NPORT-EX 2 NPORT_2MEH_43577635_1123.htm EDGAR HTML
Schwab Strategic Trust
Schwab U.S. REIT ETF
Portfolio Holdings as of November 30, 2023 (Unaudited)
  
The following are the portfolio holdings as of the report date. For more information, please refer to the fund’s semiannual or annual shareholder reports. You can also obtain this information at no cost by calling 1-866-414-6349 or by sending an email request to orders@mysummaryprospectus.com.  
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.8% OF NET ASSETS
 
Data Center REITs 9.6%
Digital Realty Trust, Inc.
1,564,707
217,150,038
Equinix, Inc.
455,539
371,268,840
 
588,418,878
 
Diversified REITs 2.2%
Alexander & Baldwin, Inc.
375,867
6,295,772
American Assets Trust, Inc.
250,281
5,040,659
Armada Hoffler Properties, Inc.
351,192
3,856,088
Broadstone Net Lease, Inc.
968,437
15,494,992
Empire State Realty Trust, Inc., Class A
669,085
5,995,002
Essential Properties Realty Trust, Inc.
806,741
19,160,099
Global Net Lease, Inc.
1,003,396
8,809,817
WP Carey, Inc.
1,105,766
68,822,876
 
133,475,305
 
Health Care REITs 9.0%
CareTrust REIT, Inc.
513,367
11,848,510
Global Medical REIT, Inc.
319,226
3,201,837
Healthcare Realty Trust, Inc.
1,968,659
30,061,423
Healthpeak Properties, Inc.
2,827,711
48,975,955
LTC Properties, Inc.
214,088
6,983,551
Medical Properties Trust, Inc.
3,094,775
15,009,659
National Health Investors, Inc.
224,119
12,160,697
Omega Healthcare Investors, Inc.
1,265,747
40,187,467
Physicians Realty Trust
1,233,355
14,405,586
Sabra Health Care REIT, Inc.
1,195,859
17,459,541
Ventas, Inc.
2,079,898
95,342,524
Welltower, Inc.
2,860,869
254,903,428
 
550,540,178
 
Hotel & Resort REITs 3.0%
Apple Hospitality REIT, Inc.
1,100,397
18,343,618
DiamondRock Hospitality Co.
1,082,634
9,007,515
Host Hotels & Resorts, Inc.
3,678,278
64,259,517
Park Hotels & Resorts, Inc.
1,115,749
16,546,558
Pebblebrook Hotel Trust
622,162
7,932,565
RLJ Lodging Trust
813,613
8,697,523
Ryman Hospitality Properties, Inc.
308,620
30,970,017
Service Properties Trust
856,767
6,125,884
Summit Hotel Properties, Inc.
556,506
3,483,728
Sunstone Hotel Investors, Inc.
1,069,512
10,566,778
Xenia Hotels & Resorts, Inc.
555,209
6,779,102
 
182,712,805
 
Industrial REITs 13.0%
Americold Realty Trust, Inc.
1,313,134
37,069,773
EastGroup Properties, Inc.
234,665
40,773,044
First Industrial Realty Trust, Inc.
683,621
32,164,368
SECURITY
NUMBER
OF SHARES
VALUE ($)
Industrial Logistics Properties Trust
304,096
1,030,885
Innovative Industrial Properties, Inc.
144,948
11,836,454
LXP Industrial Trust
1,513,783
13,291,015
Plymouth Industrial REIT, Inc.
184,946
4,022,575
Prologis, Inc.
4,754,974
546,489,162
Rexford Industrial Realty, Inc.
1,067,081
52,521,727
STAG Industrial, Inc.
928,686
33,293,393
Terreno Realty Corp.
433,778
24,773,061
 
