N-CSRS

半年度报告|

2024年8月31日

施瓦布美国REIT ETF

股票代码： SchH

美国主要上市交易所： NYSE Arca，Inc.

这

半年度股东报告

包含有关2024年3月1日至8月31日期间基金的重要信息，

2024.

您可以在以下网址找到有关该基金的更多信息

www.schwabassetmanagement.com/prospectus

.您也可以要求

通过致电获取此信息

1-866-414-6349

或通过发送电子邮件请求至

orders@mysummaryprospectus.com

如果你购买

或通过金融中介机构持有基金份额，基金招股说明书、附加信息声明（SAI）报告至

莎尔

eholder

以及有关基金的其他信息，可从您的金融中介获取。

截至2024年8月31日的过去六个月的资金成本

（基于假设的10，000美元投资）

	代价 10，000美元投资	费用按A支付百分比 10，000美元投资
施瓦布美国REIT ETF	$4	0.07%

引用的性能数据代表过去的性能。过去的表现并不能保证未来的结果。投资回报

投资的本金价值将会波动，因此投资者的股份在出售或赎回时可能会高于或低于原始成本。当前性能可能低于或高于引用的性能数据。

为了获得绩效

最近一个月底的最新信息，请访问

www.schwabassetmanagement.com/prospectus

平均年度总回报

基金和启动日期	6个月	1年	5年	10年
基金：施瓦布美国REIT ETF (01/13/2011)
市场价格回归 2	14.43%	21.47%	2.41%	5.02%
资产净值回归 2	14.42%	21.59%	2.40%	5.02%
S&P 500 ® 指数 3	11.59%	27.14%	15.92%	12.98%
道琼斯股票全房地产投资信托基金封顶指数 4	14.50%	21.69%	N/A	N/A
REIT拼接指数 5	14.50%	21.69%	2.45%	5.10%

