UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22311

Schwab Strategic Trust – Schwab U.S. REIT ETF, Schwab Fundamental Index ETFs

(Exact name of registrant as specified in charter)

211 Main Street, San Francisco, California	94105
(Address of principal executive offices)	(Zip code)

Marie Chandoha
Schwab Strategic Trust
211 Main Street, San Francisco, California 94105
(Name and address of agent for service)

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

Date of fiscal year end: February 28

Date of reporting period: November 30, 2014

Item 1. Schedule of Investments.

Schwab Strategic Trust
Schwab U.S. REIT ETF™

Portfolio Holdings as of November 30, 2014 (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.

				Cost		Value
Holdings by Category				($)		($)
	99	.1%	Common Stock		991,677,001		1,161,720,557
	0	.9%	Other Investment Companies		10,596,021		10,869,127
	100	.0%	Total Investments		1,002,273,022		1,172,589,684
	0	.0%	Other Assets and Liabilities, Net				376,189
	100	.0%	Net Assets				1,172,965,873

	Number		Value
Security	of Shares		($)
Common Stock 99.1% of net assets
Diversified REITs 6.5%
Cousins Properties, Inc.		422,364		5,169,735
Duke Realty Corp.		700,679		13,621,200
First Potomac Realty Trust		76,404		945,882
Liberty Property Trust		287,087		10,157,138
PS Business Parks, Inc.		39,760		3,236,066
Vornado Realty Trust		358,433		39,986,785
Washington Real Estate Investment Trust		112,425		3,020,860
				76,137,666
Industrial REITs 5.1%
DCT Industrial Trust, Inc.		171,208		5,843,338
EastGroup Properties, Inc.		64,916		4,363,654
First Industrial Realty Trust, Inc.		226,953		4,505,017
Prologis, Inc.		1,026,911		43,417,797
Rexford Industrial Realty, Inc.		80,412		1,221,458
				59,351,264
Office REITs 15.0%
Alexandria Real Estate Equities, Inc.		147,318		12,657,563
BioMed Realty Trust, Inc.		375,765		8,060,159
Boston Properties, Inc.		314,430		40,762,705
Brandywine Realty Trust		363,238		5,615,659
Columbia Property Trust, Inc.		256,047		6,452,384
Corporate Office Properties Trust		188,404		5,296,036
Digital Realty Trust, Inc.		268,939		18,898,344
Douglas Emmett, Inc.		278,693		7,758,813
DuPont Fabros Technology, Inc.		133,707		4,357,511
Equity Commonwealth		264,657		6,730,228
Franklin Street Properties Corp.		148,445		1,784,309
Highwoods Properties, Inc.		185,558		8,008,683
Kilroy Realty Corp.		170,816		11,731,643
Mack-Cali Realty Corp.		140,706		2,704,369
New York REIT, Inc.		332,345		3,572,709
Parkway Properties, Inc.		170,397		3,319,334
Piedmont Office Realty Trust, Inc., Class A		316,944		5,958,547
SL Green Realty Corp.		196,499		22,821,394
				176,490,390
Residential REITs 18.9%
American Campus Communities, Inc.		199,216		7,968,640
American Homes 4 Rent, Class A		277,459		4,772,295
Apartment Investment & Management Co., Class A		300,038		11,176,416
Associated Estates Realty Corp.		117,404		2,632,198
AvalonBay Communities, Inc.		269,423		43,320,524
Camden Property Trust		175,716		13,473,903
Education Realty Trust, Inc.		286,610		3,336,140
Equity LifeStyle Properties, Inc.		163,667		8,119,520
Equity Residential		742,931		52,629,232
Essex Property Trust, Inc.		130,386		26,391,430
Home Properties, Inc.		117,309		7,647,374
Mid-America Apartment Communities, Inc.		154,414		11,374,135
Post Properties, Inc.		111,717		6,544,382
Silver Bay Realty Trust Corp.		76,971		1,280,028
Sun Communities, Inc.		90,933		5,355,044
UDR, Inc.		516,922		15,910,859
				221,932,120
Retail REITs 26.1%
Acadia Realty Trust		128,909		4,119,932
Brixmor Property Group, Inc.		277,607		6,712,537
CBL & Associates Properties, Inc.		323,042		6,283,167
Cedar Realty Trust, Inc.		141,525		960,955
DDR Corp.		612,882		11,234,127
Equity One, Inc.		153,140		3,710,582
Federal Realty Investment Trust		139,067		18,448,628
General Growth Properties, Inc.		1,267,527		33,919,023
Glimcher Realty Trust		309,139		4,253,753
Inland Real Estate Corp.		180,770		1,950,508
Kimco Realty Corp.		843,821		21,475,244
Kite Realty Group Trust		170,791		4,659,178
Pennsylvania Real Estate Investment Trust		141,147		3,298,605
Ramco-Gershenson Properties Trust		156,753		2,805,879
Regency Centers Corp.		189,015		11,620,642
Rouse Properties, Inc.		71,117		1,300,730
Saul Centers, Inc.		22,257		1,218,126
Simon Property Group, Inc.		633,236		114,489,069
Tanger Factory Outlet Centers, Inc.		196,914		7,203,114
Taubman Centers, Inc.		123,224		9,795,076
The Macerich Co.		288,944		22,849,692
Washington Prime Group, Inc.		282,637		4,869,835
Weingarten Realty Investors		230,981		8,407,708
				305,586,110

1

 Schwab U.S. REIT ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Specialized REITs 27.5%
Ashford Hospitality Prime, Inc.		48,474		850,719
Ashford Hospitality Trust, Inc.		159,901		1,675,762
CubeSmart		329,469		7,096,762
DiamondRock Hospitality Co.		413,897		6,179,482
Extra Space Storage, Inc.		226,340		13,415,172
FelCor Lodging Trust, Inc.		232,787		2,425,640
HCP, Inc.		933,449		41,818,515
Health Care REIT, Inc.		656,441		48,353,444
Healthcare Realty Trust, Inc.		200,143		5,285,777
Hersha Hospitality Trust		419,396		3,107,724
Hospitality Properties Trust		307,657		9,414,304
Host Hotels & Resorts, Inc.		1,554,624		36,129,462
LaSalle Hotel Properties		213,699		8,627,029
LTC Properties, Inc.		71,544		2,989,824
Pebblebrook Hotel Trust		145,551		6,283,437
Public Storage		297,846		55,884,845
Senior Housing Properties Trust		392,297		8,838,451
Sovran Self Storage, Inc.		68,342		5,810,437
Strategic Hotels & Resorts, Inc. *		508,074		6,747,223
Sunstone Hotel Investors, Inc.		421,895		6,754,539
Universal Health Realty Income Trust		26,529		1,282,412
Ventas, Inc.		604,501		43,252,047
				322,223,007
Total Common Stock
(Cost $991,677,001)				1,161,720,557
Other Investment Companies 0.9% of net assets
Equity Fund 0.9%
SPDR Dow Jones REIT ETF		118,001		10,638,880
Money Market Fund 0.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.00% (a)		230,247		230,247
Total Other Investment Companies
(Cost $10,596,021)				10,869,127
End of Investments

At 11/30/14, the tax basis cost of the fund’s investments was $1,003,475,344 and the unrealized appreciation and depreciation were $170,749,133 and ($1,634,793), respectively, with a net unrealized appreciation of $169,114,340.

*	Non-income producing security.
(a)	The rate shown is the 7-day yield.

ETF —	Exchange Traded Fund
REIT —	Real Estate Investment Trust

Under procedures approved by the fund’s Board of Trustees (the “Board”), the investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair market value. Among other things, these procedures allow the fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

The fund values the securities in its portfolio every business day. The fund uses the following policies to value various types of securities:

•  Securities traded on an exchange or over-the-counter: Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at halfway between the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.

•  Securities for which no quoted value is available: The Board has adopted procedures to fair value the fund’s securities when market prices are not “readily available” or are unreliable. For example, a fund may fair value a security when it is de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. The fund makes fair value determinations in good faith in accordance with the fund’s valuation procedures. The Pricing Committee considers a number of factors, including unobservable market inputs when arriving at fair value. The Pricing Committee may employ techniques such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. The Pricing Committee regularly reviews these inputs and assumptions to calibrate the valuations. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon

2 

 Schwab U.S. REIT ETF

Portfolio Holdings (Unaudited) continued

the sale of such security. The Board convenes on a regular basis to review fair value determinations made by the funds pursuant to the valuation procedures.

•  Short-term securities (60 days or less to maturity): Short-term securities may be valued at amortized cost, which approximates market value.

•  Underlying funds: Mutual funds are valued at their respective net asset values (“NAVs”). Exchange traded funds (“ETFs”) traded on a recognized securities exchange are valued at the last reported sale price that day or the official closing price, if applicable.

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 inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If the fund determines that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and management judgment will be required to estimate fair value.

The three levels of the fair value hierarchy are as follows:

•  Level 1 — quoted prices in active markets for identical securities — Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities and ETFs. Investments in mutual funds are valued daily at their NAVs, and investments in ETFs are valued daily at the last reported sale price or the official closing price, which are classified as Level 1 prices, without consideration to the classification level of the specific investments held by the underlying fund.

•  Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. As investments whose values are classified as Level 2 prices include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

•  Level 3 — significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not available for these securities, the fund uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the fund in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the fund in the absence of market information. Assumptions used by the fund due to the lack of observable inputs may significantly impact the resulting fair value and therefore the fund’s results of operations.

3

 Schwab U.S. REIT ETF

Portfolio Holdings (Unaudited) continued

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the fund’s investments as of November 30, 2014:

	Quoted Prices in				Significant
	Active Markets for		Other Significant		Unobservable
	Identical Assets		Observable Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Common Stock1		$1,161,720,557		$—		$—		$1,161,720,557
Other Investment Companies1		10,869,127		—		—		10,869,127
Total		$1,172,589,684		$—		$—		$1,172,589,684

¹ As categorized in Portfolio Holdings.

The fund’s policy is to recognize transfers between Level 1, Level 2 and Level 3 as of the beginning of the fiscal year. There were no transfers between Level 1, Level 2 and Level 3 for the period ended November 30, 2014.

REG66362NOV14

4 

Schwab Strategic Trust
Schwab Fundamental U.S. Broad Market Index ETF

Portfolio Holdings as of November 30, 2014 (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.

				Cost		Value
Holdings by Category				($)		($)
	99	.7%	Common Stock		153,643,974		166,220,108
	0	.0%	Rights		1,852		1,852
	0	.4%	Other Investment Companies		654,277		658,093
	0	.0%	Short-Term Investments		9,500		9,500
	100	.1%	Total Investments		154,309,603		166,889,553
	(0	.1)%	Other Assets and Liabilities, Net				(88,257	)
	100	.0%	Net Assets				166,801,296

	Number		Value
Security	of Shares		($)
Common Stock 99.7% of net assets
Automobiles & Components 1.0%
BorgWarner, Inc.		1,136		64,252
Cooper Tire & Rubber Co.		684		23,208
Dana Holding Corp.		1,443		30,592
Drew Industries, Inc.		222		10,456
Ford Motor Co.		26,212		412,315
General Motors Co.		12,064		403,300
Gentex Corp.		888		31,577
Harley-Davidson, Inc.		1,358		94,625
Johnson Controls, Inc.		5,818		290,900
Lear Corp.		999		95,814
Modine Manufacturing Co. *		111		1,351
Standard Motor Products, Inc.		79		3,014
Superior Industries International, Inc.		333		6,034
Tenneco, Inc. *		228		12,392
The Goodyear Tire & Rubber Co.		2,040		55,916
Thor Industries, Inc.		471		27,676
Tower International, Inc. *		79		2,017
TRW Automotive Holdings Corp. *		1,132		117,049
Visteon Corp. *		563		55,174
				1,737,662
Banks 5.5%
Associated Banc-Corp.		1,554		28,718
Astoria Financial Corp.		1,332		17,622
BancorpSouth, Inc.		777		17,009
Bank of America Corp.		109,532		1,866,425
Bank of Hawaii Corp.		444		25,588
BankUnited, Inc.		335		10,117
BB&T Corp.		5,341		200,768
BOK Financial Corp.		111		7,154
Capitol Federal Financial, Inc.		666		8,338
Cathay General Bancorp		444		11,269
CIT Group, Inc.		1,023		49,922
Citigroup, Inc.		21,813		1,177,248
City National Corp.		222		17,136
Comerica, Inc.		1,332		62,084
Commerce Bancshares, Inc.		470		20,125
Community Bank System, Inc.		111		4,106
Cullen/Frost Bankers, Inc.		333		24,862
CVB Financial Corp.		555		8,419
East West Bancorp, Inc.		444		16,326
EverBank Financial Corp.		111		2,091
F.N.B. Corp.		777		9,782
Fifth Third Bancorp		6,148		123,698
First Citizens BancShares, Inc., Class A		20		5,072
First Financial Bancorp		566		10,024
First Financial Bankshares, Inc.		111		3,349
First Horizon National Corp.		2,109		26,911
First Niagara Financial Group, Inc.		1,821		14,878
First Republic Bank		222		11,440
FirstMerit Corp.		888		15,886
Fulton Financial Corp.		1,332		15,904
Glacier Bancorp, Inc.		444		12,157
Hancock Holding Co.		222		7,262
Hudson City Bancorp, Inc.		6,438		63,028
Huntington Bancshares, Inc.		6,438		65,088
Iberiabank Corp.		111		7,250
International Bancshares Corp.		444		11,331
JPMorgan Chase & Co.		32,079		1,929,873
KeyCorp		7,009		94,621
M&T Bank Corp.		678		85,442
MB Financial, Inc.		333		10,489
National Penn Bancshares, Inc.		111		1,132
NBT Bancorp, Inc.		222		5,397
New York Community Bancorp, Inc.		4,329		68,788
Northwest Bancshares, Inc.		444		5,590
Old National Bancorp		444		6,305
People’s United Financial, Inc.		2,220		32,812
Popular, Inc. *		1,443		47,099
Prosperity Bancshares, Inc.		111		6,236
Provident Financial Services, Inc.		555		9,590
Regions Financial Corp.		12,330		124,163
Signature Bank *		93		11,278
SunTrust Banks, Inc.		4,337		170,401
Susquehanna Bancshares, Inc.		777		10,233
SVB Financial Group *		111		11,672
Synovus Financial Corp.		1,121		28,967
TCF Financial Corp.		1,554		24,118
The PNC Financial Services Group, Inc.		3,330		291,275
Trustmark Corp.		444		10,363
U.S. Bancorp		10,672		471,702
UMB Financial Corp.		111		6,159
Umpqua Holdings Corp.		555		9,429
United Bankshares, Inc.		333		11,622
Valley National Bancorp		1,554		15,136
Washington Federal, Inc.		666		14,412
Webster Financial Corp.		444		13,973
Wells Fargo & Co.		28,441		1,549,466
Westamerica Bancorp		222		10,789

1

 Schwab Fundamental U.S. Broad Market Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Wintrust Financial Corp.		111		4,961
Zions Bancorp		1,776		49,835
				9,121,715
Capital Goods 7.8%
3M Co.		4,349		696,231
A.O. Smith Corp.		333		17,959
AAR Corp.		666		17,070
Actuant Corp., Class A		444		13,036
Acuity Brands, Inc.		222		30,680
AECOM Technology Corp. *		2,661		85,179
Aegion Corp. *		333		6,344
AGCO Corp.		1,250		52,737
Air Lease Corp.		22		837
Aircastle Ltd.		777		16,084
Albany International Corp., Class A		333		12,444
Allegion plc		348		18,740
Alliant Techsystems, Inc.		333		37,855
Allison Transmission Holdings, Inc.		111		3,651
American Science & Engineering, Inc.		13		635
AMETEK, Inc.		666		33,939
Apogee Enterprises, Inc.		333		15,062
Applied Industrial Technologies, Inc.		444		20,819
Armstrong World Industries, Inc. *		579		29,008
Astec Industries, Inc.		222		8,718
AZZ, Inc.		19		851
B/E Aerospace, Inc. *		333		25,931
Barnes Group, Inc.		444		16,308
Beacon Roofing Supply, Inc. *		333		9,018
Briggs & Stratton Corp.		777		15,579
Carlisle Cos., Inc.		444		39,694
Caterpillar, Inc.		4,836		486,502
Chart Industries, Inc. *		36		1,430
Chicago Bridge & Iron Co. N.V.		444		22,213
CIRCOR International, Inc.		111		7,431
CLARCOR, Inc.		333		21,941
Colfax Corp. *		11		567
Comfort Systems USA, Inc.		111		1,595
Crane Co.		333		19,657
Cubic Corp.		299		15,384
Cummins, Inc.		1,285		187,122
Curtiss-Wright Corp.		444		31,480
Danaher Corp.		2,144		179,153
Deere & Co.		3,504		303,516
DigitalGlobe, Inc. *		333		8,994
Donaldson Co., Inc.		666		25,974
Dover Corp.		1,332		102,551
Dycom Industries, Inc. *		666		20,373
Eaton Corp. plc		2,390		162,114
EMCOR Group, Inc.		888		38,495
Emerson Electric Co.		6,636		423,045
Encore Wire Corp.		333		12,211
EnerSys		333		20,223
Engility Holdings, Inc. *		111		4,668
EnPro Industries, Inc. *		111		7,162
ESCO Technologies, Inc.		111		3,998
Esterline Technologies Corp. *		222		26,380
Exelis, Inc.		3,335		59,830
Fastenal Co.		1,221		55,189
Flowserve Corp.		932		54,867
Fluor Corp.		2,442		151,380
Fortune Brands Home & Security, Inc.		561		25,200
Franklin Electric Co., Inc.		222		8,338
GATX Corp.		555		34,377
Generac Holdings, Inc. *		111		4,815
General Cable Corp.		1,998		27,492
General Dynamics Corp.		3,445		500,765
General Electric Co.		75,616		2,003,068
Graco, Inc.		333		26,673
GrafTech International Ltd. *		1,221		4,982
Granite Construction, Inc.		666		23,876
Griffon Corp.		111		1,382
H&E Equipment Services, Inc.		333		11,655
Harsco Corp.		1,554		30,085
HEICO Corp.		113		5,990
Hexcel Corp. *		333		14,416
Hillenbrand, Inc.		444		14,279
Honeywell International, Inc.		4,139		410,051
Hubbell, Inc., Class B		333		35,564
Huntington Ingalls Industries, Inc.		287		31,274
Hyster-Yale Materials Handling, Inc.		10		734
IDEX Corp.		333		25,578
Illinois Tool Works, Inc.		2,886		273,968
Ingersoll-Rand plc		2,664		167,992
ITT Corp.		1,087		45,002
Jacobs Engineering Group, Inc. *		1,554		72,183
Joy Global, Inc.		1,015		49,776
Kaman Corp.		222		8,733
KBR, Inc.		3,522		59,310
Kennametal, Inc.		555		20,435
L-3 Communications Holdings, Inc.		1,925		239,855
Layne Christensen Co. *		999		7,093
Lennox International, Inc.		555		51,987
Lincoln Electric Holdings, Inc.		555		39,982
Lindsay Corp. (f)		10		879
Lockheed Martin Corp.		2,557		489,819
Masco Corp.		3,003		72,673
Masonite International Corp. *		111		6,506
MasTec, Inc. *		222		5,350
Meritor, Inc. *		1,554		21,880
Moog, Inc., Class A *		333		24,236
MRC Global, Inc. *		1,011		20,432
MSC Industrial Direct Co., Inc., Class A		352		27,340
Mueller Industries, Inc.		666		21,851
Mueller Water Products, Inc., Class A		1,776		16,854
MYR Group, Inc. *		111		2,880
Navistar International Corp. *		371		13,282
Nordson Corp.		222		17,349
Northrop Grumman Corp.		3,617		509,744
Orbital Sciences Corp. *		666		18,129
Oshkosh Corp.		1,110		50,394
Owens Corning		1,332		46,407
PACCAR, Inc.		2,448		164,065
Pall Corp.		580		55,744
Parker-Hannifin Corp.		1,462		188,642
Pentair plc		577		37,338
Polypore International, Inc. *		159		8,182
Precision Castparts Corp.		507		120,615
Quanex Building Products Corp.		444		8,782
Quanta Services, Inc. *		1,443		44,011
Raven Industries, Inc.		222		4,995

2 

 Schwab Fundamental U.S. Broad Market Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Raytheon Co.		3,891		415,170
RBC Bearings, Inc.		13		827
Regal-Beloit Corp.		333		24,083
Rexnord Corp. *		111		3,058
Rockwell Automation, Inc.		666		76,863
Rockwell Collins, Inc.		1,110		94,938
Roper Industries, Inc.		333		52,554
Rush Enterprises, Inc., Class A *		444		15,576
Simpson Manufacturing Co., Inc.		333		11,056
Snap-on, Inc.		333		45,065
Spirit AeroSystems Holdings, Inc., Class A *		1,110		47,852
SPX Corp.		522		46,818
Standex International Corp.		11		803
Stanley Black & Decker, Inc.		1,015		95,857
TAL International Group, Inc. *		222		9,810
Teledyne Technologies, Inc. *		222		23,734
Tennant Co.		111		7,487
Terex Corp.		1,110		31,857
Textron, Inc.		2,664		115,404
The Babcock & Wilcox Co.		555		16,445
The Boeing Co.		3,047		409,395
The Greenbrier Cos., Inc. (f)		222		12,317
The Manitowoc Co., Inc.		999		20,120
The Middleby Corp. *		120		11,477
The Timken Co.		777		33,248
The Toro Co.		444		29,162
Titan International, Inc.		222		2,198
TransDigm Group, Inc.		222		43,909
TriMas Corp. *		111		3,455
Trinity Industries, Inc.		931		29,848
Triumph Group, Inc.		390		26,543
Tutor Perini Corp. *		912		23,028
United Rentals, Inc. *		522		59,148
United Technologies Corp.		7,291		802,593
Universal Forest Products, Inc.		555		26,496
Valmont Industries, Inc. (f)		111		15,009
W.W. Grainger, Inc.		409		100,483
WABCO Holdings, Inc. *		333		34,172
Wabtec Corp.		333		29,467
Watsco, Inc.		222		22,533
Watts Water Technologies, Inc., Class A		222		13,422
WESCO International, Inc. *		555		45,726
Woodward, Inc.		333		17,209
Xylem, Inc.		1,221		46,813
				12,948,171
Commercial & Professional Services 1.2%
ABM Industries, Inc.		999		27,063
ACCO Brands Corp. *		222		1,945
Brady Corp., Class A		579		14,475
Cintas Corp.		1,110		81,196
Clean Harbors, Inc. *		222		10,378
Copart, Inc. *		700		25,438
Covanta Holding Corp.		888		22,262
Deluxe Corp.		444		25,952
Equifax, Inc.		666		52,980
FTI Consulting, Inc. *		559		21,672
G&K Services, Inc., Class A		222		14,452
Healthcare Services Group, Inc.		333		10,043
Herman Miller, Inc.		666		20,240
HNI Corp.		666		31,262
Huron Consulting Group, Inc. *		111		7,677
ICF International, Inc. *		222		8,609
IHS, Inc., Class A *		111		13,593
Insperity, Inc.		333		10,872
Interface, Inc.		333		5,035
KAR Auction Services, Inc.		446		15,454
Kelly Services, Inc., Class A		1,221		18,852
Kforce, Inc.		444		10,363
Kimball International, Inc., Class B		222		2,085
Knoll, Inc.		444		8,227
Korn/Ferry International *		444		12,055
Manpowergroup, Inc.		1,584		105,906
Matthews International Corp., Class A		333		15,341
McGrath RentCorp		222		7,828
Mobile Mini, Inc.		111		4,605
MSA Safety, Inc.		222		12,194
Navigant Consulting, Inc. *		777		10,878
Nielsen N.V.		924		38,595
On Assignment, Inc. *		111		3,411
Pitney Bowes, Inc.		3,451		84,964
Quad/Graphics, Inc.		605		13,135
R.R. Donnelley & Sons Co.		6,050		101,882
Republic Services, Inc.		2,785		110,314
Resources Connection, Inc.		777		11,787
Robert Half International, Inc.		1,475		83,765
Rollins, Inc.		222		7,222
Steelcase, Inc., Class A		1,477		25,877
Stericycle, Inc. *		222		28,620
Team, Inc. *		111		4,508
Tetra Tech, Inc.		444		12,068
The ADT Corp.		1,804		63,032
The Brink’s Co.		888		19,270
The Corporate Executive Board Co.		222		16,253
The Dun & Bradstreet Corp.		444		56,366
Towers Watson & Co., Class A		222		25,077
TrueBlue, Inc. *		666		15,285
Tyco International plc		4,578		196,396
UniFirst Corp.		111		12,386
United Stationers, Inc.		795		32,643
Verisk Analytics, Inc., Class A *		514		31,858
Viad Corp.		333		8,002
Waste Connections, Inc.		444		20,961
Waste Management, Inc.		5,772		281,270
West Corp.		111		3,468
				1,937,347
Consumer Durables & Apparel 1.3%
Arctic Cat, Inc.		111		3,669
Brunswick Corp.		222		11,029
Callaway Golf Co.		1,443		10,693
Carter’s, Inc.		222		18,473
Coach, Inc.		3,357		124,612
Columbia Sportswear Co.		222		10,001
Crocs, Inc. *		444		5,896
D.R. Horton, Inc.		2,109		53,758
Deckers Outdoor Corp. *		222		21,472
Ethan Allen Interiors, Inc.		333		9,860
Fossil Group, Inc. *		337		37,650
G-III Apparel Group Ltd. *		111		9,822

3

 Schwab Fundamental U.S. Broad Market Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Garmin Ltd.		1,110		63,603
Hanesbrands, Inc.		341		39,460
Harman International Industries, Inc.		449		48,730
Hasbro, Inc.		1,443		85,426
Helen of Troy Ltd. *		222		14,355
Iconix Brand Group, Inc. *		20		808
JAKKS Pacific, Inc. *(f)		666		4,902
Jarden Corp. *		1,165		51,413
KB Home		888		15,602
La-Z-Boy, Inc.		666		17,309
Leggett & Platt, Inc.		1,887		79,424
Lennar Corp., Class A		456		21,541
M.D.C Holdings, Inc.		222		5,841
Mattel, Inc.		2,710		85,500
Meritage Homes Corp. *		222		8,707
Michael Kors Holdings Ltd. *		262		20,098
Mohawk Industries, Inc. *		336		51,606
Newell Rubbermaid, Inc.		2,151		78,103
NIKE, Inc., Class B		4,329		429,826
NVR, Inc. *		50		62,933
Oxford Industries, Inc.		12		795
Polaris Industries, Inc.		222		34,790
PulteGroup, Inc.		1,332		28,811
PVH Corp.		222		28,225
Quiksilver, Inc. *(f)		1,554		3,170
Ralph Lauren Corp.		450		83,205
Skechers U.S.A., Inc., Class A *		343		21,064
Steven Madden Ltd. *		115		3,921
Sturm Ruger & Co., Inc. (f)		14		533
Tempur Sealy International, Inc. *		555		31,663
Toll Brothers, Inc. *		666		23,303
Tupperware Brands Corp.		333		22,394
Under Armour, Inc., Class A *		222		16,093
VF Corp.		1,699		127,714
Whirlpool Corp.		898		167,181
Wolverine World Wide, Inc.		592		18,062
				2,113,046
Consumer Services 1.9%
Apollo Education Group, Inc. *		3,441		107,428
Aramark		111		3,374
Bob Evans Farms, Inc.		693		37,672
Boyd Gaming Corp. *		1,554		19,860
Brinker International, Inc.		953		53,683
Buffalo Wild Wings, Inc. *		80		13,617
Burger King Worldwide, Inc.		360		13,082
Capella Education Co.		111		7,568
Career Education Corp. *		4,662		27,319
Carnival Corp.		3,330		147,053
Chipotle Mexican Grill, Inc. *		57		37,826
Choice Hotels International, Inc.		334		18,507
Churchill Downs, Inc.		9		867
Cracker Barrel Old Country Store, Inc.		115		14,721
Darden Restaurants, Inc.		1,891		107,768
DeVry Education Group, Inc.		666		32,541
DineEquity, Inc.		111		11,026
Domino’s Pizza, Inc.		444		41,669
Dunkin’ Brands Group, Inc.		111		5,367
Graham Holdings Co., Class B		55		48,812
H&R Block, Inc.		1,776		59,745
Hilton Worldwide Holdings, Inc. *		111		2,910
Houghton Mifflin Harcourt Co. *		111		2,133
Hyatt Hotels Corp., Class A *		222		13,083
International Game Technology		3,108		52,929
International Speedway Corp., Class A		333		10,416
ITT Educational Services, Inc. *(f)		2,331		19,371
Jack in the Box, Inc.		416		30,992
Las Vegas Sands Corp.		777		49,487
Life Time Fitness, Inc. *		222		12,294
Marriott International, Inc., Class A		1,198		94,390
Marriott Vacations Worldwide Corp.		287		21,097
McDonald’s Corp.		9,233		893,847
MGM Resorts International *		1,998		45,574
Norwegian Cruise Line Holdings Ltd. *		225		9,875
Panera Bread Co., Class A *		175		29,295
Papa John’s International, Inc.		222		11,717
Penn National Gaming, Inc. *		1,229		17,452
Pinnacle Entertainment, Inc. *		444		11,051
Red Robin Gourmet Burgers, Inc. *		222		14,952
Regis Corp. *		1,110		18,359
Royal Caribbean Cruises Ltd.		1,195		88,119
Ruby Tuesday, Inc. *		1,665		13,886
Scientific Games Corp., Class A *		111		1,681
SeaWorld Entertainment, Inc.		597		9,964
Service Corp. International		1,998		45,155
Six Flags Entertainment Corp.		222		9,024
Sonic Corp.		688		18,707
Sotheby’s		333		13,457
Starbucks Corp.		2,220		180,286
Starwood Hotels & Resorts Worldwide, Inc.		1,134		89,586
Steiner Leisure Ltd. *		111		4,914
Strayer Education, Inc. *		444		33,606
Texas Roadhouse, Inc.		444		14,679
The Cheesecake Factory, Inc.		555		26,879
The Wendy’s Co.		3,108		27,102
Vail Resorts, Inc.		222		19,456
Weight Watchers International, Inc. *(f)		874		25,346
Wyndham Worldwide Corp.		1,172		97,698
Wynn Resorts Ltd.		444		79,303
Yum! Brands, Inc.		2,808		216,918
				3,186,495
Diversified Financials 3.2%
Affiliated Managers Group, Inc. *		111		22,598
Ally Financial, Inc. *		1,470		34,957
American Express Co.		5,168		477,627
Ameriprise Financial, Inc.		1,017		134,010
Berkshire Hathaway, Inc., Class B *		8,127		1,208,404
BGC Partners, Inc., Class A		222		1,934
BlackRock, Inc.		388		139,323
Capital One Financial Corp.		4,158		345,946
Cash America International, Inc.		337		8,226
CBOE Holdings, Inc.		337		20,190
CME Group, Inc.		1,381		116,888
Discover Financial Services		2,331		152,797
E*TRADE Financial Corp. *		1,443		32,915
Eaton Vance Corp.		801		33,474
Ezcorp, Inc., Class A *		677		7,372
Federated Investors, Inc., Class B		1,221		38,388
First Cash Financial Services, Inc. *		123		7,107
Franklin Resources, Inc.		2,825		160,629

4 

 Schwab Fundamental U.S. Broad Market Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Greenhill & Co., Inc.		222		9,839
Intercontinental Exchange, Inc.		131		29,605
Invesco Ltd.		2,034		82,092
Investment Technology Group, Inc. *		777		15,346
Janus Capital Group, Inc.		1,943		30,544
Lazard Ltd., Class A		333		17,156
Legg Mason, Inc.		1,475		83,706
Leucadia National Corp.		1,443		33,377
LPL Financial Holdings, Inc.		337		14,380
McGraw Hill Financial, Inc.		1,998		186,733
Moody’s Corp.		745		75,252
Morgan Stanley		6,771		238,204
MSCI, Inc.		555		26,840
Nelnet, Inc., Class A		327		14,990
Northern Trust Corp.		1,332		90,216
PHH Corp. *		1,665		38,561
PRA Group, Inc. *		111		6,496
Raymond James Financial, Inc.		444		24,997
Santander Consumer USA Holdings, Inc.		222		4,127
SEI Investments Co.		888		35,191
SLM Corp.		2,331		22,564
State Street Corp.		2,032		155,915
Stifel Financial Corp. *		111		5,387
T. Rowe Price Group, Inc.		1,354		113,018
TD Ameritrade Holding Corp.		895		30,976
The Bank of New York Mellon Corp.		5,772		231,053
The Charles Schwab Corp. (a)		3,693		104,586
The Goldman Sachs Group, Inc.		3,263		614,782
The NASDAQ OMX Group, Inc.		893		40,105
Waddell & Reed Financial, Inc., Class A		444		21,347
World Acceptance Corp. *(f)		111		8,473
				5,348,643
Energy 12.2%
Alon USA Energy, Inc.		902		12,592
Alpha Natural Resources, Inc. *(f)		10,323		21,472
Anadarko Petroleum Corp.		2,921		231,197
Apache Corp.		3,521		225,661
Arch Coal, Inc. (f)		8,877		19,707
Atwood Oceanics, Inc. *		222		7,124
Baker Hughes, Inc.		3,897		222,129
Basic Energy Services, Inc. *		444		3,965
Bill Barrett Corp. *		444		4,498
Bristow Group, Inc.		222		14,230
C&J Energy Services, Inc. *		26		394
Cabot Oil & Gas Corp.		666		22,005
Cameron International Corp. *		1,381		70,818
CARBO Ceramics, Inc. (f)		111		4,222
Chesapeake Energy Corp.		6,785		137,464
Chevron Corp.		30,996		3,374,535
Cimarex Energy Co.		344		36,103
Cloud Peak Energy, Inc. *		1,477		17,237
Comstock Resources, Inc.		444		3,934
Concho Resources, Inc. *		222		21,146
ConocoPhillips		31,376		2,073,012
CONSOL Energy, Inc.		1,746		68,321
Continental Resources, Inc. *		10		410
CVR Energy, Inc. (f)		18		838
Delek US Holdings, Inc.		810		24,219
Denbury Resources, Inc.		2,781		22,971
Devon Energy Corp.		4,662		274,918
Diamond Offshore Drilling, Inc. (f)		1,597		46,904
Dresser-Rand Group, Inc. *		563		45,665
Dril-Quip, Inc. *		111		8,852
Energen Corp.		555		33,145
Energy XXI Ltd. (f)		444		1,780
EOG Resources, Inc.		1,776		154,015
EQT Corp.		444		40,395
EXCO Resources, Inc. (f)		1,332		3,916
Exterran Holdings, Inc.		683		22,881
Exxon Mobil Corp.		71,569		6,479,857
FMC Technologies, Inc. *		1,086		51,878
Forest Oil Corp. *		6,439		3,670
Forum Energy Technologies, Inc. *		23		552
Frontline Ltd. *		2,109		2,615
Golar LNG Ltd.		14		581
Green Plains, Inc.		360		10,804
Gulfmark Offshore, Inc., Class A		111		2,892
Halliburton Co.		5,596		236,151
Helix Energy Solutions Group, Inc. *		1,110		25,386
Helmerich & Payne, Inc.		555		38,600
Hercules Offshore, Inc. *(f)		1,554		1,927
Hess Corp.		4,351		317,318
HollyFrontier Corp.		2,236		91,274
Hornbeck Offshore Services, Inc. *		136		3,609
ION Geophysical Corp. *		1,568		3,873
Key Energy Services, Inc. *		1,332		2,504
Kinder Morgan, Inc.		3,127		129,301
Marathon Oil Corp.		13,286		384,231
Marathon Petroleum Corp.		4,343		391,261
Matrix Service Co. *		333		7,033
McDermott International, Inc. *		5,217		18,520
Murphy Oil Corp.		4,534		219,536
Nabors Industries Ltd.		4,470		58,646
National Oilwell Varco, Inc.		3,143		210,707
Newfield Exploration Co. *		1,776		48,361
Newpark Resources, Inc. *		666		6,973
Noble Energy, Inc.		1,332		65,508
Nordic American Tankers Ltd. (f)		888		7,956
North Atlantic Drilling Ltd. (f)		1,807		4,391
Occidental Petroleum Corp.		6,947		554,162
Oceaneering International, Inc.		444		27,843
Oil States International, Inc. *		509		25,374
ONEOK, Inc.		1,336		72,358
Parker Drilling Co. *		1,998		7,093
Patterson-UTI Energy, Inc.		1,676		29,648
PBF Energy, Inc., Class A		111		3,137
PDC Energy, Inc. *		111		3,276
Peabody Energy Corp.		6,251		63,198
Penn Virginia Corp. *		1,244		6,382
Phillips 66		13,854		1,011,619
Pioneer Energy Services Corp. *		777		4,693
Pioneer Natural Resources Co.		227		32,513
QEP Resources, Inc.		2,012		41,125
Quicksilver Resources, Inc. *(f)		3,108		936
Range Resources Corp.		333		21,861
Rosetta Resources, Inc. *		111		3,266
Rowan Cos. plc, Class A		666		14,499
RPC, Inc.		111		1,475
SandRidge Energy, Inc. *(f)		1,887		5,302
Schlumberger Ltd.		6,891		592,281

5

 Schwab Fundamental U.S. Broad Market Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
SEACOR Holdings, Inc. *		444		31,586
Seadrill Ltd. (f)		3,181		46,633
SemGroup Corp., Class A		444		32,852
Ship Finance International Ltd.		444		7,370
SM Energy Co.		351		15,251
Southwestern Energy Co. *		1,221		39,292
Spectra Energy Corp.		4,128		156,369
Stone Energy Corp. *		555		8,769
Superior Energy Services, Inc.		1,110		21,434
Swift Energy Co. *(f)		1,803		8,114
Targa Resources Corp.		222		25,339
Teekay Corp.		444		22,076
Tesoro Corp.		2,708		207,487
TETRA Technologies, Inc. *		1,221		7,753
The Williams Cos., Inc.		3,617		187,180
Tidewater, Inc.		569		17,588
Ultra Petroleum Corp. *(f)		666		13,220
Unit Corp. *		454		17,352
Valero Energy Corp.		13,835		672,519
W&T Offshore, Inc.		555		4,179
Western Refining, Inc.		777		31,942
Whiting Petroleum Corp. *		444		18,546
World Fuel Services Corp.		2,779		125,833
WPX Energy, Inc. *		3,774		51,213
				20,390,528
Food & Staples Retailing 4.2%
Casey’s General Stores, Inc.		555		46,465
Costco Wholesale Corp.		5,296		752,667
CVS Health Corp.		16,337		1,492,548
Ingles Markets, Inc., Class A		412		11,182
PriceSmart, Inc.		111		10,763
Rite Aid Corp. *		2,678		14,675
Roundy’s, Inc. *		1,036		4,175
Safeway, Inc.		8,712		303,526
SpartanNash Co.		575		13,415
SUPERVALU, Inc. *		9,324		87,273
Sysco Corp.		9,102		366,447
The Andersons, Inc.		270		14,591
The Fresh Market, Inc. *		150		6,144
The Kroger Co.		8,991		538,021
The Pantry, Inc. *		1,594		42,321
United Natural Foods, Inc. *		620		46,618
Wal-Mart Stores, Inc.		27,639		2,419,518
Walgreen Co.		11,132		763,766
Whole Foods Market, Inc.		2,376		116,495
				7,050,610
Food, Beverage & Tobacco 5.2%
Altria Group, Inc.		15,944		801,345
Archer-Daniels-Midland Co.		12,018		633,108
B&G Foods, Inc.		229		6,554
Brown-Forman Corp., Class B		666		64,635
Bunge Ltd.		4,127		374,608
Cal-Maine Foods, Inc. (f)		222		9,297
Campbell Soup Co.		1,998		90,469
Chiquita Brands International, Inc. *		2,109		30,496
Coca-Cola Enterprises, Inc.		3,027		133,006
ConAgra Foods, Inc.		5,661		206,740
Constellation Brands, Inc., Class A *		569		54,852
Darling Ingredients, Inc. *		333		6,194
Dean Foods Co.		3,453		58,874
Dr. Pepper Snapple Group, Inc.		1,887		139,638
Flowers Foods, Inc.		1,221		23,810
Fresh Del Monte Produce, Inc.		777		26,232
General Mills, Inc.		4,866		256,681
Hormel Foods Corp.		999		53,027
Ingredion, Inc.		676		56,263
J&J Snack Foods Corp.		111		11,661
Kellogg Co.		2,145		142,106
Keurig Green Mountain, Inc.		222		31,555
Kraft Foods Group, Inc.		4,362		262,462
Lancaster Colony Corp.		222		20,846
Lorillard, Inc.		3,108		196,239
McCormick & Co., Inc. Non-Voting Shares		777		57,754
Mead Johnson Nutrition Co.		444		46,105
Molson Coors Brewing Co., Class B		999		77,273
Mondelez International, Inc., Class A		15,733		616,734
Monster Beverage Corp. *		341		38,243
PepsiCo, Inc.		11,633		1,164,463
Philip Morris International, Inc.		13,849		1,203,894
Pilgrim’s Pride Corp. *(f)		666		21,512
Pinnacle Foods, Inc.		26		885
Post Holdings, Inc. *		444		17,760
Reynolds American, Inc.		2,630		173,343
Sanderson Farms, Inc. (f)		333		28,908
Seaboard Corp. *		4		13,800
Snyder’s-Lance, Inc.		333		10,083
The Coca-Cola Co.		22,996		1,030,911
The Hain Celestial Group, Inc. *		111		12,567
The Hershey Co.		555		55,655
The J.M. Smucker Co.		1,046		107,288
The WhiteWave Foods Co. *		666		24,396
TreeHouse Foods, Inc. *		222		17,971
Tyson Foods, Inc., Class A		4,807		203,528
Universal Corp.		632		25,274
Vector Group Ltd.		464		10,092
				8,649,137
Health Care Equipment & Services 6.1%
Abbott Laboratories		12,719		566,123
Aetna, Inc.		4,907		428,087
Air Methods Corp. *		16		710
Alere, Inc. *		555		22,139
Align Technology, Inc. *		16		910
Allscripts Healthcare Solutions, Inc. *		1,110		13,342
Amedisys, Inc. *		999		25,395
AmerisourceBergen Corp.		3,584		326,323
Amsurg Corp. *		222		11,449
Analogic Corp.		111		8,085
Baxter International, Inc.		4,625		337,625
Becton Dickinson & Co.		1,868		262,136
BioScrip, Inc. *		222		1,439
Boston Scientific Corp. *		9,779		125,856
Brookdale Senior Living, Inc. *		555		19,658
C.R. Bard, Inc.		666		111,455
Cardinal Health, Inc.		5,483		450,648
CareFusion Corp. *		1,332		78,814
Catamaran Corp. *		555		28,272
Centene Corp. *		444		43,854

