UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-22311
Schwab Strategic Trust – Schwab Fixed-Income
ETFs and Schwab Ultra-Short Income ETF
(Exact name of registrant as specified in charter)
211 Main Street, San Francisco, California 94105
(Address of principal executive offices) (Zip code)
Omar Aguilar
Schwab Strategic Trust – Schwab Fixed-Income ETFs and Schwab Ultra-Short Income ETF
211 Main Street, San Francisco, California 94105
(Name and address of agent for service)
Registrant’s telephone number, including area code: (415) 636-7000
Date of fiscal year end: December 31
Date of reporting period: December 31, 2024
Item 1: Report(s) to Shareholders.
Schwab U.S. TIPS ETF
Principal U.S. Listing Exchange:
NYSE Arca, Inc.
This annual shareholder report contains important information about the fund for the period of January 1, 2024, to December 31,
2024.
You can find additional information about the fund at
www.schwabassetmanagement.com/prospectus
. You can also request
this information by calling
or by sending an email request to
orders@mysummaryprospectus.com
.
If you purchase
or hold fund shares through a financial intermediary, the fund’s prospectus, Statement of Additional Information (SAI), reports to
shareholders and other information about the fund are available from your financial intermediary.
This report describes changes to the fund that occurred during the reporting period.
FUND COSTS FOR THE LAST year ENDED December 31, 2024
(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
For the 12-month reporting period ended December 31, 2024, the fund’s NAV return was 1.95% (for an explanation of NAV returns,
please refer to footnote 2 on the following page). The Bloomberg US Aggregate Bond Index, which serves as the fund’s regulatory
index and provides a broad measure of market performance, returned 1.25%. The fund generally invests in securities that are
included in the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)
SM
which returned 1.84%. The fund does not seek to
track the regulatory index.
■
Timing differences between the closing time of prices used for the fund’s NAV and of prices used by the index contributed to
relative performance over the reporting period
●
Timing difference at the beginning of the reporting period contributed to relative performance
●
Timing difference at the end of the reporting period detracted from relative performance but to a lesser degree
●
These deviations are temporary because the two pricing methodologies move back into alignment the following day
■
Coupon income generated by the fund’s holdings contributed to fund performance while negative price returns detracted from
fund performance, although to a smaller degree
Portfolio holdings may have changed since the report da
te.
Schwab U.S. TIPS ETF | Annual Report
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns
and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted.
To obtain performance information
current to the most recent month end, please visit
www.schwabassetmanagement.com/prospectus
Performance of Hypothetical $10,000 Investment (December 31, 2014 - December 31, 2024)
Average Annual Total Returns
| | | |
Fund: Schwab U.S. TIPS ETF (08/05/2010) 2 | | | |
Bloomberg US Aggregate Bond Index 3 | | | |
Bloomberg US Treasury Inflation-Linked Bond Index (Series-L) SM | | | |
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower
performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see www.schwabassetmanagement.com/glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Bloomberg
®
and Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)
SM
are service marks of Bloomberg Finance L.P. and its affiliates, including
Bloomberg Index Services Limited (BISL), the administrator of the indices (collectively, Bloomberg). Bloomberg is not affiliated with Charles Schwab Investment
Management, Inc., and Bloomberg does not approve, endorse, review, or recommend Schwab U.S. TIPS ETF. Bloomberg does not guarantee the timeliness, accurateness, or
completeness of any data or information relating to Schwab U.S. TIPS ETF.
Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
Performance is shown on a NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair
value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. Returns assume that dividends and capital gain distributions have been
reinvested in the fund at NAV.
Due to new regulatory requirements, the fund’s regulatory index has changed from the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)
SM
to the Bloomberg
US Aggregate Bond Index. The Bloomberg US Aggregate Bond Index provides a broad measure of market performance. The fund generally invests in securities that are
included in the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)
SM
. The fund does not seek to track the regulatory index.
Schwab U.S. TIPS ETF | Annual Report
| |
| |
(excludes in-kind transactions) | |
Advisory Fees Paid by the Fund | |
Weighted Average Maturity | |
Weighted Average Duration | |
Qualified Interest Income | |
Business Interest Deduction (163j) | |
Portfolio Composition By Security Type % of Investments
Portfolio holdings may have changed since the report date.
Includes the fund’s position in money market mutual funds registered under the Investment Company Act of 1940, as amended.
Schwab U.S. TIPS ETF | Annual Report
This is a summary of certain changes to the fund since
January 1, 2024
. For more complete information, you may review the fund’s
Annual Holdings and Financial Statements at
www.schwabassetmanagement.com/prospectus
or upon request by calling
or by sending an email request to
orders@mysummaryprospectus.com
.
■
On September 25, 2024, the Board of Trustees authorized a 2-for-1 share split for the fund, which applied to shareholders of
record as of the close of U.S. markets on October 9, 2024. Certain of the fund’s financial statements have been adjusted for the
period ended December 31, 2024, and all prior periods, to reflect the share split.
AVAILABILITY OF ADDITIONAL INFORMATION
You can find the fund’s prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,
holdings, certain tax information, proxy voting information, and other information about the fund online at
www.schwabassetmanagement.com/prospectus
.
Proxy Voting Policies, Procedures and Results
A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available
without charge, upon request, by visiting the Schwab ETFs’ website at
www.schwabassetmanagement.com/prospectus
, the SEC’s
website at
, or by contacting Schwab ETFs at 1-877-824-5615.
Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended
June 30 is available, without charge, by visiting the fund’s website at
www.schwabassetmanagement.com/prospectus
or the SEC’s
website at
, by calling
, or by sending an email request to
orders@mysummaryprospectus.com
.
Schwab U.S. TIPS ETF | Annual Report
Annual Report |
December 31, 2024
Schwab Short-Term U.S. Treasury ETF
Ticker Symbol: SCHO
Principal U.S. Listing Exchange:
NYSE Arca, Inc.
This annual shareholder report contains important information about the fund for the period of January 1, 2024, to December 31,
2024.
You can find additional information about the fund at
www.schwabassetmanagement.com/prospectus
.
You can also request
this information by calling
1-866-414-6349
or by sending an email request to
orders@mysummaryprospectus.com
.
If you purchase
or hold fund shares through a financial intermediary, the fund’s prospectus, Statement of Additional Information (SAI), reports to
shareholders and other information about the fund are available from your financial intermediary.
This report describes changes to the fund that occurred during the reporting period.
FUND COSTS FOR THE LAST year ENDED December 31, 2024
(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)
| | |
Schwab Short-Term U.S. Treasury ETF | | |
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
For the 12-month reporting period ended December 31, 2024, the fund’s NAV return was 4.00% (for an explanation of NAV returns,
please refer to footnote 2 on the following page). The Bloomberg US Aggregate Bond Index, which serves as the fund’s regulatory
index and provides a broad measure of market performance, returned 1.25%. The fund generally invests in securities that are
included in the Bloomberg US Treasury 1-3 Year Index which returned 4.03%. The fund does not seek to track the regulatory index.
■
Timing differences between the closing time of prices used for the fund’s NAV and of prices used by the index contributed to
relative performance over the reporting period
●
Timing difference at the beginning of the reporting period contributed to relative performance
●
Timing difference at the end of the reporting period detracted from relative performance but to a lesser degree
●
These deviations are temporary because the two pricing methodologies move back into alignment the following day
■
Most of the fund’s gains c
am
e from coupon income generated by the fund’s holdings though price appreciation also contributed to
fund performance, although to a smaller degree
Portfolio holdings may have changed since the report date.
Schwab Short-Term U.S. Treasury ETF | Annual Report
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns
and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost.
Current performance may be lower or higher than the performance data quoted.
To obtain performance information
current to the most recent month end, please visit
www.schwabassetmanagement.com/prospectus
.
Performance of Hypothetical $10,000 Investment (December 31, 2014 - December 31, 2024)
1
Average Annual Total Returns
1
| | | |
Fund: Schwab Short-Term U.S. Treasury ETF (08/05/2010) 2 | | | |
Bloomberg US Aggregate Bond Index 3 | | | |
Bloomberg US Treasury 1-3 Year Index | | | |
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower
performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see www.schwabassetmanagement.com/glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Bloomberg
®
and Bloomberg US Treasury 1-3 Year Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services
Limited (BISL), the administrator of the indices (collectively, Bloomberg). Bloomberg is not affiliated with Charles Schwab Investment Management, Inc., and Bloomberg does
not approve, endorse, review, or recommend Schwab Short-Term U.S. Treasury ETF. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data
or information relating to Schwab Short-Term U.S. Treasury ETF.
Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
Performance is shown on a NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair
value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. Returns assume that dividends and capital gain distributions have been
reinvested in the fund at NAV.
Due to new regulatory requirements, the fund’s regulatory index has changed from the Bloomberg US Treasury 1-3 Year Index to the Bloomberg US Aggregate Bond Index.
The Bloomberg US Aggregate Bond Index provides a broad measure of market performance. The fund generally invests in securities that are included in the Bloomberg US
Treasury 1-3 Year Index. The fund does not seek to track the regulatory index.
Schwab Short-Term U.S. Treasury ETF | Annual Report
| |
| |
(excludes in-kind transactions) | |
Advisory Fees Paid by the Fund | |
Weighted Average Maturity | |
Weighted Average Duration | |
Qualified Interest Income | |
Business Interest Deduction (163j) | |
Portfolio Composition By Security Type % of Investments
Portfolio holdings may have changed since the report date.
Includes the fund’s position in money market mutual funds registered under the Investment Company Act of 1940, as amended.
Schwab Short-Term U.S. Treasury ETF | Annual Report
This is a summary of certain changes to the fund since January 1, 2024. For more complete information, you may review the fund’s
Annual Holdings and Financial Statements at
www.schwabassetmanagement.com/prospectus
or upon request by calling
1-866-414-6349
or by sending an email request to
orders@mysummaryprospectus.com
.
■
On September 25, 2024, the Board of Trustees authorized a 2-for-1 share split for the fund, which applied to shareholders of
record as of the close of U.S. markets on October 9, 2024. Certain of the fund’s financial statements have been adjusted for the
period ended December 31, 2024, and all prior periods, to reflect the share split.
AVAILABILITY OF ADDITIONAL INFORMATION
You can find the fund’s prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,
holdings, certain tax information, proxy voting information, and other information about the fund online at
www.schwabassetmanagement.com/prospectus
.
Proxy Voting Policies, Procedures and Results
A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available
without charge, upon request, by visiting the Schwab ETFs’ website at
www.schwabassetmanagement.com/prospectus
, the SEC’s
website at
www.sec.gov
, or by contacting Schwab ETFs at 1-877-824-5615.
Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended
June 30 is available, without charge, by visiting the fund’s website at
www.schwabassetmanagement.com/prospectus
or the SEC’s
website at
www.sec.gov
, by calling
1-866-414-6349
, or by sending an email request to
orders@mysummaryprospectus.com
.
Schwab Short-Term U.S. Treasury ETF | Annual Report
Annual Report |
December 31, 2024
Schwab Intermediate-Term U.S. Treasury ETF
Ticker Symbol: SCHR
Principal U.S. Listing Exchange:
NYSE Arca, Inc.
This annual shareholder report contains important information about the fund for the period of January 1, 2024, to December 31,
2024.
You can find additional information about the fund at
www.schwabassetmanagement.com/prospectus
.
You can also request
this information by calling
1-866-414-6349
or by sending an email request to
orders@mysummaryprospectus.com
.
If you purchase
or hold fund shares through a financial intermediary, the fund’s prospectus, Statement of Additional Information (SAI), reports to
shareholders and other information about the fund are available from your financial intermediary.
This report describes changes to the fund that occurred during the reporting period.
FUND COSTS FOR THE LAST year ENDED December 31, 2024
(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)
| | |
Schwab Intermediate-Term U.S. Treasury ETF | | |
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
For the 12-month reporting period ended December 31, 2024, the fund’s NAV return was 1.33% (for an explanation of NAV returns,
please refer to footnote 2 on the following page). The Bloomberg US Aggregate Bond Index, which serves as the fund’s regulatory
index and provides a broad measure of market performance, returned 1.25%. The fund generally invests in securities that are
included in the Bloomberg US Treasury 3-10 Year Index which returned 1.26%. The fund does not seek to track the regulatory index.
■
Timing differences between the closing time of prices used for the fund’s NAV and of prices used by the index contributed to
relative performance over the reporting period
●
Timing difference at the beginning of the reporting period contributed to relative performance
●
Timing difference at the end of the reporting period detracted from relative performance but to a lesser degree
●
These deviations are temporary because the two pricing methodologies move back into alignment the following day
■
Coupon income gener
ated
by the fund’s holdings contributed to fund performance while negative price returns detracted from
fund performance, although to a smaller degree
Portfolio holdings may have changed since the report date.
Schwab Intermediate-Term U.S. Treasury ETF | Annual Report
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns
and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost.
Current performance may be lower or higher than the performance data quoted.
To obtain performance information
current to the most recent month end, please visit
www.schwabassetmanagement.com/prospectus
.
Performance of Hypothetical $10,000 Investment (December 31, 2014 - December 31, 2024)
1
Average Annual Total Returns
1
| | | |
Fund: Schwab Intermediate-Term U.S. Treasury ETF (08/05/2010) 2 | | | |
Bloomberg US Aggregate Bond Index 3 | | | |
Bloomberg US Treasury 3-10 Year Index | | | |
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower
performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see www.schwabassetmanagement.com/glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Bloomberg
®
and Bloomberg US Treasury 3-10 Year Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services
Limited (BISL), the administrator of the indices (collectively, Bloomberg). Bloomberg is not affiliated with Charles Schwab Investment Management, Inc., and Bloomberg does
not approve, endorse, review, or recommend Schwab Intermediate-Term U.S. Treasury ETF. Bloomberg does not guarantee the timeliness, accurateness, or completeness of
any data or information relating to Schwab Intermediate-Term U.S. Treasury ETF.
Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
Performance is shown on a NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair
value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. Returns assume that dividends and capital gain distributions have been
reinvested in the fund at NAV.
Due to new regulatory requirements, the fund’s regulatory index has changed from the Bloomberg US Treasury 3-10 Year Index to the Bloomberg US Aggregate Bond Index.
The Bloomberg US Aggregate Bond Index provides a broad measure of market performance. The fund generally invests in securities that are included in the Bloomberg US
Treasury 3-10 Year Index. The fund does not seek to track the regulatory index.
Schwab Intermediate-Term U.S. Treasury ETF | Annual Report
| |
| |
(excludes in-kind transactions) | |
Advisory Fees Paid by the Fund | |
Weighted Average Maturity | |
Weighted Average Duration | |
Qualified Interest Income | |
Business Interest Deduction (163j) | |
Portfolio Composition By Security Type % of Investments
Portfolio holdings may have changed since the report date.
Includes the fund’s position in money market mutual funds registered under the Investment Company Act of 1940, as amended.
Schwab Intermediate-Term U.S. Treasury ETF | Annual Report
This is a summary of certain changes to the fund since January 1, 2024. For more complete information, you may review the fund’s
Annual Holdings and Financial Statements at
www.schwabassetmanagement.com/prospectus
or upon request by calling
1-866-414-6349
or by sending an email request to
orders@mysummaryprospectus.com
.
■
On September 25, 2024, the Board of Trustees authorized a 2-for-1 share split for the fund, which applied to shareholders of
record as of the close of U.S. markets on October 9, 2024. Certain of the fund’s financial statements have been adjusted for the
period ended December 31, 2024, and all prior periods, to reflect the share split.
AVAILABILITY OF ADDITIONAL INFORMATION
You can find the fund’s prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,
holdings, certain tax information, proxy voting information, and other information about the fund online at
www.schwabassetmanagement.com/prospectus
.
Proxy Voting Policies, Procedures and Results
A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available
without charge, upon request, by visiting the Schwab ETFs’ website at
www.schwabassetmanagement.com/prospectus
, the SEC’s
website at
www.sec.gov
, or by contacting Schwab ETFs at 1-877-824-5615.
Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended
June 30 is available, without charge, by visiting the fund’s website at
www.schwabassetmanagement.com/prospectus
or the SEC’s
website at
www.sec.gov
, by calling
1-866-414-6349
, or by sending an email request to
orders@mysummaryprospectus.com
.
Schwab Intermediate-Term U.S. Treasury ETF | Annual Report
Annual Report |
December 31, 2024
Schwab Long-Term U.S. Treasury ETF
Ticker Symbol: SCHQ
Principal U.S. Listing Exchange:
NYSE Arca, Inc.
This annual shareholder report contains important information about the fund for the period of January 1, 2024, to December 31,
2024.
You can find additional information about the fund at
www.schwabassetmanagement.com/prospectus
.
You can also request
this information by calling
1-866-414-6349
or by sending an email request to
orders@mysummaryprospectus.com
.
If you purchase
or hold fund shares through a financial intermediary, the fund’s prospectus, Statement of Additional Information (SAI), reports to
shareholders and other information about the fund are available from your financial intermediary.
FUND COSTS FOR THE LAST year ENDED December 31, 2024
(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)
| | |
Schwab Long-Term U.S. Treasury ETF | | |
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
For the 12-month reporting period ended December 31, 2024, the fund’s NAV return was -6.30% (for an explanation of NAV
returns, please refer to footnote 2 on the following page). The Bloomberg US Aggregate Bond Index, which serves as the fund’s
regulatory index and provides a broad measure of market performance, returned 1.25%. The fund generally invests in securities that
are included in the Bloomberg US Long Treasury Index which returned -6.41%. The fund does not seek to track the regulatory index.
■
Timing differences between the closing time of prices used for the fund’s NAV and of prices used by the index contributed to
relative performance over the reporting period
●
Timing difference at the beginning of the reporting period contributed to relative performance
●
Timing difference at the end of the reporting period detracted from relative performance but to a lesser degree
●
These deviations are temporary because the two pricing methodologies move back into alignment the following day
■
Price returns detr
ac
ted from fund performance while coupon income generated by the fund’s holdings contributed to fund
performance, although to a smaller degree
Portfolio holdings may have changed since the report date.
Schwab Long-Term U.S. Treasury ETF | Annual Report
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns
and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost.
Current performance may be lower or higher than the performance data quoted.
To obtain performance information
current to the most recent month end, please visit
www.schwabassetmanagement.com/prospectus
.
Performance of Hypothetical $10,000 Investment (October 10, 2019 - December 31, 2024)
1
Average Annual Total Returns
1
| | | |
Fund: Schwab Long-Term U.S. Treasury ETF (10/10/2019) 2 | | | |
Bloomberg US Aggregate Bond Index 3 | | | |
Bloomberg US Long Treasury Index | | | |
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower
performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see www.schwabassetmanagement.com/glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Bloomberg
®
and Bloomberg US Long Treasury Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services
Limited (BISL), the administrator of the indices (collectively, Bloomberg). Bloomberg is not affiliated with Charles Schwab Investment Management, Inc., and Bloomberg does
not approve, endorse, review, or recommend Schwab Long-Term U.S. Treasury ETF. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data
or information relating to Schwab Long-Term U.S. Treasury ETF.
Inception (10/10/2019) represents the date that the shares began trading in the secondary market.
Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
Performance is shown on a NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair
value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. Returns assume that dividends and capital gain distributions have been
reinvested in the fund at NAV.
Due to new regulatory requirements, the fund’s regulatory index has changed from the Bloomberg US Long Treasury Index to the Bloomberg US Aggregate Bond Index. The
Bloomberg US Aggregate Bond Index provides a broad measure of market performance. The fund generally invests in securities that are included in the Bloomberg US Long
Treasury Index. The fund does not seek to track the regulatory index.
Schwab Long-Term U.S. Treasury ETF | Annual Report
| |
| |
(excludes in-kind transactions) | |
Advisory Fees Paid by the Fund | |
Weighted Average Maturity | |
Weighted Average Duration | |
Qualified Interest Income | |
Business Interest Deduction (163j) | |
Portfolio Composition By Security Type % of Investments
Portfolio holdings may have changed since the report date.
Includes the fund’s position in money market mutual funds registered under the Investment Company Act of 1940, as amended.
Schwab Long-Term U.S. Treasury ETF | Annual Report
AVAILABILITY OF ADDITIONAL INFORMATION
You can find the fund’s prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,
holdings, certain tax information, proxy voting information, and other information about the fund online at
www.schwabassetmanagement.com/prospectus
.
Proxy Voting Policies, Procedures and Results
A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available
without charge, upon request, by visiting the Schwab ETFs’ website at
www.schwabassetmanagement.com/prospectus
, the
SEC’s website at
www.sec.gov
, or by contacting Schwab ETFs at 1-877-824-5615.
Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended
June 30 is available, without charge, by visiting the fund’s website at
www.schwabassetmanagement.com/prospectus
or the
SEC’s website at
www.sec.gov
, by calling
1-866-414-6349
, or by sending an email request to
orders@mysummaryprospectus.com
.
Schwab Long-Term U.S. Treasury ETF | Annual Report
Annual Report |
December 31, 2024
Schwab U.S. Aggregate Bond ETF
Ticker Symbol: SCHZ
Principal U.S. Listing Exchange:
NYSE Arca, Inc.
This annual shareholder report contains important information about the fund for the period of January 1, 2024, to December 31,
2024.
You can find additional information about the fund at
www.schwabassetmanagement.com/prospectus
.
You can also request
this information by calling
1-866-414-6349
or by sending an email request to
orders@mysummaryprospectus.com
.
If you purchase
or hold fund shares through a financial intermediary, the fund’s prospectus, Statement of Additional Information (SAI), reports to
shareholders and other information about the fund are available from your financial intermediary.
This report describes changes to the fund that occurred during the reporting period.
FUND COSTS FOR THE LAST year ENDED December 31, 2024
(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)
| | |
Schwab U.S. Aggregate Bond ETF | | |
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
For the 12-month reporting period ended December 31, 2024, the fund’s NAV return was 1.26% (for an explanation of NAV returns,
please refer to footnote 2 on the following page). The Bloomberg US Aggregate Bond Index returned 1.25%.
■
Timing differences between the closing time of prices used for the fund’s NAV and of prices used by the index contributed to
relative performance over the reporting period
●
Timing difference at the beginning of the reporting period contributed to relative performance
●
Timing difference at the end of the reporting period detracted from relative performance but to a lesser degree
●
These deviations are temporary because the two pricing methodologies move back into alignment the following day
■
Coupon income generated by the fund’s holdings contributed to fund performance while negative price returns detracted from
fund performance, although to a smaller degree
■
The fund held positions in TBAs, or “to be announced” securities, which are mortgage-backed bonds that settle on a forward date.
The fund’s average month-end position in these securities was 1.4%, with a minimum exposure of 1.0% and a maximum exposure
of 1.9% over the period.
Portfolio holdings may have changed since the report date.
Schwab U.S. Aggregate Bond ETF | Annual Report
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns
and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than
the original cost.
Current performance may be lower or higher than the performance data quoted.
To obtain performance information
current to the most recent month end, please visit
www.schwabassetmanagement.com/prospectus
.
Performance of Hypothetical $10,000 Investment (December 31, 2014 - December 31, 2024)
1
Average Annual Total Returns
1
| | | |
Fund: Schwab U.S. Aggregate Bond ETF (07/14/2011) 2 | | | |
Bloomberg US Aggregate Bond Index | | | |
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower
performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see www.schwabassetmanagement.com/glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Bloomberg
®
and Bloomberg US Aggregate Bond Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services
Limited (BISL), the administrator of the indices (collectively, Bloomberg). Bloomberg is not affiliated with Charles Schwab Investment Management, Inc., and Bloomberg does
not approve, endorse, review, or recommend Schwab U.S. Aggregate Bond ETF. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or
information relating to Schwab U.S. Aggregate Bond ETF.
Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
Performance is shown on a NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair
value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. Returns assume that dividends and capital gain distributions have been
reinvested in the fund at NAV.
Schwab U.S. Aggregate Bond ETF | Annual Report
| |
| |
(excludes in-kind transactions) | |
Advisory Fees Paid by the Fund | |
Weighted Average Maturity | |
Weighted Average Duration | |
Qualified Interest Income | |
Business Interest Deduction (163j) | |
Portfolio Composition By Security Type % of Investments
Portfolio holdings may have changed since the report date.
Includes the fund’s position in money market mutual funds registered under the Investment Company Act of 1940, as amended.
Schwab U.S. Aggregate Bond ETF | Annual Report
This is a summary of certain changes to the fund since January 1, 2024. For more complete information, you may review the fund’s
Annual Holdings and Financial Statements at
www.schwabassetmanagement.com/prospectus
or upon request by calling
1-866-414-6349
or by sending an email request to
orders@mysummaryprospectus.com
.
■
On September 25, 2024, the Board of Trustees authorized a 2-for-1 share split for the fund, which applied to shareholders of
record as of the close of U.S. markets on October 9, 2024. Certain of the fund’s financial statements have been adjusted for the
period ended December 31, 2024, and all prior periods, to reflect the share split.
AVAILABILITY OF ADDITIONAL INFORMATION
You can find the fund’s prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,
holdings, certain tax information, proxy voting information, and other information about the fund online at
www.schwabassetmanagement.com/prospectus
.
Proxy Voting Policies, Procedures and Results
A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available
without charge, upon request, by visiting the Schwab ETFs’ website at
www.schwabassetmanagement.com/prospectus
, the SEC’s
website at
www.sec.gov
, or by contacting Schwab ETFs at 1-877-824-5615.
Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended
June 30 is available, without charge, by visiting the fund’s website at
www.schwabassetmanagement.com/prospectus
or the SEC’s
website at
www.sec.gov
, by calling
1-866-414-6349
, or by sending an email request to
orders@mysummaryprospectus.com
.
Schwab U.S. Aggregate Bond ETF | Annual Report
Annual Report |
December 31, 2024
Schwab 1-5 Year Corporate Bond ETF
Principal U.S. Listing Exchange:
NYSE Arca, Inc.
This
annual shareholder report
contains important information about the fund for the period of January 1, 2024, to December 31,
2024.
You can find additional information about the fund at
www.schwabassetmanagement.com/prospectus
.
You can also request
this information by calling
or by sending an email request to
orders@mysummaryprospectus.com
.
If you purchase
or hold fund shares through a financial intermediary, the fund’s prospectus, Statement of Additional Information (SAI), reports to
shareholders and other information about the fund are available from your financial intermediary.
This report describes changes to the fund that occurred during the reporting period.
FUND COSTS FOR THE LAST year ENDED December 31, 2024
(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)
| | |
Schwab 1-5 Year Corporate Bond ETF | | |
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
For the 12-month reporting period ended December 31, 2024, the fund’s NAV return was 4.95% (for an explanation of NAV returns,
please refer to footnote 2 on the following page). The Bloomberg US Aggregate Bond Index, which serves as the fund’s regulatory
index and provides a broad measure of market performance, returned 1.25%. The fund generally invests in securities that are
included in the Bloomberg US 1-5 Year Corporate Bond Index which returned 4.95%. The fund does not seek to track the regulatory
index.
■
Timing differences between the closing time of prices used for the fund’s NAV and of prices used by the index contributed to
relative performance over the reporting period
●
Timing difference at the beginning of the reporting period contributed to relative performance
●
Timing difference at the end of the reporting period detracted from relative performance but to a lesser degree
●
These deviations are temporary because the two pricing methodologies move back into alignment the following day
■
Most of the fund’s gains came from coupon income generated by the fund’s holdings though price appreciation also contributed to
fund performance, although to a smaller degree
Portfolio holdings may have changed since the report date.
Schwab 1-5 Year Corporate Bond ETF | Annual Report
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns
and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than
the original cost.
Current performance may be lower or higher than the performance data quoted.
To obtain performance information
current to the most recent month end, please visit
www.schwabassetmanagement.com/prospectus
.
Performance of Hypothetical $10,000 Investment (October 10, 2019 - December 31, 2024)
1
Average Annual Total Returns
1
| | | |
Fund: Schwab 1-5 Year Corporate Bond ETF (10/10/2019) 2 | | | |
Bloomberg US Aggregate Bond Index 3 | | | |
Bloomberg US 1-5 Year Corporate Bond Index | | | |
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower
performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see www.schwabassetmanagement.com/glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Bloomberg
®
and Bloomberg US 1-5 Year Corporate Bond Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index
Services Limited (BISL), the administrator of the indices (collectively, Bloomberg). Bloomberg is not affiliated with Charles Schwab Investment Management, Inc., and
Bloomberg does not approve, endorse, review, or recommend Schwab 1-5 Year Corporate Bond ETF. Bloomberg does not guarantee the timeliness, accurateness, or
completeness of any data or information relating to Schwab 1-5 Year Corporate Bond ETF.
Inception (10/10/2019) represents the date that the shares began trading in the secondary market.
Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
Performance is shown on a NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair
value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. Returns assume that dividends and capital gain distributions have been
reinvested in the fund at NAV.
Due to new regulatory requirements, the fund’s regulatory index has changed from the Bloomberg US 1-5 Year Corporate Bond Index to the Bloomberg US Aggregate Bond
Index. The Bloomberg US Aggregate Bond Index provides a broad measure of market performance. The fund generally invests in securities that are included in the
Bloomberg US 1-5 Year Corporate Bond Index. The fund does not seek to track the regulatory index.
Schwab 1-5 Year Corporate Bond ETF | Annual Report
| |
| |
(excludes in-kind transactions) | |
Advisory Fees Paid by the Fund | |
Weighted Average Maturity | |
Weighted Average Duration | |
Qualified Interest Income | |
Business Interest Deduction (163j) | |
Portfolio Composition By Security Type % of Investments
1
Portfolio holdings may have changed since the report date.
Includes the fund’s position in money market mutual funds registered under the Investment Company Act of 1940, as amended.
Schwab 1-5 Year Corporate Bond ETF | Annual Report
This is a summary of certain changes to the fund since January 1, 2024. For more complete information, you may review the fund’s
Annual Holdings and Financial Statements at
www.schwabassetmanagement.com/prospectus
or upon request by calling
1-866-414-6349
or by sending an email request to
orders@mysummaryprospectus.com
.
■
On September 25, 2024, the Board of Trustees authorized a 2-for-1 share split for the fund, which applied to shareholders of
record as of the close of U.S. markets on October 9, 2024. Certain of the fund’s financial statements have been adjusted for the
period ended December 31, 2024, and all prior periods, to reflect the share split.
AVAILABILITY OF ADDITIONAL INFORMATION
You can find the fund’s prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,
holdings, certain tax information, proxy voting information, and other information about the fund online at
www.schwabassetmanagement.com/prospectus
.
Proxy Voting Policies, Procedures and Results
A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available
without charge, upon request, by visiting the Schwab ETFs’ website at
www.schwabassetmanagement.com/prospectus
, the SEC’s
website at
www.sec.gov
, or by contacting Schwab ETFs at 1-877-824-5615.
Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended
June 30 is available, without charge, by visiting the fund’s website at
www.schwabassetmanagement.com/prospectus
or the SEC’s
website at
www.sec.gov
, by calling
1-866-414-6349
, or by sending an email request to
orders@mysummaryprospectus.com
.
Schwab 1-5 Year Corporate Bond ETF | Annual Report
Annual Report |
December 31, 2024
Schwab 5-10 Year Corporate Bond ETF
Ticker Symbol: SCHI
Principal U.S. Listing Exchange:
NYSE Arca, Inc.
This annual shareholder report contains important information about the fund for the period of January 1, 2024, to December 31,
2024.
You can find additional information about the fund at
www.schwabassetmanagement.com/prospectus
. You can also request
this information by calling
1-866-414-6349
or by sending an email request to
orders@mysummaryprospectus.com
.
If you purchase
or hold fund shares through a financial intermediary, the fund’s prospectus, Statement of Additional Information (SAI), reports to
shareholders and other information about the fund are available from your financial intermediary.
This report describes changes to the fund that occurred during the reporting period.
FUND COSTS FOR THE LAST year ENDED December 31, 2024
(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)
| | |
Schwab 5-10 Year Corporate Bond ETF | | |
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
For the 12-month reporting period ended December 31, 2024, the fund’s NAV return was 3.32% (for an explanation of NAV returns,
please refer to footnote 2 on the following page). The Bloomberg US Aggregate Bond Index, which serves as the fund’s regulatory
index and provides a broad measure of market performance, returned 1.25%. The fund generally invests in securities that are
included in the Bloomberg US 5-10 Year Corporate Bond Index which returned 3.21%. The fund does not seek to track the
regulatory index.
■
Timing differences between the closing time of prices used for the fund’s NAV and of prices used by the index contributed to
relative performance over the reporting period
●
Timing difference at the beginning of the reporting period contributed to relative performance
●
Timing difference at the end of the reporting period detracted from relative performance but to a lesser degree
●
These deviations are temporary because the two pricing methodologies move back into alignment the following day
■
Coupon income generated by the fund’s holdings contributed to fund performance while negative price returns detracted from
fund performance, although to a smaller degree
Portfolio holdings may have changed since the report date.
Schwab 5-10 Year Corporate Bond ETF | Annual Report
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns
and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost.
Current performance may be lower or higher than the performance data quoted.
To obtain performance information
current to the most recent month end, please visit
www.schwabassetmanagement.com/prospectus
.
Performance of Hypothetical $10,000 Investment (October 10, 2019 - December 31, 2024)
1
Average Annual Total Returns
1
| | | |
Fund: Schwab 5-10 Year Corporate Bond ETF (10/10/2019) 2 | | | |
Bloomberg US Aggregate Bond Index 3 | | | |
Bloomberg US 5-10 Year Corporate Bond Index | | | |
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower
performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see www.schwabassetmanagement.com/glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Bloomberg
®
and Bloomberg US 5-10 Year Corporate Bond Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index
Services Limited (BISL), the administrator of the indices (collectively, Bloomberg). Bloomberg is not affiliated with Charles Schwab Investment Management, Inc., and
Bloomberg does not approve, endorse, review, or recommend Schwab 5-10 Year Corporate Bond ETF. Bloomberg does not guarantee the timeliness, accurateness, or
completeness of any data or information relating to Schwab 5-10 Year Corporate Bond ETF.
Inception (10/10/2019) represents the date that the shares began trading in the secondary market.
Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
Performance is shown on a NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair
value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. Returns assume that dividends and capital gain distributions have been
reinvested in the fund at NAV.
Due to new regulatory requirements, the fund’s regulatory index has changed from the Bloomberg US 5-10 Year Corporate Bond Index to the Bloomberg US Aggregate Bond
Index. The Bloomberg US Aggregate Bond Index provides a broad measure of market performance. The fund generally invests in securities that are included in the
Bloomberg US 5-10 Year Corporate Bond Index. The fund does not seek to track the regulatory index.
Schwab 5-10 Year Corporate Bond ETF | Annual Report
| |
| |
(excludes in-kind transactions) | |
Advisory Fees Paid by the Fund | |
Weighted Average Maturity | |
Weighted Average Duration | |
Qualified Interest Income | |
Business Interest Deduction (163j) | |
Portfolio Composition By Security Type % of Investments
1
Portfolio holdings may have changed since the report date.
Includes the fund’s position in money market mutual funds registered under the Investment Company Act of 1940, as amended.
Schwab 5-10 Year Corporate Bond ETF | Annual Report
This is a summary of certain changes to the fund since January 1, 2024. For more complete information, you may review the fund’s
Annual Holdings and Financial Statements at
www.schwabassetmanagement.com/prospectus
or upon request by calling
1-866-414-6349
or by sending an email request to
orders@mysummaryprospectus.com
.
■
On September 25, 2024, the Board of Trustees authorized a 2-for-1 share split for the fund, which applied to shareholders of
record as of the close of U.S. markets on October 9, 2024. Certain of the fund’s financial statements have been adjusted for the
period ended December 31, 2024, and all prior periods, to reflect the share split.
AVAILABILITY OF ADDITIONAL INFORMATION
You can find the fund’s prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,
holdings, certain tax information, proxy voting information, and other information about the fund online at
www.schwabassetmanagement.com/prospectus
.
Proxy Voting Policies, Procedures and Results
A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available
without charge, upon request, by visiting the Schwab ETFs’ website at
www.schwabassetmanagement.com/prospectus
, the SEC’s
website at
www.sec.gov
, or by contacting Schwab ETFs at 1-877-824-5615.
Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended
June 30 is available, without charge, by visiting the fund’s website at
www.schwabassetmanagement.com/prospectus
or the SEC’s
website at
www.sec.gov
, by calling
1-866-414-6349
, or by sending an email request to
orders@mysummaryprospectus.com
.
Schwab 5-10 Year Corporate Bond ETF | Annual Report
Schwab Municipal Bond ETF
Principal U.S. Listing Exchange:
NYSE Arca, Inc.
This annual shareholder report contains important information about the fund for the period of January 1, 2024, to December 31,
2024.
You can find additional information about the fund at
www.schwabassetmanagement.com/prospectus
. You can also request this information by calling
or by sending an email request to
orders@mysummaryprospectus.com.
If you purchase
or hold fund shares through a financial intermediary, the fund’s prospectus, Statement of Additional Information (SAI), reports to
shareholders and other information about the fund are available from your financial intermediary.
This report describes changes to the fund that occurred during the reporting period.
FUND COSTS FOR THE LAST year ENDED December 31, 2024
(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)
| | |
Schwab Municipal Bond ETF | | |
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
For the 12-month reporting period ended December 31, 2024, the fund’s NAV return was 1.14% (for an explanation of NAV returns,
please refer to footnote 2 on the following page). The Bloomberg Municipal Bond Index, which serves as the fund’s regulatory index
and provides a broad measure of market performance, returned 1.05%. The fund generally invests in securities that are included in
the ICE AMT-Free Core U.S. National Municipal Index which returned 1.26%. The fund does not seek to track the regulatory index.
■
The fund experienced a significant growth in assets over the period. Variable charges paid to the fund by purchasers and
redeemers of Creation Units (large blocks of shares) for cash contributed to the fund’s performance. These charges offset the
transaction costs to the fund of buying or selling portfolio securities.
■
Coupon income generated by the fund’s holdings contributed to fund performance while negative price returns detracted from
fund performance, although to a smaller degree
Portfolio holdings may have changed since the report date.
Schwab Municipal Bond ETF | Annual Report
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns
and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost.
Current performance may be lower or higher than the performance data quoted.
To obtain performance information
current to the most recent month end, please visit
www.schwabassetmanagement.com/prospectus
Performance of Hypothetical $10,000 Investment (October 12, 2022 - December 31, 2024)
Average Annual Total Returns
| | |
Fund: Schwab Municipal Bond ETF (10/12/2022) 2 | | |
Bloomberg Municipal Bond Index 3 | | |
ICE AMT-Free Core U.S. National Municipal Index | | |
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower
performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see www.schwabassetmanagement.com/glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
“ICE
®
” is a registered trademark of ICE Data Indices, LLC or its affiliates. This trademark has been licensed, along with the ICE AMT-Free Core U.S. National Municipal Index
(“Index”) for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management, in connection with the Schwab Municipal Bond ETF. The Schwab
Municipal Bond ETF is not sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its Third Party Suppliers (“ICE Data and its Suppliers”). ICE Data and
its Suppliers make no representations or warranties regarding the advisability of investing in the Schwab Municipal Bond ETF.
Inception (10/12/2022) represents the date that the shares began trading in the secondary market.
Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
Performance is shown on a NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair
value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. Returns assume that dividends and capital gain distributions have been
reinvested in the fund at NAV.
Due to new regulatory requirements, the fund’s regulatory index has changed from the ICE AMT-Free Core U.S. National Municipal Index to the Bloomberg Municipal Bond
Index. The Bloomberg Municipal Bond Index provides a broad measure of market performance. The fund generally invests in securities that are included in the ICE AMT-Free
Core U.S. National Municipal Index. The fund does not seek to track the regulatory index.
Schwab Municipal Bond ETF | Annual Report
| |
| |
(excludes in-kind transactions) | |
Advisory Fees Paid by the Fund | |
Weighted Average Maturity | |
Weighted Average Duration | |
Tax Exempt Income Distribution | |
Portfolio Composition By Security Type % of Investments
Portfolio holdings may have changed since the report date.
Schwab Municipal Bond ETF | Annual Report
This is a summary of certain changes to the fund since
. For more complete information, you may review the fund’s
Annual Holdings and Financial Statements at
www.schwabassetmanagement.com/prospectus
or upon request by calling
or by sending an email request to
orders@mysummaryprospectus.com
.
■
On September 25, 2024, the Board of Trustees authorized a 2-for-1 share split for the fund, which applied to shareholders of
record as of the close of U.S. markets on October 9, 2024. Certain of the fund’s financial statements have been adjusted for the
period ended December 31, 2024, and all prior periods, to reflect the share split.
AVAILABILITY OF ADDITIONAL INFORMATION
You can find the fund’s prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,
holdings, certain tax information, proxy voting information, and other information about the fund online at
www.schwabassetmanagement.com/prospectus
.
Proxy Voting Policies, Procedures and Results
A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available
without charge, upon request, by visiting the Schwab ETFs’ website at
www.schwabassetmanagement.com/prospectus
, the SEC’s
website at
, or by contacting Schwab ETFs at 1-877-824-5615.
Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended
June 30 is available, without charge, by visiting the fund’s website at
www.schwabassetmanagement.com/prospectus
or the SEC’s
website at
, by calling
, or by sending an email request to
orders@mysummaryprospectus.com
.
Schwab Municipal Bond ETF | Annual Report
Schwab Ultra-Short Income ETF
Principal U.S. Listing Exchange:
NYSE Arca, Inc.
This annual shareholder report contains important information about the fund for the period of August 13, 2024, to December 31,
2024.
You can find additional information about the fund at
www.schwabassetmanagement.com/prospectus
. You can also request
this information by calling
or by sending an email request to
orders@mysummaryprospectus.com
.
If you purchase
or hold fund shares through a financial intermediary, the fund’s prospectus, Statement of Additional Information (SAI), reports to
shareholders and other information about the fund are available from your financial intermediary.
FUND COSTS FOR THE LAST year ENDED December 31, 2024
(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)
| | |
Schwab Ultra-Short Income ETF | | |
For the period from 08/13/2024 (commencement of operations) through 12/31/2024. Expenses for a full reporting period would be higher than the figure shown.
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
For the reporting period of August 13, 2024
1
, through December 31, 2024, the fund’s NAV return was 1.96% (for an explanation of
NAV returns, please refer to footnote 2 on the following page). The Bloomberg US Aggregate Bond Index, which serves as the fund’s
regulatory index and provides a broad measure of market performance, returned -1.29%. The ICE BofA US 3-Month Treasury Bill
Index which returned 1.91%, is the fund’s additional index, and is more representative of the fund’s investment universe than the
regulatory index.
■
Though the fund focuses on investment-grade securities with durations of two years or shorter, the fund maintained a duration
between four and six months during the reporting period
■
The fund’s shorter duration positively contributed to performance as yields on the two-year U.S. Treasury rose during the reporting
period
Portfolio holdings may have changed since the report date.
Inception (08/13/2024) represents the date that the shares began trading in the secondary market.
Schwab Ultra-Short Income ETF | Annual Report
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns
and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost.
Current performance may be lower or higher than the performance data quoted.
To obtain performance information
current to the most recent month end, please visit
www.schwabassetmanagement.com/prospectus
Performance of Hypothetical $10,000 Investment (August 13, 2024 - December 31, 2024)
Average Annual Total Returns
| |
Fund: Schwab Ultra-Short Income ETF (08/13/2024) 2 | |
Bloomberg US Aggregate Bond Index | |
ICE BofA US 3-Month Treasury Bill Index | |
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower
performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see www.schwabassetmanagement.com/glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Inception (08/13/2024) represents the date that the shares began trading in the secondary market.
Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
Performance is shown on a NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair
value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. Returns assume that dividends and capital gain distributions have been
reinvested in the fund at NAV.
Total returns shown are since the fund’s inception date of August 13, 2024.
Schwab Ultra-Short Income ETF | Annual Report
| |
| |
| |
Advisory Fees Paid by the Fund | |
Weighted Average Maturity | |
Weighted Average Duration | |
Qualified Interest Income | |
Business Interest Deduction (163j) | |
Portfolio Composition By Security Type % of Investments
Portfolio holdings may have changed since the report date.
Schwab Ultra-Short Income ETF | Annual Report
AVAILABILITY OF ADDITIONAL INFORMATION
You can find the fund’s prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,
holdings, certain tax information, proxy voting information, and other information about the fund online at
www.schwabassetmanagement.com/prospectus
.
Proxy Voting Policies, Procedures and Results
A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available
without charge, upon request, by visiting the Schwab ETFs’ website at
www.schwabassetmanagement.com/prospectus
, the
SEC’s website at
, or by contacting Schwab ETFs at 1-877-824-5615.
Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended
June 30 is available, without charge, by visiting the fund’s website at
www.schwabassetmanagement.com/prospectus
or the
SEC’s website at
, by calling
, or by sending an email request to
orders@mysummaryprospectus.com
.
Schwab Ultra-Short Income ETF | Annual Report
Item 2: Code of Ethics.
| (a) | Registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, and any other persons who perform a similar function, regardless of whether these individuals are employed by Registrant or a third party. |
| (c) | During the period covered by the report, no amendments were made to the provisions of this code of ethics. |
| (d) | During the period covered by the report, Registrant did not grant any waivers, including implicit waivers, from the provisions of this code of ethics. |
| (f)(1) | Registrant has filed this code of ethics as an exhibit pursuant to Item 19(a)(1) of Form N-CSR. |
Item 3: Audit Committee Financial Expert.
Registrant’s Board of Trustees has determined that Kimberly S. Patmore, Michael J. Beer and J. Derek Penn, each currently serving on its audit, compliance and valuation committee, are each an “audit committee financial expert,” as such term is defined in Item 3 of Form N-CSR. Each member of Registrant’s audit, compliance and valuation committee is “independent” under the standards set forth in Item 3 of Form N-CSR.
The designation of each of Ms. Patmore, Mr. Beer and Mr. Penn as an “audit committee financial expert” pursuant to Item 3 of Form N-CSR does not (i) impose upon such individual any duties, obligations, or liability that are greater than the duties, obligations and liability imposed upon such individual as a member of Registrant’s audit, compliance and valuation committee or Board of Trustees in the absence of such designation; and (ii) affect the duties, obligations or liability of any other member of Registrant’s audit, compliance and valuation committee or Board of Trustees.
Item 4: Principal Accountant Fees and Services.
Registrant is composed of thirty-two operational series. Nine series have a fiscal year-end of December 31, whose annual financial statements are reported in Item 1, seven series have a fiscal year-end of the last day of February, two series have a fiscal year end of March 31, and fourteen series have a fiscal year-end of August 31. Principal accountant fees disclosed in Items 4(a)-(d) and 4(g) include fees billed for services rendered to each of the thirty operational series during 2024/2025 and the thirty operational series during 2023/2024, based on their respective 2024/2025 and 2023/2024 fiscal years, as applicable.
