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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
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 [email protected]. 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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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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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 [email protected]. 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 6,072,466
Daimler Truck Holding AG * 597,459 18,239,580
Delivery Hero SE * 265,497 14,257,246
Deutsche Bank AG * 2,883,190 36,464,389
Deutsche Boerse AG 258,405 44,319,743
Deutsche Lufthansa AG * 879,098 6,787,410
Deutsche Post AG 1,381,262 70,062,767
Deutsche Telekom AG 4,769,449 85,873,471
Deutsche Wohnen SE 71,120 2,972,410
DWS Group GmbH & Co. KGaA 50,947 1,871,215
E.ON SE 3,044,646 41,440,505
Evonik Industries AG 263,861 7,969,357
Evotec SE * 220,347 6,568,487
Fielmann AG 34,959 2,085,023
Fraport AG Frankfurt Airport Services Worldwide * 50,638 3,460,374
Fresenius Medical Care AG & Co. KGaA 285,694 18,393,509
Fresenius SE & Co. KGaA 568,541 19,965,377
FUCHS PETROLUB SE 41,550 1,310,465
GEA Group AG 232,902 10,220,542
Hannover Rueck SE 84,747 15,686,961
HeidelbergCement AG 211,867 13,835,525
Hella GmbH & Co. KGaA 32,097 2,235,906
HelloFresh SE * 229,729 12,612,591
Henkel AG & Co. KGaA 146,144 11,260,622
HOCHTIEF AG 27,772 1,880,346
Infineon Technologies AG 1,831,552 63,248,617
KION Group AG 109,646 8,886,824
Knorr-Bremse AG 93,288 8,277,709
LANXESS AG 120,164 5,881,917
LEG Immobilien SE 103,010 13,340,312
Mercedes-Benz Group AG 1,184,344 93,344,047
 
25
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 ($)
Merck KGaA 181,983 36,291,823
METRO AG * 188,551 1,770,486
MTU Aero Engines AG 74,769 18,156,601
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 197,059 54,703,382
Nemetschek SE 75,963 6,777,954
ProSiebenSat.1 Media SE 228,293 3,144,977
Puma SE 140,559 12,942,669
QIAGEN N.V. * 310,277 15,612,947
Rational AG 4,534 3,350,925
Rheinmetall AG 63,599 9,543,640
RTL Group S.A. * 57,208 3,208,947
RWE AG 889,393 41,447,127
SAP SE 1,562,545 177,821,799
Sartorius AG 2,773 1,118,154
Scout24 SE 108,276 6,348,337
Siemens AG 1,059,478 150,726,187
Siemens Energy AG * 602,914 14,512,252
Siemens Healthineers AG 390,101 25,185,531
SUSE S.A. * 51,296 1,474,962
Symrise AG 182,129 21,786,426
Talanx AG * 72,091 3,170,889
Teamviewer AG * 228,114 3,680,568
Telefonica Deutschland Holding AG 907,005 2,490,840
ThyssenKrupp AG * 701,924 7,568,653
Traton SE 68,098 1,403,549
Uniper SE 132,832 4,252,114
United Internet AG 156,343 5,331,354
Vantage Towers AG 130,130 4,263,548
Varta AG (a) 20,101 2,079,835
Vitesco Technologies Group AG * 28,868 1,224,027
Volkswagen AG 45,087 11,910,937
Vonovia SE 1,095,163 58,429,162
Wacker Chemie AG 20,714 3,228,154
Zalando SE * 307,782 20,596,859
    1,889,978,308
 
Hong Kong 2.7%
AAC Technologies Holdings, Inc. 1,003,055 2,747,146
AIA Group Ltd. 17,083,960 177,645,898
ASM Pacific Technology Ltd. 447,615 4,892,218
BeiGene Ltd. * 849,090 13,778,954
BOC Aviation Ltd. 338,233 2,932,706
BOC Hong Kong Holdings Ltd. 5,193,281 18,676,324
Brightoil Petroleum Holdings Ltd. *(b) 2,936,732 0
Budweiser Brewing Co. APAC Ltd. 2,495,113 7,743,641
Champion REIT 3,634,580 1,646,648
Chow Tai Fook Jewellery Group Ltd. * 2,529,323 5,256,947
CK Asset Holdings Ltd. 2,787,027 17,602,388
CK Hutchison Holdings Ltd. 3,793,396 26,580,037
CK Infrastructure Holdings Ltd. 926,324 5,749,736
CLP Holdings Ltd. 2,325,829 23,678,884
Dairy Farm International Holdings Ltd. 460,171 1,219,453
ESR Cayman Ltd. * 2,813,124 8,694,593
First Pacific Co., Ltd. 4,003,910 1,568,011
Galaxy Entertainment Group Ltd. * 3,025,697 16,825,132
Hang Lung Group Ltd. 1,275,499 2,810,972
Hang Lung Properties Ltd. 3,181,591 6,669,627
Hang Seng Bank Ltd. 1,020,672 18,836,262
Henderson Land Development Co., Ltd. 1,814,568 7,547,444
Hong Kong & China Gas Co., Ltd. 15,484,136 23,423,281
Hong Kong Exchanges & Clearing Ltd. 1,789,821 86,493,775
Hongkong Land Holdings Ltd. 1,628,013 8,774,990
Huabao International Holdings Ltd. (a) 1,476,543 844,689
SECURITY NUMBER
OF SHARES
VALUE ($)
HUTCHMED China Ltd. * 614,542 3,377,987
Hysan Development Co., Ltd. 937,571 2,759,785
Jardine Matheson Holdings Ltd. 296,212 17,624,614
JS Global Lifestyle Co., Ltd. 930,977 1,069,938
Kerry Properties Ltd. 871,493 2,386,827
Lee & Man Paper Manufacturing Ltd. 2,139,391 1,374,476
Lenovo Group Ltd. 10,680,654 11,878,481
Link REIT 2,966,585 23,956,834
L'Occitane International S.A. 627,284 2,167,561
Man Wah Holdings Ltd. 2,202,679 2,579,381
Melco International Development Ltd. * 1,218,790 1,208,854
Microport Scientific Corp. 656,809 1,815,667
Minth Group Ltd. 1,019,190 3,665,260
MMG Ltd. * 3,457,888 1,247,968
MTR Corp., Ltd. 2,074,784 10,740,752
NagaCorp Ltd. 2,284,720 2,105,275
New World Development Co., Ltd. 2,063,676 8,253,436
Nexteer Automotive Group Ltd. 1,235,360 1,233,194
NWS Holdings Ltd. 2,175,498 2,135,489
PCCW Ltd. 6,931,403 3,867,683
Power Assets Holdings Ltd. 1,976,268 12,456,480
PRADA S.p.A. 756,274 4,718,425
Samsonite International S.A. * 1,845,358 4,109,350
Sands China Ltd. * 3,495,414 9,148,191
Shangri-La Asia Ltd. * 1,885,463 1,537,095
Sino Land Co., Ltd. 5,012,198 6,305,579
SITC International Holdings Co., Ltd. 1,739,365 7,145,605
SJM Holdings Ltd. * 2,540,106 1,430,368
Sun Hung Kai Properties Ltd. 2,006,368 23,340,908
Swire Pacific Ltd., A Shares 740,469 4,093,869
Swire Pacific Ltd., B Shares 1,911,159 1,795,296
Swire Properties Ltd. 1,593,389 4,139,626
Techtronic Industries Co., Ltd. 1,762,822 29,441,656
The Bank of East Asia Ltd. 1,899,994 3,200,010
The Wharf Holdings Ltd. 2,013,891 7,268,225
Tingyi Cayman Islands Holding Corp. 2,793,345 6,177,483
Towngas Smart Energy Co., Ltd. * 1,794,136 1,272,062
Uni-President China Holdings Ltd. 1,752,115 1,816,314
Vitasoy International Holdings Ltd. 1,169,149 2,169,607
VTech Holdings Ltd. 248,945 2,047,009
Want Want China Holdings Ltd. 7,900,698 8,402,524
WH Group Ltd. 11,312,289 7,890,241
Wharf Real Estate Investment Co., Ltd. 2,304,313 10,336,482
Wynn Macau Ltd. * 1,961,484 1,671,869
Xinyi Glass Holdings Ltd. 2,943,635 7,817,094
Yue Yuen Industrial Holdings Ltd. * 1,103,193 1,863,669
    769,684,255
 
Ireland 0.2%
AIB Group plc * 1,156,744 3,049,352
Glanbia plc (a) 267,119 3,756,353
Kerry Group plc, A Shares 216,828 25,864,088
Kingspan Group plc 212,249 20,702,498
    53,372,291
 
Israel 0.6%
Airport City Ltd. * 110,346 2,498,530
Alony Hetz Properties & Investments Ltd. 151,742 2,660,438
Amot Investments Ltd. 241,570 1,857,680
Ashtrom Group Ltd. 59,011 1,634,587
Azrieli Group Ltd. 52,966 4,527,503
Bank Hapoalim B.M. 1,679,989 17,761,883
Bank Leumi Le-Israel B.M. 2,068,961 22,384,242
 
26
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 ($)
Bezeq The Israeli Telecommunication Corp., Ltd. * 3,024,992 4,973,313
Big Shopping Centers Ltd. 15,630 2,310,282
Elbit Systems Ltd. 35,140 7,202,415
Electra Ltd. 2,984 2,230,471
Enlight Renewable Energy Ltd. * 1,464,359 3,534,069
First International Bank of Israel Ltd. 82,646 3,550,314
Gav-Yam Lands Corp., Ltd. 155,916 1,906,724
Harel Insurance Investments & Financial Services Ltd. 177,754 2,156,039
ICL Group Ltd. 972,985 11,048,887
Israel Discount Bank Ltd., A Shares 1,647,413 10,833,879
Maytronics Ltd. 74,432 1,601,515
Melisron Ltd. * 25,783 2,052,698
Mivne Real Estate KD Ltd. 986,370 3,861,843
Mizrahi Tefahot Bank Ltd. 194,104 7,575,351
Nice Ltd. * 89,247 20,205,134
Nova Measuring Instruments Ltd. * 40,551 4,401,158
Paz Oil Co., Ltd. * 13,900 2,017,277
Sapiens International Corp. N.V. 41,121 1,126,339
Shapir Engineering and Industry Ltd. 171,826 1,693,897
Shikun & Binui Ltd. * 319,506 1,930,721
Shufersal Ltd. 188,570 1,686,597
Strauss Group Ltd. 64,673 2,124,527
Teva Pharmaceutical Industries Ltd. * 1,379,694 11,190,954
The Israel Corp., Ltd. * 5,624 2,951,440
The Phoenix Holdings Ltd. 180,507 2,241,239
Tower Semiconductor Ltd. * 153,801 7,187,568
    176,919,514
 
Italy 2.1%
A2A S.p.A. 2,081,464 3,733,629
Amplifon S.p.A. 177,654 7,672,354
Assicurazioni Generali S.p.A. 1,721,581 34,284,157
Atlantia S.p.A. * 702,394 12,946,330
Banca Mediolanum S.p.A. 362,970 3,001,400
Buzzi Unicem S.p.A. 142,910 2,745,636
CNH Industrial N.V. 1,388,062 19,995,097
Davide Campari-Milano N.V. 696,144 7,622,052
De'Longhi S.p.A. 97,620 3,120,549
DiaSorin S.p.A. 32,652 4,901,579
Enel S.p.A. 10,944,077 81,117,499
Eni S.p.A. 3,494,146 54,285,434
EXOR N.V. 145,551 11,084,144
Ferrari N.V. 171,196 37,063,402
FinecoBank Banca Fineco S.p.A. 856,879 14,364,520
Hera S.p.A. 1,145,862 4,459,568
Infrastrutture Wireless Italiane S.p.A. 480,651 4,919,272
Interpump Group S.p.A. 114,258 6,219,097
Intesa Sanpaolo S.p.A. 23,351,443 60,154,726
Italgas S.p.A. 673,417 4,370,377
Iveco Group N.V. * 276,336 2,310,785
Leonardo S.p.A. * 572,493 5,144,195
Mediobanca Banca di Credito Finanziario S.p.A. 964,960 10,107,925
Moncler S.p.A. 302,387 18,401,762
Nexi S.p.A. * 843,910 11,630,489
Pirelli & C S.p.A. 662,245 3,676,771
Poste Italiane S.p.A. 641,082 7,398,654
Prysmian S.p.A. 378,964 12,565,263
Recordati Industria Chimica e Farmaceutica S.p.A. 133,277 6,550,732
Reply S.p.A. 32,129 5,257,921
Snam S.p.A. 3,141,990 17,521,906
Stellantis N.V. 2,850,019 52,402,707
Telecom Italia S.p.A. 15,347,775 6,514,478
Tenaris S.A. 646,205 8,375,937
SECURITY NUMBER
OF SHARES
VALUE ($)
Terna - Rete Elettrica Nazionale 1,960,075 16,163,833
UniCredit S.p.A. 3,022,395 38,659,476
UnipolSai Assicurazioni S.p.A. 617,408 1,685,139
    602,428,795
 
Japan 20.8%
ABC-Mart, Inc. 37,887 1,638,179
Acom Co., Ltd. 561,446 1,559,911
Activia Properties, Inc. 993 3,349,516
Advance Residence Investment Corp. 1,762 4,926,104
Advantest Corp. 275,592 21,702,795
Aeon Co., Ltd. 989,828 22,323,232
AEON Financial Service Co., Ltd. (a) 158,028 1,630,017
Aeon Mall Co., Ltd. 165,907 2,323,490
AEON REIT Investment Corp. 2,293 2,848,954
AGC, Inc. 257,578 11,383,304
Aica Kogyo Co., Ltd. 77,497 2,166,619
Ain Holdings, Inc. 38,747 2,153,078
Air Water, Inc. 239,566 3,477,789
Aisin Corp. 237,376 8,625,297
Ajinomoto Co., Inc. 686,658 19,906,673
Alfresa Holdings Corp. 248,896 3,816,369
Alps Alpine Co., Ltd. 276,355 2,759,351
Amada Co., Ltd. 458,812 4,035,394
Amano Corp. 102,238 1,995,494
ANA Holdings, Inc. * 224,543 4,925,617
Anritsu Corp. (a) 200,671 2,791,187
Aozora Bank Ltd. 171,546 3,875,517
Ariake Japan Co., Ltd. 27,591 1,375,058
As One Corp. 34,324 2,059,291
Asahi Group Holdings Ltd. 591,297 23,841,834
Asahi Intecc Co., Ltd. 283,201 6,038,999
Asahi Kasei Corp. 1,734,150 16,223,544
Asics Corp. 239,647 4,758,608
Astellas Pharma, Inc. 2,610,329 43,480,931
Azbil Corp. 183,665 6,904,879
Bandai Namco Holdings, Inc. 273,706 19,890,768
BayCurrent Consulting, Inc. 19,032 7,493,824
Benefit One, Inc. 85,504 1,960,634
Benesse Holdings, Inc. 109,678 2,226,413
Bic Camera, Inc. 220,605 1,913,474
Bridgestone Corp. 808,721 33,177,397
Brother Industries Ltd. 343,113 6,214,315
Calbee, Inc. 108,130 2,424,065
Canon Marketing Japan, Inc. 72,512 1,511,624
Canon, Inc. 1,399,926 32,799,655
Capcom Co., Ltd. 258,414 6,226,168
Casio Computer Co., Ltd. 312,200 3,645,835
Central Japan Railway Co. 254,620 34,244,096
Chubu Electric Power Co., Inc. 979,854 9,809,174
Chugai Pharmaceutical Co., Ltd. 914,436 30,170,235
Coca-Cola Bottlers Japan Holdings, Inc. 210,157 2,678,624
COMSYS Holdings Corp. 157,306 3,787,363
Concordia Financial Group Ltd. 1,608,859 6,579,315
Cosmo Energy Holdings Co., Ltd. 89,799 2,024,035
Cosmos Pharmaceutical Corp. 24,476 3,372,556
Credit Saison Co., Ltd. 228,003 2,563,611
CyberAgent, Inc. 547,617 7,065,412
Dai Nippon Printing Co., Ltd. 378,907 9,826,744
Daicel Corp. 398,797 3,057,415
Daido Steel Co., Ltd. 54,713 1,971,426
Daifuku Co., Ltd. 137,112 9,833,255
Dai-ichi Life Holdings, Inc. 1,426,127 29,816,486
Daiichi Sankyo Co., Ltd. 2,647,578 64,215,404
Daiichikosho Co., Ltd. 56,350 1,712,394
Daikin Industries Ltd. 373,158 68,702,543
 
27
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 ($)
Daio Paper Corp. 122,340 1,805,756
Daito Trust Construction Co., Ltd. 89,760 9,913,151
Daiwa House Industry Co., Ltd. 896,713 25,451,311
Daiwa House REIT Investment Corp. 3,023 8,175,945
Daiwa Office Investment Corp. 345 2,120,773
Daiwa Securities Group, Inc. 2,036,450 12,055,147
DeNA Co., Ltd. 137,014 2,098,482
Denka Co., Ltd. 119,692 3,668,442
Denso Corp. 639,447 44,676,623
Dentsu Group, Inc. 308,869 12,268,944
DIC Corp. 123,541 2,809,237
Disco Corp. 38,988 10,883,127
DMG Mori Co., Ltd. 147,673 2,047,613
Dowa Holdings Co., Ltd. 60,946 2,756,923
East Japan Railway Co. 507,761 30,022,595
Ebara Corp. 130,523 6,754,218
Eisai Co., Ltd. 371,909 18,463,865
Electric Power Development Co., Ltd. 250,219 3,964,833
ENEOS Holdings, Inc. 4,184,474 16,487,209
Exeo Group, Inc. 152,620 3,161,722
Ezaki Glico Co., Ltd. 72,564 2,476,028
Fancl Corp. 97,356 2,742,958
FANUC Corp. 270,419 49,669,754
Fast Retailing Co., Ltd. 72,083 38,696,695
Food & Life Cos. Ltd. 147,875 4,878,880
FP Corp. 64,800 1,834,148
Fuji Electric Co., Ltd. 180,268 9,171,873
Fuji Kyuko Co., Ltd. 34,764 1,211,873
Fuji Oil Holdings, Inc. 66,832 1,295,731
FUJIFILM Holdings Corp. 496,745 31,320,705
Fujitsu General Ltd. 86,167 1,849,402
Fujitsu Ltd. 264,378 38,024,064
Fukuoka Financial Group, Inc. 239,149 4,736,261
Fukuyama Transporting Co., Ltd. 46,313 1,594,365
Furukawa Electric Co., Ltd. 93,505 1,846,962
Fuyo General Lease Co., Ltd. 27,831 1,817,140
GLP J-REIT 6,057 9,024,365
GMO Internet, Inc. 81,100 1,824,442
GMO Payment Gateway, Inc. 57,152 5,443,520
Goldwin, Inc. 50,737 2,665,152
GS Yuasa Corp. 112,008 2,399,164
GungHo Online Entertainment, Inc. 47,688 1,046,300
H.U. Group Holdings, Inc. 78,490 2,068,306
Hakuhodo DY Holdings, Inc. 328,632 4,325,645
Hamamatsu Photonics K.K. 180,049 9,051,302
Hankyu Hanshin Holdings, Inc. 307,235 9,163,032
Haseko Corp. 374,324 4,764,567
Heiwa Corp. 58,398 981,117
Hikari Tsushin, Inc. 32,554 4,013,604
Hino Motors Ltd. 386,065 3,610,089
Hirogin Holdings, Inc. 417,767 2,462,894
Hirose Electric Co., Ltd. 45,568 6,785,250
Hisamitsu Pharmaceutical Co., Inc. 104,165 3,310,127
Hitachi Construction Machinery Co., Ltd. 150,036 3,651,408
Hitachi Ltd. 1,302,462 63,893,295
Hitachi Metals Ltd. * 272,440 4,842,064
Hitachi Transport System Ltd. 47,260 2,494,819
Honda Motor Co., Ltd. 2,405,074 73,608,733
Horiba Ltd. 51,753 2,961,166
Hoshizaki Corp. 75,379 5,222,700
House Foods Group, Inc. 105,272 2,720,117
Hoya Corp. 502,425 64,801,592
Hulic Co., Ltd. 583,214 5,301,715
Ibiden Co., Ltd. 152,538 7,310,699
Idemitsu Kosan Co., Ltd. 339,630 9,082,356
IHI Corp. 182,395 4,209,298
Iida Group Holdings Co., Ltd. 201,287 3,710,287
SECURITY NUMBER
OF SHARES
VALUE ($)
Industrial & Infrastructure Fund Investment Corp. 2,655 3,971,839
INFRONEER Holdings, Inc. 363,756 3,221,455
Inpex Corp. 1,236,232 12,719,209
Internet Initiative Japan, Inc. 79,950 2,540,629
Isetan Mitsukoshi Holdings Ltd. 495,437 3,978,982
Isuzu Motors Ltd. 724,016 9,787,653
Ito En Ltd. 81,522 4,671,545
ITOCHU Corp. 1,903,856 61,872,221
Itochu Techno-Solutions Corp. 142,701 3,666,180
Iwatani Corp. 73,344 3,464,218
Izumi Co., Ltd. 58,695 1,638,415
J Front Retailing Co., Ltd. 366,219 3,058,847
Japan Airlines Co., Ltd. * 204,899 4,086,416
Japan Airport Terminal Co., Ltd. * 74,682 3,469,058
Japan Exchange Group, Inc. 740,478 13,886,976
Japan Hotel REIT Investment Corp. 5,914 3,014,125
Japan Logistics Fund, Inc. 1,249 3,258,732
Japan Metropolitan Fund Invest 9,653 7,802,859
Japan Post Bank Co., Ltd. 585,089 5,151,120
Japan Post Holdings Co., Ltd. * 3,188,742 26,415,270
Japan Post Insurance Co., Ltd. 289,047 4,954,016
Japan Prime Realty Investment Corp. 1,229 3,990,849
Japan Real Estate Investment Corp. 1,805 9,606,816
Japan Tobacco, Inc. 1,660,709 30,568,292
JCR Pharmaceuticals Co., Ltd. 79,742 1,507,949
Jeol Ltd. 59,745 3,418,446
JFE Holdings, Inc. 712,421 10,639,150
JGC Holdings Corp. 324,842 3,249,125
JSR Corp. 250,792 7,817,176
JTEKT Corp. 332,463 2,860,611
Justsystems Corp. 50,756 2,441,400
Kadokawa Corp. 123,560 3,097,180
Kagome Co., Ltd. 112,794 3,006,534
Kajima Corp. 628,911 8,430,984
Kakaku.com, Inc. 187,717 4,081,123
Kaken Pharmaceutical Co., Ltd. 48,802 1,788,100
Kamigumi Co., Ltd. 132,240 2,560,410
Kaneka Corp. 83,749 2,730,432
Kansai Paint Co., Ltd. 273,750 5,464,304
Kao Corp. 651,733 30,443,443
Kawasaki Heavy Industries Ltd. 199,164 3,676,342
Kawasaki Kisen Kaisha Ltd. * 118,225 8,263,176
KDDI Corp. 2,336,913 76,209,640
Keihan Holdings Co., Ltd. 141,723 3,765,334
Keikyu Corp. 368,350 3,850,605
Keio Corp. 164,242 6,702,300
Keisei Electric Railway Co., Ltd. 201,652 5,637,677
Kenedix Office Investment Corp. 547 3,224,771
Kewpie Corp. 150,576 3,209,586
Keyence Corp. 253,430 118,337,012
Kikkoman Corp. 256,263 19,001,398
Kinden Corp. 166,215 2,352,337
Kintetsu Group Holdings Co., Ltd. * 256,203 7,685,534
Kirin Holdings Co., Ltd. 1,071,994 17,754,101
Kobayashi Pharmaceutical Co., Ltd. 88,751 7,567,049
Kobe Bussan Co., Ltd. 66,026 2,169,815
Kobe Steel Ltd. 459,178 2,439,913
Koei Tecmo Holdings Co., Ltd. 106,843 3,687,440
Koito Manufacturing Co., Ltd. 163,792 8,418,916
Kokuyo Co., Ltd. 133,144 1,858,872
Komatsu Ltd. 1,287,190 29,532,447
Konami Holdings Corp. 134,597 7,572,725
Konica Minolta, Inc. 675,068 2,842,700
Kose Corp. 41,290 4,707,078
Kotobuki Spirits Co., Ltd. 25,775 1,371,832
K's Holdings Corp. 242,817 2,614,223
Kubota Corp. 1,533,280 27,450,604
 
28
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 ($)
Kuraray Co., Ltd. 504,459 4,721,570
Kurita Water Industries Ltd. 158,311 6,460,271
Kusuri no Aoki Holdings Co., Ltd. 23,461 1,372,929
Kyocera Corp. 432,256 24,691,228
Kyowa Kirin Co., Ltd. 352,113 9,030,969
Kyudenko Corp. 57,126 1,530,139
Kyushu Electric Power Co., Inc. 672,677 5,069,535
Kyushu Financial Group, Inc. 562,989 2,013,905
Kyushu Railway Co. 230,991 5,094,136
LaSalle Logiport REIT 2,538 3,633,742
Lasertec Corp. 106,362 19,245,358
Lawson, Inc. (a) 70,590 2,941,888
Lintec Corp. 74,064 1,645,581
Lion Corp. 364,987 4,769,311
Lixil Corp. 372,392 8,261,008
M3, Inc. 594,411 22,032,043
Mabuchi Motor Co., Ltd. 72,666 2,501,591
Makita Corp. 342,108 12,104,103
Mani, Inc. 93,012 1,305,842
Marubeni Corp. 2,193,843 22,924,159
Marui Group Co., Ltd. 274,058 5,365,755
Maruichi Steel Tube Ltd. 93,452 2,312,465
MatsukiyoCocokara & Co. 173,688 6,650,437
Mazda Motor Corp. * 804,511 5,979,261
Mebuki Financial Group, Inc. 1,405,574 3,307,233
Medipal Holdings Corp. 210,547 3,833,445
MEIJI Holdings Co., Ltd. 192,919 11,574,303
Menicon Co., Ltd. 74,476 1,928,907
MINEBEA MITSUMI, Inc. 571,768 12,390,996
MISUMI Group, Inc. 390,624 12,430,102
Mitsubishi Chemical Holdings Corp. 1,813,513 12,870,549
Mitsubishi Corp. 1,683,570 56,584,324
Mitsubishi Electric Corp. 2,775,401 33,290,354
Mitsubishi Estate Co., Ltd. 1,581,030 24,118,686
Mitsubishi Gas Chemical Co., Inc. 263,947 4,668,201
Mitsubishi HC Capital, Inc. 908,547 4,725,154
Mitsubishi Heavy Industries Ltd. 408,781 12,053,139
Mitsubishi Logistics Corp. 88,717 2,112,108
Mitsubishi Materials Corp. 186,905 3,364,047
Mitsubishi Motors Corp. * 918,318 2,391,972
Mitsubishi UFJ Financial Group, Inc. 17,440,035 107,933,640
Mitsui & Co., Ltd. 2,209,782 54,978,340
Mitsui Chemicals, Inc. 248,990 6,351,488
Mitsui Fudosan Co., Ltd. 1,293,423 28,715,282
Mitsui Fudosan Logistics Park Inc. 713 3,250,054
Mitsui Mining & Smelting Co., Ltd. 79,779 2,330,856
Mitsui OSK Lines Ltd. 156,274 12,672,882
Miura Co., Ltd. 141,851 3,861,106
Mizuho Financial Group, Inc. 3,565,634 47,211,564
MonotaRO Co., Ltd. 336,700 6,285,262
Mori Hills Reit Investment Corp. 2,020 2,420,317
Morinaga & Co., Ltd. 58,443 1,897,780
Morinaga Milk Industry Co., Ltd. 59,810 2,991,149
MS&AD Insurance Group Holdings, Inc. 653,079 22,142,596
Murata Manufacturing Co., Ltd. 802,314 54,244,577
Nabtesco Corp. 158,706 4,354,339
Nagase & Co., Ltd. 160,167 2,553,216
Nagoya Railroad Co., Ltd. * 281,391 5,150,182
Nankai Electric Railway Co., Ltd. 154,369 3,134,961
NEC Corp. 368,497 15,853,290
NEC Networks & System Integration Corp. 93,572 1,426,633
NET One Systems Co., Ltd. 109,313 2,660,337
Nexon Co., Ltd. 571,266 12,340,437
NGK Insulators Ltd. 370,967 5,733,200
NGK Spark Plug Co., Ltd. 277,785 4,987,709
NH Foods Ltd. 140,375 5,265,205
SECURITY NUMBER
OF SHARES
VALUE ($)
NHK Spring Co., Ltd. 239,762 1,902,691
Nichirei Corp. 150,741 3,315,190
Nidec Corp. 651,865 55,935,592
Nifco, Inc. 121,550 3,450,996
Nihon Kohden Corp. 111,175 3,001,990
Nihon M&A Center Holdings, Inc. 372,658 5,380,771
Nihon Unisys Ltd. 91,001 2,469,096
Nikon Corp. 473,906 4,908,790
Nintendo Co., Ltd. 147,667 74,388,013
Nippo Corp. (a) 65,332 2,260,456
Nippon Accommodations Fund, Inc. 661 3,472,151
Nippon Building Fund, Inc. 2,052 11,723,169
Nippon Electric Glass Co., Ltd. 115,891 2,779,170
Nippon Express Holdings, Inc. 98,200 5,951,257
Nippon Kayaku Co., Ltd. 247,045 2,436,667
Nippon Paint Holdings Co., Ltd. 1,101,252 9,743,224
Nippon Prologis REIT, Inc. 3,186 9,336,010
Nippon Sanso Holdings Corp. 204,496 3,980,725
Nippon Shinyaku Co., Ltd. 72,652 4,699,435
Nippon Shokubai Co., Ltd. 47,168 2,293,387
Nippon Steel Corp. 1,138,199 20,836,923
Nippon Telegraph & Telephone Corp. 1,680,599 48,050,467
Nippon Yusen K.K. 227,552 21,080,789
Nipro Corp. 172,984 1,641,602
Nishi-Nippon Railroad Co., Ltd. 103,898 2,347,233
Nissan Chemical Corp. 190,821 10,769,147
Nissan Motor Co., Ltd. * 2,705,286 12,808,270
Nisshin Seifun Group, Inc. 372,666 5,274,110
Nissin Foods Holdings Co., Ltd. 94,379 7,514,265
Nitori Holdings Co., Ltd. 105,864 15,850,876
Nitto Denko Corp. 204,795 14,847,304
NOF Corp. 97,470 4,214,461
NOK Corp. 173,647 1,809,216
Nomura Holdings, Inc. 4,343,959 19,850,016
Nomura Real Estate Holdings, Inc. 164,176 4,083,909
Nomura Real Estate Master Fund, Inc. 6,247 8,233,511
Nomura Research Institute Ltd. 361,327 12,470,370
NS Solutions Corp. 51,264 1,617,926
NSK Ltd. 621,880 4,017,180
NTT Data Corp. 883,218 16,663,622
Obayashi Corp. 968,126 8,077,874
OBIC Business Consultants Co. Ltd 35,940 1,304,356
Obic Co., Ltd. 93,437 14,854,191
Odakyu Electric Railway Co., Ltd. 441,957 7,267,780
Oji Holdings Corp. 1,236,705 6,302,981
OKUMA Corp. 46,756 1,893,785
Olympus Corp. 1,484,748 29,643,395
Omron Corp. 261,116 17,592,882
Ono Pharmaceutical Co., Ltd. 602,355 14,782,343
Open House Group Co., Ltd. 100,695 4,546,247
Oracle Corp. Japan 47,282 3,349,869
Oriental Land Co., Ltd. 264,128 48,456,910
ORIX Corp. 1,682,686 33,354,219
Orix JREIT, Inc. 3,580 5,001,276
Osaka Gas Co., Ltd. 553,332 10,132,209
OSG Corp. 117,770 1,958,147
Otsuka Corp. 145,674 5,609,413
Otsuka Holdings Co., Ltd. 588,345 20,244,074
PALTAC Corp. 43,652 1,686,576
Pan Pacific International Holdings Corp. 560,381 9,147,092
Panasonic Corp. 2,997,591 30,971,420
Park24 Co., Ltd. * 156,364 2,324,247
Penta-Ocean Construction Co., Ltd. 421,248 2,205,449
PeptiDream, Inc. * 128,224 2,264,446
Persol Holdings Co., Ltd. 234,307 5,195,746
Pigeon Corp. 158,869 2,921,507
 
29
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 ($)
Pola Orbis Holdings, Inc. 109,023 1,700,068
Rakus Co. Ltd. 136,595 2,226,080
Rakuten Group, Inc. 1,140,117 9,641,623
Recruit Holdings Co., Ltd. 1,880,166 78,667,419
Relo Group, Inc. 149,365 2,217,618
Renesas Electronics Corp. * 1,408,160 16,383,194
Rengo Co., Ltd. 320,708 2,394,694
RENOVA, Inc. * 63,521 784,809
Resona Holdings, Inc. 3,008,232 13,524,311
Resorttrust, Inc. 90,131 1,519,726
Ricoh Co., Ltd. 863,660 7,341,204
Rinnai Corp. 52,197 4,269,119
Rohm Co., Ltd. 117,396 9,204,132
Rohto Pharmaceutical Co., Ltd. 139,133 4,656,894
Ryohin Keikaku Co., Ltd. 335,275 4,916,687
Sankyo Co., Ltd. 70,505 1,961,958
Sankyu, Inc. 70,001 2,422,001
Sansan, Inc. * 111,636 967,334
Santen Pharmaceutical Co., Ltd. 526,722 5,963,495
Sanwa Holdings Corp. 296,989 3,300,594
Sapporo Holdings Ltd. 94,639 1,871,005
Sawai Group Holdings Co., Ltd. 56,117 2,224,216
SBI Holdings, Inc. 332,136 8,651,252
SCREEN Holdings Co., Ltd. 55,454 5,354,013
SCSK Corp. 189,345 3,218,906
Secom Co., Ltd. 274,329 20,059,899
Sega Sammy Holdings, Inc. 285,637 5,180,774
Seibu Holdings, Inc. * 290,508 3,024,260
Seiko Epson Corp. 373,266 5,713,635
Seino Holdings Co., Ltd. 197,663 2,062,869
Sekisui Chemical Co., Ltd. 473,288 7,729,583
Sekisui House Ltd. 807,908 16,456,281
Sekisui House REIT, Inc. 5,639 3,740,565
Seven & i Holdings Co., Ltd. 1,082,509 52,548,798
Seven Bank Ltd. 973,821 2,079,965
SG Holdings Co., Ltd. 599,695 12,662,976
Sharp Corp. 287,002 2,698,703
SHIFT, Inc. * 15,570 2,979,490
Shikoku Electric Power Co., Inc. 226,569 1,746,848
Shimadzu Corp. 378,352 13,485,001
Shimamura Co., Ltd. 32,670 2,947,179
Shimano, Inc. 109,832 25,346,946
Shimizu Corp. 729,826 4,822,206
Shin-Etsu Chemical Co., Ltd. 558,134 85,628,199
Shinko Electric Industries Co., Ltd. 87,794 3,674,123
Shinsei Bank Ltd. 121,527 2,285,457
Shionogi & Co., Ltd. 381,348 25,299,588
Ship Healthcare Holdings, Inc. 114,030 2,253,373
Shiseido Co., Ltd. 546,021 31,128,056
SHO-BOND Holdings Co., Ltd. 64,793 2,885,940
Shochiku Co., Ltd. * 13,028 1,349,460
Showa Denko K.K. 245,013 4,477,989
Skylark Holdings Co., Ltd. * 315,404 4,126,884
SMC Corp. 80,056 47,300,289
SMS Co., Ltd. 75,205 2,014,390
Softbank Corp. 3,828,797 48,219,406
SoftBank Group Corp. 1,887,730 83,999,273
Sohgo Security Services Co., Ltd. 93,834 3,372,891
Sojitz Corp. 332,478 5,484,768
Sompo Holdings, Inc. 454,380 19,804,537
Sony Group Corp. 1,744,770 178,908,042
Sotetsu Holdings, Inc. 110,024 2,082,503
Square Enix Holdings Co., Ltd. 108,739 5,249,306
Stanley Electric Co., Ltd. 204,902 4,851,467
Subaru Corp. 869,505 14,294,836
Sugi Holdings Co., Ltd. 49,149 2,773,766
SUMCO Corp. 390,547 6,398,630
Sumitomo Bakelite Co., Ltd. 46,980 1,939,569
SECURITY NUMBER
OF SHARES
VALUE ($)
Sumitomo Chemical Co., Ltd. 2,108,802 10,070,251
Sumitomo Corp. 1,574,054 25,611,263
Sumitomo Dainippon Pharma Co., Ltd. 233,816 2,564,008
Sumitomo Electric Industries Ltd. 1,037,669 13,716,962
Sumitomo Forestry Co., Ltd. 201,333 3,866,712
Sumitomo Heavy Industries Ltd. 162,929 3,939,720
Sumitomo Metal Mining Co., Ltd. 336,150 16,770,288
Sumitomo Mitsui Financial Group, Inc. 1,825,817 65,328,343
Sumitomo Mitsui Trust Holdings, Inc. 510,157 18,204,865
Sumitomo Realty & Development Co., Ltd. 552,862 16,253,447
Sumitomo Rubber Industries Ltd. 245,800 2,371,034
Sundrug Co., Ltd. 95,112 2,576,509
Suntory Beverage & Food Ltd. 180,971 7,227,841
Suzuken Co., Ltd. 110,934 3,573,390
Suzuki Motor Corp. 635,287 25,223,941
Sysmex Corp. 266,530 21,114,128
T&D Holdings, Inc. 748,728 10,947,323
Taiheiyo Cement Corp. 156,150 2,992,169
Taisei Corp. 234,823 7,778,161
Taisho Pharmaceutical Holdings Co., Ltd. 62,258 3,086,548
Taiyo Yuden Co., Ltd. 174,372 7,721,269
Takara Bio, Inc. 65,244 1,354,447
Takara Holdings, Inc. 257,118 2,547,182
Takashimaya Co., Ltd. 197,580 1,926,480
Takeda Pharmaceutical Co., Ltd. 2,156,455 65,550,241
TDK Corp. 505,826 20,202,297
TechnoPro Holdings, Inc. 156,252 4,483,724
Teijin Ltd. 260,052 3,122,656
Terumo Corp. 925,678 29,809,765
The Bank of Kyoto Ltd. 102,400 4,560,990
The Chiba Bank Ltd. 875,916 5,544,109
The Chugoku Bank Ltd. 265,304 2,089,262
The Chugoku Electric Power Co., Inc. 435,774 3,412,791
The Hachijuni Bank Ltd. 649,820 2,465,564
The Iyo Bank Ltd. 402,268 2,165,454
The Kansai Electric Power Co., Inc. 1,014,351 10,233,782
The Shizuoka Bank Ltd. 721,136 5,353,343
The Yokohama Rubber Co., Ltd. 149,698 2,088,688
THK Co., Ltd. 162,016 3,685,539
TIS, Inc. 330,168 7,739,992
Tobu Railway Co., Ltd. 278,180 6,823,169
Toda Corp. 358,593 2,391,139
Toho Co., Ltd. 155,036 6,441,044
Toho Gas Co., Ltd. 131,311 3,505,807
Tohoku Electric Power Co., Inc. 680,318 4,412,395
Tokai Carbon Co., Ltd. 273,972 2,618,999
Tokio Marine Holdings, Inc. 895,799 51,130,737
Tokuyama Corp. 101,200 1,554,355
Tokyo Century Corp. 88,091 3,854,818
Tokyo Electric Power Co. Holdings, Inc. * 2,132,114 6,701,326
Tokyo Electron Ltd. 207,479 100,465,412
Tokyo Gas Co., Ltd. 597,309 12,176,961
Tokyo Ohka Kogyo Co., Ltd. 54,217 3,408,127
Tokyo Tatemono Co., Ltd. 281,170 4,301,468
Tokyu Corp. 689,962 9,177,528
Tokyu Fudosan Holdings Corp. 875,433 4,856,971
Toppan, Inc. 382,478 7,495,141
Toray Industries, Inc. 2,169,901 12,428,771
Toshiba Corp. 590,278 23,457,368
Toshiba TEC Corp. 34,380 1,455,199
Tosoh Corp. 398,255 6,182,591
TOTO Ltd. 206,674 8,676,091
 
30
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 ($)
Toyo Seikan Group Holdings Ltd. 191,791 2,552,773
Toyo Suisan Kaisha Ltd. 127,196 5,345,159
Toyo Tire Corp. 143,048 1,886,607
Toyoda Gosei Co., Ltd. 109,930 2,080,724
Toyota Boshoku Corp. 89,786 1,633,961
Toyota Industries Corp. 222,156 16,858,202
Toyota Motor Corp. 17,346,458 322,078,580
Toyota Tsusho Corp. 309,813 12,817,529
Trend Micro, Inc. 158,686 8,817,802
TS Tech Co., Ltd. 155,054 2,081,298
Tsumura & Co. 102,177 2,829,995
Tsuruha Holdings, Inc. 50,140 4,000,752
Ube Industries Ltd. 149,543 2,757,798
Ulvac, Inc. 71,499 3,513,647
Unicharm Corp. 549,266 20,601,946
United Urban Investment Corp. 4,173 4,764,484
Ushio, Inc. 145,739 2,357,384
USS Co., Ltd. 302,770 5,005,201
Welcia Holdings Co., Ltd. 143,274 3,812,762
West Japan Railway Co. 324,381 13,946,904
Yakult Honsha Co., Ltd. 191,457 10,356,215
Yamada Holdings Co., Ltd. 1,061,737 3,678,169
Yamaguchi Financial Group, Inc. 336,228 2,084,365
Yamaha Corp. 218,755 10,180,393
Yamaha Motor Co., Ltd. 435,336 9,736,710
Yamato Holdings Co., Ltd. 485,985 9,485,516
Yamato Kogyo Co., Ltd. 47,869 1,533,637
Yamazaki Baking Co., Ltd. 175,137 2,367,600
Yaoko Co., Ltd. 32,019 1,826,480
Yaskawa Electric Corp. (a) 362,948 14,401,323
Yokogawa Electric Corp. 340,914 5,461,136
Z Holdings Corp. 3,707,341 17,948,455
Zenkoku Hosho Co., Ltd. 67,662 2,831,611
Zensho Holdings Co., Ltd. 140,734 3,367,596
Zeon Corp. 211,069 2,464,839
ZOZO, Inc. 153,452 4,330,098
    5,883,152,864
 
Netherlands 3.7%
Aalberts N.V. 133,042 7,428,306
ABN AMRO Bank N.V. 584,484 7,787,317
Adyen N.V. * 40,804 85,447,452
Aegon N.V. 2,533,949 12,565,676
Akzo Nobel N.V. 255,928 24,433,969
ArcelorMittal S.A. 869,928 27,070,654
ASM International N.V. 66,840 21,636,535
ASML Holding N.V. 549,923 369,924,829
ASR Nederland N.V. 195,939 8,479,635
BE Semiconductor Industries N.V. 102,605 8,774,829
CTP NV 81,668 1,398,875
Galapagos N.V. * 69,887 4,610,920
Heineken Holding N.V. 150,800 12,322,296
Heineken N.V. 335,203 34,028,086
IMCD N.V. 79,931 12,990,955
ING Groep N.V. 5,497,500 64,822,995
InPost S.A. * 293,638 1,819,916
JDE Peet's N.V. 126,317 4,153,517
Just Eat Takeaway.com N.V * 251,908 10,248,202
Koninklijke Ahold Delhaize N.V. 1,375,183 42,445,779
Koninklijke DSM N.V. 233,704 43,915,656
Koninklijke KPN N.V. 4,721,349 16,174,216
Koninklijke Philips N.V. 1,276,027 43,484,324
Koninklijke Vopak N.V. 95,084 3,528,619
NN Group N.V. 440,262 21,154,817
Prosus N.V. * 1,243,123 77,381,636
Randstad N.V. 158,557 10,810,142
Signify N.V. 181,929 9,313,942
SECURITY NUMBER
OF SHARES
VALUE ($)
Unibail-Rodamco-Westfield * 147,275 11,228,666
Universal Music Group NV 1,052,657 24,037,071
Wolters Kluwer N.V. 360,842 36,809,156
    1,060,228,988
 
New Zealand 0.3%
Auckland International Airport Ltd. * 1,653,876 7,969,133
Contact Energy Ltd. 1,146,219 6,298,712
Fisher & Paykel Healthcare Corp., Ltd. 795,693 14,813,724
Fletcher Building Ltd. 1,180,445 5,360,390
Infratil Ltd. 726,765 3,910,112
Kiwi Property Group Ltd. 2,189,974 1,600,630
Mainfreight Ltd. 116,958 6,283,822
Mercury NZ Ltd. 1,014,544 3,927,309
Meridian Energy Ltd. 1,812,791 6,127,896
Ryman Healthcare Ltd. 560,530 3,793,386
SKYCITY Entertainment Group Ltd. 1,183,402 2,370,566
Spark New Zealand Ltd. 2,688,479 8,196,521
The a2 Milk Co., Ltd. * 1,066,782 4,295,570
    74,947,771
 
Norway 0.7%
Adevinta A.S.A. * 401,232 4,309,971
Aker A.S.A., A Shares 35,493 2,944,414
Aker BP A.S.A. 182,679 5,681,680
DNB Bank A.S.A. 1,434,619 32,155,408
Equinor A.S.A. 1,350,230 42,754,891
Gjensidige Forsikring A.S.A. 240,893 5,969,146
Leroy Seafood Group A.S.A. 358,468 3,130,707
Mowi A.S.A. 616,902 15,882,667
Norsk Hydro A.S.A. 1,872,011 17,788,431
Orkla A.S.A. 1,093,573 10,264,625
Salmar A.S.A. 79,957 5,902,905
Scatec A.S.A. 171,024 2,466,080
Schibsted A.S.A., A Shares 113,243 3,260,663
Schibsted A.S.A., B Shares 138,829 3,602,688
Telenor A.S.A. 878,306 13,029,290
Tomra Systems A.S.A. 164,284 7,756,815
Yara International A.S.A. 233,707 11,906,402
    188,806,783
 
Poland 0.2%
Allegro.eu S.A. * 556,127 4,169,457
Bank Polska Kasa Opieki S.A. 226,115 6,248,092
CD Projekt S.A. 91,166 3,669,739
Cyfrowy Polsat S.A. 391,018 2,544,164
Dino Polska S.A. * 66,681 4,705,206
KGHM Polska Miedz S.A. 195,997 7,753,676
LPP S.A. 1,584 3,277,046
Pepco Group N.V. * 151,949 1,507,323
Polski Koncern Naftowy Orlen S.A. 430,882 7,318,866
Polskie Gornictwo Naftowe i Gazownictwo S.A. 2,515,897 3,348,516
Powszechna Kasa Oszczednosci Bank Polski S.A. * 1,192,280 11,493,881
Powszechny Zaklad Ubezpieczen S.A. 775,852 5,849,258
Santander Bank Polska S.A. 41,255 3,103,370
    64,988,594
 
Portugal 0.2%
Banco Espirito Santo S.A. *(b) 505,213 0
EDP - Energias de Portugal S.A. 3,943,213 19,328,238
EDP Renovaveis S.A. 347,895 8,487,217
Galp Energia, SGPS, S.A. 728,008 8,060,876
 
31
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 ($)
Jeronimo Martins, SGPS, S.A. 386,422 8,431,021
    44,307,352
 