797,265,457
 
Multi-Family Residential REITs 8.8%
Apartment Income REIT Corp.
771,451
24,007,555
Apartment Investment & Management
Co., Class A *
701,894
4,836,050
AvalonBay Communities, Inc.
734,082
126,952,141
Camden Property Trust
551,899
49,814,404
Centerspace
77,147
4,115,021
Elme Communities
454,569
5,973,037
Equity Residential
1,782,891
101,339,524
Essex Property Trust, Inc.
331,762
70,817,916
Independence Realty Trust, Inc.
1,160,941
15,812,016
Mid-America Apartment Communities,
Inc.
603,103
75,074,261
NexPoint Residential Trust, Inc.
117,975
3,592,339
UDR, Inc.
1,566,839
52,332,423
Veris Residential, Inc.
414,157
6,001,135
 
540,667,822
 
Office REITs 4.5%
Alexandria Real Estate Equities, Inc.
804,944
88,060,874
Boston Properties, Inc.
745,970
42,468,072
Brandywine Realty Trust
889,591
3,967,576
COPT Defense Properties
581,992
14,084,206
Cousins Properties, Inc.
784,889
16,105,922
Douglas Emmett, Inc.
860,852
10,519,611
Easterly Government Properties, Inc.
483,559
5,638,298
Equity Commonwealth
566,346
10,641,641
Highwoods Properties, Inc.
545,466
10,336,581
Hudson Pacific Properties, Inc.
654,536
3,842,126
JBG SMITH Properties
486,914
6,680,460
Kilroy Realty Corp.
551,505
18,188,635
NET Lease Office Properties *
73,759
1,205,960
Office Properties Income Trust
249,253
1,390,832
Paramount Group, Inc.
851,834
4,003,620
Peakstone Realty Trust (a)
186,365
2,974,385
Piedmont Office Realty Trust, Inc.,
Class A
639,518
3,977,802
SL Green Realty Corp.
333,126
12,182,418
Vornado Realty Trust
827,709
19,484,270
 
275,753,289
 
  1
Schwab U.S. REIT ETF
Portfolio Holdings (Unaudited) continued
SECURITY
NUMBER
OF SHARES
VALUE ($)
Other Specialized REITs 6.8%
EPR Properties
389,552
17,381,810
Farmland Partners, Inc.
229,109
2,836,369
Four Corners Property Trust, Inc.
467,479
10,747,342
Gaming & Leisure Properties, Inc.
1,357,589
63,440,134
Iron Mountain, Inc.
1,508,587
96,775,856
Lamar Advertising Co., Class A
452,495
45,833,219
Outfront Media, Inc.
750,949
9,184,106
Safehold, Inc.
232,097
4,569,990
Uniti Group, Inc.
1,230,667
6,805,589
VICI Properties, Inc.
5,238,405
156,575,926
 
414,150,341
 
Retail REITs 13.5%
Acadia Realty Trust
492,264
7,443,032
Agree Realty Corp.
497,615
29,463,784
Brixmor Property Group, Inc.
1,553,769
33,437,109
Federal Realty Investment Trust
379,252
36,252,699
Getty Realty Corp.
237,782
6,997,924
InvenTrust Properties Corp.
348,610
8,408,473
Kimco Realty Corp.
3,204,164
61,904,448
Kite Realty Group Trust
1,134,088
23,951,939
Macerich Co.
1,113,485
12,771,673
NETSTREIT Corp.
345,397
5,312,206
NNN REIT, Inc.
942,884
38,299,948
Phillips Edison & Co., Inc.
606,991
21,390,363
Realty Income Corp.
3,663,736
197,695,195
Regency Centers Corp.
849,356
53,322,570
Retail Opportunity Investments Corp.
650,577
8,372,926
RPT Realty
412,094
4,788,532
Simon Property Group, Inc.
1,691,234
211,218,214
SITE Centers Corp.
931,102
12,281,235
Spirit Realty Capital, Inc.
730,521
30,170,517
Tanger, Inc.
544,103
13,580,811
Urban Edge Properties
607,389
10,173,766
 
