DBX ETF Trust

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this annual report on our six currency hedged equity ETFs for the period ended May 31, 2023.

The global economy witnessed a period of volatility due to heightened inflation, growing interest rates and sluggish industrial activity amid geopolitical tension between Russia and Ukraine. Rising inflation in both developed and emerging economies affected the cost of living as disposable incomes were eroded, resulting in aggressive interest rate hikes by major central banks, except for the Bank of Japan. Global financial markets remained largely volatile with short periods of gains and losses as investors remained uncertain about interest rate actions but acted on positive economic data. Despite the challenges in the banking sectors of the U.S. and Europe during the first quarter of 2023, market sentiment turned positive on the back of China’s reopening after its COVID-19-related restrictions. However, concerns around the U.S. defaulting on its debt and negotiations to increase the debt ceiling dominated the headlines, sending jitters among investors.

U.S. GDP¹ grew at a weaker rate in 2022 than in 2021, but second half of 2022 saw green shoots emerge, followed by a slowdown in the first quarter of 2023. Inflation peaked in June 2022, before cooling down in the second half of the year as energy prices softened and retreated further in the early part of 2023. However, core CPI² remained elevated due to critical components, such as electricity and housing costs, witnessing a significant increase, consequently weighing on the U.S. Federal Reserve’s (Fed’s) decision on interest rate hikes. The labor market remained moderately resilient as the unemployment rate stayed stable during the period amid slowing wage growth.

The Eurozone’s economy started slowing from mid-2022; inflation peaked in October and continued to surpass the rate of wage growth, weighing on consumption demand. Like other central banks, the European Central Bank (ECB) resorted to interest rate hikes to combat this, which took a toll on the economy, with GDP contracting each quarter. Despite major indicators pointing toward a hard recession in 2023, a heavily energy-reliant economy witnessed a surprising first-quarter expansion as energy prices retreated and budgetary support measures helped soften the blow. One key positive for the economy was the tight labor market, with the employment rate rising despite sluggish growth and a downturn in global business activity in the last quarter of 2022.

Emerging economies were weighed down by a multitude of factors including high inflation alongside slowing growth, a hawkish Fed, a strong dollar performance, and heavyweight China facing a slowdown. The monetary tightening cycle of most developing markets that started last year seemed to be drawing to a close as focus shifted from fighting inflation to improving growth rates and boosting demand. Some countries, such as India, paused their rate hikes as manufacturing indicators turned positive and softer indicators such as business and consumer sentiment started to improve.

We believe central banks across the world will likely remain cautious in their approach to monetary policy and watch for positive signs in the economy before taking any interest rate action. Recent banking system stress and debt ceiling-related concerns are also likely to weigh on the Fed’s decisions in the coming months. Unlike the Fed, the ECB has clearly maintained its stance on monetary action and is willing to hike rates further until inflation is within its comfort range. The entire world, in our view, will be keenly watching how China recovers from its COVID-19-induced restrictions to induce an uptick in industrial activity and income recovery while boosting private sector investment.

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 Gross domestic product (GDP) is the monetary value of all finished goods and services produced within a country’s borders within a specific time period.

² The Consumer Price Index (CPI) is a price index, the price of a weighted average market basket of consumer goods and services purchased by households. The Core Consumer Price Index excludes volatile energy and food categories.

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 MSCI All World ex US Hedged Equity ETF (DBAW) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA US Dollar Hedged Index (the DBAW Index). The DBAW Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the U.S.), while at the same time mitigating exposure to fluctuation between the value of the U.S. dollar and select non-U.S. currencies. For the 12-month period ended May 31, 2023, DBAW returned 4.02%, compared to the DBAW Index return of 4.55%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Materials, Communication Services and Energy sectors. The Industrials, Information Technology and Consumer Discretionary were the major positive contributors. From a geographical perspective, most countries contributed negatively with Hong Kong, Canada and Australia being the most significant detractors. However, France, Japan and Germany contributed positively to the performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.

The Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EM US Dollar Hedged Index (the DBEM Index). The DBEM Index is designed to provide exposure to equity securities in the global emerging markets, while at the same time mitigating exposure to fluctuations between the value of the US dollar and the currencies of countries included in the underlying index. For the 12-month period ended May 31, 2023, DBEM returned -5.40%, compared to the DBEM Index return of -4.52%.

All the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Consumer Discretionary, Communication Services and Financials sectors. From a geographical perspective, most countries contributed negatively with Hong Kong, South Africa and South Korea being the most significant detractors. However, Mexico, India and Turkey contributed positively to the performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.

The Xtrackers MSCI Europe Hedged Equity ETF (DBEU) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Europe US Dollar Hedged Index (the DBEU Index). The DBEU index is designed to provide exposure to equity securities in fifteen developed European stock markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies. For the 12-month period ended May 31, 2023, DBEU returned 8.77%, compared to the DBEU Index return of 8.75%.

Consumer Discretionary, Industrials and Financials were the major positive contributors, while Materials, Real Estate and Communication Services sectors detracted most from the performance. From a geographical perspective Norway, Finland and Sweden contributed negatively to the performance. However, France, Germany and Denmark contributed positively to the performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.

The Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EMU IMI U.S. Dollar Hedged Index (the DBEZ Index). The DBEZ Index is designed to provide exposure to equities in countries in the European Monetary Union, or the “Eurozone” that have adopted the euro as their common currency and sole legal tender, while at the same time mitigating exposure to the fluctuations between the value of the U.S. dollar and the euro. For the 12-month period ended May 31, 2023, DBEZ returned 10.57%, compared to the DBEZ Index return of 10.75%.

Consumer Discretionary, Information Technology and Industrials were the major positive contributors, while Real Estate, Health Care and Materials sectors detracted most from the performance. From a geographical perspective, most countries contributed positively with France, Germany and Netherlands being the most significant contributors. However, Finland, Belgium and Austria contributed negatively to the performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against the euro. The currency hedging strategy contributed positively to performance.

The Xtrackers MSCI Germany Hedged Equity ETF (DBGR) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Germany US Dollar Hedged Index (the DBGR Index). The DBGR Index is designed to provide exposure to Germany’s equity market, while at the same time mitigating exposure to fluctuations between the value of the US dollar and euro. For the 12-month period ended May 31, 2023, DBGR returned 9.67%, compared to the DBGR Index return of 9.86%.

The majority of the sectors contributed positively to performance during the period with the greatest contribution coming from, Information Technology, Industrials and Financials. While the Health Care, Real Estate and Materials sectors detracted most from the performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.

The Xtrackers MSCI Japan Hedged Equity ETF (DBJP) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Japan US Dollar Hedged Index (the DBJP Index). The DBJP Index is designed to track the performance of the Japanese equity market, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen. For the 12-month period ended May 31, 2023, DBJP returned 17.78%, compared to the DBJP Index return of 18.43%.

The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Industrials, Financials, and Information Technology. The Communication Services, Real Estate and Energy sectors detracted from performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against the Japanese yen. The currency hedging strategy 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 6-17 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.

The Xtrackers MSCI All World ex US Hedged 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 ACWI ex USA US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities in developed and emerging stock markets (excluding the United States), while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.

¹ Total returns are calculated based on the commencement of operations, January 23, 2014 (“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 October 1, 2022, was 0.40%, 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 May 31, 2023**


Japan			14.5%
United Kingdom			9.1%
France			7.6%
China			7.5%
Canada			7.4%
Switzerland			7.1%
Germany			5.5%
Australia			4.7%
Taiwan			4.4%
India			4.1%
South Korea			3.6%
Netherlands			3.2%
Hong Kong			2.3%
Denmark			2.0%
Sweden			2.0%
Other			15.0%

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 19.

The Xtrackers MSCI Emerging Markets Hedged 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 EM US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track emerging market performance while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into and index.

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 October 1, 2022, was 0.65%, 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 48.

The X-trackers MSCI Europe Hedged 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 Europe US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the developed markets in Europe, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.

¹ Total returns are calculated based on the commencement of operations, October 1, 2013 (“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 October 1, 2022, was 0.45%, 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 69.

The Xtrackers MSCI Eurozone Hedged 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 EMU IMI US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities based in the countries in the European Monetary Union (the “EMU”), while seeking to mitigate exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.

¹ Total returns are calculated based on the commencement of operations, December 10, 2014 (“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 October 1, 2022 was 0.45%, 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 77.

The Xtrackers MSCI Germany Hedged 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 Germany US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the German equity market while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.

Prior to May 31, 2013, this Fund was known as dbx-trackers MSCI Canada Hedged Equity Fund (DBCN) and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

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 October 1, 2022 was 0.45%, 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 fund and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 86.

The Xtrackers MSCI Japan Hedged 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 Japan US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the Japanese equity market while mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen. It is not possible to invest directly into an index.

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 October 1, 2022 was 0.45%, 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 fund, 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 89.

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 unitary advisory 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 six-month period and held for the entire period (December 1, 2022 to May 31, 2023).

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 182 (the number of days in the most recent six-month period), then divided by 365.


