N-CSR

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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Schwab International Equity ETFs

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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Schwab International Equity ETFs

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

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%

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.

^*	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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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.

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.

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.

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

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%

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.

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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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.

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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Schwab International Small-Cap Equity ETF

Performance and Fund Facts as of August 31, 2022

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%

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.

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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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 Emerging Markets Equity ETF

Performance and Fund Facts as of August 31, 2022

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%

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.

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

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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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 [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 99.2% 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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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 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 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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Schwab International Equity ETFs | Annual Report

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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.

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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Schwab International Equity ETFs | Annual Report

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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

₂₉

Schwab International Equity ETFs | Annual Report

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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. *	76,702	1,676,755
Pernod-Ricard S.A.	318,035	58,699,286
Publicis Groupe S.A.	346,704	16,995,619
Remy Cointreau S.A.	38,573	7,187,243
Renault S.A. *	303,073	8,719,039
Rexel S.A. *	467,943	7,622,747
Safran S.A.	534,202	54,737,279
Sanofi	1,671,922	138,161,061
Sartorius Stedim Biotech	36,683	13,489,421
Schneider Electric SE	813,776	97,196,742
SCOR SE	239,094	3,969,349

SECURITY	NUMBER OF SHARES	VALUE ($)
SEB S.A.	45,849	3,411,655
Societe Generale S.A.	1,139,046	25,289,710
Sodexo S.A.	138,484	10,644,464
SOITEC *	33,917	4,819,069
Somfy S.A.	11,360	1,258,819
STMicroelectronics N.V.	966,417	33,764,505
Teleperformance	89,017	25,447,981
Thales S.A.	154,353	18,648,434
TotalEnergies SE	3,673,654	187,250,959
UbiSoft Entertainment S.A. *	147,869	6,841,209
Valeo S.A.	378,566	7,285,964
Veolia Environnement S.A.	951,897	21,325,963
Vinci S.A.	764,483	70,914,936
Vivendi SE	1,098,955	10,005,157
Wendel SE	43,562	3,438,595
Worldline S.A. *	378,409	16,281,981
		2,251,116,462

Germany 5.8%
1&1 AG	78,678	1,265,834
adidas AG	290,056	43,248,190
Allianz SE	626,212	106,152,676
Aroundtown S.A.	1,711,981	5,006,069
Auto1 Group SE *	143,767	1,512,148
BASF SE	1,398,467	59,160,011
Bayer AG	1,505,180	79,611,846
Bayerische Motoren Werke AG	481,938	35,604,486
Bechtle AG	124,070	4,769,519
Beiersdorf AG	154,745	15,653,740
Brenntag SE	234,783	15,444,743
Carl Zeiss Meditec AG, Class B	55,263	6,901,755
Commerzbank AG *	1,616,692	10,778,153
Continental AG	164,098	9,484,699
Covestro AG	272,389	8,249,888
CTS Eventim AG & Co., KGaA *	93,239	5,030,033
Daimler Truck Holding AG *	645,969	16,579,863
Delivery Hero SE *	274,821	11,468,365
Deutsche Bank AG	3,118,814	26,101,946
Deutsche Boerse AG	282,977	47,932,012
Deutsche Lufthansa AG *(a)	950,918	5,675,019
Deutsche Post AG	1,489,629	54,515,921
Deutsche Telekom AG	5,195,075	98,146,741
Deutsche Wohnen SE	76,790	1,748,174
DWS Group GmbH & Co. KGaA	52,854	1,446,670
E.ON SE	3,382,346	28,943,504
Evonik Industries AG	285,281	5,334,240
Evotec SE *	237,987	5,250,412
Fielmann AG	37,479	1,395,173
Fraport AG Frankfurt Airport Services Worldwide *	54,418	2,359,526
Fresenius Medical Care AG & Co. KGaA	318,608	10,953,661
Fresenius SE & Co. KGaA	626,941	15,546,164
FUCHS PETROLUB SE	44,700	1,042,795
GEA Group AG	251,802	8,783,488
Hannover Rueck SE	91,047	13,449,030
HeidelbergCement AG	214,799	9,741,197
Hella GmbH & Co. KGaA	33,564	2,372,644
HelloFresh SE *	260,559	6,251,439
Henkel AG & Co. KGaA	157,755	9,882,679
HOCHTIEF AG	29,662	1,469,557
Infineon Technologies AG	1,988,585	48,590,788
KION Group AG	118,466	4,744,687
Knorr-Bremse AG	100,848	4,903,061
LANXESS AG	129,614	4,385,716
LEG Immobilien SE	111,200	8,422,065
Mercedes-Benz Group AG	1,305,381	73,664,536

₃₀

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab International Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Merck KGaA	198,392	34,193,101
METRO AG *	203,671	1,626,122
MTU Aero Engines AG	82,588	14,612,002
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen	216,337	51,817,454
Nemetschek SE	81,633	4,834,867
Puma SE	151,899	9,320,316
QIAGEN N.V. *	335,477	15,264,580
Rational AG	7,399	4,006,473
Rheinmetall AG	67,190	10,701,960
RTL Group S.A. *	61,618	2,292,518
RWE AG	965,047	36,952,933
SAP SE	1,705,421	145,662,370
Sartorius AG	4,698	1,804,596
Scout24 SE	125,630	7,268,867
Siemens AG	1,161,318	118,037,472
Siemens Energy AG	648,873	9,575,056
Siemens Healthineers AG	429,046	21,023,440
Sixt SE	22,463	2,201,168
SUSE S.A. *	55,076	1,092,126
Symrise AG	200,490	21,037,236
Talanx AG	101,167	3,591,014
Telefonica Deutschland Holding AG	1,419,683	3,690,247
ThyssenKrupp AG *	759,254	4,252,514
Traton SE	73,138	1,036,969
Uniper SE (a)	143,542	777,263
United Internet AG	168,943	3,830,807
Vantage Towers AG	140,210	3,640,313
Varta AG (a)	21,361	1,503,139
Volkswagen AG	49,662	9,198,507
Vonovia SE	1,193,512	32,403,660
Wacker Chemie AG	21,974	3,138,729
Zalando SE *	347,032	8,064,417
		1,527,427,099

Hong Kong 2.8%
AAC Technologies Holdings, Inc. (a)	1,273,951	2,372,980
AIA Group Ltd.	18,582,816	179,818,047
ASMPT Ltd.	484,155	3,765,859
BOC Aviation Ltd.	316,415	2,541,769
BOC Hong Kong Holdings Ltd.	5,518,455	19,053,763
Brightoil Petroleum Holdings Ltd. *(b)	2,936,732	0
Budweiser Brewing Co. APAC Ltd.	2,698,603	7,959,467
Cathay Pacific Airways Ltd. *(a)	1,269,784	1,320,122
Champion REIT	3,931,310	1,692,965
Chow Tai Fook Jewellery Group Ltd.	3,042,411	6,147,734
CK Asset Holdings Ltd.	3,067,657	20,753,688
CK Hutchison Holdings Ltd.	4,154,376	26,861,844
CK Infrastructure Holdings Ltd.	936,964	5,706,171
CLP Holdings Ltd.	2,509,961	21,649,587
DFI Retail Group Holdings Ltd.	511,063	1,390,091
ESR Group Ltd. *	2,636,484	7,406,750
First Pacific Co., Ltd.	4,330,880	1,671,909
Galaxy Entertainment Group Ltd.	3,355,607	18,854,006
Hang Lung Group Ltd.	1,379,449	2,337,498
Hang Lung Properties Ltd.	2,976,918	4,960,993
Hang Seng Bank Ltd.	1,123,492	17,606,339
Henderson Land Development Co., Ltd.	2,053,898	6,882,221
Hong Kong & China Gas Co., Ltd.	16,749,176	16,538,233
Hong Kong Exchanges & Clearing Ltd.	1,949,440	78,932,841
Hongkong Land Holdings Ltd.	1,721,041	8,329,838
Huabao International Holdings Ltd. (a)	1,435,563	737,091
HUTCHMED China Ltd. *	832,712	2,068,823
Hysan Development Co., Ltd.	1,013,801	2,861,017
Jardine Matheson Holdings Ltd.	251,308	13,344,455

SECURITY	NUMBER OF SHARES	VALUE ($)
Kerry Properties Ltd.	942,683	2,176,295
Lenovo Group Ltd.	11,748,518	9,729,498
Link REIT	3,262,670	25,294,593
L'Occitane International S.A.	678,314	2,138,947
Man Wah Holdings Ltd.	2,382,229	1,887,852
Melco International Development Ltd. *	1,676,918	1,106,714
Microport Scientific Corp. *	766,269	1,534,715
Minth Group Ltd.	1,264,392	3,600,421
MMG Ltd. *	3,740,128	1,029,282
MTR Corp., Ltd.	2,244,254	11,508,848
NagaCorp Ltd. *	2,471,200	2,005,586
New World Development Co., Ltd.	2,231,886	7,293,792
NWS Holdings Ltd.	2,531,288	2,438,133
Orient Overseas International Ltd.	205,880	5,765,485
PCCW Ltd.	6,713,613	3,361,575
Power Assets Holdings Ltd.	2,137,548	12,799,933
Prada S.p.A.	818,014	4,439,809
Samsonite International S.A. *	1,995,928	4,892,647
Sands China Ltd. *	3,780,804	8,526,119
Shangri-La Asia Ltd. *	2,223,427	1,776,169
Sino Land Co., Ltd.	5,692,098	8,339,964
SITC International Holdings Co., Ltd.	1,881,115	4,793,352
SJM Holdings Ltd. *(a)	3,792,251	1,328,690
Sun Hung Kai Properties Ltd.	2,203,696	25,914,770
Swire Pacific Ltd., A Shares	800,949	5,546,236
Swire Pacific Ltd., B Shares	1,615,039	1,876,600
Swire Properties Ltd.	1,723,169	3,982,531
Techtronic Industries Co., Ltd.	2,010,744	23,876,280
The Bank of East Asia Ltd.	1,840,031	2,320,889
The Wharf Holdings Ltd.	1,937,099	7,305,291
Tingyi Cayman Islands Holding Corp.	3,021,405	5,373,885
Towngas Smart Energy Co., Ltd. *	69,779	30,672
Uni-President China Holdings Ltd.	2,398,205	2,068,564
United Energy Group Ltd.	11,925,355	1,473,795
Vinda International Holdings Ltd.	420,100	1,174,847
Vitasoy International Holdings Ltd. *	1,264,279	1,984,484
VTech Holdings Ltd.	269,105	1,832,582
Want Want China Holdings Ltd.	6,960,398	4,912,899
WH Group Ltd.	12,236,499	8,356,337
Wharf Real Estate Investment Co., Ltd.	2,453,401	11,190,398
Wynn Macau Ltd. *	2,695,259	1,627,694
Xinyi Glass Holdings Ltd.	3,183,665	5,905,854
Yue Yuen Industrial Holdings Ltd.	1,193,283	1,781,825
		729,870,953

Ireland 0.2%
AIB Group plc	1,435,678	3,271,301
Glanbia plc (a)	288,539	3,676,077
Kerry Group plc, Class A	237,677	24,580,741
Kingspan Group plc	233,677	13,308,917
		44,837,036

Israel 0.7%
AFI Properties Ltd.	8,779	435,460
Airport City Ltd. *	119,166	2,507,306
Alony Hetz Properties & Investments Ltd.	184,447	2,993,670
Amot Investments Ltd. *	261,100	1,875,961
Ashtrom Group Ltd.	65,444	1,672,275
Azrieli Group Ltd.	56,746	4,733,880
Bank Hapoalim B.M.	2,109,402	22,004,314
Bank Leumi Le-Israel B.M.	2,356,143	25,045,684
Bezeq The Israeli Telecommunication Corp., Ltd.	3,271,952	5,537,762

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Schwab International Equity ETFs | Annual Report

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Table of Contents

Schwab International Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Big Shopping Centers Ltd.	20,068	2,882,500
Elbit Systems Ltd.	37,660	8,073,275
Electra Ltd.	2,984	1,901,751
Energix-Renewable Energies Ltd.	285,437	1,310,293
Enlight Renewable Energy Ltd. *	1,583,429	3,885,207
Fox Wizel Ltd.	11,523	1,679,373
Gav-Yam Lands Corp., Ltd.	72,197	739,457
Harel Insurance Investments & Financial Services Ltd.	192,244	2,196,117
ICL Group Ltd.	1,139,430	10,961,163
Israel Corp., Ltd. *	5,624	2,738,920
Israel Discount Bank Ltd., A Shares	1,940,183	11,927,657
Kenon Holdings Ltd.	34,027	1,390,151
Maytronics Ltd.	81,691	1,180,258
Melisron Ltd.	27,673	2,271,940
Mivne Real Estate KD Ltd.	1,066,380	3,936,673
Mizrahi Tefahot Bank Ltd.	217,888	8,908,226
Nice Ltd. *	97,939	21,266,317
Nova Ltd. *	43,701	4,314,332
Paz Oil Co., Ltd. *	17,402	2,286,646
Sapiens International Corp. N.V.	36,411	826,306
Shapir Engineering and Industry Ltd.	185,686	1,780,134
Shikun & Binui Ltd. *	473,021	2,151,483
Shufersal Ltd.	203,690	1,397,960
Strauss Group Ltd.	69,713	1,830,609
Teva Pharmaceutical Industries Ltd. *	1,532,505	13,793,443
The First International Bank of Israel Ltd.	88,946	4,160,591
The Phoenix Holdings Ltd.	194,997	2,362,392
Tower Semiconductor Ltd. *	165,771	7,804,037
		196,763,523

Italy 1.9%
A2A S.p.A.	2,250,934	2,533,905
Amplifon S.p.A.	200,609	5,254,866
Assicurazioni Generali S.p.A.	1,986,336	29,241,342
Atlantia S.p.A.	776,769	17,832,051
Banca Mediolanum S.p.A.	392,580	2,517,771
Buzzi Unicem S.p.A.	131,845	2,217,345
CNH Industrial N.V.	1,525,965	18,689,400
Davide Campari-Milano N.V.	750,083	7,397,642
De'Longhi S.p.A.	105,180	1,847,692
DiaSorin S.p.A.	35,172	4,631,334
Enel S.p.A.	11,887,387	56,126,991
Eni S.p.A.	3,790,483	45,006,414
EXOR N.V.	156,891	9,506,719
Ferrari N.V.	184,050	35,755,796
FinecoBank Banca Fineco S.p.A.	926,809	10,079,066
Hera S.p.A.	1,239,102	3,114,946
Infrastrutture Wireless Italiane S.p.A.	555,865	5,175,876
Interpump Group S.p.A.	123,078	4,373,715
Intesa Sanpaolo S.p.A.	25,515,641	44,207,430
Italgas S.p.A.	845,784	4,367,203
Leonardo S.p.A.	619,113	5,083,734
Mediobanca Banca di Credito Finanziario S.p.A.	1,040,760	8,276,005
Moncler S.p.A.	327,879	14,717,746
Nexi S.p.A. *	1,158,576	9,555,376
Pirelli & C S.p.A.	781,299	2,969,700
Poste Italiane S.p.A.	693,372	5,572,182
Prysmian S.p.A.	409,834	12,614,639
Recordati Industria Chimica e Farmaceutica S.p.A.	151,767	6,217,301
Reply S.p.A.	34,649	4,104,304
Snam S.p.A.	3,463,629	16,494,782
Stellantis N.V.	3,113,466	41,807,963
Telecom Italia S.p.A. *	16,601,475	3,438,883

SECURITY	NUMBER OF SHARES	VALUE ($)
Tenaris S.A.	722,663	9,991,761
Terna - Rete Elettrica Nazionale	2,165,572	15,460,890
UniCredit S.p.A.	3,181,028	31,340,682
UnipolSai Assicurazioni S.p.A.	667,808	1,488,075
		499,011,527

Japan 21.3%
ABC-Mart, Inc.	40,407	1,635,226
Acom Co., Ltd.	606,806	1,453,270
Activia Properties, Inc.	1,112	3,469,360
Advance Residence Investment Corp.	1,861	4,940,292
Advantest Corp.	294,397	16,989,547
Aeon Co., Ltd.	1,093,518	21,475,944
AEON Financial Service Co., Ltd.	170,628	1,766,284
Aeon Mall Co., Ltd.	179,137	2,150,290
AEON REIT Investment Corp.	2,409	2,731,793
AGC, Inc.	278,368	9,538,308
Aica Kogyo Co., Ltd.	83,797	1,864,842
Ain Holdings, Inc.	41,897	2,408,794
Air Water, Inc.	259,096	3,270,824
Aisin Corp.	258,958	7,761,735
Ajinomoto Co., Inc.	740,574	20,626,555
Alfresa Holdings Corp.	269,056	3,239,347
Alps Alpine Co., Ltd.	298,405	2,697,215
Amada Co., Ltd.	495,982	3,924,922
Amano Corp.	110,428	2,062,385
ANA Holdings, Inc. *	240,449	4,661,545
Anritsu Corp.	217,051	2,583,474
Aozora Bank Ltd.	185,406	3,596,442
Ariake Japan Co., Ltd.	29,481	1,008,043
As One Corp.	36,844	1,708,977
Asahi Group Holdings Ltd.	739,770	24,937,387
Asahi Intecc Co., Ltd.	305,881	5,527,372
Asahi Kasei Corp.	1,875,270	13,838,782
Asics Corp.	259,231	4,790,982
Astellas Pharma, Inc.	2,807,519	40,191,318
Azbil Corp.	198,155	5,703,433
Bandai Namco Holdings, Inc.	300,033	22,693,208
BayCurrent Consulting, Inc.	20,292	6,074,792
Benefit One, Inc.	92,434	1,392,261
Benesse Holdings, Inc.	118,498	1,872,888
Bic Camera, Inc.	238,245	1,959,238
BIPROGY, Inc.	97,931	2,189,981
Bridgestone Corp.	874,365	33,763,577
Brother Industries Ltd.	370,833	7,158,515
Calbee, Inc.	116,950	2,329,298
Canon Marketing Japan, Inc.	78,182	1,785,003
Canon, Inc.	1,513,520	36,411,825
Capcom Co., Ltd.	279,204	7,673,704
Casio Computer Co., Ltd.	337,400	3,217,622
Central Japan Railway Co.	278,110	32,992,021
Chubu Electric Power Co., Inc.	1,086,022	11,077,620
Chugai Pharmaceutical Co., Ltd.	1,002,076	26,088,312
Coca-Cola Bottlers Japan Holdings, Inc.	227,167	2,341,725
COMSYS Holdings Corp.	169,906	3,179,341
Concordia Financial Group Ltd.	1,739,899	5,547,595
Cosmo Energy Holdings Co., Ltd.	116,914	3,495,823
Cosmos Pharmaceutical Corp.	26,366	2,793,988
Credit Saison Co., Ltd.	246,273	3,112,500
CyberAgent, Inc.	626,119	6,183,278
Dai Nippon Printing Co., Ltd.	409,777	8,681,804
Daicel Corp.	403,042	2,552,720
Daido Steel Co., Ltd.	59,123	1,671,864
Daifuku Co., Ltd.	147,822	8,733,361
Dai-ichi Life Holdings, Inc.	1,501,391	26,069,238
Daiichi Sankyo Co., Ltd.	2,891,670	87,547,982

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Schwab International Equity ETFs | Annual Report

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Table of Contents

Schwab International Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Daiichikosho Co., Ltd.	60,760	1,786,092
Daikin Industries Ltd.	405,762	71,668,765
Daio Paper Corp.	131,790	1,241,607
Daito Trust Construction Co., Ltd.	96,454	9,560,166
Daiwa House Industry Co., Ltd.	969,793	21,938,834
Daiwa House REIT Investment Corp.	3,431	7,969,573
Daiwa Office Investment Corp.	401	2,036,458
Daiwa Securities Group, Inc.	2,278,020	10,001,104
Dena Co., Ltd.	147,724	2,033,236
Denka Co., Ltd.	129,142	3,116,177
Denso Corp.	686,907	37,911,816
Dentsu Group, Inc.	319,741	10,413,927
Descente Ltd.	62,426	1,544,607
DIC Corp.	133,621	2,414,576
Disco Corp.	42,038	10,371,142
DMG Mori Co., Ltd.	159,643	2,100,551
Dowa Holdings Co., Ltd.	63,784	2,424,827
East Japan Railway Co.	555,761	29,021,849
Ebara Corp.	140,603	5,395,910
Eisai Co., Ltd.	410,399	16,865,956
Electric Power Development Co., Ltd.	244,425	3,780,322
ENEOS Holdings, Inc.	4,618,884	17,445,971
Exeo Group, Inc.	164,590	2,543,205
Ezaki Glico Co., Ltd.	78,234	2,045,794
Fancl Corp.	104,916	2,141,838
FANUC Corp.	296,669	48,226,769
Fast Retailing Co., Ltd.	78,753	46,555,876
Food & Life Cos., Ltd.	159,845	2,549,448
FP Corp.	69,840	1,655,000
Fuji Electric Co., Ltd.	194,758	8,527,907
Fuji Kyuko Co., Ltd.	42,190	1,252,385
FUJIFILM Holdings Corp.	543,615	27,885,636
Fujitsu General Ltd.	93,097	1,989,203
Fujitsu Ltd.	284,098	33,948,302
Fukuoka Financial Group, Inc.	258,679	4,638,961
Furukawa Electric Co., Ltd.	101,065	1,785,451
Fuyo General Lease Co., Ltd.	29,721	1,766,644
GLP J-REIT	6,430	7,880,664
GMO Internet, Inc.	87,400	1,636,090
GMO Payment Gateway, Inc.	61,562	4,982,692
Goldwin, Inc.	54,517	3,275,936
GS Yuasa Corp.	120,828	2,216,524
H.U. Group Holdings, Inc.	84,790	1,734,028
Hakuhodo DY Holdings, Inc.	355,092	3,204,473
Hamamatsu Photonics K.K.	194,539	8,349,916
Hankyu Hanshin Holdings, Inc.	331,805	10,016,981
Haseko Corp.	404,564	4,669,449
Hikari Tsushin, Inc.	35,074	4,465,689
Hino Motors Ltd. *	417,565	1,921,778
Hirogin Holdings, Inc.	451,787	1,997,803
Hirose Electric Co., Ltd.	48,718	6,976,031
Hisamitsu Pharmaceutical Co., Inc.	112,355	2,747,581
Hitachi Construction Machinery Co., Ltd.	162,006	3,364,583
Hitachi Ltd.	1,417,408	71,532,454
Hitachi Metals Ltd. *	294,490	4,446,294
Hitachi Transport System Ltd.	51,040	3,232,687
Honda Motor Co., Ltd.	2,591,302	69,612,326
Horiba Ltd.	63,913	2,946,107
Hoshizaki Corp.	162,320	4,859,354
House Foods Group, Inc.	113,462	2,421,068
Hoya Corp.	540,157	55,525,607
Hulic Co., Ltd.	630,464	4,820,861
Ibiden Co., Ltd.	164,508	5,316,471
Idemitsu Kosan Co., Ltd.	366,142	9,640,529
IHI Corp.	196,885	5,304,710
Iida Group Holdings Co., Ltd.	217,667	3,333,504

SECURITY	NUMBER OF SHARES	VALUE ($)
Industrial & Infrastructure Fund Investment Corp.	2,949	3,910,018
Information Services International-Dentsu Ltd.	46,090	1,514,445
INFRONEER Holdings, Inc.	393,366	2,829,114
Inpex Corp.	1,534,764	17,758,423
Internet Initiative Japan, Inc.	86,250	3,154,463
Isetan Mitsukoshi Holdings Ltd.	535,757	4,259,002
Isuzu Motors Ltd.	782,606	9,772,343
Ito En Ltd.	87,822	3,889,826
ITOCHU Corp.	2,047,506	56,761,519
Itochu Techno-Solutions Corp.	154,041	3,928,115
Iwatani Corp.	79,014	3,248,907
Izumi Co., Ltd.	63,105	1,370,215
J. Front Retailing Co., Ltd.	395,829	3,158,066
Japan Airlines Co., Ltd. *	243,364	4,518,802
Japan Airport Terminal Co., Ltd. *	80,352	3,350,294
Japan Aviation Electronics Industry Ltd.	86,760	1,464,515
Japan Exchange Group, Inc.	806,054	12,120,610
Japan Hotel REIT Investment Corp.	6,615	3,283,044
Japan Logistics Fund, Inc.	1,249	2,977,778
Japan Metropolitan Fund Invest	10,283	8,204,146
Japan Post Bank Co., Ltd.	632,339	4,625,369
Japan Post Holdings Co., Ltd.	3,358,948	23,292,745
Japan Post Insurance Co., Ltd.	301,862	4,642,523
Japan Prime Realty Investment Corp.	1,362	4,052,840
Japan Real Estate Investment Corp.	1,943	9,040,469
Japan Tobacco, Inc.	1,816,359	30,922,325
JCR Pharmaceuticals Co., Ltd.	86,042	1,350,603
JEOL Ltd.	64,155	2,619,421
JFE Holdings, Inc.	770,381	8,335,953
JGC Holdings Corp.	323,630	4,398,333
JSR Corp.	283,716	6,405,995
JTEKT Corp.	359,553	2,554,804
Justsystems Corp.	54,536	1,390,693
Kadokawa Corp.	148,020	3,246,029
Kagome Co., Ltd.	121,614	2,697,660
Kajima Corp.	679,941	7,205,290
Kakaku.com, Inc.	202,837	3,788,242
Kaken Pharmaceutical Co., Ltd.	52,582	1,467,934
Kamigumi Co., Ltd.	141,060	2,774,901
Kaneka Corp.	90,049	2,435,951
Kansai Paint Co., Ltd.	295,800	4,583,433
Kao Corp.	716,603	31,300,495
Katitas Co., Ltd.	71,404	1,738,420
Kawasaki Heavy Industries Ltd.	233,668	4,573,066
Kawasaki Kisen Kaisha Ltd.	127,675	8,178,568
KDDI Corp.	2,505,460	77,301,009
Keihan Holdings Co., Ltd.	153,063	3,908,696
Keikyu Corp.	397,960	4,113,808
Keio Corp.	177,472	6,810,828
Keisei Electric Railway Co., Ltd.	218,032	6,133,993
Kenedix Office Investment Corp.	547	2,841,046
Kewpie Corp.	162,546	2,686,333
Keyence Corp.	298,921	113,940,383
Kikkoman Corp.	282,253	17,428,932
Kinden Corp.	179,445	1,905,450
Kintetsu Group Holdings Co., Ltd.	276,993	9,471,212
Kirin Holdings Co., Ltd.	1,160,250	19,204,282
Kobayashi Pharmaceutical Co., Ltd.	95,681	5,473,402
Kobe Bussan Co., Ltd.	209,481	5,394,750
Kobe Steel Ltd.	496,348	2,277,203
Koei Tecmo Holdings Co., Ltd.	115,033	3,895,978
Koito Manufacturing Co., Ltd.	177,022	6,110,372
Kokuyo Co., Ltd.	143,854	1,867,897
Komatsu Ltd.	1,407,970	29,759,077
Konami Group Corp.	145,307	7,421,270

₃₃

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab International Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Konica Minolta, Inc.	729,878	2,543,056
Kose Corp.	44,440	4,244,441
Kotobuki Spirits Co., Ltd.	27,665	1,606,516
K's Holdings Corp.	247,951	2,298,410
Kubota Corp.	1,652,716	25,936,762
Kuraray Co., Ltd.	545,409	4,174,420
Kurita Water Industries Ltd.	170,911	6,731,643
Kyocera Corp.	460,118	25,816,395
Kyowa Kirin Co., Ltd.	380,463	8,604,159
Kyudenko Corp.	61,536	1,247,810
Kyushu Electric Power Co., Inc.	727,487	4,387,225
Kyushu Financial Group, Inc.	608,979	1,673,731
Kyushu Railway Co.	249,261	5,275,612
LaSalle Logiport REIT	2,538	3,150,873
Lasertec Corp.	117,502	16,448,161
Lawson, Inc.	76,260	2,536,040
Lintec Corp.	79,734	1,339,014
Lion Corp.	394,597	4,639,806
Lixil Corp.	402,632	7,084,000
M3, Inc.	644,585	21,021,957
Mabuchi Motor Co., Ltd.	78,336	2,243,419
Makita Corp.	368,056	8,764,313
Mani, Inc.	95,630	1,211,371
Marubeni Corp.	2,367,493	24,797,835
Marui Group Co., Ltd.	296,108	5,357,178
Maruichi Steel Tube Ltd.	82,258	1,767,694
Maruwa Unyu Kikan Co., Ltd.	61,094	740,841
MatsukiyoCocokara & Co.	187,548	7,495,155
Mazda Motor Corp.	870,031	7,725,938
Mebuki Financial Group, Inc.	1,520,234	2,928,061
Medipal Holdings Corp.	227,557	3,130,396
MEIJI Holdings Co., Ltd.	203,074	9,712,394
Menicon Co., Ltd.	80,146	1,951,255
MINEBEA MITSUMI, Inc.	618,388	10,786,382
MISUMI Group, Inc.	420,252	10,458,932
Mitsubishi Chemical Group Corp.	1,961,563	10,372,052
Mitsubishi Corp.	1,841,100	60,615,188
Mitsubishi Electric Corp.	2,996,371	30,660,792
Mitsubishi Estate Co., Ltd.	1,710,111	23,192,128
Mitsubishi Gas Chemical Co., Inc.	285,367	4,283,850
Mitsubishi HC Capital, Inc.	982,257	4,789,942
Mitsubishi Heavy Industries Ltd.	440,113	17,061,621
Mitsubishi Logistics Corp.	95,647	2,504,589
Mitsubishi Materials Corp.	202,025	3,032,743
Mitsubishi Motors Corp. *	993,288	4,005,396
Mitsubishi UFJ Financial Group, Inc.	18,681,970	97,179,936
Mitsui & Co., Ltd.	2,381,826	56,115,735
Mitsui Chemicals, Inc.	269,150	6,106,234
Mitsui Fudosan Co., Ltd.	1,397,989	28,474,099
Mitsui Fudosan Logistics Park, Inc. *	756	2,972,191
Mitsui High-Tec, Inc.	35,763	2,249,618
Mitsui Mining & Smelting Co., Ltd.	86,079	2,049,130
Mitsui O.S.K. Lines Ltd.	506,622	13,357,644
Miura Co., Ltd.	153,191	3,294,228
Mizuho Financial Group, Inc.	3,881,272	44,615,379
Money Forward, Inc. *	69,460	1,761,240
MonotaRO Co., Ltd.	363,790	6,623,668
Mori Hills Reit Investment Corp.	2,329	2,627,633
Morinaga & Co., Ltd.	62,853	1,804,544
Morinaga Milk Industry Co., Ltd.	52,502	1,615,300
MS&AD Insurance Group Holdings, Inc.	705,999	21,191,429
Murata Manufacturing Co., Ltd.	869,796	47,397,215
Nabtesco Corp.	171,306	4,108,873
Nagase & Co., Ltd.	172,767	2,500,058
Nagoya Railroad Co., Ltd.	304,071	4,733,527
Nankai Electric Railway Co., Ltd.	166,969	3,343,596
NEC Corp.	405,784	14,928,753

SECURITY	NUMBER OF SHARES	VALUE ($)
NEC Networks & System Integration Corp.	101,132	1,272,312
NET One Systems Co., Ltd.	118,133	2,637,487
Nexon Co., Ltd.	635,688	12,789,424
NGK Insulators Ltd.	401,207	5,785,485
NGK Spark Plug Co., Ltd.	300,465	6,211,958
NH Foods Ltd.	151,715	4,366,765
NHK Spring Co., Ltd.	259,292	1,767,581
Nichirei Corp.	162,711	2,923,810
Nidec Corp.	704,562	47,389,259
Nifco, Inc.	131,000	2,986,186
Nihon Kohden Corp.	119,995	2,765,620
Nihon M&A Center Holdings, Inc.	402,898	5,083,272
Nikon Corp.	512,336	5,887,475
Nintendo Co., Ltd.	160,737	66,080,445
Nippon Accommodations Fund, Inc.	661	3,256,721
Nippon Building Fund, Inc.	2,320	11,614,644
Nippon Electric Glass Co., Ltd.	125,341	2,379,784
Nippon Express Holdings, Inc.	105,760	5,866,867
Nippon Kayaku Co., Ltd.	267,205	2,341,959
Nippon Paint Holdings Co., Ltd.	1,575,157	12,339,913
Nippon Prologis REIT, Inc.	3,452	8,728,051
Nippon Sanso Holdings Corp.	220,876	4,053,443
Nippon Shinyaku Co., Ltd.	78,322	4,322,188
Nippon Shokubai Co., Ltd.	50,948	2,036,082
Nippon Steel Corp.	1,254,049	19,978,844
Nippon Telegraph & Telephone Corp.	1,807,079	49,131,692
Nippon Yusen K.K.	245,822	18,956,445
Nipro Corp.	186,844	1,531,144
Nishi-Nippon Railroad Co., Ltd.	130,824	2,729,255
Nissan Chemical Corp.	197,223	10,058,551
Nissan Motor Co., Ltd.	2,916,215	11,568,091
Nisshin Seifun Group, Inc.	402,906	4,563,119
Nissin Foods Holdings Co., Ltd.	106,039	7,618,744
Nitori Holdings Co., Ltd.	114,054	11,016,650
Nitto Denko Corp.	222,875	13,858,846
NOF Corp.	105,030	4,015,574
NOK Corp.	187,507	1,681,307
Nomura Holdings, Inc.	4,590,415	16,682,785
Nomura Real Estate Holdings, Inc.	160,170	3,957,311
Nomura Real Estate Master Fund, Inc.	6,806	8,356,221
Nomura Research Institute Ltd.	603,524	16,500,314
NS Solutions Corp.	55,044	1,510,856
NSK Ltd.	672,280	3,676,020
NTT Data Corp.	974,638	13,878,705
Obayashi Corp.	1,046,876	7,295,093
OBIC Business Consultants Co., Ltd.	51,550	1,881,645
Obic Co., Ltd.	100,897	15,117,264
Odakyu Electric Railway Co., Ltd.	477,867	6,587,584
Oji Holdings Corp.	1,337,505	5,374,141
OKUMA Corp.	50,536	1,932,125
Olympus Corp.	1,933,854	41,990,265
Omron Corp.	281,906	15,028,208
Ono Pharmaceutical Co., Ltd.	635,169	15,248,638
Open House Group Co., Ltd.	117,780	4,647,478
Oracle Corp. Japan	51,062	3,075,691
Oriental Land Co., Ltd.	287,148	43,188,716
ORIX Corp.	1,841,616	30,502,076
Orix JREIT, Inc.	4,271	5,900,065
Osaka Gas Co., Ltd.	598,062	10,112,587
OSG Corp.	127,220	1,771,214
Otsuka Corp.	157,014	5,130,917
Otsuka Holdings Co., Ltd.	640,253	21,065,421
PALTAC Corp.	46,802	1,358,904
Pan Pacific International Holdings Corp.	605,741	10,945,942
Panasonic Holdings Corp.	3,283,331	26,835,088

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Schwab International Equity ETFs | Annual Report

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Table of Contents

Schwab International Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Park24 Co., Ltd. *	209,554	3,017,275
Penta-Ocean Construction Co., Ltd.	455,268	2,420,433
PeptiDream, Inc. *	138,304	1,677,107
Persol Holdings Co., Ltd.	281,261	5,721,594
Pigeon Corp.	171,469	2,576,519
Pola Orbis Holdings, Inc.	117,843	1,315,931
Rakus Co. Ltd.	147,305	1,784,131
Rakuten Group, Inc.	1,285,011	6,266,312
Recruit Holdings Co., Ltd.	2,113,250	68,340,485
Relo Group, Inc.	161,335	2,623,258
Renesas Electronics Corp. *	1,520,620	14,523,361
Rengo Co., Ltd.	346,538	2,054,855
RENOVA, Inc. *	68,561	1,505,993
Resona Holdings, Inc.	3,338,282	12,336,894
Resorttrust, Inc.	120,946	1,955,203
Ricoh Co., Ltd.	934,220	7,392,890
Rinnai Corp.	55,977	4,328,753
Rohm Co., Ltd.	126,846	9,626,113
Rohto Pharmaceutical Co., Ltd.	150,473	4,564,393
Ryohin Keikaku Co., Ltd.	362,365	3,398,193
Sankyo Co., Ltd.	63,339	1,868,758
Sankyu, Inc.	75,671	2,344,505
Sansan, Inc. *	114,724	1,098,206
Santen Pharmaceutical Co., Ltd.	569,562	4,133,305
Sanwa Holdings Corp.	320,929	3,206,396
Sapporo Holdings Ltd.	102,199	2,252,248
Sawai Group Holdings Co., Ltd.	60,527	1,796,708
SBI Holdings, Inc.	375,826	7,444,676
SCREEN Holdings Co., Ltd.	59,864	4,050,671
SCSK Corp.	204,465	3,362,887
Secom Co., Ltd.	296,379	19,075,156
Sega Sammy Holdings, Inc.	243,603	3,642,842
Seibu Holdings, Inc.	313,818	3,203,264
Seiko Epson Corp.	425,552	6,741,296
Seino Holdings Co., Ltd.	213,413	1,708,844
Sekisui Chemical Co., Ltd.	511,718	7,035,776
Sekisui House Ltd.	873,428	14,957,750
Sekisui House REIT, Inc.	6,208	3,779,659
Seven & i Holdings Co., Ltd.	1,178,353	47,032,116
Seven Bank Ltd.	1,053,201	2,005,735
SG Holdings Co., Ltd.	668,955	11,190,670
Sharp Corp.	310,312	2,245,215
SHIFT, Inc. *	16,830	2,463,341
Shikoku Electric Power Co., Inc.	244,839	1,434,152
Shimadzu Corp.	408,168	12,042,612
Shimamura Co., Ltd.	35,190	3,208,668
Shimano, Inc.	118,152	21,154,428
Shimizu Corp.	857,602	4,738,850
Shin-Etsu Chemical Co., Ltd.	609,436	71,725,507
Shinko Electric Industries Co., Ltd.	105,319	2,985,779
Shinsei Bank Ltd.	84,294	1,191,821
Shionogi & Co., Ltd.	418,998	20,565,283
Ship Healthcare Holdings, Inc.	122,850	2,320,082
Shiseido Co., Ltd.	601,481	22,974,513
SHO-BOND Holdings Co., Ltd.	69,833	3,037,641
Shochiku Co., Ltd. *	17,953	1,587,764
Showa Denko K.K.	285,097	4,431,986
Skylark Holdings Co., Ltd. *	340,604	3,769,064
SMC Corp.	86,056	41,344,127
SMS Co., Ltd.	80,875	1,875,658
Softbank Corp.	4,200,579	46,346,515
SoftBank Group Corp.	1,670,087	67,008,288
Sohgo Security Services Co., Ltd.	101,394	2,644,107
Sojitz Corp.	359,568	6,095,472
Sompo Holdings, Inc.	490,920	21,152,499
Sony Group Corp.	1,897,923	152,449,938
Sotetsu Holdings, Inc.	118,844	2,058,391
Square Enix Holdings Co., Ltd.	117,559	5,147,579

SECURITY	NUMBER OF SHARES	VALUE ($)
Stanley Electric Co., Ltd.	221,282	4,129,533
Subaru Corp.	940,065	17,194,119
Sugi Holdings Co., Ltd.	52,929	2,260,340
SUMCO Corp.	524,063	7,220,634
Sumitomo Bakelite Co., Ltd.	50,760	1,618,461
Sumitomo Chemical Co., Ltd.	2,280,792	9,049,130
Sumitomo Corp.	1,753,288	24,852,739
Sumitomo Electric Industries Ltd.	1,157,309	13,378,450
Sumitomo Forestry Co., Ltd.	217,713	3,723,697
Sumitomo Heavy Industries Ltd.	176,159	3,734,761
Sumitomo Metal Mining Co., Ltd.	363,240	11,542,451
Sumitomo Mitsui Financial Group, Inc.	1,994,187	60,332,698
Sumitomo Mitsui Trust Holdings, Inc.	562,987	17,609,462
Sumitomo Pharma Co., Ltd.	252,716	1,894,117
Sumitomo Realty & Development Co., Ltd.	600,020	14,803,018
Sumitomo Rubber Industries Ltd.	265,330	2,296,815
Sundrug Co., Ltd.	102,672	2,525,602
Suntory Beverage & Food Ltd.	195,461	7,190,991
Suzuken Co., Ltd.	119,754	2,881,007
Suzuki Motor Corp.	698,342	24,578,616
Sysmex Corp.	293,500	18,214,467
T&D Holdings, Inc.	773,726	8,489,358
Taiheiyo Cement Corp.	168,750	2,542,967
Taisei Corp.	288,295	8,807,425
Taisho Pharmaceutical Holdings Co., Ltd.	67,298	2,519,579
Taiyo Yuden Co., Ltd.	188,232	5,906,649
Takara Bio, Inc.	88,800	1,252,969
Takara Holdings, Inc.	277,908	2,125,031
Takashimaya Co., Ltd.	213,330	2,374,523
Takeda Pharmaceutical Co., Ltd.	2,312,617	64,227,776
TDK Corp.	555,161	19,683,436
TechnoPro Holdings, Inc.	168,852	3,849,034
Teijin Ltd.	280,842	2,988,220
Terumo Corp.	1,012,828	32,921,933
The Bank of Kyoto Ltd.	110,590	4,339,835
The Chiba Bank Ltd.	947,106	5,137,772
The Chugoku Bank Ltd.	286,724	1,931,832
The Chugoku Electric Power Co., Inc.	471,054	2,833,970
The Hachijuni Bank Ltd.	702,740	2,423,154
The Iyo Bank Ltd.	435,028	2,033,530
The Japan Steel Works Ltd.	96,464	2,082,718
The Kansai Electric Power Co., Inc.	1,126,101	10,934,045
The Shizuoka Bank Ltd.	779,726	4,533,520
The Yokohama Rubber Co., Ltd.	194,040	3,204,022
THK Co., Ltd.	176,946	3,641,673
TIS, Inc.	361,477	10,404,279
Tobu Railway Co., Ltd.	315,810	7,506,539
Toda Corp.	387,573	1,923,536
Toho Co., Ltd.	178,318	6,830,432
Toho Gas Co., Ltd.	142,021	3,201,555
Tohoku Electric Power Co., Inc.	735,758	3,672,819
Tokai Carbon Co., Ltd.	296,022	2,186,666
Tokio Marine Holdings, Inc.	963,923	54,181,338
Tokyo Century Corp.	95,021	3,427,268
Tokyo Electric Power Co. Holdings, Inc. *	2,407,654	9,448,251
Tokyo Electron Ltd.	227,454	72,457,123
Tokyo Gas Co., Ltd.	645,819	12,168,651
Tokyo Ohka Kogyo Co., Ltd.	58,627	2,909,675
Tokyo Tatemono Co., Ltd.	303,850	4,591,998
Tokyu Corp.	746,032	8,928,167
Tokyu Fudosan Holdings Corp.	946,623	5,128,324
Toppan, Inc.	413,348	6,533,060
Toray Industries, Inc.	2,346,931	13,525,433
Toshiba Corp.	647,038	24,117,189

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Schwab International Equity ETFs | Annual Report

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Table of Contents

Schwab International Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Toshiba TEC Corp.	36,900	1,108,664
Tosoh Corp.	430,385	5,610,140
TOTO Ltd.	223,054	7,779,737
Toyo Seikan Group Holdings Ltd.	206,911	2,473,230
Toyo Suisan Kaisha Ltd.	137,276	5,654,434
Toyo Tire Corp.	154,388	1,886,624
Toyoda Gosei Co., Ltd.	118,750	2,082,462
Toyota Boshoku Corp.	96,716	1,420,478
Toyota Industries Corp.	248,076	13,994,260
Toyota Motor Corp.	18,628,261	282,397,046
Toyota Tsusho Corp.	345,293	12,217,581
Trend Micro, Inc.	178,881	11,123,204
TS Tech Co., Ltd.	167,654	1,891,512
Tsumura & Co.	110,367	2,543,716
Tsuruha Holdings, Inc.	53,920	3,014,463
UBE Corp.	161,513	2,394,296
Ulvac, Inc.	77,169	3,045,009
Unicharm Corp.	592,458	20,732,290
United Urban Investment Corp.	4,541	4,854,652
Ushio, Inc.	186,259	2,288,181
USS Co., Ltd.	304,586	5,413,886
Welcia Holdings Co., Ltd.	154,614	3,260,139
West Japan Railway Co.	351,241	13,763,326
Yakult Honsha Co., Ltd.	199,559	11,847,579
Yamada Holdings Co., Ltd.	1,148,047	3,991,767
Yamaguchi Financial Group, Inc.	363,318	2,002,344
Yamaha Corp.	236,395	9,310,851
Yamaha Motor Co., Ltd.	470,616	9,841,773
Yamato Holdings Co., Ltd.	500,921	7,877,423
Yamato Kogyo Co., Ltd.	51,649	1,840,549
Yamazaki Baking Co., Ltd.	188,997	2,233,198
Yaoko Co., Ltd.	34,539	1,609,536
Yaskawa Electric Corp.	392,558	12,969,635
Yokogawa Electric Corp.	368,634	6,501,786
Z Holdings Corp.	4,009,741	12,003,914
Zenkoku Hosho Co., Ltd.	83,966	2,795,333
Zensho Holdings Co., Ltd.	152,074	4,009,598
Zeon Corp.	228,079	2,209,631
ZOZO, Inc.	165,422	3,711,181
		5,559,745,519

Netherlands 3.3%
Aalberts N.V.	151,468	5,568,402
ABN AMRO Bank N.V.	631,734	6,081,787
Adyen N.V. *	45,173	70,179,606
Aegon N.V.	2,740,589	12,312,907
Akzo Nobel N.V.	270,657	17,156,906
ArcelorMittal S.A.	840,661	20,080,728
ASM International N.V.	73,247	19,967,462
ASML Holding N.V.	587,213	286,172,165
ASR Nederland N.V.	201,489	8,240,034
BE Semiconductor Industries N.V.	118,243	5,634,633
CTP N.V.	112,359	1,532,043
Heineken Holding N.V.	162,770	11,588,070
Heineken N.V.	365,749	33,004,467
IMCD N.V.	88,629	12,280,854
ING Groep N.V.	5,785,665	50,998,601
InPost S.A. *	317,578	1,640,771
JDE Peet's N.V.	134,040	4,140,560
Just Eat Takeaway.com N.V *	294,344	4,937,497
Koninklijke Ahold Delhaize N.V.	1,552,047	42,762,092
Koninklijke DSM N.V.	266,256	34,095,877
Koninklijke KPN N.V.	4,863,089	15,501,545
Koninklijke Philips N.V.	1,331,134	22,283,702
Koninklijke Vopak N.V.	102,644	2,264,507
NN Group N.V.	456,690	18,814,426
Prosus N.V. *	1,343,837	83,442,454

SECURITY	NUMBER OF SHARES	VALUE ($)
Randstad N.V.	171,157	8,001,248
Signify N.V.	196,419	5,603,332
Unibail-Rodamco-Westfield *	159,245	8,230,618
Universal Music Group N.V.	1,139,193	22,688,072
Wolters Kluwer N.V.	393,906	38,595,208
		873,800,574

