(CHARLES SCHWAB ASSET MANAGMENT LOGO)
Annual Report | August 31, 2023
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
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44
67
92
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109
113
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.
Schwab International Equity ETFs | Annual Report1

Schwab International Equity ETFs
Performance at a Glance
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns 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 data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Total Returns for the 12 Months Ended August 31, 2023
Schwab International Dividend Equity ETF (Ticker Symbol: SCHY)
Market Price Return1
13.83%
NAV Return1
13.31%
Dow Jones International Dividend 100 Index (Net)2
13.33%
ETF Category: Morningstar Foreign Large Value3
18.50%
Performance Details
pages 6-8
 
Schwab International Equity ETF (Ticker Symbol: SCHF)
Market Price Return1
16.75%
NAV Return1
16.12%
4
FTSE Developed ex US Index (Net)2
15.87%
ETF Category: Morningstar Foreign Large Blend3
15.63%
Performance Details
pages 9-11
 
Schwab International Small-Cap Equity ETF (Ticker Symbol: SCHC)
Market Price Return1
10.67%
NAV Return1
9.87%
FTSE Developed Small Cap ex US Liquid Index (Net)2
9.69%
ETF Category: Morningstar Foreign Small/Mid Blend3
11.92%
Performance Details
pages 12-14
 
Schwab Emerging Markets Equity ETF (Ticker Symbol: SCHE)
Market Price Return1
1.28%
NAV Return1
0.61%
FTSE Emerging Index (Net)2
0.86%
ETF Category: Morningstar Diversified Emerging Markets3
4.91%
Performance Details
pages 15-17
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 and mutual funds within the category as of the report date.
4
Total return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual and semiannual reports.
2Schwab International Equity ETFs | Annual Report

Schwab International Equity ETFs
The Investment Environment
For the 12-month reporting period ended August 31, 2023, global stocks generally rose. U.S. stocks were volatile for the first half of the year as inflation remained elevated and the U.S. Federal Reserve (Fed) continued to raise interest rates. Despite these headwinds, as inflation began to ease, U.S. stocks staged a relatively steady upswing through the end of the reporting period. The ongoing war between Russia and Ukraine weighed on the global economy. After hitting a 20-year high in late September, the U.S. dollar, as measured against a basket of international currencies, weakened over the reporting period, generally increasing the returns on overseas investments in U.S. dollar terms. For the reporting period, the MSCI EAFE® Index (Net)*, a broad measure of developed international equity performance, returned 17.92%, while the MSCI Emerging Markets Index (Net)* returned 1.25%. For comparison, the S&P 500® Index, a bellwether for the overall U.S. stock market, returned 15.94% for the same period.
Economies around the world grew out of sync as they wrestled with record levels of government debt, rising geopolitical tensions, and weak productivity gains that stifled economic growth. Certain economies demonstrated resilience as the reporting period progressed. U.S. gross domestic product (GDP) growth was positive for the third and fourth quarters of 2022 and the first and second quarters of 2023. The unemployment rate remained low throughout the period despite inflationary pressures and an unexpected jump in August largely as a result of an increase in the labor force participation rate (the proportion of working-age Americans who have a job or are looking for one). Oil prices, although volatile over the period, ended the reporting period roughly where they began it. Eurozone GDP expanded slightly in the third quarter of 2022, contracted slightly in the fourth quarter of 2022, was flat for the first quarter of 2023, and expanded slightly for the second quarter of 2023, bolstered by a moderation in inflationary pressures. GDP in the United Kingdom contracted slightly in the third quarter of 2022 but expanded slightly in the fourth quarter of 2022 and the first and second quarters of 2023, with household consumption expenditures and manufacturing output being the key growth drivers. In Japan, following GDP contraction in the third quarter of 2022 and flat GDP growth in the fourth quarter of 2022, GDP rose for the first two quarters of 2023 at an accelerating pace, primarily on rebounding exports. Among emerging markets, China’s GDP grew for the third and fourth quarters of 2022 and the first and second quarters of 2023, though the growth rate fell short of estimates due to declining exports and
Asset Class Performance Comparison % returns during the 12 months ended August 31, 2023
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 a guarantee 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.
Schwab International Equity ETFs | Annual Report3

Schwab International Equity ETFs
The Investment Environment (continued)
geopolitical factors affecting foreign demand. India’s GDP also grew for the third and fourth quarters of 2022 and the first and second quarter of 2023, driven primarily by robust performance of the services sector along with strong consumer demand and increased government spending.
In its efforts to lower inflation, the Fed raised interest rates seven times over the reporting period, with the federal funds rate ending in a range of 5.25% to 5.50%. However, the likelihood of further increases began to temper, as evidenced by the Fed’s pause on rate hikes at its June meeting before a 0.25% increase in July supported by consumer spending and a tight labor market. The Fed’s efforts to reduce the assets held on its balance sheet were effective over the reporting period, though its balance sheet spiked in early March when the Fed supported banks after the failure of three U.S. regional banks. Central banks outside the United States also battled with persistently high inflation. The European Central Bank raised its interest rates seven times during the reporting period, matching its previous high in 2000. The Bank of England raised its rate eight times during the reporting period, bringing borrowing costs to a 15-year high. In contrast, the Bank of Japan continued to uphold its short-term interest rate target of -0.1%, unchanged since 2016, despite inflationary pressures. Central banks in India, Indonesia, Mexico, Pakistan, and Russia all raised their rates multiple times over the reporting period. In contrast, Brazil cut its key rate once and China cut its interest rate twice during the reporting period.
4Schwab International Equity ETFs | Annual Report

