N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

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

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: February 29, 2024

Item 1: Report(s) to Shareholders.

Semiannual Report | February 29, 2024

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

No Action Required – Notice Regarding Shareholder Report Delivery

Beginning on July 24, 2024, fund shareholder reports will be streamlined to highlight key information deemed important for investors to assess

and monitor their fund investments. Other information, including financial statements, will not appear in the streamlined shareholder reports

but will available online and delivered free of charge upon request.

• If you already receive the full shareholder reports, you will receive the streamlined shareholder reports in the same way that you currently

receive the full shareholder reports (either in paper or electronically).

• If you currently receive a notification when a shareholder report is available on a fund’s website, beginning July 24, 2024, you will begin to

receive the streamlined shareholder report (in paper).

This page is intentionally left blank.

In This Report

Performance at a Glance	2
Fund Management	3
Performance and Fund Facts
Schwab International Dividend Equity ETF	4
Schwab International Equity ETF	6
Schwab International Small-Cap Equity ETF	8
Schwab Emerging Markets Equity ETF	10
Fund Expenses	12
Financial Statements and Portfolio Holdings
Schwab International Dividend Equity ETF	13
Schwab International Equity ETF	20
Schwab International Small-Cap Equity ETF	38
Schwab Emerging Markets Equity ETF	61
Financial Notes	87
Liquidity Risk Management Program	100
Trustees and Officers	101
Glossary	104

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

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 | Semiannual 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 6 Months Ended February 29, 2024
Schwab International Dividend Equity ETF (Ticker Symbol: SCHY)
Market Price Return1	5.46%
NAV Return1	5.40%
MSCI EAFE® Index (Net)2,3	9.23%
Dow Jones International Dividend 100 Index (Net)2	5.52%
ETF Category: Morningstar Foreign Large Value4	6.32%
Performance Details	pages 4-5

Schwab International Equity ETF (Ticker Symbol: SCHF)
Market Price Return1	9.07%
NAV Return1	8.91%
MSCI EAFE® Index (Net)2,3	9.23%
FTSE Developed ex US Index (Net)2	8.90%
ETF Category: Morningstar Foreign Large Blend4	7.99%
Performance Details	pages 6-7

Total Returns for the 6 Months Ended February 29, 2024
Schwab International Small-Cap Equity ETF (Ticker Symbol: SCHC)
Market Price Return1	3.57%
NAV Return1	3.41%
MSCI EAFE® Index (Net)2,3	9.23%
FTSE Developed Small Cap ex US Liquid Index (Net)2	3.35%
ETF Category: Morningstar Foreign Small/Mid Blend4	5.57%
Performance Details	pages 8-9

Schwab Emerging Markets Equity ETF (Ticker Symbol: SCHE)
Market Price Return1	3.90%
NAV Return1	4.47%
MSCI Emerging Markets Index (Net)2,5	4.93%
FTSE Emerging Index (Net)2	4.99%
ETF Category: Morningstar Diversified Emerging Markets4	5.96%
Performance Details	pages 10-11

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

For index definitions, please see the Glossary.

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.

In anticipation of new regulatory requirements, the fund’s regulatory index has changed to the MSCI EAFE® Index (Net). The MSCI EAFE® Index (Net) provides a broad measure of market performance. The fund generally invests in securities that are included in the second index listed. The fund does not seek to track the regulatory index.

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.

In anticipation of new regulatory requirements, the fund’s regulatory index has changed to the MSCI Emerging Markets Index (Net). The MSCI Emerging Markets Index (Net) provides a broad measure of market performance. The fund generally invests in securities that are included in the second index listed. The fund does not seek to track the regulatory index.

2Schwab International Equity ETFs | Semiannual 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.

Joselle Duncan, CFA, Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day

co-management of the funds. Prior to joining Schwab in 2022, Ms. Duncan worked at BlackRock, Inc. for over

20 years as a vice president and portfolio manager focused on international ETFs. Before that, she held

several positions at Blackrock (formerly Barclays Global Investors) including portfolio manager for institutional

and mutual funds, securities lending trader, and securities lending product specialist.

Jiwei Gu, CFA, Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day

co-management of the funds. Ms. Gu joined the portfolio management team as an associate portfolio

manager in 2018. Prior to joining Schwab, she spent four years at CoBank, most recently as an enterprise risk

analyst performing bank-level loan portfolio credit risk analysis, data analytics, and risk management

methodology research. Before that, Ms. Gu worked in commercial credit underwriting and capital markets

supporting lending activities.

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 | Semiannual Report3

Schwab International Dividend Equity ETF

Average Annual Total Returns1

Fund and Inception Date	6 Months	1 Year	Since Inception*
Fund: Schwab International Dividend Equity ETF (4/29/21)
Market Price Return2	5.46%	10.18%	2.29%
NAV Return2	5.40%	9.98%	2.32%
MSCI EAFE® Index (Net)3,4	9.23%	14.41%	2.44%
Dow Jones International Dividend 100 Index (Net)3	5.52%	10.06%	2.39%
ETF Category: Morningstar Foreign Large Value5	6.32%	11.32%	N/A
Fund Expense Ratio6: 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.

In anticipation of new regulatory requirements, the fund’s regulatory index has changed from the Dow Jones International Dividend 100 Index (Net) to the MSCI EAFE® Index (Net). The MSCI EAFE® Index (Net) provides a broad measure of market performance. The fund generally invests in securities that are included in the Dow Jones International Dividend 100 Index (Net). The fund does not seek to track the regulatory index.

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.

4Schwab International Equity ETFs | Semiannual Report

Schwab International Dividend Equity ETF

Performance and Fund Facts as of February 29, 2024

Statistics1

Number of Holdings	102
Weighted Average Market Cap (millions)	$61,745
Price/Earnings Ratio (P/E)	14.4
Price/Book Ratio (P/B)	2.3
Portfolio Turnover Rate	17% 2,3

Sector Weightings % of Investments1

Top Equity Holdings % of Net Assets5

Country Weightings % of Investments6

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.

Not annualized.

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.

Schwab International Equity ETFs | Semiannual Report5

Schwab International Equity ETF

Average Annual Total Returns1

Fund and Inception Date	6 Months	1 Year	5 Years	10 Years
Fund: Schwab International Equity ETF (11/3/09)
Market Price Return2	9.07%	14.66%	6.92%	4.61%
NAV Return2	8.91%	14.26%	6.92%	4.61%
MSCI EAFE® Index (Net)3,4	9.23%	14.41%	6.77%	4.39%
FTSE Developed ex US Index (Net)3	8.90%	14.06%	6.76%	4.49%
ETF Category: Morningstar Foreign Large Blend5	7.99%	12.85%	6.03%	4.14%
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.

In anticipation of new regulatory requirements, the fund’s regulatory index has changed from the FTSE Developed ex US Index (Net) to the MSCI EAFE® Index (Net). The MSCI EAFE® Index (Net) provides a broad measure of market performance. The fund generally invests in securities that are included in the FTSE Developed ex US Index (Net). The fund does not seek to track the regulatory index.

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.

6Schwab International Equity ETFs | Semiannual Report

Schwab International Equity ETF

Performance and Fund Facts as of February 29, 2024

Statistics1

Number of Holdings	1,524
Weighted Average Market Cap (millions)	$90,475
Price/Earnings Ratio (P/E)	14.8
Price/Book Ratio (P/B)	1.7
Portfolio Turnover Rate	2% 2,3

Sector Weightings % of Investments1

Top Equity Holdings % of Net Assets5

Country Weightings % of Investments6

Portfolio holdings may have changed since the report date.

Source of Sector Classification: S&P and MSCI.

Excludes derivatives.

Not annualized.

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 | Semiannual Report7

Schwab International Small-Cap Equity ETF

Average Annual Total Returns1

Fund and Inception Date	6 Months	1 Year	5 Years	10 Years
Fund: Schwab International Small-Cap Equity ETF (1/14/10)
Market Price Return2	3.57%	6.20%	3.86%	2.94%
NAV Return2	3.41%	5.68%	3.78%	2.88%
MSCI EAFE® Index (Net)3,4	9.23%	14.41%	6.77%	4.39%
FTSE Developed Small Cap ex US Liquid Index (Net)3	3.35%	5.48%	3.63%	2.74%
ETF Category: Morningstar Foreign Small/Mid Blend5	5.57%	8.08%	5.01%	3.95%
Fund Expense Ratio6: 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.

In anticipation of new regulatory requirements, the fund’s regulatory index has changed from the FTSE Developed Small Cap ex US Liquid Index (Net) to the MSCI EAFE® Index (Net). The MSCI EAFE® Index (Net) provides a broad measure of market performance. The fund generally invests in securities that are included in the FTSE Developed Small Cap ex US Liquid Index (Net). The fund does not seek to track the regulatory index.

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.

8Schwab International Equity ETFs | Semiannual Report

Schwab International Small-Cap Equity ETF

Performance and Fund Facts as of February 29, 2024

Statistics1

Number of Holdings	2,160
Weighted Average Market Cap (millions)	$3,126
Price/Earnings Ratio (P/E)	13.9
Price/Book Ratio (P/B)	1.3
Portfolio Turnover Rate	7% 2,3

Sector Weightings % of Investments1

Top Equity Holdings % of Net Assets5

Country Weightings % of Investments6

Portfolio holdings may have changed since the report date.

Source of Sector Classification: S&P and MSCI.

Excludes derivatives.

Not annualized.

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 | Semiannual Report9

Schwab Emerging Markets Equity ETF

Average Annual Total Returns1

Fund and Inception Date	6 Months	1 Year	5 Years	10 Years
Fund: Schwab Emerging Markets Equity ETF (1/14/10)
Market Price Return2	3.90%	7.27%	2.30%	3.43%
NAV Return2	4.47%	7.81%	2.46%	3.46%
MSCI Emerging Markets Index (Net)3,4	4.93%	8.73%	1.89%	3.01%
FTSE Emerging Index (Net)3	4.99%	8.73%	2.74%	3.68%
ETF Category: Morningstar Diversified Emerging Markets5	5.96%	10.99%	3.07%	2.98%
Fund Expense Ratio6: 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.

In anticipation of new regulatory requirements, the fund’s regulatory index has changed from the FTSE Emerging Index (Net) to the MSCI Emerging Markets Index (Net). The MSCI Emerging Markets Index (Net) provides a broad measure of market performance. The fund generally invests in securities that are included in the FTSE Emerging Index (Net). The fund does not seek to track the regulatory index.

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 | Semiannual Report

Schwab Emerging Markets Equity ETF

Performance and Fund Facts as of February 29, 2024

Statistics1

Number of Holdings	1911
Weighted Average Market Cap (millions)	$102,812
Price/Earnings Ratio (P/E)	13.3
Price/Book Ratio (P/B)	2.0
Portfolio Turnover Rate	3% 2,3

Sector Weightings % of Investments1

Top Equity Holdings % of Net Assets5

Country Weightings % of Investments6

Portfolio holdings may have changed since the report date.

Source of Sector Classification: S&P and MSCI.

Excludes derivatives.

Not annualized.

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 | Semiannual Report11

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 September 1, 2023 and held through February 29, 2024.

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 9/1/23	ENDING ACCOUNT VALUE (NET OF EXPENSES) AT 2/29/24	EXPENSES PAID DURING PERIOD 9/1/23-2/29/24 2
Schwab International Dividend Equity ETF
Actual Return	0.14%	$1,000.00	$1,054.00	$0.71
Hypothetical 5% Return	0.14%	$1,000.00	$1,024.17	$0.70
Schwab International Equity ETF
Actual Return	0.06%	$1,000.00	$1,089.10	$0.31
Hypothetical 5% Return	0.06%	$1,000.00	$1,024.57	$0.30
Schwab International Small-Cap Equity ETF
Actual Return	0.11%	$1,000.00	$1,034.10	$0.56
Hypothetical 5% Return	0.11%	$1,000.00	$1,024.32	$0.55
Schwab Emerging Markets Equity ETF
Actual Return	0.11%	$1,000.00	$1,044.70	$0.56
Hypothetical 5% Return	0.11%	$1,000.00	$1,024.32	$0.55

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 182 days in the period, and divided by 366 days in the fiscal year.

12Schwab International Equity ETFs | Semiannual Report

Schwab International Dividend Equity ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	9/1/23– 2/29/24*	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	$23.70	$21.72	$26.07	$25.00
Income (loss) from investment operations:
Net investment income (loss)2	0.31	1.08	1.37	0.41
Net realized and unrealized gains (losses)	0.95	1.78	(5.09 )	0.71
Total from investment operations	1.26	2.86	(3.72 )	1.12
Less distributions:
Distributions from net investment income	(0.69 )	(0.88 )	(0.63 )	(0.05 )
Net asset value at end of period	$24.27	$23.70	$21.72	$26.07
Total return	5.40 %3	13.31 %	(14.47 %)	4.48 %3
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.14 %4	0.14 %5	0.14 %5	0.14 %4
Net investment income (loss)	2.61 %4	4.67 %	5.72 %	4.76 %4
Portfolio turnover rate6	17 %3	40 %	45 %	3 %3
Net assets, end of period (x 1,000)	$781,410	$753,682	$438,821	$101,664

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

See financial notes

Schwab International Equity ETFs | Semiannual Report13

Schwab International Dividend Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited)

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 99.4% OF NET ASSETS

Australia 13.5%
Ampol Ltd.	195,593	5,018,001
Aurizon Holdings Ltd.	1,506,224	3,736,764
BHP Group Ltd.	984,591	28,164,253
Harvey Norman Holdings Ltd.	531,159	1,712,028
Rio Tinto Ltd.	365,050	29,422,800
Wesfarmers Ltd.	862,287	37,416,917
		105,470,763

Belgium 0.1%
Proximus SADP	106,248	888,997

Canada 9.3%
Bank of Nova Scotia	396,079	19,217,723
BCE, Inc.	224,897	8,350,214
Great-West Lifeco, Inc.	88,750	2,735,098
Quebecor, Inc., Class B	115,984	2,714,146
Sun Life Financial, Inc.	192,797	10,245,739
Toronto-Dominion Bank	491,315	29,518,384
		72,781,304

China 4.0%
Anhui Conch Cement Co. Ltd., H Shares	552,264	1,207,689
China Construction Bank Corp., H Shares	30,001,776	18,701,291
China Life Insurance Co. Ltd., H Shares	2,251,493	2,775,254
China Shenhua Energy Co. Ltd., H Shares	1,012,082	3,910,622
People's Insurance Co. Group of China Ltd., H Shares	2,548,696	849,696
PICC Property & Casualty Co. Ltd., H Shares	2,090,878	2,863,046
Tingyi Cayman Islands Holding Corp.	659,271	735,162
		31,042,760

Finland 3.0%
Elisa OYJ	112,425	5,068,387
Kesko OYJ, B Shares	118,156	2,258,692
Kone OYJ, B Shares	330,315	16,163,912
		23,490,991

Germany 6.8%
Deutsche Post AG	639,597	29,699,733
E.ON SE	1,839,053	23,503,457
		53,203,190

India 2.6%
Colgate-Palmolive India Ltd.	48,149	1,467,270
HCL Technologies Ltd.	318,285	6,386,908
Indian Oil Corp. Ltd.	1,131,779	2,259,702

SECURITY	NUMBER OF SHARES	VALUE ($)
ITC Ltd.	1,055,140	5,170,318
Petronet LNG Ltd.	177,626	585,794
Power Grid Corp. of India Ltd.	1,357,910	4,632,202
		20,502,194

Israel 0.1%
First International Bank Of Israel Ltd.	16,829	726,103

Italy 4.6%
Assicurazioni Generali SpA	363,911	8,632,236
Enel SpA	4,264,892	27,151,542
		35,783,778

Japan 13.6%
Daito Trust Construction Co. Ltd.	53,617	6,364,041
Japan Tobacco, Inc.	477,472	12,416,122
KDDI Corp.	957,523	29,134,494
K's Holdings Corp.	134,536	1,166,302
Nintendo Co. Ltd.	650,259	36,494,793
Niterra Co. Ltd.	141,251	4,285,567
Sompo Holdings, Inc.	114,536	6,720,486
Tosoh Corp.	724,381	9,868,463
		106,450,268

Malaysia 0.4%
Kuala Lumpur Kepong Bhd.	201,220	949,811
Petronas Chemicals Group Bhd.	1,351,427	1,993,465
		2,943,276

Mexico 0.6%
Arca Continental SAB de CV	163,705	1,761,221
Coca-Cola Femsa SAB de CV	188,548	1,837,919
Kimberly-Clark de Mexico SAB de CV, A Shares	491,775	1,091,520
		4,690,660

Netherlands 1.6%
Koninklijke Ahold Delhaize NV	422,671	12,587,471

New Zealand 0.5%
Spark New Zealand Ltd.	1,370,094	4,232,081

Norway 2.2%
Gjensidige Forsikring ASA	61,880	978,474
Telenor ASA	471,349	5,167,418
Yara International ASA	363,747	11,325,000
		17,470,892

See financial notes

14Schwab International Equity ETFs | Semiannual Report

Schwab International Dividend Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Qatar 0.3%
Industries Qatar QSC	554,107	1,963,191

Republic of Korea 0.6%
GS Holdings Corp.	40,902	1,475,925
KT&G Corp.	43,559	3,042,195
		4,518,120

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

Saudi Arabia 1.3%
Jarir Marketing Co.	167,882	697,438
SABIC Agri-Nutrients Co.	108,463	3,620,929
Saudi Telecom Co.	538,105	6,090,861
		10,409,228

Singapore 0.7%
Singapore Exchange Ltd.	268,029	1,883,738
Singapore Technologies Engineering Ltd.	1,258,010	3,723,695
		5,607,433

South Africa 0.1%
Vodacom Group Ltd.	205,802	1,008,640

Spain 0.7%
Redeia Corp. SA	332,095	5,282,838

Sweden 0.5%
Tele2 AB, B Shares	415,818	3,492,928

Switzerland 10.0%
EMS-Chemie Holding AG	15,126	10,590,175
Kuehne & Nagel International AG	45,484	15,372,254
Roche Holding AG	111,469	29,362,597
SGS SA	124,254	11,966,089
Swisscom AG	18,972	10,889,159
		78,180,274

Taiwan 5.6%
Advantech Co. Ltd.	145,301	1,792,733
Asia Cement Corp.	1,198,740	1,534,002
Asustek Computer, Inc.	208,053	2,994,799
Chicony Electronics Co. Ltd.	200,752	1,190,813
Chunghwa Telecom Co. Ltd.	1,137,407	4,335,960
CTCI Corp.	147,823	200,857
Formosa Plastics Corp.	2,213,116	5,020,023
Fubon Financial Holding Co. Ltd.	2,578,172	5,546,298
King Slide Works Co. Ltd.	19,285	826,687
King Yuan Electronics Co. Ltd.	337,248	947,425
Lite-On Technology Corp., ADR	663,668	2,299,044
Nan Ya Plastics Corp.	2,610,161	4,929,740
Quanta Computer, Inc.	831,196	6,100,618
Radiant Opto-Electronics Corp.	131,405	613,178
Simplo Technology Co. Ltd.	55,436	747,986
Synnex Technology International Corp.	378,859	932,480
Tripod Technology Corp.	134,964	888,104

SECURITY	NUMBER OF SHARES	VALUE ($)
Wistron Corp.	865,816	3,163,661
		44,064,408

Thailand 0.2%
Bangkok Chain Hospital PCL, NVDR	583,345	343,192
Intouch Holdings PCL NVDR	256,539	484,609
Supalai PCL NVDR	156,192	91,455
Tisco Financial Group PCL NVDR	115,296	323,080
		1,242,336

United Arab Emirates 0.2%
Abu Dhabi Islamic Bank PJSC	451,941	1,383,053

United Kingdom 16.3%
Admiral Group PLC	86,287	2,909,906
British American Tobacco PLC	943,351	27,982,697
GSK PLC	1,693,246	35,653,597
Imperial Brands PLC	392,924	8,471,864
Schroders PLC	301,284	1,498,903
SSE PLC	896,903	18,441,908
St. James's Place PLC	181,002	1,151,661
Unilever PLC	631,970	30,909,208
		127,019,744
Total Common Stocks (Cost $736,533,186)		776,436,921

PREFERRED STOCKS 0.0% OF NET ASSETS

Russia 0.0%
Sberbank of Russia PJSC *(a)(b)	69,290	0
Total Preferred Stocks (Cost $260,896)		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)	1,791,911	1,791,911
Total Short-Term Investments (Cost $1,791,911)		1,791,911
Total Investments in Securities (Cost $738,585,993)		778,228,832

See financial notes

Schwab International Equity ETFs | Semiannual Report15

Schwab International Dividend Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED APPRECIATION ($)
FUTURES CONTRACTS
Long
MSCI EAFE Index, expires 03/15/24	33	3,775,035	75,734
MSCI Emerging Markets Index, expires 03/15/24	21	1,067,640	11,393
			87,127

*	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 February 29, 2024 (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	$776,436,921	$—	$—	$776,436,921
Russia	—	—	0 *	0
Preferred Stocks
Russia	—	—	0 *	0
Short-Term Investments1	1,791,911	—	—	1,791,911
Futures Contracts2	87,127	—	—	87,127
Total	$778,315,959	$—	$0	$778,315,959

*	Level 3 amount shown includes securities determined to have no value at February 29, 2024.
1	As categorized in the Portfolio Holdings.
2	Futures contracts are reported at cumulative unrealized appreciation or depreciation.

See financial notes

16Schwab International Equity ETFs | Semiannual Report

Schwab International Dividend Equity ETF

Statement of Assets and Liabilities

As of February 29, 2024; unaudited

Assets
Investments in securities, at value - unaffiliated (cost $738,585,993)		$778,228,832
Foreign currency, at value (cost $701,588)		694,065
Deposit with broker for futures contracts		167,792
Receivables:
Dividends		2,414,837
Foreign tax reclaims		794,607
Variation margin on future contracts	+	8,267
Total assets		782,308,400

Liabilities
Payables:
Foreign capital gains tax		811,980
Management fees	+	86,361
Total liabilities		898,341
Net assets		$781,410,059

Net Assets by Source
Capital received from investors		$784,211,171
Total distributable loss	+	(2,801,112 )
Net assets		$781,410,059

Net Asset Value (NAV)
Net Assets	÷	Shares Outstanding	=	NAV
$781,410,059		32,200,000		$24.27

See financial notes

Schwab International Equity ETFs | Semiannual Report17

Schwab International Dividend Equity ETF

Statement of Operations

For the period September 1, 2023 through February 29, 2024; unaudited
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $883,109)		$9,677,805
Income from non-cash dividends - unaffiliated		623,283
Interest received from securities - unaffiliated		9,003
Securities on loan, net	+	9,791
Total investment income		10,319,882

Expenses
Management fees		528,168
Total expenses	–	528,168
Net investment income		9,791,714

REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated (net of foreign capital gains tax paid of $118,771)		(7,152,298 )
Net realized gains on sales of in-kind redemptions - unaffiliated		2,624,362
Net realized losses on futures contracts		(109,871 )
Net realized losses on foreign currency transactions	+	(115,279 )
Net realized losses		(4,753,086 )
Net change in unrealized appreciation (depreciation) on securities - unaffiliated (net of change in foreign capital gains tax of ($477,413))		35,686,945
Net change in unrealized appreciation (depreciation) on futures contracts		237,779
Net change in unrealized appreciation (depreciation) on foreign currency translations	+	3,618
Net change in unrealized appreciation (depreciation)	+	35,928,342
Net realized and unrealized gains		31,175,256
Increase in net assets resulting from operations		$40,966,970

See financial notes

18Schwab International Equity ETFs | Semiannual Report

Schwab International Dividend Equity ETF

Statement of Changes in Net Assets

For the current and prior report periods

Figures for the current period are unaudited

OPERATIONS
	9/1/23-2/29/24		9/1/22-8/31/23
Net investment income		$9,791,714	$29,201,590
Net realized losses		(4,753,086 )	(23,560,516 )
Net change in unrealized appreciation (depreciation)	+	35,928,342	65,101,920
Increase in net assets resulting from operations		$40,966,970	$70,742,994

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions		($22,134,280 )	($22,397,950 )

TRANSACTIONS IN FUND SHARES
	9/1/23-2/29/24			9/1/22-8/31/23
		SHARES	VALUE	SHARES	VALUE
Shares sold		1,000,000	$23,541,246	13,800,000	$316,042,310
Shares redeemed	+	(600,000 )	(14,645,656 )	(2,200,000 )	(49,526,960 )
Net transactions in fund shares		400,000	$8,895,590	11,600,000	$266,515,350

SHARES OUTSTANDING AND NET ASSETS
	9/1/23-2/29/24			9/1/22-8/31/23
		SHARES	NET ASSETS	SHARES	NET ASSETS
Beginning of period		31,800,000	$753,681,779	20,200,000	$438,821,385
Total increase	+	400,000	27,728,280	11,600,000	314,860,394
End of period		32,200,000	$781,410,059	31,800,000	$753,681,779

See financial notes

Schwab International Equity ETFs | Semiannual Report19

Schwab International Equity ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	9/1/23– 2/29/24*	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	$35.28	$31.32	$40.05	$32.11	$30.82	$33.25
Income (loss) from investment operations:
Net investment income (loss)1	0.32	1.06	1.16	0.95	0.77	1.00
Net realized and unrealized gains (losses)	2.77	3.92	(8.71 )	7.84	1.49	(2.30 )
Total from investment operations	3.09	4.98	(7.55 )	8.79	2.26	(1.30 )
Less distributions:
Distributions from net investment income	(0.70 )	(1.02 )	(1.18 )	(0.85 )	(0.97 )	(1.13 )
Net asset value at end of period	$37.67	$35.28	$31.32	$40.05	$32.11	$30.82
Total return	8.91 %2	16.09 %	(19.27 %)	27.62 %	7.37 %	(3.79 %)
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.06 %3	0.06 %4	0.06 %4	0.06 %	0.06 %	0.06 %
Net investment income (loss)	1.84 %3	3.15 %	3.20 %	2.59 %	2.50 %	3.22 %
Portfolio turnover rate5	2 %2	6 %	6 %	6 %	6 %	8 %
Net assets, end of period (x 1,000,000)	$35,503	$31,752	$26,120	$28,338	$19,844	$18,139

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

See financial notes

20Schwab International Equity ETFs | Semiannual Report

Schwab International Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited)

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

SECURITY	NUMBER OF SHARES	VALUE ($)
COMMON STOCKS 98.9% OF NET ASSETS

Australia 6.6%
Adbri Ltd. *	803,467	1,637,546
AGL Energy Ltd.	1,044,009	5,778,357
ALS Ltd.	841,538	6,537,254
Altium Ltd.	205,875	8,681,437
Alumina Ltd. *	4,414,115	3,032,336
Amcor PLC	2,532,286	22,540,443
AMP Ltd.	4,936,858	3,584,319
Ampol Ltd.	414,460	10,633,103
Ansell Ltd.	221,929	3,443,652
ANZ Group Holdings Ltd.	5,242,558	97,119,556
APA Group	2,298,316	11,747,909
Aristocrat Leisure Ltd.	1,142,487	34,689,485
ASX Ltd.	337,733	14,463,803
Atlas Arteria Ltd.	2,048,844	7,204,168
Aurizon Holdings Ltd.	3,075,638	7,630,296
Bank of Queensland Ltd.	1,139,418	4,355,142
Beach Energy Ltd.	3,094,068	3,223,525
Bendigo & Adelaide Bank Ltd.	977,450	6,160,998
BHP Group Ltd.	8,796,012	251,610,169
BlueScope Steel Ltd.	796,258	11,842,164
Boral Ltd. *	573,566	2,237,131
Brambles Ltd.	2,429,792	23,843,144
CAR Group Ltd.	627,428	15,018,293
Challenger Ltd.	819,370	3,590,677
Charter Hall Group	821,407	6,696,439
Cleanaway Waste Management Ltd.	3,902,030	6,809,364
Cochlear Ltd.	111,889	25,512,176
Coles Group Ltd.	2,266,872	24,945,653
Commonwealth Bank of Australia	2,955,551	224,031,930
Computershare Ltd.	1,038,715	17,531,237
CSL Ltd.	841,611	156,863,861
CSR Ltd.	825,209	4,744,668
Deterra Royalties Ltd.	743,467	2,401,179
Dexus	1,900,023	9,105,795
Domain Holdings Australia Ltd.	450,792	977,466
Domino's Pizza Enterprises Ltd.	110,251	3,234,138
Downer EDI Ltd.	1,164,252	3,775,353
Endeavour Group Ltd.	2,405,429	8,614,626
Evolution Mining Ltd.	3,361,254	6,456,610
Flight Centre Travel Group Ltd.	272,014	3,792,181
Fortescue Ltd.	2,806,536	47,386,464
Goodman Group	3,245,770	63,193,164
GPT Group	3,318,097	9,398,521
Harvey Norman Holdings Ltd.	1,027,120	3,310,606
IDP Education Ltd.	485,986	6,041,028
IGO Ltd.	1,083,481	5,601,740
Iluka Resources Ltd.	734,858	3,277,745
Incitec Pivot Ltd.	3,371,197	5,926,920
Insignia Financial Ltd.	1,108,970	1,711,391
Insurance Australia Group Ltd.	4,280,455	17,280,758
James Hardie Industries PLC *	768,130	30,385,206
JB Hi-Fi Ltd.	188,111	7,540,393
Lendlease Corp. Ltd.	1,202,397	5,026,481

SECURITY	NUMBER OF SHARES	VALUE ($)
Liontown Resources Ltd. *(a)	2,971,438	2,389,543
Lottery Corp. Ltd.	3,875,080	12,818,156
Lynas Rare Earths Ltd. *	1,624,632	6,178,016
Macquarie Group Ltd.	639,173	81,079,459
Magellan Financial Group Ltd.	235,416	1,243,191
Medibank Pvt Ltd.	4,802,234	11,225,842
Metcash Ltd.	1,726,633	4,171,143
Mineral Resources Ltd.	297,669	12,926,338
Mirvac Group	6,956,168	9,874,332
National Australia Bank Ltd.	5,480,947	120,772,242
New Hope Corp. Ltd.	928,030	2,840,148
NEXTDC Ltd. *	897,597	10,315,904
Northern Star Resources Ltd.	1,962,733	16,486,638
Nufarm Ltd.	667,384	2,503,107
Orica Ltd.	793,796	8,843,824
Origin Energy Ltd.	2,999,207	17,556,879
Orora Ltd.	2,274,954	3,969,982
Perpetual Ltd.	196,598	3,074,916
Pilbara Minerals Ltd.	5,019,196	13,726,652
Platinum Asset Management Ltd.	943,860	633,032
Pro Medicus Ltd.	88,567	5,987,343
Qantas Airways Ltd. *	1,481,038	4,947,260
QBE Insurance Group Ltd.	2,603,645	29,312,843
Qube Holdings Ltd.	2,916,611	6,172,243
Ramsay Health Care Ltd.	306,226	10,949,006
REA Group Ltd.	87,370	11,043,111
Reece Ltd.	376,321	6,584,265
Region RE Ltd.	2,102,140	3,025,068
Rio Tinto Ltd.	642,779	51,807,583
Santos Ltd.	5,642,882	26,014,495
Scentre Group	9,087,328	18,402,540
SEEK Ltd.	609,295	10,406,557
Seven Group Holdings Ltd.	243,536	6,106,859
Sims Ltd.	278,172	2,217,053
Sonic Healthcare Ltd.	779,073	15,142,712
South32 Ltd.	7,956,382	15,283,359
Star Entertainment Group Ltd. *	5,907,135	2,000,145
Steadfast Group Ltd.	1,784,517	6,727,914
Stockland	4,182,480	12,228,168
Suncorp Group Ltd.	2,208,479	22,002,188
Tabcorp Holdings Ltd.	3,941,024	1,924,649
Telstra Group Ltd.	7,048,879	17,533,337
TPG Telecom Ltd.	636,504	1,943,816
Transurban Group	5,366,990	47,318,462
Treasury Wine Estates Ltd.	1,395,234	11,220,060
Vicinity Ltd.	6,594,809	8,330,770
Washington H Soul Pattinson & Co. Ltd.	435,464	9,793,902
Wesfarmers Ltd.	1,971,790	85,561,191
Westpac Banking Corp.	6,092,254	104,529,722
Whitehaven Coal Ltd.	1,224,269	5,516,506
WiseTech Global Ltd.	280,988	17,286,570
Woodside Energy Group Ltd.	3,295,097	65,140,508
Woolworths Group Ltd.	2,125,078	45,137,760
Worley Ltd.	655,132	7,136,839
Xero Ltd. *	222,145	18,415,361

See financial notes

Schwab International Equity ETFs | Semiannual Report21

Schwab International Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Yancoal Australia Ltd. (a)	542,343	2,101,223
		2,330,058,732

Austria 0.2%
ANDRITZ AG	120,633	7,584,551
Erste Group Bank AG	537,923	21,479,991
Eurotelesites AG *	65,485	258,656
OMV AG	247,687	10,919,729
Raiffeisen Bank International AG	228,480	4,757,084
Telekom Austria AG	262,391	2,084,167
Verbund AG	114,791	8,322,815
voestalpine AG	195,107	5,329,050
		60,736,043

Belgium 0.8%
Ackermans & van Haaren NV	38,763	6,514,430
Ageas SA	287,101	12,178,909
Anheuser-Busch InBev SA	1,512,705	91,212,206
Argenx SE *	104,008	38,627,948
D'ieteren Group	38,987	7,509,784
Elia Group SA	65,756	7,307,914
Groupe Bruxelles Lambert NV	156,280	11,726,674
KBC Group NV	428,470	30,092,116
Lotus Bakeries NV	673	6,336,099
Sofina SA	29,576	6,740,396
Solvay SA	121,530	3,090,573
Syensqo SA *	120,954	10,812,857
UCB SA	211,059	24,324,341
Umicore SA	356,876	7,449,672
Warehouses De Pauw CVA	300,467	8,024,714
		271,948,633

Canada 8.3%
Agnico Eagle Mines Ltd.	805,914	38,675,078
Alimentation Couche-Tard, Inc.	1,288,707	79,972,329
Bank of Montreal	1,274,657	115,441,343
Bank of Nova Scotia	2,102,988	102,036,820
Barrick Gold Corp.	3,104,463	45,296,069
BCE, Inc.	527,154	19,572,732
Brookfield Asset Management Ltd., Class A	473,208	19,296,741
Brookfield Corp.	2,621,751	108,244,963
Canadian Imperial Bank of Commerce	1,601,565	75,830,357
Canadian National Railway Co.	1,016,666	131,900,111
Canadian Natural Resources Ltd.	1,867,318	130,155,376
Canadian Pacific Kansas City Ltd.	1,618,711	137,519,128
Canadian Tire Corp. Ltd., Class A	91,396	9,305,701
Cenovus Energy, Inc.	2,278,394	39,727,222
CGI, Inc. *	357,713	41,094,732
Constellation Software, Inc.	34,484	96,062,226
Dollarama, Inc.	467,612	36,192,655
Enbridge, Inc.	3,689,613	126,899,728
Fairfax Financial Holdings Ltd.	37,702	40,265,964
Fortis, Inc.	859,341	33,154,654
Franco-Nevada Corp.	332,287	34,810,086
George Weston Ltd.	117,661	15,420,370
Great-West Lifeco, Inc.	472,406	14,558,610
Hydro One Ltd.	547,811	16,337,195
IGM Financial, Inc.	142,077	3,734,320
Imperial Oil Ltd.	294,729	18,452,750
Intact Financial Corp.	312,345	51,970,376
Loblaw Cos. Ltd.	259,296	27,651,103
Magna International, Inc.	463,953	25,579,242
Manulife Financial Corp.	3,160,613	75,056,840

SECURITY	NUMBER OF SHARES	VALUE ($)
Metro, Inc.	407,580	22,080,568
National Bank of Canada	585,573	45,732,848
Nutrien Ltd.	872,356	45,561,764
Pembina Pipeline Corp.	960,653	33,451,278
Power Corp. of Canada	915,311	26,460,238
Restaurant Brands International, Inc.	536,740	41,701,376
Royal Bank of Canada	2,456,229	238,678,057
Saputo, Inc.	425,034	8,652,036
Shopify, Inc., Class A *	2,024,415	154,762,113
Sun Life Financial, Inc.	1,022,984	54,364,056
Suncor Energy, Inc.	2,264,740	77,859,569
TC Energy Corp.	1,796,636	71,105,113
Teck Resources Ltd., Class B	797,488	30,662,439
TELUS Corp.	855,790	14,934,603
Thomson Reuters Corp.	273,535	43,205,764
Toronto-Dominion Bank	3,186,095	191,421,743
Tourmaline Oil Corp.	499,225	22,606,554
Waste Connections, Inc.	450,273	74,966,380
Wheaton Precious Metals Corp.	777,351	32,054,589
		2,940,475,909

Denmark 2.8%
AP Moller - Maersk AS, Class A	4,842	6,572,405
AP Moller - Maersk AS, Class B	8,536	12,077,270
Carlsberg AS, Class B	158,826	22,158,121
Coloplast AS, Class B	216,444	28,769,962
Danske Bank AS	1,150,023	33,808,002
Demant AS *	171,207	8,577,375
DSV AS	303,809	48,780,215
Genmab AS *	113,938	31,923,746
H Lundbeck AS	656,265	3,180,193
H Lundbeck AS, Class A	12,737	55,250
Novo Nordisk AS, Class B	5,468,707	650,770,020
Novozymes AS, Class B	621,635	35,087,277
Orsted AS	328,517	18,442,507
Pandora AS	142,779	23,069,992
Rockwool AS, Class B	15,032	4,811,864
Royal Unibrew AS	86,311	5,608,467
Tryg AS	599,166	12,743,031
Vestas Wind Systems AS *	1,756,748	48,951,151
		995,386,848

Finland 0.9%
Elisa OYJ	248,399	11,198,419
Fortum OYJ	760,283	9,502,653
Kesko OYJ, B Shares	470,157	8,987,609
Kone OYJ, B Shares	568,678	27,828,166
Mandatum OYJ *	817,791	3,592,547
Metso OYJ	1,115,663	11,918,615
Neste OYJ	726,593	19,947,997
Nokia OYJ	9,019,790	31,815,227
Nordea Bank Abp	5,949,927	72,371,164
Orion OYJ, B Shares	182,009	7,169,384
Sampo OYJ, A Shares	786,258	35,199,639
Stora Enso OYJ, R Shares	1,005,270	12,706,126
UPM-Kymmene OYJ	928,961	31,093,171
Valmet OYJ	286,604	7,508,698
Wartsila OYJ Abp	845,599	13,080,858
		303,920,273

France 9.7%
Accor SA	321,135	13,931,931
Aeroports de Paris SA	55,965	7,612,712
Air Liquide SA	899,255	182,850,962
Airbus SE	1,026,422	169,877,025

See financial notes

22Schwab International Equity ETFs | Semiannual Report

Schwab International Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
ALD SA	330,256	2,022,808
Alstom SA (a)	499,148	6,665,490
Amundi SA	98,711	6,500,006
Arkema SA	99,664	10,327,853
AXA SA	3,099,634	110,288,399
BioMerieux	74,889	8,193,261
BNP Paribas SA	1,814,724	108,755,479
Bollore SE	1,533,039	10,517,925
Bouygues SA	366,907	14,520,065
Bureau Veritas SA	496,069	14,424,387
Capgemini SE	281,110	68,354,479
Carrefour SA	932,686	15,674,530
Cie de L'Odet SE	610	949,241
Cie de Saint-Gobain SA	799,195	61,577,260
Cie Generale des Etablissements Michelin SCA	1,221,024	45,176,326
Covivio SA	90,431	4,063,145
Credit Agricole SA	1,916,542	25,966,312
Danone SA	1,089,160	69,563,031
Dassault Aviation SA	39,531	7,824,185
Dassault Systemes SE	1,168,926	54,627,025
Edenred SE	435,624	21,585,895
Eiffage SA	140,135	15,263,285
Engie SA	3,052,850	49,012,844
EssilorLuxottica SA	531,615	112,848,370
Eurazeo SE	83,239	7,035,023
Eurofins Scientific SE	213,050	12,735,700
Euronext NV	141,624	13,065,284
Gecina SA	95,554	9,233,959
Getlink SE	615,354	10,514,649
Hermes International SCA	59,600	149,179,622
Ipsen SA	59,548	6,559,981
JCDecaux SE *	127,691	2,639,254
Kering SA	125,230	57,601,794
Klepierre SA	360,507	9,160,083
La Francaise des Jeux SAEM	174,833	7,325,653
Legrand SA	449,495	45,480,380
L'Oreal SA	403,977	193,095,276
LVMH Moet Hennessy Louis Vuitton SE	433,384	395,261,951
Neoen SA	118,273	2,964,229
Orange SA	3,333,419	38,258,606
Pernod Ricard SA	354,560	59,298,862
Pluxee NV *	151,518	4,334,422
Publicis Groupe SA	399,197	42,240,097
Remy Cointreau SA	38,819	4,116,783
Renault SA	334,020	13,927,049
Rexel SA	414,484	10,630,256
Safran SA	595,114	124,743,348
Sanofi SA	1,907,096	181,384,273
Sartorius Stedim Biotech	41,727	11,482,888
Schneider Electric SE	935,356	212,358,686
SCOR SE	263,450	8,033,907
SEB SA	39,342	4,657,591
Societe Generale SA	1,295,384	31,442,380
Sodexo SA	151,966	12,119,970
SOITEC *	42,997	6,288,424
STMicroelectronics NV	1,137,957	51,381,858
Teleperformance SE	100,720	12,485,284
Thales SA	170,550	25,294,050
TotalEnergies SE	3,845,267	245,466,656
Ubisoft Entertainment SA *	176,821	4,056,554
Unibail-Rodamco-Westfield *	178,028	13,019,494
Valeo SE	363,821	4,216,624
Veolia Environnement SA	1,108,863	34,378,754
Vinci SA	863,909	110,689,725
Vivendi SE	1,084,409	12,122,189
Wendel SE	47,774	4,676,143

SECURITY	NUMBER OF SHARES	VALUE ($)
Worldline SA *	425,976	4,897,807
		3,428,829,749

Germany 6.8%
adidas AG	288,206	58,359,402
Allianz SE	696,084	191,216,968
BASF SE	1,549,998	78,960,352
Bayer AG	1,728,890	52,554,113
Bayerische Motoren Werke AG	539,243	63,734,458
Bechtle AG	142,365	7,342,516
Beiersdorf AG	173,713	24,917,224
Brenntag SE	232,747	21,252,559
Carl Zeiss Meditec AG, Bearer Shares	63,822	7,856,144
Commerzbank AG	1,815,713	21,014,333
Continental AG	188,825	15,137,288
Covestro AG *	331,021	18,018,189
CTS Eventim AG & Co. KGaA	102,730	8,082,009
Daimler Truck Holding AG	932,765	38,134,829
Delivery Hero SE *	348,836	8,065,138
Deutsche Bank AG	3,472,742	46,456,755
Deutsche Boerse AG	320,994	67,249,627
Deutsche Lufthansa AG *	1,044,277	8,122,905
Deutsche Post AG	1,735,463	80,586,350
Deutsche Telekom AG	5,905,760	140,504,383
Deutsche Wohnen SE	85,821	1,771,054
DWS Group GmbH & Co. KGaA	59,732	2,449,818
E.ON SE	3,866,832	49,418,870
Evonik Industries AG	356,523	6,581,944
Fielmann Group AG	42,072	1,993,226
Fraport AG Frankfurt Airport Services Worldwide *	61,650	3,429,129
Fresenius Medical Care AG	354,747	13,582,014
Fresenius SE & Co. KGaA	717,534	20,095,294
FUCHS SE	51,166	1,785,660
GEA Group AG	300,269	12,110,372
Hannover Rueck SE	104,552	26,848,356
Heidelberg Materials AG	243,679	23,653,649
Hella GmbH & Co. KGaA	38,626	3,414,990
HelloFresh SE *	282,973	3,922,670
Henkel AG & Co. KGaA	178,491	12,052,816
HOCHTIEF AG	36,889	4,375,171
Infineon Technologies AG	2,295,465	82,209,247
KION Group AG	125,816	6,347,398
Knorr-Bremse AG	114,849	8,038,682
LEG Immobilien SE *	129,186	9,509,106
Mercedes-Benz Group AG	1,508,018	120,173,280
Merck KGaA	224,943	38,412,015
MTU Aero Engines AG	93,603	22,517,327
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen	238,803	111,224,292
Nemetschek SE	94,989	9,064,232
Puma SE	174,079	8,000,484
Qiagen NV *	370,033	15,871,096
Rational AG	8,016	6,592,633
Rheinmetall AG	75,716	34,740,905
RTL Group SA	67,797	2,504,734
RWE AG	1,245,335	41,776,831
SAP SE	1,915,400	358,337,159
Sartorius AG	4,640	1,385,845
Scout24 SE	129,586	9,423,559
Siemens AG	1,305,417	258,431,559
Siemens Energy AG *	943,504	14,503,493
Siemens Healthineers AG *	482,662	28,988,364
Sixt SE	26,526	2,487,299
Symrise AG	227,246	23,253,660
Talanx AG	93,224	6,658,237

See financial notes

Schwab International Equity ETFs | Semiannual Report23

Schwab International Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
thyssenkrupp AG	859,099	4,390,852
Traton SE	85,476	2,264,348
Volkswagen AG	53,732	8,445,722
Vonovia SE	1,217,243	33,984,791
Wacker Chemie AG	26,037	2,847,180
Zalando SE *	380,985	8,047,765
		2,425,482,670

Hong Kong 1.9%
AAC Technologies Holdings, Inc.	1,181,324	2,936,410
AIA Group Ltd.	20,076,471	163,098,247
ASMPT Ltd.	539,287	6,609,517
Bank of East Asia Ltd.	1,696,837	2,121,913
BOC Aviation Ltd.	360,838	2,659,456
BOC Hong Kong Holdings Ltd.	6,271,536	16,542,410
Brightoil Petroleum Holdings Ltd. *(b)	2,936,732	0
Budweiser Brewing Co. APAC Ltd. (a)	2,936,546	4,756,208
Cafe de Coral Holdings Ltd.	563,190	597,087
Cathay Pacific Airways Ltd. *(a)	1,728,088	1,871,830
Champion REIT	3,386,215	687,728
China Travel International Investment Hong Kong Ltd.	4,147,477	709,894
Chow Tai Fook Jewellery Group Ltd.	3,059,019	4,579,463
CK Asset Holdings Ltd.	3,388,308	15,645,736
CK Hutchison Holdings Ltd.	4,628,013	23,498,303
CK Infrastructure Holdings Ltd.	1,031,422	6,066,956
CLP Holdings Ltd.	2,859,836	23,835,620
Dah Sing Banking Group Ltd.	588,956	373,138
Dah Sing Financial Holdings Ltd.	236,622	493,869
DFI Retail Group Holdings Ltd.	549,202	1,158,816
ESR Group Ltd.	4,916,431	6,568,806
First Pacific Co. Ltd.	3,851,855	1,554,754
FIT Hon Teng Ltd. *	1,956,837	257,452
Galaxy Entertainment Group Ltd.	3,762,579	20,545,965
Guotai Junan International Holdings Ltd.	5,180,998	363,983
Hang Lung Group Ltd.	1,536,004	1,787,374
Hang Lung Properties Ltd.	3,144,778	3,398,327
Hang Seng Bank Ltd.	1,258,199	14,367,846
Henderson Land Development Co. Ltd.	2,279,082	6,579,202
Hong Kong & China Gas Co. Ltd.	18,986,637	14,696,891
Hong Kong Exchanges & Clearing Ltd.	2,211,669	68,592,023
Hongkong Land Holdings Ltd.	1,923,775	6,502,360
Huabao International Holdings Ltd. (a)	1,659,171	491,682
Hutchison Telecommunications Hong Kong Holdings Ltd.	2,506,006	339,307
HUTCHMED China Ltd. *	863,164	2,668,170
Hysan Development Co. Ltd.	1,078,340	1,765,829
Jardine Matheson Holdings Ltd.	342,432	14,351,325
Johnson Electric Holdings Ltd.	615,285	839,368
Kerry Logistics Network Ltd.	499,534	561,504
Kerry Properties Ltd.	1,046,460	1,724,317
Lenovo Group Ltd.	13,117,744	14,527,238
Link REIT	4,448,074	22,130,145
L'Occitane International SA	705,793	2,668,541
Man Wah Holdings Ltd.	2,652,114	1,724,308
Melco International Development Ltd. *	1,340,758	878,562
MGM China Holdings Ltd. *	1,289,523	2,085,296
MMG Ltd. *	4,273,750	1,146,392
MTR Corp. Ltd.	2,548,122	8,462,494
NagaCorp Ltd. *	2,474,512	1,131,560
New World Development Co. Ltd. (a)	2,462,329	3,104,331
Nexteer Automotive Group Ltd.	1,427,201	659,931
NWS Holdings Ltd. (a)	1,598,272	1,878,206

SECURITY	NUMBER OF SHARES	VALUE ($)
Orient Overseas International Ltd.	228,616	3,553,874
PCCW Ltd.	7,328,299	3,650,670
Power Assets Holdings Ltd.	2,382,952	14,336,430
PRADA SpA	894,798	6,320,551
Samsonite International SA *	2,452,219	8,566,854
Sands China Ltd. *	4,192,083	11,940,968
Shangri-La Asia Ltd. *	1,934,249	1,257,578
Sino Land Co. Ltd.	5,853,927	6,318,425
SITC International Holdings Co. Ltd.	2,245,560	3,694,412
SJM Holdings Ltd. *	4,086,645	1,247,584
Sun Hung Kai Properties Ltd.	2,530,562	25,519,603
Super Hi International Holding Ltd. *	285,273	365,118
Swire Pacific Ltd., A Shares	757,068	6,276,021
Swire Pacific Ltd., B Shares	1,438,647	1,874,387
Swire Properties Ltd.	1,795,918	3,707,086
Techtronic Industries Co. Ltd.	2,291,832	24,810,030
United Energy Group Ltd. (a)	13,108,466	803,707
Vitasoy International Holdings Ltd.	1,402,988	1,279,549
VTech Holdings Ltd.	287,893	1,664,005
WH Group Ltd.	13,626,302	8,215,326
Wharf Holdings Ltd.	1,664,182	6,153,953
Wharf Real Estate Investment Co. Ltd.	2,691,908	8,991,594
Wynn Macau Ltd. *	2,578,462	2,177,043
Xinyi Glass Holdings Ltd.	3,693,573	3,774,344
Yue Yuen Industrial Holdings Ltd.	1,274,250	1,336,296
		664,431,498

Ireland 0.2%
AIB Group PLC	2,499,534	11,593,080
Bank of Ireland Group PLC	1,849,337	16,118,154
Glanbia PLC	310,520	5,625,131
Kerry Group PLC, Class A	267,547	23,492,146
Kingspan Group PLC	263,629	23,815,693
		80,644,204

