(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
7,887,976
Origin Energy Ltd.
2,904,093
16,382,079
Orora Ltd. (b)
1,422,856
3,243,724
Perpetual Ltd.
195,145
2,662,946
Pilbara Minerals Ltd.
4,878,738
14,755,866
Platinum Asset Management Ltd.
946,668
876,747
Pro Medicus Ltd.
69,576
3,303,865
Qantas Airways Ltd. *
1,448,215
5,543,204
QBE Insurance Group Ltd.
2,516,367
24,413,279
Qube Holdings Ltd.
2,800,301
5,567,797
Ramsay Health Care Ltd.
291,726
9,720,774
REA Group Ltd.
83,047
8,878,891
Reece Ltd.
373,691
4,937,227
Region RE Ltd.
2,129,685
2,979,267
Rio Tinto Ltd.
624,317
45,649,858
Santos Ltd.
4,986,724
24,771,427
Scentre Group
8,801,201
15,675,268
SEEK Ltd.
580,428
8,687,376
Seven Group Holdings Ltd.
226,951
4,109,695
Sims Ltd.
270,750
2,689,888
Sonic Healthcare Ltd.
747,064
15,560,164
South32 Ltd.
7,619,773
16,778,815
Steadfast Group Ltd.
1,706,513
6,233,458
Stockland
4,084,449
11,216,043
Suncorp Group Ltd.
2,121,094
18,723,891
Tabcorp Holdings Ltd.
3,755,125
2,663,047
Telstra Group Ltd.
6,755,200
17,543,769
The GPT Group
3,136,099
8,530,596
The Lottery Corp., Ltd.
3,715,285
12,127,269
The Star Entertainment Grp Ltd. *
2,334,541
1,511,965
TPG Telecom Ltd.
605,624
2,208,268
Transurban Group
5,155,054
44,270,770
Treasury Wine Estates Ltd.
1,228,313
9,283,681
Vicinity Ltd.
6,350,784
7,691,469
Washington H Soul Pattinson & Co.,
Ltd.
454,483
9,716,358
Wesfarmers Ltd.
1,915,314
66,823,203
Westpac Banking Corp.
5,847,431
83,126,589
Whitehaven Coal Ltd.
1,257,836
4,961,142
WiseTech Global Ltd.
273,233
12,298,674
Woodside Energy Group Ltd.
3,194,174
76,583,518
Woolworths Group Ltd.
2,040,539
50,390,890
Worley Ltd.
633,362
7,166,139
Xero Ltd. *
211,877
17,166,488
See financial notes
Schwab International Equity ETFs | Annual Report27

Schwab International Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Yancoal Australia Ltd. (a)
272,236
932,699
 
2,128,599,684
 
Austria 0.2%
ANDRITZ AG
117,578
6,263,258
Erste Group Bank AG
564,098
20,185,672
OMV AG
241,764
11,222,784
Raiffeisen Bank International AG *
252,786
3,635,286
Telekom Austria AG *
288,091
2,163,742
Verbund AG
110,087
9,032,907
Voestalpine AG
196,308
5,748,435
 
58,252,084
 
Belgium 0.8%
Ackermans & van Haaren N.V.
37,035
5,836,449
Ageas S.A./N.V.
272,097
10,832,352
Anheuser-Busch InBev S.A./N.V.
1,449,437
82,590,168
Argenx SE *
96,887
48,876,639
D'ieteren Group
37,953
6,211,796
Elia Group S.A./N.V.
64,672
7,475,420
Groupe Bruxelles Lambert N.V.
163,661
13,208,524
KBC Group N.V.
409,974
26,947,091
Lotus Bakeries N.V.
665
5,247,177
Proximus SADP
243,626
1,845,119
Sofina S.A.
26,259
5,916,641
Solvay S.A.
117,543
13,637,796
UCB S.A.
203,701
18,305,989
Umicore S.A.
346,355
9,198,672
Warehouses De Pauw CVA
268,271
7,686,831
 
263,816,664
 
Canada 8.3%
Agnico Eagle Mines Ltd.
774,544
37,560,761
Alimentation Couche-Tard, Inc.
1,259,266
65,767,202
Bank of Montreal
1,191,693
102,499,955
Barrick Gold Corp.
2,941,078
47,606,791
BCE, Inc.
504,142
21,329,013
Brookfield Asset Management Ltd.,
Class A
457,726
15,796,021
Brookfield Corp.
2,517,016
85,801,233
Canadian Imperial Bank of Commerce
1,502,317
59,450,868
Canadian National Railway Co.
1,001,706
112,686,835
Canadian Natural Resources Ltd.
1,821,184
117,674,641
Canadian Pacific Kansas City Ltd.
1,565,688
124,125,574
Canadian Tire Corp., Ltd., Class A
86,693
10,271,546
Cenovus Energy, Inc.
2,325,632
46,308,087
CGI, Inc. *
354,300
36,897,794
Constellation Software, Inc.
31,758
65,148,792
Dollarama, Inc.
452,783
29,319,870
Enbridge, Inc.
3,414,258
119,717,949
Fairfax Financial Holdings Ltd.
38,438
31,656,979
Fortis, Inc.
827,536
32,411,495
Franco-Nevada Corp.
319,130
45,915,848
George Weston Ltd.
114,681
12,701,835
Great-West Lifeco, Inc.
450,692
12,934,972
Hydro One Ltd.
522,878
13,572,915
IGM Financial, Inc.
137,127
3,904,159
Imperial Oil Ltd.
298,278
16,916,273
Intact Financial Corp.
298,890
42,084,737
Loblaw Cos., Ltd.
258,822
22,445,460
Magna International, Inc.
442,666
26,004,726
Manulife Financial Corp.
3,122,727
57,656,026
Metro, Inc.
395,451
20,354,934
National Bank of Canada
562,357
39,141,993
Nutrien Ltd.
838,236
53,028,286
SECURITY
NUMBER
OF SHARES
VALUE ($)
Pembina Pipeline Corp.
916,177
28,441,135
Power Corp. of Canada
906,162
24,714,422
Restaurant Brands International, Inc.
516,194
35,806,798
Royal Bank of Canada
2,334,294
210,042,464
Saputo, Inc.
408,671
8,823,149
Shopify, Inc., Class A *
1,911,831
127,022,055
Sun Life Financial, Inc.
985,842
48,026,051
Suncor Energy, Inc.
2,216,400
74,980,323
TC Energy Corp.
1,726,789
62,284,122
Teck Resources Ltd., Class B
760,193
31,397,749
TELUS Corp.
799,296
14,019,213
The Bank of Nova Scotia
2,004,284
94,988,499
The Toronto-Dominion Bank
3,061,326
186,492,102
Thomson Reuters Corp.
262,116
33,708,240
Tourmaline Oil Corp.
482,259
24,698,419
Waste Connections, Inc.
430,321
58,917,670
Wheaton Precious Metals Corp.
760,753
33,141,492
 
2,626,197,473
 
China 0.0%
Want Want China Holdings Ltd.
7,436,366
4,921,700
 
Denmark 2.6%
AP Moller - Maersk A/S, Class A
4,345
7,795,368
AP Moller - Maersk A/S, Class B
8,049
14,657,562
Carlsberg A/S, Class B
155,089
22,494,505
Chr. Hansen Holding A/S
171,550
11,226,901
Coloplast A/S, Class B
187,462
21,435,304
Danske Bank A/S
1,128,871
25,423,208
Demant A/S *
163,699
6,715,355
DSV A/S
297,764
56,695,684
Genmab A/S *
110,990
42,670,123
H. Lundbeck A/S
509,210
2,592,415
Novo Nordisk A/S, Class B
2,632,287
488,358,534
Novozymes A/S, Class B
331,448
14,407,740
Orsted A/S
313,822
20,222,404
Pandora A/S
140,207
14,574,121
Rockwool A/S, Class B
14,528
3,720,354
Royal Unibrew A/S
81,744
7,180,478
Tryg A/S
573,322
10,958,069
Vestas Wind Systems A/S *
1,684,710
39,003,516
 
810,131,641
 
Finland 1.0%
Elisa Oyj
238,706
11,728,529
Fortum Oyj
735,147
9,893,856
Huhtamaki Oyj
154,914
5,331,588
Kesko Oyj, B Shares
444,847
8,700,319
Kojamo Oyj
345,270
3,447,596
Kone Oyj, B Shares
546,669
24,919,736
Metso Oyj
1,073,179
12,375,730
Neste Oyj
711,453
26,084,083
Nokia Oyj
8,818,405
35,288,474
Nordea Bank Abp
5,783,663
63,513,692
Orion Oyj, B Shares
175,008
7,178,017
Sampo Oyj, A Shares
799,400
35,164,986
Stora Enso Oyj, R Shares
984,435
12,559,703
UPM-Kymmene Oyj
898,490
30,835,061
Valmet Oyj
272,551
6,951,609
Wartsila Oyj Abp
806,488
10,263,145
 
304,236,124
 
See financial notes
28Schwab International Equity ETFs | Annual Report

Schwab International Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
France 9.8%
Accor S.A.
311,876
11,200,784
Aeroports de Paris
54,138
7,145,053
Air Liquide S.A.
865,140
156,678,114
Airbus SE
981,961
144,284,093
ALD S.A.
237,382
2,302,036
Alstom S.A.
530,726
14,694,355
Amundi S.A.
94,245
5,630,998
Arkema S.A.
93,958
9,855,085
AXA S.A.
2,980,435
89,846,968
BioMerieux
72,678
7,541,028
BNP Paribas S.A.
1,847,331
119,718,562
Bollore SE
1,669,167
9,900,558
Bouygues S.A.
345,593
11,965,348
Bureau Veritas S.A.
473,149
12,704,785
Capgemini SE
272,975
51,062,711
Carrefour S.A.
993,977
19,062,620
Cie de L'Odet SE
596
931,491
Cie de Saint-Gobain S.A.
780,412
50,956,720
Cie Generale des Etablissements
Michelin S.C.A.
1,172,209
36,780,942
Covivio S.A.
81,436
3,982,698
Credit Agricole S.A.
1,834,054
23,202,317
Danone S.A.
1,056,127
61,703,561
Dassault Aviation S.A.
39,497
7,784,839
Dassault Systemes SE
1,136,043
45,140,275
Edenred
443,405
28,316,720
Eiffage S.A.
123,104
12,201,347
Engie S.A.
2,782,815
44,972,677
EssilorLuxottica S.A.
503,255
94,985,515
Eurazeo SE
82,882
4,898,102
Eurofins Scientific SE
203,986
12,584,157
Euronext N.V.
135,938
9,833,559
Gecina S.A.
85,264
9,147,703
Getlink SE
597,443
10,021,557
Hermes International SCA
57,564
118,756,418
ICADE
54,603
2,064,735
Ipsen S.A.
56,905
7,399,067
JCDecaux SE *
127,651
2,374,678
Kering S.A.
120,175
64,459,447
Klepierre S.A.
350,002
9,268,940
La Francaise des Jeux SAEM
170,196
6,169,721
Legrand S.A.
446,043
44,102,662
L'Oreal S.A.
389,090
171,368,824
LVMH Moet Hennessy Louis Vuitton
SE
415,584
352,814,426
Neoen S.A.
111,549
3,358,473
Orange S.A.
3,223,566
36,239,498
Pernod-Ricard S.A.
343,271
67,509,519
Publicis Groupe S.A.
386,152
30,201,064
Remy Cointreau S.A. *
41,454
6,431,619
Renault S.A.
325,059
13,171,889
Rexel S.A.
397,014
9,350,509
Safran S.A.
580,664
93,462,148
Sanofi
1,830,944
196,018,846
Sartorius Stedim Biotech
40,886
11,630,847
Schneider Electric SE
897,821
154,528,246
SCOR SE
257,546
8,033,620
SEB S.A.
39,061
4,303,077
Societe Generale S.A.
1,201,307
34,180,119
Sodexo S.A.
147,849
15,889,529
SOITEC *
40,622
7,448,849
STMicroelectronics N.V.
1,092,300
51,766,059
Teleperformance SE
96,579
13,401,492
Thales S.A.
167,743
24,541,664
TotalEnergies SE
3,805,753
239,862,374
UbiSoft Entertainment S.A. *
159,072
4,827,259
SECURITY
NUMBER
OF SHARES
VALUE ($)
Unibail-Rodamco-Westfield *
169,258
9,073,147
Valeo SE
355,508
6,945,309
Veolia Environnement S.A.
1,067,189
33,427,767
Vinci S.A.
822,504
91,912,855
Vivendi SE
1,177,269
10,745,866
Wendel SE
46,857
4,294,809
Worldline S.A. *
407,752
13,312,010
 
3,105,684,659
 
Germany 6.7%
adidas AG
279,543
55,953,382
Allianz SE
667,025
162,419,395
BASF SE
1,490,101
75,672,565
Bayer AG
1,659,679
91,039,327
Bayerische Motoren Werke AG
529,388
55,831,076
Bechtle AG
133,296
6,501,595
Beiersdorf AG
166,607
21,843,885
Brenntag SE
256,609
20,815,875
Carl Zeiss Meditec AG, Bearer Shares
63,112
6,282,691
Coloplast A/S *
7,407
846,952
Commerzbank AG
1,758,497
19,372,130
Continental AG
183,396
13,658,729
Covestro AG *
304,727
16,229,185
CTS Eventim AG & Co., KGaA
100,488
6,271,216
Daimler Truck Holding AG
813,166
28,674,683
Delivery Hero SE *
317,762
11,631,176
Deutsche Bank AG
3,376,115
36,833,197
Deutsche Boerse AG
307,957
54,765,396
Deutsche Lufthansa AG *
1,014,116
9,077,230
Deutsche Telekom AG
5,704,992
122,240,718
Deutsche Wohnen SE
82,721
1,899,771
DHL Group
1,593,874
74,533,203
DWS Group GmbH & Co. KGaA
56,808
1,960,678
E.ON SE
3,726,319
46,024,809
Evonik Industries AG
340,168
6,536,708
Fielmann Group AG
40,115
1,886,101
Fraport AG Frankfurt Airport Services
Worldwide *
58,372
3,171,503
Fresenius Medical Care AG & Co.
KGaA
341,135
16,494,672
Fresenius SE & Co. KGaA
688,347
22,121,549
FUCHS SE
47,995
1,578,368
GEA Group AG
269,660
10,653,385
Hannover Rueck SE
99,834
21,264,631
Heidelberg Materials AG
236,502
19,066,739
Hella GmbH & Co. KGaA
36,200
2,585,260
HelloFresh SE *
288,688
9,343,424
Henkel AG & Co. KGaA
172,371
11,932,142
HOCHTIEF AG
36,312
3,887,917
Infineon Technologies AG
2,186,081
78,333,450
KION Group AG
131,569
5,269,260
Knorr-Bremse AG
108,225
7,411,851
LANXESS AG
148,487
4,702,658
LEG Immobilien SE *
124,896
9,028,019
Mercedes-Benz Group AG
1,451,158
106,376,442
Merck KGaA
216,403
38,988,908
METRO AG *
219,487
1,750,918
MTU Aero Engines AG
90,204
21,127,443
Muenchener
Rueckversicherungs-Gesellschaft
AG in Muenchen
230,697
89,688,597
Nemetschek SE
97,404
6,738,427
Puma SE
171,334
11,529,353
QIAGEN N.V. *
371,426
17,007,933
Rational AG
8,002
6,109,875
Rheinmetall AG
72,394
19,745,347
RTL Group S.A. *
66,231
2,451,238
See financial notes
Schwab International Equity ETFs | Annual Report29

Schwab International Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
RWE AG
1,192,548
49,262,263
SAP SE
1,845,207
257,987,160
Sartorius AG
4,698
1,532,241
Scout24 SE
125,546
8,668,945
Siemens AG
1,175,333
177,161,905
Siemens Energy AG *
801,912
11,453,871
Siemens Healthineers AG
462,689
23,225,796
Sixt SE
27,006
2,887,129
SUSE S.A. *
59,030
996,260
Symrise AG, Class A
218,862
22,842,021
Talanx AG
91,461
6,159,528
Telefonica Deutschland Holding AG
1,531,713
2,915,927
ThyssenKrupp AG
819,223
6,316,475
Traton SE
78,410
1,616,092
United Internet AG
119,753
2,307,037
Volkswagen AG
53,175
7,612,407
Vonovia SE
1,131,034
27,141,516
Wacker Chemie AG
26,275
3,881,241
Zalando SE *
370,493
11,552,749
 
2,122,681,545
 
Hong Kong 2.2%
AAC Technologies Holdings, Inc.
1,144,894
2,219,197
AIA Group Ltd.
19,609,381
178,045,453
ASMPT Ltd.
522,377
5,232,596
BOC Aviation Ltd.
340,798
2,557,588
BOC Hong Kong Holdings Ltd.
6,089,326
16,928,276
Brightoil Petroleum Holdings Ltd. *(b)
2,936,732
0
Budweiser Brewing Co. APAC Ltd.
2,769,076
6,003,034
Cafe de Coral Holdings Ltd.
543,540
658,479
Cathay Pacific Airways Ltd. *(a)
1,682,338
1,793,521
Champion REIT
3,286,025
1,055,987
China Travel International Investment
Hong Kong Ltd. *
3,809,557
723,849
Chow Tai Fook Jewellery Group Ltd.
2,994,759
4,544,602
CK Asset Holdings Ltd.
3,239,618
17,888,285
CK Hutchison Holdings Ltd.
4,450,563
24,262,641
CK Infrastructure Holdings Ltd.
1,010,772
5,117,180
CLP Holdings Ltd.
2,749,806
21,565,731
Dah Sing Banking Group Ltd.
568,316
389,181
Dah Sing Financial Holdings Ltd.
193,972
426,445
DFI Retail Group Holdings Ltd.
551,262
1,361,617
ESR Group Ltd.
4,797,021
7,206,160
First Pacific Co., Ltd.
3,324,495
1,415,987
FIT Hon Teng Ltd. *
1,920,167
257,108
Galaxy Entertainment Group Ltd. *
3,619,189
23,953,315
Guotai Junan International Holdings
Ltd.
5,308,748
440,040
Haitong International Securities Group
Ltd. *
7,560,744
607,424
Hang Lung Group Ltd.
1,488,184
2,053,387
Hang Lung Properties Ltd.
2,971,168
3,970,777
Hang Seng Bank Ltd.
1,202,829
15,338,783
Henderson Land Development Co.,
Ltd.
2,216,012
6,089,847
Hong Kong & China Gas Co., Ltd.
18,446,237
13,572,836
Hong Kong Exchanges & Clearing Ltd.
2,125,749
82,408,607
Hongkong Land Holdings Ltd.
1,856,795
6,591,622
Huabao International Holdings Ltd. (a)
1,548,911
558,985
Hutchison Telecommunications Hong
Kong Holdings Ltd.
2,600,016
364,717
HUTCHMED China Ltd. *
1,016,454
3,123,862
Hysan Development Co., Ltd.
1,093,540
2,278,630
Jardine Matheson Holdings Ltd.
329,652
15,678,249
Johnson Electric Holdings Ltd.
586,335
786,590
JS Global Lifestyle Co., Ltd. *
2,074,576
296,302
SECURITY
NUMBER
OF SHARES
VALUE ($)
Kerry Logistics Network Ltd.
510,544
479,830
Kerry Properties Ltd.
1,017,150
1,880,789
Lenovo Group Ltd.
12,510,014
14,150,390
Link REIT
4,258,644
21,125,546
L'Occitane International S.A.
731,693
2,593,945
Man Wah Holdings Ltd.
2,570,044
1,868,110
Melco International Development
Ltd. *
1,175,718
1,061,508
MGM China Holdings Ltd. *
1,235,083
1,549,809
MMG Ltd. *
4,035,360
1,343,104
MTR Corp., Ltd.
2,540,982
10,612,065
NagaCorp Ltd. *
2,557,512
1,304,562
New World Development Co., Ltd.
2,407,839
5,115,516
Nexteer Automotive Group Ltd.
1,434,011
923,487
NWS Holdings Ltd.
2,309,402
2,629,893
Orient Overseas International Ltd.
221,696
2,974,134
PCCW Ltd.
7,243,449
3,445,413
Power Assets Holdings Ltd.
2,306,252
11,366,932
Prada S.p.A.
868,898
5,678,710
Samsonite International S.A. *
2,153,429
7,208,533
Sands China Ltd. *
4,055,063
13,729,324
Shangri-La Asia Ltd. *
1,876,239
1,282,449
Sino Land Co., Ltd.
5,546,097
6,358,200
SITC International Holdings Co., Ltd.
2,370,660
4,419,811
SJM Holdings Ltd. *
3,949,855
1,591,678
Sun Hung Kai Properties Ltd.
2,376,037
26,754,751
Super Hi International Holding Ltd. *
246,373
428,543
Swire Pacific Ltd., A Shares
735,988
6,072,423
Swire Pacific Ltd., B Shares
1,368,127
1,803,989
Swire Properties Ltd.
1,669,658
3,491,872
Techtronic Industries Co., Ltd.
2,200,782
21,750,324
The Bank of East Asia Ltd.
1,686,057
2,403,815
The Wharf Holdings Ltd.
1,598,742
3,388,414
United Energy Group Ltd.
12,867,066
1,706,475
Vitasoy International Holdings Ltd.
1,363,788
1,756,529
VTech Holdings Ltd.
290,193
1,772,595
WH Group Ltd.
13,203,252
6,802,198
Wharf Real Estate Investment Co.,
Ltd.
2,554,318
10,651,474
Wynn Macau Ltd. *
2,949,432
2,877,311
Xinyi Glass Holdings Ltd.
3,499,181
5,167,280
Yue Yuen Industrial Holdings Ltd.
1,287,520
1,615,608
 
700,904,229
 
Ireland 0.2%
AIB Group plc
2,129,725
9,712,908
Bank of Ireland Group plc
1,814,728
18,116,515
Glanbia plc
310,945
5,177,006
Kerry Group plc, Class A
256,665
23,996,131
Kingspan Group plc
250,639
21,240,178
 
78,242,738
 
Israel 0.5%
Airport City Ltd. *
128,392
1,972,375
Alony Hetz Properties & Investments
Ltd.
253,930
1,935,411
Amot Investments Ltd.
366,734
1,737,939
Ashtrom Group Ltd.
70,057
962,793
Azrieli Group Ltd.
60,700
3,263,286
Bank Hapoalim B.M.
2,269,738
18,847,257
Bank Leumi Le-Israel B.M.
2,596,407
20,213,189
Bezeq The Israeli Telecommunication
Corp., Ltd.
3,280,113
4,445,679
Big Shopping Centers Ltd. *
21,386
1,790,472
Delek Group Ltd.
12,923
1,859,023
Elbit Systems Ltd.
40,296
7,938,682
See financial notes
30Schwab International Equity ETFs | Annual Report

Schwab International Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Elco Ltd.
10,779
348,488
Electra Ltd.
2,984
1,157,917
Energix-Renewable Energies Ltd.
447,927
1,397,450
Enlight Renewable Energy Ltd. *
196,916
3,210,134
Fattal Holdings 1998 Ltd. *
11,957
1,174,199
Gav-Yam Lands Corp., Ltd.
77,469
498,062
Harel Insurance Investments &
Financial Services Ltd.
207,401
1,513,067
ICL Group Ltd.
1,279,251
7,678,941
Israel Corp., Ltd.
5,624
1,566,541
Israel Discount Bank Ltd., A Shares
2,124,032
10,652,871
Kenon Holdings Ltd.
36,902
878,758
Melisron Ltd.
34,705
2,179,170
Mivne Real Estate KD Ltd.
961,734
2,307,929
Mizrahi Tefahot Bank Ltd.
235,102
7,749,459
Nice Ltd. *
106,988
21,181,838
Nova Ltd. *
46,996
6,092,418
OPC Energy Ltd. *
141,926
878,093
Shapir Engineering and Industry Ltd.
264,144
1,816,455
Shikun & Binui Ltd. *
418,811
1,049,922
Shufersal Ltd. *
437,839
2,041,473
Strauss Group Ltd. *
74,985
1,630,272
Teva Pharmaceutical Industries Ltd. *
1,887,918
18,390,587
The First International Bank of Israel
Ltd.
81,601
3,306,320
The Phoenix Holdings Ltd.
273,829
2,747,446
Tower Semiconductor Ltd. *
187,453
5,482,987
 
171,896,903
 
Italy 2.3%
A2A S.p.A.
2,405,252
4,619,350
Amplifon S.p.A.
216,425
7,056,300
Assicurazioni Generali S.p.A.
2,262,086
46,967,104
Banca Mediolanum S.p.A.
370,424
3,393,214
Banco BPM S.p.A.
2,288,027
10,966,295
Buzzi S.p.A
141,730
4,248,691
CNH Industrial N.V.
1,637,147
22,708,489
Davide Campari-Milano N.V.
847,932
11,108,054
De'Longhi S.p.A.
113,088
2,997,312
DiaSorin S.p.A.
37,808
4,003,365
Enel S.p.A.
13,108,337
88,350,478
Eni S.p.A.
3,686,628
57,154,294
Ferrari N.V.
198,619
63,162,326
FinecoBank Banca Fineco S.p.A.
1,041,347
14,308,657
Hera S.p.A.
1,336,634
4,056,200
Infrastrutture Wireless Italiane S.p.A.
599,359
7,425,619
Interpump Group S.p.A.
132,304
6,713,118
Intesa Sanpaolo S.p.A.
25,878,657
69,432,037
Italgas S.p.A.
825,925
4,706,192
Leonardo S.p.A.
667,879
9,651,808
Mediobanca Banca di Credito
Finanziario S.p.A.
1,064,280
13,942,250
Moncler S.p.A.
343,964
23,384,842
Nexi S.p.A. *
938,321
6,754,072
Pirelli & C S.p.A.
842,586
4,213,104
Poste Italiane S.p.A.
786,775
8,757,011
Prysmian S.p.A.
444,887
18,247,203
Recordati Industria Chimica e
Farmaceutica S.p.A.
163,629
8,236,842
Reply S.p.A.
37,285
3,822,133
Snam S.p.A.
3,681,088
19,033,456
Stellantis N.V.
3,339,139
62,248,119
Telecom Italia S.p.A. *
17,688,417
5,500,261
Tenaris S.A.
779,337
12,484,793
Terna - Rete Elettrica Nazionale
2,384,769
19,722,910
UniCredit S.p.A.
3,126,439
76,569,357
SECURITY
NUMBER
OF SHARES
VALUE ($)
UnipolSai Assicurazioni S.p.A.
720,528
1,825,246
 
727,770,502
 
Japan 21.5%
ABC-Mart, Inc.
129,129
2,350,904
Acom Co., Ltd.
654,254
1,553,564
Activia Properties, Inc.
1,128
3,161,205
Advance Residence Investment Corp.
2,061
4,961,916
Advantest Corp.
308,563
38,807,491
Aeon Co., Ltd.
1,208,030
25,050,950
AEON Financial Service Co., Ltd.
183,808
1,604,698
Aeon Mall Co., Ltd.
192,976
2,314,360
AEON REIT Investment Corp.
2,770
2,802,631
AGC, Inc.
309,697
10,876,675
Aica Kogyo Co., Ltd.
90,387
2,145,050
Ain Holdings, Inc.
45,192
1,615,098
Air Water, Inc.
325,250
4,095,087
Aisin Corp.
290,303
9,705,016
Ajinomoto Co., Inc.
784,934
33,282,258
Alfresa Holdings Corp.
281,877
4,828,803
Alps Alpine Co., Ltd.
321,470
2,688,393
Amada Co., Ltd.
534,863
5,672,483
Amano Corp.
118,995
2,596,745
Amvis Holdings, Inc.
41,128
822,362
ANA Holdings, Inc. *
258,901
5,850,770
Anritsu Corp.
191,990
1,409,083
Aozora Bank Ltd. (a)
199,904
3,929,837
Ariake Japan Co., Ltd.
31,458
1,147,385
As One Corp.
39,480
1,551,431
Asahi Group Holdings Ltd.
808,458
31,519,783
Asahi Intecc Co., Ltd.
329,605
6,717,299
Asahi Kasei Corp.
2,071,017
13,397,560
Asics Corp.
279,760
10,205,759
ASKUL Corp.
78,072
1,054,295
Astellas Pharma, Inc.
3,006,538
45,732,585
Azbil Corp.
213,312
7,120,901
AZ-Com Maruwa Holdings, Inc.
65,707
1,024,972
Bandai Namco Holdings, Inc.
980,571
22,779,071
BayCurrent Consulting, Inc.
227,605
7,837,235
Benefit One, Inc.
99,683
865,127
Benesse Holdings, Inc.
127,724
1,626,982
Bic Camera, Inc. (a)
256,697
1,907,794
BIPROGY, Inc.
105,180
2,724,414
Bridgestone Corp.
940,851
36,584,521
Brother Industries Ltd.
397,828
6,745,464
Calbee, Inc.
126,176
2,518,147
Canon Marketing Japan, Inc.
80,447
2,114,714
Canon, Inc.
1,637,325
40,352,523
Capcom Co., Ltd.
300,951
12,698,712
Casio Computer Co., Ltd.
363,760
3,226,954
Central Japan Railway Co.
308,228
39,569,882
Chubu Electric Power Co., Inc.
1,164,458
15,557,034
Chugai Pharmaceutical Co., Ltd.
1,087,733
33,300,312
Chugin Financial Group, Inc.
287,744
1,912,825
Coca-Cola Bottlers Japan Holdings,
Inc.
244,960
3,194,399
COMSYS Holdings Corp.
183,086
3,902,297
Concordia Financial Group Ltd.
1,837,838
8,160,034
Cosmo Energy Holdings Co., Ltd.
138,372
4,980,385
Cosmos Pharmaceutical Corp.
28,343
3,332,008
Credit Saison Co., Ltd.
265,384
4,153,432
CyberAgent, Inc.
675,544
4,306,109
Dai Nippon Printing Co., Ltd.
434,535
11,888,264
Daicel Corp.
434,674
3,633,604
Daido Steel Co., Ltd.
51,306
2,125,048
Daifuku Co., Ltd.
478,439
8,851,705
Dai-ichi Life Holdings, Inc.
1,570,914
29,258,051
See financial notes
Schwab International Equity ETFs | Annual Report31

Schwab International Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Daiichi Sankyo Co., Ltd.
3,171,594
93,654,447
Daiichikosho Co., Ltd.
130,746
2,528,974
Daikin Industries Ltd.
448,583
77,724,396
Daio Paper Corp.
141,675
1,208,157
Daito Trust Construction Co., Ltd.
107,813
11,896,939
Daiwa House Industry Co., Ltd.
1,077,926
29,971,800
Daiwa House REIT Investment Corp.
3,431
6,509,202
Daiwa Office Investment Corp.
401
1,884,013
Daiwa Securities Group, Inc.
2,364,612
13,464,734
Daiwa Securities Living Investments
Corp.
3,586
2,746,430
Dena Co., Ltd.
158,927
1,648,383
Denka Co., Ltd.
139,027
2,623,737
Denso Corp.
735,943
50,343,486
Dentsu Group, Inc.
344,783
10,313,768
Descente Ltd.
67,039
1,706,079
DIC Corp.
144,165
2,487,003
Disco Corp.
140,199
27,681,562
DMG Mori Co., Ltd.
172,164
3,146,219
Dowa Holdings Co., Ltd.
78,026
2,509,309
East Japan Railway Co.
603,464
34,122,442
Ebara Corp.
151,147
7,536,326
Eisai Co., Ltd.
442,390
28,132,339
Electric Power Development Co., Ltd.
285,394
4,453,860
ENEOS Holdings, Inc.
4,734,448
17,765,765
Exeo Group, Inc.
152,416
3,244,408
Ezaki Glico Co., Ltd.
84,165
2,221,121
Fancl Corp.
112,824
1,978,111
FANUC Corp.
1,598,868
45,609,773
Fast Retailing Co., Ltd.
260,909
60,000,916
Food & Life Cos., Ltd.
172,366
3,277,778
FP Corp.
75,112
1,444,610
Frontier Real Estate Investment Corp.
820
2,650,067
Fuji Electric Co., Ltd.
209,915
9,912,873
Fuji Kyuko Co., Ltd.
32,887
1,199,505
Fuji Media Holdings, Inc.
91,785
959,239
Fuji Oil Holdings, Inc.
86,161
1,384,873
FUJIFILM Holdings Corp.
602,258
35,634,512
Fujikura Ltd.
437,136
3,624,159
Fujitsu General Ltd.
95,180
1,837,765
Fujitsu Ltd.
297,672
37,223,057
Fukuoka Financial Group, Inc.
277,175
6,562,642
Furukawa Electric Co., Ltd.
108,973
1,875,038
Fuyo General Lease Co., Ltd.
31,698
2,623,628
GLP J-REIT
7,411
6,989,252
GMO internet group, Inc.
93,990
1,522,007
GMO Payment Gateway, Inc.
66,175
4,194,545
Goldwin, Inc.
58,471
4,182,955
GS Yuasa Corp.
130,054
2,470,030
GungHo Online Entertainment, Inc.
58,374
962,107
H.U. Group Holdings, Inc.
91,380
1,655,805
Hakuhodo DY Holdings, Inc.
382,770
3,637,478
Hamamatsu Photonics K.K.
211,896
9,818,665
Hankyu Hanshin Holdings, Inc.
357,506
12,843,057
Harmonic Drive Systems, Inc.
79,756
2,100,933
Haseko Corp.
436,196
5,420,054
Heiwa Corp.
99,919
1,525,706
Hikari Tsushin, Inc.
37,343
6,222,765
Hino Motors Ltd. *
450,515
1,767,278
Hirogin Holdings, Inc.
487,373
3,047,399
Hirose Electric Co., Ltd.
52,013
6,307,583
Hisamitsu Pharmaceutical Co., Inc.
120,900
4,104,048
Hitachi Construction Machinery Co.,
Ltd.
174,527
5,443,742
Hitachi Ltd.
1,503,798
100,132,691
Honda Motor Co., Ltd.
2,776,153
89,681,269
Horiba Ltd.
68,526
3,568,803
Hoshizaki Corp.
187,470
7,203,401
SECURITY
NUMBER
OF SHARES
VALUE ($)
House Foods Group, Inc.
122,029
2,636,132
Hoya Corp.
572,671
63,547,069
Hulic Co., Ltd.
679,889
6,108,423
Ibiden Co., Ltd.
184,694
11,153,825
Idemitsu Kosan Co., Ltd.
394,479
8,386,252
IHI Corp.
212,042
5,288,488
Iida Group Holdings Co., Ltd.
234,801
3,850,585
Industrial & Infrastructure Fund
Investment Corp.
3,358
3,367,572
Information Services
International-Dentsu Ltd.
34,187
1,369,030
INFRONEER Holdings, Inc.
364,646
3,812,146
Inpex Corp.
1,574,130
22,003,328
Internet Initiative Japan, Inc.
185,680
3,231,879
Invincible Investment Corp.
8,071
3,354,023
Isetan Mitsukoshi Holdings Ltd.
577,933
6,633,417
Isuzu Motors Ltd.
857,463
11,013,881
Ito En Ltd.
94,412
2,794,390
ITOCHU Corp.
2,223,706
83,580,858
Itochu Techno-Solutions Corp.
165,903
4,928,602
Itoham Yonekyu Holdings, Inc.
174,855
972,851
Iwatani Corp.
84,945
4,478,160
Iyogin Holdings, Inc.
436,588
3,034,839
Izumi Co., Ltd.
67,718
1,767,547
J. Front Retailing Co., Ltd.
426,802
4,500,059
Japan Airlines Co., Ltd.
239,488
4,936,659
Japan Airport Terminal Co., Ltd.
86,283
4,093,531
Japan Aviation Electronics Industry
Ltd.
66,553
1,403,426
Japan Exchange Group, Inc.
888,548
15,520,676
Japan Hotel REIT Investment Corp.
7,244
3,672,131
Japan Logistics Fund, Inc.
1,462
3,062,884
Japan Metropolitan Fund Invest
11,357
7,629,320
Japan Post Bank Co., Ltd.
2,476,633
19,878,048
Japan Post Holdings Co., Ltd.
3,486,713
26,751,784
Japan Post Insurance Co., Ltd.
325,586
5,249,944
Japan Prime Realty Investment Corp.
1,476
3,741,072
Japan Real Estate Investment Corp.
2,160
8,976,199
Japan Tobacco, Inc.
1,992,497
43,672,480
JCR Pharmaceuticals Co., Ltd.
92,632
811,886
JEOL Ltd.
68,768
2,196,457
JFE Holdings, Inc.
860,458
13,614,486
JGC Holdings Corp.
348,672
4,663,011
JMDC, Inc.
54,094
1,620,015
JSR Corp.
308,255
8,617,631
JTEKT Corp.
387,890
3,515,615
Justsystems Corp.
58,490
1,212,105
Kadokawa Corp.
159,223
3,748,032
Kagome Co., Ltd.
130,840
3,053,847
Kajima Corp.
733,320
12,257,679
Kakaku.com, Inc.
218,653
2,605,783
Kaken Pharmaceutical Co., Ltd.
56,536
1,390,245
Kamigumi Co., Ltd.
146,914
3,311,960
Kandenko Co., Ltd.
162,920
1,493,960
Kaneka Corp.
96,639
2,716,924
Kansai Paint Co., Ltd.
321,573
5,276,903
Kao Corp.
757,596
29,344,258
Katitas Co., Ltd.
76,676
1,224,520
Kawasaki Heavy Industries Ltd.
248,987
6,394,631
Kawasaki Kisen Kaisha Ltd.
372,498
12,501,461
KDDI Corp.
2,670,559
79,336,248
Keihan Holdings Co., Ltd.
164,925
4,710,363
Keikyu Corp.
426,898
3,939,537
Keio Corp.
191,311
6,622,986
Keisei Electric Railway Co., Ltd.
231,800
8,881,275
Kenedix Office Investment Corp.
1,244
2,939,424
Kewpie Corp.
175,067
2,917,884
Keyence Corp.
327,948
136,328,694
See financial notes
32Schwab International Equity ETFs | Annual Report

Schwab International Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Kikkoman Corp.
303,733
17,579,107
Kinden Corp.
193,284
2,657,929
Kintetsu Group Holdings Co., Ltd.
298,740
9,457,655
Kirin Holdings Co., Ltd.
1,237,686
17,394,000
Kobayashi Pharmaceutical Co., Ltd.
102,930
5,091,884
Kobe Bussan Co., Ltd.
240,838
5,995,102
Kobe Steel Ltd.
588,853
7,401,868
Koei Tecmo Holdings Co., Ltd.
247,779
3,850,671
Koito Manufacturing Co., Ltd.
381,722
6,490,729
Kokuyo Co., Ltd.
120,961
1,881,902
Komatsu Ltd.
1,541,813
43,950,434
Konami Group Corp.
156,510
9,090,556
Konica Minolta, Inc.
787,211
2,435,955
Kose Corp.
47,735
3,964,118
Kotobuki Spirits Co., Ltd.
29,642
2,327,218
K's Holdings Corp.
267,062
2,461,773
Kubota Corp.
1,794,858
28,787,261
Kuraray Co., Ltd.
576,110
6,551,156
Kurita Water Industries Ltd.
184,091
7,186,105
Kusuri no Aoki Holdings Co., Ltd.
28,187
1,764,773
Kyocera Corp.
508,935
26,141,539
Kyowa Kirin Co., Ltd.
410,118
7,522,891
Kyudenko Corp.
66,149
2,036,472
Kyushu Electric Power Co., Inc. *
784,820
5,184,874
Kyushu Financial Group, Inc.
657,086
3,222,129
Kyushu Railway Co.
268,372
5,849,122
LaSalle Logiport REIT
2,817
2,877,274
Lasertec Corp.
130,728
20,361,008
Lawson, Inc.
82,191
3,924,234
Lintec Corp.
85,665
1,413,971
Lion Corp.
422,103
4,596,932
Lixil Corp.
434,264
5,442,282
M3, Inc.
711,955
14,199,000
Mabuchi Motor Co., Ltd.
84,267
2,580,943
Makita Corp.
412,386
11,324,788
Mani, Inc.
102,879
1,340,886
Marubeni Corp.
2,575,619
42,185,414
Marui Group Co., Ltd.
327,638
5,676,868
Maruichi Steel Tube Ltd.
104,197
2,711,119
Matsui Securities Co., Ltd.
134,466
739,824
MatsukiyoCocokara & Co.
201,013
11,839,726
Mazda Motor Corp.
938,567
9,879,822
McDonald's Holdings Co., Japan Ltd.
139,500
5,547,996
Mebuki Financial Group, Inc.
1,640,172
4,541,356
Medipal Holdings Corp.
245,350
4,208,119
MEIJI Holdings Co., Ltd.
437,780
10,981,712
Menicon Co., Ltd.
86,077
1,204,079
Mercari, Inc. *
191,872
4,372,918
MINEBEA MITSUMI, Inc.
691,148
11,752,151
MISUMI Group, Inc.
468,926
8,192,556
Mitsubishi Chemical Group Corp.
2,116,428
12,651,903
Mitsubishi Corp.
1,955,584
96,660,937
Mitsubishi Electric Corp.
3,269,662
42,649,230
Mitsubishi Estate Co., Ltd.
1,845,634
23,611,590
Mitsubishi Gas Chemical Co., Inc.
307,773
4,198,490
Mitsubishi HC Capital, Inc.
1,059,360
6,890,188
Mitsubishi Heavy Industries Ltd.
488,978
27,776,543
Mitsubishi Logistics Corp.
102,896
2,735,930
Mitsubishi Materials Corp.
195,645
3,287,739
Mitsubishi Motors Corp.
1,071,709
4,215,872
Mitsubishi UFJ Financial Group, Inc.
19,535,884
156,128,729
Mitsui & Co., Ltd.
2,486,196
92,763,792
Mitsui Chemicals, Inc.
290,238
7,886,675
Mitsui Fudosan Co., Ltd.
1,488,500
32,635,862
Mitsui Fudosan Logistics Park, Inc.
878
2,988,282
Mitsui High-Tec, Inc.
38,399
2,611,190
Mitsui Mining & Smelting Co., Ltd.
92,669
2,369,159
Mitsui O.S.K. Lines Ltd.
561,536
15,567,258
SECURITY
NUMBER
OF SHARES
VALUE ($)
Miura Co., Ltd.
165,053
3,814,976
Mizuho Financial Group, Inc.
4,290,320
71,021,542
Money Forward, Inc. *
74,732
2,815,572
MonotaRO Co., Ltd.
392,127
4,638,134
Mori Hills Reit Investment Corp.
2,647
2,667,273
Morinaga & Co., Ltd.
67,466
2,452,846
Morinaga Milk Industry Co., Ltd.
65,598
2,686,371
MS&AD Insurance Group Holdings,
Inc.
757,485
27,263,945
Murata Manufacturing Co., Ltd.
939,929
52,844,173
Nabtesco Corp.
184,486
3,496,218
Nagase & Co., Ltd.
185,947
3,191,823
Nagoya Railroad Co., Ltd.
327,795
5,266,425
Nankai Electric Railway Co., Ltd.
180,149
3,786,489
NEC Corp.
427,551
22,572,085
NEC Networks & System Integration
Corp.
109,040
1,455,265
NET One Systems Co., Ltd.
156,854
3,075,991
Nexon Co., Ltd.
661,006
13,425,798
NGK Insulators Ltd.
432,839
5,749,979
NH Foods Ltd.
163,577
5,076,353
NHK Spring Co., Ltd.
279,721
2,173,057
Nichirei Corp.
175,232
4,147,745
Nidec Corp.
865,429
45,368,370
Nifco, Inc.
140,885
4,161,181
Nihon Kohden Corp.
129,221
3,442,106
Nihon M&A Center Holdings, Inc.
434,530
2,417,919
Nikon Corp.
504,340
5,452,699
Nintendo Co., Ltd.
1,760,138
75,768,691
Nippon Accommodations Fund, Inc.
744
3,357,544
Nippon Building Fund, Inc.
2,527
10,674,898
Nippon Electric Glass Co., Ltd.
135,226
2,388,062
Nippon Express Holdings, Inc.
113,668
5,909,627
Nippon Kayaku Co., Ltd.
288,293
2,585,201
Nippon Paint Holdings Co., Ltd.
1,694,749
13,107,720
Nippon Prologis REIT, Inc.
3,943
7,932,855
Nippon Sanso Holdings Corp.
238,010
5,749,776
Nippon Shinyaku Co., Ltd.
84,253
3,703,231
Nippon Shokubai Co., Ltd.
54,902
2,091,846
Nippon Steel Corp.
1,387,213
32,844,889
Nippon Telegraph & Telephone Corp.
47,769,130
55,222,341
Nippon Yusen K.K.
816,662
21,798,596
Nipro Corp.
201,342
1,670,647
Nishi-Nippon Railroad Co., Ltd.
118,511
2,215,798
Nissan Chemical Corp.
220,942
9,482,059
Nissan Motor Co., Ltd.
3,189,500
13,600,588
Nisshin Seifun Group, Inc.
434,538
5,732,254
Nissin Foods Holdings Co., Ltd.
113,947
9,955,736
Niterra Co., Ltd.
324,189
7,537,725
Nitori Holdings Co., Ltd.
126,163
14,402,782
Nitto Denko Corp.
240,786
16,454,854
Noevir Holdings Co., Ltd.
27,177
1,062,178
NOF Corp.
112,938
5,098,249
NOK Corp.
202,005
2,836,825
Nomura Holdings, Inc.
5,055,520
19,592,158
Nomura Real Estate Holdings, Inc.
172,691
4,350,933
Nomura Real Estate Master Fund,
Inc.
7,424
8,725,119
Nomura Research Institute Ltd.
711,685
20,458,163
NS Solutions Corp.
58,998
1,600,729
NSK Ltd.
725,000
4,229,436
NTT Data Group Corp.
1,050,581
14,151,110
Obayashi Corp.
1,129,251
10,231,013
OBIC Business Consultants Co., Ltd.
43,240
1,856,304
Obic Co., Ltd.
111,205
19,348,303
Odakyu Electric Railway Co., Ltd.
515,430
7,668,519
Oji Holdings Corp.
1,442,945
5,907,169
OKUMA Corp.
45,225
2,123,247
See financial notes
Schwab International Equity ETFs | Annual Report33

