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Annual Report  |  August 31, 2022
Schwab International Equity ETFs

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

         
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In This Report
Performance at a Glance 2
From the President 3
The Investment Environment 4
Fund Management 6
Performance and Fund Facts  
Schwab International Dividend Equity ETF 7
Schwab International Equity ETF 10
Schwab International Small-Cap Equity ETF 13
Schwab Emerging Markets Equity ETF 16
Fund Expenses 19
Financial Statements and Portfolio Holdings  
Schwab International Dividend Equity ETF 20
Schwab International Equity ETF 27
Schwab International Small-Cap Equity ETF 45
Schwab Emerging Markets Equity ETF 69
Financial Notes 95
Report of Independent Registered Public Accounting Firm 107
Other Federal Tax Information 108
Shareholder Vote Results 109
Investment Advisory Agreement Approval 110
Trustees and Officers 113
Glossary 117
Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset ManagementTM
Distributor: SEI Investments Distribution Co. (SIDCO)
The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc. (MSCI) and Standard & Poor’s (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co, Inc.
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Schwab International Equity ETFs
Performance at a Glance

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Total Returns for the 12 Months Ended August 31, 2022
Schwab International Dividend Equity ETF (Ticker Symbol: SCHY)  
Market Price Return1 -15.05%
NAV Return1 -14.47%
Dow Jones International Dividend 100 Index (Net)2 -14.41%
ETF Category: Morningstar Foreign Large Value3 -15.34%
Performance Details pages 7-9
Schwab International Equity ETF (Ticker Symbol: SCHF)  
Market Price Return1 -19.76%
NAV Return1 -19.29% 4
FTSE Developed ex US Index (Net)2 -19.40%
ETF Category: Morningstar Foreign Large Blend3 -20.77%
Performance Details pages 10-12
Schwab International Small-Cap Equity ETF (Ticker Symbol: SCHC)  
Market Price Return1 -25.52%
NAV Return1 -24.85%
FTSE Developed Small Cap ex US Liquid Index (Net)2 -24.95%
ETF Category: Morningstar Foreign Small/Mid Blend3 -25.27%
Performance Details pages 13-15
Schwab Emerging Markets Equity ETF (Ticker Symbol: SCHE)  
Market Price Return1 -18.86%
NAV Return1 -18.32%
FTSE Emerging Index (Net)2 -18.42%
ETF Category: Morningstar Diversified Emerging Markets3 -23.46%
Performance Details pages 16-18
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 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.
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Schwab International Equity ETFs
From the President

Jonathan de St. Paer
President of Schwab Asset
Management and the funds
covered in this report.
Dear Shareholder,
The fiscal year ended August 31, 2022, may have felt like a roller coaster ride for investors. International equities held their ground during the last four months of 2021 despite escalating inflationary pressures and the lingering economic impact of the COVID-19 pandemic. However, the start of 2022 saw a negative turn in investor sentiment due to rising energy and commodity prices, global supply-chain disruptions, and the increasing likelihood that several central banks, including the U.S. Federal Reserve (Fed), would raise short-term interest rates. The Fed subsequently raised rates in March, May, June, and July. These concerns were heightened by Russia’s invasion of Ukraine in February, which triggered a humanitarian crisis, heightened geopolitical instability, and exacerbated energy, food, and commodity price inflation. As a result, after reaching record heights during the first few days of the new year, the S&P 500® Index, a bellwether for the overall U.S. stock market, lost nearly 20% over the first six months of 2022, touching bear market territory. International stocks were weaker still, with other developed economies generally lagging U.S. economic growth rates. Although developed international stocks staged a partial recovery in July and early August, they fell again during the final weeks of August. In this environment, the MSCI EAFE® Index (Net)*, a broad measure of developed international equity performance, returned -19.8% for the reporting period and the S&P 500® Index returned -11.2% over the same period.
Market declines and volatility can unsettle confidence even in well-established investment plans and can cause investors to impulsively react to market movements. At such times, it is helpful to remember that, in the longer-term, this can often make investing outcomes worse. While bear markets occur periodically, they tend to be shorter than bull markets and eventually come to an end. In fact, the Schwab Center for Financial Research found that going back to the late 1960s, the average bull market lasted about six years while the average bear market lasted about 15 months.1 In addition, missing out on early gains after the market has hit bottom can lead to lower returns over time as market rebounds tend to be front-loaded. At Schwab Asset Management, we believe investors are best served by maintaining a long-term investment plan and a portfolio with exposure to a mix of asset classes based on their risk tolerance and goals. The Schwab International Equity ETFs can serve as part of the core of a diversified portfolio, offering simple, low-cost access to international small-, mid-, and large-cap stocks within both developed and emerging markets.
Thank you for investing with Schwab Asset Management. For more information about the Schwab International Equity ETFs, please continue reading this report. In addition, you can find further details about these funds by visiting our website at www.schwabassetmanagement.com. We are also happy to hear from you at 1-877-824-5615.
Sincerely,
In fact, the Schwab Center for Financial Research found that going back to the late 1960s, the average bull market lasted about six years while the average bear market lasted about 15 months.1
Past performance is no guarantee of future results.
Diversification and asset allocation strategies do not ensure a profit and cannot protect against losses in a declining market.
Management views may have changed since the report date.
Schwab Asset Management is the dba name for Charles Schwab Investment Management, Inc., the investment adviser for Schwab Funds and Schwab ETFs.
* The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
1 Schwab Center for Financial Research. (2022, September 13). Stock Market Volatility: Inflation Strikes Again.
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The Investment Environment

For the 12-month reporting period ended August 31, 2022, global equity markets lost ground as a result of accelerating inflation, rising interest rates, and geopolitical tensions, including the war in Ukraine. Over the first four months of the reporting period, stocks held their ground, with U.S. equity markets outperforming developed international equity markets. However, beginning in early 2022, equity markets declined in reaction to growing headwinds including accelerating inflation, an increasing likelihood of rising U.S. interest rates, and, in late February 2022, Russia’s invasion of Ukraine, which drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. Economic growth around the world slowed and recession fears rose. Over the period, the U.S. dollar strengthened against a basket of international currencies, generally decreasing 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 -19.80% and the MSCI Emerging Markets Index (Net)* returned -21.80%. For comparison, the S&P 500® Index, a bellwether for the overall U.S. stock market, returned -11.23% for the same period.
The U.S. economy continued its recovery from the impact of the COVID-19 pandemic in the third and fourth quarters of 2021. However, amid fading government stimuli, ongoing supply chain disruptions, persisting inflation, a tight labor market, and a widening U.S. trade deficit, GDP declined in the first and second quarters of 2022. Outside the United States, global economies also wrestled with the fallout of the COVID-19 pandemic, as well as steepening energy costs, rising inflation, and the war in Ukraine. After spiking to over $120 per barrel in early March 2022 as sanctions were imposed on Russian imports, oil prices ended the reporting period at just under $90 per barrel. The eurozone, heavily impacted by the war in Ukraine and associated commodity price spikes, managed to eke out small gains in GDP throughout the reporting period as COVID-19 restrictions eased and tourism increased in response to pent-up demand. The United Kingdom also posted small increases in GDP growth in the first and second quarters of 2022, in part driven by increases in COVID-19 testing and tracing and an expansion of its vaccination program. In Japan, GDP contracted in the third quarter of 2021, grew in the fourth quarter of 2021, contracted in the first quarter of 2022, and was positive for the second quarter of 2022 as COVID-19 restrictions were lifted and government
Asset Class Performance Comparison % returns during the 12 months ended August 31, 2022    