	Number of Shares		Value
COMMON STOCKS — 96.2%
Australia — 4.5%
Ampol Ltd.		1,132	$	23,127
ANZ Group Holdings Ltd.		16,865		251,429
APA Group (a)		6,471		42,259
Aristocrat Leisure Ltd.		3,274		79,114
ASX Ltd.		1,129		49,518
Aurizon Holdings Ltd.		11,688		27,065
BHP Group Ltd.		28,092		767,808
BlueScope Steel Ltd.		2,379		28,658
Brambles Ltd.		8,381		74,903
Cochlear Ltd.		351		55,572
Coles Group Ltd.		7,156		83,690
Commonwealth Bank of Australia		9,445		594,568
Computershare Ltd.		3,152		45,843
CSL Ltd.		2,679		533,902
Dexus REIT		5,645		30,145
EBOS Group Ltd. (b)		1,218		30,870
Endeavour Group Ltd.		7,738		31,055
Fortescue Metals Group Ltd.		9,269		115,878
Goodman Group REIT		9,023		115,209
GPT Group REIT		11,034		30,072
IDP Education Ltd. (b)		1,240		17,599
IGO Ltd.		3,512		32,575
Insurance Australia Group Ltd.		14,724		49,706
Lendlease Corp. Ltd. (a)		3,916		20,123
Lottery Corp. Ltd.		13,414		43,451
Macquarie Group Ltd.		1,997		221,783
Medibank Pvt Ltd.		15,582		36,183
Mineral Resources Ltd.		964		44,388
Mirvac Group REIT		21,179		31,684
National Australia Bank Ltd.		17,754		299,904
Newcrest Mining Ltd.		4,541		75,880
Northern Star Resources Ltd.		6,974		58,563
Orica Ltd.		2,566		25,520
Origin Energy Ltd.		9,026		48,905
Pilbara Minerals Ltd. (b)		15,747		45,170
Qantas Airways Ltd.*		5,390		23,314
QBE Insurance Group Ltd.		8,114		77,161
Ramsay Health Care Ltd.		1,077		40,190
REA Group Ltd. (b)		255		22,811
Reece Ltd.		1,026		12,119
Rio Tinto Ltd.		2,028		141,145
Santos Ltd.		19,320		91,611
Scentre Group REIT		28,919		50,976
SEEK Ltd.		1,941		29,707
Sonic Healthcare Ltd.		2,394		54,797
South32 Ltd.		24,670		62,261
Stockland REIT		15,971		44,254
Suncorp Group Ltd.		7,434		64,311
Telstra Group Ltd.		22,052		62,539
Transurban Group (a)		16,692		161,123
Treasury Wine Estates Ltd.		5,231		39,537
Vicinity Ltd. REIT		18,069		21,802
Washington H Soul Pattinson & Co. Ltd.		1,181		24,674
Wesfarmers Ltd.		6,245		193,638
Westpac Banking Corp.		19,886		267,493
WiseTech Global Ltd.		959		46,678


	Number of Shares		Value
Australia (Continued)
Woodside Energy Group Ltd.		10,352	$	230,958
Woolworths Group Ltd.		6,618		161,598

(Cost $6,053,773)				5,986,816

Austria — 0.1%
Erste Group Bank AG		1,931		62,478
OMV AG		806		35,909
Verbund AG		394		29,712
voestalpine AG		742		22,985

(Cost $163,919)				151,084

Belgium — 0.5%
Ageas SA/NV (b)		827		32,999
Anheuser-Busch InBev SA/NV		4,772		254,581
D’ieteren Group		108		18,667
Elia Group SA/NV		191		23,090
Groupe Bruxelles Lambert NV		626		48,231
KBC Group NV		1,346		88,022
Sofina SA		93		19,186
Solvay SA (b)		445		46,453
UCB SA		684		59,602
Umicore SA (b)		1,218		33,850
Warehouses De Pauw CVA REIT		1,045		29,310

(Cost $837,552)				653,991

Brazil — 1.0%
Ambev SA		26,300		74,701
Atacadao SA		2,964		5,533
B3 SA — Brasil Bolsa Balcao		34,459		90,472
Banco Bradesco SA		9,678		25,314
Banco BTG Pactual S.A		6,891		35,723
Banco do Brasil SA		5,000		43,975
Banco Santander Brasil SA		2,049		11,551
BB Seguridade Participacoes SA		3,235		19,723
CCR SA		8,872		23,731
Centrais Eletricas Brasileiras SA		6,261		43,564
Cia de Saneamento Basico do Estado de Sao Paulo		2,817		29,179
Cia Siderurgica Nacional SA		3,957		9,477
Cosan SA		5,210		15,404
CPFL Energia SA		1,773		10,582
Energisa SA		279		2,422
Eneva SA*		3,626		8,184
Engie Brasil Energia SA		1,304		10,803
Equatorial Energia SA		5,875		32,598
Equatorial Energia SA*		82		455
Hapvida Participacoes e Investimentos SA, 144A*		33,394		26,263
Hypera SA		3,014		24,251
JBS SA		5,104		16,902
Klabin SA		3,942		16,302
Localiza Rent a Car SA		1,544		18,881
Localiza Rent a Car SA*		18		218
Lojas Renner SA		6,078		23,302
Magazine Luiza SA*		19,206		14,386
Natura & Co. Holding SA*		6,002		16,433
Petroleo Brasileiro SA		20,338		117,098
PRIO SA*		3,690		24,868


	Number of Shares		Value
Brazil (Continued)
Raia Drogasil SA		7,106	$	39,681
Rede D’Or Sao Luiz SA, 144A		2,233		12,764
Rumo SA		7,169		29,420
Sendas Distribuidora SA		6,762		14,328
Suzano SA		4,434		39,137
Telefonica Brasil SA		2,515		19,829
TIM SA		4,993		13,739
TOTVS SA		1,901		10,777
Ultrapar Participacoes SA		3,444		11,493
Vale SA		18,774		236,132
Vibra Energia SA		7,838		24,858
WEG SA		9,143		67,780

(Cost $1,201,809)				1,312,233

Canada — 7.2%
Agnico Eagle Mines Ltd.		2,722		138,516
Air Canada*		1,018		16,071
Algonquin Power & Utilities Corp.		4,257		35,875
Alimentation Couche-Tard, Inc.		4,502		217,986
AltaGas Ltd.		1,555		26,369
ARC Resources Ltd.		3,455		41,638
Bank of Montreal		3,994		333,113
Bank of Nova Scotia		6,623		319,904
Barrick Gold Corp.		2,794		48,189
Barrick Gold Corp.		6,885		116,348
BCE, Inc.		455		20,526
Brookfield Asset Management Ltd., Class A		1,924		58,818
Brookfield Corp.		7,995		240,115
BRP, Inc.		178		12,655
CAE, Inc.*		1,806		36,932
Cameco Corp.		2,292		63,805
Canadian Apartment Properties REIT (b)		436		15,754
Canadian Imperial Bank of Commerce		5,159		212,707
Canadian National Railway Co.		3,203		361,143
Canadian Natural Resources Ltd.		6,134		330,445
Canadian Pacific Kansas City Ltd.		5,183		394,939
Canadian Tire Corp. Ltd., Class A		348		41,801
Canadian Utilities Ltd., Class A		795		21,346
CCL Industries, Inc., Class B		906		42,213
Cenovus Energy, Inc. (b)		8,131		129,916
CGI, Inc.*		1,124		116,416
Constellation Software, Inc.		116		236,530
Descartes Systems Group, Inc.*		534		41,288
Dollarama, Inc.		1,642		99,887
Element Fleet Management Corp.		2,329		35,325
Emera, Inc.		1,595		65,762
Empire Co. Ltd., Class A		1,021		26,038
Enbridge, Inc.		11,156		392,740
Fairfax Financial Holdings Ltd.		122		87,569
First Quantum Minerals Ltd.		3,134		65,658
FirstService Corp.		251		36,462
Fortis, Inc.		2,576		108,353
Franco-Nevada Corp.		1,056		153,464
George Weston Ltd.		338		39,758
GFL Environmental, Inc.		1,080		38,983
Gildan Activewear, Inc.		880		23,998


	Number of Shares		Value
Canada (Continued)
Great-West Lifeco, Inc. (b)		1,338	$	37,878
Hydro One Ltd., 144A		1,597		45,516
iA Financial Corp., Inc.		638		40,663
IGM Financial, Inc.		297		8,725
Imperial Oil Ltd.		1,130		51,293
Intact Financial Corp.		951		140,153
Ivanhoe Mines Ltd., Class A*		3,638		26,638
Keyera Corp.		1,294		28,883
Kinross Gold Corp.		7,362		34,709
Loblaw Cos. Ltd.		895		78,252
Lundin Mining Corp.		3,958		27,670
Magna International, Inc.		1,445		69,914
Manulife Financial Corp.		10,018		185,601
Metro, Inc.		1,280		67,333
National Bank of Canada		1,875		134,420
Northland Power, Inc.		1,498		32,862
Nutrien Ltd.		2,940		154,894
Nuvei Corp., 144A*		390		12,236
Onex Corp.		462		20,920
Open Text Corp.		1,605		66,730
Pan American Silver Corp.		2,077		31,656
Parkland Corp.		871		21,725
Pembina Pipeline Corp.		2,878		87,135
Power Corp. of Canada		2,891		74,836
Quebecor, Inc., Class B		1,005		23,965
RB Global, Inc.		1,009		52,706
Restaurant Brands International, Inc.		1,700		123,427
RioCan Real Estate Investment Trust REIT		676		9,969
Rogers Communications, Inc., Class B		1,850		81,564
Royal Bank of Canada		7,759		694,052
Saputo, Inc.		1,462		37,824
Shopify, Inc., Class A*		6,661		381,112
Sun Life Financial, Inc. (b)		3,296		159,641
Suncor Energy, Inc.		7,387		206,945
TC Energy Corp.		5,517		214,746
Teck Resources Ltd., Class B		2,569		100,281
TELUS Corp.		2,690		50,966
TFI International, Inc.		479		50,458
Thomson Reuters Corp.		892		113,427
TMX Group Ltd.		337		36,681
Toromont Industries Ltd.		515		39,834
Toronto-Dominion Bank		10,058		569,324
Tourmaline Oil Corp.		1,717		71,779
West Fraser Timber Co. Ltd.		266		17,951
Wheaton Precious Metals Corp.		2,428		110,034
WSP Global, Inc.		755		93,564

