nov. 2017 – present), Charles Schwab Premier Bank; Director (May 2008 – present) and President and Chief Executive Officer (Aug. 2017 – present), Schwab Holdings, Inc.; Director (July 2016 – present), Charles Schwab Investment Management, Inc. 99 Director (2008 – present), The Charles Schwab Corporation
Marie A. Chandoha2
1961
Trustee
(Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) 		Director and Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Feb. 2011 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Global Head of Fixed Income Business Division (Mar. 2007 – Aug. 2010), BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm). 99 None
Joseph R. Martinetto2
1962
Trustee
(Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) 		Chief Operating Officer (Feb. 2018 – present) and Senior Executive Vice President (July 2015 – Feb. 2018), The Charles Schwab Corporation; Senior Executive Vice President (July 2015 – present), Charles Schwab & Co., Inc.; Chief Financial Officer (July 2015 – Aug. 2017) and Executive Vice President and Chief Financial Officer (May 2007 – July 2015), The Charles Schwab Corporation and Charles Schwab & Co., Inc.; Director (May 2007 – present), Charles Schwab & Co., Inc.; Director (Apr. 2010 – present) and Chief Executive Officer (July 2013 – Apr. 2015), Charles Schwab Bank; Director (Nov. 2017 – present), Charles Schwab Premier Bank; Director (May 2007 – present), Chief Financial Officer (May 2007 – Aug. 2017), Senior Executive Vice President (Feb. 2016 – present), and Executive Vice President (May 2007 – Feb. 2016), Schwab Holdings, Inc. 99 None
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Schwab Fixed-Income ETFs
Officers of the Trust
Name, Year of Birth, and Position(s) with the trust
(Terms of office, and length of Time Served3) 		Principal Occupations During the Past Five Years
Marie A. Chandoha
1961
Chief Executive Officer
(Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2010) 		Director and Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Feb. 2011 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Global Head of Fixed Income Business Division (Mar. 2007 – Aug. 2010), BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm).
Jonathan de St. Paer
1973
President
(Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018) 		President (Oct. 2018 – present), Charles Schwab Investment Management, Inc.; Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – present) and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc.; President (Nov. 2018 – present), Schwab Funds, Laudus Funds and Schwab ETFs.
Mark Fischer
1970
Treasurer and Chief Financial Officer
(Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2013) 		Treasurer and Chief Financial Officer (Jan. 2016 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Assistant Treasurer (Dec. 2013 – Dec. 2015), Schwab Funds and Laudus Funds; Assistant Treasurer (Nov. 2013 – Dec. 2015), Schwab ETFs; Vice President (Oct. 2013 – present), Charles Schwab Investment Management, Inc.; Executive Director (Apr. 2011 – Sept. 2013), J.P. Morgan Investor Services; Assistant Treasurer (May 2005 – Mar. 2011), Massachusetts Financial Service Investment Management.
George Pereira
1964
Senior Vice President and Chief Operating Officer
(Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2004; Laudus Trust since 2006; Schwab Strategic Trust since 2009) 		Senior Vice President and Chief Financial Officer (Nov. 2004 – present) and Chief Operating Officer (Jan. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Operating Officer (Jan. 2016 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Treasurer and Chief Financial Officer (June 2006 – Dec. 2015), Laudus Funds; Treasurer and Principal Financial Officer (Nov. 2004 – Dec. 2015), Schwab Funds; Treasurer and Principal Financial Officer (Oct. 2009 – Dec. 2015), Schwab ETFs; Director (Apr. 2005 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited.
Omar Aguilar
1970
Senior Vice President and Chief Investment Officer – Equities and Multi-Asset Strategies
(Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) 		Senior Vice President and Chief Investment Officer – Equities and Multi-Asset Strategies (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Investment Officer – Equities and Multi-Asset Strategies (June 2011 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Head of the Portfolio Management Group and Vice President of Portfolio Management (May 2009 – Apr. 2011), Financial Engines, Inc. (investment management firm); Head of Quantitative Equity (July 2004 – Jan. 2009), ING Investment Management.
Brett Wander
1961
Senior Vice President and Chief Investment Officer – Fixed Income
(Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) 		Senior Vice President and Chief Investment Officer – Fixed Income (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Investment Officer – Fixed Income (June 2011 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Senior Managing Director, Global Head of Active Fixed-Income Strategies (Jan. 2008 – Oct. 2010), State Street Global Advisors; Director of Alpha Strategies (Apr. 2006 – Jan. 2008), Loomis, Sayles & Company (investment management firm).
David Lekich
1964
Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs
Vice President and Assistant Clerk, Laudus Funds
(Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) 		Senior Vice President (Sept. 2011 – present) and Vice President (Mar. 2004 – Sept. 2011), Charles Schwab & Co., Inc.; Senior Vice President and Chief Counsel (Sept. 2011 – present) and Vice President (Jan. 2011 – Sept. 2011), Charles Schwab Investment Management, Inc.; Secretary (Apr. 2011 – present) and Chief Legal Officer (Dec. 2011 – present), Schwab Funds; Vice President and Assistant Clerk (Apr. 2011 – present), Laudus Funds; Secretary (May 2011 – present) and Chief Legal Officer (Nov. 2011 – present), Schwab ETFs.
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Schwab Fixed-Income ETFs
Officers of the Trust (continued)
Name, Year of Birth, and Position(s) with the trust
(Terms of office, and length of Time Served3) 		Principal Occupations During the Past Five Years
Catherine MacGregor
1964
Vice President and Assistant Secretary, Schwab Funds and Schwab ETFs
Chief Legal Officer, Vice President and Clerk, Laudus Funds
(Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009) 		Vice President (July 2005 – present), Charles Schwab & Co., Inc.; Vice President (Sept. 2005 – present), Charles Schwab Investment Management, Inc.; Vice President (Dec. 2005 – present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Funds; Vice President (Nov. 2005 – present) and Assistant Secretary (June 2007 – present), Schwab Funds; Vice President and Assistant Secretary (Oct. 2009 – present), Schwab ETFs.
1 Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first.
2 Mr. Bettinger, Ms. Chandoha and Mr. Martinetto are Interested Trustees. Mr. Bettinger is an Interested Trustee because he owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc. (CSIM), the investment adviser for the trusts in the Fund Complex, is an employee and director of Charles Schwab & Co., Inc. (CS&Co), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios, and is a director of CSIM. Ms. Chandoha is an Interested Trustee because she owns stock of CSC and is an employee and director of CSIM. Mr. Martinetto is an Interested Trustee because he owns stock of CSC and is an employee and director of CS&Co.