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 and portfolio management of investment
strategies for passive equity Schwab Funds and Schwab ETFs, and Schwab Personalized Indexing™ separately
managed accounts. 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.
David Rios, Portfolio Manager for Schwab Asset Management, 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).
Schwab International Equity ETFs | Annual Report5

Schwab International Dividend Equity ETF as of August 31, 2023
The Schwab International Dividend Equity ETF’s (the fund) goal is to track as closely as possible, before fees and expenses, the total return of an index composed of high dividend yielding stocks issued by companies outside of the United States. To purse its goal, the fund generally invests in stocks that are included in the Dow Jones International Dividend 100 Index. The 100-component index is derived from constituents of the Dow Jones Global ex-U.S. Large-Cap Index and Dow Jones Global ex-U.S. Mid-Cap Index (excluding real estate investment trusts (REITs)). It is modified market capitalization weighted. The fund invests in a representative sample of securities included in the index which, when taken together, are expected to perform similarly to the index as a whole. Due to the use of representative sampling, the fund may not hold all of the securities included in the index.
Market Highlights. For the 12-month reporting period ended August 31, 2023, global stocks generally rose. U.S. stocks were volatile for the first half of the year as inflation remained elevated and the U.S. Federal Reserve (Fed) continued to raise interest rates. Despite these headwinds, as inflation began to ease, U.S. stocks staged a relatively steady upswing through the end of the reporting period. The ongoing war between Russia and Ukraine weighed on the global economy. After hitting a 20-year high in late September, the U.S. dollar, as measured against a basket of international currencies, weakened over the reporting period, generally increasing the returns on overseas investments in U.S. dollar terms.
Performance. During the 12-month reporting period ended August 31, 2023, the fund generally tracked the index. The fund’s market price return was 13.83% and its NAV return was 13.31% (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned 13.33%1 during the same period.
Contributors and Detractors. Stocks from Germany contributed the most to the total return of the fund. German stocks represented an average weight of approximately 9% of the fund’s investments and returned approximately 41% in U.S. dollar terms for the reporting period. One example from this market is E.ON SE, one of Europe’s largest operators of energy networks and energy infrastructure. The fund’s holdings of E.ON SE represented an average weight of approximately 3% of the fund’s investments and returned approximately 51% in U.S. dollar terms for the reporting period.
Stocks from the United Kingdom also contributed to the total return of the fund, representing an average weight of approximately 19% of the fund’s investments and returning approximately 13% in U.S. dollar terms for the reporting period.
Stocks from China detracted the most from the total return of the fund. Chinese stocks represented an average weight of approximately 4% of the fund’s investments and returned approximately -3% in U.S. dollar terms for the reporting period. One example from this market is China Construction Bank Corp., which provides banking services. The fund’s Class H holdings of China Construction Bank Corp. represented an average weight of approximately 2% of the fund’s investments and returned approximately -5% in U.S. dollar terms for the reporting period.
Stocks from Saudi Arabia also detracted from the total return of the fund, representing an average weight of approximately 2% of the fund’s investments and returning approximately -6% in U.S. dollar terms for the reporting period.
Management views and portfolio holdings may have changed since the report date.
1
The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
6Schwab International Equity ETFs | Annual Report

Schwab International Dividend Equity ETF
Performance and Fund Facts as of August 31, 2023
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns 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 data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Performance of Hypothetical $10,000 Investment (April 29, 2021 – August 31, 2023)1
Average Annual Total Returns1
Fund and Inception Date
1 Year
Since Inception*
Fund: Schwab International Dividend Equity ETF (4/29/21)
Market Price Return2
13.83%
0.47%
NAV Return2
13.31%
0.53%
Dow Jones International Dividend 100 Index (Net)3
13.33%
0.56%
ETF Category: Morningstar Foreign Large Value4
18.50%
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.
Emerging markets involve heightened risks related to the same factors as international investing, as well as increased volatility and lower trading volume.
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 and mutual funds within the category as of the report date.
5
As stated in the prospectus.
Schwab International Equity ETFs | Annual Report7

Schwab International Dividend Equity ETF
Performance and Fund Facts as of August 31, 2023 (continued)
Statistics1
Number of Holdings
103
Weighted Average Market Cap (millions)
$60,932
Price/Earnings Ratio (P/E)
11.7
Price/Book Ratio (P/B)
2.2
Portfolio Turnover Rate
40%
2
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
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
3
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
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.
8Schwab International Equity ETFs | Annual Report

