NPORT-EX 2 NPORT_2MF9_10909374_1123.htm EDGAR HTML
Schwab Strategic Trust
Schwab High Yield Bond 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.
All securities are currently in a fixed rate coupon period based on index eligibility requirements and the fund’s investment objective. Generally, for fixed rate securities, the rate shown is the interest rate that was established when the security was issued. Variable rate securities are subject to index requirements and will be removed from the index and fund prior to converting from a fixed rate coupon to a variable rate coupon. The maturity date shown for all the securities is the final legal maturity.  
 
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
CORPORATES 97.8% OF NET ASSETS
 
Financial Institutions 9.5%
Banking 0.7%
Ally Financial, Inc.
5.75%, 11/20/25 (a)
55,000
53,998
6.70%, 02/14/33 (a)
40,000
37,223
Intesa Sanpaolo SpA
5.71%, 01/15/26 (b)
215,000
211,086
Popular, Inc.
7.25%, 03/13/28 (a)
20,000
20,035
Synchrony Financial
7.25%, 02/02/33 (a)
65,000
60,750
Texas Capital Bancshares, Inc.
4.00%, 05/06/31 (a)(c)
25,000
21,423
Western Alliance Bancorp
3.00%, 06/15/31 (a)(c)
45,000
36,364
 
440,879
Brokerage/Asset Managers/Exchanges 0.9%
AG TTMT Escrow Issuer LLC
8.63%, 09/30/27 (a)(b)
85,000
88,235
Aretec Escrow Issuer 2, Inc.
10.00%, 08/15/30 (a)(b)
50,000
52,145
Aretec Escrow Issuer, Inc.
7.50%, 04/01/29 (a)(b)
20,000
16,916
Brightsphere Investment Group, Inc.
4.80%, 07/27/26
30,000
28,450
Coinbase Global, Inc.
3.38%, 10/01/28 (a)(b)
100,000
80,560
3.63%, 10/01/31 (a)(b)
35,000
25,764
Compass Group Diversified Holdings LLC
5.25%, 04/15/29 (a)(b)
100,000
91,412
Hightower Holding LLC
6.75%, 04/15/29 (a)(b)
10,000
8,654
Hunt Cos., Inc.
5.25%, 04/15/29 (a)(b)
24,000
20,612
NFP Corp.
6.88%, 08/15/28 (a)(b)
140,000
124,802
7.50%, 10/01/30 (a)(b)
35,000
34,714
 
572,264
Finance Companies 2.9%
Cobra AcquisitionCo LLC
6.38%, 11/01/29 (a)(b)
15,000
10,969
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Curo Group Holdings Corp.
7.50%, 08/01/28 (a)(b)
50,000
14,067
Enova International, Inc.
8.50%, 09/15/25 (a)(b)
15,000
14,730
FirstCash, Inc.
5.63%, 01/01/30 (a)(b)
75,000
70,257
Fortress Transportation & Infrastructure Investors LLC
6.50%, 10/01/25 (a)(b)
15,000
14,909
5.50%, 05/01/28 (a)(b)
160,000
150,370
Freedom Mortgage Corp.
7.63%, 05/01/26 (a)(b)
40,000
38,258
6.63%, 01/15/27 (a)(b)
45,000
41,112
12.00%, 10/01/28 (a)(b)
50,000
52,878
GGAM Finance Ltd.
8.00%, 06/15/28 (a)(b)
65,000
65,796
goeasy Ltd.
4.38%, 05/01/26 (a)(b)
40,000
37,524
9.25%, 12/01/28 (a)(b)
25,000
25,700
LD Holdings Group LLC
6.50%, 11/01/25 (a)(b)
15,000
13,110
6.13%, 04/01/28 (a)(b)
40,000
28,225
LFS Topco LLC
5.88%, 10/15/26 (a)(b)
15,000
13,245
Macquarie Airfinance Holdings Ltd.
8.38%, 05/01/28 (a)(b)
60,000
61,549
Nationstar Mortgage Holdings, Inc.
5.00%, 02/01/26 (a)(b)
45,000
42,943
6.00%, 01/15/27 (a)(b)
25,000
24,144
5.50%, 08/15/28 (a)(b)
50,000
46,321
5.75%, 11/15/31 (a)(b)
60,000
52,431
Navient Corp.
5.88%, 10/25/24
25,000
24,793
6.75%, 06/25/25
70,000
70,559
6.75%, 06/15/26
25,000
24,925
5.00%, 03/15/27 (a)
65,000
60,661
5.50%, 03/15/29 (a)
55,000
48,121
5.63%, 08/01/33
75,000
58,168
OneMain Finance Corp.
6.88%, 03/15/25
75,000
75,608
7.13%, 03/15/26
90,000
90,826
3.88%, 09/15/28 (a)
25,000
21,489
9.00%, 01/15/29 (a)
115,000
118,727
4.00%, 09/15/30 (a)
75,000
61,154
Oxford Finance LLC/Oxford Finance Co.-Issuer II, Inc.
6.38%, 02/01/27 (a)(b)
25,000
23,527
  1
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
PennyMac Financial Services, Inc.
5.38%, 10/15/25 (a)(b)
15,000
14,598
4.25%, 02/15/29 (a)(b)
60,000
51,939
5.75%, 09/15/31 (a)(b)
25,000
22,067
PROG Holdings, Inc.
6.00%, 11/15/29 (a)(b)
40,000
34,984
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.
2.88%, 10/15/26 (a)(b)
50,000
45,230
3.88%, 03/01/31 (a)(b)
175,000
147,136
SLM Corp.
3.13%, 11/02/26 (a)
40,000
36,213
United Wholesale Mortgage LLC
5.50%, 11/15/25 (a)(b)
65,000
63,255
5.50%, 04/15/29 (a)(b)
35,000
31,339
 
1,943,857
Financial Other 1.2%
Burford Capital Global Finance LLC
6.88%, 04/15/30 (a)(b)
200,000
188,144
Credit Acceptance Corp.
5.13%, 12/31/24 (a)(b)
40,000
39,014
Five Point Operating Co. LP/Five Point Capital Corp.
7.88%, 11/15/25 (a)(b)
25,000
23,955
Greystar Real Estate Partners LLC
7.75%, 09/01/30 (a)(b)
25,000
25,450
Howard Hughes Corp.
5.38%, 08/01/28 (a)(b)
50,000
46,928
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.75%, 09/15/24 (a)
60,000
58,933
6.25%, 05/15/26 (a)
20,000
18,901
5.25%, 05/15/27 (a)
135,000
122,344
4.38%, 02/01/29 (a)
30,000
24,620
Kennedy-Wilson, Inc.
4.75%, 02/01/30 (a)
200,000
153,065
PHH Mortgage Corp.
7.88%, 03/15/26 (a)(b)
20,000
17,666
PRA Group, Inc.
8.38%, 02/01/28 (a)(b)
35,000
31,784
5.00%, 10/01/29 (a)(b)
75,000
56,706
 
807,510
Insurance 1.7%
Acrisure LLC/Acrisure Finance, Inc.
7.00%, 11/15/25 (a)(b)
50,000
49,412
10.13%, 08/01/26 (a)(b)
25,000
25,774
6.00%, 08/01/29 (a)(b)
35,000
30,178
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/27 (a)(b)
45,000
41,740
6.75%, 10/15/27 (a)(b)
100,000
96,000
6.75%, 04/15/28 (a)(b)
75,000
75,006
AmWINS Group, Inc.
4.88%, 06/30/29 (a)(b)
50,000
45,037
AssuredPartners, Inc.
5.63%, 01/15/29 (a)(b)
5,000
4,473
BroadStreet Partners, Inc.
5.88%, 04/15/29 (a)(b)
75,000
68,225
Global Atlantic Fin Co.
4.70%, 10/15/51 (a)(b)(c)
50,000
41,565
GTCR AP Finance, Inc.
8.00%, 05/15/27 (a)(b)
100,000
99,772
HUB International Ltd.
5.63%, 12/01/29 (a)(b)
35,000
31,759
7.25%, 06/15/30 (a)(b)
160,000
163,694
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Jones Deslauriers Insurance Management, Inc.
8.50%, 03/15/30 (a)(b)
50,000
51,661
10.50%, 12/15/30 (a)(b)
10,000
10,367
Liberty Mutual Group, Inc.
7.80%, 03/07/87 (b)
75,000
73,065
MGIC Investment Corp.
5.25%, 08/15/28 (a)
25,000
23,647
Molina Healthcare, Inc.
4.38%, 06/15/28 (a)(b)
100,000
92,815
3.88%, 05/15/32 (a)(b)
44,000
36,932
NMI Holdings, Inc.
7.38%, 06/01/25 (a)(b)
55,000
55,355
Ryan Specialty LLC
4.38%, 02/01/30 (a)(b)
25,000
22,594
USI, Inc.
6.88%, 05/01/25 (a)(b)
25,000
24,831
 
1,163,902
REITs 2.1%
Apollo Commercial Real Estate Finance, Inc.
4.63%, 06/15/29 (a)(b)
40,000
32,529
Blackstone Mortgage Trust, Inc.
3.75%, 01/15/27 (a)(b)
25,000
22,026
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC
5.75%, 05/15/26 (a)(b)
45,000
42,721
4.50%, 04/01/27 (a)(b)
50,000
43,889
Diversified Healthcare Trust
9.75%, 06/15/25 (a)
25,000
24,823
4.75%, 02/15/28 (a)
30,000
21,883
4.38%, 03/01/31 (a)
25,000
17,623
HAT Holdings I LLC/HAT Holdings II LLC
3.38%, 06/15/26 (a)(b)
75,000
67,960
3.75%, 09/15/30 (b)
25,000
19,722
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.25%, 02/01/27 (a)(b)
40,000
36,939
4.75%, 06/15/29 (a)(b)
40,000
34,855
MPT Operating Partnership LP/MPT Finance Corp.
5.25%, 08/01/26 (a)
25,000
21,780
5.00%, 10/15/27 (a)
80,000
63,844
4.63%, 08/01/29 (a)
55,000
39,337
3.50%, 03/15/31 (a)
65,000
40,138
Necessity Retail REIT, Inc./American Finance Operating Partner LP
4.50%, 09/30/28 (a)(b)
40,000
32,325
Office Properties Income Trust
2.40%, 02/01/27 (a)
75,000
45,991
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer
7.50%, 06/01/25 (a)(b)
50,000
50,336
5.88%, 10/01/28 (a)(b)
50,000
47,350
4.88%, 05/15/29 (a)(b)
30,000
26,719
RHP Hotel Properties LP/RHP Finance Corp.
7.25%, 07/15/28 (a)(b)
15,000
15,244
4.50%, 02/15/29 (a)(b)
75,000
67,701
Rithm Capital Corp.
6.25%, 10/15/25 (a)(b)
30,000
28,900
RLJ Lodging Trust LP
3.75%, 07/01/26 (a)(b)
75,000
69,939
Service Properties Trust
4.35%, 10/01/24 (a)
90,000
89,957
4.50%, 03/15/25 (a)
30,000
28,955
7.50%, 09/15/25 (a)
100,000
100,505
5.25%, 02/15/26 (a)
25,000
23,530
5.50%, 12/15/27 (a)
25,000
22,284
8.63%, 11/15/31 (a)(b)
100,000
102,667
2  
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Starwood Property Trust, Inc.
3.63%, 07/15/26 (a)(b)
65,000
59,682
4.38%, 01/15/27 (a)(b)
25,000
22,895
XHR LP
4.88%, 06/01/29 (a)(b)
50,000
44,836
 