3 The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.
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Schwab Fixed-Income ETFs
Glossary
ask  See “offer.”
asset allocation  The practice of dividing a portfolio among different asset classes, with each asset class assigned a particular percentage to help offset risks and rewards, based on your goals, time horizon and risk tolerance.
asset-backed securities  Bond or other debt securities that represent ownership in a pool of assets such as credit card debt.
asset class  A group of securities with similar structure and basic characteristics. Stocks, bonds and cash are the three main examples of asset classes.
authorized participant (AP)  A large institutional investor that places orders for creation units with the funds’ distributor.
bid  The highest price at which someone is willing to buy a security.
Bloomberg Barclays US Aggregate Bond Index   An index that is a broad-based benchmark measuring the performance of the U.S. investment grade, taxable bond market, including U.S. Treasuries, government-related and corporate bonds, mortgage pass-through securities, commercial mortgage-backed securities, and asset-backed securities that are publicly available for sale in the United States. To be eligible for inclusion in the index, securities must be fixed rate, non-convertible, U.S. dollar denominated with at least $300 million or more of outstanding face value and have one or more years remaining to maturity. The index excludes certain types of securities, including tax-exempt state and local government series bonds, structured notes embedded with swaps or other special features, private placements, floating rate securities, inflation-linked bonds and Eurobonds. The index is market capitalization weighted and the securities in the index are updated on the last business day of each month.
Bloomberg Barclays US Treasury 1–3 Year Index   An index which includes all publicly-issued U.S. Treasury securities that have a remaining maturity of greater than or equal to one year and less than three years, are rated investment grade, and have $250 million or more of outstanding face value. The securities in the index must be denominated in U.S. dollars and must be fixed-rate and non-convertible. The index excludes state and local government series bonds and coupon issues that have been stripped from bonds. The index is market capitalization weighted and the securities in the index are updated on the last business day of each month.
Bloomberg Barclays US Treasury 3–10 Year Index  An index which includes all publicly-issued U.S. Treasury securities that have a remaining maturity of greater than or equal to three years and less than ten years, are rated investment grade, and have $250 million or more of outstanding face value. The securities in the index must be denominated in U.S. dollars and must be fixed-rate and non-convertible. The index excludes state and local government series bonds and coupon issues that have been stripped from bonds. The index is market capitalization weighted and the securities in the index are updated on the last business day of each month.
Bloomberg Barclays US Treasury Inflation-Linked Bond Index (Series-L)   An index which includes all publicly-issued U.S. Treasury Inflation-Protected Securities (TIPS) that have at least one year remaining to maturity, are rated investment grade and have $250 million or more of outstanding face value. The TIPS in the index must be denominated in U.S. dollars and must be fixed-rate and non-convertible. The index is market capitalization weighted and the TIPS in the index are updated on the last business day of each month. TIPS are publicly issued, dollar denominated U.S. Government
securities issued by the U.S. Treasury that have principal and interest payments linked to an official inflation measure (as measured by the Consumer Price Index, or CPI) and their payments are supported by the full faith and credit of the United States.
bond  A security representing a loan from the investor to the issuer. A bond typically pays interest at a fixed rate (the “coupon rate”) until a specified date (the “maturity date”), at which time the issuer returns the money borrowed (“principal” or “face value”) to the bondholder. Because of their structure, bonds are sometimes called “fixed income securities” or “debt securities.”
call  An early repayment of a bond’s principal by the issuer, usually done because the issuer is able to refinance its bond debt at a lower rate.
call protection  A term used in reference to a bond that cannot be called by the issuer before maturity, or at least for many years from the present date. A bond that offers call protection can more reliably be expected to provide a given yield over a given number of years than a bond that could be called (assuming both bonds are of the same credit quality).
capital gain, capital loss  The difference between the amount paid for an investment and its value at a later time. If the investment has been sold, the capital gain or loss is considered a realized gain or loss. If the investment is still held, the gain or loss is still “on paper” and is considered unrealized.
commencement of operations  The date that the first NAV was calculated.
coupon, coupon rate  The annual rate of interest paid until maturity by the issuer of a debt security.
creation unit (C.U.)  A basket of securities that is delivered by an authorized participant (AP) to the fund equal to the current holdings of the ETF, plus a designated cash component. In return, the APs receive a large block of ETF shares (typically 50,000 shares), which investors can then buy and sell in the secondary market.
credit quality  The capacity of an issuer to make its interest and principal payments; an assessment typically rendered by an independent third-party organization.
credit risk  The risk that a bond issuer may be unable to pay interest or principal to its bondholders.
duration  A measure of an individual bond’s sensitivity to interest rates, expressed in years. Calculations of duration generally take into account the bond’s yield, interest payments, maturity date and call features.
weighted average duration  A measure of the duration of all bonds in a fund’s portfolio, also expressed in years, based on the market value weighted average duration of each bond in the portfolio.
exchange  A marketplace, or any organization or group that provides or maintains a marketplace for trading securities, options, futures, or commodities.
expense ratio  The amount that is taken from the fund’s assets each year to cover the operating expenses. An expense ratio of 0.50% means that a fund’s expenses amount to half of one percent of its average net assets a year.
face value  The value of a bond, note, mortgage or other security as given on the certificate or instrument. Face value is also referred to as par value or nominal value.
 
