May 31, 2023
Annual Report
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)
DBX ETF Trust
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Board Considerations in Approval of Investment Advisory Contracts |
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To our Shareholders: (Unaudited)
Dear shareholder,
We are pleased to provide this annual report for our Xtrackers MSCI EAFE Hedged Equity ETF for the period ended May 31, 2023.
Globally, economic recovery was the main priority for all economies amid elevated inflation, hawkish monetary policies of central banks, and escalating geopolitical tensions across the globe. Growing inflation in both developed and emerging economies affected the cost of living, prompting major central banks to resort to aggressive interest rate hikes. Market sentiment turned positive during the latter half of the year, as China’s reopening lent hope industrial productivity issues and supply chain bottlenecks in recent years would soon end. Toward the end of the reporting period, concerns around the U.S. defaulting on its debt and negotiations to increase the debt ceiling dominated the headlines.
The U.S. economy expanded during the reporting period, driven by robust consumer spending and solid government investments. The labor market remained resilient even though wage growth slowed, as hiring shifted from the industries that had grown rapidly during the pandemic-induced lockdowns to in-person service industries. Consumer confidence has been dipping since the start of the year amid worries about the near-term trajectory of the economy. Inflation peaked in June 2022 before cooling in second half of 2022, but core CPI1 remained elevated, due to high energy prices, which partially influenced the U.S. Federal Reserve Board’s decision to hike interest rates. Consequently, U.S. equity markets witnessed heightened volatility, but still advanced over the reporting period.
As the war in Ukraine entered its second year, the Eurozone economy continued its battle with heightened inflation in the region. The Eurozone CPI numbers continued to surpass wage growth rate, weighing on consumption demand. The European Central Bank (ECB), like other developed central banks, continued to hike lending rates, which took a toll on the economy. GDP2 numbers were negative quarter-over-quarter in three of the four quarters during the reporting period. Eurozone GDP expanded 0.1% during Q1 2023 on budgetary support measures from the ECB and retreating energy prices. Plans to move to a sustainable mix of fossil fuels and sustainable energy could play a major role in stabilizing the heavily-energy-reliant economy in the months to come.
In the Pacific, the Bank of Japan (BoJ) remained accommodative to prop up economic recovery, while the rest of the developed world’s central banks maintained their tightening stance. The BoJ used yield curve control, the practice of buying bonds at a variable rate to control interest rates, to control the shape of the yield curve and suppress short- to medium-term rates to spur healthy inflation in the country. Consumer confidence in Japan rose significantly since the start of the reporting period. Australia’s CPI peaked and reached the highest level in 20 years. The Reserve Bank of Australia (RBA) announced it wanted to keep inflation within its 2-3% target band. However, it also said it would not raise interest rates too quickly, as this could derail the economic recovery. The RBA has kept the interest rate unchanged since November 2022 — the lowest in the RBA’s history — and plans to maintain it for a while as it assesses the impact of accelerating inflation on the economy.
Central banks worldwide remain cautious about global developments and how they could affect the economic recovery. Given the lag in the effects of interest rate hikes, economies are treading carefully to assess the effects of their decisions on ordinary citizens. The recent banking crisis in the U.S. and Europe has added to worries the Fed and the ECB may not be done with their tightening stance just yet. China’s recovery will likely play an integral role in the recovery, as industrial productivity growth and increased income could buoy further investments.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 The Consumer Price Index (CPI) is a measure of the average change overtime in the prices paid by urban consumers for a market basket of consumer.
2 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.
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.
1
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)
The Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the DBEF Index). The DBEF Index is designed to provide exposure to equity securities in developed international stock markets 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, DBEF returned 9.62%, compared to the DBEF Index return of 9.82%.
The majority of the sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Discretionary, Industrials and Information Technology, while Materials, Real Estate and Communication Services sectors detracted most from the performance. From a geographical perspective, most countries contributed positively to performance with the greatest contributions coming from France, Japan and Germany. However, Australia, Hong Kong and Norway 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 specified non-U.S. currencies. 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 4-5 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.
2
This Page is Intentionally Left Blank
3
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)
The Xtrackers MSCI EAFE 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 EAFE US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track developed 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. The MSCI EAFE Index is an equity index which captures large- and mid-cap representation across developed markets countries around the world, excluding the United States and Canada. It is not possible to invest directly into an index.
Performance as of May 31, 2023 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value |
MSCI EAFE US Dollar |
MSCI EAFE Index | |||||
One Year |
9.62% | 9.93% | 9.82% | 3.06% | ||||
Five Year |
7.52% | 7.61% | 7.72% | 3.21% | ||||
Ten Year |
7.91% | 7.99% | 8.20% | 4.56% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value |
MSCI EAFE US Dollar |
MSCI EAFE Index | |||||
One Year |
9.62% | 9.93% | 9.82% | 3.06% | ||||
Five Year |
43.71% | 44.28% | 45.02% | 17.11% | ||||
Ten Year |
114.04% | 115.75% | 120.02% | 56.22% |
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 0.35%, 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.
4
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) (Continued)
Growth of an Assumed $10,000 Investment |
Sector Diversification* as of May 31, 2023 |
Financials |
17.9% | |||
Industrials |
15.9% | |||
Health Care |
13.6% | |||
Consumer Discretionary |
12.2% | |||
Consumer Staples |
10.2% | |||
Information Technology |
8.5% | |||
Materials |
7.3% | |||
Communication Services |
4.3% | |||
Energy |
4.2% | |||
Utilities |
3.5% | |||
Real Estate |
2.4% | |||
|
|
|||
Total |
100.0% |
Ten Largest
Equity Holdings as of May 31, 2023 (14.8% of Net Assets) |
Description | % of Net Assets | |||
Nestle SA (Switzerland) |
2.1% | |||
ASML Holding NV (Netherlands) |
1.9% | |||
Novo Nordisk A/S (Denmark) |
1.7% | |||
LVMH Moet Hennessy Louis Vuitton SE (France) |
1.6% | |||
Roche Holding AG (Switzerland) |
1.5% | |||
AstraZeneca PLC (United Kingdom) |
1.5% | |||
Novartis AG (Switzerland) |
1.3% | |||
Shell PLC (United Kingdom) |
1.2% | |||
HSBC Holdings PLC (United Kingdom) |
1.0% | |||
Toyota Motor Corp. (Japan) |
1.0% |
Country Diversification* as of May 31, 2023 |
Japan |
22.4% | |||
United Kingdom |
14.1% | |||
France |
11.8% | |||
Switzerland |
11.0% | |||
Germany |
8.5% | |||
Australia |
7.2% | |||
Netherlands |
4.8% | |||
Denmark |
3.1% | |||
Sweden |
3.1% | |||
Hong Kong |
2.7% | |||
Spain |
2.6% | |||
Italy |
2.0% | |||
Other |
6.7% | |||
|
|
|||
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 7.
5
DBX ETF Trust
As a shareholder of the Fund, 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 Fund limited these expenses; had it 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 Fund 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).
Actual expenses
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.
Hypothetical example for comparison purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Fund’s 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.
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 EAFE Hedged Equity ETF |
| |||||||||||||||
Actual |
$ | 1,000.00 | $ | 1,064.50 | 0.35 | % | $ | 1.80 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,023.19 | 0.35 | % | $ | 1.77 |
(1) Expenses are equal to the 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.
6
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF
May 31, 2023
Number |
Value |
|||||||
COMMON STOCKS — 97.0% | ||||||||
Australia — 7.0% | ||||||||
Ampol Ltd. |
59,679 | $ | 1,219,280 | |||||
ANZ Group Holdings Ltd. |
794,629 | 11,846,584 | ||||||