1,409,885
 
6,338,297
 
Industrial 85.1%
Basic Industry 5.0%
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp.
7.50%, 05/01/25 (a)(b)
65,000
64,818
Arsenal AIC Parent LLC
8.00%, 10/01/30 (a)(b)
40,000
40,862
Ashland, Inc.
6.88%, 05/15/43 (a)
35,000
33,196
ASP Unifrax Holdings, Inc.
5.25%, 09/30/28 (a)(b)
55,000
37,877
7.50%, 09/30/29 (a)(b)
15,000
8,001
ATI, Inc.
4.88%, 10/01/29 (a)
30,000
26,878
5.13%, 10/01/31 (a)
40,000
35,237
Avient Corp.
5.75%, 05/15/25 (a)(b)
17,000
16,954
7.13%, 08/01/30 (a)(b)
75,000
75,496
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV
4.75%, 06/15/27 (a)(b)
150,000
142,323
Baffinland Iron Mines Corp./Baffinland Iron Mines LP
8.75%, 07/15/26 (a)(b)
25,000
23,536
Big River Steel LLC/BRS Finance Corp.
6.63%, 01/31/29 (a)(b)
15,000
14,990
Calderys Financing LLC
11.25%, 06/01/28 (a)(b)
40,000
40,823
Carpenter Technology Corp.
6.38%, 07/15/28 (a)
65,000
63,917
Century Aluminum Co.
7.50%, 04/01/28 (a)(b)
15,000
14,210
Chemours Co.
5.38%, 05/15/27 (a)
20,000
19,026
5.75%, 11/15/28 (a)(b)
50,000
45,309
4.63%, 11/15/29 (a)(b)
36,000
30,279
Cleveland-Cliffs, Inc.
5.88%, 06/01/27 (a)
65,000
63,866
4.63%, 03/01/29 (a)(b)
15,000
13,494
6.75%, 04/15/30 (a)(b)
65,000
63,315
Coeur Mining, Inc.
5.13%, 02/15/29 (a)(b)
15,000
12,935
Commercial Metals Co.
4.13%, 01/15/30 (a)
40,000
35,207
Compass Minerals International, Inc.
6.75%, 12/01/27 (a)(b)
50,000
48,711
CVR Partners LP/CVR Nitrogen Finance Corp.
6.13%, 06/15/28 (a)(b)
40,000
36,728
Domtar Corp.
6.75%, 10/01/28 (a)(b)
40,000
34,850
Eldorado Gold Corp.
6.25%, 09/01/29 (a)(b)
25,000
22,566
Element Solutions, Inc.
3.88%, 09/01/28 (a)(b)
40,000
35,584
FMG Resources August 2006 Pty. Ltd.
4.50%, 09/15/27 (a)(b)
45,000
42,512
5.88%, 04/15/30 (a)(b)
15,000
14,435
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
4.38%, 04/01/31 (a)(b)
55,000
48,027
6.13%, 04/15/32 (a)(b)
85,000
82,215
GrafTech Finance, Inc.
4.63%, 12/15/28 (a)(b)
75,000
50,382
Graphic Packaging International LLC
3.50%, 03/15/28 (b)
10,000
9,059
3.50%, 03/01/29 (a)(b)
75,000
65,279
3.75%, 02/01/30 (a)(b)
15,000
13,043
HB Fuller Co.
4.25%, 10/15/28 (a)
30,000
27,015
Hecla Mining Co.
7.25%, 02/15/28 (a)
25,000
24,734
Hudbay Minerals, Inc.
6.13%, 04/01/29 (a)(b)
60,000
56,610
IAMGOLD Corp.
5.75%, 10/15/28 (a)(b)
30,000
24,349
Infrabuild Australia Pty. Ltd.
14.50%, 11/15/28 (a)(b)
25,000
25,221
Innophos Holdings, Inc.
9.38%, 02/15/28 (a)(b)
22,000
20,253
Kaiser Aluminum Corp.
4.63%, 03/01/28 (a)(b)
80,000
70,941
LSB Industries, Inc.
6.25%, 10/15/28 (a)(b)
60,000
55,968
LSF11 A5 HoldCo LLC
6.63%, 10/15/29 (a)(b)
20,000
16,702
Mercer International, Inc.
5.13%, 02/01/29 (a)
90,000
75,279
Methanex Corp.
5.13%, 10/15/27 (a)
125,000
117,902
Mineral Resources Ltd.
8.13%, 05/01/27 (a)(b)
20,000
20,082
9.25%, 10/01/28 (a)(b)
75,000
77,659
8.50%, 05/01/30 (a)(b)
75,000
75,885
Minerals Technologies, Inc.
5.00%, 07/01/28 (a)(b)
30,000
27,540
New Gold, Inc.
7.50%, 07/15/27 (a)(b)
25,000
24,503
Novelis Corp.
4.75%, 01/30/30 (a)(b)
150,000
136,318
Nufarm Australia Ltd./Nufarm Americas, Inc.
5.00%, 01/27/30 (a)(b)
50,000
44,335
Olin Corp.
5.13%, 09/15/27 (a)
25,000
23,822
5.63%, 08/01/29 (a)
85,000
81,195
Olympus Water U.S. Holding Corp.
9.75%, 11/15/28 (a)(b)
200,000
205,961
Rain Carbon, Inc.
12.25%, 09/01/29 (a)(b)
25,000
25,531
Rayonier AM Products, Inc.
7.63%, 01/15/26 (a)(b)
30,000
25,472
SCIH Salt Holdings, Inc.
4.88%, 05/01/28 (a)(b)
90,000
81,602
SK Invictus Intermediate II SARL
5.00%, 10/30/29 (a)(b)
40,000
32,536
SunCoke Energy, Inc.
4.88%, 06/30/29 (a)(b)
25,000
21,529
Taseko Mines Ltd.
7.00%, 02/15/26 (a)(b)
75,000
70,194
TMS International Corp.
6.25%, 04/15/29 (a)(b)
15,000
11,910
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.
5.13%, 04/01/29 (a)(b)
25,000
9,736
  3
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Tronox, Inc.
4.63%, 03/15/29 (a)(b)
50,000
42,561
U.S. Steel Corp.
6.88%, 03/01/29 (a)
75,000
74,605
Verde Purchaser LLC
10.50%, 11/30/30 (a)(b)
75,000
75,150
Vibrantz Technologies, Inc.
9.00%, 02/15/30 (a)(b)
35,000
26,996
Windsor Holdings III LLC
8.50%, 06/15/30 (a)(b)
50,000
51,493
WR Grace Holdings LLC
5.63%, 08/15/29 (a)(b)
115,000
96,902
7.38%, 03/01/31 (a)(b)
25,000
24,422
 
3,328,853
Capital Goods 10.8%
ACProducts Holdings, Inc.
6.38%, 05/15/29 (a)(b)
35,000
21,756
Advanced Drainage Systems, Inc.
6.38%, 06/15/30 (a)(b)
50,000
49,162
Alta Equipment Group, Inc.
5.63%, 04/15/26 (a)(b)
20,000
18,703
American Builders & Contractors Supply Co., Inc.
4.00%, 01/15/28 (a)(b)
65,000
59,888
AmeriTex HoldCo Intermediate LLC
10.25%, 10/15/28 (a)(b)
25,000
24,469
Amsted Industries, Inc.
5.63%, 07/01/27 (a)(b)
40,000
38,336
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
4.00%, 09/01/29 (a)(b)
200,000
159,146
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
4.13%, 08/15/26 (a)(b)
200,000
177,090
ATS Corp.
4.13%, 12/15/28 (a)(b)
15,000
13,249
Ball Corp.
5.25%, 07/01/25
90,000
89,620
4.88%, 03/15/26 (a)
55,000
53,939
6.88%, 03/15/28 (a)
65,000
66,450
6.00%, 06/15/29 (a)
50,000
49,954
2.88%, 08/15/30 (a)
70,000
58,042
Beacon Roofing Supply, Inc.
4.13%, 05/15/29 (a)(b)
25,000
22,097
6.50%, 08/01/30 (a)(b)
35,000
34,986
Berry Global, Inc.
5.63%, 07/15/27 (a)(b)
40,000
39,139
BlueLinx Holdings, Inc.
6.00%, 11/15/29 (a)(b)
15,000
13,486
Bombardier, Inc.
7.50%, 03/15/25 (a)(b)
20,000
20,009
7.13%, 06/15/26 (a)(b)
65,000
65,061
7.88%, 04/15/27 (a)(b)
150,000
150,237
6.00%, 02/15/28 (a)(b)
50,000
47,172
7.50%, 02/01/29 (a)(b)
30,000
29,751
8.75%, 11/15/30 (a)(b)
100,000
102,505
Builders FirstSource, Inc.
4.25%, 02/01/32 (a)(b)
150,000
128,793
BWX Technologies, Inc.
4.13%, 04/15/29 (a)(b)
40,000
36,082
Camelot Return Merger Sub, Inc.
8.75%, 08/01/28 (a)(b)
55,000
54,297
Chart Industries, Inc.
7.50%, 01/01/30 (a)(b)
115,000
117,433
9.50%, 01/01/31 (a)(b)
10,000
10,681
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Clean Harbors, Inc.
4.88%, 07/15/27 (a)(b)
55,000
53,014
6.38%, 02/01/31 (a)(b)
20,000
19,860
Clydesdale Acquisition Holdings, Inc.
8.75%, 04/15/30 (a)(b)
80,000
71,854
Cornerstone Building Brands, Inc.
6.13%, 01/15/29 (a)(b)
35,000
27,509
Covanta Holding Corp.
4.88%, 12/01/29 (a)(b)
25,000
20,772
CP Atlas Buyer, Inc.
7.00%, 12/01/28 (a)(b)
50,000
41,000
Crown Americas LLC/Crown Americas Capital Corp. V
4.25%, 09/30/26 (a)
85,000
81,350
Crown Americas LLC/Crown Americas Capital Corp. VI
4.75%, 02/01/26 (a)
50,000
48,792
Crown Cork & Seal Co., Inc.
7.38%, 12/15/26
29,000
29,938
Eco Material Technologies, Inc.
7.88%, 01/31/27 (a)(b)
60,000
59,028
Emerald Debt Merger Sub LLC
6.63%, 12/15/30 (a)(b)
105,000
104,869
Enviri Corp.
5.75%, 07/31/27 (a)(b)
25,000
21,785
EquipmentShare.com, Inc.
9.00%, 05/15/28 (a)(b)
60,000
59,175
Foundation Building Materials, Inc.
6.00%, 03/01/29 (a)(b)
25,000
21,456
FXI Holdings, Inc.
12.25%, 11/15/26 (a)(b)
60,000
52,673
Gates Global LLC/Gates Corp.
6.25%, 01/15/26 (a)(b)
40,000
39,595
GFL Environmental, Inc.
4.25%, 06/01/25 (a)(b)
85,000
83,112
3.75%, 08/01/25 (a)(b)
25,000
24,166
5.13%, 12/15/26 (a)(b)
100,000
97,091
4.00%, 08/01/28 (a)(b)
25,000
22,333
4.75%, 06/15/29 (a)(b)
100,000
91,439
Griffon Corp.
5.75%, 03/01/28 (a)
65,000
61,520
H&E Equipment Services, Inc.
3.88%, 12/15/28 (a)(b)
70,000
62,036
Herc Holdings, Inc.
5.50%, 07/15/27 (a)(b)
75,000
72,881
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co.-Issuer LLC
6.00%, 09/15/28 (a)(b)
50,000
44,948
JELD-WEN, Inc.
4.63%, 12/15/25 (a)(b)
65,000
62,289
Knife River Corp.
7.75%, 05/01/31 (a)(b)
35,000
35,975
LABL, Inc.
6.75%, 07/15/26 (a)(b)
50,000
47,566
10.50%, 07/15/27 (a)(b)
25,000
22,740
5.88%, 11/01/28 (a)(b)
43,000
37,642
8.25%, 11/01/29 (a)(b)
15,000
12,028
LBM Acquisition LLC
6.25%, 01/15/29 (a)(b)
50,000
41,944
Madison IAQ LLC
4.13%, 06/30/28 (a)(b)
30,000
26,674
5.88%, 06/30/29 (a)(b)
57,000
47,865
Masonite International Corp.
5.38%, 02/01/28 (a)(b)
40,000
38,038
4  
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Mauser Packaging Solutions Holding Co.
7.88%, 08/15/26 (a)(b)
200,000
198,857
9.25%, 04/15/27 (a)(b)
50,000
45,553
Maxim Crane Works Holdings Capital LLC
11.50%, 09/01/28 (a)(b)
25,000
24,994
MIWD Holdco II LLC/MIWD Finance Corp.
5.50%, 02/01/30 (a)(b)
25,000
21,201
Moog, Inc.
4.25%, 12/15/27 (a)(b)
25,000
23,224
Mueller Water Products, Inc.
4.00%, 06/15/29 (a)(b)
25,000
22,082
NESCO Holdings II, Inc.
5.50%, 04/15/29 (a)(b)
25,000
22,438
New Enterprise Stone & Lime Co., Inc.
5.25%, 07/15/28 (a)(b)
40,000
37,262
OI European Group BV
4.75%, 02/15/30 (a)(b)
20,000
18,015
Oscar AcquisitionCo LLC/Oscar Finance, Inc.
9.50%, 04/15/30 (a)(b)
25,000
22,795
OT Merger Corp.
7.88%, 10/15/29 (a)(b)
15,000
8,510
Owens-Brockway Glass Container, Inc.
6.63%, 05/13/27 (a)(b)
25,000
24,762
7.25%, 05/15/31 (a)(b)
75,000
74,532
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC
4.00%, 10/15/27 (a)(b)
100,000
91,594
Park River Holdings, Inc.
5.63%, 02/01/29 (a)(b)
12,000
9,042
6.75%, 08/01/29 (a)(b)
20,000
15,326
Patrick Industries, Inc.
4.75%, 05/01/29 (a)(b)
10,000
8,650
PECF USS Intermediate Holding III Corp.
8.00%, 11/15/29 (a)(b)
29,000
13,433
PGT Innovations, Inc.
4.38%, 10/01/29 (a)(b)
35,000
33,147
Ritchie Bros Holdings, Inc.
6.75%, 03/15/28 (a)(b)
38,000
38,749
7.75%, 03/15/31 (a)(b)
30,000
31,166
Roller Bearing Co. of America, Inc.
4.38%, 10/15/29 (a)(b)
30,000
26,979
Sealed Air Corp.
4.00%, 12/01/27 (a)(b)
100,000
91,984
Sealed Air Corp./Sealed Air Corp. U.S.
6.13%, 02/01/28 (a)(b)
60,000
59,400
7.25%, 02/15/31 (a)(b)
25,000
25,624
Smyrna Ready Mix Concrete LLC
6.00%, 11/01/28 (a)(b)
95,000
90,364
8.88%, 11/15/31 (a)(b)
50,000
50,911
Specialty Building Products Holdings LLC/SBP Finance Corp.
6.38%, 09/30/26 (a)(b)
35,000
33,984
Spirit AeroSystems, Inc.
9.38%, 11/30/29 (a)(b)
145,000
156,968
9.75%, 11/15/30 (a)(b)
75,000
79,073
SPX FLOW, Inc.
8.75%, 04/01/30 (a)(b)
45,000
43,015
SRS Distribution, Inc.
4.63%, 07/01/28 (a)(b)
75,000
68,528
6.00%, 12/01/29 (a)(b)
15,000
13,062
Standard Industries, Inc.
5.00%, 02/15/27 (a)(b)
130,000
124,593
4.75%, 01/15/28 (a)(b)
25,000
23,521
4.38%, 07/15/30 (a)(b)
50,000
43,874
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Stericycle, Inc.
3.88%, 01/15/29 (a)(b)
55,000
48,538
Summit Materials LLC/Summit Materials Finance Corp.
5.25%, 01/15/29 (a)(b)
65,000
60,840
Terex Corp.
5.00%, 05/15/29 (a)(b)
40,000
36,708
Titan Acquisition Ltd./Titan Co.-Borrower LLC
7.75%, 04/15/26 (a)(b)
40,000
39,560
Titan International, Inc.
7.00%, 04/30/28 (a)
65,000
62,821
TK Elevator U.S. Newco, Inc.
5.25%, 07/15/27 (a)(b)
200,000
190,199
TransDigm, Inc.
6.25%, 03/15/26 (a)(b)
255,000
253,452
7.50%, 03/15/27 (a)
15,000
15,016
5.50%, 11/15/27 (a)
150,000
144,526
6.75%, 08/15/28 (a)(b)
116,000
116,353
4.63%, 01/15/29 (a)
85,000
76,752
4.88%, 05/01/29 (a)
25,000
22,676
6.88%, 12/15/30 (a)(b)
75,000
75,148
7.13%, 12/01/31 (a)(b)
75,000
76,379
Trident TPI Holdings, Inc.
12.75%, 12/31/28 (a)(b)
25,000
26,406
Trinity Industries, Inc.
4.55%, 10/01/24 (a)
65,000
63,582
Triumph Group, Inc.
7.75%, 08/15/25 (a)
25,000
24,525
9.00%, 03/15/28 (a)(b)
95,000
97,639
United Rentals North America, Inc.
4.88%, 01/15/28 (a)
30,000
28,879
5.25%, 01/15/30 (a)
70,000
66,939
3.88%, 02/15/31 (a)
175,000
152,543
3.75%, 01/15/32 (a)
30,000
25,432
Vertiv Group Corp.
4.13%, 11/15/28 (a)(b)
65,000
58,913
Waste Pro USA, Inc.
5.50%, 02/15/26 (a)(b)
25,000
23,615
WESCO Distribution, Inc.
7.13%, 06/15/25 (a)(b)
65,000
65,145
7.25%, 06/15/28 (a)(b)
110,000
111,949
White Cap Buyer LLC
6.88%, 10/15/28 (a)(b)
25,000
22,832
 