 
Index figures assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized. Past performance is not 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.
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The Investment Environment (continued)

spending rose. Among emerging markets, China’s GDP growth remained positive but slowed notably as it dealt with numerous headwinds including the political landscape, an emphasis on domestic consumption over globalization, lockdowns and quarantines, and a severe property downturn as a result of stalled demand, a decline in financing for property development, halted construction on in progress projects, and homeowners pausing payment of their mortgages on incomplete builds. India’s GDP growth also remained positive over the reporting period and jumped for the second quarter of 2022 on rising consumer demand and a rapid decline in COVID-19 cases.
Monetary policies around the world varied. In the United States, after maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March 2022, the U.S. Federal Reserve (Fed) shifted its stance as inflation continued to rise and indicators of economic activity and employment continued to strengthen. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed increased the federal funds rate by 0.25% in mid-March, 0.50% in early May, 0.75% in mid-June, and 0.75% in late July in an effort to achieve a return to price stability. The federal funds rate ended the reporting period in a range of 2.25% to 2.50%. The Fed also set expectations for further rate hikes by the end of 2022. After holding its policy rate unchanged since March 2016, at 0.00%, the European Central Bank raised its interest rate by 0.50% in July 2022 and ended its long-running asset purchase program amid downgraded growth forecasts. The Bank of England raised its key official bank rate six times during the reporting period, to 1.75%, bringing borrowing costs to a 13-year high as the Bank of England wrestles with soaring inflation. In contrast, the Bank of Japan upheld its short-term interest rate target of -0.1%, unchanged since 2016, but reiterated that it would not hesitate to take extra easing measures if needed. Central banks in India, Indonesia, Brazil, Mexico, and Pakistan all raised rates multiple times over the reporting period to counteract the impacts of inflation. In contrast, China cut its rate three times over the reporting period. Russia, which raised its benchmark policy rate to 20% in late February 2022 amid the broadening fallout of Western sanctions in retaliation against Russia’s invasion of Ukraine, reduced it several times during the reporting period.
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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. Before joining Schwab in 2016, Mr. Bliss spent 12 years at BlackRock (formerly Barclays Global Investors) managing and leading institutional index teams, most recently as a managing director and the head of the Americas institutional index team. In this role, Mr. Bliss was responsible for overseeing a team of portfolio managers managing domestic, developed international and emerging markets index strategies. Prior to BlackRock, he worked as an equity analyst and portfolio manager for Harris Bretall and before that, as a research analyst for JP Morgan.
    
 Chuck Craig, CFA, Senior Portfolio Manager, is responsible for the oversight and day-to-day co-management of the funds. Prior to joining Schwab in 2012, Mr. Craig worked at Guggenheim Funds (formerly Claymore Group), where he spent more than five years as a managing director of portfolio management and supervision, and three years as vice president of product research and development. Prior to that, he worked as an equity research analyst at First Trust Portfolios (formerly Niké Securities), and a trader and analyst at PMA Securities, Inc.
    
 David Rios, Portfolio Manager, is responsible for the day-to-day co-management of the funds. Prior to this role, Mr. Rios was an associate portfolio manager on the equity index strategies team for four years. His first role with Schwab Asset Management was as a trade operations specialist. Prior to joining Schwab in 2008, Mr. Rios was a senior fund accountant at Investors Bank & Trust (subsequently acquired by State Street Corporation).
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Schwab International Dividend Equity ETF as of August 31, 2022

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, 2022, global equity markets lost ground as a result of accelerating inflation, rising interest rates, and geopolitical tensions, including the war in Ukraine. Over the first four months of the reporting period, stocks held their ground, with U.S. equity markets outperforming developed international equity markets. However, beginning in early 2022, equity markets declined in reaction to growing headwinds including accelerating inflation, an increasing likelihood of rising U.S. interest rates, and, in late February 2022, Russia’s invasion of Ukraine, which drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. Economic growth around the world slowed and recession fears rose. Over the period, the U.S. dollar strengthened against a basket of international currencies, generally decreasing the returns on overseas investments in U.S. dollar terms.
Performance. During the 12-month reporting period ended August 31, 2022, the fund generally tracked the index. The fund’s market price return was -15.05% and its NAV return was -14.47% (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned -14.41%1 during the same period. Differences between the return of the fund and the return of the index may be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.
Contributors and Detractors. Stocks from Germany detracted the most from the total return of the fund. German stocks represented an average weight of approximately 9% of the fund’s investments and returned approximately -36% in U.S. dollar terms for the reporting period. One example from this market is Deutsche Post AG, a logistics company. The fund’s holdings of Deutsche Post AG represented an average weight of approximately 4% of the fund’s investments and returned approximately -45% in U.S. dollar terms for the reporting period.
Stocks from Italy also detracted from the total return of the fund, representing an average weight of approximately 4% of the fund’s investments and returning approximately -45% in U.S. dollar terms for the reporting period.
Stocks from Saudi Arabia contributed the most to the total return of the fund. Saudi Arabian stocks represented an average weight of approximately 3% of the fund’s investments and returned approximately 11% in U.S. dollar terms for the reporting period. One example from this market is SABIC Agri-Nutrients Co., which provides a variety of agri-nutrient products. The fund’s holdings of SABIC Agri-Nutrients Co. represented an average weight of less than 1% of the fund’s investments and returned approximately 45% in U.S. dollar terms for the reporting period.
Stocks from France also contributed to the total return of the fund, representing an average weight of approximately 3% of the fund’s investments and returning approximately 1% in U.S. dollar terms for the reporting period. The fund’s investments in France were sold prior to the end of the reporting period.
Management views and portfolio holdings may have changed since the report date.
1 The total return cited for the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
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Schwab International Dividend Equity ETF
Performance and Fund Facts as of August 31, 2022

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.    

