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)	$20,939
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	1484
Wgt avg mkt cap (mns)	$65,298
Large cap (>$10bn)	82.0%
Mid cap ($2-10bn)	16.8%
Small cap (<$2bn)	1.1%
Developed mkts	95.4%
Emerging mkts	4.6%

TOP TEN HOLDINGS
Total	10.3 %
NESTLE SA-REG	1.7 %
SAMSUNG ELECTRONICS CO LTD	1.3 %
ROCHE HOLDING AG-GENUSSCHEIN	1.3 %
NOVARTIS AG-REG	1.1 %
TOYOTA MOTOR CORP	1.0 %
HSBC HOLDINGS PLC	0.9 %
AIA GROUP LTD	0.8 %
TOTAL SA	0.8 %
SAP AG	0.7 %
ASTRAZENECA PLC	0.7 %

TOP COUNTRY EXPOSURE
	JAPAN	22.1 %
	BRITAIN	13.9 %
	FRANCE	8.6 %
	SWITZERLAND	8.1 %
	CANADA	7.7 %
	GERMANY	7.4 %
	AUSTRALIA	6.1 %
	SOUTH KOREA	4.1 %
	NETHERLANDS	3.6 %
	HONG KONG	3.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
22.2%	22.2%	5.8%	5.4%	5.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.79	70%
MSCI EAFE	1.02	98%
MSCI Emg. Mkts.	0.70	79%

Technical Indicators
Recent close	$34.03
30d moving avg.	$33.56
Annualized volatility	11.4%
Short interest (ETF)	0.3%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	2,668
Turnover	0.4%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$48,609

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Schwab International Equity 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™:

7.0%

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	90.8	7	-1	7.3	+0.2
VEA	Vanguard Europe Pacific	87.2	5	1	7.0	-0.0
IDEV	iShares Core MSCI Int'l Developed Markets	85.5	5	1	6.9	-0.2
IEFA	iShares Core MSCI EAFE	84.7	7	-1	6.8	-0.2
SPDW	SPDR Portfolio World ex-US	82.7	4	2	6.9	-0.2
HFXI	IQ 50 Percent Hedged FTSE Int'l	82.3	20	-14	7.0	-0.0
EFA	iShares MSCI EAFE	81.1	31	-25	6.7	-0.4
DBEF	Xtrackers MSCI EAFE Hedged	80.9	35	-29	6.6	-0.4
VEU	Vanguard FTSE All-World ex-US	74.4	9	-3	7.2	+0.2
EFAX	SPDR MSCI EAFE Fossil Fuel Free	73.6	20	-14	6.8	-0.3
ACWX	iShares MSCI ACWI ex-US	73.3	31	-25	7.0	-0.0
DBAW	Xtrackers MSCI All World ex-US Hedged	72.0	40	-34	6.9	-0.2
PXF	Invesco FTSE-RAFI Developed ex-US	71.3	45	-39	7.9	+0.8
FNDF	Schwab Fundamental Intl Large Cap	68.8	25	-19	7.4	+0.4
VXUS	Vanguard Total International Stock	67.6	9	-3	7.2	+0.2
IXUS	iShares Core International Stock	66.7	9	-3	7.1	+0.1
CWI	SPDR MSCI ACWI ex-US	65.9	30	-24	7.0	-0.0
JHMD	John Hancock Multifactor Developed International	65.4	45	-39	6.9	-0.1
VSGX	Vanguard ESG International Stock	65.0	15	-9	7.0	-0.1

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%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
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

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VALUATION METRICS

	2018	2019E	2020E
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
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	10.6	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	6	bp
Equals: ALTAR Score	7.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	CATEGORY AVERAGE	1.63

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.