7,141,069
Communications 14.8%
Advantage Sales & Marketing, Inc.
6.50%, 11/15/28 (a)(b)
40,000
35,697
Allen Media LLC/Allen Media Co.-Issuer, Inc.
10.50%, 02/15/28 (a)(b)
35,000
17,683
Altice Financing SA
5.75%, 08/15/29 (a)(b)
200,000
164,671
Altice France SA
8.13%, 02/01/27 (a)(b)
480,000
413,290
5.50%, 10/15/29 (a)(b)
200,000
144,546
AMC Networks, Inc.
4.75%, 08/01/25 (a)
50,000
47,496
4.25%, 02/15/29 (a)
45,000
31,545
Beasley Mezzanine Holdings LLC
8.63%, 02/01/26 (a)(b)
5,000
3,206
Block Communications, Inc.
4.88%, 03/01/28 (a)(b)
15,000
12,770
C&W Senior Financing DAC
6.88%, 09/15/27 (a)(b)
200,000
182,697
  5
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Cable One, Inc.
4.00%, 11/15/30 (a)(b)
50,000
39,064
CCO Holdings LLC/CCO Holdings Capital Corp.
5.50%, 05/01/26 (a)(b)
50,000
48,954
5.13%, 05/01/27 (a)(b)
305,000
290,542
5.00%, 02/01/28 (a)(b)
100,000
93,804
5.38%, 06/01/29 (a)(b)
75,000
69,596
4.75%, 03/01/30 (a)(b)
310,000
271,497
4.50%, 08/15/30 (a)(b)
175,000
150,262
4.25%, 02/01/31 (a)(b)
225,000
187,835
4.75%, 02/01/32 (a)(b)
80,000
67,250
4.50%, 05/01/32 (a)
190,000
156,631
4.50%, 06/01/33 (a)(b)
50,000
40,036
Clear Channel Outdoor Holdings, Inc.
5.13%, 08/15/27 (a)(b)
75,000
69,499
7.75%, 04/15/28 (a)(b)
55,000
45,137
9.00%, 09/15/28 (a)(b)
30,000
30,330
7.50%, 06/01/29 (a)(b)
65,000
51,279
CMG Media Corp.
8.88%, 12/15/27 (a)(b)
40,000
32,038
Cogent Communications Group, Inc.
3.50%, 05/01/26 (a)(b)
25,000
23,334
Consolidated Communications, Inc.
6.50%, 10/01/28 (a)(b)
35,000
28,963
CSC Holdings LLC
5.38%, 02/01/28 (a)(b)
200,000
170,246
11.25%, 05/15/28 (a)(b)
300,000
299,763
5.75%, 01/15/30 (a)(b)
325,000
183,883
Deluxe Corp.
8.00%, 06/01/29 (a)(b)
25,000
21,102
Directv Financing LLC/Directv Financing Co.-Obligor, Inc.
5.88%, 08/15/27 (a)(b)
200,000
180,169
DISH DBS Corp.
5.88%, 11/15/24
100,000
87,890
7.75%, 07/01/26
90,000
53,806
5.25%, 12/01/26 (a)(b)
131,000
105,576
7.38%, 07/01/28 (a)
45,000
22,289
5.75%, 12/01/28 (a)(b)
195,000
144,799
5.13%, 06/01/29
25,000
11,347
DISH Network Corp.
11.75%, 11/15/27 (a)(b)
210,000
208,707
Embarq Corp.
8.00%, 06/01/36
52,000
29,943
Frontier Communications Holdings LLC
5.88%, 10/15/27 (a)(b)
52,000
48,904
5.00%, 05/01/28 (a)(b)
140,000
125,729
6.75%, 05/01/29 (a)(b)
19,000
16,118
8.75%, 05/15/30 (a)(b)
100,000
99,813
8.63%, 03/15/31 (a)(b)
40,000
39,432
Frontier Florida LLC
6.86%, 02/01/28
20,000
19,039
Gannett Holdings LLC
6.00%, 11/01/26 (a)(b)
25,000
21,977
GCI LLC
4.75%, 10/15/28 (a)(b)
25,000
22,463
Getty Images, Inc.
9.75%, 03/01/27 (a)(b)
25,000
25,064
Gray Escrow II, Inc.
5.38%, 11/15/31 (a)(b)
105,000
74,952
Gray Television, Inc.
5.88%, 07/15/26 (a)(b)
30,000
28,074
4.75%, 10/15/30 (a)(b)
50,000
35,742
Hughes Satellite Systems Corp.
5.25%, 08/01/26
60,000
51,298
6.63%, 08/01/26
50,000
39,380
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
iHeartCommunications, Inc.
6.38%, 05/01/26 (a)
65,000
55,391
8.38%, 05/01/27 (a)
25,000
17,522
5.25%, 08/15/27 (a)(b)
20,000
15,350
4.75%, 01/15/28 (a)(b)
40,000
30,566
Iliad Holding SASU
6.50%, 10/15/26 (a)(b)
200,000
195,305
INNOVATE Corp.
8.50%, 02/01/26 (a)(b)
15,000
11,476
Intelsat Jackson Holdings SA
6.50%, 03/15/30 (a)(b)
200,000
185,832
Lamar Media Corp.
3.75%, 02/15/28 (a)
68,000
62,839
3.63%, 01/15/31 (a)
30,000
25,696
Level 3 Financing, Inc.
4.63%, 09/15/27 (a)(b)
115,000
61,078
4.25%, 07/01/28 (a)(b)
90,000
35,873
10.50%, 05/15/30 (a)(b)
70,000
64,988
Liberty Interactive LLC
8.50%, 07/15/29
15,000
6,128
8.25%, 02/01/30
15,000
5,946
Lions Gate Capital Holdings LLC
5.50%, 04/15/29 (a)(b)
25,000
15,526
Lumen Technologies, Inc.
4.00%, 02/15/27 (a)(b)
62,000
32,821
4.50%, 01/15/29 (a)(b)
55,000
13,365
7.60%, 09/15/39
37,000
9,188
McGraw-Hill Education, Inc.
5.75%, 08/01/28 (a)(b)
55,000
50,240
8.00%, 08/01/29 (a)(b)
27,000
24,351
Midcontinent Communications/Midcontinent Finance Corp.
5.38%, 08/15/27 (a)(b)
25,000
23,280
Millennium Escrow Corp.
6.63%, 08/01/26 (a)(b)
40,000
30,917
News Corp.
3.88%, 05/15/29 (a)(b)
50,000
44,266
Nexstar Media, Inc.
5.63%, 07/15/27 (a)(b)
115,000
109,011
4.75%, 11/01/28 (a)(b)
25,000
22,152
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.
6.00%, 02/15/28 (a)(b)
15,000
12,727
10.75%, 06/01/28 (a)(b)
15,000
14,550
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.00%, 08/15/27 (a)(b)
35,000
33,030
4.25%, 01/15/29 (a)(b)
15,000
12,965
4.63%, 03/15/30 (a)(b)
65,000
55,868
Paramount Global
6.25%, 02/28/57 (a)(c)
35,000
27,497
6.38%, 03/30/62 (a)(c)
85,000
68,482
Qwest Corp.
7.25%, 09/15/25
60,000
56,754
Radiate Holdco LLC/Radiate Finance, Inc.
4.50%, 09/15/26 (a)(b)
30,000
22,381
6.50%, 09/15/28 (a)(b)
62,000
29,109
ROBLOX Corp.
3.88%, 05/01/30 (a)(b)
77,000
66,204
Rogers Communications, Inc.
5.25%, 03/15/82 (a)(b)(c)
80,000
73,779
RR Donnelley & Sons Co.
9.75%, 07/31/28 (a)(b)
25,000
24,828
SBA Communications Corp.
3.88%, 02/15/27 (a)
40,000
37,683
3.13%, 02/01/29 (a)
140,000
122,037
6  
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Scripps Escrow II, Inc.
3.88%, 01/15/29 (a)(b)
75,000
63,089
Sinclair Television Group, Inc.
5.50%, 03/01/30 (a)(b)
30,000
22,176
4.13%, 12/01/30 (a)(b)
60,000
42,197
Sirius XM Radio, Inc.
3.13%, 09/01/26 (a)(b)
94,000
86,570
5.00%, 08/01/27 (a)(b)
85,000
80,826
4.00%, 07/15/28 (a)(b)
120,000
107,317
5.50%, 07/01/29 (a)(b)
20,000
18,600
4.13%, 07/01/30 (a)(b)
88,000
74,305
3.88%, 09/01/31 (a)(b)
85,000
68,828
Spanish Broadcasting System, Inc.
9.75%, 03/01/26 (a)(b)
15,000
8,690
Stagwell Global LLC
5.63%, 08/15/29 (a)(b)
55,000
48,233
TEGNA, Inc.
4.75%, 03/15/26 (a)(b)
20,000
19,269
4.63%, 03/15/28 (a)
50,000
45,659
5.00%, 09/15/29 (a)
50,000
44,467
Telecom Italia Capital SA
6.38%, 11/15/33
160,000
150,128
6.00%, 09/30/34
40,000
36,136
7.20%, 07/18/36
55,000
53,478
Telesat Canada/Telesat LLC
5.63%, 12/06/26 (a)(b)
30,000
18,178
4.88%, 06/01/27 (a)(b)
20,000
11,800
6.50%, 10/15/27 (a)(b)
20,000
9,483
Townsquare Media, Inc.
6.88%, 02/01/26 (a)(b)
20,000
19,294
U.S. Cellular Corp.
6.70%, 12/15/33
30,000
29,434
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC
6.00%, 01/15/30 (a)(b)
50,000
32,462
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC
10.50%, 02/15/28 (a)(b)
145,000
142,763
4.75%, 04/15/28 (a)(b)
40,000
33,196
6.50%, 02/15/29 (a)(b)
70,000
46,654
Univision Communications, Inc.
6.63%, 06/01/27 (a)(b)
125,000
123,325
8.00%, 08/15/28 (a)(b)
100,000
101,167
4.50%, 05/01/29 (a)(b)
20,000
17,564
7.38%, 06/30/30 (a)(b)
50,000
49,108
UPC Broadband Finco BV
4.88%, 07/15/31 (a)(b)
200,000
168,889
Urban One, Inc.
7.38%, 02/01/28 (a)(b)
50,000
42,431
Viasat, Inc.
5.63%, 09/15/25 (a)(b)
50,000
47,788
5.63%, 04/15/27 (a)(b)
50,000
46,353
6.50%, 07/15/28 (a)(b)
15,000
11,453
7.50%, 05/30/31 (a)(b)
50,000
35,813
Videotron Ltd.
5.13%, 04/15/27 (a)(b)
70,000
67,781
Virgin Media Secured Finance PLC
5.50%, 05/15/29 (a)(b)
200,000
188,337
Vmed O2 U.K. Financing I PLC
4.75%, 07/15/31 (a)(b)
200,000
171,007
Vodafone Group PLC
7.00%, 04/04/79 (a)(c)
110,000
111,377
3.25%, 06/04/81 (a)(c)
25,000
22,845
4.13%, 06/04/81 (a)(c)
10,000
8,077
5.13%, 06/04/81 (a)(c)
140,000
96,377
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Windstream Escrow LLC/Windstream Escrow Finance Corp.
7.75%, 08/15/28 (a)(b)
85,000
70,158
WMG Acquisition Corp.
3.75%, 12/01/29 (a)(b)
75,000
65,619
Zayo Group Holdings, Inc.
4.00%, 03/01/27 (a)(b)
73,000
55,777
6.13%, 03/01/28 (a)(b)
62,000
41,692
Ziggo Bond Co. BV
6.00%, 01/15/27 (a)(b)
200,000
190,672
 