APA Group (a) |
315,217 | 2,058,531 | ||||||
Aristocrat Leisure Ltd. |
152,872 | 3,694,034 | ||||||
ASX Ltd. |
51,507 | 2,259,090 | ||||||
Aurizon Holdings Ltd. |
455,910 | 1,055,707 | ||||||
BHP Group Ltd. |
1,340,505 | 36,638,577 | ||||||
BlueScope Steel Ltd. |
120,184 | 1,447,777 | ||||||
Brambles Ltd. |
366,879 | 3,278,866 | ||||||
Cochlear Ltd. |
17,408 | 2,756,141 | ||||||
Coles Group Ltd. |
354,316 | 4,143,760 | ||||||
Commonwealth Bank of Australia |
446,641 | 28,116,310 | ||||||
Computershare Ltd. |
151,631 | 2,205,332 | ||||||
CSL Ltd. |
127,688 | 25,447,129 | ||||||
Dexus REIT |
269,854 | 1,441,074 | ||||||
EBOS Group Ltd. |
40,855 | 1,035,461 | ||||||
Endeavour Group Ltd. |
387,098 | 1,553,532 | ||||||
Fortescue Metals Group Ltd. |
449,618 | 5,620,969 | ||||||
Goodman Group REIT |
441,920 | 5,642,584 | ||||||
GPT Group REIT |
490,451 | 1,336,669 | ||||||
IDP Education Ltd. |
66,330 | 941,410 | ||||||
IGO Ltd. |
180,775 | 1,676,764 | ||||||
Insurance Australia Group Ltd. |
626,511 | 2,114,999 | ||||||
Lendlease Corp. Ltd. (a) |
190,050 | 976,583 | ||||||
Lottery Corp. Ltd. |
607,365 | 1,967,403 | ||||||
Macquarie Group Ltd. |
97,158 | 10,790,162 | ||||||
Medibank Pvt Ltd. |
702,175 | 1,630,526 | ||||||
Mineral Resources Ltd. |
46,003 | 2,118,225 | ||||||
Mirvac Group REIT |
996,829 | 1,491,292 | ||||||
National Australia Bank Ltd. |
830,487 | 14,028,748 | ||||||
Newcrest Mining Ltd. |
236,640 | 3,954,270 | ||||||
Northern Star Resources Ltd. |
303,408 | 2,547,812 | ||||||
Orica Ltd. |
112,059 | 1,114,470 | ||||||
Origin Energy Ltd. |
442,945 | 2,399,987 | ||||||
Pilbara Minerals Ltd. |
714,515 | 2,049,576 | ||||||
Qantas Airways Ltd. * |
224,759 | 972,194 | ||||||
QBE Insurance Group Ltd. |
393,885 | 3,745,682 | ||||||
Ramsay Health Care Ltd. |
46,996 | 1,753,718 | ||||||
REA Group Ltd. |
13,204 | 1,181,183 | ||||||
Reece Ltd. |
62,817 | 742,006 | ||||||
Rio Tinto Ltd. |
98,205 | 6,834,889 | ||||||
Santos Ltd. |
878,270 | 4,164,565 | ||||||
Scentre Group REIT |
1,372,236 | 2,418,868 | ||||||
SEEK Ltd. |
89,616 | 1,371,581 | ||||||
Sonic Healthcare Ltd. |
115,921 | 2,653,356 | ||||||
South32 Ltd. |
1,211,853 | 3,058,411 | ||||||
Stockland REIT |
630,253 | 1,746,380 | ||||||
Suncorp Group Ltd. |
338,353 | 2,927,088 | ||||||
Telstra Group Ltd. |
1,065,302 | 3,021,157 | ||||||
Transurban Group (a) |
815,067 | 7,867,583 | ||||||
Treasury Wine Estates Ltd. |
182,670 | 1,380,662 | ||||||
Vicinity Ltd. REIT |
978,918 | 1,181,148 | ||||||
Washington H Soul Pattinson & Co. Ltd. |
62,352 | 1,302,687 | ||||||
Wesfarmers Ltd. |
299,836 | 9,297,004 |
Number |
Value |
|||||||
Australia (Continued) | ||||||||
Westpac Banking Corp. |
928,603 | $ | 12,490,929 | |||||
WiseTech Global Ltd. |
43,881 | 2,135,828 | ||||||
Woodside Energy Group Ltd. |
502,898 | 11,219,878 | ||||||
Woolworths Group Ltd. |
322,429 | 7,873,040 | ||||||
|
|
|||||||
(Cost $287,413,148) |
283,939,471 | |||||||
|
|
|||||||
Austria — 0.2% | ||||||||
Erste Group Bank AG |
89,817 | 2,906,085 | ||||||
OMV AG |
38,871 | 1,731,773 | ||||||
Verbund AG |
18,185 | 1,371,348 | ||||||
voestalpine AG |
29,649 | 918,430 | ||||||
|
|
|||||||
(Cost $6,291,105) |
6,927,636 | |||||||
|
|
|||||||
Belgium — 0.8% | ||||||||
Ageas SA/NV (b) |
41,442 | 1,653,622 | ||||||
Anheuser-Busch InBev SA/NV |
230,273 | 12,284,797 | ||||||
D’ieteren Group |
5,823 | 1,006,455 | ||||||
Elia Group SA/NV |
8,259 | 998,453 | ||||||
Groupe Bruxelles Lambert NV |
25,328 | 1,951,431 | ||||||
KBC Group NV |
66,433 | 4,344,409 | ||||||
Sofina SA |
3,885 | 801,467 | ||||||
Solvay SA |
19,041 | 1,987,668 | ||||||
UCB SA |
33,243 | 2,896,688 | ||||||
Umicore SA (b) |
53,911 | 1,498,263 | ||||||
Warehouses De Pauw CVA REIT |
44,326 | 1,243,254 | ||||||
|
|
|||||||
(Cost $39,007,755) |
30,666,507 | |||||||
|
|
|||||||
Chile — 0.0% | ||||||||
Antofagasta PLC (Cost $1,347,939) |
101,206 | 1,683,849 | ||||||
|
|
|||||||
Denmark — 3.1% | ||||||||
A.P. Moller — Maersk A/S, Class A |
829 | 1,391,057 | ||||||
A.P. Moller — Maersk A/S, Class B |
1,313 | 2,207,918 | ||||||
Carlsberg A/S, Class B |
26,069 | 3,927,198 | ||||||
Chr Hansen Holding A/S |
27,913 | 2,024,165 | ||||||
Coloplast A/S, Class B |
31,477 | 3,962,497 | ||||||
Danske Bank A/S * |
182,605 | 3,714,142 | ||||||
Demant A/S * |
24,572 | 933,973 | ||||||
DSV A/S |
49,318 | 9,503,767 | ||||||
Genmab A/S * |
17,499 | 6,844,721 | ||||||
Novo Nordisk A/S, Class B |
437,959 | 70,170,001 | ||||||
Novozymes A/S, Class B |
52,448 | 2,527,297 | ||||||
Orsted AS, 144A |
50,135 | 4,389,822 | ||||||
Pandora A/S |
23,249 | 1,852,138 | ||||||
ROCKWOOL A/S, Class B |
2,379 | 567,205 | ||||||
Tryg A/S |
95,677 | 2,176,771 | ||||||
Vestas Wind Systems A/S * |
267,335 | 7,611,007 | ||||||
|
|
|||||||
(Cost $67,997,166) |
123,803,679 | |||||||
|
|
|||||||
Finland — 1.1% | ||||||||
Elisa OYJ |
37,906 | 2,123,130 | ||||||
Fortum OYJ |
124,319 | 1,651,757 | ||||||
Kesko OYJ, Class B |
74,656 | 1,411,261 | ||||||
Kone OYJ, Class B |
90,585 | 4,596,348 | ||||||
Metso Corp. (b) |
175,823 | 1,923,539 | ||||||
Neste OYJ |
109,633 | 4,144,897 | ||||||
Nokia OYJ |
1,420,836 | 5,763,591 |
See Notes to Financial Statements. | 7 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2023
Number |
Value |
|||||||
Finland (Continued) | ||||||||
Nordea Bank Abp |
859,474 | $ | 8,449,168 | |||||
Orion OYJ, Class B |
27,343 | 1,157,095 | ||||||
Sampo OYJ, Class A |
120,812 | 5,555,433 | ||||||
Stora Enso OYJ, Class R |
154,971 | 1,962,108 | ||||||
UPM-Kymmene OYJ |
138,385 | 4,152,110 | ||||||
Wartsila OYJ Abp |
121,686 | 1,377,444 | ||||||
|
|
|||||||
(Cost $46,958,051) |
44,267,881 | |||||||
|
|
|||||||
France — 11.5% | ||||||||
Accor SA |
48,895 | 1,618,613 | ||||||
Aeroports de Paris * |
7,505 | 1,139,941 | ||||||
Air Liquide SA |
138,617 | 23,209,008 | ||||||
Airbus SE |
156,921 | 20,554,000 | ||||||
Alstom SA (b) |
84,031 | 2,311,988 | ||||||
Amundi SA, 144A |
15,411 | 866,471 | ||||||
Arkema SA |
14,700 | 1,280,597 | ||||||
AXA SA |
482,165 | 13,613,936 | ||||||
BioMerieux |
10,317 | 1,032,648 | ||||||
BNP Paribas SA (b) |
294,202 | 16,984,674 | ||||||
Bollore SE |
219,968 | 1,408,393 | ||||||
Bouygues SA |
55,327 | 1,771,807 | ||||||
Bureau Veritas SA |
78,192 | 1,983,341 | ||||||
Capgemini SE |
43,699 | 7,604,371 | ||||||
Carrefour SA (b) |
152,725 | 2,805,415 | ||||||
Cie de Saint-Gobain |
129,823 | 7,188,178 | ||||||
Cie Generale des Etablissements Michelin SCA |
180,114 | 5,113,437 | ||||||
Covivio SA REIT |
12,626 | 617,304 | ||||||
Credit Agricole SA (b) |
315,412 | 3,604,745 | ||||||
Danone SA |
170,059 | 10,059,495 | ||||||
Dassault Aviation SA |
6,306 | 1,066,345 | ||||||
Dassault Systemes SE |
176,883 | 7,772,683 | ||||||
Edenred |
65,870 | 4,230,142 | ||||||
Eiffage SA |
19,725 | 2,100,395 | ||||||
Engie SA |
483,567 | 7,258,101 | ||||||
EssilorLuxottica SA |
77,016 | 13,866,396 | ||||||
Eurazeo SE |
11,746 | 802,284 | ||||||
Gecina SA REIT |
11,634 | 1,190,708 | ||||||
Getlink SE |
98,125 | 1,665,588 | ||||||
Hermes International |
8,381 | 17,037,195 | ||||||
Ipsen SA * |
9,611 | 1,110,534 | ||||||
Kering SA |
19,707 | 10,497,657 | ||||||
Klepierre SA REIT |
58,897 | 1,333,388 | ||||||
La Francaise des Jeux SAEM, 144A |
26,473 | 1,020,390 | ||||||
Legrand SA * |
70,751 | 6,689,858 | ||||||
L’Oreal SA |
63,734 | 27,182,004 | ||||||
LVMH Moet Hennessy Louis Vuitton SE |
73,044 | 63,546,700 | ||||||
Orange SA |
493,713 | 5,895,802 | ||||||
Pernod Ricard SA |
54,634 | 11,802,302 | ||||||
Publicis Groupe SA |
60,583 | 4,488,970 | ||||||
Remy Cointreau SA |
5,887 | 904,564 | ||||||
Renault SA |
49,533 | 1,656,411 | ||||||
Safran SA |
90,559 | 13,110,401 | ||||||
Sanofi (b) |
300,279 | 30,453,488 | ||||||
Sartorius Stedim Biotech |
7,082 | 1,859,181 | ||||||
Schneider Electric SE |
143,594 | 24,763,712 |
Number |
Value |
|||||||
France (Continued) | ||||||||
SEB SA |
6,479 | $ | 608,051 | |||||
Societe Generale SA (b) |
193,117 | 4,464,928 | ||||||
Sodexo SA |
22,494 | 2,429,632 | ||||||
Teleperformance |
15,153 | 2,265,968 | ||||||
Thales SA |
27,409 | 3,817,465 | ||||||
TotalEnergies SE (b) |
626,017 | 35,518,486 | ||||||
Unibail-Rodamco-Westfield REIT * (b) |
30,872 | 1,412,362 | ||||||
Valeo |
55,516 | 1,065,766 | ||||||
Veolia Environnement SA |
179,908 | 5,296,047 | ||||||
Vinci SA |
140,653 | 15,984,585 | ||||||
Vivendi SE |
190,601 | 1,688,951 | ||||||
Wendel SE |
7,500 | 788,047 | ||||||
Worldline SA, 144A * |
61,204 | 2,378,054 | ||||||
|
|
|||||||
(Cost $351,938,655) |
465,791,903 | |||||||
|
|
|||||||
Germany — 7.7% | ||||||||
adidas AG |
42,896 | 6,946,513 | ||||||
Allianz SE |
106,602 | 22,787,114 | ||||||
BASF SE |
236,783 | 11,241,327 | ||||||
Bayer AG |
260,032 | 14,492,230 | ||||||
Bayerische Motoren Werke AG |
87,404 | 9,521,999 | ||||||
Bechtle AG |
20,654 | 809,787 | ||||||
Beiersdorf AG |
26,703 | 3,400,882 | ||||||
Brenntag SE |
40,989 | 3,215,011 | ||||||
Carl Zeiss Meditec AG |
10,388 | 1,164,227 | ||||||
Commerzbank AG * |
273,333 | 2,746,359 | ||||||
Continental AG |
28,426 | 1,892,351 | ||||||
Covestro AG, 144A * |
49,757 | 1,917,862 | ||||||
Daimler Truck Holding AG * |
131,600 | 3,980,886 | ||||||
Delivery Hero SE, 144A * |
43,695 | 1,634,697 | ||||||
Deutsche Bank AG (c) |
