DBX ETF Trust

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this annual report for four of our equity ETFs for the period ended August 31, 2022.

The global economy slowed down as high inflation with soaring energy and food prices, fueled by Russia’s military invasion on Ukraine, rising interest rates, supply chain disruptions and COVID-19-led lockdowns took a heavy toll on the markets. Higher-than-expected inflation in most parts of the world was pronounced particularly in developed economies like the US and Europe. The global output contracted in the second quarter of the year, with major economies reeling under inflationary pressure.China’s slowdown was spurred by a resurgence in COVID-19 cases, strict lockdowns, and negative spillovers from the Russia-Ukraine conflict. Amid fears of a global economic recession, central banks implemented aggressive monetary policies as a measure to curb high inflation.

U.S. equities witnessed heightened volatility in 2022 amid a slowdown in economic growth, weakness in consumer confidence and a less favorable long-term economic outlook. High inflation readings, tepid personal consumption expenditure, supply chain disruptions, the Federal Reserve’s aggressive monetary policy and impacts of the Russia-Ukraine war weighed on market sentiments. Central bank officials incrementally raised rates in each of their meetings from 25 to 75 basis points¹ (bps) as inflation jumped to its highest level in 40 years. The 75-bps rate hike in July 2022 for a second successive month marked the fastest pace of policy tightening in the past four decades. However, healthy corporate earnings results, a robust job market and strong labor force participation were some of the positives during the reporting period.

The Eurozone was mired in high inflation, rising interest rates and supply chain disruptions, fueled by the Russia-Ukraine war. However, the region sustained its growth in Q2 2022, supported by the easing out of COVID-19 restrictions and the summer tourism season in southern countries. Italy and Spain, the Eurozone’s third and fourth largest economies, respectively, were the major contributors to growth, while the bloc’s largest economy, Germany stalled. France, Eurozone’s second-largest economy posted growth, backed by a positive contribution from net trade, as exports grew. The import reduction of oil and gas from Russia raised gas and commodity prices in Europe, leading to higher inflation and a bearing on the overall demand environment. Although the labor market remained robust, consumer confidence dipped significantly. In line with many central banks, the European Central Bank (ECB) raised interest rates by 50 bps in July 2022 — its first-rate hike in more than a decade — to prevent high inflation. Furthermore, the ECB approved the Transmission Protection Instrument mechanism for the smooth transmission of its monetary policy across all euro area countries.

The UK economy witnessed a slowdown in GDP growth, as household spending and business activity were hit by rising inflation levels. The Bank of England raised the interest rate in a similar move with the central banks of other countries. The employment market remains strong with the unemployment rate falling to pre-pandemic levels. Japan’s economy faced a resurgence in COVID-19 cases amid persistent supply chain disruptions and inflationary pressure.

The war in Ukraine is expected to contribute to a significant slowdown in global economic growth in 2022 and add to inflation. Central banks across the world are likely to maintain a hawkish stance, as controlling high inflation has become the primary objective. Consumer confidence has remained weak owing to a less favorable long-term economic outlook and as a fragmented recovery is anticipated. Investors would need to keep an eye on potential sanctions on Russian energy by the European Union, as any further supply crunch on oil and gas could sustain the record-high inflation rates.

Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ Basis points are a unit of measurement equal to 1/100^th of 1 percent and a standard measure for interest rates.

Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.

The Xtrackers FTSE Developed ex-US Multifactor Factor ETF (DEEF) seeks investment results that correspond generally to the performance, before fees and expenses, of the FTSE Developed ex-US Comprehensive Factor Index (the DEEF Index). The DEEF Index is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the DEEF Index are derived from its starting universe, the FTSE Developed ex US Index, which is comprised of large- and mid-capitalization equity securities from developed markets (except the United States). For the 12-month period ended August 31, 2022, DEEF shares returned -19.75%, compared to the DEEF Index return of -19.42%.

All sectors contributed negatively to performance during the period with the Industrials, Materials, and Real Estate sectors detracting the most from performance. From a geographical perspective, Israel, Singapore, and Canada were the major positive contributors, while Japan, Great Britain, and Sweden contributed negatively to performance.

The Xtrackers MSCI Kokusai Equity ETF (KOKU) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Kokusai Index (the KOKU Index). The KOKU Index is also known as the MSCI World ex-Japan Index. The KOKU Index is designed to track the performance of equity markets in developed markets (excluding Japan). The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure developed-market equity performance throughout the world. For the 12-month period ended August 31, 2022, KOKU shares returned -14.55%, compared to the KOKU Index return of -14.80%.

The majority of sectors contributed negatively to performance during the period with the greatest negative contributions coming from Information Technology, Communication Services, and Consumer Discretionary. The Energy and Utilities sectors were the positive contributors to performance. From a geographical perspective, Singapore, Israel, and Norway were the major positive contributors, while the US, Germany and France contributed negatively to performance.

The Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP) seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 2Qual/Val 5% Capped Factor Index (the QARP Index). The QARP Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of quality and value. The companies eligible for the QARP Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. For the 12-month period ended August 31, 2022, QARP shares returned -9.84%, compared to the QARP Index return of -9.65%.

The majority of sectors contributed negatively to performance during the period with the greatest negative contributions coming from Communication Services, Information Technology and Consumer Discretionary. The Energy, Health Care and Materials sectors were the positive contributors to performance.

The Xtrackers Russell US Multifactor ETF (DEUS) seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 Comprehensive Factor Index (the DEUS Index). The DEUS Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the DEUS Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. For the 12-month period ended August 31, 2022, DEUS shares returned -8.80%, compared to the DEUS Index return of -8.64%.

The majority of sectors contributed negatively to performance during the period with the greatest negative contributions coming from Information Technology, Industrials, and Consumer Discretionary. The Energy, Utilities, and Consumer Staples sectors contributed positively to performance.

Performance data quoted represents past performance and 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 their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 5-11 of this report for additional performance information, including performance data based on market value.

The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.

Xtrackers FTSE Developed ex US Multifactor ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the FTSE Developed ex US Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Developed ex US Index, which is comprised of large- and mid-capitalization equity securities from developed markets (except the United States). It is not possible to invest directly into an index.

¹ Total returns are calculated based on the commencement of operations, November 24, 2015 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 17, 2021, was 0.35%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Country Diversification* as of August 31, 2022


Japan			25.4%
Australia			13.7%
United Kingdom			10.5%
Canada			5.6%
Sweden			4.8%
South Korea			4.2%
Switzerland			3.9%
France			3.6%
Germany			3.5%
Singapore			3.4%
Israel			3.0%
Netherlands			2.3%
Hong Kong			2.3%
Finland			2.1%
Other			11.7%

Total			100.0%

* As a percent of total investments excluding securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 14.

Xtrackers MSCI Kokusai Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Kokusai Index (the “Underlying Index”). The MSCI Kokusai Index is also known as the MSCI World ex Japan Index. The Underlying Index is designed to track the performance of equity markets in developed markets (excluding Japan). The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure developed-market equity performance throughout the world. It is not possible to invest directly into an index.

¹ Total returns are calculated based on the commencement of operations, April 8, 2020 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 17, 2021, was 0.09%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

* As a percent of total investments excluding securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 32.

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 2Qual/Val 5% Capped Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of quality and value. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. It is not possible to invest directly into an index.

¹ Total returns are calculated based on the commencement of operations, April 5, 2018 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 17, 2021, was 0.19%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

* As a percent of total investments excluding exchange-traded funds, securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 42.

Xtrackers Russell US Multifactor ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. It is not possible to invest directly into an index.

¹ Total returns are calculated based on the commencement of operations, November 24, 2015 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated December 17, 2021, was 0.17%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

* As a percent of total investments excluding exchange-traded funds, securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 47.

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. In the most recent six-month period the Funds limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples in the tables are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2022 to August 31, 2022).

The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the 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 tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is 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.

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 365.


	Number of Shares		Value
COMMON STOCKS — 98.9%
Australia — 13.5%
Adbri Ltd.		4,457	$	6,753
AGL Energy Ltd.		4,288		22,576
ALS Ltd.		7,233		59,007
Altium Ltd.		515		12,978
Alumina Ltd.		74,751		77,637
Ampol Ltd.		18,471		437,880
Ansell Ltd.		1,179		21,492
APA Group (a)		9,801		74,515
Aristocrat Leisure Ltd.		4,706		115,175
ASX Ltd.		5,505		296,067
Atlas Arteria Ltd. (a)		10,220		56,051
Aurizon Holdings Ltd.		82,587		211,183
Australia & New Zealand Banking Group Ltd.		2,436		38,126
Bank of Queensland Ltd.		3,094		14,911
Beach Energy Ltd.		4,401		5,159
Bendigo & Adelaide Bank Ltd.		7,290		45,179
BHP Group Ltd.		1,084		30,171
BlueScope Steel Ltd.		11,220		128,608
Boral Ltd.		8,896		17,991
Brambles Ltd.		39,408		334,460
carsales.com Ltd.		4,573		70,851
Challenger Ltd.		4,433		19,450
Charter Hall Group REIT		10,345		95,813
Cleanaway Waste Management Ltd.		31,154		59,801
Cochlear Ltd.		525		77,130
Coles Group Ltd.		23,541		283,393
Commonwealth Bank of Australia		677		45,238
Computershare Ltd.		8,796		148,943
CSL Ltd.		291		58,560
CSR Ltd.		23,213		72,089
Deterra Royalties Ltd.		15,227		43,739
Dexus REIT		41,894		250,729
Domino’s Pizza Enterprises Ltd.		744		32,414
Downer EDI Ltd.		20,763		71,882
EBOS Group Ltd.		6,716		159,103
Endeavour Group Ltd.		17,910		89,263
Evolution Mining Ltd.		15,276		25,029
Fortescue Metals Group Ltd.		5,406		68,266
Goodman Group REIT		15,069		203,202
GPT Group REIT		95,442		275,461
Harvey Norman Holdings Ltd.		13,378		38,795
IDP Education Ltd.		496		9,864
IGO Ltd.		1,216		11,204
Iluka Resources Ltd.		20,803		150,316
Incitec Pivot Ltd.		31,032		83,394
Insurance Australia Group Ltd.		6,069		19,347
JB Hi-Fi Ltd.		4,717		131,581
Lendlease Corp. Ltd. (a)		2,504		17,630
Lottery Corp. Ltd.*		30,323		91,883
Macquarie Group Ltd.		447		54,320
Medibank Pvt Ltd.		146,664		373,024
Metcash Ltd.		74,601		210,708
Mineral Resources Ltd.*		2,651		116,259
Mirvac Group REIT		98,532		141,852
National Australia Bank Ltd.		410		8,598


