ETF Research Center

Schwab U.S. Large-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. Large-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)	$20,023
Currency	USD
Expense ratio	3 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	757
Wgt avg mkt cap (mns)	$303,764
Large cap (>$10bn)	94.2%
Mid cap ($2-10bn)	5.8%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	21.8 %
MICROSOFT CORP	4.5 %
APPLE INC	4.3 %
AMAZON.COM INC	2.9 %
FACEBOOK	1.7 %
BERKSHIRE HATHAWAY INC-CL B	1.5 %
ALPHABET INC. CLASS A	1.5 %
ALPHABET INC. CLASS C	1.5 %
JPMORGAN CHASE & CO	1.4 %
JOHNSON & JOHNSON	1.3 %
VISA INC-CLASS A SHARES	1.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.3 %
	IRELAND	1.8 %
	BRITAIN	1.1 %
	SWITZERLAND	0.4 %
	BERMUDA	0.2 %
	CAYMAN ISLANDS	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.
0.2%	21.6%	12.2%	13.9%	13.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.99	100%
MSCI EAFE	0.91	70%
MSCI Emg. Mkts.	0.60	53%

Technical Indicators
Recent close	$77.25
30d moving avg.	$79.13
Annualized volatility	12.0%
Short interest (ETF)	0.1%
Short interest (Underlying)	2.5%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	932
Turnover	0.4%
Bid/Ask (% of price)	0.01%
ADV underlying (mns)	$186,220

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

SCHX

Expense:

3 bp

ALTAR Score™:

5.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SCHX
Ticker	Fund Name	Overlap¹ vs SCHX (%)	Expense ratio (bp)	Savings vs SCHX (bp)	ALTAR Score™ (%)	ALTAR vs SCHX (%)
VONE	Vanguard Russell 1000 ETF	97.5	8	-5	5.7	-0.0
SCHK	Schwab 1000 Index ETF	96.1	5	-2	5.7	+0.0
BBUS	JP Morgan Betabuilders U.S. Equity ETF	96.1	2	1	5.8	+0.1
IWB	iShares Russell 1000 ETF	96.1	15	-12	5.6	-0.1
PBUS	Invesco PureBeta MSCI USA ETF	95.9	4	-1	5.8	+0.1
IYY	iShares Dow Jones U.S. ETF	94.9	20	-17	5.6	-0.2
VV	Vanguard Large-Cap Index Fund	94.9	4	-1	5.7	+0.0
SPTM	SPDR Portfolio Total Stock Market ETF	93.5	3	0	5.9	+0.2
SPLG	SPDR Portfolio Large Cap ETF	92.0	3	0	5.9	+0.2
IVV	iShares Core S&P 500 ETF	91.9	4	-1	5.9	+0.2
SPY	SPDR S&P 500 ETF Trust	91.9	9	-6	5.8	+0.1
PBP	Invesco S&P 500 BuyWrite ETF	91.9	49	-46	5.4	-0.3
VOO	VANGUARD S&P 500 ETF	91.9	3	0	5.9	+0.2
VTHR	Vanguard Russell 3000 Index Fund	91.9	10	-7	5.5	-0.2
HSPX	Global X S&P 500 Covered Call ETF	91.6	65	-62	5.3	-0.4
VTI	Vanguard Total Stock Market Index Fund	91.1	3	0	5.6	-0.2
SCHB	Schwab U.S. Broad Market ETF	91.0	3	0	5.6	-0.1
ITOT	iShares Core S&P Total U.S. Stock Market ETF	90.6	3	0	5.6	-0.2
IWV	iShares Russell 3000 ETF	90.3	20	-17	5.4	-0.3
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	88.9	20	-17	5.8	+0.1

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. Large-Cap ETF
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	17.2	%
Divided by: Fwd. P/BV	3.0	x
Less: Expense ratio	3	bp
Equals: ALTAR Score	5.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.49	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.