9,771,000
Consumer Cyclical 19.0%
1011778 BC ULC/New Red Finance, Inc.
4.38%, 01/15/28 (a)(b)
50,000
46,450
3.50%, 02/15/29 (a)(b)
50,000
44,565
4.00%, 10/15/30 (a)(b)
255,000
220,025
99 Escrow Issuer, Inc.
7.50%, 01/15/26 (a)(b)
35,000
12,321
Adient Global Holdings Ltd.
7.00%, 04/15/28 (a)(b)
79,000
80,319
8.25%, 04/15/31 (a)(b)
25,000
25,434
ADT Security Corp.
4.13%, 08/01/29 (a)(b)
100,000
88,957
4.88%, 07/15/32 (b)
15,000
13,158
Affinity Interactive
6.88%, 12/15/27 (a)(b)
35,000
30,498
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.63%, 07/15/26 (a)(b)
100,000
97,280
9.75%, 07/15/27 (a)(b)
75,000
69,086
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL
4.63%, 06/01/28 (a)(b)
200,000
173,687
Allison Transmission, Inc.
5.88%, 06/01/29 (a)(b)
50,000
48,425
3.75%, 01/30/31 (a)(b)
75,000
62,689
AMC Entertainment Holdings, Inc.
7.50%, 02/15/29 (a)(b)
80,000
54,356
American Axle & Manufacturing, Inc.
6.50%, 04/01/27 (a)
75,000
72,396
Anywhere Real Estate Group LLC/Anywhere Co.-Issuer Corp.
7.00%, 04/15/30 (a)(b)
55,000
47,644
APX Group, Inc.
5.75%, 07/15/29 (a)(b)
65,000
58,097
Arches Buyer, Inc.
4.25%, 06/01/28 (a)(b)
50,000
43,618
6.13%, 12/01/28 (a)(b)
40,000
34,288
Asbury Automotive Group, Inc.
4.63%, 11/15/29 (a)(b)
70,000
63,097
5.00%, 02/15/32 (a)(b)
51,000
44,517
Ashton Woods USA LLC/Ashton Woods Finance Co.
4.63%, 08/01/29 (a)(b)
25,000
21,092
Aston Martin Capital Holdings Ltd.
10.50%, 11/30/25 (a)(b)
200,000
200,191
Bath & Body Works, Inc.
7.50%, 06/15/29 (a)
65,000
66,790
6.63%, 10/01/30 (a)(b)
25,000
24,768
6.95%, 03/01/33
75,000
70,187
6.88%, 11/01/35
75,000
71,011
Beazer Homes USA, Inc.
7.25%, 10/15/29 (a)
90,000
87,070
Bloomin' Brands, Inc./OSI Restaurant Partners LLC
5.13%, 04/15/29 (a)(b)
15,000
13,303
  7
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Boyd Gaming Corp.
4.75%, 12/01/27 (a)
15,000
14,228
4.75%, 06/15/31 (a)(b)
95,000
84,145
Boyne USA, Inc.
4.75%, 05/15/29 (a)(b)
25,000
22,617
Brinker International, Inc.
8.25%, 07/15/30 (a)(b)
25,000
25,117
Brink's Co.
4.63%, 10/15/27 (a)(b)
40,000
37,530
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC
5.00%, 06/15/29 (a)(b)
65,000
54,899
4.88%, 02/15/30 (a)(b)
25,000
21,132
Caesars Entertainment, Inc.
6.25%, 07/01/25 (a)(b)
225,000
223,894
8.13%, 07/01/27 (a)(b)
150,000
152,941
4.63%, 10/15/29 (a)(b)
50,000
43,968
7.00%, 02/15/30 (a)(b)
100,000
100,185
Caesars Resort Collection LLC/CRC Finco, Inc.
5.75%, 07/01/25 (a)(b)
88,000
87,602
Carnival Corp.
7.63%, 03/01/26 (a)(b)
65,000
65,410
5.75%, 03/01/27 (a)(b)
310,000
294,937
4.00%, 08/01/28 (a)(b)
115,000
104,270
6.00%, 05/01/29 (a)(b)
50,000
46,040
7.00%, 08/15/29 (a)(b)
10,000
10,203
10.50%, 06/01/30 (a)(b)
130,000
138,727
Carnival Holdings Bermuda Ltd.
10.38%, 05/01/28 (a)(b)
25,000
27,209
Carriage Services, Inc.
4.25%, 05/15/29 (a)(b)
25,000
21,172
Carrols Restaurant Group, Inc.
5.88%, 07/01/29 (a)(b)
15,000
13,131
Cars.com, Inc.
6.38%, 11/01/28 (a)(b)
20,000
18,946
CCM Merger, Inc.
6.38%, 05/01/26 (a)(b)
10,000
9,609
CDI Escrow Issuer, Inc.
5.75%, 04/01/30 (a)(b)
105,000
98,654
CEC Entertainment LLC
6.75%, 05/01/26 (a)(b)
75,000
72,545
Cedar Fair LP
5.25%, 07/15/29 (a)
65,000
59,480
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium
Op
5.38%, 04/15/27 (a)
70,000
68,321
Century Communities, Inc.
6.75%, 06/01/27 (a)
70,000
70,077
3.88%, 08/15/29 (a)(b)
25,000
21,719
Churchill Downs, Inc.
5.50%, 04/01/27 (a)(b)
34,000
32,834
4.75%, 01/15/28 (a)(b)
35,000
32,565
6.75%, 05/01/31 (a)(b)
30,000
29,515
Cinemark USA, Inc.
5.88%, 03/15/26 (a)(b)
25,000
24,275
5.25%, 07/15/28 (a)(b)
35,000
31,544
Clarios Global LP
6.75%, 05/15/25 (a)(b)
25,000
25,078
Clarios Global LP/Clarios U.S. Finance Co.
6.25%, 05/15/26 (a)(b)
95,000
94,536
8.50%, 05/15/27 (a)(b)
90,000
90,708
6.75%, 05/15/28 (a)(b)
25,000
25,240
ClubCorp Holdings, Inc.
8.50%, 09/15/25 (a)(b)
25,000
21,950
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
CoreCivic, Inc.
8.25%, 04/15/26 (a)
25,000
25,516
Cushman & Wakefield U.S. Borrower LLC
6.75%, 05/15/28 (a)(b)
45,000
42,793
8.88%, 09/01/31 (a)(b)
25,000
25,080
Dana, Inc.
4.25%, 09/01/30 (a)
100,000
84,938
Dave & Buster's, Inc.
7.63%, 11/01/25 (a)(b)
90,000
90,322
Evergreen Acqco 1 LP/TVI, Inc.
9.75%, 04/26/28 (a)(b)
20,000
20,767
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.
4.63%, 01/15/29 (a)(b)
75,000
66,694
6.75%, 01/15/30 (a)(b)
70,000
59,136
Foot Locker, Inc.
4.00%, 10/01/29 (a)(b)
20,000
16,160
Forestar Group, Inc.
3.85%, 05/15/26 (a)(b)
15,000
13,974
5.00%, 03/01/28 (a)(b)
10,000
9,263
Full House Resorts, Inc.
8.25%, 02/15/28 (a)(b)
20,000
17,985
Gap, Inc.
3.63%, 10/01/29 (a)(b)
75,000
61,799
3.88%, 10/01/31 (a)(b)
25,000
19,764
Garda World Security Corp.
4.63%, 02/15/27 (a)(b)
112,000
106,599
6.00%, 06/01/29 (a)(b)
35,000
29,178
Go Daddy Operating Co. LLC/GD Finance Co., Inc.
5.25%, 12/01/27 (a)(b)
50,000
48,414
3.50%, 03/01/29 (a)(b)
50,000
44,068
Goodyear Tire & Rubber Co.
5.00%, 05/31/26 (a)
40,000
38,788
4.88%, 03/15/27 (a)
120,000
113,403
5.00%, 07/15/29 (a)
145,000
132,383
GPS Hospitality Holding Co. LLC/GPS Finco, Inc.
7.00%, 08/15/28 (a)(b)
20,000
13,990
Group 1 Automotive, Inc.
4.00%, 08/15/28 (a)(b)
40,000
36,073
GrubHub Holdings, Inc.
5.50%, 07/01/27 (a)(b)
32,000
25,754
Guitar Center, Inc.
8.50%, 01/15/26 (a)(b)
15,000
12,275
Hanesbrands, Inc.
4.88%, 05/15/26 (a)(b)
30,000
28,293
9.00%, 02/15/31 (a)(b)
45,000
42,463
Hilton Domestic Operating Co., Inc.
5.75%, 05/01/28 (a)(b)
25,000
24,652
3.75%, 05/01/29 (a)(b)
25,000
22,476
3.63%, 02/15/32 (a)(b)
255,000
214,409
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower
Escrow, Inc.
5.00%, 06/01/29 (a)(b)
65,000
57,462
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
4.88%, 04/01/27 (a)
20,000
19,464
International Game Technology PLC
4.13%, 04/15/26 (a)(b)
200,000
190,904
IRB Holding Corp.
7.00%, 06/15/25 (a)(b)
25,000
24,976
Jacobs Entertainment, Inc.
6.75%, 02/15/29 (a)(b)
25,000
22,422
Jaguar Land Rover Automotive PLC
7.75%, 10/15/25 (a)(b)
200,000
202,155
8  
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
JB Poindexter & Co., Inc.
7.13%, 04/15/26 (a)(b)
45,000
44,309
KB Home
4.00%, 06/15/31 (a)
60,000
50,797
Kohl's Corp.
4.63%, 05/01/31 (a)(d)
75,000
54,916
Las Vegas Sands Corp.
3.50%, 08/18/26 (a)
75,000
70,364
3.90%, 08/08/29 (a)
60,000
53,631
LCM Investments Holdings II LLC
4.88%, 05/01/29 (a)(b)
50,000
43,725
LGI Homes, Inc.
8.75%, 12/15/28 (a)(b)
25,000
25,731
4.00%, 07/15/29 (a)(b)
15,000
12,391
Life Time, Inc.
5.75%, 01/15/26 (a)(b)
25,000
24,523
8.00%, 04/15/26 (a)(b)
20,000
20,015
Light & Wonder International, Inc.
7.00%, 05/15/28 (a)(b)
75,000
75,141
7.50%, 09/01/31 (a)(b)
25,000
25,383
Lindblad Expeditions Holdings, Inc.
9.00%, 05/15/28 (a)(b)
50,000
50,495
Lithia Motors, Inc.
4.63%, 12/15/27 (a)(b)
25,000
23,253
3.88%, 06/01/29 (a)(b)
65,000
57,343
Live Nation Entertainment, Inc.
6.50%, 05/15/27 (a)(b)
25,000
25,013
4.75%, 10/15/27 (a)(b)
165,000
155,263
LSF9 Atlantis Holdings LLC/Victra Finance Corp.
7.75%, 02/15/26 (a)(b)
25,000
23,447
M/I Homes, Inc.
4.95%, 02/01/28 (a)
28,000
26,643
3.95%, 02/15/30 (a)
10,000
8,542
Macy's Retail Holdings LLC
5.88%, 04/01/29 (a)(b)
150,000
141,120
Marriott Ownership Resorts, Inc.
4.75%, 01/15/28 (a)
15,000
13,212
4.50%, 06/15/29 (a)(b)
40,000
33,671
Match Group Holdings II LLC
5.00%, 12/15/27 (a)(b)
30,000
28,752
5.63%, 02/15/29 (a)(b)
20,000
18,863
4.13%, 08/01/30 (a)(b)
77,000
67,053
Mattamy Group Corp.
4.63%, 03/01/30 (a)(b)
75,000
66,092
Matthews International Corp.
5.25%, 12/01/25 (a)(b)
15,000
14,487
Metis Merger Sub LLC
6.50%, 05/15/29 (a)(b)
35,000
29,606
MGM Resorts International
5.50%, 04/15/27 (a)
25,000
24,246
4.75%, 10/15/28 (a)
125,000
115,732
Michaels Cos., Inc.
7.88%, 05/01/29 (a)(b)
100,000
56,924
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.
4.88%, 05/01/29 (a)(b)
35,000
31,206
Mohegan Tribal Gaming Authority
8.00%, 02/01/26 (a)(b)
95,000
89,035
Murphy Oil USA, Inc.
3.75%, 02/15/31 (a)(b)
75,000
63,699
NCL Corp. Ltd.
3.63%, 12/15/24 (a)(b)
29,000
28,043
5.88%, 03/15/26 (a)(b)
25,000
23,706
5.88%, 02/15/27 (a)(b)
75,000
72,682
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
8.38%, 02/01/28 (a)(b)
75,000
77,634
8.13%, 01/15/29 (a)(b)
50,000
50,954
7.75%, 02/15/29 (a)(b)
40,000
37,916
NCL Finance Ltd.
6.13%, 03/15/28 (a)(b)
25,000
22,704
NMG Holding Co., Inc./Neiman Marcus Group LLC
7.13%, 04/01/26 (a)(b)
60,000
56,259
Nordstrom, Inc.
4.00%, 03/15/27 (a)
20,000
18,821
6.95%, 03/15/28
25,000
25,307
4.38%, 04/01/30 (a)
25,000
20,805
4.25%, 08/01/31 (a)
15,000
11,853
5.00%, 01/15/44 (a)
55,000
36,531
Penn Entertainment, Inc.
5.63%, 01/15/27 (a)(b)
25,000
23,804
Penske Automotive Group, Inc.
3.50%, 09/01/25 (a)
20,000
19,249
3.75%, 06/15/29 (a)(b)
40,000
34,717
PetSmart, Inc./PetSmart Finance Corp.
4.75%, 02/15/28 (a)(b)
250,000
228,853
PM General Purchaser LLC
9.50%, 10/01/28 (a)(b)
55,000
53,918
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.63%, 09/01/29 (a)(b)
80,000
57,973
Prime Security Services Borrower LLC/Prime Finance, Inc.
5.75%, 04/15/26 (b)
40,000
39,593
3.38%, 08/31/27 (a)(b)
35,000
31,694
6.25%, 01/15/28 (a)(b)
105,000
100,919
QVC, Inc.
4.45%, 02/15/25 (a)
37,000
34,350
4.75%, 02/15/27 (a)
45,000
34,475
4.38%, 09/01/28 (a)
29,000
19,604
5.95%, 03/15/43
17,000
8,804
Rakuten Group, Inc.
10.25%, 11/30/24 (b)
280,000
286,300
Real Hero Merger Sub 2, Inc.
6.25%, 02/01/29 (a)(b)
35,000
28,362
Realogy Group LLC/Realogy Co.-Issuer Corp.
5.75%, 01/15/29 (a)(b)
37,000
26,421
5.25%, 04/15/30 (a)(b)
25,000
16,850
Royal Caribbean Cruises Ltd.
5.50%, 08/31/26 (a)(b)
75,000
73,015
5.38%, 07/15/27 (a)(b)
190,000
182,953
11.63%, 08/15/27 (a)(b)
100,000
108,531
3.70%, 03/15/28 (a)
20,000
17,897
5.50%, 04/01/28 (a)(b)
115,000
109,959
8.25%, 01/15/29 (a)(b)
30,000
31,400
7.25%, 01/15/30 (a)(b)
10,000
10,194
Sally Holdings LLC/Sally Capital, Inc.
5.63%, 12/01/25 (a)
40,000
39,405
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc.
6.63%, 03/01/30 (a)(b)
40,000
35,831
SeaWorld Parks & Entertainment, Inc.
5.25%, 08/15/29 (a)(b)
25,000
22,942
Service Corp. International
5.13%, 06/01/29 (a)
25,000
23,938
3.38%, 08/15/30 (a)
55,000
46,243
4.00%, 05/15/31 (a)
50,000
42,644
Shea Homes LP/Shea Homes Funding Corp.
4.75%, 02/15/28 (a)
19,000
17,733
4.75%, 04/01/29 (a)
15,000
13,403
Six Flags Entertainment Corp.
5.50%, 04/15/27 (a)(b)
40,000
38,269
7.25%, 05/15/31 (a)(b)
44,000
42,464
  9
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Sonic Automotive, Inc.
4.63%, 11/15/29 (a)(b)
65,000
57,337
Sotheby's
7.38%, 10/15/27 (a)(b)
12,000
11,020
Staples, Inc.
7.50%, 04/15/26 (a)(b)
82,000
72,647
10.75%, 04/15/27 (a)(b)
55,000
35,829
Station Casinos LLC
4.50%, 02/15/28 (a)(b)
55,000
49,787
4.63%, 12/01/31 (a)(b)
25,000
21,262
StoneMor, Inc.
8.50%, 05/15/29 (a)(b)
30,000
24,021
Taylor Morrison Communities, Inc.
5.13%, 08/01/30 (a)(b)
50,000
46,164
Tenneco, Inc.
8.00%, 11/17/28 (a)(b)
115,000
94,778
TKC Holdings, Inc.
10.50%, 05/15/29 (a)(b)
50,000
43,282
Travel & Leisure Co.
6.60%, 10/01/25 (a)(d)
50,000
49,896
4.50%, 12/01/29 (a)(b)
75,000
64,637
Tri Pointe Homes, Inc.
5.70%, 06/15/28 (a)
50,000
47,554
TriNet Group, Inc.
3.50%, 03/01/29 (a)(b)
50,000
43,534
Uber Technologies, Inc.
7.50%, 09/15/27 (a)(b)
85,000
86,614
6.25%, 01/15/28 (a)(b)
50,000
49,656
4.50%, 08/15/29 (a)(b)
125,000
115,245
Under Armour, Inc.
3.25%, 06/15/26 (a)
25,000
23,455
Universal Entertainment Corp.
8.75%, 12/11/24 (a)(b)(d)
200,000
210,635
Vail Resorts, Inc.
6.25%, 05/15/25 (a)(b)
50,000
49,893
Victoria's Secret & Co.
4.63%, 07/15/29 (a)(b)
35,000
28,437
Viking Cruises Ltd.
5.88%, 09/15/27 (a)(b)
75,000
70,679
9.13%, 07/15/31 (a)(b)
35,000
36,437
VOC Escrow Ltd.
5.00%, 02/15/28 (a)(b)
60,000
56,056
VT Topco, Inc.
8.50%, 08/15/30 (a)(b)
25,000
25,618
WASH Multifamily Acquisition, Inc.
5.75%, 04/15/26 (a)(b)
28,000
26,340
Wolverine World Wide, Inc.
4.00%, 08/15/29 (a)(b)
25,000
19,285
WW International, Inc.
4.50%, 04/15/29 (a)(b)
41,000
23,592
Wyndham Hotels & Resorts, Inc.
4.38%, 08/15/28 (a)(b)
25,000
23,030
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.50%, 03/01/25 (a)(b)
51,000
50,424
5.25%, 05/15/27 (a)(b)
63,000
60,058
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.13%, 10/01/29 (a)(b)
65,000
58,594
7.13%, 02/15/31 (a)(b)
50,000
49,813
Yum! Brands, Inc.
4.75%, 01/15/30 (a)(b)
125,000
116,280
4.63%, 01/31/32 (a)
135,000
121,514
ZF North America Capital, Inc.
4.75%, 04/29/25 (b)
150,000
146,683
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
ZipRecruiter, Inc.
5.00%, 01/15/30 (a)(b)
30,000
25,373
 