Schwab International Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Olympus Corp.
2,083,303
28,197,607
Omron Corp.
303,653
14,679,464
Ono Pharmaceutical Co., Ltd.
699,182
13,262,294
Open House Group Co., Ltd.
115,348
3,902,904
Oracle Corp. Japan
55,016
3,843,203
Orient Corp.
101,849
773,041
Oriental Land Co., Ltd.
1,586,523
57,201,355
ORIX Corp.
1,963,638
36,687,127
Orix JREIT, Inc.
4,271
5,312,897
Osaka Gas Co., Ltd.
663,901
10,625,335
OSG Corp.
137,105
1,731,882
Otsuka Corp.
168,876
7,534,084
Otsuka Holdings Co., Ltd.
816,814
31,116,189
PALTAC Corp.
50,097
1,652,752
Pan Pacific International Holdings
Corp.
667,547
13,317,926
Panasonic Holdings Corp.
3,608,299
41,626,117
Park24 Co., Ltd. *
226,029
3,192,057
Penta-Ocean Construction Co., Ltd.
490,854
2,920,140
PeptiDream, Inc. *
148,848
1,910,890
Persol Holdings Co., Ltd.
304,774
5,223,142
Pigeon Corp.
184,649
2,142,200
Pola Orbis Holdings, Inc.
127,069
1,641,332
Rakus Co., Ltd.
158,508
2,581,464
Rakuten Group, Inc.
1,820,317
7,105,719
Recruit Holdings Co., Ltd.
2,234,903
80,133,212
Relo Group, Inc.
173,856
2,038,481
Renesas Electronics Corp. *
2,001,114
33,682,933
Rengo Co., Ltd.
373,557
2,539,731
RENOVA, Inc. *
73,833
700,370
Resona Holdings, Inc.
3,596,850
19,080,587
Resonac Holdings Corp.
297,936
4,852,191
Resorttrust, Inc.
104,075
1,669,947
Ricoh Co., Ltd.
943,236
7,696,977
Rinnai Corp.
180,057
3,489,582
Rohm Co., Ltd.
136,731
11,429,861
Rohto Pharmaceutical Co., Ltd.
324,670
8,467,713
Ryohin Keikaku Co., Ltd.
390,702
5,041,273
Sankyo Co., Ltd.
67,952
2,961,538
Sankyu, Inc.
81,602
2,849,638
Sanrio Co., Ltd.
92,277
4,812,082
Santen Pharmaceutical Co., Ltd.
560,880
5,218,340
Sanwa Holdings Corp.
312,076
4,755,577
Sapporo Holdings Ltd.
110,107
3,376,156
Sawai Group Holdings Co., Ltd.
65,140
2,093,107
SBI Holdings, Inc.
405,481
8,287,315
SBI Shinsei Bank Ltd.
89,307
1,733,569
SCREEN Holdings Co., Ltd.
64,477
6,576,800
SCSK Corp.
220,281
3,822,027
Secom Co., Ltd.
316,454
22,160,583
Sega Sammy Holdings, Inc.
262,714
5,248,505
Seibu Holdings, Inc.
338,201
3,578,656
Seiko Epson Corp.
469,226
7,356,584
Seino Holdings Co., Ltd.
229,888
3,351,563
Sekisui Chemical Co., Ltd.
551,917
8,476,742
Sekisui House Ltd.
921,700
18,806,263
Sekisui House REIT, Inc.
6,808
3,932,773
Seven & i Holdings Co., Ltd.
1,288,610
52,939,358
Seven Bank Ltd.
1,136,235
2,417,870
SG Holdings Co., Ltd.
695,712
10,054,457
Sharp Corp. *
334,695
2,061,943
SHIFT, Inc. *
18,148
3,739,671
Shikoku Electric Power Co., Inc. *
263,950
1,903,682
Shimadzu Corp.
451,884
13,303,395
Shimamura Co., Ltd.
37,826
3,899,909
Shimano, Inc.
127,178
18,694,297
Shimizu Corp.
915,985
6,164,031
Shin-Etsu Chemical Co., Ltd.
3,249,873
104,002,186
SECURITY
NUMBER
OF SHARES
VALUE ($)
Shinko Electric Industries Co., Ltd.
113,227
4,647,763
Shionogi & Co., Ltd.
443,149
19,532,831
Ship Healthcare Holdings, Inc.
132,076
2,246,703
Shiseido Co., Ltd.
646,197
26,258,897
Shizuoka Financial Group, Inc.
849,316
6,913,071
SHO-BOND Holdings Co., Ltd.
75,105
3,027,208
Shochiku Co., Ltd.
13,106
992,954
Skylark Holdings Co., Ltd. *
366,964
5,135,757
SMC Corp.
93,246
45,218,722
SMS Co., Ltd.
86,806
1,675,481
Socionext, Inc.
56,557
7,012,081
Softbank Corp.
4,645,356
53,286,702
SoftBank Group Corp.
1,635,864
73,542,809
Sohgo Security Services Co., Ltd.
546,510
3,486,237
Sojitz Corp.
387,905
8,345,080
Sompo Holdings, Inc.
521,253
22,724,819
Sony Group Corp.
2,074,780
173,082,413
Sotetsu Holdings, Inc.
128,070
2,504,484
Square Enix Holdings Co., Ltd.
126,785
4,815,888
Stanley Electric Co., Ltd.
257,380
4,523,177
Subaru Corp.
1,013,873
19,565,726
Sugi Holdings Co., Ltd.
56,883
2,554,919
SUMCO Corp.
565,920
7,568,405
Sumitomo Bakelite Co., Ltd.
54,714
2,590,539
Sumitomo Chemical Co., Ltd.
2,566,449
7,111,348
Sumitomo Corp.
1,857,616
38,266,239
Sumitomo Electric Industries Ltd.
1,299,975
15,943,300
Sumitomo Forestry Co., Ltd.
234,847
6,623,497
Sumitomo Heavy Industries Ltd.
189,998
4,767,405
Sumitomo Metal Mining Co., Ltd.
390,244
12,115,966
Sumitomo Mitsui Financial Group,
Inc.
2,148,670
98,604,006
Sumitomo Mitsui Trust Holdings, Inc.
597,441
22,369,412
Sumitomo Pharma Co., Ltd.
272,486
951,740
Sumitomo Realty & Development Co.,
Ltd.
663,075
16,983,938
Sumitomo Rubber Industries Ltd.
285,759
3,017,855
Sundrug Co., Ltd.
110,580
3,268,371
Suntory Beverage & Food Ltd.
210,618
6,819,750
Suzuken Co., Ltd.
111,816
3,316,423
Suzuki Motor Corp.
757,347
29,834,015
Sysmex Corp.
316,525
16,851,910
T&D Holdings, Inc.
823,695
13,089,387
Taiheiyo Cement Corp.
181,930
3,492,141
Taisei Corp.
295,603
9,955,294
Taisho Pharmaceutical Holdings Co.,
Ltd.
72,570
3,006,781
Taiyo Yuden Co., Ltd.
202,730
5,649,453
Takara Bio, Inc.
120,190
1,178,908
Takara Holdings, Inc.
299,655
2,588,290
Takashimaya Co., Ltd.
229,805
3,452,166
Takeda Pharmaceutical Co., Ltd.
2,550,785
78,984,365
TBS Holdings, Inc.
60,647
1,073,304
TDK Corp.
598,655
21,851,514
TechnoPro Holdings, Inc.
182,032
4,471,247
Teijin Ltd.
302,589
3,076,084
Terumo Corp.
1,083,941
32,856,624
The Bank of Kyoto Ltd.
119,157
6,893,157
The Chiba Bank Ltd.
1,021,573
7,308,227
The Chugoku Electric Power Co., Inc. *
507,958
3,351,263
The Hachijuni Bank Ltd.
758,096
4,089,245
The Japan Steel Works Ltd.
103,713
2,101,544
The Kansai Electric Power Co., Inc.
1,215,066
17,309,798
The Yokohama Rubber Co., Ltd.
227,861
4,639,859
THK Co., Ltd.
194,185
3,555,312
TIS, Inc.
398,845
9,416,013
Tobu Railway Co., Ltd.
340,193
9,330,567
Toda Corp.
417,887
2,351,718
See financial notes
34Schwab International Equity ETFs | Annual Report

Schwab International Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Toei Animation Co., Ltd. (a)
9,232
779,347
Toho Co., Ltd.
180,558
6,889,444
Toho Gas Co., Ltd.
153,224
2,746,949
Tohoku Electric Power Co., Inc. *
793,750
5,550,280
Tokai Carbon Co., Ltd.
319,087
2,524,905
Tokio Marine Holdings, Inc.
3,134,788
69,484,912
Tokyo Century Corp.
102,270
3,933,164
Tokyo Electric Power Co. Holdings,
Inc. *
2,597,446
11,418,521
Tokyo Electron Ltd.
749,777
111,113,362
Tokyo Gas Co., Ltd.
698,763
16,208,556
Tokyo Ohka Kogyo Co., Ltd.
63,240
4,283,909
Tokyo Tatemono Co., Ltd.
327,574
4,308,852
Tokyu Corp.
1,152,943
14,575,620
Tokyu Fudosan Holdings Corp.
1,021,090
6,357,922
Toppan, Inc.
445,639
10,777,861
Toray Industries, Inc.
2,518,443
13,598,572
Toshiba Corp.
701,198
22,165,149
Toshiba TEC Corp.
39,536
962,703
Tosoh Corp.
463,994
6,010,871
TOTO Ltd.
240,188
6,591,002
Toyo Seikan Group Holdings Ltd.
249,489
4,519,027
Toyo Suisan Kaisha Ltd.
147,820
6,104,295
Toyo Tire Corp.
166,250
2,508,281
Toyoda Gosei Co., Ltd.
127,976
2,768,118
Toyota Boshoku Corp.
103,965
1,969,183
Toyota Industries Corp.
266,320
18,841,886
Toyota Motor Corp.
20,072,502
346,755,109
Toyota Tsusho Corp.
371,345
22,178,417
Trend Micro, Inc.
192,720
8,192,768
TS Tech Co., Ltd.
144,174
1,707,291
Tsumura & Co.
118,934
2,245,356
Tsuruha Holdings, Inc.
62,829
4,600,454
UBE Corp.
174,034
2,937,724
Ulvac, Inc.
83,100
3,227,306
Unicharm Corp.
651,026
25,990,062
United Urban Investment Corp.
4,993
5,367,342
Ushio, Inc.
166,661
2,102,938
USS Co., Ltd.
348,968
6,099,180
Welcia Holdings Co., Ltd.
166,476
3,061,713
West Japan Railway Co.
387,564
16,781,972
Workman Co., Ltd. (a)
73,356
2,650,359
Yakult Honsha Co., Ltd.
220,148
11,543,839
Yamada Holdings Co., Ltd.
1,014,930
3,192,897
Yamaguchi Financial Group, Inc.
317,335
2,523,030
Yamaha Corp.
254,847
7,875,514
Yamaha Motor Co., Ltd.
507,520
13,173,871
Yamato Holdings Co., Ltd.
537,030
10,094,327
Yamato Kogyo Co., Ltd.
55,603
2,684,191
Yamazaki Baking Co., Ltd.
203,495
3,857,159
Yaoko Co., Ltd.
37,175
1,960,570
Yaskawa Electric Corp.
431,674
16,963,334
Yokogawa Electric Corp.
397,630
7,889,235
Z Holdings Corp.
4,326,061
13,009,235
Zenkoku Hosho Co., Ltd.
78,058
2,706,039
Zensho Holdings Co., Ltd.
163,936
7,731,460
Zeon Corp.
245,872
2,711,457
ZOZO, Inc.
177,943
3,556,171
 
6,840,287,533
 
Netherlands 3.7%
Aalberts N.V.
163,330
6,808,947
ABN AMRO Bank N.V., GDR
666,324
9,831,830
Adyen N.V. *
49,281
41,318,800
Aegon N.V.
2,965,832
15,257,894
Akzo Nobel N.V.
284,813
23,196,493
Allfunds Group plc
579,951
3,443,090
SECURITY
NUMBER
OF SHARES
VALUE ($)
ArcelorMittal S.A.
788,707
20,998,243
ASM International N.V.
77,982
37,680,723
ASML Holding N.V.
664,156
438,199,570
ASR Nederland N.V.
242,533
10,626,721
BE Semiconductor Industries N.V.
127,268
14,655,624
CTP N.V.
181,633
2,582,473
DSM-Firmenich AG
289,897
26,791,565
EXOR N.V.
179,506
15,925,142
Heineken Holding N.V.
222,793
17,869,635
Heineken N.V.
468,809
45,702,367
IMCD N.V.
95,219
13,150,768
ING Groep N.V.
5,891,131
83,760,581
InPost S.A. *
342,620
4,036,568
JDE Peet's N.V.
198,775
5,540,213
Just Eat Takeaway.com N.V. *
332,633
4,694,023
Koninklijke Ahold Delhaize N.V.
1,628,520
53,334,727
Koninklijke KPN N.V.
5,451,436
19,093,238
Koninklijke Philips N.V.
1,543,059
34,834,980
Koninklijke Vopak N.V.
110,552
3,994,387
NN Group N.V.
498,669
19,246,148
OCI N.V. *
159,853
4,052,876
Prosus N.V. *
1,196,271
82,810,192
Randstad N.V.
184,337
10,839,799
Signify N.V.
211,576
6,002,632
Universal Music Group N.V.
1,249,593
31,044,458
Wolters Kluwer N.V.
422,866
51,036,074
 
1,158,360,781
 
New Zealand 0.3%
Air New Zealand Ltd. *
2,393,213
1,147,156
Auckland International Airport Ltd. *
1,999,820
9,300,093
Contact Energy Ltd.
1,356,121
6,758,794
EBOS Group Ltd.
267,010
6,033,713
Fisher & Paykel Healthcare Corp., Ltd.
980,188
13,254,759
Fletcher Building Ltd.
1,254,591
3,608,234
Infratil Ltd.
1,387,157
8,334,165
Kiwi Property Group Ltd.
2,600,622
1,370,458
Mainfreight Ltd.
136,293
5,320,566
Mercury NZ Ltd.
1,098,159
4,057,442
Meridian Energy Ltd.
2,115,706
6,758,812
Ryman Healthcare Ltd.
1,021,234
4,037,743
SKYCITY Entertainment Group Ltd.
1,380,619
1,948,353
Spark New Zealand Ltd.
3,137,051
9,479,883
The a2 Milk Co., Ltd. *
1,240,502
3,693,285
 
85,103,456
 
Norway 0.6%
Adevinta A.S.A. *
468,260
3,336,806
Aker A.S.A., A Shares
40,649
2,506,850
Aker BP A.S.A.
507,782
13,776,800
AutoStore Holdings Ltd. *
1,228,181
2,104,863
DNB Bank A.S.A.
1,725,086
34,154,178
Equinor A.S.A.
1,563,439
48,238,549
Gjensidige Forsikring A.S.A.
297,977
4,636,128
Kongsberg Gruppen A.S.A.
123,199
5,105,326
Leroy Seafood Group A.S.A.
417,762
1,728,835
Mowi A.S.A.
731,494
13,272,196
Nordic Semiconductor A.S.A. *
321,512
3,932,323
Norsk Hydro A.S.A.
2,239,074
12,440,294
Orkla A.S.A.
1,275,322
9,744,920
Salmar A.S.A.
106,413
5,202,029
Schibsted A.S.A., A Shares
131,289
2,795,576
Schibsted A.S.A., B Shares
162,031
3,186,651
Telenor A.S.A.
1,054,697
11,293,437
Tomra Systems A.S.A.
418,659
5,752,200
Var Energi A.S.A.
689,196
1,999,463
See financial notes
Schwab International Equity ETFs | Annual Report35

Schwab International Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Yara International A.S.A.
271,826
9,938,107
 
195,145,531
 
Poland 0.2%
Allegro.eu S.A. *
765,987
6,137,189
Bank Polska Kasa Opieki S.A.
263,496
6,898,688
Dino Polska S.A. *
81,656
7,507,300
KGHM Polska Miedz S.A.
228,222
6,318,503
LPP S.A.
1,940
6,533,746
ORLEN S.A.
960,372
14,692,497
Pepco Group N.V. *
261,083
2,050,020
Powszechna Kasa Oszczednosci Bank
Polski S.A. *
1,424,636
12,911,169
Powszechny Zaklad Ubezpieczen S.A.
950,997
9,537,084
Santander Bank Polska S.A. *
47,700
4,300,957
 
76,887,153
 
Portugal 0.2%
EDP - Energias de Portugal S.A.
5,011,752
22,878,552
EDP Renovaveis S.A.
411,232
7,545,218
Galp Energia, SGPS, S.A.
849,174
11,709,573
Jeronimo Martins, SGPS, S.A.
468,418
11,947,338
 
54,080,681
 
Republic of Korea 4.2%
Alteogen, Inc. *
60,619
2,075,286
Amorepacific Corp.
52,006
5,268,472
AMOREPACIFIC Group
49,136
1,250,937
BGF retail Co., Ltd.
14,359
1,699,071
BNK Financial Group, Inc.
489,102
2,523,681
Celltrion Healthcare Co., Ltd.
165,347
8,093,778
Celltrion Pharm, Inc. *
33,668
1,749,946
Celltrion, Inc.
180,961
19,701,372
Cheil Worldwide, Inc.
109,114
1,556,118
CJ CheilJedang Corp.
13,402
3,031,737
CJ Corp.
20,569
1,094,005
CJ ENM Co., Ltd. *
17,783
783,031
CJ Logistics Corp.
12,531
748,020
Coway Co., Ltd.
91,845
3,001,857
Daewoo Engineering & Construction
Co., Ltd. *
330,120
1,148,895
DB Insurance Co., Ltd.
76,227
4,711,743
DGB Financial Group, Inc.
269,604
1,529,813
DL E&C Co., Ltd.
51,796
1,214,811
DL Holdings Co., Ltd.
19,289
557,473
Dongsuh Cos., Inc.
53,803
729,042
Doosan Bobcat, Inc.
80,350
3,270,535
Doosan Enerbility Co., Ltd. *
694,598
9,574,863
Ecopro BM Co., Ltd.
78,288
19,220,319
E-MART, Inc.
33,151
1,850,988
F&F Co., Ltd.
25,234
1,966,410
Fila Holdings Corp.
81,392
2,333,843
Green Cross Corp.
9,021
789,657
GS Engineering & Construction Corp.
108,060
1,187,904
GS Holdings Corp.
60,608
1,721,831
GS Retail Co., Ltd.
61,985
1,109,094
Hana Financial Group, Inc.
470,235
14,070,584
Hanjin Kal Corp.
52,911
1,779,379
Hankook Tire & Technology Co., Ltd.
118,766
3,481,886
Hanmi Pharm Co., Ltd.
12,762
2,843,510
Hanmi Science Co., Ltd.
43,969
1,197,567
Hanon Systems
285,788
1,969,759
Hanwha Aerospace Co., Ltd.
60,595
5,235,445
Hanwha Corp.
97,564
1,845,357
Hanwha Galleria Co. Ltd. *
185,485
185,380
SECURITY
NUMBER
OF SHARES
VALUE ($)
Hanwha Life Insurance Co., Ltd. *
480,571
914,421
Hanwha Ocean Co., Ltd. *
79,508
2,306,890
Hanwha Solutions Corp. *
183,808
5,068,887
HD Hyundai Co., Ltd.
68,552
3,065,196
HD Hyundai Heavy Industries Co.,
Ltd. *
32,360
3,202,336
HD Hyundai Infracore Co., Ltd.
249,131
1,984,755
HD Korea Shipbuilding & Offshore
Engineering Co., Ltd. *
74,730
6,993,835
Hite Jinro Co., Ltd.
55,312
812,261
HL Mando Co., Ltd.
54,151
1,716,608
HLB, Inc. *
196,361
4,285,996
HMM Co., Ltd.
493,991
6,226,510
Hotel Shilla Co., Ltd.
53,082
3,542,147
HYBE Co., Ltd. *
29,157
5,569,996
Hyundai Department Store Co., Ltd.
26,242
1,377,866
Hyundai Engineering & Construction
Co., Ltd.
125,169
3,361,831
Hyundai Glovis Co., Ltd.
29,149
3,804,201
Hyundai Marine & Fire Insurance Co.,
Ltd.
89,670
2,052,217
Hyundai Mipo Dockyard Co., Ltd. *
55,878
3,847,095
Hyundai Mobis Co., Ltd.
102,874
17,979,114
Hyundai Motor Co.
231,087
33,061,132
Hyundai Steel Co.
138,122
3,782,876
Hyundai Wia Corp.
27,566
1,201,287
Industrial Bank of Korea
492,724
4,011,129
Kakao Corp.
545,344
19,845,694
Kakao Games Corp. *
65,882
1,418,077
KakaoBank Corp.
353,698
7,051,214
Kakaopay Corp. *
33,830
1,158,167
Kangwon Land, Inc.
172,848
2,028,275
KB Financial Group, Inc.
653,755
26,758,574
KCC Corp.
6,714
1,109,899
KEPCO Plant Service & Engineering
Co., Ltd.
36,107
916,505
Kia Corp.
417,793
25,350,481
Korea Aerospace Industries Ltd.
119,864
4,588,703
Korea Electric Power Corp. *
419,282
5,652,813
Korea Gas Corp. *
40,000
759,599
Korea Investment Holdings Co., Ltd.
58,966
2,319,828
Korea Zinc Co., Ltd.
16,918
6,745,441
Korean Air Lines Co., Ltd.
302,359
5,215,650
Krafton, Inc. *
46,945
5,505,183
KT&G Corp.
173,329
11,395,718
Kumho Petrochemical Co., Ltd.
26,620
2,513,468
L&F Co., Ltd.
41,086
6,683,178
LG Chem Ltd.
79,295
34,975,589
LG Corp.
148,484
9,223,027
LG Display Co., Ltd. *
373,182
3,783,347
LG Electronics, Inc.
184,279
13,732,916
LG Energy Solution Ltd. *
61,184
25,181,839
LG H&H Co., Ltd.
15,699
5,517,069
LG Innotek Co., Ltd.
22,256
4,546,336
LG Uplus Corp.
346,120
2,736,489
Lotte Chemical Corp.
31,451
3,250,393
Lotte Chilsung Beverage Co., Ltd.
3,846
377,980
Lotte Corp.
40,618
766,725
Lotte Energy Materials Corp.
37,693
1,388,802
LOTTE Fine Chemical Co., Ltd.
19,190
876,925
Lotte Shopping Co., Ltd.
18,985
1,019,811
LS Corp.
29,828
2,416,931
Meritz Financial Group, Inc. *
167,583
6,935,343
Mirae Asset Securities Co., Ltd.
554,595
2,794,479
NAVER Corp.
238,175
38,652,194
NCSoft Corp.
30,479
5,799,484
Netmarble Corp. *
37,095
1,202,588
See financial notes
36Schwab International Equity ETFs | Annual Report

Schwab International Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
NH Investment & Securities Co., Ltd.
253,457
1,975,114
NHN Corp. *
32,330
635,960
NongShim Co., Ltd.
5,505
1,909,622
Oci Co., Ltd. *
8,922
861,318
OCI Holdings Co., Ltd.
19,692
1,372,145
Orion Corp.
37,123
3,420,905
Ottogi Corp.
2,455
683,518
Pan Ocean Co., Ltd.
405,844
1,369,445
Paradise Co., Ltd. *
65,435
834,182
Pearl Abyss Corp. *
57,239
2,091,654
POSCO Future M Co., Ltd.
49,042
16,678,176
POSCO Holdings, Inc.
125,998
55,194,131
Posco International Corp.
93,647
5,611,381
S-1 Corp.
31,781
1,341,691
Samsung Biologics Co., Ltd. *
28,521
15,903,141
Samsung C&T Corp.
136,134
10,783,605
Samsung Card Co., Ltd.
58,747
1,331,169
Samsung Electro-Mechanics Co., Ltd.
89,053
9,122,585
Samsung Electronics Co., Ltd.
7,928,032
401,275,083
Samsung Engineering Co., Ltd. *
258,765
6,656,334
Samsung Fire & Marine Insurance Co.,
Ltd.
56,762
10,585,839
Samsung Heavy Industries Co., Ltd. *
1,055,331
7,034,209
Samsung Life Insurance Co., Ltd.
119,505
6,112,002
Samsung SDI Co., Ltd.
90,213
41,907,155
Samsung SDS Co., Ltd.
62,186
6,680,849
Samsung Securities Co., Ltd.
100,197
2,831,366
SD Biosensor, Inc.
53,446
505,852
Seegene, Inc.
43,796
735,594
Shin Poong Pharmaceutical Co., Ltd. *
57,310
779,598
Shinhan Financial Group Co., Ltd.
797,340
21,445,385
Shinsegae, Inc.
10,836
1,664,239
SK Biopharmaceuticals Co., Ltd. *
49,814
3,229,854
SK Bioscience Co., Ltd. *
39,363
2,185,923
SK Chemicals Co., Ltd.
13,926
662,716
SK Hynix, Inc.
900,549
82,986,093
SK IE Technology Co., Ltd. *
43,948
3,002,462
SK Innovation Co., Ltd. *
93,625
12,573,057
SK Networks Co., Ltd.
178,653
974,532
SK Square Co., Ltd. *
157,962
5,389,889
SK, Inc.
57,296
6,263,871
SKC Co., Ltd.
32,726
2,265,503
S-Oil Corp.
65,364
3,610,041
Solus Advanced Materials Co., Ltd.
24,158
597,667
SSANGYONG C&E Co., Ltd.
202,732
843,598
Wemade Co., Ltd.
25,037
683,817
Woori Financial Group, Inc.
1,133,877
10,217,118
Yuhan Corp.
87,815
4,836,718
 
1,340,122,825
 
Singapore 1.1%
CapitaLand Ascendas REIT
5,640,753
11,569,704
CapitaLand Ascott Trust
3,592,014
2,579,973
CapitaLand Integrated Commercial
Trust
8,391,867
11,868,542
CapitaLand Investment Ltd.
4,267,750
10,238,808
City Developments Ltd.
807,423
3,993,769
ComfortDelGro Corp., Ltd.
3,592,317
3,378,188
DBS Group Holdings Ltd.
3,050,162
75,209,474
Frasers Logistics & Commercial Trust
4,940,664
4,390,075
Genting Singapore Ltd.
9,608,980
6,225,737
Hutchison Port Holdings Trust,
Class U
8,667,934
1,438,877
Jardine Cycle & Carriage Ltd.
165,120
4,086,124
Keppel Corp., Ltd.
2,319,703
11,920,577
Keppel DC REIT
2,164,200
3,525,539
Keppel REIT
3,861,072
2,473,030
SECURITY
NUMBER
OF SHARES
VALUE ($)
Mapletree Industrial Trust
3,240,841
5,519,389
Mapletree Logistics Trust
5,749,826
7,152,690
Mapletree Pan Asia Commercial Trust
3,727,985
4,195,881
NetLink NBN Trust
4,987,374
3,194,431
Olam Group Ltd.
1,944,808
1,800,081
Oversea-Chinese Banking Corp., Ltd.
5,871,212
54,560,319
SATS Ltd. *
1,461,240
2,802,378
Seatrium Ltd. *
65,455,368
7,027,789
Sembcorp Industries Ltd.
1,484,453
5,880,654
SIA Engineering Co., Ltd.
369,959
657,461
Singapore Airlines Ltd.
2,130,983
10,840,321
Singapore Exchange Ltd.
1,430,111
10,197,682
Singapore Post Ltd.
2,312,324
847,538
Singapore Technologies Engineering
Ltd.
2,624,866
7,405,212
Singapore Telecommunications Ltd.
12,582,755
22,174,718
StarHub Ltd.
973,372
735,164
Suntec Real Estate Investment Trust
3,513,357
3,147,843
United Overseas Bank Ltd.
2,027,226
42,691,083
UOL Group Ltd.
859,420
4,225,508
Venture Corp., Ltd.
451,960
4,387,409
Wilmar International Ltd.
3,435,695
9,616,384
 
361,958,352
 
Spain 2.2%
Acciona S.A.
38,067
5,447,516
ACS, Actividades de Construccion y
Servicios S.A.
372,359
13,090,086
Aena SME S.A.
117,618
18,510,216
Amadeus IT Group S.A.
754,701
51,849,950
Banco Bilbao Vizcaya Argentaria S.A.
10,015,428
78,983,179
Banco Santander S.A.
26,837,042
104,917,530
Bankinter S.A.
1,134,053
7,281,674
CaixaBank S.A.
6,391,741
25,903,783
Cellnex Telecom S.A. *
941,469
36,070,356
Corp. ACCIONA Energias Renovables
S.A.
97,717
2,910,207
Enagas S.A.
418,129
7,145,336
Endesa S.A.
526,979
10,970,126
Ferrovial SE
813,226
25,817,063
Grifols S.A. *
558,073
7,659,132
Iberdrola S.A.
10,222,647
121,602,813
Industria de Diseno Textil S.A.
1,761,422
67,599,795
Inmobiliaria Colonial Socimi S.A.
571,440
3,479,391
Mapfre S.A.
1,702,007
3,604,029
Merlin Properties Socimi S.A.
551,579
4,950,886
Naturgy Energy Group S.A.
228,719
6,637,940
Redeia Corp. S.A.
749,371
12,204,011
Repsol S.A.
2,144,510
33,097,666
Telefonica S.A.
8,367,056
34,726,440
 
684,459,125
 
Sweden 2.5%
Alfa Laval AB
520,636
18,315,143
Assa Abloy AB, B Shares
1,635,081
36,868,053
Atlas Copco AB, A Shares
4,277,796
56,627,597
Atlas Copco AB, B Shares
2,542,661
29,339,557
Axfood AB
177,784
4,297,704
Beijer Ref AB
616,925
7,087,660
Boliden AB
463,367
12,337,524
Castellum AB
723,988
7,735,833
Electrolux AB, B Shares
370,877
4,086,458
Epiroc AB, A Shares
1,060,920
20,404,730
Epiroc AB, B Shares
615,263
10,091,529
EQT AB
568,504
11,463,637
Essity AB, B Shares
1,022,359
23,873,935
See financial notes
Schwab International Equity ETFs | Annual Report37

Schwab International Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Evolution AB
307,361
33,296,342
Fastighets AB Balder, B Shares *
1,109,683
5,320,447
Getinge AB, B Shares
372,197
6,470,169
H & M Hennes & Mauritz AB,
B Shares
1,114,242
17,042,462
Hexagon AB, B Shares
3,593,407
32,127,649
Holmen AB, B Shares
156,940
5,955,175
Husqvarna AB, B Shares
706,232
6,094,935
Industrivarden AB, A Shares
186,923
4,877,113
Industrivarden AB, C Shares
272,226
7,090,371
Indutrade AB
469,629
9,036,688
Investment AB Latour, B Shares
235,997
4,298,633
Investor AB, A Shares
826,955
15,806,691
Investor AB, B Shares
2,761,616
53,240,407
Kinnevik AB, B Shares *
410,388
4,832,878
L E Lundbergfortagen AB, B Shares
119,352
4,859,142
Lifco AB, B Shares
385,557
7,070,370
Nibe Industrier AB, B Shares
2,488,888
18,679,332
Saab AB, B Shares
152,124
8,038,333
Sagax AB, B Shares
319,183
6,648,978
Sandvik AB
1,801,273
34,117,574
Securitas AB, B Shares
811,136
6,612,115
Skandinaviska Enskilda Banken AB,
A Shares
2,754,506
31,985,264
Skanska AB, B Shares
597,038
8,756,637
SKF AB, B Shares
642,265
10,425,904
SSAB AB, A Shares
285,788
1,641,665
SSAB AB, B Shares
1,200,506
6,652,728
Svenska Cellulosa AB, S.C.A.,
B Shares
987,185
13,162,587
Svenska Handelsbanken AB,
A Shares
2,542,321
21,211,741
Sweco AB, B Shares
330,207
3,220,678
Swedbank AB, A Shares
1,716,063
30,427,094
Swedish Orphan Biovitrum AB *
269,610
5,210,045
Tele2 AB, B Shares
922,615
6,516,502
Telefonaktiebolaget LM Ericsson,
B Shares
4,947,638
25,452,328
Telia Co. AB
4,211,179
8,503,198
Trelleborg AB, B Shares
384,527
9,776,557
Volvo AB, A Shares
364,308
7,465,887
Volvo AB, B Shares
2,531,910
51,147,361
Volvo Car AB, B Shares *
898,670
3,424,005
 
779,025,345
 
Switzerland 8.2%
ABB Ltd.
2,506,714
95,614,146
Adecco Group AG
265,081
11,443,576
Alcon, Inc.
823,763
68,941,479
Bachem Holding AG
57,581
5,388,134
Baloise Holding AG
74,934
11,724,743
Banque Cantonale Vaudoise
48,503
5,260,784
Barry Callebaut AG
5,982
10,443,526
Belimo Holding AG
15,338
8,088,809
BKW AG
29,621
5,097,529
Chocoladefabriken Lindt & Spruengli
AG
165
19,465,610
Chocoladefabriken Lindt & Spruengli
AG, Participation Certificates
1,793
21,457,130
Cie Financiere Richemont S.A.,
Class A
859,153
122,173,356
Clariant AG *
381,617
6,368,565
DKSH Holding AG
59,787
4,575,829
Emmi AG
3,544
3,819,856
EMS-Chemie Holding AG
11,713
8,812,101
Flughafen Zuerich AG
30,700
6,329,431
SECURITY
NUMBER
OF SHARES
VALUE ($)
Geberit AG
55,785
28,964,620
Georg Fischer AG
138,705
8,982,650
Givaudan S.A.
13,427
44,814,940
Helvetia Holding AG
57,325
8,735,856
Holcim AG *
879,669
58,322,578
Julius Baer Group Ltd.
354,856
24,692,273
Kuehne & Nagel International AG
86,131
25,929,502
Logitech International S.A.
270,969
18,793,729
Lonza Group AG
125,030
69,207,095
Nestle S.A.
4,503,988
542,569,169
Novartis AG
3,394,167
343,201,874
Partners Group Holding AG
36,824
39,823,702
PSP Swiss Property AG
78,924
9,596,873
Roche Holding AG
1,162,637
342,637,318
Roche Holding AG, Bearer Shares
52,010
16,263,982
Schindler Holding AG
31,436
6,616,419
Schindler Holding AG, Participation
Certificates
68,646
15,322,456
SGS S.A.
247,289
22,504,489
SIG Group AG *
554,279
14,609,244
Sika AG
243,330
68,983,676
Sonova Holding AG
85,474
22,615,651
Straumann Holding AG
178,905
27,142,112
Swiss Life Holding AG
51,082
32,074,811
Swiss Prime Site AG
127,993
12,302,978
Swiss Re AG
483,159
46,989,367
Swisscom AG
43,186
26,305,200
Tecan Group AG
21,612
8,637,459
Temenos AG
103,994
8,272,424
The Swatch Group AG
86,859
4,636,741
The Swatch Group AG, Bearer Shares
48,989
13,794,016
UBS Group AG
5,074,109
135,003,183
VAT Group AG
43,316
17,380,346
Zurich Insurance Group AG
248,767
116,884,580
 
2,597,615,917
 
United Kingdom 13.0%
3i Group plc
1,593,781
40,259,898
abrdn plc
3,241,387
6,781,187
Admiral Group plc
501,477
15,822,611
Airtel Africa plc
1,911,212
2,760,842
Anglo American plc
2,023,236
53,851,402
Antofagasta plc
591,262
10,848,666
Ashtead Group plc
731,833
51,226,353
Associated British Foods plc
564,428
14,250,650
AstraZeneca plc
2,487,374
336,052,825
Auto Trader Group plc
1,564,898
12,024,666
Aviva plc
4,634,419
22,033,623
B&M European Value Retail S.A.
1,620,299
11,859,056
BAE Systems plc
5,114,667
65,296,545
Barclays plc
25,956,728
48,468,250
Barratt Developments plc
1,600,237
9,191,742
Beazley plc
1,099,704
7,608,451
Berkeley Group Holdings plc
179,706
9,247,479
BP plc
29,057,992
179,501,467
British American Tobacco plc
3,787,140
125,850,411
BT Group plc
11,623,952
17,027,050
Bunzl plc
567,920
20,365,796
Burberry Group plc
632,178
17,495,236
Centrica plc
9,617,319
18,493,133
Coca-Cola HBC AG *
324,266
9,360,152
Compass Group plc
2,927,825
73,940,128
ConvaTec Group plc
2,702,253
7,957,743
CRH plc
1,248,809
71,889,678
Croda International plc
232,388
16,260,649
DCC plc
167,255
9,170,516
Dechra Pharmaceuticals plc
186,428
8,990,994
See financial notes
38Schwab International Equity ETFs | Annual Report

Schwab International Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Derwent London plc
188,600
4,440,329
Diageo plc
3,721,841
152,967,617
Direct Line Insurance Group plc *
2,154,562
4,426,941
Dowlais Group plc *
2,230,054
3,210,122
DS Smith plc
2,103,592
8,324,560
Endeavour Mining plc
311,894
6,374,838
Entain plc
1,076,863
15,794,622
Experian plc
1,536,842
53,787,415
Ferguson plc
343,592
55,924,864
Flutter Entertainment plc *
294,902
53,847,988
Fresnillo plc
302,639
2,206,595
Glencore plc
21,020,073
112,255,611
GSK plc
6,781,951
119,349,921
Haleon plc
8,826,673
36,070,697
Halma plc
638,019
17,333,496
Hargreaves Lansdown plc
640,906
6,181,885
Hikma Pharmaceuticals plc
276,679
7,674,494
Hiscox Ltd.
568,847
7,190,120
Howden Joinery Group plc
855,788
8,022,474
HSBC Holdings plc
33,601,436
248,272,525
IMI plc
421,221
8,016,923
Imperial Brands plc
1,531,762
34,733,678
Informa plc
2,373,870
21,982,812
InterContinental Hotels Group plc
286,361
21,604,812
Intermediate Capital Group plc
459,773
7,879,679
International Consolidated Airlines
Group S.A. *
1,909,530
3,919,849
Intertek Group plc
266,933
14,003,300
ITV plc
5,934,296
5,323,904
J Sainsbury plc
2,948,521
10,091,520
J.D. Sports Fashion plc
4,206,735
7,742,640
Johnson Matthey plc
294,923
6,091,497
Kingfisher plc
3,294,382
9,768,269
Land Securities Group plc
1,249,336
9,539,732
Legal & General Group plc
9,978,395
27,652,682
Lloyds Banking Group plc
110,406,511
59,255,293
London Stock Exchange Group plc
716,987
74,299,548
M&G plc
3,669,698
8,881,605
Melrose Industries plc
2,230,054
14,485,109
Mondi plc
795,973
13,253,222
National Grid plc
6,208,584
77,901,042
NatWest Group plc
9,343,261
27,277,762
Next plc
205,873
18,229,723
NMC Health plc *(b)
136,583
0
Ocado Group plc *
1,005,378
11,103,870
Pearson plc
1,207,131
12,833,471
Persimmon plc
528,966
7,145,173
Phoenix Group Holdings plc
1,206,456
7,964,839
Prudential plc
4,611,336
56,457,492
Reckitt Benckiser Group plc
1,201,867
86,838,319
RELX plc
3,202,099
104,603,315
Renishaw plc
58,714
2,706,650
Rentokil Initial plc
4,250,630
32,414,048
Rightmove plc
1,349,490
9,576,030
Rio Tinto plc
1,836,839
113,409,836
Rolls-Royce Holdings plc *
14,294,042
40,264,499
RS Group plc
783,784
7,550,088
Schroders plc
1,384,606
7,225,041
Segro plc
2,046,068
19,118,375
Severn Trent plc
416,509
12,666,698
Shell plc
11,513,784
351,830,209
Smith & Nephew plc
1,463,658
19,845,003
Smiths Group plc
588,714
12,234,212
Smurfit Kappa Group plc
433,464
18,257,522
Spirax-Sarco Engineering plc
126,445
16,238,772
SSE plc
1,832,101
37,759,937
St. James's Place plc
921,504
10,331,660
Standard Chartered plc
3,874,124
34,933,109
SECURITY
NUMBER
OF SHARES
VALUE ($)
Tate & Lyle plc
653,576
5,851,080
Taylor Wimpey plc
5,993,495
8,680,688
Tesco plc
12,184,395
41,022,612
The British Land Co., plc
1,673,489
6,862,133
The Sage Group plc
1,724,524
21,218,577
The Unite Group plc
599,947
7,149,892
The Weir Group plc
434,694
10,104,833
Unilever plc
4,231,140
216,711,265
United Utilities Group plc
1,152,063
13,824,645
Vodafone Group plc
36,611,425
33,963,686
Whitbread plc
343,614
14,978,112
Wise plc, Class A *
1,173,593
9,520,526
WPP plc
1,760,078
17,079,496
 
4,139,754,627
Total Common Stocks
(Cost $27,263,941,630)
31,416,137,272
PREFERRED STOCKS 0.5% OF NET ASSETS
 
Germany 0.3%
Bayerische Motoren Werke AG
96,165
9,263,073
FUCHS SE
120,321
5,001,611
Henkel AG & Co. KGaA
273,221
20,971,333
Sartorius AG
41,028
16,805,519
Sixt SE
22,308
1,450,298
Volkswagen AG
335,215
41,126,836
 
94,618,670
 
Italy 0.0%
Telecom Italia S.p.A. - RSP *
10,743,743
3,299,983
 
Republic of Korea 0.2%
Hyundai Motor Co., Ltd.
33,998
2,618,496
Hyundai Motor Co., Ltd. 2nd
55,453
4,367,435
LG Chem Ltd.
13,743
3,550,773
LG Electronics, Inc.
13,984
495,669
LG H&H Co., Ltd.
2,999
433,825
Samsung Electronics Co., Ltd.
1,392,298
56,882,233
Samsung SDI Co., Ltd.
3,312
751,731
 
69,100,162
 
Spain 0.0%
Grifols S.A., B Shares *
412,006
3,914,979
Total Preferred Stocks
(Cost $169,925,156)
170,933,794
RIGHTS 0.0% OF NET ASSETS
 
Canada 0.0%
Constellation Software, Inc.
expires 09/29/23, strike CAD
1.33 *
31,758
17,605
 
Sweden 0.0%
Swedish Orphan Biovitrum AB
expires 09/14/23, strike SEK
142.00 *
269,610
243,513
Total Rights
(Cost $14,084)
261,118
See financial notes
Schwab International Equity ETFs | Annual Report39

Schwab International Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
WARRANTS 0.0% OF NET ASSETS
 
Canada 0.0%
Constellation Software, Inc.
expires 03/31/40 *(b)
31,758
162,904
Total Warrants
(Cost $0)
162,904
 
 
 
SHORT-TERM INVESTMENTS 0.1% OF NET ASSETS
 
Money Market Funds 0.1%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (c)
12,098,604
12,098,604
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (c)(d)
14,664,226
14,664,226
 
26,762,830
Total Short-Term Investments
(Cost $26,762,830)
26,762,830
Total Investments in Securities
(Cost $27,460,643,700)
31,614,257,918
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
DEPRECIATION
($)
FUTURES CONTRACTS
Long
MSCI EAFE Index, expires
09/15/23
1,630
171,907,950
(2,030,703
)
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$13,962,850.
(b)
Fair valued using significant unobservable inputs (see financial note 2(a),
Securities for which no quoted value is available, for additional information).
(c)
The rate shown is the annualized 7-day yield.
(d)
Security purchased with cash collateral received for securities on loan.
CVA —
Dutch Certificate
GDR —
Global Depositary Receipt
REIT —
Real Estate Investment Trust
RSP —
Risparmio (Savings Shares)
CAD —
Canadian Dollar
SEK —
Swedish Krona

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
$24,446,878,732
$
$
$24,446,878,732
Australia
2,125,355,960
3,243,724
2,128,599,684
Hong Kong
700,904,229
0
*
700,904,229
United Kingdom
4,139,754,627
0
*
4,139,754,627
Preferred Stocks1
170,933,794
170,933,794
Rights1
261,118
261,118
Warrants1
Canada
162,904
162,904
Short-Term Investments1
26,762,830
26,762,830
Liabilities
Futures Contracts2
(2,030,703
)
(2,030,703
)
Total
$31,608,820,587
$—
$3,406,628
$31,612,227,215
*
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
40Schwab International Equity ETFs | Annual Report

Schwab International Equity ETF
Statement of Assets and Liabilities
As of August 31, 2023
Assets
Investments in securities, at value - unaffiliated (cost $27,460,643,700) including securities on loan of $13,962,850
 
$31,614,257,918
Foreign currency, at value (cost $24,252,863)
 
24,165,705
Deposit with broker for futures contracts
 
7,733,689
Receivables:
 
Dividends
 
79,056,463
Foreign tax reclaims
 
43,230,542
Investments sold
 
2,375,518
Income from securities on loan
+
103,183
Total assets
 
31,770,923,018
 
Liabilities
Collateral held for securities on loan
 
14,664,226
Payables:
 
Investments bought
 
1,726,158
Management fees
 
1,607,265
Variation margin on futures contracts
+
786,387
Total liabilities
 
18,784,036
Net assets
 
$31,752,138,982
 
Net Assets by Source
Capital received from investors
 
$29,498,707,478
Total distributable earnings
+
2,253,431,504
Net assets
 
$31,752,138,982
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$31,752,138,982
 
900,000,000
$35.28
 
 
 
 
See financial notes
Schwab International Equity ETFs | Annual Report41

Schwab International 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 $86,524,980)
 
$946,169,761
Securities on loan, net
+
2,872,780
Total investment income
 
949,042,541
 
Expenses
Management fees
 
17,711,916
Proxy fees1
 
441,999
Professional fees
+
117,319
2
Total expenses
 
18,271,234
Expense reduction
117,319
2
Net expenses
18,153,915
Net investment income
 
930,888,626
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated
 
(545,291,697
)
Net realized gains on sales of in-kind redemptions - unaffiliated
 
49,735,902
Net realized gains on futures contracts
 
11,986,038
Net realized losses on foreign currency transactions
+
(4,969,787
)
Net realized losses
 
(488,539,544
)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated
 
3,992,441,818
Net change in unrealized appreciation (depreciation) on futures contracts
 
3,528,835
Net change in unrealized appreciation (depreciation) on foreign currency translations
+
4,707,239
Net change in unrealized appreciation (depreciation)
+
4,000,677,892
Net realized and unrealized gains
 
3,512,138,348
Increase in net assets resulting from operations
 
$4,443,026,974
1
Proxy fees are non-routine expenses (see financial note 2(e) for additional information).
2
Professional fees associated with the filing of tax claims in the European Union deemed to be non-contingent and non-routine expenses of the fund (see financial notes 2(d)
and 4 for additional information).
See financial notes
42Schwab International Equity ETFs | Annual Report

Schwab International 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
 
$930,888,626
$889,791,567
Net realized losses
 
(488,539,544
)
(456,847,527
)
Net change in unrealized appreciation (depreciation)
+
4,000,677,892
(6,288,864,961
)
Increase (decrease) in net assets resulting from operations
 
$4,443,026,974
($5,855,920,921
)
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($892,762,840
)
($883,078,400
)
TRANSACTIONS IN FUND SHARES
 
9/1/22-8/31/23
9/1/21-8/31/22
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
69,200,000
$2,199,189,931
126,500,000
$4,520,915,430
Shares redeemed
+
(3,300,000
)
(117,312,049
)
Net transactions in fund shares
 
65,900,000
$2,081,877,882
126,500,000
$4,520,915,430
 
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
 
834,100,000
$26,119,996,966
707,600,000
$28,338,080,857
Total increase (decrease)
+
65,900,000
5,632,142,016
126,500,000
(2,218,083,891
)
End of period
 
900,000,000
$31,752,138,982
834,100,000
$26,119,996,966
See financial notes
Schwab International Equity ETFs | Annual Report43

Schwab International Small-Cap 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
$31.67
$43.21
$33.20
$31.15
$35.86
Income (loss) from investment operations:
Net investment income (loss)1
0.96
0.93
0.72
0.64
0.82
Net realized and unrealized gains (losses)
2.12
(11.45
)
10.11
2.36
(4.63
)
Total from investment operations
3.08
(10.52
)
10.83
3.00
(3.81
)
Less distributions:
Distributions from net investment income
(0.73
)
(1.02
)
(0.82
)
(0.95
)
(0.90
)
Net asset value at end of period
$34.02
$31.67
$43.21
$33.20
$31.15
Total return
9.87
%
(24.85
%)
33.01
%
9.63
%
(10.57
%)
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.11
%
0.11
%2
0.11
%
0.11
%3
0.12
%
Net investment income (loss)
2.95
%
2.49
%
1.87
%
2.07
%
2.54
%
Portfolio turnover rate4
15
%
18
%
22
%
17
%
20
%
Net assets, end of period (x 1,000,000)
$3,767
$3,383
$3,832
$2,596
$2,187
1
Calculated based on the average shares outstanding during the period.
2
Ratio includes less than 0.005% of non-routine proxy expenses.
3
Effective February 25, 2020, the annual operating expense ratio was reduced to 0.11%. The ratio presented for the period ended August 31, 2020 is a blended ratio.
4
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
44Schwab International Equity ETFs | Annual Report

Schwab International Small-Cap 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 99.5% OF NET ASSETS
 