 
Performance of Hypothetical $10,000 Investment (April 29, 2021 – August 31, 2022)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 -15.05% -8.45%
NAV Return2 -14.47% -8.03%
Dow Jones International Dividend 100 Index (Net)3 -14.41% -8.01%
ETF Category: Morningstar Foreign Large Value4 -15.34% 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.
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Performance and Fund Facts as of August 31, 2022 (continued)

Statistics1
Number of Holdings 104
Weighted Average Market Cap (millions) $61,016
Price/Earnings Ratio (P/E) 11.1
Price/Book Ratio (P/B) 2.3
Portfolio Turnover Rate 45% 2
Sector Weightings % of Investments1
 
    
Top Equity Holdings % of Net Assets3
Country Weightings % of Investments4
    
    
    
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 This list is not a recommendation of any security by the investment adviser.
4 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
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Schwab International Equity ETF as of August 31, 2022

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, 2022, global equity markets lost ground as a result of accelerating inflation, rising interest rates, and geopolitical tensions, including the war in Ukraine. Over the first four months of the reporting period, stocks held their ground, with U.S. equity markets outperforming developed international equity markets. However, beginning in early 2022, equity markets declined in reaction to growing headwinds including accelerating inflation, an increasing likelihood of rising U.S. interest rates, and, in late February 2022, Russia’s invasion of Ukraine, which drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. Economic growth around the world slowed and recession fears rose. Over the period, the U.S. dollar strengthened against a basket of international currencies, generally decreasing the returns on overseas investments in U.S. dollar terms.
Performance. During the 12-month reporting period ended August 31, 2022, the fund generally tracked the index. The fund’s market price return was -19.76% and its NAV return was -19.29%1 (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned -19.40%2 during the same period.
Contributors and Detractors. Stocks from Israel contributed the most to the total return of the fund. Israeli stocks represented less than 1% of the fund’s investments and returned approximately 12% in U.S. dollar terms for the reporting period. One example from this market is Bank Leumi Le-Israel B.M., which offers banking and financial services. The fund’s holdings in Bank Leumi Le-Israel B.M. represented an average weight of less than 1% of the fund’s investments and returned approximately 36% in U.S. dollar terms for the reporting period.
Stocks from Singapore also contributed to the total return of the fund, representing an average weight of approximately 1% of the fund’s investments and returning approximately 7% in U.S. dollar terms for the reporting period.
Stocks from Japan detracted the most from the total return of the fund. Japanese stocks represented an average weight of approximately 21% of the fund’s investments and returned approximately -19% in U.S. dollar terms for the reporting period. One example from this market is Keyence Corp., which develops, manufactures, and sells sensors and measuring instruments used for factory automation and high technology hobby products. The fund’s holdings in Keyence Corp. represented an average weight of less than 1% of the fund’s investments and returned approximately -36% in U.S. dollar terms for the reporting period.
Stocks from Germany also detracted from the total return of the fund, representing an average weight of approximately 7% of the fund’s investments and returning approximately -35% 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 total return cited for the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
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Schwab International Equity ETF
Performance and Fund Facts as of August 31, 2022

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.    

 
Performance of Hypothetical $10,000 Investment (August 31, 2012 – August 31, 2022)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 -19.76% 1.97% 4.98%
NAV Return2 -19.29% 3 2.18% 5.11%
FTSE Developed ex US Index (Net)4 -19.40% 2.07% 5.03%
ETF Category: Morningstar Foreign Large Blend5 -20.77% 1.25% 4.66%
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 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.
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.
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Table of Contents
Schwab International Equity ETF
Performance and Fund Facts as of August 31, 2022 (continued)

Statistics1
Number of Holdings 1,528
Weighted Average Market Cap (millions) $66,629
Price/Earnings Ratio (P/E) 11.6
Price/Book Ratio (P/B) 1.5
Portfolio Turnover Rate 6% 2
Sector Weightings % of Investments1
 
    
Top Equity Holdings % of Net Assets3
Country Weightings % of Investments4
    
    
    
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 This list is not a recommendation of any security by the investment adviser.
4 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
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Table of Contents
Schwab International Small-Cap Equity ETF as of August 31, 2022

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, 2022, global equity markets lost ground as a result of accelerating inflation, rising interest rates, and geopolitical tensions, including the war in Ukraine. Over the first four months of the reporting period, stocks held their ground, with U.S. equity markets outperforming developed international equity markets. However, beginning in early 2022, equity markets declined in reaction to growing headwinds including accelerating inflation, an increasing likelihood of rising U.S. interest rates, and, in late February 2022, Russia’s invasion of Ukraine, which drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. Economic growth around the world slowed and recession fears rose. Over the period, the U.S. dollar strengthened against a basket of international currencies, generally decreasing the returns on overseas investments in U.S. dollar terms.
Performance. During the 12-month reporting period ended August 31, 2022, the fund generally tracked the index. The fund’s market price return was -25.52% and its NAV return was -24.85% (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned -24.95%1 during the same period.
Contributors and Detractors. Stocks from Israel contributed the most to the total return of the fund. Israeli stocks represented an average weight of less than 1% of the fund’s investments and returned approximately 9% in U.S. dollar terms for the reporting period. One example from this market is Delek Group Ltd., an independent exploration and production company. The fund’s holdings of Delek Group Ltd. represented an average weight of less than 1% of the fund’s investments and returned approximately 213% in U.S. dollar terms for the reporting period.
While no additional markets contributed to the total return of the fund over the reporting period, the stock from Chile, Aclara Resources, Inc., was the smallest detractor from the total return of the fund, representing an average weight of less than 1% of fund investments and returning approximately -18% in U.S. dollar terms for the reporting period. Aclara Resources, Inc. was held for a limited time in December 2021 after the Chilean mining company was spun off from Hochschild Mining plc, a mining company based in the United Kingdom.
Stocks from the United Kingdom detracted the most from the total return of the fund. Stocks from the United Kingdom represented an average weight of approximately 13% of the fund’s investments and returned approximately -35% in U.S. dollar terms for the reporting period. One example from this market is S4 Capital plc, a media company. The fund’s holdings of S4 Capital plc represented an average weight of less than 1% of the fund’s investments and returned approximately -86% in U.S. dollar terms for the reporting period.
Stocks from Japan also detracted from the total return of the fund, representing an average weight of approximately 17% of the fund’s investments and returning approximately -20% in U.S. dollar terms for the reporting period.
Management views and portfolio holdings may have changed since the report date.
1 The total return cited for the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
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Table of Contents
Schwab International Small-Cap Equity ETF
Performance and Fund Facts as of August 31, 2022

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.    

 
Performance of Hypothetical $10,000 Investment (August 31, 2012 – August 31, 2022)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 -25.52% 0.49% 5.01%
NAV Return2 -24.85% 0.75% 5.11%
FTSE Developed Small Cap ex US Liquid Index (Net)3 -24.95% 0.59% 5.06%
ETF Category: Morningstar Foreign Small/Mid Blend4 -25.27% 0.95% 5.96%
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.
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Table of Contents
Schwab International Small-Cap Equity ETF
Performance and Fund Facts as of August 31, 2022 (continued)

Statistics1
Number of Holdings 2,204
Weighted Average Market Cap (millions) $2,833
Price/Earnings Ratio (P/E) 9.9
Price/Book Ratio (P/B) 1.2
Portfolio Turnover Rate 18% 2
Sector Weightings % of Investments1
 
    
Top Equity Holdings % of Net Assets3
Country Weightings % of Investments4
    
    
    
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 This list is not a recommendation of any security by the investment adviser.
4 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
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Table of Contents
Schwab Emerging Markets Equity ETF as of August 31, 2022