Schwab International Equity ETF as of August 31, 2023
The Schwab International Equity ETF’s (the fund) goal is to track as closely as possible, before fees and expenses, the total return of the FTSE Developed ex US Index (the index). The index 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 fund invests in a representative sample of securities included in the index which, when taken together, are expected to perform similarly to the index as a whole. Due to the use of representative sampling, the fund may not hold all of the securities included in the index.
Market Highlights. For the 12-month reporting period ended August 31, 2023, global stocks generally rose. U.S. stocks were volatile for the first half of the year as inflation remained elevated and the U.S. Federal Reserve (Fed) continued to raise interest rates. Despite these headwinds, as inflation began to ease, U.S. stocks staged a relatively steady upswing through the end of the reporting period. The ongoing war between Russia and Ukraine weighed on the global economy. After hitting a 20-year high in late September, the U.S. dollar, as measured against a basket of international currencies, weakened over the reporting period, generally increasing the returns on overseas investments in U.S. dollar terms.
Performance. During the 12-month reporting period ended August 31, 2023, the fund generally tracked the index. The fund’s market price return was 16.75% and its NAV return was 16.12%1 (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned 15.87%2 during the same period.
Contributors and Detractors. Stocks from France contributed the most to the total return of the fund. French stocks represented an average weight of approximately 10% of the fund’s investments and returned approximately 31% in U.S. dollar terms for the reporting period. One example from this market is LVMH Moet Hennessy Louis Vuitton SE, a diversified luxury goods group. The fund’s holdings of LVMH Moet Hennessy Louis Vuitton SE represented an average weight of approximately 1% of the fund’s investments and returned approximately 32% in U.S. dollar terms for the reporting period.
Stocks from Japan also contributed to the total return of the fund, representing an average weight of approximately 21% of the fund’s investments and returning approximately 16% in U.S. dollar terms for the reporting period.
Stocks from Hong Kong detracted the most from the total return of the fund. Stocks from Hong Kong represented an average weight of approximately 3% of the fund’s investments and returned approximately -6% in U.S. dollar terms for the reporting period. One example from this market is AIA Group Ltd., an insurance company. The fund’s holdings of AIA Group Ltd. represented an average weight of less than 1% of the fund’s investments and returned approximately -4% in U.S. dollar terms for the reporting period.
Stocks from Israel also detracted from the total return of the fund, representing an average weight of less than 1% of the fund’s investments and returning approximately -19% in U.S. dollar terms for the reporting period.
Management views and portfolio holdings may have changed since the report date.
1
Total return for the report period above differs from the return in the Financial Highlights. The total return presented above is calculated based on the net asset value (NAV) at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual and semiannual reports.
2
The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
Schwab International Equity ETFs | Annual Report9

Schwab International Equity ETF
Performance and Fund Facts as of August 31, 2023
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns 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 data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Performance of Hypothetical $10,000 Investment (August 31, 2013 – August 31, 2023)1
Average Annual Total Returns1
Fund and Inception Date
1 Year
5 Years
10 Years
Fund: Schwab International Equity ETF (11/3/09)
Market Price Return2
16.75%
4.31%
5.06%
NAV Return2
16.12%
3
4.32%
5.07%
FTSE Developed ex US Index (Net)4
15.87%
4.17%
4.96%
ETF Category: Morningstar Foreign Large Blend5
15.63%
3.62%
4.67%
Fund Expense Ratio6: 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
Total return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual and semiannual reports.
4
The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
5
Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
6
As stated in the prospectus.
10Schwab International Equity ETFs | Annual Report

Schwab International Equity ETF
Performance and Fund Facts as of August 31, 2023 (continued)
Statistics1
Number of Holdings
1,546
Weighted Average Market Cap (millions)
$79,415
Price/Earnings Ratio (P/E)
12.8
Price/Book Ratio (P/B)
1.6
Portfolio Turnover Rate
6%
2
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
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
3
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
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.
Schwab International Equity ETFs | Annual Report11

Schwab International Small-Cap Equity ETF as of August 31, 2023
The Schwab International Small-Cap Equity ETF’s (the fund) goal is to track as closely as possible, before fees and expenses, the total return of the FTSE Developed Small Cap ex US Liquid Index (the index). The index is 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 fund invests in a representative sample of securities included in the index which, when taken together, are expected to perform similarly to the index as a whole. Due to the use of representative sampling, the fund may not hold all of the securities included in the index.
Market Highlights. For the 12-month reporting period ended August 31, 2023, global stocks generally rose. U.S. stocks were volatile for the first half of the year as inflation remained elevated and the U.S. Federal Reserve (Fed) continued to raise interest rates. Despite these headwinds, as inflation began to ease, U.S. stocks staged a relatively steady upswing through the end of the reporting period. The ongoing war between Russia and Ukraine weighed on the global economy. After hitting a 20-year high in late September, the U.S. dollar, as measured against a basket of international currencies, weakened over the reporting period, generally increasing the returns on overseas investments in U.S. dollar terms.
Performance. During the 12-month reporting period ended August 31, 2023, the fund generally tracked the index. The fund’s market price return was 10.67% and its NAV return was 9.87% (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned 9.69%1 during the same period.
Contributors and Detractors. Stocks from Japan contributed the most to the total return of the fund. Japanese stocks represented an average weight of 18% of the fund’s investments and returned approximately 14% in U.S. dollar terms for the reporting period. One example from this market is Macnica Holdings, Inc., which imports, exports, and distributes electronic components such as semiconductor devices and integrated circuits. The fund’s holdings of Macnica Holdings, Inc. represented an average weight of less than 1% of the fund’s investments and returned approximately 126% in U.S. dollar terms for the reporting period.
Stocks from Canada also contributed to the total return of the fund, representing an average weight of approximately 22% of the fund’s investments and returning approximately 9% in U.S. dollar terms for the reporting period.
Stocks from Australia detracted the most from the total return of the fund. Australian stocks represented an average weight of approximately 7% of the fund’s investments and returned approximately -6% in U.S. dollar terms for the reporting period. One example from this market is Core Lithium Ltd., which operates as a mineral exploration company. The fund’s holdings of Core Lithium Ltd. represented an average weight of less than 1% of the fund’s investments and returned approximately -73% in U.S. dollar terms for the reporting period.
Stocks from Hong Kong also detracted from the total return of the fund, representing an average weight of less than 1% of the fund’s investments and returning approximately -19% in U.S. dollar terms for the reporting period.
Management views and portfolio holdings may have changed since the report date.
1
The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
12Schwab International Equity ETFs | Annual Report