	Number of Shares		Value
Australia (Continued)
Newcrest Mining Ltd.		10,459	$	127,127
NEXTDC Ltd.*		290		2,086
Northern Star Resources Ltd.		2,018		10,902
Nufarm Ltd/Australia		2,266		8,295
Orica Ltd.		4,305		45,657
Origin Energy Ltd.		4,623		19,998
Orora Ltd.		67,457		153,534
OZ Minerals Ltd.		3,145		55,454
Perpetual Ltd. (b)		1,529		28,742
QBE Insurance Group Ltd.		23,757		196,579
Qube Holdings Ltd.		13,708		27,159
Ramsay Health Care Ltd.		1,551		76,248
REA Group Ltd.		306		26,757
Reece Ltd.		3,367		36,955
Rio Tinto Ltd.		6,162		399,202
Santos Ltd.		1,495		8,086
SEEK Ltd.		675		9,653
Seven Group Holdings Ltd.		1,012		12,890
Shopping Centres Australasia Property Group REIT		87,120		163,050
Sierra Rutile Holdings Ltd.*(b)		20,803		4,278
Sims Ltd.		2,794		29,478
Sonic Healthcare Ltd.		18,163		423,356
South32 Ltd.		43,657		124,206
Star Entertainment Group Ltd.*		2,517		4,797
Stockland REIT		38,122		94,607
Suncorp Group Ltd.		30,573		228,457
Tabcorp Holdings Ltd. (b)		30,323		19,956
Telstra Corp. Ltd.		29,801		81,107
TPG Telecom Ltd.		1,630		5,978
Transurban Group (a)		3,984		38,128
Treasury Wine Estates Ltd.		6,003		54,282
Vicinity Centres REIT		4,047		5,369
Washington H Soul Pattinson & Co. Ltd.		2,006		35,343
Wesfarmers Ltd.		4,745		152,920
Westpac Banking Corp.		3,834		56,800
Woodside Energy Group Ltd.		15,019		352,648
Woolworths Group Ltd.		7,658		189,470
Worley Ltd.		585		5,827

(Cost $9,394,214)				8,930,431

Austria — 0.3%
ANDRITZ AG		2,040		94,320
Erste Group Bank AG		357		8,070
OMV AG		621		25,153
Raiffeisen Bank International AG		558		7,092
Telekom Austria AG*		8,951		55,984
Verbund AG		148		14,190
voestalpine AG		732		14,810

(Cost $235,642)				219,619

Belgium — 1.6%
Ackermans & van Haaren NV		438		64,215
Ageas SA/NV		410		16,693
Anheuser-Busch InBev SA/NV		91		4,424
D’ieteren Group		172		26,064
Elia Group SA/NV		2,373		345,756
Etablissements Franz Colruyt NV		559		15,559


	Number of Shares		Value
Belgium (Continued)
Groupe Bruxelles Lambert SA		259	$	19,663
KBC Group NV		154		7,337
Proximus SADP		4,452		56,765
Sofina SA		424		85,356
Solvay SA		517		41,922
Telenet Group Holding NV		1,575		22,442
UCB SA		921		64,920
Umicore SA (b)		2,279		72,760
Warehouses De Pauw CVA REIT		6,800		207,730

(Cost $1,313,835)				1,051,606

Bermuda — 0.0%
Hiscox Ltd. (Cost $11,439)		934		9,757

Canada — 5.6%
Agnico Eagle Mines Ltd.		460		19,024
Alimentation Couche-Tard, Inc.		2,172		93,607
Bank of Montreal		188		17,406
Bank of Nova Scotia (b)		87		4,824
Barrick Gold Corp.		2,588		38,535
BCE, Inc. (b)		1,078		52,171
Brookfield Asset Management, Inc., Class A		200		9,649
Canadian Imperial Bank of Commerce		510		24,188
Canadian National Railway Co.		532		63,449
Canadian Pacific Railway Ltd.		113		8,484
Canadian Tire Corp. Ltd., Class A		1,157		136,471
Canadian Utilities Ltd., Class A		3,303		101,340
CGI, Inc.*		2,172		172,486
Constellation Software, Inc.		50		75,482
Dollarama, Inc.		2,306		140,832
Enbridge, Inc.		1,581		65,384
Fairfax Financial Holdings Ltd.		187		93,491
Fortis, Inc.		3,641		161,087
Franco-Nevada Corp.		764		92,116
George Weston Ltd.		2,228		255,448
Great-West Lifeco, Inc.		912		21,484
Hydro One Ltd., 144A		4,067		110,433
IGM Financial, Inc.		2,690		73,433
Imperial Oil Ltd.		464		22,839
Intact Financial Corp.		1,300		188,855
Loblaw Cos. Ltd.		2,697		239,035
Magna International, Inc.		652		37,773
Manulife Financial Corp.		2,065		35,825
Metro, Inc.		6,601		348,196
National Bank of Canada		1,023		67,874
Nutrien Ltd.		863		79,453
Power Corp. of Canada		2,882		74,317
Restaurant Brands International, Inc.		299		17,701
Rogers Communications, Inc., Class B		2,657		114,732
Royal Bank of Canada		133		12,403
Saputo, Inc.		1,906		48,538
Shaw Communications, Inc., Class B		4,675		120,231
Sun Life Financial, Inc.		1,452		64,151
Suncor Energy, Inc.		2,350		76,246
TC Energy Corp.		1,502		72,588
Teck Resources Ltd., Class B		523		17,763


	Number of Shares		Value
Canada (Continued)
TELUS Corp.		1,976	$	44,632
Thomson Reuters Corp.		954		105,351
Toronto-Dominion Bank		226		14,581
Wheaton Precious Metals Corp.		1,747		53,480

(Cost $3,318,102)				3,687,388

Chile — 0.0%
Antofagasta PLC (Cost $15,315)		1,071		13,721

China — 0.3%
Lenovo Group Ltd.		51,620		42,749
Tingyi Cayman Islands Holding Corp.		29,809		53,019
Uni-President China Holdings Ltd.		12,678		10,935
Want Want China Holdings Ltd.		108,513		76,592

(Cost $197,413)				183,295

Czech Republic — 0.1%
Avast PLC, 144A (Cost $30,523)		4,060		33,400

Denmark — 1.1%
A.P. Moller — Maersk A/S, Class A		25		58,678
A.P. Moller — Maersk A/S, Class B		23		55,212
Carlsberg A/S, Class B		1,202		156,956
Chr Hansen Holding A/S		173		10,109
Coloplast A/S, Class B		453		51,950
Danske Bank A/S		1,179		15,810
Demant A/S*		824		25,456
DSV A/S		170		25,202
Genmab A/S*		110		39,263
GN Store Nord AS		172		4,890
Novo Nordisk A/S, Class B		316		33,859
Novozymes A/S, Class B		1,339		77,049
Pandora A/S		215		12,997
ROCKWOOL A/S, Class B		83		17,175
Royal Unibrew A/S		1,160		87,294
SimCorp A/S		206		15,129
Tryg A/S		1,654		37,491
Vestas Wind Systems A/S		176		4,436

(Cost $800,234)				728,956

Finland — 2.1%
Elisa OYJ		2,631		140,905
Fortum OYJ		7,123		73,380
Huhtamaki OYJ		413		14,502
Kesko OYJ, Class B		8,481		178,919
Kojamo OYJ		15,228		255,872
Kone OYJ, Class B		960		38,536
Metso Outotec OYJ		634		4,985
Neste OYJ		190		9,409
Nokia OYJ		7,714		38,877
Nokian Renkaat OYJ		3,984		41,543
Nordea Bank Abp		2,185		20,363
Orion OYJ, Class B		2,319		105,331
Sampo OYJ, Class A		3,048		138,228
Stora Enso OYJ, Class R		5,306		79,365
UPM-Kymmene OYJ		3,234		110,209


	Number of Shares		Value
Finland (Continued)
Valmet OYJ (b)		3,318	$	84,411
Wartsila OYJ Abp		4,618		38,236