The following table presents fees billed by the principal accountant in each of the last two fiscal years for the services rendered to the funds:
| | | | | | | | | | | | | | |
(a) Audit Fees1 | | (b) Audit-Related Fees | | (c) Tax Fees2 | | (d) All Other Fees |
Fiscal Year
2024/2025 | | Fiscal Year
2023/2024 | | Fiscal Year
2024/2025 | | Fiscal Year
2023/2024 | | Fiscal Year
2024/2025 | | Fiscal Year
2023/2024 | | Fiscal Year
2024/2025 | | Fiscal Year
2023/2024 |
$601,700 | | $558,674 | | $0 | | $0 | | $101,835 | | $98,550 | | $0 | | $0 |
| 1 | The nature of the services includes audit of the registrant’s annual financial statements and normally provided services in connection with regulatory filings for those fiscal years. |
| 2 | The nature of the services includes tax compliance, tax advice and tax planning. |
| (e) | (1) Registrant’s audit, compliance and valuation committee does not have pre-approval policies and procedures as described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
| (2) | There were no services described in each of paragraphs (b) through (d) above that were approved by Registrant’s audit, compliance and valuation committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) Not applicable.
(g) Below are the aggregate non-audit fees billed in each of the last two fiscal years by Registrant’s principal accountant for services rendered to Registrant, to Registrant’s investment adviser, and to any entity controlling, controlled by, or under common control with Registrant’s investment adviser that provides ongoing services to Registrant.
| | | | |
2024: $1,874,341 | | 2023: $ | 3,940,154 | |
(h) During the past fiscal year, all non-audit services provided by Registrant’s principal accountant to either Registrant’s investment adviser or to any entity controlling, controlled by, or under common control with Registrant’s investment adviser that provides ongoing services to Registrant were pre-approved. Included in the audit, compliance and valuation committee’s pre-approval was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.
(i) Not applicable.
(j) Not applicable.
Item 5: Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has separately-designated standing audit, compliance and valuation committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit, compliance and valuation committee members are Kimberly S. Patmore, Michael J. Beer and J. Derek Penn.
Item 6: Schedule of Investments.
The schedules of investments are included as part of the report to shareholders filed under Item 7 of this Form.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Annual Holdings and Financial Statements | December 31, 2024
Schwab Fixed-Income ETFs
| |
Schwab Short-Term U.S. Treasury ETF | |
Schwab Intermediate-Term U.S. Treasury ETF | |
Schwab Long-Term U.S. Treasury ETF | |
Schwab U.S. Aggregate Bond ETF | |
Schwab 1-5 Year Corporate Bond ETF | |
Schwab 5-10 Year Corporate Bond ETF | |
Schwab Municipal Bond ETF | |
Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management®
Distributor: SEI Investments Distribution Co. (SIDCO)
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
1
Financial Statements
| | | | | | |
|
Net asset value at beginning of period | | | | | | |
Income (loss) from investment operations: | | | | | | |
Net investment income (loss)2 | | | | | | |
Net realized and unrealized gains (losses) | | | | | | |
Total from investment operations | | | | | | |
| | | | | | |
Distributions from net investment income | | | | | | |
Net asset value at end of period | | | | | | |
| | | | | | |
|
Ratios to average net assets: | | | | | | |
| | | | | | |
Net investment income (loss) | | | | | | |
| | | | | | |
Net assets, end of period (x 1,000,000) | | | | | | |
| Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after market close on October 10, 2024 (see financial note 10 for additional information). |
| Calculated based on the average shares outstanding during the period. |
| Effective September 25, 2023, the annual operating expense ratio was reduced to 0.03%. The ratio presented for the period ended December 31, 2023, is a blended ratio. |
| Effective July 1, 2022, the annual operating expense ratio was reduced to 0.04%. The ratio presented for the period ended December 31, 2022, is a blended ratio. |
| Ratio includes less than 0.005% of non-routine proxy expenses. |
| Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions. |
2
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Portfolio Holdings as of December 31, 2024
For fixed rate securities, the rate shown is the interest rate (the rate established when the security was issued). The maturity date shown for all the securities is the final legal maturity. Inflation-protected securities are fixed-income securities whose principal value is periodically adjusted by the rate of inflation. The interest rate on these instruments is generally lower at issuance than typical bonds or notes. Over the life of an inflation-indexed instrument interest will be paid based on a principal value, which is adjusted for any inflation or deflation.
SECURITY RATE, MATURITY DATE | | |
TREASURIES 99.6% OF NET ASSETS |
U.S. Treasury Inflation Protected Securities |
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SECURITY RATE, MATURITY DATE | | |
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Total Treasuries
(Cost $12,555,482,128) | |
| | |
Short-Term Investments 0.0% OF NET ASSETS |
|
|
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.43% (a) | | |
Total Short-Term Investments
(Cost $467,637) | |
Total Investments in Securities
(Cost $12,555,949,765) | |
| The rate shown is the annualized 7-day yield. |
The following is a summary of the inputs used to value the fund’s investments as of December 31, 2024 (see financial note 2(a) for additional information):
| QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) | OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) | SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) | |
| | | | |
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| | | | |
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| As categorized in the Portfolio Holdings. |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
3
Statement of Assets and Liabilities
|
Investments in securities, at value - unaffiliated issuers (cost $12,555,949,765) | | |
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Capital received from investors | | |
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4
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Statement of Operations
For the period January 1, 2024 through December 31, 2024 |
|
Interest received from securities - unaffiliated issuers | | |
Dividends received from securities - unaffiliated issuers | | |
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|
|
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|
REALIZED AND UNREALIZED GAINS (LOSSES) |
Net realized losses on sales of securities - unaffiliated issuers | | |
Net realized gains on sales of in-kind redemptions - unaffiliated issuers | | |
| | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | | |
Net realized and unrealized losses | | |
Increase in net assets resulting from operations | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
5
Statement of Changes in Net Assets
For the current and prior report periods
|
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| | | |
Net change in unrealized appreciation (depreciation) | | | |
Increase in net assets resulting from operations | | | |
|
DISTRIBUTIONS TO SHAREHOLDERS |
| | | |
TRANSACTIONS IN FUND SHARES1 |
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Net transactions in fund shares | | | | | |
|
SHARES OUTSTANDING AND NET ASSETS1 |
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Total increase (decrease) | | | | | |
| | | | | |
| For the period ended December 31, 2024, and the prior report period, transactions in fund shares have been retroactively adjusted to reflect a 2-for-1 share split effective after market close on October 10, 2024. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 10 for additional information). |
6
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Short-Term U.S. Treasury ETF
Financial Statements
| | | | | | |
|
Net asset value at beginning of period | | | | | | |
Income (loss) from investment operations: | | | | | | |
Net investment income (loss)2 | | | | | | |
Net realized and unrealized gains (losses) | | | | | | |
Total from investment operations | | | | | | |
| | | | | | |
Distributions from net investment income | | | | | | |
Net asset value at end of period | | | | | | |
| | | | | | |
|
Ratios to average net assets: | | | | | | |
| | | | | | |
Net investment income (loss) | | | | | | |
| | | | | | |
Net assets, end of period (x 1,000,000) | | | | | | |
| Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after market close on October 10, 2024 (see financial note 10 for additional information). |
| Calculated based on the average shares outstanding during the period. |
| The per share amount does not accord with the change in aggregate gains and losses in securities during the period because of the timing of fund transactions in relation to fluctuating market values. |
| Effective July 1, 2022, the annual operating expense ratio was reduced to 0.03%. The ratio presented for the period ended December 31, 2022, is a blended ratio. |
| Ratio includes less than 0.005% of non-routine proxy expenses. |
| Effective December 20, 2021, the annual operating expense ratio was reduced to 0.04%. The ratio presented for the period ended December 31, 2021, is a blended ratio. |
| Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions. |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
7
Schwab Short-Term U.S. Treasury ETF
Portfolio Holdings as of December 31, 2024
For fixed rate securities, the rate shown is the interest rate (the rate established when the security was issued). All securities are currently in a fixed rate coupon period based on index eligibility requirements and the fund’s investment objective. Variable rate securities are subject to index requirements and will be removed from the index and fund prior to converting from a fixed rate coupon to a variable rate coupon. The maturity date shown for all the securities is the final legal maturity.
SECURITY RATE, MATURITY DATE | | |
TREASURIES 99.3% OF NET ASSETS |
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SECURITY RATE, MATURITY DATE | | |
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Total Treasuries
(Cost $11,141,009,161) | |
| | |
Short-Term Investments 0.2% OF NET ASSETS |
|
|
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.43% (a) | | |
Total Short-Term Investments
(Cost $21,236,764) | |
Total Investments in Securities
(Cost $11,162,245,925) | |
| The rate shown is the annualized 7-day yield. |
8
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Short-Term U.S. Treasury ETF
Portfolio Holdings as of December 31, 2024 (continued)
The following is a summary of the inputs used to value the fund’s investments as of December 31, 2024 (see financial note 2(a) for additional information):
| QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) | OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) | SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) | |
| | | | |
| | | | |
| | | | |
| | | | |
| As categorized in the Portfolio Holdings. |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
9
Schwab Short-Term U.S. Treasury ETF
Statement of Assets and Liabilities
|
Investments in securities, at value - unaffiliated issuers (cost $11,162,245,925) | | |
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Capital received from investors | | |
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10
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Short-Term U.S. Treasury ETF
Statement of Operations
For the period January 1, 2024 through December 31, 2024 |
|
Interest received from securities - unaffiliated issuers | | |
Dividends received from securities - unaffiliated issuers | | |
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|
REALIZED AND UNREALIZED GAINS (LOSSES) |
Net realized losses on sales of securities - unaffiliated issuers | | |
Net realized losses on sales of in-kind redemptions - unaffiliated issuers | | |
| | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | | |
Net realized and unrealized losses | | |
Increase in net assets resulting from operations | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
11
Schwab Short-Term U.S. Treasury ETF
Statement of Changes in Net Assets
For the current and prior report periods
|
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| | | |
Net change in unrealized appreciation (depreciation) | | | |
Increase in net assets resulting from operations | | | |
|
DISTRIBUTIONS TO SHAREHOLDERS |
| | | |
TRANSACTIONS IN FUND SHARES1 |
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Net transactions in fund shares | | | | | |
|
SHARES OUTSTANDING AND NET ASSETS1 |
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Total increase (decrease) | | | | | |
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| For the period ended December 31, 2024, and the prior report period, transactions in fund shares have been retroactively adjusted to reflect a 2-for-1 share split effective after market close on October 10, 2024. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 10 for additional information). |
12
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Intermediate-Term U.S. Treasury ETF
Financial Statements
| | | | | | |
|
Net asset value at beginning of period | | | | | | |
Income (loss) from investment operations: | | | | | | |
Net investment income (loss)2 | | | | | | |
Net realized and unrealized gains (losses) | | | | | | |
Total from investment operations | | | | | | |
| | | | | | |
Distributions from net investment income | | | | | | |
Net asset value at end of period | | | | | | |
| | | | | | |
|
Ratios to average net assets: | | | | | | |
| | | | | | |
Net investment income (loss) | | | | | | |
| | | | | | |
Net assets, end of period (x 1,000,000) | | | | | | |
| Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after market close on October 10, 2024 (see financial note 10 for additional information). |
| Calculated based on the average shares outstanding during the period. |
| Effective July 1, 2022, the annual operating expense ratio was reduced to 0.03%. The ratio presented for the period ended December 31, 2022, is a blended ratio. |
| Ratio includes less than 0.005% of non-routine proxy expenses. |
| Effective December 20, 2021, the annual operating expense ratio was reduced to 0.04%. The ratio presented for the period ended December 31, 2021, is a blended ratio. |
| Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions. |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
13
Schwab Intermediate-Term U.S. Treasury ETF
Portfolio Holdings as of December 31, 2024
For fixed rate securities, the rate shown is the interest rate (the rate established when the security was issued). All securities are currently in a fixed rate coupon period based on index eligibility requirements and the fund’s investment objective. Variable rate securities are subject to index requirements and will be removed from the index and fund prior to converting from a fixed rate coupon to a variable rate coupon. The maturity date shown for all the securities is the final legal maturity.
SECURITY RATE, MATURITY DATE | | |
TREASURIES 99.2% OF NET ASSETS |
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SECURITY RATE, MATURITY DATE | | |
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Total Treasuries
(Cost $10,251,411,359) | |
14
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Intermediate-Term U.S. Treasury ETF
Portfolio Holdings as of December 31, 2024 (continued)
| | |
Short-Term Investments 0.1% OF NET ASSETS |
|
|
State Street Institutional U.S. Government Money Market Fund, Premier Class
4.43% (a) | | |
Total Short-Term Investments
(Cost $14,779,102) | |
Total Investments in Securities
(Cost $10,266,190,461) | |
| The rate shown is the annualized 7-day yield. |
The following is a summary of the inputs used to value the fund’s investments as of December 31, 2024 (see financial note 2(a) for additional information):
| QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) | OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) | SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) | |
| | | | |
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| As categorized in the Portfolio Holdings. |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
15
Schwab Intermediate-Term U.S. Treasury ETF
Statement of Assets and Liabilities
|
Investments in securities, at value - unaffiliated issuers (cost $10,266,190,461) | | |
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Capital received from investors | | |
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16
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Intermediate-Term U.S. Treasury ETF
Statement of Operations
For the period January 1, 2024 through December 31, 2024 |
|
Interest received from securities - unaffiliated issuers | | |
Dividends received from securities - unaffiliated issuers | | |
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|
REALIZED AND UNREALIZED GAINS (LOSSES) |
Net realized losses on sales of securities - unaffiliated issuers | | |
Net realized gains on sales of in-kind redemptions - unaffiliated issuers | | |
| | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | | |
Net realized and unrealized losses | | |
Increase in net assets resulting from operations | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
17
Schwab Intermediate-Term U.S. Treasury ETF
Statement of Changes in Net Assets
For the current and prior report periods
|
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Net change in unrealized appreciation (depreciation) | | | |
Increase in net assets resulting from operations | | | |
|
DISTRIBUTIONS TO SHAREHOLDERS |
| | | |
TRANSACTIONS IN FUND SHARES1 |
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Net transactions in fund shares | | | | | |
|
SHARES OUTSTANDING AND NET ASSETS1 |
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| For the period ended December 31, 2024, and the prior report period, transactions in fund shares have been retroactively adjusted to reflect a 2-for-1 share split effective after market close on October 10, 2024. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 10 for additional information). |
18
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Long-Term U.S. Treasury ETF
Financial Statements
| | | | | | |
|
Net asset value at beginning of period | | | | | | |
Income (loss) from investment operations: | | | | | | |
Net investment income (loss)1 | | | | | | |
Net realized and unrealized gains (losses) | | | | | | |
Total from investment operations | | | | | | |
| | | | | | |
Distributions from net investment income | | | | | | |
Net asset value at end of period | | | | | | |
| | | | | | |
|
Ratios to average net assets: | | | | | | |
| | | | | | |
Net investment income (loss) | | | | | | |
| | | | | | |
Net assets, end of period (x 1,000) | | | | | | |
| Calculated based on the average shares outstanding during the period. |
| The per share amount does not accord with the change in aggregate gains and losses in securities during the period because of the timing of fund transactions in relation to fluctuating market values. |
| Effective July 1, 2022, the annual operating expense ratio was reduced to 0.03%. The ratio presented for the period ended December 31, 2022, is a blended ratio. |
| Ratio includes less than 0.005% of non-routine proxy expenses. |
| Effective December 20, 2021, the annual operating expense ratio was reduced to 0.04%. The ratio presented for the period ended December 31, 2021, is a blended ratio. |
| Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions. |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
19
Schwab Long-Term U.S. Treasury ETF
Portfolio Holdings as of December 31, 2024
For fixed rate securities, the rate shown is the interest rate (the rate established when the security was issued). All securities are currently in a fixed rate coupon period based on index eligibility requirements and the fund’s investment objective. Variable rate securities are subject to index requirements and will be removed from the index and fund prior to converting from a fixed rate coupon to a variable rate coupon. The maturity date shown for all the securities is the final legal maturity.
SECURITY RATE, MATURITY DATE | | |
TREASURIES 99.0% OF NET ASSETS |
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SECURITY RATE, MATURITY DATE | | |
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Total Treasuries
(Cost $766,247,686) | |
| | |
Short-Term Investments 0.0% OF NET ASSETS |
|
|
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.43% (a) | | |
Total Short-Term Investments
(Cost $44,412) | |
Total Investments in Securities
(Cost $766,292,098) | |
| The rate shown is the annualized 7-day yield. |
20
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Long-Term U.S. Treasury ETF
Portfolio Holdings as of December 31, 2024 (continued)
The following is a summary of the inputs used to value the fund’s investments as of December 31, 2024 (see financial note 2(a) for additional information):
| QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) | OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) | SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) | |
| | | | |
| | | | |
| | | | |
| | | | |
| As categorized in the Portfolio Holdings. |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
21
Schwab Long-Term U.S. Treasury ETF
Statement of Assets and Liabilities
|
Investments in securities, at value - unaffiliated issuers (cost $766,292,098) | | |
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Capital received from investors | | |
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22
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Long-Term U.S. Treasury ETF
Statement of Operations
For the period January 1, 2024 through December 31, 2024 |
|
Interest received from securities - unaffiliated issuers | | |
Dividends received from securities - unaffiliated issuers | | |
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|
REALIZED AND UNREALIZED GAINS (LOSSES) |
Net realized losses on sales of securities - unaffiliated issuers | | |
Net realized gains on sales of in-kind redemptions - unaffiliated issuers | | |
| | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | | |
Net realized and unrealized losses | | |
Decrease in net assets resulting from operations | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
23
Schwab Long-Term U.S. Treasury ETF
Statement of Changes in Net Assets
For the current and prior report periods
|
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Net change in unrealized appreciation (depreciation) | | | |
Increase (decrease) in net assets resulting from operations | | | |
|
DISTRIBUTIONS TO SHAREHOLDERS |
| | | |
TRANSACTIONS IN FUND SHARES |
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Net transactions in fund shares | | | | | |
|
SHARES OUTSTANDING AND NET ASSETS |
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24
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Financial Statements
| | | | | | |
|
Net asset value at beginning of period | | | | | | |
Income (loss) from investment operations: | | | | | | |
Net investment income (loss)2 | | | | | | |
Net realized and unrealized gains (losses) | | | | | | |
Total from investment operations | | | | | | |
| | | | | | |
Distributions from net investment income | | | | | | |
Net asset value at end of period | | | | | | |
| | | | | | |
|
Ratios to average net assets: | | | | | | |
| | | | | | |
Net investment income (loss) | | | | | | |
Portfolio turnover rate5,6 | | | | | | |
Net assets, end of period (x 1,000,000) | | | | | | |
| Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after market close on October 10, 2024 (see financial note 10 for additional information). |
| Calculated based on the average shares outstanding during the period. |
| Effective July 1, 2022, the annual operating expense ratio was reduced to 0.03%. The ratio presented for the period ended December 31, 2022, is a blended ratio. |
| Ratio includes less than 0.005% of non-routine proxy expenses. |
| Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions. |
| Includes to-be-announced (TBA) transactions. |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
25
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024
All securities are currently in a fixed rate coupon period based on index eligibility requirements and the fund’s investment objective. Generally, for fixed rate securities, the rate shown is the interest rate that was established when the security was issued. In some cases, for securitized products, the fixed interest rate can change but remains index eligible as a fixed rate coupon. Variable rate securities are subject to index requirements and will be removed from the index and fund prior to converting from a fixed rate coupon to a variable rate coupon. The maturity date shown for all the securities is the final legal maturity.
SECURITY RATE, MATURITY DATE | | |
CORPORATES 24.0% OF NET ASSETS |
|
Financial Institutions 8.0% |
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American Express Credit Corp. |
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Australia & New Zealand Banking Group Ltd. |
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Banco Bilbao Vizcaya Argentaria SA |
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SECURITY RATE, MATURITY DATE | | |
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26
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
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Bank of New York Mellon Corp. |
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SECURITY RATE, MATURITY DATE | | |
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Canadian Imperial Bank of Commerce |
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Capital One Financial Corp. |
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Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
27
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
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SECURITY RATE, MATURITY DATE | | |
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Citizens Financial Group, Inc. |
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Commonwealth Bank of Australia |
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Discover Financial Services |
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28
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
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First-Citizens Bank & Trust Co. |
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Goldman Sachs Group, Inc. |
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SECURITY RATE, MATURITY DATE | | |
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Huntington Bancshares, Inc. |
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Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
29
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
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SECURITY RATE, MATURITY DATE | | |
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Manufacturers & Traders Trust Co. |
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Mitsubishi UFJ Financial Group, Inc. |
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30
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
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5.41%, 04/19/34 (a)(b)(c) | | |
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Mizuho Financial Group, Inc. |
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SECURITY RATE, MATURITY DATE | | |
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National Australia Bank Ltd. |
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Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
31
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
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PNC Financial Services Group, Inc. |
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Santander Holdings USA, Inc. |
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SECURITY RATE, MATURITY DATE | | |
Santander U.K. Group Holdings PLC |
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State Street Bank & Trust Co. |
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Sumitomo Mitsui Financial Group, Inc. |
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32
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
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SECURITY RATE, MATURITY DATE | | |
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| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
33
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
Brokerage/Asset Managers/Exchanges 0.4% |
Affiliated Managers Group, Inc. |
| | |
| | |
Ameriprise Financial, Inc. |
| | |
| | |
| | |
Apollo Global Management, Inc. |
| | |
| | |
6.00%, 12/15/54 (a)(b)(c) | | |
|
| | |
|
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
Blackstone Reg Finance Co. LLC |
| | |
|
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
Brookfield Capital Finance LLC |
| | |
Brookfield Finance I U.K. PLC/Brookfield Finance, Inc. |
| | |
Brookfield Finance LLC/Brookfield Finance, Inc. |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Cboe Global Markets, Inc. |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
5.64%, 05/19/29 (a)(b)(f) | | |
| | |
| | |
6.20%, 11/17/29 (a)(b)(f) | | |
| | |
| | |
| | |
| | |
| | |
5.85%, 05/19/34 (a)(b)(f) | | |
6.14%, 08/24/34 (a)(b)(f) | | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
HA Sustainable Infrastructure Capital, Inc. |
| | |
Intercontinental Exchange, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
34
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Janus Henderson U.S. Holdings, Inc. |
| | |
Jefferies Financial Group, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Raymond James Financial, Inc. |
| | |
| | |
| | |
|
| | |
SECURITY RATE, MATURITY DATE | | |
TPG Operating Group II LP |
| | |
| | |
|
AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Apollo Debt Solutions BDC |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Ares Strategic Income Fund |
| | |
ARES Strategic Income Fund |
| | |
| | |
Bain Capital Specialty Finance, Inc. |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
35
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
BlackRock TCP Capital Corp. |
| | |
| | |
Blackstone Private Credit Fund |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Blackstone Secured Lending Fund |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Blue Owl Credit Income Corp. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Blue Owl Technology Finance Corp. |
| | |
Blue Owl Technology Finance Corp. II |
| | |
Carlyle Secured Lending, Inc. |
| | |
Franklin BSP Capital Corp. |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
Golub Capital Private Credit Fund |
| | |
|
| | |
HPS Corporate Lending Fund |
| | |
Main Street Capital Corp. |
| | |
| | |
| | |
Morgan Stanley Direct Lending Fund |
| | |
| | |
New Mountain Finance Corp. |
| | |
| | |
North Haven Private Income Fund LLC |
| | |
Oaktree Specialty Lending Corp. |
| | |
Oaktree Strategic Credit Fund |
| | |
| | |
Sixth Street Lending Partners |
| | |
| | |
Sixth Street Specialty Lending, Inc. |
| | |
| | |
|
Andrew W Mellon Foundation |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
|
| | |
|
| | |
| | |
| | |
| | |
36
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
American Financial Group, Inc. |
| | |
| | |
American International Group, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
American National Group, Inc. |
| | |
|
| | |
| | |
| | |
| | |
| | |
Aon Corp./Aon Global Holdings PLC |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
Arch Capital Group U.S., Inc. |
| | |
|
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Assured Guaranty U.S. Holdings, Inc. |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
AXIS Specialty Finance LLC |
| | |
| | |
AXIS Specialty Finance PLC |
| | |
Berkshire Hathaway Finance Corp. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Brighthouse Financial, Inc. |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
37
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Cincinnati Financial Corp. |
| | |
| | |
|
| | |
| | |
| | |
| | |
CNO Financial Group, Inc. |
| | |
| | |
Corebridge Financial, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
|
| | |
|
| | |
|
| | |
| | |
|
| | |
| | |
|
| | |
Everest Reinsurance Holdings, Inc. |
| | |
| | |
| | |
F&G Annuities & Life, Inc. |
| | |
| | |
| | |
Fairfax Financial Holdings Ltd. |
| | |
| | |
| | |
| | |
| | |
| | |
Fidelity National Financial, Inc. |
| | |
| | |
| | |
| | |
First American Financial Corp. |
| | |
| | |
|
| | |
| | |
| | |
| | |
Hanover Insurance Group, Inc. |
| | |
| | |
Hartford Financial Services Group, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
Horace Mann Educators Corp. |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
38
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Marsh & McLennan Cos., Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
Nationwide Financial Services, Inc. |
| | |
|
| | |
Old Republic International Corp. |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
Principal Financial Group, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Prudential Financial, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
39
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Prudential Funding Asia PLC |
| | |
| | |
|
| | |
| | |
Reinsurance Group of America, Inc. |
| | |
| | |
| | |
| | |
RenaissanceRe Finance, Inc. |
| | |
RenaissanceRe Holdings Ltd. |
| | |
Selective Insurance Group, Inc. |
| | |
|
| | |
Stewart Information Services Corp. |
| | |
Transatlantic Holdings, Inc. |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Travelers Property Casualty Corp. |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Willis North America, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
40
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
|
|
| | |
| | |
| | |
Alexandria Real Estate Equities, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Americold Realty Operating Partnership LP |
| | |
AvalonBay Communities, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
Brixmor Operating Partnership LP |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
COPT Defense Properties LP |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
41
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
Healthcare Realty Holdings LP |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
Invitation Homes Operating Partnership LP |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
|
| | |
|
| | |
| | |
Mid-America Apartments LP |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
National Health Investors, Inc. |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Omega Healthcare Investors, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
Phillips Edison Grocery Center Operating Partnership I LP |
| | |
| | |
Piedmont Operating Partnership LP |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
42
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
Public Storage Operating Co. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Retail Opportunity Investments Partnership LP |
| | |
Rexford Industrial Realty LP |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Sun Communities Operating LP |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
43
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
|
Air Products & Chemicals, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
AngloGold Ashanti Holdings PLC |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Barrick North America Finance LLC |
| | |
| | |
Barrick PD Australia Finance Pty. Ltd. |
| | |
BHP Billiton Finance USA Ltd. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Celanese U.S. Holdings LLC |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Celulosa Arauco y Constitucion SA |
| | |
| | |
|
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Huntsman International LLC |
| | |
| | |
| | |
International Flavors & Fragrances, Inc. |
| | |
| | |
| | |
44
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
LYB International Finance BV |
| | |
| | |
LYB International Finance II BV |
| | |
LYB International Finance III LLC |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
LyondellBasell Industries NV |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Newmont Corp./Newcrest Finance Pty. Ltd. |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Packaging Corp. of America |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
|
| | |
|
| | |
| | |
| | |
Rio Tinto Finance USA Ltd. |
| | |
| | |
| | |
Rio Tinto Finance USA PLC |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Smurfit Kappa Treasury ULC |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
45
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
Suzano International Finance BV |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Acuity Brands Lighting, Inc. |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
|
| | |
Allegion U.S. Holding Co., Inc. |
| | |
| | |
|
| | |
| | |
| | |
Amcor Flexibles North America, Inc. |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
46
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Caterpillar Financial Services Corp. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
CNH Industrial Capital LLC |
| | |
| | |
| | |
| | |
| | |
|
| | |
CRH America Finance, Inc. |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Ferguson Enterprises, Inc. |
| | |
|
| | |
| | |
|
| | |
| | |
Fortune Brands Innovations, Inc. |
| | |
| | |
| | |
| | |
|
| | |
GE Capital International Funding Co. Unlimited Co. |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
Honeywell International, Inc. |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
47
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Huntington Ingalls Industries, Inc. |
| | |
| | |
| | |
| | |
|
| | |
| | |
Illinois Tool Works, Inc. |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Johnson Controls International PLC |
| | |
| | |
| | |
| | |
| | |
Johnson Controls International PLC/Tyco Fire & Security Finance SCA |
| | |
| | |
|
| | |
| | |
L3Harris Technologies, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
Lennox International, Inc. |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
48
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Martin Marietta Materials, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Precision Castparts Corp. |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Rockwell Automation, Inc. |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
49
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Stanley Black & Decker, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Teledyne Technologies, Inc. |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Trane Technologies Financing Ltd. |
| | |
| | |
| | |
| | |
Trane Technologies Global Holding Co. Ltd. |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Westinghouse Air Brake Technologies Corp. |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
50
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
Bell Telephone Co. of Canada or Bell Canada |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
British Telecommunications PLC |
| | |
| | |
Charter Communications Operating LLC/Charter Communications Operating Capital |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
51
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Deutsche Telekom International Finance BV |
| | |
| | |
Discovery Communications LLC |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Interpublic Group of Cos., Inc. |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Omnicom Group, Inc./Omnicom Capital, Inc. |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
52
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Rogers Communications, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
Take-Two Interactive Software, Inc. |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
Time Warner Cable Enterprises LLC |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
TWDC Enterprises 18 Corp. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Verizon Communications, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
53
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Warnermedia Holdings, Inc. |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
|
| | |
| | |
|
Alibaba Group Holding Ltd. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
American Honda Finance Corp. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
54
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
Aptiv Swiss Holdings Ltd. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
Choice Hotels International, Inc. |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
Dick's Sporting Goods, Inc. |
| | |
| | |
|
| | |
| | |
| | |
| | |
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|
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|
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|
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|
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| | |
| | |
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|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Ford Motor Credit Co. LLC |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
55
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
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|
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| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
General Motors Financial Co., Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
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| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
GLP Capital LP/GLP Financing II, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
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| | |
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| | |
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| | |
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|
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|
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|
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|
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|
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| | |
56
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
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| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Magna International, Inc. |
| | |
| | |
| | |
Marriott International, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
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| | |
| | |
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|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Mercedes-Benz Finance North America LLC |
| | |
|
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
O'Reilly Automotive, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
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| | |
|
| | |
| | |
| | |
| | |
|
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
57
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
| | |
|
| | |
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|
| | |
| | |
| | |
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|
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|
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|
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| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Toll Brothers Finance Corp. |
| | |
| | |
|
| | |
| | |
| | |
| | |
Toyota Motor Credit Corp. |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
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|
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|
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| | |
|
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|
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| | |
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|
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| | |
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| | |
| | |
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| | |
| | |
| | |
| | |
| | |
| | |
58
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Consumer Non-Cyclical 3.6% |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
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| | |
| | |
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| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
AdventHealth Obligated Group |
| | |
|
| | |
| | |
| | |
Advocate Health & Hospitals Corp. |
| | |
| | |
| | |
| | |
| | |
Agilent Technologies, Inc. |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
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|
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| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |
| | |
| | |
| | |
Anheuser-Busch InBev Finance, Inc. |
| | |
| | |
| | |
Anheuser-Busch InBev Worldwide, Inc. |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
59
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Archer-Daniels-Midland Co. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
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|
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| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
Baptist Health South Florida Foundation, Inc. |
| | |
Baptist Healthcare System Obligated Group |
Series 20B
3.54%, 08/15/50 (a) | | |
|
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
BAT International Finance PLC |
| | |
| | |
| | |
|
| | |
Baxter International, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
BayCare Health System, Inc. |
Series 2020
3.83%, 11/15/50 (a) | | |
Baylor Scott & White Holdings |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Beth Israel Lahey Health, Inc. |
| | |
|
| | |
| | |
| | |
| | |
Bio-Rad Laboratories, Inc. |
| | |
| | |
Bon Secours Mercy Health, Inc. |
| | |
| | |
| | |
| | |
60
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
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| | |
| | |
| | |
| | |
| | |
| | |
| | |
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| | |
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| | |
| | |
| | |
| | |
| | |
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| | |
| | |
| | |
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| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
|
| | |
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| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Catholic Health Services of Long Island Obligated Group |
| | |
Cedars-Sinai Health System |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Children's Health System of Texas |
| | |
|
| | |
Children's Hospital Corp. |
| | |
| | |
Children's Hospital Medical Center |
| | |
Children's Hospital of Philadelphia |
| | |
|
| | |
Church & Dwight Co., Inc. |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Cleveland Clinic Foundation |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
61
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Coca-Cola Consolidated, Inc. |
| | |
Coca-Cola Femsa SAB de CV |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Community Health Network, Inc. |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Constellation Brands, Inc. |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Corewell Health Obligated Group |
| | |
Cottage Health Obligated Group |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Dartmouth-Hitchcock Health |
| | |
|
| | |
DH Europe Finance II SARL |
| | |
| | |
| | |
|
| | |
| | |
| | |
62
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
Duke University Health System, Inc. |
| | |
Edwards Lifesciences Corp. |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Fomento Economico Mexicano SAB de CV |
| | |
Franciscan Missionaries of Our Lady Health System, Inc. |
| | |
GE HealthCare Technologies, Inc. |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
GlaxoSmithKline Capital PLC |
| | |
GlaxoSmithKline Capital, Inc. |
| | |
| | |
| | |
| | |
Hackensack Meridian Health, Inc. |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Hartford HealthCare Corp. |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
63
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Hoag Memorial Hospital Presbyterian |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
Indiana University Health, Inc. Obligated Group |
| | |
| | |
|
| | |
| | |
| | |
Inova Health System Foundation |
| | |
Integris Baptist Medical Center, Inc. |
| | |
|
Series 2020
3.67%, 02/15/50 (a) | | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Kaiser Foundation Hospitals |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
64
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Koninklijke Ahold Delhaize NV |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Laboratory Corp. of America Holdings |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
Mass General Brigham, Inc. |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
McLaren Health Care Corp. |
Series A
4.39%, 05/15/48 (a) | | |
Mead Johnson Nutrition Co. |
| | |
| | |
|
| | |
Medtronic Global Holdings SCA |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
Memorial Sloan-Kettering Cancer Center |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
65
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
Merck Sharp & Dohme Corp. |
| | |
| | |
|
| | |
Molson Coors Beverage Co. |
| | |
| | |
| | |
Mondelez International, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Montefiore Obligated Group |
| | |
| | |
Mount Nittany Medical Center Obligated Group |
| | |
|
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
|
| | |
New York & Presbyterian Hospital |
| | |
| | |
| | |
| | |
| | |
Northwell Healthcare, Inc. |
| | |
| | |
| | |
Northwestern Memorial Healthcare Obligated Group |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery |
Series 2020
2.67%, 10/01/50 (a) | | |
|
| | |
| | |
| | |
| | |
Ochsner LSU Health System of North Louisiana |
| | |
|
| | |
| | |
| | |
Orlando Health Obligated Group |
| | |
| | |
PeaceHealth Obligated Group |
| | |
| | |
Pepsico Singapore Financing I Pte. Ltd. |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Pfizer Investment Enterprises Pte. Ltd. |
| | |
| | |
| | |
| | |
66
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Philip Morris International, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Piedmont Healthcare, Inc. |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
Presbyterian Healthcare Services |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Providence St. Joseph Health Obligated Group |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Rady Children's Hospital-San Diego |
| | |
Regeneron Pharmaceuticals, Inc. |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
67
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
| | |
|
| | |
Seattle Children's Hospital |
| | |
|
| | |
|
| | |
Shire Acquisitions Investments Ireland DAC |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
STERIS Irish FinCo UnLtd Co. |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
Takeda Pharmaceutical Co. Ltd. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Thermo Fisher Scientific, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
UMass Memorial Health Care Obligated Group |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Universal Health Services, Inc. |
| | |
| | |
| | |
| | |
68
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
| | |
Utah Acquisition Sub, Inc. |
| | |
| | |
|
| | |
| | |
| | |
| | |
West Virginia United Health System Obligated Group |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Willis-Knighton Medical Center |
| | |
| | |
|
| | |
| | |
| | |
Yale-New Haven Health Services Corp. |
| | |
Zimmer Biomet Holdings, Inc. |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Baker Hughes Holdings LLC |
| | |
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
BP Capital Markets America, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
Canadian Natural Resources Ltd. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Cheniere Corpus Christi Holdings LLC |
| | |
| | |
| | |
Cheniere Energy Partners LP |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
69
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Columbia Pipeline Group, Inc. |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Continental Resources, Inc. |
| | |
| | |
|
| | |
| | |
| | |
| | |
DCP Midstream Operating LP |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
Eastern Gas Transmission & Storage, Inc. |
| | |
| | |
| | |
Enbridge Energy Partners LP |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
70
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
EnLink Midstream Partners LP |
| | |
| | |
| | |
| | |
Enterprise Products Operating LLC |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
5.50%, 12/01/34 (a)(c)(d) | | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Kinder Morgan Energy Partners LP |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
71
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
Occidental Petroleum Corp. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Patterson-UTI Energy, Inc. |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
72
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
Pioneer Natural Resources Co. |
| | |
| | |
| | |
| | |
Plains All American Pipeline LP/PAA Finance Corp. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Sabine Pass Liquefaction LLC |
| | |
| | |
| | |
| | |
| | |
Schlumberger Investment SA |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Shell International Finance BV |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
South Bow USA Infrastructure Holdings LLC |
| | |
| | |
| | |
Spectra Energy Partners LP |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Tennessee Gas Pipeline Co. LLC |
| | |
Texas Eastern Transmission LP |
| | |
TotalEnergies Capital International SA |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
TransCanada PipeLines Ltd. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Transcontinental Gas Pipe Line Co. LLC |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Valero Energy Partners LP |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
73
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
Western Midstream Operating LP |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
|
| | |
Booz Allen Hamilton, Inc. |
| | |
|
| | |
California Institute of Technology |
| | |
| | |
| | |
Case Western Reserve University |
| | |
|
| | |
| | |
Claremont Mckenna College |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
George Washington University |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
|
| | |
Jacobs Engineering Group, Inc. |
| | |
|
| | |
| | |
| | |
Leland Stanford Junior University |
| | |
| | |
| | |
Massachusetts Institute of Technology |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
President & Fellows of Harvard College |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Thomas Jefferson University |
| | |
Trustees of Boston College |
| | |
Trustees of Boston University |
| | |
Trustees of Princeton University |
| | |
| | |
| | |
Trustees of the University of Pennsylvania |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
University of Notre Dame du Lac |
| | |
| | |
74
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
University of Southern California |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
William Marsh Rice University |
| | |
| | |
|
| | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
Advanced Micro Devices, Inc. |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
Automatic Data Processing, Inc. |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
75
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
Broadcom Corp./Broadcom Cayman Finance Ltd. |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Broadridge Financial Solutions, Inc. |
| | |
| | |
| | |
Cadence Design Systems, Inc. |
| | |
| | |
| | |
CDW LLC/CDW Finance Corp. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Dell International LLC/EMC Corp. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
FactSet Research Systems, Inc. |
| | |
| | |
Fidelity National Information Services, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
76
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
Genpact Luxembourg SARL/Genpact USA, Inc. |
| | |
| | |
|
| | |
| | |
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| | |
| | |
| | |
Hewlett Packard Enterprise Co. |
| | |
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|
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| | |
IBM International Capital Pte. Ltd. |
| | |
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|
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| | |
SECURITY RATE, MATURITY DATE | | |
| | |
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| | |
International Business Machines Corp. |
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|
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|
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| | |
| | |
Keysight Technologies, Inc. |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
77
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
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| | |
Microchip Technology, Inc. |
| | |
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|
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| | |
SECURITY RATE, MATURITY DATE | | |
| | |
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|
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|
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|
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| | |
| | |
|
| | |
| | |
NXP BV/NXP Funding LLC/NXP USA, Inc. |
| | |
| | |
78
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
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|
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|
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|
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| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
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|
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|
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|
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|
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|
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|
| | |
Tencent Music Entertainment Group |
| | |
|
| | |
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| | |
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| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
79
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
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| | |
| | |
|
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|
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|
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| | |
| | |
| | |
| | |
| | |
| | |
Tyco Electronics Group SA |
| | |
| | |
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|
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|
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|
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|
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|
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
|
| | |
| | |
|
American Airlines 2012-1 Class AA Pass-Through Trust |
| | |
American Airlines 2015-1 Class A Pass-Through Trust |
| | |
American Airlines 2015-2 Class AA Pass-Through Trust |
| | |
American Airlines 2016-1 Class AA Pass-Through Trust |
| | |
American Airlines 2016-2 Class AA Pass-Through Trust |
| | |
American Airlines 2017-1 Class AA Pass-Through Trust |
| | |
American Airlines 2017-2 Class AA Pass-Through Trust |
| | |
American Airlines 2019-1 Class AA Pass-Through Trust |
| | |
|
| | |
Burlington Northern Santa Fe LLC |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
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| | |
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| | |
| | |
| | |
| | |
| | |
| | |
| | |
Canadian National Railway Co. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
80
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
Canadian Pacific Railway Co. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
CH Robinson Worldwide, Inc. |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
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| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Delta Air Lines 2020-1 Class AA Pass-Through Trust |
| | |
|
| | |
| | |
| | |
FedEx Corp. 2020-1 Class AA Pass-Through Trust |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
JB Hunt Transport Services, Inc. |
| | |
JetBlue 2019-1 Class AA Pass-Through Trust |
| | |
JetBlue 2020-1 Class A Pass-Through Trust |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
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|
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| | |
|
| | |
| | |
| | |
| | |
Triton Container International Ltd./TAL International Container Corp. |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
81
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
| | |
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| | |
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| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
United Airlines 2014-1 Class A Pass-Through Trust |
| | |
United Airlines 2014-2 Class A Pass-Through Trust |
| | |
United Airlines 2016-1 Class AA Pass-Through Trust |
| | |
United Airlines 2016-2 Class AA Pass-Through Trust |
| | |
United Airlines 2018-1 Class AA Pass-Through Trust |
| | |
United Airlines 2019-1 Class AA Pass-Through Trust |
| | |
United Airlines 2019-2 Class AA Pass-Through Trust |
| | |
United Airlines 2020-1 Class A Pass-Through Trust |
| | |
United Airlines 2023-1 Class A Pass-Through Trust |
| | |
United Airlines Pass-Through Trust |
| | |
United Parcel Service, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
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|
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|
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| | |
| | |
| | |
| | |
Algonquin Power & Utilities Corp. |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
82
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
American Electric Power Co., Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Arizona Public Service Co. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Atlantic City Electric Co. |
| | |
|
| | |
|
| | |
| | |
Baltimore Gas & Electric Co. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Berkshire Hathaway Energy Co. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
CenterPoint Energy Houston Electric LLC |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Cleco Corporate Holdings LLC |
| | |
| | |
Cleveland Electric Illuminating Co. |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
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| | |
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| | |
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| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Connecticut Light & Power Co. |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
83
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Consolidated Edison Co. of New York, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
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| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Constellation Energy Generation LLC |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
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| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Delmarva Power & Light Co. |
| | |
SECURITY RATE, MATURITY DATE | | |
Dominion Energy South Carolina, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
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| | |
| | |
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|
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| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Duke Energy Carolinas LLC |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
84
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
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| | |
| | |
| | |
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|
| | |
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| | |
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| | |
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| | |
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| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