Republic of Korea 4.4%
Alteogen, Inc. * 39,378 1,748,896
Amorepacific Corp. 51,418 7,868,684
AMOREPACIFIC Group 59,992 2,434,906
BNK Financial Group, Inc. 453,331 2,971,055
Celltrion Healthcare Co., Ltd. 107,113 5,656,985
Celltrion Pharm, Inc. * 26,399 1,929,947
Celltrion, Inc. 153,070 20,305,789
Cheil Worldwide, Inc. 100,679 1,884,042
CJ CheilJedang Corp. 12,178 3,833,637
CJ Corp. 21,896 1,531,545
CJ ENM Co., Ltd. 14,244 1,540,084
CJ Logistics Corp. * 12,531 1,292,339
Coway Co., Ltd. 78,145 4,686,035
Daewoo Engineering & Construction Co., Ltd. * 250,171 1,304,589
Daewoo Shipbuilding & Marine Engineering Co., Ltd. * 79,508 1,752,370
DB Insurance Co., Ltd. 71,562 3,678,240
DGB Financial Group, Inc. 219,715 1,732,356
DL E&C Co., Ltd. 21,455 2,292,983
Doosan Bobcat, Inc. 37,054 1,175,706
Doosan Heavy Industries & Construction Co., Ltd. * 431,540 7,465,407
Ecopro BM Co., Ltd. 12,236 3,818,312
E-MART, Inc. 29,791 3,221,051
F&F Co., Ltd. * 4,396 3,253,994
Fila Holdings Corp. 67,204 1,967,464
Green Cross Corp. 9,021 1,365,511
GS Engineering & Construction Corp. 92,843 3,308,789
GS Holdings Corp. 75,110 2,498,773
GS Retail Co., Ltd. 61,985 1,368,738
Hana Financial Group, Inc. 410,381 16,622,077
Hanjin Kal Corp. * 29,572 1,296,165
Hankook Tire & Technology Co., Ltd. 105,925 3,101,060
Hanmi Pharm Co., Ltd. * 12,512 2,757,666
Hanon Systems 234,621 2,253,813
Hanwha Aerospace Co., Ltd. 49,531 2,142,148
Hanwha Corp. 85,573 2,160,054
Hanwha Solutions Corp. * 135,448 3,813,295
HDC Hyundai Development Co-Engineering & Construction * 74,960 1,000,630
HLB, Inc. * 130,600 3,378,101
HMM Co., Ltd. * 497,379 11,934,449
Hotel Shilla Co., Ltd. 46,024 3,081,409
HYBE Co., Ltd. * 23,518 5,643,068
Hyundai Department Store Co., Ltd. 26,242 1,698,031
Hyundai Doosan Infracore Co., Ltd. * 197,828 1,112,253
Hyundai Engineering & Construction Co., Ltd. 101,857 3,668,157
Hyundai Glovis Co., Ltd. 29,149 4,266,831
Hyundai Heavy Industries Holdings Co., Ltd. 76,937 3,289,027
Hyundai Marine & Fire Insurance Co., Ltd. 89,670 2,147,874
Hyundai Mipo Dockyard Co., Ltd. 26,462 1,756,284
Hyundai Mobis Co., Ltd. 91,308 17,010,847
Hyundai Motor Co. 194,145 28,257,475
Hyundai Steel Co. 103,407 3,414,362
Hyundai Wia Corp. 20,700 1,050,193
Industrial Bank of Korea 350,313 3,132,087
Kakao Corp. 386,272 30,230,960
KakaoBank Corp. * 196,436 7,842,083
SECURITY NUMBER
OF SHARES
VALUE ($)
Kangwon Land, Inc. * 172,848 3,809,600
KB Financial Group, Inc. 559,029 27,757,335
KCC Corp. 6,714 1,851,117
Kia Corp. 364,109 22,348,937
Korea Aerospace Industries Ltd. * 101,308 3,125,984
Korea Electric Power Corp. 355,356 6,856,788
Korea Investment Holdings Co., Ltd. * 56,180 3,700,633
Korea Shipbuilding & Offshore Engineering Co., Ltd. * 63,436 4,653,433
Korea Zinc Co., Ltd. 14,596 6,676,758
Korean Air Lines Co., Ltd. * 260,802 6,355,469
Krafton, Inc. * 39,311 9,645,066
KT&G Corp. 152,532 10,123,553
Kumho Petrochemical Co., Ltd. * 23,747 3,169,953
LG Chem Ltd. 64,844 30,471,044
LG Corp. 129,800 8,118,235
LG Display Co., Ltd. 339,995 5,287,900
LG Electronics, Inc. 149,810 15,387,811
LG Household & Health Care Ltd. 12,966 10,244,688
LG Innotek Co., Ltd. 19,927 5,419,494
LG Uplus Corp. 310,721 3,398,329
Lotte Chemical Corp. 21,188 3,876,875
LOTTE Fine Chemical Co., Ltd. 28,195 1,859,578
Lotte Shopping Co., Ltd. 18,985 1,346,879
Mando Corp. 44,889 1,693,114
Mirae Asset Daewoo Co., Ltd. 677,727 4,954,647
NAVER Corp. 190,480 50,378,542
NCSoft Corp. 23,690 8,738,317
Netmarble Corp. 26,067 2,222,204
NH Investment & Securities Co., Ltd. * 208,280 2,000,777
OCI Co., Ltd. 24,141 2,108,209
Orion Corp. 32,988 2,510,419
Pan Ocean Co., Ltd. 264,541 1,445,531
Pearl Abyss Corp. * 41,353 3,270,820
POSCO 91,368 21,657,487
POSCO Chemical Co., Ltd. 36,942 3,487,268
Posco International Corp. 66,741 1,146,257
S-1 Corp. 31,781 1,844,982
Samsung Biologics Co., Ltd. * 18,722 12,129,944
Samsung C&T Corp. 123,846 11,330,361
Samsung Card Co., Ltd. 60,403 1,615,134
Samsung Electro-Mechanics Co., Ltd. 79,666 10,998,924
Samsung Electronics Co., Ltd. 6,619,670 396,954,470
Samsung Engineering Co., Ltd. * 219,552 4,236,376
Samsung Fire & Marine Insurance Co., Ltd. 50,080 7,934,661
Samsung Heavy Industries Co., Ltd. * 885,720 4,287,346
Samsung Life Insurance Co., Ltd. 90,342 4,493,244
Samsung SDI Co., Ltd. 75,033 34,198,099
Samsung SDS Co., Ltd. 48,151 5,606,637
Samsung Securities Co., Ltd. 89,901 3,162,816
Seegene, Inc. 43,796 1,868,620
Shin Poong Pharmaceutical Co., Ltd. * 47,636 1,374,782
Shinhan Financial Group Co., Ltd. 705,450 22,911,650
Shinsegae, Inc. 9,164 1,993,085
SillaJen, Inc. *(b) 68,458 182,198
SK Biopharmaceuticals Co., Ltd. * 35,254 2,480,549
SK Bioscience Co., Ltd. * 28,297 3,436,073
SK Chemicals Co., Ltd. 20,625 2,144,238
SK Hynix, Inc. 728,110 74,788,194
SK IE Technology Co., Ltd. * 34,985 3,593,502
SK Innovation Co., Ltd. * 78,098 13,023,370
SK Square Co., Ltd. * 65,890 3,057,897
SK Telecom Co., Ltd. 97,172 4,412,685
SK, Inc. 54,299 10,274,065
SKC Co., Ltd. 28,286 3,234,769
S-Oil Corp. 60,335 4,240,286
Solus Advanced Materials Co., Ltd. 16,355 856,959
 
32
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 ($)
Woori Financial Group, Inc. 770,037 9,158,339
Yuhan Corp. 75,627 3,654,451
    1,232,526,383
 
Singapore 1.1%
Ascendas Real Estate Investment Trust 4,766,395 9,726,262
Ascott Residence Trust 2,869,192 2,177,073
CapitaLand Integrated Commercial Trust 6,749,791 10,491,774
Capitaland Investment Ltd. * 3,656,764 9,940,299
City Developments Ltd. 632,347 3,316,741
ComfortDelGro Corp., Ltd. 3,078,006 3,197,163
DBS Group Holdings Ltd. 2,534,798 63,152,874
Frasers Logistics & Commercial Trust 3,886,458 4,008,281
Genting Singapore Ltd. 8,163,957 4,630,923
Golden Agri-Resources Ltd. 10,080,832 2,116,496
Hutchison Port Holdings Trust, Class U 7,426,627 1,856,657
Jardine Cycle & Carriage Ltd. 141,918 2,283,317
Keppel Corp., Ltd. 2,086,774 9,208,277
Keppel DC REIT 1,854,840 2,992,449
Keppel REIT 3,308,091 2,802,538
Mapletree Commercial Trust 3,194,339 4,259,276
Mapletree Industrial Trust 2,540,290 4,790,705
Mapletree Logistics Trust 4,290,941 5,531,804
Mapletree North Asia Commercial Trust 3,495,249 2,780,853
NetLink NBN Trust 4,273,268 3,006,351
Olam International Ltd. 1,088,918 1,379,748
Oversea-Chinese Banking Corp., Ltd. 4,925,087 42,340,981
SATS Ltd. * 995,549 2,911,584
Sembcorp Industries Ltd. 1,396,224 2,581,695
Sembcorp Marine Ltd. * 19,594,664 1,198,097
Singapore Airlines Ltd. * 1,871,743 7,018,433
Singapore Exchange Ltd. 1,152,253 7,928,132
Singapore Press Holdings Ltd. 2,195,135 3,767,847
Singapore Technologies Engineering Ltd. 2,121,859 5,971,123
Singapore Telecommunications Ltd. 10,635,013 19,743,072
Suntec Real Estate Investment Trust 3,010,647 3,592,949
United Overseas Bank Ltd. 1,817,875 40,054,986
UOL Group Ltd. 736,965 3,789,470
Venture Corp., Ltd. 387,510 5,004,273
Wilmar International Ltd. 3,053,804 9,853,521
    309,406,024
 
Spain 2.0%
Acciona S.A. 32,911 5,659,441
ACS, Actividades de Construccion y Servicios S.A. 309,431 7,583,608
Aena SME S.A. * 98,532 16,191,195
Amadeus IT Group S.A. * 600,015 40,395,792
Banco Bilbao Vizcaya Argentaria S.A. 9,367,469 55,658,977
Banco Santander S.A. 24,087,166 80,744,802
Bankinter S.A. 971,639 5,561,496
CaixaBank S.A. 6,250,598 20,640,784
Cellnex Telecom S.A. 856,106 39,078,558
Corp. ACCIONA Energias Renovables S.A. * 74,633 2,524,894
Enagas S.A. 344,197 7,316,447
Endesa S.A. 452,217 9,988,451
Ferrovial S.A. 676,357 18,551,496
Fluidra S.A. 153,773 4,697,927
Grifols S.A. 478,155 9,138,143
SECURITY NUMBER
OF SHARES
VALUE ($)
Iberdrola S.A. 8,444,289 96,553,529
Industria de Diseno Textil S.A. 1,477,961 39,177,098
Inmobiliaria Colonial Socimi S.A. 490,233 4,157,256
Mapfre S.A. 1,458,386 2,885,443
Merlin Properties Socimi S.A. 472,950 5,322,801
Naturgy Energy Group S.A. 417,896 11,279,225
Red Electrica Corp. S.A. 606,737 12,147,511
Repsol S.A. 1,818,257 23,743,398
Siemens Gamesa Renewable Energy S.A. * 320,949 7,472,959
Telefonica S.A. 7,244,431 34,793,592
    561,264,823
 
Sweden 2.8%
Alfa Laval AB 437,743 14,377,776
Assa Abloy AB, B Shares 1,289,203 34,367,091
Atlas Copco AB, A Shares 903,392 47,322,265
Atlas Copco AB, B Shares 514,224 23,574,911
Beijer Ref AB 351,942 5,358,444
Boliden AB 381,595 17,122,490
Castellum AB 380,081 8,521,237
Electrolux AB, B Shares 322,918 5,842,030
Elekta AB, B Shares (a) 517,846 4,515,557
Epiroc AB, A Shares 896,841 17,013,772
Epiroc AB, B Shares 506,504 8,269,825
EQT AB 396,732 13,488,938
Essity AB, B Shares 858,875 22,267,669
Evolution AB 227,232 26,502,616
Fastighets AB Balder, B Shares * 142,735 8,971,033
Getinge AB, B Shares 319,348 12,539,506
H & M Hennes & Mauritz AB, B Shares 1,235,080 20,997,747
Hexagon AB, B Shares 2,654,541 36,211,582
Holmen AB, B Shares 135,027 6,689,689
Husqvarna AB, B Shares 605,690 7,344,750
Industrivarden AB, A Shares 328,685 9,165,931
Industrivarden AB, C Shares 228,292 6,262,296
Indutrade AB 388,175 8,698,588
Investment AB Latour, B Shares 202,483 5,670,176
Investor AB, A Shares 775,486 17,344,949
Investor AB, B Shares 2,549,845 52,438,486
Kinnevik AB, B Shares * 354,800 9,138,594
L E Lundbergfortagen AB, B Shares 101,803 4,970,315
Lifco AB, B Shares 313,656 7,204,829
Lundin Energy AB 265,895 9,851,824
Nibe Industrier AB, B Shares 1,682,905 15,141,901
Saab AB, B Shares 128,094 3,882,911
Sagax AB, Class B 273,605 7,537,168
Sandvik AB 1,516,615 33,246,556
Securitas AB, B Shares 442,533 5,389,711
Sinch AB * 741,424 6,375,577
Skandinaviska Enskilda Banken AB, A Shares 2,040,467 23,716,305
Skanska AB, B Shares 511,964 11,689,543
SKF AB, B Shares 550,746 10,258,433
Svenska Cellulosa AB SCA, B Shares 871,360 14,356,178
Svenska Handelsbanken AB, A Shares 2,156,142 20,743,118
Sweco AB, B Shares 283,803 4,005,272
Swedbank AB, A Shares 1,407,174 22,888,830
Swedish Match AB 2,210,625 16,240,887
Swedish Orphan Biovitrum AB * 255,489 5,263,698
Tele2 AB, B Shares 699,099 9,314,456
Telefonaktiebolaget LM Ericsson, B Shares 4,310,899 40,148,336
Telia Co. AB 3,629,420 13,580,234
 
33
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 ($)
Trelleborg AB, B Shares 347,259 7,064,242
Volvo AB, A Shares 288,743 5,681,123
Volvo AB, B Shares 2,126,761 41,412,148
    789,981,543
 
Switzerland 8.3%
ABB Ltd. 2,360,592 80,148,717
Adecco Group AG 227,700 10,806,102
Alcon, Inc. 646,348 50,076,207
ams-OSRAM AG * 359,667 5,621,696
Baloise Holding AG 64,622 10,854,270
Banque Cantonale Vaudoise 42,743 3,657,230
Barry Callebaut AG 5,013 11,583,803
BKW AG 25,754 3,250,655
Chocoladefabriken Lindt & Spruengli AG 140 15,793,776
Chocoladefabriken Lindt & Spruengli AG, Participation Certificate 1,527 16,269,470
Cie Financiere Richemont S.A. 719,186 98,065,473
Clariant AG * 327,479 5,919,929
Credit Suisse Group AG 3,383,251 28,601,553
DKSH Holding AG 52,053 4,456,660
EMS-Chemie Holding AG 9,811 9,715,291
Flughafen Zuerich AG * 26,833 4,825,816
Geberit AG 48,883 32,043,421
Georg Fischer AG 5,772 7,140,683
Givaudan S.A. 12,968 54,433,231
Helvetia Holding AG 48,624 5,925,296
Holcim Ltd. * 772,086 38,787,339
Julius Baer Group Ltd. 303,565 17,801,294
Kuehne & Nagel International AG 70,058 19,197,320
Logitech International S.A. 207,044 15,548,893
Lonza Group AG 104,203 72,395,217
Medmix AG * 35,162 1,301,544
Nestle S.A. 3,877,559 506,244,501
Novartis AG 2,916,968 255,435,401
OC Oerlikon Corp. AG 280,732 2,509,131
Partners Group Holding AG 31,534 42,843,894
PSP Swiss Property AG 59,259 7,673,409
Roche Holding AG 978,172 373,005,040
Roche Holding AG, Bearer Shares 37,262 15,612,309
Schindler Holding AG 25,555 5,765,856
Schindler Holding AG, Participation Certificate 57,830 13,331,566
SGS S.A. 8,212 23,585,612
SIG Combibloc Group AG * 473,020 10,662,220
Sika AG 199,205 66,441,474
Sonova Holding AG 74,344 28,928,888
Straumann Holding AG 14,236 22,646,947
Sulzer AG 24,822 2,098,148
Swiss Life Holding AG 43,569 26,612,968
Swiss Prime Site AG 104,081 10,227,154
Swiss Re AG 406,498 38,910,736
Swisscom AG 35,824 21,499,476
Tecan Group AG 18,035 7,819,852
Temenos AG 89,472 9,032,532
The Swatch Group AG 58,421 3,489,532
The Swatch Group AG, Bearer Shares 41,103 12,772,865
UBS Group AG 4,581,184 84,313,360
VAT Group AG 36,350 13,803,848
Vifor Pharma AG 74,073 13,010,915
Zurich Insurance Group AG 209,564 96,301,905
    2,338,800,425
 
SECURITY NUMBER
OF SHARES
VALUE ($)
United Kingdom 13.5%
3i Group plc 1,347,596 24,147,679
abrdn plc 3,091,198 8,573,124
Admiral Group plc 316,629 12,647,402
Anglo American plc 1,712,602 87,848,133
Antofagasta plc 488,054 9,960,219
Ashmore Group plc 684,180 2,313,357
Ashtead Group plc 629,333 41,173,330
Associated British Foods plc 484,821 12,489,770
AstraZeneca plc 2,181,129 265,114,453
Auto Trader Group plc 1,321,665 11,757,276
Avast plc 759,995 6,409,983
AVEVA Group plc 169,889 5,675,922
Aviva plc 5,370,715 30,251,460
B&M European Value Retail S.A. 1,254,434 10,189,715
BAE Systems plc 4,466,460 43,124,731
Barclays plc 23,624,789 57,970,353
Barratt Developments plc 1,422,549 11,662,193
Bellway plc 175,480 6,790,389
Berkeley Group Holdings plc 147,392 7,704,858
BP plc 27,434,093 133,821,702
British American Tobacco plc 3,214,693 140,678,808
BT Group plc 10,604,869 26,501,679
Bunzl plc 470,903 18,759,163
Burberry Group plc 558,750 14,544,241
Centrica plc * 8,161,772 8,462,981
Coca-Cola HBC AG * 277,862 7,098,521
Compass Group plc 2,516,324 57,194,170
ConvaTec Group plc 2,315,553 5,600,178
CRH plc 1,088,522 49,453,377
Croda International plc 189,308 19,009,668
DCC plc 137,778 10,833,014
Dechra Pharmaceuticals plc 150,399 8,310,039
Deliveroo plc * 891,926 1,542,002
Derwent London plc 139,618 5,702,402
Diageo plc 3,241,669 162,019,295
Direct Line Insurance Group plc 1,846,491 7,335,967
Dr. Martens plc 875,214 3,330,368
DS Smith plc 1,766,673 8,168,517
easyJet plc * 525,025 4,245,031
Electrocomponents plc 671,641 8,917,124
Entain plc * 815,357 18,423,057
Evraz plc 817,942 1,588,594
Experian plc 1,286,895 50,643,880
Ferguson plc 310,920 47,620,765
Flutter Entertainment plc * 233,889 33,876,945
Fresnillo plc 260,102 2,507,857
GlaxoSmithKline plc 6,965,656 144,435,757
Glencore plc * 18,657,203 110,684,793
Halma plc 534,049 17,276,275
Hargreaves Lansdown plc 522,651 7,955,877
Hikma Pharmaceuticals plc 242,144 6,767,601
Hiscox Ltd. 487,640 6,031,257
HomeServe plc 401,033 3,624,011
Howden Joinery Group plc 802,968 9,192,230
HSBC Holdings plc 28,799,505 198,850,459
IMI plc 361,927 7,104,559
Imperial Brands plc 1,329,373 29,234,630
Informa plc * 2,111,097 16,836,770
InterContinental Hotels Group plc * 263,366 18,502,531
Intermediate Capital Group plc 394,034 9,061,838
International Consolidated Airlines Group S.A. * 1,636,262 3,261,569
Intertek Group plc 226,677 16,375,113
ITV plc * 5,164,812 7,667,923
J Sainsbury plc 2,427,083 8,978,281
J.D. Sports Fashion plc 3,436,483 6,962,464
 
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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) (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
Johnson Matthey plc 268,959 6,795,293
Kingfisher plc 2,982,309 12,252,638
Land Securities Group plc 992,231 10,573,395
Legal & General Group plc 8,361,815 31,100,371
Lloyds Banking Group plc 99,821,794 64,871,877
London Stock Exchange Group plc 511,922 45,154,942
M&G plc 3,593,939 9,924,025
Meggitt plc * 1,108,154 11,225,840
Melrose Industries plc 6,073,282 12,080,640
Mondi plc 683,529 14,412,626
National Grid plc 5,078,381 77,051,815
Natwest Group plc 7,205,134 22,206,231
Next plc 177,958 16,384,758
NMC Health plc *(b) 136,583 0
Ocado Group plc * 679,870 12,524,725
Pearson plc 1,067,841 9,284,390
Pennon Group plc 370,854 5,174,973
Persimmon plc 441,655 14,299,217
Phoenix Group Holdings plc 1,023,756 8,497,246
Polymetal International plc 509,746 2,402,039
Prudential plc 3,869,002 58,998,394
Quilter plc 2,395,501 4,168,772
Reckitt Benckiser Group plc 893,080 75,743,949
RELX plc 2,615,616 80,051,793
Renishaw plc 50,980 3,213,547
Rentokil Initial plc 2,602,120 17,729,309
Rightmove plc 1,211,780 10,935,847
Rio Tinto plc 1,529,963 118,879,313
Rolls-Royce Holdings plc * 11,805,606 16,394,585
Royal Mail plc 1,322,278 6,967,155
Schroders plc 160,412 6,594,736
Segro plc 1,690,358 29,518,525
Severn Trent plc 347,854 13,423,250
Shell plc 10,915,260 288,810,373
Smith & Nephew plc 1,235,331 22,160,856
Smiths Group plc 553,469 11,354,619
Smurfit Kappa Group plc 362,845 18,042,568
Spirax-Sarco Engineering plc 103,139 16,530,305
SSE plc 1,499,931 34,303,630
St. James's Place plc 738,842 13,913,481
Standard Chartered plc 3,578,362 25,581,163
Tate & Lyle plc 643,953 6,507,831
Taylor Wimpey plc 5,151,933 10,386,195
Tesco plc 10,767,746 41,862,006
The British Land Co., plc 1,294,249 9,196,818
The Sage Group plc 1,444,154 13,618,117
The Weir Group plc 372,822 7,916,205
THG plc * 1,314,550 1,887,264
Travis Perkins plc 318,919 6,253,901
TUI AG *(a) 1,547,860 5,001,036
Unilever plc 3,598,979 180,915,944
United Utilities Group plc 959,039 13,826,571
Vodafone Group plc 38,704,578 68,259,276
Whitbread plc * 293,589 11,518,315
Wise plc, Class A * 642,224 4,618,736
WPP plc 1,599,382 22,693,651
    3,804,792,707
Total Common Stocks
(Cost $23,531,966,956)
27,901,393,982

PREFERRED STOCKS 0.7% OF NET ASSETS
 
Germany 0.4%
Bayerische Motoren Werke AG 77,632 6,356,611
Fuchs Petrolub SE 103,564 4,129,471
Henkel AG & Co. KGaA 245,853 19,561,914
SECURITY NUMBER
OF SHARES
VALUE ($)
Porsche Automobil Holding SE 214,190 21,863,757
Sartorius AG 34,656 15,344,486
Volkswagen AG 257,171 51,427,672
    118,683,911
 
Italy 0.0%
Telecom Italia S.p.A. - RSP 8,129,116 3,402,985
 
Republic of Korea 0.3%
Hyundai Motor Co., Ltd. 36,609 2,664,189
Hyundai Motor Co., Ltd. 2nd 56,072 4,113,237
LG Chem Ltd. 11,352 2,553,928
LG Electronics, Inc. 33,741 1,672,528
LG Household & Health Care Ltd. 2,799 1,222,169
Samsung Electronics Co., Ltd. 1,169,341 64,285,308
    76,511,359
Total Preferred Stocks
(Cost $156,738,746)
198,598,255

RIGHTS 0.0% OF NET ASSETS
 
Republic of Korea 0.0%
Samsung Biologics Co., Ltd.
expires 04/08/22, strike KRW 639,000.00 *(b) 1,240 144,427
Total Rights
(Cost $0)
144,427
    
     
SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS
 
Money Market Funds 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03% (c) 23,924,420 23,924,420
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03% (c)(d) 31,378,544 31,378,544
    55,302,964
Total Short-Term Investments
(Cost $55,302,964)
55,302,964
Total Investments in Securities
(Cost $23,744,008,666)
28,155,439,628
    
 
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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) (continued)

  NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
DEPRECIATION
($)
FUTURES CONTRACTS
Long      
MSCI EAFE Index, expires 03/18/22 1,209 130,559,910 (4,606,198)
    
* Non-income producing security.
(a) All or a portion of this security is on loan. Securities on loan were valued at $29,755,207.
(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.
(d) Security purchased with cash collateral received for securities on loan.
    
CVA — Dutch Certificate
REIT — Real Estate Investment Trust
RSP — Risparmio (Savings Shares)
KRW — South Korean Won
 

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 $22,050,083,285 $— $— $22,050,083,285
Hong Kong 769,684,255 0* 769,684,255
Portugal 44,307,352 0* 44,307,352
Republic of Korea 1,232,344,185 182,198 1,232,526,383
United Kingdom 3,804,792,707 0* 3,804,792,707
Preferred Stocks1 198,598,255 198,598,255
Rights 1        
Republic of Korea 144,427 144,427
Short-Term Investments1 55,302,964 55,302,964
Liabilities        
Futures Contracts2 (4,606,198) (4,606,198)
Total $28,150,506,805 $— $326,625 $28,150,833,430
    
* Level 3 amount shown includes securities determined to have no value at February 28, 2022.
1 As categorized in the Portfolio Holdings.
2 Futures contracts are reported at cumulative unrealized appreciation or depreciation.
Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, 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 Equity ETF
Statement of Assets and Liabilities

As of February 28, 2022; unaudited
Assets
Investments in securities, at value - unaffiliated (cost $23,744,008,666) including securities on loan of $29,755,207   $28,155,439,628
Foreign currency, at value (cost $11,506,123)   11,453,491
Deposit with broker for futures contracts   5,730,646
Receivables:    
Dividends   64,800,866
Foreign tax reclaims   23,555,906
Investments sold   11,543,754
Income from securities on loan + 127,189
Total assets   28,272,651,480
Liabilities
Collateral held for securities on loan   31,378,544
Payables:    
Variation margin on futures contracts   2,526,810
Management fees + 1,259,424
Total liabilities   35,164,778
Net assets   $28,237,486,702
Net Assets by Source
Capital received from investors   $25,300,819,146
Total distributable earnings + 2,936,667,556
Net assets   $28,237,486,702
    
Net Asset Value (NAV)
Net Assets ÷ Shares
Outstanding
= NAV
$28,237,486,702   771,100,000   $36.62
         
         
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Table of Contents
Schwab International 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 $30,781,042)   $331,615,280
Securities on loan, net + 1,322,104
Total investment income   332,937,384
Expenses
Management fees   8,520,815
Professional fees + 81,778*
Total expenses   8,602,593
Expense reduction by investment adviser 81,778*
Net expenses 8,520,815
Net investment income   324,416,569
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated   (177,501,768)
Net realized losses on futures contracts   (2,747,233)
Net realized losses on foreign currency transactions + (1,723,917)
Net realized losses   (181,972,918)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated   (2,027,749,531)
Net change in unrealized appreciation (depreciation) on futures contracts   (6,096,126)
Net change in unrealized appreciation (depreciation) on foreign currency translations + (164,938)
Net change in unrealized appreciation (depreciation) + (2,034,010,595)
Net realized and unrealized losses   (2,215,983,513)
Decrease in net assets resulting from operations   ($1,891,566,944)
    
* Professional fees associated with the filing of tax claims in the European Union deemed to be non-routine expenses of the fund. See financial notes 2 (d) and 4 for additional information.
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Table of Contents
Schwab International 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 9/1/20-8/31/21
Net investment income   $324,416,569 $631,237,991
Net realized gains (losses)   (181,972,918) 42,428,120
Net change in unrealized appreciation (depreciation) + (2,034,010,595) 5,104,237,095
Increase (decrease) in net assets resulting from operations   ($1,891,566,944) $5,777,903,206
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions   ($661,643,600) ($557,207,730)
    
TRANSACTIONS IN FUND SHARES
  9/1/21-2/28/22 9/1/20-8/31/21
    SHARES VALUE SHARES VALUE
Shares sold   63,500,000 $2,452,616,389 102,100,000 $3,781,481,014
Shares redeemed + (12,500,000) (507,727,175)
Net transactions in fund shares   63,500,000 $2,452,616,389 89,600,000 $3,273,753,839
SHARES OUTSTANDING AND NET ASSETS
  9/1/21-2/28/22 9/1/20-8/31/21
    SHARES NET ASSETS SHARES NET ASSETS
Beginning of period   707,600,000 $28,338,080,857 618,000,000 $19,843,631,542
Total increase (decrease) + 63,500,000 (100,594,155) 89,600,000 8,494,449,315
End of period   771,100,000 $28,237,486,702 707,600,000 $28,338,080,857
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Schwab International Equity ETFs  |  Semiannual Report
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Table of Contents
Schwab International Small-Cap 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 $43.21 $33.20 $31.15 $35.86 $34.80 $29.96
Income (loss) from investment operations:            
Net investment income (loss)1 0.34 0.72 0.64 0.82 0.84 0.73
Net realized and unrealized gains (losses) (4.82) 10.11 2.36 (4.63) 1.22 4.70
Total from investment operations (4.48) 10.83 3.00 (3.81) 2.06 5.43
Less distributions:            
Distributions from net investment income (1.02) (0.82) (0.95) (0.90) (1.00) (0.59)
Net asset value at end of period $37.71 $43.21 $33.20 $31.15 $35.86 $34.80
Total return (10.52%) 2 33.01% 9.63% (10.57%) 5.93% 18.52%
Ratios/Supplemental Data
Ratios to average net assets:            
Total expenses 0.11% 3 0.11% 0.11% 4 0.12% 0.12% 0.14% 5
Net investment income (loss) 1.65% 3 1.87% 2.07% 2.54% 2.31% 2.31%
Portfolio turnover rate6 10% 2 22% 17% 20% 16% 12%
Net assets, end of period (x 1,000) $3,624,049 $3,832,346 $2,595,871 $2,186,842 $2,280,998 $1,538,038
    
* Unaudited.
1 Calculated based on the average shares outstanding during the period.
2 Not annualized.
3 Annualized.
4 Effective February 25, 2020, the annual operating expense ratio was reduced to 0.11%. The ratio presented for the period ended 8/31/20 is a blended ratio.
5 Effective March 1, 2017, the annual operating expense ratio was reduced. The ratio presented for the period ended 8/31/17 is a blended ratio.
6 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 Small-Cap 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 [email protected]. 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 99.3% OF NET ASSETS
 
Australia 7.2%
29Metals Ltd. * 419,222 821,363
Abacus Property Group 753,451 1,919,063
Accent Group Ltd. 546,071 740,999
Alkane Resources Ltd. * 727,871 549,307
Allkem Ltd. * 951,575 6,262,929
AMA Group Ltd. * 1,001,680 236,232
Andromeda Metals Ltd. *(a) 3,699,924 483,273
ARB Corp., Ltd. 108,671 3,271,781
Arena REIT 533,781 1,909,577
AUB Group Ltd. 112,500 1,762,513
Audinate Group Ltd. * 98,444 537,912
Aurelia Metals Ltd. * 2,042,935 667,105
Austal Ltd. 523,869 727,979
Australian Agricultural Co., Ltd. * 536,143 641,936
Australian Ethical Investment Ltd. 186,076 969,487
Australian Finance Group Ltd. 336,130 539,047
Australian Pharmaceutical Industries Ltd. 655,356 727,605
Australian Strategic Materials Ltd. * 168,213 993,599
Baby Bunting Group Ltd. 203,359 693,567
Bapcor Ltd. 554,579 2,591,651
Bega Cheese Ltd. 480,987 1,640,432
Bellevue Gold Ltd. * 1,476,930 1,012,789
Betmakers Technology Group Ltd. *(a) 1,132,903 460,371
Blackmores Ltd. 23,935 1,435,501
Bravura Solutions Ltd. 393,792 478,640
Breville Group Ltd. 222,699 4,350,313
Brickworks Ltd. 96,500 1,482,434
Bubs Australia Ltd *(a) 891,226 274,855
BWP Trust 793,042 2,313,393
BWX Ltd. 197,616 351,330
Capricorn Metals Ltd. * 488,889 1,344,549
Carnarvon Petroleum Ltd. * 2,396,554 460,851
Cedar Woods Properties Ltd. 97,201 329,393
Centuria Capital Group 1,162,574 2,421,194
Centuria Industrial REIT 871,503 2,371,523
Centuria Office REIT 733,068 1,191,570
Chalice Mining Ltd. * 506,062 2,721,129
Champion Iron Ltd. 736,036 3,439,633
Charter Hall Long Wale REIT 909,923 3,393,868
Charter Hall Retail REIT 794,942 2,417,000
Charter Hall Social Infrastructure REIT 521,333 1,433,777
City Chic Collective Ltd. * 238,670 677,176
Clinuvel Pharmaceuticals Ltd. 64,533 944,528
Codan Ltd. 194,521 1,033,248
Collins Foods Ltd. 168,363 1,335,346
Cooper Energy Ltd. * 2,446,221 479,277
Coronado Global Resources, Inc. * 1,201,746 1,421,436
Corporate Travel Management Ltd. * 169,565 2,682,377
Costa Group Holdings Ltd. 711,109 1,408,724
Credit Corp. Group Ltd. 96,667 2,142,973
Cromwell Property Group 2,269,027 1,457,170
Data#3 Ltd. 237,457 927,031
SECURITY NUMBER
OF SHARES
VALUE ($)
De Grey Mining Ltd. * 2,150,317 1,763,226
Dexus Industria REIT 330,318 769,422
Dicker Data Ltd. 83,192 854,211
Dubber Corp., Ltd. *(a) 427,823 456,361
Eagers Automotive Ltd. 310,791 3,152,846
Eclipx Group Ltd. * 446,055 750,937
Elders Ltd. 258,736 2,172,288
Electro Optic Systems Holdings Ltd. *(a) 217,650 290,605
Emeco Holdings Ltd. 894,942 594,214
EML Payments Ltd. * 494,091 864,074
Estia Health Ltd. 375,836 621,814
Event Hospitality & Entertainment Ltd. * 166,622 1,742,302
Fineos Corp., Ltd. * 219,260 493,229
G.U.D. Holdings Ltd. 192,806 1,625,750
G8 Education Ltd. * 1,293,586 1,182,750
GDI Property Group 763,034 578,612
Genworth Mortgage Insurance Australia Ltd. 683,769 1,488,531
Gold Road Resources Ltd. 1,392,567 1,551,142
GrainCorp Ltd., Class A 374,491 2,282,695
Growthpoint Properties Australia Ltd. 445,726 1,355,218
GWA Group Ltd. 439,552 730,420
Hansen Technologies Ltd. 258,970 920,816
Healius Ltd. 943,198 2,943,056
Home Consortium Ltd. 226,216 1,042,375
HomeCo Daily Needs REIT 2,117,306 2,366,091
Hotel Property Investments 289,305 751,564
HUB24 Ltd. (a) 94,698 1,923,405
Humm Group Ltd. 611,919 390,754
Imdex Ltd. 625,205 1,220,399
Imugene Ltd. *(a) 8,742,261 1,490,798
Infomedia Ltd. 630,313 658,637
Ingenia Communities Group 600,377 2,234,954
Inghams Group Ltd. 306,057 752,886
Integral Diagnostics Ltd. 234,583 599,192
InvoCare Ltd. 238,853 2,241,075
ioneer Ltd. * 3,277,751 1,248,712
IPH Ltd. 265,548 1,597,441
IRESS Ltd. 304,289 2,287,563
Irongate Group 745,546 952,169
Johns Lyng Group Ltd. 219,937 1,212,939
Jumbo Interactive Ltd. 83,010 1,066,783
Karoon Energy Ltd. * 788,169 1,166,747
Kelsian Group Ltd. 213,647 1,120,888
Kogan.com Ltd. (a) 110,718 441,080
Life360, Inc. * 234,951 886,559
Lifestyle Communities Ltd. 154,947 1,904,687
Link Administration Holdings Ltd. 812,082 3,111,437
Liontown Resources Ltd. * 2,404,001 2,503,305
Lovisa Holdings Ltd. 89,258 1,291,515
Lynas Rare Earths Ltd. * 1,473,011 10,934,748
MACA Ltd. 534,340 298,563
Macmahon Holdings Ltd. 2,591,892 329,141
Marley Spoon AG * 381,124 154,875
Mayne Pharma Group Ltd. * 2,864,694 478,116
McMillan Shakespeare Ltd. 81,605 708,823
Megaport Ltd. * 218,648 2,143,522
 
41
Schwab International Equity ETFs  |  Semiannual Report
See financial notes

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

SECURITY NUMBER
OF SHARES
VALUE ($)
Mesoblast Ltd. *(a) 963,996 772,974
Monadelphous Group Ltd. 146,415 1,199,518
Money3 Corp., Ltd. 297,943 648,607
Mount Gibson Iron Ltd. 1,186,625 452,064
Myer Holdings Ltd. * 1,349,272 396,535
MyState Ltd. 157,731 553,974
Nanosonics Ltd. * 371,582 1,129,785
National Storage REIT 1,884,280 3,541,379
Navigator Global Investments Ltd. 191,051 207,954
nearmap Ltd. * 670,135 568,952
Netwealth Group Ltd. 138,922 1,403,258
New Hope Corp., Ltd. 348,129 641,654
nib Holdings Ltd. 738,396 3,498,885
Nickel Mines Ltd. 2,041,235 2,258,864
Nine Entertainment Co. Holdings Ltd. 2,339,319 4,736,099
NRW Holdings Ltd. 698,468 1,094,781
Nuix Ltd. * 318,181 289,764
OFX Group Ltd. * 352,819 591,413
Omni Bridgeway Ltd. * 407,822 961,792
oOh!media Ltd. * 754,876 931,219
Opthea Ltd. * 563,278 398,524
Pact Group Holdings Ltd. 337,131 633,615
Paladin Energy Ltd. *(a) 3,599,331 2,011,128
Paradigm Biopharmaceuticals Ltd. *(a) 309,676 252,806
Pendal Group Ltd. 628,306 2,106,397
Perenti Global Ltd. 1,197,282 660,294
Perseus Mining Ltd. 2,003,753 2,653,592
PEXA Group Ltd. * 82,041 1,137,676
Pilbara Minerals Ltd. * 4,276,596 8,409,974
Pinnacle Investment Management Group Ltd. 150,138 1,117,803
PointsBet Holdings Ltd. * 367,343 946,297
PolyNovo Ltd. * 931,039 675,608
PPK Group Ltd. * 72,735 311,931
Premier Investments Ltd. 129,920 2,599,201
Ramelius Resources Ltd. 1,373,968 1,515,470
Redbubble Ltd. * 306,043 404,186
Regis Healthcare Ltd. 219,325 331,039
Regis Resources Ltd. 1,146,708 1,626,772
Reliance Worldwide Corp., Ltd. 1,271,937 4,254,942
Resolute Mining Ltd. * 1,815,556 342,539
Rural Funds Group 603,525 1,195,598
Sandfire Resources Ltd. 651,796 3,168,937
Select Harvests Ltd. 202,151 808,267
Senex Energy Ltd. 270,363 896,583
Service Stream Ltd. 926,026 628,293
Seven West Media Ltd. * 1,526,670 686,853
SG Fleet Group Ltd. 161,505 292,990
Sigma Healthcare Ltd. 1,673,842 589,092
Silver Lake Resources Ltd. * 1,328,256 1,783,120
SmartGroup Corp., Ltd. 139,115 844,941
Southern Cross Media Group Ltd. 456,823 586,744
St. Barbara Ltd. 1,134,617 1,095,035
Starpharma Holdings Ltd. * 613,996 392,081
Steadfast Group Ltd. 1,626,077 5,475,027
Super Retail Group Ltd. 263,109 2,111,631
Superloop Ltd. * 645,041 402,544
Syrah Resources Ltd. * 941,066 962,867
Tassal Group Ltd. 362,145 940,790
Technology One Ltd. 247,977 1,776,052
Telix Pharmaceuticals Ltd. * 247,697 887,922
Temple & Webster Group Ltd. * 168,029 832,783
Tyro Payments Ltd. * 550,897 613,629
United Malt Grp Ltd. 450,594 1,386,368
Uniti Group Ltd. * 1,072,076 2,559,462
Virgin Australia International Holdings Ltd. *(b) 424,000 0
Virtus Health Ltd. 104,521 565,050
SECURITY NUMBER
OF SHARES
VALUE ($)
Viva Energy Group Ltd. 1,396,659 2,472,905
Vulcan Energy Resources Ltd. *(a) 149,377 931,117
Waypoint REIT Ltd. 1,206,737 2,390,575
Webjet Ltd. * 620,444 2,395,198
West African Resources Ltd. * 1,581,932 1,251,242
Western Areas Ltd. * 526,943 1,300,079
Westgold Resources Ltd. 523,106 857,878
Zip Co., Ltd. *(a)(b) 765,663 1,207,659
    260,135,595
 
Austria 1.1%
Agrana Beteiligungs AG 19,360 359,665
AT&S Austria Technologie & Systemtechnik AG 41,197 2,262,725
BAWAG Group AG * 116,485 6,285,362
CA Immobilien Anlagen AG 68,468 2,357,086
DO & Co. AG * 10,735 1,073,123
EVN AG 60,237 1,681,307
Flughafen Wien AG * 15,979 502,533
IMMOFINANZ AG * 149,853 3,867,878
Lenzing AG * 22,372 2,490,209
Mayr Melnhof Karton AG 14,029 2,656,694
Oesterreichische Post AG 52,494 2,137,347
Palfinger AG 16,087 475,213
Porr AG * 19,713 265,700
S IMMO AG 80,606 2,073,290
Schoeller-Bleckmann Oilfield Equipment AG * 18,649 801,206
Strabag SE 24,316 987,320
UNIQA Insurance Group AG 181,397 1,466,965
Vienna Insurance Group AG Wiener Versicherung Gruppe 63,736 1,675,166
Wienerberger AG 181,294 5,453,198
    38,871,987
 
Belgium 1.5%
Aedifica S.A. 59,770 6,793,930
AGFA-Gevaert N.V. * 272,721 1,111,943
Barco N.V. 113,752 2,601,322
Befimmo S.A. 33,254 1,776,036
Bekaert S.A. 58,854 2,570,156
bpost S.A. * 163,374 1,108,351
Cie d'Entreprises CFE 11,256 1,499,430
Cofinimmo S.A. 51,226 6,737,591
Econocom Group S.A. N.V. 177,832 723,062
Euronav N.V. 313,521 3,520,765
Fagron 97,625 1,705,096
Gimv N.V. 31,518 1,879,795
KBC Ancora 58,423 2,635,329
Kinepolis Group N.V. * 21,203 1,371,757
Melexis N.V. 33,493 3,077,263
Mithra Pharmaceuticals S.A. *(a) 33,921 690,373
Montea C.V.A. 19,925 2,497,582
Ontex Group N.V. * 128,777 922,818
Orange Belgium S.A. 25,463 560,561
Retail Estates N.V. 16,075 1,287,353
Shurgard Self Storage S.A. 40,989 2,352,586
Tessenderlo Group S.A. * 40,145 1,481,236
Van de Velde N.V. 9,187 360,128
VGP N.V. 12,252 3,130,730
Xior Student Housing N.V. 31,424 1,713,594
    54,108,787
 
 
42
Schwab International Equity ETFs  |  Semiannual Report
See financial notes

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

SECURITY NUMBER
OF SHARES
VALUE ($)
Canada 21.0%
Aecon Group, Inc. 95,913 1,331,673
Air Canada * 294,775 5,566,178
Alamos Gold, Inc., Class A 631,969 4,653,755
Algonquin Power & Utilities Corp. 1,098,939 15,890,362
Allied Properties Real Estate Investment Trust 203,204 7,062,114
AltaGas Ltd. 452,027 9,950,403
ARC Resources Ltd. 1,057,998 13,071,178
Aritzia, Inc. * 143,603 5,456,087
Artis Real Estate Investment Trust 155,272 1,591,466
Atco Ltd., Class I 121,723 3,995,213
ATS Automation Tooling Systems, Inc. * 119,548 4,632,620
Aurora Cannabis, Inc. *(a) 323,958 1,231,109
B2Gold Corp. 1,685,312 6,803,167
Ballard Power Systems, Inc. * 405,384 4,634,421
BlackBerry Ltd. * 822,716 5,643,260
Boardwalk Real Estate Investment Trust 62,343 2,774,678
Bombardier, Inc., Class B * 3,385,907 4,217,868
Boralex, Inc., Class A (a) 130,538 3,809,052
Boyd Group Services, Inc. 34,476 4,497,768
Brookfield Infrastructure Corp., Class A (a) 100,807 7,103,025
Brookfield Renewable Corp., Class A 206,296 7,725,833
BRP, Inc. 59,490 4,260,710
CAE, Inc. * 479,512 12,820,004
Cameco Corp. 648,451 15,935,836
Canada Goose Holdings, Inc. * 79,658 2,083,851
Canadian Apartment Properties REIT 281,541 11,711,360
Canadian Western Bank 138,038 4,038,783
Canfor Corp. * 100,660 2,276,923
Capital Power Corp. 186,123 5,715,686
Cargojet, Inc. 27,161 3,923,339
Cascades, Inc. 151,919 1,572,670
CCL Industries, Inc., Class B 241,830 10,894,600
Celestica, Inc. * 166,435 1,977,511
Centerra Gold, Inc. 357,196 3,480,855
Chartwell Retirement Residences 384,971 3,693,852
Choice Properties Real Estate Investment Trust (a) 419,784 4,805,664
CI Financial Corp. 294,653 4,820,475
Cogeco Communications, Inc. 17,944 1,431,728
Colliers International Group, Inc. 51,277 7,036,513
Cominar Real Estate Investment Trust 274,002 2,527,554
Crescent Point Energy Corp. 866,050 6,193,143
Cronos Group, Inc. * 323,241 1,159,575
Dream Office Real Estate Investment Trust 59,097 1,217,957
Dye & Durham Ltd. 63,190 1,458,250
ECN Capital Corp. 364,662 1,641,676
Eldorado Gold Corp. * 303,866 3,334,896
Element Fleet Management Corp. 676,176 6,631,947
Emera, Inc. 421,725 19,717,186
Empire Co., Ltd., A Shares 268,647 8,315,592
Enerplus Corp. 413,064 5,275,860
Enghouse Systems Ltd. 69,561 2,269,981
Equinox Gold Corp. * 408,822 2,897,709
Finning International, Inc. 260,876 7,585,530
First Capital Real Estate Investment Trust 353,566 5,059,505
First Majestic Silver Corp. 360,312 4,053,812
First National Financial Corp. 27,103 943,642
First Quantum Minerals Ltd. 903,903 26,489,592
FirstService Corp. 61,134 8,697,141
GFL Environmental, Inc. 217,763 6,362,831
Gibson Energy, Inc. 237,965 4,641,664
Gildan Activewear, Inc. 312,003 12,240,525
SECURITY NUMBER
OF SHARES
VALUE ($)
Granite Real Estate Investment Trust 100,459 7,434,924
H&R Real Estate Investment Trust 454,180 4,630,069
Home Capital Group, Inc. * 80,329 2,426,305
Hudbay Minerals, Inc. 361,213 2,941,877
IA Financial Corp., Inc. 174,180 10,342,174
IAMGOLD Corp. * 778,502 2,283,303
Innergex Renewable Energy, Inc. 216,877 3,151,372
Ivanhoe Mines Ltd., Class A * 910,346 9,258,851
Keyera Corp. 357,726 8,373,781
Kinaxis, Inc. * 43,024 4,929,095
Kinross Gold Corp. 2,041,586 10,172,920
Laurentian Bank of Canada 75,370 2,529,665
Lightspeed Commerce, Inc. * 205,807 5,403,377
Linamar Corp. 72,810 3,799,656
Lundin Mining Corp. 1,047,587 10,101,304
Maple Leaf Foods, Inc. 122,966 2,588,554
Martinrea International, Inc. 128,659 1,003,223
MEG Energy Corp. * 496,821 6,482,743
Methanex Corp. 98,534 5,126,549
Mullen Group Ltd. 150,470 1,466,322
NFI Group, Inc. 103,078 1,540,867
Northland Power, Inc. 365,056 11,599,130
Novagold Resources, Inc. * 384,806 2,691,078
Nuvei Corp. * 107,706 5,843,221
OceanaGold Corp. * 1,142,115 2,152,131
Onex Corp. 125,838 8,445,091
Open Text Corp. 441,760 19,211,954
Osisko Gold Royalties Ltd. 266,993 3,294,391
Pan American Silver Corp. 335,342 7,926,482
Parex Resources, Inc. 201,698 4,444,719
Parkland Corp. 247,407 6,470,209
PrairieSky Royalty Ltd. 320,557 4,331,885
Premium Brands Holdings Corp. 58,791 5,419,516
Pretium Resources, Inc. * 309,607 4,513,449
Primaris REIT 120,268 1,355,960
Primo Water Corp. 251,220 3,650,400
Quebecor, Inc., Class B 275,194 6,014,411
RioCan Real Estate Investment Trust 515,697 10,213,513
Ritchie Bros. Auctioneers, Inc. 178,922 9,371,064
Russel Metals, Inc. 101,203 2,505,440
SmartCentres Real Estate Investment Trust (a) 215,858 5,413,682
SNC-Lavalin Group, Inc. 283,858 6,387,281
SSR Mining, Inc. 345,936 6,843,170
Stantec, Inc. 181,804 9,028,923
Stelco Holdings, Inc. 95,277 2,922,875
Stella-Jones, Inc. 105,544 3,307,742
Superior Plus Corp. 239,468 2,158,016
TFI International, Inc. 143,987 14,998,669
The Descartes Systems Group, Inc. * 139,229 9,914,585
The North West Co., Inc. 75,365 2,140,298
TMX Group Ltd. 90,436 9,129,519
Torex Gold Resources, Inc. * 134,191 1,701,259
Toromont Industries Ltd. 131,231 11,116,378
Tourmaline Oil Corp. 454,655 17,923,089
TransAlta Corp. 382,989 3,886,205
TransAlta Renewables, Inc. 175,487 2,414,356
Transcontinental, Inc., Class A 119,313 1,923,720
Turquoise Hill Resources Ltd. * 161,990 3,329,585
Vermilion Energy, Inc. * 256,813 4,798,729
West Fraser Timber Co., Ltd. 159,994 15,959,665
Westshore Terminals Investment Corp. 61,750 1,446,440
Whitecap Resources, Inc. 487,685 3,718,149
Winpak Ltd. 50,581 1,523,392
WSP Global, Inc. 189,512 23,235,709
Yamana Gold, Inc. 1,558,905 7,657,175
    761,156,744
 
 
43
Schwab International Equity ETFs  |  Semiannual Report
See financial notes

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

SECURITY NUMBER
OF SHARES
VALUE ($)
Denmark 1.6%
ALK-Abello A/S * 10,710 4,101,224
Alm. Brand A/S 1,368,169 2,239,462
Bavarian Nordic A/S * 119,032 2,995,324
Chemometec A/S 16,230 1,915,236
D/S Norden A/S 41,430 1,082,270
Dfds A/S * 48,720 2,268,801
FLSmidth & Co. A/S 90,999 2,624,489
ISS A/S * 298,036 5,476,891
Jyske Bank A/S * 89,457 4,881,769
Netcompany Group A/S 52,679 3,498,384
Nilfisk Holding A/S * 44,207 1,491,912
NKT A/S * 72,059 3,031,406
NTG Nordic Transport Group A/S * 23,280 1,450,046
Ringkjoebing Landbobank A/S 46,779 5,841,592
Scandinavian Tobacco Group A/S, Class A 98,677 2,235,023
Schouw & Co. A/S 19,816 1,720,516
Spar Nord Bank A/S 130,866 1,733,010
Sydbank A/S 96,737 3,155,158
The Drilling Co. of 1972 A/S * 34,153 1,342,903
Topdanmark A/S 69,316 3,966,865
Zealand Pharma A/S * 70,645 1,087,002
    58,139,283
 
