NPORT-EX 2 NPORT_2MF9_44878421_0524.htm EDGAR HTML
Schwab Strategic Trust
Schwab High Yield Bond ETF
Portfolio Holdings as of May 31, 2024 (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 98.5% OF NET ASSETS
 
Financial Institutions 11.3%
Banking 0.9%
Ally Financial, Inc.
5.75%, 11/20/25 (a)
145,000
144,402
6.70%, 02/14/33 (a)
90,000
90,145
Intesa Sanpaolo SpA
5.71%, 01/15/26 (b)
220,000
217,965
4.20%, 06/01/32 (a)(b)
225,000
190,195
Popular, Inc.
7.25%, 03/13/28 (a)
40,000
40,879
Synchrony Financial
7.25%, 02/02/33 (a)
95,000
95,367
Texas Capital Bancshares, Inc.
4.00%, 05/06/31 (a)(c)
80,000
72,780
UniCredit SpA
7.30%, 04/02/34 (a)(b)(c)
200,000
205,709
5.46%, 06/30/35 (a)(b)
285,000
267,834
Valley National Bancorp
3.00%, 06/15/31 (a)(c)
60,000
45,583
Western Alliance Bancorp
3.00%, 06/15/31 (a)(c)
95,000
85,262
 
1,456,121
Brokerage/Asset Managers/Exchanges 0.9%
AG TTMT Escrow Issuer LLC
8.63%, 09/30/27 (a)(b)
170,000
176,809
Aretec Group, Inc.
7.50%, 04/01/29 (a)(b)
115,000
111,670
10.00%, 08/15/30 (a)(b)
75,000
82,128
Armor Holdco, Inc.
8.50%, 11/15/29 (a)(b)
50,000
47,726
Brightsphere Investment Group, Inc.
4.80%, 07/27/26
55,000
52,797
Coinbase Global, Inc.
3.38%, 10/01/28 (a)(b)
125,000
106,949
3.63%, 10/01/31 (a)(b)
105,000
83,593
Compass Group Diversified Holdings LLC
5.25%, 04/15/29 (a)(b)
140,000
131,256
Hightower Holding LLC
6.75%, 04/15/29 (a)(b)
40,000
37,748
Hunt Cos., Inc.
5.25%, 04/15/29 (a)(b)
75,000
66,788
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Jane Street Group/JSG Finance, Inc.
4.50%, 11/15/29 (a)(b)
50,000
46,390
7.13%, 04/30/31 (a)(b)
200,000
203,747
Jefferies Finance LLC/JFIN Co.-Issuer Corp.
5.00%, 08/15/28 (a)(b)
200,000
184,046
StoneX Group, Inc.
8.63%, 06/15/25 (a)(b)
50,000
50,062
7.88%, 03/01/31 (a)(b)
90,000
92,175
 
1,473,884
Finance Companies 3.5%
Bread Financial Holdings, Inc.
9.75%, 03/15/29 (a)(b)
145,000
152,001
Castlelake Aviation Finance DAC
5.00%, 04/15/27 (a)(b)
50,000
48,085
Cobra AcquisitionCo LLC
6.38%, 11/01/29 (a)(b)
55,000
44,485
Enova International, Inc.
8.50%, 09/15/25 (a)(b)
70,000
70,203
11.25%, 12/15/28 (a)(b)
50,000
53,667
Finance of America Funding LLC
7.88%, 11/15/25 (a)(b)
40,000
31,427
FirstCash, Inc.
5.63%, 01/01/30 (a)(b)
89,000
84,402
6.88%, 03/01/32 (a)(b)
100,000
99,289
Fortress Transportation & Infrastructure Investors LLC
5.50%, 05/01/28 (a)(b)
185,000
178,947
7.00%, 05/01/31 (a)(b)
100,000
101,246
Freedom Mortgage Corp.
7.63%, 05/01/26 (a)(b)
90,000
89,499
6.63%, 01/15/27 (a)(b)
75,000
72,499
12.00%, 10/01/28 (a)(b)
110,000
118,960
12.25%, 10/01/30 (a)(b)
65,000
71,308
Freedom Mortgage Holdings LLC
9.25%, 02/01/29 (a)(b)
50,000
50,545
GGAM Finance Ltd.
7.75%, 05/15/26 (a)(b)
95,000
96,925
8.00%, 02/15/27 (a)(b)
30,000
30,888
8.00%, 06/15/28 (a)(b)
113,000
117,074
goeasy Ltd.
4.38%, 05/01/26 (a)(b)
65,000
62,826
9.25%, 12/01/28 (a)(b)
90,000
95,369
LD Holdings Group LLC
6.50%, 11/01/25 (a)(b)
60,000
57,808
6.13%, 04/01/28 (a)(b)
89,000
62,005
LFS Topco LLC
5.88%, 10/15/26 (a)(b)
55,000
51,476
  
1
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Macquarie Airfinance Holdings Ltd.
8.38%, 05/01/28 (a)(b)
100,000
105,248
6.50%, 03/26/31 (a)(b)
100,000
101,634
Midcap Financial Issuer Trust
6.50%, 05/01/28 (a)(b)
200,000
186,587
Nationstar Mortgage Holdings, Inc.
5.00%, 02/01/26 (a)(b)
55,000
54,004
6.00%, 01/15/27 (a)(b)
115,000
113,506
5.50%, 08/15/28 (a)(b)
50,000
47,756
5.13%, 12/15/30 (a)(b)
65,000
59,041
5.75%, 11/15/31 (a)(b)
105,000
97,160
7.13%, 02/01/32 (a)(b)
141,000
140,432
Navient Corp.
6.75%, 06/25/25
70,000
70,133
6.75%, 06/15/26
60,000
59,932
5.00%, 03/15/27 (a)
85,000
80,733
4.88%, 03/15/28 (a)
25,000
22,920
5.50%, 03/15/29 (a)
115,000
104,474
11.50%, 03/15/31 (a)
75,000
82,417
5.63%, 08/01/33
145,000
117,860
OneMain Finance Corp.
6.88%, 03/15/25
95,000
95,737
7.13%, 03/15/26
110,000
111,683
3.88%, 09/15/28 (a)
105,000
93,486
9.00%, 01/15/29 (a)
255,000
267,871
7.88%, 03/15/30 (a)
100,000
101,963
4.00%, 09/15/30 (a)
150,000
127,627
7.50%, 05/15/31 (a)
50,000
50,058
Oxford Finance LLC/Oxford Finance Co.-Issuer II, Inc.
6.38%, 02/01/27 (a)(b)
100,000
95,540
PennyMac Financial Services, Inc.
5.38%, 10/15/25 (a)(b)
105,000
104,145
4.25%, 02/15/29 (a)(b)
130,000
116,591
7.13%, 11/15/30 (a)(b)
100,000
98,804
5.75%, 09/15/31 (a)(b)
90,000
82,848
PROG Holdings, Inc.
6.00%, 11/15/29 (a)(b)
65,000
61,003
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.
2.88%, 10/15/26 (a)(b)
150,000
139,648
3.63%, 03/01/29 (a)(b)
75,000
67,129
3.88%, 03/01/31 (a)(b)
200,000
173,044
4.00%, 10/15/33 (a)(b)
113,000
93,899
SLM Corp.
3.13%, 11/02/26 (a)
94,000
87,176
United Wholesale Mortgage LLC
5.50%, 11/15/25 (a)(b)
100,000
99,165
5.75%, 06/15/27 (a)(b)
75,000
72,617
5.50%, 04/15/29 (a)(b)
90,000
84,591
 
5,509,396
Financial Other 1.3%
Burford Capital Global Finance LLC
6.88%, 04/15/30 (a)(b)
200,000
195,923
Credit Acceptance Corp.
6.63%, 03/15/26 (a)
70,000
69,829
9.25%, 12/15/28 (a)(b)
105,000
110,983
Five Point Operating Co. LP/Five Point Capital Corp.
10.50%, 01/15/28 (a)(b)
60,989
62,808
Greystar Real Estate Partners LLC
7.75%, 09/01/30 (a)(b)
50,000
52,676
Howard Hughes Corp.
5.38%, 08/01/28 (a)(b)
110,000
104,245
4.38%, 02/01/31 (a)(b)
105,000
89,665
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.25%, 05/15/26 (a)
125,000
121,985
5.25%, 05/15/27 (a)
160,000
146,910
9.75%, 01/15/29 (a)(b)
145,000
148,939
4.38%, 02/01/29 (a)
101,000
84,255
9.00%, 06/15/30 (a)(b)
25,000
24,692
Jefferson Capital Holdings LLC
6.00%, 08/15/26 (a)(b)
70,000
69,350
Kennedy-Wilson, Inc.
4.75%, 03/01/29 (a)
75,000
63,841
4.75%, 02/01/30 (a)
150,000
123,102
5.00%, 03/01/31 (a)
75,000
59,733
PHH Mortgage Corp.
7.88%, 03/15/26 (a)(b)
52,000
50,685
PRA Group, Inc.
8.38%, 02/01/28 (a)(b)
75,000
74,592
5.00%, 10/01/29 (a)(b)
75,000
63,665
8.88%, 01/31/30 (a)(b)
250,000
247,506
 
1,965,384
Insurance 2.6%
Acrisure LLC/Acrisure Finance, Inc.
10.13%, 08/01/26 (a)(b)
199,000
205,224
8.25%, 02/01/29 (a)(b)
125,000
125,706
6.00%, 08/01/29 (a)(b)
60,000
54,751
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/27 (a)(b)
95,000
88,914
6.75%, 10/15/27 (a)(b)
175,000
171,682
6.75%, 04/15/28 (a)(b)
145,000
145,376
5.88%, 11/01/29 (a)(b)
100,000
93,134
7.00%, 01/15/31 (a)(b)
185,000
185,605
AmWINS Group, Inc.
6.38%, 02/15/29 (a)(b)
100,000
99,818
4.88%, 06/30/29 (a)(b)
100,000
92,012
Ardonagh Group Finance Ltd.
8.88%, 02/15/32 (a)(b)
200,000
197,255
AssuredPartners, Inc.
5.63%, 01/15/29 (a)(b)
5,000
4,657
7.50%, 02/15/32 (a)(b)
100,000
99,493
BroadStreet Partners, Inc.
5.88%, 04/15/29 (a)(b)
125,000
114,562
Genworth Holdings, Inc.
6.50%, 06/15/34
55,000
52,034
Global Atlantic Fin Co.
4.70%, 10/15/51 (a)(b)(c)
67,000
60,632
GTCR AP Finance, Inc.
8.00%, 05/15/27 (a)(b)
115,000
115,210
Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance
LLC
7.25%, 02/15/31 (a)(b)
200,000
198,687
8.13%, 02/15/32 (a)(b)
200,000
198,396
HUB International Ltd.
5.63%, 12/01/29 (a)(b)
110,000
102,174
7.25%, 06/15/30 (a)(b)
365,000
371,106
7.38%, 01/31/32 (a)(b)
250,000
251,044
Jones Deslauriers Insurance Management, Inc.
8.50%, 03/15/30 (a)(b)
105,000
110,593
10.50%, 12/15/30 (a)(b)
35,000
37,845
Liberty Mutual Group, Inc.
7.80%, 03/15/37 (b)
75,000
79,158
4.30%, 02/01/61 (a)(b)
115,000
69,184
2
  
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Molina Healthcare, Inc.
4.38%, 06/15/28 (a)(b)
130,000
121,065
3.88%, 11/15/30 (a)(b)
50,000
43,638
3.88%, 05/15/32 (a)(b)
125,000
105,879
Panther Escrow Issuer LLC
7.13%, 06/01/31 (a)(b)
375,000
378,432
Ryan Specialty LLC
4.38%, 02/01/30 (a)(b)
50,000
46,192
USI, Inc.
7.50%, 01/15/32 (a)(b)
50,000
50,249
 
4,069,707
REITs 2.1%
Apollo Commercial Real Estate Finance, Inc.
4.63%, 06/15/29 (a)(b)
60,000
50,193
Blackstone Mortgage Trust, Inc.
3.75%, 01/15/27 (a)(b)
30,000
26,895
Brandywine Operating Partnership LP
3.95%, 11/15/27 (a)
105,000
94,577
8.88%, 04/12/29 (a)
100,000
103,594
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC
5.75%, 05/15/26 (a)(b)
160,000
157,173
4.50%, 04/01/27 (a)(b)
75,000
69,612
CTR Partnership LP/CareTrust Capital Corp.
3.88%, 06/30/28 (a)(b)
65,000
59,669
Diversified Healthcare Trust
9.75%, 06/15/25 (a)
75,000
75,110
4.75%, 02/15/28 (a)
37,000
30,481
4.38%, 03/01/31 (a)
40,000
28,945
Global Net Lease, Inc./Global Net Lease Operating Partnership LP
3.75%, 12/15/27 (a)(b)
70,000
60,934
Hudson Pacific Properties LP
5.95%, 02/15/28 (a)
55,000
47,275
4.65%, 04/01/29 (a)
130,000
101,765
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.25%, 02/01/27 (a)(b)
105,000
98,533
4.75%, 06/15/29 (a)(b)
90,000
81,430
MPT Operating Partnership LP/MPT Finance Corp.
5.25%, 08/01/26 (a)
95,000
86,345
5.00%, 10/15/27 (a)
120,000
98,470
4.63%, 08/01/29 (a)
80,000
58,313
3.50%, 03/15/31 (a)
205,000
133,249
Necessity Retail REIT, Inc./American Finance Operating Partner LP
4.50%, 09/30/28 (a)(b)
70,000
60,701
Office Properties Income Trust
2.40%, 02/01/27 (a)
80,000
36,374
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.-Issuer
5.88%, 10/01/28 (a)(b)
75,000
73,550
4.88%, 05/15/29 (a)(b)
95,000
88,410
RHP Hotel Properties LP/RHP Finance Corp.
7.25%, 07/15/28 (a)(b)
295,000
301,564
4.50%, 02/15/29 (a)(b)
115,000
106,888
Rithm Capital Corp.
6.25%, 10/15/25 (a)(b)
35,000
34,715
8.00%, 04/01/29 (a)(b)
100,000
97,398
RLJ Lodging Trust LP
3.75%, 07/01/26 (a)(b)
75,000
70,894
Service Properties Trust
7.50%, 09/15/25 (a)
100,000
101,743
5.25%, 02/15/26 (a)
95,000
91,446
5.50%, 12/15/27 (a)
50,000
45,974
3.95%, 01/15/28 (a)
55,000
45,702
8.38%, 06/15/29 (a)
75,000
73,594
4.95%, 10/01/29 (a)
80,000
62,156
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
8.63%, 11/15/31 (a)(b)
160,000
167,646
8.88%, 06/15/32 (a)(d)
100,000
93,605
Starwood Property Trust, Inc.
3.63%, 07/15/26 (a)(b)
65,000
60,386
4.38%, 01/15/27 (a)(b)
25,000
23,448
7.25%, 04/01/29 (a)(b)
50,000
49,788
Vornado Realty LP
3.40%, 06/01/31 (a)
50,000
38,939
XHR LP
6.38%, 08/15/25 (a)(b)
60,000
59,972
4.88%, 06/01/29 (a)(b)
50,000
46,101
 