Israel 0.5%
Airport City Ltd. *	126,571	2,133,733
Amot Investments Ltd.	379,934	1,941,370
Azrieli Group Ltd.	63,300	4,586,751
Bank Hapoalim BM	2,336,905	22,364,042
Bank Leumi Le-Israel BM	2,659,883	22,282,366
Bezeq The Israeli Telecommunication Corp. Ltd.	3,506,979	4,735,738
Big Shopping Centers Ltd. *	23,094	2,554,074
Delek Group Ltd.	13,371	1,802,592
Elbit Systems Ltd.	42,331	9,410,576
Electra Ltd.	2,988	1,296,730
Energix-Renewable Energies Ltd.	459,130	1,721,288
Enlight Renewable Energy Ltd. *	202,025	3,491,151
Fattal Holdings 1998 Ltd. *	11,760	1,606,809
First International Bank Of Israel Ltd.	88,193	3,805,169
Gav-Yam Lands Corp. Ltd.	74,274	587,478
Harel Insurance Investments & Financial Services Ltd. *	201,329	2,001,114
ICL Group Ltd.	1,267,805	6,705,352
Israel Corp. Ltd. *	6,006	1,575,490
Israel Discount Bank Ltd., A Shares	2,169,252	11,309,067
Melisron Ltd.	41,292	3,189,737
Mivne Real Estate KD Ltd.	1,040,683	2,792,560
Mizrahi Tefahot Bank Ltd.	240,670	9,521,411
Nice Ltd. *	111,252	27,308,385
Nova Ltd. *	49,790	8,475,843
OPC Energy Ltd. *	146,960	1,029,905
Phoenix Holdings Ltd.	284,572	3,069,929
Shapir Engineering & Industry Ltd.	265,866	1,615,324

See financial notes

24Schwab International Equity ETFs | Semiannual Report

Schwab International Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Strauss Group Ltd. *	83,204	1,649,590
Teva Pharmaceutical Industries Ltd. *	1,945,023	25,589,828
Tower Semiconductor Ltd. *	192,172	6,322,155
		196,475,557

Italy 2.3%
A2A SpA	2,608,698	4,742,646
Amplifon SpA	224,195	7,494,306
Assicurazioni Generali SpA	2,171,653	51,513,207
Banca Mediolanum SpA	389,326	4,193,712
Banco BPM SpA	2,380,772	13,845,323
Buzzi SpA	147,974	5,002,465
Davide Campari-Milano NV	943,254	9,566,400
DiaSorin SpA	37,459	3,785,277
Enel SpA	13,546,252	86,239,377
Eni SpA	3,777,445	58,242,454
Ferrari NV	208,168	87,832,413
FinecoBank Banca Fineco SpA	1,070,484	14,804,667
Hera SpA	1,369,103	4,735,115
Infrastrutture Wireless Italiane SpA	620,989	6,877,956
Interpump Group SpA	137,173	6,510,658
Intesa Sanpaolo SpA	27,179,133	86,412,188
Italgas SpA	855,805	4,672,223
Leonardo SpA	696,165	14,882,532
Mediobanca Banca di Credito Finanziario SpA	1,162,025	15,838,033
Moncler SpA	356,354	25,706,003
Nexi SpA *	1,438,170	10,542,486
Pirelli & C SpA	865,203	5,102,725
Poste Italiane SpA	805,688	9,451,131
Prysmian SpA	476,758	23,758,293
Recordati Industria Chimica e Farmaceutica SpA	169,419	9,489,514
Reply SpA	38,650	5,361,979
Snam SpA	3,941,886	18,432,147
Stellantis NV	3,725,454	97,300,286
Telecom Italia SpA *	18,333,867	5,517,504
Tenaris SA	812,577	14,438,607
Terna - Rete Elettrica Nazionale	2,471,589	19,375,026
UniCredit SpA	3,038,159	101,624,194
UnipolSai Assicurazioni SpA	746,778	2,151,232
		835,442,079

Japan 22.4%
ABC-Mart, Inc.	133,749	2,292,597
Acom Co. Ltd.	677,864	1,686,168
Activia Properties, Inc.	1,128	2,935,498
Advance Residence Investment Corp.	2,332	4,767,769
Advantest Corp.	1,282,852	59,227,015
Aeon Co. Ltd.	1,240,340	29,626,615
AEON Financial Service Co. Ltd.	198,538	1,733,079
Aeon Mall Co. Ltd. (a)	205,486	2,401,250
AEON REIT Investment Corp.	2,770	2,433,721
AGC, Inc.	313,887	11,226,279
Aica Kogyo Co. Ltd.	93,537	2,222,340
Ain Holdings, Inc.	46,692	1,478,096
Air Water, Inc.	316,840	4,573,614
Aisin Corp.	301,763	11,385,419
Ajinomoto Co., Inc.	896,964	32,979,173
Alfresa Holdings Corp.	284,277	4,247,915
Alps Alpine Co. Ltd.	343,050	2,521,247
Amada Co. Ltd.	546,053	6,065,431
Amano Corp.	117,155	2,866,450
Amvis Holdings, Inc.	74,923	1,249,968
ANA Holdings, Inc. *	272,921	5,951,855
Anritsu Corp.	223,480	1,921,686

SECURITY	NUMBER OF SHARES	VALUE ($)
Aozora Bank Ltd. (a)	207,014	3,801,550
Ariake Japan Co. Ltd.	32,448	1,144,688
As One Corp.	40,800	1,422,425
Asahi Group Holdings Ltd.	843,568	28,930,544
Asahi Intecc Co. Ltd.	341,485	7,098,015
Asahi Kasei Corp.	2,146,467	14,936,496
Asics Corp.	296,590	12,618,996
ASKUL Corp.	70,182	986,590
Astellas Pharma, Inc.	3,126,868	34,502,723
Azbil Corp.	220,902	6,480,796
AZ-COM MARUWA Holdings, Inc.	68,017	672,581
Bandai Namco Holdings, Inc.	1,015,681	19,632,292
BayCurrent Consulting, Inc.	235,855	5,285,346
Benefit One, Inc. (a)	103,163	1,494,681
Benesse Holdings, Inc.	124,814	2,161,958
Bic Camera, Inc.	252,857	2,174,297
BIPROGY, Inc.	111,410	3,449,415
Bridgestone Corp.	981,171	42,257,154
Brother Industries Ltd.	404,968	6,790,053
Calbee, Inc.	124,366	2,663,977
Canon Marketing Japan, Inc.	80,687	2,401,149
Canon, Inc.	1,635,715	47,835,402
Capcom Co. Ltd.	308,791	12,438,705
Casio Computer Co. Ltd.	364,980	2,942,128
Central Japan Railway Co.	1,582,310	39,845,837
Chiba Bank Ltd.	1,042,053	8,480,127
Chubu Electric Power Co., Inc.	1,215,458	15,157,696
Chugai Pharmaceutical Co. Ltd.	1,135,813	45,532,692
Chugin Financial Group, Inc.	292,394	2,306,214
Chugoku Electric Power Co., Inc.	526,288	3,553,244
Coca-Cola Bottlers Japan Holdings, Inc.	245,240	3,248,402
COMSYS Holdings Corp.	189,686	4,189,897
Concordia Financial Group Ltd.	1,892,198	9,582,990
Cosmo Energy Holdings Co. Ltd.	142,022	6,326,322
Cosmos Pharmaceutical Corp.	30,233	2,955,227
Credit Saison Co. Ltd.	280,234	5,452,271
CyberAgent, Inc.	723,904	5,080,919
Dai Nippon Printing Co. Ltd.	435,715	12,713,085
Daicel Corp.	433,854	4,101,713
Daido Steel Co. Ltd.	291,430	3,445,483
Daifuku Co. Ltd.	503,229	11,922,563
Dai-ichi Life Holdings, Inc.	1,638,014	37,297,733
Daiichi Sankyo Co. Ltd.	3,298,324	109,613,574
Daiichikosho Co. Ltd.	135,366	1,750,976
Daikin Industries Ltd.	462,033	65,367,467
Daio Paper Corp.	146,625	1,087,417
Daito Trust Construction Co. Ltd.	112,423	13,343,987
Daiwa House Industry Co. Ltd.	1,122,776	32,482,262
Daiwa House REIT Investment Corp.	3,783	6,177,358
Daiwa Office Investment Corp.	401	1,561,990
Daiwa Securities Group, Inc.	2,484,642	18,294,084
Daiwa Securities Living Investments Corp.	3,586	2,415,105
DeNA Co. Ltd.	151,207	1,480,044
Denka Co. Ltd.	148,477	2,436,424
Denso Corp.	3,570,712	65,702,819
Dentsu Group, Inc.	353,433	9,795,150
Dentsu Soken, Inc.	38,607	1,382,599
Descente Ltd.	66,949	1,507,437
DIC Corp.	144,715	2,791,423
Disco Corp.	145,449	46,898,969
DMG Mori Co. Ltd.	178,284	4,120,294
Dowa Holdings Co. Ltd.	80,666	2,818,217
East Japan Railway Co.	628,524	37,227,669
Ebara Corp.	158,227	13,336,230
Eisai Co. Ltd.	459,360	19,194,477
Electric Power Development Co. Ltd.	288,894	4,752,168

See financial notes

Schwab International Equity ETFs | Semiannual Report25

Schwab International Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
ENEOS Holdings, Inc.	4,907,128	21,189,796
EXEO Group, Inc.	164,826	3,466,775
Ezaki Glico Co. Ltd.	87,135	2,601,184
Fancl Corp.	116,784	1,617,123
FANUC Corp.	1,663,208	48,583,854
Fast Retailing Co. Ltd.	268,329	77,556,708
Food & Life Cos. Ltd.	179,336	3,554,488
FP Corp.	77,752	1,427,298
Frontier Real Estate Investment Corp.	820	2,353,110
Fuji Electric Co. Ltd.	217,505	13,224,397
Fuji Kyuko Co. Ltd.	60,607	1,613,676
Fuji Media Holdings, Inc.	82,225	984,755
Fuji Oil Holdings, Inc.	80,801	1,351,542
FUJIFILM Holdings Corp.	618,388	39,345,954
Fujikura Ltd.	459,656	5,614,025
Fujitsu General Ltd.	98,480	1,272,206
Fujitsu Ltd.	309,612	48,374,936
Fukuoka Financial Group, Inc.	280,625	7,282,338
Furukawa Electric Co. Ltd.	107,903	2,137,225
Fuyo General Lease Co. Ltd.	32,688	2,986,627
GLP J-Reit	7,911	6,284,612
GMO internet group, Inc.	97,290	1,757,356
GMO Payment Gateway, Inc.	70,485	4,749,390
Goldwin, Inc.	61,401	3,560,085
GS Yuasa Corp.	134,674	2,532,955
GungHo Online Entertainment, Inc.	56,004	813,100
Hachijuni Bank Ltd.	785,666	4,815,203
Hakuhodo DY Holdings, Inc.	406,460	3,778,908
Hamamatsu Photonics KK	221,386	7,946,052
Hankyu Hanshin Holdings, Inc.	376,456	10,858,292
Harmonic Drive Systems, Inc.	82,396	2,155,277
Haseko Corp.	451,886	5,599,135
Heiwa Corp.	94,069	1,299,129
Hikari Tsushin, Inc.	37,863	6,848,075
Hino Motors Ltd. *	466,865	1,553,409
Hirogin Holdings, Inc.	505,043	3,605,522
Hirose Electric Co. Ltd.	54,563	5,801,898
Hisamitsu Pharmaceutical Co., Inc.	118,460	3,066,173
Hitachi Construction Machinery Co. Ltd.	183,597	5,304,159
Hitachi Ltd.	1,547,808	130,974,733
Honda Motor Co. Ltd.	8,464,619	100,781,393
Horiba Ltd.	67,936	6,629,286
Hoshizaki Corp.	195,950	6,684,845
House Foods Group, Inc.	123,619	2,595,941
Hoya Corp.	600,341	78,156,240
Hulic Co. Ltd.	716,669	7,148,973
Ibiden Co. Ltd.	187,944	8,665,742
Idemitsu Kosan Co. Ltd.	1,973,045	12,497,138
IHI Corp.	222,032	4,889,540
Iida Group Holdings Co. Ltd.	243,231	3,138,910
Industrial & Infrastructure Fund Investment Corp.	3,358	2,826,939
INFRONEER Holdings, Inc.	377,846	3,876,412
Inpex Corp.	1,631,400	21,919,860
Internet Initiative Japan, Inc.	187,530	3,480,087
Invincible Investment Corp.	11,401	4,684,716
Isetan Mitsukoshi Holdings Ltd.	607,733	8,583,868
Isuzu Motors Ltd.	895,693	12,758,853
Ito En Ltd.	97,712	2,725,647
ITOCHU Corp.	2,310,316	100,581,406
Itoham Yonekyu Holdings, Inc.	39,371	1,081,144
Iwatani Corp.	87,915	4,373,135
Iyogin Holdings, Inc.	449,938	3,375,963
Izumi Co. Ltd.	70,028	1,622,149
J Front Retailing Co. Ltd.	432,932	4,296,923
Japan Airlines Co. Ltd.	253,648	4,738,423
Japan Airport Terminal Co. Ltd.	116,603	4,591,823

SECURITY	NUMBER OF SHARES	VALUE ($)
Japan Aviation Electronics Industry Ltd.	73,963	1,307,584
Japan Exchange Group, Inc.	913,008	23,875,949
Japan Hotel REIT Investment Corp.	8,016	3,888,298
Japan Logistics Fund, Inc.	1,462	2,499,671
Japan Metropolitan Fund Invest	11,687	6,894,916
Japan Post Bank Co. Ltd.	2,538,383	27,093,384
Japan Post Holdings Co. Ltd.	3,480,403	33,636,687
Japan Post Insurance Co. Ltd.	331,536	6,118,143
Japan Prime Realty Investment Corp.	1,476	3,239,567
Japan Real Estate Investment Corp.	2,339	8,438,966
Japan Steel Works Ltd.	107,343	1,956,157
Japan Tobacco, Inc.	2,057,427	53,501,075
JCR Pharmaceuticals Co. Ltd.	95,932	576,861
Jeol Ltd.	71,078	3,151,899
JFE Holdings, Inc.	1,031,208	16,914,650
JGC Holdings Corp.	366,892	3,339,950
JMDC, Inc.	30,544	755,896
JSR Corp.	304,515	8,183,065
JTEKT Corp.	396,750	3,695,260
Justsystems Corp.	60,470	1,081,567
Kadokawa Corp.	159,883	3,050,884
Kagome Co. Ltd.	135,460	3,115,209
Kajima Corp.	744,240	13,811,229
Kakaku.com, Inc.	221,343	2,539,965
Kamigumi Co. Ltd.	157,794	3,696,304
Kandenko Co. Ltd.	174,860	1,996,631
Kaneka Corp.	101,839	2,448,845
Kansai Electric Power Co., Inc.	1,265,166	16,234,057
Kansai Paint Co. Ltd.	323,993	4,697,433
Kao Corp.	790,566	30,086,617
Katitas Co. Ltd.	83,616	1,124,042
Kawasaki Heavy Industries Ltd.	254,797	7,035,986
Kawasaki Kisen Kaisha Ltd.	375,237	17,933,255
KDDI Corp.	2,713,969	82,577,770
KDX Realty Investment Corp.	6,591	6,601,128
Keihan Holdings Co. Ltd.	170,865	3,954,542
Keikyu Corp.	435,878	3,874,762
Keio Corp.	199,941	5,614,699
Keisei Electric Railway Co. Ltd.	240,050	11,219,014
Kewpie Corp.	181,337	3,380,911
Keyence Corp.	340,703	159,436,347
Kikkoman Corp.	316,723	20,740,310
Kinden Corp.	207,194	3,533,525
Kintetsu Group Holdings Co. Ltd.	312,130	9,605,604
Kirin Holdings Co. Ltd.	1,290,526	17,973,551
Kobayashi Pharmaceutical Co. Ltd.	103,860	4,149,681
Kobe Bussan Co. Ltd.	244,868	6,593,292
Kobe Steel Ltd.	575,383	7,884,750
Koei Tecmo Holdings Co. Ltd.	256,689	3,211,399
Koito Manufacturing Co. Ltd.	395,432	5,005,318
Kokuyo Co. Ltd.	136,781	2,164,077
Komatsu Ltd.	1,597,843	46,396,911
Konami Group Corp.	165,020	11,113,794
Konica Minolta, Inc. *	786,781	2,596,319
Kose Corp.	59,735	3,336,970
Kotobuki Spirits Co. Ltd.	161,320	2,155,676
K's Holdings Corp.	257,272	2,230,309
Kubota Corp.	1,867,758	27,379,308
Kuraray Co. Ltd.	586,770	5,931,603
Kurita Water Industries Ltd.	190,691	7,757,851
Kusuri No. Aoki Holdings Co. Ltd.	82,941	1,738,951
Kyocera Corp.	2,096,160	30,874,489
Kyoto Financial Group, Inc.	493,788	8,629,001
Kyowa Kirin Co. Ltd.	431,648	8,569,800
Kyudenko Corp.	68,459	2,662,981
Kyushu Electric Power Co., Inc. *	813,380	6,649,098
Kyushu Financial Group, Inc.	652,256	4,911,422

See financial notes

26Schwab International Equity ETFs | Semiannual Report

Schwab International Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Kyushu Railway Co.	277,942	6,393,762
LaSalle Logiport REIT	3,817	3,593,341
Lasertec Corp.	133,423	35,613,342
Lawson, Inc.	85,161	5,835,011
Lion Corp.	431,233	3,806,099
Lixil Corp.	449,954	5,772,110
LY Corp.	4,541,591	12,529,050
M3, Inc.	737,875	10,582,272
Mabuchi Motor Co. Ltd.	174,474	3,187,091
Macnica Holdings, Inc.	77,040	4,250,660
Makita Corp.	425,236	11,100,401
Mani, Inc.	106,509	1,451,360
Marubeni Corp.	2,662,339	43,972,085
Marui Group Co. Ltd.	318,308	5,186,036
Maruichi Steel Tube Ltd.	105,227	2,755,995
Matsui Securities Co. Ltd.	159,526	907,040
MatsukiyoCocokara & Co.	631,749	10,472,167
Mazda Motor Corp.	992,997	11,663,585
McDonald's Holdings Co. Japan Ltd.	143,800	6,696,639
Mebuki Financial Group, Inc.	1,730,022	5,407,258
Medipal Holdings Corp.	254,110	3,846,370
MEIJI Holdings Co. Ltd.	449,970	10,152,660
Menicon Co. Ltd.	89,047	1,055,749
Mercari, Inc. *	198,802	2,711,661
MINEBEA MITSUMI, Inc.	717,828	14,843,841
MISUMI Group, Inc.	480,856	7,344,403
Mitsubishi Chemical Group Corp.	2,213,788	12,698,183
Mitsubishi Corp.	5,913,762	126,635,981
Mitsubishi Electric Corp.	3,388,702	53,919,916
Mitsubishi Estate Co. Ltd.	1,923,214	29,560,726
Mitsubishi Gas Chemical Co., Inc.	310,113	5,055,627
Mitsubishi HC Capital, Inc.	1,391,130	9,601,372
Mitsubishi Heavy Industries Ltd.	498,218	39,362,784
Mitsubishi Logistics Corp.	106,526	3,270,441
Mitsubishi Materials Corp.	213,605	3,737,053
Mitsubishi Motors Corp.	1,092,819	3,371,843
Mitsubishi UFJ Financial Group, Inc.	20,282,659	208,965,459
Mitsui & Co. Ltd.	2,598,644	113,776,402
Mitsui Chemicals, Inc.	296,568	8,219,176
Mitsui Fudosan Co. Ltd.	1,583,447	42,963,709
Mitsui Fudosan Logistics Park, Inc.	878	2,490,218
Mitsui High-Tec, Inc.	39,719	2,226,249
Mitsui Mining & Smelting Co. Ltd.	95,969	2,828,992
Mitsui OSK Lines Ltd.	581,846	19,950,783
Miura Co. Ltd.	170,993	3,644,469
Mizuho Financial Group, Inc.	4,419,460	82,708,007
Money Forward, Inc. *	77,372	3,417,044
MonotaRO Co. Ltd.	406,317	3,888,883
Mori Hills REIT Investment Corp.	2,647	2,318,579
Morinaga & Co. Ltd.	128,642	2,311,637
Morinaga Milk Industry Co. Ltd.	127,306	2,643,596
MS&AD Insurance Group Holdings, Inc.	786,255	38,926,636
Murata Manufacturing Co. Ltd.	2,931,557	59,210,909
Nabtesco Corp.	195,486	3,244,386
Nagase & Co. Ltd.	182,517	3,038,901
Nagoya Railroad Co. Ltd.	339,675	4,853,311
Nankai Electric Railway Co. Ltd.	186,599	3,646,703
NEC Corp.	446,661	30,111,642
NEC Networks & System Integration Corp.	112,850	1,846,527
NET One Systems Co. Ltd.	142,604	2,477,253
Nexon Co. Ltd.	684,946	11,102,285
NGK Insulators Ltd.	440,999	5,757,413
NH Foods Ltd.	169,367	5,936,389
NHK Spring Co. Ltd.	276,591	2,657,432
Nichirei Corp.	179,402	4,503,329
NIDEC Corp.	914,709	34,719,462

SECURITY	NUMBER OF SHARES	VALUE ($)
Nifco, Inc.	144,135	3,473,608
Nihon Kohden Corp.	130,111	3,602,459
Nihon M&A Center Holdings, Inc.	450,220	3,017,109
Nikon Corp.	528,920	5,231,951
Nintendo Co. Ltd.	1,825,897	102,475,679
Nippon Accommodations Fund, Inc.	744	2,823,492
Nippon Building Fund, Inc.	2,527	9,741,959
Nippon Electric Glass Co. Ltd.	136,146	3,289,263
NIPPON EXPRESS HOLDINGS, Inc.	117,628	6,223,666
Nippon Kayaku Co. Ltd.	291,773	2,511,856
Nippon Paint Holdings Co. Ltd.	1,765,919	13,102,513
Nippon Prologis REIT, Inc.	4,243	7,104,268
Nippon Sanso Holdings Corp.	312,540	9,058,586
Nippon Shinyaku Co. Ltd.	88,623	2,824,425
Nippon Shokubai Co. Ltd.	56,882	2,132,457
Nippon Steel Corp.	1,426,423	35,405,635
Nippon Telegraph & Telephone Corp.	49,590,860	60,402,310
Nippon Yusen KK	813,862	25,948,750
Nipro Corp.	208,602	1,726,852
Nishi-Nippon Railroad Co. Ltd.	127,101	2,044,893
Nissan Chemical Corp.	227,462	9,503,039
Nissan Motor Co. Ltd.	3,361,800	13,225,281
Nisshin Seifun Group, Inc.	450,228	6,241,886
Nissin Foods Holdings Co. Ltd.	351,771	10,287,310
Niterra Co. Ltd.	335,919	10,191,810
Nitori Holdings Co. Ltd.	130,633	19,184,294
Nitto Denko Corp.	246,566	22,651,717
Noevir Holdings Co. Ltd.	28,017	977,141
NOF Corp.	115,298	5,183,672
NOK Corp.	198,335	2,809,978
Nomura Holdings, Inc.	5,274,270	29,981,619
Nomura Real Estate Holdings, Inc.	185,361	4,610,804
Nomura Real Estate Master Fund, Inc.	7,424	7,385,806
Nomura Research Institute Ltd.	745,355	20,935,875
NS Solutions Corp.	58,178	1,947,430
NSK Ltd.	738,720	4,046,746
NTT Data Group Corp.	1,096,141	17,829,594
Obayashi Corp.	1,170,351	11,334,428
OBIC Business Consultants Co. Ltd.	48,490	2,316,453
Obic Co. Ltd.	115,865	18,134,146
Odakyu Electric Railway Co. Ltd.	532,190	7,484,866
Oji Holdings Corp.	1,524,235	5,970,862
OKUMA Corp.	49,375	2,326,401
Olympus Corp.	2,107,453	30,019,976
Omron Corp.	315,743	11,712,468
Ono Pharmaceutical Co. Ltd.	729,072	12,119,537
Open House Group Co. Ltd.	123,138	3,884,931
Oracle Corp.	56,996	4,367,904
Orient Corp.	105,479	752,666
Oriental Land Co. Ltd.	1,634,173	58,555,955
ORIX Corp.	2,046,508	42,893,670
Orix JREIT, Inc.	4,864	5,137,960
Osaka Gas Co. Ltd.	686,941	13,741,574
OSG Corp.	135,925	1,906,692
Otsuka Corp.	177,796	7,816,514
Otsuka Holdings Co. Ltd.	838,434	34,070,659
PALTAC Corp.	53,247	1,489,934
Pan Pacific International Holdings Corp.	696,717	16,408,949
Panasonic Holdings Corp.	3,715,589	35,264,209
Park24 Co. Ltd. *	223,419	2,654,099
Penta-Ocean Construction Co. Ltd.	497,894	2,579,788
PeptiDream, Inc. *	154,128	1,623,457
Persol Holdings Co. Ltd.	3,064,530	4,428,796
Pigeon Corp.	191,249	1,949,930
Pola Orbis Holdings, Inc.	131,539	1,314,775
Rakus Co. Ltd.	164,118	2,585,075

See financial notes

Schwab International Equity ETFs | Semiannual Report27

Schwab International Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Rakuten Bank Ltd. *	145,650	2,898,987
Rakuten Group, Inc. *	2,427,887	13,301,713
Recruit Holdings Co. Ltd.	2,536,973	102,448,485
Relo Group, Inc.	180,126	1,450,203
Renesas Electronics Corp.	2,529,628	41,484,412
Rengo Co. Ltd.	371,227	2,477,575
Resona Holdings, Inc.	3,707,260	20,211,961
Resonac Holdings Corp.	308,676	7,455,494
Resorttrust, Inc.	111,505	1,922,487
Ricoh Co. Ltd.	991,266	8,245,648
Rinnai Corp.	182,627	4,257,270
Rohm Co. Ltd.	572,104	9,718,544
Rohto Pharmaceutical Co. Ltd.	363,010	7,375,649
Ryohin Keikaku Co. Ltd.	410,972	6,491,199
Sanken Electric Co. Ltd.	32,990	1,661,513
Sankyo Co. Ltd.	364,927	4,169,340
Sankyu, Inc.	84,422	2,984,411
Sanrio Co. Ltd.	97,077	5,441,164
Santen Pharmaceutical Co. Ltd.	581,190	5,772,292
Sanwa Holdings Corp.	334,626	5,933,704
Sapporo Holdings Ltd.	109,637	4,828,804
Sawai Group Holdings Co. Ltd.	67,450	2,588,580
SBI Holdings, Inc.	420,181	11,299,716
SCREEN Holdings Co. Ltd.	137,574	17,220,879
SCSK Corp.	221,271	4,080,363
Secom Co. Ltd.	331,104	24,157,518
Sega Sammy Holdings, Inc.	276,084	3,462,348
Seibu Holdings, Inc.	358,941	5,189,740
Seiko Epson Corp.	457,446	7,399,457
Seino Holdings Co. Ltd.	238,138	3,369,922
Sekisui Chemical Co. Ltd.	571,897	8,058,601
Sekisui House Ltd.	955,210	21,316,238
Sekisui House REIT, Inc.	6,808	3,370,567
Seven & i Holdings Co. Ltd.	4,022,730	59,936,446
Seven Bank Ltd.	1,177,515	2,353,929
SG Holdings Co. Ltd.	729,902	9,158,522
Sharp Corp. *	360,535	1,964,430
SHIFT, Inc. *	18,658	3,438,148
Shikoku Electric Power Co., Inc.	273,520	1,990,133
Shimadzu Corp.	468,234	12,773,431
Shimamura Co. Ltd.	76,692	4,084,399
Shimano, Inc.	132,598	18,480,619
Shimizu Corp.	940,035	5,456,687
Shin-Etsu Chemical Co. Ltd.	3,332,823	142,224,497
Shinko Electric Industries Co. Ltd.	114,719	4,152,786
Shionogi & Co. Ltd.	461,569	23,079,992
Ship Healthcare Holdings, Inc.	136,696	1,986,462
Shiseido Co. Ltd.	692,217	18,717,192
Shizuoka Financial Group, Inc.	842,566	8,247,205
SHO-BOND Holdings Co. Ltd.	77,745	3,330,148
Skylark Holdings Co. Ltd.	380,164	5,542,312
SMC Corp.	96,546	58,152,081
SMS Co. Ltd.	89,776	1,590,439
Socionext, Inc.	341,685	8,773,271
SoftBank Corp.	4,799,326	63,250,288
SoftBank Group Corp.	1,701,502	99,927,859
Sohgo Security Services Co. Ltd.	579,620	3,215,464
Sojitz Corp.	396,065	10,053,123
Sompo Holdings, Inc.	538,963	31,624,060
Sony Group Corp.	2,154,310	186,326,872
Sotetsu Holdings, Inc.	132,690	2,406,984
Square Enix Holdings Co. Ltd.	134,705	5,709,685
Stanley Electric Co. Ltd.	260,690	4,462,402
Subaru Corp.	1,045,253	23,772,574
Sugi Holdings Co. Ltd.	176,589	2,772,071
SUMCO Corp.	586,380	9,183,368
Sumitomo Bakelite Co. Ltd.	56,694	3,257,623
Sumitomo Chemical Co. Ltd.	2,635,259	5,349,046

SECURITY	NUMBER OF SHARES	VALUE ($)
Sumitomo Corp.	1,913,566	44,837,816
Sumitomo Electric Industries Ltd.	1,319,555	19,576,882
Sumitomo Forestry Co. Ltd.	243,277	6,955,183
Sumitomo Heavy Industries Ltd.	196,778	5,859,822
Sumitomo Metal Mining Co. Ltd.	411,614	10,736,561
Sumitomo Mitsui Financial Group, Inc.	2,232,065	124,436,095
Sumitomo Mitsui Trust Holdings, Inc.	1,238,292	25,143,111
Sumitomo Pharma Co. Ltd.	282,236	701,489
Sumitomo Realty & Development Co. Ltd.	687,015	20,371,301
Sumitomo Rubber Industries Ltd.	307,799	3,586,567
Sundrug Co. Ltd.	114,540	3,576,170
Suntory Beverage & Food Ltd.	218,208	7,175,919
Suzuken Co. Ltd.	118,976	3,543,763
Suzuki Motor Corp.	787,917	34,623,706
Sysmex Corp.	330,575	18,597,190
T&D Holdings, Inc.	865,905	15,059,469
Taiheiyo Cement Corp.	196,710	4,130,818
Taisei Corp.	303,163	9,534,230
Taisho Pharmaceutical Holdings Co. Ltd.	77,210	4,426,150
Taiyo Yuden Co. Ltd.	212,990	4,653,420
Takara Bio, Inc.	85,660	581,483
Takara Holdings, Inc.	303,615	2,544,832
Takashimaya Co. Ltd.	233,605	3,518,044
Takeda Pharmaceutical Co. Ltd.	2,652,155	77,737,716
TBS Holdings, Inc.	58,927	1,548,473
TDK Corp.	626,595	32,596,169
TechnoPro Holdings, Inc.	188,632	3,776,547
Teijin Ltd.	318,759	2,704,777
Terumo Corp.	1,251,421	48,795,971
THK Co. Ltd.	206,395	4,542,428
TIS, Inc.	398,705	8,990,642
Tobu Railway Co. Ltd.	352,403	9,010,799
Toda Corp.	414,357	2,564,158
Toei Animation Co. Ltd. (a)	9,562	1,181,914
Toho Co. Ltd.	190,658	6,193,487
Toho Gas Co. Ltd.	154,804	3,106,009
Tohoku Electric Power Co., Inc.	822,640	5,578,804
Tokai Carbon Co. Ltd.	338,817	2,233,652
Tokio Marine Holdings, Inc.	3,252,435	95,093,576
Tokyo Century Corp.	429,750	4,487,868
Tokyo Electric Power Co. Holdings, Inc. *	2,711,896	14,676,527
Tokyo Electron Ltd.	767,667	189,108,588
Tokyo Gas Co. Ltd.	685,243	15,012,439
Tokyo Ohka Kogyo Co. Ltd.	190,560	5,865,637
Tokyo Seimitsu Co. Ltd.	63,580	4,343,593
Tokyo Tatemono Co. Ltd.	343,654	4,983,637
Tokyu Corp.	1,044,073	12,999,466
Tokyu Fudosan Holdings Corp.	1,046,800	6,872,357
TOPPAN Holdings, Inc.	465,209	11,074,629
Toray Industries, Inc.	2,632,753	12,146,161
Toshiba TEC Corp.	40,856	854,408
Tosoh Corp.	480,824	6,550,412
TOTO Ltd.	250,868	6,786,694
Toyo Seikan Group Holdings Ltd.	249,969	4,205,398
Toyo Suisan Kaisha Ltd.	155,800	9,062,570
Toyo Tire Corp.	175,590	3,179,321
Toyoda Gosei Co. Ltd.	129,366	2,663,036
Toyota Boshoku Corp.	107,595	1,704,109
Toyota Industries Corp.	278,170	27,673,891
Toyota Motor Corp.	20,890,542	505,409,585
Toyota Tsusho Corp.	387,775	25,064,043
Trend Micro, Inc.	198,150	9,831,375
TS Tech Co. Ltd.	161,284	2,087,306
Tsumura & Co.	116,794	2,153,748

See financial notes

28Schwab International Equity ETFs | Semiannual Report

Schwab International Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Tsuruha Holdings, Inc.	63,609	4,802,443
UBE Corp.	172,874	2,899,714
Ulvac, Inc.	84,320	5,188,663
Unicharm Corp.	674,636	22,429,269
United Urban Investment Corp.	4,993	4,720,448
Ushio, Inc.	180,531	2,390,676
USS Co. Ltd.	354,758	6,175,733
Welcia Holdings Co. Ltd.	172,416	3,255,479
West Japan Railway Co.	401,604	16,719,413
Workman Co. Ltd. (a)	75,996	2,056,416
Yakult Honsha Co. Ltd.	452,536	9,760,047
Yamada Holdings Co. Ltd.	1,005,490	2,894,134
Yamaguchi Financial Group, Inc.	352,645	3,578,992
Yamaha Corp.	264,087	5,771,555
Yamaha Motor Co. Ltd.	1,589,700	14,227,321
Yamato Holdings Co. Ltd.	562,280	8,546,716
Yamato Kogyo Co. Ltd.	57,583	3,212,521
Yamazaki Baking Co. Ltd.	208,155	4,902,428
Yaoko Co. Ltd.	38,495	2,214,999
Yaskawa Electric Corp.	448,964	18,355,119
Yokogawa Electric Corp.	420,230	8,883,595
Yokohama Rubber Co. Ltd.	230,181	6,119,397
Zenkoku Hosho Co. Ltd.	85,628	3,143,755
Zensho Holdings Co. Ltd.	166,946	7,309,395
Zeon Corp.	245,552	2,083,591
ZOZO, Inc.	189,243	4,291,379
		7,941,624,275

Netherlands 4.1%
Aalberts NV	168,157	7,551,803
ABN AMRO Bank NV, GDR	668,726	10,746,382
Adyen NV *	51,896	81,992,542
Aegon Ltd.	2,964,646	17,792,637
Akzo Nobel NV	296,807	21,628,921
Allfunds Group PLC	589,676	4,186,055
ArcelorMittal SA	863,174	22,530,107
ASM International NV	81,252	49,564,383
ASML Holding NV	690,248	650,221,823
ASR Nederland NV	253,425	11,691,020
BE Semiconductor Industries NV	132,257	23,922,836
CTP NV	185,382	3,005,156
DSM-Firmenich AG	303,624	32,528,115
EXOR NV	179,239	19,357,562
Heineken Holding NV	229,161	17,706,247
Heineken NV	488,009	45,110,227
IMCD NV	98,993	15,093,956
ING Groep NV, Series N	6,287,135	86,338,007
InPost SA *	355,286	5,547,944
JDE Peet's NV	209,306	4,788,222
Koninklijke Ahold Delhaize NV	1,711,953	50,983,292
Koninklijke KPN NV	5,759,117	21,083,636
Koninklijke Philips NV	1,365,678	27,343,531
Koninklijke Vopak NV	113,727	4,231,137
NN Group NV	486,682	21,730,120
OCI NV	167,942	4,425,332
Prosus NV	2,646,559	77,298,679
Randstad NV	191,384	10,549,993
Signify NV	218,746	5,865,824
Universal Music Group NV	1,308,017	39,449,179
Wolters Kluwer NV	429,258	67,750,490
		1,462,015,158

New Zealand 0.3%
a2 Milk Co. Ltd. *	1,260,147	4,760,017
Air New Zealand Ltd.	2,581,124	967,118
Auckland International Airport Ltd.	2,205,797	10,885,445

SECURITY	NUMBER OF SHARES	VALUE ($)
Contact Energy Ltd.	1,396,957	6,868,347
EBOS Group Ltd.	275,913	6,211,296
Fisher & Paykel Healthcare Corp. Ltd.	1,012,521	15,113,524
Fletcher Building Ltd.	1,325,039	3,309,849
Infratil Ltd.	1,437,677	9,030,579
Kiwi Property Group Ltd.	2,695,212	1,387,539
Mainfreight Ltd.	140,995	5,820,667
Mercury NZ Ltd.	1,187,001	4,830,846
Meridian Energy Ltd.	2,186,375	7,965,655
Ryman Healthcare Ltd. *	1,048,755	2,964,747
SKYCITY Entertainment Group Ltd.	1,389,401	1,633,731
Spark New Zealand Ltd.	3,235,164	9,993,092
		91,742,452

Norway 0.5%
Adevinta ASA *	478,223	5,116,446
Aker ASA, A Shares	41,785	2,258,915
Aker BP ASA	533,134	12,962,109
AutoStore Holdings Ltd. *	1,245,573	1,998,934
DNB Bank ASA	1,787,816	35,809,452
Equinor ASA	1,545,920	38,162,131
Gjensidige Forsikring ASA	300,472	4,751,195
Kongsberg Gruppen ASA	128,697	8,214,121
Mowi ASA	769,729	14,880,060
Norsk Hydro ASA	2,320,009	11,937,947
Orkla ASA	1,326,691	9,520,307
Salmar ASA	110,194	7,000,933
Schibsted ASA, A Shares	134,881	4,028,901
Schibsted ASA, B Shares	167,115	4,654,324
Telenor ASA	1,093,007	11,982,679
TOMRA Systems ASA	410,987	5,478,922
Var Energi ASA	1,165,425	3,563,594
Yara International ASA	277,534	8,640,821
		190,961,791

Poland 0.3%
Allegro.eu SA *	886,254	7,165,992
Bank Polska Kasa Opieki SA	273,362	11,858,779
Dino Polska SA *	83,923	9,779,337
KGHM Polska Miedz SA	237,961	6,432,507
LPP SA	2,050	9,222,147
ORLEN SA	1,002,357	15,578,647
Pepco Group NV *	261,367	1,312,111
Powszechna Kasa Oszczednosci Bank Polski SA	1,485,023	20,689,556
Powszechny Zaklad Ubezpieczen SA	981,152	12,082,644
Santander Bank Polska SA	61,755	8,509,334
		102,631,054

Portugal 0.1%
EDP - Energias de Portugal SA	5,243,984	20,877,513
EDP Renovaveis SA	504,614	6,877,729
Galp Energia SGPS SA	874,867	13,793,967
Jeronimo Martins SGPS SA	481,403	11,523,424
		53,072,633

Republic of Korea 4.2%
Alteogen, Inc. *	57,984	6,993,264
Amorepacific Corp.	52,176	4,686,279
AMOREPACIFIC Group	43,832	877,233
BGF retail Co. Ltd.	13,901	1,379,034
BNK Financial Group, Inc.	481,785	2,713,568
Celltrion Pharm, Inc. *	36,081	3,004,944
Celltrion, Inc.	269,803	36,410,032

See financial notes

Schwab International Equity ETFs | Semiannual Report29

Schwab International Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Cheil Worldwide, Inc.	116,702	1,621,348
CJ CheilJedang Corp.	13,729	3,087,891
CJ Corp. *	21,773	1,584,413
CJ ENM Co. Ltd. *	17,484	1,042,527
CJ Logistics Corp. *	13,653	1,275,483
CosmoAM&T Co. Ltd. *	37,092	4,933,158
Coway Co. Ltd.	95,606	3,891,443
Daewoo Engineering & Construction Co. Ltd. *	342,791	1,024,563
DB Insurance Co. Ltd. *	76,431	5,670,909
DGB Financial Group, Inc.	268,072	1,783,657
DL E&C Co. Ltd.	51,669	1,435,681
DL Holdings Co. Ltd. *	20,320	726,368
Dongsuh Cos., Inc.	53,883	707,730
Doosan Bobcat, Inc.	83,592	2,947,315
Doosan Enerbility Co. Ltd. *	722,832	8,815,554
Ecopro BM Co. Ltd. *	82,030	16,417,088
Ecopro Co. Ltd. *	33,519	15,556,280
E-MART, Inc. *	33,231	1,846,721
F&F Co. Ltd.	26,596	1,446,043
Fila Holdings Corp.	86,667	2,499,259
Green Cross Corp.	9,103	805,981
GS Engineering & Construction Corp. *	107,274	1,284,936
GS Holdings Corp.	93,606	3,377,717
GS Retail Co. Ltd.	65,585	1,098,337
Hana Financial Group, Inc.	488,907	20,781,118
Hanjin Kal Corp.	53,897	2,558,043
Hankook Tire & Technology Co. Ltd.	124,382	5,062,710
Hanmi Pharm Co. Ltd.	13,167	3,302,627
Hanmi Science Co. Ltd.	42,000	1,299,489
Hanon Systems	278,200	1,289,046
Hanwha Aerospace Co. Ltd.	60,397	8,504,384
Hanwha Corp.	86,657	1,913,274
Hanwha Life Insurance Co. Ltd. *	586,459	1,387,313
Hanwha Ocean Co. Ltd. *	180,942	3,206,842
Hanwha Solutions Corp.	177,277	3,694,380
HD Hyundai Co. Ltd.	84,457	4,484,162
HD Hyundai Heavy Industries Co. Ltd.	32,229	2,853,559
HD Hyundai Infracore Co. Ltd.	236,816	1,431,638
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.	73,616	6,186,265
Hite Jinro Co. Ltd.	53,450	801,589
HL Mando Co. Ltd.	56,053	1,395,432
HLB, Inc. *	183,646	11,239,974
HMM Co. Ltd. *	498,025	6,833,071
Hotel Shilla Co. Ltd.	52,821	2,384,006
HYBE Co. Ltd.	35,064	5,242,747
Hyundai Department Store Co. Ltd.	25,280	994,797
Hyundai Engineering & Construction Co. Ltd. *	125,189	3,262,285
Hyundai Glovis Co. Ltd. *	35,701	5,107,420
Hyundai Marine & Fire Insurance Co. Ltd. *	95,732	2,264,613
Hyundai Mipo Dockyard Co. Ltd.	35,668	1,684,828
Hyundai Mobis Co. Ltd.	109,382	19,919,747
Hyundai Motor Co.	240,391	45,222,248
Hyundai Steel Co. *	166,049	4,482,924
Hyundai Wia Corp. *	27,195	1,227,410
Industrial Bank of Korea *	474,079	4,984,309
Kakao Corp.	537,606	21,518,774
Kakao Games Corp. *	68,811	1,211,789
KakaoBank Corp.	364,835	7,794,800
Kakaopay Corp. *	36,040	1,192,221
Kangwon Land, Inc. *	180,228	2,352,330
KB Financial Group, Inc.	676,493	32,259,917
KCC Corp.	6,882	1,372,162

SECURITY	NUMBER OF SHARES	VALUE ($)
KEPCO Plant Service & Engineering Co. Ltd. *	36,557	1,021,268
Kia Corp. *	427,954	40,012,221
Korea Aerospace Industries Ltd. *	119,961	4,621,507
Korea Electric Power Corp.	434,511	8,092,425
Korea Gas Corp. *	43,629	950,166
Korea Investment Holdings Co. Ltd. *	63,166	3,367,968
Korea Zinc Co. Ltd.	19,245	6,467,511
Korean Air Lines Co. Ltd.	354,578	6,124,432
Krafton, Inc. *	49,040	8,359,928
KT&G Corp.	175,925	12,286,742
Kumho Petrochemical Co. Ltd. *	28,511	3,166,699
L&F Co. Ltd. *	42,140	5,370,350
LG Chem Ltd.	82,056	27,914,815
LG Corp.	153,108	10,773,670
LG Display Co. Ltd.	358,444	3,063,302
LG Electronics, Inc.	186,425	13,286,071
LG Energy Solution Ltd. *	69,758	21,033,221
LG H&H Co. Ltd.	15,959	3,823,161
LG Innotek Co. Ltd.	23,857	3,619,040
LG Uplus Corp.	359,853	2,788,888
Lotte Chemical Corp.	31,251	2,872,576
Lotte Chilsung Beverage Co. Ltd.	5,465	515,063
Lotte Corp.	44,015	998,237
Lotte Energy Materials Corp.	36,981	966,461
LOTTE Fine Chemical Co. Ltd.	22,913	817,338
Lotte Shopping Co. Ltd.	19,266	1,122,741
LS Corp.	29,240	1,930,156
Meritz Financial Group, Inc.	172,057	10,737,411
Mirae Asset Securities Co. Ltd. *	533,456	3,613,527
NAVER Corp.	250,753	36,720,363
NCSoft Corp.	27,013	3,935,508
Netmarble Corp. *	37,050	1,716,720
NH Investment & Securities Co. Ltd. *	244,797	2,158,243
NongShim Co. Ltd.	5,421	1,416,723
OCI Holdings Co. Ltd.	29,033	2,049,491
Orion Corp.	37,105	2,588,656
Ottogi Corp.	2,455	739,302
Pan Ocean Co. Ltd.	415,707	1,518,785
Paradise Co. Ltd.	77,373	735,613
Pearl Abyss Corp. *	56,632	1,290,764
POSCO Future M Co. Ltd. *	50,969	12,133,654
POSCO Holdings, Inc.	130,998	42,449,412
Posco International Corp. *	79,293	3,340,596
S-1 Corp.	32,548	1,420,125
Samsung Biologics Co. Ltd. *	31,230	18,152,613
Samsung C&T Corp.	142,534	16,773,113
Samsung Card Co. Ltd. *	55,200	1,556,594
Samsung Electro-Mechanics Co. Ltd.	100,930	10,611,445
Samsung Electronics Co. Ltd.	8,319,848	458,603,817
Samsung Engineering Co. Ltd. *	268,285	4,956,301
Samsung Fire & Marine Insurance Co. Ltd. *	57,239	12,809,569
Samsung Heavy Industries Co. Ltd. *	1,107,618	6,571,179
Samsung Life Insurance Co. Ltd.	125,861	9,158,855
Samsung SDI Co. Ltd.	91,178	25,814,138
Samsung SDS Co. Ltd.	62,345	7,491,138
Samsung Securities Co. Ltd.	106,430	3,320,942
SD Biosensor, Inc. *	57,168	538,794
Seegene, Inc.	44,545	832,961
Shinhan Financial Group Co. Ltd.	863,911	28,254,224
Shinsegae, Inc.	11,619	1,525,234
SK Biopharmaceuticals Co. Ltd. *	48,472	3,527,288
SK Bioscience Co. Ltd. *	40,527	1,868,698
SK Chemicals Co. Ltd.	16,015	816,625
SK Hynix, Inc.	941,623	110,454,726
SK IE Technology Co. Ltd. *	43,534	2,396,397
SK Innovation Co. Ltd. *	105,627	9,288,767

See financial notes

30Schwab International Equity ETFs | Semiannual Report

Schwab International Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
SK Networks Co. Ltd. *	206,777	1,017,114
SK Square Co. Ltd. *	166,592	8,744,954
SK, Inc.	59,247	8,533,775
SKC Co. Ltd. *	31,401	1,952,540
S-Oil Corp.	80,773	4,634,318
Solus Advanced Materials Co. Ltd.	45,774	415,940
SSANGYONG C&E Co. Ltd.	199,362	1,045,019
Wemade Co. Ltd. *	28,798	1,006,719
Woori Financial Group, Inc.	1,193,013	13,349,274
Yuhan Corp.	94,379	4,777,069
		1,498,379,989

Singapore 1.0%
CapitaLand Ascendas REIT	6,446,463	13,136,478
CapitaLand Ascott Trust	3,818,384	2,541,614
CapitaLand Integrated Commercial Trust	8,787,927	12,810,008
CapitaLand Investment Ltd.	4,423,420	9,145,551
City Developments Ltd.	831,943	3,508,193
ComfortDelGro Corp. Ltd.	3,677,437	3,692,206
DBS Group Holdings Ltd.	3,162,772	78,398,922
Frasers Logistics & Commercial Trust	5,120,754	3,922,636
Genting Singapore Ltd.	10,004,990	6,771,189
Hutchison Port Holdings Trust, Class U	8,984,224	1,185,918
Jardine Cycle & Carriage Ltd.	201,585	3,815,513
Keppel DC REIT	2,242,950	2,835,799
Keppel Ltd.	2,418,923	13,024,693
Keppel REIT	4,485,606	2,885,653
Mapletree Industrial Trust	3,401,061	5,792,377
Mapletree Logistics Trust	5,959,466	6,559,579
Mapletree Pan Asia Commercial Trust	3,911,005	3,926,712
Netlink NBN Trust	5,169,294	3,229,367
Olam Group Ltd.	2,015,638	1,469,080
Oversea-Chinese Banking Corp. Ltd.	6,116,862	59,048,690
SATS Ltd. *	1,490,060	2,903,434
Seatrium Ltd. *	75,702,593	5,067,108
Sembcorp Industries Ltd.	1,578,423	5,986,879
SIA Engineering Co. Ltd.	383,339	652,868
Singapore Airlines Ltd.	2,390,713	11,503,728
Singapore Exchange Ltd.	1,458,341	10,249,384
Singapore Post Ltd.	2,396,504	704,015
Singapore Technologies Engineering Ltd.	2,684,626	7,946,461
Singapore Telecommunications Ltd.	13,070,135	22,843,089
StarHub Ltd.	1,008,862	855,349
Suntec Real Estate Investment Trust	3,641,457	3,141,522
United Overseas Bank Ltd.	2,114,626	43,956,416
UOL Group Ltd.	880,190	3,855,659
Venture Corp. Ltd.	460,280	4,792,444
Wilmar International Ltd.	3,608,675	8,910,309
		371,068,843

Spain 2.1%
Acciona SA	39,756	4,450,623
ACS Actividades de Construccion y Servicios SA	414,241	17,007,404
Aena SME SA	122,640	23,245,018
Amadeus IT Group SA	795,237	46,797,579
Banco Bilbao Vizcaya Argentaria SA	10,438,565	103,765,946
Banco de Sabadell SA	9,068,028	11,746,125
Banco Santander SA	27,939,681	116,268,446
Bankinter SA	1,192,729	7,573,899
CaixaBank SA	6,604,582	29,803,619
Cellnex Telecom SA *	980,416	35,298,057