Finland 1.1%
Cargotec Oyj, B Shares 77,921 3,101,741
Citycon Oyj * 121,624 966,503
Finnair Oyj *(a) 958,970 484,487
F-Secure Oyj 167,951 977,169
Kemira Oyj 142,872 1,901,616
Konecranes Oyj 120,188 4,219,951
Metsa Board Oyj, Class B 282,269 2,769,385
Neles Oyj 174,011 2,272,097
Oriola Oyj, B Shares 210,845 470,800
Outokumpu Oyj * 538,250 3,195,718
QT Group Oyj * 30,680 3,818,145
Raisio Oyj, V Shares 178,408 581,125
Revenio Group Oyj 37,360 1,818,666
Sanoma Oyj 122,461 1,790,878
Terveystalo Oyj 119,246 1,494,739
TietoEVRY Oyj 156,423 4,392,360
Tokmanni Group Corp. 80,089 1,495,968
Uponor Oyj 87,331 1,957,881
YIT Oyj 262,572 1,145,473
    38,854,702
 
France 3.0%
Air France-KLM *(a) 452,369 2,007,507
Akka Technologies * 20,670 1,131,575
AKWEL 12,911 289,453
Albioma S.A. 44,598 2,046,779
Altarea SCA 6,259 1,082,637
Alten S.A. 46,266 7,077,768
Aramis Group SAS * 25,444 270,069
Believe S.A. * 32,818 475,509
Beneteau S.A. * 59,870 1,004,655
Bonduelle S.C.A. 21,453 431,319
Carmila S.A. 64,704 1,138,099
Casino Guichard Perrachon S.A. * 90,040 1,609,026
CGG S.A. * 1,165,516 994,137
Coface S.A. 171,070 2,299,987
Compagnie de L'Odet S.A. 667 869,043
Derichebourg S.A. 154,007 1,615,640
Elior Group S.A. * 165,350 768,143
SECURITY NUMBER
OF SHARES
VALUE ($)
Elis S.A. * 357,323 5,775,360
Eramet S.A. * 14,042 1,861,094
Eutelsat Communications S.A. 295,381 3,270,609
Fnac Darty S.A. 28,205 1,564,352
Gaztransport Et Technigaz S.A. 41,910 4,034,185
GL Events * 21,238 381,673
Guerbet 9,688 310,125
ID Logistics Group * 3,924 1,394,954
Interparfums S.A. 25,833 1,935,343
IPSOS 61,556 2,966,094
Jacquet Metals SACA 20,924 458,286
Korian S.A. 106,135 2,161,293
Lagardere S.A. * 60,187 1,715,741
LISI 26,778 794,034
Maisons du Monde S.A. 71,325 1,579,814
Manitou BF S.A. 19,171 666,443
Mercialys S.A. 102,987 1,058,427
Mersen S.A. 24,108 898,994
Metropole Television S.A. 103,265 2,059,934
Nexans S.A. 47,290 4,605,170
Nexity S.A. 69,043 2,737,484
PEUGEOT INVEST 8,360 1,040,407
Pharmagest Interactive 6,275 534,245
Quadient S.A. 52,684 964,548
Robertet S.A. 1,143 1,093,813
Rothschild & Co. 45,770 1,801,882
SES S.A. 607,143 4,807,700
SMCP S.A. * 75,881 562,941
Societe BIC S.A. 40,780 2,164,703
Solutions 30 SE *(a) 137,833 1,223,805
Somfy S.A. 12,340 2,217,647
Sopra Steria Group S.A. 23,397 4,204,724
SPIE S.A. 201,983 4,773,290
Technip Energies N.V. * 219,801 2,491,025
Television Francaise 1 S.A. 171,124 1,701,028
Trigano S.A. 12,861 2,217,381
Vallourec S.A. * 251,000 2,469,648
Verallia S.A. 112,809 2,977,617
Vicat S.A. 25,020 921,761
Vilmorin & Cie S.A. 10,129 525,044
Virbac S.A. 7,220 2,968,080
Voltalia S.A. * 44,487 928,402
X-Fab Silicon Foundries SE * 85,084 671,832
    110,602,278
 
Germany 4.2%
Aareal Bank AG 96,799 2,981,231
About You Holding SE *(a) 52,408 760,532
ADLER Group S.A. (a) 147,121 2,057,317
AIXTRON SE 169,686 3,694,614
Atoss Software AG 6,065 1,189,412
Aurubis AG 56,963 6,721,190
Basler AG 6,245 803,849
BayWa AG 22,928 950,276
Befesa S.A. 65,220 4,563,795
Bertrandt AG 7,128 385,898
Bilfinger SE 41,248 1,569,653
CANCOM SE 58,689 3,365,850
CECONOMY AG 293,655 1,176,186
CompuGroup Medical SE & Co. KgaA 39,989 2,265,995
CropEnergies AG 29,818 417,305
Dermapharm Holding SE 28,414 2,080,833
Deutsche Beteiligungs AG 22,978 899,440
Deutsche Euroshop AG 83,148 1,569,917
Deutsche Pfandbriefbank AG 202,646 2,217,397
Deutz AG * 198,647 1,150,186
DIC Asset AG 81,759 1,375,640
 
44
Schwab International Equity ETFs  |  Semiannual Report
See financial notes

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

SECURITY NUMBER
OF SHARES
VALUE ($)
Draegerwerk AG & Co., KGaA 4,896 260,662
Duerr AG 85,068 3,090,036
Eckert & Ziegler Strahlen- und Medizintechnik AG 22,901 1,704,110
ElringKlinger AG * 42,752 462,424
Encavis AG 187,353 3,234,386
flatexDEGIRO AG * 135,033 2,818,012
Freenet AG 201,021 5,414,370
Gerresheimer AG 50,432 3,653,618
Global Fashion Group S.A. * 170,338 502,416
Grand City Properties S.A. 157,749 3,460,399
GRENKE AG (a) 43,304 1,265,102
Hamburger Hafen und Logistik AG 40,863 811,924
Hensoldt AG 49,263 1,167,510
Hornbach Holding AG & Co. KGaA 13,375 1,766,682
HUGO BOSS AG 83,220 5,122,306
Hypoport SE * 6,571 2,757,374
Indus Holding AG 33,853 1,212,956
Instone Real Estate Group AG 76,904 1,482,257
Jenoptik AG 81,515 2,968,300
K+S AG * 313,116 8,067,816
Kloeckner & Co. SE * 119,743 1,642,189
Koenig & Bauer AG * 21,605 562,989
Krones AG 23,074 2,135,538
KWS Saat SE & Co. KGaA 16,821 1,233,736
MorphoSys AG * 54,261 1,506,585
Nagarro SE * 11,494 1,646,033
New Work SE 4,627 840,883
Nordex SE *(a) 169,849 3,035,222
Norma Group SE 51,106 1,780,619
PATRIZIA AG 69,421 1,358,302
Pfeiffer Vacuum Technology AG 10,742 2,140,405
S&T AG (a) 79,567 1,258,325
Salzgitter AG * 62,286 2,755,012
Secunet Security Networks AG 2,199 937,334
SGL Carbon SE * 83,056 539,208
Shop Apotheke Europe N.V. * 11,458 1,105,501
Siltronic AG 34,950 3,986,432
Sixt SE * 21,676 3,257,561
SMA Solar Technology AG (a) 14,509 579,178
Software AG 80,132 3,049,346
Stabilus S.A. 39,032 2,319,176
STRATEC SE 11,315 1,461,537
Stroeer SE & Co. KGaA 39,646 3,008,029
Suedzucker AG 127,098 1,743,057
Synlab AG * 88,901 1,824,326
TAG Immobilien AG 203,369 5,249,187
Takkt AG 53,828 928,660
VERBIO Vereinigte BioEnergie AG 32,591 2,584,400
Vossloh AG 14,183 637,214
Wacker Neuson SE 47,579 1,134,013
Washtec AG 17,047 919,066
Wuestenrot & Wuerttembergische AG 32,547 646,324
Zeal Network SE 25,391 1,066,617
    152,291,180
 
Hong Kong 1.3%
Antengene Corp., Ltd. * 478,287 358,698
Apollo Future Mobility Group Ltd. * 7,434,576 385,349
Asia Cement China Holdings Corp. 712,979 445,287
AsiaInfo Technologies Ltd. 619,091 1,159,949
Beijing Tong Ren Tang Chinese Medicine Co., Ltd. 431,579 598,733
Canvest Environmental Protection Group Co., Ltd. 1,141,703 555,239
China Animal Healthcare Ltd. *(b) 192,752 0
China Tobacco International HK Co., Ltd. 279,661 522,550
SECURITY NUMBER
OF SHARES
VALUE ($)
Chinese Estates Holdings Ltd. 863,028 288,276
Chow Sang Sang Holdings International Ltd. 340,141 476,233
CITIC Resources Holdings Ltd. * 3,802,839 262,812
CITIC Telecom International Holdings Ltd. 2,304,534 819,919
CMBC Capital Holdings Ltd. 687,137 204,021
C-Mer Eye Care Holdings Ltd. 657,811 457,977
Cosmopolitan International Holdings Ltd. * 3,379,924 583,961
Crystal International Group Ltd. 752,965 253,439
Digital Domain Holdings Ltd. * 3,907,818 305,076
Dynam Japan Holdings Co., Ltd. 420,783 387,196
EC Healthcare 648,681 654,185
Esprit Holdings Ltd. * 4,660,087 530,796
Everest Medicines Ltd. * 164,861 506,375
Far East Consortium International Ltd. 1,804,752 623,627
Fortune Real Estate Investment Trust 2,118,850 1,990,396
Frontage Holdings Corp. * 1,170,806 539,425
GCL New Energy Holdings Ltd. * 13,197,190 290,505
Giordano International Ltd. 1,875,262 379,195
Glory Sun Financial Group Ltd. * 27,261,793 607,081
Great Eagle Holdings Ltd. 374,959 947,271
HKBN Ltd. 1,272,217 1,600,508
Hong Kong Television Network Ltd. 871,629 925,876
Hua Medicine * 1,395,021 678,434
IGG, Inc. 1,264,231 755,591
IMAX China Holding, Inc. 161,244 224,933
Jacobio Pharmaceuticals Group Co., Ltd. * 616,711 669,300
Jinchuan Group International Resources Co., Ltd. 7,952,525 1,414,696
JW Cayman Therapeutics Co., Ltd. *(a) 318,501 403,542
K Wah International Holdings Ltd. 2,123,295 804,350
LK Technology Holdings Ltd. (a) 597,184 1,001,204
Luk Fook Holdings International Ltd. 548,061 1,455,426
MH Development Ltd. *(b) 459,925 10,772
OCI International Holdings Ltd. * 1,576,440 724,294
Pacific Basin Shipping Ltd. 7,099,459 3,761,568
Pacific Textiles Holdings Ltd. 778,853 377,779
Pou Sheng International Holdings Ltd. * 3,339,877 491,554
Powerlong Commercial Management Holdings Ltd. 289,871 506,014
Powerlong Real Estate Holdings Ltd. 2,305,258 1,100,453
Prosperity REIT 2,035,621 755,506
Razer, Inc. * 5,953,774 1,927,774
Realord Group Holdings Ltd. * 577,238 719,544
Road King Infrastructure Ltd. 427,134 405,066
Sa Sa International Holdings Ltd. * 1,833,672 326,197
Singamas Container Holdings Ltd. 2,177,571 303,768
SmarTone Telecommunications Holdings Ltd. 563,907 321,152
Stella International Holdings Ltd. 675,000 685,911
Sun Hung Kai & Co., Ltd. 932,851 472,771
SUNeVision Holdings Ltd. 979,487 872,471
Sunlight Real Estate Investment Trust 1,608,866 831,849
Superb Summit International Group Ltd. *(b) 1,120,000 0
Television Broadcasts Ltd. * 490,600 320,215
Texhong Textile Group Ltd. 483,817 599,996
The United Laboratories International Holdings Ltd. 885,168 489,387
Truly International Holdings Ltd. 2,427,148 838,694
Value Partners Group Ltd. 1,535,488 750,677
Vesync Co., Ltd. 630,576 437,401
Vobile Group Ltd. * 2,214,634 1,618,383
VSTECS Holdings Ltd. 1,074,947 1,106,080
 
45
Schwab International Equity ETFs  |  Semiannual Report
See financial notes

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

SECURITY NUMBER
OF SHARES
VALUE ($)
Xiabuxiabu Catering Management China Holdings Co., Ltd. * 813,414 511,136
    46,333,843
 
Ireland 0.4%
Bank of Ireland Group plc * 1,485,366 9,856,693
Cairn Homes plc 1,149,538 1,634,611
Dalata Hotel Group plc * 361,083 1,709,472
Hibernia REIT plc 1,079,373 1,406,329
Irish Continental Group plc * 254,938 1,153,976
    15,761,081
 
Israel 1.0%
AFI Properties Ltd. 26,439 1,539,922
Allot Ltd. * 54,955 444,207
AudioCodes Ltd. 36,678 1,034,964
Brack Capital Properties N.V. * 3,575 618,711
Camtek Ltd. * 42,066 1,391,067
Cellcom Israel Ltd. * 136,109 695,948
Clal Insurance Enterprises Holdings Ltd. * 73,953 1,730,788
Compugen Ltd. * 135,714 405,010
Danel Adir Yeoshua Ltd. 7,411 1,600,135
Delek Automotive Systems Ltd. 82,723 1,315,382
Delek Group Ltd. * 12,714 1,572,666
Delta Galil Industries Ltd. 14,507 1,005,617
Equital Ltd. * 26,391 1,056,315
FIBI Holdings Ltd. 27,925 1,323,311
Formula Systems 1985 Ltd. 12,284 1,247,772
Fox Wizel Ltd. 11,086 1,874,499
Gilat Satellite Networks Ltd. * 43,471 350,703
Hilan Ltd. 22,523 1,359,622
IDI Insurance Co., Ltd. 13,018 452,013
Isracard Ltd. 308,808 1,621,376
Kamada Ltd. * 55,339 317,831
Matrix IT Ltd. 51,492 1,390,651
Mega Or Holdings Ltd. 32,355 1,276,859
Menora Mivtachim Holdings Ltd. * 37,287 872,428
Migdal Insurance & Financial Holding Ltd. 518,169 907,194
Naphtha Israel Petroleum Corp., Ltd. * 57,025 452,400
Oil Refineries Ltd. * 2,584,009 919,794
Partner Communications Co., Ltd. * 170,310 1,307,032
Perion Network Ltd. * 49,492 1,126,962
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. 11,414 946,463
Reit 1 Ltd. 291,930 1,931,659
Sella Capital Real Estate Ltd. 332,819 1,096,435
Summit Real Estate Holdings Ltd. * 65,297 1,453,036
    36,638,772
 
Italy 2.3%
ACEA S.p.A. 68,510 1,309,697
Anima Holding S.p.A. 413,483 1,964,515
Arnoldo Mondadori Editore S.p.A. * 206,212 453,970
Autogrill S.p.A. * 310,144 2,364,626
Azimut Holding S.p.A. 206,596 4,965,843
Banca Generali S.p.A. 89,324 3,313,859
Banca IFIS S.p.A. 41,834 889,952
Banca Monte dei Paschi di Siena S.p.A. *(a) 445,058 429,105
Banca Popolare di Sondrio Scarl 633,825 2,523,018
Banco BPM S.p.A. 2,505,954 8,672,056
BFF Bank S.p.A. 301,589 2,184,905
SECURITY NUMBER
OF SHARES
VALUE ($)
Biesse S.p.A. * 25,525 563,073
BPER Banca 1,685,461 3,398,133
Brembo S.p.A. 234,163 2,787,927
Brunello Cucinelli S.p.A. * 54,003 3,051,007
Carel Industries S.p.A. 73,624 1,819,279
Cementir Holding N.V. 77,617 620,718
CIR SpA-Compagnie Industriali * 1,148,106 516,466
Credito Emiliano S.p.A. 120,817 877,990
Danieli & C Officine Meccaniche S.p.A. 20,279 471,492
Datalogic S.p.A. 31,866 448,830
doValue S.p.A. 95,531 777,928
Enav S.p.A. * 406,270 1,873,661
ERG S.p.A. 105,101 3,336,079
Falck Renewables S.p.A. 187,861 1,856,849
Fincantieri S.p.A. *(a) 781,444 555,157
Gruppo MutuiOnline S.p.A. 27,384 1,145,725
GVS S.p.A. 111,946 1,134,155
Immobiliare Grande Distribuzione SIIQ S.p.A. * 111,055 561,940
Iren S.p.A. 1,020,010 2,882,520
Italmobiliare S.p.A. 21,607 745,058
Juventus Football Club S.p.A. *(a) 1,516,604 597,230
Maire Tecnimont S.p.A. (a) 263,833 839,227
MARR S.p.A. 54,072 1,016,682
MFE-MediaForEurope N.V., Class A * 444,475 400,386
MFE-MediaForEurope N.V., Class B 457,953 563,753
Piaggio & C S.p.A. 281,221 828,205
RAI Way S.p.A. 149,178 823,542
Saipem S.p.A. *(a) 906,681 1,075,414
Salvatore Ferragamo S.p.A. * 108,524 2,367,795
Saras S.p.A. * 917,390 565,078
Sesa S.p.A. 11,543 1,854,010
Societa Cattolica Di Assicurazione S.p.A. * 51,438 316,897
SOL S.p.A. 57,446 1,122,707
Tamburi Investment Partners S.p.A. 166,128 1,617,779
Technogym S.p.A. 218,867 1,736,800
Tinexta S.p.A. 31,998 1,035,796
Tod's S.p.A. * 14,112 721,519
Unipol Gruppo S.p.A. 787,243 4,008,222
Webuild S.p.A. (a) 508,819 963,559
Zignago Vetro S.p.A. 49,428 710,625
    81,660,759
 
Japan 17.0%
Adastria Co., Ltd. 37,837 557,823
ADEKA Corp. 162,116 3,739,893
Advan Co., Ltd. 31,485 258,331
Aeon Delight Co., Ltd. 29,432 759,981
Aeon Hokkaido Corp. 77,601 788,980
Ai Holdings Corp. 57,378 860,359
Aichi Corp. 37,141 283,778
Aichi Steel Corp. 22,994 524,664
Aida Engineering Ltd. 89,111 768,285
Aiful Corp. 473,018 1,515,465
Aiphone Co., Ltd. 19,447 362,009
Airtrip Corp. 18,271 489,395
Aisan Industry Co., Ltd. 55,921 360,749
Alconix Corp. 31,338 381,471
Alpen Co., Ltd. 24,462 448,780
Alpha Systems, Inc. 10,786 348,842
Amuse, Inc. 16,938 309,274
Anest Iwata Corp. 54,493 388,442
Anicom Holdings, Inc. 131,004 837,152
AOKI Holdings, Inc. 65,071 337,855
Aoyama Trading Co., Ltd. * 70,518 415,730
Arakawa Chemical Industries Ltd. 26,642 261,851
 
46
Schwab International Equity ETFs  |  Semiannual Report
See financial notes

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

SECURITY NUMBER
OF SHARES
VALUE ($)
Arata Corp. 20,296 704,875
Arcland Sakamoto Co., Ltd. 38,952 530,633
Arcland Service Holdings Co., Ltd. 23,826 469,176
Arcs Co., Ltd. 56,153 1,060,898
Argo Graphics, Inc. 23,508 651,101
ARTERIA Networks Corp. 39,573 455,944
Aruhi Corp. 54,292 473,273
Asahi Diamond Industrial Co., Ltd. 76,601 381,093
Asahi Holdings, Inc. 120,474 2,338,874
ASAHI YUKIZAI Corp. 18,749 339,248
ASKA Pharmaceutical Holdings Co., Ltd. 33,297 331,308
Atom Corp. 187,058 1,253,821
Atrae, Inc. * 29,226 463,353
Autobacs Seven Co., Ltd. 94,963 1,184,822
Avex, Inc. 49,552 595,011
Axial Retailing, Inc. 22,211 641,212
Bando Chemical Industries Ltd. 66,420 495,375
Bank of the Ryukyus Ltd. 63,974 463,246
Base Co., Ltd. 13,521 610,455
Belc Co., Ltd. 15,089 719,241
Bell System24 Holdings, Inc. 54,836 637,988
Belluna Co., Ltd. 77,205 492,021
BeNext-Yumeshin Group Co. 91,363 1,294,590
BML, Inc. 32,467 937,293
BrainPad, Inc. * 24,411 242,044
Broadleaf Co., Ltd. 136,010 410,953
BRONCO BILLY Co., Ltd. 14,660 286,008
Bunka Shutter Co., Ltd. 80,945 764,646
Canon Electronics, Inc. 31,808 442,426
Carta Holdings, Inc. 32,143 645,511
Cawachi Ltd. 19,609 417,122
Central Glass Co., Ltd. 63,993 1,144,012
Change, Inc. * 51,620 788,810
Chilled & Frozen Logistics Holdings Co., Ltd. 34,198 370,262
Chiyoda Corp. * 247,619 769,677
Chiyoda Integre Co., Ltd. 17,882 307,879
Chofu Seisakusho Co., Ltd. 33,072 574,866
Chori Co., Ltd. 18,674 289,899
Chubu Shiryo Co., Ltd. 44,676 408,067
Chudenko Corp. 41,560 788,440
Chugoku Marine Paints Ltd. 72,698 579,438
CI Takiron Corp. 67,861 329,362
Citizen Watch Co., Ltd. 423,346 1,834,162
CKD Corp. 95,164 1,637,639
CMK Corp. * 74,847 399,661
COLOPL, Inc. 80,613 451,447
Colowide Co., Ltd. (a) 111,150 1,670,507
Comforia Residential REIT, Inc. 1,029 2,774,079
Computer Engineering & Consulting Ltd. 40,666 397,921
Comture Corp. 36,558 929,702
CONEXIO Corp. 26,536 319,561
Cosel Co., Ltd. 31,117 223,162
CRE Logistics REIT, Inc. 891 1,476,039
Create Restaurants Holdings, Inc. (a) 159,077 1,001,353
Create SD Holdings Co., Ltd. 39,402 1,075,922
CTS Co., Ltd. 40,492 293,560
Curves Holdings Co., Ltd. 99,132 607,660
Cybozu, Inc. 39,484 470,003
Dai Nippon Toryo Co., Ltd. 42,348 298,927
Daibiru Corp. (a) 36,067 687,363
Dai-Dan Co., Ltd. 22,888 462,629
Daido Metal Co., Ltd. 64,683 356,620
Daihen Corp. 32,302 1,207,381
Daiho Corp. 25,656 797,469
Daiichi Jitsugyo Co., Ltd. 14,420 548,379
Daiken Corp. 21,821 424,768
Daikokutenbussan Co., Ltd. 8,369 346,241
SECURITY NUMBER
OF SHARES
VALUE ($)
Daikyonishikawa Corp. 94,003 460,323
Dainichiseika Color & Chemicals Manufacturing Co., Ltd. 20,039 390,428
Daiseki Co., Ltd. 74,381 3,015,926
Daishi Hokuetsu Financial Group, Inc. 70,578 1,630,632
Daito Pharmaceutical Co., Ltd. 20,401 533,163
Daiwa Industries Ltd. 42,335 407,636
Daiwa Securities Living Investments Corp. 3,262 2,962,494
Daiwabo Holdings Co., Ltd. 141,854 2,172,611
DCM Holdings Co., Ltd. 160,005 1,548,996
Denyo Co., Ltd. 26,155 392,864
Descente Ltd. * 60,761 1,590,574
Dexerials Corp. 76,041 2,139,117
Digital Arts, Inc. 15,883 885,338
Digital Garage, Inc. 51,738 1,790,110
Digital Holdings, Inc. 25,558 332,859
Dip Corp. 32,127 945,609
Direct Marketing MiX, Inc. 29,730 413,006
DKK Co., Ltd. 18,564 383,610
DKS Co., Ltd. 13,490 322,448
Doshisha Co., Ltd. 37,674 506,681
Doutor Nichires Holdings Co., Ltd. 41,106 578,536
DTS Corp. 64,717 1,541,858
Duskin Co., Ltd. 63,271 1,538,720
DyDo Group Holdings, Inc. 12,862 575,119
Eagle Industry Co., Ltd. 43,571 391,921
Earth Corp. 21,767 1,060,238
EDION Corp. 130,660 1,357,934
eGuarantee, Inc. 51,049 902,416
Eiken Chemical Co., Ltd. 50,506 763,017
Eizo Corp. 31,173 997,374
Elan Corp. 52,090 439,153
EM Systems Co., Ltd. 62,325 389,616
Enigmo, Inc. 39,800 240,511
en-japan, Inc. 49,996 1,306,603
eRex Co., Ltd. 55,742 896,325
ES-Con Japan Ltd. 61,917 407,494
ESPEC Corp. 30,113 538,073
euglena Co., Ltd. * 133,219 879,066
Exedy Corp. 45,431 658,340
FCC Co., Ltd. 53,522 655,229
Feed One Co., Ltd. 40,212 237,414
FIDEA Holdings Co., Ltd. 29,555 358,483
Financial Products Group Co., Ltd. 91,967 679,522
France Bed Holdings Co., Ltd. 32,440 262,506
Frontier Real Estate Investment Corp. 790 3,244,367
Fudo Tetra Corp. 18,649 251,298
Fuji Co., Ltd. (a) 30,676 838,979
Fuji Corp. 139,826 2,817,766
Fuji Seal International, Inc. 66,727 1,050,947
Fuji Soft, Inc. 34,106 1,664,213
Fujibo Holdings, Inc. 18,627 580,603
Fujicco Co., Ltd. 34,934 606,625
Fujikura Ltd. * 420,434 2,252,292
Fujimi, Inc. 31,558 1,854,983
Fujimori Kogyo Co., Ltd. 24,438 845,543
Fujio Food Group., Inc. 36,541 416,886
Fujitec Co., Ltd. 126,279 3,009,645
Fujiya Co., Ltd. 17,992 398,972
Fukuda Corp. 8,072 302,065
Fukui Computer Holdings, Inc. 11,402 311,841
Fukuoka REIT Corp. 1,161 1,580,593
Fukushima Galilei Co., Ltd. 16,103 550,865
FULLCAST Holdings Co., Ltd. 30,171 619,792
Funai Soken Holdings, Inc. 50,158 971,151
Furukawa Battery Co., Ltd. 21,221 238,051
Furukawa Co., Ltd. 50,110 577,782
 
47
Schwab International Equity ETFs  |  Semiannual Report
See financial notes

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

SECURITY NUMBER
OF SHARES
VALUE ($)
Furuno Electric Co., Ltd. 39,329 352,399
Fuso Chemical Co., Ltd. 29,418 1,178,763
Fuso Pharmaceutical Industries Ltd. 10,781 220,628
Futaba Corp. 61,121 352,371
Futaba Industrial Co., Ltd. 94,021 317,553
Future Corp. 55,273 675,706
G-7 Holdings, Inc. 27,614 397,757
Gakken Holdings Co., Ltd. 43,408 388,194
Genky DrugStores Co., Ltd. 13,479 460,515
Geo Holdings Corp. 43,333 571,126
giftee, Inc. * 32,343 237,570
Giken Ltd. 23,561 732,350
Global One Real Estate Investment Corp. 1,502 1,444,946
GLOBERIDE, Inc. 31,459 778,998
Glory Ltd. 84,858 1,533,964
GMO GlobalSign Holdings KK 8,435 320,043
Goldcrest Co., Ltd. 24,688 397,194
Gree, Inc. 120,303 984,986
gremz, Inc. 25,121 475,483
G-Tekt Corp. 30,536 384,169
Gunze Ltd. 24,846 848,874
H2O Retailing Corp. 139,561 1,042,088
Hakuto Co., Ltd. 18,713 399,200
Halows Co., Ltd. 13,732 347,786
Hamakyorex Co., Ltd. 25,380 639,926
Hankyu Hanshin REIT, Inc. 1,069 1,343,965
Hanwa Co., Ltd. 60,084 1,739,789
Happinet Corp. 25,371 349,588
Hazama Ando Corp. 288,576 2,315,122
Heiwa Real Estate Co., Ltd. 55,722 1,981,173
Heiwa Real Estate REIT, Inc. 1,479 1,779,808
Heiwado Co., Ltd. 48,147 836,067
Hibiya Engineering Ltd. 30,594 499,385
Hiday Hidaka Corp. 45,563 707,725
HI-LEX Corp. 43,449 505,129
Hioki EE Corp. 14,061 836,274
Hirata Corp. 14,264 645,239
HIS Co., Ltd. * 62,487 1,070,973
Hitachi Zosen Corp. 257,971 1,769,456
Hito Communications Holdings, Inc. 16,950 248,713
Hochiki Corp. 26,103 276,271
Hodogaya Chemical Co., Ltd. 9,804 364,751
Hogy Medical Co., Ltd. 33,512 974,736
Hokkaido Electric Power Co., Inc. 282,868 1,237,816
Hokkoku Financial Holdings, Inc. 36,876 974,929
Hokuetsu Corp. 221,212 1,375,192
Hokuhoku Financial Group, Inc. 206,532 1,687,403
Hokuriku Electric Power Co. 277,448 1,358,634
Hokuto Corp. 27,792 475,607
Hoshino Resorts REIT, Inc. 371 2,093,770
Hosiden Corp. 88,100 902,609
Hosokawa Micron Corp. 21,004 488,194
Hulic REIT, Inc. 2,038 2,767,469
Ichibanya Co., Ltd. 26,367 1,071,392
Ichigo Office REIT Investment Corp. 1,823 1,315,314
Ichikoh Industries Ltd. 94,033 411,484
Ichiyoshi Securities Co., Ltd. 60,647 342,267
Icom, Inc. 14,852 307,292
Idec Corp. 40,750 893,723
IDOM, Inc. 86,505 493,456
Iino Kaiun Kaisha Ltd. 141,451 1,084,447
I'll, Inc. 28,914 329,119
Inaba Denki Sangyo Co., Ltd. 83,129 1,923,497
Inabata & Co., Ltd. 69,841 1,407,432
Inageya Co., Ltd. 38,447 479,023
Ines Corp. 29,803 403,152
Infocom Corp. 33,211 580,454
Infomart Corp. 331,444 1,942,476
SECURITY NUMBER
OF SHARES
VALUE ($)
Insource Co., Ltd. 33,040 560,540
Intage Holdings, Inc. 54,383 803,645
Invincible Investment Corp. 7,972 2,720,205
Iriso Electronics Co., Ltd. 32,272 1,146,017
Iseki & Co., Ltd. 26,035 270,805
Ishihara Sangyo Kaisha Ltd. 53,749 494,673
Itochu Advance Logistics Investment Corp. 961 1,223,205
Itochu Enex Co., Ltd. 72,935 661,750
Itochu-Shokuhin Co., Ltd. 8,228 355,767
J Trust Co., Ltd. 132,726 495,526
JAC Recruitment Co., Ltd. 21,547 341,983
Jaccs Co., Ltd. 39,595 1,113,851
JAFCO Group Co., Ltd. 128,463 1,918,440
Japan Display, Inc. *(a) 1,091,893 398,172
Japan Elevator Service Holdings Co., Ltd. 111,551 1,445,054
Japan Excellent, Inc. 1,986 2,210,594
Japan Lifeline Co., Ltd. 105,837 1,005,302
Japan Material Co., Ltd. 93,302 1,356,089
Japan Medical Dynamic Marketing, Inc. 19,277 268,798
Japan Petroleum Exploration Co., Ltd. 49,721 1,179,835
Japan Pulp & Paper Co., Ltd. 17,121 626,568
Japan Securities Finance Co., Ltd. 141,802 1,127,768
Japan Transcity Corp. 77,175 404,051
JCU Corp. 34,173 1,462,756
JDC Corp. 66,475 308,783
JINS Holdings, Inc. 24,521 1,375,348
JM Holdings Co., Ltd. 23,522 364,139
J-Oil Mills, Inc. 28,025 422,170
Joshin Denki Co., Ltd. 30,570 556,856
Joyful Honda Co., Ltd. 101,230 1,399,246
JSP Corp. 18,962 264,900
Juroku Financial Group, Inc. 53,038 1,125,460
JVC Kenwood Corp. 250,413 404,400
K&O Energy Group, Inc. 17,816 250,283
Kaga Electronics Co., Ltd. 28,441 743,281
Kameda Seika Co., Ltd. 22,553 808,716
Kamei Corp. 34,758 317,175
Kanagawa Chuo Kotsu Co., Ltd. 10,256 321,015
Kanamoto Co., Ltd. 47,669 942,412
Kanematsu Corp. 133,109 1,617,995
Kanematsu Electronics Ltd. 19,969 677,047
Kansai Food Market Ltd. 29,639 287,447
Kanto Denka Kogyo Co., Ltd. 71,673 746,134
Kappa Create Co., Ltd. * 39,857 479,980
Katakura Industries Co., Ltd. 35,504 726,264
Katitas Co., Ltd. 77,519 2,426,360
Kato Sangyo Co., Ltd. 34,204 919,135
KeePer Technical Laboratory Co., Ltd. 24,035 449,293
Keihanshin Building Co., Ltd. 65,577 847,220
Keiyo Co., Ltd. 64,027 495,316
Kenedix Residential Next Investment Corp. 1,582 2,591,911
Kenedix Retail REIT Corp. 917 2,080,418
Key Coffee, Inc. 25,605 465,081
KFC Holdings Japan Ltd. 20,918 527,604
KH Neochem Co., Ltd. 57,706 1,416,910
Kintetsu Department Store Co., Ltd. * 13,968 306,223
Kintetsu World Express, Inc. 55,847 1,457,089
Kisoji Co., Ltd. 32,688 612,465
Kissei Pharmaceutical Co., Ltd. 50,416 1,062,380
Kitanotatsujin Corp. 106,214 205,650
Kitz Corp. 126,182 718,692
KLab, Inc. * 51,096 176,124
Koa Corp. 44,371 553,987
Koatsu Gas Kogyo Co., Ltd. 40,229 245,897
Kohnan Shoji Co., Ltd. 39,758 1,259,967
 
48
Schwab International Equity ETFs  |  Semiannual Report
See financial notes

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

SECURITY NUMBER
OF SHARES
VALUE ($)
Komatsu Matere Co., Ltd. 55,467 635,216
KOMEDA Holdings Co., Ltd. 50,761 931,261
Komeri Co., Ltd. 43,880 1,075,903
Komori Corp. 70,470 458,889
Konishi Co., Ltd. 39,155 541,218
Konoike Transport Co., Ltd. 46,280 480,983
Koshidaka Holdings Co., Ltd. 66,724 369,611
Kumagai Gumi Co., Ltd. 57,451 1,439,081
Kumiai Chemical Industry Co., Ltd. 158,961 1,122,078
Kura Sushi, Inc. 32,577 1,047,951
Kurabo Industries Ltd. 27,761 460,132
Kureha Corp. 29,890 2,384,972
KYB Corp. 31,233 833,874
Kyodo Printing Co., Ltd. 12,697 313,966
Kyoei Steel Ltd. 35,182 484,468
Kyokuto Kaihatsu Kogyo Co., Ltd. 48,485 609,562
Kyokuyo Co., Ltd. 14,902 422,444
KYORIN Holdings, Inc. 63,127 1,026,585
Kyoritsu Maintenance Co., Ltd. 39,511 1,457,970
Kyosan Electric Manufacturing Co., Ltd. 83,718 308,196
LEC, Inc. 42,521 353,311
Leopalace21 Corp. * 369,491 654,449
Life Corp. 32,324 853,180
Link And Motivation, Inc. 69,622 251,467
LITALICO, Inc. 27,000 664,832
M&A Capital Partners Co., Ltd. * 20,425 888,468
Macnica Fuji Electronics Holdings, Inc. 75,503 1,754,252
Macromill, Inc. 54,882 537,026
Maeda Kosen Co., Ltd. 32,123 917,601
Maezawa Kyuso Industries Co., Ltd. 23,870 202,690
Makino Milling Machine Co., Ltd. 33,740 1,100,010
Mandom Corp. 58,385 696,514
Marudai Food Co., Ltd. 32,802 435,177
Maruha Nichiro Corp. 58,895 1,286,051
Marusan Securities Co., Ltd. 89,603 421,661
Maruwa Co., Ltd. 13,197 1,703,837
Maruzen Showa Unyu Co., Ltd. 24,733 685,029
Marvelous, Inc. 58,201 364,341
Matsuda Sangyo Co., Ltd. 18,337 392,612
Matsuya Co., Ltd. * 62,758 375,976
Matsuyafoods Holdings Co., Ltd. 13,218 422,333
Max Co., Ltd. 60,969 936,967
Maxell Holdings Ltd. 64,771 663,035
Maxvalu Tokai Co., Ltd. 17,900 405,169
MCJ Co., Ltd. 101,295 883,885
MEC Co., Ltd. 21,262 586,124
Media Do Co., Ltd. 10,200 220,694
Medical Data Vision Co., Ltd. 25,072 230,530
MedPeer, Inc. * 25,600 700,152
Megachips Corp. 26,290 824,023
Megmilk Snow Brand Co., Ltd. 66,499 1,173,800
Meidensha Corp. 60,917 1,188,457
Meisei Industrial Co., Ltd. 75,295 481,156
Meitec Corp. 38,336 2,243,409
Melco Holdings, Inc. 8,268 275,660
METAWATER Co., Ltd. 34,308 626,734
Micronics Japan Co., Ltd. 52,511 745,435
Midac Holdings Co., Ltd. 18,849 380,335
Mie Kotsu Group Holdings, Inc. 100,466 403,870
Milbon Co., Ltd. 30,058 1,589,349
Mimasu Semiconductor Industry Co., Ltd. 24,443 514,009
Mirai Corp. 2,389 1,014,301
Mirait Holdings Corp. 133,166 2,251,133
Miroku Jyoho Service Co., Ltd. 31,607 417,402
Mitani Sekisan Co., Ltd. 16,451 878,434
Mitsubishi Estate Logistics REIT Investment Corp. 598 2,214,430
SECURITY NUMBER
OF SHARES
VALUE ($)
Mitsubishi Logisnext Co., Ltd. 104,203 841,405
Mitsubishi Pencil Co., Ltd. 71,453 794,715
Mitsubishi Research Institute, Inc. 10,184 343,077
Mitsuboshi Belting Ltd. 32,811 615,625
Mitsui DM Sugar Holdings Co., Ltd. 25,825 460,332
Mitsui E&S Holdings Co., Ltd. * 111,862 332,162
Mitsui High-Tec, Inc. 36,406 2,639,376
Mitsui-Soko Holdings Co., Ltd. 35,584 735,624
Mitsuuroko Group Holdings Co., Ltd. 73,477 688,996
Mixi, Inc. 60,500 1,169,290
Mizuho Leasing Co., Ltd. 64,744 1,748,243
Mizuno Corp. 30,767 606,658
Mochida Pharmaceutical Co., Ltd 39,611 1,320,653
Modec, Inc. 31,400 320,066
Monex Group, Inc. 280,134 1,259,904
Monogatari Corp. 15,649 865,501
Mori Trust Hotel Reit, Inc. 488 519,460
Mori Trust Sogo REIT, Inc. 1,556 1,858,959
Moriroku Holdings Co., Ltd. 19,746 327,457
Morita Holdings Corp. 65,549 697,748
MOS Food Services, Inc. 39,650 1,048,268
Musashi Seimitsu Industry Co., Ltd. 72,183 1,118,703
Nachi-Fujikoshi Corp. 29,232 1,058,367
Nagaileben Co., Ltd. 41,821 795,570
Nagatanien Holdings Co., Ltd. 13,052 229,593
Nagawa Co., Ltd. 15,736 1,328,013
Neturen Co., Ltd. 56,521 294,444
Nextage Co., Ltd. 58,321 1,239,590
Nichias Corp. 91,736 2,068,490
Nichiban Co., Ltd. 21,912 338,644
Nichicon Corp. 95,349 1,008,336
Nichiden Corp. 22,466 445,906
Nichiha Corp. 45,950 1,028,514
Nichi-iko Pharmaceutical Co., Ltd. 78,912 579,636
Nichireki Co., Ltd. 35,713 399,688
Nihon Parkerizing Co., Ltd. 154,975 1,326,723
Nikkiso Co., Ltd. 97,784 674,109
Nippn Corp. 72,976 1,081,572
Nippon Carbon Co., Ltd. 17,661 628,696
Nippon Ceramic Co., Ltd. 28,754 626,883
Nippon Chemi-Con Corp. * 33,482 526,177
Nippon Denko Co., Ltd. 179,821 523,030
Nippon Densetsu Kogyo Co., Ltd. 55,655 769,288
Nippon Gas Co., Ltd. 172,908 2,595,684
Nippon Holdings Co., Ltd. 84,150 1,600,074
Nippon Kanzai Co., Ltd. 28,327 700,458
Nippon Koei Co., Ltd. 23,289 619,759
Nippon Light Metal Holdings Co., Ltd. 90,499 1,447,355
Nippon Paper Industries Co., Ltd. 152,955 1,458,169
Nippon Parking Development Co., Ltd. 217,716 264,643
Nippon Pillar Packing Co., Ltd. 25,846 648,086
NIPPON REIT Investment Corp. 690 2,153,723
Nippon Rietec Co., Ltd. 23,700 287,054
Nippon Seiki Co., Ltd. 76,705 647,339
Nippon Sheet Glass Co., Ltd. * 154,066 639,406
Nippon Signal Company Ltd. 82,993 625,465
Nippon Soda Co., Ltd. 40,882 1,196,200
Nippon Steel Trading Corp. 23,189 1,095,274
Nippon Suisan Kaisha Ltd. 427,196 2,017,752
Nippon Thompson Co., Ltd. 104,200 489,448
Nippon Yakin Kogyo Co., Ltd. 23,862 585,492
Nishimatsu Construction Co., Ltd. 42,548 1,413,033
Nishimatsuya Chain Co., Ltd. 73,725 912,801
Nishi-Nippon Financial Holdings, Inc. 228,669 1,637,959
Nishio Rent All Co., Ltd. 25,324 629,939
Nissan Shatai Co., Ltd. 96,019 546,894
Nissei ASB Machine Co., Ltd. 12,863 334,153
Nissha Co., Ltd. 60,990 695,289
 
49
Schwab International Equity ETFs  |  Semiannual Report
See financial notes

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

SECURITY NUMBER
OF SHARES
VALUE ($)
Nisshinbo Holdings, Inc. 223,053 1,959,884
Nissin Electric Co., Ltd. 71,499 902,002
Nissin Sugar Co., Ltd. 20,915 330,136
Nitta Corp. 30,890 743,720
Nittetsu Mining Co., Ltd. 10,178 588,543
Nitto Boseki Co., Ltd. 46,343 1,225,218
Nitto Kogyo Corp. 44,538 623,358
Nitto Kohki Co., Ltd. 18,836 261,504
Nohmi Bosai Ltd. 35,483 613,077
Nojima Corp. 52,167 1,152,724
Nomura Co., Ltd. 120,059 966,309
Noritake Co., Ltd. 21,398 849,046
Noritsu Koki Co., Ltd. 33,757 604,358
Noritz Corp. 53,423 715,244
North Pacific Bank Ltd. 410,670 905,667
NS United Kaiun Kaisha Ltd. 15,919 577,051
NSD Co., Ltd. 108,749 2,029,100
NTN Corp. * 710,450 1,338,551
NTT UD REIT Investment Corp. 2,166 2,828,447
Obara Group, Inc. 16,225 436,705
Ohsho Food Service Corp. 17,025 894,302
Oiles Corp. 43,669 605,887
Oisix ra daichi, Inc. * 38,938 863,110
Okabe Co., Ltd. 68,401 425,817
Okamoto Industries, Inc. 22,629 787,864
Okamura Corp. 118,591 1,220,146
Okasan Securities Group, Inc. 265,760 904,519
Oki Electric Industry Co., Ltd. 139,080 1,019,175
Okinawa Financial Group, Inc. 35,861 733,255
Okumura Corp. 58,268 1,641,673
Okuwa Co., Ltd. 41,052 347,164
One REIT, Inc. 414 1,027,676
Onoken Co., Ltd. 24,053 337,901
Onward Holdings Co., Ltd. 164,602 395,874
Open Door, Inc. * 25,179 419,522
Optex Group Co., Ltd. 55,662 804,181
Optim Corp. * 31,889 263,031
Optorun Co., Ltd. 16,254 261,645
Organo Corp. 10,073 711,035
Oriental Shiraishi Corp. * 149,750 326,349
Oro Co., Ltd. 10,571 219,176
Osaka Organic Chemical Industry Ltd. 24,199 634,521
Osaka Soda Co., Ltd. 30,627 834,980
Osaki Electric Co., Ltd. 60,396 256,424
Outsourcing, Inc. 165,083 2,018,119
Oyo Corp. 33,096 599,133
Pacific Industrial Co., Ltd. 75,667 666,829
Pacific Metals Co., Ltd. 22,866 671,040
PAL GROUP Holdings Co., Ltd. 33,062 458,146
Paramount Bed Holdings Co., Ltd. 66,821 1,171,942
Pasona Group, Inc. 29,683 646,364
Pharma Foods International Co., Ltd. (a) 40,150 556,366
PIA Corp. * 10,182 284,663
Pilot Corp. 57,679 2,358,742
Piolax, Inc. 40,428 606,552
Plenus Co., Ltd. 40,193 696,900
Poletowin Pitcrew Holdings, Inc. 47,393 433,707
Press Kogyo Co., Ltd. 151,433 490,423
Pressance Corp. 30,418 474,328
Prestige International, Inc. 135,001 815,808
Prima Meat Packers Ltd. 47,194 992,027
Proto Corp. 34,009 340,754
Qol Holdings Co., Ltd. 34,279 381,556
Raccoon Holdings, Inc. 20,791 201,637
Raito Kogyo Co., Ltd. 72,520 1,229,707
Raiznext Corp. 70,458 696,168
Raksul, Inc. * 40,191 1,081,763
Relia, Inc. 67,711 619,643
SECURITY NUMBER
OF SHARES
VALUE ($)
Restar Holdings Corp. 40,432 695,076
Retail Partners Co., Ltd. 57,271 638,969
Rheon Automatic Machinery Co., Ltd. 30,219 270,246
Ricoh Leasing Co., Ltd. 20,682 667,103
Riken Corp. 15,294 333,035
Riken Keiki Co., Ltd. 27,912 1,166,888
Riken Technos Corp. 75,816 306,753
Riken Vitamin Co., Ltd. 20,480 309,578
Ringer Hut Co., Ltd. 36,623 712,586
Riso Kagaku Corp. 36,268 720,164
Riso Kyoiku Co., Ltd. 127,279 400,043
Rock Field Co., Ltd. 33,258 456,819
Rokko Butter Co., Ltd. 19,118 261,602
Roland Corp. 20,020 673,562
Roland DG Corp. 18,739 492,168
Rorze Corp. 15,596 1,448,901
Round One Corp. 101,322 1,137,481
Royal Holdings Co., Ltd. * 58,484 999,826
RS Technologies Co., Ltd. 11,752 564,259
Ryobi Ltd. 44,952 426,981
Ryoden Corp. 21,622 336,415
Ryosan Co., Ltd. 37,651 761,683
Ryoyo Electro Corp. 20,616 390,035
S Foods, Inc. 29,692 852,026
Sagami Holdings Corp. * 32,406 337,073
Saibu Gas Holdings Co., Ltd. 36,761 733,784
Saizeriya Co., Ltd. 40,911 1,040,757
Sakai Chemical Industry Co., Ltd. 24,580 422,134
Sakai Moving Service Co., Ltd. 14,275 548,443
Sakata INX Corp. 70,014 582,969
Sakata Seed Corp. 52,098 1,526,640
SAMTY Co., Ltd. 41,852 789,983
Samty Residential Investment Corp. 644 657,559
San ju San Financial Group, Inc. 35,329 462,567
San-A Co., Ltd. 27,085 1,002,974
San-Ai Oil Co., Ltd. 82,139 677,509
Sanei Architecture Planning Co., Ltd. 15,215 214,007
Sangetsu Corp. 93,967 1,315,171
Sanken Electric Co., Ltd. 31,951 1,442,546
Sanki Engineering Co., Ltd. 83,443 1,081,662
Sankyo Seiko Co., Ltd. 60,421 297,449
Sankyo Tateyama, Inc. 47,371 258,294
Sanoh Industrial Co., Ltd. 37,200 226,737
Sanrio Co., Ltd. 91,137 1,857,952
Sanyo Chemical Industries Ltd. 16,699 742,339
Sanyo Denki Co., Ltd. 13,595 597,271
Sanyo Electric Railway Co., Ltd. 26,986 474,232
Sanyo Special Steel Co., Ltd. 37,356 689,549
Sato Holdings Corp. 36,678 646,781
SB Technology Corp. 16,108 366,425
SBS Holdings, Inc. 28,386 818,246
Seikagaku Corp. 64,696 511,726
Seiko Holdings Corp. 43,368 903,696
Seiren Co., Ltd. 66,730 1,333,731
Sekisui Jushi Corp. 42,156 701,288
Senko Group Holdings Co., Ltd. 165,168 1,349,452
Senshu Ikeda Holdings, Inc. 446,960 721,811
Shibaura Machine Co., Ltd. 44,348 1,178,249
Shibuya Corp. 34,679 742,207
Shikoku Chemicals Corp. 49,318 622,604
Shima Seiki Manufacturing Ltd. 45,928 712,996
Shin Nippon Air Technologies Co., Ltd. 20,713 368,671
Shin Nippon Biomedical Laboratories Ltd. 30,037 401,884
Shindengen Electric Manufacturing Co., Ltd. * 12,573 320,834
Shin-Etsu Polymer Co., Ltd. 55,545 528,081
Shinko Shoji Co., Ltd. 55,057 447,913
 