New Zealand 0.3%
Auckland International Airport Ltd. *	1,853,522	8,591,143
Contact Energy Ltd.	1,239,459	5,988,110
EBOS Group Ltd.	232,345	5,504,297
Fisher & Paykel Healthcare Corp., Ltd.	886,975	10,691,196
Fletcher Building Ltd.	1,276,835	4,383,835
Infratil Ltd.	785,985	4,361,082
Kiwi Property Group Ltd.	2,368,894	1,481,416
Mainfreight Ltd.	126,408	5,773,806
Mercury NZ Ltd.	1,115,495	3,966,679
Meridian Energy Ltd.	1,960,841	6,016,970
Ryman Healthcare Ltd.	605,890	3,413,820
SKYCITY Entertainment Group Ltd. *	1,279,792	2,236,226
Spark New Zealand Ltd.	2,907,719	9,662,358
The a2 Milk Co., Ltd. *	1,150,219	4,393,392
		76,464,330

Norway 0.8%
Adevinta A.S.A. *	433,992	3,548,762
Aker A.S.A., A Shares	38,013	3,002,997
Aker BP A.S.A.	460,695	16,140,793
AutoStore Holdings Ltd. *	926,445	1,232,254
DNB Bank A.S.A.	1,570,490	30,067,371
Equinor A.S.A.	1,468,394	56,624,939
Gjensidige Forsikring A.S.A.	257,926	5,249,926
Leroy Seafood Group A.S.A.	387,448	2,600,126
Mowi A.S.A.	681,014	14,019,454
Nordic Semiconductor A.S.A. *	242,414	3,737,281
Norsk Hydro A.S.A.	2,070,900	14,294,086
Orkla A.S.A.	1,182,403	9,938,993
Salmar A.S.A.	80,730	5,364,836
Schibsted A.S.A., A Shares	122,063	2,248,365
Schibsted A.S.A., B Shares	150,169	2,592,056
Telenor A.S.A.	977,594	10,737,216
Tomra Systems A.S.A.	355,028	8,133,252
Yara International A.S.A.	252,607	10,726,217
		200,258,924

Poland 0.2%
Allegro.eu S.A. *	601,487	3,178,876
Bank Polska Kasa Opieki S.A.	244,385	3,395,610
CD Projekt S.A.	98,096	1,758,516
Cyfrowy Polsat S.A.	422,518	1,746,798
Dino Polska S.A. *	71,721	5,253,172
KGHM Polska Miedz S.A.	211,747	3,993,524
LPP S.A.	1,726	3,122,800
Pepco Group N.V. *	163,919	1,237,994
Polski Koncern Naftowy Orlen S.A.	638,752	8,300,713
Polskie Gornictwo Naftowe i Gazownictwo S.A. *	2,721,277	3,241,756
Powszechna Kasa Oszczednosci Bank Polski S.A.	1,289,300	6,462,299
Powszechny Zaklad Ubezpieczen S.A.	838,852	5,034,006
Santander Bank Polska S.A.	44,405	2,026,969
		48,753,033

₃₆

Schwab International Equity ETFs | Annual Report

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Table of Contents

Schwab International Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Portugal 0.2%
EDP - Energias de Portugal S.A.	4,346,238	20,811,645
EDP Renovaveis S.A.	376,245	9,144,309
Galp Energia, SGPS, S.A.	787,228	8,545,288
Jeronimo Martins, SGPS, S.A.	417,922	9,287,333
		47,788,575

Republic of Korea 4.4%
Alteogen, Inc. *	41,347	1,969,126
Amorepacific Corp.	51,008	4,690,654
AMOREPACIFIC Group	49,136	1,282,080
BGF retail Co., Ltd.	11,117	1,333,990
BNK Financial Group, Inc.	570,636	2,862,672
Celltrion Healthcare Co., Ltd.	143,991	7,761,767
Celltrion Pharm, Inc. *	32,065	1,879,478
Celltrion, Inc.	163,555	23,171,973
Cheil Worldwide, Inc.	109,114	1,786,547
CJ CheilJedang Corp.	13,402	4,083,073
CJ Corp.	27,724	1,620,887
CJ ENM Co., Ltd.	17,783	1,306,919
CJ Logistics Corp. *	12,531	1,110,182
Coway Co., Ltd.	91,845	4,374,062
Daewoo Engineering & Construction Co., Ltd. *	330,120	1,283,409
Daewoo Shipbuilding & Marine Engineering Co., Ltd. *	79,508	1,197,777
DB Insurance Co., Ltd.	69,518	3,102,856
DGB Financial Group, Inc.	269,604	1,501,663
DL E&C Co., Ltd.	51,796	1,585,770
Dongsuh Cos., Inc.	53,803	983,502
Doosan Enerbility Co., Ltd. *	591,957	9,006,261
Ecopro BM Co., Ltd.	60,547	5,078,968
E-MART, Inc.	33,846	2,474,778
F&F Co., Ltd.	25,234	2,688,382
Fila Holdings Corp.	81,392	1,898,569
Green Cross Corp.	9,021	1,106,085
GS Engineering & Construction Corp.	108,060	2,435,803
GS Holdings Corp.	75,110	2,585,934
GS Retail Co., Ltd.	61,985	1,177,092
Hana Financial Group, Inc.	447,586	13,134,276
Hanjin Kal Corp. *	39,025	1,540,518
Hankook Tire & Technology Co., Ltd.	118,766	3,369,721
Hanmi Pharm Co., Ltd.	12,512	2,881,160
Hanon Systems	285,788	2,200,752
Hanwha Aerospace Co., Ltd.	51,790	3,151,812
Hanwha Corp.	85,573	2,037,681
Hanwha Solutions Corp. *	173,573	6,825,868
HD Hyundai Co., Ltd.	76,937	3,635,317
Hite Jinro Co., Ltd.	55,312	1,261,273
HLB, Inc. *	141,302	5,208,171
HMM Co., Ltd.	640,027	10,646,780
Hotel Shilla Co., Ltd.	46,024	2,539,398
HYBE Co., Ltd. *	27,239	3,696,220
Hyundai Department Store Co., Ltd.	26,242	1,214,444
Hyundai Engineering & Construction Co., Ltd.	111,665	4,023,964
Hyundai Glovis Co., Ltd.	29,149	3,846,434
Hyundai Heavy Industries Co., Ltd. *	22,639	2,428,841
Hyundai Marine & Fire Insurance Co., Ltd.	89,670	2,111,775
Hyundai Mipo Dockyard Co., Ltd. *	31,752	2,540,065
Hyundai Mobis Co., Ltd.	95,458	15,344,077
Hyundai Motor Co.	208,706	30,583,063
Hyundai Steel Co.	114,470	2,815,643
Hyundai Wia Corp.	27,566	1,566,309
Iljin Materials Co., Ltd.	27,510	1,526,105

SECURITY	NUMBER OF SHARES	VALUE ($)
Industrial Bank of Korea	505,028	3,613,411
Kakao Corp.	462,240	25,366,092
Kakao Games Corp. *	43,456	1,715,433
KakaoBank Corp. *	237,642	4,850,381
Kakaopay Corp. *	33,830	1,573,194
Kangwon Land, Inc. *	172,848	3,430,985
KB Financial Group, Inc.	602,257	22,265,791
KCC Corp.	6,714	1,478,280
Kia Corp.	390,721	23,603,048
Korea Aerospace Industries Ltd.	109,908	5,012,439
Korea Electric Power Corp. *	392,407	6,146,257
Korea Gas Corp.	40,000	1,300,886
Korea Investment Holdings Co., Ltd.	68,735	2,918,880
Korea Shipbuilding & Offshore Engineering Co., Ltd. *	68,108	4,949,421
Korea Zinc Co., Ltd.	15,526	7,800,435
Korean Air Lines Co., Ltd. *	279,216	5,604,986
Krafton, Inc. *	44,367	8,176,491
KT&G Corp.	168,647	10,490,397
Kumho Petrochemical Co., Ltd.	26,620	2,587,268
L&F Co., Ltd. *	34,124	5,880,589
LG Chem Ltd.	71,215	33,649,493
LG Corp.	135,584	8,312,129
LG Display Co., Ltd.	339,995	3,965,401
LG Electronics, Inc.	178,609	13,486,979
LG Energy Solution Ltd. *	37,168	12,852,005
LG H&H Co., Ltd.	14,995	7,982,087
LG Innotek Co., Ltd.	21,215	5,456,215
LG Uplus Corp.	346,120	2,975,874
Lotte Chemical Corp.	23,630	3,091,660
Lotte Chilsung Beverage Co., Ltd.	5,500	635,303
LOTTE Fine Chemical Co., Ltd.	28,195	1,486,111
Lotte Shopping Co., Ltd.	18,985	1,402,354
LS Corp.	29,828	1,496,362
Mando Corp.	54,151	2,186,202
Mirae Asset Securities Co., Ltd.	570,552	2,798,266
NAVER Corp.	220,043	39,482,875
NCSoft Corp.	23,782	6,729,832
Netmarble Corp.	26,067	1,237,527
NH Investment & Securities Co., Ltd.	253,457	1,885,460
OCI Co., Ltd.	28,614	2,513,659
Orion Corp.	32,988	2,426,839
Pan Ocean Co., Ltd.	278,683	1,073,020
Pearl Abyss Corp. *	45,492	1,931,850
POSCO Chemical Co., Ltd.	44,128	5,542,599
POSCO Holdings, Inc.	114,009	21,735,483
Posco International Corp.	94,062	1,888,202
S-1 Corp.	31,781	1,382,867
Samsung Biologics Co., Ltd. *	28,092	17,537,154
Samsung C&T Corp.	127,883	11,520,991
Samsung Card Co., Ltd.	58,747	1,376,934
Samsung Electro-Mechanics Co., Ltd.	86,823	9,087,675
Samsung Electronics Co., Ltd.	7,249,157	323,557,753
Samsung Engineering Co., Ltd. *	258,765	4,536,682
Samsung Fire & Marine Insurance Co., Ltd.	54,340	7,922,171
Samsung Heavy Industries Co., Ltd. *	961,364	4,290,937
Samsung Life Insurance Co., Ltd.	99,422	4,608,548
Samsung SDI Co., Ltd.	81,753	36,550,629
Samsung SDS Co., Ltd.	56,615	5,439,070
Samsung Securities Co., Ltd.	100,197	2,539,478
SD Biosensor, Inc.	53,446	1,404,528
Seegene, Inc.	43,796	1,033,056
Shin Poong Pharmaceutical Co., Ltd. *	57,310	1,197,574
Shinhan Financial Group Co., Ltd.	775,034	21,207,614
Shinsegae, Inc.	10,836	1,810,658
SillaJen, Inc. *(b)	68,458	163,781
SK Biopharmaceuticals Co., Ltd. *	42,173	2,257,551

₃₇

Schwab International Equity ETFs | Annual Report

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Table of Contents

Schwab International Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
SK Bioscience Co., Ltd. *	31,324	2,646,340
SK Chemicals Co., Ltd.	20,625	1,508,074
SK Hynix, Inc.	827,173	58,873,963
SK IE Technology Co., Ltd. *	38,640	2,403,535
SK Innovation Co., Ltd. *	78,672	11,175,418
SK Square Co., Ltd. *	157,962	4,782,970
SK Telecom Co., Ltd.	74,841	2,915,193
SK, Inc.	57,296	9,980,911
SKC Co., Ltd.	28,286	2,569,436
S-Oil Corp.	65,364	4,960,148
Solus Advanced Materials Co., Ltd.	23,035	719,871
Wemade Co., Ltd.	25,037	1,162,422
Woori Financial Group, Inc.	967,661	8,826,185
Yuhan Corp.	83,634	3,551,577
		1,139,960,071

Singapore 1.2%
Ascendas Real Estate Investment Trust	5,228,219	10,568,115
Ascott Residence Trust	3,103,552	2,424,824
CapitaLand Integrated Commercial Trust	7,777,679	11,540,245
Capitaland Investment Ltd.	3,955,384	10,461,879
City Developments Ltd.	748,772	4,363,498
ComfortDelGro Corp., Ltd.	3,329,376	3,364,934
DBS Group Holdings Ltd.	2,762,008	64,541,223
Frasers Logistics & Commercial Trust	4,633,496	4,516,920
Genting Singapore Ltd.	9,594,537	5,329,916
Golden Agri-Resources Ltd.	10,904,242	2,188,508
Hutchison Port Holdings Trust, Class U	8,033,317	1,727,163
Jardine Cycle & Carriage Ltd.	153,258	3,609,819
Keppel Corp., Ltd.	2,150,340	11,205,628
Keppel DC REIT	2,006,040	2,789,562
Keppel REIT	3,578,361	2,770,145
Mapletree Industrial Trust	3,012,484	5,463,110
Mapletree Logistics Trust	4,964,526	5,942,770
Mapletree Pan Asia Commercial Trust	3,455,159	4,557,016
NetLink NBN Management PTE Ltd.	4,622,288	3,097,871
Olam Group Ltd.	1,160,543	1,222,850
Oversea-Chinese Banking Corp., Ltd.	5,366,977	46,510,467
SATS Ltd. *	1,076,819	3,118,306
Sembcorp Industries Ltd.	1,510,254	3,669,816
Sembcorp Marine Ltd. *	25,305,354	2,122,232
Singapore Airlines Ltd. *	2,024,203	7,718,988
Singapore Exchange Ltd.	1,303,249	8,865,195
Singapore Technologies Engineering Ltd.	2,433,097	6,505,234
Singapore Telecommunications Ltd.	11,498,829	21,594,819
Suntec Real Estate Investment Trust	3,256,347	3,687,928
United Overseas Bank Ltd.	1,982,825	38,843,529
UOL Group Ltd.	796,815	3,952,376
Venture Corp., Ltd.	419,010	5,493,293
Wilmar International Ltd.	3,303,284	9,565,814
		323,333,993

Spain 1.9%
Acciona S.A.	35,431	6,950,950
ACS, Actividades de Construccion y Servicios S.A.	340,683	7,608,561
Aena SME S.A. *	109,051	13,416,435
Amadeus IT Group S.A. *	647,995	34,286,725
Banco Bilbao Vizcaya Argentaria S.A.	10,000,306	45,165,644
Banco Santander S.A.	25,884,597	62,910,273
Bankinter S.A.	1,051,019	5,394,171

SECURITY	NUMBER OF SHARES	VALUE ($)
CaixaBank S.A.	6,760,898	20,422,449
Cellnex Telecom S.A.	929,819	36,249,142
Corp. ACCIONA Energias Renovables S.A.	91,127	3,797,260
Enagas S.A.	387,815	7,093,504
Endesa S.A.	488,757	8,404,127
Ferrovial S.A.	739,527	18,575,905
Fluidra S.A.	165,743	2,658,272
Grifols S.A. *	517,215	6,264,428
Iberdrola S.A.	9,378,798	97,939,344
Industria de Diseno Textil S.A.	1,602,376	34,722,838
Inmobiliaria Colonial Socimi S.A.	529,923	3,138,568
Mapfre S.A.	1,577,456	2,622,006
Merlin Properties Socimi S.A.	511,380	4,689,668
Naturgy Energy Group S.A.	218,056	6,025,433
Red Electrica Corp. S.A.	659,766	12,097,600
Repsol S.A.	1,973,428	25,767,172
Siemens Gamesa Renewable Energy S.A. *	346,779	6,250,510
Telefonica S.A.	7,916,197	32,763,891
		505,214,876

Sweden 2.6%
Alfa Laval AB	487,425	13,087,235
Alleima AB *	327,365	1,317,679
Assa Abloy AB, B Shares	1,407,000	28,673,914
Atlas Copco AB, A Shares	3,853,918	39,411,755
Atlas Copco AB, B Shares	2,316,935	21,249,148
Beijer Ref AB	380,292	4,949,795
Boliden AB *	419,990	13,569,470
Castellum AB	376,855	5,321,494
Electrolux AB, B Shares	348,748	4,435,585
Elekta AB, B Shares	560,056	3,226,580
Epiroc AB, A Shares	969,921	14,927,475
Epiroc AB, B Shares	570,451	7,805,762
EQT AB	428,992	9,694,757
Essity AB, B Shares	942,931	21,025,457
Evolution AB	244,638	19,751,414
Fastighets AB Balder, B Shares *	925,214	5,145,854
Getinge AB, B Shares	345,178	6,432,372
H & M Hennes & Mauritz AB, B Shares	1,335,880	13,952,727
Hexagon AB, B Shares	2,855,086	29,387,926
Holmen AB, B Shares	145,737	6,285,471
Husqvarna AB, B Shares	654,830	4,433,993
Industrivarden AB, A Shares	364,728	8,136,128
Industrivarden AB, C Shares	263,093	5,809,535
Indutrade AB	435,361	8,114,974
Investment AB Latour, B Shares	218,863	4,342,990
Investor AB, A Shares	848,271	14,184,053
Investor AB, B Shares	2,753,210	43,680,580
Kinnevik AB, B Shares *	383,780	5,502,293
L E Lundbergfortagen AB, B Shares	117,236	4,873,234
Lifco AB, B Shares	357,879	5,602,140
Nibe Industrier AB, B Shares	1,860,377	17,539,585
Orron Energy AB *	280,509	536,049
Sagax AB, Class B	297,429	6,439,062
Samhallsbyggnadsbolaget i Norden AB (a)	1,750,861	2,832,959
Sandvik AB	1,636,823	25,699,349
Securitas AB, B Shares (a)	478,443	4,211,531
Sinch AB *(a)	965,191	1,886,222
Skandinaviska Enskilda Banken AB, A Shares	2,203,309	22,098,879
Skanska AB, B Shares	553,544	8,232,947
SKF AB, B Shares	595,476	8,991,011

₃₈

Schwab International Equity ETFs | Annual Report

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Table of Contents

Schwab International Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Svenska Cellulosa AB, S.C.A., B Shares	949,301	14,315,512
Svenska Handelsbanken AB, A Shares	2,331,912	19,206,626
Sweco AB, B Shares	306,483	2,902,484
Swedbank AB, A Shares	1,545,075	20,095,819
Swedish Match AB	2,349,901	23,668,624
Swedish Orphan Biovitrum AB *	276,279	6,121,490
Tele2 AB, B Shares	855,397	9,138,608
Telefonaktiebolaget LM Ericsson, B Shares	4,705,090	35,390,224
Telia Co. AB	3,925,520	13,873,561
Thule Group AB	164,362	4,039,009
Trelleborg AB, B Shares	375,609	7,856,059
Vitrolife AB	106,387	2,553,308
Volvo AB, A Shares	332,820	5,568,258
Volvo AB, B Shares	2,298,365	36,589,681
Volvo Car AB, Class B *(a)	833,429	5,094,669
		679,213,316

Switzerland 8.3%
ABB Ltd.	2,476,502	68,437,173
Adecco Group AG	245,970	7,825,573
Alcon, Inc.	705,066	46,640,771
ams-OSRAM AG *	388,647	2,858,454
Baloise Holding AG	69,662	10,092,942
Banque Cantonale Vaudoise	45,893	4,368,523
Barry Callebaut AG	5,332	10,948,643
Belimo Holding AG	13,894	5,295,935
BKW AG	27,644	3,359,371
Chocoladefabriken Lindt & Spruengli AG	158	17,241,662
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates	1,563	16,559,680
Cie Financiere Richemont S.A., Class A	786,917	88,573,013
Clariant AG *	353,939	6,567,791
Credit Suisse Group AG	3,941,381	20,434,846
DKSH Holding AG	55,833	4,161,945
Emmi AG	2,878	2,541,970
EMS-Chemie Holding AG	10,901	7,690,290
Flughafen Zuerich AG *	28,723	4,856,084
Geberit AG	53,359	24,761,813
Georg Fischer AG	128,820	7,022,106
Givaudan S.A.	14,148	45,360,000
Helvetia Holding AG	52,404	5,804,470
Holcim AG *	833,654	37,191,757
Julius Baer Group Ltd. *	330,731	16,079,908
Kuehne & Nagel International AG	77,023	17,836,158
Logitech International S.A. *	223,424	11,185,508
Lonza Group AG	113,972	61,122,952
Nestle S.A.	4,242,807	498,120,627
Novartis AG	3,189,452	258,600,683
Partners Group Holding AG	34,440	33,397,219
PSP Swiss Property AG	66,354	7,533,197
Roche Holding AG	1,077,003	348,057,530
Roche Holding AG, Bearer Shares	43,253	16,584,121
Schindler Holding AG	27,445	4,645,642
Schindler Holding AG, Participation Certificates	65,524	11,460,574
SGS S.A.	8,977	19,831,356
SIG Group AG *	511,450	12,042,749
Sika AG	233,833	52,806,797
Sonova Holding AG	81,484	21,599,376
Straumann Holding AG	163,325	18,023,569
Swiss Life Holding AG	47,058	24,706,716

SECURITY	NUMBER OF SHARES	VALUE ($)
Swiss Prime Site AG *	119,499	10,322,010
Swiss Re AG	444,792	34,719,252
Swisscom AG	38,928	20,190,946
Tecan Group AG	19,295	7,137,143
Temenos AG	92,043	7,561,871
The Swatch Group AG	63,677	2,913,894
The Swatch Group AG, Bearer Shares	45,823	11,188,709
UBS Group AG	4,816,434	76,642,471
VAT Group AG	38,870	9,343,616
Zurich Insurance Group AG	227,117	101,021,046
		2,163,270,452

United Kingdom 13.3%
3i Group plc	1,457,216	20,610,216
abrdn plc	3,343,198	5,712,677
Admiral Group plc	342,459	8,455,856
Airtel Africa plc	1,559,853	2,401,304
Anglo American plc	1,858,012	60,167,970
Antofagasta plc	527,744	6,761,052
Ashtead Group plc	675,633	33,412,073
Associated British Foods plc	541,569	9,610,086
AstraZeneca plc	2,380,567	294,841,706
Auto Trader Group plc	1,429,395	10,841,023
Avast plc	876,032	7,206,809
AVEVA Group plc	183,749	5,986,688
Aviva plc	4,348,342	21,185,089
B&M European Value Retail S.A.	1,416,462	6,096,673
BAE Systems plc	4,847,940	43,785,924
Barclays plc	25,777,011	49,340,336
Barratt Developments plc	1,562,587	7,769,279
Bellway plc	189,340	4,501,056
Berkeley Group Holdings plc	159,362	6,777,598
BP plc	29,382,475	150,946,387
British American Tobacco plc	3,471,298	139,413,046
BT Group plc	10,744,414	18,840,812
Bunzl plc	517,927	17,242,096
Burberry Group plc	604,110	12,287,431
Centrica plc *	9,207,988	8,115,096
Coca-Cola HBC AG *	300,542	6,889,299
Compass Group plc	2,733,073	59,119,978
ConvaTec Group plc	2,504,553	6,341,511
CRH plc	1,175,804	43,446,089
Croda International plc	208,910	16,350,074
DCC plc	148,488	8,575,102
Dechra Pharmaceuticals plc	162,369	6,593,746
Deliveroo plc *	2,109,181	1,984,991
Derwent London plc	150,958	4,278,948
Diageo plc	3,463,123	151,677,503
Direct Line Insurance Group plc	1,997,061	4,784,663
Dr. Martens plc	946,404	2,605,523
DS Smith plc	1,910,943	5,952,505
easyJet plc *	572,224	2,395,691
Entain plc	900,041	13,331,970
Experian plc	1,422,042	43,402,461
Ferguson plc	329,982	38,342,944
Flutter Entertainment plc *	268,564	33,640,735
Fresnillo plc	280,892	2,250,661
Glencore plc *	20,091,812	110,651,995
GSK plc	6,143,325	98,604,640
Haleon plc *	7,679,157	23,129,453
Halma plc	590,453	14,256,308
Hargreaves Lansdown plc	594,117	5,652,187
Hikma Pharmaceuticals plc	261,674	3,997,873
Hiscox Ltd.	527,330	5,508,911
HomeServe plc *	433,793	5,986,471
Howden Joinery Group plc	868,488	5,772,390
HSBC Holdings plc	30,915,305	190,225,451

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Schwab International Equity ETFs | Annual Report

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Table of Contents

Schwab International Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
IMI plc	390,907	5,226,333
Imperial Brands plc	1,444,146	31,868,938
Informa plc	2,283,087	14,526,287
InterContinental Hotels Group plc	284,786	15,544,892
Intermediate Capital Group plc	426,164	6,778,739
International Consolidated Airlines Group S.A. *(a)	1,769,822	2,228,644
Intertek Group plc	244,947	11,283,953
ITV plc	5,586,282	4,179,626
J Sainsbury plc	2,624,903	6,212,521
J.D. Sports Fashion plc	3,716,833	4,884,982
Johnson Matthey plc	273,835	6,420,482
Kingfisher plc	3,053,188	8,245,791
Land Securities Group plc	1,101,485	8,338,660
Legal & General Group plc	9,104,619	26,750,186
Lloyds Banking Group plc	106,948,752	54,606,706
London Stock Exchange Group plc	560,904	52,879,144
M&G plc	4,022,347	9,161,887
Meggitt plc *	1,192,818	11,078,719
Melrose Industries plc	6,608,271	10,496,008
Mondi plc	738,969	12,605,609
National Grid plc	5,622,248	70,523,263
NatWest Group plc *	7,781,757	22,315,680
Next plc	191,375	12,942,389
NMC Health plc *(b)	136,583	0
Ocado Group plc *	883,570	7,464,165
Pearson plc	1,154,781	11,593,469
Pennon Group plc	401,094	4,359,098
Persimmon plc	490,744	8,428,397
Phoenix Group Holdings plc	1,106,916	7,758,956
Prudential plc	4,216,475	44,333,232
Reckitt Benckiser Group plc	974,817	75,408,056
RELX plc	2,849,725	75,006,550
Renishaw plc	54,760	2,355,044
Rentokil Initial plc	2,872,077	17,411,550
Rightmove plc	1,310,690	9,266,621
Rio Tinto plc	1,671,197	92,777,081
Rolls-Royce Holdings plc *	12,797,403	11,466,113
Royal Mail plc	1,430,008	4,584,202
RS Group plc	726,451	9,179,939
Schroders plc	173,012	5,411,394
Segro plc	1,854,373	20,347,564
Severn Trent plc	386,195	12,524,121
Shell plc	11,538,249	307,453,208
Smith & Nephew plc	1,359,066	16,059,208
Smiths Group plc	576,699	10,005,308
Smurfit Kappa Group plc	401,832	13,531,523
Spirax-Sarco Engineering plc	113,645	13,931,200
SSE plc	1,638,010	31,496,454
St. James's Place plc	812,988	10,472,139
Standard Chartered plc	3,763,700	26,197,814
Tate & Lyle plc	606,128	5,389,829
Taylor Wimpey plc	5,572,773	7,022,689
Tesco plc	11,513,388	33,318,279
The British Land Co., plc	1,399,459	7,015,191
The Sage Group plc	1,558,177	12,967,252
The Weir Group plc	403,062	6,835,717
THG plc *	1,421,650	909,827
Travis Perkins plc	344,749	3,405,762
TUI AG *(a)	1,908,544	2,941,425
Unilever plc	3,897,068	178,006,805
United Utilities Group plc	1,037,159	12,750,244
Vodafone Group plc	43,291,547	58,272,684
Whitbread plc	317,529	9,251,696
Wise plc, Class A *	694,514	3,934,008

SECURITY	NUMBER OF SHARES	VALUE ($)
WPP plc	1,631,573	14,132,419
		3,482,134,028
Total Common Stocks (Cost $25,638,880,926)		25,806,097,918

PREFERRED STOCKS 0.7% OF NET ASSETS

Germany 0.4%
Bayerische Motoren Werke AG	97,662	6,800,626
FUCHS PETROLUB SE	111,754	3,031,856
Henkel AG & Co. KGaA	265,383	17,142,815
Porsche Automobil Holding SE	235,582	16,695,964
Sartorius AG	36,146	15,116,550
Sixt SE	20,990	1,257,947
Volkswagen AG	280,580	40,102,969
		100,148,727

Italy 0.0%
Telecom Italia S.p.A. - RSP *	8,793,136	1,748,934

Republic of Korea 0.3%
Hyundai Motor Co., Ltd.	36,417	2,483,070
Hyundai Motor Co., Ltd. 2nd	61,002	4,255,158
LG Chem Ltd.	11,629	2,616,971
Samsung Electronics Co., Ltd.	1,296,669	52,834,257
		62,189,456

Spain 0.0%
Grifols S.A., B Shares *	382,351	3,016,190
Total Preferred Stocks (Cost $173,228,828)		167,103,307

RIGHTS 0.0% OF NET ASSETS

Hong Kong 0.0%
SJM Holdings Ltd.
expires 09/14/22, strike HKD 2.08 *(a)(b)	948,062	80,929
Total Rights (Cost $0)		80,929


SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS

Money Market Funds 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.25% (c)	25,756,383	25,756,383
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.25% (c)(d)	31,745,287	31,745,287
		57,501,670
Total Short-Term Investments (Cost $57,501,670)		57,501,670
Total Investments in Securities (Cost $25,869,611,424)		26,030,783,824

₄₀

Schwab International Equity ETFs | Annual Report

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Table of Contents

Schwab International 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	1,509	137,854,695	(5,559,537)

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $30,193,668.
(b)	Fair-valued by management using significant unobservable inputs in accordance with procedures approved by the fund’s Board of Trustees.
(c)	The rate shown is the 7-day yield.
(d)	Security purchased with cash collateral received for securities on loan.

CVA —	Dutch Certificate
REIT —	Real Estate Investment Trust
RSP —	Risparmio (Savings Shares)
HKD —	Hong Kong Dollar

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	$20,454,132,866	$—	$—	$20,454,132,866
Hong Kong	729,870,953	—	0*	729,870,953
Republic of Korea	1,139,796,290	—	163,781	1,139,960,071
United Kingdom	3,482,134,028	—	0*	3,482,134,028
Preferred Stocks¹	167,103,307	—	—	167,103,307
Rights ¹
Hong Kong	—	—	80,929	80,929
Short-Term Investments¹	57,501,670	—	—	57,501,670
Liabilities
Futures Contracts²	(5,559,537)	—	—	(5,559,537)
Total	$26,024,979,577	$—	$244,710	$26,025,224,287

*	Level 3 amount shown includes securities determined to have no value at August 31, 2022.
¹	As categorized in the Portfolio Holdings.
²	Futures contracts are reported at cumulative unrealized appreciation or depreciation.

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Schwab International Equity ETFs | Annual Report

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Table of Contents

Schwab International 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 $90,498,779)		$903,172,580
Securities on loan, net	+	3,670,654
Total investment income		906,843,234
Expenses
Management fees		16,690,788
Proxy fees¹		360,879
Professional fees	+	90,768 ²
Total expenses		17,142,435
Expense reduction by investment adviser	–	90,768 ²
Net expenses	–	17,051,667
Net investment income		889,791,567
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated		(420,745,524)
Net realized losses on futures contracts		(23,782,459)
Net realized losses on foreign currency transactions	+	(12,319,544)
Net realized losses		(456,847,527)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated		(6,278,008,093)
Net change in unrealized appreciation (depreciation) on futures contracts		(7,049,466)
Net change in unrealized appreciation (depreciation) on foreign currency translations	+	(3,807,402)
Net change in unrealized appreciation (depreciation)	+	(6,288,864,961)
Net realized and unrealized losses		(6,745,712,488)
Decrease in net assets resulting from operations		($5,855,920,921)

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).

₄₃

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab International Small-Cap 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	$43.21	$33.20	$31.15	$35.86	$34.80
Income (loss) from investment operations:
Net investment income (loss)¹	0.93	0.72	0.64	0.82	0.84
Net realized and unrealized gains (losses)	(11.45)	10.11	2.36	(4.63)	1.22
Total from investment operations	(10.52)	10.83	3.00	(3.81)	2.06
Less distributions:
Distributions from net investment income	(1.02)	(0.82)	(0.95)	(0.90)	(1.00)
Net asset value at end of period	$31.67	$43.21	$33.20	$31.15	$35.86
Total return	(24.85%)	33.01%	9.63%	(10.57%)	5.93%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.11% ²	0.11%	0.11% ³	0.12%	0.12%
Net investment income (loss)	2.49%	1.87%	2.07%	2.54%	2.31%
Portfolio turnover rate⁴	18%	22%	17%	20%	16%
Net assets, end of period (x 1,000,000)	$3,383	$3,832	$2,596	$2,187	$2,281

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 8/31/20 is a blended ratio.
⁴	Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

₄₅

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab International Small-Cap 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.

SECURITY	NUMBER OF SHARES	VALUE ($)
COMMON STOCKS 99.4% OF NET ASSETS

Australia 7.3%
29Metals Ltd. *(a)	472,620	651,249
5E Advanced Materials, Inc. *	621,950	912,448
Abacus Property Group	910,850	1,698,458
Accent Group Ltd.	549,724	565,295
Alkane Resources Ltd. *	820,645	413,506
Andromeda Metals Ltd. *(a)	5,537,979	216,404
APM Human Services International Ltd. *	535,293	1,233,019
ARB Corp., Ltd.	137,647	2,861,113
Arena REIT	590,520	1,700,290
AUB Group Ltd.	146,463	2,230,055
Audinate Group Ltd. *	110,893	665,199
Aurelia Metals Ltd. *	2,303,377	426,352
Aussie Broadband Ltd. *	333,676	635,929
Austal Ltd.	590,670	1,040,680
Australian Agricultural Co., Ltd. *	593,431	736,356
Australian Clinical Labs Ltd.	224,728	680,955
Australian Ethical Investment Ltd.	211,979	941,688
Australian Finance Group Ltd.	378,894	498,721
Australian Strategic Materials Ltd. *	189,602	445,837
AVZ Minerals Ltd. *(a)(b)	4,271,362	2,284,021
Baby Bunting Group Ltd.	229,211	686,682
Bapcor Ltd.	618,653	2,837,346
Bega Cheese Ltd.	542,236	1,486,919
Bellevue Gold Ltd. *	1,783,989	1,015,101
Betmakers Technology Group Ltd. *	1,478,591	420,664
Blackmores Ltd.	27,156	1,284,559
Bravura Solutions Ltd.	443,923	480,844
Breville Group Ltd. (a)	254,706	3,883,408
Brickworks Ltd.	111,275	1,557,731
Bubs Australia Ltd *(a)	1,004,784	392,633
BWP Trust	893,173	2,437,012
Calix Ltd. *	264,125	1,202,311
Capricorn Metals Ltd. *	551,213	1,379,277
Carnarvon Energy Ltd. *	3,203,677	340,423
Cedar Woods Properties Ltd.	121,180	377,991
Centuria Capital Group	1,322,163	1,663,260
Centuria Industrial REIT	949,137	2,017,110
Centuria Office REIT	841,348	945,929
Chalice Mining Ltd. *	574,721	1,804,520
Champion Iron Ltd.	831,737	2,959,324
Charter Hall Long Wale REIT	1,190,604	3,648,497
Charter Hall Retail REIT	891,987	2,513,272
Charter Hall Social Infrastructure REIT	601,617	1,521,898
City Chic Collective Ltd. *	300,774	339,192
Clinuvel Pharmaceuticals Ltd.	67,376	931,644
Codan Ltd.	219,284	1,094,403
Collins Foods Ltd.	194,817	1,312,863
Cooper Energy Ltd. *	3,675,175	680,269
Core Lithium Ltd. *(a)	3,063,089	2,939,861
Coronado Global Resources, Inc.	1,345,801	1,508,474
Corporate Travel Management Ltd. *	202,661	2,695,324
Costa Group Holdings Ltd.	801,705	1,478,448
Credit Corp. Group Ltd.	100,242	1,404,655

SECURITY	NUMBER OF SHARES	VALUE ($)
Cromwell Property Group	2,558,346	1,403,099
Data#3 Ltd.	267,878	1,127,573
De Grey Mining Ltd. *	2,424,525	1,628,890
Dexus Industria REIT	372,356	701,989
Dicker Data Ltd.	89,838	696,565
Dubber Corp., Ltd. *(a)	506,259	196,092
Eagers Automotive Ltd.	350,409	3,199,768
Eclipx Group Ltd. *	507,104	827,395
Elders Ltd.	283,525	2,250,811
Electro Optic Systems Holdings Ltd. *(a)	245,317	121,087
Emeco Holdings Ltd.	1,008,984	632,914
EML Payments Ltd. *	557,034	358,962
Estia Health Ltd.	423,682	589,624
Event Hospitality & Entertainment Ltd. *	187,769	1,911,567
Fineos Corp., Ltd. *	227,334	233,773
Firefinch Ltd. *(b)	2,051,119	258,731
G.U.D. Holdings Ltd.	260,848	1,480,665
G8 Education Ltd.	1,568,675	1,091,536
GDI Property Group Partnership	757,836	470,179
Genworth Mortgage Insurance Australia Ltd.	702,409	1,367,563
Gold Road Resources Ltd.	1,776,380	1,552,691
Goulamina Holdings Pty Ltd. *	1,508,833	594,769
GQG Partners, Inc.	1,157,372	1,277,432
GrainCorp Ltd., Class A	412,786	2,365,758
Growthpoint Properties Australia Ltd.	502,498	1,216,041
GWA Group Ltd.	448,609	618,163
Hansen Technologies Ltd.	291,947	982,708
Healius Ltd.	964,876	2,460,671
Home Consortium Ltd.	279,906	965,204
HomeCo Daily Needs REIT	3,123,670	2,762,447
Hotel Property Investments	335,422	765,729
HUB24 Ltd.	103,547	1,697,290
Humm Group Ltd. (a)	689,945	253,051
Imdex Ltd.	688,126	948,207
Imugene Ltd. *(a)	10,259,693	1,828,718
Incannex Healthcare Ltd. *(a)	2,270,655	365,812
Infomedia Ltd.	694,268	682,996
Ingenia Communities Group	699,415	2,042,601
Inghams Group Ltd.	345,070	615,063
Integral Diagnostics Ltd.	309,175	629,506
InvoCare Ltd.	258,163	1,953,899
ioneer Ltd. *	3,815,036	1,739,239
IPH Ltd.	297,979	1,952,912
IRESS Ltd.	347,965	2,695,585
Jervois Global Ltd. *	2,633,366	965,838
Johns Lyng Group Ltd.	311,200	1,514,736
Judo Capital Holdings Ltd. *	942,932	775,712
Jumbo Interactive Ltd.	93,523	909,787
Karoon Energy Ltd. *	888,673	1,303,752
Kelsian Group Ltd.	232,582	868,984
Kogan.com Ltd. *(a)	124,740	294,173
Lake Resources NL *(a)	2,327,690	1,867,025
Life360, Inc. *	312,707	1,071,881
Lifestyle Communities Ltd.	174,617	2,079,340
Link Administration Holdings Ltd.	912,863	2,690,997
Liontown Resources Ltd. *(a)	3,135,136	3,729,022

₄₆

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Lovisa Holdings Ltd.	94,789	1,499,148
MACA Ltd.	602,472	439,871
Macmahon Holdings Ltd.	2,850,618	332,221
Mayne Pharma Group Ltd. *	3,229,982	664,294
McMillan Shakespeare Ltd.	91,983	900,482
Megaport Ltd. *	247,910	1,233,871
Mesoblast Ltd. *(a)	1,105,940	648,241
Mincor Resources NL *	926,466	1,403,656
Monadelphous Group Ltd.	164,886	1,488,705
Money3 Corp., Ltd.	342,901	543,025
Mount Gibson Iron Ltd.	1,337,865	394,384
Myer Holdings Ltd.	1,521,296	526,677
MyState Ltd.	193,134	505,779
Nanosonics Ltd. *	423,376	1,195,811
National Storage REIT	2,084,662	3,472,810
Navigator Global Investments Ltd.	311,237	277,379
nearmap Ltd. *	755,542	1,077,360
Neometals Ltd. *(a)	867,094	826,266
Netwealth Group Ltd.	150,322	1,355,150
New Century Resources Ltd. *	185,776	203,774
New Hope Corp., Ltd.	421,123	1,414,634
nib Holdings Ltd.	838,540	4,702,363
Nick Scali Ltd.	82,616	625,277
Nickel Industries Ltd.	2,450,591	1,663,202
Nine Entertainment Co. Holdings Ltd.	2,725,930	4,111,274
Novonix Ltd. *(a)	430,908	714,890
NRW Holdings Ltd.	787,491	1,322,668
OFX Group Ltd. *	397,761	719,888
Omni Bridgeway Ltd. *	461,601	1,449,343
oOh!media Ltd.	851,038	805,132
Opthea Ltd. *	635,040	496,301
Pact Group Holdings Ltd.	398,862	416,996
Paladin Energy Ltd. *	5,415,913	3,155,947
Paradigm Biopharmaceuticals Ltd. *(a)	412,370	363,270
Pendal Group Ltd.	702,169	2,503,134
Perenti Global Ltd.	1,347,077	720,321
Perseus Mining Ltd.	2,262,915	2,443,362
PEXA Group Ltd. *	99,412	982,750
Pinnacle Investment Management Group Ltd. (a)	180,709	1,277,255
PointsBet Holdings Ltd. *	414,100	823,270
PolyNovo Ltd. *	1,049,665	942,673
PPK Mining Equipment Group *(b)	78,953	1,521
Praemium Ltd.	846,335	382,935
Premier Investments Ltd.	146,469	2,136,763
Ramelius Resources Ltd.	1,552,541	862,119
Regis Healthcare Ltd.	247,234	357,627
Regis Resources Ltd.	1,305,058	1,400,178
Reliance Worldwide Corp., Ltd.	1,433,849	3,833,603
Resolute Mining Ltd. *	2,047,014	399,949
Rural Funds Group	680,476	1,217,566
Sandfire Resources Ltd.	729,587	2,310,778
Select Harvests Ltd.	225,032	765,183
Service Stream Ltd. *	1,044,047	522,495
Seven West Media Ltd. *	1,721,279	613,612
SG Fleet Group Ltd.	224,031	397,784
Sigma Healthcare Ltd.	1,887,285	886,272
Silver Lake Resources Ltd. *	1,570,739	1,437,555
SiteMinder Ltd. *	377,474	892,782
SmartGroup Corp., Ltd.	156,753	638,324
Southern Cross Media Group Ltd.	512,296	377,545
St. Barbara Ltd.	1,488,661	938,907
Starpharma Holdings Ltd. *	726,346	311,217
Steadfast Group Ltd.	1,748,175	6,040,245
Super Retail Group Ltd.	305,018	2,212,332
Superloop Ltd. *	754,847	382,939
Syrah Resources Ltd. *	1,187,200	1,517,895
Tassal Group Ltd.	402,184	1,425,458

SECURITY	NUMBER OF SHARES	VALUE ($)
Technology One Ltd.	503,418	4,096,553
Telix Pharmaceuticals Ltd. *	299,146	1,271,493
Temple & Webster Group Ltd. *	193,742	669,412
Tyro Payments Ltd. *	621,086	519,458
United Malt Grp Ltd.	510,299	1,248,913
Virgin Australia Holdings Pty. Ltd. *(b)	424,000	0
Viva Energy Group Ltd.	1,525,885	3,117,290
Vulcan Energy Resources Ltd. *(a)	182,468	1,032,000
Waypoint REIT Ltd.	1,334,973	2,406,951
Webjet Ltd. *	669,989	2,535,396
West African Resources Ltd. *	1,856,011	1,609,571
Westgold Resources Ltd.	709,654	454,881
Zip Co., Ltd. *(a)	1,083,301	709,237
		246,243,534

Austria 1.0%
Agrana Beteiligungs AG	21,780	352,604
AT&S Austria Technologie & Systemtechnik AG	45,871	2,052,588
BAWAG Group AG *	158,228	7,175,685
CA Immobilien Anlagen AG	76,570	2,444,589
DO & Co. AG *	12,066	958,504
EVN AG	64,711	1,258,456
Flughafen Wien AG *	19,779	654,340
IMMOFINANZ AG *	57,620	857,509
Lenzing AG	24,000	1,781,030
Mayr Melnhof Karton AG	15,694	2,351,383
Oesterreichische Post AG (a)	62,340	1,742,670
Palfinger AG	18,023	470,292
Porr AG	22,133	254,162
S IMMO AG	22,351	511,307
Schoeller-Bleckmann Oilfield Equipment AG	19,391	1,175,766
Strabag SE	27,341	1,051,597
UNIQA Insurance Group AG	205,190	1,361,770
Vienna Insurance Group AG Wiener Versicherung Gruppe	74,746	1,777,553
Wienerberger AG	209,141	4,908,441
		33,140,246

Belgium 1.5%
Aedifica S.A.	72,037	6,834,410
AGFA-Gevaert N.V. *	244,009	884,534
Barco N.V.	126,389	2,823,949
Befimmo S.A.	7,776	370,237
Bekaert S.A.	66,442	2,048,417
bpost S.A.	184,158	1,124,043
Cie d'Entreprises CFE *	12,587	125,809
Cofinimmo S.A.	57,862	5,888,131
Deme Group NV *	12,587	1,441,362
Econocom Group S.A. N.V.	200,431	626,800
Euronav N.V.	348,649	5,640,894
Fagron	103,779	1,335,743
Gimv N.V.	35,976	1,844,958
KBC Ancora	65,558	2,168,828
Kinepolis Group N.V. *	24,248	1,067,469
Melexis N.V.	37,116	2,806,613
Mithra Pharmaceuticals S.A. *(a)	38,156	273,946
Montea N.V.	22,171	2,002,005
Ontex Group N.V. *	148,876	857,794
Orange Belgium S.A. *	24,877	464,279
Retail Estates N.V.	18,999	1,232,236
Shurgard Self Storage S.A.	46,902	2,266,148
Tessenderlo Group S.A. *	46,903	1,525,733
Van de Velde N.V.	10,276	362,173
VGP N.V.	14,623	2,135,043

₄₇

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Wereldhave Belgium Comm VA	4,721	246,380
Xior Student Housing N.V.	40,312	1,633,589
		50,031,523

Canada 23.2%
Aecon Group, Inc.	106,561	885,296
Air Canada *	318,333	4,300,023
Alamos Gold, Inc., Class A	714,260	5,164,968
Algonquin Power & Utilities Corp.	1,238,118	17,055,321
Allied Properties Real Estate Investment Trust	231,766	5,553,464
AltaGas Ltd.	510,325	11,035,739
ARC Resources Ltd.	1,132,876	15,683,447
Aritzia, Inc. *	159,725	5,210,333
Artis Real Estate Investment Trust	147,455	1,243,054
Atco Ltd., Class I	137,674	4,888,394
ATS Automation Tooling Systems, Inc. *	136,271	4,174,704
Aurora Cannabis, Inc. *(a)	414,883	671,619
B2Gold Corp.	1,935,753	5,956,845
Ballard Power Systems, Inc. *	457,166	3,578,155
BlackBerry Ltd. *	958,113	5,706,537
Boardwalk Real Estate Investment Trust	69,204	2,552,347
Bombardier, Inc., Class B *	152,838	3,813,948
Boralex, Inc., Class A	147,409	5,571,736
Boyd Group Services, Inc.	38,548	5,327,724
Brookfield Infrastructure Corp., Class A	177,299	8,476,398
Brookfield Renewable Corp., Class A	233,333	8,992,300
BRP, Inc.	67,415	4,689,090
CAE, Inc. *	537,250	9,837,550
Cameco Corp.	727,514	21,265,452
Canada Goose Holdings, Inc. *	89,794	1,622,271
Canadian Apartment Properties REIT	314,652	10,732,670
Canadian Western Bank	163,267	3,053,153
Canfor Corp. *	111,222	2,188,600
Canopy Growth Corp. *(a)	465,616	1,727,927
Capital Power Corp.	212,315	8,260,117
Cargojet, Inc.	30,525	3,220,788
Cascades, Inc.	177,348	1,212,022
CCL Industries, Inc., Class B	268,141	13,190,015
Celestica, Inc. *	188,285	1,948,123
Centerra Gold, Inc.	399,599	1,815,527
Chartwell Retirement Residences	431,330	3,422,052
Choice Properties Real Estate Investment Trust	475,696	4,936,399
CI Financial Corp.	320,152	3,520,303
Cogeco Communications, Inc.	18,524	1,137,382
Colliers International Group, Inc.	57,693	6,739,808
Crescent Point Energy Corp.	952,389	7,257,821
Cronos Group, Inc. *	363,200	1,117,666
Definity Financial Corp.	135,226	3,841,178
Dream Industrial Real Estate Investment Trust	448,428	4,177,475
Dream Office Real Estate Investment Trust	63,269	882,655
Dye & Durham Ltd.	71,462	796,690
ECN Capital Corp.	411,056	1,676,114
Eldorado Gold Corp. *	344,857	1,906,509
Element Fleet Management Corp.	727,973	9,194,161
Emera, Inc.	480,477	22,295,806
Empire Co., Ltd., Class A	298,432	8,525,001
Enerplus Corp.	440,130	6,802,254
Enghouse Systems Ltd.	81,170	1,987,103
Equinox Gold Corp. *	462,941	1,629,626
Finning International, Inc.	285,846	6,177,033
First Capital Real Estate Investment Trust	403,624	4,660,045