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, 2022, global equity markets lost ground as a result of accelerating inflation, rising interest rates, and geopolitical tensions, including the war in Ukraine. Over the first four months of the reporting period, stocks held their ground, with U.S. equity markets outperforming developed international equity markets. However, beginning in early 2022, equity markets declined in reaction to growing headwinds including accelerating inflation, an increasing likelihood of rising U.S. interest rates and, in late February 2022, Russia’s invasion of Ukraine, which drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. Economic growth around the world slowed and recession fears rose. Over the period, the U.S. dollar strengthened against a basket of international currencies, generally decreasing the returns on overseas investments in U.S. dollar terms.
Performance. During the 12-month reporting period ended August 31, 2022, the fund generally tracked the index. The fund’s market price return was -18.86% and its NAV return was -18.32% (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned -18.42%1 during the same period.
Contributors and Detractors. Stocks from Saudi Arabia contributed the most to the total return of the fund. Saudi Arabian stocks represented an average weight of approximately 5% of the fund’s investments and returned approximately 14% in U.S. dollar terms for the reporting period. One example from this market is Saudi Arabian Mining Co., which provides mining services. The fund’s holdings of Saudi Arabian Mining Co. represented an average weight of less than 1% of the fund’s investments and returned approximately 104% in U.S. dollar terms for the reporting period.
Stocks from Indonesia also contributed to the total return of the fund, representing an average weight of approximately 2% of the fund’s investments and returning approximately 20% 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 35% of the fund’s investments and returned approximately -28% in U.S. dollar terms for the reporting period. One example from this market is Alibaba Group Holding Ltd., which provides online sales service. The fund’s holdings of Alibaba Group Holding Ltd. 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.
Stocks from Taiwan also detracted from the total return of the fund, representing an average weight of approximately 17% of the fund’s investments and returning approximately -20% in U.S. dollar terms for the reporting period.
Management views and portfolio holdings may have changed since the report date.
1 The total return cited for the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
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Schwab International Equity ETFs  |  Annual Report

Table of Contents
Schwab Emerging Markets Equity ETF
Performance and Fund Facts as of August 31, 2022

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.    

 
Performance of Hypothetical $10,000 Investment (August 31, 2012 – August 31, 2022)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 -18.86% 1.16% 3.11%
NAV Return2 -18.32% 1.38% 3.29%
FTSE Emerging Index (Net)3 -18.42% 1.53% 3.45%
ETF Category: Morningstar Diversified Emerging Markets4 -23.46% 0.31% 2.73%
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.
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Schwab International Equity ETFs  |  Annual Report

Table of Contents
Schwab Emerging Markets Equity ETF
Performance and Fund Facts as of August 31, 2022 (continued)

Statistics1
Number of Holdings 1,810
Weighted Average Market Cap (millions) $96,786
Price/Earnings Ratio (P/E) 11.2
Price/Book Ratio (P/B) 2.0
Portfolio Turnover Rate 13% 2
Sector Weightings % of Investments1
 
    
Top Equity Holdings % of Net Assets3
Country Weightings % of Investments4
    
    
    
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 This list is not a recommendation of any security by the investment adviser.
4 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
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Table of Contents
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, 2022 and held through August 31, 2022.
Actual Return lines in the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number given for your fund under the heading entitled “Expenses Paid During Period.”
Hypothetical Return lines in the table below provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed return of 5% per year before expenses. Because the return used is not an actual return, it may not be used to estimate the actual ending account value or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in a fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, including any brokerage commissions you may pay when purchasing or selling shares of a fund. Therefore, the hypothetical return lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
    
    
  EXPENSE RATIO
(ANNUALIZED) 1
BEGINNING
ACCOUNT VALUE
AT 3/1/22
ENDING
ACCOUNT VALUE
(NET OF EXPENSES)
AT 8/31/22
EXPENSES PAID
DURING PERIOD
3/1/22-8/31/22 2
Schwab International Dividend Equity ETF        
Actual Return 0.14% $1,000.00 $ 859.10 $0.66
Hypothetical 5% Return 0.14% $1,000.00 $1,024.50 $0.71
Schwab International Equity ETF        
Actual Return 0.06% $1,000.00 $ 862.80 $0.28
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 $ 839.80 $0.51
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 $ 890.40 $0.52
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 of the period, and divided by 365 days of the fiscal year.
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Table of Contents
Schwab International Dividend Equity ETF
Financial Statements
FINANCIAL HIGHLIGHTS
  9/1/21–
8/31/22
4/29/21 1
8/31/21
       
Per-Share Data
Net asset value at beginning of period $26.07 $25.00        
Income (loss) from investment operations:            
Net investment income (loss)2 1.37 0.41        
Net realized and unrealized gains (losses) (5.09) 0.71        
Total from investment operations (3.72) 1.12        
Less distributions:            
Distributions from net investment income (0.63) (0.05)        
Net asset value at end of period $21.72 $26.07        
Total return (14.47%) 4.48% 3        
Ratios/Supplemental Data
Ratios to average net assets:            
Total expenses 0.14% 4 0.14% 5        
Net investment income (loss) 5.72% 4.76% 5        
Portfolio turnover rate6 45% 3% 3        
Net assets, end of period (x 1,000,000) $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.
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See financial notes

Table of Contents
Schwab International Dividend Equity ETF
Portfolio Holdings  as of August 31, 2022

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

 
SECURITY NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.2% OF NET ASSETS
 
Australia 12.1%
Aurizon Holdings Ltd. 1,215,183 3,107,346
BHP Group Ltd. 570,605 15,881,835
Rio Tinto Ltd. 227,295 14,725,185
Wesfarmers Ltd. 597,309 19,249,896
    52,964,262
 
Belgium 0.2%
Etablissements Franz Colruyt N.V. 15,700 436,988
Proximus SADP 42,783 545,499
    982,487
 
Brazil 0.0%
Porto Seguro S.A. 23,440 95,506
 
Canada 7.5%
BCE, Inc. 82,118 3,974,220
Great-West Lifeco, Inc. 35,127 827,480
Quebecor, Inc., Class B 43,948 952,050
Sun Life Financial, Inc. 76,038 3,359,468
The Bank of Nova Scotia 156,258 8,664,826
The Toronto-Dominion Bank 235,989 15,225,039
    33,003,083
 
China 3.3%
Anhui Conch Cement Co., Ltd., H Shares 981,879 3,752,953
China Construction Bank Corp., H Shares 13,412,759 8,322,256
China Life Insurance Co., Ltd., H Shares 964,040 1,385,473
China Shenhua Energy Co., Ltd., H Shares 109,502 344,598
Hengan International Group Co., Ltd. 181,016 867,159
Jiangsu Expressway Co., Ltd., H Shares 39,189 33,603
    14,706,042
 
Finland 3.3%
Elisa Oyj 41,239 2,208,578
Kesko Oyj, B Shares 74,155 1,564,406
Kone Oyj, B Shares 266,192 10,685,357
    14,458,341
 
Germany 9.0%
Allianz SE 53,006 8,985,342
Deutsche Post AG 492,113 18,009,849
E.ON SE 1,481,645 12,678,773
    39,673,964
 