50
Schwab International Equity ETFs  |  Semiannual Report
See financial notes

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

SECURITY NUMBER
OF SHARES
VALUE ($)
Shinmaywa Industries Ltd. 86,311 697,682
Shinnihon Corp. 36,594 237,658
Shinwa Co., Ltd. 18,061 300,298
Shizuoka Gas Co., Ltd. 90,651 683,965
Shoei Co., Ltd. 38,823 1,533,707
Shoei Foods Corp. 21,331 781,566
Showa Sangyo Co., Ltd. 42,506 1,011,951
Siix Corp. 54,045 523,205
Sinanen Holdings Co., Ltd. 13,594 408,381
Sinfonia Technology Co., Ltd. 42,153 479,448
Sinko Industries Ltd. 26,727 403,313
Sintokogio Ltd. 81,783 491,373
SKY Perfect JSAT Holdings, Inc. 196,684 736,017
Sodick Co., Ltd. 74,740 502,917
Solasto Corp. 75,791 675,818
SOSiLA Logistics REIT, Inc. * 994 1,272,976
Sparx Group Co., Ltd. 136,902 301,915
S-Pool, Inc. 93,770 819,851
SRA Holdings 11,178 281,452
SRE Holdings Corp. * 10,010 318,530
St Marc Holdings Co., Ltd. 22,960 320,154
Star Asia Investment Corp. 2,649 1,331,687
Star Micronics Co., Ltd. 58,960 749,446
Starts Corp., Inc. 45,989 1,036,574
Starts Proceed Investment Corp. 347 679,087
Starzen Co., Ltd. 23,528 434,300
Stella Chemifa Corp. 13,830 289,749
Strike Co., Ltd. 21,871 844,077
Studio Alice Co., Ltd. 14,234 269,417
Sumida Corp. 34,025 267,355
Sumitomo Densetsu Co., Ltd. 21,325 427,518
Sumitomo Mitsui Construction Co., Ltd. 235,123 900,276
Sumitomo Osaka Cement Co., Ltd. 53,823 1,600,554
Sumitomo Riko Co., Ltd. 62,697 341,860
Sumitomo Seika Chemicals Co., Ltd. 14,948 424,397
Sun Frontier Fudousan Co., Ltd. 41,121 383,451
Suruga Bank Ltd. 301,321 1,182,523
SWCC Showa Holdings Co., Ltd. 35,207 575,295
Systena Corp. 438,568 1,587,869
T Hasegawa Co., Ltd. 33,762 704,407
Tachibana Eletech Co., Ltd. 22,874 324,714
Tachi-S Co., Ltd. 44,700 435,842
Tadano Ltd. 190,663 1,623,967
Taihei Dengyo Kaisha Ltd. 23,479 532,673
Taikisha Ltd. 45,759 1,231,629
Taiko Pharmaceutical Co., Ltd. *(a) 45,879 233,428
Taiyo Holdings Co., Ltd. 57,136 1,520,485
Takamatsu Construction Group Co., Ltd. 22,070 389,183
Takara Leben Co., Ltd. 128,298 349,777
Takara Leben Real Estate Investment Corp. 834 829,112
Takara Standard Co., Ltd. 78,971 933,870
Takasago International Corp. 23,364 560,290
Takasago Thermal Engineering Co., Ltd. 92,536 1,554,653
Takeuchi Manufacturing Co., Ltd. 55,845 1,243,694
Taki Chemical Co., Ltd. 8,052 333,126
Takuma Co., Ltd. 112,368 1,419,539
Tama Home Co., Ltd. 24,253 485,376
Tamron Co., Ltd. 18,882 385,919
Tamura Corp. 127,496 666,400
Tanseisha Co., Ltd. 54,699 348,117
Tayca Corp. 29,029 336,981
TechMatrix Corp. 38,107 591,250
Teikoku Electric Manufacturing Co., Ltd. 26,007 315,900
Teikoku Sen-I Co., Ltd. 35,595 588,125
Tekken Corp. 22,292 376,066
Tenma Corp. 22,456 507,514
Tess Holdings Co., Ltd. 22,521 254,589
SECURITY NUMBER
OF SHARES
VALUE ($)
T-Gaia Corp. 33,812 508,758
The 77 Bank Ltd. 113,695 1,538,967
The Aichi Bank Ltd. 13,916 584,188
The Akita Bank Ltd. 29,695 447,326
The Aomori Bank Ltd. 32,975 551,707
The Awa Bank Ltd. 58,887 1,188,221
The Bank of Iwate Ltd. 25,473 427,296
The Bank of Nagoya Ltd. 30,088 774,830
The Ehime Bank Ltd. 53,431 444,891
The Fukui Bank Ltd. 36,554 464,324
The Gunma Bank Ltd. 670,287 2,228,955
The Hyakugo Bank Ltd. 331,408 1,021,488
The Hyakujushi Bank Ltd. 45,272 707,922
The Japan Steel Works Ltd. 100,122 3,242,501
The Japan Wool Textile Co., Ltd. 98,593 774,705
The Keiyo Bank Ltd. 184,514 820,240
The Kiyo Bank Ltd. 103,793 1,329,235
The Miyazaki Bank Ltd. 23,180 442,770
The Musashino Bank Ltd. 46,167 761,600
The Nanto Bank Ltd. 45,703 845,610
The Nippon Road Co., Ltd. 8,714 737,673
The Nisshin Oillio Group Ltd. 37,134 984,974
The Ogaki Kyoritsu Bank Ltd. 63,032 1,114,245
The Oita Bank Ltd. 26,525 469,816
The Okinawa Electric Power Co., Inc. 74,600 939,180
The Pack Corp. 18,122 430,963
The San-in Godo Bank Ltd. 248,746 1,468,611
The Shibusawa Warehouse Co., Ltd. 15,815 305,796
The Shiga Bank Ltd. 78,837 1,531,905
The Shikoku Bank Ltd. 62,004 431,215
The Sumitomo Warehouse Co., Ltd. 84,865 1,569,459
The Tochigi Bank Ltd. 170,165 332,426
The Toho Bank Ltd. 305,995 563,238
The Yamagata Bank Ltd. 52,343 453,556
The Yamanashi Chuo Bank Ltd. 49,355 426,379
TKC Corp. 46,239 1,256,593
Toa Corp. (a) 25,848 579,462
Toagosei Co., Ltd. 199,714 1,895,267
TOC Co., Ltd. 77,175 475,748
Tocalo Co., Ltd. 87,348 1,013,972
Toei Co., Ltd. 10,964 1,696,362
Toenec Corp. 12,268 379,198
Toho Holdings Co., Ltd. 85,419 1,403,193
Toho Titanium Co., Ltd. 50,447 477,861
Toho Zinc Co., Ltd. 21,056 502,017
Tokai Corp. 28,195 460,471
TOKAI Holdings Corp. 190,005 1,506,182
Tokai Tokyo Financial Holdings, Inc. 354,451 1,292,550
Token Corp. 11,855 935,637
Tokushu Tokai Paper Co., Ltd. 14,004 403,067
Tokyo Electron Device Ltd. 9,295 430,148
Tokyo Energy & Systems, Inc. 30,001 252,667
Tokyo Kiraboshi Financial Group, Inc. 40,247 681,063
Tokyo Seimitsu Co., Ltd. 62,986 2,581,237
Tokyo Steel Manufacturing Co., Ltd. 125,643 1,227,249
Tokyotokeiba Co., Ltd. 24,223 857,033
Tokyu Construction Co., Ltd. 101,911 628,234
Tokyu REIT, Inc. 1,408 2,207,812
TOMONY Holdings, Inc. 228,966 685,854
Tomy Co., Ltd. 142,827 1,557,549
Tonami Holdings Co., Ltd. 10,868 351,966
Topcon Corp. 168,296 2,203,520
Toppan Forms Co., Ltd. *(a)(b) 62,856 845,902
Topre Corp. 69,065 713,587
Topy Industries Ltd. 30,288 294,268
Toridoll Holdings Corp. 68,656 1,458,661
Torii Pharmaceutical Co., Ltd. 20,622 522,287
Torishima Pump Manufacturing Co., Ltd. 36,126 302,997
 
51
Schwab International Equity ETFs  |  Semiannual Report
See financial notes

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

SECURITY NUMBER
OF SHARES
VALUE ($)
Tosei Corp. 42,811 404,042
Tosho Co., Ltd. 22,318 336,974
Totetsu Kogyo Co., Ltd. 45,045 981,271
Towa Corp. 37,911 764,309
Towa Pharmaceutical Co., Ltd. 42,171 1,088,189
Toyo Construction Co., Ltd. 122,594 636,520
Toyo Corp. 31,410 295,896
Toyo Ink SC Holdings Co., Ltd. 57,981 969,077
Toyo Kanetsu KK 12,974 273,166
Toyo Tanso Co., Ltd. 23,081 618,232
Toyobo Co., Ltd. 141,666 1,532,588
TPR Co., Ltd. 41,171 496,519
Trancom Co., Ltd. 9,777 617,986
Transcosmos, Inc. 43,695 1,198,838
Tri Chemical Laboratories, Inc. 43,000 994,964
Trusco Nakayama Corp. 64,300 1,402,960
TSI Holdings Co., Ltd. 126,866 367,903
Tsubaki Nakashima Co., Ltd. 67,825 572,987
Tsubakimoto Chain Co. 53,545 1,527,201
Tsugami Corp. 68,335 747,576
Tsukishima Kikai Co., Ltd. 56,461 511,789
Tsurumi Manufacturing Co., Ltd. 33,053 514,556
UACJ Corp. * 45,674 932,713
Ubicom Holdings, Inc. 10,100 200,816
Uchida Yoko Co., Ltd. 14,238 588,434
Union Tool Co. 14,928 479,562
Unipres Corp. 61,723 412,648
United Arrows Ltd. 42,348 626,533
United Super Markets Holdings, Inc. (a) 87,813 808,177
Usen-Next Holdings Co., Ltd. 27,218 565,274
UT Group Co., Ltd. 45,076 1,360,010
V Technology Co., Ltd. 14,200 421,038
Valor Holdings Co., Ltd. 65,088 1,257,398
Valqua Ltd. 20,527 482,632
ValueCommerce Co., Ltd. 26,033 799,016
V-Cube, Inc. 31,600 234,308
Vector, Inc. 37,948 364,406
Vision, Inc./Tokyo Japan * 42,649 430,286
Vital KSK Holdings, Inc. 54,210 382,659
VT Holdings Co., Ltd. 135,698 578,491
Wacoal Holdings Corp. 89,037 1,526,790
Wacom Co., Ltd. 229,681 1,726,970
Wakita & Co., Ltd. 71,527 617,924
Warabeya Nichiyo Holdings Co., Ltd. 21,594 343,854
WDB Holdings Co., Ltd. 13,664 308,574
Weathernews, Inc. 9,145 627,267
WingArc1st, Inc. 26,565 289,234
World Co., Ltd. * 29,891 327,263
World Holdings Co., Ltd. 14,752 275,892
W-Scope Corp. * 82,216 697,417
Xebio Holdings Co., Ltd. 36,438 303,716
YAKUODO Holdings Co., Ltd. 17,924 378,478
YAMABIKO Corp. 51,986 600,316
YA-MAN Ltd. 43,583 357,594
Yamashin-Filter Corp. 58,087 183,074
Yamazen Corp. 101,527 906,184
Yellow Hat Ltd. 45,936 649,306
Yodogawa Steel Works Ltd. 43,380 1,039,538
Yokogawa Bridge Holdings Corp. 48,218 880,002
Yokohama Reito Co., Ltd. 55,561 422,104
Yokowo Co., Ltd. 35,454 839,137
Yondoshi Holdings, Inc. 29,601 440,256
Yonex Co., Ltd. 63,120 500,905
Yorozu Corp. 31,476 245,960
Yoshinoya Holdings Co., Ltd. (a) 100,592 2,083,894
Yuasa Trading Co., Ltd. 25,510 660,923
Yukiguni Maitake Co., Ltd. 32,921 343,287
Yurtec Corp. 54,438 347,401
SECURITY NUMBER
OF SHARES
VALUE ($)
Zenrin Co., Ltd. 57,447 555,142
ZERIA Pharmaceutical Co., Ltd. 61,100 1,051,976
Zojirushi Corp. 70,592 888,721
Zuken, Inc. 20,725 576,719
    617,259,537
 
Netherlands 1.6%
Accell Group N.V. * 35,180 2,276,018
Alfen Beheer BV * 18,149 1,769,415
AMG Advanced Metallurgical Group N.V. 47,148 1,870,429
APERAM S.A. 77,768 4,353,477
Arcadis N.V. 115,332 5,264,545
B&S Group Sarl 43,053 349,139
Basic-Fit N.V. * 84,127 3,838,244
Boskalis Westminster 130,608 3,778,965
Brunel International N.V. 33,922 404,635
Corbion N.V. 95,208 3,520,388
Eurocommercial Properties N.V. 77,171 1,922,529
Flow Traders 42,688 1,472,937
Fugro N.V. CVA * 170,629 1,644,362
Intertrust N.V. * 143,042 3,104,045
Koninklijke BAM Groep N.V. * 405,253 1,141,592
NSI N.V. 28,687 1,140,632
OCI N.V. * 155,691 4,424,267
PostNL N.V. 807,532 3,245,319
SBM Offshore N.V. 264,298 4,022,448
Sligro Food Group N.V. * 55,759 1,424,799
TKH Group N.V. 66,537 3,684,406
TomTom N.V. * 111,118 930,442
Vastned Retail N.V. 27,644 788,664
Wereldhave N.V. 67,135 1,226,103
    57,597,800
 
New Zealand 1.0%
Argosy Property Ltd. 1,391,010 1,294,378
Arvida Group Ltd. 1,133,663 1,227,530
Chorus Ltd. 718,002 3,549,556
EBOS Group Ltd. 175,006 4,615,423
Freightways Ltd. 257,274 2,120,661
Genesis Energy Ltd. 816,163 1,521,692
Goodman Property Trust 1,753,372 2,859,692
Heartland Group Holdings Ltd. 663,404 1,019,136
Kathmandu Holdings Ltd. 938,297 831,840
Oceania Healthcare Ltd. 1,127,301 801,046
Pacific Edge Ltd. * 1,128,396 733,096
Precinct Properties New Zealand Ltd. 2,122,677 2,298,434
Pushpay Holdings Ltd. * 1,198,084 754,047
Restaurant Brands New Zealand Ltd. * 51,817 507,422
Scales Corp., Ltd. 178,754 610,907
Serko Ltd. * 138,516 452,767
Skellerup Holdings Ltd. 285,064 1,134,352
SKY Network Television Ltd. * 275,178 486,051
Stride Property Group 693,480 910,466
Summerset Group Holdings Ltd. 365,397 2,920,404
Synlait Milk Ltd. * 172,105 392,511
Tourism Holdings Ltd. * 233,254 413,579
Vector Ltd. 411,021 1,057,002
Vista Group International Ltd. * 380,959 507,893
Vital Healthcare Property Trust 685,364 1,428,565
Z Energy Ltd. 773,915 1,906,438
    36,354,888
 
Norway 2.0%
Atea A.S.A. * 134,786 2,102,954
Austevoll Seafood A.S.A. 146,299 2,072,957
 
52
Schwab International Equity ETFs  |  Semiannual Report
See financial notes

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

SECURITY NUMBER
OF SHARES
VALUE ($)
Bakkafrost P/F 82,202 5,599,381
Bonheur A.S.A. 32,173 1,269,556
Borregaard A.S.A. 163,701 3,622,638
BW LPG Ltd. 126,064 750,479
BW Offshore Ltd. 145,130 459,470
Crayon Group Holding A.S.A. * 111,597 2,511,477
DNO A.S.A. 892,815 1,125,962
Elkem A.S.A. 417,655 1,576,836
Entra A.S.A. 101,131 2,144,835
Frontline Ltd. * 188,987 1,817,305
Grieg Seafood A.S.A. * 93,463 1,179,760
Hexagon Composites A.S.A. * 185,196 593,898
Kahoot! A.S.A. * 525,042 1,649,106
Kongsberg Gruppen A.S.A. 123,677 4,362,762
MPC Container Ships A/S 504,801 1,584,383
NEL A.S.A. *(a) 2,223,191 4,048,877
Nordic Semiconductor A.S.A. * 253,073 6,734,300
Norway Royal Salmon A.S.A. 22,440 516,748
Sbanken A.S.A. 135,901 1,407,900
Sparebank 1 Oestlandet 45,997 727,068
SpareBank 1 SMN 217,506 3,596,387
SpareBank 1 SR-Bank A.S.A. 296,311 4,407,439
Stolt-Nielsen Ltd. 31,007 552,182
Storebrand A.S.A. 754,940 7,482,737
Subsea 7 S.A. 371,320 2,537,778
TGS Nopec Geophysical Co. A.S.A. 189,759 2,123,383
Veidekke A.S.A. 176,159 2,728,430
Wallenius Wilhelmsen A.S.A. * 170,921 1,296,439
    72,583,427
 
Poland 0.6%
Alior Bank S.A. * 151,756 1,699,841
AmRest Holdings SE * 118,468 651,312
Asseco Poland S.A. 91,576 1,619,846
Bank Handlowy w Warszawie S.A. 53,848 747,835
Bank Millennium S.A. * 1,003,029 1,679,507
CCC S.A. * 47,130 603,841
Ciech S.A. 41,518 400,939
Enea S.A. * 345,156 724,386
Eurocash S.A. 127,708 289,545
Grupa Azoty S.A. * 77,379 603,347
Grupa Lotos S.A. * 156,478 2,028,772
Jastrzebska Spolka Weglowa S.A. * 83,684 984,565
Kernel Holding S.A. 84,773 623,107
KRUK S.A. 28,949 1,811,605
mBank S.A. * 20,612 2,034,841
Orange Polska S.A. * 1,098,133 2,044,808
PGE Polska Grupa Energetyczna S.A. * 1,169,992 2,281,533
Tauron Polska Energia S.A. * 1,552,023 921,531
Warsaw Stock Exchange 40,663 373,826
    22,124,987
 
Portugal 0.3%
Altri, SGPS, S.A. 116,666 730,544
Banco Comercial Portugues S.A., Class R * 12,745,656 2,363,560
Corticeira Amorim SGPS S.A. 55,076 596,344
CTT-Correios de Portugal S.A. 246,434 1,198,521
Greenvolt-Energias Renovaveis S.A. * 57,582 380,942
NOS, SGPS S.A. 346,041 1,334,705
REN - Redes Energeticas Nacionais, SGPS, S.A. 605,944 1,759,342
Semapa-Sociedade de Investimento e Gestao 24,735 319,497
Sonae, SGPS, S.A. 1,549,800 1,688,514
SECURITY NUMBER
OF SHARES
VALUE ($)
The Navigator Co. S.A. 412,719 1,477,849
    11,849,818
 
Republic of Korea 5.8%
ABLBio, Inc. * 39,846 873,242
Ace Technologies Corp. * 51,559 458,836
Advanced Process Systems Corp. * 16,270 302,436
AfreecaTV Co., Ltd. 11,024 1,276,285
Ahnlab, Inc. 9,454 511,091
Amicogen, Inc. * 27,219 578,405
Ananti, Inc. * 69,741 539,436
Anterogen Co., Ltd. * 9,131 190,997
Aprogen pharmaceuticals, Inc. * 288,607 189,148
Asiana Airlines, Inc. * 55,175 878,780
BH Co., Ltd. 41,813 669,439
Binex Co., Ltd. * 34,678 382,155
Binggrae Co., Ltd. * 7,218 320,573
Boryung Pharmaceutical Co., Ltd. 49,436 511,896
Bukwang Pharmaceutical Co., Ltd. 57,329 591,242
Cafe24 Corp. * 17,951 291,134
Cellid Co., Ltd. * 10,710 291,722
Cellivery Therapeutics, Inc. * 19,832 497,305
Chabiotech Co., Ltd. * 67,367 966,508
Chong Kun Dang Pharmaceutical Corp. * 13,023 1,040,887
Chongkundang Holdings Corp. * 4,174 237,800
Chunbo Co., Ltd. 6,883 1,620,068
CJ CGV Co., Ltd. * 31,730 682,181
CMG Pharmaceutical Co., Ltd. * 161,304 432,657
Com2uS Holdings Corp. * 7,326 816,471
Com2uSCorp 15,549 1,421,246
Cosmax, Inc. * 13,259 947,268
CosmoAM&T Co., Ltd. * 31,277 1,006,712
Creative & Innovative System * 71,344 815,886
CrystalGenomics, Inc. * 69,081 325,770
CS Wind Corp. 31,378 1,555,395
Cuckoo Homesys Co., Ltd. * 8,031 258,494
Daea TI Co., Ltd. * 99,981 392,490
Daeduck Electronics Co., Ltd. / New 55,457 1,146,177
Daejoo Electronic Materials Co., Ltd. 16,245 1,207,887
Daesang Corp. * 34,824 644,433
Daewoong Co., Ltd. * 32,611 817,750
Daewoong Pharmaceutical Co., Ltd. * 6,061 836,800
Daishin Securities Co., Ltd. 53,390 752,660
Daou Technology, Inc. 36,926 660,298
Dawonsys Co., Ltd. 42,006 1,004,427
DB HiTek Co., Ltd. 58,423 3,372,193
Dentium Co., Ltd. * 10,396 522,243
DIO Corp. * 18,580 506,861
Dong-A Socio Holdings Co., Ltd. 5,279 454,424
Dong-A ST Co., Ltd. 7,173 406,869
Dongjin Semichem Co., Ltd. 47,104 1,386,852
DongKook Pharmaceutical Co., Ltd. 39,775 698,010
Dongkuk Steel Mill Co., Ltd. 95,176 1,306,112
Dongwon F&B Co., Ltd. 1,782 256,403
Dongwon Industries Co., Ltd. 1,970 344,076
Doosan Co., Ltd. * 9,120 860,914
Doosan Fuel Cell Co., Ltd. * 46,821 1,510,920
DoubleUGames Co., Ltd. 15,044 619,352
Duk San Neolux Co., Ltd. * 19,043 612,936
Duzone Bizon Co., Ltd. 29,009 1,165,330
Ecopro Co., Ltd. 29,421 2,116,619
Ecopro HN Co., Ltd. 18,402 798,922
ENF Technology Co., Ltd. 15,731 374,844
Enzychem Lifesciences Corp. * 17,515 477,808
Eo Technics Co., Ltd. * 12,699 1,051,957
Eoflow Co., Ltd. * 39,257 669,330
ESR Kendall Square REIT Co., Ltd. 162,954 855,192
 
53
Schwab International Equity ETFs  |  Semiannual Report
See financial notes

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

SECURITY NUMBER
OF SHARES
VALUE ($)
Eubiologics Co., Ltd. * 48,748 973,054
Eugene Investment & Securities Co., Ltd. * 97,879 273,933
Eugene Technology Co., Ltd. 21,978 792,403
Eutilex Co., Ltd. * 16,082 234,071
Eyegene, Inc. * 29,287 300,823
Foosung Co., Ltd. 80,198 1,407,392
GemVax & Kael Co., Ltd. * 54,931 692,148
GeneOne Life Science, Inc. * 113,229 1,379,636
Genexine, Inc. * 30,483 1,177,640
GOLFZON Co., Ltd. * 5,034 634,300
Grand Korea Leisure Co., Ltd. * 27,217 330,493
Green Cross Holdings Corp. 44,914 833,020
Green Cross LabCell Corp. * 12,967 731,204
Halla Holdings Corp. 11,206 377,463
Hana Tour Service, Inc. * 15,250 993,118
Hanall Biopharma Co., Ltd. * 56,584 880,044
Hancom, Inc. * 25,665 427,981
Handsome Co., Ltd. 22,103 659,036
Hanil Cement Co., Ltd. 26,396 397,361
Hanjin Transportation Co., Ltd. * 23,316 552,673
Hankook & Co. Co., Ltd. 41,083 457,864
Hanmi Semiconductor Co., Ltd. 36,480 1,013,375
Hansae Co., Ltd. 27,226 512,886
Hansol Chemical Co., Ltd. 14,061 2,508,491
Hansol Paper Co., Ltd. 26,548 271,585
Hanwha General Insurance Co., Ltd. * 121,761 431,913
Hanwha Investment & Securities Co., Ltd. * 178,135 712,629
Hanwha Systems Co., Ltd. 93,490 1,220,770
Harim Holdings Co., Ltd. 51,285 443,601
HDC Holdings Co., Ltd. * 59,225 376,329
HJ Shipbuilding & Construction Co., Ltd. * 105,979 646,090
HK inno N Corp. * 15,712 559,953
HLB Life Science Co., Ltd. * 126,952 1,119,218
HLB Therapeutics Co., Ltd. * 40,242 498,695
HS Industries Co., Ltd. * 67,033 295,484
Huchems Fine Chemical Corp. 33,891 622,939
Hugel, Inc. * 9,731 1,188,099
Humasis Co., Ltd. 47,834 737,989
Huons Co., Ltd. 10,147 394,116
Huons Global Co., Ltd. 9,248 232,286
Hyosung Advanced Materials Corp. 5,237 2,021,015
Hyosung Chemical Corp. * 3,437 786,106
Hyosung Corp. 14,515 1,026,136
Hyosung Heavy Industries Corp. * 10,400 482,655
Hyosung TNC Corp. 4,743 1,901,381
Hyundai Autoever Corp. 6,992 625,142
Hyundai Bioland Co., Ltd. 17,204 233,231
Hyundai Bioscience Co., Ltd. * 55,565 1,481,148
Hyundai Construction Equipment Co., Ltd. 21,436 597,252
Hyundai Electric & Energy System Co., Ltd. * 34,669 588,221
Hyundai Elevator Co., Ltd. * 43,048 1,351,571
Hyundai Greenfood Co., Ltd. 106,032 739,891
Hyundai Home Shopping Network Corp. 8,540 414,091
Hyundai Rotem Co., Ltd. * 115,659 1,904,644
Iljin Materials Co., Ltd. 28,208 2,132,580
Ilyang Pharmaceutical Co., Ltd. 20,167 421,002
iMarketKorea, Inc. 33,945 280,911
InBody Co., Ltd. 15,798 324,540
Innocean Worldwide, Inc. 18,634 774,899
Innox Advanced Materials Co., Ltd. 20,122 702,057
Inscobee, Inc. * 166,338 374,912
Insun ENT Co., Ltd. * 43,900 379,723
SECURITY NUMBER
OF SHARES
VALUE ($)
Interpark Holdings Corp. 93,488 457,196
INTOPS Co., Ltd. 19,492 533,361
iNtRON Biotechnology, Inc. * 42,275 645,192
IS Dongseo Co., Ltd. * 21,217 933,488
i-SENS, Inc. 15,220 350,009
ITM Semiconductor Co., Ltd. 11,659 338,905
JB Financial Group Co., Ltd. 230,529 1,576,037
Jeil Pharmaceutical Co., Ltd. * 11,831 264,201
JR Reit XXVII 171,328 765,194
Jusung Engineering Co., Ltd. 52,945 1,140,496
JW Pharmaceutical Corp. 20,597 430,835
JYP Entertainment Corp. * 46,367 1,922,398
Kakao Games Corp. * 43,727 2,673,044
KC Tech Co., Ltd. 16,667 287,637
KCC Glass Corp. 14,424 693,398
KEPCO Engineering & Construction Co., Inc. * 20,964 1,555,278
KH FEELUX Co., Ltd. * 159,652 268,222
KH Vatec Co., Ltd. 25,689 465,771
KISWIRE Ltd. * 18,960 333,517
KIWOOM Securities Co., Ltd. * 20,648 1,743,063
KMW Co., Ltd. * 44,822 1,157,502
Koh Young Technology, Inc. 100,138 1,586,584
Kolmar Korea Co., Ltd. * 23,296 893,205
Kolon Corp. 9,732 235,540
Kolon Industries, Inc. 30,141 1,469,009
Komipharm International Co., Ltd. * 56,246 387,807
Korea Asset In Trust Co., Ltd. 98,144 303,652
Korea Electric Terminal Co., Ltd. 10,436 505,157
Korea Line Corp. * 253,532 586,201
Korea Petrochemical Ind Co., Ltd. * 4,458 630,316
Korea Real Estate Investment & Trust Co., Ltd. 269,684 491,211
Korea United Pharm, Inc. * 14,029 536,144
Korean Reinsurance Co. 129,053 1,036,846
KTB Investment & Securities Co., Ltd. * 65,601 274,986
Kuk-il Paper Manufacturing Co., Ltd. * 132,771 411,338
Kumho Tire Co., Inc. * 208,815 691,216
KUMHOE&C Co., Ltd. * 43,376 387,817
Kwang Dong Pharmaceutical Co., Ltd. 43,410 263,200
L&C Bio Co., Ltd. 18,833 495,750
L&F Co., Ltd. * 34,994 5,675,411
LEENO Industrial, Inc. 15,283 2,289,240
LegoChem Biosciences, Inc. * 26,123 953,799
LF Corp. 27,829 414,305
LG Hausys Ltd. 10,156 464,574
LIG Nex1 Co., Ltd. 16,834 953,462
LOTTE Himart Co., Ltd. 17,228 332,424
LOTTE Reit Co., Ltd. 198,897 903,213
Lotte Tour Development Co., Ltd. * 46,805 690,971
LS Electric Co., Ltd. 24,333 869,216
Lutronic Corp. * 34,625 610,513
LX Holdings Corp. * 63,483 515,319
LX International Corp. 38,559 947,660
Maeil Dairies Co., Ltd. 6,835 387,128
Mcnex Co., Ltd. 19,329 735,478
Medipost Co., Ltd. * 23,665 380,852
MedPacto, Inc. * 24,626 711,734
MegaStudyEdu Co., Ltd. * 13,469 932,025
Meritz Financial Group, Inc. 43,556 1,334,918
Meritz Fire & Marine Insurance Co., Ltd. 93,600 3,199,534
Meritz Securities Co., Ltd. 455,069 2,217,910
Mezzion Pharma Co., Ltd. * 8,840 1,199,890
Mirae Asset Life Insurance Co., Ltd. 109,621 371,983
Modetour Network, Inc. * 26,987 545,419
Namhae Chemical Corp. * 32,582 261,772
Namyang Dairy Products Co., Ltd. * 767 251,339
Naturecell Co., Ltd. * 73,485 993,164
 
54
Schwab International Equity ETFs  |  Semiannual Report
See financial notes

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

SECURITY NUMBER
OF SHARES
VALUE ($)
Neowiz * 19,748 401,579
NEPES Corp. * 25,572 604,021
Nexen Tire Corp. * 48,369 253,039
Next Science Co., Ltd. * 62,301 875,691
NHN KCP Corp. * 34,703 679,715
NICE Holdings Co., Ltd. 32,224 447,574
NICE Information Service Co., Ltd. * 61,869 957,095
NKMax Co., Ltd. * 45,041 584,389
NS Shopping Co., Ltd. (b) 23,974 279,150
OliX Pharmaceuticals, Inc. * 14,289 328,599
OptoElectronics Solutions Co., Ltd. 11,137 252,872
Orion Holdings Corp. 31,582 370,363
Oscotec, Inc. * 38,829 963,984
Osstem Implant Co., Ltd. (b) 15,229 1,355,582
Park Systems Corp. 6,815 674,500
Partron Co., Ltd. 59,327 567,439
Peptron, Inc. * 25,131 196,475
PharmaResearch Co., Ltd. 10,098 734,034
Pharmicell Co., Ltd. * 87,080 793,052
PI Advanced Materials Co., Ltd. 21,101 760,784
Poongsan Corp. 30,296 801,275
Posco ICT Co., Ltd. 130,815 625,597
RFHIC Corp. 24,933 586,854
S&S Tech Corp. 24,877 578,294
Sam Chun Dang Pharm Co., Ltd. * 20,555 618,864
Sambu Engineering & Construction Co., Ltd. * 170,837 306,906
Samchully Co., Ltd. * 3,217 271,573
Samsung Pharmaceutical Co., Ltd. * 100,746 358,625
Samwha Capacitor Co., Ltd. 11,033 516,620
Samyang Corp. 6,015 258,139
Samyang Holdings Corp. 9,065 626,524
Sangsangin Co., Ltd. 64,123 496,515
Seah Besteel Corp. 16,472 241,802
Sebang Global Battery Co., Ltd. 14,208 751,552
Seobu T&D 43,563 323,548
Seojin System Co., Ltd. * 19,681 555,720
Seoul Semiconductor Co., Ltd. * 56,943 629,885
SFA Engineering Corp. 29,778 931,220
SFA Semicon Co., Ltd. * 113,255 612,266
Shinsegae International, Inc. 3,906 492,169
Shinsung E&G Co., Ltd. * 244,975 349,426
Silicon Works Co., Ltd. 13,805 1,308,912
SIMMTECH Co., Ltd. 30,597 1,353,816
SK Discovery Co., Ltd. 16,371 552,122
SK Gas Ltd. 3,994 395,298
SK Securities Co., Ltd. * 526,555 390,641
SL Corp. * 23,163 456,575
SM Entertainment Co., Ltd. 26,960 1,663,768
S-MAC Co., Ltd. *(b) 93,155 253,739
SNT Motiv Co., Ltd. 11,958 428,652
Solid, Inc. * 69,360 357,083
SOLUM Co., Ltd. * 60,035 1,128,449
Songwon Industrial Co., Ltd. 25,690 432,671
Soulbrain Co., Ltd. 7,157 1,353,005
Soulbrain Holdings Co., Ltd. 8,868 211,678
ST Pharm Co., Ltd. 14,917 1,234,450
STCUBE * 41,397 209,335
Studio Dragon Corp. * 9,966 707,032
Sungwoo Hitech Co., Ltd. 68,476 274,223
Taekwang Industrial Co., Ltd. * 846 714,176
Taeyoung Engineering & Construction Co., Ltd. 34,152 280,351
Taihan Electric Wire Co., Ltd. * 375,759 500,033
Telcon RF Pharmaceutical, Inc. * 111,282 200,842
TES Co., Ltd. 19,868 418,891
Tesna, Inc. 15,976 585,970
The Nature Holdings Co., Ltd.. 13,631 414,933
SECURITY NUMBER
OF SHARES
VALUE ($)
Tokai Carbon Korea Co., Ltd. 7,092 693,658
Tongyang Life Insurance Co., Ltd. 49,035 250,813
Tongyang, Inc. * 296,612 345,371
TY Holdings Co., Ltd. * 43,419 984,046
UniTest, Inc. * 23,498 513,991
Vaxcell-Bio Therapeutics Co., Ltd. * 15,819 449,960
Vidente Co., Ltd. * 56,315 756,425
Vieworks Co., Ltd. 10,962 350,098
Webzen, Inc. * 24,499 470,684
Wemade Co., Ltd. 27,308 2,477,900
WONIK IPS Co., Ltd. 58,324 1,739,024
Y2 Solution Co., Ltd. *(b) 32,067 13,335
YG Entertainment, Inc. 18,105 989,311
Youlchon Chemical Co., Ltd. 20,599 409,462
Young Poong Corp. * 793 432,659
Youngone Corp. * 49,591 1,752,915
Youngone Holdings Co., Ltd. * 9,378 363,857
Yuanta Securities Korea Co., Ltd. * 129,181 380,876
Yungjin Pharmaceutical Co., Ltd. * 131,903 530,969
Zinus, Inc. * 15,112 942,654
    209,699,707
 
Singapore 1.0%
AEM Holdings Ltd. 449,695 1,368,183
AIMS APAC REIT 891,098 886,207
ARA LOGOS Logistics Trust 2,124,230 1,306,665
Ascendas India Trust 1,388,329 1,217,070
Asian Pay Television Trust 2,829,824 283,514
Best World International Ltd. *(b) 321,868 0
CapitaLand China Trust 1,849,394 1,553,139
CDL Hospitality Trusts 1,303,891 1,095,021
China Hongxing Sports Ltd. *(b) 884,000 0
COSCO Shipping International Singapore Co., Ltd. * 1,552,081 285,845
Cromwell European Real Estate Investment Trust 527,849 1,393,269
Eagle Hospitality Trust *(b) 940,343 0
ESR-REIT 4,405,842 1,363,184
Far East Hospitality Trust 1,599,226 677,414
First Real Estate Investment Trust 1,497,308 330,909
First Resources Ltd. 830,010 1,125,064
Frasers Centrepoint Trust 1,774,643 2,954,579
Frasers Hospitality Trust 1,263,082 409,412
Haw Par Corp., Ltd. 236,323 2,052,560
iFAST Corp., Ltd. 245,505 1,088,762
Keppel Infrastructure Trust 5,804,208 2,308,941
Keppel Pacific Oak US REIT 1,347,459 956,696
Lendlease Global Commercial REIT 1,399,025 850,268
Lippo Malls Indonesia Retail Trust * 8,833,972 344,912
Manulife US Real Estate Investment Trust 2,316,250 1,505,563
Nanofilm Technologies International Ltd. 304,443 632,457
OUE Commercial Real Estate Investment Trust 3,409,455 1,017,223
Parkway Life Real Estate Investment Trust 609,753 2,007,879
Prime US REIT 1,056,637 808,327
Raffles Medical Group Ltd. 1,532,541 1,309,623
Riverstone Holdings Ltd. 921,110 529,276
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust 1,713,823 568,139
Sheng Siong Group Ltd. 658,604 737,470
Silverlake Axis Ltd. 1,230,680 258,384
SPH REIT 1,557,419 1,101,420
Starhill Global REIT 2,214,884 978,990
 
55
Schwab International Equity ETFs  |  Semiannual Report
See financial notes

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

SECURITY NUMBER
OF SHARES
VALUE ($)
Thomson Medical Group Ltd. 9,791,187 584,247
    35,890,612
 
Spain 1.6%
Acerinox S.A. 353,235 4,524,976
Aedas Homes S.A. 29,497 818,337
Almirall S.A. 120,263 1,585,833
Applus Services S.A. 229,968 2,103,855
Atresmedia Corp de Medios de Comunicaion S.A. 127,130 552,607
Banco de Sabadell S.A. * 9,161,293 7,972,668
Cia de Distribucion Integral Logista Holdings S.A. 99,456 1,810,803
Cie Automotive S.A. 84,804 2,280,330
Construcciones y Auxiliar de Ferrocarriles S.A. 30,625 1,076,658
Distribuidora Internacional de Alimentacion S.A. * 23,233,801 362,737
Ebro Foods S.A. 122,805 2,281,439
Ence Energia y Celulosa S.A. * 205,196 656,857
Faes Farma S.A. 499,387 1,914,953
Fomento de Construcciones y Contratas S.A. 68,331 784,379
Gestamp Automocion S.A. 244,064 1,012,098
Global Dominion Access S.A. 185,018 868,655
Grupo Catalana Occidente S.A. 84,402 2,739,731
Indra Sistemas S.A. * 202,083 2,333,352
Laboratorios Farmaceuticos Rovi S.A. 36,242 2,943,118
Lar Espana Real Estate Socimi S.A. 99,753 582,622
Let's GOWEX S.A. *(b) 5,361 0
Linea Directa Aseguradora S.A. Cia de Seguros y Reaseguros 1,083,627 1,824,478
Mediaset Espana Comunicacion S.A. * 247,973 1,276,751
Melia Hotels International S.A. * 170,610 1,292,348
Metrovacesa S.A. 68,136 489,029
Neinor Homes S.A. * 72,480 973,658
Pharma Mar S.A. 22,348 1,368,522
Prosegur Cash S.A. 604,135 460,067
Prosegur Cia de Seguridad S.A. 371,982 895,785
Sacyr S.A. 618,434 1,454,546
Solaria Energia y Medio Ambiente S.A. * 98,441 1,837,104
Tecnicas Reunidas S.A. *(a) 50,529 415,725
Unicaja Banco S.A. 1,967,445 1,852,947
Viscofan S.A. 62,791 3,900,137
Zardoya Otis S.A. 290,139 2,290,966
    59,538,071
 
Sweden 5.4%
AAK AB 285,016 5,222,767
AddLife AB 177,294 4,080,042
AddTech AB, B Shares 305,318 5,078,821
AFRY AB 157,034 3,018,157
Arjo AB, B Shares 365,622 3,164,938
Atrium Ljungberg AB, B Shares 74,496 1,569,924
Attendo AB * 175,250 599,752
Avanza Bank Holding AB 200,359 5,716,840
Axfood AB 173,413 4,571,333
Betsson AB, B Shares * 198,591 1,187,775
BHG Group AB * 131,994 1,188,732
Bilia AB, A Shares 130,757 1,715,128
BillerudKorsnas AB 285,823 4,044,379
Biotage AB 107,914 1,957,458
Bonava AB, B Shares 139,553 1,003,228
Boozt AB * 101,174 1,670,118
Bravida Holding AB 322,781 3,956,873
SECURITY NUMBER
OF SHARES
VALUE ($)
Bure Equity AB 88,833 2,863,152
Camurus AB * 33,280 535,967
Catena AB 44,825 2,336,664
CELLINK AB * 47,525 885,725
Cint Group AB * 188,542 1,797,883
Clas Ohlson AB, B Shares 65,794 742,415
Cloetta AB, B Shares 356,934 901,581
Collector AB * 120,251 403,886
Concentric AB 60,124 1,366,426
Corem Property Group AB, B Shares 1,105,403 2,775,747
Dios Fastigheter AB 134,095 1,398,036
Dometic Group AB 517,789 5,049,406
Electrolux Professional AB, B Shares * 378,058 2,205,091
Fabege AB 417,683 6,284,142
Fagerhult AB 114,909 686,664
Granges AB 169,784 1,833,081
Hansa Biopharma AB * 75,631 504,196
Hemnet Group AB * 49,222 767,154
Hexpol AB 397,477 4,127,137
HMS Networks AB 46,418 1,989,371
Hufvudstaden AB, A Shares 175,531 2,347,059
Instalco AB 380,875 2,923,692
Intrum AB 128,948 3,326,782
Investment AB Oresund 48,821 653,830
INVISIO AB 53,861 800,650
JM AB 113,073 3,535,403
Karo Pharma AB * 125,154 782,362
Lindab International AB 110,846 2,677,723
Loomis AB 124,293 3,517,478
Medicover AB, B Shares 92,875 2,253,435
Mekonomen AB * 68,237 848,064
MIPS AB 35,766 2,821,278
Modern Times Group MTG AB, B Shares * 175,456 2,277,273
Munters Group AB 178,901 1,220,701
Mycronic AB 112,474 2,166,491
NCC AB, B Shares 151,886 2,145,155
Nobia AB 189,832 840,730
Nolato AB, B Shares 285,606 2,717,406
Nordic Entertainment Group AB, B Shares * 122,802 4,213,016
Nordnet AB publ 275,287 4,773,232
Nyfosa AB 292,640 4,148,591
Pandox AB * 145,899 2,147,165
Peab AB, B Shares 321,024 3,132,622
Platzer Fastigheter Holding AB, B Shares 89,974 1,029,560
Ratos AB, B Shares 323,276 1,736,570
Resurs Holding AB 230,646 669,099
Samhallsbyggnadsbolaget i Norden AB 1,762,136 8,250,386
Samhallsbyggnadsbolaget i Norden AB, Class D 130,205 394,552
SAS AB *(a) 5,838,100 591,591
Scandic Hotels Group AB *(a) 219,149 981,483
Sectra AB, B Shares * 207,448 3,329,912
SkiStar AB 65,893 985,791
SSAB AB, A Shares * 394,440 2,505,840
SSAB AB, B Shares * 1,057,725 5,807,390
Systemair AB 122,447 1,026,857
Thule Group AB 170,503 6,781,677
Troax Group AB 55,072 1,470,423
Vitec Software Group AB, B Shares 38,569 1,638,678
Vitrolife AB 111,574 3,745,062
VNV Global AB * 137,575 967,873
Wallenstam AB, B Shares 273,455 4,038,866
 
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Schwab International Equity ETFs  |  Semiannual Report
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Table of Contents
Schwab International Small-Cap Equity ETF
Portfolio Holdings  as of February 28, 2022 (Unaudited) (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
Wihlborgs Fastigheter AB 213,512 4,248,432
    195,670,169
 
Switzerland 4.1%
Allreal Holding AG 24,134 5,234,799
ALSO Holding AG * 4,333 1,166,550
APG SGA S.A. * 1,587 334,196
Arbonia AG 71,650 1,589,272
Aryzta AG * 1,533,277 1,748,115
Ascom Holding AG * 54,379 617,613
Autoneum Holding AG * 5,284 880,619
Bachem Holding AG, Class B 10,144 6,036,976
Basilea Pharmaceutica AG * 19,090 793,188
Belimo Holding AG 14,935 7,944,062
Bell Food Group AG 3,147 941,579
Bobst Group S.A. * 12,885 1,174,109
Bossard Holding AG, Class A 4,154 1,161,372
Bucher Industries AG 10,362 4,605,835
Burckhardt Compression Holding AG 4,975 2,451,033
Bystronic AG 2,126 2,479,503
Cembra Money Bank AG 47,648 3,292,695
Comet Holding AG 11,936 3,629,783
COSMO Pharmaceuticals N.V. * 15,738 1,046,398
Daetwyler Holding AG 11,863 4,092,473
dormakaba Holding AG 4,881 2,702,652
Dottikon Es Holding AG *(a) 7,264 1,773,542
Dufry AG * 102,588 4,842,865
EFG International AG * 127,454 972,454
Emmi AG 3,148 3,674,868
Forbo Holding AG 1,627 2,794,868
Galenica AG 78,241 5,526,205
Hiag Immobilien Holding AG 5,012 516,797
Huber & Suhner AG 28,483 2,747,556
Idorsia Ltd. * 196,397 3,968,827
Implenia AG * 26,299 661,022
Inficon Holding AG 3,093 3,647,748
Interroll Holding AG 882 3,278,239
Intershop Holding AG 1,771 1,185,235
Kardex Holding AG 9,375 2,452,450
Komax Holding AG * 5,784 1,528,194
Landis & Gyr Group AG * 40,011 2,614,485
LEM Holding S.A. 744 1,771,911
Leonteq AG 17,221 1,180,665
Medacta Group S.A. * 10,193 1,299,887
Meyer Burger Technology AG * 4,287,655 1,634,772
Mobimo Holding AG * 10,518 3,531,031
Montana Aerospace AG * 27,600 737,043
PolyPeptide Group AG * 23,812 2,110,105
Rieter Holding AG * 4,819 858,275
Schweiter Technologies AG 1,487 1,925,507
Sensirion Holding AG * 16,934 1,926,982
SFS Group AG 27,759 4,072,550
Siegfried Holding AG * 6,868 5,187,775
Softwareone Holding AG * 169,881 3,081,170
St. Galler Kantonalbank AG 4,475 2,194,942
Stadler Rail AG (a) 86,243 3,327,704
Swiss Steel Holding AG * 1,274,524 413,288
Swissquote Group Holding S.A. 14,045 2,452,459
u-blox Holding AG * 10,759 762,846
Valiant Holding AG 25,606 2,665,402
Valora Holding AG * 6,218 1,232,146
Vetropack Holding AG 20,653 1,053,529
Vontobel Holding AG 44,337 3,513,325
VP Bank AG 4,122 440,303
VZ Holding AG 22,148 1,994,032
Ypsomed Holding AG 5,202 914,014
Zehnder Group AG 15,816 1,367,060
SECURITY NUMBER
OF SHARES
VALUE ($)
Zur Rose Group AG * 12,255 2,145,243
    149,902,143
 
United Kingdom 13.2%
888 Holdings plc 443,992 1,442,850
AG Barr plc 135,127 937,356
Airtel Africa plc 1,630,675 3,109,090
AJ Bell plc 457,813 1,898,097
Alfa Financial Software Holdings plc 160,249 344,023
Alphawave IP Group plc * 336,740 844,905
AO World plc * 478,667 613,029
Ascential plc * 687,733 3,024,827
Assura plc 4,459,127 3,694,525
Aston Martin Lagonda Global Holdings plc * 111,994 1,537,242
Auction Technology Group plc * 130,101 1,672,314
Avon Rubber plc 47,444 794,452
Babcock International Group plc * 412,011 1,829,821
Bakkavor Group plc 243,419 412,832
Balfour Beatty plc 1,038,322 3,340,820
Bank of Georgia Group plc 61,542 1,088,326
Beazley plc 969,896 5,863,922
Biffa plc 364,908 1,591,250
Big Yellow Group plc 272,691 5,177,249
Bodycote plc 301,075 3,011,578
Brewin Dolphin Holdings plc 458,643 1,818,461
Bridgepoint Group plc * 415,588 1,887,528
Britvic plc 441,767 5,044,227
Bytes Technology Group plc 328,294 2,028,010
C&C Group plc * 635,227 1,796,683
Capita plc * 2,671,883 1,003,800
Capital & Counties Properties plc 1,195,993 2,665,447
Capricorn Energy plc *(a) 784,782 2,339,725
Carnival plc * 253,773 4,796,965
Centamin plc 1,763,009 2,346,594
Chemring Group plc 468,522 1,945,640
Cineworld Group plc *(a) 1,683,974 906,275
Clarkson plc 40,601 1,803,169
Close Brothers Group plc 245,825 3,862,378
CLS Holdings plc 257,601 703,370
CMC Markets plc 166,592 521,931
Coats Group plc 2,375,898 1,954,160
Computacenter plc 127,468 4,665,706
ContourGlobal plc 285,223 721,769
Countryside Properties plc * 816,089 3,330,953
Cranswick plc 84,727 3,997,077
Crest Nicholson Holdings plc 405,169 1,677,660
Currys plc 1,647,488 2,075,676
Darktrace plc * 337,527 2,003,528
Devro plc 273,298 744,396
Diploma plc 196,660 7,055,848
Domino's Pizza Group plc 738,265 3,615,571
Drax Group plc 643,161 6,092,509
Dunelm Group plc 181,269 2,916,181
Elementis plc * 947,732 1,640,390
Endeavour Mining plc 299,541 7,997,995
Energean plc * 196,081 2,730,893
Essentra plc 482,560 1,978,037
Euromoney Institutional Investor plc 172,550 2,099,878
FDM Group Holdings plc 134,860 1,545,300
Ferrexpo plc 477,524 1,082,814
Finablr plc *(b) 225,475 0
Firstgroup plc * 1,182,328 1,589,562
Frasers Group plc * 293,298 2,504,836
Funding Circle Holdings plc * 249,663 247,554
Future plc 183,266 6,531,031
Games Workshop Group plc 52,903 5,305,952
 