Australia 6.2%
Abacus Group
986,814
757,345
Abacus Storage King *
986,814
795,692
Accent Group Ltd.
642,138
852,555
Alkane Resources Ltd. *
818,899
355,341
APM Human Services International Ltd.
546,221
654,456
Appen Ltd. *(a)
255,900
262,688
Arafura Rare Earths Ltd. *
3,352,319
531,927
ARB Corp., Ltd.
144,465
3,162,421
Arena REIT
629,065
1,511,506
Argosy Minerals Ltd. *
2,411,057
405,995
AUB Group Ltd.
163,415
3,262,915
Audinate Group Ltd. *
126,926
1,146,740
Aussie Broadband Ltd. *
345,844
799,629
Austal Ltd.
612,237
773,205
Australian Agricultural Co., Ltd. *
615,076
577,613
Australian Clinical Labs Ltd. (a)
256,197
489,482
Australian Ethical Investment Ltd.
219,701
640,302
Australian Finance Group Ltd.
392,700
401,845
AVZ Minerals Ltd. *(b)
641,362
62,307
Baby Bunting Group Ltd. (a)
237,557
338,478
Bapcor Ltd.
641,234
2,761,713
Bega Cheese Ltd.
562,009
1,095,595
Bellevue Gold Ltd. *
2,033,889
2,226,149
Boss Energy Ltd. *
636,113
1,429,566
BrainChip Holdings Ltd. *(a)
1,563,204
323,971
Breville Group Ltd.
275,031
4,383,627
Brickworks Ltd.
115,513
2,046,108
BWP Trust
936,904
2,245,107
Calix Ltd. *
296,073
736,326
Capricorn Metals Ltd. *
599,967
1,771,873
Carnarvon Energy Ltd. *
3,320,638
344,098
Cedar Woods Properties Ltd.
125,587
435,963
Centuria Capital Group
1,414,784
1,360,683
Centuria Industrial REIT
1,020,464
2,035,583
Centuria Office REIT
872,041
725,739
Chalice Mining Ltd. *
638,500
1,476,282
Champion Iron Ltd.
886,706
3,497,335
Charter Hall Long Wale REIT
1,267,802
2,906,665
Charter Hall Retail REIT
952,273
2,152,421
Charter Hall Social Infrastructure REIT
659,545
1,213,118
Clinuvel Pharmaceuticals Ltd.
74,542
926,921
Codan Ltd.
227,279
1,156,970
Collins Foods Ltd.
213,546
1,371,966
Cooper Energy Ltd. *
4,952,839
384,925
Core Lithium Ltd. *(a)
3,538,488
905,222
Coronado Global Resources, Inc.
1,447,436
1,481,142
Corporate Travel Management Ltd.
214,870
2,595,344
Costa Group Holdings Ltd.
830,955
1,533,779
Credit Corp. Group Ltd.
109,198
1,514,160
Cromwell Property Group
2,633,249
827,130
Data#3 Ltd.
277,628
1,332,361
De Grey Mining Ltd. *
2,424,247
2,245,191
Dexus Industria REIT
385,928
702,349
SECURITY
NUMBER
OF SHARES
VALUE ($)
Dicker Data Ltd.
97,757
624,893
Eagers Automotive Ltd.
371,199
3,846,512
Elders Ltd.
293,860
1,225,651
Emeco Holdings Ltd.
1,045,800
447,026
Estia Health Ltd.
439,126
861,732
Event Hospitality & Entertainment Ltd.
203,954
1,615,470
Firefinch Ltd. *(b)
2,051,119
66,420
FleetPartners Group Ltd. *
473,561
901,703
G.U.D. Holdings Ltd.
270,364
2,125,729
G8 Education Ltd.
1,517,454
1,110,540
GDI Property Group Partnership
815,554
338,044
Gold Road Resources Ltd.
2,051,870
2,358,786
Goulamina Holdings Pty Ltd. *(b)
1,797,999
1,327,500
GQG Partners, Inc.
1,189,658
1,194,247
GrainCorp Ltd., Class A
427,840
2,022,761
Growthpoint Properties Australia Ltd.
520,828
850,032
GWA Group Ltd.
524,453
652,151
Hansen Technologies Ltd.
315,471
1,119,645
Healius Ltd.
999,155
1,811,887
Helia Group Ltd.
654,091
1,643,653
Home Consortium Ltd.
471,412
1,642,568
HomeCo Daily Needs REIT
3,343,800
2,652,874
Hotel Property Investments
358,387
700,970
HUB24 Ltd.
107,291
2,243,041
Imdex Ltd.
962,232
1,009,567
Imugene Ltd. *
11,717,178
516,027
Infomedia Ltd.
719,618
782,982
Ingenia Communities Group
713,390
1,926,653
Inghams Group Ltd.
357,667
806,118
Integral Diagnostics Ltd.
320,446
620,535
InvoCare Ltd.
272,816
2,217,450
ioneer Ltd. *
3,954,344
614,647
IPH Ltd.
336,434
1,662,512
IRESS Ltd.
354,706
1,470,242
Johns Lyng Group Ltd.
336,959
1,401,046
Judo Capital Holdings Ltd. *
973,251
579,900
Jumbo Interactive Ltd.
95,956
950,211
Karoon Energy Ltd. *
974,107
1,514,113
Kelsian Group Ltd.
378,891
1,555,765
Kogan.com Ltd. *
134,690
472,797
Lake Resources NL *(a)
2,584,858
368,298
Life360, Inc. *
339,601
2,052,064
Lifestyle Communities Ltd.
180,460
2,035,961
Link Administration Holdings Ltd.
935,678
812,029
Liontown Resources Ltd. *
3,321,222
5,850,691
Lovisa Holdings Ltd.
102,530
1,486,111
Macquarie Technology Group Ltd. *
17,823
771,308
Mayne Pharma Group Ltd.
167,390
397,865
McMillan Shakespeare Ltd.
111,932
1,291,096
Megaport Ltd. *
290,164
2,262,613
Mesoblast Ltd. *(a)
1,265,443
417,978
Monadelphous Group Ltd.
170,892
1,623,649
Mount Gibson Iron Ltd. *
1,386,693
404,141
Myer Holdings Ltd.
1,576,832
684,228
MyState Ltd.
206,070
437,753
Nanosonics Ltd. *
438,105
1,188,865
National Storage REIT
2,356,506
3,540,763
See financial notes
Schwab International Equity ETFs | Annual Report45

Schwab International Small-Cap Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Neometals Ltd. *(a)
898,723
296,849
Netwealth Group Ltd.
162,385
1,578,581
Neuren Pharmaceuticals Ltd. *
210,150
1,712,184
nib Holdings Ltd.
932,515
5,024,808
Nick Scali Ltd.
85,619
693,694
Nickel Industries Ltd.
2,851,061
1,467,959
Nine Entertainment Co. Holdings Ltd.
2,806,359
3,744,129
NRW Holdings Ltd. (b)
822,821
1,449,488
OFX Group Ltd. *
420,039
470,626
Omni Bridgeway Ltd. *
478,449
650,722
oOh!media Ltd.
879,704
831,821
Opthea Ltd. *
900,504
250,781
Opthea Ltd. *(b)
293,324
81,688
Paladin Energy Ltd. *
5,648,889
3,091,435
Paradigm Biopharmaceuticals Ltd. *
509,311
201,212
Perenti Ltd. *
1,303,374
894,778
Perseus Mining Ltd.
2,592,258
3,164,681
PEXA Group Ltd. *
253,634
1,893,987
Pinnacle Investment Management Group
Ltd.
188,227
1,141,033
PointsBet Holdings Ltd. *(a)
429,193
451,696
PolyNovo Ltd. *
1,210,113
1,167,757
PPK Mining Equipment Group *(b)
78,953
1,437
Praemium Ltd. *
877,223
409,056
Premier Investments Ltd.
157,425
2,619,257
PWR Holdings Ltd.
116,822
819,395
Ramelius Resources Ltd.
1,802,674
1,605,315
Regis Healthcare Ltd.
264,140
434,518
Regis Resources Ltd. *
1,356,295
1,423,015
Reliance Worldwide Corp., Ltd.
1,511,747
4,092,566
Resolute Mining Ltd. *
4,136,672
991,273
Rural Funds Group
705,319
986,688
Sandfire Resources Ltd. *
869,979
3,769,426
Sayona Mining Ltd. *
13,922,803
991,881
Select Harvests Ltd.
234,314
635,847
Service Stream Ltd.
1,082,150
630,769
Seven West Media Ltd. *
1,784,108
346,643
Sigma Healthcare Ltd.
1,560,242
808,392
Silex Systems Ltd. *(a)
371,726
770,395
Silver Lake Resources Ltd. *
1,628,069
1,038,602
SiteMinder Ltd. *
415,576
1,316,133
SmartGroup Corp., Ltd.
162,447
904,796
Solvar Ltd.
367,357
305,726
St. Barbara Ltd. *
1,538,442
199,274
Stanmore Resources Ltd. *
453,217
851,225
Strike Energy Ltd. *
4,690,862
1,169,644
Super Retail Group Ltd.
306,967
2,580,517
Superloop Ltd. *
782,381
357,230
Syrah Resources Ltd. *
1,250,315
469,664
Technology One Ltd.
535,153
5,340,980
Telix Pharmaceuticals Ltd. *
325,914
2,334,525
Temple & Webster Group Ltd. *
202,440
943,994
Tietto Minerals Ltd. *
1,900,397
596,934
Tyro Payments Ltd. *
643,745
589,944
United Malt Grp Ltd. *
519,329
1,658,173
Ventia Services Group Pty Ltd.
829,787
1,461,759
Virgin Australia Holdings Pty. Ltd. *(b)
424,000
0
Viva Energy Group Ltd.
1,600,844
3,234,774
Vulcan Energy Resources Ltd. *
202,076
446,282
Vulcan Steel Ltd.
179,277
917,259
Waypoint REIT Ltd.
1,303,035
2,109,776
Webjet Ltd. *
730,931
3,304,244
Weebit Nano Ltd. *(a)
341,188
879,462
West African Resources Ltd. *
2,032,315
1,125,375
Westgold Resources Ltd. *
794,482
833,565
Zip Co., Ltd. *(a)
1,343,972
269,831
 
233,873,107
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Austria 0.9%
Agrana Beteiligungs AG
22,560
381,974
AT&S Austria Technologie &
Systemtechnik AG
49,605
1,771,296
BAWAG Group AG
153,356
7,247,011
CA Immobilien Anlagen AG
79,339
2,634,983
DO & Co. AG
13,047
1,520,844
EVN AG
68,384
1,695,940
Flughafen Wien AG
10,432
526,490
IMMOFINANZ AG *
59,687
1,151,811
Lenzing AG *(a)
38,131
1,812,684
Mayr Melnhof Karton AG (a)
16,234
2,304,639
Oesterreichische Post AG (a)
62,553
2,158,962
Palfinger AG
26,288
704,732
Porr AG
23,335
305,439
Schoeller-Bleckmann Oilfield Equipment
AG
21,087
1,174,091
Strabag SE
24,275
1,036,749
UNIQA Insurance Group AG
212,678
1,715,067
Vienna Insurance Group AG Wiener
Versicherung Gruppe
72,268
1,941,292
Wienerberger AG
202,862
5,601,283
 
35,685,287
 
Belgium 1.4%
Aedifica S.A.
90,436
6,065,960
AGFA-Gevaert N.V. *
252,901
577,793
Barco N.V.
133,978
2,879,177
Bekaert S.A.
63,555
3,018,539
bpost S.A.
190,866
899,473
Cofinimmo S.A.
63,063
4,921,225
Deme Group NV
13,750
1,611,744
Econocom Group S.A. N.V.
195,929
592,234
Etablissements Franz Colruyt N.V.
93,216
3,564,288
Euronav N.V.
236,510
4,131,523
Fagron
111,799
1,996,060
Gimv N.V.
38,890
1,789,672
KBC Ancora
67,865
3,014,055
Kinepolis Group N.V.
25,106
1,196,222
Melexis N.V.
38,559
3,649,320
Montea N.V.
27,534
2,214,406
Ontex Group N.V. *
122,113
988,713
Retail Estates N.V.
21,520
1,326,662
Shurgard Self Storage Ltd.
49,003
2,252,401
Tessenderlo Group S.A.
43,156
1,339,606
Van de Velde N.V.
10,627
384,083
VGP N.V.
19,653
2,054,116
Xior Student Housing N.V.
59,004
1,735,483
 
52,202,755
 
Canada 21.7%
Air Canada *
334,289
5,638,401
Alamos Gold, Inc., Class A
748,184
9,611,174
Algonquin Power & Utilities Corp.
1,309,353
9,900,352
Allied Properties Real Estate Investment
Trust
242,940
3,729,527
AltaGas Ltd.
536,746
10,481,414
ARC Resources Ltd.
1,181,486
17,998,024
Aritzia, Inc. *
172,817
3,167,790
Artis Real Estate Investment Trust
152,837
790,760
Atco Ltd., Class I
144,725
3,989,979
ATS Corp. *
142,953
6,405,123
B2Gold Corp.
2,042,060
6,278,850
Ballard Power Systems, Inc. *
483,271
2,032,456
Bausch Health Cos., Inc. *
606,879
5,059,755
See financial notes
46Schwab International Equity ETFs | Annual Report

Schwab International Small-Cap Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Baytex Energy Corp. *
1,310,566
5,327,701
BlackBerry Ltd. *
998,195
5,562,948
Boardwalk Real Estate Investment Trust
70,035
3,539,150
Bombardier, Inc., Class B *
162,858
6,634,933
Boralex, Inc., Class A
155,113
3,758,161
Boyd Group Services, Inc.
40,922
7,370,769
Brookfield Infrastructure Corp., Class A
186,941
7,256,840
Brookfield Renewable Corp., Class A
244,607
6,819,599
BRP, Inc.
67,772
5,176,009
CAE, Inc. *
563,823
13,581,427
Cameco Corp.
828,973
30,635,759
Canada Goose Holdings, Inc. *(a)
92,602
1,456,499
Canadian Apartment Properties REIT
318,767
11,419,961
Canadian Western Bank
180,311
3,503,733
Canfor Corp. *
115,195
1,769,283
Canopy Growth Corp. *(a)
675,909
384,678
Capital Power Corp.
222,896
6,700,307
Capstone Copper Corp. *
841,305
3,911,311
Cargojet, Inc.
16,016
1,137,498
Cascades, Inc.
182,212
1,711,752
Celestica, Inc. *
194,456
4,527,413
Centerra Gold, Inc.
428,256
2,567,099
Chartwell Retirement Residences
456,587
3,465,870
Choice Properties Real Estate Investment
Trust
496,834
4,814,290
CI Financial Corp.
324,315
4,156,563
Cogeco Communications, Inc.
18,980
935,708
Colliers International Group, Inc.
59,659
6,883,748
Crescent Point Energy Corp.
954,951
7,848,816
Cronos Group, Inc. *(a)
376,460
762,408
Definity Financial Corp.
142,876
3,926,331
Dream Industrial Real Estate Investment
Trust
473,724
4,828,452
Dye & Durham Ltd.
61,349
818,017
Eldorado Gold Corp. *
352,968
3,368,060
Element Fleet Management Corp.
753,618
11,569,271
Emera, Inc.
522,029
19,543,083
Enerplus Corp.
415,195
7,092,026
Enghouse Systems Ltd.
84,134
1,905,988
Equinox Gold Corp. *
507,830
2,556,135
Finning International, Inc.
288,023
9,032,718
First Capital Real Estate Investment
Trust
407,208
4,135,436
First Majestic Silver Corp.
519,293
3,181,891
First National Financial Corp.
33,543
927,239
First Quantum Minerals Ltd.
1,066,676
28,619,194
FirstService Corp.
73,182
11,052,351
GFL Environmental, Inc.
377,390
12,214,722
Gibson Energy, Inc.
272,515
4,092,912
Gildan Activewear, Inc.
339,845
10,122,882
Granite Real Estate Investment Trust
114,304
6,360,032
H&R Real Estate Investment Trust
506,585
3,871,606
Home Capital Group, Inc.
74,257
2,429,221
Hudbay Minerals, Inc.
564,473
2,803,695
iA Financial Corp., Inc.
200,149
12,540,471
IAMGOLD Corp. *
914,200
2,263,624
Innergex Renewable Energy, Inc.
299,843
2,856,703
Ivanhoe Mines Ltd., Class A *
1,080,362
9,598,249
Keyera Corp.
437,075
10,783,520
Kinaxis, Inc. *
53,573
6,595,702
Kinross Gold Corp.
2,364,651
11,989,730
Laurentian Bank of Canada
82,869
2,250,960
Lightspeed Commerce, Inc. *
262,167
4,274,662
Linamar Corp.
80,389
4,213,300
Lithium Americas Corp. *(a)
186,988
3,423,403
Lundin Gold, Inc.
244,656
2,929,471
Lundin Mining Corp.
1,307,733
10,129,747
Maple Leaf Foods, Inc.
144,082
3,097,931
SECURITY
NUMBER
OF SHARES
VALUE ($)
MEG Energy Corp. *
547,840
9,786,979
Methanex Corp.
105,596
4,487,801
Mullen Group Ltd.
164,581
1,739,538
Northland Power, Inc.
481,472
9,092,435
NorthWest Healthcare Properties Real
Estate Investment Trust
412,187
2,080,814
Novagold Resources, Inc. *
454,165
1,876,479
Nuvei Corp.
117,726
2,122,279
OceanaGold Corp.
1,341,315
2,894,889
Onex Corp.
130,681
8,064,272
Open Text Corp.
513,372
20,660,856
Osisko Gold Royalties Ltd.
354,784
4,735,873
Pan American Silver Corp.
694,024
11,459,770
Paramount Resources Ltd., Class A
144,336
3,339,160
Parex Resources, Inc.
202,371
3,824,699
Parkland Corp.
261,624
6,913,085
PrairieSky Royalty Ltd.
407,868
7,792,888
Premium Brands Holdings Corp.
71,059
5,455,936
Primaris Real Estate Investment Trust
186,876
1,846,729
Primo Water Corp.
300,987
4,587,274
Quebecor, Inc., Class B
100,858
2,302,748
RB Global, Inc.
347,002
21,431,307
RioCan Real Estate Investment Trust
576,803
8,232,430
Russel Metals, Inc.
120,706
3,585,627
SmartCentres Real Estate Investment
Trust
250,230
4,448,081
SNC-Lavalin Group, Inc.
336,822
10,961,434
SSR Mining, Inc.
397,784
5,892,007
Stantec, Inc.
213,277
14,228,450
Stelco Holdings, Inc.
80,581
2,304,952
Stella-Jones, Inc.
111,891
5,424,392
Superior Plus Corp.
319,324
2,409,770
TFI International, Inc.
157,990
21,500,513
The Descartes Systems Group, Inc. *
161,828
12,117,813
The North West Co., Inc.
92,149
2,077,345
TMX Group Ltd.
531,023
11,735,532
Topaz Energy Corp.
174,643
2,803,685
Torex Gold Resources, Inc. *
166,398
1,919,859
Toromont Industries Ltd.
154,559
12,662,197
TransAlta Corp.
449,700
4,311,031
TransAlta Renewables, Inc.
203,450
1,977,433
Transcontinental, Inc., Class A
136,802
1,337,736
Tricon Residential, Inc.
464,979
3,938,549
Vermilion Energy, Inc.
305,181
4,439,160
West Fraser Timber Co., Ltd.
148,258
11,192,632
Westshore Terminals Investment Corp.
75,200
1,616,888
Whitecap Resources, Inc.
564,300
4,608,829
Winpak Ltd.
59,786
1,765,365
WSP Global, Inc.
224,970
31,470,359
 
815,560,453
 
Denmark 2.3%
ALK-Abello A/S *
253,587
3,026,301
Alm Brand A/S
1,658,899
2,749,149
Ambu A/S, Class B *
352,865
4,290,730
Bavarian Nordic A/S *(a)
149,318
3,331,249
Chemometec A/S *
29,696
1,829,256
D/S Norden A/S
42,804
2,061,987
Dfds A/S
55,759
1,870,827
FLSmidth & Co. A/S (a)
108,302
4,958,555
GN Store Nord A/S *
279,033
5,745,675
ISS A/S
293,442
5,221,913
Jyske Bank A/S *
88,329
6,304,115
Netcompany Group A/S *
62,922
2,388,799
NKT A/S *
102,936
5,591,293
NTG Nordic Transport Group A/S,
Class A *
28,495
1,564,394
See financial notes
Schwab International Equity ETFs | Annual Report47

Schwab International Small-Cap Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Ringkjoebing Landbobank A/S
52,414
7,777,815
Scandinavian Tobacco Group A/S,
A Shares
103,362
1,572,944
Schouw & Co. A/S
23,909
1,758,283
SimCorp A/S
75,349
8,026,532
Spar Nord Bank A/S
153,237
2,318,544
Sydbank A/S
107,483
5,065,058
Topdanmark A/S
83,462
3,957,394
TORM plc, Class A
57,973
1,430,129
Zealand Pharma A/S *
111,828
4,181,977
 
87,022,919
 
Finland 1.0%
Cargotec Oyj, B Shares
92,843
4,371,278
Citycon Oyj *
145,921
897,988
Finnair Oyj *(a)
1,120,680
627,626
F-Secure Oyj
203,510
526,798
Kemira Oyj
217,772
3,455,565
Konecranes Oyj
136,159
4,715,664
Metsa Board Oyj, B Shares
334,153
2,674,712
Nokian Renkaat Oyj
239,745
2,083,219
Oriola Oyj, B Shares
246,323
252,643
Outokumpu Oyj
694,621
3,243,307
QT Group Oyj *(a)
37,090
2,371,861
Raisio Oyj, V Shares
214,352
481,579
Revenio Group Oyj
43,606
1,115,989
Sanoma Oyj
142,123
1,095,197
Terveystalo Oyj
145,786
1,231,020
TietoEVRY Oyj
190,595
4,670,949
Tokmanni Group Corp.
95,427
1,416,860
Uponor Oyj
104,423
3,304,863
YIT Oyj
306,836
749,305
 
39,286,423
 
France 3.8%
Air France-KLM *
219,156
3,337,190
Altarea S.C.A.
7,337
722,263
Alten S.A.
55,369
7,890,438
Antin Infrastructure Partners S.A.
50,316
748,709
ARGAN S.A.
19,392
1,565,904
Atos SE *(a)
186,377
1,570,130
Believe S.A. *
28,570
290,549
Beneteau S.A.
69,936
1,065,707
Bonduelle S.C.A.
24,973
298,149
Carmila S.A.
108,991
1,703,424
Casino Guichard Perrachon S.A. *(a)
73,433
235,754
CGG S.A. *
1,355,799
1,070,675
Cie Plastic Omnium SE
104,187
1,834,147
Clariane SE
124,857
846,960
Coface S.A.
198,812
2,669,205
Derichebourg S.A.
182,192
998,597
Elior Group S.A. *
216,482
486,834
Elis S.A.
365,070
6,989,473
Equasens
7,178
585,856
Eramet S.A.
18,152
1,395,835
Etablissements Maurel et Prom S.A.
100,546
481,253
Euroapi S.A. *
89,533
1,220,027
Eutelsat Communications S.A. (a)
260,942
1,591,659
Fnac Darty S.A.
22,311
695,946
Forvia SE *
304,179
6,483,961
Gaztransport Et Technigaz S.A.
63,784
7,912,754
GL Events
24,758
505,177
ID Logistics Group *
4,715
1,230,741
Imerys S.A.
74,289
2,536,606
Interparfums S.A.
36,611
2,423,880
IPSOS
74,721
3,748,369
SECURITY
NUMBER
OF SHARES
VALUE ($)
Jacquet Metals SACA
24,430
476,741
Lagardere S.A.
29,185
690,535
LISI
31,669
775,087
Maisons du Monde S.A.
77,279
723,000
Manitou BF S.A.
22,357
587,217
Mercialys S.A.
168,893
1,572,782
Mersen S.A.
32,764
1,493,537
Metropole Television S.A.
125,557
1,722,494
Nexans S.A.
64,195
5,298,710
Nexity S.A.
85,662
1,423,420
OVH Groupe SAS *(a)
41,480
422,516
PEUGEOT INVEST
9,709
1,083,272
Quadient S.A.
64,003
1,321,237
Rothschild & Co.
53,381
2,239,267
Rubis S.C.A.
178,984
4,374,741
SES S.A.
720,520
5,255,149
SES-imagotag S.A. *(a)
15,079
1,790,439
SMCP S.A. *
77,952
508,477
Societe BIC S.A.
46,832
2,998,917
Sopra Steria Group S.A.
27,394
6,041,557
SPIE S.A.
244,501
7,340,109
Technip Energies N.V.
258,925
6,005,487
Television Francaise 1
200,843
1,631,617
Trigano S.A.
15,066
2,125,744
Vallourec S.A. *
313,777
4,207,591
Valneva SE *(a)
191,558
1,323,955
Verallia S.A.
134,029
6,418,063
Vetoquinol S.A.
7,195
689,543
Vicat S.A.
29,180
986,536
Virbac S.A.
8,320
2,492,310
Voltalia S.A. *
72,276
1,270,805
X-Fab Silicon Foundries SE *
101,197
1,149,963
 
141,576,990
 
Germany 4.2%
1&1 AG
86,806
1,292,628
About You Holding SE *(a)
61,194
410,124
Adesso SE
6,904
866,220
Adtran Networks SE *
34,348
747,456
AIXTRON SE
204,531
7,791,767
Aroundtown S.A. *
1,282,052
2,319,589
Atoss Software AG
7,281
1,774,096
Aurubis AG
57,835
4,799,486
Auto1 Group SE *
178,431
1,499,703
Basler AG (a)
22,175
335,021
BayWa AG
28,544
1,008,406
Befesa S.A.
77,280
2,851,778
Bertrandt AG
8,703
434,507
Bilfinger SE
49,608
1,722,945
CANCOM SE
64,683
1,881,459
CECONOMY AG *
362,956
949,381
CompuGroup Medical SE & Co. KgaA
46,664
2,190,979
CropEnergies AG
40,461
374,589
Dermapharm Holding SE
32,517
1,560,626
Deutsche Beteiligungs AG
26,804
945,481
Deutsche Euroshop AG
23,008
528,152
Deutsche Pfandbriefbank AG (a)
232,135
1,834,179
Deutz AG
228,200
1,072,936
DIC Asset AG (a)
102,960
485,543
Duerr AG
95,089
2,842,261
Eckert & Ziegler Strahlen- und
Medizintechnik AG
27,875
1,005,647
ElringKlinger AG
51,315
338,345
Encavis AG *
210,450
3,235,454
Energiekontor AG
12,101
1,149,209
Evotec SE *
302,824
7,112,418
flatexDEGIRO AG *
162,831
1,429,734
See financial notes
48Schwab International Equity ETFs | Annual Report

Schwab International Small-Cap Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Freenet AG
228,119
5,471,715
Gerresheimer AG
66,224
8,617,956
GFT Technologies SE
32,578
912,957
Grand City Properties S.A. *
190,705
1,706,563
GRENKE AG (a)
50,546
1,289,212
Hamburger Hafen und Logistik AG
47,729
525,279
Hensoldt AG
101,005
3,284,387
Hornbach Holding AG & Co. KGaA
17,166
1,352,619
Hugo Boss AG
108,202
8,161,872
Hypoport SE *
8,237
1,537,684
Indus Holding AG
39,546
950,706
Instone Real Estate Group AG
56,056
358,958
Jenoptik AG
98,409
2,890,229
K+S AG
367,325
6,917,030
Kloeckner & Co. SE
137,006
1,171,751
Kontron AG (a)
90,429
1,972,757
Krones AG
28,354
3,074,323
KWS Saat SE & Co. KGaA
20,096
1,223,608
MorphoSys AG *
66,968
2,032,963
Nagarro SE *(a)
14,802
1,116,542
New Work SE
5,302
567,972
Nordex SE *
241,663
2,896,981
Norma Group SE
60,799
1,119,819
PATRIZIA SE
81,087
776,228
PNE AG
80,442
1,112,300
ProSiebenSat.1 Media SE (a)
325,524
2,588,330
Redcare Pharmacy N.V. *
13,817
1,649,591
Salzgitter AG
73,752
2,177,271
Secunet Security Networks AG
2,519
608,314
SGL Carbon SE *(a)
96,962
736,138
Siltronic AG
40,072
3,207,545
SMA Solar Technology AG *
16,619
1,340,181
Software AG *
93,446
3,225,207
Stabilus SE
46,735
2,627,494
STRATEC SE
13,805
746,915
Stroeer SE & Co. KGaA
46,428
2,113,383
Suedzucker AG
147,839
2,387,600
Synlab AG
147,357
1,509,776
TAG Immobilien AG *
291,020
3,310,197
Takkt AG
62,788
915,895
TeamViewer SE *
266,557
4,954,392
Varta AG *(a)
26,617
588,753
VERBIO Vereinigte BioEnergie AG
38,196
1,811,213
Vitesco Technologies Group AG,
Class A *
35,042
2,772,593
Vossloh AG
16,423
740,616
Wacker Neuson SE
45,777
1,013,555
Wuestenrot & Wuerttembergische AG
34,618
577,116
 
159,434,605
 
Hong Kong 0.8%
Asia Cement China Holdings Corp.
833,145
325,109
Beijing Tong Ren Tang Chinese Medicine
Co., Ltd.
471,771
856,699
China Animal Healthcare Ltd. *(b)
192,752
0
Chow Sang Sang Holdings International
Ltd.
470,481
563,971
CITIC Telecom International Holdings
Ltd.
2,883,140
1,121,379
C-Mer Eye Care Holdings Ltd. *
807,821
380,127
Cowell e Holdings, Inc. *(a)
570,463
1,124,667
EC Healthcare
757,995
371,180
Esprit Holdings Ltd. *
5,191,245
278,040
Everest Medicines Ltd. *(a)
197,136
455,021
Far East Consortium International Ltd.
2,314,218
525,305
Fortune Real Estate Investment Trust
2,696,620
1,674,695
Fosun Tourism Group *
364,297
373,972
SECURITY
NUMBER
OF SHARES
VALUE ($)
Frontage Holdings Corp. *
1,080,509
303,136
Giordano International Ltd.
2,191,510
841,196
HKBN Ltd.
1,477,038
711,984
Hong Kong Technology Venture Co., Ltd.
1,018,647
452,054
Hua Medicine *
1,630,247
351,340
IGG, Inc. *
1,571,327
737,397
Jacobio Pharmaceuticals Group Co.,
Ltd. *
720,731
350,175
Jinchuan Group International Resources
Co., Ltd.
10,318,016
519,733
K Wah International Holdings Ltd.
2,370,120
713,295
LK Technology Holdings Ltd.
697,858
669,225
Luk Fook Holdings International Ltd.
645,221
1,601,173
MH Development NPV *(b)
459,925
10,733
Pacific Basin Shipping Ltd.
9,142,745
2,483,380
Powerlong Real Estate Holdings Ltd. *
2,694,048
288,584
Prosperity REIT
2,187,149
415,577
Realord Group Holdings Ltd. *(a)
761,180
526,107
Sa Sa International Holdings Ltd. *
2,068,416
300,698
Shun Tak Holdings Ltd. *
2,429,445
340,790
Sirnaomics Ltd. *(a)
134,369
838,762
SmarTone Telecommunications Holdings
Ltd.
662,481
369,183
Stella International Holdings Ltd.
816,500
854,843
Sun Hung Kai & Co., Ltd.
1,060,022
374,440
SUNeVision Holdings Ltd.
1,144,717
547,415
Sunlight Real Estate Investment Trust
2,048,402
694,838
Superb Summit International Group
Ltd. *(b)
1,120,000
0
Television Broadcasts Ltd. *
557,500
273,711
Texhong Textile Group Ltd.
565,319
302,061
The United Laboratories International
Holdings Ltd.
958,508
856,842
Theme International Holdings Ltd. *
9,663,157
911,880
Truly International Holdings Ltd.
2,918,376
323,778
Value Partners Group Ltd.
1,794,512
611,005
Vesync Co., Ltd. *
736,850
301,628
Vobile Group Ltd. *
3,087,628
889,857
VSTECS Holdings Ltd.
1,264,952
658,144
 
28,475,129
 
Ireland 0.0%
Dalata Hotel Group plc *
420,202
1,963,365
 
Israel 0.9%
AFI Properties Ltd. *
10,331
343,792
AudioCodes Ltd.
47,023
490,744
Camtek Ltd. *
52,130
3,190,960
Cellcom Israel Ltd. *
163,407
542,066
Clal Insurance Enterprises Holdings
Ltd. *
130,006
1,928,373
Danel Adir Yeoshua Ltd.
9,029
725,020
Delek Automotive Systems Ltd.
102,975
645,237
Delta Galil Industries Ltd.
17,876
699,358
Equital Ltd. *
34,091
1,063,576
FIBI Holdings Ltd.
32,565
1,418,926
Formula Systems 1985 Ltd.
14,204
1,054,558
Fox Wizel Ltd.
13,657
989,497
G City Ltd.
163,086
521,679
Hilan Ltd.
27,674
1,420,749
IDI Insurance Co., Ltd.
15,098
328,727
Isracard Ltd.
366,046
1,486,041
Israel Canada T.R Ltd.
277,249
620,586
Kamada Ltd. *
60,345
348,728
Matrix IT Ltd.
60,468
1,229,483
Maytronics Ltd.
86,603
938,467
See financial notes
Schwab International Equity ETFs | Annual Report49

Schwab International Small-Cap Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Mega Or Holdings Ltd.
37,781
704,235
Menora Mivtachim Holdings Ltd.
40,392
852,653
Migdal Insurance & Financial Holding
Ltd.
611,441
710,555
Oil Refineries Ltd.
2,785,887
908,752
One Software Technologies Ltd.
78,803
1,004,151
Partner Communications Co., Ltd. *
191,956
804,049
Paz Ashdod Refinery Ltd. *
19,064
520,479
Paz Oil Co., Ltd. *
19,064
1,580,511
Perion Network Ltd. *
80,353
2,682,453
Rami Levy Chain Stores Hashikma
Marketing 2006 Ltd.
14,204
822,705
Reit 1 Ltd.
376,257
1,606,742
Sapiens International Corp. N.V.
60,024
1,793,624
Sella Capital Real Estate Ltd.
412,599
867,172
Summit Real Estate Holdings Ltd.
77,883
1,028,516
 
35,873,164
 
Italy 2.4%
ACEA S.p.A.
80,016
961,378
Alerion Cleanpower S.p.A.
11,822
368,891
Anima Holding S.p.A.
419,763
1,731,241
Arnoldo Mondadori Editore S.p.A.
240,890
562,117
Azimut Holding S.p.A.
203,875
4,730,874
Banca Generali S.p.A.
104,646
3,828,698
Banca IFIS S.p.A.
44,358
780,895
Banca Monte dei Paschi di Siena S.p.A. *
787,193
2,188,921
Banca Popolare di Sondrio S.p.A.
733,116
3,489,884
BFF Bank S.p.A.
355,510
3,823,800
Biesse S.p.A.
24,412
342,323
BPER Banca
2,032,184
6,149,297
Brembo S.p.A.
276,319
3,850,751
Brunello Cucinelli S.p.A.
65,022
5,391,671
Carel Industries S.p.A.
84,164
2,370,464
Cementir Holding N.V.
86,311
755,042
Credito Emiliano S.p.A.
145,782
1,221,493
Danieli & C Officine Meccaniche
S.p.A. (a)
21,784
523,698
doValue S.p.A.
111,517
547,078
El.En. S.p.A.
99,546
1,186,304
Enav S.p.A.
474,666
1,918,525
ERG S.p.A.
106,860
2,934,306
Fincantieri S.p.A. *(a)
919,006
510,691
Gruppo MutuiOnline S.p.A.
30,269
859,092
GVS S.p.A. *
139,369
869,769
Immobiliare Grande Distribuzione SIIQ
S.p.A.
129,747
323,184
Iren S.p.A.
1,243,860
2,578,544
Italmobiliare S.p.A.
26,403
710,681
Iveco Group N.V. *
380,722
3,792,501
Juventus Football Club S.p.A. *(a)
1,728,089
681,961
Maire Tecnimont S.p.A.
308,257
1,235,220
MARR S.p.A.
63,178
931,184
MFE-MediaForEurope N.V., Class A
1,462,753
741,408
MFE-MediaForEurope N.V., Class B
527,449
378,400
Piaggio & C S.p.A.
320,161
1,225,238
RAI Way S.p.A.
181,924
1,012,924
Saipem SpA *
2,033,277
3,290,364
Salcef Group S.p.A.
40,789
1,089,050
Salvatore Ferragamo S.p.A.
123,307
1,964,642
Sanlorenzo S.p.A
25,697
1,034,728
Saras S.p.A.
1,131,845
1,614,794
Sesa S.p.A.
13,854
1,625,439
SOL S.p.A.
70,366
1,936,023
Tamburi Investment Partners S.p.A.
194,074
1,857,829
Technogym S.p.A.
253,368
2,171,069
Tinexta S.p.A.
37,278
748,099
SECURITY
NUMBER
OF SHARES
VALUE ($)
Tod's S.p.A. *
16,352
677,250
Unipol Gruppo S.p.A.
826,531
4,614,555
Webuild S.p.A. (a)
581,078
1,189,449
Zignago Vetro S.p.A.
57,734
1,006,345
 
90,328,084
 
Japan 18.3%
Adastria Co., Ltd.
49,607
992,924
ADEKA Corp.
186,960
3,598,966
Aeon Delight Co., Ltd.
34,594
759,198
Aeon Fantasy Co., Ltd. (a)
12,700
285,256
Aeon Hokkaido Corp.
99,451
587,477
Ai Holdings Corp.
66,964
1,089,657
Aichi Financial Group, Inc.
86,381
1,447,149
Aichi Steel Corp.
21,390
538,478
Aida Engineering Ltd.
104,123
726,647
Aiful Corp.
549,802
1,306,670
Aiphone Co., Ltd.
22,647
472,898
Airtrip Corp.
21,311
342,826
Aisan Industry Co., Ltd.
65,347
583,515
Alconix Corp.
50,056
476,200
Alpen Co., Ltd.
28,462
373,602
Alpha Systems, Inc.
12,546
262,407
Altech Corp.
34,572
606,735
Anest Iwata Corp.
60,717
512,144
Anicom Holdings, Inc.
153,056
680,202
AOKI Holdings, Inc.
70,109
503,238
Aoyama Trading Co., Ltd.
90,144
1,000,602
Arata Corp.
23,656
879,067
Arcland Sakamoto Co., Ltd.
46,792
533,535
Arcland Service Holdings Co., Ltd. *(b)
26,859
572,694
Arcs Co., Ltd.
65,579
1,164,417
ARE Holdings, Inc.
135,782
1,762,736
Argo Graphics, Inc.
27,348
632,112
Arisawa Manufacturing Co., Ltd.
50,640
355,143
Asahi Diamond Industrial Co., Ltd.
91,435
561,479
ASAHI YUKIZAI Corp.
21,789
605,396
Asanuma Corp.
22,980
563,510
ASKA Pharmaceutical Holdings Co., Ltd.
39,483
454,535
Atom Corp. *
218,423
1,411,794
Autobacs Seven Co., Ltd.
110,803
1,233,724
Avant Group Corp.
39,665
385,520
Avex, Inc.
63,188
637,153
Axial Retailing, Inc.
25,891
668,683
Bando Chemical Industries Ltd.
77,606
819,851
Bank of the Ryukyus Ltd.
74,680
541,178
Base Co., Ltd.
31,522
944,025
Belc Co., Ltd.
17,613
821,460
Bell System24 Holdings, Inc.
60,722
634,810
Belluna Co., Ltd.
90,151
450,182
BeNext-Yumeshin Group Co.
106,709
1,473,264
BML, Inc.
39,123
777,972
Broadleaf Co., Ltd.
158,862
585,973
BRONCO BILLY Co., Ltd.
16,860
354,953
Bunka Shutter Co., Ltd.
86,347
646,483
C Uyemura & Co., Ltd.
21,445
1,403,791
Canon Electronics, Inc.
37,196
473,429
Carta Holdings, Inc.
37,423
313,604
Cawachi Ltd.
22,809
358,151
Central Glass Co., Ltd.
42,112
848,401
Change Holdings, Inc.
60,138
851,354
Chilled & Frozen Logistics Holdings Co.,
Ltd.
39,944
386,037
Chiyoda Corp. *
289,323
737,293
Chiyoda Integre Co., Ltd.
20,762
399,025
Chofu Seisakusho Co., Ltd.
37,928
561,163
Chori Co., Ltd.
21,778
427,228
See financial notes
50Schwab International Equity ETFs | Annual Report

Schwab International Small-Cap Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Chubu Shiryo Co., Ltd.
50,038
388,728
Chudenko Corp.
48,440
795,217
Chugoku Marine Paints Ltd.
81,915
802,917
Citizen Watch Co., Ltd.
415,560
2,548,993
CKD Corp.
111,350
1,540,398
CMK Corp.
87,459
371,859
COLOPL, Inc.
94,185
412,749
Colowide Co., Ltd.
135,374
2,346,972
Comforia Residential REIT, Inc.
1,261
2,949,277
Computer Engineering & Consulting Ltd.
47,140
552,722
Comture Corp.
42,610
714,728
Cosel Co., Ltd.
38,820
345,843
CRE Logistics REIT, Inc. *
1,154
1,339,602
Create Restaurants Holdings, Inc.
191,006
1,570,452
Create SD Holdings Co., Ltd.
40,804
1,045,430
CTI Engineering Co., Ltd.
20,116
609,345
Curves Holdings Co., Ltd.
115,758
579,645
Cybozu, Inc.
46,044
685,987
Dai Nippon Toryo Co., Ltd.
46,392
308,462
Dai-Dan Co., Ltd.
24,760
507,666
Daido Metal Co., Ltd.
94,585
344,335
Daiei Kankyo Co., Ltd.
71,000
1,127,046
Daihen Corp.
37,590
1,376,204
Daiho Corp.
14,916
409,310
Daiichi Jitsugyo Co., Ltd.
16,820
616,951
Daiken Corp.
29,625
618,608
Daiki Aluminium Industry Co., Ltd.
51,216
506,584
Daikokutenbussan Co., Ltd.
9,649
437,431
Daikyonishikawa Corp.
110,073
613,176
Dainichiseika Color & Chemicals
Manufacturing Co., Ltd.
23,385
371,211
Daiseki Co., Ltd.
86,951
2,636,870
Daishi Hokuetsu Financial Group, Inc.
79,705
2,001,043
Daito Pharmaceutical Co., Ltd.
26,004
408,855
Daiwa Industries Ltd.
49,375
480,235
Daiwabo Holdings Co., Ltd.
169,768
3,448,185
DCM Holdings Co., Ltd.
175,997
1,471,225
Demae-Can Co., Ltd. *(a)
137,688
381,140
Denyo Co., Ltd.
31,019
442,535
Dexerials Corp.
88,679
2,200,148
Digital Arts, Inc.
18,443
611,241
Digital Garage, Inc.
60,087
1,547,730
Dip Corp.
38,407
923,340
Direct Marketing MiX, Inc.
40,306
160,022
DKK Co., Ltd.
17,456
299,516
Doshisha Co., Ltd.
40,174
653,999
Doutor Nichires Holdings Co., Ltd.
47,972
768,422
DTS Corp.
71,875
1,594,644
Duskin Co., Ltd.
75,667
1,704,762
DyDo Group Holdings, Inc.
16,990
678,036
Eagle Industry Co., Ltd.
50,771
585,182
Earth Corp.
27,677
941,989
EDION Corp.
151,034
1,519,832
eGuarantee, Inc.
63,677
850,281
Eiken Chemical Co., Ltd.
58,972
567,097
Eizo Corp.
36,293
1,253,933
Elan Corp.
60,730
361,664
Elecom Co., Ltd.
79,895
960,375
Elematec Corp.
31,572
404,883
EM Systems Co., Ltd.
68,805
352,095
en-japan, Inc.
54,814
960,097
Enplas Corp.
13,456
1,016,698
eRex Co., Ltd.
66,914
429,287
ES-Con Japan Ltd.
72,303
430,088
ESCON Japan Reit Investment Corp.
612
489,735
ESPEC Corp.
35,073
552,649
euglena Co., Ltd. *
167,179
925,551
Exedy Corp.
52,951
959,472
SECURITY
NUMBER
OF SHARES
VALUE ($)
FCC Co., Ltd.
68,268
901,737
Ferrotec Holdings Corp.
86,836
1,807,282
FIDEA Holdings Co., Ltd.
34,501
360,449
Financial Products Group Co., Ltd.
107,459
1,059,938
Fixstars Corp.
38,626
328,726
France Bed Holdings Co., Ltd.
59,267
493,400
Fudo Tetra Corp.
21,700
272,470
Fuji Co., Ltd.
60,146
754,794
Fuji Corp.
159,406
2,633,317
Fuji Seal International, Inc.
75,755
909,570
Fuji Soft, Inc.
79,664
2,407,677
Fujibo Holdings, Inc.
20,550
492,630
Fujicco Co., Ltd.
40,454
539,350
Fujimi, Inc.
113,038
2,616,602
Fujimori Kogyo Co., Ltd.
28,438
733,487
Fujio Food Group., Inc. *
49,569
474,291
Fujita Kanko, Inc. *
15,427
504,926
Fujitec Co., Ltd.
142,344
3,642,074
Fujiya Co., Ltd.
20,872
353,255
Fukuda Corp.
9,352
302,558
Fukuoka REIT Corp.
1,376
1,532,092
Fukushima Galilei Co., Ltd.
21,301
757,902
Fukuyama Transporting Co., Ltd.
55,435
1,380,306
FULLCAST Holdings Co., Ltd.
36,691
523,959
Funai Soken Holdings, Inc.
57,650
1,069,169
Furukawa Co., Ltd.
58,430
711,988
Furuno Electric Co., Ltd.
45,875
406,804
Furuya Metal Co., Ltd.
8,284
539,426
Fuso Chemical Co., Ltd.
36,964
1,085,422
Futaba Industrial Co., Ltd.
109,833
519,045
Future Corp.
69,249
740,603
G-7 Holdings, Inc.
32,240
277,257
Gakken Holdings Co., Ltd.
54,084
314,656
Genky DrugStores Co., Ltd.
17,829
636,816
Geo Holdings Corp.
48,873
881,886
giftee, Inc. *
43,669
485,028
Giken Ltd.
27,487
383,083
Global One Real Estate Investment Corp.
1,951
1,557,209
GLOBERIDE, Inc.
36,919
492,727
Glory Ltd.
94,388
1,995,578
Godo Steel Ltd.
16,900
510,186
Goldcrest Co., Ltd.
28,834
386,209
Gree, Inc.
130,881
557,380
gremz, Inc.
29,281
499,598
G-Tekt Corp.
40,142
508,996
Gunze Ltd.
28,992
913,063
H.I.S. Co., Ltd. *(a)
77,271
1,046,663
H2O Retailing Corp.
152,233
1,835,140
Hakuto Co., Ltd.
19,789
685,074
Halows Co., Ltd.
15,972
448,162
Hamakyorex Co., Ltd.
29,540
850,174
Hankyu Hanshin REIT, Inc.
1,276
1,255,973
Hanwa Co., Ltd.
69,962
2,229,788
Happinet Corp.
29,415
527,342
Hazama Ando Corp.
289,639
2,361,517
Health Care & Medical Investment Corp.
654
664,399
Heiwa Real Estate Co., Ltd.
59,659
1,602,271
Heiwa Real Estate REIT, Inc.
1,882
1,878,316
Heiwado Co., Ltd.
56,147
925,595
Hibiya Engineering Ltd.
30,570
469,516
Hiday Hidaka Corp.
52,399
1,071,123
HI-LEX Corp.
50,649
434,179
Hioki EE Corp.
17,201
910,944
Hirata Corp.
15,670
840,627
Hitachi Zosen Corp.
309,733
1,836,038
Hochiki Corp.
27,388
314,167
Hogy Medical Co., Ltd.
34,502
758,364
Hokkaido Electric Power Co., Inc. *
344,816
1,589,254
See financial notes
Schwab International Equity ETFs | Annual Report51