513,857 | 5,204,808 | ||||||
Deutsche Boerse AG |
50,268 | 8,677,638 | ||||||
Deutsche Lufthansa AG * |
151,828 | 1,486,568 | ||||||
Deutsche Post AG |
266,593 | 11,982,630 | ||||||
Deutsche Telekom AG |
857,594 | 19,016,587 | ||||||
E.ON SE |
593,870 | 7,179,454 | ||||||
Evonik Industries AG * |
57,690 | 1,155,908 | ||||||
Fresenius Medical Care AG & Co. KGaA |
54,106 | 2,310,466 | ||||||
Fresenius SE & Co. KGaA |
109,082 | 2,983,739 | ||||||
GEA Group AG |
40,940 | 1,719,362 | ||||||
Hannover Rueck SE |
15,966 | 3,416,627 | ||||||
Heidelberg Materials AG |
38,620 | 2,760,870 | ||||||
HelloFresh SE * |
45,918 | 1,091,088 | ||||||
Henkel AG & Co. KGaA |
27,906 | 2,002,106 | ||||||
Infineon Technologies AG |
345,864 | 12,839,483 | ||||||
Knorr-Bremse AG |
18,440 | 1,261,080 | ||||||
LEG Immobilien SE * |
18,892 | 979,595 | ||||||
Mercedes-Benz Group AG |
226,575 | 16,897,331 | ||||||
Merck KGaA |
34,250 | 5,958,254 | ||||||
MTU Aero Engines AG |
14,218 | 3,279,649 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |
37,056 | 13,229,469 | ||||||
Nemetschek SE |
14,182 | 1,110,256 | ||||||
Puma SE |
26,788 | 1,274,773 | ||||||
Rational AG |
1,266 | 849,151 | ||||||
Rheinmetall AG |
11,216 | 2,834,150 |
See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2023
Number |
Value |
|||||||
Germany (Continued) | ||||||||
RWE AG |
165,860 | $ | 6,935,502 | |||||
SAP SE |
276,237 | 36,076,083 | ||||||
Scout24 SE, 144A |
19,907 | 1,276,717 | ||||||
Siemens AG |
201,659 | 33,052,969 | ||||||
Siemens Energy AG * |
137,747 | 3,495,427 | ||||||
Siemens Healthineers AG, 144A |
74,719 | 4,224,975 | ||||||
Symrise AG |
35,399 | 3,783,045 | ||||||
Talanx AG |
16,816 | 937,377 | ||||||
Telefonica Deutschland Holding AG |
261,738 | 737,199 | ||||||
Volkswagen AG |
7,887 | 1,183,631 | ||||||
Vonovia SE |
190,209 | 3,488,878 | ||||||
Wacker Chemie AG |
4,886 | 648,653 | ||||||
Zalando SE, 144A * |
59,299 | 1,713,924 | ||||||
|
|
|||||||
(Cost $308,923,299) |
314,806,667 | |||||||
|
|
|||||||
Hong Kong — 2.6% | ||||||||
AIA Group Ltd. |
3,081,289 | 29,551,916 | ||||||
BOC Hong Kong Holdings Ltd. |
956,375 | 2,839,648 | ||||||
Budweiser Brewing Co. APAC Ltd., 144A |
418,131 | 1,050,874 | ||||||
CK Asset Holdings Ltd. |
521,646 | 2,811,264 | ||||||
CK Hutchison Holdings Ltd. |
699,512 | 4,229,884 | ||||||
CK Infrastructure Holdings Ltd. |
167,096 | 923,990 | ||||||
CLP Holdings Ltd. |
434,766 | 3,167,557 | ||||||
ESR Group Ltd., 144A |
517,395 | 763,824 | ||||||
Futu Holdings Ltd., ADR * |
15,098 | 556,512 | ||||||
Galaxy Entertainment Group Ltd. * |
575,467 | 3,567,984 | ||||||
Hang Lung Properties Ltd. |
500,193 | 792,086 | ||||||
Hang Seng Bank Ltd. |
197,589 | 2,641,939 | ||||||
Henderson Land Development Co. Ltd. |
362,162 | 1,149,324 | ||||||
HKT Trust & HKT Ltd. (a) |
1,016,024 | 1,297,530 | ||||||
Hong Kong & China Gas Co. Ltd. |
2,951,899 | 2,661,457 | ||||||
Hong Kong Exchanges & Clearing Ltd. |
318,960 | 11,674,161 | ||||||
Hongkong Land Holdings Ltd. |
286,500 | 1,229,085 | ||||||
Jardine Matheson Holdings Ltd. |
41,657 | 1,999,953 | ||||||
Link REIT |
656,265 | 3,813,326 | ||||||
MTR Corp. Ltd. |
406,402 | 1,871,003 | ||||||
New World Development Co. Ltd. |
412,961 | 986,198 | ||||||
Power Assets Holdings Ltd. |
359,161 | 1,933,303 | ||||||
Prudential PLC |
728,446 | 9,568,952 | ||||||
Sino Land Co. Ltd. |
973,604 | 1,265,737 | ||||||
SITC International Holdings Co. Ltd. |
331,593 | 575,914 | ||||||
Sun Hung Kai Properties Ltd. |
375,866 | 4,785,656 | ||||||
Swire Pacific Ltd., Class A |
122,500 | 818,184 | ||||||
Swire Properties Ltd. |
344,397 | 820,700 | ||||||
Techtronic Industries Co. Ltd. |
379,551 | 3,521,430 | ||||||
WH Group Ltd., 144A |
2,061,658 | 1,076,845 | ||||||
Wharf Real Estate Investment Co. Ltd. |
440,310 | 2,173,308 | ||||||
Xinyi Glass Holdings Ltd. |
442,666 | 654,633 | ||||||
|
|
|||||||
(Cost $114,354,067) |
106,774,177 | |||||||
|
|
|||||||
Ireland — 1.2% | ||||||||
AerCap Holdings NV * |
43,304 | 2,471,792 | ||||||
AIB Group PLC |
353,179 | 1,446,631 | ||||||
Bank of Ireland Group PLC |
275,250 | 2,587,326 | ||||||
CRH PLC |
195,851 | 9,232,127 | ||||||
DCC PLC |
25,425 | 1,453,914 |
Number |
Value |
|||||||
Ireland (Continued) | ||||||||
Experian PLC |
243,363 | $ | 8,573,357 | |||||
Flutter Entertainment PLC * |
46,674 | 9,112,386 | ||||||
James Hardie Industries PLC CDI * |
113,721 | 2,802,718 | ||||||
Kerry Group PLC, Class A |
42,233 | 4,116,129 | ||||||
Kingspan Group PLC |
39,786 | 2,640,094 | ||||||
Smurfit Kappa Group PLC |
69,054 | 2,452,769 | ||||||
|
|
|||||||
(Cost $35,914,079) |
46,889,243 | |||||||
|
|
|||||||
Israel — 0.6% | ||||||||
Azrieli Group Ltd. |
11,664 | 613,278 | ||||||
Bank Hapoalim BM |
325,935 | 2,622,119 | ||||||
Bank Leumi Le-Israel BM |
396,867 | 2,781,169 | ||||||
Check Point Software Technologies Ltd. * |
25,786 | 3,218,351 | ||||||
CyberArk Software Ltd. * |
10,341 | 1,600,063 | ||||||
Elbit Systems Ltd. |
7,045 | 1,439,188 | ||||||
ICL Group Ltd. |
205,868 | 1,121,045 | ||||||
Israel Discount Bank Ltd., Class A |
313,132 | 1,507,948 | ||||||
Mizrahi Tefahot Bank Ltd. |
39,216 | 1,257,964 | ||||||
Monday.com Ltd. * |
6,033 | 1,087,147 | ||||||
Nice Ltd. * |
16,350 | 3,288,797 | ||||||
Teva Pharmaceutical Industries Ltd., ADR * |
285,594 | 2,056,277 | ||||||
Tower Semiconductor Ltd. * |
27,994 | 1,158,305 | ||||||
Wix.com Ltd. * |
14,618 | 1,114,184 | ||||||
|
|
|||||||
(Cost $26,625,908) |
24,865,835 | |||||||
|
|
|||||||
Italy — 2.0% | ||||||||
Amplifon SpA |
33,181 | 1,144,881 | ||||||
Assicurazioni Generali SpA |
273,434 | 5,177,631 | ||||||
Davide Campari-Milano NV |
134,679 | 1,757,733 | ||||||
DiaSorin SpA |
6,296 | 647,407 | ||||||
Enel SpA |
2,153,392 | 13,483,725 | ||||||
Eni SpA |
615,226 | 8,187,314 | ||||||
Ferrari NV |
33,383 | 9,513,119 | ||||||
FinecoBank Banca Fineco SpA |
156,005 | 2,069,416 | ||||||
Infrastrutture Wireless Italiane SpA, 144A |
85,607 | 1,088,914 | ||||||
Intesa Sanpaolo SpA |
4,275,336 | 9,850,441 | ||||||
Mediobanca Banca di Credito Finanziario SpA |
152,610 | 1,679,371 | ||||||
Moncler SpA |
54,673 | 3,700,422 | ||||||
Nexi SpA, 144A * |
162,031 | 1,269,173 | ||||||
Poste Italiane SpA, 144A |
132,334 | 1,371,518 | ||||||
Prysmian SpA |
65,154 | 2,414,528 | ||||||
Recordati Industria Chimica e Farmaceutica SpA |
26,497 | 1,150,467 | ||||||
Snam SpA |
520,147 | 2,718,769 | ||||||
Telecom Italia SpA *(b) |
2,664,075 | 705,643 | ||||||
Terna — Rete Elettrica Nazionale |
373,344 | 3,125,498 | ||||||
UniCredit SpA |
491,596 | 9,413,222 | ||||||
|
|
|||||||
(Cost $71,419,051) |
80,469,192 | |||||||
|
|
|||||||
Japan — 21.9% | ||||||||
Advantest Corp. |
50,700 | 6,517,402 | ||||||
Aeon Co. Ltd. |
173,700 | 3,440,962 | ||||||
AGC, Inc. (b) |
54,300 | 1,983,757 |
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2023
Number |
Value |
|||||||
Japan (Continued) | ||||||||
Aisin Corp. |
40,054 | $ | 1,152,819 | |||||
Ajinomoto Co., Inc. |
118,847 | 4,624,221 | ||||||
ANA Holdings, Inc. *(b) |
43,600 | 968,541 | ||||||
Asahi Group Holdings Ltd. |
127,565 | 4,952,443 | ||||||
Asahi Intecc Co. Ltd. |
57,800 | 1,101,446 | ||||||
Asahi Kasei Corp. |
345,800 | 2,354,145 | ||||||
Astellas Pharma, Inc. |
479,432 | 7,596,240 | ||||||
Azbil Corp. |
28,900 | 915,798 | ||||||
Bandai Namco Holdings, Inc. |
158,800 | 3,728,224 | ||||||
BayCurrent Consulting, Inc. |
34,900 | 1,280,022 | ||||||
Bridgestone Corp. |
151,276 | 6,165,047 | ||||||
Brother Industries Ltd. |
59,300 | 861,462 | ||||||
Canon, Inc. (b) |
266,086 | 6,609,895 | ||||||
Capcom Co. Ltd. |
46,000 | 1,796,088 | ||||||
Central Japan Railway Co. |
38,354 | 4,675,706 | ||||||
Chiba Bank Ltd. |
143,700 | 898,351 | ||||||
Chubu Electric Power Co., Inc. |
163,900 | 1,956,330 | ||||||
Chugai Pharmaceutical Co. Ltd. |
178,100 | 4,800,039 | ||||||
Concordia Financial Group Ltd. |
287,715 | 1,115,134 | ||||||
CyberAgent, Inc. |
117,400 | 832,523 | ||||||
Dai Nippon Printing Co. Ltd. |
58,000 | 1,654,764 | ||||||
Daifuku Co. Ltd. |
77,663 | 1,576,951 | ||||||
Dai-ichi Life Holdings, Inc. |
250,638 | 4,307,574 | ||||||
Daiichi Sankyo Co. Ltd. |
489,593 | 15,953,721 | ||||||
Daikin Industries Ltd. |
69,688 | 13,284,861 | ||||||
Daito Trust Construction Co. Ltd. |
15,813 | 1,503,838 | ||||||
Daiwa House Industry Co. Ltd. |
156,136 | 4,081,445 | ||||||
Daiwa House REIT Investment Corp. REIT |
622 | 1,305,832 | ||||||
Daiwa Securities Group, Inc. |
337,187 | 1,531,953 | ||||||
Denso Corp. |
114,753 | 7,092,324 | ||||||
Dentsu Group, Inc. |
53,700 | 1,726,725 | ||||||
Disco Corp. |
24,300 | 3,549,291 | ||||||
East Japan Railway Co. |
80,053 | 4,417,351 | ||||||
Eisai Co. Ltd. |
66,752 | 4,248,747 | ||||||
ENEOS Holdings, Inc. |
780,728 | 2,598,971 | ||||||
FANUC Corp. |
254,285 | 8,756,931 | ||||||
Fast Retailing Co. Ltd. (b) |
46,351 | 10,872,067 | ||||||
Fuji Electric Co. Ltd. |
32,300 | 1,360,854 | ||||||
FUJIFILM Holdings Corp. |
98,854 | 6,054,342 | ||||||
Fujitsu Ltd. |
46,602 | 5,927,059 | ||||||
GLP J REIT |
1,246 | 1,321,793 | ||||||
GMO Payment Gateway, Inc. |
10,700 | 846,323 | ||||||
Hakuhodo DY Holdings, Inc. |
62,259 | 653,312 | ||||||
Hamamatsu Photonics KK |
36,700 | 1,872,866 | ||||||
Hankyu Hanshin Holdings, Inc. |