本页面上的所有总回报都假设股息和分配被再投资。指数数据不包括交易和管理成本，这会降低

性能指数不受管理，无法直接投资。不到一年的绩效结果不会按年化。

有关指数定义，请访问www.schwabassetmanagement.com/glossary。

小公司股票可能比许多其他资产类别受到更大的波动性。

该基金面临与直接拥有房地产证券相关的风险，对基金的投资将与房地产的表现密切相关

房地产市场。

股票以市场价格买卖，市场价格可能高于或低于净资产价值（NV）。经纪佣金会减少回报。

指数所有权-道琼斯

是道琼斯商标控股有限公司(道琼斯)的注册商标。道琼斯股票所有房地产投资信托基金上限指数(该指数)是

S道琼斯指数有限责任公司的产品以及该商标和指数已被嘉信理财美国房地产投资信托基金授权使用

不是由S道琼斯指数公司、道琼斯公司或其各自的任何附属公司赞助、背书、出售或推广的，S道琼斯指数公司和道琼斯公司

琼斯及其各自的任何附属公司都没有就投资此类产品的明智性发表任何声明。

财报并不反映股东将就基金分派或赎回或出售基金份额而支付的税款的扣减。

ETF的表现必须同时基于市场价格和资产净值。该基金的每股资产净值是该基金一份份额的价值。资产净值的计算方法是

基金的总资产(包括所拥有证券的公允价值)，减去负债，再除以流通股数量。净资产净值回报是基于

基金的资产净值，而市价回报则以基金的每股市价为基础。用于计算市场回报的价格(市场价)已确定

使用一级证券交易所的官方收盘价(一般为下午4：00)美国东部时间)，而且可能不代表如果股票交易，你将获得的回报

在其他时间。市场价格和资产净值回报分别假设股息和资本收益分配已按市场价格和资产净值再投资于基金。

由于预计会有新的监管要求，该基金的监管指数已从道琼斯股票所有房地产投资信托基金上限指数改为S指数

索引。S与宝洁

500

指数提供了衡量市场表现的广泛指标。该基金通常投资于道琼斯股票所有REIT上限指数中的证券。这个

该基金并未寻求追踪监管指数。

道琼斯股票所有房地产投资信托基金上限指数的成立日期为2020年4月13日。该基金从2020年6月22日开始跟踪该指数。

内部计算的指数，由道琼斯美国精选REIT指数组成，从嘉信理财美国REIT ETF成立到2020年6月19日收盘，

此后，道琼斯股票所有房地产投资信托基金封顶指数。房地产投资信托基金拼接指数是经S道琼斯指数有限责任公司许可发布的，但不计算，

由S道琼斯指数有限责任公司赞助或背书。

施瓦布

美国

产业信托

ETF |

半年

报告

REG 125436 -00 00303714

统计

净资产（百万）	$7,294
增持数量（不包括衍生品）	117
投资组合周转率 (not年化;不包括实物交易）	4%
加权平均市值（百万）	$44,964
股价/收益比（P/E）	37.7
市净率（P/B）	2.6

行业权重占投资百分比

顶级股权持股占净资产的百分比

自报告日期以来，投资组合持有量可能已发生变化。

指数是特定金融市场或行业的统计合成。与基金不同的是，

指标

并不实际持有证券投资组合，其回报也不是

包括基金产生的交易和管理费用。

本报告中的部门/行业分类使用全球行业分类标准(GICS)，该标准由MSCI Inc.制定，是MSCI Inc.的专有财产。

摩根士丹利资本国际(MSCI)和标准普尔(Standard&Poor‘s)。GICS是摩根士丹利资本国际和S公司的服务标志，并已获得嘉信理财公司的使用许可。

不包括衍生品。

这份清单并不是投资顾问推荐的任何证券。

嘉信理财美国房地产投资信托基金 | 半年度报告

补充资料的提供情况

您可以找到基金的招股说明书、附加信息声明(SAI)、给股东的报告、财务信息、

持股量、某些税务资料、代理投票资料及其他有关基金的资料，请浏览

Www.schwabassetrangement.com/prospectus

代理投票政策、程序和结果

提供了用于确定如何代表基金投票的代理投票政策和程序的说明

免费，应要求访问嘉信理财ETF网站：

Www.schwabassetrangement.com/prospectus

vt.的.

美国证券交易委员会的网站是

Www.sec.gov

，或致电1-877-824-5615联系嘉信理财ETF。

有关基金在最近十二个月内如何投票与投资组合证券相关的代理的信息

6月30日可免费访问该基金网站

www.schwabassetmanagement.com/prospectus

或

SEC网站

Www.sec.gov

，通过呼叫

1-866-414-6349

，或通过发送电子邮件请求至

orders@mysummaryprospectus.com

施瓦布美国REIT ETF | 半年度报告

Semiannual Report |

August 31, 2024

Schwab Fundamental U.S. Broad Market ETF

(formerly Schwab Fundamental U.S. Broad Market Index ETF)

Ticker Symbol: FNDB

Principal U.S. Listing Exchange: NYSE Arca, Inc.

This

semiannual shareholder report

contains important information about the fund for the period of March 1, 2024, to August 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 ho

ld fun

d 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 six months ENDED August 31, 2024

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Schwab Fundamental U.S. Broad Market ETF	$13	0.25%

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

Average Annual Total Returns

Fund and Inception Date	6 Months	1 Year	5 Years	10 Years
Fund: Schwab Fundamental U.S. Broad Market ETF (08/15/2013)
Market Price Return 2	10.60%	23.26%	15.26%	11.27%
NAV Return 2	10.42%	23.20%	15.23%	11.26%
Russell 3000 ® Index 3	10.89%	26.14%	15.19%	12.36%
RAFI Fundamental High Liquidity US All Index 4	10.53%	N/A	N/A	N/A
Russell RAFI™ US Index	10.66%	23.61%	15.52%	11.54%
Fundamental US All Spliced Index 5	10.55%	23.48%	15.49%	11.53%

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 — The RAFI Fundamental High Liquidity US All Index (the Index) is a service mark of RAFI Indices, LLC or its affiliates (collectively, RAFI) and has been licensed

for use by Charles Schwab Investment Management, Inc. The intellectual and other property rights to the Index are owned by or licensed to RAFI. The Schwab Fundamental

U.S. Broad Market ETF is not sponsored, endorsed, sold or promoted by RAFI, its agents or service providers (collectively, the RAFI Parties). The RAFI Parties: (i) make no

representation or warranty as to the results to be obtained from the use of the Index or otherwise; and (ii) shall not be liable (whether in negligence or otherwise) to any

person for any error in the Index. For full disclaimer, please see the fund’s statement of additional information.