SECURITY NUMBER
OF SHARES
VALUE ($)
India 1.1%
Colgate-Palmolive (India) Ltd. 35,983 758,509
HCL Technologies Ltd. 34,856 411,890
Indian Oil Corp., Ltd. 122,627 110,345
ITC Ltd. 796,784 3,213,884
Petronet LNG Ltd. 24,073 66,986
Power Grid Corp. of India Ltd. 109,929 317,648
    4,879,262
 
Italy 3.9%
Assicurazioni Generali S.p.A. 158,692 2,336,144
Enel S.p.A. 3,106,231 14,666,251
    17,002,395
 
Japan 9.3%
ABC-Mart, Inc. 20,713 838,232
Daito Trust Construction Co., Ltd. 45,485 4,508,306
Japan Tobacco, Inc. 299,274 5,094,944
KDDI Corp. 453,861 14,002,983
K's Holdings Corp. 128,931 1,195,140
Nintendo Co., Ltd. 31,929 13,126,303
Seven Bank Ltd. 95,782 182,409
Sompo Holdings, Inc. 45,101 1,943,288
    40,891,605
 
Malaysia 0.0%
Petronas Gas Berhad 29,900 115,845
 
Mexico 1.7%
America Movil S.A.B. de C.V., Series L 6,115,787 5,221,165
Arca Continental S.A.B. de C.V. 115,410 787,017
Coca-Cola Femsa S.A.B. de C.V. 143,177 876,916
Kimberly-Clark de Mexico S.A.B. de C.V., A Shares 388,386 527,001
    7,412,099
 
Netherlands 1.8%
Koninklijke Ahold Delhaize N.V. 284,554 7,840,049
 
New Zealand 0.9%
Contact Energy Ltd. 515,478 2,490,392
Spark New Zealand Ltd. 510,928 1,697,815
    4,188,207
 
Norway 1.8%
Gjensidige Forsikring A.S.A. 24,447 497,604
Telenor A.S.A. 176,423 1,937,708
Yara International A.S.A. 131,133 5,568,179
    8,003,491
 
 
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See financial notes

Table of Contents
Schwab International Dividend Equity ETF
Portfolio Holdings  as of August 31, 2022 (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
Philippines 0.2%
PLDT, Inc. 23,445 700,991
 
Qatar 0.1%
Industries Qatar QSC 64,807 322,990
 
Republic of Korea 0.5%
GS Retail Co., Ltd. 9,720 184,582
Korean Reinsurance Co. 10,461 65,306
KT&G Corp. 31,062 1,932,158
    2,182,046
 
Russia 0.0%
Severstal PAO (a)(b) 708 329
 
Saudi Arabia 3.1%
Advanced Petrochemical Co. 105,594 1,404,549
Jarir Marketing Co. 1,898 86,847
SABIC Agri-Nutrients Co. 165,988 7,683,403
Saudi Telecom Co. 410,299 4,562,516
    13,737,315
 
Singapore 0.8%
Singapore Exchange Ltd. 106,813 726,583
Singapore Technologies Engineering Ltd. 1,009,139 2,698,078
    3,424,661
 
South Africa 0.3%
Vodacom Group Ltd. 195,400 1,446,206
 
Spain 1.2%
Red Electrica Corp. S.A. 285,610 5,237,001
 
Sweden 0.4%
Tele2 AB, B Shares 149,965 1,602,147
 
Switzerland 10.1%
EMS-Chemie Holding AG 5,629 3,971,071
Roche Holding AG 59,426 19,204,837
SGS S.A. 4,003 8,843,145
Swisscom AG 6,942 3,600,636
Zurich Insurance Group AG 19,522 8,683,334
    44,303,023
 
Taiwan 4.2%
Advantech Co., Ltd. 14,000 150,637
Asia Cement Corp. 2,088,000 2,966,932
Asustek Computer, Inc. 22,000 184,312
Cheng Loong Corp. 808,321 751,556
Chicony Electronics Co., Ltd. 22,000 58,980
Chunghwa Telecom Co., Ltd. 1,039,000 4,130,398
Great Wall Enterprise Co., Ltd. 212,554 343,927
Lite-On Technology Corp. 72,000 155,650
Quanta Computer, Inc. 88,000 229,270
Radiant Opto-Electronics Corp. 16,334 53,932
Simplo Technology Co., Ltd. 5,356 50,767
Synnex Technology International Corp. 43,000 78,830
Taiwan Cement Corp. 4,805,705 6,204,984
Uni-President Enterprises Corp. 1,296,000 2,810,218
SECURITY NUMBER
OF SHARES
VALUE ($)
Wistron Corp. 91,000 82,816
    18,253,209
 
Thailand 0.2%
Intouch Holdings PCL NVDR 279,300 557,259
Supalai PCL NVDR 22,055 11,795
Tisco Financial Group PCL NVDR 49,701 127,788
    696,842
 
Turkey 0.2%
BIM Birlesik Magazalar A/S 122,602 737,182
 
United Arab Emirates 1.5%
Emirates Telecommunications Group Co. PJSC 951,511 6,662,818
 
United Kingdom 20.5%
Admiral Group plc 35,439 875,045
BAE Systems plc 1,958,807 17,691,674
British American Tobacco plc 435,321 17,483,209
GSK plc 709,370 11,385,882
Haleon plc * 887,205 2,672,242
Imperial Brands plc 258,322 5,700,565
Schroders plc 15,715 491,527
SSE plc 691,783 13,301,940
St. James's Place plc 70,161 903,747
Unilever plc 422,174 19,283,688
    89,789,519
Total Common Stocks
(Cost $496,925,562)
435,312,917

PREFERRED STOCKS 0.0% OF NET ASSETS
 
Russia 0.0%
Sberbank of Russia PJSC *(a)(b) 69,290 3,003
Total Preferred Stocks
(Cost $260,897)
3,003
    
     
SHORT-TERM INVESTMENTS 0.1% OF NET ASSETS
 
Money Market Funds 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.25% (c) 237,487 237,487
Total Short-Term Investments
(Cost $237,487)
237,487
Total Investments in Securities
(Cost $497,423,946)
435,553,407
    
 
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Table of Contents
Schwab International Dividend Equity ETF
Portfolio Holdings  as of August 31, 2022 (continued)

  NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
DEPRECIATION
($)
FUTURES CONTRACTS
Long      
MSCI EAFE Index, expires 09/16/22 29 2,649,295 (139,986)
MSCI Emerging Markets Index, expires 09/16/22 4 196,380 (4,683)
Net Unrealized Depreciation (144,669)
    
* Non-income producing security.
(a) Fair-valued by management using significant unobservable inputs in accordance with procedures approved by the fund’s Board of Trustees.
(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 or sell these securities is uncertain.
(c) The rate shown is the 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, 2022 (see financial note 2(a) for additional information):
DESCRIPTION QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1)
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3)
TOTAL
Assets        
Common Stocks1 $435,312,588 $— $— $435,312,588
Russia 2 329 329
Preferred Stocks1        
Russia 2 3,003 3,003
Short-Term Investments1 237,487 237,487
Liabilities        
Futures Contracts3 (144,669) (144,669)
Total $435,405,406 $— $3,332 $435,408,738
    