(Cost $1,838,507)				1,373,071

France — 3.6%
Air Liquide SA		298		37,517
Airbus SE		45		4,430
ALD SA, 144A		1,205		13,159
Amundi SA, 144A		361		18,404
Arkema SA		1,395		118,363
AXA SA		507		11,993
BioMerieux		223		20,464
BNP Paribas SA		153		7,152
Bollore SE		12,105		58,134
Bouygues SA		2,500		73,657
Bureau Veritas SA		2,134		53,153
Capgemini SE		252		43,838
Carrefour SA		14,015		234,504
Cie de L’Odet SE		14		16,077
Cie de Saint-Gobain		2,616		106,141
Cie Generale des Etablissements Michelin SCA		5,244		128,163
Credit Agricole SA		478		4,417
Danone SA		1,316		69,487
Dassault Systemes SE		407		15,787
Edenred		549		27,878
Eiffage SA		1,422		125,630
Engie SA		7,279		86,867
EssilorLuxottica SA		134		20,111
Euroapi SA*		13		203
Gecina SA REIT		193		17,263
Getlink SE		663		12,527
Hermes International		6		7,738
ICADE REIT		131		5,791
Ipsen SA		413		39,681
JCDecaux SA*		375		5,215
Kering SA		27		13,656
La Francaise des Jeux SAEM, 144A		207		6,738
Legrand SA		1,163		84,528
L’Oreal SA		25		8,629
LVMH Moet Hennessy Louis Vuitton SE		10		6,511
Orange SA		17,867		181,422
Pernod Ricard SA		230		42,451
Publicis Groupe SA		1,875		91,914
Remy Cointreau SA		130		24,223
Renault SA*		331		9,522
Rexel SA*		1,504		24,500
Sanofi		302		24,956
Sartorius Stedim Biotech		14		5,148
Schneider Electric SE		221		26,396
SCOR SE		421		6,989
SEB SA		356		26,490
Societe Generale SA		548		12,167
Sodexo SA		286		21,983
Somfy SA		125		13,851
Teleperformance		225		64,323
Thales SA		241		29,117
TotalEnergies SE (b)		685		34,915


	Number of Shares		Value
France (Continued)
Ubisoft Entertainment SA*		241	$	11,150
Veolia Environnement SA		3,800		85,134
Vinci SA		642		59,553
Vivendi SE		4,496		40,933

(Cost $2,697,722)				2,340,943

Germany — 3.4%
1&1 AG		255		4,103
adidas AG		51		7,604
Allianz SE		38		6,442
BASF SE		1,344		56,856
Bayer AG		446		23,590
Bayerische Motoren Werke AG		488		36,052
Bechtle AG		603		23,181
Beiersdorf AG		657		66,461
Brenntag SE		2,504		164,721
Carl Zeiss Meditec AG		146		18,234
Continental AG		115		6,647
Covestro AG, 144A		3,321		100,584
Daimler Truck Holding AG*		1,049		26,924
Deutsche Bank AG (c)		490		4,101
Deutsche Boerse AG		94		15,922
Deutsche Post AG		2,037		74,548
Deutsche Telekom AG		3,420		64,612
Deutsche Wohnen SE		179		4,075
E.ON SE		31,127		266,361
Evonik Industries AG		1,750		32,722
Fielmann AG		79		2,941
Fresenius Medical Care AG & Co. KGaA		1,540		52,945
Fresenius SE & Co. KGaA		2,016		49,990
FUCHS PETROLUB SE		574		13,391
GEA Group AG		3,205		111,798
Hannover Rueck SE		134		19,794
HeidelbergCement AG		1,420		64,397
Hella GmbH & Co. KGaA		191		13,502
Henkel AG & Co. KGaA		269		16,852
HOCHTIEF AG		84		4,162
Infineon Technologies AG		138		3,372
KION Group AG		111		4,446
Knorr-Bremse AG		274		13,321
LANXESS AG		1,032		34,920
LEG Immobilien SE		1,730		131,027
Mercedes-Benz Group AG		491		27,708
Merck KGaA		614		105,824
METRO AG*		2,639		21,070
MTU Aero Engines AG		94		16,631
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		78		18,683
Nemetschek SE		100		5,923
Puma SE		191		11,719
Rational AG		13		7,039
Rheinmetall AG		435		69,286
RWE AG		4,269		163,466
SAP SE		79		6,747
Scout24 SE, 144A		114		6,596
Siemens AG		100		10,164
Siemens Healthineers AG, 144A		193		9,457


	Number of Shares		Value
Germany (Continued)
Symrise AG		224	$	23,504
Talanx AG		237		8,412
Telefonica Deutschland Holding AG		28,841		74,968
Uniper SE (b)		3,943		21,351
United Internet AG		1,202		27,255
Vantage Towers AG		157		4,076
Vonovia SE		848		23,023
Wacker Chemie AG		73		10,427
Zalando SE, 144A*		64		1,487

(Cost $2,926,324)				2,215,414

Hong Kong — 2.3%
AIA Group Ltd.		1,932		18,695
ASMPT Ltd.		1,600		12,445
Bank of East Asia Ltd.		7,585		9,567
BOC Hong Kong Holdings Ltd.		8,121		28,040
Cafe de Coral Holdings Ltd.		1,846		2,648
Chow Tai Fook Jewellery Group Ltd.		12,864		25,994
CK Asset Holdings Ltd.		12,942		87,557
CK Hutchison Holdings Ltd.		23,641		152,861
CK Infrastructure Holdings Ltd.		6,589		40,127
CLP Holdings Ltd.		11,173		96,372
Dah Sing Financial Holdings Ltd.		1,898		5,066
ESR Group Ltd., 144A*		1,724		4,843
First Pacific Co. Ltd.		33,838		13,063
Haitong International Securities Group Ltd.		9,084		1,007
Hang Lung Group Ltd.		6,039		10,233
Hang Seng Bank Ltd.		1,383		21,673
Henderson Land Development Co. Ltd.		6,439		21,576
Hong Kong & China Gas Co. Ltd.		39,836		39,334
Hong Kong Exchanges & Clearing Ltd.		514		20,812
Hutchison Port Holdings Trust, Class U		240,600		51,729
Hutchison Telecommunications Hong Kong Holdings Ltd.		92,544		13,677
Jardine Matheson Holdings Ltd.		400		21,240
Kerry Logistics Network Ltd.		14,502		31,928
Kerry Properties Ltd.		27,641		63,813
Link REIT		3,075		23,840
MTR Corp. Ltd.		1,551		7,954
New World Development Co. Ltd.		3,521		11,507
NWS Holdings Ltd.		10,783		10,386
PCCW Ltd.		100,964		50,554
Power Assets Holdings Ltd.		33,400		200,004
Sino Land Co. Ltd.		70,505		103,303
SITC International Holdings Co. Ltd.		9,461		24,108
Sun Hung Kai Properties Ltd.		2,772		32,598
Swire Pacific Ltd., Class A		1,908		13,212
Swire Pacific Ltd., Class B		2,738		3,181
Swire Properties Ltd.		1,769		4,089
Techtronic Industries Co. Ltd.		2,522		29,947
Towngas Smart Energy Co. Ltd.*		47,385		20,828
Vinda International Holdings Ltd.		1,877		5,249
VTech Holdings Ltd.		9,227		62,835
WH Group Ltd., 144A		62,212		42,485
Wharf Holdings Ltd.		10,591		39,941


	Number of Shares		Value
Hong Kong (Continued)
Xinyi Glass Holdings Ltd.		12,562	$	23,303
Yue Yuen Industrial Holdings Ltd.		3,191		4,765

(Cost $1,591,059)				1,508,389

Ireland — 0.9%
CRH PLC		2,003		74,011
DCC PLC		1,067		61,619
Experian PLC		2,128		64,949
Glanbia PLC		5,235		66,696
James Hardie Industries PLC CDI		4,577		105,146
Kerry Group PLC, Class A		601		62,156
Kingspan Group PLC		560		31,895
Smurfit Kappa Group PLC		3,632		122,306

(Cost $662,828)				588,778

Israel — 3.0%
Airport City Ltd.*		1,161		24,428
Alony Hetz Properties & Investments Ltd.		1,915		31,081
Amot Investments Ltd.		3,370		24,213
Ashtrom Group Ltd.		197		5,034
Azrieli Group Ltd.		182		15,183
Bank Hapoalim BM		11,700		122,049
Bank Leumi Le-Israel BM		15,683		166,710
Bezeq The Israeli Telecommunication Corp. Ltd.		101,543		171,861
Big Shopping Centers Ltd.		45		6,464
Elbit Systems Ltd.		514		110,188
Elco Ltd. (b)		494		34,899
Electra Ltd.		81		51,623
Energix-Renewable Energies Ltd.		1,349		6,193
Enlight Renewable Energy Ltd.*		2,635		6,465
First International Bank Of Israel Ltd.		1,362		63,710
Fox Wizel Ltd.		65		9,473
Gav-Yam Lands Corp. Ltd.		7,330		75,075
Harel Insurance Investments & Financial Services Ltd.		3,457		39,491
ICL Group Ltd.		15,905		153,004
Israel Corp. Ltd.*		30		14,610
Israel Discount Bank Ltd., Class A		30,924		190,111
Maytronics Ltd.		1,059		15,300
Mivne Real Estate KD Ltd.		23,051		85,096
Mizrahi Tefahot Bank Ltd.		3,691		150,904
Nice Ltd.*		435		94,455
Nova Ltd.*		246		24,286
Paz Oil Co. Ltd.*		48		6,307
Phoenix Holdings Ltd.		5,385		65,239
Sapiens International Corp NV		195		4,425
Shapir Engineering and Industry Ltd.		2,632		25,232
Shufersal Ltd.		9,503		65,221
Strauss Group Ltd.		2,035		53,438
Tower Semiconductor Ltd.*		1,258		59,223

(Cost $1,651,884)				1,970,991

Italy — 1.7%
A2A SpA		47,011		52,921
Amplifon SpA		550		14,407
Assicurazioni Generali SpA		2,109		31,047