(Cost $8,305,041)				9,566,247

Cayman Islands — 0.0%
Parade Technologies Ltd. (Cost $32,148)		418		13,875

Chile — 0.1%
Antofagasta PLC		2,156		35,871
Banco de Chile		258,773		26,165
Banco de Credito e Inversiones SA		222		6,526
Banco Santander Chile		361,173		15,695


	Number of Shares		Value
Chile (Continued)
Cencosud SA		8,433	$	15,929
Cia Cervecerias Unidas SA		667		4,899
Cia Sud Americana de Vapores SA		36,842		2,709
Empresas CMPC SA		7,496		12,817
Empresas Copec SA		2,226		16,077
Enel Americas SA*		107,638		13,879
Enel Chile SA		123,794		6,801
Falabella SA		4,372		9,634

(Cost $202,279)				167,002

China — 7.3%
360 Security Technology, Inc., Class A		3,700		7,252
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,900		8,713
3SBio, Inc., 144A		9,586		9,696
AAC Technologies Holdings, Inc. (b)		3,567		7,316
Advanced Micro-Fabrication Equipment Inc China, Class A*		350		8,524
AECC Aviation Power Co. Ltd., Class A		1,000		5,585
Agricultural Bank of China Ltd., Class A		28,900		14,293
Agricultural Bank of China Ltd., Class H		157,970		59,513
Aier Eye Hospital Group Co. Ltd., Class A		3,124		11,763
Air China Ltd., Class A*		6,900		8,454
Air China Ltd., Class H* (b)		9,926		7,542
Akeso, Inc., 144A* (b)		3,369		15,015
Alibaba Group Holding Ltd.*		91,333		908,612
Aluminum Corp. of China Ltd., Class A		7,300		5,549
Aluminum Corp. of China Ltd., Class H		18,664		8,247
Anhui Conch Cement Co. Ltd., Class A		1,200		4,225
Anhui Conch Cement Co. Ltd., Class H		6,575		17,465
Anhui Gujing Distillery Co. Ltd., Class A		100		3,540
Anhui Gujing Distillery Co. Ltd., Class B		526		8,619
ANTA Sports Products Ltd.		6,442		65,774
Asymchem Laboratories Tianjin Co. Ltd., Class A		280		5,185
Autohome, Inc., ADR		380		10,876
AviChina Industry & Technology Co. Ltd., Class H		21,908		10,604
Baidu, Inc., Class A*		12,684		193,408
Bank of Beijing Co. Ltd., Class A		11,100		7,377
Bank of China Ltd., Class A		16,800		9,206
Bank of China Ltd., Class H		432,156		169,431
Bank of Communications Co. Ltd., Class A		11,800		9,699
Bank of Communications Co. Ltd., Class H		49,744		32,081
Bank of Hangzhou Co. Ltd., Class A		3,700		6,036
Bank of Jiangsu Co. Ltd., Class A*		11,600		12,093
Bank of Nanjing Co. Ltd., Class A		7,900		9,368
Bank of Ningbo Co. Ltd., Class A		2,210		7,639
Bank of Shanghai Co. Ltd., Class A		5,590		4,846
Baoshan Iron & Steel Co. Ltd., Class A		10,200		8,427
Beijing Capital International Airport Co. Ltd., Class H*		6,501		4,533
Beijing Kingsoft Office Software, Inc., Class A*		256		15,539
Beijing Tongrentang Co. Ltd., Class A		100		851


	Number of Shares		Value
China (Continued)
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A*		145	$	1,895
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		10,800		8,756
Betta Pharmaceuticals Co. Ltd., Class A*		400		3,168
BGI Genomics Co. Ltd., Class A		500		4,137
Bilibili, Inc., Class Z* (b)		1,128		18,367
BOE Technology Group Co. Ltd., Class A*		15,500		8,646
BYD Co. Ltd., Class A		700		24,948
BYD Co. Ltd., Class H		5,554		167,674
BYD Electronic International Co. Ltd.		2,894		8,426
CGN Power Co. Ltd., Class H, 144A		82,381		19,779
Changchun High & New Technology Industry Group, Inc., Class A		200		4,479
Chaozhou Three-Circle Group Co. Ltd., Class A		1,100		4,660
China Cinda Asset Management Co. Ltd., Class H		54,699		6,077
China CITIC Bank Corp. Ltd., Class H		52,339		27,538
China Coal Energy Co. Ltd., Class H		5,298		4,005
China Communications Services Corp. Ltd., Class H		14,234		6,762
China Conch Venture Holdings Ltd.		10,486		13,177
China Construction Bank Corp., Class A		4,300		3,867
China Construction Bank Corp., Class H		537,832		344,110
China CSSC Holdings Ltd., Class A		2,400		9,718
China Energy Engineering Corp. Ltd., Class A		17,700		5,969
China Everbright Bank Co. Ltd., Class A		14,000		6,196
China Everbright Bank Co. Ltd., Class H*		13,497		4,154
China Evergrande Group* (c)		8,123		0
China Feihe Ltd., 144A		21,663		12,588
China Galaxy Securities Co. Ltd., Class A		1,470		2,346
China Galaxy Securities Co. Ltd., Class H		26,284		14,165
China Hongqiao Group Ltd.		14,641		10,396
China International Capital Corp. Ltd., Class H, 144A		8,796		16,086
China Jushi Co. Ltd., Class A		4,400		8,426
China Lesso Group Holdings Ltd.		5,474		3,614
China Life Insurance Co. Ltd., Class A		700		3,672
China Life Insurance Co. Ltd., Class H		41,086		69,365
China Literature Ltd., 144A* (b)		2,048		7,742
China Longyuan Power Group Corp. Ltd., Class H		21,208		23,780
China Meidong Auto Holdings Ltd.		2,636		3,393
China Merchants Bank Co. Ltd., Class A		7,600		34,491
China Merchants Bank Co. Ltd., Class H		21,031		97,763
China Merchants Energy Shipping Co. Ltd., Class A		6,700		5,375
China Merchants Securities Co. Ltd., Class A		4,200		8,208
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,300		4,098
China Minsheng Banking Corp. Ltd., Class A		13,500		7,511
China Minsheng Banking Corp. Ltd., Class H		28,896		11,440


	Number of Shares		Value
China (Continued)
China National Building Material Co. Ltd., Class H		15,893	$	8,991
China National Nuclear Power Co. Ltd., Class A		11,200		11,078
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		1,300		4,358
China Oilfield Services Ltd., Class H		10,996		11,206
China Pacific Insurance Group Co. Ltd., Class A		2,100		8,217
China Pacific Insurance Group Co. Ltd., Class H		13,944		35,259
China Petroleum & Chemical Corp., Class A		9,200		8,221
China Petroleum & Chemical Corp., Class H		135,133		85,079
China Railway Group Ltd., Class A		13,900		15,409
China Railway Group Ltd., Class H		18,491		12,185
China Resources Microelectronics Ltd., Class A		622		5,198
China Resources Mixc Lifestyle Services Ltd., 144A		3,535		16,094
China Resources Pharmaceutical Group Ltd., 144A		5,360		5,141
China Shenhua Energy Co. Ltd., Class A		2,690		10,670
China Shenhua Energy Co. Ltd., Class H		18,207		57,548
China Southern Airlines Co. Ltd., Class A*		10,000		8,810
China Southern Airlines Co. Ltd., Class H*		7,607		4,381
China State Construction Engineering Corp. Ltd., Class A		13,900		11,523
China Three Gorges Renewables Group Co. Ltd., Class A		12,800		9,766
China Tourism Group Duty Free Corp. Ltd., Class A		800		13,837
China Tourism Group Duty Free Corp. Ltd., Class H, 144A*		620		9,866
China Tower Corp. Ltd., Class H, 144A		293,078		32,188
China United Network Communications Ltd., Class A		10,000		6,913
China Vanke Co. Ltd., Class A		3,300		6,603
China Vanke Co. Ltd., Class H		11,678		15,421
China Yangtze Power Co. Ltd., Class A		8,900		28,148
China Zhenhua Group Science & Technology Co. Ltd., Class A		600		7,773
Chinasoft International Ltd.* (b)		14,445		8,615
Chongqing Brewery Co. Ltd., Class A		200		2,507
Chongqing Changan Automobile Co. Ltd., Class A		3,640		6,112
Chongqing Rural Commercial Bank Co. Ltd., Class A		7,100		3,940
Chongqing Zhifei Biological Products Co. Ltd., Class A		800		7,901
CITIC Ltd.		29,803		34,407
CITIC Securities Co. Ltd., Class A		8,430		23,748
CITIC Securities Co. Ltd., Class H		14,270		26,279
CMOC Group Ltd., Class A		13,200		9,718