Schwab International Small-Cap Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Hokkaido Gas Co., Ltd.
21,100
337,548
Hokkoku Financial Holdings, Inc.
39,572
1,337,323
Hokuetsu Corp.
259,076
1,610,494
Hokuhoku Financial Group, Inc.
234,830
2,129,173
Hokuriku Electric Power Co. *
325,980
1,898,984
Hokuto Corp.
37,648
472,976
Honeys Holdings Co., Ltd
29,012
336,383
Hoosiers Holdings Co., Ltd.
47,304
348,318
Hoshino Resorts REIT, Inc.
480
2,067,246
Hosiden Corp.
96,326
1,199,568
Hosokawa Micron Corp.
23,348
651,919
Hulic REIT, Inc.
2,415
2,693,931
Ichibanya Co., Ltd.
30,517
1,173,852
Ichigo Office REIT Investment Corp.
2,199
1,351,860
Ichigo, Inc.
358,075
769,842
Ichikoh Industries Ltd.
109,845
400,644
Icom, Inc.
17,252
397,572
Idec Corp.
47,616
995,918
IDOM, Inc.
101,051
544,871
Iino Kaiun Kaisha Ltd.
154,044
1,105,718
I'll, Inc.
33,714
641,697
Inaba Denki Sangyo Co., Ltd.
98,717
2,139,315
Inabata & Co., Ltd.
75,417
1,642,146
Inageya Co., Ltd.
44,847
465,151
Ines Corp.
34,763
397,332
Infocom Corp.
38,797
756,300
Infomart Corp.
410,835
1,320,677
Insource Co., Ltd.
76,987
581,692
Intage Holdings, Inc.
56,702
683,143
Integrated Design & Engineering
Holdings Co., Ltd.
26,379
615,151
Iriso Electronics Co., Ltd.
37,698
1,121,217
Ishihara Sangyo Kaisha Ltd.
64,119
631,567
Istyle, Inc. *
118,627
405,785
Itochu Advance Logistics Investment
Corp.
1,259
1,138,060
Itochu Enex Co., Ltd.
85,081
862,001
Itochu-Shokuhin Co., Ltd.
9,216
388,049
J Trust Co., Ltd. (a)
181,400
576,901
JAC Recruitment Co., Ltd.
25,628
474,589
Jaccs Co., Ltd.
48,609
1,692,809
JAFCO Group Co., Ltd.
95,244
1,222,075
Japan Display, Inc. *
1,178,052
315,582
Japan Elevator Service Holdings Co.,
Ltd.
136,222
2,269,977
Japan Excellent, Inc.
2,348
2,140,190
Japan Lifeline Co., Ltd.
123,583
978,749
Japan Material Co., Ltd.
107,141
1,961,265
Japan Petroleum Exploration Co., Ltd.
55,147
1,810,644
Japan Pulp & Paper Co., Ltd.
19,727
642,955
Japan Securities Finance Co., Ltd.
155,200
1,341,083
Japan Transcity Corp.
90,121
396,796
JCU Corp.
38,370
890,824
JDC Corp.
63,100
265,689
JINS Holdings, Inc.
29,789
703,879
JM Holdings Co., Ltd.
25,683
334,654
J-Oil Mills, Inc.
32,665
408,130
Joshin Denki Co., Ltd.
35,676
545,487
Joyful Honda Co., Ltd.
106,916
1,260,211
Juroku Financial Group, Inc.
66,187
1,666,211
JVCKenwood Corp.
310,925
1,358,301
K&O Energy Group, Inc.
26,296
441,984
Kaga Electronics Co., Ltd.
31,729
1,442,772
Kameda Seika Co., Ltd.
25,918
785,097
Kamei Corp.
40,518
409,396
Kanamoto Co., Ltd.
50,971
865,126
Kanematsu Corp.
157,468
2,218,408
Kansai Food Market Ltd.
27,500
276,162
SECURITY
NUMBER
OF SHARES
VALUE ($)
Kanto Denka Kogyo Co., Ltd.
83,659
479,250
Kappa Create Co., Ltd. *
43,839
491,734
Katakura Industries Co., Ltd.
37,026
416,585
Kato Sangyo Co., Ltd.
37,166
1,070,930
KeePer Technical Laboratory Co., Ltd.
23,259
1,084,786
Keihanshin Building Co., Ltd.
62,827
550,656
Keiyo Co., Ltd.
74,059
432,394
Kenedix Residential Next Investment
Corp.
2,021
3,137,315
Kenedix Retail REIT Corp.
1,148
2,272,580
Key Coffee, Inc.
29,911
430,837
KFC Holdings Japan Ltd.
27,092
561,994
KH Neochem Co., Ltd.
66,312
1,034,410
Kintetsu Department Store Co., Ltd.
16,304
321,298
Kisoji Co., Ltd. (a)
42,724
772,398
Kissei Pharmaceutical Co., Ltd.
58,918
1,380,021
Ki-Star Real Estate Co., Ltd.
14,052
457,992
Kitz Corp.
144,934
1,050,282
Koa Corp.
56,815
718,456
Kohnan Shoji Co., Ltd.
43,837
1,070,444
Kokusai Pulp & Paper Co., Ltd.
85,924
384,809
KOMEDA Holdings Co., Ltd.
59,227
1,161,066
Komeri Co., Ltd.
51,226
1,081,979
Komori Corp.
82,296
621,241
Konishi Co., Ltd.
50,501
864,433
Konoike Transport Co., Ltd.
53,960
757,223
Kosaido Holdings Co., Ltd.
35,172
678,387
Koshidaka Holdings Co., Ltd.
84,776
778,552
Krosaki Harima Corp.
7,572
495,143
Kumagai Gumi Co., Ltd.
63,599
1,421,951
Kumiai Chemical Industry Co., Ltd.
175,597
1,356,916
Kura Sushi, Inc. (a)
36,842
799,675
Kurabo Industries Ltd.
32,387
520,114
Kureha Corp.
34,926
2,053,553
Kurimoto Ltd.
22,440
438,365
KYB Corp.
36,353
1,187,337
Kyoei Steel Ltd.
41,088
547,802
Kyokuto Kaihatsu Kogyo Co., Ltd.
56,631
705,627
Kyokuyo Co., Ltd.
17,302
451,610
Kyorin Pharmaceutical Co., Ltd.
68,689
836,998
Kyoritsu Maintenance Co., Ltd.
45,927
1,981,752
Leopalace21 Corp. *
448,041
1,126,373
Life Corp.
38,029
949,517
LITALICO, Inc.
34,838
524,538
M&A Capital Partners Co., Ltd. *
23,785
460,555
Macnica Holdings, Inc.
87,882
4,122,911
Macromill, Inc.
70,437
356,092
Maeda Kosen Co., Ltd.
40,584
872,534
Makino Milling Machine Co., Ltd.
38,772
1,856,241
Management Solutions Co., Ltd.
30,616
811,744
Mandom Corp.
68,131
672,489
Mars Group Holdings Corp.
16,880
331,374
Marudai Food Co., Ltd.
38,377
450,238
Maruha Nichiro Corp.
64,599
1,127,937
MARUKA FURUSATO Corp.
28,550
556,547
Marusan Securities Co., Ltd.
104,629
375,870
Maruwa Co., Ltd.
15,677
2,921,434
Maruzen Showa Unyu Co., Ltd.
28,349
771,110
Marvelous, Inc.
57,656
271,676
Matsuda Sangyo Co., Ltd.
25,630
395,933
Matsuya Co., Ltd.
73,304
543,794
Matsuyafoods Holdings Co., Ltd.
15,298
445,012
Max Co., Ltd.
71,195
1,339,934
Maxell Holdings Ltd.
69,065
749,072
MCJ Co., Ltd.
118,241
966,492
MEC Co., Ltd.
24,782
656,212
Megachips Corp.
31,135
898,218
Megmilk Snow Brand Co., Ltd.
77,685
1,272,116
See financial notes
52Schwab International Equity ETFs | Annual Report

Schwab International Small-Cap Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Meidensha Corp.
75,727
1,137,062
Meiko Electronics Co., Ltd.
36,123
887,040
Meisei Industrial Co., Ltd.
87,921
579,155
Meitec Corp.
144,644
2,535,008
METAWATER Co., Ltd.
40,054
528,789
Micronics Japan Co., Ltd.
61,297
917,866
Midac Holdings Co., Ltd.
21,589
272,708
Mie Kotsu Group Holdings, Inc.
113,509
468,585
Milbon Co., Ltd.
34,832
1,078,085
Mimasu Semiconductor Industry Co.,
Ltd.
28,228
557,250
Mirai Corp.
3,101
1,004,308
MIRAIT ONE Corp.
155,583
2,061,473
Mirarth Holdings, Inc.
173,970
559,247
Miroku Jyoho Service Co., Ltd.
32,861
345,347
Mitani Sekisan Co., Ltd.
19,171
668,947
Mitsuba Corp.
67,000
352,062
Mitsubishi Estate Logistics REIT
Investment Corp.
927
2,508,761
Mitsubishi Logisnext Co., Ltd.
121,775
1,144,268
Mitsubishi Pencil Co., Ltd.
79,751
1,057,248
Mitsubishi Research Institute, Inc.
11,784
406,331
Mitsubishi Shokuhin Co., Ltd.
32,829
900,861
Mitsuboshi Belting Ltd.
38,951
1,289,582
Mitsui DM Sugar Holdings Co., Ltd.
30,131
618,411
Mitsui E&S Co., Ltd.
154,133
530,416
Mitsui-Soko Holdings Co., Ltd.
40,642
1,159,924
Mitsuuroko Group Holdings Co., Ltd.
78,499
709,583
Mixi, Inc.
76,900
1,284,088
Mizuho Leasing Co., Ltd.
78,993
2,609,859
Mizuno Corp.
35,887
1,146,235
Mochida Pharmaceutical Co., Ltd.
46,547
1,079,068
Modec, Inc. *
36,666
416,817
Monex Group, Inc.
329,827
1,184,872
Monogatari Corp.
55,459
1,813,270
Mori Trust Reit, Inc.
4,749
2,400,841
Morita Holdings Corp.
73,491
827,869
MOS Food Services, Inc.
46,194
1,081,990
m-up Holdings, Inc.
41,243
422,104
Musashi Seimitsu Industry Co., Ltd.
84,697
1,009,371
Nachi-Fujikoshi Corp.
32,606
899,221
Nafco Co., Ltd.
34,472
452,492
Nagaileben Co., Ltd.
46,230
701,143
Nagatanien Holdings Co., Ltd.
20,662
334,941
Nagawa Co., Ltd.
18,366
896,949
Nakanishi, Inc.
133,304
3,360,413
Neturen Co., Ltd.
64,903
449,821
Nextage Co., Ltd.
71,863
1,619,059
Nichias Corp.
103,673
2,171,945
Nichiban Co., Ltd.
23,075
303,049
Nichicon Corp.
119,222
1,153,035
Nichiden Corp.
22,694
392,354
Nichiha Corp.
53,489
1,148,148
Nichireki Co., Ltd.
41,633
595,962
Nihon Nohyaku Co., Ltd.
69,052
326,798
Nihon Parkerizing Co., Ltd.
171,113
1,366,929
Nikkiso Co., Ltd.
104,128
720,960
Nikkon Holdings Co., Ltd.
96,102
2,193,543
Nippn Corp.
96,812
1,376,521
Nippon Carbon Co., Ltd.
20,541
625,747
Nippon Ceramic Co., Ltd.
34,204
608,029
Nippon Chemi-Con Corp. *
39,068
377,034
Nippon Denko Co., Ltd.
210,033
401,066
Nippon Densetsu Kogyo Co., Ltd.
64,921
952,065
Nippon Fine Chemical Co., Ltd.
25,578
445,904
Nippon Gas Co., Ltd.
198,380
3,099,326
Nippon Kanzai Holdings Co., Ltd.
33,387
611,394
Nippon Light Metal Holdings Co., Ltd.
118,215
1,260,224
SECURITY
NUMBER
OF SHARES
VALUE ($)
Nippon Paper Industries Co., Ltd. *
179,211
1,603,956
Nippon Parking Development Co., Ltd.,
Class C
286,332
430,722
Nippon Pillar Packing Co., Ltd.
29,960
865,349
NIPPON REIT Investment Corp.
823
1,967,263
Nippon Seiki Co., Ltd.
89,491
673,710
Nippon Sheet Glass Co., Ltd. *
174,623
918,784
Nippon Signal Co., Ltd.
108,059
717,004
Nippon Soda Co., Ltd.
47,748
1,767,776
Nippon Thompson Co., Ltd.
121,772
470,911
Nippon Yakin Kogyo Co., Ltd.
27,697
855,157
Nishimatsu Construction Co., Ltd.
51,124
1,296,843
Nishimatsuya Chain Co., Ltd.
85,831
991,049
Nishi-Nippon Financial Holdings, Inc.
272,736
2,828,804
Nishio Holdings Co., Ltd.
29,484
719,962
Nissan Shatai Co., Ltd.
114,557
712,908
Nissei ASB Machine Co., Ltd.
14,943
443,409
Nissha Co., Ltd.
76,411
926,894
Nisshinbo Holdings, Inc.
250,901
1,866,441
Nissin Corp.
20,048
355,420
Nissin Sugar Co., Ltd.
25,064
372,383
Nissui Corp.
544,428
2,859,663
Nitta Corp.
34,055
774,270
Nittetsu Mining Co., Ltd.
24,191
849,099
Nitto Boseki Co., Ltd.
50,412
1,386,819
Nitto Kogyo Corp.
46,587
1,244,795
Nittoku Co., Ltd. (a)
29,112
487,116
Nohmi Bosai Ltd.
41,389
503,770
Nojima Corp.
121,906
1,070,974
Nomura Co., Ltd.
145,388
853,843
Noritake Co., Ltd.
24,918
1,032,081
Noritsu Koki Co., Ltd.
39,357
797,764
Noritz Corp.
62,369
685,444
North Pacific Bank Ltd.
518,276
1,092,906
NS United Kaiun Kaisha Ltd.
18,479
516,602
NSD Co., Ltd.
130,490
2,292,773
NTN Corp.
835,241
1,663,196
NTT UD REIT Investment Corp.
2,552
2,429,558
Obara Group, Inc.
18,931
514,935
Ohsho Food Service Corp.
19,745
952,089
Oiles Corp.
51,015
724,305
Oisix ra daichi, Inc. *(a)
45,484
520,808
Okabe Co., Ltd.
70,485
356,819
Okamoto Industries, Inc.
25,924
832,467
Okamura Corp.
134,389
2,006,812
Okasan Securities Group, Inc.
368,214
1,456,821
Oki Electric Industry Co., Ltd.
157,121
974,553
Okinawa Cellular Telephone Co.
45,280
979,716
Okinawa Financial Group, Inc.
37,557
581,471
Okumura Corp.
65,513
2,049,742
Okuwa Co., Ltd.
47,918
284,378
One REIT, Inc.
459
803,963
Onoken Co., Ltd.
34,587
399,359
Onward Holdings Co., Ltd.
219,854
786,784
Optex Group Co., Ltd.
63,652
769,499
Optorun Co., Ltd.
18,224
244,848
Organo Corp.
50,531
1,405,712
Oriental Shiraishi Corp.
211,488
475,025
Osaka Organic Chemical Industry Ltd.
28,199
501,281
Osaka Soda Co., Ltd.
40,126
1,926,577
OSAKA Titanium Technologies Co. Ltd (a)
34,724
795,443
Osaki Electric Co., Ltd.
70,462
308,303
Outsourcing, Inc.
193,405
1,517,775
Oyo Corp.
35,095
656,653
Pacific Industrial Co., Ltd.
88,293
866,040
Pacific Metals Co., Ltd. *
26,692
291,882
PAL GROUP Holdings Co., Ltd.
79,170
1,117,521
Paramount Bed Holdings Co., Ltd.
77,140
1,252,065
See financial notes
Schwab International Equity ETFs | Annual Report53

Schwab International Small-Cap Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Pasona Group, Inc.
34,629
388,903
Pharma Foods International Co., Ltd.
46,856
529,437
PHC Holdings Corp.
61,770
605,459
PIA Corp. *
11,782
291,748
Pilot Corp.
67,303
2,169,543
Piolax, Inc.
46,365
743,955
PKSHA Technology, Inc. *
30,224
522,124
Pole To Win Holdings, Inc.
55,379
264,751
Premium Group Co., Ltd.
69,857
784,053
Press Kogyo Co., Ltd.
168,387
774,938
Pressance Corp.
35,524
466,789
Prestige International, Inc.
157,693
636,903
Prima Meat Packers Ltd.
55,034
957,146
Procrea Holdings, Inc.
52,053
717,590
Proto Corp.
39,609
322,672
Qol Holdings Co., Ltd.
46,525
614,538
Raito Kogyo Co., Ltd.
81,647
1,141,269
Raiznext Corp.
82,284
796,926
Raksul, Inc. *
90,183
872,189
Remixpoint, Inc. (a)
234,129
353,803
Restar Holdings Corp.
47,152
782,817
Retail Partners Co., Ltd.
60,818
673,412
Rheon Automatic Machinery Co., Ltd.
37,645
357,871
Ricoh Leasing Co., Ltd.
24,990
736,388
Riken Corp.
15,668
354,073
Riken Keiki Co., Ltd.
32,552
1,180,579
Riken Technos Corp.
88,588
437,509
Riken Vitamin Co., Ltd.
29,470
467,803
Ringer Hut Co., Ltd.
47,299
766,739
Riso Kagaku Corp.
42,334
662,991
Riso Kyoiku Co., Ltd.
174,995
298,099
Rock Field Co., Ltd.
37,963
402,095
Roland Corp.
23,366
625,939
Roland DG Corp.
21,779
518,352
Rorze Corp.
18,084
1,442,149
Round One Corp.
373,435
1,523,649
Royal Holdings Co., Ltd.
76,016
1,388,375
RS Technologies Co., Ltd.
28,392
542,156
Ryobi Ltd.
52,458
1,022,604
Ryoden Corp.
25,142
410,327
Ryosan Co., Ltd.
43,891
1,278,276
Ryoyo Electro Corp.
28,172
666,638
S Foods, Inc.
34,638
798,231
Sagami Holdings Corp.
45,982
442,180
Saibu Gas Holdings Co., Ltd.
42,461
594,107
Saizeriya Co., Ltd.
47,091
1,481,449
Sakai Chemical Industry Co., Ltd.
26,460
357,138
Sakai Moving Service Co., Ltd.
16,661
621,419
Sakata INX Corp.
88,774
833,562
Sakata Seed Corp.
60,062
1,736,862
Sala Corp.
99,810
512,127
SAMTY Co., Ltd.
51,634
822,115
Samty Residential Investment Corp.
809
645,155
San ju San Financial Group, Inc.
41,235
494,531
San-A Co., Ltd.
33,639
1,135,664
San-Ai Obbli Co., Ltd.
99,190
1,141,893
Sangetsu Corp.
104,922
2,176,491
Sankei Real Estate, Inc.
826
529,353
Sanken Electric Co., Ltd.
37,756
2,891,640
Sanki Engineering Co., Ltd.
98,523
1,090,226
Sansan, Inc. *
147,574
1,471,837
Sanyo Chemical Industries Ltd.
21,078
599,395
Sanyo Denki Co., Ltd.
15,933
779,221
Sanyo Electric Railway Co., Ltd.
31,466
481,549
Sanyo Special Steel Co., Ltd.
43,582
834,011
Sato Holdings Corp.
42,758
620,290
SB Technology Corp.
17,900
294,225
SBS Holdings, Inc.
31,696
666,207
SECURITY
NUMBER
OF SHARES
VALUE ($)
Seikagaku Corp.
77,830
428,751
Seiko Holdings Corp.
50,440
931,989
Seiren Co., Ltd.
80,988
1,337,886
Sekisui Jushi Corp.
49,182
850,639
Senko Group Holdings Co., Ltd.
204,925
1,435,749
Senshu Electric Co., Ltd.
23,373
616,494
Senshu Ikeda Holdings, Inc.
520,306
947,083
Septeni Holdings Co., Ltd.
188,240
548,228
Seria Co., Ltd.
94,700
1,494,801
Shibaura Machine Co., Ltd.
42,812
1,240,970
Shibaura Mechatronics Corp. (a)
5,956
1,051,817
Shibuya Corp.
40,345
721,906
Shikoku Chemicals Corp.
57,624
577,091
Shima Seiki Manufacturing Ltd.
53,594
731,840
Shin Nippon Air Technologies Co., Ltd.
24,073
408,589
Shin Nippon Biomedical Laboratories
Ltd.
41,096
637,392
Shindengen Electric Manufacturing Co.,
Ltd.
14,653
312,515
Shin-Etsu Polymer Co., Ltd.
71,511
674,414
Shinko Shoji Co., Ltd.
56,400
452,874
Shinmaywa Industries Ltd.
105,543
1,023,641
Shinnihon Corp.
45,939
388,755
Shinwa Co., Ltd.
21,087
325,028
Shizuoka Gas Co., Ltd.
105,237
740,205
Shoei Co., Ltd.
89,558
1,518,214
Shoei Foods Corp.
23,736
741,011
Showa Sangyo Co., Ltd.
49,546
1,018,588
Siix Corp.
63,151
684,062
Simplex Holdings, Inc.
58,048
1,146,726
Sinanen Holdings Co., Ltd.
18,100
498,547
Sinfonia Technology Co., Ltd.
48,491
525,595
Sinko Industries Ltd.
37,023
512,425
Sintokogio Ltd.
93,813
701,092
SKY Perfect JSAT Holdings, Inc.
228,500
1,040,598
Snow Peak, Inc. (a)
54,191
587,750
Sodick Co., Ltd.
87,206
412,115
Softcreate Holdings Corp.
26,904
325,247
Solasto Corp.
89,163
407,889
SOSiLA Logistics REIT, Inc.
1,321
1,163,253
Sparx Group Co., Ltd.
37,351
385,607
S-Pool, Inc.
109,436
365,325
SRA Holdings
14,532
339,381
SRE Holdings Corp. *
18,124
429,493
St Marc Holdings Co., Ltd.
25,149
326,832
Star Asia Investment Corp.
3,236
1,286,976
Star Micronics Co., Ltd.
67,890
877,625
Starts Corp., Inc.
53,655
1,127,756
Starts Proceed Investment Corp.
467
692,874
Starzen Co., Ltd.
27,368
483,501
Stella Chemifa Corp.
16,070
342,185
Strike Co., Ltd.
27,464
603,667
Sumida Corp.
38,960
443,697
Sumitomo Densetsu Co., Ltd.
28,345
564,622
Sumitomo Mitsui Construction Co., Ltd.
274,747
764,313
Sumitomo Osaka Cement Co., Ltd.
61,817
1,701,417
Sumitomo Riko Co., Ltd.
66,616
496,011
Sumitomo Seika Chemicals Co., Ltd.
17,724
550,888
Sun Corp.
33,760
460,306
Sun Frontier Fudousan Co., Ltd.
55,687
552,337
Suruga Bank Ltd.
351,211
1,464,334
SWCC Corp.
41,113
554,913
Systena Corp.
512,550
950,568
T Hasegawa Co., Ltd.
39,362
946,299
Tachibana Eletech Co., Ltd.
34,622
632,345
Tachi-S Co., Ltd.
52,206
627,899
Tadano Ltd.
224,393
1,824,922
Taihei Dengyo Kaisha Ltd.
30,258
812,644
See financial notes
54Schwab International Equity ETFs | Annual Report

Schwab International Small-Cap Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Taikisha Ltd.
53,389
1,679,580
Taiyo Holdings Co., Ltd.
61,692
1,114,045
Takamatsu Construction Group Co., Ltd.
26,829
480,797
Takara Leben Real Estate Investment
Corp.
1,224
808,798
Takara Standard Co., Ltd.
85,692
1,142,482
Takasago International Corp.
27,204
537,035
Takasago Thermal Engineering Co., Ltd.
113,214
2,279,289
Takatori Corp. (a)
9,696
360,973
Takeuchi Manufacturing Co., Ltd.
64,509
2,055,993
Takuma Co., Ltd.
137,896
1,528,757
Tama Home Co., Ltd.
24,069
586,908
Tamron Co., Ltd.
22,883
708,094
Tamura Corp.
139,568
559,863
Tanseisha Co., Ltd.
80,415
431,391
Tatsuta Electric Wire & Cable Co., Ltd. *
63,072
306,728
Tayca Corp.
33,000
303,287
TechMatrix Corp.
44,493
502,126
Teikoku Electric Manufacturing Co., Ltd.
30,327
528,486
Teikoku Sen-I Co., Ltd.
41,280
552,063
Tekken Corp.
25,884
358,609
Tenma Corp.
26,198
462,291
T-Gaia Corp.
39,412
474,021
The 77 Bank Ltd.
137,454
2,974,071
The Akita Bank Ltd.
34,636
438,704
The Awa Bank Ltd.
64,609
1,005,626
The Bank of Iwate Ltd.
29,633
510,896
The Bank of Nagoya Ltd.
31,518
921,174
The Ehime Bank Ltd.
62,377
377,043
The Fukui Bank Ltd.
42,745
458,029
The Gunma Bank Ltd.
773,421
3,567,347
The Hyakugo Bank Ltd.
384,383
1,335,974
The Hyakujushi Bank Ltd.
48,704
748,031
The Japan Wool Textile Co., Ltd.
117,385
1,010,292
The Keiyo Bank Ltd.
215,526
882,326
The Kiyo Bank Ltd.
114,543
1,189,608
The Miyazaki Bank Ltd.
27,020
486,076
The Musashino Bank Ltd.
59,377
1,078,358
The Nanto Bank Ltd.
57,779
1,054,099
The Nippon Road Co., Ltd.
6,480
429,077
The Nisshin Oillio Group Ltd.
43,271
1,242,386
The Ogaki Kyoritsu Bank Ltd.
73,578
1,016,856
The Oita Bank Ltd.
27,200
455,311
The Okinawa Electric Power Co., Inc. *
81,264
639,127
The Pack Corp.
21,148
451,766
The San-in Godo Bank Ltd.
287,076
1,810,185
The Shibusawa Warehouse Co., Ltd.
17,680
401,363
The Shiga Bank Ltd.
87,919
1,968,719
The Shikoku Bank Ltd.
64,049
408,266
The Sumitomo Warehouse Co., Ltd.
94,772
1,626,132
The Tochigi Bank Ltd.
213,244
430,633
The Toho Bank Ltd.
356,483
678,269
The Yamagata Bank Ltd.
62,199
471,240
The Yamanashi Chuo Bank Ltd.
58,429
607,227
TKC Corp.
53,919
1,362,928
Toa Corp.
34,399
851,794
Toagosei Co., Ltd.
215,074
2,051,982
TOC Co., Ltd.
90,121
383,797
Tocalo Co., Ltd.
97,804
961,346
Toei Co., Ltd.
12,622
1,502,485
Toenec Corp.
14,174
394,304
Toho Holdings Co., Ltd.
94,531
1,896,009
Toho Titanium Co., Ltd. (a)
63,514
862,065
Toho Zinc Co., Ltd.
25,855
298,180
Tokai Corp.
32,835
426,267
TOKAI Holdings Corp.
232,094
1,506,535
Tokai Rika Co., Ltd.
93,688
1,467,887
Tokai Tokyo Financial Holdings, Inc.
415,469
1,281,352
SECURITY
NUMBER
OF SHARES
VALUE ($)
Token Corp.
13,775
725,722
Tokushu Tokai Paper Co., Ltd.
13,122
292,031
Tokuyama Corp.
134,801
2,153,705
Tokyo Electron Device Ltd.
11,635
801,587
Tokyo Kiraboshi Financial Group, Inc.
47,197
1,248,126
Tokyo Seimitsu Co., Ltd.
70,646
3,896,606
Tokyo Steel Manufacturing Co., Ltd.
147,163
1,654,743
Tokyotokeiba Co., Ltd.
28,093
759,322
Tokyu Construction Co., Ltd.
134,780
711,001
Tokyu REIT, Inc.
1,770
2,267,438
TOMONY Holdings, Inc.
296,884
842,210
Tomy Co., Ltd.
168,424
2,736,015
Tonami Holdings Co., Ltd.
12,628
407,243
Topcon Corp.
196,953
2,376,937
Topre Corp.
80,571
961,307
Topy Industries Ltd.
35,108
548,860
Toridoll Holdings Corp.
83,665
2,287,232
Torii Pharmaceutical Co., Ltd.
23,982
618,556
Torishima Pump Manufacturing Co., Ltd.
42,368
552,645
Tosei Corp.
49,997
630,178
Tosei REIT Investment Corp.
605
585,115
Totech Corp.
15,056
541,906
Totetsu Kogyo Co., Ltd.
52,267
985,851
Towa Corp.
44,565
1,124,954
Towa Pharmaceutical Co., Ltd.
49,891
952,687
Toyo Construction Co., Ltd.
136,910
1,042,918
Toyo Corp.
44,176
411,158
Toyo Gosei Co., Ltd. (a)
12,932
659,991
Toyo Ink SC Holdings Co., Ltd.
67,867
1,057,734
Toyo Kanetsu KK
13,700
316,657
Toyo Tanso Co., Ltd.
26,921
1,102,100
Toyobo Co., Ltd.
166,738
1,211,151
TPR Co., Ltd.
48,037
603,824
Trancom Co., Ltd.
11,377
588,445
Transcosmos, Inc.
44,245
969,479
TRE Holdings Corp.
60,284
486,959
Tri Chemical Laboratories, Inc.
50,186
948,668
Trusco Nakayama Corp.
73,536
1,298,630
TSI Holdings Co., Ltd.
148,232
738,182
Tsubaki Nakashima Co., Ltd.
79,171
446,470
Tsubakimoto Chain Co.
61,280
1,620,552
Tsuburaya Fields Holdings, Inc.
66,768
1,198,371
Tsugami Corp.
79,841
646,033
Tsukishima Holdings Co., Ltd.
65,887
623,185
Tsurumi Manufacturing Co., Ltd.
38,493
803,783
TV Asahi Holdings Corp.
38,231
435,395
UACJ Corp.
53,340
1,148,614
Uchida Yoko Co., Ltd.
16,624
742,219
Union Tool Co.
17,328
452,288
Unipres Corp.
72,109
609,721
United Arrows Ltd.
49,688
737,206
United Super Markets Holdings, Inc.
106,164
816,001
Universal Entertainment Corp.
42,156
689,159
Usen-Next Holdings Co., Ltd.
30,552
734,499
UT Group Co., Ltd. *
52,382
873,243
V Technology Co., Ltd.
16,440
270,114
Valor Holdings Co., Ltd.
77,602
1,158,287
Valqua Ltd.
27,771
827,875
ValueCommerce Co., Ltd.
30,379
268,139
Vector, Inc.
44,334
409,279
Vision, Inc./Tokyo Japan *
49,835
575,763
Vital KSK Holdings, Inc.
58,372
392,528
VT Holdings Co., Ltd.
158,550
557,596
Wacoal Holdings Corp.
97,376
2,144,366
Wacom Co., Ltd.
271,329
1,118,229
Wakita & Co., Ltd.
83,629
770,891
Warabeya Nichiyo Holdings Co., Ltd.
25,114
469,901
Weathernews, Inc.
10,585
463,869
See financial notes
Schwab International Equity ETFs | Annual Report55

Schwab International Small-Cap Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
West Holdings Corp.
40,932
795,951
WingArc1st, Inc.
35,923
615,640
World Co., Ltd.
34,851
387,566
World Holdings Co., Ltd.
17,152
284,639
W-Scope Corp. *(a)
95,133
779,570
Xebio Holdings Co., Ltd.
41,144
288,264
Yahagi Construction Co., Ltd.
46,400
399,349
YAKUODO Holdings Co., Ltd.
20,883
368,646
YAMABIKO Corp.
60,498
612,938
YA-MAN Ltd. (a)
50,929
361,717
Yamazen Corp.
118,619
931,288
Yellow Hat Ltd.
53,602
695,131
Yodogawa Steel Works Ltd.
50,580
1,184,722
Yokogawa Bridge Holdings Corp.
56,218
1,066,167
Yokohama Reito Co., Ltd.
80,371
729,265
Yokowo Co., Ltd.
41,360
478,985
Yondoshi Holdings, Inc.
37,020
478,818
Yonex Co., Ltd.
72,927
705,301
Yoshinoya Holdings Co., Ltd.
121,808
2,379,935
Yuasa Trading Co., Ltd.
29,670
872,257
Yurtec Corp.
63,544
402,865
Zenrin Co., Ltd.
61,003
381,308
ZERIA Pharmaceutical Co., Ltd.
70,542
1,170,653
ZIGExN Co., Ltd.
99,068
393,319
Zojirushi Corp.
82,418
1,016,178
Zuken, Inc.
27,507
803,945
 
687,733,816
 
Netherlands 1.3%
Alfen N.V. *(a)
41,927
2,431,812
AMG Critical Materials N.V.
61,395
2,087,676
APERAM S.A.
81,685
2,318,375
Arcadis N.V.
137,699
6,462,286
Basic-Fit N.V. *(a)
100,440
3,069,793
Brunel International N.V.
38,418
518,710
Corbion N.V.
114,633
2,747,125
Eurocommercial Properties N.V.
102,569
2,469,149
Flow Traders Ltd.
49,750
1,008,648
Fugro N.V. CVA *
216,989
3,666,875
Galapagos N.V. *
93,277
3,543,336
Koninklijke BAM Groep N.V.
461,476
985,698
Majorel Group Luxembourg S.A.
40,728
1,306,232
NSI N.V.
34,797
706,241
PostNL N.V.
742,524
1,735,099
SBM Offshore N.V.
294,822
4,278,199
Sligro Food Group N.V.
63,320
1,220,544
TKH Group N.V.
77,891
3,596,288
TomTom N.V. *
130,467
1,037,945
Vastned Retail N.V.
32,270
692,779
Wereldhave N.V.
75,876
1,323,397
 
47,206,207
 
New Zealand 0.6%
Argosy Property Ltd.
1,615,581
1,125,537
Chorus Ltd.
841,026
4,018,831
Freightways Group Ltd.
332,351
1,723,695
Genesis Energy Ltd.
1,012,054
1,527,661
Goodman Property Trust
2,108,245
2,717,843
Heartland Group Holdings Ltd.
1,087,660
1,159,288
KMD Brands Ltd.
1,096,501
541,917
Oceania Healthcare Ltd.
1,402,831
634,840
Pacific Edge Ltd. *
1,318,718
82,449
Precinct Properties New Zealand Ltd.
2,580,510
1,889,975
Scales Corp., Ltd.
208,806
385,434
Skellerup Holdings Ltd.
345,111
883,634
SKY Network Television Ltd.
267,949
398,876
SECURITY
NUMBER
OF SHARES
VALUE ($)
Stride Property Group
976,213
807,988
Summerset Group Holdings Ltd.
443,044
2,704,058
Vector Ltd.
480,003
1,154,704
Vital Healthcare Property Trust
972,928
1,303,493
 
23,060,223
 
Norway 1.9%
Aker Carbon Capture A.S.A. *
644,564
746,537
Aker Horizons Holding A/S *
429,288
194,523
Aker Solutions A.S.A.
509,409
2,125,341
Arendals Fossekompani A/S (a)
22,556
308,744
Atea A.S.A. *
157,478
1,954,198
Austevoll Seafood A.S.A.
166,946
1,210,840
Bakkafrost P/F
96,936
4,898,220
Bonheur A.S.A.
37,453
815,103
Borr Drilling Ltd. *
433,793
3,058,571
Borregaard A.S.A.
189,600
2,769,900
BW Energy Ltd. *
147,223
355,008
BW LPG Ltd.
147,869
1,793,253
BW Offshore Ltd.
169,582
394,097
Crayon Group Holding A.S.A. *
156,582
1,268,889
DNO A.S.A.
1,029,995
961,037
Elkem A.S.A.
503,827
1,042,027
Entra A.S.A.
106,048
994,965
Europris A.S.A.
313,986
1,788,783
FLEX LNG Ltd.
56,272
1,714,005
Grieg Seafood A.S.A.
109,329
772,908
Hafnia Ltd.
469,054
2,749,375
Hexagon Composites A.S.A. *
207,462
736,453
Hexagon Purus A.S.A. *
71,204
131,066
Hoegh Autoliners A.S.A.
123,791
862,929
Kahoot! A.S.A. *
718,847
2,331,472
MPC Container Ships A.S.A
746,760
1,293,139
NEL A.S.A. *
3,029,098
3,328,914
Scatec A.S.A.
227,625
1,519,333
Sparebank 1 Oestlandet
56,973
717,709
SpareBank 1 SMN
249,209
3,298,687
SpareBank 1 SR-Bank A.S.A.
339,639
4,109,328
Stolt-Nielsen Ltd.
41,590
1,036,119
Storebrand A.S.A.
887,303
7,123,682
Subsea 7 S.A.
456,538
5,944,310
TGS A.S.A.
229,919
2,976,347
Veidekke A.S.A.
207,672
1,967,946
Wallenius Wilhelmsen A.S.A.
202,173
1,640,245
Wilh Wilhelmsen Holding A.S.A., Class A
24,238
683,585
 
71,617,588
 
Poland 0.8%
Alior Bank S.A. *
178,045
2,427,071
AmRest Holdings SE *
138,440
922,094
Asseco Poland S.A.
105,166
1,870,468
Bank Handlowy w Warszawie S.A.
62,407
1,309,847
Bank Millennium S.A. *
1,182,839
1,743,584
CCC S.A. *
74,453
804,824
CD Projekt S.A.
125,275
4,485,126
Ciech S.A.
30,196
322,750
Cyfrowy Polsat S.A.
463,300
1,524,379
Enea S.A. *
506,286
1,079,217
Grupa Azoty S.A. *
87,076
532,017
Jastrzebska Spolka Weglowa S.A. *
97,750
858,848
KRUK S.A. *
33,447
3,246,297
mBank S.A. *
24,868
2,588,625
Orange Polska S.A.
1,263,398
2,193,109
PGE Polska Grupa Energetyczna S.A. *
1,680,966
3,461,250
Tauron Polska Energia S.A. *
1,792,300
1,861,774
See financial notes
56Schwab International Equity ETFs | Annual Report

Schwab International Small-Cap Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Warsaw Stock Exchange
55,329
492,977
 
31,724,257
 
Portugal 0.4%
Altri, SGPS, S.A. (a)
135,132
667,035
Banco Comercial Portugues S.A.,
Class R *
14,961,301
4,179,724
Corticeira Amorim SGPS S.A.
64,342
706,716
CTT-Correios de Portugal S.A.
274,854
1,009,788
Greenvolt-Energias Renovaveis S.A. *(a)
122,542
832,586
NOS, SGPS S.A.
359,097
1,353,197
REN - Redes Energeticas Nacionais,
SGPS, S.A.
760,342
2,079,597
Semapa-Sociedade de Investimento e
Gestao
28,881
420,036
Sonae, SGPS, S.A.
1,718,837
1,814,237
The Navigator Co., S.A.
476,112
1,743,508
 
14,806,424
 
Republic of Korea 6.5%
AbClon, Inc. *
23,199
298,906
ABLBio, Inc. *
47,039
647,709
Advanced Nano Products Co., Ltd.
14,087
1,681,807
Advanced Process Systems Corp.
24,494
338,570
AfreecaTV Co., Ltd.
12,770
789,339
Ahnlab, Inc.
11,223
551,067
Amicogen, Inc. *
35,019
483,258
Ananti, Inc. *
84,941
525,680
Asiana Airlines, Inc. *
62,452
524,469
BH Co., Ltd.
48,203
878,905
Binex Co., Ltd. *
41,517
278,298
Binggrae Co., Ltd.
9,459
398,613
Bioneer Corp. *
40,789
1,323,887
Boryung
51,461
365,590
Bukwang Pharmaceutical Co., Ltd. *
67,944
346,981
Cellivery Therapeutics, Inc. *(b)
45,216
171,388
Chabiotech Co., Ltd. *
86,242
1,149,676
Chong Kun Dang Pharmaceutical Corp.
15,944
1,049,463
Chunbo Co., Ltd.
8,131
926,445
CJ CGV Co., Ltd. *
44,313
263,514
CMG Pharmaceutical Co., Ltd. *
184,240
340,811
Com2uS Corp.
18,514
663,941
Com2uS Holdings Corp. *
8,432
192,340
Cosmax, Inc. *
14,829
1,722,150
CosmoAM&T Co., Ltd. *
38,609
4,606,498
Cosmochemical Co., Ltd. *
46,912
1,542,142
Creative & Innovative System *
91,045
772,858
CrystalGenomics Invites Co., Ltd. *
113,618
296,133
CS Wind Corp.
37,752
1,813,696
Daeduck Electronics Co., Ltd. / New
63,661
1,391,945
Daejoo Electronic Materials Co., Ltd.
18,836
1,407,979
Daesang Corp.
38,354
520,285
Daewoong Co., Ltd.
38,741
417,673
Daewoong Pharmaceutical Co., Ltd.
9,266
731,185
Daishin Securities Co., Ltd.
57,255
623,773
Danal Co., Ltd. *
94,373
274,533
Daou Technology, Inc.
45,310
636,585
Dawonsys Co., Ltd. *
50,661
559,600
DB HiTek Co., Ltd.
67,299
2,724,037
Dentium Co., Ltd.
12,361
1,154,971
DIO Corp. *
21,701
486,805
Dong-A Socio Holdings Co., Ltd.
5,882
433,446
Dong-A ST Co., Ltd.
8,926
415,995
Dongjin Semichem Co., Ltd.
57,026
1,471,221
DongKook Pharmaceutical Co., Ltd.
44,848
478,763
Dongkuk Steel Mill Co., Ltd. *
53,337
400,305
SECURITY
NUMBER
OF SHARES
VALUE ($)
Dongwon Industries Co., Ltd.
8,791
232,786
Doosan Co., Ltd.
11,016
980,126
Doosan Fuel Cell Co., Ltd. *
56,146
1,051,344
Doosan Tesna, Inc.
18,477
682,884
DoubleUGames Co., Ltd.
17,134
553,525
Duk San Neolux Co., Ltd. *
23,619
763,921
Duzone Bizon Co., Ltd.
32,022
821,294
Ecopro Co., Ltd.
36,659
34,863,146
Ecopro HN Co., Ltd.
21,126
1,484,854
Enchem Co., Ltd. *
13,370
674,696
ENF Technology Co., Ltd.
19,739
317,347
Eo Technics Co., Ltd.
15,160
1,942,957
Eoflow Co., Ltd. *
46,272
927,716
ESR Kendall Square REIT Co., Ltd.
237,049
703,928
Eubiologics Co., Ltd. *
66,779
507,758
Eugene Investment & Securities Co., Ltd.
112,411
357,623
Eugene Technology Co., Ltd.
24,061
626,214
Foosung Co., Ltd.
99,278
878,799
GemVax & Kael Co., Ltd. *
65,299
654,596
GeneOne Life Science, Inc. *
139,651
412,587
Genexine, Inc. *
58,156
442,192
GOLFZON Co., Ltd.
6,012
416,189
Grand Korea Leisure Co., Ltd. *
37,912
463,807
Green Cross Holdings Corp.
55,631
588,403
Green Cross LabCell Corp.
15,996
454,435
HAESUNG DS Co., Ltd.
21,459
1,113,741
Halla Holdings Corp.
13,521
367,243
Han Kuk Carbon Co., Ltd.
59,632
653,730
Hana Micron, Inc.
68,347
1,098,826
Hana Tour Service, Inc. *
21,718
799,380
Hanall Biopharma Co., Ltd. *
71,211
1,279,562
Hancom, Inc. *
31,407
342,168
Handsome Co., Ltd.
24,354
349,717
Hanil Cement Co., Ltd.
32,492
310,478
Hanjin Transportation Co., Ltd.
26,364
423,859
Hankook & Co. Co., Ltd.
51,357
423,523
Hanmi Semiconductor Co., Ltd.
85,651
3,875,112
Hansae Co., Ltd.
25,563
377,522
Hansol Chemical Co., Ltd.
15,485
1,892,058
Hanssem Co., Ltd.
12,937
579,437
Hanwha General Insurance Co., Ltd. *
150,430
476,869
Hanwha Investment & Securities Co.,
Ltd. *
196,436
372,288
Hanwha Systems Co., Ltd.
115,611
1,174,697
Harim Holdings Co., Ltd.
82,082
449,611
HD Hyundai Construction Equipment Co.
Ltd.
22,622
1,218,601
HD Hyundai Electric Co. Ltd.
41,457
2,208,113
HDC Holdings Co., Ltd.
72,619
341,736
HDC Hyundai Development
Co-Engineering & Construction,
Class E
88,624
691,961
Helixmith Co.,Ltd *
70,461
266,544
HK inno N Corp.
28,938
810,067
HLB Global Co., Ltd. *
71,667
211,463
HLB Life Science Co., Ltd. *
160,479
1,047,803
HLB Therapeutics Co., Ltd. *
121,038
344,318
Hugel, Inc. *
10,718
911,446
Humasis Co., Ltd. *
218,468
415,697
Huons Co., Ltd.
12,474
445,449
Hyosung Advanced Materials Corp.
5,979
2,044,644
Hyosung Chemical Corp. *
4,257
339,787
Hyosung Corp.
16,744
803,155
Hyosung Heavy Industries Corp. *
12,507
1,897,222
Hyosung TNC Corp.
5,666
1,418,911
Hyundai Autoever Corp.
12,677
1,685,151
Hyundai Bioscience Co., Ltd. *
69,506
1,427,719
Hyundai Elevator Co., Ltd.
45,338
1,543,567
See financial notes
Schwab International Equity ETFs | Annual Report57

Schwab International Small-Cap Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Hyundai GF Holdings
1
3
Hyundai Green Food *
36,057
343,179
Hyundai Home Shopping Network Corp.
10,172
335,924
Hyundai Rotem Co., Ltd. *
138,617
3,224,871
Il Dong Pharmaceutical Co., Ltd. *
29,745
360,743
Ilyang Pharmaceutical Co., Ltd.
23,679
286,817
iMarketKorea, Inc.
35,216
246,452
InBody Co., Ltd.
19,941
395,275
Innocean Worldwide, Inc.
20,757
638,375
Innox Advanced Materials Co., Ltd.
25,246
726,772
Insun ENT Co., Ltd. *
43,900
279,658
Intellian Technologies, Inc.
14,222
927,510
INTOPS Co., Ltd.
22,628
505,888
IS Dongseo Co., Ltd. *
25,556
613,885
i-SENS, Inc.
32,924
828,238
JB Financial Group Co., Ltd.
278,405
2,045,253
Jeju Air Co., Ltd. *
59,655
584,928
JR Global Reit
212,830
670,654
Jusung Engineering Co., Ltd.
67,388
1,396,960
JW Pharmaceutical Corp.
28,574
995,523
JYP Entertainment Corp.
52,077
4,420,684
KCC Glass Corp.
18,020
570,560
KEPCO Engineering & Construction Co.,
Inc.
23,775
1,190,774
KH Vatec Co., Ltd.
28,591
325,333
KIWOOM Securities Co., Ltd.
25,063
1,958,773
KMW Co., Ltd. *
55,708
469,941
Koh Young Technology, Inc.
109,952
1,081,427
Kolmar Korea Co., Ltd.
29,770
1,301,839
Kolon Industries, Inc.
35,100
1,349,030
Komipharm International Co., Ltd. *
74,208
305,422
Korea Electric Terminal Co., Ltd.
13,245
533,107
Korea Line Corp. *
261,583
355,440
Korea Petrochemical Ind Co., Ltd.
5,767
561,538
Korea Real Estate Investment & Trust
Co., Ltd.
244,691
229,742
Korea United Pharm, Inc.
16,289
335,824
Korean Reinsurance Co.
184,208
1,103,785
Kuk-il Paper Manufacturing Co., Ltd. *(b)
146,037
31,820
Kum Yang Co., Ltd. *
56,527
5,516,915
Kumho Tire Co., Inc. *
252,665
945,284
Kwang Dong Pharmaceutical Co., Ltd.
57,964
280,666
L&C Bio Co., Ltd.
22,600
624,097
LEENO Industrial, Inc.
17,491
2,224,503
LegoChem Biosciences, Inc. *
34,670
925,932
LF Corp.
33,309
367,426
LG Hausys Ltd.
12,180
471,811
LIG Nex1 Co., Ltd.
20,773
1,332,741
LOTTE Reit Co., Ltd.
231,110
595,369
Lotte Rental Co., Ltd.
21,147
443,979
Lotte Tour Development Co., Ltd. *
66,188
857,803
Lotte Wellfood Co., Ltd.
4,915
414,247
LS Electric Co., Ltd.
29,074
2,195,260
LX Holdings Corp.
77,167
473,482
LX International Corp.
42,649
979,306
LX Semicon Co., Ltd.
21,195
1,428,768
Mcnex Co., Ltd.
22,078
486,075
Medipost Co., Ltd. *
27,518
189,873
MedPacto, Inc. *
23,794
264,448
Medytox, Inc.
9,441
1,764,272
MegaStudyEdu Co., Ltd.
14,818
577,361
Mezzion Pharma Co., Ltd. *
28,459
1,065,800
Modetour Network, Inc. *
28,450
349,988
Myoung Shin Industrial Co., Ltd. *
50,666
818,399
Namsun Aluminum Co., Ltd. *
171,722
331,946
Namyang Dairy Products Co., Ltd.
844
297,244
Naturecell Co., Ltd. *
86,823
506,454
Neowiz *
22,139
590,429
SECURITY
NUMBER
OF SHARES
VALUE ($)
NEPES Corp. *
30,785
412,252
Nexen Tire Corp.
62,630
377,652
NHN KCP Corp.
41,705
287,131
NICE Holdings Co., Ltd.
34,714
368,742
NICE Information Service Co., Ltd.
63,086
467,746
NKMax Co., Ltd. *
56,782
632,367
Orion Holdings Corp.
37,378
430,409
Oscotec, Inc. *
61,767
1,308,474
Park Systems Corp.
8,288
1,128,685
Partron Co., Ltd.
79,548
488,091
People & Technology, Inc.
35,443
1,877,065
PharmaResearch Co., Ltd.
11,532
1,264,223
Pharmicell Co., Ltd. *
104,976
551,983
PI Advanced Materials Co., Ltd.
23,306
523,691
Poongsan Corp.
35,691
953,200
Posco DX Co., Ltd.
101,836
4,322,300
RFHIC Corp.
31,869
420,017
S&S Tech Corp.
30,488
1,093,347
Sam Chun Dang Pharm Co., Ltd. *
25,212
1,676,667
SAM KANG M&T Co., Ltd. *
46,452
759,117
Sambu Engineering & Construction Co.,
Ltd. *
289,000
760,900
Samchully Co., Ltd.
4,198
347,782
Samsung Pharmaceutical Co., Ltd. *
115,166
250,939
Samwha Capacitor Co., Ltd.
14,526
436,852
Samyang Foods Co., Ltd.
7,654
1,125,733
Samyang Holdings Corp.
11,513
607,987
Seah Besteel Holdings Corp.
21,440
382,814
Sebang Global Battery Co., Ltd.
15,286
692,742
Seojin System Co., Ltd. *
36,850
448,863
Seoul Semiconductor Co., Ltd.
65,377
584,152
SFA Engineering Corp.
35,542
894,096
SFA Semicon Co., Ltd. *
146,068
552,555
Shinhan Alpha REIT Co., Ltd.
119,384
561,807
Shinsegae International, Inc.
21,343
304,865
Shinsung E&G Co., Ltd. *
289,090
645,217
SIMMTECH Co., Ltd.
37,055
1,016,262
SK Discovery Co., Ltd.
20,733
657,244
SK Gas Ltd.
4,864
463,308
SK REITs Co., Ltd.
212,896
748,982
SK Securities Co., Ltd.
626,255
307,501
SL Corp.
28,929
783,551
SM Entertainment Co., Ltd.
21,353
2,221,326
SNT Motiv Co., Ltd.
13,389
495,851
Solid, Inc.
84,353
379,724
SOLUM Co., Ltd. *
65,453
1,507,883
Songwon Industrial Co., Ltd.
28,913
426,340
Soulbrain Co., Ltd.
7,910
1,361,472
ST Pharm Co., Ltd.
17,213
1,056,156
STCUBE *
86,894
869,762
Studio Dragon Corp. *
12,865
502,239
Sung Kwang Bend Co., Ltd.
32,132
371,217
Sungeel Hitech Co., Ltd. *
9,665
929,390
Sungwoo Hitech Co., Ltd.
86,706
663,210
Taekwang Industrial Co., Ltd.
1,008
462,151
Taihan Electric Wire Co., Ltd. *
71,116
710,218
TES Co., Ltd.
23,361
347,477
The Nature Holdings Co., Ltd..
16,915
277,064
TK Corp.
24,234
376,780
TKG Huchems Co., Ltd.
42,632
714,431
Tokai Carbon Korea Co., Ltd.
7,691
534,166
Unid Co., Ltd.
6,613
290,687
UniTest, Inc. *
30,235
317,962
Vaxcell-Bio Therapeutics Co., Ltd. *
19,392
616,201
Vieworks Co., Ltd.
13,691
317,998
Webzen, Inc.
28,215
303,550
WONIK IPS Co., Ltd.
64,829
1,513,126
W-Scope Chungju Plant Co., Ltd. *
41,502
2,072,353
See financial notes
58Schwab International Equity ETFs | Annual Report