12,593,068
Consumer Non-Cyclical 11.7%
Acadia Healthcare Co., Inc.
5.50%, 07/01/28 (a)(b)
45,000
43,151
ACCO Brands Corp.
4.25%, 03/15/29 (a)(b)
35,000
30,327
Acushnet Co.
7.38%, 10/15/28 (a)(b)
25,000
25,694
AdaptHealth LLC
5.13%, 03/01/30 (a)(b)
40,000
31,874
Akumin, Inc.
7.00%, 11/01/25 (a)(b)
50,000
40,161
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
7.50%, 03/15/26 (a)(b)
93,000
94,671
4.63%, 01/15/27 (a)(b)
140,000
134,607
3.50%, 03/15/29 (a)(b)
155,000
137,486
AMN Healthcare, Inc.
4.63%, 10/01/27 (a)(b)
50,000
46,460
4.00%, 04/15/29 (a)(b)
10,000
8,873
Aramark Services, Inc.
5.00%, 04/01/25 (a)(b)
200,000
198,620
5.00%, 02/01/28 (a)(b)
5,000
4,736
Avantor Funding, Inc.
4.63%, 07/15/28 (a)(b)
136,000
127,337
B&G Foods, Inc.
5.25%, 04/01/25 (a)
70,000
68,777
Bausch & Lomb Escrow Corp.
8.38%, 10/01/28 (a)(b)
80,000
81,900
Bausch Health Americas, Inc.
9.25%, 04/01/26 (a)(b)
30,000
26,429
8.50%, 01/31/27 (a)(b)
50,000
24,696
Bausch Health Cos., Inc.
5.50%, 11/01/25 (a)(b)
100,000
87,228
9.00%, 12/15/25 (a)(b)
85,000
76,293
4.88%, 06/01/28 (a)(b)
50,000
25,502
11.00%, 09/30/28 (b)
125,000
78,437
5.00%, 02/15/29 (a)(b)
145,000
50,820
5.25%, 02/15/31 (a)(b)
24,000
8,481
BellRing Brands, Inc.
7.00%, 03/15/30 (a)(b)
30,000
30,535
Cano Health LLC
6.25%, 10/01/28 (a)(b)
18,000
1,267
Catalent Pharma Solutions, Inc.
5.00%, 07/15/27 (a)(b)
50,000
47,250
3.13%, 02/15/29 (a)(b)
25,000
20,956
3.50%, 04/01/30 (a)(b)
25,000
20,923
CD&R Smokey Buyer, Inc.
6.75%, 07/15/25 (a)(b)
50,000
48,403
Central Garden & Pet Co.
4.13%, 10/15/30 (a)
60,000
51,446
Charles River Laboratories International, Inc.
4.00%, 03/15/31 (a)(b)
73,000
62,833
Chobani LLC/Chobani Finance Corp., Inc.
7.50%, 04/15/25 (a)(b)
50,000
49,477
CHS/Community Health Systems, Inc.
8.00%, 03/15/26 (a)(b)
215,000
207,242
5.63%, 03/15/27 (a)(b)
130,000
116,135
6.88%, 04/01/28 (a)(b)
100,000
50,598
6.88%, 04/15/29 (a)(b)
75,000
44,310
6.13%, 04/01/30 (a)(b)
5,000
2,796
10  
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
5.25%, 05/15/30 (a)(b)
65,000
51,204
4.75%, 02/15/31 (a)(b)
60,000
44,082
Coty, Inc.
5.00%, 04/15/26 (a)(b)
50,000
48,840
6.50%, 04/15/26 (a)(b)
50,000
49,791
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC
6.63%, 07/15/30 (a)(b)
25,000
25,149
Darling Ingredients, Inc.
5.25%, 04/15/27 (a)(b)
30,000
29,160
6.00%, 06/15/30 (a)(b)
45,000
43,478
DaVita, Inc.
4.63%, 06/01/30 (a)(b)
165,000
139,587
3.75%, 02/15/31 (a)(b)
65,000
50,940
Edgewell Personal Care Co.
5.50%, 06/01/28 (a)(b)
25,000
23,838
4.13%, 04/01/29 (a)(b)
35,000
30,905
Elanco Animal Health, Inc.
6.65%, 08/28/28 (a)(d)
90,000
90,112
Embecta Corp.
5.00%, 02/15/30 (a)(b)
30,000
25,246
Emergent BioSolutions, Inc.
3.88%, 08/15/28 (a)(b)
15,000
5,921
Encompass Health Corp.
4.50%, 02/01/28 (a)
25,000
23,392
4.75%, 02/01/30 (a)
80,000
72,759
4.63%, 04/01/31 (a)
35,000
30,746
Energizer Holdings, Inc.
6.50%, 12/31/27 (a)(b)
35,000
34,011
4.38%, 03/31/29 (a)(b)
50,000
43,165
Fortrea Holdings, Inc.
7.50%, 07/01/30 (a)(b)
50,000
49,563
Garden Spinco Corp.
8.63%, 07/20/30 (a)(b)
20,000
21,006
Global Medical Response, Inc.
6.50%, 10/01/25 (a)(b)
35,000
25,934
Grifols SA
4.75%, 10/15/28 (a)(b)
200,000
176,847
Heartland Dental LLC/Heartland Dental Finance Corp.
10.50%, 04/30/28 (a)(b)
35,000
35,569
Herbalife Nutrition Ltd./HLF Financing, Inc.
7.88%, 09/01/25 (a)(b)
35,000
34,360
H-Food Holdings LLC/Hearthside Finance Co., Inc.
8.50%, 06/01/26 (a)(b)
15,000
3,302
HLF Financing SARL LLC/Herbalife International, Inc.
4.88%, 06/01/29 (a)(b)
25,000
17,755
Hologic, Inc.
3.25%, 02/15/29 (a)(b)
60,000
52,732
Ingles Markets, Inc.
4.00%, 06/15/31 (a)(b)
50,000
42,033
IQVIA, Inc.
5.00%, 10/15/26 (a)(b)
200,000
195,213
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.
5.00%, 12/31/26 (a)(b)
25,000
23,659
7.00%, 12/31/27 (a)(b)
55,000
50,967
Lamb Weston Holdings, Inc.
4.13%, 01/31/30 (a)(b)
110,000
98,587
Legacy LifePoint Health LLC
4.38%, 02/15/27 (a)(b)
55,000
48,204
LifePoint Health, Inc.
5.38%, 01/15/29 (a)(b)
45,000
29,514
9.88%, 08/15/30 (a)(b)
50,000
48,685
MajorDrive Holdings IV LLC
6.38%, 06/01/29 (a)(b)
25,000
21,205
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
14.75%, 11/14/28 (a)(b)
50,000
54,188
Medline Borrower LP
3.88%, 04/01/29 (a)(b)
250,000
222,078
5.25%, 10/01/29 (a)(b)
125,000
113,209
ModivCare Escrow Issuer, Inc.
5.00%, 10/01/29 (a)(b)
30,000
22,980
ModivCare, Inc.
5.88%, 11/15/25 (a)(b)
20,000
19,486
MPH Acquisition Holdings LLC
5.50%, 09/01/28 (a)(b)
65,000
56,532
5.75%, 11/01/28 (a)(b)
30,000
23,265
Newell Brands, Inc.
5.20%, 04/01/26 (a)
100,000
96,618
6.38%, 09/15/27 (a)
50,000
48,949
6.63%, 09/15/29 (a)
85,000
83,001
Option Care Health, Inc.
4.38%, 10/31/29 (a)(b)
35,000
30,905
Organon & Co./Organon Foreign Debt Co.-Issuer BV
5.13%, 04/30/31 (a)(b)
200,000
157,546
Owens & Minor, Inc.
6.63%, 04/01/30 (a)(b)
25,000
23,438
P&L Development LLC/PLD Finance Corp.
7.75%, 11/15/25 (a)(b)
25,000
16,333
Performance Food Group, Inc.
6.88%, 05/01/25 (a)(b)
10,000
10,014
5.50%, 10/15/27 (a)(b)
55,000
53,292
4.25%, 08/01/29 (a)(b)
110,000
98,468
Perrigo Finance Unlimited Co.
4.65%, 06/15/30 (a)
200,000
178,612
Pilgrim's Pride Corp.
4.25%, 04/15/31 (a)
47,000
40,744
3.50%, 03/01/32 (a)
50,000
40,519
6.25%, 07/01/33 (a)
90,000
88,730
Post Holdings, Inc.
5.63%, 01/15/28 (a)(b)
150,000
146,088
5.50%, 12/15/29 (a)(b)
50,000
47,037
4.63%, 04/15/30 (a)(b)
55,000
49,173
4.50%, 09/15/31 (a)(b)
40,000
34,865
Prestige Brands, Inc.
3.75%, 04/01/31 (a)(b)
50,000
41,734
Prime Healthcare Services, Inc.
7.25%, 11/01/25 (a)(b)
40,000
37,601
Primo Water Holdings, Inc.
4.38%, 04/30/29 (a)(b)
40,000
35,519
Radiology Partners, Inc.
9.25%, 02/01/28 (a)(b)
57,000
26,520
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.
9.75%, 12/01/26 (a)(b)
46,000
44,519
RP Escrow Issuer LLC
5.25%, 12/15/25 (a)(b)
25,000
19,357
Safeway, Inc.
7.25%, 02/01/31
20,000
21,048
Scotts Miracle-Gro Co.
4.50%, 10/15/29 (a)
45,000
38,402
4.00%, 04/01/31 (a)
20,000
16,063
4.38%, 02/01/32 (a)
25,000
19,873
Select Medical Corp.
6.25%, 08/15/26 (a)(b)
75,000
74,513
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food,
Inc./Simmons Feed
4.63%, 03/01/29 (a)(b)
25,000
20,776
  11
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Spectrum Brands, Inc.
5.50%, 07/15/30 (a)(b)
20,000
18,685
3.88%, 03/15/31 (a)(b)
25,000
21,358
Star Parent, Inc.
9.00%, 10/01/30 (a)(b)
65,000
67,588
Surgery Center Holdings, Inc.
10.00%, 04/15/27 (a)(b)
25,000
25,247
SWF Escrow Issuer Corp.
6.50%, 10/01/29 (a)(b)
20,000
12,567
Teleflex, Inc.
4.63%, 11/15/27 (a)
15,000
14,225
4.25%, 06/01/28 (a)(b)
35,000
32,262
Tempur Sealy International, Inc.
3.88%, 10/15/31 (a)(b)
90,000
72,405
Tenet Healthcare Corp.
4.88%, 01/01/26 (a)
65,000
63,920
6.25%, 02/01/27 (a)
75,000
74,731
5.13%, 11/01/27 (a)
40,000
38,419
4.63%, 06/15/28 (a)
53,000
49,411
6.13%, 10/01/28 (a)
165,000
160,118
4.25%, 06/01/29 (a)
80,000
71,750
4.38%, 01/15/30 (a)
175,000
156,545
6.13%, 06/15/30 (a)
25,000
24,384
6.75%, 05/15/31 (a)(b)
50,000
50,119
6.88%, 11/15/31
45,000
44,523
Toledo Hospital
4.98%, 11/15/45 (a)
20,000
12,875
6.02%, 11/15/48
50,000
37,743
TreeHouse Foods, Inc.
4.00%, 09/01/28 (a)
25,000
21,291
Triton Water Holdings, Inc.
6.25%, 04/01/29 (a)(b)
50,000
42,860
U.S. Acute Care Solutions LLC
6.38%, 03/01/26 (a)(b)
80,000
63,087
U.S. Foods, Inc.
6.88%, 09/15/28 (a)(b)
25,000
25,378
4.75%, 02/15/29 (a)(b)
100,000
92,771
4.63%, 06/01/30 (a)(b)
20,000
18,058
U.S. Renal Care, Inc.
10.63%, 07/15/27 (a)(b)
5,000
2,250
United Natural Foods, Inc.
6.75%, 10/15/28 (a)(b)
30,000
23,024
Valvoline, Inc.
3.63%, 06/15/31 (a)(b)
60,000
49,311
Vector Group Ltd.
5.75%, 02/01/29 (a)(b)
80,000
71,281
Vista Outdoor, Inc.
4.50%, 03/15/29 (a)(b)
40,000
37,934
Winnebago Industries, Inc.
6.25%, 07/15/28 (a)(b)
65,000
62,367
 