3,293,557
 
17,768,049
 
Industrial 84.3%
Basic Industry 5.5%
Alcoa Nederland Holding BV
7.13%, 03/15/31 (a)(b)
200,000
204,721
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp.
7.50%, 05/01/25 (a)(b)
95,000
95,091
Arsenal AIC Parent LLC
8.00%, 10/01/30 (a)(b)
125,000
130,173
11.50%, 10/01/31 (a)(b)
80,000
89,286
Ashland, Inc.
6.88%, 05/15/43 (a)
75,000
76,738
ASP Unifrax Holdings, Inc.
5.25%, 09/30/28 (a)(b)
100,000
50,367
7.50%, 09/30/29 (a)(b)
42,000
20,849
ATI, Inc.
4.88%, 10/01/29 (a)
60,000
56,124
7.25%, 08/15/30 (a)
30,000
30,742
5.13%, 10/01/31 (a)
85,000
77,626
Avient Corp.
7.13%, 08/01/30 (a)(b)
175,000
178,065
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV
4.75%, 06/15/27 (a)(b)
210,000
202,862
Baffinland Iron Mines Corp./Baffinland Iron Mines LP
8.75%, 07/15/26 (a)(b)
75,000
68,280
Big River Steel LLC/BRS Finance Corp.
6.63%, 01/31/29 (a)(b)
115,000
114,665
Calderys Financing LLC
11.25%, 06/01/28 (a)(b)
200,000
213,504
Carpenter Technology Corp.
6.38%, 07/15/28 (a)
65,000
64,961
Cascades, Inc./Cascades USA, Inc.
5.38%, 01/15/28 (a)(b)
100,000
95,360
Century Aluminum Co.
7.50%, 04/01/28 (a)(b)
30,000
30,103
Cerdia Finanz GmbH
10.50%, 02/15/27 (a)(b)
200,000
208,033
Chemours Co.
5.38%, 05/15/27 (a)
62,000
58,922
5.75%, 11/15/28 (a)(b)
97,000
88,869
4.63%, 11/15/29 (a)(b)
91,000
77,692
Clearwater Paper Corp.
4.75%, 08/15/28 (a)(b)
30,000
28,150
Cleveland-Cliffs, Inc.
5.88%, 06/01/27 (a)
65,000
64,451
4.63%, 03/01/29 (a)(b)
45,000
42,304
6.75%, 04/15/30 (a)(b)
115,000
113,832
4.88%, 03/01/31 (a)(b)
60,000
52,515
7.00%, 03/15/32 (a)(b)
75,000
74,060
  
3
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Coeur Mining, Inc.
5.13%, 02/15/29 (a)(b)
15,000
14,057
Commercial Metals Co.
4.13%, 01/15/30 (a)
115,000
104,429
Compass Minerals International, Inc.
6.75%, 12/01/27 (a)(b)
50,000
47,841
Consolidated Energy Finance SA
12.00%, 02/15/31 (a)(b)
150,000
156,918
Constellium SE
5.88%, 02/15/26 (a)(b)
250,000
248,565
CVR Partners LP/CVR Nitrogen Finance Corp.
6.13%, 06/15/28 (a)(b)
40,000
38,285
Domtar Corp.
6.75%, 10/01/28 (a)(b)
75,000
67,769
Eldorado Gold Corp.
6.25%, 09/01/29 (a)(b)
125,000
119,188
Element Solutions, Inc.
3.88%, 09/01/28 (a)(b)
74,000
67,403
FMG Resources August 2006 Pty. Ltd.
4.50%, 09/15/27 (a)(b)
110,000
104,594
5.88%, 04/15/30 (a)(b)
58,000
56,305
4.38%, 04/01/31 (a)(b)
185,000
164,382
6.13%, 04/15/32 (a)(b)
160,000
156,578
Glatfelter Corp.
4.75%, 11/15/29 (a)(b)
70,000
56,918
GPD Cos., Inc.
10.13%, 04/01/26 (a)(b)
50,000
48,190
GrafTech Finance, Inc.
4.63%, 12/15/28 (a)(b)
75,000
48,652
GrafTech Global Enterprises, Inc.
9.88%, 12/15/28 (a)(b)
50,000
37,803
Graphic Packaging International LLC
3.50%, 03/15/28 (b)
60,000
54,881
3.50%, 03/01/29 (a)(b)
150,000
134,034
3.75%, 02/01/30 (a)(b)
15,000
13,308
HB Fuller Co.
4.00%, 02/15/27 (a)
25,000
24,153
4.25%, 10/15/28 (a)
30,000
28,207
Hecla Mining Co.
7.25%, 02/15/28 (a)
40,000
40,317
Hudbay Minerals, Inc.
4.50%, 04/01/26 (a)(b)
25,000
24,387
6.13%, 04/01/29 (a)(b)
100,000
98,717
IAMGOLD Corp.
5.75%, 10/15/28 (a)(b)
63,000
59,200
Illuminate Buyer LLC/Illuminate Holdings IV, Inc.
9.00%, 07/01/28 (a)(b)
75,000
75,131
INEOS Finance PLC
6.75%, 05/15/28 (a)(b)
200,000
198,475
Infrabuild Australia Pty. Ltd.
14.50%, 11/15/28 (a)(b)
33,000
34,317
Ingevity Corp.
3.88%, 11/01/28 (a)(b)
65,000
58,554
Innophos Holdings, Inc.
9.38%, 02/15/28 (a)(b)
22,000
19,094
JW Aluminum Continuous Cast Co.
10.25%, 06/01/26 (a)(b)
40,000
40,387
Kaiser Aluminum Corp.
4.63%, 03/01/28 (a)(b)
130,000
121,069
LSB Industries, Inc.
6.25%, 10/15/28 (a)(b)
80,000
77,072
LSF11 A5 HoldCo LLC
6.63%, 10/15/29 (a)(b)
20,000
18,881
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Mativ Holdings, Inc.
6.88%, 10/01/26 (a)(b)
40,000
39,423
Mercer International, Inc.
5.13%, 02/01/29 (a)
135,000
118,341
Methanex Corp.
5.13%, 10/15/27 (a)
125,000
120,812
5.25%, 12/15/29 (a)
100,000
95,685
5.65%, 12/01/44 (a)
45,000
39,332
Mineral Resources Ltd.
8.13%, 05/01/27 (a)(b)
170,000
171,919
9.25%, 10/01/28 (a)(b)
135,000
142,098
8.50%, 05/01/30 (a)(b)
75,000
77,733
Minerals Technologies, Inc.
5.00%, 07/01/28 (a)(b)
130,000
122,972
New Gold, Inc.
7.50%, 07/15/27 (a)(b)
65,000
65,251
Novelis Corp.
3.25%, 11/15/26 (a)(b)
80,000
74,761
4.75%, 01/30/30 (a)(b)
175,000
161,809
3.88%, 08/15/31 (a)(b)
140,000
119,991
Nufarm Australia Ltd./Nufarm Americas, Inc.
5.00%, 01/27/30 (a)(b)
85,000
77,650
Olin Corp.
5.13%, 09/15/27 (a)
25,000
24,266
5.63%, 08/01/29 (a)
85,000
82,735
Olympus Water U.S. Holding Corp.
9.75%, 11/15/28 (a)(b)
275,000
292,753
Polar U.S. Borrower LLC/Schenectady International Group, Inc.
6.75%, 05/15/26 (a)(b)
34,000
9,724
Rain Carbon, Inc.
12.25%, 09/01/29 (a)(b)
50,000
53,391
Rayonier AM Products, Inc.
7.63%, 01/15/26 (a)(b)
65,000
58,802
SCIH Salt Holdings, Inc.
4.88%, 05/01/28 (a)(b)
105,000
98,367
6.63%, 05/01/29 (a)(b)
109,000
102,771
SCIL IV LLC/SCIL USA Holdings LLC
5.38%, 11/01/26 (a)(b)
200,000
192,476
SK Invictus Intermediate II SARL
5.00%, 10/30/29 (a)(b)
105,000
93,283
SNF Group SACA
3.13%, 03/15/27 (a)(b)
200,000
183,335
SunCoke Energy, Inc.
4.88%, 06/30/29 (a)(b)
55,000
49,480
Taseko Mines Ltd.
8.25%, 05/01/30 (a)(b)
50,000
51,317
TMS International Corp.
6.25%, 04/15/29 (a)(b)
15,000
13,875
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.
5.13%, 04/01/29 (a)(b)
51,000
21,610
Tronox, Inc.
4.63%, 03/15/29 (a)(b)
110,000
99,934
U.S. Steel Corp.
6.88%, 03/01/29 (a)
75,000
75,070
Verde Purchaser LLC
10.50%, 11/30/30 (a)(b)
75,000
79,139
Vibrantz Technologies, Inc.
9.00%, 02/15/30 (a)(b)
80,000
73,851
Windsor Holdings III LLC
8.50%, 06/15/30 (a)(b)
75,000
78,454
4
  
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
WR Grace Holdings LLC
4.88%, 06/15/27 (a)(b)
50,000
48,078
5.63%, 08/15/29 (a)(b)
115,000
105,910
7.38%, 03/01/31 (a)(b)
105,000
106,674
 
8,689,478
Capital Goods 10.8%
AAR Escrow Issuer LLC
6.75%, 03/15/29 (a)(b)
50,000
50,815
ACProducts Holdings, Inc.
6.38%, 05/15/29 (a)(b)
102,000
66,125
Advanced Drainage Systems, Inc.
6.38%, 06/15/30 (a)(b)
96,000
95,903
Alta Equipment Group, Inc.
5.63%, 04/15/26 (a)(b)
45,000
45,777
9.00%, 06/01/29 (a)(b)
45,000
43,572
American Builders & Contractors Supply Co., Inc.
4.00%, 01/15/28 (a)(b)
140,000
130,502
AmeriTex HoldCo Intermediate LLC
10.25%, 10/15/28 (a)(b)
25,000
26,233
Amsted Industries, Inc.
5.63%, 07/01/27 (a)(b)
165,000
162,036
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
4.00%, 09/01/29 (a)(b)
260,000
214,918
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
5.25%, 04/30/25 (a)(b)
280,000
275,929
5.25%, 08/15/27 (a)(b)
200,000
117,710
Atkore, Inc.
4.25%, 06/01/31 (a)(b)
75,000
66,362
ATS Corp.
4.13%, 12/15/28 (a)(b)
90,000
81,250
Ball Corp.
6.88%, 03/15/28 (a)
155,000
158,357
6.00%, 06/15/29 (a)
100,000
100,288
2.88%, 08/15/30 (a)
270,000
228,353
Beacon Roofing Supply, Inc.
4.13%, 05/15/29 (a)(b)
25,000
22,627
6.50%, 08/01/30 (a)(b)
110,000
110,185
Berry Global, Inc.
5.63%, 07/15/27 (a)(b)
95,000
93,829
BlueLinx Holdings, Inc.
6.00%, 11/15/29 (a)(b)
40,000
38,288
Boise Cascade Co.
4.88%, 07/01/30 (a)(b)
60,000
55,728
Bombardier, Inc.
7.13%, 06/15/26 (a)(b)
65,000
66,096
7.88%, 04/15/27 (a)(b)
269,000
269,453
6.00%, 02/15/28 (a)(b)
110,000
108,407
7.50%, 02/01/29 (a)(b)
109,000
112,851
8.75%, 11/15/30 (a)(b)
120,000
128,909
7.25%, 07/01/31 (a)(b)
50,000
51,105
7.00%, 06/01/32 (a)(b)
75,000
75,367
Builders FirstSource, Inc.
4.25%, 02/01/32 (a)(b)
275,000
240,393
6.38%, 06/15/32 (a)(b)
85,000
84,758
6.38%, 03/01/34 (a)(b)
110,000
107,973
BWX Technologies, Inc.
4.13%, 04/15/29 (a)(b)
115,000
105,362
Camelot Return Merger Sub, Inc.
8.75%, 08/01/28 (a)(b)
105,000
103,990
Chart Industries, Inc.
7.50%, 01/01/30 (a)(b)
130,000
134,051
9.50%, 01/01/31 (a)(b)
50,000
54,039
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Clean Harbors, Inc.
4.88%, 07/15/27 (a)(b)
95,000
91,830
6.38%, 02/01/31 (a)(b)
45,000
44,968
Clydesdale Acquisition Holdings, Inc.
8.75%, 04/15/30 (a)(b)
145,000
139,980
Cornerstone Building Brands, Inc.
6.13%, 01/15/29 (a)(b)
66,000
53,751
CP Atlas Buyer, Inc.
7.00%, 12/01/28 (a)(b)
90,000
79,984
Crown Americas LLC/Crown Americas Capital Corp. V
4.25%, 09/30/26 (a)
100,000
96,190
Crown Americas LLC/Crown Americas Capital Corp. VI
4.75%, 02/01/26 (a)
95,000
93,323
Crown Cork & Seal Co., Inc.
7.38%, 12/15/26
49,000
50,812
Eco Material Technologies, Inc.
7.88%, 01/31/27 (a)(b)
60,000
60,046
EMRLD Borrower LP/Emerald Co.-Issuer, Inc.
6.63%, 12/15/30 (a)(b)
370,000
371,107
EnerSys
6.63%, 01/15/32 (a)(b)
105,000
105,947
Enpro, Inc.
5.75%, 10/15/26 (a)
74,000
73,229
Enviri Corp.
5.75%, 07/31/27 (a)(b)
70,000
66,441
EquipmentShare.com, Inc.
9.00%, 05/15/28 (a)(b)
80,000
82,635
8.63%, 05/15/32 (a)(b)
100,000
103,682
Esab Corp.
6.25%, 04/15/29 (a)(b)
100,000
100,354
Foundation Building Materials, Inc.
6.00%, 03/01/29 (a)(b)
25,000
22,183
FXI Holdings, Inc.
12.25%, 11/15/26 (a)(b)
190,000
190,163
Gates Global LLC/Gates Corp.
6.25%, 01/15/26 (a)(b)
65,000
65,215
GFL Environmental, Inc.
4.25%, 06/01/25 (a)(b)
85,000
84,101
3.75%, 08/01/25 (a)(b)
50,000
48,850
5.13%, 12/15/26 (a)(b)
120,000
117,829
4.00%, 08/01/28 (a)(b)
145,000
132,721
4.75%, 06/15/29 (a)(b)
125,000
116,474
6.75%, 01/15/31 (a)(b)
175,000
178,722
Graham Packaging Co., Inc.
7.13%, 08/15/28 (a)(b)
55,000
51,897
Griffon Corp.
5.75%, 03/01/28 (a)
125,000
120,932
GYP Holdings III Corp.
4.63%, 05/01/29 (a)(b)
55,000
50,866
H&E Equipment Services, Inc.
3.88%, 12/15/28 (a)(b)
195,000
175,048
Herc Holdings, Inc.
5.50%, 07/15/27 (a)(b)
155,000
151,446
Husky Injection Molding Systems Ltd./Titan Co.-Borrower LLC
9.00%, 02/15/29 (a)(b)
125,000
128,535
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co.-Issuer LLC
6.00%, 09/15/28 (a)(b)
100,000
96,170
Interface, Inc.
5.50%, 12/01/28 (a)(b)
50,000
47,234
Iris Holding, Inc.
10.00%, 12/15/28 (a)(b)
50,000
44,011
JELD-WEN, Inc.
4.63%, 12/15/25 (a)(b)
65,000
63,791
  