SECURITY	NUMBER OF SHARES	VALUE ($)
First Majestic Silver Corp.	411,593	3,014,032
First National Financial Corp.	33,690	956,728
First Quantum Minerals Ltd.	1,015,647	18,023,546
FirstService Corp.	69,152	8,675,154
GFL Environmental, Inc.	250,407	7,074,724
Gibson Energy, Inc.	273,081	5,169,272
Gildan Activewear, Inc.	346,980	10,290,702
Granite Real Estate Investment Trust	112,191	6,390,843
H&R Real Estate Investment Trust	511,950	4,956,877
Home Capital Group, Inc.	76,948	1,641,667
Hudbay Minerals, Inc.	390,118	1,727,768
iA Financial Corp., Inc.	196,338	10,577,005
IAMGOLD Corp. *	911,905	1,093,228
Innergex Renewable Energy, Inc.	283,378	4,295,245
Ivanhoe Mines Ltd., Class A *	1,030,548	6,641,589
Keyera Corp.	401,210	9,913,833
Kinaxis, Inc. *	49,440	5,717,161
Kinross Gold Corp.	2,371,289	7,804,105
Laurentian Bank of Canada	79,450	2,182,812
Lightspeed Commerce, Inc. *	234,771	4,505,036
Linamar Corp.	82,698	3,920,830
Lithium Americas Corp. *	170,132	4,888,567
Lundin Mining Corp.	1,264,797	6,596,337
Maple Leaf Foods, Inc.	137,853	2,438,954
Martinrea International, Inc.	144,966	1,145,692
MEG Energy Corp. *	558,687	7,832,539
Methanex Corp.	104,968	3,804,850
Mullen Group Ltd.	160,324	1,721,255
NFI Group, Inc. (a)	128,535	1,295,557
Northland Power, Inc.	421,613	14,474,435
Novagold Resources, Inc. *	439,180	1,945,055
Nuvei Corp. *	120,726	3,704,931
OceanaGold Corp. *	1,295,749	1,919,482
Onex Corp.	134,616	6,676,320
Open Text Corp.	490,476	15,494,038
Osisko Gold Royalties Ltd.	297,588	2,888,167
Pan American Silver Corp.	379,242	5,658,513
Paramount Resources Ltd, Class A	134,936	3,084,899
Parex Resources, Inc.	203,582	3,266,080
Parkland Corp.	282,018	6,942,777
PrairieSky Royalty Ltd.	384,877	5,260,613
Premium Brands Holdings Corp.	67,970	5,065,052
Primaris Real Estate Investment Trust	187,389	1,908,804
Primo Water Corp.	282,157	3,716,561
Quebecor, Inc., Class B	295,104	6,392,868
RioCan Real Estate Investment Trust	565,900	8,698,509
Ritchie Bros. Auctioneers, Inc.	202,005	14,033,609
Russel Metals, Inc.	121,896	2,643,438
SmartCentres Real Estate Investment Trust	238,019	5,083,530
SNC-Lavalin Group, Inc.	321,135	6,230,941
SSR Mining, Inc.	386,266	5,229,456
Stantec, Inc.	202,443	9,635,211
Stelco Holdings, Inc.	101,052	2,743,127
Stella-Jones, Inc.	114,769	3,504,591
Summit Industrial Income REIT	323,236	4,546,432
Superior Plus Corp.	269,882	2,270,999
TFI International, Inc.	158,323	15,840,763
The Descartes Systems Group, Inc. *	154,308	10,901,478
The North West Co., Inc.	84,910	2,207,686
TMX Group Ltd.	101,686	10,241,588
Torex Gold Resources, Inc. *	151,078	1,124,779
Toromont Industries Ltd.	148,242	11,507,546
Tourmaline Oil Corp.	516,567	30,628,763
TransAlta Corp.	431,802	4,065,454
TransAlta Renewables, Inc.	196,313	2,605,315
Transcontinental, Inc., Class A	128,894	1,629,875
Tricon Residential, Inc.	443,690	4,644,922

₄₈

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Turquoise Hill Resources Ltd. *	181,761	5,013,139
Vermilion Energy, Inc.	290,017	7,768,629
West Fraser Timber Co., Ltd.	175,443	15,741,106
Westshore Terminals Investment Corp.	72,587	1,694,953
Whitecap Resources, Inc.	545,048	3,982,979
Winpak Ltd.	56,970	1,889,285
WSP Global, Inc.	214,140	25,591,823
Yamana Gold, Inc.	1,752,752	7,762,646
		785,445,813

Denmark 1.8%
ALK-Abello A/S *	239,584	4,473,392
Alm Brand A/S	1,542,599	2,267,086
Bavarian Nordic A/S *	127,966	4,844,379
Chemometec A/S	28,505	3,063,894
D/S Norden A/S	43,524	2,032,528
Dfds A/S	53,717	1,866,510
FLSmidth & Co. A/S	106,640	2,967,229
ISS A/S *	338,187	5,955,526
Jyske Bank A/S *	100,188	5,044,416
Netcompany Group A/S *	59,152	2,418,448
Nilfisk Holding A/S *	49,672	1,116,164
NKT A/S *	78,223	4,006,175
NTG Nordic Transport Group A/S *	27,525	1,069,918
Ringkjoebing Landbobank A/S	50,003	5,354,350
Scandinavian Tobacco Group A/S, Class A	108,365	1,629,218
Schouw & Co. A/S	23,090	1,688,911
Spar Nord Bank A/S	147,536	1,673,576
Sydbank A/S	105,927	3,070,555
The Drilling Co. of 1972 A/S *	40,211	1,910,434
Topdanmark A/S	79,201	4,159,062
Zealand Pharma A/S *	79,585	1,422,487
		62,034,258

Finland 0.9%
Cargotec Oyj, B Shares	88,868	3,034,706
Citycon Oyj *	127,148	902,647
Finnair Oyj *(a)	1,081,212	444,452
F-Secure Oyj *	196,373	494,348
Kemira Oyj	160,994	1,942,649
Konecranes Oyj	133,405	3,148,391
Metsa Board Oyj, B Shares	314,966	2,717,406
Oriola Oyj, B Shares	237,665	451,680
Outokumpu Oyj	603,999	2,437,299
QT Group Oyj *	35,056	1,787,908
Raisio Oyj, V Shares	201,114	438,839
Revenio Group Oyj	42,085	1,911,106
Sanoma Oyj	137,131	1,875,332
Terveystalo Oyj	134,357	1,195,658
TietoEVRY Oyj	160,871	4,128,212
Tokmanni Group Corp.	85,266	1,021,154
Uponor Oyj	98,435	1,479,770
WithSecure Oyj *	196,373	330,276
YIT Oyj	296,033	971,614
		30,713,447

France 3.1%
Air France-KLM *	2,083,716	3,066,442
AKWEL	14,484	262,159
Albioma S.A.	8,772	441,034
Altarea S.C.A.	6,985	917,304
Alten S.A.	52,288	6,472,374
Beneteau S.A.	67,479	723,318
Bonduelle S.C.A.	24,115	311,840

SECURITY	NUMBER OF SHARES	VALUE ($)
Carmila S.A.	105,169	1,679,352
Casino Guichard Perrachon S.A. *(a)	71,237	925,490
CGG S.A. *	1,308,063	1,245,084
Coface S.A. *	192,166	1,932,325
Derichebourg S.A.	176,656	1,000,981
Elior Group S.A. *	218,803	704,935
Elis S.A.	414,809	5,326,508
Equasens	6,077	471,748
Eramet S.A.	17,769	1,516,067
Etablissements Maurel et Prom S.A.	97,036	491,776
Eutelsat Communications S.A. *	332,327	3,012,554
Fnac Darty S.A.	30,200	1,020,351
Gaztransport Et Technigaz S.A.	52,369	6,687,773
GL Events *	23,900	404,229
ID Logistics Group *	4,301	1,206,638
Imerys S.A.	70,888	2,060,033
Interparfums S.A.	32,003	1,504,443
IPSOS	70,695	3,223,810
Jacquet Metals SACA	23,572	374,504
Korian S.A.	118,728	1,519,795
Lagardere S.A.	67,756	1,090,112
LISI	30,152	639,738
Maisons du Monde S.A.	80,890	776,787
Manitou BF S.A.	21,577	355,827
Mercialys S.A.	117,488	928,581
Mersen S.A.	25,040	742,779
Metropole Television S.A.	116,426	1,442,329
Nexans S.A.	53,460	4,897,234
Nexity S.A.	77,982	1,753,354
OVH Groupe SAS *(a)	40,037	512,701
PEUGEOT INVEST	9,328	819,792
Quadient S.A.	61,780	1,048,634
Rothschild & Co.	49,583	1,769,965
Rubis S.C.A.	169,231	4,010,911
SES S.A.	684,736	4,816,998
SES-imagotag S.A. *	9,268	927,284
SMCP S.A. *	75,222	414,126
Societe BIC S.A.	46,234	2,636,016
Solutions 30 SE *	149,815	439,888
Sopra Steria Group S.A.	26,516	3,679,515
SPIE S.A.	230,898	5,052,224
Technip Energies N.V.	253,357	3,178,169
Television Francaise 1	193,784	1,232,486
Trigano S.A.	14,434	1,256,196
Vallourec S.A. *	278,409	2,911,522
Valneva SE *(a)	160,575	1,480,321
Verallia S.A.	129,601	2,984,333
Vetoquinol S.A.	6,961	809,157
Vicat S.A.	28,166	715,138
Vilmorin & Cie S.A.	11,339	488,002
Virbac S.A.	7,855	2,922,479
Voltalia S.A. *	50,053	1,074,562
X-Fab Silicon Foundries SE *	95,839	598,463
		106,908,490

Germany 3.7%
Aareal Bank AG, Tender Shares *	111,225	3,556,584
About You Holding SE *(a)	59,049	430,481
Adesso SE	6,782	823,812
ADLER Group S.A. *(a)	175,552	493,567
AIXTRON SE	194,835	4,580,522
Atoss Software AG	7,047	936,784
Aurubis AG	64,015	3,889,251
Basler AG	20,940	516,930
BayWa AG	25,818	1,118,931
Befesa S.A.	72,762	3,002,725
Bertrandt AG	7,975	272,655

₄₉

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Bilfinger SE	51,332	1,527,860
CANCOM SE	64,973	1,824,113
CECONOMY AG	319,524	464,275
CompuGroup Medical SE & Co. KgaA	43,529	1,642,272
CropEnergies AG	38,386	629,936
Dermapharm Holding SE	30,541	1,420,053
Deutsche Beteiligungs AG	25,868	724,422
Deutsche Euroshop AG	17,538	419,721
Deutsche Pfandbriefbank AG	226,797	1,963,559
Deutz AG	210,213	793,096
DIC Asset AG	92,151	945,157
Duerr AG	91,842	2,028,043
Eckert & Ziegler Strahlen- und Medizintechnik AG	25,246	999,197
ElringKlinger AG	49,521	348,571
Encavis AG	198,807	4,268,085
flatexDEGIRO AG *	151,560	1,464,575
Freenet AG	215,854	4,710,026
Gerresheimer AG	56,970	2,987,473
GFT Technologies SE	30,179	1,007,503
Global Fashion Group S.A. *	191,969	270,634
Grand City Properties S.A.	172,696	2,052,595
GRENKE AG (a)	48,791	1,175,520
Hamburger Hafen und Logistik AG	46,052	564,026
Hensoldt AG	97,240	2,170,708
Hornbach Holding AG & Co. KGaA	15,055	1,063,483
Hugo Boss AG	102,884	5,627,950
Hypoport SE *	7,385	1,448,067
Indus Holding AG	35,818	801,373
Instone Real Estate Group AG	83,860	743,750
Jenoptik AG	91,893	1,949,703
K+S AG	350,436	7,999,044
Kloeckner & Co. SE	137,061	1,240,395
Koenig & Bauer AG *	24,267	284,036
Kontron AG (a)	85,786	1,308,596
Krones AG	25,978	2,145,936
KWS Saat SE & Co. KGaA	17,769	1,082,777
MorphoSys AG *	64,557	1,128,227
Nagarro SE *	14,295	1,443,183
New Work SE	5,146	615,773
Nordex SE *	235,158	2,271,464
Norma Group SE	57,519	905,746
PATRIZIA SE	78,240	991,295
Pfeiffer Vacuum Technology AG	12,052	1,597,269
ProSiebenSat.1 Media SE	306,428	2,373,206
Salzgitter AG	68,239	1,683,878
Secunet Security Networks AG	2,441	533,864
SGL Carbon SE *	93,569	638,859
Shop Apotheke Europe N.V. *	13,538	756,890
Siltronic AG	37,813	2,596,961
SMA Solar Technology AG *	16,324	825,654
Software AG	90,170	2,453,541
Stabilus SE	43,979	2,255,376
STRATEC SE	13,421	1,147,116
Stroeer SE & Co. KGaA	44,607	1,900,039
Suedzucker AG	142,652	1,959,441
Synlab AG	142,466	2,091,547
TAG Immobilien AG	297,060	2,746,625
Takkt AG	60,604	614,279
Teamviewer AG *	288,453	2,897,638
VERBIO Vereinigte BioEnergie AG	35,826	2,303,787
Vitesco Technologies Group AG, Class A *	39,759	1,946,209
Vossloh AG	15,877	543,612
Wacker Neuson SE	44,178	732,982
Washtec AG	19,104	768,401
Wuestenrot & Wuerttembergische AG	37,786	616,290

SECURITY	NUMBER OF SHARES	VALUE ($)
Zeal Network SE	28,357	839,748
		125,897,672

Hong Kong 1.1%
Antengene Corp., Ltd. *	539,173	285,769
Apollo Future Mobility Group Ltd. *	8,382,616	352,442
Asia Cement China Holdings Corp.	803,817	402,479
AsiaInfo Technologies Ltd.	672,610	968,358
Beijing Tong Ren Tang Chinese Medicine Co., Ltd.	406,525	508,101
Canvest Environmental Protection Group Co., Ltd.	1,287,270	772,475
China Animal Healthcare Ltd. *(b)	192,752	0
China Tobacco International HK Co., Ltd.	315,300	465,989
Chow Sang Sang Holdings International Ltd.	446,809	504,370
CITIC Resources Holdings Ltd.	4,287,735	270,413
CITIC Telecom International Holdings Ltd.	2,790,941	963,638
C-Mer Eye Care Holdings Ltd. *	779,390	400,179
Cosmopolitan International Holdings Ltd. *	3,650,520	479,056
Cowell e Holdings, Inc. *	550,378	1,120,552
Crystal International Group Ltd.	1,035,010	348,131
Dynam Japan Holdings Co., Ltd.	474,409	374,747
EC Healthcare	731,319	515,259
Esprit Holdings Ltd. *	5,008,374	625,341
Everest Medicines Ltd. *	185,873	283,231
Far East Consortium International Ltd.	1,797,004	570,089
Fortune Real Estate Investment Trust	2,469,618	2,010,595
Frontage Holdings Corp. *	1,104,496	363,060
Giordano International Ltd.	2,114,329	492,967
HKBN Ltd.	1,425,012	1,361,676
Hong Kong Technology Venture Co., Ltd.	982,767	745,009
Hua Medicine *	1,572,839	793,548
IGG, Inc. *	1,498,762	647,331
Jacobio Pharmaceuticals Group Co., Ltd. *	695,342	481,052
Jinchuan Group International Resources Co., Ltd. (a)	8,824,277	955,635
JW Cayman Therapeutics Co., Ltd. *	359,087	280,449
K Wah International Holdings Ltd.	2,286,621	862,343
LK Technology Holdings Ltd.	673,288	991,637
Luk Fook Holdings International Ltd.	617,887	1,586,274
MH Development NPV *(b)	459,925	10,723
OCI International Holdings Ltd. *(a)	1,777,448	758,640
Pacific Basin Shipping Ltd.	7,950,705	2,836,336
Pacific Textiles Holdings Ltd.	878,147	330,053
Pou Sheng International Holdings Ltd.	3,765,809	379,035
Powerlong Real Estate Holdings Ltd. (a)	2,599,161	327,840
Prosperity REIT	2,063,997	594,308
Realord Group Holdings Ltd. *	705,566	888,155
Road King Infrastructure Ltd.	481,500	252,134
Sa Sa International Holdings Ltd. *	2,067,429	337,159
Singamas Container Holdings Ltd.	2,506,798	233,150
SmarTone Telecommunications Holdings Ltd.	635,776	340,210
Stella International Holdings Ltd.	797,000	929,123
Sun Hung Kai & Co., Ltd.	867,699	400,195
SUNeVision Holdings Ltd.	1,104,391	724,643
Sunlight Real Estate Investment Trust	1,976,252	926,583
Superb Summit International Group Ltd. *(b)	1,120,000	0
Television Broadcasts Ltd. *	551,100	279,452
Texhong Textile Group Ltd.	545,429	513,543

₅₀

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
The United Laboratories International Holdings Ltd.	884,255	429,236
Theme International Holdings Ltd. *	9,331,875	1,105,722
Truly International Holdings Ltd.	2,815,572	620,593
Value Partners Group Ltd.	1,731,293	509,538
Vesync Co., Ltd.	710,915	452,878
Vobile Group Ltd. *	2,661,930	1,281,983
VSTECS Holdings Ltd.	1,116,414	739,644
Xiabuxiabu Catering Management China Holdings Co., Ltd. *	917,064	433,478
		38,416,549

Ireland 0.3%
Bank of Ireland Group plc	1,661,616	10,295,700
Dalata Hotel Group plc *	405,421	1,424,810
		11,720,510

Israel 1.1%
Allot Ltd. *	61,959	278,549
AudioCodes Ltd.	48,384	1,083,038
Cellcom Israel Ltd. *	169,562	1,064,844
Clal Insurance Enterprises Holdings Ltd. *	116,537	2,525,561
Compugen Ltd. *	152,989	181,207
Danel Adir Yeoshua Ltd.	8,093	992,633
Delek Automotive Systems Ltd.	93,236	1,442,916
Delek Group Ltd. *	14,169	2,467,952
Delta Galil Industries Ltd.	17,447	928,353
Equital Ltd. *	32,921	1,230,164
FIBI Holdings Ltd.	31,434	1,661,260
Formula Systems 1985 Ltd.	13,736	1,373,827
Gilat Satellite Networks Ltd. *	48,916	319,102
Hilan Ltd. *	25,315	1,550,962
IDI Insurance Co., Ltd.	14,591	477,236
Isracard Ltd.	332,447	1,112,337
Israel Canada T.R Ltd.	244,123	1,015,696
Matrix IT Ltd.	58,362	1,537,804
Mega Or Holdings Ltd.	36,455	1,271,259
Menora Mivtachim Holdings Ltd. *	41,992	970,381
Migdal Insurance & Financial Holding Ltd.	584,244	969,510
Naphtha Israel Petroleum Corp., Ltd. *	59,219	358,186
Oil Refineries Ltd.	2,687,763	1,161,092
One Software Technologies Ltd.	76,452	1,418,055
Partner Communications Co., Ltd. *	194,227	1,686,849
Perion Network Ltd. *	72,862	1,490,775
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.	13,736	1,067,018
Reit 1 Ltd.	342,180	2,185,911
Sella Capital Real Estate Ltd.	375,220	1,203,565
Summit Real Estate Holdings Ltd.	71,200	1,348,251
		36,374,293

Italy 2.2%
ACEA S.p.A.	77,208	927,756
Anima Holding S.p.A.	424,657	1,451,847
Arnoldo Mondadori Editore S.p.A.	232,427	380,491
Autogrill S.p.A. *	351,676	2,316,969
Azimut Holding S.p.A.	194,571	3,117,695
Banca Generali S.p.A.	100,670	2,676,486
Banca IFIS S.p.A.	42,798	514,274
Banca Monte dei Paschi di Siena S.p.A. *(a)	501,723	160,030
Banca Popolare di Sondrio S.p.A.	689,097	2,218,734

SECURITY	NUMBER OF SHARES	VALUE ($)
Banco BPM S.p.A.	2,487,005	6,209,504
BFF Bank S.p.A.	336,983	2,139,858
Biesse S.p.A.	23,554	300,796
BPER Banca	1,900,356	2,875,908
Brembo S.p.A.	265,304	2,446,339
Brunello Cucinelli S.p.A.	60,459	3,149,156
Carel Industries S.p.A.	82,052	1,765,657
Cementir Holding N.V.	77,506	450,471
CIR SpA-Compagnie Industriali *	1,294,506	544,106
Credito Emiliano S.p.A.	136,156	789,980
Danieli & C Officine Meccaniche S.p.A.	26,499	490,288
Datalogic S.p.A.	35,859	308,837
doValue S.p.A.	107,617	618,985
El.En. S.p.A.	91,396	1,244,370
Enav S.p.A. *	457,974	1,901,008
ERG S.p.A.	119,544	3,803,363
Fincantieri S.p.A. *(a)	881,101	443,438
Gruppo MutuiOnline S.p.A.	31,644	782,762
GVS S.p.A. *	126,196	1,143,971
Immobiliare Grande Distribuzione SIIQ S.p.A.	125,184	426,099
Intercos S.p.A. *	69,723	866,559
Iren S.p.A.	1,167,744	1,767,208
Italmobiliare S.p.A.	24,269	674,762
Iveco Group N.V. *	359,415	1,827,287
Juventus Football Club S.p.A. *	988,255	359,137
Maire Tecnimont S.p.A. (a)	297,415	759,028
MARR S.p.A.	60,955	718,357
MFE-MediaForEurope N.V., Class A *	1,302,223	553,897
MFE-MediaForEurope N.V., Class B *	508,885	296,791
Piaggio & C S.p.A.	288,926	709,473
RAI Way S.p.A.	168,147	814,966
Saipem S.p.A. *(a)	2,278,269	1,605,013
Salvatore Ferragamo S.p.A.	128,773	2,079,572
Sanlorenzo S.p.A	24,800	780,548
Saras S.p.A. *	983,426	1,196,549
Sesa S.p.A.	12,995	1,596,802
SOL S.p.A.	68,258	1,223,108
Tamburi Investment Partners S.p.A.	187,261	1,453,678
Technogym S.p.A.	253,358	1,745,134
Tinexta S.p.A.	35,991	801,263
Tod's S.p.A. *	15,806	642,742
Unipol Gruppo S.p.A.	870,639	3,662,970
Webuild S.p.A. (a)	573,684	810,499
Zignago Vetro S.p.A.	55,706	636,332
		73,180,853

Japan 17.4%
Adastria Co., Ltd.	47,891	698,198
ADEKA Corp.	184,616	3,149,626
Aeon Delight Co., Ltd.	33,048	679,674
Aeon Hokkaido Corp.	95,980	803,843
Ai Holdings Corp.	64,624	998,088
Aichi Corp.	41,846	251,755
Aichi Steel Corp.	20,649	308,339
Aida Engineering Ltd.	100,457	624,663
Aiful Corp.	530,458	1,507,668
Aiphone Co., Ltd.	21,867	330,943
Airtrip Corp.	20,570	392,036
Aisan Industry Co., Ltd.	63,046	333,365
Alconix Corp.	48,301	495,118
Alpen Co., Ltd.	27,487	417,188
Alpha Systems, Inc.	12,117	405,575
Amuse, Inc.	18,995	265,690
Anest Iwata Corp.	61,376	423,710
Anicom Holdings, Inc.	147,674	688,169
AOKI Holdings, Inc.	73,285	373,231

₅₁

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Aoyama Trading Co., Ltd.	79,458	531,917
Arata Corp.	22,837	680,374
Arcland Sakamoto Co., Ltd.	49,674	536,067
Arcland Service Holdings Co., Ltd.	22,609	338,585
Arcs Co., Ltd.	63,278	929,827
Argo Graphics, Inc.	26,412	740,203
ARTERIA Networks Corp.	44,534	419,238
Aruhi Corp.	61,175	466,452
Asahi Diamond Industrial Co., Ltd.	86,267	484,775
Asahi Holdings, Inc.	141,728	2,128,604
ASAHI YUKIZAI Corp.	21,048	350,281
ASKA Pharmaceutical Holdings Co., Ltd.	38,118	326,117
Atom Corp. (a)	210,740	1,200,971
Atrae, Inc. *	32,376	380,221
Autobacs Seven Co., Ltd.	106,903	1,101,997
Avex, Inc.	60,965	691,340
Axial Retailing, Inc.	24,994	627,442
Bando Chemical Industries Ltd.	74,876	546,615
Bank of the Ryukyus Ltd.	72,067	403,939
Base Co., Ltd.	15,215	746,344
Belc Co., Ltd.	17,028	685,419
Bell System24 Holdings, Inc.	58,616	630,030
Belluna Co., Ltd.	86,992	464,376
BeNext-Yumeshin Group Co.	102,965	1,225,553
BML, Inc.	37,069	955,972
Broadleaf Co., Ltd.	153,285	570,569
BRONCO BILLY Co., Ltd.	16,475	283,210
Bunka Shutter Co., Ltd.	91,216	703,408
Canon Electronics, Inc.	35,569	417,719
Carta Holdings, Inc.	36,136	457,744
Cawachi Ltd.	22,029	336,414
Central Glass Co., Ltd.	72,086	1,752,424
Change, Inc. *	58,140	791,417
Chilled & Frozen Logistics Holdings Co., Ltd.	38,540	344,184
Chiyoda Corp. *	279,144	803,451
Chiyoda Integre Co., Ltd.	20,060	313,291
Chofu Seisakusho Co., Ltd.	32,558	467,614
Chori Co., Ltd.	20,973	308,638
Chubu Shiryo Co., Ltd.	48,283	374,770
Chudenko Corp.	46,763	717,848
Chugoku Marine Paints Ltd.	81,880	522,733
CI Takiron Corp.	76,438	302,168
Citizen Watch Co., Ltd.	461,522	1,987,583
CKD Corp.	107,450	1,434,734
CMK Corp.	84,378	287,296
COLOPL, Inc.	90,870	462,134
Colowide Co., Ltd.	130,003	1,758,381
Comforia Residential REIT, Inc.	1,201	2,958,640
Computer Engineering & Consulting Ltd.	45,748	426,706
Comture Corp.	41,128	725,396
CONEXIO Corp.	29,910	284,806
CRE Logistics REIT, Inc.	947	1,461,915
Create Restaurants Holdings, Inc.	179,256	1,180,600
Create SD Holdings Co., Ltd.	39,228	885,725
CTS Co., Ltd.	45,574	254,458
Curves Holdings Co., Ltd.	111,702	668,802
Cybozu, Inc.	44,445	436,355
Dai-Dan Co., Ltd.	21,243	341,114
Daido Metal Co., Ltd.	72,897	278,179
Daihen Corp.	34,188	1,023,482
Daiho Corp.	28,909	845,634
Daiichi Jitsugyo Co., Ltd.	16,235	448,549
Daiken Corp.	28,611	402,670
Daiki Aluminium Industry Co., Ltd.	49,422	482,722
Daikokutenbussan Co., Ltd.	9,337	398,738
Daikyonishikawa Corp.	106,212	448,983

SECURITY	NUMBER OF SHARES	VALUE ($)
Dainichiseika Color & Chemicals Manufacturing Co., Ltd.	22,566	292,524
Daiseki Co., Ltd.	81,391	2,465,949
Daishi Hokuetsu Financial Group, Inc.	76,097	1,439,873
Daito Pharmaceutical Co., Ltd.	22,821	437,900
Daiwa Industries Ltd.	47,659	385,054
Daiwa Securities Living Investments Corp.	3,768	3,378,629
Daiwabo Holdings Co., Ltd.	165,210	2,347,799
DCM Holdings Co., Ltd.	181,236	1,350,527
Denyo Co., Ltd.	23,887	282,078
Dexerials Corp.	85,707	2,420,508
Digital Arts, Inc.	17,819	843,229
Digital Garage, Inc.	58,258	1,643,201
Dip Corp.	36,120	945,829
Direct Marketing MiX, Inc. *	38,902	520,284
DKK Co., Ltd.	20,863	380,011
Doshisha Co., Ltd.	36,358	399,709
Doutor Nichires Holdings Co., Ltd.	46,295	538,675
DTS Corp.	69,303	1,799,753
Duskin Co., Ltd.	74,508	1,542,564
DyDo Group Holdings, Inc.	14,435	484,204
Eagle Industry Co., Ltd.	49,016	414,050
Earth Corp.	26,702	1,051,707
EDION Corp.	147,209	1,273,245
eGuarantee, Inc.	60,141	996,963
Eiken Chemical Co., Ltd.	56,905	784,047
Eizo Corp.	35,045	960,656
Elan Corp.	58,624	481,679
Elecom Co., Ltd.	77,087	945,897
Elematec Corp.	30,480	299,468
EM Systems Co., Ltd.	66,387	490,869
en-japan, Inc.	56,695	980,328
Enplas Corp.	13,470	411,509
eRex Co., Ltd.	64,474	1,310,642
ES-Con Japan Ltd.	69,768	405,145
ESPEC Corp.	33,864	447,041
euglena Co., Ltd. *	150,131	1,060,258
Exedy Corp.	51,118	662,644
FCC Co., Ltd.	60,284	628,389
FIDEA Holdings Co., Ltd.	33,292	317,730
Financial Products Group Co., Ltd.	103,676	939,348
Frontier Real Estate Investment Corp.	893	3,433,500
Fuji Co., Ltd.	58,040	839,460
Fuji Corp.	148,729	2,189,763
Fuji Seal International, Inc.	71,894	805,420
Fuji Soft, Inc.	37,252	2,195,483
Fujibo Holdings, Inc.	18,212	475,581
Fujicco Co., Ltd.	39,050	548,742
Fujikura Ltd.	487,068	3,492,484
Fujimi, Inc.	34,874	1,690,556
Fujimori Kogyo Co., Ltd.	27,463	700,319
Fujio Food Group., Inc.	47,725	450,655
Fujitec Co., Ltd.	142,416	2,894,037
Fujiya Co., Ltd.	20,170	346,291
Fukuda Corp.	9,040	320,517
Fukui Computer Holdings, Inc.	12,840	329,741
Fukuoka REIT Corp.	1,337	1,642,497
Fukushima Galilei Co., Ltd.	20,560	540,604
FULLCAST Holdings Co., Ltd.	33,922	600,013
Funai Soken Holdings, Inc.	55,622	960,972
Furukawa Co., Ltd.	56,402	514,687
Furuno Electric Co., Ltd.	44,276	359,318
Fuso Chemical Co., Ltd.	33,155	846,663
Futaba Corp.	68,851	329,293
Futaba Industrial Co., Ltd.	105,972	275,967
Future Corp.	67,852	839,431
G-7 Holdings, Inc.	31,109	337,066

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Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Gakken Holdings Co., Ltd.	66,640	472,068
Genky DrugStores Co., Ltd.	15,173	403,336
Geo Holdings Corp.	48,778	580,938
giftee, Inc. *(a)	36,443	542,603
Giken Ltd.	23,751	557,688
Global One Real Estate Investment Corp.	1,718	1,385,554
GLOBERIDE, Inc.	35,438	702,497
Glory Ltd.	96,760	1,539,784
GMO GlobalSign Holdings KK	9,403	346,614
Goldcrest Co., Ltd.	27,820	348,992
Gree, Inc.	126,279	778,853
gremz, Inc.	28,267	373,971
G-Tekt Corp.	34,394	346,607
Gunze Ltd.	27,978	795,191
H.I.S. Co., Ltd. *(a)	74,580	1,119,036
H2O Retailing Corp.	157,320	1,114,433
Hakuto Co., Ltd.	21,012	503,985
Halows Co., Ltd.	15,426	340,513
Hamakyorex Co., Ltd.	28,526	654,375
Hankyu Hanshin REIT, Inc.	1,190	1,335,719
Hanwa Co., Ltd.	67,505	1,682,451
Happinet Corp.	28,517	332,433
Hazama Ando Corp.	302,357	1,886,664
Heiwa Real Estate Co., Ltd.	59,998	1,703,099
Heiwa Real Estate REIT, Inc.	1,660	1,892,011
Heiwado Co., Ltd.	54,197	778,795
Hibiya Engineering Ltd.	29,517	397,109
Hiday Hidaka Corp.	46,222	700,540
HI-LEX Corp.	48,894	379,513
Hioki EE Corp.	15,755	773,970
Hirata Corp.	16,339	538,642
Hitachi Zosen Corp.	294,149	1,875,764
Hodogaya Chemical Co., Ltd.	11,014	259,013
Hogy Medical Co., Ltd.	33,293	838,179
Hokkaido Electric Power Co., Inc.	318,870	1,175,420
Hokkoku Financial Holdings, Inc.	41,226	1,464,657
Hokuetsu Corp.	249,950	1,355,906
Hokuhoku Financial Group, Inc.	223,391	1,334,303
Hokuriku Electric Power Co.	314,514	1,157,094
Hokuto Corp.	36,322	504,643
Hoosiers Holdings Co., Ltd.	48,715	284,295
Hoshino Resorts REIT, Inc.	436	2,041,219
Hosiden Corp.	99,325	1,136,371
Hosokawa Micron Corp.	23,229	441,372
Hulic REIT, Inc.	2,337	2,798,500
Ichibanya Co., Ltd. (a)	29,634	973,727
Ichigo Office REIT Investment Corp.	2,226	1,387,386
Ichigo, Inc.	345,478	760,114
Ichikoh Industries Ltd.	105,984	290,524
Ichiyoshi Securities Co., Ltd.	68,377	313,708
Icom, Inc.	16,667	319,814
Idec Corp.	45,939	971,637
IDOM, Inc.	97,502	581,671
Iino Kaiun Kaisha Ltd.	148,623	882,357
I'll, Inc.	32,544	416,704
Inaba Denki Sangyo Co., Ltd.	93,642	1,861,019
Inabata & Co., Ltd.	72,765	1,281,819
Inageya Co., Ltd.	43,287	384,392
Ines Corp.	33,554	377,112
Infocom Corp.	37,432	548,418
Infomart Corp.	393,103	1,202,349
Insource Co., Ltd.	37,154	757,955
Intage Holdings, Inc.	54,713	634,256
Inui Global Logistics Co., Ltd.	20,933	324,207
Invincible Investment Corp.	8,913	2,758,288
IR Japan Holdings Ltd.	15,409	287,561
Iriso Electronics Co., Ltd.	36,372	1,096,736
Ishihara Sangyo Kaisha Ltd.	60,511	492,382

SECURITY	NUMBER OF SHARES	VALUE ($)
Itochu Advance Logistics Investment Corp.	1,068	1,224,974
Itochu Enex Co., Ltd.	82,117	646,273
Itochu-Shokuhin Co., Ltd.	8,956	328,844
J Trust Co., Ltd. (a)	151,473	676,370
JAC Recruitment Co., Ltd.	28,337	404,332
Jaccs Co., Ltd.	46,756	1,296,857
JAFCO Group Co., Ltd.	127,318	1,859,830
Japan Display, Inc. *	1,901,573	864,195
Japan Elevator Service Holdings Co., Ltd.	125,694	1,703,726
Japan Excellent, Inc.	2,228	2,111,879
Japan Lifeline Co., Ltd.	119,254	874,028
Japan Material Co., Ltd.	101,935	1,428,009
Japan Petroleum Exploration Co., Ltd.	55,440	1,573,716
Japan Pulp & Paper Co., Ltd.	16,864	531,619
Japan Securities Finance Co., Ltd.	149,740	900,870
Japan Transcity Corp.	86,962	320,560
JCU Corp.	36,094	860,528
JDC Corp.	74,931	327,021
JINS Holdings, Inc. (a)	25,639	788,821
JM Holdings Co., Ltd.	26,426	304,245
J-Oil Mills, Inc.	31,534	364,191
Joshin Denki Co., Ltd.	34,428	477,087
Joyful Honda Co., Ltd.	103,172	1,295,744
Juroku Financial Group, Inc.	63,886	1,136,468
JVCKenwood Corp.	282,301	417,469
K&O Energy Group, Inc.	25,399	308,361
Kaga Electronics Co., Ltd.	32,841	981,973
Kameda Seika Co., Ltd.	25,021	819,443
Kamei Corp.	39,114	310,090
Kanagawa Chuo Kotsu Co., Ltd.	11,466	308,931
Kanamoto Co., Ltd.	49,177	762,709
Kanematsu Corp.	152,190	1,658,857
Kanematsu Electronics Ltd.	22,021	675,920
Kanto Denka Kogyo Co., Ltd.	80,734	586,468
Kappa Create Co., Ltd. *	38,176	390,228
Katakura Industries Co., Ltd.	35,739	524,129
Kato Sangyo Co., Ltd.	35,725	883,944
KeePer Technical Laboratory Co., Ltd.	20,518	612,025
Keihanshin Building Co., Ltd.	60,643	550,763
Keiyo Co., Ltd.	69,187	455,673
Kenedix Residential Next Investment Corp.	1,874	3,056,530
Kenedix Retail REIT Corp.	1,082	2,225,271
Key Coffee, Inc.	28,858	451,111
KFC Holdings Japan Ltd.	26,156	527,743
KH Neochem Co., Ltd.	63,315	1,177,465
Kintetsu Department Store Co., Ltd. *	15,662	258,049
Kisoji Co., Ltd. (a)	41,242	647,377
Kissei Pharmaceutical Co., Ltd.	53,087	952,024
Ki-Star Real Estate Co., Ltd.	13,584	482,116
Kitz Corp.	142,247	837,320
KNT-CT Holdings Co. Ltd *	19,830	247,759
Koa Corp.	49,937	855,188
Kohnan Shoji Co., Ltd.	44,675	1,113,451
Komatsu Matere Co., Ltd.	56,029	371,438
KOMEDA Holdings Co., Ltd.	57,160	947,959
Komeri Co., Ltd.	49,432	933,904
Komori Corp.	79,410	442,233
Konishi Co., Ltd.	44,102	520,157
Konoike Transport Co., Ltd.	52,088	498,241
Koshidaka Holdings Co., Ltd.	87,201	549,154
Kumagai Gumi Co., Ltd.	61,376	1,180,810
Kumiai Chemical Industry Co., Ltd.	166,056	1,303,293
Kura Sushi, Inc.	36,861	861,530
Kurabo Industries Ltd.	31,256	479,804
Kureha Corp.	32,134	2,178,969

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Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
KYB Corp.	35,105	838,215
Kyoei Steel Ltd.	39,645	439,563
Kyokuto Kaihatsu Kogyo Co., Ltd.	54,642	540,803
Kyokuyo Co., Ltd.	16,717	440,159
KYORIN Holdings, Inc.	66,271	837,560
Kyoritsu Maintenance Co., Ltd.	44,328	1,749,137
Kyosan Electric Manufacturing Co., Ltd.	72,405	224,070
Leopalace21 Corp. *	449,810	1,074,028
Life Corp.	36,703	693,683
Link And Motivation, Inc.	78,441	364,408
LITALICO, Inc.	30,388	644,697
M&A Capital Partners Co., Ltd. *	22,966	575,703
Macnica Holdings, Inc.	85,048	1,846,669
Macromill, Inc.	59,880	460,034
Maeda Kosen Co., Ltd.	38,716	906,283
Makino Milling Machine Co., Ltd.	37,531	1,193,953
Management Solutions Co., Ltd. *(a)	29,563	600,537
Mandom Corp.	65,752	714,319
Marudai Food Co., Ltd.	36,916	420,490
Maruha Nichiro Corp.	66,088	1,188,035
MARUKA FURUSATO Corp.	27,575	678,310
Marusan Securities Co., Ltd.	100,963	348,136
Maruwa Co., Ltd.	14,670	1,866,754
Maruzen Showa Unyu Co., Ltd.	27,374	629,923
Marvelous, Inc.	52,884	259,031
Matsuda Sangyo Co., Ltd.	20,636	362,479
Matsuya Co., Ltd. *	70,730	453,080
Matsuyafoods Holdings Co., Ltd.	14,791	408,120
Max Co., Ltd.	68,699	995,113
Maxell Holdings Ltd.	72,985	781,315
MCJ Co., Ltd.	114,107	799,263
MEC Co., Ltd.	23,924	432,832
MedPeer, Inc. *	28,853	333,436
Megachips Corp.	30,043	599,235
Megmilk Snow Brand Co., Ltd.	74,955	928,928
Meidensha Corp.	73,075	1,057,446
Meiko Electronics Co., Ltd.	34,624	817,988
Meisei Industrial Co., Ltd.	84,840	459,008
Meitec Corp.	127,939	2,267,601
METAWATER Co., Ltd.	38,650	573,512
Micronics Japan Co., Ltd.	59,152	615,309
Midac Holdings Co., Ltd.	21,148	491,229
Mie Kotsu Group Holdings, Inc.	93,531	326,557
Milbon Co., Ltd.	33,209	1,413,404
Mimasu Semiconductor Industry Co., Ltd.	23,240	358,428
Mirai Corp.	3,023	1,114,339
MIRAIT ONE Corp.	150,123	1,695,889
Miroku Jyoho Service Co., Ltd.	30,260	337,908
Mitani Sekisan Co., Ltd.	18,508	483,978
Mitsubishi Estate Logistics REIT Investment Corp.	783	2,702,727
Mitsubishi Logisnext Co., Ltd.	117,485	711,054
Mitsubishi Pencil Co., Ltd.	80,514	812,545
Mitsubishi Research Institute, Inc.	11,394	343,156
Mitsubishi Shokuhin Co., Ltd.	29,529	727,441
Mitsuboshi Belting Ltd.	36,925	855,035
Mitsui DM Sugar Holdings Co., Ltd.	29,078	393,091
Mitsui E&S Holdings Co., Ltd. *	126,112	394,825
Mitsui-Soko Holdings Co., Ltd.	39,238	955,298
Mitsuuroko Group Holdings Co., Ltd.	82,580	587,368
Mixi, Inc.	67,600	1,168,889
Mizuho Leasing Co., Ltd.	76,503	1,859,802
Mizuno Corp.	34,639	671,416
Mochida Pharmaceutical Co., Ltd.	44,572	1,104,453
Modec, Inc. *	35,379	369,549
Monex Group, Inc.	331,578	1,203,129
Monogatari Corp.	17,625	901,434

SECURITY	NUMBER OF SHARES	VALUE ($)
Mori Trust Hotel Reit, Inc.	558	532,540
Mori Trust Sogo REIT, Inc.	1,802	1,886,169
Moriroku Holdings Co., Ltd.	17,238	219,975
Morita Holdings Corp.	73,884	676,881
MOS Food Services, Inc.	44,595	1,022,991
Musashi Seimitsu Industry Co., Ltd.	81,733	1,001,137
Nachi-Fujikoshi Corp.	30,548	836,283
Nagaileben Co., Ltd.	49,141	692,671
Nagatanien Holdings Co., Ltd.	19,960	292,291
Nagawa Co., Ltd.	17,742	1,044,362
Net Protections Holdings, Inc. *(a)	80,525	306,126
Neturen Co., Ltd.	63,646	316,336
Nextage Co., Ltd.	66,445	1,459,513
Nichias Corp.	98,810	1,720,666
Nichiban Co., Ltd.	26,410	308,061
Nichicon Corp.	107,435	1,139,257
Nichiden Corp.	21,121	288,571
Nichiha Corp.	48,123	966,799
Nichireki Co., Ltd.	40,190	395,449
Nihon Nohyaku Co., Ltd.	66,634	412,902
Nihon Parkerizing Co., Ltd.	165,107	1,148,156
Nikkiso Co., Ltd.	110,219	810,194
Nikkon Holdings Co., Ltd.	90,556	1,544,923
Nippn Corp.	88,284	999,862
Nippon Carbon Co., Ltd.	17,525	519,587
Nippon Ceramic Co., Ltd.	32,370	616,694
Nippon Chemi-Con Corp. *	37,703	499,896
Nippon Denko Co., Ltd.	202,662	543,843
Nippon Densetsu Kogyo Co., Ltd.	62,659	812,250
Nippon Fine Chemical Co., Ltd.	24,861	349,713
Nippon Gas Co., Ltd.	192,770	3,089,882
Nippon Kanzai Co., Ltd.	31,836	610,654
Nippon Koei Co., Ltd.	22,882	590,929
Nippon Light Metal Holdings Co., Ltd.	107,415	1,245,200
Nippon Paper Industries Co., Ltd.	172,932	1,133,960
Nippon Parking Development Co., Ltd.	245,383	284,989
Nippon Pillar Packing Co., Ltd.	29,099	548,919
NIPPON REIT Investment Corp.	780	2,149,396
Nippon Road Co., Ltd.	5,875	262,759
Nippon Seiki Co., Ltd.	86,371	514,020
Nippon Sheet Glass Co., Ltd. *	152,200	586,293
Nippon Signal Co., Ltd.	104,276	701,818
Nippon Soda Co., Ltd.	46,071	1,533,761
Nippon Steel Trading Corp.	26,237	1,016,358
Nippon Suisan Kaisha Ltd.	465,113	1,915,813
Nippon Thompson Co., Ltd.	117,482	488,149
Nippon Yakin Kogyo Co., Ltd.	23,552	490,493
Nishimatsu Construction Co., Ltd.	48,921	1,427,487
Nishimatsuya Chain Co., Ltd.	82,828	976,907
Nishi-Nippon Financial Holdings, Inc.	257,774	1,376,034
Nishio Rent All Co., Ltd.	28,470	598,460
Nissan Shatai Co., Ltd.	108,212	602,631
Nissei ASB Machine Co., Ltd.	14,436	427,483
Nissha Co., Ltd.	68,720	901,725
Nisshinbo Holdings, Inc.	242,083	1,889,513
Nissin Electric Co., Ltd.	80,560	867,636
Nissin Sugar Co., Ltd.	23,603	300,177
Nitta Corp.	41,295	874,307
Nittetsu Mining Co., Ltd.	10,425	464,754
Nitto Boseki Co., Ltd.	53,065	971,152
Nitto Kogyo Corp.	44,949	834,941
Nohmi Bosai Ltd.	39,946	475,750
Nojima Corp.	58,808	1,192,917
Nomura Co., Ltd.	135,277	924,129
Noritake Co., Ltd.	24,060	728,959
Noritsu Koki Co., Ltd.	37,992	712,016
Noritz Corp.	60,185	672,943
North Pacific Bank Ltd.	500,024	833,223