	Number of Shares		Value
China (Continued)
CMOC Group Ltd., Class H		15,252	$	7,966
Contemporary Amperex Technology Co. Ltd., Class A		1,578		49,037
COSCO SHIPPING Energy Transportation Co. Ltd., Class A*		2,600		4,088
COSCO SHIPPING Holdings Co. Ltd., Class A		6,330		9,285
COSCO SHIPPING Holdings Co. Ltd., Class H		18,876		16,633
Country Garden Holdings Co. Ltd. (b)		60,195		11,070
Country Garden Services Holdings Co. Ltd.		11,992		13,952
CRRC Corp. Ltd., Class A		24,300		24,036
CRRC Corp. Ltd., Class H		3,776		2,339
CSC Financial Co. Ltd., Class A		1,960		6,992
CSPC Pharmaceutical Group Ltd.		52,024		45,311
Dali Foods Group Co. Ltd., 144A		15,749		5,249
Daqin Railway Co. Ltd., Class A		7,700		8,266
Daqo New Energy Corp., ADR* (b)		388		13,949
DaShenLin Pharmaceutical Group Co. Ltd., Class A		840		3,842
Dongfang Electric Corp. Ltd., Class A		100		253
Dongfeng Motor Group Co. Ltd., Class H		23,713		10,266
Dongyue Group Ltd.		9,332		8,164
East Buy Holding Ltd., 144A* (b)		2,750		10,202
East Money Information Co. Ltd., Class A		5,134		10,113
Ecovacs Robotics Co. Ltd., Class A		200		1,946
ENN Energy Holdings Ltd.		4,157		48,310
Eve Energy Co. Ltd., Class A		900		8,093
Everbright Securities Co. Ltd., Class A		1,800		4,006
Flat Glass Group Co. Ltd., Class H		2,614		7,344
Focus Media Information Technology Co. Ltd., Class A		3,200		2,886
Foshan Haitian Flavouring & Food Co. Ltd., Class A*		1,517		12,899
Fosun International Ltd.		21,044		13,867
Foxconn Industrial Internet Co. Ltd., Class A		4,600		11,666
Fuyao Glass Industry Group Co. Ltd., Class A		1,100		5,014
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		3,423		12,458
Ganfeng Lithium Group Co. Ltd., Class A		700		6,098
Ganfeng Lithium Group Co. Ltd., Class H, 144A (b)		2,119		13,409
GD Power Development Co. Ltd., Class A*		12,900		7,395
GDS Holdings Ltd., Class A*		4,320		5,329
Gemdale Corp., Class A		1,700		1,732
Genscript Biotech Corp.*		6,892		15,244
GF Securities Co. Ltd., Class A		2,000		4,187
GF Securities Co. Ltd., Class H		6,132		8,520
GigaDevice Semiconductor, Inc., Class A		168		2,615
Ginlong Technologies Co. Ltd., Class A*		300		4,207
GoerTek, Inc., Class A		1,500		3,874
Gotion High-tech Co. Ltd., Class A		1,500		5,608
Great Wall Motor Co. Ltd., Class A*		1,200		3,809


	Number of Shares		Value
China (Continued)
Great Wall Motor Co. Ltd., Class H* (b)		17,402	$	17,868
Gree Electric Appliances, Inc. of Zhuhai, Class A		1,000		4,634
Greentown China Holdings Ltd.		4,920		4,618
Greentown Service Group Co. Ltd. (b)		8,393		4,534
Guangdong Haid Group Co. Ltd., Class A		400		2,599
Guanghui Energy Co. Ltd., Class A		2,500		2,550
Guangzhou Automobile Group Co. Ltd., Class A		3,800		5,441
Guangzhou Automobile Group Co. Ltd., Class H		17,222		9,875
Guangzhou Tinci Materials Technology Co. Ltd., Class A		800		4,596
Guosen Securities Co. Ltd., Class A		5,900		7,635
Guotai Junan Securities Co. Ltd., Class A		3,100		6,446
H World Group Ltd., ADR*		988		36,181
Haidilao International Holding Ltd., 144A* (b)		11,144		23,454
Haier Smart Home Co. Ltd., Class A		2,100		6,338
Haier Smart Home Co. Ltd., Class H		12,032		34,496
Haitian International Holdings Ltd.		4,489		10,193
Haitong Securities Co. Ltd., Class A		5,000		6,611
Haitong Securities Co. Ltd., Class H		14,205		9,433
Hangzhou First Applied Material Co. Ltd., Class A		784		3,375
Hangzhou Silan Microelectronics Co. Ltd., Class A		800		3,591
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A (b)		788		5,907
Hansoh Pharmaceutical Group Co. Ltd., 144A		7,293		12,070
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,100		3,799
Hengan International Group Co. Ltd.		3,819		16,241
Hengli Petrochemical Co. Ltd., Class A		1,800		3,993
Hithink RoyalFlush Information Network Co. Ltd., Class A		400		9,039
Hoshine Silicon Industry Co. Ltd., Class A		500		4,732
Hoyuan Green Energy Co. Ltd., Class A		400		4,340
Hua Hong Semiconductor Ltd., 144A*		2,689		8,705
Huadian Power International Corp. Ltd., Class A		8,000		8,014
Huadong Medicine Co. Ltd., Class A		700		3,830
Hualan Biological Engineering, Inc., Class A		670		2,121
Huaneng Power International, Inc., Class A*		3,500		5,006
Huaneng Power International, Inc., Class H*		17,022		10,934
Huatai Securities Co. Ltd., Class A		1,700		3,232
Huatai Securities Co. Ltd., Class H, 144A		9,693		12,119
Huaxia Bank Co. Ltd., Class A		9,400		7,634
Huayu Automotive Systems Co. Ltd., Class A		1,700		4,170
Huizhou Desay Sv Automotive Co. Ltd., Class A		300		4,783


	Number of Shares		Value
China (Continued)
Hundsun Technologies, Inc., Class A		1,456	$	8,690
Hygeia Healthcare Holdings Co. Ltd., 144A*		2,124		12,491
Iflytek Co. Ltd., Class A		900		7,556
Imeik Technology Development Co. Ltd., Class A		100		6,331
Industrial & Commercial Bank of China Ltd., Class A		33,000		22,395
Industrial & Commercial Bank of China Ltd., Class H		300,742		160,924
Industrial Bank Co. Ltd., Class A		8,800		20,475
Industrial Securities Co. Ltd., Class A		1,950		1,677
Ingenic Semiconductor Co. Ltd., Class A		300		3,980
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		32,600		8,382
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,600		1,604
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		2,100		8,501
Inner Mongolia Yitai Coal Co. Ltd., Class B		10,900		14,061
Innovent Biologics, Inc., 144A*		5,347		25,060
iQIYI, Inc., ADR*		3,404		13,820
JA Solar Technology Co. Ltd., Class A		1,764		8,923
JD Health International, Inc., 144A*		5,531		34,081
JD Logistics, Inc., 144A*		13,732		21,956
JD.com, Inc., Class A		12,988		208,824
Jiangsu Eastern Shenghong Co. Ltd., Class A		2,200		3,598
Jiangsu Expressway Co. Ltd., Class H		8,873		8,578
Jiangsu Hengli Hydraulic Co. Ltd., Class A		600		4,600
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		2,600		16,640
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		700		13,203
Jiangsu Zhongtian Technology Co. Ltd., Class A		1,300		2,656
Jiangxi Copper Co. Ltd., Class A		2,700		7,018
Jiangxi Copper Co. Ltd., Class H		3,974		5,978
Jinko Solar Co. Ltd.		4,383		7,839
Jiumaojiu International Holdings Ltd., 144A		8,278		14,166
Kanzhun Ltd., ADR*		1,212		16,810
KE Holdings, Inc., ADR*		3,589		51,107
Kingdee International Software Group Co. Ltd.*		15,602		20,722
Kingsoft Corp. Ltd.* (b)		5,845		21,236
Kuaishou Technology, 144A*		13,213		89,431
Kweichow Moutai Co. Ltd., Class A		400		91,547
Lenovo Group Ltd.		33,923		31,885
Lens Technology Co. Ltd., Class A		2,610		4,265
Lepu Medical Technology Beijing Co. Ltd., Class A		1,200		4,165
Li Auto, Inc., Class A*		6,095		88,034
Li Ning Co. Ltd.		12,557		67,352


