Schwab U.S. Large-Cap ETF NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22311

Schwab Strategic Trust – Schwab U.S. Equity ETFs, Schwab International Equity ETFs and Schwab High Yield Bond ETF

(Exact name of registrant as specified in charter)

211 Main Street, San Francisco, California 94105

(Address of principal executive offices) (Zip code)

Omar Aguilar

Schwab Strategic Trust – Schwab U.S. Equity ETFs, Schwab International Equity ETFs and Schwab High Yield Bond ETF

211 Main Street, San Francisco, California 94105

(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 636-7000

Date of fiscal year end: August 31

Date of reporting period: August 31, 2023

Item 1: Report(s) to Shareholders.

Annual Report | August 31, 2023

Schwab International Equity ETFs

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

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In This Report

Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset ManagementTM

Distributor: SEI Investments Distribution Co. (SIDCO)

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc. (MSCI) and Standard & Poor’s (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co, Inc.

Schwab International Equity ETFs | Annual Report1

Schwab International Equity ETFs

Performance at a Glance

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

Total Returns for the 12 Months Ended August 31, 2023
Schwab International Dividend Equity ETF (Ticker Symbol: SCHY)
Market Price Return1	13.83%
NAV Return1	13.31%
Dow Jones International Dividend 100 Index (Net)2	13.33%
ETF Category: Morningstar Foreign Large Value3	18.50%
Performance Details	pages 6-8

Schwab International Equity ETF (Ticker Symbol: SCHF)
Market Price Return1	16.75%
NAV Return1	16.12% 4
FTSE Developed ex US Index (Net)2	15.87%
ETF Category: Morningstar Foreign Large Blend3	15.63%
Performance Details	pages 9-11

Schwab International Small-Cap Equity ETF (Ticker Symbol: SCHC)
Market Price Return1	10.67%
NAV Return1	9.87%
FTSE Developed Small Cap ex US Liquid Index (Net)2	9.69%
ETF Category: Morningstar Foreign Small/Mid Blend3	11.92%
Performance Details	pages 12-14

Schwab Emerging Markets Equity ETF (Ticker Symbol: SCHE)
Market Price Return1	1.28%
NAV Return1	0.61%
FTSE Emerging Index (Net)2	0.86%
ETF Category: Morningstar Diversified Emerging Markets3	4.91%
Performance Details	pages 15-17

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see the Glossary.

Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.

Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones International Dividend 100 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab International Dividend Equity ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.

Index ownership — FTSE is a trademark of the London Stock Exchange Group companies (LSEG) and is used by the Schwab International Equity ETF, Schwab International Small-Cap Equity ETF, and Schwab Emerging Markets Equity ETF under license. The Schwab International Equity ETF, Schwab International Small-Cap Equity ETF, and Schwab Emerging Markets Equity ETF are not sponsored, endorsed, sold or promoted by FTSE nor LSEG and neither FTSE nor LSEG makes any representation regarding the advisability of investing in shares of the funds. Fees payable under the license are paid by the investment adviser.

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.

The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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.

Total return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual and semiannual reports.

2Schwab International Equity ETFs | Annual Report

Schwab International Equity ETFs

The Investment Environment

For the 12-month reporting period ended August 31, 2023, global stocks generally rose. U.S. stocks were volatile for the first half of the year as inflation remained elevated and the U.S. Federal Reserve (Fed) continued to raise interest rates. Despite these headwinds, as inflation began to ease, U.S. stocks staged a relatively steady upswing through the end of the reporting period. The ongoing war between Russia and Ukraine weighed on the global economy. After hitting a 20-year high in late September, the U.S. dollar, as measured against a basket of international currencies, weakened over the reporting period, generally increasing the returns on overseas investments in U.S. dollar terms. For the reporting period, the MSCI EAFE® Index (Net)*, a broad measure of developed international equity performance, returned 17.92%, while the MSCI Emerging Markets Index (Net)* returned 1.25%. For comparison, the S&P 500® Index, a bellwether for the overall U.S. stock market, returned 15.94% for the same period.

Economies around the world grew out of sync as they wrestled with record levels of government debt, rising geopolitical tensions, and weak productivity gains that stifled economic growth. Certain economies demonstrated resilience as the reporting period progressed. U.S. gross domestic product (GDP) growth was positive for the third and fourth quarters of 2022 and the first and second quarters of 2023. The unemployment rate remained low throughout the period despite inflationary pressures and an unexpected jump in August largely as a result of an increase in the labor force participation rate (the proportion of working-age Americans who have a job or are looking for one). Oil prices, although volatile over the period, ended the reporting period roughly where they began it. Eurozone GDP expanded slightly in the third quarter of 2022, contracted slightly in the fourth quarter of 2022, was flat for the first quarter of 2023, and expanded slightly for the second quarter of 2023, bolstered by a moderation in inflationary pressures. GDP in the United Kingdom contracted slightly in the third quarter of 2022 but expanded slightly in the fourth quarter of 2022 and the first and second quarters of 2023, with household consumption expenditures and manufacturing output being the key growth drivers. In Japan, following GDP contraction in the third quarter of 2022 and flat GDP growth in the fourth quarter of 2022, GDP rose for the first two quarters of 2023 at an accelerating pace, primarily on rebounding exports. Among emerging markets, China’s GDP grew for the third and fourth quarters of 2022 and the first and second quarters of 2023, though the growth rate fell short of estimates due to declining exports and

Asset Class Performance Comparison % returns during the 12 months ended August 31, 2023

Index figures assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized. Past performance is not a guarantee of future results.

For index definitions, please see the Glossary.

Data source: Index provider websites and Schwab Asset Management

Nothing in this report represents a recommendation of a security by the investment adviser.

Management views may have changed since the report date.

The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

Schwab International Equity ETFs | Annual Report3

Schwab International Equity ETFs

The Investment Environment (continued)

geopolitical factors affecting foreign demand. India’s GDP also grew for the third and fourth quarters of 2022 and the first and second quarter of 2023, driven primarily by robust performance of the services sector along with strong consumer demand and increased government spending.

In its efforts to lower inflation, the Fed raised interest rates seven times over the reporting period, with the federal funds rate ending in a range of 5.25% to 5.50%. However, the likelihood of further increases began to temper, as evidenced by the Fed’s pause on rate hikes at its June meeting before a 0.25% increase in July supported by consumer spending and a tight labor market. The Fed’s efforts to reduce the assets held on its balance sheet were effective over the reporting period, though its balance sheet spiked in early March when the Fed supported banks after the failure of three U.S. regional banks. Central banks outside the United States also battled with persistently high inflation. The European Central Bank raised its interest rates seven times during the reporting period, matching its previous high in 2000. The Bank of England raised its rate eight times during the reporting period, bringing borrowing costs to a 15-year high. In contrast, the Bank of Japan continued to uphold its short-term interest rate target of -0.1%, unchanged since 2016, despite inflationary pressures. Central banks in India, Indonesia, Mexico, Pakistan, and Russia all raised their rates multiple times over the reporting period. In contrast, Brazil cut its key rate once and China cut its interest rate twice during the reporting period.

4Schwab International Equity ETFs | Annual Report

Schwab International Equity ETFs

Fund Management

Christopher Bliss, CFA, Managing Director and Head of Passive Equity Strategies for Schwab Asset

Management, is responsible for overseeing the investment process and portfolio management of investment

strategies for passive equity Schwab Funds and Schwab ETFs, and Schwab Personalized Indexing™ separately

managed accounts. Before joining Schwab in 2016, Mr. Bliss spent 12 years at BlackRock (formerly Barclays

Global Investors) managing and leading institutional index teams, most recently as a managing director and

the head of the Americas institutional index team. In this role, Mr. Bliss was responsible for overseeing a team

of portfolio managers managing domestic, developed international and emerging markets index strategies.

Prior to BlackRock, he worked as an equity analyst and portfolio manager for Harris Bretall and before that, as

a research analyst for JP Morgan.

David Rios, Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day

co-management of the funds. Prior to this role, Mr. Rios was an associate portfolio manager on the equity

index strategies team for four years. His first role with Schwab Asset Management was as a trade operations

specialist. Prior to joining Schwab in 2008, Mr. Rios was a senior fund accountant at Investors Bank & Trust

(subsequently acquired by State Street Corporation).

Schwab International Equity ETFs | Annual Report5

Schwab International Dividend Equity ETF as of August 31, 2023

The Schwab International Dividend Equity ETF’s (the fund) goal is to track as closely as possible, before fees and expenses, the total return of an index composed of high dividend yielding stocks issued by companies outside of the United States. To purse its goal, the fund generally invests in stocks that are included in the Dow Jones International Dividend 100 Index. The 100-component index is derived from constituents of the Dow Jones Global ex-U.S. Large-Cap Index and Dow Jones Global ex-U.S. Mid-Cap Index (excluding real estate investment trusts (REITs)). It is modified market capitalization weighted. The fund invests in a representative sample of securities included in the index which, when taken together, are expected to perform similarly to the index as a whole. Due to the use of representative sampling, the fund may not hold all of the securities included in the index.

Market Highlights. For the 12-month reporting period ended August 31, 2023, global stocks generally rose. U.S. stocks were volatile for the first half of the year as inflation remained elevated and the U.S. Federal Reserve (Fed) continued to raise interest rates. Despite these headwinds, as inflation began to ease, U.S. stocks staged a relatively steady upswing through the end of the reporting period. The ongoing war between Russia and Ukraine weighed on the global economy. After hitting a 20-year high in late September, the U.S. dollar, as measured against a basket of international currencies, weakened over the reporting period, generally increasing the returns on overseas investments in U.S. dollar terms.

Performance. During the 12-month reporting period ended August 31, 2023, the fund generally tracked the index. The fund’s market price return was 13.83% and its NAV return was 13.31% (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned 13.33%1 during the same period.

Contributors and Detractors. Stocks from Germany contributed the most to the total return of the fund. German stocks represented an average weight of approximately 9% of the fund’s investments and returned approximately 41% in U.S. dollar terms for the reporting period. One example from this market is E.ON SE, one of Europe’s largest operators of energy networks and energy infrastructure. The fund’s holdings of E.ON SE represented an average weight of approximately 3% of the fund’s investments and returned approximately 51% in U.S. dollar terms for the reporting period.

Stocks from the United Kingdom also contributed to the total return of the fund, representing an average weight of approximately 19% of the fund’s investments and returning approximately 13% in U.S. dollar terms for the reporting period.

Stocks from China detracted the most from the total return of the fund. Chinese stocks represented an average weight of approximately 4% of the fund’s investments and returned approximately -3% in U.S. dollar terms for the reporting period. One example from this market is China Construction Bank Corp., which provides banking services. The fund’s Class H holdings of China Construction Bank Corp. represented an average weight of approximately 2% of the fund’s investments and returned approximately -5% in U.S. dollar terms for the reporting period.

Stocks from Saudi Arabia also detracted from the total return of the fund, representing an average weight of approximately 2% of the fund’s investments and returning approximately -6% in U.S. dollar terms for the reporting period.

Management views and portfolio holdings may have changed since the report date.

The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

6Schwab International Equity ETFs | Annual Report

Schwab International Dividend Equity ETF

Performance and Fund Facts as of August 31, 2023

Performance of Hypothetical $10,000 Investment (April 29, 2021 – August 31, 2023)1

Average Annual Total Returns1

Fund and Inception Date	1 Year	Since Inception*
Fund: Schwab International Dividend Equity ETF (4/29/21)
Market Price Return2	13.83%	0.47%
NAV Return2	13.31%	0.53%
Dow Jones International Dividend 100 Index (Net)3	13.33%	0.56%
ETF Category: Morningstar Foreign Large Value4	18.50%	N/A
Fund Expense Ratio5: 0.14%

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.

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.

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.

The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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.

As stated in the prospectus.

Schwab International Equity ETFs | Annual Report7

Schwab International Dividend Equity ETF

Performance and Fund Facts as of August 31, 2023 (continued)

Statistics1

Number of Holdings	103
Weighted Average Market Cap (millions)	$60,932
Price/Earnings Ratio (P/E)	11.7
Price/Book Ratio (P/B)	2.2
Portfolio Turnover Rate	40% 2

Sector Weightings % of Investments1

Top Equity Holdings % of Net Assets4

Country Weightings % of Investments5

Portfolio holdings may have changed since the report date.

An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.

Source of Sector Classification: S&P and MSCI.

Excludes derivatives.

Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.

This list is not a recommendation of any security by the investment adviser.

The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.

8Schwab International Equity ETFs | Annual Report

Schwab International Equity ETF as of August 31, 2023

The Schwab International Equity ETF’s (the fund) goal is to track as closely as possible, before fees and expenses, the total return of the FTSE Developed ex US Index (the index). The index is comprised of large- and mid-capitalization companies in developed countries outside the United States, as defined by the index provider. The index defines the large- and mid-capitalization universe as approximately the top 90% of the eligible universe. The fund invests in a representative sample of securities included in the index which, when taken together, are expected to perform similarly to the index as a whole. Due to the use of representative sampling, the fund may not hold all of the securities included in the index.

Performance. During the 12-month reporting period ended August 31, 2023, the fund generally tracked the index. The fund’s market price return was 16.75% and its NAV return was 16.12%1 (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned 15.87%2 during the same period.

Contributors and Detractors. Stocks from France contributed the most to the total return of the fund. French stocks represented an average weight of approximately 10% of the fund’s investments and returned approximately 31% in U.S. dollar terms for the reporting period. One example from this market is LVMH Moet Hennessy Louis Vuitton SE, a diversified luxury goods group. The fund’s holdings of LVMH Moet Hennessy Louis Vuitton SE represented an average weight of approximately 1% of the fund’s investments and returned approximately 32% in U.S. dollar terms for the reporting period.

Stocks from Japan also contributed to the total return of the fund, representing an average weight of approximately 21% of the fund’s investments and returning approximately 16% in U.S. dollar terms for the reporting period.

Stocks from Hong Kong detracted the most from the total return of the fund. Stocks from Hong Kong represented an average weight of approximately 3% of the fund’s investments and returned approximately -6% in U.S. dollar terms for the reporting period. One example from this market is AIA Group Ltd., an insurance company. The fund’s holdings of AIA Group Ltd. represented an average weight of less than 1% of the fund’s investments and returned approximately -4% in U.S. dollar terms for the reporting period.

Stocks from Israel also detracted from the total return of the fund, representing an average weight of less than 1% of the fund’s investments and returning approximately -19% in U.S. dollar terms for the reporting period.

Management views and portfolio holdings may have changed since the report date.

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 net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

Schwab International Equity ETFs | Annual Report9

Schwab International Equity ETF

Performance and Fund Facts as of August 31, 2023

Performance of Hypothetical $10,000 Investment (August 31, 2013 – August 31, 2023)1

Average Annual Total Returns1

Fund and Inception Date	1 Year	5 Years	10 Years
Fund: Schwab International Equity ETF (11/3/09)
Market Price Return2	16.75%	4.31%	5.06%
NAV Return2	16.12% 3	4.32%	5.07%
FTSE Developed ex US Index (Net)4	15.87%	4.17%	4.96%
ETF Category: Morningstar Foreign Large Blend5	15.63%	3.62%	4.67%
Fund Expense Ratio6: 0.06%

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.

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.

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.

The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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.

As stated in the prospectus.

10Schwab International Equity ETFs | Annual Report

Schwab International Equity ETF

Performance and Fund Facts as of August 31, 2023 (continued)

Statistics1

Number of Holdings	1,546
Weighted Average Market Cap (millions)	$79,415
Price/Earnings Ratio (P/E)	12.8
Price/Book Ratio (P/B)	1.6
Portfolio Turnover Rate	6% 2

Sector Weightings % of Investments1

Top Equity Holdings % of Net Assets4

Country Weightings % of Investments5

Portfolio holdings may have changed since the report date.

Source of Sector Classification: S&P and MSCI.

Excludes derivatives.

Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.

This list is not a recommendation of any security by the investment adviser.

Schwab International Equity ETFs | Annual Report11

Schwab International Small-Cap Equity ETF as of August 31, 2023

The Schwab International Small-Cap Equity ETF’s (the fund) goal is to track as closely as possible, before fees and expenses, the total return of the FTSE Developed Small Cap ex US Liquid Index (the index). The index is comprised of small-capitalization companies in developed countries outside the United States, as defined by the index provider. The index defines the small-capitalization universe as approximately the bottom 10% of the eligible universe with a minimum free float capitalization of $150 million. The fund invests in a representative sample of securities included in the index which, when taken together, are expected to perform similarly to the index as a whole. Due to the use of representative sampling, the fund may not hold all of the securities included in the index.

Performance. During the 12-month reporting period ended August 31, 2023, the fund generally tracked the index. The fund’s market price return was 10.67% and its NAV return was 9.87% (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned 9.69%1 during the same period.

Contributors and Detractors. Stocks from Japan contributed the most to the total return of the fund. Japanese stocks represented an average weight of 18% of the fund’s investments and returned approximately 14% in U.S. dollar terms for the reporting period. One example from this market is Macnica Holdings, Inc., which imports, exports, and distributes electronic components such as semiconductor devices and integrated circuits. The fund’s holdings of Macnica Holdings, Inc. represented an average weight of less than 1% of the fund’s investments and returned approximately 126% in U.S. dollar terms for the reporting period.

Stocks from Canada also contributed to the total return of the fund, representing an average weight of approximately 22% of the fund’s investments and returning approximately 9% in U.S. dollar terms for the reporting period.

Stocks from Australia detracted the most from the total return of the fund. Australian stocks represented an average weight of approximately 7% of the fund’s investments and returned approximately -6% in U.S. dollar terms for the reporting period. One example from this market is Core Lithium Ltd., which operates as a mineral exploration company. The fund’s holdings of Core Lithium Ltd. represented an average weight of less than 1% of the fund’s investments and returned approximately -73% in U.S. dollar terms for the reporting period.

Stocks from Hong Kong also detracted from the total return of the fund, representing an average weight of less than 1% of the fund’s investments and returning approximately -19% in U.S. dollar terms for the reporting period.

Management views and portfolio holdings may have changed since the report date.

The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

12Schwab International Equity ETFs | Annual Report

Schwab International Small-Cap Equity ETF

Performance and Fund Facts as of August 31, 2023

Performance of Hypothetical $10,000 Investment (August 31, 2013 – August 31, 2023)1

Average Annual Total Returns1

Fund and Inception Date	1 Year	5 Years	10 Years
Fund: Schwab International Small-Cap Equity ETF (1/14/10)
Market Price Return2	10.67%	1.50%	4.27%
NAV Return2	9.87%	1.49%	4.35%
FTSE Developed Small Cap ex US Liquid Index (Net)3	9.69%	1.35%	4.28%
ETF Category: Morningstar Foreign Small/Mid Blend4	11.92%	2.09%	5.21%
Fund Expense Ratio5: 0.11%

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.

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.

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.

The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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.

As stated in the prospectus.

Schwab International Equity ETFs | Annual Report13

Schwab International Small-Cap Equity ETF

Performance and Fund Facts as of August 31, 2023 (continued)

Statistics1

Number of Holdings	2,162
Weighted Average Market Cap (millions)	$3,216
Price/Earnings Ratio (P/E)	13.4
Price/Book Ratio (P/B)	1.3
Portfolio Turnover Rate	15% 2

Sector Weightings % of Investments1

Top Equity Holdings % of Net Assets4

Country Weightings % of Investments5

Portfolio holdings may have changed since the report date.

Source of Sector Classification: S&P and MSCI.

Excludes derivatives.

Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.

This list is not a recommendation of any security by the investment adviser.

14Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF as of August 31, 2023

The Schwab Emerging Markets Equity ETF’s (the fund) goal is to track as closely as possible, before fees and expenses, the total return of the FTSE Emerging Index (the index). The index is comprised of large- and mid-capitalization companies in emerging market countries, as defined by the index provider. The index defines the large- and mid-capitalization universe as approximately the top 90% of the eligible universe. The fund invests in a representative sample of securities included in the index which, when taken together, are expected to perform similarly to the index as a whole. Due to the use of representative sampling, the fund may not hold all of the securities included in the index.

Performance. During the 12-month reporting period ended August 31, 2023, the fund generally tracked the index. The fund’s market price return was 1.28% and its NAV return was 0.61% (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned 0.86%1 during the same period.

Contributors and Detractors. Stocks from Mexico contributed the most to the total return of the fund. Mexican stocks represented an average weight of approximately 3% of the fund’s investments and returned approximately 44% in U.S. dollar terms for the reporting period. One example from this market is Grupo Financiero Banorte S.A.B. de C.V., a financial institution that offers banking services, premium banking, wholesale banking, leasing and factoring, warehousing, insurance, pensions and retirement savings. The fund’s Class O holdings of Grupo Financiero Banorte S.A.B. de C.V. represented an average weight of less than 1% of the fund’s investments and returned approximately 59% in U.S. dollar terms for the reporting period.

Stocks from Taiwan also contributed to the total return of the fund, representing an average weight of approximately 16% of the fund’s investments and returning approximately 7% in U.S. dollar terms for the reporting period.

Stocks from China detracted the most from the total return of the fund. Chinese stocks represented an average weight of approximately 16% of the fund’s investments and returned approximately -8% in U.S. dollar terms for the reporting period. One example from this market is Meituan, a web-based shopping platform for locally found consumer products and retail services. The fund’s Class B holdings of Meituan represented an average weight of approximately 1% of the fund’s investments and returned approximately -32% in U.S. dollar terms for the reporting period.

Stocks from Saudi Arabia also detracted from the total return of the fund, representing an average weight of approximately 5% of the fund’s investments and returning approximately -7% in U.S. dollar terms for the reporting period.

Management views and portfolio holdings may have changed since the report date.

The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

Schwab International Equity ETFs | Annual Report15

Schwab Emerging Markets Equity ETF

Performance and Fund Facts as of August 31, 2023

Performance of Hypothetical $10,000 Investment (August 31, 2013 – August 31, 2023)1

Average Annual Total Returns1

Fund and Inception Date	1 Year	5 Years	10 Years
Fund: Schwab Emerging Markets Equity ETF (1/14/10)
Market Price Return2	1.28%	1.82%	3.54%
NAV Return2	0.61%	1.87%	3.45%
FTSE Emerging Index (Net)3	0.86%	2.04%	3.60%
ETF Category: Morningstar Diversified Emerging Markets4	4.91%	1.75%	3.01%
Fund Expense Ratio5: 0.11%

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.

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.

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.

The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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.

As stated in the prospectus.

16Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF

Performance and Fund Facts as of August 31, 2023 (continued)

Statistics1

Number of Holdings	1821
Weighted Average Market Cap (millions)	$94,428
Price/Earnings Ratio (P/E)	12.4
Price/Book Ratio (P/B)	1.7
Portfolio Turnover Rate	13% 2

Sector Weightings % of Investments1

Top Equity Holdings % of Net Assets4

Country Weightings % of Investments5

Portfolio holdings may have changed since the report date.

Source of Sector Classification: S&P and MSCI.

Excludes derivatives.

Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.

This list is not a recommendation of any security by the investment adviser.

Schwab International Equity ETFs | Annual Report17

Schwab International Equity ETFs

Fund Expenses (Unaudited)

Examples for a $1,000 Investment

As a fund shareholder, you may incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares; and, (2) ongoing costs, including management fees.

The expense examples below are intended to help you understand your ongoing cost (in dollars) of investing in a fund and to compare this cost with the ongoing cost of investing in other mutual funds. These examples are based on an investment of $1,000 invested for six months beginning March 1, 2023 and held through August 31, 2023.

Actual Return lines in the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number given for your fund under the heading entitled “Expenses Paid During Period.”

Hypothetical Return lines in the table below provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed return of 5% per year before expenses. Because the return used is not an actual return, it may not be used to estimate the actual ending account value or expenses you paid for the period.

You may use this information to compare the ongoing costs of investing in a fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, including any brokerage commissions you may pay when purchasing or selling shares of a fund. Therefore, the hypothetical return lines of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	EXPENSE RATIO (ANNUALIZED) 1	BEGINNING ACCOUNT VALUE AT 3/1/23	ENDING ACCOUNT VALUE (NET OF EXPENSES) AT 8/31/23	EXPENSES PAID DURING PERIOD 3/1/23-8/31/23 2
Schwab International Dividend Equity ETF
Actual Return	0.14%	$1,000.00	$1,043.40	$0.72
Hypothetical 5% Return	0.14%	$1,000.00	$1,024.50	$0.71
Schwab International Equity ETF
Actual Return	0.06%	$1,000.00	$1,049.10	$0.31
Hypothetical 5% Return	0.06%	$1,000.00	$1,024.90	$0.31
Schwab International Small-Cap Equity ETF
Actual Return	0.11%	$1,000.00	$1,022.00	$0.56
Hypothetical 5% Return	0.11%	$1,000.00	$1,024.65	$0.56
Schwab Emerging Markets Equity ETF
Actual Return	0.11%	$1,000.00	$1,032.00	$0.56
Hypothetical 5% Return	0.11%	$1,000.00	$1,024.65	$0.56

1	Based on the most recent six-month expense ratio.
2	Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 days in the period, and divided by 365 days in the fiscal year.

18Schwab International Equity ETFs | Annual Report

Schwab International Dividend Equity ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	9/1/22– 8/31/23	9/1/21– 8/31/22	4/29/211– 8/31/21
Per-Share Data
Net asset value at beginning of period	$21.72	$26.07	$25.00
Income (loss) from investment operations:
Net investment income (loss)2	1.08	1.37	0.41
Net realized and unrealized gains (losses)	1.78	(5.09 )	0.71
Total from investment operations	2.86	(3.72 )	1.12
Less distributions:
Distributions from net investment income	(0.88 )	(0.63 )	(0.05 )
Net asset value at end of period	$23.70	$21.72	$26.07
Total return	13.31 %	(14.47 %)	4.48 %3
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.14 %4	0.14 %4	0.14 %5
Net investment income (loss)	4.67 %	5.72 %	4.76 %5
Portfolio turnover rate6	40 %	45 %	3 %3
Net assets, end of period (x 1,000,000)	$754	$439	$102

1	Commencement of operations.
2	Calculated based on the average shares outstanding during the period.
3	Not annualized.
4	Ratio includes less than 0.005% of non-routine proxy expenses.
5	Annualized.
6	Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

See financial notes

Schwab International Equity ETFs | Annual Report19

Schwab International Dividend Equity ETF

Portfolio Holdings as of August 31, 2023

This section shows all the securities in the fund’s portfolio and their values as of the report date.

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

SECURITY	NUMBER OF SHARES	VALUE ($)
COMMON STOCKS 99.1% OF NET ASSETS

Australia 13.5%
Ampol Ltd.	200,676	4,587,863
Aurizon Holdings Ltd.	1,551,121	3,666,730
BHP Group Ltd.	1,030,392	29,929,899
Harvey Norman Holdings Ltd.	548,112	1,434,138
Rio Tinto Ltd.	402,596	29,437,690
Wesfarmers Ltd.	935,528	32,639,545
		101,695,865

Belgium 0.1%
Proximus SADP	103,528	784,077

Canada 9.3%
BCE, Inc.	195,863	8,286,484
Great-West Lifeco, Inc.	80,826	2,319,726
Quebecor, Inc., Class B	100,338	2,290,876
Sun Life Financial, Inc.	176,034	8,575,632
The Bank of Nova Scotia	358,218	16,976,930
The Toronto-Dominion Bank	513,991	31,311,681
		69,761,329

China 3.8%
Anhui Conch Cement Co., Ltd., H Shares	561,460	1,560,854
China Construction Bank Corp., H Shares	28,763,725	15,405,700
China Life Insurance Co., Ltd., H Shares	2,169,173	3,291,760
China Shenhua Energy Co., Ltd., H Shares	1,025,145	2,987,160
PICC Property & Casualty Co., Ltd., H Shares	2,015,714	2,318,582
The People's Insurance Co. Group of China Ltd., H Shares	2,399,316	816,932
Tingyi Cayman Islands Holding Corp.	647,667	951,461
Want Want China Holdings Ltd.	1,713,937	1,134,356
		28,466,805

Finland 3.0%
Elisa Oyj	98,577	4,843,461
Kesko Oyj, B Shares	120,486	2,356,465
Kone Oyj, B Shares	340,796	15,535,080
		22,735,006

Germany 7.2%
DHL Group	664,873	31,090,986
E.ON SE	1,898,688	23,451,227
		54,542,213

India 2.1%
Colgate-Palmolive (India) Ltd.	45,787	1,074,099
HCL Technologies Ltd.	320,522	4,538,192

SECURITY	NUMBER OF SHARES	VALUE ($)
Indian Oil Corp., Ltd.	1,160,175	1,248,656
ITC Ltd.	1,004,225	5,333,709
Petronet LNG Ltd.	233,935	608,388
Power Grid Corp. of India Ltd.	1,036,752	3,062,558
		15,865,602

Israel 0.1%
The First International Bank of Israel Ltd.	15,844	641,969

Italy 5.1%
Assicurazioni Generali S.p.A.	360,398	7,482,850
Enel S.p.A.	4,650,464	31,344,229
		38,827,079

Japan 12.3%
Daito Trust Construction Co., Ltd.	58,217	6,424,124
Japan Tobacco, Inc.	485,055	10,631,662
KDDI Corp.	947,549	28,149,531
K's Holdings Corp.	137,088	1,263,675
Nintendo Co., Ltd.	691,040	29,747,211
Niterra Co., Ltd.	144,751	3,365,608
Sompo Holdings, Inc.	104,663	4,562,943
Tosoh Corp.	638,903	8,276,753
		92,421,507

Malaysia 0.4%
Kuala Lumpur Kepong Berhad	195,994	909,852
Petronas Chemicals Group Berhad	1,364,127	2,093,229
		3,003,081

Mexico 0.5%
Arca Continental S.A.B. de C.V.	159,603	1,574,055
Coca-Cola Femsa S.A.B. de C.V.	178,008	1,527,875
Kimberly-Clark de Mexico S.A.B. de C.V., A Shares	477,178	1,087,501
		4,189,431

Netherlands 1.9%
Koninklijke Ahold Delhaize N.V.	430,742	14,106,985

New Zealand 0.5%
Spark New Zealand Ltd.	1,212,890	3,665,243

Norway 2.3%
Gjensidige Forsikring A.S.A.	57,075	888,012
Telenor A.S.A.	418,480	4,480,981
Yara International A.S.A.	320,229	11,707,747
		17,076,740

See financial notes

20Schwab International Equity ETFs | Annual Report

Schwab International Dividend Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Qatar 0.3%
Industries Qatar QSC	607,141	2,061,611

Republic of Korea 0.7%
GS Holdings Corp.	78,495	2,229,989
KT&G Corp.	48,374	3,180,405
		5,410,394

Russia 0.0%
Severstal PAO *(a)(b)	708	0

Saudi Arabia 1.4%
Jarir Marketing Co.	182,700	718,983
SABIC Agri-Nutrients Co.	110,114	4,039,749
Saudi Telecom Co.	548,428	5,819,640
		10,578,372

Singapore 0.7%
Singapore Exchange Ltd.	249,180	1,776,826
Singapore Technologies Engineering Ltd.	1,318,510	3,719,750
		5,496,576

South Africa 0.2%
Vodacom Group Ltd.	253,183	1,442,214

Spain 0.8%
Redeia Corp. S.A.	364,189	5,931,063

Sweden 0.3%
Tele2 AB, B Shares	357,966	2,528,342

Switzerland 9.8%
EMS-Chemie Holding AG	13,327	10,026,370
Kuehne & Nagel International AG	47,983	14,445,151
Roche Holding AG	94,433	27,830,071
SGS S.A.	128,301	11,676,008
Swisscom AG	16,556	10,084,493
		74,062,093

Taiwan 5.7%
Advantech Co., Ltd.	149,301	1,612,722
Asia Cement Corp.	1,207,740	1,513,159
Asustek Computer, Inc.	213,053	2,692,724
Chicony Electronics Co., Ltd.	206,752	671,937
Chunghwa Telecom Co., Ltd.	1,147,407	4,179,398
CTCI Corp.	180,823	223,995
Formosa Plastics Corp.	2,045,116	5,105,325
Fubon Financial Holding Co., Ltd.	2,306,831	4,606,925
King Slide Works Co., Ltd.	15,285	439,162
King Yuan Electronics Co., Ltd.	346,248	835,001
Lite-On Technology Corp., ADR	674,668	2,902,345
Nan Ya Plastics Corp.	2,662,161	5,525,532
Quanta Computer, Inc.	843,196	6,711,889
Radiant Opto-Electronics Corp.	143,405	538,109
Simplo Technology Co., Ltd.	49,436	477,339
Synnex Technology International Corp.	389,859	747,975
Tripod Technology Corp.	140,964	836,582

SECURITY	NUMBER OF SHARES	VALUE ($)
Wistron Corp.	878,816	3,228,658
		42,848,777

Thailand 0.2%
Bangkok Chain Hospital PCL, NVDR	496,645	273,727
Intouch Holdings PCL NVDR	353,239	733,866
Supalai PCL NVDR	234,692	145,436
Tisco Financial Group PCL NVDR	114,196	335,895
		1,488,924

United Arab Emirates 0.2%
Abu Dhabi Islamic Bank PJSC	424,750	1,204,964

United Kingdom 16.7%
Admiral Group plc	82,594	2,606,007
British American Tobacco plc	928,871	30,867,303
GSK plc	1,746,073	30,727,688
Imperial Brands plc	423,642	9,606,352
Schroders plc	275,650	1,438,375
SSE plc	886,605	18,273,091
St. James's Place plc	164,046	1,839,241
Unilever plc	597,002	30,577,352
		125,935,409
Total Common Stocks (Cost $743,032,293)		746,771,671

PREFERRED STOCKS 0.0% OF NET ASSETS

Russia 0.0%
Sberbank of Russia PJSC *(a)(b)	69,290	0
Total Preferred Stocks (Cost $260,897)		0


SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS

Money Market Funds 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (c)	1,959,266	1,959,266
Total Short-Term Investments (Cost $1,959,266)		1,959,266
Total Investments in Securities (Cost $745,252,456)		748,730,937

See financial notes

Schwab International Equity ETFs | Annual Report21

Schwab International Dividend Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED DEPRECIATION ($)
FUTURES CONTRACTS
Long
MSCI EAFE Index, expires 09/15/23	45	4,745,925	(116,403 )
MSCI Emerging Markets Index, expires 09/15/23	43	2,105,495	(34,249 )
			(150,652 )

*	Non-income producing security.
(a)	Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information).
(b)	Trading in Russian securities listed on the Moscow Exchange, Russian ADRs, and Russian GDRs are subject to trade restrictions; and therefore, the ability of the fund to buy these securities is currently not permitted, and the ability of the fund to sell these securities is uncertain.
(c)	The rate shown is the annualized 7-day yield.

ADR —	American Depositary Receipt
GDR —	Global Depositary Receipt
NVDR —	Non-Voting Depositary Receipt

The following is a summary of the inputs used to value the fund’s investments as of August 31, 2023 (see financial note 2(a) for additional information):

DESCRIPTION	QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)	OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)	SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)	TOTAL
Assets
Common Stocks1	$746,771,671	$—	$—	$746,771,671
Russia	—	—	0 *	0
Preferred Stocks1
Russia	—	—	0 *	0
Short-Term Investments1	1,959,266	—	—	1,959,266
Liabilities
Futures Contracts2	(150,652 )	—	—	(150,652 )
Total	$748,580,285	$—	$—	$748,580,285

*	Level 3 amount shown includes securities determined to have no value at August 31, 2023.
1	As categorized in the Portfolio Holdings.
2	Futures contracts are reported at cumulative unrealized appreciation or depreciation.

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying

securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

See financial notes

22Schwab International Equity ETFs | Annual Report

Schwab International Dividend Equity ETF

Statement of Assets and Liabilities

As of August 31, 2023

Assets
Investments in securities, at value - unaffiliated (cost $745,252,456)		$748,730,937
Foreign currency, at value (cost $1,051,366)		1,041,299
Deposit with broker for futures contracts		392,170
Receivables:
Dividends		3,200,034
Foreign tax reclaims	+	792,938
Total assets		754,157,378

Liabilities
Payables:
Foreign capital gains tax		334,566
Management fees		89,213
Variation margin on futures contracts	+	51,820
Total liabilities		475,599
Net assets		$753,681,779

Net Assets by Source
Capital received from investors		$775,315,581
Total distributable loss	+	(21,633,802 )
Net assets		$753,681,779

Net Asset Value (NAV)
Net Assets	÷	Shares Outstanding	=	NAV
$753,681,779		31,800,000		$23.70

See financial notes

Schwab International Equity ETFs | Annual Report23

Schwab International Dividend Equity ETF

Statement of Operations

For the period September 1, 2022 through August 31, 2023
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $3,321,237)		$29,951,182
Securities on loan, net	+	129,787
Total investment income		30,080,969

Expenses
Management fees		876,334
Proxy fees1	+	3,045
Total expenses	–	879,379
Net investment income		29,201,590

REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated (net of foreign capital gains tax paid of $43,644)		(30,800,719 )
Net realized gains on sales of in-kind redemptions - unaffiliated		7,290,412
Net realized gains on futures contracts		268,100
Net realized losses on foreign currency transactions	+	(318,309 )
Net realized losses		(23,560,516 )
Net change in unrealized appreciation (depreciation) on securities - unaffiliated (net of change in foreign capital gains tax of ($316,914))		65,032,106
Net change in unrealized appreciation (depreciation) on futures contracts		(5,983 )
Net change in unrealized appreciation (depreciation) on foreign currency translations	+	75,797
Net change in unrealized appreciation (depreciation)	+	65,101,920
Net realized and unrealized gains		41,541,404
Increase in net assets resulting from operations		$70,742,994

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

See financial notes

24Schwab International Equity ETFs | Annual Report

Schwab International Dividend Equity ETF

Statement of Changes in Net Assets

For the current and prior report periods

OPERATIONS
	9/1/22-8/31/23		9/1/21-8/31/22
Net investment income		$29,201,590	$15,354,078
Net realized losses		(23,560,516 )	(10,069,847 )
Net change in unrealized appreciation (depreciation)	+	65,101,920	(62,483,819 )
Increase (decrease) in net assets resulting from operations		$70,742,994	($57,199,588 )

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions		($22,397,950 )	($6,562,600 )

TRANSACTIONS IN FUND SHARES
	9/1/22-8/31/23			9/1/21-8/31/22
		SHARES	VALUE	SHARES	VALUE
Shares sold		13,800,000	$316,042,310	16,500,000	$405,762,453
Shares redeemed	+	(2,200,000 )	(49,526,960 )	(200,000 )	(4,842,514 )
Net transactions in fund shares		11,600,000	$266,515,350	16,300,000	$400,919,939

SHARES OUTSTANDING AND NET ASSETS
	9/1/22-8/31/23			9/1/21-8/31/22
		SHARES	NET ASSETS	SHARES	NET ASSETS
Beginning of period		20,200,000	$438,821,385	3,900,000	$101,663,634
Total increase	+	11,600,000	314,860,394	16,300,000	337,157,751
End of period		31,800,000	$753,681,779	20,200,000	$438,821,385

See financial notes

Schwab International Equity ETFs | Annual Report25

Schwab International Equity ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	9/1/22– 8/31/23	9/1/21– 8/31/22	9/1/20– 8/31/21	9/1/19– 8/31/20	9/1/18– 8/31/19
Per-Share Data
Net asset value at beginning of period	$31.32	$40.05	$32.11	$30.82	$33.25
Income (loss) from investment operations:
Net investment income (loss)1	1.06	1.16	0.95	0.77	1.00
Net realized and unrealized gains (losses)	3.92	(8.71 )	7.84	1.49	(2.30 )
Total from investment operations	4.98	(7.55 )	8.79	2.26	(1.30 )
Less distributions:
Distributions from net investment income	(1.02 )	(1.18 )	(0.85 )	(0.97 )	(1.13 )
Net asset value at end of period	$35.28	$31.32	$40.05	$32.11	$30.82
Total return	16.09 %	(19.27 %)	27.62 %	7.37 %	(3.79 %)
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.06 %2	0.06 %2	0.06 %	0.06 %	0.06 %
Net investment income (loss)	3.15 %	3.20 %	2.59 %	2.50 %	3.22 %
Portfolio turnover rate3	6 %	6 %	6 %	6 %	8 %
Net assets, end of period (x 1,000,000)	$31,752	$26,120	$28,338	$19,844	$18,139

1	Calculated based on the average shares outstanding during the period.
2	Ratio includes less than 0.005% of non-routine proxy expenses.
3	Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

See financial notes

26Schwab International Equity ETFs | Annual Report

Schwab International Equity ETF

Portfolio Holdings as of August 31, 2023

This section shows all the securities in the fund’s portfolio and their values as of the report date.

SECURITY	NUMBER OF SHARES	VALUE ($)
COMMON STOCKS 99.0% OF NET ASSETS

Australia 6.7%
Adbri Ltd.	804,334	1,151,248
AGL Energy Ltd.	1,027,479	7,379,804
Allkem Ltd. *	992,522	9,025,008
ALS Ltd.	813,609	6,223,088
Altium Ltd.	200,910	6,299,078
Alumina Ltd. *	4,305,372	3,011,444
Amcor plc	2,502,900	24,477,146
AMP Ltd.	5,203,827	4,263,377
Ampol Ltd.	396,953	9,075,156
Ansell Ltd.	203,944	3,113,227
ANZ Group Holdings Ltd.	5,069,799	83,169,915
APA Group	1,992,135	11,598,953
Aristocrat Leisure Ltd.	1,096,065	29,033,537
ASX Ltd.	326,917	12,193,403
Atlas Arteria Ltd.	2,407,382	9,479,576
Aurizon Holdings Ltd.	2,946,330	6,964,895
Bank of Queensland Ltd.	1,104,892	4,121,759
Beach Energy Ltd.	3,061,679	3,083,404
Bendigo & Adelaide Bank Ltd.	912,959	5,623,052
BHP Group Ltd.	8,464,066	245,856,569
BlueScope Steel Ltd.	769,633	10,472,493
Boral Ltd. *	505,225	1,544,426
Brambles Ltd.	2,353,808	22,820,921
carsales.com Ltd.	600,539	11,178,108
Challenger Ltd.	1,111,821	4,903,682
Charter Hall Group	790,422	5,549,178
Cleanaway Waste Management Ltd.	3,786,312	6,424,776
Cochlear Ltd.	108,935	19,154,093
Coles Group Ltd.	2,171,954	22,886,454
Commonwealth Bank of Australia	2,838,114	187,817,503
Computershare Ltd.	892,454	14,553,984
CSL Ltd.	810,825	143,639,017
CSR Ltd.	782,408	2,989,686
Deterra Royalties Ltd.	717,565	2,068,053
Dexus	1,886,746	9,470,120
Domain Holdings Australia Ltd.	469,641	1,171,027
Domino's Pizza Enterprises Ltd.	128,177	4,486,897
Downer EDI Ltd.	1,102,457	3,055,947
Endeavour Group Ltd.	2,401,660	8,554,892
Evolution Mining Ltd.	2,887,200	6,937,310
Flight Centre Travel Group Ltd. *(a)	251,629	3,441,874
Fortescue Metals Group Ltd.	2,660,744	36,928,834
Goodman Group	3,120,080	47,204,010
Harvey Norman Holdings Ltd. (a)	981,110	2,567,080
IDP Education Ltd.	474,831	7,574,323
IGO Ltd.	1,036,907	9,348,014
Iluka Resources Ltd.	696,319	3,846,782
Incitec Pivot Ltd.	3,227,841	6,125,197
Insignia Financial Ltd.	1,026,677	1,728,811
Insurance Australia Group Ltd.	4,136,226	15,590,770
James Hardie Industries plc *	749,154	22,575,869
JB Hi-Fi Ltd.	176,601	5,223,535
Lendlease Corp., Ltd.	1,162,337	5,879,270

SECURITY	NUMBER OF SHARES	VALUE ($)
Lynas Rare Earths Ltd. *	1,557,969	7,254,843
Macquarie Group Ltd.	608,249	69,934,824
Magellan Financial Group Ltd.	218,735	1,267,890
Medibank Pvt Ltd.	4,589,036	10,877,845
Metcash Ltd.	1,596,781	3,857,399
Mineral Resources Ltd.	283,488	13,132,978
Mirvac Group	6,770,955	10,612,205
National Australia Bank Ltd.	5,295,931	99,330,176
New Hope Corp., Ltd.	898,093	3,274,689
Newcrest Mining Ltd.	1,508,303	25,427,466
NEXTDC Ltd. *	876,728	7,688,186
Northern Star Resources Ltd.	1,897,413	14,635,716
Nufarm Ltd.	655,351	2,202,833
Orica Ltd.	775,263	7,887,976
Origin Energy Ltd.	2,904,093	16,382,079
Orora Ltd. (b)	1,422,856	3,243,724
Perpetual Ltd.	195,145	2,662,946
Pilbara Minerals Ltd.	4,878,738	14,755,866
Platinum Asset Management Ltd.	946,668	876,747
Pro Medicus Ltd.	69,576	3,303,865
Qantas Airways Ltd. *	1,448,215	5,543,204
QBE Insurance Group Ltd.	2,516,367	24,413,279
Qube Holdings Ltd.	2,800,301	5,567,797
Ramsay Health Care Ltd.	291,726	9,720,774
REA Group Ltd.	83,047	8,878,891
Reece Ltd.	373,691	4,937,227
Region RE Ltd.	2,129,685	2,979,267
Rio Tinto Ltd.	624,317	45,649,858
Santos Ltd.	4,986,724	24,771,427
Scentre Group	8,801,201	15,675,268
SEEK Ltd.	580,428	8,687,376
Seven Group Holdings Ltd.	226,951	4,109,695
Sims Ltd.	270,750	2,689,888
Sonic Healthcare Ltd.	747,064	15,560,164
South32 Ltd.	7,619,773	16,778,815
Steadfast Group Ltd.	1,706,513	6,233,458
Stockland	4,084,449	11,216,043
Suncorp Group Ltd.	2,121,094	18,723,891
Tabcorp Holdings Ltd.	3,755,125	2,663,047
Telstra Group Ltd.	6,755,200	17,543,769
The GPT Group	3,136,099	8,530,596
The Lottery Corp., Ltd.	3,715,285	12,127,269
The Star Entertainment Grp Ltd. *	2,334,541	1,511,965
TPG Telecom Ltd.	605,624	2,208,268
Transurban Group	5,155,054	44,270,770
Treasury Wine Estates Ltd.	1,228,313	9,283,681
Vicinity Ltd.	6,350,784	7,691,469
Washington H Soul Pattinson & Co., Ltd.	454,483	9,716,358
Wesfarmers Ltd.	1,915,314	66,823,203
Westpac Banking Corp.	5,847,431	83,126,589
Whitehaven Coal Ltd.	1,257,836	4,961,142
WiseTech Global Ltd.	273,233	12,298,674
Woodside Energy Group Ltd.	3,194,174	76,583,518
Woolworths Group Ltd.	2,040,539	50,390,890
Worley Ltd.	633,362	7,166,139
Xero Ltd. *	211,877	17,166,488

See financial notes

Schwab International Equity ETFs | Annual Report27

Schwab International Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Yancoal Australia Ltd. (a)	272,236	932,699
		2,128,599,684

Austria 0.2%
ANDRITZ AG	117,578	6,263,258
Erste Group Bank AG	564,098	20,185,672
OMV AG	241,764	11,222,784
Raiffeisen Bank International AG *	252,786	3,635,286
Telekom Austria AG *	288,091	2,163,742
Verbund AG	110,087	9,032,907
Voestalpine AG	196,308	5,748,435
		58,252,084

Belgium 0.8%
Ackermans & van Haaren N.V.	37,035	5,836,449
Ageas S.A./N.V.	272,097	10,832,352
Anheuser-Busch InBev S.A./N.V.	1,449,437	82,590,168
Argenx SE *	96,887	48,876,639
D'ieteren Group	37,953	6,211,796
Elia Group S.A./N.V.	64,672	7,475,420
Groupe Bruxelles Lambert N.V.	163,661	13,208,524
KBC Group N.V.	409,974	26,947,091
Lotus Bakeries N.V.	665	5,247,177
Proximus SADP	243,626	1,845,119
Sofina S.A.	26,259	5,916,641
Solvay S.A.	117,543	13,637,796
UCB S.A.	203,701	18,305,989
Umicore S.A.	346,355	9,198,672
Warehouses De Pauw CVA	268,271	7,686,831
		263,816,664

Canada 8.3%
Agnico Eagle Mines Ltd.	774,544	37,560,761
Alimentation Couche-Tard, Inc.	1,259,266	65,767,202
Bank of Montreal	1,191,693	102,499,955
Barrick Gold Corp.	2,941,078	47,606,791
BCE, Inc.	504,142	21,329,013
Brookfield Asset Management Ltd., Class A	457,726	15,796,021
Brookfield Corp.	2,517,016	85,801,233
Canadian Imperial Bank of Commerce	1,502,317	59,450,868
Canadian National Railway Co.	1,001,706	112,686,835
Canadian Natural Resources Ltd.	1,821,184	117,674,641
Canadian Pacific Kansas City Ltd.	1,565,688	124,125,574
Canadian Tire Corp., Ltd., Class A	86,693	10,271,546
Cenovus Energy, Inc.	2,325,632	46,308,087
CGI, Inc. *	354,300	36,897,794
Constellation Software, Inc.	31,758	65,148,792
Dollarama, Inc.	452,783	29,319,870
Enbridge, Inc.	3,414,258	119,717,949
Fairfax Financial Holdings Ltd.	38,438	31,656,979
Fortis, Inc.	827,536	32,411,495
Franco-Nevada Corp.	319,130	45,915,848
George Weston Ltd.	114,681	12,701,835
Great-West Lifeco, Inc.	450,692	12,934,972
Hydro One Ltd.	522,878	13,572,915
IGM Financial, Inc.	137,127	3,904,159
Imperial Oil Ltd.	298,278	16,916,273
Intact Financial Corp.	298,890	42,084,737
Loblaw Cos., Ltd.	258,822	22,445,460
Magna International, Inc.	442,666	26,004,726
Manulife Financial Corp.	3,122,727	57,656,026
Metro, Inc.	395,451	20,354,934
National Bank of Canada	562,357	39,141,993
Nutrien Ltd.	838,236	53,028,286

SECURITY	NUMBER OF SHARES	VALUE ($)
Pembina Pipeline Corp.	916,177	28,441,135
Power Corp. of Canada	906,162	24,714,422
Restaurant Brands International, Inc.	516,194	35,806,798
Royal Bank of Canada	2,334,294	210,042,464
Saputo, Inc.	408,671	8,823,149
Shopify, Inc., Class A *	1,911,831	127,022,055
Sun Life Financial, Inc.	985,842	48,026,051
Suncor Energy, Inc.	2,216,400	74,980,323
TC Energy Corp.	1,726,789	62,284,122
Teck Resources Ltd., Class B	760,193	31,397,749
TELUS Corp.	799,296	14,019,213
The Bank of Nova Scotia	2,004,284	94,988,499
The Toronto-Dominion Bank	3,061,326	186,492,102
Thomson Reuters Corp.	262,116	33,708,240
Tourmaline Oil Corp.	482,259	24,698,419
Waste Connections, Inc.	430,321	58,917,670
Wheaton Precious Metals Corp.	760,753	33,141,492
		2,626,197,473

China 0.0%
Want Want China Holdings Ltd.	7,436,366	4,921,700

Denmark 2.6%
AP Moller - Maersk A/S, Class A	4,345	7,795,368
AP Moller - Maersk A/S, Class B	8,049	14,657,562
Carlsberg A/S, Class B	155,089	22,494,505
Chr. Hansen Holding A/S	171,550	11,226,901
Coloplast A/S, Class B	187,462	21,435,304
Danske Bank A/S	1,128,871	25,423,208
Demant A/S *	163,699	6,715,355
DSV A/S	297,764	56,695,684
Genmab A/S *	110,990	42,670,123
H. Lundbeck A/S	509,210	2,592,415
Novo Nordisk A/S, Class B	2,632,287	488,358,534
Novozymes A/S, Class B	331,448	14,407,740
Orsted A/S	313,822	20,222,404
Pandora A/S	140,207	14,574,121
Rockwool A/S, Class B	14,528	3,720,354
Royal Unibrew A/S	81,744	7,180,478
Tryg A/S	573,322	10,958,069
Vestas Wind Systems A/S *	1,684,710	39,003,516
		810,131,641

Finland 1.0%
Elisa Oyj	238,706	11,728,529
Fortum Oyj	735,147	9,893,856
Huhtamaki Oyj	154,914	5,331,588
Kesko Oyj, B Shares	444,847	8,700,319
Kojamo Oyj	345,270	3,447,596
Kone Oyj, B Shares	546,669	24,919,736
Metso Oyj	1,073,179	12,375,730
Neste Oyj	711,453	26,084,083
Nokia Oyj	8,818,405	35,288,474
Nordea Bank Abp	5,783,663	63,513,692
Orion Oyj, B Shares	175,008	7,178,017
Sampo Oyj, A Shares	799,400	35,164,986
Stora Enso Oyj, R Shares	984,435	12,559,703
UPM-Kymmene Oyj	898,490	30,835,061
Valmet Oyj	272,551	6,951,609
Wartsila Oyj Abp	806,488	10,263,145
		304,236,124

See financial notes

28Schwab International Equity ETFs | Annual Report

Schwab International Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
France 9.8%
Accor S.A.	311,876	11,200,784
Aeroports de Paris	54,138	7,145,053
Air Liquide S.A.	865,140	156,678,114
Airbus SE	981,961	144,284,093
ALD S.A.	237,382	2,302,036
Alstom S.A.	530,726	14,694,355
Amundi S.A.	94,245	5,630,998
Arkema S.A.	93,958	9,855,085
AXA S.A.	2,980,435	89,846,968
BioMerieux	72,678	7,541,028
BNP Paribas S.A.	1,847,331	119,718,562
Bollore SE	1,669,167	9,900,558
Bouygues S.A.	345,593	11,965,348
Bureau Veritas S.A.	473,149	12,704,785
Capgemini SE	272,975	51,062,711
Carrefour S.A.	993,977	19,062,620
Cie de L'Odet SE	596	931,491
Cie de Saint-Gobain S.A.	780,412	50,956,720
Cie Generale des Etablissements Michelin S.C.A.	1,172,209	36,780,942
Covivio S.A.	81,436	3,982,698
Credit Agricole S.A.	1,834,054	23,202,317
Danone S.A.	1,056,127	61,703,561
Dassault Aviation S.A.	39,497	7,784,839
Dassault Systemes SE	1,136,043	45,140,275
Edenred	443,405	28,316,720
Eiffage S.A.	123,104	12,201,347
Engie S.A.	2,782,815	44,972,677
EssilorLuxottica S.A.	503,255	94,985,515
Eurazeo SE	82,882	4,898,102
Eurofins Scientific SE	203,986	12,584,157
Euronext N.V.	135,938	9,833,559
Gecina S.A.	85,264	9,147,703
Getlink SE	597,443	10,021,557
Hermes International SCA	57,564	118,756,418
ICADE	54,603	2,064,735
Ipsen S.A.	56,905	7,399,067
JCDecaux SE *	127,651	2,374,678
Kering S.A.	120,175	64,459,447
Klepierre S.A.	350,002	9,268,940
La Francaise des Jeux SAEM	170,196	6,169,721
Legrand S.A.	446,043	44,102,662
L'Oreal S.A.	389,090	171,368,824
LVMH Moet Hennessy Louis Vuitton SE	415,584	352,814,426
Neoen S.A.	111,549	3,358,473
Orange S.A.	3,223,566	36,239,498
Pernod-Ricard S.A.	343,271	67,509,519
Publicis Groupe S.A.	386,152	30,201,064
Remy Cointreau S.A. *	41,454	6,431,619
Renault S.A.	325,059	13,171,889
Rexel S.A.	397,014	9,350,509
Safran S.A.	580,664	93,462,148
Sanofi	1,830,944	196,018,846
Sartorius Stedim Biotech	40,886	11,630,847
Schneider Electric SE	897,821	154,528,246
SCOR SE	257,546	8,033,620
SEB S.A.	39,061	4,303,077
Societe Generale S.A.	1,201,307	34,180,119
Sodexo S.A.	147,849	15,889,529
SOITEC *	40,622	7,448,849
STMicroelectronics N.V.	1,092,300	51,766,059
Teleperformance SE	96,579	13,401,492
Thales S.A.	167,743	24,541,664
TotalEnergies SE	3,805,753	239,862,374
UbiSoft Entertainment S.A. *	159,072	4,827,259