Schwab International Small-Cap Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Wysiwyg Studios Co., Ltd. *
176,320
402,865
YG Entertainment, Inc.
21,274
1,311,769
Youlchon Chemical Co., Ltd.
24,449
593,768
Young Poong Corp.
942
388,417
Youngone Corp.
58,158
2,362,841
Youngone Holdings Co., Ltd.
10,251
580,896
Yuanta Securities Korea Co., Ltd.
147,440
283,892
Yungjin Pharmaceutical Co., Ltd. *
149,827
281,120
Zinus, Inc.
19,843
396,335
 
244,319,310
 
Singapore 0.9%
AEM Holdings Ltd.
522,367
1,361,519
AIMS APAC REIT
1,088,562
1,015,615
Ascendas India Trust
1,804,857
1,550,266
CapitaLand China Trust
2,234,124
1,497,136
CDL Hospitality Trusts
1,685,045
1,285,151
Cromwell European Real Estate
Investment Trust
617,731
952,045
Digital Core REIT Management Pte Ltd.
1,362,881
756,399
Eagle Hospitality Trust *(b)
940,343
0
ESR-LOGOS REIT
11,810,545
2,711,047
Far East Hospitality Trust
1,868,970
878,783
First Real Estate Investment Trust
2,021,257
381,652
First Resources Ltd.
972,794
1,116,498
Frasers Centrepoint Trust
2,073,713
3,439,554
iFAST Corp., Ltd.
300,558
1,264,102
Keppel Infrastructure Trust
7,099,775
2,602,287
Keppel Pacific Oak US REIT
1,666,023
366,525
Lendlease Global Commercial REIT
3,650,302
1,554,183
Manulife US Real Estate Investment
Trust
3,064,488
208,385
Nanofilm Technologies International Ltd.
412,859
324,051
OUE Commercial Real Estate Investment
Trust
3,984,567
693,353
Parkway Life Real Estate Investment
Trust
746,993
2,123,993
Raffles Medical Group Ltd.
1,775,923
1,656,914
Riverstone Holdings Ltd.
1,030,466
480,706
Sheng Siong Group Ltd.
805,271
906,340
Silverlake Axis Ltd.
1,420,871
299,851
SPH REIT
2,126,657
1,417,246
Starhill Global REIT
2,754,134
989,082
The Hour Glass Ltd.
417,603
606,073
UMS Holdings Ltd.
885,172
819,300
 
33,258,056
 
Spain 1.9%
Acerinox S.A.
377,093
3,792,368
Almirall S.A.
139,559
1,418,520
Applus Services S.A.
249,970
2,571,970
Atresmedia Corp de Medios de
Comunicaion S.A.
148,542
590,710
Banco De Sabadell S.A.
10,781,885
12,497,860
Cia de Distribucion Integral Logista
Holdings S.A.
120,466
3,268,694
Cie Automotive S.A.
95,432
2,908,445
Construcciones y Auxiliar de
Ferrocarriles S.A.
34,800
1,250,193
Distribuidora Internacional de
Alimentacion S.A. *
22,298,645
336,405
Ebro Foods S.A.
148,562
2,686,287
Ence Energia y Celulosa S.A. (a)
239,714
764,390
Faes Farma S.A.
616,468
2,161,139
Fluidra S.A.
210,246
4,737,234
SECURITY
NUMBER
OF SHARES
VALUE ($)
Fomento de Construcciones y Contratas
S.A.
92,815
1,196,752
Gestamp Automocion S.A.
301,516
1,350,235
Global Dominion Access S.A.
195,313
782,217
Indra Sistemas S.A.
236,553
3,350,493
Laboratorios Farmaceuticos Rovi S.A.
40,787
2,324,078
Lar Espana Real Estate Socimi S.A.
116,525
729,734
Let's GOWEX S.A. *(b)
5,361
0
Linea Directa Aseguradora S.A. Cia de
Seguros y Reaseguros
1,287,760
1,306,821
Melia Hotels International S.A. *
199,368
1,305,877
Neinor Homes S.A. *
78,238
784,620
Pharma Mar S.A.
25,709
996,146
Prosegur Cash S.A.
705,929
456,643
Prosegur Cia de Seguridad S.A.
467,818
817,471
Sacyr S.A.
767,045
2,445,921
Solaria Energia y Medio Ambiente S.A. *
115,296
1,719,375
Tecnicas Reunidas S.A. *(a)
84,239
777,145
Unicaja Banco S.A.
2,361,800
2,614,647
Vidrala SA
35,724
3,365,499
Viscofan S.A.
74,403
4,845,197
 
70,153,086
 
Sweden 4.6%
AAK AB
334,041
6,198,881
AddLife AB, B Shares
207,650
1,435,548
Addnode Group AB
230,983
1,567,324
AddTech AB, B Shares
361,574
6,122,049
AFRY AB
185,626
2,444,522
Alleima AB
352,444
1,616,429
Arjo AB, B Shares
426,802
1,682,278
Atrium Ljungberg AB, B Shares
84,005
1,529,749
Attendo AB *
204,808
580,762
Avanza Bank Holding AB
241,382
4,673,375
Beijer Alma AB
85,574
1,342,625
Betsson AB, B Shares *
229,418
2,569,505
BICO Group AB *(a)
85,691
345,037
Bilia AB, A Shares
134,966
1,291,741
Billerud Aktiebolag
406,536
3,326,571
BioArctic AB *(a)
66,133
1,879,523
Biotage AB
125,424
1,363,068
Boozt AB *
118,120
1,091,676
Bravida Holding AB
390,855
2,784,198
Bufab AB
57,343
1,545,919
Bure Equity AB
102,777
2,064,945
Camurus AB *
38,866
1,043,535
Catena AB
64,743
2,365,063
Cibus Nordic Real Estate AB
109,014
1,174,773
Cint Group AB *
382,602
333,164
Clas Ohlson AB, B Shares
81,407
747,910
Cloetta AB, B Shares
385,336
649,974
Collector Bank AB *
165,454
519,032
Concentric AB
75,547
1,185,305
Corem Property Group AB, B Shares
1,264,752
925,761
Dios Fastigheter AB
166,154
1,036,386
Dometic Group AB
608,038
3,904,806
Electrolux Professional AB, B Shares
433,817
2,335,502
Elekta AB, B Shares (a)
694,501
4,971,277
Fabege AB
477,989
4,098,084
Fagerhult Group AB
134,241
644,853
Fortnox AB
947,010
4,922,767
Granges AB
200,390
1,912,415
Hemnet Group AB
147,548
2,674,753
Hexatronic Group AB
384,383
2,092,186
Hexpol AB
473,409
4,669,282
HMS Networks AB
53,791
2,158,537
Hufvudstaden AB, A Shares
205,050
2,368,864
See financial notes
Schwab International Equity ETFs | Annual Report59

Schwab International Small-Cap Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Instalco AB
455,580
1,551,899
Intrum AB (a)
147,854
934,662
Investment AB Oresund
57,492
535,547
INVISIO AB
63,798
1,243,927
JM AB
126,496
1,668,145
Lagercrantz Group AB, B Shares
363,251
3,811,682
Lindab International AB
130,978
1,925,813
Loomis AB
135,875
3,608,476
Medicover AB, B Shares
122,982
1,776,797
MEKO AB
79,743
716,601
MIPS AB
41,426
1,533,343
Modern Times Group MTG AB,
B Shares *
231,383
1,573,207
Munters Group AB
204,534
2,531,015
Mycronic AB
130,899
2,684,948
NCC AB, B Shares
171,026
1,760,256
Nobia AB *
221,790
186,650
Nolato AB, B Shares
337,751
1,447,870
Nordnet AB publ
325,985
4,230,401
NP3 Fastigheter AB
58,048
891,668
Nyfosa AB
345,429
2,173,541
OX2 AB *
284,420
1,380,553
Pandox AB
168,473
1,873,991
Peab AB, B Shares
370,747
1,508,057
Platzer Fastigheter Holding AB,
B Shares
100,606
670,713
Ratos AB, B Shares
395,929
1,225,764
Resurs Holding AB
269,484
590,655
Samhallsbyggnadsbolaget i Norden
AB (a)
2,109,588
677,675
Scandic Hotels Group AB *(a)
257,169
834,926
Sdiptech AB, B Shares *
56,457
1,288,984
Sectra AB, B Shares *
247,170
3,859,950
Sinch AB *
1,185,659
2,493,155
SkiStar AB
76,919
820,477
Stillfront Group AB *
898,366
1,476,779
Storskogen Group AB, B Shares
2,626,516
1,986,096
Systemair AB *
141,446
865,477
Thule Group AB
201,465
5,837,939
Troax Group AB
64,338
1,032,943
Truecaller AB, B Shares *
377,949
1,183,906
Viaplay Group AB, B Shares *(a)
142,653
670,280
Vitec Software Group AB, B Shares
50,937
2,751,553
Vitrolife AB
127,320
1,738,312
Volati AB
38,122
318,557
Wallenstam AB, B Shares
637,075
2,300,473
Wihlborgs Fastigheter AB
503,406
3,873,273
 
172,236,890
 
Switzerland 4.3%
Accelleron Industries AG
179,754
4,863,992
Allreal Holding AG
27,905
4,878,044
ALSO Holding AG
5,113
1,244,602
ams-OSRAM AG *(a)
469,905
3,301,704
APG SGA S.A.
2,093
431,278
Arbonia AG
84,596
895,525
Aryzta AG *
1,790,814
2,982,494
Autoneum Holding AG *
5,594
834,746
Basilea Pharmaceutica AG *
22,068
1,205,526
Bell Food Group AG
3,627
1,096,416
Bossard Holding AG, Class A
4,830
1,107,359
Bucher Industries AG
12,387
5,090,836
Burckhardt Compression Holding AG
6,015
3,548,050
Bystronic AG
2,440
1,646,465
Cembra Money Bank AG
56,352
4,115,147
Comet Holding AG
14,255
3,666,840
COSMO Pharmaceuticals N.V.
18,525
934,377
SECURITY
NUMBER
OF SHARES
VALUE ($)
Daetwyler Holding AG
14,239
2,969,515
DocMorris AG *(a)
15,419
1,165,263
dormakaba Holding AG
5,780
3,033,150
Dottikon Es Holding AG *
8,439
2,111,541
Dufry AG *
201,679
8,987,360
EFG International AG
148,866
1,668,580
Forbo Holding AG
1,801
2,434,638
Galenica AG
93,962
7,468,024
Hiag Immobilien Holding AG
6,678
565,541
Huber & Suhner AG
32,140
2,481,685
Idorsia Ltd. *(a)
233,082
1,278,817
Implenia AG
28,252
1,007,572
Inficon Holding AG
3,717
4,746,987
Interroll Holding AG
1,032
3,078,766
Intershop Holding AG
2,177
1,478,856
Kardex Holding AG
10,986
2,531,164
Komax Holding AG
8,982
2,252,491
Landis & Gyr Group AG
46,837
3,473,335
LEM Holding S.A.
901
2,032,032
Leonteq AG
19,662
889,326
Medacta Group S.A.
11,511
1,616,036
Medartis Holding AG *
8,957
865,024
Medmix AG
48,369
1,440,254
Meyer Burger Technology AG *(a)
6,864,508
3,085,434
Mobimo Holding AG
13,817
4,043,809
Montana Aerospace AG *
42,966
674,224
OC Oerlikon Corp. AG
353,267
1,736,638
PIERER Mobility AG
17,560
1,439,393
PolyPeptide Group AG *
27,793
786,669
Rieter Holding AG
5,710
604,455
Schweiter Technologies AG
1,827
1,317,633
Sensirion Holding AG *
19,572
1,721,760
SFS Group AG
33,120
3,802,285
Siegfried Holding AG
7,832
7,089,368
SKAN Group AG
21,133
1,923,683
Softwareone Holding AG
209,156
4,184,304
St. Galler Kantonalbank AG
5,399
3,019,650
Stadler Rail AG
100,887
4,105,156
Sulzer AG
32,849
3,347,195
Swissquote Group Holding S.A.
16,513
3,290,448
TX Group AG
5,911
619,710
u-blox Holding AG
12,982
1,159,671
Valiant Holding AG
30,457
3,272,425
Vetropack Holding AG
23,074
1,218,683
Vontobel Holding AG
52,114
3,233,340
VP Bank AG, Class A
4,762
484,152
VZ Holding AG
25,641
2,595,308
Ypsomed Holding AG
6,540
1,932,567
Zehnder Group AG
17,492
1,158,542
 
163,265,860
 
United Kingdom 12.4%
4imprint Group plc
53,634
3,466,077
888 Holdings plc *
670,045
1,083,384
AG Barr plc
166,502
1,028,542
AJ Bell plc
559,842
2,058,689
Alphawave IP Group plc *
553,605
1,010,160
AO World plc *
840,690
994,439
Ascential plc *
831,697
2,114,092
Ashmore Group plc
862,508
2,120,277
ASOS plc *(a)
123,995
688,815
Assura plc
5,617,856
3,266,042
Aston Martin Lagonda Global Holdings
plc *(a)
496,522
2,242,353
Auction Technology Group plc *
166,338
1,492,288
Avon Rubber plc
55,932
460,682
Babcock International Group plc *
482,156
2,360,763
See financial notes
60Schwab International Equity ETFs | Annual Report

Schwab International Small-Cap Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Bakkavor Group plc
254,273
322,202
Balanced Commercial Property Trust
Ltd.
1,010,797
886,335
Balfour Beatty plc
1,097,018
4,548,360
Bank of Georgia Group plc
69,323
3,061,314
Bellway plc
236,059
6,389,246
Big Yellow Group plc
323,788
4,410,593
Bodycote plc
357,041
3,004,097
Bridgepoint Group plc
482,891
1,068,981
Britvic plc
495,540
5,519,445
Bytes Technology Group plc
383,378
2,358,059
C&C Group plc
742,301
1,284,868
Capita plc *
3,336,593
762,724
Capricorn Energy plc
282,181
615,013
Carnival plc *
282,928
4,027,882
Centamin plc
2,252,366
2,504,459
Chemring Group plc
540,965
1,994,757
Clarkson plc
47,280
1,623,583
Close Brothers Group plc
289,109
3,007,686
CLS Holdings plc
305,482
490,832
CMC Markets plc
209,627
281,566
Coats Group plc
3,094,651
3,007,702
Computacenter plc
124,677
3,444,059
Cranswick plc
102,513
4,377,606
Crest Nicholson Holdings plc
476,075
1,088,881
Currys plc
1,854,835
1,176,352
Darktrace plc *
775,558
3,534,944
Deliveroo plc *
2,503,273
3,587,555
Diploma plc
249,676
9,915,248
Diversified Energy Co., plc
1,794,471
2,081,721
Domino's Pizza Group plc
727,012
3,638,869
Dr. Martens plc
1,107,866
2,206,823
Drax Group plc
765,242
5,352,611
Dunelm Group plc
215,466
3,178,041
easyJet plc *
710,700
3,811,183
Elementis plc *
1,087,417
1,573,584
Energean plc
258,143
3,722,463
Essentra plc
578,926
1,082,772
FDM Group Holdings plc
167,158
1,220,049
Ferrexpo plc *
558,052
546,969
Finablr plc *(b)
225,475
0
FirstGroup plc
1,369,628
2,518,244
Frasers Group plc *
245,632
2,510,251
Future plc
234,612
2,308,445
Games Workshop Group plc
62,664
8,591,582
Genuit Group plc
442,961
1,790,540
Genus plc
127,077
3,748,674
Grafton Group plc
382,318
4,178,416
Grainger plc
1,393,602
4,171,060
Great Portland Estates plc
418,214
2,226,806
Greencore Group plc *
988,878
1,055,700
Greggs plc
190,920
5,965,849
Halfords Group plc
410,511
951,407
Hammerson plc (a)
7,446,599
2,266,516
Harbour Energy plc
1,312,999
4,159,414
Hays plc
3,070,422
4,166,922
Helical plc
199,894
595,245
Helios Towers plc *
1,482,631
1,712,449
Hill & Smith plc
151,908
3,449,423
Hilton Food Group plc
159,620
1,363,248
Hochschild Mining plc
618,153
715,929
Home REIT plc (b)
1,478,309
356,384
Ibstock plc
709,085
1,337,891
IG Group Holdings plc
730,961
6,265,991
Inchcape plc
714,896
6,916,393
Indivior plc *
240,088
5,536,938
IntegraFin Holdings plc
553,975
1,691,745
International Distributions Services plc *
1,297,998
3,996,760
SECURITY
NUMBER
OF SHARES
VALUE ($)
Investec plc
1,196,589
7,085,468
IP Group plc
1,896,944
1,410,978
Ithaca Energy plc
204,116
366,759
IWG plc *
1,394,749
3,167,101
J.D. Wetherspoon plc *
184,472
1,690,038
John Wood Group plc *
1,311,224
2,655,103
JTC plc
256,304
2,263,685
Jupiter Fund Management plc
806,115
1,016,361
Just Group plc
1,985,056
1,896,583
Kainos Group plc
179,435
2,762,557
Keller Group plc
137,316
1,338,059
Lancashire Holdings Ltd.
474,113
3,439,419
Liontrust Asset Management plc
117,497
981,160
LondonMetric Property plc
2,033,462
4,668,980
LXI REIT plc
2,891,216
3,421,805
Man Group plc
2,261,144
6,068,508
Marks & Spencer Group plc *
3,771,429
10,838,689
Marshalls plc
431,030
1,501,993
Mitchells & Butlers plc *
488,250
1,364,821
Mitie Group plc
2,610,958
3,215,836
Mobico Group plc
1,030,519
1,092,973
Molten Ventures plc *
285,961
881,973
Moneysupermarket.com Group plc
991,000
3,119,270
Moonpig Group plc *
530,025
1,138,397
Morgan Advanced Materials plc
542,254
1,807,117
Morgan Sindall Group plc
81,750
2,044,856
NCC Group plc
568,721
718,492
Network International Holdings plc *
860,915
4,232,722
Ninety One plc
636,052
1,380,631
OSB Group plc
824,450
3,566,610
Oxford Biomedica plc *
161,152
658,557
Oxford Instruments plc
101,744
2,855,685
Oxford Nanopore Technologies plc *
1,216,726
3,669,421
Pagegroup plc
594,620
3,155,542
Paragon Banking Group plc
430,852
2,874,447
Pennon Group plc
508,187
4,153,470
Petershill Partners plc
526,092
1,166,615
Petrofac Ltd. *(a)
831,749
761,479
Pets at Home Group plc
878,393
4,202,896
Picton Property Income Ltd.
1,009,548
881,402
Playtech plc *
591,025
3,931,814
Plus500 Ltd.
170,258
3,080,800
Premier Foods plc
1,240,829
1,937,093
Primary Health Properties plc
2,572,858
3,066,214
PureTech Health plc *
475,678
1,194,660
PZ Cussons plc
474,276
953,152
QinetiQ Group plc
987,837
4,173,291
Quilter plc
2,644,472
2,868,405
Rank Group plc *
406,084
432,238
Rathbone Brothers plc
114,681
2,560,502
Redde Northgate plc
439,571
1,787,977
Redrow plc
516,266
3,110,001
Rhi Magnesita N.V.
54,917
1,970,733
Rotork plc
1,651,009
6,297,145
S4 Capital plc *
1,026,337
1,290,118
Safestore Holdings plc
411,607
4,508,951
Savills plc
254,421
2,935,355
Senior plc
807,005
1,842,718
Serco Group plc
2,128,070
4,123,074
Shaftesbury Capital plc
2,602,732
3,878,507
SIG plc *
1,279,882
546,547
Sirius Real Estate Ltd.
2,244,175
2,476,867
Softcat plc
238,506
4,545,429
Spectris plc
201,237
8,478,661
Spire Healthcare Group plc
533,915
1,471,496
Spirent Communications plc
1,124,934
2,236,546
SSP Group plc *
1,491,737
4,442,096
Supermarket Income REIT plc
2,362,384
2,310,977
See financial notes
Schwab International Equity ETFs | Annual Report61

Schwab International Small-Cap Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Synthomer plc *
639,230
518,400
TBC Bank Group plc
96,351
3,473,492
Telecom Plus plc
134,091
2,701,622
THG plc *
1,833,042
2,287,897
TI Fluid Systems plc
598,594
960,271
TP ICAP Group plc
1,506,882
3,154,402
Trainline plc *
884,479
2,606,904
Travis Perkins plc
410,630
4,483,159
Tritax Big Box REIT plc
3,584,829
6,414,029
Trustpilot Group plc *
635,316
662,548
TUI AG *
859,702
5,124,400
Tullow Oil plc *(a)
2,204,909
977,882
UK Commercial Property REIT Ltd.
1,423,222
973,855
Vanquis Banking Group plc
487,797
640,364
Vesuvius plc
406,117
2,268,405
Victrex plc
168,115
3,199,663
Virgin Money UK plc
2,263,263
4,667,494
Vistry Group plc
659,702
6,541,238
Volution Group plc
361,716
1,749,973
Watches of Switzerland Group plc *
443,960
3,276,933
WH Smith plc
239,550
4,453,014
Wickes Group plc
485,468
863,685
Workspace Group plc
277,711
1,766,544
XP Power Ltd.
34,371
938,571
 
468,316,829
Total Common Stocks
(Cost $3,721,545,475)
3,748,980,827
PREFERRED STOCKS 0.1% OF NET ASSETS
 
Germany 0.0%
Draegerwerk AG & Co. KGaA
16,242
786,220
 
Italy 0.1%
Danieli & C Officine Meccaniche S.p.A. -
RSP
76,222
1,442,768
 
Republic of Korea 0.0%
Daishin Securities Co., Ltd.
34,567
353,058
 
Sweden 0.0%
Corem Property Group AB
21,810
376,052
Total Preferred Stocks
(Cost $3,031,322)
2,958,098
RIGHTS 0.0% OF NET ASSETS
 
Republic of Korea 0.0%
CJ CGV Co., Ltd.
expires 09/07/23, strike KRW
5,560.00 *(b)
62,417
93,029
SK REITs Co., Ltd.
expires 09/22/23, strike KRW
4,260.00 *(b)
79,696
23,516
 
116,545
Total Rights
(Cost $290,341)
116,545
SECURITY
NUMBER
OF SHARES
VALUE ($)
WARRANTS 0.0% OF NET ASSETS
 
Australia 0.0%
PointsBet Holdings Ltd.
expires 07/08/24 *(b)
19,829
144
 
Italy 0.0%
Webuild S.p.A.
expires 08/02/30 *(a)(b)
41,766
85,493
Total Warrants
(Cost $0)
85,637
 
 
 
SHORT-TERM INVESTMENTS 2.2% OF NET ASSETS
 
Money Market Funds 2.2%
State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.28% (c)
1,242,061
1,242,061
State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.28% (c)(d)
79,217,413
79,217,413
 
80,459,474
Total Short-Term Investments
(Cost $80,459,474)
80,459,474
Total Investments in Securities
(Cost $3,805,326,612)
3,832,600,581
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
DEPRECIATION
($)
FUTURES CONTRACTS
Long
MSCI EAFE Index, expires
09/15/23
138
14,554,170
(239,857
)
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$74,679,811.
(b)
Fair valued using significant unobservable inputs (see financial note 2(a),
Securities for which no quoted value is available, for additional information).
(c)
The rate shown is the annualized 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
See financial notes
62Schwab International Equity ETFs | Annual Report

Schwab International Small-Cap Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
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
$1,982,851,494
$
$
$1,982,851,494
Australia
230,884,267
2,988,840
*
233,873,107
Hong Kong
28,464,396
10,733
*
28,475,129
Japan
687,161,122
572,694
687,733,816
Republic of Korea
244,116,102
203,208
244,319,310
Singapore
33,258,056
0
*
33,258,056
Spain
70,153,086
0
*
70,153,086
United Kingdom
467,960,445
356,384
*
468,316,829
Preferred Stocks1
2,958,098
2,958,098
Rights1
Republic of Korea
116,545
116,545
Warrants1
Australia
144
144
Italy
85,493
85,493
Short-Term Investments1
80,459,474
80,459,474
Liabilities
Futures Contracts2
(239,857
)
(239,857
)
Total
$3,828,026,683
$—
$4,334,041
$3,832,360,724
*
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
Schwab International Equity ETFs | Annual Report63

Schwab International Small-Cap Equity ETF
Statement of Assets and Liabilities
As of August 31, 2023
Assets
Investments in securities, at value - unaffiliated (cost $3,805,326,612) including securities on loan of $74,679,811
 
$3,832,600,581
Foreign currency, at value (cost $2,062,236)
 
2,058,559
Deposit with broker for futures contracts
 
868,174
Receivables:
 
Dividends
 
7,181,355
Foreign tax reclaims
 
3,248,581
Income from securities on loan
 
254,518
Investments sold
+
79,561
Total assets
 
3,846,291,329
 
Liabilities
Collateral held for securities on loan
 
79,217,413
Payables:
 
Management fees
 
350,340
Investments bought
 
91,687
Variation margin on futures contracts
 
67,542
Foreign capital gains tax
+
26,985
Total liabilities
 
79,753,967
Net assets
 
$3,766,537,362
 
Net Assets by Source
Capital received from investors
 
$4,038,798,603
Total distributable loss
+
(272,261,241
)
Net assets
 
$3,766,537,362
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$3,766,537,362
 
110,700,000
$34.02
 
 
 
 
See financial notes
64Schwab International Equity ETFs | Annual Report

Schwab International Small-Cap 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 $12,283,583)
 
$104,390,243
Securities on loan, net
+
4,229,277
Total investment income
 
108,619,520
 
Expenses
Management fees
 
3,902,104
Professional fees
+
2,773
1
Total expenses
 
3,904,877
Expense reduction
2,773
1
Net expenses
3,902,104
Net investment income
 
104,717,416
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated (net of foreign capital gains tax paid of $932)
 
(112,647,525
)
Net realized gains on sales of in-kind redemptions - unaffiliated
 
35,519,443
Net realized gains on futures contracts
 
1,607,827
Net realized losses on foreign currency transactions
+
(640,248
)
Net realized losses
 
(76,160,503
)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated (net of change in foreign capital gains tax of $148,243)
 
295,906,980
Net change in unrealized appreciation (depreciation) on futures contracts
 
253,692
Net change in unrealized appreciation (depreciation) on foreign currency translations
+
348,676
Net change in unrealized appreciation (depreciation)
+
296,509,348
Net realized and unrealized gains
 
220,348,845
Increase in net assets resulting from operations
 
$325,066,261
1
Professional fees associated with the filing of tax claims in the European Union deemed to be non-contingent and non-routine expenses of the fund (see financial notes 2(d)
and 4 for additional information).
See financial notes
Schwab International Equity ETFs | Annual Report65

Schwab International Small-Cap 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
 
$104,717,416
$89,950,559
Net realized gains (losses)
 
(76,160,503
)
68,253,006
Net change in unrealized appreciation (depreciation)
+
296,509,348
(1,174,022,628
)
Increase (decrease) in net assets resulting from operations
 
$325,066,261
($1,015,819,063
)
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($78,014,800
)
($93,611,110
)
TRANSACTIONS IN FUND SHARES
 
9/1/22-8/31/23
9/1/21-8/31/22
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
8,600,000
$278,096,357
21,600,000
$800,090,348
Shares redeemed
+
(4,700,000
)
(141,319,157
)
(3,500,000
)
(140,297,403
)
Net transactions in fund shares
 
3,900,000
$136,777,200
18,100,000
$659,792,945
 
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
 
106,800,000
$3,382,708,701
88,700,000
$3,832,345,929
Total increase (decrease)
+
3,900,000
383,828,661
18,100,000
(449,637,228
)
End of period
 
110,700,000
$3,766,537,362
106,800,000
$3,382,708,701
See financial notes
66Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets 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
$25.22
$31.64
$27.11
$24.82
$25.89
Income (loss) from investment operations:
Net investment income (loss)1
0.75
0.93
0.63
0.79
0.72
Net realized and unrealized gains (losses)
(0.62
)
(6.63
)
4.64
2.34
(1.00
)
Total from investment operations
0.13
(5.70
)
5.27
3.13
(0.28
)
Less distributions:
Distributions from net investment income
(0.73
)
(0.72
)
(0.74
)
(0.84
)
(0.79
)
Net asset value at end of period
$24.62
$25.22
$31.64
$27.11
$24.82
Total return
0.61
%
(18.32
%)
19.53
%
12.76
%
(0.97
%)
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.11
%2
0.11
%2
0.11
%
0.12
%3
0.13
%
Net investment income (loss)
3.09
%
3.33
%
2.04
%
3.16
%
2.85
%
Portfolio turnover rate4
13
%
13
%
15
%
15
%
13
%
Net assets, end of period (x 1,000,000)
$8,463
$8,557
$9,505
$7,196
$5,804
1
Calculated based on the average shares outstanding during the period.
2
Ratio includes less than 0.005% of non-routine proxy expenses.
3
Effective February 25, 2020, the annual operating expense ratio was reduced to 0.11%. The ratio presented for the period ended August 31, 2020 is a blended ratio.
4
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
Schwab International Equity ETFs | Annual Report67

Schwab Emerging Markets 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 97.8% OF NET ASSETS
 
Brazil 4.6%
Ambev S.A.
5,845,030
16,339,332
Atacadao S.A.
743,758
1,541,312
Auren Energia S.A.
564,605
1,552,081
B3 S.A. - Brasil Bolsa Balcao
7,713,893
20,145,757
Banco Bradesco S.A.
1,960,630
5,243,184
Banco BTG Pactual S.A.
1,533,479
10,057,072
Banco do Brasil S.A.
1,143,942
10,882,693
Banco Santander Brasil S.A.
494,981
2,710,376
BB Seguridade Participacoes S.A.
921,111
5,652,118
BRF S.A. *
1,602,593
2,926,194
Caixa Seguridade Participacoes S.A.
594,395
1,296,613
CCR S.A.
1,486,408
3,740,826
Centrais Eletricas Brasileiras S.A.
1,817,914
12,946,939
Cia de Saneamento Basico do Estado
de Sao Paulo SABESP
451,423
5,281,092
Cia Energetica de Minas Gerais
410,782
1,633,686
Cia Paranaense de Energia
1,046,043
1,711,378
Cielo S.A.
1,562,464
1,173,990
Companhia Siderurgica Nacional S.A.
837,817
2,049,296
Cosan S.A.
1,637,046
5,793,039
CPFL Energia S.A.
274,967
1,896,631
CSN Mineracao S.A.
692,266
598,450
Dexco S.A.
450,169
723,769
Diagnosticos da America S.A.
143,671
319,788
Embraer S.A. *
978,628
3,852,485
Energisa S.A.
394,675
3,674,955
Eneva S.A. *
1,634,297
3,934,764
Engie Brasil Energia S.A.
247,967
2,109,569
Equatorial Energia S.A.
1,170,902
7,487,605
GPS Participacoes e Empreendimentos
S.A.
534,885
1,995,440
GRUPO DE MODA SOMA S.A.
591,247
894,463
Grupo Mateus S.A. *
537,899
731,185
Hapvida Participacoes e Investimentos
S.A. *
6,562,794
5,646,897
Hypera S.A.
534,127
4,206,387
Intelbras S.A. Industria de
Telecomunicacao Eletronica
Brasileira
107,665
476,027
Itau Unibanco Holding S.A.
552,149
2,599,621
JBS S.A.
1,798,819
6,685,236
Klabin S.A.
1,008,095
4,634,311
Localiza Rent a Car S.A.
1,104,450
14,109,709
Lojas Renner S.A.
1,299,373
4,207,061
M Dias Branco S.A.
168,782
1,268,179
Magazine Luiza S.A. *
4,085,783
2,277,696
Marfrig Alimentos S.A.
422,969
633,050
Multiplan Empreendimentos
Imobiliarios S.A.
401,041
2,004,010
Natura & Co. Holding S.A. *
1,296,999
3,976,700
Neoenergia S.A.
297,640
1,096,548
Petroleo Brasileiro S.A.
4,998,359
34,870,746
Petroreconcavo S.A.
274,459
1,283,889
SECURITY
NUMBER
OF SHARES
VALUE ($)
Porto Seguro S.A.
252,360
1,330,370
PRIO S.A. *
900,818
8,446,050
Raia Drogasil S.A.
1,489,213
8,265,802
Rede D'Or Sao Luiz S.A.
1,038,419
6,011,187
Rumo S.A.
1,649,008
7,444,092
Sao Martinho S.A.
226,198
1,650,700
Sendas Distribuidora S.A.
1,830,107
4,291,609
SLC Agricola S.A.
142,753
1,159,682
Smartfit Escola de Ginastica e Danca
S.A. *
146,893
611,195
Suzano S.A.
955,485
9,678,460
Telefonica Brasil S.A.
586,112
4,895,168
TIM S.A.
1,116,549
3,249,775
TOTVS S.A.
617,105
3,457,618
Transmissora Alianca de Energia
Eletrica S.A.
300,028
2,072,523
Ultrapar Participacoes S.A.
1,118,570
4,102,896
Usinas Siderurgicas de Minas Gerais
S.A. Usiminas
314,153
441,633
Vale S.A.
5,249,025
68,998,182
Vamos Locacao de Caminhoes
Maquinas e Equipamentos S.A.
442,287
1,046,098
Vibra Energia S.A.
1,481,424
5,523,604
WEG S.A.
1,998,352
14,482,245
 
388,031,038
 
Chile 0.5%
Banco de Chile
59,137,656
6,420,127
Banco de Credito e Inversiones S.A.
84,429
2,417,312
Banco Itau Chile S.A.
96,963
1,060,577
Banco Santander Chile
84,038,441
4,002,531
CAP S.A.
100,207
701,853
Cencosud S.A.
1,818,609
3,874,350
Cencosud Shopping S.A.
689,613
1,151,166
Cia Cervecerias Unidas S.A.
180,813
1,329,951
Cia Sud Americana de Vapores S.A.
23,828,400
1,582,719
Colbun S.A.
10,112,384
1,578,979
Empresas CMPC S.A.
1,638,506
2,960,844
Empresas Copec S.A.
676,353
4,861,941
Enel Americas S.A. *
25,650,198
3,033,769
Enel Chile S.A.
34,872,993
2,338,707
Falabella S.A.
1,062,649
2,605,112
Plaza S.A.
431,250
660,983
Quinenco S.A.
319,446
999,637
 
41,580,558
 
China 32.6%
360 Security Technology, Inc.,
A Shares *
712,700
1,094,729
37 Interactive Entertainment Network
Technology Group Co., Ltd.,
A Shares
132,900
450,638
3peak, Inc., A Shares
10,330
260,957
3SBio, Inc.
2,679,283
2,241,349
Addsino Co., Ltd., A Shares
170,900
200,285
See financial notes
68Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Advanced Micro-Fabrication
Equipment, Inc. China, A Shares *
60,112
1,258,152
AECC Aero-Engine Control Co., Ltd.,
A Shares
113,300
348,843
AECC Aviation Power Co., Ltd.,
A Shares
262,400
1,414,656
Agile Group Holdings Ltd. *(a)
2,497,430
283,446
Agricultural Bank of China Ltd.,
A Shares
8,574,700
4,076,178
Agricultural Bank of China Ltd.,
H Shares
41,350,999
14,184,868
Aier Eye Hospital Group Co., Ltd.,
A Shares
896,844
2,220,393
Air China Ltd., A Shares *
1,032,000
1,226,462
Air China Ltd., H Shares *
1,921,262
1,423,475
Akeso, Inc. *
674,383
2,962,667
Alibaba Group Holding Ltd. *
23,201,563
266,876,779
Alibaba Health Information Technology
Ltd. *
7,874,284
4,649,209
Alibaba Pictures Group Ltd. *
17,968,853
1,191,546
A-Living Smart City Services Co., Ltd. *
1,089,375
694,599
All Winner Technology Co., Ltd.,
A Shares
54,900
182,912
Alpha Group, A Shares *
162,500
200,488
Aluminum Corp. of China Ltd.,
A Shares
2,269,400
1,845,826
Aluminum Corp. of China Ltd.,
H Shares
4,666,469
2,255,353
Amlogic Shanghai Co., Ltd., A Shares *
40,017
481,513
An Hui Wenergy Co., Ltd., A Shares
357,600
298,225
Angang Steel Co., Ltd., H Shares
2,976,212
762,864
Angel Yeast Co., Ltd., A Shares
93,800
427,342
Angelalign Technology, Inc.
58,511
390,235
Anhui Anke Biotechnology Group Co.,
Ltd., A Shares
148,500
194,028
Anhui Conch Cement Co., Ltd.,
A Shares
379,800
1,340,010
Anhui Conch Cement Co., Ltd.,
H Shares
1,552,408
4,315,681
Anhui Expressway Co., Ltd., H Shares
835,424
820,323
Anhui Gujing Distillery Co., Ltd.,
A Shares
112,704
4,460,313
Anhui Yingjia Distillery Co., Ltd.,
A Shares
30,900
325,323
Anhui Zhongding Sealing Parts Co.,
Ltd., A Shares
113,200
187,721
Anjoy Foods Group Co., Ltd., A Shares
30,300
543,264
ANTA Sports Products Ltd.
1,704,106
19,199,511
Apeloa Pharmaceutical Co., Ltd.,
A Shares
120,600
290,792
Asymchem Laboratories Tianjin Co.,
Ltd., A Shares
21,280
388,996
Autohome, Inc., ADR
82,021
2,370,407
Avary Holding Shenzhen Co., Ltd.,
A Shares
76,700
225,405
AVIC Industry-Finance Holdings Co.,
Ltd., A Shares
759,500
384,002
AviChina Industry & Technology Co.,
Ltd., H Shares
3,162,130
1,419,415
AVICOPTER plc, A Shares
57,300
300,257
BAIC Motor Corp., Ltd., H Shares
3,077,255
851,550
Baidu, Inc., A Shares *
3,003,902
53,399,297
Bank of Beijing Co., Ltd., A Shares
2,043,900
1,255,236
Bank of Changsha Co., Ltd., A Shares
382,300
427,025
Bank of Chengdu Co., Ltd., A Shares
147,900
278,182
Bank of China Ltd., A Shares
3,971,600
2,046,232
Bank of China Ltd., H Shares
101,931,901
34,576,320
SECURITY
NUMBER
OF SHARES
VALUE ($)
Bank of Communications Co., Ltd.,
A Shares
3,647,400
2,781,215
Bank of Communications Co., Ltd.,
H Shares
9,859,309
5,645,206
Bank of Guiyang Co., Ltd., A Shares
417,100
307,159
Bank of Hangzhou Co., Ltd., A Shares
573,400
882,336
Bank of Jiangsu Co., Ltd., A Shares
563,900
552,395
Bank of Nanjing Co., Ltd., A Shares
1,010,900
1,099,997
Bank of Ningbo Co., Ltd., A Shares
635,660
2,285,529
Bank of Shanghai Co., Ltd., A Shares
1,378,170
1,126,621
Bank of Zhengzhou Co., Ltd.,
A Shares *
808,187
237,620
Baoshan Iron & Steel Co., Ltd.,
A Shares
1,800,932
1,499,436
BBMG Corp., A Shares
1,857,700
561,509
BeiGene Ltd. *
833,338
13,517,467
Beijing Capital Eco-Environment
Protection Group Co., Ltd.,
A Shares
717,700
282,998
Beijing Capital International Airport Co.,
Ltd., H Shares *
2,529,596
1,325,806
Beijing Dabeinong Technology Group
Co., Ltd., A Shares
406,400
362,374
Beijing Easpring Material Technology
Co., Ltd., A Shares
49,000
298,369
Beijing E-Hualu Information Technology
Co., Ltd., A Shares *
73,800
305,806
Beijing Enlight Media Co., Ltd.,
A Shares
270,800
347,499
Beijing Enterprises Holdings Ltd.
630,244
2,362,888
Beijing Enterprises Water Group Ltd.
5,606,267
1,294,015
Beijing Jetsen Technology Co., Ltd.,
A Shares *
319,000
237,546
Beijing Jingneng Clean Energy Co.,
Ltd., H Shares
2,336,422
497,571
Beijing Kingsoft Office Software, Inc.,
A Shares
43,332
2,349,221
Beijing New Building Materials plc,
A Shares
164,100
674,121
Beijing Orient National Communication
Science & Technology Co., Ltd.,
A Shares *
157,600
216,095
Beijing Originwater Technology Co.,
Ltd., A Shares
359,177
262,530
Beijing Shiji Information Technology
Co., Ltd., A Shares *
252,980
472,350
Beijing Shougang Co., Ltd., A Shares
673,800
343,450
Beijing Shunxin Agriculture Co., Ltd.,
A Shares *
70,600
239,294
Beijing Sinnet Technology Co., Ltd.,
A Shares *
130,100
178,924
Beijing Tongrentang Co., Ltd.,
A Shares
138,600
1,070,563
Beijing Ultrapower Software Co., Ltd.,
A Shares
204,800
305,856
Beijing United Information Technology
Co., Ltd., A Shares
71,905
356,734
Beijing Wantai Biological Pharmacy
Enterprise Co., Ltd., A Shares
45,750
313,590
Beijing Yanjing Brewery Co., Ltd.,
A Shares
313,000
446,375
Beijing Zhong Ke San Huan High-Tech
Co., Ltd., A Shares
117,530
175,685
Bethel Automotive Safety Systems Co.,
Ltd., A Shares
39,100
404,833
Bilibili, Inc., Z Shares *
324,665
4,856,468
See financial notes
Schwab International Equity ETFs | Annual Report69

Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Bloomage Biotechnology Corp., Ltd.,
A Shares
34,275
435,872
Blue Moon Group Holdings Ltd.
1,266,487
592,726
Bluefocus Intelligent Communications
Group Co., Ltd., A Shares *
275,100
336,765
BOE Technology Group Co., Ltd.,
A Shares
3,390,800
1,868,120
BOE Technology Group Co., Ltd.,
B Shares
1,165,150
424,947
Bosideng International Holdings Ltd.
4,684,049
1,839,751
Bright Dairy & Food Co., Ltd., A Shares
426,700
612,042
BTG Hotels Group Co., Ltd., A Shares *
102,500
244,614
BYD Co., Ltd., A Shares
171,400
5,873,073
BYD Co., Ltd., H Shares
1,319,030
41,345,054
BYD Electronic International Co., Ltd.
1,050,509
4,869,577
By-health Co., Ltd., A Shares
168,000
446,169
C&D International Investment Group
Ltd.
801,801
2,040,864
C&S Paper Co., Ltd., A Shares
151,300
214,317
Caitong Securities Co., Ltd., A Shares
489,160
538,321
Canmax Technologies Co., Ltd.,
A Shares
73,320
271,985
CanSino Biologics, Inc., H Shares *(a)
140,905
413,277
CECEP Solar Energy Co., Ltd.,
A Shares
355,100
294,189
CECEP Wind-Power Corp., A Shares
631,020
291,300
Central China Securities Co., Ltd.,
A Shares
699,500
393,069
CGN Power Co., Ltd., H Shares
16,135,300
4,032,925
Changchun High & New Technology
Industry Group, Inc., A Shares
41,300
780,209
Changjiang Securities Co., Ltd.,
A Shares
529,300
434,872
Changzhou Xingyu Automotive Lighting
Systems Co., Ltd., A Shares
26,400
536,270
Chaozhou Three-Circle Group Co., Ltd.,
A Shares
176,408
778,246
Chengdu Xingrong Environment Co.,
Ltd., A Shares
283,400
204,417
Chengxin Lithium Group Co., Ltd.,
A Shares
81,300
255,232
China Baoan Group Co., Ltd., A Shares
261,200
382,550
China Bohai Bank Co., Ltd., Class H *
4,162,831
642,334
China Cinda Asset Management Co.,
Ltd., H Shares
11,956,674
1,174,054
China CITIC Bank Corp., Ltd., A Shares
465,000
348,822
China CITIC Bank Corp., Ltd., H Shares
13,205,395
5,877,110
China Coal Energy Co., Ltd., A Shares
1,104,600
1,223,202
China Coal Energy Co., Ltd., H Shares
2,447,920
1,670,083
China Communications Services Corp.,
Ltd., H Shares
3,303,203
1,486,952
China Conch Venture Holdings Ltd.
1,896,114
1,864,257
China Construction Bank Corp.,
A Shares
1,227,500
1,011,884
China Construction Bank Corp.,
H Shares
124,933,231
66,913,581
China CSSC Holdings Ltd., A Shares
435,800
1,699,851
China East Education Holdings Ltd.
529,474
227,542
China Eastern Airlines Corp., Ltd.,
A Shares *
1,576,000
939,732
China Eastern Airlines Corp., Ltd.,
H Shares *
1,863,342
658,202
China Energy Engineering Corp., Ltd.
3,087,008
971,251
China Energy Engineering Corp., Ltd.,
H Shares
6,104,501
708,400
China Everbright Bank Co., Ltd.,
A Shares
4,138,600
1,711,505
SECURITY
NUMBER
OF SHARES
VALUE ($)
China Everbright Bank Co., Ltd.,
H Shares
4,383,799
1,263,415
China Everbright Environment Group
Ltd.
5,016,110
1,829,448
China Everbright Ltd.
1,193,445
697,036
China Feihe Ltd.
5,555,820
3,344,084
China Galaxy Securities Co., Ltd.,
H Shares
5,618,066
3,023,335
China Gas Holdings Ltd.
4,013,488
4,094,482
China Great Wall Securities Co., Ltd.,
A Shares
279,900
337,641
China Greatwall Technology Group Co.,
Ltd., A Shares
301,900
451,699
China Hongqiao Group Ltd.
2,913,206
2,905,126
China Huarong Asset Management Co.,
Ltd., H Shares *
21,757,930
998,866
China International Capital Corp., Ltd.,
A Shares
88,600
474,741
China International Capital Corp., Ltd.,
H Shares
2,012,295
3,869,724
China International Marine Containers
Group Co., Ltd., H Shares
1,239,405
689,107
China Jinmao Holdings Group Ltd.
8,969,550
1,269,640
China Jushi Co., Ltd., A Shares
387,677
743,556
China Lesso Group Holdings Ltd.
1,257,506
692,757
China Life Insurance Co., Ltd.,
H Shares
9,985,808
15,153,648
China Literature Ltd. *
553,297
2,222,572
China Longyuan Power Group Corp.,
Ltd., H Shares
4,397,401
3,482,368
China Medical System Holdings Ltd.
1,687,849
2,436,503
China Meheco Co., Ltd., A Shares
150,240
258,227
China Meidong Auto Holdings Ltd.
707,601
533,289
China Mengniu Dairy Co., Ltd.
4,144,531
13,952,959
China Merchants Bank Co., Ltd.,
A Shares
2,014,600
8,732,655
China Merchants Bank Co., Ltd.,
H Shares
5,007,224
19,794,554
China Merchants Energy Shipping Co.,
Ltd., A Shares
803,600
650,299
China Merchants Expressway
Network & Technology Holdings Co.
Ltd, A Shares
195,100
260,276
China Merchants Port Holdings Co.,
Ltd.
2,135,313
2,554,179
China Merchants Securities Co., Ltd.,
A Shares
678,580
1,324,809
China Merchants Securities Co., Ltd.,
H Shares
702,056
647,287
China Merchants Shekou Industrial
Zone Holdings Co., Ltd., A Shares
661,200
1,240,914
China Minmetals Rare Earth Co., Ltd.,
A Shares
93,300
366,483
China Minsheng Banking Corp., Ltd.,
A Shares
3,547,600
1,842,403
China Minsheng Banking Corp., Ltd.,
H Shares
8,101,235
2,603,387
China National Accord Medicines
Corp., Ltd., B Shares
228,748
401,095
China National Building Material Co.,
Ltd., H Shares
5,950,194
3,027,548
China National Chemical Engineering
Co., Ltd., A Shares
585,200
625,521
China National Nuclear Power Co.,
Ltd., A Shares
1,598,400
1,581,161
See financial notes
70Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
China National Software & Service Co.,
Ltd., A Shares
80,470
477,613
China Northern Rare Earth Group
High-Tech Co., Ltd., A Shares
343,200
1,041,129
China Oilfield Services Ltd., A Shares
263,029
535,562
China Oilfield Services Ltd., H Shares
2,279,693
2,584,432
China Overseas Land & Investment
Ltd.
5,102,041
10,761,343
China Pacific Insurance Group Co.,
Ltd., A Shares
562,700
2,141,484
China Pacific Insurance Group Co.,
Ltd., H Shares
3,588,245
8,218,176
China Petroleum & Chemical Corp.,
A Shares
3,900,100
3,252,539
China Petroleum & Chemical Corp.,
H Shares
32,751,363
19,170,307
China Power International
Development Ltd.
6,902,304
2,464,558
China Railway Group Ltd., A Shares
1,894,200
1,743,648
China Railway Group Ltd., H Shares
5,385,573
2,850,145
China Railway Signal & Communication
Corp., Ltd., A Shares
763,578
588,538
China Railway Signal & Communication
Corp., Ltd., H Shares
1,909,139
632,992
China Reinsurance Group Corp.,
H Shares
9,513,837
618,747
China Resources Beer Holdings Co.,
Ltd.
2,113,553
12,425,134
China Resources Boya
Bio-pharmaceutical Group Co., Ltd.,
A Shares
58,000
241,929
China Resources Cement Holdings
Ltd.
2,937,721
974,027
China Resources Double Crane
Pharmaceutical Co., Ltd., A Shares
108,140
239,651
China Resources Gas Group Ltd.
1,205,381
3,389,378
China Resources Land Ltd.
3,678,120
15,548,784
China Resources Microelectronics Ltd.,
A Shares
93,908
755,160
China Resources Mixc Lifestyle
Services Ltd.
791,315
3,415,821
China Resources Pharmaceutical
Group Ltd.
2,233,318
1,492,344
China Resources Power Holdings Co.,
Ltd.
2,558,402
5,011,261
China Resources Sanjiu Medical &
Pharmaceutical Co., Ltd., A Shares
100,500
656,975
China Ruyi Holdings Ltd. *(a)
5,925,623
1,571,753
China Shenhua Energy Co., Ltd.,
A Shares
898,570
3,477,738
China Shenhua Energy Co., Ltd.,
H Shares
4,437,168
12,929,421
China South Publishing & Media Group
Co., Ltd., A Shares
175,200
292,461
China Southern Airlines Co., Ltd.,
A Shares *
1,666,500
1,447,040
China Southern Airlines Co., Ltd.,
H Shares *
1,605,704
853,864
China Southern Power Grid Energy
Efficiency&Clean Energy Co., Ltd.,
A Shares
262,500
217,833
China State Construction Engineering
Corp., Ltd., A Shares
3,859,500
2,985,366
China State Construction International
Holdings Ltd.
2,376,965
2,646,208
SECURITY
NUMBER
OF SHARES
VALUE ($)
China Suntien Green Energy Corp.,
Ltd., H Shares
2,535,244
892,310
China Taiping Insurance Holdings Co.,
Ltd.
2,000,366
2,107,058
China Three Gorges Renewables Group
Co., Ltd., A Shares
2,379,500
1,608,455
China Tourism Group Duty Free Corp.,
Ltd., A Shares
192,200
2,876,200
China Tourism Group Duty Free Corp.,
Ltd., Class H
143,898
1,932,280
China Tower Corp., Ltd., H Shares
62,407,027
6,048,311
China Traditional Chinese Medicine
Holdings Co., Ltd.
3,267,720
1,275,127
China TransInfo Technology Co., Ltd.,
A Shares *
156,500
273,716
China United Network Communications
Ltd., A Shares
2,647,100
1,894,812
China Vanke Co., Ltd., A Shares
866,700
1,624,207
China Vanke Co., Ltd., H Shares
3,012,725
3,515,342
China World Trade Center Co., Ltd.,
A Shares
180,500
476,390
China Yangtze Power Co., Ltd.,
A Shares
2,331,100
7,065,201
China Zhenhua Group Science &
Technology Co., Ltd., A Shares
51,400
647,435
China Zheshang Bank Co., Ltd.,
A Shares
1,082,090
382,080
Chinese Universe Publishing and Media
Group Co., Ltd., A Shares
121,000
210,630
Chongqing Brewery Co., Ltd., A Shares
45,800
575,009
Chongqing Changan Automobile Co.,
Ltd., A Shares
821,864
1,415,975
Chongqing Changan Automobile Co.,
Ltd., B Shares
2,036,198
890,638
Chongqing Fuling Zhacai Group Co.,
Ltd., A Shares
110,760
242,109
Chongqing Rural Commercial Bank Co.,
Ltd., H Shares
3,919,506
1,384,516
Chongqing Zhifei Biological Products
Co., Ltd., A Shares
236,700
1,437,403
CIFI Holdings Group Co., Ltd. *(b)
7,913,504
575,216
CITIC Ltd.
6,524,777
6,481,718
Citic Pacific Special Steel Group Co.,
Ltd., A Shares
502,810
980,267
CITIC Securities Co., Ltd., A Shares
1,176,780
3,589,272
CITIC Securities Co., Ltd., H Shares
3,026,419
5,912,550
CMOC Group Ltd., A Shares
877,900
691,127
CMOC Group Ltd., H Shares
5,326,428
3,185,634
CNGR Advanced Material Co., Ltd.,
A Shares
75,200
567,009
CNOOC Energy Technology & Services
Ltd., A Shares
736,700
312,757
CNPC Capital Co., Ltd., A Shares
392,100
362,552
Contemporary Amperex Technology
Co., Ltd., A Shares
416,000
13,519,929
COSCO Shipping Development Co.,
Ltd., A Shares
1,205,800
394,285
COSCO Shipping Development Co.,
Ltd., H Shares
4,060,066
450,442
COSCO Shipping Energy Transportation
Co., Ltd., H Shares
1,488,154
1,559,936
COSCO SHIPPING Energy
Transportation Co., Ltd., A Shares
905,500
1,648,399
COSCO Shipping Holdings Co., Ltd.,
A Shares
1,229,621
1,655,600
See financial notes
Schwab International Equity ETFs | Annual Report71

Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
COSCO SHIPPING Holdings Co., Ltd.,
H Shares
4,020,886
4,127,667
COSCO Shipping Ports Ltd.
2,044,026
1,258,985
Country Garden Holdings Co., Ltd. *(a)
17,668,018
2,005,233
Country Garden Services Holdings Co.,
Ltd. (a)
2,817,461
3,240,794
CRRC Corp., Ltd., A Shares
2,549,000
2,080,245
CRRC Corp., Ltd., H Shares
4,872,478
2,398,414
CSC Financial Co., Ltd., A Shares
500,000
1,770,969
CSC Financial Co., Ltd., H Shares
1,200,280
1,278,074
CSG Holding Co., Ltd., A Shares
458,446
370,989
CSG Holding Co., Ltd., B Shares
817,185
259,482
CSPC Pharmaceutical Group Ltd.
11,160,970
8,397,325
Daan Gene Co., Ltd., A Shares
140,160
180,821
Dada Nexus Ltd., ADR *
102,575
553,905
Daqin Railway Co., Ltd., A Shares
1,416,800
1,387,894
Daqo New Energy Corp., ADR *
74,626
2,758,923
Datang International Power Generation
Co., Ltd., H Shares
5,449,420
861,706
DHC Software Co., Ltd., A Shares
358,400
330,899
Dian Diagnostics Group Co., Ltd.,
A Shares
69,500
217,901
Do-Fluoride New Materials Co., Ltd.,
A Shares
98,280
221,446
Dong-E-E-Jiao Co., Ltd., A Shares
58,500
416,577
Dongfang Electric Corp., Ltd., A Shares
268,900
619,927
Dongfang Electric Corp., Ltd.,
H Shares
454,376
524,386
Dongfeng Motor Group Co., Ltd.,
H Shares
3,890,952
1,429,010
Dongguan Yiheda Automation Co., Ltd.,
Class A
59,500
293,964
Dongxing Securities Co., Ltd.,
A Shares
284,900
324,493
East Buy Holding Ltd. *(a)
555,780
2,817,261
East Group Co., Ltd., A Shares
335,800
282,813
East Money Information Co., Ltd.,
A Shares
1,452,502
3,167,027
Eastern Air Logistics Co., Ltd.,
A Shares
146,200
247,667
Eastroc Beverage Group Co., Ltd.,
A Shares
16,000
431,517
Ecovacs Robotics Co., Ltd., A Shares
51,200
373,035
ENN Ecological Holdings Co., Ltd.,
A Shares
247,475
593,654
ENN Energy Holdings Ltd.
1,020,791
8,005,693
Eve Energy Co., Ltd., A Shares
199,736
1,355,631
Everbright Securities Co., Ltd.,
A Shares
472,500
1,113,980
Fangda Carbon New Material Co., Ltd.,
A Shares *
354,180
283,694
Far East Horizon Ltd.
1,695,362
1,158,815
FAW Jiefang Group Co., Ltd.,
A Shares *
236,400
278,672
Fiberhome Telecommunication
Technologies Co., Ltd., A Shares
98,800
241,350
Financial Street Holdings Co., Ltd.,
A Shares
969,800
612,912
First Capital Securities Co., Ltd.,
A Shares
432,800
357,966
Flat Glass Group Co., Ltd., A Shares
71,500
303,348
Flat Glass Group Co., Ltd., H Shares
583,241
1,448,852
Focus Media Information Technology
Co., Ltd., A Shares
1,389,500
1,469,966
Foshan Haitian Flavouring & Food Co.,
Ltd., A Shares
469,104
2,520,020
Fosun International Ltd.
3,002,299
1,879,847
SECURITY
NUMBER
OF SHARES
VALUE ($)
Foxconn Industrial Internet Co., Ltd.,
A Shares
1,150,500
3,463,276
Fujian Funeng Co., Ltd., A Shares
319,020
361,163
Fujian Sunner Development Co., Ltd.,
A Shares
120,900
323,574
Full Truck Alliance Co., Ltd., ADR *
897,208
6,011,294
Fuyao Glass Industry Group Co., Ltd.,
A Shares
160,200
836,381
Fuyao Glass Industry Group Co., Ltd.,
H Shares
875,193
3,962,043
Ganfeng Lithium Co., Ltd., A Shares
167,220
1,089,222
Ganfeng Lithium Co., Ltd., H Shares
532,133
2,544,711
G-bits Network Technology Xiamen
Co., Ltd., A Shares
6,200
355,807
GCL System Integration Technology
Co., Ltd., A Shares *
567,000
224,354
GCL-Poly Energy Holdings Ltd
28,266,927
4,902,352
GD Power Development Co., Ltd.,
A Shares
1,673,900
807,225
GDS Holdings Ltd., A shares *
1,261,284
1,820,733
Geely Automobile Holdings Ltd.
7,324,335
9,097,335
GEM Co., Ltd., A Shares
504,800
434,162
Gemdale Corp., A Shares
440,900
436,145
Genscript Biotech Corp. *
1,326,805
3,109,851
GF Securities Co., Ltd., A Shares
628,000
1,299,400
GF Securities Co., Ltd., H Shares
1,330,122
1,899,750
Gigadevice Semiconductor Beijing, Inc.,
A Shares
64,484
832,617
Ginlong Technologies Co., Ltd.,
A Shares
37,350
385,072
Glarun Technology Co., Ltd., A Shares
112,900
238,256
GoerTek, Inc., A Shares
321,300
676,282
Goke Microelectronics Co., Ltd.,
A Shares
17,300
166,998
Goldwind Science & Technology Co.,
Ltd., A Shares
382,100
498,722
Goldwind Science & Technology Co.,
Ltd., H Shares
783,958
411,886
GoodWe Technologies Co., Ltd.,
A Shares
13,484
256,434
Gotion High-tech Co., Ltd., A Shares *
154,200
513,117
Grandjoy Holdings Group Co., Ltd.,
A Shares *
368,472
197,943
Great Wall Motor Co., Ltd., A Shares
244,600
877,448
Great Wall Motor Co., Ltd., H Shares
3,160,368
3,748,069
Gree Electric Appliances, Inc. of
Zhuhai, Class A
218,000
1,071,954
Greentown China Holdings Ltd.
1,171,865
1,392,774
GRG Banking Equipment Co., Ltd.,
A Shares
247,500
426,753
Guangdong Baolihua New Energy
Stock Co., Ltd., A Shares
351,400
277,605
Guangdong Electric Power
Development Co., Ltd., B Shares *
1,439,414
436,867
Guangdong Haid Group Co., Ltd.,
A Shares
162,600
1,077,670
Guangdong HEC Technology Holding
Co., Ltd., A Shares
282,500
263,928
Guangdong Investment Ltd.
4,259,446
3,329,665
Guangdong Kinlong Hardware Products
Co., Ltd., A Shares
21,800
170,722
Guangdong Xinbao Electrical
Appliances Holdings Co., Ltd.,
A Shares
74,500
180,454
Guanghui Energy Co., Ltd., A Shares
631,700
571,077
See financial notes
72Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Guangshen Railway Co., Ltd.,
H Shares *
2,749,374
631,093
Guangxi Guiguan Electric Power Co.,
Ltd., A Shares
352,400
267,744
Guangxi Liugong Machinery Co., Ltd.,
A Shares
427,900
423,873
Guangzhou Automobile Group Co.,
Ltd., A Shares
346,060
479,259
Guangzhou Automobile Group Co.,
Ltd., H Shares
4,138,348
2,179,536
Guangzhou Baiyunshan
Pharmaceutical Holdings Co., Ltd.,
A Shares
168,000
713,686
Guangzhou Baiyunshan
Pharmaceutical Holdings Co., Ltd.,
H Shares
255,882
719,508
Guangzhou Great Power Energy &
Technology Co., Ltd., Class A *
33,200
163,343
Guangzhou Haige Communications
Group, Inc. Co., A Shares
271,400
394,879
Guangzhou Kingmed Diagnostics
Group Co., Ltd., A Shares
45,900
376,231
Guangzhou Shiyuan Electronic
Technology Co., Ltd., A Shares
24,300
177,914
Guangzhou Tinci Materials Technology
Co., Ltd., A Shares
187,780
846,990
Guangzhou Yuexiu Financial Holdings
Group Co., Ltd., A Shares
280,118
264,781
Guangzhou Zhujiang Brewery Co., Ltd.,
A Shares
214,300
257,036
Guizhou Panjiang Refined Coal Co.,
Ltd., A Shares
257,100
223,596
Guolian Securities Co., Ltd., A Shares *
221,900
331,089
Guosen Securities Co., Ltd., A Shares
491,000
626,019
Guosheng Financial Holding, Inc.,
A Shares *
194,100
280,543
Guotai Junan Securities Co., Ltd.,
A Shares
632,100
1,264,461
Guotai Junan Securities Co., Ltd.,
H Shares
1,235,434
1,449,420
Guoyuan Securities Co., Ltd., A Shares
416,400
397,607
H World Group Ltd., ADR *
283,519
11,420,145
Haidilao International Holding Ltd.
2,050,595
5,582,963
Haier Smart Home Co., Ltd., A Shares
542,200
1,751,339
Haier Smart Home Co., Ltd., H Shares
3,179,872
9,833,506
Haisco Pharmaceutical Group Co., Ltd.,
A Shares *
50,600
148,286
Haitian International Holdings Ltd.
771,145
1,656,018
Haitong Securities Co., Ltd., A Shares
926,600
1,251,422
Haitong Securities Co., Ltd., H Shares
4,613,220
2,864,970
Hang Zhou Great Star Industrial Co.,
Ltd., A Shares
106,000
283,987
Hangzhou Binjiang Real Estate Group
Co., Ltd., A Shares
279,900
403,401
Hangzhou Chang Chuan Technology
Co., Ltd., A Shares
59,500
305,491
Hangzhou First Applied Material Co.,
Ltd., A Shares
95,922
409,729
Hangzhou Lion Electronics Co., Ltd.,
A Shares
61,656
279,373
Hangzhou Oxygen Plant Group Co.,
Ltd., A Shares
68,200
286,818
Hangzhou Robam Appliances Co., Ltd.,
A Shares
97,000
366,357
Hangzhou Silan Microelectronics Co.,
Ltd., A Shares
132,600
461,827
SECURITY
NUMBER
OF SHARES
VALUE ($)
Hangzhou Tigermed Consulting Co.,
Ltd., A Shares
64,700
591,843
Hangzhou Tigermed Consulting Co.,
Ltd., H Shares (a)
184,317
1,004,821
Han's Laser Technology Industry Group
Co., Ltd., A Shares
68,000
208,807
Hansoh Pharmaceutical Group Co.,
Ltd.
1,294,420
1,683,691
Haohua Chemical Science &
Technology Co., Ltd., A Shares
79,400
366,428
Harbin Boshi Automation Co., Ltd.,
A Shares
97,500
223,037
Hefei Meiya Optoelectronic Technology,
Inc., A Shares
84,110
270,756
Heilongjiang Agriculture Co., Ltd.,
A Shares
183,100
337,597
Henan Shenhuo Coal & Power Co.,
Ltd., Class A
245,300
535,188
Henan Shuanghui Investment &
Development Co., Ltd., A Shares
317,300
1,170,939
Hengan International Group Co., Ltd.
919,469
3,412,063
Hengdian Group DMEGC Magnetics
Co., Ltd., A Shares
151,500
341,570
Hengli Petrochemical Co., Ltd.,
A Shares *
266,400
525,590
Hengtong Optic-electric Co. Ltd,
A Shares
235,300
457,119
Hengyi Petrochemical Co., Ltd..,
A Shares *
302,900
319,193
Hesteel Co., Ltd., A Shares
974,200
302,493
Hithink RoyalFlush Information
Network Co., Ltd., A Shares
52,600
1,209,399
Hongfa Technology Co., Ltd., A Shares
56,340
271,850
Hopson Development Holdings Ltd. *
1,296,465
795,230
Hoshine Silicon Industry Co., Ltd.,
A Shares
57,100
484,509
Hoyuan Green Energy Co., Ltd.,
A Shares
48,517
277,830
Hua Hong Semiconductor Ltd. *
569,448
1,488,658
Huadian Power International Corp.,
Ltd., A Shares
1,574,552
1,103,279
Huadian Power International Corp.,
Ltd., H Shares
1,538,718
620,059
Huadong Medicine Co., Ltd., A Shares
176,500
921,239
Huafon Chemical Co., Ltd., A Shares
390,900
375,943
Huagong Tech Co., Ltd., A Shares
84,800
366,416
Huaibei Mining Holdings Co., Ltd.,
A Shares
208,500
336,018
Hualan Biological Engineering, Inc.,
A Shares
171,980
501,633
Huaneng Lancang River Hydropower,
Inc., A Shares
526,700
524,638
Huaneng Power International, Inc.,
A Shares *
635,500
711,592
Huaneng Power International, Inc.,
H Shares *
5,759,248
2,878,981
Huatai Securities Co., Ltd., A Shares
592,900
1,293,570
Huatai Securities Co., Ltd., H Shares
1,976,239
2,600,795
Huaxi Securities Co., Ltd., A Shares
165,400
193,612
Huaxia Bank Co., Ltd., A Shares
1,562,200
1,189,062
Huaxin Cement Co., Ltd., A Shares
128,926
233,284
Huaxin Cement Co., Ltd., H Shares
500,974
470,836
Huayu Automotive Systems Co., Ltd.,
A Shares
295,100
761,823
Hubei Energy Group Co., Ltd.,
A Shares
598,700
356,991
See financial notes
Schwab International Equity ETFs | Annual Report73

Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Hubei Xingfa Chemicals Group Co.,
Ltd., A Shares
108,000
301,216
Huizhou Desay Sv Automotive Co., Ltd.,
A Shares
46,700
933,615
Humanwell Healthcare Group Co., Ltd.,
A Shares
151,600
486,553
Hunan Changyuan Lico Co., Ltd.,
Class A
236,184
305,350
Hunan Gold Corp., Ltd., A Shares
110,600
176,571
Hunan Valin Steel Co., Ltd., A Shares
581,200
472,722
Hundsun Technologies, Inc., A Shares
185,694
918,456
Hygeia Healthcare Holdings Co., Ltd.,
Class C
460,360
2,327,704
Iflytek Co., Ltd., A Shares
227,700
1,715,297
Imeik Technology Development Co.,
Ltd., A Shares
15,900
957,910
Industrial & Commercial Bank of China
Ltd., A Shares
7,167,200
4,549,353
Industrial & Commercial Bank of China
Ltd., H Shares
105,918,371
48,625,133
Industrial Bank Co., Ltd., A Shares
1,993,900
4,331,052
Industrial Securities Co., Ltd.,
A Shares
845,260
744,400
Ingenic Semiconductor Co., Ltd.,
A Shares
35,000
355,073
Inner Mongolia BaoTou Steel Union
Co., Ltd., A Shares *
3,639,200
894,988
Inner Mongolia Dian Tou Energy Corp.,
Ltd., A Shares
461,200
839,582
Inner Mongolia ERDOS Resources Co.,
Ltd., B Shares
886,920
812,419
Inner Mongolia Junzheng Energy &
Chemical Industry Group Co., Ltd.,
A Shares
807,100
463,513
Inner Mongolia Yili Industrial Group
Co., Ltd., A Shares
616,700
2,202,954
Inner Mongolia Yuan Xing Energy Co.,
Ltd., A Shares
326,900
317,086
Innovent Biologics, Inc. *
1,868,833
8,364,974
Inspur Electronic Information Industry
Co., Ltd., A Shares
109,528
588,834
Intco Medical Technology Co., Ltd.,
A Shares
60,450
178,148
iQIYI, Inc., ADR *
595,371
3,000,670
iRay Technology Co., Ltd., A Shares
7,000
236,655
JA Solar Technology Co., Ltd.,
A Shares
316,736
1,211,069
Jafron Biomedical Co., Ltd., A Shares
68,050
199,985
Jason Furniture Hangzhou Co., Ltd.,
A Shares
75,010
429,129
JCET Group Co., Ltd., A Shares
182,000
815,168
JD Health International, Inc. *
1,392,397
7,510,874
JD Logistics, Inc. *
2,287,340
3,051,051
JD.com, Inc., A Shares
3,175,565
52,158,354
Jiangsu Eastern Shenghong Co., Ltd.,
A Shares
396,000
626,222
Jiangsu Expressway Co., Ltd.,
A Shares
426,100
566,104
Jiangsu Expressway Co., Ltd.,
H Shares
1,354,312
1,222,754
Jiangsu Hengli Hydraulic Co., Ltd.,
A Shares
110,784
945,968
Jiangsu Hengrui Medicine Co., Ltd.,
A Shares
600,544
3,447,239
Jiangsu King's Luck Brewery JSC Ltd.,
A Shares
118,000
971,107
SECURITY
NUMBER
OF SHARES
VALUE ($)
Jiangsu Linyang Energy Co., Ltd.,
A Shares
188,800
192,730
Jiangsu Pacific Quartz Co., Ltd.,
Class A
28,400
373,256
Jiangsu Phoenix Publishing & Media
Corp., Ltd., Class A
266,100
399,598
Jiangsu Yanghe Brewery Joint-Stock
Co., Ltd., A Shares
147,300
2,715,898
Jiangsu Yangnong Chemical Co., Ltd.,
A Shares
44,200
388,166
Jiangsu Yoke Technology Co., Ltd.,
A Shares
41,800
390,118
Jiangsu Yuyue Medical Equipment &
Supply Co., Ltd., A Shares
93,500
435,610
Jiangsu Zhongtian Technology Co.,
Ltd., A Shares
311,600
623,757
Jiangxi Copper Co., Ltd., A Shares
361,800
939,482
Jiangxi Copper Co., Ltd., H Shares
1,432,640
2,236,174
Jiangxi Special Electric Motor Co., Ltd.,
A Shares *
161,500
201,473
Jilin Aodong Pharmaceutical Group
Co., Ltd., A Shares
105,100
246,920
Jinke Smart Services Group Co., Ltd.,
H Shares *
329,672
433,018
Jinxin Fertility Group Ltd. *
2,264,521
1,132,008
JiuGui Liquor Co., Ltd., A Shares
31,000
381,617
Jiumaojiu International Holdings Ltd.
1,239,550
1,988,528
Jizhong Energy Resources Co., Ltd.,
A Shares
326,700
273,802
Joincare Pharmaceutical Group
Industry Co., Ltd., A Shares
175,700
275,191
Joinn Laboratories China Co., Ltd.,
A Shares
55,272
182,253
Joinn Laboratories China Co., Ltd.,
H Shares (a)
152,670
305,661
Jointown Pharmaceutical Group Co.,
Ltd., A Shares
315,582
447,889
Jonjee Hi-Tech Industrial &
Commercial Holding Co., Ltd.,
A Shares *
78,800
365,933
JOYY, Inc., ADR
46,969
1,611,976
Juneyao Airlines Co., Ltd., A Shares *
250,400
545,971
Kanzhun Ltd., ADR *
445,098
6,587,450
KE Holdings, Inc., ADR *
857,658
14,751,718
Keda Industrial Group Co., Ltd.
180,000
248,788
Kingboard Holdings Ltd.
989,327
2,245,675
Kingboard Laminates Holdings Ltd.
1,431,975
1,190,611
Kingdee International Software Group
Co., Ltd. *
3,477,979
5,375,472
Kingsoft Cloud Holdings Ltd., ADR *(a)
136,837
778,603
Kingsoft Corp., Ltd.
1,171,044
4,674,171
Kuaishou Technology *
3,531,751
28,914,262
Kuang-Chi Technologies Co., Ltd.,
A Shares
192,000
393,048
Kunlun Energy Co., Ltd.
4,940,233
3,616,149
Kunlun Tech Co., Ltd., A Shares *
117,300
583,075
Kweichow Moutai Co., Ltd., A Shares
120,300
30,527,458
Lao Feng Xiang Co., Ltd., A Shares
133,558
1,164,653
Laobaixing Pharmacy Chain JSC,
A Shares
48,230
170,033
LB Group Co., Ltd., A Shares
238,500
594,079
Lee & Man Paper Manufacturing Ltd.
2,035,479
599,606
Legend Holdings Corp., H Shares
709,745
634,465
Lens Technology Co., Ltd., A Shares
468,800
792,229
Leo Group Co., Ltd, A shares *
665,800
229,602
Lepu Medical Technology Beijing Co.,
Ltd., A Shares
180,000
400,385
See financial notes
74Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Levima Advanced Materials Corp.,
A Shares
70,900
196,769
Leyard Optoelectronic Co., Ltd.,
A Shares
487,300
421,119
Li Auto, Inc., Class A *
1,420,324
29,269,533
Li Ning Co., Ltd.
3,046,844
14,395,456
Liaoning Port Co., Ltd., A Shares
1,539,900
334,278
Lingyi iTech Guangdong Co., A Shares
667,200
551,837
Livzon Pharmaceutical Group, Inc.,
A Shares
93,300
440,959
Livzon Pharmaceutical Group, Inc.,
H Shares
179,485
568,776
Longfor Group Holdings Ltd.
2,598,790
5,474,800
LONGi Green Energy Technology Co.,
Ltd., A Shares
721,048
2,630,188
Longshine Technology Group Co., Ltd.,
A Shares
105,200
313,208
Lufax Holding Ltd., ADR
925,412
1,119,749
Luxi Chemical Group Co., Ltd.,
A Shares
165,500
231,248
Luxshare Precision Industry Co., Ltd.,
A Shares
688,317
3,120,761
Luye Pharma Group Ltd. *
2,389,089
877,429
Luzhou Laojiao Co., Ltd., A Shares
138,400
4,417,163
Maanshan Iron & Steel Co., Ltd.,
A Shares
1,103,600
394,224
Mango Excellent Media Co., Ltd.,
A Shares
164,370
667,100
Maxscend Microelectronics Co., Ltd.,
A Shares
45,248
771,488
Meihua Holdings Group Co., Ltd.,
Class A
293,400
368,035
Meinian Onehealth Healthcare
Holdings Co., Ltd., A Shares *
360,100
336,426
Meituan, B Shares *
7,204,352
118,055,183
Metallurgical Corp. of China Ltd.,
A Shares
1,366,400
683,341
Metallurgical Corp. of China Ltd.,
H Shares
3,896,059
849,589
Microport Scientific Corp. *
1,188,470
2,033,891
Ming Yang Smart Energy Group Ltd.,
A Shares
228,700
469,120
Ming Yuan Cloud Group Holdings Ltd. *
728,682
367,047
MINISO Group Holding Ltd., ADR *
120,709
3,126,363
Minth Group Ltd.
912,316
2,704,925
Montage Technology Co., Ltd.,
A Shares
108,000
760,311
Muyuan Foods Co., Ltd., A Shares
513,386
2,862,294
Nanjing Iron & Steel Co., Ltd.,
A Shares
558,700
280,943
NARI Technology Co., Ltd., A Shares
762,196
2,494,403
NAURA Technology Group Co., Ltd.,
A Shares
51,400
1,915,610
NavInfo Co., Ltd., A Shares *
279,800
395,952
NetEase, Inc.
2,456,057
51,302,597
New China Life Insurance Co., Ltd.,
A Shares
174,000
968,194
New China Life Insurance Co., Ltd.,
H Shares
1,058,414
2,650,843
New Hope Liuhe Co., Ltd., A Shares *
431,200
691,366
New Oriental Education & Technology
Group, Inc. *
1,798,094
9,710,751
Newland Digital Technology Co., Ltd.,
A Shares *
108,600
297,518
Nine Dragons Paper Holdings Ltd. *
2,167,824
1,202,542
Ninestar Corp., A Shares
136,400
524,349
SECURITY
NUMBER
OF SHARES
VALUE ($)
Ningbo Deye Technology Co., Ltd.,
A Shares
37,044
469,304
Ningbo Joyson Electronic Corp.,
A Shares
130,600
329,079
Ningbo Orient Wires & Cables Co., Ltd.,
A Shares
65,200
331,442
Ningbo Ronbay New Energy
Technology Co., Ltd., A Shares
42,068
294,421
Ningbo Sanxing Medical Electric Co.,
Ltd., A Shares
109,200
254,002
Ningbo Shanshan Co., Ltd., A Shares
232,900
435,498
Ningbo Tuopu Group Co., Ltd.,
A Shares
91,900
983,709
Ningbo Zhoushan Port Co., Ltd.,
A Shares
766,400
355,902
Ningxia Baofeng Energy Group Co.,
Ltd., A Shares
265,500
500,104
NIO, Inc., ADR *
1,612,198
16,557,273
Nongfu Spring Co., Ltd., H Shares
2,354,004
13,223,308
North Industries Group Red Arrow Co.,
Ltd., A Shares
74,900
156,931
Northeast Securities Co., Ltd.,
A Shares
200,000
216,528
Offshore Oil Engineering Co., Ltd.,
A Shares
480,100
383,895
OFILM Group Co., Ltd., A Shares *
303,500
240,598
Oppein Home Group, Inc., A Shares
20,740
278,993
ORG Technology Co., Ltd., A Shares
341,300
222,735
Orient Securities Co., Ltd., A Shares
790,916
1,082,300
Orient Securities Co., Ltd., H Shares
895,795
498,061
Oriental Energy Co., Ltd., A Shares *
156,600
225,697
Ourpalm Co., Ltd., A shares *
338,800
253,687
Ovctek China, Inc., A Shares
81,180
294,450
Pangang Group Vanadium Titanium &
Resources Co., Ltd., A Shares *
779,100
402,475
People.cn Co., Ltd., A Shares
111,800
637,453
Perfect World Co., Ltd., A Shares
85,450
162,365
PetroChina Co., Ltd., A Shares
3,511,900
3,739,400
PetroChina Co., Ltd., H Shares
27,532,420
19,872,286
Pharmaron Beijing Co., Ltd., A Shares
50,400
206,350
Pharmaron Beijing Co., Ltd.,
H Shares (a)
421,012
982,500
PICC Property & Casualty Co., Ltd.,
H Shares
9,028,867
10,385,485
Pinduoduo, Inc., ADR *
587,537
58,148,537
Ping An Bank Co., Ltd., A Shares
1,854,600
2,835,982
Ping An Healthcare & Technology Co.,
Ltd. *(a)
776,982
1,938,058
Ping An Insurance Group Co. of China
Ltd., A Shares
1,116,300
7,482,899
Ping An Insurance Group Co. of China
Ltd., H Shares
8,361,521
50,061,965
Pingdingshan Tianan Coal Mining Co.,
Ltd., A Shares
258,300
303,423
Poly Developments and Holdings
Group Co., Ltd., A Shares
1,142,500
2,194,429
Poly Property Services Co., Ltd.,
H Shares
193,520
899,519
Pop Mart International Group Ltd. (a)
970,339
3,155,373
Porton Pharma Solutions Ltd.,
A Shares
58,800
199,056
Postal Savings Bank of China Co., Ltd.,
A Shares
2,620,400
1,749,693
Postal Savings Bank of China Co., Ltd.,
H Shares
12,125,845
5,984,254
See financial notes
Schwab International Equity ETFs | Annual Report75

Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Power Construction Corp. of China
Ltd., A Shares
1,839,300
1,301,421
Pylon Technologies Co., Ltd., A Shares
22,902
435,479
Qifu Technology, Inc., ADR
153,765
2,614,005
Qingdao TGOOD Electric Co., Ltd.,
A Shares
113,900
295,293
Qinghai Salt Lake Industry Co., Ltd.,
A Shares *
528,600
1,299,985
Raytron Technology Co., Ltd., A Shares
45,400
319,425
Red Star Macalline Group Corp., Ltd.,
H Shares
1,023,788
355,112
Remegen Co., Ltd., H Shares *
192,088
896,537
RLX Technology, Inc., ADR *
1,115,546
1,706,785
Rongsheng Petrochemical Co., Ltd.,
A Shares
317,800
526,137
SAIC Motor Corp., Ltd., A Shares
817,700
1,613,268
Sailun Group Co., Ltd., A Shares
309,500
524,728
Sangfor Technologies, Inc., A Shares *
14,100
211,311
Sany Heavy Industry Co., Ltd.,
A Shares
821,900
1,749,156
Satellite Chemical Co., Ltd., A Shares
321,962
676,790
SDIC Capital Co., Ltd., A Shares
878,800
885,018
Sealand Securities Co., Ltd., A Shares
483,300
251,660
Seazen Group Ltd. *(a)
3,650,373
712,223
Seazen Holdings Co., Ltd., A Shares *
220,700
439,672
SenseTime Group, Inc., Class B *(a)
20,486,389
4,075,464
SF Holding Co., Ltd., A Shares
476,800
2,848,288
SG Micro Corp., A Shares
44,898
477,633
Shaanxi Coal Industry Co., Ltd.,
A Shares
947,200
2,165,475
Shaanxi International Trust Co., Ltd.,
A Shares
391,300
163,434
Shandong Chenming Paper Holdings
Ltd., H Shares *
1,939,745
559,036
Shandong Gold Mining Co., Ltd.,
A Shares
380,804
1,372,328
Shandong Gold Mining Co., Ltd.,
H Shares
821,574
1,661,640
Shandong Himile Mechanical
Science & Technology Co., Ltd.,
A Shares
68,600
323,090
Shandong Hi-speed Co., Ltd.,
A Shares
244,600
227,511
Shandong Hualu Hengsheng Chemical
Co., Ltd., A Shares
205,360
933,903
Shandong Linglong Tyre Co., Ltd.,
A Shares
86,400
258,541
Shandong Nanshan Aluminum Co.,
Ltd., A Shares
1,146,700
491,544
Shandong Pharmaceutical Glass Co.,
Ltd., A Shares
69,900
253,440
Shandong Sun Paper Industry JSC Ltd.,
A Shares
296,900
467,877
Shandong Weigao Group Medical
Polymer Co., Ltd., H Shares
3,149,993
3,133,222
Shanghai Aiko Solar Energy Co., Ltd.,
Class A
198,660
606,202
Shanghai Bairun Investment Holding
Group Co., Ltd., A Shares
97,428
429,949
Shanghai Baosight Software Co., Ltd.,
A Shares
345,171
2,273,002
Shanghai Construction Group Co., Ltd.,
A Shares
670,100
257,784
Shanghai Electric Group Co., Ltd.,
A Shares *
1,125,400
691,150
SECURITY
NUMBER
OF SHARES
VALUE ($)
Shanghai Electric Group Co., Ltd.,
H Shares *
3,128,403
702,138
Shanghai Electric Power Co., Ltd.,
A Shares
237,200
299,168
Shanghai Fosun Pharmaceutical Group
Co., Ltd., A Shares
161,200
618,577
Shanghai Fosun Pharmaceutical Group
Co., Ltd., H Shares
798,249
1,879,131
Shanghai Friendess Electronic
Technology Corp., Ltd., A Shares
12,371
447,640
Shanghai Fudan Microelectronics
Group Co., Ltd., A Shares
25,080
182,109
Shanghai Fudan Microelectronics
Group Co., Ltd., H Shares (a)
396,630
950,890
Shanghai Industrial Holdings Ltd.
616,244
809,426
Shanghai International Airport Co.,
Ltd., A Shares *
241,400
1,301,109
Shanghai International Port Group Co.,
Ltd., A Shares
1,826,100
1,279,537
Shanghai Jinjiang International Hotels
Co. Ltd, A Shares
96,700
511,898
Shanghai Jinjiang International Hotels
Co., Ltd., B Shares
204,265
339,080
Shanghai Jinqiao Export Processing
Zone Development Co., Ltd.,
A Shares
318,200
559,588
Shanghai Junshi Biosciences Co., Ltd.,
A Shares *
76,221
398,044
Shanghai Junshi Biosciences Co., Ltd.,
H Shares *(a)
214,650
585,776
Shanghai Lingang Holdings Corp., Ltd.,
A Shares
174,700
285,146
Shanghai Lujiazui Finance & Trade
Zone Development Co., Ltd.,
A Shares
568,800
780,698
Shanghai Lujiazui Finance & Trade
Zone Development Co., Ltd.,
B Shares
509,730
208,989
Shanghai M&G Stationery, Inc.,
A Shares
44,200
228,940
Shanghai Mechanical and Electrical
Industry Co., Ltd., B shares
293,501
290,566
Shanghai Pharmaceuticals Holding Co.,
Ltd., A Shares
164,900
405,085
Shanghai Pharmaceuticals Holding Co.,
Ltd., H Shares
1,243,822
2,046,138
Shanghai Pudong Development Bank
Co., Ltd., A Shares
2,824,800
2,708,952
Shanghai Putailai New Energy
Technology Co., Ltd., A Shares
237,576
1,068,007
Shanghai RAAS Blood Products Co.,
Ltd., A Shares
663,000
647,651
Shanghai Rural Commercial Bank Co.,
Ltd., A Shares
470,400
376,139
Shanghai Tunnel Engineering Co., Ltd.,
A Shares
279,100
224,323
Shanghai Waigaoqiao Free Trade Zone
Group Co., Ltd., A Shares
180,200
290,657
Shanghai Yuyuan Tourist Mart Group
Co., Ltd., A Shares
425,500
430,264
Shanghai Zhangjiang High-Tech Park
Development Co., Ltd., A Shares
158,400
363,220
Shanghai Zhenhua Heavy Industries
Co., Ltd., B Shares *
1,352,720
298,951
Shanxi Lu'an Environmental Energy
Development Co., Ltd., A Shares
297,700
665,873
See financial notes
76Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Shanxi Meijin Energy Co., Ltd.,
A Shares *
413,200
407,040
Shanxi Securities Co., Ltd., A Shares
357,600
297,734
Shanxi Taigang Stainless Steel Co.,
Ltd., A Shares
479,600
259,617
Shanxi Xinghuacun Fen Wine Factory
Co., Ltd., A Shares
118,700
3,947,425
Shanxi Xishan Coal & Electricity Power
Co., Ltd., A Shares
541,900
620,931
Shenghe Resources Holding Co., Ltd.,
A Shares
167,100
253,916
Shengyi Technology Co., Ltd., A Shares
219,400
446,728
Shennan Circuits Co., Ltd., A Shares
31,700
288,190
Shenwan Hongyuan Group Co., Ltd.,
A Shares
1,674,700
1,003,186
Shenwan Hongyuan Group Co., Ltd.,
H Shares
3,472,001
681,848
Shenzhen Airport Co., Ltd., A Shares *
213,000
198,704
Shenzhen Capchem Technology Co.,
Ltd., A Shares
80,640
531,580
Shenzhen Dynanonic Co., Ltd.,
A Shares
22,880
294,829
Shenzhen Energy Group Co., Ltd.,
A Shares
433,000
385,497
Shenzhen Expressway Corp., Ltd.,
H Shares
1,047,831
847,164
Shenzhen Hepalink Pharmaceutical
Group Co., Ltd., H Shares
520,165
271,964
Shenzhen Inovance Technology Co.,
Ltd., A Shares
169,800
1,592,903
Shenzhen International Holdings Ltd.
1,885,455
1,341,644
Shenzhen Investment Ltd.
3,353,306
590,119
Shenzhen Kaifa Technology Co., Ltd.,
A Shares
155,600
381,812
Shenzhen Kangtai Biological Products
Co., Ltd., A Shares *
105,180
402,743
Shenzhen Kedali Industry Co., Ltd.,
A Shares
23,100
369,327
Shenzhen Kingdom Sci-Tech Co., Ltd.,
A Shares
126,200
235,460
Shenzhen Kstar Science And
Technology Co., Ltd., Class A
44,500
185,129
Shenzhen Mindray Bio-Medical
Electronics Co., Ltd., A Shares
113,900
4,225,184
Shenzhen MTC Co., Ltd., A Shares
463,600
331,848
Shenzhen New Industries Biomedical
Engineering Co., Ltd., A Shares
48,000
400,830
Shenzhen Overseas Chinese Town Co.,
Ltd., A Shares *
794,200
474,654
Shenzhen Salubris Pharmaceuticals
Co., Ltd., A Shares
92,000
349,495
Shenzhen SC New Energy Technology
Corp., A Shares
31,000
377,273
Shenzhen Senior Technology Material
Co., Ltd., A Shares
119,700
231,062
Shenzhen Sunway Communication Co.,
Ltd., A Shares
88,700
210,950
Shenzhen Transsion Holdings Co., Ltd.,
A Shares
79,150
1,596,593
Shenzhen YUTO Packaging Technology
Co., Ltd., A Shares
67,900
225,105
Shenzhen Zhongjin Lingnan Nonfemet
Co., Ltd., A Shares
304,100
208,485
Shenzhou International Group Holdings
Ltd.
1,007,327
10,340,782
SECURITY
NUMBER
OF SHARES
VALUE ($)
Shijiazhuang Changshan BeiMing
Technology Co., Ltd., A Shares *
215,100
203,028
Shijiazhuang Yiling Pharmaceutical Co.,
Ltd., A Shares
159,500
509,935
Shimao Services Holdings Ltd. *
1,077,750
210,279
Shougang Fushan Resources Group
Ltd.
2,483,421
715,724
Shui On Land Ltd.
4,791,512
464,380
Siasun Robot & Automation Co., Ltd.,
A Shares *
140,300
247,696
Sichuan Chuantou Energy Co., Ltd.,
A Shares
429,200
882,164
Sichuan Hebang Biotechnology Co.,
Ltd., A Shares
831,400
273,002
Sichuan Kelun Pharmaceutical Co.,
Ltd., A Shares
138,500
515,676
Sichuan New Energy Power Co., Ltd. *
139,800
242,588
Sichuan Road & Bridge Co., Ltd.,
A Shares
645,060
789,652
Sichuan Swellfun Co., Ltd., A Shares
48,700
442,673
Sichuan Yahua Industrial Group Co.,
Ltd., A Shares
100,900
217,229
Sieyuan Electric Co., Ltd., A Shares
77,800
547,064
Sino Biopharmaceutical Ltd.
12,873,882
4,892,297
Sinoma International Engineering Co.,
A Shares
327,100
528,052
Sinoma Science & Technology Co., Ltd.,
A Shares
158,200
477,089
Sinomine Resource Group Co., Ltd.,
A Shares
62,860
321,274
Sino-Ocean Group Holding Ltd. *
4,260,952
198,329
Sinopec Engineering Group Co., Ltd.,
H Shares
1,944,477
900,112
Sinopec Oilfield Service Corp.,
H Shares *
6,549,300
501,110
Sinopec Shanghai Petrochemical Co.,
Ltd., A Shares *
932,900
388,361
Sinopec Shanghai Petrochemical Co.,
Ltd., H Shares *
3,597,610
504,654
Sinopharm Group Co., Ltd., H Shares
1,676,274
4,863,102
Sinotrans Ltd., H Shares
3,494,149
1,416,953
Sinotruk Hong Kong Ltd.
843,380
1,563,777
Skshu Paint Co., Ltd., A Shares *
47,628
492,934
Smoore International Holdings Ltd.
2,453,906
2,481,522
Songcheng Performance Development
Co., Ltd., A Shares
244,300
416,201
SooChow Securities Co., Ltd.,
A Shares
463,685
521,753
Southwest Securities Co., Ltd.,
A Shares
630,600
365,615
StarPower Semiconductor Ltd.,
A Shares
14,700
400,052
STO Express Co. Ltd, A Shares *
130,200
177,631
Sun Art Retail Group Ltd.
2,585,957
606,773
Sunac Services Holdings Ltd.
874,483
273,215
Sungrow Power Supply Co., Ltd.,
A Shares
145,600
1,995,411
Sunny Optical Technology Group Co.,
Ltd.
880,449
7,196,963
Sunwoda Electronic Co., Ltd.,
A Shares
174,300
379,324
Suzhou Dongshan Precision
Manufacturing Co., Ltd., A Shares
157,600
407,073
Suzhou Maxwell Technologies Co., Ltd.,
A Shares
26,060
546,227
See financial notes
Schwab International Equity ETFs | Annual Report77

Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Suzhou Nanomicro Technology Co.,
Ltd., Class A
47,791
220,948
Taiji Computer Corp., Ltd., A Shares
59,600
301,992
TAL Education Group, ADR *
607,938
4,285,963
Tangshan Jidong Cement Co., Ltd.,
A Shares
287,800
299,722
TangShan Port Group Co., Ltd.,
A Shares
609,200
280,390
TBEA Co., Ltd., A Shares
452,323
913,533
TCL Technology Group Corp.,
A Shares *
2,286,250
1,287,851
Tencent Holdings Ltd.
8,404,992
348,343,469
Tencent Music Entertainment Group,
ADR *
841,500
5,739,030
The People's Insurance Co. Group of
China Ltd., A Shares
1,625,600
1,304,322
The People's Insurance Co. Group of
China Ltd., H Shares
9,900,623
3,371,016
Thunder Software Technology Co., Ltd.,
A Shares
40,400
444,436
Tian Di Science & Technology Co., Ltd.,
A Shares
299,200
216,225
Tianjin Chase Sun Pharmaceutical Co.
Ltd, A Shares
302,500
184,530
Tianjin Guangyu Development Co., Ltd.,
A Shares
177,500
277,767
Tianjin Zhonghuan Semiconductor Co.,
Ltd., A Shares
388,500
1,369,104
Tianma Microelectronics Co., Ltd.,
A Shares *
229,000
270,578
Tianqi Lithium Corp., A Shares
150,700
1,191,976
Tianqi Lithium Corp., Class H
124,956
685,192
Tianshui Huatian Technology Co., Ltd.,
A Shares
324,700
400,605
Tingyi Cayman Islands Holding Corp.
2,475,525
3,636,694
Titan Wind Energy Suzhou Co., Ltd.,
A Shares *
167,900
300,114
Tongcheng Travel Holdings Ltd. *
1,576,319
3,533,865
TongFu Microelectronics Co., Ltd.,
A Shares
148,100
414,888
Tongkun Group Co., Ltd., A Shares *
224,000
456,709
Tongling Nonferrous Metals Group Co.,
Ltd., A Shares
925,500
408,169
Tongwei Co., Ltd., A Shares
434,500
1,915,059
Topchoice Medical Corp., A Shares *
30,700
393,615
Topsec Technologies Group, Inc.,
A Shares *
156,800
202,503
Topsports International Holdings Ltd.
3,775,918
3,072,064
Towngas Smart Energy Co., Ltd.
1,617,612
682,793
TravelSky Technology Ltd., H Shares
1,235,948
2,216,014
Trina Solar Co., Ltd., A Shares
213,856
998,396
Trip.com Group Ltd. *
710,248
28,023,175
Tsingtao Brewery Co., Ltd., A Shares
69,800
873,639
Tsingtao Brewery Co., Ltd., H Shares
810,684
6,755,915
Tuya, Inc., ADR *
341,415
628,204
Unigroup Guoxin Microelectronics Co.,
Ltd., A Shares *
81,679
1,040,612
Uni-President China Holdings Ltd.
1,587,254
1,173,982
Unisplendour Corp., Ltd., A Shares *
123,700
457,682
Valiant Co., Ltd., A Shares
84,400
204,318
Vinda International Holdings Ltd.
356,483
825,547
Vipshop Holdings Ltd., ADR *
479,803
7,576,089
Walvax Biotechnology Co., Ltd.,
A Shares
162,200
527,482
Wanda Film Holding Co., Ltd.,
A Shares *
244,400
451,629
SECURITY
NUMBER
OF SHARES
VALUE ($)
Wangsu Science & Technology Co.,
Ltd., A Shares
229,600
217,345
Wanhua Chemical Group Co., Ltd.,
A Shares
294,900
3,798,430
Wanxiang Qianchao Co., Ltd.,
A Shares
304,900
221,182
Weibo Corp., ADR
99,030
1,277,487
Weichai Power Co., Ltd., A Shares
590,500
957,326
Weichai Power Co., Ltd., H Shares
2,699,267
3,504,133
Weifu High-Technology Group Co.,
Ltd., A Shares
187,500
438,964
Weihai Guangwei Composites Co., Ltd.,
A Shares
73,120
280,987
Wens Foodstuffs Group Co., Ltd.,
A Shares
180,320
412,740
Western Mining Co., Ltd., A Shares
218,400
383,479
Western Securities Co., Ltd., A Shares
442,100
409,999
Western Superconducting Technologies
Co., Ltd., A Shares
63,280
412,361
Westone Information Industry, Inc.,
A Shares
87,900
302,037
Will Semiconductor Co., Ltd .,
A Shares
78,150
988,028
Wingtech Technology Co., Ltd.,
A Shares *
110,400
700,456
Winning Health Technology Group Co.,
Ltd., A Shares
212,700
210,698
Wolong Electric Group Co., Ltd.,
A Shares
121,200
203,152
Wonders Information Co. Ltd, Class A *
115,200
160,015
Wuchan Zhongda Group Co., Ltd.,
A Shares
345,300
220,601
Wuhan Guide Infrared Co., Ltd.,
A Shares
374,436
396,634
Wuliangye Yibin Co., Ltd., A Shares
367,300
7,867,795
WUS Printed Circuit Kunshan Co., Ltd.,
A Shares
179,500
521,101
WuXi AppTec Co., Ltd., A Shares
217,051
2,430,399
WuXi AppTec Co., Ltd., H Shares
512,545
5,614,514
Wuxi Autowell Technology Co., Ltd.,
Class A
10,240
236,793
Wuxi Biologics Cayman, Inc. *
4,808,394
27,071,839
XCMG Construction Machinery Co.,
Ltd., A Shares
1,092,900
908,435
Xiamen C & D, Inc., A Shares
328,600
490,293
Xiamen Faratronic Co., Ltd., A Shares
22,000
343,519
Xiamen ITG Group Corp., Ltd.,
A Shares
178,800
179,819
Xiamen Tungsten Co., Ltd., A Shares
120,800
287,955
Xiaomi Corp., B Shares *
19,550,014
30,814,317
Xinhua Winshare Publishing and Media
Co., Ltd., H Shares
545,376
407,550
Xinjiang Daqo New Energy Co., Ltd.,
Class A
101,884
581,894
Xinjiang Tianshan Cement Co., Ltd.,
A Shares
197,300
208,997
Xinjiang Zhongtai Chemical Co., Ltd.,
A Shares
241,900
223,338
Xinxing Ductile Iron Pipes Co., Ltd.,
A Shares
347,500
191,451
Xinyi Solar Holdings Ltd.
5,634,535
4,706,373
XPeng, Inc., A Shares *
1,483,730
13,916,325
Xtep International Holdings Ltd.
1,509,113
1,495,305
Xuji Electric Co., Ltd., A Shares
91,400
242,612
Yadea Group Holdings Ltd.
1,343,405
2,583,422
See financial notes
78Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Yang Quan Coal Industry Group Co.,
Ltd., A Shares
187,350
194,853
Yangling Metron New Material, Inc.,
A Shares
51,500
308,922
Yangtze Optical Fibre and Cable Joint
Stock Ltd., Co., A Shares
109,200
487,000
Yangzhou Yangjie Electronic Technology
Co., Ltd., A Shares
49,900
244,889
Yangzijiang Financial Holding Ltd.
3,301,628
892,332
Yangzijiang Shipbuilding Holdings Ltd.
3,492,994
4,371,092
Yankuang Energy Group Co., Ltd.,
A Shares
406,800
962,996
Yankuang Energy Group Co., Ltd.,
H Shares
2,735,739
4,298,059
Yanlord Land Group Ltd. *
933,535
466,595
Yantai Changyu Pioneer Wine Co., Ltd.,
A Shares
182,783
773,723
Yantai Eddie Precision Machinery Co.,
Ltd., A Shares
86,520
215,275
Yantai Jereh Oilfield Services Group
Co., Ltd., A Shares
102,500
402,621
Yatsen Holding Ltd., ADR *
558,759
569,934
Yealink Network Technology Corp., Ltd.,
A Shares
104,930
533,696
Yifan Pharmaceutical Co., Ltd.,
A Shares *
124,700
224,609
Yifeng Pharmacy Chain Co., Ltd.,
A Shares
95,564
466,890
Yihai International Holding Ltd.
650,796
1,219,970
Yihai Kerry Arawana Holdings Co., Ltd.,
A Shares
187,900
920,590
Yintai Gold Co., Ltd., A Shares
275,600
547,148
Yixintang Pharmaceutical Group Co.,
Ltd., A Shares
57,800
180,027
YongXing Special Materials Technology
Co., Ltd., A Shares
41,860
286,697
Yonyou Network Technology Co., Ltd.,
A Shares
344,640
859,410
Youngor Group Co., Ltd., A Shares
479,500
457,859
Youngy Co., Ltd., A Shares
27,400
193,722
YTO Express Group Co., Ltd., A Shares
271,800
563,877
Yuan Longping High-tech Agriculture
Co., Ltd., A Shares *
116,200
240,430
Yuexiu Property Co., Ltd.
2,192,789
2,718,004
Yum China Holdings, Inc.
539,615
28,763,869
Yunnan Aluminium Co., Ltd., A Shares
346,500
687,430
Yunnan Baiyao Group Co., Ltd.,
A Shares
155,540
1,167,859
Yunnan Botanee Bio-Technology Group
Co., Ltd., A Shares
18,000
251,730
Yunnan Copper Co., Ltd., A Shares
334,100
533,385
Yunnan Energy New Material Co., Ltd.,
A Shares
76,600
698,698
Yunnan Tin Co., Ltd., A Shares
179,200
344,686
Yunnan Yuntianhua Co., Ltd., A Shares
195,400
462,828
Zai Lab Ltd. *
1,287,149
3,438,744
Zangge Mining Co., Ltd., A Shares
112,300
346,690
Zhangzhou Pientzehuang
Pharmaceutical Co., Ltd., A Shares
58,300
2,213,454
Zhaojin Mining Industry Co., Ltd.,
H Shares
1,449,753
2,048,428
Zhefu Holding Group Co., Ltd.,
A Shares
544,000
295,226
Zhejiang Century Huatong Group Co.,
Ltd., A Shares *
631,100
469,954
SECURITY
NUMBER
OF SHARES
VALUE ($)
Zhejiang China Commodities City
Group Co., Ltd., A Shares
547,200
617,982
Zhejiang Chint Electrics Co., Ltd.,
A Shares
130,800
445,315
Zhejiang Crystal-Optech Co., Ltd.,
A Shares
132,400
192,820
Zhejiang Dahua Technology Co., Ltd.,
A Shares
342,600
1,015,774
Zhejiang Dingli Machinery Co., Ltd.,
A Shares
34,600
252,566
Zhejiang Expressway Co., Ltd.,
H Shares
1,521,369
1,136,892
Zhejiang Hailiang Co., Ltd., A Shares
123,600
194,778
Zhejiang HangKe Technology, Inc. Co.,
A Shares
44,364
167,009
Zhejiang Hisoar Pharmaceutical Co.,
Ltd., A Shares
349,000
359,141
Zhejiang Huace Film & Television Co.,
Ltd., A Shares
223,900
194,415
Zhejiang Huahai Pharmaceutical Co.,
Ltd., A Shares
140,250
323,721
Zhejiang Huayou Cobalt Co., Ltd.,
A Shares
159,860
876,336
Zhejiang Jingsheng Mechanical &
Electrical Co., Ltd., A Shares
127,800
989,074
Zhejiang Jiuzhou Pharmaceutical Co.,
Ltd., A Shares
74,200
277,084
Zhejiang Juhua Co., Ltd., A Shares
268,700
605,069
Zhejiang NHU Co., Ltd., A Shares
285,468
638,513
Zhejiang Sanhua Intelligent Controls
Co., Ltd., A Shares
111,620
455,467
Zhejiang Supcon Technology Co., Ltd.,
A Shares
70,281
487,047
Zhejiang Supor Co., Ltd., A Shares
46,200
302,203
Zhejiang Wanfeng Auto Wheel Co.,
Ltd., A Shares
401,900
310,874
Zhejiang Weixing New Building
Materials Co., Ltd., A Shares
155,300
431,217
Zhejiang Wolwo Bio-Pharmaceutical
Co., Ltd., A Shares
54,100
237,554
Zhengzhou Coal Mining Machinery
Group Co., Ltd., A Shares
162,400
282,027
Zheshang Securities Co., Ltd.,
A Shares
114,500
162,032
ZhongAn Online P&C Insurance Co.,
Ltd., H Shares *
1,031,057
3,063,554
Zhongji Innolight Co., Ltd., A Shares
65,400
1,029,903
Zhongsheng Group Holdings Ltd.
899,517
2,741,538
Zhongtai Securities Co., Ltd., A Shares
240,800
241,842
Zhuhai Huafa Properties Co., Ltd.,
A Shares
209,400
301,794
Zhuzhou CRRC Times Electric Co., Ltd.
723,108
2,522,014
Zhuzhou CRRC Times Electric Co., Ltd.,
A Shares
51,276
307,438
Zhuzhou Hongda Electronics Corp.,
Ltd., A Shares
41,900
201,714
Zhuzhou Kibing Group Co., Ltd.,
A Shares
203,000
243,483
Zijin Mining Group Co., Ltd., A Shares
1,933,700
3,283,717
Zijin Mining Group Co., Ltd., H Shares
7,768,894
12,225,352
Zoomlion Heavy Industry Science and
Technology Co. Ltd, A Shares
504,700
447,944
Zoomlion Heavy Industry Science and
Technology Co. Ltd, H Shares
2,412,777
1,153,813
ZTE Corp., A Shares
369,300
1,798,679
ZTE Corp., H Shares
1,044,635
3,363,667
See financial notes
Schwab International Equity ETFs | Annual Report79

Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
ZTO Express Cayman, Inc.
583,311
14,170,401
 
2,756,177,412
 
Colombia 0.2%
Bancolombia S.A.
357,072
2,537,125
Bancolombia S.A., ADR
159,317
4,253,764
Ecopetrol S.A., ADR
334,113
3,902,440
Interconexion Electrica S.A. ESP
602,060
2,202,138
 
12,895,467
 
Czech Republic 0.2%
CEZ A/S
213,432
9,082,745
Colt CZ Group SE
14,433
364,624
Komercni Banka A/S
108,370
3,389,277
Moneta Money Bank A/S
524,282
1,954,884
Philip Morris CR AS
945
740,469
 
15,531,999
 
Egypt 0.1%
Commercial International Bank Egypt
S.A.E., GDR
4,420,285
5,428,110
 
Greece 0.6%
Aegean Airlines S.A. *
36,964
529,569
Alpha Services and Holdings S.A. *
2,914,807
4,924,120
Athens Water Supply & Sewage Co.
S.A.
56,333
403,531
Autohellas Tourist and Trading S.A.
30,022
461,395
Ellaktor S.A. *
133,543
364,526
Eurobank Ergasias Services & Holdings
S.A., A Shares *
3,350,993
5,830,110
FF Group *(b)
50,437
0
GEK Terna Holding Real Estate
Construction S.A. *
77,184
1,127,566
Hellenic Petroleum Holdings S.A.
95,565
857,776
Hellenic Telecommunications
Organization S.A.
301,359
4,513,703
Holding Co. ADMIE IPTO S.A. *
188,491
470,531
JUMBO S.A.
151,493
4,689,341
LAMDA Development S.A. *
125,811
923,754
Motor Oil Hellas Corinth Refineries
S.A.
77,065
1,965,598
Mytilineos S.A.
138,195
5,615,622
National Bank of Greece S.A. *
748,390
5,096,150
OPAP S.A.
242,721
4,104,351
Piraeus Financial Holdings S.A. *
916,533
3,175,270
Public Power Corp. S.A. *
287,063
3,146,794
Quest Holdings S.A.
40,734
278,969
Sarantis S.A.
45,508
382,295
Terna Energy S.A.
80,005
1,441,434
Titan Cement International S.A.
62,593
1,248,651
Viohalco S.A.
60,451
459,929
 
52,010,985
 
Hong Kong 0.0%
China Huishan Dairy Holdings Co.,
Ltd. *(b)
3,872,695
0
 
Hungary 0.3%
Magyar Telekom Telecommunications
plc
637,187
847,875
MOL Hungarian Oil & Gas plc
604,862
4,578,082
SECURITY
NUMBER
OF SHARES
VALUE ($)
OTP Bank Nyrt
318,938
13,026,600
Richter Gedeon Nyrt
190,927
4,790,725
 
23,243,282
 
Iceland 0.1%
Arion Banki HF
1,966,782
2,118,050
Eimskipafelag Islands hf
169,064
686,947
Festi hf
510,526
736,954
Hagar hf
1,501,201
785,399
Icelandair Group HF *
36,574,433
522,372
Islandsbanki HF
1,731,719
1,554,090
Kvika banki hf
7,075,479
910,577
Marel HF
791,207
2,900,629
Reitir fasteignafelag hf
937,279
590,587
 
10,805,605
 
India 17.3%
3M India Ltd.
3,979
1,497,350
Aarti Industries Ltd.
274,755
1,632,210
ABB India Ltd.
72,233
3,823,008
ACC Ltd.
108,927
2,639,090
Adani Energy Solutions Ltd. *
424,208
4,160,542
Adani Enterprises Ltd.
470,263
13,742,424
Adani Green Energy Ltd. *
576,439
6,466,171
Adani Ports & Special Economic Zone
Ltd.
1,124,725
10,762,743
Adani Power Ltd. *
1,321,635
5,129,370
Adani Total Gas Ltd.
377,832
2,901,757
Adani Wilmar Ltd. *
219,033
951,153
Aditya Birla Capital Ltd. *
587,966
1,286,567
Alkem Laboratories Ltd.
33,631
1,479,868
Ambuja Cements Ltd.
980,789
5,075,360
APL Apollo Tubes Ltd.
226,843
4,591,594
Apollo Hospitals Enterprise Ltd.
135,331
7,869,628
Ashok Leyland Ltd.
1,864,035
4,139,611
Asian Paints Ltd.
608,139
23,918,965
Astral Ltd.
160,042
3,777,561
AU Small Finance Bank Ltd.
440,313
3,848,326
Aurobindo Pharma Ltd.
360,828
3,617,596
Avenue Supermarts Ltd. *
202,748
9,111,461
Axis Bank Ltd.
3,070,036
36,101,165
Bajaj Auto Ltd.
95,269
5,309,482
Bajaj Finance Ltd.
328,349
28,410,079
Bajaj Finserv Ltd.
516,255
9,284,779
Bajaj Holdings & Investment Ltd.
35,817
3,217,879
Balkrishna Industries Ltd.
108,728
3,051,128
Bandhan Bank Ltd.
1,080,562
2,996,839
Bank of Baroda
1,414,135
3,196,852
Bank of India
1,013,920
1,050,831
Bata India Ltd.
91,361
1,863,059
Bayer CropScience Ltd.
18,358
1,067,225
Berger Paints India Ltd.
356,309
3,092,828
Bharat Electronics Ltd.
4,779,736
7,690,418
Bharat Forge Ltd.
337,383
4,362,052
Bharat Heavy Electricals Ltd.
1,716,755
2,514,385
Bharat Petroleum Corp., Ltd.
1,336,329
5,497,131
Bharti Airtel Ltd.
3,096,226
32,029,569
Bharti Airtel Ltd.
186,813
1,066,117
Biocon Ltd.
677,232
2,121,610
Bosch Ltd.
11,952
2,681,540
Britannia Industries Ltd.
159,904
8,629,586
Canara Bank
488,193
1,889,408
Castrol India Ltd.
669,325
1,170,301
CG Power & Industrial Solutions Ltd.
922,565
4,784,651
Cholamandalam Investment & Finance
Co., Ltd.
543,779
7,368,838
See financial notes
80Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Cipla Ltd.
680,630
10,339,402
Coal India Ltd.
3,036,729
8,438,593
Coforge Ltd.
78,339
5,172,794
Colgate-Palmolive (India) Ltd.
180,190
4,227,006
Container Corp. Of India Ltd.
374,040
3,037,998
Coromandel International Ltd.
159,355
2,099,966
Cummins India Ltd.
176,075
3,632,150
Dabur India Ltd.
792,950
5,297,747
Dalmia Bharat Ltd.
110,204
2,775,592
Deepak Nitrite Ltd.
101,343
2,717,619
Divi's Laboratories Ltd.
169,436
7,351,837
Dixon Technologies India Ltd. *
49,731
3,005,891
DLF Ltd.
845,866
5,150,626
Dr Lal PathLabs Ltd.
46,153
1,213,055
Dr. Reddy's Laboratories Ltd.
160,990
10,905,286
Eicher Motors Ltd.
185,286
7,467,729
Emami Ltd.
294,772
1,867,733
Embassy Office Parks REIT
845,698
3,117,446
Exide Industries Ltd.
635,258
2,047,282
Federal Bank Ltd.
2,248,164
3,909,142
FSN E-Commerce Ventures Ltd. *
1,845,004
2,976,343
GAIL India Ltd.
3,486,272
4,842,849
General Insurance Corp. of India *
134,544
353,643
GlaxoSmithKline Pharmaceuticals Ltd.
58,443
1,009,156
Glenmark Pharmaceuticals Ltd.
211,976
1,963,536
GMR Infrastructure Ltd. *
3,260,186
2,431,762
Godrej Consumer Products Ltd. *
488,274
5,928,383
Godrej Industries Ltd. *
107,181
696,015
Godrej Properties Ltd. *
135,683
2,697,393
Grasim Industries Ltd.
506,983
10,967,778
Gujarat Fluorochemicals Ltd.
53,399
1,965,126
Gujarat Gas Ltd. *
303,548
1,647,608
Havells India Ltd.
326,002
5,452,186
HCL Technologies Ltd.
1,424,546
20,169,794
HDFC Asset Management Co., Ltd.
140,065
4,270,662
HDFC Life Insurance Co., Ltd.
1,308,688
10,192,231
Hero MotoCorp Ltd.
178,379
6,282,979
Hindalco Industries Ltd.
1,874,835
10,414,083
Hindustan Aeronautics Ltd.
128,587
6,058,106
Hindustan Petroleum Corp., Ltd. *
815,811
2,444,883
Hindustan Unilever Ltd.
1,198,671
36,270,888
Hindustan Zinc Ltd.
312,195
1,199,775
Honeywell Automation India Ltd.
3,289
1,574,997
ICICI Bank Ltd.
2,136,328
24,740,877
ICICI Lombard General Insurance Co.,
Ltd.
325,088
5,158,684
ICICI Prudential Life Insurance Co.,
Ltd.
507,109
3,454,182
IDBI Bank Ltd.
919,372
664,101
IDFC First Bank Ltd. *
4,390,438
4,950,670
Indian Bank
254,025
1,161,866
Indian Hotels Co., Ltd.
1,090,398
5,543,777
Indian Oil Corp., Ltd.
5,489,245
5,907,886
Indian Railway Catering & Tourism
Corp., Ltd.
401,925
3,262,542
Indian Railway Finance Corp., Ltd.
2,425,631
1,470,856
Indraprastha Gas Ltd.
477,662
2,698,546
Indus Towers Ltd. *
1,193,436
2,525,661
Info Edge India Ltd.
103,951
5,438,871
Infosys Ltd.
4,702,541
81,538,450
InterGlobe Aviation Ltd. *
178,386
5,246,885
Ipca Laboratories Ltd.
182,952
1,930,265
ITC Ltd.
3,966,971
21,069,648
Jindal Steel & Power Ltd.
525,445
4,344,527
Jio Financial Services Ltd. *
4,522,277
12,755,158
JSW Energy Ltd.
528,361
2,239,844
JSW Steel Ltd.
1,323,848
12,467,506
Jubilant Foodworks Ltd.
491,548
3,040,326
SECURITY
NUMBER
OF SHARES
VALUE ($)
Kansai Nerolac Paints Ltd.
277,245
1,114,020
Kotak Mahindra Bank Ltd.
139,281
2,958,951
L&T Finance Holdings Ltd.
1,032,743
1,557,480
L&T Technology Services Ltd.
35,163
1,870,681
Larsen & Toubro Infotech Ltd.
123,602
7,753,880
Larsen & Toubro Ltd.
918,174
29,975,375
Laurus Labs Ltd.
517,221
2,496,568
LIC Housing Finance Ltd.
414,680
2,120,579
Linde India Ltd.
27,182
2,058,114
Lupin Ltd.
326,098
4,324,470
Macrotech Developers Ltd. *
302,690
2,450,990
Mahindra & Mahindra Financial
Services Ltd.
760,636
2,734,794
Mahindra & Mahindra Ltd.
1,256,352
23,908,040
Mangalore Refinery & Petrochemicals
Ltd. *
341,776
393,232
Marico Ltd.
708,746
4,880,287
Maruti Suzuki India Ltd.
177,997
21,508,963
Max Financial Services Ltd. *
326,275
3,679,874
Max Healthcare Institute Ltd. *
981,854
6,992,128
Mphasis Ltd.
116,769
3,425,793
MRF Ltd.
3,533
4,638,313
Muthoot Finance Ltd.
144,891
2,205,842
Nestle India Ltd.
48,328
12,834,966
NHPC Ltd.
3,135,534
1,901,328
Nippon Life India Asset Management
Ltd.
228,020
859,073
NMDC Ltd.
1,559,565
2,318,072
NTPC Ltd.
6,351,937
16,902,948
Oberoi Realty Ltd.
159,308
2,156,884
Oil & Natural Gas Corp., Ltd.
5,168,121
10,871,712
Oil India Ltd.
480,209
1,584,141
One 97 Communications Ltd. *
240,936
2,485,138
Oracle Financial Services Software Ltd.
32,805
1,628,357
Page Industries Ltd.
7,923
3,842,834
Patanjali Foods Ltd.
125,856
1,865,426
PB Fintech Ltd. *
485,973
4,547,361
Persistent Systems Ltd.
68,305
4,431,239
Petronet LNG Ltd.
1,015,518
2,641,031
PI Industries Ltd.
106,631
4,673,352
Pidilite Industries Ltd.
211,729
6,432,209
Piramal Enterprises Ltd.
179,571
2,284,705
Polycab India Ltd.
64,542
3,994,044
Power Finance Corp., Ltd.
1,541,280
4,844,295
Power Grid Corp. of India Ltd.
4,203,888
12,418,256
Punjab National Bank
2,940,267
2,237,531
Rajesh Exports Ltd.
184,443
1,111,855
RBL Bank Ltd.
606,554
1,749,261
REC Ltd.
1,629,070
4,696,161
Relaxo Footwears Ltd.
94,673
1,080,572
Reliance Industries Ltd.
4,509,061
131,100,392
Samvardhana Motherson International
Ltd.
3,190,279
3,691,781
SBI Cards & Payment Services Ltd.
390,411
3,850,761
SBI Life Insurance Co., Ltd.
564,374
8,811,628
Schaeffler India Ltd.
55,124
2,032,403
Shree Cement Ltd.
17,825
5,124,710
Shriram Transport Finance Co., Ltd.
373,367
8,696,657
Siemens Ltd.
120,293
5,699,028
Solar Industries India Ltd.
32,651
1,908,232
Sona Blw Precision Forgings Ltd.
472,116
3,396,606
SRF Ltd.
191,611
5,454,183
Star Health & Allied Insurance Co.,
Ltd. *
307,372
2,361,180
State Bank of India
2,410,551
16,345,260
Steel Authority of India Ltd.
1,953,165
2,139,873
Sun Pharmaceutical Industries Ltd.
1,464,238
19,660,837
See financial notes
Schwab International Equity ETFs | Annual Report81

Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Sun TV Network Ltd.
144,598
1,077,679
Supreme Industries Ltd.
86,633
4,664,832
Tata Communications Ltd.
155,065
3,351,122
Tata Consultancy Services Ltd.
1,372,648
55,657,851
Tata Consumer Products Ltd.
808,788
8,151,260
Tata Elxsi Ltd.
47,454
4,154,118
Tata Motors Ltd.
2,465,744
17,900,462
Tata Motors Ltd., A Shares, DVR
504,499
2,434,551
Tata Steel Ltd.
10,815,172
16,055,621
Tata Teleservices Maharashtra Ltd. *
709,531
752,073
Tech Mahindra Ltd.
810,305
11,764,588
The Tata Power Co., Ltd.
2,259,431
6,689,354
Titan Co., Ltd.
561,320
21,049,267
Torrent Pharmaceuticals Ltd.
131,655
2,930,128
Torrent Power Ltd.
292,005
2,317,028
Trent Ltd.
243,465
6,024,701
Tube Investments of India Ltd.
133,221
4,667,532
TVS Motor Co., Ltd.
309,717
5,312,080
UltraTech Cement Ltd.
152,408
15,275,456
Union Bank of India Ltd.
1,528,365
1,585,850
United Breweries Ltd.
93,325
1,709,664
United Spirits Ltd. *
393,294
4,786,584
UNO Minda Ltd.
226,169
1,645,188
UPL Ltd.
714,909
5,104,935
Vedant Fashions Ltd.
81,737
1,244,475
Vedanta Ltd.
1,860,875
5,221,655
Vodafone Idea Ltd. *
11,380,770
1,244,119
Voltas Ltd.
328,152
3,448,150
Whirlpool of India Ltd.
49,538
977,581
Wipro Ltd.
2,053,602
10,130,801
Yes Bank Ltd. *
28,416,669
5,766,659
Zee Entertainment Enterprises Ltd.
1,141,750
3,616,142
Zomato Ltd. *
7,499,366
8,841,301
Zydus Lifesciences Ltd.
344,358
2,603,288
 
1,467,937,056
 
Indonesia 3.3%
Astra Agro Lestari Tbk PT
572,688
285,780
Avia Avian Tbk PT
24,062,686
947,972
Bank Syariah Indonesia Tbk PT
5,045,012
566,446
Dayamitra Telekomunikasi PT
28,530,330
1,404,974
Elang Mahkota Teknologi Tbk PT
38,709,777
1,448,757
GoTo Gojek Tokopedia Tbk PT *
988,753,884
6,232,460
HDFC Bank Ltd.
3,990,145
75,741,000
Indosat Tbk PT
2,683,090
1,691,245
Mayora Indah Tbk PT
4,520,640
777,681
Merdeka Copper Gold Tbk PT *
25,147,636
5,581,025
MNC Digital Entertainment Tbk PT *
2,772,642
671,769
PT Adaro Energy Indonesia Tbk
16,514,807
2,895,242
PT Astra International Tbk
26,985,679
11,428,603
PT Bank Central Asia Tbk
75,153,335
45,274,580
PT Bank Mandiri (Persero) Tbk
59,274,149
23,448,900
PT Bank Negara Indonesia (Persero)
Tbk
9,974,640
6,009,017
PT Bank Rakyat Indonesia (Persero)
Tbk
94,383,776
34,394,613
PT Barito Pacific Tbk
33,146,027
2,328,710
PT Bukit Asam Tbk
5,823,014
1,093,488
PT Bumi Serpong Damai Tbk *
11,601,803
864,612
PT Charoen Pokphand Indonesia Tbk *
9,856,694
3,349,205
PT Gudang Garam Tbk
624,096
985,523
PT Hanjaya Mandala Sampoerna Tbk
11,639,714
672,551
PT Indah Kiat Pulp & Paper Corp. Tbk
3,799,515
2,270,229
PT Indocement Tunggal Prakarsa Tbk
2,244,686
1,577,028
PT Indofood CBP Sukses Makmur Tbk
2,846,496
2,093,287
PT Indofood Sukses Makmur Tbk
5,804,235
2,705,848
PT Jasa Marga Persero Tbk
2,888,882
815,640
SECURITY
NUMBER
OF SHARES
VALUE ($)
PT Kalbe Farma Tbk
24,363,850
2,903,505
PT Media Nusantara Citra Tbk
9,809,350
338,142
PT Perusahaan Gas Negara Tbk
14,116,450
1,274,466
PT Sarana Menara Nusantara Tbk
25,905,833
1,752,003
PT Semen Indonesia (Persero) Tbk
4,540,303
2,027,187
PT Surya Citra Media Tbk
17,413,637
169,220
PT Telkom Indonesia (Persero) Tbk
62,126,468
15,215,478
PT Tower Bersama Infrastructure Tbk
6,449,964
889,358
PT Unilever Indonesia Tbk
7,705,240
1,856,745
PT United Tractors Tbk
1,957,522
3,341,797
PT Vale Indonesia Tbk
2,675,735
1,036,562
PT XL Axiata Tbk
5,229,958
858,496
Smartfren Telecom Tbk PT *
179,135,585
646,911
Sumber Alfaria Trijaya Tbk PT
25,208,206
4,799,987
Varun Beverages Ltd.
593,556
6,449,182
 
281,115,224
 
Kuwait 0.9%
Agility Public Warehousing Co. KSC *
2,063,592
3,849,361
Boubyan Bank KSCP
1,869,475
3,699,529
Boubyan Petrochemicals Co. KSCP
568,573
1,364,944
Burgan Bank SAK
1,402,109
877,882
Gulf Bank KSCP
2,603,650
2,128,531
Humansoft Holding Co. KSC
132,154
1,383,491
Kuwait Finance House KSCP
12,187,438
29,455,446
Mabanee Co. KPSC
809,865
2,196,422
Mobile Telecommunications Co. KSCP
2,535,768
4,195,431
National Bank of Kuwait SAKP
10,054,522
30,008,630
 
79,159,667
 
Malaysia 1.8%
Alliance Bank Malaysia Berhad
1,564,080
1,162,947
AMMB Holdings Berhad
2,938,972
2,362,579
Astro Malaysia Holdings Berhad
2,271,200
249,636
Axiata Group Berhad
5,884,977
2,993,221
British American Tobacco Malaysia
Berhad
196,000
421,569
Celcomdigi Berhad
5,339,714
5,040,506
CIMB Group Holdings Berhad
10,713,952
12,999,903
Dialog Group Berhad
5,611,300
2,479,130
Fraser & Neave Holdings Berhad
203,600
1,118,922
Gamuda Berhad
3,093,692
3,000,348
Genting Berhad
2,818,800
2,654,775
Genting Malaysia Berhad
3,876,320
2,147,014
Hartalega Holdings Berhad
2,354,700
989,583
Hong Leong Bank Berhad
857,507
3,688,759
Hong Leong Financial Group Berhad
335,400
1,317,023
IHH Healthcare Berhad
3,905,700
5,008,387
IJM Corp. Berhad
4,791,136
1,827,653
IOI Corp. Berhad
3,347,392
2,907,325
Kuala Lumpur Kepong Berhad
747,128
3,468,349
Malayan Banking Berhad
9,772,518
19,186,991
Malaysia Airports Holdings Berhad
1,447,784
2,299,605
Maxis Berhad
2,581,124
2,230,670
MISC Berhad
2,342,400
3,634,759
MR DIY Group M Berhad
3,703,700
1,237,227
Nestle Malaysia Berhad
89,171
2,507,934
Petronas Chemicals Group Berhad
3,915,800
6,008,728
Petronas Dagangan Berhad
361,400
1,729,112
Petronas Gas Berhad
736,436
2,717,195
PPB Group Berhad
880,077
2,981,640
Press Metal Aluminium Holdings
Berhad
4,771,664
4,987,623
Public Bank Berhad
19,121,870
17,432,222
QL Resources Berhad
1,495,050
1,739,929
RHB Bank Berhad
2,253,962
2,725,157
See financial notes
82Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Sime Darby Berhad
4,805,400
2,381,987
Sime Darby Plantation Berhad
4,880,308
4,617,360
Telekom Malaysia Berhad
1,556,734
1,711,065
Tenaga Nasional Berhad
4,327,574
9,177,442
Top Glove Corp. Berhad *
7,124,400
1,174,605
Westports Holdings Berhad
1,413,200
1,065,991
YTL Corp. Berhad
6,643,136
2,247,785
 
149,632,656
 
Mexico 3.3%
Alfa S.A.B. de C.V., A Shares
4,946,426
3,311,968
Alpek S.A.B. de C.V.
541,195
539,853
America Movil S.A.B. de C.V.
38,024,075
36,258,048
Arca Continental S.A.B. de C.V.
593,546
5,853,737
Banco del Bajio S.A.
949,413
3,033,519
Becle S.A.B. de C.V.
741,582
2,028,454
Cemex S.A.B. de C.V., Series CPO *
20,270,546
16,197,891
Coca-Cola Femsa S.A.B. de C.V.
705,727
6,057,384
Concentradora Fibra Danhos S.A. de
C.V.
374,881
467,717
El Puerto de Liverpool S.A.B. de C.V.,
Series C1
297,374
1,874,869
Fibra Uno Administracion S.A. de C.V.
3,901,612
5,757,930
Fomento Economico Mexicano S.A.B.
de C.V.
2,431,119
27,561,372
GCC S.A.B. de C.V.
228,753
2,224,912
Gruma S.A.B. de C.V., B Shares
257,928
4,361,641
Grupo Aeroportuario del Centro Norte
S.A.B. de C.V.
375,688
4,405,114
Grupo Aeroportuario del Pacifico S.A.B.
de C.V., B Shares
514,347
9,572,643
Grupo Aeroportuario del Sureste S.A.B.
de C.V., B Shares
265,539
7,329,250
Grupo Bimbo S.A.B. de C.V., Series A
2,954,263
14,722,390
Grupo Carso S.A.B. de C.V., Series A1
589,382
4,759,036
Grupo Comercial Chedraui SA de CV
623,524
3,536,269
Grupo Elektra S.A.B. de C.V.
82,784
5,770,178
Grupo Financiero Banorte S.A.B. de
C.V., O Shares
3,883,411
33,320,494
Grupo Financiero Inbursa S.A.B. de
C.V., O Shares *
2,661,088
5,822,797
Grupo Mexico S.A.B. de C.V., Series B
4,229,772
20,407,847
Grupo Televisa S.A.B., Series CPO
3,310,496
2,975,793
Industrias Penoles S.A.B. de C.V. *
167,570
2,400,890
Kimberly-Clark de Mexico S.A.B. de
C.V., A Shares
1,151,485
2,624,265
Megacable Holdings S.A.B. de C.V.,
Series CPO
491,784
1,208,734
Operadora de Sites Mexicanos S.A. de
C.V.
1,740,758
1,646,464
Orbia Advance Corp. S.A.B. de C.V.
1,345,732
3,034,178
Prologis Property Mexico SA de CV
704,369
2,499,978
Promotora y Operadora de
Infraestructura S.A.B. de C.V.
297,360
2,892,908
Qualitas Controladora S.A.B. de C.V.
236,575
1,889,171
Regional SAB de C.V.
326,913
2,431,490
Sitios Latinoamerica S.A.B. de C.V. *
2,321,603
987,579
Wal-Mart de Mexico S.A.B. de C.V.
6,971,711
27,821,815
 
277,588,578
 
Philippines 0.8%
Aboitiz Power Corp.
2,162,805
1,363,690
ACEN Corp.
11,894,042
1,052,440
Alliance Global Group, Inc.
5,074,283
1,120,250
Ayala Corp.
441,828
4,806,889
SECURITY
NUMBER
OF SHARES
VALUE ($)
Ayala Land, Inc.
10,002,362
4,796,258
Bank of the Philippine Islands
2,352,363
4,570,115
BDO Unibank, Inc.
3,141,309
7,728,441
Bloomberry Resorts Corp. *
4,543,004
887,418
Converge Information and
Communications Technology
Solutions, Inc. *
3,194,646
438,403
DMCI Holdings, Inc.
5,645,349
963,159
Emperador, Inc.
4,320,187
1,594,700
Globe Telecom, Inc.
48,451
1,542,012
GT Capital Holdings, Inc.
130,039
1,314,859
International Container Terminal
Services, Inc.
1,434,736
5,250,394
JG Summit Holdings, Inc.
3,920,688
2,530,928
Jollibee Foods Corp.
546,856
2,289,030
LT Group, Inc.
4,279,675
689,344
Manila Electric Co.
358,419
2,175,075
Megaworld Corp.
14,854,507
522,085
Metro Pacific Investments Corp.
17,622,501
1,571,770
Metropolitan Bank & Trust Co.
2,471,719
2,409,730
Monde Nissin Corp.
9,675,458
1,230,366
PLDT, Inc.
124,267
2,523,968
Puregold Price Club, Inc.
1,316,382
648,659
San Miguel Corp.
498,613
920,259
Semirara Mining & Power Corp.
1,666,983
942,131
SM Prime Holdings, Inc.
14,115,591
7,279,676
Universal Robina Corp.
1,193,671
2,354,875
 
65,516,924
 
Qatar 1.0%
Barwa Real Estate Co.
2,661,972
1,915,303
Doha Bank QPSC
3,168,653
1,497,276
Ezdan Holding Group QSC *
2,114,700
604,200
Industries Qatar QSC
2,136,444
7,254,519
Masraf Al Rayan QSC
8,227,608
5,017,937
Mesaieed Petrochemical Holding Co.
5,899,320
2,982,074
Ooredoo QPSC
1,135,351
3,368,624
Qatar Aluminum Manufacturing Co.
3,299,860
1,210,251
Qatar Electricity & Water Co. QSC
668,611
3,289,786
Qatar Fuel QSC
810,073
3,560,760
Qatar Gas Transport Co., Ltd.
3,733,838
3,802,565
Qatar International Islamic Bank QSC
1,601,171
4,350,874
Qatar Islamic Bank SAQ
2,408,846
12,785,413
Qatar National Bank QPSC
5,958,644
25,537,046
Qatar Navigation QSC
752,533
1,979,534
The Commercial Bank PSQC
4,594,131
7,168,864
Vodafone Qatar QSC
1,975,807
1,004,188
 
87,329,214
 
Russia 0.0%
Gazprom PJSC *(b)(c)
127,160
0
Sberbank of Russia PJSC *(b)(c)
107,550
0
 
0
 
Saudi Arabia 4.8%
Abdullah Al Othaim Markets Co.
593,170
2,302,682
ACWA Power Co.
179,670
9,245,413
Advanced Petrochemical Co.
175,530
1,991,335
Al Rajhi Bank
2,635,769
50,738,544
Alinma Bank
1,316,791
12,954,978
Almarai Co. JSC
324,940
5,492,700
Arab National Bank
885,716
6,092,670
Arabian Centers Co., Ltd.
214,388
1,280,389
Arabian Drilling Co. *
35,127
1,738,251
See financial notes
Schwab International Equity ETFs | Annual Report83

Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Arabian Internet & Communications
Services Co.
33,166
3,121,485
Bank AlBilad
667,119
7,630,519
Bank Al-Jazira *
543,094
2,568,751
Banque Saudi Fransi
785,005
8,026,593
BinDawood Holding Co.
412,610
680,964
Bupa Arabia for Cooperative Insurance
Co.
99,912
5,370,338
Dallah Healthcare Co.
50,286
1,877,019
Dar Al Arkan Real Estate Development
Co. *
723,342
3,591,012
Dr Sulaiman Al Habib Medical Services
Group Co.
110,858
7,182,353
Elm Co.
34,377
7,790,770
Emaar Economic City *
504,109
1,130,353
Etihad Etisalat Co.
496,206
5,973,285
Jarir Marketing Co.
804,060
3,164,232
Mobile Telecommunications Co.
586,550
2,111,214
Mouwasat Medical Services Co.
130,866
3,845,049
Nahdi Medical Co.
52,677
2,131,995
National Industrialization Co., Class C *
444,723
1,510,610
Power & Water Utility Co. for Jubail &
Yanbu
110,724
2,098,963
Rabigh Refining & Petrochemical Co. *
597,780
1,644,805
Riyad Bank
1,994,110
16,189,367
SABIC Agri-Nutrients Co.
317,032
11,630,945
Sahara International Petrochemical
Co.
475,542
4,621,467
Saudi Airlines Catering Co.
54,168
1,556,880
Saudi Arabian Mining Co. *
1,616,787
17,458,274
Saudi Arabian Oil Co.
4,151,311
38,628,172
Saudi Aramco Base Oil Co.
68,315
2,666,555
Saudi Awwal Bank
1,270,535
12,144,210
Saudi Basic Industries Corp.
1,209,929
28,517,117
Saudi Cement Co.
102,892
1,484,131
Saudi Electricity Co.
1,039,082
5,734,739
Saudi Industrial Investment Group
505,437
3,476,804
Saudi Kayan Petrochemical Co. *
997,786
3,240,247
Saudi Research & Media Group *
41,574
1,964,170
Saudi Tadawul Group Holding Co.
65,257
3,444,972
Saudi Telecom Co.
2,400,625
25,474,218
Saudia Dairy & Foodstuff Co.
21,350
1,821,551
Seera Group Holding *
205,470
1,588,693
Southern Province Cement Co.
106,557
1,328,180
The Co. for Cooperative Insurance
100,384
3,104,674
The Qassim Cement Co.
58,872
1,048,525
The Saudi Investment Bank
666,492
2,949,827
The Saudi National Bank
3,932,393
37,482,316
The Savola Group
344,593
3,482,083
United Electronics Co.
55,969
1,135,601
Yamama Cement Co.
133,135
1,171,385
Yanbu Cement Co.
101,833
988,288
Yanbu National Petrochemical Co.
375,665
4,236,767
 
401,857,430
 
South Africa 3.5%
Absa Group Ltd.
1,109,953
10,685,679
African Rainbow Minerals Ltd.
145,738
1,377,719
Anglo American Platinum Ltd. (a)
76,675
2,676,964
AngloGold Ashanti Ltd.
560,336
9,551,014
Aspen Pharmacare Holdings Ltd.
499,580
4,543,315
AVI Ltd.
458,443
1,756,295
Bid Corp., Ltd.
444,065
9,963,144
Capitec Bank Holdings Ltd.
115,009
9,625,284
Clicks Group Ltd.
342,904
4,952,957
Dis-Chem Pharmacies Ltd.
523,384
660,622
SECURITY
NUMBER
OF SHARES
VALUE ($)
Discovery Ltd. *
698,256
5,410,885
Exxaro Resources Ltd.
331,669
2,939,742
FirstRand Ltd.
6,723,204
26,061,958
Gold Fields Ltd. (a)
1,177,115
15,098,279
Growthpoint Properties Ltd.
4,457,095
2,779,947
Harmony Gold Mining Co., Ltd.
723,260
3,010,305
Impala Platinum Holdings Ltd.
1,103,304
5,678,796
Investec Ltd.
372,277
2,179,202
Kumba Iron Ore Ltd.
72,322
1,586,539
Life Healthcare Group Holdings Ltd.
1,846,679
2,093,911
Momentum Metropolitan Holdings
1,682,810
1,789,013
Mr Price Group Ltd.
353,766
2,471,411
MTN Group Ltd.
2,413,758
15,337,912
MultiChoice Group
406,791
1,681,732
Naspers Ltd., N Shares
251,962
42,807,459
Nedbank Group Ltd. (a)
636,045
7,249,267
NEPI Rockcastle N.V.
838,826
5,020,995
Netcare Ltd.
1,946,425
1,361,007
Northam Platinum Holdings Ltd. *
477,366
3,138,741
Old Mutual Ltd.
5,797,967
3,885,725
OUTsurance Group Ltd.
1,135,426
2,398,576
Pepkor Holdings Ltd.
2,822,373
2,429,611
Pick n Pay Stores Ltd.
462,624
851,463
Redefine Properties Ltd.
8,723,818
1,649,394
Reinet Investments SCA
194,427
4,152,225
Remgro Ltd.
657,659
5,489,464
Sanlam Ltd.
2,306,720
8,302,243
Santam Ltd.
57,796
911,458
Sappi Ltd.
784,218
1,661,209
Sasol Ltd.
773,460
9,977,573
Shoprite Holdings Ltd.
635,555
8,855,478
Sibanye Stillwater Ltd.
3,753,014
5,696,415
Standard Bank Group Ltd.
1,794,513
18,310,951
The Bidvest Group Ltd.
456,978
6,876,994
The Foschini Group Ltd.
436,511
2,408,130
Tiger Brands Ltd.
203,339
1,754,826
Transaction Capital Ltd.
798,492
271,997
Vodacom Group Ltd.
828,403
4,718,856
Woolworths Holdings Ltd.
1,215,359
4,761,306
 