7,754,674
Energy 11.9%
Aethon United BR LP/Aethon United Finance Corp.
8.25%, 02/15/26 (a)(b)
75,000
75,447
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (a)
25,000
24,503
5.75%, 05/20/27 (a)
75,000
71,716
9.38%, 06/01/28 (a)(b)
45,000
46,201
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.75%, 03/01/27 (a)(b)
10,000
9,791
5.75%, 01/15/28 (a)(b)
45,000
43,564
5.38%, 06/15/29 (a)(b)
90,000
84,359
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Antero Resources Corp.
7.63%, 02/01/29 (a)(b)
25,000
25,623
5.38%, 03/01/30 (a)(b)
50,000
46,870
Archrock Partners LP/Archrock Partners Finance Corp.
6.88%, 04/01/27 (a)(b)
50,000
49,580
6.25%, 04/01/28 (a)(b)
39,000
38,117
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
7.00%, 11/01/26 (a)(b)
85,000
83,889
Baytex Energy Corp.
8.75%, 04/01/27 (a)(b)
50,000
51,332
8.50%, 04/30/30 (a)(b)
45,000
46,053
Blue Racer Midstream LLC/Blue Racer Finance Corp.
7.63%, 12/15/25 (a)(b)
65,000
65,701
Bristow Group, Inc.
6.88%, 03/01/28 (a)(b)
45,000
42,890
Buckeye Partners LP
4.13%, 03/01/25 (a)(b)
15,000
14,622
3.95%, 12/01/26 (a)
75,000
70,742
4.50%, 03/01/28 (a)(b)
15,000
13,698
5.85%, 11/15/43 (a)
55,000
41,597
California Resources Corp.
7.13%, 02/01/26 (a)(b)
65,000
65,440
Callon Petroleum Co.
8.00%, 08/01/28 (a)(b)
100,000
101,482
7.50%, 06/15/30 (a)(b)
25,000
24,700
Calumet Specialty Products Partners LP/Calumet Finance Corp.
11.00%, 04/15/25 (a)(b)
25,000
25,270
8.13%, 01/15/27 (a)(b)
30,000
28,266
Chesapeake Energy Corp.
5.88%, 02/01/29 (a)(b)
25,000
24,025
6.75%, 04/15/29 (a)(b)
75,000
74,792
Chord Energy Corp.
6.38%, 06/01/26 (a)(b)
25,000
24,858
CITGO Petroleum Corp.
6.38%, 06/15/26 (a)(b)
145,000
143,817
Civitas Resources, Inc.
5.00%, 10/15/26 (a)(b)
50,000
47,720
8.38%, 07/01/28 (a)(b)
59,000
60,501
8.63%, 11/01/30 (a)(b)
75,000
77,750
8.75%, 07/01/31 (a)(b)
43,000
44,557
CNX Resources Corp.
6.00%, 01/15/29 (a)(b)
25,000
23,861
7.38%, 01/15/31 (a)(b)
50,000
49,726
Comstock Resources, Inc.
6.75%, 03/01/29 (a)(b)
60,000
55,304
5.88%, 01/15/30 (a)(b)
65,000
56,459
Crescent Energy Finance LLC
7.25%, 05/01/26 (a)(b)
40,000
39,728
9.25%, 02/15/28 (a)(b)
37,000
38,269
CrownRock LP/CrownRock Finance, Inc.
5.63%, 10/15/25 (a)(b)
113,000
111,971
CVR Energy, Inc.
5.25%, 02/15/25 (a)(b)
20,000
19,720
5.75%, 02/15/28 (a)(b)
50,000
46,287
Diamond Foreign Asset Co./Diamond Finance LLC
8.50%, 10/01/30 (a)(b)
40,000
40,152
DT Midstream, Inc.
4.13%, 06/15/29 (a)(b)
110,000
98,838
4.38%, 06/15/31 (a)(b)
5,000
4,391
Encino Acquisition Partners Holdings LLC
8.50%, 05/01/28 (a)(b)
44,000
42,914
Endeavor Energy Resources LP/EER Finance, Inc.
5.75%, 01/30/28 (a)(b)
55,000
53,695
12  
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
EnLink Midstream LLC
5.38%, 06/01/29 (a)
15,000
14,488
6.50%, 09/01/30 (a)(b)
95,000
95,693
EnLink Midstream Partners LP
5.60%, 04/01/44 (a)
20,000
17,055
5.05%, 04/01/45 (a)
25,000
19,872
5.45%, 06/01/47 (a)
65,000
54,723
EQM Midstream Partners LP
7.50%, 06/01/27 (a)(b)
65,000
66,489
6.50%, 07/01/27 (a)(b)
90,000
90,234
5.50%, 07/15/28 (a)
75,000
72,958
4.50%, 01/15/29 (a)(b)
45,000
41,099
4.75%, 01/15/31 (a)(b)
90,000
80,213
Ferrellgas LP/Ferrellgas Finance Corp.
5.88%, 04/01/29 (a)(b)
65,000
59,900
Genesis Energy LP/Genesis Energy Finance Corp.
6.25%, 05/15/26 (a)
100,000
97,990
8.00%, 01/15/27 (a)
75,000
75,130
7.75%, 02/01/28 (a)
30,000
29,662
8.25%, 01/15/29 (a)(e)
100,000
98,961
Global Marine, Inc.
7.00%, 06/01/28
30,000
25,650
Global Partners LP/GLP Finance Corp.
6.88%, 01/15/29 (a)
30,000
27,959
Gulfport Energy Corp.
8.00%, 05/17/26 (a)(b)
50,000
50,657
Harvest Midstream I LP
7.50%, 09/01/28 (a)(b)
60,000
59,183
Hess Midstream Operations LP
5.63%, 02/15/26 (a)(b)
60,000
59,302
4.25%, 02/15/30 (a)(b)
65,000
58,194
5.50%, 10/15/30 (a)(b)
30,000
28,336
Hilcorp Energy I LP/Hilcorp Finance Co.
6.00%, 02/01/31 (a)(b)
150,000
139,034
6.25%, 04/15/32 (a)(b)
10,000
9,242
8.38%, 11/01/33 (a)(b)
50,000
51,548
Holly Energy Partners LP/Holly Energy Finance Corp.
5.00%, 02/01/28 (a)(b)
40,000
37,144
Howard Midstream Energy Partners LLC
8.88%, 07/15/28 (a)(b)
20,000
20,814
ITT Holdings LLC
6.50%, 08/01/29 (a)(b)
70,000
61,130
Kinetik Holdings LP
5.88%, 06/15/30 (a)(b)
45,000
42,901
Matador Resources Co.
5.88%, 09/15/26 (a)
50,000
49,107
MEG Energy Corp.
5.88%, 02/01/29 (a)(b)
50,000
47,834
Moss Creek Resources Holdings, Inc.
7.50%, 01/15/26 (a)(b)
50,000
48,921
10.50%, 05/15/27 (a)(b)
25,000
25,309
Murphy Oil Corp.
6.38%, 07/15/28 (a)
75,000
74,556
Nabors Industries Ltd.
7.25%, 01/15/26 (a)(b)
50,000
47,835
Nabors Industries, Inc.
7.38%, 05/15/27 (a)(b)
75,000
72,574
9.13%, 01/31/30 (a)(b)
50,000
50,173
New Fortress Energy, Inc.
6.75%, 09/15/25 (a)(b)
95,000
92,187
6.50%, 09/30/26 (a)(b)
50,000
47,531
NGL Energy Operating LLC/NGL Energy Finance Corp.
7.50%, 02/01/26 (a)(b)
130,000
130,589
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
NGL Energy Partners LP/NGL Energy Finance Corp.
7.50%, 04/15/26 (a)
20,000
19,223
Nine Energy Service, Inc.
13.00%, 02/01/28 (a)
25,000
22,270
Noble Finance II LLC
8.00%, 04/15/30 (a)(b)
25,000
25,674
Northern Oil & Gas, Inc.
8.13%, 03/01/28 (a)(b)
100,000
101,120
Northriver Midstream Finance LP
5.63%, 02/15/26 (a)(b)
25,000
24,332
NuStar Logistics LP
6.00%, 06/01/26 (a)
35,000
34,911
5.63%, 04/28/27 (a)
25,000
24,630
6.38%, 10/01/30 (a)
50,000
48,787
Oceaneering International, Inc.
6.00%, 02/01/28 (a)
15,000
14,556
Parkland Corp.
4.50%, 10/01/29 (a)(b)
95,000
84,718
PBF Holding Co. LLC/PBF Finance Corp.
6.00%, 02/15/28 (a)
58,000
55,769
7.88%, 09/15/30 (a)(b)
40,000
40,038
PDC Energy, Inc.
5.75%, 05/15/26 (a)
50,000
49,829
Permian Resources Operating LLC
6.88%, 04/01/27 (a)(b)
80,000
79,419
8.00%, 04/15/27 (a)(b)
90,000
92,007
5.88%, 07/01/29 (a)(b)
50,000
47,828
Petrofac Ltd.
9.75%, 11/15/26 (a)(b)
35,000
17,420
Precision Drilling Corp.
6.88%, 01/15/29 (a)(b)
40,000
37,832
Range Resources Corp.
8.25%, 01/15/29 (a)
50,000
51,856
4.75%, 02/15/30 (a)(b)
10,000
9,129
Rockcliff Energy II LLC
5.50%, 10/15/29 (a)(b)
75,000
69,701
Rockies Express Pipeline LLC
3.60%, 05/15/25 (a)(b)
34,000
32,582
4.95%, 07/15/29 (a)(b)
70,000
64,668
4.80%, 05/15/30 (a)(b)
35,000
31,371
6.88%, 04/15/40 (b)
20,000
18,244
Sitio Royalties Operating Partnership LP/Sitio Finance Corp.
7.88%, 11/01/28 (a)(b)
50,000
50,233
SM Energy Co.
6.63%, 01/15/27 (a)
25,000
24,614
6.50%, 07/15/28 (a)
25,000
24,355
Southwestern Energy Co.
5.38%, 03/15/30 (a)
25,000
23,723
4.75%, 02/01/32 (a)
170,000
151,722
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.00%, 06/01/31 (a)(b)
55,000
48,709
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.
9.00%, 10/15/26 (a)(b)(d)
50,000
49,734
Sunoco LP/Sunoco Finance Corp.
5.88%, 03/15/28 (a)
30,000
29,406
4.50%, 05/15/29 (a)
50,000
45,609
4.50%, 04/30/30 (a)
35,000
31,482
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
6.00%, 03/01/27 (a)(b)
25,000
24,063
5.50%, 01/15/28 (a)(b)
30,000
27,704
6.00%, 12/31/30 (a)(b)
40,000
36,147
6.00%, 09/01/31 (a)(b)
50,000
44,864
Talos Production, Inc.
12.00%, 01/15/26 (a)
75,000
77,682
  13
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Transocean Poseidon Ltd.
6.88%, 02/01/27 (a)(b)
37,500
37,055
Transocean Titan Financing Ltd.
8.38%, 02/01/28 (a)(b)
30,000
30,621
Transocean, Inc.
7.50%, 01/15/26 (a)(b)
25,000
24,394
11.50%, 01/30/27 (a)(b)
50,000
52,048
8.00%, 02/01/27 (a)(b)
22,000
21,081
8.75%, 02/15/30 (a)(b)
71,250
72,820
6.80%, 03/15/38
50,000
37,908
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26 (a)
55,000
54,737
6.88%, 09/01/27 (a)
60,000
59,281
Valaris Ltd.
8.38%, 04/30/30 (a)(b)
65,000
65,447
Venture Global Calcasieu Pass LLC
6.25%, 01/15/30 (a)(b)
65,000
63,839
4.13%, 08/15/31 (a)(b)
65,000
56,109
3.88%, 11/01/33 (a)(b)
140,000
114,675
Venture Global LNG, Inc.
8.13%, 06/01/28 (a)(b)
90,000
89,313
9.50%, 02/01/29 (a)(b)
125,000
129,052
8.38%, 06/01/31 (a)(b)
130,000
128,193
9.88%, 02/01/32 (a)(b)
100,000
102,547
Vermilion Energy, Inc.
6.88%, 05/01/30 (a)(b)
25,000
23,736
Vital Energy, Inc.
9.50%, 01/15/25 (a)
75,000
75,346
7.75%, 07/31/29 (a)(b)
40,000
36,702
W&T Offshore, Inc.
11.75%, 02/01/26 (a)(b)
25,000
25,596
Weatherford International Ltd.
8.63%, 04/30/30 (a)(b)
130,000
134,500
 