SECURITY	NUMBER OF SHARES	VALUE ($)
Unibail-Rodamco-Westfield *	169,258	9,073,147
Valeo SE	355,508	6,945,309
Veolia Environnement S.A.	1,067,189	33,427,767
Vinci S.A.	822,504	91,912,855
Vivendi SE	1,177,269	10,745,866
Wendel SE	46,857	4,294,809
Worldline S.A. *	407,752	13,312,010
		3,105,684,659

Germany 6.7%
adidas AG	279,543	55,953,382
Allianz SE	667,025	162,419,395
BASF SE	1,490,101	75,672,565
Bayer AG	1,659,679	91,039,327
Bayerische Motoren Werke AG	529,388	55,831,076
Bechtle AG	133,296	6,501,595
Beiersdorf AG	166,607	21,843,885
Brenntag SE	256,609	20,815,875
Carl Zeiss Meditec AG, Bearer Shares	63,112	6,282,691
Coloplast A/S *	7,407	846,952
Commerzbank AG	1,758,497	19,372,130
Continental AG	183,396	13,658,729
Covestro AG *	304,727	16,229,185
CTS Eventim AG & Co., KGaA	100,488	6,271,216
Daimler Truck Holding AG	813,166	28,674,683
Delivery Hero SE *	317,762	11,631,176
Deutsche Bank AG	3,376,115	36,833,197
Deutsche Boerse AG	307,957	54,765,396
Deutsche Lufthansa AG *	1,014,116	9,077,230
Deutsche Telekom AG	5,704,992	122,240,718
Deutsche Wohnen SE	82,721	1,899,771
DHL Group	1,593,874	74,533,203
DWS Group GmbH & Co. KGaA	56,808	1,960,678
E.ON SE	3,726,319	46,024,809
Evonik Industries AG	340,168	6,536,708
Fielmann Group AG	40,115	1,886,101
Fraport AG Frankfurt Airport Services Worldwide *	58,372	3,171,503
Fresenius Medical Care AG & Co. KGaA	341,135	16,494,672
Fresenius SE & Co. KGaA	688,347	22,121,549
FUCHS SE	47,995	1,578,368
GEA Group AG	269,660	10,653,385
Hannover Rueck SE	99,834	21,264,631
Heidelberg Materials AG	236,502	19,066,739
Hella GmbH & Co. KGaA	36,200	2,585,260
HelloFresh SE *	288,688	9,343,424
Henkel AG & Co. KGaA	172,371	11,932,142
HOCHTIEF AG	36,312	3,887,917
Infineon Technologies AG	2,186,081	78,333,450
KION Group AG	131,569	5,269,260
Knorr-Bremse AG	108,225	7,411,851
LANXESS AG	148,487	4,702,658
LEG Immobilien SE *	124,896	9,028,019
Mercedes-Benz Group AG	1,451,158	106,376,442
Merck KGaA	216,403	38,988,908
METRO AG *	219,487	1,750,918
MTU Aero Engines AG	90,204	21,127,443
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen	230,697	89,688,597
Nemetschek SE	97,404	6,738,427
Puma SE	171,334	11,529,353
QIAGEN N.V. *	371,426	17,007,933
Rational AG	8,002	6,109,875
Rheinmetall AG	72,394	19,745,347
RTL Group S.A. *	66,231	2,451,238

See financial notes

Schwab International Equity ETFs | Annual Report29

Schwab International Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
RWE AG	1,192,548	49,262,263
SAP SE	1,845,207	257,987,160
Sartorius AG	4,698	1,532,241
Scout24 SE	125,546	8,668,945
Siemens AG	1,175,333	177,161,905
Siemens Energy AG *	801,912	11,453,871
Siemens Healthineers AG	462,689	23,225,796
Sixt SE	27,006	2,887,129
SUSE S.A. *	59,030	996,260
Symrise AG, Class A	218,862	22,842,021
Talanx AG	91,461	6,159,528
Telefonica Deutschland Holding AG	1,531,713	2,915,927
ThyssenKrupp AG	819,223	6,316,475
Traton SE	78,410	1,616,092
United Internet AG	119,753	2,307,037
Volkswagen AG	53,175	7,612,407
Vonovia SE	1,131,034	27,141,516
Wacker Chemie AG	26,275	3,881,241
Zalando SE *	370,493	11,552,749
		2,122,681,545

Hong Kong 2.2%
AAC Technologies Holdings, Inc.	1,144,894	2,219,197
AIA Group Ltd.	19,609,381	178,045,453
ASMPT Ltd.	522,377	5,232,596
BOC Aviation Ltd.	340,798	2,557,588
BOC Hong Kong Holdings Ltd.	6,089,326	16,928,276
Brightoil Petroleum Holdings Ltd. *(b)	2,936,732	0
Budweiser Brewing Co. APAC Ltd.	2,769,076	6,003,034
Cafe de Coral Holdings Ltd.	543,540	658,479
Cathay Pacific Airways Ltd. *(a)	1,682,338	1,793,521
Champion REIT	3,286,025	1,055,987
China Travel International Investment Hong Kong Ltd. *	3,809,557	723,849
Chow Tai Fook Jewellery Group Ltd.	2,994,759	4,544,602
CK Asset Holdings Ltd.	3,239,618	17,888,285
CK Hutchison Holdings Ltd.	4,450,563	24,262,641
CK Infrastructure Holdings Ltd.	1,010,772	5,117,180
CLP Holdings Ltd.	2,749,806	21,565,731
Dah Sing Banking Group Ltd.	568,316	389,181
Dah Sing Financial Holdings Ltd.	193,972	426,445
DFI Retail Group Holdings Ltd.	551,262	1,361,617
ESR Group Ltd.	4,797,021	7,206,160
First Pacific Co., Ltd.	3,324,495	1,415,987
FIT Hon Teng Ltd. *	1,920,167	257,108
Galaxy Entertainment Group Ltd. *	3,619,189	23,953,315
Guotai Junan International Holdings Ltd.	5,308,748	440,040
Haitong International Securities Group Ltd. *	7,560,744	607,424
Hang Lung Group Ltd.	1,488,184	2,053,387
Hang Lung Properties Ltd.	2,971,168	3,970,777
Hang Seng Bank Ltd.	1,202,829	15,338,783
Henderson Land Development Co., Ltd.	2,216,012	6,089,847
Hong Kong & China Gas Co., Ltd.	18,446,237	13,572,836
Hong Kong Exchanges & Clearing Ltd.	2,125,749	82,408,607
Hongkong Land Holdings Ltd.	1,856,795	6,591,622
Huabao International Holdings Ltd. (a)	1,548,911	558,985
Hutchison Telecommunications Hong Kong Holdings Ltd.	2,600,016	364,717
HUTCHMED China Ltd. *	1,016,454	3,123,862
Hysan Development Co., Ltd.	1,093,540	2,278,630
Jardine Matheson Holdings Ltd.	329,652	15,678,249
Johnson Electric Holdings Ltd.	586,335	786,590
JS Global Lifestyle Co., Ltd. *	2,074,576	296,302

SECURITY	NUMBER OF SHARES	VALUE ($)
Kerry Logistics Network Ltd.	510,544	479,830
Kerry Properties Ltd.	1,017,150	1,880,789
Lenovo Group Ltd.	12,510,014	14,150,390
Link REIT	4,258,644	21,125,546
L'Occitane International S.A.	731,693	2,593,945
Man Wah Holdings Ltd.	2,570,044	1,868,110
Melco International Development Ltd. *	1,175,718	1,061,508
MGM China Holdings Ltd. *	1,235,083	1,549,809
MMG Ltd. *	4,035,360	1,343,104
MTR Corp., Ltd.	2,540,982	10,612,065
NagaCorp Ltd. *	2,557,512	1,304,562
New World Development Co., Ltd.	2,407,839	5,115,516
Nexteer Automotive Group Ltd.	1,434,011	923,487
NWS Holdings Ltd.	2,309,402	2,629,893
Orient Overseas International Ltd.	221,696	2,974,134
PCCW Ltd.	7,243,449	3,445,413
Power Assets Holdings Ltd.	2,306,252	11,366,932
Prada S.p.A.	868,898	5,678,710
Samsonite International S.A. *	2,153,429	7,208,533
Sands China Ltd. *	4,055,063	13,729,324
Shangri-La Asia Ltd. *	1,876,239	1,282,449
Sino Land Co., Ltd.	5,546,097	6,358,200
SITC International Holdings Co., Ltd.	2,370,660	4,419,811
SJM Holdings Ltd. *	3,949,855	1,591,678
Sun Hung Kai Properties Ltd.	2,376,037	26,754,751
Super Hi International Holding Ltd. *	246,373	428,543
Swire Pacific Ltd., A Shares	735,988	6,072,423
Swire Pacific Ltd., B Shares	1,368,127	1,803,989
Swire Properties Ltd.	1,669,658	3,491,872
Techtronic Industries Co., Ltd.	2,200,782	21,750,324
The Bank of East Asia Ltd.	1,686,057	2,403,815
The Wharf Holdings Ltd.	1,598,742	3,388,414
United Energy Group Ltd.	12,867,066	1,706,475
Vitasoy International Holdings Ltd.	1,363,788	1,756,529
VTech Holdings Ltd.	290,193	1,772,595
WH Group Ltd.	13,203,252	6,802,198
Wharf Real Estate Investment Co., Ltd.	2,554,318	10,651,474
Wynn Macau Ltd. *	2,949,432	2,877,311
Xinyi Glass Holdings Ltd.	3,499,181	5,167,280
Yue Yuen Industrial Holdings Ltd.	1,287,520	1,615,608
		700,904,229

Ireland 0.2%
AIB Group plc	2,129,725	9,712,908
Bank of Ireland Group plc	1,814,728	18,116,515
Glanbia plc	310,945	5,177,006
Kerry Group plc, Class A	256,665	23,996,131
Kingspan Group plc	250,639	21,240,178
		78,242,738

Israel 0.5%
Airport City Ltd. *	128,392	1,972,375
Alony Hetz Properties & Investments Ltd.	253,930	1,935,411
Amot Investments Ltd.	366,734	1,737,939
Ashtrom Group Ltd.	70,057	962,793
Azrieli Group Ltd.	60,700	3,263,286
Bank Hapoalim B.M.	2,269,738	18,847,257
Bank Leumi Le-Israel B.M.	2,596,407	20,213,189
Bezeq The Israeli Telecommunication Corp., Ltd.	3,280,113	4,445,679
Big Shopping Centers Ltd. *	21,386	1,790,472
Delek Group Ltd.	12,923	1,859,023
Elbit Systems Ltd.	40,296	7,938,682

See financial notes

30Schwab International Equity ETFs | Annual Report

Schwab International Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Elco Ltd.	10,779	348,488
Electra Ltd.	2,984	1,157,917
Energix-Renewable Energies Ltd.	447,927	1,397,450
Enlight Renewable Energy Ltd. *	196,916	3,210,134
Fattal Holdings 1998 Ltd. *	11,957	1,174,199
Gav-Yam Lands Corp., Ltd.	77,469	498,062
Harel Insurance Investments & Financial Services Ltd.	207,401	1,513,067
ICL Group Ltd.	1,279,251	7,678,941
Israel Corp., Ltd.	5,624	1,566,541
Israel Discount Bank Ltd., A Shares	2,124,032	10,652,871
Kenon Holdings Ltd.	36,902	878,758
Melisron Ltd.	34,705	2,179,170
Mivne Real Estate KD Ltd.	961,734	2,307,929
Mizrahi Tefahot Bank Ltd.	235,102	7,749,459
Nice Ltd. *	106,988	21,181,838
Nova Ltd. *	46,996	6,092,418
OPC Energy Ltd. *	141,926	878,093
Shapir Engineering and Industry Ltd.	264,144	1,816,455
Shikun & Binui Ltd. *	418,811	1,049,922
Shufersal Ltd. *	437,839	2,041,473
Strauss Group Ltd. *	74,985	1,630,272
Teva Pharmaceutical Industries Ltd. *	1,887,918	18,390,587
The First International Bank of Israel Ltd.	81,601	3,306,320
The Phoenix Holdings Ltd.	273,829	2,747,446
Tower Semiconductor Ltd. *	187,453	5,482,987
		171,896,903

Italy 2.3%
A2A S.p.A.	2,405,252	4,619,350
Amplifon S.p.A.	216,425	7,056,300
Assicurazioni Generali S.p.A.	2,262,086	46,967,104
Banca Mediolanum S.p.A.	370,424	3,393,214
Banco BPM S.p.A.	2,288,027	10,966,295
Buzzi S.p.A	141,730	4,248,691
CNH Industrial N.V.	1,637,147	22,708,489
Davide Campari-Milano N.V.	847,932	11,108,054
De'Longhi S.p.A.	113,088	2,997,312
DiaSorin S.p.A.	37,808	4,003,365
Enel S.p.A.	13,108,337	88,350,478
Eni S.p.A.	3,686,628	57,154,294
Ferrari N.V.	198,619	63,162,326
FinecoBank Banca Fineco S.p.A.	1,041,347	14,308,657
Hera S.p.A.	1,336,634	4,056,200
Infrastrutture Wireless Italiane S.p.A.	599,359	7,425,619
Interpump Group S.p.A.	132,304	6,713,118
Intesa Sanpaolo S.p.A.	25,878,657	69,432,037
Italgas S.p.A.	825,925	4,706,192
Leonardo S.p.A.	667,879	9,651,808
Mediobanca Banca di Credito Finanziario S.p.A.	1,064,280	13,942,250
Moncler S.p.A.	343,964	23,384,842
Nexi S.p.A. *	938,321	6,754,072
Pirelli & C S.p.A.	842,586	4,213,104
Poste Italiane S.p.A.	786,775	8,757,011
Prysmian S.p.A.	444,887	18,247,203
Recordati Industria Chimica e Farmaceutica S.p.A.	163,629	8,236,842
Reply S.p.A.	37,285	3,822,133
Snam S.p.A.	3,681,088	19,033,456
Stellantis N.V.	3,339,139	62,248,119
Telecom Italia S.p.A. *	17,688,417	5,500,261
Tenaris S.A.	779,337	12,484,793
Terna - Rete Elettrica Nazionale	2,384,769	19,722,910
UniCredit S.p.A.	3,126,439	76,569,357

SECURITY	NUMBER OF SHARES	VALUE ($)
UnipolSai Assicurazioni S.p.A.	720,528	1,825,246
		727,770,502

Japan 21.5%
ABC-Mart, Inc.	129,129	2,350,904
Acom Co., Ltd.	654,254	1,553,564
Activia Properties, Inc.	1,128	3,161,205
Advance Residence Investment Corp.	2,061	4,961,916
Advantest Corp.	308,563	38,807,491
Aeon Co., Ltd.	1,208,030	25,050,950
AEON Financial Service Co., Ltd.	183,808	1,604,698
Aeon Mall Co., Ltd.	192,976	2,314,360
AEON REIT Investment Corp.	2,770	2,802,631
AGC, Inc.	309,697	10,876,675
Aica Kogyo Co., Ltd.	90,387	2,145,050
Ain Holdings, Inc.	45,192	1,615,098
Air Water, Inc.	325,250	4,095,087
Aisin Corp.	290,303	9,705,016
Ajinomoto Co., Inc.	784,934	33,282,258
Alfresa Holdings Corp.	281,877	4,828,803
Alps Alpine Co., Ltd.	321,470	2,688,393
Amada Co., Ltd.	534,863	5,672,483
Amano Corp.	118,995	2,596,745
Amvis Holdings, Inc.	41,128	822,362
ANA Holdings, Inc. *	258,901	5,850,770
Anritsu Corp.	191,990	1,409,083
Aozora Bank Ltd. (a)	199,904	3,929,837
Ariake Japan Co., Ltd.	31,458	1,147,385
As One Corp.	39,480	1,551,431
Asahi Group Holdings Ltd.	808,458	31,519,783
Asahi Intecc Co., Ltd.	329,605	6,717,299
Asahi Kasei Corp.	2,071,017	13,397,560
Asics Corp.	279,760	10,205,759
ASKUL Corp.	78,072	1,054,295
Astellas Pharma, Inc.	3,006,538	45,732,585
Azbil Corp.	213,312	7,120,901
AZ-Com Maruwa Holdings, Inc.	65,707	1,024,972
Bandai Namco Holdings, Inc.	980,571	22,779,071
BayCurrent Consulting, Inc.	227,605	7,837,235
Benefit One, Inc.	99,683	865,127
Benesse Holdings, Inc.	127,724	1,626,982
Bic Camera, Inc. (a)	256,697	1,907,794
BIPROGY, Inc.	105,180	2,724,414
Bridgestone Corp.	940,851	36,584,521
Brother Industries Ltd.	397,828	6,745,464
Calbee, Inc.	126,176	2,518,147
Canon Marketing Japan, Inc.	80,447	2,114,714
Canon, Inc.	1,637,325	40,352,523
Capcom Co., Ltd.	300,951	12,698,712
Casio Computer Co., Ltd.	363,760	3,226,954
Central Japan Railway Co.	308,228	39,569,882
Chubu Electric Power Co., Inc.	1,164,458	15,557,034
Chugai Pharmaceutical Co., Ltd.	1,087,733	33,300,312
Chugin Financial Group, Inc.	287,744	1,912,825
Coca-Cola Bottlers Japan Holdings, Inc.	244,960	3,194,399
COMSYS Holdings Corp.	183,086	3,902,297
Concordia Financial Group Ltd.	1,837,838	8,160,034
Cosmo Energy Holdings Co., Ltd.	138,372	4,980,385
Cosmos Pharmaceutical Corp.	28,343	3,332,008
Credit Saison Co., Ltd.	265,384	4,153,432
CyberAgent, Inc.	675,544	4,306,109
Dai Nippon Printing Co., Ltd.	434,535	11,888,264
Daicel Corp.	434,674	3,633,604
Daido Steel Co., Ltd.	51,306	2,125,048
Daifuku Co., Ltd.	478,439	8,851,705
Dai-ichi Life Holdings, Inc.	1,570,914	29,258,051

See financial notes

Schwab International Equity ETFs | Annual Report31

Schwab International Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Daiichi Sankyo Co., Ltd.	3,171,594	93,654,447
Daiichikosho Co., Ltd.	130,746	2,528,974
Daikin Industries Ltd.	448,583	77,724,396
Daio Paper Corp.	141,675	1,208,157
Daito Trust Construction Co., Ltd.	107,813	11,896,939
Daiwa House Industry Co., Ltd.	1,077,926	29,971,800
Daiwa House REIT Investment Corp.	3,431	6,509,202
Daiwa Office Investment Corp.	401	1,884,013
Daiwa Securities Group, Inc.	2,364,612	13,464,734
Daiwa Securities Living Investments Corp.	3,586	2,746,430
Dena Co., Ltd.	158,927	1,648,383
Denka Co., Ltd.	139,027	2,623,737
Denso Corp.	735,943	50,343,486
Dentsu Group, Inc.	344,783	10,313,768
Descente Ltd.	67,039	1,706,079
DIC Corp.	144,165	2,487,003
Disco Corp.	140,199	27,681,562
DMG Mori Co., Ltd.	172,164	3,146,219
Dowa Holdings Co., Ltd.	78,026	2,509,309
East Japan Railway Co.	603,464	34,122,442
Ebara Corp.	151,147	7,536,326
Eisai Co., Ltd.	442,390	28,132,339
Electric Power Development Co., Ltd.	285,394	4,453,860
ENEOS Holdings, Inc.	4,734,448	17,765,765
Exeo Group, Inc.	152,416	3,244,408
Ezaki Glico Co., Ltd.	84,165	2,221,121
Fancl Corp.	112,824	1,978,111
FANUC Corp.	1,598,868	45,609,773
Fast Retailing Co., Ltd.	260,909	60,000,916
Food & Life Cos., Ltd.	172,366	3,277,778
FP Corp.	75,112	1,444,610
Frontier Real Estate Investment Corp.	820	2,650,067
Fuji Electric Co., Ltd.	209,915	9,912,873
Fuji Kyuko Co., Ltd.	32,887	1,199,505
Fuji Media Holdings, Inc.	91,785	959,239
Fuji Oil Holdings, Inc.	86,161	1,384,873
FUJIFILM Holdings Corp.	602,258	35,634,512
Fujikura Ltd.	437,136	3,624,159
Fujitsu General Ltd.	95,180	1,837,765
Fujitsu Ltd.	297,672	37,223,057
Fukuoka Financial Group, Inc.	277,175	6,562,642
Furukawa Electric Co., Ltd.	108,973	1,875,038
Fuyo General Lease Co., Ltd.	31,698	2,623,628
GLP J-REIT	7,411	6,989,252
GMO internet group, Inc.	93,990	1,522,007
GMO Payment Gateway, Inc.	66,175	4,194,545
Goldwin, Inc.	58,471	4,182,955
GS Yuasa Corp.	130,054	2,470,030
GungHo Online Entertainment, Inc.	58,374	962,107
H.U. Group Holdings, Inc.	91,380	1,655,805
Hakuhodo DY Holdings, Inc.	382,770	3,637,478
Hamamatsu Photonics K.K.	211,896	9,818,665
Hankyu Hanshin Holdings, Inc.	357,506	12,843,057
Harmonic Drive Systems, Inc.	79,756	2,100,933
Haseko Corp.	436,196	5,420,054
Heiwa Corp.	99,919	1,525,706
Hikari Tsushin, Inc.	37,343	6,222,765
Hino Motors Ltd. *	450,515	1,767,278
Hirogin Holdings, Inc.	487,373	3,047,399
Hirose Electric Co., Ltd.	52,013	6,307,583
Hisamitsu Pharmaceutical Co., Inc.	120,900	4,104,048
Hitachi Construction Machinery Co., Ltd.	174,527	5,443,742
Hitachi Ltd.	1,503,798	100,132,691
Honda Motor Co., Ltd.	2,776,153	89,681,269
Horiba Ltd.	68,526	3,568,803
Hoshizaki Corp.	187,470	7,203,401

SECURITY	NUMBER OF SHARES	VALUE ($)
House Foods Group, Inc.	122,029	2,636,132
Hoya Corp.	572,671	63,547,069
Hulic Co., Ltd.	679,889	6,108,423
Ibiden Co., Ltd.	184,694	11,153,825
Idemitsu Kosan Co., Ltd.	394,479	8,386,252
IHI Corp.	212,042	5,288,488
Iida Group Holdings Co., Ltd.	234,801	3,850,585
Industrial & Infrastructure Fund Investment Corp.	3,358	3,367,572
Information Services International-Dentsu Ltd.	34,187	1,369,030
INFRONEER Holdings, Inc.	364,646	3,812,146
Inpex Corp.	1,574,130	22,003,328
Internet Initiative Japan, Inc.	185,680	3,231,879
Invincible Investment Corp.	8,071	3,354,023
Isetan Mitsukoshi Holdings Ltd.	577,933	6,633,417
Isuzu Motors Ltd.	857,463	11,013,881
Ito En Ltd.	94,412	2,794,390
ITOCHU Corp.	2,223,706	83,580,858
Itochu Techno-Solutions Corp.	165,903	4,928,602
Itoham Yonekyu Holdings, Inc.	174,855	972,851
Iwatani Corp.	84,945	4,478,160
Iyogin Holdings, Inc.	436,588	3,034,839
Izumi Co., Ltd.	67,718	1,767,547
J. Front Retailing Co., Ltd.	426,802	4,500,059
Japan Airlines Co., Ltd.	239,488	4,936,659
Japan Airport Terminal Co., Ltd.	86,283	4,093,531
Japan Aviation Electronics Industry Ltd.	66,553	1,403,426
Japan Exchange Group, Inc.	888,548	15,520,676
Japan Hotel REIT Investment Corp.	7,244	3,672,131
Japan Logistics Fund, Inc.	1,462	3,062,884
Japan Metropolitan Fund Invest	11,357	7,629,320
Japan Post Bank Co., Ltd.	2,476,633	19,878,048
Japan Post Holdings Co., Ltd.	3,486,713	26,751,784
Japan Post Insurance Co., Ltd.	325,586	5,249,944
Japan Prime Realty Investment Corp.	1,476	3,741,072
Japan Real Estate Investment Corp.	2,160	8,976,199
Japan Tobacco, Inc.	1,992,497	43,672,480
JCR Pharmaceuticals Co., Ltd.	92,632	811,886
JEOL Ltd.	68,768	2,196,457
JFE Holdings, Inc.	860,458	13,614,486
JGC Holdings Corp.	348,672	4,663,011
JMDC, Inc.	54,094	1,620,015
JSR Corp.	308,255	8,617,631
JTEKT Corp.	387,890	3,515,615
Justsystems Corp.	58,490	1,212,105
Kadokawa Corp.	159,223	3,748,032
Kagome Co., Ltd.	130,840	3,053,847
Kajima Corp.	733,320	12,257,679
Kakaku.com, Inc.	218,653	2,605,783
Kaken Pharmaceutical Co., Ltd.	56,536	1,390,245
Kamigumi Co., Ltd.	146,914	3,311,960
Kandenko Co., Ltd.	162,920	1,493,960
Kaneka Corp.	96,639	2,716,924
Kansai Paint Co., Ltd.	321,573	5,276,903
Kao Corp.	757,596	29,344,258
Katitas Co., Ltd.	76,676	1,224,520
Kawasaki Heavy Industries Ltd.	248,987	6,394,631
Kawasaki Kisen Kaisha Ltd.	372,498	12,501,461
KDDI Corp.	2,670,559	79,336,248
Keihan Holdings Co., Ltd.	164,925	4,710,363
Keikyu Corp.	426,898	3,939,537
Keio Corp.	191,311	6,622,986
Keisei Electric Railway Co., Ltd.	231,800	8,881,275
Kenedix Office Investment Corp.	1,244	2,939,424
Kewpie Corp.	175,067	2,917,884
Keyence Corp.	327,948	136,328,694

See financial notes

32Schwab International Equity ETFs | Annual Report

Schwab International Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Kikkoman Corp.	303,733	17,579,107
Kinden Corp.	193,284	2,657,929
Kintetsu Group Holdings Co., Ltd.	298,740	9,457,655
Kirin Holdings Co., Ltd.	1,237,686	17,394,000
Kobayashi Pharmaceutical Co., Ltd.	102,930	5,091,884
Kobe Bussan Co., Ltd.	240,838	5,995,102
Kobe Steel Ltd.	588,853	7,401,868
Koei Tecmo Holdings Co., Ltd.	247,779	3,850,671
Koito Manufacturing Co., Ltd.	381,722	6,490,729
Kokuyo Co., Ltd.	120,961	1,881,902
Komatsu Ltd.	1,541,813	43,950,434
Konami Group Corp.	156,510	9,090,556
Konica Minolta, Inc.	787,211	2,435,955
Kose Corp.	47,735	3,964,118
Kotobuki Spirits Co., Ltd.	29,642	2,327,218
K's Holdings Corp.	267,062	2,461,773
Kubota Corp.	1,794,858	28,787,261
Kuraray Co., Ltd.	576,110	6,551,156
Kurita Water Industries Ltd.	184,091	7,186,105
Kusuri no Aoki Holdings Co., Ltd.	28,187	1,764,773
Kyocera Corp.	508,935	26,141,539
Kyowa Kirin Co., Ltd.	410,118	7,522,891
Kyudenko Corp.	66,149	2,036,472
Kyushu Electric Power Co., Inc. *	784,820	5,184,874
Kyushu Financial Group, Inc.	657,086	3,222,129
Kyushu Railway Co.	268,372	5,849,122
LaSalle Logiport REIT	2,817	2,877,274
Lasertec Corp.	130,728	20,361,008
Lawson, Inc.	82,191	3,924,234
Lintec Corp.	85,665	1,413,971
Lion Corp.	422,103	4,596,932
Lixil Corp.	434,264	5,442,282
M3, Inc.	711,955	14,199,000
Mabuchi Motor Co., Ltd.	84,267	2,580,943
Makita Corp.	412,386	11,324,788
Mani, Inc.	102,879	1,340,886
Marubeni Corp.	2,575,619	42,185,414
Marui Group Co., Ltd.	327,638	5,676,868
Maruichi Steel Tube Ltd.	104,197	2,711,119
Matsui Securities Co., Ltd.	134,466	739,824
MatsukiyoCocokara & Co.	201,013	11,839,726
Mazda Motor Corp.	938,567	9,879,822
McDonald's Holdings Co., Japan Ltd.	139,500	5,547,996
Mebuki Financial Group, Inc.	1,640,172	4,541,356
Medipal Holdings Corp.	245,350	4,208,119
MEIJI Holdings Co., Ltd.	437,780	10,981,712
Menicon Co., Ltd.	86,077	1,204,079
Mercari, Inc. *	191,872	4,372,918
MINEBEA MITSUMI, Inc.	691,148	11,752,151
MISUMI Group, Inc.	468,926	8,192,556
Mitsubishi Chemical Group Corp.	2,116,428	12,651,903
Mitsubishi Corp.	1,955,584	96,660,937
Mitsubishi Electric Corp.	3,269,662	42,649,230
Mitsubishi Estate Co., Ltd.	1,845,634	23,611,590
Mitsubishi Gas Chemical Co., Inc.	307,773	4,198,490
Mitsubishi HC Capital, Inc.	1,059,360	6,890,188
Mitsubishi Heavy Industries Ltd.	488,978	27,776,543
Mitsubishi Logistics Corp.	102,896	2,735,930
Mitsubishi Materials Corp.	195,645	3,287,739
Mitsubishi Motors Corp.	1,071,709	4,215,872
Mitsubishi UFJ Financial Group, Inc.	19,535,884	156,128,729
Mitsui & Co., Ltd.	2,486,196	92,763,792
Mitsui Chemicals, Inc.	290,238	7,886,675
Mitsui Fudosan Co., Ltd.	1,488,500	32,635,862
Mitsui Fudosan Logistics Park, Inc.	878	2,988,282
Mitsui High-Tec, Inc.	38,399	2,611,190
Mitsui Mining & Smelting Co., Ltd.	92,669	2,369,159
Mitsui O.S.K. Lines Ltd.	561,536	15,567,258

SECURITY	NUMBER OF SHARES	VALUE ($)
Miura Co., Ltd.	165,053	3,814,976
Mizuho Financial Group, Inc.	4,290,320	71,021,542
Money Forward, Inc. *	74,732	2,815,572
MonotaRO Co., Ltd.	392,127	4,638,134
Mori Hills Reit Investment Corp.	2,647	2,667,273
Morinaga & Co., Ltd.	67,466	2,452,846
Morinaga Milk Industry Co., Ltd.	65,598	2,686,371
MS&AD Insurance Group Holdings, Inc.	757,485	27,263,945
Murata Manufacturing Co., Ltd.	939,929	52,844,173
Nabtesco Corp.	184,486	3,496,218
Nagase & Co., Ltd.	185,947	3,191,823
Nagoya Railroad Co., Ltd.	327,795	5,266,425
Nankai Electric Railway Co., Ltd.	180,149	3,786,489
NEC Corp.	427,551	22,572,085
NEC Networks & System Integration Corp.	109,040	1,455,265
NET One Systems Co., Ltd.	156,854	3,075,991
Nexon Co., Ltd.	661,006	13,425,798
NGK Insulators Ltd.	432,839	5,749,979
NH Foods Ltd.	163,577	5,076,353
NHK Spring Co., Ltd.	279,721	2,173,057
Nichirei Corp.	175,232	4,147,745
Nidec Corp.	865,429	45,368,370
Nifco, Inc.	140,885	4,161,181
Nihon Kohden Corp.	129,221	3,442,106
Nihon M&A Center Holdings, Inc.	434,530	2,417,919
Nikon Corp.	504,340	5,452,699
Nintendo Co., Ltd.	1,760,138	75,768,691
Nippon Accommodations Fund, Inc.	744	3,357,544
Nippon Building Fund, Inc.	2,527	10,674,898
Nippon Electric Glass Co., Ltd.	135,226	2,388,062
Nippon Express Holdings, Inc.	113,668	5,909,627
Nippon Kayaku Co., Ltd.	288,293	2,585,201
Nippon Paint Holdings Co., Ltd.	1,694,749	13,107,720
Nippon Prologis REIT, Inc.	3,943	7,932,855
Nippon Sanso Holdings Corp.	238,010	5,749,776
Nippon Shinyaku Co., Ltd.	84,253	3,703,231
Nippon Shokubai Co., Ltd.	54,902	2,091,846
Nippon Steel Corp.	1,387,213	32,844,889
Nippon Telegraph & Telephone Corp.	47,769,130	55,222,341
Nippon Yusen K.K.	816,662	21,798,596
Nipro Corp.	201,342	1,670,647
Nishi-Nippon Railroad Co., Ltd.	118,511	2,215,798
Nissan Chemical Corp.	220,942	9,482,059
Nissan Motor Co., Ltd.	3,189,500	13,600,588
Nisshin Seifun Group, Inc.	434,538	5,732,254
Nissin Foods Holdings Co., Ltd.	113,947	9,955,736
Niterra Co., Ltd.	324,189	7,537,725
Nitori Holdings Co., Ltd.	126,163	14,402,782
Nitto Denko Corp.	240,786	16,454,854
Noevir Holdings Co., Ltd.	27,177	1,062,178
NOF Corp.	112,938	5,098,249
NOK Corp.	202,005	2,836,825
Nomura Holdings, Inc.	5,055,520	19,592,158
Nomura Real Estate Holdings, Inc.	172,691	4,350,933
Nomura Real Estate Master Fund, Inc.	7,424	8,725,119
Nomura Research Institute Ltd.	711,685	20,458,163
NS Solutions Corp.	58,998	1,600,729
NSK Ltd.	725,000	4,229,436
NTT Data Group Corp.	1,050,581	14,151,110
Obayashi Corp.	1,129,251	10,231,013
OBIC Business Consultants Co., Ltd.	43,240	1,856,304
Obic Co., Ltd.	111,205	19,348,303
Odakyu Electric Railway Co., Ltd.	515,430	7,668,519
Oji Holdings Corp.	1,442,945	5,907,169
OKUMA Corp.	45,225	2,123,247

See financial notes

Schwab International Equity ETFs | Annual Report33

Schwab International Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Olympus Corp.	2,083,303	28,197,607
Omron Corp.	303,653	14,679,464
Ono Pharmaceutical Co., Ltd.	699,182	13,262,294
Open House Group Co., Ltd.	115,348	3,902,904
Oracle Corp. Japan	55,016	3,843,203
Orient Corp.	101,849	773,041
Oriental Land Co., Ltd.	1,586,523	57,201,355
ORIX Corp.	1,963,638	36,687,127
Orix JREIT, Inc.	4,271	5,312,897
Osaka Gas Co., Ltd.	663,901	10,625,335
OSG Corp.	137,105	1,731,882
Otsuka Corp.	168,876	7,534,084
Otsuka Holdings Co., Ltd.	816,814	31,116,189
PALTAC Corp.	50,097	1,652,752
Pan Pacific International Holdings Corp.	667,547	13,317,926
Panasonic Holdings Corp.	3,608,299	41,626,117
Park24 Co., Ltd. *	226,029	3,192,057
Penta-Ocean Construction Co., Ltd.	490,854	2,920,140
PeptiDream, Inc. *	148,848	1,910,890
Persol Holdings Co., Ltd.	304,774	5,223,142
Pigeon Corp.	184,649	2,142,200
Pola Orbis Holdings, Inc.	127,069	1,641,332
Rakus Co., Ltd.	158,508	2,581,464
Rakuten Group, Inc.	1,820,317	7,105,719
Recruit Holdings Co., Ltd.	2,234,903	80,133,212
Relo Group, Inc.	173,856	2,038,481
Renesas Electronics Corp. *	2,001,114	33,682,933
Rengo Co., Ltd.	373,557	2,539,731
RENOVA, Inc. *	73,833	700,370
Resona Holdings, Inc.	3,596,850	19,080,587
Resonac Holdings Corp.	297,936	4,852,191
Resorttrust, Inc.	104,075	1,669,947
Ricoh Co., Ltd.	943,236	7,696,977
Rinnai Corp.	180,057	3,489,582
Rohm Co., Ltd.	136,731	11,429,861
Rohto Pharmaceutical Co., Ltd.	324,670	8,467,713
Ryohin Keikaku Co., Ltd.	390,702	5,041,273
Sankyo Co., Ltd.	67,952	2,961,538
Sankyu, Inc.	81,602	2,849,638
Sanrio Co., Ltd.	92,277	4,812,082
Santen Pharmaceutical Co., Ltd.	560,880	5,218,340
Sanwa Holdings Corp.	312,076	4,755,577
Sapporo Holdings Ltd.	110,107	3,376,156
Sawai Group Holdings Co., Ltd.	65,140	2,093,107
SBI Holdings, Inc.	405,481	8,287,315
SBI Shinsei Bank Ltd.	89,307	1,733,569
SCREEN Holdings Co., Ltd.	64,477	6,576,800
SCSK Corp.	220,281	3,822,027
Secom Co., Ltd.	316,454	22,160,583
Sega Sammy Holdings, Inc.	262,714	5,248,505
Seibu Holdings, Inc.	338,201	3,578,656
Seiko Epson Corp.	469,226	7,356,584
Seino Holdings Co., Ltd.	229,888	3,351,563
Sekisui Chemical Co., Ltd.	551,917	8,476,742
Sekisui House Ltd.	921,700	18,806,263
Sekisui House REIT, Inc.	6,808	3,932,773
Seven & i Holdings Co., Ltd.	1,288,610	52,939,358
Seven Bank Ltd.	1,136,235	2,417,870
SG Holdings Co., Ltd.	695,712	10,054,457
Sharp Corp. *	334,695	2,061,943
SHIFT, Inc. *	18,148	3,739,671
Shikoku Electric Power Co., Inc. *	263,950	1,903,682
Shimadzu Corp.	451,884	13,303,395
Shimamura Co., Ltd.	37,826	3,899,909
Shimano, Inc.	127,178	18,694,297
Shimizu Corp.	915,985	6,164,031
Shin-Etsu Chemical Co., Ltd.	3,249,873	104,002,186

SECURITY	NUMBER OF SHARES	VALUE ($)
Shinko Electric Industries Co., Ltd.	113,227	4,647,763
Shionogi & Co., Ltd.	443,149	19,532,831
Ship Healthcare Holdings, Inc.	132,076	2,246,703
Shiseido Co., Ltd.	646,197	26,258,897
Shizuoka Financial Group, Inc.	849,316	6,913,071
SHO-BOND Holdings Co., Ltd.	75,105	3,027,208
Shochiku Co., Ltd.	13,106	992,954
Skylark Holdings Co., Ltd. *	366,964	5,135,757
SMC Corp.	93,246	45,218,722
SMS Co., Ltd.	86,806	1,675,481
Socionext, Inc.	56,557	7,012,081
Softbank Corp.	4,645,356	53,286,702
SoftBank Group Corp.	1,635,864	73,542,809
Sohgo Security Services Co., Ltd.	546,510	3,486,237
Sojitz Corp.	387,905	8,345,080
Sompo Holdings, Inc.	521,253	22,724,819
Sony Group Corp.	2,074,780	173,082,413
Sotetsu Holdings, Inc.	128,070	2,504,484
Square Enix Holdings Co., Ltd.	126,785	4,815,888
Stanley Electric Co., Ltd.	257,380	4,523,177
Subaru Corp.	1,013,873	19,565,726
Sugi Holdings Co., Ltd.	56,883	2,554,919
SUMCO Corp.	565,920	7,568,405
Sumitomo Bakelite Co., Ltd.	54,714	2,590,539
Sumitomo Chemical Co., Ltd.	2,566,449	7,111,348
Sumitomo Corp.	1,857,616	38,266,239
Sumitomo Electric Industries Ltd.	1,299,975	15,943,300
Sumitomo Forestry Co., Ltd.	234,847	6,623,497
Sumitomo Heavy Industries Ltd.	189,998	4,767,405
Sumitomo Metal Mining Co., Ltd.	390,244	12,115,966
Sumitomo Mitsui Financial Group, Inc.	2,148,670	98,604,006
Sumitomo Mitsui Trust Holdings, Inc.	597,441	22,369,412
Sumitomo Pharma Co., Ltd.	272,486	951,740
Sumitomo Realty & Development Co., Ltd.	663,075	16,983,938
Sumitomo Rubber Industries Ltd.	285,759	3,017,855
Sundrug Co., Ltd.	110,580	3,268,371
Suntory Beverage & Food Ltd.	210,618	6,819,750
Suzuken Co., Ltd.	111,816	3,316,423
Suzuki Motor Corp.	757,347	29,834,015
Sysmex Corp.	316,525	16,851,910
T&D Holdings, Inc.	823,695	13,089,387
Taiheiyo Cement Corp.	181,930	3,492,141
Taisei Corp.	295,603	9,955,294
Taisho Pharmaceutical Holdings Co., Ltd.	72,570	3,006,781
Taiyo Yuden Co., Ltd.	202,730	5,649,453
Takara Bio, Inc.	120,190	1,178,908
Takara Holdings, Inc.	299,655	2,588,290
Takashimaya Co., Ltd.	229,805	3,452,166
Takeda Pharmaceutical Co., Ltd.	2,550,785	78,984,365
TBS Holdings, Inc.	60,647	1,073,304
TDK Corp.	598,655	21,851,514
TechnoPro Holdings, Inc.	182,032	4,471,247
Teijin Ltd.	302,589	3,076,084
Terumo Corp.	1,083,941	32,856,624
The Bank of Kyoto Ltd.	119,157	6,893,157
The Chiba Bank Ltd.	1,021,573	7,308,227
The Chugoku Electric Power Co., Inc. *	507,958	3,351,263
The Hachijuni Bank Ltd.	758,096	4,089,245
The Japan Steel Works Ltd.	103,713	2,101,544
The Kansai Electric Power Co., Inc.	1,215,066	17,309,798
The Yokohama Rubber Co., Ltd.	227,861	4,639,859
THK Co., Ltd.	194,185	3,555,312
TIS, Inc.	398,845	9,416,013
Tobu Railway Co., Ltd.	340,193	9,330,567
Toda Corp.	417,887	2,351,718

See financial notes

34Schwab International Equity ETFs | Annual Report

Schwab International Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Toei Animation Co., Ltd. (a)	9,232	779,347
Toho Co., Ltd.	180,558	6,889,444
Toho Gas Co., Ltd.	153,224	2,746,949
Tohoku Electric Power Co., Inc. *	793,750	5,550,280
Tokai Carbon Co., Ltd.	319,087	2,524,905
Tokio Marine Holdings, Inc.	3,134,788	69,484,912
Tokyo Century Corp.	102,270	3,933,164
Tokyo Electric Power Co. Holdings, Inc. *	2,597,446	11,418,521
Tokyo Electron Ltd.	749,777	111,113,362
Tokyo Gas Co., Ltd.	698,763	16,208,556
Tokyo Ohka Kogyo Co., Ltd.	63,240	4,283,909
Tokyo Tatemono Co., Ltd.	327,574	4,308,852
Tokyu Corp.	1,152,943	14,575,620
Tokyu Fudosan Holdings Corp.	1,021,090	6,357,922
Toppan, Inc.	445,639	10,777,861
Toray Industries, Inc.	2,518,443	13,598,572
Toshiba Corp.	701,198	22,165,149
Toshiba TEC Corp.	39,536	962,703
Tosoh Corp.	463,994	6,010,871
TOTO Ltd.	240,188	6,591,002
Toyo Seikan Group Holdings Ltd.	249,489	4,519,027
Toyo Suisan Kaisha Ltd.	147,820	6,104,295
Toyo Tire Corp.	166,250	2,508,281
Toyoda Gosei Co., Ltd.	127,976	2,768,118
Toyota Boshoku Corp.	103,965	1,969,183
Toyota Industries Corp.	266,320	18,841,886
Toyota Motor Corp.	20,072,502	346,755,109
Toyota Tsusho Corp.	371,345	22,178,417
Trend Micro, Inc.	192,720	8,192,768
TS Tech Co., Ltd.	144,174	1,707,291
Tsumura & Co.	118,934	2,245,356
Tsuruha Holdings, Inc.	62,829	4,600,454
UBE Corp.	174,034	2,937,724
Ulvac, Inc.	83,100	3,227,306
Unicharm Corp.	651,026	25,990,062
United Urban Investment Corp.	4,993	5,367,342
Ushio, Inc.	166,661	2,102,938
USS Co., Ltd.	348,968	6,099,180
Welcia Holdings Co., Ltd.	166,476	3,061,713
West Japan Railway Co.	387,564	16,781,972
Workman Co., Ltd. (a)	73,356	2,650,359
Yakult Honsha Co., Ltd.	220,148	11,543,839
Yamada Holdings Co., Ltd.	1,014,930	3,192,897
Yamaguchi Financial Group, Inc.	317,335	2,523,030
Yamaha Corp.	254,847	7,875,514
Yamaha Motor Co., Ltd.	507,520	13,173,871
Yamato Holdings Co., Ltd.	537,030	10,094,327
Yamato Kogyo Co., Ltd.	55,603	2,684,191
Yamazaki Baking Co., Ltd.	203,495	3,857,159
Yaoko Co., Ltd.	37,175	1,960,570
Yaskawa Electric Corp.	431,674	16,963,334
Yokogawa Electric Corp.	397,630	7,889,235
Z Holdings Corp.	4,326,061	13,009,235
Zenkoku Hosho Co., Ltd.	78,058	2,706,039
Zensho Holdings Co., Ltd.	163,936	7,731,460
Zeon Corp.	245,872	2,711,457
ZOZO, Inc.	177,943	3,556,171
		6,840,287,533

Netherlands 3.7%
Aalberts N.V.	163,330	6,808,947
ABN AMRO Bank N.V., GDR	666,324	9,831,830
Adyen N.V. *	49,281	41,318,800
Aegon N.V.	2,965,832	15,257,894
Akzo Nobel N.V.	284,813	23,196,493
Allfunds Group plc	579,951	3,443,090

SECURITY	NUMBER OF SHARES	VALUE ($)
ArcelorMittal S.A.	788,707	20,998,243
ASM International N.V.	77,982	37,680,723
ASML Holding N.V.	664,156	438,199,570
ASR Nederland N.V.	242,533	10,626,721
BE Semiconductor Industries N.V.	127,268	14,655,624
CTP N.V.	181,633	2,582,473
DSM-Firmenich AG	289,897	26,791,565
EXOR N.V.	179,506	15,925,142
Heineken Holding N.V.	222,793	17,869,635
Heineken N.V.	468,809	45,702,367
IMCD N.V.	95,219	13,150,768
ING Groep N.V.	5,891,131	83,760,581
InPost S.A. *	342,620	4,036,568
JDE Peet's N.V.	198,775	5,540,213
Just Eat Takeaway.com N.V. *	332,633	4,694,023
Koninklijke Ahold Delhaize N.V.	1,628,520	53,334,727
Koninklijke KPN N.V.	5,451,436	19,093,238
Koninklijke Philips N.V.	1,543,059	34,834,980
Koninklijke Vopak N.V.	110,552	3,994,387
NN Group N.V.	498,669	19,246,148
OCI N.V. *	159,853	4,052,876
Prosus N.V. *	1,196,271	82,810,192
Randstad N.V.	184,337	10,839,799
Signify N.V.	211,576	6,002,632
Universal Music Group N.V.	1,249,593	31,044,458
Wolters Kluwer N.V.	422,866	51,036,074
		1,158,360,781

New Zealand 0.3%
Air New Zealand Ltd. *	2,393,213	1,147,156
Auckland International Airport Ltd. *	1,999,820	9,300,093
Contact Energy Ltd.	1,356,121	6,758,794
EBOS Group Ltd.	267,010	6,033,713
Fisher & Paykel Healthcare Corp., Ltd.	980,188	13,254,759
Fletcher Building Ltd.	1,254,591	3,608,234
Infratil Ltd.	1,387,157	8,334,165
Kiwi Property Group Ltd.	2,600,622	1,370,458
Mainfreight Ltd.	136,293	5,320,566
Mercury NZ Ltd.	1,098,159	4,057,442
Meridian Energy Ltd.	2,115,706	6,758,812
Ryman Healthcare Ltd.	1,021,234	4,037,743
SKYCITY Entertainment Group Ltd.	1,380,619	1,948,353
Spark New Zealand Ltd.	3,137,051	9,479,883
The a2 Milk Co., Ltd. *	1,240,502	3,693,285
		85,103,456

Norway 0.6%
Adevinta A.S.A. *	468,260	3,336,806
Aker A.S.A., A Shares	40,649	2,506,850
Aker BP A.S.A.	507,782	13,776,800
AutoStore Holdings Ltd. *	1,228,181	2,104,863
DNB Bank A.S.A.	1,725,086	34,154,178
Equinor A.S.A.	1,563,439	48,238,549
Gjensidige Forsikring A.S.A.	297,977	4,636,128
Kongsberg Gruppen A.S.A.	123,199	5,105,326
Leroy Seafood Group A.S.A.	417,762	1,728,835
Mowi A.S.A.	731,494	13,272,196
Nordic Semiconductor A.S.A. *	321,512	3,932,323
Norsk Hydro A.S.A.	2,239,074	12,440,294
Orkla A.S.A.	1,275,322	9,744,920
Salmar A.S.A.	106,413	5,202,029
Schibsted A.S.A., A Shares	131,289	2,795,576
Schibsted A.S.A., B Shares	162,031	3,186,651
Telenor A.S.A.	1,054,697	11,293,437
Tomra Systems A.S.A.	418,659	5,752,200
Var Energi A.S.A.	689,196	1,999,463

See financial notes

Schwab International Equity ETFs | Annual Report35

Schwab International Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Yara International A.S.A.	271,826	9,938,107
		195,145,531

Poland 0.2%
Allegro.eu S.A. *	765,987	6,137,189
Bank Polska Kasa Opieki S.A.	263,496	6,898,688
Dino Polska S.A. *	81,656	7,507,300
KGHM Polska Miedz S.A.	228,222	6,318,503
LPP S.A.	1,940	6,533,746
ORLEN S.A.	960,372	14,692,497
Pepco Group N.V. *	261,083	2,050,020
Powszechna Kasa Oszczednosci Bank Polski S.A. *	1,424,636	12,911,169
Powszechny Zaklad Ubezpieczen S.A.	950,997	9,537,084
Santander Bank Polska S.A. *	47,700	4,300,957
		76,887,153

Portugal 0.2%
EDP - Energias de Portugal S.A.	5,011,752	22,878,552
EDP Renovaveis S.A.	411,232	7,545,218
Galp Energia, SGPS, S.A.	849,174	11,709,573
Jeronimo Martins, SGPS, S.A.	468,418	11,947,338
		54,080,681

Republic of Korea 4.2%
Alteogen, Inc. *	60,619	2,075,286
Amorepacific Corp.	52,006	5,268,472
AMOREPACIFIC Group	49,136	1,250,937
BGF retail Co., Ltd.	14,359	1,699,071
BNK Financial Group, Inc.	489,102	2,523,681
Celltrion Healthcare Co., Ltd.	165,347	8,093,778
Celltrion Pharm, Inc. *	33,668	1,749,946
Celltrion, Inc.	180,961	19,701,372
Cheil Worldwide, Inc.	109,114	1,556,118
CJ CheilJedang Corp.	13,402	3,031,737
CJ Corp.	20,569	1,094,005
CJ ENM Co., Ltd. *	17,783	783,031
CJ Logistics Corp.	12,531	748,020
Coway Co., Ltd.	91,845	3,001,857
Daewoo Engineering & Construction Co., Ltd. *	330,120	1,148,895
DB Insurance Co., Ltd.	76,227	4,711,743
DGB Financial Group, Inc.	269,604	1,529,813
DL E&C Co., Ltd.	51,796	1,214,811
DL Holdings Co., Ltd.	19,289	557,473
Dongsuh Cos., Inc.	53,803	729,042
Doosan Bobcat, Inc.	80,350	3,270,535
Doosan Enerbility Co., Ltd. *	694,598	9,574,863
Ecopro BM Co., Ltd.	78,288	19,220,319
E-MART, Inc.	33,151	1,850,988
F&F Co., Ltd.	25,234	1,966,410
Fila Holdings Corp.	81,392	2,333,843
Green Cross Corp.	9,021	789,657
GS Engineering & Construction Corp.	108,060	1,187,904
GS Holdings Corp.	60,608	1,721,831
GS Retail Co., Ltd.	61,985	1,109,094
Hana Financial Group, Inc.	470,235	14,070,584
Hanjin Kal Corp.	52,911	1,779,379
Hankook Tire & Technology Co., Ltd.	118,766	3,481,886
Hanmi Pharm Co., Ltd.	12,762	2,843,510
Hanmi Science Co., Ltd.	43,969	1,197,567
Hanon Systems	285,788	1,969,759
Hanwha Aerospace Co., Ltd.	60,595	5,235,445
Hanwha Corp.	97,564	1,845,357
Hanwha Galleria Co. Ltd. *	185,485	185,380

SECURITY	NUMBER OF SHARES	VALUE ($)
Hanwha Life Insurance Co., Ltd. *	480,571	914,421
Hanwha Ocean Co., Ltd. *	79,508	2,306,890
Hanwha Solutions Corp. *	183,808	5,068,887
HD Hyundai Co., Ltd.	68,552	3,065,196
HD Hyundai Heavy Industries Co., Ltd. *	32,360	3,202,336
HD Hyundai Infracore Co., Ltd.	249,131	1,984,755
HD Korea Shipbuilding & Offshore Engineering Co., Ltd. *	74,730	6,993,835
Hite Jinro Co., Ltd.	55,312	812,261
HL Mando Co., Ltd.	54,151	1,716,608
HLB, Inc. *	196,361	4,285,996
HMM Co., Ltd.	493,991	6,226,510
Hotel Shilla Co., Ltd.	53,082	3,542,147
HYBE Co., Ltd. *	29,157	5,569,996
Hyundai Department Store Co., Ltd.	26,242	1,377,866
Hyundai Engineering & Construction Co., Ltd.	125,169	3,361,831
Hyundai Glovis Co., Ltd.	29,149	3,804,201
Hyundai Marine & Fire Insurance Co., Ltd.	89,670	2,052,217
Hyundai Mipo Dockyard Co., Ltd. *	55,878	3,847,095
Hyundai Mobis Co., Ltd.	102,874	17,979,114
Hyundai Motor Co.	231,087	33,061,132
Hyundai Steel Co.	138,122	3,782,876
Hyundai Wia Corp.	27,566	1,201,287
Industrial Bank of Korea	492,724	4,011,129
Kakao Corp.	545,344	19,845,694
Kakao Games Corp. *	65,882	1,418,077
KakaoBank Corp.	353,698	7,051,214
Kakaopay Corp. *	33,830	1,158,167
Kangwon Land, Inc.	172,848	2,028,275
KB Financial Group, Inc.	653,755	26,758,574
KCC Corp.	6,714	1,109,899
KEPCO Plant Service & Engineering Co., Ltd.	36,107	916,505
Kia Corp.	417,793	25,350,481
Korea Aerospace Industries Ltd.	119,864	4,588,703
Korea Electric Power Corp. *	419,282	5,652,813
Korea Gas Corp. *	40,000	759,599
Korea Investment Holdings Co., Ltd.	58,966	2,319,828
Korea Zinc Co., Ltd.	16,918	6,745,441
Korean Air Lines Co., Ltd.	302,359	5,215,650
Krafton, Inc. *	46,945	5,505,183
KT&G Corp.	173,329	11,395,718
Kumho Petrochemical Co., Ltd.	26,620	2,513,468
L&F Co., Ltd.	41,086	6,683,178
LG Chem Ltd.	79,295	34,975,589
LG Corp.	148,484	9,223,027
LG Display Co., Ltd. *	373,182	3,783,347
LG Electronics, Inc.	184,279	13,732,916
LG Energy Solution Ltd. *	61,184	25,181,839
LG H&H Co., Ltd.	15,699	5,517,069
LG Innotek Co., Ltd.	22,256	4,546,336
LG Uplus Corp.	346,120	2,736,489
Lotte Chemical Corp.	31,451	3,250,393
Lotte Chilsung Beverage Co., Ltd.	3,846	377,980
Lotte Corp.	40,618	766,725
Lotte Energy Materials Corp.	37,693	1,388,802
LOTTE Fine Chemical Co., Ltd.	19,190	876,925
Lotte Shopping Co., Ltd.	18,985	1,019,811
LS Corp.	29,828	2,416,931
Meritz Financial Group, Inc. *	167,583	6,935,343
Mirae Asset Securities Co., Ltd.	554,595	2,794,479
NAVER Corp.	238,175	38,652,194
NCSoft Corp.	30,479	5,799,484
Netmarble Corp. *	37,095	1,202,588