SECURITY	NUMBER OF SHARES	VALUE ($)
Corp. ACCIONA Energias Renovables SA (a)	99,777	2,062,298
Enagas SA	433,892	6,265,963
Endesa SA	551,356	9,928,258
Ferrovial SE	905,949	33,969,926
Grifols SA *	578,852	4,750,655
Iberdrola SA	10,537,670	121,103,507
Industria de Diseno Textil SA	1,831,359	81,273,856
Mapfre SA	1,750,172	3,710,247
Merlin Properties Socimi SA	580,731	5,501,977
Naturgy Energy Group SA (a)	239,422	5,668,902
Redeia Corp. SA	760,655	12,100,203
Repsol SA	2,237,738	35,657,603
Telefonica SA	8,735,861	35,857,183
		753,807,294

Sweden 2.8%
Alfa Laval AB	539,905	20,333,607
Assa Abloy AB, B Shares	1,684,073	48,077,078
Atlas Copco AB, A Shares	4,414,934	76,693,716
Atlas Copco AB, B Shares	2,688,155	40,228,346
Axfood AB	187,504	5,244,158
Beijer Ref AB	699,925	9,848,714
Boliden AB	478,028	12,119,957
Castellum AB *	747,139	8,960,657
Electrolux AB, B Shares *	377,119	3,229,080
Epiroc AB, A Shares	1,101,174	19,980,325
Epiroc AB, B Shares	642,331	10,602,625
EQT AB	728,691	21,337,950
Essity AB, B Shares	1,060,270	24,766,223
Evolution AB	320,259	41,517,033
Fastighets AB Balder, B Shares *	1,094,844	6,803,461
Getinge AB, B Shares	388,988	7,714,010
H & M Hennes & Mauritz AB, B Shares	1,049,396	14,244,878
Hexagon AB, B Shares	3,690,238	43,277,366
Holmen AB, B Shares	144,577	5,809,655
Husqvarna AB, B Shares	601,446	4,641,866
Industrivarden AB, A Shares	219,031	7,478,524
Industrivarden AB, C Shares	282,301	9,611,512
Indutrade AB	462,057	12,235,248
Investment AB Latour, B Shares	248,378	6,303,395
Investor AB, A Shares	786,074	19,508,556
Investor AB, B Shares	2,893,897	72,826,714
Kinnevik AB, B Shares *	420,210	4,452,887
L E Lundbergforetagen AB, B Shares	127,140	6,917,629
Lifco AB, B Shares	397,463	10,593,943
Nibe Industrier AB, B Shares	2,538,558	14,175,268
Saab AB, B Shares	160,407	12,655,898
Sagax AB, B Shares	317,089	7,504,757
Sagax AB, D Shares	290,371	815,204
Sandvik AB	1,877,297	42,254,128
Securitas AB, B Shares	845,139	9,094,630
Skandinaviska Enskilda Banken AB, A Shares	2,867,530	42,621,720
Skandinaviska Enskilda Banken AB, C Shares	5,327	85,150
Skanska AB, B Shares	622,482	11,490,180
SKF AB, B Shares	672,226	14,669,182
SSAB AB, A Shares	416,410	3,259,664
SSAB AB, B Shares	1,240,642	9,721,357
Svenska Cellulosa AB SCA, B Shares	1,033,775	14,651,253
Svenska Handelsbanken AB, A Shares	2,638,140	31,563,499
Svenska Handelsbanken AB, B Shares (a)	67,544	1,005,250

See financial notes

Schwab International Equity ETFs | Semiannual Report31

Schwab International Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Sweco AB, B Shares	349,223	3,725,963
Swedbank AB, A Shares	1,755,551	38,580,742
Swedish Orphan Biovitrum AB *	348,836	8,583,143
Tele2 AB, B Shares	957,310	8,041,535
Telefonaktiebolaget LM Ericsson, A Shares	3,414	18,674
Telefonaktiebolaget LM Ericsson, B Shares	5,152,612	28,000,268
Telia Co. AB	4,309,136	10,273,680
Trelleborg AB, B Shares	389,295	14,149,752
Volvo AB, A Shares	376,310	10,502,909
Volvo AB, B Shares	2,634,511	72,587,844
Volvo Car AB, B Shares *	1,141,097	4,164,101
		989,554,864

Switzerland 7.7%
ABB Ltd.	2,613,597	120,862,722
Adecco Group AG	277,060	11,147,846
Alcon, Inc.	858,486	73,296,210
Avolta AG *	192,452	7,559,951
Bachem Holding AG	54,542	4,335,858
Baloise Holding AG	78,262	12,674,080
Banque Cantonale Vaudoise	49,270	5,925,493
Barry Callebaut AG	5,982	8,437,504
Belimo Holding AG	15,831	7,543,794
BKW AG	31,213	4,395,448
Chocoladefabriken Lindt & Spruengli AG	171	20,623,701
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates	1,786	21,945,966
Cie Financiere Richemont SA, Class A	899,327	143,598,179
Clariant AG *	393,696	4,891,300
DKSH Holding AG	61,869	4,563,502
Emmi AG	3,544	3,622,282
EMS-Chemie Holding AG	12,218	8,554,196
Flughafen Zurich AG	32,597	6,904,026
Geberit AG	57,868	33,726,486
Georg Fischer AG	143,193	10,651,458
Givaudan SA	13,907	58,546,646
Helvetia Holding AG	60,339	8,558,675
Holcim AG	910,725	74,570,748
Julius Baer Group Ltd.	357,437	19,192,120
Kuehne & Nagel International AG	87,976	29,733,300
Logitech International SA	274,615	24,319,434
Lonza Group AG	130,256	68,341,686
Nestle SA	4,676,923	487,370,910
Novartis AG	3,613,251	367,213,482
Partners Group Holding AG	38,454	55,417,780
PSP Swiss Property AG	78,073	9,974,689
Roche Holding AG	1,210,202	318,785,252
Roche Holding AG, Bearer Shares	52,139	14,530,590
Sandoz Group AG *	755,912	23,573,157
Schindler Holding AG	32,602	8,323,127
Schindler Holding AG, Participation Certificates	71,128	18,812,914
SGS SA	252,816	24,347,052
SIG Group AG	574,734	11,422,230
Sika AG	253,998	73,699,948
Sonova Holding AG	88,218	27,280,406
Straumann Holding AG	185,733	29,445,604
Swatch Group AG	89,829	4,126,493
Swatch Group AG, Bearer Shares	50,397	11,938,918
Swiss Life Holding AG	51,666	37,645,682
Swiss Prime Site AG	132,613	12,725,908
Swiss Re AG	503,684	60,976,338
Swisscom AG	45,193	25,938,950

SECURITY	NUMBER OF SHARES	VALUE ($)
Tecan Group AG	22,050	8,634,195
Temenos AG	105,784	7,964,885
UBS Group AG	5,259,817	150,587,686
VAT Group AG	44,543	22,399,228
Zurich Insurance Group AG	250,683	133,803,884
		2,745,461,919

United Kingdom 12.4%
3i Group PLC	1,661,890	51,882,493
abrdn PLC	3,334,482	6,639,059
Admiral Group PLC	550,281	18,557,440
Airtel Africa PLC	1,902,999	2,283,228
Anglo American PLC	2,112,505	45,454,351
Antofagasta PLC	604,816	13,905,003
Ashtead Group PLC	761,344	54,701,932
Associated British Foods PLC	595,592	17,124,650
AstraZeneca PLC	2,584,570	326,379,426
Auto Trader Group PLC	1,569,702	14,701,343
Aviva PLC	4,767,793	26,916,444
B&M European Value Retail SA	1,629,529	10,838,173
BAE Systems PLC	5,360,546	84,217,826
Barclays PLC	26,202,961	54,510,989
Barratt Developments PLC	1,698,204	10,021,089
Beazley PLC	1,152,822	9,507,870
Berkeley Group Holdings PLC	182,580	10,723,222
BP PLC	29,088,515	169,516,964
British American Tobacco PLC	3,902,609	115,763,405
British Land Co. PLC	1,628,370	7,166,068
BT Group PLC	10,993,051	14,524,463
Bunzl PLC	588,638	23,477,166
Burberry Group PLC	619,036	10,062,188
Centrica PLC	9,688,374	15,423,308
Coca-Cola HBC AG	342,988	10,694,716
Compass Group PLC	3,004,358	82,467,878
ConvaTec Group PLC	2,839,285	8,842,406
CRH PLC	1,232,453	102,488,107
Croda International PLC	242,875	14,642,332
DCC PLC	172,427	12,249,145
Diageo PLC	3,877,164	145,268,894
DS Smith PLC	2,222,116	9,053,799
Endeavour Mining PLC	319,507	5,153,045
Entain PLC	1,107,106	12,785,961
Experian PLC	1,600,236	68,519,804
Ferguson PLC	357,967	74,645,795
Flutter Entertainment PLC *	308,026	66,647,499
Fresnillo PLC	321,110	1,849,781
Glencore PLC	21,504,331	102,047,951
GSK PLC	7,017,807	147,769,470
Haleon PLC	9,993,635	41,900,086
Halma PLC	661,119	19,251,225
Hargreaves Lansdown PLC	659,825	6,079,559
Hikma Pharmaceuticals PLC	281,941	7,015,134
Hiscox Ltd.	587,996	8,427,091
Howden Joinery Group PLC	915,813	9,580,446
HSBC Holdings PLC	34,094,622	265,021,539
IMI PLC	445,615	9,768,587
Imperial Brands PLC	1,548,600	33,389,481
Informa PLC	2,431,427	24,918,786
InterContinental Hotels Group PLC	292,743	31,031,584
Intermediate Capital Group PLC	483,151	11,767,923
International Consolidated Airlines Group SA *	1,949,291	3,630,826
Intertek Group PLC	279,877	16,363,287
ITV PLC	6,453,931	4,566,886
J Sainsbury PLC	3,027,526	9,558,855
JD Sports Fashion PLC	4,301,989	6,415,884
Johnson Matthey PLC	312,919	6,101,672

See financial notes

32Schwab International Equity ETFs | Semiannual Report

Schwab International Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Kingfisher PLC	3,324,964	9,862,867
Land Securities Group PLC	1,290,643	10,115,584
Legal & General Group PLC	10,348,849	31,692,773
Lloyds Banking Group PLC	110,882,786	65,319,638
London Stock Exchange Group PLC	788,032	88,477,848
M&G PLC	3,796,277	10,790,321
Melrose Industries PLC	2,334,185	18,749,185
Mondi PLC	754,582	13,444,254
National Grid PLC	6,455,290	84,718,307
NatWest Group PLC	9,582,726	28,982,914
Next PLC	211,622	22,255,853
NMC Health PLC *(b)	136,583	0
Ocado Group PLC *	1,056,761	6,836,139
Pearson PLC	1,245,649	15,136,019
Persimmon PLC	553,166	9,540,783
Phoenix Group Holdings PLC	1,272,034	8,001,853
Prudential PLC	4,868,145	47,884,302
Reckitt Benckiser Group PLC	1,248,819	78,953,094
RELX PLC	3,325,109	145,573,019
Renishaw PLC	59,925	3,265,556
Rentokil Initial PLC	4,400,103	24,395,387
Rightmove PLC	1,510,911	10,829,013
Rio Tinto PLC	1,911,604	122,814,472
Rolls-Royce Holdings PLC *	14,618,608	68,253,271
RS Group PLC	822,962	7,845,020
Sage Group PLC	1,793,237	28,229,683
Schroders PLC	1,456,700	7,247,154
Segro PLC	2,178,277	23,294,251
Severn Trent PLC	462,955	14,640,375
Shell PLC	11,552,896	359,061,982
Smith & Nephew PLC	1,521,511	20,025,833
Smiths Group PLC	613,927	12,487,520
Smurfit Kappa Group PLC	452,914	19,353,022
Spirax-Sarco Engineering PLC	128,292	16,755,718
SSE PLC	1,904,312	39,156,015
St. James's Place PLC	943,461	6,002,958
Standard Chartered PLC	3,831,222	32,353,931
Tate & Lyle PLC	767,671	5,831,249
Taylor Wimpey PLC	6,127,521	10,684,765
Tesco PLC	12,344,338	43,534,542
Unilever PLC	4,389,210	214,673,174
UNITE Group PLC	613,004	7,444,027
United Utilities Group PLC	1,190,911	15,441,041
Vodafone Group PLC	38,032,240	33,252,863
Weir Group PLC	451,359	10,465,452
Whitbread PLC	343,918	14,369,342
Wise PLC, Class A *	1,311,950	15,231,362
WPP PLC	1,816,238	16,247,570
		4,393,734,835
Total Common Stocks (Cost $28,156,603,187)		35,127,887,302

PREFERRED STOCKS 0.6% OF NET ASSETS

Germany 0.3%
Bayerische Motoren Werke AG	105,961	11,615,639
FUCHS SE	122,752	5,231,086
Henkel AG & Co. KGaA	285,254	21,472,318
Sartorius AG	42,173	15,964,007
Sixt SE	22,968	1,548,456
Volkswagen AG	351,272	47,645,384
		103,476,890

SECURITY	NUMBER OF SHARES	VALUE ($)
Italy 0.0%
Telecom Italia SpA - RSP *	10,966,325	3,418,944

Republic of Korea 0.3%
Amorepacific Corp.	5,693	157,973
CJ CheilJedang Corp.	493	50,092
Hanwha Corp.	7,032	79,213
Hyundai Motor Co.	36,400	4,360,018
Hyundai Motor Co. 2nd	58,449	7,053,736
LG Chem Ltd.	13,279	2,991,664
LG Electronics, Inc.	37,939	1,250,768
LG H&H Co. Ltd.	3,290	380,490
Mirae Asset Securities Co. Ltd. *	191,327	580,475
Samsung Electronics Co. Ltd.	1,436,495	68,610,004
Samsung Fire & Marine Insurance Co. Ltd. *	6,016	1,027,816
Samsung SDI Co. Ltd.	2,947	507,913
		87,050,162

Spain 0.0%
Grifols SA, B Shares *	434,807	2,416,154
Total Preferred Stocks (Cost $177,281,260)		196,362,150

RIGHTS 0.0% OF NET ASSETS

Republic of Korea 0.0%
LG Display Co. Ltd.
expires 03/07/24, strike KRW 9,090.00 *(b)	119,826	117,882
Total Rights (Cost $0)		117,882

WARRANTS 0.0% OF NET ASSETS

Canada 0.0%
Constellation Software, Inc.
expires 03/31/40 *(b)	31,758	162,495
Total Warrants (Cost $0)		162,495


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)	35,291,059	35,291,059
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (c)(d)	31,088,338	31,088,338
		66,379,397
Total Short-Term Investments (Cost $66,379,397)		66,379,397
Total Investments in Securities (Cost $28,400,263,844)		35,390,909,226

See financial notes

Schwab International Equity ETFs | Semiannual Report33

Schwab International Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED APPRECIATION ($)
FUTURES CONTRACTS
Long
MSCI EAFE Index, expires 03/15/24	1,510	172,736,450	4,829,133

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $29,431,951.
(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)
KRW —	South Korean Won

The following is a summary of the inputs used to value the fund’s investments as of February 29, 2024 (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	$30,069,720,969	$—	$—	$30,069,720,969
Hong Kong	664,431,498	—	0 *	664,431,498
United Kingdom	4,393,734,835	—	0 *	4,393,734,835
Preferred Stocks1	196,362,150	—	—	196,362,150
Rights
Republic of Korea	—	—	117,882	117,882
Warrants
Canada	—	—	162,495	162,495
Short-Term Investments1	66,379,397	—	—	66,379,397
Futures Contracts2	4,829,133	—	—	4,829,133
Total	$35,395,457,982	$—	$280,377	$35,395,738,359

*	Level 3 amount shown includes securities determined to have no value at February 29, 2024.
1	As categorized in the Portfolio Holdings.
2	Futures contracts are reported at cumulative unrealized appreciation or depreciation.

See financial notes

34Schwab International Equity ETFs | Semiannual Report

Schwab International Equity ETF

Statement of Assets and Liabilities

As of February 29, 2024; unaudited

Assets
Investments in securities, at value - unaffiliated (cost $28,400,263,844) including securities on loan of $29,431,951		$35,390,909,226
Cash		2,746
Foreign currency, at value (cost $32,526,661)		32,605,493
Deposit with broker for futures contracts		7,733,689
Receivables:
Fund shares sold		141,417,826
Dividends		62,344,703
Foreign tax reclaims		43,964,881
Variation margin on future contracts		369,950
Income from securities on loan	+	43,695
Total assets		35,679,392,209

Liabilities
Collateral held for securities on loan		31,088,338
Payables:
Investments bought		143,444,931
Management fees	+	1,649,790
Total liabilities		176,183,059
Net assets		$35,503,209,150

Net Assets by Source
Capital received from investors		$30,991,229,828
Total distributable earnings	+	4,511,979,322
Net assets		$35,503,209,150

Net Asset Value (NAV)
Net Assets	÷	Shares Outstanding	=	NAV
$35,503,209,150		942,500,000		$37.67

See financial notes

Schwab International Equity ETFs | Semiannual Report35

Schwab International Equity ETF

Statement of Operations

For the period September 1, 2023 through February 29, 2024; unaudited
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $27,843,656)		$288,141,409
Income from non-cash dividends - unaffiliated		17,478,115
Interest received from securities - unaffiliated		247,320
Securities on loan, net	+	521,530
Total investment income		306,388,374

Expenses
Management fees		9,704,245
Professional fees	+	57,053 1
Total expenses		9,761,298
Expense reduction	–	57,053 1
Net expenses	–	9,704,245
Net investment income		296,684,129

REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated		(239,154,242 )
Net realized gains on futures contracts		3,825,872
Net realized gains on foreign currency transactions	+	153,184
Net realized losses		(235,175,186 )
Net change in unrealized appreciation (depreciation) on securities - unaffiliated		2,837,031,164
Net change in unrealized appreciation (depreciation) on futures contracts		6,859,836
Net change in unrealized appreciation (depreciation) on foreign currency translations	+	(763,725 )
Net change in unrealized appreciation (depreciation)	+	2,843,127,275
Net realized and unrealized gains		2,607,952,089
Increase in net assets resulting from operations		$2,904,636,218

1	Professional fees associated with the filing of foreign withholding tax claims in the European Union are 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

36Schwab International Equity ETFs | Semiannual Report

Schwab International Equity ETF

Statement of Changes in Net Assets

For the current and prior report periods

Figures for the current period are unaudited

OPERATIONS
	9/1/23-2/29/24		9/1/22-8/31/23
Net investment income		$296,684,129	$930,888,626
Net realized losses		(235,175,186 )	(488,539,544 )
Net change in unrealized appreciation (depreciation)	+	2,843,127,275	4,000,677,892
Increase in net assets resulting from operations		$2,904,636,218	$4,443,026,974

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions		($646,088,400 )	($892,762,840 )

TRANSACTIONS IN FUND SHARES
	9/1/23-2/29/24			9/1/22-8/31/23
		SHARES	VALUE	SHARES	VALUE
Shares sold		42,500,000	$1,492,522,350	69,200,000	$2,199,189,931
Shares redeemed	+	—	—	(3,300,000 )	(117,312,049 )
Net transactions in fund shares		42,500,000	$1,492,522,350	65,900,000	$2,081,877,882

SHARES OUTSTANDING AND NET ASSETS
	9/1/23-2/29/24			9/1/22-8/31/23
		SHARES	NET ASSETS	SHARES	NET ASSETS
Beginning of period		900,000,000	$31,752,138,982	834,100,000	$26,119,996,966
Total increase	+	42,500,000	3,751,070,168	65,900,000	5,632,142,016
End of period		942,500,000	$35,503,209,150	900,000,000	$31,752,138,982

See financial notes

Schwab International Equity ETFs | Semiannual Report37

Schwab International Small-Cap Equity ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	9/1/23– 2/29/24*	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	$34.02	$31.67	$43.21	$33.20	$31.15	$35.86
Income (loss) from investment operations:
Net investment income (loss)1	0.31	0.96	0.93	0.72	0.64	0.82
Net realized and unrealized gains (losses)	0.81	2.12	(11.45 )	10.11	2.36	(4.63 )
Total from investment operations	1.12	3.08	(10.52 )	10.83	3.00	(3.81 )
Less distributions:
Distributions from net investment income	(0.86 )	(0.73 )	(1.02 )	(0.82 )	(0.95 )	(0.90 )
Net asset value at end of period	$34.28	$34.02	$31.67	$43.21	$33.20	$31.15
Total return	3.41 %2	9.87 %	(24.85 %)	33.01 %	9.63 %	(10.57 %)
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.11 %3	0.11 %	0.11 %4	0.11 %	0.11 %5	0.12 %
Net investment income (loss)	1.89 %3	2.95 %	2.49 %	1.87 %	2.07 %	2.54 %
Portfolio turnover rate6	7 %2	15 %	18 %	22 %	17 %	20 %
Net assets, end of period (x 1,000,000)	$3,938	$3,767	$3,383	$3,832	$2,596	$2,187

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

See financial notes

38Schwab International Equity ETFs | Semiannual Report

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited)

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

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

Australia 6.4%
Abacus Group	906,034	660,760
Abacus Storage King	1,011,762	820,217
Accent Group Ltd.	658,378	865,980
Alkane Resources Ltd. *	839,591	262,416
Alpha HPA Ltd. *	1,315,177	745,049
APM Human Services International Ltd.	560,025	598,043
Arafura Rare Earths Ltd. *(a)	3,437,103	346,901
ARB Corp. Ltd.	149,604	4,036,864
Arena REIT	661,225	1,476,810
AUB Group Ltd.	177,743	3,497,584
Audinate Group Ltd. *	139,168	2,100,555
Aussie Broadband Ltd. *	354,580	1,050,526
Austal Ltd.	627,721	837,918
Australian Agricultural Co. Ltd. *	630,616	558,451
Australian Clinical Labs Ltd. (a)	262,665	408,772
Australian Ethical Investment Ltd.	225,245	783,209
Australian Finance Group Ltd. (a)	402,612	390,620
AVZ Minerals Ltd. *(b)	641,362	0
Baby Bunting Group Ltd.	243,549	249,775
Bapcor Ltd.	657,446	2,547,172
Bega Cheese Ltd.	576,205	1,579,575
Bellevue Gold Ltd. *	2,085,325	2,077,525
Boss Energy Ltd. *	652,185	2,131,845
Bravura Solutions Ltd. *	816,210	659,029
Breville Group Ltd.	275,843	4,908,884
Brickworks Ltd.	114,185	2,168,092
BWP Trust	927,990	2,108,870
Calix Ltd. *	303,549	376,535
Capricorn Metals Ltd. *	591,837	1,830,530
Carnarvon Energy Ltd. *	3,404,610	399,044
Cedar Woods Properties Ltd.	128,751	389,000
Centuria Capital Group	1,373,073	1,448,404
Centuria Industrial REIT	1,036,668	2,268,089
Centuria Office REIT	894,077	678,238
Cettire Ltd. *	390,389	1,217,627
Chalice Mining Ltd. *	654,628	481,675
Champion Iron Ltd.	890,102	4,480,231
Charter Hall Long Wale REIT	1,269,164	3,082,533
Charter Hall Retail REIT	961,881	2,210,941
Charter Hall Social Infrastructure REIT	634,188	1,094,322
Clinuvel Pharmaceuticals Ltd.	76,418	680,711
Codan Ltd.	233,019	1,552,202
Collins Foods Ltd.	205,195	1,469,740
Cooper Energy Ltd. *	5,078,111	479,459
Core Lithium Ltd. *(a)	4,075,667	557,313
Coronado Global Resources, Inc.	1,417,486	1,255,275
Corporate Travel Management Ltd.	220,302	2,275,112
Credit Corp. Group Ltd.	111,942	1,398,779
Cromwell Property Group	2,699,833	703,199
Data#3 Ltd.	284,628	1,558,672
De Grey Mining Ltd. *	2,870,737	2,364,640
Dexus Industria REIT	395,672	744,585
Dicker Data Ltd.	100,221	821,610

SECURITY	NUMBER OF SHARES	VALUE ($)
Eagers Automotive Ltd.	372,439	3,591,628
Elders Ltd.	310,905	1,842,257
Emeco Holdings Ltd.	1,072,232	464,292
EML Payments Ltd. *	578,108	372,671
EVT Ltd.	198,073	1,492,244
Fineos Corp. Ltd. *	307,608	331,495
Firefinch Ltd. *(b)	2,051,119	1
FleetPartners Group Ltd. *	485,517	1,103,344
G8 Education Ltd.	1,555,814	1,281,532
GDI Property Group Partnership	836,162	329,403
Genesis Minerals Ltd. *	1,961,156	1,953,821
Gold Road Resources Ltd.	2,061,433	1,986,608
GQG Partners, Inc.	1,219,730	1,739,358
GrainCorp Ltd., Class A	423,683	2,146,356
Growthpoint Properties Australia Ltd.	533,988	771,908
GUD Holdings Ltd.	276,913	2,109,650
GWA Group Ltd.	480,848	839,119
Hansen Technologies Ltd.	323,423	1,010,865
Healius Ltd. *	1,305,072	943,276
HealthCo REIT	888,046	800,878
Helia Group Ltd.	607,546	1,633,843
HMC Capital Ltd.	483,312	2,206,108
HomeCo Daily Needs REIT	3,329,987	2,699,561
Hotel Property Investments Ltd.	378,808	725,183
HUB24 Ltd.	109,979	2,795,766
Imdex Ltd.	986,564	1,361,891
Imugene Ltd. *	13,453,282	1,051,213
Infomedia Ltd.	737,818	768,689
Ingenia Communities Group	731,422	2,305,125
Inghams Group Ltd.	711,251	1,685,798
Integral Diagnostics Ltd.	328,538	472,780
ioneer Ltd. *(a)	4,054,360	343,200
IPH Ltd.	352,939	1,454,737
IRESS Ltd. *	348,993	1,783,888
Johns Lyng Group Ltd.	362,754	1,485,744
Judo Capital Holdings Ltd. *	997,863	808,950
Jumbo Interactive Ltd.	98,364	1,159,300
Karoon Energy Ltd. *	1,265,045	1,593,926
Kelsian Group Ltd.	388,467	1,527,820
Kogan.com Ltd. *	138,078	712,982
Latin Resources Ltd. *	4,288,108	614,285
Leo Lithium Ltd. *(b)	1,797,999	591,238
Life360, Inc. *	350,317	1,861,369
Lifestyle Communities Ltd.	185,024	1,849,344
Link Administration Holdings Ltd.	959,338	1,374,281
Lovisa Holdings Ltd.	105,106	2,220,187
Macquarie Technology Group Ltd. *	25,094	1,269,452
Mayne Pharma Group Ltd. *	171,618	759,894
McMillan Shakespeare Ltd.	114,760	1,636,499
Megaport Ltd. *	283,973	2,675,634
Mesoblast Ltd. *(a)	1,999,034	383,993
Monadelphous Group Ltd.	175,204	1,612,009
Mount Gibson Iron Ltd. *	1,421,749	458,257
Myer Holdings Ltd.	1,616,704	857,964
MyState Ltd.	218,847	453,157
Nanosonics Ltd. *	449,165	798,454
National Storage REIT	2,401,353	3,533,830

See financial notes

Schwab International Equity ETFs | Semiannual Report39

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Netwealth Group Ltd.	158,844	1,980,709
Neuren Pharmaceuticals Ltd. *	208,419	2,627,386
nib holdings Ltd.	934,132	4,452,465
Nick Scali Ltd.	87,775	837,316
Nickel Industries Ltd.	4,997,332	2,294,080
Nine Entertainment Co. Holdings Ltd.	2,626,972	2,942,152
NRW Holdings Ltd.	843,625	1,636,993
Nuix Ltd. *	354,863	489,867
OFX Group Ltd. *	430,651	426,236
Omni Bridgeway Ltd. *	490,545	536,623
oOh!media Ltd.	822,825	988,519
Opthea Ltd. *	1,224,012	510,090
Paladin Energy Ltd. *	5,629,828	4,545,671
Perenti Ltd. *	1,797,260	1,064,960
Perseus Mining Ltd.	2,657,806	3,037,257
PEXA Group Ltd. *	260,046	2,165,718
Pinnacle Investment Management Group Ltd.	192,987	1,409,945
PolyNovo Ltd. *	1,159,911	1,722,030
PPK Mining Equipment Group Pty. Ltd. *(b)	78,953	1,445
Premier Investments Ltd.	156,974	3,085,830
PWR Holdings Ltd.	119,762	963,871
Ramelius Resources Ltd.	2,121,042	1,995,714
Red 5 Ltd. *	5,939,698	1,276,320
Regis Healthcare Ltd.	270,804	638,329
Regis Resources Ltd. *	1,333,459	1,575,932
Reliance Worldwide Corp. Ltd.	1,518,706	5,419,203
Resolute Mining Ltd. *	3,992,647	870,937
Rural Funds Group	723,155	974,727
Sandfire Resources Ltd. *	874,171	4,320,354
Sayona Mining Ltd. *	15,473,691	403,028
Select Harvests Ltd. *	240,222	689,815
Service Stream Ltd.	1,109,506	812,762
Seven West Media Ltd. *	1,829,216	250,130
SG Fleet Group Ltd.	219,333	404,177
Sigma Healthcare Ltd.	2,485,790	1,853,323
Silex Systems Ltd. *(a)	381,106	1,240,786
Silver Lake Resources Ltd. *	1,669,229	1,173,872
SiteMinder Ltd. *	402,988	1,414,367
SmartGroup Corp. Ltd.	166,535	1,189,579
Southern Cross Media Group Ltd.	425,062	254,637
Stanmore Resources Ltd.	464,669	1,007,556
Strike Energy Ltd. *	5,674,578	794,426
Super Retail Group Ltd.	314,723	3,342,440
Superloop Ltd. *	802,149	540,601
Syrah Resources Ltd. *(a)	1,281,927	509,183
Technology One Ltd.	542,485	5,983,872
Telix Pharmaceuticals Ltd. *	323,859	2,623,358
Temple & Webster Group Ltd. *	207,536	1,717,593
Tietto Minerals Ltd. *	2,137,713	835,183
Tyro Payments Ltd. *	660,013	481,340
Ventia Services Group Pty. Ltd.	1,379,548	3,404,530
Virgin Australia Holdings Pty. Ltd. *(b)	424,000	0
Viva Energy Group Ltd.	2,117,566	5,060,392
Vulcan Energy Resources Ltd. *(a)	245,278	364,145
Vulcan Steel Ltd.	183,785	934,636
Waypoint REIT Ltd.	1,299,314	1,988,214
Webjet Ltd. *	740,335	3,355,202
Weebit Nano Ltd. *(a)	349,812	988,566
West African Resources Ltd. *	2,046,736	1,172,805
Westgold Resources Ltd. *	744,143	949,716
Zip Co. Ltd. *(a)	1,583,981	990,153
		251,848,031

SECURITY	NUMBER OF SHARES	VALUE ($)
Austria 1.0%
Agrana Beteiligungs AG	18,050	260,763
AT&S Austria Technologie & Systemtechnik AG (a)	50,870	1,033,820
BAWAG Group AG	155,317	8,781,989
CA Immobilien Anlagen AG	65,164	2,094,362
DO & Co. AG	13,355	2,078,215
EVN AG	70,092	1,820,402
Flughafen Wien AG	10,684	576,929
Immofinanz AG *	61,171	1,390,121
Lenzing AG *	36,715	1,150,217
Mayr Melnhof Karton AG (a)	16,590	2,118,439
Oesterreichische Post AG (a)	64,121	2,078,187
Palfinger AG	26,932	698,010
Porr AG	47,378	695,223
Schoeller-Bleckmann Oilfield Equipment AG	21,619	974,402
Strabag SE	24,863	1,173,080
UNIQA Insurance Group AG	208,534	1,825,631
Vienna Insurance Group AG Wiener Versicherung Gruppe	74,088	2,152,681
Wienerberger AG	205,360	7,178,042
		38,080,513

Belgium 1.3%
Aedifica SA	90,982	5,183,719
AGFA-Gevaert NV *	259,285	289,564
Barco NV	137,366	2,440,844
Bekaert SA	64,717	3,204,734
bpost SA	195,682	734,798
Cofinimmo SA *	65,654	4,099,441
Colruyt Group NV	93,511	4,490,944
Deme Group NV	13,378	1,855,952
Euronav NV	206,277	3,648,576
Fagron	110,580	2,150,365
Gimv NV	38,347	1,836,252
KBC Ancora	67,543	3,166,332
Kinepolis Group NV	27,178	1,273,483
Melexis NV	39,124	3,285,433
Montea NV	31,420	2,516,086
Ontex Group NV *	125,193	1,002,535
Proximus SADP	267,438	2,237,704
Retail Estates NV	24,333	1,561,485
Shurgard Self Storage Ltd.	48,458	2,080,511
Tessenderlo Group SA	44,220	1,179,569
Van de Velde NV	10,879	389,677
VGP NV	19,398	2,128,543
Xior Student Housing NV	60,488	1,665,883
		52,422,430

Canada 20.6%
Air Canada *	336,989	4,501,965
Alamos Gold, Inc., Class A	767,651	9,061,151
Algonquin Power & Utilities Corp.	1,325,559	7,749,978
Allied Properties Real Estate Investment Trust	253,277	3,172,615
AltaGas Ltd.	539,632	11,573,631
ARC Resources Ltd.	1,174,278	20,025,104
Aritzia, Inc. *	172,152	4,555,266
Atco Ltd., Class I	146,482	4,014,256
ATS Corp. *	153,135	5,773,822
B2Gold Corp.	2,528,325	6,095,494
Ballard Power Systems, Inc. *	495,479	1,570,804
Bausch Health Cos., Inc. *	612,221	5,764,045
Baytex Energy Corp.	1,317,161	4,204,893

See financial notes

40Schwab International Equity ETFs | Semiannual Report

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
BlackBerry Ltd. *	1,022,957	2,865,954
Boardwalk Real Estate Investment Trust	71,686	4,018,348
Bombardier, Inc., Class B *	164,676	5,968,572
Boralex, Inc., Class A	159,033	3,497,589
Boyd Group Services, Inc.	41,499	9,745,159
Brookfield Infrastructure Corp., Class A	230,709	7,659,399
Brookfield Renewable Corp., Class A	257,526	6,117,512
BRP, Inc.	64,664	4,270,727
CAE, Inc. *	571,186	10,671,179
Cameco Corp.	836,331	33,913,227
Canada Goose Holdings, Inc. *(a)	96,952	1,321,667
Canadian Apartment Properties REIT	321,692	11,291,891
Canadian Western Bank	190,876	4,079,696
Canfor Corp. *	111,913	1,363,897
Capital Power Corp.	224,981	6,361,206
Capstone Copper Corp. *	845,208	4,436,820
Cargojet, Inc.	16,408	1,339,520
Cascades, Inc.	186,804	1,448,872
Celestica, Inc. *	226,371	9,626,630
Centerra Gold, Inc.	415,875	2,088,037
Chartwell Retirement Residences	464,955	4,168,432
Choice Properties Real Estate Investment Trust	488,104	4,818,603
CI Financial Corp.	285,400	3,560,267
Cogeco Communications, Inc.	17,637	776,556
Colliers International Group, Inc.	60,340	7,025,839
Crescent Point Energy Corp.	1,014,306	7,395,942
Cronos Group, Inc. *(a)	385,980	808,186
Definity Financial Corp.	143,663	4,860,615
Descartes Systems Group, Inc. *	163,834	14,208,570
Dream Industrial Real Estate Investment Trust	485,680	4,551,180
Dye & Durham Ltd.	88,917	863,374
Eldorado Gold Corp. *	356,141	3,704,906
Element Fleet Management Corp.	760,792	12,704,640
Emera, Inc.	532,338	18,681,969
Enerplus Corp.	400,219	7,096,448
Enghouse Systems Ltd.	86,262	2,256,479
Equinox Gold Corp. *	504,472	2,053,073
Finning International, Inc.	284,303	7,457,884
First Capital Real Estate Investment Trust	407,251	4,665,964
First Majestic Silver Corp.	548,082	2,468,965
First National Financial Corp.	31,704	939,889
First Quantum Minerals Ltd.	1,267,871	12,011,754
FirstService Corp.	74,362	12,244,634
GFL Environmental, Inc.	382,616	13,802,780
Gibson Energy, Inc.	274,506	4,543,562
Gildan Activewear, Inc.	334,620	11,659,337
Granite Real Estate Investment Trust	115,574	6,141,054
H&R Real Estate Investment Trust	496,677	3,255,398
Hudbay Minerals, Inc.	438,918	2,585,582
iA Financial Corp., Inc.	197,033	12,225,677
IAMGOLD Corp. *	937,300	2,446,302
Innergex Renewable Energy, Inc.	298,108	1,857,200
Ivanhoe Mines Ltd., Class A *	1,096,596	11,666,517
Keyera Corp.	441,019	10,856,803
Kinaxis, Inc. *	53,875	5,587,890
Kinross Gold Corp.	2,378,258	11,642,742
Laurentian Bank of Canada	84,986	1,652,915
Lightspeed Commerce, Inc. *	267,121	3,751,727
Linamar Corp.	82,137	4,022,221
Lithium Americas Argentina Corp. *(a)	191,692	945,493
Lithium Americas Corp. *(a)	187,660	1,032,140
Lundin Gold, Inc.	190,263	2,217,759
Lundin Mining Corp.	1,318,923	10,433,917
Maple Leaf Foods, Inc.	143,390	2,441,018
MEG Energy Corp. *	555,628	11,900,316

SECURITY	NUMBER OF SHARES	VALUE ($)
Methanex Corp.	129,601	5,799,964
Mullen Group Ltd.	160,973	1,780,215
North West Co., Inc.	90,555	2,691,246
Northland Power, Inc.	492,684	8,354,578
NorthWest Healthcare Properties Real Estate Investment Trust	407,221	1,194,927
Novagold Resources, Inc. *	465,645	1,150,080
Nuvei Corp.	120,694	3,197,210
OceanaGold Corp.	1,375,223	2,281,308
Onex Corp.	128,341	9,563,479
Open Text Corp.	519,281	19,981,034
Osisko Gold Royalties Ltd.	356,098	5,203,570
Pan American Silver Corp.	699,674	8,686,925
Paramount Resources Ltd., Class A	148,182	3,252,389
Parex Resources, Inc.	203,220	3,281,246
Parkland Corp.	264,397	8,462,030
PrairieSky Royalty Ltd.	410,726	7,337,259
Premium Brands Holdings Corp.	71,759	4,747,252
Primaris Real Estate Investment Trust	186,546	1,855,351
Primo Water Corp.	303,140	4,925,871
Quebecor, Inc., Class B	99,986	2,339,776
RB Global, Inc.	349,669	26,396,291
RioCan Real Estate Investment Trust	575,733	7,589,565
Russel Metals, Inc.	117,289	3,845,498
SmartCentres Real Estate Investment Trust	255,719	4,375,890
SNC-Lavalin Group, Inc.	340,814	11,525,888
SSR Mining, Inc.	394,377	1,692,243
Stantec, Inc.	216,209	18,063,777
Stelco Holdings, Inc.	82,597	2,457,175
Stella-Jones, Inc.	110,980	6,243,060
Superior Plus Corp.	340,325	2,396,213
TFI International, Inc.	159,029	23,510,521
TMX Group Ltd.	534,542	14,030,077
Topaz Energy Corp.	179,039	2,645,292
Torex Gold Resources, Inc. *	163,975	1,716,699
Toromont Industries Ltd.	156,142	14,349,615
TransAlta Corp.	532,075	3,652,168
Transcontinental, Inc., Class A	139,645	1,476,396
Tricon Residential, Inc.	474,176	5,275,420
Vermilion Energy, Inc.	312,881	3,478,634
West Fraser Timber Co. Ltd.	149,696	12,054,261
Westshore Terminals Investment Corp.	83,940	1,573,159
Whitecap Resources, Inc.	575,144	3,994,438
Winpak Ltd.	61,298	1,820,840
WSP Global, Inc.	227,310	36,102,127
		812,492,402

Denmark 2.5%
ALK-Abello AS *	259,836	4,847,194
Alm Brand AS	1,650,377	3,114,687
Ambu AS, Class B *	352,101	6,164,566
Bavarian Nordic AS *(a)	121,795	2,761,840
Chemometec AS	30,424	2,165,098
D/S Norden AS	42,279	1,901,490
Dfds AS	61,977	1,873,265
FLSmidth & Co. AS (a)	109,178	5,205,066
GN Store Nord AS *	282,033	6,598,089
ISS AS	296,251	5,332,974
Jyske Bank AS	88,990	7,198,471
Netcompany Group AS *(a)	64,490	2,763,737
NKT AS *	104,078	7,826,663
NTG Nordic Transport Group AS, Class A *	31,254	1,270,433
Ringkjoebing Landbobank AS	52,653	9,035,008
Scandinavian Tobacco Group AS, A Shares	105,966	1,947,548

See financial notes

Schwab International Equity ETFs | Semiannual Report41

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Schouw & Co. AS	23,914	2,051,765
Spar Nord Bank AS	150,923	2,659,880
Sydbank AS	110,199	5,912,860
Topdanmark AS	83,164	3,742,700
TORM PLC, Class A	58,773	2,013,621
Zealand Pharma AS *	113,140	10,906,168
		97,293,123

Finland 1.3%
Cargotec OYJ, B Shares	84,691	5,728,025
Citycon OYJ	149,589	637,475
Finnair OYJ *	16,783,049	559,383
F-Secure OYJ	208,634	398,716
Huhtamaki OYJ	179,727	7,061,991
Kemira OYJ	223,260	4,022,655
Kojamo OYJ	318,388	3,531,573
Konecranes OYJ	137,458	7,080,511
Metsa Board OYJ, B Shares	329,401	2,475,624
Nokian Renkaat OYJ	236,688	2,160,730
Outokumpu OYJ	712,177	3,154,404
QT Group OYJ *(a)	38,212	3,224,561
Raisio OYJ, V Shares	219,756	458,971
Revenio Group OYJ	44,698	1,254,717
Sanoma OYJ	145,707	1,048,551
Terveystalo OYJ	139,829	1,098,554
TietoEVRY OYJ	199,436	4,653,073
Tokmanni Group Corp.	92,528	1,567,022
YIT OYJ	314,592	546,740
		50,663,276

France 3.5%
Air France-KLM *	218,932	2,470,100
Altarea SCA	7,505	548,204
Alten SA	56,376	8,278,692
Antin Infrastructure Partners SA	51,576	856,171
ARGAN SA	18,975	1,581,103
Atos SE *(a)	189,143	470,767
Believe SA *	22,045	354,023
Beneteau SACA	71,700	960,566
Boiron SA	9,845	379,274
Bonduelle SCA	25,589	274,142
Carmila SA	111,735	1,791,947
CGG SA *	1,390,071	589,672
Cie Plastic Omnium SE	106,819	1,275,004
Clariane SE (a)	139,014	298,612
Coface SA	203,824	2,924,735
Derichebourg SA	186,784	848,939
Elior Group SA *	221,942	551,921
Elis SA	333,107	7,605,956
Equasens	7,346	373,228
Eramet SA	18,600	1,256,993
Etablissements Maurel et Prom SA	103,066	559,895
Euroapi SA *	91,773	382,352
Eutelsat Communications SACA *(a)	266,086	989,379
Fnac Darty SA	19,156	569,237
Forvia SE *	304,891	4,343,633
Gaztransport Et Technigaz SA	67,529	10,449,944
GL Events SACA	25,374	598,595
ICADE (a)	63,080	1,886,763
ID Logistics Group SACA *	4,944	1,760,200
Imerys SA	76,165	2,410,019
Interparfums SA	36,127	2,017,294
IPSOS SA	73,583	5,132,016
Jacquet Metals SACA	25,046	500,873
Lagardere SA	29,913	663,592
LISI SA	26,731	685,569

SECURITY	NUMBER OF SHARES	VALUE ($)
Manitou BF SA	22,917	548,072
Mercialys SA	173,149	1,883,101
Mersen SA	31,436	1,194,049
Metropole Television SA	128,721	1,755,123
Nexans SA	57,935	5,955,966
Nexity SA	81,575	936,613
OVH Groupe SAS *	51,927	533,832
Peugeot Invest	9,933	1,109,297
Quadient SA	65,599	1,382,846
Rubis SCA	180,397	4,747,670
SES SA, Class A	693,551	4,491,901
SMCP SA *(a)	79,912	222,678
Societe BIC SA	46,253	3,343,520
Sopra Steria Group	27,827	7,130,758
SPIE SA	249,267	8,302,732
Technip Energies NV	261,780	5,702,533
Television Francaise 1 SA	205,911	1,886,228
Trigano SA	15,430	2,497,958
Vallourec SACA *	316,359	4,803,143
Valneva SE *(a)	196,402	651,849
Verallia SA	134,236	4,968,013
Vetoquinol SA	8,162	890,317
Vicat SACA	29,932	1,146,639
Virbac SACA	8,516	3,059,577
Voltalia SA *(a)	74,096	570,903
VusionGroup *	15,305	2,378,348
X-Fab Silicon Foundries SE *	103,745	809,450
		139,542,526

Germany 4.0%
1&1 AG	88,990	1,644,814
About You Holding SE *	90,395	408,305
Adesso SE	7,072	877,030
Adtran Networks SE *	35,239	762,678
AIXTRON SE	206,735	5,745,087
Aroundtown SA *	1,319,207	2,325,528
Atoss Software AG	7,449	1,926,564
Aurubis AG	58,371	3,700,276
Auto1 Group SE *	182,939	686,551
BayWa AG	26,885	832,077
Befesa SA	79,148	2,526,676
Bertrandt AG	8,899	405,907
Bilfinger SE	55,016	2,532,644
BRANICKS Group AG (a)	105,564	141,881
CANCOM SE	68,900	2,035,492
Ceconomy AG *	372,112	804,960
CompuGroup Medical SE & Co. KGaA	45,668	1,450,961
Dermapharm Holding SE	33,329	1,330,151
Deutsche Beteiligungs AG	27,476	752,249
Deutsche EuroShop AG	23,568	478,457
Deutsche Pfandbriefbank AG (a)	236,173	983,451
Deutz AG	250,492	1,557,297
Duerr AG	93,822	2,075,263
Eckert & Ziegler Strahlen- und Medizintechnik AG	28,575	1,309,256
Elmos Semiconductor SE	17,016	1,347,895
ElringKlinger AG	52,603	295,437
Encavis AG *	210,742	2,518,862
Energiekontor AG	13,218	955,498
Evotec SE *	304,664	4,497,002
flatexDEGIRO AG *	166,947	1,746,638
Freenet AG	229,695	6,199,199
Gerresheimer AG	66,817	7,837,975
GFT Technologies SE	33,390	1,164,928
Grand City Properties SA *	195,521	1,822,789
Grenke AG (a)	51,806	1,269,802
Hamburger Hafen und Logistik AG *	48,933	868,427

See financial notes

42Schwab International Equity ETFs | Semiannual Report

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Hensoldt AG	103,567	3,776,930
Hornbach Holding AG & Co. KGaA	17,586	1,312,167
Hugo Boss AG	109,291	7,436,773
Hypoport SE *	8,433	1,756,712
Indus Holding AG	37,150	912,583
Ionos SE *	48,442	1,119,200
Jenoptik AG	97,560	3,084,890
K&S AG	364,557	5,089,121
Kloeckner & Co. SE	140,450	985,642
Kontron AG	79,657	1,837,802
Krones AG	28,047	3,469,128
KWS Saat SE & Co. KGaA	20,657	1,038,342
Lanxess AG	168,898	4,267,750
METRO AG	258,077	1,442,472
MorphoSys AG *(a)	67,720	4,763,410
Nagarro SE *(a)	17,164	1,528,643
New Work SE	5,414	367,344
Nordex SE *	267,872	3,050,964
Norma Group SE	62,311	944,018
Patrizia SE	83,131	664,806
PNE AG	82,458	1,199,278
ProSiebenSat.1 Media SE (a)	323,437	2,123,145
Redcare Pharmacy NV *	15,267	2,310,488
Salzgitter AG	73,063	1,873,844
Secunet Security Networks AG	2,575	420,767
SGL Carbon SE *(a)	99,398	651,835
Siltronic AG	39,967	3,736,826
SMA Solar Technology AG *	17,039	1,015,054
Stabilus SE	47,911	3,162,661
STRATEC SE	14,141	641,948
Stroeer SE & Co. KGaA	61,355	3,435,959
Suedzucker AG	114,585	1,621,897
Synlab AG	151,081	2,032,210
TAG Immobilien AG *	293,479	3,585,573
Takkt AG	64,356	947,143
TeamViewer SE *	260,142	4,107,271
Thyssenkrupp Nucera AG & Co. KGaA *(a)	55,507	909,413
United Internet AG	154,447	3,743,821
Varta AG *(a)	40,411	658,804
Verbio SE	39,148	799,409
Vitesco Technologies Group AG, Class A *	15,660	1,262,512
Vossloh AG	16,815	744,231
Wacker Neuson SE	46,925	844,978
Wuestenrot & Wuerttembergische AG	35,311	512,803
		159,008,574

Hong Kong 0.6%
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.	439,699	525,136
China Animal Healthcare Ltd. *(b)	192,752	0
Chow Sang Sang Holdings International Ltd.	482,381	594,596
CITIC Telecom International Holdings Ltd.	2,761,052	1,050,983
C-Mer Eye Care Holdings Ltd. *	828,233	322,669
Cowell e Holdings, Inc. *	584,883	1,368,672
Everest Medicines Ltd. *	202,120	623,493
Far East Consortium International Ltd.	2,372,738	345,509
Fortune Real Estate Investment Trust	2,673,132	1,539,933
Frontage Holdings Corp. *	1,107,837	236,318
Giordano International Ltd.	2,246,922	579,755
HKBN Ltd.	1,514,390	624,806
Hong Kong Technology Venture Co. Ltd. *	1,044,407	266,812
IGG, Inc. *	1,611,059	755,235

SECURITY	NUMBER OF SHARES	VALUE ($)
Jacobio Pharmaceuticals Group Co. Ltd. *	738,959	222,760
Jinchuan Group International Resources Co. Ltd.	9,730,172	820,293
JS Global Lifestyle Co. Ltd.	2,291,500	418,563
K Wah International Holdings Ltd.	2,430,068	645,634
Kingkey Financial International Holdings Ltd. *(a)(b)	6,512,976	237,099
LK Technology Holdings Ltd.	715,498	313,478
Luk Fook Holdings International Ltd.	661,517	1,770,231
MH Development NPV *(b)	459,925	0
Pacific Basin Shipping Ltd.	9,108,661	2,664,372
Powerlong Real Estate Holdings Ltd. *(a)	2,624,000	217,862
Prosperity REIT	2,242,449	369,502
Realord Group Holdings Ltd. *	672,416	456,935
Sa Sa International Holdings Ltd. *	2,120,720	257,343
Shun Tak Holdings Ltd. *	2,485,445	263,504
Sirnaomics Ltd. *(a)	137,757	224,527
SmarTone Telecommunications Holdings Ltd.	679,225	351,377
Stella International Holdings Ltd.	836,500	1,145,422
Sun Hung Kai & Co. Ltd.	1,086,818	316,517
SUNeVision Holdings Ltd.	1,173,669	397,280
Sunlight Real Estate Investment Trust	2,100,202	498,975
Superb Summit International Group Ltd. *(b)	1,120,000	0
Texhong International Group Ltd. *	560,500	273,491
Theme International Holdings Ltd. *	9,907,569	506,211
United Laboratories International Holdings Ltd.	1,890,728	2,052,829
Value Partners Group Ltd.	1,828,900	399,476
Vobile Group Ltd. *	2,928,720	673,372
VSTECS Holdings Ltd.	1,296,928	679,211
		25,010,181