298,853,988
 
Switzerland 0.0%
Huaxia Eye Hospital Group Co., Ltd.,
A Shares
41,850
248,622
 
Taiwan 16.3%
Accton Technology Corp.
714,000
10,716,782
Acer, Inc.
3,865,086
4,442,000
Advanced Energy Solution Holding Co.,
Ltd.
40,000
786,272
Advantech Co., Ltd.
629,911
6,804,182
Airtac International Group
208,920
6,035,401
ASE Technology Holding Co., Ltd.
4,619,120
17,115,104
Asia Cement Corp.
3,294,061
4,127,079
ASMedia Technology, Inc.
52,445
1,618,810
ASPEED Technology, Inc.
40,800
3,459,093
Asustek Computer, Inc.
958,621
12,115,773
AUO Corp. *
9,395,224
5,251,283
Capital Securities Corp.
2,783,644
1,293,641
Catcher Technology Co., Ltd.
928,224
5,261,000
Cathay Financial Holding Co., Ltd.
12,281,905
17,586,073
Chailease Holding Co., Ltd.
1,899,879
10,589,186
Chang Hwa Commercial Bank Ltd.
9,552,022
5,188,953
Cheng Shin Rubber Industry Co., Ltd.
2,468,277
3,073,091
Chicony Electronics Co., Ltd.
860,984
2,798,168
China Airlines Ltd.
3,929,872
2,788,850
See financial notes
84Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
China Development Financial Holding
Corp. *
21,098,308
7,850,626
China Motor Corp.
360,600
1,016,811
China Steel Corp.
16,364,956
13,617,551
Chunghwa Telecom Co., Ltd.
5,105,310
18,595,951
Compal Electronics, Inc.
5,543,535
5,552,848
CTBC Financial Holding Co., Ltd.
24,499,792
18,348,014
Delta Electronics, Inc.
2,906,148
31,574,183
E Ink Holdings, Inc.
1,207,000
6,916,851
E.Sun Financial Holding Co., Ltd.
20,278,674
15,568,856
Eclat Textile Co., Ltd.
263,510
4,211,659
eMemory Technology, Inc.
94,000
5,357,261
ENNOSTAR, Inc. *
998,914
1,425,608
Eternal Materials Co., Ltd.
1,308,352
1,193,463
Eva Airways Corp.
3,381,374
3,344,584
Evergreen Marine Corp., Ltd.
1,352,088
4,521,607
Far Eastern International Bank
3,055,873
1,108,295
Far Eastern New Century Corp.
5,223,799
4,617,460
Far EasTone Telecommunications Co.,
Ltd.
2,149,509
4,765,212
Feng TAY Enterprise Co., Ltd.
663,694
3,501,188
First Financial Holding Co., Ltd.
14,680,454
12,123,654
Formosa Chemicals & Fibre Corp.
4,528,008
8,815,301
Formosa Petrochemical Corp.
1,836,660
4,573,411
Formosa Plastics Corp.
4,993,560
12,465,672
Formosa Sumco Technology Corp.
81,000
366,257
Formosa Taffeta Co., Ltd.
1,394,132
1,116,304
Foxconn Technology Co., Ltd.
1,544,355
2,701,100
Fubon Financial Holding Co., Ltd.
9,906,393
19,783,857
Genius Electronic Optical Co., Ltd.
123,000
1,479,252
Giant Manufacturing Co., Ltd.
420,096
2,585,490
Globalwafers Co., Ltd.
293,451
4,229,476
Hiwin Technologies Corp.
379,445
2,442,536
Hon Hai Precision Industry Co., Ltd.
16,012,092
53,547,102
Hotai Motor Co., Ltd.
438,600
9,351,401
HTC Corp. *
989,778
1,641,005
Hua Nan Financial Holdings Co., Ltd.,
Class C
13,728,415
8,837,157
Innolux Corp. *
10,406,661
4,721,908
Inventec Corp.
4,084,043
7,232,821
Largan Precision Co., Ltd.
137,456
8,848,219
Lite-On Technology Corp., ADR
2,895,866
12,457,684
MediaTek, Inc.
2,000,713
44,290,665
Mega Financial Holding Co., Ltd.
15,080,004
16,999,424
Micro-Star International Co., Ltd.
928,095
4,648,271
momo.com, Inc.
89,188
1,456,291
Nan Ya Plastics Corp.
7,554,816
15,680,635
Nan Ya Printed Circuit Board Corp.
292,000
2,214,309
Nanya Technology Corp.
1,085,000
2,269,041
Nien Made Enterprise Co., Ltd.
202,752
1,903,595
Novatek Microelectronics Corp.
767,608
9,629,297
Oneness Biotech Co., Ltd.
466,478
2,907,569
Parade Technologies Ltd.
93,100
2,625,212
Pegatron Corp.
2,777,657
6,803,173
Pou Chen Corp.
3,472,792
3,118,768
Powerchip Semiconductor
Manufacturing Corp.
4,050,000
3,541,755
Powertech Technology, Inc.
950,000
2,974,110
President Chain Store Corp.
758,400
6,370,308
Quanta Computer, Inc.
3,560,057
28,338,262
Realtek Semiconductor Corp.
633,336
8,312,827
Ruentex Development Co., Ltd.
3,241,500
3,750,782
Shin Kong Financial Holding Co., Ltd. *
18,037,672
5,363,753
Silergy Corp.
437,000
3,938,235
Sino-American Silicon Products, Inc.
707,000
3,474,338
SinoPac Financial Holdings Co., Ltd.
15,449,325
8,295,526
Synnex Technology International Corp.
1,855,956
3,560,797
Taishin Financial Holding Co., Ltd.
15,962,726
8,922,064
SECURITY
NUMBER
OF SHARES
VALUE ($)
Taiwan Business Bank
7,419,954
3,110,432
Taiwan Cement Corp.
8,408,872
9,228,332
Taiwan Cooperative Financial Holding
Co., Ltd.
14,261,408
11,755,199
Taiwan Fertilizer Co., Ltd.
977,508
1,829,384
Taiwan Glass Industry Corp. *
2,292,311
1,418,006
Taiwan High Speed Rail Corp.
2,848,000
2,660,512
Taiwan Mobile Co., Ltd.
2,337,524
6,840,853
Taiwan Secom Co., Ltd.
387,000
1,282,040
Taiwan Semiconductor Manufacturing
Co., Ltd.
32,311,500
557,016,108
Teco Electric & Machinery Co., Ltd.
2,646,000
4,145,994
The Shanghai Commercial & Savings
Bank Ltd.
5,127,151
6,858,419
Transcend Information, Inc.
454,000
1,032,126
U-Ming Marine Transport Corp.
572,000
816,335
Unimicron Technology Corp.
1,765,348
10,282,827
Uni-President Enterprises Corp.
6,402,676
14,214,095
United Microelectronics Corp.
15,603,850
22,293,664
Vanguard International Semiconductor
Corp.
1,198,000
2,569,306
Voltronic Power Technology Corp.
89,000
4,052,251
Walsin Lihwa Corp.
3,389,814
4,044,807
Walsin Technology Corp.
660,000
2,043,427
Wan Hai Lines Ltd.
1,280,910
1,822,028
Win Semiconductors Corp.
557,000
2,378,660
Winbond Electronics Corp. *
3,987,000
3,298,870
Wistron Corp.
3,844,080
14,122,662
Wiwynn Corp.
117,000
5,731,242
Yageo Corp.
535,167
8,150,220
Yang Ming Marine Transport Corp.
2,419,000
3,209,230
Yuanta Financial Holding Co., Ltd.
16,231,473
12,436,153
Yulon Motor Co., Ltd.
816,408
2,138,019
Yulon Nissan Motor Co., Ltd.
29,000
169,375
Zhen Ding Technology Holding Ltd.
827,000
2,511,136
 
1,378,309,095
 
Thailand 2.5%
Advanced Info Service PCL NVDR
1,484,800
9,158,758
Airports of Thailand PCL NVDR *
5,891,100
12,196,894
Asset World Corp. PCL NVDR
9,738,600
1,212,545
B Grimm Power PCL NVDR
982,200
953,660
Bangkok Bank PCL NVDR
885,600
4,286,691
Bangkok Dusit Medical Services PCL
NVDR
14,438,200
11,544,788
Bangkok Expressway & Metro PCL
NVDR
10,746,290
2,654,541
Bangkok Life Assurance PCL NVDR
734,300
513,753
Banpu PCL NVDR
10,868,933
2,669,317
Berli Jucker PCL NVDR
1,416,750
1,365,469
BTS Group Holdings PCL NVDR
10,551,200
2,214,645
Bumrungrad Hospital PCL NVDR
769,300
5,689,975
Carabao Group PCL NVDR
453,200
1,113,021
Central Pattana PCL NVDR
3,655,200
7,176,269
Central Retail Corp. PCL NVDR
3,593,200
4,232,726
Charoen Pokphand Foods PCL NVDR
6,260,000
3,700,493
CP ALL PCL NVDR
8,019,300
14,942,795
CP Axtra PCL NVDR
2,140,703
2,216,049
Delta Electronics Thailand PCL NVDR
3,758,010
11,644,009
Digital Telecommunications
Infrastructure Fund, Class F
7,565,800
2,074,154
Electricity Generating PCL NVDR
349,700
1,333,189
Energy Absolute PCL NVDR
2,257,151
4,076,956
Global Power Synergy PCL NVDR
935,568
1,409,330
Gulf Energy Development PCL NVDR
4,061,959
5,567,903
Home Product Center PCL NVDR
7,674,919
3,002,681
See financial notes
Schwab International Equity ETFs | Annual Report85

Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Indorama Ventures PCL NVDR
2,435,400
2,016,894
Intouch Holdings PCL NVDR
1,109,009
2,304,002
IRPC PCL NVDR
15,685,300
1,048,150
Kasikornbank PCL NVDR
2,199,069
8,195,288
Krung Thai Bank PCL NVDR
8,188,600
4,513,171
Krungthai Card PCL NVDR
1,748,100
2,421,157
Land & Houses PCL NVDR
11,142,500
2,641,044
Minor International PCL NVDR
4,962,780
4,712,285
Muangthai Capital PCL NVDR
946,715
1,101,696
Osotspa PCL NVDR
1,844,463
1,580,178
PTT Exploration & Production PCL
NVDR
1,851,304
8,379,573
PTT Global Chemical PCL NVDR
2,681,914
2,852,896
PTT Oil & Retail Business PCL NVDR
3,676,500
2,141,803
PTT PCL NVDR
19,106,900
18,960,942
Ratch Group PCL NVDR
1,588,450
1,610,337
SCB X PCL NVDR
2,310,300
7,785,119
SCG Packaging PCL NVDR
1,854,600
2,171,446
Siam City Cement PCL NVDR
106,100
419,643
Sri Trang Gloves Thailand PCL NVDR
1,166,200
241,449
Srisawad Corp. PCL NVDR
824,700
1,201,105
Thai Life Insurance PCL NVDR
3,413,900
1,150,397
Thai Oil PCL NVDR
1,609,726
2,367,413
Thai Union Group PCL NVDR
3,728,800
1,522,720
The Siam Cement PCL NVDR
999,500
8,933,919
TMBThanachart Bank PCL NVDR
58,593,718
2,861,291
True Corp. PCL NVDR
14,194,770
2,796,999
 
212,881,528
 
Turkey 1.3%
AG Anadolu Grubu Holding A/S
179,371
1,394,189
Ahlatci Dogal Gaz Dagitim Enerji VE
Yatirim A/S *
1,233,881
648,009
Akbank T.A.S.
4,155,343
4,486,188
Akcansa Cimento A/S
78,766
409,822
Aksa Akrilik Kimya Sanayii A/S
158,373
476,767
Aksa Enerji Uretim A/S
284,811
426,935
Alarko Holding A/S
179,838
866,891
Alfa Solar Enerji Sanayi VE Ticaret A/S
137,592
745,832
Anadolu Efes Biracilik Ve Malt Sanayii
A/S
271,231
1,097,844
Anadolu Isuzu Otomotiv Sanayi Ve
Ticaret A/S, Class C
20,487
182,832
Arcelik A/S
145,215
886,841
Aselsan Elektronik Sanayi Ve Ticaret
A/S
1,595,286
2,305,179
Astor Transformator Enerji Turizm
Insaat Ve Petrol Sanayi Ticaret A/S
302,882
1,636,122
Aygaz A/S
73,206
331,737
Bera Holding A/S
966,125
488,906
BIM Birlesik Magazalar A/S
598,659
5,663,754
Borusan Mannesmann Boru Sanayi ve
Ticaret A/S *
55,770
1,589,989
Borusan Yatirim ve Pazarlama A/S
6,741
505,015
Can2 Termik A/S *
255,196
178,826
Cimsa Cimento Sanayi VE Ticaret A/S
73,767
592,459
Coca-Cola Icecek A/S
92,803
1,368,500
Dogan Sirketler Grubu Holding A/S
1,369,810
727,618
Dogus Otomotiv Servis ve Ticaret A/S
82,407
882,262
EGE Endustri VE Ticaret A/S
1,579
425,877
EIS Eczacibasi Ilac ve Sinai ve Finansal
Yatirimlar Sanayi ve Ticaret A/S
229,438
432,065
Emlak Konut Gayrimenkul Yatirim
Ortakligi AS
2,515,414
810,555
Enerjisa Enerji A/S
284,249
546,478
Enka Insaat ve Sanayi A/S
2,464,665
3,032,575
SECURITY
NUMBER
OF SHARES
VALUE ($)
Eregli Demir ve Celik Fabrikalari T.A.S. *
2,279,900
3,679,306
Europen Endustri Insaat Sanayi VE
Ticaret A/S *
326,311
257,058
Ford Otomotiv Sanayi A/S
84,201
2,724,939
GEN Ilac VE Saglik Urunleri Sanayi VE
Ticaret A/S
144,006
351,135
Girisim Elektrik Taahhut Ticaret Ve
Sanayi A/S *
166,680
580,245
Gubre Fabrikalari TAS *
111,083
1,488,466
Haci Omer Sabanci Holding A/S
1,392,262
3,123,215
Hektas Ticaret TAS *
1,583,670
1,524,408
Investco Holding A/S *
55,027
648,164
Is Gayrimenkul Yatirim Ortakligi A/S *
605,590
432,766
Is Yatirim Menkul Degerler A/S,
Class A
705,724
1,125,662
Iskenderun Demir ve Celik A/S *
181,040
273,690
Kardemir Karabuk Demir Celik Sanayi
ve Ticaret A/S, Class D
1,380,068
1,294,256
Karsan Otomotiv Sanayii Ve Ticaret
A/S *
498,748
218,900
Kiler Holding A/S *
432,355
362,005
Kimteks Poliuretan Sanayi VE Ticaret
A/S
80,117
263,274
KOC Holding A/S
1,122,430
5,970,563
Kontrolmatik Enerji Ve Muhendislik
A/S
116,614
1,202,993
Konya Cimento Sanayii A/S *
1,163
256,006
Kordsa Teknik Tekstil A/S
71,945
220,902
Koza Altin Isletmeleri A/S
1,315,418
1,404,360
Koza Anadolu Metal Madencilik
Isletmeleri A/S *
256,443
630,584
Margun Enerji Uretim Sanayi VE Ticaret
A/S
160,454
312,390
Mavi Giyim Sanayi Ve Ticaret A/S,
Class B
167,121
675,191
Migros Ticaret A/S
127,314
1,656,762
MLP Saglik Hizmetleri A/S *
117,200
558,356
Nuh Cimento Sanayi A/S
76,624
546,133
ODAS Elektrik Uretim ve Sanayi Ticaret
A/S *
1,652,553
815,814
Otokar Otomotiv Ve Savunma Sanayi
A.S. *
49,220
662,851
Oyak Cimento Fabrikalari A/S *
402,764
957,899
Oyak Yatirim Menkul Degerler A/S *
155,877
376,572
Pegasus Hava Tasimaciligi A/S *
56,481
1,853,705
Penta Teknoloji Urunleri Dagitim
Ticaret A/S *
279,351
241,861
Petkim Petrokimya Holding A/S *
1,736,792
1,331,706
Qua Granite Hayal *
1,066,434
278,034
Sarkuysan Elektrolitik Bakir Sanayi ve
Ticaret A/S
496,965
702,452
Sasa Polyester Sanayi *
1,056,713
2,091,025
Selcuk Ecza Deposu Ticaret Ve Sanayi
A/S
203,017
450,090
Smart Gunes Enerjisi Teknolojileri ArGE
Uretim Sanayi ve Ticaret A/S *
211,136
600,359
Sok Marketler Ticaret A/S
354,639
826,813
TAV Havalimanlari Holding AS *
226,189
1,041,108
Tekfen Holding AS
239,164
427,951
Tofas Turk Otomobil Fabrikasi A/S
169,574
1,716,888
Tukas Gida Sanayi ve Ticaret A/S *
508,657
208,939
Turk Hava Yollari AO *
754,440
6,933,788
Turk Telekomunikasyon A/S *
698,418
672,806
Turk Traktor ve Ziraat Makineleri A/S
35,124
1,199,280
Turkcell Iletisim Hizmetleri A/S *
1,629,850
3,411,627
Turkiye Garanti Bankasi A/S
782,035
1,472,684
Turkiye Halk Bankasi A/S *
849,417
425,066
See financial notes
86Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Turkiye Is Bankasi A/S, Class C
4,278,989
3,380,487
Turkiye Petrol Rafinerileri A/S
1,203,335
6,369,324
Turkiye Sinai Kalkinma Bankasi A/S *
1,708,862
455,781
Turkiye Sise ve Cam Fabrikalari A/S
1,895,316
3,643,806
Turkiye Vakiflar Bankasi T.A.O.,
Class D *
996,537
507,660
Ulker Biskuvi Sanayi A/S *
235,806
539,591
Vestel Beyaz Esya Sanayi ve Ticaret
A/S
512,043
348,244
Vestel Elektronik Sanayi ve Ticaret
A/S *
191,832
495,096
Yapi ve Kredi Bankasi A/S
4,047,293
2,414,024
Ziraat Gayrimenkul Yatirim Ortakligi
A/S *
1,237,927
254,017
Zorlu Enerji Elektrik Uretim A/S *
1,206,803
219,562
 
112,248,706
 
United Arab Emirates 1.8%
Abu Dhabi Commercial Bank PJSC
3,967,903
9,322,771
Abu Dhabi Islamic Bank PJSC
1,973,679
5,599,089
Abu Dhabi National Oil Co. for
Distribution PJSC
3,796,940
3,938,509
Abu Dhabi Ports Co. PJSC *
1,176,599
2,050,131
ADNOC Drilling Co. PJSC
2,093,094
2,336,392
Air Arabia PJSC
3,183,355
2,556,703
AL Seer Marine Supplies & Equipment
Co. LLC *
343,111
747,305
Aldar Properties PJSC
4,925,782
7,053,978
Alpha Dhabi Holding PJSC *
1,854,699
10,149,453
Americana Restaurants International
plc
3,926,133
4,713,861
Apex Investment Co. PSC *
709,881
446,448
Aramex PJSC
1,031,651
713,411
Borouge plc
3,062,545
2,276,241
Dana Gas PJSC
4,798,059
1,207,010
Dubai Electricity & Water Authority
PJSC
11,658,258
8,093,698
Dubai Financial Market PJSC
2,223,271
974,522
Dubai Investments PJSC
2,786,797
1,881,612
Dubai Islamic Bank PJSC
4,041,639
6,205,972
Emaar Development PJSC
1,156,910
2,063,070
Emaar Properties PJSC
8,931,576
17,167,457
Emirates Central Cooling Systems
Corp.
2,821,791
1,421,248
Emirates Telecommunications Group
Co. PJSC
4,658,516
25,163,000
Fertiglobe plc
1,561,216
1,436,656
First Abu Dhabi Bank PJSC
5,963,319
22,209,936
Ghitha Holding PJSC *
55,878
649,594
Multiply Group *
6,301,942
6,536,910
National Marine Dredging Co. *
277,086
1,636,995
Q Holding PJSC *
2,791,062
2,819,139
Salik Co. PJSC
2,502,421
2,282,329
 
153,653,440
Total Common Stocks
(Cost $7,138,524,653)
8,272,036,584
PREFERRED STOCKS 1.9% OF NET ASSETS
 
Brazil 1.7%
Alpargatas S.A. *
308,128
523,406
Banco Bradesco S.A.
6,995,947
21,125,119
Bradespar S.A.
417,107
1,895,577
Braskem S.A., A Shares *
258,751
1,162,327
SECURITY
NUMBER
OF SHARES
VALUE ($)
Centrais Eletricas Brasileiras S.A.,
B Shares
370,380
2,898,135
Cia Energetica de Minas Gerais
1,821,449
4,536,193
Cia Paranaense de Energia, B Shares
1,598,217
2,795,536
CTEEP-Cia de Transmissao de Energia
Eletrica Paulista
327,604
1,648,955
Gerdau S.A.
1,436,676
7,501,202
Itau Unibanco Holding S.A.
6,497,934
36,000,834
Itausa S.A.
7,054,470
13,165,817
Metalurgica Gerdau S.A.
861,971
2,057,887
Petroleo Brasileiro S.A.
7,471,986
48,203,927
Unipar Carbocloro S.A., B Shares
65,255
1,018,837
Usinas Siderurgicas de Minas Gerais
S.A. Usiminas, A Shares
519,653
722,127
 
145,255,879
 
Chile 0.2%
Embotelladora Andina S.A., B Shares
503,016
1,262,457
Sociedad Quimica y Minera de Chile
S.A., B Shares
181,469
11,184,922
 
12,447,379
 
Colombia 0.0%
Grupo Aval Acciones y Valores S.A.
5,978,256
744,454
Grupo de Inversiones Suramericana
S.A.
123,387
376,593
 
1,121,047
Total Preferred Stocks
(Cost $152,110,897)
158,824,305
RIGHTS 0.0% OF NET ASSETS
 
Brazil 0.0%
Itausa S.A.
expires 09/22/23, strike BRL 6.50 *
98,429
55,070
Total Rights
(Cost $0)
55,070
 
 
 
SHORT-TERM INVESTMENTS 1.1% OF NET ASSETS
 
Money Market Funds 1.1%
State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.28% (d)
58,105,210
58,105,210
State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.28% (d)(e)
38,275,854
38,275,854
 
96,381,064
Total Short-Term Investments
(Cost $96,381,064)
96,381,064
Total Investments in Securities
(Cost $7,387,016,614)
8,527,297,023
See financial notes
Schwab International Equity ETFs | Annual Report87

Schwab Emerging Markets Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
DEPRECIATION
($)
FUTURES CONTRACTS
Long
MSCI Emerging Markets Index,
expires 09/15/23
653
31,974,145
(577,303
)
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$33,692,009.
(b)
Fair valued using significant unobservable inputs (see financial note 2(a),
Securities for which no quoted value is available, for additional information).
(c)
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.
(d)
The rate shown is the annualized 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
NVDR —
Non-Voting Depositary Receipt
REIT —
Real Estate Investment Trust
BRL —
Brazilian Real

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
$5,463,848,187
$
$
$5,463,848,187
China
2,755,602,196
575,216
2,756,177,412
Greece
52,010,985
0
*
52,010,985
Hong Kong
0
*
0
Russia
0
*
0
Preferred Stocks1
158,824,305
158,824,305
Rights1
55,070
55,070
Short-Term Investments1
96,381,064
96,381,064
Liabilities
Futures Contracts2
(577,303
)
(577,303
)
Total
$8,526,144,504
$—
$575,216
$8,526,719,720
*
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
88Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF
Statement of Assets and Liabilities
As of August 31, 2023
Assets
Investments in securities, at value - unaffiliated (cost $7,387,016,614) including securities on loan of $33,692,009
 
$8,527,297,023
Cash
 
37,637
Foreign currency, at value (cost $17,892,553)
 
17,812,136
Deposit with broker for futures contracts
 
2,387,544
Receivables:
 
Dividends
 
16,194,297
Investments sold
 
1,575,571
Income from securities on loan
 
57,521
Foreign tax reclaims
+
1,191
Total assets
 
8,565,362,920
 
Liabilities
Collateral held for securities on loan
 
38,275,854
Payables:
 
Foreign capital gains tax
 
62,841,025
Management fees
 
803,256
Variation margin on futures contracts
+
427,741
Total liabilities
 
102,347,876
Net assets
 
$8,463,015,044
 
Net Assets by Source
Capital received from investors
 
$8,979,902,963
Total distributable loss
+
(516,887,919
)
Net assets
 
$8,463,015,044
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$8,463,015,044
 
343,700,000
$24.62
 
 
 
 
See financial notes
Schwab International Equity ETFs | Annual Report89

Schwab Emerging Markets 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 $31,801,120)
 
$269,114,533
Securities on loan, net
+
864,165
Total investment income
 
269,978,698
 
Expenses
Management fees
 
9,281,255
Proxy fees1
+
47,656
Total expenses
9,328,911
Net investment income
 
260,649,787
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated (net of foreign capital gains tax paid of $5,556,668)
 
(410,931,864
)
Net realized gains on sales of in-kind redemptions - unaffiliated
 
14,609,175
Net realized losses on futures contracts
 
(908,484
)
Net realized losses on foreign currency transactions
+
(1,221,559
)
Net realized losses
 
(398,452,732
)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated (net of change in foreign capital gains tax of ($6,789,011))
 
198,025,465
Net change in unrealized appreciation (depreciation) on futures contracts
 
432,354
Net change in unrealized appreciation (depreciation) on foreign currency translations
+
238,437
Net change in unrealized appreciation (depreciation)
+
198,696,256
Net realized and unrealized losses
 
(199,756,476
)
Increase in net assets resulting from operations
 
$60,893,311
1
Proxy fees are non-routine expenses (see financial note 2(e) for additional information).
See financial notes
90Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets 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
 
$260,649,787
$299,864,744
Net realized losses
 
(398,452,732
)
(472,482,794
)
Net change in unrealized appreciation (depreciation)
+
198,696,256
(1,641,851,360
)
Increase (decrease) in net assets resulting from operations
 
$60,893,311
($1,814,469,410
)
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($256,923,230
)
($221,827,290
)
TRANSACTIONS IN FUND SHARES
 
9/1/22-8/31/23
9/1/21-8/31/22
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
12,300,000
$295,692,868
38,900,000
$1,088,558,847
Shares redeemed
+
(7,900,000
)
(194,051,552
)
Net transactions in fund shares
 
4,400,000
$101,641,316
38,900,000
$1,088,558,847
 
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
 
339,300,000
$8,557,403,647
300,400,000
$9,505,141,500
Total increase (decrease)
+
4,400,000
(94,388,603
)
38,900,000
(947,737,853
)
End of period
 
343,700,000
$8,463,015,044
339,300,000
$8,557,403,647
See financial notes
Schwab International Equity ETFs | Annual Report91

Schwab International Equity ETFs
Financial Notes
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 Intermediate-Term U.S. Treasury ETF
Schwab International Equity ETF
Schwab Long-Term U.S. Treasury ETF
Schwab International Small-Cap Equity ETF
Schwab U.S. Aggregate Bond ETF
Schwab Emerging Markets Equity ETF
Schwab 1-5 Year Corporate Bond ETF
Schwab U.S. Broad Market ETF
Schwab 5-10 Year Corporate Bond ETF
Schwab 1000 Index® ETF
Schwab Fundamental U.S. Broad Market Index ETF
Schwab U.S. Large-Cap ETF
Schwab Fundamental U.S. Large Company Index ETF
Schwab U.S. Large-Cap Growth ETF
Schwab Fundamental U.S. Small Company Index ETF
Schwab U.S. Large-Cap Value ETF
Schwab Fundamental International Large Company Index ETF
Schwab U.S. Mid-Cap ETF
Schwab Fundamental International Small Company Index ETF
Schwab U.S. Small-Cap ETF
Schwab Fundamental Emerging Markets Large Company Index ETF
Schwab U.S. Dividend Equity ETF
Schwab Ariel ESG ETF
Schwab U.S. REIT ETF
Schwab Crypto Thematic ETF
Schwab U.S. TIPS ETF
Schwab Municipal Bond ETF
Schwab Short-Term U.S. Treasury ETF
 Schwab High Yield Bond 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. The "Fund Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.


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:
Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the Board) has designated authority to a Valuation Designee, the funds’ investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities as well as to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
92Schwab International Equity ETFs | Annual Report

Schwab International Equity ETFs
Financial Notes (continued)
2. Significant Accounting Policies (continued):
Securities held in the funds’ portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee 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.
• Futures contracts: Futures contracts are valued at their settlement prices as of the close of their exchanges.
• Mutual funds: Mutual funds are valued at their respective NAVs.
• Securities for which no quoted value is available: The Valuation Designee has adopted procedures to fair value a fund’s securities when market prices are not “readily available” or are unreliable. For example, a security may be fair valued when it’s 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. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods 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. 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.
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 methods 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 it is determined 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 the Valuation Designee’s 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 investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, ETFs and futures contracts.  Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held.
• 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 Valuation Designee’s 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 readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used 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 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 in the absence of market information.  Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore a fund’s 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.
Schwab International Equity ETFs | Annual Report93

Schwab International Equity ETFs
Financial Notes (continued)
2. Significant Accounting Policies (continued):
The levels associated with valuing the funds’ investments as of August 31, 2023, are disclosed in each fund’s 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 9% 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 August 31, 2023, 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 August 31, 2023, 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: The Central Securities Depositories Regulation (CSDR) introduced measures for the authorization and supervision of European Union Central Security Depositories and created 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. These cash penalties are included in net realized gains (losses) on sales of securities in each fund’s Statement of Operations, if any.
(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.
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Financial Notes (continued)
2. Significant Accounting Policies (continued):
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 in each fund’s Statement of Operations, if any. 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, if any.
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.
Schwab International Equity ETF and Schwab International Small-Cap Equity ETF 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. The professional fees are non-contingent and non-routine fees which are subject to repayment to the investment adviser (see financial note 4 for additional information).
For U.S. income tax purposes, European Union reclaims received reduce the amounts of foreign taxes that the fund passes through to its shareholders. If European Union reclaims received exceed foreign withholding taxes paid, the Schwab International Equity ETF and Schwab International Small-Cap Equity ETF will seek to enter into a closing agreement with the Internal Revenue Service (IRS) to address any prior years’ U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by fund shareholders on their tax returns in prior years. During the period ended August 31, 2023, the Schwab International Equity ETF and Schwab International Small-Cap Equity ETF did not incur any compliance fees.
(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 the funds, 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. The Advisory Agreement excludes paying acquired fund fees and expenses, which are indirect expenses incurred by a fund through its investments in underlying funds.
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Financial Notes (continued)
2. Significant Accounting Policies (continued):
(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.
(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 each fund’s Statement of Operations. Foreign taxes accrued as of August 31, 2023, 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.
(k) Regulatory Update:
Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these rule and form amendment changes on the content of the current shareholder report and the newly created annual and semiannual streamlined shareholder reports.


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 and 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 the fund will fluctuate, which means that an investor could lose money over short or long periods.
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Financial Notes (continued)
3. Risk Factors (continued):
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 the 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.
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. 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 a 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.
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Financial Notes (continued)
3. Risk Factors (continued):
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 its volatility, and cause the fund to lose more than the initial amount invested. A fund’s use of derivatives also could create a risk of counterparty default under certain transactions, risks that a fund would need to liquidate portfolio positions when it may not be advantageous to do so in order to meet margin and payment obligations, and legal risks relating to insufficient documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract. 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.
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.
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Financial Notes (continued)
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
%
Investment from Affiliates
Certain funds in the Fund Complex 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 August 31, 2023, as applicable:
 
UNDERLYING FUNDS
 
SCHWAB
INTERNATIONAL
DIVIDEND
EQUITY
ETF
SCHWAB
INTERNATIONAL
EQUITY ETF
SCHWAB
INTERNATIONAL
SMALL-CAP
EQUITY ETF
SCHWAB
EMERGING
MARKETS
EQUITY ETF
Schwab International Opportunities Fund
%
%
%
0.4
%
Schwab Monthly Income Fund - Flexible Payout
1.7
%
%
%
%
Schwab Monthly Income Fund - Income Payout
0.9
%
%
%
%
Schwab Monthly Income Fund - Target Payout
1.0
%
%
%
%
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
%
0.2
%
%
0.1
%
Schwab Target 2030 Index Fund
%
0.4
%
%
0.2
%
Schwab Target 2035 Index Fund
%
0.3
%
%
0.2
%
Schwab Target 2040 Index Fund
%
0.5
%
%
0.4
%
Schwab Target 2045 Index Fund
%
0.3
%
%
0.3
%
Schwab Target 2050 Index Fund
%
0.4
%
%
0.4
%
Schwab Target 2055 Index Fund
%
0.3
%
%
0.3
%
Schwab Target 2060 Index Fund
%
0.4
%
%
0.4
%
Schwab Target 2065 Index Fund
%
%
%
0.1
%
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
%
0.1
%
*
Less than 0.05%
Other Affiliated Transactions
The professional fees related to foreign withholding tax claims discussed in financial note 2(d) are non-contingent and non-routine fees. 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.
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Financial Notes (continued)
4. Affiliates and Affiliated Transactions (continued):
For the period ended August 31, 2023, the professional fees incurred by the Schwab International Equity ETF and Schwab International Small-Cap Equity ETF and paid by the investment adviser were $117,319 and $2,773, respectively, as shown as Professional fees in each fund’s Statement of Operations.
During the period ended August 31, 2023, Schwab International Equity ETF and Schwab International Small-Cap Equity ETF recovered previously withheld foreign taxes from Sweden. The payments received by Schwab International Equity ETF and Schwab International Small-Cap Equity ETF amounted to $5,956,981 and $1,207,193, respectively, and are recorded as Dividends received from securities — unaffiliated 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 $25,647 and $10,892, respectively, and are recorded as Dividends received from securities — unaffiliated for Schwab International Equity ETF and Schwab International Small-Cap Equity ETF. Those amounts have been reimbursed to the investment adviser. During the period ended August 31, 2023, Schwab Emerging Markets Equity ETF did not recover any previously withheld foreign taxes and made no reimbursements to the investment adviser.
As of August 31, 2023, 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 $97,915 and $2,773 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.
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 August 31, 2023, each fund’s total 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
$26,283,095
$38,557,688
($9,784,500
)
Schwab International Equity ETF
239,180,903
222,603,257
(190,879,387
)
Schwab International Small-Cap Equity ETF
113,751,386
152,902,735
17,518,947
Schwab Emerging Markets Equity ETF
21,174,335
84,701,909
(51,715,108
)
 
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.
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Financial Notes (continued)
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 funds did not pay any interested trustees 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 29, 2022. On September 29, 2022, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount increasing to $1 billion, maturing on September 28, 2023. 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 29, 2022. On September 29, 2022, 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 28, 2023. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount a fund borrows. There were no borrowings by any of the funds from either line of credit during the period.
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 August 31, 2023 are presented in each fund’s 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 each fund’s Statement of Operations, if any. 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 August 31, 2023, 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
$3,690,533
42
Schwab International Equity ETF
143,370,353
1,428
Schwab International Small-Cap Equity ETF
16,002,422
159
Schwab Emerging Markets Equity ETF
33,259,559
675


9. Purchases and Sales of Investment Securities:
For the period ended August 31, 2023, 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
$293,749,916
$250,316,055
Schwab International Equity ETF
1,831,737,633
1,615,190,145
Schwab International Small-Cap Equity ETF
583,727,710
529,171,258
Schwab Emerging Markets Equity ETF
1,112,126,320
1,060,608,683
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Schwab International Equity ETFs
Financial Notes (continued)
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. Variable charges paid to the fund generally have no effect on net asset value per share. 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 August 31, 2023, were as follows:
 
IN-KIND PURCHASES
OF SECURITIES
IN-KIND SALES
OF SECURITIES
Schwab International Dividend Equity ETF
$268,186,545
$43,050,094
Schwab International Equity ETF
2,018,423,987
109,139,757
Schwab International Small-Cap Equity ETF
254,470,117
129,383,065
Schwab Emerging Markets Equity ETF
48,465,694
30,471,540
For the period ended August 31, 2023, the funds may realize 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 gains or losses on sales of in-kind redemptions for the period ended August 31, 2023 are disclosed in the funds’ Statements of Operations, if any.


11. Federal Income Taxes:
As of August 31, 2023, the tax basis cost of the funds’ 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
$750,133,405
$32,473,467
($34,026,587
)
($1,553,120
)
Schwab International Equity ETF
28,132,078,721
5,488,323,881
(2,008,175,387
)
3,480,148,494
Schwab International Small-Cap Equity ETF
3,925,511,664
637,895,775
(731,046,715
)
(93,150,940
)
Schwab Emerging Markets Equity ETF
7,914,729,505
2,111,532,304
(1,499,542,089
)
611,990,215
 
 
As of August 31, 2023, the components of distributable earnings on a tax basis were as follows:
 
UNDISTRIBUTED
ORDINARY
INCOME
NET UNREALIZED
APPRECIATION
(DEPRECIATION)
ON INVESTMENTS
NET OTHER UNREALIZED
APPRECIATION
(DEPRECIATION)
CAPITAL LOSS
CARRYFORWARDS
AND OTHER LOSSES
TOTAL
Schwab International Dividend Equity ETF
$15,933,243
($1,553,120
)
($342,866
)
($35,671,059
)
($21,633,802
)
Schwab International Equity ETF
464,267,471
3,480,148,494
1,610,837
(1,692,595,298
)
2,253,431,504
Schwab International Small-Cap Equity ETF
77,447,074
(93,150,940
)
(40,392
)
(256,516,983
)
(272,261,241
)
Schwab Emerging Markets Equity ETF
233,220,143
611,990,215
(62,937,392
)
(1,299,160,885
)
(516,887,919
)
The primary difference between book basis and tax basis unrealized appreciation or unrealized depreciation of investments is the tax deferral of losses on wash sales, the realization for tax purposes of unrealized appreciation or depreciation on futures contracts, the realization for tax purposes of unrealized appreciation on investments in PFICs and partnership investments. The tax cost of the funds’ investments, disclosed above, have been adjusted from its book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.
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Schwab International Equity ETFs
Financial Notes (continued)
11. Federal Income Taxes (continued):
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, 2023, the funds had capital loss carryforwards available as follows:
 
 
Schwab International Dividend Equity ETF
$35,671,059
Schwab International Equity ETF
1,692,595,298
Schwab International Small-Cap Equity ETF
256,516,983
Schwab Emerging Markets Equity ETF
1,299,160,885
The tax basis components of distributions paid during the current and prior fiscal years were as follows:
 
CURRENT FISCAL YEAR END DISTRIBUTIONS
PRIOR FISCAL YEAR END DISTRIBUTIONS
 
ORDINARY
INCOME
ORDINARY
INCOME
Schwab International Dividend Equity ETF
$22,397,950
$6,562,600
Schwab International Equity ETF
892,762,840
883,078,400
Schwab International Small-Cap Equity
ETF
78,014,800
93,611,110
Schwab Emerging Markets Equity ETF
256,923,230
221,827,290
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 in the financial statements. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.
Permanent book and tax basis differences may result in reclassifications between components of net assets as required. The adjustments have no impact on net assets or the results of operations.
As of August 31, 2023, 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 each fund’s Statement of Operations. During the fiscal year ended August 31, 2023, the funds did not incur any interest or penalties.


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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Schwab International Equity ETFs
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Schwab Strategic Trust and Shareholders of Schwab International Equity ETF, Schwab International Small-Cap Equity ETF, Schwab International Dividend Equity ETF, and Schwab Emerging Markets Equity ETF:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities, including the portfolio holdings, of Schwab International Equity ETF, Schwab International Small-Cap Equity ETF, Schwab International Dividend Equity ETF, and Schwab Emerging Markets Equity ETF, (the “Funds”) four of the funds constituting Schwab Strategic Trust, as of August 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended except for Schwab International Dividend Equity ETF, the financial highlights for the years ended August 31, 2023 and August 31, 2022 and for the period from April 29, 2021 (commencement of operations) through August 31, 2021; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for the four years in the period then ended (excluding Schwab International Dividend Equity ETF) in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Schwab International Dividend Equity ETF as of August 31, 2023, and the results of its operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and financial highlights for each of the two years in the period then ended and for the period from April 29, 2021 (commencement of operations) through August 31, 2021 in conformity with accounting principles generally accepted in the United States of America. For each of the Funds (excluding Schwab International Dividend Equity ETF), the financial highlights for the year in the period ended August 31, 2019 were audited by other auditors, whose report, dated October 17, 2019, expressed an unqualified opinion on such financial highlights.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Deloitte & Touche LLP
Denver, Colorado
October 17, 2023
We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 2020.
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Schwab International Equity ETFs
Other Federal Tax Information (unaudited)
The funds may elect to pass on the benefits of the foreign tax credit to their shareholders for the fiscal year ended August 31, 2023. The foreign tax credit and the foreign source income amounts are as follows:
 
FOREIGN TAX CREDIT
FOREIGN SOURCE INCOME
Schwab International Dividend Equity ETF
$2,842,977
$33,230,130
Schwab International Equity ETF
70,785,313
1,022,842,270
Schwab International Small-Cap Equity ETF
8,821,129
114,754,767
Schwab Emerging Markets Equity ETF
27,190,599
298,461,252
For the fiscal year ended August 31, 2023, the funds designate the following amounts of the dividend distributions as qualified dividends for the purpose of the maximum rate under section 1(h)(11) of the Internal Revenue Code. Shareholders will be notified in January 2024 via IRS Form 1099 of the amounts for use in preparing their 2023 income tax return.
Schwab International Dividend Equity ETF
$23,263,276
Schwab International Equity ETF
837,855,251
Schwab International Small-Cap Equity ETF
74,654,631
Schwab Emerging Markets Equity ETF
107,143,651
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Schwab International Equity ETFs
Investment Advisory Agreement Approval
The Investment Company Act of 1940, as amended (the 1940 Act), requires that the continuation of a fund’s investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or “interested persons” of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund’s trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.
The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the investment advisory agreement (the Agreement) between Schwab Strategic Trust (the Trust) and Charles Schwab Investment Management, Inc. (CSIM) (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trust, including Schwab International Equity ETF, Schwab International Small-Cap Equity ETF, Schwab Emerging Markets Equity ETF and Schwab International Dividend Equity ETF (the Funds), and to review certain other agreements pursuant to which the investment adviser provides investment advisory services to certain other registered investment companies. In preparation for the meeting(s), the Board requests and reviews a wide variety of materials provided by the investment adviser, including information about the investment adviser’s affiliates, personnel, business goals and priorities, profitability, third-party oversight, corporate structure and operations. As part of the renewal process, the Independent Trustees’ legal counsel, on behalf of the Independent Trustees, sends an information request letter to the investment adviser seeking certain relevant information. The responses by the investment adviser are provided to the Trustees in the Board materials for their review prior to their meeting, and the Trustees are provided with the opportunity to request any additional materials. The Board also receives data provided by an independent provider of investment company data. This information is in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to the Funds’ operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. In considering the renewal, the Independent Trustees receive advice from Independent Trustees’ legal counsel, including a memorandum regarding the responsibilities of trustees for the approval of investment advisory agreements. In addition, the Independent Trustees participate in question and answer sessions with representatives of the investment adviser and meet in executive session outside the presence of Fund management.
The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreement with respect to the Funds at meetings held on April 27, 2023 and June 6, 2023, and approved the renewal of the Agreement with respect to the Funds for an additional one-year term at the meeting on June 6, 2023 called for the purpose of voting on such approval.
The Board’s approval of the continuance of the Agreement with respect to the Funds was based on consideration and evaluation of a variety of specific factors discussed at these meetings and at prior meetings, including:
1.
the nature, extent and quality of the services provided to each Fund under the Agreement, including the resources of the investment adviser and its affiliates dedicated to the Funds;
2.
each Fund’s investment performance and how it compared to that of certain other comparable exchange-traded funds and benchmark data;
3.
each Fund’s expenses and how those expenses compared to those of certain other similar exchange-traded funds;
4.
the profitability of the investment adviser and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to each Fund, including both direct and indirect benefits accruing to the investment adviser and its affiliates; and
5.
the extent to which economies of scale would be realized as each Fund grows and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors.
Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, the investment adviser’s experience, track record, compliance program, resources dedicated to hiring and retaining skilled personnel and specialized talent, and information security resources. The Trustees also considered information provided by the investment adviser relating to services and support provided with respect to the Funds’ portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, and vendor and risk oversight. The Trustees also considered investments the investment adviser has made in its infrastructure, including modernizing the investment adviser’s technology and use of data, increasing expertise in key areas (including portfolio management and trade operations), and improving business continuity, cybersecurity, due diligence, risk management processes, and information security programs, which are designed to provide enhanced services to the Funds
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Schwab International Equity ETFs
and their shareholders. The Trustees considered Schwab’s overall financial condition and reputation as a full service brokerage firm, as well as the wide range of products, services and account features that benefit Fund shareholders who are brokerage clients of Schwab. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds supported renewal of the Agreement with respect to the Funds.
Fund Performance. The Board considered each Fund’s performance in determining whether to renew the Agreement with respect to such Fund. Specifically, the Trustees considered each Fund’s performance relative to a peer category of other exchange-traded funds and applicable indices/benchmarks, in light of total return and the market environment, as well as in consideration of each Fund’s investment style and strategy. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. In evaluating the performance of each Fund, the Trustees considered the risk profile for such Fund and such Fund’s demonstrated performance in tracking its benchmark index. The Trustees further considered the level of Fund performance in the context of their review of Fund expenses and the investment adviser’s profitability discussed below and also noted that the Board and a designated committee of the Board review performance throughout the year. Following such evaluation, the Board concluded, within the context of its full deliberations, that the performance of each Fund supported renewal of the Agreement with respect to such Fund.
Fund Expenses. With respect to each Fund’s expenses, the Trustees considered the rate of compensation called for by the Agreement and each Fund’s operating expense ratio, in each case in comparison to those of other similar exchange-traded funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The investment adviser reported to the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Funds and provision of services as well as the competitive marketplace for financial products. The Trustees also considered fees charged by the investment adviser to other exchange-traded funds and mutual funds that it manages. The Board evaluated the Funds’ unitary fee through review of comparative information with respect to fees paid by other similar exchange-traded funds tracking international equity indices. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of each Fund are reasonable and supported renewal of the Agreement with respect to such Fund.
Profitability. The Trustees considered the compensation flowing to the investment adviser and its affiliates, directly or indirectly and reviewed profitability on a pre-tax basis, without regard to distribution expenses. The Trustees reviewed
profitability of the investment adviser relating to the Schwab fund complex as a whole, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain costs across the Funds and other funds in the complex. The Trustees also considered any other benefits derived by the investment adviser from its relationship with the Funds, such as whether, by virtue of its management of the Funds, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. The Trustees considered whether the compensation and profitability with respect to the Funds under the Agreement and other service agreements were reasonable in light of the quality of all services rendered to the Funds by the investment adviser and its affiliates. The Trustees noted that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research capabilities, services and systems to benefit the Funds. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of the investment adviser with respect to each Fund is reasonable and supported renewal of the Agreement with respect to such Fund.
Economies of Scale. Although the Trustees recognized the difficulty of determining economies of scale with precision, and although the Funds do not have breakpoints in their advisory fees, the Trustees considered the potential existence of any economies of scale by way of the relatively low advisory fee and unitary fee structure of the Funds and whether those are passed along to a Fund’s shareholders through (i) the enhancement of services provided to the Funds in return for fees paid, including through investments by the investment adviser in its infrastructure, including modernizing the investment adviser’s technology and use of data, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Funds and their shareholders; and (ii) pricing a fund to scale and keeping overall expenses down as the fund grows. The Trustees acknowledged that the investment adviser has invested in its infrastructure, as discussed above, over time and that the investment adviser’s internal costs of providing investment management, technology, administrative, legal and compliance services to the Funds continue to increase as a result of regulatory or other developments. Based on this evaluation, the Board concluded, within the context of its full deliberations, that each Fund obtains reasonable benefits from economies of scale.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the continuation of the Agreement with respect to the Funds and concluded that the compensation under the Agreement with
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Schwab International Equity ETFs
respect to the Funds is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as
the Trustees considered to be relevant in the exercise of their reasonable judgment.
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Schwab International Equity ETFs
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 106 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
Michael J. Beer
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 2022)
Retired. Director, President and Chief Executive Officer
(Dec. 2016 – Sept. 2019), Principal Funds (investment management).
106
Director (2016 – 2019),
Principal Funds, Inc.
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.
106
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.
106
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.
106
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).
106
None
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Schwab International Equity ETFs
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).
106
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).
106
None
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Schwab International Equity ETFs
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)
Co-Chairman of the Board (July 2022 – present), 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), Chief Executive Officer (Aug. 2017 – present) and
President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Director
(Oct. 2020 – present), TD Ameritrade Holding Corporation; Director
(July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc.
106
Director
(2008 – present), The
Charles Schwab
Corporation
Richard A. Wurster2
1973
Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust,
Schwab Annuity Portfolios, Schwab
Strategic Trust and Laudus Trust
since 2022)
President (Oct. 2021 – present) and Executive Vice President – Schwab
Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles
Schwab Corporation; President, Director (Oct. 2021 – present), Executive
Vice President – Schwab Asset Management Solutions
(July 2019 – Oct. 2021) and Senior Vice President – Advisory
(May 2016 – July 2019), Charles Schwab & Co., Inc.; President
(Nov. 2021 – present), Schwab Holdings, Inc.; Director
(Oct. 2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022),
Charles Schwab Investment Management, Inc.; Director, Chief Executive
Officer and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment
Advisory, Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and
President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive
Officer (July 2016 – Apr. 2018), Windhaven Investment Management, Inc.
106
None
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
Omar Aguilar
1970
Chief Executive Officer 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), Chief Investment Officer (Apr. 2011 – present)
and Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment
Management, Inc.; Director, Chief Executive Officer and President (Oct. 2022 – present),
Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (Sept. 2023 – present),
Chief Investment Officer (June 2011 – present) and Vice President (June 2011 – Sept. 2023),
Schwab Funds, Laudus Trust and Schwab ETFs.
Jonathan de St. Paer
1973
President
(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. 2021 – 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. 2021 – Mar. 2022), Charles Schwab Investment Advisory, Inc.;
President (Nov. 2018 – present), Chief Executive Officer (Apr. 2019 – Sept. 2023) and Trustee
(Apr. 2019 – Dec. 2020), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director
(May 2022 – present), Senior Vice President (Apr. 2019 – May 2022) and Senior Vice
President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), Charles
Schwab & Co., Inc.
Mark Fischer
1970
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)
Chief Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial Officer
(Jan. 2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director
(Mar. 2023 – present), Chief Financial Officer (Mar. 2020 – present) and Vice President
(Oct. 2013 – Mar. 2023), Charles Schwab Investment Management, Inc.
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Officers of the Trust (continued)
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
Dana Smith
1965
Treasurer and Chief Financial Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2023)
Treasurer and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer
(Dec. 2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director
(Mar. 2023 – present), Vice President (Mar. 2022 – Mar. 2023) and Director
(Oct. 2015 – Mar. 2022), Charles Schwab Investment Management, Inc.
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)
Managing Director (Mar. 2023 – present), Chief Investment Officer (Apr. 2011 – present) and
Senior Vice President (Apr. 2011 – Mar. 2023) 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)
Managing Director (Mar. 2023 – present), Chief Investment Officer (Jan. 2020 – present) and
Senior Vice President (Jan. 2020 – Mar. 2023) 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)
Managing Director (Mar. 2023 – present), Chief Legal Officer (Mar. 2022 – present) and Vice
President (Sept. 2005 – Mar. 2023), Charles Schwab Investment Management, Inc.;
Managing Director (May 2022 – present) and Vice President (July 2005 – May 2022), 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. Wurster are Interested Trustees. Mr. Bettinger and Mr. Wurster are Interested Trustees because each 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.
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 (Net) 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. The Net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes.
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
Schwab Municipal Bond ETF
Schwab High Yield 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
Thematic ETFs
Schwab Crypto Thematic 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
© 2023 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.

Schwab International Equity ETFs
Active semi-transparent (also referred to as non-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 the 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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(CHARLES SCHWAB ASSET MANAGMENT LOGO)
MFR57933-13
00289727