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Schwab Fixed-Income ETFs
inception date  The date that the shares began trading in the secondary market.
indicative optimized portfolio value (IOPV)  A calculation disseminated by the stock exchange that approximates the fund’s NAV every 15 seconds throughout the trading day.
interest  Payments to bondholders (usually made twice a year) as compensation for loaning the bond principal to the issuer.
interest rate risk  The risk that a bond’s value will fluctuate if market interest rates change or are expected to change. Bond prices tend to move in the opposite direction of interest rates: when interest rates rise, bond prices tend to fall.
liquidity  The ability to convert a security or asset quickly into cash.
market price return  The return based on the change in market price per share of the fund over a given time period. Market price returns assume that dividends and capital gain distributions have been reinvested in the fund at market price.
maturity  The maturity of a bond will generally be determined using a portfolio security’s final maturity date (date on which the final principal payment of a bond is scheduled to be paid); however, for securitized products, such as mortgage-backed securities and certain other asset-backed securities, maturity will be determined on an average life basis (weighted average time to receipt of all principal payments) by the investment adviser. Because pre-payment rates of individual mortgage pools vary widely, the average life of a particular pool cannot be predicted precisely. For securities with embedded demand features, such as puts or calls, either the demand date or the final maturity date will be used depending on interest rates, yields and other market conditions. The weighted average maturity (WAM) of a fund is dollar-weighted based upon the market value of a fund’s securities at the time of the calculation.
mortgage-backed securities  Bond or other debt securities that represent ownership in a pool of mortgage loans.
net asset value (NAV)  The value of one share of a fund. NAV is calculated by taking the fund’s total assets, subtracting liabilities, and dividing by the number of shares outstanding.
NAV return  The return based on the change in NAV of the fund over a given time period. NAV returns assume that dividends and capital gain distributions have been reinvested in the fund.
offer (ask)  The lowest price at which an individual is willing to sell a security.
open  The price at which a security opened for trading on a given day.
outstanding shares, shares outstanding  When speaking of the fund, indicates all shares currently held by investors.
prepayment risk  The risk that a mortgage-backed security may be paid off early, typically because interest rates have fallen and the homeowners who hold the underlying mortgages have refinanced those mortgages at lower rates. In this type of situation, the investor who held the mortgage-backed security will usually have to settle for a lower rate when reinvesting the principal.
primary market  The market that deals with the issuance of new securities.
replication  If a fund uses a full replication method, the fund will invest substantially all of its assets proportionately in the securities included in the underlying index.
sampling  If a fund uses a sampling method, the fund will not fully replicate the underlying index and may hold securities not included in the index. A fund that utilizes a sampling approach may not track the return of the index as closely as a fund that uses a full replication method.
secondary market  The market in which investors purchase securities from other investors rather than directly from the issuing companies. Organized exchanges facilitate the trading of securities in the secondary market.
spread  The gap between bid and ask prices of a security.
total return  The percentage that an investor would have earned or lost on an investment in the fund assuming dividends and distributions were reinvested.
tracking error  The difference between the performance of the fund and its benchmark index, positive or negative.
Treasury inflation protected security (TIPS)  A United States Treasury bond whose principal increases at the same rate as the Consumer Price Index (CPI).The interest payment is then calculated off that inflated (adjusted) principal and repaid at maturity.
weighted average  For mutual funds or ETFs, an average that gives the same weight to each security as the security represents in the fund’s portfolio.
yield  The income paid out by an investment, expressed as a percentage of the investment’s market value.
yield to maturity  The annualized rate of return a bondholder could expect if the bond were held to maturity. In addition to interest payments, yield to maturity also factors in any difference between a bond’s current price and its principal amount, or face value.
 