5
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Knife River Corp.
7.75%, 05/01/31 (a)(b)
55,000
57,299
LABL, Inc.
6.75%, 07/15/26 (a)(b)
50,000
49,458
10.50%, 07/15/27 (a)(b)
90,000
87,710
5.88%, 11/01/28 (a)(b)
78,000
70,304
9.50%, 11/01/28 (a)(b)
75,000
76,381
8.25%, 11/01/29 (a)(b)
78,000
66,725
LBM Acquisition LLC
6.25%, 01/15/29 (a)(b)
75,000
67,789
Madison IAQ LLC
4.13%, 06/30/28 (a)(b)
100,000
92,747
5.88%, 06/30/29 (a)(b)
122,000
113,181
Mauser Packaging Solutions Holding Co.
7.88%, 04/15/27 (a)(b)
250,000
255,027
9.25%, 04/15/27 (a)(b)
155,000
154,501
Maxim Crane Works Holdings Capital LLC
11.50%, 09/01/28 (a)(b)
75,000
79,851
MIWD Holdco II LLC/MIWD Finance Corp.
5.50%, 02/01/30 (a)(b)
155,000
141,663
Moog, Inc.
4.25%, 12/15/27 (a)(b)
65,000
60,925
Mueller Water Products, Inc.
4.00%, 06/15/29 (a)(b)
75,000
68,501
NESCO Holdings II, Inc.
5.50%, 04/15/29 (a)(b)
105,000
96,372
New Enterprise Stone & Lime Co., Inc.
5.25%, 07/15/28 (a)(b)
75,000
70,652
OI European Group BV
4.75%, 02/15/30 (a)(b)
55,000
50,460
Oscar AcquisitionCo LLC/Oscar Finance, Inc.
9.50%, 04/15/30 (a)(b)
104,000
99,293
OT Merger Corp.
7.88%, 10/15/29 (a)(b)
46,000
24,054
Owens Corning
3.50%, 02/15/30 (a)(b)
100,000
90,592
Owens-Brockway Glass Container, Inc.
6.63%, 05/13/27 (a)(b)
75,000
74,525
7.25%, 05/15/31 (a)(b)
105,000
104,776
7.38%, 06/01/32 (a)(b)
100,000
100,092
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC
4.00%, 10/15/27 (a)(b)
195,000
182,172
Park River Holdings, Inc.
5.63%, 02/01/29 (a)(b)
57,000
46,440
6.75%, 08/01/29 (a)(b)
35,000
29,711
Patrick Industries, Inc.
4.75%, 05/01/29 (a)(b)
55,000
50,483
PECF USS Intermediate Holding III Corp.
8.00%, 11/15/29 (a)(b)
85,000
36,862
Resideo Funding, Inc.
4.00%, 09/01/29 (a)(b)
45,000
39,992
Reworld Holding Corp.
4.88%, 12/01/29 (a)(b)
140,000
127,737
Ritchie Bros Holdings, Inc.
6.75%, 03/15/28 (a)(b)
63,000
63,708
7.75%, 03/15/31 (a)(b)
130,000
135,856
Roller Bearing Co. of America, Inc.
4.38%, 10/15/29 (a)(b)
45,000
41,160
Sealed Air Corp.
5.50%, 09/15/25 (a)(b)
100,000
99,607
4.00%, 12/01/27 (a)(b)
120,000
112,676
6.88%, 07/15/33 (b)
55,000
57,048
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Sealed Air Corp./Sealed Air Corp. U.S.
6.13%, 02/01/28 (a)(b)
85,000
84,464
7.25%, 02/15/31 (a)(b)
80,000
82,256
Silgan Holdings, Inc.
4.13%, 02/01/28 (a)
65,000
61,394
Smyrna Ready Mix Concrete LLC
6.00%, 11/01/28 (a)(b)
120,000
115,938
8.88%, 11/15/31 (a)(b)
155,000
163,334
Specialty Building Products Holdings LLC/SBP Finance Corp.
6.38%, 09/30/26 (a)(b)
35,000
34,267
Spirit AeroSystems, Inc.
9.38%, 11/30/29 (a)(b)
170,000
182,582
9.75%, 11/15/30 (a)(b)
150,000
164,067
SPX FLOW, Inc.
8.75%, 04/01/30 (a)(b)
60,000
61,783
SRS Distribution, Inc.
4.63%, 07/01/28 (a)(b)
75,000
74,730
6.00%, 12/01/29 (a)(b)
65,000
66,013
Standard Industries, Inc.
5.00%, 02/15/27 (a)(b)
130,000
126,145
4.75%, 01/15/28 (a)(b)
130,000
123,945
4.38%, 07/15/30 (a)(b)
185,000
165,232
3.38%, 01/15/31 (a)(b)
150,000
125,272
Stericycle, Inc.
3.88%, 01/15/29 (a)(b)
105,000
95,439
Summit Materials LLC/Summit Materials Finance Corp.
6.50%, 03/15/27 (a)(b)
39,000
38,854
5.25%, 01/15/29 (a)(b)
165,000
159,037
7.25%, 01/15/31 (a)(b)
80,000
82,546
Terex Corp.
5.00%, 05/15/29 (a)(b)
125,000
117,684
Titan International, Inc.
7.00%, 04/30/28 (a)
90,000
87,208
TK Elevator U.S. Newco, Inc.
5.25%, 07/15/27 (a)(b)
275,000
265,523
TransDigm, Inc.
5.50%, 11/15/27 (a)
275,000
268,694
6.75%, 08/15/28 (a)(b)
261,000
264,286
4.63%, 01/15/29 (a)
85,000
78,358
6.38%, 03/01/29 (a)(b)
435,000
434,600
4.88%, 05/01/29 (a)
125,000
116,015
6.88%, 12/15/30 (a)(b)
195,000
197,621
7.13%, 12/01/31 (a)(b)
230,000
236,202
6.63%, 03/01/32 (a)(b)
190,000
190,801
Trident TPI Holdings, Inc.
12.75%, 12/31/28 (a)(b)
70,000
76,173
TriMas Corp.
4.13%, 04/15/29 (a)(b)
50,000
45,306
Trinity Industries, Inc.
7.75%, 07/15/28 (a)(b)
50,000
51,554
Triumph Group, Inc.
9.00%, 03/15/28 (a)(b)
158,000
163,302
Trivium Packaging Finance BV
8.50%, 08/15/27 (a)(b)
215,000
214,716
United Rentals North America, Inc.
5.50%, 05/15/27 (a)
70,000
69,367
3.88%, 11/15/27 (a)
125,000
117,596
4.88%, 01/15/28 (a)
50,000
48,177
5.25%, 01/15/30 (a)
70,000
67,262
4.00%, 07/15/30 (a)
115,000
103,172
3.88%, 02/15/31 (a)
175,000
154,127
3.75%, 01/15/32 (a)
283,000
242,185
Vertiv Group Corp.
4.13%, 11/15/28 (a)(b)
90,000
83,491
6
  
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Waste Pro USA, Inc.
5.50%, 02/15/26 (a)(b)
60,000
59,147
WESCO Distribution, Inc.
7.13%, 06/15/25 (a)(b)
170,000
170,034
7.25%, 06/15/28 (a)(b)
180,000
183,501
6.63%, 03/15/32 (a)(b)
200,000
201,221
White Cap Buyer LLC
6.88%, 10/15/28 (a)(b)
110,000
105,052
 
16,924,011
Communications 14.1%
Advantage Sales & Marketing, Inc.
6.50%, 11/15/28 (a)(b)
45,000
40,537
Allen Media LLC/Allen Media Co.-Issuer, Inc.
10.50%, 02/15/28 (a)(b)
78,000
35,414
Altice Financing SA
5.00%, 01/15/28 (a)(b)
235,000
185,885
5.75%, 08/15/29 (a)(b)
210,000
156,293
Altice France Holding SA
6.00%, 02/15/28 (a)(b)
360,000
112,406
Altice France SA
8.13%, 02/01/27 (a)(b)
230,000
177,504
5.50%, 01/15/28 (a)(b)
250,000
175,305
5.13%, 07/15/29 (a)(b)
250,000
168,138
5.50%, 10/15/29 (a)(b)
245,000
164,831
AMC Networks, Inc.
10.25%, 01/15/29 (a)(b)
100,000
99,877
4.25%, 02/15/29 (a)
151,000
106,687
Banijay Entertainment SASU
8.13%, 05/01/29 (a)(b)
200,000
204,609
Beasley Mezzanine Holdings LLC
8.63%, 02/01/26 (a)(b)
30,000
17,925
Block Communications, Inc.
4.88%, 03/01/28 (a)(b)
39,000
32,557
British Telecommunications PLC
4.25%, 11/23/81 (a)(b)(c)
200,000
188,210
Cable One, Inc.
4.00%, 11/15/30 (a)(b)
145,000
108,326
Cablevision Lightpath LLC
3.88%, 09/15/27 (a)(b)
200,000
174,598
CCO Holdings LLC/CCO Holdings Capital Corp.
5.50%, 05/01/26 (a)(b)
105,000
103,772
5.13%, 05/01/27 (a)(b)
420,000
401,698
5.00%, 02/01/28 (a)(b)
300,000
277,277
5.38%, 06/01/29 (a)(b)
150,000
134,481
6.38%, 09/01/29 (a)(b)
185,000
173,311
4.75%, 03/01/30 (a)(b)
360,000
306,950
4.50%, 08/15/30 (a)(b)
275,000
228,718
4.25%, 02/01/31 (a)(b)
350,000
282,387
7.38%, 03/01/31 (a)(b)
100,000
96,816
4.75%, 02/01/32 (a)(b)
195,000
157,173
4.50%, 05/01/32 (a)
290,000
230,286
4.50%, 06/01/33 (a)(b)
425,000
328,300
4.25%, 01/15/34 (a)(b)
240,000
179,014
Cimpress PLC
7.00%, 06/15/26 (a)
150,000
149,795
Clear Channel Outdoor Holdings, Inc.
5.13%, 08/15/27 (a)(b)
85,000
80,374
7.75%, 04/15/28 (a)(b)
150,000
129,530
9.00%, 09/15/28 (a)(b)
105,000
109,379
7.50%, 06/01/29 (a)(b)
134,000
110,148
7.88%, 04/01/30 (a)(b)
150,000
149,305
CMG Media Corp.
8.88%, 12/15/27 (a)(b)
102,000
51,298
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Cogent Communications Group, Inc.
3.50%, 05/01/26 (a)(b)
100,000
94,682
7.00%, 06/15/27 (a)(b)
55,000
54,795
Connect Finco SARL/Connect U.S. Finco LLC
6.75%, 10/01/26 (a)(b)
250,000
236,253
Consolidated Communications, Inc.
6.50%, 10/01/28 (a)(b)
160,000
135,578
CSC Holdings LLC
5.50%, 04/15/27 (a)(b)
300,000
230,162
5.38%, 02/01/28 (a)(b)
265,000
186,394
11.25%, 05/15/28 (a)(b)
210,000
169,659
11.75%, 01/31/29 (a)(b)
255,000
202,810
6.50%, 02/01/29 (a)(b)
260,000
176,191
5.75%, 01/15/30 (a)(b)
200,000
86,620
4.63%, 12/01/30 (a)(b)
225,000
94,837
5.00%, 11/15/31 (a)(b)
200,000
83,678
Cumulus Media New Holdings, Inc.
8.00%, 07/01/29 (a)(b)
37,000
18,500
Deluxe Corp.
8.00%, 06/01/29 (a)(b)
52,000
48,559
Directv Financing LLC
8.88%, 02/01/30 (a)(b)
210,000
202,480
Directv Financing LLC/Directv Financing Co.-Obligor, Inc.
5.88%, 08/15/27 (a)(b)
450,000
422,911
DISH DBS Corp.
7.75%, 07/01/26
165,000
105,088
5.25%, 12/01/26 (a)(b)
356,000
284,160
7.38%, 07/01/28 (a)
60,000
26,693
5.75%, 12/01/28 (a)(b)
345,000
241,007
5.13%, 06/01/29
110,000
43,910
DISH Network Corp.
11.75%, 11/15/27 (a)(b)
385,000
386,601
Embarq Corp.
8.00%, 06/01/36
117,000
36,863
Frontier Communications Holdings LLC
5.88%, 10/15/27 (a)(b)
137,000
133,515
5.00%, 05/01/28 (a)(b)
185,000
172,935
6.75%, 05/01/29 (a)(b)
121,000
110,560
5.88%, 11/01/29 (a)
95,000
82,137
8.75%, 05/15/30 (a)(b)
250,000
258,926
8.63%, 03/15/31 (a)(b)
120,000
123,120
Frontier Florida LLC
6.86%, 02/01/28
37,000
36,954
Gannett Holdings LLC
6.00%, 11/01/26 (a)(b)
55,000
52,132
GCI LLC
4.75%, 10/15/28 (a)(b)
75,000
68,166
Getty Images, Inc.
9.75%, 03/01/27 (a)(b)
100,000
100,223
Graham Holdings Co.
5.75%, 06/01/26 (a)(b)
55,000
54,837
Gray Television, Inc.
5.88%, 07/15/26 (a)(b)
80,000
79,991
10.50%, 07/15/29 (a)(b)
150,000
149,149
4.75%, 10/15/30 (a)(b)
190,000
108,287
5.38%, 11/15/31 (a)(b)
105,000
58,417
Hughes Satellite Systems Corp.
5.25%, 08/01/26
100,000
67,839
6.63%, 08/01/26
110,000
44,934
iHeartCommunications, Inc.
6.38%, 05/01/26 (a)
85,000
65,134
8.38%, 05/01/27 (a)
108,000
39,128
5.25%, 08/15/27 (a)(b)
100,000
55,344
4.75%, 01/15/28 (a)(b)
70,000
37,072
  
7
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Iliad Holding SASU
6.50%, 10/15/26 (a)(b)
200,000
198,723
7.00%, 10/15/28 (a)(b)
200,000
198,247
INNOVATE Corp.
8.50%, 02/01/26 (a)(b)
41,000
30,955
Intelsat Jackson Holdings SA
6.50%, 03/15/30 (a)(b)
370,000
348,957
Lamar Media Corp.
3.75%, 02/15/28 (a)
73,000
68,259
3.63%, 01/15/31 (a)
180,000
155,889
LCPR Senior Secured Financing DAC
6.75%, 10/15/27 (a)(b)
265,000
251,227
Level 3 Financing, Inc.
4.63%, 09/15/27 (a)(b)
115,000
58,650
4.25%, 07/01/28 (a)(b)
90,000
35,034
3.63%, 01/15/29 (a)(b)
46,000
15,412
10.50%, 04/15/29 (a)(b)
100,000
100,250
3.75%, 07/15/29 (a)(b)
50,000
16,508
11.00%, 11/15/29 (a)(b)
150,000
153,964
4.50%, 04/01/30 (a)(b)
75,000
42,936
10.50%, 05/15/30 (a)(b)
105,000
104,419
3.88%, 10/15/30 (a)(b)
25,000
13,861
10.75%, 12/15/30 (a)(b)
170,000
170,340
4.00%, 04/15/31 (a)(b)
25,000
13,780
Lions Gate Capital Holdings LLC
5.50%, 04/15/29 (a)(b)
65,000
43,996
Lumen Technologies, Inc.
4.50%, 01/15/29 (a)(b)
185,000
55,239
7.60%, 09/15/39
72,000
24,007
McGraw-Hill Education, Inc.
5.75%, 08/01/28 (a)(b)
105,000
98,067
8.00%, 08/01/29 (a)(b)
79,000
73,727
Midcontinent Communications/Midcontinent Finance Corp.
5.38%, 08/15/27 (a)(b)
25,000
23,928
Millennium Escrow Corp.
6.63%, 08/01/26 (a)(b)
121,000
61,423
Millicom International Cellular SA
7.38%, 04/02/32 (a)(b)
265,000
260,826
News Corp.
3.88%, 05/15/29 (a)(b)
50,000
45,416
5.13%, 02/15/32 (a)(b)
120,000
111,767
Nexstar Media, Inc.
5.63%, 07/15/27 (a)(b)
265,000
250,336
4.75%, 11/01/28 (a)(b)
140,000
123,605
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.
10.75%, 06/01/28 (a)(b)
65,000
66,747
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.00%, 08/15/27 (a)(b)
35,000
33,637
4.25%, 01/15/29 (a)(b)
15,000
13,557
4.63%, 03/15/30 (a)(b)
108,000
96,116
7.38%, 02/15/31 (a)(b)
120,000
124,121
Paramount Global
6.25%, 02/28/57 (a)(c)
95,000
82,856
6.38%, 03/30/62 (a)(c)
160,000
145,967
Qwest Corp.
7.25%, 09/15/25
60,000
58,980
Radiate Holdco LLC/Radiate Finance, Inc.
4.50%, 09/15/26 (a)(b)
105,000
78,070
6.50%, 09/15/28 (a)(b)
123,000
56,656
ROBLOX Corp.
3.88%, 05/01/30 (a)(b)
127,000
110,735
Rogers Communications, Inc.
5.25%, 03/15/82 (a)(b)(c)
100,000
96,343
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
RR Donnelley & Sons Co.
9.75%, 07/31/28 (a)(b)
25,000
27,313
SBA Communications Corp.
3.88%, 02/15/27 (a)
210,000
198,913
3.13%, 02/01/29 (a)
140,000
123,282
Scripps Escrow II, Inc.
3.88%, 01/15/29 (a)(b)
165,000
106,130
Sinclair Television Group, Inc.
5.50%, 03/01/30 (a)(b)
87,000
57,562
4.13%, 12/01/30 (a)(b)
132,000
89,659
Sirius XM Radio, Inc.
3.13%, 09/01/26 (a)(b)
169,000
158,263
5.00%, 08/01/27 (a)(b)
185,000
175,834
4.00%, 07/15/28 (a)(b)
345,000
309,167
5.50%, 07/01/29 (a)(b)
70,000
65,077
4.13%, 07/01/30 (a)(b)
88,000
73,833
3.88%, 09/01/31 (a)(b)
265,000
211,826
Spanish Broadcasting System, Inc.
9.75%, 03/01/26 (a)(b)
27,000
12,313
Stagwell Global LLC
5.63%, 08/15/29 (a)(b)
135,000
123,694
Sunrise FinCo I BV
4.88%, 07/15/31 (a)(b)
210,000
187,612
TEGNA, Inc.
4.75%, 03/15/26 (a)(b)
125,000
121,070
4.63%, 03/15/28 (a)
65,000
59,118
5.00%, 09/15/29 (a)
125,000
109,965
Telecom Italia Capital SA
6.38%, 11/15/33 (b)
205,000
198,260
6.00%, 09/30/34
125,000
105,641
7.20%, 07/18/36
190,000
172,905
Telesat Canada/Telesat LLC
5.63%, 12/06/26 (a)(b)
61,000
27,890
4.88%, 06/01/27 (a)(b)
52,000
22,499
6.50%, 10/15/27 (a)(b)
46,000
13,649
Townsquare Media, Inc.
6.88%, 02/01/26 (a)(b)
70,000
68,482
U.S. Cellular Corp.
6.70%, 12/15/33
115,000
121,133
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC
6.00%, 01/15/30 (a)(b)
100,000
67,767
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC
10.50%, 02/15/28 (a)(b)
360,000
360,402
4.75%, 04/15/28 (a)(b)
87,000
71,992
6.50%, 02/15/29 (a)(b)
140,000
97,314
Univision Communications, Inc.
6.63%, 06/01/27 (a)(b)
200,000
193,394
8.00%, 08/15/28 (a)(b)
170,000
167,589
4.50%, 05/01/29 (a)(b)
170,000
145,377
7.38%, 06/30/30 (a)(b)
90,000
85,368
8.50%, 07/31/31 (a)(b)(d)
50,000
49,210
Urban One, Inc.
7.38%, 02/01/28 (a)(b)
75,000
59,856
Viasat, Inc.
5.63%, 09/15/25 (a)(b)
90,000
87,355
5.63%, 04/15/27 (a)(b)
75,000
67,109
6.50%, 07/15/28 (a)(b)
45,000
33,533
7.50%, 05/30/31 (a)(b)
92,000
62,804
Videotron Ltd.
5.13%, 04/15/27 (a)(b)
100,000
97,842
3.63%, 06/15/29 (a)(b)
60,000
54,263
Virgin Media Secured Finance PLC
5.50%, 05/15/29 (a)(b)
290,000
262,613
8
  