7,865,926
Industrial Other 1.5%
Adtalem Global Education, Inc.
5.50%, 03/01/28 (a)(b)
50,000
46,951
AECOM
5.13%, 03/15/27 (a)
85,000
82,716
APi Group DE, Inc.
4.13%, 07/15/29 (a)(b)
30,000
26,216
Artera Services LLC
9.03%, 12/04/25 (a)(b)
50,000
45,705
Brand Industrial Services, Inc.
10.38%, 08/01/30 (a)(b)
85,000
88,237
Brundage-Bone Concrete Pumping Holdings, Inc.
6.00%, 02/01/26 (a)(b)
50,000
48,319
Dycom Industries, Inc.
4.50%, 04/15/29 (a)(b)
50,000
45,260
Fluor Corp.
4.25%, 09/15/28 (a)
50,000
46,748
Global Infrastructure Solutions, Inc.
7.50%, 04/15/32 (a)(b)
45,000
39,339
Grand Canyon University
4.13%, 10/01/24
40,000
37,925
Great Lakes Dredge & Dock Corp.
5.25%, 06/01/29 (a)(b)
60,000
49,539
Hillenbrand, Inc.
5.00%, 09/15/26 (a)
15,000
14,749
3.75%, 03/01/31 (a)
10,000
8,304
Installed Building Products, Inc.
5.75%, 02/01/28 (a)(b)
15,000
14,179
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Pike Corp.
5.50%, 09/01/28 (a)(b)
50,000
45,590
Steelcase, Inc.
5.13%, 01/18/29 (a)
20,000
18,370
TopBuild Corp.
4.13%, 02/15/32 (a)(b)
50,000
42,769
Vericast Corp.
11.00%, 09/15/26 (a)(b)
180,000
189,900
12.50%, 12/15/27 (a)(b)
25,000
28,299
Williams Scotsman, Inc.
4.63%, 08/15/28 (a)(b)
50,000
46,007
 