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Notes

 

Notes

 

Notes
    

 

Schwab Fixed-Income ETFs
Schwab ETFs
Schwab ETFs are designed to serve as simple low-cost core investment products for a diversified portfolio. These ETFs seek to provide consistent, repeatable performance through a variety of investment strategies that span the equity and fixed income spectrum. The list below shows all currently available Schwab ETFs.
Investors should carefully consider information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges and expenses before investing. Please call 1-877-824-5615 for a prospectus for any Schwab ETF. Please read the prospectus carefully before you invest. This report must be preceded or accompanied by a current prospectus.
Proxy Voting Policies, Procedures and Results
A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available without charge, upon request, by visiting the Schwab ETFs’ website at www.schwabfunds.com/schwabetfs_prospectus, the SEC’s website at www.sec.gov, or by contacting Schwab ETFs at 1-877-824-5615.
Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available, without charge, by visiting the fund’s website at www.schwabfunds.com/schwabetfs_prospectus or the SEC’s website at www.sec.gov.
    
    
Schwab ETFs
U.S. ETFs
Schwab U.S. Broad Market ETF
Schwab 1000 Index® ETF
Schwab U.S. Large-Cap ETF
Schwab U.S. Large-Cap Growth ETF
Schwab U.S. Large-Cap Value ETF
Schwab U.S. Mid-Cap ETF
Schwab U.S. Small-Cap ETF
Schwab U.S. Dividend Equity ETF
Schwab U.S. REIT ETF
International ETFs
Schwab International Equity ETF
Schwab International Small-Cap Equity ETF
Schwab Emerging Markets Equity ETF
Fixed Income ETFs
Schwab U.S. TIPS ETF
Schwab Short-Term U.S. Treasury ETF
Schwab Intermediate-Term U.S. Treasury ETF
Schwab U.S. Aggregate Bond ETF
Fundamental Index* ETFs
Schwab Fundamental U.S. Broad Market Index ETF
Schwab Fundamental U.S. Large Company Index ETF
Schwab Fundamental U.S. Small Company Index ETF
Schwab Fundamental International Large Company Index ETF
Schwab Fundamental International Small Company Index ETF
Schwab Fundamental Emerging Markets Large Company
Index ETF    
 
    
 
Investment Adviser
Charles Schwab Investment Management, Inc.
211 Main Street, San Francisco, CA 94105
Schwab ETFs
1-877-824-5615
© 2019 Charles Schwab Investment Management, Inc. All rights reserved.
Printed on recycled paper.
    
* FUNDAMENTAL INDEX is a registered trademark of Research Affiliates LLC.

 

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MFR60171-08
00224347

Table of Contents
Item 2:

Code of Ethics.

 

(a)

Registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, and any other persons who perform a similar function, regardless of whether these individuals are employed by Registrant or a third party.

 

(c)

During the period covered by the report, no amendments were made to the provisions of this code of ethics.

 

(d)

During the period covered by the report, Registrant did not grant any waivers, including implicit waivers, from the provisions of this code of ethics.

 

(f)(1)

Registrant has filed this code of ethics as an exhibit pursuant to Item 12(a)(1) of Form N-CSR.

 

Item 3:

Audit Committee Financial Expert.

Registrant’s Board of Trustees has determined that Kiran M. Patel and Kimberly S. Patmore, each currently serving on its audit, compliance and valuation committee, are each an “audit committee financial expert,” as such term is defined in Item 3 of Form N-CSR. Each member of Registrant’s audit, compliance and valuation committee is “independent” under the standards set forth in Item 3 of Form N-CSR.

The designation of each of Mr. Patel and Ms. Patmore as an “audit committee financial expert” pursuant to Item 3 of Form N-CSR does not (i) impose upon such individual any duties, obligations, or liability that are greater than the duties, obligations and liability imposed upon such individual as a member of Registrant’s audit, compliance and valuation committee or Board of Trustees in the absence of such designation; and (ii) affect the duties, obligations or liability of any other member of Registrant’s audit, compliance and valuation committee or Board of Trustees.

 

Item 4:

Principal Accountant Fees and Services.

Registrant is composed of twenty-two series. Four series have a fiscal year-end of December 31, whose annual financial statements are reported in Item 1, seven series have a fiscal year-end of February 28 and eleven series have a fiscal year-end of August 31. Principal accountant fees disclosed in Items 4(a)-(d) and 4(g) include fees billed for services rendered to each of the twenty-two series, based on their respective 2018 and 2017 fiscal years, as applicable.

The following table presents fees billed by the principal accountant in each of the last two fiscal years for the services rendered to the Funds:

 

(a) Audit Fees      (b) Audit-Related Fees1      (c) Tax Fees2      (d) All Other Fees  
Fiscal Year
2018		      Fiscal Year
2017		      Fiscal Year
2018		      Fiscal Year
2017		      Fiscal Year
2018		      Fiscal Year
2017		      Fiscal
Year
2018		      Fiscal
Year
2017		  
$     504,395      $ 488,203      $ 0      $ 0      $ 91,339      $ 86,763      $ 0      $ 0  

 

1 

The nature of the services includes assurance and related services reasonably related to the performance of the audit of financial statements not included in Audit Fees.

2

The nature of the services includes tax compliance, tax advice and tax planning.

