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Semiannual Report  |  February 28, 2022
Schwab International Equity ETFs

Schwab International Dividend Equity ETF SCHY
Schwab International Equity ETF SCHF
Schwab International Small-Cap Equity ETF SCHC
Schwab Emerging Markets Equity ETF SCHE

         
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In This Report
Performance at a Glance 2
The Investment Environment 3
Fund Management 5
Performance and Fund Facts  
Schwab International Dividend Equity ETF 6
Schwab International Equity ETF 8
Schwab International Small-Cap Equity ETF 10
Schwab Emerging Markets Equity ETF 12
Fund Expenses 14
Financial Statements and Portfolio Holdings  
Schwab International Dividend Equity ETF 15
Schwab International Equity ETF 22
Schwab International Small-Cap Equity ETF 40
Schwab Emerging Markets Equity ETF 64
Financial Notes 89
Liquidity Risk Management Program 101
Trustees and Officers 102
Glossary 105
Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset ManagementTM
Distributor: SEI Investments Distribution Co. (SIDCO)
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.
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Schwab International Equity ETFs
Performance at a Glance

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return 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 quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Total Returns for the 6 Months Ended February 28, 2022
Schwab International Dividend Equity ETF (Ticker Symbol: SCHY)  
Market Price Return1 -0.25%
NAV Return1 -0.45%
Dow Jones International Dividend 100 Index (Net)2 -0.29%
ETF Category: Morningstar Foreign Large Value3 -2.47%
Performance Details pages 6-7
Schwab International Equity ETF (Ticker Symbol: SCHF)  
Market Price Return1 -6.77%
NAV Return1 -6.43%
FTSE Developed ex US Index (Net)4 -6.45%
ETF Category: Morningstar Foreign Large Blend3 -7.59%
Performance Details pages 8-9
Schwab International Small-Cap Equity ETF (Ticker Symbol: SCHC)  
Market Price Return1 -10.89%
NAV Return1 -10.52%
FTSE Developed Small Cap ex US Liquid Index (Net)4 -10.46%
ETF Category: Morningstar Foreign Small/Mid Blend3 -10.97%
Performance Details pages 10-11
Schwab Emerging Markets Equity ETF (Ticker Symbol: SCHE)  
Market Price Return1 -6.85%
NAV Return1 -8.26%
FTSE Emerging Index (Net)4 -7.51%
ETF Category: Morningstar Diversified Emerging Markets3 -11.11%
Performance Details pages 12-13
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 the Glossary.
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.
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 — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones International Dividend 100 Index is a product of S& P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab International Dividend Equity ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.
Index ownership — FTSE is a trademark of the London Stock Exchange Group companies (LSEG) and is used by the Schwab International Equity ETF, Schwab International Small-Cap Equity ETF, and Schwab Emerging Markets Equity ETF under license. The Schwab International Equity ETF, Schwab International Small-Cap Equity ETF, and Schwab Emerging Markets Equity ETF are not sponsored, endorsed, sold or promoted by FTSE nor LSEG and neither FTSE nor LSEG makes any representation regarding the advisability of investing in shares of the funds. Fees payable under the license are paid by the investment adviser.
1 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.
2 The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
3 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs within the category as of the report date.
4 The total return cited for the index is calculated net of foreign withholding taxes; the underlying tax rate information is available from FTSE.
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Schwab International Equity ETFs
The Investment Environment

For the six-month reporting period ended February 28, 2022, global equity markets lost ground. For the first four months of the reporting period, despite persisting COVID-19 pandemic-driven stresses on the global economy and the emergence and rapid spread of the Delta variant during the summer and the Omicron variant late in 2021, stocks posted mostly steady gains, with U.S. equity markets outperforming developed international equity markets. Market tailwinds included strong corporate earnings, ongoing, albeit fading, fiscal stimulus measures, and optimism related to increased COVID-19 vaccination rates. However, beginning in early 2022, equity markets declined in reaction to growing headwinds that included accelerating inflation, an increasing likelihood of rising U.S. interest rates, and, in the final week of the reporting period, Russia’s invasion of Ukraine, which drove oil prices above $100 per barrel for the first time since 2014 and roiled stock markets around the world. For the reporting period, the MSCI EAFE® Index (Net)*, a broad measure of developed international equity performance, returned -6.78%. Emerging markets were weaker, with the MSCI Emerging Markets Index (Net)* returning -9.81%. For comparison, the S&P 500® Index, a bellwether for the overall U.S. stock market, returned -2.62% for the reporting period.
The U.S. economy continued its recovery from the dramatic impact of the COVID-19 pandemic, although U.S. gross domestic product (GDP) growth fluctuated over the reporting period. Outside the United States, global economies continued to wrestle with the fallout of the COVID-19 pandemic, including the emergence and spread of the Delta and Omicron variants, along with steepening energy costs and rising inflation. In the eurozone and the United Kingdom, GDP growth remained positive in the third and fourth quarters of 2021 but waned in the fourth quarter of 2021. Japan’s economy contracted in the third quarter of 2021 but expanded in the fourth quarter of 2021. Its fourth quarter growth was attributed to increases in household consumption and business investment in the face of a decline in COVID-19 cases and easing restrictions. Among emerging markets, China’s GDP growth rate moderated after posting a sharp spike in the first quarter of 2021, albeit remaining positive, in part because of the political landscape and an emphasis on domestic consumption over globalization, as well as multiple headwinds including a property downturn, supply chain issues, and COVID-19 outbreaks. India, after plunging into one of the worst recessions of any major economy in 2020, posted positive gains in GDP for the third and fourth quarters of 2021 as COVID-19 cases fell rapidly.
Asset Class Performance Comparison % returns during the 6 months ended February 28, 2022    

 
Index figures 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. Past performance is not an indication of future results.
For index definitions, please see the Glossary.
Data source: Index provider websites and Schwab Asset Management.
Nothing in this report represents a recommendation of a security by the investment adviser.
Management views may have changed since the report date.
* The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
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Schwab International Equity ETFs
The Investment Environment (continued)

Monetary policies around the world varied. In the United States, the U.S. Federal Reserve (Fed) maintained the federal funds rate in a range of 0.00% to 0.25% throughout the reporting period. In developed international economies, most central banks were similarly accommodative while acknowledging economic improvements and rising inflation and, in some cases, changes in monetary policy. The European Central bank held its interest rate at 0.00%, unchanged since March 2016, but pledged to steadily reduce its asset purchase program. The Bank of Japan upheld its short-term interest rate target of -0.1%, also unchanged since 2016, and stressed that it would maintain its ultra-loose monetary policy despite growing inflation, even as its global counterparts sought to exit from crisis mode policies. The Bank of England raised its key official bank rate twice during the reporting period, from 0.1% to 0.5%, its first back-to-back rate increase since 2004, citing inflationary pressures. Emerging market monetary policies were mixed. China cut its interest rate twice over the reporting period. Indonesia and India maintained low policy rates implemented in 2020 and early 2021. Central banks in Mexico, Brazil, and Pakistan raised their rates multiple times over the reporting period, citing a stronger-than-expected recovery or to counteract the impacts of inflation. Russia, notably, raised its interest rate to 20% in late February amid the broadening fallout of Western sanctions put in place in retaliation against Russia’s invasion of Ukraine.
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Schwab International Equity ETFs
Fund Management

