ETF Research Center

Schwab U.S. Broad Market 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. Broad 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)	$15,282
Currency	USD
Expense ratio	3 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	2437
Wgt avg mkt cap (mns)	$213,831
Large cap (>$10bn)	84.9%
Mid cap ($2-10bn)	11.9%
Small cap (<$2bn)	3.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	18.3 %
MICROSOFT CORP	3.6 %
APPLE INC	3.1 %
AMAZON.COM INC	2.6 %
FACEBOOK	1.5 %
BERKSHIRE HATHAWAY INC-CL B	1.4 %
ALPHABET INC. CLASS C	1.3 %
ALPHABET INC. CLASS A	1.2 %
JPMORGAN CHASE & CO	1.2 %
JOHNSON & JOHNSON	1.2 %
VISA INC-CLASS A SHARES	1.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.4 %
	IRELAND	1.3 %
	BRITAIN	0.3 %
	BERMUDA	0.3 %
	SWITZERLAND	0.2 %
	CANADA	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru July 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
20.4%	7.0%	10.9%	--	13.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.02	99%
MSCI EAFE	0.90	63%
MSCI Emg. Mkts.	0.59	43%

Technical Indicators
Recent close	$70.10
30d moving avg.	$70.86
Annualized volatility	12.4%
Short interest (ETF)	0.1%
Short interest (Underlying)	2.9%
Relative strength (RSI)	47

Liquidity measures
Avg. volume (thou.)	599
Turnover	0.3%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$193,440

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

SCHB

Expense:

3 bp

ALTAR Score™:

5.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SCHB
Ticker	Fund Name	Overlap¹ vs SCHB (%)	Expense ratio (bp)	Savings vs SCHB (bp)	ALTAR Score™ (%)	ALTAR vs SCHB (%)
ITOT	iShares Core S&P Total US	98.6	3	0	5.9	-0.1
IWV	iShares Russell 3000	97.9	20	-17	5.7	-0.2
VTI	Vanguard Total Market	97.8	3	0	5.8	-0.1
VTHR	Vanguard Russell 3000	96.0	15	-12	5.8	-0.1
IYY	iShares DJ US Total Market	95.3	20	-17	5.9	-0.0
SCHK	Schwab 1000 Index	93.7	5	-2	6.0	+0.1
IWB	iShares Russell 1000	93.1	15	-12	5.9	-0.0
VONE	Vanguard Russell 1000	92.7	12	-9	5.9	0.0
SPTM	SPDR Portfolio Total Stock Market	90.9	3	0	5.9	-0.0
SCHX	Schwab U.S. Large-Cap	90.2	3	0	6.0	+0.1
BBUS	JP Morgan Betabuilders U.S. Equity	87.1	2	1	6.1	+0.1
PBUS	Invesco PureBeta MSCI USA	87.1	4	-1	6.2	+0.3
VV	Vanguard Large-Cap ETF	86.3	4	-1	6.0	+0.1
SPLG	SPDR Portfolio Large Cap	83.8	3	0	6.0	+0.1
IVV	iShares Core S&P 500	83.8	4	-1	6.1	+0.2
SPY	S&P 500 SPDR	83.8	9	-6	6.0	+0.1
HSPX	Global X S&P 500 Covered Call	83.5	65	-62	5.5	-0.4
VOO	Vanguard S&P 500 ETF	83.4	3	0	6.1	+0.2
PBP	Invesco S&P 500 Buy/Write	83.3	49	-46	5.7	-0.2
ESGV	Vanguard ESG U.S. Stock	81.2	12	-9	5.9	+0.0

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

	2014	2015	2016	2017	2018	2019E	2020E
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

	2018	2019E	2020E
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. Broad Market
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	16.0	%
Divided by: Fwd. P/BV	2.7	x
Less: Expense ratio	3	bp
Equals: ALTAR Score	5.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.49	CATEGORY AVERAGE	1.55

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.