6 

 Schwab Fundamental U.S. Broad Market Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Cerner Corp. *		444		28,594
Chemed Corp.		222		24,444
Cigna Corp.		1,333		137,152
Community Health Systems, Inc. *		1,998		94,066
CONMED Corp.		222		9,420
Covidien plc		2,683		270,983
DaVita HealthCare Partners, Inc. *		1,110		84,948
DENTSPLY International, Inc.		777		42,720
Edwards Lifesciences Corp. *		359		46,555
Envision Healthcare Holdings, Inc. *		22		778
Express Scripts Holding Co. *		3,834		318,797
Gentiva Health Services, Inc. *		698		13,548
Greatbatch, Inc. *		222		11,005
Haemonetics Corp. *		222		8,199
Hanger, Inc. *		111		2,381
HCA Holdings, Inc. *		5,132		357,649
Health Net, Inc. *		2,751		141,346
HealthSouth Corp.		333		13,696
Healthways, Inc. *		555		8,647
Henry Schein, Inc. *		567		77,792
Hill-Rom Holdings, Inc.		666		30,476
Hologic, Inc. *		888		23,798
Humana, Inc.		2,262		312,088
IDEXX Laboratories, Inc. *		222		33,156
Integra LifeSciences Holdings Corp. *		111		5,466
Intuitive Surgical, Inc. *		68		35,208
Invacare Corp.		1,332		20,153
Kindred Healthcare, Inc.		1,672		33,256
Laboratory Corp. of America Holdings *		677		70,841
LifePoint Hospitals, Inc. *		666		46,081
Magellan Health, Inc. *		703		43,017
Masimo Corp. *		222		5,828
McKesson Corp.		2,775		584,859
MEDNAX, Inc. *		444		29,064
Medtronic, Inc.		7,660		565,844
Molina Healthcare, Inc. *		444		22,697
MWI Veterinary Supply, Inc. *		81		13,237
Omnicare, Inc.		1,149		80,798
Orthofix International N.V. *		24		670
Owens & Minor, Inc.		1,443		49,365
Patterson Cos., Inc.		999		48,132
PharMerica Corp. *		777		16,946
Quality Systems, Inc.		111		1,635
Quest Diagnostics, Inc.		2,331		152,238
ResMed, Inc. (f)		666		35,431
Select Medical Holdings Corp.		1,231		17,763
Sirona Dental Systems, Inc. *		111		9,589
St. Jude Medical, Inc.		2,153		146,318
STERIS Corp.		555		35,381
Stryker Corp.		2,109		195,947
Team Health Holdings, Inc. *		17		972
Teleflex, Inc.		333		39,677
Tenet Healthcare Corp. *		1,224		58,813
The Cooper Cos., Inc.		111		18,748
The Ensign Group, Inc.		27		1,064
Thoratec Corp. *		111		3,462
Triple-S Management Corp., Class B *		222		5,133
UnitedHealth Group, Inc.		12,946		1,276,864
Universal Health Services, Inc., Class B		523		54,716
Varian Medical Systems, Inc. *		666		58,948
VCA, Inc. *		666		31,522
WellCare Health Plans, Inc. *		562		41,442
WellPoint, Inc.		8,468		1,083,142
West Pharmaceutical Services, Inc.		444		23,092
Zimmer Holdings, Inc.		1,665		186,963
				10,104,880
Household & Personal Products 2.1%
Avon Products, Inc.		6,593		64,479
Church & Dwight Co., Inc.		713		54,694
Colgate-Palmolive Co.		5,464		380,240
Elizabeth Arden, Inc. *		224		3,893
Energizer Holdings, Inc.		444		57,729
Herbalife Ltd. (f)		923		39,920
Kimberly-Clark Corp.		2,683		312,811
Nu Skin Enterprises, Inc., Class A (f)		333		13,919
Spectrum Brands Holdings, Inc.		111		10,209
The Clorox Co.		934		94,913
The Estee Lauder Cos., Inc., Class A		941		69,766
The Procter & Gamble Co.		26,113		2,361,399
WD-40 Co.		111		8,447
				3,472,419
Insurance 3.4%
ACE Ltd.		1,920		219,533
Aflac, Inc.		3,296		196,870
Alleghany Corp. *		57		26,023
Allied World Assurance Co. Holdings AG		1,017		38,341
American Equity Investment Life Holding Co.		456		12,312
American Financial Group, Inc.		888		53,626
American International Group, Inc.		6,362		348,638
Aon plc		1,358		125,601
Arch Capital Group Ltd. *		1,243		71,249
Argo Group International Holdings Ltd.		228		12,868
Arthur J. Gallagher & Co.		666		31,935
Aspen Insurance Holdings Ltd.		888		39,276
Assurant, Inc.		1,358		91,787
Assured Guaranty Ltd.		674		17,228
Axis Capital Holdings Ltd.		1,467		73,423
Brown & Brown, Inc.		555		17,871
Cincinnati Financial Corp.		1,356		69,088
CNO Financial Group, Inc.		1,927		33,414
Employers Holdings, Inc.		111		2,251
Endurance Specialty Holdings Ltd.		682		40,224
Everest Re Group Ltd.		386		67,701
First American Financial Corp.		999		31,978
FNF Group		2,153		69,757
Genworth Financial, Inc., Class A *		4,699		42,714
HCC Insurance Holdings, Inc.		902		47,869
Horace Mann Educators Corp.		333		10,423
Infinity Property & Casualty Corp.		222		16,131
Kemper Corp.		793		27,961
Lincoln National Corp.		1,460		82,680
Loews Corp.		3,342		139,161
Markel Corp. *		35		24,387
Marsh & McLennan Cos., Inc.		2,942		166,488
Mercury General Corp.		333		18,368
MetLife, Inc.		4,684		260,477

7

 Schwab Fundamental U.S. Broad Market Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Montpelier Re Holdings Ltd.		444		15,118
Old Republic International Corp.		2,038		30,835
PartnerRe Ltd.		680		79,227
Platinum Underwriters Holdings Ltd.		567		42,054
Primerica, Inc.		680		35,652
Principal Financial Group, Inc.		1,471		78,360
ProAssurance Corp.		333		15,015
Protective Life Corp.		680		47,403
Prudential Financial, Inc.		2,790		237,094
Reinsurance Group of America, Inc.		694		59,490
RenaissanceRe Holdings Ltd.		676		66,194
RLI Corp.		444		20,393
Safety Insurance Group, Inc.		111		6,607
Selective Insurance Group, Inc.		485		12,984
StanCorp Financial Group, Inc.		454		30,009
Stewart Information Services Corp.		224		7,950
Symetra Financial Corp.		444		10,061
The Allstate Corp.		4,381		298,565
The Chubb Corp.		3,568		367,682
The Hanover Insurance Group, Inc.		454		32,361
The Hartford Financial Services Group, Inc.		5,121		211,497
The Progressive Corp.		7,570		206,207
The Travelers Cos., Inc.		8,054		841,240
Torchmark Corp.		1,162		62,458
Unum Group		3,219		106,935
Validus Holdings Ltd.		789		32,744
W.R. Berkley Corp.		1,354		70,733
White Mountains Insurance Group Ltd.		91		57,673
XL Group plc		1,923		68,305
				5,678,499
Materials 3.9%
A. Schulman, Inc.		444		16,987
Air Products & Chemicals, Inc.		1,486		213,731
Airgas, Inc.		562		64,984
AK Steel Holding Corp. *		3,941		23,331
Albemarle Corp.		555		32,767
Alcoa, Inc.		18,586		321,352
Allegheny Technologies, Inc.		1,554		52,354
AptarGroup, Inc.		555		36,214
Ashland, Inc.		666		75,957
Avery Dennison Corp.		1,332		65,947
Axiall Corp.		333		14,412
Ball Corp.		1,554		104,227
Bemis Co., Inc.		1,110		44,333
Berry Plastics Group, Inc. *		111		3,212
Boise Cascade Co. *		111		3,962
Cabot Corp.		666		28,691
Calgon Carbon Corp. *		111		2,266
Carpenter Technology Corp.		333		16,790
Celanese Corp., Series A		999		60,010
Century Aluminum Co. *		1,110		30,692
CF Industries Holdings, Inc.		333		89,294
Chemtura Corp. *		888		20,690
Clearwater Paper Corp. *		111		7,355
Cliffs Natural Resources, Inc. (f)		3,491		31,838
Coeur Mining, Inc. *		999		4,106
Commercial Metals Co.		3,108		50,785
Compass Minerals International, Inc.		222		19,325
Crown Holdings, Inc. *		666		32,967
Cytec Industries, Inc.		908		43,675
Domtar Corp.		1,776		72,283
E.I. du Pont de Nemours & Co.		5,422		387,131
Eagle Materials, Inc.		222		18,291
Eastman Chemical Co.		1,126		93,368
Ecolab, Inc.		704		76,701
Ferro Corp. *		1,665		21,429
FMC Corp.		555		30,192
Freeport-McMoRan, Inc.		13,685		367,442
Globe Specialty Metals, Inc.		111		1,924
Graphic Packaging Holding Co. *		2,553		31,785
Greif, Inc., Class A		333		14,602
H.B. Fuller Co.		444		19,176
Hecla Mining Co.		3,712		8,760
Huntsman Corp.		2,220		56,654
Innophos Holdings, Inc.		222		12,006
Innospec, Inc.		111		4,758
International Flavors & Fragrances, Inc.		444		44,920
International Paper Co.		4,773		256,883
Intrepid Potash, Inc. *		111		1,584
Kaiser Aluminum Corp.		222		16,157
KapStone Paper & Packaging Corp. *		444		13,262
Koppers Holdings, Inc.		111		3,239
Kraton Performance Polymers, Inc. *		333		6,127
Louisiana-Pacific Corp. *		666		10,150
LSB Industries, Inc. *		21		695
LyondellBasell Industries N.V., Class A		3,559		280,663
Martin Marietta Materials, Inc.		333		39,973
Materion Corp.		222		7,719
MeadWestvaco Corp.		1,887		84,538
Minerals Technologies, Inc.		333		24,719
Monsanto Co.		2,334		279,870
Myers Industries, Inc.		444		7,224
NewMarket Corp.		47		18,505
Newmont Mining Corp.		8,621		158,626
Nucor Corp.		4,440		238,117
Olin Corp.		777		19,549
OM Group, Inc.		555		15,102
Owens-Illinois, Inc. *		1,887		48,383
P.H. Glatfelter Co.		555		14,053
Packaging Corp. of America		666		49,471
PolyOne Corp.		555		20,702
PPG Industries, Inc.		816		178,557
Praxair, Inc.		1,864		239,300
Quaker Chemical Corp.		11		896
Reliance Steel & Aluminum Co.		999		63,876
Resolute Forest Products, Inc. *		1,776		29,748
Rock-Tenn Co., Class A		666		37,836
Rockwood Holdings, Inc.		333		25,957
RPM International, Inc.		999		47,652
RTI International Metals, Inc. *		222		5,091
Schnitzer Steel Industries, Inc., Class A		999		22,777
Schweitzer-Mauduit International, Inc.		222		9,495
Sealed Air Corp.		1,776		70,205
Sensient Technologies Corp.		444		26,174
Sigma-Aldrich Corp.		667		91,112
Silgan Holdings, Inc.		444		22,404
Sonoco Products Co.		1,221		51,306
Southern Copper Corp.		1,814		54,329
Steel Dynamics, Inc.		3,330		75,058
Stepan Co.		111		4,595

8 

 Schwab Fundamental U.S. Broad Market Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Stillwater Mining Co. *		555		7,287
SunCoke Energy, Inc.		555		11,283
The Dow Chemical Co.		9,602		467,329
The Mosaic Co.		3,864		176,855
The Scotts Miracle-Gro Co., Class A		444		27,097
The Sherwin-Williams Co.		341		83,497
The Valspar Corp.		555		46,570
Tredegar Corp.		333		6,107
Tronox Ltd., Class A		111		2,503
United States Steel Corp.		3,306		110,255
Vulcan Materials Co.		888		58,697
W.R. Grace & Co. *		111		10,664
Walter Energy, Inc. (f)		3,108		9,883
Westlake Chemical Corp.		222		14,119
Worthington Industries, Inc.		666		25,115
				6,502,616
Media 3.6%
AMC Networks, Inc., Class A *		111		7,199
Cablevision Systems Corp., Class A		3,996		81,199
CBS Corp., Class B Non-Voting Shares		4,123		226,270
Central European Media Enterprises Ltd., Class A *(f)		555		1,571
Charter Communications, Inc., Class A *		555		94,183
Cinemark Holdings, Inc.		1,113		40,413
Comcast Corp., Class A		14,763		842,082
Dex Media, Inc. *(f)		3,365		28,804
DIRECTV *		6,587		577,746
Discovery Communications, Inc., Class A *		1,698		59,260
Discovery Communications, Inc., Class C *		1,712		58,225
DISH Network Corp., Class A *		1,221		96,960
DreamWorks Animation SKG, Inc., Class A *		448		10,680
Gannett Co., Inc.		3,112		101,296
John Wiley & Sons, Inc., Class A		333		19,887
Lamar Advertising Co., Class A		666		35,491
Liberty Media Corp., Class A *		250		9,192
Liberty Media Corp., Class C *		273		9,973
Lions Gate Entertainment Corp.		222		7,526
Live Nation Entertainment, Inc. *		1,110		29,748
Loral Space & Communications, Inc. *		132		10,361
Meredith Corp.		361		19,054
Morningstar, Inc.		12		801
National CineMedia, Inc.		333		4,715
News Corp., Class A *		2,823		43,813
Omnicom Group, Inc.		2,331		180,116
Regal Entertainment Group, Class A		1,110		25,630
Scholastic Corp.		666		23,643
Scripps Networks Interactive, Inc., Class A		394		30,799
Sinclair Broadcast Group, Inc., Class A (f)		245		7,144
Sirius XM Holdings, Inc. *		2,670		9,692
The Interpublic Group of Cos., Inc.		3,175		64,421
The Madison Square Garden Co., Class A *		222		16,215
The New York Times Co., Class A		1,887		23,946
The Walt Disney Co.		10,623		982,734
Thomson Reuters Corp. (f)		3,552		140,659
Time Warner Cable, Inc.		2,601		388,277
Time Warner, Inc.		10,357		881,588
Twenty-First Century Fox, Inc., Class A		11,116		409,069
Viacom, Inc., Class B		4,153		314,091
				5,914,473
Pharmaceuticals, Biotechnology & Life Sciences 5.6%
AbbVie, Inc.		5,617		388,696
Actavis plc *		477		129,081
Agilent Technologies, Inc.		1,912		81,719
Alexion Pharmaceuticals, Inc. *		111		21,634
Allergan, Inc.		697		149,081
Amgen, Inc.		5,883		972,519
Bio-Rad Laboratories, Inc., Class A *		111		13,186
Bio-Techne Corp.		111		10,169
Biogen Idec, Inc. *		368		113,230
Bristol-Myers Squibb Co.		10,528		621,679
Bruker Corp. *		111		2,129
Celgene Corp. *		1,335		151,776
Charles River Laboratories International, Inc. *		555		35,936
Covance, Inc. *		444		45,563
Cubist Pharmaceuticals, Inc. *		111		8,415
Eli Lilly & Co.		8,466		576,704
Endo International plc *		569		41,634
Gilead Sciences, Inc. *		3,754		376,601
Hospira, Inc. *		1,110		66,200
Illumina, Inc. *		115		21,952
Impax Laboratories, Inc. *		333		10,639
Johnson & Johnson		17,762		1,922,737
Mallinckrodt plc *		290		26,744
Merck & Co., Inc.		18,168		1,097,347
Mettler-Toledo International, Inc. *		160		46,922
Mylan, Inc. *		1,554		91,080
Myriad Genetics, Inc. *(f)		111		3,722
PAREXEL International Corp. *		222		12,989
PDL BioPharma, Inc. (f)		1,332		11,002
PerkinElmer, Inc.		777		35,330
Perrigo Co., plc		222		35,562
Pfizer, Inc.		59,111		1,841,308
QIAGEN N.V. *		666		15,937
Quintiles Transnational Holdings, Inc. *		16		925
Thermo Fisher Scientific, Inc.		1,556		201,175
United Therapeutics Corp. *		111		14,715
Waters Corp. *		444		51,460
Zoetis, Inc.		1,315		59,083
				9,306,581
Real Estate 2.0%
AG Mortgage Investment Trust, Inc.		111		2,192
Alexandria Real Estate Equities, Inc.		374		32,134
American Campus Communities, Inc.		335		13,400
American Capital Agency Corp.		888		20,491
American Capital Mortgage Investment Corp.		111		2,228
American Tower Corp.		686		72,037
Annaly Capital Management, Inc.		13,563		156,246
Anworth Mortgage Asset Corp.		1,110		5,994

9

 Schwab Fundamental U.S. Broad Market Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Apartment Investment & Management Co., Class A		1,332		49,617
Ashford Hospitality Trust, Inc.		224		2,348
AvalonBay Communities, Inc.		333		53,543
BioMed Realty Trust, Inc.		1,129		24,217
Boston Properties, Inc.		567		73,506
Brandywine Realty Trust		1,221		18,877
Camden Property Trust		333		25,534
Capstead Mortgage Corp.		666		8,665
CBL & Associates Properties, Inc.		1,183		23,009
CBRE Group, Inc., Class A *		999		33,706
Chimera Investment Corp.		4,884		16,508
Columbia Property Trust, Inc.		703		17,716
Corporate Office Properties Trust		894		25,130
Corrections Corp. of America		900		32,625
Cousins Properties, Inc.		666		8,152
Crown Castle International Corp.		708		58,828
CYS Investments, Inc.		1,041		9,608
DCT Industrial Trust, Inc.		304		10,367
DDR Corp.		1,110		20,346
DiamondRock Hospitality Co.		1,110		16,572
Digital Realty Trust, Inc.		555		39,000
Douglas Emmett, Inc.		444		12,361
Duke Realty Corp.		1,776		34,525
EastGroup Properties, Inc.		111		7,461
EPR Properties		222		12,430
Equity Commonwealth		1,110		28,227
Equity LifeStyle Properties, Inc.		111		5,507
Equity One, Inc.		111		2,690
Equity Residential		1,469		104,064
Essex Property Trust, Inc.		148		29,957
Extra Space Storage, Inc.		222		13,158
Federal Realty Investment Trust		222		29,450
Franklin Street Properties Corp.		111		1,334
General Growth Properties, Inc.		1,689		45,198
Glimcher Realty Trust		444		6,109
Government Properties Income Trust		111		2,522
Hatteras Financial Corp.		672		12,876
HCP, Inc.		1,866		83,597
Health Care REIT, Inc.		673		49,573
Healthcare Realty Trust, Inc.		333		8,795
Healthcare Trust of America, Inc., Class A		111		1,416
Hersha Hospitality Trust		222		1,645
Highwoods Properties, Inc.		555		23,954
Home Properties, Inc.		222		14,472
Hospitality Properties Trust		1,332		40,759
Host Hotels & Resorts, Inc.		3,774		87,708
Inland Real Estate Corp.		666		7,186
Invesco Mortgage Capital, Inc.		925		15,290
Investors Real Estate Trust		222		1,812
Iron Mountain, Inc.		1,915		72,789
iStar Financial, Inc. *		1,261		18,020
Jones Lang LaSalle, Inc.		334		48,650
Kilroy Realty Corp.		222		15,247
Kimco Realty Corp.		2,109		53,674
LaSalle Hotel Properties		444		17,924
Lexington Realty Trust		888		9,768
Liberty Property Trust		777		27,490
Mack-Cali Realty Corp.		1,221		23,468
Medical Properties Trust, Inc.		111		1,538
MFA Financial, Inc.		2,470		20,699
Mid-America Apartment Communities, Inc.		341		25,118
National Retail Properties, Inc.		337		12,985
NorthStar Realty Finance Corp.		444		8,112
Omega Healthcare Investors, Inc.		333		12,727
Pennsylvania Real Estate Investment Trust		444		10,376
PennyMac Mortgage Investment Trust		111		2,405
Piedmont Office Realty Trust, Inc., Class A		1,687		31,716
Plum Creek Timber Co., Inc.		1,396		58,185
Post Properties, Inc.		360		21,089
Potlatch Corp.		444		18,448
Prologis, Inc.		1,013		42,830
PS Business Parks, Inc.		111		9,034
Public Storage		444		83,308
Rayonier, Inc.		1,155		31,508
Realty Income Corp.		610		28,341
Redwood Trust, Inc.		666		13,020
Regency Centers Corp.		577		35,474
Retail Properties of America, Inc., Class A		804		12,920
RLJ Lodging Trust		333		10,966
Ryman Hospitality Properties, Inc. (f)		222		11,562
Sabra Health Care REIT, Inc.		555		15,712
Senior Housing Properties Trust		959		21,606
Simon Property Group, Inc.		854		154,403
SL Green Realty Corp.		222		25,783
Sovran Self Storage, Inc.		111		9,437
Starwood Property Trust, Inc.		122		2,935
Sun Communities, Inc.		111		6,537
Sunstone Hotel Investors, Inc.		777		12,440
Tanger Factory Outlet Centers, Inc.		222		8,121
Taubman Centers, Inc.		222		17,647
The Geo Group, Inc.		333		13,417
The Macerich Co.		444		35,111
Two Harbors Investment Corp.		111		1,167
UDR, Inc.		1,265		38,937
Ventas, Inc.		999		71,478
Vornado Realty Trust		889		99,177
Washington Real Estate Investment Trust		333		8,948
Weingarten Realty Investors		666		24,242
Weyerhaeuser Co.		9,253		326,723
WP Carey, Inc.		222		15,127
				3,255,011
Retailing 5.2%
Aaron’s, Inc.		1,443		40,952
Abercrombie & Fitch Co., Class A		1,554		44,833
Advance Auto Parts, Inc.		450		66,186
Aeropostale, Inc. *		2,109		7,339
Amazon.com, Inc. *		414		140,197
American Eagle Outfitters, Inc.		4,455		62,816
ANN, Inc. *		777		28,539
Asbury Automotive Group, Inc. *		230		17,413
Ascena Retail Group, Inc. *		1,122		15,024
AutoNation, Inc. *		910		54,090
AutoZone, Inc. *		111		64,126
Barnes & Noble, Inc. *		1,554		36,301
Bed Bath & Beyond, Inc. *		2,458		180,343

10 

 Schwab Fundamental U.S. Broad Market Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Best Buy Co., Inc.		9,594		378,100
Big Lots, Inc.		1,776		90,221
Brown Shoe Co., Inc.		777		25,455
Burlington Stores, Inc. *		111		4,958
Cabela’s, Inc. *		296		16,055
CarMax, Inc. *		1,110		63,248
Chico’s FAS, Inc.		1,689		26,804
Core-Mark Holding Co., Inc.		1,047		62,935
CST Brands, Inc.		1,904		83,129
Dick’s Sporting Goods, Inc.		676		34,212
Dillard’s, Inc., Class A		444		52,339
Dollar General Corp. *		2,220		148,163
Dollar Tree, Inc. *		1,860		127,150
DSW, Inc., Class A		777		27,568
Expedia, Inc.		691		60,193
Express, Inc. *		1,221		18,254
Family Dollar Stores, Inc.		999		78,971
Five Below, Inc. *		21		980
Foot Locker, Inc.		1,558		89,258
Fred’s, Inc., Class A		1,110		17,205
GameStop Corp., Class A (f)		2,706		102,314
Genesco, Inc. *		222		18,064
Genuine Parts Co.		1,666		171,231
GNC Holdings, Inc., Class A		508		22,464
Group 1 Automotive, Inc.		444		39,742
Guess?, Inc.		1,384		31,375
hhgregg, Inc. *(f)		677		4,299
Hibbett Sports, Inc. *		145		7,275
HSN, Inc.		222		16,190
J.C. Penney Co., Inc. *(f)		14,006		112,188
Kohl’s Corp.		5,023		299,471
L Brands, Inc.		1,970		159,373
Liberty Interactive Corp., Class A *		4,144		120,798
Lithia Motors, Inc., Class A		222		16,319
LKQ Corp. *		783		22,746
Lowe’s Cos., Inc.		14,326		914,429
Lumber Liquidators Holdings, Inc. *		111		7,059
Macy’s, Inc.		3,706		240,556
Monro Muffler Brake, Inc.		111		6,082
Murphy USA, Inc. *		1,623		103,418
Netflix, Inc. *		42		14,557
Nordstrom, Inc.		1,556		118,816
Nutrisystem, Inc.		1,332		25,268
O’Reilly Automotive, Inc. *		555		101,421
Office Depot, Inc. *		7,369		48,856
Outerwall, Inc. *(f)		263		18,484
Penske Automotive Group, Inc.		555		26,279
PetSmart, Inc.		1,198		94,354
Pier 1 Imports, Inc.		222		3,064
Pool Corp.		222		13,189
Rent-A-Center, Inc.		1,574		54,303
Ross Stores, Inc.		1,277		116,820
Sally Beauty Holdings, Inc. *		448		14,179
Sears Holdings Corp. *(f)		2,220		80,142
Sears Hometown & Outlet Stores, Inc. *		800		10,504
Select Comfort Corp. *		222		5,847
Signet Jewelers Ltd.		509		66,659
Sonic Automotive, Inc., Class A		777		20,039
Stage Stores, Inc.		666		13,646
Staples, Inc.		21,481		302,023
Stein Mart, Inc.		111		1,576
Target Corp.		12,601		932,474
The Bon-Ton Stores, Inc. (f)		1,048		8,824
The Buckle, Inc. (f)		471		24,111
The Cato Corp., Class A		333		13,360
The Children’s Place, Inc.		450		25,227
The Finish Line, Inc., Class A		666		19,008
The Gap, Inc.		4,441		175,864
The Home Depot, Inc.		11,010		1,094,394
The Men’s Wearhouse, Inc.		777		36,301
The Pep Boys-Manny, Moe & Jack *		999		9,730
The Priceline Group, Inc. *		40		46,408
The TJX Cos., Inc.		5,039		333,380
Tiffany & Co.		569		61,406
Tractor Supply Co.		777		59,775
TripAdvisor, Inc. *		111		8,175
Tuesday Morning Corp. *		111		2,364
Ulta Salon, Cosmetics & Fragrance, Inc. *		235		29,725
Urban Outfitters, Inc. *		1,183		38,235
Vitamin Shoppe, Inc. *		111		5,312
Williams-Sonoma, Inc.		807		60,170
				8,713,019
Semiconductors & Semiconductor Equipment 2.8%
Advanced Energy Industries, Inc. *		111		2,268
Advanced Micro Devices, Inc. *(f)		7,437		20,749
Altera Corp.		1,443		54,286
Amkor Technology, Inc. *		2,331		15,594
Analog Devices, Inc.		1,927		105,291
Applied Materials, Inc.		10,559		253,944
Atmel Corp. *		3,719		29,417
Avago Technologies Ltd.		592		55,293
Broadcom Corp., Class A		3,663		157,985
Brooks Automation, Inc.		888		10,399
Cabot Microelectronics Corp. *		222		10,501
Cirrus Logic, Inc. *		363		6,639
Cree, Inc. *		454		16,498
Cypress Semiconductor Corp. *		1,907		20,214
Diodes, Inc. *		333		8,855
Entegris, Inc. *		1,110		14,952
Fairchild Semiconductor International, Inc. *		1,518		24,485
First Solar, Inc. *		454		22,155
Freescale Semiconductor Ltd. *		111		2,408
Integrated Device Technology, Inc. *		1,372		25,602
Intel Corp.		61,951		2,307,675
International Rectifier Corp. *		555		22,133
Intersil Corp., Class A		1,674		21,946
KLA-Tencor Corp.		1,221		84,786
Lam Research Corp.		1,019		84,210
Linear Technology Corp.		1,110		51,093
Marvell Technology Group Ltd.		4,551		65,170
Maxim Integrated Products, Inc.		2,220		65,645
Micrel, Inc.		555		7,243
Microchip Technology, Inc.		1,221		55,128
Micron Technology, Inc. *		4,482		161,128
Microsemi Corp. *		262		7,126
MKS Instruments, Inc.		444		16,179
NVIDIA Corp.		3,330		69,830
OmniVision Technologies, Inc. *		444		12,836
ON Semiconductor Corp. *		2,886		26,061

11

 Schwab Fundamental U.S. Broad Market Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Photronics, Inc. *		888		8,010
PMC-Sierra, Inc. *		999		8,142
Power Integrations, Inc.		15		752
RF Micro Devices, Inc. *		1,998		29,191
Silicon Laboratories, Inc. *		333		15,102
Skyworks Solutions, Inc.		555		37,446
Spansion, Inc., Class A *		555		12,970
SunEdison, Inc. *		1,371		29,682
Synaptics, Inc. *		59		3,716
Teradyne, Inc.		1,110		22,034
Tessera Technologies, Inc.		333		11,382
Texas Instruments, Inc.		9,593		522,051
TriQuint Semiconductor, Inc. *		1,443		35,166
Veeco Instruments, Inc. *		111		4,153
Xilinx, Inc.		1,374		62,435
				4,717,956
Software & Services 6.5%
Accenture plc, Class A		3,713		320,543
ACI Worldwide, Inc. *		45		875
Activision Blizzard, Inc.		2,703		58,520
Acxiom Corp. *		888		16,899
Adobe Systems, Inc. *		1,925		141,834
Akamai Technologies, Inc. *		563		36,375
Alliance Data Systems Corp. *		227		64,892
Amdocs Ltd.		1,554		75,750
ANSYS, Inc. *		253		21,131
AOL, Inc. *		1,919		88,581
Autodesk, Inc. *		888		55,056
Automatic Data Processing, Inc.		2,739		234,568
Booz Allen Hamilton Holding Corp.		444		12,081
Broadridge Financial Solutions, Inc.		1,110		50,272
CA, Inc.		2,597		80,897
CACI International, Inc., Class A *		450		40,135
Cadence Design Systems, Inc. *		555		10,473
Cimpress N.V. *(f)		222		14,894
Citrix Systems, Inc. *		555		36,802
Cognizant Technology Solutions Corp., Class A *		1,586		85,628
Computer Sciences Corp.		2,490		157,816
Compuware Corp.		2,775		28,638
Convergys Corp.		1,665		34,715
Conversant, Inc. *		555		19,436
CoreLogic, Inc. *		2,492		82,784
CSG Systems International, Inc.		555		13,942
Digital River, Inc. *		999		25,365
DST Systems, Inc.		444		44,067
EarthLink Holdings Corp.		3,788		16,629
eBay, Inc. *		4,683		257,003
Electronic Arts, Inc. *		910		39,976
Equinix, Inc.		113		25,670
Euronet Worldwide, Inc. *		224		13,008
Facebook, Inc., Class A *		596		46,309
FactSet Research Systems, Inc.		222		30,427
Fair Isaac Corp.		444		31,870
Fidelity National Information Services, Inc.		2,220		135,842
Fiserv, Inc. *		1,586		113,383
FleetCor Technologies, Inc. *		67		10,177
Gartner, Inc. *		222		18,977
Genpact Ltd. *		781		14,074
Global Cash Access Holdings, Inc. *		888		6,305
Global Payments, Inc.		333		28,758
Google, Inc., Class A *		479		263,009
Google, Inc., Class C *		456		247,074
Heartland Payment Systems, Inc.		222		12,103
IAC/InterActiveCorp		815		53,203
Informatica Corp. *		222		8,076
International Business Machines Corp.		11,123		1,803,817
Intuit, Inc.		1,354		127,100
j2 Global, Inc.		222		12,552
Jack Henry & Associates, Inc.		333		20,466
Leidos Holdings, Inc.		2,220		89,710
Manhattan Associates, Inc. *		444		17,565
ManTech International Corp., Class A		444		13,373
MasterCard, Inc., Class A		2,209		192,824
MAXIMUS, Inc.		333		17,446
Mentor Graphics Corp.		333		7,396
Microsoft Corp.		65,071		3,111,044
Monster Worldwide, Inc. *		4,454		19,375
NeuStar, Inc., Class A *(f)		555		15,124
Nuance Communications, Inc. *		783		11,847
Oracle Corp.		18,926		802,652
Paychex, Inc.		1,887		89,463
Progress Software Corp. *		333		8,588
PTC, Inc. *		444		17,347
Rackspace Hosting, Inc. *		224		10,284
Red Hat, Inc. *		250		15,537
Rovi Corp. *		781		17,401
salesforce.com, Inc. *		222		13,291
Sapient Corp. *		555		13,708
Science Applications International Corp.		222		11,240
Solera Holdings, Inc.		111		5,846
Sykes Enterprises, Inc. *		555		12,859
Symantec Corp.		6,918		180,491
Synopsys, Inc. *		563		24,429
Take-Two Interactive Software, Inc. *		555		15,351
TeleTech Holdings, Inc. *		333		7,782
Teradata Corp. *		891		40,220
The Western Union Co.		7,524		139,796
TIBCO Software, Inc. *		666		16,004
Total System Services, Inc.		1,443		47,605
Unisys Corp. *		666		17,796
Vantiv, Inc., Class A *		111		3,745
VeriFone Systems, Inc. *		335		11,946
VeriSign, Inc. *		666		40,027
Visa, Inc., Class A		713		184,089
VMware, Inc., Class A *		111		9,764
WebMD Health Corp. *		111		4,056
WEX, Inc. *		111		12,552
Xerox Corp.		16,872		235,533
Yahoo! Inc. *		2,812		145,493
				10,839,376
Technology Hardware & Equipment 4.9%
ADTRAN, Inc.		666		13,913
Amphenol Corp., Class A		1,334		71,542
Anixter International, Inc.		444		38,584
Apple, Inc.		15,030		1,787,518
ARRIS Group, Inc. *		777		23,131
Arrow Electronics, Inc. *		2,220		129,737

12 

 Schwab Fundamental U.S. Broad Market Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Avnet, Inc.		2,886		126,378
Belden, Inc.		228		16,651
Benchmark Electronics, Inc. *		1,332		31,675
Brocade Communications Systems, Inc.		2,997		33,896
CDW Corp.		111		3,894
Checkpoint Systems, Inc. *		111		1,416
Cisco Systems, Inc.		46,698		1,290,733
Cognex Corp. *		222		9,038
Coherent, Inc. *		222		12,290
CommScope Holding Co., Inc. *		111		2,464
Comtech Telecommunications Corp.		333		13,217
Corning, Inc.		10,212		214,656
Diebold, Inc.		777		28,112
Dolby Laboratories, Inc., Class A		222		9,852
EchoStar Corp., Class A *		333		17,942
Electronics For Imaging, Inc. *		444		19,736
EMC Corp.		10,710		325,049
Emulex Corp. *		1,443		7,807
F5 Networks, Inc. *		222		28,680
Fabrinet *		111		1,861
FEI Co.		111		9,506
Finisar Corp. *		444		7,570
FLIR Systems, Inc.		777		24,654
Harris Corp.		1,332		95,464
Hewlett-Packard Co.		52,251		2,040,924
Ingram Micro, Inc., Class A *		6,666		182,848
Insight Enterprises, Inc. *		999		23,407
InterDigital, Inc.		222		11,073
Itron, Inc. *		468		18,907
Jabil Circuit, Inc.		4,329		89,827
JDS Uniphase Corp. *		1,776		23,692
Juniper Networks, Inc.		4,551		100,850
Knowles Corp. *		111		2,319
Lexmark International, Inc., Class A		1,332		57,090
Littelfuse, Inc.		111		10,670
Motorola Solutions, Inc.		2,385		156,742
MTS Systems Corp.		111		7,363
National Instruments Corp.		444		14,292
NCR Corp. *		999		29,620
NetApp, Inc.		1,221		51,954
NETGEAR, Inc. *		222		7,708
OSI Systems, Inc. *		111		7,833
Plantronics, Inc.		222		11,582
Plexus Corp. *		555		21,651
Polycom, Inc. *		1,332		17,542
QLogic Corp. *		2,109		24,338
QUALCOMM, Inc.		5,010		365,229
Riverbed Technology, Inc. *		111		2,295
Rofin-Sinar Technologies, Inc. *		333		8,964
SanDisk Corp.		755		78,112
Sanmina Corp. *		1,998		49,151
ScanSource, Inc. *		444		17,254
SYNNEX Corp.		567		40,506
Tech Data Corp. *		2,220		138,373
Trimble Navigation Ltd. *		555		15,609
TTM Technologies, Inc. *		222		1,501
ViaSat, Inc. *		111		7,359
Vishay Intertechnology, Inc.		2,331		32,331
Western Digital Corp.		1,254		129,501
Zebra Technologies Corp., Class A *		444		32,479
				8,227,862
Telecommunication Services 3.7%
AT&T, Inc.		90,909		3,216,360
CenturyLink, Inc.		6,774		276,176
Cincinnati Bell, Inc. *		3,918		13,948
Consolidated Communications Holdings, Inc.		444		12,170
Frontier Communications Corp.		21,756		153,380
Inteliquent, Inc.		111		2,045
Intelsat S.A. *		466		8,206
Level 3 Communications, Inc. *		1,164		58,200
NTELOS Holdings Corp. (f)		462		3,881
SBA Communications Corp., Class A *		222		27,011
Spok Holdings, Inc.		111		1,761
Sprint Corp. *		21,110		108,083
T-Mobile US, Inc. *		444		12,960
Telephone & Data Systems, Inc.		2,679		68,475
Verizon Communications, Inc.		41,756		2,112,436
Vonage Holdings Corp. *		444		1,514
Windstream Holdings, Inc.		12,547		126,850
				6,203,456
Transportation 2.0%
Alaska Air Group, Inc.		666		39,314
Allegiant Travel Co.		66		9,257
AMERCO		11		3,060
American Airlines Group, Inc.		222		10,774
ArcBest Corp.		456		19,800
Atlas Air Worldwide Holdings, Inc. *		342		15,612
Avis Budget Group, Inc. *		1,480		89,022
C.H. Robinson Worldwide, Inc.		2,016		148,660
Con-way, Inc.		777		38,493
Copa Holdings S.A., Class A		111		12,422
CSX Corp.		10,888		397,303
Delta Air Lines, Inc.		795		37,103
Expeditors International of Washington, Inc.		1,972		92,329
FedEx Corp.		2,945		524,740
Forward Air Corp.		222		10,869
Genesee & Wyoming, Inc., Class A *		111		10,943
Hawaiian Holdings, Inc. *		888		18,018
Heartland Express, Inc.		555		14,724
Hertz Global Holdings, Inc. *		3,774		89,595
Hub Group, Inc., Class A *		444		16,703
J.B. Hunt Transport Services, Inc.		555		45,804
JetBlue Airways Corp. *		2,775		40,598
Kansas City Southern		222		26,405
Kirby Corp. *		222		21,343
Knight Transportation, Inc.		555		18,465
Landstar System, Inc.		444		35,689
Matson, Inc.		999		35,175
Navios Maritime Holdings, Inc.		333		1,612
Norfolk Southern Corp.		2,152		240,249
Old Dominion Freight Line, Inc. *		333		26,986
Republic Airways Holdings, Inc. *		1,776		23,585
Ryder System, Inc.		908		86,732
Saia, Inc. *		333		18,471
SkyWest, Inc.		2,011		25,137
Southwest Airlines Co.		1,370		57,293
Spirit Airlines, Inc. *		79		6,532
Swift Transportation Co. *		666		19,361

13

 Schwab Fundamental U.S. Broad Market Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Union Pacific Corp.		4,775		557,577
United Continental Holdings, Inc. *		590		36,126
United Parcel Service, Inc., Class B		3,996		439,240
UTi Worldwide, Inc. *		2,012		23,742
Werner Enterprises, Inc.		777		24,103
				3,408,966
Utilities 4.4%
AES Corp.		11,300		156,731
AGL Resources, Inc.		899		47,027
ALLETE, Inc.		333		16,973
Alliant Energy Corp.		1,138		71,546
Ameren Corp.		3,885		167,482
American Electric Power Co., Inc.		5,442		313,187
American States Water Co.		222		7,746
American Water Works Co., Inc.		1,368		72,572
Aqua America, Inc.		667		17,729
Atlantic Power Corp. (f)		2,792		6,366
Atmos Energy Corp.		1,221		65,568
Avista Corp.		666		22,944
Black Hills Corp.		333		17,985
California Water Service Group		333		8,348
Calpine Corp. *		3,552		81,554
CenterPoint Energy, Inc.		4,676		111,943
Cleco Corp.		450		24,178
CMS Energy Corp.		2,848		94,269
Consolidated Edison, Inc.		3,774		238,328
Dominion Resources, Inc.		5,128		372,036
DTE Energy Co.		2,034		165,690
Duke Energy Corp.		4,995		404,095
Dynegy, Inc. *		111		3,680
Edison International		3,784		240,511
El Paso Electric Co.		333		12,597
Entergy Corp.		3,699		310,346
Exelon Corp.		13,876		501,895
FirstEnergy Corp.		8,160		300,941
Great Plains Energy, Inc.		1,676		43,861
Hawaiian Electric Industries, Inc. (f)		1,403		39,551
IDACORP, Inc.		333		20,683
Integrys Energy Group, Inc.		1,221		88,938
ITC Holdings Corp.		669		25,415
MDU Resources Group, Inc.		2,109		51,713
MGE Energy, Inc.		224		9,858
National Fuel Gas Co.		555		38,445
New Jersey Resources Corp.		444		25,708
NextEra Energy, Inc.		3,175		331,438
NiSource, Inc.		2,886		120,750
Northeast Utilities		1,712		86,696
Northwest Natural Gas Co.		333		15,488
NorthWestern Corp.		333		17,726
NRG Energy, Inc.		4,218		131,855
OGE Energy Corp.		1,640		58,532
Otter Tail Corp.		799		22,995
Pepco Holdings, Inc.		4,107		112,942
PG&E Corp.		5,725		289,112
Piedmont Natural Gas Co., Inc.		666		24,962
Pinnacle West Capital Corp.		1,221		77,204
PNM Resources, Inc.		888		25,716
Portland General Electric Co.		902		33,257
PPL Corp.		5,473		194,456
Public Service Enterprise Group, Inc.		6,771		282,892
Questar Corp.		1,887		45,269
SCANA Corp.		1,443		82,294
Sempra Energy		1,942		216,980
South Jersey Industries, Inc.		222		12,672
Southwest Gas Corp.		444		25,703
TECO Energy, Inc.		2,997		59,431
The Empire District Electric Co.		444		12,303
The Laclede Group, Inc.		333		16,893
The Southern Co.		9,068		430,095
UGI Corp.		1,854		69,914
UIL Holdings Corp.		333		13,253
Vectren Corp.		888		39,258
Westar Energy, Inc.		1,239		48,433
WGL Holdings, Inc.		871		42,566
Wisconsin Energy Corp.		1,443		71,284
Xcel Energy, Inc.		5,328		180,832
				7,391,640
Total Common Stock
(Cost $153,643,974)				166,220,108
Rights 0.0% of net assets
Telecommunication Services 0.0%
Contra Leap Wireless CVR *(b)(c)		735		1,852
Total Rights
(Cost $1,852)				1,852
Other Investment Companies 0.4% of net assets
Equity Fund 0.0%
iShares Russell 3000 ETF		400		49,180
Money Market Fund 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.00% (d)		59,273		59,273
Securities Lending Collateral 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.00% (d)		549,640		549,640
Total Other Investment Companies
(Cost $654,277)				658,093
	Face
Security	Amount		Value
Rate, Maturity Date	($)		($)
Short-Term Investments 0.0% of net assets
U.S. Treasury Obligations 0.0%
U.S. Treasury Bills
0.01%, 12/18/14 (e)(g)		6,000		6,000

14 

 Schwab Fundamental U.S. Broad Market Index ETF

Portfolio Holdings (Unaudited) continued

	Face
Security	Amount		Value
Rate, Maturity Date	($)		($)
0.03%, 12/18/14 (e)(g)		3,500		3,500
Total Short-Term Investments
(Cost $9,500)				9,500
End of Investments.

At 11/30/14, the tax basis cost of the fund’s investments was $154,312,909 and the unrealized appreciation and depreciation were $16,522,245 and ($3,945,601), respectively, with a net unrealized appreciation of $12,576,644.

*	Non-income producing security.
(a)	Issuer is affiliated with the fund’s adviser.
(b)	Illiquid security. At the period end, the value of these amounted to $1,852 or 0.0% of net assets.
(c)	Fair-valued by management in accordance with procedures approved by the Board of Trustees.
(d)	The rate shown is the 7-day yield.
(e)	The rate shown is the purchase yield.
(f)	All or a portion of this security is on loan. Securities on loan were valued at $536,459. Non-Cash Collateral pledged to the fund for securities on loan amounted to $12,005.
(g)	All or a portion of this security is held as collateral for open futures contracts.

CVR —	Contingent Value Rights
ETF —	Exchange Traded Fund
REIT —	Real Estate Investment Trust

In addition to the above, the fund held the following at 11/30/14:

			Contract		Unrealized
	Number of		Value		Depreciation
	Contracts		($)		($)
Futures Contracts
S&P 500 Index, e-mini, Long, expires 12/19/14		1		103,315		(112	)

Under procedures approved by the fund’s Board of Trustees (the “Board”), the investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair market value. Among other things, these procedures allow the fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

The fund values the securities in its portfolio every business day. The fund uses the following policies to value various types of securities:

•  Securities traded on an exchange or over-the-counter: Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at halfway between the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.

•  Securities for which no quoted value is available: The Board has adopted procedures to fair value the fund’s securities when market prices are not “readily available” or are unreliable. For example, a fund may fair value a security when it is de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. The fund makes fair value determinations in good faith in accordance with the fund’s valuation procedures. The Pricing Committee considers a number of factors, including unobservable market inputs when arriving at fair value. The Pricing Committee may employ techniques such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. The Pricing Committee regularly reviews these inputs and assumptions to calibrate the valuations. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security. The Board convenes on a regular basis to review fair value determinations made by the funds pursuant to the valuation procedures.