 Christopher Bliss, CFA, Managing Director and Head of Passive Equity Strategies for Schwab Asset Management, is responsible for overseeing the investment process, portfolio management and implementation, and development of investment strategies for passive equity Schwab Funds and Schwab ETFs. Before joining Schwab in 2016, Mr. Bliss spent 12 years at BlackRock (formerly Barclays Global Investors) managing and leading institutional index teams, most recently as a managing director and the head of the Americas institutional index team. In this role, Mr. Bliss was responsible for overseeing a team of portfolio managers managing domestic, developed international and emerging markets index strategies. Prior to BlackRock, he worked as an equity analyst and portfolio manager for Harris Bretall and before that, as a research analyst for JP Morgan.
    
 Chuck Craig, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the funds. Prior to joining Schwab in 2012, Mr. Craig worked at Guggenheim Funds (formerly Claymore Group), where he spent more than five years as a managing director of portfolio management and supervision, and three years as vice president of product research and development. Prior to that, he worked as an equity research analyst at First Trust Portfolios (formerly Niké Securities), and a trader and analyst at PMA Securities, Inc.
    
 Jane Qin, Portfolio Manager, is responsible for the day-to-day co-management of the funds. Prior to joining Schwab in 2012, Ms. Qin spent more than four years at The Bank of New York Mellon Corporation. During that time, Ms. Qin spent more than two years as an associate equity portfolio manager and nearly two years as a performance analyst. She also worked at Wells Fargo Funds Management as a mutual fund analyst and at CIGNA Reinsurance in the risk management group as a risk analyst.
    
 David Rios, Portfolio Manager, is responsible for the day-to-day co-management of the funds. Prior to this role, Mr. Rios was an associate portfolio manager on the equity index strategies team for four years. His first role with Schwab Asset Management was as a trade operations specialist. Prior to joining Schwab in 2008, Mr. Rios was a senior fund accountant at Investors Bank & Trust (subsequently acquired by State Street Corporation).
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Schwab International Dividend Equity ETF

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return 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 quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.    

 
Average Annual Total Returns1
Fund and Inception Date 6 Months Since Inception*
Fund: Schwab International Dividend Equity ETF (4/29/21)    
Market Price Return2 -0.25% 4.30%
NAV Return2 -0.45% 4.02%
Dow Jones International Dividend 100 Index (Net)3 -0.29% 4.16%
ETF Category: Morningstar Foreign Large Value4 -2.47% N/A
Fund Expense Ratio5: 0.14%
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 the 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.
The fund may underperform other funds that do not limit their investment to dividend paying stocks. Stocks held by the fund may reduce or stop paying dividends, affecting the fund’s ability to generate income. Diversification strategies do not ensure a profit and do not protect against losses in declining markets.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones International Dividend 100 Index is a product of S& P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab International Dividend Equity ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.
* Inception (4/29/21) represents the date that the shares began trading in the secondary market.
1 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.
2 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. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
4 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs within the category as of the report date.
5 As stated in the prospectus.
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Schwab International Dividend Equity ETF
Performance and Fund Facts as of February 28, 2022

Statistics1
Number of Holdings 102
Weighted Average Market Cap (millions) $74,966
Price/Earnings Ratio (P/E) 13.9
Price/Book Ratio (P/B) 2.3
Portfolio Turnover Rate 5% 2,3
Sector Weightings % of Investments1
 
    
Top Equity Holdings % of Net Assets5
Country Weightings % of Investments6
    
    
    
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.
Source of Sector Classification: S&P and MSCI.
1 Excludes derivatives.
2 Not annualized.
3 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
4 Amount is less than 0.05%.
5 This list is not a recommendation of any security by the investment adviser.
6 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
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Schwab International Equity ETF

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return 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 quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.    

 
Average Annual Total Returns1
Fund and Inception Date 6 Months 1 Year 5 Years 10 Years
Fund: Schwab International Equity ETF (11/3/09)        
Market Price Return2 -6.77% 2.84% 7.62% 6.17%
NAV Return2 -6.43% 3.16% 7.68% 6.23%
FTSE Developed ex US Index (Net)3 -6.45% 3.02% 7.53% 6.14%
ETF Category: Morningstar Foreign Large Blend4 -7.59% 1.08% 6.94% 5.92%
Fund Expense Ratio5: 0.06%
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 the 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 — FTSE is a trademark of the London Stock Exchange Group companies (LSEG) and is used by the fund under license. The Schwab International Equity ETF is not sponsored, endorsed, sold or promoted by FTSE nor LSEG and neither FTSE nor LSEG makes any representation regarding the advisability of investing in shares of the fund. Fees payable under the license are paid by the investment adviser.
1 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.
2 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. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 The total return cited for the index is calculated net of foreign withholding taxes; the underlying tax rate information is available from FTSE.
4 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs within the category as of the report date.
5 As stated in the prospectus.
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Schwab International Equity ETF
Performance and Fund Facts as of February 28, 2022

Statistics1
Number of Holdings 1,516
Weighted Average Market Cap (millions) $77,697
Price/Earnings Ratio (P/E) 13
Price/Book Ratio (P/B) 1.7
Portfolio Turnover Rate 3% 2,3
Sector Weightings % of Investments1
 
    
Top Equity Holdings % of Net Assets4
Country Weightings % of Investments5
    
    
    
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.
Source of Sector Classification: S&P and MSCI.
1 Excludes derivatives.
2 Not annualized.
3 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
4 This list is not a recommendation of any security by the investment adviser.
5 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
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Schwab International Small-Cap Equity ETF

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return 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 quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.    