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Vmed O2 U.K. Financing I PLC
4.25%, 01/31/31 (a)(b)
200,000
164,803
4.75%, 07/15/31 (a)(b)
225,000
186,950
Vodafone Group PLC
7.00%, 04/04/79 (a)(c)
225,000
232,170
3.25%, 06/04/81 (a)(c)
75,000
70,296
4.13%, 06/04/81 (a)(c)
105,000
89,059
5.13%, 06/04/81 (a)(c)
140,000
103,198
Windstream Escrow LLC/Windstream Escrow Finance Corp.
7.75%, 08/15/28 (a)(b)
185,000
173,976
WMG Acquisition Corp.
3.75%, 12/01/29 (a)(b)
125,000
110,851
3.88%, 07/15/30 (a)(b)
100,000
88,468
Zayo Group Holdings, Inc.
4.00%, 03/01/27 (a)(b)
158,000
123,355
6.13%, 03/01/28 (a)(b)
151,000
102,897
Ziggo Bond Co. BV
6.00%, 01/15/27 (a)(b)
265,000
260,297
Ziggo BV
4.88%, 01/15/30 (a)(b)
200,000
178,442
 
22,199,518
Consumer Cyclical 19.3%
1011778 BC ULC/New Red Finance, Inc.
3.88%, 01/15/28 (a)(b)
245,000
227,799
4.38%, 01/15/28 (a)(b)
50,000
46,875
3.50%, 02/15/29 (a)(b)
145,000
130,578
4.00%, 10/15/30 (a)(b)
295,000
256,902
99 Escrow Issuer, Inc.
7.50%, 01/15/26 (a)(b)(e)
35,000
10,238
Academy Ltd.
6.00%, 11/15/27 (a)(b)
25,000
24,620
Adams Homes, Inc.
9.25%, 10/15/28 (a)(b)
55,000
56,486
Adient Global Holdings Ltd.
7.00%, 04/15/28 (a)(b)
89,000
90,945
8.25%, 04/15/31 (a)(b)
115,000
119,889
ADT Security Corp.
4.13%, 08/01/29 (a)(b)
150,000
136,367
4.88%, 07/15/32 (b)
85,000
76,780
Advance Auto Parts, Inc.
5.90%, 03/09/26
170,000
170,298
3.90%, 04/15/30 (a)
75,000
67,465
Affinity Interactive
6.88%, 12/15/27 (a)(b)
70,000
62,351
Allied Universal Holdco LLC
7.88%, 02/15/31 (a)(b)
220,000
219,533
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.63%, 07/15/26 (a)(b)
10,000
10,002
9.75%, 07/15/27 (a)(b)
180,000
178,670
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL
4.63%, 06/01/28 (a)(b)
275,000
248,538
Allison Transmission, Inc.
5.88%, 06/01/29 (a)(b)
70,000
68,936
3.75%, 01/30/31 (a)(b)
161,000
139,654
AMC Entertainment Holdings, Inc.
7.50%, 02/15/29 (a)(b)
145,000
106,980
American Axle & Manufacturing, Inc.
6.50%, 04/01/27 (a)
125,000
124,420
5.00%, 10/01/29 (a)
85,000
77,489
ANGI Group LLC
3.88%, 08/15/28 (a)(b)
150,000
128,672
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Anywhere Real Estate Group LLC/Anywhere Co.-Issuer Corp.
7.00%, 04/15/30 (a)(b)
90,000
78,242
Anywhere Real Estate Group LLC/Realogy Co.-Issuer Corp.
5.75%, 01/15/29 (a)(b)
73,000
50,162
5.25%, 04/15/30 (a)(b)
75,000
49,027
APX Group, Inc.
6.75%, 02/15/27 (a)(b)
145,000
144,577
5.75%, 07/15/29 (a)(b)
80,000
76,026
Arches Buyer, Inc.
4.25%, 06/01/28 (a)(b)
135,000
117,939
6.13%, 12/01/28 (a)(b)
68,000
54,844
Arko Corp.
5.13%, 11/15/29 (a)(b)
75,000
63,713
Asbury Automotive Group, Inc.
4.63%, 11/15/29 (a)(b)
120,000
110,514
5.00%, 02/15/32 (a)(b)
136,000
121,827
ASGN, Inc.
4.63%, 05/15/28 (a)(b)
75,000
70,599
Ashton Woods USA LLC/Ashton Woods Finance Co.
4.63%, 08/01/29 (a)(b)
130,000
116,922
At Home Group, Inc.
4.88%, 07/15/28 (a)(b)
25,000
10,875
Bath & Body Works, Inc.
5.25%, 02/01/28
50,000
48,627
7.50%, 06/15/29 (a)
215,000
221,546
6.63%, 10/01/30 (a)(b)
115,000
115,242
6.95%, 03/01/33
80,000
78,108
6.88%, 11/01/35
110,000
111,036
BCPE Empire Holdings, Inc.
7.63%, 05/01/27 (a)(b)
80,000
77,810
Beazer Homes USA, Inc.
7.25%, 10/15/29 (a)
90,000
89,912
7.50%, 03/15/31 (a)(b)
40,000
39,979
Benteler International AG
10.50%, 05/15/28 (a)(b)
200,000
215,536
Bloomin' Brands, Inc./OSI Restaurant Partners LLC
5.13%, 04/15/29 (a)(b)
50,000
45,960
Boyd Gaming Corp.
4.75%, 12/01/27 (a)
15,000
14,306
4.75%, 06/15/31 (a)(b)
215,000
193,039
Boyne USA, Inc.
4.75%, 05/15/29 (a)(b)
165,000
152,505
Brinker International, Inc.
8.25%, 07/15/30 (a)(b)
42,000
43,856
Brink's Co.
5.50%, 07/15/25 (a)(b)
60,000
59,827
4.63%, 10/15/27 (a)(b)
80,000
76,443
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC
5.00%, 06/15/29 (a)(b)
75,000
67,458
4.88%, 02/15/30 (a)(b)
95,000
83,730
Caesars Entertainment, Inc.
8.13%, 07/01/27 (a)(b)
200,000
204,023
4.63%, 10/15/29 (a)(b)
140,000
126,571
7.00%, 02/15/30 (a)(b)
230,000
232,628
6.50%, 02/15/32 (a)(b)
225,000
222,632
Carnival Corp.
7.63%, 03/01/26 (a)(b)
195,000
196,179
5.75%, 03/01/27 (a)(b)
570,000
559,858
4.00%, 08/01/28 (a)(b)
165,000
152,400
6.00%, 05/01/29 (a)(b)
140,000
136,917
7.00%, 08/15/29 (a)(b)
105,000
107,917
10.50%, 06/01/30 (a)(b)
130,000
141,389
Carnival Holdings Bermuda Ltd.
10.38%, 05/01/28 (a)(b)
125,000
135,408
  
9
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Carriage Services, Inc.
4.25%, 05/15/29 (a)(b)
25,000
22,189
Carrols Restaurant Group, Inc.
5.88%, 07/01/29 (a)(b)
40,000
41,336
Cars.com, Inc.
6.38%, 11/01/28 (a)(b)
45,000
44,244
CCM Merger, Inc.
6.38%, 05/01/26 (a)(b)
30,000
29,893
CEC Entertainment LLC
6.75%, 05/01/26 (a)(b)
93,000
91,713
Cedar Fair LP
5.25%, 07/15/29 (a)
110,000
103,701
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium
Op
5.38%, 04/15/27 (a)
70,000
68,781
Century Communities, Inc.
6.75%, 06/01/27 (a)
140,000
140,740
3.88%, 08/15/29 (a)(b)
60,000
53,311
Champions Financing, Inc.
8.75%, 02/15/29 (a)(b)
55,000
56,596
Churchill Downs, Inc.
5.50%, 04/01/27 (a)(b)
114,000
111,701
4.75%, 01/15/28 (a)(b)
35,000
33,180
5.75%, 04/01/30 (a)(b)
145,000
139,179
6.75%, 05/01/31 (a)(b)
85,000
84,675
Cinemark USA, Inc.
5.88%, 03/15/26 (a)(b)
80,000
78,872
5.25%, 07/15/28 (a)(b)
85,000
79,446
Clarios Global LP
6.75%, 05/15/25 (a)(b)
120,000
120,085
Clarios Global LP/Clarios U.S. Finance Co.
6.25%, 05/15/26 (a)(b)
135,000
134,972
8.50%, 05/15/27 (a)(b)
90,000
90,745
6.75%, 05/15/28 (a)(b)
90,000
91,007
CoreCivic, Inc.
8.25%, 04/15/29 (a)
75,000
78,376
Crocs, Inc.
4.25%, 03/15/29 (a)(b)
40,000
36,547
4.13%, 08/15/31 (a)(b)
45,000
39,253
Cushman & Wakefield U.S. Borrower LLC
6.75%, 05/15/28 (a)(b)
85,000
84,577
8.88%, 09/01/31 (a)(b)
65,000
68,386
Dana, Inc.
5.63%, 06/15/28 (a)
60,000
58,100
4.25%, 09/01/30 (a)
105,000
91,352
4.50%, 02/15/32 (a)
30,000
25,462
Dave & Buster's, Inc.
7.63%, 11/01/25 (a)(b)
90,000
90,547
Dealer Tire LLC/DT Issuer LLC
8.00%, 02/01/28 (a)(b)
65,000
63,434
Dornoch Debt Merger Sub, Inc.
6.63%, 10/15/29 (a)(b)
80,000
69,205
Dream Finders Homes, Inc.
8.25%, 08/15/28 (a)(b)
33,000
33,928
eG Global Finance PLC
12.00%, 11/30/28 (a)(b)
200,000
207,338
Evergreen Acqco 1 LP/TVI, Inc.
9.75%, 04/26/28 (a)(b)
58,000
61,558
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.
4.63%, 01/15/29 (a)(b)
200,000
180,058
6.75%, 01/15/30 (a)(b)
150,000
132,690
Foot Locker, Inc.
4.00%, 10/01/29 (a)(b)
60,000
49,755
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Forestar Group, Inc.
3.85%, 05/15/26 (a)(b)
45,000
42,952
5.00%, 03/01/28 (a)(b)
25,000
23,912
Full House Resorts, Inc.
8.25%, 02/15/28 (a)(b)
64,000
60,575
Gap, Inc.
3.63%, 10/01/29 (a)(b)
100,000
86,632
3.88%, 10/01/31 (a)(b)
100,000
83,124
Garda World Security Corp.
4.63%, 02/15/27 (a)(b)
187,000
177,820
7.75%, 02/15/28 (a)(b)
15,000
15,244
6.00%, 06/01/29 (a)(b)
65,000
58,525
Garrett Motion Holdings, Inc./Garrett LX I SARL
7.75%, 05/31/32 (a)(b)
50,000
50,371
GEO Group, Inc.
8.63%, 04/15/29 (a)(b)
75,000
77,252
10.25%, 04/15/31 (a)(b)
75,000
78,978
G-III Apparel Group Ltd.
7.88%, 08/15/25 (a)(b)
65,000
65,223
Global Auto Holdings Ltd./AAG FH U.K. Ltd.
8.38%, 01/15/29 (a)(b)
200,000
194,790
Go Daddy Operating Co. LLC/GD Finance Co., Inc.
5.25%, 12/01/27 (a)(b)
95,000
92,510
3.50%, 03/01/29 (a)(b)
50,000
44,710
Goodyear Tire & Rubber Co.
5.00%, 05/31/26 (a)
90,000
87,893
4.88%, 03/15/27 (a)
120,000
115,388
5.00%, 07/15/29 (a)
160,000
147,303
5.25%, 04/30/31 (a)
145,000
131,682
5.25%, 07/15/31 (a)
55,000
49,770
GPS Hospitality Holding Co. LLC/GPS Finco, Inc.
7.00%, 08/15/28 (a)(b)
50,000
37,945
Group 1 Automotive, Inc.
4.00%, 08/15/28 (a)(b)
90,000
82,237
GrubHub Holdings, Inc.
5.50%, 07/01/27 (a)(b)
47,000
42,368
Guitar Center, Inc.
8.50%, 01/15/26 (a)(b)
50,000
45,101
Hanesbrands, Inc.
4.88%, 05/15/26 (a)(b)
30,000
29,124
9.00%, 02/15/31 (a)(b)
170,000
173,709
Hilton Domestic Operating Co., Inc.
5.75%, 05/01/28 (a)(b)
110,000
109,070
5.88%, 04/01/29 (a)(b)
70,000
69,443
3.75%, 05/01/29 (a)(b)
55,000
49,877
4.00%, 05/01/31 (a)(b)
150,000
132,651
3.63%, 02/15/32 (a)(b)
285,000
241,885
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower
Escrow, Inc.
5.00%, 06/01/29 (a)(b)
90,000
83,174
4.88%, 07/01/31 (a)(b)
140,000
122,950
6.63%, 01/15/32 (a)(b)
50,000
49,773
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
4.88%, 04/01/27 (a)
150,000
146,152
International Game Technology PLC
4.13%, 04/15/26 (a)(b)
300,000
290,790
IRB Holding Corp.
7.00%, 06/15/25 (a)(b)
110,000
110,101
Jacobs Entertainment, Inc.
6.75%, 02/15/29 (a)(b)
115,000
107,327
Jaguar Land Rover Automotive PLC
7.75%, 10/15/25 (a)(b)
225,000
226,726
JB Poindexter & Co., Inc.
8.75%, 12/15/31 (a)(b)
100,000
102,549
10
  