58,040 | 1,847,532 | ||||||
Hikari Tsushin, Inc. |
4,900 | 709,370 | ||||||
Hirose Electric Co. Ltd. |
7,866 | 1,068,184 | ||||||
Hitachi Construction Machinery Co. Ltd. |
29,100 | 720,581 | ||||||
Hitachi Ltd. |
248,001 | 14,322,024 | ||||||
Honda Motor Co. Ltd. |
407,699 | 11,719,609 | ||||||
Hoshizaki Corp. |
29,500 | 1,062,910 | ||||||
Hoya Corp. |
94,574 | 11,923,146 | ||||||
Hulic Co. Ltd. |
95,200 | 794,671 | ||||||
Ibiden Co. Ltd. |
29,600 | 1,618,891 | ||||||
Idemitsu Kosan Co. Ltd. |
52,884 | 1,027,884 |
Number |
Value |
|||||||
Japan (Continued) | ||||||||
Iida Group Holdings Co. Ltd. |
42,500 | $ | 702,817 | |||||
Inpex Corp. |
266,517 | 2,831,115 | ||||||
Isuzu Motors Ltd. |
149,500 | 1,742,602 | ||||||
ITOCHU Corp. |
314,654 | 10,661,988 | ||||||
Itochu Techno-Solutions Corp. |
23,800 | 620,090 | ||||||
Japan Airlines Co. Ltd. |
34,873 | 667,299 | ||||||
Japan Exchange Group, Inc. |
132,578 | 2,170,064 | ||||||
Japan Metropolitan Fund Invest REIT |
1,952 | 1,381,426 | ||||||
Japan Post Bank Co. Ltd. |
390,558 | 2,918,147 | ||||||
Japan Post Holdings Co. Ltd. |
580,013 | 4,098,495 | ||||||
Japan Post Insurance Co. Ltd. |
53,000 | 797,710 | ||||||
Japan Real Estate Investment Corp. REIT |
354 | 1,346,636 | ||||||
Japan Tobacco, Inc. (b) |
317,541 | 6,928,582 | ||||||
JFE Holdings, Inc. |
125,085 | 1,547,795 | ||||||
JSR Corp. |
48,100 | 1,161,719 | ||||||
Kajima Corp. |
107,100 | 1,502,821 | ||||||
Kansai Electric Power Co., Inc. |
179,567 | 2,056,981 | ||||||
Kao Corp. |
123,704 | 4,330,195 | ||||||
Kawasaki Kisen Kaisha Ltd. |
36,700 | 825,799 | ||||||
KDDI Corp. |
396,233 | 12,203,379 | ||||||
Keio Corp. |
25,860 | 911,341 | ||||||
Keisei Electric Railway Co. Ltd. |
32,928 | 1,264,416 | ||||||
Keyence Corp. |
51,470 | 25,046,948 | ||||||
Kikkoman Corp. |
37,182 | 2,196,360 | ||||||
Kintetsu Group Holdings Co. Ltd. |
48,440 | 1,604,526 | ||||||
Kirin Holdings Co. Ltd. |
207,123 | 3,091,421 | ||||||
Kobayashi Pharmaceutical Co. Ltd. |
13,400 | 757,883 | ||||||
Kobe Bussan Co. Ltd. |
38,100 | 1,051,459 | ||||||
Koei Tecmo Holdings Co. Ltd. |
26,100 | 439,668 | ||||||
Koito Manufacturing Co. Ltd. |
52,300 | 984,250 | ||||||
Komatsu Ltd. |
245,273 | 5,795,361 | ||||||
Konami Group Corp. |
26,866 | 1,425,012 | ||||||
Kose Corp. |
8,600 | 864,167 | ||||||
Kubota Corp. |
264,781 | 3,662,178 | ||||||
Kurita Water Industries Ltd. |
26,200 | 1,073,763 | ||||||
Kyocera Corp. |
85,200 | 4,846,906 | ||||||
Kyowa Kirin Co. Ltd. |
68,200 | 1,311,868 | ||||||
Lasertec Corp. |
19,900 | 3,092,302 | ||||||
Lixil Corp. |
76,500 | 988,337 | ||||||
M3, Inc. |
114,942 | 2,564,075 | ||||||
Makita Corp. |
57,300 | 1,554,595 | ||||||
Marubeni Corp. |
404,400 | 5,781,911 | ||||||
MatsukiyoCocokara & Co. |
30,300 | 1,624,554 | ||||||
Mazda Motor Corp. |
145,800 | 1,249,490 | ||||||
McDonald’s Holdings Co. Japan Ltd. |
22,522 | 926,259 | ||||||
MEIJI Holdings Co. Ltd. |
57,680 | 1,293,738 | ||||||
MINEBEA MITSUMI, Inc. |
92,420 | 1,783,724 | ||||||
MISUMI Group, Inc. |
72,700 | 1,591,495 | ||||||
Mitsubishi Chemical Group Corp. |
343,200 | 1,929,507 | ||||||
Mitsubishi Corp. |
328,025 | 13,151,607 | ||||||
Mitsubishi Electric Corp. |
511,379 | 6,676,464 | ||||||
Mitsubishi Estate Co. Ltd. |
290,051 | 3,337,174 | ||||||
Mitsubishi HC Capital, Inc. |
235,900 | 1,281,725 | ||||||
Mitsubishi Heavy Industries Ltd. |
88,299 | 3,743,003 | ||||||
Mitsubishi UFJ Financial Group, Inc. |
3,020,852 | 20,218,514 | ||||||
Mitsui & Co. Ltd. |
347,260 | 10,976,731 |
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2023
Number |
Value |
|||||||
Japan (Continued) | ||||||||
Mitsui Chemicals, Inc. |
44,400 | $ | 1,123,345 | |||||
Mitsui Fudosan Co. Ltd. |
240,126 | 4,588,807 | ||||||
Mitsui OSK Lines Ltd. |
90,500 | 2,062,354 | ||||||
Mizuho Financial Group, Inc. |
637,858 | 9,399,049 | ||||||
MonotaRO Co. Ltd. |
63,900 | 889,761 | ||||||
MS&AD Insurance Group Holdings, Inc. |
111,021 | 3,823,282 | ||||||
Murata Manufacturing Co. Ltd. |
152,277 | 8,961,200 | ||||||
NEC Corp. |
65,059 | 3,058,579 | ||||||
Nexon Co. Ltd. |
103,445 | 2,113,077 | ||||||
NGK Insulators Ltd. |
63,900 | 771,891 | ||||||
Nidec Corp. |
110,746 | 5,516,435 | ||||||
Nintendo Co. Ltd. |
274,910 | 11,712,656 | ||||||
Nippon Building Fund, Inc. REIT |
406 | 1,626,040 | ||||||
NIPPON EXPRESS HOLDINGS, Inc. |
19,600 | 1,101,511 | ||||||
Nippon Paint Holdings Co. Ltd. |
251,910 | 1,936,448 | ||||||
Nippon Prologis REIT, Inc. REIT (b) |
594 | 1,245,769 | ||||||
Nippon Sanso Holdings Corp. |
46,200 | 948,373 | ||||||
Nippon Shinyaku Co. Ltd. |
14,200 | 650,249 | ||||||
Nippon Steel Corp. |
214,109 | 4,173,070 | ||||||
Nippon Telegraph & Telephone Corp. |
316,202 | 8,975,984 | ||||||
Nippon Yusen KK |
128,300 | 2,737,282 | ||||||
Nissan Chemical Corp. |
32,049 | 1,393,985 | ||||||
Nissan Motor Co. Ltd. |
613,442 | 2,302,306 | ||||||
Nisshin Seifun Group, Inc. |
46,700 | 586,243 | ||||||
Nissin Foods Holdings Co. Ltd. |
15,800 | 1,348,373 | ||||||
Nitori Holdings Co. Ltd. |
20,601 | 2,512,930 | ||||||
Nitto Denko Corp. |
39,824 | 2,838,344 | ||||||
Nomura Holdings, Inc. |
772,554 | 2,711,494 | ||||||
Nomura Real Estate Holdings, Inc. |
27,636 | 669,453 | ||||||
Nomura Real Estate Master Fund, Inc. REIT |
1,060 | 1,246,969 | ||||||
Nomura Research Institute Ltd. |
104,043 | 2,621,144 | ||||||
NTT Data Corp. |
166,534 | 2,386,997 | ||||||
Obayashi Corp. |
161,700 | 1,304,510 | ||||||
Obic Co. Ltd. |
18,300 | 2,967,142 | ||||||
Odakyu Electric Railway Co. Ltd. |
74,350 | 1,084,365 | ||||||
Oji Holdings Corp. |
225,668 | 869,792 | ||||||
Olympus Corp. |
313,816 | 4,769,463 | ||||||
Omron Corp. |
46,592 | 2,817,424 | ||||||
Ono Pharmaceutical Co. Ltd. |
103,706 | 1,941,626 | ||||||
Open House Group Co. Ltd. |
19,600 | 754,036 | ||||||
Oracle Corp. (b) |
9,700 | 743,556 | ||||||
Oriental Land Co. Ltd. |
288,500 | 10,823,539 | ||||||
ORIX Corp. |
305,746 | 5,212,989 | ||||||
Osaka Gas Co. Ltd. |
99,100 | 1,571,232 | ||||||
Otsuka Corp. |
28,600 | 1,079,749 | ||||||
Otsuka Holdings Co. Ltd. |
103,767 | 3,852,766 | ||||||
Pan Pacific International Holdings Corp. |
97,272 | 1,660,937 | ||||||
Panasonic Holdings Corp. |
585,085 | 6,133,261 | ||||||
Persol Holdings Co. Ltd. |
45,300 | 857,067 | ||||||
Rakuten Group, Inc. (b) |
254,486 | 1,052,101 | ||||||
Recruit Holdings Co. Ltd. |
381,653 | 11,751,598 | ||||||
Renesas Electronics Corp. * |
337,100 | 5,540,707 | ||||||
Resona Holdings, Inc. |
564,325 | 2,565,942 | ||||||
Ricoh Co. Ltd. |
141,400 | 1,183,366 |
Number |
Value |
|||||||
Japan (Continued) | ||||||||
Rohm Co. Ltd. |
22,100 | $ | 1,873,325 | |||||
SBI Holdings, Inc. |
62,325 | 1,167,545 | ||||||
SCSK Corp. |
40,300 | 638,668 | ||||||
Secom Co. Ltd. |
55,700 | 3,652,433 | ||||||
Seiko Epson Corp. |
71,059 | 1,080,739 | ||||||
Sekisui Chemical Co. Ltd. |
91,200 | 1,260,075 | ||||||
Sekisui House Ltd. |
158,551 | 3,099,326 | ||||||
Seven & i Holdings Co. Ltd. |
199,676 | 8,376,861 | ||||||
SG Holdings Co. Ltd. |
85,600 | 1,258,272 | ||||||
Sharp Corp. * |
51,273 | 294,408 | ||||||
Shimadzu Corp. |
61,000 | 1,891,405 | ||||||
Shimano, Inc. |
20,394 | 3,207,124 | ||||||
Shimizu Corp. |
132,200 | 802,736 | ||||||
Shin-Etsu Chemical Co. Ltd. |
482,420 | 14,878,584 | ||||||
Shionogi & Co. Ltd. |
69,295 | 3,121,446 | ||||||
Shiseido Co. Ltd. |
106,057 | 4,829,942 | ||||||
Shizuoka Financial Group, Inc. |
108,300 | 797,530 | ||||||
SMC Corp. |
15,082 | 8,127,447 | ||||||
SoftBank Corp. |
759,700 | 8,100,013 | ||||||
SoftBank Group Corp. |
272,528 | 10,709,426 | ||||||
Sompo Holdings, Inc. |
81,435 | 3,325,786 | ||||||
Sony Group Corp. |
333,716 | 31,521,282 | ||||||
Square Enix Holdings Co. Ltd. |
21,000 | 942,042 | ||||||
Subaru Corp. |
157,834 | 2,717,702 | ||||||
SUMCO Corp. (b) |
89,100 | 1,273,268 | ||||||
Sumitomo Chemical Co. Ltd. |
395,722 | 1,181,556 | ||||||
Sumitomo Corp. |
298,076 | 5,640,606 | ||||||
Sumitomo Electric Industries Ltd. |
184,400 | 2,189,109 | ||||||
Sumitomo Metal Mining Co. Ltd. |
63,200 | 1,918,794 | ||||||
Sumitomo Mitsui Financial Group, Inc. |
345,315 | 14,072,841 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. |
87,781 | 3,090,370 | ||||||
Sumitomo Realty & Development Co. Ltd. |
78,903 | 1,907,943 | ||||||
Suntory Beverage & Food Ltd. |
35,000 | 1,288,713 | ||||||
Suzuki Motor Corp. |
96,426 | 3,185,017 | ||||||
Sysmex Corp. |
43,107 | 2,824,502 | ||||||
T&D Holdings, Inc. |
137,100 | 1,871,625 | ||||||
Taisei Corp. |
45,815 | 1,458,385 | ||||||
Takeda Pharmaceutical Co. Ltd. |
419,011 | 13,295,874 | ||||||
TDK Corp. |
103,072 | 3,950,508 | ||||||
Terumo Corp. |
178,144 | 5,429,029 | ||||||
TIS, Inc. |
57,800 | 1,622,092 | ||||||
Tobu Railway Co. Ltd. |
50,379 | 1,319,816 | ||||||
Toho Co. Ltd. |
27,500 | 1,083,617 | ||||||
Tokio Marine Holdings, Inc. |
477,150 | 10,767,340 | ||||||
Tokyo Electric Power Co. Holdings, Inc. * |
397,900 | 1,373,694 | ||||||
Tokyo Electron Ltd. |
118,592 | 16,440,728 | ||||||
Tokyo Gas Co. Ltd. |
100,380 | 2,139,086 | ||||||
Tokyu Corp. |
149,810 | 1,937,611 | ||||||
TOPPAN, Inc. |
66,389 | 1,421,413 | ||||||
Toray Industries, Inc. |
353,343 | 1,869,618 | ||||||
Toshiba Corp. |
110,016 | 3,552,571 | ||||||
Tosoh Corp. |