 
Average Annual Total Returns1
Fund and Inception Date 6 Months 1 Year 5 Years 10 Years
Fund: Schwab International Small-Cap Equity ETF (1/14/10)        
Market Price Return2 -10.89% 0.77% 7.03% 6.23%
NAV Return2 -10.52% 0.97% 7.06% 6.29%
FTSE Developed Small Cap ex US Liquid Index (Net)3 -10.46% 0.97% 6.91% 6.21%
ETF Category: Morningstar Foreign Small/Mid Blend4 -10.97% 1.06% 7.15% 7.04%
Fund Expense Ratio5: 0.11%
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 the 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.
Small-company stocks may be subject to greater volatility than many other asset classes.
Index ownership — FTSE is a trademark of the London Stock Exchange Group companies (LSEG) and is used by the fund under license. The Schwab International Small-Cap Equity ETF is not sponsored, endorsed, sold or promoted by FTSE nor LSEG and neither FTSE nor LSEG makes any representation regarding the advisability of investing in shares of the fund. Fees payable under the license are paid by the investment adviser.
1 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.
2 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. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 The total return cited for the index is calculated net of foreign withholding taxes; the underlying tax rate information is available from FTSE.
4 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs within the category as of the report date.
5 As stated in the prospectus.
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Schwab International Small-Cap Equity ETF
Performance and Fund Facts as of February 28, 2022

Statistics1
Number of Holdings 2,235
Weighted Average Market Cap (millions) $3,179
Price/Earnings Ratio (P/E) 11.8
Price/Book Ratio (P/B) 1.4
Portfolio Turnover Rate 10% 2,3
Sector Weightings % of Investments1
 
    
Top Equity Holdings % of Net Assets4
Country Weightings % of Investments5
    
    
    
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.
Source of Sector Classification: S&P and MSCI.
1 Excludes derivatives.
2 Not annualized.
3 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
4 This list is not a recommendation of any security by the investment adviser.
5 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
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Schwab Emerging Markets Equity ETF

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return 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 quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.    

 
Average Annual Total Returns1
Fund and Inception Date 6 Months 1 Year 5 Years 10 Years
Fund: Schwab Emerging Markets Equity ETF (1/14/10)        
Market Price Return2 -6.85% -7.81% 7.06% 3.39%
NAV Return2 -8.26% -8.62% 6.81% 3.25%
FTSE Emerging Index (Net)3 -7.51% -7.62% 7.15% 3.51%
ETF Category: Morningstar Diversified Emerging Markets4 -11.11% -9.68% 6.68% 3.40%
Fund Expense Ratio5: 0.11%
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 the 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.
Emerging markets involve heightened risks related to the same factors as international investing, as well as increased volatility and lower trading volume.
Index ownership — FTSE is a trademark of the London Stock Exchange Group companies (LSEG) and is used by the fund under license. The Schwab Emerging Markets Equity ETF is not sponsored, endorsed, sold or promoted by FTSE nor LSEG and neither FTSE nor LSEG makes any representation regarding the advisability of investing in shares of the fund. Fees payable under the license are paid by the investment adviser.
1 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.
2 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. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 The total return cited for the index is calculated net of foreign withholding taxes; the underlying tax rate information is available from FTSE.
4 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs within the category as of the report date.
5 As stated in the prospectus.
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Schwab Emerging Markets Equity ETF
Performance and Fund Facts as of February 28, 2022

Statistics1
Number of Holdings 1,796
Weighted Average Market Cap (millions) $120,852
Price/Earnings Ratio (P/E) 12.5
Price/Book Ratio (P/B) 2.1
Portfolio Turnover Rate 7% 2,3
Sector Weightings % of Investments1
 
    
Top Equity Holdings % of Net Assets4
Country Weightings % of Investments5
    
    
    
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.
Source of Sector Classification: S&P and MSCI.
1 Excludes derivatives.
2 Not annualized.
3 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
4 This list is not a recommendation of any security by the investment adviser.
5 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
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Schwab International Equity ETFs  |  Semiannual Report

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Schwab International Equity ETFs
Fund Expenses (Unaudited)
Examples for a $1,000 Investment
As a fund shareholder, you may incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares; and, (2) ongoing costs, including management fees.
The expense examples below are intended to help you understand your ongoing cost (in dollars) of investing in a fund and to compare this cost with the ongoing cost of investing in other mutual funds. These examples are based on an investment of $1,000 invested for six months beginning September 1, 2021 and held through February 28, 2022.
Actual Return lines in the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number given for your fund under the heading entitled “Expenses Paid During Period.”
Hypothetical Return lines in the table below provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed return of 5% per year before expenses. Because the return used is not an actual return, it may not be used to estimate the actual ending account value or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in a fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, including any brokerage commissions you may pay when purchasing or selling shares of a fund. Therefore, the hypothetical return lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
    
    
  EXPENSE RATIO
(ANNUALIZED) 1
BEGINNING
ACCOUNT VALUE
AT 9/1/21
ENDING
ACCOUNT VALUE
(NET OF EXPENSES)
AT 2/28/22
EXPENSES PAID
DURING PERIOD
9/1/21-2/28/222
Schwab International Dividend Equity ETF        
Actual Return 0.14% $1,000.00 $ 995.50 $0.69
Hypothetical 5% Return 0.14% $1,000.00 $1,024.10 $0.70
Schwab International Equity ETF        
Actual Return 0.06% $1,000.00 $ 935.70 $0.29
Hypothetical 5% Return 0.06% $1,000.00 $1,024.50 $0.30
Schwab International Small-Cap Equity ETF        
Actual Return 0.11% $1,000.00 $ 894.80 $0.52
Hypothetical 5% Return 0.11% $1,000.00 $1,024.25 $0.55
Schwab Emerging Markets Equity ETF        
Actual Return 0.11% $1,000.00 $ 917.40 $0.52
Hypothetical 5% Return 0.11% $1,000.00 $1,024.25 $0.55
    
1 Based on the most recent six-month expense ratio; may differ from the expense ratio provided in the Financial Highlights.
2 Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 181 days of the period, and divided by 365 days of the fiscal year.
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Schwab International Equity ETFs  |  Semiannual Report

Table of Contents
Schwab International Dividend Equity ETF
Financial Statements
FINANCIAL HIGHLIGHTS
  9/1/21–
2/28/22*
4/29/21 1
8/31/21
       
Per-Share Data
Net asset value at beginning of period $26.07 $25.00        
Income (loss) from investment operations:            
Net investment income (loss)2 0.47 0.41        
Net realized and unrealized gains (losses) (0.60) 0.71        
Total from investment operations (0.13) 1.12        
Less distributions:            
Distributions from net investment income (0.39) (0.05)        
Net asset value at end of period $25.55 $26.07        
Total return (0.45%) 3 4.48% 3        
Ratios/Supplemental Data
Ratios to average net assets:            
Total expenses 0.14% 4 0.14% 4        
Net investment income (loss) 3.73% 4 4.76% 4        
Portfolio turnover rate5 5% 3 3% 3        
Net assets, end of period (x 1,000) $270,777 $101,664        
    
* Unaudited.
1 Commencement of operations.
2 Calculated based on the average shares outstanding during the period.
3 Not annualized.
4 Annualized.
5 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
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Schwab International Equity ETFs  |  Semiannual Report
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Table of Contents
Schwab International Dividend Equity ETF
Portfolio Holdings  as of February 28, 2022 (Unaudited)

This section shows all the securities in the fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund’s website.