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
KB Home
6.88%, 06/15/27 (a)
40,000
40,792
7.25%, 07/15/30 (a)
50,000
51,327
4.00%, 06/15/31 (a)
65,000
57,487
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
4.75%, 06/01/27 (a)(b)
210,000
203,869
Kohl's Corp.
4.63%, 05/01/31 (a)(f)
145,000
117,065
Kontoor Brands, Inc.
4.13%, 11/15/29 (a)(b)
64,000
57,788
Korn Ferry
4.63%, 12/15/27 (a)(b)
40,000
38,045
Landsea Homes Corp.
8.88%, 04/01/29 (a)(b)
50,000
48,515
LCM Investments Holdings II LLC
4.88%, 05/01/29 (a)(b)
115,000
106,960
8.25%, 08/01/31 (a)(b)
205,000
212,878
Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc.
5.00%, 02/01/26 (a)(b)
50,000
49,533
Levi Strauss & Co.
3.50%, 03/01/31 (a)(b)
70,000
60,561
LGI Homes, Inc.
8.75%, 12/15/28 (a)(b)
85,000
88,308
4.00%, 07/15/29 (a)(b)
34,000
29,311
Liberty Interactive LLC
8.50%, 07/15/29
42,000
22,534
8.25%, 02/01/30
55,000
29,228
Life Time, Inc.
5.75%, 01/15/26 (a)(b)
110,000
109,435
8.00%, 04/15/26 (a)(b)
60,000
60,444
Light & Wonder International, Inc.
7.00%, 05/15/28 (a)(b)
110,000
110,703
7.50%, 09/01/31 (a)(b)
110,000
113,163
Lindblad Expeditions Holdings, Inc.
9.00%, 05/15/28 (a)(b)
95,000
97,110
Lithia Motors, Inc.
4.63%, 12/15/27 (a)(b)
55,000
52,344
3.88%, 06/01/29 (a)(b)
65,000
57,958
4.38%, 01/15/31 (a)(b)
80,000
70,555
Live Nation Entertainment, Inc.
6.50%, 05/15/27 (a)(b)
140,000
140,820
4.75%, 10/15/27 (a)(b)
165,000
156,457
M/I Homes, Inc.
4.95%, 02/01/28 (a)
48,000
45,682
3.95%, 02/15/30 (a)
50,000
43,710
Macy's Retail Holdings LLC
5.88%, 04/01/29 (a)(b)
150,000
144,569
4.50%, 12/15/34 (a)
135,000
115,931
Marks & Spencer PLC
7.13%, 12/01/37 (b)
100,000
105,608
Marriott Ownership Resorts, Inc.
4.75%, 01/15/28 (a)
75,000
70,141
4.50%, 06/15/29 (a)(b)
55,000
49,909
Match Group Holdings II LLC
5.00%, 12/15/27 (a)(b)
30,000
28,436
5.63%, 02/15/29 (a)(b)
125,000
118,623
4.13%, 08/01/30 (a)(b)
112,000
97,465
Mattamy Group Corp.
4.63%, 03/01/30 (a)(b)
75,000
68,599
Matthews International Corp.
5.25%, 12/01/25 (a)(b)
15,000
14,882
Mavis Tire Express Services Topco Corp.
6.50%, 05/15/29 (a)(b)
35,000
32,272
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
MGM Resorts International
5.50%, 04/15/27 (a)
100,000
98,411
4.75%, 10/15/28 (a)
125,000
116,961
6.50%, 04/15/32 (a)
100,000
97,844
Michaels Cos., Inc.
5.25%, 05/01/28 (a)(b)
112,000
90,959
7.88%, 05/01/29 (a)(b)
160,000
108,982
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.
4.88%, 05/01/29 (a)(b)
120,000
111,037
Mohegan Tribal Gaming Authority
8.00%, 02/01/26 (a)(b)
190,000
178,660
Motion Bondco DAC
6.63%, 11/15/27 (a)(b)
200,000
195,644
Murphy Oil USA, Inc.
4.75%, 09/15/29 (a)
89,000
83,920
3.75%, 02/15/31 (a)(b)
75,000
65,141
NCL Corp. Ltd.
5.88%, 03/15/26 (a)(b)
179,000
176,110
5.88%, 02/15/27 (a)(b)
125,000
123,282
8.38%, 02/01/28 (a)(b)
75,000
78,325
8.13%, 01/15/29 (a)(b)
100,000
104,548
7.75%, 02/15/29 (a)(b)
90,000
92,553
NCL Finance Ltd.
6.13%, 03/15/28 (a)(b)
65,000
63,678
Newmark Group, Inc.
7.50%, 01/12/29 (a)(b)
75,000
76,657
NMG Holding Co., Inc./Neiman Marcus Group LLC
7.13%, 04/01/26 (a)(b)
149,000
148,282
Nordstrom, Inc.
4.00%, 03/15/27 (a)
43,000
41,123
6.95%, 03/15/28
50,000
50,358
4.38%, 04/01/30 (a)
90,000
81,909
4.25%, 08/01/31 (a)
40,000
35,362
5.00%, 01/15/44 (a)
118,000
92,917
Ontario Gaming GTA LP/OTG Co.-Issuer, Inc.
8.00%, 08/01/30 (a)(b)
50,000
51,399
Papa John's International, Inc.
3.88%, 09/15/29 (a)(b)
50,000
43,466
Parkland Corp.
4.50%, 10/01/29 (a)(b)
145,000
132,003
4.63%, 05/01/30 (a)(b)
95,000
86,414
Penn Entertainment, Inc.
5.63%, 01/15/27 (a)(b)
50,000
47,662
4.13%, 07/01/29 (a)(b)
85,000
71,009
Penske Automotive Group, Inc.
3.50%, 09/01/25 (a)
20,000
19,407
3.75%, 06/15/29 (a)(b)
65,000
57,873
PetSmart, Inc./PetSmart Finance Corp.
4.75%, 02/15/28 (a)(b)
260,000
241,704
PM General Purchaser LLC
9.50%, 10/01/28 (a)(b)
85,000
86,415
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.63%, 09/01/29 (a)(b)
104,000
75,601
5.88%, 09/01/31 (a)(b)
103,000
71,944
Prime Security Services Borrower LLC/Prime Finance, Inc.
5.75%, 04/15/26 (b)
185,000
183,814
3.38%, 08/31/27 (a)(b)
85,000
78,061
6.25%, 01/15/28 (a)(b)
105,000
103,161
QVC, Inc.
4.75%, 02/15/27 (a)
107,000
91,416
4.38%, 09/01/28 (a)
84,000
62,655
5.95%, 03/15/43
67,000
38,485
Raising Cane's Restaurants LLC
9.38%, 05/01/29 (a)(b)
95,000
102,400
  
11
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Rakuten Group, Inc.
11.25%, 02/15/27 (b)
410,000
432,919
9.75%, 04/15/29 (b)
240,000
241,872
Raptor Acquisition Corp./Raptor Co.-Issuer LLC
4.88%, 11/01/26 (a)(b)
50,000
48,192
Real Hero Merger Sub 2, Inc.
6.25%, 02/01/29 (a)(b)
75,000
64,686
Resorts World Las Vegas LLC/RWLV Capital, Inc.
4.63%, 04/16/29 (a)(b)
225,000
202,278
Royal Caribbean Cruises Ltd.
5.50%, 08/31/26 (a)(b)
125,000
123,237
5.38%, 07/15/27 (a)(b)
220,000
215,690
7.50%, 10/15/27
130,000
136,465
3.70%, 03/15/28 (a)
40,000
37,192
5.50%, 04/01/28 (a)(b)
145,000
141,743
7.25%, 01/15/30 (a)(b)
105,000
108,532
6.25%, 03/15/32 (a)(b)
140,000
139,449
Sally Holdings LLC/Sally Capital, Inc.
6.75%, 03/01/32 (a)
105,000
103,111
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc.
6.63%, 03/01/30 (a)(b)
113,000
107,123
SeaWorld Parks & Entertainment, Inc.
5.25%, 08/15/29 (a)(b)
150,000
140,372
Service Corp. International
4.63%, 12/15/27 (a)
25,000
23,902
5.13%, 06/01/29 (a)
175,000
168,627
3.38%, 08/15/30 (a)
60,000
51,480
4.00%, 05/15/31 (a)
100,000
87,450
Shea Homes LP/Shea Homes Funding Corp.
4.75%, 02/15/28 (a)
34,000
32,143
4.75%, 04/01/29 (a)
77,000
71,507
Signal Parent, Inc.
6.13%, 04/01/29 (a)(b)
56,000
37,054
Six Flags Entertainment Corp.
5.50%, 04/15/27 (a)(b)
75,000
73,661
7.25%, 05/15/31 (a)(b)
149,000
149,207
Six Flags Entertainment Corp./Six Flags Theme Parks, Inc.
6.63%, 05/01/32 (a)(b)
100,000
100,135
Sizzling Platter LLC/Sizzling Platter Finance Corp.
8.50%, 11/28/25 (a)(b)
40,000
40,350
Sonic Automotive, Inc.
4.63%, 11/15/29 (a)(b)
65,000
58,464
4.88%, 11/15/31 (a)(b)
84,000
73,776
Sotheby's
7.38%, 10/15/27 (a)(b)
212,000
184,732
Speedway Motorsports LLC/Speedway Funding II, Inc.
4.88%, 11/01/27 (a)(b)
70,000
66,282
Staples, Inc.
7.50%, 04/15/26 (a)(b)
282,000
282,126
10.75%, 04/15/27 (a)(b)
117,000
104,769
Station Casinos LLC
4.50%, 02/15/28 (a)(b)
120,000
111,824
4.63%, 12/01/31 (a)(b)
145,000
127,073
STL Holding Co. LLC
8.75%, 02/15/29 (a)(b)
50,000
52,050
StoneMor, Inc.
8.50%, 05/15/29 (a)(b)
46,000
37,265
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.
5.88%, 05/15/25 (a)(b)
40,000
39,782
Taylor Morrison Communities, Inc.
5.75%, 01/15/28 (a)(b)
135,000
133,022
5.13%, 08/01/30 (a)(b)
65,000
61,729
Tenneco, Inc.
8.00%, 11/17/28 (a)(b)
235,000
214,859
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
TKC Holdings, Inc.
10.50%, 05/15/29 (a)(b)
130,000
128,245
Travel & Leisure Co.
6.60%, 10/01/25 (a)(f)
90,000
90,797
6.00%, 04/01/27 (a)(f)
50,000
49,863
4.50%, 12/01/29 (a)(b)
125,000
113,918
4.63%, 03/01/30 (a)(b)
53,000
48,138
Tri Pointe Homes, Inc.
5.70%, 06/15/28 (a)
50,000
49,008
TriNet Group, Inc.
3.50%, 03/01/29 (a)(b)
60,000
53,010
TripAdvisor, Inc.
7.00%, 07/15/25 (a)(b)
80,000
80,204
Uber Technologies, Inc.
7.50%, 09/15/27 (a)(b)
155,000
157,975
6.25%, 01/15/28 (a)(b)
95,000
95,070
4.50%, 08/15/29 (a)(b)
125,000
118,075
Under Armour, Inc.
3.25%, 06/15/26 (a)
50,000
47,231
Upbound Group, Inc.
6.38%, 02/15/29 (a)(b)
65,000
62,745
Valvoline, Inc.
3.63%, 06/15/31 (a)(b)
85,000
71,801
Victoria's Secret & Co.
4.63%, 07/15/29 (a)(b)
60,000
48,982
Victra Holdings LLC/Victra Finance Corp.
7.75%, 02/15/26 (a)(b)
70,000
69,402
Viking Cruises Ltd.
5.88%, 09/15/27 (a)(b)
97,000
94,771
7.00%, 02/15/29 (a)(b)
120,000
120,314
9.13%, 07/15/31 (a)(b)
94,000
101,330
VOC Escrow Ltd.
5.00%, 02/15/28 (a)(b)
140,000
134,561
VT Topco, Inc.
8.50%, 08/15/30 (a)(b)
65,000
68,007
Wabash National Corp.
4.50%, 10/15/28 (a)(b)
50,000
45,187
Walgreen Co.
4.40%, 09/15/42
50,000
41,330
Walgreens Boots Alliance, Inc.
3.45%, 06/01/26 (a)
125,000
119,302
3.20%, 04/15/30 (a)
100,000
87,471
4.10%, 04/15/50 (a)
215,000
156,622
Wand NewCo 3, Inc.
7.63%, 01/30/32 (a)(b)
210,000
215,364
WASH Multifamily Acquisition, Inc.
5.75%, 04/15/26 (a)(b)
88,000
85,622
Weekley Homes LLC/Weekley Finance Corp.
4.88%, 09/15/28 (a)(b)
50,000
46,009
William Carter Co.
5.63%, 03/15/27 (a)(b)
50,000
49,140
Wolverine World Wide, Inc.
4.00%, 08/15/29 (a)(b)
50,000
41,688
WW International, Inc.
4.50%, 04/15/29 (a)(b)
43,000
18,112
Wyndham Hotels & Resorts, Inc.
4.38%, 08/15/28 (a)(b)
25,000
23,209
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.25%, 05/15/27 (a)(b)
63,000
61,360
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.13%, 10/01/29 (a)(b)
65,000
61,171
7.13%, 02/15/31 (a)(b)
150,000
154,112
12
  
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Yum! Brands, Inc.
4.75%, 01/15/30 (a)(b)
165,000
155,690
4.63%, 01/31/32 (a)
300,000
273,523
ZF North America Capital, Inc.
6.88%, 04/14/28 (a)(b)
150,000
152,739
6.75%, 04/23/30 (a)(b)
225,000
227,918
ZipRecruiter, Inc.
5.00%, 01/15/30 (a)(b)
95,000
82,479
 