See financial notes

36Schwab International Equity ETFs | Annual Report

Schwab International Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
NH Investment & Securities Co., Ltd.	253,457	1,975,114
NHN Corp. *	32,330	635,960
NongShim Co., Ltd.	5,505	1,909,622
Oci Co., Ltd. *	8,922	861,318
OCI Holdings Co., Ltd.	19,692	1,372,145
Orion Corp.	37,123	3,420,905
Ottogi Corp.	2,455	683,518
Pan Ocean Co., Ltd.	405,844	1,369,445
Paradise Co., Ltd. *	65,435	834,182
Pearl Abyss Corp. *	57,239	2,091,654
POSCO Future M Co., Ltd.	49,042	16,678,176
POSCO Holdings, Inc.	125,998	55,194,131
Posco International Corp.	93,647	5,611,381
S-1 Corp.	31,781	1,341,691
Samsung Biologics Co., Ltd. *	28,521	15,903,141
Samsung C&T Corp.	136,134	10,783,605
Samsung Card Co., Ltd.	58,747	1,331,169
Samsung Electro-Mechanics Co., Ltd.	89,053	9,122,585
Samsung Electronics Co., Ltd.	7,928,032	401,275,083
Samsung Engineering Co., Ltd. *	258,765	6,656,334
Samsung Fire & Marine Insurance Co., Ltd.	56,762	10,585,839
Samsung Heavy Industries Co., Ltd. *	1,055,331	7,034,209
Samsung Life Insurance Co., Ltd.	119,505	6,112,002
Samsung SDI Co., Ltd.	90,213	41,907,155
Samsung SDS Co., Ltd.	62,186	6,680,849
Samsung Securities Co., Ltd.	100,197	2,831,366
SD Biosensor, Inc.	53,446	505,852
Seegene, Inc.	43,796	735,594
Shin Poong Pharmaceutical Co., Ltd. *	57,310	779,598
Shinhan Financial Group Co., Ltd.	797,340	21,445,385
Shinsegae, Inc.	10,836	1,664,239
SK Biopharmaceuticals Co., Ltd. *	49,814	3,229,854
SK Bioscience Co., Ltd. *	39,363	2,185,923
SK Chemicals Co., Ltd.	13,926	662,716
SK Hynix, Inc.	900,549	82,986,093
SK IE Technology Co., Ltd. *	43,948	3,002,462
SK Innovation Co., Ltd. *	93,625	12,573,057
SK Networks Co., Ltd.	178,653	974,532
SK Square Co., Ltd. *	157,962	5,389,889
SK, Inc.	57,296	6,263,871
SKC Co., Ltd.	32,726	2,265,503
S-Oil Corp.	65,364	3,610,041
Solus Advanced Materials Co., Ltd.	24,158	597,667
SSANGYONG C&E Co., Ltd.	202,732	843,598
Wemade Co., Ltd.	25,037	683,817
Woori Financial Group, Inc.	1,133,877	10,217,118
Yuhan Corp.	87,815	4,836,718
		1,340,122,825

Singapore 1.1%
CapitaLand Ascendas REIT	5,640,753	11,569,704
CapitaLand Ascott Trust	3,592,014	2,579,973
CapitaLand Integrated Commercial Trust	8,391,867	11,868,542
CapitaLand Investment Ltd.	4,267,750	10,238,808
City Developments Ltd.	807,423	3,993,769
ComfortDelGro Corp., Ltd.	3,592,317	3,378,188
DBS Group Holdings Ltd.	3,050,162	75,209,474
Frasers Logistics & Commercial Trust	4,940,664	4,390,075
Genting Singapore Ltd.	9,608,980	6,225,737
Hutchison Port Holdings Trust, Class U	8,667,934	1,438,877
Jardine Cycle & Carriage Ltd.	165,120	4,086,124
Keppel Corp., Ltd.	2,319,703	11,920,577
Keppel DC REIT	2,164,200	3,525,539
Keppel REIT	3,861,072	2,473,030

SECURITY	NUMBER OF SHARES	VALUE ($)
Mapletree Industrial Trust	3,240,841	5,519,389
Mapletree Logistics Trust	5,749,826	7,152,690
Mapletree Pan Asia Commercial Trust	3,727,985	4,195,881
NetLink NBN Trust	4,987,374	3,194,431
Olam Group Ltd.	1,944,808	1,800,081
Oversea-Chinese Banking Corp., Ltd.	5,871,212	54,560,319
SATS Ltd. *	1,461,240	2,802,378
Seatrium Ltd. *	65,455,368	7,027,789
Sembcorp Industries Ltd.	1,484,453	5,880,654
SIA Engineering Co., Ltd.	369,959	657,461
Singapore Airlines Ltd.	2,130,983	10,840,321
Singapore Exchange Ltd.	1,430,111	10,197,682
Singapore Post Ltd.	2,312,324	847,538
Singapore Technologies Engineering Ltd.	2,624,866	7,405,212
Singapore Telecommunications Ltd.	12,582,755	22,174,718
StarHub Ltd.	973,372	735,164
Suntec Real Estate Investment Trust	3,513,357	3,147,843
United Overseas Bank Ltd.	2,027,226	42,691,083
UOL Group Ltd.	859,420	4,225,508
Venture Corp., Ltd.	451,960	4,387,409
Wilmar International Ltd.	3,435,695	9,616,384
		361,958,352

Spain 2.2%
Acciona S.A.	38,067	5,447,516
ACS, Actividades de Construccion y Servicios S.A.	372,359	13,090,086
Aena SME S.A.	117,618	18,510,216
Amadeus IT Group S.A.	754,701	51,849,950
Banco Bilbao Vizcaya Argentaria S.A.	10,015,428	78,983,179
Banco Santander S.A.	26,837,042	104,917,530
Bankinter S.A.	1,134,053	7,281,674
CaixaBank S.A.	6,391,741	25,903,783
Cellnex Telecom S.A. *	941,469	36,070,356
Corp. ACCIONA Energias Renovables S.A.	97,717	2,910,207
Enagas S.A.	418,129	7,145,336
Endesa S.A.	526,979	10,970,126
Ferrovial SE	813,226	25,817,063
Grifols S.A. *	558,073	7,659,132
Iberdrola S.A.	10,222,647	121,602,813
Industria de Diseno Textil S.A.	1,761,422	67,599,795
Inmobiliaria Colonial Socimi S.A.	571,440	3,479,391
Mapfre S.A.	1,702,007	3,604,029
Merlin Properties Socimi S.A.	551,579	4,950,886
Naturgy Energy Group S.A.	228,719	6,637,940
Redeia Corp. S.A.	749,371	12,204,011
Repsol S.A.	2,144,510	33,097,666
Telefonica S.A.	8,367,056	34,726,440
		684,459,125

Sweden 2.5%
Alfa Laval AB	520,636	18,315,143
Assa Abloy AB, B Shares	1,635,081	36,868,053
Atlas Copco AB, A Shares	4,277,796	56,627,597
Atlas Copco AB, B Shares	2,542,661	29,339,557
Axfood AB	177,784	4,297,704
Beijer Ref AB	616,925	7,087,660
Boliden AB	463,367	12,337,524
Castellum AB	723,988	7,735,833
Electrolux AB, B Shares	370,877	4,086,458
Epiroc AB, A Shares	1,060,920	20,404,730
Epiroc AB, B Shares	615,263	10,091,529
EQT AB	568,504	11,463,637
Essity AB, B Shares	1,022,359	23,873,935

See financial notes

Schwab International Equity ETFs | Annual Report37

Schwab International Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Evolution AB	307,361	33,296,342
Fastighets AB Balder, B Shares *	1,109,683	5,320,447
Getinge AB, B Shares	372,197	6,470,169
H & M Hennes & Mauritz AB, B Shares	1,114,242	17,042,462
Hexagon AB, B Shares	3,593,407	32,127,649
Holmen AB, B Shares	156,940	5,955,175
Husqvarna AB, B Shares	706,232	6,094,935
Industrivarden AB, A Shares	186,923	4,877,113
Industrivarden AB, C Shares	272,226	7,090,371
Indutrade AB	469,629	9,036,688
Investment AB Latour, B Shares	235,997	4,298,633
Investor AB, A Shares	826,955	15,806,691
Investor AB, B Shares	2,761,616	53,240,407
Kinnevik AB, B Shares *	410,388	4,832,878
L E Lundbergfortagen AB, B Shares	119,352	4,859,142
Lifco AB, B Shares	385,557	7,070,370
Nibe Industrier AB, B Shares	2,488,888	18,679,332
Saab AB, B Shares	152,124	8,038,333
Sagax AB, B Shares	319,183	6,648,978
Sandvik AB	1,801,273	34,117,574
Securitas AB, B Shares	811,136	6,612,115
Skandinaviska Enskilda Banken AB, A Shares	2,754,506	31,985,264
Skanska AB, B Shares	597,038	8,756,637
SKF AB, B Shares	642,265	10,425,904
SSAB AB, A Shares	285,788	1,641,665
SSAB AB, B Shares	1,200,506	6,652,728
Svenska Cellulosa AB, S.C.A., B Shares	987,185	13,162,587
Svenska Handelsbanken AB, A Shares	2,542,321	21,211,741
Sweco AB, B Shares	330,207	3,220,678
Swedbank AB, A Shares	1,716,063	30,427,094
Swedish Orphan Biovitrum AB *	269,610	5,210,045
Tele2 AB, B Shares	922,615	6,516,502
Telefonaktiebolaget LM Ericsson, B Shares	4,947,638	25,452,328
Telia Co. AB	4,211,179	8,503,198
Trelleborg AB, B Shares	384,527	9,776,557
Volvo AB, A Shares	364,308	7,465,887
Volvo AB, B Shares	2,531,910	51,147,361
Volvo Car AB, B Shares *	898,670	3,424,005
		779,025,345

Switzerland 8.2%
ABB Ltd.	2,506,714	95,614,146
Adecco Group AG	265,081	11,443,576
Alcon, Inc.	823,763	68,941,479
Bachem Holding AG	57,581	5,388,134
Baloise Holding AG	74,934	11,724,743
Banque Cantonale Vaudoise	48,503	5,260,784
Barry Callebaut AG	5,982	10,443,526
Belimo Holding AG	15,338	8,088,809
BKW AG	29,621	5,097,529
Chocoladefabriken Lindt & Spruengli AG	165	19,465,610
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates	1,793	21,457,130
Cie Financiere Richemont S.A., Class A	859,153	122,173,356
Clariant AG *	381,617	6,368,565
DKSH Holding AG	59,787	4,575,829
Emmi AG	3,544	3,819,856
EMS-Chemie Holding AG	11,713	8,812,101
Flughafen Zuerich AG	30,700	6,329,431

SECURITY	NUMBER OF SHARES	VALUE ($)
Geberit AG	55,785	28,964,620
Georg Fischer AG	138,705	8,982,650
Givaudan S.A.	13,427	44,814,940
Helvetia Holding AG	57,325	8,735,856
Holcim AG *	879,669	58,322,578
Julius Baer Group Ltd.	354,856	24,692,273
Kuehne & Nagel International AG	86,131	25,929,502
Logitech International S.A.	270,969	18,793,729
Lonza Group AG	125,030	69,207,095
Nestle S.A.	4,503,988	542,569,169
Novartis AG	3,394,167	343,201,874
Partners Group Holding AG	36,824	39,823,702
PSP Swiss Property AG	78,924	9,596,873
Roche Holding AG	1,162,637	342,637,318
Roche Holding AG, Bearer Shares	52,010	16,263,982
Schindler Holding AG	31,436	6,616,419
Schindler Holding AG, Participation Certificates	68,646	15,322,456
SGS S.A.	247,289	22,504,489
SIG Group AG *	554,279	14,609,244
Sika AG	243,330	68,983,676
Sonova Holding AG	85,474	22,615,651
Straumann Holding AG	178,905	27,142,112
Swiss Life Holding AG	51,082	32,074,811
Swiss Prime Site AG	127,993	12,302,978
Swiss Re AG	483,159	46,989,367
Swisscom AG	43,186	26,305,200
Tecan Group AG	21,612	8,637,459
Temenos AG	103,994	8,272,424
The Swatch Group AG	86,859	4,636,741
The Swatch Group AG, Bearer Shares	48,989	13,794,016
UBS Group AG	5,074,109	135,003,183
VAT Group AG	43,316	17,380,346
Zurich Insurance Group AG	248,767	116,884,580
		2,597,615,917

United Kingdom 13.0%
3i Group plc	1,593,781	40,259,898
abrdn plc	3,241,387	6,781,187
Admiral Group plc	501,477	15,822,611
Airtel Africa plc	1,911,212	2,760,842
Anglo American plc	2,023,236	53,851,402
Antofagasta plc	591,262	10,848,666
Ashtead Group plc	731,833	51,226,353
Associated British Foods plc	564,428	14,250,650
AstraZeneca plc	2,487,374	336,052,825
Auto Trader Group plc	1,564,898	12,024,666
Aviva plc	4,634,419	22,033,623
B&M European Value Retail S.A.	1,620,299	11,859,056
BAE Systems plc	5,114,667	65,296,545
Barclays plc	25,956,728	48,468,250
Barratt Developments plc	1,600,237	9,191,742
Beazley plc	1,099,704	7,608,451
Berkeley Group Holdings plc	179,706	9,247,479
BP plc	29,057,992	179,501,467
British American Tobacco plc	3,787,140	125,850,411
BT Group plc	11,623,952	17,027,050
Bunzl plc	567,920	20,365,796
Burberry Group plc	632,178	17,495,236
Centrica plc	9,617,319	18,493,133
Coca-Cola HBC AG *	324,266	9,360,152
Compass Group plc	2,927,825	73,940,128
ConvaTec Group plc	2,702,253	7,957,743
CRH plc	1,248,809	71,889,678
Croda International plc	232,388	16,260,649
DCC plc	167,255	9,170,516
Dechra Pharmaceuticals plc	186,428	8,990,994

See financial notes

38Schwab International Equity ETFs | Annual Report

Schwab International Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Derwent London plc	188,600	4,440,329
Diageo plc	3,721,841	152,967,617
Direct Line Insurance Group plc *	2,154,562	4,426,941
Dowlais Group plc *	2,230,054	3,210,122
DS Smith plc	2,103,592	8,324,560
Endeavour Mining plc	311,894	6,374,838
Entain plc	1,076,863	15,794,622
Experian plc	1,536,842	53,787,415
Ferguson plc	343,592	55,924,864
Flutter Entertainment plc *	294,902	53,847,988
Fresnillo plc	302,639	2,206,595
Glencore plc	21,020,073	112,255,611
GSK plc	6,781,951	119,349,921
Haleon plc	8,826,673	36,070,697
Halma plc	638,019	17,333,496
Hargreaves Lansdown plc	640,906	6,181,885
Hikma Pharmaceuticals plc	276,679	7,674,494
Hiscox Ltd.	568,847	7,190,120
Howden Joinery Group plc	855,788	8,022,474
HSBC Holdings plc	33,601,436	248,272,525
IMI plc	421,221	8,016,923
Imperial Brands plc	1,531,762	34,733,678
Informa plc	2,373,870	21,982,812
InterContinental Hotels Group plc	286,361	21,604,812
Intermediate Capital Group plc	459,773	7,879,679
International Consolidated Airlines Group S.A. *	1,909,530	3,919,849
Intertek Group plc	266,933	14,003,300
ITV plc	5,934,296	5,323,904
J Sainsbury plc	2,948,521	10,091,520
J.D. Sports Fashion plc	4,206,735	7,742,640
Johnson Matthey plc	294,923	6,091,497
Kingfisher plc	3,294,382	9,768,269
Land Securities Group plc	1,249,336	9,539,732
Legal & General Group plc	9,978,395	27,652,682
Lloyds Banking Group plc	110,406,511	59,255,293
London Stock Exchange Group plc	716,987	74,299,548
M&G plc	3,669,698	8,881,605
Melrose Industries plc	2,230,054	14,485,109
Mondi plc	795,973	13,253,222
National Grid plc	6,208,584	77,901,042
NatWest Group plc	9,343,261	27,277,762
Next plc	205,873	18,229,723
NMC Health plc *(b)	136,583	0
Ocado Group plc *	1,005,378	11,103,870
Pearson plc	1,207,131	12,833,471
Persimmon plc	528,966	7,145,173
Phoenix Group Holdings plc	1,206,456	7,964,839
Prudential plc	4,611,336	56,457,492
Reckitt Benckiser Group plc	1,201,867	86,838,319
RELX plc	3,202,099	104,603,315
Renishaw plc	58,714	2,706,650
Rentokil Initial plc	4,250,630	32,414,048
Rightmove plc	1,349,490	9,576,030
Rio Tinto plc	1,836,839	113,409,836
Rolls-Royce Holdings plc *	14,294,042	40,264,499
RS Group plc	783,784	7,550,088
Schroders plc	1,384,606	7,225,041
Segro plc	2,046,068	19,118,375
Severn Trent plc	416,509	12,666,698
Shell plc	11,513,784	351,830,209
Smith & Nephew plc	1,463,658	19,845,003
Smiths Group plc	588,714	12,234,212
Smurfit Kappa Group plc	433,464	18,257,522
Spirax-Sarco Engineering plc	126,445	16,238,772
SSE plc	1,832,101	37,759,937
St. James's Place plc	921,504	10,331,660
Standard Chartered plc	3,874,124	34,933,109

SECURITY	NUMBER OF SHARES	VALUE ($)
Tate & Lyle plc	653,576	5,851,080
Taylor Wimpey plc	5,993,495	8,680,688
Tesco plc	12,184,395	41,022,612
The British Land Co., plc	1,673,489	6,862,133
The Sage Group plc	1,724,524	21,218,577
The Unite Group plc	599,947	7,149,892
The Weir Group plc	434,694	10,104,833
Unilever plc	4,231,140	216,711,265
United Utilities Group plc	1,152,063	13,824,645
Vodafone Group plc	36,611,425	33,963,686
Whitbread plc	343,614	14,978,112
Wise plc, Class A *	1,173,593	9,520,526
WPP plc	1,760,078	17,079,496
		4,139,754,627
Total Common Stocks (Cost $27,263,941,630)		31,416,137,272

PREFERRED STOCKS 0.5% OF NET ASSETS

Germany 0.3%
Bayerische Motoren Werke AG	96,165	9,263,073
FUCHS SE	120,321	5,001,611
Henkel AG & Co. KGaA	273,221	20,971,333
Sartorius AG	41,028	16,805,519
Sixt SE	22,308	1,450,298
Volkswagen AG	335,215	41,126,836
		94,618,670

Italy 0.0%
Telecom Italia S.p.A. - RSP *	10,743,743	3,299,983

Republic of Korea 0.2%
Hyundai Motor Co., Ltd.	33,998	2,618,496
Hyundai Motor Co., Ltd. 2nd	55,453	4,367,435
LG Chem Ltd.	13,743	3,550,773
LG Electronics, Inc.	13,984	495,669
LG H&H Co., Ltd.	2,999	433,825
Samsung Electronics Co., Ltd.	1,392,298	56,882,233
Samsung SDI Co., Ltd.	3,312	751,731
		69,100,162

Spain 0.0%
Grifols S.A., B Shares *	412,006	3,914,979
Total Preferred Stocks (Cost $169,925,156)		170,933,794

RIGHTS 0.0% OF NET ASSETS

Canada 0.0%
Constellation Software, Inc.
expires 09/29/23, strike CAD 1.33 *	31,758	17,605

Sweden 0.0%
Swedish Orphan Biovitrum AB
expires 09/14/23, strike SEK 142.00 *	269,610	243,513
Total Rights (Cost $14,084)		261,118

See financial notes

Schwab International Equity ETFs | Annual Report39

Schwab International Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
WARRANTS 0.0% OF NET ASSETS

Canada 0.0%
Constellation Software, Inc.
expires 03/31/40 *(b)	31,758	162,904
Total Warrants (Cost $0)		162,904


SHORT-TERM INVESTMENTS 0.1% OF NET ASSETS

Money Market Funds 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (c)	12,098,604	12,098,604
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (c)(d)	14,664,226	14,664,226
		26,762,830
Total Short-Term Investments (Cost $26,762,830)		26,762,830
Total Investments in Securities (Cost $27,460,643,700)		31,614,257,918

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED DEPRECIATION ($)
FUTURES CONTRACTS
Long
MSCI EAFE Index, expires 09/15/23	1,630	171,907,950	(2,030,703 )

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $13,962,850.
(b)	Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information).
(c)	The rate shown is the annualized 7-day yield.
(d)	Security purchased with cash collateral received for securities on loan.

CVA —	Dutch Certificate
GDR —	Global Depositary Receipt
REIT —	Real Estate Investment Trust
RSP —	Risparmio (Savings Shares)
CAD —	Canadian Dollar
SEK —	Swedish Krona

The following is a summary of the inputs used to value the fund’s investments as of August 31, 2023 (see financial note 2(a) for additional information):

DESCRIPTION	QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)	OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)	SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)	TOTAL
Assets
Common Stocks1	$24,446,878,732	$—	$—	$24,446,878,732
Australia	2,125,355,960	—	3,243,724	2,128,599,684
Hong Kong	700,904,229	—	0 *	700,904,229
United Kingdom	4,139,754,627	—	0 *	4,139,754,627
Preferred Stocks1	170,933,794	—	—	170,933,794
Rights1	261,118	—	—	261,118
Warrants1
Canada	—	—	162,904	162,904
Short-Term Investments1	26,762,830	—	—	26,762,830
Liabilities
Futures Contracts2	(2,030,703 )	—	—	(2,030,703 )
Total	$31,608,820,587	$—	$3,406,628	$31,612,227,215

*	Level 3 amount shown includes securities determined to have no value at August 31, 2023.
1	As categorized in the Portfolio Holdings.
2	Futures contracts are reported at cumulative unrealized appreciation or depreciation.

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying

securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

See financial notes

40Schwab International Equity ETFs | Annual Report

Schwab International Equity ETF

Statement of Assets and Liabilities

As of August 31, 2023

Assets
Investments in securities, at value - unaffiliated (cost $27,460,643,700) including securities on loan of $13,962,850		$31,614,257,918
Foreign currency, at value (cost $24,252,863)		24,165,705
Deposit with broker for futures contracts		7,733,689
Receivables:
Dividends		79,056,463
Foreign tax reclaims		43,230,542
Investments sold		2,375,518
Income from securities on loan	+	103,183
Total assets		31,770,923,018

Liabilities
Collateral held for securities on loan		14,664,226
Payables:
Investments bought		1,726,158
Management fees		1,607,265
Variation margin on futures contracts	+	786,387
Total liabilities		18,784,036
Net assets		$31,752,138,982

Net Assets by Source
Capital received from investors		$29,498,707,478
Total distributable earnings	+	2,253,431,504
Net assets		$31,752,138,982

Net Asset Value (NAV)
Net Assets	÷	Shares Outstanding	=	NAV
$31,752,138,982		900,000,000		$35.28

See financial notes

Schwab International Equity ETFs | Annual Report41

Schwab International Equity ETF

Statement of Operations

For the period September 1, 2022 through August 31, 2023
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $86,524,980)		$946,169,761
Securities on loan, net	+	2,872,780
Total investment income		949,042,541

Expenses
Management fees		17,711,916
Proxy fees1		441,999
Professional fees	+	117,319 2
Total expenses		18,271,234
Expense reduction	–	117,319 2
Net expenses	–	18,153,915
Net investment income		930,888,626

REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated		(545,291,697 )
Net realized gains on sales of in-kind redemptions - unaffiliated		49,735,902
Net realized gains on futures contracts		11,986,038
Net realized losses on foreign currency transactions	+	(4,969,787 )
Net realized losses		(488,539,544 )
Net change in unrealized appreciation (depreciation) on securities - unaffiliated		3,992,441,818
Net change in unrealized appreciation (depreciation) on futures contracts		3,528,835
Net change in unrealized appreciation (depreciation) on foreign currency translations	+	4,707,239
Net change in unrealized appreciation (depreciation)	+	4,000,677,892
Net realized and unrealized gains		3,512,138,348
Increase in net assets resulting from operations		$4,443,026,974

1	Proxy fees are non-routine expenses (see financial note 2(e) for additional information).
2	Professional fees associated with the filing of tax claims in the European Union deemed to be non-contingent and non-routine expenses of the fund (see financial notes 2(d) and 4 for additional information).

See financial notes

42Schwab International Equity ETFs | Annual Report

Schwab International Equity ETF

Statement of Changes in Net Assets

For the current and prior report periods

OPERATIONS
	9/1/22-8/31/23		9/1/21-8/31/22
Net investment income		$930,888,626	$889,791,567
Net realized losses		(488,539,544 )	(456,847,527 )
Net change in unrealized appreciation (depreciation)	+	4,000,677,892	(6,288,864,961 )
Increase (decrease) in net assets resulting from operations		$4,443,026,974	($5,855,920,921 )

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions		($892,762,840 )	($883,078,400 )

TRANSACTIONS IN FUND SHARES
	9/1/22-8/31/23			9/1/21-8/31/22
		SHARES	VALUE	SHARES	VALUE
Shares sold		69,200,000	$2,199,189,931	126,500,000	$4,520,915,430
Shares redeemed	+	(3,300,000 )	(117,312,049 )	—	—
Net transactions in fund shares		65,900,000	$2,081,877,882	126,500,000	$4,520,915,430

SHARES OUTSTANDING AND NET ASSETS
	9/1/22-8/31/23			9/1/21-8/31/22
		SHARES	NET ASSETS	SHARES	NET ASSETS
Beginning of period		834,100,000	$26,119,996,966	707,600,000	$28,338,080,857
Total increase (decrease)	+	65,900,000	5,632,142,016	126,500,000	(2,218,083,891 )
End of period		900,000,000	$31,752,138,982	834,100,000	$26,119,996,966

See financial notes

Schwab International Equity ETFs | Annual Report43

Schwab International Small-Cap Equity ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	9/1/22– 8/31/23	9/1/21– 8/31/22	9/1/20– 8/31/21	9/1/19– 8/31/20	9/1/18– 8/31/19
Per-Share Data
Net asset value at beginning of period	$31.67	$43.21	$33.20	$31.15	$35.86
Income (loss) from investment operations:
Net investment income (loss)1	0.96	0.93	0.72	0.64	0.82
Net realized and unrealized gains (losses)	2.12	(11.45 )	10.11	2.36	(4.63 )
Total from investment operations	3.08	(10.52 )	10.83	3.00	(3.81 )
Less distributions:
Distributions from net investment income	(0.73 )	(1.02 )	(0.82 )	(0.95 )	(0.90 )
Net asset value at end of period	$34.02	$31.67	$43.21	$33.20	$31.15
Total return	9.87 %	(24.85 %)	33.01 %	9.63 %	(10.57 %)
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.11 %	0.11 %2	0.11 %	0.11 %3	0.12 %
Net investment income (loss)	2.95 %	2.49 %	1.87 %	2.07 %	2.54 %
Portfolio turnover rate4	15 %	18 %	22 %	17 %	20 %
Net assets, end of period (x 1,000,000)	$3,767	$3,383	$3,832	$2,596	$2,187

1	Calculated based on the average shares outstanding during the period.
2	Ratio includes less than 0.005% of non-routine proxy expenses.
3	Effective February 25, 2020, the annual operating expense ratio was reduced to 0.11%. The ratio presented for the period ended August 31, 2020 is a blended ratio.
4	Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

See financial notes

44Schwab International Equity ETFs | Annual Report

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2023

This section shows all the securities in the fund’s portfolio and their values as of the report date.

SECURITY	NUMBER OF SHARES	VALUE ($)
COMMON STOCKS 99.5% OF NET ASSETS

Australia 6.2%
Abacus Group	986,814	757,345
Abacus Storage King *	986,814	795,692
Accent Group Ltd.	642,138	852,555
Alkane Resources Ltd. *	818,899	355,341
APM Human Services International Ltd.	546,221	654,456
Appen Ltd. *(a)	255,900	262,688
Arafura Rare Earths Ltd. *	3,352,319	531,927
ARB Corp., Ltd.	144,465	3,162,421
Arena REIT	629,065	1,511,506
Argosy Minerals Ltd. *	2,411,057	405,995
AUB Group Ltd.	163,415	3,262,915
Audinate Group Ltd. *	126,926	1,146,740
Aussie Broadband Ltd. *	345,844	799,629
Austal Ltd.	612,237	773,205
Australian Agricultural Co., Ltd. *	615,076	577,613
Australian Clinical Labs Ltd. (a)	256,197	489,482
Australian Ethical Investment Ltd.	219,701	640,302
Australian Finance Group Ltd.	392,700	401,845
AVZ Minerals Ltd. *(b)	641,362	62,307
Baby Bunting Group Ltd. (a)	237,557	338,478
Bapcor Ltd.	641,234	2,761,713
Bega Cheese Ltd.	562,009	1,095,595
Bellevue Gold Ltd. *	2,033,889	2,226,149
Boss Energy Ltd. *	636,113	1,429,566
BrainChip Holdings Ltd. *(a)	1,563,204	323,971
Breville Group Ltd.	275,031	4,383,627
Brickworks Ltd.	115,513	2,046,108
BWP Trust	936,904	2,245,107
Calix Ltd. *	296,073	736,326
Capricorn Metals Ltd. *	599,967	1,771,873
Carnarvon Energy Ltd. *	3,320,638	344,098
Cedar Woods Properties Ltd.	125,587	435,963
Centuria Capital Group	1,414,784	1,360,683
Centuria Industrial REIT	1,020,464	2,035,583
Centuria Office REIT	872,041	725,739
Chalice Mining Ltd. *	638,500	1,476,282
Champion Iron Ltd.	886,706	3,497,335
Charter Hall Long Wale REIT	1,267,802	2,906,665
Charter Hall Retail REIT	952,273	2,152,421
Charter Hall Social Infrastructure REIT	659,545	1,213,118
Clinuvel Pharmaceuticals Ltd.	74,542	926,921
Codan Ltd.	227,279	1,156,970
Collins Foods Ltd.	213,546	1,371,966
Cooper Energy Ltd. *	4,952,839	384,925
Core Lithium Ltd. *(a)	3,538,488	905,222
Coronado Global Resources, Inc.	1,447,436	1,481,142
Corporate Travel Management Ltd.	214,870	2,595,344
Costa Group Holdings Ltd.	830,955	1,533,779
Credit Corp. Group Ltd.	109,198	1,514,160
Cromwell Property Group	2,633,249	827,130
Data#3 Ltd.	277,628	1,332,361
De Grey Mining Ltd. *	2,424,247	2,245,191
Dexus Industria REIT	385,928	702,349

SECURITY	NUMBER OF SHARES	VALUE ($)
Dicker Data Ltd.	97,757	624,893
Eagers Automotive Ltd.	371,199	3,846,512
Elders Ltd.	293,860	1,225,651
Emeco Holdings Ltd.	1,045,800	447,026
Estia Health Ltd.	439,126	861,732
Event Hospitality & Entertainment Ltd.	203,954	1,615,470
Firefinch Ltd. *(b)	2,051,119	66,420
FleetPartners Group Ltd. *	473,561	901,703
G.U.D. Holdings Ltd.	270,364	2,125,729
G8 Education Ltd.	1,517,454	1,110,540
GDI Property Group Partnership	815,554	338,044
Gold Road Resources Ltd.	2,051,870	2,358,786
Goulamina Holdings Pty Ltd. *(b)	1,797,999	1,327,500
GQG Partners, Inc.	1,189,658	1,194,247
GrainCorp Ltd., Class A	427,840	2,022,761
Growthpoint Properties Australia Ltd.	520,828	850,032
GWA Group Ltd.	524,453	652,151
Hansen Technologies Ltd.	315,471	1,119,645
Healius Ltd.	999,155	1,811,887
Helia Group Ltd.	654,091	1,643,653
Home Consortium Ltd.	471,412	1,642,568
HomeCo Daily Needs REIT	3,343,800	2,652,874
Hotel Property Investments	358,387	700,970
HUB24 Ltd.	107,291	2,243,041
Imdex Ltd.	962,232	1,009,567
Imugene Ltd. *	11,717,178	516,027
Infomedia Ltd.	719,618	782,982
Ingenia Communities Group	713,390	1,926,653
Inghams Group Ltd.	357,667	806,118
Integral Diagnostics Ltd.	320,446	620,535
InvoCare Ltd.	272,816	2,217,450
ioneer Ltd. *	3,954,344	614,647
IPH Ltd.	336,434	1,662,512
IRESS Ltd.	354,706	1,470,242
Johns Lyng Group Ltd.	336,959	1,401,046
Judo Capital Holdings Ltd. *	973,251	579,900
Jumbo Interactive Ltd.	95,956	950,211
Karoon Energy Ltd. *	974,107	1,514,113
Kelsian Group Ltd.	378,891	1,555,765
Kogan.com Ltd. *	134,690	472,797
Lake Resources NL *(a)	2,584,858	368,298
Life360, Inc. *	339,601	2,052,064
Lifestyle Communities Ltd.	180,460	2,035,961
Link Administration Holdings Ltd.	935,678	812,029
Liontown Resources Ltd. *	3,321,222	5,850,691
Lovisa Holdings Ltd.	102,530	1,486,111
Macquarie Technology Group Ltd. *	17,823	771,308
Mayne Pharma Group Ltd.	167,390	397,865
McMillan Shakespeare Ltd.	111,932	1,291,096
Megaport Ltd. *	290,164	2,262,613
Mesoblast Ltd. *(a)	1,265,443	417,978
Monadelphous Group Ltd.	170,892	1,623,649
Mount Gibson Iron Ltd. *	1,386,693	404,141
Myer Holdings Ltd.	1,576,832	684,228
MyState Ltd.	206,070	437,753
Nanosonics Ltd. *	438,105	1,188,865
National Storage REIT	2,356,506	3,540,763

See financial notes

Schwab International Equity ETFs | Annual Report45

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Neometals Ltd. *(a)	898,723	296,849
Netwealth Group Ltd.	162,385	1,578,581
Neuren Pharmaceuticals Ltd. *	210,150	1,712,184
nib Holdings Ltd.	932,515	5,024,808
Nick Scali Ltd.	85,619	693,694
Nickel Industries Ltd.	2,851,061	1,467,959
Nine Entertainment Co. Holdings Ltd.	2,806,359	3,744,129
NRW Holdings Ltd. (b)	822,821	1,449,488
OFX Group Ltd. *	420,039	470,626
Omni Bridgeway Ltd. *	478,449	650,722
oOh!media Ltd.	879,704	831,821
Opthea Ltd. *	900,504	250,781
Opthea Ltd. *(b)	293,324	81,688
Paladin Energy Ltd. *	5,648,889	3,091,435
Paradigm Biopharmaceuticals Ltd. *	509,311	201,212
Perenti Ltd. *	1,303,374	894,778
Perseus Mining Ltd.	2,592,258	3,164,681
PEXA Group Ltd. *	253,634	1,893,987
Pinnacle Investment Management Group Ltd.	188,227	1,141,033
PointsBet Holdings Ltd. *(a)	429,193	451,696
PolyNovo Ltd. *	1,210,113	1,167,757
PPK Mining Equipment Group *(b)	78,953	1,437
Praemium Ltd. *	877,223	409,056
Premier Investments Ltd.	157,425	2,619,257
PWR Holdings Ltd.	116,822	819,395
Ramelius Resources Ltd.	1,802,674	1,605,315
Regis Healthcare Ltd.	264,140	434,518
Regis Resources Ltd. *	1,356,295	1,423,015
Reliance Worldwide Corp., Ltd.	1,511,747	4,092,566
Resolute Mining Ltd. *	4,136,672	991,273
Rural Funds Group	705,319	986,688
Sandfire Resources Ltd. *	869,979	3,769,426
Sayona Mining Ltd. *	13,922,803	991,881
Select Harvests Ltd.	234,314	635,847
Service Stream Ltd.	1,082,150	630,769
Seven West Media Ltd. *	1,784,108	346,643
Sigma Healthcare Ltd.	1,560,242	808,392
Silex Systems Ltd. *(a)	371,726	770,395
Silver Lake Resources Ltd. *	1,628,069	1,038,602
SiteMinder Ltd. *	415,576	1,316,133
SmartGroup Corp., Ltd.	162,447	904,796
Solvar Ltd.	367,357	305,726
St. Barbara Ltd. *	1,538,442	199,274
Stanmore Resources Ltd. *	453,217	851,225
Strike Energy Ltd. *	4,690,862	1,169,644
Super Retail Group Ltd.	306,967	2,580,517
Superloop Ltd. *	782,381	357,230
Syrah Resources Ltd. *	1,250,315	469,664
Technology One Ltd.	535,153	5,340,980
Telix Pharmaceuticals Ltd. *	325,914	2,334,525
Temple & Webster Group Ltd. *	202,440	943,994
Tietto Minerals Ltd. *	1,900,397	596,934
Tyro Payments Ltd. *	643,745	589,944
United Malt Grp Ltd. *	519,329	1,658,173
Ventia Services Group Pty Ltd.	829,787	1,461,759
Virgin Australia Holdings Pty. Ltd. *(b)	424,000	0
Viva Energy Group Ltd.	1,600,844	3,234,774
Vulcan Energy Resources Ltd. *	202,076	446,282
Vulcan Steel Ltd.	179,277	917,259
Waypoint REIT Ltd.	1,303,035	2,109,776
Webjet Ltd. *	730,931	3,304,244
Weebit Nano Ltd. *(a)	341,188	879,462
West African Resources Ltd. *	2,032,315	1,125,375
Westgold Resources Ltd. *	794,482	833,565
Zip Co., Ltd. *(a)	1,343,972	269,831
		233,873,107

SECURITY	NUMBER OF SHARES	VALUE ($)
Austria 0.9%
Agrana Beteiligungs AG	22,560	381,974
AT&S Austria Technologie & Systemtechnik AG	49,605	1,771,296
BAWAG Group AG	153,356	7,247,011
CA Immobilien Anlagen AG	79,339	2,634,983
DO & Co. AG	13,047	1,520,844
EVN AG	68,384	1,695,940
Flughafen Wien AG	10,432	526,490
IMMOFINANZ AG *	59,687	1,151,811
Lenzing AG *(a)	38,131	1,812,684
Mayr Melnhof Karton AG (a)	16,234	2,304,639
Oesterreichische Post AG (a)	62,553	2,158,962
Palfinger AG	26,288	704,732
Porr AG	23,335	305,439
Schoeller-Bleckmann Oilfield Equipment AG	21,087	1,174,091
Strabag SE	24,275	1,036,749
UNIQA Insurance Group AG	212,678	1,715,067
Vienna Insurance Group AG Wiener Versicherung Gruppe	72,268	1,941,292
Wienerberger AG	202,862	5,601,283
		35,685,287

Belgium 1.4%
Aedifica S.A.	90,436	6,065,960
AGFA-Gevaert N.V. *	252,901	577,793
Barco N.V.	133,978	2,879,177
Bekaert S.A.	63,555	3,018,539
bpost S.A.	190,866	899,473
Cofinimmo S.A.	63,063	4,921,225
Deme Group NV	13,750	1,611,744
Econocom Group S.A. N.V.	195,929	592,234
Etablissements Franz Colruyt N.V.	93,216	3,564,288
Euronav N.V.	236,510	4,131,523
Fagron	111,799	1,996,060
Gimv N.V.	38,890	1,789,672
KBC Ancora	67,865	3,014,055
Kinepolis Group N.V.	25,106	1,196,222
Melexis N.V.	38,559	3,649,320
Montea N.V.	27,534	2,214,406
Ontex Group N.V. *	122,113	988,713
Retail Estates N.V.	21,520	1,326,662
Shurgard Self Storage Ltd.	49,003	2,252,401
Tessenderlo Group S.A.	43,156	1,339,606
Van de Velde N.V.	10,627	384,083
VGP N.V.	19,653	2,054,116
Xior Student Housing N.V.	59,004	1,735,483
		52,202,755

Canada 21.7%
Air Canada *	334,289	5,638,401
Alamos Gold, Inc., Class A	748,184	9,611,174
Algonquin Power & Utilities Corp.	1,309,353	9,900,352
Allied Properties Real Estate Investment Trust	242,940	3,729,527
AltaGas Ltd.	536,746	10,481,414
ARC Resources Ltd.	1,181,486	17,998,024
Aritzia, Inc. *	172,817	3,167,790
Artis Real Estate Investment Trust	152,837	790,760
Atco Ltd., Class I	144,725	3,989,979
ATS Corp. *	142,953	6,405,123
B2Gold Corp.	2,042,060	6,278,850
Ballard Power Systems, Inc. *	483,271	2,032,456
Bausch Health Cos., Inc. *	606,879	5,059,755

See financial notes

46Schwab International Equity ETFs | Annual Report

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Baytex Energy Corp. *	1,310,566	5,327,701
BlackBerry Ltd. *	998,195	5,562,948
Boardwalk Real Estate Investment Trust	70,035	3,539,150
Bombardier, Inc., Class B *	162,858	6,634,933
Boralex, Inc., Class A	155,113	3,758,161
Boyd Group Services, Inc.	40,922	7,370,769
Brookfield Infrastructure Corp., Class A	186,941	7,256,840
Brookfield Renewable Corp., Class A	244,607	6,819,599
BRP, Inc.	67,772	5,176,009
CAE, Inc. *	563,823	13,581,427
Cameco Corp.	828,973	30,635,759
Canada Goose Holdings, Inc. *(a)	92,602	1,456,499
Canadian Apartment Properties REIT	318,767	11,419,961
Canadian Western Bank	180,311	3,503,733
Canfor Corp. *	115,195	1,769,283
Canopy Growth Corp. *(a)	675,909	384,678
Capital Power Corp.	222,896	6,700,307
Capstone Copper Corp. *	841,305	3,911,311
Cargojet, Inc.	16,016	1,137,498
Cascades, Inc.	182,212	1,711,752
Celestica, Inc. *	194,456	4,527,413
Centerra Gold, Inc.	428,256	2,567,099
Chartwell Retirement Residences	456,587	3,465,870
Choice Properties Real Estate Investment Trust	496,834	4,814,290
CI Financial Corp.	324,315	4,156,563
Cogeco Communications, Inc.	18,980	935,708
Colliers International Group, Inc.	59,659	6,883,748
Crescent Point Energy Corp.	954,951	7,848,816
Cronos Group, Inc. *(a)	376,460	762,408
Definity Financial Corp.	142,876	3,926,331
Dream Industrial Real Estate Investment Trust	473,724	4,828,452
Dye & Durham Ltd.	61,349	818,017
Eldorado Gold Corp. *	352,968	3,368,060
Element Fleet Management Corp.	753,618	11,569,271
Emera, Inc.	522,029	19,543,083
Enerplus Corp.	415,195	7,092,026
Enghouse Systems Ltd.	84,134	1,905,988
Equinox Gold Corp. *	507,830	2,556,135
Finning International, Inc.	288,023	9,032,718
First Capital Real Estate Investment Trust	407,208	4,135,436
First Majestic Silver Corp.	519,293	3,181,891
First National Financial Corp.	33,543	927,239
First Quantum Minerals Ltd.	1,066,676	28,619,194
FirstService Corp.	73,182	11,052,351
GFL Environmental, Inc.	377,390	12,214,722
Gibson Energy, Inc.	272,515	4,092,912
Gildan Activewear, Inc.	339,845	10,122,882
Granite Real Estate Investment Trust	114,304	6,360,032
H&R Real Estate Investment Trust	506,585	3,871,606
Home Capital Group, Inc.	74,257	2,429,221
Hudbay Minerals, Inc.	564,473	2,803,695
iA Financial Corp., Inc.	200,149	12,540,471
IAMGOLD Corp. *	914,200	2,263,624
Innergex Renewable Energy, Inc.	299,843	2,856,703
Ivanhoe Mines Ltd., Class A *	1,080,362	9,598,249
Keyera Corp.	437,075	10,783,520
Kinaxis, Inc. *	53,573	6,595,702
Kinross Gold Corp.	2,364,651	11,989,730
Laurentian Bank of Canada	82,869	2,250,960
Lightspeed Commerce, Inc. *	262,167	4,274,662
Linamar Corp.	80,389	4,213,300
Lithium Americas Corp. *(a)	186,988	3,423,403
Lundin Gold, Inc.	244,656	2,929,471
Lundin Mining Corp.	1,307,733	10,129,747
Maple Leaf Foods, Inc.	144,082	3,097,931

SECURITY	NUMBER OF SHARES	VALUE ($)
MEG Energy Corp. *	547,840	9,786,979
Methanex Corp.	105,596	4,487,801
Mullen Group Ltd.	164,581	1,739,538
Northland Power, Inc.	481,472	9,092,435
NorthWest Healthcare Properties Real Estate Investment Trust	412,187	2,080,814
Novagold Resources, Inc. *	454,165	1,876,479
Nuvei Corp.	117,726	2,122,279
OceanaGold Corp.	1,341,315	2,894,889
Onex Corp.	130,681	8,064,272
Open Text Corp.	513,372	20,660,856
Osisko Gold Royalties Ltd.	354,784	4,735,873
Pan American Silver Corp.	694,024	11,459,770
Paramount Resources Ltd., Class A	144,336	3,339,160
Parex Resources, Inc.	202,371	3,824,699
Parkland Corp.	261,624	6,913,085
PrairieSky Royalty Ltd.	407,868	7,792,888
Premium Brands Holdings Corp.	71,059	5,455,936
Primaris Real Estate Investment Trust	186,876	1,846,729
Primo Water Corp.	300,987	4,587,274
Quebecor, Inc., Class B	100,858	2,302,748
RB Global, Inc.	347,002	21,431,307
RioCan Real Estate Investment Trust	576,803	8,232,430
Russel Metals, Inc.	120,706	3,585,627
SmartCentres Real Estate Investment Trust	250,230	4,448,081
SNC-Lavalin Group, Inc.	336,822	10,961,434
SSR Mining, Inc.	397,784	5,892,007
Stantec, Inc.	213,277	14,228,450
Stelco Holdings, Inc.	80,581	2,304,952
Stella-Jones, Inc.	111,891	5,424,392
Superior Plus Corp.	319,324	2,409,770
TFI International, Inc.	157,990	21,500,513
The Descartes Systems Group, Inc. *	161,828	12,117,813
The North West Co., Inc.	92,149	2,077,345
TMX Group Ltd.	531,023	11,735,532
Topaz Energy Corp.	174,643	2,803,685
Torex Gold Resources, Inc. *	166,398	1,919,859
Toromont Industries Ltd.	154,559	12,662,197
TransAlta Corp.	449,700	4,311,031
TransAlta Renewables, Inc.	203,450	1,977,433
Transcontinental, Inc., Class A	136,802	1,337,736
Tricon Residential, Inc.	464,979	3,938,549
Vermilion Energy, Inc.	305,181	4,439,160
West Fraser Timber Co., Ltd.	148,258	11,192,632
Westshore Terminals Investment Corp.	75,200	1,616,888
Whitecap Resources, Inc.	564,300	4,608,829
Winpak Ltd.	59,786	1,765,365
WSP Global, Inc.	224,970	31,470,359
		815,560,453

Denmark 2.3%
ALK-Abello A/S *	253,587	3,026,301
Alm Brand A/S	1,658,899	2,749,149
Ambu A/S, Class B *	352,865	4,290,730
Bavarian Nordic A/S *(a)	149,318	3,331,249
Chemometec A/S *	29,696	1,829,256
D/S Norden A/S	42,804	2,061,987
Dfds A/S	55,759	1,870,827
FLSmidth & Co. A/S (a)	108,302	4,958,555
GN Store Nord A/S *	279,033	5,745,675
ISS A/S	293,442	5,221,913
Jyske Bank A/S *	88,329	6,304,115
Netcompany Group A/S *	62,922	2,388,799
NKT A/S *	102,936	5,591,293
NTG Nordic Transport Group A/S, Class A *	28,495	1,564,394

See financial notes

Schwab International Equity ETFs | Annual Report47

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Ringkjoebing Landbobank A/S	52,414	7,777,815
Scandinavian Tobacco Group A/S, A Shares	103,362	1,572,944
Schouw & Co. A/S	23,909	1,758,283
SimCorp A/S	75,349	8,026,532
Spar Nord Bank A/S	153,237	2,318,544
Sydbank A/S	107,483	5,065,058
Topdanmark A/S	83,462	3,957,394
TORM plc, Class A	57,973	1,430,129
Zealand Pharma A/S *	111,828	4,181,977
		87,022,919

Finland 1.0%
Cargotec Oyj, B Shares	92,843	4,371,278
Citycon Oyj *	145,921	897,988
Finnair Oyj *(a)	1,120,680	627,626
F-Secure Oyj	203,510	526,798
Kemira Oyj	217,772	3,455,565
Konecranes Oyj	136,159	4,715,664
Metsa Board Oyj, B Shares	334,153	2,674,712
Nokian Renkaat Oyj	239,745	2,083,219
Oriola Oyj, B Shares	246,323	252,643
Outokumpu Oyj	694,621	3,243,307
QT Group Oyj *(a)	37,090	2,371,861
Raisio Oyj, V Shares	214,352	481,579
Revenio Group Oyj	43,606	1,115,989
Sanoma Oyj	142,123	1,095,197
Terveystalo Oyj	145,786	1,231,020
TietoEVRY Oyj	190,595	4,670,949
Tokmanni Group Corp.	95,427	1,416,860
Uponor Oyj	104,423	3,304,863
YIT Oyj	306,836	749,305
		39,286,423

France 3.8%
Air France-KLM *	219,156	3,337,190
Altarea S.C.A.	7,337	722,263
Alten S.A.	55,369	7,890,438
Antin Infrastructure Partners S.A.	50,316	748,709
ARGAN S.A.	19,392	1,565,904
Atos SE *(a)	186,377	1,570,130
Believe S.A. *	28,570	290,549
Beneteau S.A.	69,936	1,065,707
Bonduelle S.C.A.	24,973	298,149
Carmila S.A.	108,991	1,703,424
Casino Guichard Perrachon S.A. *(a)	73,433	235,754
CGG S.A. *	1,355,799	1,070,675
Cie Plastic Omnium SE	104,187	1,834,147
Clariane SE	124,857	846,960
Coface S.A.	198,812	2,669,205
Derichebourg S.A.	182,192	998,597
Elior Group S.A. *	216,482	486,834
Elis S.A.	365,070	6,989,473
Equasens	7,178	585,856
Eramet S.A.	18,152	1,395,835
Etablissements Maurel et Prom S.A.	100,546	481,253
Euroapi S.A. *	89,533	1,220,027
Eutelsat Communications S.A. (a)	260,942	1,591,659
Fnac Darty S.A.	22,311	695,946
Forvia SE *	304,179	6,483,961
Gaztransport Et Technigaz S.A.	63,784	7,912,754
GL Events	24,758	505,177
ID Logistics Group *	4,715	1,230,741
Imerys S.A.	74,289	2,536,606
Interparfums S.A.	36,611	2,423,880
IPSOS	74,721	3,748,369

SECURITY	NUMBER OF SHARES	VALUE ($)
Jacquet Metals SACA	24,430	476,741
Lagardere S.A.	29,185	690,535
LISI	31,669	775,087
Maisons du Monde S.A.	77,279	723,000
Manitou BF S.A.	22,357	587,217
Mercialys S.A.	168,893	1,572,782
Mersen S.A.	32,764	1,493,537
Metropole Television S.A.	125,557	1,722,494
Nexans S.A.	64,195	5,298,710
Nexity S.A.	85,662	1,423,420
OVH Groupe SAS *(a)	41,480	422,516
PEUGEOT INVEST	9,709	1,083,272
Quadient S.A.	64,003	1,321,237
Rothschild & Co.	53,381	2,239,267
Rubis S.C.A.	178,984	4,374,741
SES S.A.	720,520	5,255,149
SES-imagotag S.A. *(a)	15,079	1,790,439
SMCP S.A. *	77,952	508,477
Societe BIC S.A.	46,832	2,998,917
Sopra Steria Group S.A.	27,394	6,041,557
SPIE S.A.	244,501	7,340,109
Technip Energies N.V.	258,925	6,005,487
Television Francaise 1	200,843	1,631,617
Trigano S.A.	15,066	2,125,744
Vallourec S.A. *	313,777	4,207,591
Valneva SE *(a)	191,558	1,323,955
Verallia S.A.	134,029	6,418,063
Vetoquinol S.A.	7,195	689,543
Vicat S.A.	29,180	986,536
Virbac S.A.	8,320	2,492,310
Voltalia S.A. *	72,276	1,270,805
X-Fab Silicon Foundries SE *	101,197	1,149,963
		141,576,990

Germany 4.2%
1&1 AG	86,806	1,292,628
About You Holding SE *(a)	61,194	410,124
Adesso SE	6,904	866,220
Adtran Networks SE *	34,348	747,456
AIXTRON SE	204,531	7,791,767
Aroundtown S.A. *	1,282,052	2,319,589
Atoss Software AG	7,281	1,774,096
Aurubis AG	57,835	4,799,486
Auto1 Group SE *	178,431	1,499,703
Basler AG (a)	22,175	335,021
BayWa AG	28,544	1,008,406
Befesa S.A.	77,280	2,851,778
Bertrandt AG	8,703	434,507
Bilfinger SE	49,608	1,722,945
CANCOM SE	64,683	1,881,459
CECONOMY AG *	362,956	949,381
CompuGroup Medical SE & Co. KgaA	46,664	2,190,979
CropEnergies AG	40,461	374,589
Dermapharm Holding SE	32,517	1,560,626
Deutsche Beteiligungs AG	26,804	945,481
Deutsche Euroshop AG	23,008	528,152
Deutsche Pfandbriefbank AG (a)	232,135	1,834,179
Deutz AG	228,200	1,072,936
DIC Asset AG (a)	102,960	485,543
Duerr AG	95,089	2,842,261
Eckert & Ziegler Strahlen- und Medizintechnik AG	27,875	1,005,647
ElringKlinger AG	51,315	338,345
Encavis AG *	210,450	3,235,454
Energiekontor AG	12,101	1,149,209
Evotec SE *	302,824	7,112,418
flatexDEGIRO AG *	162,831	1,429,734