Table of Contents
(e) (1)

Registrant’s audit, compliance and valuation committee does not have pre-approval policies and procedures as described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

 

     (2)

There were no services described in each of paragraphs (b) through (d) above (including services required to be approved by Registrant’s audit, compliance and valuation committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X) that were approved by Registrant’s audit, compliance and valuation committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Below are the aggregate non-audit fees billed in each of the last two fiscal years by Registrant’s principal accountant for services rendered to Registrant, to Registrant’s investment adviser, and to any entity controlling, controlled by, or under common control with Registrant’s investment adviser that provides ongoing services to Registrant.

 

2018: $91,339

    2017: $ 86,763  

(h) During the past fiscal year, all non-audit services provided by Registrant’s principal accountant to either Registrant’s investment adviser or to any entity controlling, controlled by, or under common control with Registrant’s investment adviser that provides ongoing services to Registrant were pre-approved. Included in the audit, compliance and valuation committee’s pre-approval was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

 

Item 5:

Audit Committee of Listed Registrants.

The Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has separately-designated standing audit, compliance and valuation committee established in accordance with Section 3(a)58)(A) of the Exchange Act. The Registrant’s audit, compliance and valuation committee members are Kiran M. Patel, John F. Cogan, Nancy F. Heller and Kimberly S. Patmore.

 

Item 6:

Schedule of Investments.

The schedules of investments are included as part of the report to shareholders filed under Item 1 of this Form.

 

Item 7:

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

 

Item 8:

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

 

Item 9:

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Table of Contents
Item 10:

Submission of Matters to a Vote of Security Holders.

Not applicable.

 

Item 11:

Controls and Procedures.

 

(a)

Based on their evaluation of Registrant’s disclosure controls and procedures, as of a date within 90 days of the filing date, Registrant’s Chief Executive Officer, Marie Chandoha and Registrant’s Chief Financial Officer, Mark Fischer, have concluded that Registrant’s disclosure controls and procedures are: (i) reasonably designed to ensure that information required to be disclosed in this report is appropriately communicated to Registrant’s officers to allow timely decisions regarding disclosures required in this report; (ii) reasonably designed to ensure that information required to be disclosed in this report is recorded, processed, summarized and reported in a timely manner; and (iii) are effective in achieving the goals described in (i) and (ii) above.

 

(b)

During the second fiscal quarter of the period covered by this report, there have been no changes in Registrant’s internal control over financial reporting that the above officers believe to have materially affected, or to be reasonably likely to materially affect, Registrant’s internal control over financial reporting.

 

Item 12:

Exhibits.

 

(a) (1)

Registrant’s code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached.

 

     (2)

Separate certifications for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached.

 

     (3)

Not applicable.

 

(b)

A certification for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and is not being filed as part of the Form N-CSR with the Commission.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant) Schwab Strategic Trust

By:  

/s/ Marie Chandoha

 

Marie Chandoha

Chief Executive Officer

Date:   2/19/19

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:  

/s/ Marie Chandoha

 

Marie Chandoha

Chief Executive Officer

Date:   2/19/19
By:  

/s/ Mark Fischer

 

Mark Fischer

Chief Financial Officer

Date:   2/19/19
 EX-99.CODETH 2 d611041dex99codeth.htm EX-99.CODETH EX-99.CODETH
F.II.1.B.    CODE OF BUSINESS CONDUCT AND ETHICS

CODE OF BUSINESS CONDUCT AND ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

SCHWAB FUNDS:

THE CHARLES SCHWAB FAMILY OF FUNDS

SCHWAB INVESTMENTS

SCHWAB CAPITAL TRUST

SCHWAB ANNUITY PORTFOLIOS

LAUDUS FUNDS:

LAUDUS TRUST

SCHWAB ETFS:

SCHWAB STRATEGIC TRUST

I. SCOPE

This Code of Business Conduct and Ethics (the “Code”) for the Schwab Funds, Laudus Funds and Schwab ETFs (the “Funds”) covers the Principal Executive Officer and Principal Financial Officer and any other officers who serve a similar function (each an “Officer”) of all of the investment companies within the Funds’ complex and applies to their service to the Funds.

II. INTRODUCTION

The Funds are committed to the highest standards of ethical conduct. The Code consists of an outline of policies regarding conduct pertaining to legal compliance, personal conflicts of interest, confidentiality and privacy, and certain business practices. You are responsible for reviewing the Code and for acting in compliance with the Code in your daily activities.

The Code is not exhaustive; it provides guidance for carrying out your responsibilities on behalf of the Funds and observing the highest standards of ethical conduct. Because the Code does not address every possible situation that may arise, you are responsible for exercising good judgment, applying ethical principles, and raising questions when in doubt. Your integrity and good judgment reflect on the Funds’ brand and reputation, and are the foundation of trust for our shareholder and business relationships.

If you are unsure of what to do in any situation or how to interpret the provisions of the Code, seek guidance before you act. Use the Funds’ resources, including the Chief Legal Officer or the Chief Compliance Officer. If you feel that it is not appropriate to discuss a matter with the Chief Legal Officer or the Chief Compliance Officer, you may contact the Ombudsperson for The Charles Schwab Corporation.    