827,237,364
 
Self Storage REITs 6.8%
CubeSmart
1,162,039
46,202,671
Extra Space Storage, Inc.
1,092,092
142,157,615
National Storage Affiliates Trust
429,183
14,244,584
Public Storage
817,975
211,659,211
 
414,264,081
 
Single-Family Residential REITs 5.2%
American Homes 4 Rent, Class A
1,643,756
59,619,030
Equity LifeStyle Properties, Inc.
962,862
68,459,488
Invitation Homes, Inc.
2,973,398
99,192,558
Sun Communities, Inc.
643,123
83,181,529
UMH Properties, Inc.
305,476
4,313,321
 
314,765,926
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Telecom Tower REITs 14.8%
American Tower Corp.
2,399,242
500,913,745
Crown Castle, Inc.
2,241,692
262,905,638
SBA Communications Corp.
560,233
138,355,141
 
902,174,524
 
Timber REITs 2.6%
PotlatchDeltic Corp.
413,189
18,940,584
Rayonier, Inc.
705,223
21,636,241
Weyerhaeuser Co.
3,777,248
118,416,725
 
158,993,550
Total Common Stocks
(Cost $6,429,416,626)
6,100,419,520
 
 
 
 
SHORT-TERM INVESTMENTS 0.1% OF NET ASSETS
 
Money Market Funds 0.1%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.31% (b)
3,040,763
3,040,763
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.31% (b)(c)
335,000
335,000
 
3,375,763
Total Short-Term Investments
(Cost $3,375,763)
3,375,763
Total Investments in Securities
(Cost $6,432,792,389)
6,103,795,283
 
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
Dow Jones U.S. Real Estate
Index, expires 12/15/23
275
8,976,000
350,050
 
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$319,200.
(b)
The rate shown is the annualized 7-day yield.
(c)
Security purchased with cash collateral received for securities on loan.
 
REIT —
Real Estate Investment Trust
 
2  
Schwab U.S. REIT ETF
Portfolio Holdings (Unaudited) continued
The following is a summary of the inputs used to value the fund’s investments as of November 30, 2023 (see notes to portfolio holdings 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
Asset
Common Stocks1
$6,100,419,520
$—
$—
$6,100,419,520
Short-Term Investments1
3,375,763
—
—
3,375,763
Futures Contracts2
350,050
—
—
350,050
Total
$6,104,145,333
$—
$—
$6,104,145,333
 
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
  3
Schwab U.S. REIT ETF
Notes to Portfolio Holdings (Unaudited)
Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the 1940 Act), the Board of Trustees (the Board) has designated authority to a Valuation Designee, the fund’s investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities as well as to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Securities held in the fund’s portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:
• Securities traded on an exchange or over-the-counter: Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.
• Futures contracts: Futures contracts are valued at their settlement prices as of the close of their exchanges.
• Mutual funds: Mutual funds are valued at their respective net asset values (NAVs).
• Securities for which no quoted value is available: The Valuation Designee has adopted procedures to fair value the fund’s securities when market prices are not “readily available” or are unreliable. For example, a security may be fair valued when it’s de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that the fund could obtain the fair value assigned to the security upon the sale of such security.
In accordance with the authoritative guidance on fair value measurements and disclosures under generally accepted accounting principles in the United States of America (GAAP), the fund discloses the fair value of its investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee’s judgment will be required to estimate fair value.
The three levels of the fair value hierarchy are as follows:
• Level 1 — quoted prices in active markets for identical investments - Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, exchange-traded funds (ETFs) and futures contracts. Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held which could be Level 1, Level 2 or Level 3 in the fair value hierarchy.
• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations.
• Level 3 — significant unobservable inputs (including the Valuation Designee’s assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore a fund’s results of operations.
4  
Schwab U.S. REIT ETF
Notes to Portfolio Holdings (Unaudited) (continued)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The levels associated with valuing the fund’s investments as of November 30, 2023, are disclosed in the fund’s Portfolio Holdings.
REG66362NOV23
  5