•  Futures contracts (“futures”): Futures are valued at their settlement prices as of the close of their exchanges.

15

 Schwab Fundamental U.S. Broad Market Index ETF

Portfolio Holdings (Unaudited) continued

•  Short-term securities (60 days or less to maturity): Short-term securities may be valued at amortized cost, which approximates market value.

•  Underlying funds: Mutual funds are valued at their respective net asset values (“NAVs”). Exchange traded funds (“ETFs”) traded on a recognized securities exchange are valued at the last reported sale price that day or the official closing price, if applicable.

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If the fund determines that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and management judgment will be required to estimate fair value.

The three levels of the fair value hierarchy are as follows:

•  Level 1 — quoted prices in active markets for identical securities — Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities, ETFs and futures. Investments in mutual funds are valued daily at their NAVs, and investments in ETFs are valued daily at the last reported sale price or the official closing price, which are classified as Level 1 prices, without consideration to the classification level of the specific investments held by the underlying fund.

•  Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. As investments whose values are classified as Level 2 prices include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

•  Level 3 — significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not available for these securities, the fund uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the fund in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the fund in the absence of market information. Assumptions used by the fund due to the lack of observable inputs may significantly impact the resulting fair value and therefore the fund’s results of operations.

16 

 Schwab Fundamental U.S. Broad Market Index ETF

Portfolio Holdings (Unaudited) continued

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the fund’s investments as of November 30, 2014:

Assets Valuation Input

	Quoted Prices in					Significant
	Active Markets for			Other Significant		Unobservable
	Identical Assets			Observable Inputs		Inputs
Description	(Level 1)			(Level 2)		(Level 3)		Total
Common Stock1		$166,220,108			$—		$—		$166,220,108
Rights1		—			—		1,852		1,852
Other Investment Companies1		658,093			—		—		658,093
Short-Term Investments		—			9,500		—		9,500
Total		$166,878,201			$9,500		$1,852		$166,889,553
Liabilities Valuation Input
Other Financial Instruments
Futures Contracts2		($112	)		$—		$—		($112	)

1	As categorized in Portfolio Holdings.
2	Futures contracts are not included in Investments in the schedule of portfolio holdings and are valued at unrealized appreciation or depreciation.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Balance				Change in										Balance
	as of		Realized		Unrealized						Gross		Gross		as of
	February 28,		Gains		Appreciation		Gross		Gross		Transfers		Transfers		November 30,
Investments in Securities	2014		(Losses)		(Depreciation)		Purchases		Sales		in		out		2014
Rights		$—		$—		$—		$1,852		$—		$—		$—		$1,852
Total		$—		$—		$—		$1,852		$—		$—		$—		$1,852

The fund’s policy is to recognize transfers between Level 1, Level 2 and Level 3 as of the beginning of the fiscal year. There were no transfers between Level 1, Level 2 and Level 3 for the period ended November 30, 2014.

REG79043NOV14

17

Schwab Strategic Trust
Schwab Fundamental U.S. Large Company Index ETF

Portfolio Holdings as of November 30, 2014 (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.

				Cost		Value
Holdings by Category				($)		($)
	99	.7%	Common Stock		206,926,999		223,845,407
	0	.2%	Other Investment Companies		546,178		546,178
	0	.0%	Short-Term Investments		24,000		24,000
	99	.9%	Total Investments		207,497,177		224,415,585
	0	.1%	Other Assets and Liabilities, Net				134,680
	100	.0%	Net Assets				224,550,265

	Number		Value
Security	of Shares		($)
Common Stock 99.7% of net assets
Automobiles & Components 1.1%
BorgWarner, Inc.		1,649		93,267
Dana Holding Corp.		2,138		45,326
Ford Motor Co.		38,740		609,380
General Motors Co.		17,526		585,894
Harley-Davidson, Inc.		1,981		138,036
Johnson Controls, Inc.		8,940		447,000
Lear Corp.		1,404		134,658
The Goodyear Tire & Rubber Co.		3,155		86,478
TRW Automotive Holdings Corp. *		1,562		161,511
Visteon Corp. *		754		73,892
				2,375,442
Banks 5.6%
Bank of America Corp.		161,871		2,758,282
BB&T Corp.		7,962		299,292
CIT Group, Inc.		1,200		58,560
Citigroup, Inc.		32,412		1,749,276
Comerica, Inc.		1,644		76,627
Fifth Third Bancorp		9,249		186,090
Hudson City Bancorp, Inc.		9,750		95,452
Huntington Bancshares, Inc.		8,553		86,471
JPMorgan Chase & Co.		47,432		2,853,509
KeyCorp		10,357		139,819
M&T Bank Corp.		1,050		132,321
New York Community Bancorp, Inc.		6,258		99,440
People’s United Financial, Inc.		3,299		48,759
Regions Financial Corp.		17,471		175,933
SunTrust Banks, Inc.		6,463		253,931
The PNC Financial Services Group, Inc.		4,838		423,180
U.S. Bancorp		15,670		692,614
Wells Fargo & Co.		42,032		2,289,903
Zions Bancorp		2,262		63,472
				12,482,931
Capital Goods 7.5%
3M Co.		6,369		1,019,613
AECOM Technology Corp. *		3,443		110,210
AGCO Corp.		1,788		75,436
Alliant Techsystems, Inc.		467		53,089
AMETEK, Inc.		1,368		69,713
Armstrong World Industries, Inc. *		946		47,395
Caterpillar, Inc.		7,091		713,355
Cummins, Inc.		1,806		262,990
Danaher Corp.		3,000		250,680
Deere & Co.		5,172		447,999
Dover Corp.		1,974		151,978
Eaton Corp. plc		3,576		242,560
EMCOR Group, Inc.		1,350		58,523
Emerson Electric Co.		9,803		624,941
Exelis, Inc.		4,378		78,541
Fastenal Co.		1,788		80,818
Flowserve Corp.		1,200		70,644
Fluor Corp.		3,626		224,776
Fortune Brands Home & Security, Inc.		807		36,250
General Dynamics Corp.		4,944		718,660
General Electric Co.		111,528		2,954,377
Harsco Corp.		2,400		46,464
Honeywell International, Inc.		6,002		594,618
Hubbell, Inc., Class B		600		64,080
Illinois Tool Works, Inc.		4,356		413,515
Ingersoll-Rand plc		4,059		255,961
Jacobs Engineering Group, Inc. *		2,296		106,649
Joy Global, Inc.		1,512		74,148
KBR, Inc.		5,224		87,972
Kennametal, Inc.		960		35,347
L-3 Communications Holdings, Inc.		2,836		353,366
Lincoln Electric Holdings, Inc.		906		65,268
Lockheed Martin Corp.		3,770		722,181
Masco Corp.		4,367		105,681
MRC Global, Inc. *		2,235		45,169
Northrop Grumman Corp.		5,367		756,371
Oshkosh Corp.		1,650		74,910
Owens Corning		2,023		70,481
PACCAR, Inc.		3,912		262,182
Pall Corp.		750		72,082
Parker-Hannifin Corp.		1,992		257,028
Pentair plc		791		51,186
Precision Castparts Corp.		751		178,663
Quanta Services, Inc. *		2,253		68,716
Raytheon Co.		5,866		625,902
Rockwell Automation, Inc.		946		109,178
Rockwell Collins, Inc.		1,513		129,407
Roper Industries, Inc.		450		71,019
Snap-on, Inc.		450		60,899
SPX Corp.		901		80,811
Stanley Black & Decker, Inc.		1,665		157,243
Textron, Inc.		3,725		161,367
The Boeing Co.		4,467		600,186
The Timken Co.		1,205		51,562

1

 Schwab Fundamental U.S. Large Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Trinity Industries, Inc.		1,546		49,565
United Rentals, Inc. *		920		104,245
United Technologies Corp.		10,877		1,197,340
W.W. Grainger, Inc.		619		152,076
WESCO International, Inc. *		771		63,523
Xylem, Inc.		1,800		69,012
				16,737,921
Commercial & Professional Services 0.8%
Cintas Corp.		1,394		101,971
Equifax, Inc.		1,050		83,528
Manpowergroup, Inc.		2,259		151,037
Nielsen N.V.		1,212		50,625
Pitney Bowes, Inc.		5,076		124,971
R.R. Donnelley & Sons Co.		9,105		153,328
Republic Services, Inc.		3,753		148,656
Robert Half International, Inc.		2,157		122,496
The ADT Corp.		2,710		94,688
The Dun & Bradstreet Corp.		603		76,551
Tyco International plc		6,761		290,047
Waste Management, Inc.		8,355		407,139
				1,805,037
Consumer Durables & Apparel 1.1%
Coach, Inc.		4,958		184,041
D.R. Horton, Inc.		2,870		73,156
Fossil Group, Inc. *		541		60,441
Garmin Ltd.		1,653		94,717
Harman International Industries, Inc.		520		56,436
Hasbro, Inc.		1,866		110,467
Jarden Corp. *		1,575		69,514
Leggett & Platt, Inc.		3,011		126,733
Mattel, Inc.		4,085		128,882
Mohawk Industries, Inc. *		601		92,308
Newell Rubbermaid, Inc.		2,910		105,662
NIKE, Inc., Class B		6,258		621,357
NVR, Inc. *		84		105,728
PVH Corp.		478		60,773
Ralph Lauren Corp.		716		132,388
Tupperware Brands Corp.		525		35,306
VF Corp.		2,579		193,864
Whirlpool Corp.		1,249		232,526
				2,484,299
Consumer Services 1.7%
Apollo Education Group, Inc. *		4,700		146,734
Brinker International, Inc.		1,243		70,018
Carnival Corp.		5,285		233,386
Chipotle Mexican Grill, Inc. *		98		65,035
Darden Restaurants, Inc.		2,682		152,847
DeVry Education Group, Inc.		1,198		58,534
Graham Holdings Co., Class B		90		79,874
H&R Block, Inc.		2,553		85,883
International Game Technology		4,186		71,288
Las Vegas Sands Corp.		1,085		69,104
Marriott International, Inc., Class A		1,792		141,192
McDonald’s Corp.		13,708		1,327,071
MGM Resorts International *		2,568		58,576
Royal Caribbean Cruises Ltd.		1,875		138,262
Service Corp. International		3,000		67,800
Starbucks Corp.		3,449		280,093
Starwood Hotels & Resorts Worldwide, Inc.		1,506		118,974
Wyndham Worldwide Corp.		1,661		138,461
Wynn Resorts Ltd.		644		115,025
Yum! Brands, Inc.		4,133		319,274
				3,737,431
Diversified Financials 3.2%
Ally Financial, Inc. *		2,162		51,412
American Express Co.		7,748		716,070
Ameriprise Financial, Inc.		1,507		198,577
Berkshire Hathaway, Inc., Class B *		11,999		1,784,131
BlackRock, Inc.		580		208,266
Capital One Financial Corp.		6,109		508,269
CME Group, Inc.		2,029		171,735
Discover Financial Services		3,605		236,308
E*TRADE Financial Corp. *		1,793		40,898
Franklin Resources, Inc.		4,221		240,006
Invesco Ltd.		2,731		110,223
Legg Mason, Inc.		2,169		123,091
Leucadia National Corp.		1,352		31,272
McGraw Hill Financial, Inc.		2,931		273,931
Moody’s Corp.		1,245		125,758
Morgan Stanley		10,010		352,152
Northern Trust Corp.		1,801		121,982
PHH Corp. *		2,550		59,058
State Street Corp.		3,000		230,190
T. Rowe Price Group, Inc.		1,955		163,184
The Bank of New York Mellon Corp.		8,550		342,257
The Charles Schwab Corp. (a)		5,447		154,259
The Goldman Sachs Group, Inc.		4,786		901,730
The NASDAQ OMX Group, Inc.		1,362		61,167
				7,205,926
Energy 13.0%
Alpha Natural Resources, Inc. *(b)		12,150		25,272
Anadarko Petroleum Corp.		4,214		333,538
Apache Corp.		5,241		335,896
Arch Coal, Inc. (b)		21,605		47,963
Baker Hughes, Inc.		5,703		325,071
Cameron International Corp. *		1,960		100,509
Chesapeake Energy Corp.		9,904		200,655
Chevron Corp.		45,732		4,978,843
Cimarex Energy Co.		503		52,790
ConocoPhillips		46,242		3,055,209
CONSOL Energy, Inc.		2,295		89,803
Denbury Resources, Inc.		3,206		26,482
Devon Energy Corp.		6,720		396,278
Diamond Offshore Drilling, Inc. (b)		2,533		74,394
Dresser-Rand Group, Inc. *		988		80,137
Energen Corp.		899		53,688
EOG Resources, Inc.		2,614		226,686
EQT Corp.		600		54,588
Exxon Mobil Corp.		105,520		9,553,781
FMC Technologies, Inc. *		1,639		78,295
Halliburton Co.		8,244		347,897
Helmerich & Payne, Inc.		800		55,640
Hess Corp.		6,439		469,596

2 

 Schwab Fundamental U.S. Large Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
HollyFrontier Corp.		3,304		134,869
Kinder Morgan, Inc.		4,182		172,926
Marathon Oil Corp.		19,628		567,642
Marathon Petroleum Corp.		6,429		579,189
Murphy Oil Corp.		6,407		310,227
Nabors Industries Ltd.		6,317		82,879
National Oilwell Varco, Inc.		4,648		311,602
Newfield Exploration Co. *		2,541		69,192
Noble Energy, Inc.		1,698		83,508
Occidental Petroleum Corp.		10,182		812,218
Oceaneering International, Inc.		625		39,194
Oil States International, Inc. *		518		25,822
ONEOK, Inc.		2,119		114,765
Patterson-UTI Energy, Inc.		2,160		38,210
Peabody Energy Corp.		9,685		97,915
Phillips 66		20,266		1,479,823
Pioneer Natural Resources Co.		399		57,149
QEP Resources, Inc.		2,924		59,767
Schlumberger Ltd.		10,176		874,627
SEACOR Holdings, Inc. *		750		53,355
Seadrill Ltd. (b)		4,702		68,931
Southwestern Energy Co. *		2,135		68,704
Spectra Energy Corp.		6,322		239,477
Tesoro Corp.		4,076		312,303
The Williams Cos., Inc.		5,335		276,086
Valero Energy Corp.		20,452		994,172
Western Refining, Inc.		1,235		50,771
World Fuel Services Corp.		3,874		175,415
WPX Energy, Inc. *		5,700		77,349
				29,191,098
Food & Staples Retailing 4.5%
Casey’s General Stores, Inc.		900		75,348
Costco Wholesale Corp.		7,845		1,114,931
CVS Health Corp.		24,146		2,205,979
Safeway, Inc.		12,832		447,067
SUPERVALU, Inc. *		13,767		128,859
Sysco Corp.		13,708		551,884
The Kroger Co.		13,283		794,855
United Natural Foods, Inc. *		642		48,272
Wal-Mart Stores, Inc.		40,631		3,556,838
Walgreen Co.		16,277		1,116,765
Whole Foods Market, Inc.		3,505		171,850
				10,212,648
Food, Beverage & Tobacco 5.4%
Altria Group, Inc.		23,573		1,184,779
Archer-Daniels-Midland Co.		17,761		935,649
Brown-Forman Corp., Class B		935		90,742
Bunge Ltd.		6,151		558,326
Campbell Soup Co.		2,742		124,158
Coca-Cola Enterprises, Inc.		4,349		191,095
ConAgra Foods, Inc.		8,344		304,723
Constellation Brands, Inc., Class A *		931		89,748
Dr. Pepper Snapple Group, Inc.		2,889		213,786
General Mills, Inc.		7,203		379,958
Hormel Foods Corp.		1,500		79,620
Ingredion, Inc.		940		78,236
Kellogg Co.		3,154		208,953
Kraft Foods Group, Inc.		6,628		398,807
Lorillard, Inc.		4,513		284,951
McCormick & Co., Inc. Non-Voting Shares		969		72,026
Mead Johnson Nutrition Co.		745		77,361
Molson Coors Brewing Co., Class B		1,360		105,196
Mondelez International, Inc., Class A		23,266		912,027
Monster Beverage Corp. *		695		77,944
PepsiCo, Inc.		17,237		1,725,424
Philip Morris International, Inc.		20,562		1,787,455
Reynolds American, Inc.		3,750		247,162
The Coca-Cola Co.		33,843		1,517,182
The Hershey Co.		778		78,018
The J.M. Smucker Co.		1,546		158,573
Tyson Foods, Inc., Class A		7,153		302,858
				12,184,757
Health Care Equipment & Services 6.1%
Abbott Laboratories		18,806		837,055
Aetna, Inc.		7,170		625,511
AmerisourceBergen Corp.		5,288		481,472
Baxter International, Inc.		6,826		498,298
Becton Dickinson & Co.		2,708		380,014
Boston Scientific Corp. *		13,867		178,468
C.R. Bard, Inc.		918		153,627
Cardinal Health, Inc.		8,102		665,903
CareFusion Corp. *		1,950		115,382
Catamaran Corp. *		1,192		60,720
Cigna Corp.		1,968		202,488
Community Health Systems, Inc. *		2,980		140,298
Covidien plc		4,072		411,272
DaVita HealthCare Partners, Inc. *		1,500		114,795
DENTSPLY International, Inc.		1,200		65,976
Express Scripts Holding Co. *		5,678		472,126
HCA Holdings, Inc. *		7,512		523,511
Health Net, Inc. *		4,383		225,199
Henry Schein, Inc. *		900		123,480
Humana, Inc.		3,427		472,823
Intuitive Surgical, Inc. *		149		77,148
Laboratory Corp. of America Holdings *		910		95,222
LifePoint Hospitals, Inc. *		1,050		72,650
Magellan Health, Inc. *		1,192		72,938
McKesson Corp.		3,991		841,143
Medtronic, Inc.		11,208		827,935
Omnicare, Inc.		1,711		120,318
Owens & Minor, Inc.		2,533		86,654
Patterson Cos., Inc.		1,500		72,270
Quest Diagnostics, Inc.		3,278		214,086
St. Jude Medical, Inc.		3,065		208,297
Stryker Corp.		2,910		270,368
Tenet Healthcare Corp. *		1,536		73,805
UnitedHealth Group, Inc.		19,166		1,890,343
Universal Health Services, Inc., Class B		821		85,893
Varian Medical Systems, Inc. *		950		84,085
WellCare Health Plans, Inc. *		900		66,366
WellPoint, Inc.		12,521		1,601,561
Zimmer Holdings, Inc.		2,307		259,053
				13,768,553

3

 Schwab Fundamental U.S. Large Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Household & Personal Products 2.3%
Avon Products, Inc.		9,579		93,683
Church & Dwight Co., Inc.		1,119		85,838
Colgate-Palmolive Co.		8,074		561,870
Energizer Holdings, Inc.		600		78,012
Herbalife Ltd. (b)		1,302		56,311
Kimberly-Clark Corp.		4,067		474,171
The Clorox Co.		1,259		127,940
The Estee Lauder Cos., Inc., Class A		1,200		88,968
The Procter & Gamble Co.		38,595		3,490,146
				5,056,939
Insurance 3.2%
ACE Ltd.		2,831		323,696
Aflac, Inc.		5,070		302,831
American Financial Group, Inc.		1,129		68,180
American International Group, Inc.		9,406		515,449
Aon plc		2,235		206,715
Arch Capital Group Ltd. *		1,800		103,176
Assurant, Inc.		1,966		132,882
Axis Capital Holdings Ltd.		1,951		97,648
Cincinnati Financial Corp.		1,950		99,352
Everest Re Group Ltd.		612		107,339
FNF Group		3,296		106,790
Genworth Financial, Inc., Class A *		6,487		58,967
HCC Insurance Holdings, Inc.		1,256		66,656
Lincoln National Corp.		2,319		131,325
Loews Corp.		4,937		205,577
Marsh & McLennan Cos., Inc.		4,478		253,410
MetLife, Inc.		6,882		382,708
PartnerRe Ltd.		1,050		122,335
Principal Financial Group, Inc.		2,100		111,867
Prudential Financial, Inc.		4,108		349,098
Reinsurance Group of America, Inc.		765		65,576
RenaissanceRe Holdings Ltd.		948		92,828
The Allstate Corp.		6,472		441,067
The Chubb Corp.		5,269		542,970
The Hartford Financial Services Group, Inc.		7,966		328,996
The Progressive Corp.		11,250		306,450
The Travelers Cos., Inc.		11,869		1,239,717
Torchmark Corp.		1,800		96,750
Unum Group		4,321		143,544
W.R. Berkley Corp.		1,982		103,540
White Mountains Insurance Group Ltd.		94		59,574
XL Group plc		2,861		101,623
				7,268,636
Materials 3.7%
Air Products & Chemicals, Inc.		2,173		312,543
Airgas, Inc.		901		104,183
Albemarle Corp.		810		47,822
Alcoa, Inc.		27,467		474,904
Allegheny Technologies, Inc.		2,414		81,328
AptarGroup, Inc.		750		48,938
Ashland, Inc.		801		91,354
Avery Dennison Corp.		1,711		84,712
Ball Corp.		2,281		152,987
Bemis Co., Inc.		1,827		72,970
Celanese Corp., Series A		1,500		90,105
CF Industries Holdings, Inc.		547		146,678
Cliffs Natural Resources, Inc. (b)		7,301		66,585
Commercial Metals Co.		4,075		66,585
Crown Holdings, Inc. *		1,084		53,658
Domtar Corp.		2,434		99,064
E.I. du Pont de Nemours & Co.		8,046		574,484
Eastman Chemical Co.		1,667		138,228
Ecolab, Inc.		940		102,413
FMC Corp.		900		48,960
Freeport-McMoRan, Inc.		20,210		542,638
Huntsman Corp.		3,300		84,216
International Flavors & Fragrances, Inc.		632		63,939
International Paper Co.		6,964		374,802
LyondellBasell Industries N.V., Class A		5,250		414,015
MeadWestvaco Corp.		2,906		130,189
Monsanto Co.		3,446		413,210
Newmont Mining Corp.		12,742		234,453
Nucor Corp.		6,604		354,173
Owens-Illinois, Inc. *		2,706		69,382
Packaging Corp. of America		790		58,681
PPG Industries, Inc.		1,217		266,304
Praxair, Inc.		2,782		357,153
Reliance Steel & Aluminum Co.		1,693		108,250
Rock-Tenn Co., Class A		946		53,742
Rockwood Holdings, Inc.		621		48,407
RPM International, Inc.		1,500		71,550
Sealed Air Corp.		2,266		89,575
Sigma-Aldrich Corp.		1,000		136,600
Sonoco Products Co.		1,800		75,636
Southern Copper Corp.		2,449		73,348
Steel Dynamics, Inc.		4,950		111,573
The Dow Chemical Co.		14,195		690,871
The Mosaic Co.		5,719		261,759
The Sherwin-Williams Co.		468		114,594
The Valspar Corp.		829		69,561
United States Steel Corp.		4,883		162,848
Vulcan Materials Co.		1,350		89,235
				8,379,205
Media 3.7%
Cablevision Systems Corp., Class A		5,866		119,197
CBS Corp., Class B Non-Voting Shares		5,984		328,402
Charter Communications, Inc., Class A *		838		142,209
Comcast Corp., Class A		21,754		1,240,848
DIRECTV *		9,712		851,839
Discovery Communications, Inc., Class A *		2,493		87,006
Discovery Communications, Inc., Class C *		2,541		86,419
DISH Network Corp., Class A *		1,644		130,550
Gannett Co., Inc.		4,537		147,679
News Corp., Class A *		4,182		64,905
Omnicom Group, Inc.		3,576		276,318
Scripps Networks Interactive, Inc., Class A		652		50,967
The Interpublic Group of Cos., Inc.		4,083		82,844
The Walt Disney Co.		15,580		1,441,306

4 

 Schwab Fundamental U.S. Large Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Thomson Reuters Corp. (b)		5,513		218,315
Time Warner Cable, Inc.		3,768		562,487
Time Warner, Inc.		15,293		1,301,740
Twenty-First Century Fox, Inc., Class A		16,539		608,635
Viacom, Inc., Class B		6,142		464,519
				8,206,185
Pharmaceuticals, Biotechnology & Life Sciences 5.9%
AbbVie, Inc.		8,295		574,014
Actavis plc *		745		201,604
Agilent Technologies, Inc.		2,710		115,825
Allergan, Inc.		1,110		237,418
Amgen, Inc.		8,674		1,433,899
Biogen Idec, Inc. *		500		153,845
Bristol-Myers Squibb Co.		15,566		919,172
Celgene Corp. *		1,967		223,628
Covance, Inc. *		514		52,747
Eli Lilly & Co.		12,665		862,740
Endo International plc *		802		58,682
Gilead Sciences, Inc. *		5,560		557,779
Hospira, Inc. *		1,714		102,223
Johnson & Johnson		26,272		2,843,944
Merck & Co., Inc.		26,969		1,628,928
Mettler-Toledo International, Inc. *		185		54,253
Mylan, Inc. *		1,950		114,290
Pfizer, Inc.		87,357		2,721,171
Thermo Fisher Scientific, Inc.		2,250		290,902
Waters Corp. *		600		69,540
Zoetis, Inc.		1,960		88,063
				13,304,667
Real Estate 1.3%
American Capital Agency Corp.		1,043		24,067
American Tower Corp.		1,067		112,046
Annaly Capital Management, Inc.		20,033		230,780
Apartment Investment & Management Co., Class A		2,100		78,225
AvalonBay Communities, Inc.		546		87,791
Boston Properties, Inc.		820		106,305
Crown Castle International Corp.		1,061		88,158
Equity Residential		2,238		158,540
General Growth Properties, Inc.		2,420		64,759
HCP, Inc.		2,982		133,594
Health Care REIT, Inc.		915		67,399
Hospitality Properties Trust		1,950		59,670
Host Hotels & Resorts, Inc.		5,550		128,982
Iron Mountain, Inc.		2,878		109,393
Kimco Realty Corp.		2,570		65,407
Plum Creek Timber Co., Inc.		2,047		85,319
Prologis, Inc.		1,418		59,953
Public Storage		694		130,215
Rayonier, Inc.		894		24,388
Simon Property Group, Inc.		1,286		232,509
The Macerich Co.		930		73,544
Ventas, Inc.		1,538		110,044
Vornado Realty Trust		1,350		150,606
Weyerhaeuser Co.		14,006		494,552
				2,876,246
Retailing 5.2%
Aaron’s, Inc.		1,805		51,226
Abercrombie & Fitch Co., Class A		2,266		65,374
Advance Auto Parts, Inc.		786		115,605
Amazon.com, Inc. *		642		217,407
American Eagle Outfitters, Inc.		7,039		99,250
AutoNation, Inc. *		1,063		63,185
AutoZone, Inc. *		162		93,589
Bed Bath & Beyond, Inc. *		3,625		265,966
Best Buy Co., Inc.		13,647		537,828
Big Lots, Inc.		2,746		139,497
CarMax, Inc. *		1,502		85,584
Core-Mark Holding Co., Inc.		1,660		99,783
CST Brands, Inc.		2,793		121,942
Dick’s Sporting Goods, Inc.		1,055		53,394
Dillard’s, Inc., Class A		682		80,394
Dollar General Corp. *		3,150		210,231
Dollar Tree, Inc. *		2,422		165,568
Expedia, Inc.		1,004		87,458
Family Dollar Stores, Inc.		1,350		106,717
Foot Locker, Inc.		2,459		140,876
GameStop Corp., Class A (b)		3,969		150,068
Genuine Parts Co.		2,401		246,775
Guess?, Inc.		2,384		54,045
J.C. Penney Co., Inc. *(b)		20,598		164,990
Kohl’s Corp.		7,613		453,887
L Brands, Inc.		2,794		226,035
Liberty Interactive Corp., Class A *		6,128		178,631
Lowe’s Cos., Inc.		21,009		1,341,004
Macy’s, Inc.		5,572		361,679
Murphy USA, Inc. *		2,410		153,565
Nordstrom, Inc.		2,412		184,180
O’Reilly Automotive, Inc. *		840		153,502
PetSmart, Inc.		1,570		123,653
Rent-A-Center, Inc.		2,430		83,835
Ross Stores, Inc.		1,788		163,566
Sears Holdings Corp. *(b)		3,347		120,827
Signet Jewelers Ltd.		799		104,637
Staples, Inc.		31,755		446,475
Target Corp.		18,633		1,378,842
The Gap, Inc.		6,302		249,559
The Home Depot, Inc.		16,288		1,619,027
The Priceline Group, Inc. *		58		67,291
The TJX Cos., Inc.		7,457		493,355
Tiffany & Co.		930		100,366
Tractor Supply Co.		1,147		88,239
Urban Outfitters, Inc. *		1,799		58,144
Williams-Sonoma, Inc.		1,200		89,472
				11,656,523
Semiconductors & Semiconductor Equipment 2.7%
Altera Corp.		2,111		79,416
Analog Devices, Inc.		2,980		162,827
Applied Materials, Inc.		16,177		389,057
Avago Technologies Ltd.		763		71,264
Broadcom Corp., Class A		4,991		215,262
Intel Corp.		91,540		3,409,865
KLA-Tencor Corp.		1,802		125,131
Lam Research Corp.		1,266		104,622
Linear Technology Corp.		1,809		83,268

5

 Schwab Fundamental U.S. Large Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Marvell Technology Group Ltd.		6,300		90,216
Maxim Integrated Products, Inc.		3,548		104,914
Microchip Technology, Inc.		1,800		81,270
Micron Technology, Inc. *		6,620		237,989
NVIDIA Corp.		4,537		95,141
Texas Instruments, Inc.		14,182		771,785
Xilinx, Inc.		2,114		96,060
				6,118,087
Software & Services 6.5%
Accenture plc, Class A		5,474		472,570
Activision Blizzard, Inc.		3,981		86,189
Adobe Systems, Inc. *		2,874		211,756
Alliance Data Systems Corp. *		369		105,486
Amdocs Ltd.		2,281		111,187
AOL, Inc. *		3,129		144,435
Autodesk, Inc. *		1,350		83,700
Automatic Data Processing, Inc.		3,925		336,137
Booz Allen Hamilton Holding Corp.		1,202		32,706
Broadridge Financial Solutions, Inc.		1,500		67,935
CA, Inc.		3,600		112,140
CACI International, Inc., Class A *		598		53,336
Citrix Systems, Inc. *		915		60,674
Cognizant Technology Solutions Corp., Class A *		2,282		123,205
Computer Sciences Corp.		3,644		230,957
CoreLogic, Inc. *		3,618		120,190
eBay, Inc. *		6,913		379,385
Electronic Arts, Inc. *		1,355		59,525
Facebook, Inc., Class A *		666		51,748
Fidelity National Information Services, Inc.		3,302		202,049
Fiserv, Inc. *		2,430		173,721
Google, Inc., Class A *		678		372,276
Google, Inc., Class C *		710		384,699
IAC/InterActiveCorp		1,239		80,882
International Business Machines Corp.		16,434		2,665,102
Intuit, Inc.		1,971		185,018
Leidos Holdings, Inc.		2,576		104,096
MasterCard, Inc., Class A		3,300		288,057
Microsoft Corp.		96,020		4,590,716
Oracle Corp.		27,961		1,185,826
Paychex, Inc.		2,857		135,450
Science Applications International Corp.		613		31,036
Symantec Corp.		9,842		256,778
Teradata Corp. *		1,087		49,067
The Western Union Co.		11,119		206,591
Total System Services, Inc.		2,250		74,228
Visa, Inc., Class A		1,005		259,481
Xerox Corp.		26,010		363,100
Yahoo! Inc. *		4,232		218,964
				14,670,398
Technology Hardware & Equipment 4.9%
Amphenol Corp., Class A		2,106		112,945
Anixter International, Inc.		611		53,096
Apple, Inc.		22,219		2,642,506
Arrow Electronics, Inc. *		3,139		183,443
Avnet, Inc.		4,714		206,426
Cisco Systems, Inc.		69,021		1,907,740
Corning, Inc.		14,781		310,697
EMC Corp.		15,832		480,501
Harris Corp.		1,834		131,443
Hewlett-Packard Co.		77,142		3,013,167
Ingram Micro, Inc., Class A *		9,618		263,822
Jabil Circuit, Inc.		5,388		111,801
Juniper Networks, Inc.		6,333		140,339
Lexmark International, Inc., Class A		1,421		60,904
Motorola Solutions, Inc.		3,518		231,203
NetApp, Inc.		1,800		76,590
QUALCOMM, Inc.		7,388		538,585
SanDisk Corp.		1,231		127,359
SYNNEX Corp.		789		56,366
Tech Data Corp. *		3,301		205,751
Vishay Intertechnology, Inc.		4,321		59,932
Western Digital Corp.		1,858		191,876
				11,106,492
Telecommunication Services 4.0%
AT&T, Inc.		133,905		4,737,559
CenturyLink, Inc.		10,006		407,945
Frontier Communications Corp.		32,242		227,306
Sprint Corp. *		31,191		159,698
Telephone & Data Systems, Inc.		3,638		92,987
Verizon Communications, Inc.		61,340		3,103,191
Windstream Holdings, Inc.		18,856		190,634
				8,919,320
Transportation 1.8%
Avis Budget Group, Inc. *		2,177		130,946
C.H. Robinson Worldwide, Inc.		3,129		230,732
CSX Corp.		16,122		588,292
Expeditors International of Washington, Inc.		2,569		120,281
FedEx Corp.		4,359		776,687
Hertz Global Holdings, Inc. *		5,250		124,635
J.B. Hunt Transport Services, Inc.		750		61,897
Kansas City Southern		364		43,294
Norfolk Southern Corp.		3,290		367,296
Ryder System, Inc.		1,385		132,295
Union Pacific Corp.		7,162		836,307
United Parcel Service, Inc., Class B		5,811		638,745
				4,051,407
Utilities 4.5%
AES Corp.		16,714		231,823
AGL Resources, Inc.		1,200		62,772
Alliant Energy Corp.		1,650		103,736
Ameren Corp.		5,580		240,554
American Electric Power Co., Inc.		8,116		467,076
American Water Works Co., Inc.		1,677		88,965
Atmos Energy Corp.		1,800		96,660
Calpine Corp. *		4,792		110,024
CenterPoint Energy, Inc.		7,301		174,786
CMS Energy Corp.		3,777		125,019
Consolidated Edison, Inc.		5,662		357,555
Dominion Resources, Inc.		7,559		548,405
DTE Energy Co.		3,001		244,461

6 

 Schwab Fundamental U.S. Large Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Duke Energy Corp.		7,318		592,026
Edison International		5,554		353,012
Entergy Corp.		5,566		466,987
Exelon Corp.		20,780		751,613
FirstEnergy Corp.		12,072		445,215
Great Plains Energy, Inc.		2,250		58,883
Integrys Energy Group, Inc.		1,816		132,277
MDU Resources Group, Inc.		2,853		69,956
National Fuel Gas Co.		968		67,053
NextEra Energy, Inc.		4,687		489,276
NiSource, Inc.		4,077		170,582
Northeast Utilities		2,791		141,336
NRG Energy, Inc.		6,045		188,967
OGE Energy Corp.		1,849		65,991
Pepco Holdings, Inc.		5,619		154,523
PG&E Corp.		8,209		414,555
Pinnacle West Capital Corp.		1,937		122,477
PPL Corp.		8,490		301,650
Public Service Enterprise Group, Inc.		9,922		414,541
SCANA Corp.		2,446		139,495
Sempra Energy		2,758		308,151
TECO Energy, Inc.		5,215		103,413
The Southern Co.		13,417		636,368
UGI Corp.		2,700		101,817
Vectren Corp.		1,390		61,452
Westar Energy, Inc.		1,682		65,749
Wisconsin Energy Corp.		2,134		105,420
Xcel Energy, Inc.		7,974		270,638
				10,045,259
Total Common Stock
(Cost $206,926,999)				223,845,407
Other Investment Companies 0.2% of net assets
Money Market Fund 0.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.00% (c)		62,662		62,662
Securities Lending Collateral 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.00% (c)		483,516		483,516
Total Other Investment Companies
(Cost $546,178)				546,178
	Face
Security	Amount		Value
Rate, Maturity Date	($)		($)
Short-Term Investments 0.0% of net assets
U.S. Treasury Obligations 0.0%
U.S. Treasury Bills
0.00%, 12/18/14 (d)(e)		10,000		10,000
0.01%, 12/18/14 (d)(e)		14,000		14,000
Total Short-Term Investments
(Cost $24,000)				24,000
End of Investments.

At 11/30/14, the tax basis cost of the fund’s investments was $207,511,469 and the unrealized appreciation and depreciation were $21,700,945 and ($4,796,829), respectively, with a net unrealized appreciation of $16,904,116.

*	Non-income producing security.
(a)	Issuer is affiliated with the fund’s adviser.
(b)	All or a portion of this security is on loan. Securities on loan were valued at $475,112. Non-Cash Collateral pledged to the fund for securities on loan amounted to $8,398.
(c)	The rate shown is the 7-day yield.
(d)	All or a portion of this security is held as collateral for open futures contracts.
(e)	The rate shown is the purchase yield.

REIT — Real Estate Investment Trust

In addition to the above, the fund held the following at 11/30/14:

			Contract		Unrealized
	Number of		Value		Appreciation
	Contracts		($)		($)
Futures Contracts
S&P 500 Index, e-mini, Long, expires 12/19/14		1		103,315		1,813

Under procedures approved by the fund’s Board of Trustees (the “Board”), the investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair market value. Among other things, these procedures allow the fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

7

 Schwab Fundamental U.S. Large Company Index ETF

Portfolio Holdings (Unaudited) continued

The fund values the securities in its portfolio every business day. The fund uses the following policies to value various types of securities:

•  Securities traded on an exchange or over-the-counter: Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at halfway between the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.

•  Securities for which no quoted value is available: The Board has adopted procedures to fair value the fund’s securities when market prices are not “readily available” or are unreliable. For example, a fund may fair value a security when it is de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. The fund makes fair value determinations in good faith in accordance with the fund’s valuation procedures. The Pricing Committee considers a number of factors, including unobservable market inputs when arriving at fair value. The Pricing Committee may employ techniques such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. The Pricing Committee regularly reviews these inputs and assumptions to calibrate the valuations. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security. The Board convenes on a regular basis to review fair value determinations made by the funds pursuant to the valuation procedures.

•  Futures contracts (“futures”): Futures are valued at their settlement prices as of the close of their exchanges.

•  Short-term securities (60 days or less to maturity): Short-term securities may be valued at amortized cost, which approximates market value.

•  Underlying funds: Mutual funds are valued at their respective net asset values (“NAVs”).

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If the fund determines that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and management judgment will be required to estimate fair value.

The three levels of the fair value hierarchy are as follows:

•  Level 1 — quoted prices in active markets for identical securities — Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities and futures. Investments in mutual funds are valued daily at their NAVs, which are classified as Level 1 prices, without consideration to the classification level of the specific investments held by the underlying fund.

•  Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. As investments whose values are classified as Level 2 prices include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

•  Level 3 — significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may

8 

 Schwab Fundamental U.S. Large Company Index ETF

Portfolio Holdings (Unaudited) continued

trade infrequently or not at all. When observable prices are not available for these securities, the fund uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the fund in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the fund in the absence of market information. Assumptions used by the fund due to the lack of observable inputs may significantly impact the resulting fair value and therefore the 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 following is a summary of the inputs used to value the fund’s investments as of November 30, 2014:

	Quoted Prices in				Significant
	Active Markets for		Other Significant		Unobservable
	Identical Assets		Observable Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Common Stock1		$223,845,407		$—		$—		$223,845,407
Other Investment Companies1		546,178		—		—		546,178
Short-Term Investments1		—		24,000		—		24,000
Total		$224,391,585		$24,000		$—		$224,415,585
Other Financial Instruments
Futures Contracts2		$1,813		$—		$—		$1,813

1	As categorized in Portfolio Holdings.
2	Futures contracts are not included in Investments in the schedule of portfolio holdings and are valued at unrealized appreciation or depreciation.

The fund’s policy is to recognize transfers between Level 1, Level 2 and Level 3 as of the beginning of the fiscal year. There were no transfers between Level 1, Level 2 and Level 3 for the period ended November 30, 2014.

REG79044NOV14

9

Schwab Strategic Trust
Schwab Fundamental U.S. Small Company Index ETF

Portfolio Holdings as of November 30, 2014 (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.