	Number of Shares		Value
China (Continued)
Lingyi iTech Guangdong Co., Class A*		3,100	$	2,744
Longfor Group Holdings Ltd., 144A		10,936		21,033
LONGi Green Energy Technology Co. Ltd., Class A		3,340		13,525
Lufax Holding Ltd., ADR		5,225		6,688
Luxshare Precision Industry Co. Ltd., Class A		3,349		12,846
Luzhou Laojiao Co. Ltd., Class A		600		17,200
Mango Excellent Media Co. Ltd., Class A		1,200		4,933
Maxscend Microelectronics Co. Ltd., Class A		160		1,993
Meituan, Class B, 144A*		28,367		399,216
Metallurgical Corp. of China Ltd., Class A		5,900		3,341
Microport Scientific Corp.* (b)		3,646		6,277
Ming Yang Smart Energy Group Ltd., Class A		2,300		5,678
MINISO Group Holding Ltd., ADR		644		9,789
Minth Group Ltd.		4,579		11,450
Montage Technology Co. Ltd., Class A		617		5,531
Muyuan Foods Co. Ltd., Class A		2,134		12,008
NARI Technology Co. Ltd., Class A		3,076		11,859
NAURA Technology Group Co. Ltd., Class A		200		8,527
NetEase, Inc.		10,740		181,870
New China Life Insurance Co. Ltd., Class A		1,300		6,720
New China Life Insurance Co. Ltd., Class H		4,257		11,009
New Hope Liuhe Co. Ltd., Class A*		1,400		2,217
New Oriental Education & Technology Group, Inc.*		8,270		31,578
Ninestar Corp., Class A		548		3,011
Ningbo Deye Technology Co. Ltd., Class A		180		3,425
Ningbo Tuopu Group Co. Ltd., Class A		500		4,084
Ningxia Baofeng Energy Group Co. Ltd., Class A		4,466		7,624
NIO, Inc., ADR* (b)		7,790		58,659
Nongfu Spring Co. Ltd., Class H, 144A (b)		10,821		58,040
Oppein Home Group, Inc., Class A		500		6,663
Orient Securities Co. Ltd., Class A		2,048		2,846
People’s Insurance Co. Group of China Ltd., Class A		5,600		4,815
People’s Insurance Co. Group of China Ltd., Class H		44,346		16,763
PetroChina Co. Ltd., Class A		7,700		8,114
PetroChina Co. Ltd., Class H		109,802		70,954
Pharmaron Beijing Co. Ltd., Class A		600		3,886
Pharmaron Beijing Co. Ltd., Class H, 144A		1,081		3,990
PICC Property & Casualty Co. Ltd., Class H		37,106		44,212
Ping An Bank Co. Ltd., Class A		6,600		10,757
Ping An Healthcare and Technology Co. Ltd., 144A* (b)		2,085		4,809
Ping An Insurance Group Co. of China Ltd., Class A		4,400		29,056


	Number of Shares		Value
China (Continued)
Ping An Insurance Group Co. of China Ltd., Class H		34,742	$	220,508
Poly Developments and Holdings Group Co. Ltd., Class A		3,900		6,981
Pop Mart International Group Ltd., 144A		3,770		8,281
Postal Savings Bank of China Co. Ltd., Class A		14,000		10,111
Postal Savings Bank of China Co. Ltd., Class H, 144A		44,006		27,650
Power Construction Corp. of China Ltd., Class A		5,900		5,496
Qifu Technology, Inc., ADR		515		7,081
Qinghai Salt Lake Industry Co. Ltd., Class A*		2,900		7,656
Rongsheng Petrochemical Co. Ltd., Class A		2,550		4,156
SAIC Motor Corp. Ltd., Class A		2,400		4,525
Sangfor Technologies, Inc., Class A		400		7,003
Sany Heavy Equipment International Holdings Co. Ltd.		6,832		9,022
Sany Heavy Industry Co. Ltd., Class A		2,800		5,775
Satellite Chemical Co. Ltd., Class A		2,937		5,228
SDIC Power Holdings Co. Ltd., Class A		2,500		4,633
Seazen Holdings Co. Ltd., Class A*		2,500		4,911
SF Holding Co. Ltd., Class A		1,860		12,369
SG Micro Corp., Class A		150		2,285
Shaanxi Coal Industry Co. Ltd., Class A		4,700		11,068
Shandong Gold Mining Co. Ltd., Class A		2,200		7,805
Shandong Gold Mining Co. Ltd., Class H, 144A		4,780		9,108
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		900		3,689
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		13,432		19,864
Shanghai Baosight Software Co. Ltd., Class A		910		6,780
Shanghai Baosight Software Co. Ltd., Class B		3,380		11,238
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,100		4,819
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		3,018		8,209
Shanghai Fudan Microelectronics Group Co. Ltd., Class H (b)		2,852		7,667
Shanghai Junshi Biosciences Co. Ltd., Class A*		270		1,726
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		3,931		2,347
Shanghai M&G Stationery, Inc., Class A		800		4,779
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		1,300		4,283
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		5,214		10,387
Shanghai Pudong Development Bank Co. Ltd., Class A		9,300		9,604
Shanghai Putailai New Energy Technology Co. Ltd., Class A		1,160		5,789


	Number of Shares		Value
China (Continued)
Shanghai Rural Commercial Bank Co. Ltd., Class A		7,000	$	5,803
Shanxi Coking Coal Energy Group Co. Ltd., Class A		1,600		2,214
Shanxi Meijin Energy Co. Ltd., Class A		3,100		3,123
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		420		12,382
Shenwan Hongyuan Group Co. Ltd., Class A		11,900		7,892
Shenzhen Dynanonic Co. Ltd., Class A		320		4,944
Shenzhen Inovance Technology Co. Ltd., Class A		1,050		8,717
Shenzhen Kangtai Biological Products Co. Ltd., Class A		896		3,499
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		445		18,793
Shenzhen SC New Energy Technology Corp., Class A		300		4,031
Shenzhen Transsion Holdings Co. Ltd., Class A		633		11,184
Shenzhou International Group Holdings Ltd.		4,510		36,516
Sichuan Chuantou Energy Co. Ltd., Class A		1,900		3,978
Sichuan Road & Bridge Group Co. Ltd., Class A		2,800		5,980
Sichuan Yahua Industrial Group Co. Ltd., Class A		1,000		2,526
Silergy Corp.		1,844		24,035
Sinopharm Group Co. Ltd., Class H		8,105		26,549
Smoore International Holdings Ltd., 144A		10,110		10,174
StarPower Semiconductor Ltd., Class A		100		3,065
Sunac China Holdings Ltd.*		14,174		2,154
Sungrow Power Supply Co. Ltd., Class A		500		7,738
Sunny Optical Technology Group Co. Ltd.		3,609		33,922
Suzhou Maxwell Technologies Co. Ltd., Class A		160		3,552
TAL Education Group, ADR*		2,073		11,256
TBEA Co. Ltd., Class A		1,500		4,715
TCL Technology Group Corp., Class A		1,280		694
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		1,100		5,742
Tencent Holdings Ltd.		34,592		1,372,115
Tencent Music Entertainment Group, ADR*		3,659		25,393
Tianma Microelectronics Co. Ltd., Class A*		1,000		1,359
Tianqi Lithium Corp., Class A*		800		8,086
Tingyi Cayman Islands Holding Corp.		13,235		19,843
Tongcheng Travel Holdings Ltd.*		5,989		11,947
Tongwei Co. Ltd., Class A		1,700		8,150
Topsports International Holdings Ltd., 144A		16,911		13,131
TravelSky Technology Ltd., Class H		4,346		7,926
Trina Solar Co. Ltd., Class A		1,184		6,538
Trip.com Group Ltd.*		3,149		101,020


	Number of Shares		Value
China (Continued)
Tsingtao Brewery Co. Ltd., Class A		200	$	2,675
Tsingtao Brewery Co. Ltd., Class H		2,870		24,703
Unigroup Guoxin Microelectronics Co. Ltd., Class A		475		6,150
Uni-President China Holdings Ltd.*		10,252		8,903
Unisplendour Corp. Ltd., Class A		1,880		8,616
Vipshop Holdings Ltd., ADR*		2,612		37,404
Walvax Biotechnology Co. Ltd., Class A		900		3,653
Wanhua Chemical Group Co. Ltd., Class A		1,021		11,801
Weibo Corp., ADR*		333		4,652
Weichai Power Co. Ltd., Class A		2,100		3,411
Weichai Power Co. Ltd., Class H		14,848		20,175
Wens Foodstuffs Group Co. Ltd., Class A		2,440		5,766
Will Semiconductor Co. Ltd., Class A		540		7,579
Wingtech Technology Co. Ltd., Class A		478		3,351
Wuliangye Yibin Co. Ltd., Class A		1,200		27,176
WUS Printed Circuit Kunshan Co. Ltd., Class A		1,500		4,403
WuXi AppTec Co. Ltd., Class A		920		8,402
WuXi AppTec Co. Ltd., Class H, 144A*		2,094		17,248
Wuxi Biologics Cayman, Inc., 144A*		21,469		109,806
Xiaomi Corp., Class B, 144A*		83,432		110,171
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		4,300		6,573
Xinyi Solar Holdings Ltd.		24,569		24,254
XPeng, Inc., Class A* (b)		5,888		23,348
Xtep International Holdings Ltd.		8,580		8,623
Yadea Group Holdings Ltd., 144A (b)		6,987		13,920
Yankuang Energy Group Co. Ltd., Class A		700		2,668
Yankuang Energy Group Co. Ltd., Class H (b)		9,496		24,060
Yifeng Pharmacy Chain Co. Ltd., Class A		600		4,183
Yihai International Holding Ltd.* (b)		2,432		5,392
Yihai Kerry Arawana Holdings Co. Ltd., Class A		1,000		5,648
YongXing Special Materials Technology Co. Ltd., Class A		390		3,466
Yonyou Network Technology Co. Ltd., Class A		1,700		4,748
YTO Express Group Co. Ltd., Class A		900		1,946
Yum China Holdings, Inc.		2,265		127,882
Yunnan Baiyao Group Co. Ltd., Class A		560		4,237
Yunnan Energy New Material Co. Ltd., Class A*		300		3,832
Zai Lab Ltd.* (b)		5,802		19,154
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		200		8,548
Zhaojin Mining Industry Co. Ltd., Class H*		8,439		11,984
Zhejiang Chint Electrics Co. Ltd., Class A		1,200		4,409
Zhejiang Dahua Technology Co. Ltd., Class A		3,600		10,035
Zhejiang Expressway Co. Ltd., Class H (b)		5,816		4,308
Zhejiang Huayou Cobalt Co. Ltd., Class A		650		4,224
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		600		5,813