1 As categorized in the Portfolio Holdings.
2 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 or sell these securities is uncertain.
3 Futures contracts are reported at cumulative unrealized appreciation or depreciation.
Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.
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Table of Contents
Schwab International Dividend Equity ETF
Statement of Assets and Liabilities

As of August 31, 2022
Assets
Investments in securities, at value - unaffiliated (cost $497,423,946)   $435,553,407
Foreign currency, at value (cost $435,822)   433,527
Deposit with broker for futures contracts   182,935
Receivables:    
Fund shares sold   4,344,776
Dividends   2,503,625
Foreign tax reclaims   198,799
Investments sold   26,628
Income from securities on loan + 1,098
Total assets   443,244,795
Liabilities
Payables:    
Investments bought   4,334,313
Management fees   51,994
Variation margin on futures contracts   19,450
Foreign capital gains tax + 17,653
Total liabilities   4,423,410
Net assets   $438,821,385
Net Assets by Source
Capital received from investors   $501,732,780
Total distributable loss + (62,911,395)
Net assets   $438,821,385
    
Net Asset Value (NAV)
Net Assets ÷ Shares
Outstanding
= NAV
$438,821,385   20,200,000   $21.72
         
         
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Table of Contents
Schwab International Dividend Equity ETF
Statement of Operations

For the period September 1, 2021 through August 31, 2022
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $1,459,752)   $15,715,636
Securities on loan, net + 18,076
Total investment income   15,733,712
Expenses
Management fees   375,655
Proxy fees1 + 3,979
Total expenses 379,634
Net investment income   15,354,078
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated   (10,298,220)
Net realized gains on sales of in-kind redemptions - unaffiliated   488,262
Net realized losses on futures contracts   (81,391)
Net realized losses on foreign currency transactions + (178,498)
Net realized losses   (10,069,847)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated (net of change in foreign capital gains tax of ($17,653))   (62,248,984)
Net change in unrealized appreciation (depreciation) on futures contracts   (150,792)
Net change in unrealized appreciation (depreciation) on foreign currency translations + (84,043)
Net change in unrealized appreciation (depreciation) + (62,483,819)
Net realized and unrealized losses   (72,553,666)
Decrease in net assets resulting from operations   ($57,199,588)
    
1 Proxy fees are non-routine expenses (see financial note 2(e) for additional information).
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Table of Contents
Schwab International Dividend Equity ETF
Statement of Changes in Net Assets

For the current and prior report periods
OPERATIONS
  9/1/21-8/31/22 4/29/21*-8/31/21
Net investment income   $15,354,078 $898,242
Net realized losses   (10,069,847) (36,909)
Net change in unrealized appreciation (depreciation) + (62,483,819) 366,862
Increase (decrease) in net assets resulting from operations   ($57,199,588) $1,228,195
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions   ($6,562,600) ($95,190)
    
TRANSACTIONS IN FUND SHARES
  9/1/21-8/31/22 4/29/21*-8/31/21
    SHARES VALUE SHARES VALUE
Shares sold   16,500,000 $405,762,453 3,900,000 $100,530,629
Shares redeemed + (200,000) (4,842,514)
Net transactions in fund shares   16,300,000 $400,919,939 3,900,000 $100,530,629
SHARES OUTSTANDING AND NET ASSETS
  9/1/21-8/31/22 4/29/21*-8/31/21
    SHARES NET ASSETS SHARES NET ASSETS
Beginning of period   3,900,000 $101,663,634 $—
Total increase + 16,300,000 337,157,751 3,900,000 101,663,634
End of period   20,200,000 $438,821,385 3,900,000 $101,663,634
    
* Commencement of operations.
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Table of Contents
Schwab International Equity ETF
Financial Statements
FINANCIAL HIGHLIGHTS
  9/1/21–
8/31/22
9/1/20–
8/31/21
9/1/19–
8/31/20
9/1/18–
8/31/19
9/1/17–
8/31/18
 
Per-Share Data
Net asset value at beginning of period $40.05 $32.11 $30.82 $33.25 $32.51  
Income (loss) from investment operations:            
Net investment income (loss)1 1.16 0.95 0.77 1.00 0.98  
Net realized and unrealized gains (losses) (8.71) 7.84 1.49 (2.30) 0.56  
Total from investment operations (7.55) 8.79 2.26 (1.30) 1.54  
Less distributions:            
Distributions from net investment income (1.18) (0.85) (0.97) (1.13) (0.80)  
Net asset value at end of period $31.32 $40.05 $32.11 $30.82 $33.25  
Total return (19.27%) 27.62% 7.37% (3.79%) 4.70%  
Ratios/Supplemental Data
Ratios to average net assets:            
Total expenses 0.06% 2 0.06% 0.06% 0.06% 0.06%  
Net investment income (loss) 3.20% 2.59% 2.50% 3.22% 2.91%  
Portfolio turnover rate3 6% 6% 6% 8% 5%  
Net assets, end of period (x 1,000,000) $26,120 $28,338 $19,844 $18,139 $16,294  
    
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.
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Table of Contents
Schwab International Equity ETF
Portfolio Holdings  as of August 31, 2022

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

 
SECURITY NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 98.8% OF NET ASSETS
 