				Cost		Value
Holdings by Category				($)		($)
	99	.8%	Common Stock		114,043,034		120,482,133
	0	.0%	Rights		14,969		14,969
	1	.9%	Other Investment Companies		2,315,513		2,315,513
	0	.0%	Short-Term Investment		11,000		11,000
	101	.7%	Total Investments		116,384,516		122,823,615
	(1	.7)%	Other Assets and Liabilities, Net				(2,080,946	)
	100	.0%	Net Assets				120,742,669

	Number		Value
Security	of Shares		($)
Common Stock 99.8% of net assets
Automobiles & Components 0.9%
Cooper Tire & Rubber Co.		6,888		233,710
Drew Industries, Inc.		1,397		65,799
Gentex Corp.		6,166		219,263
Modine Manufacturing Co. *		2,829		34,429
Standard Motor Products, Inc.		757		28,879
Superior Industries International, Inc.		4,018		72,806
Tenneco, Inc. *		2,302		125,114
Thor Industries, Inc.		4,346		255,371
Tower International, Inc. *		859		21,930
				1,057,301
Banks 4.5%
Associated Banc-Corp.		10,381		191,841
Astoria Financial Corp.		8,038		106,343
BancorpSouth, Inc.		5,330		116,674
Bank of Hawaii Corp.		3,282		189,142
BankUnited, Inc.		3,246		98,029
BOK Financial Corp.		1,290		83,140
Capitol Federal Financial, Inc.		9,558		119,666
Cathay General Bancorp		2,880		73,094
City National Corp.		1,828		141,103
Commerce Bancshares, Inc.		4,277		183,126
Community Bank System, Inc.		1,493		55,226
Cullen/Frost Bankers, Inc.		2,258		168,582
CVB Financial Corp.		4,105		62,273
East West Bancorp, Inc.		4,019		147,779
EverBank Financial Corp.		1,767		33,290
F.N.B. Corp.		7,845		98,768
First Citizens BancShares, Inc., Class A		219		55,538
First Financial Bancorp		4,146		73,426
First Financial Bankshares, Inc.		822		24,800
First Horizon National Corp.		14,384		183,540
First Niagara Financial Group, Inc.		20,870		170,508
First Republic Bank		2,726		140,471
FirstMerit Corp.		7,027		125,713
Fulton Financial Corp.		11,811		141,023
Glacier Bancorp, Inc.		2,708		74,145
Hancock Holding Co.		2,708		88,579
Iberiabank Corp.		390		25,475
International Bancshares Corp.		3,613		92,204
MB Financial, Inc.		2,515		79,222
National Penn Bancshares, Inc.		2,960		30,192
NBT Bancorp, Inc.		2,601		63,230
Northwest Bancshares, Inc.		7,052		88,785
Old National Bancorp		4,849		68,856
Popular, Inc. *		10,928		356,690
Prosperity Bancshares, Inc.		1,476		82,922
Provident Financial Services, Inc.		3,500		60,480
Signature Bank *		537		65,122
Susquehanna Bancshares, Inc.		10,004		131,753
SVB Financial Group *		835		87,800
Synovus Financial Corp.		8,246		213,077
TCF Financial Corp.		12,345		191,594
Trustmark Corp.		4,742		110,678
UMB Financial Corp.		1,314		72,914
Umpqua Holdings Corp.		4,191		71,205
United Bankshares, Inc.		2,874		100,303
Valley National Bancorp		17,306		168,560
Washington Federal, Inc.		5,847		126,529
Webster Financial Corp.		3,914		123,174
Westamerica Bancorp		1,569		76,253
Wintrust Financial Corp.		1,397		62,432
				5,495,269
Capital Goods 11.1%
A.O. Smith Corp.		2,794		150,680
AAR Corp.		4,562		116,924
Actuant Corp., Class A		3,912		114,856
Acuity Brands, Inc.		1,662		229,688
Aegion Corp. *		3,138		59,779
Air Lease Corp.		775		29,473
Aircastle Ltd.		7,631		157,962
Albany International Corp., Class A		1,913		71,489
Allegion plc		2,505		134,894
Allison Transmission Holdings, Inc.		2,584		84,988
American Science & Engineering, Inc.		426		20,823
Apogee Enterprises, Inc.		2,319		104,888
Applied Industrial Technologies, Inc.		4,647		217,898
Astec Industries, Inc.		2,101		82,506
AZZ, Inc.		620		27,764
B/E Aerospace, Inc. *		2,438		189,847
Barnes Group, Inc.		3,618		132,889
Beacon Roofing Supply, Inc. *		3,869		104,773
Briggs & Stratton Corp.		8,036		161,122
Carlisle Cos., Inc.		3,568		318,979
Chart Industries, Inc. *		959		38,082
Chicago Bridge & Iron Co. N.V.		3,540		177,106

1

 Schwab Fundamental U.S. Small Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
CIRCOR International, Inc.		946		63,335
CLARCOR, Inc.		2,870		189,104
Colfax Corp. *		472		24,322
Comfort Systems USA, Inc.		2,678		38,483
Crane Co.		2,880		170,006
Cubic Corp.		1,679		86,385
Curtiss-Wright Corp.		2,913		206,532
DigitalGlobe, Inc. *		1,841		49,725
Donaldson Co., Inc.		6,174		240,786
Dycom Industries, Inc. *		3,498		107,004
Encore Wire Corp.		2,555		93,692
EnerSys		2,731		165,854
Engility Holdings, Inc. *		1,360		57,188
EnPro Industries, Inc. *		1,032		66,585
ESCO Technologies, Inc.		1,932		69,591
Esterline Technologies Corp. *		1,483		176,225
Franklin Electric Co., Inc.		2,031		76,284
GATX Corp.		4,229		261,944
Generac Holdings, Inc. *		2,732		118,514
General Cable Corp.		11,494		158,157
Graco, Inc.		2,153		172,455
GrafTech International Ltd. *		13,194		53,832
Granite Construction, Inc.		5,784		207,356
Griffon Corp.		2,572		32,021
H&E Equipment Services, Inc.		2,516		88,060
HEICO Corp.		1,370		72,624
Hexcel Corp. *		3,224		139,567
Hillenbrand, Inc.		3,568		114,747
Huntington Ingalls Industries, Inc.		2,528		275,476
Hyster-Yale Materials Handling, Inc.		392		28,777
IDEX Corp.		2,966		227,818
ITT Corp.		9,331		386,303
Kaman Corp.		2,257		88,790
Layne Christensen Co. *(d)		6,023		42,763
Lennox International, Inc.		3,591		336,369
Lindsay Corp. (d)		362		31,831
Masonite International Corp. *		937		54,918
MasTec, Inc. *		3,450		83,145
Meritor, Inc. *		6,698		94,308
Moog, Inc., Class A *		2,466		179,475
MSC Industrial Direct Co., Inc., Class A		2,587		200,932
Mueller Industries, Inc.		7,954		260,971
Mueller Water Products, Inc., Class A		10,138		96,210
MYR Group, Inc. *		1,171		30,387
Navistar International Corp. *		4,381		156,840
Nordson Corp.		2,247		175,603
Orbital Sciences Corp. *		4,160		113,235
Polypore International, Inc. *		1,896		97,568
Quanex Building Products Corp.		4,707		93,104
Raven Industries, Inc.		1,954		43,965
RBC Bearings, Inc.		439		27,912
Regal-Beloit Corp.		3,252		235,185
Rexnord Corp. *		1,270		34,989
Rush Enterprises, Inc., Class A *		2,676		93,874
Simpson Manufacturing Co., Inc.		2,601		86,353
Spirit AeroSystems Holdings, Inc., Class A *		7,640		329,360
Standex International Corp.		373		27,218
TAL International Group, Inc. *		2,190		96,776
Teledyne Technologies, Inc. *		1,772		189,445
Tennant Co.		1,122		75,679
Terex Corp.		8,652		248,312
The Babcock & Wilcox Co.		6,000		177,780
The Greenbrier Cos., Inc. (d)		1,273		70,626
The Manitowoc Co., Inc.		6,772		136,388
The Middleby Corp. *		1,038		99,274
The Toro Co.		3,740		245,643
Titan International, Inc.		4,182		41,402
TransDigm Group, Inc.		1,330		263,061
TriMas Corp. *		1,767		55,007
Triumph Group, Inc.		2,955		201,117
Tutor Perini Corp. *		6,994		176,599
Universal Forest Products, Inc.		3,740		178,548
Valmont Industries, Inc. (d)		1,431		193,500
WABCO Holdings, Inc. *		2,257		231,613
Wabtec Corp.		2,399		212,288
Watsco, Inc.		1,980		200,970
Watts Water Technologies, Inc., Class A		2,169		131,138
Woodward, Inc.		3,757		194,162
				13,380,795
Commercial & Professional Services 5.0%
ABM Industries, Inc.		8,470		229,452
ACCO Brands Corp. *		5,307		46,489
Brady Corp., Class A		6,439		160,975
Clean Harbors, Inc. *		2,343		109,535
Copart, Inc. *		7,851		285,305
Covanta Holding Corp.		10,004		250,800
Deluxe Corp.		3,400		198,730
FTI Consulting, Inc. *		5,513		213,739
G&K Services, Inc., Class A		2,050		133,455
Healthcare Services Group, Inc.		3,482		105,017
Herman Miller, Inc.		4,446		135,114
HNI Corp.		4,894		229,724
Huron Consulting Group, Inc. *		946		65,425
ICF International, Inc. *		1,913		74,186
IHS, Inc., Class A *		1,041		127,481
Insperity, Inc.		2,880		94,032
Interface, Inc.		3,912		59,150
KAR Auction Services, Inc.		4,540		157,311
Kelly Services, Inc., Class A		9,594		148,131
Kforce, Inc.		4,019		93,804
Kimball International, Inc., Class B		3,056		28,696
Knoll, Inc.		4,493		83,255
Korn/Ferry International *		2,880		78,192
Matthews International Corp., Class A		2,624		120,888
McGrath RentCorp		2,085		73,517
Mobile Mini, Inc.		713		29,583
MSA Safety, Inc.		1,659		91,129
Navigant Consulting, Inc. *		5,330		74,620
On Assignment, Inc. *		834		25,629
Quad/Graphics, Inc.		7,418		161,045
Resources Connection, Inc.		6,513		98,802
Rollins, Inc.		2,085		67,825
Steelcase, Inc., Class A		13,481		236,187
Stericycle, Inc. *		1,895		244,304
Team, Inc. *		671		27,249
Tetra Tech, Inc.		4,921		133,753
The Brink’s Co.		6,314		137,014
The Corporate Executive Board Co.		1,569		114,867
Towers Watson & Co., Class A		2,025		228,744

2 

 Schwab Fundamental U.S. Small Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
TrueBlue, Inc. *		4,379		100,498
UniFirst Corp.		946		105,564
United Stationers, Inc.		7,071		290,335
Verisk Analytics, Inc., Class A *		3,458		214,327
Viad Corp.		3,678		88,382
Waste Connections, Inc.		3,936		185,819
West Corp.		1,318		41,174
				5,999,253
Consumer Durables & Apparel 3.0%
Arctic Cat, Inc.		1,350		44,618
Brunswick Corp.		1,622		80,581
Callaway Golf Co.		8,784		65,089
Carter’s, Inc.		2,429		202,117
Columbia Sportswear Co.		2,250		101,363
Crocs, Inc. *		6,339		84,182
Deckers Outdoor Corp. *		1,913		185,025
Ethan Allen Interiors, Inc.		2,708		80,184
G-III Apparel Group Ltd. *		969		85,747
Hanesbrands, Inc.		2,807		324,826
Helen of Troy Ltd. *		1,655		107,012
Iconix Brand Group, Inc. *		707		28,570
JAKKS Pacific, Inc. *(d)		9,454		69,581
KB Home		4,635		81,437
La-Z-Boy, Inc.		4,251		110,484
Lennar Corp., Class A		4,237		200,156
M.D.C Holdings, Inc.		3,352		88,191
Meritage Homes Corp. *		1,421		55,732
Michael Kors Holdings Ltd. *		1,337		102,561
Oxford Industries, Inc.		423		28,015
Polaris Industries, Inc.		1,837		287,876
PulteGroup, Inc.		9,367		202,608
Quiksilver, Inc. *(d)		22,917		46,751
Skechers U.S.A., Inc., Class A *		2,584		158,684
Steven Madden Ltd. *		2,406		82,045
Sturm Ruger & Co., Inc. (d)		558		21,254
Tempur Sealy International, Inc. *		3,807		217,189
Toll Brothers, Inc. *		4,302		150,527
Under Armour, Inc., Class A *		1,809		131,134
Wolverine World Wide, Inc.		5,933		181,016
				3,604,555
Consumer Services 4.5%
Aramark		1,442		43,837
Bob Evans Farms, Inc.		4,446		241,685
Boyd Gaming Corp. *		9,115		116,490
Buffalo Wild Wings, Inc. *		472		80,339
Burger King Worldwide, Inc.		2,960		107,566
Capella Education Co.		1,256		85,634
Career Education Corp. *		34,606		202,791
Choice Hotels International, Inc.		1,906		105,611
Churchill Downs, Inc.		294		28,309
Cracker Barrel Old Country Store, Inc.		1,371		175,502
DineEquity, Inc.		946		93,966
Domino’s Pizza, Inc.		2,415		226,648
Dunkin’ Brands Group, Inc.		2,051		99,166
Hilton Worldwide Holdings, Inc. *		1,374		36,026
Houghton Mifflin Harcourt Co. *		2,027		38,959
Hyatt Hotels Corp., Class A *		2,085		122,869
International Speedway Corp., Class A		2,966		92,776
ITT Educational Services, Inc. *(d)		14,308		118,899
Jack in the Box, Inc.		3,610		268,945
Life Time Fitness, Inc. *		2,405		133,189
Marriott Vacations Worldwide Corp.		2,003		147,241
Norwegian Cruise Line Holdings Ltd. *		1,204		52,844
Panera Bread Co., Class A *		1,094		183,136
Papa John’s International, Inc.		2,182		115,166
Penn National Gaming, Inc. *		11,778		167,248
Pinnacle Entertainment, Inc. *		3,224		80,245
Red Robin Gourmet Burgers, Inc. *		1,314		88,498
Regis Corp. *		11,861		196,181
Ruby Tuesday, Inc. *		16,248		135,508
Scientific Games Corp., Class A *		2,827		42,801
SeaWorld Entertainment, Inc.		5,619		93,781
Six Flags Entertainment Corp.		2,504		101,788
Sonic Corp.		4,690		127,521
Sotheby’s		2,378		96,095
Steiner Leisure Ltd. *		1,483		65,652
Strayer Education, Inc. *		3,784		286,411
Texas Roadhouse, Inc.		4,614		152,539
The Cheesecake Factory, Inc.		4,965		240,455
The Wendy’s Co.		25,477		222,159
Vail Resorts, Inc.		1,776		155,649
Weight Watchers International, Inc. *(d)		8,486		246,094
				5,416,219
Diversified Financials 3.2%
Affiliated Managers Group, Inc. *		832		169,387
BGC Partners, Inc., Class A		4,040		35,188
Cash America International, Inc.		3,608		88,071
CBOE Holdings, Inc.		2,645		158,462
Eaton Vance Corp.		7,329		306,279
Ezcorp, Inc., Class A *		8,297		90,354
Federated Investors, Inc., Class B		9,951		312,859
First Cash Financial Services, Inc. *		1,290		74,536
Greenhill & Co., Inc.		2,343		103,842
Intercontinental Exchange, Inc.		1,162		262,600
Investment Technology Group, Inc. *		4,191		82,772
Janus Capital Group, Inc.		14,475		227,547
Lazard Ltd., Class A		2,880		148,378
LPL Financial Holdings, Inc.		3,342		142,603
MSCI, Inc.		3,942		190,635
Nelnet, Inc., Class A		1,569		71,923
PRA Group, Inc. *		580		33,942
Raymond James Financial, Inc.		4,063		228,747
Santander Consumer USA Holdings, Inc.		4,300		79,937
SEI Investments Co.		7,465		295,838
SLM Corp.		23,336		225,892
Stifel Financial Corp. *		1,569		76,144
TD Ameritrade Holding Corp.		7,906		273,627
Waddell & Reed Financial, Inc., Class A		3,224		155,010
World Acceptance Corp. *(d)		1,233		94,115
				3,928,688

3

 Schwab Fundamental U.S. Small Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Energy 4.0%
Alon USA Energy, Inc.		2,050		28,618
Atwood Oceanics, Inc. *		2,601		83,466
Basic Energy Services, Inc. *		2,887		25,781
Bill Barrett Corp. *		5,002		50,670
Bristow Group, Inc.		1,941		124,418
C&J Energy Services, Inc. *		1,032		15,635
Cabot Oil & Gas Corp.		5,430		179,407
CARBO Ceramics, Inc. (d)		839		31,916
Cloud Peak Energy, Inc. *		8,084		94,340
Comstock Resources, Inc.		3,826		33,898
Concho Resources, Inc. *		1,468		139,827
Continental Resources, Inc. *		371		15,204
CVR Energy, Inc. (d)		687		31,973
Delek US Holdings, Inc.		6,170		184,483
Dril-Quip, Inc. *		1,068		85,173
Energy XXI Ltd. (d)		6,260		25,103
EXCO Resources, Inc. (d)		22,234		65,368
Exterran Holdings, Inc.		5,762		193,027
Forest Oil Corp. *		83,595		47,649
Forum Energy Technologies, Inc. *		1,020		24,490
Frontline Ltd. *		50,407		62,505
Golar LNG Ltd.		530		22,006
Green Plains, Inc.		2,818		84,568
Gulfmark Offshore, Inc., Class A		1,641		42,748
Helix Energy Solutions Group, Inc. *		8,711		199,221
Hercules Offshore, Inc. *(d)		23,022		28,547
Hornbeck Offshore Services, Inc. *		1,744		46,286
ION Geophysical Corp. *		15,334		37,875
Key Energy Services, Inc. *		23,501		44,182
Matrix Service Co. *		2,257		47,668
McDermott International, Inc. *		45,374		161,078
Newpark Resources, Inc. *		6,852		71,740
Nordic American Tankers Ltd. (d)		7,808		69,960
North Atlantic Drilling Ltd. (d)		4,152		10,089
Parker Drilling Co. *		13,798		48,983
PBF Energy, Inc., Class A		1,446		40,864
PDC Energy, Inc. *		1,079		31,841
Penn Virginia Corp. *		6,332		32,483
Pioneer Energy Services Corp. *		6,082		36,735
Quicksilver Resources, Inc. *(d)		50,533		15,210
Range Resources Corp.		2,706		177,649
Rosetta Resources, Inc. *		1,774		52,191
Rowan Cos. plc, Class A		9,294		202,330
RPC, Inc.		1,579		20,985
SandRidge Energy, Inc. *(d)		31,144		87,515
SemGroup Corp., Class A		2,588		191,486
Ship Finance International Ltd.		5,179		85,971
SM Energy Co.		2,601		113,013
Stone Energy Corp. *		3,797		59,993
Superior Energy Services, Inc.		8,177		157,898
Swift Energy Co. *(d)		9,840		44,280
Targa Resources Corp.		1,413		161,280
Teekay Corp.		3,258		161,988
TETRA Technologies, Inc. *		8,211		52,140
Tidewater, Inc.		5,365		165,832
Ultra Petroleum Corp. *(d)		5,465		108,480
Unit Corp. *		3,694		141,185
W&T Offshore, Inc.		5,761		43,380
Whiting Petroleum Corp. *		3,815		159,353
				4,801,984
Food & Staples Retailing 0.8%
Ingles Markets, Inc., Class A		1,943		52,733
PriceSmart, Inc.		770		74,659
Rite Aid Corp. *		21,524		117,951
Roundy’s, Inc. *		15,388		62,014
SpartanNash Co.		3,478		81,142
The Andersons, Inc.		2,639		142,612
The Fresh Market, Inc. *		2,079		85,156
The Pantry, Inc. *		12,430		330,016
				946,283
Food, Beverage & Tobacco 2.6%
B&G Foods, Inc.		2,525		72,265
Cal-Maine Foods, Inc. (d)		2,484		104,030
Chiquita Brands International, Inc. *		14,980		216,611
Darling Ingredients, Inc. *		6,001		111,618
Dean Foods Co.		23,636		402,994
Flowers Foods, Inc.		11,136		217,152
Fresh Del Monte Produce, Inc.		7,501		253,234
J&J Snack Foods Corp.		855		89,818
Keurig Green Mountain, Inc.		1,430		203,260
Lancaster Colony Corp.		1,483		139,254
Pilgrim’s Pride Corp. *(d)		2,804		90,569
Pinnacle Foods, Inc.		942		32,056
Post Holdings, Inc. *		2,794		111,760
Sanderson Farms, Inc. (d)		2,069		179,610
Seaboard Corp. *		39		134,550
Snyder’s-Lance, Inc.		3,245		98,259
The Hain Celestial Group, Inc. *		1,032		116,843
The WhiteWave Foods Co. *		4,129		151,245
TreeHouse Foods, Inc. *		1,886		152,672
Universal Corp.		4,963		198,470
Vector Group Ltd.		4,647		101,072
				3,177,342
Health Care Equipment & Services 5.4%
Air Methods Corp. *		688		30,533
Alere, Inc. *		4,798		191,392
Align Technology, Inc. *		533		30,328
Allscripts Healthcare Solutions, Inc. *		6,421		77,180
Amedisys, Inc. *		8,407		213,706
Amsurg Corp. *		2,087		107,627
Analogic Corp.		880		64,099
BioScrip, Inc. *		3,561		23,075
Brookdale Senior Living, Inc. *		4,968		175,967
Centene Corp. *		3,661		361,597
Cerner Corp. *		4,707		303,131
Chemed Corp.		2,096		230,791
CONMED Corp.		1,765		74,889
Edwards Lifesciences Corp. *		2,522		327,053
Envision Healthcare Holdings, Inc. *		1,009		35,678
Gentiva Health Services, Inc. *		5,002		97,089
Greatbatch, Inc. *		1,401		69,448
Haemonetics Corp. *		2,863		105,731
Hanger, Inc. *		2,228		47,791
HealthSouth Corp.		3,357		138,073
Healthways, Inc. *		5,141		80,097
Hill-Rom Holdings, Inc.		5,223		239,005
Hologic, Inc. *		9,148		245,166

4 

 Schwab Fundamental U.S. Small Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
IDEXX Laboratories, Inc. *		1,902		284,064
Integra LifeSciences Holdings Corp. *		1,397		68,788
Invacare Corp.		7,464		112,930
Kindred Healthcare, Inc.		11,490		228,536
Masimo Corp. *		2,989		78,461
MEDNAX, Inc. *		3,826		250,450
Molina Healthcare, Inc. *		3,847		196,659
MWI Veterinary Supply, Inc. *		574		93,803
Orthofix International N.V. *		916		25,575
PharMerica Corp. *		5,009		109,246
Quality Systems, Inc.		2,404		35,411
ResMed, Inc. (d)		4,514		240,145
Select Medical Holdings Corp.		6,724		97,027
Sirona Dental Systems, Inc. *		1,432		123,710
STERIS Corp.		4,157		265,009
Team Health Holdings, Inc. *		465		26,579
Teleflex, Inc.		2,241		267,015
The Cooper Cos., Inc.		1,230		207,747
The Ensign Group, Inc.		684		26,963
Thoratec Corp. *		1,359		42,387
Triple-S Management Corp., Class B *		3,046		70,424
VCA, Inc. *		4,622		218,759
West Pharmaceutical Services, Inc.		2,794		145,316
				6,484,450
Household & Personal Products 0.3%
Elizabeth Arden, Inc. *		2,772		48,177
Nu Skin Enterprises, Inc., Class A (d)		3,179		132,882
Spectrum Brands Holdings, Inc.		1,037		95,373
WD-40 Co.		826		62,859
				339,291
Insurance 5.2%
Alleghany Corp. *		439		200,421
Allied World Assurance Co. Holdings AG		8,015		302,165
American Equity Investment Life Holding Co.		4,105		110,835
Argo Group International Holdings Ltd.		2,257		127,385
Arthur J. Gallagher & Co.		5,822		279,165
Aspen Insurance Holdings Ltd.		6,484		286,787
Assured Guaranty Ltd.		6,759		172,760
Brown & Brown, Inc.		5,294		170,467
CNO Financial Group, Inc.		15,969		276,902
Employers Holdings, Inc.		2,177		44,150
Endurance Specialty Holdings Ltd.		5,991		353,349
First American Financial Corp.		9,676		309,729
Horace Mann Educators Corp.		2,343		73,336
Infinity Property & Casualty Corp.		1,827		132,750
Kemper Corp.		6,747		237,899
Markel Corp. *		313		218,092
Mercury General Corp.		3,145		173,478
Montpelier Re Holdings Ltd.		3,058		104,125
Old Republic International Corp.		17,682		267,529
Platinum Underwriters Holdings Ltd.		4,878		361,801
Primerica, Inc.		6,104		320,033
ProAssurance Corp.		3,396		153,126
Protective Life Corp.		5,059		352,663
RLI Corp.		3,404		156,346
Safety Insurance Group, Inc.		1,394		82,971
Selective Insurance Group, Inc.		4,137		110,747
StanCorp Financial Group, Inc.		3,653		241,463
Stewart Information Services Corp.		2,259		80,172
Symetra Financial Corp.		3,480		78,857
The Hanover Insurance Group, Inc.		3,549		252,973
Validus Holdings Ltd.		6,711		278,506
				6,310,982
Materials 5.7%
A. Schulman, Inc.		3,900		149,214
AK Steel Holding Corp. *		25,295		149,746
Axiall Corp.		3,500		151,480
Berry Plastics Group, Inc. *		2,149		62,192
Boise Cascade Co. *		1,179		42,079
Cabot Corp.		4,952		213,332
Calgon Carbon Corp. *		1,429		29,166
Carpenter Technology Corp.		3,043		153,428
Century Aluminum Co. *		5,957		164,711
Chemtura Corp. *		8,481		197,607
Clearwater Paper Corp. *		1,538		101,908
Coeur Mining, Inc. *		12,095		49,710
Compass Minerals International, Inc.		1,900		165,395
Cytec Industries, Inc.		5,748		276,479
Eagle Materials, Inc.		968		79,754
Ferro Corp. *		7,970		102,574
Globe Specialty Metals, Inc.		1,440		24,955
Graphic Packaging Holding Co. *		18,538		230,798
Greif, Inc., Class A		3,894		170,752
H.B. Fuller Co.		3,708		160,149
Hecla Mining Co.		23,660		55,838
Innophos Holdings, Inc.		2,214		119,733
Innospec, Inc.		1,893		81,134
Intrepid Potash, Inc. *		1,932		27,570
Kaiser Aluminum Corp.		1,999		145,487
KapStone Paper & Packaging Corp. *		2,631		78,588
Koppers Holdings, Inc.		2,025		59,090
Kraton Performance Polymers, Inc. *		3,948		72,643
Louisiana-Pacific Corp. *		5,137		78,288
LSB Industries, Inc. *		820		27,117
Martin Marietta Materials, Inc.		2,391		287,016
Materion Corp.		2,646		92,001
Minerals Technologies, Inc.		2,268		168,354
Myers Industries, Inc.		2,808		45,686
NewMarket Corp.		466		183,474
Olin Corp.		7,420		186,687
OM Group, Inc.		3,568		97,085
P.H. Glatfelter Co.		4,792		121,333
PolyOne Corp.		3,654		136,294
Quaker Chemical Corp.		386		31,432
Resolute Forest Products, Inc. *		16,770		280,898
RTI International Metals, Inc. *		1,827		41,893
Schnitzer Steel Industries, Inc., Class A		10,332		235,570
Schweitzer-Mauduit International, Inc.		2,168		92,725
Sensient Technologies Corp.		3,482		205,264
Silgan Holdings, Inc.		3,936		198,611
Stepan Co.		1,905		78,867
Stillwater Mining Co. *		5,261		69,077
SunCoke Energy, Inc.		4,277		86,951
The Scotts Miracle-Gro Co., Class A		3,710		226,421

5

 Schwab Fundamental U.S. Small Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Tredegar Corp.		2,788		51,132
Tronox Ltd., Class A		1,917		43,228
W.R. Grace & Co. *		1,347		129,406
Walter Energy, Inc. (d)		32,422		103,102
Westlake Chemical Corp.		1,394		88,658
Worthington Industries, Inc.		3,963		149,445
				6,851,527
Media 2.3%
AMC Networks, Inc., Class A *		1,204		78,091
Central European Media Enterprises Ltd., Class A *(d)		12,038		34,068
Cinemark Holdings, Inc.		7,587		275,484
Dex Media, Inc. *(d)		28,053		240,134
DreamWorks Animation SKG, Inc., Class A *		6,018		143,469
John Wiley & Sons, Inc., Class A		2,966		177,130
Lamar Advertising Co., Class A		4,075		217,157
Liberty Media Corp., Class A *		1,278		46,992
Liberty Media Corp., Class C *		1,592		58,156
Lions Gate Entertainment Corp.		2,756		93,428
Live Nation Entertainment, Inc. *		6,985		187,198
Loral Space & Communications, Inc. *		913		71,661
Meredith Corp.		3,516		185,575
Morningstar, Inc.		365		24,360
National CineMedia, Inc.		5,002		70,828
Regal Entertainment Group, Class A		8,960		206,886
Scholastic Corp.		5,839		207,285
Sinclair Broadcast Group, Inc., Class A (d)		2,706		78,907
Sirius XM Holdings, Inc. *		27,529		99,930
The Madison Square Garden Co., Class A *		1,655		120,881
The New York Times Co., Class A		11,176		141,823
				2,759,443
Pharmaceuticals, Biotechnology & Life Sciences 2.0%
Alexion Pharmaceuticals, Inc. *		531		103,492
Bio-Rad Laboratories, Inc., Class A *		1,230		146,112
Bio-Techne Corp.		1,317		120,650
Bruker Corp. *		3,310		63,486
Charles River Laboratories International, Inc. *		4,165		269,684
Cubist Pharmaceuticals, Inc. *		1,141		86,499
Illumina, Inc. *		958		182,872
Impax Laboratories, Inc. *		3,704		118,343
Mallinckrodt plc *		1,749		161,293
Myriad Genetics, Inc. *(d)		2,360		79,131
PAREXEL International Corp. *		1,859		108,770
PDL BioPharma, Inc. (d)		14,486		119,654
PerkinElmer, Inc.		5,428		246,811
Perrigo Co., plc		1,733		277,609
QIAGEN N.V. *		6,987		167,199
Quintiles Transnational Holdings, Inc. *		527		30,471
United Therapeutics Corp. *		738		97,837
				2,379,913
Real Estate 9.4%
AG Mortgage Investment Trust, Inc.		1,831		36,162
Alexandria Real Estate Equities, Inc.		2,334		200,537
American Campus Communities, Inc.		2,737		109,480
American Capital Mortgage Investment Corp.		3,152		63,261
Anworth Mortgage Asset Corp.		16,683		90,088
Ashford Hospitality Trust, Inc.		5,957		62,429
BioMed Realty Trust, Inc.		6,899		147,984
Brandywine Realty Trust		11,090		171,451
Camden Property Trust		3,052		234,027
Capstead Mortgage Corp.		8,236		107,150
CBL & Associates Properties, Inc.		9,693		188,529
CBRE Group, Inc., Class A *		7,422		250,418
Chimera Investment Corp.		44,239		149,528
Columbia Property Trust, Inc.		4,080		102,816
Corporate Office Properties Trust		5,674		159,496
Corrections Corp. of America		8,328		301,890
Cousins Properties, Inc.		5,330		65,239
CYS Investments, Inc.		11,721		108,185
DCT Industrial Trust, Inc.		2,937		100,231
DDR Corp.		10,340		189,532
DiamondRock Hospitality Co.		9,349		139,581
Digital Realty Trust, Inc.		4,548		319,588
Douglas Emmett, Inc.		5,051		140,620
Duke Realty Corp.		15,850		308,124
EastGroup Properties, Inc.		1,072		72,060
EPR Properties		2,303		128,945
Equity Commonwealth		8,210		208,780
Equity LifeStyle Properties, Inc.		1,741		86,371
Equity One, Inc.		1,320		31,984
Essex Property Trust, Inc.		1,305		264,145
Extra Space Storage, Inc.		1,656		98,151
Federal Realty Investment Trust		1,913		253,779
Franklin Street Properties Corp.		2,685		32,274
Glimcher Realty Trust		6,028		82,945
Government Properties Income Trust		1,334		30,308
Hatteras Financial Corp.		6,807		130,422
Healthcare Realty Trust, Inc.		3,912		103,316
Healthcare Trust of America, Inc., Class A		2,641		33,699
Hersha Hospitality Trust		4,473		33,145
Highwoods Properties, Inc.		3,855		166,382
Home Properties, Inc.		2,257		147,134
Inland Real Estate Corp.		4,879		52,644
Invesco Mortgage Capital, Inc.		6,349		104,949
Investors Real Estate Trust		3,399		27,736
iStar Financial, Inc. *		9,399		134,312
Jones Lang LaSalle, Inc.		2,223		323,802
Kilroy Realty Corp.		1,999		137,291
LaSalle Hotel Properties		3,310		133,625
Lexington Realty Trust		10,660		117,260
Liberty Property Trust		7,248		256,434
Mack-Cali Realty Corp.		11,234		215,918
Medical Properties Trust, Inc.		2,399		33,250
MFA Financial, Inc.		23,587		197,659
Mid-America Apartment Communities, Inc.		1,732		127,579
National Retail Properties, Inc.		3,198		123,219
NorthStar Realty Finance Corp.		3,508		64,091
Omega Healthcare Investors, Inc.		2,751		105,143

6 

 Schwab Fundamental U.S. Small Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Pennsylvania Real Estate Investment Trust		4,707		110,003
PennyMac Mortgage Investment Trust		1,772		38,399
Piedmont Office Realty Trust, Inc., Class A		14,514		272,863
Post Properties, Inc.		1,655		96,950
Potlatch Corp.		2,464		102,379
PS Business Parks, Inc.		789		64,217
Realty Income Corp.		3,568		165,769
Redwood Trust, Inc.		5,674		110,927
Regency Centers Corp.		3,772		231,903
Retail Properties of America, Inc., Class A		9,122		146,591
RLJ Lodging Trust		3,526		116,111
Ryman Hospitality Properties, Inc. (d)		1,672		87,078
Sabra Health Care REIT, Inc.		3,489		98,774
Senior Housing Properties Trust		7,056		158,972
SL Green Realty Corp.		2,052		238,319
Sovran Self Storage, Inc.		1,007		85,615
Starwood Property Trust, Inc.		3,417		82,213
Sun Communities, Inc.		1,370		80,679
Sunstone Hotel Investors, Inc.		5,945		95,179
Tanger Factory Outlet Centers, Inc.		2,391		87,463
Taubman Centers, Inc.		1,913		152,064
The Geo Group, Inc.		3,224		129,895
Two Harbors Investment Corp.		3,670		38,572
UDR, Inc.		9,020		277,636
Washington Real Estate Investment Trust		4,674		125,590
Weingarten Realty Investors		6,614		240,750
WP Carey, Inc.		1,692		115,293
				11,355,302
Retailing 5.5%
Aeropostale, Inc. *		43,089		149,950
ANN, Inc. *		6,123		224,898
Asbury Automotive Group, Inc. *		2,343		177,389
Ascena Retail Group, Inc. *		9,866		132,106
Barnes & Noble, Inc. *		9,140		213,510
Brown Shoe Co., Inc.		5,007		164,029
Burlington Stores, Inc. *		1,835		81,969
Cabela’s, Inc. *		1,640		88,954
Chico’s FAS, Inc.		16,408		260,395
DSW, Inc., Class A		4,849		172,042
Express, Inc. *		8,214		122,799
Five Below, Inc. *		757		35,322
Fred’s, Inc., Class A		10,048		155,744
Genesco, Inc. *		2,171		176,654
GNC Holdings, Inc., Class A		4,370		193,241
Group 1 Automotive, Inc.		3,400		304,334
hhgregg, Inc. *(d)		6,455		40,989
Hibbett Sports, Inc. *		1,739		87,246
HSN, Inc.		2,264		165,114
Lithia Motors, Inc., Class A		1,290		94,828
LKQ Corp. *		8,234		239,198
Lumber Liquidators Holdings, Inc. *		787		50,045
Monro Muffler Brake, Inc.		1,397		76,542
Netflix, Inc. *		435		150,767
Nutrisystem, Inc.		5,742		108,926
Office Depot, Inc. *		51,017		338,243
Outerwall, Inc. *(d)		2,095		147,237
Penske Automotive Group, Inc.		4,363		206,588
Pier 1 Imports, Inc.		6,478		89,396
Pool Corp.		2,369		140,742
Sally Beauty Holdings, Inc. *		4,548		143,944
Sears Hometown & Outlet Stores, Inc. *		4,782		62,788
Select Comfort Corp. *		3,280		86,395
Sonic Automotive, Inc., Class A		7,240		186,720
Stage Stores, Inc.		6,956		142,528
Stein Mart, Inc.		2,138		30,360
The Bon-Ton Stores, Inc. (d)		4,879		41,081
The Buckle, Inc. (d)		2,990		153,058
The Cato Corp., Class A		3,580		143,630
The Children’s Place, Inc.		3,974		222,782
The Finish Line, Inc., Class A		5,628		160,623
The Men’s Wearhouse, Inc.		5,362		250,513
The Pep Boys-Manny, Moe & Jack *		9,430		91,848
TripAdvisor, Inc. *		722		53,175
Tuesday Morning Corp. *		1,995		42,493
Ulta Salon, Cosmetics & Fragrance, Inc. *		1,528		193,277
Vitamin Shoppe, Inc. *		1,655		79,208
				6,673,620
Semiconductors & Semiconductor Equipment 4.0%
Advanced Energy Industries, Inc. *		1,615		32,994
Advanced Micro Devices, Inc. *(d)		62,493		174,355
Amkor Technology, Inc. *		13,369		89,439
Atmel Corp. *		32,640		258,182
Brooks Automation, Inc.		7,603		89,031
Cabot Microelectronics Corp. *		2,190		103,587
Cirrus Logic, Inc. *		4,025		73,617
Cree, Inc. *		2,516		91,431
Cypress Semiconductor Corp. *		18,909		200,435
Diodes, Inc. *		2,372		63,072
Entegris, Inc. *		8,641		116,394
Fairchild Semiconductor International, Inc. *		13,160		212,271
First Solar, Inc. *		3,791		185,001
Freescale Semiconductor Ltd. *		1,697		36,808
Integrated Device Technology, Inc. *		9,387		175,161
International Rectifier Corp. *		4,167		166,180
Intersil Corp., Class A		14,052		184,222
Micrel, Inc.		5,010		65,381
Microsemi Corp. *		2,926		79,587
MKS Instruments, Inc.		3,945		143,756
OmniVision Technologies, Inc. *		4,312		124,660
ON Semiconductor Corp. *		25,804		233,010
Photronics, Inc. *		7,931		71,538
PMC-Sierra, Inc. *		11,606		94,589
Power Integrations, Inc.		507		25,431
RF Micro Devices, Inc. *		13,228		193,261
Silicon Laboratories, Inc. *		3,826		173,509
Skyworks Solutions, Inc.		4,225		285,061
Spansion, Inc., Class A *		4,800		112,176
SunEdison, Inc. *		11,795		255,362
Synaptics, Inc. *		1,340		84,407
Teradyne, Inc.		9,982		198,143
Tessera Technologies, Inc.		2,880		98,438
TriQuint Semiconductor, Inc. *		7,729		188,356

7

 Schwab Fundamental U.S. Small Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Veeco Instruments, Inc. *		2,788		104,299
				4,783,144
Software & Services 6.2%
ACI Worldwide, Inc. *		1,511		29,389
Acxiom Corp. *		5,681		108,109
Akamai Technologies, Inc. *		4,633		299,338
ANSYS, Inc. *		1,476		123,276
Cadence Design Systems, Inc. *		4,449		83,953
Cimpress N.V. *(d)		2,161		144,982
Compuware Corp.		19,929		205,667
Convergys Corp.		14,228		296,654
Conversant, Inc. *		5,499		192,575
CSG Systems International, Inc.		3,286		82,544
Digital River, Inc. *		4,372		111,005
DST Systems, Inc.		3,225		320,081
EarthLink Holdings Corp.		40,022		175,697
Equinix, Inc.		880		199,910
Euronet Worldwide, Inc. *		1,827		106,094
FactSet Research Systems, Inc.		1,656		226,971
Fair Isaac Corp.		2,931		210,387
FleetCor Technologies, Inc. *		528		80,198
Gartner, Inc. *		2,021		172,755
Genpact Ltd. *		8,326		150,035
Global Cash Access Holdings, Inc. *		7,673		54,478
Global Payments, Inc.		3,224		278,425
Heartland Payment Systems, Inc.		2,515		137,118
Informatica Corp. *		2,132		77,562
j2 Global, Inc.		1,573		88,937
Jack Henry & Associates, Inc.		2,970		182,536
Manhattan Associates, Inc. *		2,515		99,493
ManTech International Corp., Class A		5,083		153,100
MAXIMUS, Inc.		3,080		161,361
Mentor Graphics Corp.		3,052		67,785
Monster Worldwide, Inc. *		27,071		117,759
NeuStar, Inc., Class A *(d)		5,114		139,357
Nuance Communications, Inc. *		6,755		102,203
Progress Software Corp. *		4,674		120,543
PTC, Inc. *		3,396		132,682
Rackspace Hosting, Inc. *		2,574		118,172
Red Hat, Inc. *		2,409		149,719
Rovi Corp. *		3,654		81,411
salesforce.com, Inc. *		2,348		140,575
Sapient Corp. *		5,313		131,231
Solera Holdings, Inc.		1,483		78,110
Sykes Enterprises, Inc. *		4,879		113,046
Synopsys, Inc. *		4,879		211,700
Take-Two Interactive Software, Inc. *		4,864		134,538
TeleTech Holdings, Inc. *		2,515		58,776
TIBCO Software, Inc. *		8,239		197,983
Unisys Corp. *		5,760		153,907
Vantiv, Inc., Class A *		1,268		42,782
VeriFone Systems, Inc. *		2,814		100,347
VeriSign, Inc. *		5,104		306,750
VMware, Inc., Class A *		788		69,313
WebMD Health Corp. *		1,204		43,994
WEX, Inc. *		846		95,666
				7,460,979
Technology Hardware & Equipment 4.8%
ADTRAN, Inc.		5,248		109,631
ARRIS Group, Inc. *		5,120		152,422
Belden, Inc.		1,934		141,240
Benchmark Electronics, Inc. *		9,937		236,302
Brocade Communications Systems, Inc.		24,900		281,619
CDW Corp.		1,436		50,375
Checkpoint Systems, Inc. *		2,548		32,513
Cognex Corp. *		1,661		67,619
Coherent, Inc. *		1,773		98,153
CommScope Holding Co., Inc. *		1,655		36,741
Comtech Telecommunications Corp.		3,316		131,612
Diebold, Inc.		6,971		252,211
Dolby Laboratories, Inc., Class A		2,757		122,356
EchoStar Corp., Class A *		2,009		108,245
Electronics For Imaging, Inc. *		2,171		96,501
Emulex Corp. *		12,808		69,291
F5 Networks, Inc. *		2,085		269,361
Fabrinet *		1,763		29,566
FEI Co.		774		66,285
Finisar Corp. *		4,018		68,507
FLIR Systems, Inc.		7,710		244,638
Insight Enterprises, Inc. *		9,026		211,479
InterDigital, Inc.		2,794		139,365
Itron, Inc. *		4,621		186,688
JDS Uniphase Corp. *		11,137		148,568
Knowles Corp. *		1,735		36,244
Littelfuse, Inc.		860		82,672
MTS Systems Corp.		946		62,748
National Instruments Corp.		4,019		129,372
NCR Corp. *		8,039		238,356
NETGEAR, Inc. *		2,858		99,230
OSI Systems, Inc. *		918		64,783
Plantronics, Inc.		2,460		128,338
Plexus Corp. *		4,663		181,904
Polycom, Inc. *		14,947		196,852
QLogic Corp. *		20,546		237,101
Riverbed Technology, Inc. *		1,401		28,966
Rofin-Sinar Technologies, Inc. *		3,437		92,524
Sanmina Corp. *		12,905		317,463
ScanSource, Inc. *		4,019		156,178
Trimble Navigation Ltd. *		4,710		132,469
TTM Technologies, Inc. *		4,162		28,135
ViaSat, Inc. *		1,101		72,996
Zebra Technologies Corp., Class A *		3,173		232,105
				5,869,724
Telecommunication Services 1.0%
Cincinnati Bell, Inc. *		37,401		133,148
Consolidated Communications Holdings, Inc.		3,960		108,544
Inteliquent, Inc.		2,101		38,700
Intelsat S.A. *		4,317		76,022
Level 3 Communications, Inc. *		9,157		457,850
NTELOS Holdings Corp. (d)		4,659		39,136
SBA Communications Corp., Class A *		1,655		201,364
Spok Holdings, Inc.		2,598		41,204
T-Mobile US, Inc. *		3,835		111,944

8 

 Schwab Fundamental U.S. Small Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Vonage Holdings Corp. *		9,857		33,612
				1,241,524
Transportation 4.4%
Alaska Air Group, Inc.		5,542		327,144
Allegiant Travel Co.		601		84,296
AMERCO		329		91,528
American Airlines Group, Inc.		3,294		159,858
ArcBest Corp.		3,208		139,291
Atlas Air Worldwide Holdings, Inc. *		3,460		157,949
Con-way, Inc.		5,794		287,035
Copa Holdings S.A., Class A		1,160		129,816
Delta Air Lines, Inc.		5,586		260,699
Forward Air Corp.		1,913		93,660
Genesee & Wyoming, Inc., Class A *		739		72,858
Hawaiian Holdings, Inc. *		4,674		94,835
Heartland Express, Inc.		3,803		100,894
Hub Group, Inc., Class A *		3,657		137,576
JetBlue Airways Corp. *		20,876		305,416
Kirby Corp. *		1,693		162,765
Knight Transportation, Inc.		4,962		165,086
Landstar System, Inc.		3,477		279,481
Matson, Inc.		5,621		197,915
Navios Maritime Holdings, Inc.		5,415		26,209
Old Dominion Freight Line, Inc. *		2,184		176,991
Republic Airways Holdings, Inc. *		14,325		190,236
Saia, Inc. *		1,616		89,640
SkyWest, Inc.		23,258		290,725
Southwest Airlines Co.		9,154		382,820
Spirit Airlines, Inc. *		740		61,191
Swift Transportation Co. *		3,912		113,722
United Continental Holdings, Inc. *		4,757		291,271
UTi Worldwide, Inc. *		18,620		219,716
Werner Enterprises, Inc.		7,009		217,419
				5,308,042
Utilities 4.0%
ALLETE, Inc.		2,637		134,408
American States Water Co.		1,931		67,373
Aqua America, Inc.		7,216		191,801
Atlantic Power Corp. (d)		26,908		61,350
Avista Corp.		5,932		204,357
Black Hills Corp.		2,966		160,194
California Water Service Group		3,138		78,670
Cleco Corp.		3,654		196,329
Dynegy, Inc. *		2,166		71,803
El Paso Electric Co.		3,783		143,111
Hawaiian Electric Industries, Inc. (d)		9,962		280,829
IDACORP, Inc.		3,310		205,584
ITC Holdings Corp.		4,707		178,819
MGE Energy, Inc.		2,389		105,140
New Jersey Resources Corp.		3,912		226,505
Northwest Natural Gas Co.		2,898		134,786
NorthWestern Corp.		3,362		178,959
Otter Tail Corp.		3,654		105,162
Piedmont Natural Gas Co., Inc.		6,276		235,224
PNM Resources, Inc.		7,587		219,720
Portland General Electric Co.		7,931		292,416
Questar Corp.		13,253		317,939
South Jersey Industries, Inc.		1,847		105,427
Southwest Gas Corp.		4,019		232,660
The Empire District Electric Co.		4,363		120,899
The Laclede Group, Inc.		2,952		149,755
UIL Holdings Corp.		4,078		162,304
WGL Holdings, Inc.		6,036		294,979
				4,856,503
Total Common Stock
(Cost $114,043,034)				120,482,133
Rights 0.0% of net assets
Telecommunication Services 0.0%
Contra Leap Wireless CVR *(a)(b)		5,940		14,969
Total Rights
(Cost $14,969)				14,969
Other Investment Companies 1.9% of net assets
Money Market Fund 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.00% (c)		337,860		337,860
Securities Lending Collateral 1.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.00% (c)		1,977,653		1,977,653
Total Other Investment Companies
(Cost $2,315,513)				2,315,513
	Face
Security	Amount		Value
Rate, Maturity Date	($)		($)
Short-Term Investment 0.0% of net assets
U.S. Treasury Obligation 0.0%
U.S. Treasury Bill
0.03%, 12/18/14 (e)(f)		11,000		11,000
Total Short-Term Investment
(Cost $11,000)				11,000
End of Investments.