 
SECURITY NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.4% OF NET ASSETS
 
Australia 10.5%
AGL Energy Ltd. 133,587 728,969
Aurizon Holdings Ltd. 372,627 946,389
BHP Group Ltd. 363,433 12,305,414
Rio Tinto Ltd. 75,112 6,440,858
Wesfarmers Ltd. 229,371 8,020,890
    28,442,520
 
Belgium 0.3%
Etablissements Franz Colruyt N.V. 8,909 357,035
Proximus SADP 27,089 540,373
    897,408
 
Canada 8.4%
BCE, Inc. 51,956 2,726,937
Great-West Lifeco, Inc. 19,200 577,203
Quebecor, Inc., Class B 28,373 620,097
Sun Life Financial, Inc. 41,555 2,183,984
The Bank of Nova Scotia 86,224 6,244,077
The Toronto-Dominion Bank 129,362 10,431,778
    22,784,076
 
China 1.0%
China Minsheng Banking Corp., Ltd., H Shares 440,684 171,453
China Shenhua Energy Co., Ltd., H Shares 658,698 1,812,458
Hengan International Group Co., Ltd. 102,730 544,961
Jiangsu Expressway Co., Ltd., H Shares 237,576 254,186
    2,783,058
 
Denmark 0.2%
Tryg A/S 25,623 582,679
 
Finland 2.3%
Elisa Oyj 26,076 1,451,249
Kone Oyj, B Shares 81,548 4,797,733
    6,248,982
 
France 5.8%
Orange S.A. 327,356 3,976,161
Sanofi 110,488 11,599,643
    15,575,804
 
Germany 8.0%
Allianz SE 29,265 6,682,565
Deutsche Post AG 171,991 8,724,026
SECURITY NUMBER
OF SHARES
VALUE ($)
E.ON SE 454,310 6,183,588
    21,590,179
 
Italy 3.8%
Enel S.p.A. 1,395,082 10,340,348
 
Japan 11.8%
ABC-Mart, Inc. 6,360 274,997
Daito Trust Construction Co., Ltd. 13,930 1,538,438
Daiwa House Industry Co., Ltd. 134,848 3,827,377
Japan Tobacco, Inc. 171,375 3,154,461
Kaken Pharmaceutical Co., Ltd. 214,301 7,851,966
KDDI Corp. 287,707 9,382,483
Matsui Securities Co., Ltd. 7,667 53,721
Obayashi Corp. 145,860 1,217,030
Sekisui House Ltd. 131,563 2,679,807
Seven Bank Ltd. 51,638 110,293
Sompo Holdings, Inc. 25,131 1,095,356
USS Co., Ltd. 44,847 741,382
    31,927,311
 
Malaysia 0.5%
DiGi.com Berhad 580,000 559,485
Petronas Gas Berhad 188,300 780,379
    1,339,864
 
Mexico 1.6%
America Movil S.A.B. de C.V., Series L 3,958,429 3,585,980
Arca Continental S.A.B. de C.V. 66,417 439,215
Coca-Cola Femsa S.A.B. de C.V. 81,366 447,916
    4,473,111
 
Netherlands 1.9%
Koninklijke Ahold Delhaize N.V. 162,824 5,025,652
 
New Zealand 0.7%
Contact Energy Ltd. 157,869 867,523
Spark New Zealand Ltd. 324,399 989,014
    1,856,537
 
Norway 1.3%
Gjensidige Forsikring A.S.A. 13,395 331,918
Telenor A.S.A. 111,732 1,657,496
Yara International A.S.A. 31,965 1,628,484
    3,617,898
 
 
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Schwab International Equity ETFs  |  Semiannual Report
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Table of Contents
Schwab International Dividend Equity ETF
Portfolio Holdings  as of February 28, 2022 (Unaudited) (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
Republic of Korea 0.5%
Korean Reinsurance Co. 5,942 47,739
KT&G Corp. 17,720 1,176,077
    1,223,816
 
Russia 0.1%
Severstal PAO (a)(b) 36,885 250,996
 
Saudi Arabia 3.9%
Advanced Petrochemical Co. 20,522 410,254
Al Rajhi Bank 86,966 3,718,140
Jarir Marketing Co. 11,481 638,973
Riyad Bank 95,959 908,000
SABIC Agri-Nutrients Co. 38,961 1,653,275
Saudi Telecom Co. 103,859 3,155,883
    10,484,525
 
Singapore 0.5%
Singapore Exchange Ltd. 58,224 400,613
Singapore Technologies Engineering Ltd. 309,337 870,505
    1,271,118
 
South Africa 0.6%
The SPAR Group Ltd. 29,826 316,703
Vodacom Group Ltd. 124,149 1,189,147
    1,505,850
 
Spain 0.6%
Red Electrica Corp. S.A. 87,397 1,749,780
 
Sweden 0.4%
Tele2 AB, B Shares 86,774 1,156,135
 
Switzerland 9.3%
EMS-Chemie Holding AG 1,371 1,357,625
Kuehne & Nagel International AG 10,263 2,812,271
Roche Holding AG 26,210 9,994,625
SGS S.A. 1,227 3,524,056
Swisscom AG 4,406 2,644,224
Zurich Insurance Group AG 10,681 4,908,289
    25,241,090
 
Taiwan 5.2%
Advantech Co., Ltd. 82,000 1,071,981
Asia Cement Corp. 468,000 752,873
Cheng Loong Corp. 186,321 228,623
Chicony Electronics Co., Ltd. 125,000 399,501
Chunghwa Telecom Co., Ltd. 647,000 2,873,248
Far EasTone Telecommunications Co., Ltd. 272,000 672,360
Formosa Taffeta Co., Ltd. 179,000 181,969
Great Wall Enterprise Co., Ltd. 112,528 217,550
Lite-On Technology Corp. 421,000 1,027,159
President Chain Store Corp. 86,000 802,176
Standard Foods Corp. 60,973 110,484
Synnex Technology International Corp. 254,000 651,421
Taiwan Cement Corp. 1,005,000 1,697,405
Taiwan Mobile Co., Ltd. 281,000 1,037,400
Uni-President Enterprises Corp. 730,000 1,747,209
SECURITY NUMBER
OF SHARES
VALUE ($)
Wistron Corp. 557,000 584,120
    14,055,479
 
Thailand 0.3%
Intouch Holdings PCL NVDR 178,200 413,119
Land & Houses PCL NVDR 693,000 203,605
Tisco Financial Group PCL NVDR 27,801 83,169
    699,893
 
United Arab Emirates 1.7%
Emirates Telecommunications Group Co. PJSC 301,464 2,870,968
First Abu Dhabi Bank PJSC 310,454 1,747,918
    4,618,886
 
