ETF Research Center

Schwab International Equity ETF is an exchange-traded fund incorporated in the USA. The Fund's goal is to track as closely as possible, before fees and expenses, the total return of the FTSE Developed ex-U.S. Index.

FUND BASICS
Category	International Equities
Fund Sponsor	Charles Schwab Investment Management Inc
Website	www.schwab.com/etf
Inception date	Nov 03, 2009
Assets (mns)	$19,694
Currency	USD
Expense ratio	6 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Market Cap
Index replication	Optimized
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	1482
Wgt avg mkt cap (mns)	$64,208
Large cap (>$10bn)	81.8%
Mid cap ($2-10bn)	16.6%
Small cap (<$2bn)	1.3%
Developed mkts	95.5%
Emerging mkts	4.5%

TOP TEN HOLDINGS
Total	10.5 %
NESTLE SA-REG	1.8 %
ROCHE HOLDING AG-GENUSSCHEIN	1.4 %
SAMSUNG ELECTRONICS CO LTD	1.3 %
NOVARTIS AG-REG	1.2 %
TOYOTA MOTOR CORP	1.0 %
HSBC HOLDINGS PLC	0.8 %
SAP AG	0.8 %
ASTRAZENECA PLC	0.7 %
ASML HOLDING NV	0.7 %
AIA GROUP LTD	0.7 %

TOP COUNTRY EXPOSURE
	JAPAN	21.4 %
	BRITAIN	13.6 %
	FRANCE	8.6 %
	SWITZERLAND	8.6 %
	CANADA	8.1 %
	GERMANY	7.4 %
	AUSTRALIA	6.2 %
	SOUTH KOREA	4.0 %
	NETHERLANDS	3.6 %
	HONG KONG	2.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-2.9%	10.7%	5.2%	5.7%	5.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.79	70%
MSCI EAFE	1.02	98%
MSCI Emg. Mkts.	0.70	80%

Technical Indicators
Recent close	$31.32
30d moving avg.	$33.42
Annualized volatility	11.4%
Short interest (ETF)	0.2%
Relative strength (RSI)	34

Liquidity measures
Avg. volume (thou.)	2,746
Turnover	0.4%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$50,817

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Schwab International Equity ETF ETF based on the alternatives' overlap in portfolio holdings with SCHF. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SCHF

Expense:

6 bp

ALTAR Score™:

7.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SCHF
Ticker	Fund Name	Overlap¹ vs SCHF (%)	Expense ratio (bp)	Savings vs SCHF (bp)	ALTAR Score™ (%)	ALTAR vs SCHF (%)
PBDM	Invesco PureBeta FTSE Developed ex-North America ETF	90.4	7	-1	7.8	+0.2
VEA	Vanguard FTSE Developed Markets ETF	86.7	5	1	7.6	-0.0
IDEV	iShares Core MSCI International Developed Markets ETF	85.4	5	1	7.4	-0.2
IEFA	iShares Core MSCI EAFE ETF	84.4	7	-1	7.4	-0.2
SPDW	SPDR Portfolio Developed World ex-US ETF	82.6	4	2	7.4	-0.2
HFXI	IQ 50 Percent Hedged FTSE International ETF	82.1	20	-14	7.5	-0.1
EFA	iShares MSCI EAFE ETF	81.0	32	-26	7.2	-0.4
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	80.7	35	-29	7.0	-0.6
VEU	Vanguard FTSE All-World ex-US Index Fund	73.8	8	-2	7.7	+0.1
EFAX	SPDR MSCI EAFE Fossil Fuel Free ETF	73.8	20	-14	7.2	-0.4
ACWX	iShares MSCI ACWI ex U.S. ETF	73.7	32	-26	7.6	-0.0
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	71.1	40	-34	7.4	-0.2
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	71.1	45	-39	8.6	+1.0
FNDF	Schwab Fundamental International Large Co. Index ETF	68.9	25	-19	8.8	+1.2
VXUS	Vanguard Total International Stock Index Fund	67.7	8	-2	7.7	+0.1
IXUS	ishares Core MSCI Total International Stock ETF	67.2	9	-3	7.7	+0.1
CWI	SPDR MSCI ACWI ex-US ETF	66.2	30	-24	7.6	-0.0
JHMD	John Hancock Multifactor Developed International ETF	65.3	45	-39	7.5	-0.1
VSGX	Vanguard ESG International Stock ETF	64.3	17	-11	7.5	-0.2

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

	2015	2016	2017	2018	2019	2020E	2021E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Schwab International Equity ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.5	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	6	bp
Equals: ALTAR Score	7.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	CATEGORY AVERAGE	1.64

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.