9

 Schwab Fundamental U.S. Small Company Index ETF

Portfolio Holdings (Unaudited) continued

At 11/30/14, the tax basis cost of the fund’s investments was $116,393,283 and the unrealized appreciation and depreciation were $11,811,328 and ($5,380,996), respectively, with a net unrealized appreciation of $6,430,332.

*	Non-income producing security.
(a)	Fair-valued by management in accordance with procedures approved by the Board of Trustees.
(b)	Illiquid security. At the period end, the value of these amounted to $14,969 or 0.0% of net assets.
(c)	The rate shown is the 7-day yield.
(d)	All or a portion of this security is on loan. Securities on loan were valued at $1,917,410. Non-Cash Collateral pledged to the fund for securities on loan amounted to $79,855.
(e)	The rate shown is the purchase yield.
(f)	All or a portion of this security is held as collateral for open futures contracts.

CVR —	Contingent Value Rights
REIT —	Real Estate Investment Trust

In addition to the above, the fund held the following at 11/30/14:

			Contract		Unrealized
	Number of		Value		Appreciation
	Contracts		($)		($)
Futures Contracts
Russell 2000 Index, e-mini, Long, expires 12/19/14		1		117,160		208

Under procedures approved by the fund’s Board of Trustees (the “Board”), the investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair market value. Among other things, these procedures allow the fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

The fund values the securities in its portfolio every business day. The fund uses the following policies to value various types of securities:

•  Securities traded on an exchange or over-the-counter: Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at halfway between the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.

•  Securities for which no quoted value is available: The Board has adopted procedures to fair value the fund’s securities when market prices are not “readily available” or are unreliable. For example, a fund may fair value a security when it is de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. The fund makes fair value determinations in good faith in accordance with the fund’s valuation procedures. The Pricing Committee considers a number of factors, including unobservable market inputs when arriving at fair value. The Pricing Committee may employ techniques such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. The Pricing Committee regularly reviews these inputs and assumptions to calibrate the valuations. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security. The Board convenes on a regular basis to review fair value determinations made by the funds pursuant to the valuation procedures.

•  Futures contracts (“futures”): Futures are valued at their settlement prices as of the close of their exchanges.

•  Short-term securities (60 days or less to maturity): Short-term securities may be valued at amortized cost, which approximates market value.

•  Underlying funds: Mutual funds are valued at their respective net asset values (“NAVs”).

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If the fund determines that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that

10 

 Schwab Fundamental U.S. Small Company Index ETF

Portfolio Holdings (Unaudited) continued

asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and management judgment will be required to estimate fair value.

The three levels of the fair value hierarchy are as follows:

•  Level 1 — quoted prices in active markets for identical securities — Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities and futures. Investments in mutual funds are valued daily at their NAVs, which are classified as Level 1 prices, without consideration to the classification level of the specific investments held by the underlying fund.

•  Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. As investments whose values are classified as Level 2 prices include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

•  Level 3 — significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not available for these securities, the fund uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the fund in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the fund in the absence of market information. Assumptions used by the fund due to the lack of observable inputs may significantly impact the resulting fair value and therefore the 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 following is a summary of the inputs used to value the fund’s investments as of November 30, 2014:

	Quoted Prices in				Significant
	Active Markets for		Other Significant		Unobservable
	Identical Assets		Observable Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Common Stock1		$120,482,133		$—		$—		$120,482,133
Rights1		—		—		14,969		14,969
Other Investment Companies1		2,315,513		—		—		2,315,513
Short-Term Investment1		—		11,000		—		11,000
Total		$122,797,646		$11,000		$14,969		$122,823,615
Other Financial Instruments
Futures Contracts2		$208		$—		$—		$208

1	As categorized in Portfolio Holdings.
2	Futures contracts are not included in Investments in the schedule of portfolio holdings and are valued at unrealized appreciation or depreciation.

11

 Schwab Fundamental U.S. Small Company Index ETF

Portfolio Holdings (Unaudited) continued

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Balance				Change in										Balance
	as of		Realized		Unrealized						Gross		Gross		as of
	February 28,		Gains		Appreciation		Gross		Gross		Transfers		Transfers		November 30,
Investments in Securities	2014		(Losses)		(Depreciation)		Purchases		Sales		in		out		2014
Rights		$—		$—		$—		$14,969		$—		$—		$—		$14,969
Total		$—		$—		$—		$14,969		$—		$—		$—		$14,969

The fund’s policy is to recognize transfers between Level 1, Level 2 and Level 3 as of the beginning of the fiscal year. There were no transfers between Level 1, Level 2 and Level 3 for the period ended November 30, 2014.

REG79045NOV14

12 

Schwab Strategic Trust
Schwab Fundamental International Large Company Index ETF

Portfolio Holdings as of November 30, 2014 (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.

				Cost		Value
Holdings by Category				($)		($)
	99	.1%	Common Stock		179,120,611		174,900,061
	0	.4%	Preferred Stock		753,218		731,586
	0	.0%	Rights		51,587		56,205
	1	.0%	Other Investment Companies		1,669,678		1,670,808
	100	.5%	Total Investments		181,595,094		177,358,660
	(0	.5)%	Other Assets and Liabilities, Net				(917,317	)
	100	.0%	Net Assets				176,441,343

	Number		Value
Security	of Shares		($)
Common Stock 99.1% of net assets
Australia 5.1%
Banks 1.5%
Australia & New Zealand Banking Group Ltd.		21,983		598,899
Commonwealth Bank of Australia		10,809		744,681
National Australia Bank Ltd.		22,365		622,286
Westpac Banking Corp.		22,564		626,860
				2,592,726
Capital Goods 0.0%
Leighton Holdings Ltd.		2,795		48,021
UGL Ltd.		7,150		12,632
				60,653
Commercial & Professional Services 0.1%
Brambles Ltd.		17,365		144,060
Downer EDI Ltd.		12,545		46,041
				190,101
Consumer Services 0.1%
Crown Resorts Ltd.		3,640		44,675
Tabcorp Holdings Ltd.		32,122		111,858
Tatts Group Ltd.		29,250		85,130
				241,663
Diversified Financials 0.1%
Macquarie Group Ltd.		2,736		136,444
Energy 0.3%
Caltex Australia Ltd.		5,200		134,255
Origin Energy Ltd.		11,050		115,532
Santos Ltd.		7,150		61,635
Woodside Petroleum Ltd.		4,810		146,766
WorleyParsons Ltd.		4,485		42,567
				500,755
Food & Staples Retailing 0.6%
Metcash Ltd. (d)		35,750		79,638
Wesfarmers Ltd. *		16,841		595,381
Woolworths Ltd.		15,925		422,982
				1,098,001
Food, Beverage & Tobacco 0.0%
Coca-Cola Amatil Ltd.		8,660		67,557
Health Care Equipment & Services 0.1%
Sonic Healthcare Ltd.		4,550		67,766
Insurance 0.4%
AMP Ltd.		27,300		131,415
Insurance Australia Group Ltd.		17,225		93,649
QBE Insurance Group Ltd.		22,591		209,396
Suncorp Group Ltd.		21,190		259,349
				693,809
Materials 1.1%
Amcor Ltd.		11,570		120,080
Arrium Ltd.		65,000		13,315
BHP Billiton Ltd.		42,075		1,110,369
BlueScope Steel Ltd. *		24,180		102,156
Boral Ltd.		13,520		56,427
Incitec Pivot Ltd.		28,275		68,778
Newcrest Mining Ltd. *		11,375		100,386
Orica Ltd.		6,175		95,921
Rio Tinto Ltd.		6,110		308,200
				1,975,632
Media 0.0%
Fairfax Media Ltd.		71,825		45,364
Pharmaceuticals, Biotechnology & Life Sciences 0.1%
CSL Ltd.		2,210		155,746
Real Estate 0.2%
Lend Lease Group		8,125		106,309
Mirvac Group		33,735		50,531
Stockland		27,105		95,313
Westfield Corp.		22,165		156,829
				408,982
Software & Services 0.0%
Computershare Ltd.		3,380		33,320
Telecommunication Services 0.2%
Telstra Corp., Ltd.		68,250		331,450
Transportation 0.2%
Asciano Ltd.		13,000		65,242
Aurizon Holdings Ltd.		9,750		38,363
Qantas Airways Ltd. *		62,335		102,150
Toll Holdings Ltd.		15,730		75,720
Transurban Group		5,395		38,264
				319,739
Utilities 0.1%
AGL Energy Ltd.		7,241		81,022
				9,000,730

1

 Schwab Fundamental International Large Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Austria 0.3%
Banks 0.1%
Erste Group Bank AG		7,302		198,264
Raiffeisen Bank International AG		1,300		26,968
				225,232
Capital Goods 0.0%
ANDRITZ AG		650		35,216
Energy 0.1%
OMV AG		4,825		139,911
Materials 0.1%
Voestalpine AG		3,120		129,911
Telecommunication Services 0.0%
Telekom Austria AG (d)		9,555		65,336
				595,606
Belgium 1.0%
Banks 0.1%
KBC Groep N.V. *		2,096		120,197
Food & Staples Retailing 0.2%
Colruyt S.A.		1,300		60,612
Delhaize Group S.A.		4,688		343,586
				404,198
Food, Beverage & Tobacco 0.3%
Anheuser-Busch InBev N.V.		4,745		558,764
Insurance 0.1%
Ageas		3,900		139,829
Materials 0.2%
NV Bekaert S.A.		1,755		59,751
Solvay S.A.		715		98,495
Umicore S.A.		2,600		105,990
				264,236
Pharmaceuticals, Biotechnology & Life Sciences 0.0%
UCB S.A.		845		66,450
Telecommunication Services 0.1%
Belgacom S.A.		4,030		159,487
				1,713,161
Canada 6.8%
Automobiles & Components 0.2%
Magna International, Inc. (d)		3,481		373,362
Banks 1.5%
Bank of Montreal		5,265		387,216
Canadian Imperial Bank of Commerce		3,185		297,453
National Bank of Canada		2,665		124,176
Royal Bank of Canada		10,985		801,151
The Bank of Nova Scotia		8,515		526,470
The Toronto-Dominion Bank		11,375		574,810
				2,711,276
Capital Goods 0.1%
Bombardier, Inc., B Shares		21,840		83,510
Finning International, Inc.		2,925		65,080
SNC-Lavalin Group, Inc.		1,300		49,275
				197,865
Consumer Services 0.1%
Tim Hortons, Inc.		1,186		99,134
Diversified Financials 0.1%
IGM Financial, Inc.		975		40,633
Onex Corp.		1,300		73,981
				114,614
Energy 1.7%
ARC Resources Ltd. (d)		2,210		52,408
Baytex Energy Corp. (d)		975		20,684
Bonavista Energy Corp. (d)		2,925		24,678
Cameco Corp.		3,055		56,961
Canadian Natural Resources Ltd.		10,270		341,898
Canadian Oil Sands Ltd. (d)		9,165		116,868
Cenovus Energy, Inc.		9,750		219,498
Crescent Point Energy Corp. (d)		1,950		50,757
Enbridge, Inc.		4,485		206,501
Encana Corp.		22,000		347,678
Enerplus Corp. (d)		4,875		63,447
Husky Energy, Inc. (d)		4,875		103,379
Imperial Oil Ltd.		3,380		146,968
Inter Pipeline Ltd.		975		27,893
Pacific Rubiales Energy Corp.		2,405		23,307
Pembina Pipeline Corp.		1,300		44,418
Pengrowth Energy Corp. (d)		11,375		37,110
Penn West Petroleum Ltd.		22,010		78,562
Suncor Energy, Inc. (d)		16,421		520,028
Talisman Energy, Inc.		21,125		100,970
TransCanada Corp.		7,150		341,432
Vermilion Energy, Inc.		650		30,372
				2,955,817
Food & Staples Retailing 0.4%
Alimentation Couche-Tard, Inc., B Shares		5,536		196,630
Empire Co., Ltd., A Shares		1,105		80,599
George Weston Ltd.		975		86,149
Loblaw Cos. Ltd.		3,859		208,171
Metro, Inc.		2,015		157,825
				729,374
Food, Beverage & Tobacco 0.0%
Saputo, Inc.		2,990		86,927
Insurance 0.6%
Fairfax Financial Holdings Ltd.		260		132,480
Great-West Lifeco, Inc.		2,080		61,784
Intact Financial Corp.		910		63,351
Manulife Financial Corp.		14,430		288,157
Power Corp. of Canada		6,175		175,624
Power Financial Corp.		2,730		85,593
Sun Life Financial, Inc. (d)		4,940		183,823
				990,812
Materials 0.6%
Agrium, Inc.		1,755		169,890
Barrick Gold Corp.		20,894		248,108
First Quantum Minerals Ltd.		3,575		58,316
Goldcorp, Inc.		5,135		100,876
Kinross Gold Corp. *		17,290		48,068
Potash Corp. of Saskatchewan, Inc.		9,443		325,546
Teck Resources Ltd., Class B		8,450		130,724

2 

 Schwab Fundamental International Large Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Yamana Gold, Inc.		5,005		18,128
				1,099,656
Media 0.1%
Quebecor, Inc., Class B		1,430		38,877
Shaw Communications, Inc., B Shares (d)		3,965		107,345
Yellow Media Ltd. *		1,993		36,268
				182,490
Pharmaceuticals, Biotechnology & Life Sciences 0.1%
Valeant Pharmaceuticals International, Inc. *		650		94,857
Real Estate 0.2%
Brookfield Asset Management, Inc., Class A (d)		5,850		294,950
Retailing 0.1%
Canadian Tire Corp. Ltd., Class A		1,105		124,343
RONA, Inc.		6,500		78,154
				202,497
Software & Services 0.0%
CGI Group, Inc., Class A *		2,275		83,159
Technology Hardware & Equipment 0.2%
BlackBerry Ltd. *		33,020		343,159
Celestica, Inc. *		6,045		65,102
				408,261
Telecommunication Services 0.3%
BCE, Inc.		5,070		237,171
Rogers Communications, Inc., B Shares		4,095		164,374
TELUS Corp.		2,489		94,474
				496,019
Transportation 0.3%
Canadian National Railway Co.		5,533		394,164
Canadian Pacific Railway Ltd.		585		113,158
				507,322
Utilities 0.2%
Atco Ltd., Class I		975		40,787
Canadian Utilities Ltd., Class A		1,495		52,392
Emera, Inc.		1,170		40,428
Fortis, Inc. (d)		2,860		101,859
TransAlta Corp. (d)		5,590		54,613
				290,079
				11,918,471
Denmark 0.8%
Banks 0.1%
Danske Bank A/S		6,500		185,132
Capital Goods 0.1%
FLSmidth & Co. A/S (d)		910		38,573
Vestas Wind Systems A/S *		2,418		89,287
				127,860
Food, Beverage & Tobacco 0.1%
Carlsberg A/S, B Shares		1,105		98,676
Pharmaceuticals, Biotechnology & Life Sciences 0.2%
Novo Nordisk A/S, B Shares		9,114		416,709
Telecommunication Services 0.1%
TDC A/S		17,550		142,606
Transportation 0.2%
AP Moller - Maersk A/S, A Shares		82		168,020
AP Moller - Maersk A/S, B Shares		141		294,818
DSV A/S		780		24,490
				487,328
				1,458,311
Finland 1.2%
Automobiles & Components 0.0%
Nokian Renkaat Oyj		650		18,402
Capital Goods 0.2%
Kone Oyj, B Shares		1,560		71,957
Metso Oyj		2,925		90,906
Wartsila Oyj Abp		1,625		72,970
YIT Oyj (d)		3,445		23,556
				259,389
Energy 0.1%
Neste Oil Oyj		4,095		97,404
Food & Staples Retailing 0.1%
Kesko Oyj, B Shares		3,640		142,079
Insurance 0.1%
Sampo Oyj, A Shares		3,055		151,084
Materials 0.2%
Stora Enso Oyj, R Shares		15,405		136,833
UPM-Kymmene Oyj		13,335		221,931
				358,764
Pharmaceuticals, Biotechnology & Life Sciences 0.0%
Orion Oyj, Class B		1,690		58,107
Technology Hardware & Equipment 0.4%
Nokia Oyj		93,897		783,109
Telecommunication Services 0.0%
Elisa Oyj		2,470		71,807
Utilities 0.1%
Fortum Oyj		6,760		170,064
				2,110,209
France 10.7%
Automobiles & Components 0.4%
Faurecia		1,040		38,267
Peugeot S.A. *		21,205		272,282
Renault S.A.		3,835		308,464
Valeo S.A.		910		112,254
				731,267
Banks 0.9%
BNP Paribas S.A.		14,365		923,343
Credit Agricole S.A.		16,250		229,018
Societe Generale S.A.		9,230		458,997
				1,611,358
Capital Goods 1.5%
Airbus Group N.V.		2,508		153,188
Alstom S.A. *		4,290		150,416
Bouygues S.A.		7,571		285,558
Compagnie de Saint-Gobain		13,260		610,639

3

 Schwab Fundamental International Large Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Eiffage S.A.		1,755		85,622
Legrand S.A.		2,015		105,918
Nexans S.A. *		1,300		42,688
Rexel S.A.		5,146		95,523
Safran S.A.		1,560		101,187
Schneider Electric SE		5,655		462,467
Thales S.A.		1,040		55,322
Vallourec S.A.		2,925		97,233
Vinci S.A.		8,580		465,020
				2,710,781
Commercial & Professional Services 0.0%
Teleperformance		594		41,580
Consumer Durables & Apparel 0.4%
Christian Dior S.A.		520		99,832
Kering		845		174,973
LVMH Moet Hennessy Louis Vuitton S.A.		1,973		355,418
				630,223
Consumer Services 0.1%
Accor S.A.		3,200		151,333
Sodexo S.A.		845		85,454
				236,787
Diversified Financials 0.0%
Wendel S.A.		325		38,389
Energy 1.8%
CGG S.A. *(d)		5,135		50,188
Technip S.A.		1,431		93,301
Total S.A.		54,381		3,050,055
				3,193,544
Food & Staples Retailing 0.4%
Carrefour S.A.		17,680		560,827
Casino Guichard Perrachon S.A.		1,560		150,701
Rallye S.A.		1,625		63,418
				774,946
Food, Beverage & Tobacco 0.3%
Danone S.A.		5,657		400,218
Pernod-Ricard S.A.		1,495		177,633
				577,851
Health Care Equipment & Services 0.1%
Essilor International S.A.		1,040		117,075
Household & Personal Products 0.1%
L’Oreal S.A.		1,430		244,588
Insurance 0.5%
AXA S.A.		27,950		676,493
CNP Assurances		2,470		45,850
SCOR SE		2,080		65,059
				787,402
Materials 0.4%
Air Liquide S.A.		3,065		386,683
Arkema S.A. (d)		975		66,511
Lafarge S.A.		3,640		259,472
				712,666
Media 0.1%
Eutelsat Communications S.A.		1,844		61,137
Publicis Groupe S.A.		1,300		95,715
Solocal Group *		32,500		23,621
				180,473
Pharmaceuticals, Biotechnology & Life Sciences 0.8%
Sanofi		13,598		1,319,878
Real Estate 0.0%
Unibail-Rodamco SE		260		68,877
Software & Services 0.1%
AtoS		520		37,035
Cap Gemini S.A.		2,340		171,908
				208,943
Technology Hardware & Equipment 0.1%
Alcatel-Lucent *		24,245		86,534
Telecommunication Services 1.6%
Orange S.A.		106,573		1,881,950
Vivendi S.A. *		33,687		860,076
				2,742,026
Transportation 0.1%
Air France-KLM *(d)		16,445		173,768
Utilities 1.0%
Electricite de France S.A.		6,528		195,926
GDF Suez		41,180		1,017,243
Suez Environnement Co.		7,930		140,973
Veolia Environnement S.A.		19,116		349,481
				1,703,623
				18,892,579
Germany 8.7%
Automobiles & Components 1.2%
Bayerische Motoren Werke AG		4,550		521,564
Continental AG		910		191,949
Daimler AG - Reg’d		15,470		1,307,568
Volkswagen AG		390		88,439
				2,109,520
Banks 0.1%
Commerzbank AG *		6,825		104,696
Capital Goods 1.0%
Brenntag AG		1,950		107,668
GEA Group AG		1,690		80,966
HOCHTIEF AG		585		44,188
Kloeckner & Co. SE *		4,290		50,898
MAN SE		585		66,839
MTU Aero Engines AG		520		46,461
OSRAM Licht AG *		599		24,941
Rheinmetall AG		780		33,163
Siemens AG - Reg’d		10,270		1,218,342
				1,673,466
Commercial & Professional Services 0.0%
Bilfinger SE		791		46,968
Consumer Durables & Apparel 0.1%
adidas AG		2,189		176,015
Consumer Services 0.1%
TUI AG		5,525		94,569
Diversified Financials 0.3%
Deutsche Bank AG - Reg’d		13,747		450,464

4 

 Schwab Fundamental International Large Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Deutsche Boerse AG		1,755		128,538
				579,002
Food & Staples Retailing 0.1%
METRO AG *		6,760		230,151
Food, Beverage & Tobacco 0.0%
Suedzucker AG (d)		1,300		20,291
Health Care Equipment & Services 0.2%
Fresenius Medical Care AG & Co. KGaA		1,950		144,375
Fresenius SE & Co. KGaA		3,900		211,956
				356,331
Household & Personal Products 0.1%
Beiersdorf AG		520		46,402
Henkel AG & Co. KGaA		780		77,441
				123,843
Insurance 0.9%
Allianz SE - Reg’d		5,915		1,020,921
Hannover Rueck SE		715		63,964
Muenchener Rueckversicherungs-Gesellschaft AG - Reg’d		2,210		456,381
				1,541,266
Materials 1.4%
Aurubis AG		1,495		82,601
BASF SE		14,300		1,301,556
HeidelbergCement AG		2,405		182,800
K+S AG		4,550		136,900
LANXESS AG		1,365		67,957
Linde AG		1,560		295,119
Salzgitter AG		2,210		73,299
ThyssenKrupp AG *		12,675		336,172
				2,476,404
Media 0.0%
ProSiebenSat.1 Media AG - Reg’d		1,625		69,586
Pharmaceuticals, Biotechnology & Life Sciences 0.6%
Bayer AG - Reg’d		6,915		1,042,659
Merck KGaA		780		77,869
				1,120,528
Semiconductors & Semiconductor Equipment 0.1%
Infineon Technologies AG		9,750		95,756
Software & Services 0.2%
SAP SE		4,371		308,855
Telecommunication Services 0.8%
Deutsche Telekom AG - Reg’d		83,655		1,428,752
Freenet AG		1,950		57,723
				1,486,475
Transportation 0.3%
Deutsche Lufthansa AG - Reg’d		7,150		127,954
Deutsche Post AG - Reg’d		14,365		478,415
				606,369
Utilities 1.2%
E.ON SE		76,505		1,359,570
RWE AG		19,630		712,861
				2,072,431
				15,292,522
Hong Kong 1.1%
Banks 0.1%
Hang Seng Bank Ltd.		6,500		108,291
Capital Goods 0.3%
Hutchison Whampoa Ltd.		20,000		250,677
Jardine Matheson Holdings Ltd.		2,400		149,352
Jardine Strategic Holdings Ltd.		1,700		62,203
Noble Group Ltd.		164,000		154,124
				616,356
Consumer Durables & Apparel 0.1%
Li & Fung Ltd.		92,000		102,262
Consumer Services 0.0%
Sands China Ltd.		2,400		14,375
Diversified Financials 0.0%
Hong Kong Exchanges & Clearing Ltd.		2,700		58,805
Insurance 0.1%
AIA Group Ltd.		29,400		169,841
Real Estate 0.3%
Cheung Kong (Holdings) Ltd.		5,700		104,592
New World Development Co., Ltd.		65,000		77,614
Sun Hung Kai Properties Ltd.		4,500		65,803
Swire Pacific Ltd., Class A		8,800		120,965
The Link REIT		11,000		70,071
The Wharf Holdings Ltd.		8,800		63,489
				502,534
Retailing 0.1%
Esprit Holdings Ltd.		80,000		104,397
Telecommunication Services 0.0%
PCCW Ltd.		67,000		44,926
Utilities 0.1%
CLP Holdings Ltd.		18,500		160,906
Hong Kong & China Gas Co., Ltd.		26,500		62,807
Power Assets Holdings Ltd.		4,400		42,014
				265,727
				1,987,514
Ireland 0.6%
Banks 0.1%
Bank of Ireland *		278,005		114,370
Commercial & Professional Services 0.1%
Experian plc		6,305		100,023
Food, Beverage & Tobacco 0.0%
Kerry Group plc, A Shares		1,040		77,389
Materials 0.2%
CRH plc		15,276		361,832
Smurfit Kappa Group plc		3,055		70,953
				432,785
Pharmaceuticals, Biotechnology & Life Sciences 0.1%
Shire plc		1,495		106,690
Technology Hardware & Equipment 0.1%
Seagate Technology plc		4,225		279,315
				1,110,572

5

 Schwab Fundamental International Large Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Israel 0.4%
Banks 0.0%
Bank Leumi Le-Israel *		14,235		50,182
Materials 0.0%
Israel Chemicals Ltd.		7,345		50,127
Pharmaceuticals, Biotechnology & Life Sciences 0.3%
Teva Pharmaceutical Industries Ltd.		8,645		491,516
Telecommunication Services 0.1%
Bezeq The Israeli Telecommunication Corp., Ltd.		61,035		107,895
				699,720
Italy 3.9%
Automobiles & Components 0.2%
Fiat Chrysler Automobiles N.V. *(d)		27,191		339,993
Pirelli & C. S.p.A.		3,575		50,852
				390,845
Banks 1.1%
Banca Monte dei Paschi di Siena S.p.A. *		34,226		27,691
Banca Popolare dell’Emilia Romagna SC *		6,630		47,112
Banco Popolare SC *		3,835		53,020
Intesa Sanpaolo S.p.A.		247,070		763,248
Intesa Sanpaolo S.p.A. - RSP		15,535		41,910
UniCredit S.p.A.		112,171		831,337
Unione di Banche Italiane S.C.p.A.		15,210		117,182
				1,881,500
Capital Goods 0.1%
Finmeccanica S.p.A. *		16,196		157,488
Prysmian S.p.A.		2,405		43,324
				200,812
Consumer Durables & Apparel 0.0%
Luxottica Group S.p.A.		650		34,844
Diversified Financials 0.1%
EXOR S.p.A.		2,080		92,831
Mediobanca S.p.A.		8,450		75,846
				168,677
Energy 0.9%
Eni S.p.A.		80,416		1,611,027
Saipem S.p.A. *		4,680		67,153
				1,678,180
Insurance 0.2%
Assicurazioni Generali S.p.A.		13,975		302,967
Materials 0.0%
Italcementi S.p.A.		3,250		20,055
Media 0.1%
Mediaset S.p.A. *		23,985		97,238
Telecommunication Services 0.4%
Telecom Italia S.p.A. *		497,348		561,737
Telecom Italia S.p.A. - RSP		293,042		260,291
				822,028
Transportation 0.1%
Atlantia S.p.A. (d)		4,030		101,887
Utilities 0.7%
A2A S.p.A.		45,500		47,533
Enel S.p.A.		208,344		1,007,760
Snam S.p.A.		15,795		83,962
Terna Rete Elettrica Nazionale S.p.A. (d)		12,220		59,169
				1,198,424
				6,897,457
Japan 20.9%
Automobiles & Components 2.8%
Aisin Seiki Co., Ltd.		6,500		232,485
Bridgestone Corp.		9,300		319,664
Daihatsu Motor Co., Ltd. (d)		4,100		56,205
Denso Corp.		6,500		303,573
Fuji Heavy Industries Ltd.		3,600		130,975
Honda Motor Co., Ltd.		26,000		782,399
Isuzu Motors Ltd.		9,000		117,462
Mazda Motor Corp.		6,500		167,888
NHK Spring Co., Ltd.		6,500		56,300
Nissan Motor Co., Ltd.		52,000		485,672
Stanley Electric Co., Ltd.		800		17,384
Sumitomo Electric Industries Ltd.		16,700		217,184
Sumitomo Rubber Industries Ltd.		1,600		24,374
Suzuki Motor Corp.		6,500		205,348
Toyota Industries Corp.		1,500		74,946
Toyota Motor Corp.		27,100		1,670,046
Yamaha Motor Co., Ltd.		6,500		138,177
				5,000,082
Banks 1.1%
Mitsubishi UFJ Financial Group, Inc.		136,500		789,431
Mizuho Financial Group, Inc.		215,100		370,628
Resona Holdings, Inc.		22,000		118,782
Sumitomo Mitsui Financial Group, Inc.		13,400		505,245
Sumitomo Mitsui Trust Holdings, Inc.		24,000		99,773
The Bank of Yokohama Ltd.		12,000		67,641
				1,951,500
Capital Goods 2.9%
Asahi Glass Co., Ltd.		36,000		173,805
Daikin Industries Ltd.		2,100		139,339
FANUC Corp.		1,000		168,682
Furukawa Electric Co., Ltd.		16,000		27,097
Hanwa Co., Ltd.		13,000		45,895
Hino Motors Ltd.		1,800		24,251
IHI Corp.		16,000		80,886
ITOCHU Corp.		26,000		299,246
JGC Corp.		2,000		43,030
JTEKT Corp.		3,600		59,724
Kajima Corp.		11,000		43,468
Kawasaki Heavy Industries Ltd.		19,000		83,566
Kinden Corp.		5,000		47,816
Komatsu Ltd.		13,000		307,899
Kubota Corp.		10,000		156,296
Kurita Water Industries Ltd.		1,800		37,370
LIXIL Group Corp.		3,900		82,939
Makita Corp.		1,100		55,239
Marubeni Corp.		32,500		204,910
Mitsubishi Corp.		27,800		525,854
Mitsubishi Electric Corp.		27,000		324,519

6 

 Schwab Fundamental International Large Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Mitsubishi Heavy Industries Ltd.		45,000		262,603
Mitsui & Co., Ltd.		32,500		448,403
Mitsui Engineering & Shipbuilding Co., Ltd.		13,000		24,864
Nagase & Co., Ltd. (d)		4,100		49,538
Nidec Corp.		1,000		66,327
Nippon Sheet Glass Co., Ltd. *		32,000		31,815
NSK Ltd.		4,000		50,385
Obayashi Corp.		12,000		74,820
Shimizu Corp.		10,000		68,248
SMC Corp.		300		82,428
Sojitz Corp.		91,000		130,345
Sumitomo Corp.		23,400		249,605
Sumitomo Heavy Industries Ltd.		14,000		76,791
Taisei Corp.		12,000		62,687
Toshiba Corp.		75,000		333,340
TOTO Ltd.		3,000		35,817
Toyota Tsusho Corp.		6,500		153,895
				5,133,742
Commercial & Professional Services 0.3%
Dai Nippon Printing Co., Ltd.		20,600		181,032
Secom Co., Ltd.		2,500		144,584
Toppan Printing Co., Ltd.		23,000		148,250
				473,866
Consumer Durables & Apparel 1.1%
Bandai Namco Holdings, Inc.		2,900		62,772
Nikon Corp.		6,700		95,517
Panasonic Corp.		48,800		630,122
Sega Sammy Holdings, Inc.		2,000		27,552
Sekisui Chemical Co., Ltd.		9,000		112,002
Sekisui House Ltd.		13,000		174,597
Sharp Corp. *(d)		65,000		154,990
Shimano, Inc.		400		54,261
Sony Corp.		23,900		523,571
Sumitomo Forestry Co., Ltd.		6,500		66,925
				1,902,309
Consumer Services 0.0%
Benesse Holdings, Inc.		1,200		36,551
Oriental Land Co., Ltd.		200		43,527
				80,078
Diversified Financials 0.2%
Credit Saison Co., Ltd.		2,400		44,932
Nomura Holdings, Inc.		13,000		78,207
ORIX Corp.		13,000		171,475
				294,614
Energy 0.6%
Cosmo Oil Co., Ltd.		41,000		56,309
Idemitsu Kosan Co., Ltd.		7,100		121,140
Inpex Corp.		20,100		212,965
JX Holdings, Inc.		131,400		488,910
Showa Shell Sekiyu K.K.		6,700		55,831
TonenGeneral Sekiyu K.K.		11,000		92,033
				1,027,188
Food & Staples Retailing 0.5%
Aeon Co., Ltd.		26,000		259,157
Lawson, Inc.		700		43,173
Seven & i Holdings Co., Ltd.		13,500		503,612
UNY Group Holdings Co., Ltd.		7,900		39,871
				845,813
Food, Beverage & Tobacco 0.8%
Ajinomoto Co., Inc.		9,000		168,004
Asahi Group Holdings Ltd.		6,500		202,774
Coca-Cola West Co., Ltd.		2,400		32,880
Japan Tobacco, Inc.		9,400		301,163
Kewpie Corp.		6,500		106,357
Kirin Holdings Co., Ltd.		16,700		214,370
MEIJI Holdings Co., Ltd.		1,300		116,653
NH Foods Ltd.		5,300		106,415
Nisshin Seifun Group, Inc.		6,900		68,311
Nissin Foods Holdings Co., Ltd.		600		30,080
Suntory Beverage & Food Ltd.		500		17,652
Toyo Suisan Kaisha Ltd.		1,200		40,645
Yamazaki Baking Co., Ltd.		4,000		50,487
				1,455,791
Health Care Equipment & Services 0.2%
Alfresa Holdings Corp.		6,500		75,031
Medipal Holdings Corp.		7,900		87,796
Olympus Corp. *		1,100		40,039
Suzuken Co., Ltd.		2,200		56,351
Terumo Corp.		2,600		59,148
				318,365
Household & Personal Products 0.2%
Kao Corp.		6,500		240,755
Shiseido Co., Ltd.		6,500		97,074
Unicharm Corp.		1,200		27,471
				365,300
Insurance 0.3%
MS&AD Insurance Group Holdings, Inc.		6,500		151,759
Sompo Japan Nipponkoa Holdings, Inc.		3,200		79,336
T&D Holdings, Inc.		4,300		52,099
The Dai-ichi Life Insurance Co., Ltd.		6,500		94,281
Tokio Marine Holdings, Inc.		6,500		212,523
				589,998
Materials 2.0%
Air Water, Inc.		2,000		32,456
Asahi Kasei Corp.		24,000		208,687
Daicel Corp.		6,000		69,057
Denki Kagaku Kogyo K.K.		8,000		27,299
DIC Corp.		13,000		29,574
Hitachi Chemical Co., Ltd.		2,500		46,278
JFE Holdings, Inc.		19,500		414,941
JSR Corp.		3,200		57,241
Kaneka Corp.		7,000		37,039
Kobe Steel Ltd.		89,000		141,728
Kuraray Co. Ltd.		6,500		79,138
Mitsubishi Chemical Holdings Corp.		45,500		234,429
Mitsubishi Materials Corp.		22,000		69,141
Mitsui Chemicals, Inc.		32,000		89,514
Mitsui Mining & Smelting Co., Ltd.		14,000		35,978
Nippon Paper Industries Co., Ltd.		2,000		29,203
Nippon Steel & Sumitomo Metal Corp.		130,000		334,954
Nitto Denko Corp.		2,700		142,479
Oji Holdings Corp.		17,000		59,586

7

 Schwab Fundamental International Large Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Shin-Etsu Chemical Co., Ltd.		6,500		437,587
Showa Denko K.K. (d)		65,000		89,818
Sumitomo Chemical Co., Ltd.		30,000		113,494
Sumitomo Metal Mining Co., Ltd.		9,000		137,785
Taiheiyo Cement Corp.		15,000		47,015
Taiyo Nippon Sanso Corp.		6,000		70,674
Teijin Ltd.		35,000		94,957
Toray Industries, Inc.		24,000		188,667
Tosoh Corp.		12,000		55,205
Toyo Seikan Group Holdings Ltd.		4,200		50,746
Ube Industries Ltd.		36,000		51,565
				3,476,235
Media 0.1%
Dentsu, Inc.		2,800		105,220
Hakuhodo DY Holdings, Inc.		9,900		96,260
				201,480
Pharmaceuticals, Biotechnology & Life Sciences 0.8%
Astellas Pharma, Inc.		21,900		314,979
Chugai Pharmaceutical Co., Ltd.		1,800		48,759
Daiichi Sankyo Co., Ltd.		10,400		153,303
Eisai Co., Ltd.		3,000		107,554
Kyowa Hakko Kirin Co., Ltd.		3,000		32,582
Mitsubishi Tanabe Pharma Corp.		1,500		22,876
Ono Pharmaceutical Co., Ltd.		600		51,363
Otsuka Holdings Co., Ltd.		6,500		205,513
Shionogi & Co., Ltd.		3,000		74,643
Taisho Pharmaceutical Holdings Co., Ltd.		400		24,771
Takeda Pharmaceutical Co., Ltd.		10,000		418,924
				1,455,267
Real Estate 0.3%
Daito Trust Construction Co., Ltd.		900		101,614
Daiwa House Industry Co., Ltd.		6,800		129,514
Mitsubishi Estate Co., Ltd.		4,800		108,044
Mitsui Fudosan Co., Ltd.		4,800		138,740
Sumitomo Realty & Development Co., Ltd.		1,300		44,892
				522,804
Retailing 0.4%
EDION Corp. (d)		13,400		87,049
Fast Retailing Co., Ltd.		150		54,605
Isetan Mitsukoshi Holdings Ltd.		6,500		85,381
J Front Retailing Co., Ltd.		4,700		60,232
K’s Holdings Corp. (d)		1,100		26,711
Marui Group Co., Ltd.		3,700		32,391
Nitori Holdings Co., Ltd.		1,000		55,441
Shimamura Co., Ltd.		700		58,567
Takashimaya Co., Ltd.		7,000		58,626
Yamada Denki Co., Ltd. (d)		66,900		220,398
				739,401
Semiconductors & Semiconductor Equipment 0.1%
Rohm Co., Ltd.		1,360		88,004
Tokyo Electron Ltd.		1,760		119,924
				207,928
Software & Services 0.5%
Fujitsu Ltd.		66,000		377,087
Konami Corp.		1,820		34,396
Nintendo Co., Ltd.		2,700		313,030
NTT Data Corp.		2,300		87,787
				812,300
Technology Hardware & Equipment 2.1%
Brother Industries Ltd.		3,700		69,146
Canon, Inc.		23,600		755,912
FUJIFILM Holdings Corp.		11,500		381,331
Hitachi Ltd.		95,000		733,602
Hoya Corp.		4,400		156,448
Ibiden Co., Ltd.		2,700		40,107
Keyence Corp.		100		46,189
Konica Minolta, Inc.		13,000		151,595
Kyocera Corp.		6,500		318,250
Murata Manufacturing Co., Ltd.		1,400		151,283
NEC Corp.		82,000		257,707
Nippon Electric Glass Co., Ltd.		18,000		82,352
Omron Corp.		2,100		97,670
Ricoh Co., Ltd.		19,500		211,208
Seiko Epson Corp.		2,400		115,870
TDK Corp.		2,700		162,657
				3,731,327
Telecommunication Services 1.3%
KDDI Corp.		9,200		589,433
Nippon Telegraph & Telephone Corp.		14,100		754,511
NTT DOCOMO, Inc.		29,600		461,763
SoftBank Corp.		6,500		436,108
				2,241,815
Transportation 1.1%
ANA Holdings, Inc.		18,000		44,316
Central Japan Railway Co.		2,060		299,840
East Japan Railway Co.		5,000		374,816
Hankyu Hanshin Holdings, Inc.		15,000		82,529
Kamigumi Co., Ltd.		4,000		36,096
Kawasaki Kisen Kaisha Ltd.		30,000		78,611
Kintetsu Corp.		13,000		43,923
Mitsui OSK Lines Ltd. (d)		34,000		107,714
Nagoya Railroad Co., Ltd.		18,000		69,764
Nippon Express Co., Ltd.		30,000		144,079
Nippon Yusen K.K.		65,000		183,469
Odakyu Electric Railway Co., Ltd.		6,000		54,952
Seino Holdings Co., Ltd.		5,000		47,226
Tobu Railway Co., Ltd.		10,000		45,077
Tokyu Corp.		15,000		90,618
West Japan Railway Co.		3,700		176,637
Yamato Holdings Co., Ltd.		6,500		146,638
				2,026,305
Utilities 1.2%
Chubu Electric Power Co., Inc. *		26,000		304,065
Electric Power Development Co., Ltd.		2,000		69,259
Hokkaido Electric Power Co., Inc. *		6,500		53,233
Hokuriku Electric Power Co.		6,500		83,191
Kyushu Electric Power Co., Inc. *		13,000		133,193
Osaka Gas Co., Ltd.		33,000		126,206
Shikoku Electric Power Co., Inc. *		6,500		81,219
The Chugoku Electric Power Co., Inc.		13,000		167,806
The Kansai Electric Power Co., Inc. *		26,000		260,909
Toho Gas Co., Ltd.		5,000		26,246
Tohoku Electric Power Co., Inc.		13,800		159,877
Tokyo Electric Power Co., Inc. *		105,400		385,420

8 

 Schwab Fundamental International Large Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Tokyo Gas Co., Ltd.		38,000		207,217
				2,057,841
				36,911,349
Luxembourg 0.6%
Energy 0.1%
Tenaris S.A.		4,875		80,830
Materials 0.4%
APERAM S.A. *		2,634		84,620
ArcelorMittal		49,151		604,469
				689,089
Media 0.1%
RTL Group S.A. *		260		25,100
SES S.A.		2,665		99,404
				124,504
Telecommunication Services 0.0%
Millicom International Cellular S.A.		845		70,456
				964,879
Netherlands 5.6%
Banks 0.3%
ING Groep N.V. CVA *		38,772		569,387
Capital Goods 0.3%
Boskalis Westminster N.V.		650		36,566
Koninklijke BAM Groep N.V. (d)		10,777		30,565
Koninklijke Philips N.V.		14,040		424,534
				491,665
Commercial & Professional Services 0.1%
Randstad Holding N.V.		1,950		96,473
Energy 3.2%
Fugro N.V. CVA		1,481		34,027
Royal Dutch Shell plc, A Shares		101,465		3,395,659
Royal Dutch Shell plc, B Shares		65,394		2,276,581
				5,706,267
Food & Staples Retailing 0.2%
Koninklijke Ahold N.V.		26,922		476,752
Food, Beverage & Tobacco 0.5%
Heineken Holding N.V.		1,625		111,399
Heineken N.V.		2,080		164,009
Nutreco N.V.		1,223		70,111
Unilever N.V. CVA		13,975		570,656
				916,175
Insurance 0.2%
Aegon N.V.		27,140		213,595
Delta Lloyd N.V.		3,814		87,891
				301,486
Materials 0.3%
Akzo Nobel N.V.		5,074		351,445
Koninklijke DSM N.V.		2,535		167,083
				518,528
Media 0.1%
Reed Elsevier N.V.		3,185		78,498
Wolters Kluwer N.V.		3,705		108,843
				187,341
Semiconductors & Semiconductor Equipment 0.1%
ASML Holding N.V.		975		103,231
Software & Services 0.0%
Gemalto N.V. (d)		325		27,681
Telecommunication Services 0.2%
Koninklijke KPN N.V.		106,145		353,309
Ziggo N.V. *		547		24,549
				377,858
Transportation 0.1%
PostNL N.V. *		28,367		110,087
TNT Express N.V.		7,930		53,582
				163,669
				9,936,513
New Zealand 0.1%
Materials 0.0%
Fletcher Building Ltd.		9,555		61,431
Telecommunication Services 0.1%
Spark New Zealand Ltd.		61,036		146,615
Utilities 0.0%
Meridian Energy Ltd.		14,573		19,676
				227,722
Norway 0.8%
Banks 0.1%
DNB A.S.A.		8,385		139,434
Energy 0.3%
Akastor A.S.A. (d)		2,344		7,056
Petroleum Geo-Services A.S.A. (d)		5,200		25,518
Statoil A.S.A.		30,225		571,638
				604,212
Food, Beverage & Tobacco 0.1%
Marine Harvest A.S.A.		4,558		64,735
Orkla A.S.A.		14,950		111,391
				176,126
Materials 0.2%
Norsk Hydro A.S.A.		25,415		149,025
Yara International A.S.A.		3,250		138,381
				287,406
Telecommunication Services 0.1%
Telenor A.S.A.		9,750		206,110
				1,413,288
Portugal 0.2%
Banks 0.0%
Banco Comercial Portugues S.A. - Reg’d *		325,528		33,683
Energy 0.0%
Galp Energia, SGPS, S.A.		3,315		40,500
Telecommunication Services 0.1%
Portugal Telecom, SGPS, S.A. - Reg’d		47,667		89,671