	Number of Shares		Value
China (Continued)
Zhejiang NHU Co. Ltd., Class A*		2,160	$	4,583
Zhejiang Supcon Technology Co. Ltd., Class A		279		4,054
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		5,473		15,412
Zhongji Innolight Co. Ltd., Class A*		600		9,062
Zhongsheng Group Holdings Ltd.		3,824		14,113
Zhuzhou CRRC Times Electric Co. Ltd.		3,305		13,907
Zijin Mining Group Co. Ltd., Class A		6,800		10,213
Zijin Mining Group Co. Ltd., Class H		34,308		46,530
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		4,400		3,913
ZTE Corp., Class A		1,512		7,474
ZTE Corp., Class H		3,477		10,679
ZTO Express Cayman, Inc., ADR		2,213		55,856

(Cost $11,952,499)				9,702,555

Colombia — 0.0%
Bancolombia SA		1,292		8,071
Interconexion Electrica SA ESP		2,692		10,647

(Cost $24,936)				18,718

Cyprus — 0.0%
Polymetal International PLC* (c)		1,738		0
TCS Group Holding PLC, GDR* (c)		608		0

(Cost $62,312)				0

Czech Republic — 0.0%
CEZ AS		965		43,414
Komercni Banka AS		414		12,339
Moneta Money Bank AS, 144A		1,846		6,587

(Cost $44,943)				62,340

Denmark — 2.0%
A.P. Moller — Maersk A/S, Class A		19		31,882
A.P. Moller — Maersk A/S, Class B		26		43,721
Carlsberg A/S, Class B		506		76,227
Chr Hansen Holding A/S		622		45,106
Coloplast A/S, Class B		654		82,329
Danske Bank A/S*		4,096		83,312
Demant A/S*		659		25,049
DSV A/S		1,016		195,787
Genmab A/S*		350		136,902
Novo Nordisk A/S, Class B		9,199		1,473,868
Novozymes A/S, Class B (b)		1,088		52,427
Orsted AS, 144A		1,086		95,090
Pandora A/S		496		39,514
ROCKWOOL A/S, Class B		71		16,928
Tryg A/S		2,057		46,799
Vestas Wind Systems A/S*		5,535		157,581

(Cost $1,484,367)				2,602,522

Egypt — 0.0%
Commercial International Bank Egypt SAE		15,165		25,667
Eastern Co. SAE		4,376		2,701

(Cost $32,658)				28,368


	Number of Shares		Value
Finland — 0.7%
Elisa OYJ		869	$	48,673
Fortum OYJ		2,716		36,086
Kesko OYJ, Class B		1,624		30,699
Kone OYJ, Class B		1,822		92,450
Metso Corp.		3,013		32,963
Neste OYJ		2,319		87,674
Nokia OYJ		29,278		118,766
Nordea Bank Abp		17,919		176,155
Orion OYJ, Class B		706		29,876
Sampo OYJ, Class A		2,722		125,169
Stora Enso OYJ, Class R		2,625		33,235
UPM-Kymmene OYJ		3,085		92,563
Wartsila OYJ Abp		2,903		32,861

(Cost $1,031,454)				937,170

France — 7.4%
Accor SA		985		32,607
Aeroports de Paris*		174		26,429
Air Liquide SA		2,887		483,378
Airbus SE		3,310		433,554
Alstom SA (b)		1,849		50,872
Amundi SA, 144A		378		21,253
Arkema SA		368		32,058
AXA SA		10,458		295,282
BioMerieux		238		23,822
BNP Paribas SA (b)		6,126		353,662
Bollore SE		5,529		35,401
Bouygues SA		1,361		43,585
Bureau Veritas SA		1,752		44,440
Capgemini SE		909		158,181
Carrefour SA		3,166		58,156
Cie de Saint-Gobain		2,705		149,773
Cie Generale des Etablissements Michelin SCA		3,620		102,772
Covivio SA REIT		172		8,409
Credit Agricole SA (b)		6,975		79,715
Danone SA		3,632		214,844
Dassault Aviation SA		152		25,703
Dassault Systemes SE		3,796		166,806
Edenred		1,429		91,770
Eiffage SA		443		47,172
Engie SA		9,843		147,739
EssilorLuxottica SA (b)		1,660		298,876
Eurazeo SE		248		16,939
Gecina SA REIT		216		22,107
Getlink SE		2,720		46,170
Hermes International		174		353,713
Ipsen SA*		243		28,078
Kering SA		409		217,869
Klepierre SA REIT		1,245		28,186
La Francaise des Jeux SAEM, 144A		466		17,962
Legrand SA*		1,442		136,348
L’Oreal SA		1,348		574,910
LVMH Moet Hennessy Louis Vuitton SE		1,539		1,338,897
Orange SA		10,946		130,714
Pernod Ricard SA		1,127		243,460
Publicis Groupe SA		1,222		90,546


	Number of Shares		Value
France (Continued)
Remy Cointreau SA		132	$	20,282
Renault SA		1,162		38,858
Safran SA		1,846		267,249
Sanofi (b)		6,329		641,870
Sartorius Stedim Biotech		145		38,066
Schneider Electric SE		3,027		522,026
SEB SA		169		15,861
Societe Generale SA (b)		4,306		99,556
Sodexo SA		462		49,902
Teleperformance		331		49,497
Thales SA		543		75,628
TotalEnergies SE (b)		13,062		741,102
Unibail-Rodamco-Westfield REIT* (b)		650		29,737
Valeo		1,380		26,492
Veolia Environnement SA		3,496		102,914
Vinci SA		2,941		334,232
Vivendi SE		3,875		34,337
Wendel SE		166		17,442
Worldline SA, 144A*		1,243		48,296

(Cost $7,819,009)				9,825,505

Germany — 5.0%
adidas AG		941		152,384
Allianz SE		2,264		483,950
BASF SE		4,968		235,857
Bayer AG		5,542		308,869
Bayerische Motoren Werke AG		1,900		206,991
Bechtle AG		466		18,271
Beiersdorf AG		579		73,741
Brenntag SE		901		70,671
Carl Zeiss Meditec AG		251		28,131
Commerzbank AG*		5,399		54,247
Continental AG		530		35,283
Covestro AG, 144A*		1,012		39,007
Daimler Truck Holding AG*		2,907		87,936
Delivery Hero SE, 144A*		879		32,885
Deutsche Bank AG (d)		11,155		112,988
Deutsche Boerse AG		1,089		187,991
Deutsche Lufthansa AG*		2,647		25,917
Deutsche Post AG		5,608		252,064
Deutsche Telekom AG		18,190		403,351
E.ON SE		11,941		144,358
Evonik Industries AG*		897		17,973
Fresenius Medical Care AG & Co. KGaA		1,202		51,329
Fresenius SE & Co. KGaA		2,261		61,846
GEA Group AG		769		32,296
Hannover Rueck SE		347		74,256
Heidelberg Materials AG		687		49,112
HelloFresh SE*		935		22,217
Henkel AG & Co. KGaA		577		41,397
Infineon Technologies AG		7,083		262,942
Knorr-Bremse AG		426		29,133
LEG Immobilien SE*		458		23,748
Mercedes-Benz Group AG		4,718		351,855
Merck KGaA		709		123,340
MTU Aero Engines AG		322		74,275
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		804		287,038


	Number of Shares		Value
Germany (Continued)
Nemetschek SE		340	$	26,617
Puma SE		610		29,028
Rational AG		32		21,464
Rheinmetall AG		257		64,941
RWE AG		3,710		155,135
SAP SE		5,789		756,034
Scout24 SE, 144A		317		20,331
Siemens AG		4,200		688,402
Siemens Energy AG*		2,893		73,412
Siemens Healthineers AG, 144A		1,483		83,856
Symrise AG		720		76,946
Talanx AG		349		19,454
Telefonica Deutschland Holding AG		5,759		16,221
Volkswagen AG		191		28,664
Vonovia SE		3,877		71,113
Wacker Chemie AG		111		14,736
Zalando SE, 144A*		1,332		38,499

(Cost $6,486,194)				6,642,502

Greece — 0.1%
Alpha Services and Holdings SA*		12,017		17,797
Eurobank Ergasias Services and Holdings SA*		16,513		25,770
Hellenic Telecommunications Organization SA		1,100		16,837
JUMBO SA		804		18,649
Motor Oil Hellas Corinth Refineries SA		523		13,484
Mytilineos SA		568		17,899
National Bank of Greece SA*		1,750		10,849
OPAP SA		966		16,500
Public Power Corp. SA*		1,163		12,313
Terna Energy SA		661		14,230