Australia 7.5%
Adbri Ltd. 745,683 1,129,758
AGL Energy Ltd. 1,040,957 5,480,663
Allkem Ltd. * 879,237 8,384,403
ALS Ltd. 754,299 6,153,604
Altium Ltd. 170,360 4,293,211
Alumina Ltd. 3,990,370 4,144,431
Amcor plc 2,319,095 28,331,223
AMP Ltd. * 5,279,225 4,216,336
Ampol Ltd. 367,957 8,722,905
Ansell Ltd. 206,682 3,767,559
APA Group 1,847,415 14,045,432
Aristocrat Leisure Ltd. 1,023,448 25,048,001
ASX Ltd. 301,223 16,200,192
Atlas Arteria Ltd. 1,457,838 7,995,366
Aurizon Holdings Ltd. 2,730,837 6,983,026
Australia & New Zealand Banking Group Ltd. 4,559,699 71,364,325
Bank of Queensland Ltd. 1,024,494 4,937,463
Beach Energy Ltd. 2,837,619 3,326,513
Bendigo & Adelaide Bank Ltd. 846,400 5,245,455
BHP Group Ltd. 7,720,876 214,897,661
BlueScope Steel Ltd. 753,067 8,631,951
Boral Ltd. 663,603 1,342,052
Brambles Ltd. 2,222,829 18,865,390
carsales.com Ltd. 632,652 9,801,948
Challenger Ltd. 1,030,764 4,522,497
Charter Hall Group 733,089 6,789,709
Cleanaway Waste Management Ltd. 2,071,907 3,977,108
Cochlear Ltd. 98,286 14,439,525
Coles Group Ltd. 1,945,020 23,414,649
Commonwealth Bank of Australia 2,620,166 175,080,933
Computershare Ltd. 829,748 14,050,192
CSL Ltd. 738,308 148,574,385
CSR Ltd. 780,198 2,422,937
Deterra Royalties Ltd. 665,504 1,911,630
Dexus 1,628,323 9,745,270
Domino's Pizza Enterprises Ltd. 93,626 4,078,976
Downer EDI Ltd. 1,022,059 3,538,396
Endeavour Group Ltd. 1,962,241 9,779,707
Evolution Mining Ltd. 2,676,320 4,385,055
Flight Centre Travel Group Ltd. *(a) 233,782 2,868,819
Fortescue Metals Group Ltd. 2,449,135 30,927,259
Goodman Group 2,802,225 37,787,350
Harvey Norman Holdings Ltd. 909,279 2,636,796
IDP Education Ltd. 281,041 5,589,288
IGO Ltd. 961,122 8,855,577
Iluka Resources Ltd. 645,576 4,664,736
Incitec Pivot Ltd. 2,991,919 8,040,350
Insignia Financial Ltd. 1,063,058 2,536,152
Insurance Australia Group Ltd. 3,830,784 12,211,800
James Hardie Industries plc 676,173 15,533,572
JB Hi-Fi Ltd. 162,941 4,545,243
Lendlease Corp., Ltd. 1,077,326 7,585,019
SECURITY NUMBER
OF SHARES
VALUE ($)
Lynas Rare Earths Ltd. * 1,361,613 8,289,069
Macquarie Group Ltd. 531,208 64,552,703
Magellan Financial Group Ltd. (a) 202,919 1,811,227
Medibank Pvt Ltd. 4,273,667 10,869,603
Metcash Ltd. 1,579,779 4,462,031
Mineral Resources Ltd. 260,035 11,403,738
Mirvac Group 5,982,685 8,613,001
National Australia Bank Ltd. 4,943,198 103,663,666
Newcrest Mining Ltd. 1,378,506 16,755,465
NEXTDC Ltd. * 722,415 5,195,189
Northern Star Resources Ltd. 1,759,023 9,502,477
Nufarm Ltd. 501,710 1,836,678
Orica Ltd. 682,709 7,240,441
Origin Energy Ltd. 2,723,481 11,781,288
Orora Ltd. 1,318,734 3,001,472
OZ Minerals Ltd. 504,334 8,892,590
Perpetual Ltd. 95,312 1,791,654
Pilbara Minerals Ltd. * 4,022,963 10,066,488
Pro Medicus Ltd. 64,963 2,426,287
Qantas Airways Ltd. * 1,358,667 4,955,229
QBE Insurance Group Ltd. 2,268,819 18,773,541
Qube Holdings Ltd. 2,241,772 4,441,487
Ramsay Health Care Ltd. 268,441 13,196,770
REA Group Ltd. 77,116 6,743,169
Reece Ltd. 315,247 3,460,042
Rio Tinto Ltd. 569,452 36,891,644
Santos Ltd. 4,699,484 25,419,456
Scentre Group 7,928,021 15,979,059
SEEK Ltd. 538,252 7,697,311
Seven Group Holdings Ltd. 210,476 2,680,942
Shopping Centres Australasia Property Group 1,824,358 3,414,379
Sierra Rutile Holdings Ltd. * 645,576 132,772
Sims Ltd. 250,980 2,647,993
Sonic Healthcare Ltd. 735,498 17,143,500
South32 Ltd. 7,097,649 20,193,039
Stockland 3,809,646 9,454,363
Suncorp Group Ltd. 1,927,526 14,403,427
Tabcorp Holdings Ltd. 3,251,441 2,139,864
Telstra Corp., Ltd. 6,277,295 17,084,494
The GPT Group 2,929,043 8,453,702
The Lottery Corp. Ltd. * 3,251,441 9,852,291
The Star Entertainment Grp Ltd. * 1,389,984 2,649,071
TPG Telecom Ltd. 561,471 2,059,303
Transurban Group 4,694,323 44,925,970
Treasury Wine Estates Ltd. 1,086,517 9,824,725
Vicinity Centres 5,886,189 7,808,260
Washington H Soul Pattinson & Co., Ltd. 406,944 7,169,797
Wesfarmers Ltd. 1,725,864 55,620,629
Westpac Banking Corp. 5,330,653 78,972,204
Whitehaven Coal Ltd. 1,339,440 7,309,294
WiseTech Global Ltd. 244,363 9,845,329
Woodside Energy Group Ltd. 2,895,467 67,985,810
Woolworths Group Ltd. 1,872,859 46,337,334
Worley Ltd. 587,232 5,849,442
 
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Table of Contents
Schwab International Equity ETF
Portfolio Holdings  as of August 31, 2022 (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
Xero Ltd. * 196,265 11,806,715
    1,949,279,222
 
Austria 0.2%
ANDRITZ AG 104,036 4,810,122
Erste Group Bank AG 497,494 11,245,730
OMV AG 217,518 8,810,249
Raiffeisen Bank International AG * 193,139 2,454,825
Telekom Austria AG * 247,210 1,546,180
Verbund AG 102,179 9,796,836
Voestalpine AG 182,469 3,691,651
    42,355,593
 
Belgium 0.8%
Ackermans & van Haaren N.V. 34,399 5,043,208
Ageas S.A./N.V. 283,927 11,560,004
Anheuser-Busch InBev S.A./N.V. 1,329,438 64,628,364
Argenx SE * 81,959 30,781,570
D'ieteren Group 35,317 5,351,809
Elia Group S.A./N.V. 57,437 8,368,809
Etablissements Franz Colruyt N.V. 76,120 2,118,695
Groupe Bruxelles Lambert S.A. 162,500 12,336,837
KBC Group N.V. 423,680 20,185,361
Proximus SADP 225,833 2,879,454
Sofina S.A. 23,132 4,656,727
Solvay S.A. 106,089 8,602,494
Telenet Group Holding N.V. 77,275 1,101,063
UCB S.A. 185,403 13,068,877
Umicore S.A. 318,975 10,183,660
Warehouses De Pauw CVA 212,088 6,478,991
    207,345,923
 