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Table of Contents
Schwab International Small-Cap Equity ETF
Portfolio Holdings  as of February 28, 2022 (Unaudited) (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
Genuit Group plc 373,147 2,558,425
Genus plc 106,139 4,671,116
Grafton Group plc 353,703 5,144,460
Grainger plc 1,192,197 4,507,760
Great Portland Estates plc 422,082 3,853,867
Greencore Group plc * 855,426 1,533,419
Greggs plc 161,098 5,565,948
Halfords Group plc 324,435 1,210,164
Hammerson plc (a) 6,924,608 3,438,635
Harbour Energy plc * 756,047 4,039,446
Hays plc 2,550,845 4,644,465
Helical plc 160,341 906,805
Helios Towers plc * 1,231,530 2,405,903
Hill & Smith Holdings plc 133,889 2,533,004
Hilton Food Group plc 104,820 1,510,498
Hochschild Mining plc 526,051 819,468
Hunting plc 228,934 718,783
Ibstock plc 606,811 1,453,327
IG Group Holdings plc 588,308 6,168,869
Inchcape plc 621,443 6,228,647
Indivior plc * 999,923 3,767,346
IntegraFin Holdings plc 482,963 2,800,725
Investec plc 1,072,557 5,875,862
IP Group plc 1,621,770 2,041,098
IWG plc * 1,188,401 4,466,300
J.D. Wetherspoon plc * 139,011 1,633,898
John Wood Group plc * 1,097,882 2,657,443
Jupiter Fund Management plc 708,829 1,997,251
Just Group plc * 1,681,558 1,896,363
Kainos Group plc 89,828 1,816,338
Keller Group plc 117,794 1,242,274
Lancashire Holdings Ltd. 398,568 2,523,087
Liontrust Asset Management plc 93,531 1,899,998
LondonMetric Property plc 1,451,874 5,064,937
Man Group plc 2,285,165 5,917,614
Marks & Spencer Group plc * 3,172,169 7,439,942
Marshalls plc 325,337 2,789,370
Marston's plc * 1,021,061 1,067,922
Mediclinic International plc * 628,052 2,772,447
Micro Focus International plc 539,853 2,788,740
Mitchells & Butlers plc * 416,696 1,329,545
Mitie Group plc 2,250,455 1,690,948
Moneysupermarket.com Group plc 862,800 2,419,514
Moonpig Group plc * 418,367 1,495,421
Morgan Advanced Materials plc 447,729 1,826,252
Morgan Sindall Group plc 67,148 2,090,224
National Express Group plc * 884,195 2,833,050
NCC Group plc 463,602 1,166,944
Network International Holdings plc * 760,839 2,283,655
Ninety One plc 540,958 1,807,318
OSB Group plc 616,339 4,139,001
Oxford Biomedica plc * 102,722 1,030,948
Oxford Instruments plc 86,050 3,076,946
Pagegroup plc 510,102 3,928,626
Paragon Banking Group plc 410,521 2,784,379
Petrofac Ltd. * 540,564 773,897
Petropavlovsk plc * 4,582,186 491,852
Pets at Home Group plc 767,878 3,758,537
Playtech plc * 491,584 4,399,419
Plus500 Ltd. 159,111 2,979,215
Premier Foods plc 1,164,418 1,715,470
Primary Health Properties plc 2,145,059 3,896,994
Provident Financial plc * 412,844 1,606,408
PureTech Health plc * 261,554 782,597
PZ Cussons plc 309,622 874,492
QinetiQ Group plc 903,399 3,544,286
Rank Group plc * 343,766 737,075
Rathbone Brothers plc 98,117 2,180,100
SECURITY NUMBER
OF SHARES
VALUE ($)
Redde Northgate plc 390,724 1,984,302
Redrow plc 382,606 2,963,124
Rhi Magnesita N.V. 45,825 1,710,533
Rotork plc 1,381,518 5,720,372
S4 Capital plc * 872,433 5,490,055
Safestore Holdings plc 335,561 5,731,545
Sanne Group plc 250,750 3,071,733
Savills plc 214,375 3,661,629
Senior plc * 687,418 1,294,048
Serco Group plc 1,943,472 3,468,181
Shaftesbury plc 449,478 3,555,200
SIG plc * 1,177,791 617,266
Sirius Real Estate Ltd. 1,549,605 2,611,454
Softcat plc 199,013 4,160,262
Spectris plc 184,057 6,929,658
Spire Healthcare Group plc * 456,679 1,424,642
Spirent Communications plc 967,914 3,155,839
SSP Group plc * 1,277,622 4,784,472
Stagecoach Group plc * 693,616 800,367
Synthomer plc 585,513 2,253,136
TBC Bank Group plc 58,811 948,495
Telecom Plus plc 101,941 1,983,301
The Go-Ahead Group plc * 69,934 623,996
The Restaurant Group plc * 1,210,521 1,591,733
The Unite Group plc 515,816 7,391,590
TI Fluid Systems plc 512,292 1,508,773
TP ICAP Group plc 1,292,161 2,078,776
Trainline plc * 766,058 2,092,720
Tritax Big Box REIT plc 3,031,569 9,575,153
Trustpilot Group plc * 532,888 1,064,639
Tullow Oil plc * 2,309,755 1,665,464
Ultra Electronics Holdings plc 113,173 4,874,383
Vesuvius plc 346,473 1,840,926
Victrex plc 134,742 3,521,792
Virgin Money UK plc 2,008,580 5,018,115
Vistry Group plc 354,453 4,765,387
Vivo Energy plc 638,550 1,156,646
Watches of Switzerland Group plc * 379,358 6,169,126
WH Smith plc * 202,072 4,407,222
Wickes Group plc 415,472 1,006,772
Wizz Air Holdings plc * 56,505 2,580,764
Workspace Group plc 213,283 2,213,545
XP Power Ltd. 23,947 1,394,481
    476,680,681
Total Common Stocks
(Cost $3,218,633,675)
3,599,706,851

PREFERRED STOCKS 0.2% OF NET ASSETS
 
Germany 0.2%
Draegerwerk AG & Co. KGaA 14,281 817,260
Jungheinrich AG 79,728 2,917,556
Schaeffler AG 124,722 841,928
Sixt SE 26,054 2,127,483
    6,704,227
 
Italy 0.0%
Danieli & C Officine Meccaniche S.p.A. - RSP 61,310 970,974
 
Republic of Korea 0.0%
Daishin Securities Co., Ltd. 36,757 457,036
 
 
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Table of Contents
Schwab International Small-Cap Equity ETF
Portfolio Holdings  as of February 28, 2022 (Unaudited) (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
Sweden 0.0%
Corem Property Group AB 16,661 554,296
Total Preferred Stocks
(Cost $8,057,979)
8,686,533

RIGHTS 0.0% OF NET ASSETS
 
Australia 0.0%
Integral Diagnostics Ltd.
expires 03/14/22, strike AUD 3.44 *(b) 30,269 1,757
 
Italy 0.0%
Banca Popolare di Sondrio Scarl
expires 03/07/22, strike EUR 3.75 *(b) 623,940 4
 
Republic of Korea 0.0%
Taihan Electric Wire Co., Ltd.
expires 03/10/22, strike KRW 1,260.00 *(b) 171,603 43,531
Total Rights
(Cost $0)
45,292

WARRANTS 0.0% OF NET ASSETS
 
Italy 0.0%
Webuild S.p.A.
expires 08/02/30 *(a)(b) 44,499 84,268
 
Singapore 0.0%
Ezion Holdings Ltd.
expires 04/16/23 *(b) 802,298 0
Total Warrants
(Cost $0)
84,268

INVESTMENT COMPANIES 0.1% OF NET ASSETS
 
United Kingdom 0.1%
Picton Property Income Ltd. 880,119 1,162,006
UK Commercial Property REIT Ltd. 1,173,564 1,198,293
BMO Commercial Property Trust Ltd. 788,903 1,151,660
    3,511,959
Total Investment Companies
(Cost $3,305,237)
3,511,959
SECURITY NUMBEROF SHARES VALUE ($)
SHORT-TERM INVESTMENTS 1.8% OF NET ASSETS
 
Money Market Funds 1.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03% (c) 2,461,678 2,461,678
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03% (c)(d) 61,712,342 61,712,342
    64,174,020
Total Short-Term Investments
(Cost $64,174,020)
64,174,020
Total Investments in Securities
(Cost $3,294,170,911)
3,676,208,923
    
  NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
DEPRECIATION
($)
FUTURES CONTRACTS
Long      
MSCI EAFE Index, expires 03/18/22 109 11,770,910 (343,609)
    
* Non-income producing security.
(a) All or a portion of this security is on loan. Securities on loan were valued at $57,595,555.
(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.
(d) Security purchased with cash collateral received for securities on loan.
    
CVA — Dutch Certificate
REIT — Real Estate Investment Trust
RSP — Risparmio (Savings Shares)
AUD — Australian Dollar
EUR — Euro
KRW — South Korean Won
 
59
Schwab International Equity ETFs  |  Semiannual Report
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Table of Contents
Schwab International Small-Cap Equity ETF
Portfolio Holdings  as of February 28, 2022 (Unaudited) (continued)

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 $1,894,168,805 $— $— $1,894,168,805
Australia 258,927,936 1,207,659* 260,135,595
Hong Kong 46,323,071 10,772* 46,333,843
Japan 616,413,635 845,902 617,259,537
Republic of Korea 207,797,901 1,901,806 209,699,707
Singapore 35,890,612 0* 35,890,612
Spain 59,538,071 0* 59,538,071
United Kingdom 476,680,681 0* 476,680,681
Preferred Stocks1 8,686,533 8,686,533
Rights 1        
Australia 1,757 1,757
Italy 4 4
Republic of Korea 43,531 43,531
Warrants 1        
Italy 84,268 84,268
Singapore 0* 0
Investment Companies1 3,511,959 3,511,959
Short-Term Investments1 64,174,020 64,174,020
Liabilities        
Futures Contracts2 (343,609) (343,609)
Total $3,671,769,615 $— $4,095,699 $3,675,865,314
    
* Level 3 amount shown includes securities determined to have no value at February 28, 2022.
1 As categorized in the Portfolio Holdings.
2 Futures contracts are reported at cumulative unrealized appreciation or depreciation.
Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, 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 Small-Cap Equity ETF
Statement of Assets and Liabilities

As of February 28, 2022; unaudited
Assets
Investments in securities, at value - unaffiliated (cost $3,294,170,911) including securities on loan of $57,595,555   $3,676,208,923
Foreign currency, at value (cost $1,385,008)   1,383,665
Deposit with broker for futures contracts   890,673
Receivables:    
Dividends   5,792,251
Foreign tax reclaims   1,768,196
Investments sold   1,392,454
Income from securities on loan + 182,279
Total assets   3,687,618,441
Liabilities
Collateral held for securities on loan   61,712,342
Payables:    
Investments bought   1,169,145
Management fees   298,846
Variation margin on futures contracts   211,828
Foreign capital gains tax + 177,326
Total liabilities   63,569,487
Net assets   $3,624,048,954
Net Assets by Source
Capital received from investors   $3,420,892,256
Total distributable earnings + 203,156,698
Net assets   $3,624,048,954
    
Net Asset Value (NAV)
Net Assets ÷ Shares
Outstanding
= NAV
$3,624,048,954   96,100,000   $37.71
         
         
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Table of Contents
Schwab International Small-Cap 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 $3,714,483)   $31,726,714
Securities on loan, net + 1,171,507
Total investment income   32,898,221
Expenses
Management fees   2,055,700
Professional fees + 9,576*
Total expenses   2,065,276
Expense reduction by investment adviser 9,576*
Net expenses 2,055,700
Net investment income   30,842,521
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized gains on sales of securities - unaffiliated (net of foreign capital gains tax paid of $1,791)   21,037,439
Net realized gains on sales of in-kind redemptions - unaffiliated   56,497,149
Net realized losses on futures contracts   (732,721)
Net realized losses on foreign currency transactions + (207,976)
Net realized gains   76,593,891
Net change in unrealized appreciation (depreciation) on securities - unaffiliated (net of change in foreign capital gains tax of ($63,787))   (522,557,372)
Net change in unrealized appreciation (depreciation) on futures contracts   (368,185)
Net change in unrealized appreciation (depreciation) on foreign currency translations + (63,706)
Net change in unrealized appreciation (depreciation) + (522,989,263)
Net realized and unrealized losses   (446,395,372)
Decrease in net assets resulting from operations   ($415,552,851)
    
* Professional fees associated with the filing of tax claims in the European Union deemed to be non-routine expenses of the fund. See financial notes 2 (d) and 4 for additional information.
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Table of Contents
Schwab International Small-Cap 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 9/1/20-8/31/21
Net investment income   $30,842,521 $59,652,040
Net realized gains   76,593,891 84,777,800
Net change in unrealized appreciation (depreciation) + (522,989,263) 736,532,643
Increase (decrease) in net assets resulting from operations   ($415,552,851) $880,962,483
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions   ($93,611,110) ($66,927,200)
    
TRANSACTIONS IN FUND SHARES
  9/1/21-2/28/22 9/1/20-8/31/21
    SHARES VALUE SHARES VALUE
Shares sold   9,500,000 $388,114,524 12,900,000 $508,015,311
Shares redeemed + (2,100,000) (87,247,538) (2,400,000) (85,575,957)
Net transactions in fund shares   7,400,000 $300,866,986 10,500,000 $422,439,354
SHARES OUTSTANDING AND NET ASSETS
  9/1/21-2/28/22 9/1/20-8/31/21
    SHARES NET ASSETS SHARES NET ASSETS
Beginning of period   88,700,000 $3,832,345,929 78,200,000 $2,595,871,292
Total increase (decrease) + 7,400,000 (208,296,975) 10,500,000 1,236,474,637
End of period   96,100,000 $3,624,048,954 88,700,000 $3,832,345,929
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Table of Contents
Schwab Emerging Markets 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 $31.64 $27.11 $24.82 $25.89 $26.99 $22.56
Income (loss) from investment operations:            
Net investment income (loss)1 0.29 0.63 0.79 0.72 0.68 0.71
Net realized and unrealized gains (losses) (2.88) 4.64 2.34 (1.00) (1.13) 4.21
Total from investment operations (2.59) 5.27 3.13 (0.28) (0.45) 4.92
Less distributions:            
Distributions from net investment income (0.64) (0.74) (0.84) (0.79) (0.65) (0.49)
Net asset value at end of period $28.41 $31.64 $27.11 $24.82 $25.89 $26.99
Total return (8.26%) 2 19.53% 12.76% (0.97%) (1.79%) 22.40%
Ratios/Supplemental Data
Ratios to average net assets:            
Total expenses 0.11% 3 0.11% 0.12% 4 0.13% 0.13% 0.13% 5
Net investment income (loss) 1.94% 3 2.04% 3.16% 2.85% 2.48% 2.96%
Portfolio turnover rate6 7% 2 15% 15% 13% 18% 7%
Net assets, end of period (x 1,000) $9,063,385 $9,505,142 $7,195,522 $5,804,446 $4,900,591 $4,248,821
    
* Unaudited.
1 Calculated based on the average shares outstanding during the period.
2 Not annualized.
3 Annualized.
4 Effective February 25, 2020, the annual operating expense ratio was reduced to 0.11%. The ratio presented for the period ended 8/31/20 is a blended ratio.
5 Effective October 7, 2016, the annual operating expense ratio was reduced. The ratio presented for the period ended 8/31/17 is a blended ratio.
6 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
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Table of Contents
Schwab Emerging Markets 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 [email protected]. 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 97.9% OF NET ASSETS
 
Brazil 4.7%
Aliansce Sonae Shopping Centers S.A. 166,063 716,575
Ambev S.A. 5,838,807 17,227,297
Americanas S.A. 909,532 5,384,771
Armac Locacao Logistica E Servicos S.A. 93,609 279,281
Atacadao S.A. 300,115 1,109,768
B3 S.A. - Brasil Bolsa Balcao 8,134,674 23,022,215
Banco Bradesco S.A. 1,880,516 6,227,382
Banco BTG Pactual S.A. 1,288,007 6,422,909
Banco do Brasil S.A. 1,147,396 7,842,035
Banco Inter S.A. 581,619 764,323
Banco Santander Brasil S.A. 474,009 2,846,796
BB Seguridade Participacoes S.A. 902,294 4,035,339
BR Malls Participacoes S.A. * 1,171,011 2,138,947
BRF S.A. * 1,402,991 4,550,727
Caixa Seguridade Participacoes S.A. 605,369 977,671
CCR S.A. 1,526,110 3,483,715
Centrais Eletricas Brasileiras S.A. 836,425 5,645,223
Cia Brasileira de Distribuicao 213,080 963,714
Cia de Locacao das Americas 476,696 2,339,203
Cia de Saneamento Basico do Estado de Sao Paulo 441,680 3,550,278
Cia Energetica de Minas Gerais 155,584 514,315
Cia Paranaense de Energia 785,964 929,115
Cielo S.A. 1,665,939 831,078
Cogna Educacao * 2,610,155 1,145,049
Companhia Siderurgica Nacional S.A. 871,122 4,244,261
Cosan S.A. 1,611,878 6,604,955
CPFL Energia S.A. 262,217 1,540,207
CSN Mineracao S.A. 751,735 904,703
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes 366,853 1,080,969
Dexco S.A. 443,022 1,184,155
EDP - Energias do Brasil S.A. 341,368 1,372,973
Embraer S.A. * 975,705 3,333,348
Energisa S.A. 329,397 2,819,091
Eneva S.A. * 1,310,001 3,425,221
Engie Brasil Energia S.A. 223,020 1,725,995
Equatorial Energia S.A. 1,359,615 6,748,327
Ez Tec Empreendimentos e Participacoes S.A. 150,395 512,926
Fleury S.A. 308,257 1,074,654
Getnet Adquirencia e Servicos para Meios de Pagamento S.A. 119,985 75,927
GPS Participacoes e Empreendimentos S.A. 567,117 1,671,067
Grendene S.A. 468,744 765,211
Grupo Mateus S.A. * 499,367 577,717
Guararapes Confeccoes S.A. 115,356 273,628
Hapvida Participacoes e Investimentos S.A. 5,355,125 12,608,977
Hypera S.A. 547,179 3,558,145
IRB Brasil Resseguros S.A. * 1,500,002 890,969
SECURITY NUMBER
OF SHARES
VALUE ($)
Itau Unibanco Holding S.A. 588,100 2,492,036
JBS S.A. 1,210,657 8,434,202
Klabin S.A. 1,091,247 4,914,287
Localiza Rent a Car S.A. 804,672 8,984,361
Locaweb Servicos de Internet S.A. * 596,576 1,156,860
Lojas Renner S.A. 1,299,689 6,387,819
M Dias Branco S.A. 176,061 781,590
Magazine Luiza S.A. 3,927,406 4,581,732
Marfrig Alimentos S.A. 490,129 2,109,238
Multiplan Empreendimentos Imobiliarios S.A. 368,641 1,580,698
Natura & Co. Holding S.A. * 1,269,446 5,704,462
Neoenergia S.A. 331,768 1,036,191
Odontoprev S.A. 375,645 837,813
Petro Rio S.A. * 907,844 4,550,058
Petroleo Brasileiro S.A. 4,907,635 34,646,949
Porto Seguro S.A. 234,329 954,291
Qualicorp Consultoria e Corretora de Seguros S.A. 224,530 560,486
Raia Drogasil S.A. 1,439,376 6,526,743
Rede D'Or Sao Luiz S.A. 640,318 6,338,921
Rumo S.A. * 1,680,182 5,055,190
Sao Martinho S.A. 210,143 1,632,864
Sendas Distribuidora S.A. 1,016,758 2,656,514
SIMPAR S.A. 347,328 711,282
Smartfit Escola de Ginastica e Danca S.A. * 162,771 584,518
Sul America S.A. 547,734 3,742,500
Suzano S.A. 973,285 10,404,101
Telefonica Brasil S.A. 583,005 5,677,613
TIM S.A. 1,126,158 2,975,136
TOTVS S.A. 601,464 3,858,607
Transmissora Alianca de Energia Eletrica S.A. 298,957 2,288,152
Ultrapar Participacoes S.A. 1,192,891 3,429,298
Usinas Siderurgicas de Minas Gerais S.A. 291,676 772,828
Vale S.A. 5,497,448 98,473,223
Vamos Locacao de Caminhoes Maquinas e Equipamentos S.A. 278,767 597,934
Via S.A. * 2,120,892 1,560,297
Vibra Energia S.A. 1,551,551 7,104,662
WEG S.A. 1,976,619 11,280,276
YDUQS Participacoes S.A. 408,444 1,684,771
    427,009,655
 
Chile 0.5%
Banco de Chile 58,334,715 6,222,468
Banco de Credito e Inversiones S.A. 67,133 2,413,257
Banco Santander Chile 84,006,955 4,143,272
CAP S.A. 104,707 1,217,436
Cencosud S.A. 1,765,665 3,265,636
Cencosud Shopping S.A. 706,949 763,163
Cia Cervecerias Unidas S.A. 184,383 1,469,891
Cia Sud Americana de Vapores S.A. 24,322,082 2,380,798
Colbun S.A. 10,203,708 747,176
 
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Table of Contents
Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of February 28, 2022 (Unaudited) (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
Empresa Nacional de Telecomunicaciones S.A. 190,399 711,481
Empresas CMPC S.A. 1,608,161 2,671,635
Empresas COPEC S.A. 650,058 5,070,911
Enel Americas S.A. 25,043,216 2,946,075
Enel Chile S.A. 34,513,319 1,137,706
Falabella S.A. 1,063,260 3,518,337
Itau CorpBanca Chile S.A. * 404,942,844 797,352
Parque Arauco S.A. * 877,477 880,116
Plaza S.A. 400,375 433,219
    40,789,929
 
China 34.7%
360 DigiTech, Inc. 175,095 3,283,031
360 Security Technology, Inc., A Shares * 198,900 329,714
3SBio, Inc. * 1,673,597 1,327,963
51job, Inc., ADR * 37,436 1,939,185
ADAMA Ltd. 86,500 114,602
Addsino Co. Ltd., A Shares 170,900 405,989
Advanced Micro-Fabrication Equipment, Inc. China * 60,112 1,220,150
AECC Aero-Engine Control Co., Ltd., A Shares 113,300 454,996
AECC Aviation Power Co., Ltd., A Shares 243,300 1,947,942
Agile Group Holdings Ltd. (a) 1,906,162 868,466
Agricultural Bank of China Ltd., A Shares 13,554,900 6,401,522
Agricultural Bank of China Ltd., H Shares 41,066,534 15,556,899
Aier Eye Hospital Group Co., Ltd., A Shares 501,189 2,880,050
Air China Ltd., A Shares * 704,600 1,103,241
Air China Ltd., H Shares * 1,832,000 1,406,760
Akeso, Inc. * 642,341 1,685,244
Alibaba Group Holding Ltd. * 19,052,967 254,081,826
Alibaba Health Information Technology Ltd. * 6,325,557 4,403,935
Alibaba Pictures Group Ltd. * 18,388,745 1,835,650
A-Living Smart City Services Co., Ltd. 437,367 784,761
All Winner Technology Co., Ltd., A Shares 26,200 232,271
Alpha Group * 173,100 145,393
Aluminum Corp. of China Ltd., A Shares * 1,574,000 1,616,406
Aluminum Corp. of China Ltd., H Shares * 4,731,432 3,275,919
An Hui Wenergy Co. Ltd. 224,900 160,388
Angang Steel Co., Ltd., H Shares 2,697,154 1,339,309
Angel Yeast Co., Ltd., A Shares 77,500 612,876
Angelalign Technology, Inc. *(a) 34,210 820,476
Anhui Anke Biotechnology Group Co., Ltd., A Shares 148,500 254,168
Anhui Conch Cement Co., Ltd., A Shares 453,200 2,894,447
Anhui Conch Cement Co., Ltd., H Shares 1,482,773 7,951,187
Anhui Expressway Co., Ltd., H Shares 775,403 739,311
Anhui Gujing Distillery Co., Ltd., A Shares 54,104 1,894,926
Anhui Kouzi Distillery Co., Ltd., A Shares 23,200 277,775
Anhui Zhongding Sealing Parts Co., Ltd., A Shares 113,200 366,151
Anjoy Foods Group Co., Ltd., A Shares 19,200 375,663
SECURITY NUMBER
OF SHARES
VALUE ($)
Anker Innovations Technology Co., Ltd. 13,500 191,610
ANTA Sports Products Ltd. 1,508,091 22,948,414
Asymchem Laboratories Tianjin Co., Ltd., A Shares 15,200 820,005
Autel Intelligent Technology Corp., Ltd. 13,819 115,173
Autobio Diagnostics Co., Ltd., A Shares 20,300 166,293
Autohome, Inc., ADR 84,321 2,579,379
Avary Holding Shenzhen Co., Ltd., A Shares 76,700 420,695
AVIC Electromechanical Systems Co., Ltd., A Shares 254,800 502,735
AVIC Industry-Finance Holdings Co., Ltd., A Shares 1,014,000 625,113
AviChina Industry & Technology Co., Ltd., H Shares 3,098,264 1,919,142
AVICOPTER plc, A Shares 57,300 531,137
BAIC Motor Corp., Ltd., H Shares 2,856,190 994,258
Baidu, Inc., ADR * 371,136 56,575,972
Bank of Beijing Co., Ltd., A Shares 2,021,600 1,444,915
Bank of Changsha Co., Ltd., A Shares 357,600 449,975
Bank of China Ltd., A Shares 8,618,800 4,234,276
Bank of China Ltd., H Shares 100,159,432 38,968,053
Bank of Communications Co., Ltd., A Shares 4,243,900 3,214,872
Bank of Communications Co., Ltd., H Shares 9,065,561 6,218,745
Bank of Guiyang Co. Ltd., A Shares 393,600 408,571
Bank of Hangzhou Co., Ltd., A Shares 590,500 1,340,089
Bank of Jiangsu Co., Ltd., A Shares 539,200 568,254
Bank of Nanjing Co., Ltd., A Shares 984,300 1,522,467
Bank of Ningbo Co., Ltd., A Shares 610,960 3,688,998
Bank of Qingdao Co., Ltd. 273,390 175,905
Bank of Shanghai Co., Ltd., A Shares 1,372,470 1,520,375
Bank of Suzhou Co., Ltd. 155,900 178,383
Bank of Zhengzhou Co., Ltd., A Shares * 684,770 334,246
Baoshan Iron & Steel Co., Ltd., A Shares 1,677,432 1,919,344
BBMG Corp., A Shares 1,919,000 875,867
Beijing Capital Development Co., Ltd. 247,000 212,553
Beijing Capital Eco-Environment Protection Group Co., Ltd., A Shares 668,300 366,453
Beijing Capital International Airport Co., Ltd., H Shares * 2,533,577 1,621,240
Beijing Dabeinong Technology Group Co., Ltd., A Shares 443,600 582,093
Beijing E-Hualu Information Technology Co., Ltd. 90,000 401,648
Beijing Enlight Media Co., Ltd., A Shares 270,800 404,698
Beijing Enterprises Holdings Ltd. 678,957 2,315,702
Beijing Enterprises Water Group Ltd. 7,392,040 2,913,790
Beijing Jetsen Technology Co., Ltd., A Shares * 298,000 272,025
Beijing Jingneng Clean Energy Co., Ltd., H Shares 2,168,709 660,574
Beijing Kingsoft Office Software, Inc. 43,385 1,466,014
Beijing New Building Materials plc, A Shares 175,300 829,550
Beijing Orient National Communication Science & Technology Co., Ltd., A Shares * 119,100 258,396
Beijing Originwater Technology Co., Ltd., A Shares 298,600 316,109
Beijing Roborock Technology Co., Ltd. 6,051 607,881
 
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Table of Contents
Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of February 28, 2022 (Unaudited) (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
Beijing Sanju Environmental Protection and New Material Co., Ltd., A Shares * 206,800 268,742
Beijing Shiji Information Technology Co., Ltd., A Shares 139,000 527,363
Beijing Shougang Co., Ltd., A Shares 506,000 481,141
Beijing Shunxin Agriculture Co., Ltd., A Shares 70,600 304,330
Beijing Sinnet Technology Co., Ltd., A Shares 153,300 363,450
Beijing SL Pharmaceutical Co., Ltd. 104,100 169,926
Beijing Tiantan Biological Products Corp., Ltd., A Shares 137,300 594,677
Beijing Ultrapower Software Co., Ltd. * 288,100 238,333
Beijing Wantai Biological Pharmacy Enterprise Co., Ltd., A Shares 18,820 751,010
Beijing Yanjing Brewery Co., Ltd., A Shares 351,300 423,119
Beijing Zhong Ke San Huan High-Tech Co., Ltd., A Shares 117,530 260,391
Beijing-Shanghai High Speed Railway Co., Ltd., A Shares 903,400 738,755
Betta Pharmaceuticals Co., Ltd., A Shares 13,700 130,812
BGI Genomics Co., Ltd., A Shares 15,600 211,255
Bilibili, Inc., ADR * 333,295 10,535,455
Blue Moon Group Holdings Ltd. (a) 1,175,591 917,760
Blue Sail Medical Co., Ltd., A Shares 77,400 168,293
Bluefocus Intelligent Communications Group Co., Ltd., A Shares 245,100 309,580
Bluestar Adisseo Co., A Shares 97,500 184,029
BOC International China Co., Ltd., A Shares 91,600 170,135
BOE Technology Group Co., Ltd., A Shares 3,602,800 2,683,544
BOE Technology Group Co., Ltd., B Shares 1,149,800 507,674
Bosideng International Holdings Ltd. 3,481,175 1,978,118
Boya Bio-pharmaceutical Group Co., Ltd., A Shares 40,600 223,332
Bright Dairy & Food Co., Ltd., A Shares 129,100 259,223
BTG Hotels Group Co., Ltd., A Shares * 102,500 410,975
BYD Co., Ltd., A Shares 168,700 6,673,141
BYD Co., Ltd., H Shares 1,111,486 33,769,760
BYD Electronic International Co., Ltd. 1,023,752 2,869,341
By-health Co., Ltd., A Shares 155,300 609,632
C&S Paper Co., Ltd., A Shares 119,000 276,472
Caitong Securities Co., Ltd. 99,200 147,464
Camel Group Co., Ltd., A Shares 112,600 250,004
CanSino Biologics, Inc., H Shares * 110,720 1,993,717
CECEP Solar Energy Co., Ltd. 330,400 525,184
CECEP Wind-Power Corp., A Shares 465,100 416,452
Central China Securities Co. Ltd., A Shares 650,100 492,469
CGN Power Co., Ltd., H Shares 15,942,104 4,509,010
Changchun High & New Technology Industry Group, Inc., A Shares 36,500 1,053,063
Changjiang Securities Co., Ltd., A Shares 504,600 551,781
Changzhou Xingyu Automotive Lighting Systems Co., Ltd., A Shares 26,400 645,482
Chaozhou Three-Circle Group Co., Ltd. 169,408 935,637
China Aoyuan Group Ltd. 1,804,650 300,248
China Baoan Group Co., Ltd., A Shares 261,200 569,590
China Cinda Asset Management Co., Ltd., H Shares 12,102,583 2,183,939
China CITIC Bank Corp., Ltd., H Shares 13,953,541 6,553,809
SECURITY NUMBER
OF SHARES
VALUE ($)
China Coal Energy Co., Ltd., A Shares 187,850 202,735
China Coal Energy Co., Ltd., H Shares 3,177,679 1,980,534
China Communications Services Corp., Ltd., H Shares 3,065,836 1,683,253
China Conch Venture Holdings Ltd. 2,209,773 10,633,562
China Construction Bank Corp., A Shares 1,265,700 1,209,536
China Construction Bank Corp., H Shares 124,645,707 93,479,893
China CSSC Holdings Ltd., A Shares 411,100 1,427,449
China East Education Holdings Ltd. * 600,852 349,113
China Eastern Airlines Corp., Ltd., A Shares * 911,200 779,791
China Eastern Airlines Corp., Ltd., H Shares * 2,186,850 848,018
China Everbright Bank Co., Ltd., A Shares 3,842,200 2,033,748
China Everbright Bank Co., Ltd., H Shares 4,247,007 1,576,247
China Everbright Environment Group Ltd. 4,950,517 3,547,986
China Everbright Ltd. 1,107,736 1,217,791
China Evergrande Group 2,915,381 596,978
China Feihe Ltd. 3,438,624 4,101,511
China Galaxy Securities Co., Ltd., H Shares 5,399,048 3,088,645
China Gas Holdings Ltd. 4,017,574 6,355,147
China Great Wall Securities Co., Ltd., A Shares 222,500 377,651
China Greatwall Technology Group Co., Ltd., A Shares 234,100 492,686
China Hongqiao Group Ltd. 2,896,796 4,026,160
China International Capital Corp., Ltd., A Shares 88,600 594,505
China International Capital Corp., Ltd., H Shares 2,040,126 4,960,824
China International Marine Containers Group Co., Ltd., H Shares 872,635 1,445,141
China Jinmao Holdings Group Ltd. 8,529,489 2,838,178
China Jushi Co., Ltd., A Shares 362,977 980,786
China Lesso Group Holdings Ltd. 1,235,179 1,893,782
China Life Insurance Co., Ltd., A Shares 489,400 2,232,160
China Life Insurance Co., Ltd., H Shares 10,011,104 16,604,670
China Literature Ltd. * 532,895 2,874,634
China Longyuan Power Group Corp., Ltd., H Shares 4,537,006 9,290,361
China Medical System Holdings Ltd. 1,681,280 2,982,267
China Meheco Co., Ltd. 98,600 172,042
China Meidong Auto Holdings Ltd. 600,508 2,816,670
China Mengniu Dairy Co., Ltd. * 4,117,806 26,745,160
China Merchants Bank Co., Ltd., A Shares 1,918,700 15,142,830
China Merchants Bank Co., Ltd., H Shares 5,093,898 42,896,258
China Merchants Port Group Co., Ltd. 40,900 113,885
China Merchants Port Holdings Co., Ltd. 1,915,497 3,603,646
China Merchants Securities Co., Ltd., A Shares 664,380 1,667,794
China Merchants Securities Co., Ltd., H Shares 1,604,238 2,022,313
China Merchants Shekou Industrial Zone Holdings Co., Ltd., A Shares 686,000 1,473,106
 
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Table of Contents
Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of February 28, 2022 (Unaudited) (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
China Minsheng Banking Corp., Ltd., A Shares 3,860,300 2,392,040
China Minsheng Banking Corp., Ltd., H Shares 7,753,873 3,016,724
China Molybdenum Co., Ltd., A Shares 1,372,700 1,307,437
China Molybdenum Co., Ltd., H Shares 4,563,990 2,733,593
China National Accord Medicines Corp. Ltd. 139,945 348,354
China National Building Material Co., Ltd., H Shares 5,126,620 6,574,188
China National Chemical Engineering Co., Ltd., A Shares 560,500 924,692
China National Medicines Corp., Ltd., A Shares 67,700 298,695
China National Nuclear Power Co., Ltd., A Shares 1,475,400 1,730,263
China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd. * 158,700 133,298
China Northern Rare Earth Group High-Tech Co., Ltd., A Shares 332,000 2,589,179
China Oilfield Services Ltd., A Shares 365,629 995,484
China Oilfield Services Ltd., H Shares 2,179,412 2,465,670
China Overseas Land & Investment Ltd. 5,117,267 15,619,594
China Pacific Insurance Group Co., Ltd., A Shares 561,800 2,354,040
China Pacific Insurance Group Co., Ltd., H Shares 3,546,456 9,871,817
China Petroleum & Chemical Corp., A Shares 3,819,700 2,621,125
China Petroleum & Chemical Corp., H Shares 33,687,831 16,641,927
China Power International Development Ltd. 7,156,306 4,038,971
China Railway Group Ltd., A Shares 2,106,000 2,072,624
China Railway Group Ltd., H Shares 4,730,972 2,779,114
China Railway Signal & Communication Corp. Ltd., A Shares 837,534 643,746
China Railway Signal & Communication Corp., Ltd., H Shares 1,644,800 597,826
China Reinsurance Group Corp., H Shares 9,696,272 930,699
China Resources Beer Holdings Co., Ltd. 2,135,318 16,902,289
China Resources Cement Holdings Ltd. 2,866,439 2,450,544
China Resources Double Crane Pharmaceutical Co., Ltd. 108,140 211,481
China Resources Gas Group Ltd. 1,207,777 5,541,396
China Resources Land Ltd. 3,677,683 17,885,503
China Resources Mixc Lifestyle Services Ltd. 786,090 4,044,283
China Resources Pharmaceutical Group Ltd. 2,422,332 1,196,642
China Resources Power Holdings Co., Ltd. 2,512,293 5,581,659
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., A Shares 90,500 513,598
China Ruyi Holdings Ltd. *(a) 3,293,387 973,639
China Shenhua Energy Co., Ltd., A Shares 612,070 2,448,280
China Shenhua Energy Co., Ltd., H Shares 4,572,785 12,582,372
China South Publishing & Media Group Co., Ltd., A Shares 175,200 263,772
SECURITY NUMBER
OF SHARES
VALUE ($)
China Southern Airlines Co., Ltd., A Shares * 1,414,600 1,553,594
China Southern Airlines Co., Ltd., H Shares * 1,487,311 938,409
China State Construction Engineering Corp., Ltd., A Shares 3,859,200 3,113,047
China State Construction International Holdings Ltd. 2,421,506 3,402,759
China Taiping Insurance Holdings Co., Ltd. 2,011,332 2,375,903
China Tourism Group Duty Free Corp., Ltd., A Shares 183,900 5,901,704
China Tower Corp., Ltd., H Shares 62,984,042 7,335,255
China Traditional Chinese Medicine Holdings Co., Ltd. 3,462,445 1,971,906
China TransInfo Technology Co., Ltd., A Shares 116,200 255,787
China United Network Communications Ltd., A Shares 2,560,000 1,549,794
China Vanke Co., Ltd., A Shares 826,900 2,516,082
China Vanke Co., Ltd., H Shares 2,606,695 6,178,378
China West Construction Group Co., Ltd., A Shares 151,400 204,426
China World Trade Center Co., Ltd., A Shares 78,500 175,661
China Yangtze Power Co., Ltd., A Shares 1,425,800 5,237,725
China Zheshang Bank Co., Ltd., A Shares 762,100 414,264
Chinalin Securities Co., Ltd. 87,900 193,631
Chinese Universe Publishing and Media Group Co., Ltd., A Shares 118,500 218,408
Chongqing Brewery Co., Ltd., A Shares * 45,800 971,163
Chongqing Changan Automobile Co., Ltd., A Shares 603,465 1,237,534
Chongqing Changan Automobile Co., Ltd., B Shares 1,388,360 643,212
Chongqing Fuling Zhacai Group Co., Ltd., A Shares 85,200 474,203
Chongqing Rural Commercial Bank Co., Ltd., H Shares 3,785,794 1,395,381
Chongqing Water Group Co. Ltd. 257,300 249,145
Chongqing Zhifei Biological Products Co., Ltd., A Shares 116,700 2,390,963
CIFI Holdings Group Co., Ltd. 4,936,331 3,436,738
CITIC Guoan Information Industry Co., Ltd. * 368,800 147,286
CITIC Ltd. 6,458,507 7,529,979
Citic Pacific Special Steel Group Co., Ltd., A Shares 491,910 1,792,236
CITIC Securities Co., Ltd., A Shares 985,780 3,644,730
CITIC Securities Co., Ltd., H Shares 3,712,831 8,999,708
CMST Development Co., Ltd., A Shares 197,700 180,155
CNOOC Energy Technology & Services Ltd., A Shares 687,300 326,767
Contemporary Amperex Technology Co., Ltd., A Shares 219,500 18,553,490
COSCO Shipping Development Co., Ltd., A Shares 825,600 435,697
COSCO Shipping Development Co., Ltd., H Shares 4,568,462 847,776
COSCO Shipping Energy Transportation Co., Ltd., H Shares 2,719,302 1,294,624
 
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Table of Contents
Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of February 28, 2022 (Unaudited) (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
COSCO Shipping Holdings Co., Ltd., A Shares * 1,051,821 2,920,428
COSCO Shipping Holdings Co., Ltd., H Shares * 4,411,020 8,863,024
COSCO Shipping Ports Ltd. 2,457,218 2,022,078
Country Garden Holdings Co., Ltd. 10,142,334 7,865,997
Country Garden Services Holdings Co., Ltd. 2,325,865 13,900,955
CRRC Corp., Ltd., A Shares 2,792,000 2,561,914
CRRC Corp., Ltd., H Shares 4,700,367 2,087,394
CSC Financial Co., Ltd., A Shares 63,800 259,851
CSC Financial Co., Ltd., H Shares 1,441,968 1,531,712
CSG Holding Co., Ltd. 498,200 194,467
CSG Holding Co., Ltd., A Shares 433,746 571,225
CSPC Pharmaceutical Group Ltd. 11,187,534 13,244,006
Daan Gene Co., Ltd., A Shares 140,160 412,484
Dada Nexus Ltd., ADR * 85,676 711,968
Dali Foods Group Co., Ltd. 2,667,141 1,402,914
DaShenLin Pharmaceutical Group Co., Ltd., A Shares 33,360 188,159
Datang International Power Generation Co., Ltd., H Shares 5,057,925 996,865
DHC Software Co., Ltd., A Shares 333,700 435,238
Dian Diagnostics Group Co., Ltd., A Shares 69,500 340,781
DiDi Global, Inc. * 419,792 1,721,147
Digital China Information Service Co., Ltd. 80,400 190,233
Do-Fluoride New Materials Co., Ltd., A Shares 59,800 425,992
Dong-E-E-Jiao Co., Ltd., A Shares 58,500 351,742
Dongfang Electric Corp., Ltd. 268,900 692,918
Dongfang Electric Corp., Ltd., H Shares 421,772 528,450
Dongfeng Motor Group Co., Ltd., H Shares 3,913,797 3,360,966
Dongguan Development Holdings Co., Ltd. 114,100 196,375
Dongxing Securities Co., Ltd., A Shares 284,900 464,599
Double Medical Technology, Inc. 4,300 31,306
East Group Co., Ltd., A Shares 188,800 282,751
East Money Information Co., Ltd., A Shares 974,916 4,131,419
Easyhome New Retail Group Co., Ltd., A Shares 230,300 179,203
Ecovacs Robotics Co., Ltd., A Shares 51,700 1,109,952
ENN Ecological Holdings Co., Ltd., A Shares 254,275 719,707
ENN Energy Holdings Ltd. 1,012,444 14,693,570
Eternal Asia Supply Chain Management Ltd., A Shares 239,100 204,239
Eve Energy Co., Ltd., A Shares 178,236 2,528,070
Everbright Securities Co., Ltd., A Shares 509,000 1,074,466
Evergrande Property Services Group Ltd. * 5,574,327 1,676,500
Fangda Carbon New Material Co., Ltd., A Shares 329,480 537,298
Far East Horizon Ltd. 2,999,208 2,556,372
FAW Jiefang Group Co., Ltd., A Shares 236,400 348,044
Fiberhome Telecommunication Technologies Co., Ltd., A Shares 98,800 269,312
Financial Street Holdings Co., Ltd., A Shares 274,900 245,275
First Capital Securities Co., Ltd., A Shares 445,300 448,829
SECURITY NUMBER
OF SHARES
VALUE ($)
Flat Glass Group Co., Ltd., A Shares 715,715 2,949,438
Focus Media Information Technology Co., Ltd., A Shares 1,379,300 1,672,210
Foshan Haitian Flavouring & Food Co., Ltd., A Shares 144,868 2,272,889
Fosun International Ltd. 2,971,138 3,220,694
Founder Securities Co., Ltd., A Shares 722,700 822,343
Foxconn Industrial Internet Co., Ltd., A Shares 413,000 731,095
Fujian Funeng Co., Ltd., A Shares 110,300 240,003
Fujian Longking Co., Ltd. 88,400 143,177
Fujian Sunner Development Co., Ltd., A Shares * 120,900 377,645
Full Truck Alliance Co., Ltd., ADR * 110,367 1,017,584
Fuyao Glass Industry Group Co., Ltd., A Shares 176,300 1,229,350
Fuyao Glass Industry Group Co., Ltd., H Shares 840,642 4,109,772
Gan & Lee Pharmaceuticals Co., Ltd., A Shares 20,000 185,642
Ganfeng Lithium Co., Ltd., A Shares 124,100 2,977,810
Ganfeng Lithium Co., Ltd., H Shares 200,600 3,375,981
G-bits Network Technology Xiamen Co., Ltd., A Shares 6,200 343,663
GCL System Integration Technology Co., Ltd., A Shares * 542,300 315,411
GD Power Development Co., Ltd., A Shares 1,689,000 754,830
GDS Holdings Ltd., ADR * 153,330 6,826,252
Geely Automobile Holdings Ltd. 7,056,635 13,022,854
GEM Co., Ltd., A Shares 414,800 628,445
Gemdale Corp., A Shares 416,200 838,336
Genscript Biotech Corp. * 1,280,405 5,055,287
GF Securities Co., Ltd., A Shares 550,500 1,623,582
GF Securities Co., Ltd., H Shares 2,047,019 3,070,384
Gigadevice Semiconductor Beijing, Inc., A Shares 57,784 1,403,941
Ginlong Technologies Co., Ltd. 20,400 817,940
Glarun Technology Co., Ltd., A Shares 112,900 303,631
GoerTek, Inc., A Shares 321,900 2,233,404
GOME Retail Holdings Ltd. * 15,548,152 1,154,118
Gongniu Group Co., Ltd., A Shares 20,700 486,598
Gotion High-tech Co., Ltd., A Shares * 123,800 845,215
Grandjoy Holdings Group Co., Ltd., A Shares * 757,000 472,675
Great Wall Motor Co., Ltd., A Shares 291,100 1,684,320
Great Wall Motor Co., Ltd., H Shares 4,188,529 8,716,163
Greattown Holdings Ltd. 227,600 129,490
Greenland Holdings Corp., Ltd., A Shares 676,240 462,973
Greentown China Holdings Ltd. 1,119,322 1,678,904
GRG Banking Equipment Co., Ltd., A Shares 247,500 464,406
GSX Techedu, Inc. *(a) 195,248 341,684
Guangdong Baolihua New Energy Stock Co., Ltd. 216,400 179,362
Guangdong Electric Power Development Co., Ltd., B Shares 1,975,414 576,416
Guangdong Golden Dragon Development, Inc., A Shares * 78,700 188,705
Guangdong Haid Group Co., Ltd., A Shares 152,200 1,589,055
Guangdong HEC Technology Holding Co., Ltd., A Shares * 282,500 389,053
Guangdong Investment Ltd. 3,973,939 5,340,154
Guangdong Kinlong Hardware Products Co., Ltd. 21,800 366,212
 