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|
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
Evergy Kansas Central, Inc. |
| | |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
85
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
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| | |
| | |
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| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Florida Power & Light Co. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Iberdrola International BV |
| | |
|
| | |
| | |
Indiana Michigan Power Co. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Interstate Power & Light Co. |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
Louisville Gas & Electric Co. |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
86
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
National Rural Utilities Cooperative Finance Corp. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
NextEra Energy Capital Holdings, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
Northern States Power Co. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
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| | |
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| | |
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| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Oklahoma Gas & Electric Co. |
| | |
| | |
| | |
| | |
| | |
| | |
Oncor Electric Delivery Co. LLC |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
87
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
Pacific Gas & Electric Co. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
Potomac Electric Power Co. |
| | |
| | |
| | |
PPL Capital Funding, Inc. |
| | |
| | |
| | |
PPL Electric Utilities Corp. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Public Service Co. of Colorado |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Public Service Co. of New Hampshire |
| | |
| | |
| | |
| | |
Public Service Co. of Oklahoma |
| | |
| | |
| | |
Public Service Electric & Gas Co. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
88
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Public Service Enterprise Group, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
San Diego Gas & Electric Co. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Southern California Edison Co. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Southwestern Electric Power Co. |
| | |
| | |
| | |
| | |
| | |
| | |
Southwestern Public Service Co. |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Tucson Electric Power Co. |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
89
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Virginia Electric & Power Co. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Wisconsin Electric Power Co. |
| | |
| | |
| | |
| | |
| | |
Wisconsin Power & Light Co. |
| | |
| | |
| | |
| | |
Wisconsin Public Service Corp. |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
CenterPoint Energy Resources Corp. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
Piedmont Natural Gas Co., Inc. |
| | |
| | |
| | |
90
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Southern California Gas Co. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Southern Co. Gas Capital Corp. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
|
| | |
| | |
| | |
|
American Water Capital Corp. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Essential Utilities, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Total Corporates
(Cost $2,213,868,241) | |
|
TREASURIES 43.9% OF NET ASSETS |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
91
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
92
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Total Treasuries
(Cost $3,844,181,482) | |
|
GOVERNMENT RELATED 4.3% OF NET ASSETS |
|
|
|
|
Oesterreichische Kontrollbank AG |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
93
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
Export Development Canada |
| | |
| | |
| | |
| | |
| | |
|
Industrial & Commercial Bank of China Ltd. |
| | |
|
Kreditanstalt fuer Wiederaufbau |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Landwirtschaftliche Rentenbank |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Japan Bank for International Cooperation |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Japan International Cooperation Agency |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Export-Import Bank of Korea |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
|
Federal Farm Credit Banks Funding Corp. | | |
| | |
| | |
| | |
| | |
94
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Federal Home Loan Mortgage Corp. | | |
| | |
| | |
| | |
Federal National Mortgage Association | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Private Export Funding Corp. | | |
| | |
| | |
| | |
| | |
Tennessee Valley Authority | | |
| | |
| | |
| | |
| | |
| | |
|
|
|
|
|
| | |
| | |
| | |
|
| | |
| | |
| | |
Province of British Columbia |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
Province of New Brunswick |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
Alabama Federal Aid Highway Finance Authority | | |
| | |
| | |
Alameda County Joint Powers Authority | | |
RB (Build America Bonds) Series 2010 | | |
| | |
American Municipal Power, Inc. | | |
RB (Build America Bonds) Series 2010 | | |
| | |
| | |
RB (Build America Bonds) Series 2009F2 | | |
| | |
RB (Build America Bonds) Series 2010S1 | | |
| | |
RB (Build America Bonds) Series 2010S3 | | |
| | |
| | |
| | |
Broward Cnty Airport System Revenue | | |
| | |
| | |
| | |
GO (Build America Bonds) Series 2009 | | |
| | |
GO (Build America Bonds) Series 2009 | | |
| | |
GO (Build America Bonds) Series 2009 | | |
| | |
GO (Build America Bonds) Series 2009 | | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
95
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
California Health Facilities Financing Authority | | |
| | |
California State University | | |
| | |
| | |
| | |
| | |
| | |
| | |
Central Puget Sound Regional Transit Authority | | |
RB (Build America Bonds) Series 2009-S | | |
| | |
Chicago O'Hare International Airport | | |
RB (Build America Bonds) Series 2010B | | |
| | |
| | |
| | |
| | |
| | |
Chicago Transit Authority Sales & Transfer Tax Receipts Revenue | | |
RB (Pension Funding) Series 2008A | | |
| | |
RB (Pension Funding) Series 2008B | | |
| | |
City of Atlanta GA Water & Wastewater Revenue | | |
| | |
| | |
| | |
GO Bonds (Pension Funding) Series 2017 | | |
| | |
| | |
GO Bonds (Build America Bonds) Series C1 | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
City of San Antonio TX Electric & Gas Systems Revenue | | |
RB (Build America Bonds) Series 2009 | | |
| | |
| | |
| | |
City of San Francisco CA Public Utilities Commission Water Revenue | | |
RB (Build America Bonds) Series 2010 | | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
Commonwealth Financing Authority | | |
| | |
| | |
| | |
| | |
| | |
| | |
Commonwealth of Massachusetts | | |
GO (Build America Bonds) Series 2009 | | |
| | |
GO (Build America Bonds) Series 2010D | | |
| | |
| | |
| | |
| | |
| | |
Commonwealth of Massachusetts Transportation Fund Revenue | | |
RB (Build America Bonds) Series 2010 | | |
| | |
| | |
| | |
| | |
County of Clark Department of Aviation | | |
RB (Build America Bonds) Series 2010C | | |
| | |
| | |
GO (Build America Bonds) Series D | | |
| | |
County of Miami-Dade FL Aviation Revenue | | |
| | |
| | |
Dallas Area Rapid Transit | | |
RB (Build America Bonds) Series 2010 | | |
| | |
| | |
| | |
Dallas Convention Center Hotel Development Corp. | | |
| | |
Dallas County Hospital District | | |
GO (Build America Bonds) Series C | | |
| | |
Dallas Fort Worth International Airport | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Dallas Independent School District | | |
GO (Build America Bonds) Series 2010C | | |
| | |
District of Columbia Water & Sewer Authority | | |
| | |
| | |
96
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
East Bay Municipal Utility District Water System Revenue | | |
Water System RB (Build America Bonds) Series 2010 | | |
| | |
Foothill-Eastern Transportation Corridor Agency | | |
| | |
| | |
| | |
| | |
Golden State Tobacco Securitization Corp. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Grand Parkway Transportation Corp. | | |
| | |
| | |
| | |
| | |
| | |
GO (Build America Bonds) Series 2010 | | |
| | |
GO (Build America Bonds) Series 2010 | | |
| | |
GO Bonds (Pension Funding) Series 2003 | | |
| | |
Illinois State Toll Highway Authority | | |
RB (Build America Bonds) Series A | | |
| | |
Indiana Finance Authority | | |
| | |
| | |
| | |
RB (Build America Bonds) Series B | | |
| | |
| | |
| | |
Kansas Development Finance Authority | | |
| | |
| | |
| | |
| | |
Los Angeles Community College District | | |
GO (Build America Bonds) Series 2010 | | |
| | |
Los Angeles Department of Water & Power Power System | | |
RB (Build America Bonds) Series 2010 | | |
| | |
Louisiana Local Government Environmental Facilities & Community Development Authority | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
Series 2022-ELL, Class A3 | | |
| | |
Louisville and Jefferson County Metropolitan Sewer District | | |
| | |
| | |
Maryland Economic Development Corp. | | |
| | |
Maryland Health & Higher Educational Facilities Authority | | |
| | |
| | |
| | |
| | |
Massachusetts School Building Authority | | |
| | |
| | |
| | |
| | |
| | |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board | | |
RB (Vanderbilt Univ Medical Center) Series 2016 B | | |
| | |
Metropolitan Government of Nashville & Davidson County Convention Center Auth | | |
RB (Build America Bonds) Series B | | |
| | |
Metropolitan Transportation Authority | | |
| | |
RB (Build America Bonds) Series C | | |
| | |
RB (Build America Bonds) Series E | | |
| | |
Metropolitan Washington Airports Authority Dulles Toll Road Revenue | | |
RB (Build America Bonds) Series B | | |
| | |
Metropolitan Water Reclamation District of Greater Chicago | | |
| | |
Michigan Finance Authority | | |
| | |
| | |
Michigan State University | | |
| | |
| | |
Missouri Health & Educational Facilities Authority | | |
| | |
| | |
Municipal Electric Authority of Georgia | | |
RB (Build America Bonds) Series 2010 | | |
| | |
RB (Build America Bonds) Series A | | |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
97
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
New Jersey Economic Development Authority | | |
| | |
| | |
New Jersey Transportation Trust Fund Authority | | |
RB (Build America Bonds) Series B | | |
| | |
New Jersey Turnpike Authority | | |
RB (Build America Bonds) Series 2009F | | |
| | |
RB (Build America Bonds) Series 2010A | | |
| | |
New York City Municipal Water Finance Authority | | |
RB (Build America Bonds) Series GG | | |
| | |
Water System RB (Build America Bonds) | | |
| | |
Water System RB (Build America Bonds) Series 2011CC | | |
| | |
Water System RB (Build America Bonds) Series AA-2-2009 | | |
| | |
New York City Transitional Finance Authority | | |
RB (Build America Bonds) Series 2011A1 | | |
| | |
New York State Dormitory Authority | | |
RB (Build America Bonds) Series 2010 | | |
| | |
| | |
| | |
New York State Urban Development Corp. | | |
RB (Build America Bonds) Series 2009 | | |
| | |
North Texas Tollway Authority | | |
RB (Build America Bonds) Series 2009B | | |
| | |
| | |
RB (Build America Bonds) Series 2010C | | |
| | |
Ohio Turnpike & Infrastructure Commission | | |
| | |
| | |
Oklahoma Development Finance Authority | | |
| | |
| | |
| | |
GO Bonds (Pension Funding) Series 2003 | | |
| | |
Oregon School Boards Association | | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
Port Authority of New York & New Jersey | | |
Consolidated Bonds 164th Series | | |
| | |
Consolidated Bonds 165th Series | | |
| | |
Consolidated Bonds 168th Series | | |
| | |
Consolidated Bonds 174th Series | | |
| | |
Consolidated Bonds 181st Series | | |
| | |
| | |
| | |
| | |
| | |
Regents of the University of California Medical Center Pooled Revenue | | |
RB (Build America Bonds) Series F | | |
| | |
RB (Build America Bonds) Series H | | |
| | |
| | |
| | |
| | |
| | |
Regional Transportation District Sales Tax Revenue | | |
| | |
| | |
Rutgers The State University of New Jersey | | |
RB (Build America Bonds) Series H | | |
| | |
| | |
| | |
| | |
| | |
Sales Tax Securitization Corp. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Salt River Project Agricultural Improvement & Power District | | |
RB (Build America Bonds) Series 2010 | | |
| | |
San Diego County Regional Transportation Commission | | |
RB (Build America Bonds) Series 2010A | | |
| | |
San Diego County Water Authority., Class B | | |
RB (Build America Bonds) Series 2010B | | |
| | |
San Joaquin Hills Transportation Corridor Agency | | |
| | |
| | |
San Jose Redevelopment Agency Successor Agency | | |
| | |
| | |
98
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
State Board of Administration Finance Corp. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
GO (Build America Bonds) Series 2010 | | |
| | |
State of Louisiana Gasoline and Fuels Tax Revenue | | |
| | |
| | |
| | |
GO Bonds (Build America Bonds) Series F | | |
| | |
| | |
| | |
| | |
State Public School Building Authority | | |
| | |
| | |
| | |
GO (Build America Bonds) Series 2010A | | |
| | |
GO Mobility Fund Bonds (Build America Bonds) Series 2009A | | |
| | |
Texas Natural Gas Securitization Finance Corp. | | |
| | |
Texas Private Activity Bond Surface Transportation Corp. | | |
| | |
| | |
Texas Transportation Commission | | |
RB (Build America Bonds) Series B | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
University of Pittsburgh-of the Commonwealth System of Higher Education | | |
| | |
| | |
University of Texas System | | |
RB (Build America Bonds) Series C | | |
| | |
| | |
General Revenue Pledge and Refunding Bonds, Series 2020 | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
|
|
Canada Government International Bonds |
| | |
| | |
| | |
| | |
|
Chile Government International Bonds |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Finland Government International Bonds |
| | |
|
Hungary Government International Bonds |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
99
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
Indonesia Government International Bonds |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Israel Government International Bonds |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
Republic of Italy Government International Bonds |
| | |
| | |
| | |
| | |
| | |
| | |
|
Mexico Government International Bonds |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Panama Government International Bonds |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Peru Government International Bonds |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Bangko Sentral ng Pilipinas International Bonds |
| | |
Philippines Government International Bonds |
| | |
| | |
100
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Republic of Poland Government International Bonds |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Korea International Bonds |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Oriental Republic of Uruguay |
| | |
Uruguay Government International Bonds |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
SECURITY RATE, MATURITY DATE | | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Arab Petroleum Investments Corp. |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Asian Infrastructure Investment Bank |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
Council of Europe Development Bank |
| | |
| | |
| | |
European Bank for Reconstruction & Development |
| | |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
101
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Inter-American Development Bank |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Inter-American Investment Corp. |
| | |
| | |
| | |
International Bank for Reconstruction & Development |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
International Finance Corp. |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Total Government Related
(Cost $393,473,563) | |
|
SECURITIZED 27.0% OF NET ASSETS |
|
Asset-Backed Securities 0.1% |
|
Capital One Multi-Asset Execution Trust |
| | |
| | |
|
PG&E Wildfire Recovery Funding LLC |
| | |
| | |
| | |
| | |
| | |
|
Duke Energy Florida Project Finance LLC |
| | |
Duke Energy Progress NC Storm Funding LLC |
| | |
PG&E Energy Recovery Funding LLC |
| | |
PG&E Wildfire Recovery Funding LLC |
| | |
| | |
| | |
| | |
|
102
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
Commercial Mortgage-Backed Security 1.9% |
|
Series 2017-BNK7, Class A5 | | |
| | |
Series 2017-BNK8, Class A4 | | |
| | |
Series 2017-BNK9, Class A4 | | |
| | |
Series 2019-BN19, Class A3 | | |
| | |
Series 2020-BN26, Class A4 | | |
| | |
|
| | |
| | |
Series 2022-C15, Class A5 | | |
| | |
Series 2023-C20, Class C20 | | |
| | |
Series 2023-C21, Class A5 | | |
| | |
|
Series 2019-B12, Class A5 | | |
| | |
Series 2019-B13, Class A4 | | |
| | |
| | |
| | |
Series 2020-B16, Class A5 | | |
| | |
Series 2020-B18, Class A5 | | |
| | |
|
| | |
| | |
|
Series 2017-CD3, Class A4 | | |
| | |
CFCRE Commercial Mortgage Trust |
| | |
| | |
| | |
| | |
| | |
| | |
Citigroup Commercial Mortgage Trust |
Series 2016-GC37, Class A4 | | |
| | |
| | |
| | |
| | |
| | |
|
Series 2015-CR22, Class A5 | | |
| | |
Series 2015-CR24, Class A5 | | |
| | |
Series 2015-LC23, Class A4 | | |
| | |
Series 2015-PC1, Class A5 | | |
| | |
Series 2016-CR28, Class A4 | | |
| | |
Series 2016-DC2, Class A5 | | |
| | |
SECURITY RATE, MATURITY DATE | | |
CSAIL Commercial Mortgage Trust |
| | |
| | |
Series 2019-C17, Class A5 | | |
| | |
|
Series 2016-NXSR, Class A4 | | |
| | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
103
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Federal National Mortgage Association-ACES |
Series 2015-M13, Class A2 | | |
| | |
| | |
| | |
GS Mortgage Securities Trust |
Series 2016-GS4, Class A4 | | |
| | |
Series 2020-GC45, Class A5 | | |
| | |
JP Morgan Chase Commercial Mortgage Securities Trust |
Series 2015-JP1, Class A4 | | |
| | |
JPMBB Commercial Mortgage Securities Trust |
Series 2015-C29, Class A4 | | |
| | |
Series 2015-C33, Class A4 | | |
| | |
Morgan Stanley Bank of America Merrill Lynch Trust |
Series 2015-C24, Class A4 | | |
| | |
Series 2015-C24, Class ASB | | |
| | |
Morgan Stanley Capital I Trust |
Series 2015-UBS8, Class A4 | | |
| | |
| | |
| | |
Series 2017-HR2, Class A4 | | |
| | |
Series 2020-HR8, Class A4 | | |
| | |
UBS Commercial Mortgage Trust |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
Series 2019-C18, Class A4 | | |
| | |
Wells Fargo Commercial Mortgage Trust |
Series 2015-C28, Class A3 | | |
| | |
Series 2015-C30, Class A4 | | |
| | |
Series 2015-C31, Class A3 | | |
| | |
| | |
| | |
Series 2016-C32, Class A4 | | |
| | |
Series 2016-NXS5, Class A4 | | |
| | |
Series 2016-NXS5, Class A6 | | |
| | |
Series 2016-NXS6, Class A4 | | |
| | |
Series 2017-C40, Class A4 | | |
| | |
Series 2017-C41, Class A4 | | |
| | |
Series 2017-C42, Class A4 | | |
| | |
Series 2018-C44, Class A5 | | |
| | |
Series 2018-C47, Class A3 | | |
| | |
Series 2019-C50, Class A5 | | |
| | |
Series 2019-C53, Class A4 | | |
| | |
Series 2019-C54, Class A4 | | |
| | |
Series 2020-C55, Class A5 | | |
| | |
Series 2020-C58, Class A4 | | |
| | |
| | |
|
Mortgage-Backed Securities Pass-Through 25.0% |
Federal Home Loan Mortgage Corp. |
1.00%, 09/01/36 to 10/01/36 (a) | | |
1.50%, 08/01/35 to 08/01/51 (a) | | |
2.00%, 01/01/28 to 04/01/52 (a) | | |
2.50%, 04/01/27 to 05/01/52 (a) | | |
3.00%, 08/01/26 to 06/01/53 (a) | | |
3.50%, 01/01/26 to 02/01/53 (a) | | |
4.00%, 04/01/26 to 10/01/52 (a) | | |
4.50%, 05/01/34 to 09/01/52 (a) | | |
5.00%, 11/01/33 to 10/01/54 (a) | | |
5.50%, 04/01/25 to 11/01/54 (a) | | |
6.00%, 07/01/33 to 10/01/54 (a) | | |
6.50%, 12/01/33 to 08/01/54 (a) | | |
7.00%, 12/01/53 to 01/01/54 (a) | | |
Federal National Mortgage Association |
1.00%, 03/01/36 to 07/01/36 (a) | | |
1.50%, 09/01/35 to 04/01/51 (a) | | |
2.00%, 04/01/28 to 05/01/52 (a) | | |
2.50%, 07/01/27 to 05/01/52 (a) | | |
3.00%, 12/01/25 to 06/01/52 (a) | | |
3.50%, 10/01/25 to 07/01/52 (a) | | |
4.00%, 02/01/26 to 08/01/52 (a) | | |
104
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
4.50%, 09/01/25 to 09/01/52 (a) | | |
5.00%, 09/01/33 to 11/01/54 (a) | | |
5.50%, 07/01/29 to 11/01/54 (a) | | |
6.00%, 04/01/35 to 09/01/54 (a) | | |
6.50%, 08/01/34 to 08/01/54 (a) | | |
7.00%, 10/01/53 to 10/01/54 (a) | | |
7.50%, 11/01/53 to 08/01/54 (a) | | |
Government National Mortgage Association |
1.50%, 03/20/51 to 10/20/51 (a) | | |
2.00%, 04/20/36 to 05/20/52 (a) | | |
2.50%, 03/20/27 to 06/20/52 (a) | | |
3.00%, 01/20/27 to 06/20/52 (a) | | |
3.50%, 09/20/32 to 08/20/52 (a) | | |
4.00%, 06/15/39 to 09/20/52 (a) | | |
4.50%, 01/20/39 to 09/20/54 (a) | | |
5.00%, 03/20/33 to 11/20/54 (a) | | |
5.50%, 10/20/33 to 11/20/54 (a) | | |
6.00%, 10/15/36 to 11/20/54 (a) | | |
6.50%, 01/20/53 to 10/20/54 (a) | | |
7.00%, 01/20/53 to 12/20/54 (a)(l) | | |
| | |
Government National Mortgage Association, TBA |
| | |
| | |
| | |
Uniform Mortgage-Backed Security, TBA |
| | |
| | |
| | |
| | |
| | |
| | |
Total Securitized
(Cost $2,555,063,976) | |
| | |
Short-Term Investments 1.8% OF NET ASSETS |
|
|
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.43% (m) | | |
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.43% (m)(n) | | |
| | |
Total Short-Term Investments
(Cost $153,416,513) | |
Total Investments in Securities
(Cost $9,160,003,775) | |
| Supranational bonds represent the debt of international organizations or institutions such as the World Bank, the International Monetary Fund, regional multilateral development banks and others. |
| The effective maturity may be shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or as the result of embedded demand features (puts or calls). |
| Security is in a fixed-rate coupon period. Based on index eligibility requirements and the fund’s investment objective this security will be removed from the index prior to converting to a floating rate security. |
| All or a portion of this security is on loan. Securities on loan were valued at $5,887,469. |
| 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 $17,366,586 or 0.2% of net assets. |
| Step up security that pays an initial coupon rate for a set period and increased coupon rates at one or more preset intervals. Rate shown is as of period end. |
| Issuer is affiliated with the fund’s investment adviser. |
| Interest rate is subject to adjustments from time to time if a nationally recognized statistical rating organization downgrades (or subsequently upgrades) the debt rating assigned to the bond. |
| Guaranteed by the Republic of Germany. |
| |
| Perpetual security with no stated maturity date. Maturity date represents next call date. |
| Fixed rate is determined by a formula set forth in the security’s offering documents and is affected by the current WAC of the underlying loans. |
| Security or a portion of the security purchased on a delayed-delivery or when-issued basis. |
| The rate shown is the annualized 7-day yield. |
| Security purchased with cash collateral received for securities on loan. |
| |
| |
| Real Estate Investment Trust |
| |
| Weighted Average Coupon, which is the weighted average gross interest rate of the securitized asset pool and is determined by the different speeds at which the underlying mortgages are paid down. |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
105
Schwab U.S. Aggregate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
Below is a summary of the fund’s transactions with affiliated issuers during the period ended December 31, 2024:
SECURITY
RATE, MATURITY DATE | | | | | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | ACCRETION OF DISCOUNTS (AMORTIZATION OF PREMIUMS) | | | |
CORPORATES 0.1% OF NET ASSETS |
|
Financial Institutions 0.1% |
Brokerage/Asset Managers/Exchanges 0.1% |
|
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
The following is a summary of the inputs used to value the fund’s investments as of December 31, 2024 (see financial note 2(a) for additional information):
| QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) | OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) | SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| As categorized in the Portfolio Holdings. |
106
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Statement of Assets and Liabilities
|
Investments in securities, at value - affiliated issuers (cost $5,410,742) | | |
Investments in securities, at value - unaffiliated issuers (cost $9,154,593,033) including securities on loan of $5,887,469 | | |
Deposits with brokers for TBA margin | | |
| | |
| | |
| | |
| | |
Income from securities on loan | | |
| | |
| | |
|
|
Collateral held for securities on loan | | |
| | |
Investments bought - delayed-delivery | | |
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|
|
Capital received from investors | | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
107
Schwab U.S. Aggregate Bond ETF
Statement of Operations
For the period January 1, 2024 through December 31, 2024 |
|
Interest received from securities - unaffiliated issuers | | |
Dividends received from securities - unaffiliated issuers | | |
Interest received from securities - affiliated issuers | | |
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|
|
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|
REALIZED AND UNREALIZED GAINS (LOSSES) |
Net realized losses on sales of securities - affiliated issuers | | |
Net realized losses on sales of securities - unaffiliated issuers | | |
Net realized gains on sales of in-kind redemptions - affiliated issuers | | |
Net realized losses on sales of in-kind redemptions - unaffiliated issuers | | |
| | |
Net change in unrealized appreciation (depreciation) on securities - affiliated issuers | | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | | |
Net change in unrealized appreciation (depreciation) | | |
Net realized and unrealized losses | | |
Increase in net assets resulting from operations | | |
108
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab U.S. Aggregate Bond ETF
Statement of Changes in Net Assets
For the current and prior report periods
|
| | |
| | | |
| | | |
Net change in unrealized appreciation (depreciation) | | | |
Increase in net assets resulting from operations | | | |
|
DISTRIBUTIONS TO SHAREHOLDERS |
| | | |
TRANSACTIONS IN FUND SHARES1 |
| | |
| | | | | |
| | | | | |
| | | | | |
Net transactions in fund shares | | | | | |
|
SHARES OUTSTANDING AND NET ASSETS1 |
| | |
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| | | | | |
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| | | | | |
| For the period ended December 31, 2024, and the prior report period, transactions in fund shares have been retroactively adjusted to reflect a 2-for-1 share split effective after market close on October 10, 2024. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 10 for additional information). |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
109
Schwab 1-5 Year Corporate Bond ETF
Financial Statements
| | | | | | |
|
Net asset value at beginning of period | | | | | | |
Income (loss) from investment operations: | | | | | | |
Net investment income (loss)2 | | | | | | |
Net realized and unrealized gains (losses) | | | | | | |
Total from investment operations | | | | | | |
| | | | | | |
Distributions from net investment income | | | | | | |
Distributions from net realized gains | | | | | | |
| | | | | | |
Net asset value at end of period | | | | | | |
| | | | | | |
|
Ratios to average net assets: | | | | | | |
| | | | | | |
Net investment income (loss) | | | | | | |
| | | | | | |
Net assets, end of period (x 1,000) | | | | | | |
| Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after market close on October 10, 2024 (see financial note 10 for additional information). |
| Calculated based on the average shares outstanding during the period. |
| Effective July 1, 2022, the annual operating expense ratio was reduced to 0.03%. The ratio presented for the period ended December 31, 2022, is a blended ratio. |
| Ratio includes less than 0.005% of non-routine proxy expenses. |
| Effective December 20, 2021, the annual operating expense ratio was reduced to 0.04%. The ratio presented for the period ended December 31, 2021, is a blended ratio. |
| Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions. |
110
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024
All securities are currently in a fixed rate coupon period based on index eligibility requirements and the fund’s investment objective. Generally, for fixed rate securities, the rate shown is the interest rate that was established when the security was issued. In some cases, for securitized products, the fixed interest rate can change but remains index eligible as a fixed rate coupon. Variable rate securities are subject to index requirements and will be removed from the index and fund prior to converting from a fixed rate coupon to a variable rate coupon. The maturity date shown for all the securities is the final legal maturity.
SECURITY RATE, MATURITY DATE | | |
CORPORATES 98.9% OF NET ASSETS |
|
Financial Institutions 43.6% |
|
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American Express Credit Corp. |
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|
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Australia & New Zealand Banking Group Ltd. |
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Banco Bilbao Vizcaya Argentaria SA |
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SECURITY RATE, MATURITY DATE | | |
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Bank of New York Mellon Corp. |
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Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
111
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
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Canadian Imperial Bank of Commerce |
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Capital One Financial Corp. |
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SECURITY RATE, MATURITY DATE | | |
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Citizens Financial Group, Inc. |
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Commonwealth Bank of Australia |
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Discover Financial Services |
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First-Citizens Bank & Trust Co. |
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112
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
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Goldman Sachs Group, Inc. |
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Huntington Bancshares, Inc. |
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SECURITY RATE, MATURITY DATE | | |
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Manufacturers & Traders Trust Co. |
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Mitsubishi UFJ Financial Group, Inc. |
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Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
113
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
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Mizuho Financial Group, Inc. |
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National Australia Bank Ltd. |
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SECURITY RATE, MATURITY DATE | | |
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PNC Financial Services Group, Inc. |
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Santander Holdings USA, Inc. |
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Santander U.K. Group Holdings PLC |
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114
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
State Street Bank & Trust Co. |
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Sumitomo Mitsui Financial Group, Inc. |
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SECURITY RATE, MATURITY DATE | | |
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Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
115
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
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| | |
Brokerage/Asset Managers/Exchanges 1.6% |
Ameriprise Financial, Inc. |
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Cboe Global Markets, Inc. |
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5.64%, 05/19/29 (a)(b)(e) | | |
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6.20%, 11/17/29 (a)(b)(e) | | |
|
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| | |
Intercontinental Exchange, Inc. |
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Jefferies Financial Group, Inc. |
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SECURITY RATE, MATURITY DATE | | |
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|
AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
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Apollo Debt Solutions BDC |
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ARES Strategic Income Fund |
| | |
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Bain Capital Specialty Finance, Inc. |
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116
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
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BlackRock TCP Capital Corp. |
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Blackstone Private Credit Fund |
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Blackstone Secured Lending Fund |
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Blue Owl Credit Income Corp. |
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Blue Owl Technology Finance Corp. |
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Blue Owl Technology Finance Corp. II |
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Franklin BSP Capital Corp. |
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Golub Capital Private Credit Fund |
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SECURITY RATE, MATURITY DATE | | |
|
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HPS Corporate Lending Fund |
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Main Street Capital Corp. |
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Morgan Stanley Direct Lending Fund |
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New Mountain Finance Corp. |
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Oaktree Specialty Lending Corp. |
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Oaktree Strategic Credit Fund |
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Sixth Street Lending Partners |
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Sixth Street Specialty Lending, Inc. |
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|
Andrew W Mellon Foundation |
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American International Group, Inc. |
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American National Group, Inc. |
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Aon Corp./Aon Global Holdings PLC |
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Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
117
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
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|
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Assured Guaranty U.S. Holdings, Inc. |
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AXIS Specialty Finance LLC |
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Berkshire Hathaway Finance Corp. |
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Brighthouse Financial, Inc. |
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Cincinnati Financial Corp. |
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CNO Financial Group, Inc. |
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Corebridge Financial, Inc. |
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F&G Annuities & Life, Inc. |
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Fairfax Financial Holdings Ltd. |
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SECURITY RATE, MATURITY DATE | | |
Fidelity National Financial, Inc. |
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|
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Hanover Insurance Group, Inc. |
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Hartford Financial Services Group, Inc. |
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Horace Mann Educators Corp. |
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Marsh & McLennan Cos., Inc. |
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Old Republic International Corp. |
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Principal Financial Group, Inc. |
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Prudential Financial, Inc. |
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Reinsurance Group of America, Inc. |
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118
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
RenaissanceRe Finance, Inc. |
| | |
RenaissanceRe Holdings Ltd. |
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| | |
Willis North America, Inc. |
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|
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| | |
Alexandria Real Estate Equities, Inc. |
| | |
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AvalonBay Communities, Inc. |
| | |
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Brixmor Operating Partnership LP |
| | |
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SECURITY RATE, MATURITY DATE | | |
|
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| | |
COPT Defense Properties LP |
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| | |
Healthcare Realty Holdings LP |
| | |
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|
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|
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| | |
Invitation Homes Operating Partnership LP |
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Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
119
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
|
| | |
|
| | |
Mid-America Apartments LP |
| | |
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| | |
| | |
|
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| | |
Omega Healthcare Investors, Inc. |
| | |
| | |
| | |
| | |
Piedmont Operating Partnership LP |
| | |
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|
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| | |
Public Storage Operating Co. |
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| | |
| | |
| | |
|
| | |
| | |
Retail Opportunity Investments Partnership LP |
| | |
Rexford Industrial Realty LP |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
|
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| | |
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| | |
|
| | |
| | |
Sun Communities Operating LP |
| | |
| | |
|
| | |
| | |
|
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|
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|
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|
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| | |
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| | |
|
|
|
Air Products & Chemicals, Inc. |
| | |
| | |
|
| | |
AngloGold Ashanti Holdings PLC |
| | |
|
| | |
| | |
| | |
BHP Billiton Finance USA Ltd. |
| | |
| | |
| | |
| | |
| | |
|
| | |
120
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
Celanese U.S. Holdings LLC |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
Huntsman International LLC |
| | |
International Flavors & Fragrances, Inc. |
| | |
|
| | |
|
| | |
LYB International Finance II BV |
| | |
|
| | |
| | |
|
| | |
Newmont Corp./Newcrest Finance Pty. Ltd. |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
Packaging Corp. of America |
| | |
| | |
|
| | |
| | |
Rio Tinto Finance USA Ltd. |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
|
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|
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|
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|
| | |
| | |
Suzano International Finance BV |
| | |
|
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
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| | |
| | |
|
| | |
|
| | |
Allegion U.S. Holding Co., Inc. |
| | |
|
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
|
| | |
|
| | |
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| | |
|
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
121
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
Caterpillar Financial Services Corp. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
CNH Industrial Capital LLC |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
|
| | |
|
| | |
|
| | |
| | |
Embraer Netherlands Finance BV |
| | |
|
| | |
| | |
|
| | |
Fortune Brands Innovations, Inc. |
| | |
GE Capital International Funding Co. Unlimited Co. |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
Honeywell International, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
Huntington Ingalls Industries, Inc. |
| | |
| | |
|
| | |
Illinois Tool Works, Inc. |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
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| | |
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| | |
122
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
Johnson Controls International PLC |
| | |
Johnson Controls International PLC/Tyco Fire & Security Finance SCA |
| | |
|
| | |
L3Harris Technologies, Inc. |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Lennox International, Inc. |
| | |
| | |
|
| | |
| | |
| | |
| | |
Martin Marietta Materials, Inc. |
| | |
| | |
|
| | |
| | |
|
| | |
|
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|
| | |
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|
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|
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| | |
|
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
Rockwell Automation, Inc. |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
Stanley Black & Decker, Inc. |
| | |
| | |
| | |
| | |
Teledyne Technologies, Inc. |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
Trane Technologies Financing Ltd. |
| | |
| | |
Trane Technologies Global Holding Co. Ltd. |
| | |
|
| | |
| | |
|
| | |
| | |
|
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Westinghouse Air Brake Technologies Corp. |
| | |
| | |
|
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
123
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
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| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
British Telecommunications PLC |
| | |
Charter Communications Operating LLC/Charter Communications Operating Capital |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
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| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
Discovery Communications LLC |
| | |
| | |
| | |
|
| | |
|
| | |
Interpublic Group of Cos., Inc. |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Omnicom Group, Inc./Omnicom Capital, Inc. |
| | |
|
| | |
| | |
| | |
| | |
| | |
Rogers Communications, Inc. |
| | |
| | |
| | |
|
| | |
|
| | |
Take-Two Interactive Software, Inc. |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
124
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
TWDC Enterprises 18 Corp. |
| | |
| | |
| | |
Verizon Communications, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
Warnermedia Holdings, Inc. |
| | |
| | |
| | |
| | |
|
Alibaba Group Holding Ltd. |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
American Honda Finance Corp. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Aptiv Swiss Holdings Ltd. |
| | |
|
| | |
| | |
|
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
|
| | |
| | |
|
| | |
| | |
|
| | |
| | |
Choice Hotels International, Inc. |
| | |
|
| | |
| | |
|
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
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| | |
|
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
Ford Motor Credit Co. LLC |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
125
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
General Motors Financial Co., Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
GLP Capital LP/GLP Financing II, Inc. |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
|
| | |
|
| | |
|
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Magna International, Inc. |
| | |
| | |
Marriott International, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
O'Reilly Automotive, Inc. |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
126
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
|
| | |
| | |
Toll Brothers Finance Corp. |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
Toyota Motor Credit Corp. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
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| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
Consumer Non-Cyclical 12.0% |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Advocate Health & Hospitals Corp. |
| | |
Agilent Technologies, Inc. |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |
| | |
Anheuser-Busch InBev Worldwide, Inc. |
| | |
| | |
Archer-Daniels-Midland Co. |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
127
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
BAT International Finance PLC |
| | |
| | |
| | |
Baxter International, Inc. |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Bio-Rad Laboratories, Inc. |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
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|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
Church & Dwight Co., Inc. |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Coca-Cola Consolidated, Inc. |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
Constellation Brands, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
DH Europe Finance II SARL |
| | |
|
| | |
| | |
| | |
Edwards Lifesciences Corp. |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
128
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
| | |
GE HealthCare Technologies, Inc. |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
GlaxoSmithKline Capital PLC |
| | |
GlaxoSmithKline Capital, Inc. |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
|
| | |
|
| | |
| | |
|
| | |
|
| | |
| | |
|
| | |
| | |
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |
| | |
| | |
| | |
|
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
Kaiser Foundation Hospitals |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Laboratory Corp. of America Holdings |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
Medtronic Global Holdings SCA |
| | |
|
| | |
| | |
| | |
| | |
| | |
Merck Sharp & Dohme Corp. |
| | |
Molson Coors Beverage Co. |
| | |
Mondelez International, Inc. |
| | |
| | |
| | |
|
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
129
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
Pepsico Singapore Financing I Pte. Ltd. |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Pfizer Investment Enterprises Pte. Ltd. |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
Philip Morris International, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Providence St. Joseph Health Obligated Group |
| | |
|
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
|
| | |
| | |
|
| | |
Shire Acquisitions Investments Ireland DAC |
| | |
|
| | |
|
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
Takeda Pharmaceutical Co. Ltd. |
| | |
Thermo Fisher Scientific, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Universal Health Services, Inc. |
| | |
| | |
Utah Acquisition Sub, Inc. |
| | |
|
| | |
|
| | |
Zimmer Biomet Holdings, Inc. |
| | |
| | |
130
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
|
|
| | |
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. |
| | |
| | |
| | |
|
| | |
| | |
| | |
BP Capital Markets America, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Canadian Natural Resources Ltd. |
| | |
| | |
|
| | |
Cheniere Corpus Christi Holdings LLC |
| | |
| | |
Cheniere Energy Partners LP |
| | |
|
| | |
|
| | |
| | |
|
| | |
| | |
| | |
|
| | |
Continental Resources, Inc. |
| | |
|
| | |
| | |
DCP Midstream Operating LP |
| | |
| | |
|
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
Eastern Gas Transmission & Storage, Inc. |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
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| | |
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| | |
|
| | |
|
| | |
EnLink Midstream Partners LP |
| | |
Enterprise Products Operating LLC |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
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|
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|
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|
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|
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|
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
131
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
|
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|
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| | |
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|
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| | |
| | |
|
| | |
|
| | |
Occidental Petroleum Corp. |
| | |
| | |
| | |
| | |
| | |
|
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| | |
| | |
| | |
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|
| | |
| | |
Patterson-UTI Energy, Inc. |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
Pioneer Natural Resources Co. |
| | |
| | |
Plains All American Pipeline LP/PAA Finance Corp. |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
Sabine Pass Liquefaction LLC |
| | |
| | |
| | |
Schlumberger Investment SA |
| | |
|
| | |
Shell International Finance BV |
| | |
| | |
| | |
| | |
South Bow USA Infrastructure Holdings LLC |
| | |
| | |
Spectra Energy Partners LP |
| | |
|
| | |
| | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. |
| | |
| | |
| | |
|
| | |
Tennessee Gas Pipeline Co. LLC |
| | |
| | |
TotalEnergies Capital International SA |
| | |
|
| | |
TransCanada PipeLines Ltd. |
| | |
| | |
Transcontinental Gas Pipe Line Co. LLC |
| | |
| | |
|
| | |
| | |
| | |
Valero Energy Partners LP |
| | |
Western Midstream Operating LP |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
132
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
Jacobs Engineering Group, Inc. |
| | |
Leland Stanford Junior University |
| | |
|
| | |
|
| | |
| | |
|
|
| | |
| | |
|
| | |
| | |
| | |
|
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|
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|
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| | |
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| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
|
| | |
|
| | |
Automatic Data Processing, Inc. |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
Broadcom Corp./Broadcom Cayman Finance Ltd. |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Broadridge Financial Solutions, Inc. |
| | |
| | |
Cadence Design Systems, Inc. |
| | |
| | |
CDW LLC/CDW Finance Corp. |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Dell International LLC/EMC Corp. |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
FactSet Research Systems, Inc. |
| | |
Fidelity National Information Services, Inc. |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
133
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
Genpact Luxembourg SARL/Genpact USA, Inc. |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Hewlett Packard Enterprise Co. |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
IBM International Capital Pte. Ltd. |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
International Business Machines Corp. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
SECURITY RATE, MATURITY DATE | | |
Keysight Technologies, Inc. |
| | |
| | |
|
| | |
|
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
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|
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| | |
| | |
| | |
| | |
| | |
Microchip Technology, Inc. |
| | |
| | |
|
| | |
| | |
| | |
| | |
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|
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| | |
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|
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|
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|
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|
| | |
| | |
|
| | |
| | |
NXP BV/NXP Funding LLC/NXP USA, Inc. |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
134
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
|
| | |
| | |
|
| | |
|
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| | |
| | |
|
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| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
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|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
|
| | |
| | |
Tyco Electronics Group SA |
| | |
| | |
|
| | |
|
| | |
|
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
|
| | |
|
| | |
|
| | |
| | |
| | |
|
American Airlines 2014-1 Class A Pass-Through Trust |
| | |
American Airlines 2015-1 Class A Pass-Through Trust |
| | |
American Airlines 2015-2 Class AA Pass-Through Trust |
| | |
American Airlines 2016-1 Class AA Pass-Through Trust |
| | |
American Airlines 2016-2 Class AA Pass-Through Trust |
| | |
American Airlines 2016-3 Class AA Pass-Through Trust |
| | |
American Airlines 2017-1 Class AA Pass-Through Trust |
| | |
American Airlines 2017-2 Class AA Pass-Through Trust |
| | |
|
| | |
Burlington Northern Santa Fe LLC |
| | |
Canadian National Railway Co. |
| | |
| | |
Canadian Pacific Railway Co. |
| | |
| | |
| | |
CH Robinson Worldwide, Inc. |
| | |
|
| | |
| | |
| | |
| | |
Delta Air Lines 2020-1 Class AA Pass-Through Trust |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
135
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
JB Hunt Transport Services, Inc. |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
United Airlines 2014-1 Class A Pass-Through Trust |
| | |
United Airlines 2014-2 Class A Pass-Through Trust |
| | |
United Airlines 2016-1 Class AA Pass-Through Trust |
| | |
United Airlines 2016-2 Class AA Pass-Through Trust |
| | |
United Airlines 2020-1 Class A Pass-Through Trust |
| | |
United Parcel Service, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
|
|
|
|
| | |
| | |
|
| | |
|
| | |
| | |
|
| | |
SECURITY RATE, MATURITY DATE | | |
Algonquin Power & Utilities Corp. |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
American Electric Power Co., Inc. |
| | |
| | |
| | |
| | |
| | |
Arizona Public Service Co. |
| | |
| | |
|
| | |
Berkshire Hathaway Energy Co. |
| | |
|
| | |
| | |
| | |
CenterPoint Energy Houston Electric LLC |
| | |
| | |
|
| | |
| | |
| | |
Cleco Corporate Holdings LLC |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
Connecticut Light & Power Co. |
| | |
| | |
Consolidated Edison Co. of New York, Inc. |
| | |
| | |
Constellation Energy Generation LLC |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
136
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
| | |
| | |
Duke Energy Carolinas LLC |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
|
| | |
|
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
|
| | |
|
| | |
Evergy Kansas Central, Inc. |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
Florida Power & Light Co. |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
Indiana Michigan Power Co. |
| | |
Interstate Power & Light Co. |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
|
| | |
|
| | |
National Rural Utilities Cooperative Finance Corp. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
NextEra Energy Capital Holdings, Inc. |
| | |
| | |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
137
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
Oklahoma Gas & Electric Co. |
| | |
Oncor Electric Delivery Co. LLC |
| | |
| | |
| | |
| | |
Pacific Gas & Electric Co. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
PPL Capital Funding, Inc. |
| | |
Public Service Electric & Gas Co. |
| | |
| | |
| | |
| | |
| | |
| | |
Public Service Enterprise Group, Inc. |
| | |
| | |
| | |
|
| | |
San Diego Gas & Electric Co. |
| | |
| | |
|
| | |
Southern California Edison Co. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Southwestern Electric Power Co. |
| | |
| | |
| | |
System Energy Resources, Inc. |
| | |
|
| | |
|
| | |
Virginia Electric & Power Co. |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
Wisconsin Electric Power Co. |
| | |
| | |
Wisconsin Power & Light Co. |
| | |
Wisconsin Public Service Corp. |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
CenterPoint Energy Resources Corp. |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
138
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
Piedmont Natural Gas Co., Inc. |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Southern California Gas Co. |
| | |
| | |
Southern Co. Gas Capital Corp. |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
|
American Water Capital Corp. |
| | |
| | |
| | |
Essential Utilities, Inc. |
| | |
| | |
|
| | |
| | |
| | |
Total Corporates
(Cost $472,160,207) | |
| | |
Short-Term Investments 0.5% OF NET ASSETS |
|
|
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.43% (h) | | |
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.43% (h)(i) | | |
| | |
Total Short-Term Investments
(Cost $2,610,561) | |
Total Investments in Securities
(Cost $474,770,768) | |
| | | CURRENT VALUE/
UNREALIZED
APPRECIATION
(DEPRECIATION)
($) |
|
| | | |
3 Year US Treasury Notes (CBOT), expires 03/31/25 | | | |
| | | |
2 Year US Treasury Notes (CBOT), expires 03/31/25 | | | |
5 Year US Treasury Notes (CBOT), expires 03/31/25 | | | |
| |
Total Net Unrealized Depreciation on Futures Contracts | |
| The effective maturity may be shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or as the result of embedded demand features (puts or calls). |
| Security is in a fixed-rate coupon period. Based on index eligibility requirements and the fund’s investment objective this security will be removed from the index prior to converting to a floating rate security. |
| 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 $3,430,987 or 0.7% of net assets. |
| Step up security that pays an initial coupon rate for a set period and increased coupon rates at one or more preset intervals. Rate shown is as of period end. |
| Issuer is affiliated with the fund’s investment adviser. |
| All or a portion of this security is on loan. Securities on loan were valued at $662,228. |
| Interest rate is subject to adjustments from time to time if a nationally recognized statistical rating organization downgrades (or subsequently upgrades) the debt rating assigned to the bond. |
| The rate shown is the annualized 7-day yield. |
| Security purchased with cash collateral received for securities on loan. |
| |
| Real Estate Investment Trust |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
139
Schwab 1-5 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
Below is a summary of the fund’s transactions with affiliated issuers during the period ended December 31, 2024:
SECURITY
RATE, MATURITY DATE | | | | | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | ACCRETION OF DISCOUNTS (AMORTIZATION OF PREMIUMS) | | | |
CORPORATES 0.4% OF NET ASSETS |
|
Financial Institutions 0.4% |
Brokerage/Asset Managers/Exchanges 0.4% |
|
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
The following is a summary of the inputs used to value the fund’s investments as of December 31, 2024 (see financial note 2(a) for additional information):
| QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) | OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) | SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| As categorized in the Portfolio Holdings. |
| Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
140
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 1-5 Year Corporate Bond ETF
Statement of Assets and Liabilities
|
Investments in securities, at value - affiliated issuers (cost $1,914,048) | | |
Investments in securities, at value - unaffiliated issuers (cost $472,856,720) including securities on loan of $662,228 | | |
Deposit with broker for futures contracts | | |
| | |
| | |
| | |
| | |
Income from securities on loan | | |
Variation margin on future contracts | | |
| | |
|
|
Collateral held for securities on loan | | |
| | |
| | |
| | |
| | |
| | |
|
|
Capital received from investors | | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
141
Schwab 1-5 Year Corporate Bond ETF
Statement of Operations
For the period January 1, 2024 through December 31, 2024 |
|
Interest received from securities - unaffiliated issuers | | |
Interest received from securities - affiliated issuers | | |
Dividends received from securities - unaffiliated issuers | | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
|
REALIZED AND UNREALIZED GAINS (LOSSES) |
Net realized losses on sales of securities - affiliated issuers | | |
Net realized losses on sales of securities - unaffiliated issuers | | |
Net realized gains on sales of in-kind redemptions - unaffiliated issuers | | |
Net realized gains on futures contracts | | |
| | |
Net change in unrealized appreciation (depreciation) on securities - affiliated issuers | | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | | |
Net change in unrealized appreciation (depreciation) on futures contracts | | |
Net change in unrealized appreciation (depreciation) | | |
Net realized and unrealized gains | | |
Increase in net assets resulting from operations | | |
142
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 1-5 Year Corporate Bond ETF
Statement of Changes in Net Assets
For the current and prior report periods
|
| | |
| | | |
| | | |
Net change in unrealized appreciation (depreciation) | | | |
Increase in net assets resulting from operations | | | |
|
DISTRIBUTIONS TO SHAREHOLDERS |
| | | |
TRANSACTIONS IN FUND SHARES1 |
| | |
| | | | | |
| | | | | |
| | | | | |
Net transactions in fund shares | | | | | |
|
SHARES OUTSTANDING AND NET ASSETS1 |
| | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| For the period ended December 31, 2024, and the prior report period, transactions in fund shares have been retroactively adjusted to reflect a 2-for-1 share split effective after market close on October 10, 2024. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 10 for additional information). |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
143
Schwab 5-10 Year Corporate Bond ETF
Financial Statements
| | | | | | |
|
Net asset value at beginning of period | | | | | | |
Income (loss) from investment operations: | | | | | | |
Net investment income (loss)2 | | | | | | |
Net realized and unrealized gains (losses) | | | | | | |
Total from investment operations | | | | | | |
| | | | | | |
Distributions from net investment income | | | | | | |
Net asset value at end of period | | | | | | |
| | | | | | |
|
Ratios to average net assets: | | | | | | |
| | | | | | |
Net investment income (loss) | | | | | | |
| | | | | | |
Net assets, end of period (x 1,000,000) | | | | | | |
| Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after market close on October 10, 2024 (see financial note 10 for additional information). |
| Calculated based on the average shares outstanding during the period. |
| Effective July 1, 2022, the annual operating expense ratio was reduced to 0.03%. The ratio presented for the period ended December 31, 2022, is a blended ratio. |
| Ratio includes less than 0.005% of non-routine proxy expenses. |
| Effective December 20, 2021, the annual operating expense ratio was reduced to 0.04%. The ratio presented for the period ended December 31, 2021, is a blended ratio. |
| Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions. |
144
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 5-10 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024
All securities are currently in a fixed rate coupon period based on index eligibility requirements and the fund’s investment objective. Generally, for fixed rate securities, the rate shown is the interest rate that was established when the security was issued. In some cases, for securitized products, the fixed interest rate can change but remains index eligible as a fixed rate coupon. Variable rate securities are subject to index requirements and will be removed from the index and fund prior to converting from a fixed rate coupon to a variable rate coupon. The maturity date shown for all the securities is the final legal maturity.