₅₄

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
NS United Kaiun Kaisha Ltd.	17,855	621,463
NSD Co., Ltd.	123,494	2,238,705
NTN Corp. *	805,747	1,540,292
NTT UD REIT Investment Corp.	2,467	2,678,330
Obara Group, Inc.	18,268	434,874
Ohsho Food Service Corp.	19,082	894,738
Oiles Corp.	49,221	536,504
Oisix ra daichi, Inc. *(a)	43,885	606,871
Okabe Co., Ltd.	63,408	301,431
Okamoto Industries, Inc.	25,412	714,927
Okamura Corp.	136,482	1,313,378
Okasan Securities Group, Inc.	275,830	666,568
Oki Electric Industry Co., Ltd.	145,848	792,235
Okinawa Financial Group, Inc.	36,270	560,174
Okumura Corp.	62,414	1,320,993
Okuwa Co., Ltd.	46,241	303,881
One REIT, Inc.	459	899,623
Onoken Co., Ltd.	27,078	290,460
Onward Holdings Co., Ltd.	185,507	369,341
Open Door, Inc. *	22,490	333,233
Optex Group Co., Ltd.	56,424	847,021
Organo Corp.	12,194	819,824
Oriental Shiraishi Corp. *	168,826	306,901
Osaka Organic Chemical Industry Ltd.	27,224	507,854
Osaka Soda Co., Ltd.	34,485	941,574
OSAKA Titanium Technologies Co. Ltd *	36,115	827,161
Osaki Electric Co., Ltd.	68,005	258,529
Outsourcing, Inc.	186,619	1,645,074
Oyo Corp.	38,496	515,409
Pacific Industrial Co., Ltd.	85,212	670,017
Pacific Metals Co., Ltd.	25,756	453,714
PAL GROUP Holdings Co., Ltd.	41,220	688,363
Paramount Bed Holdings Co., Ltd.	70,649	1,340,866
Pasona Group, Inc.	33,420	506,996
Pharma Foods International Co., Ltd. (a)	45,218	492,220
PHC Holdings Corp. *	59,625	696,360
PIA Corp. *	11,392	274,065
Pilot Corp.	64,963	2,343,120
Piolax, Inc.	44,414	647,187
Plenus Co., Ltd.	45,893	632,984
Pole To Win Holdings, Inc.	53,429	391,588
Press Kogyo Co., Ltd.	145,283	463,229
Pressance Corp.	34,276	373,605
Prestige International, Inc.	152,155	738,686
Prima Meat Packers Ltd.	53,123	833,490
Procrea Holdings, Inc.	50,220	784,320
Proto Corp.	38,244	309,263
Qol Holdings Co., Ltd.	38,621	352,708
Raito Kogyo Co., Ltd.	84,110	1,123,085
Raiznext Corp.	79,398	690,168
Raksul, Inc. *	45,871	714,413
Relia, Inc.	67,532	493,489
Restar Holdings Corp.	45,514	675,035
Retail Partners Co., Ltd.	57,428	444,510
Rheon Automatic Machinery Co., Ltd.	36,319	330,113
Ricoh Leasing Co., Ltd.	23,223	601,411
Riken Corp.	17,216	299,425
Riken Keiki Co., Ltd.	31,421	998,445
Riken Technos Corp.	85,468	321,834
Riken Vitamin Co., Ltd.	28,456	352,454
Ringer Hut Co., Ltd. (a)	45,661	727,282
Riso Kagaku Corp.	40,852	729,958
Riso Kyoiku Co., Ltd.	168,833	381,206
Rock Field Co., Ltd.	31,137	351,744
Roland Corp.	22,547	664,415
Roland DG Corp.	21,038	500,056
Rorze Corp.	17,460	1,079,403
Round One Corp.	116,076	1,684,724

SECURITY	NUMBER OF SHARES	VALUE ($)
Royal Holdings Co., Ltd. *	69,603	1,098,083
RS Technologies Co., Ltd.	11,869	589,062
Ryobi Ltd.	50,625	474,387
Ryoden Corp.	24,284	287,642
Ryosan Co., Ltd.	42,370	683,727
Ryoyo Electro Corp.	27,197	447,120
S Foods, Inc.	33,429	720,306
Sagami Holdings Corp.	36,506	319,172
Saibu Gas Holdings Co., Ltd.	41,359	546,580
Saizeriya Co., Ltd.	45,453	853,484
Sakai Chemical Industry Co., Ltd.	22,577	321,168
Sakai Moving Service Co., Ltd.	16,076	534,031
Sakata INX Corp.	68,570	483,762
Sakata Seed Corp.	58,256	2,172,649
SAMTY Co., Ltd.	47,162	751,530
Samty Residential Investment Corp.	710	650,972
San ju San Financial Group, Inc.	39,792	425,979
San-A Co., Ltd.	30,473	913,366
San-Ai Obbli Co., Ltd.	93,386	743,720
Sangetsu Corp.	105,766	1,242,107
Sankei Real Estate, Inc.	826	579,168
Sanken Electric Co., Ltd.	35,560	1,268,488
Sanki Engineering Co., Ltd.	94,063	1,116,882
Sanrio Co., Ltd.	101,730	2,696,900
Sanyo Chemical Industries Ltd.	18,756	645,382
Sanyo Denki Co., Ltd.	15,289	601,082
Sanyo Electric Railway Co., Ltd.	30,374	498,473
Sanyo Special Steel Co., Ltd.	42,061	638,387
Sato Holdings Corp.	41,276	572,579
SB Technology Corp.	18,044	325,280
SBS Holdings, Inc.	30,604	639,124
Seikagaku Corp.	72,910	464,941
Seiko Holdings Corp.	48,813	1,014,465
Seiren Co., Ltd.	75,186	1,151,451
Sekisui Jushi Corp.	47,466	590,992
Senko Group Holdings Co., Ltd.	188,502	1,297,247
Senshu Electric Co., Ltd.	11,270	456,084
Senshu Ikeda Holdings, Inc.	501,976	800,265
Shibaura Machine Co., Ltd.	49,914	1,105,399
Shibuya Corp.	35,097	636,240
Shikoku Chemicals Corp.	55,596	500,113
Shima Seiki Manufacturing Ltd.	51,722	828,671
Shin Nippon Air Technologies Co., Ltd.	23,254	312,849
Shin Nippon Biomedical Laboratories Ltd.	38,348	660,042
Shindengen Electric Manufacturing Co., Ltd.	14,146	375,016
Shin-Etsu Polymer Co., Ltd.	62,549	604,170
Shinko Shoji Co., Ltd.	63,168	467,979
Shinmaywa Industries Ltd.	97,294	746,769
Shinwa Co., Ltd. (a)	20,346	325,830
Shizuoka Gas Co., Ltd.	102,132	769,904
Shoei Co., Ltd.	43,219	1,730,319
Shoei Foods Corp.	23,967	700,208
Showa Sangyo Co., Ltd.	47,830	892,942
SIGMAXYZ Holdings, Inc.	32,410	290,141
Siix Corp.	60,928	490,940
Simplex Holdings, Inc. *	51,976	799,371
Sinanen Holdings Co., Ltd.	17,858	494,034
Sinfonia Technology Co., Ltd.	40,214	439,779
Sinko Industries Ltd.	35,736	416,329
Sintokogio Ltd.	78,384	402,027
SKY Perfect JSAT Holdings, Inc.	220,466	881,069
Snow Peak, Inc. (a)	56,227	885,841
Sodick Co., Ltd.	84,164	491,779
Softcreate Holdings Corp.	12,984	358,728
Solasto Corp.	86,043	557,999
SOSiLA Logistics REIT, Inc. *	1,170	1,331,838

₅₅

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Sparx Group Co., Ltd.	154,298	335,031
S-Pool, Inc.	105,614	826,627
SRA Holdings	15,681	335,282
St Marc Holdings Co., Ltd.	24,895	288,953
Star Asia Investment Corp.	2,948	1,222,795
Star Micronics Co., Ltd.	59,906	793,849
Starts Corp., Inc.	51,783	1,002,601
Starts Proceed Investment Corp.	383	708,395
Starzen Co., Ltd.	26,432	403,654
Stella Chemifa Corp.	15,524	317,927
Strike Co., Ltd.	24,640	705,651
Studio Alice Co., Ltd. (a)	16,035	257,601
Sumitomo Densetsu Co., Ltd.	23,987	455,775
Sumitomo Mitsui Construction Co., Ltd.	265,075	887,248
Sumitomo Osaka Cement Co., Ltd.	57,150	1,455,289
Sumitomo Riko Co., Ltd.	71,049	299,316
Sumitomo Seika Chemicals Co., Ltd.	16,763	377,281
Sun Frontier Fudousan Co., Ltd.	46,310	401,882
Suruga Bank Ltd.	318,289	863,312
SWCC Showa Holdings Co., Ltd.	39,670	525,690
Systena Corp.	494,493	1,530,298
T Hasegawa Co., Ltd.	37,997	827,780
Tachibana Eletech Co., Ltd.	33,413	392,881
Tachi-S Co., Ltd.	50,373	445,862
Tadano Ltd.	203,865	1,405,915
Taihei Dengyo Kaisha Ltd.	26,383	677,536
Taikisha Ltd.	51,553	1,191,902
Taiyo Holdings Co., Ltd.	59,547	1,178,268
Takamatsu Construction Group Co., Ltd.	29,467	407,277
Takara Leben Co., Ltd.	144,605	395,349
Takara Leben Real Estate Investment Corp.	943	728,550
Takara Standard Co., Ltd.	89,803	857,704
Takasago International Corp.	26,268	526,781
Takasago Thermal Engineering Co., Ltd.	104,992	1,248,922
Takeuchi Manufacturing Co., Ltd.	62,247	1,191,281
Taki Chemical Co., Ltd.	9,020	337,050
Takuma Co., Ltd.	133,060	1,348,597
Tama Home Co., Ltd.	23,250	394,642
Tamron Co., Ltd.	21,181	466,020
Tamura Corp.	143,682	768,031
Tanseisha Co., Ltd.	77,607	445,628
Tayca Corp.	32,659	311,218
TechMatrix Corp.	42,933	536,101
Teikoku Electric Manufacturing Co., Ltd.	29,274	411,156
Teikoku Sen-I Co., Ltd.	34,737	410,705
Tekken Corp.	24,987	322,465
Tenma Corp.	21,518	349,566
Tess Holdings Co., Ltd.	25,304	221,233
T-Gaia Corp.	38,047	454,506
The 77 Bank Ltd.	128,187	1,645,047
The Aichi Bank Ltd.	15,610	651,988
The Akita Bank Ltd.	28,097	336,049
The Awa Bank Ltd.	62,347	854,531
The Bank of Iwate Ltd.	28,619	385,440
The Bank of Nagoya Ltd.	28,304	632,948
The Ehime Bank Ltd.	60,193	370,385
The Fukui Bank Ltd.	41,152	411,446
The Gunma Bank Ltd.	745,827	2,092,889
The Hyakugo Bank Ltd.	373,567	859,642
The Hyakujushi Bank Ltd.	48,329	592,673
The Japan Wool Textile Co., Ltd.	122,667	907,006
The Keiyo Bank Ltd.	207,960	727,579
The Kiyo Bank Ltd.	110,526	1,195,953
The Miyazaki Bank Ltd.	26,084	419,226
The Musashino Bank Ltd.	57,310	702,810
The Nanto Bank Ltd.	55,751	790,669
The Nisshin Oillio Group Ltd.	41,750	981,821

SECURITY	NUMBER OF SHARES	VALUE ($)
The Ogaki Kyoritsu Bank Ltd.	71,004	885,597
The Oita Bank Ltd.	31,274	427,966
The Okinawa Electric Power Co., Inc.	78,417	642,044
The Pack Corp.	20,407	339,172
The San-in Godo Bank Ltd.	266,401	1,318,313
The Shibusawa Warehouse Co., Ltd.	20,928	319,449
The Shiga Bank Ltd.	84,838	1,574,667
The Shikoku Bank Ltd.	58,178	360,504
The Sumitomo Warehouse Co., Ltd.	96,167	1,519,942
The Tochigi Bank Ltd.	195,191	406,927
The Toho Bank Ltd.	343,925	506,119
The Yamagata Bank Ltd.	49,221	330,566
The Yamanashi Chuo Bank Ltd.	55,633	459,913
TKC Corp.	52,047	1,310,327
Toa Corp.	29,101	513,269
Toagosei Co., Ltd.	214,819	1,687,559
TOC Co., Ltd.	86,962	464,216
Tocalo Co., Ltd.	103,488	964,519
Toei Co., Ltd.	12,695	1,688,698
Toenec Corp.	11,006	292,170
Toho Holdings Co., Ltd.	96,281	1,283,515
Toho Titanium Co., Ltd.	56,846	905,025
Toho Zinc Co., Ltd.	26,226	462,940
Tokai Corp.	31,704	422,186
TOKAI Holdings Corp.	223,151	1,432,674
Tokai Rika Co., Ltd.	96,624	1,046,920
Tokai Tokyo Financial Holdings, Inc.	400,844	1,093,014
Token Corp.	13,307	854,336
Tokushu Tokai Paper Co., Ltd.	12,693	290,257
Tokuyama Corp.	125,492	1,666,588
Tokyo Electron Device Ltd.	10,384	444,199
Tokyo Kiraboshi Financial Group, Inc.	49,455	803,410
Tokyo Seimitsu Co., Ltd.	69,735	2,354,264
Tokyo Steel Manufacturing Co., Ltd.	141,587	1,512,645
Tokyotokeiba Co., Ltd.	25,034	762,984
Tokyu Construction Co., Ltd.	114,844	543,464
Tokyu REIT, Inc.	1,727	2,472,927
TOMONY Holdings, Inc.	258,085	588,313
Tomy Co., Ltd.	155,986	1,488,689
Tonami Holdings Co., Ltd.	12,199	325,160
Topcon Corp.	188,394	2,579,418
Topre Corp.	77,763	699,516
Topy Industries Ltd.	34,039	347,450
Toridoll Holdings Corp.	77,354	1,663,425
Torii Pharmaceutical Co., Ltd.	23,163	501,273
Torishima Pump Manufacturing Co., Ltd.	40,710	431,401
Tosei Corp.	48,242	485,117
Tosho Co., Ltd.	25,101	209,499
Totetsu Kogyo Co., Ltd.	50,434	845,872
Towa Corp.	42,737	580,822
Towa Pharmaceutical Co., Ltd.	48,136	766,009
Toyo Construction Co., Ltd.	132,113	818,648
Toyo Corp.	35,389	339,275
Toyo Ink SC Holdings Co., Ltd.	65,348	902,262
Toyo Kanetsu KK	14,547	274,727
Toyo Tanso Co., Ltd.	25,985	636,386
Toyobo Co., Ltd.	159,667	1,218,595
TPR Co., Ltd.	46,360	427,398
Trancom Co., Ltd.	10,987	604,731
Transcosmos, Inc.	48,526	1,351,202
TRE Holdings Corp.	58,178	719,330
Tri Chemical Laboratories, Inc.	48,431	866,780
Trusco Nakayama Corp.	68,572	968,541
TSI Holdings Co., Ltd.	142,945	401,123
Tsubaki Nakashima Co., Ltd.	76,402	645,387
Tsubakimoto Chain Co.	62,141	1,447,902
Tsugami Corp.	77,033	699,618
Tsukishima Kikai Co., Ltd.	63,586	421,078

₅₆

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Tsurumi Manufacturing Co., Ltd.	37,167	576,440
TV Asahi Holdings Corp.	36,905	387,353
UACJ Corp.	51,468	898,114
Uchida Yoko Co., Ltd.	16,039	577,925
Union Tool Co.	16,743	431,181
Unipres Corp.	69,574	483,818
United Arrows Ltd.	47,672	631,385
United Super Markets Holdings, Inc.	98,931	755,051
Usen-Next Holdings Co., Ltd.	29,499	449,853
UT Group Co., Ltd.	50,549	1,023,560
V Technology Co., Ltd.	15,894	345,110
Valor Holdings Co., Ltd.	69,074	885,941
Valqua Ltd.	26,796	524,805
ValueCommerce Co., Ltd.	29,326	542,835
Vector, Inc.	42,774	362,248
Vision, Inc./Tokyo Japan *	48,080	465,799
Vital KSK Holdings, Inc.	52,963	255,980
VT Holdings Co., Ltd.	152,973	532,992
Wacoal Holdings Corp.	95,348	1,533,822
Wacom Co., Ltd.	258,350	1,571,066
Wakita & Co., Ltd.	80,588	652,261
Warabeya Nichiyo Holdings Co., Ltd.	24,256	397,020
Weathernews, Inc.	10,234	595,768
WingArc1st, Inc.	29,939	369,959
World Co., Ltd.	33,642	329,807
World Holdings Co., Ltd.	16,567	329,727
W-Scope Corp. *	91,818	1,556,518
YAKUODO Holdings Co., Ltd.	16,181	279,673
YAMABIKO Corp.	66,508	546,457
YA-MAN Ltd.	49,135	573,138
Yamazen Corp.	114,446	771,917
Yellow Hat Ltd.	51,730	672,443
Yodogawa Steel Works Ltd.	48,825	884,397
Yokogawa Bridge Holdings Corp.	54,268	762,982
Yokohama Reito Co., Ltd.	77,563	516,993
Yokowo Co., Ltd.	39,917	637,232
Yondoshi Holdings, Inc.	41,143	530,073
Yonex Co., Ltd.	71,092	811,821
Yoshinoya Holdings Co., Ltd.	117,518	2,084,593
Yuasa Trading Co., Ltd.	28,656	726,607
Yurtec Corp.	61,321	332,206
Zenrin Co., Ltd.	55,537	382,599
ZERIA Pharmaceutical Co., Ltd.	64,102	963,206
ZIGExN Co., Ltd.	98,620	241,170
Zojirushi Corp.	79,532	920,248
Zuken, Inc.	26,571	675,656
		589,876,531

Netherlands 1.7%
Alfen Beheer BV *	20,349	2,308,106
AMG Advanced Metallurgical Group N.V.	57,173	1,467,152
APERAM S.A.	82,513	2,239,385
Arcadis N.V.	130,175	4,165,156
B&S Group Sarl	48,484	247,178
Basic-Fit N.V. *	94,817	3,634,483
Boskalis Westminster	146,261	4,856,340
Brunel International N.V.	37,546	352,248
Corbion N.V.	106,854	3,042,899
Ebusco Holding N.V. *	18,284	371,019
Eurocommercial Properties N.V.	94,911	1,990,831
Flow Traders	48,512	971,234
Fugro N.V. CVA *	186,726	2,386,458
Galapagos N.V. *	87,317	4,402,371
Intertrust N.V. *	165,232	3,233,259
Koninklijke BAM Groep N.V. *	446,521	1,194,338
Majorel Group Luxembourg S.A.	39,699	902,177
NSI N.V.	32,303	976,092

SECURITY	NUMBER OF SHARES	VALUE ($)
OCI N.V.	176,817	6,656,767
PostNL N.V.	753,544	1,610,925
SBM Offshore N.V.	276,250	3,870,907
Sligro Food Group N.V.	61,028	1,011,323
TKH Group N.V.	75,161	2,624,072
TomTom N.V. *	117,539	948,485
Vastned Retail N.V.	31,139	691,991
Wereldhave N.V.	71,261	966,646
		57,121,842

New Zealand 0.9%
Argosy Property Ltd.	1,558,680	1,270,984
Arvida Group Ltd.	1,303,360	1,206,626
Chorus Ltd.	817,510	4,017,242
Freightways Ltd.	291,768	1,828,184
Genesis Energy Ltd.	953,130	1,729,718
Goodman Property Trust	1,976,965	2,636,268
Heartland Group Holdings Ltd.	770,549	855,087
KMD Brands Ltd.	1,057,891	700,481
Oceania Healthcare Ltd.	1,300,521	789,376
Pacific Edge Ltd. *	1,272,269	351,013
Precinct Properties New Zealand Ltd.	2,393,269	1,966,200
Pushpay Holdings Ltd. *	1,350,776	1,060,046
Restaurant Brands New Zealand Ltd.	58,337	290,781
Scales Corp., Ltd.	201,474	584,267
Serko Ltd. *	190,023	419,411
Skellerup Holdings Ltd.	323,257	1,097,967
SKY Network Television Ltd. *	310,212	469,772
Stride Property Group	852,048	940,303
Summerset Group Holdings Ltd.	417,602	2,829,152
Synlait Milk Ltd. *	193,978	413,869
Tourism Holdings Ltd. *	262,964	438,527
Vector Ltd.	463,116	1,334,501
Vista Group International Ltd. *	385,911	437,714
Vital Healthcare Property Trust	897,810	1,497,217
		29,164,706

Norway 2.0%
Aker Carbon Capture A.S.A. *	620,700	1,343,454
Aker Horizons Holding A/S *	259,272	469,212
Arendals Fossekompani A/S	21,776	650,593
Atea A.S.A. *	151,940	1,681,052
Austevoll Seafood A.S.A.	163,312	1,755,857
Bakkafrost P/F	92,848	5,454,410
Bonheur A.S.A.	36,166	1,357,480
Borregaard A.S.A.	182,931	2,798,116
BW Energy Ltd. *	140,039	350,233
BW LPG Ltd.	143,355	938,207
BW Offshore Ltd.	163,615	446,456
Crayon Group Holding A.S.A. *	144,427	1,567,367
DNO A.S.A.	968,250	1,375,667
Elkem A.S.A. *	483,717	1,933,084
Entra A.S.A.	102,343	1,334,440
Frontline Ltd. *(a)	227,392	2,678,529
Grieg Seafood A.S.A.	98,859	1,203,344
Hexagon Composites A.S.A. *	200,169	571,211
Kahoot! A.S.A. *	625,291	1,253,840
Kongsberg Gruppen A.S.A.	137,145	4,698,569
MPC Container Ships A.S.A	598,979	1,243,327
NEL A.S.A. *(a)	2,705,263	4,008,494
Norway Royal Salmon A.S.A. *	25,223	632,853
Scatec A.S.A.	213,116	2,175,365
Sparebank 1 Oestlandet	57,565	658,936
SpareBank 1 SMN	240,675	2,939,275
SpareBank 1 SR-Bank A.S.A.	335,502	3,847,194
Stolt-Nielsen Ltd.	40,147	861,667

₅₇

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Storebrand A.S.A.	853,990	6,868,647
Subsea 7 S.A.	419,009	3,773,726
TGS A.S.A.	207,193	3,167,141
Veidekke A.S.A.	193,199	1,977,904
Wallenius Wilhelmsen A.S.A. *	194,619	1,106,041
		67,121,691

Poland 0.5%
Alior Bank S.A. *	163,697	908,749
AmRest Holdings SE *	133,565	564,716
Asseco Poland S.A.	104,150	1,591,381
Bank Handlowy w Warszawie S.A.	60,223	762,333
Bank Millennium S.A. *	1,076,310	867,929
CCC S.A. *	71,840	580,231
Ciech S.A. *	46,721	318,609
Enea S.A. *	389,130	628,579
Grupa Azoty S.A. *	92,251	640,105
Jastrzebska Spolka Weglowa S.A. *	94,318	955,943
Kernel Holding S.A.	93,216	419,547
KRUK S.A.	31,271	2,015,205
mBank S.A. *	23,153	1,070,687
Orange Polska S.A.	1,224,880	1,564,610
PGE Polska Grupa Energetyczna S.A. *	1,357,435	2,074,699
Tauron Polska Energia S.A. *	1,729,159	850,485
Warsaw Stock Exchange	54,011	395,946
		16,209,754

Portugal 0.4%
Altri, SGPS, S.A.	131,521	744,573
Banco Comercial Portugues S.A., Class R	14,040,100	2,049,936
Corticeira Amorim SGPS S.A.	62,080	627,991
CTT-Correios de Portugal S.A.	280,942	918,129
Greenvolt-Energias Renovaveis S.A. *	105,739	1,024,975
NOS, SGPS S.A.	388,456	1,433,545
REN - Redes Energeticas Nacionais, SGPS, S.A.	706,757	1,876,193
Semapa-Sociedade de Investimento e Gestao	27,867	392,303
Sonae, SGPS, S.A.	1,658,309	1,672,515
The Navigator Co., S.A.	459,342	1,828,165
		12,568,325

Republic of Korea 5.4%
ABLBio, Inc. *	47,039	803,589
Ace Technologies Corp. *	63,166	334,826
Advanced Process Systems Corp.	20,121	293,342
AfreecaTV Co., Ltd.	13,633	783,804
Ahnlab, Inc.	11,223	703,142
Amicogen, Inc. *	30,026	524,173
Ananti, Inc. *	84,941	433,103
Asiana Airlines, Inc. *	62,452	712,043
BH Co., Ltd.	44,216	1,044,616
Binex Co., Ltd. *	46,403	518,653
Binggrae Co., Ltd.	8,853	302,811
Bioneer Corp. *	40,748	915,463
BNC Korea Co., Ltd. *	84,385	693,981
Boryung	42,733	324,279
Bukwang Pharmaceutical Co., Ltd.	64,300	434,099
Cafe24 Corp. *	22,089	204,780
Cellivery Therapeutics, Inc. *	45,528	485,047
Chabiotech Co., Ltd. *	79,708	1,019,032
Chong Kun Dang Pharmaceutical Corp.	13,715	880,803
Chongkundang Holdings Corp.	5,564	248,759
Chunbo Co., Ltd.	7,657	1,300,067

SECURITY	NUMBER OF SHARES	VALUE ($)
CJ CGV Co., Ltd. *	44,313	680,821
CMG Pharmaceutical Co., Ltd. *	184,240	387,750
Com2uS Corp.	16,625	1,006,785
Com2uS Holdings Corp. *	8,432	379,505
Cosmax, Inc.	13,638	640,325
CosmoAM&T Co., Ltd. *	35,601	1,722,092
Creative & Innovative System *	83,551	902,629
CrystalGenomics, Inc. *	69,081	188,771
CS Wind Corp.	36,533	1,876,429
Daea TI Co., Ltd. *	99,981	270,966
Daeduck Electronics Co., Ltd. / New	62,392	1,383,068
Daejoo Electronic Materials Co., Ltd.	17,195	1,264,990
Daesang Corp.	34,896	589,622
Daewoong Co., Ltd.	38,741	702,381
Daewoong Pharmaceutical Co., Ltd.	8,401	1,102,296
Daishin Securities Co., Ltd.	55,052	633,846
Danal Co., Ltd. *	94,373	516,474
Daol Investment & Securities Co., Ltd.	82,925	284,879
Daou Technology, Inc.	45,186	635,114
Dawonsys Co., Ltd.	48,271	837,268
DB HiTek Co., Ltd.	63,874	2,220,583
Dentium Co., Ltd.	11,608	760,241
DIO Corp. *	21,701	436,437
Dong-A Socio Holdings Co., Ltd.	6,295	510,641
Dong-A ST Co., Ltd.	8,510	358,838
Dongjin Semichem Co., Ltd.	53,264	1,375,852
DongKook Pharmaceutical Co., Ltd.	39,775	551,625
Dongkuk Steel Mill Co., Ltd.	102,607	1,016,443
Dongwon Industries Co., Ltd.	2,372	400,786
Doosan Co., Ltd.	10,089	624,552
Doosan Fuel Cell Co., Ltd. *	54,348	1,556,225
Doosan Tesna, Inc.	18,477	398,536
DoubleUGames Co., Ltd.	15,044	483,639
Duk San Neolux Co., Ltd. *	21,595	582,841
Duzone Bizon Co., Ltd.	33,782	914,290
Ecopro Co., Ltd.	31,851	2,736,107
Ecopro HN Co., Ltd.	18,479	739,132
Enchem Co., Ltd. *	12,037	535,458
ENF Technology Co., Ltd.	15,731	342,835
Enzychem Lifesciences Corp. *	105,090	296,991
Eo Technics Co., Ltd.	14,556	819,459
Eoflow Co., Ltd. *	41,521	596,017
ESR Kendall Square REIT Co., Ltd.	210,726	871,231
Eubiologics Co., Ltd. *	58,177	691,574
Eugene Investment & Securities Co., Ltd.	97,879	209,289
Eugene Technology Co., Ltd.	26,718	548,323
Foosung Co., Ltd.	92,455	1,119,787
GemVax & Kael Co., Ltd. *	62,963	640,198
GeneOne Life Science, Inc. *	128,230	1,035,389
Genexine, Inc. *	36,354	827,617
Giantstep, Inc. *	13,617	244,333
GOLFZON Co., Ltd.	5,034	498,677
Gradiant Corp.	18,697	261,399
Grand Korea Leisure Co., Ltd. *	32,991	394,644
Green Cross Holdings Corp.	49,291	692,812
Green Cross LabCell Corp. *	14,284	624,735
Halla Holdings Corp.	13,521	388,177
Hana Micron, Inc. *	68,347	656,618
Hana Tour Service, Inc. *	18,517	811,257
Hanall Biopharma Co., Ltd. *	66,728	875,538
Hancom, Inc. *	25,903	322,444
Handsome Co., Ltd.	24,354	517,105
Hanil Cement Co., Ltd.	30,867	353,082
Hanjin Transportation Co., Ltd.	26,364	507,550
Hankook & Co. Co., Ltd.	51,357	502,992
Hanmi Semiconductor Co., Ltd.	84,963	765,432
Hansae Co., Ltd.	29,936	354,742
Hansol Chemical Co., Ltd.	14,805	2,418,521

₅₈

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Hansol Paper Co., Ltd.	26,548	311,617
Hanwha General Insurance Co., Ltd. *	150,430	529,719
Hanwha Investment & Securities Co., Ltd.	196,436	458,211
Hanwha Systems Co., Ltd.	102,868	1,195,916
Harim Holdings Co., Ltd.	73,159	456,714
HDC Holdings Co., Ltd.	72,619	378,419
HJ Shipbuilding & Construction Co., Ltd. *	126,084	568,417
HK inno N Corp.	25,853	782,809
HLB Global Co., Ltd. *	71,667	439,363
HLB Life Science Co., Ltd. *	141,392	1,559,218
HLB Therapeutics Co., Ltd. *	49,103	429,520
HS Industries Co., Ltd.	75,426	281,674
Hugel, Inc. *	10,718	978,407
Humasis Co., Ltd.	60,693	723,751
Huons Co., Ltd.	10,147	270,450
Hyosung Advanced Materials Corp.	5,628	1,784,062
Hyosung Chemical Corp. *	4,257	552,196
Hyosung Corp.	15,660	874,586
Hyosung Heavy Industries Corp. *	11,987	662,285
Hyosung TNC Corp.	5,483	1,285,126
Hyundai Autoever Corp.	8,026	723,063
Hyundai Bioscience Co., Ltd. *	64,390	1,663,246
Hyundai Construction Equipment Co., Ltd.	21,735	661,369
Hyundai Electric & Energy System Co., Ltd. *	38,307	915,038
Hyundai Elevator Co., Ltd.	44,001	963,874
Hyundai Greenfood Co., Ltd.	96,206	553,838
Hyundai Home Shopping Network Corp.	10,172	379,867
Hyundai Rotem Co., Ltd. *	130,238	2,950,328
Ilyang Pharmaceutical Co., Ltd.	23,679	385,931
iMarketKorea, Inc.	44,758	348,012
InBody Co., Ltd.	20,591	345,608
Innocean Worldwide, Inc.	20,740	658,228
Innox Advanced Materials Co., Ltd.	22,890	592,123
Inscobee, Inc. *	174,600	262,380
Insun ENT Co., Ltd. *	43,900	354,469
Intellian Technologies, Inc.	11,339	625,635
INTOPS Co., Ltd.	19,492	438,645
iNtRON Biotechnology, Inc. *	48,282	415,119
IS Dongseo Co., Ltd.	23,631	652,810
i-SENS, Inc.	17,873	501,093
ITM Semiconductor Co., Ltd.	14,342	346,340
JB Financial Group Co., Ltd.	251,969	1,429,812
JR Global Reit	218,428	768,348
Jusung Engineering Co., Ltd.	60,853	725,659
JW Pharmaceutical Corp.	27,314	446,197
JYP Entertainment Corp.	49,066	2,241,361
KC Tech Co., Ltd.	16,667	203,112
KCC Glass Corp.	15,982	602,215
KEPCO Engineering & Construction Co., Inc.	23,366	1,285,737
KH FEELUX Co., Ltd. *	198,671	204,234
KH Vatec Co., Ltd.	34,416	490,168
KISWIRE Ltd.	18,633	285,579
KIWOOM Securities Co., Ltd.	24,771	1,585,285
KMW Co., Ltd. *	54,982	1,319,519
Koh Young Technology, Inc.	109,754	1,161,092
Kolmar Korea Co., Ltd.	27,443	786,841
Kolon Industries, Inc.	32,819	1,288,174
Komipharm International Co., Ltd. *	67,420	357,376
Korea Asset In Trust Co., Ltd.	128,081	340,898
Korea Electric Terminal Co., Ltd.	13,567	676,550
Korea Line Corp. *	261,583	445,897
Korea Petrochemical Ind Co., Ltd.	5,133	468,189

SECURITY	NUMBER OF SHARES	VALUE ($)
Korea Real Estate Investment & Trust Co., Ltd.	273,260	333,007
Korea United Pharm, Inc.	17,064	314,476
Korean Reinsurance Co.	151,506	945,815
Kuk-il Paper Manufacturing Co., Ltd. *	132,771	254,613
Kumho Tire Co., Inc. *	252,665	656,432
KUMHOE&C Co., Ltd.	53,191	330,070
Kwang Dong Pharmaceutical Co., Ltd.	55,154	274,626
L&C Bio Co., Ltd.	22,600	443,535
LEENO Industrial, Inc.	16,610	1,783,257
LegoChem Biosciences, Inc. *	29,934	1,009,326
LF Corp.	33,309	422,106
LG Hausys Ltd.	12,180	410,234
LIG Nex1 Co., Ltd.	19,599	1,553,208
LOTTE Himart Co., Ltd.	20,944	246,621
LOTTE Reit Co., Ltd.	249,988	958,797
Lotte Tour Development Co., Ltd. *	51,515	487,208
LS Electric Co., Ltd.	28,706	1,197,559
Lutronic Corp.	36,929	521,818
LX Holdings Corp. *	82,428	516,427
LX International Corp.	40,881	1,321,897
LX Semicon Co., Ltd.	15,410	1,096,805
Maeil Dairies Co., Ltd.	4,864	208,735
Mcnex Co., Ltd.	22,078	611,558
Medipost Co., Ltd. *	27,518	399,125
MedPacto, Inc. *	23,794	528,340
MegaStudyEdu Co., Ltd.	14,429	844,672
Meritz Fire & Marine Insurance Co., Ltd.	97,237	2,787,962
Meritz Securities Co., Ltd.	480,423	1,738,438
Mezzion Pharma Co., Ltd. *	28,705	384,150
Mirae Asset Life Insurance Co., Ltd.	131,355	297,563
Modetour Network, Inc. *	28,450	379,674
Myoung Shin Industrial Co., Ltd. *	50,666	825,778
Namhae Chemical Corp.	41,433	333,000
Naturecell Co., Ltd. *	82,750	1,636,378
Neowiz *	19,748	582,452
NEPES Corp. *	35,275	577,565
Nexen Tire Corp.	62,630	311,851
NHN KCP Corp. *	34,703	329,504
NICE Holdings Co., Ltd.	38,299	390,850
NICE Information Service Co., Ltd.	57,778	619,875
NKMax Co., Ltd. *	56,782	789,612
OliX Pharmaceuticals, Inc. *	18,227	291,621
OptoElectronics Solutions Co., Ltd.	14,339	240,136
Orion Holdings Corp.	39,789	434,316
Oscotec, Inc. *	45,019	683,253
Park Systems Corp.	8,196	595,605
Partron Co., Ltd.	77,912	506,773
People & Technology, Inc.	33,391	1,258,201
Peptron, Inc. *	33,836	236,527
PharmaResearch Co., Ltd.	11,448	577,728
Pharmicell Co., Ltd. *	101,392	951,344
PI Advanced Materials Co., Ltd.	26,221	731,220
Poongsan Corp.	33,523	778,206
Posco ICT Co., Ltd.	88,636	440,016
RFHIC Corp.	28,067	532,991
S&S Tech Corp.	26,743	443,867
Sam Chun Dang Pharm Co., Ltd. *	25,212	662,556
Sambu Engineering & Construction Co., Ltd. *	290,744	428,220
Samchully Co., Ltd.	4,030	626,698
Samsung Pharmaceutical Co., Ltd. *	100,746	274,546
Samwha Capacitor Co., Ltd.	12,589	394,833
Samyang Holdings Corp.	10,406	534,479
Sangsangin Co., Ltd.	74,161	474,058
Seah Besteel Holdings Corp.	21,440	298,947
Sebang Global Battery Co., Ltd.	14,204	553,272
Seobu T&D	43,563	260,880

₅₉

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Seojin System Co., Ltd.	33,330	377,518
Seoul Semiconductor Co., Ltd.	65,377	564,543
SFA Engineering Corp.	34,862	1,071,233
SFA Semicon Co., Ltd. *	126,573	488,293
Shinsegae International, Inc.	19,530	408,837
Shinsung E&G Co., Ltd. *	289,090	527,367
SIMMTECH Co., Ltd.	36,806	1,069,054
SK Discovery Co., Ltd.	20,733	562,676
SK Gas Ltd.	4,864	423,652
SK Securities Co., Ltd.	626,255	353,499
SL Corp.	26,604	764,774
SM Entertainment Co., Ltd.	30,641	1,585,254
S-MAC Co., Ltd. *(b)	93,155	160,311
SNT Motiv Co., Ltd.	14,630	530,489
Solid, Inc. *	84,353	343,706
SOLUM Co., Ltd. *	65,453	1,012,954
Songwon Industrial Co., Ltd.	27,949	397,018
Soulbrain Co., Ltd.	7,545	1,222,949
ST Pharm Co., Ltd.	16,807	1,237,703
Studio Dragon Corp. *	11,001	624,258
Sungwoo Hitech Co., Ltd.	86,706	340,329
Taekwang Industrial Co., Ltd.	1,008	621,734
Taeyoung Engineering & Construction Co., Ltd.	44,005	210,558
Taihan Electric Wire Co., Ltd. *	626,830	878,701
TES Co., Ltd.	23,361	348,437
The Nature Holdings Co., Ltd..	16,915	367,374
TKG Huchems Co., Ltd.	41,736	664,631
Tokai Carbon Korea Co., Ltd.	7,691	645,732
Tongyang Life Insurance Co., Ltd.	62,275	262,127
Tongyang, Inc.	378,238	319,546
TY Holdings Co., Ltd. *	52,461	662,847
UniTest, Inc. *	30,426	442,440
Vaxcell-Bio Therapeutics Co., Ltd. *	19,392	1,032,268
Vidente Co., Ltd. *	71,993	472,041
Vieworks Co., Ltd.	13,159	390,082
Webzen, Inc. *	28,215	392,358
WONIK IPS Co., Ltd.	63,350	1,326,156
Wysiwyg Studios Co., Ltd. *	38,586	656,298
YG Entertainment, Inc.	21,494	973,823
Youlchon Chemical Co., Ltd.	24,781	582,679
Young Poong Corp.	942	490,878
Youngone Corp.	55,579	1,853,257
Youngone Holdings Co., Ltd.	9,559	378,058
Yuanta Securities Korea Co., Ltd.	129,181	276,220
Yungjin Pharmaceutical Co., Ltd. *	149,827	376,934
Zinus, Inc.	15,268	494,836
		182,780,780

Singapore 1.2%
AEM Holdings Ltd.	503,998	1,640,134
AIMS APAC REIT	1,004,656	986,581
Ascendas India Trust	1,565,300	1,279,078
Asian Pay Television Trust	3,190,649	260,723
Best World International Ltd. *(b)	71,866	0
Bumitama Agri Ltd	544,970	244,145
CapitaLand China Trust	2,136,540	1,684,606
CDL Hospitality Trusts	1,635,043	1,453,267
China Hongxing Sports Ltd. *(b)	884,000	0
Cromwell European Real Estate Investment Trust	595,969	1,234,509
Digital Core REIT Management Pte Ltd.	1,226,380	925,917
Eagle Hospitality Trust *(b)	940,343	0
ESR-LOGOS REIT	9,627,351	2,829,341
Far East Hospitality Trust	1,803,138	801,337
First Real Estate Investment Trust	2,048,594	403,816
First Resources Ltd.	935,824	1,012,898

SECURITY	NUMBER OF SHARES	VALUE ($)
Frasers Centrepoint Trust	1,970,207	3,191,648
Haw Par Corp., Ltd.	255,326	2,000,368
iFAST Corp., Ltd.	282,323	906,607
Keppel Infrastructure Trust	6,523,478	2,665,316
Keppel Pacific Oak US REIT	1,612,921	1,072,592
Lendlease Global Commercial REIT	3,021,179	1,786,591
Lippo Malls Indonesia Retail Trust *	9,960,542	292,726
Manulife US Real Estate Investment Trust	2,956,536	1,419,137
Nanofilm Technologies International Ltd.	343,214	583,053
OUE Commercial Real Estate Investment Trust	3,844,206	1,033,315
Parkway Life Real Estate Investment Trust	716,027	2,463,572
Prime US REIT	1,191,328	744,580
Raffles Medical Group Ltd.	1,634,367	1,628,392
Riverstone Holdings Ltd.	994,206	513,102
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust	1,876,757	598,636
Sheng Siong Group Ltd.	805,530	935,387
Silverlake Axis Ltd.	1,613,178	416,274
SPH REIT	1,947,260	1,305,059
Starhill Global REIT	2,657,141	1,104,682
Thomson Medical Group Ltd.	11,039,771	688,453
UMS Holdings Ltd.	800,559	763,202
		40,869,044

Spain 1.6%
Acerinox S.A.	384,149	3,485,026
Aedas Homes S.A.	36,105	635,344
Almirall S.A.	138,793	1,255,371
Applus Services S.A.	259,208	1,734,602
Atresmedia Corp de Medios de Comunicaion S.A.	143,316	393,424
Banco De Sabadell S.A.	10,284,736	7,104,825
Cia de Distribucion Integral Logista Holdings S.A.	112,026	2,178,607
Cie Automotive S.A.	95,393	2,338,588
Construcciones y Auxiliar de Ferrocarriles S.A.	35,874	1,038,905
Corp. Financiera Alba SA	26,086	1,307,604
Distribuidora Internacional de Alimentacion S.A. *	26,507,415	354,505
Ebro Foods S.A.	138,386	2,193,067
Ence Energia y Celulosa S.A.	231,290	821,915
Faes Farma S.A.	580,866	2,310,074
Fomento de Construcciones y Contratas S.A.	79,760	717,814
Gestamp Automocion S.A.	275,105	1,015,238
Global Dominion Access S.A.	206,157	799,146
Grupo Catalana Occidente S.A.	94,508	2,774,949
Indra Sistemas S.A.	220,068	1,734,908
Laboratorios Farmaceuticos Rovi S.A.	39,383	1,942,853
Lar Espana Real Estate Socimi S.A.	112,430	518,918
Let's GOWEX S.A. *(b)	5,361	0
Linea Directa Aseguradora S.A. Cia de Seguros y Reaseguros	1,221,216	1,315,181
Mediaset Espana Comunicacion S.A. *	97,004	269,802
Melia Hotels International S.A. *	192,348	1,171,131
Neinor Homes S.A. *	75,508	774,456
Pharma Mar S.A.	24,812	1,448,080
Prosegur Cash S.A.	681,086	465,709
Prosegur Cia de Seguridad S.A.	419,344	774,610
Sacyr S.A.	679,534	1,518,304
Solaria Energia y Medio Ambiente S.A. *	111,240	2,369,138
Tecnicas Reunidas S.A. *(a)	54,485	338,038

₆₀

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Unicaja Banco S.A.	2,283,130	2,058,185
Viscofan S.A.	72,292	4,063,549
		53,221,866

Sweden 5.0%
AAK AB (a)	315,788	4,855,650
ACI25B472	200,357	2,611,570
Addnode Group AB	210,497	1,934,080
AddTech AB, B Shares (a)	340,710	4,809,496
AFRY AB	179,041	2,374,136
Arjo AB, B Shares	411,787	1,857,316
Atrium Ljungberg AB, B Shares	80,278	1,167,186
Attendo AB *	197,593	433,717
Avanza Bank Holding AB	225,112	3,634,987
Axfood AB	198,104	5,989,743
Beijer Alma AB	77,271	1,183,055
Betsson AB, B Shares *	221,345	1,391,154
BHG Group AB *	136,050	303,748
BICO Group AB *(a)	56,203	190,651
Bilia AB, A Shares	137,043	1,714,125
BillerudKorsnas AB	382,808	5,009,544
Biotage AB	121,017	2,048,580
Bonava AB, B Shares	157,312	565,736
Boozt AB *	113,986	671,594
Bravida Holding AB	370,365	3,368,142
Bufab AB	52,144	1,218,610
Bure Equity AB	101,593	2,021,685
Camurus AB *	37,501	782,942
Cary Group AB *	135,604	816,181
Catena AB	55,252	2,280,072
Cibus Nordic Real Estate AB	86,879	1,389,803
Cint Group AB *	204,306	1,227,767
Clas Ohlson AB, B Shares	69,102	626,147
Cloetta AB, B Shares	405,746	712,033
Collector Bank AB *	142,529	455,739
Concentric AB	71,083	1,324,962
Corem Property Group AB, B Shares	1,218,082	1,426,198
Dios Fastigheter AB	158,466	1,180,308
Dometic Group AB	580,350	3,327,123
Electrolux Professional AB, B Shares	420,622	2,094,556
Fabege AB	461,094	4,099,577
Fagerhult AB	129,522	556,056
Granges AB	192,281	1,499,080
Hansa Biopharma AB *	85,176	507,455
Hemnet Group AB	107,572	1,433,518
Hexatronic Group AB	358,488	3,519,728
Hexpol AB	458,587	4,097,126
HMS Networks AB	51,919	1,895,465
Hufvudstaden AB, A Shares	192,102	2,296,209
Instalco AB	439,551	2,209,071
Intrum AB	142,667	2,576,747
Investment AB Oresund	54,978	552,197
INVISIO AB	61,806	860,253
JM AB	124,546	2,153,999
Lindab International AB	126,376	1,820,779
Loomis AB	134,896	3,663,787
Medicover AB, B Shares	109,610	1,379,241
MEKO AB	76,935	705,806
MIPS AB	40,229	1,826,209
Modern Times Group MTG AB, B Shares *	193,358	1,702,049
Munters Group AB	188,008	1,359,680
Mycronic AB	126,828	1,508,828
NCC AB, B Shares	171,218	1,621,485
Nobia AB	213,990	554,634
Nolato AB, B Shares	325,856	1,699,266
Nordnet AB publ	310,164	3,740,957