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Table of Contents
Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of February 28, 2022 (Unaudited) (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
Guangdong LY Intelligent Manufacturing Co., Ltd., A Shares * 731,500 694,403
Guangdong South New Media Co., Ltd. 16,200 118,047
Guangdong Xinbao Electrical Appliances Holdings Co., Ltd., A Shares 74,500 224,326
Guanghui Energy Co., Ltd., A Shares * 689,400 776,804
Guangshen Railway Co., Ltd., H Shares * 3,330,203 596,681
Guangxi Guiguan Electric Power Co., Ltd., A Shares 327,700 308,485
Guangxi Liugong Machinery Co., Ltd. 136,600 157,166
Guangxi Wuzhou Zhongheng Group Co., Ltd. 328,400 167,583
Guangzhou Automobile Group Co., Ltd., A Shares 367,060 744,009
Guangzhou Automobile Group Co., Ltd., H Shares 3,970,742 3,912,962
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., A Shares 168,000 793,141
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., H Shares 237,604 634,020
Guangzhou Haige Communications Group, Inc. Co., A Shares 203,400 321,056
Guangzhou Kingmed Diagnostics Group Co., Ltd., A Shares 45,900 612,485
Guangzhou R&F Properties Co., Ltd., H Shares 2,244,958 953,871
Guangzhou Shiyuan Electronic Technology Co., Ltd., A Shares 24,300 331,304
Guangzhou Tinci Materials Technology Co., Ltd., A Shares 82,390 1,386,528
Guangzhou Wondfo Biotech Co., Ltd., A Shares 41,770 306,225
Guangzhou Yuexiu Financial Holdings Group Co., Ltd., A Shares 207,495 292,992
Guangzhou Zhujiang Brewery Co., Ltd., A Shares 214,300 268,639
Guizhou Bailing Group Pharmaceutical Co., Ltd. * 120,200 122,486
Guizhou Panjiang Refined Coal Co., Ltd., A Shares 160,400 204,377
Guolian Securities Co., Ltd., A Shares 171,900 401,282
Guosen Securities Co., Ltd., A Shares 466,300 764,850
Guosheng Financial Holding, Inc., A Shares * 194,100 272,847
Guotai Junan Securities Co., Ltd., A Shares 607,400 1,606,578
Guotai Junan Securities Co., Ltd., H Shares 1,146,761 1,690,708
Guoyuan Securities Co., Ltd., A Shares 391,700 439,499
Haidilao International Holding Ltd. 1,378,847 3,162,258
Haier Smart Home Co., Ltd., A Shares 543,300 2,194,725
Haier Smart Home Co., Ltd., H Shares 3,056,903 10,660,840
Haitian International Holdings Ltd. 789,723 2,107,289
Haitong Securities Co., Ltd., A Shares 942,000 1,677,984
Haitong Securities Co., Ltd., H Shares 4,502,803 3,872,536
Hang Zhou Great Star Industrial Co., Ltd., A Shares * 106,000 335,975
Hangzhou Binjiang Real Estate Group Co., Ltd., A Shares 279,900 266,149
Hangzhou First Applied Material Co., Ltd., A Shares 48,940 920,165
SECURITY NUMBER
OF SHARES
VALUE ($)
Hangzhou Oxygen Plant Group Co., Ltd., A Shares 68,200 301,010
Hangzhou Robam Appliances Co., Ltd., A Shares 75,700 399,135
Hangzhou Shunwang Technology Co., Ltd., A Shares 66,000 152,292
Hangzhou Silan Microelectronics Co., Ltd. 127,300 1,149,735
Hangzhou Tigermed Consulting Co., Ltd., A Shares 64,700 1,043,608
Hangzhou Tigermed Consulting Co., Ltd., H Shares 188,051 2,105,848
Han's Laser Technology Industry Group Co., Ltd., A Shares 68,000 524,602
Hansoh Pharmaceutical Group Co., Ltd. 1,243,310 2,660,474
Harbin Boshi Automation Co., Ltd. 97,500 184,493
Health & Happiness H&H International Holdings Ltd. 230,827 357,450
Hefei Meiya Optoelectronic Technology, Inc., A Shares 64,700 369,846
Heilongjiang Agriculture Co., Ltd., A Shares 183,100 426,556
Hello Group, Inc., ADR 215,740 2,056,002
Henan Shuanghui Investment & Development Co., Ltd., A Shares 319,900 1,460,082
Hengan International Group Co., Ltd. 924,721 4,905,446
Hengdian Group DMEGC Magnetics Co., Ltd., A Shares 151,500 407,922
Hengli Petrochemical Co., Ltd., A Shares 320,200 1,263,039
Hengyi Petrochemical Co., Ltd.., A Shares 302,900 481,472
Hesteel Co., Ltd., A Shares 910,800 370,960
Hithink RoyalFlush Information Network Co., Ltd., A Shares 48,200 824,594
Holitech Technology Co., Ltd., A Shares * 335,400 197,732
Hongfa Technology Co., Ltd., A Shares 77,100 767,334
Hongta Securities Co., Ltd., A Shares 153,200 237,691
Hopson Development Holdings Ltd. 892,509 1,829,862
Hoshine Silicon Industry Co., Ltd., A Shares 49,500 1,172,781
Hua Hong Semiconductor Ltd. * 657,592 3,408,433
Huabao Flavours & Fragrances Co., Ltd. 22,800 113,783
Huadian Power International Corp., Ltd., H Shares 3,337,398 1,260,008
Huadong Medicine Co., Ltd., A Shares 161,700 970,969
Huafon Chemical Co., Ltd., A Shares 366,200 557,715
Huagong Tech Co., Ltd., A Shares 135,900 528,739
Huaibei Mining Holdings Co., Ltd., A Shares 172,300 366,172
Hualan Biological Engineering, Inc., A Shares 171,980 700,457
Huaneng Power International, Inc., A Shares 765,800 1,064,353
Huaneng Power International, Inc., H Shares 5,682,967 3,323,798
Huapont Life Sciences Co., Ltd., A Shares 176,300 175,741
Huatai Securities Co., Ltd., A Shares 612,600 1,537,810
Huatai Securities Co., Ltd., H Shares 2,212,298 3,618,410
Huaxi Securities Co., Ltd., A Shares 165,400 233,028
Huaxia Bank Co., Ltd., A Shares 1,463,100 1,305,428
Huaxin Cement Co., Ltd., B Shares 765,024 1,448,190
 
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Table of Contents
Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of February 28, 2022 (Unaudited) (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
Huayu Automotive Systems Co., Ltd., A Shares 277,600 1,115,679
Huazhu Group Ltd., ADR * 288,375 11,927,190
Hubei Biocause Pharmaceutical Co., Ltd., A Shares 363,100 186,441
Hubei Energy Group Co., Ltd., A Shares 574,000 424,815
Hubei Jumpcan Pharmaceutical Co., Ltd. 75,100 298,853
Huizhou Desay Sv Automotive Co., Ltd., A Shares 46,700 977,814
Humanwell Healthcare Group Co., Ltd., A Shares 151,600 448,313
Hunan Gold Corp., Ltd., A Shares * 110,600 222,427
Hunan Valin Steel Co., Ltd., A Shares 556,500 514,167
Hundsun Technologies, Inc., A Shares 142,842 1,182,578
Hygeia Healthcare Holdings Co., Ltd. 450,501 2,444,584
Hytera Communications Corp., Ltd. 160,100 133,966
Iflytek Co., Ltd., A Shares 226,100 1,755,410
I-Mab, ADR * 32,756 809,728
Imeik Technology Development Co., Ltd. 14,500 1,114,478
Industrial & Commercial Bank of China Ltd., A Shares 7,281,400 5,377,389
Industrial & Commercial Bank of China Ltd., H Shares 105,438,054 63,016,972
Industrial Bank Co., Ltd., A Shares 1,954,600 6,836,454
Industrial Securities Co., Ltd., A Shares 567,900 736,200
Ingenic Semiconductor Co., Ltd., A Shares 31,400 553,854
Inmyshow Digital Technology Group Co., Ltd., A Shares 122,400 178,654
Inner Mongolia BaoTou Steel Union Co., Ltd., A Shares * 3,646,200 1,548,624
Inner Mongolia Dian Tou Energy Corp., Ltd., A Shares 115,200 302,514
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., A Shares 757,700 594,392
Inner Mongolia Yili Industrial Group Co., Ltd., A Shares 550,900 3,450,328
Innovent Biologics, Inc. * 1,745,927 7,809,379
Inspur Electronic Information Industry Co., Ltd., A Shares 82,228 429,123
Intco Medical Technology Co., Ltd., A Shares 44,375 360,274
iQIYI, Inc., ADR * 416,352 1,723,697
JA Solar Technology Co., Ltd., A Shares 146,000 2,197,173
Jafron Biomedical Co., Ltd., A Shares 68,050 493,389
Jason Furniture Hangzhou Co., Ltd., A Shares 57,700 643,753
JCET Group Co., Ltd., A Shares 159,900 709,287
JD Health International, Inc. * 985,366 7,301,623
JD Logistics, Inc. * 544,070 1,719,868
JD.com, Inc., A Shares * 2,072,524 74,055,659
Jiajiayue Group Co., Ltd. 59,700 122,333
Jiangling Motors Corp., Ltd. 33,100 81,727
Jiangsu Eastern Shenghong Co., Ltd., A Shares 295,200 890,746
Jiangsu Expressway Co., Ltd., A Shares 471,900 661,857
Jiangsu Expressway Co., Ltd., H Shares 1,256,994 1,344,878
Jiangsu Guoxin Corp., Ltd., A Shares 100,400 99,445
SECURITY NUMBER
OF SHARES
VALUE ($)
Jiangsu Hengli Hydraulic Co., Ltd., A Shares 110,784 1,175,961
Jiangsu Hengrui Medicine Co., Ltd., A Shares 618,044 3,925,706
Jiangsu King's Luck Brewery JSC Ltd., A Shares 113,200 935,559
Jiangsu Linyang Energy Co., Ltd., A Shares 188,800 310,278
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., A Shares 144,600 3,774,266
Jiangsu Yangnong Chemical Co., Ltd., A Shares 34,000 670,139
Jiangsu Yoke Technology Co., Ltd. 41,800 415,681
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd., A Shares 93,500 434,753
Jiangsu Zhongnan Construction Group Co., Ltd., A Shares 463,043 293,530
Jiangsu Zhongtian Technology Co., Ltd., A Shares 338,400 1,003,402
Jiangxi Copper Co., Ltd., A Shares 326,900 1,148,035
Jiangxi Copper Co., Ltd., H Shares 1,346,245 2,418,992
Jiangxi Zhengbang Technology Co., Ltd., A Shares 400,000 436,767
Jiayuan International Group Ltd. 1,159,923 368,149
Jilin Aodong Pharmaceutical Group Co., Ltd., A Shares 105,100 269,329
Jinke Properties Group Co., Ltd., A Shares 506,604 361,287
Jinke Smart Services Group Co., Ltd. 418,771 1,859,728
Jinmao Property Services Co., Ltd. *(b) 128,844 129,113
Jinneng Holding Shanxi Electric Power Co., Ltd. * 259,900 166,814
Jinxin Fertility Group Ltd. * 2,003,549 2,330,811
JiuGui Liquor Co., Ltd., A Shares 31,000 839,555
Jiumaojiu International Holdings Ltd. 881,916 1,968,416
Jizhong Energy Resources Co., Ltd., A Shares 380,900 395,991
JL Mag Rare-Earth Co., Ltd. 33,700 209,303
Joincare Pharmaceutical Group Industry Co., Ltd., A Shares 224,300 436,159
Joinn Laboratories China Co., Ltd. 28,200 513,678
Joinn Laboratories China Co., Ltd., H Shares 72,462 603,719
Jointown Pharmaceutical Group Co., Ltd., A Shares 166,000 350,415
Jonjee Hi-Tech Industrial & Commercial Holding Co., Ltd., A Shares 78,800 429,716
Joyoung Co., Ltd., A Shares 77,400 239,560
JOYY, Inc., ADR 72,921 3,375,513
Juewei Food Co., Ltd., A Shares 26,800 224,339
Kaishan Group Co., Ltd., A Shares 90,100 229,748
Kanzhun Ltd. * 74,231 2,397,661
KE Holdings, Inc., ADR * 310,478 6,026,378
Keboda Technology Co., Ltd. 9,200 98,371
Kingboard Holdings Ltd. 979,410 4,568,834
Kingboard Laminates Holdings Ltd. 1,441,498 2,390,905
KingClean Electric Co., Ltd., A Shares 11,200 43,682
Kingdee International Software Group Co., Ltd. * 3,407,540 8,364,362
Kingfa Sci & Tech Co., Ltd., A Shares 242,400 412,579
Kingsoft Cloud Holdings Ltd., ADR * 127,204 857,355
Kingsoft Corp., Ltd. 1,185,905 4,401,403
Kuaishou Technology * 2,082,351 23,865,074
Kuang-Chi Technologies Co., Ltd., A Shares * 214,000 688,124
Kunlun Energy Co., Ltd. 4,847,496 4,739,735
 
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Table of Contents
Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of February 28, 2022 (Unaudited) (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
Kunlun Tech Co., Ltd., A Shares 112,200 312,417
Kweichow Moutai Co., Ltd., A Shares 118,200 33,538,079
KWG Group Holdings Ltd. 1,547,486 722,874
KWG Living Group Holdings Ltd. 1,133,504 468,564
Lakala Payment Co., Ltd. 27,600 117,311
Lao Feng Xiang Co., Ltd., A Shares 127,329 945,988
Laobaixing Pharmacy Chain JSC, A Shares 37,100 249,881
LB Group Co., Ltd., A Shares 215,000 901,228
Legend Holdings Corp., H Shares 729,891 1,025,660
Lens Technology Co., Ltd., A Shares 444,100 1,023,330
Lepu Medical Technology Beijing Co., Ltd., A Shares 165,400 562,779
Leyard Optoelectronic Co., Ltd., A Shares 216,500 288,895
Li Auto, Inc., ADR * 549,264 16,725,089
Li Ning Co., Ltd. 3,047,816 30,288,201
LianChuang Electronic Technology Co., Ltd., A Shares 97,600 288,160
Lianhe Chemical Technology Co., Ltd., A Shares 84,000 230,035
Liaoning Port Co., Ltd., A Shares 1,441,100 404,239
Liuzhou Iron & Steel Co., Ltd. 279,800 241,666
Livzon Pharmaceutical Group, Inc., A Shares 109,500 664,635
Livzon Pharmaceutical Group, Inc., H Shares 134,187 502,319
Logan Group Co., Ltd. 1,395,570 464,374
Longfor Group Holdings Ltd. 2,490,784 13,324,644
LONGi Green Energy Technology Co., Ltd., A Shares 498,120 6,131,376
Luenmei Quantum Co., Ltd., A Shares 125,600 161,429
Lufax Holding Ltd., ADR * 728,785 4,715,239
Luolai Lifestyle Technology Co., Ltd. 77,800 173,108
Luxi Chemical Group Co., Ltd., A Shares 234,100 620,309
Luxshare Precision Industry Co., Ltd., A Shares 661,117 4,550,287
Luye Pharma Group Ltd. * 2,217,424 893,928
Luzhou Laojiao Co., Ltd., A Shares 136,000 4,668,399
Maanshan Iron & Steel Co., Ltd., A Shares 1,227,700 811,333
Maccura Biotechnology Co., Ltd., A Shares 36,600 160,147
Mango Excellent Media Co., Ltd., A Shares 164,770 891,220
Maxscend Microelectronics Co., Ltd., A Shares 28,280 1,208,511
Meinian Onehealth Healthcare Holdings Co., Ltd., A Shares * 419,300 477,112
Meituan, B Shares * 5,209,181 114,801,050
Metallurgical Corp. of China Ltd., A Shares 1,431,200 923,135
Metallurgical Corp. of China Ltd., H Shares 4,277,928 1,297,553
Ming Yuan Cloud Group Holdings Ltd. * 753,455 1,479,197
MINISO Group Holding Ltd., ADR 96,239 840,166
Montage Technology Co., Ltd., A Shares 108,000 1,323,043
Montnets Cloud Technology Group Co., Ltd., A Shares * 79,200 184,507
Muyuan Foods Co., Ltd., A Shares 480,486 4,346,457
Nanjing Hanrui Cobalt Co., Ltd., A Shares 32,500 412,302
Nanjing Iron & Steel Co., Ltd., A Shares 534,000 320,739
SECURITY NUMBER
OF SHARES
VALUE ($)
Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd., A Shares 71,600 395,332
Nanjing Securities Co., Ltd., A Shares 383,800 538,293
NARI Technology Co., Ltd., A Shares 502,520 2,815,227
National Silicon Industry Group Co., Ltd. * 139,911 538,580
NAURA Technology Group Co., Ltd., A Shares 47,900 2,301,250
NavInfo Co., Ltd., A Shares * 214,000 580,276
NetEase, Inc. 2,012,585 39,279,626
New China Life Insurance Co., Ltd., A Shares 174,000 1,050,618
New China Life Insurance Co., Ltd., H Shares 1,357,424 3,882,722
New Hope Liuhe Co., Ltd., A Shares * 406,500 990,159
New Oriental Education & Technology Group, Inc., ADR * 1,810,914 2,734,480
Newland Digital Technology Co., Ltd., A Shares 108,600 304,114
Nine Dragons Paper Holdings Ltd. 2,137,008 2,043,008
Ninestar Corp., A Shares 71,900 568,591
Ningbo Joyson Electronic Corp., A Shares 130,600 374,621
Ningbo Sanxing Medical Electric Co., Ltd., A Shares 109,200 220,823
Ningbo Tuopu Group Co., Ltd., A Shares 83,600 797,313
Ningbo Zhoushan Port Co., Ltd., A Shares 874,200 580,491
Ningxia Baofeng Energy Group Co., Ltd., A Shares 265,500 736,331
NIO, Inc., ADR * 1,674,773 38,251,815
North Huajin Chemical Industries Co., Ltd., A Shares 154,000 175,965
North Industries Group Red Arrow Co., Ltd., A Shares * 74,900 268,144
Northeast Securities Co., Ltd., A Shares 200,000 261,490
NSFOCUS Technologies Group Co., Ltd., A Shares 72,900 164,169
Oceanwide Holdings Co., Ltd. * 345,600 98,039
Offcn Education Technology Co., Ltd., A Shares * 217,100 241,184
Offshore Oil Engineering Co., Ltd., A Shares 455,400 354,360
OFILM Group Co., Ltd., A Shares * 303,500 384,305
OneConnect Financial Technology Co., Ltd. NVDR * 169,638 268,028
Oppein Home Group, Inc., A Shares 27,840 558,609
ORG Technology Co., Ltd., A Shares 224,700 205,114
Orient Securities Co., Ltd., A Shares 680,300 1,321,787
Orient Securities Co., Ltd., H Shares 831,575 604,495
Oriental Energy Co., Ltd., A Shares 156,600 288,382
Ovctek China, Inc., A Shares 99,280 644,927
Pangang Group Vanadium Titanium & Resources Co., Ltd., A Shares * 729,700 485,696
People.cn Co., Ltd., A Shares 111,800 239,369
Perfect World Co., Ltd., A Shares 89,550 187,331
PetroChina Co., Ltd., H Shares 27,844,955 14,860,241
Pharmaron Beijing Co., Ltd., A Shares 22,400 430,357
Pharmaron Beijing Co., Ltd., H Shares 182,334 2,202,840
PICC Property & Casualty Co., Ltd., H Shares 9,068,096 9,574,439
Pinduoduo, Inc., ADR * 498,797 25,867,612
Ping An Bank Co., Ltd., A Shares 1,851,000 4,620,166
Ping An Healthcare & Technology Co., Ltd. *(a) 516,800 1,593,980
 
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Table of Contents
Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of February 28, 2022 (Unaudited) (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
Ping An Insurance Group Co. of China Ltd., A Shares 1,057,200 8,504,512
Ping An Insurance Group Co. of China Ltd., H Shares 7,950,166 61,454,884
Pingdingshan Tianan Coal Mining Co., Ltd. 165,900 329,171
Poly Developments and Holdings Group Co., Ltd., A Shares 1,143,800 2,867,657
Poly Property Services Co., Ltd., H Shares 206,808 1,462,322
Pop Mart International Group Ltd. *(a) 592,588 2,969,121
Postal Savings Bank of China Co., Ltd., H Shares 12,545,700 10,291,915
Power Construction Corp. of China Ltd., A Shares 970,700 1,176,839
Proya Cosmetics Co., Ltd., A Shares 16,300 480,346
Qingdao Hanhe Cable Co., Ltd. 149,800 111,341
Qingdao Port International Co., Ltd. 192,600 177,033
Qingdao Rural Commercial Bank Corp. 266,900 154,810
Qingdao TGOOD Electric Co., Ltd., A Shares 113,900 383,217
Raytron Technology Co., Ltd., A Shares 45,400 456,518
Red Star Macalline Group Corp., Ltd., H Shares * 1,171,788 551,874
Remegen Co., Ltd., H Shares * 114,039 981,497
RiseSun Real Estate Development Co., Ltd., A Shares 404,300 251,806
RLX Technology, Inc., ADR *(a) 968,185 2,982,010
Rongsheng Petrochemical Co., Ltd., A Shares 265,800 793,188
SAIC Motor Corp., Ltd., A Shares 895,400 2,569,841
Sangfor Technologies, Inc., A Shares 14,100 325,127
Sansteel Minguang Co., Ltd Fujian, A Shares 341,900 403,670
Sany Heavy Industry Co., Ltd., A Shares 807,800 2,510,453
SDIC Capital Co., Ltd., A Shares 419,000 491,379
SDIC Power Holdings Co., Ltd., A Shares 733,807 1,165,253
Sealand Securities Co., Ltd., A Shares 458,600 284,172
Seazen Group Ltd. * 2,616,582 1,379,669
Seazen Holdings Co., Ltd., A Shares 197,100 943,019
SF Holding Co., Ltd., A Shares 261,300 2,501,192
SG Micro Corp., A Shares 23,025 1,269,842
Shaanxi Coal Industry Co., Ltd., A Shares 666,200 1,502,381
Shaanxi International Trust Co., Ltd. 366,600 188,819
Shandong Buchang Pharmaceuticals Co., Ltd. 49,200 162,181
Shandong Chenming Paper Holdings Ltd., H Shares 1,988,010 959,187
Shandong Denghai Seeds Co., Ltd., A Shares 82,000 300,320
Shandong Gold Mining Co., Ltd., A Shares 440,504 1,449,265
Shandong Gold Mining Co., Ltd., H Shares 762,541 1,444,336
Shandong Himile Mechanical Science & Technology Co., Ltd., A Shares 93,500 366,591
Shandong Hi-speed Co., Ltd., A Shares 244,600 208,937
Shandong Hualu Hengsheng Chemical Co., Ltd., A Shares 191,360 1,066,582
Shandong Humon Smelting Co., Ltd. 92,900 179,322
SECURITY NUMBER
OF SHARES
VALUE ($)
Shandong Linglong Tyre Co., Ltd., A Shares 86,400 382,844
Shandong Nanshan Aluminum Co., Ltd., A Shares 1,072,600 826,123
Shandong Pharmaceutical Glass Co., Ltd., A Shares 54,300 269,004
Shandong Publishing & Media Co., Ltd. 107,000 108,526
Shandong Sun Paper Industry JSC Ltd., A Shares 210,100 407,880
Shandong Weigao Group Medical Polymer Co., Ltd., H Shares 3,031,857 4,175,075
Shanghai 2345 Network Holding Group Co., Ltd. * 381,500 152,358
Shanghai AJ Group Co., Ltd. 195,300 215,418
Shanghai Bairun Investment Holding Group Co., Ltd., A Shares 65,520 468,504
Shanghai Baosight Software Co., Ltd., A Shares 137,869 1,173,744
Shanghai Construction Group Co., Ltd., A Shares 825,400 426,435
Shanghai Dazhong Public Utilities Group Co., Ltd. 219,500 130,796
Shanghai Electric Group Co., Ltd., A Shares 1,051,300 734,744
Shanghai Electric Group Co., Ltd., H Shares 3,562,423 998,465
Shanghai Electric Power Co., Ltd., A Shares 237,200 437,185
Shanghai Environment Group Co., Ltd., A Shares 116,400 221,363
Shanghai Flyco Electrical Appliance Co., Ltd. 16,100 117,063
Shanghai Fosun Pharmaceutical Group Co., Ltd., A Shares 176,800 1,188,006
Shanghai Fosun Pharmaceutical Group Co., Ltd., H Shares 772,217 3,093,335
Shanghai Friendess Electronic Technology Corp., Ltd. 7,522 382,656
Shanghai Huayi Group Co., Ltd., B Shares 325,000 229,450
Shanghai Industrial Holdings Ltd. 572,031 869,720
Shanghai International Airport Co., Ltd., A Shares * 166,800 1,383,832
Shanghai International Port Group Co., Ltd., A Shares 1,092,500 985,155
Shanghai Jahwa United Co., Ltd., A Shares 72,600 446,185
Shanghai Jinjiang International Hotels Co., Ltd. 556,165 1,140,694
Shanghai Jinqiao Export Processing Zone Development Co., Ltd., A Shares 273,600 509,043
Shanghai Junshi Biosciences Co., Ltd., A Shares * 76,970 878,263
Shanghai Junshi Biosciences Co., Ltd., H Shares * 147,525 998,768
Shanghai Lingang Holdings Corp., Ltd., A Shares 174,700 390,929
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd., A Shares 529,700 931,802
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd., B Shares 485,030 432,162
Shanghai M&G Stationery, Inc., A Shares 44,200 380,288
 
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Table of Contents
Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of February 28, 2022 (Unaudited) (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
Shanghai Mechanical & Electrical Industry Co., Ltd., A Shares 244,470 557,516
Shanghai Pharmaceuticals Holding Co., Ltd., A Shares 164,900 488,167
Shanghai Pharmaceuticals Holding Co., Ltd., H Shares 1,123,507 2,024,518
Shanghai Pudong Development Bank Co., Ltd., A Shares 2,771,700 3,685,351
Shanghai Putailai New Energy Technology Co., Ltd., A Shares 61,240 1,411,917
Shanghai RAAS Blood Products Co., Ltd., A Shares 578,200 612,104
Shanghai Shimao Co., Ltd., A Shares 328,700 169,299
Shanghai Tunnel Engineering Co., Ltd., A Shares 279,100 241,061
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd., A Shares 180,200 371,252
Shanghai Yuyuan Tourist Mart Group Co., Ltd., A Shares 400,800 665,036
Shanghai Zhangjiang High-Tech Park Development Co., Ltd., A Shares 158,400 348,430
Shanghai Zhenhua Heavy Industries Co., Ltd., B Shares * 730,120 192,022
Shanxi Lu'an Environmental Energy Development Co., Ltd., A Shares 278,500 614,377
Shanxi Securities Co., Ltd., A Shares 332,900 311,269
Shanxi Taigang Stainless Steel Co., Ltd. 581,700 673,887
Shanxi Xinghuacun Fen Wine Factory Co., Ltd., A Shares 114,900 5,321,272
Shanxi Xishan Coal & Electricity Power Co., Ltd., A Shares 405,000 679,065
Shanying International Holding Co., Ltd., A Shares 404,000 200,399
Shenghe Resources Holding Co., Ltd., A Shares 167,100 519,572
Shengyi Technology Co., Ltd., A Shares 285,400 878,815
Shennan Circuits Co., Ltd., A Shares 17,000 315,349
Shenwan Hongyuan Group Co., Ltd., A Shares 2,311,100 1,677,470
Shenwan Hongyuan Group Co., Ltd., H Shares 1,917,465 461,348
Shenzhen Agricultural Products Group Co., Ltd. 338,400 317,485
Shenzhen Airport Co., Ltd., A Shares * 213,000 248,106
Shenzhen Capchem Technology Co., Ltd., A Shares 44,800 681,585
Shenzhen Energy Group Co., Ltd., A Shares 408,300 467,830
Shenzhen Everwin Precision Technology Co., Ltd., A Shares 110,900 216,352
Shenzhen Expressway Corp., Ltd., H Shares 1,061,615 1,069,264
Shenzhen Gas Corp., Ltd. 267,700 352,974
Shenzhen Goodix Technology Co., Ltd., A Shares 17,600 253,596
Shenzhen Hepalink Pharmaceutical Group Co., Ltd., H Shares 395,308 366,284
Shenzhen Infogem Technologies Co., Ltd. 78,900 175,681
Shenzhen Inovance Technology Co., Ltd., A Shares 234,600 2,366,820
Shenzhen International Holdings Ltd. 1,273,420 1,310,301
Shenzhen Investment Ltd. 3,280,226 738,856
Shenzhen Jinjia Group Co., Ltd., A Shares 135,400 355,559
SECURITY NUMBER
OF SHARES
VALUE ($)
Shenzhen Kaifa Technology Co., Ltd., A Shares 155,600 335,859
Shenzhen Kangtai Biological Products Co., Ltd., A Shares 59,000 789,534
Shenzhen Kingdom Sci-Tech Co., Ltd., A Shares 109,300 269,872
Shenzhen Kinwong Electronic Co., Ltd. 17,700 87,126
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., A Shares 86,800 4,499,706
Shenzhen MTC Co., Ltd., A Shares *(b) 438,900 308,830
Shenzhen Neptunus Bioengineering Co., Ltd., A Shares * 376,000 195,448
Shenzhen New Industries Biomedical Engineering Co., Ltd. 18,500 119,268
Shenzhen Overseas Chinese Town Co., Ltd., A Shares 967,400 1,057,854
Shenzhen Salubris Pharmaceuticals Co., Ltd., A Shares * 92,000 364,792
Shenzhen SC New Energy Technology Corp., A Shares 36,800 512,517
Shenzhen Sunway Communication Co., Ltd., A Shares 88,700 298,150
Shenzhen Transsion Holdings Co., Ltd. 79,876 1,714,233
Shenzhen Yan Tian Port Holding Co., Ltd. 263,177 223,972
Shenzhen YUTO Packaging Technology Co., Ltd., A Shares 62,300 287,113
Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd., A Shares 304,100 243,858
Shenzhou International Group Holdings Ltd. 1,016,304 17,077,788
Shijiazhuang Changshan BeiMing Technology Co., Ltd., A Shares * 225,500 255,876
Shijiazhuang Yiling Pharmaceutical Co., Ltd., A Shares 159,500 609,184
Shimao Group Holdings Ltd. 1,923,140 1,149,400
Shimao Services Holdings Ltd. 1,023,235 746,438
Shougang Fushan Resources Group Ltd. 4,515,804 1,491,070
Siasun Robot & Automation Co., Ltd., A Shares * 140,300 229,238
Sichuan Chuantou Energy Co., Ltd., A Shares 404,500 771,178
Sichuan Hebang Biotechnology Co., Ltd. * 1,089,900 678,813
Sichuan Kelun Pharmaceutical Co., Ltd., A Shares 163,200 449,253
Sichuan Road & Bridge Co., Ltd., A Shares 487,800 963,231
Sichuan Swellfun Co., Ltd., A Shares 48,700 768,704
Sichuan Teway Food Group Co., Ltd., A Shares 43,700 152,154
Sieyuan Electric Co., Ltd. 69,200 515,874
Sino Biopharmaceutical Ltd. 12,974,207 8,269,008
Sinolink Securities Co., Ltd., A Shares 336,200 540,264
Sinoma International Engineering Co., A Shares 192,900 307,234
Sinoma Science & Technology Co., Ltd., A Shares 183,100 864,139
Sino-Ocean Group Holding Ltd. 3,954,919 850,335
Sinopec Engineering Group Co., Ltd., H Shares 1,804,922 861,610
Sinopec Oilfield Service Corp., H Shares * 6,078,765 567,913
Sinopec Shanghai Petrochemical Co., Ltd., A Shares 1,029,200 662,211
 
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Table of Contents
Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of February 28, 2022 (Unaudited) (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
Sinopec Shanghai Petrochemical Co., Ltd., H Shares 3,345,786 753,623
Sinopharm Group Co., Ltd., H Shares 1,631,296 3,941,650
Sinosoft Co., Ltd. 32,300 150,136
Sinotrans Ltd., H Shares 4,050,297 1,264,794
Sinotruk Hong Kong Ltd. 922,893 1,374,826
Skshu Paint Co., Ltd., A Shares 34,020 478,652
Smoore International Holdings Ltd. 2,345,615 8,645,547
SOHO China Ltd. * 2,265,562 461,016
Songcheng Performance Development Co., Ltd., A Shares 244,300 600,103
SooChow Securities Co., Ltd., A Shares 760,185 943,304
Southwest Securities Co., Ltd., A Shares 605,900 451,304
StarPower Semiconductor Ltd. 11,900 681,544
Sun Art Retail Group Ltd. 2,294,379 825,115
Sunac China Holdings Ltd. 4,383,125 3,590,105
Sunac Services Holdings Ltd. 951,401 807,273
Sungrow Power Supply Co., Ltd., A Shares 137,800 2,644,624
Suning Universal Co., Ltd., A Shares * 281,800 181,763
Suning.com Co., Ltd., A Shares * 892,500 507,777
Sunny Optical Technology Group Co., Ltd. 870,990 20,811,374
Sunwoda Electronic Co., Ltd., A Shares 137,000 797,249
Suofeiya Home Collection Co., Ltd. 44,500 159,100
Suzhou Anjie Technology Co., Ltd., A Shares 68,500 145,142
Suzhou Dongshan Precision Manufacturing Co., Ltd., A Shares 157,600 553,723
Suzhou Gold Mantis Construction Decoration Co., Ltd., A Shares 248,600 230,871
Suzhou Maxwell Technologies Co., Ltd., A Shares 10,180 882,643
Taiji Computer Corp., Ltd., A Shares 54,900 222,210
TAL Education Group, ADR * 628,844 1,785,917
Tangshan Jidong Cement Co., Ltd., A Shares 135,500 258,330
TangShan Port Group Co., Ltd., A Shares 584,500 270,482
Tangshan Sanyou Chemical Industries Co., Ltd., A Shares 223,400 320,053
TBEA Co., Ltd., A Shares 371,249 1,187,291
TCL Technology Group Corp., A Shares 1,307,200 1,151,828
Tencent Holdings Ltd. 8,025,348 432,608,953
Tencent Music Entertainment Group, ADR * 766,209 4,129,866
The People's Insurance Co. Group of China Ltd., H Shares 10,890,505 3,498,364
Thunder Software Technology Co., Ltd., A Shares 35,400 782,278
Tian Di Science & Technology Co., Ltd., A Shares 299,200 193,461
Tianfeng Securities Co., Ltd., A Shares 779,300 434,728
Tianjin Zhonghuan Semiconductor Co., Ltd., A Shares 321,500 2,444,623
Tianma Microelectronics Co., Ltd., A Shares 229,000 424,249
Tianshan Aluminum Group Co., Ltd., A Shares 161,000 242,138
Tianshui Huatian Technology Co., Ltd., A Shares 451,100 855,017
Tibet Cheezheng Tibetan Medicine Co., Ltd. 12,300 51,110
SECURITY NUMBER
OF SHARES
VALUE ($)
Tibet Summit Resources Co., Ltd. 60,500 325,607
Times China Holdings Ltd. 1,029,871 333,462
Toly Bread Co., Ltd. 38,200 150,560
Tongcheng Travel Holdings Ltd. * 1,136,916 2,109,792
TongFu Microelectronics Co., Ltd., A Shares 242,200 694,742
Tongkun Group Co., Ltd., A Shares 224,000 776,723
Tongling Nonferrous Metals Group Co., Ltd., A Shares 876,100 548,430
Tongwei Co., Ltd., A Shares 424,100 2,883,342
Topchoice Medical Corp., A Shares * 34,100 871,631
Topsec Technologies Group, Inc., A Shares 113,300 263,948
Topsports International Holdings Ltd. 2,436,836 2,523,005
Transfar Zhilian Co., Ltd. 71,900 87,397
TravelSky Technology Ltd., H Shares 1,263,487 2,380,246
Trip.com Group Ltd., ADR * 707,317 18,262,925
Tsingtao Brewery Co., Ltd., A Shares 98,600 1,465,562
Tsingtao Brewery Co., Ltd., H Shares 676,742 6,491,395
Tuya, Inc. * 271,404 1,465,582
Unigroup Guoxin Microelectronics Co., Ltd., A Shares 55,600 1,950,053
Unisplendour Corp., Ltd., A Shares 123,700 431,088
Universal Scientific Industrial Shanghai Co., Ltd., A Shares 81,600 180,917
Valiant Co., Ltd., A Shares 84,400 272,728
Vipshop Holdings Ltd., ADR * 567,859 4,923,338
Visual China Group Co., Ltd. 45,900 115,514
Walvax Biotechnology Co., Ltd., A Shares 136,800 1,013,534
Wangsu Science & Technology Co., Ltd., A Shares 229,600 247,429
Wanhua Chemical Group Co., Ltd., A Shares 288,200 4,329,851
Wanxiang Qianchao Co., Ltd., A Shares 304,900 279,290
Weibo Corp., ADR * 75,547 2,072,254
Weichai Power Co., Ltd., A Shares 699,400 1,680,333
Weichai Power Co., Ltd., H Shares 2,505,372 4,232,426
Weifu High-Technology Group Co., Ltd., A Shares 173,100 572,245
Weihai Guangwei Composites Co., Ltd., A Shares 45,700 531,090
Wens Foodstuffs Group Co., Ltd., A Shares 180,320 556,963
Western Securities Co., Ltd., A Shares 417,400 502,732
Western Superconducting Technologies Co., Ltd., A Shares 45,200 615,537
Westone Information Industry, Inc., A Shares 70,700 511,483
Will Semiconductor Co., Ltd ., A Shares 54,700 2,130,873
Wingtech Technology Co., Ltd., A Shares 113,400 2,097,271
Winner Medical Co., Ltd. 15,300 179,381
Winning Health Technology Group Co., Ltd., A Shares 212,700 384,950
Wolong Electric Group Co., Ltd., A Shares 121,200 293,876
Wuchan Zhongda Group Co., Ltd., A Shares 430,300 386,656
Wuhan Guide Infrared Co., Ltd., A Shares 203,240 720,842
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd., A Shares 134,300 443,339
Wuliangye Yibin Co., Ltd., A Shares 363,100 10,933,280
 
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Table of Contents
Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of February 28, 2022 (Unaudited) (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
WUS Printed Circuit Kunshan Co., Ltd., A Shares 179,500 478,193
WuXi AppTec Co., Ltd., A Shares 100,451 1,654,496
WuXi AppTec Co., Ltd., H Shares 434,997 6,168,354
Wuxi Biologics Cayman, Inc. * 4,399,512 36,176,030
Wuxi Lead Intelligent Equipment Co., Ltd., A Shares 86,880 925,664
Wuxi Shangji Automation Co., Ltd. 24,800 621,376
XCMG Construction Machinery Co., Ltd., A Shares 816,400 715,482
Xiamen C & D, Inc., A Shares 253,100 400,307
Xiamen Intretech, Inc. 27,200 127,594
Xiamen ITG Group Corp., Ltd., A Shares 178,800 204,019
Xiamen Tungsten Co., Ltd., A Shares 115,100 401,300
Xiangcai Co., Ltd., A Shares 159,200 222,779
Xiaomi Corp., B Shares * 17,667,469 33,147,561
Xinfengming Group Co., Ltd., A Shares 76,500 169,609
Xinhua Winshare Publishing and Media Co., Ltd., H Shares 506,350 377,801
Xinjiang Goldwind Science & Technology Co., Ltd., A Shares 519,600 1,231,065
Xinjiang Goldwind Science & Technology Co., Ltd., H Shares 727,642 1,186,398
Xinjiang Zhongtai Chemical Co., Ltd., A Shares 241,900 416,329
Xinxing Ductile Iron Pipes Co., Ltd., A Shares 322,800 254,250
Xinyangfeng Agricultural Technology Co., Ltd., A Shares 118,800 325,147
Xinyi Solar Holdings Ltd. 5,673,967 10,253,326
XPeng, Inc., ADR * 659,486 23,985,506
Xuji Electric Co., Ltd., A Shares 91,400 320,697
Yadea Group Holdings Ltd. 1,292,185 1,908,419
Yang Quan Coal Industry Group Co., Ltd., A Shares 262,600 497,733
Yango Group Co., Ltd., A Shares 387,000 148,422
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co. 121,800 616,721
Yangtze Optical Fibre and Cable Joint Stock Ltd., Co., H Shares 11,253 17,714
Yangzijiang Shipbuilding Holdings Ltd. 2,909,494 2,957,827
Yankuang Energy Group Co., Ltd., H Shares (a) 2,810,968 6,892,784
Yanlord Land Group Ltd. 884,135 781,585
Yantai Changyu Pioneer Wine Co., Ltd., A Shares 130,083 613,513
Yantai Eddie Precision Machinery Co., Ltd., A Shares 86,520 424,236
Yantai Jereh Oilfield Services Group Co., Ltd., A Shares 101,900 721,051
Yatsen Holding Ltd., ADR * 94,462 128,468
Yealink Network Technology Corp., Ltd., A Shares 74,950 907,715
Yifan Pharmaceutical Co., Ltd., A Shares 124,700 336,156
Yifeng Pharmacy Chain Co., Ltd., A Shares 67,860 531,373
Yihai International Holding Ltd. * 660,483 2,755,640
Yihai Kerry Arawana Holdings Co., Ltd., A Shares 122,900 1,040,852
Yintai Gold Co., Ltd., A Shares 275,600 402,262
Yixintang Pharmaceutical Group Co., Ltd., A Shares 49,800 221,298
Yonghui Superstores Co., Ltd., A Shares 1,382,100 799,471
SECURITY NUMBER
OF SHARES
VALUE ($)
Yonyou Network Technology Co., Ltd., A Shares 301,240 1,496,652
Youngor Group Co., Ltd., A Shares 454,800 487,955
Youzu Interactive Co., Ltd. * 36,200 68,155
YTO Express Group Co., Ltd., A Shares 238,100 656,190
Yuan Longping High-tech Agriculture Co., Ltd., A Shares * 99,800 301,614
Yuexiu Property Co., Ltd. 1,710,393 1,711,772
Yunda Holding Co., Ltd., A Shares 117,800 361,988
Yunnan Aluminium Co., Ltd., A Shares * 380,200 868,254
Yunnan Baiyao Group Co., Ltd., A Shares 125,100 1,789,267
Yunnan Copper Co., Ltd., A Shares 141,100 290,250
Yunnan Energy New Material Co., Ltd., A Shares 72,200 2,974,960
Yunnan Tin Co., Ltd., A Shares * 179,200 711,404
Zai Lab Ltd., ADR * 80,105 4,381,743
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd., A Shares 57,600 3,298,171
Zhaojin Mining Industry Co., Ltd., H Shares 1,415,094 1,258,674
Zhefu Holding Group Co., Ltd., A Shares 519,300 508,601
Zhejiang Century Huatong Group Co., Ltd., A Shares * 747,600 771,296
Zhejiang China Commodities City Group Co., Ltd., A Shares 522,500 385,044
Zhejiang Chint Electrics Co., Ltd., A Shares 110,200 871,820
Zhejiang Crystal-Optech Co., Ltd., A Shares 132,400 297,113
Zhejiang Dahua Technology Co., Ltd., A Shares 265,000 785,341
Zhejiang Dingli Machinery Co., Ltd., A Shares 34,600 315,403
Zhejiang Expressway Co., Ltd., H Shares 1,893,642 1,706,137
Zhejiang Hailiang Co., Ltd., A Shares 123,600 237,014
Zhejiang Hisoar Pharmaceutical Co., Ltd. 113,500 120,515
Zhejiang Huace Film & Television Co., Ltd. 175,300 155,020
Zhejiang Huahai Pharmaceutical Co., Ltd., A Shares 140,250 514,769
Zhejiang Huayou Cobalt Co., Ltd., A Shares 111,500 2,175,752
Zhejiang Jingsheng Mechanical & Electrical Co., Ltd., A Shares 127,800 1,316,482
Zhejiang Jiuzhou Pharmaceutical Co., Ltd. 74,200 562,791
Zhejiang Juhua Co., Ltd., A Shares 244,400 566,264
Zhejiang Longsheng Group Co., Ltd., A Shares 293,000 571,141
Zhejiang Medicine Co., Ltd., A Shares 86,000 208,935
Zhejiang NHU Co., Ltd., A Shares 232,140 1,248,994
Zhejiang Runtu Co., Ltd. 111,700 157,548
Zhejiang Sanhua Intelligent Controls Co., Ltd., A Shares 320,120 1,019,717
Zhejiang Satellite Petrochemical Co., Ltd., A Shares 164,360 1,174,223
Zhejiang Semir Garment Co., Ltd. 47,600 53,333
Zhejiang Supor Co., Ltd., A Shares 46,200 370,259
Zhejiang Wanfeng Auto Wheel Co., Ltd., A Shares 240,300 184,700
Zhejiang Wanliyang Co., Ltd. 99,600 137,167
 
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Table of Contents
Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of February 28, 2022 (Unaudited) (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
Zhejiang Weiming Environment Protection Co., Ltd., A Shares 47,000 254,739
Zhejiang Weixing New Building Materials Co., Ltd., A Shares 155,300 569,761
Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd., A Shares 54,100 389,932
Zhejiang Yasha Decoration Co., Ltd. 247,800 252,905
Zhejiang Yongtai Technology Co., Ltd. * 87,300 514,669
Zhengzhou Coal Mining Machinery Group Co., Ltd., A Shares 162,400 330,205
Zheshang Securities Co., Ltd., A Shares 114,500 209,584
Zhihu, Inc., ADR * 83,006 277,240
ZhongAn Online P&C Insurance Co., Ltd., H Shares * 444,457 1,456,173
Zhongji Innolight Co., Ltd., A Shares 65,400 398,515
Zhongshan Broad Ocean Motor Co., Ltd. 263,600 295,767
Zhongshan Public Utilities Group Co., Ltd. 124,600 164,685
Zhongsheng Group Holdings Ltd. 870,891 6,063,257
Zhongtai Securities Co., Ltd., A Shares 240,800 326,664
Zhuhai Huafa Properties Co., Ltd., A Shares 209,400 206,081
Zhuzhou CRRC Times Electric Co., Ltd., H Shares 703,978 3,648,861
Zhuzhou Kibing Group Co., Ltd., A Shares 203,000 505,409
Zijin Mining Group Co., Ltd., A Shares 2,315,700 4,117,616
Zijin Mining Group Co., Ltd., H Shares 7,194,406 10,662,199
Zoomlion Heavy Industry Science and Technology Co. Ltd, A Shares 580,300 647,435
Zoomlion Heavy Industry Science and Technology Co. Ltd, H Shares 2,103,327 1,394,376
ZTE Corp., A Shares 259,100 1,193,256
ZTE Corp., H Shares 1,298,411 3,190,485
ZTO Express Cayman, Inc., ADR 165,034 4,858,601
    3,147,067,604
 
Colombia 0.3%
Bancolombia S.A. 361,280 3,616,501
Bancolombia S.A., ADR 152,564 5,527,394
Cementos Argos S.A. 700,436 1,090,164
Ecopetrol S.A., ADR (a) 321,248 5,194,580
Grupo Argos S.A. 437,078 1,445,718
Grupo de Inversiones Suramericana S.A. 354,730 2,906,053
Interconexion Electrica S.A. ESP 607,940 3,787,929
    23,568,339
 
Czech Republic 0.2%
CEZ A/S 220,223 8,392,638
Komercni Banka A/S 104,235 4,107,181
Moneta Money Bank A/S 515,617 2,043,188
    14,543,007
 
Egypt 0.1%
Commercial International Bank Egypt S.A.E., GDR * 2,538,035 7,423,752
 
SECURITY NUMBER
OF SHARES
VALUE ($)
Greece 0.3%
Alpha Services and Holdings S.A. * 2,871,962 3,909,656
Eurobank Ergasias Services & Holdings S.A., A Shares * 3,481,720 3,817,596
FF Group *(b) 50,437 0
Hellenic Petroleum Holdings SA 88,896 702,930
Hellenic Telecommunications Organization S.A. 302,281 6,043,495
JUMBO S.A. 141,933 2,038,972
Motor Oil Hellas Corinth Refineries S.A. 78,677 1,262,808
Mytilineos S.A. 135,199 2,177,609
National Bank of Greece S.A. * 764,109 2,832,217
OPAP S.A. 288,196 4,191,940
Piraeus Financial Holdings S.A. * 735,080 1,169,109
Public Power Corp. S.A. * 256,113 2,436,533
Terna Energy S.A. 61,204 888,177
    31,471,042
 
Hong Kong 0.0%
China Huishan Dairy Holdings Co., Ltd. *(b) 3,872,695 0
 
Hungary 0.2%
Magyar Telekom Telecommunications plc 528,585 667,482
MOL Hungarian Oil & Gas plc 499,822 3,924,868
OTP Bank Nyrt * 308,222 11,914,715
Richter Gedeon Nyrt 205,440 4,338,264
    20,845,329
 
India 15.0%
3M India Ltd. * 3,939 1,108,728
Aarti Industries Ltd. 257,135 3,160,630
ABB India Ltd. 66,568 1,907,831
ACC Ltd. 113,953 3,159,560
Adani Enterprises Ltd. 349,445 7,626,595
Adani Green Energy Ltd. * 528,209 12,922,797
Adani Ports & Special Economic Zone Ltd. 1,014,443 9,525,444
Adani Power Ltd. * 1,273,219 2,091,123
Adani Total Gas Ltd. 372,504 7,853,248
Adani Transmission Ltd. * 334,359 9,471,527
Aditya Birla Capital Ltd. * 623,073 872,827
Alkem Laboratories Ltd. 34,879 1,517,391
Ambuja Cements Ltd. 924,320 3,855,039
Apollo Hospitals Enterprise Ltd. 132,186 8,425,799
Ashok Leyland Ltd. 1,945,105 3,062,964
Asian Paints Ltd. 606,024 25,533,881
Astral Ltd. 122,115 3,146,976
AU Small Finance Bank Ltd. * 204,526 3,267,096
Aurobindo Pharma Ltd. 348,828 2,894,651
Avenue Supermarts Ltd. * 200,126 11,528,145
Axis Bank Ltd. * 3,037,891 29,932,384
Bajaj Auto Ltd. 92,678 4,342,357
Bajaj Finance Ltd. 313,792 29,161,760
Bajaj Finserv Ltd. 51,114 10,862,543
Bajaj Holdings & Investment Ltd. 36,973 2,552,816
Balkrishna Industries Ltd. 109,983 2,660,334
Bandhan Bank Ltd. 1,070,193 4,350,511
Bank of Baroda * 1,403,761 1,985,079
Bank of India * 625,447 388,894
Bata India Ltd. 77,315 1,860,855
Bayer CropScience Ltd. 18,777 1,099,095
 