United Kingdom 18.2%
Admiral Group plc 19,218 767,642
BAE Systems plc 651,973 6,294,954
British American Tobacco plc 298,595 13,066,874
GlaxoSmithKline plc 503,504 10,440,364
Imperial Brands plc 147,848 3,251,369
Schroders plc 8,607 353,844
SSE plc 212,033 4,849,224
Unilever plc 202,735 10,191,222
    49,215,493
Total Common Stocks
(Cost $271,469,422)
268,958,488

PREFERRED STOCKS 0.0% OF NET ASSETS
 
Russia 0.0%
Sberbank of Russia PJSC (a)(b) 69,290 43,957
Total Preferred Stocks
(Cost $260,897)
43,957

INVESTMENT COMPANIES 0.0% OF NET ASSETS
 
United States 0.0%
iShares International Select Dividend ETF 1,300 41,275
Total Investment Companies
(Cost $42,075)
41,275
    
     
SHORT-TERM INVESTMENTS 0.0% OF NET ASSETS
 
Money Market Funds 0.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03% (c) 31,035 31,035
Total Short-Term Investments
(Cost $31,035)
31,035
Total Investments in Securities
(Cost $271,803,429)
269,074,755
    
 
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Schwab International Equity ETFs  |  Semiannual Report
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Table of Contents
Schwab International Dividend Equity ETF
Portfolio Holdings  as of February 28, 2022 (Unaudited) (continued)

  NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
DEPRECIATION
($)
FUTURES CONTRACTS
Long      
MSCI EAFE Index, expires 03/18/22 10 1,079,900 (16,026)
MSCI Emerging Markets Index, expires 03/18/22 4 235,100 (1,050)
Net Unrealized Depreciation (17,076)
    
(a) Trading in Russian securities listed on the Moscow Exchange, Russian ADRs, and Russian GDRs had ceased and suspended the fund’s ability to buy or sell these securities as of February 28, 2022.
(b) Fair valued by management using significant unobservable inputs in accordance with procedures approved by the fund’s Board of Trustees.
(c) The rate shown is the 7-day yield.
    
ADR — American Depositary Receipt
ETF — Exchange traded fund
GDR — Global Depositary Receipt
NVDR — Non-Voting Depositary Receipt
 

The following is a summary of the inputs used to value the fund’s investments as of February 28, 2022 (see financial note 2(a) for additional information):
DESCRIPTION QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1)
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3)
TOTAL
Assets        
Common Stocks1 $268,707,492 $— $— $268,707,492
Russia 2 250,996 250,996
Preferred Stocks1        
Russia 2 43,957 43,957
Investment Companies1 41,275 41,275
Short-Term Investments1 31,035 31,035
Liabilities        
Futures Contracts3 (17,076) (17,076)
Total $268,762,726 $— $294,953 $269,057,679
    
1 As categorized in the Portfolio Holdings.
2 Trading in Russian securities listed on the Moscow Exchange, Russian ADRs, and Russian GDRs had ceased and suspended the fund’s ability to buy or sell these securities as of February 28, 2022.
3 Futures contracts are reported at cumulative unrealized appreciation or depreciation.
Fund investments in mutual funds and ETFs are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds and ETFs, which could be Level 1, Level 2 or Level 3.
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Schwab International Equity ETFs  |  Semiannual Report
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Table of Contents
Schwab International Dividend Equity ETF
Statement of Assets and Liabilities

As of February 28, 2022; unaudited
Assets
Investments in securities, at value - unaffiliated (cost $271,803,429)   $269,074,755
Foreign currency, at value (cost $87,190)   84,994
Deposit with broker for futures contracts   57,511
Receivables:    
Fund shares sold   5,109,026
Dividends   1,333,070
Foreign tax reclaims   21,517
Investments sold   11,063
Income from securities on loan + 731
Total assets   275,692,667
Liabilities
Payables:    
Investments bought   4,864,463
Management fees   26,302
Variation margin on futures contracts + 24,532
Total liabilities   4,915,297
Net assets   $270,777,370
Net Assets by Source
Capital received from investors   $272,688,544
Total distributable loss + (1,911,174)
Net assets   $270,777,370
    
Net Asset Value (NAV)
Net Assets ÷ Shares
Outstanding
= NAV
$270,777,370   10,600,000   $25.55
         
         
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Schwab International Equity ETFs  |  Semiannual Report
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Table of Contents
Schwab International Dividend Equity ETF
Statement of Operations

For the period September 1, 2021 through February 28, 2022; unaudited
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $166,285)   $3,089,123
Securities on loan, net + 6,716
Total investment income   3,095,839
Expenses
Management fees   112,024
Total expenses 112,024
Net investment income   2,983,815
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated   (541,588)
Net realized losses on futures contracts   (14,181)
Net realized losses on foreign currency transactions + (20,989)
Net realized losses   (576,758)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated   (3,089,466)
Net change in unrealized appreciation (depreciation) on futures contracts   (23,199)
Net change in unrealized appreciation (depreciation) on foreign currency translations + (3,471)
Net change in unrealized appreciation (depreciation) + (3,116,136)
Net realized and unrealized losses   (3,692,894)
Decrease in net assets resulting from operations   ($709,079)
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Schwab International Equity ETFs  |  Semiannual Report
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Table of Contents
Schwab International Dividend Equity ETF
Statement of Changes in Net Assets

For the current and prior report periods
Figures for the current period are unaudited
OPERATIONS
  9/1/21-2/28/22 4/29/21*-8/31/21
Net investment income   $2,983,815 $898,242
Net realized losses   (576,758) (36,909)
Net change in unrealized appreciation (depreciation) + (3,116,136) 366,862
Increase (decrease) in net assets resulting from operations   ($709,079) $1,228,195
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions   ($2,335,100) ($95,190)
    
TRANSACTIONS IN FUND SHARES
  9/1/21-2/28/22 4/29/21*-8/31/21
    SHARES VALUE SHARES VALUE
Shares sold   6,700,000 $172,157,915 3,900,000 $100,530,629
Net transactions in fund shares   6,700,000 $172,157,915 3,900,000 $100,530,629
SHARES OUTSTANDING AND NET ASSETS
  9/1/21-2/28/22 4/29/21*-8/31/21
    SHARES NET ASSETS SHARES NET ASSETS
Beginning of period   3,900,000 $101,663,634 $—
Total increase + 6,700,000 169,113,736 3,900,000 101,663,634
End of period   10,600,000 $270,777,370 3,900,000 $101,663,634
    