9

 Schwab Fundamental International Large Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Utilities 0.1%
EDP - Energias de Portugal S.A.		46,670		191,939
				355,793
Singapore 0.8%
Banks 0.3%
DBS Group Holdings Ltd.		9,600		146,044
Oversea-Chinese Banking Corp., Ltd.		14,800		118,990
United Overseas Bank Ltd.		9,600		176,755
				441,789
Capital Goods 0.1%
Keppel Corp., Ltd.		14,500		100,115
Sembcorp Industries Ltd.		15,000		52,590
				152,705
Food, Beverage & Tobacco 0.1%
Wilmar International Ltd.		35,000		86,191
Media 0.0%
Singapore Press Holdings Ltd. (d)		23,800		78,329
Retailing 0.0%
Jardine Cycle & Carriage Ltd.		1,400		45,743
Technology Hardware & Equipment 0.1%
Flextronics International Ltd. *		17,779		197,169
Venture Corp., Ltd.		9,400		55,239
				252,408
Telecommunication Services 0.1%
Singapore Telecommunications Ltd.		75,000		224,396
Transportation 0.1%
ComfortDelGro Corp., Ltd.		28,000		55,850
Hutchison Port Holdings Trust		65,000		44,525
Singapore Airlines Ltd.		11,600		95,932
				196,307
				1,477,868
Spain 4.5%
Banks 1.9%
Banco Bilbao Vizcaya Argentaria S.A.		83,009		893,887
Banco de Sabadell S.A.		36,466		103,695
Banco Popular Espanol S.A.		22,580		124,420
Banco Santander S.A.		247,197		2,233,910
CaixaBank S.A.		5,097		28,219
				3,384,131
Capital Goods 0.2%
ACS, Actividades de Construccion y Servicios S.A.		4,451		157,670
Ferrovial S.A.		4,878		100,217
Ferrovial S.A. (a)(b)		113		2,322
Fomento de Construcciones y Contratas S.A. *		2,299		45,026
				305,235
Energy 0.4%
Repsol S.A.		27,625		621,618
Food & Staples Retailing 0.0%
Distribuidora Internacional de Alimentacion S.A.		5,860		40,837
Insurance 0.0%
Mapfre S.A.		8,691		31,973
Retailing 0.1%
Inditex S.A.		6,305		184,045
Software & Services 0.0%
Amadeus IT Holding S.A., A Shares		1,820		72,639
Telecommunication Services 1.2%
Telefonica S.A.		127,828		2,052,515
Transportation 0.1%
Abertis Infraestructuras S.A.		3,794		81,400
Utilities 0.6%
Acciona S.A. *(d)		984		73,038
Enagas S.A.		1,755		58,919
Endesa S.A.		2,600		50,386
Gas Natural SDG S.A.		5,369		152,472
Iberdrola S.A.		92,820		688,036
Red Electrica Corp. S.A.		910		83,575
				1,106,426
				7,880,819
Sweden 2.4%
Automobiles & Components 0.1%
Autoliv, Inc.		1,313		129,934
Banks 0.5%
Nordea Bank AB		21,255		266,048
Skandinaviska Enskilda Banken AB, A Shares		13,975		184,971
Svenska Handelsbanken AB, A Shares		4,355		213,130
Swedbank AB, A Shares		5,348		140,565
				804,714
Capital Goods 0.7%
Alfa Laval AB		2,405		47,959
Assa Abloy AB, B Shares		2,015		109,714
Atlas Copco AB, A Shares		6,305		182,154
Atlas Copco AB, B Shares		2,990		79,592
NCC AB, B Shares		2,080		64,648
Sandvik AB		16,986		178,262
Skanska AB, B Shares		7,475		161,314
SKF AB, B Shares		4,875		100,620
Trelleborg AB, B Shares		2,410		39,250
Volvo AB, A Shares		4,875		53,814
Volvo AB, B Shares		21,585		236,678
				1,254,005
Commercial & Professional Services 0.1%
Securitas AB, B Shares		7,345		88,877
Consumer Durables & Apparel 0.1%
Electrolux AB, Series B		5,135		152,907
Husqvarna AB, B Shares		7,995		58,980
				211,887
Food, Beverage & Tobacco 0.0%
Swedish Match AB		1,963		67,922
Health Care Equipment & Services 0.0%
Getinge AB, B Shares		1,560		36,181
Household & Personal Products 0.1%
Svenska Cellulosa AB SCA, B Shares		8,385		198,192

10 

 Schwab Fundamental International Large Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Materials 0.1%
Boliden AB		5,863		99,267
SSAB AB, A Shares *		8,842		62,853
SSAB AB, B Shares *		4,875		30,749
				192,869
Retailing 0.2%
Hennes & Mauritz AB, B Shares		6,851		294,039
Technology Hardware & Equipment 0.3%
Telefonaktiebolaget LM Ericsson, B Shares		37,212		469,532
Telecommunication Services 0.2%
Tele2 AB, B Shares		12,025		156,010
TeliaSonera AB		37,505		268,113
				424,123
				4,172,275
Switzerland 5.7%
Capital Goods 0.5%
ABB Ltd. - Reg’d *		24,050		541,406
Geberit AG - Reg’d		260		90,831
Schindler Holding AG		270		38,616
Schindler Holding AG - Reg’d		65		9,107
Wolseley plc		4,041		227,190
				907,150
Commercial & Professional Services 0.1%
Adecco S.A. - Reg’d *		2,665		187,670
SGS S.A. - Reg’d		25		54,230
				241,900
Consumer Durables & Apparel 0.2%
Cie Financiere Richemont S.A. - Reg’d		2,145		202,256
The Swatch Group AG		130		64,426
The Swatch Group AG - Reg’d		195		18,002
				284,684
Diversified Financials 0.2%
Credit Suisse Group AG - Reg’d *		11,700		313,538
UBS AG - Reg’d *		2,405		43,432
				356,970
Energy 0.1%
Transocean Ltd. (d)		6,264		133,016
Weatherford International plc *		7,976		104,486
				237,502
Food, Beverage & Tobacco 1.2%
Aryzta AG *		845		67,618
Chocoladefabriken Lindt & Sprungli AG		3		15,154
Coca-Cola HBC AG CDI *		1,053		23,944
Nestle S.A. - Reg’d		27,081		2,039,156
				2,145,872
Insurance 0.6%
Baloise Holding AG - Reg’d		520		68,110
Swiss Life Holding AG - Reg’d *		260		59,744
Swiss Re AG *		3,120		267,475
Zurich Insurance Group AG *		2,145		674,111
				1,069,440
Materials 0.7%
Clariant AG - Reg’d *		3,445		62,572
Givaudan S.A. - Reg’d *		65		116,170
Glencore plc *		105,334		528,527
Holcim Ltd. - Reg’d *		3,123		231,267
Sika AG		10		38,173
Syngenta AG - Reg’d		625		206,474
				1,183,183
Pharmaceuticals, Biotechnology & Life Sciences 1.7%
Lonza Group AG - Reg’d *		650		76,637
Novartis AG - Reg’d		17,680		1,715,703
Roche Holding AG		3,965		1,190,941
Roche Holding AG, Bearer Shares		195		57,326
				3,040,607
Semiconductors & Semiconductor Equipment 0.1%
STMicroelectronics N.V.		15,275		115,112
Technology Hardware & Equipment 0.2%
TE Connectivity Ltd.		4,095		262,899
Telecommunication Services 0.1%
Swisscom AG - Reg’d		260		158,267
Transportation 0.0%
Kuehne & Nagel International AG - Reg’d		585		78,992
				10,082,578
United Kingdom 16.9%
Automobiles & Components 0.1%
Delphi Automotive plc		1,460		106,507
GKN plc		13,260		71,704
				178,211
Banks 2.4%
Barclays plc		238,105		914,126
HSBC Holdings plc		236,708		2,361,338
Lloyds Banking Group plc *		350,870		441,507
Royal Bank of Scotland Group plc *		31,723		196,384
Standard Chartered plc		19,500		286,172
				4,199,527
Capital Goods 0.6%
BAE Systems plc		51,415		387,374
Balfour Beatty plc		17,627		50,600
Bunzl plc		3,185		89,083
Carillion plc		9,295		50,598
Cobham plc		11,375		53,727
IMI plc		2,291		42,372
Meggitt plc		5,850		46,082
Rolls-Royce Holdings plc *		15,576		205,509
SIG plc		15,600		39,822
Smiths Group plc		3,770		68,309
The Weir Group plc		1,300		38,193
Travis Perkins plc		2,600		73,576
				1,145,245
Commercial & Professional Services 0.2%
Aggreko plc		1,838		44,126
Babcock International Group plc		1,300		23,148
Capita plc		4,030		67,530
G4S plc		25,422		110,041
Hays plc		21,775		45,286

11

 Schwab Fundamental International Large Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Serco Group plc		8,301		22,788
				312,919
Consumer Durables & Apparel 0.1%
Barratt Developments plc		11,965		86,250
Burberry Group plc		2,210		57,106
Taylor Wimpey plc		30,942		65,029
				208,385
Consumer Services 0.4%
Carnival plc		3,009		132,885
Compass Group plc		17,715		302,394
InterContinental Hotels Group plc		1,435		60,901
Thomas Cook Group plc *		33,735		64,348
TUI Travel plc		14,625		101,852
Whitbread plc		1,365		98,055
William Hill plc		6,825		35,806
				796,241
Diversified Financials 0.1%
ICAP plc		7,085		46,246
Man Group plc		81,445		182,520
				228,766
Energy 2.5%
Amec Foster Wheeler plc		4,550		66,588
BG Group plc		32,500		458,172
BP plc		547,729		3,604,355
Ensco plc, Class A		1,820		61,516
John Wood Group plc		4,225		39,137
Noble Corp. plc		4,586		82,502
Petrofac Ltd.		1,950		25,194
Subsea 7 S.A.		2,275		22,698
Tullow Oil plc		2,667		17,793
				4,377,955
Food & Staples Retailing 0.7%
Booker Group plc		14,300		31,755
J Sainsbury plc (d)		50,907		186,073
Tesco plc		222,917		650,896
William Morrison Supermarkets plc		109,399		305,814
				1,174,538
Food, Beverage & Tobacco 1.7%
Associated British Foods plc		3,250		163,022
British American Tobacco plc		17,030		1,011,987
Diageo plc		14,170		439,602
Imperial Tobacco Group plc		10,019		464,432
SABMiller plc		5,590		312,001
Tate & Lyle plc		7,475		70,647
Unilever plc		10,920		462,760
				2,924,451
Health Care Equipment & Services 0.1%
Smith & Nephew plc		8,190		142,368
Household & Personal Products 0.2%
Reckitt Benckiser Group plc		4,160		342,351
Insurance 0.8%
Amlin plc		6,695		46,678
Aviva plc		44,276		352,239
Direct Line Insurance Group plc		9,890		45,613
Friends Life Group Ltd.		22,425		129,658
Legal & General Group plc		32,500		125,562
Old Mutual plc		55,120		172,901
Prudential plc		11,375		275,758
RSA Insurance Group plc *		14,198		104,103
Standard Life plc		15,665		104,017
Willis Group Holdings plc		1,365		58,299
				1,414,828
Materials 1.5%
Anglo American plc		35,337		731,312
Antofagasta plc		5,200		60,017
BHP Billiton plc		26,222		622,956
Johnson Matthey plc		3,380		176,054
KAZ Minerals plc *		13,650		50,491
Mondi plc		5,265		90,286
Rexam plc		11,707		82,942
Rio Tinto plc		16,315		764,587
Vedanta Resources plc		3,575		40,842
				2,619,487
Media 0.6%
Informa plc		6,500		49,044
ITV plc		13,000		43,608
Liberty Global plc, Class A *		3,144		163,457
Liberty Global plc, Series C *		3,965		197,933
Pearson plc		9,555		184,202
Reed Elsevier plc		5,330		92,903
Sky plc		7,935		115,816
WPP plc		9,234		193,776
				1,040,739
Pharmaceuticals, Biotechnology & Life Sciences 1.7%
AstraZeneca plc		21,147		1,583,005
GlaxoSmithKline plc		63,709		1,481,607
				3,064,612
Real Estate 0.1%
Land Securities Group plc		6,045		112,465
Retailing 0.5%
Home Retail Group plc		52,065		163,399
Inchcape plc		9,425		106,051
Kingfisher plc		38,415		187,699
Marks & Spencer Group plc		33,020		252,608
Next plc		1,495		158,619
				868,376
Software & Services 0.0%
The Sage Group plc		10,270		65,475
Telecommunication Services 1.5%
BT Group plc		92,002		591,015
Cable & Wireless Communications plc		102,245		79,260
Inmarsat plc		3,575		44,481
Vodafone Group plc		518,068		1,898,085
				2,612,841
Transportation 0.1%
Firstgroup plc *		47,125		83,394
International Consolidated Airlines Group S.A. *		8,710		62,405
				145,799
Utilities 1.0%
Centrica plc		87,956		392,018
Drax Group plc		6,500		62,043
National Grid plc		43,420		632,381

12 

 Schwab Fundamental International Large Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Pennon Group plc		4,290		60,096
Severn Trent plc		3,120		99,822
SSE plc		16,770		430,708
United Utilities Group plc		10,400		147,478
				1,824,546
				29,800,125
Total Common Stock
(Cost $179,120,611)				174,900,061
Preferred Stock 0.4% of net assets
Germany 0.4%
Automobiles & Components 0.3%
Bayerische Motoren Werke AG		715		60,861
Volkswagen AG		2,118		489,003
				549,864
Household & Personal Products 0.1%
Henkel AG & Co. KGaA		1,235		137,364
Utilities 0.0%
RWE AG		1,560		42,435
				729,663
United Kingdom 0.0%
Capital Goods 0.0%
Rolls-Royce Holdings plc, C Shares *(a)(b)		1,227,870		1,923
Total Preferred Stock
(Cost $753,218)				731,586
Rights 0.0% of net assets
Banks 0.0%
CaixaBank S.A. *		5,097		343
Telecommunication Services 0.0%
Telefonica S.A. *		121,765		55,862
Total Rights
(Cost $51,587)				56,205
Other Investment Companies 1.0% of net assets
United States 1.0%
Equity Fund 0.1%
iShares MSCI EAFE ETF		1,500		95,985
Money Market Fund 0.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.00% (c)		35,763		35,763
Securities Lending Collateral 0.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.00% (c)		1,539,060		1,539,060
Total Other Investment Companies
(Cost $1,669,678)				1,670,808
End of Investments.

At 11/30/14, the tax basis cost of the fund’s investments was $181,604,922 and the unrealized appreciation and depreciation were $6,227,917 and ($10,474,179), respectively, with a net unrealized depreciation of ($4,246,262).

*	Non-income producing security.
(a)	Fair-valued by management in accordance with procedures approved by the Board of Trustees.
(b)	Illiquid security. At the period end, the value of these amounted to $4,245 or 0.0% of net assets.
(c)	The rate shown is the 7-day yield.
(d)	All or a portion of this security is on loan. Securities on loan were valued at $1,721,775. Non-Cash Collateral pledged to the fund for securities on loan amounted to $285,823.

CDI —	CHESS Depositary Interest
CVA —	Dutch Certificate
ETF —	Exchange Traded Fund
Reg’d —	Registered
REIT —	Real Estate Investment Trust
RSP —	Risparmio (Convertible Savings Shares)

Under procedures approved by the fund’s Board of Trustees (the “Board”), the investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair market value. Among other things, these procedures allow the fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

The fund values the securities in its portfolio every business day. The fund uses the following policies to value various types of securities:

•  Securities traded on an exchange or over-the-counter: Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at halfway between the most recent bid and ask quotes. Securities that are

13

 Schwab Fundamental International Large Company Index ETF

Portfolio Holdings (Unaudited) continued

primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.

•  Securities for which no quoted value is available: The Board has adopted procedures to fair value the fund’s securities when market prices are not “readily available” or are unreliable. For example, a fund may fair value a security when it is de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. The fund makes fair value determinations in good faith in accordance with the fund’s valuation procedures. The Pricing Committee considers a number of factors, including unobservable market inputs when arriving at fair value. The Pricing Committee may employ techniques such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. The Pricing Committee regularly reviews these inputs and assumptions to calibrate the valuations. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security. The Board convenes on a regular basis to review fair value determinations made by the funds pursuant to the valuation procedures.

•  Underlying funds: Mutual funds are valued at their respective net asset values (“NAVs”). Exchange traded funds (“ETFs”) traded on a recognized securities exchange are valued at the last reported sale price that day or the official closing price, if applicable.

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If the fund determines that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and management judgment will be required to estimate fair value.

The three levels of the fair value hierarchy are as follows:

•  Level 1 — quoted prices in active markets for identical securities — Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities and ETFs. Investments in mutual funds are valued daily at their NAVs, and investments in ETFs are valued daily at the last reported sale price or the official closing price, which are classified as Level 1 prices, without consideration to the classification level of the specific investments held by the underlying fund.

•  Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. As investments whose values are classified as Level 2 prices include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

•  Level 3 — significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not available for these securities, the fund uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the fund in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the fund in the absence of market information. Assumptions used by the fund due

14 

 Schwab Fundamental International Large Company Index ETF

Portfolio Holdings (Unaudited) continued

to the lack of observable inputs may significantly impact the resulting fair value and therefore the 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 following is a summary of the inputs used to value the fund’s investments as of November 30, 2014:

	Quoted Prices in				Significant
	Active Markets for		Other Significant		Unobservable
	Identical Assets		Observable Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Common Stock1		$167,019,242		$—		$—		$167,019,242
Spain1		7,575,584		—		—		7,575,584
Capital Goods		302,913		—		2,322		305,235
Preferred Stock1		729,663		—		—		729,663
United Kingdom1		—		—		1,923		1,923
Rights1		56,205		—		—		56,205
Other Investment Companies1		1,670,808		—		—		1,670,808
Total		$177,354,415		$—		$4,245		$177,358,660

¹ As categorized in Portfolio Holdings.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Balance				Change in											Balance
	as of		Realized		Unrealized							Gross		Gross		as of
	February 28,		Gains		Appreciation			Gross		Gross		Transfers		Transfers		November 30,
Investments in Securities	2014		(Losses)		(Depreciation)			Purchases		Sales		in		out		2014
Common Stock
Spain		$—		$—		$118			$2,204		$—		$—		$—		$2,322
Preferred Stock
United Kingdom		—		—		(48	)		1,971		—		—		—		1,923
Total		$—		$—		$70			$4,175		$—		$—		$—		$4,245

The fund’s policy is to recognize transfers between Level 1, Level 2 and Level 3 as of the beginning of the fiscal year. There were no transfers between Level 1, Level 2 and Level 3 for the period ended November 30, 2014.

REG79046NOV14

15

Schwab Strategic Trust
Schwab Fundamental International Small Company Index ETF

Portfolio Holdings as of November 30, 2014 (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.

				Cost		Value
Holdings by Category				($)		($)
	99	.1%	Common Stock		40,458,869		39,027,968
	0	.5%	Preferred Stock		188,582		175,161
	0	.0%	Rights		13,745		17,302
	2	.9%	Other Investment Companies		1,123,968		1,124,714
	102	.5%	Total Investments		41,785,164		40,345,145
	(2	.5)%	Other Assets and Liabilities, Net				(977,189	)
	100	.0%	Net Assets				39,367,956

	Number		Value
Security	of Shares		($)
Common Stock 99.1% of net assets
Australia 5.6%
Banks 0.2%
Bank of Queensland Ltd.		3,812		40,084
Bendigo & Adelaide Bank Ltd.		5,378		58,616
				98,700
Capital Goods 0.2%
Bradken Ltd.		7,500		23,237
Cardno Ltd. (b)		2,906		7,987
GWA Group Ltd.		10,984		26,531
Monadelphous Group Ltd. (b)		1,881		14,609
Seven Group Holdings Ltd.		1,954		9,956
				82,320
Commercial & Professional Services 0.5%
ALS Ltd.		6,060		26,068
Cabcharge Australia Ltd.		990		4,031
Mineral Resources Ltd.		1,734		11,292
SAI Global Ltd.		2,465		8,142
Seek Ltd.		1,324		19,312
SKILLED Group Ltd.		10,500		17,610
Transfield Services Ltd. *		48,880		78,641
Transpacific Industries Group Ltd.		32,763		25,586
				190,682
Consumer Durables & Apparel 0.1%
Billabong International Ltd. *(b)		13,380		7,423
G.U.D. Holdings Ltd.		3,750		22,852
				30,275
Consumer Services 0.3%
Ardent Leisure Group		3,587		9,276
Aristocrat Leisure Ltd.		5,298		29,437
Echo Entertainment Group Ltd.		15,210		47,643
Flight Centre Travel Group Ltd.		468		16,149
Navitas Ltd.		2,175		9,338
				111,843
Diversified Financials 0.3%
ASX Ltd.		1,534		47,134
Challenger Ltd.		5,750		31,163
IOOF Holdings Ltd.		2,034		15,815
Perpetual Ltd.		694		28,657
				122,769
Energy 0.1%
AWE Ltd. *		18,788		22,370
Beach Energy Ltd.		18,821		16,465
Whitehaven Coal Ltd. *(b)		4,245		4,493
				43,328
Food, Beverage & Tobacco 0.4%
Bega Cheese Ltd.		720		3,152
Goodman Fielder Ltd.		102,932		56,665
GrainCorp Ltd., Class A		3,855		26,750
Treasury Wine Estates Ltd.		14,550		58,863
				145,430
Health Care Equipment & Services 0.6%
Ansell Ltd.		2,180		38,794
Cochlear Ltd.		612		36,329
Primary Health Care Ltd.		9,825		39,412
Ramsay Health Care Ltd.		952		43,999
Sigma Pharmaceuticals Ltd.		108,000		67,751
				226,285
Insurance 0.1%
nib Holdings Ltd. (b)		10,402		28,321
Materials 0.8%
Adelaide Brighton Ltd.		10,950		32,056
Atlas Iron Ltd. (b)		17,526		2,693
CSR Ltd.		26,820		79,660
DuluxGroup Ltd. (b)		2,922		14,240
Fortescue Metals Group Ltd.		15,392		38,623
Iluka Resources Ltd.		6,525		38,148
Mount Gibson Iron Ltd. (d)		19,804		6,930
Nufarm Ltd.		8,722		34,244
OceanaGold Corp. *		3,645		6,681
OZ Minerals Ltd.		18,738		54,376
PanAust Ltd.		6,851		9,619
				317,270
Media 0.2%
APN News & Media Ltd. *		7,500		4,897
Seven West Media Ltd.		14,490		19,540
Southern Cross Media Group Ltd.		13,800		11,896
Ten Network Holdings Ltd. *		88,967		18,604
Village Roadshow Ltd.		1,640		10,232
				65,169
Real Estate 0.7%
Charter Hall Retail REIT		4,038		14,303
Cromwell Property Group		4,080		3,500
Dexus Property Group		12,822		77,809
Goodman Group		12,750		59,308
Investa Office Fund		6,702		20,192

1

 Schwab Fundamental International Small Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Novion Property Group		25,360		46,103
The GPT Group		17,752		62,726
				283,941
Retailing 0.5%
Automotive Holdings Group Ltd.		9,000		30,188
Harvey Norman Holdings Ltd.		13,600		42,832
JB Hi-Fi Ltd. (b)		2,422		31,979
Myer Holdings Ltd. (b)		26,760		37,000
Pacific Brands Ltd.		85,500		37,947
Premier Investments Ltd.		3,116		26,968
Super Retail Group Ltd.		1,667		10,742
				217,656
Software & Services 0.0%
Iress Ltd.		1,200		10,119
Telecommunication Services 0.0%
iiNET Ltd.		495		3,405
Transportation 0.2%
Sydney Airport		22,200		84,128
Utilities 0.4%
APA Group		9,498		63,798
AusNet Services		30,692		34,578
DUET Group		29,544		61,779
				160,155
				2,221,796
Austria 0.7%
Capital Goods 0.2%
Wienerberger AG		4,320		59,510
Zumtobel Group AG		1,095		21,657
				81,167
Energy 0.0%
Schoeller-Bleckmann Oilfield Equipment AG		128		10,157
Insurance 0.1%
Vienna Insurance Group AG Wiener Versicherung Gruppe		822		40,995
Materials 0.1%
Lenzing AG		285		19,200
RHI AG		646		15,185
				34,385
Real Estate 0.1%
IMMOFINANZ AG *		12,840		38,593
Transportation 0.2%
Flughafen Wien AG		60		5,812
Oesterreichische Post AG		1,000		48,719
				54,531
Utilities 0.0%
Verbund AG		758		15,081
				274,909
Belgium 1.4%
Diversified Financials 0.3%
Ackermans & van Haaren N.V.		192		23,627
Gimv N.V.		386		18,045
Groupe Bruxelles Lambert S.A.		645		58,498
				100,170
Energy 0.0%
Euronav S.A. *		375		4,614
Health Care Equipment & Services 0.1%
AGFA-Gevaert N.V. *		8,644		20,808
Arseus N.V.		75		3,091
				23,899
Materials 0.3%
Nyrstar N.V. *		16,279		54,977
Tessenderlo Chemie N.V. *		1,755		45,398
				100,375
Media 0.1%
Telenet Group Holding N.V. *		984		56,391
Real Estate 0.1%
Befimmo S.A.		160		12,275
Cofinimmo S.A.		240		28,056
				40,331
Retailing 0.1%
D’Ieteren S.A. N.V.		1,276		49,615
Technology Hardware & Equipment 0.1%
Barco N.V.		435		31,068
EVS Broadcast Equipment S.A.		240		8,056
				39,124
Telecommunication Services 0.2%
Mobistar S.A. *		4,080		97,479
Transportation 0.0%
bpost S.A.		540		14,043
Utilities 0.1%
Elia System Operator S.A. N.V.		806		40,529
				566,570
Canada 8.1%
Automobiles & Components 0.2%
Linamar Corp.		840		49,534
Martinrea International, Inc.		2,746		24,251
				73,785
Banks 0.3%
Canadian Western Bank		646		20,452
Genworth MI Canada, Inc.		1,005		36,393
Home Capital Group, Inc.		510		23,325
Laurentian Bank of Canada		564		25,226
				105,396
Capital Goods 0.7%
Aecon Group, Inc.		1,646		17,337
ATS Automation Tooling Systems, Inc. *		831		10,516
Bird Construction, Inc.		1,226		12,795
CAE, Inc.		3,570		47,402
MacDonald, Dettwiler & Associates Ltd.		580		45,662
New Flyer Industries, Inc.		345		3,985
Richelieu Hardware Ltd.		105		5,213
Russel Metals, Inc. (b)		2,342		61,433
Toromont Industries Ltd.		1,710		43,041
Wajax Corp.		806		23,270

2 

 Schwab Fundamental International Small Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
WSP Global, Inc.		612		18,769
				289,423
Commercial & Professional Services 0.5%
Morneau Shepell, Inc.		270		3,990
Newalta Corp.		1,242		20,510
Progressive Waste Solutions Ltd.		2,066		63,035
Ritchie Bros. Auctioneers, Inc.		1,210		31,273
Stantec, Inc.		968		28,185
Transcontinental, Inc., Class A		3,360		45,232
				192,225
Consumer Durables & Apparel 0.3%
Dorel Industries, Inc., Class B		1,210		40,218
Gildan Activewear, Inc.		900		52,189
lululemon athletica, Inc. *		495		23,854
				116,261
Consumer Services 0.0%
Great Canadian Gaming Corp. *		270		5,221
Diversified Financials 0.3%
AGF Management Ltd., Class B		3,504		30,607
CI Financial Corp.		2,115		62,824
Dundee Corp., Class A *		1,575		21,161
				114,592
Energy 1.6%
Advantage Oil & Gas Ltd. *		7,500		33,611
AltaGas Ltd.		1,340		49,804
Calfrac Well Services Ltd.		1,098		11,748
Enbridge Income Fund Holdings, Inc.		150		3,925
Enerflex Ltd.		2,244		32,984
Ensign Energy Services, Inc.		3,230		30,820
Freehold Royalties Ltd.		806		13,763
Gibson Energy, Inc.		2,070		49,469
Gran Tierra Energy, Inc. *		2,066		7,447
Keyera Corp.		872		64,996
Lightstream Resources Ltd. (b)		10,660		23,372
MEG Energy Corp. *		120		1,954
Mullen Group Ltd. (b)		1,830		36,078
NuVista Energy Ltd. *		1,938		14,107
Parkland Fuel Corp.		2,135		39,976
Pason Systems, Inc.		646		14,696
Peyto Exploration & Development Corp. (b)		1,032		30,392
Precision Drilling Corp.		6,225		40,508
Savanna Energy Services Corp.		2,116		8,685
ShawCor Ltd.		1,005		41,513
Trican Well Service Ltd.		3,342		22,685
Trilogy Energy Corp.		135		1,265
Trinidad Drilling Ltd.		3,195		16,952
Veresen, Inc.		3,892		61,064
				651,814
Food & Staples Retailing 0.2%
The Jean Coutu Group PJC, Inc., A Shares		1,696		40,160
The North West Co., Inc.		1,614		34,608
				74,768
Food, Beverage & Tobacco 0.2%
Cott Corp.		3,230		21,302
Maple Leaf Foods, Inc.		2,895		47,732
Rogers Sugar, Inc. (b)		1,095		4,475
				73,509
Insurance 0.1%
Industrial Alliance Insurance & Financial Services, Inc.		1,146		47,649
Materials 1.7%
Agnico Eagle Mines Ltd.		1,950		45,627
Alamos Gold, Inc.		435		2,953
Canexus Corp.		1,957		6,196
Canfor Corp. *		1,066		25,691
Cascades, Inc.		2,310		13,229
CCL Industries, Inc., Class B		338		35,808
Centerra Gold, Inc.		6,590		30,111
Chemtrade Logistics Income Fund		1,083		19,927
Dominion Diamond Corp. *		1,487		24,295
Eldorado Gold Corp.		6,000		37,518
Franco-Nevada Corp.		386		19,367
HudBay Minerals, Inc.		4,980		37,647
IAMGOLD Corp. *		20,074		39,435
Labrador Iron Ore Royalty Corp. (b)		165		2,414
Lundin Mining Corp. *		11,306		54,039
Major Drilling Group International, Inc.		2,536		14,723
Methanex Corp.		1,165		58,768
Nevsun Resources Ltd.		1,020		4,124
New Gold, Inc. *		2,746		10,982
Pan American Silver Corp.		2,422		22,515
SEMAFO, Inc. *		1,290		3,722
Sherritt International Corp.		19,658		44,824
Silver Wheaton Corp.		1,050		20,793
Thompson Creek Metals Co., Inc. *		9,416		15,690
West Fraser Timber Co., Ltd.		1,388		72,282
				662,680
Media 0.4%
Aimia, Inc.		3,105		39,512
Cineplex, Inc.		1,050		40,287
Cogeco Cable, Inc.		484		27,582
Corus Entertainment, Inc., B Shares		1,662		31,629
Entertainment One Ltd.		750		3,518
				142,528
Real Estate 0.4%
Boardwalk Real Estate Investment Trust		291		16,754
Calloway Real Estate Investment Trust		870		21,249
Canadian Real Estate Investment Trust		338		14,424
Cominar Real Estate Investment Trust		225		3,722
Dream Office Real Estate Investment Trust		150		3,547
First Capital Realty, Inc.		984		16,155
FirstService Corp.		75		3,991
Granite Real Estate Investment Trust		742		25,776
H&R Real Estate Investment Trust		1,545		30,798
RioCan Real Estate Investment Trust		1,575		37,709
				174,125
Retailing 0.3%
Dollarama, Inc.		872		40,975
Hudson’s Bay Co.		810		17,170
Reitmans (Canada) Ltd., Class A		5,442		28,349
Sears Canada, Inc.		3,630		34,700
				121,194

3

 Schwab Fundamental International Small Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Software & Services 0.2%
Constellation Software, Inc.		30		8,723
DH Corp. (b)		1,155		36,456
Open Text Corp.		694		41,205
				86,384
Telecommunication Services 0.1%
Manitoba Telecom Services, Inc. (b)		1,200		30,351
Transportation 0.2%
TransForce, Inc.		2,260		59,045
Westshore Terminals Investment Corp.		532		15,709
				74,754
Utilities 0.4%
Capital Power Corp.		2,390		56,866
Just Energy Group, Inc. (b)		5,447		26,751
Northland Power, Inc.		968		14,237
Superior Plus Corp. (b)		5,282		59,525
				157,379
				3,194,038
Denmark 1.4%
Banks 0.2%
Jyske Bank A/S *		780		40,367
Sydbank A/S *		1,440		45,188
				85,555
Capital Goods 0.1%
NKT Holding A/S		675		36,800
Rockwool International A/S, B Shares		150		18,672
				55,472
Consumer Durables & Apparel 0.1%
Pandora A/S		516		45,906
Food, Beverage & Tobacco 0.1%
Royal UNIBREW *		128		22,088
Schouw & Co.		450		21,789
				43,877
Health Care Equipment & Services 0.2%
Coloplast A/S, Class B		570		49,516
GN Store Nord A/S		1,290		27,621
William Demant Holding A/S *		160		11,505
				88,642
Insurance 0.2%
Topdanmark A/S *		758		24,510
Tryg A/S		338		39,074
				63,584
Materials 0.2%
Chr Hansen Holding A/S		516		21,898
Novozymes A/S, B Shares		1,305		57,481
				79,379
Pharmaceuticals, Biotechnology & Life Sciences 0.1%
H. Lundbeck A/S		1,455		32,665
Software & Services 0.1%
SimCorp A/S		662		18,190
Transportation 0.1%
D/S Norden A/S (b)		1,350		32,389
Dfds A/S		75		6,936
				39,325
				552,595
Finland 1.4%
Capital Goods 0.4%
Cargotec Oyj, B Shares		920		29,957
Cramo Oyj		936		13,921
Konecranes Oyj		1,260		36,866
Outotec Oyj		3,225		18,944
Ramirent Oyj		1,665		14,364
Uponor Oyj		1,440		18,903
				132,955
Commercial & Professional Services 0.0%
Caverion Corp.		1,788		14,110
Consumer Durables & Apparel 0.1%
Amer Sports Oyj		2,406		49,191
Food, Beverage & Tobacco 0.0%
Raisio Oyj, V Shares		1,700		8,647
Materials 0.5%
Huhtamaki Oyj		2,430		61,738
Kemira Oyj		3,045		37,410
Metsa Board Oyj		6,435		31,206
Outokumpu Oyj *		6,600		39,379
Tikkurila Oyj		750		14,642
				184,375
Media 0.1%
Sanoma Oyj		7,650		44,728
Real Estate 0.0%
Sponda Oyj		2,988		13,261
Retailing 0.1%
Stockmann Oyj Abp, B Shares		1,696		18,606
Software & Services 0.2%
Tieto Oyj		2,460		63,236
				529,109
France 4.6%
Automobiles & Components 0.1%
Plastic Omnium S.A.		765		20,037
Banks 0.1%
Natixis S.A.		7,494		53,083
Capital Goods 0.3%
Areva S.A. *(b)		1,215		14,868
Mersen		855		20,391
Saft Groupe S.A.		758		23,652
Zodiac Aerospace		1,905		63,290
				122,201
Commercial & Professional Services 0.5%
Bureau Veritas S.A.		1,776		42,476
Derichebourg S.A.		6,492		18,024
Edenred		2,190		63,312
Societe BIC S.A.		480		64,148
				187,960
Consumer Durables & Apparel 0.1%
Beneteau S.A. *		240		3,342

4 

 Schwab Fundamental International Small Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
SEB S.A.		612		50,111
				53,453
Consumer Services 0.1%
Club Mediterranee S.A. *		1,130		33,668
Diversified Financials 0.1%
Eurazeo S.A.		675		47,081
Energy 0.1%
Bourbon S.A.		1,210		31,315
Etablissements Maurel et Prom *		1,420		13,863
				45,178
Food, Beverage & Tobacco 0.1%
Remy Cointreau S.A.		285		21,485
Vilmorin & Cie S.A.		112		11,477
				32,962
Health Care Equipment & Services 0.1%
BioMerieux		242		25,553
Orpea		322		20,336
				45,889
Insurance 0.1%
Euler Hermes Group		255		25,931
Materials 0.3%
Eramet *		510		50,189
Imerys S.A.		750		56,847
Vicat		283		21,426
				128,462
Media 0.6%
Havas S.A.		4,275		36,059
IPSOS		615		17,423
JCDecaux S.A.		855		28,193
Metropole Television S.A.		2,415		45,973
Societe Television Francaise 1		3,420		54,722
Technicolor S.A. - Reg’d *		8,115		48,559
				230,929
Pharmaceuticals, Biotechnology & Life Sciences 0.1%
Ipsen S.A.		484		25,622
Real Estate 0.7%
Fonciere Des Regions		660		63,165
Gecina S.A.		300		40,672
ICADE		645		51,727
Klepierre		1,226		55,160
Mercialys S.A.		840		18,912
Nexity S.A.		1,350		52,728
				282,364
Retailing 0.0%
Groupe Fnac *		281		13,487
Software & Services 0.4%
Alten S.A.		564		24,960
Altran Technologies S.A.		2,490		22,564
Dassault Systemes S.A.		710		46,531
Sopra Group S.A.		45		3,482
UBISOFT Entertainment *		3,165		55,456
				152,993
Technology Hardware & Equipment 0.3%
Ingenico		306		33,143
Neopost S.A.		930		66,108
				99,251
Telecommunication Services 0.1%
Iliad S.A.		144		35,455
Transportation 0.4%
Aeroports de Paris		525		64,592
Bollore S.A. (b)		75		37,119
Groupe Eurotunnel S.A. - Reg’d		4,395		56,955
Norbert Dentressangle S.A.		30		4,308
				162,974
				1,798,980
Germany 3.5%
Automobiles & Components 0.2%
ElringKlinger AG		420		14,113
Grammer AG		386		16,039
Leoni AG		810		48,692
SAF-Holland S.A.		474		6,603
				85,447
Banks 0.1%
Aareal Bank AG		570		24,960
Capital Goods 0.6%
Bauer AG *		678		11,664
BayWa AG		660		24,408
Deutz AG		2,778		13,243
DMG MORI SEIKI AG		1,005		26,693
Duerr AG		231		19,919
Heidelberger Druckmaschinen AG *		11,790		31,983
Indus Holding AG		750		36,974
KION Group AG		153		5,583
Krones AG		255		25,133
Norma Group SE		105		5,105
Pfeiffer Vacuum Technology AG		176		14,169
SGL Carbon SE *		630		11,451
Vossloh AG		160		10,552
				236,877
Consumer Durables & Apparel 0.2%
Gerry Weber International AG		354		13,965
HUGO BOSS AG		240		31,685
Puma SE		80		18,356
				64,006
Diversified Financials 0.0%
Aurelius AG		120		4,466
Health Care Equipment & Services 0.4%
Celesio AG		3,499		116,902
Rhoen Klinikum AG		2,100		61,287
				178,189
Insurance 0.0%
Talanx AG *		500		15,636
Materials 0.5%
Evonik Industries AG		683		22,585
Fuchs Petrolub SE		420		16,951
Symrise AG		1,395		83,589
Wacker Chemie AG		510		59,218
				182,343
Media 0.3%
Axel Springer SE		780		46,047

5

 Schwab Fundamental International Small Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Kabel Deutschland Holding AG *		388		53,957
				100,004
Pharmaceuticals, Biotechnology & Life Sciences 0.2%
Gerresheimer AG		548		30,356
Stada Arzneimittel AG		1,114		40,219
				70,575
Real Estate 0.1%
Deutsche Euroshop AG		338		15,007
GAGFAH S.A. *		1,470		28,414
				43,421
Retailing 0.1%
Fielmann AG		354		23,959
Takkt AG		700		11,301
				35,260
Semiconductors & Semiconductor Equipment 0.1%
Aixtron SE *		1,776		21,135
Kontron AG *		2,616		15,660
SMA Solar Technology AG *(b)		436		11,488
				48,283
Software & Services 0.3%
Bechtle AG		420		32,578
Software AG		1,340		35,657
United Internet AG - Reg’d		825		36,434
Wirecard AG		153		6,510
				111,179
Technology Hardware & Equipment 0.1%
Jenoptik AG		952		10,860
Wincor Nixdorf AG		900		44,717
				55,577
Telecommunication Services 0.1%
Drillisch AG		300		11,038
Telefonica Deutschland Holding AG *		9,060		47,630
				58,668
Transportation 0.2%
Fraport AG Frankfurt Airport Services Worldwide		720		44,085
Hamburger Hafen und Logistik AG		705		16,097
Sixt SE		340		13,716
				73,898
				1,388,789
Hong Kong 2.9%
Automobiles & Components 0.0%
Xinyi Glass Holdings Ltd.		32,000		17,166
Banks 0.1%
Bank of East Asia Ltd.		15,000		62,863
Capital Goods 0.1%
Johnson Electric Holdings Ltd.		5,875		22,727
Consumer Durables & Apparel 0.1%
Techtronic Industries Co., Ltd.		16,000		51,167
Consumer Services 0.3%
Cafe de Coral Holdings Ltd.		6,600		22,553
Galaxy Entertainment Group Ltd.		4,300		29,360
MGM China Holdings Ltd.		3,600		10,886
SJM Holdings Ltd.		16,000		31,773
Wynn Macau Ltd.		6,400		20,879
				115,451
Diversified Financials 0.2%
First Pacific Co., Ltd.		60,000		63,288
Food & Staples Retailing 0.1%
Dairy Farm International Holdings Ltd.		2,700		24,894
Media 0.0%
Television Broadcasts Ltd.		3,200		18,115
Real Estate 1.0%
Great Eagle Holdings Ltd.		3,000		10,097
Hang Lung Group Ltd.		9,000		43,346
Hang Lung Properties Ltd.		16,000		48,072
Henderson Land Development Co., Ltd.		6,400		42,914
Hongkong Land Holdings Ltd.		11,000		76,120
Hysan Development Co., Ltd.		3,000		13,869
Sino Land Co., Ltd.		32,000		52,488
Swire Properties Ltd.		9,000		27,969
Wheelock & Co., Ltd.		15,000		75,435
				390,310
Retailing 0.2%
Chow Sang Sang Holdings International Ltd.		15,000		40,716
Giordano International Ltd.		22,000		10,326
Luk Fook Holdings International Ltd.		5,600		18,414
				69,456
Technology Hardware & Equipment 0.1%
VTech Holdings Ltd.		3,200		44,523
Telecommunication Services 0.1%
Hutchison Telecommunications Hong Kong Holdings Ltd.		60,000		24,449
Transportation 0.6%
Cathay Pacific Airways Ltd.		32,000		70,478
MTR Corp., Ltd.		15,000		60,251
Orient Overseas International Ltd.		13,500		81,470
Pacific Basin Shipping Ltd.		76,000		35,673
				247,872
				1,152,281
Ireland 1.0%
Capital Goods 0.5%
DCC plc		1,729		96,421
Fly Leasing Ltd. ADR		520		7,056
Grafton Group plc		5,670		57,007
Kingspan Group plc		2,325		37,564
				198,048
Consumer Services 0.1%
Paddy Power plc		390		30,144
Food & Staples Retailing 0.0%
Fyffes plc		4,886		5,963
Food, Beverage & Tobacco 0.1%
C&C Group plc		6,405		30,023
Glanbia plc		1,582		24,534
				54,557
Health Care Equipment & Services 0.1%
UDG Healthcare plc		6,855		39,688