SECURITY	NUMBER OF SHARES	VALUE ($)
NP3 Fastigheter AB	51,918	1,142,530
Nyfosa AB	333,261	2,811,324
Pandox AB *	162,545	2,019,344
Peab AB, B Shares	369,118	2,284,152
Platzer Fastigheter Holding AB, B Shares	94,646	737,889
Ratos AB, B Shares	373,973	1,582,305
Resurs Holding AB	260,007	556,289
Saab AB, B Shares	166,385	5,583,069
Scandic Hotels Group AB *(a)	248,121	886,709
Sdiptech AB, Class B *	54,468	1,153,570
Sectra AB, B Shares *	236,985	3,548,117
SkiStar AB	74,228	959,154
SSAB AB, A Shares	444,692	2,153,776
SSAB AB, B Shares	1,208,659	5,683,394
Stillfront Group AB *	821,800	1,765,209
Storskogen Group AB, B Shares	2,489,275	2,809,235
Systemair AB	130,162	678,153
Troax Group AB	62,076	1,011,127
Truecaller AB, B Shares *	276,442	1,468,880
Viaplay Group AB, B Shares *	140,337	3,589,840
Vitec Software Group AB, B Shares	45,426	1,702,848
VNV Global AB *	168,306	379,245
Volati AB	36,796	406,259
Wallenstam AB, B Shares	597,176	2,695,737
Wihlborgs Fastigheter AB	483,167	3,487,463
		167,933,156

Switzerland 3.8%
Allreal Holding AG	27,134	4,264,927
ALSO Holding AG *	4,817	801,558
APG SGA S.A.	2,054	389,354
Arbonia AG	81,632	1,067,293
Aryzta AG *	1,692,419	1,987,307
Ascom Holding AG	61,262	396,717
Autoneum Holding AG	4,880	548,028
Bachem Holding AG, Class B	57,001	3,968,664
Basilea Pharmaceutica AG *	21,496	857,902
Bell Food Group AG	3,510	918,905
Bobst Group S.A.	14,559	1,177,012
Bossard Holding AG, Class A	4,638	925,747
Bucher Industries AG	11,772	4,221,733
Burckhardt Compression Holding AG	5,759	2,419,376
Bystronic AG	2,433	1,550,618
Cembra Money Bank AG	53,123	3,600,683
Comet Holding AG	13,587	2,372,278
COSMO Pharmaceuticals N.V.	17,901	950,122
Daetwyler Holding AG	13,403	2,683,484
dormakaba Holding AG	5,585	2,346,278
Dottikon Es Holding AG *	8,166	2,049,972
Dufry AG *	112,840	4,238,654
EFG International AG *	143,640	1,214,232
Forbo Holding AG	1,706	2,136,105
Galenica AG	88,781	6,267,750
Hiag Immobilien Holding AG	6,444	563,879
Huber & Suhner AG	32,099	2,680,535
Idorsia Ltd. *(a)	218,846	3,439,825
Implenia AG *	25,997	772,491
Inficon Holding AG	3,574	2,501,196
Interroll Holding AG	981	2,251,591
Intershop Holding AG	1,999	1,306,790
Kardex Holding AG	11,058	1,948,846
Komax Holding AG	6,522	1,707,435
Landis & Gyr Group AG *	44,735	2,617,315
LEM Holding S.A.	834	1,375,829
Leonteq AG	18,999	1,086,269
Medacta Group S.A.	11,754	1,039,367

₆₁

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Medartis Holding AG *	8,045	577,852
Medmix AG	43,980	984,193
Meyer Burger Technology AG *	4,802,925	2,413,397
Mobimo Holding AG	13,106	3,222,952
Montana Aerospace AG *	41,484	643,545
OC Oerlikon Corp. AG	331,428	2,428,106
PolyPeptide Group AG *	26,823	989,424
Rieter Holding AG	5,424	556,878
Schweiter Technologies AG	1,689	1,775,618
Sensirion Holding AG *	18,909	1,761,185
SFS Group AG	30,843	2,891,679
Siegfried Holding AG *	7,292	5,846,601
SKAN Group AG	19,622	1,206,332
Softwareone Holding AG *	196,363	2,595,505
St. Galler Kantonalbank AG	5,100	2,403,812
Stadler Rail AG (a)	97,338	2,986,116
Sulzer AG	30,841	1,848,659
Swiss Steel Holding AG *	1,437,003	427,000
Swissquote Group Holding S.A.	15,976	1,787,570
u-blox Holding AG *	12,090	1,679,803
Valiant Holding AG	28,858	2,744,016
Valora Holding AG	6,813	1,811,541
Vetropack Holding AG	21,601	762,492
Vontobel Holding AG	48,966	3,025,411
VP Bank AG, Class A	4,606	424,755
VZ Holding AG	25,681	2,065,637
Ypsomed Holding AG	6,345	973,903
Zehnder Group AG	17,805	1,058,138
Zur Rose Group AG *(a)	14,718	690,997
		129,229,184

United Kingdom 12.3%
888 Holdings plc	608,041	873,075
AG Barr plc	152,030	889,817
AJ Bell plc	516,158	1,765,768
Alfa Financial Software Holdings plc	180,656	360,512
Alphawave IP Group plc *	384,607	600,583
AO World plc *(a)	539,674	283,589
Ascential plc *	775,425	1,831,637
Ashmore Group plc	863,880	2,042,588
Assura plc	5,332,268	4,042,314
Aston Martin Lagonda Global Holdings plc *(a)	134,859	699,401
Auction Technology Group plc *	160,488	1,540,636
Avon Rubber plc	54,186	507,874
Babcock International Group plc *	465,191	1,780,864
Bakkavor Group plc	274,353	255,070
Balfour Beatty plc	1,140,321	4,182,317
Bank of Georgia Group plc	69,286	1,612,424
Beazley plc	1,096,904	7,441,163
Biffa plc	414,445	1,940,566
Big Yellow Group plc	308,667	4,776,893
Bodycote plc	344,483	2,206,626
Brewin Dolphin Holdings plc *	535,731	3,191,688
Bridgepoint Group plc	470,232	1,370,093
Britvic plc	479,757	4,365,477
Bytes Technology Group plc	369,884	1,794,755
C&C Group plc *	716,171	1,433,339
Capita plc *	3,012,543	911,403
Capital & Counties Properties plc	1,348,456	1,882,876
Capricorn Energy plc *	579,209	1,564,953
Carnival plc *	287,027	2,433,412
Centamin plc	2,012,167	2,124,079
Chemring Group plc	521,933	1,900,915
Cineworld Group plc *(a)	1,817,893	71,920
Clarkson plc	45,642	1,601,237
Close Brothers Group plc	277,699	3,299,162

SECURITY	NUMBER OF SHARES	VALUE ($)
CLS Holdings plc	290,350	633,133
CMC Markets plc	189,933	507,209
Coats Group plc	2,668,206	1,865,939
Computacenter plc	139,316	4,004,069
ContourGlobal plc	321,574	965,393
Countryside Properties plc *	917,113	2,580,375
Cranswick plc	95,918	3,439,825
Crest Nicholson Holdings plc	459,305	1,252,744
Currys plc	1,789,510	1,326,408
Darktrace plc *	629,315	3,743,368
Devro plc	308,090	666,798
Diploma plc	220,551	6,446,624
Domino's Pizza Group plc	799,253	2,194,825
Drax Group plc	729,594	5,399,357
Dunelm Group plc	204,338	1,637,030
Elementis plc *	1,177,225	1,520,499
Endeavour Mining plc	334,127	6,543,338
Energean plc *	245,492	3,696,369
Essentra plc	544,051	1,259,785
Euromoney Institutional Investor plc	195,754	3,307,356
FDM Group Holdings plc	152,014	1,346,083
Ferrexpo plc	538,396	933,451
Finablr plc *(b)	225,475	0
FirstGroup plc	1,400,306	1,875,435
Frasers Group plc *	318,186	2,980,441
Future plc	204,704	3,706,291
Games Workshop Group plc	59,191	4,893,543
Genuit Group plc	420,630	1,762,002
Genus plc	119,365	3,494,550
Grafton Group plc	398,495	3,351,078
Grainger plc	1,325,800	4,137,523
Great Portland Estates plc	454,459	2,633,466
Greencore Group plc *	965,167	955,169
Greggs plc	181,164	3,889,304
Halfords Group plc	424,010	644,352
Hammerson plc (a)	8,070,515	2,050,023
Harbour Energy plc	1,071,532	5,947,400
Hays plc	2,772,230	3,783,824
Helical plc	195,399	886,728
Helios Towers plc *	1,430,410	2,067,216
Hill & Smith Holdings plc	146,565	1,777,058
Hilton Food Group plc	124,984	1,410,684
Hochschild Mining plc	596,391	451,074
Ibstock plc	684,125	1,510,103
IG Group Holdings plc	730,968	6,961,786
Inchcape plc	687,751	6,082,029
Indivior plc *	1,111,804	3,743,953
IntegraFin Holdings plc	534,235	1,669,714
Investec plc	1,211,790	5,854,480
IP Group plc	1,747,574	1,423,434
IWG plc *	1,312,120	2,456,593
J.D. Wetherspoon plc *	154,093	864,238
John Wood Group plc *	1,226,227	1,845,614
JTC plc	236,618	2,109,018
Jupiter Fund Management plc	770,722	871,701
Just Group plc	1,850,414	1,550,262
Kainos Group plc	105,937	1,678,914
Keller Group plc	132,480	1,083,701
Lancashire Holdings Ltd.	437,137	2,510,709
Liontrust Asset Management plc	113,363	1,208,288
LondonMetric Property plc	1,736,728	4,389,300
LXI REIT plc	2,732,105	4,679,601
Man Group plc	2,385,057	6,771,615
Marks & Spencer Group plc *	3,621,996	5,137,541
Marshalls plc	418,448	1,629,188
Marston's plc *	1,151,168	487,042
Mediclinic International plc	724,131	4,225,632
Micro Focus International plc	609,929	3,676,315

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Schwab International Equity ETFs | Annual Report

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Table of Contents

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Mitchells & Butlers plc *	471,051	846,837
Mitie Group plc	2,632,255	2,226,722
Molten Ventures plc *	275,899	1,200,033
Moneysupermarket.com Group plc	929,301	2,133,473
Moonpig Group plc *	471,644	1,075,109
Morgan Advanced Materials plc	524,980	1,621,851
Morgan Sindall Group plc	77,730	1,561,109
National Express Group plc *	994,249	2,029,217
NCC Group plc	548,714	1,251,428
Network International Holdings plc *	866,663	2,428,345
Ninety One plc	745,244	1,712,652
OSB Group plc	692,953	4,434,760
Oxford Biomedica plc *	135,545	720,781
Oxford Instruments plc	98,396	2,301,321
Oxford Nanopore Technologies plc *	1,149,107	3,663,656
Pagegroup plc	573,663	2,898,346
Paragon Banking Group plc	436,838	2,729,596
Petershill Partners plc	542,730	1,424,079
Petrofac Ltd. *	754,575	1,047,482
Pets at Home Group plc	864,457	3,188,646
Playtech plc *	556,661	2,901,833
Plus500 Ltd.	174,015	3,438,175
Premier Foods plc	1,310,028	1,640,199
Primary Health Properties plc	2,423,179	3,854,408
Provident Financial plc	470,637	944,667
PureTech Health plc *	279,134	807,129
PZ Cussons plc	349,012	790,291
QinetiQ Group plc	1,045,399	4,238,028
Quilter plc	2,491,331	3,051,105
Rank Group plc *	387,498	339,522
Rathbone Brothers plc	112,885	2,366,980
Redde Northgate plc	444,194	1,770,259
Redrow plc	418,395	2,463,432
Rhi Magnesita N.V.	53,597	1,128,191
Rotork plc	1,544,107	4,434,311
S4 Capital plc *	968,231	1,497,296
Safestore Holdings plc	371,363	4,770,582
Savills plc	245,917	2,712,692
Senior plc *	753,374	1,143,120
Serco Group plc	2,191,537	4,465,176
Shaftesbury plc	507,601	2,435,818
SIG plc *	1,234,798	482,768
Sirius Real Estate Ltd.	1,980,991	1,874,031
Softcat plc	225,413	3,399,285
Spectris plc	202,317	6,568,107
Spire Healthcare Group plc *	515,117	1,393,582
Spirent Communications plc	1,094,015	3,284,329
SSP Group plc *	1,438,216	3,542,816
Synthomer plc	660,165	1,510,986
TBC Bank Group plc	64,695	1,335,451
Telecom Plus plc	119,016	2,700,496
The Restaurant Group plc *	1,418,444	676,375
The Unite Group plc	584,677	7,150,269
TI Fluid Systems plc	577,534	985,179
TP ICAP Group plc	1,453,803	2,603,442
Trainline plc *	856,270	3,444,401
Tritax Big Box REIT plc	3,427,662	6,640,731
Trustpilot Group plc *	600,778	447,402
Tullow Oil plc *	2,590,580	1,464,998
Vesuvius plc	391,843	1,583,965
Victrex plc	150,595	3,066,565
Virgin Money UK plc	2,269,824	3,951,186
Vistry Group plc	400,788	3,600,275
Volution Group plc	351,803	1,428,659
Watches of Switzerland Group plc *	427,976	3,906,753
WH Smith plc *	227,578	3,785,455
Wickes Group plc	468,386	650,747
Wizz Air Holdings plc *	44,873	1,116,340

SECURITY	NUMBER OF SHARES	VALUE ($)
Workspace Group plc	259,083	1,572,160
XP Power Ltd.	29,326	667,460
		416,489,806
Total Common Stocks (Cost $3,629,244,968)		3,362,693,873

PREFERRED STOCKS 0.2% OF NET ASSETS

Germany 0.1%
Draegerwerk AG & Co. KGaA	17,441	826,907
Jungheinrich AG	86,167	2,110,677
Schaeffler AG	140,545	734,183
		3,671,767

Italy 0.1%
Danieli & C Officine Meccaniche S.p.A. - RSP	64,848	828,140

Republic of Korea 0.0%
Daishin Securities Co., Ltd.	48,220	510,122

Sweden 0.0%
Corem Property Group AB	21,466	567,272
Total Preferred Stocks (Cost $7,109,453)		5,577,301

RIGHTS 0.0% OF NET ASSETS

Australia 0.0%
Paradigm Biopharmaceuticals
expires 09/07/22, strike AUD 1.30 *(a)(b)	23,032	0
Total Rights (Cost $0)		0

WARRANTS 0.0% OF NET ASSETS

Australia 0.0%
PointsBet Holdings Ltd.
expires 07/08/24 *(b)	19,829	4,279

Italy 0.0%
Webuild S.p.A.
expires 08/02/30 *(a)(b)	44,499	62,868

Singapore 0.0%
Ezion Holdings Ltd.
expires 04/16/24 *(b)	802,298	0
Total Warrants (Cost $0)		67,147

INVESTMENT COMPANIES 0.1% OF NET ASSETS

United Kingdom 0.1%
Picton Property Income Ltd.	951,005	1,001,463
Balanced Commercial Property Trust Ltd.	866,694	1,073,028

₆₃

Schwab International Equity ETFs | Annual Report

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Table of Contents

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
UK Commercial Property REIT Ltd.	1,311,975	1,080,843
		3,155,334
Total Investment Companies (Cost $3,624,002)		3,155,334


SHORT-TERM INVESTMENTS 1.8% OF NET ASSETS

Money Market Funds 1.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.25% (c)	4,342,439	4,342,439
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.25% (c)(d)	56,448,567	56,448,567
		60,791,006
Total Short-Term Investments (Cost $60,791,006)		60,791,006
Total Investments in Securities (Cost $3,700,769,429)		3,432,284,661

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED DEPRECIATION ($)
FUTURES CONTRACTS
Long
MSCI EAFE Index, expires 09/16/22	110	10,049,050	(493,549)

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $53,418,691.
(b)	Fair-valued by management using significant unobservable inputs in accordance with procedures approved by the fund’s Board of Trustees.
(c)	The rate shown is the 7-day yield.
(d)	Security purchased with cash collateral received for securities on loan.

CVA —	Dutch Certificate
REIT —	Real Estate Investment Trust
RSP —	Risparmio (Savings Shares)
AUD —	Australian Dollar

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	$2,384,672,294	$—	$—	$2,384,672,294
Australia	243,699,261	—	2,544,273*	246,243,534
Hong Kong	38,405,826	—	10,723*	38,416,549
Republic of Korea	182,620,469	—	160,311	182,780,780
Singapore	40,869,044	—	0*	40,869,044
Spain	53,221,866	—	0*	53,221,866
United Kingdom	416,489,806	—	0*	416,489,806
Preferred Stocks¹	5,577,301	—	—	5,577,301
Rights ¹
Australia	—	—	0*	0
Warrants ¹
Australia	—	—	4,279	4,279
Italy	—	—	62,868	62,868
Singapore	—	—	0*	0
Investment Companies¹	3,155,334	—	—	3,155,334
Short-Term Investments¹	60,791,006	—	—	60,791,006
Liabilities
Futures Contracts²	(493,549)	—	—	(493,549)
Total	$3,429,008,658	$—	$2,782,454	$3,431,791,112

*	Level 3 amount shown includes securities determined to have no value at August 31, 2022.
¹	As categorized in the Portfolio Holdings.
²	Futures contracts are reported at cumulative unrealized appreciation or depreciation.

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Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab International Small-Cap 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 $11,447,051)		$91,313,655
Securities on loan, net	+	2,772,751
Total investment income		94,086,406
Expenses
Management fees		3,972,896
Proxy fees¹		162,951
Professional fees	+	10,892 ²
Total expenses		4,146,739
Expense reduction by investment adviser	–	10,892 ²
Net expenses	–	4,135,847
Net investment income		89,950,559
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated (net of foreign capital gains tax paid of ($161))		(21,527,290)
Net realized gains on sales of in-kind redemptions - unaffiliated		94,251,031
Net realized losses on futures contracts		(3,084,900)
Net realized losses on foreign currency transactions	+	(1,385,835)
Net realized gains		68,253,006
Net change in unrealized appreciation (depreciation) on securities - unaffiliated (net of change in foreign capital gains tax of ($63,642))		(1,173,080,007)
Net change in unrealized appreciation (depreciation) on futures contracts		(518,125)
Net change in unrealized appreciation (depreciation) on foreign currency translations	+	(424,496)
Net change in unrealized appreciation (depreciation)	+	(1,174,022,628)
Net realized and unrealized losses		(1,105,769,622)
Decrease in net assets resulting from operations		($1,015,819,063)

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).

₆₇

Schwab International Equity ETFs | Annual Report

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Table of Contents

Schwab Emerging Markets 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	$31.64	$27.11	$24.82	$25.89	$26.99
Income (loss) from investment operations:
Net investment income (loss)¹	0.93	0.63	0.79	0.72	0.68
Net realized and unrealized gains (losses)	(6.63)	4.64	2.34	(1.00)	(1.13)
Total from investment operations	(5.70)	5.27	3.13	(0.28)	(0.45)
Less distributions:
Distributions from net investment income	(0.72)	(0.74)	(0.84)	(0.79)	(0.65)
Net asset value at end of period	$25.22	$31.64	$27.11	$24.82	$25.89
Total return	(18.32%)	19.53%	12.76%	(0.97%)	(1.79%)
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.11% ²	0.11%	0.12% ³	0.13%	0.13%
Net investment income (loss)	3.33%	2.04%	3.16%	2.85%	2.48%
Portfolio turnover rate⁴	13%	15%	15%	13%	18%
Net assets, end of period (x 1,000,000)	$8,557	$9,505	$7,196	$5,804	$4,901

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 8/31/20 is a blended ratio.
⁴	Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

₆₉

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab Emerging Markets 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.

SECURITY	NUMBER OF SHARES	VALUE ($)
COMMON STOCKS 97.6% OF NET ASSETS

Brazil 4.7%
Ambev S.A.	6,167,357	18,177,097
Americanas S.A.	948,843	2,992,491
Armac Locacao Logistica E Servicos S.A.	99,496	307,264
Atacadao S.A.	373,785	1,424,870
Auren Energia S.A.	372,539	1,105,177
B3 S.A. - Brasil Bolsa Balcao	8,460,128	19,350,032
Banco Bradesco S.A.	2,200,101	6,726,423
Banco BTG Pactual S.A.	1,603,208	7,875,245
Banco do Brasil S.A.	1,192,929	9,599,153
Banco Santander Brasil S.A.	504,053	2,857,371
BB Seguridade Participacoes S.A.	954,080	5,207,756
BR Malls Participacoes S.A.	1,122,596	1,787,573
BRF S.A. *	1,158,824	3,545,138
Caixa Seguridade Participacoes S.A.	643,736	1,131,912
CCR S.A.	1,549,148	4,123,287
Centrais Eletricas Brasileiras S.A.	1,764,979	15,708,007
Cia Brasileira de Distribuicao	226,478	948,139
Cia de Saneamento Basico do Estado de Sao Paulo	469,694	4,455,792
Cia Energetica de Minas Gerais	455,401	1,612,055
Cia Paranaense de Energia	691,778	875,905
Cielo S.A. *	1,696,541	1,800,999
Companhia Siderurgica Nacional S.A.	888,125	2,365,591
Cosan S.A.	1,670,709	6,442,919
CPFL Energia S.A.	249,051	1,681,010
CSN Mineracao S.A.	799,440	558,574
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes	390,198	1,066,436
Dexco S.A.	403,944	767,190
EDP - Energias do Brasil S.A.	363,089	1,590,135
Embraer S.A. *	1,020,432	2,721,940
Energisa S.A.	350,306	2,859,379
Eneva S.A. *	1,962,014	5,869,758
Engie Brasil Energia S.A.	237,027	1,852,846
Equatorial Energia S.A.	1,252,649	5,846,179
GPS Participacoes e Empreendimentos S.A.	732,455	1,922,677
Grendene S.A.	498,382	734,923
GRUPO DE MODA SOMA S.A.	629,980	1,645,171
Grupo Mateus S.A. *	531,035	658,028
Hapvida Participacoes e Investimentos S.A.	5,615,903	7,891,097
Hypera S.A.	558,300	4,641,185
Itau Unibanco Holding S.A.	550,380	2,351,942
JBS S.A.	1,892,878	10,810,705
Klabin S.A.	1,124,325	4,086,284
Localiza Rent a Car S.A.	1,047,502	12,296,667
Locaweb Servicos de Internet S.A. *	589,303	1,063,498
Lojas Renner S.A. *	1,342,354	6,858,157
M Dias Branco S.A.	187,226	1,527,513
Magazine Luiza S.A. *	4,177,299	3,442,785
Marfrig Alimentos S.A.	476,604	1,209,678

SECURITY	NUMBER OF SHARES	VALUE ($)
Multiplan Empreendimentos Imobiliarios S.A.	386,224	1,796,564
Natura & Co. Holding S.A.	1,319,758	3,673,212
Neoenergia S.A.	293,856	937,549
Odontoprev S.A.	353,638	613,628
Petro Rio S.A. *	958,980	5,054,959
Petroleo Brasileiro S.A.	5,140,461	36,879,161
Porto Seguro S.A.	249,148	1,015,154
Raia Drogasil S.A.	1,490,113	6,258,417
Rede D'Or Sao Luiz S.A.	635,930	4,091,015
Rumo S.A.	1,767,548	6,894,836
Sao Martinho S.A.	223,338	1,373,393
Sendas Distribuidora S.A.	1,081,312	3,838,125
SIMPAR S.A.	430,436	888,953
Smartfit Escola de Ginastica e Danca S.A. *	145,045	465,846
Sul America S.A.	555,703	2,649,269
Suzano S.A.	1,015,412	8,674,413
Telefonica Brasil S.A.	601,071	4,772,836
TIM S.A.	1,125,121	2,569,037
TOTVS S.A.	636,468	3,507,269
Transmissora Alianca de Energia Eletrica S.A.	296,200	2,382,864
Ultrapar Participacoes S.A.	1,136,126	2,966,953
Usinas Siderurgicas de Minas Gerais S.A.	310,149	486,086
Vale S.A.	5,727,938	71,309,014
Vamos Locacao de Caminhoes Maquinas e Equipamentos S.A.	296,428	807,296
Via S.A. *	2,255,684	1,401,911
Vibra Energia S.A.	1,582,777	5,608,914
WEG S.A.	2,075,916	11,335,199
YDUQS Participacoes S.A.	434,428	1,032,196
		399,658,022

Chile 0.5%
Banco de Chile	60,265,584	5,740,962
Banco de Credito e Inversiones S.A.	76,611	2,265,887
Banco Santander Chile	84,986,045	3,427,624
CAP S.A.	98,931	801,445
Cencosud S.A.	1,877,924	2,636,163
Cencosud Shopping S.A.	542,291	771,577
Cia Cervecerias Unidas S.A.	195,954	1,069,251
Cia Sud Americana de Vapores S.A.	23,523,392	2,222,942
Colbun S.A.	10,852,902	1,062,675
Empresas CMPC S.A.	1,710,473	3,257,679
Empresas Copec S.A.	687,370	5,953,459
Enel Americas S.A.	26,302,044	2,861,224
Enel Chile S.A.	31,371,775	1,034,010
Falabella S.A.	1,092,382	2,584,708
Itau CorpBanca Chile S.A.	430,711,867	965,072
Plaza S.A.	425,750	479,124
Quinenco S.A.	366,177	950,477

₇₀

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Sociedad Quimica y Minera de Chile S.A., A Shares *	23,752	1,982,438
		40,066,717

China 34.5%
360 DigiTech, Inc., ADR	175,647	2,806,839
360 Security Technology, Inc., A Shares	789,100	837,915
37 Interactive Entertainment Network Technology Group Co., Ltd., A Shares *	134,300	396,848
3SBio, Inc.	2,253,961	1,501,904
ADAMA Ltd., A Shares	119,800	194,466
Addsino Co., Ltd., A Shares	170,900	262,292
Advanced Micro-Fabrication Equipment, Inc. China, A Shares *	60,112	1,074,134
AECC Aero-Engine Control Co., Ltd., A Shares	113,300	440,311
AECC Aviation Power Co., Ltd., A Shares	243,300	1,622,459
Agile Group Holdings Ltd. *(a)	2,027,353	712,906
Agricultural Bank of China Ltd., A Shares	8,796,800	3,636,861
Agricultural Bank of China Ltd., H Shares	43,570,399	14,266,539
Aier Eye Hospital Group Co., Ltd., A Shares	679,672	2,900,675
Air China Ltd., A Shares *	745,200	1,114,522
Air China Ltd., H Shares *	1,948,522	1,566,494
Akeso, Inc. *	683,144	2,206,400
Alibaba Group Holding Ltd. *	21,041,013	252,797,228
Alibaba Health Information Technology Ltd. *	6,727,903	3,900,184
Alibaba Pictures Group Ltd. *	17,738,821	1,401,233
A-Living Smart City Services Co., Ltd.	942,268	974,820
All Winner Technology Co., Ltd., A Shares	49,780	162,406
Alpha Group, A Shares *	173,100	134,090
Aluminum Corp. of China Ltd., A Shares	1,426,300	933,135
Aluminum Corp. of China Ltd., H Shares	5,032,481	1,859,406
Amlogic Shanghai Co., Ltd., A Shares *	40,017	500,158
An Hui Wenergy Co,. Ltd., A Shares *	224,900	164,428
Angang Steel Co., Ltd., H Shares	2,443,689	765,905
Angel Yeast Co., Ltd., A Shares	77,500	545,931
Angelalign Technology, Inc. (a)	36,240	636,255
Anhui Anke Biotechnology Group Co., Ltd., A Shares	148,500	200,770
Anhui Conch Cement Co., Ltd., A Shares	443,100	2,051,737
Anhui Conch Cement Co., Ltd., H Shares	1,576,965	6,027,501
Anhui Expressway Co., Ltd., H Shares	824,732	598,938
Anhui Gujing Distillery Co., Ltd., A Shares	74,604	2,761,307
Anhui Kouzi Distillery Co., Ltd., A Shares	23,200	170,124
Anhui Yingjia Distillery Co., Ltd., A Shares	30,900	240,035
Anhui Zhongding Sealing Parts Co., Ltd., A Shares	113,200	267,829
Anjoy Foods Group Co., Ltd., A Shares	30,300	681,816
ANTA Sports Products Ltd.	1,590,819	19,234,502
Apeloa Pharmaceutical Co., Ltd., A Shares	120,600	315,603

SECURITY	NUMBER OF SHARES	VALUE ($)
Asymchem Laboratories Tianjin Co., Ltd., A Shares	21,280	529,565
Autohome, Inc., ADR	83,528	2,974,432
Avary Holding Shenzhen Co., Ltd., A Shares	76,700	330,007
AVIC Electromechanical Systems Co., Ltd., A Shares	254,800	410,279
AVIC Industry-Finance Holdings Co., Ltd., A Shares	750,700	368,078
AviChina Industry & Technology Co., Ltd., H Shares	3,295,377	1,608,044
AVICOPTER plc, A Shares	57,300	350,439
BAIC Motor Corp., Ltd., H Shares	3,037,875	839,892
Baidu, Inc., A Shares *	3,135,420	56,525,724
Bank of Beijing Co., Ltd., A Shares	2,143,400	1,284,134
Bank of Changsha Co., Ltd., A Shares	377,900	373,868
Bank of Chengdu Co., Ltd., A Shares	147,900	336,626
Bank of China Ltd., A Shares	4,915,100	2,167,519
Bank of China Ltd., H Shares	105,762,366	37,190,688
Bank of Communications Co., Ltd., A Shares	4,280,300	2,843,785
Bank of Communications Co., Ltd., H Shares	9,644,315	5,504,823
Bank of Guiyang Co., Ltd., A Shares	618,800	501,787
Bank of Hangzhou Co., Ltd., A Shares	613,200	1,274,692
Bank of Jiangsu Co., Ltd., A Shares	559,500	588,430
Bank of Nanjing Co., Ltd., A Shares	940,900	1,449,523
Bank of Ningbo Co., Ltd., A Shares	631,260	2,731,609
Bank of Qingdao Co., Ltd., A Shares	309,490	154,890
Bank of Shanghai Co., Ltd., A Shares	1,453,670	1,246,265
Bank of Suzhou Co., Ltd., A Shares	171,490	161,948
Bank of Zhengzhou Co., Ltd., A Shares *	725,370	269,375
Baoshan Iron & Steel Co., Ltd., A Shares *	1,778,932	1,375,446
BBMG Corp., A Shares	2,040,800	775,638
BeiGene Ltd. *	931,983	12,242,233
Beijing Capital Development Co., Ltd., A Shares	247,000	156,580
Beijing Capital Eco-Environment Protection Group Co., Ltd., A Shares	708,900	288,967
Beijing Capital International Airport Co., Ltd., H Shares *	2,334,951	1,469,598
Beijing Dabeinong Technology Group Co., Ltd., A Shares *	463,900	582,100
Beijing Easpring Material Technology Co., Ltd., A Shares	49,000	558,909
Beijing E-Hualu Information Technology Co., Ltd., A Shares *	90,000	191,396
Beijing Enlight Media Co., Ltd., A Shares	270,800	363,369
Beijing Enterprises Holdings Ltd.	662,466	1,975,029
Beijing Enterprises Water Group Ltd.	5,534,503	1,424,374
Beijing Jetsen Technology Co., Ltd., A Shares *	298,000	236,029
Beijing Jingneng Clean Energy Co., Ltd., H Shares	2,306,546	484,886
Beijing Kingsoft Office Software, Inc., A Shares	43,385	1,133,597
Beijing New Building Materials plc, A Shares	164,100	625,830
Beijing Orient National Communication Science & Technology Co., Ltd., A Shares *	119,100	142,881

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Table of Contents

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Beijing Originwater Technology Co., Ltd., A Shares	298,600	238,670
Beijing Roborock Technology Co., Ltd., A Shares	8,471	393,262
Beijing Sanju Environmental Protection and New Material Co., Ltd., A Shares	206,800	140,696
Beijing Shiji Information Technology Co., Ltd., A Shares	194,600	367,828
Beijing Shougang Co., Ltd., A Shares *	799,700	477,949
Beijing Shunxin Agriculture Co., Ltd., A Shares	70,600	244,771
Beijing Sinnet Technology Co., Ltd., A Shares	230,100	310,425
Beijing SL Pharmaceutical Co., Ltd., A Shares	104,100	136,212
Beijing Tiantan Biological Products Corp., Ltd., A Shares	164,760	532,505
Beijing Ultrapower Software Co., Ltd., A Shares	288,100	183,052
Beijing United Information Technology Co., Ltd., A Shares	49,590	712,750
Beijing Wantai Biological Pharmacy Enterprise Co., Ltd., A Shares	27,289	505,319
Beijing Yanjing Brewery Co., Ltd., A Shares	371,600	493,235
Beijing Yuanliu Hongyuan Electronic Technology Co., Ltd., A Shares	21,700	373,274
Beijing Zhong Ke San Huan High-Tech Co., Ltd., A Shares	117,530	265,116
Beijing-Shanghai High Speed Railway Co., Ltd., A Shares	2,759,700	1,853,531
Betta Pharmaceuticals Co., Ltd., A Shares	22,700	149,466
BGI Genomics Co., Ltd., A Shares	15,600	136,639
Bilibili, Inc., Z Shares *	355,876	8,619,355
Bloomage Biotechnology Corp., Ltd., A Shares	34,275	711,250
Blue Moon Group Holdings Ltd. (a)	1,250,295	955,780
Bluefocus Intelligent Communications Group Co., Ltd., A Shares	245,100	202,308
Bluestar Adisseo Co., A Shares	97,500	150,771
BOC International China Co., Ltd., A Shares	91,600	166,230
BOE Technology Group Co., Ltd., A Shares	3,826,100	2,053,596
BOE Technology Group Co., Ltd., B Shares	1,370,300	687,869
Bosideng International Holdings Ltd.	3,702,648	2,085,109
Bright Dairy & Food Co., Ltd., A Shares	129,100	212,184
BTG Hotels Group Co., Ltd., A Shares	102,500	319,088
BYD Co., Ltd., A Shares	188,400	7,870,463
BYD Co., Ltd., H Shares	1,144,730	35,324,106
BYD Electronic International Co., Ltd.	1,088,712	2,899,034
By-health Co., Ltd., A Shares	155,300	420,153
C&S Paper Co., Ltd., A Shares	119,000	190,578
Caitong Securities Co., Ltd., A Shares	542,060	596,824
Camel Group Co., Ltd., A Shares	112,600	178,859
CanSino Biologics, Inc., H Shares	127,315	798,877
CECEP Solar Energy Co., Ltd., A Shares *	350,700	411,059
CECEP Wind-Power Corp., A Shares	485,400	351,364
Central China Securities Co., Ltd., A Shares	690,700	391,763
CGN Power Co., Ltd., H Shares	16,956,495	4,039,910

SECURITY	NUMBER OF SHARES	VALUE ($)
Changchun High & New Technology Industry Group, Inc., A Shares	36,500	937,604
Changjiang Securities Co., Ltd., A Shares	524,900	433,257
Changzhou Xingyu Automotive Lighting Systems Co., Ltd., A Shares	26,400	537,226
Chaozhou Three-Circle Group Co., Ltd., A Shares	169,408	665,979
Chengdu Xingrong Environment Co., Ltd., A Shares	283,400	211,721
Chengxin Lithium Group Co., Ltd., A Shares	81,300	627,185
China Baoan Group Co., Ltd., A Shares	261,200	559,264
China Cinda Asset Management Co., Ltd., H Shares	11,803,642	1,624,178
China CITIC Bank Corp., Ltd., A Shares	460,600	299,336
China CITIC Bank Corp., Ltd., H Shares	13,563,231	5,823,540
China Coal Energy Co., Ltd., H Shares	3,882,947	3,467,955
China Communications Services Corp., Ltd., H Shares	3,260,919	1,400,116
China Conch Environment Protection Holdings Ltd. *	1,842,701	1,648,109
China Conch Venture Holdings Ltd.	2,116,353	4,330,396
China Construction Bank Corp., A Shares	2,004,200	1,604,860
China Construction Bank Corp., H Shares	129,324,874	80,242,601
China CSSC Holdings Ltd., A Shares	431,400	1,567,009
China East Education Holdings Ltd.	639,016	271,927
China Eastern Airlines Corp., Ltd., A Shares *	951,800	677,929
China Eastern Airlines Corp., Ltd., H Shares *	2,325,905	803,073
China Energy Engineering Corp., Ltd.	3,181,600	1,043,064
China Everbright Bank Co., Ltd., A Shares	4,085,800	1,701,046
China Everbright Bank Co., Ltd., H Shares	3,990,520	1,225,295
China Everbright Environment Group Ltd.	4,951,914	2,454,238
China Everbright Ltd.	1,178,177	863,122
China Evergrande Group *(b)	5,098,336	803,836
China Feihe Ltd.	5,487,495	4,551,443
China Galaxy Securities Co., Ltd., H Shares	5,742,524	3,146,047
China Gas Holdings Ltd.	4,207,743	5,972,118
China Great Wall Securities Co., Ltd., A Shares	222,500	299,849
China Greatwall Technology Group Co., Ltd., A Shares	342,900	451,659
China Hongqiao Group Ltd.	3,022,236	2,949,518
China International Capital Corp., Ltd., A Shares	88,600	535,953
China International Capital Corp., Ltd., H Shares	2,069,203	3,653,931
China International Marine Containers Group Co., Ltd., H Shares	1,223,565	1,017,968
China Jinmao Holdings Group Ltd. *	9,049,620	1,913,958
China Jushi Co., Ltd., A Shares	383,277	801,187
China Lesso Group Holdings Ltd.	1,313,740	1,566,676
China Life Insurance Co., Ltd., H Shares	10,520,006	15,118,860
China Literature Ltd. *	566,796	2,310,845
China Longyuan Power Group Corp., Ltd., H Shares	4,671,015	7,569,938
China Medical System Holdings Ltd.	1,666,245	2,471,074

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Table of Contents

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
China Meheco Co., Ltd., A Shares	138,040	255,713
China Meidong Auto Holdings Ltd.	638,672	1,308,452
China Mengniu Dairy Co., Ltd. *	4,398,121	19,976,559
China Merchants Bank Co., Ltd., A Shares	2,052,600	10,436,369
China Merchants Bank Co., Ltd., H Shares	5,271,220	27,065,133
China Merchants Expressway Network & Technology Holdings Co. Ltd, A Shares	267,600	293,471
China Merchants Port Holdings Co., Ltd.	2,037,297	3,062,882
China Merchants Securities Co., Ltd., A Shares	704,980	1,355,033
China Merchants Securities Co., Ltd., H Shares	693,080	635,784
China Merchants Shekou Industrial Zone Holdings Co., Ltd., A Shares	726,600	1,540,990
China Minmetals Rare Earth Co., Ltd., A Shares *	91,000	347,576
China Minsheng Banking Corp., Ltd., A Shares	3,805,900	1,987,545
China Minsheng Banking Corp., Ltd., H Shares	8,247,163	2,626,870
China National Accord Medicines Corp., Ltd., B Shares	139,945	303,110
China National Building Material Co., Ltd., H Shares	6,333,345	6,003,438
China National Chemical Engineering Co., Ltd., A Shares	580,800	726,258
China National Nuclear Power Co., Ltd., A Shares	1,756,600	1,623,190
China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd., A Shares *	367,100	260,938
China Northern Rare Earth Group High-Tech Co., Ltd., A Shares	352,300	1,540,327
China Oilfield Services Ltd., A Shares	263,029	558,220
China Oilfield Services Ltd., H Shares	2,318,061	2,409,955
China Overseas Land & Investment Ltd.	5,367,007	14,496,461
China Pacific Insurance Group Co., Ltd., A Shares	582,100	1,770,733
China Pacific Insurance Group Co., Ltd., H Shares	3,698,861	7,851,217
China Petroleum & Chemical Corp., A Shares	4,043,000	2,504,313
China Petroleum & Chemical Corp., H Shares	35,441,701	16,752,608
China Power International Development Ltd.	7,611,635	4,267,019
China Railway Group Ltd., A Shares	2,227,800	1,858,237
China Railway Group Ltd., H Shares	5,316,669	3,048,219
China Railway Signal & Communication Corp., Ltd., A Shares	878,134	564,315
China Railway Signal & Communication Corp., Ltd., H Shares	1,749,345	550,512
China Reinsurance Group Corp., H Shares	11,684,045	863,406
China Resources Beer Holdings Co., Ltd.	2,205,485	15,412,558
China Resources Boya Bio-pharmaceutical Group Co., Ltd., A Shares	40,600	199,303
China Resources Cement Holdings Ltd.	3,048,733	1,883,888

SECURITY	NUMBER OF SHARES	VALUE ($)
China Resources Double Crane Pharmaceutical Co., Ltd., A Shares *	108,140	297,114
China Resources Gas Group Ltd.	1,236,159	4,827,239
China Resources Land Ltd.	3,926,067	16,131,747
China Resources Microelectronics Ltd., A Shares	93,908	713,824
China Resources Mixc Lifestyle Services Ltd.	797,980	3,629,562
China Resources Pharmaceutical Group Ltd.	2,172,917	1,489,428
China Resources Power Holdings Co., Ltd.	2,700,542	5,388,113
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., A Shares	90,500	518,433
China Ruyi Holdings Ltd. *(a)	3,502,883	892,585
China Shenhua Energy Co., Ltd., A Shares	632,370	2,783,197
China Shenhua Energy Co., Ltd., H Shares	4,848,656	15,258,516
China South Publishing & Media Group Co., Ltd., A Shares	175,200	252,880
China Southern Airlines Co., Ltd., A Shares *	1,826,300	1,706,142
China Southern Airlines Co., Ltd., H Shares *	1,258,964	681,705
China Southern Power Grid Energy Efficiency&Clean Energy Co., Ltd., A Shares	347,800	320,881
China State Construction Engineering Corp., Ltd., A Shares	4,102,800	3,059,148
China State Construction International Holdings Ltd.	2,421,855	2,801,741
China Suntien Green Energy Corp., Ltd., H Shares	2,502,816	1,125,635
China Taiping Insurance Holdings Co., Ltd.	1,974,758	2,022,851
China Three Gorges Renewables Group Co., Ltd., A Shares	2,444,700	2,163,279
China Tourism Group Duty Free Corp., Ltd., A Shares	197,000	5,586,889
China Tower Corp., Ltd., H Shares	65,220,378	8,143,355
China Traditional Chinese Medicine Holdings Co., Ltd.	3,299,716	1,429,386
China TransInfo Technology Co., Ltd., A Shares *	83,400	117,474
China United Network Communications Ltd., A Shares	2,722,400	1,401,966
China Vanke Co., Ltd., A Shares	972,100	2,345,094
China Vanke Co., Ltd., H Shares	2,592,642	5,073,735
China World Trade Center Co., Ltd., A Shares	78,500	170,242
China Yangtze Power Co., Ltd., A Shares	2,221,400	7,727,393
China Zhenhua Group Science & Technology Co., Ltd., A Shares	51,400	836,516
China Zheshang Bank Co., Ltd., A Shares *	824,500	388,715
Chinalin Securities Co., Ltd., A Shares	87,900	185,655
Chinese Universe Publishing and Media Group Co., Ltd., A Shares	118,500	160,554
Chongqing Brewery Co., Ltd., A Shares	45,800	742,123
Chongqing Changan Automobile Co., Ltd., A Shares	813,064	1,712,570
Chongqing Changan Automobile Co., Ltd., B Shares	2,014,198	1,085,517

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Schwab International Equity ETFs | Annual Report

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Table of Contents

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Chongqing Department Store Co. Ltd, A shares	56,600	186,626
Chongqing Fuling Zhacai Group Co., Ltd., A Shares	85,200	376,096
Chongqing Rural Commercial Bank Co., Ltd., H Shares	4,026,552	1,395,392
Chongqing Water Group Co., Ltd., A Shares	270,900	207,491
Chongqing Zhifei Biological Products Co., Ltd., A Shares	151,000	2,060,121
CIFI Holdings Group Co., Ltd. (a)	5,452,704	1,389,427
CITIC Ltd.	7,404,277	7,650,635
Citic Pacific Special Steel Group Co., Ltd., A Shares	467,110	1,339,624
CITIC Securities Co., Ltd., A Shares	1,192,380	3,376,382
CITIC Securities Co., Ltd., H Shares	3,149,870	6,405,005
CMOC Group Ltd., A Shares	987,200	704,575
CMOC Group Ltd., H Shares	5,258,272	2,358,195
CMST Development Co., Ltd., A Shares	197,700	152,572
CNGR Advanced Material Co., Ltd., A Shares	16,300	220,847
CNOOC Energy Technology & Services Ltd., A Shares	727,900	277,706
Contemporary Amperex Technology Co., Ltd., A Shares *	229,400	16,073,025
COSCO Shipping Development Co., Ltd., A Shares	1,405,200	585,029
COSCO Shipping Development Co., Ltd., H Shares	4,008,102	607,687
COSCO SHIPPING Energy Transportation Co., Ltd., A Shares *	1,026,000	2,098,570
COSCO Shipping Holdings Co., Ltd., A Shares *	1,332,421	2,744,649
COSCO SHIPPING Holdings Co., Ltd., H Shares *	4,478,869	6,722,141
COSCO Shipping Ports Ltd.	2,690,675	1,744,910
Country Garden Holdings Co., Ltd. (a)	10,790,367	3,203,215
Country Garden Services Holdings Co., Ltd.	2,561,291	5,077,647
CRRC Corp., Ltd., A Shares	2,749,600	1,998,317
CRRC Corp., Ltd., H Shares	5,089,062	1,906,246
CSC Financial Co., Ltd., A Shares	538,200	2,079,864
CSC Financial Co., Ltd., H Shares	1,366,424	1,286,542
CSG Holding Co., Ltd., A Shares	454,046	429,442
CSG Holding Co., Ltd., B Shares	808,385	302,803
CSPC Pharmaceutical Group Ltd.	11,903,975	12,118,050
Daan Gene Co., Ltd., A Shares	140,160	359,064
Dada Nexus Ltd., ADR *	90,954	588,472
Dali Foods Group Co., Ltd.	2,836,849	1,297,552
Daqin Railway Co. Ltd, A Shares	1,486,300	1,390,667
DaShenLin Pharmaceutical Group Co., Ltd., A Shares	40,900	198,046
Datang International Power Generation Co., Ltd., H Shares	5,379,680	1,110,364
DHC Software Co., Ltd., A Shares	354,000	298,871
Dian Diagnostics Group Co., Ltd., A Shares	69,500	311,833
Digital China Information Service Co., Ltd., A Shares	80,400	122,112
Do-Fluoride New Materials Co., Ltd., A Shares	70,200	413,549
Dong-E-E-Jiao Co., Ltd., A Shares	58,500	290,737
Dongfang Electric Corp., Ltd., A Shares	268,900	768,447
Dongfang Electric Corp., Ltd., H Shares	448,568	597,797