See financial notes

48Schwab International Equity ETFs | Annual Report

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Freenet AG	228,119	5,471,715
Gerresheimer AG	66,224	8,617,956
GFT Technologies SE	32,578	912,957
Grand City Properties S.A. *	190,705	1,706,563
GRENKE AG (a)	50,546	1,289,212
Hamburger Hafen und Logistik AG	47,729	525,279
Hensoldt AG	101,005	3,284,387
Hornbach Holding AG & Co. KGaA	17,166	1,352,619
Hugo Boss AG	108,202	8,161,872
Hypoport SE *	8,237	1,537,684
Indus Holding AG	39,546	950,706
Instone Real Estate Group AG	56,056	358,958
Jenoptik AG	98,409	2,890,229
K+S AG	367,325	6,917,030
Kloeckner & Co. SE	137,006	1,171,751
Kontron AG (a)	90,429	1,972,757
Krones AG	28,354	3,074,323
KWS Saat SE & Co. KGaA	20,096	1,223,608
MorphoSys AG *	66,968	2,032,963
Nagarro SE *(a)	14,802	1,116,542
New Work SE	5,302	567,972
Nordex SE *	241,663	2,896,981
Norma Group SE	60,799	1,119,819
PATRIZIA SE	81,087	776,228
PNE AG	80,442	1,112,300
ProSiebenSat.1 Media SE (a)	325,524	2,588,330
Redcare Pharmacy N.V. *	13,817	1,649,591
Salzgitter AG	73,752	2,177,271
Secunet Security Networks AG	2,519	608,314
SGL Carbon SE *(a)	96,962	736,138
Siltronic AG	40,072	3,207,545
SMA Solar Technology AG *	16,619	1,340,181
Software AG *	93,446	3,225,207
Stabilus SE	46,735	2,627,494
STRATEC SE	13,805	746,915
Stroeer SE & Co. KGaA	46,428	2,113,383
Suedzucker AG	147,839	2,387,600
Synlab AG	147,357	1,509,776
TAG Immobilien AG *	291,020	3,310,197
Takkt AG	62,788	915,895
TeamViewer SE *	266,557	4,954,392
Varta AG *(a)	26,617	588,753
VERBIO Vereinigte BioEnergie AG	38,196	1,811,213
Vitesco Technologies Group AG, Class A *	35,042	2,772,593
Vossloh AG	16,423	740,616
Wacker Neuson SE	45,777	1,013,555
Wuestenrot & Wuerttembergische AG	34,618	577,116
		159,434,605

Hong Kong 0.8%
Asia Cement China Holdings Corp.	833,145	325,109
Beijing Tong Ren Tang Chinese Medicine Co., Ltd.	471,771	856,699
China Animal Healthcare Ltd. *(b)	192,752	0
Chow Sang Sang Holdings International Ltd.	470,481	563,971
CITIC Telecom International Holdings Ltd.	2,883,140	1,121,379
C-Mer Eye Care Holdings Ltd. *	807,821	380,127
Cowell e Holdings, Inc. *(a)	570,463	1,124,667
EC Healthcare	757,995	371,180
Esprit Holdings Ltd. *	5,191,245	278,040
Everest Medicines Ltd. *(a)	197,136	455,021
Far East Consortium International Ltd.	2,314,218	525,305
Fortune Real Estate Investment Trust	2,696,620	1,674,695
Fosun Tourism Group *	364,297	373,972

SECURITY	NUMBER OF SHARES	VALUE ($)
Frontage Holdings Corp. *	1,080,509	303,136
Giordano International Ltd.	2,191,510	841,196
HKBN Ltd.	1,477,038	711,984
Hong Kong Technology Venture Co., Ltd.	1,018,647	452,054
Hua Medicine *	1,630,247	351,340
IGG, Inc. *	1,571,327	737,397
Jacobio Pharmaceuticals Group Co., Ltd. *	720,731	350,175
Jinchuan Group International Resources Co., Ltd.	10,318,016	519,733
K Wah International Holdings Ltd.	2,370,120	713,295
LK Technology Holdings Ltd.	697,858	669,225
Luk Fook Holdings International Ltd.	645,221	1,601,173
MH Development NPV *(b)	459,925	10,733
Pacific Basin Shipping Ltd.	9,142,745	2,483,380
Powerlong Real Estate Holdings Ltd. *	2,694,048	288,584
Prosperity REIT	2,187,149	415,577
Realord Group Holdings Ltd. *(a)	761,180	526,107
Sa Sa International Holdings Ltd. *	2,068,416	300,698
Shun Tak Holdings Ltd. *	2,429,445	340,790
Sirnaomics Ltd. *(a)	134,369	838,762
SmarTone Telecommunications Holdings Ltd.	662,481	369,183
Stella International Holdings Ltd.	816,500	854,843
Sun Hung Kai & Co., Ltd.	1,060,022	374,440
SUNeVision Holdings Ltd.	1,144,717	547,415
Sunlight Real Estate Investment Trust	2,048,402	694,838
Superb Summit International Group Ltd. *(b)	1,120,000	0
Television Broadcasts Ltd. *	557,500	273,711
Texhong Textile Group Ltd.	565,319	302,061
The United Laboratories International Holdings Ltd.	958,508	856,842
Theme International Holdings Ltd. *	9,663,157	911,880
Truly International Holdings Ltd.	2,918,376	323,778
Value Partners Group Ltd.	1,794,512	611,005
Vesync Co., Ltd. *	736,850	301,628
Vobile Group Ltd. *	3,087,628	889,857
VSTECS Holdings Ltd.	1,264,952	658,144
		28,475,129

Ireland 0.0%
Dalata Hotel Group plc *	420,202	1,963,365

Israel 0.9%
AFI Properties Ltd. *	10,331	343,792
AudioCodes Ltd.	47,023	490,744
Camtek Ltd. *	52,130	3,190,960
Cellcom Israel Ltd. *	163,407	542,066
Clal Insurance Enterprises Holdings Ltd. *	130,006	1,928,373
Danel Adir Yeoshua Ltd.	9,029	725,020
Delek Automotive Systems Ltd.	102,975	645,237
Delta Galil Industries Ltd.	17,876	699,358
Equital Ltd. *	34,091	1,063,576
FIBI Holdings Ltd.	32,565	1,418,926
Formula Systems 1985 Ltd.	14,204	1,054,558
Fox Wizel Ltd.	13,657	989,497
G City Ltd.	163,086	521,679
Hilan Ltd.	27,674	1,420,749
IDI Insurance Co., Ltd.	15,098	328,727
Isracard Ltd.	366,046	1,486,041
Israel Canada T.R Ltd.	277,249	620,586
Kamada Ltd. *	60,345	348,728
Matrix IT Ltd.	60,468	1,229,483
Maytronics Ltd.	86,603	938,467

See financial notes

Schwab International Equity ETFs | Annual Report49

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Mega Or Holdings Ltd.	37,781	704,235
Menora Mivtachim Holdings Ltd.	40,392	852,653
Migdal Insurance & Financial Holding Ltd.	611,441	710,555
Oil Refineries Ltd.	2,785,887	908,752
One Software Technologies Ltd.	78,803	1,004,151
Partner Communications Co., Ltd. *	191,956	804,049
Paz Ashdod Refinery Ltd. *	19,064	520,479
Paz Oil Co., Ltd. *	19,064	1,580,511
Perion Network Ltd. *	80,353	2,682,453
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.	14,204	822,705
Reit 1 Ltd.	376,257	1,606,742
Sapiens International Corp. N.V.	60,024	1,793,624
Sella Capital Real Estate Ltd.	412,599	867,172
Summit Real Estate Holdings Ltd.	77,883	1,028,516
		35,873,164

Italy 2.4%
ACEA S.p.A.	80,016	961,378
Alerion Cleanpower S.p.A.	11,822	368,891
Anima Holding S.p.A.	419,763	1,731,241
Arnoldo Mondadori Editore S.p.A.	240,890	562,117
Azimut Holding S.p.A.	203,875	4,730,874
Banca Generali S.p.A.	104,646	3,828,698
Banca IFIS S.p.A.	44,358	780,895
Banca Monte dei Paschi di Siena S.p.A. *	787,193	2,188,921
Banca Popolare di Sondrio S.p.A.	733,116	3,489,884
BFF Bank S.p.A.	355,510	3,823,800
Biesse S.p.A.	24,412	342,323
BPER Banca	2,032,184	6,149,297
Brembo S.p.A.	276,319	3,850,751
Brunello Cucinelli S.p.A.	65,022	5,391,671
Carel Industries S.p.A.	84,164	2,370,464
Cementir Holding N.V.	86,311	755,042
Credito Emiliano S.p.A.	145,782	1,221,493
Danieli & C Officine Meccaniche S.p.A. (a)	21,784	523,698
doValue S.p.A.	111,517	547,078
El.En. S.p.A.	99,546	1,186,304
Enav S.p.A.	474,666	1,918,525
ERG S.p.A.	106,860	2,934,306
Fincantieri S.p.A. *(a)	919,006	510,691
Gruppo MutuiOnline S.p.A.	30,269	859,092
GVS S.p.A. *	139,369	869,769
Immobiliare Grande Distribuzione SIIQ S.p.A.	129,747	323,184
Iren S.p.A.	1,243,860	2,578,544
Italmobiliare S.p.A.	26,403	710,681
Iveco Group N.V. *	380,722	3,792,501
Juventus Football Club S.p.A. *(a)	1,728,089	681,961
Maire Tecnimont S.p.A.	308,257	1,235,220
MARR S.p.A.	63,178	931,184
MFE-MediaForEurope N.V., Class A	1,462,753	741,408
MFE-MediaForEurope N.V., Class B	527,449	378,400
Piaggio & C S.p.A.	320,161	1,225,238
RAI Way S.p.A.	181,924	1,012,924
Saipem SpA *	2,033,277	3,290,364
Salcef Group S.p.A.	40,789	1,089,050
Salvatore Ferragamo S.p.A.	123,307	1,964,642
Sanlorenzo S.p.A	25,697	1,034,728
Saras S.p.A.	1,131,845	1,614,794
Sesa S.p.A.	13,854	1,625,439
SOL S.p.A.	70,366	1,936,023
Tamburi Investment Partners S.p.A.	194,074	1,857,829
Technogym S.p.A.	253,368	2,171,069
Tinexta S.p.A.	37,278	748,099

SECURITY	NUMBER OF SHARES	VALUE ($)
Tod's S.p.A. *	16,352	677,250
Unipol Gruppo S.p.A.	826,531	4,614,555
Webuild S.p.A. (a)	581,078	1,189,449
Zignago Vetro S.p.A.	57,734	1,006,345
		90,328,084

Japan 18.3%
Adastria Co., Ltd.	49,607	992,924
ADEKA Corp.	186,960	3,598,966
Aeon Delight Co., Ltd.	34,594	759,198
Aeon Fantasy Co., Ltd. (a)	12,700	285,256
Aeon Hokkaido Corp.	99,451	587,477
Ai Holdings Corp.	66,964	1,089,657
Aichi Financial Group, Inc.	86,381	1,447,149
Aichi Steel Corp.	21,390	538,478
Aida Engineering Ltd.	104,123	726,647
Aiful Corp.	549,802	1,306,670
Aiphone Co., Ltd.	22,647	472,898
Airtrip Corp.	21,311	342,826
Aisan Industry Co., Ltd.	65,347	583,515
Alconix Corp.	50,056	476,200
Alpen Co., Ltd.	28,462	373,602
Alpha Systems, Inc.	12,546	262,407
Altech Corp.	34,572	606,735
Anest Iwata Corp.	60,717	512,144
Anicom Holdings, Inc.	153,056	680,202
AOKI Holdings, Inc.	70,109	503,238
Aoyama Trading Co., Ltd.	90,144	1,000,602
Arata Corp.	23,656	879,067
Arcland Sakamoto Co., Ltd.	46,792	533,535
Arcland Service Holdings Co., Ltd. *(b)	26,859	572,694
Arcs Co., Ltd.	65,579	1,164,417
ARE Holdings, Inc.	135,782	1,762,736
Argo Graphics, Inc.	27,348	632,112
Arisawa Manufacturing Co., Ltd.	50,640	355,143
Asahi Diamond Industrial Co., Ltd.	91,435	561,479
ASAHI YUKIZAI Corp.	21,789	605,396
Asanuma Corp.	22,980	563,510
ASKA Pharmaceutical Holdings Co., Ltd.	39,483	454,535
Atom Corp. *	218,423	1,411,794
Autobacs Seven Co., Ltd.	110,803	1,233,724
Avant Group Corp.	39,665	385,520
Avex, Inc.	63,188	637,153
Axial Retailing, Inc.	25,891	668,683
Bando Chemical Industries Ltd.	77,606	819,851
Bank of the Ryukyus Ltd.	74,680	541,178
Base Co., Ltd.	31,522	944,025
Belc Co., Ltd.	17,613	821,460
Bell System24 Holdings, Inc.	60,722	634,810
Belluna Co., Ltd.	90,151	450,182
BeNext-Yumeshin Group Co.	106,709	1,473,264
BML, Inc.	39,123	777,972
Broadleaf Co., Ltd.	158,862	585,973
BRONCO BILLY Co., Ltd.	16,860	354,953
Bunka Shutter Co., Ltd.	86,347	646,483
C Uyemura & Co., Ltd.	21,445	1,403,791
Canon Electronics, Inc.	37,196	473,429
Carta Holdings, Inc.	37,423	313,604
Cawachi Ltd.	22,809	358,151
Central Glass Co., Ltd.	42,112	848,401
Change Holdings, Inc.	60,138	851,354
Chilled & Frozen Logistics Holdings Co., Ltd.	39,944	386,037
Chiyoda Corp. *	289,323	737,293
Chiyoda Integre Co., Ltd.	20,762	399,025
Chofu Seisakusho Co., Ltd.	37,928	561,163
Chori Co., Ltd.	21,778	427,228

See financial notes

50Schwab International Equity ETFs | Annual Report

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Chubu Shiryo Co., Ltd.	50,038	388,728
Chudenko Corp.	48,440	795,217
Chugoku Marine Paints Ltd.	81,915	802,917
Citizen Watch Co., Ltd.	415,560	2,548,993
CKD Corp.	111,350	1,540,398
CMK Corp.	87,459	371,859
COLOPL, Inc.	94,185	412,749
Colowide Co., Ltd.	135,374	2,346,972
Comforia Residential REIT, Inc.	1,261	2,949,277
Computer Engineering & Consulting Ltd.	47,140	552,722
Comture Corp.	42,610	714,728
Cosel Co., Ltd.	38,820	345,843
CRE Logistics REIT, Inc. *	1,154	1,339,602
Create Restaurants Holdings, Inc.	191,006	1,570,452
Create SD Holdings Co., Ltd.	40,804	1,045,430
CTI Engineering Co., Ltd.	20,116	609,345
Curves Holdings Co., Ltd.	115,758	579,645
Cybozu, Inc.	46,044	685,987
Dai Nippon Toryo Co., Ltd.	46,392	308,462
Dai-Dan Co., Ltd.	24,760	507,666
Daido Metal Co., Ltd.	94,585	344,335
Daiei Kankyo Co., Ltd.	71,000	1,127,046
Daihen Corp.	37,590	1,376,204
Daiho Corp.	14,916	409,310
Daiichi Jitsugyo Co., Ltd.	16,820	616,951
Daiken Corp.	29,625	618,608
Daiki Aluminium Industry Co., Ltd.	51,216	506,584
Daikokutenbussan Co., Ltd.	9,649	437,431
Daikyonishikawa Corp.	110,073	613,176
Dainichiseika Color & Chemicals Manufacturing Co., Ltd.	23,385	371,211
Daiseki Co., Ltd.	86,951	2,636,870
Daishi Hokuetsu Financial Group, Inc.	79,705	2,001,043
Daito Pharmaceutical Co., Ltd.	26,004	408,855
Daiwa Industries Ltd.	49,375	480,235
Daiwabo Holdings Co., Ltd.	169,768	3,448,185
DCM Holdings Co., Ltd.	175,997	1,471,225
Demae-Can Co., Ltd. *(a)	137,688	381,140
Denyo Co., Ltd.	31,019	442,535
Dexerials Corp.	88,679	2,200,148
Digital Arts, Inc.	18,443	611,241
Digital Garage, Inc.	60,087	1,547,730
Dip Corp.	38,407	923,340
Direct Marketing MiX, Inc.	40,306	160,022
DKK Co., Ltd.	17,456	299,516
Doshisha Co., Ltd.	40,174	653,999
Doutor Nichires Holdings Co., Ltd.	47,972	768,422
DTS Corp.	71,875	1,594,644
Duskin Co., Ltd.	75,667	1,704,762
DyDo Group Holdings, Inc.	16,990	678,036
Eagle Industry Co., Ltd.	50,771	585,182
Earth Corp.	27,677	941,989
EDION Corp.	151,034	1,519,832
eGuarantee, Inc.	63,677	850,281
Eiken Chemical Co., Ltd.	58,972	567,097
Eizo Corp.	36,293	1,253,933
Elan Corp.	60,730	361,664
Elecom Co., Ltd.	79,895	960,375
Elematec Corp.	31,572	404,883
EM Systems Co., Ltd.	68,805	352,095
en-japan, Inc.	54,814	960,097
Enplas Corp.	13,456	1,016,698
eRex Co., Ltd.	66,914	429,287
ES-Con Japan Ltd.	72,303	430,088
ESCON Japan Reit Investment Corp.	612	489,735
ESPEC Corp.	35,073	552,649
euglena Co., Ltd. *	167,179	925,551
Exedy Corp.	52,951	959,472

SECURITY	NUMBER OF SHARES	VALUE ($)
FCC Co., Ltd.	68,268	901,737
Ferrotec Holdings Corp.	86,836	1,807,282
FIDEA Holdings Co., Ltd.	34,501	360,449
Financial Products Group Co., Ltd.	107,459	1,059,938
Fixstars Corp.	38,626	328,726
France Bed Holdings Co., Ltd.	59,267	493,400
Fudo Tetra Corp.	21,700	272,470
Fuji Co., Ltd.	60,146	754,794
Fuji Corp.	159,406	2,633,317
Fuji Seal International, Inc.	75,755	909,570
Fuji Soft, Inc.	79,664	2,407,677
Fujibo Holdings, Inc.	20,550	492,630
Fujicco Co., Ltd.	40,454	539,350
Fujimi, Inc.	113,038	2,616,602
Fujimori Kogyo Co., Ltd.	28,438	733,487
Fujio Food Group., Inc. *	49,569	474,291
Fujita Kanko, Inc. *	15,427	504,926
Fujitec Co., Ltd.	142,344	3,642,074
Fujiya Co., Ltd.	20,872	353,255
Fukuda Corp.	9,352	302,558
Fukuoka REIT Corp.	1,376	1,532,092
Fukushima Galilei Co., Ltd.	21,301	757,902
Fukuyama Transporting Co., Ltd.	55,435	1,380,306
FULLCAST Holdings Co., Ltd.	36,691	523,959
Funai Soken Holdings, Inc.	57,650	1,069,169
Furukawa Co., Ltd.	58,430	711,988
Furuno Electric Co., Ltd.	45,875	406,804
Furuya Metal Co., Ltd.	8,284	539,426
Fuso Chemical Co., Ltd.	36,964	1,085,422
Futaba Industrial Co., Ltd.	109,833	519,045
Future Corp.	69,249	740,603
G-7 Holdings, Inc.	32,240	277,257
Gakken Holdings Co., Ltd.	54,084	314,656
Genky DrugStores Co., Ltd.	17,829	636,816
Geo Holdings Corp.	48,873	881,886
giftee, Inc. *	43,669	485,028
Giken Ltd.	27,487	383,083
Global One Real Estate Investment Corp.	1,951	1,557,209
GLOBERIDE, Inc.	36,919	492,727
Glory Ltd.	94,388	1,995,578
Godo Steel Ltd.	16,900	510,186
Goldcrest Co., Ltd.	28,834	386,209
Gree, Inc.	130,881	557,380
gremz, Inc.	29,281	499,598
G-Tekt Corp.	40,142	508,996
Gunze Ltd.	28,992	913,063
H.I.S. Co., Ltd. *(a)	77,271	1,046,663
H2O Retailing Corp.	152,233	1,835,140
Hakuto Co., Ltd.	19,789	685,074
Halows Co., Ltd.	15,972	448,162
Hamakyorex Co., Ltd.	29,540	850,174
Hankyu Hanshin REIT, Inc.	1,276	1,255,973
Hanwa Co., Ltd.	69,962	2,229,788
Happinet Corp.	29,415	527,342
Hazama Ando Corp.	289,639	2,361,517
Health Care & Medical Investment Corp.	654	664,399
Heiwa Real Estate Co., Ltd.	59,659	1,602,271
Heiwa Real Estate REIT, Inc.	1,882	1,878,316
Heiwado Co., Ltd.	56,147	925,595
Hibiya Engineering Ltd.	30,570	469,516
Hiday Hidaka Corp.	52,399	1,071,123
HI-LEX Corp.	50,649	434,179
Hioki EE Corp.	17,201	910,944
Hirata Corp.	15,670	840,627
Hitachi Zosen Corp.	309,733	1,836,038
Hochiki Corp.	27,388	314,167
Hogy Medical Co., Ltd.	34,502	758,364
Hokkaido Electric Power Co., Inc. *	344,816	1,589,254

See financial notes

Schwab International Equity ETFs | Annual Report51

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Hokkaido Gas Co., Ltd.	21,100	337,548
Hokkoku Financial Holdings, Inc.	39,572	1,337,323
Hokuetsu Corp.	259,076	1,610,494
Hokuhoku Financial Group, Inc.	234,830	2,129,173
Hokuriku Electric Power Co. *	325,980	1,898,984
Hokuto Corp.	37,648	472,976
Honeys Holdings Co., Ltd	29,012	336,383
Hoosiers Holdings Co., Ltd.	47,304	348,318
Hoshino Resorts REIT, Inc.	480	2,067,246
Hosiden Corp.	96,326	1,199,568
Hosokawa Micron Corp.	23,348	651,919
Hulic REIT, Inc.	2,415	2,693,931
Ichibanya Co., Ltd.	30,517	1,173,852
Ichigo Office REIT Investment Corp.	2,199	1,351,860
Ichigo, Inc.	358,075	769,842
Ichikoh Industries Ltd.	109,845	400,644
Icom, Inc.	17,252	397,572
Idec Corp.	47,616	995,918
IDOM, Inc.	101,051	544,871
Iino Kaiun Kaisha Ltd.	154,044	1,105,718
I'll, Inc.	33,714	641,697
Inaba Denki Sangyo Co., Ltd.	98,717	2,139,315
Inabata & Co., Ltd.	75,417	1,642,146
Inageya Co., Ltd.	44,847	465,151
Ines Corp.	34,763	397,332
Infocom Corp.	38,797	756,300
Infomart Corp.	410,835	1,320,677
Insource Co., Ltd.	76,987	581,692
Intage Holdings, Inc.	56,702	683,143
Integrated Design & Engineering Holdings Co., Ltd.	26,379	615,151
Iriso Electronics Co., Ltd.	37,698	1,121,217
Ishihara Sangyo Kaisha Ltd.	64,119	631,567
Istyle, Inc. *	118,627	405,785
Itochu Advance Logistics Investment Corp.	1,259	1,138,060
Itochu Enex Co., Ltd.	85,081	862,001
Itochu-Shokuhin Co., Ltd.	9,216	388,049
J Trust Co., Ltd. (a)	181,400	576,901
JAC Recruitment Co., Ltd.	25,628	474,589
Jaccs Co., Ltd.	48,609	1,692,809
JAFCO Group Co., Ltd.	95,244	1,222,075
Japan Display, Inc. *	1,178,052	315,582
Japan Elevator Service Holdings Co., Ltd.	136,222	2,269,977
Japan Excellent, Inc.	2,348	2,140,190
Japan Lifeline Co., Ltd.	123,583	978,749
Japan Material Co., Ltd.	107,141	1,961,265
Japan Petroleum Exploration Co., Ltd.	55,147	1,810,644
Japan Pulp & Paper Co., Ltd.	19,727	642,955
Japan Securities Finance Co., Ltd.	155,200	1,341,083
Japan Transcity Corp.	90,121	396,796
JCU Corp.	38,370	890,824
JDC Corp.	63,100	265,689
JINS Holdings, Inc.	29,789	703,879
JM Holdings Co., Ltd.	25,683	334,654
J-Oil Mills, Inc.	32,665	408,130
Joshin Denki Co., Ltd.	35,676	545,487
Joyful Honda Co., Ltd.	106,916	1,260,211
Juroku Financial Group, Inc.	66,187	1,666,211
JVCKenwood Corp.	310,925	1,358,301
K&O Energy Group, Inc.	26,296	441,984
Kaga Electronics Co., Ltd.	31,729	1,442,772
Kameda Seika Co., Ltd.	25,918	785,097
Kamei Corp.	40,518	409,396
Kanamoto Co., Ltd.	50,971	865,126
Kanematsu Corp.	157,468	2,218,408
Kansai Food Market Ltd.	27,500	276,162

SECURITY	NUMBER OF SHARES	VALUE ($)
Kanto Denka Kogyo Co., Ltd.	83,659	479,250
Kappa Create Co., Ltd. *	43,839	491,734
Katakura Industries Co., Ltd.	37,026	416,585
Kato Sangyo Co., Ltd.	37,166	1,070,930
KeePer Technical Laboratory Co., Ltd.	23,259	1,084,786
Keihanshin Building Co., Ltd.	62,827	550,656
Keiyo Co., Ltd.	74,059	432,394
Kenedix Residential Next Investment Corp.	2,021	3,137,315
Kenedix Retail REIT Corp.	1,148	2,272,580
Key Coffee, Inc.	29,911	430,837
KFC Holdings Japan Ltd.	27,092	561,994
KH Neochem Co., Ltd.	66,312	1,034,410
Kintetsu Department Store Co., Ltd.	16,304	321,298
Kisoji Co., Ltd. (a)	42,724	772,398
Kissei Pharmaceutical Co., Ltd.	58,918	1,380,021
Ki-Star Real Estate Co., Ltd.	14,052	457,992
Kitz Corp.	144,934	1,050,282
Koa Corp.	56,815	718,456
Kohnan Shoji Co., Ltd.	43,837	1,070,444
Kokusai Pulp & Paper Co., Ltd.	85,924	384,809
KOMEDA Holdings Co., Ltd.	59,227	1,161,066
Komeri Co., Ltd.	51,226	1,081,979
Komori Corp.	82,296	621,241
Konishi Co., Ltd.	50,501	864,433
Konoike Transport Co., Ltd.	53,960	757,223
Kosaido Holdings Co., Ltd.	35,172	678,387
Koshidaka Holdings Co., Ltd.	84,776	778,552
Krosaki Harima Corp.	7,572	495,143
Kumagai Gumi Co., Ltd.	63,599	1,421,951
Kumiai Chemical Industry Co., Ltd.	175,597	1,356,916
Kura Sushi, Inc. (a)	36,842	799,675
Kurabo Industries Ltd.	32,387	520,114
Kureha Corp.	34,926	2,053,553
Kurimoto Ltd.	22,440	438,365
KYB Corp.	36,353	1,187,337
Kyoei Steel Ltd.	41,088	547,802
Kyokuto Kaihatsu Kogyo Co., Ltd.	56,631	705,627
Kyokuyo Co., Ltd.	17,302	451,610
Kyorin Pharmaceutical Co., Ltd.	68,689	836,998
Kyoritsu Maintenance Co., Ltd.	45,927	1,981,752
Leopalace21 Corp. *	448,041	1,126,373
Life Corp.	38,029	949,517
LITALICO, Inc.	34,838	524,538
M&A Capital Partners Co., Ltd. *	23,785	460,555
Macnica Holdings, Inc.	87,882	4,122,911
Macromill, Inc.	70,437	356,092
Maeda Kosen Co., Ltd.	40,584	872,534
Makino Milling Machine Co., Ltd.	38,772	1,856,241
Management Solutions Co., Ltd.	30,616	811,744
Mandom Corp.	68,131	672,489
Mars Group Holdings Corp.	16,880	331,374
Marudai Food Co., Ltd.	38,377	450,238
Maruha Nichiro Corp.	64,599	1,127,937
MARUKA FURUSATO Corp.	28,550	556,547
Marusan Securities Co., Ltd.	104,629	375,870
Maruwa Co., Ltd.	15,677	2,921,434
Maruzen Showa Unyu Co., Ltd.	28,349	771,110
Marvelous, Inc.	57,656	271,676
Matsuda Sangyo Co., Ltd.	25,630	395,933
Matsuya Co., Ltd.	73,304	543,794
Matsuyafoods Holdings Co., Ltd.	15,298	445,012
Max Co., Ltd.	71,195	1,339,934
Maxell Holdings Ltd.	69,065	749,072
MCJ Co., Ltd.	118,241	966,492
MEC Co., Ltd.	24,782	656,212
Megachips Corp.	31,135	898,218
Megmilk Snow Brand Co., Ltd.	77,685	1,272,116

See financial notes

52Schwab International Equity ETFs | Annual Report

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Meidensha Corp.	75,727	1,137,062
Meiko Electronics Co., Ltd.	36,123	887,040
Meisei Industrial Co., Ltd.	87,921	579,155
Meitec Corp.	144,644	2,535,008
METAWATER Co., Ltd.	40,054	528,789
Micronics Japan Co., Ltd.	61,297	917,866
Midac Holdings Co., Ltd.	21,589	272,708
Mie Kotsu Group Holdings, Inc.	113,509	468,585
Milbon Co., Ltd.	34,832	1,078,085
Mimasu Semiconductor Industry Co., Ltd.	28,228	557,250
Mirai Corp.	3,101	1,004,308
MIRAIT ONE Corp.	155,583	2,061,473
Mirarth Holdings, Inc.	173,970	559,247
Miroku Jyoho Service Co., Ltd.	32,861	345,347
Mitani Sekisan Co., Ltd.	19,171	668,947
Mitsuba Corp.	67,000	352,062
Mitsubishi Estate Logistics REIT Investment Corp.	927	2,508,761
Mitsubishi Logisnext Co., Ltd.	121,775	1,144,268
Mitsubishi Pencil Co., Ltd.	79,751	1,057,248
Mitsubishi Research Institute, Inc.	11,784	406,331
Mitsubishi Shokuhin Co., Ltd.	32,829	900,861
Mitsuboshi Belting Ltd.	38,951	1,289,582
Mitsui DM Sugar Holdings Co., Ltd.	30,131	618,411
Mitsui E&S Co., Ltd.	154,133	530,416
Mitsui-Soko Holdings Co., Ltd.	40,642	1,159,924
Mitsuuroko Group Holdings Co., Ltd.	78,499	709,583
Mixi, Inc.	76,900	1,284,088
Mizuho Leasing Co., Ltd.	78,993	2,609,859
Mizuno Corp.	35,887	1,146,235
Mochida Pharmaceutical Co., Ltd.	46,547	1,079,068
Modec, Inc. *	36,666	416,817
Monex Group, Inc.	329,827	1,184,872
Monogatari Corp.	55,459	1,813,270
Mori Trust Reit, Inc.	4,749	2,400,841
Morita Holdings Corp.	73,491	827,869
MOS Food Services, Inc.	46,194	1,081,990
m-up Holdings, Inc.	41,243	422,104
Musashi Seimitsu Industry Co., Ltd.	84,697	1,009,371
Nachi-Fujikoshi Corp.	32,606	899,221
Nafco Co., Ltd.	34,472	452,492
Nagaileben Co., Ltd.	46,230	701,143
Nagatanien Holdings Co., Ltd.	20,662	334,941
Nagawa Co., Ltd.	18,366	896,949
Nakanishi, Inc.	133,304	3,360,413
Neturen Co., Ltd.	64,903	449,821
Nextage Co., Ltd.	71,863	1,619,059
Nichias Corp.	103,673	2,171,945
Nichiban Co., Ltd.	23,075	303,049
Nichicon Corp.	119,222	1,153,035
Nichiden Corp.	22,694	392,354
Nichiha Corp.	53,489	1,148,148
Nichireki Co., Ltd.	41,633	595,962
Nihon Nohyaku Co., Ltd.	69,052	326,798
Nihon Parkerizing Co., Ltd.	171,113	1,366,929
Nikkiso Co., Ltd.	104,128	720,960
Nikkon Holdings Co., Ltd.	96,102	2,193,543
Nippn Corp.	96,812	1,376,521
Nippon Carbon Co., Ltd.	20,541	625,747
Nippon Ceramic Co., Ltd.	34,204	608,029
Nippon Chemi-Con Corp. *	39,068	377,034
Nippon Denko Co., Ltd.	210,033	401,066
Nippon Densetsu Kogyo Co., Ltd.	64,921	952,065
Nippon Fine Chemical Co., Ltd.	25,578	445,904
Nippon Gas Co., Ltd.	198,380	3,099,326
Nippon Kanzai Holdings Co., Ltd.	33,387	611,394
Nippon Light Metal Holdings Co., Ltd.	118,215	1,260,224

SECURITY	NUMBER OF SHARES	VALUE ($)
Nippon Paper Industries Co., Ltd. *	179,211	1,603,956
Nippon Parking Development Co., Ltd., Class C	286,332	430,722
Nippon Pillar Packing Co., Ltd.	29,960	865,349
NIPPON REIT Investment Corp.	823	1,967,263
Nippon Seiki Co., Ltd.	89,491	673,710
Nippon Sheet Glass Co., Ltd. *	174,623	918,784
Nippon Signal Co., Ltd.	108,059	717,004
Nippon Soda Co., Ltd.	47,748	1,767,776
Nippon Thompson Co., Ltd.	121,772	470,911
Nippon Yakin Kogyo Co., Ltd.	27,697	855,157
Nishimatsu Construction Co., Ltd.	51,124	1,296,843
Nishimatsuya Chain Co., Ltd.	85,831	991,049
Nishi-Nippon Financial Holdings, Inc.	272,736	2,828,804
Nishio Holdings Co., Ltd.	29,484	719,962
Nissan Shatai Co., Ltd.	114,557	712,908
Nissei ASB Machine Co., Ltd.	14,943	443,409
Nissha Co., Ltd.	76,411	926,894
Nisshinbo Holdings, Inc.	250,901	1,866,441
Nissin Corp.	20,048	355,420
Nissin Sugar Co., Ltd.	25,064	372,383
Nissui Corp.	544,428	2,859,663
Nitta Corp.	34,055	774,270
Nittetsu Mining Co., Ltd.	24,191	849,099
Nitto Boseki Co., Ltd.	50,412	1,386,819
Nitto Kogyo Corp.	46,587	1,244,795
Nittoku Co., Ltd. (a)	29,112	487,116
Nohmi Bosai Ltd.	41,389	503,770
Nojima Corp.	121,906	1,070,974
Nomura Co., Ltd.	145,388	853,843
Noritake Co., Ltd.	24,918	1,032,081
Noritsu Koki Co., Ltd.	39,357	797,764
Noritz Corp.	62,369	685,444
North Pacific Bank Ltd.	518,276	1,092,906
NS United Kaiun Kaisha Ltd.	18,479	516,602
NSD Co., Ltd.	130,490	2,292,773
NTN Corp.	835,241	1,663,196
NTT UD REIT Investment Corp.	2,552	2,429,558
Obara Group, Inc.	18,931	514,935
Ohsho Food Service Corp.	19,745	952,089
Oiles Corp.	51,015	724,305
Oisix ra daichi, Inc. *(a)	45,484	520,808
Okabe Co., Ltd.	70,485	356,819
Okamoto Industries, Inc.	25,924	832,467
Okamura Corp.	134,389	2,006,812
Okasan Securities Group, Inc.	368,214	1,456,821
Oki Electric Industry Co., Ltd.	157,121	974,553
Okinawa Cellular Telephone Co.	45,280	979,716
Okinawa Financial Group, Inc.	37,557	581,471
Okumura Corp.	65,513	2,049,742
Okuwa Co., Ltd.	47,918	284,378
One REIT, Inc.	459	803,963
Onoken Co., Ltd.	34,587	399,359
Onward Holdings Co., Ltd.	219,854	786,784
Optex Group Co., Ltd.	63,652	769,499
Optorun Co., Ltd.	18,224	244,848
Organo Corp.	50,531	1,405,712
Oriental Shiraishi Corp.	211,488	475,025
Osaka Organic Chemical Industry Ltd.	28,199	501,281
Osaka Soda Co., Ltd.	40,126	1,926,577
OSAKA Titanium Technologies Co. Ltd (a)	34,724	795,443
Osaki Electric Co., Ltd.	70,462	308,303
Outsourcing, Inc.	193,405	1,517,775
Oyo Corp.	35,095	656,653
Pacific Industrial Co., Ltd.	88,293	866,040
Pacific Metals Co., Ltd. *	26,692	291,882
PAL GROUP Holdings Co., Ltd.	79,170	1,117,521
Paramount Bed Holdings Co., Ltd.	77,140	1,252,065

See financial notes

Schwab International Equity ETFs | Annual Report53

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Pasona Group, Inc.	34,629	388,903
Pharma Foods International Co., Ltd.	46,856	529,437
PHC Holdings Corp.	61,770	605,459
PIA Corp. *	11,782	291,748
Pilot Corp.	67,303	2,169,543
Piolax, Inc.	46,365	743,955
PKSHA Technology, Inc. *	30,224	522,124
Pole To Win Holdings, Inc.	55,379	264,751
Premium Group Co., Ltd.	69,857	784,053
Press Kogyo Co., Ltd.	168,387	774,938
Pressance Corp.	35,524	466,789
Prestige International, Inc.	157,693	636,903
Prima Meat Packers Ltd.	55,034	957,146
Procrea Holdings, Inc.	52,053	717,590
Proto Corp.	39,609	322,672
Qol Holdings Co., Ltd.	46,525	614,538
Raito Kogyo Co., Ltd.	81,647	1,141,269
Raiznext Corp.	82,284	796,926
Raksul, Inc. *	90,183	872,189
Remixpoint, Inc. (a)	234,129	353,803
Restar Holdings Corp.	47,152	782,817
Retail Partners Co., Ltd.	60,818	673,412
Rheon Automatic Machinery Co., Ltd.	37,645	357,871
Ricoh Leasing Co., Ltd.	24,990	736,388
Riken Corp.	15,668	354,073
Riken Keiki Co., Ltd.	32,552	1,180,579
Riken Technos Corp.	88,588	437,509
Riken Vitamin Co., Ltd.	29,470	467,803
Ringer Hut Co., Ltd.	47,299	766,739
Riso Kagaku Corp.	42,334	662,991
Riso Kyoiku Co., Ltd.	174,995	298,099
Rock Field Co., Ltd.	37,963	402,095
Roland Corp.	23,366	625,939
Roland DG Corp.	21,779	518,352
Rorze Corp.	18,084	1,442,149
Round One Corp.	373,435	1,523,649
Royal Holdings Co., Ltd.	76,016	1,388,375
RS Technologies Co., Ltd.	28,392	542,156
Ryobi Ltd.	52,458	1,022,604
Ryoden Corp.	25,142	410,327
Ryosan Co., Ltd.	43,891	1,278,276
Ryoyo Electro Corp.	28,172	666,638
S Foods, Inc.	34,638	798,231
Sagami Holdings Corp.	45,982	442,180
Saibu Gas Holdings Co., Ltd.	42,461	594,107
Saizeriya Co., Ltd.	47,091	1,481,449
Sakai Chemical Industry Co., Ltd.	26,460	357,138
Sakai Moving Service Co., Ltd.	16,661	621,419
Sakata INX Corp.	88,774	833,562
Sakata Seed Corp.	60,062	1,736,862
Sala Corp.	99,810	512,127
SAMTY Co., Ltd.	51,634	822,115
Samty Residential Investment Corp.	809	645,155
San ju San Financial Group, Inc.	41,235	494,531
San-A Co., Ltd.	33,639	1,135,664
San-Ai Obbli Co., Ltd.	99,190	1,141,893
Sangetsu Corp.	104,922	2,176,491
Sankei Real Estate, Inc.	826	529,353
Sanken Electric Co., Ltd.	37,756	2,891,640
Sanki Engineering Co., Ltd.	98,523	1,090,226
Sansan, Inc. *	147,574	1,471,837
Sanyo Chemical Industries Ltd.	21,078	599,395
Sanyo Denki Co., Ltd.	15,933	779,221
Sanyo Electric Railway Co., Ltd.	31,466	481,549
Sanyo Special Steel Co., Ltd.	43,582	834,011
Sato Holdings Corp.	42,758	620,290
SB Technology Corp.	17,900	294,225
SBS Holdings, Inc.	31,696	666,207

SECURITY	NUMBER OF SHARES	VALUE ($)
Seikagaku Corp.	77,830	428,751
Seiko Holdings Corp.	50,440	931,989
Seiren Co., Ltd.	80,988	1,337,886
Sekisui Jushi Corp.	49,182	850,639
Senko Group Holdings Co., Ltd.	204,925	1,435,749
Senshu Electric Co., Ltd.	23,373	616,494
Senshu Ikeda Holdings, Inc.	520,306	947,083
Septeni Holdings Co., Ltd.	188,240	548,228
Seria Co., Ltd.	94,700	1,494,801
Shibaura Machine Co., Ltd.	42,812	1,240,970
Shibaura Mechatronics Corp. (a)	5,956	1,051,817
Shibuya Corp.	40,345	721,906
Shikoku Chemicals Corp.	57,624	577,091
Shima Seiki Manufacturing Ltd.	53,594	731,840
Shin Nippon Air Technologies Co., Ltd.	24,073	408,589
Shin Nippon Biomedical Laboratories Ltd.	41,096	637,392
Shindengen Electric Manufacturing Co., Ltd.	14,653	312,515
Shin-Etsu Polymer Co., Ltd.	71,511	674,414
Shinko Shoji Co., Ltd.	56,400	452,874
Shinmaywa Industries Ltd.	105,543	1,023,641
Shinnihon Corp.	45,939	388,755
Shinwa Co., Ltd.	21,087	325,028
Shizuoka Gas Co., Ltd.	105,237	740,205
Shoei Co., Ltd.	89,558	1,518,214
Shoei Foods Corp.	23,736	741,011
Showa Sangyo Co., Ltd.	49,546	1,018,588
Siix Corp.	63,151	684,062
Simplex Holdings, Inc.	58,048	1,146,726
Sinanen Holdings Co., Ltd.	18,100	498,547
Sinfonia Technology Co., Ltd.	48,491	525,595
Sinko Industries Ltd.	37,023	512,425
Sintokogio Ltd.	93,813	701,092
SKY Perfect JSAT Holdings, Inc.	228,500	1,040,598
Snow Peak, Inc. (a)	54,191	587,750
Sodick Co., Ltd.	87,206	412,115
Softcreate Holdings Corp.	26,904	325,247
Solasto Corp.	89,163	407,889
SOSiLA Logistics REIT, Inc.	1,321	1,163,253
Sparx Group Co., Ltd.	37,351	385,607
S-Pool, Inc.	109,436	365,325
SRA Holdings	14,532	339,381
SRE Holdings Corp. *	18,124	429,493
St Marc Holdings Co., Ltd.	25,149	326,832
Star Asia Investment Corp.	3,236	1,286,976
Star Micronics Co., Ltd.	67,890	877,625
Starts Corp., Inc.	53,655	1,127,756
Starts Proceed Investment Corp.	467	692,874
Starzen Co., Ltd.	27,368	483,501
Stella Chemifa Corp.	16,070	342,185
Strike Co., Ltd.	27,464	603,667
Sumida Corp.	38,960	443,697
Sumitomo Densetsu Co., Ltd.	28,345	564,622
Sumitomo Mitsui Construction Co., Ltd.	274,747	764,313
Sumitomo Osaka Cement Co., Ltd.	61,817	1,701,417
Sumitomo Riko Co., Ltd.	66,616	496,011
Sumitomo Seika Chemicals Co., Ltd.	17,724	550,888
Sun Corp.	33,760	460,306
Sun Frontier Fudousan Co., Ltd.	55,687	552,337
Suruga Bank Ltd.	351,211	1,464,334
SWCC Corp.	41,113	554,913
Systena Corp.	512,550	950,568
T Hasegawa Co., Ltd.	39,362	946,299
Tachibana Eletech Co., Ltd.	34,622	632,345
Tachi-S Co., Ltd.	52,206	627,899
Tadano Ltd.	224,393	1,824,922
Taihei Dengyo Kaisha Ltd.	30,258	812,644

See financial notes

54Schwab International Equity ETFs | Annual Report

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Taikisha Ltd.	53,389	1,679,580
Taiyo Holdings Co., Ltd.	61,692	1,114,045
Takamatsu Construction Group Co., Ltd.	26,829	480,797
Takara Leben Real Estate Investment Corp.	1,224	808,798
Takara Standard Co., Ltd.	85,692	1,142,482
Takasago International Corp.	27,204	537,035
Takasago Thermal Engineering Co., Ltd.	113,214	2,279,289
Takatori Corp. (a)	9,696	360,973
Takeuchi Manufacturing Co., Ltd.	64,509	2,055,993
Takuma Co., Ltd.	137,896	1,528,757
Tama Home Co., Ltd.	24,069	586,908
Tamron Co., Ltd.	22,883	708,094
Tamura Corp.	139,568	559,863
Tanseisha Co., Ltd.	80,415	431,391
Tatsuta Electric Wire & Cable Co., Ltd. *	63,072	306,728
Tayca Corp.	33,000	303,287
TechMatrix Corp.	44,493	502,126
Teikoku Electric Manufacturing Co., Ltd.	30,327	528,486
Teikoku Sen-I Co., Ltd.	41,280	552,063
Tekken Corp.	25,884	358,609
Tenma Corp.	26,198	462,291
T-Gaia Corp.	39,412	474,021
The 77 Bank Ltd.	137,454	2,974,071
The Akita Bank Ltd.	34,636	438,704
The Awa Bank Ltd.	64,609	1,005,626
The Bank of Iwate Ltd.	29,633	510,896
The Bank of Nagoya Ltd.	31,518	921,174
The Ehime Bank Ltd.	62,377	377,043
The Fukui Bank Ltd.	42,745	458,029
The Gunma Bank Ltd.	773,421	3,567,347
The Hyakugo Bank Ltd.	384,383	1,335,974
The Hyakujushi Bank Ltd.	48,704	748,031
The Japan Wool Textile Co., Ltd.	117,385	1,010,292
The Keiyo Bank Ltd.	215,526	882,326
The Kiyo Bank Ltd.	114,543	1,189,608
The Miyazaki Bank Ltd.	27,020	486,076
The Musashino Bank Ltd.	59,377	1,078,358
The Nanto Bank Ltd.	57,779	1,054,099
The Nippon Road Co., Ltd.	6,480	429,077
The Nisshin Oillio Group Ltd.	43,271	1,242,386
The Ogaki Kyoritsu Bank Ltd.	73,578	1,016,856
The Oita Bank Ltd.	27,200	455,311
The Okinawa Electric Power Co., Inc. *	81,264	639,127
The Pack Corp.	21,148	451,766
The San-in Godo Bank Ltd.	287,076	1,810,185
The Shibusawa Warehouse Co., Ltd.	17,680	401,363
The Shiga Bank Ltd.	87,919	1,968,719
The Shikoku Bank Ltd.	64,049	408,266
The Sumitomo Warehouse Co., Ltd.	94,772	1,626,132
The Tochigi Bank Ltd.	213,244	430,633
The Toho Bank Ltd.	356,483	678,269
The Yamagata Bank Ltd.	62,199	471,240
The Yamanashi Chuo Bank Ltd.	58,429	607,227
TKC Corp.	53,919	1,362,928
Toa Corp.	34,399	851,794
Toagosei Co., Ltd.	215,074	2,051,982
TOC Co., Ltd.	90,121	383,797
Tocalo Co., Ltd.	97,804	961,346
Toei Co., Ltd.	12,622	1,502,485
Toenec Corp.	14,174	394,304
Toho Holdings Co., Ltd.	94,531	1,896,009
Toho Titanium Co., Ltd. (a)	63,514	862,065
Toho Zinc Co., Ltd.	25,855	298,180
Tokai Corp.	32,835	426,267
TOKAI Holdings Corp.	232,094	1,506,535
Tokai Rika Co., Ltd.	93,688	1,467,887
Tokai Tokyo Financial Holdings, Inc.	415,469	1,281,352

SECURITY	NUMBER OF SHARES	VALUE ($)
Token Corp.	13,775	725,722
Tokushu Tokai Paper Co., Ltd.	13,122	292,031
Tokuyama Corp.	134,801	2,153,705
Tokyo Electron Device Ltd.	11,635	801,587
Tokyo Kiraboshi Financial Group, Inc.	47,197	1,248,126
Tokyo Seimitsu Co., Ltd.	70,646	3,896,606
Tokyo Steel Manufacturing Co., Ltd.	147,163	1,654,743
Tokyotokeiba Co., Ltd.	28,093	759,322
Tokyu Construction Co., Ltd.	134,780	711,001
Tokyu REIT, Inc.	1,770	2,267,438
TOMONY Holdings, Inc.	296,884	842,210
Tomy Co., Ltd.	168,424	2,736,015
Tonami Holdings Co., Ltd.	12,628	407,243
Topcon Corp.	196,953	2,376,937
Topre Corp.	80,571	961,307
Topy Industries Ltd.	35,108	548,860
Toridoll Holdings Corp.	83,665	2,287,232
Torii Pharmaceutical Co., Ltd.	23,982	618,556
Torishima Pump Manufacturing Co., Ltd.	42,368	552,645
Tosei Corp.	49,997	630,178
Tosei REIT Investment Corp.	605	585,115
Totech Corp.	15,056	541,906
Totetsu Kogyo Co., Ltd.	52,267	985,851
Towa Corp.	44,565	1,124,954
Towa Pharmaceutical Co., Ltd.	49,891	952,687
Toyo Construction Co., Ltd.	136,910	1,042,918
Toyo Corp.	44,176	411,158
Toyo Gosei Co., Ltd. (a)	12,932	659,991
Toyo Ink SC Holdings Co., Ltd.	67,867	1,057,734
Toyo Kanetsu KK	13,700	316,657
Toyo Tanso Co., Ltd.	26,921	1,102,100
Toyobo Co., Ltd.	166,738	1,211,151
TPR Co., Ltd.	48,037	603,824
Trancom Co., Ltd.	11,377	588,445
Transcosmos, Inc.	44,245	969,479
TRE Holdings Corp.	60,284	486,959
Tri Chemical Laboratories, Inc.	50,186	948,668
Trusco Nakayama Corp.	73,536	1,298,630
TSI Holdings Co., Ltd.	148,232	738,182
Tsubaki Nakashima Co., Ltd.	79,171	446,470
Tsubakimoto Chain Co.	61,280	1,620,552
Tsuburaya Fields Holdings, Inc.	66,768	1,198,371
Tsugami Corp.	79,841	646,033
Tsukishima Holdings Co., Ltd.	65,887	623,185
Tsurumi Manufacturing Co., Ltd.	38,493	803,783
TV Asahi Holdings Corp.	38,231	435,395
UACJ Corp.	53,340	1,148,614
Uchida Yoko Co., Ltd.	16,624	742,219
Union Tool Co.	17,328	452,288
Unipres Corp.	72,109	609,721
United Arrows Ltd.	49,688	737,206
United Super Markets Holdings, Inc.	106,164	816,001
Universal Entertainment Corp.	42,156	689,159
Usen-Next Holdings Co., Ltd.	30,552	734,499
UT Group Co., Ltd. *	52,382	873,243
V Technology Co., Ltd.	16,440	270,114
Valor Holdings Co., Ltd.	77,602	1,158,287
Valqua Ltd.	27,771	827,875
ValueCommerce Co., Ltd.	30,379	268,139
Vector, Inc.	44,334	409,279
Vision, Inc./Tokyo Japan *	49,835	575,763
Vital KSK Holdings, Inc.	58,372	392,528
VT Holdings Co., Ltd.	158,550	557,596
Wacoal Holdings Corp.	97,376	2,144,366
Wacom Co., Ltd.	271,329	1,118,229
Wakita & Co., Ltd.	83,629	770,891
Warabeya Nichiyo Holdings Co., Ltd.	25,114	469,901
Weathernews, Inc.	10,585	463,869

See financial notes

Schwab International Equity ETFs | Annual Report55

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
West Holdings Corp.	40,932	795,951
WingArc1st, Inc.	35,923	615,640
World Co., Ltd.	34,851	387,566
World Holdings Co., Ltd.	17,152	284,639
W-Scope Corp. *(a)	95,133	779,570
Xebio Holdings Co., Ltd.	41,144	288,264
Yahagi Construction Co., Ltd.	46,400	399,349
YAKUODO Holdings Co., Ltd.	20,883	368,646
YAMABIKO Corp.	60,498	612,938
YA-MAN Ltd. (a)	50,929	361,717
Yamazen Corp.	118,619	931,288
Yellow Hat Ltd.	53,602	695,131
Yodogawa Steel Works Ltd.	50,580	1,184,722
Yokogawa Bridge Holdings Corp.	56,218	1,066,167
Yokohama Reito Co., Ltd.	80,371	729,265
Yokowo Co., Ltd.	41,360	478,985
Yondoshi Holdings, Inc.	37,020	478,818
Yonex Co., Ltd.	72,927	705,301
Yoshinoya Holdings Co., Ltd.	121,808	2,379,935
Yuasa Trading Co., Ltd.	29,670	872,257
Yurtec Corp.	63,544	402,865
Zenrin Co., Ltd.	61,003	381,308
ZERIA Pharmaceutical Co., Ltd.	70,542	1,170,653
ZIGExN Co., Ltd.	99,068	393,319
Zojirushi Corp.	82,418	1,016,178
Zuken, Inc.	27,507	803,945
		687,733,816

Netherlands 1.3%
Alfen N.V. *(a)	41,927	2,431,812
AMG Critical Materials N.V.	61,395	2,087,676
APERAM S.A.	81,685	2,318,375
Arcadis N.V.	137,699	6,462,286
Basic-Fit N.V. *(a)	100,440	3,069,793
Brunel International N.V.	38,418	518,710
Corbion N.V.	114,633	2,747,125
Eurocommercial Properties N.V.	102,569	2,469,149
Flow Traders Ltd.	49,750	1,008,648
Fugro N.V. CVA *	216,989	3,666,875
Galapagos N.V. *	93,277	3,543,336
Koninklijke BAM Groep N.V.	461,476	985,698
Majorel Group Luxembourg S.A.	40,728	1,306,232
NSI N.V.	34,797	706,241
PostNL N.V.	742,524	1,735,099
SBM Offshore N.V.	294,822	4,278,199
Sligro Food Group N.V.	63,320	1,220,544
TKH Group N.V.	77,891	3,596,288
TomTom N.V. *	130,467	1,037,945
Vastned Retail N.V.	32,270	692,779
Wereldhave N.V.	75,876	1,323,397
		47,206,207

New Zealand 0.6%
Argosy Property Ltd.	1,615,581	1,125,537
Chorus Ltd.	841,026	4,018,831
Freightways Group Ltd.	332,351	1,723,695
Genesis Energy Ltd.	1,012,054	1,527,661
Goodman Property Trust	2,108,245	2,717,843
Heartland Group Holdings Ltd.	1,087,660	1,159,288
KMD Brands Ltd.	1,096,501	541,917
Oceania Healthcare Ltd.	1,402,831	634,840
Pacific Edge Ltd. *	1,318,718	82,449
Precinct Properties New Zealand Ltd.	2,580,510	1,889,975
Scales Corp., Ltd.	208,806	385,434
Skellerup Holdings Ltd.	345,111	883,634
SKY Network Television Ltd.	267,949	398,876

SECURITY	NUMBER OF SHARES	VALUE ($)
Stride Property Group	976,213	807,988
Summerset Group Holdings Ltd.	443,044	2,704,058
Vector Ltd.	480,003	1,154,704
Vital Healthcare Property Trust	972,928	1,303,493
		23,060,223

Norway 1.9%
Aker Carbon Capture A.S.A. *	644,564	746,537
Aker Horizons Holding A/S *	429,288	194,523
Aker Solutions A.S.A.	509,409	2,125,341
Arendals Fossekompani A/S (a)	22,556	308,744
Atea A.S.A. *	157,478	1,954,198
Austevoll Seafood A.S.A.	166,946	1,210,840
Bakkafrost P/F	96,936	4,898,220
Bonheur A.S.A.	37,453	815,103
Borr Drilling Ltd. *	433,793	3,058,571
Borregaard A.S.A.	189,600	2,769,900
BW Energy Ltd. *	147,223	355,008
BW LPG Ltd.	147,869	1,793,253
BW Offshore Ltd.	169,582	394,097
Crayon Group Holding A.S.A. *	156,582	1,268,889
DNO A.S.A.	1,029,995	961,037
Elkem A.S.A.	503,827	1,042,027
Entra A.S.A.	106,048	994,965
Europris A.S.A.	313,986	1,788,783
FLEX LNG Ltd.	56,272	1,714,005
Grieg Seafood A.S.A.	109,329	772,908
Hafnia Ltd.	469,054	2,749,375
Hexagon Composites A.S.A. *	207,462	736,453
Hexagon Purus A.S.A. *	71,204	131,066
Hoegh Autoliners A.S.A.	123,791	862,929
Kahoot! A.S.A. *	718,847	2,331,472
MPC Container Ships A.S.A	746,760	1,293,139
NEL A.S.A. *	3,029,098	3,328,914
Scatec A.S.A.	227,625	1,519,333
Sparebank 1 Oestlandet	56,973	717,709
SpareBank 1 SMN	249,209	3,298,687
SpareBank 1 SR-Bank A.S.A.	339,639	4,109,328
Stolt-Nielsen Ltd.	41,590	1,036,119
Storebrand A.S.A.	887,303	7,123,682
Subsea 7 S.A.	456,538	5,944,310
TGS A.S.A.	229,919	2,976,347
Veidekke A.S.A.	207,672	1,967,946
Wallenius Wilhelmsen A.S.A.	202,173	1,640,245
Wilh Wilhelmsen Holding A.S.A., Class A	24,238	683,585
		71,617,588