CONTACT INFORMATION

 

Title

   

Name

   

Phone Number

Chief Compliance Officer    Michael F. Hogan    415-667-1987
Chief Legal Officer of CSIM, Schwab Funds and Schwab ETFs    David Lekich    415-667-0660
Chief Legal Officer of Laudus Funds    Catherine MacGregor    415-667-0650
The Charles Schwab Corporation Ombudsperson    Sam Scott Miller, Esq. Orrick Herrington & Sutcliffe LLP    212-506-5130

 

 

The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the Mutual Fund’s Chief Compliance Officer or his/her designee.      1  

F.II.1.B.    CODE OF BUSINESS CONDUCT AND ETHICS

 

III. POLICIES

In executing your responsibilities on behalf of the Funds, your conduct should reflect positively on the Funds. A strong personal sense of ethics should always play a significant role in guiding you towards a proper course of action. The appearance of impropriety can be as harmful to the Funds’ reputation as improper conduct.

The Funds’ business is subject to various laws, rules and regulations, including federal securities and state and local laws. Although you are not expected to know the details of the myriad of laws governing our business, you are expected to be familiar with and comply with policies and procedures that apply to your business unit and complete any required training that applies to you (e.g., training regarding privacy or anti-money laundering).

A. PERSONAL CONFLICTS OF INTEREST

It is important that you do not place yourself in a position that would cloud your judgment in carrying out the business affairs of the Funds. A “personal conflict of interest” occurs when your private interest interferes in any way — or even appears to interfere — with the interests of the Funds. You have a duty to report any material transaction or relationship to the Chief Compliance Officer that reasonably could be expected to be or to create a conflict of interest with the Funds.    

Officers, in addition to their obligation to the Funds, may also be an officer or employee of CSIM or a CSIM affiliate. As a result, this Code recognizes that the Officers will, in the normal course of their duties (whether formally for the Funds or for CSIM, or for both), be involved in establishing policies and implementing decisions that will have different effects on CSIM and the Funds. The participation of the Officers in such activities is inherent in the contractual relationship between the Funds and CSIM and is consistent with the performance by the Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act of 1940 and the Investment Advisers Act of 1940, such activities will be deemed under the Code to have been handled ethically. In addition, it is recognized by the Trustees that the Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

B. INSIDE INFORMATION

Do not trade on inside information or disclose inside information to anyone except those who have a need to know it in order to fulfill their responsibilities for the Funds and in accordance with the Funds’ policy. This applies to information regarding the Funds, The Charles Schwab Corporation and its subsidiaries, and any other publicly traded company.

Generally, material information is any information that an investor would likely consider important in deciding whether to buy, sell or hold securities or that could affect the market price of the securities. Examples include actual or estimated financial results or change in dividends; significant discoveries or product developments; possible mergers, acquisitions or divestitures; major changes in business strategies; obtaining or losing significant contracts; and threatened major litigation or related developments. If you have or receive information and are unsure whether it is within the definition of inside information or whether its release might be contrary to a fiduciary or other obligation, contact the Chief Compliance Officer prior to disclosing any such information.

You must not use the Funds’ non-public holdings or transactions information in any way to influence your trades or the trades of other shareholders, including those of other employees, officers and directors. Trading ahead of shareholder or the Funds’ transactions (frontrunning) and following shareholder or the Funds’ transactions (piggybacking or shadowing) is prohibited.

C. ACCEPTANCE OF GIFTS OR ENTERTAINMENT

 

The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the Mutual Fund’s Chief Compliance Officer or his/her designee.    2

F.II.1.B.    CODE OF BUSINESS CONDUCT AND ETHICS

 

You must not accept gifts or entertainment from shareholders, vendors, suppliers, competitors or other employees where they present a conflict of interest or create the appearance of impropriety. You must adhere to the CSIM and The Charles Schwab Corporation policies regarding gifts and entertainment, and apply the more stringent restrictions.

D. CONFIDENTIALITY OF INFORMATION AND PRIVACY

Information concerning the identity of the Funds’ underlying shareholders and their transactions and accounts is confidential. Such information may not be disclosed to persons working on behalf of the Funds except as they may need to know it in order to fulfill their responsibilities to the Funds. You may not disclose such information to anyone or any firm outside the Funds unless (i) the outside firm needs to know the information in order to perform services for the Funds and is bound to maintain its confidentiality; (ii) when the shareholder has consented or been given an opportunity to request that the information not be shared; (iii) as required by law; or (iv) as authorized by the Chief Legal Officer or Chief Compliance Officer.

The Funds are committed to safeguarding their customers’ privacy. We do not sell any personally identifiable customer information. Sharing of such information with third parties is limited to situations related to the processing and servicing of customer accounts, and to specifically delineated exceptions in the federal privacy law. We share information with our affiliates to the extent permitted by federal law. You must be familiar with the procedural and systemic safeguards we maintain to protect this information.

You have the responsibility to safeguard the Funds’ proprietary information. Proprietary information includes intellectual property (copyrights, trademarks or patents or trade secrets), particular know-how (business or organizational designs, or business, marketing or service plans or ideas) and sensitive information about the Funds (databases, records, salary information or unpublished financial reports).    

E. PROTECTION AND USE OF FUNDS’ ASSETS

You are obligated to protect the Funds’ assets and ensure their efficient use. Theft, carelessness and waste have a direct impact on the Funds. The Funds’ equipment should not be used for non-Funds’ business, though incidental personal use may be permitted.