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.

ETF performance must be shown based on both a market price and 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. The NAV Return is based on

the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined

using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded

at other times. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.

In anticipation of new regulatory requirements, the fund’s regulatory index has changed from the Russell RAFI™ US Index to the Russell 3000

Index. The Russell 3000

Index provides a broad measure of market performance. The fund does not seek to track the regulatory index.

Effective June 21, 2024, the fund changed its comparative index from the Russell RAFI™ US Index to the RAFI Fundamental High Liquidity US All Index in connection with a

change to the fund’s investment objective and investment strategy to invest its assets in accordance with the index. The inception date of the RAFI Fundamental High

Liquidity US All Index is January 31, 2024. The fund began tracking the index on June 21, 2024.

The Fundamental US All Spliced Index is an internally calculated index comprised of the Russell RAFI™ US Index from the inception of the fund until the close of business

on June 21, 2024, and the RAFI Fundamental High Liquidity US All Index from June 22, 2024, forward.

Schwab

Fundamental

U.S.

Broad

Market ETF | Semiannual Report

REG125417-00 00303692

Statistics

Net Assets (thousands)	$827,169
Number of Holdings (excludes derivatives)	1,734
Portfolio Turnover Rate (not annualized; excludes in-kind transactions)	5%
Weighted Average Market Cap (millions)	$464,319
Price/Earnings Ratio (P/E)	19.3
Price/Book Ratio (P/B)	2.5

Sector Weightings % of Investments

Top Equity Holdings % of Net Assets

Portfolio holdings may have changed since the report date.

An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities a

nd i

ts return is not

inclusive of trading and management costs incurred by the fund.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor’s (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Excludes derivatives.

Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.

This list is not a recommendation of any security by the investment adviser.

Schwab Fundamental U.S. Broad Market ETF | Semiannual 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 Fundamental U.S. Broad Market ETF | Semiannual Report

Semiannual Report |

August 31, 2024

Schwab Fundamental U.S. Large Company ETF

(formerly Schwab Fundamental U.S. Large Company Index ETF)

Ticker Symbol: FNDX

Principal U.S. Listing Exchange: NYSE Arca, Inc.

This

semiannual shareholder report

contains important information about the fund for the period of March 1, 2024, to August 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 ho

ld 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 six months ENDED August 31, 2024

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Schwab Fundamental U.S. Large Company ETF	$13	0.25%

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

To obtain performance

information current to the most recent month end, please visit

www.schwabassetmanagement.com/prospectus

Average Annual Total Returns

Fund and Inception Date	6 Months	1 Year	5 Years	10 Years
Fund: Schwab Fundamental U.S. Large Company ETF (08/15/2013)
Market Price Return 2	10.74%	23.76%	15.51%	11.45%
NAV Return 2	10.66%	23.77%	15.49%	11.45%
Russell 1000 ® Index 3	11.02%	26.60%	15.55%	12.66%
RAFI Fundamental High Liquidity US Large Index 4	10.78%	N/A	N/A	N/A
Russell RAFI™ US Large Company Index	10.90%	24.15%	15.78%	11.74%
Fundamental US Large Spliced Index 5	10.80%	24.04%	15.76%	11.73%

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 — The RAFI Fundamental High Liquidity US Large Index (the Index) is a service mark of RAFI Indices, LLC or its affiliates (collectively, RAFI) and has been

licensed for use by Charles Schwab Investment Management, Inc. The intellectual and other property rights to the Index are owned by or licensed to RAFI. The Schwab

Fundamental U.S. Large Company ETF is not sponsored, endorsed, sold or promoted by RAFI, its agents or service providers (collectively, the RAFI Parties). The RAFI Parties: (i)

make no representation or warranty as to the results to be obtained from the use of the Index or otherwise; and (ii) shall not be liable (whether in negligence or otherwise) to

any person for any error in the Index. For full disclaimer, please see the fund’s statement of additional information.