Schwab International Small-Cap Equity ETF
Performance and Fund Facts as of August 31, 2023
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns 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 data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Performance of Hypothetical $10,000 Investment (August 31, 2013 – August 31, 2023)1
Average Annual Total Returns1
Fund and Inception Date
1 Year
5 Years
10 Years
Fund: Schwab International Small-Cap Equity ETF (1/14/10)
Market Price Return2
10.67%
1.50%
4.27%
NAV Return2
9.87%
1.49%
4.35%
FTSE Developed Small Cap ex US Liquid Index (Net)3
9.69%
1.35%
4.28%
ETF Category: Morningstar Foreign Small/Mid Blend4
11.92%
2.09%
5.21%
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 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 and mutual funds within the category as of the report date.
5
As stated in the prospectus.
Schwab International Equity ETFs | Annual Report13

Schwab International Small-Cap Equity ETF
Performance and Fund Facts as of August 31, 2023 (continued)
Statistics1
Number of Holdings
2,162
Weighted Average Market Cap (millions)
$3,216
Price/Earnings Ratio (P/E)
13.4
Price/Book Ratio (P/B)
1.3
Portfolio Turnover Rate
15%
2
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
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
3
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
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.
14Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF as of August 31, 2023
The Schwab Emerging Markets Equity ETF’s (the fund) goal is to track as closely as possible, before fees and expenses, the total return of the FTSE Emerging Index (the index). The index 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 fund invests in a representative sample of securities included in the index which, when taken together, are expected to perform similarly to the index as a whole. Due to the use of representative sampling, the fund may not hold all of the securities included in the index.
Market Highlights. For the 12-month reporting period ended August 31, 2023, global stocks generally rose. U.S. stocks were volatile for the first half of the year as inflation remained elevated and the U.S. Federal Reserve (Fed) continued to raise interest rates. Despite these headwinds, as inflation began to ease, U.S. stocks staged a relatively steady upswing through the end of the reporting period. The ongoing war between Russia and Ukraine weighed on the global economy. After hitting a 20-year high in late September, the U.S. dollar, as measured against a basket of international currencies, weakened over the reporting period, generally increasing the returns on overseas investments in U.S. dollar terms.
Performance. During the 12-month reporting period ended August 31, 2023, the fund generally tracked the index. The fund’s market price return was 1.28% and its NAV return was 0.61% (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned 0.86%1 during the same period.
Contributors and Detractors. Stocks from Mexico contributed the most to the total return of the fund. Mexican stocks represented an average weight of approximately 3% of the fund’s investments and returned approximately 44% in U.S. dollar terms for the reporting period. One example from this market is Grupo Financiero Banorte S.A.B. de C.V., a financial institution that offers banking services, premium banking, wholesale banking, leasing and factoring, warehousing, insurance, pensions and retirement savings. The fund’s Class O holdings of Grupo Financiero Banorte S.A.B. de C.V. represented an average weight of less than 1% of the fund’s investments and returned approximately 59% in U.S. dollar terms for the reporting period.
Stocks from Taiwan also contributed to the total return of the fund, representing an average weight of approximately 16% of the fund’s investments and returning approximately 7% in U.S. dollar terms for the reporting period.
Stocks from China detracted the most from the total return of the fund. Chinese stocks represented an average weight of approximately 16% of the fund’s investments and returned approximately -8% in U.S. dollar terms for the reporting period. One example from this market is Meituan, a web-based shopping platform for locally found consumer products and retail services. The fund’s Class B holdings of Meituan represented an average weight of approximately 1% of the fund’s investments and returned approximately -32% in U.S. dollar terms for the reporting period.
Stocks from Saudi Arabia also detracted from the total return of the fund, representing an average weight of approximately 5% of the fund’s investments and returning approximately -7% in U.S. dollar terms for the reporting period.
Management views and portfolio holdings may have changed since the report date.
1
The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
Schwab International Equity ETFs | Annual Report15

Schwab Emerging Markets Equity ETF
Performance and Fund Facts as of August 31, 2023
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns 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 data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Performance of Hypothetical $10,000 Investment (August 31, 2013 – August 31, 2023)1
Average Annual Total Returns1
Fund and Inception Date
1 Year
5 Years
10 Years
Fund: Schwab Emerging Markets Equity ETF (1/14/10)
Market Price Return2
1.28%
1.82%
3.54%
NAV Return2
0.61%
1.87%
3.45%
FTSE Emerging Index (Net)3
0.86%
2.04%
3.60%
ETF Category: Morningstar Diversified Emerging Markets4
4.91%
1.75%
3.01%
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 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 and mutual funds within the category as of the report date.
5
As stated in the prospectus.
16Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF
Performance and Fund Facts as of August 31, 2023 (continued)
Statistics1
Number of Holdings
1821
Weighted Average Market Cap (millions)
$94,428
Price/Earnings Ratio (P/E)
12.4
Price/Book Ratio (P/B)
1.7
Portfolio Turnover Rate
13%
2
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
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
3
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
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.
Schwab International Equity ETFs | Annual Report17