	Number of Shares		Value
Italy (Continued)
Atlantia SpA		412	$	9,458
Banca Mediolanum SpA		986		6,324
Buzzi Unicem SpA		1,287		21,645
Davide Campari-Milano NV		3,981		39,262
De’ Longhi SpA		650		11,418
DiaSorin SpA		94		12,378
Enel SpA		3,091		14,594
Eni SpA		10,446		124,031
Ferrari NV		216		41,963
FinecoBank Banca Fineco SpA		1,440		15,660
Hera SpA		32,594		81,937
Infrastrutture Wireless Italiane SpA, 144A		1,356		12,626
Interpump Group SpA		905		32,160
Intesa Sanpaolo SpA		7,935		13,748
Italgas SpA		17,988		92,881
Leonardo SpA		505		4,147
Mediobanca Banca di Credito Finanziario SpA		968		7,697
Moncler SpA		966		43,362
Pirelli & C SpA, 144A		8,421		32,008
Poste Italiane SpA, 144A		1,173		9,427
Prysmian SpA		4,348		133,831
Recordati Industria Chimica e Farmaceutica SpA		1,085		44,448
Reply SpA		267		31,627
Snam SpA		12,906		61,462
Telecom Italia SpA*		73,984		15,325
Telecom Italia SpA-RSP*		55,952		11,129
Terna — Rete Elettrica Nazionale		14,424		102,979
UniCredit SpA		508		5,005
UnipolSai Assicurazioni SpA (b)		3,792		8,450

(Cost $1,451,351)				1,139,357

Japan — 25.2%
ABC-Mart, Inc. (b)		263		10,643
Acom Co. Ltd.		2,000		4,790
Activia Properties, Inc. REIT		4		12,480
Advance Residence Investment Corp. REIT		9		23,892
Advantest Corp.		100		5,771
Aeon Co. Ltd. (b)		1,049		20,602
AEON REIT Investment Corp. REIT		15		17,010
AGC, Inc.		8,954		306,810
Aica Kogyo Co. Ltd.		914		20,340
Ain Holdings, Inc.		500		28,747
Air Water, Inc.		3,600		45,446
Aisin Corp.		3,193		95,704
Ajinomoto Co., Inc.		3,300		91,912
Alfresa Holdings Corp.		300		3,612
Amada Co. Ltd.		4,243		33,577
Amano Corp.		1,000		18,676
Anritsu Corp.		200		2,381
Aozora Bank Ltd.		1,000		19,398
Ariake Japan Co. Ltd.		200		6,839
As One Corp.		200		9,277
Asahi Group Holdings Ltd.		1,592		53,666
Asahi Intecc Co. Ltd.		216		3,903
Asahi Kasei Corp.		5,419		39,990


	Number of Shares		Value
Japan (Continued)
Asics Corp.		400	$	7,393
ASKUL Corp.		400		5,330
Astellas Pharma, Inc.		6,983		99,966
Azbil Corp.		1,113		32,035
Bandai Namco Holdings, Inc.		800		60,509
Benesse Holdings, Inc.		1,000		15,805
Bic Camera, Inc.		1,700		13,980
BIPROGY, Inc.		600		13,418
Bridgestone Corp.		3,824		147,664
Brother Industries Ltd.		2,042		39,419
Calbee, Inc.		1,080		21,510
Canon Marketing Japan, Inc.		1,400		31,964
Canon, Inc.		13,422		322,903
Capcom Co. Ltd.		408		11,214
Chiba Bank Ltd.		3,700		20,071
Chubu Electric Power Co., Inc.		11,831		120,678
Chugai Pharmaceutical Co. Ltd.		400		10,414
Chugoku Bank Ltd.		800		5,390
Chugoku Electric Power Co., Inc.		3,283		19,751
Coca-Cola Bottlers Japan Holdings, Inc.		400		4,123
COMSYS Holdings Corp.		2,734		51,160
Concordia Financial Group Ltd.		2,900		9,247
Cosmo Energy Holdings Co. Ltd.		200		5,980
Cosmos Pharmaceutical Corp.		190		20,134
Credit Saison Co. Ltd.		2,000		25,277
CyberAgent, Inc.		800		7,900
Dai Nippon Printing Co. Ltd.		5,407		114,556
Daicel Corp.		12,527		79,341
Daido Steel Co. Ltd.		255		7,211
Daifuku Co. Ltd.		126		7,444
Dai-ichi Life Holdings, Inc.		2,800		48,617
Daiichi Sankyo Co. Ltd.		200		6,055
Daikin Industries Ltd.		184		32,499
Daio Paper Corp.		2,600		24,495
Daito Trust Construction Co. Ltd.		2,285		226,481
Daiwa House Industry Co. Ltd.		5,602		126,729
Daiwa House REIT Investment Corp. REIT (b)		15		34,842
Daiwa Office Investment Corp. REIT		1		5,078
Daiwa Securities Group, Inc.		17,145		75,271
DeNA Co. Ltd.		500		6,882
Denka Co. Ltd.		600		14,478
Denso Corp.		344		18,986
Dentsu Group, Inc.		2,800		91,196
DIC Corp.		1,600		28,913
Disco Corp.		133		32,812
DMG Mori Co. Ltd.		700		9,210
Dowa Holdings Co. Ltd.		700		26,611
Ebara Corp.		3,000		115,131
Electric Power Development Co. Ltd.		8,976		138,824
ENEOS Holdings, Inc.		21,320		80,528
EXEO Group, Inc.		1,372		21,200
Ezaki Glico Co. Ltd.		900		23,535
Fancl Corp.		200		4,083
FANUC Corp.		96		15,606
Food & Life Cos. Ltd.		184		2,935
FP Corp.		400		9,479


	Number of Shares		Value
Japan (Continued)
Fuji Electric Co. Ltd.		888	$	38,883
Fuji Media Holdings, Inc.		800		6,377
FUJIFILM Holdings Corp.		2,151		110,339
Fujitsu General Ltd.		700		14,957
Fujitsu Ltd.		642		76,716
Fukuoka Financial Group, Inc.		900		16,140
Fukuyama Transporting Co. Ltd.		600		13,764
Fuyo General Lease Co. Ltd.		200		11,888
GLP J REIT		18		22,061
GS Yuasa Corp.		638		11,704
GungHo Online Entertainment, Inc.		800		13,354
H.U. Group Holdings, Inc.		700		14,316
Hachijuni Bank Ltd.		4,500		15,517
Hakuhodo DY Holdings, Inc.		569		5,135
Hamamatsu Photonics KK		850		36,483
Hankyu Hanshin Holdings, Inc.		167		5,042
Haseko Corp.		5,797		66,909
Heiwa Corp.		400		6,117
Hino Motors Ltd.		3,059		14,079
Hirogin Holdings, Inc.		1,600		7,075
Hirose Electric Co. Ltd.		340		48,685
Hitachi Construction Machinery Co. Ltd.		200		4,154
Hitachi Ltd.		2,546		128,489
Hitachi Metals Ltd.*		1,100		16,608
Hitachi Transport System Ltd.		1,680		106,405
Honda Motor Co. Ltd.		2,445		65,682
Horiba Ltd.		600		27,657
Hoshizaki Corp.		426		12,753
House Foods Group, Inc.		857		18,287
Hoya Corp.		500		51,398
Hulic Co. Ltd.		3,548		27,130
Idemitsu Kosan Co. Ltd.		1,225		32,254
IHI Corp.		300		8,083
Iida Group Holdings Co. Ltd.		3,400		52,070
Industrial & Infrastructure Fund Investment Corp. REIT		15		19,888
INFRONEER Holdings, Inc.*		10,284		73,963
Inpex Corp.		17,399		201,320
Internet Initiative Japan, Inc.		1,300		47,546
Isetan Mitsukoshi Holdings Ltd.		700		5,565
Isuzu Motors Ltd.		7,800		97,398
Ito En Ltd.		100		4,429
ITOCHU Corp.		4,536		125,748
Itochu Techno-Solutions Corp.		500		12,750
Itoham Yonekyu Holdings, Inc.		7,000		34,034
Iwatani Corp.		1,000		41,118
Iyo Bank Ltd.		1,000		4,674
Izumi Co. Ltd.		300		6,514
J. Front Retailing Co. Ltd. (b)		1,065		8,497
Japan Aviation Electronics Industry Ltd.		600		10,128
Japan Exchange Group, Inc.		500		7,519
Japan Logistics Fund, Inc. REIT		6		14,305
Japan Metropolitan Fund Invest REIT (b)		18		14,361
Japan Post Holdings Co. Ltd.		3,500		24,271
Japan Post Insurance Co. Ltd.		700		10,766
Japan Prime Realty Investment Corp. REIT		7		20,830