SECURITY	NUMBER OF SHARES	VALUE ($)
Dongfeng Motor Group Co., Ltd., H Shares	4,014,871	2,552,502
Dongguan Development Holdings Co., Ltd., A Shares	114,100	165,352
Dongxing Securities Co., Ltd., A Shares	284,900	343,440
East Group Co., Ltd., A Shares	188,800	210,887
East Money Information Co., Ltd., A Shares	1,302,319	4,193,990
Eastroc Beverage Group Co., Ltd., A Shares	16,000	353,467
Easyhome New Retail Group Co., Ltd., A Shares	230,300	138,643
Ecovacs Robotics Co., Ltd., A Shares	51,700	611,981
ENN Ecological Holdings Co., Ltd., A Shares	254,275	757,637
ENN Energy Holdings Ltd.	1,065,487	15,529,882
Eternal Asia Supply Chain Management Ltd., A Shares	239,100	203,252
Eve Energy Co., Ltd., A Shares	189,636	2,613,098
Everbright Securities Co., Ltd., A Shares	543,000	1,263,459
Evergrande Property Services Group Ltd. *(a)(b)	5,635,472	1,238,549
Fangda Carbon New Material Co., Ltd., A Shares *	349,780	353,659
Far East Horizon Ltd.	3,106,253	2,354,766
FAW Jiefang Group Co., Ltd., A Shares	236,400	279,830
Fiberhome Telecommunication Technologies Co., Ltd., A Shares	98,800	206,241
Financial Street Holdings Co., Ltd., A Shares	274,900	216,138
First Capital Securities Co., Ltd., A Shares	624,200	557,778
Flat Glass Group Co., Ltd., A Shares *	71,500	415,192
Flat Glass Group Co., Ltd., H Shares *	609,575	2,015,387
Focus Media Information Technology Co., Ltd., A Shares	1,460,500	1,283,900
Foshan Haitian Flavouring & Food Co., Ltd., A Shares	401,354	4,690,338
Fosun International Ltd.	2,963,887	2,186,423
Founder Securities Co., Ltd., A Shares	763,300	769,551
Foxconn Industrial Internet Co., Ltd., A Shares	1,194,700	1,610,021
Fujian Funeng Co., Ltd., A Shares	110,300	188,485
Fujian Sunner Development Co., Ltd., A Shares	120,900	391,451
Full Truck Alliance Co., Ltd., ADR *	881,628	6,964,861
Fuyao Glass Industry Group Co., Ltd., A Shares	176,300	998,945
Fuyao Glass Industry Group Co., Ltd., H Shares	861,071	4,113,999
Gan & Lee Pharmaceuticals Co., Ltd., A Shares	20,000	106,476
Ganfeng Lithium Co., Ltd., A Shares	176,120	2,189,508
Ganfeng Lithium Co., Ltd., H Shares	298,471	2,637,197
G-bits Network Technology Xiamen Co., Ltd., A Shares	6,200	256,641
GCL System Integration Technology Co., Ltd., A Shares *	562,600	299,518
GD Power Development Co., Ltd., A Shares *	1,790,500	1,129,850
GDS Holdings Ltd., A shares *	1,283,804	4,457,170
Geely Automobile Holdings Ltd.	7,582,699	15,360,838
GEM Co., Ltd., A Shares	435,100	527,027
Gemdale Corp., A Shares	436,500	738,312

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Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Genscript Biotech Corp. *	1,361,605	4,415,022
GF Securities Co., Ltd., A Shares	570,800	1,361,266
GF Securities Co., Ltd., H Shares	1,574,174	2,061,768
Gigadevice Semiconductor Beijing, Inc., A Shares	64,484	1,084,813
Ginlong Technologies Co., Ltd., A Shares	37,350	1,244,810
Glarun Technology Co., Ltd., A Shares	112,900	239,932
GoerTek, Inc., A Shares	342,200	1,612,327
Goke Microelectronics Co., Ltd., A Shares	17,300	179,938
GOME Retail Holdings Ltd. *(a)	16,537,574	518,323
GoodWe Technologies Co. Ltd., A Shares	9,632	435,941
Gotion High-tech Co., Ltd., A Shares	154,200	768,590
Grandjoy Holdings Group Co., Ltd., A Shares *	473,500	243,840
Great Wall Motor Co., Ltd., A Shares	263,500	1,278,980
Great Wall Motor Co., Ltd., H Shares	4,421,488	6,692,353
Greentown China Holdings Ltd.	1,205,060	2,284,576
GRG Banking Equipment Co., Ltd., A Shares	247,500	316,307
Guangdong Baolihua New Energy Stock Co., Ltd., A Shares	216,400	160,725
Guangdong Electric Power Development Co., Ltd., B Shares *	1,421,814	387,660
Guangdong Golden Dragon Development, Inc., A Shares	78,700	165,082
Guangdong Haid Group Co., Ltd., A Shares	172,400	1,525,542
Guangdong HEC Technology Holding Co., Ltd., A Shares *	282,500	417,590
Guangdong Investment Ltd.	4,075,282	3,738,386
Guangdong Kinlong Hardware Products Co., Ltd., A Shares	21,800	301,912
Guangdong South New Media Co., Ltd., A Shares	33,300	169,554
Guangdong Xinbao Electrical Appliances Holdings Co., Ltd., A Shares	74,500	207,066
Guanghui Energy Co., Ltd., A Shares	627,300	1,151,126
Guangshen Railway Co., Ltd., H Shares *	2,602,476	407,836
Guangxi Guiguan Electric Power Co., Ltd., A Shares	348,000	311,474
Guangxi Liugong Machinery Co., Ltd., A Shares	136,600	122,262
Guangzhou Automobile Group Co., Ltd., A Shares *	387,360	781,626
Guangzhou Automobile Group Co., Ltd., H Shares	4,048,418	3,497,108
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., A Shares	168,000	662,881
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., H Shares	252,626	608,966
Guangzhou Haige Communications Group, Inc. Co., A Shares	203,400	257,881
Guangzhou Kingmed Diagnostics Group Co., Ltd., A Shares	45,900	443,915
Guangzhou R&F Properties Co., Ltd., H Shares (a)	2,387,667	495,856
Guangzhou Shiyuan Electronic Technology Co., Ltd., A Shares	24,300	238,292

SECURITY	NUMBER OF SHARES	VALUE ($)
Guangzhou Tinci Materials Technology Co., Ltd., A Shares	187,780	1,295,260
Guangzhou Wondfo Biotech Co., Ltd., A Shares	41,770	197,775
Guangzhou Yuexiu Financial Holdings Group Co., Ltd., A Shares	280,118	262,907
Guangzhou Zhujiang Brewery Co., Ltd., A Shares	214,300	237,505
Guizhou Bailing Group Pharmaceutical Co., Ltd., A Shares *	158,000	159,981
Guizhou Panjiang Refined Coal Co., Ltd., A Shares	160,400	209,413
Guizhou Xinbang Pharmaceutical Co., Ltd., A Shares	258,800	189,213
Guolian Securities Co., Ltd., A Shares	171,900	276,794
Guosen Securities Co., Ltd., A Shares	486,600	652,936
Guosheng Financial Holding, Inc., A Shares *	194,100	235,954
Guotai Junan Securities Co., Ltd., A Shares	627,700	1,346,720
Guotai Junan Securities Co., Ltd., H Shares	1,219,638	1,449,795
Guoyuan Securities Co., Ltd., A Shares	412,000	437,487
H World Group Ltd., ADR	305,604	11,499,879
Haidilao International Holding Ltd. *	1,466,543	3,475,375
Haier Smart Home Co., Ltd., A Shares	613,900	2,303,834
Haier Smart Home Co., Ltd., H Shares	3,198,081	10,512,430
Haisco Pharmaceutical Group Co. Ltd, A Shares	89,700	245,670
Haitian International Holdings Ltd.	824,952	2,028,523
Haitong Securities Co., Ltd., A Shares	982,600	1,351,270
Haitong Securities Co., Ltd., H Shares	4,554,172	2,988,207
Hang Zhou Great Star Industrial Co., Ltd., A Shares *	106,000	351,357
Hangzhou Binjiang Real Estate Group Co., Ltd., A Shares	279,900	376,797
Hangzhou Chang Chuan Technology Co., Ltd., A Shares	59,500	503,893
Hangzhou First Applied Material Co., Ltd., A Shares	68,516	644,852
Hangzhou Lion Electronics Co., Ltd., A Shares	73,656	569,071
Hangzhou Oxygen Plant Group Co., Ltd., A Shares	68,200	350,421
Hangzhou Robam Appliances Co., Ltd., A Shares	142,200	518,794
Hangzhou Silan Microelectronics Co., Ltd., A Shares	127,300	732,383
Hangzhou Tigermed Consulting Co., Ltd., A Shares	64,700	1,016,928
Hangzhou Tigermed Consulting Co., Ltd., H Shares	181,985	1,810,842
Han's Laser Technology Industry Group Co., Ltd., A Shares	68,000	294,252
Hansoh Pharmaceutical Group Co., Ltd.	1,322,277	2,644,941
Haohua Chemical Science & Technology Co., Ltd., A Shares	79,400	433,999
Harbin Boshi Automation Co., Ltd., A Shares	97,500	212,862
Hefei Meiya Optoelectronic Technology, Inc., A Shares	84,110	294,538
Heilongjiang Agriculture Co., Ltd., A Shares	183,100	389,916
Hello Group, Inc., ADR	204,766	1,054,545

₇₅

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Henan Shuanghui Investment & Development Co., Ltd., A Shares *	317,300	1,234,025
Hengan International Group Co., Ltd.	962,792	4,612,265
Hengdian Group DMEGC Magnetics Co., Ltd., A Shares	151,500	467,892
Hengli Petrochemical Co., Ltd., A Shares	287,100	799,634
Hengtong Optic-electric Co. Ltd, A Shares	235,300	574,464
Hengyi Petrochemical Co., Ltd.., A Shares	302,900	397,654
Hesteel Co., Ltd., A Shares	951,400	333,992
Hithink RoyalFlush Information Network Co., Ltd., A Shares	48,200	595,233
Holitech Technology Co., Ltd., A Shares *	355,700	155,829
Hongfa Technology Co., Ltd., A Shares	107,940	589,998
Hopson Development Holdings Ltd. (a)	1,028,899	1,415,763
Hoshine Silicon Industry Co., Ltd., A Shares	49,500	805,666
Hua Hong Semiconductor Ltd. *	582,450	1,721,633
Huadian Power International Corp., Ltd., H Shares	3,549,736	1,460,806
Huadong Medicine Co., Ltd., A Shares	161,700	989,169
Huafon Chemical Co., Ltd., A Shares	386,500	421,623
Huagong Tech Co., Ltd., A Shares	84,800	260,297
Huaibei Mining Holdings Co., Ltd., A Shares	208,500	447,333
Hualan Biological Engineering, Inc., A Shares	171,980	492,972
Huali Industrial Group Co., Ltd., A Shares	29,400	257,597
Huaneng Power International, Inc., A Shares *	631,100	748,874
Huaneng Power International, Inc., H Shares *	6,044,510	3,095,859
Huapont Life Sciences Co., Ltd., A Shares	176,300	153,448
Huatai Securities Co., Ltd., A Shares	632,900	1,206,389
Huatai Securities Co., Ltd., H Shares	2,352,977	3,153,751
Huaxi Securities Co., Ltd., A Shares	165,400	192,427
Huaxia Bank Co., Ltd., A Shares	1,544,600	1,151,692
Huaxin Cement Co., Ltd., A Shares	128,926	324,674
Huaxin Cement Co., Ltd., H Shares	765,024	936,683
Huayu Automotive Systems Co., Ltd., A Shares	295,100	799,228
Hubei Biocause Pharmaceutical Co., Ltd., A Shares	383,400	197,997
Hubei Energy Group Co., Ltd., A Shares	594,300	424,158
Hubei Jumpcan Pharmaceutical Co., Ltd., A Shares	28,000	93,664
Hubei Xingfa Chemicals Group Co., Ltd., A Shares	108,000	605,523
Huizhou Desay Sv Automotive Co., Ltd., A Shares	46,700	1,036,491
Humanwell Healthcare Group Co., Ltd., A Shares	151,600	410,143
Hunan Gold Corp., Ltd., A Shares	110,600	189,319
Hunan Valin Steel Co., Ltd., A Shares	576,800	373,179
Hundsun Technologies, Inc., A Shares	185,694	906,173
Hygeia Healthcare Holdings Co., Ltd. *	479,124	2,603,520
Iflytek Co., Ltd., A Shares	226,100	1,229,626
I-Mab, ADR *	76,151	466,806
Imeik Technology Development Co., Ltd., A Shares	15,500	1,256,900

SECURITY	NUMBER OF SHARES	VALUE ($)
Industrial & Commercial Bank of China Ltd., A Shares	7,975,000	5,067,128
Industrial & Commercial Bank of China Ltd., H Shares	109,614,602	55,862,758
Industrial Bank Co., Ltd., A Shares	2,004,900	4,976,223
Industrial Securities Co., Ltd., A Shares *	1,298,660	1,169,888
Ingenic Semiconductor Co., Ltd., A Shares	31,600	373,825
Inmyshow Digital Technology Group Co., Ltd., A Shares	122,400	129,084
Inner Mongolia BaoTou Steel Union Co., Ltd., A Shares	3,869,500	1,128,257
Inner Mongolia Dian Tou Energy Corp., Ltd., A Shares	115,200	233,289
Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd., A Shares	798,300	503,747
Inner Mongolia Yili Industrial Group Co., Ltd., A Shares	612,300	3,174,504
Innovent Biologics, Inc. *	1,879,810	8,011,319
Inspur Electronic Information Industry Co., Ltd., A Shares	82,228	276,855
Intco Medical Technology Co., Ltd., A Shares	106,450	339,106
iQIYI, Inc., ADR *	442,742	1,620,436
JA Solar Technology Co., Ltd., A Shares	223,440	2,125,314
Jafron Biomedical Co., Ltd., A Shares	68,050	463,568
Jason Furniture Hangzhou Co., Ltd., A Shares	75,010	526,649
JCET Group Co., Ltd., A Shares	159,900	575,019
JD Health International, Inc. *	1,020,584	7,106,126
JD Logistics, Inc. *	2,298,304	4,931,097
JD.com, Inc., A Shares	3,307,662	104,006,444
Jiangling Motors Corp., Ltd., A Shares	69,400	148,796
Jiangsu Eastern Shenghong Co., Ltd., A Shares	391,600	1,094,098
Jiangsu Expressway Co., Ltd., A Shares	492,200	542,641
Jiangsu Expressway Co., Ltd., H Shares	1,336,976	1,146,391
Jiangsu Guoxin Corp., Ltd., A Shares *	156,300	156,673
Jiangsu Hengli Hydraulic Co., Ltd., A Shares	110,784	786,499
Jiangsu Hengrui Medicine Co., Ltd., A Shares	672,444	3,380,973
Jiangsu King's Luck Brewery JSC Ltd., A Shares	113,200	758,657
Jiangsu Linyang Energy Co., Ltd., A Shares	188,800	218,556
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., A Shares	147,300	3,514,148
Jiangsu Yangnong Chemical Co., Ltd., A Shares	34,000	561,328
Jiangsu Yoke Technology Co., Ltd., A Shares	41,800	378,917
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd., A Shares	93,500	370,010
Jiangsu Zhongnan Construction Group Co., Ltd., A Shares *	483,343	185,805
Jiangsu Zhongtian Technology Co., Ltd., A Shares	358,700	1,158,280
Jiangxi Copper Co., Ltd., A Shares	281,100	667,931
Jiangxi Copper Co., Ltd., H Shares	1,555,927	1,920,910

₇₆

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Jiangxi Special Electric Motor Co., Ltd., A Shares *	161,500	519,861
Jiangxi Zhengbang Technology Co., Ltd., A Shares *	377,000	327,039
Jiayuan International Group Ltd. *	1,217,122	33,495
Jilin Aodong Pharmaceutical Group Co., Ltd., A Shares	105,100	215,123
Jinke Properties Group Co., Ltd., A Shares *	526,904	191,086
Jinke Smart Services Group Co., Ltd., H Shares (a)	445,364	495,930
Jinneng Holding Shanxi Electric Power Co., Ltd., A Shares *	259,900	140,628
Jinxin Fertility Group Ltd.	1,922,885	1,256,796
JiuGui Liquor Co., Ltd., A Shares	31,000	671,216
Jiumaojiu International Holdings Ltd.	838,072	1,659,305
Jizhong Energy Resources Co., Ltd., A Shares	401,200	398,083
JL Mag Rare-Earth Co., Ltd., A Shares	33,700	181,710
Joincare Pharmaceutical Group Industry Co., Ltd., A Shares	224,300	354,986
Joinn Laboratories China Co., Ltd., A Shares	39,480	446,312
Joinn Laboratories China Co., Ltd., H Shares	107,699	576,308
Jointown Pharmaceutical Group Co., Ltd., A Shares	166,000	286,076
Jonjee Hi-Tech Industrial & Commercial Holding Co., Ltd., A Shares	78,800	393,226
Joyoung Co., Ltd., A Shares *	77,400	176,278
JOYY, Inc., ADR	63,128	1,914,041
Juewei Food Co., Ltd., A Shares	26,800	181,439
Juneyao Airlines Co., Ltd., A Shares *	83,000	189,032
Kaishan Group Co., Ltd., A Shares *	90,100	246,242
Kanzhun Ltd., ADR *	186,805	4,388,049
KE Holdings, Inc., ADR *	844,359	15,232,236
Keboda Technology Co., Ltd., A Shares	17,800	144,108
Keda Industrial Group Co., Ltd.	180,000	475,227
Kingboard Holdings Ltd.	1,001,715	3,171,499
Kingboard Laminates Holdings Ltd.	1,413,671	1,352,640
Kingdee International Software Group Co., Ltd. *	3,655,944	7,135,958
Kingfa Sci & Tech Co., Ltd., A Shares	242,400	378,006
Kingsoft Cloud Holdings Ltd., ADR *	135,121	464,816
Kingsoft Corp., Ltd.	1,203,562	3,680,219
Kuaishou Technology *	2,705,551	23,715,819
Kuang-Chi Technologies Co., Ltd., A Shares *	225,300	594,172
Kunlun Energy Co., Ltd.	5,571,666	4,862,612
Kunlun Tech Co., Ltd., A Shares	112,200	238,770
Kweichow Moutai Co., Ltd., A Shares	124,100	34,636,494
KWG Group Holdings Ltd. *	1,645,941	297,781
Lakala Payment Co., Ltd., A Shares *	85,300	200,704
Lao Feng Xiang Co., Ltd., A Shares	247,758	1,336,989
Laobaixing Pharmacy Chain JSC, A Shares	48,230	232,980
LB Group Co., Ltd., A Shares	215,000	548,295
Legend Holdings Corp., H Shares	776,175	884,079
Lens Technology Co., Ltd., A Shares	464,400	732,956
Leo Group Co., Ltd, A shares *	999,300	289,923
Lepu Medical Technology Beijing Co., Ltd., A Shares	165,400	454,196
Levima Advanced Materials Corp., A Shares	70,900	427,135
Leyard Optoelectronic Co., Ltd., A Shares	216,500	196,917

SECURITY	NUMBER OF SHARES	VALUE ($)
Li Auto, Inc., ADR *	724,385	20,840,556
Li Ning Co., Ltd.	3,205,373	29,403,907
LianChuang Electronic Technology Co., Ltd., A Shares	97,600	230,495
Lianhe Chemical Technology Co., Ltd., A Shares	84,000	265,640
Liaoning Port Co., Ltd., A Shares	1,522,300	368,785
Lingyi iTech Guangdong Co., A Shares *	772,100	616,018
Livzon Pharmaceutical Group, Inc., A Shares	109,500	496,706
Livzon Pharmaceutical Group, Inc., H Shares	142,713	403,655
Longfor Group Holdings Ltd.	2,590,256	8,448,442
LONGi Green Energy Technology Co., Ltd., A Shares	737,948	5,480,912
Longshine Technology Group Co., Ltd., A Shares	105,200	413,258
Luenmei Quantum Co., Ltd., A Shares	125,600	131,184
Lufax Holding Ltd., ADR	949,349	4,148,655
Luolai Lifestyle Technology Co., Ltd., A Shares	77,800	119,631
Luoyang Xinqianglian Slewing Bearing Co., Ltd., A Shares	28,560	302,688
Luxi Chemical Group Co., Ltd., A Shares	167,000	333,828
Luxshare Precision Industry Co., Ltd., A Shares	701,717	3,819,284
Luye Pharma Group Ltd. *	2,358,509	682,115
Luzhou Laojiao Co., Ltd., A Shares	143,000	4,858,252
Maanshan Iron & Steel Co., Ltd., A Shares	1,288,600	560,785
Maccura Biotechnology Co., Ltd., A Shares	36,600	92,223
Mango Excellent Media Co., Ltd., A Shares	166,770	672,543
Maxscend Microelectronics Co., Ltd., A Shares	45,248	667,803
Meinian Onehealth Healthcare Holdings Co., Ltd., A Shares *	462,800	324,263
Meituan, B Shares *	5,746,469	138,960,461
Metallurgical Corp. of China Ltd., A Shares	1,512,400	704,253
Metallurgical Corp. of China Ltd., H Shares	3,846,207	730,151
Ming Yang Smart Energy Group Ltd., A Shares	188,600	734,040
Ming Yuan Cloud Group Holdings Ltd.	801,363	664,667
MINISO Group Holding Ltd., ADR	102,329	675,371
Montage Technology Co., Ltd., A Shares	108,000	869,508
Muyuan Foods Co., Ltd., A Shares	508,986	4,328,214
NanJi E-Commerce Co. Ltd, A Shares	278,000	194,782
Nanjing Hanrui Cobalt Co., Ltd., A Shares	32,500	231,154
Nanjing Iron & Steel Co., Ltd., A Shares	554,300	237,205
Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd., A Shares	93,080	242,234
Nanjing Securities Co., Ltd., A Shares	404,100	499,443
NARI Technology Co., Ltd., A Shares	632,764	2,519,656
National Silicon Industry Group Co., Ltd., A Shares *	162,710	486,226
NAURA Technology Group Co., Ltd., A Shares	51,400	2,102,661
NavInfo Co., Ltd., A Shares	214,000	406,049
NetEase, Inc.	2,110,157	38,122,816

₇₇

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
New China Life Insurance Co., Ltd., A Shares	174,000	727,193
New China Life Insurance Co., Ltd., H Shares	1,373,571	3,237,552
New Hope Liuhe Co., Ltd., A Shares *	426,800	972,652
New Oriental Education & Technology Group, Inc., ADR *	190,839	5,419,828
Newland Digital Technology Co., Ltd., A Shares	108,600	211,417
Nine Dragons Paper Holdings Ltd.	2,272,815	1,786,665
Ninestar Corp., A Shares	136,400	875,360
Ningbo Deye Technology Co., Ltd., A Shares	20,580	1,098,478
Ningbo Joyson Electronic Corp., A Shares *	130,600	293,651
Ningbo Orient Wires & Cables Co., Ltd., A Shares	65,200	677,863
Ningbo Ronbay New Energy Technology Co., Ltd., A Shares	42,068	632,160
Ningbo Sanxing Medical Electric Co., Ltd., A Shares	109,200	181,695
Ningbo Shanshan Co., Ltd., A Shares	203,800	734,366
Ningbo Tuopu Group Co., Ltd., A Shares	83,600	958,783
Ningbo Zhoushan Port Co., Ltd., A Shares	914,800	518,872
Ningxia Baofeng Energy Group Co., Ltd., A Shares	265,500	523,024
NIO, Inc., ADR *	1,848,388	36,801,405
Nongfu Spring Co., Ltd., H Shares	2,512,136	14,995,008
North Huajin Chemical Industries Co., Ltd., A Shares	154,000	159,059
North Industries Group Red Arrow Co., Ltd., A Shares	74,900	332,150
Northeast Securities Co., Ltd., A Shares	200,000	208,601
Offcn Education Technology Co., Ltd., A Shares *	217,100	144,239
Offshore Oil Engineering Co., Ltd., A Shares	475,700	309,839
OFILM Group Co., Ltd., A Shares *	303,500	282,211
Oppein Home Group, Inc., A Shares	27,840	527,032
ORG Technology Co., Ltd., A Shares	524,700	352,411
Orient Securities Co., Ltd., A Shares	916,816	1,151,747
Orient Securities Co., Ltd., H Shares	884,355	406,750
Oriental Energy Co., Ltd., A Shares	156,600	200,363
Ourpalm Co. Ltd, A shares *	458,000	221,906
Ovctek China, Inc., A Shares	81,180	502,727
Pangang Group Vanadium Titanium & Resources Co., Ltd., A Shares *	770,300	640,282
People.cn Co., Ltd., A Shares	111,800	191,535
Perfect World Co., Ltd., A Shares	89,550	192,258
PetroChina Co., Ltd., H Shares	30,042,235	14,200,385
Pharmaron Beijing Co., Ltd., A Shares	33,600	331,684
Pharmaron Beijing Co., Ltd., H Shares	290,829	1,932,351
PICC Property & Casualty Co., Ltd., H Shares	9,827,973	10,643,313
Pinduoduo, Inc., ADR *	519,785	37,060,670
Ping An Bank Co., Ltd., A Shares	1,876,800	3,471,245
Ping An Healthcare & Technology Co., Ltd. *(a)	549,686	1,498,727
Ping An Insurance Group Co. of China Ltd., A Shares	979,500	6,229,197
Ping An Insurance Group Co. of China Ltd., H Shares	8,452,061	49,912,156

SECURITY	NUMBER OF SHARES	VALUE ($)
Pingdingshan Tianan Coal Mining Co., Ltd., A Shares	258,300	490,854
Poly Developments and Holdings Group Co., Ltd., A Shares	1,265,700	3,176,391
Poly Property Services Co., Ltd., H Shares	191,056	1,123,379
Pop Mart International Group Ltd. (a)	1,000,455	2,606,663
Postal Savings Bank of China Co., Ltd., A Shares	3,677,600	2,406,014
Postal Savings Bank of China Co., Ltd., H Shares	11,445,592	6,853,779
Power Construction Corp. of China Ltd., A Shares	1,031,600	1,155,276
Proya Cosmetics Co., Ltd., A Shares	13,440	311,944
Qingdao Port International Co., Ltd., A Shares	192,600	147,239
Qingdao Rural Commercial Bank Corp., A Shares	282,100	124,813
Qingdao TGOOD Electric Co., Ltd., A Shares	113,900	282,538
Raytron Technology Co., Ltd., A Shares	45,400	287,012
Red Star Macalline Group Corp., Ltd., H Shares	1,232,688	442,890
Remegen Co., Ltd., H Shares *	202,676	1,159,425
RiseSun Real Estate Development Co., Ltd., A Shares *	424,600	172,463
RLX Technology, Inc., ADR *	1,029,694	1,472,462
Rockchip Electronics Co., Ltd., A Shares	15,600	185,949
Rongsheng Petrochemical Co., Ltd., A Shares	396,200	813,832
SAIC Motor Corp., Ltd., A Shares	936,000	2,100,503
Sailun Group Co., Ltd., A Shares	309,500	510,928
Sangfor Technologies, Inc., A Shares	14,100	197,523
Sansteel Minguang Co., Ltd Fujian, A Shares	183,200	138,193
Sany Heavy Industry Co., Ltd., A Shares	848,400	1,938,377
Satellite Chemical Co Ltd, A Shares *	229,973	731,598
SDIC Power Holdings Co., Ltd., A Shares	774,407	1,252,568
Sealand Securities Co., Ltd., A Shares	478,900	248,011
Seazen Group Ltd. *	3,251,042	1,085,220
Seazen Holdings Co., Ltd., A Shares *	197,100	595,284
SF Holding Co., Ltd., A Shares	482,600	3,460,469
SG Micro Corp., A Shares	34,537	802,609
Shaanxi Coal Industry Co., Ltd., A Shares	761,900	2,431,519
Shaanxi International Trust Co., Ltd., A Shares	386,900	179,600
Shandong Buchang Pharmaceuticals Co., Ltd., A Shares	49,200	128,468
Shandong Chenming Paper Holdings Ltd., H Shares *	2,114,479	695,052
Shandong Denghai Seeds Co., Ltd., A Shares	82,000	257,650
Shandong Gold Mining Co., Ltd., A Shares	403,304	1,047,231
Shandong Gold Mining Co., Ltd., H Shares	811,058	1,380,551
Shandong Himile Mechanical Science & Technology Co., Ltd., A Shares	93,500	339,628
Shandong Hi-speed Co., Ltd., A Shares	244,600	184,864

₇₈

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Shandong Hualu Hengsheng Chemical Co., Ltd., A Shares	223,560	945,992
Shandong Humon Smelting Co., Ltd., A Shares	417,600	586,399
Shandong Linglong Tyre Co., Ltd., A Shares	86,400	285,136
Shandong Nanshan Aluminum Co., Ltd., A Shares	1,133,500	557,415
Shandong Pharmaceutical Glass Co., Ltd., A Shares	54,300	221,342
Shandong Publishing & Media Co., Ltd., A Shares	246,100	238,476
Shandong Shida Shenghua Chemical Group Co., Ltd., A Shares	17,900	295,341
Shandong Sun Paper Industry JSC Ltd., A Shares	210,100	365,428
Shandong Weigao Group Medical Polymer Co., Ltd., H Shares	3,224,707	4,396,105
Shanghai 2345 Network Holding Group Co., Ltd., A Shares	401,800	122,984
Shanghai AJ Group Co., Ltd., A Shares	195,300	165,169
Shanghai Bairun Investment Holding Group Co., Ltd., A Shares	91,728	310,171
Shanghai Baosight Software Co., Ltd., A Shares	326,008	1,797,559
Shanghai Construction Group Co., Ltd., A Shares	866,000	340,443
Shanghai Electric Group Co., Ltd., A Shares *	1,112,200	684,078
Shanghai Electric Group Co., Ltd., H Shares *	3,088,363	739,742
Shanghai Electric Power Co., Ltd., A Shares *	237,200	337,896
Shanghai Environment Group Co., Ltd., A Shares	116,400	163,957
Shanghai Flyco Electrical Appliance Co., Ltd., A Shares	16,100	172,828
Shanghai Fosun Pharmaceutical Group Co., Ltd., A Shares	176,800	1,035,119
Shanghai Fosun Pharmaceutical Group Co., Ltd., H Shares	824,619	2,663,332
Shanghai Friendess Electronic Technology Corp., Ltd., A Shares	16,002	478,188
Shanghai Huayi Group Co., Ltd., B Shares	345,300	229,625
Shanghai Industrial Holdings Ltd.	608,368	846,414
Shanghai International Airport Co., Ltd., A Shares *	189,500	1,550,956
Shanghai International Port Group Co., Ltd., A Shares	959,200	752,772
Shanghai Jinjiang International Hotels Co. Ltd, A Shares	85,700	717,570
Shanghai Jinjiang International Hotels Co., Ltd., B Shares	204,265	404,240
Shanghai Jinqiao Export Processing Zone Development Co., Ltd., A Shares	283,800	490,322
Shanghai Junshi Biosciences Co., Ltd., A Shares *	37,357	286,563
Shanghai Junshi Biosciences Co., Ltd., H Shares *	211,922	777,611
Shanghai Lingang Holdings Corp., Ltd., A Shares	174,700	320,583
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd., A Shares	729,100	1,052,367

SECURITY	NUMBER OF SHARES	VALUE ($)
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd., B Shares	505,330	421,445
Shanghai M&G Stationery, Inc., A Shares	44,200	284,555
Shanghai Mechanical and Electrical Industry Co., Ltd., B shares	360,901	394,826
Shanghai Pharmaceuticals Holding Co., Ltd., A Shares	164,900	413,353
Shanghai Pharmaceuticals Holding Co., Ltd., H Shares	1,194,963	1,741,704
Shanghai Pudong Development Bank Co., Ltd., A Shares	2,789,600	2,941,937
Shanghai Putailai New Energy Technology Co., Ltd., A Shares	129,380	1,189,533
Shanghai RAAS Blood Products Co., Ltd., A Shares	598,500	507,030
Shanghai Shimao Co., Ltd., A Shares *	349,000	130,111
Shanghai Tunnel Engineering Co., Ltd., A Shares	279,100	227,538
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd., A Shares	180,200	316,299
Shanghai Yuyuan Tourist Mart Group Co., Ltd., A Shares	421,100	489,910
Shanghai Zhangjiang High-Tech Park Development Co., Ltd., A Shares	158,400	266,545
Shanghai Zhenhua Heavy Industries Co., Ltd., B Shares	1,656,620	440,661
Shanxi Lu'an Environmental Energy Development Co., Ltd., A Shares	278,500	641,149
Shanxi Meijin Energy Co., Ltd., A Shares	408,800	674,262
Shanxi Securities Co., Ltd., A Shares	353,200	298,195
Shanxi Taigang Stainless Steel Co., Ltd., A Shares	602,000	427,907
Shanxi Xinghuacun Fen Wine Factory Co., Ltd., A Shares	120,400	5,117,421
Shanxi Xishan Coal & Electricity Power Co., Ltd., A Shares	425,300	791,551
Shanying International Holding Co., Ltd., A Shares	424,300	161,877
Shenghe Resources Holding Co., Ltd., A Shares	167,100	419,838
Shengyi Technology Co., Ltd., A Shares	219,400	506,047
Shennan Circuits Co., Ltd., A Shares	17,000	209,419
Shenwan Hongyuan Group Co., Ltd., A Shares	2,186,700	1,325,936
Shenwan Hongyuan Group Co., Ltd., H Shares	2,039,468	389,764
Shenzhen Agricultural Products Group Co., Ltd., A Shares	121,000	106,018
Shenzhen Airport Co., Ltd., A Shares	213,000	208,256
Shenzhen Capchem Technology Co., Ltd., A Shares	80,640	491,896
Shenzhen Dynanonic Co., Ltd., A Shares	15,300	711,339
Shenzhen Energy Group Co., Ltd., A Shares	428,600	396,049
Shenzhen Everwin Precision Technology Co., Ltd., A Shares *	110,900	213,159
Shenzhen Expressway Corp., Ltd., H Shares	1,129,011	989,648
Shenzhen Gas Corp., Ltd., A Shares	267,700	292,416
Shenzhen Hepalink Pharmaceutical Group Co., Ltd., H Shares	420,277	342,161

₇₉

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Shenzhen Huaqiang Industry Co., Ltd., A Shares	121,700	233,212
Shenzhen Infogem Technologies Co., Ltd., A Shares *	78,900	113,654
Shenzhen Inovance Technology Co., Ltd., A Shares	254,200	2,211,397
Shenzhen International Holdings Ltd.	1,827,201	1,578,374
Shenzhen Investment Ltd.	2,610,406	478,922
Shenzhen Jinjia Group Co., Ltd., A Shares	135,400	192,684
Shenzhen Kaifa Technology Co., Ltd., A Shares	155,600	275,151
Shenzhen Kangtai Biological Products Co., Ltd., A Shares	141,580	691,927
Shenzhen Kedali Industry Co., Ltd., A Shares	23,100	375,609
Shenzhen Kingdom Sci-Tech Co., Ltd., A Shares	109,300	172,824
Shenzhen Kinwong Electronic Co., Ltd., A Shares	21,800	69,414
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., A Shares	116,400	5,040,277
Shenzhen MTC Co., Ltd., A Shares *	459,200	249,799
Shenzhen Neptunus Bioengineering Co., Ltd., A Shares *	396,300	200,060
Shenzhen New Industries Biomedical Engineering Co., Ltd., A Shares	32,600	169,064
Shenzhen Overseas Chinese Town Co., Ltd., A Shares	785,400	609,539
Shenzhen Salubris Pharmaceuticals Co., Ltd., A Shares	92,000	341,252
Shenzhen SC New Energy Technology Corp., A Shares	34,600	667,501
Shenzhen Sunway Communication Co., Ltd., A Shares	88,700	217,711
Shenzhen Transsion Holdings Co., Ltd., A Shares	73,843	731,194
Shenzhen Yan Tian Port Holding Co., Ltd., A Shares	263,177	195,086
Shenzhen YUTO Packaging Technology Co., Ltd., A Shares	62,300	267,418
Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd., A Shares	304,100	194,541
Shenzhou International Group Holdings Ltd.	1,044,058	10,954,239
Shijiazhuang Changshan BeiMing Technology Co., Ltd., A Shares *	225,500	198,887
Shijiazhuang Yiling Pharmaceutical Co., Ltd., A Shares	159,500	494,913
Shimao Group Holdings Ltd. (b)	1,981,534	836,911
Shimao Services Holdings Ltd. *	1,063,978	273,828
Shougang Fushan Resources Group Ltd.	4,803,049	1,529,858
Siasun Robot & Automation Co., Ltd., A Shares *	140,300	198,843
Sichuan Chuantou Energy Co., Ltd., A Shares	424,800	812,805
Sichuan Hebang Biotechnology Co., Ltd., A Shares	822,600	449,870
Sichuan Kelun Pharmaceutical Co., Ltd., A Shares	163,200	508,287
Sichuan New Energy Power Co., Ltd. *	139,800	412,694
Sichuan Road & Bridge Co., Ltd., A Shares	508,100	786,449
Sichuan Swellfun Co., Ltd., A Shares	48,700	515,573

SECURITY	NUMBER OF SHARES	VALUE ($)
Sichuan Yahua Industrial Group Co., Ltd., A Shares	100,900	417,297
Sieyuan Electric Co., Ltd., A Shares	105,300	626,281
Sino Biopharmaceutical Ltd.	13,472,376	7,106,218
Sinolink Securities Co., Ltd., A Shares	356,500	446,818
Sinoma International Engineering Co., A Shares	192,900	275,350
Sinoma Science & Technology Co., Ltd., A Shares	183,100	615,685
Sino-Ocean Group Holding Ltd.	4,206,436	616,320
Sinopec Engineering Group Co., Ltd., H Shares	1,919,617	858,451
Sinopec Oilfield Service Corp., H Shares *	6,465,480	428,349
Sinopec Shanghai Petrochemical Co., Ltd., A Shares	1,090,100	498,120
Sinopec Shanghai Petrochemical Co., Ltd., H Shares	3,558,530	557,660
Sinopharm Group Co., Ltd., H Shares	1,735,029	3,864,045
Sinosoft Co., Ltd., A Shares	32,300	105,425
Sinotrans Ltd., H Shares *	3,688,712	1,057,429
Sinotruk Hong Kong Ltd.	981,560	984,205
Skshu Paint Co., Ltd., A Shares *	34,020	459,946
Skyworth Digital Co., Ltd., A Shares	75,300	218,574
Smoore International Holdings Ltd. (a)	2,442,796	4,382,116
Songcheng Performance Development Co., Ltd., A Shares	244,300	449,720
SooChow Securities Co., Ltd., A Shares	545,785	543,129
Southwest Securities Co., Ltd., A Shares	626,200	356,995
StarPower Semiconductor Ltd., A Shares	14,700	845,678
STO Express Co. Ltd, A Shares *	182,100	295,331
Sun Art Retail Group Ltd.	2,793,636	722,537
Sunac China Holdings Ltd. *(b)	4,516,403	1,976,575
Sunac Services Holdings Ltd.	1,011,895	306,836
Sungrow Power Supply Co., Ltd., A Shares	149,800	2,420,773
Suning Universal Co., Ltd., A Shares *	281,800	142,667
Sunny Optical Technology Group Co., Ltd.	915,001	12,578,735
Sunwoda Electronic Co., Ltd., A Shares	174,300	690,267
Suofeiya Home Collection Co., Ltd., A Shares	64,700	173,539
Suzhou Anjie Technology Co., Ltd., A Shares	68,500	141,898
Suzhou Dongshan Precision Manufacturing Co., Ltd., A Shares	157,600	591,210
Suzhou Gold Mantis Construction Decoration Co., Ltd., A Shares *	248,600	181,035
Suzhou Maxwell Technologies Co., Ltd., A Shares	16,288	1,105,785
Suzhou TA&A Ultra Clean Technology Co., Ltd., A Shares	56,400	638,244
Taiji Computer Corp., Ltd., A Shares	54,900	145,422
TAL Education Group, ADR *	628,955	3,635,360
Tangshan Jidong Cement Co., Ltd., A Shares	287,800	379,917
TangShan Port Group Co., Ltd., A Shares	604,800	229,864
Tangshan Sanyou Chemical Industries Co., Ltd., A Shares	223,400	216,479
TBEA Co., Ltd., A Shares	391,549	1,407,487
TCL Technology Group Corp., A Shares	1,388,400	835,834

₈₀

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Tencent Holdings Ltd.	8,399,413	350,151,670
Tencent Music Entertainment Group, ADR *	853,044	4,359,055
The People's Insurance Co. Group of China Ltd., H Shares	11,583,344	3,586,197
Thunder Software Technology Co., Ltd., A Shares	35,400	631,480
Tian Di Science & Technology Co., Ltd., A Shares	299,200	221,789
Tianjin 712 Communication & Broadcasting Co., Ltd., A Shares	38,500	168,497
Tianjin Chase Sun Pharmaceutical Co. Ltd, A Shares	302,500	246,176
Tianjin Guangyu Development Co., Ltd., A Shares	177,500	383,141
Tianjin Zhonghuan Semiconductor Co., Ltd., A Shares	337,000	2,351,919
Tianma Microelectronics Co., Ltd., A Shares	229,000	313,592
Tianshan Aluminum Group Co., Ltd., A Shares	161,000	178,901
Tianshui Huatian Technology Co., Ltd., A Shares	403,900	562,474
Tibet Summit Resources Co., Ltd., A Shares *	60,500	247,756
Titan Wind Energy Suzhou Co., Ltd., A Shares	167,900	337,332
Toly Bread Co., Ltd., A Shares	79,400	161,828
Tongcheng Travel Holdings Ltd. *	1,209,184	2,492,671
TongFu Microelectronics Co., Ltd., A Shares *	148,100	399,170
Tongkun Group Co., Ltd., A Shares	224,000	463,691
Tongling Nonferrous Metals Group Co., Ltd., A Shares	916,700	385,640
Tongwei Co., Ltd., A Shares	444,400	3,408,965
Topchoice Medical Corp., A Shares *	40,100	677,044
Topsec Technologies Group, Inc., A Shares	113,300	161,891
Topsports International Holdings Ltd.	2,370,805	1,875,778
TravelSky Technology Ltd., H Shares	1,343,875	2,352,554
Trina Solar Co., Ltd., A Shares	213,856	2,217,807
Trip.com Group Ltd., ADR *	742,904	19,107,491
Tsingtao Brewery Co., Ltd., A Shares	86,100	1,348,913
Tsingtao Brewery Co., Ltd., H Shares	825,654	8,047,361
Tuya, Inc., ADR *	168,617	222,574
Unigroup Guoxin Microelectronics Co., Ltd., A Shares	93,379	2,113,288
Unisplendour Corp., Ltd., A Shares	123,700	310,437
Universal Scientific Industrial Shanghai Co., Ltd., A Shares	81,600	196,852
Valiant Co., Ltd., A Shares	84,400	219,523
Vipshop Holdings Ltd., ADR *	571,118	6,630,680
Visual China Group Co., Ltd., A Shares	81,700	145,420
Walvax Biotechnology Co., Ltd., A Shares	162,200	1,027,051
Wangsu Science & Technology Co., Ltd., A Shares	229,600	167,865
Wanhua Chemical Group Co., Ltd., A Shares	298,900	3,840,340
Wanxiang Qianchao Co., Ltd., A Shares	304,900	241,494
Weibo Corp., ADR *	97,798	2,023,441
Weichai Power Co., Ltd., A Shares	640,000	1,079,734
Weichai Power Co., Ltd., H Shares	2,664,727	3,571,597
Weifu High-Technology Group Co., Ltd., A Shares	276,300	738,291

SECURITY	NUMBER OF SHARES	VALUE ($)
Weihai Guangwei Composites Co., Ltd., A Shares	45,700	503,436
Wens Foodstuffs Group Co., Ltd., A Shares *	180,320	620,463
Western Mining Co., Ltd., A Shares	218,400	337,411
Western Securities Co., Ltd., A Shares	437,700	411,442
Western Superconducting Technologies Co., Ltd., A Shares	45,200	668,340
Westone Information Industry, Inc., A Shares	107,400	523,636
Will Semiconductor Co., Ltd ., A Shares	74,250	1,009,668
Wingtech Technology Co., Ltd., A Shares	113,400	1,062,680
Winner Medical Co., Ltd., A Shares	15,300	155,474
Winning Health Technology Group Co., Ltd., A Shares	212,700	218,453
Wolong Electric Group Co., Ltd., A Shares	121,200	234,715
Wuchan Zhongda Group Co., Ltd., A Shares	450,600	300,681
Wuhan Guide Infrared Co., Ltd., A Shares	284,536	590,242
Wuliangye Yibin Co., Ltd., A Shares	379,200	9,196,778
WUS Printed Circuit Kunshan Co., Ltd., A Shares	179,500	311,424
WuXi AppTec Co., Ltd., A Shares	201,351	2,618,552
WuXi AppTec Co., Ltd., H Shares	524,813	5,974,384
Wuxi Biologics Cayman, Inc. *	4,959,103	44,038,232
Wuxi Shangji Automation Co., Ltd., A Shares	34,720	679,285
XCMG Construction Machinery Co., Ltd., A Shares *	857,000	647,703
Xiamen C & D, Inc., A Shares	253,100	431,040
Xiamen Faratronic Co., Ltd., A Shares	22,000	567,237
Xiamen ITG Group Corp., Ltd., A Shares	178,800	180,005
Xiamen Tungsten Co., Ltd., A Shares	121,700	446,474
Xiangcai Co., Ltd., A Shares	159,200	165,122
Xiaomi Corp., B Shares *	20,596,659	30,335,320
Xinfengming Group Co., Ltd., A Shares	76,500	110,307
Xinhua Winshare Publishing and Media Co., Ltd., H Shares	538,424	379,353
Xinjiang Goldwind Science & Technology Co., Ltd., A Shares	430,300	800,857
Xinjiang Goldwind Science & Technology Co., Ltd., H Shares	773,926	1,157,608
Xinjiang Tianshan Cement Co., Ltd., A Shares	197,300	277,623
Xinjiang Zhongtai Chemical Co., Ltd., A Shares	241,900	259,321
Xinxing Ductile Iron Pipes Co., Ltd., A Shares	343,100	196,596
Xinyangfeng Agricultural Technology Co., Ltd., A Shares	118,800	264,707
Xinyi Solar Holdings Ltd.	5,993,677	8,277,832
XPeng, Inc., ADR *	736,341	13,637,035
Xuji Electric Co., Ltd., A Shares	91,400	263,850
Yadea Group Holdings Ltd.	1,374,400	2,630,129
Yang Quan Coal Industry Group Co., Ltd., A Shares	262,600	712,350
Yango Group Co., Ltd., A Shares *	407,300	127,031
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., A Shares	185,100	1,059,279
Yangzhou Yangjie Electronic Technology Co., Ltd., A Shares	49,900	425,633