77
Schwab International Equity ETFs  |  Semiannual Report
See financial notes

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

SECURITY NUMBER
OF SHARES
VALUE ($)
Berger Paints India Ltd. 312,265 2,861,454
Bharat Electronics Ltd. 1,466,980 4,097,361
Bharat Forge Ltd. 350,567 3,157,534
Bharat Heavy Electricals Ltd. * 1,724,705 1,141,067
Bharat Petroleum Corp., Ltd. 1,354,726 6,289,302
Bharti Airtel Ltd. * 3,046,597 27,757,906
Bharti Infratel Ltd. * 1,671,152 4,770,759
Biocon Ltd. * 613,452 2,840,210
Bosch Ltd. 12,108 2,530,760
Britannia Industries Ltd. 158,993 7,232,364
Cadila Healthcare Ltd. 339,123 1,622,083
Canara Bank * 500,701 1,459,291
Castrol India Ltd. 601,276 861,844
Cholamandalam Investment & Finance Co., Ltd. 545,721 5,004,359
Cipla Ltd. 681,958 8,372,478
Coal India Ltd. 2,561,331 5,763,611
Colgate-Palmolive (India) Ltd. 181,508 3,493,934
Container Corp. Of India Ltd. 364,515 2,898,801
Coromandel International Ltd. 137,850 1,415,868
Cummins India Ltd. 176,576 2,243,304
Dabur India Ltd. 711,382 5,318,784
Dalmia Bharat Ltd. 109,067 2,268,264
Divi's Laboratories Ltd. 171,036 9,681,390
DLF Ltd. 776,330 3,613,892
Dr. Reddy's Laboratories Ltd. 160,282 8,643,815
Eicher Motors Ltd. 179,847 6,181,595
Emami Ltd. 284,379 1,869,566
Embassy Office Parks REIT 719,304 3,569,527
Exide Industries Ltd. 622,420 1,231,251
Federal Bank Ltd. 2,119,679 2,728,808
GAIL India Ltd. 2,302,866 4,427,090
General Insurance Corp. of India * 124,911 192,636
Gillette India Ltd. 10,554 727,487
GlaxoSmithKline Pharmaceuticals Ltd. 59,510 1,199,915
Glenmark Pharmaceuticals Ltd. 185,955 1,106,882
GMR Infrastructure Ltd. * 2,925,905 1,471,738
GMR Power and Urban Infra Ltd. - Spun Off *(b) 290,756 191,014
Godrej Consumer Products Ltd. * 492,257 5,017,137
Godrej Industries Ltd. * 122,461 844,091
Godrej Properties Ltd. * 113,635 2,265,461
Grasim Industries Ltd. 508,800 10,794,211
Gujarat Gas Ltd. 279,973 2,168,330
Havells India Ltd. 317,103 4,990,066
HCL Technologies Ltd. 1,450,870 21,700,228
HDFC Asset Management Co., Ltd. 72,221 1,999,634
HDFC Life Insurance Co., Ltd. 1,241,578 8,621,303
Hero MotoCorp Ltd. 171,534 5,772,134
Hindalco Industries Ltd. 1,884,561 14,350,401
Hindustan Aeronautics Ltd. 45,796 843,471
Hindustan Petroleum Corp., Ltd. 928,588 3,367,553
Hindustan Unilever Ltd. 1,182,610 34,092,003
Hindustan Zinc Ltd. 289,965 1,200,499
Honeywell Automation India Ltd. 2,787 1,514,719
Housing Development Finance Corp., Ltd. 2,334,600 73,262,705
ICICI Bank Ltd. 2,083,870 20,540,698
ICICI Lombard General Insurance Co., Ltd. 320,929 5,382,927
ICICI Prudential Life Insurance Co., Ltd. 479,624 3,050,026
IDFC First Bank Ltd. * 3,954,738 2,209,688
Indiabulls Housing Finance Ltd. 443,422 882,165
Indian Oil Corp., Ltd. 3,693,770 5,637,660
Indian Railway Catering & Tourism Corp., Ltd. 354,273 3,805,446
SECURITY NUMBER
OF SHARES
VALUE ($)
Indian Railway Finance Corp., Ltd. 2,757,059 790,371
Indraprastha Gas Ltd. 458,214 2,109,314
Info Edge India Ltd. 101,869 6,022,165
Infosys Ltd. 4,762,817 108,445,388
InterGlobe Aviation Ltd. * 128,816 3,205,377
Ipca Laboratories Ltd. 184,346 2,400,981
ITC Ltd. 3,962,687 11,352,016
Jindal Steel & Power Ltd. * 530,291 2,990,068
JSW Energy Ltd. 530,450 2,395,024
JSW Steel Ltd. 1,334,612 11,113,870
Jubilant Foodworks Ltd. 97,313 3,758,977
Kansai Nerolac Paints Ltd. 186,508 1,125,397
L&T Finance Holdings Ltd. * 1,147,611 1,004,479
L&T Technology Services Ltd. 34,538 2,077,414
Larsen & Toubro Infotech Ltd. 59,805 4,643,117
Larsen & Toubro Ltd. 916,721 22,103,625
Laurus Labs Ltd. 496,393 3,567,758
LIC Housing Finance Ltd. 427,005 1,944,113
Lupin Ltd. 322,336 3,190,740
Macrotech Developers Ltd. * 68,657 1,027,383
Mahindra & Mahindra Financial Services Ltd. 774,794 1,493,597
Mahindra & Mahindra Ltd. 1,226,217 12,870,417
Mangalore Refinery & Petrochemicals Ltd. * 317,323 169,301
Marico Ltd. 696,761 4,759,586
Maruti Suzuki India Ltd. 177,066 19,538,184
Max Financial Services Ltd. * 323,297 3,560,461
Mindtree Ltd. 58,964 3,037,275
Motherson Sumi Systems Ltd. 1,632,707 3,260,105
Motherson Sumi Wiring India Ltd. *(b) 1,632,707 754,082
Mphasis Ltd. 122,847 5,068,442
MRF Ltd. 3,874 3,380,078
Muthoot Finance Ltd. 129,623 2,337,506
Nestle India Ltd. 48,065 11,252,208
NHPC Ltd. 3,090,176 1,123,738
Nippon Life India Asset Management Ltd. 211,718 864,883
NMDC Ltd. 984,919 1,871,212
NTPC Ltd. 5,934,196 10,514,153
Oberoi Realty Ltd. * 154,949 1,865,619
Oil & Natural Gas Corp., Ltd. 4,047,531 8,629,827
Oil India Ltd. 445,876 1,319,328
Oracle Financial Services Software Ltd. 34,547 1,554,116
Page Industries Ltd. 7,742 4,341,849
Petronet LNG Ltd. 1,008,119 2,880,627
PI Industries Ltd. 99,275 3,252,204
Pidilite Industries Ltd. 205,428 6,551,421
Piramal Enterprises Ltd. 168,332 4,625,095
Polycab India Ltd. 37,696 1,188,126
Power Finance Corp., Ltd. 1,578,734 2,301,655
Power Grid Corp. of India Ltd. 4,175,983 11,591,716
Punjab National Bank * 1,560,736 722,913
Rajesh Exports Ltd. 186,404 1,736,200
RBL Bank Ltd. * 602,933 1,067,071
REC Ltd. 1,235,609 2,009,674
Reliance Industries Ltd. 4,386,919 137,378,874
SBI Cards & Payment Services Ltd. * 387,033 4,035,088
SBI Life Insurance Co., Ltd. 569,081 8,007,050
Shree Cement Ltd. 18,060 5,851,946
Shriram Transport Finance Co., Ltd. 266,190 3,971,609
Siemens Ltd. 111,824 3,483,875
Sona Blw Precision Forgings Ltd. 240,214 2,027,939
SRF Ltd. 187,945 5,945,720
State Bank of India 2,399,609 15,388,581
Steel Authority of India Ltd. 1,317,726 1,685,031
Sun Pharmaceutical Industries Ltd. 1,446,615 16,202,242
Sun TV Network Ltd. 142,831 848,389
 
78
Schwab International Equity ETFs  |  Semiannual Report
See financial notes

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

SECURITY NUMBER
OF SHARES
VALUE ($)
Sundaram Finance Ltd. 88,747 2,235,415
Tata Communications Ltd. 148,144 2,326,439
Tata Consultancy Services Ltd. 1,384,451 65,305,627
Tata Consumer Products Ltd. 806,366 7,690,429
Tata Motors Ltd. * 2,396,623 14,442,240
Tata Motors Ltd., A Shares, DVR * 615,478 1,770,936
Tata Steel Ltd. 1,066,985 17,286,863
Tech Mahindra Ltd. 806,023 15,083,346
The Tata Power Co., Ltd. 2,723,154 8,061,309
Titan Co., Ltd. 556,845 18,819,916
Torrent Pharmaceuticals Ltd. 63,942 2,333,642
Torrent Power Ltd. 293,523 1,851,185
Trent Ltd. 237,336 3,490,388
TVS Motor Co., Ltd. 276,506 2,266,434
UltraTech Cement Ltd. 153,617 13,390,505
Union Bank of India * 758,151 403,992
United Breweries Ltd. 91,572 1,824,148
United Spirits Ltd. * 387,125 4,547,778
UPL Ltd. 710,519 6,275,124
Varun Beverages Ltd. 191,229 2,399,642
Vedanta Ltd. 1,636,597 8,260,365
Vodafone Idea Ltd. * 11,225,117 1,534,473
Voltas Ltd. 307,666 5,157,813
Whirlpool of India Ltd. 37,724 837,491
Wipro Ltd. 1,682,638 12,411,961
Yes Bank Ltd. *(b) 1,687,665 266,469
Zee Entertainment Enterprises Ltd. 1,131,042 3,441,274
Zomato Ltd. * 1,804,194 1,914,401
    1,363,895,575
 
Indonesia 1.7%
Astra Agro Lestari Tbk PT 531,686 420,035
Bank Danamon Indonesia Tbk PT 1,119,250 185,412
Bank Syariah Indonesia Tbk PT * 4,197,515 486,453
Mayora Indah Tbk PT 5,140,739 626,178
PT Adaro Energy Tbk 18,249,742 3,112,123
PT Astra International Tbk 26,915,193 10,865,742
PT Bank Central Asia Tbk 64,195,063 35,969,253
PT Bank Mandiri (Persero) Tbk 24,868,573 13,328,323
PT Bank Negara Indonesia (Persero) Tbk 9,983,234 5,558,981
PT Bank Rakyat Indonesia (Persero) Tbk 86,582,098 27,420,376
PT Barito Pacific Tbk 32,214,055 1,995,581
PT Bukit Asam Tbk 5,404,596 1,181,209
PT Bumi Serpong Damai Tbk * 11,819,398 752,749
PT Charoen Pokphand Indonesia Tbk 9,982,763 4,030,071
PT Gudang Garam Tbk 660,467 1,443,493
PT Hanjaya Mandala Sampoerna Tbk 12,052,680 809,552
PT Indah Kiat Pulp & Paper Corp. Tbk 3,521,258 1,979,130
PT Indocement Tunggal Prakarsa Tbk 2,416,814 1,842,007
PT Indofood CBP Sukses Makmur Tbk 2,972,085 1,758,385
PT Indofood Sukses Makmur Tbk 6,018,344 2,597,183
PT Jasa Marga Persero Tbk * 2,681,402 630,830
PT Kalbe Farma Tbk 24,915,735 2,852,814
PT Media Nusantara Citra Tbk 7,689,235 465,625
PT Perusahaan Gas Negara Tbk * 12,770,610 1,279,994
PT Sarana Menara Nusantara Tbk 35,550,830 2,561,085
PT Semen Indonesia (Persero) Tbk 3,687,876 1,848,173
PT Surya Citra Media Tbk * 35,450,913 636,621
PT Telkom Indonesia (Persero) Tbk 61,763,144 18,657,482
PT Tower Bersama Infrastructure Tbk 13,833,493 2,830,826
PT Unilever Indonesia Tbk 7,809,615 2,000,375
PT United Tractors Tbk 2,066,250 3,581,097
PT Vale Indonesia Tbk 2,483,569 933,478
PT XL Axiata Tbk 4,425,695 881,011
SECURITY NUMBER
OF SHARES
VALUE ($)
Smartfren Telecom Tbk PT * 139,207,528 765,462
    156,287,109
 
Kuwait 0.9%
Agility Public Warehousing Co. KSC 1,682,914 5,646,766
Ahli United Bank BSC 7,810,885 7,712,862
Boubyan Bank KSCP * 1,371,821 3,728,562
Boubyan Petrochemicals Co. KSCP 541,289 1,669,630
Burgan Bank SAK 1,225,653 1,100,983
Gulf Bank KSCP 2,341,562 2,389,507
Humansoft Holding Co. KSC 131,410 1,590,547
Kuwait Finance House KSCP 5,937,384 18,510,206
Mabanee Co. KPSC 764,721 2,141,623
Mobile Telecommunications Co. KSCP 2,779,829 5,691,856
National Bank of Kuwait SAKP 9,113,184 31,751,681
    81,934,223
 
Malaysia 2.0%
Alliance Bank Malaysia Berhad 1,465,280 1,197,073
AMMB Holdings Berhad * 2,631,672 2,106,090
Astro Malaysia Holdings Berhad 2,123,000 500,600
Axiata Group Berhad 6,081,677 5,692,745
British American Tobacco Malaysia Berhad 229,000 665,428
CAPITAL A Berhad * 2,462,500 366,574
CIMB Group Holdings Berhad 9,331,094 12,690,377
Dialog Group Berhad 6,210,900 4,171,666
DiGi.com Berhad 4,928,700 4,754,373
Fraser & Neave Holdings Berhad 144,000 775,134
Gamuda Berhad 3,098,837 2,125,676
Genting Berhad 3,050,100 3,370,838
Genting Malaysia Berhad 3,856,820 2,746,669
HAP Seng Consolidated Berhad 833,134 1,504,146
Hartalega Holdings Berhad 2,046,900 2,252,394
Hong Leong Bank Berhad 858,307 4,100,902
Hong Leong Financial Group Berhad 319,700 1,471,145
IHH Healthcare Berhad 3,979,100 6,226,673
IJM Corp. Berhad 3,869,936 1,419,484
IOI Corp. Berhad 4,151,892 4,548,935
IOI Properties Group Berhad 2,520,200 618,270
Kuala Lumpur Kepong Berhad 647,128 4,007,462
Malayan Banking Berhad 8,485,379 17,704,399
Malaysia Airports Holdings Berhad * 1,158,100 1,696,395
Maxis Berhad 3,746,224 3,586,953
MISC Berhad 2,392,300 4,188,021
MR DIY Group M Berhad 1,363,600 1,178,961
Nestle Malaysia Berhad 85,371 2,724,715
Petronas Chemicals Group Berhad 3,787,000 8,613,993
Petronas Dagangan Berhad 484,200 2,481,835
Petronas Gas Berhad 827,436 3,429,174
PPB Group Berhad 901,777 3,853,252
Press Metal Aluminium Holdings Berhad 4,995,964 8,127,292
Public Bank Berhad 20,788,270 22,033,536
QL Resources Berhad 1,463,650 1,725,632
RHB Bank Berhad 2,072,112 2,911,864
Sime Darby Berhad 4,546,900 2,458,369
Sime Darby Plantation Berhad 4,844,208 5,665,133
Sime Darby Property Berhad 4,842,000 709,260
Supermax Corp. Berhad 2,314,323 578,787
Telekom Malaysia Berhad 1,501,800 1,809,958
Tenaga Nasional Berhad 5,201,674 11,361,046
Top Glove Corp. Berhad 7,039,100 3,436,979
Westports Holdings Berhad 1,334,800 1,243,079
 
79
Schwab International Equity ETFs  |  Semiannual Report
See financial notes

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

SECURITY NUMBER
OF SHARES
VALUE ($)
YTL Corp. Berhad 6,173,836 816,120
    179,647,407
 
Mexico 2.5%
Alfa S.A.B. de C.V., A Shares 4,234,186 3,178,877
Alpek S.A.B. de C.V. 502,416 647,676
America Movil S.A.B. de C.V., Series L 39,012,273 35,341,597
Arca Continental S.A.B. de C.V. 619,565 4,097,180
Banco del Bajio S.A. 979,587 2,385,144
Becle S.A.B. de C.V. 798,451 2,007,020
Cemex S.A.B. de C.V., Series CPO * 19,582,090 10,082,153
Coca-Cola Femsa S.A.B. de C.V. 710,113 3,909,140
Concentradora Fibra Danhos S.A. de C.V. 347,958 397,983
Controladora Vuela Cia de Aviacion S.A.B. de C.V. * 1,209,959 2,309,478
El Puerto de Liverpool S.A.B. de C.V., Series C1 275,449 1,340,813
Fibra Uno Administracion S.A. de C.V. 3,873,327 4,375,205
Fomento Economico Mexicano S.A.B. de C.V. 2,442,980 19,731,555
GCC S.A.B. de C.V. 214,547 1,420,373
Gruma S.A.B. de C.V., B Shares 270,917 3,682,986
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. 357,987 2,591,628
Grupo Aeroportuario del Pacifico S.A.B. de C.V., B Shares * 476,090 6,941,489
Grupo Aeroportuario del Sureste S.A.B. de C.V., B Shares 274,428 5,948,704
Grupo Bimbo S.A.B. de C.V., Series A 2,982,462 9,206,112
Grupo Carso S.A.B. de C.V., Series A1 606,613 1,851,680
Grupo Elektra S.A.B. de C.V. 84,809 5,577,325
Grupo Financiero Banorte S.A.B. de C.V., O Shares 3,871,863 26,252,681
Grupo Financiero Inbursa S.A.B. de C.V., O Shares * 2,720,251 4,443,997
Grupo Mexico S.A.B. de C.V., Series B 4,228,541 21,744,417
Grupo Televisa S.A.B., Series CPO 3,195,055 6,864,697
Industrias Bachoco S.A.B. de C.V., Series B 250,524 844,419
Industrias Penoles S.A.B. de C.V. 170,239 2,129,768
Kimberly-Clark de Mexico S.A.B. de C.V., A Shares 1,033,639 1,453,899
Megacable Holdings S.A.B. de C.V., Series CPO 412,542 1,217,890
Orbia Advance Corp. S.A.B. de C.V. 1,315,773 3,369,203
Promotora y Operadora de Infraestructura S.A.B. de C.V. 284,585 2,230,717
Qualitas Controladora S.A.B. de C.V. 237,123 1,305,119
Telesites S.A.B. de C.V. 1,615,776 1,795,878
Wal-Mart de Mexico S.A.B. de C.V. 6,893,835 26,283,115
    226,959,918
 
Philippines 1.0%
Aboitiz Power Corp. 2,003,819 1,407,012
Alliance Global Group, Inc. 5,129,979 1,280,744
Ayala Corp. 431,285 7,150,229
Ayala Land, Inc. 10,363,764 7,883,495
Bank of the Philippine Islands 2,430,963 4,741,492
BDO Unibank, Inc. 2,589,576 6,525,711
Bloomberry Resorts Corp. * 4,801,033 692,952
DMCI Holdings, Inc. 5,694,757 941,906
Globe Telecom, Inc. 38,785 1,942,654
GT Capital Holdings, Inc. 137,948 1,555,177
SECURITY NUMBER
OF SHARES
VALUE ($)
International Container Terminal Services, Inc. 1,479,279 6,076,383
JG Summit Holdings, Inc. 3,933,932 4,626,801
Jollibee Foods Corp. 558,823 2,626,806
LT Group, Inc. 3,640,361 687,316
Manila Electric Co. 356,602 2,559,578
Megaworld Corp. 15,483,419 966,393
Metro Pacific Investments Corp. 17,537,213 1,320,336
Metropolitan Bank & Trust Co. 2,384,078 2,655,176
Monde Nissin Corp. * 10,035,545 3,233,610
PLDT, Inc. 123,284 4,325,881
Puregold Price Club, Inc. 1,488,576 1,020,547
San Miguel Corp. 490,620 1,016,264
San Miguel Food and Beverage, Inc. 951,979 1,244,053
Semirara Mining & Power Corp. 1,637,512 884,710
SM Investments Corp. 644,141 11,206,822
SM Prime Holdings, Inc. 12,205,793 9,475,143
Universal Robina Corp. 1,192,077 2,790,116
    90,837,307
 
Qatar 1.1%
Barwa Real Estate Co. 2,487,247 2,479,049
Doha Bank QPSC 2,186,656 1,711,009
Ezdan Holding Group QSC * 1,962,795 739,620
Industries Qatar QSC 2,099,793 10,553,752
Masraf Al Rayan QSC 4,951,381 6,799,479
Mesaieed Petrochemical Holding Co. 5,982,735 4,387,229
Ooredoo QPSC 1,117,451 2,355,517
Qatar Aluminum Manufacturing Co. 3,484,530 2,134,167
Qatar Electricity & Water Co. QSC 587,615 2,896,921
Qatar Fuel QSC 666,956 3,407,136
Qatar Gas Transport Co., Ltd. 3,773,083 3,901,581
Qatar Insurance Co. SAQ * 2,221,003 1,531,095
Qatar International Islamic Bank QSC 997,180 2,807,222
Qatar Islamic Bank SAQ 1,542,596 8,935,279
Qatar National Bank QPSC 5,933,724 35,527,378
The Commercial Bank PSQC 2,628,863 4,981,916
United Development Co. QSC 2,489,874 1,141,335
Vodafone Qatar QSC 2,502,549 1,197,319
    97,487,004
 
Russia 0.9%
Aeroflot PJSC *(b)(c) 1,562,758 277,548
Alrosa PJSC (b)(c) 3,379,560 1,402,675
Credit Bank of Moscow PJSC *(b)(c) 17,035,340 423,981
Federal Grid Co. Unified Energy System PJSC (b)(c) 379,500,322 166,667
Gazprom PJSC (b)(c) 14,080,643 16,173,268
Inter RAO UES PJSC (b)(c) 45,551,984 626,542
LUKOIL PJSC (b)(c) 517,596 12,873,349
M.Video PJSC (b)(c) 64,040 81,717
Magnit PJSC (b)(c) 98,998 1,481,107
Magnitogorsk Iron & Steel Works PJSC (b)(c) 2,865,545 668,655
MMC Norilsk Nickel PJSC (b)(c) 66,842 6,451,753
Mobile TeleSystems PJSC (b)(c) 1,231,820 1,397,055
Moscow Exchange MICEX-RTS PJSC (b)(c) 2,000,543 959,404
Novatek PJSC (b)(c) 1,405,691 8,608,943
Novolipetsk Steel PJSC (b)(c) 1,509,666 1,366,094
PhosAgro PJSC (b)(c) 47,353 1,175,794
Polyus PJSC (b)(c) 36,951 1,983,743
Raspadskaya OJSC (b)(c) 96,640 149,247
Rosneft Oil Co. PJSC (b)(c) 1,530,941 2,275,661
ROSSETI PJSC (b)(c) 49,542,472 162,587
Rostelecom PJSC (b)(c) 1,453,286 497,975
 
80
Schwab International Equity ETFs  |  Semiannual Report
See financial notes

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

SECURITY NUMBER
OF SHARES
VALUE ($)
RusHydro PJSC (b)(c) 152,706,474 515,886
Sberbank of Russia PJSC (b)(c) 13,691,080 8,622,765
Segezha Group PJSC (b)(c) 5,166,499 192,990
Severstal PAO (b)(c) 259,216 1,763,921
Sistema PJSC (b)(c) 3,869,294 232,525
Sovcomflot PJSC (b)(c) 1,002,415 219,490
Surgutneftegas PJSC (b)(c) 9,658,978 1,039,290
Tatneft PJSC (b)(c) 2,057,171 3,722,067
Unipro PJSC (b)(c) 16,386,456 130,408
United Co. RUSAL International PJSC *(b)(c) 3,457,684 1,039,613
VTB Bank PJSC, GDR (b)(c) 3,022,177 1,563,372
    78,246,092
 
Saudi Arabia 4.5%
Abdullah Al Othaim Markets Co. 57,864 1,718,168
ACWA Power Co. * 216,980 5,783,511
Advanced Petrochemical Co. 142,968 2,858,064
Al Rajhi Bank 1,642,138 70,207,888
Alinma Bank 1,321,448 12,504,039
Almarai Co. JSC 342,795 4,577,666
Arab National Bank 743,296 5,547,429
Arabian Centers Co., Ltd. 215,956 1,306,661
Arabian Internet & Communications Services Co. * 30,073 1,633,627
Bank AlBilad * 487,562 7,654,504
Bank Al-Jazira 542,301 3,881,116
Banque Saudi Fransi 789,777 11,178,175
BinDawood Holding Co. 40,565 970,956
Bupa Arabia for Cooperative Insurance Co. 74,065 3,198,158
Dallah Healthcare Co. 46,681 1,016,563
Dar Al Arkan Real Estate Development Co. * 693,816 2,023,175
Dr Sulaiman Al Habib Medical Services Group Co. 122,672 5,597,848
Emaar Economic City * 538,448 1,779,661
Etihad Etisalat Co. 512,246 4,765,143
Fawaz Abdulaziz Al Hokair & Co. * 102,166 425,907
Jarir Marketing Co. 80,747 4,493,956
Mobile Telecommunications Co. * 572,345 2,047,304
Mouwasat Medical Services Co. 53,783 2,973,211
National Industrialization Co. * 437,429 2,630,380
National Petrochemical Co. 150,889 1,809,848
Rabigh Refining & Petrochemical Co. * 300,701 1,963,690
Riyad Bank 1,624,541 15,372,019
SABIC Agri-Nutrients Co. 251,441 10,669,672
Sahara International Petrochemical Co. 477,160 5,926,821
Saudi Airlines Catering Co. * 50,463 1,136,584
Saudi Arabian Mining Co. * 540,970 15,399,844
Saudi Arabian Oil Co. 3,408,104 37,744,681
Saudi Basic Industries Corp. 897,551 29,809,114
Saudi Cement Co. 113,934 1,688,496
Saudi Electricity Co. 1,034,589 7,611,125
Saudi Ground Services Co. * 107,809 1,004,325
Saudi Industrial Investment Group 282,764 2,656,777
Saudi Kayan Petrochemical Co. * 980,610 5,316,419
Saudi Pharmaceutical Industries & Medical Appliances Corp. 84,464 872,399
Saudi Research & Media Group * 46,952 3,128,715
Saudi Telecom Co. 797,865 24,244,105
Saudia Dairy & Foodstuff Co. 21,694 989,955
Seera Group Holding * 190,897 1,073,627
Southern Province Cement Co. 96,417 1,747,569
The Co. for Cooperative Insurance 87,658 1,827,133
SECURITY NUMBER
OF SHARES
VALUE ($)
The Qassim Cement Co. 55,968 1,150,181
The Saudi British Bank 1,191,736 12,293,143
The Saudi National Bank 2,940,818 53,459,442
The Savola Group 351,959 3,180,268
United Electronics Co. 42,221 1,462,998
Yamama Cement Co. * 134,709 942,536
Yanbu Cement Co. 103,233 1,042,869
Yanbu National Petrochemical Co. 289,015 5,284,652
    411,582,117
 
South Africa 4.5%
Absa Group Ltd. 947,570 10,831,824
African Rainbow Minerals Ltd. 144,721 2,562,786
Anglo American Platinum Ltd. (a) 79,095 12,284,614
AngloGold Ashanti Ltd. 560,938 13,194,612
Aspen Pharmacare Holdings Ltd. 506,812 6,592,410
AVI Ltd. 449,970 2,086,416
Barloworld Ltd. 251,743 2,001,400
Bid Corp., Ltd. 444,716 8,990,731
Capitec Bank Holdings Ltd. 110,385 14,818,128
Clicks Group Ltd. 330,582 6,395,566
Coronation Fund Managers Ltd. 319,707 950,690
Dis-Chem Pharmacies Ltd. 485,840 1,088,483
Discovery Ltd. * 547,389 5,589,904
Distell Group Holdings Ltd. * 129,659 1,437,346
Exxaro Resources Ltd. 339,346 4,349,514
FirstRand Ltd. 6,561,377 28,075,602
Fortress REIT Ltd., Class A 1,781,538 1,479,187
Gold Fields Ltd. 1,172,246 16,297,273
Growthpoint Properties Ltd. 4,595,242 3,984,873
Harmony Gold Mining Co., Ltd. 722,685 3,142,353
Impala Platinum Holdings Ltd. 1,085,161 20,640,707
Investec Ltd. 382,172 2,138,086
Kumba Iron Ore Ltd. 74,380 2,909,544
Life Healthcare Group Holdings Ltd. 1,791,022 2,598,590
Momentum Metropolitan Holdings 1,320,144 1,595,023
Mr Price Group Ltd. 339,743 4,608,764
MTN Group Ltd. * 2,409,456 29,875,539
MultiChoice Group 478,091 3,898,983
Naspers Ltd., N Shares 283,410 35,369,348
Nedbank Group Ltd. 562,941 7,963,325
NEPI Rockcastle plc 693,987 4,392,294
Netcare Ltd. 1,897,101 1,797,350
Northam Platinum Holdings Ltd. * 444,219 7,137,114
Old Mutual Ltd. 5,957,379 4,857,659
Pepkor Holdings Ltd. 2,097,348 2,979,245
Pick n Pay Stores Ltd. 451,217 1,343,212
PSG Group Ltd. * 210,916 1,116,923
Rand Merchant Investment Holdings Ltd. 998,335 3,125,672
Redefine Properties Ltd. 7,276,116 1,987,071
Reinet Investments SCA 190,345 3,904,582
Remgro Ltd. 687,277 6,214,736
Resilient REIT Ltd. 422,054 1,590,982
Royal Bafokeng Platinum Ltd. 234,628 2,763,607
Sanlam Ltd. 2,330,126 9,750,264
Santam Ltd. 53,844 954,749
Sappi Ltd. * 727,902 2,398,626
Sasol Ltd. * 746,656 16,940,309
Shoprite Holdings Ltd. 650,037 9,633,294
Sibanye Stillwater Ltd. 3,707,795 17,125,082
Standard Bank Group Ltd. 1,780,579 18,740,870
Telkom S.A. SOC Ltd. * 389,981 1,043,819
The Bidvest Group Ltd. 455,028 6,196,508
The Foschini Group Ltd. 444,752 3,584,783
The SPAR Group Ltd. 248,902 2,642,928
Tiger Brands Ltd. 220,767 2,333,608
 
81
Schwab International Equity ETFs  |  Semiannual Report
See financial notes

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

SECURITY NUMBER
OF SHARES
VALUE ($)
Truworths International Ltd. (a) 530,571 2,011,037
Vodacom Group Ltd. 792,629 7,592,106
Woolworths Holdings Ltd. 1,321,337 4,318,234
    406,228,285
 
Taiwan 18.3%
Accton Technology Corp. 694,000 6,238,202
Acer, Inc. 3,836,086 3,940,762
Advantech Co., Ltd. 553,619 7,237,430
Airtac International Group 207,920 6,823,128
ASE Technology Holding Co., Ltd. 4,564,120 16,166,118
Asia Cement Corp. 3,222,286 5,183,702
ASMedia Technology, Inc. 51,445 3,119,547
Asustek Computer, Inc. 948,621 12,570,455
AU Optronics Corp. 11,797,530 8,647,735
Capital Securities Corp. 2,783,644 1,558,880
Catcher Technology Co., Ltd. 966,224 4,928,483
Cathay Financial Holding Co., Ltd. 10,986,914 24,415,364
Chailease Holding Co., Ltd. 1,776,788 15,907,751
Chang Hwa Commercial Bank Ltd. 8,743,213 5,520,060
Cheng Shin Rubber Industry Co., Ltd. 2,500,277 3,174,955
Chicony Electronics Co., Ltd. 850,118 2,716,981
China Airlines Ltd. * 3,759,872 3,741,767
China Development Financial Holding Corp. 20,749,308 14,025,304
China Motor Corp. 323,600 717,957
China Steel Corp. 16,512,956 21,204,438
Chunghwa Telecom Co., Ltd. 5,057,310 22,458,894
Compal Electronics, Inc. 5,590,535 5,065,083
CTBC Financial Holding Co., Ltd. 24,528,792 23,754,475
Delta Electronics, Inc. 2,902,148 25,517,370
E.Sun Financial Holding Co., Ltd. 16,955,489 17,811,277
Eclat Textile Co., Ltd. 267,510 5,524,819
ENNOSTAR, Inc. * 900,914 2,538,691
Eternal Materials Co., Ltd. 1,334,213 1,718,034
Eva Airways Corp. * 3,259,374 3,749,414
Evergreen Marine Corp., Ltd. 3,524,222 18,039,089
Far Eastern International Bank 3,372,243 1,335,184
Far Eastern New Century Corp. 5,166,799 5,446,011
Far EasTone Telecommunications Co., Ltd. 2,076,280 5,132,378
Feng TAY Enterprise Co., Ltd. 577,584 4,264,665
First Financial Holding Co., Ltd. 13,739,733 12,595,368
Formosa Chemicals & Fibre Corp. 4,635,008 13,061,018
Formosa Petrochemical Corp. 1,874,660 6,539,745
Formosa Plastics Corp. 6,528,560 24,451,536
Formosa Taffeta Co., Ltd. 1,324,000 1,345,960
Foxconn Technology Co., Ltd. 1,406,355 3,200,480
Fubon Financial Holding Co., Ltd. 9,390,089 25,154,117
Genius Electronic Optical Co., Ltd. 113,000 1,833,958
Giant Manufacturing Co., Ltd. 418,752 4,324,191
Globalwafers Co., Ltd. 278,451 6,833,397
Hiwin Technologies Corp. 377,883 3,565,188
Hon Hai Precision Industry Co., Ltd. 16,001,092 58,787,675
Hotai Motor Co., Ltd. 416,000 9,348,315
HTC Corp. * 989,778 2,044,164
Hua Nan Financial Holdings Co., Ltd. 13,541,286 10,674,600
Innolux Corp. 12,167,029 7,269,404
Inventec Corp. 3,997,043 3,657,006
Largan Precision Co., Ltd. 137,456 9,904,088
Lite-On Technology Corp. 2,814,866 6,867,731
MediaTek, Inc. 1,981,713 76,695,509
Mega Financial Holding Co., Ltd. 14,608,901 19,593,176
Micro-Star International Co., Ltd. 918,095 5,092,341
momo.com, Inc. 60,900 2,135,356
Nan Ya Plastics Corp. 7,528,816 23,551,887
Nan Ya Printed Circuit Board Corp. 288,000 5,382,986
SECURITY NUMBER
OF SHARES
VALUE ($)
Nanya Technology Corp. 1,102,000 3,030,647
Nien Made Enterprise Co., Ltd. 176,752 2,275,993
Novatek Microelectronics Corp. 762,608 12,417,712
OBI Pharma, Inc. * 151,261 631,266
Oneness Biotech Co., Ltd. * 386,000 3,407,705
Parade Technologies Ltd. 93,100 6,326,217
Pegatron Corp. 2,680,657 6,607,219
Pou Chen Corp. 3,446,792 3,946,568
Powertech Technology, Inc. 959,000 3,222,322
President Chain Store Corp. 750,400 6,999,451
Quanta Computer, Inc. 3,536,057 11,717,485
Realtek Semiconductor Corp. 632,336 10,285,187
Shin Kong Financial Holding Co., Ltd. 17,157,672 6,885,101
Silergy Corp. 83,000 10,776,529
Sino-American Silicon Products, Inc. 713,000 4,628,714
SinoPac Financial Holdings Co., Ltd. 14,178,699 8,648,324
Synnex Technology International Corp. 1,773,956 4,549,579
Taishin Financial Holding Co., Ltd. 14,704,517 10,227,861
Taiwan Business Bank 7,120,515 2,819,252
Taiwan Cement Corp. 7,232,739 12,215,808
Taiwan Cooperative Financial Holding Co., Ltd. 13,117,145 12,375,548
Taiwan Fertilizer Co., Ltd. 919,508 2,243,422
Taiwan Glass Industry Corp. 2,115,311 1,727,862
Taiwan High Speed Rail Corp. 2,739,000 2,887,014
Taiwan Mobile Co., Ltd. 2,158,524 7,968,869
Taiwan Secom Co., Ltd. 387,000 1,414,928
Taiwan Semiconductor Manufacturing Co., Ltd. 32,157,500 692,817,193
Teco Electric & Machinery Co., Ltd. 2,605,000 2,792,233
The Shanghai Commercial & Savings Bank Ltd. 4,456,000 7,279,643
Transcend Information, Inc. 419,000 1,055,160
U-Ming Marine Transport Corp. 602,000 1,299,126
Unimicron Technology Corp. 1,737,348 15,740,553
Uni-President Enterprises Corp. 6,450,676 15,439,285
United Microelectronics Corp. 15,584,850 28,962,750
Vanguard International Semiconductor Corp. 1,208,000 5,407,669
Voltronic Power Technology Corp. 69,000 3,544,141
Walsin Lihwa Corp. 4,211,000 4,190,722
Walsin Technology Corp. * 660,000 3,437,132
Wan Hai Lines Ltd. 1,054,400 7,033,094
Win Semiconductors Corp. 537,000 5,784,698
Winbond Electronics Corp. 3,924,000 4,618,941
Wistron Corp. 3,970,080 4,163,380
Wiwynn Corp. 109,000 3,837,453
Yageo Corp. 668,000 10,758,052
Yang Ming Marine Transport Corp. * 2,237,000 9,216,105
Yuanta Financial Holding Co., Ltd. 15,544,368 13,778,404
Yulon Motor Co., Ltd. 660,114 961,857
Yulon Nissan Motor Co., Ltd. 60,000 531,835
Zhen Ding Technology Holding Ltd. 830,000 2,723,738
    1,659,713,346
 
Thailand 2.6%
Advanced Info Service PCL NVDR 1,474,200 10,331,807
Airports of Thailand PCL NVDR * 5,722,700 11,252,746
Asset World Corp. PCL NVDR * 9,482,200 1,392,948
B Grimm Power PCL NVDR 878,100 927,145
Bangkok Bank PCL NVDR 1,100,900 4,716,940
Bangkok Dusit Medical Services PCL NVDR 11,853,800 8,597,860
Bangkok Expressway & Metro PCL 10,896,290 2,967,926
Bangkok Life Assurance PCL NVDR 684,900 922,283
Banpu PCL NVDR 7,539,433 2,515,067
 
82
Schwab International Equity ETFs  |  Semiannual Report
See financial notes

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

SECURITY NUMBER
OF SHARES
VALUE ($)
Berli Jucker PCL NVDR 1,317,950 1,351,226
BTS Group Holdings PCL NVDR 11,095,500 3,225,930
Bumrungrad Hospital PCL NVDR 460,300 2,162,389
Carabao Group PCL NVDR 487,200 1,587,966
Central Pattana PCL NVDR 3,697,900 6,252,761
Central Retail Corp. PCL NVDR 3,750,500 4,390,409
Charoen Pokphand Foods PCL NVDR 4,698,500 3,630,823
CP ALL PCL NVDR 6,942,800 14,448,673
Delta Electronics Thailand PCL NVDR 374,821 4,634,359
Digital Telecommunications Infrastructure Fund, Class F 7,822,200 3,399,395
Electricity Generating PCL NVDR 337,700 1,855,154
Energy Absolute PCL NVDR 2,216,551 6,444,448
Global Power Synergy PCL NVDR 886,168 2,034,051
Gulf Energy Development PCL NVDR 5,649,859 8,731,993
Home Product Center PCL NVDR 7,500,619 3,489,194
Indorama Ventures PCL NVDR 2,408,300 3,316,710
Intouch Holdings PCL NVDR 1,928,509 4,470,836
IRPC PCL NVDR 13,763,000 1,600,594
Kasikornbank PCL NVDR 2,124,400 10,630,127
Krung Thai Bank PCL NVDR 8,205,200 3,515,617
Krungthai Card PCL NVDR 1,725,400 3,339,910
Land & Houses PCL NVDR 10,624,100 3,121,388
Minor International PCL NVDR * 5,233,180 4,924,875
Muangthai Capital PCL NVDR 850,415 1,340,363
Osotspa PCL NVDR 1,822,663 1,966,301
PTT Exploration & Production PCL NVDR 1,871,804 7,819,472
PTT Global Chemical PCL NVDR 2,696,414 4,373,678
PTT Oil & Retail Business PCL NVDR 3,698,500 2,914,656
PTT PCL NVDR 19,106,800 23,097,738
Ratch Group PCL NVDR 975,000 1,372,609
SCG Packaging PCL NVDR 1,577,700 2,957,433
Siam City Cement PCL NVDR 129,400 637,594
Siam Makro PCL NVDR 975,703 1,276,551
Sri Trang Gloves Thailand PCL NVDR 1,359,400 1,071,295
Srisawad Corp. PCL NVDR 835,300 1,476,314
Thai Oil PCL NVDR 1,406,600 2,313,841
Thai Union Group PCL NVDR 3,705,600 2,313,519
The Siam Cement PCL NVDR 1,118,400 13,417,377
The Siam Commercial Bank PCL NVDR 3,233,300 12,418,643
TMBThanachart Bank PCL NVDR 60,649,218 2,542,905
Total Access Communication PCL NVDR 982,400 1,413,093
True Corp. PCL NVDR 14,927,666 2,284,264
    233,191,196
 
Turkey 0.4%
Akbank T.A.S. 3,408,178 1,728,723
Anadolu Efes Biracilik Ve Malt Sanayii AS 295,496 515,106
Arcelik A/S 231,269 923,598
Aselsan Elektronik Sanayi Ve Ticaret A/S 760,276 1,219,983
BIM Birlesik Magazalar A/S 598,761 3,158,047
Coca-Cola Icecek A/S 93,763 735,375
Enerjisa Enerji A/S 380,683 363,663
Enka Insaat ve Sanayi A/S 921,200 814,212
Eregli Demir ve Celik Fabrikalari T.A.S. 1,809,606 4,058,007
Ford Otomotiv Sanayi A/S 81,487 1,585,097
Gubre Fabrikalari TAS * 112,814 619,434
Haci Omer Sabanci Holding A/S 1,208,597 1,355,128
Iskenderun Demir ve Celik A/S 215,984 357,801
KOC Holding A/S 1,180,406 2,694,732
Koza Altin Isletmeleri A/S * 61,105 504,812
SECURITY NUMBER
OF SHARES
VALUE ($)
Petkim Petrokimya Holding A/S * 1,693,942 947,214
Sasa Polyester Sanayi * 241,868 810,784
TAV Havalimanlari Holding AS * 231,456 562,456
Tofas Turk Otomobil Fabrikasi A/S 155,286 899,696
Turk Hava Yollari AO * 680,560 1,258,037
Turk Telekomunikasyon A/S 719,693 449,690
Turkcell Iletisim Hizmetleri A/S 1,512,772 2,239,745
Turkiye Garanti Bankasi A/S 2,691,124 2,151,400
Turkiye Halk Bankasi A/S * 988,998 312,548
Turkiye Is Bankasi A/S, Class C 1,891,440 1,086,309
Turkiye Petrol Rafinerileri A/S * 184,737 2,571,188
Turkiye Sise ve Cam Fabrikalari A/S 1,922,787 1,717,511
Turkiye Vakiflar Bankasi T.A.O., Class D, Class D * 872,126 210,171
Yapi ve Kredi Bankasi AS 2,078,919 536,993
    36,387,460
 
United Arab Emirates 1.5%
Abu Dhabi Commercial Bank PJSC 3,722,862 10,905,922
Abu Dhabi Islamic Bank PJSC 2,030,570 4,892,540
Abu Dhabi National Oil Co. for Distribution PJSC 3,517,991 3,946,073
ADNOC Drilling Co. PJSC * 2,072,464 1,940,969
Air Arabia PJSC * 3,253,177 1,452,529
Aldar Properties PJSC 5,204,643 5,951,321
Aramex PJSC 220,851 240,510
Dana Gas PJSC 4,944,574 1,426,947
Dubai Financial Market PJSC * 2,178,579 1,381,982
Dubai Investments PJSC 2,843,263 1,749,438
Dubai Islamic Bank PJSC 3,988,103 6,612,365
Emaar Development PJSC * 1,234,043 1,437,961
Emaar Properties PJSC 5,363,641 7,418,166
Emirates NBD Bank PJSC 3,316,759 12,912,880
Emirates Telecommunications Group Co. PJSC 4,656,629 44,347,037
First Abu Dhabi Bank PJSC 5,844,429 32,905,294
    139,521,934
Total Common Stocks
(Cost $7,089,877,433)
8,874,637,630

PREFERRED STOCKS 1.9% OF NET ASSETS
 
Brazil 1.7%
Alpargatas S.A. 244,536 1,221,327
Azul S.A. * 379,821 1,864,564
Banco Bradesco S.A. 6,299,070 24,882,286
Banco Inter S.A. 1,051,505 1,389,978
Banco Pan S.A. 435,376 845,956
Bradespar S.A. 372,370 2,177,103
Braskem S.A., A Shares 255,228 2,364,663
Centrais Eletricas Brasileiras S.A., B Shares 348,308 2,326,470
Cia de Transmissao de Energia Electrica Paulista 221,678 1,051,225
Cia Energetica de Minas Gerais 1,553,037 3,858,702
Cia Energetica de Sao Paulo, B Shares 234,913 1,039,204
Companhia Paranaense de Energia, B Shares 1,509,424 2,030,458
Gerdau S.A. 1,434,643 7,090,089
Itau Unibanco Holding S.A. 6,422,687 31,753,758
Itausa S.A. 6,298,096 12,249,728
Metalurgica Gerdau S.A. 1,007,135 2,035,110
Petroleo Brasileiro S.A. 7,605,782 50,196,360
Raizen S.A. 1,603,442 1,777,210
 
83
Schwab International Equity ETFs  |  Semiannual Report
See financial notes

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

SECURITY NUMBER
OF SHARES
VALUE ($)
Usinas Siderurgicas de Minas Gerais S.A., A Shares 570,387 1,628,665
    151,782,856
 
Chile 0.2%
Embotelladora Andina S.A., B Shares 548,357 1,199,790
Sociedad Quimica y Minera de Chile S.A., B Shares 182,529 12,171,662
    13,371,452
 
Colombia 0.0%
Grupo Aval Acciones y Valores S.A. 5,652,896 1,536,426
 
Russia 0.0%
Bashneft PJSC (b)(c) 29,879 88,827
Surgutneftegas PJSC (b)(c) 9,822,026 1,502,653
Tatneft PJSC (b)(c) 177,044 283,673
Transneft PJSC (b)(c) 1,959 1,418,156
    3,293,309
Total Preferred Stocks
(Cost $175,914,179)
169,984,043

RIGHTS 0.0% OF NET ASSETS
 
Brazil 0.0%
Americanas S.A.
expires 03/03/22, strike BRL 23.73 *(b) 20,230 26,585
Total Rights
(Cost $0)
26,585
    
     
SHORT-TERM INVESTMENTS 0.7% OF NET ASSETS
 
Money Market Funds 0.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03% (d) 44,555,083 44,555,083
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03% (d)(e) 23,025,482 23,025,482
    67,580,565
Total Short-Term Investments
(Cost $67,580,565)
67,580,565
Total Investments in Securities
(Cost $7,333,372,177)
9,112,228,823
    
  NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
DEPRECIATION
($)
FUTURES CONTRACTS
Long      
MSCI Emerging Markets Index, expires 03/18/22 563 33,090,325 (791,033)
    
* Non-income producing security.
(a) All or a portion of this security is on loan. Securities on loan were valued at $22,646,905.
(b) Fair valued by management using significant unobservable inputs in accordance with procedures approved by the fund’s Board of Trustees.
(c) 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.
(d) The rate shown is the 7-day yield.
(e) Security purchased with cash collateral received for securities on loan.
    
ADR — American Depositary Receipt
DVR — Differential Voting Rights
GDR — Global Depositary Receipt
LT — Limited tax
NVDR — Non-Voting Depositary Receipt
REIT — Real Estate Investment Trust
BRL — Brazilian Real
 
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Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of February 28, 2022 (Unaudited) (continued)

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 $4,253,957,317 $— $— $4,253,957,317
China 3,146,629,661 437,943 3,147,067,604
Greece 31,471,042 0* 31,471,042
Hong Kong 0* 0
India 1,362,684,010 1,211,565 1,363,895,575
Russia 2 78,246,092 78,246,092
Preferred Stocks1 166,690,734 166,690,734
Russia 2 3,293,309 3,293,309
Rights 1        
Brazil 26,585 26,585
Short-Term Investments1 67,580,565 67,580,565
Liabilities        
Futures Contracts3 (791,033) (791,033)
Total $9,028,222,296 $— $83,215,494 $9,111,437,790
    
* Level 3 amount shown includes securities determined to have no value at February 28, 2022.
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 are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.
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Schwab Emerging Markets Equity ETF
Statement of Assets and Liabilities

As of February 28, 2022; unaudited
Assets
Investments in securities, at value - unaffiliated (cost $7,333,372,177) including securities on loan of $22,646,905   $9,112,228,823
Foreign currency, at value (cost $14,081,926)   13,983,982
Deposit with broker for futures contracts   1,839,732
Receivables:    
Dividends   18,701,860
Investments sold   1,391,838
Income from securities on loan + 26,796
Total assets   9,148,173,031
Liabilities
Collateral held for securities on loan   23,025,482
Payables:    
Foreign capital gains tax   46,049,491
Investments bought   14,693,200
Management fees   799,732
Variation margin on futures contracts + 219,854
Total liabilities   84,787,759
Net assets   $9,063,385,272
Net Assets by Source
Capital received from investors   $8,334,145,890
Total distributable earnings + 729,239,382
Net assets   $9,063,385,272
    
Net Asset Value (NAV)
Net Assets ÷ Shares
Outstanding
= NAV
$9,063,385,272   319,000,000   $28.41
         
         
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Schwab Emerging Markets 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 $9,044,067)   $88,926,863
Income from non-cash dividends - unaffiliated   6,534,551
Securities on loan, net + 290,078
Total investment income   95,751,492
Expenses
Management fees   5,128,637
Total expenses 5,128,637
Net investment income   90,622,855
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated (net of foreign capital gains tax paid of $59,441)   (104,253,087)
Net realized gains on futures contracts   251,584
Net realized losses on foreign currency transactions + (1,120,004)
Net realized losses   (105,121,507)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated (net of change in foreign capital gains tax of $8,794,396)   (786,287,077)
Net change in unrealized appreciation (depreciation) on futures contracts   (1,398,606)
Net change in unrealized appreciation (depreciation) on foreign currency translations + (200,038)
Net change in unrealized appreciation (depreciation) + (787,885,721)
Net realized and unrealized losses   (893,007,228)
Decrease in net assets resulting from operations   ($802,384,373)
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Schwab Emerging Markets 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 9/1/20-8/31/21
Net investment income   $90,622,855 $177,245,520
Net realized losses   (105,121,507) (154,663,920)
Net change in unrealized appreciation (depreciation) + (787,885,721) 1,383,742,353
Increase (decrease) in net assets resulting from operations   ($802,384,373) $1,406,323,953
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions   ($196,477,810) ($204,700,900)
    
TRANSACTIONS IN FUND SHARES
  9/1/21-2/28/22 9/1/20-8/31/21
    SHARES VALUE SHARES VALUE
Shares sold   18,600,000 $557,105,955 35,000,000 $1,107,996,332
Net transactions in fund shares   18,600,000 $557,105,955 35,000,000 $1,107,996,332
SHARES OUTSTANDING AND NET ASSETS
  9/1/21-2/28/22 9/1/20-8/31/21
    SHARES NET ASSETS SHARES NET ASSETS
Beginning of period   300,400,000 $9,505,141,500 265,400,000 $7,195,522,115
Total increase (decrease) + 18,600,000 (441,756,228) 35,000,000 2,309,619,385
End of period   319,000,000 $9,063,385,272 300,400,000 $9,505,141,500
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Schwab International Equity ETFs
Financial Notes, unaudited

1. Business Structure of the Funds:
Each of the funds in this report is a series of Schwab Strategic Trust (the trust), a no-load, open-end management investment company. The trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trust as of the end of the period, including the funds discussed in this report, which are highlighted:
SCHWAB STRATEGIC TRUST (ORGANIZED JANUARY 27, 2009)
Schwab International Dividend Equity ETF Schwab Short-Term U.S. Treasury ETF
Schwab International Equity ETF Schwab Intermediate-Term U.S. Treasury ETF
Schwab International Small-Cap Equity ETF Schwab Long-Term U.S. Treasury ETF
Schwab Emerging Markets Equity ETF Schwab U.S. Aggregate Bond ETF
Schwab U.S. Broad Market ETF Schwab 1-5 Year Corporate Bond ETF
Schwab 1000 Index® ETF Schwab 5-10 Year Corporate Bond ETF
Schwab U.S. Large-Cap ETF Schwab Fundamental U.S. Broad Market Index ETF
Schwab U.S. Large-Cap Growth ETF Schwab Fundamental U.S. Large Company Index ETF
Schwab U.S. Large-Cap Value ETF Schwab Fundamental U.S. Small Company Index ETF
Schwab U.S. Mid-Cap ETF Schwab Fundamental International Large Company Index ETF
Schwab U.S. Small-Cap ETF Schwab Fundamental International Small Company Index ETF
Schwab U.S. Dividend Equity ETF Schwab Fundamental Emerging Markets Large Company Index ETF
Schwab U.S. REIT ETF Schwab Ariel ESG ETF
Schwab U.S. TIPS ETF  
The funds issue and redeem shares at their net asset value per share (NAV) only in large blocks of shares (Creation Units). These transactions are usually in exchange for a basket of securities and/or an amount of cash. As a practical matter, only institutional investors who have entered into an authorized participant agreement purchase or redeem Creation Units. Except when aggregated in Creation Units, shares of the funds are not redeemable securities.
Individual shares of the funds trade on national securities exchanges and elsewhere during the trading day and can only be bought and sold at market prices throughout the trading day through a broker-dealer. Because fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). A chart showing the frequency at which each fund’s daily closing market price was at a discount or premium to each fund’s NAV can be found at www.schwabassetmanagement.com
Each fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, each fund may also keep certain assets in segregated accounts, as required by securities law.