* Commencement of operations.
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Schwab International Equity ETFs  |  Semiannual Report
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Table of Contents
Schwab International Equity ETF
Financial Statements
FINANCIAL HIGHLIGHTS
  9/1/21–
2/28/22*
9/1/20–
8/31/21
9/1/19–
8/31/20
9/1/18–
8/31/19
9/1/17–
8/31/18
9/1/16–
8/31/17
Per-Share Data
Net asset value at beginning of period $40.05 $32.11 $30.82 $33.25 $32.51 $28.32
Income (loss) from investment operations:            
Net investment income (loss)1 0.44 0.95 0.77 1.00 0.98 0.88
Net realized and unrealized gains (losses) (2.97) 7.84 1.49 (2.30) 0.56 4.02
Total from investment operations (2.53) 8.79 2.26 (1.30) 1.54 4.90
Less distributions:            
Distributions from net investment income (0.90) (0.85) (0.97) (1.13) (0.80) (0.71)
Net asset value at end of period $36.62 $40.05 $32.11 $30.82 $33.25 $32.51
Total return (6.43%) 2 27.62% 7.37% (3.79%) 4.70% 17.76%
Ratios/Supplemental Data
Ratios to average net assets:            
Total expenses 0.06% 3 0.06% 0.06% 0.06% 0.06% 0.06% 4
Net investment income (loss) 2.28% 3 2.59% 2.50% 3.22% 2.91% 2.95%
Portfolio turnover rate5 3% 2 6% 6% 8% 5% 5%
Net assets, end of period (x 1,000) $28,237,487 $28,338,081 $19,843,632 $18,138,537 $16,294,052 $11,413,011
    
* Unaudited.
1 Calculated based on the average shares outstanding during the period.
2 Not annualized.
3 Annualized.
4 Effective October 7, 2016 and March 1, 2017, the annual operating expense ratio was reduced. The ratio presented for the period ended 8/31/17 is a blended ratio.
5 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
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Schwab International Equity ETFs  |  Semiannual Report
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Table of Contents
Schwab International Equity ETF
Portfolio Holdings  as of February 28, 2022 (Unaudited)

This section shows all the securities in the fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund’s website.

 
SECURITY NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 98.8% OF NET ASSETS
 
Australia 6.6%
Adbri Ltd. 689,613 1,651,378
AGL Energy Ltd. 962,837 5,254,093
ALS Ltd. 697,599 5,988,496
Altium Ltd. 157,760 3,682,774
Alumina Ltd. 3,689,230 5,287,252
Amcor plc 2,164,246 24,907,891
AMP Ltd. * 4,384,589 3,006,684
Ampol Ltd. 340,237 7,275,935
Ansell Ltd. 173,904 3,243,171
APA Group 1,690,847 12,330,978
Aristocrat Leisure Ltd. 927,114 25,073,772
ASX Ltd. 271,891 16,243,518
Atlas Arteria Ltd. 1,321,432 6,232,831
Aurizon Holdings Ltd. 2,524,827 6,412,492
Australia & New Zealand Banking Group Ltd. 4,003,633 75,565,186
Bank of Queensland Ltd. 920,066 5,341,167
Beach Energy Ltd. 2,623,419 2,903,118
Bendigo & Adelaide Bank Ltd. 762,348 5,316,230
BHP Group Ltd. 7,078,247 239,661,125
BlueScope Steel Ltd. 696,367 10,227,650
Boral Ltd. 613,833 1,616,903
Brambles Ltd. 2,008,272 14,427,294
carsales.com Ltd. 388,286 5,776,074
Challenger Ltd. 953,274 4,669,267
Charter Hall Group 648,609 7,893,020
CIMIC Group Ltd. 139,990 2,243,985
Cleanaway Waste Management Ltd. 1,915,667 3,850,587
Cochlear Ltd. 91,356 14,776,592
Coles Group Ltd. 1,772,021 22,348,366
Commonwealth Bank of Australia 2,405,365 163,130,028
Computershare Ltd. 746,302 11,730,059
Crown Resorts Ltd. * 491,674 4,416,976
CSL Ltd. 672,778 126,922,573
CSR Ltd. 721,608 2,995,191
Deterra Royalties Ltd. 615,734 1,992,761
Dexus 1,505,473 11,929,514
Domain Holdings Australia Ltd. 285,406 818,064
Domino's Pizza Enterprises Ltd. 86,696 4,966,819
Downer EDI Ltd. 945,199 3,456,853
Endeavour Group Ltd. 1,814,191 9,425,908
Evolution Mining Ltd. 2,371,609 7,348,490
Flight Centre Travel Group Ltd. *(a) 216,142 2,754,171
Fortescue Metals Group Ltd. 2,241,932 29,527,468
Goodman Group 2,589,012 41,763,864
Harvey Norman Holdings Ltd. 840,609 3,202,436
IDP Education Ltd. 260,251 4,959,230
IGO Ltd. 888,672 7,048,372
Iluka Resources Ltd. 597,066 4,631,559
Incitec Pivot Ltd. 2,766,379 6,202,936
Insurance Australia Group Ltd. 3,431,457 11,454,168
IOOF Holdings Ltd. 952,072 2,639,127
James Hardie Industries plc 625,548 20,267,923
SECURITY NUMBER
OF SHARES
VALUE ($)
JB Hi-Fi Ltd. 164,337 5,880,273
Lendlease Corp., Ltd. 996,056 7,632,641
Macquarie Group Ltd. 480,097 62,980,560
Magellan Financial Group Ltd. (a) 187,799 2,507,484
Medibank Pvt Ltd. 3,951,107 9,117,443
Metcash Ltd. 1,347,412 4,028,328
Mineral Resources Ltd. 198,198 6,507,962
Mirvac Group 5,518,057 10,370,820
National Australia Bank Ltd. 4,645,826 97,563,779
Newcrest Mining Ltd. 1,142,342 21,278,899
NEXTDC Ltd. * 668,235 5,154,537
Northern Star Resources Ltd. 1,584,643 11,855,428
Nufarm Ltd. 463,910 1,844,767
Orica Ltd. 587,555 6,220,581
Origin Energy Ltd. 2,533,495 10,479,053
Orora Ltd. 1,219,194 3,299,961
OZ Minerals Ltd. 463,162 8,570,383
Perpetual Ltd. 88,382 2,256,889
Platinum Asset Management Ltd. 788,610 1,361,966
Pro Medicus Ltd. 60,553 2,053,329
Qantas Airways Ltd. * 1,053,577 3,876,157
QBE Insurance Group Ltd. 2,097,459 17,488,021
Qube Holdings Ltd. 2,072,932 4,467,542
Ramsay Health Care Ltd. 242,538 11,258,571
REA Group Ltd. 70,529 6,739,298
Reece Ltd. 364,409 5,122,074
Rio Tinto Ltd. 522,384 44,794,454
Santos Ltd. 4,349,690 22,915,117
Scentre Group 7,329,521 16,328,305
SEEK Ltd. 497,932 9,636,519
Seven Group Holdings Ltd. 194,726 3,135,511
Shopping Centres Australasia Property Group 1,641,429 3,454,198
Sims Ltd. 232,080 3,066,725
Sonic Healthcare Ltd. 666,965 16,963,607
South32 Ltd. 6,598,454 23,031,086
Stockland 3,330,082 10,052,531
Suncorp Group Ltd. 1,781,996 13,926,743
Tabcorp Holdings Ltd. 2,896,467 10,488,087
Telstra Corp., Ltd. 5,803,535 16,676,885
The GPT Group 2,707,913 9,707,084
The Star Entertainment Grp Ltd. * 1,285,404 3,124,724
TPG Telecom Ltd. 519,261 2,106,322
Transurban Group 4,283,711 39,446,541
Treasury Wine Estates Ltd. 1,011,766 8,531,264
Vicinity Centres 5,442,039 7,108,227
Washington H Soul Pattinson & Co., Ltd. 376,704 6,883,085
Wesfarmers Ltd. 1,592,649 55,693,453
Westpac Banking Corp. 4,937,666 81,728,615
Whitehaven Coal Ltd. 1,238,640 2,885,209
WiseTech Global Ltd. 116,844 3,695,054
Woodside Petroleum Ltd. 1,354,933 28,060,728
Woolworths Group Ltd. 1,705,237 43,915,506
Worley Ltd. 551,808 4,777,004
 