SECURITY RATE, MATURITY DATE | | |
CORPORATES 98.8% OF NET ASSETS |
|
Financial Institutions 37.1% |
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Banco Bilbao Vizcaya Argentaria SA |
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Bank of New York Mellon Corp. |
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SECURITY RATE, MATURITY DATE | | |
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Canadian Imperial Bank of Commerce |
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Capital One Financial Corp. |
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Citizens Financial Group, Inc. |
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Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
145
Schwab 5-10 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
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Discover Financial Services |
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Goldman Sachs Group, Inc. |
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Huntington Bancshares, Inc. |
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SECURITY RATE, MATURITY DATE | | |
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Mitsubishi UFJ Financial Group, Inc. |
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5.41%, 04/19/34 (a)(b)(c) | | |
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Mizuho Financial Group, Inc. |
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146
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 5-10 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
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PNC Financial Services Group, Inc. |
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Santander Holdings USA, Inc. |
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Santander U.K. Group Holdings PLC |
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5.16%, 05/18/34 (a)(b)(c) | | |
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Sumitomo Mitsui Financial Group, Inc. |
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SECURITY RATE, MATURITY DATE | | |
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Brokerage/Asset Managers/Exchanges 2.2% |
Affiliated Managers Group, Inc. |
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Ameriprise Financial, Inc. |
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Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
147
Schwab 5-10 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
Apollo Global Management, Inc. |
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6.00%, 12/15/54 (a)(b)(c) | | |
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Blackstone Reg Finance Co. LLC |
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Brookfield Capital Finance LLC |
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Brookfield Finance I U.K. PLC/Brookfield Finance, Inc. |
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Cboe Global Markets, Inc. |
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5.85%, 05/19/34 (a)(b)(d) | | |
6.14%, 08/24/34 (a)(b)(d) | | |
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HA Sustainable Infrastructure Capital, Inc. |
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Intercontinental Exchange, Inc. |
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Janus Henderson U.S. Holdings, Inc. |
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Jefferies Financial Group, Inc. |
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SECURITY RATE, MATURITY DATE | | |
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Raymond James Financial, Inc. |
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TPG Operating Group II LP |
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AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
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Apollo Debt Solutions BDC |
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Ares Strategic Income Fund |
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Blackstone Private Credit Fund |
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Blue Owl Credit Income Corp. |
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Carlyle Secured Lending, Inc. |
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North Haven Private Income Fund LLC |
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Sixth Street Lending Partners |
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148
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 5-10 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
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American Financial Group, Inc. |
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American International Group, Inc. |
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Aon Corp./Aon Global Holdings PLC |
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Assured Guaranty U.S. Holdings, Inc. |
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AXIS Specialty Finance LLC |
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Berkshire Hathaway Finance Corp. |
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Brighthouse Financial, Inc. |
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SECURITY RATE, MATURITY DATE | | |
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Cincinnati Financial Corp. |
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CNO Financial Group, Inc. |
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Corebridge Financial, Inc. |
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F&G Annuities & Life, Inc. |
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Fairfax Financial Holdings Ltd. |
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Fidelity National Financial, Inc. |
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First American Financial Corp. |
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Hanover Insurance Group, Inc. |
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Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
149
Schwab 5-10 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
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Marsh & McLennan Cos., Inc. |
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Old Republic International Corp. |
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Principal Financial Group, Inc. |
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Prudential Financial, Inc. |
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Prudential Funding Asia PLC |
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Reinsurance Group of America, Inc. |
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RenaissanceRe Holdings Ltd. |
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SECURITY RATE, MATURITY DATE | | |
Stewart Information Services Corp. |
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Travelers Property Casualty Corp. |
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Willis North America, Inc. |
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Alexandria Real Estate Equities, Inc. |
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Americold Realty Operating Partnership LP |
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AvalonBay Communities, Inc. |
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Brixmor Operating Partnership LP |
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150
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 5-10 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
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COPT Defense Properties LP |
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Healthcare Realty Holdings LP |
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Invitation Homes Operating Partnership LP |
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SECURITY RATE, MATURITY DATE | | |
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Mid-America Apartments LP |
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National Health Investors, Inc. |
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Omega Healthcare Investors, Inc. |
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Phillips Edison Grocery Center Operating Partnership I LP |
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Piedmont Operating Partnership LP |
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Public Storage Operating Co. |
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Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
151
Schwab 5-10 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
Rexford Industrial Realty LP |
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Sun Communities Operating LP |
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Air Products & Chemicals, Inc. |
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SECURITY RATE, MATURITY DATE | | |
AngloGold Ashanti Holdings PLC |
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BHP Billiton Finance USA Ltd. |
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Celanese U.S. Holdings LLC |
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Huntsman International LLC |
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LYB International Finance III LLC |
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Newmont Corp./Newcrest Finance Pty. Ltd. |
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152
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 5-10 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
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Packaging Corp. of America |
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Rio Tinto Finance USA PLC |
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Smurfit Kappa Treasury ULC |
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Acuity Brands Lighting, Inc. |
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SECURITY RATE, MATURITY DATE | | |
Allegion U.S. Holding Co., Inc. |
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Amcor Flexibles North America, Inc. |
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CRH America Finance, Inc. |
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Ferguson Enterprises, Inc. |
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Fortune Brands Innovations, Inc. |
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|
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Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
153
Schwab 5-10 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
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Honeywell International, Inc. |
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Huntington Ingalls Industries, Inc. |
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Johnson Controls International PLC/Tyco Fire & Security Finance SCA |
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L3Harris Technologies, Inc. |
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Martin Marietta Materials, Inc. |
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SECURITY RATE, MATURITY DATE | | |
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Rockwell Automation, Inc. |
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Stanley Black & Decker, Inc. |
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Teledyne Technologies, Inc. |
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|
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|
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154
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 5-10 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
Trane Technologies Financing Ltd. |
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Westinghouse Air Brake Technologies Corp. |
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Bell Telephone Co. of Canada or Bell Canada |
| | |
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| | |
British Telecommunications PLC |
| | |
SECURITY RATE, MATURITY DATE | | |
Charter Communications Operating LLC/Charter Communications Operating Capital |
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| | |
Deutsche Telekom International Finance BV |
| | |
| | |
Discovery Communications LLC |
| | |
|
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|
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|
| | |
Interpublic Group of Cos., Inc. |
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Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
155
Schwab 5-10 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
Rogers Communications, Inc. |
| | |
| | |
|
| | |
Take-Two Interactive Software, Inc. |
| | |
| | |
|
| | |
|
| | |
Time Warner Cable Enterprises LLC |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
TWDC Enterprises 18 Corp. |
| | |
Verizon Communications, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
Warnermedia Holdings, Inc. |
| | |
|
| | |
| | |
|
Alibaba Group Holding Ltd. |
| | |
| | |
| | |
|
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
American Honda Finance Corp. |
| | |
| | |
| | |
| | |
| | |
| | |
Aptiv Swiss Holdings Ltd. |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
|
| | |
|
| | |
|
| | |
| | |
Choice Hotels International, Inc. |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
|
| | |
Dick's Sporting Goods, Inc. |
| | |
|
| | |
| | |
| | |
|
| | |
|
| | |
|
| | |
| | |
| | |
|
| | |
| | |
156
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 5-10 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
| | |
Ford Motor Credit Co. LLC |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
General Motors Financial Co., Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
GLP Capital LP/GLP Financing II, Inc. |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
|
| | |
|
| | |
|
| | |
| | |
|
| | |
|
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
Magna International, Inc. |
| | |
| | |
Marriott International, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Mercedes-Benz Finance North America LLC |
| | |
|
| | |
|
| | |
O'Reilly Automotive, Inc. |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
|
| | |
|
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
157
Schwab 5-10 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
|
| | |
| | |
Toyota Motor Credit Corp. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Consumer Non-Cyclical 13.1% |
|
| | |
|
| | |
| | |
|
| | |
| | |
Advocate Health & Hospitals Corp. |
| | |
Agilent Technologies, Inc. |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
Anheuser-Busch InBev Worldwide, Inc. |
| | |
| | |
| | |
Archer-Daniels-Midland Co. |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Baxter International, Inc. |
| | |
| | |
| | |
Baylor Scott & White Holdings |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
Bio-Rad Laboratories, Inc. |
| | |
Bon Secours Mercy Health, Inc. |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
|
| | |
| | |
158
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 5-10 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
|
| | |
| | |
Cedars-Sinai Health System |
| | |
|
| | |
| | |
| | |
Church & Dwight Co., Inc. |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Coca-Cola Consolidated, Inc. |
| | |
Coca-Cola Femsa SAB de CV |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
|
| | |
Constellation Brands, Inc. |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
GE HealthCare Technologies, Inc. |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
GlaxoSmithKline Capital, Inc. |
| | |
|
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
|
| | |
|
| | |
|
| | |
|
| | |
| | |
| | |
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |
| | |
| | |
| | |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
159
Schwab 5-10 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Laboratory Corp. of America Holdings |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
Medtronic Global Holdings SCA |
| | |
|
| | |
| | |
| | |
| | |
| | |
Mondelez International, Inc. |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Ochsner LSU Health System of North Louisiana |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
Pepsico Singapore Financing I Pte. Ltd. |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Pfizer Investment Enterprises Pte. Ltd. |
| | |
| | |
|
| | |
| | |
| | |
Philip Morris International, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Piedmont Healthcare, Inc. |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Providence St. Joseph Health Obligated Group |
| | |
|
| | |
| | |
| | |
| | |
Regeneron Pharmaceuticals, Inc. |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
160
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 5-10 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
|
| | |
| | |
|
| | |
STERIS Irish FinCo UnLtd Co. |
| | |
|
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
Takeda Pharmaceutical Co. Ltd. |
| | |
| | |
Thermo Fisher Scientific, Inc. |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
Universal Health Services, Inc. |
| | |
| | |
| | |
|
| | |
|
| | |
|
| | |
| | |
| | |
| | |
|
| | |
Zimmer Biomet Holdings, Inc. |
| | |
| | |
|
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
|
|
| | |
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. |
| | |
|
| | |
| | |
| | |
BP Capital Markets America, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Canadian Natural Resources Ltd. |
| | |
| | |
| | |
| | |
|
| | |
Cheniere Energy Partners LP |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
|
| | |
|
| | |
| | |
| | |
|
| | |
DCP Midstream Operating LP |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
161
Schwab 5-10 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Enterprise Products Operating LLC |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
|
| | |
| | |
|
| | |
| | |
|
| | |
|
4.85%, 12/01/29 (a)(c)(e) | | |
| | |
5.50%, 12/01/34 (a)(c)(e) | | |
|
| | |
| | |
|
| | |
Kinder Morgan Energy Partners LP |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
Occidental Petroleum Corp. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
Patterson-UTI Energy, Inc. |
| | |
|
| | |
| | |
|
| | |
| | |
Pioneer Natural Resources Co. |
| | |
| | |
Plains All American Pipeline LP/PAA Finance Corp. |
| | |
| | |
Sabine Pass Liquefaction LLC |
| | |
Schlumberger Investment SA |
| | |
| | |
| | |
|
| | |
Shell International Finance BV |
| | |
South Bow USA Infrastructure Holdings LLC |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. |
| | |
| | |
| | |
Texas Eastern Transmission LP |
| | |
TotalEnergies Capital International SA |
| | |
|
| | |
| | |
TransCanada PipeLines Ltd. |
| | |
| | |
| | |
162
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 5-10 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
Transcontinental Gas Pipe Line Co. LLC |
| | |
|
| | |
| | |
Western Midstream Operating LP |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
Booz Allen Hamilton, Inc. |
| | |
|
| | |
|
| | |
|
| | |
Jacobs Engineering Group, Inc. |
| | |
|
| | |
|
| | |
| | |
| | |
|
| | |
| | |
|
|
| | |
| | |
|
| | |
| | |
Advanced Micro Devices, Inc. |
| | |
|
| | |
|
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
|
| | |
|
| | |
| | |
Automatic Data Processing, Inc. |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Broadridge Financial Solutions, Inc. |
| | |
Cadence Design Systems, Inc. |
| | |
CDW LLC/CDW Finance Corp. |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
|
| | |
Dell International LLC/EMC Corp. |
| | |
| | |
| | |
| | |
|
| | |
| | |
Equinix Europe 2 Financing Corp. LLC |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
163
Schwab 5-10 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
FactSet Research Systems, Inc. |
| | |
Fidelity National Information Services, Inc. |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
|
| | |
| | |
| | |
Hewlett Packard Enterprise Co. |
| | |
| | |
|
| | |
| | |
| | |
| | |
IBM International Capital Pte. Ltd. |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
International Business Machines Corp. |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
|
| | |
Keysight Technologies, Inc. |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
|
| | |
| | |
|
| | |
|
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Microchip Technology, Inc. |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
NXP BV/NXP Funding LLC/NXP USA, Inc. |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
164
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 5-10 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
|
| | |
|
| | |
|
| | |
| | |
|
| | |
Tencent Music Entertainment Group |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
Tyco Electronics Group SA |
| | |
| | |
|
| | |
|
| | |
| | |
|
| | |
| | |
|
| | |
| | |
|
| | |
|
| | |
|
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
|
American Airlines 2012-1 Class AA Pass-Through Trust |
| | |
American Airlines 2019-1 Class AA Pass-Through Trust |
| | |
Canadian National Railway Co. |
| | |
| | |
| | |
| | |
Canadian Pacific Railway Co. |
| | |
| | |
| | |
|
| | |
| | |
| | |
FedEx Corp. 2020-1 Class AA Pass-Through Trust |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
JetBlue 2019-1 Class AA Pass-Through Trust |
| | |
JetBlue 2020-1 Class A Pass-Through Trust |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
Triton Container International Ltd./TAL International Container Corp. |
| | |
|
| | |
| | |
| | |
| | |
United Airlines 2018-1 Class AA Pass-Through Trust |
| | |
United Airlines 2019-1 Class AA Pass-Through Trust |
| | |
United Airlines 2019-2 Class AA Pass-Through Trust |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
165
Schwab 5-10 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
United Parcel Service, Inc. |
| | |
| | |
| | |
| | |
| | |
|
|
|
|
| | |
| | |
| | |
| | |
|
| | |
|
| | |
|
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
American Electric Power Co., Inc. |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Arizona Public Service Co. |
| | |
| | |
| | |
| | |
Atlantic City Electric Co. |
| | |
Baltimore Gas & Electric Co. |
| | |
| | |
Berkshire Hathaway Energy Co. |
| | |
| | |
|
| | |
| | |
| | |
CenterPoint Energy Houston Electric LLC |
| | |
| | |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
Connecticut Light & Power Co. |
| | |
| | |
| | |
Consolidated Edison Co. of New York, Inc. |
| | |
| | |
| | |
| | |
| | |
Constellation Energy Generation LLC |
| | |
| | |
|
| | |
| | |
| | |
Dominion Energy South Carolina, Inc. |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Duke Energy Carolinas LLC |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
166
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 5-10 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
|
| | |
|
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
Evergy Kansas Central, Inc. |
| | |
|
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
FirstEnergy Transmission LLC |
| | |
SECURITY RATE, MATURITY DATE | | |
Florida Power & Light Co. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
Interstate Power & Light Co. |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
Louisville Gas & Electric Co. |
| | |
|
| | |
| | |
|
| | |
| | |
National Rural Utilities Cooperative Finance Corp. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
NextEra Energy Capital Holdings, Inc. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Northern States Power Co. |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
167
Schwab 5-10 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
Oklahoma Gas & Electric Co. |
| | |
| | |
| | |
Oncor Electric Delivery Co. LLC |
| | |
| | |
| | |
| | |
| | |
| | |
Pacific Gas & Electric Co. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
Potomac Electric Power Co. |
| | |
PPL Capital Funding, Inc. |
| | |
| | |
PPL Electric Utilities Corp. |
| | |
| | |
|
| | |
| | |
Public Service Co. of Colorado |
| | |
| | |
| | |
| | |
Public Service Co. of New Hampshire |
| | |
| | |
Public Service Co. of Oklahoma |
| | |
| | |
Public Service Electric & Gas Co. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Public Service Enterprise Group, Inc. |
| | |
| | |
| | |
| | |
SECURITY RATE, MATURITY DATE | | |
|
| | |
| | |
|
| | |
San Diego Gas & Electric Co. |
| | |
| | |
Southern California Edison Co. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Southwestern Electric Power Co. |
| | |
System Energy Resources, Inc. |
| | |
|
| | |
Tucson Electric Power Co. |
| | |
| | |
| | |
|
| | |
| | |
| | |
Virginia Electric & Power Co. |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Wisconsin Electric Power Co. |
| | |
| | |
| | |
Wisconsin Power & Light Co. |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
168
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 5-10 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
SECURITY RATE, MATURITY DATE | | |
|
|
| | |
| | |
| | |
CenterPoint Energy Resources Corp. |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
Piedmont Natural Gas Co., Inc. |
| | |
| | |
|
| | |
| | |
| | |
Southern California Gas Co. |
| | |
| | |
| | |
Southern Co. Gas Capital Corp. |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
|
American Water Capital Corp. |
| | |
| | |
| | |
| | |
Essential Utilities, Inc. |
| | |
| | |
| | |
| | |
| | |
Total Corporates
(Cost $7,666,465,794) | |
| | |
Short-Term Investments 0.7% OF NET ASSETS |
|
|
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.43% (h) | | |
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.43% (h)(i) | | |
| | |
Total Short-Term Investments
(Cost $57,621,008) | |
Total Investments in Securities
(Cost $7,724,086,802) | |
| | | CURRENT VALUE/
UNREALIZED
APPRECIATION
(DEPRECIATION)
($) |
|
| | | |
5 Year US Treasury Notes (CBOT), expires 03/31/25 | | | |
| | | |
10 Year US Treasury Notes Ultra Futures, expires 03/20/25 | | | |
3 Year US Treasury Notes (CBOT), expires 03/31/25 | | | |
| |
Total Net Unrealized Depreciation on Futures Contracts | |
| The effective maturity may be shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or as the result of embedded demand features (puts or calls). |
| Security is in a fixed-rate coupon period. Based on index eligibility requirements and the fund’s investment objective this security will be removed from the index prior to converting to a floating rate security. |
| All or a portion of this security is on loan. Securities on loan were valued at $38,427,824. |
| Issuer is affiliated with the fund’s investment adviser. |
| 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 $108,820,572 or 1.4% of net assets. |
| Interest rate is subject to adjustments from time to time if a nationally recognized statistical rating organization downgrades (or subsequently upgrades) the debt rating assigned to the bond. |
| Step up security that pays an initial coupon rate for a set period and increased coupon rates at one or more preset intervals. Rate shown is as of period end. |
| The rate shown is the annualized 7-day yield. |
| Security purchased with cash collateral received for securities on loan. |
| |
| Real Estate Investment Trust |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
169
Schwab 5-10 Year Corporate Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
Below is a summary of the fund’s transactions with affiliated issuers during the period ended December 31, 2024:
SECURITY
RATE, MATURITY DATE | | | | | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | ACCRETION OF DISCOUNTS (AMORTIZATION OF PREMIUMS) | | | |
CORPORATES 0.3% OF NET ASSETS |
|
Financial Institutions 0.3% |
Brokerage/Asset Managers/Exchanges 0.3% |
|
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
The following is a summary of the inputs used to value the fund’s investments as of December 31, 2024 (see financial note 2(a) for additional information):
| QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) | OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) | SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| As categorized in the Portfolio Holdings. |
| Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
170
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 5-10 Year Corporate Bond ETF
Statement of Assets and Liabilities
|
Investments in securities, at value - affiliated issuers (cost $22,938,370) | | |
Investments in securities, at value - unaffiliated issuers (cost $7,701,148,432) including securities on loan of $38,427,824 | | |
Deposit with broker for futures contracts | | |
| | |
| | |
| | |
| | |
Income from securities on loan | | |
Variation margin on future contracts | | |
| | |
|
|
Collateral held for securities on loan | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
|
Capital received from investors | | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
171
Schwab 5-10 Year Corporate Bond ETF
Statement of Operations
For the period January 1, 2024 through December 31, 2024 |
|
Interest received from securities - unaffiliated issuers | | |
Interest received from securities - affiliated issuers | | |
Dividends received from securities - unaffiliated issuers | | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
|
REALIZED AND UNREALIZED GAINS (LOSSES) |
Net realized losses on sales of securities - affiliated issuers | | |
Net realized losses on sales of securities - unaffiliated issuers | | |
Net realized gains on sales of in-kind redemptions - affiliated issuers | | |
Net realized gains on sales of in-kind redemptions - unaffiliated issuers | | |
Net realized losses on futures contracts | | |
| | |
Net change in unrealized appreciation (depreciation) on securities - affiliated issuers | | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | | |
Net change in unrealized appreciation (depreciation) on futures contracts | | |
Net change in unrealized appreciation (depreciation) | | |
Net realized and unrealized losses | | |
Increase in net assets resulting from operations | | |
172
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab 5-10 Year Corporate Bond ETF
Statement of Changes in Net Assets
For the current and prior report periods
|
| | |
| | | |
| | | |
Net change in unrealized appreciation (depreciation) | | | |
Increase in net assets resulting from operations | | | |
|
DISTRIBUTIONS TO SHAREHOLDERS |
| | | |
TRANSACTIONS IN FUND SHARES1 |
| | |
| | | | | |
| | | | | |
| | | | | |
Net transactions in fund shares | | | | | |
|
SHARES OUTSTANDING AND NET ASSETS1 |
| | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| For the period ended December 31, 2024, and the prior report period, transactions in fund shares have been retroactively adjusted to reflect a 2-for-1 share split effective after market close on October 10, 2024. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 10 for additional information). |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
173
Schwab Municipal Bond ETF
Financial Statements
| | | | | | |
|
Net asset value at beginning of period | | | | | | |
Income (loss) from investment operations: | | | | | | |
Net investment income (loss)3 | | | | | | |
Net realized and unrealized gains (losses) | | | | | | |
Total from investment operations | | | | | | |
| | | | | | |
Distributions from net investment income | | | | | | |
| | | | | | |
Net asset value at end of period | | | | | | |
| | | | | | |
|
Ratios to average net assets: | | | | | | |
| | | | | | |
Net investment income (loss) | | | | | | |
| | | | | | |
Net assets, end of period (x 1,000) | | | | | | |
| Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after market close on October 10, 2024 (see financial note 10 for additional information). |
| Commencement of operations. |
| Calculated based on the average shares outstanding during the period. |
| |
| |
| Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions. |
174
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024
For fixed rate securities, the rate shown is the interest rate (the rate established when the security was issued). For variable rate securities, the rate shown is the rate as of the report date based on each security’s rate reset date. The reference rate and spread used is shown parenthetically in the security description, if available; if not, the reference rate is described in a footnote. The maturity date shown for all the securities is the final legal maturity.
ISSUER TYPE OF SECURITY, SERIES | | | | |
MUNICIPAL SECURITIES 99.3% OF NET ASSETS |
|
Alabama Federal Aid Highway Finance Auth |
Special Obligation Refunding RB Series 2017B | | | | |
Alabama Public School & College Auth |
Refunding RB Series 2020A | | | | |
Refunding RB Series 2020A | | | | |
Refunding RB Series 2020A | | | | |
Refunding RB Series 2020A | | | | |
Refunding RB Series 2020A | | | | |
Refunding RB Series 2020A | | | | |
Refunding RB Series 2020A | | | | |
Alabama State Corrections Institution Finance Auth |
| | | | |
Birmingham Water Works Board |
Water Refunding RB Series 2015A | | | | |
|
| | | | |
| | | | |
| | | | |
Sewer RB Warrants Series 2024 | | | | |
Sewer RB Warrants Series 2024 | | | | |
Sewer Revenue Warrants Series 2024 | | | | |
Sewer Revenue Warrants Series 2024 | | | | |
Sewer Revenue Warrants Series 2024 | | | | |
Tuscaloosa City Board of Education Capital Outlay Warrants |
School Tax Warrants Series 2016 | | | | |
|
| | | | |
| | | | |
|
|
Solid Waste Refunding RB Series 2022A | | | | |
|
|
Refunding COP Series 20019A | | | | |
Arizona St Transportation Brd |
Highway Refunding RB Series 2023 | | | | |
Highway Refunding RB Series 2023 | | | | |
Highway Refunding RB Series 2023 | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
175
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
|
Sr Lien Utility System RB Series 2022 | | | | |
Sr Lien Utility System RB Series 2022 | | | | |
|
| | | | |
|
Utility System Refunding RB Series 2020 | | | | |
Utility Systems RB Series 2019A | | | | |
Utility Systems Refunding RB Series 2016 | | | | |
|
GO Refunding Bonds Series 2016 | | | | |
Phoenix Civic Improvement Corp |
Jr Lien Airport RB Series 2019A | | | | |
Jr Lien Airport Refunding RB Series 2017D | | | | |
Jr Lien Airport Refunding RB Series 2017D | | | | |
Jr Lien Airport Refunding RB Series 2017D | | | | |
Jr Lien Wastewater System RB Series 2023 | | | | |
Jr Lien Water System RB Series 2020A | | | | |
|
| | | | |
| | | | |
Salt River Project Agricultural Improvement & Power District |
Electric System RB Series 2015A | | | | |
Electric System RB Series 2015A | | | | |
Electric System RB Series 2017A | | | | |
Electric System RB Series 2017A | | | | |
Electric System RB Series 2017A | | | | |
Electric System RB Series 2019A | | | | |
Electric System RB Series 2019A | | | | |
Electric System RB Series 2020A | | | | |
Electric System RB Series 2021A | | | | |
Electric System RB Series 2022A | | | | |
Electric System RB Series 2023A | | | | |
Electric System RB Series 2023B | | | | |
Electric System RB Series 2023B | | | | |
Electric System RB Series 2024A | | | | |
Electric System RB Series 2024A | | | | |
Electric System Refunding RB Series 2016A | | | | |
Electric System Refunding RB Series 2016A | | | | |
Electric System Refunding RB Series 2016A | | | | |
Electric System Refunding RB Series 2016A | | | | |
| | | | |
|
|
GO Refunding & Construction Bonds | | | | |
| | | | |
|
Sales & Use Tax Revenue Refunding Bonds Series 2023B | | | | |
176
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
|
Facilities RB Series 2021A | | | | |
| | | | |
|
Alameda Cnty Transportation Commission |
LT Sr Sales Tax RB Series 2022 | | | | |
Alameda Corridor Transportation Auth |
2nd Sub Lien Refunding RB Series 2016B | | | | |
2nd Sub Lien Refunding RB Series 2016B | | | | |
2nd Sub Lien Refunding RB Series 2016B | | | | |
2nd Sub Lien Refunding RB Series 2022C | | | | |
| | | | |
Sr Lien Refunding RB Series 2024A | | | | |
Anaheim Public Financing Auth |
Sub Lease RB Series 1997C | | | | |
Sub Lease RB Series 1997C | | | | |
|
Sub Toll Bridge RB Series 2017S7 | | | | |
Sub Toll Bridge RB Series 2017S7 | | | | |
Sub Toll Bridge RB Series 2017S7 | | | | |
Sub Toll Bridge RB Series 2017S7 | | | | |
Sub Toll Bridge RB Series 2017S7 | | | | |
Toll Bridge RB Series 2017F1 | | | | |
Toll Bridge RB Series 2021F2 | | | | |
Toll Bridge RB Series 2023F1 | | | | |
Toll Bridge RB Series 2023F1 | | | | |
Toll Bridge RB Series 2023F1 | | | | |
|
| | | | |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
177
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
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| | | | |
| | | | |
178
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
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| | | | |
| | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
179
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
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180
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
California Dept of Water Resources |
Water System RB Series AW | | | | |
Water System RB Series AW | | | | |
Water System RB Series BA | | | | |
Water System RB Series BB | | | | |
Water System RB Series BB | | | | |
Water System RB Series BB | | | | |
Water System RB Series BF | | | | |
Water System RB Series BF | | | | |
Water System RB Series BF | | | | |
California Educational Facilities Auth |
RB (Loma Linda Univ) Series 2017A | | | | |
RB (Santa Clara Univ) Series 2015 | | | | |
RB (Stanford Univ) Series U1 | | | | |
RB (Stanford Univ) Series U6 | | | | |
RB (Stanford Univ) Series U7 | | | | |
RB (Stanford Univ) Series V1 | | | | |
RB (Stanford Univ) Series V2 | | | | |
RB (Stanford Univ) Series V3 | | | | |
California Infrastructure & Economic Development Bank |
| | | | |
| | | | |
Clean Water & Drinking Water RB Series 2023 | | | | |
Clean Water State Revolving Fund RB Series 2018 | | | | |
Infrastructure Revolving Fund RB Series 2016A | | | | |
| | | | |
RB (Academy of Motion Picture Arts & Sciences) Series 2020A | | | | |
RB (California Science Center) Series 2021B | | | | |
RB (UCSF 2130 3rd St) Series 2017 | | | | |
RB (UCSF 2130 3rd St) Series 2017 | | | | |
| | | | |
Refunding RB (Los Angeles Cnty Museum of Natural History) Series 2020 | | | | |
Refunding RB Series 2023A | | | | |
California Municipal Finance Auth |
RB (Pomona College) Series 2017 | | | | |
RB (St Ignatius College Preparatory) Series 2024A | | | | |
California Public Works Board |
| | | | |
| | | | |
| | | | |
| | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
181
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
| | | | |
Lease Refunding RB Series 2015F | | | | |
Lease Refunding RB Series 2017B | | | | |
Lease Refunding RB Series 2021A | | | | |
Lease Refunding RB Series 2021A | | | | |
Lease Refunding RB Series 2022A | | | | |
Lease Refunding RB Series 2022A | | | | |
Lease Refunding RB Series 2022A | | | | |
Lease Refunding RB Series 2022A | | | | |
Lease Refunding RB Series 2022A | | | | |
Lease Refunding RB Series 2022A | | | | |
Lease Refunding RB Series 2022C | | | | |
Lease Refunding RB Series 2023B | | | | |
Lease Refunding RB Series 2023B | | | | |
Lease Refunding RB Series 2023B | | | | |
Lease Refunding RB Series 2024C | | | | |
Lease Refunding RB Series 2024C | | | | |
Lease Refunding RB Series 2024C | | | | |
California School Finance Auth |
GO RB (Azusa USD) Series 2009A | | | | |
|
| | | | |
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| | | | |
| | | | |
Cerritos California Community College District |
| | | | |
|
GO Refunding Bonds Series 2016 | | | | |
|
| | | | |
Chino Basin Calif Regional Finance Auth |
RB (Inland Empire Utilities Agency) Series 2020B | | | | |
|
| | | | |
ULT GO Bonds Series 2020B | | | | |
|
| | | | |
182
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
|
| | | | |
| | | | |
| | | | |
| | | | |
GO Refunding Bonds Series 2015 | | | | |
|
| | | | |
|
| | | | |
|
| | | | |
East Bay Municipal Utility District |
Water System RB Series 2017A | | | | |
Water System Refunding RB Series 2017B | | | | |
Water System Refunding RB Series 2017B | | | | |
Water System Refunding RB Series 2017B | | | | |
|
GO Refunding Bonds Series 2024B | | | | |
|
ULT GO Bonds Series 2007D | | | | |
Foothill Eastern Transportation Corridor Agency |
Toll Road Jr Lien Refunding RB Series 2021C | | | | |
Toll Road Refunding RB Series 2013B2 | | | | |
Toll Road Sr Lien RB Series A | | | | |
Toll Road Sr Lien Refunding RB Series 2021A | | | | |
|
GO Refunding Bond Series 2016 | | | | |
|
| | | | |
|
| | | | |
| | | | |
Golden State Tobacco Securitization Corp |
| | | | |
| | | | |
| | | | |
| | | | |
Grossmont Healthcare District |
GO Refunding Bonds Series 2015D | | | | |
|
| | | | |
|
| | | | |
| | | | |
Irvine Facilities Financing Auth |
Special Tax RB Series 2023A | | | | |
|
| | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
183
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
|
| | | | |
| | | | |
| | | | |
|
Wastewater System Sub RB Series 2017A | | | | |
Wastewater System Sub RB Series 2022A | | | | |
Wastewater System Sub Refunding RB Series 2018B | | | | |
Wastewater System Sub Refunding RB Series 2018B | | | | |
Wastewater System Sub Refunding RB Series 2022C | | | | |
|
| | | | |
| | | | |
| | | | |
| | | | |
GO Refunding Bonds Series 2015C | | | | |
GO Refunding Bonds Series 2015C | | | | |
GO Refunding Bonds Series 2016 | | | | |
GO Refunding Bonds Series 2024 | | | | |
Los Angeles Cnty Facilities 2 Inc |
| | | | |
Los Angeles Cnty Facilities Inc |
| | | | |
Los Angeles Cnty Metropolitan Transportation Auth |
1st Tier Sr Sales Tax RB Series 2017A | | | | |
Jr Sub Sales Tax Refunding RB Series 2020A | | | | |
Jr Sub Sales Tax Refunding RB Series 2020A1 | | | | |
Jr Sub Sales Tax Refunding RB Series 2020A1 | | | | |
Jr Sub Sales Tax Refunding RB Series 2020A1 | | | | |
Jr Sub Sales Tax Refunding RB Series 2020A1 | | | | |
Jr Sub Sales Tax Refunding RB Series 2020A3 | | | | |
Jr Sub Sales Tax Refunding RB Series 2020A3 | | | | |
Sr Sales Tax RB Series 2017A | | | | |
Sr Sales Tax RB Series 2017A | | | | |
Sr Sales Tax RB Series 2019A | | | | |
Sr Sales Tax RB Series 2021A | | | | |
Sr Sales Tax RB Series 2021A | | | | |
Los Angeles Cnty Public Works Financing Auth |
| | | | |
| | | | |
Los Angeles Dept of Airports |
| | | | |
Sr Refunding RB Series 2020A | | | | |
Sr Refunding RB Series 2020A | | | | |
Sr Refunding RB Series 2020A | | | | |
Sr Refunding RB Series 2020B | | | | |
| | | | |
Sub Refunding RB Series 2021B | | | | |
Sub Refunding RB Series 2021B | | | | |
184
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Los Angeles Dept of Water & Power |
Power System RB Series 2015A | | | | |
Power System RB Series 2015A | | | | |
Power System RB Series 2015A | | | | |
Power System RB Series 2017A | | | | |
Power System RB Series 2019A | | | | |
Power System RB Series 2019B | | | | |
Power System RB Series 2019D | | | | |
Power System RB Series 2020A | | | | |
Power System RB Series 2020A | | | | |
Power System RB Series 2020B | | | | |
Power System RB Series 2021B | | | | |
Power System RB Series 2021B | | | | |
Power System RB Series 2021B | | | | |
Power System RB Series 2021C | | | | |
Power System RB Series 2021C | | | | |
Power System RB Series 2022A | | | | |
Power System RB Series 2022A | | | | |
Power System RB Series 2022B | | | | |
Power System RB Series 2022B | | | | |
Power System RB Series 2022C | | | | |
Power System RB Series 2022E | | | | |
Power System RB Series 2022E | | | | |
Power System RB Series 2023A | | | | |
Power System RB Series 2023A | | | | |
Power System RB Series 2023B | | | | |
Power System RB Series 2023D | | | | |
Power System RB Series 2023E | | | | |
Power System RB Series 2023E | | | | |
Power System RB Series 2023E | | | | |
Power System RB Series 2024B | | | | |
Power System RB Series 2024B | | | | |
Power System RB Series 2024C | | | | |
Power System RB Series 2024C | | | | |
Power System RB Series 2024D | | | | |
Water System RB Series 2018A | | | | |
Water System RB Series 2020A | | | | |
Water System RB Series 2020A | | | | |
Water System RB Series 2020C | | | | |
Water System RB Series 2022B | | | | |
Water System RB Series 2022C | | | | |
Water System RB Series 2022D | | | | |
Water System RB Series 2022D | | | | |
Water System RB Series 2023A | | | | |
Water System RB Series 2023A | | | | |
Water System RB Series 202C | | | | |
Water System Refunding RB Series 2022C | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
185
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Los Angeles Municipal Improvement Corp |
Lease Refunding RB Series 2016B | | | | |
Lease Refunding RB Series 2016B | | | | |
Lease Refunding RB Series 2016B | | | | |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
GO Refunding Bonds Series 2016 B | | | | |
GO Refunding Bonds Series 2016B | | | | |
GO Refunding Bonds Series 2016B | | | | |
GO Refunding Bonds Series 2017A | | | | |
GO Refunding Bonds Series 2017A | | | | |
GO Refunding Bonds Series 2019A | | | | |
GO Refunding Bonds Series 2020A | | | | |
GO Refunding Bonds Series 2020A | | | | |
GO Refunding Bonds Series 2024A | | | | |
GO Refunding Bonds Series 2024A | | | | |
GO Refunding Bonds Series 2024A | | | | |
GO Refunding Bonds Series 2024A | | | | |
ULT GO Bonds Series 2024A | | | | |
ULT GO Bonds Series 2024A | | | | |
ULT GO Bonds Series 2024QRR | | | | |
Marin Healthcare District |
| | | | |
|
| | | | |
| | | | |
|
| | | | |
|
| | | | |
186
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Northern California Sanitation Agencies Finance Auth |
Refunding RB Series 2024A | | | | |
|
| | | | |
|
| | | | |
| | | | |
|
| | | | |
| | | | |
Peninsula Corridor Joint Powers Board |
Sales Tax RB Series 2022A | | | | |
|
| | | | |
|
| | | | |
|
| | | | |
| | | | |
| | | | |
|
| | | | |
|
| | | | |
Riverside Cnty Public Finance Auth |
| | | | |
Riverside Cnty Transportation Commission |
LT Sales Tax Refunding RB Series 2017B | | | | |
Sales Tax Refunding RB Series 2017B | | | | |
Sales Tax Refunding RB Series 2017B | | | | |
Toll 2nd Lien Refunding RB Series 2021C | | | | |
Toll Road Sr Lien Refunding RB Series 2021B1 | | | | |
Toll Road Sr Lien Refunding RB Series 2021B1 | | | | |
Toll Sr Lien Refunding RB Series 2021B1 | | | | |
Toll Sr Lien Refunding RB Series 2021B1 | | | | |
|
| | | | |
|
Sr TOT RB (Convention Center Complex) Series 2018A | | | | |
|
| | | | |
|
Airport System Sr Refunding RB Series 2016A | | | | |
Airport System Sub Refunding RB Series 2016B | | | | |
Sr Airport System RB Series 2024 | | | | |
Sacramento Cnty Sanitation District Financing Auth |
| | | | |
| | | | |
| | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
187
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Sacramento Municipal Utility District |
| | | | |
| | | | |
| | | | |
| | | | |
Sacramento Transportation Auth |
Sales Tax Refunding RB Series 2023 | | | | |
|
| | | | |
| | | | |
|
| | | | |
|
GO Refunding Bonds Series 2016 | | | | |
GO Refunding Bonds Series 2016 | | | | |
GO Refunding Bonds Series 2024 | | | | |
San Diego Cnty Regional Airport Auth |
Sub Airport RB Series 2021A | | | | |
Sub Airport RB Series 2021A | | | | |
Sub Airport RB Series 2021A | | | | |
Sub Airport RB Series 2021A | | | | |
Sub Airport RB Series 2021A | | | | |
Sub Airport Refunding RB Series 2019A | | | | |
San Diego Cnty Regional Transportation Commission |
Sales Tax RB Series 2016A | | | | |
Sales Tax RB Series 2023A | | | | |
San Diego Cnty Water Auth |
Water Refunding RB Series 2021B | | | | |
Water Refunding RB Series 2021B | | | | |
Water Refunding RB Series 2021B | | | | |
Water Refunding RB Series 2021B | | | | |
San Diego Public Facilities Financing Auth |
| | | | |
| | | | |
Sr Sewer Refunding RB Series 2016A | | | | |
| | | | |
Sub Sewer RB Series 2022A | | | | |
Sub Sewer RB Series 2024A | | | | |
Water Sub RB Series 2018A | | | | |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
188
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
| | | | |
| | | | |
| | | | |
GO Refunding Bonds Series 2005E2 | | | | |
GO Refunding Bonds Series 2012R1 | | | | |
GO Refunding Bonds Series 2016 SR1 | | | | |
Go Refunding Bonds Series 2016R5 | | | | |
GO Refunding Bonds Series 2016SR1 | | | | |
|
| | | | |
GO Refunding Bonds Series 2022R1 | | | | |
GO Refunding Bonds Series 2022R1 | | | | |
GO Refunding Bonds Series 2022R1 | | | | |
Wastewater RB Series 2021A | | | | |
San Francisco Airport Commission |
| | | | |
| | | | |
| | | | |
| | | | |
Refunding RB 2nd Series 2019D | | | | |
Refunding RB 2nd Series 2021B | | | | |
Refunding RB 2nd Series 2023B | | | | |
San Francisco Bay Area Rapid Transit District |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
|
| | | | |
San Francisco Municipal Transportation Agency |
| | | | |
San Francisco Public Utilities Commission |
Wastewater RB Series 2018A | | | | |
Wastewater RB Series 2023A | | | | |
Wastewater RB Series 2023A | | | | |
Wastewater RB Series 2024C | | | | |