	Number of Shares		Value
Japan (Continued)
Japan Real Estate Investment Corp. REIT		6	$	27,917
Japan Steel Works Ltd.		200		4,318
Japan Tobacco, Inc.		9,564		162,821
JFE Holdings, Inc. (b)		4,200		45,446
JSR Corp.		1,032		23,301
JTEKT Corp.		700		4,974
Kadokawa Corp.		400		8,772
Kagome Co. Ltd.		365		8,096
Kajima Corp.		15,600		165,312
Kakaku.com, Inc.		386		7,209
Kaken Pharmaceutical Co. Ltd.		647		18,062
Kamigumi Co. Ltd.		5,632		110,791
Kandenko Co. Ltd.		5,292		32,029
Kaneka Corp.		1,122		30,352
Kansai Electric Power Co., Inc.		18,411		178,764
Kansai Paint Co. Ltd.		1,088		16,859
Kao Corp.		553		24,154
Kawasaki Heavy Industries Ltd.		243		4,756
KDDI Corp.		4,129		127,392
Keisei Electric Railway Co. Ltd.		100		2,813
Kenedix Office Investment Corp. REIT		3		15,582
Kewpie Corp.		3,759		62,124
Keyence Corp.		28		10,673
Kikkoman Corp.		773		47,732
Kinden Corp.		4,800		50,969
Kirin Holdings Co. Ltd.		3,712		61,440
Kobayashi Pharmaceutical Co. Ltd.		426		24,369
Kobe Bussan Co. Ltd.		600		15,452
Kobe Steel Ltd.		1,300		5,964
Koei Tecmo Holdings Co. Ltd.		162		5,487
Koito Manufacturing Co. Ltd.		300		10,355
Kokuyo Co. Ltd.		4,400		57,133
Komatsu Ltd.		1,170		24,729
Konami Group Corp.		682		34,832
Kose Corp.		100		9,551
K’s Holdings Corp.		6,211		57,574
Kubota Corp.		1,900		29,818
Kuraray Co. Ltd.		6,981		53,431
Kurita Water Industries Ltd.		1,828		71,999
Kyocera Corp.		972		54,537
Kyowa Kirin Co. Ltd.		1,100		24,876
Kyudenko Corp.		499		10,119
Kyushu Electric Power Co., Inc.		10,564		63,708
LaSalle Logiport REIT (b)		16		19,864
Lawson, Inc. (b)		1,100		36,581
Lintec Corp.		3,713		62,354
Lion Corp.		906		10,653
Lixil Corp.		1,411		24,825
Mabuchi Motor Co. Ltd.		400		11,455
Makita Corp.		1,218		29,004
Marubeni Corp.		19,791		207,297
Marui Group Co. Ltd.		779		14,094
Maruichi Steel Tube Ltd.		3,450		74,139
MatsukiyoCocokara & Co.		697		27,855
Mazda Motor Corp.		3,800		33,744
Mebuki Financial Group, Inc.		5,900		11,364
Medipal Holdings Corp.		4,851		66,733


	Number of Shares		Value
Japan (Continued)
MEIJI Holdings Co. Ltd.		2,669	$	127,650
MINEBEA MITSUMI, Inc.		1,471		25,658
MISUMI Group, Inc.		2,140		53,259
Mitsubishi Chemical Group Corp.		22,402		118,454
Mitsubishi Corp.		3,436		113,125
Mitsubishi Electric Corp.		9,374		95,921
Mitsubishi Estate Co. Ltd.		1,900		25,767
Mitsubishi Gas Chemical Co., Inc.		1,067		16,018
Mitsubishi HC Capital, Inc.		2,950		14,386
Mitsubishi Heavy Industries Ltd.		1,213		47,024
Mitsubishi Logistics Corp.		1,100		28,804
Mitsubishi Materials Corp.		1,600		24,019
Mitsubishi UFJ Financial Group, Inc.		1,200		6,242
Mitsui & Co. Ltd.		10,225		240,901
Mitsui Chemicals, Inc.		2,800		63,524
Mitsui Fudosan Co. Ltd.		1,100		22,405
Mitsui Fudosan Logistics Park, Inc. REIT		3		11,794
Mitsui Mining & Smelting Co. Ltd.		300		7,142
Mitsui OSK Lines Ltd. (b)		1,274		33,590
Mizuho Financial Group, Inc.		1,980		22,760
Mori Hills REIT Investment Corp. REIT		11		12,410
Morinaga & Co. Ltd.		500		14,355
Morinaga Milk Industry Co. Ltd.		800		24,613
MS&AD Insurance Group Holdings, Inc. (b)		1,300		39,021
Murata Manufacturing Co. Ltd.		317		17,274
Nabtesco Corp.		400		9,594
Nagase & Co. Ltd.		5,465		79,082
Nagoya Railroad Co. Ltd.		300		4,670
Nankai Electric Railway Co. Ltd.		718		14,378
NEC Corp.		200		7,358
NEC Networks & System Integration Corp.		1,900		23,903
NGK Insulators Ltd.		3,477		50,139
NGK Spark Plug Co. Ltd.		3,402		70,335
NH Foods Ltd.		800		23,026
NHK Spring Co. Ltd.		3,800		25,904
Nichirei Corp.		1,400		25,157
Nifco, Inc.		861		19,627
Nihon Kohden Corp.		1,700		39,181
Nikon Corp.		600		6,895
Nintendo Co. Ltd.		150		61,666
Nippon Accommodations Fund, Inc. REIT (b)		4		19,708
Nippon Building Fund, Inc. REIT		11		55,069
Nippon Electric Glass Co. Ltd.		4,600		87,338
NIPPON EXPRESS HOLDINGS, Inc.		1,136		63,018
Nippon Kayaku Co. Ltd.		7,800		68,364
Nippon Prologis REIT, Inc. REIT		9		22,756
Nippon Sanso Holdings Corp.		1,259		23,105
Nippon Shinyaku Co. Ltd.		400		22,074
Nippon Shokubai Co. Ltd.		300		11,989
Nippon Steel Corp.		2,913		46,408
Nippon Telegraph & Telephone Corp.		1,891		51,413
Nippon Television Holdings, Inc.		700		5,989
Nippon Yusen KK (b)		500		38,557
Nipro Corp.		600		4,917


	Number of Shares		Value
Japan (Continued)
Nissan Chemical Corp.		1,283	$	65,434
Nissan Motor Co. Ltd.		8,100		32,131
Nisshin Seifun Group, Inc.		2,578		29,197
Nissin Foods Holdings Co. Ltd.		1,384		99,438
Nitori Holdings Co. Ltd.		232		22,409
Nitto Denko Corp.		1,243		77,292
Noevir Holdings Co. Ltd.		300		12,509
NOF Corp.		1,107		42,324
NOK Corp.		500		4,483
Nomura Holdings, Inc.		3,800		13,810
Nomura Real Estate Holdings, Inc.		586		14,478
Nomura Real Estate Master Fund, Inc. REIT (b)		15		18,417
Nomura Research Institute Ltd.		430		11,756
NS Solutions Corp.		300		8,234
NTT Data Corp.		1,417		20,178
Obayashi Corp.		7,362		51,302
Obic Co. Ltd.		200		29,966
Oji Holdings Corp.		12,088		48,570
Olympus Corp.		200		4,343
Omron Corp.		300		15,993
Ono Pharmaceutical Co. Ltd.		2,377		57,065
Open House Group Co. Ltd.		680		26,832
ORIX Corp.		7,036		116,535
Orix JREIT, Inc. REIT (b)		13		17,959
Osaka Gas Co. Ltd.		14,929		252,433
OSG Corp.		2,000		27,845
Otsuka Corp.		808		26,404
Otsuka Holdings Co. Ltd.		1,534		50,471
PALTAC Corp.		382		11,091
Pan Pacific International Holdings Corp.		699		12,631
Panasonic Holdings Corp.		3,772		30,829
Penta-Ocean Construction Co. Ltd.		1,720		9,144
Persol Holdings Co. Ltd.		1,229		25,001
Recruit Holdings Co. Ltd.		326		10,543
Relo Group, Inc.		200		3,252
Rengo Co. Ltd.		6,212		36,835
Resona Holdings, Inc.		10,500		38,804
Resorttrust, Inc.		500		8,083
Ricoh Co. Ltd.		4,000		31,654
Rinnai Corp.		517		39,980
Rohm Co. Ltd.		114		8,651
Rohto Pharmaceutical Co. Ltd.		1,911		57,968
Ryohin Keikaku Co. Ltd.		500		4,689
Sankyo Co. Ltd.		1,209		35,670
Sankyu, Inc.		700		21,688
Santen Pharmaceutical Co. Ltd.		1,600		11,611
Sanwa Holdings Corp.		5,500		54,950
Sapporo Holdings Ltd.		1,100		24,242
Sawai Group Holdings Co. Ltd.		300		8,905
SCREEN Holdings Co. Ltd.		100		6,766
SCSK Corp.		600		9,868
Secom Co. Ltd.		1,735		111,666
Sega Sammy Holdings, Inc.		600		8,972
Seiko Epson Corp.		2,351		37,243
Seino Holdings Co. Ltd.		2,700		21,619
Sekisui Chemical Co. Ltd.		3,901		53,636


