Costs of Investing: A Breakdown

1. Standard online US$0 commission does not apply to over-the-counter (OTC) equities, fixed-income investments, or trades placed directly on a foreign exchange or in the Canadian market. Service charges apply for trades placed through a broker (US$25). Exchange process and ADR fees still apply. Please contact Schwab for details. See the Charles Schwab Hong Kong Pricing Guide for Individual Investors for full fee and commission schedules.

2. Charles Schwab Investment Management, Inc. (CSIM), is the investment advisor for Schwab ETFs. Schwab ETFs are distributed by SEI Investments Distribution Co. (SIDCO). SIDCO is not affiliated with CSIM.

3. Asset-weighted average expense ratio from Morningstar as of 6/30/19. An asset-weighted average basis is used to give more weight to funds with greater assets. It reflects where investors are actually putting their assets, and thus, better reflects the actual expenses by investors than does a simple average (weighting each fund equally).

4. ETFs at Charles Schwab & Co., Inc. ("Schwab") which are U.S. exchange-listed can be traded without a commission on buy and sell transactions made online in a Schwab account. Unlisted ETFs are subject to a commission.  Please see pricing guide for additional information.  Schwab does not receive payment to promote any particular ETF to its customers. Schwab's affiliate Charles Schwab Investment Management, Inc. ("CSIM") serves as investment advisor to the Schwab ETFs, which compensate CSIM out of the applicable operating expense ratios. The amount of the fees is disclosed in the prospectus of each ETF.

5. Broker-assisted trades: Online pricing + US$25 per trade service charge.

Schwab reserves the right to act as principal on any fixed income transaction, public offering or securities transaction. When Schwab acts as principal, the bond price includes our transaction fee and may also include a markup that reflects the bid-ask spread and is not subject to a minimum or maximum. When trading as principal, Schwab may also be holding the security in its own account prior to selling it to you and, therefore, may make (or lose) money depending on whether the price of the security has risen or fallen while Schwab has held it. When Schwab acts as agent, a commission will be charged on the transaction.

6. Example model for Dedicated Financial Advice is limited to services defined as non-discretionary advice for a wrap fee. Additional discretionary advice or advised offers may be available and typically come with higher management fees versus non-discretionary advice.

7. Please ask to see A Guide to Schwab Wealth Advisory (Charles Schwab, Hong Kong, Ltd.) brochure for important information and disclosures about this service.