63,340 | 729,666 | ||||||
TOTO Ltd. |
36,115 | 1,097,772 | ||||||
Toyota Industries Corp. |
39,400 | 2,437,667 | ||||||
Toyota Motor Corp. |
2,807,020 | 38,451,087 |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2023
Number |
Value |
|||||||
Japan (Continued) | ||||||||
Toyota Tsusho Corp. |
54,511 | $ | 2,402,279 | |||||
Trend Micro, Inc. |
35,776 | 1,705,025 | ||||||
Unicharm Corp. |
107,000 | 4,077,251 | ||||||
USS Co. Ltd. |
53,700 | 874,540 | ||||||
Welcia Holdings Co. Ltd. |
23,200 | 490,893 | ||||||
West Japan Railway Co. |
56,206 | 2,356,356 | ||||||
Yakult Honsha Co. Ltd. |
32,679 | 2,122,698 | ||||||
Yamaha Corp. |
35,781 | 1,420,197 | ||||||
Yamaha Motor Co. Ltd. |
77,074 | 1,902,993 | ||||||
Yamato Holdings Co. Ltd. |
71,771 | 1,315,136 | ||||||
Yaskawa Electric Corp. |
61,420 | 2,600,955 | ||||||
Yokogawa Electric Corp. |
62,044 | 1,172,078 | ||||||
Z Holdings Corp. |
683,000 | 1,701,556 | ||||||
ZOZO, Inc. |
33,397 | 681,723 | ||||||
|
|
|||||||
(Cost $766,128,608) |
886,119,967 | |||||||
|
|
|||||||
Jordan — 0.0% | ||||||||
Hikma Pharmaceuticals PLC |
||||||||
(Cost $1,202,209) |
40,538 | 903,404 | ||||||
|
|
|||||||
Luxembourg — 0.2% | ||||||||
ArcelorMittal SA |
128,585 | 3,192,838 | ||||||
Eurofins Scientific SE (b) |
34,703 | 2,286,478 | ||||||
Tenaris SA |
122,350 | 1,526,203 | ||||||
|
|
|||||||
(Cost $6,530,199) |
7,005,519 | |||||||
|
|
|||||||
Macau — 0.1% | ||||||||
Sands China Ltd. * |
||||||||
(Cost $2,444,564) |
613,590 | 1,986,413 | ||||||
|
|
|||||||
Netherlands — 4.7% | ||||||||
ABN AMRO Bank NV, 144A |
105,893 | 1,539,938 | ||||||
Adyen NV, 144A * |
5,744 | 9,374,195 | ||||||
Aegon NV |
456,738 | 2,008,974 | ||||||
Akzo Nobel NV |
46,031 | 3,465,829 | ||||||
Argenx SE * |
14,783 | 5,761,249 | ||||||
ASM International NV |
12,420 | 5,381,988 | ||||||
ASML Holding NV |
106,569 | 76,491,700 | ||||||
Euronext NV, 144A |
21,906 | 1,455,264 | ||||||
EXOR NV * |
27,903 | 2,316,251 | ||||||
Heineken Holding NV |
30,021 | 2,552,718 | ||||||
Heineken NV |
68,679 | 6,935,875 | ||||||
IMCD NV |
15,179 | 2,280,402 | ||||||
ING Groep NV |
958,354 | 11,788,627 | ||||||
JDE Peet’s NV |
33,652 | 977,682 | ||||||
Just Eat Takeaway.com NV, 144A * |
55,806 | 839,171 | ||||||
Koninklijke Ahold Delhaize NV |
258,415 | 8,192,685 | ||||||
Koninklijke KPN NV |
854,333 | 2,938,669 | ||||||
Koninklijke Philips NV * |
246,874 | 4,656,494 | ||||||
NN Group NV (b) |
66,566 | 2,399,261 | ||||||
OCI NV |
26,802 | 595,606 | ||||||
Prosus NV * |
212,110 | 13,959,431 | ||||||
QIAGEN NV * |
59,080 | 2,665,589 | ||||||
Randstad NV |
30,369 | 1,488,682 | ||||||
Stellantis NV |
596,130 | 9,036,825 | ||||||
Universal Music Group NV |
217,025 | 4,291,597 | ||||||
Wolters Kluwer NV |
68,143 | 7,779,110 | ||||||
|
|
|||||||
(Cost $132,049,322) |
191,173,812 | |||||||
|
|
Number |
Value |
|||||||
New Zealand — 0.2% | ||||||||
Auckland International Airport Ltd. * |
319,314 | $ | 1,706,865 | |||||
Fisher & Paykel Healthcare Corp. Ltd. |
153,782 | 2,153,482 | ||||||
Mercury NZ Ltd. |
177,035 | 699,481 | ||||||
Meridian Energy Ltd. |
323,146 | 1,033,490 | ||||||
Spark New Zealand Ltd. |
515,043 | 1,600,686 | ||||||
Xero Ltd. * |
38,055 | 2,721,580 | ||||||
|
|
|||||||
(Cost $8,675,775) |
9,915,584 | |||||||
|
|
|||||||
Norway — 0.6% | ||||||||
Adevinta ASA * |
69,156 | 484,083 | ||||||
Aker BP ASA |
81,560 | 1,772,245 | ||||||
DNB Bank ASA |
245,432 | 4,108,148 | ||||||
Equinor ASA |
253,213 | 6,472,783 | ||||||
Gjensidige Forsikring ASA |
47,799 | 803,095 | ||||||
Kongsberg Gruppen ASA |
22,512 | 901,681 | ||||||
Mowi ASA |
117,497 | 2,016,466 | ||||||
Norsk Hydro ASA |
357,437 | 2,160,040 | ||||||
Orkla ASA |
192,940 | 1,388,100 | ||||||
Salmar ASA (b) |
19,443 | 856,528 | ||||||
Telenor ASA |
182,063 | 1,869,803 | ||||||
Yara International ASA (b) |
42,383 | 1,581,506 | ||||||
|
|
|||||||
(Cost $27,944,280) |
24,414,478 | |||||||
|
|
|||||||
Portugal — 0.2% | ||||||||
EDP — Energias de Portugal SA |
771,608 | 3,762,612 | ||||||
Galp Energia SGPS SA |
133,933 | 1,416,722 | ||||||
Jeronimo Martins SGPS SA |
73,138 | 1,765,243 | ||||||
|
|
|||||||
(Cost $6,076,900) |
6,944,577 | |||||||
|
|
|||||||
Singapore — 1.4% | ||||||||
CapitaLand Ascendas REIT |
860,999 | 1,719,069 | ||||||
CapitaLand Integrated Commercial Trust REIT |
1,418,534 | 2,097,958 | ||||||
CapitaLand Investment Ltd. |
672,200 | 1,645,332 | ||||||
City Developments Ltd. |
140,500 | 701,305 | ||||||
DBS Group Holdings Ltd. |
479,387 | 10,741,275 | ||||||
Genting Singapore Ltd. |
1,634,278 | 1,220,602 | ||||||
Grab Holdings Ltd., Class A * (b) |
496,220 | 1,478,736 | ||||||
Jardine Cycle & Carriage Ltd. |
26,500 | 633,547 | ||||||
Keppel Corp. Ltd. |
369,000 | 1,721,800 | ||||||
Mapletree Logistics Trust REIT |
883,575 | 1,084,622 | ||||||
Mapletree Pan Asia Commercial Trust REIT |
628,100 | 766,372 | ||||||
Oversea-Chinese Banking Corp. Ltd. |
895,687 | 8,126,954 | ||||||
Sea Ltd., ADR * |
96,593 | 5,545,404 | ||||||
Seatrium Ltd. * |
10,095,160 | 918,217 | ||||||
Singapore Airlines Ltd. |
370,150 | 1,754,538 | ||||||
Singapore Exchange Ltd. |
214,900 | 1,474,726 | ||||||
Singapore Technologies Engineering Ltd. |
445,800 | 1,206,558 | ||||||
Singapore Telecommunications Ltd. |
2,146,589 | 3,952,530 | ||||||
United Overseas Bank Ltd. |
334,754 | 6,918,860 | ||||||
UOL Group Ltd. |
115,281 | 541,325 | ||||||
Venture Corp. Ltd. |
75,100 | 842,466 | ||||||
Wilmar International Ltd. |
490,166 | 1,417,251 | ||||||
|
|
|||||||
(Cost $61,444,487) |
56,509,447 | |||||||
|
|
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2023
Number |
Value |
|||||||
Spain — 2.5% | ||||||||
Acciona SA |
6,327 | $ | 1,023,232 | |||||
ACS Actividades de Construccion y Servicios SA |
54,025 | 1,797,098 | ||||||
Aena SME SA, 144A |
19,956 | 3,118,590 | ||||||
Amadeus IT Group SA * |
119,271 | 8,529,005 | ||||||
Banco Bilbao Vizcaya Argentaria SA |
1,597,418 | 10,449,786 | ||||||
Banco Santander SA |
4,357,935 | 14,184,220 | ||||||
CaixaBank SA |
1,093,185 | 4,004,471 | ||||||
Cellnex Telecom SA, 144A * |
150,039 | 6,079,885 | ||||||
Corp ACCIONA Energias Renovables SA *(b) |
17,845 | 593,600 | ||||||
EDP Renovaveis SA |
69,612 | 1,382,507 | ||||||
EDP Renovaveis SA * |
913 | 18,132 | ||||||
Enagas SA |
63,078 | 1,203,858 | ||||||
Endesa SA |
81,906 | 1,771,124 | ||||||
Ferrovial SA |
135,146 | 4,182,049 | ||||||
Grifols SA *(b) |
79,488 | 921,443 | ||||||
Iberdrola SA |
1,540,566 | 18,772,520 | ||||||
Industria de Diseno Textil SA (b) |
288,677 | 9,655,064 | ||||||
Naturgy Energy Group SA |
33,457 | 951,990 | ||||||
Red Electrica Corp. SA |
104,389 | 1,768,009 | ||||||
Repsol SA |
353,243 | 4,791,512 | ||||||
Telefonica SA |
1,380,265 | 5,857,205 | ||||||
|
|
|||||||
(Cost $112,765,014) |
101,055,300 | |||||||
|
|
|||||||
Sweden — 3.0% | ||||||||
Alfa Laval AB (b) |
74,644 | 2,681,236 | ||||||
Assa Abloy AB, Class B |
265,858 | 5,899,354 | ||||||
Atlas Copco AB, Class A |
715,973 | 10,427,720 | ||||||
Atlas Copco AB, Class B |
411,109 | 5,174,947 | ||||||
Beijer Ref AB |
89,716 | 1,326,915 | ||||||
Boliden AB |
71,231 | 2,169,067 | ||||||
Boliden AB * |
70,097 | 74,155 | ||||||
Embracer Group AB *(b) |
163,943 | 377,006 | ||||||
Epiroc AB, Class A |
169,893 | 2,974,591 | ||||||
Epiroc AB, Class B |
104,239 | 1,574,372 | ||||||
EQT AB (b) |
91,861 | 1,736,181 | ||||||
Essity AB, Class B |
161,836 | 4,300,992 | ||||||
Evolution AB, 144A |
48,512 | 6,373,017 | ||||||
Fastighets AB Balder, Class B *(b) |
187,714 | 630,338 | ||||||
Getinge AB, Class B |
58,611 | 1,347,559 | ||||||
H & M Hennes & Mauritz AB, Class B (b) |
174,370 | 2,176,291 | ||||||
Hexagon AB, Class B |
552,165 | 6,400,999 | ||||||
Holmen AB, Class B (b) |
25,260 | 955,298 | ||||||
Husqvarna AB, Class B |
108,363 | 799,856 | ||||||
Industrivarden AB, Class A |
33,406 | 898,888 | ||||||
Industrivarden AB, Class C (b) |
44,454 | 1,188,384 | ||||||
Indutrade AB |
70,396 | 1,655,491 | ||||||
Investment AB Latour, Class B (b) |
35,999 | 712,894 | ||||||
Investor AB, Class A |
115,609 | 2,376,783 | ||||||
Investor AB, Class B (b) |
459,138 | 9,335,668 | ||||||
Kinnevik AB, Class B * |
59,265 | 850,598 | ||||||
L E Lundbergforetagen AB, Class B (b) |
21,164 | 880,354 | ||||||
Lifco AB, Class B |
60,789 | 1,283,359 | ||||||
Nibe Industrier AB, Class B |
401,401 | 3,830,247 | ||||||
Saab AB, Class B |
21,236 | 1,156,143 |
Number |
Value |
|||||||
Sweden (Continued) | ||||||||
Sagax AB, Class B (b) |
47,236 | $ | 930,634 | |||||
Sandvik AB |
284,545 | 4,999,033 | ||||||
Securitas AB, Class B |
123,786 | 911,644 | ||||||
Skandinaviska Enskilda Banken AB, Class A |
428,692 | 4,481,755 | ||||||
Skanska AB, Class B (b) |
87,195 | 1,149,015 | ||||||
SKF AB, Class B |
99,080 | 1,569,496 | ||||||
Svenska Cellulosa AB SCA, Class B |
155,180 | 2,057,760 | ||||||
Svenska Handelsbanken AB, Class A |
375,639 | 2,967,921 | ||||||
Swedbank AB, Class A |
225,093 | 3,444,285 | ||||||
Swedish Orphan Biovitrum AB * |
43,064 | 865,106 | ||||||
Tele2 AB, Class B (b) |
147,404 | 1,339,320 | ||||||
Telefonaktiebolaget LM Ericsson, Class B |
775,000 | 4,007,907 | ||||||
Telia Co. AB (b) |
686,928 | 1,599,612 | ||||||
Volvo AB, Class A |
53,420 | 1,029,826 | ||||||
Volvo AB, Class B |