2. Significant Accounting Policies:
The following is a summary of the significant accounting policies the funds use in their preparation of financial statements. The funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services — Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).
The funds may invest in certain mutual funds and exchange-traded funds (ETFs), which are referred to as "underlying funds". For more information about the underlying funds’ operations and policies, please refer to those funds’ semiannual and annual reports, which are filed with the U.S. Securities and Exchange Commission (SEC) and are available on the SEC’s website at www.sec.gov.
(a) Security Valuation:
Under procedures approved by the funds’ Board of Trustees (the Board), the investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. Among other things, these procedures allow the funds to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
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Financial Notes, unaudited (continued)

2. Significant Accounting Policies (continued):
The funds value the securities in their portfolios every business day. The funds use the following policies to value various types of securities:
•   Securities traded on an exchange or over-the-counter: Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.
•   Mutual funds: Mutual funds are valued at their respective NAVs.
•   Futures contracts: Futures contracts are valued at their settlement prices as of the close of their exchanges.
•   Securities for which no quoted value is available: The Board has adopted procedures to fair value each fund’s securities when market prices are not “readily available” or are unreliable. For example, a fund may fair value a security when it is de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. Each fund makes fair value determinations in good faith in accordance with the fund’s valuation procedures. The Pricing Committee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Pricing Committee may employ techniques such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. The Pricing Committee regularly reviews these inputs and assumptions to calibrate the valuations. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security. The Board convenes on a regular basis to review fair value determinations made by the funds pursuant to the valuation procedures.
In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the funds disclose the fair value of their investments in a hierarchy that prioritizes the significant inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If the funds determine that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and management judgment will be required to estimate fair value.
The three levels of the fair value hierarchy are as follows:
•   Level 1 — quoted prices in active markets for identical securities — Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities, mutual funds, ETFs and futures contracts. Investments in mutual funds are valued daily at their NAVs, and investments in ETFs are valued daily at the last reported sale price or the official closing price, which are classified as Level 1 prices, without consideration to the classification level of the underlying securities held by an underlying fund.
•   Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations.
•   Level 3 — significant unobservable inputs (including the funds’ own assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not available for these securities, the funds use one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the funds in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial
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Financial Notes, unaudited (continued)

2. Significant Accounting Policies (continued):
ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the funds in the absence of market information. Assumptions used by the funds due to the lack of observable inputs may significantly impact the resulting fair value and therefore the funds’ results of operations.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The levels associated with valuing the funds’ investments as of February 28, 2022 are disclosed in the Portfolio Holdings.
(b) Accounting Policies for certain Portfolio Investments (if held):
Futures Contracts: Futures contracts are instruments that represent an agreement between two parties that obligates one party to buy, and the other party to sell, specific instruments at an agreed upon price on a stipulated future date. A fund must give the broker a deposit of cash and/or securities (initial margin) whenever it enters into a futures contract. The amount of the deposit may vary from one contract to another. Subsequent payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized appreciation or depreciation until the contract is closed, at which time the gains or losses are realized. Futures contracts are traded publicly on exchanges, and their value may change daily.
Securities Lending: Under the trust’s Securities Lending Program, a fund (lender) may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank. Collateral at the individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides a fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. Each fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreement allow the funds or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement. Securities lending income, as disclosed in each fund’s Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between a fund and the lending agent. The aggregate fair value of securities loaned will not at any time exceed one-third of the total assets of a fund, including collateral received from the loan. Securities lending fees paid to the unaffiliated lending agent start at 10% of gross lending revenue, with subsequent breakpoints to a low of 5%. In this context, the gross lending revenue equals the income received from the investment of cash collateral and fees paid by borrowers less any rebates paid to the borrowers. Any expenses charged by the cash collateral fund are in addition to these fees. All remaining revenue is retained by the fund, as applicable. No portion of lending revenue is paid to or retained by the investment adviser or any of its affiliates.
As of February 28, 2022, Schwab International Equity ETF, Schwab International Small-Cap Equity ETF and Schwab Emerging Markets Equity ETF had securities on loan, all of which were classified as common stocks and warrants. The value of the securities on loan and the related collateral as of February 28, 2022, are disclosed in each fund’s Portfolio Holdings and Statement of Assets and Liabilities.
Passive Foreign Investment Companies: Certain funds may own shares in certain foreign corporations that meet the Internal Revenue Code, as amended, definition of a Passive Foreign Investment Company (PFIC). The funds may elect for tax purposes to mark-to-market annually the shares of each PFIC lot held and would be required to distribute as ordinary income to shareholders any such marked to- market gains (as well as any gains realized on sale).
Central Securities Depositories Regulation: Effective February 1, 2022, the Central Securities Depositories Regulation (CSDR) introduced new measures for the authorization and supervision of European Union Central Security Depositories and sets out to create a common set of prudential, organizational, and conduct of business standards at a European level. CSDR is designed to support securities settlement and operational aspects of securities settlement, including the provision of shorter settlement periods; mandatory buy-ins; and cash penalties, to prevent and address settlement fails. CSDR measures are aimed to prevent settlement fails by ensuring that all transaction details are provided to facilitate settlement, as well as further incentivizing timely settlement by imposing cash penalty fines and buy-ins. The Funds may be subject to pay cash penalties and may also receive cash penalties with certain counterparties in instances where there are settlement fails. At this time, management believes the adoption of CSDR will not have a material impact to the financial statements.
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Financial Notes, unaudited (continued)

2. Significant Accounting Policies (continued):
(c) Security Transactions:
Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.
Assets and liabilities denominated in foreign currencies are reported in U.S. dollars. For assets and liabilities held on a given date, the dollar value is based on market exchange rates in effect on that date. Transactions involving foreign currencies, including purchases, sales, income receipts and expense payments, are calculated using exchange rates in effect on the transaction date. Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange appreciation or depreciation arises from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period. These realized and unrealized foreign exchange gains or losses are reported in foreign currency transactions or translations on the Statement of Operations. The funds do not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.
Gains realized by the funds on the sale of securities in certain foreign countries may be subject to non-U.S. taxes. In those instances, the funds record a liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.
When a fund closes out a futures contract position, it calculates the difference between the value of the position at the beginning and at the end of the contract, and records a realized gain or loss accordingly.
(d) Investment Income:
Interest income is recorded as it accrues. Dividends, in the form of cash or non-cash income such as in the form of additional securities, and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date), although the funds record certain foreign security dividends on the date the ex-dividend is confirmed. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.
Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.
The funds filed claims to recover taxes previously withheld in certain European Union countries on the basis that those countries had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. These filings are subject to various administrative and judicial proceedings within these countries, and all professional fees associated with these filings have been paid by the investment adviser.
(e)  Expenses:
Pursuant to the Amended and Restated Advisory Agreement (Advisory Agreement) between the investment adviser and the trust, the investment adviser will pay the operating expenses of each fund, excluding taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to a fund are charged directly to the fund.
(f) Distributions to Shareholders:
The funds make distributions from net investment income, if any, semiannually, and from net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.
(g) Accounting Estimates:
The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It’s possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.
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Financial Notes, unaudited (continued)

2. Significant Accounting Policies (continued):
(h) Federal Income Taxes:
The funds intend to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the funds distribute substantially all of their net investment income and net realized capital gains, if any, to their respective shareholders each year. As long as a fund meets the tax requirements, it is not required to pay federal income tax.
(i) Foreign Taxes:
The funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, foreign currency exchanges and capital gains on investments. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in foreign markets in which the funds invest. These foreign taxes, if any, are paid by the funds and are disclosed in the Statement of Operations. Foreign taxes accrued as of February 28, 2022, if any, are reflected in each fund’s Statement of Assets and Liabilities.
(j) Indemnification:
Under the funds’ organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business the funds enter into contracts with their vendors and others that provide general indemnifications. The funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the funds. However, based on experience, the funds expect the risk of loss attributable to these arrangements to be remote.

3. Risk Factors:
Investing in the funds may involve certain risks, as discussed in the funds’ prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.
Market Risk. Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. Markets may be impacted by economic, political, regulatory and other conditions, including economic sanctions and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters or epidemics, may also negatively affect the financial markets. As with any investment whose performance is tied to these markets, the value of an investment in a fund will fluctuate, which means that an investor could lose money over short or long periods.
Investment Style Risk. The funds are index funds. Therefore, each fund follows the securities included in its respective index during upturns as well as downturns. Because of their indexing strategies, the funds do not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of the funds’ expenses, the funds’ performance may be below that of their respective index. Errors relating to the index may occur from time to time and may not be identified by the index provider for a period of time. In addition, market disruptions could cause delays in the index’s rebalancing schedule. Such errors and/or market disruptions may result in losses for the fund.
Equity Risk. The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.
Market Capitalization Risk. Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, a fund’s performance could be impacted.
Large-Cap Company Risk. Certain funds invest in large-cap company stocks. Large-cap companies are generally more mature and the securities issued by these companies may not be able to reach the same levels of growth as the securities issued by small- or mid-cap companies.
Mid-Cap Company Risk. Certain funds invest in mid-cap company stocks. Mid-cap companies may be more vulnerable to adverse business or economic events than larger, more established companies and the value of securities issued by these companies may move sharply.
Small-Cap Company Risk. Certain funds invest in small-cap company stocks. Securities issued by small-cap companies may be riskier than those issued by larger companies, and their prices may move sharply, especially during market upturns and downturns.
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Financial Notes, unaudited (continued)

3. Risk Factors (continued):
Foreign Investment Risk. A fund’s investments in securities of foreign issuers involve certain risks that may be greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); the imposition of economic sanctions or other government restrictions; differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may negatively impact the value or liquidity of a fund’s investments and could impair the fund’s ability to meet its investment objective or invest in accordance with its investment strategy. There is a risk that investments in securities denominated in, and/or receiving revenues in, foreign currencies will decline in value relative to the U.S. dollar. Foreign securities also include American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs), and European Depositary Receipts (EDRs), which are receipts issued by U.S. and foreign banks that represent shares of foreign-based corporations. Investment in ADRs, GDRs and EDRs may be less liquid than the underlying shares in their primary trading market, and GDRs, in particular, many of which are issued by companies in emerging markets, may be more volatile. Foreign securities may also include investments in variable interest entities (VIEs) structures, which are created by China-based operating companies in jurisdictions outside of China to obtain indirect financing due to Chinese regulations that prohibit non-Chinese ownership of those companies. To the extent a fund’s investments in a single country or a limited number of countries represent a large percentage of the fund’s assets, the fund’s performance may be adversely affected by the economic, political, regulatory and social conditions in those countries and the fund’s price may be more volatile than the price of a fund that is geographically diversified.
Emerging Markets Risk. Certain funds invest in emerging markets. Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recordkeeping requirements and greater risk associated with the custody of securities. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with a fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be difficult to value such investments.
Sampling Index Tracking Risk. Each fund uses statistical sampling techniques, and as a result, a fund may not fully replicate its respective index and may hold securities not included in the index. As a result, a fund is subject to the risk that the investment adviser’s investment management strategy, the implementation of which is subject to a number of constraints, may not produce the intended results. Because each fund utilizes a sampling approach, it may not track the return of its respective index as well as it would if a fund purchased all of the securities in its index.
Tracking Error Risk. As index funds, each fund seeks to track the performance of its respective index, although it may not be successful in doing so. The divergence between the performance of a fund and the index, positive or negative, is called “tracking error.” Tracking error can be caused by many factors and it may be significant.
Derivatives Risk. Each fund may invest in derivative instruments. The principal types of derivatives a fund may use are futures contracts. A futures contract is an agreement to buy or sell a financial instrument at a specific price on a specific day. A fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Certain of these risks, such as market risk, liquidity risk and leverage risk, are discussed elsewhere in this section. A fund’s use of derivatives is also subject to counterparty risk, lack of availability risk, valuation risk, correlation risk and tax risk. Counterparty risk is the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations either because the financial condition of the counterparty declines, or because the counterparty is otherwise unable or unwilling to perform under the contract. Lack of availability risk is the risk that suitable derivative transactions may not be available in all circumstances for risk management or other purposes. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Tax risk is the risk that the use of derivatives may cause a fund to realize higher amounts of short-term capital gains. A fund’s use of derivatives could reduce the fund’s performance, increase the fund’s volatility, and cause the fund to lose more than the initial amount invested. Furthermore, the use of derivatives subject to regulation by the Commodity Futures Trading Commission (CFTC) could cause the fund to become a commodity pool, which would require the fund to comply with certain CFTC rules.
Liquidity Risk. A fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the fund may have to sell them at a loss.
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Financial Notes, unaudited (continued)

3. Risk Factors (continued):
Leverage Risk. Certain fund transactions, such as derivatives transactions, may give rise to a form of leverage and may expose a fund to greater risk. Leverage tends to magnify the effect of any decrease or increase in the value of a fund’s portfolio securities which means even a small amount of leverage can have a disproportionately large impact on the fund. The use of leverage may cause a fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations.
Securities Lending Risk. Securities lending involves the risk of loss of rights in, or delay in recovery of, the loaned securities if the borrower fails to return the security loaned or becomes insolvent.
Concentration Risk. To the extent that a fund’s or an index’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector, country or asset class, the fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector, country or asset class.
Market Trading Risk. Although fund shares are listed on national securities exchanges, there can be no assurance that an active trading market for fund shares will develop or be maintained. If an active market is not maintained, investors may find it difficult to buy or sell fund shares.
Shares of the Fund May Trade at Prices Other Than NAV. Fund shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the shares of a fund will approximate the fund’s NAV, there may be times when the market price and the NAV vary significantly. An investor may pay more than NAV when buying shares of a fund in the secondary market, and an investor may receive less than NAV when selling those shares in the secondary market. The market price of fund shares may deviate, sometimes significantly, from NAV during periods of market volatility or market disruption, or as a result of other factors impacting foreign securities, including liquidity, irregular trading activity and timing differences between foreign markets where securities trade and the secondary market where fund shares are sold.
Please refer to the funds’ prospectus for a more complete description of the principal risks of investing in the funds.

4. Affiliates and Affiliated Transactions:
Investment Adviser
Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as each fund’s investment adviser pursuant to the Advisory Agreement between the investment adviser and the trust.
For its advisory services to the funds, the investment adviser is entitled to receive an annual management fee, payable monthly, based on a percentage of each fund’s average daily net assets as follows:
SCHWAB
INTERNATIONAL
DIVIDEND
EQUITY
ETF
SCHWAB
INTERNATIONAL
EQUITY ETF
SCHWAB
INTERNATIONAL
SMALL-CAP
EQUITY ETF
SCHWAB
EMERGING
MARKETS
EQUITY ETF
0.14% 0.06% 0.11% 0.11%
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Financial Notes, unaudited (continued)

4. Affiliates and Affiliated Transactions (continued):
Investment from Affiliates
Certain funds in the Fund Complex (for definition refer to the Trustees and Officers section) may own shares of other funds in the Fund Complex. The table below reflects the percentages of shares of each fund in this report that are owned by other funds in the Fund Complex as of February 28, 2022, as applicable:
  UNDERLYING FUNDS
  SCHWAB
INTERNATIONAL
EQUITY ETF
SCHWAB
INTERNATIONAL
SMALL-CAP
EQUITY ETF
SCHWAB
EMERGING
MARKETS
EQUITY ETF
Schwab International Opportunities Fund —% —% 0.6%
Schwab Target 2010 Index Fund 0.0%* —% —%
Schwab Target 2015 Index Fund 0.0%* —% —%
Schwab Target 2020 Index Fund 0.1% —% —%
Schwab Target 2025 Index Fund 0.3% —% 0.1%
Schwab Target 2030 Index Fund 0.5% —% 0.2%
Schwab Target 2035 Index Fund 0.3% —% 0.2%
Schwab Target 2040 Index Fund 0.5% —% 0.3%
Schwab Target 2045 Index Fund 0.3% —% 0.2%
Schwab Target 2050 Index Fund 0.4% —% 0.3%
Schwab Target 2055 Index Fund 0.2% —% 0.2%
Schwab Target 2060 Index Fund 0.3% —% 0.3%
Schwab Target 2065 Index Fund 0.0%* —% 0.0%*
Schwab VIT Balanced Portfolio 0.0%* 0.0%* 0.0%*
Schwab VIT Balanced with Growth Portfolio 0.1% 0.1% 0.1%
Schwab VIT Growth Portfolio 0.1% 0.2% 0.2%
    
* Less than 0.05%
Other Affiliated Transactions
The professional fees related to foreign withholding tax claims discussed in financial note 2 were non-routine expenses. The investment adviser agreed to pay these professional fees, on behalf of the funds, subject to reimbursement by the funds to the extent the funds are able to successfully recover taxes withheld in the future.
For the period ended February 28, 2022, the professional fees incurred by the Schwab International Equity ETF and Schwab International Small-Cap Equity ETF were $81,778 and $9,576, respectively, as shown on the Statement of Operations.
For the period ended February 28, 2022, Schwab International Equity ETF recovered previously withheld foreign taxes from France and Finland. The payments received by Schwab International Equity ETF amounted to $6,684,551, which includes $832,462 of interest income, and are recorded as income in the fund’s Statement of Operations. The investment adviser had paid upfront professional fees associated with recovering these foreign taxes in the amount of $350,139 for Schwab International Equity ETF. Those amounts have been reimbursed to the investment adviser by the Schwab International Equity ETF. During the six-months ended February 28, 2022, Schwab International Small-Cap Equity ETF and Schwab Emerging Markets Equity ETF did not recover any previously withheld foreign taxes and made no reimbursements to the investment adviser.
As of February 28, 2022, the balance of professional fees related to foreign withholding tax subject to future reimbursement by the Schwab International Equity ETF and Schwab International Small-Cap Equity ETF to the investment adviser was $81,778 and $9,576, respectively. Schwab International Dividend Equity ETF and Schwab Emerging Markets ETF had no balance of professional fees related to foreign withholding tax subject to future reimbursement by the funds to the investment adviser.
No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty surrounding the ultimate resolution of proceedings, the likelihood of receipt of these claims, and the potential timing of payment.
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Financial Notes, unaudited (continued)

4. Affiliates and Affiliated Transactions (continued):
Interfund Transactions
The funds may engage in direct transactions with certain other funds in the Fund Complex in accordance with procedures adopted by the Board pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs. This practice is limited to funds that share the same investment adviser, trustees and/or officers. For the period ended February 28, 2022, each fund’s purchases and sales of securities with other funds in the Fund Complex as well as any realized gains (losses) were as follows:
  PURCHASE COST SALE PROCEEDS REALIZED GAINS (LOSSES)
Schwab International Dividend Equity ETF $1,546,982 $1,310,170 ($123,474)
Schwab International Equity ETF 101,727,677 66,641,982 (15,294,166)
Schwab International Small-Cap Equity ETF 16,263,055 99,589,206 27,897,240
Schwab Emerging Markets Equity ETF 6,311,445 39,922,309 (12,297,179)
Interfund Borrowing and Lending
Pursuant to an exemptive order issued by the SEC, the funds may enter into interfund borrowing and lending transactions with other funds in the Fund Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review of the Board. The funds had no interfund borrowing or lending activity during the period.

5. Other Service Providers:
SEI Investments Distribution Co. is the principal underwriter and distributor of shares of the funds.
State Street Bank and Trust Company (State Street) serves as the funds’ transfer agent. As part of these services, the transfer agent maintains records pertaining to the sale, redemption and transfer of the funds’ shares. The transfer agent is also responsible for the order-taking function for the funds’ shares.
State Street also serves as custodian and accountant for the funds. The custodian is responsible for the daily safekeeping of securities and cash held by the funds. The funds’ accountant maintains all books and records related to the funds’ transactions.

6. Board of Trustees:
The Board may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such “interested persons” who may serve on a trust’s board, and the trust was in compliance with these limitations throughout the report period. The trust does not pay any interested or non-interested trustees (independent trustees). The independent trustees are paid by the investment adviser. For information regarding the trustees, please refer to the Trustees and Officers table at the end of this report.

7. Borrowing from Banks:
During the period, the funds were participants with other funds in the Fund Complex in a joint, syndicated, committed $850 million line of credit (the Syndicated Credit Facility), which matured on September 30, 2021. On September 30, 2021, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on September 29, 2022. Under the terms of the Syndicated Credit Facility, in addition to the investment adviser paying the interest charged on any borrowings by a fund, the investment adviser paid a commitment fee of 0.15% per annum on the funds’ proportionate share of the unused portion of the Syndicated Credit Facility.
During the period, the funds were participants with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility), with State Street, which matured on September 30, 2021. On September 30, 2021, the Uncommitted Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on September 29, 2022. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount a fund borrows. There were no borrowings from either line of credit during the period.
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Financial Notes, unaudited (continued)

7. Borrowing from Banks (continued):
The funds also have access to custodian overdraft facilities. A fund may have utilized the overdraft facility and incurred an interest expense, which is paid by the investment adviser. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

8. Derivatives:
Certain funds entered into equity index futures contracts during the report period. The funds invested in futures contracts to equitize available cash. The value and variation margin for futures contracts held at February 28, 2022 are presented in the Portfolio Holdings and Statement of Assets and Liabilities, respectively. The net realized gains (losses) and net change in unrealized appreciation (depreciation) on futures contracts are presented in the Statement of Operations. Refer to financial note 2(b) for the funds’ accounting policies with respect to futures contracts and financial note 3 for disclosures concerning the risks of investing in futures contracts. During the period ended February 28, 2022, the month-end average notional amounts of futures contracts held by the funds and the month-end average number of contracts held were as follows:
  NOTIONAL AMOUNTS NUMBER OF CONTRACTS
Schwab International Dividend Equity ETF $632,950 7
Schwab International Equity ETF 103,688,466 915
Schwab International Small-Cap Equity ETF 13,963,785 123
Schwab Emerging Markets Equity ETF 26,160,390 425

9. Purchases and Sales of Investment Securities:
For the period ended February 28, 2022, purchases and sales of securities (excluding in-kind transactions and short-term obligations) were as follows:
  PURCHASES
OF SECURITIES
SALES
OF SECURITIES
Schwab International Dividend Equity ETF $30,056,616 $8,946,399
Schwab International Equity ETF 837,393,265 1,039,677,514
Schwab International Small-Cap Equity ETF 371,195,576 395,690,444
Schwab Emerging Markets Equity ETF 1,033,339,350 692,541,818

10. In-Kind Transactions:
The consideration for the purchase of Creation Units of a fund often consists of the in-kind deposit of a designated portfolio of equity securities, which constitutes an optimized representation of the securities involved in a relevant fund’s underlying index, and an amount of cash. Investors purchasing and redeeming Creation Units are subject to a standard creation transaction fee and a standard redemption transaction fee paid to the custodian to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Purchasers and redeemers of Creation Units for cash are subject to an additional variable charge paid to the fund that will offset the transaction costs to the fund of buying or selling portfolio securities. In addition, purchasers and redeemers of shares in Creation Units are responsible for payment of the costs of transferring securities to or out of the fund. From time to time, the investment adviser may cover the cost of any transaction fees when believed to be in the best interests of a fund.
The in-kind transactions for the period ended February 28, 2022, were as follows:
  IN-KIND PURCHASES
OF SECURITIES
IN-KIND SALES
OF SECURITIES
Schwab International Dividend Equity ETF $150,495,663 $0
Schwab International Equity ETF 2,235,138,970 0
Schwab International Small-Cap Equity ETF 353,070,063 85,352,414
Schwab Emerging Markets Equity ETF 94,450,798 0
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Financial Notes, unaudited (continued)

10. In-Kind Transactions (continued):
For the period ended February 28, 2022, where applicable, the funds realized net capital gains or losses resulting from in-kind redemptions of Creation Units. Because such gains or losses are not taxable to the funds and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the funds’ tax year. These reclassifications have no effect on net assets or net asset values per share. The net realized in-kind gains or losses for the period ended February 28, 2022 are disclosed in the funds’ Statements of Operations, if any.

11. Federal Income Taxes:
As of February 28, 2022, the tax basis cost of the fund’s investments and gross unrealized appreciation and depreciation were as follows:
  TAX COST GROSS UNREALIZED
APPRECIATION
GROSS UNREALIZED
DEPRECIATION
NET UNREALIZED
APPRECIATION
(DEPRECIATION)
Schwab International Dividend Equity ETF $272,151,108 $8,838,065 ($11,931,494) ($3,093,429)
Schwab International Equity ETF 23,980,134,289 5,659,656,832 (1,488,957,691) 4,170,699,141
Schwab International Small-Cap Equity ETF 3,340,590,765 672,323,930 (337,049,381) 335,274,549
Schwab Emerging Markets Equity ETF 7,582,826,502 2,432,227,296 (903,616,008) 1,528,611,288
Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of August 31, 2021, the funds had capital loss carryforwards available as follows:
   
Schwab International Dividend Equity ETF $19,885
Schwab International Equity ETF 953,869,193
Schwab International Small-Cap Equity ETF 161,565,072
Schwab Emerging Markets Equity ETF 639,554,968
The tax-basis components of distributions and components of distributable earnings on a tax basis are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of February 28, 2022. The tax-basis components of distributions paid during the fiscal year ended August 31, 2021 were as follows:
  PRIOR FISCAL YEAR END DISTRIBUTIONS
  ORDINARY
INCOME
Schwab International Dividend Equity ETF $95,190
Schwab International Equity ETF 557,207,730
Schwab International Small-Cap Equity ETF 66,927,200
Schwab Emerging Markets Equity ETF 204,700,900
Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements. A fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.
As of August 31, 2021, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds’ financial statements. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the fiscal year ended August 31, 2021, the funds did not incur any interest or penalties.
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Financial Notes, unaudited (continued)

  12. Subsequent Events:
Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.
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Liquidity Risk Management Program  (Unaudited)

The Funds have adopted and implemented a liquidity risk management program (the “program”) as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The Funds’ Board of Trustees (the “Board”) has designated the Funds’ investment adviser, Charles Schwab Investment Management, Inc., dba Schwab Asset Management, as the administrator of the program. Personnel of the investment adviser or its affiliates conduct the day-to-day operation of the program.
Under the program, the investment adviser manages a Fund’s liquidity risk, which is the risk that the Fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Fund. The program is reasonably designed to assess and manage a Fund’s liquidity risk, taking into consideration the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its historical redemption history and shareholder concentrations; and its cash holdings and access to other funding sources, including the custodian overdraft facility and lines of credit. The investment adviser’s process of determining the degree of liquidity of each Fund’s investments is supported by third-party liquidity assessment vendors.
The Funds’ Board reviewed a report at its meeting held on September 20, 2021 prepared by the investment adviser regarding the operation and effectiveness of the program for the period June 1, 2020, through May 31, 2021, which included individual Fund liquidity risk metrics. No significant liquidity events impacting any of the Funds were noted in the report. In addition, the investment adviser provided its assessment that the program had been operating effectively in managing each Fund’s liquidity risk.
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Trustees and Officers

The tables below give information about the trustees and officers of Schwab Strategic Trust, which includes the funds covered in this report. The “Fund Complex” includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust. The Fund Complex includes 103 funds.
The address for all trustees and officers is 211 Main Street, San Francisco, CA 94105. You can find more information about the trustees and officers in the Statement of Additional Information, which is available free by calling 1-877-824-5615.
Independent Trustees
Name, Year of Birth, and
Position(s) with the trust
(Terms of office, and
length of Time Served1)
Principal Occupations
During the Past Five Years
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee
Other Directorships
Robert W. Burns
1959
Trustee
(Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016)
Retired/Private Investor. 103 None
Nancy F. Heller
1956
Trustee
(Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018)
Retired. 103 None
David L. Mahoney
1954
Trustee
(Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016)
Private Investor. 103 Director (2004 – present), Corcept Therapeutics Incorporated
Director (2009 – 2021), Adamas Pharmaceuticals, Inc.
Director (2003 – 2019), Symantec Corporation
Jane P. Moncreiff
1961
Trustee
(Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2019)
Consultant (2018 – present), Fulham Advisers LLC (management consulting); Chief Investment Officer (2009 – 2017), CareGroup Healthcare System, Inc. (healthcare). 103 None
Kiran M. Patel
1948
Trustee
(Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016)
Retired. 103 Director (2008 – present), KLA-Tencor Corporation
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Independent Trustees (continued)
Name, Year of Birth, and
Position(s) with the trust
(Terms of office, and
length of Time Served1)
Principal Occupations
During the Past Five Years
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee
Other Directorships
Kimberly S. Patmore
1956
Trustee
(Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016)
Consultant (2008 – present), Patmore Management Consulting (management consulting). 103 None

J. Derek Penn
1957
Trustee
(Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021)
Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial services). 103 None
    
Interested Trustees
Name, Year of Birth, and
Position(s) with the trust
(Terms of office, and
length of Time Served1)
Principal Occupations
During the Past Five Years
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee
Other Directorships
Walter W. Bettinger II2
1960
Chairman and Trustee
(Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Schwab Strategic Trust since 2009; Laudus Trust since 2010)
Director and Chief Executive Officer (Oct. 2008 – present) and President (Feb. 2007 – Oct. 2021), The Charles Schwab Corporation; President and Chief Executive Officer (Oct. 2008 – Oct. 2021) and Director (May 2008 – Oct. 2021), Charles Schwab & Co., Inc.; Director (Apr. 2006 – present), Charles Schwab Bank, SSB; Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Director (July 2019 – present), Charles Schwab Trust Bank; Director (May 2008 – present) and President and Chief Executive Officer (Aug. 2017 – present), Schwab Holdings, Inc.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation; Director (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc. 103 Director (2008 – present), The Charles Schwab Corporation
Joseph R. Martinetto2
1962
Trustee
(Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016)
Chief Operating Officer (Feb. 2018 – present), The Charles Schwab Corporation; Senior Executive Vice President (July 2015 – present), Charles Schwab & Co., Inc.; Director (May 2007 – present), Charles Schwab & Co., Inc.; Director (Apr. 2010 – Apr. 2020), Charles Schwab Bank, SSB; Director (Nov. 2017 – Apr. 2020), Charles Schwab Premier Bank, SSB; Director (May 2007 – Apr. 2020), and Senior Executive Vice President (Feb. 2016 – present), Schwab Holdings, Inc.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation. 103 None
    
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Officers of the Trust
Name, Year of Birth, and Position(s) with the trust
(Terms of office, and length of Time Served3)
Principal Occupations During the Past Five Years
Jonathan de St. Paer
1973
President and Chief Executive Officer
(Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018)
Director (Apr. 2019 – present), President (Oct. 2018 – present), Chief Operating Officer (Jan. 2020 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Senior Vice President (June 2020 – Mar. 2022) and Chief Operating Officer (Jan. 2020 – Mar. 2022), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (Apr. 2019 – present), President (Nov. 2018 – present) and Trustee (Apr. 2019 – Dec. 2020), Schwab Funds, Laudus Trust and Schwab ETFs; Director (Apr. 2019 – Apr. 2022), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Senior Vice President (Apr. 2019 – present), and Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), Charles Schwab & Co., Inc.
Mark Fischer
1970
Treasurer, Chief Financial Officer and Chief Operating Officer
(Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2013)
Treasurer and Chief Financial Officer (Jan. 2016 – present) and Chief Operating Officer (Dec. 2020 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial Officer (Mar. 2020 – present) and Vice President (Oct. 2013 – present), Charles Schwab Investment Management, Inc.; Director (July 2020 – Apr. 2022), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited.
Omar Aguilar
1970
Vice President and Chief Investment Officer
(Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011)
Chief Executive Officer (Jan. 2022 – present) and Chief Investment Officer (Apr. 2011 – present), Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs.
Brett Wander
1961
Vice President and Chief Investment Officer
(Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011)
Senior Vice President and Chief Investment Officer (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs.
William P. McMahon, Jr.
1972
Vice President and Chief Investment Officer
(Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021)
Senior Vice President and Chief Investment Officer (Jan. 2020 – present), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment Officer (May 2001 – Apr. 2018), ThomasPartners, Inc.
Catherine MacGregor
1964
Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs
Chief Legal Officer, Vice President and Clerk, Laudus Trust
(Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009)
Chief Legal Officer (Mar. 2022 – present) and Vice President (Sept. 2005 – present), Charles Schwab Investment Management, Inc.; Vice President (July 2005 – present), Charles Schwab & Co., Inc.; Vice President (Dec. 2005 – present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Trust; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021), Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs.
1 Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first.
2 Mr. Bettinger and Mr. Martinetto are Interested Trustees. Mr. Bettinger is an Interested Trustee because he owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust. Mr. Martinetto is an Interested Trustee because he owns stock of CSC and is an employee and director of Schwab.
3 The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.
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Glossary

144A securities  These securities may be sold only to qualified institutional buyers under Securities Act Rule 144A.
American Depositary Receipt (ADR)  U.S. dollar-denominated receipts issued by U.S. banks or trust companies that represent shares of foreign-based corporations.
ask  See “offer.”
asset allocation  The practice of dividing a portfolio among different asset classes, with each asset class assigned a particular percentage to help offset risks and rewards, based on your goals, time horizon and risk tolerance.
asset class  A group of securities with similar structure and basic characteristics. Stocks, bonds and cash are the three main examples of asset classes.
authorized participant (AP)  A large institutional investor that places orders for creation units with the funds’ distributor.
beta  A historical measure of an investment’s volatility relative to a market index (usually the S&P 500®). The index is defined as having a beta of 1.00. Investments with a beta higher than 1.00 have been more volatile than the index; those with a beta of less than 1.00 have been less volatile.
bid  The highest price at which someone is willing to buy a security.
Bloomberg US Aggregate Bond Index  An index that is a broad-based benchmark measuring the performance of the U.S. investment grade, taxable bond market, including U.S. Treasuries, government-related and corporate bonds, mortgage pass-through securities, commercial mortgage-backed securities, and asset-backed securities that are publicly available for sale in the United States. To be eligible for inclusion in the index, securities must be fixed rate, non-convertible, U.S. dollar-denominated with at least $300 million or more of outstanding face value and have one or more years remaining to maturity. The index excludes certain types of securities, including tax-exempt state and local government series bonds, structured notes embedded with swaps or other special features, private placements, floating rate securities, inflation-linked bonds and Eurobonds. The index is market capitalization weighted and the securities in the index are updated on the last business day of each month.
Bloomberg US Treasury Bills 1–3 Month Index  An index that includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months but more than 1 month, are rated investment grade and have $300 million or more of outstanding face value. It excludes zero-coupon STRIPS.
cap, capitalization  See “market cap.”
capital gain, capital loss  The difference between the amount paid for an investment and its value at a later time. If the investment has been sold, the capital gain or loss is considered a realized gain or loss. If the investment is still held, the gain or loss is still “on paper” and is considered unrealized.
commencement of operations  The date that the first NAV was calculated.
creation unit (C.U.)  A basket of securities that is delivered by an authorized participant (AP) to the fund equal to the current holdings of the ETF, plus a designated cash component. In return, the APs receive a large block of ETF shares (typically 50,000 shares), which investors can then buy and sell in the secondary market.
Dow Jones International Dividend 100 Index  An index that is designed to measure the performance of high dividend yielding stocks issued by companies in developed and emerging countries outside of the United States that have a record of consistently paying dividends, selected for fundamental strength based on financial ratios and lower volatility. The 100-component index is derived from the constituents of the Dow Jones Global ex-U.S. Large-Cap Index and the Dow Jones Global ex-U.S. Mid-Cap Index, and excludes real estate investment trusts (REITs). It is modified market capitalization weighted.
European Depositary Receipt (EDR)  A negotiable security (receipt) that is issued by a European bank, and that represents shares of foreign-based corporations.
exchange  A marketplace, or any organization or group that provides or maintains a marketplace for trading securities, options, futures, or commodities.
expense ratio  The amount that is taken from the fund’s assets each year to cover the operating expenses. An expense ratio of 0.50% means that a fund’s expenses amount to half of one percent of its average net assets a year.
FTSE Developed ex US Index (Net)   An index that is comprised of large- and mid-capitalization companies in developed countries outside the United States, as defined by the index provider. The index defines the large- and mid-capitalization universe as approximately the top 90% of the eligible universe. The Net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes.
FTSE Developed Small Cap ex US Liquid Index (Net)  An index comprised of small-capitalization companies in developed countries outside the United States, as defined by the index provider. The index defines the small-capitalization universe as approximately the bottom 10% of the eligible universe with a minimum free float capitalization of $150 million. The Net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes.
FTSE Emerging Index (Net)   An index that is comprised of large- and mid-capitalization companies in emerging market countries, as defined by the index provider. The index defines the large- and mid-capitalization universe as approximately the top 90% of the eligible universe. The Net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes.
Global Depositary Receipt (GDR)  A negotiable security (receipt) that is issued by a foreign bank, and that represents shares of foreign-based corporations.
gross domestic product (GDP)  The output of goods and services produced by labor and property located in the United States.
inception date  The date that the shares began trading in the secondary market.
indicative optimized portfolio value (IOPV)  A calculation disseminated by the stock exchange that approximates the fund’s NAV every 15 seconds throughout the trading day.
liquidity  The ability to convert a security or asset quickly into cash.
 
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market cap, market capitalization  The value of a company as determined by the total value of all shares of its stock outstanding. Free-float market capitalization is a variation of market capitalization that only includes shares generally available to the public, and excludes shares of a company held by entities such as the government. Modified market capitalization weighting represents a mix between conventional market capitalization weighting and equal weighting.
market price return  The return based on the change in market price per share of the fund over a given time period. Market price returns assume that dividends and capital gain distributions have been reinvested in the fund at market price.
median market cap  The midpoint of the range of market caps of the stocks held by a fund. There are different ways of calculating median market cap. With a simple median, half of the stocks in the fund’s portfolio would be larger than the median, and half would be smaller. With a weighted median (the type that is calculated for these funds), half of the fund’s assets are invested in stocks that are larger than the median market cap, and half in stocks that are smaller.
MSCI EAFE Index (Net)  A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets in Europe, Australasia, and the Far East. The Net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes; returns are calculated applying dividend withholding rates applicable to non-resident persons who do not benefit from double taxation treaties.
MSCI Emerging Markets Index (Net)  A free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets. This series approximates the minimum possible dividend reinvestment. The returns are calculated applying dividend withholding rates applicable to non-resident persons who do not benefit from double taxation treaties.
net asset value (NAV)  The value of one share of a fund. NAV is calculated by taking the fund’s total assets, subtracting liabilities, and dividing by the number of shares outstanding.
NAV return  The return based on the change in NAV of the fund over a given time period. NAV returns assume that dividends and capital gain distributions have been reinvested in the fund.
offer (ask)  The lowest price at which an individual is willing to sell a security.
open  The price at which a security opened for trading on a given day.
outstanding shares, shares outstanding  When speaking of the fund, indicates all shares currently held by investors.
price-to-book ratio (P/B)  The market price of a company’s stock compared with its “book value.” A mutual fund’s P/B is the weighted average of the P/B of all stocks in the fund’s portfolio.
price-to-earnings ratio (P/E)  The market price of a company’s stock compared with earnings over the past year. A mutual fund’s P/E is the weighted average of the P/E of all stocks in the fund’s portfolio.
primary market  The market that deals with the issuance of new securities.
rights and warrants  Rights and warrants are types of securities that entitle the holder to purchase a proportionate amount of common stock at a specified price for a specific period of time. Rights allow a shareholder to buy more shares directly from the company, usually at a price somewhat lower than the current market price of the outstanding shares. Warrants are usually issued with bonds and preferred stock. Rights and warrants can trade on the market separately from the company’s stock. The prices of rights and warrants do not necessarily move parallel to the prices of the underlying common stock. Rights usually expire within a few weeks of issuance, while warrants may not expire for several years. If a right or warrant is not exercised within the specified time period, it will become worthless and a fund will lose the purchase price it paid for the right or warrant and the right to purchase the underlying security.
Russell 2000 Index  An index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
S&P 500 Index  An index that is designed to measure the performance of 500 leading publicly traded companies from a broad range of industries.
sampling  If a fund uses a sampling method, the fund will not fully replicate the benchmark index and may hold securities not included in the index. A fund that utilizes a sampling approach may not track the return of the index.
secondary market  The market in which investors purchase securities from other investors rather than directly from the issuing companies. Organized exchanges facilitate the trading of securities in the secondary market.
spread  The gap between bid and ask prices of a security.
stock  A share of ownership, or equity, in the issuing company.
total return  The percentage that an investor would have earned or lost on an investment in the fund assuming dividends and distributions were reinvested.
tracking error  The difference between the performance of the fund and its benchmark index, positive or negative.
 
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Schwab ETFs

Schwab ETFs are designed to serve as simple low-cost core investment products for a diversified portfolio. These ETFs seek to provide consistent, repeatable performance through a variety of investment strategies that span the equity and fixed income spectrum. The list below shows all currently available Schwab ETFs.
Investors should carefully consider information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges and expenses before investing. Please call 1-877-824-5615 for a prospectus for any Schwab ETF. Please read the prospectus carefully before you invest. This report must be preceded or accompanied by a current 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/schwabetfs_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/schwabetfs_prospectus or the SEC’s website at www.sec.gov.
    
    
Schwab ETFs
U.S. ETFs
Schwab U.S. Broad Market ETF
Schwab 1000 Index® ETF
Schwab U.S. Large-Cap ETF
Schwab U.S. Large-Cap Growth ETF
Schwab U.S. Large-Cap Value ETF
Schwab U.S. Mid-Cap ETF
Schwab U.S. Small-Cap ETF
Schwab U.S. Dividend Equity ETF
Schwab U.S. REIT ETF
International ETFs
Schwab International Dividend Equity ETF
Schwab International Equity ETF
Schwab International Small-Cap Equity ETF
Schwab Emerging Markets Equity ETF
Fixed-Income ETFs
Schwab U.S. TIPS ETF
Schwab Short-Term U.S. Treasury ETF
Schwab Intermediate-Term U.S. Treasury ETF
Schwab Long-Term U.S. Treasury ETF
Schwab U.S. Aggregate Bond ETF
Schwab 1-5 Year Corporate Bond ETF
Schwab 5-10 Year Corporate Bond ETF
Fundamental Index* ETFs
Schwab Fundamental U.S. Broad Market Index ETF
Schwab Fundamental U.S. Large Company Index ETF
Schwab Fundamental U.S. Small Company Index ETF
Schwab Fundamental International Large Company Index ETF
Schwab Fundamental International Small Company Index ETF
Schwab Fundamental Emerging Markets Large Company
Index ETF
Active, Semi-Transparent (Also Known As Non-Transparent) ETF
Schwab Ariel ESG ETF    

 

 

 
Investment Adviser
Charles Schwab Investment Management, Inc., dba Schwab Asset Management
211 Main Street, San Francisco, CA 94105
Schwab ETFs
1-877-824-5615
© 2022 Charles Schwab Investment Management, Inc., dba Schwab Asset Management. All rights reserved.
Printed on recycled paper.
    
* FUNDAMENTAL INDEX is a registered trademark of Research Affiliates LLC.
The Schwab Ariel ESG ETF is different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. This fund will not. This may create additional risks for your investment. For example:
You may have to pay more money to trade the fund’s shares. This fund will provide less information to traders, who tend to charge more for trades when they have less information.
The price you pay to buy fund shares on an exchange may not match the value of the fund’s portfolio. The same is true when you sell shares. These price differences may be greater for this fund compared to other ETFs because it provides less information to traders.
These additional risks may be even greater in bad or uncertain market conditions.
The ETF will publish on its website each day a “Proxy Portfolio” designed to help trading in shares of the ETF. While the Proxy Portfolio includes some of the ETF’s holdings, it is not the ETF’s actual portfolio.
The differences between this fund and other ETFs may also have advantages. By keeping certain information about the fund secret, this fund may face less risk that other traders can predict or copy its investment strategy. This may improve the fund’s performance. If other traders are able to copy or predict the fund’s investment strategy, however, this may hurt the fund’s performance.
For additional information regarding the unique attributes and risks of the fund, see Proxy Portfolio Risk, Premium/Discount Risk, Trading Halt Risk, Authorized Participant Concentration Risk, Tracking Error Risk and Shares of the Fund May Trade at Prices Other Than NAV in the Principal Risks and Proxy Portfolio and Proxy Overlap sections of the prospectus and/or the Statement of Additional Information. These risks are discussed on the next page.

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Active semi-transparent ETFs operate differently from other exchange-traded funds (ETFs). Unlike other ETFs, an active semi-transparent ETF does not publicly disclose its entire portfolio composition each business day, which may affect the price at which shares of the ETF trade in the secondary market. Active semi-transparent ETFs have limited public trading history. There can be no assurance that an active trading market will develop, be maintained or operate as intended. There is a risk that the market price of an active semi-transparent ETF may vary significantly from the ETF’s net asset value and that its shares may trade at a wider bid/ask spread and, therefore, cost investors more to trade than shares of other ETFs. These risks are heightened during periods of market disruption or volatility.
Proxy Portfolio Risk: Unlike traditional ETFs, this fund does not disclose its portfolio holdings (Actual Portfolio) daily. The fund instead posts a Proxy Portfolio on its website each day. The Proxy Portfolio is designed to reflect the economic exposures and risk characteristics of the fund’s actual holdings on each trading day, but it is not the same as the fund’s Actual Portfolio. Although the Proxy Portfolio is intended to provide investors with enough information to allow for an effective arbitrage mechanism that will keep the market price of the Fund at or close to the underlying NAV per Share of the Fund, there is a risk (which may increase during periods of market disruption or volatility) that market prices will vary significantly from the underlying NAV of the fund. ETF trading on the basis of a published Proxy Portfolio may trade at a wider bid/ask spread than ETFs that publish their portfolios on a daily basis, especially during periods of market disruption or volatility, and therefore may cost investors more to trade. Also, while the Fund seeks to benefit from keeping its portfolio information secret, market participants may attempt to use the Proxy Portfolio to identify a Fund’s trading strategy, which if successful, could result in such market participants engaging in certain predatory trading practices that may have the potential to harm the Fund and its shareholders.
Proxy Portfolio Construction: The Proxy Portfolio is designed to recreate the daily performance of the Actual Portfolio. This is achieved by performing a “Factor Model” analysis of the Actual Portfolio. The Factor Model is comprised of three sets of factors or analytical metrics: market-based factors, fundamental factors, and industry/sector factors. The fund uses a “Model Universe” to generate its Proxy Portfolio. The Model Universe is comprised of securities that the fund can purchase and will be a financial index or stated portfolio of securities from which fund investments will be selected. The results of the Factor Model analysis are then applied to the Model Universe. The Proxy Portfolio is then generated as a result of this Model Universe analysis with the Proxy Portfolio being a small sub-set of the Model Universe. The Factor Model is applied to both the Actual Portfolio and the Model Universe to construct the fund’s Proxy Portfolio that performs in a manner substantially identical to the performance of its Actual Portfolio.
The Proxy Portfolio will only include investments the fund is permitted to hold. The fund’s SAI contains more information on the Proxy Portfolio and its construction. Proxy Portfolio and Proxy Overlap Information regarding the contents of the Proxy Portfolio, and the percentage weight overlap between the holdings of the Proxy Portfolio and a Fund’s Actual Portfolio holdings that formed the basis for its calculation of NAV at the end of the prior Business Day (the Portfolio Overlap), is available by visiting the fund’s website www.schwabassetmanagement.com.
Because environmental, social and governance (ESG) strategies exclude some securities, ESG-focused products may not be able to take advantage of the same opportunities or market trends as products that do not use such strategies. Additionally, the criteria used to select companies for investment may result in investing in securities, industries or sectors that underperform the market as a whole.

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MFR54790-12
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