30,325,328
Consumer Non-Cyclical 11.5%
Acadia Healthcare Co., Inc.
5.50%, 07/01/28 (a)(b)
145,000
141,136
ACCO Brands Corp.
4.25%, 03/15/29 (a)(b)
65,000
57,719
Acushnet Co.
7.38%, 10/15/28 (a)(b)
25,000
25,733
AdaptHealth LLC
4.63%, 08/01/29 (a)(b)
92,000
78,873
5.13%, 03/01/30 (a)(b)
90,000
78,687
AHP Health Partners, Inc.
5.75%, 07/15/29 (a)(b)
40,000
37,104
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
7.50%, 03/15/26 (a)(b)
203,000
206,159
4.63%, 01/15/27 (a)(b)
255,000
245,953
5.88%, 02/15/28 (a)(b)
190,000
186,864
3.50%, 03/15/29 (a)(b)
170,000
151,767
Amer Sports Co.
6.75%, 02/16/31 (a)(b)
100,000
99,702
AMN Healthcare, Inc.
4.63%, 10/01/27 (a)(b)
100,000
94,714
4.00%, 04/15/29 (a)(b)
50,000
44,353
Aramark Services, Inc.
5.00%, 02/01/28 (a)(b)
140,000
133,968
Avantor Funding, Inc.
4.63%, 07/15/28 (a)(b)
136,000
128,096
3.88%, 11/01/29 (a)(b)
135,000
121,113
B&G Foods, Inc.
5.25%, 09/15/27 (a)
40,000
36,747
8.00%, 09/15/28 (a)(b)
90,000
91,455
Bausch & Lomb Corp.
8.38%, 10/01/28 (a)(b)
130,000
132,437
Bausch Health Americas, Inc.
9.25%, 04/01/26 (a)(b)
120,000
111,927
8.50%, 01/31/27 (a)(b)
202,000
146,536
Bausch Health Cos., Inc.
5.50%, 11/01/25 (a)(b)
175,000
165,208
9.00%, 12/15/25 (a)(b)
120,000
114,479
6.13%, 02/01/27 (a)(b)
25,000
20,784
5.75%, 08/15/27 (a)(b)
185,000
146,343
4.88%, 06/01/28 (a)(b)
125,000
91,696
11.00%, 09/30/28 (b)
135,000
118,125
5.00%, 02/15/29 (a)(b)
149,000
77,558
7.25%, 05/30/29 (a)(b)
30,000
16,695
14.00%, 10/15/30 (a)(b)
110,000
84,150
5.25%, 02/15/31 (a)(b)
86,000
43,334
BellRing Brands, Inc.
7.00%, 03/15/30 (a)(b)
105,000
107,370
C&S Group Enterprises LLC
5.00%, 12/15/28 (a)(b)
64,000
47,370
Cano Health LLC
6.25%, 10/01/28 (a)(b)(e)
26,000
49
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Catalent Pharma Solutions, Inc.
5.00%, 07/15/27 (a)(b)
75,000
73,589
3.13%, 02/15/29 (a)(b)
25,000
23,872
3.50%, 04/01/30 (a)(b)
75,000
71,356
CD&R Smokey Buyer, Inc.
6.75%, 07/15/25 (a)(b)
90,000
89,368
Central Garden & Pet Co.
5.13%, 02/01/28 (a)
45,000
43,346
4.13%, 10/15/30 (a)
90,000
79,771
4.13%, 04/30/31 (a)(b)
40,000
35,017
Charles River Laboratories International, Inc.
4.25%, 05/01/28 (a)(b)
55,000
51,644
3.75%, 03/15/29 (a)(b)
73,000
66,104
4.00%, 03/15/31 (a)(b)
73,000
64,226
Chobani LLC/Chobani Finance Corp., Inc.
7.63%, 07/01/29 (a)(b)
130,000
132,595
CHS/Community Health Systems, Inc.
8.00%, 03/15/26 (a)(b)
264,000
264,636
5.63%, 03/15/27 (a)(b)
245,000
232,249
8.00%, 12/15/27 (a)(b)
75,000
75,092
6.88%, 04/01/28 (a)(b)
100,000
72,613
6.88%, 04/15/29 (a)(b)
124,000
97,167
6.13%, 04/01/30 (a)(b)
137,000
97,823
5.25%, 05/15/30 (a)(b)
182,000
151,225
4.75%, 02/15/31 (a)(b)
100,000
79,037
10.88%, 01/15/32 (a)(b)
165,000
170,691
Coty, Inc.
5.00%, 04/15/26 (a)(b)
50,000
49,290
6.50%, 04/15/26 (a)(b)
50,000
50,021
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC
4.75%, 01/15/29 (a)(b)
100,000
94,218
6.63%, 07/15/30 (a)(b)
45,000
45,354
Darling Ingredients, Inc.
5.25%, 04/15/27 (a)(b)
110,000
107,138
6.00%, 06/15/30 (a)(b)
95,000
92,922
DaVita, Inc.
4.63%, 06/01/30 (a)(b)
255,000
228,627
3.75%, 02/15/31 (a)(b)
200,000
167,984
Edgewell Personal Care Co.
5.50%, 06/01/28 (a)(b)
25,000
24,324
4.13%, 04/01/29 (a)(b)
75,000
68,350
Elanco Animal Health, Inc.
6.65%, 08/28/28 (a)(f)
95,000
96,018
Embecta Corp.
5.00%, 02/15/30 (a)(b)
85,000
70,369
Emergent BioSolutions, Inc.
3.88%, 08/15/28 (a)(b)
75,000
45,169
Encompass Health Corp.
4.50%, 02/01/28 (a)
126,000
119,138
4.75%, 02/01/30 (a)
90,000
83,368
4.63%, 04/01/31 (a)
75,000
67,851
Endo Finance Holdings, Inc.
8.50%, 04/15/31 (a)(b)
115,000
118,021
Energizer Holdings, Inc.
6.50%, 12/31/27 (a)(b)
70,000
69,476
4.75%, 06/15/28 (a)(b)
65,000
60,026
4.38%, 03/31/29 (a)(b)
75,000
66,743
Fiesta Purchaser, Inc.
7.88%, 03/01/31 (a)(b)
62,000
63,761
Fortrea Holdings, Inc.
7.50%, 07/01/30 (a)(b)
52,000
52,039
Grifols SA
4.75%, 10/15/28 (a)(b)
240,000
209,030
  
13
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Heartland Dental LLC/Heartland Dental Finance Corp.
10.50%, 04/30/28 (a)(b)
135,000
143,815
Herbalife Nutrition Ltd./HLF Financing, Inc.
7.88%, 09/01/25 (a)(b)
38,000
37,030
H-Food Holdings LLC/Hearthside Finance Co., Inc.
8.50%, 06/01/26 (a)(b)
44,000
3,967
HLF Financing SARL LLC/Herbalife International, Inc.
12.25%, 04/15/29 (a)(b)
125,000
123,094
4.88%, 06/01/29 (a)(b)
72,000
46,889
Hologic, Inc.
4.63%, 02/01/28 (a)(b)
85,000
81,691
3.25%, 02/15/29 (a)(b)
100,000
89,365
Ingles Markets, Inc.
4.00%, 06/15/31 (a)(b)
75,000
64,572
IQVIA, Inc.
5.00%, 10/15/26 (a)(b)
200,000
195,690
5.00%, 05/15/27 (a)(b)
200,000
194,437
Jazz Securities DAC
4.38%, 01/15/29 (a)(b)
230,000
211,827
Kedrion SpA
6.50%, 09/01/29 (a)(b)
200,000
183,025
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc.
9.00%, 02/15/29 (a)(b)
85,000
86,205
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.
5.00%, 12/31/26 (a)(b)
55,000
53,390
7.00%, 12/31/27 (a)(b)
70,000
69,056
Lamb Weston Holdings, Inc.
4.13%, 01/31/30 (a)(b)
175,000
157,501
4.38%, 01/31/32 (a)(b)
75,000
66,296
Legacy LifePoint Health LLC
4.38%, 02/15/27 (a)(b)
95,000
89,791
LifePoint Health, Inc.
5.38%, 01/15/29 (a)(b)
125,000
105,637
9.88%, 08/15/30 (a)(b)
50,000
53,562
11.00%, 10/15/30 (a)(b)
105,000
115,804
10.00%, 06/01/32 (a)(b)
100,000
100,488
MajorDrive Holdings IV LLC
6.38%, 06/01/29 (a)(b)
65,000
61,247
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
14.75%, 11/14/28 (a)(b)
107,000
116,585
Medline Borrower LP
3.88%, 04/01/29 (a)(b)
470,000
428,185
5.25%, 10/01/29 (a)(b)
310,000
292,470
Medline Borrower LP/Medline Co.-Issuer, Inc.
6.25%, 04/01/29 (a)(b)
175,000
175,254
ModivCare Escrow Issuer, Inc.
5.00%, 10/01/29 (a)(b)
79,000
56,185
ModivCare, Inc.
5.88%, 11/15/25 (a)(b)
75,000
74,640
MPH Acquisition Holdings LLC
5.50%, 09/01/28 (a)(b)
95,000
70,750
5.75%, 11/01/28 (a)(b)
160,000
95,340
Neogen Food Safety Corp.
8.63%, 07/20/30 (a)(b)
60,000
64,404
Newell Brands, Inc.
5.70%, 04/01/26 (a)
220,000
217,382
6.38%, 09/15/27 (a)
100,000
98,484
6.63%, 09/15/29 (a)
85,000
83,315
7.00%, 04/01/46 (a)(f)
111,000
91,384
Option Care Health, Inc.
4.38%, 10/31/29 (a)(b)
65,000
59,233
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Organon & Co./Organon Foreign Debt Co.-Issuer BV
4.13%, 04/30/28 (a)(b)
210,000
194,136
5.13%, 04/30/31 (a)(b)
200,000
176,908
Owens & Minor, Inc.
6.63%, 04/01/30 (a)(b)
115,000
109,599
P&L Development LLC/PLD Finance Corp.
7.75%, 11/15/25 (a)(b)
34,000
28,863
Pediatrix Medical Group, Inc.
5.38%, 02/15/30 (a)(b)
30,000
25,873
Performance Food Group, Inc.
5.50%, 10/15/27 (a)(b)
80,000
78,040
4.25%, 08/01/29 (a)(b)
120,000
109,126
Perrigo Finance Unlimited Co.
4.65%, 06/15/30 (a)
205,000
188,575
Pilgrim's Pride Corp.
4.25%, 04/15/31 (a)
132,000
118,895
3.50%, 03/01/32 (a)
140,000
117,677
6.25%, 07/01/33 (a)
125,000
126,467
6.88%, 05/15/34 (a)
65,000
68,715
Post Holdings, Inc.
5.63%, 01/15/28 (a)(b)
150,000
146,686
5.50%, 12/15/29 (a)(b)
65,000
61,953
4.63%, 04/15/30 (a)(b)
335,000
304,412
4.50%, 09/15/31 (a)(b)
140,000
124,032
Prestige Brands, Inc.
3.75%, 04/01/31 (a)(b)
130,000
111,567
Prime Healthcare Services, Inc.
7.25%, 11/01/25 (a)(b)
90,000
90,249
Primo Water Holdings, Inc.
4.38%, 04/30/29 (a)(b)
130,000
119,319
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.
9.75%, 12/01/26 (a)(b)
136,000
136,288
Safeway, Inc.
7.25%, 02/01/31
35,000
37,406
Scotts Miracle-Gro Co.
5.25%, 12/15/26 (a)
50,000
48,915
4.50%, 10/15/29 (a)
45,000
40,526
4.00%, 04/01/31 (a)
70,000
59,889
4.38%, 02/01/32 (a)
60,000
51,214
Select Medical Corp.
6.25%, 08/15/26 (a)(b)
175,000
175,175
Sigma Holdco BV
7.88%, 05/15/26 (a)(b)
200,000
194,706
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food,
Inc./Simmons Feed
4.63%, 03/01/29 (a)(b)
100,000
87,253
Sotera Health Holdings LLC
7.38%, 06/01/31 (a)(b)
50,000
49,632
Spectrum Brands, Inc.
5.50%, 07/15/30 (a)(b)
20,000
20,088
3.88%, 03/15/31 (a)(b)
60,000
55,279
Star Parent, Inc.
9.00%, 10/01/30 (a)(b)
65,000
67,859
Surgery Center Holdings, Inc.
7.25%, 04/15/32 (a)(b)
115,000
116,007
SWF Escrow Issuer Corp.
6.50%, 10/01/29 (a)(b)
75,000
42,619
Teleflex, Inc.
4.63%, 11/15/27 (a)
15,000
14,375
4.25%, 06/01/28 (a)(b)
135,000
126,274
Tempur Sealy International, Inc.
4.00%, 04/15/29 (a)(b)
90,000
80,786
3.88%, 10/15/31 (a)(b)
90,000
75,685
14
  
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Tenet Healthcare Corp.
6.25%, 02/01/27 (a)
255,000
255,587
5.13%, 11/01/27 (a)
135,000
131,650
4.63%, 06/15/28 (a)
53,000
50,420
6.13%, 10/01/28 (a)
415,000
411,445
4.25%, 06/01/29 (a)
155,000
143,511
4.38%, 01/15/30 (a)
185,000
170,274
6.13%, 06/15/30 (a)
240,000
238,179
6.75%, 05/15/31 (a)(b)
165,000
166,717
6.88%, 11/15/31
45,000
47,079
Thor Industries, Inc.
4.00%, 10/15/29 (a)(b)
40,000
34,928
Toledo Hospital
4.98%, 11/15/45 (a)
45,000
32,356
6.02%, 11/15/48
60,000
49,509
TreeHouse Foods, Inc.
4.00%, 09/01/28 (a)
100,000
89,163
Triton Water Holdings, Inc.
6.25%, 04/01/29 (a)(b)
50,000
46,252
U.S. Acute Care Solutions LLC
9.75%, 05/15/29 (a)(b)
75,000
72,401
U.S. Foods, Inc.
6.88%, 09/15/28 (a)(b)
25,000
25,469
4.75%, 02/15/29 (a)(b)
100,000
93,954
4.63%, 06/01/30 (a)(b)
85,000
78,111
7.25%, 01/15/32 (a)(b)
95,000
98,164
United Natural Foods, Inc.
6.75%, 10/15/28 (a)(b)
100,000
82,647
Vector Group Ltd.
10.50%, 11/01/26 (a)(b)
55,000
55,445
5.75%, 02/01/29 (a)(b)
85,000
78,084
Vista Outdoor, Inc.
4.50%, 03/15/29 (a)(b)
65,000
63,971
Winnebago Industries, Inc.
6.25%, 07/15/28 (a)(b)
65,000
64,192
 
18,023,428
Energy 11.7%
Aethon United BR LP/Aethon United Finance Corp.
8.25%, 02/15/26 (a)(b)
75,000
75,763
AmeriGas Partners LP/AmeriGas Finance Corp.
5.75%, 05/20/27 (a)
133,000
126,900
9.38%, 06/01/28 (a)(b)
105,000
107,724
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.75%, 03/01/27 (a)(b)
60,000
59,355
5.75%, 01/15/28 (a)(b)
95,000
93,004
5.38%, 06/15/29 (a)(b)
250,000
239,786
Antero Resources Corp.
7.63%, 02/01/29 (a)(b)
125,000
128,853
5.38%, 03/01/30 (a)(b)
90,000
86,197
Archrock Partners LP/Archrock Partners Finance Corp.
6.88%, 04/01/27 (a)(b)
150,000
150,695
6.25%, 04/01/28 (a)(b)
39,000
38,574
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
7.00%, 11/01/26 (a)(b)
180,000
180,096
8.25%, 12/31/28 (a)(b)
70,000
71,646
Baytex Energy Corp.
8.50%, 04/30/30 (a)(b)
105,000
109,578
7.38%, 03/15/32 (a)(b)
65,000
65,804
Berry Petroleum Co. LLC
7.00%, 02/15/26 (a)(b)
55,000
54,208
Blue Racer Midstream LLC/Blue Racer Finance Corp.
7.00%, 07/15/29 (a)(b)
50,000
50,562
7.25%, 07/15/32 (a)(b)
50,000
50,975
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Borr IHC Ltd./Borr Finance LLC
10.38%, 11/15/30 (a)(b)
194,903
204,636
Bristow Group, Inc.
6.88%, 03/01/28 (a)(b)
45,000
44,231
Buckeye Partners LP
3.95%, 12/01/26 (a)
95,000
90,423
4.50%, 03/01/28 (a)(b)
55,000
51,444
5.85%, 11/15/43 (a)
109,000
93,116
California Resources Corp.
7.13%, 02/01/26 (a)(b)
65,000
65,370
8.25%, 06/15/29 (a)(b)(d)
100,000
100,233
Calumet Specialty Products Partners LP/Calumet Finance Corp.
11.00%, 04/15/25 (a)(b)
22,000
22,026
8.13%, 01/15/27 (a)(b)
70,000
66,136
9.75%, 07/15/28 (a)(b)
25,000
23,764
Chesapeake Energy Corp.
5.50%, 02/01/26 (a)(b)
25,000
24,741
5.88%, 02/01/29 (a)(b)
70,000
68,887
6.75%, 04/15/29 (a)(b)
135,000
135,448
Chord Energy Corp.
6.38%, 06/01/26 (a)(b)
50,000
49,957
CITGO Petroleum Corp.
6.38%, 06/15/26 (a)(b)
175,000
175,163
8.38%, 01/15/29 (a)(b)
180,000
186,467
Civitas Resources, Inc.
5.00%, 10/15/26 (a)(b)
50,000
48,713
8.38%, 07/01/28 (a)(b)
219,000
230,111
8.63%, 11/01/30 (a)(b)
95,000
101,681
8.75%, 07/01/31 (a)(b)
103,000
110,093
CNX Midstream Partners LP
4.75%, 04/15/30 (a)(b)
50,000
45,013
CNX Resources Corp.
6.00%, 01/15/29 (a)(b)
60,000
58,594
7.38%, 01/15/31 (a)(b)
100,000
102,098
7.25%, 03/01/32 (a)(b)
20,000
20,291
Comstock Resources, Inc.
6.75%, 03/01/29 (a)(b)
210,000
201,989
5.88%, 01/15/30 (a)(b)
65,000
59,969
CQP Holdco LP/BIP-V Chinook Holdco LLC
5.50%, 06/15/31 (a)(b)
250,000
234,437
Crescent Energy Finance LLC
9.25%, 02/15/28 (a)(b)
142,000
150,428
7.63%, 04/01/32 (a)(b)
100,000
101,982
CrownRock LP/CrownRock Finance, Inc.
5.63%, 10/15/25 (a)(b)
183,000
182,653
CVR Energy, Inc.
5.75%, 02/15/28 (a)(b)
115,000
106,234
Delek Logistics Partners LP/Delek Logistics Finance Corp.
7.13%, 06/01/28 (a)(b)
50,000
49,407
8.63%, 03/15/29 (a)(b)
50,000
51,166
Diamond Foreign Asset Co./Diamond Finance LLC
8.50%, 10/01/30 (a)(b)
90,000
94,562
DT Midstream, Inc.
4.13%, 06/15/29 (a)(b)
115,000
105,253
4.38%, 06/15/31 (a)(b)
145,000
130,335
Encino Acquisition Partners Holdings LLC
8.50%, 05/01/28 (a)(b)
119,000
121,749
Endeavor Energy Resources LP/EER Finance, Inc.
5.75%, 01/30/28 (a)(b)
60,000
60,617
Enerflex Ltd.
9.00%, 10/15/27 (a)(b)
55,000
56,252
Energy Transfer LP
8.00%, 05/15/54 (a)(c)
90,000
93,763
  