Poland 0.8%
Alior Bank S.A. *	178,045	2,427,071
AmRest Holdings SE *	138,440	922,094
Asseco Poland S.A.	105,166	1,870,468
Bank Handlowy w Warszawie S.A.	62,407	1,309,847
Bank Millennium S.A. *	1,182,839	1,743,584
CCC S.A. *	74,453	804,824
CD Projekt S.A.	125,275	4,485,126
Ciech S.A.	30,196	322,750
Cyfrowy Polsat S.A.	463,300	1,524,379
Enea S.A. *	506,286	1,079,217
Grupa Azoty S.A. *	87,076	532,017
Jastrzebska Spolka Weglowa S.A. *	97,750	858,848
KRUK S.A. *	33,447	3,246,297
mBank S.A. *	24,868	2,588,625
Orange Polska S.A.	1,263,398	2,193,109
PGE Polska Grupa Energetyczna S.A. *	1,680,966	3,461,250
Tauron Polska Energia S.A. *	1,792,300	1,861,774

See financial notes

56Schwab International Equity ETFs | Annual Report

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Warsaw Stock Exchange	55,329	492,977
		31,724,257

Portugal 0.4%
Altri, SGPS, S.A. (a)	135,132	667,035
Banco Comercial Portugues S.A., Class R *	14,961,301	4,179,724
Corticeira Amorim SGPS S.A.	64,342	706,716
CTT-Correios de Portugal S.A.	274,854	1,009,788
Greenvolt-Energias Renovaveis S.A. *(a)	122,542	832,586
NOS, SGPS S.A.	359,097	1,353,197
REN - Redes Energeticas Nacionais, SGPS, S.A.	760,342	2,079,597
Semapa-Sociedade de Investimento e Gestao	28,881	420,036
Sonae, SGPS, S.A.	1,718,837	1,814,237
The Navigator Co., S.A.	476,112	1,743,508
		14,806,424

Republic of Korea 6.5%
AbClon, Inc. *	23,199	298,906
ABLBio, Inc. *	47,039	647,709
Advanced Nano Products Co., Ltd.	14,087	1,681,807
Advanced Process Systems Corp.	24,494	338,570
AfreecaTV Co., Ltd.	12,770	789,339
Ahnlab, Inc.	11,223	551,067
Amicogen, Inc. *	35,019	483,258
Ananti, Inc. *	84,941	525,680
Asiana Airlines, Inc. *	62,452	524,469
BH Co., Ltd.	48,203	878,905
Binex Co., Ltd. *	41,517	278,298
Binggrae Co., Ltd.	9,459	398,613
Bioneer Corp. *	40,789	1,323,887
Boryung	51,461	365,590
Bukwang Pharmaceutical Co., Ltd. *	67,944	346,981
Cellivery Therapeutics, Inc. *(b)	45,216	171,388
Chabiotech Co., Ltd. *	86,242	1,149,676
Chong Kun Dang Pharmaceutical Corp.	15,944	1,049,463
Chunbo Co., Ltd.	8,131	926,445
CJ CGV Co., Ltd. *	44,313	263,514
CMG Pharmaceutical Co., Ltd. *	184,240	340,811
Com2uS Corp.	18,514	663,941
Com2uS Holdings Corp. *	8,432	192,340
Cosmax, Inc. *	14,829	1,722,150
CosmoAM&T Co., Ltd. *	38,609	4,606,498
Cosmochemical Co., Ltd. *	46,912	1,542,142
Creative & Innovative System *	91,045	772,858
CrystalGenomics Invites Co., Ltd. *	113,618	296,133
CS Wind Corp.	37,752	1,813,696
Daeduck Electronics Co., Ltd. / New	63,661	1,391,945
Daejoo Electronic Materials Co., Ltd.	18,836	1,407,979
Daesang Corp.	38,354	520,285
Daewoong Co., Ltd.	38,741	417,673
Daewoong Pharmaceutical Co., Ltd.	9,266	731,185
Daishin Securities Co., Ltd.	57,255	623,773
Danal Co., Ltd. *	94,373	274,533
Daou Technology, Inc.	45,310	636,585
Dawonsys Co., Ltd. *	50,661	559,600
DB HiTek Co., Ltd.	67,299	2,724,037
Dentium Co., Ltd.	12,361	1,154,971
DIO Corp. *	21,701	486,805
Dong-A Socio Holdings Co., Ltd.	5,882	433,446
Dong-A ST Co., Ltd.	8,926	415,995
Dongjin Semichem Co., Ltd.	57,026	1,471,221
DongKook Pharmaceutical Co., Ltd.	44,848	478,763
Dongkuk Steel Mill Co., Ltd. *	53,337	400,305

SECURITY	NUMBER OF SHARES	VALUE ($)
Dongwon Industries Co., Ltd.	8,791	232,786
Doosan Co., Ltd.	11,016	980,126
Doosan Fuel Cell Co., Ltd. *	56,146	1,051,344
Doosan Tesna, Inc.	18,477	682,884
DoubleUGames Co., Ltd.	17,134	553,525
Duk San Neolux Co., Ltd. *	23,619	763,921
Duzone Bizon Co., Ltd.	32,022	821,294
Ecopro Co., Ltd.	36,659	34,863,146
Ecopro HN Co., Ltd.	21,126	1,484,854
Enchem Co., Ltd. *	13,370	674,696
ENF Technology Co., Ltd.	19,739	317,347
Eo Technics Co., Ltd.	15,160	1,942,957
Eoflow Co., Ltd. *	46,272	927,716
ESR Kendall Square REIT Co., Ltd.	237,049	703,928
Eubiologics Co., Ltd. *	66,779	507,758
Eugene Investment & Securities Co., Ltd.	112,411	357,623
Eugene Technology Co., Ltd.	24,061	626,214
Foosung Co., Ltd.	99,278	878,799
GemVax & Kael Co., Ltd. *	65,299	654,596
GeneOne Life Science, Inc. *	139,651	412,587
Genexine, Inc. *	58,156	442,192
GOLFZON Co., Ltd.	6,012	416,189
Grand Korea Leisure Co., Ltd. *	37,912	463,807
Green Cross Holdings Corp.	55,631	588,403
Green Cross LabCell Corp.	15,996	454,435
HAESUNG DS Co., Ltd.	21,459	1,113,741
Halla Holdings Corp.	13,521	367,243
Han Kuk Carbon Co., Ltd.	59,632	653,730
Hana Micron, Inc.	68,347	1,098,826
Hana Tour Service, Inc. *	21,718	799,380
Hanall Biopharma Co., Ltd. *	71,211	1,279,562
Hancom, Inc. *	31,407	342,168
Handsome Co., Ltd.	24,354	349,717
Hanil Cement Co., Ltd.	32,492	310,478
Hanjin Transportation Co., Ltd.	26,364	423,859
Hankook & Co. Co., Ltd.	51,357	423,523
Hanmi Semiconductor Co., Ltd.	85,651	3,875,112
Hansae Co., Ltd.	25,563	377,522
Hansol Chemical Co., Ltd.	15,485	1,892,058
Hanssem Co., Ltd.	12,937	579,437
Hanwha General Insurance Co., Ltd. *	150,430	476,869
Hanwha Investment & Securities Co., Ltd. *	196,436	372,288
Hanwha Systems Co., Ltd.	115,611	1,174,697
Harim Holdings Co., Ltd.	82,082	449,611
HD Hyundai Construction Equipment Co. Ltd.	22,622	1,218,601
HD Hyundai Electric Co. Ltd.	41,457	2,208,113
HDC Holdings Co., Ltd.	72,619	341,736
HDC Hyundai Development Co-Engineering & Construction, Class E	88,624	691,961
Helixmith Co.,Ltd *	70,461	266,544
HK inno N Corp.	28,938	810,067
HLB Global Co., Ltd. *	71,667	211,463
HLB Life Science Co., Ltd. *	160,479	1,047,803
HLB Therapeutics Co., Ltd. *	121,038	344,318
Hugel, Inc. *	10,718	911,446
Humasis Co., Ltd. *	218,468	415,697
Huons Co., Ltd.	12,474	445,449
Hyosung Advanced Materials Corp.	5,979	2,044,644
Hyosung Chemical Corp. *	4,257	339,787
Hyosung Corp.	16,744	803,155
Hyosung Heavy Industries Corp. *	12,507	1,897,222
Hyosung TNC Corp.	5,666	1,418,911
Hyundai Autoever Corp.	12,677	1,685,151
Hyundai Bioscience Co., Ltd. *	69,506	1,427,719
Hyundai Elevator Co., Ltd.	45,338	1,543,567

See financial notes

Schwab International Equity ETFs | Annual Report57

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Hyundai GF Holdings	1	3
Hyundai Green Food *	36,057	343,179
Hyundai Home Shopping Network Corp.	10,172	335,924
Hyundai Rotem Co., Ltd. *	138,617	3,224,871
Il Dong Pharmaceutical Co., Ltd. *	29,745	360,743
Ilyang Pharmaceutical Co., Ltd.	23,679	286,817
iMarketKorea, Inc.	35,216	246,452
InBody Co., Ltd.	19,941	395,275
Innocean Worldwide, Inc.	20,757	638,375
Innox Advanced Materials Co., Ltd.	25,246	726,772
Insun ENT Co., Ltd. *	43,900	279,658
Intellian Technologies, Inc.	14,222	927,510
INTOPS Co., Ltd.	22,628	505,888
IS Dongseo Co., Ltd. *	25,556	613,885
i-SENS, Inc.	32,924	828,238
JB Financial Group Co., Ltd.	278,405	2,045,253
Jeju Air Co., Ltd. *	59,655	584,928
JR Global Reit	212,830	670,654
Jusung Engineering Co., Ltd.	67,388	1,396,960
JW Pharmaceutical Corp.	28,574	995,523
JYP Entertainment Corp.	52,077	4,420,684
KCC Glass Corp.	18,020	570,560
KEPCO Engineering & Construction Co., Inc.	23,775	1,190,774
KH Vatec Co., Ltd.	28,591	325,333
KIWOOM Securities Co., Ltd.	25,063	1,958,773
KMW Co., Ltd. *	55,708	469,941
Koh Young Technology, Inc.	109,952	1,081,427
Kolmar Korea Co., Ltd.	29,770	1,301,839
Kolon Industries, Inc.	35,100	1,349,030
Komipharm International Co., Ltd. *	74,208	305,422
Korea Electric Terminal Co., Ltd.	13,245	533,107
Korea Line Corp. *	261,583	355,440
Korea Petrochemical Ind Co., Ltd.	5,767	561,538
Korea Real Estate Investment & Trust Co., Ltd.	244,691	229,742
Korea United Pharm, Inc.	16,289	335,824
Korean Reinsurance Co.	184,208	1,103,785
Kuk-il Paper Manufacturing Co., Ltd. *(b)	146,037	31,820
Kum Yang Co., Ltd. *	56,527	5,516,915
Kumho Tire Co., Inc. *	252,665	945,284
Kwang Dong Pharmaceutical Co., Ltd.	57,964	280,666
L&C Bio Co., Ltd.	22,600	624,097
LEENO Industrial, Inc.	17,491	2,224,503
LegoChem Biosciences, Inc. *	34,670	925,932
LF Corp.	33,309	367,426
LG Hausys Ltd.	12,180	471,811
LIG Nex1 Co., Ltd.	20,773	1,332,741
LOTTE Reit Co., Ltd.	231,110	595,369
Lotte Rental Co., Ltd.	21,147	443,979
Lotte Tour Development Co., Ltd. *	66,188	857,803
Lotte Wellfood Co., Ltd.	4,915	414,247
LS Electric Co., Ltd.	29,074	2,195,260
LX Holdings Corp.	77,167	473,482
LX International Corp.	42,649	979,306
LX Semicon Co., Ltd.	21,195	1,428,768
Mcnex Co., Ltd.	22,078	486,075
Medipost Co., Ltd. *	27,518	189,873
MedPacto, Inc. *	23,794	264,448
Medytox, Inc.	9,441	1,764,272
MegaStudyEdu Co., Ltd.	14,818	577,361
Mezzion Pharma Co., Ltd. *	28,459	1,065,800
Modetour Network, Inc. *	28,450	349,988
Myoung Shin Industrial Co., Ltd. *	50,666	818,399
Namsun Aluminum Co., Ltd. *	171,722	331,946
Namyang Dairy Products Co., Ltd.	844	297,244
Naturecell Co., Ltd. *	86,823	506,454
Neowiz *	22,139	590,429

SECURITY	NUMBER OF SHARES	VALUE ($)
NEPES Corp. *	30,785	412,252
Nexen Tire Corp.	62,630	377,652
NHN KCP Corp.	41,705	287,131
NICE Holdings Co., Ltd.	34,714	368,742
NICE Information Service Co., Ltd.	63,086	467,746
NKMax Co., Ltd. *	56,782	632,367
Orion Holdings Corp.	37,378	430,409
Oscotec, Inc. *	61,767	1,308,474
Park Systems Corp.	8,288	1,128,685
Partron Co., Ltd.	79,548	488,091
People & Technology, Inc.	35,443	1,877,065
PharmaResearch Co., Ltd.	11,532	1,264,223
Pharmicell Co., Ltd. *	104,976	551,983
PI Advanced Materials Co., Ltd.	23,306	523,691
Poongsan Corp.	35,691	953,200
Posco DX Co., Ltd.	101,836	4,322,300
RFHIC Corp.	31,869	420,017
S&S Tech Corp.	30,488	1,093,347
Sam Chun Dang Pharm Co., Ltd. *	25,212	1,676,667
SAM KANG M&T Co., Ltd. *	46,452	759,117
Sambu Engineering & Construction Co., Ltd. *	289,000	760,900
Samchully Co., Ltd.	4,198	347,782
Samsung Pharmaceutical Co., Ltd. *	115,166	250,939
Samwha Capacitor Co., Ltd.	14,526	436,852
Samyang Foods Co., Ltd.	7,654	1,125,733
Samyang Holdings Corp.	11,513	607,987
Seah Besteel Holdings Corp.	21,440	382,814
Sebang Global Battery Co., Ltd.	15,286	692,742
Seojin System Co., Ltd. *	36,850	448,863
Seoul Semiconductor Co., Ltd.	65,377	584,152
SFA Engineering Corp.	35,542	894,096
SFA Semicon Co., Ltd. *	146,068	552,555
Shinhan Alpha REIT Co., Ltd.	119,384	561,807
Shinsegae International, Inc.	21,343	304,865
Shinsung E&G Co., Ltd. *	289,090	645,217
SIMMTECH Co., Ltd.	37,055	1,016,262
SK Discovery Co., Ltd.	20,733	657,244
SK Gas Ltd.	4,864	463,308
SK REITs Co., Ltd.	212,896	748,982
SK Securities Co., Ltd.	626,255	307,501
SL Corp.	28,929	783,551
SM Entertainment Co., Ltd.	21,353	2,221,326
SNT Motiv Co., Ltd.	13,389	495,851
Solid, Inc.	84,353	379,724
SOLUM Co., Ltd. *	65,453	1,507,883
Songwon Industrial Co., Ltd.	28,913	426,340
Soulbrain Co., Ltd.	7,910	1,361,472
ST Pharm Co., Ltd.	17,213	1,056,156
STCUBE *	86,894	869,762
Studio Dragon Corp. *	12,865	502,239
Sung Kwang Bend Co., Ltd.	32,132	371,217
Sungeel Hitech Co., Ltd. *	9,665	929,390
Sungwoo Hitech Co., Ltd.	86,706	663,210
Taekwang Industrial Co., Ltd.	1,008	462,151
Taihan Electric Wire Co., Ltd. *	71,116	710,218
TES Co., Ltd.	23,361	347,477
The Nature Holdings Co., Ltd..	16,915	277,064
TK Corp.	24,234	376,780
TKG Huchems Co., Ltd.	42,632	714,431
Tokai Carbon Korea Co., Ltd.	7,691	534,166
Unid Co., Ltd.	6,613	290,687
UniTest, Inc. *	30,235	317,962
Vaxcell-Bio Therapeutics Co., Ltd. *	19,392	616,201
Vieworks Co., Ltd.	13,691	317,998
Webzen, Inc.	28,215	303,550
WONIK IPS Co., Ltd.	64,829	1,513,126
W-Scope Chungju Plant Co., Ltd. *	41,502	2,072,353

See financial notes

58Schwab International Equity ETFs | Annual Report

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Wysiwyg Studios Co., Ltd. *	176,320	402,865
YG Entertainment, Inc.	21,274	1,311,769
Youlchon Chemical Co., Ltd.	24,449	593,768
Young Poong Corp.	942	388,417
Youngone Corp.	58,158	2,362,841
Youngone Holdings Co., Ltd.	10,251	580,896
Yuanta Securities Korea Co., Ltd.	147,440	283,892
Yungjin Pharmaceutical Co., Ltd. *	149,827	281,120
Zinus, Inc.	19,843	396,335
		244,319,310

Singapore 0.9%
AEM Holdings Ltd.	522,367	1,361,519
AIMS APAC REIT	1,088,562	1,015,615
Ascendas India Trust	1,804,857	1,550,266
CapitaLand China Trust	2,234,124	1,497,136
CDL Hospitality Trusts	1,685,045	1,285,151
Cromwell European Real Estate Investment Trust	617,731	952,045
Digital Core REIT Management Pte Ltd.	1,362,881	756,399
Eagle Hospitality Trust *(b)	940,343	0
ESR-LOGOS REIT	11,810,545	2,711,047
Far East Hospitality Trust	1,868,970	878,783
First Real Estate Investment Trust	2,021,257	381,652
First Resources Ltd.	972,794	1,116,498
Frasers Centrepoint Trust	2,073,713	3,439,554
iFAST Corp., Ltd.	300,558	1,264,102
Keppel Infrastructure Trust	7,099,775	2,602,287
Keppel Pacific Oak US REIT	1,666,023	366,525
Lendlease Global Commercial REIT	3,650,302	1,554,183
Manulife US Real Estate Investment Trust	3,064,488	208,385
Nanofilm Technologies International Ltd.	412,859	324,051
OUE Commercial Real Estate Investment Trust	3,984,567	693,353
Parkway Life Real Estate Investment Trust	746,993	2,123,993
Raffles Medical Group Ltd.	1,775,923	1,656,914
Riverstone Holdings Ltd.	1,030,466	480,706
Sheng Siong Group Ltd.	805,271	906,340
Silverlake Axis Ltd.	1,420,871	299,851
SPH REIT	2,126,657	1,417,246
Starhill Global REIT	2,754,134	989,082
The Hour Glass Ltd.	417,603	606,073
UMS Holdings Ltd.	885,172	819,300
		33,258,056

Spain 1.9%
Acerinox S.A.	377,093	3,792,368
Almirall S.A.	139,559	1,418,520
Applus Services S.A.	249,970	2,571,970
Atresmedia Corp de Medios de Comunicaion S.A.	148,542	590,710
Banco De Sabadell S.A.	10,781,885	12,497,860
Cia de Distribucion Integral Logista Holdings S.A.	120,466	3,268,694
Cie Automotive S.A.	95,432	2,908,445
Construcciones y Auxiliar de Ferrocarriles S.A.	34,800	1,250,193
Distribuidora Internacional de Alimentacion S.A. *	22,298,645	336,405
Ebro Foods S.A.	148,562	2,686,287
Ence Energia y Celulosa S.A. (a)	239,714	764,390
Faes Farma S.A.	616,468	2,161,139
Fluidra S.A.	210,246	4,737,234

SECURITY	NUMBER OF SHARES	VALUE ($)
Fomento de Construcciones y Contratas S.A.	92,815	1,196,752
Gestamp Automocion S.A.	301,516	1,350,235
Global Dominion Access S.A.	195,313	782,217
Indra Sistemas S.A.	236,553	3,350,493
Laboratorios Farmaceuticos Rovi S.A.	40,787	2,324,078
Lar Espana Real Estate Socimi S.A.	116,525	729,734
Let's GOWEX S.A. *(b)	5,361	0
Linea Directa Aseguradora S.A. Cia de Seguros y Reaseguros	1,287,760	1,306,821
Melia Hotels International S.A. *	199,368	1,305,877
Neinor Homes S.A. *	78,238	784,620
Pharma Mar S.A.	25,709	996,146
Prosegur Cash S.A.	705,929	456,643
Prosegur Cia de Seguridad S.A.	467,818	817,471
Sacyr S.A.	767,045	2,445,921
Solaria Energia y Medio Ambiente S.A. *	115,296	1,719,375
Tecnicas Reunidas S.A. *(a)	84,239	777,145
Unicaja Banco S.A.	2,361,800	2,614,647
Vidrala SA	35,724	3,365,499
Viscofan S.A.	74,403	4,845,197
		70,153,086

Sweden 4.6%
AAK AB	334,041	6,198,881
AddLife AB, B Shares	207,650	1,435,548
Addnode Group AB	230,983	1,567,324
AddTech AB, B Shares	361,574	6,122,049
AFRY AB	185,626	2,444,522
Alleima AB	352,444	1,616,429
Arjo AB, B Shares	426,802	1,682,278
Atrium Ljungberg AB, B Shares	84,005	1,529,749
Attendo AB *	204,808	580,762
Avanza Bank Holding AB	241,382	4,673,375
Beijer Alma AB	85,574	1,342,625
Betsson AB, B Shares *	229,418	2,569,505
BICO Group AB *(a)	85,691	345,037
Bilia AB, A Shares	134,966	1,291,741
Billerud Aktiebolag	406,536	3,326,571
BioArctic AB *(a)	66,133	1,879,523
Biotage AB	125,424	1,363,068
Boozt AB *	118,120	1,091,676
Bravida Holding AB	390,855	2,784,198
Bufab AB	57,343	1,545,919
Bure Equity AB	102,777	2,064,945
Camurus AB *	38,866	1,043,535
Catena AB	64,743	2,365,063
Cibus Nordic Real Estate AB	109,014	1,174,773
Cint Group AB *	382,602	333,164
Clas Ohlson AB, B Shares	81,407	747,910
Cloetta AB, B Shares	385,336	649,974
Collector Bank AB *	165,454	519,032
Concentric AB	75,547	1,185,305
Corem Property Group AB, B Shares	1,264,752	925,761
Dios Fastigheter AB	166,154	1,036,386
Dometic Group AB	608,038	3,904,806
Electrolux Professional AB, B Shares	433,817	2,335,502
Elekta AB, B Shares (a)	694,501	4,971,277
Fabege AB	477,989	4,098,084
Fagerhult Group AB	134,241	644,853
Fortnox AB	947,010	4,922,767
Granges AB	200,390	1,912,415
Hemnet Group AB	147,548	2,674,753
Hexatronic Group AB	384,383	2,092,186
Hexpol AB	473,409	4,669,282
HMS Networks AB	53,791	2,158,537
Hufvudstaden AB, A Shares	205,050	2,368,864

See financial notes

Schwab International Equity ETFs | Annual Report59

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Instalco AB	455,580	1,551,899
Intrum AB (a)	147,854	934,662
Investment AB Oresund	57,492	535,547
INVISIO AB	63,798	1,243,927
JM AB	126,496	1,668,145
Lagercrantz Group AB, B Shares	363,251	3,811,682
Lindab International AB	130,978	1,925,813
Loomis AB	135,875	3,608,476
Medicover AB, B Shares	122,982	1,776,797
MEKO AB	79,743	716,601
MIPS AB	41,426	1,533,343
Modern Times Group MTG AB, B Shares *	231,383	1,573,207
Munters Group AB	204,534	2,531,015
Mycronic AB	130,899	2,684,948
NCC AB, B Shares	171,026	1,760,256
Nobia AB *	221,790	186,650
Nolato AB, B Shares	337,751	1,447,870
Nordnet AB publ	325,985	4,230,401
NP3 Fastigheter AB	58,048	891,668
Nyfosa AB	345,429	2,173,541
OX2 AB *	284,420	1,380,553
Pandox AB	168,473	1,873,991
Peab AB, B Shares	370,747	1,508,057
Platzer Fastigheter Holding AB, B Shares	100,606	670,713
Ratos AB, B Shares	395,929	1,225,764
Resurs Holding AB	269,484	590,655
Samhallsbyggnadsbolaget i Norden AB (a)	2,109,588	677,675
Scandic Hotels Group AB *(a)	257,169	834,926
Sdiptech AB, B Shares *	56,457	1,288,984
Sectra AB, B Shares *	247,170	3,859,950
Sinch AB *	1,185,659	2,493,155
SkiStar AB	76,919	820,477
Stillfront Group AB *	898,366	1,476,779
Storskogen Group AB, B Shares	2,626,516	1,986,096
Systemair AB *	141,446	865,477
Thule Group AB	201,465	5,837,939
Troax Group AB	64,338	1,032,943
Truecaller AB, B Shares *	377,949	1,183,906
Viaplay Group AB, B Shares *(a)	142,653	670,280
Vitec Software Group AB, B Shares	50,937	2,751,553
Vitrolife AB	127,320	1,738,312
Volati AB	38,122	318,557
Wallenstam AB, B Shares	637,075	2,300,473
Wihlborgs Fastigheter AB	503,406	3,873,273
		172,236,890

Switzerland 4.3%
Accelleron Industries AG	179,754	4,863,992
Allreal Holding AG	27,905	4,878,044
ALSO Holding AG	5,113	1,244,602
ams-OSRAM AG *(a)	469,905	3,301,704
APG SGA S.A.	2,093	431,278
Arbonia AG	84,596	895,525
Aryzta AG *	1,790,814	2,982,494
Autoneum Holding AG *	5,594	834,746
Basilea Pharmaceutica AG *	22,068	1,205,526
Bell Food Group AG	3,627	1,096,416
Bossard Holding AG, Class A	4,830	1,107,359
Bucher Industries AG	12,387	5,090,836
Burckhardt Compression Holding AG	6,015	3,548,050
Bystronic AG	2,440	1,646,465
Cembra Money Bank AG	56,352	4,115,147
Comet Holding AG	14,255	3,666,840
COSMO Pharmaceuticals N.V.	18,525	934,377

SECURITY	NUMBER OF SHARES	VALUE ($)
Daetwyler Holding AG	14,239	2,969,515
DocMorris AG *(a)	15,419	1,165,263
dormakaba Holding AG	5,780	3,033,150
Dottikon Es Holding AG *	8,439	2,111,541
Dufry AG *	201,679	8,987,360
EFG International AG	148,866	1,668,580
Forbo Holding AG	1,801	2,434,638
Galenica AG	93,962	7,468,024
Hiag Immobilien Holding AG	6,678	565,541
Huber & Suhner AG	32,140	2,481,685
Idorsia Ltd. *(a)	233,082	1,278,817
Implenia AG	28,252	1,007,572
Inficon Holding AG	3,717	4,746,987
Interroll Holding AG	1,032	3,078,766
Intershop Holding AG	2,177	1,478,856
Kardex Holding AG	10,986	2,531,164
Komax Holding AG	8,982	2,252,491
Landis & Gyr Group AG	46,837	3,473,335
LEM Holding S.A.	901	2,032,032
Leonteq AG	19,662	889,326
Medacta Group S.A.	11,511	1,616,036
Medartis Holding AG *	8,957	865,024
Medmix AG	48,369	1,440,254
Meyer Burger Technology AG *(a)	6,864,508	3,085,434
Mobimo Holding AG	13,817	4,043,809
Montana Aerospace AG *	42,966	674,224
OC Oerlikon Corp. AG	353,267	1,736,638
PIERER Mobility AG	17,560	1,439,393
PolyPeptide Group AG *	27,793	786,669
Rieter Holding AG	5,710	604,455
Schweiter Technologies AG	1,827	1,317,633
Sensirion Holding AG *	19,572	1,721,760
SFS Group AG	33,120	3,802,285
Siegfried Holding AG	7,832	7,089,368
SKAN Group AG	21,133	1,923,683
Softwareone Holding AG	209,156	4,184,304
St. Galler Kantonalbank AG	5,399	3,019,650
Stadler Rail AG	100,887	4,105,156
Sulzer AG	32,849	3,347,195
Swissquote Group Holding S.A.	16,513	3,290,448
TX Group AG	5,911	619,710
u-blox Holding AG	12,982	1,159,671
Valiant Holding AG	30,457	3,272,425
Vetropack Holding AG	23,074	1,218,683
Vontobel Holding AG	52,114	3,233,340
VP Bank AG, Class A	4,762	484,152
VZ Holding AG	25,641	2,595,308
Ypsomed Holding AG	6,540	1,932,567
Zehnder Group AG	17,492	1,158,542
		163,265,860

United Kingdom 12.4%
4imprint Group plc	53,634	3,466,077
888 Holdings plc *	670,045	1,083,384
AG Barr plc	166,502	1,028,542
AJ Bell plc	559,842	2,058,689
Alphawave IP Group plc *	553,605	1,010,160
AO World plc *	840,690	994,439
Ascential plc *	831,697	2,114,092
Ashmore Group plc	862,508	2,120,277
ASOS plc *(a)	123,995	688,815
Assura plc	5,617,856	3,266,042
Aston Martin Lagonda Global Holdings plc *(a)	496,522	2,242,353
Auction Technology Group plc *	166,338	1,492,288
Avon Rubber plc	55,932	460,682
Babcock International Group plc *	482,156	2,360,763

See financial notes

60Schwab International Equity ETFs | Annual Report

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Bakkavor Group plc	254,273	322,202
Balanced Commercial Property Trust Ltd.	1,010,797	886,335
Balfour Beatty plc	1,097,018	4,548,360
Bank of Georgia Group plc	69,323	3,061,314
Bellway plc	236,059	6,389,246
Big Yellow Group plc	323,788	4,410,593
Bodycote plc	357,041	3,004,097
Bridgepoint Group plc	482,891	1,068,981
Britvic plc	495,540	5,519,445
Bytes Technology Group plc	383,378	2,358,059
C&C Group plc	742,301	1,284,868
Capita plc *	3,336,593	762,724
Capricorn Energy plc	282,181	615,013
Carnival plc *	282,928	4,027,882
Centamin plc	2,252,366	2,504,459
Chemring Group plc	540,965	1,994,757
Clarkson plc	47,280	1,623,583
Close Brothers Group plc	289,109	3,007,686
CLS Holdings plc	305,482	490,832
CMC Markets plc	209,627	281,566
Coats Group plc	3,094,651	3,007,702
Computacenter plc	124,677	3,444,059
Cranswick plc	102,513	4,377,606
Crest Nicholson Holdings plc	476,075	1,088,881
Currys plc	1,854,835	1,176,352
Darktrace plc *	775,558	3,534,944
Deliveroo plc *	2,503,273	3,587,555
Diploma plc	249,676	9,915,248
Diversified Energy Co., plc	1,794,471	2,081,721
Domino's Pizza Group plc	727,012	3,638,869
Dr. Martens plc	1,107,866	2,206,823
Drax Group plc	765,242	5,352,611
Dunelm Group plc	215,466	3,178,041
easyJet plc *	710,700	3,811,183
Elementis plc *	1,087,417	1,573,584
Energean plc	258,143	3,722,463
Essentra plc	578,926	1,082,772
FDM Group Holdings plc	167,158	1,220,049
Ferrexpo plc *	558,052	546,969
Finablr plc *(b)	225,475	0
FirstGroup plc	1,369,628	2,518,244
Frasers Group plc *	245,632	2,510,251
Future plc	234,612	2,308,445
Games Workshop Group plc	62,664	8,591,582
Genuit Group plc	442,961	1,790,540
Genus plc	127,077	3,748,674
Grafton Group plc	382,318	4,178,416
Grainger plc	1,393,602	4,171,060
Great Portland Estates plc	418,214	2,226,806
Greencore Group plc *	988,878	1,055,700
Greggs plc	190,920	5,965,849
Halfords Group plc	410,511	951,407
Hammerson plc (a)	7,446,599	2,266,516
Harbour Energy plc	1,312,999	4,159,414
Hays plc	3,070,422	4,166,922
Helical plc	199,894	595,245
Helios Towers plc *	1,482,631	1,712,449
Hill & Smith plc	151,908	3,449,423
Hilton Food Group plc	159,620	1,363,248
Hochschild Mining plc	618,153	715,929
Home REIT plc (b)	1,478,309	356,384
Ibstock plc	709,085	1,337,891
IG Group Holdings plc	730,961	6,265,991
Inchcape plc	714,896	6,916,393
Indivior plc *	240,088	5,536,938
IntegraFin Holdings plc	553,975	1,691,745
International Distributions Services plc *	1,297,998	3,996,760

SECURITY	NUMBER OF SHARES	VALUE ($)
Investec plc	1,196,589	7,085,468
IP Group plc	1,896,944	1,410,978
Ithaca Energy plc	204,116	366,759
IWG plc *	1,394,749	3,167,101
J.D. Wetherspoon plc *	184,472	1,690,038
John Wood Group plc *	1,311,224	2,655,103
JTC plc	256,304	2,263,685
Jupiter Fund Management plc	806,115	1,016,361
Just Group plc	1,985,056	1,896,583
Kainos Group plc	179,435	2,762,557
Keller Group plc	137,316	1,338,059
Lancashire Holdings Ltd.	474,113	3,439,419
Liontrust Asset Management plc	117,497	981,160
LondonMetric Property plc	2,033,462	4,668,980
LXI REIT plc	2,891,216	3,421,805
Man Group plc	2,261,144	6,068,508
Marks & Spencer Group plc *	3,771,429	10,838,689
Marshalls plc	431,030	1,501,993
Mitchells & Butlers plc *	488,250	1,364,821
Mitie Group plc	2,610,958	3,215,836
Mobico Group plc	1,030,519	1,092,973
Molten Ventures plc *	285,961	881,973
Moneysupermarket.com Group plc	991,000	3,119,270
Moonpig Group plc *	530,025	1,138,397
Morgan Advanced Materials plc	542,254	1,807,117
Morgan Sindall Group plc	81,750	2,044,856
NCC Group plc	568,721	718,492
Network International Holdings plc *	860,915	4,232,722
Ninety One plc	636,052	1,380,631
OSB Group plc	824,450	3,566,610
Oxford Biomedica plc *	161,152	658,557
Oxford Instruments plc	101,744	2,855,685
Oxford Nanopore Technologies plc *	1,216,726	3,669,421
Pagegroup plc	594,620	3,155,542
Paragon Banking Group plc	430,852	2,874,447
Pennon Group plc	508,187	4,153,470
Petershill Partners plc	526,092	1,166,615
Petrofac Ltd. *(a)	831,749	761,479
Pets at Home Group plc	878,393	4,202,896
Picton Property Income Ltd.	1,009,548	881,402
Playtech plc *	591,025	3,931,814
Plus500 Ltd.	170,258	3,080,800
Premier Foods plc	1,240,829	1,937,093
Primary Health Properties plc	2,572,858	3,066,214
PureTech Health plc *	475,678	1,194,660
PZ Cussons plc	474,276	953,152
QinetiQ Group plc	987,837	4,173,291
Quilter plc	2,644,472	2,868,405
Rank Group plc *	406,084	432,238
Rathbone Brothers plc	114,681	2,560,502
Redde Northgate plc	439,571	1,787,977
Redrow plc	516,266	3,110,001
Rhi Magnesita N.V.	54,917	1,970,733
Rotork plc	1,651,009	6,297,145
S4 Capital plc *	1,026,337	1,290,118
Safestore Holdings plc	411,607	4,508,951
Savills plc	254,421	2,935,355
Senior plc	807,005	1,842,718
Serco Group plc	2,128,070	4,123,074
Shaftesbury Capital plc	2,602,732	3,878,507
SIG plc *	1,279,882	546,547
Sirius Real Estate Ltd.	2,244,175	2,476,867
Softcat plc	238,506	4,545,429
Spectris plc	201,237	8,478,661
Spire Healthcare Group plc	533,915	1,471,496
Spirent Communications plc	1,124,934	2,236,546
SSP Group plc *	1,491,737	4,442,096
Supermarket Income REIT plc	2,362,384	2,310,977

See financial notes

Schwab International Equity ETFs | Annual Report61

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Synthomer plc *	639,230	518,400
TBC Bank Group plc	96,351	3,473,492
Telecom Plus plc	134,091	2,701,622
THG plc *	1,833,042	2,287,897
TI Fluid Systems plc	598,594	960,271
TP ICAP Group plc	1,506,882	3,154,402
Trainline plc *	884,479	2,606,904
Travis Perkins plc	410,630	4,483,159
Tritax Big Box REIT plc	3,584,829	6,414,029
Trustpilot Group plc *	635,316	662,548
TUI AG *	859,702	5,124,400
Tullow Oil plc *(a)	2,204,909	977,882
UK Commercial Property REIT Ltd.	1,423,222	973,855
Vanquis Banking Group plc	487,797	640,364
Vesuvius plc	406,117	2,268,405
Victrex plc	168,115	3,199,663
Virgin Money UK plc	2,263,263	4,667,494
Vistry Group plc	659,702	6,541,238
Volution Group plc	361,716	1,749,973
Watches of Switzerland Group plc *	443,960	3,276,933
WH Smith plc	239,550	4,453,014
Wickes Group plc	485,468	863,685
Workspace Group plc	277,711	1,766,544
XP Power Ltd.	34,371	938,571
		468,316,829
Total Common Stocks (Cost $3,721,545,475)		3,748,980,827

PREFERRED STOCKS 0.1% OF NET ASSETS

Germany 0.0%
Draegerwerk AG & Co. KGaA	16,242	786,220

Italy 0.1%
Danieli & C Officine Meccaniche S.p.A. - RSP	76,222	1,442,768

Republic of Korea 0.0%
Daishin Securities Co., Ltd.	34,567	353,058

Sweden 0.0%
Corem Property Group AB	21,810	376,052
Total Preferred Stocks (Cost $3,031,322)		2,958,098

RIGHTS 0.0% OF NET ASSETS

Republic of Korea 0.0%
CJ CGV Co., Ltd.
expires 09/07/23, strike KRW 5,560.00 *(b)	62,417	93,029
SK REITs Co., Ltd.
expires 09/22/23, strike KRW 4,260.00 *(b)	79,696	23,516
		116,545
Total Rights (Cost $290,341)		116,545

SECURITY	NUMBER OF SHARES	VALUE ($)
WARRANTS 0.0% OF NET ASSETS

Australia 0.0%
PointsBet Holdings Ltd.
expires 07/08/24 *(b)	19,829	144

Italy 0.0%
Webuild S.p.A.
expires 08/02/30 *(a)(b)	41,766	85,493
Total Warrants (Cost $0)		85,637


SHORT-TERM INVESTMENTS 2.2% OF NET ASSETS

Money Market Funds 2.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (c)	1,242,061	1,242,061
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (c)(d)	79,217,413	79,217,413
		80,459,474
Total Short-Term Investments (Cost $80,459,474)		80,459,474
Total Investments in Securities (Cost $3,805,326,612)		3,832,600,581

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED DEPRECIATION ($)
FUTURES CONTRACTS
Long
MSCI EAFE Index, expires 09/15/23	138	14,554,170	(239,857 )

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $74,679,811.
(b)	Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information).
(c)	The rate shown is the annualized 7-day yield.
(d)	Security purchased with cash collateral received for securities on loan.

CVA —	Dutch Certificate
REIT —	Real Estate Investment Trust
RSP —	Risparmio (Savings Shares)
KRW —	South Korean Won

See financial notes

62Schwab International Equity ETFs | Annual Report

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

The following is a summary of the inputs used to value the fund’s investments as of August 31, 2023 (see financial note 2(a) for additional information):

DESCRIPTION	QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)	OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)	SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)	TOTAL
Assets
Common Stocks1	$1,982,851,494	$—	$—	$1,982,851,494
Australia	230,884,267	—	2,988,840 *	233,873,107
Hong Kong	28,464,396	—	10,733 *	28,475,129
Japan	687,161,122	—	572,694	687,733,816
Republic of Korea	244,116,102	—	203,208	244,319,310
Singapore	33,258,056	—	0 *	33,258,056
Spain	70,153,086	—	0 *	70,153,086
United Kingdom	467,960,445	—	356,384 *	468,316,829
Preferred Stocks1	2,958,098	—	—	2,958,098
Rights1
Republic of Korea	—	—	116,545	116,545
Warrants1
Australia	—	—	144	144
Italy	—	—	85,493	85,493
Short-Term Investments1	80,459,474	—	—	80,459,474
Liabilities
Futures Contracts2	(239,857 )	—	—	(239,857 )
Total	$3,828,026,683	$—	$4,334,041	$3,832,360,724

*	Level 3 amount shown includes securities determined to have no value at August 31, 2023.
1	As categorized in the Portfolio Holdings.
2	Futures contracts are reported at cumulative unrealized appreciation or depreciation.

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying

securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

See financial notes

Schwab International Equity ETFs | Annual Report63

Schwab International Small-Cap Equity ETF

Statement of Assets and Liabilities

As of August 31, 2023

Assets
Investments in securities, at value - unaffiliated (cost $3,805,326,612) including securities on loan of $74,679,811		$3,832,600,581
Foreign currency, at value (cost $2,062,236)		2,058,559
Deposit with broker for futures contracts		868,174
Receivables:
Dividends		7,181,355
Foreign tax reclaims		3,248,581
Income from securities on loan		254,518
Investments sold	+	79,561
Total assets		3,846,291,329

Liabilities
Collateral held for securities on loan		79,217,413
Payables:
Management fees		350,340
Investments bought		91,687
Variation margin on futures contracts		67,542
Foreign capital gains tax	+	26,985
Total liabilities		79,753,967
Net assets		$3,766,537,362

Net Assets by Source
Capital received from investors		$4,038,798,603
Total distributable loss	+	(272,261,241 )
Net assets		$3,766,537,362

Net Asset Value (NAV)
Net Assets	÷	Shares Outstanding	=	NAV
$3,766,537,362		110,700,000		$34.02

See financial notes

64Schwab International Equity ETFs | Annual Report

Schwab International Small-Cap Equity ETF

Statement of Operations

For the period September 1, 2022 through August 31, 2023
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $12,283,583)		$104,390,243
Securities on loan, net	+	4,229,277
Total investment income		108,619,520

Expenses
Management fees		3,902,104
Professional fees	+	2,773 1
Total expenses		3,904,877
Expense reduction	–	2,773 1
Net expenses	–	3,902,104
Net investment income		104,717,416

REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated (net of foreign capital gains tax paid of $932)		(112,647,525 )
Net realized gains on sales of in-kind redemptions - unaffiliated		35,519,443
Net realized gains on futures contracts		1,607,827
Net realized losses on foreign currency transactions	+	(640,248 )
Net realized losses		(76,160,503 )
Net change in unrealized appreciation (depreciation) on securities - unaffiliated (net of change in foreign capital gains tax of $148,243)		295,906,980
Net change in unrealized appreciation (depreciation) on futures contracts		253,692
Net change in unrealized appreciation (depreciation) on foreign currency translations	+	348,676
Net change in unrealized appreciation (depreciation)	+	296,509,348
Net realized and unrealized gains		220,348,845
Increase in net assets resulting from operations		$325,066,261

1	Professional fees associated with the filing of tax claims in the European Union deemed to be non-contingent and non-routine expenses of the fund (see financial notes 2(d) and 4 for additional information).

See financial notes

Schwab International Equity ETFs | Annual Report65

Schwab International Small-Cap Equity ETF

Statement of Changes in Net Assets

For the current and prior report periods

OPERATIONS
	9/1/22-8/31/23		9/1/21-8/31/22
Net investment income		$104,717,416	$89,950,559
Net realized gains (losses)		(76,160,503 )	68,253,006
Net change in unrealized appreciation (depreciation)	+	296,509,348	(1,174,022,628 )
Increase (decrease) in net assets resulting from operations		$325,066,261	($1,015,819,063 )

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions		($78,014,800 )	($93,611,110 )

TRANSACTIONS IN FUND SHARES
	9/1/22-8/31/23			9/1/21-8/31/22
		SHARES	VALUE	SHARES	VALUE
Shares sold		8,600,000	$278,096,357	21,600,000	$800,090,348
Shares redeemed	+	(4,700,000 )	(141,319,157 )	(3,500,000 )	(140,297,403 )
Net transactions in fund shares		3,900,000	$136,777,200	18,100,000	$659,792,945

SHARES OUTSTANDING AND NET ASSETS
	9/1/22-8/31/23			9/1/21-8/31/22
		SHARES	NET ASSETS	SHARES	NET ASSETS
Beginning of period		106,800,000	$3,382,708,701	88,700,000	$3,832,345,929
Total increase (decrease)	+	3,900,000	383,828,661	18,100,000	(449,637,228 )
End of period		110,700,000	$3,766,537,362	106,800,000	$3,382,708,701

See financial notes

66Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	9/1/22– 8/31/23	9/1/21– 8/31/22	9/1/20– 8/31/21	9/1/19– 8/31/20	9/1/18– 8/31/19
Per-Share Data
Net asset value at beginning of period	$25.22	$31.64	$27.11	$24.82	$25.89
Income (loss) from investment operations:
Net investment income (loss)1	0.75	0.93	0.63	0.79	0.72
Net realized and unrealized gains (losses)	(0.62 )	(6.63 )	4.64	2.34	(1.00 )
Total from investment operations	0.13	(5.70 )	5.27	3.13	(0.28 )
Less distributions:
Distributions from net investment income	(0.73 )	(0.72 )	(0.74 )	(0.84 )	(0.79 )
Net asset value at end of period	$24.62	$25.22	$31.64	$27.11	$24.82
Total return	0.61 %	(18.32 %)	19.53 %	12.76 %	(0.97 %)
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.11 %2	0.11 %2	0.11 %	0.12 %3	0.13 %
Net investment income (loss)	3.09 %	3.33 %	2.04 %	3.16 %	2.85 %
Portfolio turnover rate4	13 %	13 %	15 %	15 %	13 %
Net assets, end of period (x 1,000,000)	$8,463	$8,557	$9,505	$7,196	$5,804

1	Calculated based on the average shares outstanding during the period.
2	Ratio includes less than 0.005% of non-routine proxy expenses.
3	Effective February 25, 2020, the annual operating expense ratio was reduced to 0.11%. The ratio presented for the period ended August 31, 2020 is a blended ratio.
4	Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

See financial notes

Schwab International Equity ETFs | Annual Report67

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2023

This section shows all the securities in the fund’s portfolio and their values as of the report date.

SECURITY	NUMBER OF SHARES	VALUE ($)
COMMON STOCKS 97.8% OF NET ASSETS

Brazil 4.6%
Ambev S.A.	5,845,030	16,339,332
Atacadao S.A.	743,758	1,541,312
Auren Energia S.A.	564,605	1,552,081
B3 S.A. - Brasil Bolsa Balcao	7,713,893	20,145,757
Banco Bradesco S.A.	1,960,630	5,243,184
Banco BTG Pactual S.A.	1,533,479	10,057,072
Banco do Brasil S.A.	1,143,942	10,882,693
Banco Santander Brasil S.A.	494,981	2,710,376
BB Seguridade Participacoes S.A.	921,111	5,652,118
BRF S.A. *	1,602,593	2,926,194
Caixa Seguridade Participacoes S.A.	594,395	1,296,613
CCR S.A.	1,486,408	3,740,826
Centrais Eletricas Brasileiras S.A.	1,817,914	12,946,939
Cia de Saneamento Basico do Estado de Sao Paulo SABESP	451,423	5,281,092
Cia Energetica de Minas Gerais	410,782	1,633,686
Cia Paranaense de Energia	1,046,043	1,711,378
Cielo S.A.	1,562,464	1,173,990
Companhia Siderurgica Nacional S.A.	837,817	2,049,296
Cosan S.A.	1,637,046	5,793,039
CPFL Energia S.A.	274,967	1,896,631
CSN Mineracao S.A.	692,266	598,450
Dexco S.A.	450,169	723,769
Diagnosticos da America S.A.	143,671	319,788
Embraer S.A. *	978,628	3,852,485
Energisa S.A.	394,675	3,674,955
Eneva S.A. *	1,634,297	3,934,764
Engie Brasil Energia S.A.	247,967	2,109,569
Equatorial Energia S.A.	1,170,902	7,487,605
GPS Participacoes e Empreendimentos S.A.	534,885	1,995,440
GRUPO DE MODA SOMA S.A.	591,247	894,463
Grupo Mateus S.A. *	537,899	731,185
Hapvida Participacoes e Investimentos S.A. *	6,562,794	5,646,897
Hypera S.A.	534,127	4,206,387
Intelbras S.A. Industria de Telecomunicacao Eletronica Brasileira	107,665	476,027
Itau Unibanco Holding S.A.	552,149	2,599,621
JBS S.A.	1,798,819	6,685,236
Klabin S.A.	1,008,095	4,634,311
Localiza Rent a Car S.A.	1,104,450	14,109,709
Lojas Renner S.A.	1,299,373	4,207,061
M Dias Branco S.A.	168,782	1,268,179
Magazine Luiza S.A. *	4,085,783	2,277,696
Marfrig Alimentos S.A.	422,969	633,050
Multiplan Empreendimentos Imobiliarios S.A.	401,041	2,004,010
Natura & Co. Holding S.A. *	1,296,999	3,976,700
Neoenergia S.A.	297,640	1,096,548
Petroleo Brasileiro S.A.	4,998,359	34,870,746
Petroreconcavo S.A.	274,459	1,283,889

SECURITY	NUMBER OF SHARES	VALUE ($)
Porto Seguro S.A.	252,360	1,330,370
PRIO S.A. *	900,818	8,446,050
Raia Drogasil S.A.	1,489,213	8,265,802
Rede D'Or Sao Luiz S.A.	1,038,419	6,011,187
Rumo S.A.	1,649,008	7,444,092
Sao Martinho S.A.	226,198	1,650,700
Sendas Distribuidora S.A.	1,830,107	4,291,609
SLC Agricola S.A.	142,753	1,159,682
Smartfit Escola de Ginastica e Danca S.A. *	146,893	611,195
Suzano S.A.	955,485	9,678,460
Telefonica Brasil S.A.	586,112	4,895,168
TIM S.A.	1,116,549	3,249,775
TOTVS S.A.	617,105	3,457,618
Transmissora Alianca de Energia Eletrica S.A.	300,028	2,072,523
Ultrapar Participacoes S.A.	1,118,570	4,102,896
Usinas Siderurgicas de Minas Gerais S.A. Usiminas	314,153	441,633
Vale S.A.	5,249,025	68,998,182
Vamos Locacao de Caminhoes Maquinas e Equipamentos S.A.	442,287	1,046,098
Vibra Energia S.A.	1,481,424	5,523,604
WEG S.A.	1,998,352	14,482,245
		388,031,038

Chile 0.5%
Banco de Chile	59,137,656	6,420,127
Banco de Credito e Inversiones S.A.	84,429	2,417,312
Banco Itau Chile S.A.	96,963	1,060,577
Banco Santander Chile	84,038,441	4,002,531
CAP S.A.	100,207	701,853
Cencosud S.A.	1,818,609	3,874,350
Cencosud Shopping S.A.	689,613	1,151,166
Cia Cervecerias Unidas S.A.	180,813	1,329,951
Cia Sud Americana de Vapores S.A.	23,828,400	1,582,719
Colbun S.A.	10,112,384	1,578,979
Empresas CMPC S.A.	1,638,506	2,960,844
Empresas Copec S.A.	676,353	4,861,941
Enel Americas S.A. *	25,650,198	3,033,769
Enel Chile S.A.	34,872,993	2,338,707
Falabella S.A.	1,062,649	2,605,112
Plaza S.A.	431,250	660,983
Quinenco S.A.	319,446	999,637
		41,580,558

China 32.6%
360 Security Technology, Inc., A Shares *	712,700	1,094,729
37 Interactive Entertainment Network Technology Group Co., Ltd., A Shares	132,900	450,638
3peak, Inc., A Shares	10,330	260,957
3SBio, Inc.	2,679,283	2,241,349
Addsino Co., Ltd., A Shares	170,900	200,285

See financial notes

68Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Advanced Micro-Fabrication Equipment, Inc. China, A Shares *	60,112	1,258,152
AECC Aero-Engine Control Co., Ltd., A Shares	113,300	348,843
AECC Aviation Power Co., Ltd., A Shares	262,400	1,414,656
Agile Group Holdings Ltd. *(a)	2,497,430	283,446
Agricultural Bank of China Ltd., A Shares	8,574,700	4,076,178
Agricultural Bank of China Ltd., H Shares	41,350,999	14,184,868
Aier Eye Hospital Group Co., Ltd., A Shares	896,844	2,220,393
Air China Ltd., A Shares *	1,032,000	1,226,462
Air China Ltd., H Shares *	1,921,262	1,423,475
Akeso, Inc. *	674,383	2,962,667
Alibaba Group Holding Ltd. *	23,201,563	266,876,779
Alibaba Health Information Technology Ltd. *	7,874,284	4,649,209
Alibaba Pictures Group Ltd. *	17,968,853	1,191,546
A-Living Smart City Services Co., Ltd. *	1,089,375	694,599
All Winner Technology Co., Ltd., A Shares	54,900	182,912
Alpha Group, A Shares *	162,500	200,488
Aluminum Corp. of China Ltd., A Shares	2,269,400	1,845,826
Aluminum Corp. of China Ltd., H Shares	4,666,469	2,255,353
Amlogic Shanghai Co., Ltd., A Shares *	40,017	481,513
An Hui Wenergy Co., Ltd., A Shares	357,600	298,225
Angang Steel Co., Ltd., H Shares	2,976,212	762,864
Angel Yeast Co., Ltd., A Shares	93,800	427,342
Angelalign Technology, Inc.	58,511	390,235
Anhui Anke Biotechnology Group Co., Ltd., A Shares	148,500	194,028
Anhui Conch Cement Co., Ltd., A Shares	379,800	1,340,010
Anhui Conch Cement Co., Ltd., H Shares	1,552,408	4,315,681
Anhui Expressway Co., Ltd., H Shares	835,424	820,323
Anhui Gujing Distillery Co., Ltd., A Shares	112,704	4,460,313
Anhui Yingjia Distillery Co., Ltd., A Shares	30,900	325,323
Anhui Zhongding Sealing Parts Co., Ltd., A Shares	113,200	187,721
Anjoy Foods Group Co., Ltd., A Shares	30,300	543,264
ANTA Sports Products Ltd.	1,704,106	19,199,511
Apeloa Pharmaceutical Co., Ltd., A Shares	120,600	290,792
Asymchem Laboratories Tianjin Co., Ltd., A Shares	21,280	388,996
Autohome, Inc., ADR	82,021	2,370,407
Avary Holding Shenzhen Co., Ltd., A Shares	76,700	225,405
AVIC Industry-Finance Holdings Co., Ltd., A Shares	759,500	384,002
AviChina Industry & Technology Co., Ltd., H Shares	3,162,130	1,419,415
AVICOPTER plc, A Shares	57,300	300,257
BAIC Motor Corp., Ltd., H Shares	3,077,255	851,550
Baidu, Inc., A Shares *	3,003,902	53,399,297
Bank of Beijing Co., Ltd., A Shares	2,043,900	1,255,236
Bank of Changsha Co., Ltd., A Shares	382,300	427,025
Bank of Chengdu Co., Ltd., A Shares	147,900	278,182
Bank of China Ltd., A Shares	3,971,600	2,046,232
Bank of China Ltd., H Shares	101,931,901	34,576,320