6 

 Schwab Fundamental International Small Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Materials 0.1%
James Hardie Industries plc CDI		2,712		28,008
Pharmaceuticals, Biotechnology & Life Sciences 0.0%
ICON plc *		270		14,996
Transportation 0.1%
Aer Lingus Group plc		7,500		16,194
Irish Continental Group plc		2,078		8,031
				24,225
				395,629
Israel 1.2%
Banks 0.3%
Bank Hapoalim B.M.		10,485		52,242
Israel Discount Bank Ltd., A Shares *		15,216		24,845
Mizrahi Tefahot Bank Ltd. *		1,696		17,949
				95,036
Capital Goods 0.1%
Discount Investment Corp., Ltd. - Reg’d		4,455		11,465
Elbit Systems Ltd.		480		27,820
				39,285
Energy 0.2%
Delek Group Ltd.		90		30,480
Oil Refineries Ltd. *		67,328		19,278
Paz Oil Co., Ltd.		210		28,820
				78,578
Food & Staples Retailing 0.0%
Shufersal Ltd.		3,885		8,953
Materials 0.1%
The Israel Corp., Ltd. *		112		54,885
Software & Services 0.3%
Check Point Software Technologies Ltd. *		1,066		82,413
NICE-Systems Ltd.		525		24,892
				107,305
Telecommunication Services 0.2%
B Communications Ltd. *		180		3,491
Cellcom Israel Ltd. *		4,260		39,762
Partner Communications Co., Ltd. *		4,950		30,201
				73,454
				457,496
Italy 2.2%
Automobiles & Components 0.1%
Piaggio & C S.p.A. *		8,250		24,272
Banks 0.4%
Banca Carige S.p.A. *		61,856		5,244
Banca Popolare di Milano Scarl *		92,275		67,640
Banca Popolare di Sondrio Scarl		9,380		37,513
Credito Valtellinese Scarl *		26,298		26,195
				136,592
Capital Goods 0.1%
Astaldi S.p.A.		1,545		10,343
C.I.R. - Compagnie Industriali Riunite S.p.A *		24,036		26,369
Danieli & C Officine Meccaniche S.p.A.		708		13,554
				50,266
Consumer Durables & Apparel 0.2%
De’Longhi S.p.A.		952		18,894
Geox S.p.A. *(b)		4,065		13,673
Indesit Co. S.p.A. *		1,440		19,693
Prada S.p.A. (b)		1,900		12,299
Safilo Group S.p.A. *		742		9,907
Tod’s S.p.A. (b)		128		11,848
				86,314
Consumer Services 0.2%
Autogrill S.p.A. *		3,812		28,822
GTECH S.p.A.		1,650		37,910
				66,732
Energy 0.2%
ERG S.p.A.		3,480		40,542
Saras S.p.A. *(b)		35,586		39,039
				79,581
Food & Staples Retailing 0.0%
MARR S.p.A.		210		3,458
Food, Beverage & Tobacco 0.1%
Davide Campari-Milano S.p.A.		3,060		21,439
Parmalat S.p.A.		10,096		30,484
				51,923
Health Care Equipment & Services 0.0%
Sorin S.p.A. *		5,572		13,393
Insurance 0.1%
Mediolanum S.p.A. (b)		1,473		10,247
Societa Cattolica di Assicurazioni Scarl (b)		872		5,935
Unipol Gruppo Finanziario S.p.A.		4,470		23,003
				39,185
Materials 0.1%
Buzzi Unicem S.p.A.		3,375		50,616
Media 0.0%
RCS MediaGroup S.p.A. *(b)		13,290		16,228
Pharmaceuticals, Biotechnology & Life Sciences 0.1%
Recordati S.p.A.		1,470		25,766
Real Estate 0.0%
Beni Stabili S.p.A. (b)		21,060		14,703
Retailing 0.0%
World Duty Free S.p.A. *		1,092		10,598
Technology Hardware & Equipment 0.0%
Esprinet S.p.A.		360		2,711
Transportation 0.2%
Ansaldo STS S.p.A.		2,045		21,593
ASTM S.p.A.		1,620		20,923
Societa Iniziative Autostradali e Servizi S.p.A.		2,164		21,865
				64,381
Utilities 0.4%
ACEA S.p.A.		1,736		19,770
Enel Green Power S.p.A.		17,205		41,503
Hera S.p.A.		20,498		52,283

7

 Schwab Fundamental International Small Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Iren S.p.A.		23,600		28,244
				141,800
				878,519
Japan 38.3%
Automobiles & Components 3.3%
Aisan Industry Co., Ltd.		1,900		14,840
Akebono Brake Industry Co., Ltd.		3,200		11,648
Calsonic Kansei Corp.		10,000		54,851
Exedy Corp.		1,600		39,661
FCC Co., Ltd.		1,600		26,639
Futaba Industrial Co., Ltd.		6,400		33,056
G-Tekt Corp.		400		3,970
Keihin Corp.		3,200		45,081
Koito Manufacturing Co., Ltd.		3,100		97,295
KYB Co., Ltd.		8,000		33,770
Mitsuba Corp.		900		14,878
Mitsubishi Motors Corp.		4,800		49,341
Musashi Seimitsu Industry Co., Ltd.		1,600		31,168
NGK Spark Plug Co., Ltd.		2,600		78,207
Nifco, Inc.		1,200		40,999
Nippon Seiki Co., Ltd.		2,000		39,095
Nissan Shatai Co., Ltd.		3,900		49,323
Nissin Kogyo Co., Ltd.		1,600		24,697
NOK Corp.		3,200		80,105
Pacific Industrial Co., Ltd.		800		5,911
Press Kogyo Co., Ltd.		5,000		17,989
Riken Corp.		4,000		15,368
Sanden Corp.		3,000		17,643
Showa Corp.		1,700		16,787
Sumitomo Riko Co., Ltd.		3,000		25,125
Tachi-S Co., Ltd. (b)		1,600		21,260
Takata Corp. (b)		1,600		17,296
The Yokohama Rubber Co., Ltd.		6,500		59,805
Tokai Rika Co., Ltd.		2,800		56,408
Topre Corp.		400		5,231
Toyo Tire & Rubber Co., Ltd.		2,200		45,044
Toyoda Gosei Co., Ltd.		3,200		62,660
Toyota Boshoku Corp. (b)		5,400		67,383
TS Tech Co., Ltd.		1,500		35,502
Unipres Corp.		2,600		44,756
Yorozu Corp.		1,100		19,028
				1,301,820
Banks 2.2%
Aozora Bank Ltd.		10,000		32,523
Fukuoka Financial Group, Inc.		16,000		87,222
Hokuhoku Financial Group, Inc.		32,000		64,709
North Pacific Bank Ltd.		1,600		6,363
Senshu Ikeda Holdings, Inc.		1,000		4,929
Seven Bank Ltd.		9,600		41,656
Shinsei Bank Ltd.		20,000		37,578
Suruga Bank Ltd.		1,500		28,500
The 77 Bank Ltd.		3,000		15,748
The Awa Bank Ltd.		2,000		10,886
The Bank of Kyoto Ltd.		4,000		33,635
The Chiba Bank Ltd.		3,000		19,944
The Chugoku Bank Ltd.		2,000		28,024
The Daishi Bank Ltd.		5,000		17,104
The Gunma Bank Ltd.		5,000		29,743
The Hachijuni Bank Ltd.		4,000		24,468
The Higo Bank Ltd.		1,000		5,493
The Hiroshima Bank Ltd.		6,000		29,018
The Hyakugo Bank Ltd.		4,000		16,413
The Iyo Bank Ltd.		3,200		33,109
The Joyo Bank Ltd.		5,000		25,235
The Juroku Bank Ltd.		5,000		18,579
The Kagoshima Bank Ltd.		2,000		12,773
The Keiyo Bank Ltd.		4,000		22,210
The Musashino Bank Ltd.		500		16,388
The Nishi-Nippon City Bank Ltd.		12,000		34,377
The Ogaki Kyoritsu Bank Ltd.		10,000		29,406
The San-In Godo Bank Ltd.		3,000		21,890
The Shiga Bank Ltd.		2,000		10,667
The Shizuoka Bank Ltd.		6,000		57,733
TOMONY Holdings, Inc.		1,600		6,983
Yamaguchi Financial Group, Inc.		4,000		40,106
				863,412
Capital Goods 6.8%
Aica Kogyo Co., Ltd.		1,600		32,732
Amada Co., Ltd.		6,400		57,753
Asahi Diamond Industrial Co., Ltd.		1,600		17,067
Central Glass Co., Ltd.		11,000		37,073
Chiyoda Corp.		2,000		17,660
Chudenko Corp.		400		5,888
CKD Corp.		1,700		14,238
COMSYS Holdings Corp.		4,200		62,459
Daifuku Co., Ltd.		1,800		19,049
Daihen Corp.		3,000		12,790
DMG Mori Seiki Co., Ltd.		1,900		22,716
Ebara Corp.		11,000		47,083
Fuji Electric Co., Ltd.		12,000		52,677
Fuji Machine Manufacturing Co., Ltd.		3,000		27,653
Fujikura Ltd.		16,000		59,991
Fujitec Co., Ltd.		1,700		16,630
Furukawa Co., Ltd.		4,000		7,280
Futaba Corp.		1,600		21,677
Glory Ltd. (b)		1,600		41,791
GS Yuasa Corp.		8,000		38,286
Hazama Ando Corp.		600		3,468
Hitachi Construction Machinery Co., Ltd.		3,200		69,077
Hitachi Koki Co., Ltd. (b)		1,600		13,414
Hitachi Zosen Corp.		7,500		40,633
Hoshizaki Electric Co., Ltd.		900		46,257
Inaba Denki Sangyo Co., Ltd.		1,200		40,443
Inabata & Co., Ltd.		3,300		28,361
Iseki & Co., Ltd. (b)		7,000		13,447
Iwatani Corp. (b)		9,000		65,518
Kandenko Co., Ltd.		8,000		42,802
Kanematsu Corp.		32,000		47,723
Keihan Electric Railway Co., Ltd.		11,000		55,053
Kitz Corp.		3,200		13,454
Komori Corp.		1,800		17,517
Kuroda Electric Co., Ltd.		2,300		29,379
Kyowa Exeo Corp.		4,800		54,436
Kyudenko Corp.		1,000		11,518
Mabuchi Motor Co., Ltd.		300		23,912
Maeda Corp.		3,800		27,631
Maeda Road Construction Co., Ltd.		2,000		28,327
Makino Milling Machine Co., Ltd.		2,000		14,357
Meidensha Corp. (b)		6,000		19,615
Minebea Co., Ltd.		5,000		62,645

8 

 Schwab Fundamental International Small Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Mirait Holdings Corp.		3,300		35,757
MISUMI Group, Inc.		1,600		51,228
Miura Co., Ltd.		2,500		26,141
Nabtesco Corp.		1,600		38,407
Nachi-Fujikoshi Corp.		3,000		17,719
Namura Shipbuilding Co., Ltd.		400		4,675
NGK Insulators Ltd.		3,500		77,706
Nichias Corp.		2,600		14,568
Nichiha Corp.		800		7,206
Nippo Corp.		2,500		39,622
Nippon Densetsu Kogyo Co., Ltd.		1,000		12,622
Nippon Steel & Sumikin Bussan Corp.		4,000		14,425
Nishimatsu Construction Co., Ltd.		10,000		41,286
Nishio Rent All Co., Ltd.		100		3,391
Nisshinbo Holdings, Inc.		6,000		60,766
Nitta Corp.		600		13,336
Nitto Boseki Co., Ltd.		3,000		10,692
Nitto Kogyo Corp.		500		9,458
Noritz Corp.		1,600		25,924
NTN Corp.		16,000		74,550
Oiles Corp.		1,300		22,224
OKUMA Corp. (b)		3,400		25,811
Okumura Corp.		6,000		27,653
OSG Corp.		1,600		25,425
Penta-Ocean Construction Co., Ltd. (b)		8,500		26,857
Ryobi Ltd.		7,000		18,461
Sanki Engineering Co., Ltd.		3,200		19,790
Sankyo Tateyama, Inc.		1,600		27,313
Sanwa Holdings Corp.		4,000		28,209
Shinmaywa Industries Ltd.		2,400		22,203
SHO-BOND Holdings Co., Ltd.		100		3,636
Sintokogio Ltd.		1,600		10,987
Tadano Ltd.		1,300		18,993
Taikisha Ltd.		1,300		26,989
Takara Standard Co., Ltd.		2,400		16,845
Takasago Thermal Engineering Co., Ltd.		2,700		34,420
The Japan Steel Works Ltd.		15,000		53,334
The Nippon Road Co., Ltd.		2,000		9,841
THK Co., Ltd.		2,500		60,559
Toa Corp.		9,000		14,939
Toda Corp.		8,000		33,096
Toshiba Machine Co., Ltd.		4,000		15,773
Toshiba Plant Systems & Services Corp.		1,300		20,121
Totetsu Kogyo Co., Ltd.		400		8,550
Toyo Engineering Corp. (b)		4,000		14,863
Trusco Nakayama Corp.		1,600		45,229
Tsubakimoto Chain Co.		2,600		21,578
Ushio, Inc.		3,200		32,166
Yamazen Corp.		4,500		31,432
Yuasa Trading Co., Ltd.		700		13,489
				2,691,745
Commercial & Professional Services 0.8%
Aeon Delight Co., Ltd.		700		15,777
Daiseki Co., Ltd.		300		5,068
Duskin Co., Ltd. (b)		2,500		36,504
Kokuyo Co., Ltd.		4,800		36,035
Meitec Corp.		500		13,987
Moshi Moshi Hotline, Inc.		1,600		15,517
Nissha Printing Co., Ltd.		1,600		23,861
Nomura Co., Ltd.		900		7,591
Okamura Corp.		2,100		14,244
Park24 Co., Ltd.		1,600		24,279
Sato Holdings Corp.		500		11,922
Sohgo Security Services Co., Ltd.		2,300		47,459
Temp Holdings Co., Ltd.		900		26,655
Toppan Forms Co., Ltd.		3,000		29,119
				308,018
Consumer Durables & Apparel 2.1%
Alpine Electronics, Inc.		1,700		27,215
Asics Corp.		2,500		63,298
Casio Computer Co., Ltd. (b)		5,100		77,090
Fujitsu General Ltd.		1,000		10,734
Funai Electric Co., Ltd.		4,500		59,603
Gunze Ltd.		15,000		39,179
Haseko Corp.		6,000		49,897
Heiwa Corp.		200		3,837
Kurabo Industries Ltd.		16,000		24,940
Misawa Homes Co., Ltd.		900		8,137
Mizuno Corp.		4,000		20,087
Onward Holdings Co., Ltd.		7,000		42,937
PanaHome Corp.		4,400		28,361
Pioneer Corp. *		19,200		40,928
Rinnai Corp.		600		44,589
Sangetsu Co., Ltd.		1,600		39,176
Sankyo Co., Ltd.		1,500		48,279
Seiren Co., Ltd.		1,200		9,676
Tamron Co., Ltd.		900		17,070
Token Corp.		260		11,194
Tomy Co., Ltd. (b)		3,200		16,366
TSI Holdings Co., Ltd.		4,900		28,239
Wacoal Holdings Corp.		3,000		30,813
Yamaha Corp.		5,000		74,525
				816,170
Consumer Services 0.8%
Accordia Golf Co., Ltd.		1,700		15,054
Doutor Nichires Holdings Co., Ltd.		1,100		15,163
Dynam Japan Holdings Co., Ltd. (b)		6,200		13,783
HIS Co., Ltd.		1,500		36,209
McDonald’s Holdings Co. Japan Ltd. (b)		1,800		41,161
MOS Food Services, Inc.		1,000		17,753
Plenus Co., Ltd.		1,300		21,929
Resorttrust, Inc.		1,500		30,800
Round One Corp.		2,100		12,103
Royal Holdings Co., Ltd. (b)		1,600		23,147
Saizeriya Co., Ltd.		1,600		21,394
St Marc Holdings Co., Ltd.		100		5,519
Tokyo Dome Corp.		4,000		16,110
Yoshinoya Holdings Co., Ltd. (b)		1,700		18,592
Zensho Holdings Co., Ltd. (b)		1,600		12,901
				301,618
Diversified Financials 0.7%
Acom Co., Ltd. *(b)		8,200		24,527
AEON Financial Service Co., Ltd.		1,200		25,904
Aiful Corp. *(b)		6,050		23,398
Century Tokyo Leasing Corp.		400		9,892
Daiwa Securities Group, Inc.		7,000		56,261
Fuyo General Lease Co., Ltd.		100		3,581
Hitachi Capital Corp.		800		18,031
Jaccs Co., Ltd.		4,000		19,716

9

 Schwab Fundamental International Small Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Mitsubishi UFJ Lease & Finance Co., Ltd.		5,400		25,479
Orient Corp. *		14,400		25,843
SBI Holdings, Inc.		3,000		34,629
				267,261
Energy 0.2%
Japan Petroleum Exploration Co., Ltd.		900		27,716
San-Ai Oil Co., Ltd.		5,000		31,386
Shinko Plantech Co., Ltd.		3,000		20,525
				79,627
Food & Staples Retailing 1.7%
Ain Pharmaciez, Inc.		1,500		42,908
Arcs Co., Ltd.		2,200		45,173
Cawachi Ltd. (b)		1,600		23,781
Cocokara fine, Inc.		1,500		35,818
Cosmos Pharmaceutical Corp.		100		13,245
FamilyMart Co., Ltd.		1,600		59,047
Heiwado Co., Ltd.		3,000		55,256
Kato Sangyo Co., Ltd.		2,000		38,320
Matsumotokiyoshi Holdings Co., Ltd.		1,600		44,420
Ministop Co., Ltd.		500		6,606
Mitsubishi Shokuhin Co., Ltd.		800		17,835
San-A Co., Ltd.		800		27,164
Sugi Holdings Co., Ltd.		1,100		45,970
Sundrug Co., Ltd.		900		36,513
Tsuruha Holdings, Inc.		1,000		56,452
Valor Co., Ltd.		3,200		55,057
Welcia Holdings Co., Ltd.		600		19,008
Yaoko Co., Ltd.		100		5,965
Yokohama Reito Co., Ltd.		4,200		27,850
				656,388
Food, Beverage & Tobacco 2.4%
Calbee, Inc.		1,100		38,092
Coca-Cola East Japan Co., Ltd. (b)		1,700		27,072
Dydo Drinco, Inc.		500		19,885
Ezaki Glico Co., Ltd.		1,500		54,598
Fuji Oil Co., Ltd.		2,200		31,290
Hokuto Corp.		1,200		20,232
House Foods Group, Inc.		3,200		53,735
Ito En Ltd.		1,600		29,914
Itoham Foods, Inc.		10,000		51,902
J-Oil Mills, Inc.		6,000		18,755
Kagome Co., Ltd.		2,500		37,284
Kikkoman Corp.		3,500		83,279
Megmilk Snow Brand Co., Ltd.		4,500		54,447
Mitsui Sugar Co., Ltd.		3,000		10,768
Morinaga & Co., Ltd.		11,000		25,302
Morinaga Milk Industry Co., Ltd.		16,000		53,385
Nichirei Corp.		16,000		69,562
Nippon Flour Mills Co., Ltd.		7,000		31,377
Nippon Suisan Kaisha Ltd. *		11,400		39,766
Prima Meat Packers Ltd.		5,000		10,785
Sapporo Holdings Ltd.		13,000		59,367
Takara Holdings, Inc.		4,800		31,748
The Nisshin Oillio Group Ltd.		9,000		30,181
Warabeya Nichiyo Co., Ltd.		1,600		27,070
Yakult Honsha Co., Ltd.		1,100		58,390
				968,186
Health Care Equipment & Services 0.6%
Hogy Medical Co., Ltd.		100		4,828
Miraca Holdings, Inc.		1,300		49,345
Nichii Gakkan Co.		3,200		24,185
Nihon Kohden Corp.		500		25,151
Nikkiso Co., Ltd.		400		3,916
Nipro Corp. (b)		4,800		41,050
Paramount Bed Holdings Co., Ltd.		200		5,713
Ship Healthcare Holdings, Inc.		600		13,877
Sysmex Corp.		1,200		51,565
Toho Holdings Co., Ltd.		3,000		38,648
				258,278
Household & Personal Products 0.5%
Fancl Corp. (b)		2,300		28,468
Kobayashi Pharmaceutical Co., Ltd.		700		40,519
Kose Corp.		800		28,108
Lion Corp.		7,000		38,337
Mandom Corp.		600		19,185
Pigeon Corp.		300		18,478
Pola Orbis Holdings, Inc.		500		17,757
				190,852
Insurance 0.1%
Sony Financial Holdings, Inc.		2,200		33,384
Materials 4.2%
ADEKA Corp.		3,400		40,966
Aichi Steel Corp.		5,000		17,399
Asahi Holdings, Inc.		1,600		23,322
Chugoku Marine Paints Ltd.		2,000		16,329
Daido Steel Co., Ltd.		10,000		36,399
Daio Paper Corp.		3,000		26,490
Dowa Holdings Co., Ltd.		6,000		49,644
Earth Chemical Co., Ltd.		500		17,378
FP Corp. (b)		600		17,745
Fuji Seal International, Inc.		600		17,011
Fujimori Kogyo Co., Ltd.		200		5,645
Hitachi Metals Ltd.		4,000		69,192
Hokuetsu Kishu Paper Co., Ltd.		7,500		30,838
Ishihara Sangyo Kaisha Ltd. *		16,000		13,616
Kansai Paint Co., Ltd.		3,000		47,799
Konishi Co., Ltd.		400		6,343
Kureha Corp.		4,000		19,581
Kyoei Steel Ltd. (b)		1,600		26,962
Lintec Corp.		2,200		47,175
Maruichi Steel Tube Ltd.		1,500		32,936
Mitsubishi Gas Chemical Co., Inc.		11,000		62,931
Mitsubishi Steel Manufacturing Co., Ltd.		6,000		12,537
Nihon Parkerizing Co., Ltd.		1,100		23,680
Nippon Denko Co., Ltd.		6,800		17,188
Nippon Kayaku Co., Ltd.		4,000		49,004
Nippon Light Metal Holdings Co., Ltd.		16,500		24,885
Nippon Paint Holdings Co., Ltd.		1,600		41,387
Nippon Shokubai Co., Ltd.		4,000		49,914
Nippon Soda Co., Ltd.		3,500		18,254
Nissan Chemical Industries Ltd.		3,200		59,209
Nisshin Steel Co., Ltd.		2,100		19,729
Nittetsu Mining Co., Ltd.		6,000		21,839
NOF Corp.		6,000		37,814
Pacific Metals Co., Ltd. *		6,000		17,694
Rengo Co., Ltd.		11,000		44,302
Sakata INX Corp.		800		8,877
Sanyo Chemical Industries Ltd.		3,000		19,716
Sanyo Special Steel Co., Ltd.		6,000		18,553

10 

 Schwab Fundamental International Small Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Sumitomo Bakelite Co., Ltd.		11,000		41,151
Sumitomo Osaka Cement Co., Ltd.		13,000		36,694
The Nippon Synthetic Chemical Industry Co., Ltd.		1,000		6,353
Toagosei Co., Ltd.		12,000		49,037
Toho Zinc Co., Ltd.		6,000		20,373
Tokai Carbon Co., Ltd.		12,000		33,770
Tokuyama Corp.		17,000		37,242
Tokyo Ohka Kogyo Co., Ltd.		1,200		35,540
Tokyo Steel Manufacturing Co., Ltd.		8,100		43,133
Topy Industries Ltd.		15,000		27,426
Toyo Ink SC Holdings Co., Ltd.		8,000		38,421
Toyo Kohan Co., Ltd.		2,500		12,912
Toyobo Co., Ltd.		32,000		45,027
UACJ Corp.		5,000		14,703
Yamato Kogyo Co., Ltd.		1,300		36,475
Yodogawa Steel Works Ltd.		5,000		18,199
Zeon Corp.		4,000		38,758
				1,645,497
Media 0.6%
Asatsu-DK, Inc.		1,600		41,319
Avex Group Holdings, Inc.		1,500		21,384
CyberAgent, Inc.		400		15,941
Daiichikosho Co., Ltd.		1,600		42,331
SKY Perfect JSAT Holdings, Inc.		6,000		36,247
Toei Co., Ltd.		1,000		5,216
Toho Co., Ltd.		2,100		46,818
Tokyo Broadcasting System Holdings, Inc.		1,600		19,332
TV Asahi Holdings Corp.		400		6,599
Zenrin Co., Ltd.		1,100		12,744
				247,931
Pharmaceuticals, Biotechnology & Life Sciences 0.8%
Hisamitsu Pharmaceutical Co., Inc.		1,300		39,542
Kaken Pharmaceutical Co., Ltd.		1,500		31,849
Kissei Pharmaceutical Co., Ltd.		900		23,394
KYORIN Holdings, Inc.		1,600		31,141
Mochida Pharmaceutical Co., Ltd.		400		21,941
Nichi-iko Pharmaceutical Co., Ltd.		400		6,188
Nippon Shinyaku Co., Ltd.		500		14,555
Rohto Pharmaceutical Co., Ltd.		1,700		22,130
Santen Pharmaceutical Co., Ltd.		1,100		61,541
Sawai Pharmaceutical Co., Ltd. (b)		200		11,863
Sumitomo Dainippon Pharma Co., Ltd.		2,800		28,947
Tsumura & Co. (b)		1,500		33,732
				326,823
Real Estate 1.3%
Advance Residence Investment Corp. (b)		16		39,095
Aeon Mall Co., Ltd.		1,600		27,286
Frontier Real Estate Investment Corp.		1		4,634
Japan Excellent, Inc.		15		19,703
Japan Prime Realty Investment Corp.		7		25,391
Japan Real Estate Investment Corp.		9		44,361
Japan Retail Fund Investment Corp.		20		41,623
Kenedix Office Investment Corp. (b)		3		16,556
Leopalace21 Corp. *		6,900		39,126
MID REIT, Inc.		1		2,441
Mori Trust Sogo REIT, Inc. (b)		6		11,359
Nippon Accommodations Fund, Inc.		1		3,952
Nippon Building Fund, Inc.		12		60,463
Nomura Real Estate Holdings, Inc.		3,000		55,104
Nomura Real Estate Office Fund, Inc.		6		25,050
NTT Urban Development Corp.		1,500		15,432
Orix JREIT, Inc.		16		22,217
Relo Holdings, Inc.		100		6,547
Tokyo Tatemono Co., Ltd.		4,000		31,916
Top REIT, Inc.		1		3,926
United Urban Investment Corp. (b)		16		25,708
				521,890
Retailing 2.4%
ABC-Mart, Inc.		400		20,087
Adastria Holdings Co., Ltd.		560		10,852
Alpen Co., Ltd.		1,500		21,334
AOKI Holdings, Inc.		1,000		10,094
Aoyama Trading Co., Ltd.		3,000		65,114
Arcland Sakamoto Co., Ltd.		800		16,501
ASKUL Corp.		400		6,889
Autobacs Seven Co., Ltd.		3,200		45,188
Bic Camera, Inc. (b)		4,800		42,101
Canon Marketing Japan, Inc.		4,500		81,632
Chiyoda Co., Ltd.		1,500		26,882
DCM Holdings Co., Ltd.		8,000		50,958
Don Quijote Holdings Co., Ltd.		1,100		68,585
Doshisha Co., Ltd.		1,600		22,743
Geo Holdings Corp.		3,200		25,668
Gulliver International Co., Ltd.		1,600		12,430
H2O Retailing Corp.		3,400		52,740
Happinet Corp. (b)		400		5,487
Hikari Tsushin, Inc.		300		19,514
Izumi Co., Ltd.		1,300		40,746
Kohnan Shoji Co., Ltd.		3,000		32,506
Komeri Co., Ltd.		1,500		32,481
Rakuten, Inc.		3,000		40,418
Ryohin Keikaku Co., Ltd.		400		46,880
Sanrio Co., Ltd. (b)		500		13,207
The Daiei, Inc. *		35,700		40,908
United Arrows Ltd.		200		5,527
USS Co., Ltd.		3,200		46,186
Xebio Co., Ltd.		1,600		25,830
				929,488
Semiconductors & Semiconductor Equipment 0.6%
Advantest Corp. (b)		3,300		39,399
Disco Corp.		300		23,836
Sanken Electric Co., Ltd.		2,000		16,986
SCREEN Holdings Co., Ltd.		6,000		38,826
Shinko Electric Industries Co., Ltd. (b)		3,200		21,004
Sumco Corp.		4,800		61,191
Tokyo Seimitsu Co., Ltd.		500		9,786
Ulvac, Inc. *		1,900		26,270
				237,298
Software & Services 1.7%
Capcom Co., Ltd.		1,600		23,794
Dena Co., Ltd.		3,400		42,112
DTS Corp.		900		18,275
Fuji Soft, Inc.		1,000		21,064
Gree, Inc. (b)		1,600		10,744
Internet Initiative Japan, Inc.		200		4,208
IT Holdings Corp.		4,100		63,874
Itochu Techno-Solutions Corp.		1,100		43,005

11

 Schwab Fundamental International Small Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
NEC Networks & System Integration Corp.		1,600		30,737
NET One Systems Co., Ltd. (b)		4,800		27,582
Nexon Co., Ltd.		2,000		18,941
Nihon Unisys Ltd.		3,200		29,470
Nomura Research Institute Ltd.		2,100		65,467
NS Solutions Corp.		500		13,165
NSD Co., Ltd.		1,600		22,015
Obic Co., Ltd.		500		15,946
Otsuka Corp. (b)		1,500		51,628
SCSK Corp.		400		10,178
Square Enix Holdings Co., Ltd.		1,700		33,231
Transcosmos, Inc.		900		15,871
Trend Micro, Inc.		1,600		48,599
Yahoo Japan Corp.		12,000		43,780
				653,686
Technology Hardware & Equipment 2.9%
Alps Electric Co., Ltd.		5,100		102,013
Amano Corp.		3,000		31,394
Anritsu Corp. (b)		1,600		11,108
Azbil Corp.		2,100		49,525
Canon Electronics, Inc.		1,500		25,290
Citizen Holdings Co., Ltd.		8,400		64,972
Daiwabo Holdings Co., Ltd.		16,000		29,254
Eizo Corp. (b)		500		9,112
Hamamatsu Photonics K.K.		900		45,499
Hirose Electric Co., Ltd.		400		50,554
Hitachi High-Technologies Corp.		3,200		92,480
Hitachi Kokusai Electric, Inc.		1,000		14,728
Horiba Ltd.		900		30,598
Hosiden Corp. (b)		9,600		60,099
Japan Aviation Electronics Industry Ltd.		1,000		22,286
Macnica, Inc.		600		16,683
Melco Holdings, Inc.		900		13,627
Mitsumi Electric Co., Ltd.		8,500		70,615
Nichicon Corp.		1,600		12,928
Nippon Chemi-Con Corp. *		6,000		17,340
Oki Electric Industry Co., Ltd.		10,000		20,222
Riso Kagaku Corp.		500		15,356
Ryosan Co., Ltd.		2,600		54,460
Ryoyo Electro Corp.		700		7,024
Shimadzu Corp.		6,000		59,350
Siix Corp.		400		6,852
Taiyo Yuden Co., Ltd.		4,500		50,883
The Nippon Signal Co., Ltd.		1,600		15,624
Toshiba TEC Corp.		5,000		35,472
Wacom Co., Ltd. (b)		1,700		6,532
Yaskawa Electric Corp.		3,700		48,009
Yokogawa Electric Corp. (b)		4,800		60,422
				1,150,311
Transportation 1.5%
Fukuyama Transporting Co., Ltd.		4,000		21,199
Hitachi Transport System, Ltd.		2,500		31,596
Japan Airport Terminal Co., Ltd.		800		31,478
Keikyu Corp.		4,600		35,153
Keio Corp. (b)		10,000		73,556
Keisei Electric Railway Co., Ltd.		3,600		41,404
Kintetsu World Express, Inc.		800		27,939
Konoike Transport Co., Ltd.		500		9,458
Mitsubishi Logistics Corp.		2,500		39,179
Mitsui-Soko Holdings Co., Ltd.		5,000		18,705
Nankai Electric Railway Co., Ltd.		10,000		50,217
Nippon Konpo Unyu Soko Co., Ltd.		2,300		36,026
Nishi-Nippon Railroad Co., Ltd.		11,000		46,434
Sankyu, Inc.		15,000		58,643
Senko Co., Ltd. (b)		4,000		18,503
Sotetsu Holdings, Inc.		6,000		23,305
The Sumitomo Warehouse Co., Ltd.		5,000		28,479
				591,274
Utilities 0.1%
The Okinawa Electric Power Co., Inc.		1,300		40,911
				15,081,868
Luxembourg 0.4%
Banks 0.0%
Espirito Santo Financial Group S.A. *(d)(e)		8,470		—
Commercial & Professional Services 0.1%
Regus plc		9,482		29,209
Consumer Durables & Apparel 0.1%
Samsonite International S.A.		10,800		35,930
Household & Personal Products 0.1%
Oriflame Cosmetics S.A. SDR (b)		1,500		26,546
Materials 0.1%
Ternium S.A. ADR		1,875		37,650
Semiconductors & Semiconductor Equipment 0.0%
Magnachip Semiconductor Corp. *		1,260		15,347
Telecommunication Services 0.0%
Colt Group S.A. *		5,882		12,564
				157,246
Netherlands 2.0%
Capital Goods 0.5%
Aalberts Industries N.V.		1,650		46,405
AerCap Holdings N.V. *		1,245		55,166
Arcadis N.V.		1,080		33,808
Heijmans N.V. CVA		195		1,979
Royal Imtech N.V. *		93		474
Sensata Technologies Holding N.V. *		660		32,716
TKH Group N.V.		720		23,063
				193,611
Commercial & Professional Services 0.1%
USG People N.V.		3,762		41,416
Consumer Durables & Apparel 0.1%
TomTom N.V. *		3,210		22,586
Diversified Financials 0.0%
BinckBank N.V.		1,308		12,179
Energy 0.3%
Core Laboratories N.V.		176		22,674
Koninklijke Vopak N.V.		780		39,284
SBM Offshore N.V. *		3,750		50,770
				112,728
Food & Staples Retailing 0.1%
Sligro Food Group N.V.		330		12,445
X5 Retail Group N.V. GDR - Reg’d *		2,400		42,240
				54,685

12 

 Schwab Fundamental International Small Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Food, Beverage & Tobacco 0.2%
Corbion N.V.		3,165		55,831
Koninklijke Wessanen N.V.		4,710		32,142
				87,973
Materials 0.1%
Koninklijke Ten Cate N.V.		1,162		27,509
Real Estate 0.4%
Corio N.V.		1,270		64,415
Eurocommercial Properties N.V.		495		22,431
Vastned Retail N.V.		495		23,314
Wereldhave N.V.		390		30,664
				140,824
Semiconductors & Semiconductor Equipment 0.2%
ASM International N.V.		856		35,989
NXP Semiconductor N.V. *		765		59,525
				95,514
Software & Services 0.0%
Yandex N.V., Class A *		139		3,464
				792,489
New Zealand 0.8%
Consumer Services 0.1%
SKYCITY Entertainment Group Ltd.		10,500		32,393
Energy 0.0%
Z Energy Ltd.		4,348		14,335
Health Care Equipment & Services 0.1%
Fisher & Paykel Healthcare Corp., Ltd.		5,625		24,198
Materials 0.1%
Nuplex Industries Ltd.		9,514		22,779
Media 0.1%
SKY Network Television Ltd.		6,810		34,641
Real Estate 0.0%
Kiwi Income Property Trust		14,550		13,706
Telecommunication Services 0.1%
Chorus Ltd. *		19,642		31,840
Transportation 0.1%
Air New Zealand Ltd.		12,285		23,434
Auckland International Airport Ltd.		6,948		21,108
Mainfreight Ltd.		1,452		17,952
				62,494
Utilities 0.2%
Contact Energy Ltd.		6,234		29,998
Infratil Ltd.		10,548		23,185
Mighty River Power Ltd.		4,241		9,988
				63,171
				299,557
Norway 0.9%
Banks 0.1%
Sparebank 1 Nord Norge		1,197		6,698
SpareBank 1 SMN		2,228		18,525
SpareBank 1 SR-Bank A.S.A.		2,292		17,666
				42,889
Capital Goods 0.0%
Vard Holdings Ltd. *(b)		26,000		12,466
Commercial & Professional Services 0.0%
Tomra Systems A.S.A.		2,100		14,778
Energy 0.2%
Fred. Olsen Energy A.S.A.		1,125		11,706
Kvaerner A.S.A.		8,691		10,768
TGS Nopec Geophysical Co. A.S.A. (b)		1,954		43,510
				65,984
Food, Beverage & Tobacco 0.1%
Austevoll Seafood A.S.A.		2,648		15,913
Leroy Seafood Group A.S.A.		516		17,934
				33,847
Insurance 0.2%
Gjensidige Forsikring A.S.A.		2,890		49,625
Storebrand A.S.A. *		5,160		24,063
				73,688
Materials 0.0%
Borregaard A.S.A.		480		3,179
Media 0.1%
Schibsted A.S.A.		690		45,453
Semiconductors & Semiconductor Equipment 0.1%
REC Silicon A.S.A. *		121,290		41,827
Software & Services 0.1%
Atea A.S.A.		2,680		27,925
Transportation 0.0%
Golden Ocean Group Ltd. (b)		11,355		9,514
				371,550
Portugal 0.4%
Banks 0.1%
Banco BPI S.A. - Reg’d *		9,225		17,906
Banco Espirito Santo S.A. - Reg’d *(d)(e)		45,383		—
				17,906
Capital Goods 0.0%
Mota-Engil, SGPS, S.A.		996		4,386
Food & Staples Retailing 0.2%
Jeronimo Martins, SGPS, S.A.		3,180		32,389
Sonae, SGPS, S.A.		29,745		40,641
				73,030
Materials 0.0%
Semapa-Sociedade de Investimento e Gestao		975		10,879
Media 0.1%
NOS, SGPS		2,988		18,524
Utilities 0.0%
REN - Redes Energeticas Nacionais, SGPS, S.A.		3,960		12,391
				137,116
Singapore 1.9%
Capital Goods 0.3%
COSCO Corp. Singapore Ltd. (b)		32,000		14,852

13

 Schwab Fundamental International Small Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Sembcorp Marine Ltd. (b)		16,000		38,420
Singapore Technologies Engineering Ltd.		20,000		51,707
United Engineers Ltd.		9,000		20,644
				125,623
Consumer Services 0.1%
Genting Singapore plc		30,000		26,237
Diversified Financials 0.1%
Singapore Exchange Ltd.		7,000		39,310
Food & Staples Retailing 0.1%
Olam International Ltd. (b)		18,000		29,827
Food, Beverage & Tobacco 0.1%
Golden Agri-Resources Ltd.		150,000		52,935
Real Estate 0.8%
Ascendas Real Estate Investment Trust		16,000		28,723
CapitaCommercial Trust		16,000		20,683
CapitaLand Ltd.		30,000		76,410
CapitaMall Trust		16,000		24,304
City Developments Ltd.		8,000		61,741
Global Logistic Properties Ltd.		15,000		30,149
Keppel Land Ltd.		9,000		23,268
Suntec Real Estate Investment Trust		16,000		24,181
UOL Group Ltd.		6,000		30,978
				320,437
Semiconductors & Semiconductor Equipment 0.0%
Kulicke & Soffa Industries, Inc. *		320		4,474
Telecommunication Services 0.1%
M1 Ltd.		5,800		16,196
StarHub Ltd.		7,000		22,233
				38,429
Transportation 0.3%
Neptune Orient Lines Ltd. *(b)		48,000		30,195
SATS Ltd.		15,000		33,717
Singapore Post Ltd.		16,000		23,690
SMRT Corp., Ltd.		16,000		20,008
				107,610
				744,882
Spain 2.0%
Banks 0.4%
Bankia S.A. *		48,430		85,129
Bankinter S.A.		8,445		75,875
Liberbank S.A. *		4,080		3,337
				164,341
Capital Goods 0.4%
Abengoa S.A. (b)		360		1,032
Abengoa S.A., B Shares (b)		12,594		32,044
Construcciones y Auxiliar de Ferrocarriles S.A.		33		11,437
Duro Felguera S.A.		1,832		8,085
Gamesa Corp. Tecnologica S.A. *		6,204		63,498
Obrascon Huarte Lain S.A.		765		20,848
Sacyr S.A. *		4,095		16,106
Zardoya Otis S.A.		2,385		25,481
				178,531
Commercial & Professional Services 0.1%
Prosegur Cia de Seguridad S.A.		3,714		22,085
Consumer Services 0.0%
Melia Hotels International S.A. (b)		955		9,762
NH Hotel Group S.A. *		1,871		8,992
				18,754
Diversified Financials 0.1%
Bolsas y Mercados Espanoles S.A.		930		38,410
Energy 0.1%
Tecnicas Reunidas S.A.		420		19,896
Food, Beverage & Tobacco 0.2%
Ebro Foods S.A.		1,965		35,728
Viscofan S.A.		750		43,253
				78,981
Insurance 0.1%
Grupo Catalana Occidente S.A.		634		20,004
Materials 0.2%
Acerinox S.A.		4,052		61,779
Vidrala S.A.		90		3,667
				65,446
Media 0.2%
Atresmedia Corp de Medios de Comunicaion S.A.		1,080		14,918
Mediaset Espana Comunicacion S.A. *		4,095		50,428
Promotora de Informaciones S.A., Class A *		69,596		23,252
				88,598
Pharmaceuticals, Biotechnology & Life Sciences 0.1%
Almirall S.A. *		1,005		17,390
Grifols S.A.		484		21,616
Grifols S.A., Class B		402		14,889
				53,895
Software & Services 0.1%
Indra Sistemas S.A.		3,390		34,997
				783,938
Sweden 2.2%
Capital Goods 0.4%
B&B Tools AB, B Shares		240		5,160
Haldex AB		1,560		19,390
Indutrade AB		465		18,558
Lindab International AB *		1,614		14,824
Nibe Industrier AB, B Shares		720		19,253
Peab AB		7,065		48,370
Saab AB, Class B		1,566		43,811
				169,366
Commercial & Professional Services 0.2%
AF AB, B Shares		519		8,317
Intrum Justitia AB		888		26,669
Loomis AB, B Shares		1,455		42,133
				77,119
Consumer Durables & Apparel 0.2%
JM AB		1,590		50,722
Nobia AB		2,355		20,015
				70,737