Ireland 0.1%
Dalata Hotel Group PLC	430,814	2,102,587

Israel 1.3%
AFI Properties Ltd. *	10,583	486,832
Alony Hetz Properties & Investments Ltd.	291,100	2,135,407
Ashdod Refinery Ltd.	19,540	521,380
Ashtrom Group Ltd.	74,855	1,226,066
AudioCodes Ltd.	48,199	657,750
Camtek Ltd. *	52,212	4,195,555
Cellcom Israel Ltd. *	167,523	738,741
Clal Insurance Enterprises Holdings Ltd. *	133,282	2,550,628
Danel Adir Yeoshua Ltd.	9,253	924,108
Delek Automotive Systems Ltd.	105,579	679,896
Delta Galil Ltd.	18,324	864,485
Elco Ltd.	18,718	679,730
Equital Ltd. *	34,931	1,128,636
FIBI Holdings Ltd.	33,377	1,509,235
Formula Systems 1985 Ltd.	17,879	1,381,623
Fox Wizel Ltd.	13,993	1,169,871
G City Ltd. *	167,202	524,788
Gilat Satellite Networks Ltd. *	59,504	354,365
Hilan Ltd.	28,346	1,626,982
IDI Insurance Co. Ltd.	15,462	511,706
Isracard Ltd.	375,286	1,468,949
Israel Canada T.R Ltd.	284,249	1,110,223
Kamada Ltd. *	75,065	478,561
Kenon Holdings Ltd.	42,370	1,082,502
Matrix IT Ltd.	61,980	1,301,865

See financial notes

Schwab International Equity ETFs | Semiannual Report43

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Maytronics Ltd.	88,787	974,479
Mega Or Holdings Ltd.	38,733	1,008,993
Menora Mivtachim Holdings Ltd.	41,400	1,157,637
Migdal Insurance & Financial Holdings Ltd.	722,839	955,461
Naphtha Israel Petroleum Corp. Ltd. *	58,833	315,118
Oil Refineries Ltd.	4,665,115	1,920,069
One Software Technologies Ltd.	80,791	1,109,304
Partner Communications Co. Ltd. *	196,800	959,315
Paz Oil Co. Ltd.	18,682	1,798,318
Perion Network Ltd. *	82,369	1,873,805
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.	14,540	893,993
Reit 1 Ltd.	385,749	1,756,154
Sapiens International Corp. NV	59,132	1,824,489
Sella Capital Real Estate Ltd.	423,015	943,955
Shikun & Binui Ltd. *	592,259	1,585,283
Shufersal Ltd. *	508,440	3,621,546
Summit Real Estate Holdings Ltd.	79,843	1,067,897
		53,075,700

Italy 2.9%
ACEA SpA	82,032	1,219,713
Alerion Cleanpower SpA	12,102	289,426
Anima Holding SpA	424,611	1,915,167
Ariston Holding NV (a)	205,042	1,217,046
Arnoldo Mondadori Editore SpA	246,966	571,924
Azimut Holding SpA	209,027	5,998,788
Banca Generali SpA	105,896	3,914,579
Banca IFIS SpA	45,478	827,288
Banca Monte dei Paschi di Siena SpA *	1,434,533	5,867,998
Banca Popolare di Sondrio SpA	702,482	5,256,722
BFF Bank SpA	337,750	3,943,705
Biesse SpA	25,028	329,342
BPER Banca	2,050,145	8,222,002
Brembo SpA	283,291	3,504,020
Brunello Cucinelli SpA	65,622	7,882,429
Carel Industries SpA	93,427	2,163,584
Cementir Holding NV	105,269	1,061,705
Credito Emiliano SpA	149,450	1,429,670
Danieli & C Officine Meccaniche SpA	22,316	746,212
De' Longhi SpA	132,817	4,090,498
doValue SpA	114,317	256,076
El.En. SpA	102,038	936,918
Enav SpA	486,650	1,707,330
ERG SpA	106,934	2,916,110
Fincantieri SpA *(a)	814,340	428,722
Gruppo MutuiOnline SpA	31,025	1,143,185
GVS SpA *	128,969	892,511
Iren SpA	1,241,317	2,447,477
Italmobiliare SpA	27,047	856,116
Iveco Group NV *	380,616	4,687,237
Juventus Football Club SpA *(a)	177,179	498,413
Lottomatica Group SpA *	118,333	1,421,401
Maire Tecnimont SpA	316,041	1,812,621
MARR SpA	42,567	521,443
MFE-MediaForEurope NV, Class A	332,972	759,927
MFE-MediaForEurope NV, Class B	108,155	341,757
Piaggio & C SpA	328,253	1,099,758
RAI Way SpA	186,516	968,824
Saipem SpA *	2,037,755	3,706,869
Salcef Group SpA	41,797	1,026,736
Salvatore Ferragamo SpA	126,415	1,648,440
Sanlorenzo SpA	26,341	1,177,253
Saras SpA	1,212,951	2,294,417
Sesa SpA	14,190	1,758,229
SOL SpA	72,130	2,279,221

SECURITY	NUMBER OF SHARES	VALUE ($)
Tamburi Investment Partners SpA	190,909	1,842,803
Technogym SpA	259,752	2,470,787
Tinexta SpA	38,202	761,902
Tod's SpA *(a)	16,744	780,227
Unipol Gruppo SpA	830,307	6,677,779
Webuild SpA	595,750	1,263,595
Zignago Vetro SpA	34,868	493,540
		112,329,442

Japan 18.8%
77 Bank Ltd.	133,886	3,520,020
Abalance Corp. (a)	21,588	290,494
Adastria Co. Ltd.	50,839	1,158,288
ADEKA Corp.	191,664	3,949,300
Advance Logistics Investment Corp.	1,287	1,011,233
Aeon Delight Co. Ltd.	33,722	770,557
Aeon Hokkaido Corp. (a)	101,943	605,514
Ai Holdings Corp.	68,644	1,086,049
Aichi Corp.	48,296	350,434
Aichi Financial Group, Inc.	90,881	1,644,322
Aichi Steel Corp.	21,922	522,162
Aida Engineering Ltd.	106,755	613,412
Aiful Corp.	563,690	1,562,981
Aiphone Co. Ltd.	23,207	437,564
Aisan Industry Co. Ltd.	57,547	599,808
Akita Bank Ltd.	35,504	501,473
Alconix Corp.	51,316	492,691
Alpen Co. Ltd.	29,162	385,787
Altech Corp.	35,440	689,052
Anest Iwata Corp.	62,229	567,948
Anicom Holdings, Inc.	156,920	612,289
AOKI Holdings, Inc.	71,873	536,394
Aoyama Trading Co. Ltd.	86,044	935,923
Appier Group, Inc. *	155,980	1,953,007
Arata Corp.	48,488	1,086,906
ARCLANDS Corp. (a)	99,454	1,117,670
Arcs Co. Ltd.	67,231	1,390,258
ARE Holdings, Inc.	139,198	1,801,473
Argo Graphics, Inc.	28,020	804,075
Arisawa Manufacturing Co. Ltd.	51,900	399,818
Artience Co. Ltd.	65,275	1,240,779
Asahi Diamond Industrial Co. Ltd.	93,731	570,515
Asahi Yukizai Corp.	22,321	642,025
Asanuma Corp.	23,540	691,243
ASKA Pharmaceutical Holdings Co. Ltd.	40,463	564,216
Atom Corp. *	223,939	1,370,536
Autobacs Seven Co. Ltd.	111,747	1,250,593
Avant Group Corp.	40,645	371,500
Avex, Inc.	64,784	563,998
Awa Bank Ltd.	66,233	1,197,920
Axial Retailing, Inc.	26,535	707,387
Bando Chemical Industries Ltd.	79,566	908,521
Bank of Iwate Ltd.	30,361	536,952
Bank of Nagoya Ltd.	29,546	1,306,838
Bank of Saga Ltd.	17,800	243,684
Bank of the Ryukyus Ltd.	76,556	588,223
Base Co. Ltd.	32,306	730,646
Belc Co. Ltd.	18,033	765,080
Bell System24 Holdings, Inc.	62,234	707,705
Belluna Co. Ltd.	92,419	382,841
BML, Inc.	35,391	664,926
Broadleaf Co. Ltd.	162,866	603,933
BRONCO BILLY Co. Ltd.	17,280	384,462
Bunka Shutter Co. Ltd.	88,531	929,851
C Uyemura & Co. Ltd.	20,877	1,651,525
Canon Electronics, Inc.	34,896	525,993
Carta Holdings, Inc.	38,347	374,067

See financial notes

44Schwab International Equity ETFs | Semiannual Report

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Cawachi Ltd.	23,369	432,499
Central Glass Co. Ltd.	43,276	828,394
Change Holdings, Inc. (a)	61,650	602,619
Chilled & Frozen Logistics Holdings Co. Ltd.	40,952	501,537
Chiyoda Corp. *	296,631	786,814
Chiyoda Integre Co. Ltd.	21,266	371,697
Chofu Seisakusho Co. Ltd.	33,480	463,043
Chori Co. Ltd.	22,310	474,760
Chubu Shiryo Co. Ltd.	51,298	419,172
Chubu Steel Plate Co. Ltd.	45,228	743,677
Chudenko Corp.	49,644	968,534
Chugoku Marine Paints Ltd.	83,959	1,211,675
CI Takiron Corp.	75,000	325,717
Citizen Watch Co. Ltd.	394,868	2,749,064
CKD Corp.	114,150	2,341,421
CMK Corp.	89,671	372,056
COLOPL, Inc.	96,565	367,111
Colowide Co. Ltd.	133,790	2,002,336
Comforia Residential REIT, Inc.	1,322	2,532,354
Computer Engineering & Consulting Ltd.	48,316	603,668
Comture Corp.	43,674	530,204
Cosel Co. Ltd.	39,800	409,248
CRE Logistics REIT, Inc.	1,182	1,125,376
Create Restaurants Holdings, Inc. (a)	195,822	1,372,468
Create SD Holdings Co. Ltd.	41,812	919,099
CTI Engineering Co. Ltd.	20,620	800,442
Curves Holdings Co. Ltd.	118,670	569,286
Cybozu, Inc.	47,192	583,003
Dai Nippon Toryo Co. Ltd.	47,540	365,277
Dai-Dan Co. Ltd.	50,752	629,695
Daido Metal Co. Ltd.	77,465	289,840
Daiei Kankyo Co. Ltd.	72,792	1,362,753
Daihen Corp.	38,058	2,003,722
Daiho Corp.	15,280	321,587
Daiichi Jitsugyo Co. Ltd.	51,720	687,319
Daiki Aluminium Industry Co. Ltd.	52,504	416,749
Daikoku Denki Co. Ltd. (a)	19,920	537,029
Daikokutenbussan Co. Ltd.	9,873	618,753
Daikyonishikawa Corp.	112,845	566,977
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.	23,973	433,747
Daiseki Co. Ltd.	85,251	2,258,437
Daishi Hokuetsu Financial Group, Inc.	81,721	2,353,294
Daito Pharmaceutical Co. Ltd.	26,648	370,156
Daiwa Industries Ltd.	50,607	481,488
Daiwabo Holdings Co. Ltd.	172,030	3,014,289
DCM Holdings Co. Ltd.	169,869	1,636,608
Demae-Can Co. Ltd. *(a)	141,160	365,939
Denyo Co. Ltd.	26,703	415,701
Dexerials Corp.	87,591	3,526,581
Digital Arts, Inc.	18,891	559,144
Digital Garage, Inc.	61,599	1,430,190
Dip Corp.	39,359	688,723
DKK Co. Ltd.	17,876	252,010
Doshisha Co. Ltd.	41,182	578,920
Doutor Nichires Holdings Co. Ltd.	49,176	676,839
DTS Corp.	73,667	1,981,090
Duskin Co. Ltd.	75,815	1,703,013
DyDo Group Holdings, Inc.	30,508	638,004
Eagle Industry Co. Ltd.	52,031	613,581
Earth Corp.	28,377	801,996
EDION Corp.	154,842	1,590,113
eGuarantee, Inc.	59,373	783,468
Ehime Bank Ltd.	63,945	478,081
Eiken Chemical Co. Ltd.	60,456	762,617
Eizo Corp.	36,589	1,261,437
Elan Corp.	62,242	396,316

SECURITY	NUMBER OF SHARES	VALUE ($)
Elecom Co. Ltd.	81,911	876,191
Elematec Corp.	30,490	387,262
EM Systems Co. Ltd.	70,541	338,401
en Japan, Inc.	51,886	873,953
Enplas Corp. (a)	12,888	715,569
eRex Co. Ltd. (a)	68,594	330,894
ES-Con Japan Ltd. *	74,123	497,719
ESCON Japan Reit Investment Corp.	612	471,870
ESPEC Corp.	35,941	671,177
euglena Co. Ltd. *	171,407	705,463
Exedy Corp.	54,267	1,091,359
FCC Co. Ltd.	66,292	937,664
Ferrotec Holdings Corp.	89,020	1,777,783
FIDEA Holdings Co. Ltd.	35,369	383,536
Financial Partners Group Co. Ltd.	110,175	1,403,780
Fixstars Corp.	39,578	509,038
France Bed Holdings Co. Ltd. (a)	60,751	544,717
Fudo Tetra Corp.	15,400	220,191
Fuji Co. Ltd.	61,658	778,604
Fuji Corp.	163,410	2,812,482
Fuji Seal International, Inc.	77,659	1,051,746
Fuji Soft, Inc.	79,652	3,395,335
Fujibo Holdings, Inc.	21,054	629,496
Fujicco Co. Ltd.	41,462	541,580
Fujimi, Inc.	111,100	2,787,335
Fujimori Kogyo Co. Ltd.	29,138	755,365
Fujio Food Group, Inc. *	50,801	470,097
Fujita Kanko, Inc. *	15,091	616,062
Fujitec Co. Ltd. (a)	145,928	3,753,744
Fujiya Co. Ltd.	21,376	352,196
Fukuda Corp.	9,576	341,017
Fukui Bank Ltd.	43,809	554,089
Fukuoka REIT Corp.	1,404	1,554,372
Fukushima Galilei Co. Ltd.	21,833	831,483
Fukuyama Transporting Co. Ltd.	56,835	1,547,422
FULLCAST Holdings Co. Ltd.	37,615	385,776
Funai Soken Holdings, Inc.	59,106	993,591
Furukawa Co. Ltd.	59,886	708,213
Furuno Electric Co. Ltd.	47,023	712,555
Furuya Metal Co. Ltd.	8,480	577,911
Fuso Chemical Co. Ltd.	37,404	1,209,563
Futaba Industrial Co. Ltd.	112,605	805,020
Future Corp.	64,885	729,181
Gakken Holdings Co. Ltd.	55,428	362,187
Genky DrugStores Co. Ltd.	15,921	711,642
Geo Holdings Corp.	45,793	592,644
giftee, Inc. *	38,761	358,423
Giken Ltd.	28,159	379,668
Global One Real Estate Investment Corp.	1,979	1,408,188
GLOBERIDE, Inc.	37,843	504,422
Glory Ltd.	91,028	1,775,615
GMO Financial Holdings, Inc.	87,600	423,748
Godo Steel Ltd.	16,900	672,974
Goldcrest Co. Ltd.	29,562	451,321
Gree, Inc.	134,185	445,580
gremz, Inc.	30,009	407,418
G-Tekt Corp.	41,150	561,424
Gunma Bank Ltd.	753,513	4,066,866
Gunze Ltd.	29,720	1,115,964
H.U. Group Holdings, Inc.	101,176	1,737,304
H2O Retailing Corp.	156,069	1,823,777
Hakuto Co. Ltd.	20,265	800,201
Halows Co. Ltd.	16,364	505,122
Hamakyorex Co. Ltd.	30,268	763,424
Hankyu Hanshin REIT, Inc.	1,304	1,184,900
Hanwa Co. Ltd.	71,726	2,726,805
Happinet Corp.	30,143	637,420
Hazama Ando Corp.	296,947	2,450,254

See financial notes

Schwab International Equity ETFs | Semiannual Report45

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Health Care & Medical Investment Corp.	654	568,924
Heiwa Real Estate Co. Ltd.	61,143	1,601,393
Heiwa Real Estate REIT, Inc.	1,910	1,730,447
Heiwado Co. Ltd. (a)	57,547	790,901
Hibiya Engineering Ltd.	31,326	530,577
Hiday Hidaka Corp.	52,599	928,838
HI-LEX Corp.	51,909	589,946
Hioki EE Corp.	17,621	794,693
Hirata Corp.	16,062	871,407
HIS Co. Ltd. *	79,203	905,963
Hitachi Zosen Corp.	317,545	2,609,610
Hochiki Corp.	28,060	414,704
Hogy Medical Co. Ltd.	35,370	853,115
Hokkaido Electric Power Co., Inc.	336,024	1,540,138
Hokkaido Gas Co. Ltd.	21,632	322,738
Hokkoku Financial Holdings, Inc.	38,152	1,232,478
Hokuetsu Corp. (a)	257,928	2,559,117
Hokuhoku Financial Group, Inc.	238,058	2,743,703
Hokuriku Electric Power Co. *	334,212	1,617,357
Hokuto Corp.	38,600	464,479
Honeys Holdings Co. Ltd.	29,740	330,246
Hoosiers Holdings Co. Ltd.	48,480	355,656
Hoshino Resorts REIT, Inc.	499	1,833,701
Hosiden Corp.	98,762	1,282,118
Hosokawa Micron Corp.	21,252	673,044
Hulic Reit, Inc. (a)	2,471	2,417,013
Hyakugo Bank Ltd.	394,099	1,740,492
Hyakujushi Bank Ltd.	49,908	937,338
Ichibanya Co. Ltd.	156,365	1,288,154
Ichigo Office REIT Investment Corp.	2,227	1,166,545
Ichigo, Inc.	367,119	956,614
Ichikoh Industries Ltd.	112,617	413,839
Ichiyoshi Securities Co. Ltd.	66,524	356,910
Icom, Inc.	17,672	405,581
Idec Corp.	48,820	927,342
IDOM, Inc.	103,599	627,118
Iino Kaiun Kaisha Ltd.	158,860	1,360,717
I'll, Inc.	34,202	882,072
Inaba Denki Sangyo Co. Ltd.	101,209	2,390,418
Inabata & Co. Ltd.	73,821	1,575,854
Inageya Co. Ltd.	45,967	394,038
Ines Corp.	35,631	374,950
Infocom Corp.	39,777	609,133
Infomart Corp.	397,335	1,128,265
Insource Co. Ltd.	78,919	464,540
Integrated Design & Engineering Holdings Co. Ltd.	27,023	665,329
Iriso Electronics Co. Ltd.	38,650	782,451
Ishihara Sangyo Kaisha Ltd.	65,715	652,891
Istyle, Inc. *	126,223	400,587
Itochu Enex Co. Ltd.	87,209	890,910
Itochu-Shokuhin Co. Ltd.	9,440	476,825
J Trust Co. Ltd. (a)	185,964	519,362
JAC Recruitment Co. Ltd.	105,088	538,535
Jaccs Co. Ltd.	47,557	1,734,892
JAFCO Group Co. Ltd.	97,652	1,173,103
Japan Elevator Service Holdings Co. Ltd.	135,126	2,171,297
Japan Excellent, Inc.	2,404	1,896,923
Japan Lifeline Co. Ltd.	126,691	1,107,181
Japan Material Co. Ltd.	109,829	1,866,073
Japan Petroleum Exploration Co. Ltd.	54,519	2,218,352
Japan Pulp & Paper Co. Ltd.	20,203	693,816
Japan Securities Finance Co. Ltd.	159,120	1,729,727
Japan Transcity Corp.	92,389	382,099
Japan Wool Textile Co. Ltd.	120,353	1,104,060
JCU Corp.	39,322	1,125,775
JINS Holdings, Inc.	27,561	757,757
JM Holdings Co. Ltd.	26,327	458,572

SECURITY	NUMBER OF SHARES	VALUE ($)
J-Oil Mills, Inc.	33,477	437,055
Joshin Denki Co. Ltd.	36,572	572,270
Joyful Honda Co. Ltd.	109,604	1,528,319
JSB Co. Ltd.	22,104	401,851
Juroku Financial Group, Inc.	64,455	1,914,228
JVCKenwood Corp.	288,937	1,602,310
K&O Energy Group, Inc.	26,940	431,630
Kaga Electronics Co. Ltd.	32,513	1,442,415
Kaken Pharmaceutical Co. Ltd.	61,084	1,449,250
Kameda Seika Co. Ltd.	26,562	778,208
Kamei Corp.	41,526	525,491
Kanamoto Co. Ltd.	52,259	1,001,395
Kanematsu Corp.	158,772	2,532,163
Kanto Denka Kogyo Co. Ltd.	85,759	520,272
Kappa Create Co. Ltd. *	44,931	498,933
Katakura Industries Co. Ltd.	37,950	455,897
Kato Sangyo Co. Ltd.	38,090	1,233,020
Kawada Technologies, Inc.	7,824	470,475
KeePer Technical Laboratory Co. Ltd.	22,047	945,692
Keihanshin Building Co. Ltd.	64,395	645,370
Keiyo Bank Ltd.	205,458	1,029,555
Key Coffee, Inc.	30,667	420,245
KFC Holdings Japan Ltd.	27,764	785,599
KH Neochem Co. Ltd.	67,964	1,022,616
Kintetsu Department Store Co. Ltd.	16,696	265,271
Kisoji Co. Ltd.	43,788	795,481
Kissei Pharmaceutical Co. Ltd.	60,402	1,370,113
Ki-Star Real Estate Co. Ltd.	14,388	346,073
Kitz Corp.	148,574	1,247,795
Kiyo Bank Ltd.	117,427	1,461,659
Koa Corp.	56,747	576,683
Kohnan Shoji Co. Ltd.	44,929	1,262,287
Komatsu Matere Co. Ltd.	67,052	344,511
KOMEDA Holdings Co. Ltd.	60,711	1,106,971
Komehyo Holdings Co. Ltd. (a)	21,588	523,581
Komeri Co. Ltd.	48,914	1,140,575
Komori Corp.	84,368	723,782
Konishi Co. Ltd.	89,386	869,553
Konoike Transport Co. Ltd.	55,304	685,804
Kosaido Holdings Co. Ltd.	164,300	754,153
Koshidaka Holdings Co. Ltd.	86,904	542,315
KPP Group Holdings Co. Ltd.	88,080	380,168
Krosaki Harima Corp.	7,740	750,884
Kumagai Gumi Co. Ltd.	64,511	1,704,690
Kumiai Chemical Industry Co. Ltd.	180,021	992,299
Kura Sushi, Inc.	37,766	1,003,006
Kurabo Industries Ltd.	33,199	705,371
Kureha Corp.	95,514	1,709,641
Kurimoto Ltd.	23,000	509,421
KYB Corp.	37,249	1,279,213
Kyodo Printing Co. Ltd.	12,700	268,137
Kyoei Steel Ltd.	42,124	683,632
Kyokuto Kaihatsu Kogyo Co. Ltd.	58,059	966,292
Kyokuyo Co. Ltd.	17,722	422,122
Kyorin Pharmaceutical Co. Ltd.	70,325	836,833
Kyoritsu Maintenance Co. Ltd.	47,075	1,989,058
LEC, Inc.	42,516	312,755
Leopalace21 Corp. *	435,253	1,334,811
Life Corp.	38,981	1,002,718
Link & Motivation, Inc.	80,100	330,204
Lintec Corp.	89,372	1,812,280
LITALICO, Inc.	35,706	526,751
M&A Capital Partners Co. Ltd.	24,373	433,656
Macromill, Inc.	72,201	366,625
Maeda Kosen Co. Ltd.	37,380	866,631
Makino Milling Machine Co. Ltd.	37,852	1,476,954
Management Solutions Co. Ltd.	30,972	623,910
Mandom Corp.	69,839	624,337

See financial notes

46Schwab International Equity ETFs | Semiannual Report

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Mars Group Holdings Corp.	22,100	454,049
Marudai Food Co. Ltd.	39,329	437,252
Maruha Nichiro Corp.	66,223	1,308,576
MARUKA FURUSATO Corp.	29,250	440,695
Marusan Securities Co. Ltd.	107,449	747,340
Maruwa Co. Ltd.	15,441	3,517,994
Maruzen Showa Unyu Co. Ltd.	29,049	863,687
Marvelous, Inc.	59,112	286,733
Matsuda Sangyo Co. Ltd.	24,734	387,032
Matsuya Co. Ltd.	75,152	486,552
Matsuyafoods Holdings Co. Ltd.	15,662	612,165
Max Co. Ltd.	72,987	1,553,174
Maxell Ltd.	70,801	736,062
MCJ Co. Ltd.	121,209	1,103,814
MEC Co. Ltd.	25,398	752,590
Medley, Inc. *	41,564	1,402,407
Megachips Corp.	28,207	786,826
Megmilk Snow Brand Co. Ltd.	79,645	1,196,777
Meidensha Corp.	77,631	1,375,024
Meiko Electronics Co. Ltd.	36,919	1,208,680
Meisei Industrial Co. Ltd.	90,133	749,151
MEITEC Group Holdings, Inc.	148,284	2,997,978
METAWATER Co. Ltd.	41,062	633,749
Micronics Japan Co. Ltd.	62,837	3,157,174
Mie Kotsu Group Holdings, Inc.	116,365	468,819
Milbon Co. Ltd.	35,700	769,242
Mimasu Semiconductor Industry Co. Ltd.	28,928	614,626
Mirai Corp.	3,157	932,314
Mirait One Corp.	141,503	1,764,651
Mirarth Holdings, Inc.	178,366	581,563
Miroku Jyoho Service Co. Ltd.	33,673	431,965
Mitani Sekisan Co. Ltd.	19,647	727,229
Mitsuba Corp.	68,680	666,747
Mitsubishi Estate Logistics REIT Investment Corp.	927	2,164,672
Mitsubishi Logisnext Co. Ltd.	124,855	1,381,438
Mitsubishi Pencil Co. Ltd.	81,767	1,297,499
Mitsubishi Research Institute, Inc.	12,064	406,244
Mitsubishi Shokuhin Co. Ltd.	30,729	1,104,577
Mitsuboshi Belting Ltd.	37,047	1,228,959
Mitsui DM Sugar Holdings Co. Ltd.	30,887	666,567
Mitsui E&S Co. Ltd.	158,025	1,946,937
Mitsui-Soko Holdings Co. Ltd.	41,650	1,309,302
Mitsuuroko Group Holdings Co. Ltd.	80,459	761,208
MIXI, Inc.	75,800	1,250,419
Miyazaki Bank Ltd.	27,692	524,903
Mizuho Leasing Co. Ltd.	80,981	2,975,850
Mizuno Corp.	36,783	1,292,701
Mochida Pharmaceutical Co. Ltd.	44,423	970,557
Modec, Inc.	38,290	780,280
Monex Group, Inc.	338,143	2,087,553
Monogatari Corp.	53,375	1,665,406
Mori Trust Reit, Inc.	4,861	2,263,725
Moriroku Holdings Co. Ltd.	14,800	266,987
Morita Holdings Corp.	75,339	797,837
MOS Food Services, Inc.	47,342	1,130,805
Musashi Seimitsu Industry Co. Ltd.	86,825	968,203
Musashino Bank Ltd.	60,861	1,178,834
Nachi-Fujikoshi Corp.	33,418	765,843
Nafco Co. Ltd.	35,340	595,021
Nagaileben Co. Ltd.	47,378	706,222
Nagatanien Holdings Co. Ltd.	21,166	313,665
Nagawa Co. Ltd.	18,814	927,690
Nakanishi, Inc.	135,852	2,174,794
Nanto Bank Ltd.	59,235	1,133,091
NEC Capital Solutions Ltd.	15,164	387,535
Neturen Co. Ltd.	66,527	466,716

SECURITY	NUMBER OF SHARES	VALUE ($)
Nextage Co. Ltd.	73,455	1,198,975
Nichias Corp.	106,277	2,790,597
Nichicon Corp.	118,580	970,539
Nichiden Corp.	23,254	404,269
Nichiha Corp.	54,833	1,273,099
Nichireki Co. Ltd.	42,669	682,214
Nihon Parkerizing Co. Ltd.	175,425	1,467,442
Nikkiso Co. Ltd.	106,760	893,768
Nikkon Holdings Co. Ltd.	98,510	2,024,566
Nippn Corp.	96,792	1,537,859
Nippon Carbon Co. Ltd.	18,689	651,811
Nippon Ceramic Co. Ltd.	30,328	549,134
Nippon Chemi-Con Corp. *	40,048	365,240
Nippon Denko Co. Ltd.	176,925	354,630
Nippon Densetsu Kogyo Co. Ltd.	66,545	899,449
Nippon Fine Chemical Co. Ltd.	26,222	457,794
Nippon Gas Co. Ltd.	203,392	3,186,706
Nippon Kanzai Holdings Co. Ltd.	34,227	588,173
Nippon Light Metal Holdings Co. Ltd.	116,203	1,341,610
Nippon Paper Industries Co. Ltd. *	183,719	1,400,570
Nippon Parking Development Co. Ltd., Class C	238,756	298,305
Nippon Pillar Packing Co. Ltd.	30,716	1,128,737
NIPPON REIT Investment Corp.	855	1,873,722
Nippon Road Co. Ltd.	33,212	448,685
Nippon Seiki Co. Ltd.	91,731	946,912
Nippon Sheet Glass Co. Ltd. *	179,019	631,536
Nippon Signal Company Ltd.	110,775	753,451
Nippon Soda Co. Ltd.	48,952	2,008,187
Nippon Thompson Co. Ltd.	124,852	544,721
Nippon Yakin Kogyo Co. Ltd. (a)	25,313	794,889
Nishimatsu Construction Co. Ltd.	52,412	1,590,184
Nishimatsuya Chain Co. Ltd.	82,987	1,243,668
Nishi-Nippon Financial Holdings, Inc.	276,600	3,494,692
Nishio Holdings Co. Ltd.	30,212	784,216
Nissan Shatai Co. Ltd.	129,641	833,264
Nissei ASB Machine Co. Ltd.	15,307	466,359
Nissha Co. Ltd.	70,843	708,099
Nisshin Oillio Group Ltd.	44,363	1,547,236
Nisshinbo Holdings, Inc.	254,537	2,129,220
Nissin Corp.	20,552	389,152
Nissui Corp.	558,176	3,552,605
Nitta Corp.	34,895	873,133
Nittetsu Mining Co. Ltd.	24,779	827,788
Nitto Boseki Co. Ltd.	51,672	1,922,984
Nitto Kogyo Corp.	47,763	1,464,770
Nittoku Co. Ltd.	29,840	378,009
Nohmi Bosai Ltd.	42,425	627,574
Nojima Corp.	124,986	1,407,105
Nomura Co. Ltd.	149,056	848,505
Nomura Micro Science Co. Ltd.	14,242	1,817,480
Noritake Co. Ltd.	25,534	1,424,527
Noritsu Koki Co. Ltd.	40,337	865,115
Noritz Corp.	63,937	718,528
North Pacific Bank Ltd.	531,380	1,416,587
NPR-RIKEN Corp.	53,668	1,079,312
NS United Kaiun Kaisha Ltd.	18,927	671,493
NSD Co. Ltd.	128,472	2,450,642
NTN Corp.	806,129	1,709,530
NTT UD REIT Investment Corp.	2,608	2,068,348
Obara Group, Inc.	19,407	490,783
Ogaki Kyoritsu Bank Ltd.	75,426	1,073,411
Ohsho Food Service Corp.	20,221	1,059,215
Oiles Corp.	52,303	719,878
Oisix ra daichi, Inc. *(a)	46,632	430,272
Oita Bank Ltd.	27,872	518,259
Okabe Co. Ltd.	72,249	363,490
Okamoto Industries, Inc.	24,468	792,059

See financial notes

Schwab International Equity ETFs | Semiannual Report47

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Okamura Corp.	132,637	1,939,884
Okasan Securities Group, Inc.	377,510	1,967,380
Oki Electric Industry Co. Ltd.	161,069	1,152,568
Okinawa Cellular Telephone Co.	41,488	999,293
Okinawa Electric Power Co., Inc.	83,308	616,169
Okinawa Financial Group, Inc.	38,481	667,446
Okumura Corp.	67,165	2,284,157
One REIT, Inc.	459	780,794
Onoken Co. Ltd.	35,455	428,056
Onward Holdings Co. Ltd.	206,122	706,492
Open Up Group, Inc.	109,397	1,592,678
Optex Group Co. Ltd.	63,788	794,846
Organo Corp.	49,891	2,556,718
Oriental Shiraishi Corp.	216,836	575,158
Osaka Organic Chemical Industry Ltd.	28,899	635,249
Osaka Soda Co. Ltd.	43,134	3,325,759
OSAKA Titanium Technologies Co. Ltd. (a)	35,592	633,270
Osaki Electric Co. Ltd.	72,226	319,943
Outsourcing, Inc. *	198,277	2,316,345
Oyo Corp.	35,963	539,673
Pacific Industrial Co. Ltd.	77,797	784,883
Pack Corp.	21,680	507,706
PAL GROUP Holdings Co. Ltd.	81,158	1,231,441
Paramount Bed Holdings Co. Ltd.	79,072	1,318,131
Pasona Group, Inc.	35,497	680,199
Pharma Foods International Co. Ltd. (a)	48,032	293,641
PHC Holdings Corp.	63,310	515,211
PIA Corp. *	12,062	251,040
Pilot Corp.	68,983	1,836,228
Piolax, Inc.	42,013	785,130
PKSHA Technology, Inc. *	30,980	1,310,239
Premium Group Co. Ltd.	71,621	899,629
Press Kogyo Co. Ltd. (a)	144,343	648,082
Pressance Corp.	36,420	412,940
Prestige International, Inc.	161,669	693,469
Prima Meat Packers Ltd.	56,406	854,362
Procrea Holdings, Inc.	53,369	673,932
Proto Corp.	40,589	360,683
Qol Holdings Co. Ltd.	41,233	453,461
Raito Kogyo Co. Ltd.	83,691	1,065,778
Raiznext Corp.	84,356	1,287,856
Raksul, Inc. *	92,451	697,382
Raysum Co. Ltd.	13,720	331,839
Remixpoint, Inc. (a)	240,037	275,849
RENOVA, Inc. *	84,526	631,954
Restar Holdings Corp.	48,328	981,607
Retail Partners Co. Ltd.	62,330	727,954
Rheon Automatic Machinery Co. Ltd.	38,597	371,606
Ricoh Leasing Co. Ltd.	25,606	882,789
Riken Keiki Co. Ltd.	33,364	1,709,774
Riken Technos Corp.	90,828	594,718
Riken Vitamin Co. Ltd.	30,198	511,068
Ringer Hut Co. Ltd. (a)	48,475	748,485
Riso Kagaku Corp.	43,398	953,962
Riso Kyoiku Co. Ltd. (a)	179,419	262,529
Rock Field Co. Ltd.	38,915	433,169
Roland Corp.	23,954	727,406
Roland DG Corp.	22,311	746,830
Rorze Corp.	18,732	2,633,268
Round One Corp.	346,349	1,615,231
Royal Holdings Co. Ltd.	77,920	1,268,211
RS Technologies Co. Ltd.	28,180	513,065
Ryobi Ltd.	49,862	838,196
RYODEN Corp.	25,758	451,243
Ryosan Co. Ltd.	44,983	1,616,948
Ryoyo Electro Corp.	28,872	799,589
S Foods, Inc.	35,506	741,339

SECURITY	NUMBER OF SHARES	VALUE ($)
Sagami Holdings Corp.	45,378	465,089
Saibu Gas Holdings Co. Ltd.	43,525	551,660
Saizeriya Co. Ltd.	48,267	1,576,974
Sakai Chemical Industry Co. Ltd.	27,104	361,640
Sakai Moving Service Co. Ltd.	34,162	593,675
Sakata INX Corp.	91,014	878,093
Sakata Seed Corp.	61,574	1,493,376
Sala Corp.	102,330	542,861
SAMTY Co. Ltd.	52,922	873,017
Samty Residential Investment Corp.	809	550,792
San ju San Financial Group, Inc.	42,271	558,643
San-A Co. Ltd.	34,479	1,060,839
San-Ai Obbli Co. Ltd.	101,682	1,332,933
Sangetsu Corp.	107,554	2,533,092
San-In Godo Bank Ltd.	294,328	2,257,557
Sankei Real Estate, Inc.	826	467,995
Sanki Engineering Co. Ltd.	96,535	1,286,101
Sankyo Seiko Co. Ltd.	56,100	290,114
Sansan, Inc. *	151,298	1,800,372
Sanyo Chemical Industries Ltd.	19,670	558,545
Sanyo Denki Co. Ltd.	16,325	729,700
Sanyo Electric Railway Co. Ltd.	32,250	458,098
Sanyo Special Steel Co. Ltd.	40,274	607,326
Sato Holdings Corp.	43,822	656,437
SBI Sumishin Net Bank Ltd.	83,544	1,087,908
SBS Holdings, Inc.	32,480	519,090
Seika Corp.	19,000	398,610
Seikagaku Corp.	79,790	401,962
Seikitokyu Kogyo Co. Ltd.	43,964	574,848
Seiko Group Corp.	51,700	1,203,812
Seiren Co. Ltd.	78,232	1,339,149
Sekisui Jushi Corp.	50,414	862,296
Senko Group Holdings Co. Ltd.	196,769	1,402,770
Senshu Electric Co. Ltd.	23,961	613,954
Senshu Ikeda Holdings, Inc.	500,666	1,281,186
Septeni Holdings Co. Ltd.	193,000	603,488
Seria Co. Ltd.	94,700	1,913,994
Shibaura Machine Co. Ltd.	43,876	1,075,866
Shibaura Mechatronics Corp.	16,516	723,892
Shibusawa Warehouse Co. Ltd.	18,100	367,031
Shibuya Corp.	41,353	862,039
Shiga Bank Ltd.	90,131	2,487,078
Shikoku Bank Ltd.	65,645	493,423
Shikoku Kasei Holdings Corp.	59,080	749,997
Shima Seiki Manufacturing Ltd.	54,938	503,240
Shin Nippon Air Technologies Co. Ltd.	24,661	466,132
Shin Nippon Biomedical Laboratories Ltd. (a)	36,264	397,361
Shindengen Electric Manufacturing Co. Ltd.	15,017	310,534
Shin-Etsu Polymer Co. Ltd.	63,779	674,139
Shinko Shoji Co. Ltd.	57,800	467,281
Shinmaywa Industries Ltd.	78,703	639,952
Shinnihon Corp.	47,087	399,234
Shinwa Co. Ltd.	21,619	349,122
Shizuoka Gas Co. Ltd.	107,897	666,832
Shochiku Co. Ltd. (a)	19,376	1,304,291
Shoei Co. Ltd.	91,798	1,295,366
Shoei Foods Corp.	24,324	760,582
Showa Sangyo Co. Ltd.	50,778	1,177,254
SIGMAXYZ Holdings, Inc.	29,200	333,224
Siix Corp.	64,747	707,731
Simplex Holdings, Inc.	55,104	939,938
Sinanen Holdings Co. Ltd.	15,748	448,229
Sinfonia Technology Co. Ltd.	44,595	796,435
Sinko Industries Ltd.	37,947	849,352
Sintokogio Ltd.	96,165	744,031
SKY Perfect JSAT Holdings, Inc.	234,268	1,391,490

See financial notes

48Schwab International Equity ETFs | Semiannual Report

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Snow Peak, Inc. *(a)	55,535	461,957
Sodick Co. Ltd.	89,390	444,352
Softcreate Holdings Corp.	27,576	359,831
Solasto Corp.	91,403	327,334
Sosei Group Corp. *	141,644	1,377,923
SOSiLA Logistics REIT, Inc.	1,349	1,023,895
Sparx Group Co. Ltd.	38,275	485,118
S-Pool, Inc.	112,180	242,843
SRA Holdings	14,896	394,121
SRE Holdings Corp. *	18,572	449,192
St. Marc Holdings Co. Ltd.	25,765	381,818
Star Asia Investment Corp.	4,003	1,484,376
Star Micronics Co. Ltd.	65,686	792,164
Starts Corp., Inc.	54,999	1,111,592
Starts Proceed Investment Corp.	467	599,702
Starzen Co. Ltd.	28,040	528,314
Stella Chemifa Corp.	16,462	414,107
Strike Co. Ltd.	28,136	1,035,808
Sumida Corp.	58,716	476,256
Sumitomo Densetsu Co. Ltd.	24,833	510,199
Sumitomo Mitsui Construction Co. Ltd.	281,691	814,941
Sumitomo Osaka Cement Co. Ltd.	60,013	1,427,449
Sumitomo Riko Co. Ltd.	68,296	575,408
Sumitomo Seika Chemicals Co. Ltd.	15,972	528,238
Sumitomo Warehouse Co. Ltd.	97,152	1,674,050
Sun Corp. (a)	34,600	739,761
Sun Frontier Fudousan Co. Ltd.	46,535	516,123
Suruga Bank Ltd.	342,211	1,847,441
SWCC Corp.	42,149	947,627
Systena Corp.	525,514	1,011,212
T Hasegawa Co. Ltd.	40,342	840,964
Tachibana Eletech Co. Ltd.	31,590	669,074
Tachi-S Co. Ltd.	53,522	732,365
Tadano Ltd.	222,257	1,879,985
Taihei Dengyo Kaisha Ltd.	28,214	839,803
Taikisha Ltd.	54,733	1,733,376
Taiyo Holdings Co. Ltd.	63,232	1,368,823
Takamatsu Construction Group Co. Ltd.	27,501	522,201
Takara Leben Real Estate Investment Corp.	1,252	798,864
Takara Standard Co. Ltd.	87,848	1,081,739
Takasago International Corp.	27,876	611,830
Takasago Thermal Engineering Co. Ltd.	111,958	3,265,161
Takatori Corp. (a)	9,920	313,169
Takeuchi Manufacturing Co. Ltd. (a)	66,133	2,324,177
Takuma Co. Ltd.	141,368	1,837,113
Tama Home Co. Ltd.	24,657	691,095
Tamron Co. Ltd.	23,443	1,016,537
Tamura Corp.	143,096	527,754
Tanseisha Co. Ltd.	82,431	437,297
Tatsuta Electric Wire & Cable Co. Ltd. *	64,640	301,455
TechMatrix Corp.	45,613	608,905
Teikoku Electric Manufacturing Co. Ltd.	31,083	561,351
Teikoku Sen-I Co. Ltd.	42,316	622,286
Tekken Corp.	26,528	433,183
Tenma Corp.	26,842	423,604
T-Gaia Corp.	40,392	573,752
TKC Corp.	55,263	1,368,006
Toa Corp.	28,267	965,086
Toagosei Co. Ltd.	220,506	2,271,800
TOC Co. Ltd.	92,389	405,556
Tocalo Co. Ltd.	100,268	1,154,954
Tochigi Bank Ltd.	186,836	423,180
Toei Co. Ltd.	12,930	1,774,452
Toenec Corp.	14,510	505,092
Toho Bank Ltd.	365,499	830,291
Toho Holdings Co. Ltd.	92,299	1,950,569
Toho Titanium Co. Ltd. (a)	65,110	715,179

SECURITY	NUMBER OF SHARES	VALUE ($)
Tokai Corp.	33,647	493,678
TOKAI Holdings Corp.	215,782	1,469,111
Tokai Rika Co. Ltd.	96,040	1,573,395
Tokai Tokyo Financial Holdings, Inc.	425,969	1,687,710
Token Corp.	14,111	896,610
Tokushu Tokai Paper Co. Ltd.	13,430	350,399
Tokuyama Corp.	138,189	2,241,751
Tokyo Electron Device Ltd.	33,473	1,612,483
Tokyo Kiraboshi Financial Group, Inc.	48,229	1,454,894
Tokyo Steel Manufacturing Co. Ltd.	141,363	1,575,422
Tokyotokeiba Co. Ltd.	26,193	743,771
Tokyu Construction Co. Ltd.	132,128	733,603
Tokyu REIT, Inc.	1,798	1,949,725
TOMONY Holdings, Inc.	280,400	769,990
Tomy Co. Ltd.	166,012	2,958,756
Tonami Holdings Co. Ltd.	12,936	377,700
Topcon Corp.	201,909	2,396,548
Topre Corp.	82,587	1,355,206
Topy Industries Ltd.	31,976	653,749
Toridoll Holdings Corp.	82,181	2,358,853
Torii Pharmaceutical Co. Ltd.	24,570	699,327
Torishima Pump Manufacturing Co. Ltd.	43,432	822,675
Tosei Corp.	51,257	699,660
Tosei REIT Investment Corp.	605	557,423
Totech Corp.	15,420	784,033
Totetsu Kogyo Co. Ltd.	53,583	1,091,923
Towa Corp.	46,385	2,897,707
Towa Pharmaceutical Co. Ltd.	46,551	867,447
Toyo Construction Co. Ltd.	132,154	1,260,880
Toyo Corp.	35,944	367,677
Toyo Gosei Co. Ltd. (a)	13,240	879,305
Toyo Kanetsu KK	14,036	428,573
Toyo Tanso Co. Ltd.	27,593	1,261,015
Toyobo Co. Ltd.	170,938	1,268,872
TPR Co. Ltd.	49,241	710,305
Trancom Co. Ltd.	11,657	489,116
Transaction Co. Ltd.	34,756	553,374
Transcosmos, Inc.	45,337	920,856
TRE Holdings Corp.	61,796	501,651
Tri Chemical Laboratories, Inc.	51,446	1,656,776
Trusco Nakayama Corp.	75,384	1,170,525
TSI Holdings Co. Ltd.	137,292	600,830
Tsubaki Nakashima Co. Ltd.	81,159	417,535
Tsubakimoto Chain Co.	62,820	2,048,250
Tsuburaya Fields Holdings, Inc. (a)	58,948	601,414
Tsugami Corp.	81,857	647,549
Tsukishima Holdings Co. Ltd.	67,539	641,681
Tsurumi Manufacturing Co. Ltd.	39,445	922,413
TV Asahi Holdings Corp.	39,183	508,146
UACJ Corp.	54,684	1,501,645
Uchida Yoko Co. Ltd.	17,044	885,965
Union Tool Co.	17,748	453,572
Unipres Corp.	73,929	540,378
United Arrows Ltd.	50,920	600,480
United Super Markets Holdings, Inc. (a)	108,824	726,366
Universal Entertainment Corp.	43,220	531,912
Usen-Next Holdings Co. Ltd.	31,308	950,724
UT Group Co. Ltd. *	53,698	1,259,304
V Technology Co. Ltd.	14,700	253,790
Valor Holdings Co. Ltd.	73,822	1,193,621
Valqua Ltd.	28,471	913,081
Vector, Inc.	45,454	371,722
Vision, Inc. *	51,095	412,734
Vital KSK Holdings, Inc.	59,828	530,845
VT Holdings Co. Ltd.	162,554	565,849
Wacoal Holdings Corp.	105,612	2,575,558
Wacom Co. Ltd.	258,713	1,085,533
Wakita & Co. Ltd.	78,529	805,385

See financial notes

Schwab International Equity ETFs | Semiannual Report49

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Warabeya Nichiyo Holdings Co. Ltd.	25,730	469,662
Weathernews, Inc.	10,837	366,374
Wellneo Sugar Co. Ltd.	25,680	403,893
West Holdings Corp.	41,940	828,880
WingArc1st, Inc.	36,819	735,298
World Co. Ltd.	35,719	461,075
World Holdings Co. Ltd.	12,900	221,594
W-Scope Corp. *(a)	97,513	476,913
Yahagi Construction Co. Ltd.	47,548	495,272
YAKUODO Holdings Co. Ltd.	21,387	414,394
YAMABIKO Corp.	62,010	765,233
Yamae Group Holdings Co. Ltd.	35,124	643,248
Yamagata Bank Ltd.	53,267	421,737
YA-MAN Ltd. (a)	52,217	348,183
Yamanashi Chuo Bank Ltd.	53,785	670,920
Yamazen Corp.	121,615	1,030,319
Yellow Hat Ltd.	55,246	721,258
Yodogawa Steel Works Ltd.	51,840	1,546,506
Yokogawa Bridge Holdings Corp.	57,618	1,096,386
Yokorei Co. Ltd.	82,387	582,935
Yokowo Co. Ltd.	42,396	445,856
Yondoshi Holdings, Inc. (a)	37,944	481,937
Yonex Co. Ltd.	66,147	496,754
Yoshinoya Holdings Co. Ltd.	124,888	2,656,801
Yuasa Trading Co. Ltd.	30,398	1,019,563
Yurtec Corp.	65,140	581,459
Zenrin Co. Ltd.	62,543	355,610
ZERIA Pharmaceutical Co. Ltd.	72,306	1,024,178
ZIGExN Co. Ltd.	101,560	379,993
Zojirushi Corp.	84,490	789,747
Zuken, Inc.	25,379	784,244
		738,380,638

Netherlands 1.4%
Alfen NV *(a)	43,268	2,330,355
AMG Critical Materials NV	59,674	1,363,204
Aperam SA	81,450	2,489,106
Arcadis NV	139,669	8,146,600
Basic-Fit NV *(a)	102,960	2,774,313
Brunel International NV	39,370	437,120
Corbion NV	113,426	2,150,475
Eurocommercial Properties NV	84,542	1,812,361
Flow Traders Ltd.	50,982	917,480
Fugro NV *	216,612	4,781,898
Galapagos NV *	93,345	3,322,328
Just Eat Takeaway.com NV *	374,236	6,163,790
Koninklijke BAM Groep NV	516,373	1,845,135
NSI NV	35,665	721,724
PostNL NV	700,545	994,242
SBM Offshore NV	302,174	4,296,750
Sligro Food Group NV	64,916	925,880
TKH Group NV	79,851	3,333,728
TomTom NV *	133,743	1,074,620
Van Lanschot Kempen NV	74,259	2,527,303
Vastned Retail NV	33,082	750,004
Wereldhave NV	77,780	1,124,507
		54,282,923

New Zealand 0.5%
Argosy Property Ltd.	1,656,433	1,120,192
Chorus Ltd.	835,774	4,048,103
Freightways Group Ltd.	328,765	1,696,542
Genesis Energy Ltd.	1,032,489	1,553,739
Goodman Property Trust	2,161,557	2,949,921
Heartland Group Holdings Ltd. (a)	1,161,826	870,646
Oceania Healthcare Ltd.	1,262,315	453,749

SECURITY	NUMBER OF SHARES	VALUE ($)
Precinct Properties Group	2,520,565	1,789,038
Scales Corp. Ltd.	214,070	410,830
SKY Network Television Ltd.	274,725	463,632
Stride Property Group	1,017,221	811,862
Summerset Group Holdings Ltd.	443,253	2,984,074
Vector Ltd.	492,127	1,133,351
Vital Healthcare Property Trust	965,275	1,246,759
		21,532,438