F. FINANCIAL DISCLOSURES

The Funds are committed to providing full, fair, accurate, timely and understandable disclosure in reports and documents that the Funds file with, or submit to, the Securities and Exchange Commission and other regulatory agencies and in other public communications made by the Funds. You are required to comply with the Funds’ policies and procedures to provide such full, fair, accurate, timely and understandable disclosure.    

G. CONDUCT OF AUDITS

Neither you nor any other person acting under your direction shall directly or indirectly take any action to fraudulently influence, coerce, manipulate, or mislead any independent public or certified public accountant engaged in the performance of an audit or review of the Funds’ financial statements.

Types of conduct that constitute improper influence include, but are not limited to, directly or indirectly:

 

  •  

Offering or paying bribes or other financial incentives, including offering future employment or contracts for non-audit services

 

  •  

Providing an auditor with inaccurate or misleading legal analysis

 

The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the Mutual Fund’s Chief Compliance Officer or his/her designee.    3

F.II.1.B.    CODE OF BUSINESS CONDUCT AND ETHICS

 

 

  •  

Threatening to cancel or canceling existing non-audit or audit engagements if the auditor objects to the issuer’s accounting

 

  •  

Seeking to have a partner removed from the audit engagement because the partner objects to the Funds’ accounting

 

  •  

Blackmailing

 

  •  

Making physical threats

H. RECORDKEEPING

You must be familiar with the Funds’ record retention policies and always retain or destroy records according to them. In the event of litigation, governmental investigation or the threat of such action, you should consult the Chief Legal Officer or the Chief Compliance Officer regarding record retention.

The Funds’ books, records and accounts must conform both to applicable legal requirements and to the Funds’ internal controls and policies.

Unrecorded or “off-the-books” funds or assets are prohibited unless permitted by applicable law or regulation. Business records must not contain exaggeration, derogatory remarks, guesswork, or inappropriate characterizations of people and companies. This applies equally to email, internal memoranda, formal reports, and all other forms of business records.

I. SALES PRACTICES

If you transact business for shareholders, you are required to know and observe the Funds’ specific policies and procedures for shareholder sales and transactions, such as the content and use of sales materials, documentation for transactions, quotations and suitability. Likewise, if you transact business with third parties (such as vendors or suppliers), you will be required to know and observe the Funds’ policies and procedures for such transactions, such as marketing policies, procedures for performing due diligence on third parties, and obtaining proper authorizations for any agreements. You must be familiar with any enumerated policies and procedures governing your sales activities and use good judgment in complying with them.

J. COMPETITION AND FAIR DEALING

We operate our business fairly and honestly. We seek competitive advantage through performance and never through unethical or illegal business practices. It is our policy to comply with anti-trust laws. These laws are complex and not easily summarized, but at a minimum require that there be no agreement or understanding between the Funds and their competitors that affect prices, terms or conditions of sale or that unreasonably restrain full and fair competition. You must always respect the rights of and deal fairly with the Funds’ shareholders and competitors. You must never take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair dealing practice.

K. PROHIBITION OF BRIBERY AND KICKBACKS

Our policies prohibit bribery or kickbacks of any kind and to anyone in the conduct of our business. The U.S. government has a number of laws and regulations applicable specifically to business gratuities that may be offered to or accepted by U.S. and foreign government personnel. The promise, offer or delivery to an official or employee of the U.S. government or an official, employee or candidate of a foreign government of a gift, favor, payment or other gratuity in violation of these rules would not only violate the Funds’ policy but could also be a criminal offense. Similarly, federal law, as well as the laws of many states, prohibits engaging in “commercial bribery.” Commercial bribery involves soliciting, demanding or agreeing to accept anything of value from any person intending to influence or be rewarded in connection with any

 

The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the Mutual Fund’s Chief Compliance Officer or his/her designee.    4

F.II.1.B.    CODE OF BUSINESS CONDUCT AND ETHICS

 

business or transaction, and prohibits all such behavior, for example, with respect to vendors, competitors, shareholders, and government employees.

L. WAIVERS

Waivers of the Code may be made only by the Trustees, and will be promptly disclosed publicly as required by law.

M. CODE AMENDMENTS

This Code may not be amended except in written form, which is specifically approved or ratified by a majority of the Trustees including a majority of the independent Trustees. Any amendments will, to the extent required, be disclosed in accordance with law.

N. CONFIDENTIALITY

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trustees, CSIM, The Charles Schwab Corporation and their respective counsel. However, nothing contained in this Code or in any applicable employement or severance agreement(s) should be interpreted as prohibiting employees or former employees from voluntarily communicating with the Securities and Exchange Commission or other authorities regarding possible violations of law or from recovering a whistleblower award.

III. ESCALATION AND PROHIBITION AGAINST RETALIATION

If you know of, or reasonably believe there is, a violation of this Code, you must report that information immediately to the Funds’ Chief Compliance Officer. Depending on the possible violation, you may also be required to report it pursuant to The Charles Schwab Corporation Code of Business Conduct and CSIM compliance policies and procedures. You should not conduct preliminary investigations unless authorized to do so by the Compliance Department.

