Schwab International Bond ETF is a passively managed exchange-traded fund that seeks to track the total return of an index comprising international, non-U.S. dollar-denominated investment-grade debt securities. The fund invests in government, corporate, securitized, and collateralized bonds across developed and emerging markets, providing diversified exposure to global fixed-income markets. It uses currency hedging strategies to reduce exposure to fluctuations in foreign exchange rates against the U.S. dollar.