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 March 1, 2023 and held through August 31, 2023.
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 3/1/23
ENDING
ACCOUNT VALUE
(NET OF EXPENSES)
AT 8/31/23
EXPENSES PAID
DURING PERIOD
3/1/23-8/31/23 2
Schwab International Dividend Equity ETF
Actual Return
0.14%
$1,000.00
$1,043.40
$0.72
Hypothetical 5% Return
0.14%
$1,000.00
$1,024.50
$0.71
Schwab International Equity ETF
Actual Return
0.06%
$1,000.00
$1,049.10
$0.31
Hypothetical 5% Return
0.06%
$1,000.00
$1,024.90
$0.31
Schwab International Small-Cap Equity ETF
Actual Return
0.11%
$1,000.00
$1,022.00
$0.56
Hypothetical 5% Return
0.11%
$1,000.00
$1,024.65
$0.56
Schwab Emerging Markets Equity ETF
Actual Return
0.11%
$1,000.00
$1,032.00
$0.56
Hypothetical 5% Return
0.11%
$1,000.00
$1,024.65
$0.56
1
Based on the most recent six-month expense ratio.
2
Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 days in the period, and divided
by 365 days in the fiscal year.
18Schwab International Equity ETFs | Annual Report

Schwab International Dividend Equity ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
9/1/22–
8/31/23
9/1/21–
8/31/22
4/29/211
8/31/21
 
 
 
Per-Share Data
Net asset value at beginning of period
$21.72
$26.07
$25.00
Income (loss) from investment operations:
Net investment income (loss)2
1.08
1.37
0.41
Net realized and unrealized gains (losses)
1.78
(5.09
)
0.71
Total from investment operations
2.86
(3.72
)
1.12
Less distributions:
Distributions from net investment income
(0.88
)
(0.63
)
(0.05
)
Net asset value at end of period
$23.70
$21.72
$26.07
Total return
13.31
%
(14.47
%)
4.48
%3
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.14
%4
0.14
%4
0.14
%5
Net investment income (loss)
4.67
%
5.72
%
4.76
%5
Portfolio turnover rate6
40
%
45
%
3
%3
Net assets, end of period (x 1,000,000)
$754
$439
$102
1
Commencement of operations.
2
Calculated based on the average shares outstanding during the period.
3
Not annualized.
4
Ratio includes less than 0.005% of non-routine proxy expenses.
5
Annualized.
6
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
Schwab International Equity ETFs | Annual Report19

Schwab International Dividend Equity ETF
Portfolio Holdings  as of August 31, 2023
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 99.1% OF NET ASSETS
 
Australia 13.5%
Ampol Ltd.
200,676
4,587,863
Aurizon Holdings Ltd.
1,551,121
3,666,730
BHP Group Ltd.
1,030,392
29,929,899
Harvey Norman Holdings Ltd.
548,112
1,434,138
Rio Tinto Ltd.
402,596
29,437,690
Wesfarmers Ltd.
935,528
32,639,545
 
101,695,865
 
Belgium 0.1%
Proximus SADP
103,528
784,077
 
Canada 9.3%
BCE, Inc.
195,863
8,286,484
Great-West Lifeco, Inc.
80,826
2,319,726
Quebecor, Inc., Class B
100,338
2,290,876
Sun Life Financial, Inc.
176,034
8,575,632
The Bank of Nova Scotia
358,218
16,976,930
The Toronto-Dominion Bank
513,991
31,311,681
 
69,761,329
 
China 3.8%
Anhui Conch Cement Co., Ltd., H Shares
561,460
1,560,854
China Construction Bank Corp., H Shares
28,763,725
15,405,700
China Life Insurance Co., Ltd., H Shares
2,169,173
3,291,760
China Shenhua Energy Co., Ltd., H Shares
1,025,145
2,987,160
PICC Property & Casualty Co., Ltd.,
H Shares
2,015,714
2,318,582
The People's Insurance Co. Group of China
Ltd., H Shares
2,399,316
816,932
Tingyi Cayman Islands Holding Corp.
647,667
951,461
Want Want China Holdings Ltd.
1,713,937
1,134,356
 
28,466,805
 
Finland 3.0%
Elisa Oyj
98,577
4,843,461
Kesko Oyj, B Shares
120,486
2,356,465
Kone Oyj, B Shares
340,796
15,535,080
 
22,735,006
 
Germany 7.2%
DHL Group
664,873
31,090,986
E.ON SE
1,898,688
23,451,227
 
54,542,213
 
India 2.1%
Colgate-Palmolive (India) Ltd.
45,787
1,074,099
HCL Technologies Ltd.
320,522
4,538,192
SECURITY
NUMBER
OF SHARES
VALUE ($)
Indian Oil Corp., Ltd.
1,160,175
1,248,656
ITC Ltd.
1,004,225
5,333,709
Petronet LNG Ltd.
233,935
608,388
Power Grid Corp. of India Ltd.
1,036,752
3,062,558
 
15,865,602
 
Israel 0.1%
The First International Bank of Israel Ltd.
15,844
641,969
 
Italy 5.1%
Assicurazioni Generali S.p.A.
360,398
7,482,850
Enel S.p.A.
4,650,464
31,344,229
 