14 

 Schwab Fundamental International Small Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Consumer Services 0.0%
Betsson AB *		135		4,834
Diversified Financials 0.2%
LE Lundbergfortagen AB, B Shares		615		27,709
Ratos AB, B Shares		7,005		45,785
				73,494
Energy 0.0%
Lundin Petroleum AB *		1,275		18,006
Food & Staples Retailing 0.1%
Axfood AB		540		32,000
Food, Beverage & Tobacco 0.0%
AAK AB		274		15,096
Health Care Equipment & Services 0.1%
Elekta AB, B Shares (b)		2,250		22,978
Materials 0.3%
BillerudKorsnas AB		2,340		34,620
Hexpol AB		242		21,332
Holmen AB, B Shares		1,590		53,734
				109,686
Media 0.1%
Eniro AB *(b)		3,000		2,544
Modern Times Group MTG AB, B Shares		1,305		41,630
				44,174
Pharmaceuticals, Biotechnology & Life Sciences 0.1%
Meda AB, A Shares (b)		3,762		54,040
Real Estate 0.2%
Castellum AB		1,614		26,177
Fabege AB		1,800		23,800
Kungsleden AB		3,105		20,695
				70,672
Retailing 0.1%
Bilia AB		780		23,897
Clas Ohlson AB, B Shares		825		13,580
				37,477
Technology Hardware & Equipment 0.1%
Hexagon AB, B Shares		1,534		48,853
Transportation 0.1%
SAS AB *(b)		12,760		26,234
				874,766
Switzerland 3.1%
Banks 0.1%
Banque Cantonale Vaudoise - Reg’d		48		26,404
Valiant Holding AG - Reg’d		274		24,073
				50,477
Capital Goods 0.6%
AFG Arbonia-Forster Holding AG - Reg’d *		555		12,125
Belimo Holding AG - Reg’d		4		9,860
Bucher Industries AG - Reg’d		96		23,913
Daetwyler Holding AG		128		15,570
Georg Fischer AG - Reg’d *		105		64,460
Implenia AG - Reg’d *		290		16,554
Meyer Burger Technology AG *(b)		1,350		10,719
OC Oerlikon Corp. AG - Reg’d *		2,292		28,427
Rieter Holding AG - Reg’d *		90		15,674
Sulzer AG - Reg’d		452		50,619
				247,921
Commercial & Professional Services 0.2%
DKSH Holding AG		354		27,170
Gategroup Holding AG *		1,035		26,157
Kaba Holding AG, B Shares - Reg’d *		48		24,822
				78,149
Consumer Durables & Apparel 0.1%
Forbo Holding AG - Reg’d *		20		21,463
Consumer Services 0.1%
Kuoni Reisen Holding AG - Reg’d *		108		31,610
Diversified Financials 0.3%
GAM Holding AG *		2,417		42,896
Julius Baer Group Ltd. *		1,470		66,795
Partners Group Holding AG		96		27,649
				137,340
Food, Beverage & Tobacco 0.1%
Barry Callebaut AG - Reg’d *		21		22,537
Emmi AG - Reg’d *		80		31,074
				53,611
Health Care Equipment & Services 0.3%
Nobel Biocare Holding AG - Reg’d *		2,475		43,926
Sonova Holding AG - Reg’d		370		56,143
Straumann Holding AG - Reg’d		90		23,352
				123,421
Insurance 0.1%
Helvetia Holding AG - Reg’d		96		47,327
Materials 0.2%
EMS-Chemie Holding AG - Reg’d		75		27,906
Ferrexpo plc		1,830		1,960
Schmolz + Bickenbach AG - Reg’d *		22,776		29,785
				59,651
Pharmaceuticals, Biotechnology & Life Sciences 0.3%
Actelion Ltd. - Reg’d *		612		72,983
Galenica AG - Reg’d		52		44,390
				117,373
Real Estate 0.1%
Allreal Holding AG - Reg’d *		96		13,242
Swiss Prime Site AG - Reg’d *		345		26,676
				39,918
Retailing 0.2%
Dufry AG - Reg’d *		210		33,500
Valora Holding AG - Reg’d *		120		27,412
				60,912
Software & Services 0.0%
Temenos Group AG - Reg’d *		525		18,581
Technology Hardware & Equipment 0.2%
Kudelski S.A.		210		2,724
Logitech International S.A. - Reg’d *		4,215		62,777
				65,501
Transportation 0.2%
Flughafen Zuerich AG - Reg’d		48		31,635

15

 Schwab Fundamental International Small Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Panalpina Welttransport Holding AG - Reg’d		345		47,301
				78,936
Utilities 0.0%
Alpiq Holding AG - Reg’d *		45		4,367
				1,236,558
United Kingdom 13.1%
Banks 0.0%
The Paragon Group of Cos. plc		2,370		15,559
Capital Goods 1.7%
Ashtead Group plc		4,620		76,259
Bodycote plc		3,405		34,234
Brammer plc		435		1,935
Chemring Group plc		7,268		26,890
Fenner plc		3,465		12,942
Galliford Try plc		1,950		36,859
HellermannTyton Group plc		765		3,435
Interserve plc		3,765		34,227
Keller Group plc		2,292		30,402
Kier Group plc		1,050		23,202
Lavendon Group plc		5,184		15,445
Melrose Industries plc		9,000		36,462
Morgan Advanced Materials plc		7,156		32,701
Morgan Sindall Group plc		2,385		24,408
QinetiQ Group plc		17,430		54,019
Rotork plc		750		25,852
Senior plc		5,782		25,091
Speedy Hire plc		22,856		25,503
Spirax-Sarco Engineering plc		900		40,240
Ultra Electronics Holdings plc		1,050		28,760
Vesuvius plc		10,470		68,259
				657,125
Commercial & Professional Services 1.1%
Berendsen plc		3,870		62,303
Cape plc		4,890		19,317
De La Rue plc		3,795		31,707
HomeServe plc		5,790		29,714
Intertek Group plc		1,455		53,205
Mears Group plc		1,920		11,306
Michael Page International plc		6,750		43,573
Mitie Group plc		9,720		42,652
PayPoint plc		210		3,154
Rentokil Initial plc		31,440		58,641
RPS Group plc		4,935		18,239
Shanks Group plc		15,585		23,004
WS Atkins plc		1,425		31,131
				427,946
Consumer Durables & Apparel 0.6%
Bellway plc		2,340		69,040
Berkeley Group Holdings plc		1,016		40,844
Bovis Homes Group plc		1,760		23,704
Crest Nicholson Holdings plc		735		4,134
Guinness Peat Group plc *(b)		71,880		28,495
Persimmon plc *		3,490		83,786
The Vitec Group plc		360		3,439
				253,442
Consumer Services 0.9%
Betfair Group plc		1,215		25,687
Bwin.Party Digital Entertainment plc		3,897		6,579
Dignity plc		215		5,690
Enterprise Inns plc *		29,235		49,721
Greene King plc		4,335		52,308
J.D. Wetherspoon plc		2,205		28,281
Ladbrokes plc		26,625		46,408
Marston’s plc		18,392		41,678
Merlin Entertainments plc (c)		941		5,585
Mitchells & Butlers plc *		7,530		43,372
Spirit Pub Co. plc		18,000		29,669
The Restaurant Group plc		2,746		27,952
				362,930
Diversified Financials 1.6%
Aberdeen Asset Management plc		7,268		51,208
Ashmore Group plc (b)		4,360		21,010
Brewin Dolphin Holdings plc		645		2,809
Close Brothers Group plc		2,010		47,752
Hargreaves Lansdown plc		180		2,750
Henderson Group plc		13,725		47,867
IG Group Holdings plc		4,878		51,755
Intermediate Capital Group plc		6,380		45,910
International Personal Finance plc		3,930		29,542
Investec plc		8,560		79,360
Jupiter Fund Management plc		4,038		22,949
London Stock Exchange Group plc		2,310		81,576
Provident Financial plc		2,040		73,096
Schroders plc		900		37,985
Tullett Prebon plc		6,120		24,171
				619,740
Energy 0.2%
Afren plc *		4,873		3,949
EnQuest plc *		13,440		10,433
Hargreaves Services plc		984		9,624
Hunting plc		2,250		20,296
Premier Oil plc		6,450		18,889
				63,191
Food & Staples Retailing 0.1%
Greggs plc		4,770		47,510
Food, Beverage & Tobacco 0.4%
Britvic plc		2,565		26,652
Cranswick plc		1,457		33,633
Dairy Crest Group plc		5,880		46,502
Devro plc		825		3,595
Greencore Group plc		6,090		28,040
Premier Foods plc *		24,187		14,015
				152,437
Health Care Equipment & Services 0.1%
Synergy Health plc		952		30,116
Household & Personal Products 0.1%
PZ Cussons plc		4,875		26,217
Insurance 0.9%
Admiral Group plc		2,760		53,596
Beazley plc		7,914		33,661
Catlin Group Ltd.		8,318		71,841
Hiscox Ltd.		5,430		59,781
Jardine Lloyd Thompson Group plc		1,470		20,489
Lancashire Holdings Ltd.		6,000		50,740

16 

 Schwab Fundamental International Small Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Phoenix Group Holdings		4,500		56,519
St. James’s Place plc		435		5,409
				352,036
Materials 1.0%
Acacia Mining plc		5,145		18,765
Alent plc		3,799		20,240
Croda International plc		1,425		54,764
DS Smith plc		13,560		61,159
Elementis plc		5,280		21,102
Essentra plc		2,116		25,019
Evraz plc		41,250		96,447
Polyus Gold International Ltd. *		1,170		3,362
Randgold Resources Ltd.		465		30,971
RPC Group plc		3,000		27,625
Synthomer plc		3,892		13,580
Victrex plc		720		20,330
				393,364
Media 0.3%
Daily Mail & General Trust plc, A Shares		1,845		24,328
Trinity Mirror plc *		16,875		38,518
UBM plc		5,910		44,009
				106,855
Pharmaceuticals, Biotechnology & Life Sciences 0.1%
Genus plc		694		14,031
Hikma Pharmaceuticals plc		810		24,875
				38,906
Real Estate 0.9%
Derwent London plc		468		22,273
Hammerson plc		7,695		75,076
Intu Properties plc		9,820		54,886
Savills plc		2,616		27,059
Segro plc		10,920		67,089
Shaftesbury plc		315		3,947
The British Land Co. plc		7,147		85,959
				336,289
Retailing 1.0%
Debenhams plc		49,268		55,552
Dixons Carphone plc		20,670		137,023
Dunelm Group plc		240		3,178
Halfords Group plc		6,825		51,090
Howden Joinery Group plc		3,762		23,041
John Menzies plc		1,696		8,924
Lookers plc		9,555		20,650
N Brown Group plc		2,490		13,278
Pendragon plc		43,695		21,384
Sports Direct International plc *		1,590		16,447
WH Smith plc		3,135		62,008
				412,575
Semiconductors & Semiconductor Equipment 0.2%
ARM Holdings plc		2,805		40,172
CSR plc		2,520		32,676
				72,848
Software & Services 0.2%
AVEVA Group plc		420		9,504
Fidessa Group plc		452		16,875
Micro Focus International plc		1,858		33,200
Moneysupermarket.com Group plc		1,410		5,010
Playtech plc		375		3,770
Telecity Group plc		300		3,813
Xchanging plc		7,410		19,873
				92,045
Technology Hardware & Equipment 0.6%
Domino Printing Sciences plc		1,605		16,740
Electrocomponents plc		12,015		39,420
Halma plc		3,855		40,449
Laird plc		7,740		36,776
Pace plc		4,926		27,741
Premier Farnell plc		8,085		21,220
Spectris plc		1,365		40,337
Spirent Communications plc		18,000		18,943
TT electronics plc		6,380		10,441
				252,067
Telecommunication Services 0.2%
Jazztel plc *		270		4,308
Kcom Group plc		11,726		15,609
TalkTalk Telecom Group plc		9,075		44,384
				64,301
Transportation 0.9%
BBA Aviation plc		9,836		52,865
easyJet plc		2,292		59,333
Go-Ahead Group plc		1,140		46,489
National Express Group plc		16,800		69,694
Northgate plc		6,510		50,567
Royal Mail plc		2,223		14,545
Stagecoach Group plc		6,390		40,559
Stobart Group Ltd.		7,736		12,418
Stolt-Nielsen Ltd.		872		13,318
				359,788
				5,137,287
Total Common Stock
(Cost $40,458,869)				39,027,968
Preferred Stock 0.5% of net assets
Germany 0.3%
Automobiles & Components 0.1%
Porsche Automobil Holding SE		662		57,803
Capital Goods 0.1%
Jungheinrich AG		370		22,256
Health Care Equipment & Services 0.0%
Draegerwerk AG & Co. KGaA (b)		150		15,550
Materials 0.1%
FUCHS PETROLUB SE		840		34,840
				130,449
Italy 0.1%
Insurance 0.1%
Unipol Gruppo Finanziario S.p.A.		6,630		31,458

17

 Schwab Fundamental International Small Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Sweden 0.1%
Transportation 0.1%
SAS AB		231		13,254
Total Preferred Stock
(Cost $188,582)				175,161
Rights 0.0% of net assets
Australia 0.0%
Retailing 0.0%
Harvey Norman Holdings Ltd. *		618		950
Utilities 0.0%
DUET Group *(d)(e)		3,693		189
				1,139
Belgium 0.0%
Materials 0.0%
Tessenderlo Chemie N.V. *		1,755		2,910
United Kingdom 0.0%
Media 0.0%
UBM plc *		4,728		13,253
Total Rights
(Cost $13,745)				17,302
Other Investment Companies 2.9% of net assets
United States 2.9%
Equity Fund 0.1%
iShares MSCI EAFE Small-Cap ETF		400		19,156
Money Market Fund 0.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.00% (a)		5,184		5,184
Securities Lending Collateral 2.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.00% (a)		1,100,374		1,100,374
Total Other Investment Companies
(Cost $1,123,968)				1,124,714
End of Investments.

At 11/30/14, the tax basis cost of the fund’s investments was $41,791,668 and the unrealized appreciation and depreciation were $2,152,010 and ($3,598,533), respectively, with a net unrealized depreciation of ($1,446,523).

*	Non-income producing security.
(a)	The rate shown is the 7-day yield.
(b)	All or a portion of this security is on loan. Securities on loan were valued at $1,061,213. Non-Cash Collateral pledged to the fund for securities on loan amounted to $30,206.
(c)	Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $5,585 or 0.0% of net assets.
(d)	Fair-valued by management in accordance with procedures approved by the Board of Trustees.
(e)	Illiquid security. At the period end, the value of these amounted to $189 or 0.0% of net assets.

ADR —	American Depositary Receipt
CDI —	CHESS Depositary Interest
CVA —	Dutch Certificate
ETF —	Exchange Traded Fund
GDR —	Global Depositary Receipt
Reg’d —	Registered
REIT —	Real Estate Investment Trust
SDR —	Swedish Depositary Receipt

Under procedures approved by the fund’s Board of Trustees (the “Board”), the investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair market value. Among other things, these procedures allow the fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

The fund values the securities in its portfolio every business day. The fund uses the following policies to value various types of securities:

•  Securities traded on an exchange or over-the-counter: Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at halfway between the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.

•  Securities for which no quoted value is available: The Board has adopted procedures to fair value the fund’s securities when market prices are not “readily available” or are unreliable. For example, a fund may fair value a security when it is de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a

18 

 Schwab Fundamental International Small Company Index ETF

Portfolio Holdings (Unaudited) continued

price; or when a security’s primary trading market is closed during regular market hours. The fund makes fair value determinations in good faith in accordance with the fund’s valuation procedures. The Pricing Committee considers a number of factors, including unobservable market inputs when arriving at fair value. The Pricing Committee may employ techniques such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. The Pricing Committee regularly reviews these inputs and assumptions to calibrate the valuations. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security. The Board convenes on a regular basis to review fair value determinations made by the funds pursuant to the valuation procedures.

•  Underlying funds: Mutual funds are valued at their respective net asset values (“NAVs”). Exchange traded funds (“ETFs”) traded on a recognized securities exchange are valued at the last reported sale price that day or the official closing price, if applicable.

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If the fund determines that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and management judgment will be required to estimate fair value.

The three levels of the fair value hierarchy are as follows:

•  Level 1 — quoted prices in active markets for identical securities — Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities and ETFs. Investments in mutual funds are valued daily at their NAVs, and investments in ETFs are valued daily at the last reported sale price or the official closing price, which are classified as Level 1 prices, without consideration to the classification level of the specific investments held by the underlying fund.

•  Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. As investments whose values are classified as Level 2 prices include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

•  Level 3 — significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not available for these securities, the fund uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the fund in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the fund in the absence of market information. Assumptions used by the fund due to the lack of observable inputs may significantly impact the resulting fair value and therefore the fund’s results of operations.

19

 Schwab Fundamental International Small Company Index ETF

Portfolio Holdings (Unaudited) continued

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the fund’s investments as of November 30, 2014:

	Quoted Prices in				Significant
	Active Markets for		Other Significant		Unobservable
	Identical Assets		Observable Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Common Stock1		$36,806,172		$—		$—		$36,806,172
Australia1		1,904,526		—		—		1,904,526
Materials		310,340		—		6,930		317,270
Preferred Stock1		175,161		—		—		175,161
Rights1		16,163		—		—		16,163
Australia1		950		—		—		950
Utilities		—		—		189		189
Other Investment Companies1		1,124,714		—		—		1,124,714
Total		$40,338,026		$—		$7,119		$40,345,145

¹ As categorized in Portfolio Holdings.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Balance				Change in											Balance
	as of		Realized		Unrealized							Gross		Gross		as of
	February 28,		Gains		Appreciation			Gross		Gross		Transfers		Transfers		November 30,
Investments in Securities	2014		(Losses)		(Depreciation)			Purchases		Sales		in		out		2014
Common Stock
Australia		$—		$—		($7,504	)		$7,548		$—		$6,886		$—		$6,930
Luxembourg		—		—		(48,927	)		15,053		—		33,874		—		—
Portugal		—		—		(44,633	)		44,633		—		—		—		—
Rights
Australia		—		—		189			—		—		—		—		189
Total		$—		$—		($100,875	)		$67,234		$—		$40,760		$—		$7,119

The fund’s policy is to recognize transfers between Level 1, Level 2 and Level 3 as of the beginning of the fiscal year. There were transfers out of Level 1 to Level 3 due to the result of fair valued securities for which no quoted value was available. There were no transfers between Level 1 and Level 2 for the period ended November 30, 2014.

REG79047NOV14

20 

Schwab Strategic Trust
Schwab Fundamental Emerging Markets Large Company Index ETF

Portfolio Holdings as of November 30, 2014 (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.

				Cost		Value
Holdings by Category				($)		($)
	88	.8%	Common Stock		50,846,130		49,199,519
	9	.3%	Preferred Stock		6,136,587		5,156,352
	1	.9%	Other Investment Companies		860,846		1,046,878
	100	.0%	Total Investments		57,843,563		55,402,749
	0	.0%	Other Assets and Liabilities, Net				23,155
	100	.0%	Net Assets				55,425,904

	Number		Value
Security	of Shares		($)
Common Stock 88.8% of net assets
Brazil 5.7%
Banks 1.2%
Banco Bradesco S.A.		16,115		238,718
Banco do Brasil S.A.		32,122		369,720
Itau Unibanco Holding S.A.		5,704		75,727
				684,165
Capital Goods 0.2%
Embraer S.A.		11,440		104,983
Diversified Financials 0.1%
BM&FBovespa S.A.		19,440		79,539
Energy 1.5%
Cosan Ltd., A Shares		6,040		55,266
Petroleo Brasileiro S.A.		125,400		591,452
Ultrapar Participacoes S.A.		7,370		157,496
				804,214
Food, Beverage & Tobacco 0.8%
AMBEV S.A.		28,182		184,339
BRF S.A.		5,405		139,319
JBS S.A.		29,621		137,983
				461,641
Materials 1.1%
Companhia Siderurgica Nacional S.A.		39,600		93,157
Usinas Siderurgicas de Minas Gerais S.A. *		7,993		20,944
Vale S.A.		52,866		478,165
				592,266
Software & Services 0.1%
Cielo S.A.		4,730		80,699
Telecommunication Services 0.2%
Oi S.A. *		30,800		18,054
Tim Participacoes S.A.		15,620		75,552
				93,606
Transportation 0.1%
CCR S.A.		7,614		52,168
Utilities 0.4%
Centrais Eletricas Brasileiras S.A.		33,176		77,529
Companhia de Saneamento Basico do Estado de Sao Paulo		8,338		62,178
CPFL Energia S.A.		9,592		73,391
				213,098
				3,166,379
Chile 1.0%
Banks 0.1%
Banco Santander Chile		1,039,478		56,520
Energy 0.2%
Empresas COPEC S.A.		10,582		124,884
Food & Staples Retailing 0.1%
Cencosud S.A.		23,848		61,859
Transportation 0.1%
Latam Airlines Group S.A. *		3,828		45,755
Utilities 0.5%
Empresa Nacional de Electricidad S.A.		57,640		87,956
Enersis S.A.		576,664		192,322
				280,278
				569,296
China 16.9%
Automobiles & Components 0.2%
Dongfeng Motor Group Co., Ltd., H Shares		61,500		93,579
Banks 6.6%
Agricultural Bank of China Ltd., H Shares		396,000		187,915
Bank of China Ltd., H Shares		1,606,000		828,369
Bank of Communications Co., Ltd., H Shares		132,000		109,447
BOC Hong Kong Holdings Ltd.		42,000		148,394
China CITIC Bank Corp., Ltd., H Shares		110,000		81,844
China Construction Bank Corp., H Shares		1,540,000		1,167,659
China Merchants Bank Co., Ltd., H Shares		55,000		113,901
China Minsheng Banking Corp., Ltd., H Shares		75,500		82,948
Industrial & Commercial Bank of China Ltd., H Shares		1,364,000		925,163
				3,645,640
Capital Goods 0.7%
China Communications Construction Co., Ltd., H Shares		154,000		154,099

1

 Schwab Fundamental Emerging Markets Large Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
China Railway Construction Corp., Ltd., H Shares		77,000		88,468
China Railway Group Ltd., H Shares		154,000		111,603
CITIC Ltd.		33,000		57,532
				411,702
Consumer Durables & Apparel 0.1%
Yue Yuen Industrial Holdings Ltd.		22,000		78,865
Energy 3.9%
China Coal Energy Co., Ltd., H Shares (b)		110,000		68,652
China Petroleum & Chemical Corp., H Shares		990,000		810,638
China Shenhua Energy Co., Ltd., H Shares		79,500		226,045
CNOOC Ltd.		311,000		454,770
PetroChina Co., Ltd., H Shares		572,000		620,312
				2,180,417
Food & Staples Retailing 0.1%
China Resources Enterprise Ltd.		26,000		54,246
Food, Beverage & Tobacco 0.1%
China Mengniu Dairy Co., Ltd.		12,000		48,666
Insurance 0.7%
China Life Insurance Co., Ltd., H Shares		67,000		232,837
China Pacific Insurance (Group) Co., Ltd., H Shares		17,600		73,759
Ping An Insurance Group Co. of China Ltd., H Shares		11,000		92,269
				398,865
Materials 0.3%
China National Building Material Co., Ltd., H Shares		68,000		66,465
Jiangxi Copper Co., Ltd., H Shares		44,000		78,979
				145,444
Real Estate 0.2%
China Overseas Land & Investment Ltd.		32,200		96,745
Retailing 0.3%
Belle International Holdings Ltd.		78,000		88,611
GOME Electrical Appliances Holdings Ltd.		396,000		58,213
				146,824
Software & Services 0.1%
Tencent Holdings Ltd.		4,400		70,355
Technology Hardware & Equipment 0.3%
Kingboard Chemical Holdings Ltd.		27,000		50,483
Lenovo Group Ltd.		66,000		92,596
				143,079
Telecommunication Services 3.2%
China Mobile Ltd.		105,500		1,299,874
China Telecom Corp., Ltd., H Shares		452,000		273,940
China Unicom (Hong Kong) Ltd.		132,000		200,851
				1,774,665
Utilities 0.1%
Huaneng Power International, Inc., H Shares		62,000		72,673
				9,361,765
Colombia 0.3%
Banks 0.1%
Bancolombia S.A.		2,750		34,328
Energy 0.2%
Ecopetrol S.A.		105,314		109,074
				143,402
Czech Republic 0.4%
Telecommunication Services 0.1%
O2 Czech Republic A/S		5,566		63,900
Utilities 0.3%
CEZ A/S		6,424		179,377
				243,277
Greece 0.5%
Consumer Services 0.3%
OPAP S.A.		12,232		153,710
Telecommunication Services 0.1%
Hellenic Telecommunications Organization S.A. *		7,788		95,633
Utilities 0.1%
Public Power Corp. S.A. *		6,050		46,762
				296,105
Hungary 0.6%
Banks 0.2%
OTP Bank plc		6,908		111,491
Energy 0.3%
MOL Hungarian Oil & Gas plc		3,322		160,872
Telecommunication Services 0.1%
Magyar Telekom Telecommunications plc *		50,468		69,622
				341,985
India 2.6%
Automobiles & Components 0.3%
Mahindra & Mahindra Ltd. GDR		3,388		72,334
Tata Motors Ltd. ADR		2,464		112,506
				184,840
Banks 0.5%
ICICI Bank Ltd. ADR		2,464		145,105
State Bank of India GDR - Reg’d		2,816		144,742
				289,847
Energy 1.0%
Reliance Industries Ltd. GDR (a)		17,600		560,560
Materials 0.2%
Tata Steel Ltd. GDR - Reg’d		11,616		88,630

2 

 Schwab Fundamental Emerging Markets Large Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Software & Services 0.6%
Infosys Ltd. ADR		4,400		307,296
				1,431,173
Indonesia 1.1%
Automobiles & Components 0.3%
PT Astra International Tbk		283,800		165,690
Banks 0.4%
PT Bank Central Asia Tbk		68,200		73,207
PT Bank Mandiri (Persero) Tbk		90,200		77,790
PT Bank Rakyat Indonesia (Persero) Tbk		99,000		93,492
				244,489
Telecommunication Services 0.4%
PT Telekomunikasi Indonesia (Persero) Tbk		935,000		216,435
				626,614
Malaysia 2.1%
Banks 0.6%
CIMB Group Holdings Berhad		46,200		79,629
Malayan Banking Berhad		41,800		116,904
Public Bank Berhad		22,000		120,846
				317,379
Capital Goods 0.3%
Sime Darby Berhad		55,000		157,398
Consumer Services 0.1%
Genting Berhad		26,400		71,571
Food, Beverage & Tobacco 0.1%
IOI Corp. Berhad		44,000		62,699
Materials 0.1%
Petronas Chemicals Group Berhad		33,000		54,927
Telecommunication Services 0.6%
Axiata Group Berhad		59,400		123,980
DiGi.com Berhad		37,400		69,659
Maxis Berhad		28,600		58,595
Telekom Malaysia Berhad		39,600		82,888
				335,122
Utilities 0.3%
Tenaga Nasional Berhad		39,600		166,946
				1,166,042
Mexico 3.6%
Banks 0.2%
Grupo Financiero Banorte S.A.B. de C.V., O Shares		13,200		74,833
Grupo Financiero Santander Mexico S.A.B. de C.V., B Shares		15,400		34,833
				109,666
Capital Goods 0.2%
Alfa S.A.B. de C.V., A Shares		31,350		83,429
Food & Staples Retailing 0.3%
Wal-Mart de Mexico S.A.B. de C.V., Series V		74,800		160,096
Food, Beverage & Tobacco 0.6%
Coca-Cola Femsa S.A.B. de C.V., Series L		6,600		65,517
Fomento Economico Mexicano S.A.B. de C.V.		19,800		189,115
Grupo Bimbo S.A.B. de C.V., Series A		28,600		80,472
				335,104
Materials 0.8%
Cemex S.A.B. de C.V., Series CPO *		248,600		308,878
Grupo Mexico S.A.B. de C.V., Series B		48,400		158,643
				467,521
Media 0.3%
Grupo Televisa S.A.B., Series CPO		26,400		192,382
Telecommunication Services 1.2%
America Movil S.A.B. de C.V., Series L		561,000		661,911
				2,010,109
Peru 0.2%
Banks 0.2%
Credicorp Ltd.		506		83,824
Philippines 0.2%
Telecommunication Services 0.2%
Philippine Long Distance Telephone Co.		1,760		117,190
Poland 2.2%
Banks 0.3%
Bank Pekao S.A.		1,276		70,326
Powszechna Kasa Oszczednosci Bank Polski S.A.		10,846		121,429
				191,755
Energy 0.6%
Polski Koncern Naftowy Orlen S.A.		24,200		325,918
Insurance 0.2%
Powszechny Zaklad Ubezpieczen S.A.		792		113,347
Materials 0.5%
KGHM Polska Miedz S.A.		6,908		253,132
Telecommunication Services 0.2%
Orange Polska S.A.		43,802		123,938
Utilities 0.4%
PGE S.A.		22,330		128,896
Tauron Polska Energia S.A.		52,536		81,139
				210,035
				1,218,125
Republic of Korea 17.0%
Automobiles & Components 1.7%
Hyundai Mobis Co., Ltd.		968		215,800
Hyundai Motor Co.		2,904		469,169
Kia Motors Corp.		5,412		272,078
				957,047
Banks 1.3%
Hana Financial Group, Inc.		4,180		127,518

3

 Schwab Fundamental Emerging Markets Large Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
KB Financial Group, Inc.		5,060		177,656
Shinhan Financial Group Co., Ltd.		7,194		322,057
Woori Bank *		7,098		68,549
				695,780
Capital Goods 2.6%
Daelim Industrial Co., Ltd.		880		53,613
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		2,420		42,155
Doosan Heavy Industries & Construction Co., Ltd.		2,266		53,380
Hyundai Engineering & Construction Co., Ltd.		1,430		57,822
Hyundai Heavy Industries Co., Ltd.		1,628		181,468
LG Corp.		6,952		408,480
Samsung C&T Corp.		2,904		188,454
Samsung Heavy Industries Co., Ltd.		3,564		69,482
SK Holdings Co., Ltd.		2,068		317,307
SK Networks Co., Ltd. *		10,978		93,337
				1,465,498
Consumer Durables & Apparel 0.7%
LG Electronics, Inc.		6,336		363,707
Energy 1.0%
GS Holdings Corp.		4,268		160,250
S-Oil Corp.		2,288		86,940
SK Innovation Co., Ltd.		3,740		289,289
				536,479
Food & Staples Retailing 0.1%
E-Mart Co., Ltd.		396		78,632
Food, Beverage & Tobacco 0.3%
KT&G Corp.		1,848		161,624
Insurance 0.4%
Samsung Fire & Marine Insurance Co., Ltd.		484		135,421
Samsung Life Insurance Co., Ltd.		836		92,055
				227,476
Materials 2.2%
Hanwha Corp.		3,916		104,973
Hyosung Corp.		1,012		63,299
Hyundai Steel Co.		1,518		87,686
LG Chem Ltd.		946		176,316
Lotte Chemical Corp.		440		69,895
OCI Co., Ltd. *		352		27,005
POSCO		2,508		684,751
				1,213,925
Retailing 0.1%
Lotte Shopping Co., Ltd.		242		65,526
Semiconductors & Semiconductor Equipment 0.4%
SK Hynix, Inc. *		5,192		225,169
Software & Services 0.6%
NAVER Corp.		110		75,057
SK C&C Co., Ltd.		1,276		256,824
				331,881
Technology Hardware & Equipment 4.6%
LG Display Co., Ltd. *		9,702		297,290
Samsung Electro-Mechanics Co., Ltd.		1,276		70,022
Samsung Electronics Co., Ltd.		1,782		2,069,980
Samsung SDI Co., Ltd.		924		111,752
				2,549,044
Telecommunication Services 0.4%
KT Corp.		3,520		103,413
LG Uplus Corp.		9,020		88,331
				191,744
Utilities 0.6%
Korea Electric Power Corp.		7,084		294,115
Korea Gas Corp. *		1,034		53,662
				347,777
				9,411,309
Russia 10.6%
Banks 0.3%
Sberbank of Russia *		103,680		151,415
VTB Bank OJSC *		24,960,000		23,562
				174,977
Energy 8.3%
Bashneft OAO *		1,012		25,672
Gazprom OAO		642,090		1,854,141
LUKOIL OAO *		37,862		1,753,870
NOVATEK OAO GDR - Reg’d		728		68,796
Rosneft OJSC GDR - Reg’d		8,709		41,237
Surgutneftegas OAO *		1,029,600		607,698
Tatneft OAO *		53,020		266,480
				4,617,894
Food & Staples Retailing 0.2%
Magnit PJSC *		408		97,273
Materials 1.0%
MMC Norilsk Nickel OJSC *		1,988		354,423
Severstal OAO GDR - Reg’d		12,100		111,199
Uralkali OJSC GDR - Reg’d		4,004		53,413
				519,035
Telecommunication Services 0.5%
Mobile Telesystems OJSC ADR		15,400		188,188
Rostelecom OJSC *		29,330		63,435
Sistema JSFC GDR - Reg’d		6,446		37,129
				288,752
Transportation 0.2%
Aeroflot-Russian Airlines OJSC *		63,800		53,880
Globaltrans Investment plc GDR - Reg’d		7,881		55,167
				109,047
Utilities 0.1%
RusHydro JSC *		4,149,000		50,319
				5,857,297
South Africa 7.1%
Banks 0.8%
Barclays Africa Group Ltd.		6,798		109,787
Nedbank Group Ltd.		3,960		87,101
Standard Bank Group Ltd.		21,802		268,812
				465,700

4 

 Schwab Fundamental Emerging Markets Large Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Capital Goods 0.7%
Aveng Ltd. *		46,464		71,548
Barloworld Ltd.		10,516		99,539
The Bidvest Group Ltd.		7,810		207,175
				378,262
Consumer Durables & Apparel 0.2%
Steinhoff International Holdings Ltd.		19,426		102,349
Diversified Financials 0.5%
African Bank Investments Ltd. (d)(e)		30,732		—
FirstRand Ltd.		41,668		187,471
Remgro Ltd.		3,212		73,524
				260,995
Energy 1.0%
Sasol Ltd.		14,036		586,967
Food & Staples Retailing 0.2%
Shoprite Holdings Ltd.		6,094		93,513
Food, Beverage & Tobacco 0.2%
Tiger Brands Ltd.		2,794		97,758
Insurance 0.3%
Sanlam Ltd.		21,670		143,597
Materials 1.0%
AngloGold Ashanti Ltd. *		8,602		76,928
Gold Fields Ltd.		45,870		196,909
Impala Platinum Holdings Ltd. *		19,162		139,936
Kumba Iron Ore Ltd.		3,762		87,766
Sappi Ltd. *		21,274		79,538
				581,077
Media 0.3%
Naspers Ltd., N Shares		1,122		145,648
Retailing 0.3%
Imperial Holdings Ltd.		6,226		112,724
Woolworths Holdings Ltd.		9,350		67,502
				180,226
Telecommunication Services 1.6%
MTN Group Ltd.		31,240		616,995
Telkom S.A. SOC Ltd. *		34,100		212,104
Vodacom Group Ltd.		6,006		72,296
				901,395
				3,937,487
Taiwan 13.2%
Banks 0.5%
CTBC Financial Holding Co., Ltd.		144,975		98,610
Mega Financial Holding Co., Ltd.		113,990		92,820
Taishin Financial Holding Co., Ltd.		139,748		64,799
				256,229
Capital Goods 0.3%
Far Eastern New Century Corp.		93,280		93,137
Walsin Lihwa Corp. *		220,000		70,946
				164,083
Consumer Durables & Apparel 0.1%
Pou Chen Corp.		66,000		79,761
Diversified Financials 0.2%
Fubon Financial Holding Co., Ltd.		68,000		111,402
Energy 0.2%
Formosa Petrochemical Corp.		56,000		126,666
Food, Beverage & Tobacco 0.2%
Uni-President Enterprises Corp.		59,980		96,906
Insurance 0.2%
Cathay Financial Holding Co., Ltd.		49,516		79,840
Materials 1.8%
China Steel Corp.		293,640		247,645
Formosa Chemicals & Fibre Corp.		103,000		232,975
Formosa Plastics Corp.		100,000		229,421
Nan Ya Plastics Corp.		98,000		205,199
Taiwan Cement Corp.		66,000		96,929
				1,012,169
Semiconductors & Semiconductor Equipment 3.0%
Advanced Semiconductor Engineering, Inc.		88,000		106,774
MediaTek, Inc.		13,000		195,331
Siliconware Precision Industries Co., Ltd.		69,000		101,335
Taiwan Semiconductor Manufacturing Co., Ltd.		244,000		1,115,631
United Microelectronics Corp.		374,000		166,169
				1,685,240
Technology Hardware & Equipment 5.9%
Acer, Inc. *		286,000		181,595
Asustek Computer, Inc.		27,000		294,014
AU Optronics Corp.		638,000		300,987
Compal Electronics, Inc.		330,000		211,132
Delta Electronics, Inc.		17,400		105,139
Foxconn Technology Co., Ltd.		26,950		75,327
Hon Hai Precision Industry Co., Ltd.		289,864		908,532
HTC Corp. *		58,000		256,757
Innolux Corp.		308,000		147,295
Inventec Corp.		121,000		80,543
Lite-On Technology Corp.		79,210		95,981
Pegatron Corp.		72,000		167,044
Quanta Computer, Inc.		67,000		166,702
Synnex Technology International Corp.		55,000		79,974
Wistron Corp.		155,822		142,492
WPG Holdings Ltd.		66,000		76,668
				3,290,182
Telecommunication Services 0.8%
Chunghwa Telecom Co., Ltd.		92,500		277,971
Far EasTone Telecommunications Co., Ltd.		32,000		69,278
Taiwan Mobile Co., Ltd.		22,000		69,951
				417,200
				7,319,678
Thailand 1.5%
Banks 0.1%
The Siam Commercial Bank PCL NVDR		11,000		65,829
Energy 1.0%
PTT Exploration & Production PCL NVDR		22,000		90,787
PTT PCL NVDR		33,000		384,925

5

 Schwab Fundamental Emerging Markets Large Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Thai Oil PCL NVDR		52,800		69,548
				545,260
Materials 0.2%
PTT Global Chemical PCL NVDR		48,400		94,707
Telecommunication Services 0.2%
Advanced Info Service PCL NVDR		13,200		95,678
				801,474
Turkey 2.0%
Banks 0.9%
Akbank T.A.S.		27,918		113,203
Turkiye Garanti Bankasi A/S		33,660		148,328
Turkiye Halk Bankasi A/S		11,000		78,391
Turkiye Is Bankasi, C Shares		34,980		97,189
Turkiye Vakiflar Bankasi Tao, D Shares		33,836		77,833
				514,944
Capital Goods 0.3%
KOC Holding A/S		27,676		156,037
Diversified Financials 0.2%
Haci Omer Sabanci Holding A/S		18,150		86,776
Energy 0.3%
Tupras-Turkiye Petrol Rafinerileri A/S		7,304		165,049
Telecommunication Services 0.3%
Turk Telekomunikasyon A/S		17,996		57,630
Turkcell Iletisim Hizmetleri A/S *		18,392		116,552
				174,182
				1,096,988
Total Common Stock
(Cost $50,846,130)				49,199,519
Preferred Stock 9.3% of net assets
Brazil 7.3%
Banks 2.6%
Banco Bradesco S.A.		33,533		514,961
Itau Unibanco Holding S.A.		55,248		827,846
Itausa - Investimentos Itau S.A.		26,400		107,402
				1,450,209
Energy 1.7%
Petroleo Brasileiro S.A.		187,000		929,174
Food & Staples Retailing 0.1%
Cia Brasileira de Distribuicao		1,657		69,791
Materials 1.8%
Bradespar S.A.		7,040		41,212
Gerdau S.A.		43,120		182,453
Metalurgica Gerdau S.A.		29,128		146,881
Usinas Siderurgicas de Minas Gerais S.A., A Shares *		19,800		39,968
Vale S.A.		72,182		560,408
				970,922
Telecommunication Services 0.4%
Oi S.A. *		84,436		45,232
Telefonica Brasil S.A.		9,048		184,434
				229,666
Utilities 0.7%
Centrais Eletricas Brasileiras S.A., B Shares		26,796		80,303
Companhia Energetica de Minas Gerais		29,492		161,195
Companhia Paranaense de Energia - Copel, B Shares		4,906		67,228
Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.		23,166		83,364
				392,090
				4,041,852
Colombia 0.1%
Banks 0.1%
Bancolombia S.A.		4,774		61,838
Republic of Korea 0.8%
Automobiles & Components 0.2%
Hyundai Motor Co.		440		51,031
Hyundai Motor Co. 2nd		594		71,305
				122,336
Consumer Durables & Apparel 0.1%
LG Electronics, Inc.		1,110		33,061
Materials 0.0%
LG Chem Ltd.		154		23,212
Technology Hardware & Equipment 0.5%
Samsung Electronics Co., Ltd.		297		281,198
				459,807
Russia 1.1%
Energy 1.0%
AK Transneft OAO *		183		440,924
Surgutneftegas OAO *		165,000		114,630
				555,554
Telecommunication Services 0.1%
Rostelecom OJSC *		26,400		37,301
				592,855
Total Preferred Stock
(Cost $6,136,587)				5,156,352
Other Investment Companies 1.9% of net assets
United States 1.9%
Equity Funds 1.8%
iShares India 50 ETF		14,624		463,142
iShares MSCI Emerging Markets ETF		800		33,200
WisdomTree India Earnings Fund		22,112		514,104
				1,010,446

6 

 Schwab Fundamental Emerging Markets Large Company Index ETF

Portfolio Holdings (Unaudited) continued

	Number		Value
Security	of Shares		($)
Money Market Fund 0.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.00% (c)		1,289		1,289
Securities Lending Collateral 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.00% (c)		35,143		35,143
Total Other Investment Companies
(Cost $860,846)				1,046,878
End of Investments.

At 11/30/14, the tax basis cost of the fund’s investments was $57,976,423 and the unrealized appreciation and depreciation were $2,905,436 and ($5,479,110), respectively, with a net unrealized depreciation of ($2,573,674).

*	Non-income producing security.
(a)	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 $560,560 or 1.0% of net assets.
(b)	All or a portion of this security is on loan. Securities on loan were valued at $34,326. Non-Cash Collateral pledged to the fund for securities on loan amounted to $3,357.
(c)	The rate shown is the 7-day yield.
(d)	Illiquid security. At the period end, the value of these amounted to $0 or 0.0% of net assets.
(e)	Fair-valued by management in accordance with procedures approved by the Board of Trustees.

ADR —	American Depositary Receipt
ETF —	Exchange Traded Fund
GDR —	Global Depositary Receipt
NVDR —	Non-Voting Depositary Receipt
Reg’d —	Registered

Under procedures approved by the fund’s Board of Trustees (the “Board”), the investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair market value. Among other things, these procedures allow the fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

The fund values the securities in its portfolio every business day. The fund uses the following policies to value various types of securities:

•  Securities traded on an exchange or over-the-counter: Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at halfway between the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.

•  Securities for which no quoted value is available: The Board has adopted procedures to fair value the fund’s securities when market prices are not “readily available” or are unreliable. For example, a fund may fair value a security when it is de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. The fund makes fair value determinations in good faith in accordance with the fund’s valuation procedures. The Pricing Committee considers a number of factors, including unobservable market inputs when arriving at fair value. The Pricing Committee may employ techniques such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. The Pricing Committee regularly reviews these inputs and assumptions to calibrate the valuations. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security. The Board convenes on a regular basis to review fair value determinations made by the funds pursuant to the valuation procedures.

•  Underlying funds: Mutual funds are valued at their respective net asset values (“NAVs”). Exchange traded funds (“ETFs”) traded on a recognized securities exchange are valued at the last reported sale price that day or the official closing price, if applicable.

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or

7

 Schwab Fundamental Emerging Markets Large Company Index ETF

Portfolio Holdings (Unaudited) continued

liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If the fund determines that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and management judgment will be required to estimate fair value.

The three levels of the fair value hierarchy are as follows:

•  Level 1 — quoted prices in active markets for identical securities — Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities and ETFs. Investments in mutual funds are valued daily at their NAVs, and investments in ETFs are valued daily at the last reported sale price or the official closing price, which are classified as Level 1 prices, without consideration to the classification level of the specific investments held by the underlying fund.

•  Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. As investments whose values are classified as Level 2 prices include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

•  Level 3 — significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not available for these securities, the fund uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the fund in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the fund in the absence of market information. Assumptions used by the fund due to the lack of observable inputs may significantly impact the resulting fair value and therefore the 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 following is a summary of the inputs used to value the fund’s investments as of November 30, 2014:

	Quoted Prices in				Significant
	Active Markets for		Other Significant		Unobservable
	Identical Assets		Observable Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Common Stock1		$49,199,519		$—		$—		$49,199,519
Preferred Stock1		5,156,352		—		—		5,156,352
Other Investment Companies1		1,046,878		—		—		1,046,878
Total		$55,402,749		$—		$—		$55,402,749

¹ As categorized in Portfolio Holdings.

The fund’s policy is to recognize transfers between Level 1, Level 2 and Level 3 as of the beginning of the fiscal year. There were no transfers between Level 1, Level 2 and Level 3 for the period ended November 30, 2014.

REG79048NOV14

8 

Item 2. Controls and Procedures.

(a)

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

(b)

During Registrant’s last fiscal quarter, there have been no changes in Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that the above officers believe to have materially affected, or to be reasonably likely to materially affect, Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Separate certifications for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), are attached.

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

(Registrant) Schwab Strategic Trust

By:	/s/ Marie Chandoha Marie Chandoha
	Chief Executive Officer

Date: 1/21/2015

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

By: /s/ Marie Chandoha   Marie Chandoha
Chief Executive Officer

Date: 1/21/2015

By:	/s/ George Pereira
	George Pereira Principal Financial Officer

Date: 1/21/2015