No Officer will be retaliated against for making a good faith complaint or for bringing inappropriate conduct to the attention of the Funds’ personnel, Ombudsperson or Trustees, for assisting another employee or applicant in making a good faith report, for cooperating in an investigation, or for filing an administrative claim with a state or federal governmental agency. Any Officer who in good faith raises an issue regarding a possible violation of law, regulation or company policy or any suspected illegal or unethical behavior will be protected from retaliation.

If you have violated the Code, however, making a report will not protect you from the consequences of your actions. You can be subject to discipline up to and including termination of employment if you violate the Code or fail to report violations that come to your attention.

Any employee who engages in retaliatory conduct in violation of our policies will be subject to disciplinary action, up to and including termination of employment. If you reasonably believe retaliatory conduct has occurred, you must report such conduct to the Funds’ Chief Compliance Officer.

IV. PROCEDURES

A. OFFICERS

 

  •  

Read and be familiar with conduct rules outlined in the Code, and periodically review them.

 

The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the Mutual Fund’s Chief Compliance Officer or his/her designee.    5

F.II.1.B.    CODE OF BUSINESS CONDUCT AND ETHICS

 

 

  •  

Affirm in writing to the Trustees that you have received, read and understand the Code.

  •  

Annually affirm to the Trustees that you have complied with the requirements of the Code.

  •  

Comply with the conduct standards outlined in this Code in all dealings and actions, including those with shareholders, the public, and vendors.

  •  

Report any material transaction or relationship to the Chief Compliance Officer that reasonably could be expected to be or to create a personal conflict of interest with the Funds.

  •  

Report in a timely manner to the Chief Compliance Officer any conduct that may constitute a violation of the Code, the Funds’ policies, or laws, rules and regulations.

  •  

Raise questions or concerns about conduct issues with your supervisor, the Chief Legal Officer or Chief Compliance Officer, and seek advice when in doubt.

  •  

Cooperate with management during fact-finding investigations and comply with any confidentiality rules imposed.

B. CHIEF COMPLIANCE OFFICER

 

  •  

The Chief Compliance Officer, upon becoming notified of potential violation of this Code, will conduct, facilitate or delegate a review of the matter and will report to the Chairperson of the affected Fund’s Audit, Compliance and Valuation Committee any violations of this Code that he or she believes to be material.

 

  •  

The Chief Compliance Officer, upon becoming notified of a personal conflict of interest between an Officer and the Funds that the Chief Compliance Officer deems to be material, will report the issue to the Chairperson of the affected Fund’s Audit, Compliance and Valuation Committee and will work with the Chief Legal Officer and other appropriate parties to ensure that any required disclosures are made.

C. TRUSTEES

 

  •  

The Board of Trustees will consider appropriate action to address any violations of the Code that they deem to be material, which may include review of and appropriate modification to applicable policies and procedures, notification to appropriate personnel of CSIM or its board of directors, notification to appropriate personnel of The Charles Schwab Corporation or its board of directors, or a recommendation to dismiss the Officer.

VI. REGULATORY AUTHORITY

This Code constitutes the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, CSIM, Charles Schwab & Co., Inc., The Charles Schwab Corporation or other Fund service providers govern or purport to govern the behavior or activities of an Officer who is subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. CSIM’s, the Funds’ and Charles Schwab & Co. Inc.’s (as distributor) joint code of ethics under Rule 17j-1 pursuant to the Investment Company Act of 1940 and Rule 204A-1 of the Investment Advisers Act of 1940 and CSIM’s, Charles Schwab & Co., Inc.’s, and The Charles Schwab Corporation’s policies and procedures set forth in their respective compliance manuals and elsewhere are separate requirements applying to the Officers and are not part of this Code.

VERSION HISTORY

Adopted Schwab and Laudus Funds: June 15, 2011, Schwab ETFs: August 4, 2011

Revised August 8, 2013; December 11, 2015; August 25, 2016; December 11, 2017; September 25, 2018 (no changes)

END

 

The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the Mutual Fund’s Chief Compliance Officer or his/her designee.    6
 EX-99.CERT 3 d611041dex99cert.htm EX-99.CERT EX-99.CERT

CERTIFICATIONS

I, Marie Chandoha, certify that:

1. I have reviewed this report on Form N-CSR of Schwab Strategic Trust – Fixed Income ETFs;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosures and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: 2/19/19      

/s/ Marie Chandoha

     

Marie Chandoha

Chief Executive Officer

CERTIFICATIONS

I, Mark Fischer, certify that:

1. I have reviewed this report on Form N-CSR of Schwab Strategic Trust – Fixed Income ETFs;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosures and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: 2/19/19      

/s/ Mark Fischer

     

Mark Fischer

Treasurer and Chief Financial Officer

 EX-99.906CERT 4 d611041dex99906cert.htm EX-99.906CERT EX-99.906CERT

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report for Schwab Strategic Trust – Fixed Income ETFs (“issuer”) on Form N-CSR for the period ended December 31, 2018 (“periodic report”), each of the undersigned, being the Chief Executive Officer and Chief Financial Officer, hereby certifies, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1) The periodic report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the issuer for the period presented therein.

 

/s/ Marie Chandoha

    Date: 2/19/19
Marie Chandoha   
Chief Executive Officer   

/s/ Mark Fischer

    Date: 2/19/19
Mark Fischer   
Treasurer and Chief Financial Officer   

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and is not being filed as part of the Form N-CSR with the Commission.

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