(Cost $130,266)				164,328

Hong Kong — 2.2%
AIA Group Ltd.		64,299		616,677
Alibaba Health Information Technology Ltd.*		25,048		14,842
Beijing Enterprises Holdings Ltd.		4,754		18,365
Beijing Enterprises Water Group Ltd.		29,600		7,258
BOC Hong Kong Holdings Ltd.		20,760		61,640
Bosideng International Holdings Ltd.		14,160		5,877
Budweiser Brewing Co. APAC Ltd., 144A		10,027		25,201
C&D International Investment Group Ltd.*		5,397		13,564
China Everbright Environment Group Ltd.		26,229		10,250
China Gas Holdings Ltd.		18,497		20,976
China Jinmao Holdings Group Ltd.		29,943		4,283
China Medical System Holdings Ltd.		8,280		11,632
China Mengniu Dairy Co. Ltd.*		20,484		79,525
China Merchants Port Holdings Co. Ltd.		8,916		12,935
China Overseas Land & Investment Ltd.		20,926		42,438
China Overseas Property Holdings Ltd.		9,399		8,618
China Power International Development Ltd.		32,211		12,258
China Resources Beer Holdings Co. Ltd.		8,382		52,880
China Resources Cement Holdings Ltd.		18,836		6,856


	Number of Shares		Value
Hong Kong (Continued)
China Resources Gas Group Ltd.		5,528	$	18,179
China Resources Land Ltd.		16,909		63,270
China Resources Power Holdings Co. Ltd.		11,465		26,472
China Ruyi Holdings Ltd.* (b)		53,692		11,999
China State Construction International Holdings Ltd.		5,764		6,515
China Taiping Insurance Holdings Co. Ltd.		8,417		8,771
China Traditional Chinese Medicine Holdings Co. Ltd.		18,429		8,873
Chow Tai Fook Jewellery Group Ltd. (b)		11,774		20,840
CK Asset Holdings Ltd.		10,635		57,314
CK Hutchison Holdings Ltd.		14,322		86,604
CK Infrastructure Holdings Ltd.		2,240		12,387
CLP Holdings Ltd.		8,608		62,715
COSCO SHIPPING Ports Ltd.		8,299		5,225
ESR Group Ltd., 144A		14,114		20,836
Far East Horizon Ltd. (b)		11,701		9,803
Futu Holdings Ltd., ADR*		290		10,689
Galaxy Entertainment Group Ltd.*		11,799		73,156
GCL Technology Holdings Ltd.* (b)		124,733		27,080
Geely Automobile Holdings Ltd.		31,985		37,212
Guangdong Investment Ltd.		16,239		13,832
Hang Lung Properties Ltd.		11,594		18,360
Hang Seng Bank Ltd.		3,616		48,349
Henderson Land Development Co. Ltd.		8,011		25,423
HKT Trust & HKT Ltd. (a)		19,553		24,970
Hong Kong & China Gas Co. Ltd.		58,802		53,016
Hong Kong Exchanges & Clearing Ltd.		6,679		244,456
Hongkong Land Holdings Ltd.		7,400		31,746
Jardine Matheson Holdings Ltd.		921		44,217
Kingboard Holdings Ltd.		3,978		10,719
Kingboard Laminates Holdings Ltd.		6,739		6,162
Kunlun Energy Co. Ltd.*		28,991		23,103
Link REIT		14,095		81,901
MTR Corp. Ltd.		7,996		36,812
New World Development Co. Ltd.		9,515		22,723
Nine Dragons Paper Holdings Ltd. (b)		11,423		6,331
Orient Overseas International Ltd. (b)		824		10,044
Power Assets Holdings Ltd.		8,161		43,929
Prudential PLC		15,599		204,910
Shenzhen International Holdings Ltd.		8,123		6,442
Shimao Group Holdings Ltd.* (c)		6,159		0
Sino Biopharmaceutical Ltd.		53,674		25,567
Sino Land Co. Ltd.		16,821		21,868
SITC International Holdings Co. Ltd.		7,529		13,076
Sun Hung Kai Properties Ltd.		8,368		106,544
Swire Pacific Ltd., Class A		3,404		22,736
Swire Properties Ltd.		8,946		21,318
Techtronic Industries Co. Ltd.		7,328		67,988
Vinda International Holdings Ltd.		3,130		7,531
Want Want China Holdings Ltd.		26,923		18,016
WH Group Ltd., 144A		39,827		20,802
Wharf Real Estate Investment Co. Ltd.		10,016		49,438
Xinyi Glass Holdings Ltd.		10,872		16,078
Yuexiu Property Co. Ltd. (b)		11,555		12,514

(Cost $3,420,033)				2,954,936


	Number of Shares		Value
Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		2,264	$	18,418
OTP Bank Nyrt		1,369		42,633
Richter Gedeon Nyrt		842		21,193

(Cost $91,148)				82,244

India — 3.9%
ABB India Ltd.		364		18,153
ACC Ltd.*		400		8,593
Adani Enterprises Ltd.		873		26,310
Adani Green Energy Ltd.*		1,907		22,536
Adani Ports & Special Economic Zone Ltd.		2,531		22,604
Adani Power Ltd.*		4,860		14,665
Ambuja Cements Ltd.*		3,761		19,257
Apollo Hospitals Enterprise Ltd.		448		25,028
Asian Paints Ltd.		2,199		84,868
AU Small Finance Bank Ltd., 144A		1,340		12,583
Aurobindo Pharma Ltd.		1,823		14,512
Avenue Supermarts Ltd., 144A*		813		34,112
Axis Bank Ltd.		12,277		135,759
Bajaj Auto Ltd.		375		20,702
Bajaj Finance Ltd.		1,452		122,677
Bajaj Finserv Ltd.		2,280		39,989
Bajaj Holdings & Investment Ltd.		177		15,543
Balkrishna Industries Ltd.		426		11,708
Bandhan Bank Ltd., 144A*		3,700		11,986
Bank of Baroda		9,060		20,259
Berger Paints India Ltd.		1,200		9,435
Bharat Electronics Ltd.		15,339		20,793
Bharat Forge Ltd.		1,102		10,540
Bharat Petroleum Corp. Ltd.		6,191		27,202
Bharti Airtel Ltd.		11,993		123,203
Britannia Industries Ltd.		588		33,099
CG Power & Industrial Solutions Ltd.		4,785		22,721
Cholamandalam Investment and Finance Co. Ltd.		2,409		30,600
Cipla Ltd.		3,005		34,617
Coal India Ltd.		8,686		25,329
Colgate-Palmolive India Ltd.		694		13,350
Container Corp. Of India Ltd.		1,452		11,776
Dabur India Ltd.		3,991		26,793
Divi’s Laboratories Ltd.		734		30,552
DLF Ltd.		3,332		19,126
Dr. Reddy’s Laboratories Ltd.		626		34,058
Eicher Motors Ltd.		766		33,998
GAIL India Ltd.		13,881		17,584
Godrej Consumer Products Ltd.*		1,827		23,372
Godrej Properties Ltd.*		767		12,889
Grasim Industries Ltd.		1,167		24,239
Havells India Ltd.		1,403		22,181
HCL Technologies Ltd.		5,467		75,669
HDFC Life Insurance Co. Ltd., 144A*		5,058		36,215
Hero MotoCorp Ltd.		692		23,085
Hindalco Industries Ltd.		6,994		34,314
Hindustan Aeronautics Ltd.		510		19,215
Hindustan Petroleum Corp. Ltd.		3,845		12,125
Hindustan Unilever Ltd.		4,481		144,482


	Number of Shares		Value
India (Continued)
Housing Development Finance Corp. Ltd.		9,472	$	302,300
ICICI Bank Ltd.		28,161		323,080
ICICI Lombard General Insurance Co. Ltd., 144A		1,437		20,532
ICICI Prudential Life Insurance Co. Ltd., 144A		2,368		13,338
Indian Hotels Co. Ltd.		5,027		23,679
Indian Oil Corp. Ltd.		15,346		16,694
Indian Railway Catering & Tourism Corp. Ltd.		1,558		12,231
Indraprastha Gas Ltd.		1,513		8,789
Info Edge India Ltd.		447		22,011
Infosys Ltd.		18,396		293,133
InterGlobe Aviation Ltd., 144A*		612		17,550
ITC Ltd.		17,688		95,248
Jindal Steel & Power Ltd.		2,591		16,199
JSW Steel Ltd.		4,507		37,933
Jubilant Foodworks Ltd.		2,564		14,978
Kotak Mahindra Bank Ltd.		6,043		147,135
Larsen & Toubro Ltd.		3,699		98,616
LTIMindtree Ltd., 144A		488		29,483
Lupin Ltd.		460		4,473
Mahindra & Mahindra Ltd.		5,252		83,733
Marico Ltd.		3,283		21,550
Maruti Suzuki India Ltd.		763		86,394
Max Healthcare Institute Ltd.*		4,561		30,291
Mphasis Ltd.		553		13,013
MRF Ltd.		5		5,875
Muthoot Finance Ltd.		756		10,193
Nestle India Ltd.		177		46,368
NTPC Ltd.		24,064		50,567
Oil & Natural Gas Corp. Ltd.		19,534		36,574
Page Industries Ltd.		35		16,404
Petronet LNG Ltd.		3,652		9,970
PI Industries Ltd.		355		15,520
Pidilite Industries Ltd.		770		24,272
Power Grid Corp. of India Ltd.		17,432		49,273
Reliance Industries Ltd.		17,009		507,791
Samvardhana Motherson International Ltd.		11,778		11,254
SBI Cards & Payment Services Ltd.		1,384		15,339
SBI Life Insurance Co. Ltd., 144A		2,079		31,035
Shree Cement Ltd.		72		21,901
Shriram Finance Ltd.		1,196		20,235
Siemens Ltd.		413		17,730
Sona Blw Precision Forgings Ltd., 144A		2,705		17,707
SRF Ltd.		973		29,635
State Bank of India		10,321		72,338
Sun Pharmaceutical Industries Ltd.		5,281		62,259
Tata Consultancy Services Ltd.		4,977		197,890
Tata Consumer Products Ltd.		3,294		31,799
Tata Elxsi Ltd.		210		18,838
Tata Motors Ltd.*		10,084		64,150
Tata Power Co. Ltd.		8,029		20,725
Tata Steel Ltd.		39,753		50,837
Tech Mahindra Ltd.		3,212		43,310