	Number of Shares		Value
Japan (Continued)
Sekisui House Ltd.		10,736	$	183,858
Sekisui House Reit, Inc. REIT		23		14,003
Seven & i Holdings Co. Ltd. (b)		2,500		99,784
Seven Bank Ltd.		7,800		14,854
SG Holdings Co. Ltd.		4,260		71,264
Shikoku Electric Power Co., Inc.		5,500		32,216
Shimadzu Corp.		2,496		73,642
Shimamura Co. Ltd.		500		45,591
Shimano, Inc.		400		71,618
Shimizu Corp.		4,746		26,225
Shin-Etsu Chemical Co. Ltd.		300		35,307
Shinko Electric Industries Co. Ltd.		300		8,505
Shionogi & Co. Ltd.		1,800		88,348
Shiseido Co. Ltd.		400		15,279
Shizuoka Bank Ltd.		2,100		12,210
SHO-BOND Holdings Co. Ltd.		1,149		49,980
Showa Denko KK		500		7,773
Skylark Holdings Co. Ltd.*		2,100		23,238
SMC Corp.		67		32,189
SMS Co. Ltd.		300		6,958
SoftBank Corp.		4,405		48,602
Sohgo Security Services Co. Ltd.		887		23,131
Sojitz Corp.		10,220		173,252
Sompo Holdings, Inc.		2,700		116,336
Sony Group Corp.		408		32,772
Square Enix Holdings Co. Ltd.		400		17,515
Stanley Electric Co. Ltd.		1,331		24,839
Subaru Corp.		5,264		96,280
Sugi Holdings Co. Ltd.		335		14,306
Sumitomo Bakelite Co. Ltd.		600		19,131
Sumitomo Chemical Co. Ltd.		32,500		128,945
Sumitomo Corp.		6,632		94,008
Sumitomo Electric Industries Ltd.		4,426		51,164
Sumitomo Forestry Co. Ltd.		4,183		71,545
Sumitomo Heavy Industries Ltd.		2,449		51,921
Sumitomo Metal Mining Co. Ltd.		1,169		37,147
Sumitomo Mitsui Financial Group, Inc.		500		15,127
Sumitomo Mitsui Trust Holdings, Inc.		800		25,023
Sumitomo Realty & Development Co. Ltd.		771		19,021
Sumitomo Rubber Industries Ltd.		6,600		57,133
Sundrug Co. Ltd.		788		19,384
Suntory Beverage & Food Ltd.		2,574		94,697
Suzuken Co. Ltd.		1,584		38,107
Suzuki Motor Corp.		2,242		78,909
Sysmex Corp.		127		7,882
T&D Holdings, Inc.		3,741		41,046
Taiheiyo Cement Corp.		1,700		25,618
Taisei Corp.		2,134		65,194
Taisho Pharmaceutical Holdings Co. Ltd.		200		7,488
Taiyo Yuden Co. Ltd.		100		3,138
Takara Bio, Inc.		300		4,233
Takara Holdings, Inc.		500		3,823
Takashimaya Co. Ltd.		1,300		14,470
Takeda Pharmaceutical Co. Ltd.		500		13,886
TDK Corp.		330		11,700
TechnoPro Holdings, Inc.		1,087		24,779
Teijin Ltd.		2,720		28,941


	Number of Shares		Value
Japan (Continued)
Terumo Corp.		416	$	13,522
TIS, Inc.		1,300		37,417
Tobu Railway Co. Ltd.		700		16,638
Toda Corp.		900		4,467
Toho Co. Ltd.		1,359		52,056
Tohoku Electric Power Co., Inc.		5,919		29,547
Tokio Marine Holdings, Inc.		1,100		61,830
Tokyo Electric Power Co. Holdings, Inc.*		35,604		139,719
Tokyo Electron Ltd.		50		15,928
Tokyo Gas Co. Ltd.		9,159		172,576
Tokyo Ohka Kogyo Co. Ltd.		900		44,667
Tokyo Tatemono Co. Ltd.		2,000		30,225
Tokyu Corp.		1,900		22,738
Tokyu Fudosan Holdings Corp.		2,222		12,038
TOPPAN, Inc.		11,165		176,465
Toray Industries, Inc.		10,500		60,512
Toshiba Corp.		2,000		74,546
Toshiba TEC Corp.		391		11,748
Tosoh Corp.		5,141		67,014
TOTO Ltd.		380		13,254
Toyo Seikan Group Holdings Ltd.		6,121		73,165
Toyo Suisan Kaisha Ltd.		3,100		127,690
Toyo Tire Corp.		1,000		12,220
Toyoda Gosei Co. Ltd.		584		10,241
Toyota Boshoku Corp.		1,900		27,906
Toyota Industries Corp.		298		16,811
Toyota Motor Corp.		500		7,580
Toyota Tsusho Corp.		1,123		39,735
Trend Micro, Inc.		1,539		95,698
TS Tech Co. Ltd.		3,358		37,886
Tsumura & Co.		300		6,914
Tsuruha Holdings, Inc.		128		7,156
UBE Corp.		3,293		48,816
Ulvac, Inc.		400		15,784
Unicharm Corp.		1,077		37,688
United Urban Investment Corp. REIT		14		14,967
Ushio, Inc.		1,701		20,897
USS Co. Ltd.		3,000		53,324
Welcia Holdings Co. Ltd.		842		17,754
Yakult Honsha Co. Ltd.		1,100		65,306
Yamada Holdings Co. Ltd.		8,857		30,796
Yamaguchi Financial Group, Inc.		1,800		9,920
Yamaha Corp.		481		18,945
Yamaha Motor Co. Ltd.		5,100		106,654
Yamato Holdings Co. Ltd.		2,400		37,742
Yamato Kogyo Co. Ltd.		1,600		57,017
Yamazaki Baking Co. Ltd.		1,753		20,714
Yaoko Co. Ltd.		500		23,300
Yaskawa Electric Corp.		300		9,912
Yokogawa Electric Corp.		1,200		21,165
Yokohama Rubber Co. Ltd.		2,900		47,885
Zenkoku Hosho Co. Ltd.		838		27,898
Zensho Holdings Co. Ltd.		400		10,546
Zeon Corp.		1,459		14,135

(Cost $18,396,334)				16,622,362


	Number of Shares		Value
Jordan — 0.0%
Hikma Pharmaceuticals PLC (Cost $41,045)		1,547	$	23,635

Luxembourg — 0.2%
ArcelorMittal SA		409		9,770
Aroundtown SA		1,862		5,445
Eurofins Scientific SE		542		37,660
L’Occitane International SA		11,326		35,714
RTL Group SA		848		31,550
Tenaris SA		1,392		19,246

(Cost $163,880)				139,385

Netherlands — 2.3%
Aalberts NV		1,768		64,997
Akzo Nobel NV		965		61,171
ASM International NV		61		16,629
ASML Holding NV		19		9,259
ASR Nederland NV		1,021		41,755
BE Semiconductor Industries NV		304		14,487
CTP NV, 144A		314		4,281
Euronext NV, 144A		96		7,124
EXOR NV		129		7,817
Heineken Holding NV		550		39,156
Heineken NV		263		23,733
IMCD NV		463		64,155
ING Groep NV		511		4,504
JDE Peet’s NV		471		14,549
Koninklijke Ahold Delhaize NV		7,848		216,229
Koninklijke DSM NV		923		118,196
Koninklijke KPN NV		70,999		226,316
Koninklijke Philips NV		714		11,953
Koninklijke Vopak NV		377		8,317
NN Group NV		880		36,254
QIAGEN NV*		1,590		72,347
Randstad NV		3,667		171,425
Signify NV, 144A		1,678		47,869
Stellantis NV		3,403		45,696
Universal Music Group NV		666		13,264
Wolters Kluwer NV		1,773		173,720

(Cost $1,694,298)				1,515,203

New Zealand — 1.1%
Auckland International Airport Ltd.*		3,549		16,450
Contact Energy Ltd.		29,156		140,859
Fisher & Paykel Healthcare Corp. Ltd.		5,028		60,605
Fletcher Building Ltd.		27,573		94,668
Infratil Ltd.		2,340		12,984
Kiwi Property Group Ltd.		56,095		35,080
Mainfreight Ltd.		2,700		123,325
Mercury NZ Ltd.		4,670		16,606
Meridian Energy Ltd.		8,708		26,721
Ryman Healthcare Ltd.		791		4,457
SKYCITY Entertainment Group Ltd.		8,900		15,551
Spark New Zealand Ltd.		58,464		194,276
Xero Ltd.*		92		5,535

(Cost $825,242)				747,117


	Number of Shares		Value
Norway — 1.2%
Aker BP ASA		1,091	$	38,224
DNB Bank ASA		255		4,882
Equinor ASA		1,839		70,916
Gjensidige Forsikring ASA		2,636		53,654
Leroy Seafood Group ASA		6,456		43,326
Mowi ASA		6,117		125,926
Nordic Semiconductor ASA*		648		9,990
Norsk Hydro ASA		7,967		54,991
Orkla ASA		13,803		116,025
Salmar ASA		528		35,088
Telenor ASA		5,249		57,651
TOMRA Systems ASA		3,322		76,103
Yara International ASA		2,885		122,503

(Cost $849,633)				809,279

Poland — 0.6%
Cyfrowy Polsat SA		14,914		61,658
Dino Polska SA, 144A*		393		28,785
KGHM Polska Miedz SA		617		11,637
Polski Koncern Naftowy ORLEN SA		13,779		179,061
Polskie Gornictwo Naftowe i Gazownictwo SA*		54,130		64,483
Powszechna Kasa Oszczednosci Bank Polski SA		2,367		11,864
Powszechny Zaklad Ubezpieczen SA		3,807		22,846
Santander Bank Polska SA		117		5,341

(Cost $555,620)				385,675

Portugal — 0.3%
EDP — Energias de Portugal SA		4,387		21,007
Galp Energia SGPS SA		1,366		14,828
Jeronimo Martins SGPS SA		7,972		177,159