Norway 2.1%
Aker Carbon Capture ASA *	660,860	505,033
Aker Solutions ASA	501,770	1,689,096
Atea ASA	161,454	1,894,934
Austevoll Seafood ASA	171,146	1,299,833
Bakkafrost P	99,372	6,215,877
Bonheur ASA	38,377	789,319
Borr Drilling Ltd. *	419,552	2,529,365
Borregaard ASA	194,388	3,374,521
BW Energy Ltd. *	152,779	405,037
BW LPG Ltd.	161,655	1,869,840
BW Offshore Ltd.	173,866	418,292
Crayon Group Holding ASA *	160,438	1,165,528
DNO ASA	1,623,747	1,384,113
Elkem ASA	563,434	1,119,506
Entra ASA	136,769	1,347,141
Europris ASA	310,198	2,140,810
FLEX LNG Ltd.	55,063	1,383,946
Grieg Seafood ASA	112,073	682,002
Hafnia Ltd.	480,898	3,543,471
Hexagon Composites ASA *	241,897	500,717
Hoegh Autoliners ASA	181,788	1,776,846
Leroy Seafood Group ASA	554,586	2,453,955
MPC Container Ships ASA	720,084	927,004
NEL ASA *	3,189,996	1,481,948
Nordic Semiconductor ASA *	367,783	3,143,726
Protector Forsikring ASA	131,316	2,669,868
Scatec ASA	233,365	1,445,424
Seadrill Ltd. *	96,805	3,972,939
Sparebank 1 Oestlandet	109,969	1,296,896
SpareBank 1 SMN	275,835	3,757,867
SpareBank 1 SR-Bank ASA	341,387	4,135,584
Stolt-Nielsen Ltd.	42,626	1,600,599
Storebrand ASA	789,738	7,060,459
Subsea 7 SA	458,220	6,698,699
TGS ASA (a)	252,192	2,486,408
Veidekke ASA	230,252	2,393,921
Wallenius Wilhelmsen ASA	198,705	1,908,453
Wilh Wilhelmsen Holding ASA, Class A	24,826	868,972
		84,337,949

Poland 1.0%
Alior Bank SA *	178,654	4,296,226
AmRest Holdings SE *	141,940	889,817
Asseco Poland SA	99,947	1,878,439
Bank Handlowy w Warszawie SA	63,975	1,764,650
Bank Millennium SA *	1,175,620	2,946,494
CCC SA *	86,516	1,648,791
CD Projekt SA	125,014	3,438,912
Cyfrowy Polsat SA *	270,317	794,432
Enea SA *	486,192	1,191,737
Grupa Azoty SA *	89,260	503,611
Grupa Kety SA	18,819	3,326,913
Jastrzebska Spolka Weglowa SA *	100,214	1,035,839
KRUK SA	33,640	3,546,291
mBank SA *	25,277	4,405,204
Orange Polska SA	1,371,735	2,809,582

See financial notes

50Schwab International Equity ETFs | Semiannual Report

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
PGE Polska Grupa Energetyczna SA *	1,723,470	3,445,298
Tauron Polska Energia SA *	1,837,632	1,667,642
Warsaw Stock Exchange	49,331	544,782
		40,134,660

Portugal 0.4%
Altri SGPS SA (a)	138,548	676,183
Banco Comercial Portugues SA, Class R *	16,699,148	4,824,954
Corticeira Amorim SGPS SA	65,966	673,876
CTT-Correios de Portugal SA	186,444	733,399
Greenvolt-Energias Renovaveis SA *(a)	125,622	1,102,489
Navigator Co. SA	469,570	1,909,610
NOS SGPS SA	368,169	1,281,300
REN - Redes Energeticas Nacionais SGPS SA	751,363	1,780,662
Semapa-Sociedade de Investimento e Gestao	29,609	442,812
Sonae SGPS SA	1,756,592	1,616,713
		15,041,998

Republic of Korea 5.5%
ABLBio, Inc. *	47,039	805,414
Advanced Nano Products Co. Ltd. *	14,732	1,543,342
Advanced Process Systems Corp. *	24,494	383,524
AfreecaTV Co. Ltd.	13,962	1,346,291
Ahnlab, Inc.	11,223	602,617
Amicogen, Inc. *	98,948	411,664
Ananti, Inc. *	84,941	401,231
Asiana Airlines, Inc. *	62,452	545,916
BH Co. Ltd.	48,203	617,922
Binggrae Co. Ltd. *	9,459	375,774
Bioneer Corp. *	40,164	738,974
Boryung	51,461	459,501
Bukwang Pharmaceutical Co. Ltd.	67,944	334,209
Cafe24 Corp. *	25,205	444,816
Caregen Co. Ltd.	27,060	472,473
Cellivery Therapeutics, Inc. *(b)	45,216	56,707
Chabiotech Co. Ltd. *	86,242	1,083,530
Chong Kun Dang Pharmaceutical Corp.	16,741	1,360,301
Chunbo Co. Ltd. *	8,131	551,389
CJ CGV Co. Ltd. *	119,549	554,831
Classys, Inc.	49,413	1,193,022
CMG Pharmaceutical Co. Ltd. *	184,240	300,241
Com2uSCorp	18,514	592,292
Cosmax, Inc.	14,870	1,201,571
Cosmochemical Co. Ltd. *	46,459	1,222,881
Creative & Innovative System *	100,681	839,260
CS Wind Corp.	37,752	1,465,739
Daea TI Co. Ltd. *	84,640	198,315
Daeduck Electronics Co. Ltd. *	63,661	1,063,726
Daejoo Electronic Materials Co. Ltd. *	18,836	1,063,733
Daesang Corp. *	38,354	565,978
Daewoong Co. Ltd.	38,741	640,059
Daewoong Pharmaceutical Co. Ltd.	9,266	797,449
Daishin Securities Co. Ltd. *	57,255	706,443
Danal Co. Ltd. *	94,373	306,521
Daou Technology, Inc.	45,310	738,380
Dawonsys Co. Ltd. *	50,661	489,642
DB HiTek Co. Ltd.	65,198	2,271,844
Dentium Co. Ltd. *	12,395	1,342,264
DIO Corp. *	21,701	343,865
Dong-A Socio Holdings Co. Ltd.	5,882	481,038
Dong-A ST Co. Ltd.	9,104	512,083
Dongjin Semichem Co. Ltd.	57,026	1,593,096
DongKook Pharmaceutical Co. Ltd.	44,848	556,053

SECURITY	NUMBER OF SHARES	VALUE ($)
Dongkuk Steel Mill Co. Ltd.	61,472	595,516
Doosan Co. Ltd. *	11,016	752,821
Doosan Fuel Cell Co. Ltd. *	56,146	836,962
Doosan Tesna, Inc. *	18,477	592,496
DoubleUGames Co. Ltd.	20,560	715,647
Douzone Bizon Co. Ltd. *	32,258	1,103,448
Duk San Neolux Co. Ltd. *	23,619	689,981
Ecopro HN Co. Ltd.	21,126	950,321
Enchem Co. Ltd. *	15,126	3,186,274
ENF Technology Co. Ltd.	28,870	481,311
Enplus Co. Ltd. *	142,589	324,455
Eo Technics Co. Ltd. *	15,755	2,419,569
Eoflow Co. Ltd. *	46,272	178,958
ESR Kendall Square REIT Co. Ltd.	237,049	709,402
Eubiologics Co. Ltd. *	57,566	518,336
Eugene Investment & Securities Co. Ltd. *	112,411	360,465
Eugene Technology Co. Ltd.	26,132	738,863
Foosung Co. Ltd. *	99,278	621,792
GC Cell Corp.	15,996	476,901
GemVax & Kael Co. Ltd. *	65,299	600,715
GeneOne Life Science, Inc. *	139,651	267,955
Genexine, Inc. *	58,156	347,207
GOLFZON Co. Ltd. *	5,956	350,669
Grand Korea Leisure Co. Ltd.	37,912	356,742
Green Cross Holdings Corp.	55,631	689,330
HAESUNG DS Co. Ltd.	21,459	743,716
Han Kuk Carbon Co. Ltd.	67,849	526,854
Hana Micron, Inc.	68,347	1,329,369
Hana Tour Service, Inc. *	21,243	1,049,707
Hanall Biopharma Co. Ltd. *	71,451	1,867,299
Hancom, Inc.	31,407	553,090
Handsome Co. Ltd.	24,654	353,999
Hanil Cement Co. Ltd.	32,492	296,225
Hanjin Transportation Co. Ltd.	27,325	490,438
Hankook & Co. Co. Ltd.	51,357	656,425
Hanmi Semiconductor Co. Ltd. *	85,313	5,432,970
Hansae Co. Ltd.	25,563	391,623
Hansol Chemical Co. Ltd. *	15,485	1,980,396
Hanssem Co. Ltd.	14,626	531,615
Hanwha General Insurance Co. Ltd. *	150,430	542,253
Hanwha Investment & Securities Co. Ltd. *	196,436	656,459
Hanwha Systems Co. Ltd.	115,611	1,447,308
Harim Holdings Co. Ltd.	82,082	477,106
HD Hyundai Construction Equipment Co. Ltd.	22,622	913,986
HD Hyundai Electric Co. Ltd.	42,897	4,007,500
HDC Holdings Co. Ltd.	72,619	441,189
HDC Hyundai Development Co-Engineering & Construction, Class E	88,624	1,322,438
Helixmith Co. Ltd. *	63,402	199,976
HK inno N Corp.	28,564	821,569
HL Holdings Corp. *	13,521	351,834
HLB Life Science Co. Ltd. *	160,704	1,700,450
HLB Therapeutics Co. Ltd. *	125,274	723,458
HPSP Co. Ltd.	62,694	2,420,000
Hugel, Inc. *	10,718	1,480,204
Humasis Co. Ltd. *	218,468	286,128
Humedix Co. Ltd.	12,681	268,076
Huons Co. Ltd.	12,474	340,515
Hyosung Advanced Materials Corp.	5,979	1,497,444
Hyosung Chemical Corp. *	4,257	215,791
Hyosung Corp.	16,744	751,946
Hyosung Heavy Industries Corp.	12,507	1,807,109
Hyosung TNC Corp.	5,926	1,290,583

See financial notes

Schwab International Equity ETFs | Semiannual Report51

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Hyundai Autoever Corp. *	12,677	1,421,355
Hyundai Bioscience Co. Ltd. *	69,680	1,080,574
Hyundai Elevator Co. Ltd. *	43,330	1,298,338
Hyundai GF Holdings	1	3
Hyundai Green Food	36,057	317,354
Hyundai Home Shopping Network Corp.	10,172	357,884
Hyundai Rotem Co. Ltd.	138,756	3,485,572
Il Dong Pharmaceutical Co. Ltd. *	29,745	350,703
Ilyang Pharmaceutical Co. Ltd.	23,679	252,510
InBody Co. Ltd.	19,941	410,321
Innocean Worldwide, Inc.	41,514	682,755
Innox Advanced Materials Co. Ltd.	25,246	600,057
Intellian Technologies, Inc. *	14,222	585,285
INTOPS Co. Ltd.	22,628	492,800
iNtRON Biotechnology, Inc.	48,096	246,692
IS Dongseo Co. Ltd.	25,556	530,657
ISC Co. Ltd.	23,245	1,255,118
i-SENS, Inc.	32,678	563,202
IsuPetasys Co. Ltd.	90,746	2,081,924
JB Financial Group Co. Ltd.	278,183	2,749,240
Jeisys Medical, Inc.	105,912	627,550
Jeju Air Co. Ltd. *	59,655	498,618
JR Global Reit	236,506	731,755
Jusung Engineering Co. Ltd.	66,776	1,842,909
JW Pharmaceutical Corp.	29,312	724,215
JYP Entertainment Corp. *	52,830	2,923,979
KC Tech Co. Ltd.	12,399	349,641
KCC Glass Corp.	18,020	555,513
KEPCO Engineering & Construction Co., Inc. *	23,775	1,265,881
KH Vatec Co. Ltd.	28,591	281,702
KISWIRE Ltd. *	23,562	401,665
KIWOOM Securities Co. Ltd. *	24,790	2,340,119
KMW Co. Ltd. *	55,708	594,899
Koh Young Technology, Inc.	117,008	1,687,987
Kolmar Korea Co. Ltd.	29,620	1,055,474
Kolon Industries, Inc.	37,165	1,081,514
Komipharm International Co. Ltd. *	74,208	234,059
Korea Electric Terminal Co. Ltd.	13,245	631,614
Korea Line Corp. *	261,583	403,690
Korea Petrochemical Ind Co. Ltd.	5,767	617,150
Korea United Pharm, Inc.	16,289	290,526
Korean Reinsurance Co.	233,998	1,412,845
Kuk-il Paper Manufacturing Co. Ltd. *(b)	146,037	21,934
Kum Yang Co. Ltd. *	57,995	4,202,852
Kumho Tire Co., Inc. *	273,792	1,297,407
Kwang Dong Pharmaceutical Co. Ltd.	57,964	316,025
L&C Bio Co. Ltd.	22,600	403,087
Lake Materials Co. Ltd. *	74,517	1,166,776
LEENO Industrial, Inc.	17,396	2,717,309
LegoChem Biosciences, Inc. *	34,670	1,385,134
LF Corp.	33,309	327,187
LIG Nex1 Co. Ltd.	20,773	2,233,924
LOTTE Reit Co. Ltd.	231,110	543,237
Lotte Rental Co. Ltd.	21,158	429,007
Lotte Tour Development Co. Ltd. *	66,188	449,836
Lotte Wellfood Co. Ltd.	4,915	484,266
LS Electric Co. Ltd.	30,180	1,452,792
Lunit, Inc. *	31,124	1,421,102
LX Hausys Ltd.	12,180	374,108
LX Holdings Corp.	77,167	401,018
LX International Corp.	42,943	885,240
LX Semicon Co. Ltd.	21,195	1,196,954
Mcnex Co. Ltd.	22,078	421,133
Medytox, Inc.	9,858	1,169,694
MegaStudyEdu Co. Ltd.	14,818	689,934
Mezzion Pharma Co. Ltd. *	31,058	943,449
Modetour Network, Inc.	28,450	358,937

SECURITY	NUMBER OF SHARES	VALUE ($)
Myoung Shin Industrial Co. Ltd. *	50,666	612,969
Namyang Dairy Products Co. Ltd. *	844	368,886
Naturecell Co. Ltd. *	87,521	456,797
Neowiz	22,139	367,432
NEPES Corp. *	30,785	456,828
Nexen Tire Corp. *	74,382	519,490
Nexon Games Co. Ltd. *	46,192	482,872
NEXTIN, Inc. *	14,297	818,137
NHN Corp.	30,486	607,843
NHN KCP Corp.	38,575	389,632
NICE Holdings Co. Ltd. *	34,714	334,731
NICE Information Service Co. Ltd. *	63,086	506,924
NKMax Co. Ltd. *	129,876	159,175
OCI Co. Ltd.	8,533	541,483
Orion Holdings Corp.	43,451	466,619
Oscotec, Inc. *	66,501	1,106,186
Park Systems Corp.	8,859	1,146,294
Partron Co. Ltd.	79,548	469,546
People & Technology, Inc. *	35,443	1,072,659
Peptron, Inc.	34,323	592,842
PharmaResearch Co. Ltd.	11,532	813,198
Pharmicell Co. Ltd. *	104,976	425,706
PI Advanced Materials Co. Ltd. *	26,831	424,146
Poongsan Corp.	35,691	1,156,554
Posco DX Co. Ltd. *	102,471	4,163,173
Rainbow Robotics *	14,596	1,769,146
RFHIC Corp.	31,869	401,115
S&S Tech Corp.	30,488	1,007,414
Sam Chun Dang Pharm Co. Ltd.	26,467	1,423,128
Sam-A Aluminum Co. Ltd.	15,647	1,162,127
Sambu Engineering & Construction Co. Ltd. *	383,247	695,060
Samchully Co. Ltd. *	4,198	317,151
Samwha Capacitor Co. Ltd.	14,526	358,896
Samyang Foods Co. Ltd.	7,686	986,435
Samyang Holdings Corp.	11,513	629,428
SeAH Besteel Holdings Corp.	21,440	415,404
Sebang Global Battery Co. Ltd.	15,286	913,762
Seobu T&D	58,687	330,103
Seojin System Co. Ltd. *	36,850	565,923
Seoul Semiconductor Co. Ltd. *	74,433	556,179
SFA Engineering Corp.	35,542	665,945
SFA Semicon Co. Ltd. *	146,068	655,968
Shin Poong Pharmaceutical Co. Ltd. *	67,502	608,309
Shinhan Alpha REIT Co. Ltd.	134,961	726,697
Shinsung E&G Co. Ltd. *	333,774	487,777
SIMMTECH Co. Ltd.	36,249	775,831
SK Discovery Co. Ltd.	20,350	667,839
SK Gas Ltd.	4,864	578,961
SK oceanplant Co. Ltd. *	52,675	513,854
SK REITs Co. Ltd.	340,081	992,201
SK Securities Co. Ltd.	626,255	298,642
SL Corp.	28,806	730,101
SM Entertainment Co. Ltd.	22,109	1,298,381
SNT Motiv Co. Ltd.	13,389	446,937
Solid, Inc.	84,353	385,150
SOLUM Co. Ltd. *	69,010	1,500,330
Songwon Industrial Co. Ltd.	28,913	330,906
Soulbrain Co. Ltd.	7,971	1,628,201
ST Pharm Co. Ltd.	17,213	822,129
STCUBE *	86,894	411,109
Studio Dragon Corp. *	12,935	439,067
Sung Kwang Bend Co. Ltd.	32,132	278,464
Sungeel Hitech Co. Ltd. *	9,665	711,302
Sungwoo Hitech Co. Ltd.	86,706	640,072
Taekwang Industrial Co. Ltd. *	1,008	594,989
Taihan Electric Wire Co. Ltd. *	71,116	500,952
TCC Steel *	32,781	1,666,622

See financial notes

52Schwab International Equity ETFs | Semiannual Report

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
TES Co. Ltd.	23,361	350,520
TK Corp.	23,884	234,248
TKG Huchems Co. Ltd.	41,710	628,031
Tokai Carbon Korea Co. Ltd.	8,677	617,086
Unid Co. Ltd.	6,730	393,207
Vaxcell-Bio Therapeutics Co. Ltd. *	29,489	425,194
Webzen, Inc.	28,215	353,005
WONIK IPS Co. Ltd. *	67,705	1,667,711
W-Scope Chungju Plant Co. Ltd. *	41,467	1,402,890
Wysiwyg Studios Co. Ltd. *	176,320	364,795
YG Entertainment, Inc.	21,274	653,429
Youlchon Chemical Co. Ltd.	24,449	761,048
Young Poong Corp. *	942	356,540
Youngone Corp. *	58,177	1,922,340
Youngone Holdings Co. Ltd.	10,251	702,081
Yuanta Securities Korea Co. Ltd. *	147,440	297,294
Yunsung F&C Co. Ltd.	6,520	448,997
		218,143,641

Singapore 0.8%
AEM Holdings Ltd.	504,955	803,662
AIMS APAC REIT	1,192,694	1,117,652
CapitaLand China Trust	2,255,860	1,241,512
Capitaland India Trust	1,941,397	1,458,286
CDL Hospitality Trusts	1,727,661	1,239,917
Cromwell European Real Estate Investment Trust	633,355	980,101
Digital Core REIT Management Pte. Ltd.	1,397,349	810,462
Eagle Hospitality Trust *(b)	940,343	1
ESR-LOGOS REIT	12,109,249	2,791,810
Far East Hospitality Trust	1,916,234	869,331
First Real Estate Investment Trust	2,072,357	385,311
First Resources Ltd.	998,878	1,054,891
Frasers Centrepoint Trust	2,080,757	3,389,006
Hour Glass Ltd.	428,159	493,564
iFAST Corp. Ltd.	309,746	1,670,131
Keppel Infrastructure Trust	7,738,015	2,819,892
Keppel Pacific Oak U.S. REIT	2,201,035	275,129
Lendlease Global Commercial REIT	3,579,718	1,530,818
OUE Real Estate Investment Trust	4,085,339	789,966
Paragon REIT	2,180,445	1,337,846
Parkway Life Real Estate Investment Trust	737,165	1,929,809
Raffles Medical Group Ltd.	1,820,835	1,381,267
Riverstone Holdings Ltd.	1,056,506	530,375
Sheng Siong Group Ltd.	1,220,927	1,407,435
Starhill Global REIT	2,823,770	1,008,039
UMS Holdings Ltd.	828,044	886,794
		32,203,007

Spain 1.7%
Acerinox SA	376,613	4,130,538
Almirall SA	161,354	1,382,906
Applus Services SA	256,270	3,161,478
Atresmedia Corp. de Medios de Comunicacion SA	171,589	702,261
Cia de Distribucion Integral Logista Holdings SA	120,267	3,232,851
CIE Automotive SA	81,978	2,184,102
Construcciones y Auxiliar de Ferrocarriles SA	51,109	1,811,325
Distribuidora Internacional de Alimentacion SA *	22,862,649	316,683
Ebro Foods SA	147,838	2,332,551
Ence Energia y Celulosa SA	245,762	758,494

SECURITY	NUMBER OF SHARES	VALUE ($)
Faes Farma SA	609,653	1,979,209
Fluidra SA	263,184	6,140,389
Fomento de Construcciones y Contratas SA	87,306	1,254,671
Gestamp Automocion SA	289,451	917,762
Global Dominion Access SA	200,241	750,834
Indra Sistemas SA	237,509	4,541,551
Inmobiliaria Colonial Socimi SA	618,090	3,357,709
Laboratorios Farmaceuticos Rovi SA	41,795	3,349,169
Lar Espana Real Estate Socimi SA	119,824	833,763
Let's GOWEX SA *(b)	5,361	0
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros	1,320,324	1,308,771
Melia Hotels International SA *	204,408	1,457,709
Neinor Homes SA	52,144	577,819
Pharma Mar SA	26,353	866,944
Prosegur Cash SA	723,765	380,646
Prosegur Compania de Seguridad SA	395,727	758,834
Sacyr SA	634,752	2,082,672
Solaria Energia y Medio Ambiente SA *	155,953	1,859,786
Tecnicas Reunidas SA *	86,367	731,341
Unicaja Banco SA	2,988,744	3,054,768
Vidrala SA	43,923	4,510,719
Viscofan SA	75,283	4,244,458
		64,972,713

Sweden 5.3%
AAK AB	337,191	7,442,841
AddLife AB, B Shares	212,886	2,059,434
Addnode Group AB	236,807	2,483,081
AddTech AB, B Shares	433,361	9,590,737
AFRY AB	190,302	2,995,926
Alleima AB	362,271	2,384,226
Arjo AB, B Shares	437,582	2,072,155
Atrium Ljungberg AB, B Shares	86,105	1,596,039
Attendo AB *	209,988	752,896
Avanza Bank Holding AB	241,608	5,314,351
Beijer Alma AB	87,730	1,478,636
Betsson AB, Class B	222,550	2,202,390
Bilia AB, A Shares	138,354	1,776,983
Billerud Aktiebolag	411,821	3,511,092
BioArctic AB *	65,089	1,348,649
Biotage AB	105,291	1,767,493
Boozt AB *	107,517	1,385,077
Bravida Holding AB	386,621	3,289,891
Bufab AB	58,771	2,250,320
Bure Equity AB	105,353	3,378,236
Camurus AB *(a)	39,846	1,757,507
Catena AB	63,806	2,616,999
Cibus Nordic Real Estate AB publ	105,671	1,188,198
Clas Ohlson AB, B Shares	69,193	1,180,249
Cloetta AB, B Shares	395,080	682,683
Corem Property Group AB, B Shares	1,293,386	1,129,960
Dios Fastigheter AB	170,354	1,237,223
Dometic Group AB	622,694	4,982,780
Electrolux Professional AB, B Shares	444,765	2,832,583
Elekta AB, B Shares (a)	662,191	4,795,828
Embracer Group AB *(a)	1,713,099	3,039,638
Fabege AB	481,883	3,941,703
Fagerhult Group AB	125,394	745,278
Fortnox AB	966,000	6,734,726
Granges AB	205,720	2,004,028
Hemnet Group AB	152,510	4,663,387
Hexatronic Group AB	344,192	1,051,791
Hexpol AB	483,168	5,607,998
HMS Networks AB	55,135	2,399,896
Hufvudstaden AB, A Shares	204,271	2,428,167

See financial notes

Schwab International Equity ETFs | Semiannual Report53

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Instalco AB	467,088	1,701,793
Intrum AB (a)	151,578	502,601
Investment AB Oresund	58,920	654,828
INVISIO AB	65,394	1,377,720
JM AB	124,231	1,934,159
Lagercrantz Group AB, B Shares	372,066	5,400,781
Lindab International AB	134,282	2,818,670
Loomis AB	139,291	3,766,495
Medicover AB, B Shares	126,090	1,746,198
MEKO AB	81,759	918,139
MIPS AB	51,880	1,588,370
Modern Times Group MTG AB, B Shares *	180,911	1,305,153
Munters Group AB	250,075	4,574,963
Mycronic AB	134,203	4,422,657
NCC AB, B Shares	154,543	2,093,939
Nolato AB, B Shares	346,291	1,440,390
Nordnet AB publ	332,822	6,079,117
Norion Bank AB *	165,454	700,355
NP3 Fastigheter AB	55,505	1,005,773
Nyfosa AB	354,165	2,998,309
OX2 AB *(a)	291,588	1,465,344
Pandox AB	172,729	2,604,093
Peab AB, B Shares	380,099	2,095,651
Platzer Fastigheter Holding AB, B Shares	103,126	761,427
Ratos AB, B Shares	380,130	1,271,086
Resurs Holding AB	276,288	392,506
Samhallsbyggnadsbolaget i Norden AB (a)	2,162,928	766,095
Scandic Hotels Group AB *	263,665	1,330,626
Sdiptech AB, B Shares *	61,892	1,492,952
Sectra AB, B Shares	289,785	5,773,324
Sinch AB *	1,191,300	2,989,921
SkiStar AB	78,851	986,833
Stillfront Group AB *	865,599	803,742
Storskogen Group AB, B Shares	2,692,932	1,347,579
Systemair AB	123,885	973,365
Thule Group AB	186,576	5,075,757
Troax Group AB	72,409	1,539,508
Truecaller AB, B Shares *(a)	323,977	892,957
Viaplay Group AB, B Shares *(a)	2,192,737	224,837
Vitec Software Group AB, B Shares	66,883	3,671,392
Vitrolife AB	126,235	2,203,252
Volati AB	39,074	394,235
Wallenstam AB, B Shares	653,175	2,899,928
Wihlborgs Fastigheter AB	516,118	4,159,889
		207,247,784

Switzerland 4.0%
Accelleron Industries AG	180,807	6,118,958
Allreal Holding AG	28,159	4,860,789
ALSO Holding AG	5,225	1,373,673
ams-OSRAM AG *	1,806,661	2,763,696
APG SGA SA	2,121	508,240
Arbonia AG	97,774	1,350,215
Aryzta AG *	1,795,464	3,189,036
Autoneum Holding AG *	7,160	1,048,935
Basilea Pharmaceutica AG *	24,416	974,644
Bell Food Group AG	3,675	1,099,725
Bossard Holding AG, Class A	4,942	1,125,286
Bucher Industries AG	12,587	5,348,993
Burckhardt Compression Holding AG	6,011	3,590,694
Bystronic AG	2,496	1,228,796
Cembra Money Bank AG	56,602	4,830,663
Comet Holding AG	14,295	5,081,296
COSMO Pharmaceuticals NV	16,560	1,239,344

SECURITY	NUMBER OF SHARES	VALUE ($)
Daetwyler Holding AG	14,227	2,937,333
DocMorris AG *	17,057	1,602,938
dormakaba Holding AG	5,920	3,085,889
EFG International AG	172,446	2,479,321
Forbo Holding AG	1,802	2,079,191
Galenica AG	94,236	8,128,129
Hiag Immobilien Holding AG	8,440	680,529
Huber & Suhner AG	32,952	2,402,497
Idorsia Ltd. *(a)	238,962	605,716
Implenia AG	28,952	1,017,619
Inficon Holding AG	3,727	5,798,637
Interroll Holding AG	1,059	3,343,388
Intershop Holding AG	2,097	1,464,602
Investis Holding SA	5,767	615,636
Kardex Holding AG	11,278	3,009,857
Komax Holding AG	9,206	1,718,774
Landis & Gyr Group AG	41,165	3,223,357
LEM Holding SA	901	1,729,249
Leonteq AG	20,138	654,076
Medacta Group SA	11,791	1,695,237
Medartis Holding AG *	8,266	681,519
Medmix AG	46,931	807,988
Meyer Burger Technology AG *(a)	6,754,991	508,609
Mobimo Holding AG	13,700	4,029,641
Montana Aerospace AG *	44,030	777,044
OC Oerlikon Corp. AG	362,199	1,731,711
PIERER Mobility AG	18,351	960,742
PolyPeptide Group AG *	28,493	520,967
Rieter Holding AG	5,850	623,167
Schweiter Technologies AG	1,842	922,517
Sensirion Holding AG *	20,048	1,520,875
SFS Group AG	33,709	4,226,306
Siegfried Holding AG	7,878	7,926,759
SKAN Group AG	20,649	1,906,494
Softwareone Holding AG	234,179	4,388,114
St. Galler Kantonalbank AG	5,485	3,111,416
Stadler Rail AG	103,435	3,267,914
Sulzer AG	33,661	3,952,697
Swissquote Group Holding SA	16,905	4,511,584
u-blox Holding AG	13,278	1,271,178
Valiant Holding AG	29,803	3,472,588
Vetropack Holding AG	23,634	960,873
Vontobel Holding AG	53,356	3,272,073
VP Bank AG, Class A	4,874	533,591
VZ Holding AG	26,285	3,313,423
Ypsomed Holding AG	6,460	2,674,090
Zehnder Group AG	17,912	1,098,459
		156,977,297

United Kingdom 12.4%
4imprint Group PLC	53,446	3,853,572
888 Holdings PLC *	808,338	884,469
AG Barr PLC	170,702	1,124,993
AJ Bell PLC	550,147	2,114,170
Alphawave IP Group PLC *	516,794	1,124,396
AO World PLC *	617,070	724,753
Ascential PLC *	831,754	3,139,548
Ashmore Group PLC	884,320	2,317,782
ASOS PLC *(a)	126,754	604,472
Assura PLC	5,757,202	3,028,094
Aston Martin Lagonda Global Holdings PLC *	559,742	1,223,503
Auction Technology Group PLC *	170,538	1,305,119
Babcock International Group PLC	494,336	3,062,770
Bakkavor Group PLC	260,685	313,266
Balanced Commercial Property Trust Ltd.	1,011,316	997,826

See financial notes

54Schwab International Equity ETFs | Semiannual Report

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Balfour Beatty PLC	1,057,433	4,539,814
Bank of Georgia Group PLC	68,329	4,070,984
Bellway PLC	233,899	7,982,588
Big Yellow Group PLC	361,393	4,585,156
Bodycote PLC	366,057	2,863,926
Bridgepoint Group PLC	470,357	1,539,803
Britvic PLC	481,597	5,178,168
Bytes Technology Group PLC	393,066	2,771,940
C&C Group PLC	761,061	1,380,518
Capita PLC *	3,411,416	876,000
Capricorn Energy PLC	192,854	282,495
Carnival PLC *	283,460	4,014,110
Centamin PLC	2,240,115	2,558,771
Chemring Group PLC	554,629	2,434,476
Clarkson PLC	48,456	2,200,470
Close Brothers Group PLC	326,526	1,432,420
CLS Holdings PLC	313,182	360,505
Coats Group PLC	3,233,309	2,781,183
Computacenter PLC	135,941	4,990,238
Cranswick PLC	102,425	4,982,974
Crest Nicholson Holdings PLC	488,115	1,308,975
Currys PLC *	1,901,735	1,587,696
Darktrace PLC *	778,035	3,512,522
Deliveroo PLC *	2,199,003	3,054,229
Derwent London PLC	216,337	5,265,132
Diploma PLC	253,737	11,092,538
Direct Line Insurance Group PLC *	2,538,984	6,487,610
Diversified Energy Co. PLC	91,992	1,088,597
Domino's Pizza Group PLC	821,998	3,504,080
Dowlais Group PLC	2,566,659	2,946,701
Dr Martens PLC	1,135,554	1,366,035
Drax Group PLC	753,935	4,441,335
Dunelm Group PLC	220,898	3,210,593
easyJet PLC	716,176	4,926,431
Elementis PLC *	1,114,913	1,994,177
Energean PLC	265,420	3,424,579
Essentra PLC	553,442	1,166,328
FDM Group Holdings PLC	171,386	865,011
Ferrexpo PLC *	572,164	521,830
Finablr PLC *(b)	225,475	0
Firstgroup PLC	1,285,959	2,573,398
Frasers Group PLC *	241,303	2,469,361
Future PLC	231,188	1,791,203
Games Workshop Group PLC	63,638	7,570,921
Genuit Group PLC	454,161	2,320,944
Genus PLC	126,569	2,869,054
Grafton Group PLC	404,604	5,001,859
Grainger PLC	1,406,017	4,432,125
Great Portland Estates PLC	410,063	1,870,466
Greencore Group PLC *	978,240	1,264,648
Greggs PLC	193,305	6,592,291
Halfords Group PLC	420,871	809,219
Hammerson PLC (a)	7,592,859	2,439,565
Harbour Energy PLC	1,238,567	3,954,415
Hays PLC	3,046,608	3,626,433
Helical PLC	204,934	495,132
Helios Towers PLC *	1,520,123	1,450,813
Hill & Smith PLC	155,744	3,573,732
Hilton Food Group PLC	155,680	1,571,481
Hochschild Mining PLC *	633,777	743,172
Home Reit PLC *(b)	1,478,309	2
Ibstock PLC	727,005	1,485,195
IG Group Holdings PLC	696,025	6,154,254
Inchcape PLC	723,949	6,245,479
Indivior PLC *	239,916	5,204,712
IntegraFin Holdings PLC	567,975	1,961,396
International Distributions Services PLC *	1,304,414	3,996,345
Investec PLC	1,191,306	7,430,734

SECURITY	NUMBER OF SHARES	VALUE ($)
IP Group PLC	1,944,908	1,177,211
Ithaca Energy PLC	209,268	364,246
IWG PLC *	1,388,518	3,263,402
J D Wetherspoon PLC *	179,691	1,722,935
John Wood Group PLC *	1,300,456	2,424,748
JTC PLC	283,059	2,792,833
Jupiter Fund Management PLC	826,499	846,839
Just Group PLC	2,035,260	2,160,008
Kainos Group PLC	178,481	2,490,238
Keller Group PLC	140,788	1,540,477
Lancashire Holdings Ltd.	480,977	3,960,762
Liontrust Asset Management PLC	120,465	975,246
LondonMetric Property PLC	2,036,896	4,648,136
LXI REIT PLC	2,948,685	3,694,505
Man Group PLC	2,307,223	7,106,601
Marks & Spencer Group PLC	3,804,635	11,396,411
Marshalls PLC	441,922	1,673,674
Mitchells & Butlers PLC *	500,598	1,488,094
Mitie Group PLC	2,567,873	3,469,111
Mobico Group PLC	1,056,559	1,042,466
Molten Ventures PLC *	293,185	985,016
Moneysupermarket.com Group PLC	1,016,060	3,146,329
Moonpig Group PLC *	543,409	1,153,433
Morgan Advanced Materials PLC	555,946	1,856,564
Morgan Sindall Group PLC	80,884	2,399,269
NCC Group PLC	583,085	932,293
Network International Holdings PLC *	867,408	4,202,383
Ninety One PLC	652,124	1,352,843
OSB Group PLC	761,814	4,008,812
Oxford Biomedica PLC *	165,212	359,454
Oxford Instruments PLC	104,292	2,882,543
Oxford Nanopore Technologies PLC *	1,163,432	1,957,339
Pagegroup PLC	609,656	3,488,838
Paragon Banking Group PLC	420,108	3,422,317
Pennon Group PLC	510,290	4,269,926
Petershill Partners PLC	539,392	1,183,115
Petrofac Ltd. *(a)	852,777	283,488
Pets at Home Group PLC	931,628	3,254,915
Picton Property Income Ltd.	1,009,548	804,528
Playtech PLC *	593,265	3,327,498
Plus500 Ltd.	159,294	3,425,482
Premier Foods PLC	1,272,189	2,217,554
Primary Health Properties PLC	2,609,031	2,948,813
PureTech Health PLC *	487,690	1,215,300
PZ Cussons PLC	437,013	552,800
QinetiQ Group PLC	989,382	4,638,129
Quilter PLC	2,649,972	3,233,084
Rank Group PLC *	416,332	371,807
Rathbones Group PLC	117,565	2,313,988
Redde Northgate PLC	434,063	1,899,775
Redrow PLC	518,106	4,197,698
RHI Magnesita NV	36,073	1,685,592
Rotork PLC	1,663,422	6,489,186
S4 Capital PLC *	876,297	444,276
Safestore Holdings PLC	410,047	3,965,377
Savills PLC	260,833	3,043,703
Senior PLC	827,417	1,653,693
Serco Group PLC	2,103,158	4,982,910
Shaftesbury Capital PLC	2,665,459	4,177,502
SIG PLC *	1,312,250	514,579
Sirius Real Estate Ltd.	2,221,128	2,430,318
Softcat PLC	239,402	4,445,568
Spectris PLC	197,051	8,736,552
Spire Healthcare Group PLC	547,411	1,561,469
Spirent Communications PLC	1,093,560	1,445,547
SSP Group PLC	1,529,453	4,236,953
Supermarket Income Reit PLC	2,422,136	2,319,358
Synthomer PLC *	229,383	422,760

See financial notes

Schwab International Equity ETFs | Semiannual Report55

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
TBC Bank Group PLC	98,787	3,698,835
Telecom Plus PLC	132,930	2,458,350
THG PLC *(a)	1,879,382	1,493,435
TI Fluid Systems PLC	613,714	1,180,003
TP ICAP Group PLC	1,528,232	3,460,316
Trainline PLC *	885,642	3,468,427
Travis Perkins PLC	407,532	3,800,322
Tritax Big Box REIT PLC	3,687,429	6,838,031
Trustpilot Group PLC *	651,360	1,576,193
TUI AG *	866,791	6,046,907
Tullow Oil PLC *(a)	2,091,480	744,477
U.K. Commercial Property REIT Ltd.	1,423,222	1,146,794
Vanquis Banking Group PLC	500,117	766,739
Vesuvius PLC	416,365	2,552,296
Victrex PLC	166,488	2,590,368
Virgin Money U.K. PLC	2,226,974	4,362,142
Vistry Group PLC	667,639	8,876,011
Volution Group PLC	370,844	1,899,852
Watches of Switzerland Group PLC *	446,008	2,280,407
WH Smith PLC	240,391	3,758,461
Wickes Group PLC	497,732	1,000,444
Workspace Group PLC	284,711	1,756,068
XP Power Ltd.	35,239	463,586
		488,605,103
Total Common Stocks (Cost $3,746,970,052)		3,915,728,936

PREFERRED STOCKS 0.1% OF NET ASSETS

Germany 0.0%
Draegerwerk AG & Co. KGaA	16,634	866,724

Italy 0.1%
Danieli & C Officine Meccaniche SpA - RSP	69,738	1,724,421

Republic of Korea 0.0%
Daishin Securities Co. Ltd. *	41,684	468,303

Sweden 0.0%
Corem Property Group AB	22,523	493,016
Total Preferred Stocks (Cost $2,921,805)		3,552,464

RIGHTS 0.0% OF NET ASSETS

Australia 0.0%
Lifestyle Communities Ltd.
expires 03/14/24, strike AUD 16.00 *(b)	30,431	0

Republic of Korea 0.0%
Foosung Co. Ltd.
expires 04/11/24, strike KRW 6,870.00 *(b)	13,576	14,987

SECURITY	NUMBER OF SHARES	VALUE ($)
Taihan Electric Wire Co. Ltd.
expires 03/12/24, strike KRW 7,460.00 *(b)	35,647	43,903
		58,890
Total Rights (Cost $0)		58,890

WARRANTS 0.0% OF NET ASSETS

Australia 0.0%
PointsBet Holdings Ltd.
expires 07/08/24 *(b)	19,829	3

Italy 0.0%
Webuild SpA
expires 08/02/30 *(a)(b)	41,766	88,586
Total Warrants (Cost $0)		88,589


SHORT-TERM INVESTMENTS 2.1% OF NET ASSETS

Money Market Funds 2.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (c)	3,315,328	3,315,328
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (c)(d)	78,927,688	78,927,688
		82,243,016
Total Short-Term Investments (Cost $82,243,016)		82,243,016
Total Investments in Securities (Cost $3,832,134,873)		4,001,671,895

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED APPRECIATION ($)
FUTURES CONTRACTS
Long
MSCI EAFE Index, expires 03/15/24	161	18,417,595	596,156

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $74,761,362.
(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.

REIT —	Real Estate Investment Trust
RSP —	Risparmio (Savings Shares)
AUD —	Australian Dollar
KRW —	South Korean Won

See financial notes

56Schwab International Equity ETFs | Semiannual Report

Schwab International Small-Cap Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

The following is a summary of the inputs used to value the fund’s investments as of February 29, 2024 (see financial note 2(a) for additional information):

DESCRIPTION	QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)	OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)	SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)	TOTAL
Assets
Common Stocks1	$2,834,946,260	$—	$—	$2,834,946,260
Australia	251,255,347	—	592,684 *	251,848,031
Hong Kong	24,773,082	—	237,099 *	25,010,181
Republic of Korea	218,065,000	—	78,641	218,143,641
Singapore	32,203,006	—	1	32,203,007
Spain	64,972,713	—	0 *	64,972,713
United Kingdom	488,605,101	—	2 *	488,605,103
Preferred Stocks1	3,552,464	—	—	3,552,464
Rights
Australia	—	—	0 *	0
Republic of Korea	—	—	58,890	58,890
Warrants
Australia	—	—	3	3
Italy	—	—	88,586	88,586
Short-Term Investments1	82,243,016	—	—	82,243,016
Futures Contracts2	596,156	—	—	596,156
Total	$4,001,212,145	$—	$1,055,906	$4,002,268,051

*	Level 3 amount shown includes securities determined to have no value at February 29, 2024.
1	As categorized in the Portfolio Holdings.
2	Futures contracts are reported at cumulative unrealized appreciation or depreciation.

See financial notes

Schwab International Equity ETFs | Semiannual Report57

Schwab International Small-Cap Equity ETF

Statement of Assets and Liabilities

As of February 29, 2024; unaudited

Assets
Investments in securities, at value - unaffiliated (cost $3,832,134,873) including securities on loan of $74,761,362		$4,001,671,895
Foreign currency, at value (cost $5,158,375)		5,148,295
Deposit with broker for futures contracts		868,174
Receivables:
Dividends		7,030,713
Foreign tax reclaims		2,852,730
Income from securities on loan		161,473
Variation margin on future contracts	+	40,761
Total assets		4,017,774,041

Liabilities
Collateral held for securities on loan		78,927,688
Payables:
Management fees		339,608
Foreign capital gains tax	+	35,128
Total liabilities		79,302,424
Net assets		$3,938,471,617

Net Assets by Source
Capital received from investors		$4,173,866,283
Total distributable loss	+	(235,394,666 )
Net assets		$3,938,471,617

Net Asset Value (NAV)
Net Assets	÷	Shares Outstanding	=	NAV
$3,938,471,617		114,900,000		$34.28

See financial notes

58Schwab International Equity ETFs | Semiannual Report

Schwab International Small-Cap Equity ETF

Statement of Operations

For the period September 1, 2023 through February 29, 2024; unaudited
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $4,384,848)		$35,722,697
Interest received from securities - unaffiliated		34,496
Securities on loan, net	+	1,315,071
Total investment income		37,072,264

Expenses
Management fees		2,053,034
Professional fees	+	6,175 1
Total expenses		2,059,209
Expense reduction	–	6,175 1
Net expenses	–	2,053,034
Net investment income		35,019,230

REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated		(43,857,232 )
Net realized gains on futures contracts		295,978
Net realized gains on foreign currency transactions	+	156,551
Net realized losses		(43,404,703 )
Net change in unrealized appreciation (depreciation) on securities - unaffiliated (net of change in foreign capital gains tax of ($8,143))		142,254,910
Net change in unrealized appreciation (depreciation) on futures contracts		836,013
Net change in unrealized appreciation (depreciation) on foreign currency translations	+	(92,675 )
Net change in unrealized appreciation (depreciation)	+	142,998,248
Net realized and unrealized gains		99,593,545
Increase in net assets resulting from operations		$134,612,775

1	Professional fees associated with the filing of foreign withholding tax claims in the European Union are 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 | Semiannual Report59

Schwab International Small-Cap Equity ETF

Statement of Changes in Net Assets

For the current and prior report periods

Figures for the current period are unaudited

OPERATIONS
	9/1/23-2/29/24		9/1/22-8/31/23
Net investment income		$35,019,230	$104,717,416
Net realized losses		(43,404,703 )	(76,160,503 )
Net change in unrealized appreciation (depreciation)	+	142,998,248	296,509,348
Increase in net assets resulting from operations		$134,612,775	$325,066,261

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions		($97,746,200 )	($78,014,800 )

TRANSACTIONS IN FUND SHARES
	9/1/23-2/29/24			9/1/22-8/31/23
		SHARES	VALUE	SHARES	VALUE
Shares sold		4,200,000	$135,067,680	8,600,000	$278,096,357
Shares redeemed	+	—	—	(4,700,000 )	(141,319,157 )
Net transactions in fund shares		4,200,000	$135,067,680	3,900,000	$136,777,200

SHARES OUTSTANDING AND NET ASSETS
	9/1/23-2/29/24			9/1/22-8/31/23
		SHARES	NET ASSETS	SHARES	NET ASSETS
Beginning of period		110,700,000	$3,766,537,362	106,800,000	$3,382,708,701
Total increase	+	4,200,000	171,934,255	3,900,000	383,828,661
End of period		114,900,000	$3,938,471,617	110,700,000	$3,766,537,362

See financial notes

60Schwab International Equity ETFs | Semiannual Report

Schwab Emerging Markets Equity ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	9/1/23– 2/29/24*	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	$24.62	$25.22	$31.64	$27.11	$24.82	$25.89
Income (loss) from investment operations:
Net investment income (loss)1	0.18	0.75	0.93	0.63	0.79	0.72
Net realized and unrealized gains (losses)	0.88	(0.62 )	(6.63 )	4.64	2.34	(1.00 )
Total from investment operations	1.06	0.13	(5.70 )	5.27	3.13	(0.28 )
Less distributions:
Distributions from net investment income	(0.82 )	(0.73 )	(0.72 )	(0.74 )	(0.84 )	(0.79 )
Net asset value at end of period	$24.86	$24.62	$25.22	$31.64	$27.11	$24.82
Total return	4.47 %2	0.61 %	(18.32 %)	19.53 %	12.76 %	(0.97 %)
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.11 %3	0.11 %4	0.11 %4	0.11 %	0.12 %5	0.13 %
Net investment income (loss)	1.48 %3	3.09 %	3.33 %	2.04 %	3.16 %	2.85 %
Portfolio turnover rate6	3 %2	13 %	13 %	15 %	15 %	13 %
Net assets, end of period (x 1,000,000)	$8,368	$8,463	$8,557	$9,505	$7,196	$5,804

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

See financial notes

Schwab International Equity ETFs | Semiannual Report61

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited)

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%
Allos SA	558,252	2,774,042
Alupar Investimento SA	97,621	585,099
Ambev SA	5,493,823	13,909,672
Atacadao SA	657,095	1,598,881
Auren Energia SA	498,439	1,287,064
B3 SA - Brasil Bolsa Balcao	7,209,024	18,615,072
Banco Bradesco SA	1,865,287	4,617,558
Banco BTG Pactual SA	1,640,537	12,015,163
Banco do Brasil SA	1,063,958	12,389,806
Banco Santander Brasil SA	459,258	2,643,531
BB Seguridade Participacoes SA	832,416	5,585,571
BRF SA *	1,160,750	3,527,583
Caixa Seguridade Participacoes SA	582,183	1,683,751
CCR SA	1,455,736	4,037,322
Centrais Eletricas Brasileiras SA	1,637,124	14,332,846
Cia de Saneamento Basico do Estado de Sao Paulo SABESP	427,254	6,806,965
Cia Energetica de Minas Gerais	192,698	582,517
Cia Siderurgica Nacional SA	768,081	2,600,127
Cielo SA	1,530,230	1,647,677
Companhia Paranaense de Energia	1,024,459	1,892,774
Cosan SA	1,528,105	5,228,339
CPFL Energia SA	248,149	1,767,481
CSN Mineracao SA	677,995	828,279
Dexco SA	440,939	722,378
Diagnosticos da America SA *	328,346	523,382
Embraer SA *	906,376	4,456,495
Energisa SA	305,130	3,122,138
Eneva SA *	1,600,572	4,132,982
Engie Brasil Energia SA	225,011	1,902,924
Equatorial Energia SA	1,099,793	7,565,621
GPS Participacoes e Empreendimentos SA	523,880	1,888,378
Grupo De Moda Soma SA	579,035	815,764
Grupo Mateus SA *	526,823	855,657
Hapvida Participacoes e Investimentos SA *	5,929,761	4,379,907
Hypera SA	523,122	3,461,756
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira	57,193	244,028
Itau Unibanco Holding SA	540,789	3,190,107
JBS SA	1,689,849	7,842,758
Klabin SA	971,663	4,413,761
Localiza Rent a Car SA	1,054,125	11,244,226
Lojas Renner SA	1,186,132	3,771,827
M Dias Branco SA	165,303	1,371,356
Magazine Luiza SA *	4,001,435	1,715,367
Multiplan Empreendimentos Imobiliarios SA	360,030	1,913,677
Natura & Co. Holding SA *	1,209,294	3,969,606
Neoenergia SA	291,534	1,267,373
Petroleo Brasileiro SA	4,644,029	38,526,939

SECURITY	NUMBER OF SHARES	VALUE ($)
Porto Seguro SA	247,177	1,420,783
PRIO SA	844,164	7,426,244
Raia Drogasil SA	1,417,516	7,600,178
Rede D'Or Sao Luiz SA	963,183	4,908,334
Rumo SA	1,566,637	7,163,715
Sao Martinho SA	197,226	1,123,343
Sendas Distribuidora SA	1,684,587	4,814,413
SLC Agricola SA	279,684	1,106,656
Smartfit Escola de Ginastica e Danca SA	143,911	708,455
Suzano SA	898,283	10,187,525
Telefonica Brasil SA	550,352	6,034,472
TIM SA	990,848	3,623,461
TOTVS SA	566,410	3,498,561
Transmissora Alianca de Energia Eletrica SA	293,851	2,093,592
Ultrapar Participacoes SA	1,051,800	6,215,139
Usinas Siderurgicas de Minas Gerais SA Usiminas	307,692	668,808
Vale SA	4,729,790	63,769,562
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA	433,199	761,138
Vibra Energia SA	1,350,622	7,029,492
WEG SA	1,868,434	13,797,076
		388,206,474