403,015 | 7,436,900 | ||||||
Volvo Car AB, Class B *(b) |
142,032 | 487,933 | ||||||
|
|
|||||||
(Cost $116,152,150) |
120,846,850 | |||||||
|
|
|||||||
Switzerland — 10.7% | ||||||||
ABB Ltd. |
415,703 | 15,181,204 | ||||||
Adecco Group AG |
40,357 | 1,203,509 | ||||||
Alcon, Inc. |
132,265 | 10,261,702 | ||||||
Bachem Holding AG |
9,002 | 944,926 | ||||||
Baloise Holding AG |
12,287 | 1,887,402 | ||||||
Banque Cantonale Vaudoise (b) |
8,132 | 818,334 | ||||||
Barry Callebaut AG |
957 | 1,934,490 | ||||||
BKW AG |
5,508 | 987,600 | ||||||
Chocoladefabriken Lindt & Spruengli AG |
28 | 3,387,977 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates |
267 | 3,192,567 | ||||||
Cie Financiere Richemont SA, Class A |
138,115 | 21,920,970 | ||||||
Clariant AG * |
52,771 | 760,783 | ||||||
Coca-Cola HBC AG * |
58,434 | 1,735,813 | ||||||
DSM-Firmenich AG * |
46,032 | 5,119,147 | ||||||
Dufry AG * |
26,273 | 1,187,658 | ||||||
EMS-Chemie Holding AG |
1,795 | 1,389,487 | ||||||
Geberit AG |
8,978 | 4,755,407 | ||||||
Givaudan SA |
2,476 | 8,145,041 | ||||||
Glencore PLC |
2,826,330 | 14,465,819 | ||||||
Helvetia Holding AG |
10,557 | 1,498,787 | ||||||
Holcim AG * |
146,657 | 9,040,158 | ||||||
Julius Baer Group Ltd. |
56,173 | 3,431,749 | ||||||
Kuehne + Nagel International AG |
14,093 | 4,009,329 | ||||||
Logitech International SA |
44,580 | 2,856,644 | ||||||
Lonza Group AG |
19,728 | 12,333,926 | ||||||
Nestle SA |
727,584 | 86,199,631 | ||||||
Novartis AG |
542,350 | 51,903,624 | ||||||
Partners Group Holding AG |
6,030 | 5,434,449 | ||||||
Roche Holding AG |
185,910 | 58,829,824 | ||||||
Roche Holding AG |
8,478 | 2,857,805 | ||||||
Schindler Holding AG |
6,091 | 1,221,210 | ||||||
Schindler Holding AG Participation Certificates |
10,849 | 2,246,633 | ||||||
SGS SA |
39,766 | 3,529,710 |
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2023
Number |
Value |
|||||||
Switzerland (Continued) | ||||||||
SIG Group AG * |
78,621 | $ | 2,144,327 | |||||
Sika AG |
38,891 | 10,607,219 | ||||||
Sonova Holding AG |
13,780 | 3,531,432 | ||||||
STMicroelectronics NV |
181,105 | 7,858,513 | ||||||
Straumann Holding AG |
29,616 | 4,328,180 | ||||||
Swatch Group AG — Bearer |
7,705 | 2,289,292 | ||||||
Swatch Group AG — Registered |
13,681 | 767,608 | ||||||
Swiss Life Holding AG (b) |
8,154 | 4,709,310 | ||||||
Swiss Prime Site AG |
19,204 | 1,620,453 | ||||||
Swiss Re AG |
79,900 | 8,002,721 | ||||||
Swisscom AG |
6,853 | 4,340,171 | ||||||
Temenos AG |
16,429 | 1,384,311 | ||||||
UBS Group AG |
839,537 | 15,891,977 | ||||||
VAT Group AG, 144A (b) |
7,176 | 2,957,071 | ||||||
Zurich Insurance Group AG |
39,734 | 18,585,434 | ||||||
|
|
|||||||
(Cost $340,978,735) |
433,691,334 | |||||||
|
|
|||||||
United Kingdom — 13.7% | ||||||||
3i Group PLC |
257,600 | 6,266,237 | ||||||
abrdn PLC |
524,586 | 1,295,330 | ||||||
Admiral Group PLC |
56,324 | 1,628,994 | ||||||
Anglo American PLC |
336,838 | 9,316,683 | ||||||
Ashtead Group PLC |
116,182 | 7,081,708 | ||||||
Associated British Foods PLC |
92,055 | 2,090,414 | ||||||
AstraZeneca PLC |
410,077 | 59,479,467 | ||||||
Auto Trader Group PLC, 144A |
246,215 | 1,929,559 | ||||||
Aviva PLC |
726,716 | 3,563,563 | ||||||
BAE Systems PLC |
807,525 | 9,323,965 | ||||||
Barclays PLC |
4,117,415 | 7,751,424 | ||||||
Barratt Developments PLC |
250,798 | 1,443,845 | ||||||
Berkeley Group Holdings PLC |
30,397 | 1,484,513 | ||||||
BP PLC |
4,682,575 | 26,404,234 | ||||||
British American Tobacco PLC |
562,291 | 17,867,761 | ||||||
British Land Co. PLC REIT |
233,522 | 996,380 | ||||||
BT Group PLC |
1,791,204 | 3,272,066 | ||||||
Bunzl PLC |
89,570 | 3,503,065 | ||||||
Burberry Group PLC |
101,543 | 2,720,814 | ||||||
Centrica PLC |
1,506,801 | 2,205,215 | ||||||
CNH Industrial NV |
268,969 | 3,435,639 | ||||||
Coca-Cola Europacific Partners PLC |
54,561 | 3,404,061 | ||||||
Compass Group PLC |
461,403 | 12,638,654 | ||||||
Croda International PLC |
36,591 | 2,776,561 | ||||||
Diageo PLC |
596,734 | 24,845,034 | ||||||
Endeavour Mining PLC |
49,528 | 1,325,855 | ||||||
Entain PLC |
156,886 | 2,574,140 | ||||||
GSK PLC |
1,083,917 | 18,154,038 | ||||||
Haleon PLC |
1,345,959 | 5,327,643 | ||||||
Halma PLC |
100,807 | 3,020,860 | ||||||
Hargreaves Lansdown PLC |
88,701 | 885,145 | ||||||
HSBC Holdings PLC |
5,286,624 | 38,833,043 | ||||||
Imperial Brands PLC |
232,058 | 4,892,934 | ||||||
Informa PLC |
363,544 | 3,152,048 | ||||||
InterContinental Hotels Group PLC |
46,520 | 3,048,517 | ||||||
Intertek Group PLC |
42,739 | 2,208,482 | ||||||
J Sainsbury PLC |
425,409 | 1,431,982 | ||||||
JD Sports Fashion PLC |
689,780 | 1,304,239 |
Number |
Value |
|||||||
United Kingdom (Continued) | ||||||||
Johnson Matthey PLC |
46,349 | $ | 997,446 | |||||
Kingfisher PLC |
496,167 | 1,425,749 | ||||||
Land Securities Group PLC REIT |
181,025 | 1,355,621 | ||||||
Legal & General Group PLC |
1,582,698 | 4,490,828 | ||||||
Lloyds Banking Group PLC |
17,530,124 | 9,631,978 | ||||||
London Stock Exchange Group PLC |
106,273 | 11,302,959 | ||||||
M&G PLC |
604,000 | 1,489,168 | ||||||
Mondi PLC |
123,770 | 1,916,849 | ||||||
National Grid PLC |
972,695 | 13,382,428 | ||||||
NatWest Group PLC |
1,517,919 | 4,901,809 | ||||||
Next PLC |
33,190 | 2,620,055 | ||||||
Ocado Group PLC *(b) |
147,128 | 675,344 | ||||||
Pearson PLC |
169,745 | 1,685,434 | ||||||
Persimmon PLC |
81,590 | 1,219,449 | ||||||
Phoenix Group Holdings PLC |
201,190 | 1,382,494 | ||||||
Reckitt Benckiser Group PLC |
189,539 | 14,726,640 | ||||||
RELX PLC |
503,369 | 15,716,770 | ||||||
Rentokil Initial PLC |
658,317 | 5,229,583 | ||||||
Rio Tinto PLC |
298,006 | 17,727,100 | ||||||
Rolls-Royce Holdings PLC * |
2,215,379 | 3,949,093 | ||||||
Sage Group PLC |
271,204 | 2,938,444 | ||||||
Schroders PLC |
218,324 | 1,237,338 | ||||||
Segro PLC REIT |
338,283 | 3,356,359 | ||||||
Severn Trent PLC |
65,879 | 2,272,479 | ||||||
Shell PLC |
1,812,019 | 50,051,446 | ||||||
Smith & Nephew PLC |
231,477 | 3,461,110 | ||||||
Smiths Group PLC |
98,349 | 1,964,801 | ||||||
Spirax-Sarco Engineering PLC |
18,923 | 2,571,666 | ||||||
SSE PLC |
288,373 | 6,749,350 | ||||||
St James’s Place PLC |
143,965 | 1,996,801 | ||||||
Standard Chartered PLC |
634,210 | 4,998,634 | ||||||
Taylor Wimpey PLC |
952,741 | 1,353,456 | ||||||
Tesco PLC |
1,941,066 | 6,297,251 | ||||||
Unilever PLC |
668,338 | 33,496,276 | ||||||
United Utilities Group PLC |
173,829 | 2,189,376 | ||||||
Vodafone Group PLC |
6,085,776 | 5,781,518 | ||||||
Whitbread PLC |
54,764 | 2,238,545 | ||||||
Wise PLC, Class A * |
162,920 | 1,176,264 | ||||||
WPP PLC |
284,348 | 3,020,017 | ||||||
|
|
|||||||
(Cost $578,884,029) |
555,862,040 | |||||||
|
|
|||||||
TOTAL
COMMON STOCKS |
3,927,314,765 | |||||||
|
|
|||||||
PREFERRED STOCKS — 0.5% |
| |||||||
Germany — 0.5% | ||||||||
Bayerische Motoren Werke AG |
16,009 | 1,645,322 | ||||||
Dr Ing hc F Porsche AG, 144A * |
30,165 | 3,745,070 | ||||||
Henkel AG & Co. KGaA |
44,613 | 3,554,579 | ||||||
Porsche Automobil Holding SE * |
39,356 | 2,183,312 | ||||||
Sartorius AG (b) |
6,956 | 2,330,958 | ||||||
Volkswagen AG |
54,661 | 6,811,442 | ||||||
|
|
|||||||
(Cost $23,840,985) |
20,270,683 | |||||||
|
|
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2023
Number |
Value |
|||||||
WARRANTS — 0.0% |
| |||||||
Switzerland — 0.0% | ||||||||
Cie
Financiere Richemont SA*, |
255,836 | $ | 316,020 | |||||
|
|
|||||||
SECURITIES LENDING COLLATERAL — 1.8% | ||||||||
DWS
Government & Agency Securities Portfolio “DWS Government Cash
Institutional Shares”, 5.03% (d)(e) |
72,167,804 | 72,167,804 | ||||||
|
|
Number |
Value |
|||||||
CASH EQUIVALENTS — 1.3% | ||||||||
DWS ESG Liquidity Fund “Capital Shares”, 5.20% (d) |
11,809,080 | $ | 11,805,537 | |||||
DWS Government Money Market Series “Institutional Shares”, 5.04% (d) |
42,151,828 | 42,151,828 | ||||||
|
|
|||||||
TOTAL CASH EQUIVALENTS |
||||||||
(Cost $53,960,908) |
53,957,365 | |||||||
|
|
|||||||
TOTAL INVESTMENTS — 100.6% |
||||||||
(Cost $3,669,436,192) |
$ | 4,074,026,637 | ||||||
Other assets and liabilities, net — (0.6%) |
(24,840,980 | ) | ||||||
|
|
|||||||
NET ASSETS — 100.0% |
$ | 4,049,185,657 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2023 is as follows:
Value ($) at 5/31/2022 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) | Capital Gain Distributions ($) |
Number of Shares at 5/31/2023 |
Value ($) at 5/31/2023 |
||||||||||||||||||||||||||||
COMMON STOCKS — 0.1% |
|
|||||||||||||||||||||||||||||||||||
Germany — 0.1% |
|
|||||||||||||||||||||||||||||||||||
Deutsche Bank AG (c) |
| |||||||||||||||||||||||||||||||||||
6,384,048 | 1,103,479 | (1,851,999 | ) | (3,604,957 | ) | 3,174,237 | 170,231 | — | 513,857 | 5,204,808 | ||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 1.8% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.03% (d)(e) |
| |||||||||||||||||||||||||||||||||||
87,362,002 | — | (15,194,198 | ) (f) | — | — | 906,067 | — | 72,167,804 | 72,167,804 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 1.3% |
| |||||||||||||||||||||||||||||||||||
DWS ESG Liquidity Fund “Capital Shares”, 5.20% (d) |
| |||||||||||||||||||||||||||||||||||