965,122
Technology 7.8%
Alteryx, Inc.
8.75%, 03/15/28 (a)(b)
50,000
50,327
Amkor Technology, Inc.
6.63%, 09/15/27 (a)(b)
75,000
75,412
ams-OSRAM AG
7.00%, 07/31/25 (a)(b)
200,000
203,560
AthenaHealth Group, Inc.
6.50%, 02/15/30 (a)(b)
115,000
99,759
Block, Inc.
2.75%, 06/01/26 (a)
75,000
69,244
3.50%, 06/01/31 (a)
75,000
62,855
Boxer Parent Co., Inc.
7.13%, 10/02/25 (a)(b)
60,000
59,977
Camelot Finance SA
4.50%, 11/01/26 (a)(b)
40,000
37,962
Castle U.S. Holding Corp.
9.50%, 02/15/28 (a)(b)
12,000
6,422
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc.
8.00%, 06/15/29 (a)(b)
55,000
56,465
Central Parent, Inc./CDK Global, Inc.
7.25%, 06/15/29 (a)(b)
65,000
64,988
Clarivate Science Holdings Corp.
4.88%, 07/01/29 (a)(b)
83,000
74,342
Cloud Software Group, Inc.
6.50%, 03/31/29 (a)(b)
235,000
216,582
9.00%, 09/30/29 (a)(b)
210,000
189,154
Coherent Corp.
5.00%, 12/15/29 (a)(b)
55,000
49,819
CommScope Technologies LLC
6.00%, 06/15/25 (a)(b)
140,000
110,044
5.00%, 03/15/27 (a)(b)
25,000
10,653
CommScope, Inc.
6.00%, 03/01/26 (a)(b)
105,000
90,140
8.25%, 03/01/27 (a)(b)
25,000
12,461
7.13%, 07/01/28 (a)(b)
25,000
11,708
4.75%, 09/01/29 (a)(b)
65,000
40,843
Conduent Business Services LLC/Conduent State & Local Solutions, Inc.
6.00%, 11/01/29 (a)(b)
25,000
20,899
Consensus Cloud Solutions, Inc.
6.50%, 10/15/28 (a)(b)
55,000
49,725
CoreLogic, Inc.
4.50%, 05/01/28 (a)(b)
65,000
54,503
Crowdstrike Holdings, Inc.
3.00%, 02/15/29 (a)
50,000
43,938
Dun & Bradstreet Corp.
5.00%, 12/15/29 (a)(b)
40,000
36,169
Entegris Escrow Corp.
4.75%, 04/15/29 (a)(b)
80,000
75,638
5.95%, 06/15/30 (a)(b)
60,000
58,000
14  
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Entegris, Inc.
4.38%, 04/15/28 (a)(b)
25,000
23,352
3.63%, 05/01/29 (a)(b)
15,000
13,123
Fair Isaac Corp.
4.00%, 06/15/28 (a)(b)
100,000
92,100
Gen Digital, Inc.
5.00%, 04/15/25 (a)(b)
48,000
47,650
6.75%, 09/30/27 (a)(b)
130,000
130,997
GoTo Group, Inc.
5.50%, 09/01/27 (a)(b)
20,000
11,824
GTCR W-2 Merger Sub LLC
7.50%, 01/15/31 (a)(b)
200,000
203,915
HealthEquity, Inc.
4.50%, 10/01/29 (a)(b)
35,000
31,561
Imola Merger Corp.
4.75%, 05/15/29 (a)(b)
130,000
118,217
Iron Mountain Information Management Services, Inc.
5.00%, 07/15/32 (a)(b)
130,000
113,032
Iron Mountain, Inc.
7.00%, 02/15/29 (a)(b)
140,000
141,231
5.25%, 07/15/30 (a)(b)
165,000
151,473
McAfee Corp.
7.38%, 02/15/30 (a)(b)
110,000
95,112
Mobius Merger Sub, Inc.
9.00%, 06/01/30 (a)(b)
40,000
38,038
NCR Atleos Corp.
9.50%, 04/01/29 (a)(b)
20,000
20,669
NCR Voyix Corp.
5.13%, 04/15/29 (a)(b)
155,000
142,082
5.25%, 10/01/30 (a)(b)
50,000
43,997
Neptune Bidco U.S., Inc.
9.29%, 04/15/29 (a)(b)
145,000
134,758
Newfold Digital Holdings Group, Inc.
11.75%, 10/15/28 (a)(b)
50,000
51,418
ON Semiconductor Corp.
3.88%, 09/01/28 (a)(b)
40,000
36,210
Open Text Corp.
3.88%, 02/15/28 (a)(b)
55,000
50,114
Open Text Holdings, Inc.
4.13%, 02/15/30 (a)(b)
140,000
124,006
Paysafe Finance PLC/Paysafe Holdings U.S. Corp.
4.00%, 06/15/29 (a)(b)
30,000
24,817
Pitney Bowes, Inc.
6.88%, 03/15/27 (a)(b)
35,000
31,004
Presidio Holdings, Inc.
8.25%, 02/01/28 (a)(b)
50,000
48,733
PTC, Inc.
3.63%, 02/15/25 (a)(b)
25,000
24,337
4.00%, 02/15/28 (a)(b)
55,000
50,649
Rackspace Technology Global, Inc.
3.50%, 02/15/28 (a)(b)
20,000
8,219
5.38%, 12/01/28 (a)(b)
25,000
7,561
RingCentral, Inc.
8.50%, 08/15/30 (a)(b)
25,000
24,929
Rocket Software, Inc.
6.50%, 02/15/29 (a)(b)
25,000
20,231
Sabre GLBL, Inc.
8.63%, 06/01/27 (a)(b)
75,000
62,701
Seagate HDD Cayman
8.25%, 12/15/29 (a)(b)
75,000
79,714
9.63%, 12/01/32 (a)(b)
125,000
140,503
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Sensata Technologies BV
5.00%, 10/01/25 (b)
60,000
59,078
4.00%, 04/15/29 (a)(b)
55,000
49,401
Sensata Technologies, Inc.
3.75%, 02/15/31 (a)(b)
100,000
84,647
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.
4.63%, 11/01/26 (a)(b)
100,000
94,979
SS&C Technologies, Inc.
5.50%, 09/30/27 (a)(b)
110,000
106,556
TTM Technologies, Inc.
4.00%, 03/01/29 (a)(b)
35,000
31,139
Twilio, Inc.
3.88%, 03/15/31 (a)
55,000
47,513
Veritas U.S., Inc./Veritas Bermuda Ltd.
7.50%, 09/01/25 (a)(b)
80,000
62,434
Verscend Escrow Corp.
9.75%, 08/15/26 (a)(b)
100,000
100,462
Viavi Solutions, Inc.
3.75%, 10/01/29 (a)(b)
25,000
20,896
West Technology Group LLC
8.50%, 04/10/27 (a)(b)
20,000
17,250
Western Digital Corp.
4.75%, 02/15/26 (a)
100,000
96,581
Xerox Corp.
4.80%, 03/01/35
20,000
14,019
6.75%, 12/15/39
40,000
30,181
Xerox Holdings Corp.
5.00%, 08/15/25 (a)(b)
50,000
47,924
Ziff Davis, Inc.
4.63%, 10/15/30 (a)(b)
25,000
22,052
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.
3.88%, 02/01/29 (a)(b)
35,000
30,164
 
5,185,142
Transportation 2.6%
Air Canada
3.88%, 08/15/26 (a)(b)
70,000
65,384
Allegiant Travel Co.
7.25%, 08/15/27 (a)(b)
50,000
47,533
American Airlines Group, Inc.
3.75%, 03/01/25 (b)
25,000
23,935
American Airlines, Inc.
11.75%, 07/15/25 (b)
190,000
208,052
7.25%, 02/15/28 (a)(b)
65,000
64,250
8.50%, 05/15/29 (a)(b)
150,000
154,825
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.50%, 04/20/26 (b)
129,167
127,249
5.75%, 04/20/29 (b)
60,000
57,522
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.75%, 07/15/27 (a)(b)
25,000
23,606
4.75%, 04/01/28 (a)(b)
85,000
77,078
5.38%, 03/01/29 (a)(b)
25,000
22,516
8.00%, 02/15/31 (a)(b)
25,000
24,456
Cargo Aircraft Management, Inc.
4.75%, 02/01/28 (a)(b)
50,000
43,966
Delta Air Lines, Inc.
7.38%, 01/15/26 (a)
40,000
40,990
3.75%, 10/28/29 (a)
50,000
44,754
First Student Bidco, Inc./First Transit Parent, Inc.
4.00%, 07/31/29 (a)(b)
60,000
51,076
GN Bondco LLC
9.50%, 10/15/31 (a)(b)
50,000
47,547
  15
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.
5.75%, 01/20/26 (a)(b)
65,000
51,772
Hertz Corp.
4.63%, 12/01/26 (a)(b)
25,000
22,050
5.00%, 12/01/29 (a)(b)
75,000
57,623
Rand Parent LLC
8.50%, 02/15/30 (a)(b)
50,000
47,298
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.
8.00%, 09/20/25 (a)(b)
75,000
55,125
United Airlines, Inc.
4.38%, 04/15/26 (a)(b)
140,000
133,224
4.63%, 04/15/29 (a)(b)
90,000
80,402
VistaJet Malta Finance PLC/Vista Management Holding, Inc.
7.88%, 05/01/27 (a)(b)
32,000
27,062
9.50%, 06/01/28 (a)(b)
85,000
70,569
Watco Cos. LLC/Watco Finance Corp.
6.50%, 06/15/27 (a)(b)
25,000
24,120
XPO CNW, Inc.
6.70%, 05/01/34
25,000
24,922
XPO, Inc.
7.13%, 06/01/31 (a)(b)
35,000
35,399
 
1,754,305
 
56,359,159
 
Utility 3.2%
Electric 3.2%
Algonquin Power & Utilities Corp.
4.75%, 01/18/82 (a)(c)
40,000
32,931
Calpine Corp.
4.50%, 02/15/28 (a)(b)
130,000
122,786
5.13%, 03/15/28 (a)(b)
115,000
108,318
4.63%, 02/01/29 (a)(b)
50,000
45,329
5.00%, 02/01/31 (a)(b)
48,000
42,495
Clearway Energy Operating LLC
3.75%, 02/15/31 (a)(b)
115,000
96,317
DPL, Inc.
4.13%, 07/01/25 (a)
56,000
54,078
Edison International
8.13%, 06/15/53 (a)(c)
45,000
45,634
Emera, Inc.
6.75%, 06/15/76 (a)(c)
65,000
63,100
FirstEnergy Corp.
4.15%, 07/15/27 (a)(d)
90,000
85,699
2.65%, 03/01/30 (a)
125,000
105,836
7.38%, 11/15/31
25,000
29,094
5.10%, 07/15/47 (a)
60,000
51,681
Leeward Renewable Energy Operations LLC
4.25%, 07/01/29 (a)(b)
25,000
21,101
NextEra Energy Operating Partners LP
3.88%, 10/15/26 (a)(b)
80,000
73,952
NOVA Chemicals Corp.
5.00%, 05/01/25 (a)(b)
87,000
84,407
5.25%, 06/01/27 (a)(b)
65,000
58,575
4.25%, 05/15/29 (a)(b)
25,000
19,757
NRG Energy, Inc.
5.25%, 06/15/29 (a)(b)
40,000
37,302
3.88%, 02/15/32 (a)(b)
185,000
151,373
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Pattern Energy Operations LP/Pattern Energy Operations, Inc.
4.50%, 08/15/28 (a)(b)
35,000
32,121
PG&E Corp.
5.25%, 07/01/30 (a)
110,000
103,443
Sunnova Energy Corp.
5.88%, 09/01/26 (a)(b)
50,000
40,581
Talen Energy Supply LLC
8.63%, 06/01/30 (a)(b)
60,000
62,897
Teine Energy Ltd.
6.88%, 04/15/29 (a)(b)
50,000
47,320
Terraform Global Operating LP
6.13%, 03/01/26 (a)(b)
45,000
43,731
TerraForm Power Operating LLC
4.75%, 01/15/30 (a)(b)
55,000
49,559
Topaz Solar Farms LLC
5.75%, 09/30/39 (b)
30,994
30,023
TransAlta Corp.
6.50%, 03/15/40
30,000
28,334
Vistra Operations Co. LLC
5.63%, 02/15/27 (a)(b)
150,000
146,011
5.00%, 07/31/27 (a)(b)
190,000
180,957
4.38%, 05/01/29 (a)(b)
50,000
45,177
 
2,139,919
Total Corporates
(Cost $64,272,946)
64,837,375
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
SHORT-TERM INVESTMENTS 0.8% OF NET ASSETS
 
Money Market Funds 0.8%
State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.31% (f)
511,401
511,401
Total Short-Term Investments
(Cost $511,401)
511,401
Total Investments in Securities
(Cost $64,784,347)
65,348,776
 
(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)
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 $52,403,402 or 79.1% of net assets.
(c)
Security is in a fixed-rate coupon period. Based on index eligibility requirements
and the fund’s investment objective this security will be removed from the index
prior to converting to a floating rate security.
(d)
Step up security that pays an initial coupon rate for a set period and increased
coupon rates at one or more preset intervals. Rate shown is as of period end.
(e)
Security or a portion of the security purchased on a delayed-delivery or
when-issued basis.
(f)
The rate shown is the annualized 7-day yield.
 
REIT —
Real Estate Investment Trust
 
16  
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
The following is a summary of the inputs used to value the fund’s investments as of 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
Assets
Corporates1
$—
$64,837,375
$—
$64,837,375
Short-Term Investments1
511,401
—
—
511,401
Total
$511,401
$64,837,375
$—
$65,348,776
 
1
As categorized in the Portfolio Holdings.
  17
Schwab High Yield Bond 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:
• Bonds and notes: Fixed income investments are generally valued using an evaluated price at the mid-point of the bid/ask spread provided by an approved, independent pricing service (mid-price). To determine the evaluated mid-price, a pricing service may use a variety of techniques and inputs. Techniques may include, but are not limited to, spread models that calculate an investment-specific price relative to a benchmark or yield curve models that establish a price based on yields of comparable bonds along a range of maturities.  Inputs differ by valuation approach and 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.
• Short-term securities (60 days or less to maturity): Securities with remaining maturities of 60 days or less are generally valued at an evaluated price; however, such securities may be valued at their amortized cost if it approximates the security’s fair value.
• Mutual funds: Mutual funds are valued at their respective net asset values (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
18  
Schwab High Yield Bond ETF
Notes to Portfolio Holdings (Unaudited) (continued)
third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore a fund’s results of operations.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The levels associated with valuing the fund’s investments as of November 30, 2023, are disclosed in the fund’s Portfolio Holdings.
REG123135NOV23
  19