23
Schwab International Equity ETFs  |  Semiannual Report
See financial notes

Table of Contents
Schwab International Equity ETF
Portfolio Holdings  as of February 28, 2022 (Unaudited) (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
Xero Ltd. * 175,471 11,934,689
    1,860,776,338
 
Austria 0.2%
ANDRITZ AG 96,476 4,334,476
Erste Group Bank AG 433,364 15,571,281
OMV AG 201,138 9,574,417
Raiffeisen Bank International AG 178,649 2,943,662
Telekom Austria AG * 180,554 1,478,400
Verbund AG 94,619 11,477,820
voestalpine AG 157,228 5,199,062
    50,579,118
 
Belgium 0.8%
Ackermans & van Haaren N.V. 31,879 5,979,687
Ageas S.A. N.V. 249,383 12,039,003
Anheuser-Busch InBev S.A. N.V. 1,180,209 73,094,209
Argenx SE * 71,865 20,672,085
D'ieteren Group 32,797 5,323,034
Elia Group S.A. N.V. 50,075 7,233,012
Etablissements Franz Colruyt N.V. 70,450 2,823,340
Groupe Bruxelles Lambert S.A. 142,967 14,924,361
KBC Group N.V. 386,118 27,981,545
Proximus SADP 208,823 4,165,610
Sofina S.A. 20,812 8,116,164
Solvay S.A. 98,529 11,035,795
Telenet Group Holding N.V. 71,605 2,501,273
UCB S.A. 168,600 18,501,606
Umicore S.A. 287,113 11,831,992
Warehouses De Pauw CVA 196,338 7,766,959
    233,989,675
 
Canada 8.8%
Agnico Eagle Mines Ltd. 637,704 32,193,154
Alimentation Couche-Tard, Inc. 1,117,387 43,828,599
Bank of Montreal 911,021 103,955,587
Barrick Gold Corp. 2,493,058 56,314,197
Bausch Health Cos., Inc. * 444,183 10,677,762
BCE, Inc. 423,526 22,228,979
Brookfield Asset Management, Inc., Class A 1,877,635 102,545,651
Canadian Imperial Bank of Commerce 617,047 78,048,528
Canadian National Railway Co. 834,109 103,406,236
Canadian Natural Resources Ltd. 1,636,568 91,367,036
Canadian Pacific Railway Ltd. 1,306,600 91,941,538
Canadian Tire Corp., Ltd., Class A 81,290 11,976,712
Canadian Utilities Ltd., Class A 172,837 4,810,302
Canopy Growth Corp. *(a) 357,188 2,545,811
Cenovus Energy, Inc. 1,775,836 27,904,294
CGI, Inc. * 307,201 25,169,967
Constellation Software, Inc. 26,786 45,113,085
Dollarama, Inc. 411,604 21,256,011
Enbridge, Inc. 2,847,634 122,944,328
Fairfax Financial Holdings Ltd. 33,948 16,446,051
Fortis, Inc. 665,036 30,453,180
Franco-Nevada Corp. 267,122 39,311,698
George Weston Ltd. 101,608 11,010,371
Great-West Lifeco, Inc. 373,863 11,239,324
Hydro One Ltd. 448,126 11,058,733
IGM Financial, Inc. 117,792 4,181,948
Imperial Oil Ltd. 296,747 13,310,156
Intact Financial Corp. 200,834 28,785,125
Loblaw Cos., Ltd. 227,680 17,748,036
Magna International, Inc. 395,910 29,394,761
Manulife Financial Corp. 2,743,863 55,554,383
SECURITY NUMBER
OF SHARES
VALUE ($)
Metro, Inc. 347,551 18,129,045
National Bank of Canada 472,851 37,888,475
Nutrien Ltd. 803,727 69,077,369
Pembina Pipeline Corp. 772,667 26,256,118
Power Corp. of Canada 764,030 23,547,075
Restaurant Brands International, Inc. 429,434 24,022,030
Rogers Communications, Inc., B Shares 496,793 25,651,416
Royal Bank of Canada 2,005,737 221,724,591
Saputo, Inc. 336,708 8,245,477
Shaw Communications, Inc., B Shares 604,577 18,118,005
Shopify, Inc., Class A * 158,409 109,896,517
Sun Life Financial, Inc. 824,640 43,340,168
Suncor Energy, Inc. 2,057,723 62,882,756
TC Energy Corp. 1,378,159 73,995,843
Teck Resources Ltd., Class B 660,548 23,769,000
TELUS Corp. 620,375 15,656,722
The Bank of Nova Scotia 1,709,015 123,761,602
The Toronto-Dominion Bank 2,562,855 206,669,145
Thomson Reuters Corp. 232,199 23,462,470
Waste Connections, Inc. 368,816 45,507,710
Wheaton Precious Metals Corp. 634,365 27,778,320
    2,496,101,397
 