Wastewater RB Series 2024C | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Water Refunding RB Series 2016A | | | | |
Water Refunding RB Series 2023C | | | | |
San Joaquin Hills Transportation Corridor Agency Toll |
| | | | |
Toll Road Refunding RB Series 1997A | | | | |
Toll Road Refunding RB Series 1997A | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
189
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Toll Road Sr Lien Refunding RB Series 2014A | | | | |
Toll Road Sr Lien Refunding RB Series 2021A | | | | |
Toll Road Sr Lien Refunding RB Series 2021A | | | | |
Toll Road Sr Lien Refunding RB Series 2021A | | | | |
|
Airport Refunding RB Series 2017B | | | | |
Airport Refunding RB Series 2017B | | | | |
Wastewater RB Series 2022B | | | | |
San Jose Redevelopment Agency Successor |
Tax Refunding Bonds Series 2017A | | | | |
|
| | | | |
|
| | | | |
| | | | |
| | | | |
San Mateo Cnty Jt Powers Financing Auth |
| | | | |
San Mateo Foster City Public Finance Auth |
Wastewater RB Series 2021B | | | | |
|
ULT GO Bonds Series 2020B | | | | |
|
GO Refunding Bonds Series 2017C | | | | |
Santa Clara Valley Transportation Auth |
Sales Tax Refunding RB Series 2023A | | | | |
Santa Clara Valley Water District |
Water Utility System Revenue COP Series 2023C1 | | | | |
|
| | | | |
| | | | |
Southern California Metropolitan Water District |
Sub Water Refunding RB Series 2017A | | | | |
Sub Water Refunding RB Series 2017A | | | | |
Sub Water Refunding RB Series 2017A | | | | |
Sub Water Refunding RB Series 2020A | | | | |
| | | | |
| | | | |
| | | | |
Water Refunding RB Series 2022A | | | | |
Water Refunding RB Series 2022A | | | | |
Water Refunding RB Series 2024A | | | | |
Water Refunding RB Series 2024A | | | | |
Southern California Public Power Auth |
Sub Refunding RB Series 2015C | | | | |
Transmission System RB Series 2023-1A | | | | |
|
| | | | |
|
| | | | |
190
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
|
| | | | |
|
| | | | |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Limited Project RB Series 2016K | | | | |
Limited Project RB Series 2016K | | | | |
Limited Project RB Series 2016K | | | | |
Limited Project RB Series 2017M | | | | |
Limited Project RB Series 2017M | | | | |
Limited Project RB Series 2017M | | | | |
Limited Project RB Series 2017M | | | | |
Limited Project RB Series 2018O | | | | |
Limited Project RB Series 2021Q | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
191
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
|
GO Refunding Bonds Series 2015 | | | | |
|
Electric System RB Series 2021A | | | | |
Washington Township Health Care District |
| | | | |
|
| | | | |
|
| | | | |
|
GO Refunding Bonds Series 2015 | | | | |
| | | | |
|
Adams & Arapahoe Cntys Jt SD No 28J |
| | | | |
Adams & Weld Cntys SD No 27J Brighton |
| | | | |
| | | | |
|
1st Lien Water Refunding RB Series 2016 | | | | |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Colorado Bridge Enterprise IRB |
Infrastructure RB series 2024A | | | | |
Colorado High Performance Transportation Enterprise |
| | | | |
Colorado Regional Transportation District |
| | | | |
Sales Tax RB Series 2016A | | | | |
Sales Tax RB Series 2017B | | | | |
Sales Tax Refunding RB Series 2021B | | | | |
Sales Tax Refunding RB Series 2021B | | | | |
Sales Tax Refunding RB Series 2023A | | | | |
192
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
|
Utilities System Improvement RB Series 2022B | | | | |
Utilities System Refunding RB Series 2022A | | | | |
Utility System RB Series 2024A | | | | |
Colorado State Building Excellent Schools Today |
| | | | |
|
System Enterprise Refunding RB Series 2013A | | | | |
|
Airport System RB Series 2012B | | | | |
Airport System RB Series 2022C | | | | |
| | | | |
Dedicated Tax Refunding RB Series 2016A | | | | |
GO Refunding Bonds Series 2020B | | | | |
| | | | |
|
| | | | |
| | | | |
GO Refunding Bonds Series 2016 | | | | |
E-470 Public Highway Auth |
| | | | |
| | | | |
| | | | |
| | | | |
|
| | | | |
|
| | | | |
|
| | | | |
|
Univ Enterprise Refunding RB Series 2017A2 | | | | |
|
| | | | |
|
| | | | |
|
| | | | |
|
Water & Wastewater RB Series 2024 | | | | |
| | | | |
|
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
193
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
GO Refunding Bonds Series 2016B | | | | |
GO Refunding Bonds Series 2022D | | | | |
GO Refunding Bonds Series 2022D | | | | |
GO Refunding Bonds Series 2022D | | | | |
GO Refunding Bonds Series 2022G | | | | |
GO Refunding Bonds Series 2023B | | | | |
Special Tax Obligation Bonds Series 2015A | | | | |
Special Tax Obligation Bonds Series 2016A | | | | |
Special Tax Obligation Bonds Series 2018A | | | | |
Special Tax Obligation Bonds Series 2018A | | | | |
Special Tax Obligation Bonds Series 2018B | | | | |
Special Tax Obligation Bonds Series 2021A | | | | |
Special Tax Obligation Bonds Series 2021A | | | | |
Special Tax Obligation Bonds Series 2021D | | | | |
Special Tax Obligation Bonds Series 2022A | | | | |
Special Tax Obligation Bonds Series 2022A | | | | |
Special Tax Obligation Bonds Series 2022A | | | | |
Special Tax Obligation Bonds Series 2023A | | | | |
Special Tax Obligation Bonds Series A1 | | | | |
Special Tax Obligation Refunding Bonds Series 2022B | | | | |
Special Tax Obligation Refunding Bonds Series 2023B | | | | |
Special Tax Obligation Transportation Bonds Series 2015A | | | | |
Special Tax Obligation Transportation Bonds Series 2015A | | | | |
Special Tax Obligation Transportation Bonds Series 2018B | | | | |
Special Tax Obligation Transportation Bonds Series 2020A | | | | |
Special Tax Obligation Transportation Bonds Series 2020A | | | | |
Special Tax Obligation Transportation Bonds Series 2020A | | | | |
Special Tax Obligation Transportation Bonds Series 2020A | | | | |
Special Tax Obligation Transportation Bonds Series 2021A | | | | |
194
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Special Tax Obligation Transportation Bonds Series 2021A | | | | |
Special Tax Obligation Transportation Bonds Series 2021A | | | | |
Special Tax Obligation Transportation Bonds Series 2022A | | | | |
Special Tax Obligation Transportation Bonds Series 2022A | | | | |
Special Tax Obligation Transportation Bonds Series 2024A2 | | | | |
Special Tax Obligation Transportation RB Series 2016A | | | | |
Special Tax Obligation Transportation RB Series 2016A | | | | |
Special Tax Obligation Transportation RB Series 2020A | | | | |
Special Tax Obligation Transportation RB Series 2020A | | | | |
Special Tax Obligation Transportation RB Series 2023A | | | | |
Connecticut Health & Educational Facilities Auth |
RB (Quinnipiac Univ) Series L | | | | |
RB (Sacred Heart Univ) Series I1 | | | | |
RB (Yale Univ) Series 2017B1 | | | | |
| | | | |
| | | | |
|
|
| | | | |
Delaware River & Bay Auth |
| | | | |
Delaware Transportation Auth |
| | | | |
| | | | |
DISTRICT OF COLUMBIA 1.7% |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
GO Refunding Bonds Series 2017A | | | | |
GO Refunding Bonds Series 2017A | | | | |
GO Refunding Bonds Series 2021E | | | | |
GO Refunding Bonds Series 2023B | | | | |
GO Refunding Bonds Series 2023B | | | | |
GO Refunding Bonds Series 2023B | | | | |
GO Refunding Bonds Series 2024B | | | | |
GO Refunding Bonds Series 2024B | | | | |
| | | | |
Income Tax RB Series 2019A | | | | |
Income Tax RB Series 2019A | | | | |
Income Tax RB Series 2023A | | | | |
Income Tax Secured RB Series 2019A | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
195
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Income Tax Secured RB Series 2019A | | | | |
Income Tax Secured RB Series 2020A | | | | |
Income Tax Secured RB Series 2020A | | | | |
Income Tax Secured RB Series 2020A | | | | |
Income Tax Secured RB Series 2020A | | | | |
Income Tax Secured RB Series 2020C | | | | |
Income Tax Secured RB Series 2022A | | | | |
Income Tax Secured RB Series 2022A | | | | |
Income Tax Secured RB Series 2022A | | | | |
Income Tax Secured Refunding RB Series 2019C | | | | |
Income Tax Secured Refunding RB Series 2020B | | | | |
Income Tax Secured Refunding RB Series 2022C | | | | |
Income Tax Secured Refunding RB Series 2022C | | | | |
Income Tax Secured Refunding RB Series 2022C | | | | |
Income Tax Secured Refunding RB Series 2022C | | | | |
Income Tax Secured Refunding RB Series 2024A | | | | |
Refunding RB (Georgetown Univ) Series 2017 | | | | |
Refunding RB (Georgetown Univ) Series 2017 | | | | |
District of Columbia Water & Sewer Auth |
Public Utility Sr Lien RB Series 2017A | | | | |
Public Utility Sr Lien RB Series 2018A | | | | |
Public Utility Sr Lien RB Series 2018B | | | | |
Public Utility Sr Lien RB Series 2018B | | | | |
Public Utility Sub Lien Refunding RB Series 2024A | | | | |
District of Columbia Water & Sewer Auth Sub Board |
Public Utility Sub Lien RB Series 2019A | | | | |
Metropolitan Washington Airports Auth |
2nd Sr Lien RB Series 2009B | | | | |
2nd Sr Lien RB Series 2010A | | | | |
Sub Lien Refunding RB Series 2019B | | | | |
Sub Lien Refunding RB Series 2019B | | | | |
Sub Lien Refunding RB Series 2019B | | | | |
Toll Road 2nd Sr Lien RB Series 2009B | | | | |
Toll Road 2nd Sr Lien Refunding RB Series 2022A | | | | |
Washington DC Convention & Sports Auth |
Sr Lien Refunding RB Series 2018A | | | | |
Washington Metropolitan Transit Auth |
| | | | |
| | | | |
Dedicated RB Series 2021A | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
196
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
|
|
Airport System RB Series 2012Q1 | | | | |
Water & Sewer Utility RB Series 2019A | | | | |
Water & Sewer Utility RB Series 2019A | | | | |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
|
Utility Improvement Assessment Bonds Series 2023 | | | | |
Central Florida Expressway Auth |
| | | | |
| | | | |
| | | | |
| | | | |
Sr Lien Refunding RB Series 2016A | | | | |
Sr Lien Refunding RB Series 2016B | | | | |
Sr Lien Refunding RB Series 2016B | | | | |
Sr Lien Refunding RB Series 2016B | | | | |
Sr Lien Refunding RB Series 2016B | | | | |
Sr Lien Refunding RB Series 2016B | | | | |
Sr Lien Refunding RB Series 2016B | | | | |
Sr Lien Refunding RB Series 2016B | | | | |
Sr Lien Refunding RB Series 2017 | | | | |
Sr Lien Refunding RB Series 2021 | | | | |
Sr Lien Refunding RB Series 2021 | | | | |
Sr Lien Refunding RB Series 2021 | | | | |
Sr Lien Refunding RB Series 2021 | | | | |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Florida Dept of Mgmt Services |
Refunding COP Series 2018A | | | | |
Florida Higher Educational Facilities Financing Auth |
Refunding RB (Rollins College) Series 2020A | | | | |
Florida Insurance Assistance Interlocal Agency |
Insurance Assessment RB Series 2023A1 | | | | |
Insurance Assessment RB Series 2023A1 | | | | |
Florida Municipal Power Agency |
Power Supply Refunding RB Series 2016A | | | | |
Power Supply Refunding RB Series 2016A | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
197
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Florida State Board of Education |
Lottery Refunding RB Series 2017A | | | | |
Public Education Capital Outlay Refunding Bonds Series 2021B | | | | |
Public Education Capital Outlay Refunding Bonds Series 2021B | | | | |
Public Education Capital Outlay Refunding Bonds Series 2022B | | | | |
Public Education Capital Outlay Refunding Bonds Series 2022C | | | | |
Refunding RB Series 2016B | | | | |
Florida State Turnpike Auth |
| | | | |
Turnpike Refunding RB Series 2022A | | | | |
|
Utility System Refunding RB Series 2019A | | | | |
Fort Pierce Utilities Authority |
Utilities Refunding RB Series 2022A | | | | |
|
| | | | |
Utilities System RB Series 2017A | | | | |
Utilities System RB Series 2017A | | | | |
|
| | | | |
| | | | |
Hillsborough Cnty Aviation Auth |
| | | | |
|
Refunding RB Series 2023A | | | | |
|
Electric System RB Series 2017B | | | | |
Electric System RB Series 3-2017B | | | | |
Electric System RB Series 3-2024A | | | | |
Electric System Sub RB Series 2017B | | | | |
JEA FLA Water & Sewer System |
Water & Sewer System RB Series 2017A | | | | |
Water & Sewer System RB Series 2024A | | | | |
|
Energy System RB Series 2021 | | | | |
|
| | | | |
|
| | | | |
| | | | |
|
| | | | |
|
GO Refunding Bonds Series 2019 | | | | |
Water & Sewer Refunding RB Series 2017 | | | | |
|
Aviation Refunding RB Series 2015A | | | | |
Aviation Refunding RB Series 2016A | | | | |
Facilities Tax RB Series 2009C | | | | |
| | | | |
198
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
GO Refunding Bonds Series 2015B | | | | |
GO Refunding Bonds Series 2016A | | | | |
| | | | |
Refunding RB Series 2009A | | | | |
Seaport Refunding RB Series 2021A2 | | | | |
Sub Special Obligation Refunding Bonds Series 2016 | | | | |
Sub Water & Sewer System RB Series 2021 | | | | |
Transit System Sales Surtax RB Series 2022 | | | | |
Transit System Sales Surtax RB Series 2022 | | | | |
Transit System Sales Surtax RB Series 2022 | | | | |
Transit System Sales Surtax RB Series 2022 | | | | |
Water & Sewer System RB Series 2017A | | | | |
Water & Sewer System RB Series 2017A | | | | |
Water & Sewer System RB Series 2017A | | | | |
Water & Sewer System RB Series 2019B | | | | |
Water & Sewer System RB Series 2021 | | | | |
Water & Sewer System RB Series 2021 | | | | |
Water & Sewer System RB Series 2021 | | | | |
Water & Sewer System RB Series 2021 | | | | |
Water & Sewer System RB Series 2021 | | | | |
Water & Sewer System RB Series 2024A | | | | |
Water & Sewer System Refunding RB Series 2015 | | | | |
Water & Sewer System Refunding RB Series 2015 | | | | |
Water & Sewer System Refunding RB Series 2017B | | | | |
Water & Sewer System Refunding RB Series 2017B | | | | |
Water & Sewer System Refunding RB Series 2024B | | | | |
Miami-Dade Cnty Educational Facilities Auth |
RB (Univ of Miami) Series 2018A | | | | |
Refunding RB (Univ of Miami) Series 2015A | | | | |
Refunding RB (Univ of Miami) Series 2024A | | | | |
Miami-Dade Cnty Expressway Auth |
Toll System RB Series 2014A | | | | |
Toll System RB Series 2014A | | | | |
|
| | | | |
| | | | |
Miami-Dade Cnty Transit System |
Transit System Sales Surtax Refunding RB Series 2017 | | | | |
|
| | | | |
| | | | |
| | | | |
|
| | | | |
| | | | |
| | | | |
|
| | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
199
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Orlando Utilities Commission |
Utility System Refunding RB Series 2013A | | | | |
Utility System Refunding RB Series 2024B | | | | |
|
Transportation Refunding RB Series 2019A1 | | | | |
Palm Beach Cnty School Board |
| | | | |
| | | | |
| | | | |
| | | | |
|
Water & Sewer RB Series 2014B | | | | |
|
Refunding Bonds Series 2016 | | | | |
South Florida Water Management District COP |
Refunding COP Series 2015 | | | | |
|
Revenue & Refunding Bonds (Univ of Tampa) Series 2020A | | | | |
Tax Allocation RB ( H Lee Moffitt Cancer Center) Series 2020A | | | | |
Water & Wastewater RB Series 2022A | | | | |
Water & Wastewater RB Series 2024 | | | | |
|
Utility System RB Series 2022 | | | | |
Utility System Refunding RB Series 2001A | | | | |
Utility System Refunding RB Series 2015A | | | | |
| | | | |
|
|
Water & Wastewater RB Series 2018B | | | | |
Water & Wastewater RB Series 2043 | | | | |
Water & Wastewater Refunding RB Series 2015 | | | | |
Water & Wastewater Refunding RB Series 2015 | | | | |
Water & Wastewater Refunding RB Series 2015 | | | | |
Water & Wastewater Refunding RB Series 2015 | | | | |
Water & Wastewater Refunding RB Series 2015 | | | | |
Water & Wastewater Refunding RB Series 2018B | | | | |
|
Airport Facility Sub Lien RB Series 2019C | | | | |
| | | | |
Airport Refunding RB Series 2020A | | | | |
Airport Refunding RB Series 2020A | | | | |
|
| | | | |
|
Water & Sewerage 2nd Resolution Refunding RB Series 2012 | | | | |
|
Water & Sewer 2nd Resolution RB Series 2022 | | | | |
Water & Sewer 2nd Resolution RB Series 2022 | | | | |
200
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
|
Water & Sewerage RB Series 2020A | | | | |
Water & Sewerage RB Series 2020A | | | | |
Water & Sewerage RB Series 2020A | | | | |
Gainesville & Hall Cnty Hospital Auth |
| | | | |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
GO Refunding Bonds Series 2016C | | | | |
GO Refunding Bonds Series 2016E | | | | |
GO Refunding Bonds Series 2022C | | | | |
GO Refunding Bonds Series 2022C | | | | |
Georgia Municipal Electric Auth |
Plant Vogtle Units 3 & 4 Project J Bonds Series 2023A | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Georgia State Road & Tollway Auth |
Highway Grant Anticipation RB Series 2020 | | | | |
| | | | |
|
| | | | |
| | | | |
Sales Tax GO Bonds Series 2022B | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
201
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Metropolitan Atlanta Rapid Transit Auth |
Sales Tax RB Series 2017C | | | | |
Sales Tax Refunding RB Series 2016B | | | | |
Sales Tax Refunding RB Series 2017C | | | | |
|
Water & Sewerage Improvement Refunding RB Series 2016 | | | | |
Private Colleges & Universities Auth |
RB (Emory Univ) Series 2019A | | | | |
RB (Emory Univ) Series 2020B | | | | |
RB (Emory Univ) Series 2020B | | | | |
RB (Emory Univ) Series 2020B | | | | |
RB (Emory Univ) Series 2022A | | | | |
RB (Emory Univ) Series 2023B | | | | |
Sandy Springs Public Facilities Auth |
| | | | |
| | | | |
|
|
Airport System RB Series 2018D | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
GO Refunding Bonds Series 2016FE | | | | |
GO Refunding Bonds Series 2016FH | | | | |
GO Refunding Bonds Series 2016FH | | | | |
GO Refunding Bonds Series 2016FH | | | | |
|
2nd Resolution Jr Wastewater System Refunding RB Series 2024A | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Wastewater System Sr RB Series 2022A | | | | |
Honolulu City & Cnty Wastewater System |
Sr Wastewater System RB Series 2015A | | | | |
| | | | |
|
|
Sales Tax Education RB Series 2024A | | | | |
Sales Tax Education RB Series 2024A | | | | |
Sales Tax Education RB Series 2024A | | | | |
Sales Tax Education RB Series 2024A | | | | |
202
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Idaho Housing & Finance Assoc |
Grant Anticipation RB Series 2021A | | | | |
Sales Tax RB Series 2024A | | | | |
| | | | |
|
|
2nd Lien Transmission RB Series 2008C | | | | |
2nd Lien Water RB Series 2000 | | | | |
2nd Lien Water Refunding RB Series 2023B | | | | |
2nd Lien Water Refunding RB Series 2023B | | | | |
2nd Lien Water Refunding RB Series 2023B | | | | |
2nd Lien Water Refunding RB Series 2023B | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
GO Refunding Bonds Series 2020A | | | | |
GO Refunding Bonds Series 2020A | | | | |
GO Refunding Bonds Series 2024B | | | | |
O’Hare General Airport Sr Lien Refunding RB Series 2016B | | | | |
Chicago Board of Education |
Dedicated Tax Bonds Series 2016 | | | | |
Dedicated Tax Bonds Series 2016 | | | | |
Dedicated Tax Bonds Series 2023 | | | | |
|
Sr Lien Airport Refunding RB Series 2023B | | | | |
Chicago O’Hare International Airport |
OHare General Airport Sr Lien RB Series 2018B | | | | |
OHare General Airport Sr Lien RB Series 2018B | | | | |
OHare General Airport Sr Lien RB Series 2018B | | | | |
OHare General Airport Sr Lien RB Series 2018B | | | | |
OHare General Airport Sr Lien RB Series 2022A | | | | |
OHare General Airport Sr Lien RB Series 2024B | | | | |
OHare General Airport Sr Lien RB Series 2024B | | | | |
OHare General Airport Sr Lien Refunding RB Series 2015B | | | | |
OHare General Airport Sr Lien Refunding RB Series 2015B | | | | |
OHare General Airport Sr Lien Refunding RB Series 2015B | | | | |
OHare General Airport Sr Lien Refunding RB Series 2015B | | | | |
OHare General Airport Sr Lien Refunding RB Series 2015B | | | | |
OHare General Airport Sr Lien Refunding RB Series 2015B | | | | |
OHare General Airport Sr Lien Refunding RB Series 2016C | | | | |
OHare General Airport Sr Lien Refunding RB Series 2017B | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
203
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
OHare General Airport Sr Lien Refunding RB Series 2017B | | | | |
OHare General Airport Sr Lien Refunding RB Series 2018B | | | | |
OHare General Airport Sr Lien Refunding RB Series 2020A | | | | |
OHare General Airport Sr Lien Refunding RB Series 2020A | | | | |
OHare General Airport Sr Lien Refunding RB Series 2020A | | | | |
OHare General Airport Sr Lien Refunding RB Series 2020A | | | | |
OHare General Airport Sr Lien Refunding RB Series 2022D | | | | |
OHare General Airport Sr Lien Refunding RB Series 2024D | | | | |
OHare General Airport St Lien RB Series 2022B | | | | |
Chicago Transit Auth Sales Tax |
2nd Lien Sales Tax RB Series 2017 | | | | |
2nd Lien Sales Tax RB Series 2020A | | | | |
2nd Lien Sales Tax RB Series 2020A | | | | |
2nd Lien Sales Tax RB Series 2020A | | | | |
2nd Lien Sales Tax RB Series 2022A | | | | |
| | | | |
|
GO Refunding Bonds Series 2016A | | | | |
GO Refunding Bonds Series 2021A | | | | |
GO Refunding Bonds Series 2021A | | | | |
GO Refunding Bonds Series 2022A | | | | |
Sales Tax RB Series 2021A | | | | |
Cook Cnty Sales Tax Revenue |
Sales Tax RB Series 2021A | | | | |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
204
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
GO Refunding Bonds Series 2016 | | | | |
GO Refunding Bonds Series 2016 | | | | |
GO Refunding Bonds Series 2016 | | | | |
GO Refunding Bonds Series 2018A | | | | |
GO Refunding Bonds Series 2022B | | | | |
GO Refunding Bonds Series 2022B | | | | |
GO Refunding Bonds Series 2023D | | | | |
GO Refunding Bonds Series 2023D | | | | |
GO Refunding Bonds Series 2023D | | | | |
GO Refunding Bonds Series 2023D | | | | |
GO Refunding Bonds Series 2023D | | | | |
GO Refunding Bonds Series 2023D | | | | |
GO Refunding Bonds Series 2023D | | | | |
GO Refunding Bonds Series 2024 | | | | |
GO Refunding Bonds Series 2024 | | | | |
GO Refunding Bonds Series 2024 | | | | |
Jr Obligation Sales Tax RB Series 2024A | | | | |
Jr Sales Tax RB Series 2024A | | | | |
Jr Sales Tax RB Series 2024B | | | | |
Jr Sales Tax RB Series 2024B | | | | |
|
Clean Water Revolving Fund RB Series 2017 | | | | |
Clean Water Revolving Fund RB Series 2017 | | | | |
Clean Water Revolving Fund RB Series 2017 | | | | |
Clean Water Revolving Fund RB Series 2017 | | | | |
Clean Water Revolving Fund RB Series 2020 | | | | |
Clean Water Revolving Fund RB Series 2020 | | | | |
RB (Univ of Chicago) Series 2021A | | | | |
RB (Univ of Chicago) Series 2023A | | | | |
RB (Univ of Chicago) Series 2023A | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
205
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
RB (Univ of Chicago) Series 2024A | | | | |
RB (Univ of Chicago) Series 2024B | | | | |
Illinois Municipal Electric Agency |
Power System Refunding RB Series 2015A | | | | |
Illinois Toll Highway Auth |
Toll Highway Refunding RB Series 2018A | | | | |
Toll Highway Sr RB Series 2014C | | | | |
Toll Highway Sr RB Series 2015A | | | | |
Toll Highway Sr RB Series 2015A | | | | |
Toll Highway Sr RB Series 2015B | | | | |
Toll Highway Sr RB Series 2016B | | | | |
Toll Highway Sr RB Series 2017A | | | | |
Toll Highway Sr RB Series 2020A | | | | |
Toll Highway Sr RB Series 2021A | | | | |
Toll Highway Sr RB Series 2021A | | | | |
Toll Highway Sr RB Series 2021A | | | | |
Toll Highway Sr RB Series 2021A | | | | |
Toll Highway Sr RB Series 2023A | | | | |
Toll Highway Sr RB Series 2024A | | | | |
Toll Highway Sr Refunding RB Series 2016A | | | | |
Toll Highway Sr Refunding RB Series 2016A | | | | |
Toll Highway Sr Refunding RB Series 2019B | | | | |
Toll Highway Sr Refunding RB Series 2019C | | | | |
Toll Highway Sr Refunding RB Series 2019C | | | | |
Toll Highway Sr Refunding RB Series 2024A | | | | |
Toll Highway Sr Refunding RB Series 2024A | | | | |
Toll Highway Sr Refunding RB Series 2024A | | | | |
Toll Highway Sr Refunding RB Series 2024A | | | | |
Lincoln-Way Community Unit SD #210 |
| | | | |
Metropolitan Pier & Exposition Auth |
Dedicated State Tax RB Series 2002A | | | | |
| | | | |
RB (McCormick Place Expansion) Series 2002A | | | | |
RB (McCormick Place Expansion) Series 2002A | | | | |
RB (McCormick Place Expansion) Series 2002A | | | | |
RB (McCormick Place Expansion) Series 2002A | | | | |
RB (McCormick Place Expansion) Series 2015A | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Refunding Bonds (McCormick Place Expansion) Series 1994A | | | | |
Refunding Bonds (McCormick Place Expansion) Series 2010B1 | | | | |
Refunding Bonds (McCormick Place Expansion) Series 2010B1 | | | | |
Refunding Bonds (McCormick Place Expansion) Series 2012B | | | | |
Refunding Bonds (McCormick Place Expansion) Series 2012B | | | | |
Refunding Bonds (McCormick Place Expansion) Series 2017B | | | | |
206
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Refunding Bonds (McCormick Place Expansion) Series 2020A | | | | |
Refunding Bonds (McCormick Place Expansion) Series 2020A | | | | |
Refunding Bonds (McCormick Place Expansion) Series 2024B | | | | |
Refunding Bonds Series 2010B-1 | | | | |
Refunding Bonds Series 2022A | | | | |
Refunding RB 2nd Series 2022A | | | | |
Metropolitan Water Reclamation District of Greater Chicago |
LT GO Refunding Bonds Series 2007C | | | | |
ULT GO Bonds Series 2016C | | | | |
ULT GO Refunding Bonds Series 2016A | | | | |
ULT GO Refunding Bonds Series 2016A | | | | |
Northern Illinois Municipal Power Agency |
Refunding RB Series 2016A | | | | |
|
| | | | |
Sales Tax Securitization Corp |
2nd Lien Sales Tax Bonds Series 2020A | | | | |
2nd Lien Sales Tax RB Series 2020A | | | | |
2nd Lien Sales Tax RB Series 2020A | | | | |
2nd Lien Sales Tax RB Series 2021A | | | | |
2nd Lien Sales Tax RB Series 2021A | | | | |
2nd Lien Sales Tax RB Series 2021A | | | | |
2nd Lien Sales Tax Refunding Bonds Series 2023C | | | | |
2nd Lien Sales Tax Refunding RB Series 2023A | | | | |
2nd Lien Sales Tax Securitization Bonds Series 2020A | | | | |
2nd Lien Sales Tax Securitization Bonds Series 2020A | | | | |
Sales Tax Securitization Bonds Series 2018C | | | | |
|
GO Refunding Bonds Series 2013A | | | | |
|
Sr Lien Electric Refunding RB Series 2015 | | | | |
|
Auxiliary Facilities System RB Series 2018A | | | | |
|
| | | | |
| | | | |
|
Hamilton Cnty Ind Public Building Corp |
| | | | |
|
1st Lien Wastewater Utility Refunding RB Series 2021-1 | | | | |
1st Lien Wastewater Utility Refunding RB Series 2021-1 | | | | |
Highway Refunding RB Series 2016C | | | | |
Highway Refunding RB Series 2016C | | | | |
Lease Appropriation Refunding Bonds Series 2022A | | | | |
Lease Appropriation Refunding Bonds Series 2022A | | | | |
Lease Appropriation Refunding Bonds Series 2022A | | | | |
Lease Appropriation Refunding Bonds Series 2022A | | | | |
Lease Appropriation Refunding RB Series 2022A | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
207
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
State Revolving Fund RB Series 2019A | | | | |
State Revolving Fund RB Series 2019A | | | | |
State Revolving Fund Refunding Bonds Series 2017C | | | | |
Indiana Muni Power Agency |
Power Supply System Refunding RB Series 2016A | | | | |
|
| | | | |
Indianapolis Local Public Improvement Bond Bank |
Courthouse & Jail RB Series 2019A | | | | |
| | | | |
| | | | |
| | | | |
|
|
Special Obligation Refunding RB Series 2016A | | | | |
Special Obligation Refunding RB Series 2019A | | | | |
|
State Revolving Fund RB Series 2017 | | | | |
State Revolving Fund RB Series 2023A | | | | |
State Revolving Fund RB Series 2023A | | | | |
Iowa Higher Education Loan Auth |
RB (Grinnell College) Series 2017 | | | | |
| | | | |
|
Ellis Cnty Kansas USD #489 |
GO Refunding & Improvement Bonds Series 2022B | | | | |
Kansas Dept of Transportation |
| | | | |
| | | | |
Highway Refunding RB Series 2024A | | | | |
Wyandotte Cnty USD No 500 |
| | | | |
| | | | |
|
|
Facilities RB Series 2018 | | | | |
Kentucky Economic Development Finance Auth |
Refunding RB Series 2017A | | | | |
Kentucky Municipal Power Agency |
Power System Refunding RB Series 2015A | | | | |
Kentucky State Property & Buildings Commission |
| | | | |
| | | | |
| | | | |
| | | | |
208
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
|
Economic Development Road Refunding RB Series 2017B | | | | |
Louisville & Jefferson Cnty Metro Sewer District |
Sewer & Drainage System RB Series 2023C | | | | |
Louisville & Jefferson Cnty Visitors & Convention Commission |
| | | | |
Scott Cnty SD Finance Corp |
| | | | |
| | | | |
|
East Baton Rouge Sewerage Commission |
Refunding RB Series 2019A | | | | |
Refunding RB Series 2019A | | | | |
|
GO Refunding Bonds Series 2016B | | | | |
GO Refunding Bonds Series 2016B | | | | |
GO Refunding Bonds Series 2023A | | | | |
Refunding RB Bonds Series 2015A | | | | |
Louisiana Citizens Property Insurance Corp |
Refunding RB Series 2016A | | | | |
Louisiana Local Government Environmental Facilities & Community Development Auth |
Insurance Assessment RB Series 2022B | | | | |
Insurance Assessment RB Series 2022B | | | | |
| | | | |
| | | | |
Louisiana Public Facilities Auth |
RB (Loyola Univ) Series 2023A | | | | |
Refunding RB (Tulane Univ) Series 2020A | | | | |
Louisiana Stadium & Exposition District |
| | | | |
|
Water & Sewer Jr Lien RB Series 2019B | | | | |
| | | | |
|
|
Wastewater RB Series 2019A | | | | |
Wastewater Sub RB Series 2017A | | | | |
| | | | |
|
| | | | |
|
| | | | |
GO Bonds 1st Series 2017A | | | | |
| | | | |
GO Bonds 1st Series 2020A | | | | |
GO Bonds 1st Series 2021A | | | | |
GO Bonds 1st Series 2021A | | | | |
GO Bonds 1st Series 2022A | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
209
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
GO Bonds 1st Series 2022A | | | | |
GO Bonds 1st Series 2023A | | | | |
GO Bonds 1st Series 2023A | | | | |
GO Bonds 1st Series 2024A | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
GO Bonds 2nd Series 2017A | | | | |
GO Bonds 2nd Series 2017A | | | | |
GO Bonds 2nd Series 2017A | | | | |
GO Bonds 2nd Series 2017A | | | | |
GO Bonds 2nd Series 2017A | | | | |
GO Bonds 2nd Series 2019A | | | | |
GO Bonds 2nd Series 2019A | | | | |
GO Bonds 2nd Series 2019A | | | | |
Go Bonds 2nd Series 2020A | | | | |
GO Bonds 2nd Series 2020A | | | | |
GO Bonds 2nd Series 2020A | | | | |
| | | | |
| | | | |
GO Refunding Bonds 2nd Series B | | | | |
GO Refunding Bonds Series 2017B | | | | |
| | | | |
| | | | |
Refunding Bonds 2nd Series 2020B | | | | |
Refunding Bonds 2nd Series 2021D | | | | |
ULT GO Bonds Series 2017B | | | | |
ULT GO Refunding Bonds 1st Series 2017C | | | | |
Maryland Dept of Transportation |
Consolidated Transportation Bonds Series 2017 | | | | |
Consolidated Transportation Bonds Series 2018 | | | | |
Consolidated Transportation Bonds Series 2019 | | | | |
Consolidated Transportation Bonds Series 2019 | | | | |
Consolidated Transportation Bonds Series 2019 | | | | |
Consolidated Transportation Bonds Series 2021A | | | | |
Consolidated Transportation Bonds Series 2021A | | | | |
Transportation Bonds Series 2018 | | | | |
Transportation Bonds Series 2019 | | | | |
Transportation Bonds Series 2019 | | | | |
Maryland Stadium Authority |
| | | | |
| | | | |
| | | | |
Maryland Transportation Auth |
Transportation Facilities RB Series 2020 | | | | |
Transportation Facilities RB Series 2021A | | | | |
Transportation Facilities Refunding RB Series 2024A | | | | |
210
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Transportation Facilities Refunding RB Series 2024A | | | | |
Transportation Facilities Refunding RB Series 2024A | | | | |
|
GO Refunding Bonds Series 2017C | | | | |
GO Refunding Bonds Series 2024B | | | | |
|
| | | | |
| | | | |
Washington Suburban Sanitary District |
| | | | |
| | | | |
|
|
Commonwealth Transportation Fund RB Series 2023A | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
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| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
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| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
211
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
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| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
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| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
GO Refunding Bonds Series 2015A | | | | |
Go Refunding Bonds Series 2016B | | | | |
GO Refunding Bonds Series 2016B | | | | |
GO Refunding Bonds Series 2016B | | | | |
GO Refunding Bonds Series 2016B | | | | |
GO Refunding Bonds Series 2016C | | | | |
GO Refunding Bonds Series 2017C | | | | |
GO Refunding Bonds Series 2017C | | | | |
GO Refunding Bonds Series 2017E | | | | |
GO Refunding Bonds Series 2017E | | | | |
GO Refunding Bonds Series 2018B | | | | |
GO Refunding Bonds Series 2020B | | | | |
GO Refunding Bonds Series 2020D | | | | |
GO Refunding Bonds Series 2022A | | | | |
GO Refunding Bonds Series 2022A | | | | |
GO Refunding Bonds Series 2022A | | | | |
212
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Go Refunding Bonds Series 2024A | | | | |
Go Refunding Bonds Series 2024A | | | | |
GO Refunding Bonds Series 2024A | | | | |
GO Refunding Bonds Series 2024A | | | | |
GO Refunding Bonds Series 2024B | | | | |
Highway Notes Series 2014A | | | | |
Special Obligation Refunding RB Series 2005 | | | | |
Special Obligation Refunding RB Series 2005 | | | | |
Massachusetts Bay Transportation Auth |
Assessment Bonds Series 2016A | | | | |
Assessment Bonds Series 2022A1 | | | | |
Assessment Bonds Series 2022A1 | | | | |
Assessment Bonds Series 2022A2 | | | | |
| | | | |
Sr Sales Tax Bonds Series 2005A | | | | |
Sr Sales Tax Bonds Series 2005A | | | | |
Sr Sales Tax Bonds Series 2007A1 | | | | |
Sr Sales Tax Bonds Series 2016A | | | | |
Sr Sales Tax Bonds Series 2023A1 | | | | |
Sr Sales Tax Bonds Series 2023A1 | | | | |
Sr Sales Tax Bonds Series 2024A | | | | |
Sr Sales Tax Bonds Series 2024A | | | | |
Sub Sales Tax BAN RB Series 2021 | | | | |
Sub Sales Tax Bonds Series 2021A1 | | | | |
Massachusetts Dept of Transportation |
Highway System Sub Refunding RB Series 2018A | | | | |
Metropolitan Highway System Sr Refunding RB Series 2019A | | | | |
Sr Highway System Refunding RB Series 2019A | | | | |
Sr Highway System Refunding RB Series 2019A | | | | |
Sr Highway System Refunding RB Series 2019A | | | | |
Massachusetts Development Finance Agency |
RB (Boston College) Series 2017T | | | | |
RB (Boston College) Series 2021V | | | | |
RB (Emerson College) Series 2016A | | | | |
RB (Harvard Univ) Series 2016A | | | | |
RB (Harvard Univ) Series 2016A | | | | |
RB (Harvard Univ) Series 2016A | | | | |
RB (Harvard Univ) Series 2016A | | | | |
RB (Harvard Univ) Series 2016A | | | | |
RB (Harvard Univ) Series 2016A | | | | |
RB (Harvard Univ) Series 2016A | | | | |
RB (Harvard Univ) Series 2016A | | | | |
RB (Harvard Univ) Series 2024B | | | | |
RB (Northeastern Univ) Series 2022 | | | | |
Massachusetts School Building Auth |
Sr Dedicated Sales Tax Bonds Series 2015B | | | | |
Sr Dedicated Sales Tax Refunding Bonds Series 2016C | | | | |
Sr Sales Tax Refunding Bonds Series 2015C | | | | |
Sr Sales Tax Refunding Bonds Series 2016C | | | | |
Sr Sales Tax Refunding RB Series 2016C | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
213
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Sub Sales Tax Bonds Series 2018A | | | | |
Sub Sales Tax Bonds Series 2018B | | | | |
Sub Sales Tax Bonds Series 2019A | | | | |
Massachusetts Transportation Fund |
RB (Rail Enhancement & Accelerated Bridge Programs) Series 2016B | | | | |
RB (Rail Enhancement Program) Series 2022A | | | | |
| | | | |
Refunding RB Series 2016A | | | | |
Refunding RB Series 2016A | | | | |
Refunding RB Series 2021A | | | | |
Massachusetts Turnpike Auth |
| | | | |
Massachusetts Water Resources Auth |
General Refunding RB Series 2007B | | | | |
General Refunding RB Series 2007B | | | | |
General Refunding RB Series 2007B | | | | |
General Refunding RB Series 2016C | | | | |
General Refunding RB Series 2016C | | | | |
General Refunding RB Series 2016C | | | | |
General Refunding RB Series 2016D | | | | |
Refunding RB Series 2016C | | | | |
Refunding RB Series 2017C | | | | |
Univ of Massachusetts Building Auth |
| | | | |
| | | | |
| | | | |
Sr Refunding RB Series 2021-1 | | | | |
Sr Refunding RB Series 2021-1 | | | | |
| | | | |
|
|
ULT GO Refunding Bonds Series 2005A | | | | |
|
Sewage Disposal System 2nd Lien Refunding RB Series 2016C | | | | |
Sewage Disposal System Sr Lien Refunding RB Series 2016B | | | | |
Sewage Disposal System Sr Lien Refunding RB Series 2024A | | | | |
Water Supply System 2nd Lien RB Series 2016B | | | | |
Water Supply System 2nd Lien Refunding RB Series 2016B | | | | |
Water Supply System Sr Lien Refunding RB Series 2016C | | | | |
Water Supply System Sr Lien Refunding RB Series 2016C | | | | |
Water Supply System Sr Lien Refunding RB Series 2016C | | | | |
Water Supply System Sr Lien Refunding RB Series 2024A | | | | |
Water Supply System Sr Lien Refunding RB Series 2024A | | | | |
|
Utility System RB Series 2019A | | | | |
Utility System Refunding RB Series 2024A | | | | |
|
Grant Anticipation Refunding Bonds Series 2016 | | | | |
RB (State Trunk Line Fund) Series 2020B | | | | |
214
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
| | | | |
| | | | |
State Trunk Line Fund Bonds Series 2020B | | | | |
State Trunk Line Fund Bonds Series 2020B | | | | |
State Trunk Line Fund Bonds Series 2020B | | | | |
State Trunk Line Fund Bonds Series 2020B | | | | |
State Trunk Line Fund Bonds Series 2021A | | | | |
|
| | | | |
| | | | |
Refunding RB Series 2015I | | | | |
Refunding RB Series 2015I | | | | |
Refunding RB Series 2015I | | | | |
Refunding RB Series 2016I | | | | |
Refunding RB Series 2016I | | | | |
Refunding RB Series 2016I | | | | |
Refunding RB Series 2016I | | | | |
Refunding RB Series 2019I | | | | |
|
Clean Water Revolving Fund Refunding RB Series 2016B | | | | |
RB (Detroit Water & Sewage 2nd Lien) Series 2015C | | | | |
RB (Public Lighting Auth) Series 2014B | | | | |
Sr Lien RB (Wayne County Criminal Justice Center) Series 2018 | | | | |
|
| | | | |
|
State Trunk Line Fund Bonds Series 2021A | | | | |
State Trunk Line Fund Bonds Series 2021A | | | | |
State Trunk Line Fund Bonds Series 2021A | | | | |
State Trunk Line Fund Bonds Series 2021A | | | | |
State Trunk Line Fund Bonds Series 2023 | | | | |
State Trunk Line Fund Bonds Series 2023 | | | | |
State Trunk Line Fund Bonds Series 2023 | | | | |
State Trunk Line Fund Bonds Series 2023 | | | | |
|
| | | | |
|
| | | | |
| | | | |
|
| | | | |
| | | | |
|
Minneapolis Metropolitan Council |
Grant Anticipation Notes Series 2021C | | | | |
Minneapolis- St. Paul Metropolitan Airports Commission |
Sr Airport Refunding RB Series 2016A | | | | |
Sr Airport Refunding RB Series 2016A | | | | |
Sub Airport RB Series 2024A | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
215
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
GO Refunding Bonds Series 2016D | | | | |
GO Refunding Bonds Series 2017D | | | | |
GO Refunding Bonds Series 2023D | | | | |
GO State Highway Refunding Bonds Series 2023E | | | | |
State General Fund Refunding Bonds Series 2022A | | | | |
State General Fund Refunding Bonds Series 2022A | | | | |
Minnesota Public Facilities Authority |
State Revolving Fund RB Series 2023A | | | | |
State Revolving Fund RB Series 2023A | | | | |
State Revolving Fund RB Series 2023A | | | | |
State Revolving Fund RB Series 2023A | | | | |
State Revolving Fund RB Series 2023A | | | | |
|
| | | | |
| | | | |
|
|
| | | | |
GO Refunding Bonds Series 2017A | | | | |
GO Refunding Bonds Series 2017A | | | | |
GO Refunding Bonds Series 2017A | | | | |
West Ranking Utility Auth |
| | | | |
| | | | |
|
|
Special Obligation Bonds Series 2023A | | | | |
|
| | | | |
Metropolitan St Louis Sewer District |
Wastewater System RB Series 2016c | | | | |
Water System Improvement & Refunding RB Series 2017A | | | | |
Missouri Health & Educational Facilities Auth |
Educational Facilities RB (St Louis Univ) Series 2019A | | | | |
Missouri Highways & Transportation Commission |
1st Lien Refunding Bonds Series 2014A | | | | |
3rd Lien State Road Bonds Series 2022A | | | | |
3rd Lien State Roads RB Series 2022A | | | | |
State Road Bonds Series 2023A | | | | |
216
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Missouri Jt Municipal Electric Utility Commission |
Power Refunding RB (Prairie State) Series 2016A | | | | |
|
Public Utility Refunding RB Series 2015 | | | | |
|
Airport Refunding RB Series 2005 | | | | |
Univ of Missouri Curators |
| | | | |
System Facilities RB Series 2020B | | | | |
| | | | |
|
Nebraska Public Power District |
| | | | |
Omaha Public Power District |
Electric System RB Series 2016A | | | | |
Electric System RB Series 2017A | | | | |
Electric System RB Series 2019A | | | | |
Electric System RB Series 2021A | | | | |
Electric System RB Series 2022A | | | | |
Electric System RB Series 2022A | | | | |
Electric System RB Series 2024A | | | | |
Electric System RB Series 2024B | | | | |
Electric System RB Series 2024B | | | | |
Electric System RB Series 2024C | | | | |
Univ of Nebraska Facilities Corp |
Facilities Program Bonds Series 2021A | | | | |
| | | | |
|
|
Airport System Sub Lien Refunding RB Series 2024A | | | | |
Airport System Sub Refunding RB Series 2019D | | | | |
| | | | |
| | | | |
Refunding RB Series 2019E | | | | |
Stadium GO Bonds Series 2018A | | | | |
|
GO Refunding Bonds Series 2017A | | | | |
Las Vegas Convention & Visitors Auth |
| | | | |
| | | | |
Las Vegas Valley Water District |
Water Improvement GO Bonds Series 2022A | | | | |
Water Improvement GO Refunding Bonds Series 2016A | | | | |
Water LT GO Refunding Bonds Series 2024A | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
217
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
|
Highway Improvement RB (Motor Vehicle Fuel Tax) Series 2017 | | | | |
Highway Improvement RB Series 2017 | | | | |
LT GO Refunding Bonds Series 2015D | | | | |
| | | | |
|
Garden State Preservation Trust |
Open Space & Farmland Bonds Series 2003B | | | | |
Gloucester Cnty Improvement Auth |
RB (Rowan Univ) Series 2024 | | | | |
Hudson Cnty Improvement Auth |
Lease RB (Hudson Cnty Courthouse) Series 2020 | | | | |
| | | | |
Middlesex Cnty Improvement Auth |
| | | | |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
New Jersey Economic Development Auth |
GO Refunding Bonds Series 2016BBB | | | | |
GO Refunding Bonds Series 2024SSS | | | | |
| | | | |
Motor Vehicle Surcharge Sub Refunding RB Series 2017A | | | | |
| | | | |
Refunding Bonds Series 2005N1 | | | | |
Refunding Bonds Series 2023RRR | | | | |
Refunding RB Series 2015XX | | | | |
Refunding RB Series 2015XX | | | | |
Refunding RB Series 2016BBB | | | | |
School Facilities Construction Bonds Series 2021QQQ | | | | |
School Facilities Construction RB Series 2015WW | | | | |
School Facilities Construction RB Series 2017DDD | | | | |
School Facilities Construction RB Series 2021QQQ | | | | |
School Facilities Construction Refunding Bonds Series 2023RRR | | | | |
State Lease RB Series 2018A | | | | |
Transportation Bonds Series 2022A | | | | |
Transportation Refunding RB Series 2017B | | | | |
New Jersey Educational Facilities Auth |
RB (Princeton Univ) Series 2024A1 | | | | |
RB (Princeton Univ) Series 2024B | | | | |
RB (Princeton Univ) Series 2024B | | | | |
Refunding Bonds (Princeton Univ) Series 2022A | | | | |
218
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Refunding RB (Princeton Univ) Series 2017B | | | | |
Refunding RB (Princeton Univ) Series 2024C | | | | |
Refunding RB Series 2017B | | | | |
New Jersey Transportation Trust Fund Auth |
Federal Highway Reimbursement Revenue Notes Series 2016A-1 | | | | |
| | | | |
| | | | |
| | | | |
Refunding RB Series 2018A | | | | |
Transportation Bonds Series 2018A | | | | |
Transportation Bonds Series 2019BB | | | | |
Transportation Bonds Series 2019BB | | | | |
Transportation Bonds Series 2019BB | | | | |
Transportation Bonds Series 2020AA | | | | |
Transportation Bonds Series 2022CC | | | | |
Transportation Bonds Series 2022CC | | | | |
Transportation Bonds Series 2023AA | | | | |
Transportation Bonds Series 2023BB | | | | |
Transportation Bonds Series 2023BB | | | | |
Transportation Bonds Series 2023BB | | | | |
Transportation Program Bonds Series 2014AA | | | | |
Transportation Program Bonds Series 2014AA | | | | |
Transportation Program Bonds Series 2014AA | | | | |
Transportation Program Bonds Series 2020AA | | | | |
Transportation Program Bonds Series 2020AA | | | | |
Transportation Program Bonds Series 2022BB | | | | |
Transportation Program Bonds Series 2022CC | | | | |
Transportation Program Bonds Series 2022CC | | | | |
Transportation Program Bonds Series 2023AA | | | | |
Transportation Program Bonds Series 2024AA | | | | |
Transportation Program Bonds Series 2024CC | | | | |
Transportation Program Bonds Series 2024CC | | | | |
Transportation Program Bonds Series 2024CC | | | | |
Transportation Program Notes Series 2014 BB1 | | | | |
Transportation RB Series 2010A | | | | |
Transportation RB Series 2018A | | | | |
Transportation RB Series 2019BB | | | | |
Transportation RB Series 2020AA | | | | |
Transportation RB Series 2020AA | | | | |
Transportation RB Series 2020AA | | | | |
Transportation RB Series 2021A | | | | |
Transportation RB Series 2022CC | | | | |
Transportation RB Series 2023AA | | | | |
Transportation Refunding RB Series 2024A | | | | |
Transportation Refunding RB Series 2024A | | | | |
Transportation Refunding RB Series 2024A | | | | |
Transportation Refunding RB Series 2024AA | | | | |
Transportation System Bond Series 2009A | | | | |
Transportation System Bonds Series 2006C | | | | |
Transportation System Bonds Series 2006C | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
219
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Transportation System Bonds Series 2006C | | | | |
Transportation System Bonds Series 2006C | | | | |
Transportation System Bonds Series 2006C | | | | |
Transportation System Bonds Series 2006C | | | | |
Transportation System Bonds Series 2008A | | | | |
Transportation System Bonds Series 2008A | | | | |
Transportation System Bonds Series 2008A | | | | |
Transportation System Bonds Series 2009A | | | | |
Transportation System Bonds Series 2009A | | | | |
Transportation System Bonds Series 2009A | | | | |
Transportation System Bonds Series 2009A | | | | |
Transportation System Bonds Series 2009C | | | | |
Transportation System Bonds Series 2010A | | | | |
Transportation System Bonds Series 2010A | | | | |
Transportation System Bonds Series 2010A | | | | |
Transportation System Bonds Series 2018A | | | | |
Transportation System Bonds Series 2019A | | | | |
Transportation System Bonds Series 2021A | | | | |
Transportation System Bonds Series 2021A | | | | |
Transportation System Bonds Series 2021A | | | | |
Transportation System Bonds Series 2022A | | | | |
Transportation System Bonds Series 2023A | | | | |
Transportation System RB Series 2006C | | | | |
Transportation System RB Series 2010A | | | | |
Transportation System RB Series 2010A | | | | |
Transportation System RB Series 2010A | | | | |
Transportation System RB Series 2021A | | | | |
Transportation System RB Series 2021A | | | | |
|
Turnpike RB Series 2004C2 | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
220
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Turnpike Refunding RB Series 2005A | | | | |
Turnpike Refunding RB Series 2005A | | | | |
Turnpike Refunding RB Series 2005D3 | | | | |
South Jersey Transportation Auth |
Transportation System RB Series 2022A | | | | |
Transportation System RB Series 2022A | | | | |
| | | | |
|
|
| | | | |
Severance Tax Bonds Series 2021A | | | | |
Severance Tax Bonds Series 2021A | | | | |
Severance Tax Bonds Series 2021A | | | | |
Severance Tax Bonds Series 2022B | | | | |
| | | | |
|
State Transportation Sub Lien RB Series 2021A | | | | |
State Transportation Sub Lien Refunding RB Series 2018A | | | | |
Transportation Sub Lien RB Series 2021A | | | | |
| | | | |
|
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Hudson Yards Infrastructure |
2nd Indenture RB Fiscal 2017 Series A | | | | |
2nd Indenture RB Fiscal 2017 Series A | | | | |
2nd Indenture RB Fiscal 2017 Series A | | | | |
2nd Indenture RB Fiscal 2017 Series A | | | | |
2nd Indenture RB Fiscal 2017 Series A | | | | |
2nd Indenture RB Fiscal 2017 Series A | | | | |
2nd Indenture RB Fiscal 2017 Series A | | | | |
2nd Indenture RB Fiscal 2017 Series A | | | | |
| | | | |
| | | | |
|
Electric System General RB Series 2000A | | | | |
Electric System General RB Series 2016B | | | | |
Electric System General RB Series 2017 | | | | |
Electric System General RB Series 2021A | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
221
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Electric System General RB Series 2024A | | | | |
Electric System RB Series 2016B | | | | |