Average Annual Total Return

	Net Asset Value	Market Value	MSCI ACWI ex USA US Dollar Hedged Index	MSCI ACWI ex USA Index
One Year	4.02%	3.56%	4.55%	-1.41%
Five Year	5.46%	5.49%	5.83%	2.22%
Since Inception¹	5.97%	5.92%	6.41%	3.04%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI ACWI ex USA US Dollar Hedged Index	MSCI ACWI ex USA Index
One Year	4.02%	3.56%	4.55%	-1.41%
Five Year	30.45%	30.61%	32.75%	11.62%
Since Inception¹	72.06%	71.30%	78.80%	32.35%


Description	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		1.9%
Nestle SA (Switzerland)		1.4%
Samsung Electronics Co. Ltd. (South Korea)		1.2%
ASML Holding NV (Netherlands)		1.2%
Novo Nordisk A/S (Denmark)		1.1%
Tencent Holdings Ltd. (China)		1.0%
LVMH Moet Hennessy Louis Vuitton SE (France)		1.0%
Roche Holding AG (Switzerland)		1.0%
AstraZeneca PLC (United Kingdom)		1.0%
Novartis AG (Switzerland)		0.8%



Average Annual Total Return

	Net Asset Value	Market Value	MSCI EM US Dollar Hedged Index	MSCI EM Index
One Year	-5.40%	-3.55%	-4.52%	-8.49%
Five Year	0.57%	0.79%	1.36%	-0.67%
Ten Year	2.21%	2.33%	3.41%	1.90%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI EM US Dollar Hedged Index	MSCI EM Index
One Year	-5.40%	-3.55%	-4.52%	-8.49%
Five Year	2.86%	4.01%	6.99%	-3.28%
Ten Year	24.48%	25.84%	39.90%	20.67%


Description	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		6.8%
Samsung Electronics Co. Ltd. (South Korea)		4.5%
Tencent Holdings Ltd. (China)		3.8%
Alibaba Group Holding Ltd. (China)		2.5%
Reliance Industries Ltd. (India)		1.4%
Meituan (China)		1.1%
China Construction Bank Corp. (China)		0.9%
ICICI Bank Ltd. (India)		0.9%
Housing Development Finance Corp. Ltd. (India)		0.9%
Infosys Ltd. (India)		0.8%



Average Annual Total Return

	Net Asset Value	Market Value	MSCI Europe US Dollar Hedged Index	MSCI Europe Index
One Year	8.77%	9.09%	8.75%	4.68%
Five Year	7.66%	7.68%	7.83%	4.07%
Since Inception¹	7.87%	7.89%	8.13%	4.00%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI Europe US Dollar Hedged Index	MSCI Europe Index
One Year	8.77%	9.09%	8.75%	4.68%
Five Year	44.62%	44.75%	45.78%	22.06%
Since Inception¹	107.92%	108.43%	112.88%	46.16%


	Page
Shareholder Letter		1
Management’s Discussion of Fund Performance		3
Performance Summary
Xtrackers MSCI All World ex US Hedged Equity ETF		6
Xtrackers MSCI Emerging Markets Hedged Equity ETF		8
Xtrackers MSCI Europe Hedged Equity ETF		10
Xtrackers MSCI Eurozone Hedged Equity ETF		12
Xtrackers MSCI Germany Hedged Equity ETF		14
Xtrackers MSCI Japan Hedged Equity ETF		16
Fees and Expenses		18
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF		19
Xtrackers MSCI Emerging Markets Hedged Equity ETF		48
Xtrackers MSCI Europe Hedged Equity ETF		69
Xtrackers MSCI Eurozone Hedged Equity ETF		77
Xtrackers MSCI Germany Hedged Equity ETF		86
Xtrackers MSCI Japan Hedged Equity ETF		89
Statements of Assets and Liabilities		94
Statements of Operations		96
Statements of Changes in Net Assets		98
Financial Highlights		101
Notes to Financial Statements		104
Report of Independent Registered Public Accounting Firm		117
Other Information		118
Liquidity Risk Management		119
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts		120
Board Members and Officers		123
Additional Information		126


Financials			20.3%
Industrials			13.0%
Information Technology			12.1%
Consumer Discretionary			11.7%
Health Care			9.9%
Consumer Staples			8.8%
Materials			7.9%
Communication Services			5.6%
Energy			5.4%
Utilities			3.3%
Real Estate			2.0%

Total			100.0%


Ten Largest Equity Holdings as of May 31, 2023 (11.6% of Net Assets)


Financials			22.0%
Information Technology			21.3%
Consumer Discretionary			13.0%
Communication Services			9.7%
Materials			8.3%
Consumer Staples			6.4%
Industrials			6.2%
Energy			4.9%
Health Care			3.9%
Utilities			2.6%
Real Estate			1.7%

Total			100.0%


China			26.9%
Taiwan			15.9%
India			14.5%
South Korea			12.7%
Brazil			5.0%
Saudi Arabia			4.2%
South Africa			3.0%
Mexico			2.8%
Indonesia			2.1%
Thailand			2.0%
Other			10.9%

Total			100.0%


Financials			16.9%
Health Care			16.1%
Industrials			15.0%
Consumer Staples			12.6%
Consumer Discretionary			11.6%
Information Technology			7.1%
Materials			6.8%
Energy			5.5%
Utilities			4.4%
Communication Services			3.3%
Real Estate			0.7%

Total			100.0%


United Kingdom			21.5%
France			18.0%
Switzerland			16.8%
Germany			13.0%
Netherlands			7.4%
Denmark			4.8%
Sweden			4.7%
Spain			3.9%
Italy			3.1%
Other			6.8%

Total			100.0%


France			33.9%
Germany			25.2%
Netherlands			14.1%
Spain			7.8%
Italy			7.0%
Finland			3.1%
Belgium			2.8%
Ireland			2.5%
Other			3.6%

Total			100.0%


Industrials			19.9%
Financials			16.9%
Consumer Discretionary			16.4%
Information Technology			15.1%
Health Care			10.7%
Materials			6.3%
Communication Services			6.2%
Utilities			4.2%
Consumer Staples			3.0%
Real Estate			1.3%

Total			100.0%


Industrials			22.8%
Consumer Discretionary			18.3%
Information Technology			14.9%
Financials			11.2%
Health Care			9.6%
Communication Services			7.3%
Consumer Staples			6.6%
Materials			4.6%
Real Estate			3.0%
Utilities			1.0%
Energy			0.7%

Total			100.0%


Description	% of Net Assets
Toyota Motor Corp.		4.2%
Sony Group Corp.		3.5%
Keyence Corp.		2.8%
Mitsubishi UFJ Financial Group, Inc.		2.2%
Tokyo Electron Ltd.		1.8%
Daiichi Sankyo Co. Ltd.		1.8%
Shin-Etsu Chemical Co. Ltd.		1.6%
Hitachi Ltd.		1.6%
Sumitomo Mitsui Financial Group, Inc.		1.6%
Takeda Pharmaceutical Co. Ltd.		1.5%


	Beginning Account Value December 1, 2022		Ending Account Value May 31, 2023		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers MSCI All World ex US Hedged Equity ETF
Actual	$	1,000.00	$	1,037.40		0.40	%	$	2.03
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.94		0.40	%	$	2.02
Xtrackers MSCI Emerging Markets Hedged Equity ETF
Actual	$	1,000.00	$	996.30		0.65	%	$	3.24
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.69		0.65	%	$	3.28
Xtrackers MSCI Europe Hedged Equity ETF
Actual	$	1,000.00	$	1,062.40		0.45	%	$	2.31
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.69		0.45	%	$	2.27
Xtrackers MSCI Eurozone Hedged Equity ETF
Actual	$	1,000.00	$	1,081.90		0.45	%	$	2.34
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.69		0.45	%	$	2.27
Xtrackers MSCI Germany Hedged Equity ETF
Actual	$	1,000.00	$	1,096.40		0.45	%	$	2.35
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.69		0.45	%	$	2.27
Xtrackers MSCI Japan Hedged Equity ETF
Actual	$	1,000.00	$	1,110.30		0.45	%	$	2.37
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.69		0.45	%	$	2.27