SECURITY	NUMBER OF SHARES	VALUE ($)
Bank of Communications Co., Ltd., A Shares	3,647,400	2,781,215
Bank of Communications Co., Ltd., H Shares	9,859,309	5,645,206
Bank of Guiyang Co., Ltd., A Shares	417,100	307,159
Bank of Hangzhou Co., Ltd., A Shares	573,400	882,336
Bank of Jiangsu Co., Ltd., A Shares	563,900	552,395
Bank of Nanjing Co., Ltd., A Shares	1,010,900	1,099,997
Bank of Ningbo Co., Ltd., A Shares	635,660	2,285,529
Bank of Shanghai Co., Ltd., A Shares	1,378,170	1,126,621
Bank of Zhengzhou Co., Ltd., A Shares *	808,187	237,620
Baoshan Iron & Steel Co., Ltd., A Shares	1,800,932	1,499,436
BBMG Corp., A Shares	1,857,700	561,509
BeiGene Ltd. *	833,338	13,517,467
Beijing Capital Eco-Environment Protection Group Co., Ltd., A Shares	717,700	282,998
Beijing Capital International Airport Co., Ltd., H Shares *	2,529,596	1,325,806
Beijing Dabeinong Technology Group Co., Ltd., A Shares	406,400	362,374
Beijing Easpring Material Technology Co., Ltd., A Shares	49,000	298,369
Beijing E-Hualu Information Technology Co., Ltd., A Shares *	73,800	305,806
Beijing Enlight Media Co., Ltd., A Shares	270,800	347,499
Beijing Enterprises Holdings Ltd.	630,244	2,362,888
Beijing Enterprises Water Group Ltd.	5,606,267	1,294,015
Beijing Jetsen Technology Co., Ltd., A Shares *	319,000	237,546
Beijing Jingneng Clean Energy Co., Ltd., H Shares	2,336,422	497,571
Beijing Kingsoft Office Software, Inc., A Shares	43,332	2,349,221
Beijing New Building Materials plc, A Shares	164,100	674,121
Beijing Orient National Communication Science & Technology Co., Ltd., A Shares *	157,600	216,095
Beijing Originwater Technology Co., Ltd., A Shares	359,177	262,530
Beijing Shiji Information Technology Co., Ltd., A Shares *	252,980	472,350
Beijing Shougang Co., Ltd., A Shares	673,800	343,450
Beijing Shunxin Agriculture Co., Ltd., A Shares *	70,600	239,294
Beijing Sinnet Technology Co., Ltd., A Shares *	130,100	178,924
Beijing Tongrentang Co., Ltd., A Shares	138,600	1,070,563
Beijing Ultrapower Software Co., Ltd., A Shares	204,800	305,856
Beijing United Information Technology Co., Ltd., A Shares	71,905	356,734
Beijing Wantai Biological Pharmacy Enterprise Co., Ltd., A Shares	45,750	313,590
Beijing Yanjing Brewery Co., Ltd., A Shares	313,000	446,375
Beijing Zhong Ke San Huan High-Tech Co., Ltd., A Shares	117,530	175,685
Bethel Automotive Safety Systems Co., Ltd., A Shares	39,100	404,833
Bilibili, Inc., Z Shares *	324,665	4,856,468

See financial notes

Schwab International Equity ETFs | Annual Report69

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Bloomage Biotechnology Corp., Ltd., A Shares	34,275	435,872
Blue Moon Group Holdings Ltd.	1,266,487	592,726
Bluefocus Intelligent Communications Group Co., Ltd., A Shares *	275,100	336,765
BOE Technology Group Co., Ltd., A Shares	3,390,800	1,868,120
BOE Technology Group Co., Ltd., B Shares	1,165,150	424,947
Bosideng International Holdings Ltd.	4,684,049	1,839,751
Bright Dairy & Food Co., Ltd., A Shares	426,700	612,042
BTG Hotels Group Co., Ltd., A Shares *	102,500	244,614
BYD Co., Ltd., A Shares	171,400	5,873,073
BYD Co., Ltd., H Shares	1,319,030	41,345,054
BYD Electronic International Co., Ltd.	1,050,509	4,869,577
By-health Co., Ltd., A Shares	168,000	446,169
C&D International Investment Group Ltd.	801,801	2,040,864
C&S Paper Co., Ltd., A Shares	151,300	214,317
Caitong Securities Co., Ltd., A Shares	489,160	538,321
Canmax Technologies Co., Ltd., A Shares	73,320	271,985
CanSino Biologics, Inc., H Shares *(a)	140,905	413,277
CECEP Solar Energy Co., Ltd., A Shares	355,100	294,189
CECEP Wind-Power Corp., A Shares	631,020	291,300
Central China Securities Co., Ltd., A Shares	699,500	393,069
CGN Power Co., Ltd., H Shares	16,135,300	4,032,925
Changchun High & New Technology Industry Group, Inc., A Shares	41,300	780,209
Changjiang Securities Co., Ltd., A Shares	529,300	434,872
Changzhou Xingyu Automotive Lighting Systems Co., Ltd., A Shares	26,400	536,270
Chaozhou Three-Circle Group Co., Ltd., A Shares	176,408	778,246
Chengdu Xingrong Environment Co., Ltd., A Shares	283,400	204,417
Chengxin Lithium Group Co., Ltd., A Shares	81,300	255,232
China Baoan Group Co., Ltd., A Shares	261,200	382,550
China Bohai Bank Co., Ltd., Class H *	4,162,831	642,334
China Cinda Asset Management Co., Ltd., H Shares	11,956,674	1,174,054
China CITIC Bank Corp., Ltd., A Shares	465,000	348,822
China CITIC Bank Corp., Ltd., H Shares	13,205,395	5,877,110
China Coal Energy Co., Ltd., A Shares	1,104,600	1,223,202
China Coal Energy Co., Ltd., H Shares	2,447,920	1,670,083
China Communications Services Corp., Ltd., H Shares	3,303,203	1,486,952
China Conch Venture Holdings Ltd.	1,896,114	1,864,257
China Construction Bank Corp., A Shares	1,227,500	1,011,884
China Construction Bank Corp., H Shares	124,933,231	66,913,581
China CSSC Holdings Ltd., A Shares	435,800	1,699,851
China East Education Holdings Ltd.	529,474	227,542
China Eastern Airlines Corp., Ltd., A Shares *	1,576,000	939,732
China Eastern Airlines Corp., Ltd., H Shares *	1,863,342	658,202
China Energy Engineering Corp., Ltd.	3,087,008	971,251
China Energy Engineering Corp., Ltd., H Shares	6,104,501	708,400
China Everbright Bank Co., Ltd., A Shares	4,138,600	1,711,505

SECURITY	NUMBER OF SHARES	VALUE ($)
China Everbright Bank Co., Ltd., H Shares	4,383,799	1,263,415
China Everbright Environment Group Ltd.	5,016,110	1,829,448
China Everbright Ltd.	1,193,445	697,036
China Feihe Ltd.	5,555,820	3,344,084
China Galaxy Securities Co., Ltd., H Shares	5,618,066	3,023,335
China Gas Holdings Ltd.	4,013,488	4,094,482
China Great Wall Securities Co., Ltd., A Shares	279,900	337,641
China Greatwall Technology Group Co., Ltd., A Shares	301,900	451,699
China Hongqiao Group Ltd.	2,913,206	2,905,126
China Huarong Asset Management Co., Ltd., H Shares *	21,757,930	998,866
China International Capital Corp., Ltd., A Shares	88,600	474,741
China International Capital Corp., Ltd., H Shares	2,012,295	3,869,724
China International Marine Containers Group Co., Ltd., H Shares	1,239,405	689,107
China Jinmao Holdings Group Ltd.	8,969,550	1,269,640
China Jushi Co., Ltd., A Shares	387,677	743,556
China Lesso Group Holdings Ltd.	1,257,506	692,757
China Life Insurance Co., Ltd., H Shares	9,985,808	15,153,648
China Literature Ltd. *	553,297	2,222,572
China Longyuan Power Group Corp., Ltd., H Shares	4,397,401	3,482,368
China Medical System Holdings Ltd.	1,687,849	2,436,503
China Meheco Co., Ltd., A Shares	150,240	258,227
China Meidong Auto Holdings Ltd.	707,601	533,289
China Mengniu Dairy Co., Ltd.	4,144,531	13,952,959
China Merchants Bank Co., Ltd., A Shares	2,014,600	8,732,655
China Merchants Bank Co., Ltd., H Shares	5,007,224	19,794,554
China Merchants Energy Shipping Co., Ltd., A Shares	803,600	650,299
China Merchants Expressway Network & Technology Holdings Co. Ltd, A Shares	195,100	260,276
China Merchants Port Holdings Co., Ltd.	2,135,313	2,554,179
China Merchants Securities Co., Ltd., A Shares	678,580	1,324,809
China Merchants Securities Co., Ltd., H Shares	702,056	647,287
China Merchants Shekou Industrial Zone Holdings Co., Ltd., A Shares	661,200	1,240,914
China Minmetals Rare Earth Co., Ltd., A Shares	93,300	366,483
China Minsheng Banking Corp., Ltd., A Shares	3,547,600	1,842,403
China Minsheng Banking Corp., Ltd., H Shares	8,101,235	2,603,387
China National Accord Medicines Corp., Ltd., B Shares	228,748	401,095
China National Building Material Co., Ltd., H Shares	5,950,194	3,027,548
China National Chemical Engineering Co., Ltd., A Shares	585,200	625,521
China National Nuclear Power Co., Ltd., A Shares	1,598,400	1,581,161

See financial notes

70Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
China National Software & Service Co., Ltd., A Shares	80,470	477,613
China Northern Rare Earth Group High-Tech Co., Ltd., A Shares	343,200	1,041,129
China Oilfield Services Ltd., A Shares	263,029	535,562
China Oilfield Services Ltd., H Shares	2,279,693	2,584,432
China Overseas Land & Investment Ltd.	5,102,041	10,761,343
China Pacific Insurance Group Co., Ltd., A Shares	562,700	2,141,484
China Pacific Insurance Group Co., Ltd., H Shares	3,588,245	8,218,176
China Petroleum & Chemical Corp., A Shares	3,900,100	3,252,539
China Petroleum & Chemical Corp., H Shares	32,751,363	19,170,307
China Power International Development Ltd.	6,902,304	2,464,558
China Railway Group Ltd., A Shares	1,894,200	1,743,648
China Railway Group Ltd., H Shares	5,385,573	2,850,145
China Railway Signal & Communication Corp., Ltd., A Shares	763,578	588,538
China Railway Signal & Communication Corp., Ltd., H Shares	1,909,139	632,992
China Reinsurance Group Corp., H Shares	9,513,837	618,747
China Resources Beer Holdings Co., Ltd.	2,113,553	12,425,134
China Resources Boya Bio-pharmaceutical Group Co., Ltd., A Shares	58,000	241,929
China Resources Cement Holdings Ltd.	2,937,721	974,027
China Resources Double Crane Pharmaceutical Co., Ltd., A Shares	108,140	239,651
China Resources Gas Group Ltd.	1,205,381	3,389,378
China Resources Land Ltd.	3,678,120	15,548,784
China Resources Microelectronics Ltd., A Shares	93,908	755,160
China Resources Mixc Lifestyle Services Ltd.	791,315	3,415,821
China Resources Pharmaceutical Group Ltd.	2,233,318	1,492,344
China Resources Power Holdings Co., Ltd.	2,558,402	5,011,261
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., A Shares	100,500	656,975
China Ruyi Holdings Ltd. *(a)	5,925,623	1,571,753
China Shenhua Energy Co., Ltd., A Shares	898,570	3,477,738
China Shenhua Energy Co., Ltd., H Shares	4,437,168	12,929,421
China South Publishing & Media Group Co., Ltd., A Shares	175,200	292,461
China Southern Airlines Co., Ltd., A Shares *	1,666,500	1,447,040
China Southern Airlines Co., Ltd., H Shares *	1,605,704	853,864
China Southern Power Grid Energy Efficiency&Clean Energy Co., Ltd., A Shares	262,500	217,833
China State Construction Engineering Corp., Ltd., A Shares	3,859,500	2,985,366
China State Construction International Holdings Ltd.	2,376,965	2,646,208

SECURITY	NUMBER OF SHARES	VALUE ($)
China Suntien Green Energy Corp., Ltd., H Shares	2,535,244	892,310
China Taiping Insurance Holdings Co., Ltd.	2,000,366	2,107,058
China Three Gorges Renewables Group Co., Ltd., A Shares	2,379,500	1,608,455
China Tourism Group Duty Free Corp., Ltd., A Shares	192,200	2,876,200
China Tourism Group Duty Free Corp., Ltd., Class H	143,898	1,932,280
China Tower Corp., Ltd., H Shares	62,407,027	6,048,311
China Traditional Chinese Medicine Holdings Co., Ltd.	3,267,720	1,275,127
China TransInfo Technology Co., Ltd., A Shares *	156,500	273,716
China United Network Communications Ltd., A Shares	2,647,100	1,894,812
China Vanke Co., Ltd., A Shares	866,700	1,624,207
China Vanke Co., Ltd., H Shares	3,012,725	3,515,342
China World Trade Center Co., Ltd., A Shares	180,500	476,390
China Yangtze Power Co., Ltd., A Shares	2,331,100	7,065,201
China Zhenhua Group Science & Technology Co., Ltd., A Shares	51,400	647,435
China Zheshang Bank Co., Ltd., A Shares	1,082,090	382,080
Chinese Universe Publishing and Media Group Co., Ltd., A Shares	121,000	210,630
Chongqing Brewery Co., Ltd., A Shares	45,800	575,009
Chongqing Changan Automobile Co., Ltd., A Shares	821,864	1,415,975
Chongqing Changan Automobile Co., Ltd., B Shares	2,036,198	890,638
Chongqing Fuling Zhacai Group Co., Ltd., A Shares	110,760	242,109
Chongqing Rural Commercial Bank Co., Ltd., H Shares	3,919,506	1,384,516
Chongqing Zhifei Biological Products Co., Ltd., A Shares	236,700	1,437,403
CIFI Holdings Group Co., Ltd. *(b)	7,913,504	575,216
CITIC Ltd.	6,524,777	6,481,718
Citic Pacific Special Steel Group Co., Ltd., A Shares	502,810	980,267
CITIC Securities Co., Ltd., A Shares	1,176,780	3,589,272
CITIC Securities Co., Ltd., H Shares	3,026,419	5,912,550
CMOC Group Ltd., A Shares	877,900	691,127
CMOC Group Ltd., H Shares	5,326,428	3,185,634
CNGR Advanced Material Co., Ltd., A Shares	75,200	567,009
CNOOC Energy Technology & Services Ltd., A Shares	736,700	312,757
CNPC Capital Co., Ltd., A Shares	392,100	362,552
Contemporary Amperex Technology Co., Ltd., A Shares	416,000	13,519,929
COSCO Shipping Development Co., Ltd., A Shares	1,205,800	394,285
COSCO Shipping Development Co., Ltd., H Shares	4,060,066	450,442
COSCO Shipping Energy Transportation Co., Ltd., H Shares	1,488,154	1,559,936
COSCO SHIPPING Energy Transportation Co., Ltd., A Shares	905,500	1,648,399
COSCO Shipping Holdings Co., Ltd., A Shares	1,229,621	1,655,600

See financial notes

Schwab International Equity ETFs | Annual Report71

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
COSCO SHIPPING Holdings Co., Ltd., H Shares	4,020,886	4,127,667
COSCO Shipping Ports Ltd.	2,044,026	1,258,985
Country Garden Holdings Co., Ltd. *(a)	17,668,018	2,005,233
Country Garden Services Holdings Co., Ltd. (a)	2,817,461	3,240,794
CRRC Corp., Ltd., A Shares	2,549,000	2,080,245
CRRC Corp., Ltd., H Shares	4,872,478	2,398,414
CSC Financial Co., Ltd., A Shares	500,000	1,770,969
CSC Financial Co., Ltd., H Shares	1,200,280	1,278,074
CSG Holding Co., Ltd., A Shares	458,446	370,989
CSG Holding Co., Ltd., B Shares	817,185	259,482
CSPC Pharmaceutical Group Ltd.	11,160,970	8,397,325
Daan Gene Co., Ltd., A Shares	140,160	180,821
Dada Nexus Ltd., ADR *	102,575	553,905
Daqin Railway Co., Ltd., A Shares	1,416,800	1,387,894
Daqo New Energy Corp., ADR *	74,626	2,758,923
Datang International Power Generation Co., Ltd., H Shares	5,449,420	861,706
DHC Software Co., Ltd., A Shares	358,400	330,899
Dian Diagnostics Group Co., Ltd., A Shares	69,500	217,901
Do-Fluoride New Materials Co., Ltd., A Shares	98,280	221,446
Dong-E-E-Jiao Co., Ltd., A Shares	58,500	416,577
Dongfang Electric Corp., Ltd., A Shares	268,900	619,927
Dongfang Electric Corp., Ltd., H Shares	454,376	524,386
Dongfeng Motor Group Co., Ltd., H Shares	3,890,952	1,429,010
Dongguan Yiheda Automation Co., Ltd., Class A	59,500	293,964
Dongxing Securities Co., Ltd., A Shares	284,900	324,493
East Buy Holding Ltd. *(a)	555,780	2,817,261
East Group Co., Ltd., A Shares	335,800	282,813
East Money Information Co., Ltd., A Shares	1,452,502	3,167,027
Eastern Air Logistics Co., Ltd., A Shares	146,200	247,667
Eastroc Beverage Group Co., Ltd., A Shares	16,000	431,517
Ecovacs Robotics Co., Ltd., A Shares	51,200	373,035
ENN Ecological Holdings Co., Ltd., A Shares	247,475	593,654
ENN Energy Holdings Ltd.	1,020,791	8,005,693
Eve Energy Co., Ltd., A Shares	199,736	1,355,631
Everbright Securities Co., Ltd., A Shares	472,500	1,113,980
Fangda Carbon New Material Co., Ltd., A Shares *	354,180	283,694
Far East Horizon Ltd.	1,695,362	1,158,815
FAW Jiefang Group Co., Ltd., A Shares *	236,400	278,672
Fiberhome Telecommunication Technologies Co., Ltd., A Shares	98,800	241,350
Financial Street Holdings Co., Ltd., A Shares	969,800	612,912
First Capital Securities Co., Ltd., A Shares	432,800	357,966
Flat Glass Group Co., Ltd., A Shares	71,500	303,348
Flat Glass Group Co., Ltd., H Shares	583,241	1,448,852
Focus Media Information Technology Co., Ltd., A Shares	1,389,500	1,469,966
Foshan Haitian Flavouring & Food Co., Ltd., A Shares	469,104	2,520,020
Fosun International Ltd.	3,002,299	1,879,847

SECURITY	NUMBER OF SHARES	VALUE ($)
Foxconn Industrial Internet Co., Ltd., A Shares	1,150,500	3,463,276
Fujian Funeng Co., Ltd., A Shares	319,020	361,163
Fujian Sunner Development Co., Ltd., A Shares	120,900	323,574
Full Truck Alliance Co., Ltd., ADR *	897,208	6,011,294
Fuyao Glass Industry Group Co., Ltd., A Shares	160,200	836,381
Fuyao Glass Industry Group Co., Ltd., H Shares	875,193	3,962,043
Ganfeng Lithium Co., Ltd., A Shares	167,220	1,089,222
Ganfeng Lithium Co., Ltd., H Shares	532,133	2,544,711
G-bits Network Technology Xiamen Co., Ltd., A Shares	6,200	355,807
GCL System Integration Technology Co., Ltd., A Shares *	567,000	224,354
GCL-Poly Energy Holdings Ltd	28,266,927	4,902,352
GD Power Development Co., Ltd., A Shares	1,673,900	807,225
GDS Holdings Ltd., A shares *	1,261,284	1,820,733
Geely Automobile Holdings Ltd.	7,324,335	9,097,335
GEM Co., Ltd., A Shares	504,800	434,162
Gemdale Corp., A Shares	440,900	436,145
Genscript Biotech Corp. *	1,326,805	3,109,851
GF Securities Co., Ltd., A Shares	628,000	1,299,400
GF Securities Co., Ltd., H Shares	1,330,122	1,899,750
Gigadevice Semiconductor Beijing, Inc., A Shares	64,484	832,617
Ginlong Technologies Co., Ltd., A Shares	37,350	385,072
Glarun Technology Co., Ltd., A Shares	112,900	238,256
GoerTek, Inc., A Shares	321,300	676,282
Goke Microelectronics Co., Ltd., A Shares	17,300	166,998
Goldwind Science & Technology Co., Ltd., A Shares	382,100	498,722
Goldwind Science & Technology Co., Ltd., H Shares	783,958	411,886
GoodWe Technologies Co., Ltd., A Shares	13,484	256,434
Gotion High-tech Co., Ltd., A Shares *	154,200	513,117
Grandjoy Holdings Group Co., Ltd., A Shares *	368,472	197,943
Great Wall Motor Co., Ltd., A Shares	244,600	877,448
Great Wall Motor Co., Ltd., H Shares	3,160,368	3,748,069
Gree Electric Appliances, Inc. of Zhuhai, Class A	218,000	1,071,954
Greentown China Holdings Ltd.	1,171,865	1,392,774
GRG Banking Equipment Co., Ltd., A Shares	247,500	426,753
Guangdong Baolihua New Energy Stock Co., Ltd., A Shares	351,400	277,605
Guangdong Electric Power Development Co., Ltd., B Shares *	1,439,414	436,867
Guangdong Haid Group Co., Ltd., A Shares	162,600	1,077,670
Guangdong HEC Technology Holding Co., Ltd., A Shares	282,500	263,928
Guangdong Investment Ltd.	4,259,446	3,329,665
Guangdong Kinlong Hardware Products Co., Ltd., A Shares	21,800	170,722
Guangdong Xinbao Electrical Appliances Holdings Co., Ltd., A Shares	74,500	180,454
Guanghui Energy Co., Ltd., A Shares	631,700	571,077

See financial notes

72Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Guangshen Railway Co., Ltd., H Shares *	2,749,374	631,093
Guangxi Guiguan Electric Power Co., Ltd., A Shares	352,400	267,744
Guangxi Liugong Machinery Co., Ltd., A Shares	427,900	423,873
Guangzhou Automobile Group Co., Ltd., A Shares	346,060	479,259
Guangzhou Automobile Group Co., Ltd., H Shares	4,138,348	2,179,536
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., A Shares	168,000	713,686
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., H Shares	255,882	719,508
Guangzhou Great Power Energy & Technology Co., Ltd., Class A *	33,200	163,343
Guangzhou Haige Communications Group, Inc. Co., A Shares	271,400	394,879
Guangzhou Kingmed Diagnostics Group Co., Ltd., A Shares	45,900	376,231
Guangzhou Shiyuan Electronic Technology Co., Ltd., A Shares	24,300	177,914
Guangzhou Tinci Materials Technology Co., Ltd., A Shares	187,780	846,990
Guangzhou Yuexiu Financial Holdings Group Co., Ltd., A Shares	280,118	264,781
Guangzhou Zhujiang Brewery Co., Ltd., A Shares	214,300	257,036
Guizhou Panjiang Refined Coal Co., Ltd., A Shares	257,100	223,596
Guolian Securities Co., Ltd., A Shares *	221,900	331,089
Guosen Securities Co., Ltd., A Shares	491,000	626,019
Guosheng Financial Holding, Inc., A Shares *	194,100	280,543
Guotai Junan Securities Co., Ltd., A Shares	632,100	1,264,461
Guotai Junan Securities Co., Ltd., H Shares	1,235,434	1,449,420
Guoyuan Securities Co., Ltd., A Shares	416,400	397,607
H World Group Ltd., ADR *	283,519	11,420,145
Haidilao International Holding Ltd.	2,050,595	5,582,963
Haier Smart Home Co., Ltd., A Shares	542,200	1,751,339
Haier Smart Home Co., Ltd., H Shares	3,179,872	9,833,506
Haisco Pharmaceutical Group Co., Ltd., A Shares *	50,600	148,286
Haitian International Holdings Ltd.	771,145	1,656,018
Haitong Securities Co., Ltd., A Shares	926,600	1,251,422
Haitong Securities Co., Ltd., H Shares	4,613,220	2,864,970
Hang Zhou Great Star Industrial Co., Ltd., A Shares	106,000	283,987
Hangzhou Binjiang Real Estate Group Co., Ltd., A Shares	279,900	403,401
Hangzhou Chang Chuan Technology Co., Ltd., A Shares	59,500	305,491
Hangzhou First Applied Material Co., Ltd., A Shares	95,922	409,729
Hangzhou Lion Electronics Co., Ltd., A Shares	61,656	279,373
Hangzhou Oxygen Plant Group Co., Ltd., A Shares	68,200	286,818
Hangzhou Robam Appliances Co., Ltd., A Shares	97,000	366,357
Hangzhou Silan Microelectronics Co., Ltd., A Shares	132,600	461,827

SECURITY	NUMBER OF SHARES	VALUE ($)
Hangzhou Tigermed Consulting Co., Ltd., A Shares	64,700	591,843
Hangzhou Tigermed Consulting Co., Ltd., H Shares (a)	184,317	1,004,821
Han's Laser Technology Industry Group Co., Ltd., A Shares	68,000	208,807
Hansoh Pharmaceutical Group Co., Ltd.	1,294,420	1,683,691
Haohua Chemical Science & Technology Co., Ltd., A Shares	79,400	366,428
Harbin Boshi Automation Co., Ltd., A Shares	97,500	223,037
Hefei Meiya Optoelectronic Technology, Inc., A Shares	84,110	270,756
Heilongjiang Agriculture Co., Ltd., A Shares	183,100	337,597
Henan Shenhuo Coal & Power Co., Ltd., Class A	245,300	535,188
Henan Shuanghui Investment & Development Co., Ltd., A Shares	317,300	1,170,939
Hengan International Group Co., Ltd.	919,469	3,412,063
Hengdian Group DMEGC Magnetics Co., Ltd., A Shares	151,500	341,570
Hengli Petrochemical Co., Ltd., A Shares *	266,400	525,590
Hengtong Optic-electric Co. Ltd, A Shares	235,300	457,119
Hengyi Petrochemical Co., Ltd.., A Shares *	302,900	319,193
Hesteel Co., Ltd., A Shares	974,200	302,493
Hithink RoyalFlush Information Network Co., Ltd., A Shares	52,600	1,209,399
Hongfa Technology Co., Ltd., A Shares	56,340	271,850
Hopson Development Holdings Ltd. *	1,296,465	795,230
Hoshine Silicon Industry Co., Ltd., A Shares	57,100	484,509
Hoyuan Green Energy Co., Ltd., A Shares	48,517	277,830
Hua Hong Semiconductor Ltd. *	569,448	1,488,658
Huadian Power International Corp., Ltd., A Shares	1,574,552	1,103,279
Huadian Power International Corp., Ltd., H Shares	1,538,718	620,059
Huadong Medicine Co., Ltd., A Shares	176,500	921,239
Huafon Chemical Co., Ltd., A Shares	390,900	375,943
Huagong Tech Co., Ltd., A Shares	84,800	366,416
Huaibei Mining Holdings Co., Ltd., A Shares	208,500	336,018
Hualan Biological Engineering, Inc., A Shares	171,980	501,633
Huaneng Lancang River Hydropower, Inc., A Shares	526,700	524,638
Huaneng Power International, Inc., A Shares *	635,500	711,592
Huaneng Power International, Inc., H Shares *	5,759,248	2,878,981
Huatai Securities Co., Ltd., A Shares	592,900	1,293,570
Huatai Securities Co., Ltd., H Shares	1,976,239	2,600,795
Huaxi Securities Co., Ltd., A Shares	165,400	193,612
Huaxia Bank Co., Ltd., A Shares	1,562,200	1,189,062
Huaxin Cement Co., Ltd., A Shares	128,926	233,284
Huaxin Cement Co., Ltd., H Shares	500,974	470,836
Huayu Automotive Systems Co., Ltd., A Shares	295,100	761,823
Hubei Energy Group Co., Ltd., A Shares	598,700	356,991

See financial notes

Schwab International Equity ETFs | Annual Report73

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Hubei Xingfa Chemicals Group Co., Ltd., A Shares	108,000	301,216
Huizhou Desay Sv Automotive Co., Ltd., A Shares	46,700	933,615
Humanwell Healthcare Group Co., Ltd., A Shares	151,600	486,553
Hunan Changyuan Lico Co., Ltd., Class A	236,184	305,350
Hunan Gold Corp., Ltd., A Shares	110,600	176,571
Hunan Valin Steel Co., Ltd., A Shares	581,200	472,722
Hundsun Technologies, Inc., A Shares	185,694	918,456
Hygeia Healthcare Holdings Co., Ltd., Class C	460,360	2,327,704
Iflytek Co., Ltd., A Shares	227,700	1,715,297
Imeik Technology Development Co., Ltd., A Shares	15,900	957,910
Industrial & Commercial Bank of China Ltd., A Shares	7,167,200	4,549,353
Industrial & Commercial Bank of China Ltd., H Shares	105,918,371	48,625,133
Industrial Bank Co., Ltd., A Shares	1,993,900	4,331,052
Industrial Securities Co., Ltd., A Shares	845,260	744,400
Ingenic Semiconductor Co., Ltd., A Shares	35,000	355,073
Inner Mongolia BaoTou Steel Union Co., Ltd., A Shares *	3,639,200	894,988
Inner Mongolia Dian Tou Energy Corp., Ltd., A Shares	461,200	839,582
Inner Mongolia ERDOS Resources Co., Ltd., B Shares	886,920	812,419
Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd., A Shares	807,100	463,513
Inner Mongolia Yili Industrial Group Co., Ltd., A Shares	616,700	2,202,954
Inner Mongolia Yuan Xing Energy Co., Ltd., A Shares	326,900	317,086
Innovent Biologics, Inc. *	1,868,833	8,364,974
Inspur Electronic Information Industry Co., Ltd., A Shares	109,528	588,834
Intco Medical Technology Co., Ltd., A Shares	60,450	178,148
iQIYI, Inc., ADR *	595,371	3,000,670
iRay Technology Co., Ltd., A Shares	7,000	236,655
JA Solar Technology Co., Ltd., A Shares	316,736	1,211,069
Jafron Biomedical Co., Ltd., A Shares	68,050	199,985
Jason Furniture Hangzhou Co., Ltd., A Shares	75,010	429,129
JCET Group Co., Ltd., A Shares	182,000	815,168
JD Health International, Inc. *	1,392,397	7,510,874
JD Logistics, Inc. *	2,287,340	3,051,051
JD.com, Inc., A Shares	3,175,565	52,158,354
Jiangsu Eastern Shenghong Co., Ltd., A Shares	396,000	626,222
Jiangsu Expressway Co., Ltd., A Shares	426,100	566,104
Jiangsu Expressway Co., Ltd., H Shares	1,354,312	1,222,754
Jiangsu Hengli Hydraulic Co., Ltd., A Shares	110,784	945,968
Jiangsu Hengrui Medicine Co., Ltd., A Shares	600,544	3,447,239
Jiangsu King's Luck Brewery JSC Ltd., A Shares	118,000	971,107

SECURITY	NUMBER OF SHARES	VALUE ($)
Jiangsu Linyang Energy Co., Ltd., A Shares	188,800	192,730
Jiangsu Pacific Quartz Co., Ltd., Class A	28,400	373,256
Jiangsu Phoenix Publishing & Media Corp., Ltd., Class A	266,100	399,598
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., A Shares	147,300	2,715,898
Jiangsu Yangnong Chemical Co., Ltd., A Shares	44,200	388,166
Jiangsu Yoke Technology Co., Ltd., A Shares	41,800	390,118
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd., A Shares	93,500	435,610
Jiangsu Zhongtian Technology Co., Ltd., A Shares	311,600	623,757
Jiangxi Copper Co., Ltd., A Shares	361,800	939,482
Jiangxi Copper Co., Ltd., H Shares	1,432,640	2,236,174
Jiangxi Special Electric Motor Co., Ltd., A Shares *	161,500	201,473
Jilin Aodong Pharmaceutical Group Co., Ltd., A Shares	105,100	246,920
Jinke Smart Services Group Co., Ltd., H Shares *	329,672	433,018
Jinxin Fertility Group Ltd. *	2,264,521	1,132,008
JiuGui Liquor Co., Ltd., A Shares	31,000	381,617
Jiumaojiu International Holdings Ltd.	1,239,550	1,988,528
Jizhong Energy Resources Co., Ltd., A Shares	326,700	273,802
Joincare Pharmaceutical Group Industry Co., Ltd., A Shares	175,700	275,191
Joinn Laboratories China Co., Ltd., A Shares	55,272	182,253
Joinn Laboratories China Co., Ltd., H Shares (a)	152,670	305,661
Jointown Pharmaceutical Group Co., Ltd., A Shares	315,582	447,889
Jonjee Hi-Tech Industrial & Commercial Holding Co., Ltd., A Shares *	78,800	365,933
JOYY, Inc., ADR	46,969	1,611,976
Juneyao Airlines Co., Ltd., A Shares *	250,400	545,971
Kanzhun Ltd., ADR *	445,098	6,587,450
KE Holdings, Inc., ADR *	857,658	14,751,718
Keda Industrial Group Co., Ltd.	180,000	248,788
Kingboard Holdings Ltd.	989,327	2,245,675
Kingboard Laminates Holdings Ltd.	1,431,975	1,190,611
Kingdee International Software Group Co., Ltd. *	3,477,979	5,375,472
Kingsoft Cloud Holdings Ltd., ADR *(a)	136,837	778,603
Kingsoft Corp., Ltd.	1,171,044	4,674,171
Kuaishou Technology *	3,531,751	28,914,262
Kuang-Chi Technologies Co., Ltd., A Shares	192,000	393,048
Kunlun Energy Co., Ltd.	4,940,233	3,616,149
Kunlun Tech Co., Ltd., A Shares *	117,300	583,075
Kweichow Moutai Co., Ltd., A Shares	120,300	30,527,458
Lao Feng Xiang Co., Ltd., A Shares	133,558	1,164,653
Laobaixing Pharmacy Chain JSC, A Shares	48,230	170,033
LB Group Co., Ltd., A Shares	238,500	594,079
Lee & Man Paper Manufacturing Ltd.	2,035,479	599,606
Legend Holdings Corp., H Shares	709,745	634,465
Lens Technology Co., Ltd., A Shares	468,800	792,229
Leo Group Co., Ltd, A shares *	665,800	229,602
Lepu Medical Technology Beijing Co., Ltd., A Shares	180,000	400,385

See financial notes

74Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Levima Advanced Materials Corp., A Shares	70,900	196,769
Leyard Optoelectronic Co., Ltd., A Shares	487,300	421,119
Li Auto, Inc., Class A *	1,420,324	29,269,533
Li Ning Co., Ltd.	3,046,844	14,395,456
Liaoning Port Co., Ltd., A Shares	1,539,900	334,278
Lingyi iTech Guangdong Co., A Shares	667,200	551,837
Livzon Pharmaceutical Group, Inc., A Shares	93,300	440,959
Livzon Pharmaceutical Group, Inc., H Shares	179,485	568,776
Longfor Group Holdings Ltd.	2,598,790	5,474,800
LONGi Green Energy Technology Co., Ltd., A Shares	721,048	2,630,188
Longshine Technology Group Co., Ltd., A Shares	105,200	313,208
Lufax Holding Ltd., ADR	925,412	1,119,749
Luxi Chemical Group Co., Ltd., A Shares	165,500	231,248
Luxshare Precision Industry Co., Ltd., A Shares	688,317	3,120,761
Luye Pharma Group Ltd. *	2,389,089	877,429
Luzhou Laojiao Co., Ltd., A Shares	138,400	4,417,163
Maanshan Iron & Steel Co., Ltd., A Shares	1,103,600	394,224
Mango Excellent Media Co., Ltd., A Shares	164,370	667,100
Maxscend Microelectronics Co., Ltd., A Shares	45,248	771,488
Meihua Holdings Group Co., Ltd., Class A	293,400	368,035
Meinian Onehealth Healthcare Holdings Co., Ltd., A Shares *	360,100	336,426
Meituan, B Shares *	7,204,352	118,055,183
Metallurgical Corp. of China Ltd., A Shares	1,366,400	683,341
Metallurgical Corp. of China Ltd., H Shares	3,896,059	849,589
Microport Scientific Corp. *	1,188,470	2,033,891
Ming Yang Smart Energy Group Ltd., A Shares	228,700	469,120
Ming Yuan Cloud Group Holdings Ltd. *	728,682	367,047
MINISO Group Holding Ltd., ADR *	120,709	3,126,363
Minth Group Ltd.	912,316	2,704,925
Montage Technology Co., Ltd., A Shares	108,000	760,311
Muyuan Foods Co., Ltd., A Shares	513,386	2,862,294
Nanjing Iron & Steel Co., Ltd., A Shares	558,700	280,943
NARI Technology Co., Ltd., A Shares	762,196	2,494,403
NAURA Technology Group Co., Ltd., A Shares	51,400	1,915,610
NavInfo Co., Ltd., A Shares *	279,800	395,952
NetEase, Inc.	2,456,057	51,302,597
New China Life Insurance Co., Ltd., A Shares	174,000	968,194
New China Life Insurance Co., Ltd., H Shares	1,058,414	2,650,843
New Hope Liuhe Co., Ltd., A Shares *	431,200	691,366
New Oriental Education & Technology Group, Inc. *	1,798,094	9,710,751
Newland Digital Technology Co., Ltd., A Shares *	108,600	297,518
Nine Dragons Paper Holdings Ltd. *	2,167,824	1,202,542
Ninestar Corp., A Shares	136,400	524,349

SECURITY	NUMBER OF SHARES	VALUE ($)
Ningbo Deye Technology Co., Ltd., A Shares	37,044	469,304
Ningbo Joyson Electronic Corp., A Shares	130,600	329,079
Ningbo Orient Wires & Cables Co., Ltd., A Shares	65,200	331,442
Ningbo Ronbay New Energy Technology Co., Ltd., A Shares	42,068	294,421
Ningbo Sanxing Medical Electric Co., Ltd., A Shares	109,200	254,002
Ningbo Shanshan Co., Ltd., A Shares	232,900	435,498
Ningbo Tuopu Group Co., Ltd., A Shares	91,900	983,709
Ningbo Zhoushan Port Co., Ltd., A Shares	766,400	355,902
Ningxia Baofeng Energy Group Co., Ltd., A Shares	265,500	500,104
NIO, Inc., ADR *	1,612,198	16,557,273
Nongfu Spring Co., Ltd., H Shares	2,354,004	13,223,308
North Industries Group Red Arrow Co., Ltd., A Shares	74,900	156,931
Northeast Securities Co., Ltd., A Shares	200,000	216,528
Offshore Oil Engineering Co., Ltd., A Shares	480,100	383,895
OFILM Group Co., Ltd., A Shares *	303,500	240,598
Oppein Home Group, Inc., A Shares	20,740	278,993
ORG Technology Co., Ltd., A Shares	341,300	222,735
Orient Securities Co., Ltd., A Shares	790,916	1,082,300
Orient Securities Co., Ltd., H Shares	895,795	498,061
Oriental Energy Co., Ltd., A Shares *	156,600	225,697
Ourpalm Co., Ltd., A shares *	338,800	253,687
Ovctek China, Inc., A Shares	81,180	294,450
Pangang Group Vanadium Titanium & Resources Co., Ltd., A Shares *	779,100	402,475
People.cn Co., Ltd., A Shares	111,800	637,453
Perfect World Co., Ltd., A Shares	85,450	162,365
PetroChina Co., Ltd., A Shares	3,511,900	3,739,400
PetroChina Co., Ltd., H Shares	27,532,420	19,872,286
Pharmaron Beijing Co., Ltd., A Shares	50,400	206,350
Pharmaron Beijing Co., Ltd., H Shares (a)	421,012	982,500
PICC Property & Casualty Co., Ltd., H Shares	9,028,867	10,385,485
Pinduoduo, Inc., ADR *	587,537	58,148,537
Ping An Bank Co., Ltd., A Shares	1,854,600	2,835,982
Ping An Healthcare & Technology Co., Ltd. *(a)	776,982	1,938,058
Ping An Insurance Group Co. of China Ltd., A Shares	1,116,300	7,482,899
Ping An Insurance Group Co. of China Ltd., H Shares	8,361,521	50,061,965
Pingdingshan Tianan Coal Mining Co., Ltd., A Shares	258,300	303,423
Poly Developments and Holdings Group Co., Ltd., A Shares	1,142,500	2,194,429
Poly Property Services Co., Ltd., H Shares	193,520	899,519
Pop Mart International Group Ltd. (a)	970,339	3,155,373
Porton Pharma Solutions Ltd., A Shares	58,800	199,056
Postal Savings Bank of China Co., Ltd., A Shares	2,620,400	1,749,693
Postal Savings Bank of China Co., Ltd., H Shares	12,125,845	5,984,254

See financial notes

Schwab International Equity ETFs | Annual Report75

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Power Construction Corp. of China Ltd., A Shares	1,839,300	1,301,421
Pylon Technologies Co., Ltd., A Shares	22,902	435,479
Qifu Technology, Inc., ADR	153,765	2,614,005
Qingdao TGOOD Electric Co., Ltd., A Shares	113,900	295,293
Qinghai Salt Lake Industry Co., Ltd., A Shares *	528,600	1,299,985
Raytron Technology Co., Ltd., A Shares	45,400	319,425
Red Star Macalline Group Corp., Ltd., H Shares	1,023,788	355,112
Remegen Co., Ltd., H Shares *	192,088	896,537
RLX Technology, Inc., ADR *	1,115,546	1,706,785
Rongsheng Petrochemical Co., Ltd., A Shares	317,800	526,137
SAIC Motor Corp., Ltd., A Shares	817,700	1,613,268
Sailun Group Co., Ltd., A Shares	309,500	524,728
Sangfor Technologies, Inc., A Shares *	14,100	211,311
Sany Heavy Industry Co., Ltd., A Shares	821,900	1,749,156
Satellite Chemical Co., Ltd., A Shares	321,962	676,790
SDIC Capital Co., Ltd., A Shares	878,800	885,018
Sealand Securities Co., Ltd., A Shares	483,300	251,660
Seazen Group Ltd. *(a)	3,650,373	712,223
Seazen Holdings Co., Ltd., A Shares *	220,700	439,672
SenseTime Group, Inc., Class B *(a)	20,486,389	4,075,464
SF Holding Co., Ltd., A Shares	476,800	2,848,288
SG Micro Corp., A Shares	44,898	477,633
Shaanxi Coal Industry Co., Ltd., A Shares	947,200	2,165,475
Shaanxi International Trust Co., Ltd., A Shares	391,300	163,434
Shandong Chenming Paper Holdings Ltd., H Shares *	1,939,745	559,036
Shandong Gold Mining Co., Ltd., A Shares	380,804	1,372,328
Shandong Gold Mining Co., Ltd., H Shares	821,574	1,661,640
Shandong Himile Mechanical Science & Technology Co., Ltd., A Shares	68,600	323,090
Shandong Hi-speed Co., Ltd., A Shares	244,600	227,511
Shandong Hualu Hengsheng Chemical Co., Ltd., A Shares	205,360	933,903
Shandong Linglong Tyre Co., Ltd., A Shares	86,400	258,541
Shandong Nanshan Aluminum Co., Ltd., A Shares	1,146,700	491,544
Shandong Pharmaceutical Glass Co., Ltd., A Shares	69,900	253,440
Shandong Sun Paper Industry JSC Ltd., A Shares	296,900	467,877
Shandong Weigao Group Medical Polymer Co., Ltd., H Shares	3,149,993	3,133,222
Shanghai Aiko Solar Energy Co., Ltd., Class A	198,660	606,202
Shanghai Bairun Investment Holding Group Co., Ltd., A Shares	97,428	429,949
Shanghai Baosight Software Co., Ltd., A Shares	345,171	2,273,002
Shanghai Construction Group Co., Ltd., A Shares	670,100	257,784
Shanghai Electric Group Co., Ltd., A Shares *	1,125,400	691,150

SECURITY	NUMBER OF SHARES	VALUE ($)
Shanghai Electric Group Co., Ltd., H Shares *	3,128,403	702,138
Shanghai Electric Power Co., Ltd., A Shares	237,200	299,168
Shanghai Fosun Pharmaceutical Group Co., Ltd., A Shares	161,200	618,577
Shanghai Fosun Pharmaceutical Group Co., Ltd., H Shares	798,249	1,879,131
Shanghai Friendess Electronic Technology Corp., Ltd., A Shares	12,371	447,640
Shanghai Fudan Microelectronics Group Co., Ltd., A Shares	25,080	182,109
Shanghai Fudan Microelectronics Group Co., Ltd., H Shares (a)	396,630	950,890
Shanghai Industrial Holdings Ltd.	616,244	809,426
Shanghai International Airport Co., Ltd., A Shares *	241,400	1,301,109
Shanghai International Port Group Co., Ltd., A Shares	1,826,100	1,279,537
Shanghai Jinjiang International Hotels Co. Ltd, A Shares	96,700	511,898
Shanghai Jinjiang International Hotels Co., Ltd., B Shares	204,265	339,080
Shanghai Jinqiao Export Processing Zone Development Co., Ltd., A Shares	318,200	559,588
Shanghai Junshi Biosciences Co., Ltd., A Shares *	76,221	398,044
Shanghai Junshi Biosciences Co., Ltd., H Shares *(a)	214,650	585,776
Shanghai Lingang Holdings Corp., Ltd., A Shares	174,700	285,146
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd., A Shares	568,800	780,698
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd., B Shares	509,730	208,989
Shanghai M&G Stationery, Inc., A Shares	44,200	228,940
Shanghai Mechanical and Electrical Industry Co., Ltd., B shares	293,501	290,566
Shanghai Pharmaceuticals Holding Co., Ltd., A Shares	164,900	405,085
Shanghai Pharmaceuticals Holding Co., Ltd., H Shares	1,243,822	2,046,138
Shanghai Pudong Development Bank Co., Ltd., A Shares	2,824,800	2,708,952
Shanghai Putailai New Energy Technology Co., Ltd., A Shares	237,576	1,068,007
Shanghai RAAS Blood Products Co., Ltd., A Shares	663,000	647,651
Shanghai Rural Commercial Bank Co., Ltd., A Shares	470,400	376,139
Shanghai Tunnel Engineering Co., Ltd., A Shares	279,100	224,323
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd., A Shares	180,200	290,657
Shanghai Yuyuan Tourist Mart Group Co., Ltd., A Shares	425,500	430,264
Shanghai Zhangjiang High-Tech Park Development Co., Ltd., A Shares	158,400	363,220
Shanghai Zhenhua Heavy Industries Co., Ltd., B Shares *	1,352,720	298,951
Shanxi Lu'an Environmental Energy Development Co., Ltd., A Shares	297,700	665,873

See financial notes

76Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Shanxi Meijin Energy Co., Ltd., A Shares *	413,200	407,040
Shanxi Securities Co., Ltd., A Shares	357,600	297,734
Shanxi Taigang Stainless Steel Co., Ltd., A Shares	479,600	259,617
Shanxi Xinghuacun Fen Wine Factory Co., Ltd., A Shares	118,700	3,947,425
Shanxi Xishan Coal & Electricity Power Co., Ltd., A Shares	541,900	620,931
Shenghe Resources Holding Co., Ltd., A Shares	167,100	253,916
Shengyi Technology Co., Ltd., A Shares	219,400	446,728
Shennan Circuits Co., Ltd., A Shares	31,700	288,190
Shenwan Hongyuan Group Co., Ltd., A Shares	1,674,700	1,003,186
Shenwan Hongyuan Group Co., Ltd., H Shares	3,472,001	681,848
Shenzhen Airport Co., Ltd., A Shares *	213,000	198,704
Shenzhen Capchem Technology Co., Ltd., A Shares	80,640	531,580
Shenzhen Dynanonic Co., Ltd., A Shares	22,880	294,829
Shenzhen Energy Group Co., Ltd., A Shares	433,000	385,497
Shenzhen Expressway Corp., Ltd., H Shares	1,047,831	847,164
Shenzhen Hepalink Pharmaceutical Group Co., Ltd., H Shares	520,165	271,964
Shenzhen Inovance Technology Co., Ltd., A Shares	169,800	1,592,903
Shenzhen International Holdings Ltd.	1,885,455	1,341,644
Shenzhen Investment Ltd.	3,353,306	590,119
Shenzhen Kaifa Technology Co., Ltd., A Shares	155,600	381,812
Shenzhen Kangtai Biological Products Co., Ltd., A Shares *	105,180	402,743
Shenzhen Kedali Industry Co., Ltd., A Shares	23,100	369,327
Shenzhen Kingdom Sci-Tech Co., Ltd., A Shares	126,200	235,460
Shenzhen Kstar Science And Technology Co., Ltd., Class A	44,500	185,129
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., A Shares	113,900	4,225,184
Shenzhen MTC Co., Ltd., A Shares	463,600	331,848
Shenzhen New Industries Biomedical Engineering Co., Ltd., A Shares	48,000	400,830
Shenzhen Overseas Chinese Town Co., Ltd., A Shares *	794,200	474,654
Shenzhen Salubris Pharmaceuticals Co., Ltd., A Shares	92,000	349,495
Shenzhen SC New Energy Technology Corp., A Shares	31,000	377,273
Shenzhen Senior Technology Material Co., Ltd., A Shares	119,700	231,062
Shenzhen Sunway Communication Co., Ltd., A Shares	88,700	210,950
Shenzhen Transsion Holdings Co., Ltd., A Shares	79,150	1,596,593
Shenzhen YUTO Packaging Technology Co., Ltd., A Shares	67,900	225,105
Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd., A Shares	304,100	208,485
Shenzhou International Group Holdings Ltd.	1,007,327	10,340,782

SECURITY	NUMBER OF SHARES	VALUE ($)
Shijiazhuang Changshan BeiMing Technology Co., Ltd., A Shares *	215,100	203,028
Shijiazhuang Yiling Pharmaceutical Co., Ltd., A Shares	159,500	509,935
Shimao Services Holdings Ltd. *	1,077,750	210,279
Shougang Fushan Resources Group Ltd.	2,483,421	715,724
Shui On Land Ltd.	4,791,512	464,380
Siasun Robot & Automation Co., Ltd., A Shares *	140,300	247,696
Sichuan Chuantou Energy Co., Ltd., A Shares	429,200	882,164
Sichuan Hebang Biotechnology Co., Ltd., A Shares	831,400	273,002
Sichuan Kelun Pharmaceutical Co., Ltd., A Shares	138,500	515,676
Sichuan New Energy Power Co., Ltd. *	139,800	242,588
Sichuan Road & Bridge Co., Ltd., A Shares	645,060	789,652
Sichuan Swellfun Co., Ltd., A Shares	48,700	442,673
Sichuan Yahua Industrial Group Co., Ltd., A Shares	100,900	217,229
Sieyuan Electric Co., Ltd., A Shares	77,800	547,064
Sino Biopharmaceutical Ltd.	12,873,882	4,892,297
Sinoma International Engineering Co., A Shares	327,100	528,052
Sinoma Science & Technology Co., Ltd., A Shares	158,200	477,089
Sinomine Resource Group Co., Ltd., A Shares	62,860	321,274
Sino-Ocean Group Holding Ltd. *	4,260,952	198,329
Sinopec Engineering Group Co., Ltd., H Shares	1,944,477	900,112
Sinopec Oilfield Service Corp., H Shares *	6,549,300	501,110
Sinopec Shanghai Petrochemical Co., Ltd., A Shares *	932,900	388,361
Sinopec Shanghai Petrochemical Co., Ltd., H Shares *	3,597,610	504,654
Sinopharm Group Co., Ltd., H Shares	1,676,274	4,863,102
Sinotrans Ltd., H Shares	3,494,149	1,416,953
Sinotruk Hong Kong Ltd.	843,380	1,563,777
Skshu Paint Co., Ltd., A Shares *	47,628	492,934
Smoore International Holdings Ltd.	2,453,906	2,481,522
Songcheng Performance Development Co., Ltd., A Shares	244,300	416,201
SooChow Securities Co., Ltd., A Shares	463,685	521,753
Southwest Securities Co., Ltd., A Shares	630,600	365,615
StarPower Semiconductor Ltd., A Shares	14,700	400,052
STO Express Co. Ltd, A Shares *	130,200	177,631
Sun Art Retail Group Ltd.	2,585,957	606,773
Sunac Services Holdings Ltd.	874,483	273,215
Sungrow Power Supply Co., Ltd., A Shares	145,600	1,995,411
Sunny Optical Technology Group Co., Ltd.	880,449	7,196,963
Sunwoda Electronic Co., Ltd., A Shares	174,300	379,324
Suzhou Dongshan Precision Manufacturing Co., Ltd., A Shares	157,600	407,073
Suzhou Maxwell Technologies Co., Ltd., A Shares	26,060	546,227

See financial notes

Schwab International Equity ETFs | Annual Report77

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Suzhou Nanomicro Technology Co., Ltd., Class A	47,791	220,948
Taiji Computer Corp., Ltd., A Shares	59,600	301,992
TAL Education Group, ADR *	607,938	4,285,963
Tangshan Jidong Cement Co., Ltd., A Shares	287,800	299,722
TangShan Port Group Co., Ltd., A Shares	609,200	280,390
TBEA Co., Ltd., A Shares	452,323	913,533
TCL Technology Group Corp., A Shares *	2,286,250	1,287,851
Tencent Holdings Ltd.	8,404,992	348,343,469
Tencent Music Entertainment Group, ADR *	841,500	5,739,030
The People's Insurance Co. Group of China Ltd., A Shares	1,625,600	1,304,322
The People's Insurance Co. Group of China Ltd., H Shares	9,900,623	3,371,016
Thunder Software Technology Co., Ltd., A Shares	40,400	444,436
Tian Di Science & Technology Co., Ltd., A Shares	299,200	216,225
Tianjin Chase Sun Pharmaceutical Co. Ltd, A Shares	302,500	184,530
Tianjin Guangyu Development Co., Ltd., A Shares	177,500	277,767
Tianjin Zhonghuan Semiconductor Co., Ltd., A Shares	388,500	1,369,104
Tianma Microelectronics Co., Ltd., A Shares *	229,000	270,578
Tianqi Lithium Corp., A Shares	150,700	1,191,976
Tianqi Lithium Corp., Class H	124,956	685,192
Tianshui Huatian Technology Co., Ltd., A Shares	324,700	400,605
Tingyi Cayman Islands Holding Corp.	2,475,525	3,636,694
Titan Wind Energy Suzhou Co., Ltd., A Shares *	167,900	300,114
Tongcheng Travel Holdings Ltd. *	1,576,319	3,533,865
TongFu Microelectronics Co., Ltd., A Shares	148,100	414,888
Tongkun Group Co., Ltd., A Shares *	224,000	456,709
Tongling Nonferrous Metals Group Co., Ltd., A Shares	925,500	408,169
Tongwei Co., Ltd., A Shares	434,500	1,915,059
Topchoice Medical Corp., A Shares *	30,700	393,615
Topsec Technologies Group, Inc., A Shares *	156,800	202,503
Topsports International Holdings Ltd.	3,775,918	3,072,064
Towngas Smart Energy Co., Ltd.	1,617,612	682,793
TravelSky Technology Ltd., H Shares	1,235,948	2,216,014
Trina Solar Co., Ltd., A Shares	213,856	998,396
Trip.com Group Ltd. *	710,248	28,023,175
Tsingtao Brewery Co., Ltd., A Shares	69,800	873,639
Tsingtao Brewery Co., Ltd., H Shares	810,684	6,755,915
Tuya, Inc., ADR *	341,415	628,204
Unigroup Guoxin Microelectronics Co., Ltd., A Shares *	81,679	1,040,612
Uni-President China Holdings Ltd.	1,587,254	1,173,982
Unisplendour Corp., Ltd., A Shares *	123,700	457,682
Valiant Co., Ltd., A Shares	84,400	204,318
Vinda International Holdings Ltd.	356,483	825,547
Vipshop Holdings Ltd., ADR *	479,803	7,576,089
Walvax Biotechnology Co., Ltd., A Shares	162,200	527,482
Wanda Film Holding Co., Ltd., A Shares *	244,400	451,629

