ETF Research Center

Schwab U.S. Small-Cap ETF is an exchange-traded fund incorporated in the USA. The Fund's goal is to track as closely as possible, before fees and expenses, the total return of the Dow Jones U.S. Small-Cap Total Stock Market Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Charles Schwab Investment Management Inc
Website	www.schwab.com/etf
Inception date	Nov 03, 2009
Assets (mns)	$8,986
Currency	USD
Expense ratio	4 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Market Cap
Index replication	Optimized
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	1728
Wgt avg mkt cap (mns)	$3,091
Large cap (>$10bn)	0.7%
Mid cap ($2-10bn)	66.6%
Small cap (<$2bn)	32.7%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	2.6 %
CHARLES RIVER LABORATORIES	0.3 %
TELADOC INC	0.3 %
AECOM TECHNOLOGY CORP	0.3 %
ENTEGRIS INC	0.3 %
LPL FINANCIAL HOLDINGS INC	0.3 %
FIRST AMERICAN FINANCIAL	0.3 %
NEW RESIDENTIAL INVESTMENT	0.3 %
GENERAC HOLDINGS INC	0.3 %
PLANET FITNESS INC CLASS A	0.2 %
PROSPERITY BANCSHARES INC	0.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.0 %
	BERMUDA	0.9 %
	IRELAND	0.6 %
	BRITAIN	0.5 %
	PUERTO RICO	0.4 %
	NETHERLANDS	0.2 %
	CAYMAN ISLANDS	0.2 %
	SWITZERLAND	0.1 %
	CANADA	0.1 %
	BAHAMAS	0.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-3.0%	9.5%	8.0%	12.4%	12.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.18	82%
MSCI EAFE	1.05	54%
MSCI Emg. Mkts.	0.66	38%

Technical Indicators
Recent close	$74.11
30d moving avg.	$75.96
Annualized volatility	15.8%
Short interest (ETF)	0.0%
Short interest (Underlying)	6.4%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	397
Turnover	0.3%
Bid/Ask (% of price)	0.05%
ADV underlying (mns)	$27,047

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Schwab U.S. Small-Cap ETF ETF based on the alternatives' overlap in portfolio holdings with SCHA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SCHA

Expense:

4 bp

ALTAR Score™:

5.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SCHA
Ticker	Fund Name	Overlap¹ vs SCHA (%)	Expense ratio (bp)	Savings vs SCHA (bp)	ALTAR Score™ (%)	ALTAR vs SCHA (%)
PBSM	Invesco PureBeta MSCI USA Small Cap ETF	77.3	6	-2	5.1	+0.1
IWM	iShares Russell 2000 ETF	67.9	19	-15	3.7	-1.3
VTWO	Vanguard Russell 2000 Index Fund	67.9	10	-6	3.7	-1.2
VB	Vanguard Small-Cap ETF	62.3	5	-1	5.4	+0.4
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity ETF	56.7	20	-16	5.7	+0.7
ESML	iShares MSCI USA Small-Cap ESG Optimized ETF	56.2	17	-13	4.7	-0.3
VXF	Vanguard Extended Market Index Fund	52.7	7	-3	3.6	-1.4
VBR	Vanguard Small Cap Value Index Fund	49.4	7	-3	7.9	+3.0
IUSS	Invesco Strategic US Small Company ETF	47.5	23	-19	6.1	+1.1
FNDA	Schwab Fundamental U.S. Small Co. Index ETF	47.3	25	-21	6.2	+1.2
PRFZ	Invesco FTSE RAFI US 1500 Small-Mid ETF	46.0	39	-35	4.8	-0.2
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity ETF	43.8	29	-25	4.2	-0.7
JHSC	John Hancock Multifactor Small Cap ETF	42.3	50	-46	5.8	+0.8
OMFS	Oppenheimer Russell 2000 Dynamic Multifactor ETF	42.1	39	-35	5.4	+0.5
IWO	iShares Russell 2000 Growth ETF	40.6	24	-20	1.2	-3.8
VTWG	Vanguard Russell 2000 Growth Index Fund	40.5	15	-11	1.2	-3.8
EZM	WisdomTree U.S. MidCap Earnings Fund	39.2	38	-34	8.8	+3.9
FSMD	Fidelity Small-Mid Factor ETF	38.0	29	-25	6.5	+1.6
VTWV	Vanguard Russell 2000 Value Index Fund	37.3	15	-11	6.4	+1.4
IWN	iShares Russell 2000 Value ETF	37.3	24	-20	6.3	+1.4

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2015	2016	2017	2018	2019	2020E	2021E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Schwab U.S. Small-Cap ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	8.8	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	4	bp
Equals: ALTAR Score	5.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.55	CATEGORY AVERAGE	1.56

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.