(Cost $207,184)				212,994

Singapore — 3.4%
Ascendas Real Estate Investment Trust REIT		65,336		132,068
Ascott Residence Trust (a)		45,200		35,315
BOC Aviation Ltd., 144A		1,544		12,403
CapitaLand Integrated Commercial Trust REIT		78,174		115,992
Capitaland Investment Ltd.		17,800		47,080
City Developments Ltd.		2,800		16,317
ComfortDelGro Corp. Ltd.		109,244		110,411
DBS Group Holdings Ltd.		2,826		66,036
Frasers Logistics & Commercial Trust REIT		124,500		121,368
Genting Singapore Ltd.		48,600		26,998
Golden Agri-Resources Ltd.		331,800		66,593
Jardine Cycle & Carriage Ltd.		5,605		132,019
Kenon Holdings Ltd.		241		9,846
Keppel REIT		35,000		27,095
Keppel Corp. Ltd.		11,662		60,772
Keppel DC REIT		21,800		30,315
Mapletree Industrial Trust REIT		19,378		35,142
Mapletree Logistics Trust REIT		46,767		55,982
Mapletree Pan Asia Commercial Trust REIT		13,791		18,189


	Number of Shares		Value
Singapore (Continued)
NETLINK NBN MANAGEMENT PTE Ltd.		87,600	$	58,710
Olam Group Ltd.		44,964		47,378
Oversea-Chinese Banking Corp. Ltd.		11,362		98,464
SATS Ltd.*		2,065		5,980
Sembcorp Industries Ltd.		70,153		170,467
SIA Engineering Co. Ltd.*		8,100		14,399
Singapore Exchange Ltd.		21,880		148,836
Singapore Post Ltd.		56,800		23,614
Singapore Technologies Engineering Ltd.		45,928		122,795
Singapore Telecommunications Ltd.		38,666		72,615
StarHub Ltd.		42,400		37,382
Suntec Real Estate Investment Trust REIT		77,100		87,318
United Overseas Bank Ltd.		4,300		84,237
UOL Group Ltd.		6,229		30,897
Venture Corp. Ltd.		4,562		59,809
Wilmar International Ltd.		13,900		40,252
Wing Tai Holdings Ltd.		6,900		8,260

(Cost $2,227,250)				2,231,354

South Korea — 4.1%
AMOREPACIFIC Group		96		2,505
BGF retail Co. Ltd.		107		12,840
BNK Financial Group, Inc.		9,818		49,253
Cheil Worldwide, Inc.		2,991		48,972
CJ CheilJedang Corp.		165		50,269
CJ Corp.		328		19,177
CJ ENM Co. Ltd.		51		3,748
CJ Logistics Corp.*		91		8,062
Coway Co. Ltd.		991		47,196
Daewoo Engineering & Construction Co. Ltd.*		1,453		5,649
DB Insurance Co. Ltd.		1,438		64,183
DGB Financial Group, Inc.		5,218		29,064
DL E&C Co. Ltd.		516		15,798
Doosan Bobcat, Inc.		370		9,599
E-MART, Inc.		209		15,282
F&F Co. Ltd. / New		200		21,308
GS Engineering & Construction Corp.		877		19,769
GS Holdings Corp.		2,188		75,330
GS Retail Co. Ltd.		174		3,304
Hana Financial Group, Inc.		3,481		102,149
Hankook Tire & Technology Co. Ltd.		933		26,472
Hanwha Aerospace Co. Ltd.		200		12,172
Hanwha Corp.		908		21,621
HD Hyundai Co. Ltd.		107		5,056
Hite Jinro Co. Ltd.		417		9,509
Hotel Shilla Co. Ltd.		112		6,180
Hyundai Department Store Co. Ltd.		146		6,757
Hyundai Engineering & Construction Co. Ltd.		1,197		43,135
Hyundai Glovis Co. Ltd.		157		20,717
Hyundai Marine & Fire Insurance Co. Ltd.		2,000		47,101
Hyundai Mobis Co. Ltd.		162		26,040
Hyundai Steel Co.		126		3,099
Industrial Bank of Korea		5,760		41,212
Kakao Corp.		37		2,030
KB Financial Group, Inc.		3,007		111,171


	Number of Shares		Value
South Korea (Continued)
KCC Corp.		89	$	19,596
KEPCO Plant Service & Engineering Co. Ltd.		744		23,001
Kia Corp.		818		49,415
Korea Aerospace Industries Ltd.		407		18,562
Korea Electric Power Corp.*		3,868		60,584
Korea Gas Corp.		424		13,789
Korea Investment Holdings Co. Ltd.		342		14,523
Korea Zinc Co. Ltd.		236		118,569
Krafton, Inc.*		141		25,985
KT&G Corp.		4,072		253,292
LG Corp.		743		45,550
LG Display Co. Ltd.		1,035		12,071
LG Electronics, Inc.		321		24,239
LG H&H Co. Ltd.		9		4,791
LG Innotek Co. Ltd.		118		30,348
LG Uplus Corp.		10,652		91,584
Lotte Chemical Corp.		28		3,663
Lotte Chilsung Beverage Co. Ltd.		42		4,851
LOTTE Fine Chemical Co. Ltd.		249		13,124
Meritz Financial Group, Inc.		411		9,464
Mirae Asset Securities Co. Ltd.		2,210		10,839
NH Investment & Securities Co. Ltd.		3,804		28,298
NHN Corp.*		266		5,041
NongShim Co. Ltd.		245		54,951
Orion Corp.		153		11,256
Ottogi Corp.		15		5,372
Pan Ocean Co. Ltd.		820		3,157
POSCO Holdings, Inc.		413		78,737
Posco International Corp.		542		10,880
S-1 Corp.		550		23,932
Samsung C&T Corp.		335		30,180
Samsung Card Co. Ltd.		1,105		25,899
Samsung Electro-Mechanics Co. Ltd.		215		22,504
Samsung Electronics Co. Ltd.		200		8,927
Samsung Engineering Co. Ltd.*		760		13,324
Samsung Fire & Marine Insurance Co. Ltd.		810		118,089
Samsung Life Insurance Co. Ltd.		216		10,012
Samsung SDS Co. Ltd.		107		10,280
Samsung Securities Co. Ltd.		193		4,892
SD Biosensor, Inc.		739		19,420
Shinhan Financial Group Co. Ltd.		1,590		43,508
Shinsegae, Inc.		38		6,350
SK Bioscience Co. Ltd.*		43		3,633
SK Hynix, Inc.		220		15,658
SK Square Co. Ltd.*		1,152		34,882
SK Telecom Co. Ltd.		2,957		115,181
SK, Inc.		56		9,755
S-Oil Corp.		70		5,312
SSANGYONG C&E Co. Ltd.		771		3,937
Woori Financial Group, Inc.		12,924		117,882
Yuhan Corp.		187		7,941

(Cost $2,959,951)				2,682,759


	Number of Shares		Value
Spain — 1.8%
Acciona SA		164	$	32,174
ACS Actividades de Construccion y Servicios SA (b)		480		10,720
Aena SME SA, 144A*		72		8,858
Amadeus IT Group SA*		89		4,709
Banco Bilbao Vizcaya Argentaria SA		1,939		8,757
Banco Santander SA		2,751		6,686
Bankinter SA		2,075		10,650
CaixaBank SA		4,039		12,200
Corp ACCIONA Energias Renovables SA		164		6,834
EDP Renovaveis SA		324		7,875
Enagas SA		5,085		93,010
Endesa SA		1,964		33,771
Ferrovial SA		4,007		100,650
Fluidra SA		1,066		17,097
Iberdrola SA		2,913		30,419
Industria de Diseno Textil SA		201		4,356
Mapfre SA (b)		10,852		18,038
Merlin Properties Socimi SA REIT		3,906		35,820
Naturgy Energy Group SA		1,522		42,057
Red Electrica Corp. SA		14,424		264,481
Repsol SA		15,626		204,030
Telefonica SA (b)		63,456		262,635

(Cost $1,341,353)				1,215,827

Sweden — 4.7%
Alfa Laval AB		2,405		64,574
Alleima AB*		451		1,815
Assa Abloy AB, Class B		4,961		101,103
Atlas Copco AB, Class A		3,088		31,579
Atlas Copco AB, Class B		1,696		15,554
Beijer Ref AB		524		6,820
Boliden AB		7,193		232,399
Castellum AB		6,505		91,856
Electrolux AB, Class B		2,316		29,456
Elekta AB, Class B (b)		1,263		7,276
Epiroc AB, Class A		3,828		58,914
Epiroc AB, Class B		2,286		31,280
Essity AB, Class B		3,939		87,832
Fastighets AB Balder, Class B*		12,480		69,411
Getinge AB, Class B		3,278		61,085
H & M Hennes & Mauritz AB, Class B (b)		1,205		12,586
Hexagon AB, Class B		2,135		21,976
Holmen AB, Class B		2,393		103,207
Husqvarna AB, Class B		3,095		20,957
Industrivarden AB, Class A		5,793		129,227
Industrivarden AB, Class C		4,648		102,636
Indutrade AB		2,077		38,715
Investment AB Latour, Class B (b)		1,603		31,809
Investor AB, Class A		3,485		58,273
Investor AB, Class B		10,413		165,206
Kinnevik AB, Class B*		5,880		84,302
L E Lundbergforetagen AB, Class B		1,579		65,635
Lifco AB, Class B		1,383		21,649
Nibe Industrier AB, Class B		4,171		39,324
Orron Energy ab		999		1,909
Sagax AB, Class B		2,987		64,666