₈₁

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Yangzijiang Financial Holding Ltd. *	3,585,080	963,662
Yangzijiang Shipbuilding Holdings Ltd.	3,589,094	2,495,464
Yankuang Energy Group Co., Ltd., A Shares	108,200	753,400
Yankuang Energy Group Co., Ltd., H Shares	2,694,939	10,712,664
Yanlord Land Group Ltd.	924,735	682,730
Yantai Changyu Pioneer Wine Co., Ltd., A Shares	201,083	890,260
Yantai Eddie Precision Machinery Co., Ltd., A Shares	86,520	217,130
Yantai Jereh Oilfield Services Group Co., Ltd., A Shares	102,500	565,170
Yatsen Holding Ltd., ADR *	397,087	468,563
Yealink Network Technology Corp., Ltd., A Shares	74,950	777,165
Yifan Pharmaceutical Co., Ltd., A Shares *	124,700	213,093
Yifeng Pharmacy Chain Co., Ltd., A Shares	67,860	525,669
Yihai International Holding Ltd. *	642,480	1,622,397
Yihai Kerry Arawana Holdings Co., Ltd., A Shares	187,900	1,245,116
Yintai Gold Co., Ltd., A Shares	275,600	458,564
Yixintang Pharmaceutical Group Co., Ltd., A Shares	49,800	192,596
YongXing Special Materials Technology Co., Ltd., A Shares	32,200	628,674
Yonyou Network Technology Co., Ltd., A Shares	360,740	1,051,311
Youngor Group Co., Ltd., A Shares	475,100	441,085
Youngy Co., Ltd., A Shares *	32,500	565,699
YTO Express Group Co., Ltd., A Shares	299,800	853,272
Yuan Longping High-tech Agriculture Co., Ltd., A Shares *	228,700	517,545
Yuexiu Property Co., Ltd.	1,789,201	2,243,098
Yunda Holding Co., Ltd., A Shares	117,800	287,769
Yunnan Aluminium Co., Ltd., A Shares	297,100	434,861
Yunnan Baiyao Group Co., Ltd., A Shares	155,540	1,181,405
Yunnan Botanee Bio-Technology Group Co., Ltd., A Shares	18,000	486,194
Yunnan Copper Co., Ltd., A Shares	141,100	223,924
Yunnan Energy New Material Co., Ltd., A Shares	87,100	2,438,555
Yunnan Tin Co., Ltd., A Shares	179,200	360,815
Zai Lab Ltd., ADR *	83,853	3,874,847
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd., A Shares	57,600	2,514,963
Zhaojin Mining Industry Co., Ltd., H Shares *	1,505,023	1,280,895
Zhefu Holding Group Co., Ltd., A Shares	539,600	338,935
Zhejiang Century Huatong Group Co., Ltd., A Shares *	788,200	523,672
Zhejiang China Commodities City Group Co., Ltd., A Shares	542,800	385,040
Zhejiang Chint Electrics Co., Ltd., A Shares	110,200	505,636
Zhejiang Crystal-Optech Co., Ltd., A Shares	132,400	247,762
Zhejiang Dahua Technology Co., Ltd., A Shares	265,000	566,631
Zhejiang Dingli Machinery Co., Ltd., A Shares	34,600	196,852

SECURITY	NUMBER OF SHARES	VALUE ($)
Zhejiang Expressway Co., Ltd., H Shares	2,014,021	1,534,473
Zhejiang Hailiang Co., Ltd., A Shares	123,600	197,228
Zhejiang HangKe Technology, Inc. Co., A Shares	31,689	285,376
Zhejiang Hisoar Pharmaceutical Co., Ltd., A Shares	113,500	117,887
Zhejiang Huahai Pharmaceutical Co., Ltd., A Shares	140,250	405,071
Zhejiang Huayou Cobalt Co., Ltd., A Shares	163,160	1,768,984
Zhejiang Jingsheng Mechanical & Electrical Co., Ltd., A Shares	127,800	1,408,969
Zhejiang Jiuzhou Pharmaceutical Co., Ltd., A Shares	74,200	441,849
Zhejiang Juhua Co., Ltd., A Shares	339,700	773,664
Zhejiang Medicine Co., Ltd., A Shares	86,000	175,904
Zhejiang NHU Co., Ltd., A Shares	278,568	908,012
Zhejiang Runtu Co., Ltd., A Shares	111,700	133,679
Zhejiang Sanhua Intelligent Controls Co., Ltd., A Shares *	111,620	415,162
Zhejiang Supor Co., Ltd., A Shares	46,200	307,283
Zhejiang Wanfeng Auto Wheel Co., Ltd., A Shares *	240,300	206,015
Zhejiang Wanliyang Co., Ltd., A Shares *	160,300	250,907
Zhejiang Weiming Environment Protection Co., Ltd., A Shares	61,100	225,661
Zhejiang Weixing New Building Materials Co., Ltd., A Shares	155,300	469,940
Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd., A Shares	54,100	363,202
Zhejiang Yongtai Technology Co., Ltd., A Shares	87,300	346,487
Zhengzhou Coal Mining Machinery Group Co., Ltd., A Shares	162,400	328,402
Zheshang Securities Co., Ltd., A Shares *	114,500	181,544
Zhihu, Inc., ADR *(a)	222,322	286,795
ZhongAn Online P&C Insurance Co., Ltd., H Shares *	1,039,357	3,065,559
Zhongji Innolight Co., Ltd., A Shares	65,400	278,163
Zhongshan Broad Ocean Motor Co., Ltd., A Shares *	87,700	78,877
Zhongshan Public Utilities Group Co., Ltd., A Shares	124,600	131,947
Zhongsheng Group Holdings Ltd.	903,418	4,287,548
Zhongtai Securities Co., Ltd., A Shares	240,800	258,840
Zhuhai Huafa Properties Co., Ltd., A Shares	209,400	239,972
Zhuzhou CRRC Times Electric Co., Ltd.	748,638	3,634,049
Zhuzhou CRRC Times Electric Co., Ltd., A Shares	51,276	459,536
Zhuzhou Hongda Electronics Corp., Ltd., A Shares	41,900	282,695
Zhuzhou Kibing Group Co., Ltd., A Shares	203,000	333,644
Zijin Mining Group Co., Ltd., A Shares	2,189,500	2,795,019
Zijin Mining Group Co., Ltd., H Shares	7,798,604	8,882,769
Zoomlion Heavy Industry Science and Technology Co. Ltd, A Shares	600,600	502,711
Zoomlion Heavy Industry Science and Technology Co. Ltd, H Shares	2,237,104	1,011,832
ZTE Corp., A Shares	387,100	1,375,772
ZTE Corp., H Shares	1,064,920	2,257,690

₈₂

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
ZTO Express Cayman, Inc.	190,123	5,023,858
		2,949,679,839

Colombia 0.2%
BAC Holding International Corp. *	7,029,541	357,577
Bancolombia S.A.	387,818	2,998,576
Bancolombia S.A., ADR	156,464	4,294,937
Cementos Argos S.A.	744,893	587,565
Ecopetrol S.A., ADR	347,442	3,582,127
Grupo de Inversiones Suramericana S.A.	130,848	1,094,535
Interconexion Electrica S.A. ESP	616,116	2,670,211
		15,585,528

Czech Republic 0.2%
CEZ A/S	222,053	8,992,471
Komercni Banka A/S	115,407	2,720,367
Moneta Money Bank A/S	623,565	1,977,728
		13,690,566

Egypt 0.1%
Commercial International Bank Egypt S.A.E., GDR	3,035,760	5,349,009

Greece 0.3%
Alpha Services and Holdings S.A. *	3,054,662	2,838,786
Eurobank Ergasias Services & Holdings S.A., A Shares *	3,520,227	3,291,979
FF Group *(b)	50,437	0
Hellenic Petroleum Holdings S.A.	94,377	653,866
Hellenic Telecommunications Organization S.A.	310,311	4,948,845
JUMBO S.A.	166,707	2,387,082
Motor Oil Hellas Corinth Refineries S.A.	83,549	1,582,799
Mytilineos S.A.	145,490	2,285,166
National Bank of Greece S.A. *	760,557	2,465,644
OPAP S.A.	269,411	3,562,415
Piraeus Financial Holdings S.A. *	781,770	823,842
Public Power Corp. S.A. *	292,689	1,531,901
Terna Energy S.A.	80,233	1,430,425
		27,802,750

Hong Kong 0.0%
China Huishan Dairy Holdings Co., Ltd. *(b)	3,872,695	0

Hungary 0.2%
Magyar Telekom Telecommunications plc	872,944	737,904
MOL Hungarian Oil & Gas plc	526,364	3,620,057
OTP Bank Nyrt	322,880	6,857,213
Richter Gedeon Nyrt	207,470	4,174,245
		15,389,419

India 17.4%
3M India Ltd. *	4,142	1,215,332
Aarti Industries Ltd. *	254,561	2,661,323
ABB India Ltd.	75,355	3,094,264
ACC Ltd.	121,058	3,503,695
Adani Enterprises Ltd.	368,478	14,813,429

SECURITY	NUMBER OF SHARES	VALUE ($)
Adani Green Energy Ltd. *	547,965	16,800,697
Adani Ports & Special Economic Zone Ltd.	1,090,385	11,556,621
Adani Power Ltd. *	1,354,216	7,055,006
Adani Total Gas Ltd.	386,986	18,239,076
Adani Transmission Ltd. *	347,192	17,306,259
Adani Wilmar Ltd. *	216,261	1,883,823
Aditya Birla Capital Ltd. *	662,658	952,812
Alkem Laboratories Ltd.	37,437	1,401,517
Ambuja Cements Ltd.	945,842	4,895,376
Apollo Hospitals Enterprise Ltd.	137,554	7,483,590
Ashok Leyland Ltd.	1,968,726	3,815,641
Asian Paints Ltd.	634,852	27,098,089
Astral Ltd.	134,422	3,539,783
AU Small Finance Bank Ltd.	435,036	3,470,623
Aurobindo Pharma Ltd.	370,955	2,546,232
Avenue Supermarts Ltd. *	207,841	11,852,784
Axis Bank Ltd.	3,181,929	30,094,077
Bajaj Auto Ltd.	98,287	5,052,819
Bajaj Finance Ltd.	334,081	30,719,055
Bajaj Finserv Ltd.	53,062	11,327,291
Bajaj Holdings & Investment Ltd.	36,489	2,509,791
Balkrishna Industries Ltd.	110,555	2,846,795
Bandhan Bank Ltd. *	1,093,400	3,832,356
Bank of Baroda	1,493,081	2,458,774
Bank of India	665,235	434,514
Bata India Ltd.	82,187	2,007,919
Bayer CropScience Ltd.	18,138	1,243,826
Berger Paints India Ltd.	331,956	2,814,548
Bharat Electronics Ltd.	1,511,115	5,828,940
Bharat Forge Ltd.	352,095	3,282,855
Bharat Heavy Electricals Ltd. *	1,553,464	1,149,582
Bharat Petroleum Corp., Ltd.	1,398,338	5,783,721
Bharti Airtel Ltd.	3,179,411	29,073,922
Biocon Ltd.	657,454	2,564,180
Bosch Ltd.	15,324	3,382,708
Britannia Industries Ltd.	164,688	7,767,730
Canara Bank	532,369	1,615,368
Castrol India Ltd.	639,440	917,416
Cholamandalam Investment & Finance Co., Ltd.	560,684	5,576,981
Cipla Ltd.	708,708	9,262,207
Coal India Ltd.	2,654,682	7,844,624
Coforge Ltd.	50,782	2,275,433
Colgate-Palmolive (India) Ltd.	184,174	3,882,323
Container Corp. Of India Ltd. *	387,657	3,398,298
Coromandel International Ltd.	146,579	1,942,687
Cummins India Ltd.	187,741	2,817,835
Dabur India Ltd.	794,459	5,835,100
Dalmia Bharat Ltd.	115,969	2,242,300
Deepak Nitrite Ltd.	105,772	2,634,444
Divi's Laboratories Ltd.	180,400	8,234,319
Dixon Technologies India Ltd.	50,690	2,617,939
DLF Ltd.	868,179	4,261,235
Dr Lal PathLabs Ltd.	48,407	1,563,425
Dr. Reddy's Laboratories Ltd.	167,492	8,948,257
Eicher Motors Ltd.	193,909	8,196,665
Emami Ltd.	302,446	1,843,989
Embassy Office Parks REIT	726,119	3,318,512
Exide Industries Ltd.	662,005	1,337,621
Federal Bank Ltd.	2,105,912	3,100,899
FSN E-Commerce Ventures Ltd. *	83,452	1,460,339
GAIL India Ltd.	2,449,229	4,195,165
General Insurance Corp. of India	132,828	207,455
Gillette India Ltd. *	11,163	771,425
GlaxoSmithKline Pharmaceuticals Ltd.	65,672	1,204,827
Glenmark Pharmaceuticals Ltd.	197,729	923,595
GMR Infrastructure Ltd. *	3,492,248	1,580,031

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Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Godrej Consumer Products Ltd. *	502,884	5,849,501
Godrej Industries Ltd. *	130,175	785,639
Godrej Properties Ltd. *	117,770	2,086,442
Grasim Industries Ltd.	530,166	11,200,401
Gujarat Gas Ltd.	271,571	1,612,341
Havells India Ltd.	325,275	5,696,334
HCL Technologies Ltd.	1,523,703	18,005,465
HDFC Asset Management Co., Ltd.	95,302	2,488,632
HDFC Life Insurance Co., Ltd.	1,355,597	9,813,209
Hero MotoCorp Ltd.	182,293	6,510,255
Hindalco Industries Ltd.	1,972,498	10,897,896
Hindustan Aeronautics Ltd.	114,269	3,300,734
Hindustan Petroleum Corp., Ltd.	967,936	2,966,855
Hindustan Unilever Ltd.	1,234,153	41,313,092
Hindustan Zinc Ltd.	308,235	1,105,575
Honeywell Automation India Ltd.	2,969	1,614,197
Housing Development Finance Corp., Ltd.	2,455,447	75,599,615
ICICI Bank Ltd.	2,194,192	24,502,289
ICICI Lombard General Insurance Co., Ltd.	329,598	5,343,959
ICICI Prudential Life Insurance Co., Ltd.	535,175	4,004,813
IDFC First Bank Ltd. *	4,206,255	2,601,841
Indiabulls Housing Finance Ltd. *	471,639	811,409
Indian Oil Corp., Ltd.	5,903,129	5,311,900
Indian Railway Catering & Tourism Corp., Ltd.	358,881	3,210,176
Indian Railway Finance Corp., Ltd.	2,195,597	591,327
Indraprastha Gas Ltd.	487,243	2,569,951
Indus Towers Ltd.	1,212,470	3,048,794
Info Edge India Ltd.	108,162	5,913,656
Infosys Ltd.	4,978,687	93,545,228
InterGlobe Aviation Ltd. *	143,291	3,637,000
Ipca Laboratories Ltd.	196,017	2,233,057
ITC Ltd.	4,134,885	16,678,348
Jindal Steel & Power Ltd.	561,386	3,061,695
JSW Energy Ltd.	521,629	2,238,934
JSW Steel Ltd.	1,405,630	11,797,590
Jubilant Foodworks Ltd.	491,380	3,811,283
Kansai Nerolac Paints Ltd.	198,282	1,260,939
L&T Finance Holdings Ltd.	1,220,488	1,218,059
L&T Technology Services Ltd.	34,023	1,590,289
Larsen & Toubro Infotech Ltd.	61,443	3,589,311
Larsen & Toubro Ltd.	955,077	23,108,209
Laurus Labs Ltd.	502,591	3,662,624
LIC Housing Finance Ltd.	459,574	2,366,751
Lupin Ltd.	342,021	2,880,085
Macrotech Developers Ltd. *	107,928	1,490,055
Mahindra & Mahindra Financial Services Ltd.	823,920	2,131,914
Mahindra & Mahindra Ltd.	1,289,463	21,237,849
Mangalore Refinery & Petrochemicals Ltd. *	337,420	309,995
Marico Ltd.	714,574	4,726,766
Maruti Suzuki India Ltd.	185,233	21,172,560
Max Financial Services Ltd. *	331,652	3,440,563
Max Healthcare Institute Ltd. *	1,030,794	5,036,686
Mindtree Ltd.	64,961	2,703,229
Mphasis Ltd.	124,279	3,332,979
MRF Ltd.	3,708	3,983,647
Muthoot Finance Ltd.	150,726	2,001,444
Nestle India Ltd.	50,279	12,608,547
NHPC Ltd.	3,286,680	1,588,365
Nippon Life India Asset Management Ltd.	225,116	855,325
NMDC Ltd. *	1,047,443	1,611,539

SECURITY	NUMBER OF SHARES	VALUE ($)
NTPC Ltd.	6,088,423	12,566,381
Oberoi Realty Ltd.	164,693	2,086,899
Oil & Natural Gas Corp., Ltd.	5,215,188	9,096,928
Oil India Ltd.	474,093	1,150,356
One 97 Communications Ltd. *	126,687	1,144,530
Oracle Financial Services Software Ltd.	32,800	1,308,501
Page Industries Ltd.	8,101	5,204,004
PB Fintech Ltd. *	215,409	1,363,756
Persistent Systems Ltd.	75,505	3,342,927
Petronet LNG Ltd.	1,072,267	2,983,687
PI Industries Ltd.	100,287	4,336,952
Pidilite Industries Ltd.	212,651	7,323,062
Piramal Enterprises Ltd.	177,701	2,378,534
Piramal Pharma Ltd. *(b)	710,804	1,960,258
Polycab India Ltd.	34,181	1,062,600
Power Finance Corp., Ltd.	1,521,568	2,290,256
Power Grid Corp. of India Ltd.	4,477,995	12,939,486
Punjab National Bank	1,660,003	748,962
Rajesh Exports Ltd.	205,346	1,522,428
RBL Bank Ltd. *	641,300	987,073
REC Ltd.	2,020,036	2,764,712
Relaxo Footwears Ltd.	100,706	1,268,106
Reliance Industries Ltd.	4,705,916	156,232,823
Samvardhana Motherson International Ltd.	1,946,018	3,009,957
SBI Cards & Payment Services Ltd.	393,308	4,564,776
SBI Life Insurance Co., Ltd.	589,594	9,862,165
Shree Cement Ltd.	19,015	5,282,278
Shriram Transport Finance Co., Ltd. *	281,432	4,798,021
Siemens Ltd.	124,456	4,516,608
Sona Blw Precision Forgings Ltd.	364,813	2,396,638
SRF Ltd.	199,719	6,392,866
Star Health & Allied Insurance Co., Ltd. *	110,147	1,013,262
State Bank of India	2,506,129	16,755,752
Steel Authority of India Ltd.	1,928,173	1,972,868
Sun Pharmaceutical Industries Ltd.	1,516,173	17,040,647
Sun TV Network Ltd.	151,763	958,807
Tata Communications Ltd.	158,254	2,394,479
Tata Consultancy Services Ltd.	1,428,014	57,710,470
Tata Consumer Products Ltd.	839,073	8,549,852
Tata Elxsi Ltd.	47,808	5,426,659
Tata Motors Ltd. *	2,584,058	15,320,640
Tata Motors Ltd., A Shares, DVR *	514,736	1,516,842
Tata Steel Ltd.	11,467,666	15,630,218
Tata Teleservices Maharashtra Ltd. *	700,467	956,046
Tech Mahindra Ltd.	843,160	11,418,898
The Tata Power Co., Ltd.	2,818,079	8,403,717
Titan Co., Ltd.	575,980	18,880,710
Torrent Pharmaceuticals Ltd.	136,004	2,653,988
Torrent Power Ltd.	309,518	2,267,683
Trent Ltd.	252,358	4,469,407
Tube Investments of India Ltd.	136,033	3,875,815
TVS Motor Co., Ltd.	285,680	3,543,579
UltraTech Cement Ltd.	160,368	13,477,704
Union Bank of India Ltd.	1,508,829	804,183
United Breweries Ltd.	97,256	2,009,364
United Spirits Ltd. *	411,688	4,206,351
UNO Minda Ltd.	235,593	1,713,915
UPL Ltd.	776,657	7,518,969
Varun Beverages Ltd.	282,619	3,678,294
Vedanta Ltd.	1,874,406	6,375,158
Vodafone Idea Ltd. *	10,421,745	1,187,000
Voltas Ltd.	313,616	3,951,669
Whirlpool of India Ltd.	39,957	917,308
Wipro Ltd.	1,758,047	9,149,978
Yes Bank Ltd. *(b)	17,048,411	3,148,955
Zee Entertainment Enterprises Ltd.	1,151,297	3,724,488

₈₄

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Zomato Ltd. *	2,781,527	2,028,609
Zydus Lifesciences Ltd.	360,641	1,716,557
		1,490,294,623

Indonesia 2.0%
Astra Agro Lestari Tbk PT	565,384	348,544
Bank Danamon Indonesia Tbk PT	1,190,300	211,716
Bank Syariah Indonesia Tbk PT	4,464,460	457,199
Dayamitra Telekomunikasi PT	31,423,916	1,672,555
Elang Mahkota Teknologi Tbk PT *	41,482,400	5,338,143
Mayora Indah Tbk PT	5,467,772	663,095
PT Adaro Energy Indonesia Tbk	17,862,930	4,260,385
PT Astra International Tbk	28,280,344	13,289,904
PT Bank Central Asia Tbk	67,848,326	37,484,000
PT Bank Mandiri (Persero) Tbk	25,811,614	15,390,452
PT Bank Negara Indonesia (Persero) Tbk	10,311,501	5,922,557
PT Bank Rakyat Indonesia (Persero) Tbk	90,053,025	26,331,826
PT Barito Pacific Tbk	34,263,949	1,892,972
PT Bukit Asam Tbk	5,748,478	1,646,019
PT Bumi Serpong Damai Tbk *	12,571,513	779,235
PT Charoen Pokphand Indonesia Tbk	10,176,310	4,028,016
PT Gudang Garam Tbk	616,132	984,856
PT Hanjaya Mandala Sampoerna Tbk	12,819,614	785,976
PT Indah Kiat Pulp & Paper Corp. Tbk	3,745,167	2,100,624
PT Indocement Tunggal Prakarsa Tbk	2,570,485	1,636,590
PT Indofood CBP Sukses Makmur Tbk *	3,161,078	1,767,691
PT Indofood Sukses Makmur Tbk	5,984,638	2,509,979
PT Jasa Marga Persero Tbk *	2,851,922	660,981
PT Kalbe Farma Tbk	26,501,165	2,999,626
PT Media Nusantara Citra Tbk	7,786,369	480,009
PT Perusahaan Gas Negara Tbk	14,721,329	1,824,979
PT Sarana Menara Nusantara Tbk	35,313,846	2,950,256
PT Semen Indonesia (Persero) Tbk	3,922,544	1,744,234
PT Surya Citra Media Tbk	37,706,852	574,145
PT Telkom Indonesia (Persero) Tbk	65,827,811	20,224,007
PT Tower Bersama Infrastructure Tbk	13,824,285	2,626,544
PT Unilever Indonesia Tbk	7,936,882	2,454,458
PT United Tractors Tbk	2,127,971	4,853,078
PT Vale Indonesia Tbk *	2,641,503	1,085,610
PT XL Axiata Tbk	4,707,256	834,097
Smartfren Telecom Tbk PT *	149,777,694	999,022
		173,813,380

Kuwait 1.1%
Agility Public Warehousing Co. KSC	2,066,058	5,649,037
Ahli United Bank BSC (b)	8,961,022	9,716,140
Boubyan Bank KSCP	1,587,734	4,305,108
Boubyan Petrochemicals Co. KSCP	551,428	1,642,018
Burgan Bank SAK	1,318,240	1,040,209
Gulf Bank KSCP	2,447,939	2,782,200
Humansoft Holding Co. KSC	139,733	1,569,983
Kuwait Finance House KSCP	7,536,168	22,024,845
Mabanee Co. KPSC	846,886	2,279,813
Mobile Telecommunications Co. KSCP	2,956,642	5,808,632
National Bank of Kuwait SAKP	10,037,539	34,354,818
		91,172,803

Malaysia 1.8%
Alliance Bank Malaysia Berhad	1,546,480	1,219,769
AMMB Holdings Berhad	2,992,072	2,794,517
Astro Malaysia Holdings Berhad	2,244,800	418,815
Axiata Group Berhad	6,210,277	4,218,354

SECURITY	NUMBER OF SHARES	VALUE ($)
British American Tobacco Malaysia Berhad	229,000	527,025
CIMB Group Holdings Berhad	9,340,994	11,207,941
Dialog Group Berhad	5,540,900	3,008,465
DiGi.com Berhad	4,346,114	3,641,588
Fraser & Neave Holdings Berhad	199,400	997,111
Gamuda Berhad	3,141,227	2,681,150
Genting Berhad	3,232,800	3,394,964
Genting Malaysia Berhad	3,827,920	2,557,364
Hartalega Holdings Berhad	2,328,300	863,586
Hong Leong Bank Berhad *	929,107	4,338,808
Hong Leong Financial Group Berhad *	340,000	1,475,321
IHH Healthcare Berhad	3,779,900	5,236,371
IJM Corp. Berhad	4,246,536	1,622,517
IOI Corp. Berhad	4,415,792	4,173,567
Kuala Lumpur Kepong Berhad	597,228	3,087,891
Malayan Banking Berhad	10,034,939	20,112,480
Malaysia Airports Holdings Berhad *	1,219,000	1,598,822
Maxis Berhad	2,798,724	2,407,572
MISC Berhad	2,407,800	3,819,770
MR DIY Group M Berhad	2,994,500	1,451,919
Nestle Malaysia Berhad	85,371	2,537,000
Petronas Chemicals Group Berhad	3,933,200	7,733,697
Petronas Dagangan Berhad	374,200	1,964,853
Petronas Gas Berhad	772,736	2,993,910
PPB Group Berhad	942,377	3,705,918
Press Metal Aluminium Holdings Berhad	4,858,164	5,188,699
Public Bank Berhad	19,910,070	20,953,286
QL Resources Berhad	1,544,850	1,760,414
RHB Bank Berhad	2,378,042	3,049,930
Sime Darby Berhad	4,905,800	2,510,174
Sime Darby Plantation Berhad	4,988,508	4,971,231
Supermax Corp. Berhad *	2,239,623	365,306
Telekom Malaysia Berhad *	1,583,000	2,111,610
Tenaga Nasional Berhad	4,553,474	9,146,627
Top Glove Corp. Berhad	7,485,700	1,346,439
Westports Holdings Berhad	1,003,900	780,599
YTL Corp. Berhad	6,559,536	864,736
		158,840,116

Mexico 2.4%
Alfa S.A.B. de C.V., A Shares	5,172,655	3,297,207
Alpek S.A.B. de C.V.	534,287	732,413
America Movil S.A.B. de C.V., Series L	40,079,152	34,216,340
Arca Continental S.A.B. de C.V.	630,135	4,297,087
Banco del Bajio S.A.	1,034,508	2,161,397
Becle S.A.B. de C.V.	769,669	1,576,689
Cemex S.A.B. de C.V., Series CPO *	20,478,100	7,605,977
Coca-Cola Femsa S.A.B. de C.V.	755,179	4,625,246
Concentradora Fibra Danhos S.A. de C.V.	370,085	433,348
Controladora Vuela Cia de Aviacion S.A.B. de C.V., A Shares *	1,286,896	1,150,477
El Puerto de Liverpool S.A.B. de C.V., Series C1	277,452	1,239,374
Fibra Uno Administracion S.A. de C.V.	4,072,835	4,270,887
Fomento Economico Mexicano S.A.B. de C.V.	2,550,011	16,009,839
GCC S.A.B. de C.V.	228,148	1,307,041
Gruma S.A.B. de C.V., B Shares	272,250	2,971,711
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.	380,723	2,493,857
Grupo Aeroportuario del Pacifico S.A.B. de C.V., B Shares	480,641	6,854,965

₈₅

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Grupo Aeroportuario del Sureste S.A.B. de C.V., B Shares	284,087	6,027,385
Grupo Bimbo S.A.B. de C.V., Series A	3,098,088	10,200,646
Grupo Carso S.A.B. de C.V., Series A1 *	628,928	2,168,038
Grupo Comercial Chedraui SA de CV	673,364	1,921,793
Grupo Elektra S.A.B. de C.V.	89,971	4,672,659
Grupo Financiero Banorte S.A.B. de C.V., O Shares	4,046,586	23,939,081
Grupo Financiero Inbursa S.A.B. de C.V., O Shares *	2,848,435	4,495,293
Grupo Mexico S.A.B. de C.V., Series B	4,433,756	16,816,175
Grupo Televisa S.A.B., Series CPO	3,310,890	4,179,768
Industrias Bachoco S.A.B. de C.V., Series B	219,174	871,487
Industrias Penoles S.A.B. de C.V.	165,458	1,362,281
Kimberly-Clark de Mexico S.A.B. de C.V., A Shares	1,230,311	1,669,411
Megacable Holdings S.A.B. de C.V., Series CPO	438,729	921,654
Operadora de Sites Mexicanos S.A. de C.V.	1,718,494	1,714,051
Orbia Advance Corp. S.A.B. de C.V.	1,329,233	2,512,800
Prologis Property Mexico SA de CV	632,548	1,639,240
Promotora y Operadora de Infraestructura S.A.B. de C.V.	302,652	2,130,994
Qualitas Controladora S.A.B. de C.V.	252,145	1,106,519
Regional SAB de C.V.	335,064	1,812,098
Wal-Mart de Mexico S.A.B. de C.V.	7,229,014	23,665,388
		209,070,616

Philippines 0.8%
Aboitiz Power Corp.	2,131,303	1,187,958
AC Energy Corp.	8,270,106	1,104,546
Alliance Global Group, Inc.	5,456,403	975,555
Ayala Corp.	447,098	5,589,223
Ayala Land, Inc.	11,090,912	5,658,528
Bank of the Philippine Islands	2,475,705	4,186,060
BDO Unibank, Inc.	2,757,133	6,323,902
Bloomberry Resorts Corp. *	5,106,548	644,741
Converge Information and Communications Technology Solutions, Inc. *	2,758,116	854,621
DMCI Holdings, Inc.	6,057,112	1,024,710
Globe Telecom, Inc.	41,221	1,540,053
GT Capital Holdings, Inc.	128,411	1,102,201
International Container Terminal Services, Inc.	1,515,807	4,891,180
JG Summit Holdings, Inc.	4,184,231	3,815,023
Jollibee Foods Corp.	594,348	2,535,941
LT Group, Inc.	3,871,984	609,533
Manila Electric Co.	353,843	1,897,917
Megaworld Corp.	12,780,706	568,992
Metro Pacific Investments Corp.	18,653,104	1,239,001
Metropolitan Bank & Trust Co.	2,535,719	2,375,190
Monde Nissin Corp. *	7,883,384	2,316,371
PLDT, Inc.	125,710	3,758,652
Puregold Price Club, Inc.	1,299,530	792,608
San Miguel Corp.	521,679	887,658
San Miguel Food and Beverage, Inc.	855,347	654,971
Semirara Mining & Power Corp.	1,781,523	1,303,902
SM Prime Holdings, Inc.	16,767,231	11,301,571
Universal Robina Corp.	1,176,644	2,556,327
		71,696,935

SECURITY	NUMBER OF SHARES	VALUE ($)
Qatar 1.4%
Barwa Real Estate Co.	2,645,384	2,675,348
Doha Bank QPSC	2,095,393	1,449,960
Ezdan Holding Group QSC *	2,087,640	785,355
Industries Qatar QSC	2,183,830	10,883,920
Masraf Al Rayan QSC	8,692,546	10,791,241
Mesaieed Petrochemical Holding Co.	6,147,443	4,388,921
Ooredoo QPSC	1,287,149	3,209,257
Qatar Aluminum Manufacturing Co.	3,706,206	1,913,274
Qatar Electricity & Water Co. QSC	624,967	3,243,462
Qatar Fuel QSC	710,204	3,707,277
Qatar Gas Transport Co., Ltd.	3,837,161	4,214,634
Qatar Insurance Co. SAQ	2,362,291	1,508,156
Qatar International Islamic Bank QSC	1,060,516	3,468,318
Qatar Islamic Bank SAQ	2,501,896	17,594,167
Qatar National Bank QPSC	6,218,418	35,243,536
The Commercial Bank PSQC	4,693,183	9,446,291
United Development Co. QSC	2,220,029	975,368
Vodafone Qatar QSC	2,284,098	1,031,740
		116,530,225

Russia 0.0%
Gazprom PJSC *(b)(c)	127,160	24,950
Sberbank of Russia PJSC *(b)(c)	107,550	4,628
		29,578

Saudi Arabia 5.3%
Abdullah Al Othaim Markets Co.	61,518	2,098,060
ACWA Power Co.	187,089	8,709,916
Advanced Petrochemical Co.	182,468	2,427,082
Al Rajhi Bank *	2,744,750	65,862,317
Alinma Bank	1,364,325	13,792,059
Almarai Co. JSC	350,747	4,945,355
Arab National Bank	923,697	7,371,883
Arabian Centers Co., Ltd.	222,949	1,187,401
Arabian Internet & Communications Services Co.	36,985	2,735,257
Bank AlBilad *	692,011	9,315,179
Bank Al-Jazira	551,878	3,458,964
Banque Saudi Fransi	823,380	10,897,354
BinDawood Holding Co.	40,733	895,064
Bupa Arabia for Cooperative Insurance Co.	84,805	3,708,950
Dallah Healthcare Co.	47,879	1,508,080
Dar Al Arkan Real Estate Development Co. *	737,867	2,779,515
Dr Sulaiman Al Habib Medical Services Group Co.	127,392	6,777,973
Emaar Economic City *	572,552	1,538,381
Etihad Etisalat Co.	521,609	5,078,715
Jarir Marketing Co.	83,326	3,812,735
Mobile Telecommunications Co. *	608,682	1,875,110
Mouwasat Medical Services Co.	66,464	4,275,338
Nahdi Medical Co.	53,897	2,778,728
National Industrialization Co. *	465,240	1,972,845
Rabigh Refining & Petrochemical Co. *	577,212	2,659,567
Riyad Bank	2,065,144	19,503,222
SABIC Agri-Nutrients Co.	332,490	15,390,599
Sahara International Petrochemical Co.	494,797	6,285,330
Saudi Airlines Catering Co. *	53,508	1,078,985
Saudi Arabian Mining Co. *	1,129,874	22,393,087
Saudi Arabian Oil Co.	3,922,253	39,128,621
Saudi Basic Industries Corp.	1,259,215	33,565,667
Saudi Cement Co.	107,743	1,593,645

₈₆

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Saudi Electricity Co.	1,077,221	7,235,922
Saudi Ground Services Co. *	114,508	898,640
Saudi Industrial Investment Group	514,251	3,502,215
Saudi Kayan Petrochemical Co. *	1,013,479	3,963,326
Saudi Pharmaceutical Industries & Medical Appliances Corp.	119,993	893,803
Saudi Research & Media Group *	44,448	2,497,318
Saudi Tadawul Group Holding Co.	49,725	3,010,750
Saudi Telecom Co.	2,535,767	28,197,675
Saudia Dairy & Foodstuff Co.	23,039	1,219,676
Seera Group Holding *	202,874	971,464
Southern Province Cement Co.	92,709	1,432,932
The Co. for Cooperative Insurance *	82,598	1,669,978
The Qassim Cement Co.	71,670	1,529,113
The Saudi British Bank	1,402,283	14,903,220
The Saudi Investment Bank	692,202	3,682,905
The Saudi National Bank	3,039,974	56,529,445
The Savola Group	356,208	3,093,959
United Electronics Co.	43,176	1,373,730
Yamama Cement Co. *	143,235	1,125,989
Yanbu Cement Co.	109,729	1,164,721
Yanbu National Petrochemical Co.	377,876	5,036,336
		455,334,101

South Africa 3.9%
Absa Group Ltd.	1,062,844	11,100,859
African Rainbow Minerals Ltd.	143,890	1,994,692
Anglo American Platinum Ltd.	77,530	5,452,718
AngloGold Ashanti Ltd. (a)	584,266	7,871,500
Aspen Pharmacare Holdings Ltd.	519,129	4,492,474
AVI Ltd.	491,191	2,121,028
Barloworld Ltd.	267,577	1,365,797
Bid Corp., Ltd.	464,525	8,858,854
Capitec Bank Holdings Ltd.	119,324	14,306,433
Clicks Group Ltd.	342,808	5,993,971
Coronation Fund Managers Ltd.	340,007	629,170
Dis-Chem Pharmacies Ltd.	516,696	1,075,263
Discovery Ltd. *	735,105	5,297,945
Distell Group Holdings Ltd. *	122,153	1,232,681
Exxaro Resources Ltd.	340,434	4,360,585
FirstRand Ltd.	7,005,867	26,376,199
Fortress REIT Ltd, Class B *	2,643,936	632,892
Fortress REIT Ltd., Class A *	1,072,282	655,534
Gold Fields Ltd.	1,216,976	9,905,370
Growthpoint Properties Ltd.	4,618,826	3,452,386
Harmony Gold Mining Co., Ltd.	787,324	1,993,670
Impala Platinum Holdings Ltd.	1,143,954	12,106,406
Investec Ltd.	406,329	1,920,506
Kumba Iron Ore Ltd.	74,353	1,659,904
Life Healthcare Group Holdings Ltd.	1,904,905	2,243,050
Momentum Metropolitan Holdings	1,726,800	1,686,843
Mr Price Group Ltd.	370,587	4,048,879
MTN Group Ltd.	2,507,178	18,276,787
MultiChoice Group	508,668	3,450,230
Naspers Ltd., N Shares	296,749	42,233,509
Nedbank Group Ltd. (a)	592,930	7,054,880
NEPI Rockcastle S.A.	829,688	4,417,045
Netcare Ltd.	2,017,683	1,744,893
Northam Platinum Holdings Ltd. *	507,350	4,798,340
Old Mutual Ltd.	6,336,380	3,780,772
Pepkor Holdings Ltd.	2,501,902	2,951,893
Pick n Pay Stores Ltd.	479,840	1,740,097
PSG Group Ltd. *	224,314	1,187,478
Rand Merchant Investment Holdings Ltd.	1,061,671	1,684,905
Redefine Properties Ltd.	9,038,514	2,015,111
Reinet Investments SCA	192,272	3,171,331

SECURITY	NUMBER OF SHARES	VALUE ($)
Remgro Ltd.	692,107	5,171,596
Resilient REIT Ltd.	448,850	1,422,308
Royal Bafokeng Platinum Ltd. (a)	113,024	963,307
Sanlam Ltd.	2,438,846	7,629,442
Santam Ltd.	57,092	817,303
Sappi Ltd. *	774,186	2,078,498
Sasol Ltd. *(a)	782,113	15,226,617
Shoprite Holdings Ltd.	686,190	9,369,068
Sibanye Stillwater Ltd.	3,882,406	8,767,326
Standard Bank Group Ltd.	1,843,883	16,576,599
Telkom S.A. SOC Ltd. *	414,747	1,069,693
The Bidvest Group Ltd.	470,144	5,929,071
The Foschini Group Ltd.	444,662	3,317,407
The SPAR Group Ltd.	259,924	2,387,817
Tiger Brands Ltd.	250,446	2,449,740
Transaction Capital Ltd.	745,138	1,646,400
Truworths International Ltd.	572,640	1,924,434
Vodacom Group Ltd.	805,865	5,964,415
Woolworths Holdings Ltd.	1,352,212	4,442,742
		338,496,663

Taiwan 16.0%
Accton Technology Corp.	744,000	6,929,741
Acer, Inc.	4,039,086	2,919,422
Advanced Energy Solution Holding Co., Ltd.	32,000	1,030,308
Advantech Co., Ltd.	586,619	6,311,876
Airtac International Group *	219,920	5,953,645
ASE Technology Holding Co., Ltd.	4,748,120	13,322,035
Asia Cement Corp.	3,425,286	4,867,142
ASMedia Technology, Inc.	51,445	1,580,323
ASPEED Technology, Inc.	41,800	2,794,678
Asustek Computer, Inc.	980,621	8,215,470
AUO Corp. *	12,176,530	6,700,842
Capital Securities Corp.	2,783,644	1,092,880
Catcher Technology Co., Ltd. *	1,029,224	6,272,560
Cathay Financial Holding Co., Ltd.	11,557,914	16,916,799
Chailease Holding Co., Ltd.	1,955,627	12,657,364
Chang Hwa Commercial Bank Ltd.	9,240,705	5,358,470
Cheng Shin Rubber Industry Co., Ltd.	2,639,277	3,073,918
Chicony Electronics Co., Ltd.	856,118	2,295,170
China Airlines Ltd.	3,983,872	2,984,223
China Development Financial Holding Corp.	22,283,308	9,810,146
China Motor Corp.	403,600	616,588
China Steel Corp.	17,229,956	16,387,917
Chunghwa Telecom Co., Ltd.	5,337,310	21,217,725
Compal Electronics, Inc.	6,208,535	4,640,466
CTBC Financial Holding Co., Ltd.	25,320,792	19,549,523
Delta Electronics, Inc.	3,028,148	26,165,188
E Ink Holdings, Inc.	1,250,000	9,835,729
E.Sun Financial Holding Co., Ltd.	18,945,821	17,553,089
Eclat Textile Co., Ltd.	279,510	4,091,062
eMemory Technology, Inc.	98,000	4,459,302
ENNOSTAR, Inc.	930,914	1,578,157
Eternal Materials Co., Ltd. *	1,531,213	1,705,400
Eva Airways Corp.	3,462,374	3,839,183
Evergreen Marine Corp., Ltd.	3,480,222	10,096,217
Far Eastern International Bank	3,422,243	1,382,952
Far Eastern New Century Corp.	5,668,799	6,099,488
Far EasTone Telecommunications Co., Ltd.	2,247,509	5,523,242
Feng TAY Enterprise Co., Ltd.	604,584	3,416,458
First Financial Holding Co., Ltd.	14,680,587	12,805,572
Formosa Chemicals & Fibre Corp.	4,743,008	10,705,368
Formosa Petrochemical Corp.	1,971,660	5,428,340
Formosa Plastics Corp.	6,836,560	20,461,950

₈₇

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Formosa Sumco Technology Corp.	81,000	486,998
Formosa Taffeta Co., Ltd.	1,500,132	1,360,284
Foxconn Technology Co., Ltd.	1,489,355	2,475,938
Fubon Financial Holding Co., Ltd.	9,731,089	18,351,195
Genius Electronic Optical Co., Ltd.	113,000	1,666,924
Giant Manufacturing Co., Ltd.	418,752	3,294,985
Globalwafers Co., Ltd.	298,451	4,765,411
Hiwin Technologies Corp.	413,445	2,818,557
Hon Hai Precision Industry Co., Ltd.	16,699,092	59,801,266
Hotai Motor Co., Ltd.	450,000	9,077,618
HTC Corp. *	989,778	2,025,895
Hua Nan Financial Holdings Co., Ltd.	14,145,415	10,805,122
Innolux Corp. *	12,491,029	4,965,633
Inventec Corp.	4,200,043	3,194,448
Largan Precision Co., Ltd.	142,456	9,149,946
Lite-On Technology Corp.	2,983,866	6,450,542
MediaTek, Inc.	2,077,713	45,530,499
Mega Financial Holding Co., Ltd.	15,582,973	18,379,589
Micro-Star International Co., Ltd.	969,095	3,661,468
momo.com, Inc.	80,080	1,920,605
Nan Ya Plastics Corp.	7,900,816	17,832,807
Nan Ya Printed Circuit Board Corp.	289,000	2,568,361
Nanya Technology Corp.	1,103,000	1,935,120
Nien Made Enterprise Co., Ltd.	199,752	1,857,242
Novatek Microelectronics Corp.	782,608	6,775,103
OBI Pharma, Inc. *	214,339	615,465
Oneness Biotech Co., Ltd. *	409,000	3,977,462
Parade Technologies Ltd.	98,100	2,781,447
Pegatron Corp.	2,838,657	5,931,453
Pou Chen Corp.	3,554,792	3,386,907
Powertech Technology, Inc.	1,013,000	2,842,224
President Chain Store Corp.	775,400	6,827,341
Quanta Computer, Inc.	3,693,057	9,621,665
Realtek Semiconductor Corp.	663,336	7,540,509
Ruentex Development Co., Ltd	2,259,000	4,683,134
Shin Kong Financial Holding Co., Ltd.	18,519,672	5,348,268
Silergy Corp.	348,000	6,093,930
Sino-American Silicon Products, Inc.	749,000	4,121,807
SinoPac Financial Holdings Co., Ltd.	14,837,605	8,457,740
Synnex Technology International Corp.	1,847,956	3,387,793
Taishin Financial Holding Co., Ltd.	15,773,478	7,877,022
Taiwan Business Bank	7,358,049	3,106,396
Taiwan Cement Corp.	8,289,872	10,703,638
Taiwan Cooperative Financial Holding Co., Ltd.	14,235,199	12,931,524
Taiwan Fertilizer Co., Ltd.	1,104,508	2,282,499
Taiwan Glass Industry Corp.	2,180,311	1,260,730
Taiwan High Speed Rail Corp.	3,115,000	2,988,353
Taiwan Mobile Co., Ltd.	2,395,524	7,838,824
Taiwan Secom Co., Ltd.	387,000	1,303,244
Taiwan Semiconductor Manufacturing Co., Ltd.	33,590,500	557,312,608
Teco Electric & Machinery Co., Ltd.	2,825,000	2,747,269
The Shanghai Commercial & Savings Bank Ltd.	4,637,000	7,586,779
Transcend Information, Inc.	419,000	911,303
U-Ming Marine Transport Corp.	572,000	716,938
Unimicron Technology Corp.	1,743,348	8,677,363
Uni-President Enterprises Corp.	6,676,676	14,477,556
United Microelectronics Corp. *	16,312,850	22,027,372
Vanguard International Semiconductor Corp.	1,280,000	3,128,772
Voltronic Power Technology Corp.	92,000	5,244,189
Walsin Lihwa Corp.	5,033,814	6,565,665
Walsin Technology Corp.	660,000	2,016,591
Wan Hai Lines Ltd.	1,303,910	3,718,419
Win Semiconductors Corp.	568,000	3,331,023
Winbond Electronics Corp.	3,943,000	2,875,880

SECURITY	NUMBER OF SHARES	VALUE ($)
Wistron Corp.	3,989,080	3,630,309
Wiwynn Corp.	119,000	3,010,431
Yageo Corp.	631,000	6,810,136
Yang Ming Marine Transport Corp.	2,440,000	6,324,961
Yuanta Financial Holding Co., Ltd.	16,602,949	11,073,178
Yulon Motor Co., Ltd.	813,114	1,101,961
Yulon Nissan Motor Co., Ltd.	40,000	273,347
Zhen Ding Technology Holding Ltd.	876,000	3,280,953
		1,372,549,862

Thailand 2.6%
Advanced Info Service PCL NVDR	1,527,200	8,041,752
Airports of Thailand PCL NVDR *	6,177,200	12,324,753
Asset World Corp. PCL NVDR	10,070,900	1,546,713
B Grimm Power PCL NVDR	1,218,700	1,236,665
Bangkok Bank PCL NVDR	917,600	3,447,685
Bangkok Dusit Medical Services PCL NVDR	12,496,200	10,024,377
Bangkok Expressway & Metro PCL	10,902,190	2,616,227
Bangkok Life Assurance PCL NVDR	725,500	706,349
Banpu PCL NVDR	8,006,333	3,183,869
Berli Jucker PCL NVDR	1,399,150	1,285,472
BTS Group Holdings PCL NVDR	11,455,500	2,639,045
Bumrungrad Hospital PCL NVDR	555,400	3,290,131
Carabao Group PCL NVDR	507,500	1,405,759
Central Pattana PCL NVDR	3,811,600	7,239,035
Central Retail Corp. PCL NVDR	3,976,800	4,417,152
Charoen Pokphand Foods PCL NVDR	6,754,200	4,816,159
CP ALL PCL NVDR	8,277,400	13,961,196
Delta Electronics Thailand PCL NVDR	395,021	5,676,819
Digital Telecommunications Infrastructure Fund, Class F	7,469,000	2,765,348
Electricity Generating PCL NVDR	358,000	1,796,750
Energy Absolute PCL NVDR	2,269,051	5,305,083
Global Power Synergy PCL NVDR	926,768	1,728,357
Gulf Energy Development PCL NVDR	5,868,259	8,248,153
Home Product Center PCL NVDR	7,967,519	3,037,326
Indorama Ventures PCL NVDR	2,550,400	3,025,157
Intouch Holdings PCL NVDR	1,957,709	3,906,022
IRPC PCL NVDR	17,482,400	1,639,762
Kasikornbank PCL NVDR	2,101,169	8,845,511
Krung Thai Bank PCL NVDR	8,712,700	4,038,248
Krungthai Card PCL NVDR	1,826,900	3,018,738
Land & Houses PCL NVDR	11,294,000	2,756,712
Minor International PCL NVDR *	5,557,980	4,992,083
Muangthai Capital PCL NVDR	861,015	1,003,583
Osotspa PCL NVDR	1,924,163	1,649,094
PTT Exploration & Production PCL NVDR	1,933,004	8,932,771
PTT Global Chemical PCL NVDR	2,907,014	3,786,991
PTT Oil & Retail Business PCL NVDR	3,921,800	2,930,930
PTT PCL NVDR	20,145,000	20,718,204
Ratch Group PCL NVDR	1,704,150	2,056,430
SCB X PCL NVDR	2,376,000	7,200,494
SCG Packaging PCL NVDR	1,659,800	2,583,302
Siam City Cement PCL NVDR	129,400	562,493
Siam Makro PCL NVDR	1,916,003	1,812,879
Sri Trang Gloves Thailand PCL NVDR	1,440,600	561,029
Srisawad Corp. PCL NVDR	875,900	1,171,070
Thai Oil PCL NVDR	1,487,800	2,478,817
Thai Union Group PCL NVDR	3,848,600	1,847,117
The Siam Cement PCL NVDR	1,179,400	11,579,711
TMBThanachart Bank PCL NVDR	59,921,718	2,087,092
Total Access Communication PCL NVDR	956,400	1,127,877