Electric System RB Series 2016B | | | | |
Electric System RB Series 2018 | | | | |
Electric System RB Series 2018 | | | | |
Electric System RB Series 2018 | | | | |
Electric System RB Series 2018 | | | | |
Electric System RB Series 2023E | | | | |
Electric System RB Series 2024A | | | | |
Electric System RB Series 2024A | | | | |
Metropolitan Transportation Auth |
Dedicated Tax Fund Bonds Series 2017A | | | | |
Dedicated Tax Fund Bonds Series 2017B1 | | | | |
Dedicated Tax Fund Bonds Series 2022A | | | | |
Dedicated Tax Fund Bonds Series 2024A | | | | |
Dedicated Tax Fund Refunding Bonds Series 2012A | | | | |
Dedicated Tax Fund Refunding Bonds Series 2016A | | | | |
Dedicated Tax Fund Refunding Bonds Series 2016A | | | | |
Dedicated Tax Fund Refunding Bonds Series 2016A | | | | |
| | | | |
| | | | |
Refunding RB Series 2017B | | | | |
Refunding RB Series 2017C2 | | | | |
Transportation RB Series 2013C | | | | |
Transportation RB Series 2015A1 | | | | |
Transportation RB Series 2015B | | | | |
Transportation RB Series 2016A1 | | | | |
Transportation RB Series 2019C | | | | |
Transportation RB Series 2020A1 | | | | |
Transportation RB Series 2020C1 | | | | |
Transportation RB Series 2020C1 | | | | |
Transportation RB Series 2020C1 | | | | |
Transportation RB Series 2020D | | | | |
Transportation RB Series 2020D | | | | |
Transportation Refunding RB Series 2012G3 | | | | |
Transportation Refunding RB Series 2016A2 | | | | |
Transportation Refunding RB Series 2016B | | | | |
Transportation Refunding RB Series 2016B | | | | |
Transportation Refunding RB Series 2016D | | | | |
Transportation Refunding RB Series 2017B | | | | |
Transportation Refunding RB Series 2017C | | | | |
Transportation Refunding RB Series 2017C1 | | | | |
Transportation Refunding RB Series 2017C1 | | | | |
Transportation Refunding RB Series 2017C1 | | | | |
Transportation Refunding RB Series 2017C1 | | | | |
Transportation Refunding RB Series 2017C1 | | | | |
Transportation Refunding RB Series 2017C1 | | | | |
Transportation Refunding RB Series 2017C2 | | | | |
Transportation Refunding RB Series 2017C2 | | | | |
Transportation Refunding RB Series 2017C2 | | | | |
222
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Transportation Refunding RB Series 2017C2 | | | | |
Transportation Refunding RB Series 2017D | | | | |
Transportation Refunding RB Series 2017D | | | | |
Transportation Refunding RB Series 2017D | | | | |
Transportation Refunding RB Series 2017D | | | | |
Transportation Refunding RB Series 2020E | | | | |
Transportation Refunding RB Series 2024A | | | | |
Transportation Refunding RB Series 2024A | | | | |
Transportation Refunding RB Series 2024A | | | | |
Transportation Refunding RB Series 2024A | | | | |
Transportation Refunding RB Series 2024A | | | | |
Transportation Refunding RB Series 2024B | | | | |
|
RB (Univ of Rochester) Series 2017C | | | | |
| | | | |
|
| | | | |
|
| | | | |
GO Refunding Bonds Series 2017C | | | | |
GO Refunding Bonds Series 2017C | | | | |
Nassau Cnty Interim Finance Auth |
Sales Tax RB Series 2021A | | | | |
Sales Tax Secured Bonds Series 2021A | | | | |
Sales Tax Secured Bonds Series 2021A | | | | |
|
GO Bonds Fiscal 2012 Series D-3A | | | | |
GO Bonds Fiscal 20121Series A1 | | | | |
GO Bonds Fiscal 2013 Series F1 | | | | |
GO Bonds Fiscal 2013 Series F3 | | | | |
GO Bonds Fiscal 2015 Series F1 | | | | |
GO Bonds Fiscal 2016 Series C | | | | |
GO Bonds Fiscal 2016 Series C | | | | |
GO Bonds Fiscal 2016 Series C | | | | |
GO Bonds Fiscal 2016 Series E | | | | |
GO Bonds Fiscal 2017 Series A1 | | | | |
GO Bonds Fiscal 2017 Series A1 | | | | |
GO Bonds Fiscal 2017 Series A1 | | | | |
GO Bonds Fiscal 2017 Series B | | | | |
GO Bonds Fiscal 2017 Series B1 | | | | |
Go Bonds Fiscal 2017 Series C | | | | |
GO Bonds Fiscal 2018 Series 1 | | | | |
GO Bonds Fiscal 2018 Series B1 | | | | |
GO Bonds Fiscal 2018 Series B1 | | | | |
GO Bonds Fiscal 2018 Series B1 | | | | |
GO Bonds Fiscal 2018 Series C | | | | |
Go Bonds Fiscal 2018 Series E1 | | | | |
GO Bonds Fiscal 2018 Series E1 | | | | |
GO Bonds Fiscal 2018 Series E1 | | | | |
GO Bonds Fiscal 2018 Series F | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
223
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
GO Bonds Fiscal 2018 Series F1 | | | | |
GO Bonds Fiscal 2018 Series F1 | | | | |
GO Bonds Fiscal 2018 Series F1 | | | | |
GO Bonds Fiscal 2018 Series F1 | | | | |
GO Bonds Fiscal 2018 Series F1 | | | | |
GO Bonds Fiscal 2018 Series F1 | | | | |
GO Bonds Fiscal 2018 Series F1 | | | | |
GO Bonds Fiscal 2019 Series A | | | | |
GO Bonds Fiscal 2019 Series D1 | | | | |
GO Bonds Fiscal 2019 Series D1 | | | | |
GO Bonds Fiscal 2019 Series E | | | | |
GO Bonds Fiscal 2019 Series E | | | | |
GO Bonds Fiscal 2019 Series E | | | | |
GO Bonds Fiscal 2020 Series A1 | | | | |
GO Bonds Fiscal 2020 Series A1 | | | | |
GO Bonds Fiscal 2020 Series A1 | | | | |
GO Bonds Fiscal 2020 Series A1 | | | | |
GO Bonds Fiscal 2020 Series B1 | | | | |
GO Bonds Fiscal 2020 Series B1 | | | | |
GO Bonds Fiscal 2020 Series B1 | | | | |
GO Bonds Fiscal 2020 Series B1 | | | | |
GO Bonds Fiscal 2020 Series C | | | | |
GO Bonds Fiscal 2020 Series C1 | | | | |
GO Bonds Fiscal 2020 Series C1 | | | | |
GO Bonds Fiscal 2020 Series C1 | | | | |
GO Bonds Fiscal 2020 Series C1 | | | | |
GO Bonds Fiscal 2020 Series C1 | | | | |
GO Bonds Fiscal 2020 Series D1 | | | | |
GO Bonds Fiscal 2020 Series D1 | | | | |
GO Bonds Fiscal 2020 Series D1 | | | | |
GO Bonds Fiscal 2020 Series D1 | | | | |
GO Bonds Fiscal 2021 Series 1 | | | | |
GO Bonds Fiscal 2021 Series A1 | | | | |
GO Bonds Fiscal 2021 Series A1 | | | | |
GO Bonds Fiscal 2021 Series A1 | | | | |
GO Bonds Fiscal 2021 Series C | | | | |
GO Bonds Fiscal 2021 Series C | | | | |
GO Bonds Fiscal 2021 Series C | | | | |
GO Bonds Fiscal 2021 Series C | | | | |
GO Bonds Fiscal 2021 Series C | | | | |
GO Bonds Fiscal 2021 Series F | | | | |
GO Bonds Fiscal 2021 Series F1 | | | | |
GO Bonds Fiscal 2021 Series F1 | | | | |
GO Bonds Fiscal 2021 Series F1 | | | | |
GO Bonds Fiscal 2021 Series F1 | | | | |
GO Bonds Fiscal 2022 Series A1 | | | | |
GO Bonds Fiscal 2022 Series A1 | | | | |
GO Bonds Fiscal 2022 Series A1 | | | | |
GO Bonds Fiscal 2022 Series A1 | | | | |
GO Bonds Fiscal 2022 Series B1 | | | | |
224
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
GO Bonds Fiscal 2023 Series A1 | | | | |
GO Bonds Fiscal 2023 Series A1 | | | | |
GO Bonds Fiscal 2023 Series A1 | | | | |
GO Bonds Fiscal 2023 Series B1 | | | | |
GO Bonds Fiscal 2023 Series B1 | | | | |
GO Bonds Fiscal 2023 Series B1 | | | | |
GO Bonds Fiscal 2023 Series B1 | | | | |
GO Bonds Fiscal 2023 Series B1 | | | | |
GO Bonds Fiscal 2023 Series C | | | | |
GO Bonds Fiscal 2023 Series C | | | | |
GO Bonds Fiscal 2023 Series D | | | | |
GO Bonds Fiscal 2023 Series E | | | | |
GO Bonds Fiscal 2023 Series E | | | | |
GO Bonds Fiscal 2023 Series E1 | | | | |
GO Bonds Fiscal 2023 Series F1 | | | | |
GO Bonds Fiscal 2023 Series F1 | | | | |
GO Bonds Fiscal 2023 Series F1 | | | | |
GO Bonds Fiscal 2024 Series A | | | | |
GO Bonds Fiscal 2024 Series A | | | | |
GO Bonds Fiscal 2024 Series A | | | | |
GO Bonds Fiscal 2024 Series C | | | | |
GO Bonds Fiscal 2024 Series C | | | | |
GO Bonds Fiscal 2024 Series D | | | | |
GO Bonds Fiscal 2024 Series D | | | | |
GO Bonds Fiscal 2025 Series A | | | | |
GO Bonds Fiscal 2025 Series A | | | | |
GO Bonds Fiscal 2025 Series C1 | | | | |
GO Bonds Fiscal 2025 Series C1 | | | | |
GO Bonds Fiscal 2025 Series C1 | | | | |
GO Bonds Fiscal 2025 Series C1 | | | | |
GO Bonds Fiscal 2025 Series C1 | | | | |
GO Bonds Fiscal 2025 Series C1 | | | | |
| | | | |
New York City Municipal Water Finance Auth |
Water & Sewer System 2nd General Resolution RB Fiscal 2013 Series BB | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2015 Series FF | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2015 Series GG | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2015 Series HH | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2016 Series BB1 | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2016 Series CC1 | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2016 Series CC1 | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2017 Series AA | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2017 Series EE | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2017 Series EE | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2017 Series EE | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2018 Series BB2 | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2018 Series DD1 | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2018 Series DD2 | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2018 Series EE | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2019 Series FF2 | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
225
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2019 Series FF2 | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2020 Series AA | | | | |
Water & Sewer system 2nd General Resolution RB Fiscal 2020 Series DD3 | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2020 Series EE | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2020 Series FF | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2020 Series FF | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2020 Series GG-1 | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2020 Series GG2 | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2021 Series AA2 | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2021 Series DD | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2021 Series DD | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2021 Series DD | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2023 Series AA3 | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2023 Series DD | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2023 Series DD | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2023 Series DD | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2024 Series AA3 | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2024 Series BB2 | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2024 Series BB2 | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2024 Series CC1 | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2024 Series CC2 | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2025 Series AA1 | | | | |
Water & Sewer System 2nd General Resolution RB Fiscal 2025 Series AA1 | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2013 Series CC | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2015 Series AA | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2015 Series CC | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2015 Series FF | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2015 Series GG | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2015 Series HH | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2017 Series CC1 | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2017 Series DD | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2018 Series CC1 | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2018 Series DD2 | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2018 Series EE | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2018 Series FF | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2019 Series EE2 | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2019 Series FF2 | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2019 Series FF2 | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2020 Series AA | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2020 Series AA | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2020 Series EE | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2020 Series FF | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2020 Series GG1 | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2021 Series AA1 | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2021 Series AA1 | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2021 Series AA2 | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2021 Series AA2 | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2021 Series BB1 | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2021 Series CC2 | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2021 Series DD | | | | |
226
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2021 Series DD | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2022 Series AA1 | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2022 Series AA1 | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2022 Series AA1 | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2022 Series BB1 | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2022 Series BB1 | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2022 Series CC1 | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2022 Series EE | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2023 Series AA1 | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2023 Series DD | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2024 Series BB2 | | | | |
Water & Sewer System 2nd Resolution RB Fiscal 2024 Series BB2 | | | | |
Water & Sewer System RB Fiscal 2016 Series A | | | | |
Water & Sewer System RB Fiscal 2016 Series A | | | | |
New York City Transitional Finance Auth |
Building Aid RB Fiscal 2015 Series S1 | | | | |
Building Aid RB Fiscal 2015 Series S1 | | | | |
Building Aid RB Fiscal 2015 Series S2 | | | | |
Building Aid RB Fiscal 2016 Series S1 | | | | |
Building Aid RB Fiscal 2016 Series S1 | | | | |
Building Aid RB Fiscal 2018 Series S1 | | | | |
Building Aid RB Fiscal 2018 Series S1 | | | | |
Building Aid RB Fiscal 2018 Series S4 | | | | |
Building Aid RB Fiscal 2018 Series S4A | | | | |
Building Aid RB Fiscal 2018 Series S4A | | | | |
Building Aid RB Fiscal 2018 Series S4A | | | | |
Building Aid RB Fiscal 2019 Series S1 | | | | |
Building Aid RB Fiscal 2019 Series S2A | | | | |
Building Aid RB Fiscal 2019 Series S2A | | | | |
Building Aid RB Fiscal 2019 Series S2A | | | | |
Building Aid RB Fiscal 2019 Series S-2A | | | | |
Building Aid RB Fiscal 2019 Series S3 | | | | |
Building Aid RB Fiscal 2019 Series S3A | | | | |
Building Aid RB Fiscal 2019 Series S3A | | | | |
Building Aid RB Fiscal 2019 Series S3A | | | | |
Building Aid RB Fiscal 2019 Series S3A | | | | |
Building Aid RB Fiscal 2019 Series S3A | | | | |
Building Aid RB Fiscal 2019 Series S3A | | | | |
Building Aid RB Fiscal 2022 Series S1 | | | | |
Building Aid RB Fiscal 2022 Series S1A | | | | |
Building Aid RB Fiscal 2022 Series S1A | | | | |
Future Tax Secured Bonds Fiscal 2021 Series D | | | | |
Future Tax Secured Sub Bonds Fiscal 2015 Series C | | | | |
Future Tax Secured Sub Bonds Fiscal 2015 Series C | | | | |
Future Tax Secured Sub Bonds Fiscal 2015 Series E1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2016 Series B1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2016 Series E1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2016 Series E1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2016 Series E1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2016 Series E1 | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
227
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Future Tax Secured Sub Bonds Fiscal 2016 Series E1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2016 Series F3 | | | | |
Future Tax Secured Sub Bonds Fiscal 2016 Series F3 | | | | |
Future Tax Secured Sub Bonds Fiscal 2016 Series F3 | | | | |
Future Tax Secured Sub Bonds Fiscal 2016 Series F3 | | | | |
Future Tax Secured Sub Bonds Fiscal 2016 Series F3 | | | | |
Future Tax Secured Sub Bonds Fiscal 2017 Series A1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2017 Series A1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2017 Series A1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2017 Series A1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2017 Series A1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2017 Series A1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2017 Series B1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2017 Series C | | | | |
Future Tax Secured Sub Bonds Fiscal 2017 Series C | | | | |
Future Tax Secured Sub Bonds Fiscal 2017 Series C | | | | |
Future Tax Secured Sub Bonds Fiscal 2017 Series E1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2017 Series F1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2017 Series F1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2018 Series A2 | | | | |
Future Tax Secured Sub Bonds Fiscal 2018 Series A2 | | | | |
Future Tax Secured Sub Bonds Fiscal 2018 Series A3 | | | | |
Future Tax Secured Sub Bonds Fiscal 2018 Series A3 | | | | |
Future Tax Secured Sub Bonds Fiscal 2018 Series B1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2019 Series A1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2019 Series A1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2019 Series A1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2019 Series B1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2019 Series B1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2019 Series B1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2019 Series B1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2019 Series C1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2019 Series C1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2020 Series A2 | | | | |
Future Tax Secured Sub Bonds Fiscal 2020 Series A2 | | | | |
Future Tax Secured Sub Bonds Fiscal 2020 Series A3 | | | | |
Future Tax Secured Sub Bonds Fiscal 2020 Series A3 | | | | |
Future Tax Secured Sub Bonds Fiscal 2020 Series A3 | | | | |
Future Tax Secured Sub Bonds Fiscal 2020 Series B1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2020 Series B1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2020 Series C1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2020 Series C1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2020 Series C1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2021 Series A | | | | |
Future Tax Secured Sub Bonds Fiscal 2021 Series A | | | | |
Future Tax Secured Sub Bonds Fiscal 2021 Series A | | | | |
Future Tax Secured Sub Bonds Fiscal 2021 Series A | | | | |
Future Tax Secured Sub Bonds Fiscal 2021 Series C1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2021 Series C1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2021 Series C1 | | | | |
228
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Future Tax Secured Sub Bonds Fiscal 2021 Series C1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2021 Series E1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2021 Series E1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2021 Series E1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2021 Series E1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2021 Series F | | | | |
Future Tax Secured Sub Bonds Fiscal 2021 Series F1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2021 Series F1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2021 Series F1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2021 Series F1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2021 Series F1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2022 Series A1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2022 Series A1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2022 Series A1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2022 Series B | | | | |
Future Tax Secured Sub Bonds Fiscal 2022 Series B1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2022 Series B1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2022 Series B1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2022 Series B1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2022 Series B1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2022 Series B1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2022 Series C1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2022 Series C1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2022 Series C1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2022 Series C1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2022 Series F1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2022 Series F1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2022 Series F1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2022 Series F1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2022 Series F1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2023 Series A1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2023 Series A1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2023 Series A1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2023 Series A1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2023 Series A1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2023 Series A1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2023 Series B1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2023 Series B1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2023 Series B1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2023 Series D1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2023 Series D1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2023 Series D1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2023 Series E1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2023 Series E1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2023 Series E1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2023 Series E1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2023 Series E1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2023 Series F1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2024 Series A1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2024 Series A1 | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
229
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Future Tax Secured Sub Bonds Fiscal 2024 Series A1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2024 Series B | | | | |
Future Tax Secured Sub Bonds Fiscal 2024 Series B | | | | |
Future Tax Secured Sub Bonds Fiscal 2024 Series C | | | | |
Future Tax Secured Sub Bonds Fiscal 2024 Series C | | | | |
Future Tax Secured Sub Bonds Fiscal 2024 Series C | | | | |
Future Tax Secured Sub Bonds Fiscal 2024 Series D1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2024 Series D1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2024 Series D1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2024 Series D1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2024 Series D1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2024 Series F1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2024 Series F1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2024 Series G1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2024 Series G1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2024 Series G1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2024 Series G1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2024 Series G1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2025 Series A | | | | |
Future Tax Secured Sub Bonds Fiscal 2025 Series A1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2025 Series A1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2025 Series A1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2025 Series C1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2025 Series C1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2025 Series C1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2025 Series C1 | | | | |
Future Tax Secured Sub Bonds Fiscal 2025 Series D | | | | |
Future Tax Secured Sub Bonds Fiscal 2025 Series D | | | | |
Future Tax Secured Sub Bonds Fiscal 2025 Series E | | | | |
Future Tax Secured Sub Bonds Fiscal 2025 Series E | | | | |
Future Tax Secured Sub Bonds Fiscal 2025 Series E | | | | |
Future Tax Secured Sub Bonds Fiscal 2025 Series E | | | | |
Future Tax Secured Sub RB Fiscal 2017 Series E1 | | | | |
Future Tax Water & Sewer System 2nd Resolution RB Fiscal 2019 Series C1 | | | | |
New York Convention Center Development |
| | | | |
| | | | |
New York Liberty Development Corp |
Liberty Refunding RB Series 1WTC-2021 | | | | |
Refunding RB Series 1WTC2021 | | | | |
|
| | | | |
| | | | |
| | | | |
| | | | |
|
| | | | |
New York State Dormitory Auth |
Dormitory Facilities RB Series 2017A | | | | |
Financing RB Series 2019A | | | | |
230
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Financing RB Series 2024A | | | | |
Financing RB Series 2024A | | | | |
RB (Columbia Univ) Series 2016A2 | | | | |
RB (Columbia Univ) Series 2017A | | | | |
RB (Columbia Univ) Series 2018B | | | | |
RB (Columbia Univ) Series 2020A | | | | |
RB (Cornell Univ) Series 2024A | | | | |
RB (Fordham Univ) Series 2020 | | | | |
RB (Icahn School of Medicine) Series 2015A | | | | |
RB (New School Univ) Series 2016A | | | | |
RB (New York Univ) Series 2015A | | | | |
RB (New York Univ) Series 2016A | | | | |
RB (New York Univ) Series 2016A | | | | |
RB (New York Univ) Series 2016A | | | | |
RB (New York Univ) Series 2016A | | | | |
RB (New York Univ) Series 2017A | | | | |
RB (New York Univ) Series 2019A | | | | |
RB (New York Univ) Series 2021 | | | | |
RB (Rockefeller Univ) Series 2019C | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Refunding RB (Cornell Univ) Series 2020A | | | | |
Refunding RB (Cornell Univ) Series 2020A | | | | |
| | | | |
| | | | |
State Personal Income Tax RB Series 2014E | | | | |
State Personal Income Tax RB Series 2015A | | | | |
State Personal Income Tax RB Series 2015A | | | | |
State Personal Income Tax RB Series 2015A | | | | |
State Personal Income Tax RB Series 2015A | | | | |
State Personal Income Tax RB Series 2015B | | | | |
State Personal Income Tax RB Series 2015B | | | | |
State Personal Income Tax RB Series 2015B | | | | |
State Personal Income Tax RB Series 2015B | | | | |
State Personal Income Tax RB Series 2015E | | | | |
State Personal Income Tax RB Series 2015E | | | | |
State Personal Income Tax RB Series 2016A | | | | |
State Personal Income Tax RB Series 2016A | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
231
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
State Personal Income Tax RB Series 2016A | | | | |
State Personal Income Tax RB Series 2016D | | | | |
State Personal Income Tax RB Series 2017A | | | | |
State Personal Income Tax RB Series 2017A | | | | |
State Personal Income Tax RB Series 2017A | | | | |
State Personal Income Tax RB Series 2017B | | | | |
State Personal Income Tax RB Series 2017B | | | | |
State Personal Income Tax RB Series 2017B | | | | |
State Personal Income Tax RB Series 2017B | | | | |
State Personal Income Tax RB Series 2017B | | | | |
State Personal Income Tax RB Series 2017B | | | | |
State Personal Income Tax RB Series 2018A | | | | |
State Personal Income Tax RB Series 2018A | | | | |
State Personal Income Tax RB Series 2018A | | | | |
State Personal Income Tax RB Series 2019A | | | | |
State Personal Income Tax RB Series 2019A | | | | |
State Personal Income Tax RB Series 2019A | | | | |
State Personal Income Tax RB Series 2019A | | | | |
State Personal Income Tax RB Series 2019A | | | | |
State Personal Income Tax RB Series 2019A | | | | |
State Personal Income Tax RB Series 2019A | | | | |
State Personal Income Tax RB Series 2019A | | | | |
State Personal Income Tax RB Series 2019A | | | | |
State Personal Income Tax RB Series 2019D | | | | |
State Personal Income Tax RB Series 2019D | | | | |
State Personal Income Tax RB Series 2019D | | | | |
State Personal Income Tax RB Series 2019D | | | | |
State Personal Income Tax RB Series 2019D | | | | |
State Personal Income Tax RB Series 2019D | | | | |
State Personal Income Tax RB Series 2019D | | | | |
State Personal Income Tax RB Series 2020A | | | | |
State Personal Income Tax RB Series 2020A | | | | |
State Personal Income Tax RB Series 2020A | | | | |
State Personal Income Tax RB Series 2020A | | | | |
State Personal Income Tax RB Series 2020A | | | | |
State Personal Income Tax RB Series 2020A | | | | |
State Personal Income Tax RB Series 2020A | | | | |
State Personal Income Tax RB Series 2020A | | | | |
State Personal Income Tax RB Series 2020A | | | | |
State Personal Income Tax RB Series 2020A | | | | |
State Personal Income Tax RB Series 2020A | | | | |
State Personal Income Tax RB Series 2021A | | | | |
State Personal Income Tax RB Series 2021A | | | | |
State Personal Income Tax RB Series 2021A | | | | |
State Personal Income Tax RB Series 2021A | | | | |
State Personal Income Tax RB Series 2021A | | | | |
State Personal Income Tax RB Series 2021A | | | | |
State Personal Income Tax RB Series 2021A | | | | |
State Personal Income Tax RB Series 2021E | | | | |
State Personal Income Tax RB Series 2021E | | | | |
232
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
State Personal Income Tax RB Series 2021E | | | | |
State Personal Income Tax RB Series 2021E | | | | |
State Personal Income Tax RB Series 2021E | | | | |
State Personal Income Tax RB Series 2021E | | | | |
State Personal Income Tax RB Series 2021E | | | | |
State Personal Income Tax RB Series 2021E | | | | |
State Personal Income Tax RB Series 2022A | | | | |
State Personal Income Tax RB Series 2022A | | | | |
State Personal Income Tax RB Series 2022A | | | | |
State Personal Income Tax RB Series 2022A | | | | |
State Personal Income Tax RB Series 2022A | | | | |
State Personal Income Tax RB Series 2022A | | | | |
State Personal Income Tax RB Series 2022A | | | | |
State Personal Income Tax RB Series 2022A | | | | |
State Personal Income Tax RB Series 2022A | | | | |
State Personal Income Tax RB Series 2022A | | | | |
State Personal Income Tax RB Series 2022A | | | | |
State Personal Income Tax RB Series 2023A | | | | |
State Personal Income Tax RB Series 2023A | | | | |
State Personal Income Tax RB Series 2024A | | | | |
State Personal Income Tax RB Series 2024A | | | | |
State Personal Income Tax RB Series 2024A | | | | |
State Personal Income Tax RB Series 2024A | | | | |
State Personal Income Tax RB Series 2024A | | | | |
State Personal Income Tax RB Series 2024A | | | | |
State Personal Income Tax RB Series 2024A | | | | |
State Personal Income Tax RB Series 2024A | | | | |
State Personal Income Tax RB Series 2024B | | | | |
State Personal Income Tax Refunding RB Series 2016D | | | | |
State Sakes Tax RB Series 2024A | | | | |
State Sales Tax RB Series 2015B | | | | |
State Sales Tax RB Series 2015B | | | | |
State Sales Tax RB Series 2015B | | | | |
State Sales Tax RB Series 2015B | | | | |
State Sales Tax RB Series 2016A | | | | |
State Sales Tax RB Series 2016A | | | | |
State Sales Tax RB Series 2016A | | | | |
State Sales Tax RB Series 2016A | | | | |
State Sales Tax RB Series 2016A | | | | |
State Sales Tax RB Series 2016A | | | | |
State Sales Tax RB Series 2017A | | | | |
State Sales Tax RB Series 2017A | | | | |
State Sales Tax RB Series 2017A | | | | |
State Sales Tax RB Series 2017A | | | | |
State Sales Tax RB Series 2018A | | | | |
State Sales Tax RB Series 2018A | | | | |
State Sales Tax RB Series 2018A | | | | |
State Sales Tax RB Series 2018A | | | | |
State Sales Tax RB Series 2018A | | | | |
State Sales Tax RB Series 2018A | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
233
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
State Sales Tax RB Series 2018C | | | | |
State Sales Tax RB Series 2018C | | | | |
State Sales Tax RB Series 2018C | | | | |
State Sales Tax RB Series 2018C | | | | |
State Sales Tax RB Series 2018C | | | | |
State Sales Tax RB Series 2018C | | | | |
State Sales Tax RB Series 2018C | | | | |
State Sales Tax RB Series 2018E | | | | |
State Sales Tax RB Series 2018E | | | | |
State Sales Tax RB Series 2018E | | | | |
State Sales Tax RB Series 2018E | | | | |
State Sales Tax RB Series 2018E | | | | |
State Sales Tax RB Series 2018E | | | | |
State Sales Tax RB Series 2023A1 | | | | |
State Sales Tax RB Series 2023A1 | | | | |
State Sales Tax RB Series 2023A1 | | | | |
State Sales Tax RB Series 2023A1 | | | | |
State Sales Tax RB Series 2024A | | | | |
State Sales Tax RB Series 2024A | | | | |
State Sales Tax RB Series 2024A | | | | |
State Sales Tax RB Series 2024B | | | | |
State Sales Tax RB Series 2024B | | | | |
State Sales Tax RB Series 2024B | | | | |
State Sales Tax RB Series 2024B | | | | |
New York State Environmental Facilities Corp |
State Clean Water & Drinking Water Revolving Fund RB Series 2017E | | | | |
State Clean Water & Drinking Water Revolving Funds RB Series 2020A | | | | |
State Clean Water & Drinking Water Revolving Funds RB Series 2022A | | | | |
New York State Power Auth |
| | | | |
New York State Thruway Auth |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
General Refunding RB Series K | | | | |
General Refunding RB Series K | | | | |
General Refunding RB Series K | | | | |
General Refunding RB Series L | | | | |
General Refunding RB Series L | | | | |
General Refunding RB Series L | | | | |
General Refunding RB Series L | | | | |
General Refunding RB Series L | | | | |
General Refunding RB Series L | | | | |
General Revenue Jr Obligations Series 2019B | | | | |
General Revenue Jr Obligations Series 2019B | | | | |
234
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
General Revenue Jr Obligations Series 2019B | | | | |
Jr General RB Series 2019B | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
State Personal Income Tax RB Series 2021A1 | | | | |
State Personal Income Tax RB Series 2021A1 | | | | |
State Personal Income Tax RB Series 2021A1 | | | | |
State Personal Income Tax RB Series 2021A1 | | | | |
State Personal Income Tax RB Series 2021A1 | | | | |
State Personal Income Tax RB Series 2021A1 | | | | |
State Personal Income Tax RB Series 2021A1 | | | | |
State Personal Income Tax RB Series 2022A | | | | |
State Personal Income Tax RB Series 2022A | | | | |
State Personal Income Tax RB Series 2022A | | | | |
State Personal Income Tax RB Series 2022A | | | | |
State Personal Income Tax RB Series 2022A | | | | |
State Personal Income Tax RB Series 2022A | | | | |
New York State Urban Development Corp |
State Personal Income Tax RB Series 2016A | | | | |
State Personal Income Tax RB Series 2016A | | | | |
State Personal Income Tax RB Series 2017A | | | | |
State Personal Income Tax RB Series 2017A | | | | |
State Personal Income Tax RB Series 2017A | | | | |
State Personal Income Tax RB Series 2017C | | | | |
State Personal Income Tax RB Series 2017C | | | | |
State Personal Income Tax RB Series 2017C | | | | |
State Personal Income Tax RB Series 2019A | | | | |
State Personal Income Tax RB Series 2019A | | | | |
State Personal Income Tax RB Series 2019A | | | | |
State Personal Income Tax RB Series 2019A | | | | |
State Personal Income Tax RB Series 2019A | | | | |
State Personal Income Tax RB Series 2019A | | | | |
State Personal Income Tax RB Series 2020A | | | | |
State Personal Income Tax RB Series 2020A | | | | |
State Personal Income Tax RB Series 2020A | | | | |
State Personal Income Tax RB Series 2020C | | | | |
State Personal Income Tax RB Series 2020C | | | | |
State Personal Income Tax RB Series 2020C | | | | |
State Personal Income Tax RB Series 2020C | | | | |
State Personal Income Tax RB Series 2020C | | | | |
State Personal Income Tax RB Series 2020C | | | | |
State Personal Income Tax RB Series 2020C | | | | |
State Personal Income Tax RB Series 2020C | | | | |
State Personal Income Tax RB Series 2020C | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
235
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
State Personal Income Tax RB Series 2020E | | | | |
State Personal Income Tax RB Series 2020E | | | | |
State Personal Income Tax RB Series 2020E | | | | |
State Personal Income Tax RB Series 2020E | | | | |
State Personal Income Tax RB Series 2022A | | | | |
State Personal Income Tax RB Series 2022A | | | | |
State Personal Income Tax RB Series 2023A | | | | |
State Personal Income Tax RB Series 2023B | | | | |
State Sales Tax RB Series 2019A | | | | |
State Sales Tax RB Series 2019A | | | | |
State Sales Tax RB Series 2021A | | | | |
State Sales Tax RB Series 2021A | | | | |
State Sales Tax RB Series 2021A | | | | |
State Sales Tax RB Series 2021A | | | | |
State Sales Tax RB Series 2021A | | | | |
State Sales Tax RB Series 2021A | | | | |
State Sales Tax RB Series 2021A | | | | |
State Sales Tax RB Series 2021A | | | | |
State Sales Tax RB Series 2023A | | | | |
|
RB (Syracuse Univ) Series 2019 | | | | |
Port Auth of New York & New Jersey |
Consolidated Bonds 175th Series | | | | |
Consolidated Bonds 189th Series | | | | |
Consolidated Bonds 194th Series | | | | |
Consolidated Bonds 194th Series | | | | |
Consolidated Bonds 194th Series | | | | |
Consolidated Bonds 200th Series | | | | |
Consolidated Bonds 205th Series | | | | |
Consolidated Bonds 209th Series | | | | |
Consolidated Bonds 209th Series | | | | |
Consolidated Bonds 211th Series | | | | |
Consolidated Bonds 212th Series | | | | |
Consolidated Bonds 212th Series | | | | |
Consolidated Bonds 213th Series | | | | |
Consolidated Bonds 217th Series | | | | |
Consolidated Bonds 217th Series | | | | |
Consolidated Bonds 222nd Series | | | | |
Consolidated Bonds 222nd Series | | | | |
Consolidated Bonds 222nd Series | | | | |
Consolidated Bonds 222nd Series | | | | |
Consolidated Bonds 222nd Series | | | | |
Consolidated Bonds 224th Series | | | | |
Consolidated Bonds 224th Series | | | | |
Consolidated Bonds 230th Series | | | | |
Consolidated Bonds 240th Series | | | | |
Consolidated Bonds 241st Series | | | | |
Consolidated Bonds 241st Series | | | | |
Consolidated Bonds 243rd Series | | | | |
Consolidated Bonds 244th Series | | | | |
236
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Consolidated Bonds 244th Series | | | | |
Consolidated Bonds 245th Series | | | | |
Consolidated Bonds S205th Series | | | | |
|
Water System Refunding RB Series 2015 | | | | |
Water System Refunding RB Series 2015 | | | | |
Triborough Bridge & Tunnel Auth |
2nd Sub Revenue BAN Series 2021A | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
General Refunding RB Series 2005B3 | | | | |
General Refunding RB Series 2017B | | | | |
General Refunding RB Series 2017B | | | | |
General Refunding RB Series 2017B | | | | |
General Refunding RB Series 2017C1 | | | | |
General Refunding RB Series 2018B | | | | |
General Refunding RB Series 2018C | | | | |
General Refunding RB Series 2023A | | | | |
Payroll Mobility Tax Sr Lien Bonds Series 2021C1A | | | | |
Payroll Mobility Tax Sr Lien Bonds Series 2021-C1A | | | | |
Payroll Mobility Tax Sr Lien Bonds Series 2021C3 | | | | |
Payroll Mobility Tax Sr Lien Bonds Series 2022A | | | | |
Payroll Mobility Tax Sr Lien Bonds Series 2022A | | | | |
Payroll Mobility Tax Sr Lien Bonds Series 2022C | | | | |
Payroll Mobility Tax Sr Lien Bonds Series 2022C | | | | |
Payroll Mobility Tax Sr Lien Bonds Series 2022D2 | | | | |
Payroll Mobility Tax Sr Lien Bonds Series 2022E1 | | | | |
Payroll Mobility Tax Sr Lien Bonds Series 2023B | | | | |
Payroll Mobility Tax Sr Lien Bonds Series 2024A | | | | |
Payroll Mobility Tax Sr Lien RB Series 2022A | | | | |
Payroll Mobility Tax Sr Lien RB Series 2024C | | | | |
Payroll Mobility Tax Sr Lien Refunding Bonds Series 2021C2 | | | | |
Payroll Mobility Tax Sr Lien Refunding Bonds Series 2022B | | | | |
Payroll Mobility Tax Sr Lien Refunding Bonds Series 2022B | | | | |
Payroll Mobility Tax Sr Lien Refunding Bonds Series 2022B | | | | |
Payroll Mobility Tax Sr Lien Refunding Bonds Series 2022B | | | | |
Payroll Mobility Tax Sr Lien Refunding Bonds Series 2022B | | | | |
Payroll Mobility Tax Sr Lien Refunding Bonds Series 2022E-2B | | | | |
Payroll Mobility Tax Sr Lien Refunding Bonds Series 2023A | | | | |
Payroll Mobility Tax Sr Lien Refunding Bonds Series 2023A | | | | |
Payroll Mobility Tax Sr Lien Refunding Bonds Series 2023C | | | | |
Payroll Mobility Tax Sr Lien Refunding Bonds Series 2023C | | | | |
Payroll Mobility Tax Sr Lien Refunding Bonds Series 2024C | | | | |
Payroll Mobility Tax Sr Lien Series 2024B1 | | | | |
| | | | |
| | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
237
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Sales Tax RB Series 2022A | | | | |
Sales Tax RB Series 2022A | | | | |
Sales Tax RB Series 2022A | | | | |
Sales Tax RB Series 2023A | | | | |
Sales Tax RB Series 2023A | | | | |
Sales Tax RB Series 2023A | | | | |
Sales Tax RB Series 2024A1 | | | | |
Sales Tax RB Series 2024A1 | | | | |
Sales Tax RB Series 2024A1 | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Sub Refunding RB Series 2013A | | | | |
Utility Debt Securitization Auth |
| | | | |
| | | | |
| | | | |
Restructuring Bonds Series 2015 | | | | |
Restructuring Bonds Series 2015 | | | | |
Restructuring Bonds Series 2016A | | | | |
Restructuring Bonds Series 2016B | | | | |
Restructuring Bonds Series 2017 | | | | |
Restructuring Bonds Series 2022TE-1 | | | | |
Restructuring RB Series 2022TE1 | | | | |
Restructuring RB Series 2022TE1 | | | | |
| | | | |
|
|
| | | | |
Refunding COP Series 2021A | | | | |
Water & Sewer System RB Series 2024 | | | | |
|
| | | | |
| | | | |
GO Refunding Bonds Series 2016A | | | | |
GO Refunding Bonds Series 2016A | | | | |
Limited Obligation Bonds Series 2020B | | | | |
Limited Obligation Bonds Series 2020B | | | | |
Limited Obligation Bonds Series 2020B | | | | |
Limited Obligation RB Series 2020B | | | | |
Limited Obligation Refunding Bonds Series 2014B | | | | |
Limited Obligation Refunding Bonds Series 2017B | | | | |
Limited Obligation Refunding Bonds Series 2017B | | | | |
Limited Obligation Refunding Bonds Series 2017B | | | | |
Limited Obligation Refunding Bonds Series 2017B | | | | |
| | | | |
| | | | |
| | | | |
238
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
North Carolina Capital Facilities Finance Agency |
RB (Duke Univ) Series 2015B | | | | |
RB (Duke Univ) Series 2015B | | | | |
Refunding RB (Duke Univ) Series 2016B | | | | |
North Carolina Municipal Power Agency No 1 |
Electric Refunding RB Series 2015A | | | | |
Electric Refunding RB Series 2015A | | | | |
North Carolina State Univ |
| | | | |
North Carolina Turnpike Auth |
Expressway System RB Series 2019 | | | | |
Expressway System Sr Lien RB Series 2009B | | | | |
| | | | |
| | | | |
| | | | |
Sr Lien Refunding RB Series 2018 | | | | |
Sr Lien Turnpike RB Series 2024A | | | | |
Toll RB (Monroe Expressway) Series 2016A | | | | |
|
Enterprise System Refunding RB Series 2023 | | | | |
| | | | |
|
American Municipal Power Ohio |
RB (Greenup Hydroelectric) Series 2016A | | | | |
Refunding RB (AMP Fremont Energy) Series 2021A | | | | |
Refunding RB (AMP Fremont Energy) Series 2021A | | | | |
Refunding RB (Prairie State) Series 2019B | | | | |
Refunding RB Series 2019C | | | | |
|
| | | | |
|
Sewerage System Refunding RB Series 2015 | | | | |
ULT GO Refunding Bonds Series 2016-1 | | | | |
ULT GO Refunding Bonds Series 2017-1 | | | | |
|
Sales Tax Refunding Bonds Series 2016A | | | | |
|
GO Refunding Bonds Series 2015A | | | | |
GO Refunding Bonds Series 2017B | | | | |
GO Refunding Bonds Series 2017B | | | | |
GO Refunding Bonds Series 2017C | | | | |
GO Refunding Bonds Series 2020B | | | | |
Infrastructure RB Series 2018-1 | | | | |
Infrastructure RB Series 2018-1 | | | | |
Ohio Higher Educational Facility Commission |
Higher Educational Facility RB (John Carroll Univ 2022) | | | | |
Higher Educational Facility Refunding RB (Case Western Reserve Univ) Series 2016 | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
239
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
|
| | | | |
| | | | |
|
Turnpike Jr Lien RB Series 2013A2 | | | | |
Turnpike Jr Lien RB Series 2018A | | | | |
Turnpike Jr Lien RB Series 2018A | | | | |
Turnpike Jr Lien RB Series 2018A | | | | |
Turnpike Jr Lien Refunding RB Series 2022A | | | | |
| | | | |
Ohio Water Development Auth |
Pollution Control Refunding RB Series 2023A | | | | |
Pollution Control Refunding RB Series 2023A | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
|
| | | | |
| | | | |
|
Canadian Cnty Educational Facilities Auth |
Educational Facilities Lease RB Series 2023A | | | | |
Lease RB (Mustang Public Schools) Series 2017 | | | | |
|
| | | | |
| | | | |
| | | | |
Oklahoma Grand River Dam Auth |
GO Refunding Bonds Series 2016A | | | | |
Refunding RB Series 2016A | | | | |
|
Educational Facilities Lease RB Series 2024 | | | | |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
2nd Sr Refunding RB Series 2017D | | | | |
Turnpike System 2nd Sr Refunding RB Series 2017D | | | | |
|
| | | | |
Refunding RB Series 2024A | | | | |
Oklahoma Water Resources Board |
Revolving Fun RB Series 2021 | | | | |
Revolving Fund RB Series 2023A | | | | |
240
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Tulsa Public Facilities Auth |
| | | | |
| | | | |
|
|
| | | | |
|
| | | | |
|
| | | | |
|
| | | | |
|
| | | | |
|
| | | | |
|
| | | | |
| | | | |
|
| | | | |
| | | | |
|
| | | | |
| | | | |
| | | | |
| | | | |
Oregon Dept of Admin Services |
Refunding RB Series 2015D | | | | |
Oregon Dept of Transportation |
Highway Tax Sub Lien RB Series 2020A | | | | |
Highway Tax Sub Lien Refunding RB Series 2019A | | | | |
Highway Tax Sub Lien Refunding RB Series 2024A | | | | |
|
2nd Lien Sewer System Refunding RB Series 2023A | | | | |
|
| | | | |
Tri-Cnty Metropolitan Transportation District |
Sr Lien Payroll Tax RB Series 2018A | | | | |
| | | | |
|
|
| | | | |
Allegheny Cnty Sanitary Auth |
| | | | |
| | | | |
Delaware River Joint Toll Bridge Commission |
Bridge System RB Series 2017 | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
241
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
|
| | | | |
Refunding RB Series 2018B | | | | |
Delaware Valley Regional Finance Auth |
Local Government RB Series 2002 | | | | |
| | | | |
Northampton Cnty General Purpose Auth |
College Refunding RB (Lafayette College) Series 2017 | | | | |
| | | | |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
GO Refunding Bonds 1st Series 2015 | | | | |
GO Refunding Bonds 1st Series 2016 | | | | |
GO Refunding Bonds 1st Series 2016 | | | | |
GO Refunding Bonds 1st Series 2019 | | | | |
GO Refunding Bonds 1st Series 2019 | | | | |
GO Refunding Bonds 1st Series 2019 | | | | |
GO Refunding Bonds 1st Series 2023 | | | | |
GO Refunding Bonds 1st Series 2023 | | | | |
GO Refunding Bonds 1st Series 2023 | | | | |
GO Refunding Bonds 2nd Series 2016 | | | | |
GO Refunding Bonds 2nd Series 2016 | | | | |
242
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
GO Refunding Bonds 2nd Series 2016 | | | | |
GO Refunding Bonds Series 2017 | | | | |
GO Refunding Bonds Series 2017 | | | | |
Pennsylvania Higher Educational Facilities Auth |
RB (Univ of Pennsylvania) Series 2018A | | | | |
| | | | |
| | | | |
Pennsylvania Public School Building Auth |
Lease Refunding RB Series 2016A | | | | |
Lease Refunding RB Series 2016A | | | | |
Pennsylvania State Turnpike Commission |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Sub Refunding RB 2nd Series 2017 | | | | |
Sub Refunding RB 3rd Series 2016A | | | | |
Sub Refunding RB 3rd Series 2016A | | | | |
Sub Turnpike Refunding RB 2nd Series 2017 | | | | |
Sub Turnpike Refunding RB 3rd Series 2017 | | | | |
| | | | |
Turnpike RB Series 2016A1 | | | | |
Turnpike RB Series 2018A2 | | | | |
| | | | |
| | | | |
| | | | |
Turnpike Refunding RB Series 2022A | | | | |
Turnpike Sr RB Series 2015B | | | | |
Turnpike Sub RB Series 2016A1 | | | | |
Turnpike Sub RB Series 2017B1 | | | | |
Turnpike Sub RB Series 2017B2 | | | | |
Turnpike Sub RB Series 2019A | | | | |
Turnpike Sub RB Series 2019A | | | | |
Turnpike Sub RB Series 2021A | | | | |
Turnpike Sub RB Series 2021A | | | | |
Turnpike Sub RB Series 2021A | | | | |
Turnpike Sub RB Series 2024 | | | | |
Turnpike Sub Refunding RB 2nd Series 2016 | | | | |
Turnpike Sub Refunding RB 2nd Series 2017 | | | | |
|
| | | | |
| | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
243
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
|
| | | | |
| | | | |
Gas Works RB 17th Series A | | | | |
| | | | |
Water & Wastewater RB Series 2018A | | | | |
Water & Wastewater RB Series 2019B | | | | |
Water & Wastewater RB Series 2021C | | | | |
Water & Wastewater RB Series 2024C | | | | |
Water & Wastewater RB Series 2024C | | | | |
|
| | | | |
| | | | |
| | | | |
GO Refunding Bonds Series 2016F | | | | |
Philadelphia Water & Wastewater |
Water & Wastewater RB Series 2018A | | | | |
Water & Wastewater RB Series 2023B | | | | |
Pittsburgh Water & Sewer Auth |
| | | | |
| | | | |
Water & Sewer System Sub Refunding RB Series 2019B | | | | |
Pittsburgh Water & Sewer Auth Sub |
Water & Sewer System Sub Refunding RB Series 2019B | | | | |
|
| | | | |
Higher Education RB Series 2023 | | | | |
Westmoreland Cnty Municipal Auth |
| | | | |
| | | | |
|
|
Grant Anticipation Bonds Series 2016B | | | | |