15
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
EQM Midstream Partners LP
6.00%, 07/01/25 (a)(b)
20,000
20,001
4.13%, 12/01/26 (a)
65,000
62,498
7.50%, 06/01/27 (a)(b)
140,000
143,127
6.50%, 07/01/27 (a)(b)
110,000
110,994
5.50%, 07/15/28 (a)
100,000
98,123
4.50%, 01/15/29 (a)(b)
55,000
51,296
6.38%, 04/01/29 (a)(b)
60,000
59,931
7.50%, 06/01/30 (a)(b)
80,000
84,548
4.75%, 01/15/31 (a)(b)
115,000
105,677
6.50%, 07/15/48 (a)
74,000
74,087
Ferrellgas LP/Ferrellgas Finance Corp.
5.88%, 04/01/29 (a)(b)
170,000
160,643
FTAI Infra Escrow Holdings LLC
10.50%, 06/01/27 (a)(b)
50,000
53,193
Genesis Energy LP/Genesis Energy Finance Corp.
6.25%, 05/15/26 (a)
100,000
99,920
8.00%, 01/15/27 (a)
110,000
112,172
7.75%, 02/01/28 (a)
80,000
80,410
8.25%, 01/15/29 (a)
125,000
128,164
Global Marine, Inc.
7.00%, 06/01/28
30,000
27,944
Global Partners LP/GLP Finance Corp.
7.00%, 08/01/27 (a)
75,000
75,324
6.88%, 01/15/29 (a)
30,000
29,566
8.25%, 01/15/32 (a)(b)
60,000
61,775
Greenfire Resources Ltd.
12.00%, 10/01/28 (a)(b)
50,000
53,298
Gulfport Energy Corp.
8.00%, 05/17/26 (a)(b)
140,000
142,019
Harbour Energy PLC
5.50%, 10/15/26 (a)(b)
200,000
195,895
Harvest Midstream I LP
7.50%, 09/01/28 (a)(b)
135,000
137,095
Helix Energy Solutions Group, Inc.
9.75%, 03/01/29 (a)(b)
45,000
47,669
Hess Midstream Operations LP
5.63%, 02/15/26 (a)(b)
60,000
59,659
4.25%, 02/15/30 (a)(b)
175,000
159,192
5.50%, 10/15/30 (a)(b)
85,000
81,644
Hilcorp Energy I LP/Hilcorp Finance Co.
5.75%, 02/01/29 (a)(b)
85,000
82,171
6.00%, 04/15/30 (a)(b)
50,000
48,288
6.00%, 02/01/31 (a)(b)
180,000
172,170
6.25%, 04/15/32 (a)(b)
35,000
33,575
8.38%, 11/01/33 (a)(b)
75,000
80,284
6.88%, 05/15/34 (a)(b)
100,000
98,598
Howard Midstream Energy Partners LLC
6.75%, 01/15/27 (a)(b)
60,000
60,093
8.88%, 07/15/28 (a)(b)
65,000
68,265
ITT Holdings LLC
6.50%, 08/01/29 (a)(b)
150,000
137,441
Kinetik Holdings LP
6.63%, 12/15/28 (a)(b)
125,000
126,397
5.88%, 06/15/30 (a)(b)
100,000
97,521
Kodiak Gas Services LLC
7.25%, 02/15/29 (a)(b)
75,000
76,192
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.
6.00%, 08/01/26 (a)(b)
35,000
34,442
Martin Midstream Partners LP/Martin Midstream Finance Corp.
11.50%, 02/15/28 (a)(b)
25,000
26,928
Matador Resources Co.
6.50%, 04/15/32 (a)(b)
100,000
99,868
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
MEG Energy Corp.
5.88%, 02/01/29 (a)(b)
115,000
111,693
Moss Creek Resources Holdings, Inc.
7.50%, 01/15/26 (a)(b)
50,000
49,892
10.50%, 05/15/27 (a)(b)
90,000
92,170
Murphy Oil Corp.
5.88%, 12/01/27 (a)
40,000
40,216
6.38%, 07/15/28 (a)
125,000
125,974
5.88%, 12/01/42 (a)(f)
45,000
39,633
Nabors Industries Ltd.
7.25%, 01/15/26 (a)(b)
75,000
75,241
Nabors Industries, Inc.
7.38%, 05/15/27 (a)(b)
75,000
74,888
9.13%, 01/31/30 (a)(b)
85,000
87,836
New Fortress Energy, Inc.
6.75%, 09/15/25 (a)(b)
155,000
153,271
6.50%, 09/30/26 (a)(b)
175,000
164,846
8.75%, 03/15/29 (a)(b)
75,000
72,043
NGL Energy Operating LLC/NGL Energy Finance Corp.
8.13%, 02/15/29 (a)(b)
75,000
76,403
8.38%, 02/15/32 (a)(b)
175,000
178,347
Nine Energy Service, Inc.
13.00%, 02/01/28 (a)
35,000
28,183
Noble Finance II LLC
8.00%, 04/15/30 (a)(b)
45,000
46,451
Northern Oil & Gas, Inc.
8.13%, 03/01/28 (a)(b)
100,000
101,747
Northriver Midstream Finance LP
5.63%, 02/15/26 (a)(b)
165,000
162,872
NuStar Logistics LP
5.75%, 10/01/25 (a)
80,000
79,567
6.00%, 06/01/26 (a)
35,000
34,689
5.63%, 04/28/27 (a)
101,000
99,543
6.38%, 10/01/30 (a)
70,000
69,833
Oceaneering International, Inc.
6.00%, 02/01/28 (a)
25,000
24,653
PBF Holding Co. LLC/PBF Finance Corp.
6.00%, 02/15/28 (a)
133,000
130,057
7.88%, 09/15/30 (a)(b)
40,000
41,124
Permian Resources Operating LLC
5.38%, 01/15/26 (a)(b)
25,000
24,714
7.75%, 02/15/26 (a)(b)
60,000
60,704
8.00%, 04/15/27 (a)(b)
90,000
92,417
5.88%, 07/01/29 (a)(b)
50,000
49,035
7.00%, 01/15/32 (a)(b)
165,000
168,675
Petrofac Ltd.
9.75%, 11/15/26 (a)(b)(e)
200,000
49,560
Prairie Acquiror LP
9.00%, 08/01/29 (a)(b)
100,000
102,851
Precision Drilling Corp.
6.88%, 01/15/29 (a)(b)
60,000
59,522
Range Resources Corp.
8.25%, 01/15/29 (a)
100,000
104,182
4.75%, 02/15/30 (a)(b)
50,000
46,494
Rockcliff Energy II LLC
5.50%, 10/15/29 (a)(b)
108,000
100,409
Rockies Express Pipeline LLC
4.95%, 07/15/29 (a)(b)
77,000
71,376
4.80%, 05/15/30 (a)(b)
35,000
31,997
6.88%, 04/15/40 (b)
106,000
100,817
Seadrill Finance Ltd.
8.38%, 08/01/30 (a)(b)
200,000
210,091
Sitio Royalties Operating Partnership LP/Sitio Finance Corp.
7.88%, 11/01/28 (a)(b)
75,000
77,867
16
  
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
SM Energy Co.
6.63%, 01/15/27 (a)
25,000
24,872
6.50%, 07/15/28 (a)
129,000
128,675
Solaris Midstream Holdings LLC
7.63%, 04/01/26 (a)(b)
55,000
55,262
Southwestern Energy Co.
8.38%, 09/15/28 (a)
60,000
61,992
5.38%, 03/15/30 (a)
40,000
38,503
4.75%, 02/01/32 (a)
220,000
199,546
Strathcona Resources Ltd.
6.88%, 08/01/26 (a)(b)
70,000
69,218
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.88%, 03/01/27 (a)
65,000
64,052
5.00%, 06/01/31 (a)(b)
80,000
71,845
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.
9.50%, 10/15/26 (a)(b)(f)
75,000
76,997
Sunoco LP
7.00%, 05/01/29 (a)(b)
200,000
204,383
Sunoco LP/Sunoco Finance Corp.
5.88%, 03/15/28 (a)
40,000
39,386
7.00%, 09/15/28 (a)(b)
95,000
96,764
4.50%, 05/15/29 (a)
155,000
142,377
4.50%, 04/30/30 (a)
100,000
90,338
Superior Plus LP/Superior General Partner, Inc.
4.50%, 03/15/29 (a)(b)
65,000
59,369
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
6.00%, 03/01/27 (a)(b)
80,000
78,386
5.50%, 01/15/28 (a)(b)
82,000
78,272
7.38%, 02/15/29 (a)(b)
100,000
100,343
6.00%, 12/31/30 (a)(b)
125,000
117,904
6.00%, 09/01/31 (a)(b)
70,000
65,618
Talos Production, Inc.
9.00%, 02/01/29 (a)(b)
25,000
26,248
9.38%, 02/01/31 (a)(b)
125,000
132,389
Teine Energy Ltd.
6.88%, 04/15/29 (a)(b)
147,000
144,426
Transocean Aquila Ltd.
8.00%, 09/30/28 (a)(b)
80,000
81,503
Transocean Poseidon Ltd.
6.88%, 02/01/27 (a)(b)
67,500
67,378
Transocean Titan Financing Ltd.
8.38%, 02/01/28 (a)(b)
60,000
62,416
Transocean, Inc.
8.00%, 02/01/27 (a)(b)
34,000
34,162
8.25%, 05/15/29 (a)(b)
115,000
115,074
8.75%, 02/15/30 (a)(b)
81,000
84,560
7.50%, 04/15/31
65,000
60,692
8.50%, 05/15/31 (a)(b)
115,000
114,963
6.80%, 03/15/38
90,000
74,942
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 09/01/27 (a)
60,000
60,041
7.13%, 03/15/29 (a)(b)
150,000
150,293
Valaris Ltd.
8.38%, 04/30/30 (a)(b)
140,000
144,817
Venture Global Calcasieu Pass LLC
3.88%, 08/15/29 (a)(b)
150,000
135,203
6.25%, 01/15/30 (a)(b)
130,000
130,403
4.13%, 08/15/31 (a)(b)
105,000
92,799
3.88%, 11/01/33 (a)(b)
220,000
184,679
Venture Global LNG, Inc.
8.13%, 06/01/28 (a)(b)
195,000
199,426
9.50%, 02/01/29 (a)(b)
365,000
396,078
8.38%, 06/01/31 (a)(b)
320,000
330,214
9.88%, 02/01/32 (a)(b)
240,000
257,501
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Vermilion Energy, Inc.
6.88%, 05/01/30 (a)(b)
75,000
73,573
Viper Energy, Inc.
7.38%, 11/01/31 (a)(b)
100,000
103,369
Vital Energy, Inc.
7.75%, 07/31/29 (a)(b)
65,000
65,959
9.75%, 10/15/30 (a)
50,000
54,728
7.88%, 04/15/32 (a)(b)
100,000
101,604
W&T Offshore, Inc.
11.75%, 02/01/26 (a)(b)
60,000
61,510
Weatherford International Ltd.
8.63%, 04/30/30 (a)(b)
155,000
160,377
 
18,444,561
Industrial Other 1.5%
Adtalem Global Education, Inc.
5.50%, 03/01/28 (a)(b)
70,000
67,205
AECOM
5.13%, 03/15/27 (a)
140,000
136,394
Albion Financing 2 SARL
8.75%, 04/15/27 (a)(b)
200,000
201,956
APi Group DE, Inc.
4.13%, 07/15/29 (a)(b)
90,000
80,715
Arcosa, Inc.
4.38%, 04/15/29 (a)(b)
75,000
69,749
Artera Services LLC
8.50%, 02/15/31 (a)(b)
62,000
63,397
Brand Industrial Services, Inc.
10.38%, 08/01/30 (a)(b)
170,000
182,715
Brundage-Bone Concrete Pumping Holdings, Inc.
6.00%, 02/01/26 (a)(b)
105,000
103,783
Dycom Industries, Inc.
4.50%, 04/15/29 (a)(b)
130,000
120,903
Fluor Corp.
4.25%, 09/15/28 (a)
90,000
85,001
Global Infrastructure Solutions, Inc.
7.50%, 04/15/32 (a)(b)
82,000
80,256
Great Lakes Dredge & Dock Corp.
5.25%, 06/01/29 (a)(b)
60,000
53,169
Hillenbrand, Inc.
5.75%, 06/15/25 (a)
50,000
49,823
5.00%, 09/15/26 (a)
50,000
48,818
6.25%, 02/15/29 (a)
50,000
49,791
3.75%, 03/01/31 (a)
60,000
51,751
Installed Building Products, Inc.
5.75%, 02/01/28 (a)(b)
40,000
38,787
KBR, Inc.
4.75%, 09/30/28 (a)(b)
45,000
42,170
Park-Ohio Industries, Inc.
6.63%, 04/15/27 (a)
50,000
47,867
Pike Corp.
5.50%, 09/01/28 (a)(b)
85,000
80,970
8.63%, 01/31/31 (a)(b)
50,000
52,727
Steelcase, Inc.
5.13%, 01/18/29 (a)
35,000
33,109
TopBuild Corp.
4.13%, 02/15/32 (a)(b)
115,000
100,441
Tutor Perini Corp.
11.88%, 04/30/29 (a)(b)
50,000
53,434
Vericast Corp.
11.00%, 09/15/26 (a)(b)
205,000
220,887
12.50%, 12/15/27 (a)(b)
25,000
28,776
  
17
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Williams Scotsman, Inc.
4.63%, 08/15/28 (a)(b)
100,000
93,575
7.38%, 10/01/31 (a)(b)
75,000
77,068
 