SECURITY	NUMBER OF SHARES	VALUE ($)
Wangsu Science & Technology Co., Ltd., A Shares	229,600	217,345
Wanhua Chemical Group Co., Ltd., A Shares	294,900	3,798,430
Wanxiang Qianchao Co., Ltd., A Shares	304,900	221,182
Weibo Corp., ADR	99,030	1,277,487
Weichai Power Co., Ltd., A Shares	590,500	957,326
Weichai Power Co., Ltd., H Shares	2,699,267	3,504,133
Weifu High-Technology Group Co., Ltd., A Shares	187,500	438,964
Weihai Guangwei Composites Co., Ltd., A Shares	73,120	280,987
Wens Foodstuffs Group Co., Ltd., A Shares	180,320	412,740
Western Mining Co., Ltd., A Shares	218,400	383,479
Western Securities Co., Ltd., A Shares	442,100	409,999
Western Superconducting Technologies Co., Ltd., A Shares	63,280	412,361
Westone Information Industry, Inc., A Shares	87,900	302,037
Will Semiconductor Co., Ltd ., A Shares	78,150	988,028
Wingtech Technology Co., Ltd., A Shares *	110,400	700,456
Winning Health Technology Group Co., Ltd., A Shares	212,700	210,698
Wolong Electric Group Co., Ltd., A Shares	121,200	203,152
Wonders Information Co. Ltd, Class A *	115,200	160,015
Wuchan Zhongda Group Co., Ltd., A Shares	345,300	220,601
Wuhan Guide Infrared Co., Ltd., A Shares	374,436	396,634
Wuliangye Yibin Co., Ltd., A Shares	367,300	7,867,795
WUS Printed Circuit Kunshan Co., Ltd., A Shares	179,500	521,101
WuXi AppTec Co., Ltd., A Shares	217,051	2,430,399
WuXi AppTec Co., Ltd., H Shares	512,545	5,614,514
Wuxi Autowell Technology Co., Ltd., Class A	10,240	236,793
Wuxi Biologics Cayman, Inc. *	4,808,394	27,071,839
XCMG Construction Machinery Co., Ltd., A Shares	1,092,900	908,435
Xiamen C & D, Inc., A Shares	328,600	490,293
Xiamen Faratronic Co., Ltd., A Shares	22,000	343,519
Xiamen ITG Group Corp., Ltd., A Shares	178,800	179,819
Xiamen Tungsten Co., Ltd., A Shares	120,800	287,955
Xiaomi Corp., B Shares *	19,550,014	30,814,317
Xinhua Winshare Publishing and Media Co., Ltd., H Shares	545,376	407,550
Xinjiang Daqo New Energy Co., Ltd., Class A	101,884	581,894
Xinjiang Tianshan Cement Co., Ltd., A Shares	197,300	208,997
Xinjiang Zhongtai Chemical Co., Ltd., A Shares	241,900	223,338
Xinxing Ductile Iron Pipes Co., Ltd., A Shares	347,500	191,451
Xinyi Solar Holdings Ltd.	5,634,535	4,706,373
XPeng, Inc., A Shares *	1,483,730	13,916,325
Xtep International Holdings Ltd.	1,509,113	1,495,305
Xuji Electric Co., Ltd., A Shares	91,400	242,612
Yadea Group Holdings Ltd.	1,343,405	2,583,422

See financial notes

78Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Yang Quan Coal Industry Group Co., Ltd., A Shares	187,350	194,853
Yangling Metron New Material, Inc., A Shares	51,500	308,922
Yangtze Optical Fibre and Cable Joint Stock Ltd., Co., A Shares	109,200	487,000
Yangzhou Yangjie Electronic Technology Co., Ltd., A Shares	49,900	244,889
Yangzijiang Financial Holding Ltd.	3,301,628	892,332
Yangzijiang Shipbuilding Holdings Ltd.	3,492,994	4,371,092
Yankuang Energy Group Co., Ltd., A Shares	406,800	962,996
Yankuang Energy Group Co., Ltd., H Shares	2,735,739	4,298,059
Yanlord Land Group Ltd. *	933,535	466,595
Yantai Changyu Pioneer Wine Co., Ltd., A Shares	182,783	773,723
Yantai Eddie Precision Machinery Co., Ltd., A Shares	86,520	215,275
Yantai Jereh Oilfield Services Group Co., Ltd., A Shares	102,500	402,621
Yatsen Holding Ltd., ADR *	558,759	569,934
Yealink Network Technology Corp., Ltd., A Shares	104,930	533,696
Yifan Pharmaceutical Co., Ltd., A Shares *	124,700	224,609
Yifeng Pharmacy Chain Co., Ltd., A Shares	95,564	466,890
Yihai International Holding Ltd.	650,796	1,219,970
Yihai Kerry Arawana Holdings Co., Ltd., A Shares	187,900	920,590
Yintai Gold Co., Ltd., A Shares	275,600	547,148
Yixintang Pharmaceutical Group Co., Ltd., A Shares	57,800	180,027
YongXing Special Materials Technology Co., Ltd., A Shares	41,860	286,697
Yonyou Network Technology Co., Ltd., A Shares	344,640	859,410
Youngor Group Co., Ltd., A Shares	479,500	457,859
Youngy Co., Ltd., A Shares	27,400	193,722
YTO Express Group Co., Ltd., A Shares	271,800	563,877
Yuan Longping High-tech Agriculture Co., Ltd., A Shares *	116,200	240,430
Yuexiu Property Co., Ltd.	2,192,789	2,718,004
Yum China Holdings, Inc.	539,615	28,763,869
Yunnan Aluminium Co., Ltd., A Shares	346,500	687,430
Yunnan Baiyao Group Co., Ltd., A Shares	155,540	1,167,859
Yunnan Botanee Bio-Technology Group Co., Ltd., A Shares	18,000	251,730
Yunnan Copper Co., Ltd., A Shares	334,100	533,385
Yunnan Energy New Material Co., Ltd., A Shares	76,600	698,698
Yunnan Tin Co., Ltd., A Shares	179,200	344,686
Yunnan Yuntianhua Co., Ltd., A Shares	195,400	462,828
Zai Lab Ltd. *	1,287,149	3,438,744
Zangge Mining Co., Ltd., A Shares	112,300	346,690
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd., A Shares	58,300	2,213,454
Zhaojin Mining Industry Co., Ltd., H Shares	1,449,753	2,048,428
Zhefu Holding Group Co., Ltd., A Shares	544,000	295,226
Zhejiang Century Huatong Group Co., Ltd., A Shares *	631,100	469,954

SECURITY	NUMBER OF SHARES	VALUE ($)
Zhejiang China Commodities City Group Co., Ltd., A Shares	547,200	617,982
Zhejiang Chint Electrics Co., Ltd., A Shares	130,800	445,315
Zhejiang Crystal-Optech Co., Ltd., A Shares	132,400	192,820
Zhejiang Dahua Technology Co., Ltd., A Shares	342,600	1,015,774
Zhejiang Dingli Machinery Co., Ltd., A Shares	34,600	252,566
Zhejiang Expressway Co., Ltd., H Shares	1,521,369	1,136,892
Zhejiang Hailiang Co., Ltd., A Shares	123,600	194,778
Zhejiang HangKe Technology, Inc. Co., A Shares	44,364	167,009
Zhejiang Hisoar Pharmaceutical Co., Ltd., A Shares	349,000	359,141
Zhejiang Huace Film & Television Co., Ltd., A Shares	223,900	194,415
Zhejiang Huahai Pharmaceutical Co., Ltd., A Shares	140,250	323,721
Zhejiang Huayou Cobalt Co., Ltd., A Shares	159,860	876,336
Zhejiang Jingsheng Mechanical & Electrical Co., Ltd., A Shares	127,800	989,074
Zhejiang Jiuzhou Pharmaceutical Co., Ltd., A Shares	74,200	277,084
Zhejiang Juhua Co., Ltd., A Shares	268,700	605,069
Zhejiang NHU Co., Ltd., A Shares	285,468	638,513
Zhejiang Sanhua Intelligent Controls Co., Ltd., A Shares	111,620	455,467
Zhejiang Supcon Technology Co., Ltd., A Shares	70,281	487,047
Zhejiang Supor Co., Ltd., A Shares	46,200	302,203
Zhejiang Wanfeng Auto Wheel Co., Ltd., A Shares	401,900	310,874
Zhejiang Weixing New Building Materials Co., Ltd., A Shares	155,300	431,217
Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd., A Shares	54,100	237,554
Zhengzhou Coal Mining Machinery Group Co., Ltd., A Shares	162,400	282,027
Zheshang Securities Co., Ltd., A Shares	114,500	162,032
ZhongAn Online P&C Insurance Co., Ltd., H Shares *	1,031,057	3,063,554
Zhongji Innolight Co., Ltd., A Shares	65,400	1,029,903
Zhongsheng Group Holdings Ltd.	899,517	2,741,538
Zhongtai Securities Co., Ltd., A Shares	240,800	241,842
Zhuhai Huafa Properties Co., Ltd., A Shares	209,400	301,794
Zhuzhou CRRC Times Electric Co., Ltd.	723,108	2,522,014
Zhuzhou CRRC Times Electric Co., Ltd., A Shares	51,276	307,438
Zhuzhou Hongda Electronics Corp., Ltd., A Shares	41,900	201,714
Zhuzhou Kibing Group Co., Ltd., A Shares	203,000	243,483
Zijin Mining Group Co., Ltd., A Shares	1,933,700	3,283,717
Zijin Mining Group Co., Ltd., H Shares	7,768,894	12,225,352
Zoomlion Heavy Industry Science and Technology Co. Ltd, A Shares	504,700	447,944
Zoomlion Heavy Industry Science and Technology Co. Ltd, H Shares	2,412,777	1,153,813
ZTE Corp., A Shares	369,300	1,798,679
ZTE Corp., H Shares	1,044,635	3,363,667

See financial notes

Schwab International Equity ETFs | Annual Report79

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
ZTO Express Cayman, Inc.	583,311	14,170,401
		2,756,177,412

Colombia 0.2%
Bancolombia S.A.	357,072	2,537,125
Bancolombia S.A., ADR	159,317	4,253,764
Ecopetrol S.A., ADR	334,113	3,902,440
Interconexion Electrica S.A. ESP	602,060	2,202,138
		12,895,467

Czech Republic 0.2%
CEZ A/S	213,432	9,082,745
Colt CZ Group SE	14,433	364,624
Komercni Banka A/S	108,370	3,389,277
Moneta Money Bank A/S	524,282	1,954,884
Philip Morris CR AS	945	740,469
		15,531,999

Egypt 0.1%
Commercial International Bank Egypt S.A.E., GDR	4,420,285	5,428,110

Greece 0.6%
Aegean Airlines S.A. *	36,964	529,569
Alpha Services and Holdings S.A. *	2,914,807	4,924,120
Athens Water Supply & Sewage Co. S.A.	56,333	403,531
Autohellas Tourist and Trading S.A.	30,022	461,395
Ellaktor S.A. *	133,543	364,526
Eurobank Ergasias Services & Holdings S.A., A Shares *	3,350,993	5,830,110
FF Group *(b)	50,437	0
GEK Terna Holding Real Estate Construction S.A. *	77,184	1,127,566
Hellenic Petroleum Holdings S.A.	95,565	857,776
Hellenic Telecommunications Organization S.A.	301,359	4,513,703
Holding Co. ADMIE IPTO S.A. *	188,491	470,531
JUMBO S.A.	151,493	4,689,341
LAMDA Development S.A. *	125,811	923,754
Motor Oil Hellas Corinth Refineries S.A.	77,065	1,965,598
Mytilineos S.A.	138,195	5,615,622
National Bank of Greece S.A. *	748,390	5,096,150
OPAP S.A.	242,721	4,104,351
Piraeus Financial Holdings S.A. *	916,533	3,175,270
Public Power Corp. S.A. *	287,063	3,146,794
Quest Holdings S.A.	40,734	278,969
Sarantis S.A.	45,508	382,295
Terna Energy S.A.	80,005	1,441,434
Titan Cement International S.A.	62,593	1,248,651
Viohalco S.A.	60,451	459,929
		52,010,985

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

Hungary 0.3%
Magyar Telekom Telecommunications plc	637,187	847,875
MOL Hungarian Oil & Gas plc	604,862	4,578,082

SECURITY	NUMBER OF SHARES	VALUE ($)
OTP Bank Nyrt	318,938	13,026,600
Richter Gedeon Nyrt	190,927	4,790,725
		23,243,282

Iceland 0.1%
Arion Banki HF	1,966,782	2,118,050
Eimskipafelag Islands hf	169,064	686,947
Festi hf	510,526	736,954
Hagar hf	1,501,201	785,399
Icelandair Group HF *	36,574,433	522,372
Islandsbanki HF	1,731,719	1,554,090
Kvika banki hf	7,075,479	910,577
Marel HF	791,207	2,900,629
Reitir fasteignafelag hf	937,279	590,587
		10,805,605

India 17.3%
3M India Ltd.	3,979	1,497,350
Aarti Industries Ltd.	274,755	1,632,210
ABB India Ltd.	72,233	3,823,008
ACC Ltd.	108,927	2,639,090
Adani Energy Solutions Ltd. *	424,208	4,160,542
Adani Enterprises Ltd.	470,263	13,742,424
Adani Green Energy Ltd. *	576,439	6,466,171
Adani Ports & Special Economic Zone Ltd.	1,124,725	10,762,743
Adani Power Ltd. *	1,321,635	5,129,370
Adani Total Gas Ltd.	377,832	2,901,757
Adani Wilmar Ltd. *	219,033	951,153
Aditya Birla Capital Ltd. *	587,966	1,286,567
Alkem Laboratories Ltd.	33,631	1,479,868
Ambuja Cements Ltd.	980,789	5,075,360
APL Apollo Tubes Ltd.	226,843	4,591,594
Apollo Hospitals Enterprise Ltd.	135,331	7,869,628
Ashok Leyland Ltd.	1,864,035	4,139,611
Asian Paints Ltd.	608,139	23,918,965
Astral Ltd.	160,042	3,777,561
AU Small Finance Bank Ltd.	440,313	3,848,326
Aurobindo Pharma Ltd.	360,828	3,617,596
Avenue Supermarts Ltd. *	202,748	9,111,461
Axis Bank Ltd.	3,070,036	36,101,165
Bajaj Auto Ltd.	95,269	5,309,482
Bajaj Finance Ltd.	328,349	28,410,079
Bajaj Finserv Ltd.	516,255	9,284,779
Bajaj Holdings & Investment Ltd.	35,817	3,217,879
Balkrishna Industries Ltd.	108,728	3,051,128
Bandhan Bank Ltd.	1,080,562	2,996,839
Bank of Baroda	1,414,135	3,196,852
Bank of India	1,013,920	1,050,831
Bata India Ltd.	91,361	1,863,059
Bayer CropScience Ltd.	18,358	1,067,225
Berger Paints India Ltd.	356,309	3,092,828
Bharat Electronics Ltd.	4,779,736	7,690,418
Bharat Forge Ltd.	337,383	4,362,052
Bharat Heavy Electricals Ltd.	1,716,755	2,514,385
Bharat Petroleum Corp., Ltd.	1,336,329	5,497,131
Bharti Airtel Ltd.	3,096,226	32,029,569
Bharti Airtel Ltd.	186,813	1,066,117
Biocon Ltd.	677,232	2,121,610
Bosch Ltd.	11,952	2,681,540
Britannia Industries Ltd.	159,904	8,629,586
Canara Bank	488,193	1,889,408
Castrol India Ltd.	669,325	1,170,301
CG Power & Industrial Solutions Ltd.	922,565	4,784,651
Cholamandalam Investment & Finance Co., Ltd.	543,779	7,368,838

See financial notes

80Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Cipla Ltd.	680,630	10,339,402
Coal India Ltd.	3,036,729	8,438,593
Coforge Ltd.	78,339	5,172,794
Colgate-Palmolive (India) Ltd.	180,190	4,227,006
Container Corp. Of India Ltd.	374,040	3,037,998
Coromandel International Ltd.	159,355	2,099,966
Cummins India Ltd.	176,075	3,632,150
Dabur India Ltd.	792,950	5,297,747
Dalmia Bharat Ltd.	110,204	2,775,592
Deepak Nitrite Ltd.	101,343	2,717,619
Divi's Laboratories Ltd.	169,436	7,351,837
Dixon Technologies India Ltd. *	49,731	3,005,891
DLF Ltd.	845,866	5,150,626
Dr Lal PathLabs Ltd.	46,153	1,213,055
Dr. Reddy's Laboratories Ltd.	160,990	10,905,286
Eicher Motors Ltd.	185,286	7,467,729
Emami Ltd.	294,772	1,867,733
Embassy Office Parks REIT	845,698	3,117,446
Exide Industries Ltd.	635,258	2,047,282
Federal Bank Ltd.	2,248,164	3,909,142
FSN E-Commerce Ventures Ltd. *	1,845,004	2,976,343
GAIL India Ltd.	3,486,272	4,842,849
General Insurance Corp. of India *	134,544	353,643
GlaxoSmithKline Pharmaceuticals Ltd.	58,443	1,009,156
Glenmark Pharmaceuticals Ltd.	211,976	1,963,536
GMR Infrastructure Ltd. *	3,260,186	2,431,762
Godrej Consumer Products Ltd. *	488,274	5,928,383
Godrej Industries Ltd. *	107,181	696,015
Godrej Properties Ltd. *	135,683	2,697,393
Grasim Industries Ltd.	506,983	10,967,778
Gujarat Fluorochemicals Ltd.	53,399	1,965,126
Gujarat Gas Ltd. *	303,548	1,647,608
Havells India Ltd.	326,002	5,452,186
HCL Technologies Ltd.	1,424,546	20,169,794
HDFC Asset Management Co., Ltd.	140,065	4,270,662
HDFC Life Insurance Co., Ltd.	1,308,688	10,192,231
Hero MotoCorp Ltd.	178,379	6,282,979
Hindalco Industries Ltd.	1,874,835	10,414,083
Hindustan Aeronautics Ltd.	128,587	6,058,106
Hindustan Petroleum Corp., Ltd. *	815,811	2,444,883
Hindustan Unilever Ltd.	1,198,671	36,270,888
Hindustan Zinc Ltd.	312,195	1,199,775
Honeywell Automation India Ltd.	3,289	1,574,997
ICICI Bank Ltd.	2,136,328	24,740,877
ICICI Lombard General Insurance Co., Ltd.	325,088	5,158,684
ICICI Prudential Life Insurance Co., Ltd.	507,109	3,454,182
IDBI Bank Ltd.	919,372	664,101
IDFC First Bank Ltd. *	4,390,438	4,950,670
Indian Bank	254,025	1,161,866
Indian Hotels Co., Ltd.	1,090,398	5,543,777
Indian Oil Corp., Ltd.	5,489,245	5,907,886
Indian Railway Catering & Tourism Corp., Ltd.	401,925	3,262,542
Indian Railway Finance Corp., Ltd.	2,425,631	1,470,856
Indraprastha Gas Ltd.	477,662	2,698,546
Indus Towers Ltd. *	1,193,436	2,525,661
Info Edge India Ltd.	103,951	5,438,871
Infosys Ltd.	4,702,541	81,538,450
InterGlobe Aviation Ltd. *	178,386	5,246,885
Ipca Laboratories Ltd.	182,952	1,930,265
ITC Ltd.	3,966,971	21,069,648
Jindal Steel & Power Ltd.	525,445	4,344,527
Jio Financial Services Ltd. *	4,522,277	12,755,158
JSW Energy Ltd.	528,361	2,239,844
JSW Steel Ltd.	1,323,848	12,467,506
Jubilant Foodworks Ltd.	491,548	3,040,326

SECURITY	NUMBER OF SHARES	VALUE ($)
Kansai Nerolac Paints Ltd.	277,245	1,114,020
Kotak Mahindra Bank Ltd.	139,281	2,958,951
L&T Finance Holdings Ltd.	1,032,743	1,557,480
L&T Technology Services Ltd.	35,163	1,870,681
Larsen & Toubro Infotech Ltd.	123,602	7,753,880
Larsen & Toubro Ltd.	918,174	29,975,375
Laurus Labs Ltd.	517,221	2,496,568
LIC Housing Finance Ltd.	414,680	2,120,579
Linde India Ltd.	27,182	2,058,114
Lupin Ltd.	326,098	4,324,470
Macrotech Developers Ltd. *	302,690	2,450,990
Mahindra & Mahindra Financial Services Ltd.	760,636	2,734,794
Mahindra & Mahindra Ltd.	1,256,352	23,908,040
Mangalore Refinery & Petrochemicals Ltd. *	341,776	393,232
Marico Ltd.	708,746	4,880,287
Maruti Suzuki India Ltd.	177,997	21,508,963
Max Financial Services Ltd. *	326,275	3,679,874
Max Healthcare Institute Ltd. *	981,854	6,992,128
Mphasis Ltd.	116,769	3,425,793
MRF Ltd.	3,533	4,638,313
Muthoot Finance Ltd.	144,891	2,205,842
Nestle India Ltd.	48,328	12,834,966
NHPC Ltd.	3,135,534	1,901,328
Nippon Life India Asset Management Ltd.	228,020	859,073
NMDC Ltd.	1,559,565	2,318,072
NTPC Ltd.	6,351,937	16,902,948
Oberoi Realty Ltd.	159,308	2,156,884
Oil & Natural Gas Corp., Ltd.	5,168,121	10,871,712
Oil India Ltd.	480,209	1,584,141
One 97 Communications Ltd. *	240,936	2,485,138
Oracle Financial Services Software Ltd.	32,805	1,628,357
Page Industries Ltd.	7,923	3,842,834
Patanjali Foods Ltd.	125,856	1,865,426
PB Fintech Ltd. *	485,973	4,547,361
Persistent Systems Ltd.	68,305	4,431,239
Petronet LNG Ltd.	1,015,518	2,641,031
PI Industries Ltd.	106,631	4,673,352
Pidilite Industries Ltd.	211,729	6,432,209
Piramal Enterprises Ltd.	179,571	2,284,705
Polycab India Ltd.	64,542	3,994,044
Power Finance Corp., Ltd.	1,541,280	4,844,295
Power Grid Corp. of India Ltd.	4,203,888	12,418,256
Punjab National Bank	2,940,267	2,237,531
Rajesh Exports Ltd.	184,443	1,111,855
RBL Bank Ltd.	606,554	1,749,261
REC Ltd.	1,629,070	4,696,161
Relaxo Footwears Ltd.	94,673	1,080,572
Reliance Industries Ltd.	4,509,061	131,100,392
Samvardhana Motherson International Ltd.	3,190,279	3,691,781
SBI Cards & Payment Services Ltd.	390,411	3,850,761
SBI Life Insurance Co., Ltd.	564,374	8,811,628
Schaeffler India Ltd.	55,124	2,032,403
Shree Cement Ltd.	17,825	5,124,710
Shriram Transport Finance Co., Ltd.	373,367	8,696,657
Siemens Ltd.	120,293	5,699,028
Solar Industries India Ltd.	32,651	1,908,232
Sona Blw Precision Forgings Ltd.	472,116	3,396,606
SRF Ltd.	191,611	5,454,183
Star Health & Allied Insurance Co., Ltd. *	307,372	2,361,180
State Bank of India	2,410,551	16,345,260
Steel Authority of India Ltd.	1,953,165	2,139,873
Sun Pharmaceutical Industries Ltd.	1,464,238	19,660,837

See financial notes

Schwab International Equity ETFs | Annual Report81

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Sun TV Network Ltd.	144,598	1,077,679
Supreme Industries Ltd.	86,633	4,664,832
Tata Communications Ltd.	155,065	3,351,122
Tata Consultancy Services Ltd.	1,372,648	55,657,851
Tata Consumer Products Ltd.	808,788	8,151,260
Tata Elxsi Ltd.	47,454	4,154,118
Tata Motors Ltd.	2,465,744	17,900,462
Tata Motors Ltd., A Shares, DVR	504,499	2,434,551
Tata Steel Ltd.	10,815,172	16,055,621
Tata Teleservices Maharashtra Ltd. *	709,531	752,073
Tech Mahindra Ltd.	810,305	11,764,588
The Tata Power Co., Ltd.	2,259,431	6,689,354
Titan Co., Ltd.	561,320	21,049,267
Torrent Pharmaceuticals Ltd.	131,655	2,930,128
Torrent Power Ltd.	292,005	2,317,028
Trent Ltd.	243,465	6,024,701
Tube Investments of India Ltd.	133,221	4,667,532
TVS Motor Co., Ltd.	309,717	5,312,080
UltraTech Cement Ltd.	152,408	15,275,456
Union Bank of India Ltd.	1,528,365	1,585,850
United Breweries Ltd.	93,325	1,709,664
United Spirits Ltd. *	393,294	4,786,584
UNO Minda Ltd.	226,169	1,645,188
UPL Ltd.	714,909	5,104,935
Vedant Fashions Ltd.	81,737	1,244,475
Vedanta Ltd.	1,860,875	5,221,655
Vodafone Idea Ltd. *	11,380,770	1,244,119
Voltas Ltd.	328,152	3,448,150
Whirlpool of India Ltd.	49,538	977,581
Wipro Ltd.	2,053,602	10,130,801
Yes Bank Ltd. *	28,416,669	5,766,659
Zee Entertainment Enterprises Ltd.	1,141,750	3,616,142
Zomato Ltd. *	7,499,366	8,841,301
Zydus Lifesciences Ltd.	344,358	2,603,288
		1,467,937,056

Indonesia 3.3%
Astra Agro Lestari Tbk PT	572,688	285,780
Avia Avian Tbk PT	24,062,686	947,972
Bank Syariah Indonesia Tbk PT	5,045,012	566,446
Dayamitra Telekomunikasi PT	28,530,330	1,404,974
Elang Mahkota Teknologi Tbk PT	38,709,777	1,448,757
GoTo Gojek Tokopedia Tbk PT *	988,753,884	6,232,460
HDFC Bank Ltd.	3,990,145	75,741,000
Indosat Tbk PT	2,683,090	1,691,245
Mayora Indah Tbk PT	4,520,640	777,681
Merdeka Copper Gold Tbk PT *	25,147,636	5,581,025
MNC Digital Entertainment Tbk PT *	2,772,642	671,769
PT Adaro Energy Indonesia Tbk	16,514,807	2,895,242
PT Astra International Tbk	26,985,679	11,428,603
PT Bank Central Asia Tbk	75,153,335	45,274,580
PT Bank Mandiri (Persero) Tbk	59,274,149	23,448,900
PT Bank Negara Indonesia (Persero) Tbk	9,974,640	6,009,017
PT Bank Rakyat Indonesia (Persero) Tbk	94,383,776	34,394,613
PT Barito Pacific Tbk	33,146,027	2,328,710
PT Bukit Asam Tbk	5,823,014	1,093,488
PT Bumi Serpong Damai Tbk *	11,601,803	864,612
PT Charoen Pokphand Indonesia Tbk *	9,856,694	3,349,205
PT Gudang Garam Tbk	624,096	985,523
PT Hanjaya Mandala Sampoerna Tbk	11,639,714	672,551
PT Indah Kiat Pulp & Paper Corp. Tbk	3,799,515	2,270,229
PT Indocement Tunggal Prakarsa Tbk	2,244,686	1,577,028
PT Indofood CBP Sukses Makmur Tbk	2,846,496	2,093,287
PT Indofood Sukses Makmur Tbk	5,804,235	2,705,848
PT Jasa Marga Persero Tbk	2,888,882	815,640

SECURITY	NUMBER OF SHARES	VALUE ($)
PT Kalbe Farma Tbk	24,363,850	2,903,505
PT Media Nusantara Citra Tbk	9,809,350	338,142
PT Perusahaan Gas Negara Tbk	14,116,450	1,274,466
PT Sarana Menara Nusantara Tbk	25,905,833	1,752,003
PT Semen Indonesia (Persero) Tbk	4,540,303	2,027,187
PT Surya Citra Media Tbk	17,413,637	169,220
PT Telkom Indonesia (Persero) Tbk	62,126,468	15,215,478
PT Tower Bersama Infrastructure Tbk	6,449,964	889,358
PT Unilever Indonesia Tbk	7,705,240	1,856,745
PT United Tractors Tbk	1,957,522	3,341,797
PT Vale Indonesia Tbk	2,675,735	1,036,562
PT XL Axiata Tbk	5,229,958	858,496
Smartfren Telecom Tbk PT *	179,135,585	646,911
Sumber Alfaria Trijaya Tbk PT	25,208,206	4,799,987
Varun Beverages Ltd.	593,556	6,449,182
		281,115,224

Kuwait 0.9%
Agility Public Warehousing Co. KSC *	2,063,592	3,849,361
Boubyan Bank KSCP	1,869,475	3,699,529
Boubyan Petrochemicals Co. KSCP	568,573	1,364,944
Burgan Bank SAK	1,402,109	877,882
Gulf Bank KSCP	2,603,650	2,128,531
Humansoft Holding Co. KSC	132,154	1,383,491
Kuwait Finance House KSCP	12,187,438	29,455,446
Mabanee Co. KPSC	809,865	2,196,422
Mobile Telecommunications Co. KSCP	2,535,768	4,195,431
National Bank of Kuwait SAKP	10,054,522	30,008,630
		79,159,667

Malaysia 1.8%
Alliance Bank Malaysia Berhad	1,564,080	1,162,947
AMMB Holdings Berhad	2,938,972	2,362,579
Astro Malaysia Holdings Berhad	2,271,200	249,636
Axiata Group Berhad	5,884,977	2,993,221
British American Tobacco Malaysia Berhad	196,000	421,569
Celcomdigi Berhad	5,339,714	5,040,506
CIMB Group Holdings Berhad	10,713,952	12,999,903
Dialog Group Berhad	5,611,300	2,479,130
Fraser & Neave Holdings Berhad	203,600	1,118,922
Gamuda Berhad	3,093,692	3,000,348
Genting Berhad	2,818,800	2,654,775
Genting Malaysia Berhad	3,876,320	2,147,014
Hartalega Holdings Berhad	2,354,700	989,583
Hong Leong Bank Berhad	857,507	3,688,759
Hong Leong Financial Group Berhad	335,400	1,317,023
IHH Healthcare Berhad	3,905,700	5,008,387
IJM Corp. Berhad	4,791,136	1,827,653
IOI Corp. Berhad	3,347,392	2,907,325
Kuala Lumpur Kepong Berhad	747,128	3,468,349
Malayan Banking Berhad	9,772,518	19,186,991
Malaysia Airports Holdings Berhad	1,447,784	2,299,605
Maxis Berhad	2,581,124	2,230,670
MISC Berhad	2,342,400	3,634,759
MR DIY Group M Berhad	3,703,700	1,237,227
Nestle Malaysia Berhad	89,171	2,507,934
Petronas Chemicals Group Berhad	3,915,800	6,008,728
Petronas Dagangan Berhad	361,400	1,729,112
Petronas Gas Berhad	736,436	2,717,195
PPB Group Berhad	880,077	2,981,640
Press Metal Aluminium Holdings Berhad	4,771,664	4,987,623
Public Bank Berhad	19,121,870	17,432,222
QL Resources Berhad	1,495,050	1,739,929
RHB Bank Berhad	2,253,962	2,725,157

See financial notes

82Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Sime Darby Berhad	4,805,400	2,381,987
Sime Darby Plantation Berhad	4,880,308	4,617,360
Telekom Malaysia Berhad	1,556,734	1,711,065
Tenaga Nasional Berhad	4,327,574	9,177,442
Top Glove Corp. Berhad *	7,124,400	1,174,605
Westports Holdings Berhad	1,413,200	1,065,991
YTL Corp. Berhad	6,643,136	2,247,785
		149,632,656

Mexico 3.3%
Alfa S.A.B. de C.V., A Shares	4,946,426	3,311,968
Alpek S.A.B. de C.V.	541,195	539,853
America Movil S.A.B. de C.V.	38,024,075	36,258,048
Arca Continental S.A.B. de C.V.	593,546	5,853,737
Banco del Bajio S.A.	949,413	3,033,519
Becle S.A.B. de C.V.	741,582	2,028,454
Cemex S.A.B. de C.V., Series CPO *	20,270,546	16,197,891
Coca-Cola Femsa S.A.B. de C.V.	705,727	6,057,384
Concentradora Fibra Danhos S.A. de C.V.	374,881	467,717
El Puerto de Liverpool S.A.B. de C.V., Series C1	297,374	1,874,869
Fibra Uno Administracion S.A. de C.V.	3,901,612	5,757,930
Fomento Economico Mexicano S.A.B. de C.V.	2,431,119	27,561,372
GCC S.A.B. de C.V.	228,753	2,224,912
Gruma S.A.B. de C.V., B Shares	257,928	4,361,641
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.	375,688	4,405,114
Grupo Aeroportuario del Pacifico S.A.B. de C.V., B Shares	514,347	9,572,643
Grupo Aeroportuario del Sureste S.A.B. de C.V., B Shares	265,539	7,329,250
Grupo Bimbo S.A.B. de C.V., Series A	2,954,263	14,722,390
Grupo Carso S.A.B. de C.V., Series A1	589,382	4,759,036
Grupo Comercial Chedraui SA de CV	623,524	3,536,269
Grupo Elektra S.A.B. de C.V.	82,784	5,770,178
Grupo Financiero Banorte S.A.B. de C.V., O Shares	3,883,411	33,320,494
Grupo Financiero Inbursa S.A.B. de C.V., O Shares *	2,661,088	5,822,797
Grupo Mexico S.A.B. de C.V., Series B	4,229,772	20,407,847
Grupo Televisa S.A.B., Series CPO	3,310,496	2,975,793
Industrias Penoles S.A.B. de C.V. *	167,570	2,400,890
Kimberly-Clark de Mexico S.A.B. de C.V., A Shares	1,151,485	2,624,265
Megacable Holdings S.A.B. de C.V., Series CPO	491,784	1,208,734
Operadora de Sites Mexicanos S.A. de C.V.	1,740,758	1,646,464
Orbia Advance Corp. S.A.B. de C.V.	1,345,732	3,034,178
Prologis Property Mexico SA de CV	704,369	2,499,978
Promotora y Operadora de Infraestructura S.A.B. de C.V.	297,360	2,892,908
Qualitas Controladora S.A.B. de C.V.	236,575	1,889,171
Regional SAB de C.V.	326,913	2,431,490
Sitios Latinoamerica S.A.B. de C.V. *	2,321,603	987,579
Wal-Mart de Mexico S.A.B. de C.V.	6,971,711	27,821,815
		277,588,578

Philippines 0.8%
Aboitiz Power Corp.	2,162,805	1,363,690
ACEN Corp.	11,894,042	1,052,440
Alliance Global Group, Inc.	5,074,283	1,120,250
Ayala Corp.	441,828	4,806,889

SECURITY	NUMBER OF SHARES	VALUE ($)
Ayala Land, Inc.	10,002,362	4,796,258
Bank of the Philippine Islands	2,352,363	4,570,115
BDO Unibank, Inc.	3,141,309	7,728,441
Bloomberry Resorts Corp. *	4,543,004	887,418
Converge Information and Communications Technology Solutions, Inc. *	3,194,646	438,403
DMCI Holdings, Inc.	5,645,349	963,159
Emperador, Inc.	4,320,187	1,594,700
Globe Telecom, Inc.	48,451	1,542,012
GT Capital Holdings, Inc.	130,039	1,314,859
International Container Terminal Services, Inc.	1,434,736	5,250,394
JG Summit Holdings, Inc.	3,920,688	2,530,928
Jollibee Foods Corp.	546,856	2,289,030
LT Group, Inc.	4,279,675	689,344
Manila Electric Co.	358,419	2,175,075
Megaworld Corp.	14,854,507	522,085
Metro Pacific Investments Corp.	17,622,501	1,571,770
Metropolitan Bank & Trust Co.	2,471,719	2,409,730
Monde Nissin Corp.	9,675,458	1,230,366
PLDT, Inc.	124,267	2,523,968
Puregold Price Club, Inc.	1,316,382	648,659
San Miguel Corp.	498,613	920,259
Semirara Mining & Power Corp.	1,666,983	942,131
SM Prime Holdings, Inc.	14,115,591	7,279,676
Universal Robina Corp.	1,193,671	2,354,875
		65,516,924

Qatar 1.0%
Barwa Real Estate Co.	2,661,972	1,915,303
Doha Bank QPSC	3,168,653	1,497,276
Ezdan Holding Group QSC *	2,114,700	604,200
Industries Qatar QSC	2,136,444	7,254,519
Masraf Al Rayan QSC	8,227,608	5,017,937
Mesaieed Petrochemical Holding Co.	5,899,320	2,982,074
Ooredoo QPSC	1,135,351	3,368,624
Qatar Aluminum Manufacturing Co.	3,299,860	1,210,251
Qatar Electricity & Water Co. QSC	668,611	3,289,786
Qatar Fuel QSC	810,073	3,560,760
Qatar Gas Transport Co., Ltd.	3,733,838	3,802,565
Qatar International Islamic Bank QSC	1,601,171	4,350,874
Qatar Islamic Bank SAQ	2,408,846	12,785,413
Qatar National Bank QPSC	5,958,644	25,537,046
Qatar Navigation QSC	752,533	1,979,534
The Commercial Bank PSQC	4,594,131	7,168,864
Vodafone Qatar QSC	1,975,807	1,004,188
		87,329,214

Russia 0.0%
Gazprom PJSC *(b)(c)	127,160	0
Sberbank of Russia PJSC *(b)(c)	107,550	0
		0

Saudi Arabia 4.8%
Abdullah Al Othaim Markets Co.	593,170	2,302,682
ACWA Power Co.	179,670	9,245,413
Advanced Petrochemical Co.	175,530	1,991,335
Al Rajhi Bank	2,635,769	50,738,544
Alinma Bank	1,316,791	12,954,978
Almarai Co. JSC	324,940	5,492,700
Arab National Bank	885,716	6,092,670
Arabian Centers Co., Ltd.	214,388	1,280,389
Arabian Drilling Co. *	35,127	1,738,251

See financial notes

Schwab International Equity ETFs | Annual Report83

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Arabian Internet & Communications Services Co.	33,166	3,121,485
Bank AlBilad	667,119	7,630,519
Bank Al-Jazira *	543,094	2,568,751
Banque Saudi Fransi	785,005	8,026,593
BinDawood Holding Co.	412,610	680,964
Bupa Arabia for Cooperative Insurance Co.	99,912	5,370,338
Dallah Healthcare Co.	50,286	1,877,019
Dar Al Arkan Real Estate Development Co. *	723,342	3,591,012
Dr Sulaiman Al Habib Medical Services Group Co.	110,858	7,182,353
Elm Co.	34,377	7,790,770
Emaar Economic City *	504,109	1,130,353
Etihad Etisalat Co.	496,206	5,973,285
Jarir Marketing Co.	804,060	3,164,232
Mobile Telecommunications Co.	586,550	2,111,214
Mouwasat Medical Services Co.	130,866	3,845,049
Nahdi Medical Co.	52,677	2,131,995
National Industrialization Co., Class C *	444,723	1,510,610
Power & Water Utility Co. for Jubail & Yanbu	110,724	2,098,963
Rabigh Refining & Petrochemical Co. *	597,780	1,644,805
Riyad Bank	1,994,110	16,189,367
SABIC Agri-Nutrients Co.	317,032	11,630,945
Sahara International Petrochemical Co.	475,542	4,621,467
Saudi Airlines Catering Co.	54,168	1,556,880
Saudi Arabian Mining Co. *	1,616,787	17,458,274
Saudi Arabian Oil Co.	4,151,311	38,628,172
Saudi Aramco Base Oil Co.	68,315	2,666,555
Saudi Awwal Bank	1,270,535	12,144,210
Saudi Basic Industries Corp.	1,209,929	28,517,117
Saudi Cement Co.	102,892	1,484,131
Saudi Electricity Co.	1,039,082	5,734,739
Saudi Industrial Investment Group	505,437	3,476,804
Saudi Kayan Petrochemical Co. *	997,786	3,240,247
Saudi Research & Media Group *	41,574	1,964,170
Saudi Tadawul Group Holding Co.	65,257	3,444,972
Saudi Telecom Co.	2,400,625	25,474,218
Saudia Dairy & Foodstuff Co.	21,350	1,821,551
Seera Group Holding *	205,470	1,588,693
Southern Province Cement Co.	106,557	1,328,180
The Co. for Cooperative Insurance	100,384	3,104,674
The Qassim Cement Co.	58,872	1,048,525
The Saudi Investment Bank	666,492	2,949,827
The Saudi National Bank	3,932,393	37,482,316
The Savola Group	344,593	3,482,083
United Electronics Co.	55,969	1,135,601
Yamama Cement Co.	133,135	1,171,385
Yanbu Cement Co.	101,833	988,288
Yanbu National Petrochemical Co.	375,665	4,236,767
		401,857,430

South Africa 3.5%
Absa Group Ltd.	1,109,953	10,685,679
African Rainbow Minerals Ltd.	145,738	1,377,719
Anglo American Platinum Ltd. (a)	76,675	2,676,964
AngloGold Ashanti Ltd.	560,336	9,551,014
Aspen Pharmacare Holdings Ltd.	499,580	4,543,315
AVI Ltd.	458,443	1,756,295
Bid Corp., Ltd.	444,065	9,963,144
Capitec Bank Holdings Ltd.	115,009	9,625,284
Clicks Group Ltd.	342,904	4,952,957
Dis-Chem Pharmacies Ltd.	523,384	660,622

SECURITY	NUMBER OF SHARES	VALUE ($)
Discovery Ltd. *	698,256	5,410,885
Exxaro Resources Ltd.	331,669	2,939,742
FirstRand Ltd.	6,723,204	26,061,958
Gold Fields Ltd. (a)	1,177,115	15,098,279
Growthpoint Properties Ltd.	4,457,095	2,779,947
Harmony Gold Mining Co., Ltd.	723,260	3,010,305
Impala Platinum Holdings Ltd.	1,103,304	5,678,796
Investec Ltd.	372,277	2,179,202
Kumba Iron Ore Ltd.	72,322	1,586,539
Life Healthcare Group Holdings Ltd.	1,846,679	2,093,911
Momentum Metropolitan Holdings	1,682,810	1,789,013
Mr Price Group Ltd.	353,766	2,471,411
MTN Group Ltd.	2,413,758	15,337,912
MultiChoice Group	406,791	1,681,732
Naspers Ltd., N Shares	251,962	42,807,459
Nedbank Group Ltd. (a)	636,045	7,249,267
NEPI Rockcastle N.V.	838,826	5,020,995
Netcare Ltd.	1,946,425	1,361,007
Northam Platinum Holdings Ltd. *	477,366	3,138,741
Old Mutual Ltd.	5,797,967	3,885,725
OUTsurance Group Ltd.	1,135,426	2,398,576
Pepkor Holdings Ltd.	2,822,373	2,429,611
Pick n Pay Stores Ltd.	462,624	851,463
Redefine Properties Ltd.	8,723,818	1,649,394
Reinet Investments SCA	194,427	4,152,225
Remgro Ltd.	657,659	5,489,464
Sanlam Ltd.	2,306,720	8,302,243
Santam Ltd.	57,796	911,458
Sappi Ltd.	784,218	1,661,209
Sasol Ltd.	773,460	9,977,573
Shoprite Holdings Ltd.	635,555	8,855,478
Sibanye Stillwater Ltd.	3,753,014	5,696,415
Standard Bank Group Ltd.	1,794,513	18,310,951
The Bidvest Group Ltd.	456,978	6,876,994
The Foschini Group Ltd.	436,511	2,408,130
Tiger Brands Ltd.	203,339	1,754,826
Transaction Capital Ltd.	798,492	271,997
Vodacom Group Ltd.	828,403	4,718,856
Woolworths Holdings Ltd.	1,215,359	4,761,306
		298,853,988

Switzerland 0.0%
Huaxia Eye Hospital Group Co., Ltd., A Shares	41,850	248,622

Taiwan 16.3%
Accton Technology Corp.	714,000	10,716,782
Acer, Inc.	3,865,086	4,442,000
Advanced Energy Solution Holding Co., Ltd.	40,000	786,272
Advantech Co., Ltd.	629,911	6,804,182
Airtac International Group	208,920	6,035,401
ASE Technology Holding Co., Ltd.	4,619,120	17,115,104
Asia Cement Corp.	3,294,061	4,127,079
ASMedia Technology, Inc.	52,445	1,618,810
ASPEED Technology, Inc.	40,800	3,459,093
Asustek Computer, Inc.	958,621	12,115,773
AUO Corp. *	9,395,224	5,251,283
Capital Securities Corp.	2,783,644	1,293,641
Catcher Technology Co., Ltd.	928,224	5,261,000
Cathay Financial Holding Co., Ltd.	12,281,905	17,586,073
Chailease Holding Co., Ltd.	1,899,879	10,589,186
Chang Hwa Commercial Bank Ltd.	9,552,022	5,188,953
Cheng Shin Rubber Industry Co., Ltd.	2,468,277	3,073,091
Chicony Electronics Co., Ltd.	860,984	2,798,168
China Airlines Ltd.	3,929,872	2,788,850

See financial notes

84Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
China Development Financial Holding Corp. *	21,098,308	7,850,626
China Motor Corp.	360,600	1,016,811
China Steel Corp.	16,364,956	13,617,551
Chunghwa Telecom Co., Ltd.	5,105,310	18,595,951
Compal Electronics, Inc.	5,543,535	5,552,848
CTBC Financial Holding Co., Ltd.	24,499,792	18,348,014
Delta Electronics, Inc.	2,906,148	31,574,183
E Ink Holdings, Inc.	1,207,000	6,916,851
E.Sun Financial Holding Co., Ltd.	20,278,674	15,568,856
Eclat Textile Co., Ltd.	263,510	4,211,659
eMemory Technology, Inc.	94,000	5,357,261
ENNOSTAR, Inc. *	998,914	1,425,608
Eternal Materials Co., Ltd.	1,308,352	1,193,463
Eva Airways Corp.	3,381,374	3,344,584
Evergreen Marine Corp., Ltd.	1,352,088	4,521,607
Far Eastern International Bank	3,055,873	1,108,295
Far Eastern New Century Corp.	5,223,799	4,617,460
Far EasTone Telecommunications Co., Ltd.	2,149,509	4,765,212
Feng TAY Enterprise Co., Ltd.	663,694	3,501,188
First Financial Holding Co., Ltd.	14,680,454	12,123,654
Formosa Chemicals & Fibre Corp.	4,528,008	8,815,301
Formosa Petrochemical Corp.	1,836,660	4,573,411
Formosa Plastics Corp.	4,993,560	12,465,672
Formosa Sumco Technology Corp.	81,000	366,257
Formosa Taffeta Co., Ltd.	1,394,132	1,116,304
Foxconn Technology Co., Ltd.	1,544,355	2,701,100
Fubon Financial Holding Co., Ltd.	9,906,393	19,783,857
Genius Electronic Optical Co., Ltd.	123,000	1,479,252
Giant Manufacturing Co., Ltd.	420,096	2,585,490
Globalwafers Co., Ltd.	293,451	4,229,476
Hiwin Technologies Corp.	379,445	2,442,536
Hon Hai Precision Industry Co., Ltd.	16,012,092	53,547,102
Hotai Motor Co., Ltd.	438,600	9,351,401
HTC Corp. *	989,778	1,641,005
Hua Nan Financial Holdings Co., Ltd., Class C	13,728,415	8,837,157
Innolux Corp. *	10,406,661	4,721,908
Inventec Corp.	4,084,043	7,232,821
Largan Precision Co., Ltd.	137,456	8,848,219
Lite-On Technology Corp., ADR	2,895,866	12,457,684
MediaTek, Inc.	2,000,713	44,290,665
Mega Financial Holding Co., Ltd.	15,080,004	16,999,424
Micro-Star International Co., Ltd.	928,095	4,648,271
momo.com, Inc.	89,188	1,456,291
Nan Ya Plastics Corp.	7,554,816	15,680,635
Nan Ya Printed Circuit Board Corp.	292,000	2,214,309
Nanya Technology Corp.	1,085,000	2,269,041
Nien Made Enterprise Co., Ltd.	202,752	1,903,595
Novatek Microelectronics Corp.	767,608	9,629,297
Oneness Biotech Co., Ltd.	466,478	2,907,569
Parade Technologies Ltd.	93,100	2,625,212
Pegatron Corp.	2,777,657	6,803,173
Pou Chen Corp.	3,472,792	3,118,768
Powerchip Semiconductor Manufacturing Corp.	4,050,000	3,541,755
Powertech Technology, Inc.	950,000	2,974,110
President Chain Store Corp.	758,400	6,370,308
Quanta Computer, Inc.	3,560,057	28,338,262
Realtek Semiconductor Corp.	633,336	8,312,827
Ruentex Development Co., Ltd.	3,241,500	3,750,782
Shin Kong Financial Holding Co., Ltd. *	18,037,672	5,363,753
Silergy Corp.	437,000	3,938,235
Sino-American Silicon Products, Inc.	707,000	3,474,338
SinoPac Financial Holdings Co., Ltd.	15,449,325	8,295,526
Synnex Technology International Corp.	1,855,956	3,560,797
Taishin Financial Holding Co., Ltd.	15,962,726	8,922,064

SECURITY	NUMBER OF SHARES	VALUE ($)
Taiwan Business Bank	7,419,954	3,110,432
Taiwan Cement Corp.	8,408,872	9,228,332
Taiwan Cooperative Financial Holding Co., Ltd.	14,261,408	11,755,199
Taiwan Fertilizer Co., Ltd.	977,508	1,829,384
Taiwan Glass Industry Corp. *	2,292,311	1,418,006
Taiwan High Speed Rail Corp.	2,848,000	2,660,512
Taiwan Mobile Co., Ltd.	2,337,524	6,840,853
Taiwan Secom Co., Ltd.	387,000	1,282,040
Taiwan Semiconductor Manufacturing Co., Ltd.	32,311,500	557,016,108
Teco Electric & Machinery Co., Ltd.	2,646,000	4,145,994
The Shanghai Commercial & Savings Bank Ltd.	5,127,151	6,858,419
Transcend Information, Inc.	454,000	1,032,126
U-Ming Marine Transport Corp.	572,000	816,335
Unimicron Technology Corp.	1,765,348	10,282,827
Uni-President Enterprises Corp.	6,402,676	14,214,095
United Microelectronics Corp.	15,603,850	22,293,664
Vanguard International Semiconductor Corp.	1,198,000	2,569,306
Voltronic Power Technology Corp.	89,000	4,052,251
Walsin Lihwa Corp.	3,389,814	4,044,807
Walsin Technology Corp.	660,000	2,043,427
Wan Hai Lines Ltd.	1,280,910	1,822,028
Win Semiconductors Corp.	557,000	2,378,660
Winbond Electronics Corp. *	3,987,000	3,298,870
Wistron Corp.	3,844,080	14,122,662
Wiwynn Corp.	117,000	5,731,242
Yageo Corp.	535,167	8,150,220
Yang Ming Marine Transport Corp.	2,419,000	3,209,230
Yuanta Financial Holding Co., Ltd.	16,231,473	12,436,153
Yulon Motor Co., Ltd.	816,408	2,138,019
Yulon Nissan Motor Co., Ltd.	29,000	169,375
Zhen Ding Technology Holding Ltd.	827,000	2,511,136
		1,378,309,095

Thailand 2.5%
Advanced Info Service PCL NVDR	1,484,800	9,158,758
Airports of Thailand PCL NVDR *	5,891,100	12,196,894
Asset World Corp. PCL NVDR	9,738,600	1,212,545
B Grimm Power PCL NVDR	982,200	953,660
Bangkok Bank PCL NVDR	885,600	4,286,691
Bangkok Dusit Medical Services PCL NVDR	14,438,200	11,544,788
Bangkok Expressway & Metro PCL NVDR	10,746,290	2,654,541
Bangkok Life Assurance PCL NVDR	734,300	513,753
Banpu PCL NVDR	10,868,933	2,669,317
Berli Jucker PCL NVDR	1,416,750	1,365,469
BTS Group Holdings PCL NVDR	10,551,200	2,214,645
Bumrungrad Hospital PCL NVDR	769,300	5,689,975
Carabao Group PCL NVDR	453,200	1,113,021
Central Pattana PCL NVDR	3,655,200	7,176,269
Central Retail Corp. PCL NVDR	3,593,200	4,232,726
Charoen Pokphand Foods PCL NVDR	6,260,000	3,700,493
CP ALL PCL NVDR	8,019,300	14,942,795
CP Axtra PCL NVDR	2,140,703	2,216,049
Delta Electronics Thailand PCL NVDR	3,758,010	11,644,009
Digital Telecommunications Infrastructure Fund, Class F	7,565,800	2,074,154
Electricity Generating PCL NVDR	349,700	1,333,189
Energy Absolute PCL NVDR	2,257,151	4,076,956
Global Power Synergy PCL NVDR	935,568	1,409,330
Gulf Energy Development PCL NVDR	4,061,959	5,567,903
Home Product Center PCL NVDR	7,674,919	3,002,681

See financial notes

Schwab International Equity ETFs | Annual Report85

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Indorama Ventures PCL NVDR	2,435,400	2,016,894
Intouch Holdings PCL NVDR	1,109,009	2,304,002
IRPC PCL NVDR	15,685,300	1,048,150
Kasikornbank PCL NVDR	2,199,069	8,195,288
Krung Thai Bank PCL NVDR	8,188,600	4,513,171
Krungthai Card PCL NVDR	1,748,100	2,421,157
Land & Houses PCL NVDR	11,142,500	2,641,044
Minor International PCL NVDR	4,962,780	4,712,285
Muangthai Capital PCL NVDR	946,715	1,101,696
Osotspa PCL NVDR	1,844,463	1,580,178
PTT Exploration & Production PCL NVDR	1,851,304	8,379,573
PTT Global Chemical PCL NVDR	2,681,914	2,852,896
PTT Oil & Retail Business PCL NVDR	3,676,500	2,141,803
PTT PCL NVDR	19,106,900	18,960,942
Ratch Group PCL NVDR	1,588,450	1,610,337
SCB X PCL NVDR	2,310,300	7,785,119
SCG Packaging PCL NVDR	1,854,600	2,171,446
Siam City Cement PCL NVDR	106,100	419,643
Sri Trang Gloves Thailand PCL NVDR	1,166,200	241,449
Srisawad Corp. PCL NVDR	824,700	1,201,105
Thai Life Insurance PCL NVDR	3,413,900	1,150,397
Thai Oil PCL NVDR	1,609,726	2,367,413
Thai Union Group PCL NVDR	3,728,800	1,522,720
The Siam Cement PCL NVDR	999,500	8,933,919
TMBThanachart Bank PCL NVDR	58,593,718	2,861,291
True Corp. PCL NVDR	14,194,770	2,796,999
		212,881,528