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.

ETF performance must be shown based on both a market price and 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. The NAV Return is based on

the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined

using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded

at other times. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.

In anticipation of new regulatory requirements, the fund’s regulatory index has changed from the Russell RAFI™ US Large Company Index to the Russell 1000

Index. The

Russell 1000

Index provides a broad measure of market performance. The fund does not seek to track the regulatory index.

Effective June 21, 2024, the fund changed its comparative index from the Russell RAFI™ US Large Company Index to the RAFI Fundamental High Liquidity US Large Index in

connection with a change to the fund’s investment objective and investment strategy to invest its assets in accordance with the index. The inception date of the RAFI

Fundamental High Liquidity US Large Index is January 31, 2024. The fund began tracking the index on June 21, 2024.

The Fundamental US Large Spliced Index is an internally calculated index comprised of the Russell RAFI™ US Large Company Index from the inception of the fund until the

close of business on June 21, 2024, and the RAFI Fundamental High Liquidity US Large Index from June 22, 2024, forward.

Schwab

Fundamental

U.S. Large Company ETF | Semiannual Report

REG125418

-00 00303693

Statistics

Net Assets (millions)	$16,765
Number of Holdings (excludes derivatives)	736
Portfolio Turnover Rate (not annualized; excludes in-kind transactions)	5%
Weighted Average Market Cap (millions)	$499,333
Price/Earnings Ratio (P/E)	19.4
Price/Book Ratio (P/B)	2.6

Sector Weightings % of Investments

Top Equity Holdings % of Net Assets

Portfolio holdings may have changed since the report date.

An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not

inclusive of trading and management costs incurred by the fund.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the ex

clus

ive property of MSCI Inc.

(MSCI) and Standard & Poor’s (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Excludes derivatives.

Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as

amended

This list is not a recommendation of any security by the investment adviser.

Schwab Fundamental U.S. Large Company ETF | Semiannual 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 Fundamental U.S. Large Company ETF | Semiannual Report

Semiannual Report |

August 31, 2024

Schwab Fundamental U.S. Small Company ETF

(formerly Schwab Fundamental U.S. Small Company Index ETF)

Ticker Symbol: FNDA

Principal U.S. Listing Exchange: NYSE Arca, Inc.

This

semiannual shareholder report

contains important information about the fund for the period of March 1, 2024, to August 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 six months ENDED August 31, 2024

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Schwab Fundamental U.S. Small Company ETF	$13	0.25%

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

To obtain performance

information current to the most recent month end, please visit

www.schwabassetmanagement.com/prospectus

Average Annual Total Returns

Fund and Inception Date	6 Months	1 Year	5 Years	10 Years
Fund: Schwab Fundamental U.S. Small Company ETF (08/15/2013)
Market Price Return 2	7.36%	16.58%	11.69%	8.70%
NAV Return 2	7.32%	16.51%	11.68%	8.69%
S&P 500 ® Index 3	11.59%	27.14%	15.92%	12.98%
RAFI Fundamental High Liquidity US Small Index 4	7.42%	N/A	N/A	N/A
Russell RAFI™ US Small Company Index	7.64%	16.95%	11.90%	8.92%
Fundamental US Small Spliced Index 5	7.41%	16.70%	11.85%	8.90%
Russell 2000 ® Index	8.71%	18.47%	9.68%	8.03%

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.

Small-company stocks may be subject to greater volatility than many other asset classes.

Index ownership — The RAFI Fundamental High Liquidity US Small Index (the Index) is a service mark of RAFI Indices, LLC or its affiliates (collectively, RAFI) and has been

licensed for use by Charles Schwab Investment Management, Inc. The intellectual and other property rights to the Index are owned by or licensed to RAFI. The Schwab

Fundamental U.S. Small Company ETF is not sponsored, endorsed, sold or promoted by RAFI, its agents or service providers (collectively, the RAFI Parties). The RAFI

Parties: (i) make no representation or warranty as to the results to be obtained from the use of the Index or otherwise; and (ii) shall not be liable (whether in negligence or

otherwise) to any person for any error in the Index. For full disclaimer, please see the fund’s statement of additional information.