2,315,237
Technology 7.7%
ACI Worldwide, Inc.
5.75%, 08/15/26 (a)(b)
55,000
54,543
Acuris Finance U.S., Inc./Acuris Finance SARL
5.00%, 05/01/28 (a)(b)
200,000
181,990
Ahead DB Holdings LLC
6.63%, 05/01/28 (a)(b)
50,000
46,420
Alteryx, Inc.
8.75%, 03/15/28 (a)(b)
50,000
51,341
Amkor Technology, Inc.
6.63%, 09/15/27 (a)(b)
100,000
100,057
ams-OSRAM AG
12.25%, 03/30/29 (a)(b)
150,000
155,142
AthenaHealth Group, Inc.
6.50%, 02/15/30 (a)(b)
296,000
268,850
Block, Inc.
2.75%, 06/01/26 (a)
90,000
84,825
3.50%, 06/01/31 (a)
152,000
130,312
6.50%, 05/15/32 (a)(b)
200,000
202,108
Boost Newco Borrower LLC
7.50%, 01/15/31 (a)(b)
200,000
207,434
Boxer Parent Co., Inc.
7.13%, 10/02/25 (a)(b)
115,000
115,486
9.13%, 03/01/26 (a)(b)
50,000
50,233
Camelot Finance SA
4.50%, 11/01/26 (a)(b)
90,000
86,892
Capstone Borrower, Inc.
8.00%, 06/15/30 (a)(b)
110,000
111,840
Castle U.S. Holding Corp.
9.50%, 02/15/28 (a)(b)
23,000
11,119
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc.
8.00%, 06/15/29 (a)(b)
80,000
82,380
Central Parent, Inc./CDK Global, Inc.
7.25%, 06/15/29 (a)(b)
110,000
110,688
Ciena Corp.
4.00%, 01/31/30 (a)(b)
50,000
44,829
Clarivate Science Holdings Corp.
3.88%, 07/01/28 (a)(b)
125,000
114,569
4.88%, 07/01/29 (a)(b)
108,000
98,584
Cloud Software Group, Inc.
6.50%, 03/31/29 (a)(b)
490,000
465,110
9.00%, 09/30/29 (a)(b)
480,000
464,857
8.25%, 06/30/32 (a)(b)
200,000
202,144
Coherent Corp.
5.00%, 12/15/29 (a)(b)
124,000
115,749
CommScope Technologies LLC
6.00%, 06/15/25 (a)(b)
205,000
168,766
5.00%, 03/15/27 (a)(b)
75,000
30,938
CommScope, Inc.
6.00%, 03/01/26 (a)(b)
170,000
151,937
8.25%, 03/01/27 (a)(b)
50,000
23,345
7.13%, 07/01/28 (a)(b)
25,000
10,132
4.75%, 09/01/29 (a)(b)
185,000
133,662
Conduent Business Services LLC/Conduent State & Local Solutions, Inc.
6.00%, 11/01/29 (a)(b)
110,000
102,364
Consensus Cloud Solutions, Inc.
6.50%, 10/15/28 (a)(b)
60,000
55,283
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
CoreLogic, Inc.
4.50%, 05/01/28 (a)(b)
90,000
81,388
Crane NXT Co.
4.20%, 03/15/48 (a)
50,000
37,062
Crowdstrike Holdings, Inc.
3.00%, 02/15/29 (a)
80,000
71,102
Dun & Bradstreet Corp.
5.00%, 12/15/29 (a)(b)
105,000
97,740
Dye & Durham Ltd.
8.63%, 04/15/29 (a)(b)
50,000
50,667
Elastic NV
4.13%, 07/15/29 (a)(b)
100,000
89,500
Entegris, Inc.
4.38%, 04/15/28 (a)(b)
90,000
84,262
4.75%, 04/15/29 (a)(b)
195,000
185,175
3.63%, 05/01/29 (a)(b)
90,000
80,047
5.95%, 06/15/30 (a)(b)
70,000
68,962
Everi Holdings, Inc.
5.00%, 07/15/29 (a)(b)
55,000
53,437
Fair Isaac Corp.
4.00%, 06/15/28 (a)(b)
128,000
118,587
Fortress Intermediate 3, Inc.
7.50%, 06/01/31 (a)(b)
100,000
101,405
Gen Digital, Inc.
5.00%, 04/15/25 (a)(b)
43,000
42,650
6.75%, 09/30/27 (a)(b)
130,000
131,123
7.13%, 09/30/30 (a)(b)
50,000
50,873
GoTo Group, Inc.
5.50%, 05/01/28 (a)(b)
105,600
72,249
HealthEquity, Inc.
4.50%, 10/01/29 (a)(b)
90,000
82,556
Imola Merger Corp.
4.75%, 05/15/29 (a)(b)
205,000
190,964
Iron Mountain Information Management Services, Inc.
5.00%, 07/15/32 (a)(b)
145,000
130,800
Iron Mountain, Inc.
4.88%, 09/15/27 (a)(b)
110,000
106,183
5.00%, 07/15/28 (a)(b)
50,000
47,486
7.00%, 02/15/29 (a)(b)
150,000
152,135
4.88%, 09/15/29 (a)(b)
100,000
92,753
5.25%, 07/15/30 (a)(b)
205,000
191,834
4.50%, 02/15/31 (a)(b)
113,000
100,666
5.63%, 07/15/32 (a)(b)
130,000
121,411
Likewize Corp.
9.75%, 10/15/25 (a)(b)
115,000
116,138
McAfee Corp.
7.38%, 02/15/30 (a)(b)
255,000
236,290
MicroStrategy, Inc.
6.13%, 06/15/28 (a)(b)
100,000
95,682
Mobius Merger Sub, Inc.
9.00%, 06/01/30 (a)(b)
50,000
50,796
NCR Atleos Corp.
9.50%, 04/01/29 (a)(b)
115,000
124,172
NCR Voyix Corp.
5.13%, 04/15/29 (a)(b)
155,000
144,029
5.25%, 10/01/30 (a)(b)
95,000
86,277
Neptune Bidco U.S., Inc.
9.29%, 04/15/29 (a)(b)
313,000
299,307
Newfold Digital Holdings Group, Inc.
11.75%, 10/15/28 (a)(b)
90,000
91,848
6.00%, 02/15/29 (a)(b)
59,000
42,517
ON Semiconductor Corp.
3.88%, 09/01/28 (a)(b)
100,000
91,390
18
  
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Open Text Corp.
3.88%, 02/15/28 (a)(b)
95,000
87,386
3.88%, 12/01/29 (a)(b)
100,000
88,138
Open Text Holdings, Inc.
4.13%, 02/15/30 (a)(b)
200,000
177,972
4.13%, 12/01/31 (a)(b)
25,000
21,531
Paysafe Finance PLC/Paysafe Holdings U.S. Corp.
4.00%, 06/15/29 (a)(b)
55,000
50,077
Pitney Bowes, Inc.
6.88%, 03/15/27 (a)(b)
85,000
78,962
Presidio Holdings, Inc.
4.88%, 02/01/27 (a)(b)
105,000
104,997
8.25%, 02/01/28 (a)(b)
50,000
50,981
PTC, Inc.
4.00%, 02/15/28 (a)(b)
75,000
69,975
RingCentral, Inc.
8.50%, 08/15/30 (a)(b)
35,000
36,661
Rocket Software, Inc.
9.00%, 11/28/28 (a)(b)
200,000
203,293
6.50%, 02/15/29 (a)(b)
75,000
63,269
Sabre GLBL, Inc.
8.63%, 06/01/27 (a)(b)
88,000
81,082
11.25%, 12/15/27 (a)(b)
95,000
92,403
Science Applications International Corp.
4.88%, 04/01/28 (a)(b)
60,000
57,006
Seagate HDD Cayman
4.88%, 06/01/27 (a)
25,000
24,292
4.09%, 06/01/29 (a)
75,000
68,721
8.25%, 12/15/29 (a)(b)
100,000
107,058
4.13%, 01/15/31 (a)
130,000
114,216
9.63%, 12/01/32 (a)(b)
120,000
136,010
Sensata Technologies BV
5.00%, 10/01/25 (b)
100,000
100,790
4.00%, 04/15/29 (a)(b)
200,000
181,851
Sensata Technologies, Inc.
3.75%, 02/15/31 (a)(b)
180,000
155,442
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.
4.63%, 11/01/26 (a)(b)
100,000
96,976
SS&C Technologies, Inc.
5.50%, 09/30/27 (a)(b)
200,000
196,019
Synaptics, Inc.
4.00%, 06/15/29 (a)(b)
45,000
40,342
TTM Technologies, Inc.
4.00%, 03/01/29 (a)(b)
75,000
67,998
Twilio, Inc.
3.88%, 03/15/31 (a)
120,000
104,811
UKG, Inc.
6.88%, 02/01/31 (a)(b)
301,000
303,115
Unisys Corp.
6.88%, 11/01/27 (a)(b)
52,000
45,332
Veritas U.S., Inc./Veritas Bermuda Ltd.
7.50%, 09/01/25 (a)(b)
220,000
201,156
Viavi Solutions, Inc.
3.75%, 10/01/29 (a)(b)
55,000
45,655
West Technology Group LLC
8.50%, 04/10/27 (a)(b)
48,000
41,580
Western Digital Corp.
4.75%, 02/15/26 (a)
225,000
220,280
Xerox Corp.
4.80%, 03/01/35
29,000
20,457
6.75%, 12/15/39
80,000
65,752
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Xerox Holdings Corp.
5.00%, 08/15/25 (a)(b)
37,000
36,263
5.50%, 08/15/28 (a)(b)
75,000
65,968
8.88%, 11/30/29 (a)(b)
50,000
48,473
Ziff Davis, Inc.
4.63%, 10/15/30 (a)(b)
90,000
80,392
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.
3.88%, 02/01/29 (a)(b)
75,000
66,978
 
12,145,052
Transportation 2.2%
Air Canada
3.88%, 08/15/26 (a)(b)
70,000
66,500
Allegiant Travel Co.
7.25%, 08/15/27 (a)(b)
90,000
85,221
American Airlines, Inc.
7.25%, 02/15/28 (a)(b)
205,000
204,877
8.50%, 05/15/29 (a)(b)
200,000
206,410
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.50%, 04/20/26 (b)
246,667
244,490
5.75%, 04/20/29 (b)
225,000
217,769
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.75%, 07/15/27 (a)(b)
95,000
91,113
4.75%, 04/01/28 (a)(b)
95,000
86,454
5.38%, 03/01/29 (a)(b)
85,000
77,635
8.00%, 02/15/31 (a)(b)
70,000
69,134
Cargo Aircraft Management, Inc.
4.75%, 02/01/28 (a)(b)
105,000
96,353
Carriage Purchaser, Inc.
7.88%, 10/15/29 (a)(b)
30,000
27,434
Delta Air Lines, Inc.
7.38%, 01/15/26 (a)
40,000
40,937
3.75%, 10/28/29 (a)
100,000
92,049
First Student Bidco, Inc./First Transit Parent, Inc.
4.00%, 07/31/29 (a)(b)
110,000
99,211
GN Bondco LLC
9.50%, 10/15/31 (a)(b)
94,000
85,703
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.
5.75%, 01/20/26 (a)(b)
140,000
129,219
Hertz Corp.
4.63%, 12/01/26 (a)(b)
107,000
83,179
5.00%, 12/01/29 (a)(b)
140,000
92,632
Railworks Holdings LP/Railworks Rally, Inc.
8.25%, 11/15/28 (a)(b)
40,000
40,575
Rand Parent LLC
8.50%, 02/15/30 (a)(b)
100,000
97,836
RXO, Inc.
7.50%, 11/15/27 (a)(b)
50,000
51,164
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.
8.00%, 09/20/25 (a)(b)
100,000
75,165
Stena International SA
7.25%, 01/15/31 (a)(b)
200,000
203,632
United Airlines, Inc.
4.38%, 04/15/26 (a)(b)
165,000
159,092
4.63%, 04/15/29 (a)(b)
325,000
300,651
VistaJet Malta Finance PLC/Vista Management Holding, Inc.
7.88%, 05/01/27 (a)(b)
134,000
121,443
9.50%, 06/01/28 (a)(b)
115,000
104,709
Watco Cos. LLC/Watco Finance Corp.
6.50%, 06/15/27 (a)(b)
80,000
79,354
XPO CNW, Inc.
6.70%, 05/01/34
55,000
58,203
  
19
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
XPO, Inc.
7.13%, 06/01/31 (a)(b)
35,000
35,742
7.13%, 02/01/32 (a)(b)
100,000
101,900
 
3,525,786
 
132,592,399
 
Utility 2.9%
Electric 2.9%
Algonquin Power & Utilities Corp.
4.75%, 01/18/82 (a)(c)
95,000
85,616
Atlantica Sustainable Infrastructure PLC
4.13%, 06/15/28 (a)(b)
200,000
195,384
Calpine Corp.
4.50%, 02/15/28 (a)(b)
155,000
145,857
5.13%, 03/15/28 (a)(b)
185,000
176,422
4.63%, 02/01/29 (a)(b)
130,000
120,938
5.00%, 02/01/31 (a)(b)
93,000
85,961
3.75%, 03/01/31 (a)(b)
125,000
109,412
Clearway Energy Operating LLC
4.75%, 03/15/28 (a)(b)
75,000
71,355
3.75%, 02/15/31 (a)(b)
185,000
161,575
DPL, Inc.
4.13%, 07/01/25 (a)
56,000
54,804
4.35%, 04/15/29 (a)
50,000
46,248
Edison International
8.13%, 06/15/53 (a)(c)
65,000
67,397
Electricite de France SA
9.13%, 03/15/33 (a)(b)(g)
250,000
275,253
Emera, Inc.
6.75%, 06/15/76 (a)(c)
140,000
138,992
Leeward Renewable Energy Operations LLC
4.25%, 07/01/29 (a)(b)
55,000
48,784
NextEra Energy Operating Partners LP
3.88%, 10/15/26 (a)(b)
80,000
75,731
4.50%, 09/15/27 (a)(b)
85,000
80,097
7.25%, 01/15/29 (a)(b)
75,000
76,833
NOVA Chemicals Corp.
5.25%, 06/01/27 (a)(b)
97,000
92,996
4.25%, 05/15/29 (a)(b)
125,000
109,801
9.00%, 02/15/30 (a)(b)
120,000
127,089
NRG Energy, Inc.
6.63%, 01/15/27 (a)
65,000
64,979
3.38%, 02/15/29 (a)(b)
65,000
57,592
5.25%, 06/15/29 (a)(b)
90,000
85,916
3.63%, 02/15/31 (a)(b)
25,000
21,441
3.88%, 02/15/32 (a)(b)
210,000
179,914
Pattern Energy Operations LP/Pattern Energy Operations, Inc.
4.50%, 08/15/28 (a)(b)
75,000
68,807
PG&E Corp.
5.25%, 07/01/30 (a)
235,000
224,028
Sunnova Energy Corp.
5.88%, 09/01/26 (a)(b)
65,000
46,189
11.75%, 10/01/28 (a)(b)
50,000
34,392
Talen Energy Supply LLC
8.63%, 06/01/30 (a)(b)
160,000
171,715
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Terraform Global Operating LP
6.13%, 03/01/26 (a)(b)
45,000
44,531
TerraForm Power Operating LLC
5.00%, 01/31/28 (a)(b)
75,000
71,637
4.75%, 01/15/30 (a)(b)
105,000
95,470
Topaz Solar Farms LLC
5.75%, 09/30/39 (b)
69,072
68,094
TransAlta Corp.
7.75%, 11/15/29 (a)
50,000
52,058
6.50%, 03/15/40
60,000
59,223
Vistra Operations Co. LLC
5.63%, 02/15/27 (a)(b)
200,000
196,917
5.00%, 07/31/27 (a)(b)
245,000
237,111
4.38%, 05/01/29 (a)(b)
125,000
115,806
7.75%, 10/15/31 (a)(b)
180,000
187,154
6.88%, 04/15/32 (a)(b)
100,000
100,716
 
4,530,235
Total Corporates
(Cost $154,518,666)
154,890,683
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
SHORT-TERM INVESTMENTS 0.4% OF NET ASSETS
 
Money Market Funds 0.4%
State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.26% (h)
581,056
581,056
Total Short-Term Investments
(Cost $581,056)
581,056
Total Investments in Securities
(Cost $155,099,722)
155,471,739
 
(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 $129,818,787 or 82.6% 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)
Security or a portion of the security purchased on a delayed-delivery or
when-issued basis.
(e)
The security is in default and not making full payments of interest when due.
(f)
Step up security that pays an initial coupon rate for a set period and increased
coupon rates at one or more preset intervals. Rate shown is as of period end.
(g)
Perpetual security has no stated maturity date. Maturity date represents next
call date.
(h)
The rate shown is the annualized 7-day yield.
 
REIT —
Real Estate Investment Trust
 
20
  
Schwab High Yield Bond ETF
Portfolio Holdings (Unaudited) continued
The following is a summary of the inputs used to value the fund’s investments as of May 31, 2024 (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
$—
$154,890,683
$—
$154,890,683
Short-Term Investments1
581,056
—
—
581,056
Total
$581,056
$154,890,683
$—
$155,471,739
 
1
As categorized in the Portfolio Holdings.
  
21
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 techniques, as appropriate, and examples of inputs may include, but are not limited to, interest rates, market conditions, comparable bonds, market trades, projected cash flows, credit reviews and issuer news.
● Short-term securities (60 days or less to maturity): Securities with remaining maturities of 60 days or less are generally valued at an evaluated price; however, such securities may be valued at their amortized cost if it approximates the security’s fair value.
● Mutual funds: Mutual funds are valued at their respective net asset values (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 forward foreign currency exchange contracts, U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations.
● Level 3 — significant unobservable inputs (including the Valuation Designee’s assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending
22
  
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 May 31, 2024, are disclosed in the fund’s Portfolio Holdings.
REG123135MAY24
  
23