38,827,079
 
Japan 12.3%
Daito Trust Construction Co., Ltd.
58,217
6,424,124
Japan Tobacco, Inc.
485,055
10,631,662
KDDI Corp.
947,549
28,149,531
K's Holdings Corp.
137,088
1,263,675
Nintendo Co., Ltd.
691,040
29,747,211
Niterra Co., Ltd.
144,751
3,365,608
Sompo Holdings, Inc.
104,663
4,562,943
Tosoh Corp.
638,903
8,276,753
 
92,421,507
 
Malaysia 0.4%
Kuala Lumpur Kepong Berhad
195,994
909,852
Petronas Chemicals Group Berhad
1,364,127
2,093,229
 
3,003,081
 
Mexico 0.5%
Arca Continental S.A.B. de C.V.
159,603
1,574,055
Coca-Cola Femsa S.A.B. de C.V.
178,008
1,527,875
Kimberly-Clark de Mexico S.A.B. de C.V.,
A Shares
477,178
1,087,501
 
4,189,431
 
Netherlands 1.9%
Koninklijke Ahold Delhaize N.V.
430,742
14,106,985
 
New Zealand 0.5%
Spark New Zealand Ltd.
1,212,890
3,665,243
 
Norway 2.3%
Gjensidige Forsikring A.S.A.
57,075
888,012
Telenor A.S.A.
418,480
4,480,981
Yara International A.S.A.
320,229
11,707,747
 
17,076,740
 
See financial notes
20Schwab International Equity ETFs | Annual Report

Schwab International Dividend Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Qatar 0.3%
Industries Qatar QSC
607,141
2,061,611
 
Republic of Korea 0.7%
GS Holdings Corp.
78,495
2,229,989
KT&G Corp.
48,374
3,180,405
 
5,410,394
 
Russia 0.0%
Severstal PAO *(a)(b)
708
0
 
Saudi Arabia 1.4%
Jarir Marketing Co.
182,700
718,983
SABIC Agri-Nutrients Co.
110,114
4,039,749
Saudi Telecom Co.
548,428
5,819,640
 
10,578,372
 
Singapore 0.7%
Singapore Exchange Ltd.
249,180
1,776,826
Singapore Technologies Engineering Ltd.
1,318,510
3,719,750
 
5,496,576
 
South Africa 0.2%
Vodacom Group Ltd.
253,183
1,442,214
 
Spain 0.8%
Redeia Corp. S.A.
364,189
5,931,063
 
Sweden 0.3%
Tele2 AB, B Shares
357,966
2,528,342
 
Switzerland 9.8%
EMS-Chemie Holding AG
13,327
10,026,370
Kuehne & Nagel International AG
47,983
14,445,151
Roche Holding AG
94,433
27,830,071
SGS S.A.
128,301
11,676,008
Swisscom AG
16,556
10,084,493
 
74,062,093
 
Taiwan 5.7%
Advantech Co., Ltd.
149,301
1,612,722
Asia Cement Corp.
1,207,740
1,513,159
Asustek Computer, Inc.
213,053
2,692,724
Chicony Electronics Co., Ltd.
206,752
671,937
Chunghwa Telecom Co., Ltd.
1,147,407
4,179,398
CTCI Corp.
180,823
223,995
Formosa Plastics Corp.
2,045,116
5,105,325
Fubon Financial Holding Co., Ltd.
2,306,831
4,606,925
King Slide Works Co., Ltd.
15,285
439,162
King Yuan Electronics Co., Ltd.
346,248
835,001
Lite-On Technology Corp., ADR
674,668
2,902,345
Nan Ya Plastics Corp.
2,662,161
5,525,532
Quanta Computer, Inc.
843,196
6,711,889
Radiant Opto-Electronics Corp.
143,405
538,109
Simplo Technology Co., Ltd.
49,436
477,339
Synnex Technology International Corp.
389,859
747,975
Tripod Technology Corp.
140,964
836,582
SECURITY
NUMBER
OF SHARES
VALUE ($)
Wistron Corp.
878,816
3,228,658
 
42,848,777
 
Thailand 0.2%
Bangkok Chain Hospital PCL, NVDR
496,645
273,727
Intouch Holdings PCL NVDR
353,239
733,866
Supalai PCL NVDR
234,692
145,436
Tisco Financial Group PCL NVDR
114,196
335,895
 
1,488,924
 
United Arab Emirates 0.2%
Abu Dhabi Islamic Bank PJSC
424,750
1,204,964
 
United Kingdom 16.7%
Admiral Group plc
82,594
2,606,007
British American Tobacco plc
928,871
30,867,303
GSK plc
1,746,073
30,727,688
Imperial Brands plc
423,642
9,606,352
Schroders plc
275,650
1,438,375
SSE plc
886,605
18,273,091
St. James's Place plc
164,046
1,839,241
Unilever plc
597,002
30,577,352
 
125,935,409
Total Common Stocks
(Cost $743,032,293)
746,771,671
PREFERRED STOCKS 0.0% OF NET ASSETS
 
Russia 0.0%
Sberbank of Russia PJSC *(a)(b)
69,290
0
Total Preferred Stocks
(Cost $260,897)
0
 
 
 
SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS
 
Money Market Funds 0.2%
State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.28% (c)
1,959,266
1,959,266
Total Short-Term Investments
(Cost $1,959,266)
1,959,266
Total Investments in Securities
(Cost $745,252,456)
748,730,937
See financial notes
Schwab International Equity ETFs | Annual Report21

Schwab International Dividend Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
DEPRECIATION
($)
FUTURES CONTRACTS
Long
MSCI EAFE Index, expires
09/15/23
45
4,745,925
(116,403
)
MSCI Emerging Markets Index,
expires 09/15/23
43
2,105,495
(34,249
)
 
(150,652
)
*
Non-income producing security.
(a)
Fair valued using significant unobservable inputs (see financial note 2(a),
Securities for which no quoted value is available, for additional information).
(b)
Trading in Russian securities listed on the Moscow Exchange, Russian ADRs,
and Russian GDRs are subject to trade restrictions; and therefore, the ability of
the fund to buy these securities is currently not permitted, and the ability of the
fund to sell these securities is uncertain.
(c)
The rate shown is the annualized 7-day yield.
ADR —
American Depositary Receipt
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 August 31, 2023 (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
$746,771,671
$
$
$746,771,671
Russia
0
*
0
Preferred Stocks1
Russia
0
*
0
Short-Term Investments1
1,959,266
1,959,266
Liabilities
Futures Contracts2
(150,652
)
(150,652
)
Total
$748,580,285
$—
$—
$748,580,285
*
Level 3 amount shown includes securities determined to have no value at August 31, 2023.
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.
See financial notes
22Schwab International Equity ETFs | Annual Report

Schwab International Dividend Equity ETF
Statement of Assets and Liabilities
As of August 31, 2023
Assets
Investments in securities, at value - unaffiliated (cost $745,252,456)
 
$748,730,937
Foreign currency, at value (cost $1,051,366)
 
1,041,299
Deposit with broker for futures contracts
 
392,170
Receivables:
 
Dividends
 
3,200,034
Foreign tax reclaims
+
792,938
Total assets
 
754,157,378
 
Liabilities
Payables:
 
Foreign capital gains tax
 
334,566
Management fees
 
89,213
Variation margin on futures contracts
+
51,820
Total liabilities
 
475,599
Net assets
 
$753,681,779
 
Net Assets by Source
Capital received from investors
 
$775,315,581
Total distributable loss
+
(21,633,802
)
Net assets
 
$753,681,779
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$753,681,779
 
31,800,000
$23.70
 
 
 
 
See financial notes
Schwab International Equity ETFs | Annual Report23

Schwab International Dividend Equity ETF
Statement of Operations
For the period September 1, 2022 through August 31, 2023
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $3,321,237)
 
$29,951,182
Securities on loan, net
+
129,787
Total investment income
 
30,080,969
 
Expenses
Management fees
 
876,334
Proxy fees1
+
3,045
Total expenses
879,379
Net investment income
 
29,201,590
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated (net of foreign capital gains tax paid of $43,644)
 
(30,800,719
)
Net realized gains on sales of in-kind redemptions - unaffiliated
 
7,290,412
Net realized gains on futures contracts
 
268,100
Net realized losses on foreign currency transactions
+
(318,309
)
Net realized losses
 
(23,560,516
)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated (net of change in foreign capital gains tax of ($316,914))
 
65,032,106
Net change in unrealized appreciation (depreciation) on futures contracts
 
(5,983
)
Net change in unrealized appreciation (depreciation) on foreign currency translations
+
75,797
Net change in unrealized appreciation (depreciation)
+
65,101,920
Net realized and unrealized gains
 
41,541,404
Increase in net assets resulting from operations
 
$70,742,994
1
Proxy fees are non-routine expenses (see financial note 2(e) for additional information).
See financial notes
24Schwab International Equity ETFs | Annual Report

Schwab International Dividend Equity ETF
Statement of Changes in Net Assets
For the current and prior report periods
OPERATIONS
 
9/1/22-8/31/23
9/1/21-8/31/22
Net investment income
 
$29,201,590
$15,354,078
Net realized losses
 
(23,560,516
)
(10,069,847
)
Net change in unrealized appreciation (depreciation)
+
65,101,920
(62,483,819
)
Increase (decrease) in net assets resulting from operations
 
$70,742,994
($57,199,588
)
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($22,397,950
)
($6,562,600
)
TRANSACTIONS IN FUND SHARES
 
9/1/22-8/31/23
9/1/21-8/31/22
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
13,800,000
$316,042,310
16,500,000
$405,762,453
Shares redeemed
+
(2,200,000
)
(49,526,960
)
(200,000
)
(4,842,514
)
Net transactions in fund shares
 
11,600,000
$266,515,350
16,300,000
$400,919,939
 
SHARES OUTSTANDING AND NET ASSETS
 
9/1/22-8/31/23
9/1/21-8/31/22
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
20,200,000
$438,821,385
3,900,000
$101,663,634
Total increase
+
11,600,000
314,860,394
16,300,000
337,157,751
End of period
 
31,800,000
$753,681,779
20,200,000
$438,821,385
See financial notes
Schwab International Equity ETFs | Annual Report25

Schwab International Equity ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
9/1/22–
8/31/23
9/1/21–
8/31/22
9/1/20–
8/31/21
9/1/19–
8/31/20
9/1/18–
8/31/19
 