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.

ETF performance must be shown based on both a market price and 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. The NAV Return is based on

the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined

using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded

at other times. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.

In anticipation of new regulatory requirements, the fund’s regulatory index has changed from the Russell RAFI™ US Small Company Index to the S&P 500

Index. The S&P

500

Index provides a broad measure of market performance. The fund does not seek to track the regulatory index.

Effective June 21, 2024, the fund changed its comparative index from the Russell RAFI™ US Small Company Index to the RAFI Fundamental High Liquidity US Small Index in

connection with a change to the fund’s investment objective and investment strategy to invest its assets in accordance with the index. The inception date of the RAFI

Fundamental High Liquidity US Small Index is January 31, 2024. The fund began tracking the index on June 21, 2024.

The Fundamental US Small Spliced Index is an internally calculated index comprised of the Russell RAFI™ US Small Company Index from the inception of the fund until the

close of business on June 21, 2024, and the RAFI Fundamental High Liquidity US Small Index from June 22, 2024, forward.

Schwab Fundamental U.S. Small

Company

ETF |

Semiannual

Report

REG125419-00 00303695

Statistics

Net Assets (millions)	$8,942
Number of Holdings (excludes derivatives)	1,040
Portfolio Turnover Rate (not annualized; excludes in-kind transactions)	15%
Weighted Average Market Cap (millions)	$6,605
Price/Earnings Ratio (P/E)	18.4
Price/Book Ratio (P/B)	1.7

Sector Weightings % of Investments

Top Equity Holdings % of Net Assets

Portfolio holdings may have changed since the report date.

An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not

inclusive

trading and management costs incurred by the fund.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by

nd is the exclusive

property

of MSCI

Inc

(MSCI) and Standard & Poor’s (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Excludes derivatives.

Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.

This list is not a recommendation of any security by the

investment

adviser.

Schwab Fundamental U.S. Small Company ETF | Semiannual 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 Fundamental U.S. Small Company ETF | Semiannual Report

Semiannual Report |

August 31, 2024

Schwab Fundamental International Equity ETF

(formerly Schwab Fundamental International Large Company Index ETF)

Ticker Symbol: FNDF

Principal U.S. Listing Exchange: NYSE Arca, Inc.

This

semiannual shareholder report

contains important information about the fund for the period of March 1, 2024, to August 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 six months ENDED August 31, 2024

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Schwab Fundamental International Equity ETF	$13	0.25%

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

To obtain performance

information current to the most recent month end, please visit

www.schwabassetmanagement.com/prospectus

Average Annual Total Returns

Fund and Inception Date	6 Months	1 Year	5 Years	10 Years
Fund: Schwab Fundamental International Equity ETF (08/15/2013)
Market Price Return 2	9.28%	17.94%	10.38%	5.48%
NAV Return 2,3	9.20%	17.77%	10.38%	5.51%
MSCI EAFE ® Index (Net) 4,5	9.31%	19.40%	8.61%	5.20%
RAFI Fundamental High Liquidity Developed ex US Large Index (Net) 4,6	9.17%	N/A	N/A	N/A
Russell RAFI™ Developed ex US Large Company Index (Net) 4	9.19%	17.85%	10.43%	5.57%
Fundamental Developed ex US Large Spliced Index 4,7	9.13%	17.79%	10.42%	5.56%

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.

International investing may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles, or from

economic or political instability in other nations.

Index ownership — The RAFI Fundamental High Liquidity Developed ex US Large Index (the Index) is a service mark of RAFI Indices, LLC or its affiliates (collectively, RAFI) and

has been licensed for use by Charles Schwab Investment Management, Inc. The intellectual and other property rights to the Index are owned by or licensed to RAFI. The

Schwab Fundamental International Equity ETF is not sponsored, endorsed, sold or promoted by RAFI, its agents or service providers (collectively, the RAFI Parties). The RAFI