	Number of Shares		Value
Sweden (Continued)
Sagax AB, Class D		5,932	$	15,509
Samhallsbyggnadsbolaget i Norden AB (b)		12,170		19,692
Sandvik AB		2,256		35,421
Securitas AB, Class B (b)		3,879		34,145
Skandinaviska Enskilda Banken AB, Class A		2,345		23,520
Skanska AB, Class B		3,723		55,373
SKF AB, Class B		964		14,555
Svenska Cellulosa AB SCA, Class B		4,732		71,359
Svenska Handelsbanken AB, Class A		1,378		11,350
Sweco AB, Class B		1,814		17,179
Swedbank AB, Class A		1,952		25,388
Swedish Match AB		30,051		302,679
Swedish Orphan Biovitrum AB*		1,942		43,029
Tele2 AB, Class B		15,389		164,408
Telefonaktiebolaget LM Ericsson, Class B		7,346		55,254
Telia Co. AB		42,699		150,907
Thule Group AB, 144A		2,394		58,830
Trelleborg AB, Class B		4,760		99,558
Volvo AB, Class A		718		12,013
Volvo AB, Class B		3,267		52,010

(Cost $3,533,964)				3,115,210

Switzerland — 3.9%
ABB Ltd.		3,106		85,833
Adecco Group AG		1,194		37,987
Alcon, Inc.		578		38,235
Baloise Holding AG		134		19,414
Barry Callebaut AG		32		65,708
Belimo Holding AG		224		85,381
BKW AG		444		53,956
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		10		105,948
Cie Financiere Richemont SA, Class A		330		37,144
Clariant AG*		2,067		38,356
Coca-Cola HBC AG*		3,261		74,752
DKSH Holding AG		1,726		128,661
Emmi AG		77		68,010
EMS-Chemie Holding AG		62		43,739
Flughafen Zurich AG*		57		9,637
Geberit AG		256		118,800
Georg Fischer AG		1,360		74,135
Givaudan SA		15		48,092
Glencore PLC*		17,660		97,259
Helvetia Holding AG		122		13,513
Holcim AG*		2,198		98,059
Julius Baer Group Ltd.		182		8,849
Kuehne + Nagel International AG		331		76,649
Logitech International SA		557		27,886
Lonza Group AG		58		31,105
Nestle SA		196		23,011
Novartis AG		335		27,162
Partners Group Holding AG		79		76,608
PSP Swiss Property AG		963		109,330
Roche Holding AG		66		21,329
Schindler Holding AG		56		9,479


	Number of Shares		Value
Switzerland (Continued)
Schindler Holding AG Participation Certificates		111	$	19,415
SGS SA		33		72,901
SIG Group AG*		1,370		32,258
Sika AG		176		39,746
Sonova Holding AG		254		67,329
STMicroelectronics NV		295		10,307
Straumann Holding AG		520		57,384
Swatch Group AG — Bearer		329		80,333
Swatch Group AG — Registered		579		26,495
Swiss Life Holding AG		62		32,552
Swiss Prime Site AG		763		65,906
Swiss Re AG		365		28,491
Swisscom AG		252		130,706
Tecan Group AG		134		49,566
Temenos AG		84		6,901
UBS Group AG		1,261		20,066
VAT Group AG, 144A		193		46,394



Average Annual Total Returns

	Net Asset Value	Market Value	FTSE Developed ex US Comprehensive Factor Index	FTSE Developed ex US Net Tax (US RIC) Index
One Year	-19.75%	-20.05%	-19.42%	-19.24%
Five Year	1.26%	1.01%	1.65%	2.28%
Since Inception¹	3.53%	3.43%	4.05%	4.26%

Cumulative Total Returns

	Net Asset Value	Market Value	FTSE Developed ex US Comprehensive Factor Index	FTSE Developed ex US Net Tax (US RIC) Index
One Year	-19.75%	-20.05%	-19.42%	-19.24%
Five Year	6.44%	5.15%	8.52%	11.95%
Since Inception¹	26.51%	25.66%	30.89%	32.70%


Description	% of Net Assets
Segro PLC (United Kingdom)		0.7%
Imperial Brands PLC (United Kingdom)		0.7%
Ampol Ltd. (Australia)		0.7%
Sonic Healthcare Ltd. (Australia)		0.6%
Tesco PLC (United Kingdom)		0.6%
Rio Tinto Ltd. (Australia)		0.6%
Medibank Pvt Ltd. (Australia)		0.6%
Woodside Energy Group Ltd. (Australia)		0.5%
Metro, Inc. (Canada)		0.5%
Elia Group SA/NV (Belgium)		0.5%



Average Annual Total Returns

	Net Asset Value	Market Value	MSCI Kokusai Index	MSCI World Index
One Year	-14.55%	-14.53%	-14.80%	-15.08%
Since Inception¹	17.49%	17.44%	17.15%	16.32%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI Kokusai Index	MSCI World Index
One Year	-14.55%	-14.53%	-14.80%	-15.08%
Since Inception¹	47.24%	47.07%	46.20%	43.74%


Description	% of Net Assets
Apple, Inc. (United States)		5.3%
Microsoft Corp. (United States)		3.9%
Alphabet, Inc. (United States)		2.7%
Amazon.com, Inc. (United States)		2.4%
Tesla, Inc. (United States)		1.5%
UnitedHealth Group, Inc. (United States)		1.0%
Johnson & Johnson (United States)		0.9%
Exxon Mobil Corp. (United States)		0.9%
Meta Platforms, Inc. (United States)		0.8%
NVIDIA Corp. (United States)		0.8%



Average Annual Total Returns

	Net Asset Value	Market Value	Russell 1000 2Qual/Val 5% Capped Factor Index	Russell 1000 Index Total Return
One Year	-9.84%	-9.81%	-9.65%	-12.96%
Since Inception¹	11.28%	11.27%	11.53%	11.24%

Cumulative Total Returns

	Net Asset Value	Market Value	Russell 1000 2Qual/Val 5% Capped Factor Index	Russell 1000 Index Total Return
One Year	-9.84%	-9.81%	-9.65%	-12.96%
Since Inception¹	60.19%	60.19%	61.84%	60.00%


	Page
Shareholder Letter		1
Management’s Discussion of Fund Performance		3
Performance Summary
Xtrackers FTSE Developed ex US Multifactor ETF		5
Xtrackers MSCI Kokusai Equity ETF		7
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		9
Xtrackers Russell US Multifactor ETF		11
Fees and Expenses		13
Schedule of Investments
Xtrackers FTSE Developed ex US Multifactor ETF		14
Xtrackers MSCI Kokusai Equity ETF		32
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		42
Xtrackers Russell US Multifactor ETF		47
Statements of Assets and Liabilities		57
Statements of Operations		58
Statements of Changes in Net Assets		59
Financial Highlights		61
Notes to Financial Statements		63
Report of Independent Registered Public Accounting Firm		72
Board Members and Officers		74
Additional Information		77


Industrials			19.6%
Consumer Staples			13.1%
Materials			11.8%
Financials			11.5%
Utilities			8.3%
Real Estate			8.1%
Consumer Discretionary			7.7%
Communication Services			6.9%
Information Technology			4.9%
Health Care			4.6%
Energy			3.5%

Total			100.0%


Information Technology			22.2%
Financials			13.6%
Health Care			13.5%
Consumer Discretionary			10.7%
Industrials			9.3%
Consumer Staples			7.7%
Communication Services			7.2%
Energy			5.5%
Materials			4.2%
Utilities			3.3%
Real Estate			2.8%

Total			100.0%


United States			72.5%
United Kingdom			4.7%
Canada			3.8%
Switzerland			3.3%
France			3.1%
Australia			2.3%
Germany			2.1%
Other			8.2%

Total			100.0%


Information Technology			16.4%
Industrials			15.9%
Financials			13.4%
Health Care			11.4%
Consumer Discretionary			9.0%
Materials			8.2%
Consumer Staples			7.9%
Utilities			7.0%
Real Estate			4.7%
Energy			3.8%
Communication Services			2.3%

Total			100.0%


Description	% of Net Assets
HP, Inc.		1.3%
McKesson Corp.		1.2%
Archer-Daniels-Midland Co.		1.0%
Nucor Corp.		0.9%
Molina Healthcare, Inc.		0.7%
Cognizant Technology Solutions Corp.		0.7%
Quest Diagnostics, Inc.		0.7%
Reliance Steel & Aluminum Co.		0.6%
Kroger Co.		0.6%
AutoZone, Inc.		0.6%


Information Technology			24.9%
Health Care			14.7%
Consumer Discretionary			12.3%
Communication Services			10.6%
Energy			9.9%
Financials			8.7%
Consumer Staples			8.4%
Industrials			5.9%
Materials			3.3%
Real Estate			0.9%
Utilities			0.4%

Total			100.0%


Ten Largest Equity Holdings as of August 31, 2022 (35.3% of Net Assets)


Description	% of Net Assets
Apple, Inc.		5.6%
Microsoft Corp.		5.1%
Alphabet, Inc.		4.9%
Berkshire Hathaway, Inc.		4.3%
Exxon Mobil Corp.		3.6%
Meta Platforms, Inc.		3.3%
Costco Wholesale Corp.		2.2%
Chevron Corp.		2.1%
UnitedHealth Group, Inc.		2.1%
Home Depot, Inc.		2.1%


	Beginning Account Value March 1, 2022		Ending Account Value August 31, 2022		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers FTSE Developed ex US Multifactor ETF
Actual	$	1,000.00	$	864.70		0.24	%	$	1.13
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.00		0.24	%	$	1.22
Xtrackers MSCI Kokusai Equity ETF
Actual	$	1,000.00	$	893.30		0.09	%	$	0.43
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.75		0.09	%	$	0.46
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF
Actual	$	1,000.00	$	923.80		0.19	%	$	0.92
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.25		0.19	%	$	0.97
Xtrackers Russell US Multifactor ETF
Actual	$	1,000.00	$	940.30		0.17	%	$	0.83
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.35		0.17	%	$	0.87


See Notes to Financial Statements.		14


See Notes to Financial Statements.		15