Turkey 1.3%
AG Anadolu Grubu Holding A/S	179,371	1,394,189
Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim A/S *	1,233,881	648,009
Akbank T.A.S.	4,155,343	4,486,188
Akcansa Cimento A/S	78,766	409,822
Aksa Akrilik Kimya Sanayii A/S	158,373	476,767
Aksa Enerji Uretim A/S	284,811	426,935
Alarko Holding A/S	179,838	866,891
Alfa Solar Enerji Sanayi VE Ticaret A/S	137,592	745,832
Anadolu Efes Biracilik Ve Malt Sanayii A/S	271,231	1,097,844
Anadolu Isuzu Otomotiv Sanayi Ve Ticaret A/S, Class C	20,487	182,832
Arcelik A/S	145,215	886,841
Aselsan Elektronik Sanayi Ve Ticaret A/S	1,595,286	2,305,179
Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret A/S	302,882	1,636,122
Aygaz A/S	73,206	331,737
Bera Holding A/S	966,125	488,906
BIM Birlesik Magazalar A/S	598,659	5,663,754
Borusan Mannesmann Boru Sanayi ve Ticaret A/S *	55,770	1,589,989
Borusan Yatirim ve Pazarlama A/S	6,741	505,015
Can2 Termik A/S *	255,196	178,826
Cimsa Cimento Sanayi VE Ticaret A/S	73,767	592,459
Coca-Cola Icecek A/S	92,803	1,368,500
Dogan Sirketler Grubu Holding A/S	1,369,810	727,618
Dogus Otomotiv Servis ve Ticaret A/S	82,407	882,262
EGE Endustri VE Ticaret A/S	1,579	425,877
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A/S	229,438	432,065
Emlak Konut Gayrimenkul Yatirim Ortakligi AS	2,515,414	810,555
Enerjisa Enerji A/S	284,249	546,478
Enka Insaat ve Sanayi A/S	2,464,665	3,032,575

SECURITY	NUMBER OF SHARES	VALUE ($)
Eregli Demir ve Celik Fabrikalari T.A.S. *	2,279,900	3,679,306
Europen Endustri Insaat Sanayi VE Ticaret A/S *	326,311	257,058
Ford Otomotiv Sanayi A/S	84,201	2,724,939
GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret A/S	144,006	351,135
Girisim Elektrik Taahhut Ticaret Ve Sanayi A/S *	166,680	580,245
Gubre Fabrikalari TAS *	111,083	1,488,466
Haci Omer Sabanci Holding A/S	1,392,262	3,123,215
Hektas Ticaret TAS *	1,583,670	1,524,408
Investco Holding A/S *	55,027	648,164
Is Gayrimenkul Yatirim Ortakligi A/S *	605,590	432,766
Is Yatirim Menkul Degerler A/S, Class A	705,724	1,125,662
Iskenderun Demir ve Celik A/S *	181,040	273,690
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class D	1,380,068	1,294,256
Karsan Otomotiv Sanayii Ve Ticaret A/S *	498,748	218,900
Kiler Holding A/S *	432,355	362,005
Kimteks Poliuretan Sanayi VE Ticaret A/S	80,117	263,274
KOC Holding A/S	1,122,430	5,970,563
Kontrolmatik Enerji Ve Muhendislik A/S	116,614	1,202,993
Konya Cimento Sanayii A/S *	1,163	256,006
Kordsa Teknik Tekstil A/S	71,945	220,902
Koza Altin Isletmeleri A/S	1,315,418	1,404,360
Koza Anadolu Metal Madencilik Isletmeleri A/S *	256,443	630,584
Margun Enerji Uretim Sanayi VE Ticaret A/S	160,454	312,390
Mavi Giyim Sanayi Ve Ticaret A/S, Class B	167,121	675,191
Migros Ticaret A/S	127,314	1,656,762
MLP Saglik Hizmetleri A/S *	117,200	558,356
Nuh Cimento Sanayi A/S	76,624	546,133
ODAS Elektrik Uretim ve Sanayi Ticaret A/S *	1,652,553	815,814
Otokar Otomotiv Ve Savunma Sanayi A.S. *	49,220	662,851
Oyak Cimento Fabrikalari A/S *	402,764	957,899
Oyak Yatirim Menkul Degerler A/S *	155,877	376,572
Pegasus Hava Tasimaciligi A/S *	56,481	1,853,705
Penta Teknoloji Urunleri Dagitim Ticaret A/S *	279,351	241,861
Petkim Petrokimya Holding A/S *	1,736,792	1,331,706
Qua Granite Hayal *	1,066,434	278,034
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A/S	496,965	702,452
Sasa Polyester Sanayi *	1,056,713	2,091,025
Selcuk Ecza Deposu Ticaret Ve Sanayi A/S	203,017	450,090
Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret A/S *	211,136	600,359
Sok Marketler Ticaret A/S	354,639	826,813
TAV Havalimanlari Holding AS *	226,189	1,041,108
Tekfen Holding AS	239,164	427,951
Tofas Turk Otomobil Fabrikasi A/S	169,574	1,716,888
Tukas Gida Sanayi ve Ticaret A/S *	508,657	208,939
Turk Hava Yollari AO *	754,440	6,933,788
Turk Telekomunikasyon A/S *	698,418	672,806
Turk Traktor ve Ziraat Makineleri A/S	35,124	1,199,280
Turkcell Iletisim Hizmetleri A/S *	1,629,850	3,411,627
Turkiye Garanti Bankasi A/S	782,035	1,472,684
Turkiye Halk Bankasi A/S *	849,417	425,066

See financial notes

86Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Turkiye Is Bankasi A/S, Class C	4,278,989	3,380,487
Turkiye Petrol Rafinerileri A/S	1,203,335	6,369,324
Turkiye Sinai Kalkinma Bankasi A/S *	1,708,862	455,781
Turkiye Sise ve Cam Fabrikalari A/S	1,895,316	3,643,806
Turkiye Vakiflar Bankasi T.A.O., Class D *	996,537	507,660
Ulker Biskuvi Sanayi A/S *	235,806	539,591
Vestel Beyaz Esya Sanayi ve Ticaret A/S	512,043	348,244
Vestel Elektronik Sanayi ve Ticaret A/S *	191,832	495,096
Yapi ve Kredi Bankasi A/S	4,047,293	2,414,024
Ziraat Gayrimenkul Yatirim Ortakligi A/S *	1,237,927	254,017
Zorlu Enerji Elektrik Uretim A/S *	1,206,803	219,562
		112,248,706

United Arab Emirates 1.8%
Abu Dhabi Commercial Bank PJSC	3,967,903	9,322,771
Abu Dhabi Islamic Bank PJSC	1,973,679	5,599,089
Abu Dhabi National Oil Co. for Distribution PJSC	3,796,940	3,938,509
Abu Dhabi Ports Co. PJSC *	1,176,599	2,050,131
ADNOC Drilling Co. PJSC	2,093,094	2,336,392
Air Arabia PJSC	3,183,355	2,556,703
AL Seer Marine Supplies & Equipment Co. LLC *	343,111	747,305
Aldar Properties PJSC	4,925,782	7,053,978
Alpha Dhabi Holding PJSC *	1,854,699	10,149,453
Americana Restaurants International plc	3,926,133	4,713,861
Apex Investment Co. PSC *	709,881	446,448
Aramex PJSC	1,031,651	713,411
Borouge plc	3,062,545	2,276,241
Dana Gas PJSC	4,798,059	1,207,010
Dubai Electricity & Water Authority PJSC	11,658,258	8,093,698
Dubai Financial Market PJSC	2,223,271	974,522
Dubai Investments PJSC	2,786,797	1,881,612
Dubai Islamic Bank PJSC	4,041,639	6,205,972
Emaar Development PJSC	1,156,910	2,063,070
Emaar Properties PJSC	8,931,576	17,167,457
Emirates Central Cooling Systems Corp.	2,821,791	1,421,248
Emirates Telecommunications Group Co. PJSC	4,658,516	25,163,000
Fertiglobe plc	1,561,216	1,436,656
First Abu Dhabi Bank PJSC	5,963,319	22,209,936
Ghitha Holding PJSC *	55,878	649,594
Multiply Group *	6,301,942	6,536,910
National Marine Dredging Co. *	277,086	1,636,995
Q Holding PJSC *	2,791,062	2,819,139
Salik Co. PJSC	2,502,421	2,282,329
		153,653,440
Total Common Stocks (Cost $7,138,524,653)		8,272,036,584

PREFERRED STOCKS 1.9% OF NET ASSETS

Brazil 1.7%
Alpargatas S.A. *	308,128	523,406
Banco Bradesco S.A.	6,995,947	21,125,119
Bradespar S.A.	417,107	1,895,577
Braskem S.A., A Shares *	258,751	1,162,327

SECURITY	NUMBER OF SHARES	VALUE ($)
Centrais Eletricas Brasileiras S.A., B Shares	370,380	2,898,135
Cia Energetica de Minas Gerais	1,821,449	4,536,193
Cia Paranaense de Energia, B Shares	1,598,217	2,795,536
CTEEP-Cia de Transmissao de Energia Eletrica Paulista	327,604	1,648,955
Gerdau S.A.	1,436,676	7,501,202
Itau Unibanco Holding S.A.	6,497,934	36,000,834
Itausa S.A.	7,054,470	13,165,817
Metalurgica Gerdau S.A.	861,971	2,057,887
Petroleo Brasileiro S.A.	7,471,986	48,203,927
Unipar Carbocloro S.A., B Shares	65,255	1,018,837
Usinas Siderurgicas de Minas Gerais S.A. Usiminas, A Shares	519,653	722,127
		145,255,879

Chile 0.2%
Embotelladora Andina S.A., B Shares	503,016	1,262,457
Sociedad Quimica y Minera de Chile S.A., B Shares	181,469	11,184,922
		12,447,379

Colombia 0.0%
Grupo Aval Acciones y Valores S.A.	5,978,256	744,454
Grupo de Inversiones Suramericana S.A.	123,387	376,593
		1,121,047
Total Preferred Stocks (Cost $152,110,897)		158,824,305

RIGHTS 0.0% OF NET ASSETS

Brazil 0.0%
Itausa S.A.
expires 09/22/23, strike BRL 6.50 *	98,429	55,070
Total Rights (Cost $0)		55,070


SHORT-TERM INVESTMENTS 1.1% OF NET ASSETS

Money Market Funds 1.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (d)	58,105,210	58,105,210
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (d)(e)	38,275,854	38,275,854
		96,381,064
Total Short-Term Investments (Cost $96,381,064)		96,381,064
Total Investments in Securities (Cost $7,387,016,614)		8,527,297,023

See financial notes

Schwab International Equity ETFs | Annual Report87

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED DEPRECIATION ($)
FUTURES CONTRACTS
Long
MSCI Emerging Markets Index, expires 09/15/23	653	31,974,145	(577,303 )

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $33,692,009.
(b)	Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information).
(c)	Trading in Russian securities listed on the Moscow Exchange, Russian ADRs, and Russian GDRs are subject to trade restrictions; and therefore, the ability of the fund to buy these securities is currently not permitted, and the ability of the fund to sell these securities is uncertain.
(d)	The rate shown is the annualized 7-day yield.
(e)	Security purchased with cash collateral received for securities on loan.

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

The following is a summary of the inputs used to value the fund’s investments as of August 31, 2023 (see financial note 2(a) for additional information):

DESCRIPTION	QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)	OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)	SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)	TOTAL
Assets
Common Stocks1	$5,463,848,187	$—	$—	$5,463,848,187
China	2,755,602,196	—	575,216	2,756,177,412
Greece	52,010,985	—	0 *	52,010,985
Hong Kong	—	—	0 *	0
Russia	—	—	0 *	0
Preferred Stocks1	158,824,305	—	—	158,824,305
Rights1	55,070	—	—	55,070
Short-Term Investments1	96,381,064	—	—	96,381,064
Liabilities
Futures Contracts2	(577,303 )	—	—	(577,303 )
Total	$8,526,144,504	$—	$575,216	$8,526,719,720

*	Level 3 amount shown includes securities determined to have no value at August 31, 2023.
1	As categorized in the Portfolio Holdings.
2	Futures contracts are reported at cumulative unrealized appreciation or depreciation.

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying

securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

See financial notes

88Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF

Statement of Assets and Liabilities

As of August 31, 2023

Assets
Investments in securities, at value - unaffiliated (cost $7,387,016,614) including securities on loan of $33,692,009		$8,527,297,023
Cash		37,637
Foreign currency, at value (cost $17,892,553)		17,812,136
Deposit with broker for futures contracts		2,387,544
Receivables:
Dividends		16,194,297
Investments sold		1,575,571
Income from securities on loan		57,521
Foreign tax reclaims	+	1,191
Total assets		8,565,362,920

Liabilities
Collateral held for securities on loan		38,275,854
Payables:
Foreign capital gains tax		62,841,025
Management fees		803,256
Variation margin on futures contracts	+	427,741
Total liabilities		102,347,876
Net assets		$8,463,015,044

Net Assets by Source
Capital received from investors		$8,979,902,963
Total distributable loss	+	(516,887,919 )
Net assets		$8,463,015,044

Net Asset Value (NAV)
Net Assets	÷	Shares Outstanding	=	NAV
$8,463,015,044		343,700,000		$24.62

See financial notes

Schwab International Equity ETFs | Annual Report89

Schwab Emerging Markets Equity ETF

Statement of Operations

For the period September 1, 2022 through August 31, 2023
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $31,801,120)		$269,114,533
Securities on loan, net	+	864,165
Total investment income		269,978,698

Expenses
Management fees		9,281,255
Proxy fees1	+	47,656
Total expenses	–	9,328,911
Net investment income		260,649,787

REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated (net of foreign capital gains tax paid of $5,556,668)		(410,931,864 )
Net realized gains on sales of in-kind redemptions - unaffiliated		14,609,175
Net realized losses on futures contracts		(908,484 )
Net realized losses on foreign currency transactions	+	(1,221,559 )
Net realized losses		(398,452,732 )
Net change in unrealized appreciation (depreciation) on securities - unaffiliated (net of change in foreign capital gains tax of ($6,789,011))		198,025,465
Net change in unrealized appreciation (depreciation) on futures contracts		432,354
Net change in unrealized appreciation (depreciation) on foreign currency translations	+	238,437
Net change in unrealized appreciation (depreciation)	+	198,696,256
Net realized and unrealized losses		(199,756,476 )
Increase in net assets resulting from operations		$60,893,311

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

See financial notes

90Schwab International Equity ETFs | Annual Report

Schwab Emerging Markets Equity ETF

Statement of Changes in Net Assets

For the current and prior report periods

OPERATIONS
	9/1/22-8/31/23		9/1/21-8/31/22
Net investment income		$260,649,787	$299,864,744
Net realized losses		(398,452,732 )	(472,482,794 )
Net change in unrealized appreciation (depreciation)	+	198,696,256	(1,641,851,360 )
Increase (decrease) in net assets resulting from operations		$60,893,311	($1,814,469,410 )

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions		($256,923,230 )	($221,827,290 )

TRANSACTIONS IN FUND SHARES
	9/1/22-8/31/23			9/1/21-8/31/22
		SHARES	VALUE	SHARES	VALUE
Shares sold		12,300,000	$295,692,868	38,900,000	$1,088,558,847
Shares redeemed	+	(7,900,000 )	(194,051,552 )	—	—
Net transactions in fund shares		4,400,000	$101,641,316	38,900,000	$1,088,558,847

SHARES OUTSTANDING AND NET ASSETS
	9/1/22-8/31/23			9/1/21-8/31/22
		SHARES	NET ASSETS	SHARES	NET ASSETS
Beginning of period		339,300,000	$8,557,403,647	300,400,000	$9,505,141,500
Total increase (decrease)	+	4,400,000	(94,388,603 )	38,900,000	(947,737,853 )
End of period		343,700,000	$8,463,015,044	339,300,000	$8,557,403,647

See financial notes

Schwab International Equity ETFs | Annual Report91

Schwab International Equity ETFs

Financial Notes

1. Business Structure of the Funds:

Each of the funds in this report is a series of Schwab Strategic Trust (the trust), a no-load, open-end management investment company. The trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trust as of the end of the period, including the funds discussed in this report, which are highlighted:

SCHWAB STRATEGIC TRUST (ORGANIZED JANUARY 27, 2009)
Schwab International Dividend Equity ETF	Schwab Intermediate-Term U.S. Treasury ETF
Schwab International Equity ETF	Schwab Long-Term U.S. Treasury ETF
Schwab International Small-Cap Equity ETF	Schwab U.S. Aggregate Bond ETF
Schwab Emerging Markets Equity ETF	Schwab 1-5 Year Corporate Bond ETF
Schwab U.S. Broad Market ETF	Schwab 5-10 Year Corporate Bond ETF
Schwab 1000 Index® ETF	Schwab Fundamental U.S. Broad Market Index ETF
Schwab U.S. Large-Cap ETF	Schwab Fundamental U.S. Large Company Index ETF
Schwab U.S. Large-Cap Growth ETF	Schwab Fundamental U.S. Small Company Index ETF
Schwab U.S. Large-Cap Value ETF	Schwab Fundamental International Large Company Index ETF
Schwab U.S. Mid-Cap ETF	Schwab Fundamental International Small Company Index ETF
Schwab U.S. Small-Cap ETF	Schwab Fundamental Emerging Markets Large Company Index ETF
Schwab U.S. Dividend Equity ETF	Schwab Ariel ESG ETF
Schwab U.S. REIT ETF	Schwab Crypto Thematic ETF
Schwab U.S. TIPS ETF	Schwab Municipal Bond ETF
Schwab Short-Term U.S. Treasury ETF	Schwab High Yield Bond ETF

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

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

Each fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, each fund may also keep certain assets in segregated accounts, as required by securities law. The "Fund Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.

2. Significant Accounting Policies:

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

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

(a) Security Valuation:

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

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Schwab International Equity ETFs

Financial Notes (continued)

2. Significant Accounting Policies (continued):

Securities held in the funds’ portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:

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

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

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

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

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

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

• Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, ETFs and futures contracts. Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held.

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

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

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

Schwab International Equity ETFs | Annual Report93

Schwab International Equity ETFs

Financial Notes (continued)

2. Significant Accounting Policies (continued):

The levels associated with valuing the funds’ investments as of August 31, 2023, are disclosed in each fund’s Portfolio Holdings.

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

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

Securities Lending: Under the trust’s Securities Lending Program, a fund (lender) may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank. Collateral at the individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides a fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. Each fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreement allow the funds or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement. Securities lending income, as disclosed in each fund’s Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between a fund and the lending agent. The aggregate fair value of securities loaned will not at any time exceed one-third of the total assets of a fund, including collateral received from the loan. Securities lending fees paid to the unaffiliated lending agent start at 9% of gross lending revenue, with subsequent breakpoints to a low of 5%. In this context, the gross lending revenue equals the income received from the investment of cash collateral and fees paid by borrowers less any rebates paid to the borrowers. Any expenses charged by the cash collateral fund are in addition to these fees. All remaining revenue is retained by the fund, as applicable. No portion of lending revenue is paid to or retained by the investment adviser or any of its affiliates.

As of August 31, 2023, Schwab International Equity ETF, Schwab International Small-Cap Equity ETF and Schwab Emerging Markets Equity ETF had securities on loan, all of which were classified as common stocks and warrants. The value of the securities on loan and the related collateral as of August 31, 2023, are disclosed in each fund’s Portfolio Holdings and Statement of Assets and Liabilities.

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

Central Securities Depositories Regulation: The Central Securities Depositories Regulation (CSDR) introduced measures for the authorization and supervision of European Union Central Security Depositories and created a common set of prudential, organizational, and conduct of business standards at a European level. CSDR is designed to support securities settlement and operational aspects of securities settlement, including the provision of shorter settlement periods; mandatory buy-ins; and cash penalties, to prevent and address settlement fails. CSDR measures are aimed to prevent settlement fails by ensuring that all transaction details are provided to facilitate settlement, as well as further incentivizing timely settlement by imposing cash penalty fines and buy-ins. The funds may be subject to pay cash penalties and may also receive cash penalties with certain counterparties in instances where there are settlement fails. These cash penalties are included in net realized gains (losses) on sales of securities in each fund’s Statement of Operations, if any.

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.

94Schwab International Equity ETFs | Annual Report

Schwab International Equity ETFs

Financial Notes (continued)

2. Significant Accounting Policies (continued):

Assets and liabilities denominated in foreign currencies are reported in U.S. dollars. For assets and liabilities held on a given date, the dollar value is based on market exchange rates in effect on that date. Transactions involving foreign currencies, including purchases, sales, income receipts and expense payments, are calculated using exchange rates in effect on the transaction date. Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange appreciation or depreciation arises from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period. These realized and unrealized foreign exchange gains or losses are reported in foreign currency transactions or translations in each fund’s Statement of Operations, if any. The funds do not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments, if any.

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

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

(d) Investment Income:

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

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

Schwab International Equity ETF and Schwab International Small-Cap Equity ETF filed claims to recover taxes previously withheld in certain European Union countries on the basis that those countries had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. These filings are subject to various administrative and judicial proceedings within these countries, and all professional fees associated with these filings have been paid by the investment adviser. The professional fees are non-contingent and non-routine fees which are subject to repayment to the investment adviser (see financial note 4 for additional information).

For U.S. income tax purposes, European Union reclaims received reduce the amounts of foreign taxes that the fund passes through to its shareholders. If European Union reclaims received exceed foreign withholding taxes paid, the Schwab International Equity ETF and Schwab International Small-Cap Equity ETF will seek to enter into a closing agreement with the Internal Revenue Service (IRS) to address any prior years’ U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by fund shareholders on their tax returns in prior years. During the period ended August 31, 2023, the Schwab International Equity ETF and Schwab International Small-Cap Equity ETF did not incur any compliance fees.

(e) Expenses:

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

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Financial Notes (continued)

2. Significant Accounting Policies (continued):

(f) Distributions to Shareholders:

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

(g) Accounting Estimates:

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

(h) Federal Income Taxes:

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

(i) Foreign Taxes:

The funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, foreign currency exchanges and capital gains on investments. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in foreign markets in which the funds invest. These foreign taxes, if any, are paid by the funds and are disclosed in each fund’s Statement of Operations. Foreign taxes accrued as of August 31, 2023, if any, are reflected in each fund’s Statement of Assets and Liabilities.

(j) Indemnification:

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

(k) Regulatory Update:

Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these rule and form amendment changes on the content of the current shareholder report and the newly created annual and semiannual streamlined shareholder reports.

3. Risk Factors:

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

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

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Financial Notes (continued)

3. Risk Factors (continued):

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

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

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

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

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

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

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

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

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

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Financial Notes (continued)

3. Risk Factors (continued):

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

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

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

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

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

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

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

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

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

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Financial Notes (continued)

4. Affiliates and Affiliated Transactions:

Investment Adviser

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

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

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

Investment from Affiliates

Certain funds in the Fund Complex may own shares of other funds in the Fund Complex. The table below reflects the percentages of shares of each fund in this report that are owned by other funds in the Fund Complex as of August 31, 2023, as applicable:

	UNDERLYING FUNDS
	SCHWAB INTERNATIONAL DIVIDEND EQUITY ETF	SCHWAB INTERNATIONAL EQUITY ETF	SCHWAB INTERNATIONAL SMALL-CAP EQUITY ETF	SCHWAB EMERGING MARKETS EQUITY ETF
Schwab International Opportunities Fund	— %	— %	— %	0.4 %
Schwab Monthly Income Fund - Flexible Payout	1.7 %	— %	— %	— %
Schwab Monthly Income Fund - Income Payout	0.9 %	— %	— %	— %
Schwab Monthly Income Fund - Target Payout	1.0 %	— %	— %	— %
Schwab Target 2010 Index Fund	— %	0.0 %*	— %	— %
Schwab Target 2015 Index Fund	— %	0.0 %*	— %	— %
Schwab Target 2020 Index Fund	— %	0.1 %	— %	— %
Schwab Target 2025 Index Fund	— %	0.2 %	— %	0.1 %
Schwab Target 2030 Index Fund	— %	0.4 %	— %	0.2 %
Schwab Target 2035 Index Fund	— %	0.3 %	— %	0.2 %
Schwab Target 2040 Index Fund	— %	0.5 %	— %	0.4 %
Schwab Target 2045 Index Fund	— %	0.3 %	— %	0.3 %
Schwab Target 2050 Index Fund	— %	0.4 %	— %	0.4 %
Schwab Target 2055 Index Fund	— %	0.3 %	— %	0.3 %
Schwab Target 2060 Index Fund	— %	0.4 %	— %	0.4 %
Schwab Target 2065 Index Fund	— %	— %	— %	0.1 %
Schwab VIT Balanced Portfolio	— %	0.0 %*	0.0 %*	0.0 %*
Schwab VIT Balanced with Growth Portfolio	— %	0.1 %	0.1 %	0.1 %
Schwab VIT Growth Portfolio	— %	0.1 %	0.2 %	0.1 %

*	Less than 0.05%

Other Affiliated Transactions

The professional fees related to foreign withholding tax claims discussed in financial note 2(d) are non-contingent and non-routine fees. The investment adviser agreed to pay these professional fees, on behalf of the funds, subject to reimbursement by the funds to the extent the funds are able to successfully recover taxes withheld in the future.

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Financial Notes (continued)

4. Affiliates and Affiliated Transactions (continued):

For the period ended August 31, 2023, the professional fees incurred by the Schwab International Equity ETF and Schwab International Small-Cap Equity ETF and paid by the investment adviser were $117,319 and $2,773, respectively, as shown as Professional fees in each fund’s Statement of Operations.

During the period ended August 31, 2023, Schwab International Equity ETF and Schwab International Small-Cap Equity ETF recovered previously withheld foreign taxes from Sweden. The payments received by Schwab International Equity ETF and Schwab International Small-Cap Equity ETF amounted to $5,956,981 and $1,207,193, respectively, and are recorded as Dividends received from securities — unaffiliated in the fund’s Statement of Operations. The investment adviser had paid upfront professional fees associated with recovering these foreign taxes in the amount of $25,647 and $10,892, respectively, and are recorded as Dividends received from securities — unaffiliated for Schwab International Equity ETF and Schwab International Small-Cap Equity ETF. Those amounts have been reimbursed to the investment adviser. During the period ended August 31, 2023, Schwab Emerging Markets Equity ETF did not recover any previously withheld foreign taxes and made no reimbursements to the investment adviser.

As of August 31, 2023, the balance of professional fees related to foreign withholding tax subject to future reimbursement by the Schwab International Equity ETF and Schwab International Small-Cap Equity ETF to the investment adviser was $97,915 and $2,773 respectively. Schwab International Dividend Equity ETF and Schwab Emerging Markets ETF had no balance of professional fees related to foreign withholding tax subject to future reimbursement by the funds to the investment adviser.

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

Interfund Transactions

The funds may engage in direct transactions with certain other funds in the Fund Complex in accordance with procedures adopted by the Board pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs. This practice is limited to funds that share the same investment adviser, trustees and/or officers. For the period ended August 31, 2023, each fund’s total purchases and sales of securities with other funds in the Fund Complex as well as any realized gains (losses) were as follows:

	PURCHASE COST	SALE PROCEEDS	REALIZED GAINS (LOSSES)
Schwab International Dividend Equity ETF	$26,283,095	$38,557,688	($9,784,500 )
Schwab International Equity ETF	239,180,903	222,603,257	(190,879,387 )
Schwab International Small-Cap Equity ETF	113,751,386	152,902,735	17,518,947
Schwab Emerging Markets Equity ETF	21,174,335	84,701,909	(51,715,108 )

Interfund Borrowing and Lending

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

5. Other Service Providers:

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

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

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

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Financial Notes (continued)

6. Board of Trustees:

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

7. Borrowing from Banks:

During the period, the funds were participants with other funds in the Fund Complex in a joint, syndicated, committed $850 million line of credit (the Syndicated Credit Facility), which matured on September 29, 2022. On September 29, 2022, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount increasing to $1 billion, maturing on September 28, 2023. Under the terms of the Syndicated Credit Facility, in addition to the investment adviser paying the interest charged on any borrowings by a fund, the investment adviser paid a commitment fee of 0.15% per annum on the funds’ proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the funds were participants with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility), with State Street, which matured on September 29, 2022. On September 29, 2022, the Uncommitted Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on September 28, 2023. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount a fund borrows. There were no borrowings by any of the funds from either line of credit during the period.

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

8. Derivatives:

Certain funds entered into equity index futures contracts during the report period. The funds invested in futures contracts to equitize available cash. The value and variation margin for futures contracts held at August 31, 2023 are presented in each fund’s Portfolio Holdings and Statement of Assets and Liabilities, respectively. The net realized gains (losses) and net change in unrealized appreciation (depreciation) on futures contracts are presented in each fund’s Statement of Operations, if any. Refer to financial note 2(b) for the funds’ accounting policies with respect to futures contracts and financial note 3 for disclosures concerning the risks of investing in futures contracts. During the period ended August 31, 2023, the month-end average notional amounts of futures contracts held by the funds and the month-end average number of contracts held were as follows:

	NOTIONAL AMOUNTS	NUMBER OF CONTRACTS
Schwab International Dividend Equity ETF	$3,690,533	42
Schwab International Equity ETF	143,370,353	1,428
Schwab International Small-Cap Equity ETF	16,002,422	159
Schwab Emerging Markets Equity ETF	33,259,559	675

9. Purchases and Sales of Investment Securities:

For the period ended August 31, 2023, purchases and sales of securities (excluding in-kind transactions and short-term obligations) were as follows:

	PURCHASES OF SECURITIES	SALES OF SECURITIES
Schwab International Dividend Equity ETF	$293,749,916	$250,316,055
Schwab International Equity ETF	1,831,737,633	1,615,190,145
Schwab International Small-Cap Equity ETF	583,727,710	529,171,258
Schwab Emerging Markets Equity ETF	1,112,126,320	1,060,608,683

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Financial Notes (continued)

10. In-Kind Transactions:

The consideration for the purchase of Creation Units of a fund often consists of the in-kind deposit of a designated portfolio of equity securities, which constitutes an optimized representation of the securities involved in a relevant fund’s underlying index, and an amount of cash. Investors purchasing and redeeming Creation Units are subject to a standard creation transaction fee and a standard redemption transaction fee paid to the custodian to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Purchasers and redeemers of Creation Units for cash are subject to an additional variable charge paid to the fund that will offset the transaction costs to the fund of buying or selling portfolio securities. Variable charges paid to the fund generally have no effect on net asset value per share. In addition, purchasers and redeemers of shares in Creation Units are responsible for payment of the costs of transferring securities to or out of the fund. From time to time, the investment adviser may cover the cost of any transaction fees when believed to be in the best interests of a fund.

The in-kind transactions for the period ended August 31, 2023, were as follows:

	IN-KIND PURCHASES OF SECURITIES	IN-KIND SALES OF SECURITIES
Schwab International Dividend Equity ETF	$268,186,545	$43,050,094
Schwab International Equity ETF	2,018,423,987	109,139,757
Schwab International Small-Cap Equity ETF	254,470,117	129,383,065
Schwab Emerging Markets Equity ETF	48,465,694	30,471,540

For the period ended August 31, 2023, the funds may realize net capital gains or losses resulting from in-kind redemptions of Creation Units. Because such gains or losses are not taxable to the funds and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the funds’ tax year. These reclassifications have no effect on net assets or net asset values per share. The net realized gains or losses on sales of in-kind redemptions for the period ended August 31, 2023 are disclosed in the funds’ Statements of Operations, if any.

11. Federal Income Taxes:

As of August 31, 2023, the tax basis cost of the funds’ investments and gross unrealized appreciation and depreciation were as follows:

	TAX COST	GROSS UNREALIZED APPRECIATION	GROSS UNREALIZED DEPRECIATION	NET UNREALIZED APPRECIATION (DEPRECIATION)
Schwab International Dividend Equity ETF	$750,133,405	$32,473,467	($34,026,587 )	($1,553,120 )
Schwab International Equity ETF	28,132,078,721	5,488,323,881	(2,008,175,387 )	3,480,148,494
Schwab International Small-Cap Equity ETF	3,925,511,664	637,895,775	(731,046,715 )	(93,150,940 )
Schwab Emerging Markets Equity ETF	7,914,729,505	2,111,532,304	(1,499,542,089 )	611,990,215

As of August 31, 2023, the components of distributable earnings on a tax basis were as follows:

	UNDISTRIBUTED ORDINARY INCOME	NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS	NET OTHER UNREALIZED APPRECIATION (DEPRECIATION)	CAPITAL LOSS CARRYFORWARDS AND OTHER LOSSES	TOTAL
Schwab International Dividend Equity ETF	$15,933,243	($1,553,120 )	($342,866 )	($35,671,059 )	($21,633,802 )
Schwab International Equity ETF	464,267,471	3,480,148,494	1,610,837	(1,692,595,298 )	2,253,431,504
Schwab International Small-Cap Equity ETF	77,447,074	(93,150,940 )	(40,392 )	(256,516,983 )	(272,261,241 )
Schwab Emerging Markets Equity ETF	233,220,143	611,990,215	(62,937,392 )	(1,299,160,885 )	(516,887,919 )

The primary difference between book basis and tax basis unrealized appreciation or unrealized depreciation of investments is the tax deferral of losses on wash sales, the realization for tax purposes of unrealized appreciation or depreciation on futures contracts, the realization for tax purposes of unrealized appreciation on investments in PFICs and partnership investments. The tax cost of the funds’ investments, disclosed above, have been adjusted from its book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

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Financial Notes (continued)

11. Federal Income Taxes (continued):

Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of August 31, 2023, the funds had capital loss carryforwards available as follows:


Schwab International Dividend Equity ETF	$35,671,059
Schwab International Equity ETF	1,692,595,298
Schwab International Small-Cap Equity ETF	256,516,983
Schwab Emerging Markets Equity ETF	1,299,160,885

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

	CURRENT FISCAL YEAR END DISTRIBUTIONS	PRIOR FISCAL YEAR END DISTRIBUTIONS
	ORDINARY INCOME	ORDINARY INCOME
Schwab International Dividend Equity ETF	$22,397,950	$6,562,600
Schwab International Equity ETF	892,762,840	883,078,400
Schwab International Small-Cap Equity ETF	78,014,800	93,611,110
Schwab Emerging Markets Equity ETF	256,923,230	221,827,290

Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Permanent book and tax basis differences may result in reclassifications between components of net assets as required. The adjustments have no impact on net assets or the results of operations.

As of August 31, 2023, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds’ financial statements. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in each fund’s Statement of Operations. During the fiscal year ended August 31, 2023, the funds did not incur any interest or penalties.

12. Subsequent Events:

Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Schwab Strategic Trust and Shareholders of Schwab International Equity ETF, Schwab International Small-Cap Equity ETF, Schwab International Dividend Equity ETF, and Schwab Emerging Markets Equity ETF:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the portfolio holdings, of Schwab International Equity ETF, Schwab International Small-Cap Equity ETF, Schwab International Dividend Equity ETF, and Schwab Emerging Markets Equity ETF, (the “Funds”) four of the funds constituting Schwab Strategic Trust, as of August 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended except for Schwab International Dividend Equity ETF, the financial highlights for the years ended August 31, 2023 and August 31, 2022 and for the period from April 29, 2021 (commencement of operations) through August 31, 2021; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for the four years in the period then ended (excluding Schwab International Dividend Equity ETF) in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Schwab International Dividend Equity ETF as of August 31, 2023, and the results of its operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and financial highlights for each of the two years in the period then ended and for the period from April 29, 2021 (commencement of operations) through August 31, 2021 in conformity with accounting principles generally accepted in the United States of America. For each of the Funds (excluding Schwab International Dividend Equity ETF), the financial highlights for the year in the period ended August 31, 2019 were audited by other auditors, whose report, dated October 17, 2019, expressed an unqualified opinion on such financial highlights.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP
Denver, Colorado
October 17, 2023

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

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Other Federal Tax Information (unaudited)

The funds may elect to pass on the benefits of the foreign tax credit to their shareholders for the fiscal year ended August 31, 2023. The foreign tax credit and the foreign source income amounts are as follows:

	FOREIGN TAX CREDIT	FOREIGN SOURCE INCOME
Schwab International Dividend Equity ETF	$2,842,977	$33,230,130
Schwab International Equity ETF	70,785,313	1,022,842,270
Schwab International Small-Cap Equity ETF	8,821,129	114,754,767
Schwab Emerging Markets Equity ETF	27,190,599	298,461,252

For the fiscal year ended August 31, 2023, the funds designate the following amounts of the dividend distributions as qualified dividends for the purpose of the maximum rate under section 1(h)(11) of the Internal Revenue Code. Shareholders will be notified in January 2024 via IRS Form 1099 of the amounts for use in preparing their 2023 income tax return.

Schwab International Dividend Equity ETF	$23,263,276
Schwab International Equity ETF	837,855,251
Schwab International Small-Cap Equity ETF	74,654,631
Schwab Emerging Markets Equity ETF	107,143,651

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Investment Advisory Agreement Approval

The Investment Company Act of 1940, as amended (the 1940 Act), requires that the continuation of a fund’s investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or “interested persons” of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund’s trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.

The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the investment advisory agreement (the Agreement) between Schwab Strategic Trust (the Trust) and Charles Schwab Investment Management, Inc. (CSIM) (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trust, including Schwab International Equity ETF, Schwab International Small-Cap Equity ETF, Schwab Emerging Markets Equity ETF and Schwab International Dividend Equity ETF (the Funds), and to review certain other agreements pursuant to which the investment adviser provides investment advisory services to certain other registered investment companies. In preparation for the meeting(s), the Board requests and reviews a wide variety of materials provided by the investment adviser, including information about the investment adviser’s affiliates, personnel, business goals and priorities, profitability, third-party oversight, corporate structure and operations. As part of the renewal process, the Independent Trustees’ legal counsel, on behalf of the Independent Trustees, sends an information request letter to the investment adviser seeking certain relevant information. The responses by the investment adviser are provided to the Trustees in the Board materials for their review prior to their meeting, and the Trustees are provided with the opportunity to request any additional materials. The Board also receives data provided by an independent provider of investment company data. This information is in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to the Funds’ operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. In considering the renewal, the Independent Trustees receive advice from Independent Trustees’ legal counsel, including a memorandum regarding the responsibilities of trustees for the approval of investment advisory agreements. In addition, the Independent Trustees participate in question and answer sessions with representatives of the investment adviser and meet in executive session outside the presence of Fund management.

The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreement with respect to the Funds at meetings held on April 27, 2023 and June 6, 2023, and approved the renewal of the Agreement with respect to the Funds for an additional one-year term at the meeting on June 6, 2023 called for the purpose of voting on such approval.

The Board’s approval of the continuance of the Agreement with respect to the Funds was based on consideration and evaluation of a variety of specific factors discussed at these meetings and at prior meetings, including:

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;

each Fund’s investment performance and how it compared to that of certain other comparable exchange-traded funds and benchmark data;

each Fund’s expenses and how those expenses compared to those of certain other similar exchange-traded funds;

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

the extent to which economies of scale would be realized as each Fund grows and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, the investment adviser’s experience, track record, compliance program, resources dedicated to hiring and retaining skilled personnel and specialized talent, and information security resources. The Trustees also considered information provided by the investment adviser relating to services and support provided with respect to the Funds’ portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, and vendor and risk oversight. The Trustees also considered investments the investment adviser has made in its infrastructure, including modernizing the investment adviser’s technology and use of data, increasing expertise in key areas (including portfolio management and trade operations), and improving business continuity, cybersecurity, due diligence, risk management processes, and information security programs, which are designed to provide enhanced services to the Funds

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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 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 of the investment adviser relating to the Schwab fund complex as a whole, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain costs across the Funds and other funds in the complex. The Trustees also considered any other benefits derived by the investment adviser from its relationship with the Funds, such as whether, by virtue of its management of the Funds, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. The Trustees considered whether the compensation and profitability with respect to the Funds under the Agreement and other service agreements were reasonable in light of the quality of all services rendered to the Funds by the investment adviser and its affiliates. The Trustees noted that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research capabilities, services and systems to benefit the Funds. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of the investment adviser with respect to each Fund is reasonable and supported renewal of the Agreement with respect to such Fund.

Economies of Scale. Although the Trustees recognized the difficulty of determining economies of scale with precision, and although the Funds do not have breakpoints in their advisory fees, the Trustees considered the potential existence of any economies of scale by way of the relatively low advisory fee and unitary fee structure of the Funds and whether those are passed along to a Fund’s shareholders through (i) the enhancement of services provided to the Funds in return for fees paid, including through investments by the investment adviser in its infrastructure, including modernizing the investment adviser’s technology and use of data, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Funds and their shareholders; and (ii) pricing a fund to scale and keeping overall expenses down as the fund grows. The Trustees acknowledged that the investment adviser has invested in its infrastructure, as discussed above, over time and that the investment adviser’s internal costs of providing investment management, technology, administrative, legal and compliance services to the Funds continue to increase as a result of regulatory or other developments. Based on this evaluation, the Board concluded, within the context of its full deliberations, that each Fund obtains reasonable benefits from economies of scale.

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *

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respect to the Funds is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as

the Trustees considered to be relevant in the exercise of their reasonable judgment.

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Trustees and Officers

The tables below give information about the trustees and officers of Schwab Strategic Trust, which includes the funds covered in this report. The “Fund Complex” includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust. The Fund Complex includes 106 funds.

The address for all trustees and officers is 211 Main Street, San Francisco, CA 94105. You can find more information about the trustees and officers in the Statement of Additional Information, which is available free by calling 1-877-824-5615.

Independent Trustees
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1)	Principal Occupations During the Past Five Years	Number of Portfolios in Fund Complex Overseen by the Trustee	Other Directorships
Michael J. Beer 1961 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2022)	Retired. Director, President and Chief Executive Officer (Dec. 2016 – Sept. 2019), Principal Funds (investment management).	106	Director (2016 – 2019), Principal Funds, Inc.
Robert W. Burns 1959 Trustee (Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016)	Retired/Private Investor.	106	None
Nancy F. Heller 1956 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018)	Retired.	106	None
David L. Mahoney 1954 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016)	Private Investor.	106	Director (2004 – present), Corcept Therapeutics Incorporated Director (2009 – 2021), Adamas Pharmaceuticals, Inc. Director (2003 – 2019), Symantec Corporation
Jane P. Moncreiff 1961 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2019)	Consultant (2018 – present), Fulham Advisers LLC (management consulting); Chief Investment Officer (2009 – 2017), CareGroup Healthcare System, Inc. (healthcare).	106	None

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Independent Trustees (continued)
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1)	Principal Occupations During the Past Five Years	Number of Portfolios in Fund Complex Overseen by the Trustee	Other Directorships
Kimberly S. Patmore 1956 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016)	Consultant (2008 – present), Patmore Management Consulting (management consulting).	106	None
J. Derek Penn 1957 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021)	Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial services).	106	None

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Interested Trustees
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1)	Principal Occupations During the Past Five Years	Number of Portfolios in Fund Complex Overseen by the Trustee	Other Directorships
Walter W. Bettinger II2 1960 Chairman and Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Schwab Strategic Trust since 2009; Laudus Trust since 2010)	Co-Chairman of the Board (July 2022 – present), Director and Chief Executive Officer (Oct. 2008 – present) and President (Feb. 2007 – Oct. 2021), The Charles Schwab Corporation; President and Chief Executive Officer (Oct. 2008 – Oct. 2021) and Director (May 2008 – Oct. 2021), Charles Schwab & Co., Inc.; Director (Apr. 2006 – present), Charles Schwab Bank, SSB; Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Director (July 2019 – present), Charles Schwab Trust Bank; Director (May 2008 – present), Chief Executive Officer (Aug. 2017 – present) and President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation; Director (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc.	106	Director (2008 – present), The Charles Schwab Corporation
Richard A. Wurster2 1973 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2022)	President (Oct. 2021 – present) and Executive Vice President – Schwab Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles Schwab Corporation; President, Director (Oct. 2021 – present), Executive Vice President – Schwab Asset Management Solutions (July 2019 – Oct. 2021) and Senior Vice President – Advisory (May 2016 – July 2019), Charles Schwab & Co., Inc.; President (Nov. 2021 – present), Schwab Holdings, Inc.; Director (Oct. 2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive Officer (July 2016 – Apr. 2018), Windhaven Investment Management, Inc.	106	None

Officers of the Trust
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served3)	Principal Occupations During the Past Five Years
Omar Aguilar 1970 Chief Executive Officer and Chief Investment Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011)	Chief Executive Officer (Jan. 2022 – present), Chief Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Oct. 2022 – present), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (Sept. 2023 – present), Chief Investment Officer (June 2011 – present) and Vice President (June 2011 – Sept. 2023), Schwab Funds, Laudus Trust and Schwab ETFs.
Jonathan de St. Paer 1973 President (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018)	Director (Apr. 2019 – present), President (Oct. 2018 – present), Chief Operating Officer (Jan. 2021 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Senior Vice President (June 2020 – Mar. 2022) and Chief Operating Officer (Jan. 2021 – Mar. 2022), Charles Schwab Investment Advisory, Inc.; President (Nov. 2018 – present), Chief Executive Officer (Apr. 2019 – Sept. 2023) and Trustee (Apr. 2019 – Dec. 2020), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (May 2022 – present), Senior Vice President (Apr. 2019 – May 2022) and Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), Charles Schwab & Co., Inc.
Mark Fischer 1970 Chief Operating Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2013)	Chief Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial Officer (Jan. 2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (Mar. 2023 – present), Chief Financial Officer (Mar. 2020 – present) and Vice President (Oct. 2013 – Mar. 2023), Charles Schwab Investment Management, Inc.

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Officers of the Trust (continued)
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served3)	Principal Occupations During the Past Five Years
Dana Smith 1965 Treasurer and Chief Financial Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2023)	Treasurer and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer (Dec. 2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (Mar. 2023 – present), Vice President (Mar. 2022 – Mar. 2023) and Director (Oct. 2015 – Mar. 2022), Charles Schwab Investment Management, Inc.
Brett Wander 1961 Vice President and Chief Investment Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011)	Managing Director (Mar. 2023 – present), Chief Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Mar. 2023) Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs.
William P. McMahon, Jr. 1972 Vice President and Chief Investment Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021)	Managing Director (Mar. 2023 – present), Chief Investment Officer (Jan. 2020 – present) and Senior Vice President (Jan. 2020 – Mar. 2023) Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment Officer (May 2001 – Apr. 2018), ThomasPartners, Inc.
Catherine MacGregor 1964 Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs Chief Legal Officer, Vice President and Clerk, Laudus Trust (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009)	Managing Director (Mar. 2023 – present), Chief Legal Officer (Mar. 2022 – present) and Vice President (Sept. 2005 – Mar. 2023), Charles Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice President (July 2005 – May 2022), Charles Schwab & Co., Inc.; Vice President (Dec. 2005 – present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Trust; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021), Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs.

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.

Mr. Bettinger and Mr. Wurster are Interested Trustees. Mr. Bettinger and Mr. Wurster are Interested Trustees because each owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust.

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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Schwab International Equity ETFs

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 International Equity ETFs

Schwab ETFs

Schwab ETFs are designed to serve as simple low-cost core investment products for a diversified portfolio. These ETFs seek to provide consistent, repeatable performance through a variety of investment strategies that span the equity and fixed income spectrum. The list below shows all currently available Schwab ETFs.

Investors should carefully consider information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges and expenses before investing. Please call 1-877-824-5615 for a prospectus for any Schwab ETF. Please read the prospectus carefully before you invest. This report must be preceded or accompanied by a current prospectus.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available without charge, upon request, by visiting the Schwab ETFs’ website at www.schwabassetmanagement.com/schwabetfs_prospectus, the SEC’s website at www.sec.gov, or by contacting Schwab ETFs at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available, without charge, by visiting the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus or the SEC’s website at www.sec.gov.

Schwab ETFs

U.S. ETFs

Schwab U.S. Broad Market ETF

Schwab 1000 Index® ETF

Schwab U.S. Large-Cap ETF

Schwab U.S. Large-Cap Growth ETF

Schwab U.S. Large-Cap Value ETF

Schwab U.S. Mid-Cap ETF

Schwab U.S. Small-Cap ETF

Schwab U.S. Dividend Equity ETF

Schwab U.S. REIT ETF

International ETFs

Schwab International Dividend Equity ETF

Schwab International Equity ETF

Schwab International Small-Cap Equity ETF

Schwab Emerging Markets Equity ETF

Fixed-Income ETFs

Schwab U.S. TIPS ETF

Schwab Short-Term U.S. Treasury ETF

Schwab Intermediate-Term U.S. Treasury ETF

Schwab Long-Term U.S. Treasury ETF

Schwab U.S. Aggregate Bond ETF

Schwab 1-5 Year Corporate Bond ETF

Schwab 5-10 Year Corporate Bond ETF

Schwab Municipal Bond ETF

Schwab High Yield Bond ETF

Fundamental Index* ETFs

Schwab Fundamental U.S. Broad Market Index ETF

Schwab Fundamental U.S. Large Company Index ETF

Schwab Fundamental U.S. Small Company Index ETF

Schwab Fundamental International Large Company Index ETF

Schwab Fundamental International Small Company Index ETF

Schwab Fundamental Emerging Markets Large Company
Index ETF

Active, Semi-Transparent (Also Known As Non-Transparent) ETF

Schwab Ariel ESG ETF

Thematic ETFs

Schwab Crypto Thematic ETF

Investment Adviser

Charles Schwab Investment Management, Inc., dba Schwab Asset Management

211 Main Street, San Francisco, CA 94105

Schwab ETFs

1-877-824-5615

© 2023 Charles Schwab Investment Management, Inc., dba Schwab Asset Management. All rights reserved.
Printed on recycled paper.

FUNDAMENTAL INDEX is a registered trademark of Research Affiliates LLC.

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

•

You may have to pay more money to trade the fund’s shares. This fund will provide less information to traders, who tend to charge more for trades when they have less information.

•

The price you pay to buy fund shares on an exchange may not match the value of the fund’s portfolio. The same is true when you sell shares. These price differences may be greater for this fund compared to other ETFs because it provides less information to traders.

•

These additional risks may be even greater in bad or uncertain market conditions.

•

The ETF will publish on its website each day a “Proxy Portfolio” designed to help trading in shares of the ETF. While the Proxy Portfolio includes some of the ETF’s holdings, it is not the ETF’s actual portfolio.

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

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

Schwab International Equity ETFs

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

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

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

Proxy Portfolio and Proxy Overlap Information regarding the contents of the Proxy Portfolio, and the percentage weight overlap between the holdings of the Proxy Portfolio and the fund’s Actual Portfolio holdings that formed the basis for its calculation of NAV at the end of the prior Business Day (the Portfolio Overlap), is available by visiting the fund’s website www.schwabassetmanagement.com.

Because environmental, social and governance (ESG) strategies exclude some securities, ESG-focused products may not be able to take advantage of the same opportunities or market trends as products that do not use such strategies. Additionally, the criteria used to select companies for investment may result in investing in securities, industries or sectors that underperform the market as a whole.

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MFR57933-13
00289727

Annual Report | August 31, 2023

Schwab U.S. Equity ETFs

Schwab U.S. Broad Market ETF	SCHB
Schwab 1000 Index® ETF	SCHK
Schwab U.S. Large-Cap ETF	SCHX
Schwab U.S. Large-Cap Growth ETF	SCHG
Schwab U.S. Large-Cap Value ETF	SCHV
Schwab U.S. Mid-Cap ETF	SCHM
Schwab U.S. Small-Cap ETF	SCHA
Schwab U.S. Dividend Equity ETF	SCHD

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In This Report

Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset ManagementTM

Distributor: SEI Investments Distribution Co. (SIDCO)

Schwab U.S. Equity ETFs | Annual Report1

Schwab U.S. Equity ETFs

Performance at a Glance

Total Returns for the 12 Months Ended August 31, 2023
Schwab U.S. Broad Market ETF (Ticker Symbol: SCHB)
Market Price Return1	14.92%
NAV Return1	14.88%
Dow Jones U.S. Broad Stock Market Index	14.86%
ETF Category: Morningstar Large Blend2	13.85%
Performance Details	pages 6-8

Schwab 1000 Index ETF (Ticker Symbol: SCHK)
Market Price Return1	15.31%
NAV Return1	15.31%
Schwab 1000 Index®	15.36%
Russell 1000® Index	15.40%
ETF Category: Morningstar Large Blend2	13.85%
Performance Details	pages 9-11

Schwab U.S. Large-Cap ETF (Ticker Symbol: SCHX)
Market Price Return1	15.58%
NAV Return1	15.61%
Dow Jones U.S. Large-Cap Total Stock Market Index	15.62%
ETF Category: Morningstar Large Blend2	13.85%
Performance Details	pages 12-14

Schwab U.S. Large-Cap Growth ETF (Ticker Symbol: SCHG)
Market Price Return1	24.42%
NAV Return1	24.41%
Dow Jones U.S. Large-Cap Growth Total Stock Market Index	24.45%
ETF Category: Morningstar Large Growth2	17.98%
Performance Details	pages 15-17

Total Returns for the 12 Months Ended August 31, 2023
Schwab U.S. Large-Cap Value ETF (Ticker Symbol: SCHV)
Market Price Return1	7.58%
NAV Return1	7.60%
Dow Jones U.S. Large-Cap Value Total Stock Market Index	7.62%
ETF Category: Morningstar Large Value2	8.86%
Performance Details	pages 18-20

Schwab U.S. Mid-Cap ETF (Ticker Symbol: SCHM)
Market Price Return1	8.39%
NAV Return1	8.45%
Dow Jones U.S. Mid-Cap Total Stock Market Index	8.41%
ETF Category: Morningstar Mid-Cap Blend2	9.15%
Performance Details	pages 21-23

Schwab U.S. Small-Cap ETF (Ticker Symbol: SCHA)
Market Price Return1	6.64%
NAV Return1	6.69%
Dow Jones U.S. Small-Cap Total Stock Market Index	6.57%
ETF Category: Morningstar Small Blend2	7.55%
Performance Details	pages 24-26

Schwab U.S. Dividend Equity ETF (Ticker Symbol: SCHD)
Market Price Return1	6.72%
NAV Return1	6.75%
Dow Jones U.S. Dividend 100TM Index	6.82%
ETF Category: Morningstar Large Value2	8.86%
Performance Details	pages 27-29

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 Indices are products of S&P Dow Jones Indices LLC and/or its affiliates, and have been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Equity ETFs, based on their respective Dow Jones Indices, are 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 products.

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.

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Schwab U.S. Equity ETFs

The Investment Environment

For the 12-month reporting period ended August 31, 2023, U.S. stocks rose. U.S. stocks were volatile for the first half of the year as inflation remained elevated and the U.S. Federal Reserve (Fed) continued to raise interest rates. Despite these headwinds, as inflation began to ease, U.S. stocks staged a relatively steady upswing through the end of the reporting period. The ongoing war between Russia and Ukraine weighed on the global economy. For the reporting period, the S&P 500® Index, a bellwether for the overall U.S. stock market, returned 15.94%. Among U.S. stocks, small-cap and mid-cap stocks were weaker, with the Russell 2000® Index and the Dow Jones U.S. Mid-Cap Total Stock Market Index returning 4.65% and 8.41%, respectively. U.S. growth stocks outperformed U.S. value stocks.

The U.S. economy continued to show unexpected resiliency. U.S. gross domestic product (GDP) growth was positive for the third and fourth quarters of 2022 and the first and second quarters of 2023. Inflation generally declined throughout the reporting period, though it remained above the Fed’s historical 2% target and rose slightly in July and August. Consumer spending has remained strong as consumers continue to spend down the significant savings they accumulated during the COVID-19 pandemic. The unemployment rate remained low throughout the period despite inflationary pressures. However, unemployment unexpectedly jumped in August largely as a result of an increase in the labor force participation rate (the proportion of working-age Americans who have a job or are looking for one) which rose to its highest level since February 2020, just prior to the COVID-19 pandemic declaration.

Asset Class Performance Comparison % returns during the 12 months ended August 31, 2023

For index definitions, please see the Glossary.

Data source: Index provider websites and Schwab Asset Management.

Nothing in this report represents a recommendation of a security by the investment adviser.

Management views may have changed since the report date.

The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

Schwab U.S. Equity ETFs | Annual Report3

Schwab U.S. Equity ETFs

The Investment Environment (continued)

Among the 11 sectors in the Dow Jones U.S. Broad Market Index, all but two posted gains for the reporting period. The strongest sector was the information technology sector, led by a handful of big names including NVIDIA Corp., Microsoft Corp., and Apple Inc. Much of the sector’s strength was driven by strong demand for accelerated computing and artificial intelligence (AI) platforms and services. The communication services sector was also a notably strong performer for the reporting period. The two sectors that lost ground for the period were the utilities and real estate sectors, both hampered by high interest rates and inflation, as rising bond yields provided investors with lower-risk investment options.

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Schwab U.S. Equity ETFs

Fund Management