Chile 0.5%
Aguas Andinas SA, Class A	4,345,364	1,276,178
Banco de Chile	58,317,287	6,754,328
Banco de Credito e Inversiones SA	82,725	2,292,653
Banco Itau Chile SA	94,975	933,039
Banco Santander Chile	77,628,918	3,771,406
Cencosud SA	1,605,575	2,880,692
Cencosud Shopping SA	675,413	1,103,553
Cia Cervecerias Unidas SA	177,121	1,025,894
Cia Sud Americana de Vapores SA	23,336,228	1,627,719
Colbun SA	9,903,502	1,359,534
Empresas CMPC SA	1,604,710	2,845,951
Empresas Copec SA	629,576	4,036,516
Enel Americas SA	25,120,396	2,558,760
Enel Chile SA	31,226,719	1,873,897
Falabella SA *	1,040,710	2,636,711
Latam Airlines Group SA *	208,656,768	2,621,655
Plaza SA *	422,375	624,599
Quinenco SA	312,914	1,067,806
Sociedad de Inversiones Oro Blanco SA	21,768,335	154,650
		41,445,541

China 28.3%
360 Security Technology, Inc., A Shares *	698,500	850,192
37 Interactive Entertainment Network Technology Group Co. Ltd., A Shares	132,900	359,306

See financial notes

62Schwab International Equity ETFs | Semiannual Report

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
3peak, Inc., A Shares	10,330	158,063
3SBio, Inc.	2,432,101	1,606,116
Advanced Micro-Fabrication Equipment, Inc. China, A Shares	53,140	1,082,602
AECC Aero-Engine Control Co. Ltd., A Shares	113,300	278,169
AECC Aviation Power Co. Ltd., A Shares	207,500	990,954
Agricultural Bank of China Ltd., A Shares	8,266,200	4,806,964
Agricultural Bank of China Ltd., H Shares	39,156,237	16,105,033
Aier Eye Hospital Group Co. Ltd., A Shares	882,644	1,794,627
Air China Ltd., A Shares *	867,000	900,060
Air China Ltd., H Shares *	1,881,595	1,009,439
Aisino Corp., Class A	52,300	74,401
Akeso, Inc. *	617,610	3,715,695
Alibaba Group Holding Ltd.	21,317,222	198,501,109
Alibaba Health Information Technology Ltd. *	7,285,020	3,201,061
Alibaba Pictures Group Ltd. *	17,597,665	1,011,515
A-Living Smart City Services Co. Ltd.	1,066,939	547,861
All Winner Technology Co. Ltd., A Shares	54,900	146,979
Alpha Group, A Shares *	162,500	170,952
Aluminum Corp. of China Ltd., A Shares	701,200	588,773
Aluminum Corp. of China Ltd., H Shares	4,570,122	2,288,330
Amlogic Shanghai Co. Ltd., A Shares	40,017	310,739
An Hui Wenergy Co. Ltd., A Shares	350,500	355,109
Angang Steel Co. Ltd., H Shares	2,914,797	524,967
Angel Yeast Co. Ltd., A Shares	93,800	438,456
Angelalign Technology, Inc.	57,304	481,266
Anhui Anke Biotechnology Group Co. Ltd., A Shares	148,500	205,688
Anhui Conch Cement Co. Ltd., A Shares	372,700	1,238,325
Anhui Conch Cement Co. Ltd., H Shares	1,424,195	3,114,426
Anhui Expressway Co. Ltd., H Shares	818,171	909,218
Anhui Gujing Distillery Co. Ltd., A Shares	112,704	3,427,616
Anhui Jianghuai Automobile Group Corp. Ltd., Class A *	86,100	184,980
Anhui Kouzi Distillery Co. Ltd., A Shares	21,100	124,780
Anhui Yingjia Distillery Co. Ltd., A Shares	30,900	274,252
Anhui Zhongding Sealing Parts Co. Ltd., A Shares	113,200	174,861
Anjoy Foods Group Co. Ltd., A Shares	30,300	367,120
ANTA Sports Products Ltd.	1,577,858	15,468,603
Apeloa Pharmaceutical Co. Ltd., A Shares	120,600	233,994
Asymchem Laboratories Tianjin Co. Ltd., A Shares	21,280	300,066
Autobio Diagnostics Co. Ltd., A Shares	26,100	240,380
Autohome, Inc., ADR	80,388	2,089,284
Avary Holding Shenzhen Co. Ltd., A Shares	76,700	224,397
AVIC Industry-Finance Holdings Co. Ltd., A Shares	745,300	343,416
AviChina Industry & Technology Co. Ltd., H Shares	3,096,810	1,269,768

SECURITY	NUMBER OF SHARES	VALUE ($)
Avicopter PLC, A Shares	57,300	289,472
BAIC BluePark New Energy Technology Co. Ltd., A Shares *	180,200	148,807
BAIC Motor Corp. Ltd., H Shares	3,013,710	900,787
Baidu, Inc., A Shares *	2,803,193	35,645,037
Bank of Beijing Co. Ltd., A Shares	2,008,400	1,443,879
Bank of Changsha Co. Ltd., A Shares	375,200	405,650
Bank of Chengdu Co. Ltd., A Shares	147,900	271,568
Bank of China Ltd., A Shares	4,143,800	2,570,735
Bank of China Ltd., H Shares	104,088,646	40,950,469
Bank of Communications Co. Ltd., A Shares	3,576,400	3,112,179
Bank of Communications Co. Ltd., H Shares	9,348,682	6,137,879
Bank of Guiyang Co. Ltd., A Shares	410,000	313,535
Bank of Hangzhou Co. Ltd., A Shares	566,300	870,838
Bank of Jiangsu Co. Ltd., A Shares	1,492,300	1,588,556
Bank of Nanjing Co. Ltd., A Shares	996,700	1,210,385
Bank of Ningbo Co. Ltd., A Shares	628,560	1,943,627
Bank of Qingdao Co. Ltd., A Shares	566,300	256,221
Bank of Shanghai Co. Ltd., A Shares	1,546,270	1,401,359
Bank of Zhengzhou Co. Ltd., A Shares *	793,987	230,309
Baoshan Iron & Steel Co. Ltd., A Shares	1,765,432	1,634,285
BBMG Corp., A Shares	1,822,200	493,153
BeiGene Ltd. *	795,722	10,773,877
BeiGene Ltd., Class A *	5,102	93,483
Beijing Capital Eco-Environment Protection Group Co. Ltd., A Shares	703,500	274,360
Beijing Capital International Airport Co. Ltd., H Shares *	2,477,400	800,611
Beijing Dabeinong Technology Group Co. Ltd., A Shares	399,300	291,498
Beijing Easpring Material Technology Co. Ltd., A Shares	49,000	236,933
Beijing E-Hualu Information Technology Co. Ltd., A Shares *	73,800	265,077
Beijing Enlight Media Co. Ltd., A Shares	270,800	341,260
Beijing Enterprises Holdings Ltd.	617,251	2,325,887
Beijing Enterprises Water Group Ltd.	5,490,466	1,290,422
Beijing Jetsen Technology Co. Ltd., A Shares *	319,000	225,794
Beijing Jingneng Clean Energy Co. Ltd., H Shares	2,288,213	485,187
Beijing Kingsoft Office Software, Inc., A Shares	39,574	1,488,161
Beijing New Building Materials PLC, A Shares	164,100	639,751
Beijing Orient National Communication Science & Technology Co. Ltd., A Shares *	157,600	183,733
Beijing Originwater Technology Co. Ltd., A Shares	352,077	248,718
Beijing Roborock Technology Co. Ltd., A Shares	7,369	333,174
Beijing Shiji Information Technology Co. Ltd., A Shares	252,980	282,640
Beijing Shougang Co. Ltd., A Shares *	666,700	306,273
Beijing Shunxin Agriculture Co. Ltd., A Shares *	70,600	182,544
Beijing Sinnet Technology Co. Ltd., A Shares *	130,100	169,729
Beijing Tiantan Biological Products Corp. Ltd., A Shares	66,900	262,763

See financial notes

Schwab International Equity ETFs | Semiannual Report63

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Beijing Tongrentang Co. Ltd., A Shares	138,600	856,001
Beijing Ultrapower Software Co. Ltd., A Shares	204,800	308,682
Beijing United Information Technology Co. Ltd., A Shares	71,905	210,069
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., A Shares	45,750	467,008
Beijing Yanjing Brewery Co. Ltd., A Shares	313,000	380,539
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., A Shares	18,400	94,461
Beijing Zhong Ke San Huan High-Tech Co. Ltd., A Shares	117,530	152,025
Beijing-Shanghai High Speed Railway Co. Ltd., A Shares	1,204,200	843,997
Bethel Automotive Safety Systems Co. Ltd., A Shares	39,100	342,418
Bilibili, Inc., Z Shares *	293,098	2,869,656
Bloomage Biotechnology Corp. Ltd., A Shares	34,275	304,112
Blue Moon Group Holdings Ltd.	1,240,359	307,365
Bluefocus Intelligent Communications Group Co. Ltd., A Shares *	275,100	281,772
BOC International China Co. Ltd., A Shares	46,400	70,322
BOE Technology Group Co. Ltd., A Shares	3,326,900	1,842,314
BOE Technology Group Co. Ltd., B Shares	1,143,850	369,653
Bosideng International Holdings Ltd.	4,587,347	2,314,534
Bright Dairy & Food Co. Ltd., A Shares	43,000	54,725
BTG Hotels Group Co. Ltd., A Shares *	102,500	217,369
BYD Co. Ltd., A Shares	157,900	4,190,067
BYD Co. Ltd., H Shares	1,216,363	30,033,079
BYD Electronic International Co. Ltd.	966,052	3,652,557
By-health Co. Ltd., A Shares	78,200	183,419
C&D International Investment Group Ltd.	848,160	1,380,232
C&S Paper Co. Ltd., A Shares	151,300	195,917
Caida Securities Co. Ltd., A Shares	256,100	275,818
Caitong Securities Co. Ltd., A Shares	482,060	533,894
Cambricon Technologies Corp. Ltd., Class A *	20,570	481,501
Canmax Technologies Co. Ltd., A Shares	73,320	232,825
CanSino Biologics, Inc., H Shares *(a)	138,016	321,558
CECEP Solar Energy Co. Ltd., A Shares	348,000	262,742
CECEP Wind-Power Corp., A Shares	629,920	262,275
Central China Securities Co. Ltd., A Shares	685,300	364,276
CETC Cyberspace Security Technology Co. Ltd., A Shares	87,900	248,015
CGN Power Co. Ltd., H Shares	15,127,026	4,598,702
Changchun High & New Technology Industry Group, Inc., A Shares	41,300	736,553
Changjiang Securities Co. Ltd., A Shares	522,200	398,612
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., A Shares	26,400	514,608
Chaozhou Three-Circle Group Co. Ltd., A Shares	176,408	620,895
Chengdu Xingrong Environment Co. Ltd., A Shares	283,400	238,748
Chengxin Lithium Group Co. Ltd., A Shares	81,300	247,220

SECURITY	NUMBER OF SHARES	VALUE ($)
Chifeng Jilong Gold Mining Co. Ltd., Class A *	53,400	95,754
China Baoan Group Co. Ltd., A Shares	261,200	431,391
China Bohai Bank Co. Ltd., Class H *	4,076,850	578,033
China Cinda Asset Management Co. Ltd., H Shares	11,709,736	1,121,794
China CITIC Bank Corp. Ltd., A Shares	944,700	843,055
China CITIC Bank Corp. Ltd., H Shares	11,714,145	6,239,524
China CITIC Financial Asset Management Co. Ltd., H Shares *	18,441,872	789,141
China Coal Energy Co. Ltd., A Shares	484,600	836,671
China Coal Energy Co. Ltd., H Shares	2,580,368	2,785,115
China Communications Services Corp. Ltd., H Shares	3,234,972	1,376,004
China Conch Venture Holdings Ltd.	1,856,993	1,862,022
China Construction Bank Corp., A Shares	1,008,500	979,772
China Construction Bank Corp., H Shares	117,449,632	73,210,991
China CSSC Holdings Ltd., A Shares	368,200	1,814,108
China Eastern Airlines Corp. Ltd., A Shares *	1,268,400	670,706
China Eastern Airlines Corp. Ltd., H Shares *	1,824,860	461,530
China Energy Engineering Corp. Ltd., A Shares	3,030,208	916,811
China Energy Engineering Corp. Ltd., H Shares	5,978,405	549,823
China Everbright Bank Co. Ltd., A Shares	4,053,400	1,811,450
China Everbright Bank Co. Ltd., H Shares	4,293,274	1,343,567
China Everbright Environment Group Ltd.	4,912,521	1,826,006
China Everbright Ltd.	1,168,808	641,973
China Feihe Ltd.	5,066,305	2,523,834
China Film Co. Ltd., A Shares *	60,300	101,515
China Galaxy Securities Co. Ltd., A Shares	165,500	279,078
China Galaxy Securities Co. Ltd., H Shares	4,957,834	2,609,120
China Gas Holdings Ltd.	3,673,667	3,364,525
China Great Wall Securities Co. Ltd., A Shares	279,900	307,666
China Greatwall Technology Group Co. Ltd., A Shares	301,900	434,922
China Green Electricity Investment of Tianjin Co. Ltd., A Shares	177,500	242,407
China Hongqiao Group Ltd.	2,853,069	2,219,394
China International Capital Corp. Ltd., A Shares	88,600	429,151
China International Capital Corp. Ltd., H Shares	1,830,022	2,297,813
China International Marine Containers Group Co. Ltd., H Shares	1,213,845	925,641
China Jinmao Holdings Group Ltd.	8,784,311	718,112
China Jushi Co. Ltd., A Shares	380,577	529,250
China Lesso Group Holdings Ltd.	1,231,591	586,787
China Life Insurance Co. Ltd., H Shares	9,337,644	11,509,844
China Literature Ltd. *	470,168	1,450,357
China Longyuan Power Group Corp. Ltd., H Shares	4,306,592	3,047,532
China Medical System Holdings Ltd.	1,652,988	2,715,285
China Meheco Co. Ltd., A Shares	150,240	236,247
China Meidong Auto Holdings Ltd.	693,046	272,658

See financial notes

64Schwab International Equity ETFs | Semiannual Report

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
China Mengniu Dairy Co. Ltd. *	3,825,435	9,616,360
China Merchants Bank Co. Ltd., A Shares	1,810,700	8,051,744
China Merchants Bank Co. Ltd., H Shares	4,757,321	18,564,295
China Merchants Energy Shipping Co. Ltd., A Shares	789,400	788,825
China Merchants Expressway Network & Technology Holdings Co. Ltd., A Shares	195,100	285,667
China Merchants Port Holdings Co. Ltd.	1,637,207	2,030,615
China Merchants Securities Co. Ltd., A Shares	671,480	1,314,024
China Merchants Securities Co. Ltd., H Shares	687,572	547,156
China Merchants Shekou Industrial Zone Holdings Co. Ltd., A Shares	654,100	855,157
China Minsheng Banking Corp. Ltd., A Shares	3,105,400	1,741,205
China Minsheng Banking Corp. Ltd., H Shares	7,933,888	2,797,048
China National Accord Medicines Corp. Ltd., B Shares	228,748	432,146
China National Building Material Co. Ltd., H Shares	5,827,293	2,195,804
China National Chemical Engineering Co. Ltd., A Shares	578,100	560,027
China National Nuclear Power Co. Ltd., A Shares	1,570,000	1,891,343
China National Software & Service Co. Ltd., A Shares	80,470	359,841
China Northern Rare Earth Group High-Tech Co. Ltd., A Shares	337,100	881,903
China Oilfield Services Ltd., A Shares	158,229	320,619
China Oilfield Services Ltd., H Shares	2,232,620	1,967,744
China Overseas Land & Investment Ltd.	4,834,705	7,188,326
China Pacific Insurance Group Co. Ltd., A Shares	594,500	2,113,888
China Pacific Insurance Group Co. Ltd., H Shares	3,231,006	6,165,853
China Petroleum & Chemical Corp., A Shares	2,986,800	2,590,819
China Petroleum & Chemical Corp., H Shares	31,325,257	17,325,562
China Power International Development Ltd.	6,230,474	2,522,814
China Railway Group Ltd., A Shares	1,858,700	1,638,076
China Railway Group Ltd., H Shares	5,274,387	2,573,595
China Railway Signal & Communication Corp. Ltd., A Shares	519,106	351,582
China Railway Signal & Communication Corp. Ltd., H Shares	1,869,734	678,271
China Rare Earth Resources & Technology Co. Ltd., A Shares	93,300	361,145
China Reinsurance Group Corp., H Shares	9,317,309	553,412
China Resources Beer Holdings Co. Ltd.	1,989,362	8,626,972
China Resources Boya Bio-pharmaceutical Group Co. Ltd., A Shares	58,000	231,509
China Resources Building Materials Technology Holdings Ltd.	2,877,087	499,801

SECURITY	NUMBER OF SHARES	VALUE ($)
China Resources Double Crane Pharmaceutical Co. Ltd., A Shares	108,140	295,217
China Resources Gas Group Ltd.	1,180,531	3,573,802
China Resources Land Ltd.	3,480,546	10,714,434
China Resources Microelectronics Ltd., A Shares	93,908	558,476
China Resources Mixc Lifestyle Services Ltd.	774,985	2,346,100
China Resources Pharmaceutical Group Ltd.	2,187,239	1,480,734
China Resources Power Holdings Co. Ltd.	2,360,051	5,094,633
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., A Shares	100,500	766,870
China Ruyi Holdings Ltd. *(a)	5,803,219	1,141,549
China Shenhua Energy Co. Ltd., A Shares	616,170	3,300,949
China Shenhua Energy Co. Ltd., H Shares	4,300,411	16,616,523
China South Publishing & Media Group Co. Ltd., A Shares	175,200	301,513
China Southern Airlines Co. Ltd., A Shares *	1,077,700	885,463
China Southern Airlines Co. Ltd., H Shares *(a)	1,572,547	584,523
China Southern Power Grid Energy Efficiency&Clean Energy Co. Ltd., A Shares	262,500	186,166
China State Construction Engineering Corp. Ltd., A Shares	3,781,400	2,807,743
China State Construction International Holdings Ltd.	2,327,904	2,595,877
China Suntien Green Energy Corp. Ltd., H Shares	2,947,499	1,121,953
China Taiping Insurance Holdings Co. Ltd.	1,959,044	1,709,109
China Three Gorges Renewables Group Co. Ltd., A Shares	2,336,900	1,498,418
China Tourism Group Duty Free Corp. Ltd., A Shares	162,100	1,959,531
China Tourism Group Duty Free Corp. Ltd., Class H	140,987	1,384,874
China Tower Corp. Ltd., H Shares	61,117,880	7,416,460
China Traditional Chinese Medicine Holdings Co. Ltd.	3,200,270	1,765,937
China TransInfo Technology Co. Ltd., A Shares *	156,500	226,108
China United Network Communications Ltd., A Shares	2,597,400	1,730,338
China Vanke Co. Ltd., A Shares	852,500	1,187,898
China Vanke Co. Ltd., H Shares	2,734,333	2,116,551
China World Trade Center Co. Ltd., A Shares	118,500	314,783
China Yangtze Power Co. Ltd., A Shares	2,144,300	7,454,941
China Zhenhua Group Science & Technology Co. Ltd., A Shares	51,400	409,188
China Zheshang Bank Co. Ltd., A Shares	1,060,790	409,284
Chinalin Securities Co. Ltd., A Shares	124,200	223,569
Chinese Universe Publishing & Media Group Co. Ltd., A Shares	121,000	258,113
Chongqing Brewery Co. Ltd., A Shares	45,800	416,349
Chongqing Changan Automobile Co. Ltd., A Shares	702,264	1,452,237

See financial notes

Schwab International Equity ETFs | Semiannual Report65

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Chongqing Changan Automobile Co. Ltd., B Shares	2,000,698	1,075,891
Chongqing Fuling Zhacai Group Co. Ltd., A Shares	110,760	216,747
Chongqing Rural Commercial Bank Co. Ltd., H Shares	3,838,566	1,549,391
Chongqing Taiji Industry Group Co. Ltd., Class A *	12,700	66,873
Chongqing Zhifei Biological Products Co. Ltd., A Shares	206,100	1,530,036
CITIC Ltd.	6,831,910	6,902,770
Citic Pacific Special Steel Group Co. Ltd., A Shares	495,710	1,002,393
CITIC Securities Co. Ltd., A Shares	1,047,180	3,095,650
CITIC Securities Co. Ltd., H Shares	2,832,368	5,253,166
CMOC Group Ltd., A Shares	863,700	737,206
CMOC Group Ltd., H Shares	5,216,449	3,224,966
CNGR Advanced Material Co. Ltd., A Shares	75,200	494,810
CNOOC Energy Technology & Services Ltd., A Shares	722,500	332,910
CNPC Capital Co. Ltd., A Shares	385,000	331,286
Contemporary Amperex Technology Co. Ltd., A Shares	386,700	8,775,451
COSCO SHIPPING Development Co. Ltd., A Shares	1,184,500	404,409
COSCO SHIPPING Development Co. Ltd., H Shares	3,976,215	416,475
COSCO SHIPPING Energy Transportation Co. Ltd., A Shares	320,100	612,189
COSCO SHIPPING Energy Transportation Co. Ltd., H Shares	1,457,482	1,379,514
COSCO SHIPPING Holdings Co. Ltd., A Shares	1,208,321	1,760,851
COSCO SHIPPING Holdings Co. Ltd., H Shares	3,681,723	3,969,158
COSCO SHIPPING Ports Ltd.	2,001,852	1,194,136
Country Garden Holdings Co. Ltd. *(a)	15,744,171	1,287,077
Country Garden Services Holdings Co. Ltd.	2,570,928	1,967,078
CRRC Corp. Ltd., A Shares	2,104,900	1,863,816
CRRC Corp. Ltd., H Shares	4,771,871	2,462,492
CSC Financial Co. Ltd., A Shares	492,900	1,593,917
CSC Financial Co. Ltd., H Shares	1,175,501	948,953
CSG Holding Co. Ltd., A Shares	451,346	357,055
CSG Holding Co. Ltd., B Shares	802,985	247,189
CSPC Pharmaceutical Group Ltd.	10,525,753	8,228,286
Daan Gene Co. Ltd., A Shares	140,160	171,960
Dada Nexus Ltd., ADR *(a)	100,516	211,084
Daqin Railway Co. Ltd., A Shares	1,388,400	1,437,488
Daqo New Energy Corp., ADR *	66,262	1,410,055
Datang International Power Generation Co. Ltd., H Shares	5,336,885	865,758
DHC Software Co. Ltd., A Shares	351,300	281,323
Dian Diagnostics Group Co. Ltd., A Shares	69,500	185,198
Do-Fluoride New Materials Co. Ltd., A Shares	98,280	180,322
Dong-E-E-Jiao Co. Ltd., A Shares	58,500	471,637
Dongfang Electric Corp. Ltd., A Shares	268,900	610,182
Dongfang Electric Corp. Ltd., H Shares	445,004	492,251
Dongfeng Motor Group Co. Ltd., H Shares	3,810,580	1,630,575
Dongguan Development Holdings Co. Ltd., A Shares	98,400	133,289
Dongguan Yiheda Automation Co. Ltd., Class A	59,500	206,694

SECURITY	NUMBER OF SHARES	VALUE ($)
Dongxing Securities Co. Ltd., A Shares	284,900	335,700
East Buy Holding Ltd. *(a)	505,970	1,564,029
East Group Co. Ltd., A Shares	335,800	275,435
East Money Information Co. Ltd., A Shares	1,424,102	2,774,975
Eastern Air Logistics Co. Ltd., A Shares	146,200	314,913
Eastroc Beverage Group Co. Ltd., A Shares	16,000	397,444
Ecovacs Robotics Co. Ltd., A Shares	51,200	265,264
Empyrean Technology Co. Ltd., Shares A	14,000	176,816
ENN Energy Holdings Ltd.	956,047	7,858,372
ENN Natural Gas Co. Ltd., A Shares	247,475	643,310
Eoptolink Technology, Inc. Ltd., Class A	63,000	525,055
Eve Energy Co. Ltd., A Shares	199,736	1,061,988
Everbright Securities Co. Ltd., A Shares	393,200	921,710
Fangda Carbon New Material Co. Ltd., A Shares *	347,080	237,480
Far East Horizon Ltd.	1,660,359	1,334,005
FAW Jiefang Group Co. Ltd., A Shares *	236,400	287,410
Fiberhome Telecommunication Technologies Co. Ltd., A Shares	98,800	247,369
Financial Street Holdings Co. Ltd., A Shares	686,400	326,755
First Capital Securities Co. Ltd., A Shares	425,700	338,539
Flat Glass Group Co. Ltd., A Shares	118,000	356,690
Flat Glass Group Co. Ltd., H Shares	571,242	1,056,558
Focus Media Information Technology Co. Ltd., A Shares	1,361,100	1,190,095
Foshan Haitian Flavouring & Food Co. Ltd., A Shares	415,604	2,345,298
Fosun International Ltd.	2,940,316	1,697,607
Founder Securities Co. Ltd., A Shares	338,200	357,668
Foxconn Industrial Internet Co. Ltd., A Shares	1,129,200	2,929,079
Fujian Funeng Co. Ltd., A Shares	144,620	184,457
Fujian Sunner Development Co. Ltd., A Shares	120,900	273,337
Full Truck Alliance Co. Ltd., ADR *	850,413	5,612,726
Fushun Special Steel Co. Ltd., Class A *	131,200	114,534
Fuyao Glass Industry Group Co. Ltd., A Shares	191,900	1,152,958
Fuyao Glass Industry Group Co. Ltd., H Shares	764,806	3,834,385
GalaxyCore, Inc., Class A	55,134	151,125
Gan & Lee Pharmaceuticals Co. Ltd., A Shares *	19,900	118,512
Ganfeng Lithium Group Co. Ltd., A Shares	167,220	929,483
Ganfeng Lithium Group Co. Ltd., H Shares	521,199	1,730,939
G-bits Network Technology Xiamen Co. Ltd., A Shares	6,200	186,372
GCL System Integration Technology Co. Ltd., A Shares *	559,900	205,147
GCL Technology Holdings Ltd.	25,973,611	3,616,293
GD Power Development Co. Ltd., A Shares	1,645,500	1,068,796
GDS Holdings Ltd., A shares *(a)	1,103,727	937,536
Geely Automobile Holdings Ltd.	6,677,662	7,301,347
GEM Co. Ltd., A Shares	497,700	370,240
Gemdale Corp., A Shares	433,800	259,488
Genscript Biotech Corp. *	1,213,505	2,452,183
GF Securities Co. Ltd., A Shares	620,900	1,221,937
GF Securities Co. Ltd., H Shares	1,302,645	1,404,343

See financial notes

66Schwab International Equity ETFs | Semiannual Report

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Giant Biogene Holding Co. Ltd. *	518,606	2,371,512
Giant Network Group Co. Ltd., Class A	212,900	334,482
GigaDevice Semiconductor, Inc., A Shares	64,484	655,736
Ginlong Technologies Co. Ltd., A Shares	37,350	337,616
Glarun Technology Co. Ltd., A Shares	112,900	200,251
GoerTek, Inc., A Shares	321,300	742,019
Goke Microelectronics Co. Ltd., A Shares	17,300	135,010
Goldwind Science & Technology Co. Ltd., A Shares	375,000	397,627
Goldwind Science & Technology Co. Ltd., H Shares	767,770	292,248
Goneo Group Co. Ltd., A Shares	16,800	237,827
GoodWe Technologies Co. Ltd., A Shares	13,484	203,011
Gotion High-tech Co. Ltd., A Shares *	154,200	423,527
Grandjoy Holdings Group Co. Ltd., A Shares *	361,372	141,936
Great Wall Motor Co. Ltd., A Shares	244,600	794,371
Great Wall Motor Co. Ltd., H Shares	2,895,768	3,277,195
Gree Electric Appliances, Inc. of Zhuhai, Class A	288,100	1,561,404
Greentown China Holdings Ltd. (a)	1,317,725	1,058,718
GRG Banking Equipment Co. Ltd., A Shares	247,500	396,055
Guangdong Baolihua New Energy Stock Co. Ltd., A Shares	344,300	240,357
Guangdong Electric Power Development Co. Ltd., B Shares *	1,411,014	367,677
Guangdong Golden Dragon Development, Inc., A Shares *	75,300	127,708
Guangdong Haid Group Co. Ltd., A Shares	162,600	973,084
Guangdong HEC Technology Holding Co. Ltd., A Shares *	132,500	137,736
Guangdong Investment Ltd.	3,706,995	2,206,545
Guangdong Kinlong Hardware Products Co. Ltd., A Shares	21,800	113,187
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., A Shares	74,500	150,959
Guanghui Energy Co. Ltd., A Shares	624,600	649,284
Guangshen Railway Co. Ltd., H Shares *	2,692,645	557,184
Guangxi Guiguan Electric Power Co. Ltd., A Shares	345,300	276,518
Guangxi Liugong Machinery Co. Ltd., A Shares	420,800	447,942
Guangzhou Automobile Group Co. Ltd., A Shares	338,960	419,157
Guangzhou Automobile Group Co. Ltd., H Shares	4,052,864	1,754,957
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., A Shares	116,400	477,862
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., H Shares	250,628	653,077
Guangzhou Development Group, Inc., Class A	626,100	507,467
Guangzhou Great Power Energy & Technology Co. Ltd., Class A	33,200	104,918
Guangzhou Haige Communications Group, Inc. Co., A Shares	271,400	435,430

SECURITY	NUMBER OF SHARES	VALUE ($)
Guangzhou Kingmed Diagnostics Group Co. Ltd., A Shares	45,900	384,132
Guangzhou Shiyuan Electronic Technology Co. Ltd., A Shares	24,300	132,338
Guangzhou Tinci Materials Technology Co. Ltd., A Shares	187,780	537,910
Guangzhou Wondfo Biotech Co. Ltd., A Shares	48,200	181,087
Guangzhou Yuexiu Capital Holdings Group Co. Ltd., A Shares	280,118	239,482
Guangzhou Zhujiang Brewery Co. Ltd., A Shares	214,300	230,205
Guizhou Panjiang Refined Coal Co. Ltd., A Shares	257,100	218,019
Guolian Securities Co. Ltd., A Shares *	221,900	337,843
Guosen Securities Co. Ltd., A Shares	483,900	578,914
Guosheng Financial Holding, Inc., A Shares *	194,100	272,620
Guotai Junan Securities Co. Ltd., A Shares	625,000	1,308,941
Guotai Junan Securities Co. Ltd., H Shares	1,209,945	1,392,500
Guoyuan Securities Co. Ltd., A Shares	409,300	396,504
H World Group Ltd., ADR	263,862	9,646,795
Haidilao International Holding Ltd.	1,895,642	3,472,244
Haier Smart Home Co. Ltd., A Shares	547,400	1,830,175
Haier Smart Home Co. Ltd., H Shares	2,931,752	8,950,142
Hainan Airlines Holding Co. Ltd., Class A *	2,678,400	531,572
Hainan Airport Infrastructure Co. Ltd., Class A *	480,500	250,078
Hainan Drinda New Energy Technology Co. Ltd., A Shares	13,900	132,089
Haisco Pharmaceutical Group Co. Ltd., A Shares *	50,600	175,566
Haitian International Holdings Ltd.	755,241	1,913,956
Haitong Securities Co. Ltd., A Shares	912,400	1,157,397
Haitong Securities Co. Ltd., H Shares	4,517,938	2,244,888
Hang Zhou Great Star Industrial Co. Ltd., A Shares	106,000	320,269
Hangzhou Binjiang Real Estate Group Co. Ltd., A Shares	279,900	293,681
Hangzhou Chang Chuan Technology Co. Ltd., A Shares	59,500	239,396
Hangzhou First Applied Material Co. Ltd., A Shares	95,922	370,362
Hangzhou Lion Microelectronics Co. Ltd., A Shares	61,656	202,632
Hangzhou Oxygen Plant Group Co. Ltd., A Shares	68,200	265,029
Hangzhou Robam Appliances Co. Ltd., A Shares	97,000	336,560
Hangzhou Silan Microelectronics Co. Ltd., A Shares	132,600	384,628
Hangzhou Tigermed Consulting Co. Ltd., A Shares	64,700	404,529
Hangzhou Tigermed Consulting Co. Ltd., H Shares	145,764	507,366
Han's Laser Technology Industry Group Co. Ltd., A Shares	68,000	187,336
Hansoh Pharmaceutical Group Co. Ltd.	1,267,724	2,234,645
Haohua Chemical Science & Technology Co. Ltd., A Shares	79,400	374,671
Harbin Boshi Automation Co. Ltd., A Shares	97,500	191,746

See financial notes

Schwab International Equity ETFs | Semiannual Report67

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Hefei Meiya Optoelectronic Technology, Inc., A Shares	84,110	225,181
Heilongjiang Agriculture Co. Ltd., A Shares	183,100	315,871
Henan Shenhuo Coal & Power Co. Ltd., Class A	245,300	629,145
Henan Shuanghui Investment & Development Co. Ltd., A Shares	317,300	1,286,771
Hengan International Group Co. Ltd.	900,512	2,783,618
Hengdian Group DMEGC Magnetics Co. Ltd., A Shares	151,500	301,728
Hengli Petrochemical Co. Ltd., A Shares *	266,400	470,667
Hengtong Optic-electric Co. Ltd., A Shares	235,300	399,719
Hengyi Petrochemical Co. Ltd., A Shares *	302,900	290,908
Hesteel Co. Ltd., A Shares	960,000	290,455
Hisense Home Appliances Group Co. Ltd., Class A	195,800	809,532
Hisense Home Appliances Group Co. Ltd., Class H	431,192	1,365,926
Hisense Visual Technology Co. Ltd., Class A	114,800	412,660
Hithink RoyalFlush Information Network Co. Ltd., A Shares	43,600	829,430
Hongfa Technology Co. Ltd., A Shares	56,340	194,701
Hopson Development Holdings Ltd. *	1,401,911	671,516
Hoshine Silicon Industry Co. Ltd., A Shares	57,100	420,013
Hoyuan Green Energy Co. Ltd., A Shares	48,517	187,260
Hua Hong Semiconductor Ltd. *	632,733	1,357,796
Huadian Power International Corp. Ltd., A Shares	600,152	515,588
Huadian Power International Corp. Ltd., H Shares	1,905,672	922,555
Huadong Medicine Co. Ltd., A Shares	135,500	633,377
Huafon Chemical Co. Ltd., A Shares	383,800	363,279
Huagong Tech Co. Ltd., A Shares	84,800	373,437
Huaibei Mining Holdings Co. Ltd., A Shares	208,500	548,361
Hualan Biological Engineering, Inc., A Shares	171,980	470,930
Huaneng Lancang River Hydropower, Inc., A Shares	519,600	669,219
Huaneng Power International, Inc., A Shares *	628,400	769,229
Huaneng Power International, Inc., H Shares *	5,319,368	2,989,630
Huatai Securities Co. Ltd., A Shares	673,900	1,359,912
Huatai Securities Co. Ltd., H Shares	1,767,035	2,090,071
Huaxi Securities Co. Ltd., A Shares	165,400	180,660
Huaxia Bank Co. Ltd., A Shares	1,533,800	1,349,612
Huaxia Eye Hospital Group Co. Ltd., A Shares	13,150	53,985
Huaxin Cement Co. Ltd., A Shares	128,926	242,813
Huaxin Cement Co. Ltd., H Shares	490,679	420,557
Huayu Automotive Systems Co. Ltd., A Shares	295,100	715,506
Hubei Energy Group Co. Ltd., A Shares	591,600	374,407
Hubei Jumpcan Pharmaceutical Co. Ltd., A Shares	36,400	186,919
Hubei Xingfa Chemicals Group Co. Ltd., A Shares	108,000	276,398

SECURITY	NUMBER OF SHARES	VALUE ($)
Huizhou Desay Sv Automotive Co. Ltd., A Shares	46,700	664,990
Humanwell Healthcare Group Co. Ltd., A Shares	151,600	462,885
Hunan Changyuan Lico Co. Ltd., Class A	236,184	199,955
Hunan Gold Corp. Ltd., A Shares	110,600	180,208
Hunan Valin Steel Co. Ltd., A Shares	574,100	453,368
Hundsun Technologies, Inc., A Shares	185,694	629,353
Hwatsing Technology Co. Ltd., Class A	8,122	227,701
Hygeia Healthcare Holdings Co. Ltd., Class C	450,917	1,696,238
IEIT Systems Co. Ltd., A Shares	148,728	771,790
Iflytek Co. Ltd., A Shares	192,500	1,319,534
Imeik Technology Development Co. Ltd., A Shares	15,900	721,599
Industrial & Commercial Bank of China Ltd., A Shares	6,708,500	4,962,535
Industrial & Commercial Bank of China Ltd., H Shares	99,365,417	51,276,860
Industrial Bank Co. Ltd., A Shares	1,803,000	4,166,399
Industrial Securities Co. Ltd., A Shares	831,060	670,131
Ingenic Semiconductor Co. Ltd., A Shares	35,000	318,414
Inner Mongolia BaoTou Steel Union Co. Ltd., A Shares *	3,568,200	762,642
Inner Mongolia Dian Tou Energy Corp. Ltd., A Shares	365,600	841,790
Inner Mongolia ERDOS Resources Co. Ltd., A Shares	130,100	189,771
Inner Mongolia ERDOS Resources Co. Ltd., B Shares	872,720	789,812
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., A Shares	792,900	428,074
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A	295,200	181,088
Inner Mongolia Yili Industrial Group Co. Ltd., A Shares	535,000	2,105,028
Inner Mongolia Yuan Xing Energy Co. Ltd., A Shares	326,900	274,487
Innovent Biologics, Inc. *	1,805,055	9,764,470
Intco Medical Technology Co. Ltd., A Shares	60,450	177,526
iQIYI, Inc., ADR *	547,175	2,019,076
iRay Technology Co. Ltd., A Shares	7,000	240,518
JA Solar Technology Co. Ltd., A Shares	316,736	824,232
Jafron Biomedical Co. Ltd., A Shares	68,050	189,551
Jason Furniture Hangzhou Co. Ltd., A Shares	75,010	390,913
JCET Group Co. Ltd., A Shares	182,000	660,785
JD Health International, Inc. *	1,295,223	4,930,212
JD Logistics, Inc. *	2,240,125	2,223,300
JD.com, Inc., A Shares	2,958,150	33,647,974
Jiangsu Eastern Shenghong Co. Ltd., A Shares	388,900	566,733
Jiangsu Expressway Co. Ltd., A Shares	295,600	494,359
Jiangsu Expressway Co. Ltd., H Shares	1,326,338	1,363,813
Jiangsu Hengli Hydraulic Co. Ltd., A Shares	110,784	873,480
Jiangsu Hengrui Pharmaceuticals Co. Ltd., A Shares	557,244	3,297,718
Jiangsu King's Luck Brewery JSC Ltd., A Shares	118,000	879,442
Jiangsu Linyang Energy Co. Ltd., A Shares	188,800	161,673

See financial notes

68Schwab International Equity ETFs | Semiannual Report

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A	94,700	331,208
Jiangsu Pacific Quartz Co. Ltd., Class A	28,400	315,050
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A	153,000	221,051
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., A Shares	131,600	1,844,710
Jiangsu Yangnong Chemical Co. Ltd., A Shares	44,200	335,675
Jiangsu Yoke Technology Co. Ltd., A Shares	41,800	292,677
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., A Shares	93,500	464,694
Jiangsu Zhongtian Technology Co. Ltd., A Shares	311,600	566,093
Jiangxi Copper Co. Ltd., A Shares	144,400	392,602
Jiangxi Copper Co. Ltd., H Shares	1,403,104	2,089,745
Jiangxi Special Electric Motor Co. Ltd., A Shares *	161,500	234,004
Jilin Aodong Pharmaceutical Group Co. Ltd., A Shares	105,100	221,424
Jinke Smart Services Group Co. Ltd., H Shares *	322,927	382,787
Jinko Solar Co. Ltd., Class A	371,157	454,851
Jinxin Fertility Group Ltd. *	2,217,803	688,389
JiuGui Liquor Co. Ltd., A Shares	31,000	263,093
Jiumaojiu International Holdings Ltd.	1,213,990	843,565
Jizhong Energy Resources Co. Ltd., A Shares	326,700	368,630
Joincare Pharmaceutical Group Industry Co. Ltd., A Shares	175,700	294,571
Joinn Laboratories China Co. Ltd., A Shares	55,272	139,614
Joinn Laboratories China Co. Ltd., H Shares	149,546	188,728
Jointown Pharmaceutical Group Co. Ltd., A Shares	435,714	492,240
Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd., A Shares *	78,800	276,802
JOYY, Inc., ADR	39,628	1,248,282
Juneyao Airlines Co. Ltd., A Shares *	250,400	463,250
Kanzhun Ltd., ADR	400,244	6,263,819
KE Holdings, Inc., ADR	801,865	10,897,345
Keda Industrial Group Co. Ltd., Shares A	180,000	300,281
Kingboard Holdings Ltd.	968,950	1,903,542
Kingboard Laminates Holdings Ltd.	1,402,439	870,613
Kingdee International Software Group Co. Ltd. *	3,219,803	3,479,401
Kingnet Network Co. Ltd., Class A	203,600	353,215
Kingsoft Cloud Holdings Ltd. *	1,555,818	315,981
Kingsoft Corp. Ltd.	1,076,735	3,005,143
Kuaishou Technology *	3,294,973	18,729,090
Kuang-Chi Technologies Co. Ltd., A Shares *	192,000	395,179
Kunlun Energy Co. Ltd.	4,638,855	3,964,074
Kunlun Tech Co. Ltd., A Shares *	117,300	657,215
Kweichow Moutai Co. Ltd., A Shares	109,700	25,806,391
Lakala Payment Co. Ltd., A Shares *	104,500	210,008
Lao Feng Xiang Co. Ltd., A Shares	133,558	1,277,145
Laobaixing Pharmacy Chain JSC, A Shares	48,230	205,163
LB Group Co. Ltd., A Shares	238,500	621,634
Lee & Man Paper Manufacturing Ltd.	1,993,447	570,371
Legend Holdings Corp., H Shares	695,119	580,686

SECURITY	NUMBER OF SHARES	VALUE ($)
Lens Technology Co. Ltd., A Shares	461,700	775,347
Leo Group Co. Ltd., A shares *	658,700	216,664
Lepu Medical Technology Beijing Co. Ltd., A Shares	180,000	376,975
Levima Advanced Materials Corp., A Shares	70,900	168,265
Leyard Optoelectronic Co. Ltd., A Shares	480,200	353,889
Li Auto, Inc., Class A *	1,346,488	30,494,114
Li Ning Co. Ltd.	2,863,834	7,140,563
Liaoning Port Co. Ltd., A Shares	1,511,500	310,471
Lingyi iTech Guangdong Co., A Shares	660,100	502,960
Livzon Pharmaceutical Group, Inc., A Shares	93,300	498,403
Livzon Pharmaceutical Group, Inc., H Shares	175,793	615,258
Longfor Group Holdings Ltd.	2,407,565	3,038,364
LONGi Green Energy Technology Co. Ltd., A Shares	631,548	1,861,709
Longshine Technology Group Co. Ltd., A Shares	105,200	186,740
Loongson Technology Corp. Ltd., Shares A *	17,112	243,193
Lufax Holding Ltd., ADR	226,578	706,923
Luxi Chemical Group Co. Ltd., A Shares	165,500	228,315
Luxshare Precision Industry Co. Ltd., A Shares	588,317	2,251,939
Luye Pharma Group Ltd. *	2,339,744	863,716
Luzhou Laojiao Co. Ltd., A Shares	125,400	3,058,749
Maanshan Iron & Steel Co. Ltd., A Shares	1,082,300	398,056
Mango Excellent Media Co. Ltd., A Shares	164,370	565,295
Maxscend Microelectronics Co. Ltd., A Shares	45,248	675,086
Meihua Holdings Group Co. Ltd., Class A	293,400	439,779
Meinian Onehealth Healthcare Holdings Co. Ltd., A Shares *	353,000	273,376
Meituan, B Shares *	6,692,398	68,216,503
Metallurgical Corp. of China Ltd., A Shares	1,345,100	621,655
Metallurgical Corp. of China Ltd., H Shares	3,815,616	770,064
Microport Scientific Corp. *(a)	1,163,975	1,141,852
Ming Yang Smart Energy Group Ltd., A Shares	228,700	323,756
Ming Yuan Cloud Group Holdings Ltd. *	713,630	204,186
MINISO Group Holding Ltd., ADR	111,369	2,041,394
Minth Group Ltd.	893,501	1,520,212
MOG Digitech Holdings Ltd. *	663,983	111,105
Montage Technology Co. Ltd., A Shares	108,000	782,429
Muyuan Foods Co. Ltd., A Shares	410,386	2,192,257
Nanjing Iron & Steel Co. Ltd., A Shares	551,600	325,360
Nanjing Securities Co. Ltd., A Shares	89,300	103,364
NARI Technology Co. Ltd., A Shares	747,996	2,406,377
National Silicon Industry Group Co. Ltd., A Shares *	169,305	362,096
NAURA Technology Group Co. Ltd., A Shares	41,700	1,643,982
NavInfo Co. Ltd., A Shares *	279,800	285,421
NetEase, Inc.	2,256,442	50,784,933
New China Life Insurance Co. Ltd., A Shares	174,000	792,089

See financial notes

Schwab International Equity ETFs | Semiannual Report69

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
New China Life Insurance Co. Ltd., H Shares	950,792	1,831,436
New Hope Liuhe Co. Ltd., A Shares *	424,100	521,498
New Oriental Education & Technology Group, Inc. *	1,894,259	17,965,554
Newland Digital Technology Co. Ltd., A Shares	108,600	290,745
Nine Dragons Paper Holdings Ltd. *	2,123,094	984,420
Ninestar Corp., A Shares	136,400	443,545
Ningbo Deye Technology Co. Ltd., A Shares	37,044	430,323
Ningbo Joyson Electronic Corp., A Shares	130,600	302,155
Ningbo Orient Wires & Cables Co. Ltd., A Shares	65,200	350,919
Ningbo Ronbay New Energy Technology Co. Ltd., A Shares	42,068	181,286
Ningbo Sanxing Medical Electric Co. Ltd., A Shares	109,200	409,808
Ningbo Shanshan Co. Ltd., A Shares	232,900	369,783
Ningbo Tuopu Group Co. Ltd., A Shares	91,900	748,949
Ningbo Zhoushan Port Co. Ltd., A Shares	752,200	369,562
Ningxia Baofeng Energy Group Co. Ltd., A Shares	265,500	562,671
NIO, Inc., Class A *	1,515,440	8,478,473
Nongfu Spring Co. Ltd., H Shares	2,192,953	12,437,042
North Industries Group Red Arrow Co. Ltd., A Shares	74,900	133,890
Northeast Securities Co. Ltd., A Shares	200,000	199,299
Offshore Oil Engineering Co. Ltd., A Shares	473,000	406,352
OFILM Group Co. Ltd., A Shares *	303,500	343,716
Oppein Home Group, Inc., A Shares	20,740	199,995
ORG Technology Co. Ltd., A Shares	591,400	350,477
Orient Securities Co. Ltd., A Shares	776,716	949,706
Orient Securities Co. Ltd., H Shares	877,335	373,177
Oriental Energy Co. Ltd., A Shares *	156,600	218,428
Oriental Pearl Group Co. Ltd., A Shares	135,800	139,471
Ourpalm Co. Ltd., A shares *	337,700	253,090
Ovctek China, Inc., A Shares	81,180	231,983
Pacific Securities Co. Ltd., Class A *	391,000	186,132
Pangang Group Vanadium Titanium & Resources Co. Ltd., A Shares *	764,900	338,646
PDD Holdings, Inc., ADR *	758,488	94,462,096
People.cn Co. Ltd., A Shares	111,800	411,807
People's Insurance Co. Group of China Ltd., A Shares	480,600	350,182
People's Insurance Co. Group of China Ltd., H Shares	9,696,143	3,232,543
Perfect World Co. Ltd., A Shares	85,450	138,992
PetroChina Co. Ltd., A Shares	2,225,200	2,730,060
PetroChina Co. Ltd., H Shares	26,268,726	20,702,795
Pharmaron Beijing Co. Ltd., A Shares	50,400	163,331
Pharmaron Beijing Co. Ltd., H Shares	334,103	448,953
PICC Property & Casualty Co. Ltd., H Shares	8,467,642	11,594,768
Ping An Bank Co. Ltd., A Shares	1,819,100	2,673,643
Ping An Healthcare & Technology Co. Ltd. *(a)	760,936	1,179,972
Ping An Insurance Group Co. of China Ltd., A Shares	949,400	5,652,720
Ping An Insurance Group Co. of China Ltd., H Shares	7,878,511	35,322,877

SECURITY	NUMBER OF SHARES	VALUE ($)
Pingdingshan Tianan Coal Mining Co. Ltd., A Shares	258,300	497,582
Piotech, Inc., Shares A	9,972	295,482
Poly Developments & Holdings Group Co. Ltd., A Shares	1,121,200	1,520,298
Poly Property Services Co. Ltd., H Shares	189,544	681,543
Pop Mart International Group Ltd.	879,548	2,199,769
Porton Pharma Solutions Ltd., A Shares	58,800	164,846
Postal Savings Bank of China Co. Ltd., A Shares	2,007,300	1,351,154
Postal Savings Bank of China Co. Ltd., H Shares	12,771,357	6,737,393
Power Construction Corp. of China Ltd., A Shares	1,572,000	1,114,870
Pylon Technologies Co. Ltd., A Shares	13,976	164,506
Qi An Xin Technology Group, Inc., Class A *	34,555	167,805
Qifu Technology, Inc., ADR	150,641	2,327,403
Qingdao TGOOD Electric Co. Ltd., A Shares	113,900	313,945
Qinghai Salt Lake Industry Co. Ltd., A Shares *	521,500	1,168,901
Raytron Technology Co. Ltd., A Shares	45,400	244,540
Red Star Macalline Group Corp. Ltd., H Shares	1,009,588	216,650
Remegen Co. Ltd., H Shares *	188,183	540,839
RLX Technology, Inc., ADR	994,566	1,939,404
Rongsheng Petrochemical Co. Ltd., A Shares	317,800	452,535
SAIC Motor Corp. Ltd., A Shares	803,500	1,668,278
Sailun Group Co. Ltd., A Shares	309,500	618,549
Sanan Optoelectronics Co. Ltd., A Shares	283,000	488,605
Sangfor Technologies, Inc., A Shares *	14,100	124,068
Sany Heavy Equipment International Holdings Co. Ltd.	999,883	776,529
Sany Heavy Industry Co. Ltd., A Shares	807,700	1,562,657
Satellite Chemical Co. Ltd., A Shares *	321,962	741,314
SDIC Capital Co. Ltd., A Shares	328,400	314,487
SDIC Power Holdings Co. Ltd., A Shares	326,900	653,777
Sealand Securities Co. Ltd., A Shares	476,200	235,283
Seazen Group Ltd. *	3,574,971	506,874
Seazen Holdings Co. Ltd., A Shares *	220,700	318,863
SenseTime Group, Inc., Class B *	20,063,229	2,306,472
Seres Group Co. Ltd., Class A *	60,400	770,629
SF Holding Co. Ltd., A Shares	425,300	2,263,663
SG Micro Corp., A Shares	44,898	440,801
Shaanxi Coal Industry Co. Ltd., A Shares	853,900	3,057,579
Shaanxi International Trust Co. Ltd., A Shares	384,200	164,766
Shan Xi Hua Yang Group New Energy Co. Ltd., A Shares	378,550	531,685
Shandong Chenming Paper Holdings Ltd., H Shares *	1,899,701	434,353
Shandong Gold Mining Co. Ltd., A Shares	321,704	968,427
Shandong Gold Mining Co. Ltd., H Shares	804,605	1,278,521
Shandong Himile Mechanical Science & Technology Co. Ltd., A Shares	68,600	313,140
Shandong Hi-speed Co. Ltd., A Shares	244,600	278,030