₈₈

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
True Corp. PCL NVDR	14,656,766	1,832,975
		218,885,267

Turkey 0.5%
Akbank T.A.S.	4,365,011	2,811,725
Anadolu Efes Biracilik Ve Malt Sanayii A/S	314,172	713,490
Arcelik A/S	208,130	803,602
Aselsan Elektronik Sanayi Ve Ticaret A/S	808,590	1,158,144
BIM Birlesik Magazalar A/S	602,419	3,622,229
Coca-Cola Icecek A/S	99,650	876,309
Enerjisa Enerji A/S	419,465	395,154
Enka Insaat ve Sanayi A/S	2,528,679	2,569,748
Eregli Demir ve Celik Fabrikalari T.A.S.	1,827,427	2,890,618
Ford Otomotiv Sanayi A/S	86,562	1,579,045
Gubre Fabrikalari TAS *	119,919	771,141
Haci Omer Sabanci Holding A/S	1,285,331	1,798,594
Iskenderun Demir ve Celik A/S	229,585	311,421
KOC Holding A/S	1,168,537	2,929,933
Koza Altin Isletmeleri A/S	64,962	565,197
Petkim Petrokimya Holding A/S *	1,801,735	1,427,960
Sasa Polyester Sanayi *	522,797	1,537,258
Tofas Turk Otomobil Fabrikasi A/S	165,030	801,363
Turk Hava Yollari AO *	755,312	3,034,615
Turk Telekomunikasyon A/S	765,368	441,271
Turkcell Iletisim Hizmetleri A/S	1,608,994	1,910,153
Turkiye Garanti Bankasi A/S	826,992	1,045,416
Turkiye Is Bankasi A/S, Class C	4,470,249	1,945,883
Turkiye Petrol Rafinerileri A/S *	182,188	3,597,799
Turkiye Sise ve Cam Fabrikalari A/S	2,044,993	2,785,178
Turkiye Vakiflar Bankasi T.A.O., Class D, Class D *	1,525,845	613,038
Yapi ve Kredi Bankasi A/S	3,546,357	1,372,192
		44,308,476

United Arab Emirates 1.7%
Abu Dhabi Commercial Bank PJSC	3,891,287	9,608,901
Abu Dhabi Islamic Bank PJSC	2,091,779	5,040,020
Abu Dhabi National Oil Co. for Distribution PJSC	3,967,824	4,796,324
Abu Dhabi Ports Co. PJSC *	1,215,780	1,674,861
ADNOC Drilling Co. PJSC *	2,374,044	2,365,609
Air Arabia PJSC	3,142,611	1,899,401
AL Seer Marine Supplies & Equipment Co. LLC *	254,381	680,095
Aldar Properties PJSC	4,871,543	6,392,736
Alpha Dhabi Holding PJSC *	1,852,192	12,304,076
Aramex PJSC	234,858	249,369
Borouge plc *	2,605,045	2,177,343
Dana Gas PJSC	5,259,224	1,393,181
Dubai Electricity & Water Authority PJSC *	4,708,376	3,281,590
Dubai Financial Market PJSC	2,194,847	1,069,622
Dubai Investments PJSC *	3,024,136	2,017,161
Dubai Islamic Bank PJSC	4,297,079	6,843,880
Emaar Development PJSC *	1,142,126	1,495,658
Emaar Properties PJSC	5,529,960	9,424,742
Emirates Telecommunications Group Co. PJSC	4,866,424	34,076,428
Fertiglobe plc	1,615,858	2,472,365
First Abu Dhabi Bank PJSC	6,185,843	32,166,619

SECURITY	NUMBER OF SHARES	VALUE ($)
Multiply Group *	4,750,618	2,793,682
		144,223,663
Total Common Stocks (Cost $7,422,005,394)		8,352,468,158

PREFERRED STOCKS 2.1% OF NET ASSETS

Brazil 1.8%
Alpargatas S.A.	304,212	1,211,916
Azul S.A. *	361,394	1,150,239
Banco Bradesco S.A.	7,177,350	26,265,693
Banco Pan S.A.	462,984	655,916
Bradespar S.A.	395,918	1,672,775
Braskem S.A., A Shares	247,620	1,455,323
Centrais Eletricas Brasileiras S.A., B Shares	365,672	3,380,755
Cia de Transmissao de Energia Electrica Paulista	273,133	1,257,329
Cia Energetica de Minas Gerais	1,753,428	4,095,055
Cia Paranaense de Energia, B Shares	1,605,443	2,159,803
Gerdau S.A.	1,458,862	6,566,428
Itau Unibanco Holding S.A.	6,901,514	34,381,022
Itausa S.A.	6,607,182	11,668,735
Metalurgica Gerdau S.A.	986,580	1,898,514
Petroleo Brasileiro S.A.	7,890,362	50,607,359
Raizen S.A.	1,705,348	1,593,106
Unipar Carbocloro S.A., B Shares	69,017	1,365,420
Usinas Siderurgicas de Minas Gerais S.A., A Shares	513,009	794,119
		152,179,507

Chile 0.3%
Embotelladora Andina S.A., B Shares	583,070	1,199,520
Sociedad Quimica y Minera de Chile S.A., B Shares *	194,036	19,477,945
		20,677,465

Colombia 0.0%
Grupo Aval Acciones y Valores S.A.	5,901,740	887,284
Grupo de Inversiones Suramericana S.A.	171,307	601,074
		1,488,358
Total Preferred Stocks (Cost $169,342,161)		174,345,330

RIGHTS 0.0% OF NET ASSETS

Thailand 0.0%
Thai Oil PCL
expires 09/14/22 *(b)	126,426	0
Total Rights (Cost $0)		0

₈₉

Schwab International Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBEROF SHARES	VALUE ($)
SHORT-TERM INVESTMENTS 1.0% OF NET ASSETS

Money Market Funds 1.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.25% (d)	47,725,388	47,725,388
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.25% (d)(e)	38,809,505	38,809,505
		86,534,893
Total Short-Term Investments (Cost $86,534,893)		86,534,893
Total Investments in Securities (Cost $7,677,882,448)		8,613,348,381

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED DEPRECIATION ($)
FUTURES CONTRACTS
Long
MSCI Emerging Markets Index, expires 09/16/22	725	35,593,875	(1,009,657)

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $34,890,236.

(b)	Fair-valued by management using significant unobservable inputs in accordance with procedures approved by the fund’s Board of Trustees.
(c)	Trading in Russian securities listed on the Moscow Exchange, Russian ADRs, and Russian GDRs are subject to trade restrictions and therefore the ability of the fund to buy or sell these securities is uncertain.
(d)	The rate shown is the 7-day yield.
(e)	Security purchased with cash collateral received for securities on loan.

ADR —	American Depositary Receipt
DVR —	Differential Voting Rights
GDR —	Global Depositary Receipt
NVDR —	Non-Voting Depositary Receipt
REIT —	Real Estate Investment Trust

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Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

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	$3,793,488,565	$—	$—	$3,793,488,565
China	2,944,823,968	—	4,855,871	2,949,679,839
Greece	27,802,750	—	0*	27,802,750
Hong Kong	—	—	0*	0
India	1,485,185,410	—	5,109,213	1,490,294,623
Kuwait	81,456,663	—	9,716,140	91,172,803
Russia ²	—	—	29,578	29,578
Preferred Stocks¹	174,345,330	—	—	174,345,330
Rights ¹
Thailand	—	—	0*	0
Short-Term Investments¹	86,534,893	—	—	86,534,893
Liabilities
Futures Contracts³	(1,009,657)	—	—	(1,009,657)
Total	$8,592,627,922	$—	$19,710,802	$8,612,338,724

*	Level 3 amount shown includes securities determined to have no value at August 31, 2022.
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.

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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 $33,599,871)		$309,308,694
Securities on loan, net	+	749,972
Total investment income		310,058,666
Expenses
Management fees		9,918,702
Proxy fees¹	+	275,220
Total expenses	–	10,193,922
Net investment income		299,864,744
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated (net of foreign capital gains tax paid of $890,531)		(462,433,530)
Net realized losses on futures contracts		(5,438,027)
Net realized losses on foreign currency transactions	+	(4,611,237)
Net realized losses		(472,482,794)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated (net of change in foreign capital gains tax of ($1,266,870))		(1,639,739,056)
Net change in unrealized appreciation (depreciation) on futures contracts		(1,617,230)
Net change in unrealized appreciation (depreciation) on foreign currency translations	+	(495,074)
Net change in unrealized appreciation (depreciation)	+	(1,641,851,360)
Net realized and unrealized losses		(2,114,334,154)
Decrease in net assets resulting from operations		($1,814,469,410)

¹	Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

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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 Short-Term U.S. Treasury ETF
Schwab International Equity ETF	Schwab Intermediate-Term U.S. Treasury ETF
Schwab International Small-Cap Equity ETF	Schwab Long-Term U.S. Treasury ETF
Schwab Emerging Markets Equity ETF	Schwab U.S. Aggregate Bond ETF
Schwab U.S. Broad Market ETF	Schwab 1-5 Year Corporate Bond ETF
Schwab 1000 Index^® ETF	Schwab 5-10 Year Corporate Bond ETF
Schwab U.S. Large-Cap ETF	Schwab Fundamental U.S. Broad Market Index ETF
Schwab U.S. Large-Cap Growth ETF	Schwab Fundamental U.S. Large Company Index ETF
Schwab U.S. Large-Cap Value ETF	Schwab Fundamental U.S. Small Company Index ETF
Schwab U.S. Mid-Cap ETF	Schwab Fundamental International Large Company Index ETF
Schwab U.S. Small-Cap ETF	Schwab Fundamental International Small Company Index ETF
Schwab U.S. Dividend Equity ETF	Schwab Fundamental Emerging Markets Large Company Index ETF
Schwab U.S. REIT ETF	Schwab Ariel ESG ETF
Schwab U.S. TIPS ETF	Schwab Crypto Thematic ETF

The funds issue and redeem shares at their net asset value per share (NAV) only in large blocks of shares (Creation Units). These transactions are usually in exchange for a basket of securities and/or an amount of cash. As a practical matter, only institutional investors who have entered into an authorized participant agreement purchase or redeem Creation Units. Except when aggregated in Creation Units, shares of the funds are not redeemable securities.

Individual shares of the funds trade on national securities exchanges and elsewhere during the trading day and can only be bought and sold at market prices throughout the trading day through a broker-dealer. Because fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). A chart showing the frequency at which each fund’s daily closing market price was at a discount or premium to each fund’s NAV can be found at www.schwabassetmanagement.com

Each fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, each fund may also keep certain assets in segregated accounts, as required by securities law.

2. Significant Accounting Policies:

The following is a summary of the significant accounting policies the funds use in their preparation of financial statements. The funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services — Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

The funds may invest in certain mutual funds and exchange-traded funds (ETFs), which are referred to as "underlying funds". For more information about the underlying funds’ operations and policies, please refer to those funds’ semiannual and annual reports, which are filed with the U.S. Securities and Exchange Commission (SEC) and are available on the SEC’s website at www.sec.gov.

(a) Security Valuation:

Under procedures approved by the funds’ Board of Trustees (the Board), the investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. Among other things, these procedures allow the funds to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

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Financial Notes (continued)

2. Significant Accounting Policies (continued):

The funds value the securities in their portfolios every business day. The funds use the following policies to value various types of securities:

• Securities traded on an exchange or over-the-counter: Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.

• Mutual funds: Mutual funds are valued at their respective NAVs.

• Futures contracts: Futures contracts are valued at their settlement prices as of the close of their exchanges.

• Securities for which no quoted value is available: The Board has adopted procedures to fair value each fund’s securities when market prices are not “readily available” or are unreliable. For example, a fund may fair value a security when it is de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. Each fund makes fair value determinations in good faith in accordance with the fund’s valuation procedures. The Pricing Committee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Pricing Committee may employ techniques such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. The Pricing Committee regularly reviews these inputs and assumptions to calibrate the valuations. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security. The Board convenes on a regular basis to review fair value determinations made by the funds pursuant to the valuation procedures.

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the funds disclose the fair value of their investments in a hierarchy that prioritizes the significant inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If the funds determine that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and management judgment will be required to estimate fair value.

The three levels of the fair value hierarchy are as follows:

• Level 1 — quoted prices in active markets for identical securities — Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities, mutual funds and futures contracts. Investments in mutual funds are valued daily at their NAVs, which are classified as Level 1 prices, without consideration to the classification level of the underlying securities held by an underlying fund.

• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations.

• Level 3 — significant unobservable inputs (including the funds’ own assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not available for these securities, the funds use one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the funds in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the funds in the absence of market information. Assumptions used by the funds due to the lack of observable inputs may significantly impact the resulting fair value and therefore the funds’ results of operations.

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Financial Notes (continued)

2. Significant Accounting Policies (continued):

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The levels associated with valuing the funds’ investments as of August 31, 2022 are disclosed in the Portfolio Holdings.

(b) Accounting Policies for certain Portfolio Investments (if held):

Futures Contracts: Futures contracts are instruments that represent an agreement between two parties that obligates one party to buy, and the other party to sell, specific instruments at an agreed upon price on a stipulated future date. A fund must give the broker a deposit of cash and/or securities (initial margin) whenever it enters into a futures contract. The amount of the deposit may vary from one contract to another. Subsequent payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized appreciation or depreciation until the contract is closed, at which time the gains or losses are realized. Futures contracts are traded publicly on exchanges, and their value may change daily.

Securities Lending: Under the trust’s Securities Lending Program, a fund (lender) may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank. Collateral at the individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides a fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. Each fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreement allow the funds or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement. Securities lending income, as disclosed in each fund’s Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between a fund and the lending agent. The aggregate fair value of securities loaned will not at any time exceed one-third of the total assets of a fund, including collateral received from the loan. Securities lending fees paid to the unaffiliated lending agent start at 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, 2022, Schwab International Equity ETF, Schwab International Small-Cap Equity ETF and Schwab Emerging Markets Equity ETF had securities on loan, all of which were classified as common stocks, rights and warrants. The value of the securities on loan and the related collateral as of August 31, 2022, are disclosed in each fund’s Portfolio Holdings and Statement of Assets and Liabilities.

Passive Foreign Investment Companies: Certain funds may own shares in certain foreign corporations that meet the Internal Revenue Code, as amended, definition of a Passive Foreign Investment Company (PFIC). The funds may elect for tax purposes to mark-to-market annually the shares of each PFIC lot held and would be required to distribute as ordinary income to shareholders any such marked to- market gains (as well as any gains realized on sale).

Central Securities Depositories Regulation: Effective February 1, 2022, the Central Securities Depositories Regulation (CSDR) introduced new measures for the authorization and supervision of European Union Central Security Depositories and 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.

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 on the Statement of Operations. The funds do not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Gains realized by the funds on the sale of securities in certain foreign countries may be subject to non-U.S. taxes. In those instances, the funds record a liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

When a fund closes out a futures contract position, it calculates the difference between the value of the position at the beginning and at the end of the contract, and records a realized gain or loss accordingly.

(d) Investment Income:

Interest income is recorded as it accrues. Dividends, in the form of cash or non-cash income such as in the form of additional securities, and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date), although the funds record certain foreign security dividends on the date the ex-dividend is confirmed. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.

Schwab International Equity ETF, Schwab International Small-Cap Equity ETF and Schwab Emerging Markets 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).

(e) Expenses:

Pursuant to the Amended and Restated Advisory Agreement (Advisory Agreement) between the investment adviser and the trust, the investment adviser will pay the operating expenses of each fund, excluding taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to a fund are charged directly to the fund. The Advisory Agreement excludes paying acquired fund fees and expenses, which are indirect expenses incurred by a fund through its investments in underlying funds.

(f) Distributions to Shareholders:

The funds make distributions from net investment income, if any, semiannually, and from net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

(g) Accounting Estimates:

The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It’s possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.

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Financial Notes (continued)

2. Significant Accounting Policies (continued):

(h) Federal Income Taxes:

The funds intend to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the funds distribute substantially all of their net investment income and net realized capital gains, if any, to their respective shareholders each year. As long as a fund meets the tax requirements, it is not required to pay federal income tax.

(i) Foreign Taxes:

The funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, foreign currency exchanges and capital gains on investments. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in foreign markets in which the funds invest. These foreign taxes, if any, are paid by the funds and are disclosed in the Statement of Operations. Foreign taxes accrued as of August 31, 2022, if any, are reflected in each fund’s Statement of Assets and Liabilities.

(j) Indemnification:

Under the funds’ organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business the funds enter into contracts with their vendors and others that provide general indemnifications. The funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the funds. However, based on experience, the funds expect the risk of loss attributable to these arrangements to be remote.

3. Risk Factors:

Investing in the funds may involve certain risks, as discussed in the funds’ prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.

Market Risk. Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. Markets may be impacted by economic, political, regulatory and other conditions, including economic sanctions and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters 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 a fund will fluctuate, which means that an investor could lose money over short or long periods.

Investment Style Risk. The funds are index funds. Therefore, each fund follows the securities included in its respective index during upturns as well as downturns. Because of their indexing strategies, the funds do not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of the funds’ expenses, the funds’ performance may be below that of their respective index. Errors relating to the index may occur from time to time and may not be identified by the index provider for a period of time. In addition, market disruptions could cause delays in the index’s rebalancing schedule. Such errors and/or market disruptions may result in losses for the fund.

Equity Risk. The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

Market Capitalization Risk. Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, a fund’s performance could be impacted.

Large-Cap Company Risk. Certain funds invest in large-cap company stocks. Large-cap companies are generally more mature and the securities issued by these companies may not be able to reach the same levels of growth as the securities issued by small- or mid-cap companies.

Mid-Cap Company Risk. Certain funds invest in mid-cap company stocks. Mid-cap companies may be more vulnerable to adverse business or economic events than larger, more established companies and the value of securities issued by these companies may move sharply.

Small-Cap Company Risk. Certain funds invest in small-cap company stocks. Securities issued by small-cap companies may be riskier than those issued by larger companies, and their prices may move sharply, especially during market upturns and downturns.

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Financial Notes (continued)

3. Risk Factors (continued):

Foreign Investment Risk. A fund’s investments in securities of foreign issuers involve certain risks that may be greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); the imposition of economic sanctions or other government restrictions; differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may negatively impact the value or liquidity of a fund’s investments and could impair the fund’s ability to meet its investment objective or invest in accordance with its investment strategy. There is a risk that investments in securities denominated in, and/or receiving revenues in, foreign currencies will decline in value relative to the U.S. dollar. Foreign securities also include American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs), and European Depositary Receipts (EDRs), which are receipts issued by U.S. and foreign banks that represent shares of foreign-based corporations. Investment in ADRs, GDRs and EDRs may be less liquid than the underlying shares in their primary trading market, and GDRs, in particular, many of which are issued by companies in emerging markets, may be more volatile. Foreign securities may also include investments in variable interest entities (VIEs) structures, which are created by China-based operating companies in jurisdictions outside of China to obtain indirect financing due to Chinese regulations that prohibit non-Chinese ownership of those companies. To the extent a fund’s investments in a single country or a limited number of countries represent a large percentage of the fund’s assets, the fund’s performance may be adversely affected by the economic, political, regulatory and social conditions in those countries and the fund’s price may be more volatile than the price of a fund that is geographically diversified.

Emerging Markets Risk. Certain funds invest in emerging markets. Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recordkeeping requirements and greater risk associated with the custody of securities. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with a fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be difficult to value such investments.

Sampling Index Tracking Risk. Each fund uses statistical sampling techniques, and as a result, a fund may not fully replicate its respective index and may hold securities not included in the index. As a result, a fund is subject to the risk that the investment adviser’s investment management strategy, the implementation of which is subject to a number of constraints, may not produce the intended results. Because each fund utilizes a sampling approach, it may not track the return of its respective index as well as it would if a fund purchased all of the securities in its index.

Tracking Error Risk. As index funds, each fund seeks to track the performance of its respective index, although it may not be successful in doing so. The divergence between the performance of a fund and the index, positive or negative, is called “tracking error.” Tracking error can be caused by many factors and it may be significant.

Derivatives Risk. Each fund may invest in derivative instruments. The principal types of derivatives a fund may use are futures contracts. A futures contract is an agreement to buy or sell a financial instrument at a specific price on a specific day. A fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Certain of these risks, such as market risk, liquidity risk and leverage risk, are discussed elsewhere in this section. A fund’s use of derivatives is also subject to counterparty risk, lack of availability risk, valuation risk, correlation risk and tax risk. Counterparty risk is the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations either because the financial condition of the counterparty declines, or because the counterparty is otherwise unable or unwilling to perform under the contract. Lack of availability risk is the risk that suitable derivative transactions may not be available in all circumstances for risk management or other purposes. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Tax risk is the risk that the use of derivatives may cause a fund to realize higher amounts of short-term capital gains. A fund’s use of derivatives could reduce the fund’s performance, increase the fund’s volatility, and cause the fund to lose more than the initial amount invested. Furthermore, the use of derivatives subject to regulation by the Commodity Futures Trading Commission (CFTC) could cause the fund to become a commodity pool, which would require the fund to comply with certain CFTC rules.

Liquidity Risk. A fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the fund may have to sell them at a loss.

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Financial Notes (continued)

3. Risk Factors (continued):

Leverage Risk. Certain fund transactions, such as derivatives transactions, may give rise to a form of leverage and may expose a fund to greater risk. Leverage tends to magnify the effect of any decrease or increase in the value of a fund’s portfolio securities which means even a small amount of leverage can have a disproportionately large impact on the fund. The use of leverage may cause a fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations.

Securities Lending Risk. Securities lending involves the risk of loss of rights in, or delay in recovery of, the loaned securities if the borrower fails to return the security loaned or becomes insolvent.

Concentration Risk. To the extent that a fund’s or an index’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector, country or asset class, the fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector, country or asset class.

Market Trading Risk. Although fund shares are listed on national securities exchanges, there can be no assurance that an active trading market for fund shares will develop or be maintained. If an active market is not maintained, investors may find it difficult to buy or sell fund shares.

Shares of the Fund May Trade at Prices Other Than NAV. Fund shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the shares of a fund will approximate the fund’s NAV, there may be times when the market price and the NAV vary significantly. An investor may pay more than NAV when buying shares of a fund in the secondary market, and an investor may receive less than NAV when selling those shares in the secondary market. The market price of fund shares may deviate, sometimes significantly, from NAV during periods of market volatility or market disruption, or as a result of other factors impacting foreign securities, including liquidity, irregular trading activity and timing differences between foreign markets where securities trade and the secondary market where fund shares are sold.

Please refer to the funds’ prospectus for a more complete description of the principal risks of investing in the funds.

4. Affiliates and Affiliated Transactions:

Investment Adviser

Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as each fund’s investment adviser pursuant to the Advisory Agreement between the investment adviser and the trust.

For its advisory services to the funds, the investment adviser is entitled to receive an annual management fee, payable monthly, based on a percentage of each fund’s average daily net assets as follows:

SCHWAB INTERNATIONAL DIVIDEND EQUITY ETF	SCHWAB INTERNATIONAL EQUITY ETF	SCHWAB INTERNATIONAL SMALL-CAP EQUITY ETF	SCHWAB EMERGING MARKETS EQUITY ETF
0.14%	0.06%	0.11%	0.11%

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Financial Notes (continued)

4. Affiliates and Affiliated Transactions (continued):

Investment from Affiliates

Certain funds in the Fund Complex (for definition refer to the Trustees and Officers section) may own shares of other funds in the Fund Complex. The table below reflects the percentages of shares of each fund in this report that are owned by other funds in the Fund Complex as of August 31, 2022, as applicable:

	UNDERLYING FUNDS
	SCHWAB INTERNATIONAL EQUITY ETF	SCHWAB INTERNATIONAL SMALL-CAP EQUITY ETF	SCHWAB EMERGING MARKETS EQUITY ETF
Schwab International Opportunities Fund	—%	—%	0.6%
Schwab Target 2010 Index Fund	0.0%*	—%	—%
Schwab Target 2015 Index Fund	0.0%*	—%	—%
Schwab Target 2020 Index Fund	0.1%	—%	—%
Schwab Target 2025 Index Fund	0.3%	—%	0.1%
Schwab Target 2030 Index Fund	0.5%	—%	0.3%
Schwab Target 2035 Index Fund	0.4%	—%	0.2%
Schwab Target 2040 Index Fund	0.5%	—%	0.3%
Schwab Target 2045 Index Fund	0.3%	—%	0.3%
Schwab Target 2050 Index Fund	0.4%	—%	0.3%
Schwab Target 2055 Index Fund	0.3%	—%	0.2%
Schwab Target 2060 Index Fund	0.3%	—%	0.3%
Schwab Target 2065 Index Fund	0.0%*	—%	0.0%*
Schwab VIT Balanced Portfolio	0.0%*	0.0%*	0.0%*
Schwab VIT Balanced with Growth Portfolio	0.1%	0.1%	0.1%
Schwab VIT Growth Portfolio	0.1%	0.2%	0.1%

*	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.

For the period ended August 31, 2022, the professional fees incurred by the Schwab International Equity ETF and Schwab International Small-Cap Equity ETF and paid by the investment adviser were $90,768 and $10,892, respectively, as shown on the Statement of Operations.

For the period ended August 31, 2022, Schwab International Equity ETF recovered previously withheld foreign taxes from Finland, France and Sweden. The payments received by Schwab International Equity ETF amounted to $19,235,848, which includes $1,689,860 of interest income, and are recorded as income in the fund’s Statement of Operations. The investment adviser had paid upfront professional fees associated with recovering these foreign taxes in the amount of $434,664 for Schwab International Equity ETF. Those amounts have been reimbursed to the investment adviser by the Schwab International Equity ETF. During the period ended August 31, 2022, Schwab International Small-Cap Equity ETF and Schwab Emerging Markets Equity ETF did not recover any previously withheld foreign taxes and made no reimbursements to the investment adviser.

As of August 31, 2022, the balance of professional fees related to foreign withholding tax subject to future reimbursement by the Schwab International Equity ETF and Schwab International Small-Cap Equity ETF to the investment adviser was $6,243 and $10,892, respectively. Schwab International Dividend Equity ETF and Schwab Emerging Markets ETF had no balance of professional fees related to foreign withholding tax subject to future reimbursement by the funds to the investment adviser.

No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty surrounding the ultimate resolution of proceedings, the likelihood of receipt of these claims, and the potential timing of payment.

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Financial Notes (continued)

4. Affiliates and Affiliated Transactions (continued):

Interfund Transactions

The funds may engage in direct transactions with certain other funds in the Fund Complex in accordance with procedures adopted by the Board pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs. This practice is limited to funds that share the same investment adviser, trustees and/or officers. For the period ended August 31, 2022, each fund’s purchases and sales of securities with other funds in the Fund Complex as well as any realized gains (losses) were as follows:

	PURCHASE COST	SALE PROCEEDS	REALIZED GAINS (LOSSES)
Schwab International Dividend Equity ETF	$12,986,880	$16,902,393	($1,792,945)
Schwab International Equity ETF	181,159,746	166,061,745	(86,390,757)
Schwab International Small-Cap Equity ETF	65,885,603	190,017,208	30,700,479
Schwab Emerging Markets Equity ETF	32,174,023	116,684,630	(46,350,966)

Interfund Borrowing and Lending

Pursuant to an exemptive order issued by the SEC, the funds may enter into interfund borrowing and lending transactions with other funds in the Fund Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review of the Board. The funds had no interfund borrowing or lending activity during the period.

5. Other Service Providers:

SEI Investments Distribution Co. is the principal underwriter and distributor of shares of the funds.

State Street Bank and Trust Company (State Street) serves as the funds’ transfer agent. As part of these services, the transfer agent maintains records pertaining to the sale, redemption and transfer of the funds’ shares. The transfer agent is also responsible for the order-taking function for the funds’ shares.

State Street also serves as custodian and accountant for the funds. The custodian is responsible for the daily safekeeping of securities and cash held by the funds. The funds’ accountant maintains all books and records related to the funds’ transactions.

6. Board of Trustees:

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

7. Borrowing from Banks:

During the period, the funds were participants with other funds in the Fund Complex in a joint, syndicated, committed $850 million line of credit (the Syndicated Credit Facility), which matured on September 30, 2021. On September 30, 2021, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on September 29, 2022. Under the terms of the Syndicated Credit Facility, in addition to the investment adviser paying the interest charged on any borrowings by a fund, the investment adviser paid a commitment fee of 0.15% per annum on the funds’ proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the funds were participants with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility), with State Street, which matured on September 30, 2021. On September 30, 2021, the Uncommitted Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on September 29, 2022. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount a fund borrows. There were no borrowings from either line of credit during the period.

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Financial Notes (continued)

7. Borrowing from Banks (continued):

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

8. Derivatives:

Certain funds entered into equity index futures contracts during the report period. The funds invested in futures contracts to equitize available cash. The value and variation margin for futures contracts held at August 31, 2022 are presented in the Portfolio Holdings and Statement of Assets and Liabilities, respectively. The net realized gains (losses) and net change in unrealized appreciation (depreciation) on futures contracts are presented in the Statement of Operations. Refer to financial note 2(b) for the funds’ accounting policies with respect to futures contracts and financial note 3 for disclosures concerning the risks of investing in futures contracts. During the period ended August 31, 2022, the month-end average notional amounts of futures contracts held by the funds and the month-end average number of contracts held were as follows:

	NOTIONAL AMOUNTS	NUMBER OF CONTRACTS
Schwab International Dividend Equity ETF	$1,442,776	16
Schwab International Equity ETF	119,673,652	1,136
Schwab International Small-Cap Equity ETF	15,414,703	146
Schwab Emerging Markets Equity ETF	31,083,968	561

9. Purchases and Sales of Investment Securities:

For the period ended August 31, 2022, purchases and sales of securities (excluding in-kind transactions and short-term obligations) were as follows:

	PURCHASES OF SECURITIES	SALES OF SECURITIES
Schwab International Dividend Equity ETF	$174,685,090	$119,486,495
Schwab International Equity ETF	1,819,633,813	1,585,384,742
Schwab International Small-Cap Equity ETF	746,600,039	659,677,305
Schwab Emerging Markets Equity ETF	2,147,659,754	1,207,142,271

10. In-Kind Transactions:

The consideration for the purchase of Creation Units of a fund often consists of the in-kind deposit of a designated portfolio of equity securities, which constitutes an optimized representation of the securities involved in a relevant fund’s underlying index, and an amount of cash. Investors purchasing and redeeming Creation Units are subject to a standard creation transaction fee and a standard redemption transaction fee paid to the custodian to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Purchasers and redeemers of Creation Units for cash are subject to an additional variable charge paid to the fund that will offset the transaction costs to the fund of buying or selling portfolio securities. In addition, purchasers and redeemers of shares in Creation Units are responsible for payment of the costs of transferring securities to or out of the fund. From time to time, the investment adviser may cover the cost of any transaction fees when believed to be in the best interests of a fund.

The in-kind transactions for the period ended August 31, 2022, were as follows:

	IN-KIND PURCHASES OF SECURITIES	IN-KIND SALES OF SECURITIES
Schwab International Dividend Equity ETF	$353,708,285	$4,303,818
Schwab International Equity ETF	4,136,851,966	0
Schwab International Small-Cap Equity ETF	726,964,059	137,487,331
Schwab Emerging Markets Equity ETF	176,777,722	0

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Financial Notes (continued)

10. In-Kind Transactions (continued):

For the period ended August 31, 2022, where applicable, the funds realized net capital gains or losses resulting from in-kind redemptions of Creation Units. Because such gains or losses are not taxable to the funds and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the funds’ tax year. These reclassifications have no effect on net assets or net asset values per share. The net realized gains or losses on sales of in-kind redemptions for the period ended August 31, 2022 are disclosed in the funds’ Statements of Operations, if any.

11. Federal Income Taxes:

As of August 31, 2022, 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	$499,462,311	$3,187,371	($67,240,944)	($64,053,573)
Schwab International Equity ETF	26,275,289,307	3,298,756,700	(3,548,821,720)	(250,065,020)
Schwab International Small-Cap Equity ETF	3,792,719,199	402,672,225	(763,600,312)	(360,928,087)
Schwab Emerging Markets Equity ETF	8,050,542,729	1,955,993,494	(1,394,197,499)	561,795,995

As of August 31, 2022, 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	$9,410,274	($64,053,573)	($101,749)	($8,166,347)	($62,911,395)
Schwab International Equity ETF	310,137,360	(250,065,020)	(3,096,403)	(1,306,097,158)	(1,249,121,221)
Schwab International Small-Cap Equity ETF	39,622,743	(360,928,087)	(537,311)	(167,974,090)	(489,816,745)
Schwab Emerging Markets Equity ETF	177,055,288	561,795,995	(56,386,818)	(990,659,600)	(308,195,135)

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.

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, 2022, the funds had capital loss carryforwards available as follows:


Schwab International Dividend Equity ETF	$8,166,347
Schwab International Equity ETF	1,306,097,158
Schwab International Small-Cap Equity ETF	167,974,090
Schwab Emerging Markets Equity ETF	990,659,600

The tax basis components of distributions paid during the current and prior fiscal years were:

	CURRENT FISCAL YEAR END DISTRIBUTIONS	PRIOR FISCAL YEAR END DISTRIBUTIONS
	ORDINARY INCOME	ORDINARY INCOME
Schwab International Dividend Equity ETF	$6,562,600	$95,190
Schwab International Equity ETF	883,078,400	557,207,730
Schwab International Small-Cap Equity ETF	93,611,110	66,927,200
Schwab Emerging Markets Equity ETF	221,827,290	204,700,900

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Financial Notes (continued)

11. Federal Income Taxes (continued):

Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements. 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, 2022, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds’ financial statements. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the fiscal year ended August 31, 2022, 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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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, 2022, 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 three years in the period then ended (excluding Schwab International Dividend Equity ETF); the related statement of changes in net assets and the financial highlights for the year ended August 31, 2022 and for the period from April 29, 2021 (commencement of operations) through August 31, 2021, for Schwab International Dividend Equity ETF, 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 (excluding Schwab International Dividend Equity ETF) as of August 31, 2022, 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 three years in the period then ended 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, 2022, and the results of its operations for the year then ended, and the changes in net assets and financial highlights for the year 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 each of the two years 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, 2022, 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, 2022

We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 2020.

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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 (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 May 16, 2022 and June 8, 2022, and approved the renewal of the Agreement with respect to the Funds for an additional one-year term at the meeting on June 8, 2022 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, fund accounting and custody, 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

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designed to provide enhanced services to the Funds 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 (except Schwab International Dividend Equity ETF) 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 market trends, as well as in consideration of each Fund’s investment style and strategy attributes and disclosures. 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. With respect to Schwab International Dividend Equity ETF, the Board considered that the Fund had launched in April 2021 and therefore did not yet have a meaningful performance history. 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. In this connection, the Trustees reviewed management’s profitability analyses. The Trustees also 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 fixed 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 and justified 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, 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 shared any economies of scale with the Funds by investing in the investment adviser’s 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.

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Trustees and Officers

The tables below give information about the trustees and officers of Schwab Strategic Trust, which includes the funds covered in this report. The “Fund Complex” includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust. The Fund Complex includes 105 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).	105	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.	105	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.	105	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.	105	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).	105	None

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Independent Trustees (continued)
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served¹)	Principal Occupations During the Past Five Years	Number of Portfolios in Fund Complex Overseen by the Trustee	Other Directorships
Kiran M. Patel 1948 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016)	Retired.	105	Director (2008 – present), KLA-Tencor Corporation
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).	105	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).	105	None

Interested Trustees
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served¹)	Principal Occupations During the Past Five Years	Number of Portfolios in Fund Complex Overseen by the Trustee	Other Directorships
Walter W. Bettinger II² 1960 Chairman and Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Schwab Strategic Trust since 2009; Laudus Trust since 2010)	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.	105	Director (2008 – present), The Charles Schwab Corporation

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Interested 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
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 – present), 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.	105	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
Jonathan de St. Paer 1973 President and Chief Executive Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018)	Director (Apr. 2019 – present), President (Oct. 2018 – present), Chief Operating Officer (Jan. 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.; Chief Executive Officer (Apr. 2019 – present), President (Nov. 2018 – present) and Trustee (Apr. 2019 – Dec. 2020), Schwab Funds, Laudus Trust and Schwab ETFs; Director (Mar. 2019 – Apr. 2022), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; 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 Treasurer, Chief Financial Officer and Chief Operating Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2013)	Treasurer and Chief Financial Officer (Jan. 2016 – present) and Chief Operating Officer (Dec. 2020 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial Officer (Mar. 2020 – present) and Vice President (Oct. 2013 – present), Charles Schwab Investment Management, Inc.; Director (July 2020 – Apr. 2022), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited.
Omar Aguilar 1970 Vice President and Chief Investment Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011)	Chief Executive Officer (Jan. 2022 – present), Chief Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs.
Brett Wander 1961 Vice President and Chief Investment Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011)	Senior Vice President and Chief Investment Officer (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs.
William P. McMahon, Jr. 1972 Vice President and Chief Investment Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021)	Senior Vice President and Chief Investment Officer (Jan. 2020 – present), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment Officer (May 2001 – Apr. 2018), ThomasPartners, Inc.

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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
Catherine MacGregor 1964 Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs Chief Legal Officer, Vice President and Clerk, Laudus Trust (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009)	Chief Legal Officer (Mar. 2022 – present) and Vice President (Sept. 2005 – present), Charles Schwab Investment Management, Inc.; 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. Each of Mr. Bettinger and Mr. Wurster is an Interested Trustee because he owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust.
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

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

*	FUNDAMENTAL INDEX is a registered trademark of Research Affiliates LLC.

The Schwab Ariel ESG ETF is different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. This fund will not. This may create additional risks for your investment. For example:

•	You may have to pay more money to trade the fund’s shares. This fund will provide less information to traders, who tend to charge more for trades when they have less information.
•	The price you pay to buy fund shares on an exchange may not match the value of the fund’s portfolio. The same is true when you sell shares. These price differences may be greater for this fund compared to other ETFs because it provides less information to traders.
•	These additional risks may be even greater in bad or uncertain market conditions.
•	The ETF will publish on its website each day a “Proxy Portfolio” designed to help trading in shares of the ETF. While the Proxy Portfolio includes some of the ETF’s holdings, it is not the ETF’s actual portfolio.

The differences between this fund and other ETFs may also have advantages. By keeping certain information about the fund secret, this fund may face less risk that other traders can predict or copy its investment strategy. This may improve the fund’s performance. If other traders are able to copy or predict the fund’s investment strategy, however, this may hurt the fund’s performance.

For additional information regarding the unique attributes and risks of the fund, see Proxy Portfolio Risk, Premium/Discount Risk, Trading Halt Risk, Authorized Participant Concentration Risk, Tracking Error Risk and Shares of the Fund May Trade at Prices Other Than NAV in the Principal Risks and Proxy Portfolio and Proxy Overlap sections of the prospectus and/or the Statement of Additional Information. These risks are discussed on the next page.

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Active semi-transparent ETFs operate differently from other exchange-traded funds (ETFs). Unlike other ETFs, an active semi-transparent ETF does not publicly disclose its entire portfolio composition each business day, which may affect the price at which shares of the ETF trade in the secondary market. Active semi-transparent ETFs have limited public trading history. There can be no assurance that an active trading market will develop, be maintained or operate as intended. There is a risk that the market price of an active semi-transparent ETF may vary significantly from the ETF’s net asset value and that its shares may trade at a wider bid/ask spread and, therefore, cost investors more to trade than shares of other ETFs. These risks are heightened during periods of market disruption or volatility.

Proxy Portfolio Risk: Unlike traditional ETFs, this fund does not disclose its portfolio holdings (Actual Portfolio) daily. The fund instead posts a Proxy Portfolio on its website each day. The Proxy Portfolio is designed to reflect the economic exposures and risk characteristics of the fund’s actual holdings on each trading day, but it is not the same as the fund’s Actual Portfolio. Although the Proxy Portfolio is intended to provide investors with enough information to allow for an effective arbitrage mechanism that will keep the market price of the Fund at or close to the underlying NAV per Share of the Fund, there is a risk (which may increase during periods of market disruption or volatility) that market prices will vary significantly from the underlying NAV of the fund. ETF trading on the basis of a published Proxy Portfolio may trade at a wider bid/ask spread than ETFs that publish their portfolios on a daily basis, especially during periods of market disruption or volatility, and therefore may cost investors more to trade. Also, while the Fund seeks to benefit from keeping its portfolio information secret, market participants may attempt to use the Proxy Portfolio to identify a Fund’s trading strategy, which if successful, could result in such market participants engaging in certain predatory trading practices that may have the potential to harm the Fund and its shareholders.

Proxy Portfolio Construction: The Proxy Portfolio is designed to recreate the daily performance of the Actual Portfolio. This is achieved by performing a “Factor Model” analysis of the Actual Portfolio. The Factor Model is comprised of three sets of factors or analytical metrics: market-based factors, fundamental factors, and industry/sector factors. The fund uses a “Model Universe” to generate its Proxy Portfolio. The Model Universe is comprised of securities that the fund can purchase and will be a financial index or stated portfolio of securities from which fund investments will be selected. The results of the Factor Model analysis are then applied to the Model Universe. The Proxy Portfolio is then generated as a result of this Model Universe analysis with the Proxy Portfolio being a small sub-set of the Model Universe. The Factor Model is applied to both the Actual Portfolio and the Model Universe to construct the fund’s Proxy Portfolio that performs in a manner substantially identical to the performance of its Actual Portfolio. The Proxy Portfolio will only include investments the fund is permitted to hold. The fund’s SAI contains more information on the Proxy Portfolio and its construction.

Proxy Portfolio and Proxy Overlap Information regarding the contents of the Proxy Portfolio, and the percentage weight overlap between the holdings of the Proxy Portfolio and 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.

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

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

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

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

	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

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

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.

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.

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

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

Assets
Investments in securities, at value - unaffiliated (cost $25,869,611,424) including securities on loan of $30,193,668		$26,030,783,824
Cash		305,970
Foreign currency, at value (cost $17,900,292)		17,669,939
Deposit with broker for futures contracts		10,822,979
Receivables:
Dividends		67,945,276
Foreign tax reclaims		24,326,864
Investments sold		2,157,478
Income from securities on loan	+	132,242
Total assets		26,154,144,572
Liabilities
Collateral held for securities on loan		31,745,287
Payables:
Management fees		1,387,317
Variation margin on futures contracts	+	1,015,002
Total liabilities		34,147,606
Net assets		$26,119,996,966
Net Assets by Source
Capital received from investors		$27,369,118,187
Total distributable loss	+	(1,249,121,221)
Net assets		$26,119,996,966

OPERATIONS
	9/1/21-8/31/22		9/1/20-8/31/21
Net investment income		$889,791,567	$631,237,991
Net realized gains (losses)		(456,847,527)	42,428,120
Net change in unrealized appreciation (depreciation)	+	(6,288,864,961)	5,104,237,095
Increase (decrease) in net assets resulting from operations		($5,855,920,921)	$5,777,903,206
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions		($883,078,400)	($557,207,730)

Assets
Investments in securities, at value - unaffiliated (cost $3,700,769,429) including securities on loan of $53,418,691		$3,432,284,661
Foreign currency, at value (cost $2,947,439)		2,936,780
Deposit with broker for futures contracts		1,072,068
Receivables:
Dividends		6,210,577
Foreign tax reclaims		2,053,342
Income from securities on loan		231,275
Investments sold	+	73,059
Total assets		3,444,861,762
Liabilities
Collateral held for securities on loan		56,448,567
Payables:
Investments bought		5,128,374
Management fees		327,308
Foreign capital gains tax		175,228
Variation margin on futures contracts	+	73,584
Total liabilities		62,153,061
Net assets		$3,382,708,701
Net Assets by Source
Capital received from investors		$3,872,525,446
Total distributable loss	+	(489,816,745)
Net assets		$3,382,708,701

Assets
Investments in securities, at value - unaffiliated (cost $7,677,882,448) including securities on loan of $34,890,236		$8,613,348,381
Foreign currency, at value (cost $23,288,715)		23,239,217
Deposit with broker for futures contracts		4,521,653
Receivables:
Dividends		23,107,464
Investments sold		169,441
Variation margin on future contracts		68,250
Income from securities on loan	+	61,018
Total assets		8,664,515,424
Liabilities
Collateral held for securities on loan		38,809,505
Payables:
Foreign capital gains tax		56,304,486
Investments bought		11,196,071
Management fees	+	801,715
Total liabilities		107,111,777
Net assets		$8,557,403,647
Net Assets by Source
Capital received from investors		$8,865,598,782
Total distributable loss	+	(308,195,135)
Net assets		$8,557,403,647

	FOREIGN TAX CREDIT	FOREIGN SOURCE INCOME
Schwab International Dividend Equity ETF	$1,402,100	$17,171,529
Schwab International Equity ETF	52,793,794	974,565,128
Schwab International Small-Cap Equity ETF	9,897,611	102,256,641
Schwab Emerging Markets Equity ETF	33,212,801	342,729,204

Schwab International Dividend Equity ETF	$7,231,663
Schwab International Equity ETF	868,317,158
Schwab International Small-Cap Equity ETF	68,231,475
Schwab Emerging Markets Equity ETF	101,507,631

Proposal – To elect each of the following individuals as trustees of the Trust:	For	Withheld
Walter W. Bettinger II	1,707,011,744.958	53,766,812.577
Richard A. Wurster	1,741,778,933.018	18,999,624.517
Michael J. Beer	1,741,911,579.511	18,866,978.024
Robert W. Burns	1,742,002,589.714	18,775,967.821
Nancy F. Heller	1,743,265,288.229	17,513,269.306
David L. Mahoney	1,488,067,807.852	272,710,749.683
Jane P. Moncreiff	1,743,396,670.121	17,381,887.414
Kiran M. Patel	1,738,761,227.827	22,017,329.708
Kimberly S. Patmore	1,740,654,694.664	20,123,862.871
J. Derek Penn	1,739,737,491.136	21,041,066.399