Grant Anticipation Bonds Series 2016B | | | | |
Rhode Island Health & Educational Building Corp |
Higher Education Facilities RB (Brown Univ) Series 2017A | | | | |
Higher Education Facility RB (Bryant Univ) Series 2024 | | | | |
Higher Education Facility RB (Providence College) Series 2023 | | | | |
Rhode Island State Turnpike & Bridge Auth |
Motor Vehicle Fuel Tax RB Series 2016A | | | | |
| | | | |
|
|
Waterworks & Sewer System RB Series 2024A | | | | |
Charleston Educational Excellence Financing Corp |
| | | | |
|
Water & Sewer System Refunding RB Series 2016B | | | | |
244
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
|
Refunding RB (SD of Greenville Cnty) Series 2023 | | | | |
| | | | |
Piedmont Municipal Power Agency |
Electric Refunding RB Series 2021C | | | | |
|
Utility System RB Series 2024A | | | | |
South Carolina Public Service Auth |
| | | | |
| | | | |
Refunding RB Series 2015A | | | | |
Refunding RB Series 2016A | | | | |
Refunding RB Series 2016A | | | | |
Refunding RB Series 2016A | | | | |
Refunding RB Series 2016B | | | | |
Refunding RB Series 2020A | | | | |
Refunding RB Series 2020A | | | | |
Refunding RB Series 2020A | | | | |
Refunding RB Series 2020A | | | | |
Refunding RB Series 2020A | | | | |
Refunding RB Series 2022A | | | | |
Refunding RB Series 2022A | | | | |
Refunding RB Series 2024B | | | | |
Refunding RB Series 2024B | | | | |
Refunding RB Series 2024B | | | | |
Refunding RB Series 2024C | | | | |
Refunding Revenue Obligations Series 2022A | | | | |
| | | | |
South Carolina Transportation Infrastructure Bank |
Refunding RB Series 2017A | | | | |
Refunding RB Series 2021B | | | | |
Refunding RB Series 2021B | | | | |
Refunding RB Series 2021B | | | | |
Refunding RB Series 2021B | | | | |
|
Higher Education Facility RB (Campus Village) Series 2024 | | | | |
| | | | |
|
Metro Government of Nashville & Davidson Cnty |
Electric System RB Series 2024A | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
GO Improvement Bonds Series 2018 | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
245
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
GO Refunding Bonds Series 2016 | | | | |
Water & Sewer RB Series 2021A | | | | |
Metro Government of Nashville & Davidson Cnty Health & Educational Facilities Board |
Educational Facilities RB (Belmont Univ) Series 2023 | | | | |
Tennessee School Bond Auth |
Higher Educational Facilities 2nd Program Bonds Series 2022A | | | | |
| | | | |
|
|
Maintenance Tax Notes Series 2022 | | | | |
Maintenance Tax Notes Series 2022 | | | | |
|
| | | | |
|
| | | | |
|
Airport System RB Series 2017A | | | | |
Electric Utility System Refunding RB Series 2019B | | | | |
Electric Utility System Refunding RB Series 2020A | | | | |
Refunding Bonds Series 2015 | | | | |
Water & Wastewater System Refunding RB Series 2016 | | | | |
Water & Wastewater System Refunding RB Series 2022 | | | | |
Water & Wastewater System Refunding RB Series 2022 | | | | |
|
| | | | |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
|
ULT GO Refunding Bonds Series 2024 | | | | |
|
| | | | |
| | | | |
|
| | | | |
|
LT Refunding Bonds Series 2017 | | | | |
LT Refunding Bonds Series 2017 | | | | |
Bexar Cnty Hospital District |
Certificates of Obligation Series 2020 | | | | |
Certificates of Obligation Series 2022 | | | | |
Certificates of Obligation Series 2023 | | | | |
|
| | | | |
246
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Central Texas Regional Mobility Auth |
| | | | |
| | | | |
Sr Lien Refunding RB Series 2016 | | | | |
Sub Lien BAN Series 2021C | | | | |
Chambers Cnty Justice Center Public Facilities Corp |
| | | | |
|
| | | | |
|
| | | | |
|
| | | | |
|
ULT GO Bonds Series 2019A | | | | |
| | | | |
ULT GO Bonds Series 2024B | | | | |
ULT GO Refunding Bonds Series 2016 | | | | |
ULT GO Refunding Bonds Series 2016 | | | | |
ULT GO Refunding Bonds Series 2023A | | | | |
|
GO Refunding Bonds Series 2017 | | | | |
GO Refunding Bonds Series 2017 | | | | |
GO Refunding Bonds Series 2017 | | | | |
GO Refunding Bonds Series 2023A | | | | |
GO Refunding Bonds Series 2024B | | | | |
Waterworks & Sewer System Refunding RB Series 2021C | | | | |
Waterworks & Sewer System Refunding RB Series 2023A | | | | |
Dallas Area Rapid Transit |
Sr Lien Sales Tax Refunding RB Series 2007 | | | | |
Sr Lien Sales Tax Refunding RB Series 2007 | | | | |
Sr Lien Sales Tax Refunding RB Series 2016A | | | | |
Sr Lien Sales Tax Refunding RB Series 2021B | | | | |
|
ULT GO Bonds Series 2016A | | | | |
ULT GO Bonds Series 2016A | | | | |
ULT GO Refunding Bonds Series 2024 | | | | |
Dallas-Fort Worth International Airport |
Jt Refunding RB Series 2020A | | | | |
Jt Refunding RB Series 2020A | | | | |
Jt Refunding RB Series 2020A | | | | |
Jt Refunding RB Series 2020A | | | | |
Jt Refunding RB Series 2020B | | | | |
Jt Refunding RB Series 2020B | | | | |
Jt Refunding RB Series 2021A | | | | |
Jt Refunding RB Series 2021B | | | | |
Jt Refunding RB Series 2022B | | | | |
Jt Refunding RB Series 2022B | | | | |
Jt Refunding RB Series 2022B | | | | |
Jt Refunding RB Series 2024 | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
247
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
|
ULT GO Bonds Series 2015A | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
|
| | | | |
Eagle Mountain-Saginaw ISD |
| | | | |
| | | | |
|
| | | | |
Water & Sewer Refunding RB Series 2022 | | | | |
Water & Sewer Refunding RB Series 2022A | | | | |
|
| | | | |
|
| | | | |
|
ULT Road Bonds Series 2023 | | | | |
Fort Bend Cnty Public Facility Corp |
| | | | |
|
| | | | |
|
| | | | |
|
ULT GO Refunding Bonds Series 2019 | | | | |
|
ULT GO Bonds Series 2023A | | | | |
ULT GO Bonds Series 2023A | | | | |
ULT GO Bonds Series 2023A | | | | |
ULT GO Bonds Series 2023A | | | | |
ULT GO Bonds Series 2023A | | | | |
|
Utility System RB Series 2022 | | | | |
|
| | | | |
| | | | |
| | | | |
Grand Parkway Transportation Corp |
1st Tier Toll Refunding RB Series 2020C | | | | |
1st Tier Toll Refunding RB Series 2020C | | | | |
Sub Tier Toll RB Series 2018A | | | | |
Sub Tier Toll RB Series 2018A | | | | |
248
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Greater Texoma Utility Auth |
| | | | |
| | | | |
|
| | | | |
|
Refunding Bonds Series 2022A | | | | |
Refunding GO Bonds Series 2023A | | | | |
Toll Road 1st Lien Refunding RB Series 2021 | | | | |
Toll Road 1st Lien Refunding RB Series 2022A | | | | |
Toll Road 1st Lien Refunding RB Series 2022A | | | | |
Toll Road 1st Lien Refunding RB Series 2024A | | | | |
Toll Road 1st Lien Refunding RB Series 2024A | | | | |
Toll Road Sr Lien Refunding RB Series 2016A | | | | |
Toll Road Sr Lien Refunding RB Series 2016A | | | | |
Toll Road Sr Lien Refunding RB Series 2018A | | | | |
Toll Road Sr Lien Refunding RB Series 2018A | | | | |
Harris Cnty Flood Control District |
Refunding Bonds Series 2022A | | | | |
Refunding Bonds Series 2023A | | | | |
|
Sr Lien Refunding RB Series 2024A | | | | |
|
| | | | |
|
| | | | |
|
1st Lien Refunding RB Series 2024A | | | | |
1st Lien Refunding RB Series 2024A | | | | |
Airport System Sub Lien Refunding RB Series 2018B | | | | |
Airport System Sub Lien Refunding RB Series 2018D | | | | |
Airport System Sub Lien Refunding RB Series 2018D | | | | |
Go Refunding Bonds Series 2024A | | | | |
Public Improvement Refunding Bonds Series 2016A | | | | |
Public Improvement Refunding Bonds Series 2019A | | | | |
Public Improvement Refunding Bonds Series 2019A | | | | |
Refunding Bonds Series 2017A | | | | |
Utility System 1st Lien Refunding RB Series 2014C | | | | |
Utility System 1st Lien Refunding RB Series 2016B | | | | |
Utility System 1st Lien Refunding RB Series 2017B | | | | |
Utility System 1st Lien Refunding RB Series 2019B | | | | |
Utility System 1st Lien Refunding RB Series 2020A | | | | |
Utility System 1st Lien Refunding RB Series 2021A | | | | |
Utility System 1st Lien Refunding RB Series 2024A | | | | |
Utility System RB Series 2024A | | | | |
Houston Higher Education Finance Corp |
| | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
249
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
|
LT GO Refunding Bonds Series 2016A | | | | |
LT GO Refunding Bonds Series 2017 | | | | |
LT Refunding Bonds Series 2016A | | | | |
|
| | | | |
|
Waterworks & Sewer System Revenue Certificates of Obligation Series 2024 | | | | |
|
| | | | |
|
| | | | |
| | | | |
|
| | | | |
|
| | | | |
|
| | | | |
|
| | | | |
|
| | | | |
| | | | |
| | | | |
ULT GO Bonds Series 2023A | | | | |
ULT GO Refunding Bonds Series 2024 | | | | |
|
ULT GO Refunding Bonds Series 2015A | | | | |
ULT GO Refunding Bonds Series 2016A | | | | |
|
| | | | |
| | | | |
| | | | |
| | | | |
|
| | | | |
Lower Colorado River Auth |
Refunding RB (LCRA Transmission Services) Series 2018 | | | | |
Refunding RB (LCRA Transmission Services) Series 2018 | | | | |
Refunding RB (LCRA Transmission Services) Series 2019A | | | | |
Refunding RB (LCRA Transmission Services) Series 2020A | | | | |
Refunding RB (LCRA Transmission Services) Series 2021A | | | | |
Refunding RB (LCRA Transmission Services) Series 2023 | | | | |
Refunding RB (LCRA Transmission Services) Series 2023A | | | | |
Refunding RB (LCRA Transmission Services) Series 2023A | | | | |
Refunding RB (LCRA Transmission Services) Series 2024 | | | | |
Refunding RB (LCRA Transmission Services) Series 2024 | | | | |
|
Electric Light & Power System RB Series 2021 | | | | |
250
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
|
| | | | |
|
| | | | |
|
| | | | |
| | | | |
| | | | |
| | | | |
|
| | | | |
|
ULT GO Refunding Bonds Series 2023 | | | | |
|
ULT GO Refunding Bonds Series 2007 | | | | |
North East Texas Regional Mobility Auth |
| | | | |
|
1st Tier Refunding RB Series 2008D | | | | |
1st Tier Refunding RB Series 2008D | | | | |
1st Tier Refunding RB Series 2016A | | | | |
1st Tier Refunding RB Series 2017A | | | | |
1st Tier Refunding RB Series 2017A | | | | |
1st Tier Refunding RB Series 2023A | | | | |
1st Tier Refunding RB Series 2024A | | | | |
1st Tier System Refunding RB Series 2008D | | | | |
1st Tier System Refunding RB Series 2008D | | | | |
1st Tier System Refunding RB Series 2008D | | | | |
1st Tier System Refunding RB Series 2008D | | | | |
1st Tier System Refunding RB Series 2008I | | | | |
1st Tier System Refunding RB Series 2017A | | | | |
1st Tier System Refunding RB Series 2017A | | | | |
1st Tier System Refunding RB Series 2017A | | | | |
1st Tier System Refunding RB Series 2019A | | | | |
1st Tier System Refunding RB Series 2020A | | | | |
1st Tier System Refunding RB Series 2020A | | | | |
1st Tier System Refunding RB Series 2020A | | | | |
1st Tier System Refunding Rb Series 2022A | | | | |
1st Tier System Refunding RB Series 2023A | | | | |
1st Tier Tollway System Refunding RB Series 2008D | | | | |
1st Tier Tollway System Refunding RB Series 2008D | | | | |
2nd Tier System Refunding RB Series 2015A | | | | |
2nd Tier System Refunding RB Series 2015A | | | | |
2nd Tier System Refunding RB Series 2017B | | | | |
2nd Tier System Refunding RB Series 2017B | | | | |
2nd Tier System Refunding RB Series 2018 | | | | |
2nd Tier System Refunding RB Series 2018 | | | | |
2nd Tier System Refunding RB Series 2019B | | | | |
2nd Tier System Refunding RB Series 2019B | | | | |
2nd Tier System Refunding RB Series 2024B | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
251
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
2nd Tier System Refunding RB Series 2024B | | | | |
2nd Tier System Refunding RB Series 2024B | | | | |
Refunding RB Series 2015A | | | | |
|
ULT GO Bonds Series 2022A | | | | |
| | | | |
| | | | |
|
| | | | |
|
ULT GO Bonds Series 2023A | | | | |
|
| | | | |
| | | | |
| | | | |
|
| | | | |
|
| | | | |
| | | | |
| | | | |
|
ULT GO Bonds Series 2022A | | | | |
| | | | |
|
ULT GO Refunding Bonds Series 2019A | | | | |
ULT GO Refunding Bonds Series 2019A | | | | |
ULT GO Refunding Bonds Series 2019A | | | | |
Sabine-Neches Navigation District |
| | | | |
|
Electric & Gas System Refunding RB Series 2018A | | | | |
Electric & Gas System Refunding RB Series 2024C | | | | |
Electric & Gas Systems Jr Lien Refunding RB Series 2019 | | | | |
Electric & Gas Systems Jr Lien Refunding RB Series 2019 | | | | |
Electric & Gas Systems Jr Lien Refunding RB Series 2021A | | | | |
Electric & Gas Systems Refunding RB Series 2016 | | | | |
Electric & Gas Systems Refunding RB Series 2016 | | | | |
Electric & Gas Systems Refunding RB Series 2016 | | | | |
Electric & Gas Systems Refunding RB Series 2016 | | | | |
Electric & Gas Systems Refunding RB Series 2020 | | | | |
Electric & Gas Systems Refunding RB Series 2023A | | | | |
Electric & Gas Systems Refunding RB Series 2024A | | | | |
Electric & Gas Systems Refunding RB Series 2024A | | | | |
Gas Systems Refunding RB Series 2024E | | | | |
General Improvement Bonds Series 2023 | | | | |
Jr Lien Refunding RB Series 2019 | | | | |
Water System Jr Lien Refunding RB Series 2016C | | | | |
Water System Jr Lien Refunding RB Series 2018A | | | | |
252
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
|
| | | | |
| | | | |
San Antonio Public Facilities Corp |
Lease Revenue & Refunding Bonds Series 2012 | | | | |
Lease Revenue & Refunding Bonds Series 2022 | | | | |
|
| | | | |
|
| | | | |
Tarrant Cnty Hospital District |
| | | | |
| | | | |
Tarrant Regional Water District |
Water Refunding RB Series 2024 | | | | |
Water Revenue & Refunding Bonds Series 2024 | | | | |
|
GO Refunding Bonds Series 2015A | | | | |
GO Refunding Bonds Series 2017A | | | | |
GO Refunding Bonds Series 2017A | | | | |
GO Refunding Bonds Series 2017A | | | | |
GO Refunding Bonds Series 2017B | | | | |
GO Refunding Bonds Series 2017B | | | | |
GO Refunding Bonds Series 2024 | | | | |
GO Refunding Bonds Series 2024 | | | | |
Mobility Fund Refunding GO Bonds Series 2015A | | | | |
Mobility Fund Refunding GO Bonds Series 2017B | | | | |
Mobility Fund Refunding GO Bonds Series 2017B | | | | |
Water GO Refunding Bonds Series 2022B | | | | |
|
| | | | |
| | | | |
Texas State Technical College |
Revenue Financing System Bonds Series 2022A | | | | |
|
Financing System Refunding RB Series 2017A | | | | |
Financing System Refunding RB Series 2024 | | | | |
Refunding RB Series 2017A | | | | |
| | | | |
Texas Transportation Commission |
1st Tier Refunding RB Series 2024 | | | | |
1st Tier Refunding RB Series 2024A | | | | |
2nd Tier Refunding RB Series 2024C | | | | |
2nd Tier Refunding RB Series 2024C | | | | |
GO Refunding Bonds Series 2024 | | | | |
GO Refunding Bonds Series 2024 | | | | |
State Highway Fund 1st Tier RB Series 2016A | | | | |
State Highway Fund 1st Tier Refunding RB Series 2015 | | | | |
Turnpike System RB Series 2024C | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
253
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Texas Transportation Corp |
Sr Lien Refunding Bonds Series 2019A | | | | |
Sr Lien Refunding RB (NTE Mobility Partners) Series 2019A | | | | |
Sr Lien Refunding RB (NTE Mobility Partners) Series 2019A | | | | |
|
| | | | |
| | | | |
| | | | |
| | | | |
|
State Revolving Fund RB Series 2022 | | | | |
State Water Implementation Fun RB Series 2018A | | | | |
State Water Implementation Fund RB Series 2015A | | | | |
State Water Implementation Fund RB Series 2015A | | | | |
State Water Implementation Fund RB Series 2015A | | | | |
State Water Implementation Fund RB Series 2015A | | | | |
State Water Implementation Fund RB Series 2016 | | | | |
State Water Implementation Fund RB Series 2017A | | | | |
State Water Implementation Fund RB Series 2017A | | | | |
State Water Implementation Fund RB Series 2017A | | | | |
State Water Implementation Fund RB Series 2018A | | | | |
State Water Implementation Fund RB Series 2018B | | | | |
State Water Implementation Fund RB Series 2018B | | | | |
State Water Implementation Fund RB Series 2018B | | | | |
State Water Implementation Fund RB Series 2018B | | | | |
State Water Implementation Fund RB Series 2018B | | | | |
State Water Implementation Fund RB Series 2018B | | | | |
State Water Implementation Fund RB Series 2018B | | | | |
State Water Implementation Fund RB Series 2019A | | | | |
State Water Implementation Fund RB Series 2019A | | | | |
State Water Implementation Fund RB Series 2019A | | | | |
State Water Implementation Fund RB Series 2019A | | | | |
State Water Implementation Fund RB Series 2020 | | | | |
State Water Implementation Fund RB Series 2022 | | | | |
State Water Implementation Fund RB Series 2022 | | | | |
State Water Implementation Fund RB Series 2022 | | | | |
State Water Implementation Fund RB Series 2022 | | | | |
State Water Implementation Fund RB Series 2022 | | | | |
State Water Implementation Fund RB Series 2022 | | | | |
State Water Implementation Fund RB Series 2023A | | | | |
State Water Implementation Fund RB Series 2023A | | | | |
State Water Implementation Fund RB Series 2023A | | | | |
State Water Implementation Fund RB Series 2023A | | | | |
State Water Implementation Fund RB Series 2024A | | | | |
|
| | | | |
Wastewater System Refunding RB Series 2017 | | | | |
|
Consolidated Refunding RB Series 2017A | | | | |
254
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
|
Financing System RB Series 2016B | | | | |
Financing System RB Series 2016E | | | | |
Financing System RB Series 2017B | | | | |
Financing System RB Series 2019B | | | | |
Financing System RB Series 2020A | | | | |
Financing System RB Series 2020C | | | | |
Financing System RB Series 2021A | | | | |
Financing System RB Series 2021A | | | | |
Financing System RB Series 2022A | | | | |
Financing System RB Series 2023A | | | | |
Financing System RB Series 2023A | | | | |
Financing System RB Series 2024A | | | | |
Financing System RB Series 2024A | | | | |
Financing System RB Series 2024A | | | | |
Financing System Refunding RB Series 2019A | | | | |
Financing System Refunding RB Series 2019A | | | | |
Univ Fund Bonds Series 2022A | | | | |
Univ Fund Bonds Series 2023A | | | | |
Univ Fund Bonds Series 2023A | | | | |
Univ Fund Bonds Series 2023A | | | | |
Univ Fund Bonds Series 2024A | | | | |
Univ Fund Bonds Series 2024A | | | | |
Univ Fund Bonds Series 2024B | | | | |
Univ Fund Bonds Series 2024B | | | | |
Univ Fund Refunding Bonds Series 2006B | | | | |
Univ of Texas Permanent Univ Fund |
Refunding Bonds Series 2006B | | | | |
|
| | | | |
| | | | |
| | | | |
West Harris Cnty Regional Water Auth |
Water System Refunding RB Series 2021 | | | | |
|
| | | | |
|
| | | | |
|
| | | | |
| | | | |
|
Intermountain Power Agency |
Power Supply RB Series 2022A | | | | |
Power Supply RB Series 2022A | | | | |
Power Supply RB Series 2022A | | | | |
Power Supply RB Series 2022A | | | | |
Power Supply RB Series 2023A | | | | |
Power Supply RB Series 2023A | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
255
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Power Supply RB Series 2023A | | | | |
Power Supply RB Series 2023A | | | | |
|
| | | | |
|
| | | | |
| | | | |
| | | | |
|
General RB (Univ of Utah) Series 2022A | | | | |
| | | | |
Utah Telecommunication Open Infrastructure Agency |
Sales Tax & Telecommunications Refunding RB Series 2022 | | | | |
Sales Tax & Telecommunications Refunding RB Series 2022 | | | | |
|
Sales Tax Refunding RB Series 2015A | | | | |
Sales Tax Refunding RB Series 2015A | | | | |
Sales Tax Refunding RB Series 2015A | | | | |
Sub Sales Tax Refunding RB Series 2018 | | | | |
Sub Sales Tax Refunding RB Series 2024 | | | | |
Sub Sales Tax Refunding RB Series 2024 | | | | |
| | | | |
|
Chesapeake Bay Bridge & Tunnel District |
| | | | |
Hampton Roads Transportation Commission |
Intermediate Lien BAN Series 2023A | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
|
Public Utility Refunding RB Series 2016A | | | | |
|
| | | | |
General Refunding RB Series 2015A2 | | | | |
General Refunding RB Series 2017A | | | | |
General Refunding RB Series 2017A | | | | |
General Refunding RB Series 2017A | | | | |
Virginia College Building Auth |
Educational Facilities RB (21st Century College & Equipment) 2023A | | | | |
Educational Facilities RB Series 2015A | | | | |
Educational Facilities RB Series 2017C | | | | |
Educational Facilities RB Series 2017C | | | | |
Educational Facilities RB Series 2019A | | | | |
Educational Facilities RB Series 2019A | | | | |
Educational Facilities RB Series 2021A | | | | |
Educational Facilities RB Series 2022A | | | | |
Educational Facilities RB Series 2023A | | | | |
256
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Educational Facilities RB Series 2023A | | | | |
Educational Facilities Refunding RB (21st Century College & Equipment) 2023B | | | | |
Educational Facilities Refunding RB Series 2017E | | | | |
Educational Facilities Refunding RB Series 2017E | | | | |
Educational Facilities Refunding RB Series 2017E | | | | |
Educational Facilities Refunding RB Series 2017E | | | | |
Educational Facilities Refunding RB Series 2017E | | | | |
Educational Facilities Refunding RB Series 2017E | | | | |
Educational Facilities Refunding RB Series 2023B | | | | |
Educational Facilities Refunding RB Series 2023B | | | | |
Educational Facilities Refunding RB Series 2023B | | | | |
Educational Facilities Refunding RB Series 2023B | | | | |
Virginia Public Building Auth |
Public Facilities RB Series 2021A1 | | | | |
Public Facilities RB Series 2021A2 | | | | |
Public Facilities RB Series 2021A2 | | | | |
Public Facilities RB Series 2021A2 | | | | |
Public Facilities RB Series 2022A | | | | |
Public Facilities Refunding RB Series 2016B | | | | |
Virginia Public School Auth |
Refunding Bonds Series 2015A | | | | |
Refunding RB Series 2015A | | | | |
Virginia Transportation Board |
Transportation Grant Anticipation Refunding RB Series 2017 | | | | |
Transportation Refunding RB Series 2017A | | | | |
Transportation Refunding RB Series 2017A | | | | |
Transportation Refunding RB Series 2017A | | | | |
Transportation Refunding RB Series 2022 | | | | |
Transportation Refunding RB Series 2022 | | | | |
| | | | |
|
Central Puget Sound Regional Transit Auth |
Sales & Motor Vehicle Excise Tax Refunding RB Series 2021S1 | | | | |
Sales & Motor Vehicle Excise Tax Refunding RB Series 2021S1 | | | | |
Sales & Motor Vehicle Excise Tax Refunding RB Series 2021S1 | | | | |
Sales & Motor Vehicle Excise Tax Refunding RB Series 2021S1 | | | | |
Sales & Motor Vehicle Excise Tax Refunding RB Series 2021S1 | | | | |
Sales & Motor Vehicle Excise Tax Refunding RB Series 2021S1 | | | | |
Sales & Motor Vehicle Excise Tax Refunding RB Series 2021S1 | | | | |
Sales & Motor Vehicle Excise Tax Refunding RB Series 2021S1 | | | | |
Sales & Motor Vehicle Excise Tax Refunding RB Series 2021S1 | | | | |
Sales Tax Refunding Bonds Series 2015S1 | | | | |
Sales Tax Refunding Bonds Series 2015S1 | | | | |
Sales Tax Refunding Bonds Series 2015S1 | | | | |
Sales Tax Refunding Bonds Series 2015S1 | | | | |
|
Electric Refunding RB Series 2015A | | | | |
Electric Refunding RB Series 2015C | | | | |
Electric Refunding RB Series 2016A | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
257
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Electric Refunding RB Series 2016A | | | | |
Electric Refunding RB Series 2016A | | | | |
Electric Refunding RB Series 2017A | | | | |
Electric Refunding RB Series 2018C | | | | |
Electric Refunding RB Series 2019A | | | | |
Electric Refunding RB Series 2019A | | | | |
Electric Refunding RB Series 2021A | | | | |
Electric Refunding RB Series 2021A | | | | |
Electric Refunding RB Series 2023A | | | | |
Electric Refunding RB Series 2023A | | | | |
Electric Refunding RB Series 2023A | | | | |
Electric Refunding RB Series 2023A | | | | |
Electric Refunding RB Series 2024A | | | | |
Electric Refunding RB Series 2024A | | | | |
Electric Refunding RB Series 2024A | | | | |
|
ULT GO Refunding Bonds Series 2023 | | | | |
ULT GO Refunding Bonds Series 2023 | | | | |
|
| | | | |
|
LT GO Refunding Bonds Series 2017 | | | | |
LT GO Refunding Bonds Series 2021A | | | | |
LT GO Refunding Bonds Series 2021A | | | | |
LT GO Refunding Bonds Series 2021A | | | | |
Sewer Refunding RB Series 2015A | | | | |
Sewer Refunding RB Series 2016B | | | | |
Sewer Refunding RB Series 2016B | | | | |
Sewer Refunding RB Series 2024A | | | | |
King Cnty Public Hospital District #2 |
| | | | |
|
| | | | |
|
ULT GO Refunding Bonds Series 2020 | | | | |
|
| | | | |
ULT GO Refunding Bonds Series 2022 | | | | |
ULT GO Refunding Bonds Series 2024 | | | | |
|
Light & Power RB Series 2015A | | | | |
| | | | |
Snohomish Cnty Public Utility District #1 |
Electric System RB Series 2015 | | | | |
|
| | | | |
ULT GO Refunding Bonds Series 2021 | | | | |
|
ULT GO Bonds Series 2020B | | | | |
258
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
|
| | | | |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
GO Refunding Bonds Series R2015C | | | | |
GO Refunding Bonds Series R2015C | | | | |
GO Refunding Bonds Series R2016B | | | | |
GO Refunding Bonds Series R-2016B | | | | |
GO Refunding Bonds Series R2017A | | | | |
GO Refunding Bonds Series R2017A | | | | |
GO Refunding Bonds Series R2018C | | | | |
GO Refunding Bonds Series R2018C | | | | |
GO Refunding Bonds Series R2018C | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
259
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
GO Refunding Bonds Series R-2018C | | | | |
GO Refunding Bonds Series R2020C | | | | |
GO Refunding Bonds Series R2022C | | | | |
GO Refunding Bonds Series R2022C | | | | |
GO Refunding Bonds Series R2022C | | | | |
GO Refunding Bonds Series R2023A | | | | |
GO Refunding Bonds Series R2023A | | | | |
GO Refunding Bonds Series R2025B | | | | |
Motor Vehicle Fuel Tax GO Refunding Bonds Series R2016C | | | | |
Motor Vehicle Fuel Tax GO Refunding Bonds Series R2021A | | | | |
Motor Vehicle Fuel Tax GO Refunding Bonds Series R2022D | | | | |
Motor Vehicle Fuel Tax GO Refunding Bonds Series R2022D | | | | |
Motor Vehicle Fuel Tax GO Refunding Bonds Series R2022D | | | | |
Motor Vehicle Fuel Tax Go Refunding Bonds Series R2023B | | | | |
Motor Vehicle Fuel Tax GO Refunding Bonds Series R2023B | | | | |
Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2023B | | | | |
Motor Vehicle Fuel Tax Go Refunding Bonds Series R2024C | | | | |
Motor Vehicle Fuel Tax GO Refunding Bonds Series R2024C | | | | |
Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2024C | | | | |
Washington Convention Center Public Facilities District |
Lodging Tax Bonds Series 2018 | | | | |
Lodging Tax Bonds Series 2018 | | | | |
Sub Lodging Tax Bonds Series 2018 | | | | |
| | | | |
|
West Virginia Parkways Auth |
| | | | |
Sr Lien Turnpike Toll RB Series 2018 | | | | |
| | | | |
|
|
GO Refunding Bonds Series 2016-2 | | | | |
GO Refunding Bonds Series 2017-1 | | | | |
GO Refunding Bonds Series 2017-1 | | | | |
GO Refunding Bonds Series 2017-1 | | | | |
GO Refunding Bonds Series 2017-2 | | | | |
GO Refunding Bonds Series 20173 | | | | |
GO Refunding Bonds Series 2017-3 | | | | |
GO Refunding Bonds Series 2023-2 | | | | |
GO Refunding Bonds Series 2023-2 | | | | |
GO Refunding Bonds Series 2023-2 | | | | |
GO Refunding Bonds Series 2024-1 | | | | |
Refunding Bonds Series 2019A | | | | |
Transportation RB Series 2017-1 | | | | |
Transportation Refunding RB Series 2017-2 | | | | |
Transportation Refunding RB Series 2017-2 | | | | |
Wisconsin Center District |
| | | | |
260
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
ISSUER TYPE OF SECURITY, SERIES | | | | |
Wisconsin Health & Educational Facilities Auth |
RB (Medical College of Wisconsin) Series 2016 | | | | |
RB (Medical College of Wisconsin) Series 2022 | | | | |
Wisconsin Public Finance Auth |
Lease RB (Univ of Kansas) Series 2016 | | | | |
| | | | |
|
Campbell Solid Waste Facilities |
| | | | |
Total Municipal Securities
(Cost $484,647,593) | |
Total Investments in Securities
(Cost $484,647,593) | |
| |
| The effective maturity may be shorter than the final maturity shown because the security is subject to a put, demand or call feature. |
| Credit-enhanced or liquidity-enhanced. |
| |
| VRDN is a municipal security which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are weekly but may be daily or monthly. Unless a reference rate and spread is shown parenthetically, the Remarketing Agent, generally a dealer, determines the interest rate for the security at each interest rate reset date. The rate is typically based on the SIFMA Municipal Swap Index. |
| Security or a portion of the security purchased on a delayed-delivery or when-issued basis. |
| |
| Community college district |
| Certificate of participation |
| |
| |
| |
| Industrial development agency/authority |
| |
| Independent school district |
| |
| Revenue anticipation note |
| |
| |
| Securities Industry and Financial Markets Association. The SIFMA Municipal Swap Index is a market index comprised of high-grade 7-day tax-exempt Variable Rate Demand Obligations with certain characteristics. |
| |
| |
| Union high school district |
| |
| |
| Variable rate demand note |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
261
Schwab Municipal Bond ETF
Portfolio Holdings as of December 31, 2024 (continued)
The following is a summary of the inputs used to value the fund’s investments as of December 31, 2024 (see financial note 2(a) for additional information):
| QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) | OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) | SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) | |
| | | | |
| | | | |
| | | | |
| As categorized in the Portfolio Holdings. |
262
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Statement of Assets and Liabilities
|
Investments in securities, at value - unaffiliated issuers (cost $484,647,593) | | |
| | |
| | |
| | |
| | |
|
|
| | |
Investments bought - delayed-delivery | | |
| | |
| | |
| | |
| | |
|
|
Capital received from investors | | |
| | |
| | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
263
Schwab Municipal Bond ETF
Statement of Operations
For the period January 1, 2024 through December 31, 2024 |
|
Interest received from securities - unaffiliated issuers | | |
|
|
| | |
| | |
| | |
|
REALIZED AND UNREALIZED GAINS (LOSSES) |
Net realized losses on sales of securities - unaffiliated issuers | | |
Net realized gains on sales of in-kind redemptions - unaffiliated issuers | | |
| | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | | |
Net realized and unrealized losses | | |
Increase in net assets resulting from operations | | |
264
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Schwab Municipal Bond ETF
Statement of Changes in Net Assets
For the current and prior report periods
|
| | |
| | | |
| | | |
Net change in unrealized appreciation (depreciation) | | | |
Increase in net assets resulting from operations | | | |
|
DISTRIBUTIONS TO SHAREHOLDERS |
| | | |
TRANSACTIONS IN FUND SHARES1 |
| | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Net transactions in fund shares | | | | | |
|
SHARES OUTSTANDING AND NET ASSETS1 |
| | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| For the period ended December 31, 2024, and the prior report period, transactions in fund shares have been retroactively adjusted to reflect a 2-for-1 share split effective after market close on October 10, 2024. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 10 for additional information). |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
265
1. Business Structure of the Funds:
Each of the funds in this report is a series of Schwab Strategic Trust (the trust), a no-load, open-end management investment company. The trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trust as of the end of the period, including the funds discussed in this report, which are highlighted:
|
| Schwab Mortgage-Backed Securities ETF |
Schwab Short-Term U.S. Treasury ETF | Schwab High Yield Bond ETF |
Schwab Intermediate-Term U.S. Treasury ETF | Schwab International Dividend Equity ETF |
Schwab Long-Term U.S. Treasury ETF | Schwab International Equity ETF |
Schwab U.S. Aggregate Bond ETF | Schwab International Small-Cap Equity ETF |
Schwab 1-5 Year Corporate Bond ETF | Schwab Emerging Markets Equity ETF |
Schwab 5-10 Year Corporate Bond ETF | |
Schwab Municipal Bond ETF | Schwab Fundamental U.S. Broad Market Index ETF |
Schwab U.S. Broad Market ETF | Schwab Fundamental U.S. Large Company Index ETF |
| Schwab Fundamental U.S. Small Company Index ETF |
Schwab U.S. Large-Cap ETF | Schwab Fundamental International Large Company Index ETF |
Schwab U.S. Large-Cap Growth ETF | Schwab Fundamental International Small Company Index ETF |
Schwab U.S. Large-Cap Value ETF | Schwab Fundamental Emerging Markets Large Company Index ETF |
| |
Schwab U.S. Small-Cap ETF | Schwab Crypto Thematic ETF |
Schwab U.S. Dividend Equity ETF | Schwab Ultra-Short Income ETF |
The funds issue and redeem shares at their net asset value per share (NAV) only in large blocks of shares (Creation Units). These transactions are usually in exchange for a basket of securities and/or an amount of cash. As a practical matter, only institutional investors who have entered into an authorized participant agreement purchase or redeem Creation Units. Except when aggregated in Creation Units, shares of the funds are not redeemable securities.
Individual shares of the funds trade on national securities exchanges and elsewhere during the trading day and can only be bought and sold at market prices throughout the trading day through a broker-dealer. Because fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). A chart showing the frequency at which each fund’s daily closing market price was at a discount or premium to each fund’s NAV can be found at www.schwabassetmanagement.com.
Each fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, each fund may also keep certain assets in segregated accounts, as required by securities law. The "Fund Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.
The Schwab U.S. TIPS ETF’s goal is to track as closely as possible, before fees and expenses, the total return of an index composed of inflation-protected U.S. Treasury securities.
The Schwab Short-Term U.S. Treasury ETF’s goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the short-term U.S. Treasury bond market.
The Schwab Intermediate-Term U.S. Treasury ETF’s goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the intermediate-term U.S. Treasury bond market.
The Schwab Long-Term U.S. Treasury ETF’s goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the long-term U.S. Treasury bond market.
The Schwab U.S. Aggregate Bond ETF’s goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the broad U.S. investment-grade bond market.
The Schwab 1-5 Year Corporate Bond ETF’s goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the short-term U.S. corporate bond market.
The Schwab 5-10 Year Corporate Bond ETF’s goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the intermediate-term U.S. corporate bond market.
266
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Financial Notes (continued)
1. Business Structure of the Funds (continued):
The Schwab Municipal Bond ETF’s goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the U.S. AMT-free municipal bond market.
2. Significant Accounting Policies:The following is a summary of the significant accounting policies the funds use in their preparation of financial statements. The funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 946 Financial Services — Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).
In this reporting period, the funds adopted FASB Accounting Standards Update 2023-07, ASC Topic 280 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the funds’ financial position or the results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management committee of each fund’s investment adviser acts as the funds’ CODM. The CODM has determined that each fund operates as a single operating segment given each fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of each fund’s portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the funds, is presented within each of the fund’s financial statements.
The funds may invest in mutual funds which are referred to as "underlying funds". For more information about the underlying funds’ operations and policies, please refer to those funds’ semiannual and annual reports and holdings and financial statements, which are filed in Form N-CSR with the U.S. Securities and Exchange Commission (SEC) and are available on the SEC’s website at www.sec.gov.
Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the Board) has designated authority to a Valuation Designee, the funds’ investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities as well as to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Securities held in the funds’ portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:
● Bonds and notes: Fixed income investments are generally valued using an evaluated price at the mid-point of the bid/ask spread provided by an approved, independent pricing service (mid-price). To determine the evaluated mid-price, a pricing service may use a variety of techniques and inputs. Techniques may include, but are not limited to, spread models that calculate an investment-specific price relative to a benchmark or yield curve models that establish a price based on yields of comparable bonds along a range of maturities. Inputs differ by valuation approach and techniques, as appropriate, and examples of inputs may include, but are not limited to, interest rates, market conditions, comparable bonds, market trades, projected cash flows, credit reviews and issuer news.
● Futures contracts: Futures contracts are valued at their settlement prices as of the close of their exchanges.
● Short-term securities (60 days or less to maturity): Securities with remaining maturities of 60 days or less are generally valued at an evaluated price; however, such securities may be valued at their amortized cost if it approximates the security’s fair value.
● Mutual funds: Mutual funds are valued at their respective NAVs.
● Securities for which no quoted value is available: The Valuation Designee has adopted procedures to fair value a fund’s securities when market prices are not “readily available” or are unreliable. For example, a security may be fair valued when it’s de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a
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Financial Notes (continued)
2. Significant Accounting Policies (continued):
price; or when a security’s primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security.
In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the funds disclose the fair value of their investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee’s judgment will be required to estimate fair value.
The three levels of the fair value hierarchy are as follows:
● Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, exchange-traded funds (ETFs) and futures contracts. Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held which could be Level 1, Level 2 or Level 3 in the fair value hierarchy.
● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include forward foreign currency exchange contracts, U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations.
● Level 3 — significant unobservable inputs (including the Valuation Designee’s 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 readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore a fund’s results of operations.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The levels associated with valuing the funds’ investments as of December 31, 2024, are disclosed in each fund’s Portfolio Holdings.
(b) Accounting Policies for certain Portfolio Investments (if held):
Futures Contracts: Futures contracts are instruments that represent an agreement between two parties that obligates one party to buy, and the other party to sell, specific instruments at an agreed upon price on a stipulated future date. A fund must give the broker a deposit of cash and/or securities (initial margin) whenever it enters into a futures contract. The amount of the deposit may vary from one contract to another. Subsequent payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized appreciation or depreciation until the contract is closed, at which time the gains or losses are realized. Futures contracts are traded publicly on exchanges, and their fair value may change daily.
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Financial Notes (continued)
2. Significant Accounting Policies (continued):
Inflation-Protected Securities: The Schwab U.S. TIPS ETF invests in U.S. Treasury inflation-protected securities (TIPS). Inflation-protected securities are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these instruments is generally fixed at issuance at a rate lower than typical bonds or notes. Over the life of an inflation-indexed instrument, interest will be paid based on a principal value, which is adjusted for any inflation or deflation. Any increase or decrease in the principal amount of an inflation-protected security will be included as an addition or reduction to interest income on the Statement of Operations, even though investors do not receive their principal until maturity.
TBA Commitments: The Schwab U.S. Aggregate Bond ETF may enter into “TBA” (to-be-announced) commitments to purchase or sell securities for a fixed price at a future date. Payments or proceeds of TBA commitments are not delivered until the contractual settlement date. Unsettled TBA commitments are valued at the current market value generally according to the procedures described above in the Security Valuation section. The fund’s use of TBA commitments may cause the fund to experience higher portfolio turnover and higher transaction costs.
Agency MBS and TBA Transactions: Under Financial Industry Regulatory Authority Rule 4210, broker-dealers are required to collect margin from most customers, such as funds, for the majority of covered agency transactions, including TBAs. The Schwab U.S. Aggregate Bond ETF posts and receives variation margin with certain counterparties in instances where the unrealized gain (loss) on such transactions exceeds certain pre-determined thresholds. The variation margin, if any, is disclosed on the Statement of Assets and Liabilities.
Delayed-Delivery Transactions and When-Issued Securities: The funds may have transacted in securities on a delayed-delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed-delivery or when-issued basis are identified as such in each fund’s Portfolio Holdings, if any. The funds may receive compensation for interest forgone in the purchase of a delayed-delivery or when-issued security. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic, or other factors. The funds comply with Rule 18f-4 under the 1940 Act, the funds operate as limited derivatives users, with respect to purchase commitments held within the funds, portfolio securities are no longer required to be segregated as collateral with a value at least equal to the amount of a purchase commitment and the funds’ exposure is monitored under a derivatives risk management program.
Securities Lending: Under the trust’s Securities Lending Program, a fund (lender) may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank. Collateral at the individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides a fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. Each fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreements allow the funds or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement. Securities lending income, as disclosed in each fund’s Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between a fund and the lending agent. The aggregate market value of securities loaned will not at any time exceed one-third of the total assets of a fund, including collateral received from the loan. Securities lending fees paid to the unaffiliated lending agents start at 9% of gross lending revenue, with subsequent breakpoints to a low of 5%. In this context, the gross lending revenue equals the income received from the investment of cash collateral and fees paid by borrowers less any rebates paid to the borrowers. Any expenses charged by the cash collateral fund are in addition to these fees. All remaining revenue is retained by the fund, as applicable. No portion of lending revenue is paid to or retained by the investment adviser or any of its affiliates.
As of December 31, 2024, only Schwab U.S. Aggregate Bond ETF, Schwab 1-5 Year Corporate Bond ETF and Schwab 5-10 Year Corporate Bond ETF had securities on loan, all of which were classified as corporate and government related bonds. The value of the securities on loan and the related collateral at December 31, 2024, if any, are disclosed in each fund’s Portfolio Holdings and Statement of Assets and Liabilities.
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Financial Notes (continued)
2. Significant Accounting Policies (continued):
(c) Security Transactions:
Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains or losses from security transactions are based on the identified costs of the securities involved. Gains and losses from paydowns on mortgage and asset backed securities are recorded as adjustments to interest income.
Interest income is recorded as it accrues. If a fund buys a debt security at a discount (less than face value) or a premium (more than face value), it amortizes premiums and accretes discounts from the purchase settlement date up to maturity. The fund then increases (in the case of discounts) or reduces (in the case of premiums) the income it records from the security. Certain securities may be callable (meaning that the issuer has the option to pay it off before its maturity date). The fund amortizes the premium and accretes the discount on each callable security to the security’s maturity date, except when the purchase price is higher than the call price at the security’s call date (in which case the premium is amortized to the call date). Any increase or decrease in the principal amount of an inflation-protected security is included as an addition or reduction to interest income on the Statement of Operations; such adjustments may have a significant impact on a fund’s distributions. Dividends and distributions from underlying funds are recorded on the date they are effective (the ex-dividend date). Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.
Pursuant to the Amended and Restated Advisory Agreement (Advisory Agreement) between the investment adviser and each fund, the investment adviser pays the operating expenses of each fund, excluding acquired fund fees and expenses, taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to a fund are charged directly to the fund. Acquired fund fees and expenses are indirect expenses incurred by a fund through its investments in underlying funds.
(f) U.S. Treasury, Agency Debt & Agency MBS Charges:
Due to market conditions or other reasons, delivery of U.S. Treasury securities, agency debt and agency MBS may not occur on a timely basis. In these instances, a fund may fail to receive a security purchased causing the fund to be unable to deliver a security sold. The Treasury Market Practices Group of the Federal Reserve Bank of New York recommends voluntary fail charges when securities are not delivered as agreed by the parties. These fail charges are included in net realized gains (losses) in each fund’s Statement of Operations, if any.
(g) Distributions to Shareholders:
The funds make distributions from net investment income, if any, monthly and from net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.
(h) Accounting Estimates:
The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It’s possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.
(i) Federal Income Taxes:
The funds intend to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the funds distribute substantially all of their net investment income and net realized capital gains, if any, to their shareholders each year. As long as a fund meets the tax requirements, it is not required to pay federal income tax.
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Financial Notes (continued)
2. Significant Accounting Policies (continued):
(j) Indemnification:
Under the funds’ organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business the funds enter into contracts with their vendors and others that provide general indemnifications. The funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the funds. However, based on experience, the funds expect the risk of loss attributable to these arrangements to be remote.
3. Affiliates and Affiliated Transactions:Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as each fund’s investment adviser pursuant to the Advisory Agreement between the investment adviser and each fund.