Per-Share Data
Net asset value at beginning of period
$31.32
$40.05
$32.11
$30.82
$33.25
Income (loss) from investment operations:
Net investment income (loss)1
1.06
1.16
0.95
0.77
1.00
Net realized and unrealized gains (losses)
3.92
(8.71
)
7.84
1.49
(2.30
)
Total from investment operations
4.98
(7.55
)
8.79
2.26
(1.30
)
Less distributions:
Distributions from net investment income
(1.02
)
(1.18
)
(0.85
)
(0.97
)
(1.13
)
Net asset value at end of period
$35.28
$31.32
$40.05
$32.11
$30.82
Total return
16.09
%
(19.27
%)
27.62
%
7.37
%
(3.79
%)
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.06
%2
0.06
%2
0.06
%
0.06
%
0.06
%
Net investment income (loss)
3.15
%
3.20
%
2.59
%
2.50
%
3.22
%
Portfolio turnover rate3
6
%
6
%
6
%
6
%
8
%
Net assets, end of period (x 1,000,000)
$31,752
$26,120
$28,338
$19,844
$18,139
1
Calculated based on the average shares outstanding during the period.
2
Ratio includes less than 0.005% of non-routine proxy expenses.
3
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
26Schwab International Equity ETFs | Annual Report

Schwab International Equity ETF
Portfolio Holdings  as of August 31, 2023
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 99.0% OF NET ASSETS
 
Australia 6.7%
Adbri Ltd.
804,334
1,151,248
AGL Energy Ltd.
1,027,479
7,379,804
Allkem Ltd. *
992,522
9,025,008
ALS Ltd.
813,609
6,223,088
Altium Ltd.
200,910
6,299,078
Alumina Ltd. *
4,305,372
3,011,444
Amcor plc
2,502,900
24,477,146
AMP Ltd.
5,203,827
4,263,377
Ampol Ltd.
396,953
9,075,156
Ansell Ltd.
203,944
3,113,227
ANZ Group Holdings Ltd.
5,069,799
83,169,915
APA Group
1,992,135
11,598,953
Aristocrat Leisure Ltd.
1,096,065
29,033,537
ASX Ltd.
326,917
12,193,403
Atlas Arteria Ltd.
2,407,382
9,479,576
Aurizon Holdings Ltd.
2,946,330
6,964,895
Bank of Queensland Ltd.
1,104,892
4,121,759
Beach Energy Ltd.
3,061,679
3,083,404
Bendigo & Adelaide Bank Ltd.
912,959
5,623,052
BHP Group Ltd.
8,464,066
245,856,569
BlueScope Steel Ltd.
769,633
10,472,493
Boral Ltd. *
505,225
1,544,426
Brambles Ltd.
2,353,808
22,820,921
carsales.com Ltd.
600,539
11,178,108
Challenger Ltd.
1,111,821
4,903,682
Charter Hall Group
790,422
5,549,178
Cleanaway Waste Management Ltd.
3,786,312
6,424,776
Cochlear Ltd.
108,935
19,154,093
Coles Group Ltd.
2,171,954
22,886,454
Commonwealth Bank of Australia
2,838,114
187,817,503
Computershare Ltd.
892,454
14,553,984
CSL Ltd.
810,825
143,639,017
CSR Ltd.
782,408
2,989,686
Deterra Royalties Ltd.
717,565
2,068,053
Dexus
1,886,746
9,470,120
Domain Holdings Australia Ltd.
469,641
1,171,027
Domino's Pizza Enterprises Ltd.
128,177
4,486,897
Downer EDI Ltd.
1,102,457
3,055,947
Endeavour Group Ltd.
2,401,660
8,554,892
Evolution Mining Ltd.
2,887,200
6,937,310
Flight Centre Travel Group Ltd. *(a)
251,629
3,441,874
Fortescue Metals Group Ltd.
2,660,744
36,928,834
Goodman Group
3,120,080
47,204,010
Harvey Norman Holdings Ltd. (a)
981,110
2,567,080
IDP Education Ltd.
474,831
7,574,323
IGO Ltd.
1,036,907
9,348,014
Iluka Resources Ltd.
696,319
3,846,782
Incitec Pivot Ltd.
3,227,841
6,125,197
Insignia Financial Ltd.
1,026,677
1,728,811
Insurance Australia Group Ltd.
4,136,226
15,590,770
James Hardie Industries plc *
749,154
22,575,869
JB Hi-Fi Ltd.
176,601
5,223,535
Lendlease Corp., Ltd.
1,162,337
5,879,270
SECURITY
NUMBER
OF SHARES
VALUE ($)
Lynas Rare Earths Ltd. *
1,557,969
7,254,843
Macquarie Group Ltd.
608,249
69,934,824
Magellan Financial Group Ltd.
218,735
1,267,890
Medibank Pvt Ltd.
4,589,036
10,877,845
Metcash Ltd.
1,596,781
3,857,399
Mineral Resources Ltd.
283,488
13,132,978
Mirvac Group
6,770,955
10,612,205
National Australia Bank Ltd.
5,295,931
99,330,176
New Hope Corp., Ltd.
898,093
3,274,689
Newcrest Mining Ltd.
1,508,303
25,427,466
NEXTDC Ltd. *
876,728
7,688,186
Northern Star Resources Ltd.
1,897,413
14,635,716
Nufarm Ltd.
655,351
2,202,833
Orica Ltd.
775,263