Denmark 2.1%
Ambu A/S, Class B 244,069 4,525,700
AP Moller - Maersk A/S, A Shares 5,835 17,533,503
AP Moller - Maersk A/S, B Shares 7,857 24,938,149
Carlsberg A/S, B Shares 134,709 19,775,478
Chr Hansen Holding A/S 147,059 10,760,929
Coloplast A/S, B Shares 186,938 28,176,686
Danske Bank A/S 924,242 15,728,394
Demant A/S * 151,030 6,383,236
DSV A/S 274,174 50,797,880
Genmab A/S * 83,277 28,041,722
GN Store Nord A/S 178,701 9,457,792
H. Lundbeck A/S 89,388 2,172,426
Novo Nordisk A/S, B Shares 2,240,065 230,719,034
Novozymes A/S, B Shares 278,902 18,328,008
Orsted A/S 265,181 34,484,281
Pandora A/S 136,028 14,082,309
Rockwool International A/S, B Shares 8,843 3,045,788
Royal Unibrew A/S 70,143 7,481,863
SimCorp A/S 57,112 5,176,046
Tryg A/S 430,987 9,800,853
Vestas Wind Systems A/S 1,421,970 46,700,814
    588,110,891
 
Finland 1.1%
Elisa Oyj 200,876 11,179,670
Fortum Oyj 604,661 12,795,290
Huhtamaki Oyj 133,001 4,883,454
Kesko Oyj, B Shares 384,109 11,363,904
Kojamo Oyj 268,375 6,257,872
Kone Oyj, B Shares 552,331 32,495,423
Metso Outotec Oyj 872,978 7,442,217
Neste Oyj 585,077 23,118,846
Nokia Oyj * 7,938,982 43,136,319
Nokian Renkaat Oyj 195,306 3,729,252
Nordea Bank Abp 5,136,773 57,396,239
Orion Oyj, B Shares 150,517 7,098,862
Sampo Oyj, A Shares 709,843 33,773,459
Stora Enso Oyj, R Shares 803,735 15,500,313
UPM-Kymmene Oyj 751,736 26,174,858
Valmet Oyj 182,387 6,371,058
 
24
Schwab International Equity ETFs  |  Semiannual Report
See financial notes

Table of Contents
Schwab International Equity ETF
Portfolio Holdings  as of February 28, 2022 (Unaudited) (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
Wartsila Oyj Abp 691,767 7,824,320
    310,541,356
 
France 8.9%
Accor S.A. * 268,050 9,209,850
Aeroports de Paris * 41,663 5,943,080
Air Liquide S.A. 652,987 109,061,832
Airbus SE * 783,224 101,079,550
ALD S.A. 117,015 1,642,891
Alstom S.A. 416,482 10,712,455
Amundi S.A. 81,355 5,701,986
Arkema S.A. 91,599 12,232,913
Atos SE 133,848 4,801,800
AXA S.A. 2,709,344 73,872,139
BioMerieux 59,287 6,533,927
BNP Paribas S.A. 1,524,505 89,914,173
Bollore S.A. 1,378,856 7,028,145
Bouygues S.A. 297,078 10,684,375
Bureau Veritas S.A. 406,121 11,704,945
Capgemini SE 220,595 46,655,545
Carrefour S.A. 882,618 17,745,290
Cie de Saint-Gobain 667,241 41,931,471
Cie Generale des Etablissements Michelin S.C.A. 246,018 34,264,615
Cie Plastic Omnium S.A. 81,746 1,740,853
CNP Assurances 209,403 5,120,338
Covivio 69,835 5,760,539
Credit Agricole S.A. 1,738,773 22,392,991
Danone S.A. 845,506 51,576,727
Dassault Aviation S.A. 35,265 5,319,578
Dassault Systemes SE 938,264 45,832,310
Edenred 351,464 16,141,922
Eiffage S.A. 102,730 10,537,085
Electricite de France S.A. 735,208 6,713,640
Engie S.A. 2,339,688 37,495,430
EssilorLuxottica S.A. 414,868 73,028,376
Eurazeo SE 62,785 4,883,520
Eurofins Scientific SE 170,383 17,327,026
Euronext N.V. 116,603 10,588,807
Faurecia SE 164,979 6,309,618
Gecina S.A. 73,663 9,390,799
Getlink SE 622,721 10,239,809
Hermes International 43,628 60,861,715
ICADE 46,869 2,911,174
Imerys S.A. 58,810 2,523,317
Ipsen S.A. 49,171 5,757,612
JCDecaux S.A. * 109,605 3,104,794
Kering S.A. 103,233 73,872,609
Klepierre S.A. * 263,854 7,604,622
La Francaise des Jeux SAEM 127,122 5,295,840
Legrand S.A. 376,550 35,873,868
L'Oreal S.A. 338,755 135,073,873
LVMH Moet Hennessy Louis Vuitton SE 351,616 260,617,781
Neoen S.A. * 40,822 1,580,035
Orange S.A. 2,697,694 32,766,974
Orpea S.A. 71,032 2,955,169
Pernod-Ricard S.A. 293,925 64,591,246
Publicis Groupe S.A. 322,065 21,574,386
Remy Cointreau S.A. 34,285 6,650,492
Renault S.A. * 257,151 8,243,269
Rexel S.A. * 432,663 9,619,723
Rubis S.C.A. 135,323 4,251,296
Safran S.A. 490,388 63,177,224
Sanofi 1,531,508 160,786,210
Sartorius Stedim Biotech 34,163 13,176,910
Schneider Electric SE 745,443 117,035,270
SECURITY NUMBER
OF SHARES
VALUE ($)
SCOR SE 221,454 7,245,716
SEB S.A. 42,699 6,268,312
Societe Generale S.A. 1,093,863 31,502,008
Sodexo S.A. 123,728 10,436,748
SOITEC * 31,397 5,205,133
STMicroelectronics N.V. 889,025 37,885,113
Teleperformance 81,654 30,439,814
Thales S.A. 143,013 16,529,061
TotalEnergies SE 3,416,705 174,958,224
UbiSoft Entertainment S.A. * 137,159 7,448,659
Valeo S.A. 334,218 7,427,167
Veolia Environnement S.A. 859,148 30,117,508
Vinci S.A. 706,094 74,962,406
Vivendi SE 984,788 12,510,153
Wendel SE 40,412 4,132,830
Worldline S.A. * 341,602 17,613,176
    2,515,707,787
 
Germany 6.7%
1&1 AG 73,008 1,756,496
adidas AG 269,172 64,109,951
Allianz SE 578,690 132,141,929
Aroundtown S.A. 1,650,443 10,251,394
Auto1 Group SE * 133,057 1,930,143
BASF SE 1,288,003 85,716,122
Bayer AG 1,385,793 80,176,519
Bayerische Motoren Werke AG 455,524 44,287,972
Bechtle AG 115,250 5,961,120
Beiersdorf AG 139,988 14,217,152
Brenntag SE 215,277 18,105,926
Carl Zeiss Meditec AG, Class B 51,483 8,144,754
Commerzbank AG * 1,453,512 12,299,898
Continental AG * 152,128 13,122,835
Covestro AG 252,229 13,374,769
CTS Eventim AG & Co., KGaA * 86,309