For its advisory services to the funds, the investment adviser is entitled to receive an annual management fee, payable monthly, based on a percentage of each fund’s average daily net assets as follows:
| SCHWAB SHORT-TERM U.S. TREASURY ETF | SCHWAB INTERMEDIATE-TERM U.S. TREASURY ETF | SCHWAB LONG-TERM U.S. TREASURY ETF | SCHWAB U.S. AGGREGATE BOND ETF | SCHWAB 1-5 YEAR CORPORATE BOND ETF | SCHWAB 5-10 YEAR CORPORATE BOND ETF | |
| | | | | | | |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
271
Financial Notes (continued)
3. Affiliates and Affiliated Transactions (continued):
Investment from Affiliates
Certain funds in the Fund Complex may own shares of other funds in the Fund Complex. The table below reflects the percentages of shares of each fund in this report that are owned by other funds in the Fund Complex as of December 31, 2024, as applicable:
| |
| | SCHWAB SHORT-TERM U.S. TREASURY ETF | SCHWAB LONG-TERM U.S. TREASURY ETF | SCHWAB U.S. AGGREGATE BOND ETF | SCHWAB 1-5 YEAR CORPORATE BOND ETF | SCHWAB 5-10 YEAR CORPORATE BOND ETF |
Schwab Monthly Income Fund - Flexible Payout | | | | | | |
Schwab Monthly Income Fund - Income Payout | | | | | | |
Schwab Monthly Income Fund - Target Payout | | | | | | |
Schwab Target 2010 Index Fund | | | | | | |
Schwab Target 2015 Index Fund | | | | | | |
Schwab Target 2020 Index Fund | | | | | | |
Schwab Target 2025 Index Fund | | | | | | |
Schwab Target 2030 Index Fund | | | | | | |
Schwab Target 2035 Index Fund | | | | | | |
Schwab Target 2040 Index Fund | | | | | | |
Schwab Target 2045 Index Fund | | | | | | |
Schwab Target 2050 Index Fund | | | | | | |
Schwab Target 2055 Index Fund | | | | | | |
Schwab Target 2060 Index Fund | | | | | | |
Schwab Target 2065 Index Fund | | | | | | |
Schwab VIT Balanced Portfolio | | | | | | |
Schwab VIT Balanced with Growth Portfolio | | | | | | |
Schwab VIT Growth Portfolio | | | | | | |
Interfund Borrowing and Lending
Pursuant to an exemptive order issued by the SEC, the funds may enter into interfund borrowing and lending transactions with other funds in the Fund Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review of the Board. The funds had no interfund borrowing or lending activity during the period.
The Board may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such “interested persons” who may serve on a trust’s board, and the trust was in compliance with these limitations throughout the report period. The funds did not pay any interested persons or non-interested persons (independent trustees). The independent trustees are paid by the investment adviser.
During the period, the funds were participants with other funds in the Fund Complex in a joint, syndicated, committed $1 billion line of credit (the Syndicated Credit Facility), which matured on September 26, 2024. On September 26, 2024, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount increasing to $1.2 billion, maturing on September 25, 2025. Under the terms of the Syndicated Credit Facility, in addition to the investment adviser paying the interest
272
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Financial Notes (continued)
5. Borrowing from Banks (continued):
charged on any borrowings by a fund, the investment adviser paid a commitment fee of 0.15% per annum on the funds’ proportionate share of the unused portion of the Syndicated Credit Facility.
During the period, the funds were participants with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility), with State Street Bank and Trust Company, which matured on September 26, 2024. On September 26, 2024, the Uncommitted Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on September 25, 2025. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount a fund borrows. There were no borrowings by any of the funds from either line of credit during the period.
The funds also have access to custodian overdraft facilities. A fund may have utilized the overdraft facility and incurred an interest expense, which is paid by the investment adviser. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.
Certain funds entered into futures contracts during the report period to manage the effects of interest rate changes.
As of December 31, 2024, the Statement of Assets and Liabilities included the following financial derivative instrument fair values held at period end:
| | |
| | |
Schwab 1-5 Year Corporate Bond ETF | | |
| | |
Schwab 5-10 Year Corporate Bond ETF | | |
| | |
| |
| Includes cumulative unrealized appreciation of futures contracts as reported in each fund’s Portfolio Holdings. Only current day’s variation margin on futures contracts is reported in the Statement of Assets and Liabilities. |
| | |
Schwab 1-5 Year Corporate Bond ETF | | |
| | |
Schwab 5-10 Year Corporate Bond ETF | | |
| | |
| |
| Includes cumulative unrealized depreciation of futures contracts as reported in each fund’s Portfolio Holdings. Only current day’s variation margin on futures contracts is reported in the Statement of Assets and Liabilities. |
The effects of the derivative contracts in the Statement of Operations for the period ended December 31, 2024, were:
| | |
Net Realized Gains (Losses) | | |
Schwab 1-5 Year Corporate Bond ETF | | |
| | |
Schwab 5-10 Year Corporate Bond ETF | | |
| | |
| |
| Statement of Operations location: Net realized gains (losses) on futures contracts. |
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
273
Financial Notes (continued)
6. Derivatives (continued):
Net Change in Unrealized Appreciation (Depreciation) | | |
Schwab 1-5 Year Corporate Bond ETF | | |
| | |
Schwab 5-10 Year Corporate Bond ETF | | |
| | |
| |
| Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts. |
During the period ended December 31, 2024, the month-end average notional amounts of futures contracts held by the funds and the month-end average number of contracts held were as follows:
| | |
| | |
Schwab Short-Term U.S. Treasury ETF | | |
Schwab Intermediate-Term U.S. Treasury ETF | | |
Schwab Long-Term U.S. Treasury ETF | | |
Schwab U.S. Aggregate Bond ETF | | |
Schwab 1-5 Year Corporate Bond ETF | | |
Schwab 5-10 Year Corporate Bond ETF | | |
Schwab Municipal Bond ETF | | |
7. Purchases and Sales/Maturities of Investment Securities:For the period ended December 31, 2024, purchases and sales/maturities of securities (excluding in-kind transactions and short-term obligations) were as follows:
| PURCHASES OF LONG-TERM
U.S. GOVERNMENT
SECURITIES* | PURCHASES OF OTHER
LONG-TERM SECURITIES | TOTAL PURCHASES OF
LONG-TERM SECURITIES |
| | | |
Schwab Short-Term U.S. Treasury ETF | | | |
Schwab Intermediate-Term U.S. Treasury ETF | | | |
Schwab Long-Term U.S. Treasury ETF | | | |
Schwab U.S. Aggregate Bond ETF | | | |
Schwab 1-5 Year Corporate Bond ETF | | | |
Schwab 5-10 Year Corporate Bond ETF | | | |
Schwab Municipal Bond ETF | | | |
| SALES/MATURITIES OF
LONG-TERM U.S. GOVERNMENT
SECURITIES* | SALES/MATURITIES OF
OTHER LONG-TERM SECURITIES | TOTAL SALES/MATURITIES OF
LONG-TERM SECURITIES |
| | | |
Schwab Short-Term U.S. Treasury ETF | | | |
Schwab Intermediate-Term U.S. Treasury ETF | | | |
Schwab Long-Term U.S. Treasury ETF | | | |
Schwab U.S. Aggregate Bond ETF | | | |
Schwab 1-5 Year Corporate Bond ETF | | | |
Schwab 5-10 Year Corporate Bond ETF | | | |
Schwab Municipal Bond ETF | | | |
*
Includes securities guaranteed by U.S. Government Agencies.
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Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Financial Notes (continued)
8. In-Kind Transactions:
The consideration for the purchase of Creation Units of a fund often consists of the in-kind deposit of a designated portfolio of fixed-income securities, which constitutes an optimized representation of the securities involved in the relevant fund’s underlying index, and an amount of cash. Investors purchasing and redeeming Creation Units are subject to a standard creation transaction fee and a standard redemption transaction fee paid to the custodian to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Purchasers and redeemers of Creation Units for cash are subject to an additional variable charge paid to the fund that will offset the transaction costs to the fund of buying or selling portfolio securities. Variable charges paid to the fund, except for Schwab Municipal Bond ETF, generally have no effect on net asset value per share. Variable charges were larger than the other funds for Schwab Municipal Bond ETF in the current period and are included in Other Capital on the Financial Highlights and on the Statement of Changes in Net Assets. In addition, purchasers and redeemers of shares in Creation Units are responsible for payment of the costs of transferring securities to or out of the fund. From time to time, the investment adviser may cover the cost of any transaction fees when believed to be in the best interests of the fund.
The in-kind transactions for the period ended December 31, 2024, were as follows:
| IN-KIND PURCHASES
OF SECURITIES | IN-KIND SALES
OF SECURITIES |
| | |
Schwab Short-Term U.S. Treasury ETF | | |
Schwab Intermediate-Term U.S. Treasury ETF | | |
Schwab Long-Term U.S. Treasury ETF | | |
Schwab U.S. Aggregate Bond ETF | | |
Schwab 1-5 Year Corporate Bond ETF | | |
Schwab 5-10 Year Corporate Bond ETF | | |
Schwab Municipal Bond ETF | | |
For the period ended December 31, 2024, the funds may realize net capital gains or losses resulting from in-kind redemptions of Creation Units. Because such gains or losses are not taxable to the funds and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the funds’ tax year. These reclassifications have no effect on net assets or net asset values per share. The net realized gains or losses on sales of in-kind redemptions for the period ended December 31, 2024, are disclosed in the funds’ Statements of Operations, if any.
As of December 31, 2024, the tax basis cost of the funds’ investments and gross unrealized appreciation and depreciation were as follows:
| | GROSS UNREALIZED
APPRECIATION | GROSS UNREALIZED
DEPRECIATION | NET UNREALIZED
APPRECIATION
(DEPRECIATION) |
| | | | |
Schwab Short-Term U.S. Treasury ETF | | | | |
Schwab Intermediate-Term U.S. Treasury ETF | | | | |
Schwab Long-Term U.S. Treasury ETF | | | | |
Schwab U.S. Aggregate Bond ETF | | | | |
Schwab 1-5 Year Corporate Bond ETF | | | | |
Schwab 5-10 Year Corporate Bond ETF | | | | |
Schwab Municipal Bond ETF | | | | |
The primary differences between book basis and tax basis unrealized appreciation or unrealized depreciation of investments are the tax deferral of losses on wash sales, realization for tax purposes of unrealized appreciation or depreciation on futures contracts if held, the differing treatment of amortization of bond discounts and premiums, and sales on TIPS. The tax cost of the funds’ investments, disclosed above, have been adjusted from their book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
275
Financial Notes (continued)
9. Federal Income Taxes (continued):
As of December 31, 2024, the components of distributable earnings on a tax basis were as follows:
| UNDISTRIBUTED
TAX-EXEMPT
INCOME | UNDISTRIBUTED
ORDINARY
INCOME | NET UNREALIZED
APPRECIATION
(DEPRECIATION)
ON INVESTMENTS | CAPITAL LOSS
CARRYFORWARDS
AND OTHER LOSSES | |
| | | | | |
Schwab Short-Term U.S. Treasury ETF | | | | | |
Schwab Intermediate-Term U.S. Treasury ETF | | | | | |
Schwab Long-Term U.S. Treasury ETF | | | | | |
Schwab U.S. Aggregate Bond ETF | | | | | |
Schwab 1-5 Year Corporate Bond ETF | | | | | |
Schwab 5-10 Year Corporate Bond ETF | | | | | |
Schwab Municipal Bond ETF | | | | | |
Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of December 31, 2024, the funds had capital loss carryforwards as follows:
| |
| |
Schwab Short-Term U.S. Treasury ETF | |
Schwab Intermediate-Term U.S. Treasury ETF | |
Schwab Long-Term U.S. Treasury ETF | |
Schwab U.S. Aggregate Bond ETF | |
Schwab 1-5 Year Corporate Bond ETF | |
Schwab 5-10 Year Corporate Bond ETF | |
Schwab Municipal Bond ETF | |
The tax basis components of distributions paid during the current and prior fiscal years were as follows:
| CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
| | | | |
| | | | |
Schwab Short-Term U.S. Treasury ETF | | | | |
Schwab Intermediate-Term U.S. Treasury ETF | | | | |
Schwab Long-Term U.S. Treasury ETF | | | | |
Schwab U.S. Aggregate Bond ETF | | | | |
Schwab 1-5 Year Corporate Bond ETF | | | | |
Schwab 5-10 Year Corporate Bond ETF | | | | |
Schwab Municipal Bond ETF | | | | |
Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.
Permanent book and tax basis differences may result in reclassifications between components of net assets as required. The adjustments have no impact on net assets or the results of operations
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Financial Notes (continued)
9. Federal Income Taxes (continued):
As of December 31, 2024, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds’ financial statements. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the fiscal year ended December 31, 2024, the funds did not incur any interest or penalties.
Effective September 25, 2024, the Board authorized the following share splits for the below funds:
| |
| |
Schwab Short-Term U.S. Treasury ETF | |
Schwab Intermediate-Term U.S. Treasury ETF | |
Schwab U.S. Aggregate Bond ETF | |
Schwab 1-5 Year Corporate Bond ETF | |
Schwab 5-10 Year Corporate Bond ETF | |
Schwab Municipal Bond ETF | |
| |
| |
These share splits applied to shareholders of record as of the close of U.S. markets on October 9, 2024, and paid after the close of U.S. markets on October 10, 2024. Shares began trading at their post-split price on October 11, 2024. These share splits increased the number of shares outstanding and decreased the NAV per share. The share splits did not change the total market value of a shareholder’s investment. The Financial Highlights and Statement of Changes in Net Assets for the Schwab U.S. TIPS ETF, Schwab Short-Term U.S. Treasury ETF, Schwab Intermediate-Term U.S. Treasury ETF, Schwab U.S. Aggregate Bond ETF, Schwab 1-5 Year Corporate Bond ETF, Schwab 5-10 Year Corporate Bond ETF, and Schwab Municipal Bond ETF have been retroactively adjusted to reflect the above share splits in the current and prior periods presented.
Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
277
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Schwab Strategic Trust and Shareholders of Schwab U.S. TIPS ETF, Schwab Short-Term U.S. Treasury ETF, Schwab Intermediate-Term U.S. Treasury ETF, Schwab Long-Term U.S. Treasury ETF, Schwab U.S. Aggregate Bond ETF, Schwab 1-5 Year Corporate Bond ETF, Schwab 5-10 Year Corporate Bond ETF, and Schwab Municipal Bond ETF:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities, including the portfolio holdings, of Schwab U.S. TIPS ETF, Schwab Short-Term U.S. Treasury ETF, Schwab Intermediate-Term U.S. Treasury ETF, Schwab Long-Term U.S. Treasury ETF, Schwab U.S. Aggregate Bond ETF, Schwab 1-5 Year Corporate Bond ETF, Schwab 5-10 Year Corporate Bond ETF, and Schwab Municipal Bond ETF (the “Funds”), eight of the funds constituting Schwab Strategic Trust, as of December 31, 2024, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended (excluding Schwab Municipal Bond ETF); the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and for the period from October 12, 2022 (commencement of operations) through December 31, 2022 for Schwab Municipal Bond ETF; and the related notes.
In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds (excluding Schwab Municipal Bond ETF) as of December 31, 2024, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Schwab Municipal Bond ETF as of December 31, 2024, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period from October 12, 2022 (commencement of operations) through December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Deloitte & Touche LLP
Denver, Colorado
February 14, 2025
We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 2020.
278
Schwab Fixed-Income ETFs | Annual Holdings and Financial Statements
Annual Holdings and Financial Statements | December 31, 2024
Schwab Ultra-Short Income ETF
Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management®
Distributor: SEI Investments Distribution Co. (SIDCO)
Schwab Ultra-Short Income ETF | Annual Holdings and Financial Statements
1
Schwab Ultra-Short Income ETF
Financial Statements
| | | | | | |
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Net asset value at beginning of period | | | | | | |
Income (loss) from investment operations: | | | | | | |
Net investment income (loss)2 | | | | | | |
Net realized and unrealized gains (losses) | | | | | | |
Total from investment operations | | | | | | |
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Distributions from net investment income | | | | | | |
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Net asset value at end of period | | | | | | |
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Ratios to average net assets: | | | | | | |
| | | | | | |
Net investment income (loss) | | | | | | |
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Net assets, end of period (x 1,000) | | | | | | |
| Commencement of operations. |
| Calculated based on the average shares outstanding during the period. |
| |
| |
2
Schwab Ultra-Short Income ETF | Annual Holdings and Financial Statements
Schwab Ultra-Short Income ETF
Portfolio Holdings as of December 31, 2024
For fixed rate securities, the rate shown is the coupon rate (the rate established when the security was issued) and if the coupon rate is not available, the effective yield at the time of purchase is shown. For variable rate securities, the rate shown is the interest rate as of the report date based on each security’s rate reset date. The reference rate and spread used is shown parenthetically in the security description, if available; if not, the reference rate is described in a footnote. The maturity date shown for all the securities is the final legal maturity. Securities whose maturities at the time of acquisition were one year or less are categorized under Short-Term Investments.
| | | | | |
CORPORATES 20.4% OF NET ASSETS |
Financial Institutions 8.2% |
|
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National Australia Bank Ltd. | | | | | |
PNC Financial Services Group, Inc. | | | | | |
| | | | | |
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| | | | | |
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TWDC Enterprises 18 Corp. | | | | | |
Verizon Communications, Inc. | | | | | |
| | | | | |
|
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Consumer Non-Cyclical 3.6% |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Schwab Ultra-Short Income ETF | Annual Holdings and Financial Statements
3
Schwab Ultra-Short Income ETF
Portfolio Holdings as of December 31, 2024 (continued)
| | | | | |
| | | | | |
Philip Morris International, Inc. | | | | | |
Philip Morris International, Inc. | | | | | |
| | | | | |
|
| | | | | |
Schlumberger Holdings Corp. | | | | | |
| | | | | |
|
| | | | | |
| | | | | |
Hewlett Packard Enterprise Co. | | | | | |
Hewlett Packard Enterprise Co. | | | | | |
International Business Machines Corp. | | | | | |
| | | | | |
| | | | | |
| | | | | |
|
|
| | | | | |
Total Corporates
(Cost $14,330,600) | |
|
SHORT-TERM INVESTMENTS 75.0% OF NET ASSETS |
|
CORPORATES 4.4% OF NET ASSETS |
Financial Institutions 0.8% |
|
Canadian Imperial Bank of Commerce | | | | | |
|
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Precision Castparts Corp. | | | | | |
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| | | | | |
|
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4
Schwab Ultra-Short Income ETF | Annual Holdings and Financial Statements
Schwab Ultra-Short Income ETF
Portfolio Holdings as of December 31, 2024 (continued)
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|
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Total Corporates
(Cost $3,090,714) | | | | | |
|
CERTIFICATES OF DEPOSIT 18.2% OF NET ASSETS |
BANK OF NOVA SCOTIA (NEW YORK BRANCH) |
| | | | | |
BAYERISCHE LANDESBANK (NEW YORK BRANCH) |
| | | | | |
CANADIAN IMPERIAL BANK OF COMMERCE (NEW YORK BRANCH) | | | | | |
COOPERATIEVE RABOBANK UA (NEW YORK BRANCH) | | | | | |
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK (NEW YORK BRANCH) | | | | | |
Lloyds Bank Corporate Markets PLC | | | | | |
MITSUBISHI UFJ TRUST AND BANKING CORP (NEW YORK BRANCH) |
| | | | | |
MIZUHO BANK LTD (NEW YORK BRANCH) | | | | | |
MUFG BANK LTD (NEW YORK BRANCH) |
| | | | | |
NATIXIS (NEW YORK BRANCH) |
| | | | | |
SUMITOMO MITSUI BANKING CORP (NEW YORK BRANCH) | | | | | |
| | | | | |
| | | | | |
| | | | | |
TORONTO-DOMINION BANK (NEW YORK BRANCH) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Total Certificates Of Deposit
(Cost $12,783,581) | | | | | |
|
ASSET-BACKED COMMERCIAL PAPER 16.6% OF NET ASSETS |
| | | | | |
Cancara Asset Securitisation LLC | | | | | |
| | | | | |
COLLATERALIZED COMMERCIAL PAPER V CO LLC | | | | | |
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Schwab Ultra-Short Income ETF | Annual Holdings and Financial Statements
5
Schwab Ultra-Short Income ETF
Portfolio Holdings as of December 31, 2024 (continued)
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CONCORD MINUTEMEN CAPITAL CO LLC SERIES C | | | | | |
| | | | | |
| | | | | |
MetLife Short Term Funding LLC | | | | | |
PRICOA SHORT TERM FUNDING LLC | | | | | |
| | | | | |
| | | | | |
| | | | | |
Total Asset-Backed Commercial Paper
(Cost $11,661,689) | | | | | |
|
FINANCIAL COMPANY COMMERCIAL PAPER 28.8% OF NET ASSETS |
ABN AMRO Funding USA LLC (London Branch) | | | | | |
AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD | | | | | |
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CITIGROUP GLOBAL MARKETS INC | | | | | |
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| | | | | |
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OVERSEA-CHINESE BANKING CORPORATION LTD |
| | | | | |
6
Schwab Ultra-Short Income ETF | Annual Holdings and Financial Statements
Schwab Ultra-Short Income ETF
Portfolio Holdings as of December 31, 2024 (continued)
| | | | | |
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| | | | | |
| | | | | |
| | | | | |
| | | | | |
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TORONTO-DOMINION BANK/THE | | | | | |
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Total Financial Company Commercial Paper
(Cost $20,247,574) | | | | | |
|
SOVEREIGN COMMERCIAL PAPER 1.4% OF NET ASSETS |
CAISSE AMORTISSEMENT DE LA DETTE SOCIALE | | | | | |
Total Sovereign Commercial Paper
(Cost $992,800) | | | | | |
|
VARIABLE RATE DEMAND NOTES 2.7% OF NET ASSETS |
|
Taxable Variable Rate Demand Notes Series 2022 (LOC: Federal Home Loan Banks) | | | | | |
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Taxable Variable Rate Demand Notes Series 2013 (LOC: PNC BANK NA) | | | | | |
Total Variable Rate Demand Notes
(Cost $1,900,000) | | | | | |
|
TIME DEPOSIT 2.9% OF NET ASSETS |
Landesbank Hessen-Thueringen Girozentrale | | | | | |
Total Time Deposits
(Cost $2,000,000) | | | | | |
Total Short-Term Investments
(Cost $52,676,358) | | | | | |
Schwab Ultra-Short Income ETF | Annual Holdings and Financial Statements
7
Schwab Ultra-Short Income ETF
Portfolio Holdings as of December 31, 2024 (continued)
| | | | | |
REPURCHASE AGREEMENTS 2.9% OF NET ASSETS |
OTHER REPURCHASE AGREEMENTS 2.9% |
| | | | | |
Issued 12/20/24, repurchase date 04/22/25 | | | | | |
(Collateralized by Equity Securities and ETF holdings valued at $2,160,001)
(SOFR + 0.50%) | | | | | |
| | | | | |
Total Repurchase Agreements
(Cost $2,000,000) | | | | | |
Total Investments in Securities
(Cost $69,006,958) | |
| The effective maturity may be shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or as the result of embedded demand features (puts or calls). |
| 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 $30,370,917 or 43.2% of net assets. |
| Variable rate security; rate shown is effective rate at period end. |
| Credit-enhanced or liquidity-enhanced. |
| VRDN is a municipal security which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are weekly but may be daily or monthly. Unless a reference rate and spread is shown parenthetically, the Remarketing Agent, generally a dealer, determines the interest rate for the security at each interest rate reset date. The rate is typically based on the SIFMA Municipal Swap Index. |
| Effective Federal Funds Rate is published daily by the Federal Reserve Bank of New York and is based on the interest rate financial institutions charge each other for overnight funds. |
| |
| Secured Overnight Financing Rate is published daily by the Federal Reserve Bank of New York and is based on the cost of borrowing cash overnight collateralized by U.S. Treasury securities. |
The following is a summary of the inputs used to value the fund’s investments as of December 31, 2024 (see notes to portfolio holdings for additional information):
| QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) | OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) | SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) | |
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| As categorized in the Portfolio Holdings. |
8
Schwab Ultra-Short Income ETF | Annual Holdings and Financial Statements
Schwab Ultra-Short Income ETF
Statement of Assets and Liabilities
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Investments in securities, at value - unaffiliated issuers (cost $69,006,958) | | |
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Capital received from investors | | |
Total distributable earnings | | |
| | |
Schwab Ultra-Short Income ETF | Annual Holdings and Financial Statements
9
Schwab Ultra-Short Income ETF
Statement of Operations
For the period August 13, 2024* through December 31, 2024 |
|
Interest received from securities - unaffiliated issuers | | |
| | |
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| | |
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|
REALIZED AND UNREALIZED GAINS (LOSSES) |
Net realized losses on sales of securities - unaffiliated issuers | | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | | |
Net realized and unrealized losses | | |
Increase in net assets resulting from operations | | |
| Commencement of operations. |
10
Schwab Ultra-Short Income ETF | Annual Holdings and Financial Statements
Schwab Ultra-Short Income ETF
Statement of Changes in Net Assets
For the current period only
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| |
| | |
| | |
Net change in unrealized appreciation (depreciation) | | |
Increase in net assets resulting from operations | | |
|
DISTRIBUTIONS TO SHAREHOLDERS |
| | |
TRANSACTIONS IN FUND SHARES |
| |
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| | | |
| | | |
Net transactions in fund shares | | | |
|
SHARES OUTSTANDING AND NET ASSETS |
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| | | |
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| | | |
| Commencement of operations. |
Schwab Ultra-Short Income ETF | Annual Holdings and Financial Statements
11
Schwab Ultra-Short Income ETF
1. Business Structure of the Fund:
The fund in this report is a series of Schwab Strategic Trust (the trust), a no-load, open-end management investment company. The trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trust as of the end of the period, including the fund discussed in this report, which is highlighted:
|
Schwab Ultra-Short Income ETF | |
Schwab High Yield Bond ETF | Schwab Short-Term U.S. Treasury ETF |
Schwab U.S. Broad Market ETF | Schwab Intermediate-Term U.S. Treasury ETF |
| Schwab Long-Term U.S. Treasury ETF |
Schwab U.S. Large-Cap ETF | Schwab U.S. Aggregate Bond ETF |
Schwab U.S. Large-Cap Growth ETF | Schwab 1-5 Year Corporate Bond ETF |
Schwab U.S. Large-Cap Value ETF | Schwab 5-10 Year Corporate Bond ETF |
| Schwab Fundamental U.S. Broad Market ETF |
Schwab U.S. Small-Cap ETF | Schwab Fundamental U.S. Large Company ETF |
Schwab U.S. Dividend Equity ETF | Schwab Fundamental U.S. Small Company ETF |
Schwab Municipal Bond ETF | Schwab Fundamental International Equity ETF |
Schwab International Dividend Equity ETF | Schwab Fundamental International Small Equity ETF |
Schwab International Equity ETF | Schwab Fundamental Emerging Markets Equity ETF |
Schwab International Small-Cap Equity ETF | |
Schwab Emerging Markets Equity ETF | Schwab Crypto Thematic ETF |
| Schwab Mortgage-Backed Securities ETF |
The fund issues and redeems shares at its net asset value per share (NAV) only in large blocks of shares (Creation Units). These transactions are usually in exchange for a basket of securities and/or an amount of cash. As a practical matter, only institutional investors who have entered into an authorized participant agreement purchase or redeem Creation Units. Except when aggregated in Creation Units, shares of the fund are not redeemable securities.
Individual shares of the fund trade on national securities exchanges and elsewhere during the trading day and can only be bought and sold at market prices throughout the trading day through a broker-dealer. Because fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). A chart showing the frequency at which the fund’s daily closing market price was at a discount or premium to the fund’s NAV can be found at www.schwabassetmanagement.com.
The fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, the fund may also keep certain assets in segregated accounts, as required by securities law. The "Fund Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.
The Schwab Ultra-Short Income ETF’s goal is to seek current income consistent with capital preservation while maintaining liquidity.
2. Significant Accounting Policies:The following is a summary of the significant accounting policies the fund uses in its preparation of financial statements. The fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 946 Financial Services —Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).
In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, ASC Topic 280 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the fund’s financial position or the results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management committee of the fund’s investment adviser acts as the fund’s CODM. The CODM has determined that the fund
12
Schwab Ultra-Short Income ETF | Annual Holdings and Financial Statements
Schwab Ultra-Short Income ETF
Financial Notes (continued)
2. Significant Accounting Policies (continued):
operates as a single operating segment given the fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of the fund’s portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the fund, is presented within the fund’s financial statements.
Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the Board) has designated authority to a Valuation Designee, the fund’s investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities as well as to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Securities held in the fund’s portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:
● Bonds and notes: Fixed income investments are generally valued using an evaluated price at the mid-point of the bid/ask spread provided by an approved, independent pricing service (mid-price). To determine the evaluated mid-price, a pricing service may use a variety of techniques and inputs. Techniques may include, but are not limited to, spread models that calculate an investment-specific price relative to a benchmark or yield curve models that establish a price based on yields of comparable bonds along a range of maturities. Inputs differ by valuation approach and techniques, as appropriate, and examples of inputs may include, but are not limited to, interest rates, market conditions, comparable bonds, market trades, projected cash flows, credit reviews and issuer news.
● Short-term securities (60 days or less to maturity): Securities with remaining maturities of 60 days or less are generally valued at an evaluated price; however, such securities may be valued at their amortized cost if it approximates the security’s fair value.
● Securities for which no quoted value is available: The Valuation Designee has adopted procedures to fair value the fund’s securities when market prices are not “readily available” or are unreliable. For example, a security may be fair valued when it’s de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that the fund could obtain the fair value assigned to the security upon the sale of such security.
In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the fund discloses the fair value of its investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee’s judgment will be required to estimate fair value.
The three levels of the fair value hierarchy are as follows:
● Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, exchange-traded funds (ETFs) and futures contracts. Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held which could be Level 1, Level 2 or Level 3 in the fair value hierarchy.
Schwab Ultra-Short Income ETF | Annual Holdings and Financial Statements
13
Schwab Ultra-Short Income ETF
Financial Notes (continued)
2. Significant Accounting Policies (continued):
● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include forward foreign currency exchange contracts, U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations.
● Level 3 — significant unobservable inputs (including the Valuation Designee’s assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore a fund’s results of operations.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The levels associated with valuing the fund’s investments as of December 31, 2024, are disclosed in the fund’s Portfolio Holdings.
(b) Accounting Policies for certain Portfolio Investments (if held):
Repurchase Agreements: In a repurchase agreement, the fund buys a security from another party (the counterparty), usually a financial institution, with the agreement that it be sold back in the future. Repurchase agreements subject the fund to counterparty risk, meaning that the fund could lose money if the other party fails to perform under the terms of the agreement. The fund mitigates this risk by ensuring that a fund’s repurchase agreements are collateralized by cash and/or U.S. government securities, fixed income securities, equity securities or other types of securities. These risks are magnified to the extent that a repurchase agreement is secured by collateral other than cash and U.S. government securities, such as debt securities, equity securities and high yield securities that are rated below investment grade. All collateral is held by the fund’s custodian (or, with multi-party agreements, the agent’s bank) and is monitored daily to ensure that its fair value is at least equal to the maturity amount under the agreement. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed or limited and the value of the collateral may decline. Investments in repurchase agreements are also based on a review of the credit quality of the repurchase agreement counterparty.
As of December 31, 2024, the fund had investments in repurchase agreements with a gross value of $2,000,000 as disclosed in the Portfolio Holdings. The value of the related collateral disclosed in the Portfolio Holdings exceeded the value of the repurchase agreements at period end.
Delayed-Delivery Transactions and When-Issued Securities: The fund may transact in securities on a delayed-delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed-delivery or when-issued basis are identified as such in the fund’s Portfolio Holdings, if any. The fund may receive compensation for interest forgone in the purchase of a delayed-delivery or when-issued security. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic, or other factors. The fund complies with Rule 18f-4 under the 1940 Act, the fund operates as a limited derivatives user, with respect to purchase commitments held within the fund, portfolio securities are no longer required to be segregated as collateral with a value at least equal to the amount of a purchase commitment and the fund’s exposure is monitored under a derivatives risk management program.
(c) Security Transactions:
Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.
Interest income is recorded as it accrues. If the fund buys a debt security at a discount (less than face value) or a premium (more than face value), it amortizes premiums and accretes discounts from the purchase settlement date up to maturity. The fund then
14
Schwab Ultra-Short Income ETF | Annual Holdings and Financial Statements
Schwab Ultra-Short Income ETF
Financial Notes (continued)
2. Significant Accounting Policies (continued):
increases (in the case of discounts) or reduces (in the case of premiums) the income it records from the security. Certain securities may be callable (meaning that the issuer has the option to pay it off before its maturity date). The fund amortizes the premium and accretes the discount on each callable security to the security’s maturity date, except when the purchase price is higher than the call price at the security’s call date (in which case the premium is amortized to the call date).
Pursuant to the Amended and Restated Advisory Agreement (Advisory Agreement) between the investment adviser and the fund, the investment adviser will pay the operating expenses of the fund, excluding taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to the fund are charged directly to the fund.
(f) Distributions to Shareholders:
The fund makes distributions from net investment income, if any, monthly and from net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.
(g) Accounting Estimates:
The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It’s possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.
(h) Federal Income Taxes:
The fund intends to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the fund distributes substantially all of its net investment income and net realized capital gains, if any, to its shareholders each year. As long as the fund meets the tax requirements, it is not required to pay federal income tax.
Under the fund’s organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business the fund enters into contracts with its vendors and others that provide general indemnifications. The fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the fund. However, based on experience, the fund expects the risk of loss attributable to these arrangements to be remote.
3. Affiliates and Affiliated Transactions:Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as the fund’s investment adviser pursuant to the Advisory Agreement between the investment adviser and the trust.
For its advisory services to the fund, the investment adviser is entitled to receive an annual management fee, payable monthly, equal to 0.14% of the fund’s average daily net assets.
The fund may engage in direct transactions with certain other funds in the Fund Complex in accordance with procedures adopted by the Board pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another fund is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs while allowing each fund to execute the transaction at the current market price. This practice is limited to funds that share the same investment adviser. The net realized gains or losses on sales of interfund transactions are recorded in Net realized gains (losses) on sales of securities — unaffiliated issuers in the Statement of Operations. For the period ended December 31, 2024, the fund’s purchases and sales of securities with other funds in the Fund Complex was $1,905,897 and $0 respectively, and includes net realized gains of $0.
Schwab Ultra-Short Income ETF | Annual Holdings and Financial Statements
15
Schwab Ultra-Short Income ETF
Financial Notes (continued)
3. Affiliates and Affiliated Transactions (continued):
Interfund Borrowing and Lending
Pursuant to an exemptive order issued by the SEC, the fund may enter into interfund borrowing and lending transactions with other funds in the Fund Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review by the Board. The fund had no interfund borrowing or lending activity during the period.
Shareholder Concentration
Certain accounts or CSIM affiliates may from time to time own (beneficially or of record) or control a significant percentage of the fund’s shares. Redemptions by these accounts of their holdings in the fund may impact the fund’s liquidity and NAV. These redemptions may also force the fund to sell securities, which may negatively impact the fund’s brokerage costs. Please refer to note 3 for more information on liquidity risk. As of December 31, 2024, one institution held 18% of the fund’s outstanding shares.
The Board may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such “interested persons” who may serve on a trust’s board, and the trust was in compliance with these limitations throughout the report period. The fund did not pay any interested persons or non-interested persons (independent trustees). The independent trustees are paid by the investment adviser.
During the period, the fund was a participant with other funds in the Fund Complex in a joint, syndicated, committed $1 billion line of credit (the Syndicated Credit Facility), which matured on September 26, 2024. On September 26, 2024, the Syndicated Credit Facility was amended to run for a new 364 day period with the committed line of credit increasing to $1.2 billion, maturing on September 25, 2025. Under the terms of the Syndicated Credit Facility, in addition to interest charged on any borrowings by the fund, the investment adviser paid a commitment fee of 0.15% per annum on the fund`s proportionate share of the unused portion of the Syndicated Credit Facility.
During the period, the fund was a participant with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, which matured on September 26, 2024. On September 26, 2024, the Uncommitted Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on September 25, 2025. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount the fund borrows. There were no borrowings by the fund from either line of credit during the period.
The fund also has access to custodian overdraft facilities. The fund may have utilized the overdraft facility and incurred an interest expense, which is paid by the investment adviser. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.
6. Purchases and Sales/Maturities of Investment Securities:For the period ended December 31, 2024, purchases and sales/maturities of securities (excluding in-kind transactions and short-term obligations) were as follows:
The consideration for the purchase of Creation Units of the fund often consists of the in-kind deposit of a designated portfolio of fixed-income securities, which constitutes an optimized representation of the securities involved in a relevant fund’s underlying index, and an amount of cash. Investors purchasing and redeeming Creation Units are subject to a standard creation transaction fee and a standard redemption transaction fee paid to the custodian to offset transfer and other transaction costs associated with the
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Schwab Ultra-Short Income ETF | Annual Holdings and Financial Statements
Schwab Ultra-Short Income ETF
Financial Notes (continued)
7. In-Kind Transactions: (continued):
issuance and redemption of Creation Units. Purchasers and redeemers of Creation Units for cash are subject to an additional variable charge paid to the fund that will offset the transaction costs to the fund of buying or selling portfolio securities. Such variable charges are included in Other Capital on the Financial Highlights and on the Statement of Changes in Net Assets. In addition, purchasers and redeemers of shares in Creation Units are responsible for payment of the costs of transferring securities to or out of the fund. From time to time, the investment adviser may cover the cost of any transaction fees when believed to be in the best interests of the fund. There were no in-kind transactions for the period ended December 31, 2024.
For the period ended December 31, 2024, the fund may realize net capital gains or losses resulting from in-kind redemptions of Creation Units. Because such gains or losses are not taxable to the fund and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the fund’s tax year. These reclassifications have no effect on net assets or net asset value per share. The net realized gains or losses on sales of in-kind redemptions for the period ended December 31, 2024, are disclosed in the fund’s Statement of Operations, if any.
As of December 31, 2024, the tax basis cost of the fund’s investments and gross unrealized appreciation and depreciation were as follows:
| | GROSS UNREALIZED
APPRECIATION | GROSS UNREALIZED
DEPRECIATION | NET UNREALIZED
APPRECIATION
(DEPRECIATION) |
| | | | |
| | | | |
| | | | |
As of December 31, 2024, the components of distributable earnings on a tax basis were as follows:
UNDISTRIBUTED
ORDINARY
INCOME | NET UNREALIZED
APPRECIATION
(DEPRECIATION)
ON INVESTMENTS | CAPITAL LOSS
CARRYFORWARDS AND OTHER LOSSES | |
| | | |
Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of December 31, 2024, the fund had capital loss carryforwards of $3,363.
The tax basis components of distributions paid during the period ended December 31, 2024 was as follows:
| CURRENT FISCAL PERIOD END DISTRIBUTIONS |
| |
| |
Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.
Permanent book and tax basis differences may result in reclassifications between components of net assets as required. The adjustments have no impact on net assets or the results of operations.
As of December 31, 2024, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the fund, and has determined that no provision for income tax is required in the fund’s financial statements. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the fund’s Statement of Operations. During the period ended December 31, 2024, the fund did not incur any interest or penalties.
Schwab Ultra-Short Income ETF | Annual Holdings and Financial Statements
17
Schwab Ultra-Short Income ETF
Financial Notes (continued)
9. Subsequent Events:
Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.
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Schwab Ultra-Short Income ETF | Annual Holdings and Financial Statements
Schwab Ultra-Short Income ETF
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Schwab Strategic Trust and Shareholders of Schwab Ultra-Short Income ETF:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities, including the portfolio holdings, of Schwab Ultra-Short Income ETF, (the “Fund”) one of the funds constituting Schwab Strategic Trust, as of December 31, 2024, the related statement of operations, the statement of changes in net assets and the financial highlights for the period from August 13, 2024 (commencement of operations) through December 31, 2024, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2024, and the results of its operations, the changes in its net assets and the financial highlights for the period from August 13, 2024 (commencement of operations) through December 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Deloitte & Touche LLP
Denver, Colorado
February 14, 2025
We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 2020.
Schwab Ultra-Short Income ETF | Annual Holdings and Financial Statements
19
Schwab Ultra-Short Income ETF
Investment Advisory Agreement Approval
Initial Approval of Investment Advisory Agreement
The Investment Company Act of 1940, as amended (the 1940 Act), requires that the approval of a fund’s investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreements or “interested persons” of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund’s trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.
The Board of Trustees (the Board or the Trustees, as appropriate) called and held a meeting on June 6, 2024, in part, for the purpose of considering whether to appoint Charles Schwab Investment Management, Inc. (dba Schwab Asset Management) (the investment adviser), as investment adviser to the Schwab Ultra-Short Income ETF (the Fund) under the investment advisory agreement between Schwab Strategic Trust (the Trust) and the investment adviser (the Agreement). In preparation for the meeting, the Board requested and reviewed a wide variety of materials provided by the investment adviser and considered information that the Board receives from the investment adviser throughout the year, including information about the investment adviser’s affiliates, personnel, business goals and priorities, profitability, third-party oversight, corporate structure and operations. The Board also received data provided by an independent provider of investment company data. In recognition of the fact that the Fund had not yet commenced operations, the Board also considered information provided by the investment adviser in connection with the Board’s consideration of approval of the investment advisory agreement with respect to the other funds within the Trust. The Board also took into account the detailed information about other funds within the Trust that the Board reviews during the course of each year, including information that relates to those funds’ operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. The Independent Trustees received advice from Independent Trustees’ legal counsel, including with respect to the responsibilities of trustees for the approval of investment advisory agreements. In addition, the Independent Trustees participated in question and answer sessions with representatives of the investment adviser and met in executive session outside the presence of Fund management.
The Board, including a majority of the Independent Trustees, approved the Agreement with respect to the Fund. The
Board’s approval was based on consideration and evaluation of a variety of specific factors discussed at this meeting, including:
1.
the nature, extent and quality of the services to be provided to the Fund under the Agreement, including the resources of the investment adviser and its affiliates to be dedicated to the Fund;
2.
the investment adviser’s investment performance in managing other index-based exchange-traded funds;
3.
the Fund’s estimated expenses and how those expenses compared to those of certain other similar exchange-traded funds;
4.
the expected profitability of the investment adviser and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to management of the Fund, including both direct and indirect benefits accruing to the investment adviser and its affiliates; and
5.
the extent to which economies of scale would be realized as the Fund grows and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors.
Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services to be provided by the investment adviser to the Fund and the resources that the investment adviser and its affiliates will dedicate to the Fund. In this regard, the Trustees evaluated, among other things, the investment adviser’s experience, track record, compliance program, resources dedicated to hiring and retaining skilled personnel and specialized talent, and information security resources. The Trustees also considered information provided by the investment adviser relating to services and support to be provided with respect to the Fund’s portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, and vendor and risk oversight. The Trustees also considered investments the investment adviser has made in its infrastructure, including the investment adviser’s technology and use of data, business continuity, cybersecurity, due diligence, risk management processes, and information security programs. The Trustees also considered Schwab’s overall financial condition and reputation as a full service brokerage firm as well as the wide range of products, services, and account features that benefit Fund shareholders who are brokerage clients of Schwab. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services to be provided by the investment adviser to the Fund and the resources of the
20
Schwab Ultra-Short Income ETF | Annual Holdings and Financial Statements
Schwab Ultra-Short Income ETF
investment adviser and its affiliates dedicated to the Fund supported approval of the Agreement with respect to the Fund.
Fund Performance. Since the Fund had not commenced operations and therefore did not have any performance of its own, the Board considered the Fund’s risk profile and the characteristics of the Fund’s proposed index relative to other market indices in determining whether to approve the Agreement. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expected performance of the Fund supported approval of the Agreement with respect to the Fund.
Fund Expenses. With respect to the Fund’s expenses, the Trustees considered the proposed rate of compensation called for by the Agreement and the Fund’s estimated operating expense ratio, in each case, in comparison to those of other ultra-short bond exchange-traded funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The investment adviser reported to the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Fund and the services to be provided as well as the competitive marketplace for financial products. The Board evaluated the Fund’s unitary fee through review of comparative information with respect to fees paid by other similar exchange-traded funds. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of the Fund are reasonable and supported approval of the Agreement with respect to the Fund.
Profitability. With regard to profitability, the Trustees considered the expected compensation to be flowing to the investment adviser and its affiliates, directly or indirectly. In this connection, the Trustees reviewed management’s profitability analysis of the investment adviser relating to the Fund, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain costs across the Fund and other funds in the complex. The Trustees considered any other potential benefits to be derived by the investment adviser from its relationship with the Fund, such as whether, by virtue of its management of the Fund, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. The Trustees considered whether the expected compensation and profitability with respect to the Fund under the Agreement and other service agreements were reasonable in light of the quality of all services to be rendered to the Fund by the investment adviser and its affiliates. The Trustees noted
that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research capabilities, services, and systems that would benefit the Fund. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the expected profitability of the investment adviser, albeit uncertain, is reasonable and supported approval of the Agreement with respect to the Fund.
Economies of Scale. Recognizing that the Fund had not yet commenced operations and had no assets, the Trustees considered the potential existence of any economies of scale and whether those could be expected to be passed along to the Fund’s shareholders by way of the relatively low advisory fee and unitary fee structure of the Fund through (i) the enhancement of services provided to the Fund in return for fees paid, including through investments by the investment adviser in its infrastructure, including modernizing the investment adviser’s technology and use of data, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Fund and its shareholders; and (ii) pricing the Fund to scale and keeping overall expenses down as the Fund grows. The Trustees acknowledged that the investment adviser has invested in its infrastructure, as discussed above, over time and noted the impact of regulatory and other developments on the investment adviser’s internal costs of providing investment management, technology, administrative, legal and compliance services to the Fund. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the Fund may be expected to obtain reasonable benefits from economies of scale if such economies develop.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the Agreement with respect to the Fund and concluded that the compensation under the Agreement with respect to the Fund is fair and reasonable in light of the services to be provided and the related expenses to be borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.
Schwab Ultra-Short Income ETF | Annual Holdings and Financial Statements
21
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9: Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The remuneration paid to directors, officers and others are included as part of the report to shareholders filed under Item 7 of this Form.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract.
The statement regarding basis for approval of investment advisory contract is included as part of the report to shareholders filed under Item 7 of this Form.
Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 16: 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 Principal Executive Officer, Omar Aguilar and Registrant’s Principal Financial Officer, Dana Smith, have concluded that Registrant’s disclosure controls and procedures are: (i) reasonably designed to ensure that information required to be disclosed in this report is appropriately communicated to Registrant’s officers to allow timely decisions regarding disclosures required in this report; (ii) reasonably designed to ensure that information required to be disclosed in this report is recorded, processed, summarized and reported in a timely manner; and (iii) are effective in achieving the goals described in (i) and (ii) above. |
| (b) | During the period covered by this report, there have been no changes in Registrant’s internal control over financial reporting that the above officers believe to have materially affected, or to be reasonably likely to materially affect, Registrant’s internal control over financial reporting. |
Item 17: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18: Recovery of Erroneously Awarded Compensation.
Item 19: Exhibits.
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 – Schwab Fixed-Income ETFs and Schwab Ultra-Short Income ETF
| | |
| By: | | /s/ Omar Aguilar |
| | Omar Aguilar Principal Executive Officer (Chief Executive Officer) |
| |
| Date: | | February 14, 2025 |
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/ Omar Aguilar |
| | Omar Aguilar Principal Executive Officer (Chief Executive Officer) |
| |
| Date: | | February 14, 2025 |
| |
| By: | | /s/ Dana Smith |
| | Dana Smith Principal Financial Officer (Chief Financial Officer) |
| |
| Date: | | February 14, 2025 |