See financial notes

70Schwab International Equity ETFs | Semiannual Report

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Shandong Hualu Hengsheng Chemical Co. Ltd., A Shares	205,360	783,790
Shandong Humon Smelting Co. Ltd., A Shares *	213,000	282,906
Shandong Linglong Tyre Co. Ltd., A Shares	86,400	265,726
Shandong Nanshan Aluminum Co. Ltd., A Shares	1,125,400	484,194
Shandong Pharmaceutical Glass Co. Ltd., A Shares	69,900	255,628
Shandong Sun Paper Industry JSC Ltd., A Shares	296,900	586,362
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares	3,084,957	2,005,726
Shanghai Aiko Solar Energy Co. Ltd., Class A	147,960	310,695
Shanghai Bairun Investment Holding Group Co. Ltd., A Shares	97,428	271,924
Shanghai Baosight Software Co. Ltd., A Shares	339,771	2,206,902
Shanghai BOCHU Electronic Technology Corp. Ltd., A Shares	12,371	482,942
Shanghai Construction Group Co. Ltd., A Shares	663,000	225,440
Shanghai Electric Group Co. Ltd., A Shares *	1,104,100	649,718
Shanghai Electric Group Co. Ltd., H Shares *	3,063,793	614,418
Shanghai Electric Power Co. Ltd., A Shares	237,200	274,886
Shanghai Fosun Pharmaceutical Group Co. Ltd., A Shares	161,200	549,918
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares	781,777	1,414,005
Shanghai Fudan Microelectronics Group Co. Ltd., A Shares	25,080	129,242
Shanghai Fudan Microelectronics Group Co. Ltd., H Shares	388,465	687,733
Shanghai Industrial Holdings Ltd.	603,535	789,418
Shanghai International Airport Co. Ltd., A Shares *	241,400	1,178,648
Shanghai International Port Group Co. Ltd., A Shares	1,004,800	757,235
Shanghai Jinjiang International Hotels Co. Ltd., A Shares	96,700	390,008
Shanghai Jinjiang International Hotels Co. Ltd., B Shares	204,265	313,955
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., A Shares	200,900	341,281
Shanghai Junshi Biosciences Co. Ltd., A Shares *	76,221	332,166
Shanghai Junshi Biosciences Co. Ltd., H Shares *	210,248	335,696
Shanghai Lingang Holdings Corp. Ltd., A Shares	174,700	259,192
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., A Shares	230,800	293,415
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., B Shares	502,630	203,063
Shanghai M&G Stationery, Inc., A Shares	44,200	218,508
Shanghai Mechanical & Electrical Industry Co. Ltd., B shares	293,501	286,457

SECURITY	NUMBER OF SHARES	VALUE ($)
Shanghai Moons' Electric Co. Ltd., Class A	40,800	327,351
Shanghai Pharmaceuticals Holding Co. Ltd., A Shares	271,500	683,154
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares	1,218,191	1,960,608
Shanghai Pudong Development Bank Co. Ltd., A Shares	2,768,000	2,746,775
Shanghai Putailai New Energy Technology Co. Ltd., A Shares	201,276	524,054
Shanghai RAAS Blood Products Co. Ltd., A Shares	655,900	655,422
Shanghai Rural Commercial Bank Co. Ltd., A Shares	463,300	414,737
Shanghai Tunnel Engineering Co. Ltd., A Shares	279,100	240,161
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., A Shares	180,200	243,343
Shanghai Yuyuan Tourist Mart Group Co. Ltd., A Shares	418,400	383,835
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., A Shares	158,400	437,481
Shanghai Zhenhua Heavy Industries Co. Ltd., B Shares *	1,331,420	274,273
Shanxi Coal International Energy Group Co. Ltd., Class A	106,900	272,841
Shanxi Coking Coal Energy Group Co. Ltd., A Shares	534,800	864,706
Shanxi Lu'an Environmental Energy Development Co. Ltd., A Shares	297,700	1,067,634
Shanxi Meijin Energy Co. Ltd., A Shares *	247,000	235,165
Shanxi Securities Co. Ltd., A Shares	350,500	263,656
Shanxi Taigang Stainless Steel Co. Ltd., A Shares	472,500	248,538
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., A Shares	106,900	3,457,772
Shede Spirits Co. Ltd., Class A	16,500	186,177
Shenergy Co. Ltd., Class A	370,000	388,730
Shenghe Resources Holding Co. Ltd., A Shares	167,100	209,650
Shengyi Technology Co. Ltd., A Shares	219,400	522,218
Shennan Circuits Co. Ltd., A Shares	31,700	308,850
Shenwan Hongyuan Group Co. Ltd., A Shares	1,646,300	1,046,467
Shenwan Hongyuan Group Co. Ltd., H Shares	3,400,291	612,407
Shenzhen Airport Co. Ltd., A Shares *	213,000	193,334
Shenzhen Capchem Technology Co. Ltd., A Shares	80,640	455,284
Shenzhen Dynanonic Co. Ltd., A Shares	22,880	136,005
Shenzhen Energy Group Co. Ltd., A Shares	425,900	389,533
Shenzhen Expressway Corp. Ltd., H Shares	1,026,247	903,183
Shenzhen Gas Corp. Ltd., A Shares	371,000	350,134
Shenzhen Goodix Technology Co. Ltd., A Shares *	16,500	144,957
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., H Shares	509,444	182,855
Shenzhen Inovance Technology Co. Ltd., A Shares	199,100	1,746,658
Shenzhen International Holdings Ltd.	1,846,547	1,559,074
Shenzhen Investment Ltd.	3,284,081	440,462

See financial notes

Schwab International Equity ETFs | Semiannual Report71

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Shenzhen Jinjia Group Co. Ltd., A Shares	197,700	132,801
Shenzhen Kaifa Technology Co. Ltd., A Shares	155,600	308,382
Shenzhen Kangtai Biological Products Co. Ltd., A Shares	105,180	354,286
Shenzhen Kedali Industry Co. Ltd., A Shares	23,100	233,781
Shenzhen Kingdom Sci-Tech Co. Ltd., A Shares	92,200	164,048
Shenzhen Kstar Science & Technology Co. Ltd., Class A	44,500	143,593
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares	105,300	4,226,176
Shenzhen MTC Co. Ltd., A Shares	456,500	345,293
Shenzhen New Industries Biomedical Engineering Co. Ltd., A Shares	27,000	303,491
Shenzhen Overseas Chinese Town Co. Ltd., A Shares *	780,000	332,341
Shenzhen Salubris Pharmaceuticals Co. Ltd., A Shares	92,000	372,839
Shenzhen SC New Energy Technology Corp., A Shares	31,000	278,582
Shenzhen SED Industry Co. Ltd., Class A	108,000	296,334
Shenzhen Senior Technology Material Co. Ltd., A Shares	119,700	203,674
Shenzhen Sunway Communication Co. Ltd., A Shares	88,700	247,317
Shenzhen Transsion Holdings Co. Ltd., A Shares	69,360	1,527,696
Shenzhen YUTO Packaging Technology Co. Ltd., A Shares	67,900	254,345
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., A Shares	304,100	182,327
Shenzhou International Group Holdings Ltd.	951,245	7,843,203
Shijiazhuang Changshan BeiMing Technology Co. Ltd., A Shares *	215,100	246,886
Shijiazhuang Yiling Pharmaceutical Co. Ltd., A Shares	159,500	475,052
Shougang Fushan Resources Group Ltd.	1,987,611	827,663
Shui On Land Ltd.	4,692,538	425,570
Siasun Robot & Automation Co. Ltd., A Shares *	140,300	232,689
SICC Co. Ltd., A Shares *	15,754	122,005
Sichuan Changhong Electric Co. Ltd., A Shares	200,500	143,030
Sichuan Chuantou Energy Co. Ltd., A Shares	422,100	917,399
Sichuan Hebang Biotechnology Co. Ltd., A Shares	817,200	279,007
Sichuan Kelun Pharmaceutical Co. Ltd., A Shares	138,500	527,647
Sichuan New Energy Power Co. Ltd., Shares A *	139,800	221,383
Sichuan Road & Bridge Group Co. Ltd., A Shares	637,960	722,495
Sichuan Swellfun Co. Ltd., A Shares	48,700	339,435
Sichuan Yahua Industrial Group Co. Ltd., A Shares	100,900	160,062
Sieyuan Electric Co. Ltd., A Shares	77,800	618,275
Sino Biopharmaceutical Ltd.	12,190,351	4,873,774
Sinolink Securities Co. Ltd., A Shares	108,600	137,158

SECURITY	NUMBER OF SHARES	VALUE ($)
Sinoma International Engineering Co., A Shares	327,100	509,813
Sinoma Science & Technology Co. Ltd., A Shares	158,200	343,615
Sinomine Resource Group Co. Ltd., A Shares	62,860	327,332
Sinopec Engineering Group Co. Ltd., H Shares	1,904,362	1,045,979
Sinopec Oilfield Service Corp., H Shares *	6,414,045	385,066
Sinopec Shanghai Petrochemical Co. Ltd., A Shares *	918,700	353,187
Sinopec Shanghai Petrochemical Co. Ltd., H Shares *	3,523,344	495,054
Sinopharm Group Co. Ltd., H Shares	1,547,605	4,339,098
Sinotrans Ltd., H Shares	3,422,013	1,459,933
Sinotruk Hong Kong Ltd.	825,985	2,183,973
Skshu Paint Co. Ltd., A Shares	47,628	255,814
Smoore International Holdings Ltd.	2,194,954	1,533,619
Songcheng Performance Development Co. Ltd., A Shares	244,300	366,183
SooChow Securities Co. Ltd., A Shares	456,585	462,589
Southwest Securities Co. Ltd., A Shares	623,500	373,827
Spring Airlines Co. Ltd., Class A *	62,600	498,437
StarPower Semiconductor Ltd., A Shares	14,700	309,189
STO Express Co. Ltd., A Shares *	130,200	143,296
Sun Art Retail Group Ltd.	2,532,565	436,716
Sunac Services Holdings Ltd.	856,449	218,794
Sungrow Power Supply Co. Ltd., A Shares	124,000	1,500,856
Sunny Optical Technology Group Co. Ltd.	815,577	5,292,166
Sunresin New Materials Co. Ltd., Class A	58,800	410,484
Sunwoda Electronic Co. Ltd., A Shares	174,300	343,992
Suofeiya Home Collection Co. Ltd., A Shares	83,300	189,716
SUPCON Technology Co. Ltd., A Shares	66,386	423,639
Suzhou Dongshan Precision Manufacturing Co. Ltd., A Shares	157,600	327,438
Suzhou Maxwell Technologies Co. Ltd., A Shares	26,060	439,623
Suzhou Nanomicro Technology Co. Ltd., Class A	47,791	147,049
Suzhou Novosense Microelectronics Co. Ltd., Class A	9,567	154,009
Suzhou TFC Optical Communication Co. Ltd., Class A	38,900	734,242
Taiji Computer Corp. Ltd., A Shares	59,600	223,172
TAL Education Group, ADR *	549,996	8,101,441
Tangshan Jidong Cement Co. Ltd., A Shares	287,800	234,865
TangShan Port Group Co. Ltd., A Shares	602,100	364,339
TBEA Co. Ltd., A Shares	445,223	920,075
TCL Technology Group Corp., A Shares	1,952,050	1,227,270
TCL Zhonghuan Renewable Energy Technology Co. Ltd., A Shares	282,900	530,836
Tencent Holdings Ltd.	7,834,284	277,394,176
Tencent Music Entertainment Group, ADR *	784,497	8,213,684
Thunder Software Technology Co. Ltd., A Shares	40,400	340,122

See financial notes

72Schwab International Equity ETFs | Semiannual Report

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Tian Di Science & Technology Co. Ltd., A Shares	299,200	284,448
Tianfeng Securities Co. Ltd., A Shares *	269,500	116,698
Tianjin Chase Sun Pharmaceutical Co. Ltd., A Shares	302,500	166,674
Tianma Microelectronics Co. Ltd., A Shares *	229,000	291,127
Tianqi Lithium Corp., A Shares	150,700	1,121,688
Tianqi Lithium Corp., H Shares	122,400	621,475
Tianshui Huatian Technology Co. Ltd., A Shares	324,700	368,626
Tingyi Cayman Islands Holding Corp.	2,424,405	2,703,487
Titan Wind Energy Suzhou Co. Ltd., A Shares *	167,900	232,792
Tongcheng Travel Holdings Ltd. *	1,543,801	3,896,575
TongFu Microelectronics Co. Ltd., A Shares	148,100	456,309
Tongkun Group Co. Ltd., A Shares *	224,000	422,803
Tongling Nonferrous Metals Group Co. Ltd., A Shares	911,300	414,845
Tongwei Co. Ltd., A Shares	427,400	1,571,923
Topchoice Medical Corp., A Shares *	30,700	280,189
Topsec Technologies Group, Inc., A Shares *	156,800	165,173
Topsports International Holdings Ltd.	3,697,960	2,512,920
Towngas Smart Energy Co. Ltd.	1,584,242	572,681
TravelSky Technology Ltd., H Shares	1,309,140	1,568,533
Trina Solar Co. Ltd., A Shares	213,856	743,499
Trip.com Group Ltd. *	661,460	30,146,246
Tsinghua Tongfang Co. Ltd., Class A *	110,700	103,706
Tsingtao Brewery Co. Ltd., A Shares	69,800	777,315
Tsingtao Brewery Co. Ltd., H Shares	754,120	4,840,401
Tuya, Inc., ADR *	334,386	658,740
Unigroup Guoxin Microelectronics Co. Ltd., A Shares *	81,679	811,547
Uni-President China Holdings Ltd.	1,554,523	933,254
Unisplendour Corp. Ltd., A Shares *	123,700	379,414
Valiant Co. Ltd., A Shares	84,400	176,642
Verisilicon Microelectronics Shanghai Co. Ltd., Class A *	22,762	128,259
Vinda International Holdings Ltd.	349,170	1,036,966
Vipshop Holdings Ltd., ADR *	423,168	8,145,984
Walvax Biotechnology Co. Ltd., A Shares	162,200	414,209
Wanda Film Holding Co. Ltd., A Shares *	244,400	405,341
Wangsu Science & Technology Co. Ltd., A Shares	229,600	326,623
Wanhua Chemical Group Co. Ltd., A Shares	270,100	2,982,055
Want Want China Holdings Ltd.	5,227,328	2,884,485
Wanxiang Qianchao Co. Ltd., A Shares	304,900	203,542
Weibo Corp., ADR	97,042	885,023
Weichai Power Co. Ltd., A Shares	583,400	1,366,752
Weichai Power Co. Ltd., H Shares	2,465,115	4,849,117
Weifu High-Technology Group Co. Ltd., A Shares	187,500	448,891
Weihai Guangwei Composites Co. Ltd., A Shares	73,120	277,451
Wens Foodstuffs Group Co. Ltd., A Shares	180,320	480,002
Western Mining Co. Ltd., A Shares	218,400	504,682
Western Securities Co. Ltd., A Shares	435,000	481,170
Western Superconducting Technologies Co. Ltd., A Shares	63,280	351,475
Will Semiconductor Co. Ltd. Shanghai, A Shares	78,150	1,041,241

SECURITY	NUMBER OF SHARES	VALUE ($)
Wingtech Technology Co. Ltd., A Shares *	110,400	584,540
Winning Health Technology Group Co. Ltd., A Shares	212,700	209,298
Wolong Electric Group Co. Ltd., A Shares	121,200	185,032
Wonders Information Co. Ltd., Class A *	115,200	108,241
Wuchan Zhongda Group Co. Ltd., A Shares	338,200	215,915
Wuhan Guide Infrared Co. Ltd., A Shares	367,336	321,695
Wuliangye Yibin Co. Ltd., A Shares	341,200	6,736,158
WUS Printed Circuit Kunshan Co. Ltd., A Shares	179,500	657,687
WuXi AppTec Co. Ltd., A Shares	232,351	1,756,842
WuXi AppTec Co. Ltd., H Shares	432,497	2,690,400
Wuxi Autowell Technology Co. Ltd., Class A	14,848	179,921
Wuxi Biologics Cayman, Inc. *	4,478,474	10,891,854
XCMG Construction Machinery Co. Ltd., A Shares	1,071,600	881,939
Xiamen C & D, Inc., A Shares	328,600	474,755
Xiamen Faratronic Co. Ltd., A Shares	22,000	318,371
Xiamen ITG Group Corp. Ltd., A Shares	178,800	186,611
Xiamen Tungsten Co. Ltd., A Shares	120,800	281,326
Xiangcai Co. Ltd., A Shares	336,000	346,947
Xiaomi Corp., B Shares *	18,296,560	30,896,245
Xinhua Winshare Publishing & Media Co. Ltd., H Shares	534,158	486,479
Xinjiang Daqo New Energy Co. Ltd., Class A	72,010	291,928
Xinjiang Tianshan Cement Co. Ltd., A Shares	197,300	188,394
Xinjiang Zhongtai Chemical Co. Ltd., A Shares	241,900	174,914
Xinxing Ductile Iron Pipes Co. Ltd., A Shares	340,400	186,611
Xinyi Solar Holdings Ltd.	5,518,166	3,355,108
XPeng, Inc., A Shares *	1,392,277	6,384,471
Xtep International Holdings Ltd. (a)	1,477,944	817,430
Xuji Electric Co. Ltd., A Shares	91,400	282,499
Yadea Group Holdings Ltd.	1,315,715	2,063,788
Yangling Metron New Material, Inc., A Shares	51,500	198,273
Yangtze Optical Fibre & Cable Joint Stock Co. Ltd., A Shares	109,200	417,992
Yangzhou Yangjie Electronic Technology Co. Ltd., A Shares	49,900	275,289
Yangzijiang Financial Holding Ltd.	3,233,468	829,649
Yangzijiang Shipbuilding Holdings Ltd.	3,421,994	4,453,733
Yankuang Energy Group Co. Ltd., A Shares	160,200	575,410
Yankuang Energy Group Co. Ltd., H Shares	2,773,586	6,405,379
Yanlord Land Group Ltd. *	919,335	321,350
Yantai Changyu Pioneer Wine Co. Ltd., A Shares	83	265
Yantai Eddie Precision Machinery Co. Ltd., A Shares	86,520	194,168
Yantai Jereh Oilfield Services Group Co. Ltd., A Shares	102,500	429,617
Yealink Network Technology Corp. Ltd., A Shares	104,930	427,278
Yifan Pharmaceutical Co. Ltd., A Shares *	124,700	214,085

See financial notes

Schwab International Equity ETFs | Semiannual Report73

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Yifeng Pharmacy Chain Co. Ltd., A Shares	95,564	522,301
Yihai International Holding Ltd.	637,377	895,558
Yihai Kerry Arawana Holdings Co. Ltd., A Shares	187,900	843,369
Yintai Gold Co. Ltd., A Shares	275,600	572,983
Yixintang Pharmaceutical Group Co. Ltd., A Shares	57,800	157,069
Yonghui Superstores Co. Ltd., A Shares *	367,300	134,579
YongXing Special Materials Technology Co. Ltd., A Shares	41,860	320,635
Yonyou Network Technology Co. Ltd., A Shares	337,540	593,544
Youngor Fashion Co. Ltd., A Shares	472,400	481,890
Youngy Co. Ltd., A Shares	27,400	173,863
YTO Express Group Co. Ltd., A Shares	271,800	480,962
Yuan Longping High-tech Agriculture Co. Ltd., A Shares *	116,200	224,006
Yuexiu Property Co. Ltd.	2,147,513	1,434,638
Yum China Holdings, Inc.	510,184	22,287,315
Yunda Holding Co. Ltd., A Shares	137,400	137,491
Yuneng Technology Co. Ltd., Shares A	9,288	112,006
Yunnan Aluminium Co. Ltd., A Shares	339,400	546,413
Yunnan Baiyao Group Co. Ltd., A Shares	155,540	1,075,682
Yunnan Botanee Bio-Technology Group Co. Ltd., A Shares	18,000	163,781
Yunnan Copper Co. Ltd., A Shares	232,000	356,762
Yunnan Energy New Material Co. Ltd., A Shares	76,600	487,863
Yunnan Tin Co. Ltd., A Shares	179,200	342,222
Yunnan Yuntianhua Co. Ltd., A Shares	195,400	494,653
Yutong Bus Co. Ltd., A Shares	88,000	228,023
Zai Lab Ltd. *	1,142,530	2,486,807
Zangge Mining Co. Ltd., A Shares	112,300	456,510
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., A Shares	51,800	1,603,192
Zhaojin Mining Industry Co. Ltd., H Shares	1,419,862	1,478,116
Zhefu Holding Group Co. Ltd., A Shares	536,900	253,351
Zhejiang Century Huatong Group Co. Ltd., A Shares *	624,000	423,491
Zhejiang China Commodities City Group Co. Ltd., A Shares	540,100	616,165
Zhejiang Chint Electrics Co. Ltd., A Shares	130,800	373,598
Zhejiang Crystal-Optech Co. Ltd., A Shares	132,400	207,092
Zhejiang Dahua Technology Co. Ltd., A Shares	228,400	586,750
Zhejiang Daily Digital Culture Group Co. Ltd., Class A	76,200	117,072
Zhejiang Dingli Machinery Co. Ltd., A Shares	34,600	283,465
Zhejiang Expressway Co. Ltd., H Shares	2,056,181	1,570,606
Zhejiang Hailiang Co. Ltd., A Shares	123,600	160,563
Zhejiang HangKe Technology, Inc. Co., A Shares	44,364	138,352
Zhejiang Hisoar Pharmaceutical Co. Ltd., A Shares	341,900	263,356
Zhejiang Huace Film & Television Co. Ltd., A Shares	223,900	170,599

SECURITY	NUMBER OF SHARES	VALUE ($)
Zhejiang Huahai Pharmaceutical Co. Ltd., A Shares	140,250	271,147
Zhejiang Huayou Cobalt Co. Ltd., A Shares	159,860	614,569
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., A Shares	127,800	656,271
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., A Shares	74,200	210,595
Zhejiang Juhua Co. Ltd., A Shares	268,700	761,135
Zhejiang Leapmotor Technology Co. Ltd. *	658,011	2,302,971
Zhejiang NHU Co. Ltd., A Shares	285,468	713,150
Zhejiang Sanhua Intelligent Controls Co. Ltd., A Shares	167,020	577,654
Zhejiang Shuanghuan Driveline Co. Ltd., Class A	58,100	193,767
Zhejiang Supor Co. Ltd., A Shares	46,200	354,455
Zhejiang Wanfeng Auto Wheel Co. Ltd., A Shares	394,800	392,321
Zhejiang Weixing New Building Materials Co. Ltd., A Shares	155,300	339,471
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., A Shares	54,100	196,345
Zhejiang Zheneng Electric Power Co. Ltd., Class A *	541,100	404,027
Zhengzhou Coal Mining Machinery Group Co. Ltd., A Shares	162,400	333,354
Zheshang Securities Co. Ltd., A Shares	114,500	162,726
ZhongAn Online P&C Insurance Co. Ltd., H Shares *	943,957	1,495,129
Zhongji Innolight Co. Ltd., A Shares	65,400	1,408,343
Zhongjin Gold Corp. Ltd., Class A	211,700	306,154
Zhongshan Public Utilities Group Co. Ltd., A Shares	410,700	432,631
Zhongsheng Group Holdings Ltd.	880,986	1,615,951
Zhongtai Securities Co. Ltd., A Shares	240,800	232,270
Zhuhai Huafa Properties Co. Ltd., A Shares	209,400	209,829
Zhuzhou CRRC Times Electric Co. Ltd., A Shares	51,276	276,475
Zhuzhou CRRC Times Electric Co. Ltd., H Shares	708,198	2,080,594
Zhuzhou Hongda Electronics Corp. Ltd., A Shares	41,900	145,613
Zhuzhou Kibing Group Co. Ltd., A Shares	203,000	182,849
Zijin Mining Group Co. Ltd., A Shares	1,792,900	3,262,193
Zijin Mining Group Co. Ltd., H Shares	7,325,358	11,845,881
ZJLD Group, Inc. *(a)	358,400	421,173
Zoomlion Heavy Industry Science & Technology Co. Ltd., A Shares	497,600	552,486
Zoomlion Heavy Industry Science & Technology Co. Ltd., H Shares	2,362,935	1,527,239
ZTE Corp., A Shares	362,200	1,501,029
ZTE Corp., H Shares	926,430	2,089,816
		2,365,529,980

Colombia 0.1%
Bancolombia SA	373,053	3,129,518
Bancolombia SA, ADR	45,059	1,465,319
Ecopetrol SA	300,000	174,960
Ecopetrol SA, ADR (a)	270,015	3,159,175
Interconexion Electrica SA ESP	654,899	2,788,650
		10,717,622

See financial notes

74Schwab International Equity ETFs | Semiannual Report

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Czech Republic 0.2%
CEZ AS	194,801	6,672,351
Colt CZ Group SE	14,149	372,097
Komercni Banka AS	93,399	3,259,024
Moneta Money Bank AS	474,214	2,088,655
Philip Morris CR AS	945	627,161
		13,019,288

Egypt 0.1%
Commercial International Bank - Egypt (CIB), GDR	6,234,691	8,603,874

Greece 0.7%
Aegean Airlines SA *	36,254	493,542
Alpha Services & Holdings SA *	2,665,883	5,011,047
Athens Water Supply & Sewage Co. SA	55,197	329,718
Autohellas Tourist & Trading SA	29,454	430,294
Ellaktor SA *	130,845	380,180
Eurobank Ergasias Services & Holdings SA, A Shares *	3,286,202	6,797,609
FF Group *(b)	50,437	0
GEK Terna Holding Real Estate Construction SA	75,622	1,165,321
Hellenic Telecommunications Organization SA	219,647	3,318,167
Helleniq Energy Holdings SA	93,648	852,280
Holding Co. ADMIE IPTO SA	184,657	455,605
Jumbo SA	137,666	4,028,292
LAMDA Development SA *	123,255	901,652
Motor Oil Hellas Corinth Refineries SA	82,018	2,343,153
Mytilineos SA	129,767	5,055,387
National Bank of Greece SA *	936,951	7,344,850
OPAP SA	247,557	4,519,370
Piraeus Financial Holdings SA *	844,042	3,717,458
Piraeus Port Authority SA	7,169	200,543
Public Power Corp. SA *	262,129	3,420,976
Quest Holdings SA	39,953	242,549
Sarantis SA	44,585	442,431
Terna Energy SA	78,372	1,407,003
Titan Cement International SA	31,719	901,024
Viohalco SA	59,244	384,666
		54,143,117

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

Hungary 0.3%
Magyar Telekom Telecommunications PLC	646,180	1,465,302
MOL Hungarian Oil & Gas PLC	545,104	4,335,344
OTP Bank Nyrt	292,139	14,001,009
Richter Gedeon Nyrt	180,554	4,804,851
		24,606,506

Iceland 0.1%
Alvotech SA *	84,711	1,330,604
Arion Banki Hf.	1,966,782	2,185,313
Eimskipafelag Islands Hf.	169,064	471,152
Festi Hf.	301,147	431,611
Hagar Hf.	1,501,201	825,851

SECURITY	NUMBER OF SHARES	VALUE ($)
Icelandair Group Hf. *	18,580,971	157,363
Islandsbanki Hf.	1,731,719	1,334,984
Kvika banki Hf.	7,075,479	793,847
Marel Hf.	690,581	2,379,418
Reitir fasteignafelag Hf.	937,279	556,329
		10,466,472

India 21.6%
3M India Ltd.	3,908	1,507,167
Aarti Industries Ltd.	269,146	2,129,213
ABB India Ltd.	67,295	4,419,133
ACC Ltd.	96,461	3,058,808
Adani Energy Solutions Ltd. *	447,697	5,749,538
Adani Enterprises Ltd.	441,227	17,482,788
Adani Green Energy Ltd. *	530,703	12,129,211
Adani Ports & Special Economic Zone Ltd.	935,303	14,895,363
Adani Power Ltd. *	1,423,834	9,443,716
Adani Total Gas Ltd.	351,261	4,344,997
Adani Wilmar Ltd. *	214,560	987,585
Aditya Birla Capital Ltd. *	575,825	1,275,386
AIA Engineering Ltd.	48,655	2,139,168
Alkem Laboratories Ltd.	59,473	3,677,673
Ambuja Cements Ltd.	910,492	6,653,305
APL Apollo Tubes Ltd.	222,157	4,146,341
Apollo Hospitals Enterprise Ltd.	122,576	9,020,062
Ashok Leyland Ltd.	1,706,827	3,497,383
Asian Paints Ltd.	569,659	19,387,282
Astral Ltd.	149,540	3,731,635
AU Small Finance Bank Ltd.	412,772	2,836,816
Aurobindo Pharma Ltd.	331,779	4,113,814
Avenue Supermarts Ltd. *	188,525	8,910,324
Axis Bank Ltd.	2,849,062	36,941,209
Bajaj Auto Ltd.	85,068	8,114,605
Bajaj Finance Ltd.	302,484	23,695,469
Bajaj Finserv Ltd.	475,665	9,143,140
Bajaj Holdings & Investment Ltd.	35,107	3,873,969
Balkrishna Industries Ltd.	101,306	2,723,302
Bandhan Bank Ltd.	970,968	2,290,520
Bank of Baroda	1,274,498	4,080,207
Bank of India	992,975	1,574,198
Bata India Ltd.	89,515	1,521,727
Bayer CropScience Ltd.	18,003	1,230,945
Berger Paints India Ltd.	408,316	2,987,657
Bharat Electronics Ltd.	4,369,338	10,807,908
Bharat Forge Ltd.	314,598	4,367,085
Bharat Heavy Electricals Ltd.	1,583,714	4,346,242
Bharat Petroleum Corp. Ltd.	1,262,316	9,193,005
Bharti Airtel Ltd.	2,881,953	39,044,722
Bharti Airtel Ltd. - Partly Paid Shares	182,979	1,592,532
Biocon Ltd.	585,733	1,953,238
Bosch Ltd.	11,739	4,047,795
Britannia Industries Ltd.	149,612	8,959,082
Canara Bank	440,031	2,995,498
Castrol India Ltd.	655,551	1,647,648
CG Power & Industrial Solutions Ltd.	823,405	4,401,722
Cholamandalam Investment & Finance Co. Ltd.	505,113	6,635,238
Cipla Ltd.	643,928	11,496,405
Coal India Ltd.	2,881,311	15,175,174
Coforge Ltd.	73,390	5,801,055
Colgate-Palmolive India Ltd.	170,666	5,200,794
Container Corp. of India Ltd.	349,698	4,122,169
Coromandel International Ltd.	156,089	2,026,030
Cummins India Ltd.	172,454	5,696,002
Dabur India Ltd.	738,958	4,796,047
Dalmia Bharat Ltd.	102,148	2,494,559

See financial notes

Schwab International Equity ETFs | Semiannual Report75

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Deepak Nitrite Ltd.	91,589	2,444,306
Divi's Laboratories Ltd.	160,365	6,747,548
Dixon Technologies India Ltd.	45,321	3,653,310
DLF Ltd.	768,888	8,356,889
Dr Lal PathLabs Ltd.	45,230	1,282,829
Dr Reddy's Laboratories Ltd.	152,563	11,820,395
Eicher Motors Ltd.	174,776	7,993,855
Emami Ltd.	288,737	1,622,739
Embassy Office Parks REIT	1,044,425	4,708,439
Exide Industries Ltd.	622,194	2,403,494
Federal Bank Ltd.	2,116,015	3,838,194
FSN E-Commerce Ventures Ltd. *	1,730,004	3,273,636
GAIL India Ltd.	3,288,058	7,227,155
General Insurance Corp. of India	131,775	604,076
GlaxoSmithKline Pharmaceuticals Ltd.	57,236	1,500,442
Glenmark Pharmaceuticals Ltd.	186,104	2,076,370
GMR Airports Infrastructure Ltd. *	3,192,878	3,234,610
Godrej Consumer Products Ltd.	463,211	7,026,132
Godrej Industries Ltd. *	104,980	1,014,144
Godrej Properties Ltd. *	132,914	3,844,053
Grasim Industries Ltd.	477,044	12,607,833
Gujarat Fluorochemicals Ltd.	52,334	2,336,422
Gujarat Gas Ltd.	264,889	1,806,100
Havells India Ltd.	303,577	5,606,653
HCL Technologies Ltd.	1,319,347	26,474,853
HDFC Asset Management Co. Ltd.	127,703	5,780,162
HDFC Bank Ltd.	5,867,224	99,305,771
HDFC Life Insurance Co. Ltd.	1,244,235	8,733,448
Hero MotoCorp Ltd.	164,500	8,781,864
Hindalco Industries Ltd.	1,746,274	10,611,432
Hindustan Aeronautics Ltd.	234,227	8,712,017
Hindustan Petroleum Corp. Ltd.	763,520	4,690,722
Hindustan Unilever Ltd.	1,108,212	32,241,446
Hindustan Zinc Ltd.	305,805	1,130,224
Honeywell Automation India Ltd.	3,289	1,504,577
ICICI Bank Ltd.	1,974,302	25,053,721
ICICI Lombard General Insurance Co. Ltd.	309,338	6,386,074
ICICI Prudential Life Insurance Co. Ltd.	472,965	3,038,304
IDBI Bank Ltd.	692,938	722,470
IDFC First Bank Ltd. *	4,190,306	4,095,992
Indian Bank	248,842	1,576,041
Indian Hotels Co. Ltd.	1,013,639	7,172,322
Indian Oil Corp. Ltd.	5,195,322	10,372,943
Indian Railway Catering & Tourism Corp. Ltd.	351,113	3,927,122
Indian Railway Finance Corp. Ltd.	2,200,788	3,895,083
Indraprastha Gas Ltd.	434,569	2,232,691
Indus Towers Ltd. *	1,007,036	3,070,311
Info Edge India Ltd.	98,188	6,237,979
Infosys Ltd.	4,380,045	88,423,648
InterGlobe Aviation Ltd. *	164,841	6,272,969
Ipca Laboratories Ltd.	179,189	2,578,714
ITC Ltd.	3,751,115	18,380,933
Jindal Steel & Power Ltd.	489,888	4,586,261
Jio Financial Services Ltd. *	3,918,627	14,650,619
JSW Energy Ltd.	479,674	2,940,537
JSW Steel Ltd.	1,278,201	12,333,995
Jubilant Foodworks Ltd.	442,254	2,474,324
Kansai Nerolac Paints Ltd.	271,565	948,490
Kotak Mahindra Bank Ltd.	118,087	2,406,067
L&T Finance Holdings Ltd.	1,011,443	2,038,957
L&T Technology Services Ltd.	34,453	2,203,293
Larsen & Toubro Ltd.	839,275	35,199,623
Laurus Labs Ltd.	506,571	2,480,734
LIC Housing Finance Ltd.	364,546	2,848,749
Linde India Ltd.	26,685	1,732,624
LTIMindtree Ltd.	114,836	7,341,485

SECURITY	NUMBER OF SHARES	VALUE ($)
Lupin Ltd.	300,653	5,877,901
Macrotech Developers Ltd.	281,823	3,960,554
Mahindra & Mahindra Financial Services Ltd.	744,945	2,546,152
Mahindra & Mahindra Ltd.	1,179,490	27,488,538
Mangalore Refinery & Petrochemicals Ltd.	334,747	919,667
Mankind Pharma Ltd. *	42,000	1,081,757
Marico Ltd.	657,156	4,141,887
Maruti Suzuki India Ltd.	166,135	22,617,883
Max Financial Services Ltd. *	296,170	3,463,688
Max Healthcare Institute Ltd.	851,298	8,145,294
Mphasis Ltd.	105,163	3,319,595
MRF Ltd.	3,462	6,099,339
Muthoot Finance Ltd.	141,909	2,231,334
Nestle India Ltd.	446,120	13,968,513
NHPC Ltd.	3,070,782	3,264,613
Nippon Life India Asset Management Ltd.	193,890	1,205,788
NMDC Ltd.	1,454,840	3,963,618
NTPC Ltd.	5,965,385	24,144,642
Oberoi Realty Ltd.	156,042	2,529,775
Oil & Natural Gas Corp. Ltd.	4,893,843	15,617,094
Oil India Ltd.	470,340	3,100,289
One 97 Communications Ltd. *	416,557	2,026,110
Oracle Financial Services Software Ltd.	32,166	2,976,615
Page Industries Ltd.	7,325	3,030,980
Patanjali Foods Ltd.	123,300	2,286,626
PB Fintech Ltd. *	395,715	5,571,377
Persistent Systems Ltd.	63,037	6,561,215
Petronet LNG Ltd.	994,573	3,280,008
PI Industries Ltd.	104,430	4,625,632
Pidilite Industries Ltd.	193,929	6,399,104
Piramal Enterprises Ltd.	153,923	1,698,112
Polycab India Ltd.	59,436	3,404,786
Power Finance Corp. Ltd.	1,834,402	8,864,907
Power Grid Corp. of India Ltd.	5,273,613	17,989,736
Punjab National Bank	2,717,090	3,992,914
Rajesh Exports Ltd. *	180,680	672,133
RBL Bank Ltd.	531,167	1,666,538
REC Ltd.	1,558,579	8,309,226
Relaxo Footwears Ltd.	92,756	934,873
Reliance Industries Ltd.	4,201,874	148,055,358
Samvardhana Motherson International Ltd.	2,964,102	4,261,179
SBI Cards & Payment Services Ltd.	350,563	3,042,620
SBI Life Insurance Co. Ltd.	534,424	10,006,723
Schaeffler India Ltd.	53,988	1,883,545
Shree Cement Ltd.	16,906	5,200,155
Shriram Finance Ltd.	349,939	10,291,846
Siemens Ltd.	112,493	6,348,368
Solar Industries India Ltd.	32,012	2,598,390
Sona Blw Precision Forgings Ltd.	462,389	3,844,215
SRF Ltd.	180,864	5,212,509
Star Health & Allied Insurance Co. Ltd. *	301,053	2,038,699
State Bank of India	2,219,791	20,027,747
Steel Authority of India Ltd.	1,729,909	2,528,635
Sun Pharmaceutical Industries Ltd.	1,376,627	26,198,104
Sun TV Network Ltd.	108,559	806,243
Supreme Industries Ltd.	82,026	4,106,036
Syngene International Ltd.	171,961	1,464,286
Tata Communications Ltd.	138,674	3,216,473
Tata Consultancy Services Ltd.	1,277,874	63,112,138
Tata Consumer Products Ltd.	755,605	10,844,771
Tata Elxsi Ltd.	44,093	4,153,741
Tata Motors Ltd.	2,322,040	26,610,012

See financial notes

76Schwab International Equity ETFs | Semiannual Report

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Tata Motors Ltd., A Shares, DVR	493,556	3,763,445
Tata Power Co. Ltd.	2,062,707	9,248,022
Tata Steel Ltd.	10,310,060	17,513,720
Tata Teleservices Maharashtra Ltd. *	694,905	732,902
Tech Mahindra Ltd.	768,150	11,801,159
Titan Co. Ltd.	524,750	22,937,650
Torrent Pharmaceuticals Ltd.	128,957	4,146,500
Torrent Power Ltd.	286,041	3,718,322
Trent Ltd.	230,775	10,803,942
Tube Investments of India Ltd.	124,711	5,247,138
TVS Motor Co. Ltd. *	295,198	7,615,969
UltraTech Cement Ltd.	141,900	16,929,511
Union Bank of India Ltd.	1,705,647	3,009,496
United Breweries Ltd.	91,408	1,871,016
United Spirits Ltd.	364,799	5,129,283
UNO Minda Ltd.	221,554	1,789,186
UPL Ltd.	640,228	3,626,733
Varun Beverages Ltd.	581,344	9,875,302
Vedant Fashions Ltd.	70,850	879,385
Vedanta Ltd.	1,536,428	4,966,934
Vodafone Idea Ltd. *	9,911,076	1,631,600
Voltas Ltd.	288,032	3,852,759
Whirlpool of India Ltd.	48,544	735,892
Wipro Ltd.	1,760,736	11,012,530
Yes Bank Ltd. *	28,416,669	8,379,390
Zee Entertainment Enterprises Ltd. *	988,783	1,919,342
Zomato Ltd. *	7,179,891	14,326,661
Zydus Lifesciences Ltd.	316,183	3,591,730
		1,804,018,946

Indonesia 2.2%
Adaro Energy Indonesia Tbk. PT	16,173,652	2,490,629
Amman Mineral Internasional PT *	6,771,600	3,662,654
Astra Agro Lestari Tbk. PT	560,902	240,030
Astra International Tbk. PT	24,904,141	8,280,251
Avia Avian Tbk. PT	23,565,615	884,742
Bank Central Asia Tbk. PT	69,224,684	43,499,443
Bank Mandiri Persero Tbk. PT	55,637,930	24,783,042
Bank Negara Indonesia Persero Tbk. PT	18,278,010	6,978,559
Bank Rakyat Indonesia Persero Tbk. PT	88,132,153	34,349,948
Bank Syariah Indonesia Tbk. PT	4,940,855	776,577
Barito Pacific Tbk. PT	32,461,374	2,013,989
Bukit Asam Tbk. PT	5,702,740	928,986
Bumi Serpong Damai Tbk. PT *	11,362,178	733,860
Charoen Pokphand Indonesia Tbk. PT	9,163,432	2,822,209
Dayamitra Telekomunikasi PT	27,941,030	1,129,020
Elang Mahkota Teknologi Tbk. PT	37,910,175	1,133,807
GoTo Gojek Tokopedia Tbk. PT *	924,405,414	4,176,442
Gudang Garam Tbk. PT	611,245	790,554
Hanjaya Mandala Sampoerna Tbk. PT	11,399,308	627,452
Indah Kiat Pulp & Paper Tbk. PT	3,362,437	1,866,832
Indocement Tunggal Prakarsa Tbk. PT	1,937,981	1,119,133
Indofood CBP Sukses Makmur Tbk. PT	2,787,708	2,048,872
Indofood Sukses Makmur Tbk. PT	5,188,104	2,187,158
Indosat Tbk. PT	2,096,179	1,523,948
Jasa Marga Persero Tbk. PT	2,829,242	976,687
Kalbe Farma Tbk. PT	23,860,602	2,262,316
Mayora Indah Tbk. PT	4,427,275	693,038
Merdeka Copper Gold Tbk. PT *	17,760,770	2,554,206
Perusahaan Gas Negara Tbk. PT	13,824,853	958,898
Sarana Menara Nusantara Tbk. PT	25,370,706	1,485,272
Semen Indonesia Persero Tbk. PT	4,446,512	1,725,977
Smartfren Telecom Tbk. PT *	175,435,136	591,668
Sumber Alfaria Trijaya Tbk. PT	23,824,808	4,169,152
Surya Citra Media Tbk. PT	17,053,951	161,695

SECURITY	NUMBER OF SHARES	VALUE ($)
Telkom Indonesia Persero Tbk. PT	57,172,403	14,552,314
Tower Bersama Infrastructure Tbk. PT	5,831,768	690,238
Trimegah Bangun Persada Tbk. PT	4,589,300	262,830
Unilever Indonesia Tbk. PT	7,546,129	1,310,909
United Tractors Tbk. PT	1,766,718	2,644,737
Vale Indonesia Tbk. PT	2,620,497	675,343
XL Axiata Tbk. PT	5,121,967	775,710
		185,539,127

Kuwait 0.9%
Agility Public Warehousing Co. KSC *	2,020,992	3,948,046
Boubyan Bank KSCP	1,600,532	3,345,172
Burgan Bank SAK	1,373,212	923,955
Gulf Bank KSCP	2,422,010	2,322,421
Humansoft Holding Co. KSC	129,456	1,418,062
Kuwait Finance House KSCP	11,393,515	29,997,553
Mabanee Co. KPSC	852,977	2,267,951
Mobile Telecommunications Co. KSCP	2,483,441	4,060,363
National Bank of Kuwait SAKP	9,530,598	30,359,129
		78,642,652

Malaysia 1.8%
Alliance Bank Malaysia Bhd.	1,535,680	1,152,043
AMMB Holdings Bhd.	2,882,172	2,635,892
Astro Malaysia Holdings Bhd.	2,228,600	166,717
Axiata Group Bhd.	5,764,277	3,376,818
CELCOMDIGI Bhd.	5,233,214	4,797,067
CIMB Group Holdings Bhd.	9,610,052	13,082,064
Dialog Group Bhd.	5,497,700	2,432,867
Fraser & Neave Holdings Bhd.	203,600	1,265,662
Gamuda Bhd.	3,118,631	3,476,463
Genting Bhd.	2,540,800	2,553,918
Genting Malaysia Bhd.	3,321,020	2,008,498
Hartalega Holdings Bhd. *	1,997,700	1,056,628
Hong Leong Bank Bhd.	843,307	3,504,376
Hong Leong Financial Group Bhd.	335,400	1,201,517
IHH Healthcare Bhd.	3,503,400	4,540,282
IJM Corp. Bhd.	4,778,136	2,154,717
IOI Corp. Bhd.	3,283,492	2,753,830
Kuala Lumpur Kepong Bhd.	665,961	3,143,510
Malayan Banking Bhd.	9,045,218	18,164,772
Malaysia Airports Holdings Bhd.	1,419,384	2,536,377
Maxis Bhd.	3,527,424	2,765,150
MISC Bhd.	2,299,800	3,683,169
MR DIY Group M Bhd.	3,632,700	1,194,187
Nestle Malaysia Bhd.	80,171	2,110,074
Petronas Chemicals Group Bhd.	3,691,100	5,444,674
Petronas Dagangan Bhd.	354,300	1,705,239
Petronas Gas Bhd.	975,036	3,686,049
PPB Group Bhd.	865,877	2,842,770
Press Metal Aluminium Holdings Bhd.	4,432,164	4,370,989
Public Bank Bhd.	17,361,070	16,097,083
QL Resources Bhd.	1,466,650	1,795,646
RHB Bank Bhd.	2,346,162	2,768,624
Sime Darby Bhd.	4,713,100	2,691,497
Sime Darby Plantation Bhd.	4,780,908	4,362,308
Telekom Malaysia Bhd.	1,528,334	1,948,461
Tenaga Nasional Bhd.	4,593,274	10,898,802
Top Glove Corp. Bhd. *	6,982,400	1,184,455
YTL Corp. Bhd.	5,753,436	3,237,103
		148,790,298

Mexico 3.2%
Alfa SAB de CV, A Shares	4,592,226	3,419,986
Alpek SAB de CV	530,048	340,704

See financial notes

Schwab International Equity ETFs | Semiannual Report77

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Alsea SAB de CV *	597,464	2,286,723
America Movil SAB de CV, Series B	28,651,377	26,793,776
Arca Continental SAB de CV	549,734	5,914,315
Banco del Bajio SA	878,589	3,265,397
Becle SAB de CV	726,317	1,695,513
Cemex SAB de CV, Series CPO *	18,711,957	14,286,280
Coca-Cola Femsa SAB de CV	669,097	6,522,191
Concentradora Fibra Danhos SA de CV	367,142	441,220
Corp. Inmobiliaria Vesta SAB de CV	986,703	3,454,458
El Puerto de Liverpool SAB de CV, Series C1	264,068	1,929,314
Fibra Uno Administracion SA de CV	3,605,684	6,507,196
Fomento Economico Mexicano SAB de CV	2,254,619	28,116,519
GCC SAB de CV	208,045	2,193,759
Gruma SAB de CV, B Shares	241,828	4,300,944
Grupo Aeroportuario del Centro Norte SAB de CV	343,328	2,971,895
Grupo Aeroportuario del Pacifico SAB de CV, B Shares	483,841	7,134,929
Grupo Aeroportuario del Sureste SAB de CV, B Shares	250,619	7,343,747
Grupo Bimbo SAB de CV, Series A	2,793,056	11,668,760
Grupo Carso SAB de CV, Series A1	577,241	4,987,546
Grupo Comercial Chedraui SA de CV	610,673	4,683,144
Grupo Elektra SAB de CV	77,668	5,409,750
Grupo Financiero Banorte SAB de CV, O Shares	3,592,465	37,093,967
Grupo Financiero Inbursa SAB de CV, O Shares *	2,606,134	7,896,358
Grupo Mexico SAB de CV, Series B	3,959,248	19,194,807
Grupo Televisa SAB, Series CPO	2,998,435	1,790,294
Industrias Penoles SAB de CV *	164,162	2,054,418
Kimberly-Clark de Mexico SAB de CV, A Shares	1,032,408	2,291,484
Megacable Holdings SAB de CV, Series CPO	481,631	1,239,459
Ollamani SAB *	149,922	252,732
Operadora De Sites Mexicanos SAB de CV	1,704,832	1,978,890
Orbia Advance Corp. SAB de CV	1,317,971	2,434,152
Prologis Property Mexico SA de CV	748,190	3,358,558
Promotora y Operadora de Infraestructura SAB de CV	291,254	3,023,041
Qualitas Controladora SAB de CV	213,822	2,398,630
Regional SAB de CV	301,491	2,809,370
Sitios Latinoamerica SAB de CV *	2,273,678	802,012
Wal-Mart de Mexico SAB de CV	6,487,687	25,944,666
		270,230,904

Philippines 0.8%
ACEN Corp.	11,648,382	861,999
Alliance Global Group, Inc.	4,969,487	912,303
Ayala Corp.	405,158	4,886,545
Ayala Land, Inc.	9,454,774	5,886,633
Bank of the Philippine Islands	2,393,592	5,326,663
BDO Unibank, Inc.	2,941,965	8,007,127
Bloomberry Resorts Corp. *	4,449,213	888,022
Converge Information & Communications Technology Solutions, Inc. *	3,128,687	500,902
DMCI Holdings, Inc.	5,528,767	1,077,920
Emperador, Inc.	4,231,011	1,470,674
Globe Telecom, Inc.	41,984	1,284,577
GT Capital Holdings, Inc.	127,412	1,593,358

SECURITY	NUMBER OF SHARES	VALUE ($)
International Container Terminal Services, Inc.	1,348,856	6,934,437
JG Summit Holdings, Inc.	3,839,748	2,800,492
Jollibee Foods Corp.	535,567	2,608,525
LT Group, Inc.	4,191,280	708,301
Manila Electric Co.	351,035	2,435,358
Megaworld Corp.	14,547,716	499,459
Metropolitan Bank & Trust Co.	2,420,670	2,669,778
Monde Nissin Corp.	9,475,593	1,685,599
PLDT, Inc.	121,711	2,842,774
Puregold Price Club, Inc.	378,189	185,008
San Miguel Corp.	488,318	886,903
Semirara Mining & Power Corp.	1,632,548	938,029
SM Prime Holdings, Inc.	13,509,688	7,594,168
Universal Robina Corp.	1,169,034	2,433,105
		67,918,659