Canada 9.2%
Agnico Eagle Mines Ltd. 706,499 29,218,071
Alimentation Couche-Tard, Inc. 1,215,532 52,385,939
Bank of Montreal 1,004,133 92,968,178
Barrick Gold Corp. 2,724,135 40,562,487
Bausch Health Cos., Inc. * 503,124 3,027,350
BCE, Inc. 464,844 22,496,803
Brookfield Asset Management, Inc., Class A 2,042,768 98,550,765
Canadian Imperial Bank of Commerce 1,363,127 64,648,609
Canadian National Railway Co. 944,814 112,683,643
Canadian Natural Resources Ltd. 1,748,331 96,120,825
Canadian Pacific Railway Ltd. 1,428,090 107,215,798
Canadian Tire Corp., Ltd., Class A 83,893 9,895,351
Canadian Utilities Ltd., Class A 186,697 5,728,074
Cenovus Energy, Inc. 1,920,344 36,131,091
CGI, Inc. * 331,843 26,352,834
Constellation Software, Inc. 29,435 44,436,151
Dollarama, Inc. 426,182 26,027,822
Enbridge, Inc. 3,113,520 128,763,167
Fairfax Financial Holdings Ltd. 32,898 16,447,493
Fortis, Inc. 730,123 32,302,479
Franco-Nevada Corp. 292,733 35,295,159
George Weston Ltd. 109,798 12,588,706
Great-West Lifeco, Inc. 417,742 9,840,669
Hydro One Ltd. 484,666 13,160,295
IGM Financial, Inc. 127,242 3,473,505
Imperial Oil Ltd. 310,051 15,261,063
Intact Financial Corp. 219,325 31,862,081
Loblaw Cos., Ltd. 240,698 21,333,092
Magna International, Inc. 421,607 24,425,262
Manulife Financial Corp. 2,985,715 51,798,599
Metro, Inc. 374,775 19,768,981
SECURITY NUMBER
OF SHARES
VALUE ($)
National Bank of Canada 511,940 33,966,453
Nutrien Ltd. 848,481 78,116,489
Pembina Pipeline Corp. 846,072 29,963,973
Power Corp. of Canada 824,354 21,257,204
Restaurant Brands International, Inc. 471,215 27,896,532
Rogers Communications, Inc., Class B 544,382 23,507,027
Royal Bank of Canada 2,180,309 203,330,130
Saputo, Inc. 381,801 9,722,864
Shaw Communications, Inc., Class B 653,717 16,812,148
Shopify, Inc., Class A * 1,750,802 55,588,231
Sun Life Financial, Inc. 898,757 39,708,369
Suncor Energy, Inc. 2,200,278 71,388,067
TC Energy Corp. 1,551,515 74,981,204
Teck Resources Ltd., Class B 719,027 24,421,442
TELUS Corp. 672,215 15,183,353
The Bank of Nova Scotia 1,845,596 102,342,075
The Toronto-Dominion Bank 2,790,989 180,063,119
Thomson Reuters Corp. 251,855 27,812,515
Waste Connections, Inc. 393,626 54,962,164
Wheaton Precious Metals Corp. 690,456 21,136,516
    2,396,930,217
 
Denmark 2.2%
Ambu A/S, Class B 263,599 2,660,118
AP Moller - Maersk A/S, Class A 6,056 14,214,156
AP Moller - Maersk A/S, Class B 8,531 20,478,875
Carlsberg A/S, Class B 145,640 19,017,497
Chr. Hansen Holding A/S 159,029 9,292,800
Coloplast A/S, Class B 204,538 23,456,205
Danske Bank A/S 1,000,436 13,415,254
Demant A/S * 151,837 4,690,826
DSV A/S 292,744 43,399,240
Genmab A/S * 91,934 32,814,483
GN Store Nord A/S 192,205 5,464,991
H. Lundbeck A/S 378,454 1,487,198
H. Lundbeck A/S, Class A * 96,318 369,056
Novo Nordisk A/S, Class B 2,398,109 256,952,988
Novozymes A/S, Class B 306,852 17,656,965
Orsted A/S 289,600 28,461,560
Pandora A/S 141,903 8,577,915
Rockwool A/S, Class B 9,473 1,960,227
Royal Unibrew A/S 75,813 5,705,219
SimCorp A/S 61,522 4,518,306
Tryg A/S 536,402 12,158,484
Vestas Wind Systems A/S 1,536,551 38,727,991
    565,480,354
 
Finland 1.1%
Elisa Oyj 217,256 11,635,270
Fortum Oyj 650,929 6,705,777
Huhtamaki Oyj 143,711 5,046,238
Kesko Oyj, B Shares 414,979 8,754,576
Kojamo Oyj 289,795 4,869,348
Kone Oyj, B Shares 604,220 24,254,322
Metso Outotec Oyj 944,168 7,424,369
Neste Oyj 640,506 31,719,983
Nokia Oyj 8,660,719 43,648,419
Nokian Renkaat Oyj 211,056 2,200,797
Nordea Bank Abp 5,808,970 54,136,312
Orion Oyj, B Shares 162,487 7,380,270
Sampo Oyj, A Shares 752,513 34,126,681
Stora Enso Oyj, R Shares 874,675 13,082,996
UPM-Kymmene Oyj 823,367 28,058,764
Valmet Oyj 255,748 6,506,333
 
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Table of Contents
Schwab International Equity ETF
Portfolio Holdings  as of August 31, 2022 (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
Wartsila Oyj Abp 747,837 6,191,863
    295,742,318
 
France 8.6%
Accor S.A. * 289,470 6,947,995
Aeroports de Paris * 44,813 6,166,693
Air Liquide S.A. 782,246 98,480,714
Airbus SE 853,990 84,061,014
ALD S.A. 126,465 1,381,032
Alstom S.A. 472,445 9,767,375
Amundi S.A. 87,655 4,468,772
Arkema S.A. 98,529 8,360,016
Atos SE * 158,644 1,613,589
AXA S.A. 2,827,697 66,890,742
BioMerieux 63,697 5,845,248
BNP Paribas S.A. 1,642,416 76,771,409
Bollore SE 1,490,996 7,160,516
Bouygues S.A. 331,539 9,768,002
Bureau Veritas S.A. 438,881 10,931,413
Capgemini SE 244,660 42,561,075
Carrefour S.A. 934,363 15,634,085
Cie de L'Odet SE 596 684,409
Cie de Saint-Gobain 711,262 28,858,693
Cie Generale des Etablissements Michelin SCA 1,067,017 26,077,771
Cie Plastic Omnium S.A. 110,511 2,060,244
Covivio 75,505 4,236,561
Credit Agricole S.A. 1,786,786 16,511,691
Danone S.A. 884,218 46,687,958
Dassault Aviation S.A. 34,890 4,806,457
Dassault Systemes SE 1,022,778 39,672,615
Edenred 384,844 19,542,477
Eiffage S.A. 114,537 10,119,068
Electricite de France S.A. 914,408 10,974,025
Engie S.A. 2,556,686 30,511,140
EssilorLuxottica S.A. 457,196 68,615,190
Eurazeo SE 76,951 4,615,601
Euroapi S.A. * 70,250 1,098,803
Eurofins Scientific SE 189,488 13,166,286
Euronext N.V. 126,053 9,354,338
Faurecia SE * 249,473 3,608,585
Gecina S.A. 79,333 7,095,832
Getlink SE 692,365 13,081,736
Hermes International 47,437 61,175,581
ICADE 50,649 2,238,886
Ipsen S.A. 52,951 5,087,546
JCDecaux S.A. * 118,425 1,646,907
Kering S.A. 111,367 56,328,478
Klepierre S.A. * 285,274 5,880,572
La Francaise des Jeux SAEM 137,202 4,465,876
Legrand S.A. 413,350 30,042,744
L'Oreal S.A. 378,401 130,606,963
LVMH Moet Hennessy Louis Vuitton SE 381,919 248,664,934
Neoen S.A. 44,079 1,826,133
Orange S.A. 2,942,546 29,878,730
Orpea S.A. *