Qatar 1.0%
Barwa Real Estate Co.	2,607,018	2,191,012
Commercial Bank PSQC	4,388,604	6,094,145
Dukhan Bank	2,230,060	2,547,940
Ezdan Holding Group QSC *	2,071,035	491,451
Industries Qatar QSC	1,999,767	7,085,140
Masraf Al Rayan QSC	7,690,933	5,344,153
Mesaieed Petrochemical Holding Co.	5,777,484	2,999,024
Ooredoo QPSC	1,111,921	3,472,272
Qatar Aluminum Manufacturing Co.	2,705,820	944,547
Qatar Electricity & Water Co. QSC	654,837	3,113,218
Qatar Fuel QSC	793,388	3,259,842
Qatar Gas Transport Co. Ltd.	3,656,732	4,017,283
Qatar International Islamic Bank QSC	1,568,156	4,914,216
Qatar Islamic Bank SAQ	2,296,544	12,709,520
Qatar National Bank QPSC	5,604,049	23,441,271
Qatar Navigation QSC	1,007,055	3,042,462
Vodafone Qatar QSC	1,935,053	919,429
		86,586,925

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

Saudi Arabia 4.9%
Abdullah Al Othaim Markets Co.	580,958	2,066,496
ACWA Power Co.	169,062	11,901,013
Advanced Petrochemical Co.	150,701	1,537,027
Al Rajhi Bank	2,440,611	57,919,201
Alinma Bank	1,234,993	14,472,960
Almarai Co. JSC	302,739	4,746,568
Arab National Bank	825,386	6,129,376
Arabian Centres Co. Ltd.	209,986	1,188,146
Arabian Drilling Co.	34,417	1,613,340
Arabian Internet & Communications Services Co.	30,613	2,994,120
Bank AlBilad	621,274	8,183,595
Bank Al-Jazira *	488,016	2,532,275
Banque Saudi Fransi	747,716	7,596,187
BinDawood Holding Co.	404,090	769,326
Bupa Arabia for Cooperative Insurance Co.	93,829	5,744,377
Catrion Catering Holding Co.	53,103	1,891,732
Co. for Cooperative Insurance	93,485	4,038,229
Dallah Healthcare Co.	49,292	2,465,717
Dar Al Arkan Real Estate Development Co. *	665,329	2,476,600

See financial notes

78Schwab International Equity ETFs | Semiannual Report

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Dr Sulaiman Al Habib Medical Services Group Co.	103,785	9,115,745
Elm Co.	32,223	9,081,863
Emaar Economic City *	493,743	1,072,982
Etihad Etisalat Co.	468,943	6,914,793
Jarir Marketing Co.	719,976	2,991,021
Mobile Telecommunications Co. Saudi Arabia	522,443	2,075,674
Mouwasat Medical Services Co.	118,804	3,909,131
Nahdi Medical Co.	47,036	1,780,954
National Industrialization Co., Class C *	376,170	1,322,006
Power & Water Utility Co. for Jubail & Yanbu	90,050	1,822,466
Qassim Cement Co.	57,665	914,878
Rabigh Refining & Petrochemical Co. *	585,497	1,291,113
Riyad Bank	1,859,843	15,423,064
SABIC Agri-Nutrients Co.	294,429	9,829,217
Sahara International Petrochemical Co.	430,228	3,516,116
Saudi Arabian Mining Co. *	1,523,609	20,211,596
Saudi Arabian Oil Co.	3,907,222	33,026,408
Saudi Aramco Base Oil Co.	54,960	2,462,011
Saudi Awwal Bank	1,205,322	13,257,481
Saudi Basic Industries Corp.	1,129,315	23,728,774
Saudi Cement Co.	100,833	1,255,607
Saudi Electricity Co.	962,466	5,132,741
Saudi Industrial Investment Group	449,540	2,481,262
Saudi Investment Bank	652,789	2,816,342
Saudi Kayan Petrochemical Co. *	923,925	2,377,377
Saudi National Bank	3,623,483	40,917,928
Saudi Research & Media Group *	40,722	2,682,008
Saudi Tadawul Group Holding Co.	60,066	3,875,949
Saudi Telecom Co.	2,243,718	25,396,856
Saudia Dairy & Foodstuff Co.	20,924	2,122,361
Savola Group	337,493	4,769,519
Seera Group Holding *	201,281	1,792,599
Southern Province Cement Co.	104,356	1,111,650
United Electronics Co.	46,936	1,195,208
Yamama Cement Co.	130,437	1,253,834
Yanbu Cement Co.	99,774	838,035
Yanbu National Petrochemical Co.	329,359	3,288,935
		407,321,789

South Africa 3.1%
Absa Group Ltd.	969,829	8,268,729
African Rainbow Minerals Ltd.	142,756	1,256,424
Anglo American Platinum Ltd.	70,414	2,704,830
Anglogold Ashanti PLC	536,280	10,092,002
Aspen Pharmacare Holdings Ltd.	468,529	4,786,707
Bid Corp. Ltd.	421,368	9,855,624
Bidvest Group Ltd.	425,319	5,180,428
Capitec Bank Holdings Ltd.	107,179	11,273,217
Clicks Group Ltd.	306,704	4,797,748
Discovery Ltd.	661,512	4,686,231
Exxaro Resources Ltd.	324,853	3,009,468
FirstRand Ltd.	6,164,233	20,815,483
Foschini Group Ltd.	389,716	2,124,939
Gold Fields Ltd.	1,119,108	14,689,067
Growthpoint Properties Ltd.	3,978,286	2,428,395
Harmony Gold Mining Co. Ltd.	682,451	4,003,191
Impala Platinum Holdings Ltd.	989,780	3,342,305
Investec Ltd.	364,609	2,292,520
Kumba Iron Ore Ltd.	70,831	1,982,548
Life Healthcare Group Holdings Ltd.	1,808,552	1,654,530
Mr Price Group Ltd.	319,961	2,845,395
MTN Group Ltd.	2,262,099	9,846,108
MultiChoice Group *	398,413	2,168,413

SECURITY	NUMBER OF SHARES	VALUE ($)
Naspers Ltd., N Shares	230,761	37,953,125
Nedbank Group Ltd.	577,889	6,602,853
NEPI Rockcastle NV	679,037	4,844,007
Northam Platinum Holdings Ltd.	467,568	2,673,245
Old Mutual Ltd.	5,988,390	3,727,185
OUTsurance Group Ltd.	1,111,996	2,413,684
Pepkor Holdings Ltd.	2,764,082	2,690,059
Reinet Investments SCA	168,935	4,262,529
Remgro Ltd.	606,711	4,600,361
Sanlam Ltd.	2,186,252	8,382,033
Santam Ltd.	56,660	894,037
Sasol Ltd.	715,835	5,400,550
Shoprite Holdings Ltd.	601,062	8,090,505
Sibanye Stillwater Ltd.	3,466,213	3,590,208
Standard Bank Group Ltd.	1,639,480	17,247,924
Tiger Brands Ltd.	199,150	2,071,046
Vodacom Group Ltd.	751,554	3,683,383
Woolworths Holdings Ltd.	1,146,161	3,833,930
		257,064,966

Taiwan 18.2%
Accton Technology Corp.	674,000	11,066,483
Acer, Inc.	3,370,086	4,813,723
Advanced Energy Solution Holding Co. Ltd.	31,000	699,252
Advantech Co. Ltd.	595,911	7,352,387
Airtac International Group	172,920	6,619,314
Alchip Technologies Ltd.	89,000	11,656,622
ASE Technology Holding Co. Ltd.	4,359,120	19,168,847
Asia Cement Corp.	2,931,061	3,750,816
ASMedia Technology, Inc.	48,445	3,609,294
ASPEED Technology, Inc.	37,800	3,270,631
Asustek Computer, Inc.	891,621	12,834,355
AUO Corp. *	8,681,224	4,806,195
Capital Securities Corp.	2,783,644	1,475,064
Catcher Technology Co. Ltd.	765,224	4,769,108
Cathay Financial Holding Co. Ltd. *	11,541,905	16,449,574
Chailease Holding Co. Ltd.	1,771,879	9,781,644
Chang Hwa Commercial Bank Ltd.	9,110,022	5,130,052
Cheng Shin Rubber Industry Co. Ltd.	2,319,277	3,444,852
Chicony Electronics Co. Ltd.	810,984	4,810,563
China Airlines Ltd.	3,504,872	2,217,607
China Development Financial Holding Corp. *	19,886,308	7,895,511
China Motor Corp.	314,600	1,249,064
China Steel Corp.	15,631,956	12,165,524
Chunghwa Telecom Co. Ltd.	4,796,310	18,284,230
Compal Electronics, Inc.	5,196,535	6,000,523
CTBC Financial Holding Co. Ltd.	22,932,792	21,329,793
Delta Electronics, Inc.	2,687,148	25,035,672
E Ink Holdings, Inc.	968,000	7,533,431
E.Sun Financial Holding Co. Ltd.	18,812,674	15,027,761
Eclat Textile Co. Ltd.	227,510	3,886,661
eMemory Technology, Inc.	86,000	7,373,100
Ennostar, Inc. *	998,914	1,355,713
Eternal Materials Co. Ltd.	1,308,352	1,330,724
Eva Airways Corp.	3,360,374	3,343,418
Evergreen Marine Corp. Taiwan Ltd.	1,274,088	6,670,829
Far Eastern International Bank	3,055,873	1,193,946
Far Eastern New Century Corp.	3,874,799	3,996,218
Far EasTone Telecommunications Co. Ltd.	2,058,509	5,125,189
Feng TAY Enterprise Co. Ltd.	629,694	3,296,931
First Financial Holding Co. Ltd.	13,692,454	11,739,050
Formosa Chemicals & Fibre Corp.	4,308,008	7,795,696
Formosa Petrochemical Corp.	1,836,660	4,317,178
Formosa Plastics Corp.	4,628,560	10,498,988

See financial notes

Schwab International Equity ETFs | Semiannual Report79

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Formosa Sumco Technology Corp.	32,000	158,433
Formosa Taffeta Co. Ltd.	1,394,132	1,040,874
Foxconn Technology Co. Ltd.	1,449,355	2,278,838
Fubon Financial Holding Co. Ltd.	9,508,712	20,455,636
Genius Electronic Optical Co. Ltd.	109,000	1,460,368
Giant Manufacturing Co. Ltd.	382,096	2,465,954
Gigabyte Technology Co. Ltd.	615,000	6,712,381
Global Unichip Corp.	109,000	5,482,845
Globalwafers Co. Ltd.	263,451	4,650,680
Hiwin Technologies Corp.	379,445	2,880,995
Hon Hai Precision Industry Co. Ltd.	14,923,092	48,627,105
Hotai Motor Co. Ltd.	403,600	8,567,538
HTC Corp. *	989,778	1,526,493
Hua Nan Financial Holdings Co. Ltd., Class C	12,984,415	9,037,066
Innolux Corp. *	9,707,661	4,652,749
Inventec Corp.	3,202,043	5,571,501
Largan Precision Co. Ltd.	128,456	10,525,350
Lite-On Technology Corp., ADR	2,701,866	9,359,665
MediaTek, Inc.	1,859,713	67,070,748
Mega Financial Holding Co. Ltd.	14,624,270	17,904,720
Micro-Star International Co. Ltd.	876,095	5,293,793
momo.com, Inc.	87,188	1,226,058
Nan Ya Plastics Corp.	7,153,816	13,511,217
Nan Ya Printed Circuit Board Corp.	258,000	1,726,285
Nanya Technology Corp.	1,172,000	2,495,313
Nien Made Enterprise Co. Ltd.	184,752	2,159,663
Novatek Microelectronics Corp.	720,608	13,701,115
Oneness Biotech Co. Ltd.	432,478	2,414,855
Parade Technologies Ltd.	88,100	2,828,944
Pegatron Corp.	2,546,657	6,888,409
PharmaEssentia Corp. *	297,000	3,086,556
Pou Chen Corp.	3,226,792	3,113,531
Powerchip Semiconductor Manufacturing Corp.	3,680,000	3,213,211
Powertech Technology, Inc.	857,000	4,229,488
President Chain Store Corp.	709,400	6,048,286
Quanta Computer, Inc.	3,329,057	24,433,832
Realtek Semiconductor Corp.	598,336	10,770,597
Ruentex Development Co. Ltd.	2,066,350	2,376,242
Shanghai Commercial & Savings Bank Ltd.	4,776,151	6,799,437
Shin Kong Financial Holding Co. Ltd. *	16,604,672	4,354,790
Silergy Corp.	411,000	5,422,009
Sino-American Silicon Products, Inc.	657,000	3,855,597
SinoPac Financial Holdings Co. Ltd.	14,592,325	9,279,037
Synnex Technology International Corp.	1,773,956	4,366,212
Taishin Financial Holding Co. Ltd.	14,955,726	8,232,640
Taiwan Business Bank	7,277,954	3,223,441
Taiwan Cement Corp.	7,588,872	7,706,632
Taiwan Cooperative Financial Holding Co. Ltd.	13,440,408	11,033,980
Taiwan Fertilizer Co. Ltd.	816,508	1,720,351
Taiwan Glass Industry Corp. *	1,631,311	941,851
Taiwan High Speed Rail Corp.	2,652,000	2,533,745
Taiwan Mobile Co. Ltd.	2,148,524	6,729,112
Taiwan Secom Co. Ltd.	387,000	1,450,814
Taiwan Semiconductor Manufacturing Co. Ltd.	30,118,500	657,453,139
Tatung Co. Ltd. *	2,778,000	4,561,230
Teco Electric & Machinery Co. Ltd.	1,515,000	2,358,089
Transcend Information, Inc.	446,000	1,128,775
U-Ming Marine Transport Corp.	572,000	1,006,128
Unimicron Technology Corp.	1,635,348	9,286,606
Uni-President Enterprises Corp.	5,842,676	14,177,170
United Microelectronics Corp.	14,726,850	22,759,190

SECURITY	NUMBER OF SHARES	VALUE ($)
Vanguard International Semiconductor Corp.	1,099,000	2,510,252
Voltronic Power Technology Corp.	85,000	4,315,949
Walsin Lihwa Corp.	3,276,814	3,835,623
Walsin Technology Corp.	380,000	1,346,431
Wan Hai Lines Ltd.	1,157,910	1,846,238
Win Semiconductors Corp.	500,000	2,404,340
Winbond Electronics Corp.	3,716,879	3,286,568
Wistron Corp.	3,592,080	13,125,334
Wiwynn Corp.	109,000	8,034,610
Yageo Corp.	491,167	8,670,532
Yang Ming Marine Transport Corp.	2,189,000	3,452,179
Yuanta Financial Holding Co. Ltd.	15,053,473	13,072,584
Yulon Motor Co. Ltd.	722,408	1,615,788
Yulon Nissan Motor Co. Ltd.	26,000	138,598
Zhen Ding Technology Holding Ltd.	775,000	2,464,054
		1,524,617,922

Thailand 2.1%
Advanced Info Service PCL NVDR	1,371,700	7,687,486
Airports of Thailand PCL NVDR	5,424,800	9,604,762
Asset World Corp. PCL NVDR	9,539,800	1,026,729
B Grimm Power PCL NVDR	968,000	694,995
Bangkok Bank PCL NVDR	841,000	3,353,213
Bangkok Dusit Medical Services PCL NVDR	14,140,000	11,236,303
Bangkok Expressway & Metro PCL NVDR	10,526,190	2,362,633
Bangkok Life Assurance PCL NVDR	720,100	359,397
Banpu PCL NVDR	10,648,833	1,662,720
Berli Jucker PCL NVDR	1,388,350	936,793
BTS Group Holdings PCL NVDR	10,338,200	1,484,504
Bumrungrad Hospital PCL NVDR	695,900	4,346,343
Carabao Group PCL NVDR	446,100	864,463
Central Pattana PCL NVDR	3,676,300	6,637,123
Central Retail Corp. PCL NVDR	3,522,200	3,412,699
Charoen Pokphand Foods PCL NVDR	5,706,800	3,007,348
CP ALL PCL NVDR	7,432,500	11,916,039
CP Axtra PCL NVDR	2,098,103	1,945,126
Delta Electronics Thailand PCL NVDR	3,492,310	6,937,881
Digital Telecommunications Infrastructure Fund, Class F	7,409,600	1,652,776
Electricity Generating PCL NVDR	342,600	1,122,417
Energy Absolute PCL NVDR	2,214,551	2,176,577
Global Power Synergy PCL NVDR	921,368	1,310,185
Gulf Energy Development PCL NVDR	3,813,759	4,572,470
Home Product Center PCL NVDR	7,518,719	2,347,962
Indorama Ventures PCL NVDR	2,385,700	1,549,890
Intouch Holdings PCL NVDR	1,087,709	2,054,713
IRPC PCL NVDR	15,365,800	835,447
Kasikornbank PCL NVDR	2,152,069	7,380,580
Krung Thai Bank PCL NVDR	7,637,200	3,428,382
Krungthai Card PCL NVDR	1,517,400	1,808,695
Land & Houses PCL NVDR	10,915,300	2,313,015
Minor International PCL NVDR	4,863,380	4,305,376
Muangthai Capital PCL NVDR	932,515	1,189,532
Osotspa PCL NVDR	1,808,963	1,023,894
PTT Exploration & Production PCL NVDR	1,683,804	7,089,207
PTT Global Chemical PCL NVDR	2,466,314	2,613,131
PTT Oil & Retail Business PCL NVDR	3,245,000	1,637,655
PTT PCL NVDR	18,116,200	17,300,428
Ratch Group PCL NVDR	1,560,050	1,261,437
SCB X PCL NVDR	2,116,000	6,637,390
SCG Packaging PCL NVDR	1,608,100	1,255,452
Siam Cement PCL NVDR	870,200	6,526,803

See financial notes

80Schwab International Equity ETFs | Semiannual Report

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Siam City Cement PCL NVDR	106,100	402,331
Srisawad Corp. PCL NVDR	810,500	858,748
Thai Life Insurance PCL NVDR	3,350,000	840,652
Thai Oil PCL NVDR	1,387,926	2,167,123
Thai Union Group PCL NVDR	3,657,800	1,468,627
TMBThanachart Bank PCL NVDR	53,775,518	2,758,872
True Corp. PCL NVDR *	13,903,670	2,733,051
		174,099,375

Turkey 1.3%
AG Anadolu Grubu Holding AS	138,024	1,129,578
Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS *	1,208,402	518,665
Akbank TAS	3,806,542	5,069,740
Akcansa Cimento AS	77,204	388,249
Aksa Akrilik Kimya Sanayii AS	155,107	528,620
Aksa Enerji Uretim AS	278,989	336,541
Alarko Holding AS	176,146	748,147
Alfa Solar Enerji Sanayi VE Ticaret AS	134,752	457,090
Anadolu Efes Biracilik Ve Malt Sanayii AS	265,693	1,325,071
Anadolu Isuzu Otomotiv Sanayi Ve Ticaret AS, Class C	60,396	140,932
Arcelik AS	229,509	1,242,387
Aselsan Elektronik Sanayi Ve Ticaret AS	1,390,056	2,671,494
Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS	296,634	1,152,530
Aygaz AS	71,715	352,605
Bera Holding AS	946,174	612,806
BIM Birlesik Magazalar AS	551,678	6,860,689
Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret AS *	46,388	1,059,414
Borusan Yatirim ve Pazarlama AS	6,670	923,488
Can2 Termik AS *	249,942	144,667
Cimsa Cimento Sanayi VE Ticaret AS	505,749	566,988
Coca-Cola Icecek AS	90,886	1,883,527
CW Enerji Muhendislik Ticaret VE Sanayi AS *	25,927	256,822
Dogan Sirketler Grubu Holding AS	1,341,552	582,261
Dogus Otomotiv Servis ve Ticaret AS	80,774	691,449
EGE Endustri VE Ticaret AS	1,579	878,269
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS	224,752	386,588
Emlak Konut Gayrimenkul Yatirim Ortakligi AS	2,463,513	875,888
Enerjisa Enerji AS	278,427	556,502
Enka Insaat ve Sanayi AS	2,172,505	2,630,408
Eregli Demir ve Celik Fabrikalari TAS *	2,002,847	2,920,254
Europen Endustri Insaat Sanayi VE Ticaret AS *	319,637	199,032
Europower Enerji VE Otomasyon Teknolojileri Sanayi Ticaret AS *	57,251	319,266
Ford Otomotiv Sanayi AS	82,497	2,687,384
GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS	141,095	324,946
Girisim Elektrik Taahhut Ticaret Ve Sanayi AS *	163,272	405,307
Gubre Fabrikalari TAS *	108,811	699,156
Haci Omer Sabanci Holding AS	1,583,412	4,032,103
Hektas Ticaret TAS *	1,248,519	763,834
Investco Holding AS *	53,891	652,497
Is Gayrimenkul Yatirim Ortakligi AS *	593,094	328,845
Is Yatirim Menkul Degerler AS, Class A	691,169	823,122
Iskenderun Demir ve Celik AS *	177,348	230,861

SECURITY	NUMBER OF SHARES	VALUE ($)
Kaleseramik Canakkale Kalebodur Seramik Sanayi AS *	93,482	236,551
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D	1,351,597	1,162,850
Karsan Otomotiv Sanayii Ve Ticaret AS *	488,453	156,456
Kayseri Seker Fabrikasi AS	230,250	263,292
Kiler Holding AS *	423,480	840,998
Kimteks Poliuretan Sanayi VE Ticaret AS	78,484	168,433
KOC Holding AS	1,022,365	5,508,109
Kontrolmatik Enerji Ve Muhendislik AS	114,271	1,050,482
Konya Cimento Sanayii AS *	1,163	368,889
Kordsa Teknik Tekstil AS	70,525	216,976
Koza Altin Isletmeleri AS	1,288,296	944,978
Koza Anadolu Metal Madencilik Isletmeleri AS *	251,189	410,740
Margun Enerji Uretim Sanayi VE Ticaret AS	452,377	227,494
Mavi Giyim Sanayi Ve Ticaret AS, Class B	163,713	744,108
Migros Ticaret AS	124,687	1,969,967
MLP Saglik Hizmetleri AS *	114,786	628,718
Nuh Cimento Sanayi AS	75,062	791,018
ODAS Elektrik Uretim ve Sanayi Ticaret AS *	1,618,473	523,079
Otokar Otomotiv Ve Savunma Sanayi AS *	48,226	781,632
Oyak Cimento Fabrikalari AS *	394,457	896,443
Oyak Yatirim Menkul Degerler AS *	152,682	226,531
Pegasus Hava Tasimaciligi AS *	55,345	1,520,138
Penta Teknoloji Urunleri Dagitim Ticaret AS *	273,600	181,759
Petkim Petrokimya Holding AS *	1,700,937	1,318,482
Qua Granite Hayal *	1,044,424	144,521
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS	486,741	529,464
Sasa Polyester Sanayi AS *	1,614,845	2,046,245
Selcuk Ecza Deposu Ticaret ve Sanayi AS	198,828	383,075
Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret AS *	206,805	430,902
Sok Marketler Ticaret AS	347,326	745,389
TAV Havalimanlari Holding AS *	221,574	1,238,468
Tekfen Holding AS	234,265	352,526
Tofas Turk Otomobil Fabrikasi AS	166,095	1,423,151
Turk Hava Yollari AO *	693,987	6,263,049
Turk Telekomunikasyon AS *	684,005	703,291
Turk Traktor ve Ziraat Makineleri AS	34,414	959,014
Turkcell Iletisim Hizmetleri AS	1,446,265	3,101,480
Turkiye Garanti Bankasi AS	765,918	1,548,040
Turkiye Halk Bankasi AS *	831,880	385,833
Turkiye Is Bankasi AS, Class C	9,649,278	3,430,745
Turkiye Petrol Rafinerileri AS	1,088,903	5,643,367
Turkiye Sinai Kalkinma Bankasi AS *	1,673,575	443,860
Turkiye Sise ve Cam Fabrikalari AS	1,856,195	3,041,164
Turkiye Vakiflar Bankasi TAO, Class D *	641,122	292,224
Ulker Biskuvi Sanayi AS *	230,978	785,716
Vestel Beyaz Esya Sanayi ve Ticaret AS	501,535	350,852
Vestel Elektronik Sanayi ve Ticaret AS *	187,927	499,919
Yapi ve Kredi Bankasi AS	4,000,675	2,960,164
Yayla Agro Gida Sanayi VE Nakliyat AS	206,383	100,746
Ziraat Gayrimenkul Yatirim Ortakligi AS	1,212,367	269,892
Zorlu Enerji Elektrik Uretim AS *	1,181,882	213,513
		108,782,755

See financial notes

Schwab International Equity ETFs | Semiannual Report81

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
United Arab Emirates 1.8%
Abu Dhabi Commercial Bank PJSC	3,704,477	8,643,679
Abu Dhabi Islamic Bank PJSC	1,822,178	5,576,324
Abu Dhabi National Oil Co. for Distribution PJSC	3,502,570	3,337,688
Abu Dhabi Ports Co. PJSC *	1,058,039	1,667,904
ADNOC Drilling Co. PJSC	2,049,915	2,053,878
ADNOC Logistics & Services	1,920,122	2,054,529
Air Arabia PJSC	3,117,609	2,427,608
AL Seer Marine Supplies & Equipment Co. LLC *	336,082	574,640
Aldar Properties PJSC	4,531,284	6,822,402
Alpha Dhabi Holding PJSC *	1,723,486	7,564,212
Americana Restaurants International PLC	3,639,188	3,398,518
Apex Investment Co. PSC *	695,255	357,764
Borouge PLC	3,409,489	2,209,313
Dana Gas PJSC	5,644,962	971,335
Dubai Electricity & Water Authority PJSC	10,945,448	7,181,935
Dubai Financial Market PJSC	2,177,405	782,536
Dubai Investments PJSC	2,729,287	1,738,825
Dubai Islamic Bank PJSC	3,636,921	6,376,915
Emaar Development PJSC	1,133,054	2,440,158
Emaar Properties PJSC	8,376,264	18,518,137
Emirates Central Cooling Systems Corp.	2,763,500	1,233,940
Emirates NBD Bank PJSC	2,245,462	11,187,877
Emirates Telecommunications Group Co. PJSC	4,401,113	21,688,624
Fertiglobe PLC	1,528,982	1,065,696
First Abu Dhabi Bank PJSC	5,530,335	20,537,932
Ghitha Holding PJSC *	54,742	526,122
Multiply Group PJSC *	5,864,204	3,624,314
National Marine Dredging Co. *	271,406	2,076,427
Pure Health Holding PJSC *	1,330,759	1,391,302
Q Holding PJSC *	2,536,022	2,057,596
Salik Co. PJSC	2,450,733	2,328,693
		152,416,823
Total Common Stocks (Cost $6,598,732,035)		8,182,770,015

PREFERRED STOCKS 2.0% OF NET ASSETS

Brazil 1.8%
Alpargatas SA *	301,809	617,753
Banco Bradesco SA	6,425,861	17,782,615
Bradespar SA	356,106	1,519,416
Braskem SA, A Shares *	253,426	1,073,145
Centrais Eletricas Brasileiras SA, B Shares	362,783	3,498,120
Cia Energetica de Minas Gerais	1,404,891	3,384,530
Companhia Paranaense de Energia, B Shares	1,662,282	3,419,143
CTEEP-Cia de Transmissao de Energia Eletrica Paulista	285,941	1,484,765
Gerdau SA	1,356,710	5,870,662
Itau Unibanco Holding SA	6,045,807	41,297,876
Itausa SA	6,243,689	12,943,153
Metalurgica Gerdau SA	844,221	1,717,785
Petroleo Brasileiro SA	6,971,123	56,317,285
Unipar Carbocloro SA, B Shares	63,966	851,867

SECURITY	NUMBER OF SHARES	VALUE ($)
Usinas Siderurgicas de Minas Gerais SA Usiminas, A Shares	508,932	1,133,885
		152,912,000

Chile 0.1%
Embotelladora Andina SA, B Shares	492,650	1,242,050
Sociedad Quimica y Minera de Chile SA, B Shares	169,384	8,407,762
		9,649,812

Colombia 0.1%
Bancolombia SA	439,592	3,591,430
Grupo Aval Acciones y Valores SA	5,854,787	717,199
		4,308,629
Total Preferred Stocks (Cost $140,142,382)		166,870,441


SHORT-TERM INVESTMENTS 1.0% OF NET ASSETS

Money Market Funds 1.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (d)	82,175,775	82,175,775
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (d)(e)	5,750,407	5,750,407
		87,926,182
Total Short-Term Investments (Cost $87,926,182)		87,926,182
Total Investments in Securities (Cost $6,826,800,599)		8,437,566,638

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED APPRECIATION ($)
FUTURES CONTRACTS
Long
MSCI Emerging Markets Index, expires 03/15/24	285	14,489,400	74,945

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $5,410,636.
(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

See financial notes

82Schwab International Equity ETFs | Semiannual Report

Schwab Emerging Markets Equity ETF

Portfolio Holdings as of February 29, 2024 (Unaudited) (continued)

The following is a summary of the inputs used to value the fund’s investments as of February 29, 2024 (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	$8,128,626,898	$—	$—	$8,128,626,898
Greece	54,143,117	—	0 *	54,143,117
Hong Kong	—	—	0 *	0
Russia	—	—	0 *	0
Preferred Stocks1	166,870,441	—	—	166,870,441
Short-Term Investments1	87,926,182	—	—	87,926,182
Futures Contracts2	74,945	—	—	74,945
Total	$8,437,641,583	$—	$0	$8,437,641,583

*	Level 3 amount shown includes securities determined to have no value at February 29, 2024.
1	As categorized in the Portfolio Holdings.
2	Futures contracts are reported at cumulative unrealized appreciation or depreciation.

See financial notes

Schwab International Equity ETFs | Semiannual Report83

Schwab Emerging Markets Equity ETF

Statement of Assets and Liabilities

As of February 29, 2024; unaudited

Assets
Investments in securities, at value - unaffiliated (cost $6,826,800,599) including securities on loan of $5,410,636		$8,437,566,638
Foreign currency, at value (cost $16,048,052)		15,920,626
Deposit with broker for futures contracts		2,387,545
Receivables:
Dividends		10,407,189
Income from securities on loan		20,494
Variation margin on future contracts		2,256
Foreign tax reclaims	+	1,187
Total assets		8,466,305,935

Liabilities
Collateral held for securities on loan		5,750,407
Payables:
Foreign capital gains tax		91,437,697
Management fees	+	716,222
Total liabilities		97,904,326
Net assets		$8,368,401,609

Net Assets by Source
Capital received from investors		$8,812,936,139
Total distributable loss	+	(444,534,530 )
Net assets		$8,368,401,609

Net Asset Value (NAV)
Net Assets	÷	Shares Outstanding	=	NAV
$8,368,401,609		336,600,000		$24.86

See financial notes

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Schwab Emerging Markets Equity ETF

Statement of Operations

For the period September 1, 2023 through February 29, 2024; unaudited
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $7,892,283)		$63,745,161
Interest received from securities - unaffiliated		319,036
Securities on loan, net	+	414,362
Total investment income		64,478,559

Expenses
Management fees		4,485,405
Professional fees	+	11,612 1
Total expenses		4,497,017
Expense reduction by investment adviser	–	11,612 1
Net expenses	–	4,485,405
Net investment income		59,993,154

REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated (net of foreign capital gains tax paid of $6,757,301)		(160,657,688 )
Net realized gains on sales of in-kind redemptions - unaffiliated		10,995,436
Net realized losses on futures contracts		(1,945,588 )
Net realized losses on foreign currency transactions	+	(745,956 )
Net realized losses		(152,353,796 )
Net change in unrealized appreciation (depreciation) on securities - unaffiliated (net of change in foreign capital gains tax of ($28,596,672))		441,888,958
Net change in unrealized appreciation (depreciation) on futures contracts		652,248
Net change in unrealized appreciation (depreciation) on foreign currency translations	+	(102,695 )
Net change in unrealized appreciation (depreciation)	+	442,438,511
Net realized and unrealized gains		290,084,715
Increase in net assets resulting from operations		$350,077,869

1	Professional fees associated with the filing of foreign withholding tax claims in the European Union are 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

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Schwab Emerging Markets Equity ETF

Statement of Changes in Net Assets

For the current and prior report periods

Figures for the current period are unaudited

OPERATIONS
	9/1/23-2/29/24		9/1/22-8/31/23
Net investment income		$59,993,154	$260,649,787
Net realized losses		(152,353,796 )	(398,452,732 )
Net change in unrealized appreciation (depreciation)	+	442,438,511	198,696,256
Increase in net assets resulting from operations		$350,077,869	$60,893,311

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions		($277,724,480 )	($256,923,230 )

TRANSACTIONS IN FUND SHARES
	9/1/23-2/29/24			9/1/22-8/31/23
		SHARES	VALUE	SHARES	VALUE
Shares sold		—	$—	12,300,000	$295,692,868
Shares redeemed	+	(7,100,000 )	(166,966,824 )	(7,900,000 )	(194,051,552 )
Net transactions in fund shares		(7,100,000 )	($166,966,824 )	4,400,000	$101,641,316

SHARES OUTSTANDING AND NET ASSETS
	9/1/23-2/29/24			9/1/22-8/31/23
		SHARES	NET ASSETS	SHARES	NET ASSETS
Beginning of period		343,700,000	$8,463,015,044	339,300,000	$8,557,403,647
Total increase (decrease)	+	(7,100,000 )	(94,613,435 )	4,400,000	(94,388,603 )
End of period		336,600,000	$8,368,401,609	343,700,000	$8,463,015,044

See financial notes

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Schwab International Equity ETFs

Financial Notes, unaudited

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
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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Financial Notes, unaudited (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 which could be Level 1, Level 2 or Level 3 in the fair value hierarchy.

• 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.

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Financial Notes, unaudited (continued)

2. Significant Accounting Policies (continued):

The levels associated with valuing the funds’ investments as of February 29, 2024, 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 February 29, 2024, 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 February 29, 2024, 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.

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Financial Notes, unaudited (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.

The Schwab International Equity ETF, Schwab International Small-Cap Equity ETF and Schwab Emerging Markets Equity ETF filed claims to recover taxes previously withheld in certain European Union countries on the basis that those countries had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. These filings are subject to various administrative and judicial proceedings within these countries, and all professional fees associated with these filings have been paid by the investment adviser. The professional fees related to European Union foreign withholding tax claims 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, Schwab International Small-Cap Equity ETF and Schwab Emerging Markets 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 February 29, 2024, the Schwab International Equity ETF, Schwab International Small-Cap Equity ETF and Schwab Emerging Markets 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, unaudited (continued)

2. Significant Accounting Policies (continued):

(f) Distributions to Shareholders:

The funds make distributions from net investment income, if any, semiannually for Schwab International Equity ETF, Schwab International Small Cap Equity ETF and Schwab Emerging Markets ETF, and quarterly for Schwab International Dividend Equity ETF, 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 February 29, 2024, 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, unaudited (continued)

3. Risk Factors (continued):

Investment Style Risk. The funds are index funds. Therefore, each fund follows the securities included in its respective index, which may include real estate investment trusts, 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, unaudited (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, unaudited (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 February 29, 2024, 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	— %	— %	— %	0.3 %
Schwab Monthly Income Fund - Flexible Payout	1.6 %	— %	— %	— %
Schwab Monthly Income Fund - Income Payout	0.8 %	— %	— %	— %
Schwab Monthly Income Fund - Target Payout	0.9 %	— %	— %	— %
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 %	— %	0.3 %
Schwab Target 2035 Index Fund	— %	0.4 %	— %	0.3 %
Schwab Target 2040 Index Fund	— %	0.5 %	— %	0.5 %
Schwab Target 2045 Index Fund	— %	0.4 %	— %	0.4 %
Schwab Target 2050 Index Fund	— %	0.5 %	— %	0.5 %
Schwab Target 2055 Index Fund	— %	0.3 %	— %	0.4 %
Schwab Target 2060 Index Fund	— %	0.4 %	— %	0.5 %
Schwab Target 2065 Index Fund	— %	0.1 %	— %	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 European Union 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, unaudited (continued)

4. Affiliates and Affiliated Transactions (continued):

During the period ended February 29, 2024, the professional fees incurred by the Schwab International Equity ETF, Schwab International Small-Cap Equity ETF and Schwab Emerging Markets Equity ETF and paid by the investment adviser were $57,053, $6,175 and $11,612, respectively, as shown as Professional fees in each fund’s Statement of Operations.

During the period ended February 29, 2024, Schwab Emerging Markets Equity ETF recovered interest on previously withheld foreign taxes from Poland. The payments received by Schwab Emerging Markets Equity ETF amounted to $261,195, and are recorded within 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 $11,612, which has been reimbursed to the investment adviser by the Schwab Emerging Markets Equity ETF and is recorded within Dividends received from securities - unaffiliated in the fund’s Statement of Operations. During the period ended February 29, 2024, Schwab International Equity ETF and Schwab International Small-Cap Equity ETF did not recover any previously withheld foreign taxes and made no reimbursements to the investment adviser.

As of February 29, 2024, 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 $154,968 and $8,948 respectively. Schwab Emerging Markets Equity 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 foreign withholding 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 February 29, 2024, each fund’s purchases and sales of securities with other funds in the Fund Complex as well as any realized gains (losses) were as follows:

	PURCHASE COST	SALE PROCEEDS	REALIZED GAINS (LOSSES)
Schwab International Dividend Equity ETF	$18,040,665	$18,970,696	($3,000,961 )
Schwab International Equity ETF	154,468,553	147,175,319	(102,559,192 )
Schwab International Small-Cap Equity ETF	66,404,034	73,021,132	20,153,670
Schwab Emerging Markets Equity ETF	8,777,311	35,741,219	(19,904,698 )

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, unaudited (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 persons or non-interested persons (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 $1 billion line of credit (the Syndicated Credit Facility), which matured on September 28, 2023. On September 28, 2023, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on September 26, 2024. 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 28, 2023. On September 28, 2023, 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 26, 2024. 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 futures contracts during the report period to equitize available cash. 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.

As of February 29, 2024, the Statement of Assets and Liabilities included the following financial derivative instrument fair values, held at period end:

	EQUITY CONTRACTS	TOTAL
Asset Derivatives
Schwab International Dividend Equity ETF
Futures Contracts1	$87,127	$87,127
Schwab International Equity ETF
Futures Contracts1	4,829,133	4,829,133
Schwab International Small-Cap Equity ETF
Futures Contracts1	596,156	596,156
Schwab Emerging Markets Equity ETF
Futures Contracts1	74,945	74,945


1	Includes cumulative unrealized appreciation of futures contracts as reported in each fund’s Portfolio Holdings. Only current day’s variation margin on futures contracts is reported within the Statement of Assets and Liabilities.

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Financial Notes, unaudited (continued)

8. Derivatives (continued):

The effects of the derivative contracts in the Statement of Operations for the period ended February 29, 2024, were:

	EQUITY CONTRACTS	TOTAL
Net Realized Gains (Losses)
Schwab International Dividend Equity ETF
Futures Contracts1	($109,871 )	($109,871 )
Schwab International Equity ETF
Futures Contracts1	3,825,872	3,825,872
Schwab International Small-Cap Equity ETF
Futures Contracts1	295,978	295,978
Schwab Emerging Markets Equity ETF
Futures Contracts1	(1,945,588 )	(1,945,588 )


1	Statement of Operations location: Net realized gains (losses) on futures contracts.

Net Change in Unrealized Appreciation (Depreciation)
Schwab International Dividend Equity ETF
Futures Contracts1	$237,779	$237,779
Schwab International Equity ETF
Futures Contracts1	6,859,836	6,859,836
Schwab International Small-Cap Equity ETF
Futures Contracts1	836,013	836,013
Schwab Emerging Markets Equity ETF
Futures Contracts1	652,248	652,248


1	Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts.

During the period ended February 29, 2024, 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	$5,438,687	64
Schwab International Equity ETF	172,910,937	1,620
Schwab International Small-Cap Equity ETF	17,071,974	160
Schwab Emerging Markets Equity ETF	20,485,266	418

9. Purchases and Sales of Investment Securities:

For the period ended February 29, 2024, 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	$131,550,336	$141,533,866
Schwab International Equity ETF	811,492,607	744,083,347
Schwab International Small-Cap Equity ETF	254,056,361	259,788,457
Schwab Emerging Markets Equity ETF	265,530,872	648,966,231

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Financial Notes, unaudited (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 February 29, 2024, were as follows:

	IN-KIND PURCHASES OF SECURITIES	IN-KIND SALES OF SECURITIES
Schwab International Dividend Equity ETF	$19,901,599	$12,630,830
Schwab International Equity ETF	1,060,369,507	—
Schwab International Small-Cap Equity ETF	81,457,910	—
Schwab Emerging Markets Equity ETF	—	25,639,930

For the period ended February 29, 2024, 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 February 29, 2024 are disclosed in the funds’ Statements of Operations, if any.

11. Federal Income Taxes:

As of February 29, 2024, 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	$744,747,454	$65,769,289	($32,200,784 )	$33,568,505
Schwab International Equity ETF	28,920,440,900	8,476,741,131	(2,001,443,672 )	6,475,297,459
Schwab International Small-Cap Equity ETF	3,916,450,096	704,681,255	(618,863,300 )	85,817,955
Schwab Emerging Markets Equity ETF	7,190,640,485	2,293,134,447	(1,046,133,349 )	1,247,001,098

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

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Financial Notes, unaudited (continued)

11. Federal Income Taxes (continued):

The tax-basis components of distributions and components of distributable earnings on a tax basis are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of February 29, 2024. The tax-basis components of distributions paid during the fiscal year ended August 31, 2023 were as follows:

	PRIOR FISCAL YEAR END DISTRIBUTIONS
	ORDINARY INCOME
Schwab International Dividend Equity ETF	$22,397,950
Schwab International Equity ETF	892,762,840
Schwab International Small-Cap Equity ETF	78,014,800
Schwab Emerging Markets Equity ETF	256,923,230

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.

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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Liquidity Risk Management Program (unaudited)

The funds have adopted and implemented a liquidity risk management program (the “program”) as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The funds’ Board of Trustees (the “Board”) has designated the funds’ investment adviser, Charles Schwab Investment Management, Inc., dba Schwab Asset Management, as the administrator of the program. Personnel of the investment adviser or its affiliates conduct the day-to-day operation of the program.

Under the program, the investment adviser manages a fund’s liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the fund. The program is reasonably designed to assess and manage a fund’s liquidity risk, taking into consideration the fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its historical redemption history and shareholder concentrations; and its cash holdings and access to other funding sources, including the custodian overdraft facility and lines of credit. The investment adviser’s process of determining the degree of liquidity of each fund’s investments is supported by third-party liquidity assessment vendors.

The funds’ Board reviewed a report at its meeting held on September 19, 2023 prepared by the investment adviser regarding the operation and effectiveness of the program for the period June 1, 2022, through May 31, 2023, which included individual fund liquidity risk metrics. The report summarized the operation of the program and the information and factors considered by the investment adviser in assessing whether the program has been adequately and effectively implemented with respect to a fund. In addition, the investment adviser provided its assessment that the program had been operating effectively in managing each fund’s liquidity risk.

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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

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.; Co-Chairman of the Board (July 2022 – present) and Director (Apr. 2006 – present), Charles Schwab Bank, SSB; Co-Chairman of the Board (July 2022 – present) and Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Co-Chairman of the Board (July 2022 – present) and 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.; Manager (Sept. 2023 – present), TD Ameritrade Holding LLC; Director (Oct. 2020 – Aug. 2023), 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

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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, President and Chief Investment Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011)	Chief Executive Officer (Jan. 2022 – present), President (Oct. 2023 – present), (Chief Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Jan. 2022), 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), President (Oct. 2023 – present), Chief Investment Officer (June 2011 – present) and Vice President (June 2011 – Sept. 2023), Schwab Funds, Laudus Trust and Schwab ETFs.
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; Chief Financial Officer (Mar. 2020 – present), Chief Operating Officer (Oct. 2023 – present), Managing Director (Mar. 2023 – present) and Vice President (Oct. 2013 – Mar. 2023), Charles Schwab Investment Management, Inc.
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.; Managing Director (May 2022 – present) and Vice President (Apr. 2022 – May 2022), Charles Schwab & Co., Inc.
Patrick Cassidy 1964 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 2018)	Chief Investment Officer (Oct. 2023 – present) and Vice President (Feb. 2018 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (Mar. 2023 – present), Chief Investment Officer (Oct. 2023 – present), and Senior Vice President (Oct. 2012 – Mar. 2023), Charles Schwab Investment Management, Inc.
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), Senior Vice President (Jan. 2020 – Mar. 2023) and Chief Investment Officer (Jan. 2020 – present) Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment Officer (May 2001 – Apr. 2018), ThomasPartners, Inc.
Catherine MacGregor 1964 Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs Chief Legal Officer, Vice President and Clerk, Laudus Trust (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009)	Chief Legal Officer (Mar. 2022 – present), Managing Director (Mar. 2023 – present) and Vice President (Sept. 2005 – Mar. 2023), Charles Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice President (Aug. 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.

Schwab International Equity ETFs | Semiannual Report103

Schwab International Equity ETFs

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.

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.

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.

104Schwab International Equity ETFs | Semiannual Report

Schwab International Equity ETFs

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.

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.

Schwab International Equity ETFs | Semiannual Report105

Notes

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

© 2024 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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MFR54790-14

00297769

Semiannual Report | February 29, 2024

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

No Action Required – Notice Regarding Shareholder Report Delivery

Beginning on July 24, 2024, fund shareholder reports will be streamlined to highlight key information deemed important for investors to assess

and monitor their fund investments. Other information, including financial statements, will not appear in the streamlined shareholder reports

but will available online and delivered free of charge upon request.

• If you already receive the full shareholder reports, you will receive the streamlined shareholder reports in the same way that you currently

receive the full shareholder reports (either in paper or electronically).

• If you currently receive a notification when a shareholder report is available on a fund’s website, beginning July 24, 2024, you will begin to

receive the streamlined shareholder report (in paper).

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In This Report

Performance at a Glance	2
Fund Management	5
Performance and Fund Facts
Schwab U.S. Broad Market ETF	6
Schwab 1000 Index ETF	8
Schwab U.S. Large-Cap ETF	10
Schwab U.S. Large-Cap Growth ETF	12
Schwab U.S. Large-Cap Value ETF	14
Schwab U.S. Mid-Cap ETF	16
Schwab U.S. Small-Cap ETF	18
Schwab U.S. Dividend Equity ETF	20
Fund Expenses	22
Financial Statements and Portfolio Holdings
Schwab U.S. Broad Market ETF	23
Schwab 1000 Index ETF	48
Schwab U.S. Large-Cap ETF	62
Schwab U.S. Large-Cap Growth ETF	74
Schwab U.S. Large-Cap Value ETF	82
Schwab U.S. Mid-Cap ETF	92
Schwab U.S. Small-Cap ETF	102
Schwab U.S. Dividend Equity ETF	121
Financial Notes	128
Liquidity Risk Management Program	140
Trustees and Officers	141
Glossary	144

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

Distributor: SEI Investments Distribution Co. (SIDCO)

Schwab U.S. Equity ETFs | Semiannual Report1

Schwab U.S. Equity ETFs

Performance at a Glance

Total Returns for the 6 Months Ended February 29, 2024
Schwab U.S. Broad Market ETF (Ticker Symbol: SCHB)
Market Price Return1	13.79%
NAV Return1	13.85%
Dow Jones U.S. Broad Stock Market Index	13.84%
ETF Category: Morningstar Large Blend2	12.93%
Performance Details	pages 6-7

Schwab 1000 Index ETF (Ticker Symbol: SCHK)
Market Price Return1	14.04%
NAV Return1	14.14%
Russell 1000® Index3	14.03%
Schwab 1000 Index®	14.13%
ETF Category: Morningstar Large Blend2	12.93%
Performance Details	pages 8-9

Schwab U.S. Large-Cap ETF (Ticker Symbol: SCHX)
Market Price Return1	14.13%
NAV Return1	14.26%
S&P 500® Index4	13.93%
Dow Jones U.S. Large-Cap Total Stock Market Index	14.24%
ETF Category: Morningstar Large Blend2	12.93%
Performance Details	pages 10-11

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.

In anticipation of new regulatory requirements, the fund’s regulatory index has changed to the Russell 1000® Index. The Russell 1000® Index provides a broad measure of market performance. The fund generally invests in securities that are included in the second index listed. The fund does not seek to track the regulatory index.

In anticipation of new regulatory requirements, the fund’s regulatory index has changed to the S&P 500® Index. The S&P 500® Index provides a broad measure of market performance. The fund generally invests in securities that are included in the second index listed. The fund does not seek to track the regulatory index.

2Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Equity ETFs

Performance at a Glance (continued)

Total Returns for the 6 Months Ended February 29, 2024
Schwab U.S. Large-Cap Growth ETF (Ticker Symbol: SCHG)
Market Price Return1	18.72%
NAV Return1	18.89%
S&P 500® Index2	13.93%
Dow Jones U.S. Large-Cap Growth Total Stock Market Index	18.84%
ETF Category: Morningstar Large Growth3	18.14%
Performance Details	pages 12-13

Schwab U.S. Large-Cap Value ETF (Ticker Symbol: SCHV)
Market Price Return1	9.26%
NAV Return1	9.36%
S&P 500® Index2	13.93%
Dow Jones U.S. Large-Cap Value Total Stock Market Index	9.38%
ETF Category: Morningstar Large Value3	9.59%
Performance Details	pages 14-15

Schwab U.S. Mid-Cap ETF (Ticker Symbol: SCHM)
Market Price Return1	9.63%
NAV Return1	9.71%
S&P 500® Index2	13.93%
Dow Jones U.S. Mid-Cap Total Stock Market Index	9.73%
ETF Category: Morningstar Mid-Cap Blend3	10.93%
Performance Details	pages 16-17

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.

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.

Schwab U.S. Equity ETFs | Semiannual Report3

Schwab U.S. Equity ETFs

Performance at a Glance (continued)

Total Returns for the 6 Months Ended February 29, 2024
Schwab U.S. Small-Cap ETF (Ticker Symbol: SCHA)
Market Price Return1	8.78%
NAV Return1	8.92%
S&P 500® Index2	13.93%
Dow Jones U.S. Small-Cap Total Stock Market Index	8.88%
ETF Category: Morningstar Small Blend3	8.62%
Performance Details	pages 18-19

Schwab U.S. Dividend Equity ETF (Ticker Symbol: SCHD)
Market Price Return1	6.20%
NAV Return1	6.24% 4
S&P 500® Index2	13.93%
Dow Jones U.S. Dividend 100TM Index	6.26%
ETF Category: Morningstar Large Value3	9.59%
Performance Details	pages 20-21

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.

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.

4Schwab U.S. Equity ETFs | Semiannual Report

Schwab U.S. Equity ETFs

Fund Management