11,386,377 | 415,867 | — | — | 3,293 | 417,075 | — | 11,809,080 | 11,805,537 | ||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.04% (d) |
| |||||||||||||||||||||||||||||||||||
— | 2,078,936,348 | (2,036,784,520 | ) | — | — | 1,962,811 | — | 42,151,828 | 42,151,828 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
105,132,427 | 2,080,455,694 | (2,053,830,717 | ) | (3,604,957 | ) | 3,177,530 | 3,456,184 | — | 126,642,569 | 131,329,977 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Non-income producing security. |
(a) |
Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(b) |
All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2023 amounted to $114,405,535, which is 2.8% of net assets. |
(c) |
Affiliated issuer. This security is owned in proportion with its representation in the index. |
(d) |
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(e) |
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $63,336,398. |
(f) |
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2023. |
ADR: | American Depositary Receipt |
CDI: | Chess Depositary Interests |
CVA: | Credit Valuation Adjustment |
REIT: | Real Estate Investment Trust |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Securities are listed in country of domicile.
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2023
At May 31, 2023, open futures contracts purchased were as follows:
Contract Description |
Currency | Number of Contracts |
Notional Amount |
Contract Value |
Expiration Date |
Unrealized Appreciation (Depreciation) |
||||||||||||
AMSTERDAM Index Futures |
EUR | 35 | $ | 5,665,947 | $ | 5,606,791 | 6/16/2023 | $ | (59,156 | ) | ||||||||
CAC40 10 EURO Futures |
EUR | 135 | 10,642,049 | 10,244,693 | 6/16/2023 | (397,356 | ) | |||||||||||
DAX Index Futures |
EUR | 22 | 9,139,121 | 9,209,382 | 6/16/2023 | 70,261 | ||||||||||||
EURO STOXX 50 Futures |
EUR | 225 | 10,317,887 | 10,141,998 | 6/16/2023 | (175,889 | ) | |||||||||||
FTSE 100 Index Futures |
GBP | 135 | 12,778,717 | 12,514,391 | 6/16/2023 | (264,326 | ) | |||||||||||
FTSE/MIB Index Futures |
EUR | 6 | 853,814 | 836,725 | 6/16/2023 | (17,089 | ) | |||||||||||
IBEX 35 Index Futures |
EUR | 30 | 2,959,826 | 2,897,929 | 6/16/2023 | (61,897 | ) | |||||||||||
MSCI EAFE Futures |
USD | 215 | 21,697,800 | 22,074,050 | 6/16/2023 | 376,250 | ||||||||||||
MSCI Singapore Index Futures |
SGD | 65 | 1,399,217 | 1,366,764 | 6/28/2023 | (32,453 | ) | |||||||||||
OMXS30 Index Futures |
SEK | 115 | 2,382,828 | 2,373,005 | 6/16/2023 | (9,823 | ) | |||||||||||
SPI 200 Futures |
AUD | 65 | 7,560,623 | 7,504,570 | 6/15/2023 | (56,053 | ) | |||||||||||
SWISS MID CAP Futures |
CHF | 200 | 5,938,002 | 5,889,651 | 6/16/2023 | (48,351 | ) | |||||||||||
TOPIX Index Futures |
JPY | 115 | 16,761,498 | 17,548,179 | 6/08/2023 | 786,681 | ||||||||||||
|
|
|||||||||||||||||
Total net unrealized appreciation |
$ | 110,799 | ||||||||||||||||
|
|
As of May 31, 2023, the Fund had the following forward foreign currency contracts outstanding:
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | AUD | 149,559,842 | USD | 98,967,486 | $ | 1,686,244 | $ | — | |||||||||||||
Goldman Sachs & Co. |
6/2/2023 | AUD | 1,562,100 | USD | 1,059,369 | 43,301 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | AUD | 135,550,200 | USD | 89,693,567 | 1,524,900 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | AUD | 1,562,100 | USD | 1,016,163 | 95 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | AUD | 1,562,100 | USD | 1,032,866 | 16,798 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | AUD | 1,562,100 | USD | 1,042,464 | 26,396 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | AUD | 9,055,000 | USD | 5,991,829 | 102,002 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | AUD | 143,216,500 | USD | 94,769,580 | 1,614,366 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | CHF | 1,301,600 | USD | 1,466,901 | 37,749 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | CHF | 123,905,300 | USD | 139,690,304 | 3,642,761 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | CHF | 1,301,600 | USD | 1,444,251 | 15,099 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | CHF | 113,188,500 | USD | 127,604,633 | 3,324,095 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | CHF | 1,301,600 | USD | 1,436,853 | 7,701 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | CHF | 1,301,600 | USD | 1,462,894 | 33,742 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | CHF | 116,976,200 | USD | 131,874,750 | 3,435,332 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | CHF | 10,390,000 | USD | 11,713,140 | 304,960 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | DKK | 2,973,800 | USD | 439,177 | 12,315 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | DKK | 247,309,300 | USD | 36,706,390 | 1,207,362 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | DKK | 2,973,800 | USD | 439,911 | 13,049 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | DKK | 16,946,000 | USD | 2,515,139 | 82,692 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | DKK | 2,973,800 | USD | 428,089 | 1,227 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | DKK | 2,973,800 | USD | 430,208 | 3,346 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | DKK | 242,684,400 | USD | 36,016,741 | 1,181,576 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | DKK | 325,728,400 | USD | 48,345,588 | 1,590,204 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | EUR | 394,013,900 | USD | 435,739,972 | 14,578,194 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | EUR | 4,365,600 | USD | 4,800,060 | 133,667 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | EUR | 19,042,000 | USD | 21,058,243 | 704,234 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | EUR | 4,365,600 | USD | 4,703,615 | 37,222 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | EUR | 345,210,100 | USD | 381,781,658 | 12,786,302 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | EUR | 4,365,600 | USD | 4,681,748 | 15,355 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | EUR | 464,113,100 | USD | 513,285,883 | 17,195,014 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | EUR | 4,365,600 | USD | 4,812,921 | 146,528 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | GBP | 11,363,000 | USD | 14,291,268 | 156,258 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | GBP | 129,163,700 | USD | 162,452,415 | 1,779,164 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | GBP | 1,705,500 | USD | 2,154,357 | 32,799 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | GBP | 1,705,500 | USD | 2,117,014 | — | (4,543 | ) | ||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | GBP | 1,705,500 | USD | 2,100,840 | — | (20,718 | ) |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2023
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | GBP | 140,458,700 | USD | 176,657,716 | $ | 1,934,044 | $ | — | |||||||||||||
RBC Capital Markets |
6/2/2023 | GBP | 1,705,500 | USD | 2,129,228 | 7,670 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | GBP | 196,561,300 | USD | 247,219,078 | 2,706,548 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | HKD | 2,838,100 | USD | 362,223 | — | (221 | ) | ||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | HKD | 2,838,100 | USD | 362,583 | 139 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | HKD | 234,266,900 | USD | 29,880,982 | — | (36,443 | ) | ||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | HKD | 2,838,100 | USD | 362,248 | — | (196 | ) | ||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | HKD | 239,832,000 | USD | 30,592,143 | — | (35,982 | ) | ||||||||||||||
RBC Capital Markets |
6/2/2023 | HKD | 320,571,400 | USD | 40,890,983 | — | (48,095 | ) | ||||||||||||||
RBC Capital Markets |
6/2/2023 | HKD | 2,838,100 | USD | 361,942 | — | (502 | ) | ||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | ILS | 19,812,600 | USD | 5,452,834 | 143,351 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | ILS | 20,482,700 | USD | 5,637,570 | 148,510 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | ILS | 227,400 | USD | 62,484 | 1,544 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | ILS | 23,374,200 | USD | 6,433,414 | 169,475 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | JPY | 406,321,900 | USD | 2,987,683 | 71,323 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | JPY | 33,715,322,200 | USD | 248,757,311 | 6,766,842 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | JPY | 406,321,900 | USD | 3,033,928 | 117,568 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | JPY | 406,321,900 | USD | 2,900,184 | — | (16,177 | ) | ||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | JPY | 406,321,900 | USD | 2,934,963 | 18,603 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | JPY | 31,752,149,800 | USD | 234,273,560 | 6,373,687 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | JPY | 3,060,400,000 | USD | 22,579,805 | 613,898 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | JPY | 45,242,273,200 | USD | 333,805,092 | 9,080,361 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | NOK | 74,833,200 | USD | 7,010,070 | 268,462 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | NOK | 77,011,200 | USD | 7,214,096 | 276,275 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | NOK | 115,015,300 | USD | 10,774,166 | 412,614 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | NOK | 953,100 | USD | 88,356 | 2,492 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | NZD | 6,422,400 | USD | 3,966,487 | 98,275 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | NZD | 3,786,300 | USD | 2,338,426 | 57,938 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | NZD | 50,300 | USD | 31,227 | 932 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | NZD | 3,882,000 | USD | 2,397,531 | 59,402 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | SEK | 422,788,300 | USD | 41,282,276 | 2,322,076 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | SEK | 40,835,000 | USD | 3,987,188 | 224,218 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | SEK | 4,951,600 | USD | 485,085 | 28,792 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | SEK | 377,830,100 | USD | 36,889,905 | 2,072,631 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | SEK | 4,951,600 | USD | 457,488 | 1,195 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | SEK | 4,951,600 | USD | 466,044 | 9,751 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | SEK | 544,989,100 | USD | 53,214,316 | 2,993,238 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | SEK | 4,951,600 | USD | 480,979 | 24,686 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | USD | 97,798,565 | AUD | 151,121,942 | 498,746 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | USD | 89,743,138 | AUD | 138,674,400 | 457,666 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | USD | 99,553,414 | AUD | 153,833,600 | 507,696 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | USD | 136,965,378 | CHF | 125,206,900 | 511,317 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | USD | 126,665,974 | CHF | 115,791,700 | 472,868 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | USD | 140,751,299 | CHF | 128,667,800 | 525,451 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | USD | 38,682,200 | DKK | 270,202,900 | 102,998 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | USD | 35,594,113 | DKK | 248,632,000 | 94,776 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | USD | 46,631,220 | DKK | 325,728,400 | 124,164 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | USD | 445,013,061 | EUR | 417,421,500 | 1,169,119 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | USD | 377,336,820 | EUR | 353,941,300 | 991,323 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | USD | 499,445,142 | EUR | 468,478,700 | 1,312,121 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | USD | 176,282,589 | GBP | 142,232,200 | 647,229 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | USD | 178,312,106 | GBP | 143,869,700 | 654,681 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | USD | 245,731,872 | GBP | 198,266,800 | 902,216 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | USD | 30,650,925 | HKD | 239,943,100 | — | (8,612 | ) | ||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | USD | 30,999,278 | HKD | 242,670,100 | — | (8,709 | ) | ||||||||||||||
RBC Capital Markets |
6/2/2023 | USD | 41,260,422 | HKD | 323,409,500 | 41,100 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | USD | 5,304,649 | ILS | 19,812,600 | 4,833 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | USD | 5,484,063 | ILS | 20,482,700 | 4,997 | — |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2023
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive | Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||
RBC Capital Markets |
6/2/2023 | USD | 6,319,121 | ILS | 23,601,600 | $ | 5,758 | $ | — | |||||||||||||
Goldman Sachs & Co. |
6/2/2023 | USD | 247,131,418 | JPY | 34,527,966,000 | 691,773 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | USD | 233,080,153 | JPY | 32,564,793,600 | 652,440 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | USD | 345,722,887 | JPY | 48,302,673,200 | 967,751 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | USD | 10,407,334 | NOK | 115,968,400 | 40,082 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | USD | 6,911,204 | NOK | 77,011,200 | 26,617 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | USD | 6,715,744 | NOK | 74,833,200 | 25,864 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | USD | 3,849,265 | NZD | 6,422,400 | 18,946 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | USD | 2,269,319 | NZD | 3,786,300 | 11,170 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | USD | 2,356,824 | NZD | 3,932,300 | 11,600 | — | |||||||||||||||
Goldman Sachs & Co. |
6/2/2023 | USD | 43,053,300 | SEK | 468,574,900 | 126,163 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/2/2023 | USD | 35,625,464 | SEK | 387,733,300 | 104,396 | — | |||||||||||||||
RBC Capital Markets |
6/2/2023 | USD | 50,529,301 | SEK | 549,940,700 | 148,070 | — | |||||||||||||||
Goldman Sachs & Co. |
6/5/2023 | SGD | 236,600 | USD | 174,653 | — | (338 | ) | ||||||||||||||
Goldman Sachs & Co. |
6/5/2023 | SGD | 236,600 | USD | 175,676 | 684 | — | |||||||||||||||
Goldman Sachs & Co. |
6/5/2023 | SGD | 236,600 | USD | 178,723 | 3,732 | — | |||||||||||||||
Goldman Sachs & Co. |
6/5/2023 | SGD | 21,008,600 | USD | 15,764,707 | 226,528 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/5/2023 | SGD | 22,513,300 | USD | 16,893,823 | 242,752 | — | |||||||||||||||
RBC Capital Markets |
6/5/2023 | SGD | 236,600 | USD | 177,474 | 2,482 | — | |||||||||||||||
RBC Capital Markets |
6/5/2023 | SGD | 22,737,200 | USD | 17,061,836 | 245,167 | — | |||||||||||||||
Goldman Sachs & Co. |
6/5/2023 | USD | 16,030,114 | SGD | 21,718,400 | 33,040 | — | |||||||||||||||
JP Morgan & Chase Co. |
6/5/2023 | USD | 16,616,821 | SGD | 22,513,300 | 34,250 | — | |||||||||||||||
RBC Capital Markets |
6/5/2023 | USD | 16,956,711 | SGD | 22,973,800 | 34,950 | — | |||||||||||||||
Goldman Sachs & Co. |
7/5/2023 | AUD | 151,121,942 | USD | 97,918,707 | — | (511,331 | ) | ||||||||||||||
JP Morgan & Chase Co. |
7/5/2023 | AUD | 2,401,900 | USD | 1,564,216 | — | (210 | ) | ||||||||||||||
JP Morgan & Chase Co. |
7/5/2023 | AUD | 138,674,400 | USD | 89,853,107 | — | (469,491 | ) | ||||||||||||||
JP Morgan & Chase Co. |
7/5/2023 | AUD | 11,121,000 | USD | 7,205,663 | — | (37,762 | ) | ||||||||||||||
RBC Capital Markets |
7/5/2023 | AUD | 153,833,600 | USD | 99,675,712 | — | (520,506 | ) | ||||||||||||||
Goldman Sachs & Co. |
7/5/2023 | CHF | 125,206,900 | USD | 137,488,772 | — | (558,900 | ) | ||||||||||||||
JP Morgan & Chase Co. |
7/5/2023 | CHF | 115,791,700 | USD | 127,150,709 | — | (516,175 | ) | ||||||||||||||
JP Morgan & Chase Co. |
7/5/2023 | CHF | 1,988,600 | USD | 2,191,722 | — | (821 | ) | ||||||||||||||
JP Morgan & Chase Co. |
7/5/2023 | CHF | 6,844,000 | USD | 7,515,296 | — | (30,600 | ) | ||||||||||||||
RBC Capital Markets |
7/5/2023 | CHF | 128,667,800 | USD | 141,289,161 | — | (574,349 | ) | ||||||||||||||
Goldman Sachs & Co. |
7/5/2023 | DKK | 270,202,900 | USD | 38,768,225 | — | (111,842 | ) | ||||||||||||||
Goldman Sachs & Co. |
7/5/2023 | DKK | 4,621,500 | USD | 664,806 | — | (192 | ) | ||||||||||||||
JP Morgan & Chase Co. |
7/5/2023 | DKK | 30,436,000 | USD | 4,366,649 | — | (12,851 | ) | ||||||||||||||
JP Morgan & Chase Co. |
7/5/2023 | DKK | 248,632,000 | USD | 35,671,736 | — | (104,449 | ) | ||||||||||||||
RBC Capital Markets |
7/5/2023 | DKK | 325,728,400 | USD | 46,734,924 | — | (134,825 | ) | ||||||||||||||
Goldman Sachs & Co. |
7/5/2023 | EUR | 417,421,500 | USD | 445,879,211 | — | (1,228,420 | ) | ||||||||||||||
JP Morgan & Chase Co. |
7/5/2023 | EUR | 353,941,300 | USD | 378,067,709 | — | (1,045,145 | ) | ||||||||||||||
JP Morgan & Chase Co. |
7/5/2023 | EUR | 6,594,600 | USD | 7,062,296 | — | (1,298 | ) | ||||||||||||||
JP Morgan & Chase Co. |
7/5/2023 | EUR | 8,734,000 | USD | 9,329,170 | — | (25,974 | ) | ||||||||||||||
RBC Capital Markets |
7/5/2023 | EUR | 468,478,700 | USD | 500,415,830 | — | (1,380,080 | ) | ||||||||||||||
Goldman Sachs & Co. |
7/5/2023 | GBP | 142,232,200 | USD | 176,410,598 | — | (651,950 | ) | ||||||||||||||
Goldman Sachs & Co. |
7/5/2023 | GBP | 2,534,800 | USD | 3,155,273 | — | (258 | ) | ||||||||||||||
JP Morgan & Chase Co. |
7/5/2023 | GBP | 143,869,700 | USD | 178,440,870 | — | (660,175 | ) | ||||||||||||||
RBC Capital Markets |
7/5/2023 | GBP | 198,266,800 | USD | 245,910,312 | — | (908,796 | ) | ||||||||||||||
Goldman Sachs & Co. |
7/5/2023 | HKD | 239,943,100 | USD | 30,675,612 | 5,771 | — | |||||||||||||||
Goldman Sachs & Co. |
7/5/2023 | HKD | 4,081,700 | USD | 521,650 | — | (78 | ) | ||||||||||||||
JP Morgan & Chase Co. |
7/5/2023 | HKD | 242,670,100 | USD | 31,024,246 | 5,837 | — | |||||||||||||||
RBC Capital Markets |
7/5/2023 | HKD | 323,409,500 | USD | 41,293,611 | — | (45,013 | ) | ||||||||||||||
Goldman Sachs & Co. |
7/5/2023 | ILS | 19,812,600 | USD | 5,312,615 | — | (5,825 | ) | ||||||||||||||
JP Morgan & Chase Co. |
7/5/2023 | ILS | 20,482,700 | USD | 5,492,298 | — | (6,022 | ) | ||||||||||||||
RBC Capital Markets |
7/5/2023 | ILS | 23,601,600 | USD | 6,328,610 | — | (6,939 | ) | ||||||||||||||
Goldman Sachs & Co. |
7/5/2023 | JPY | 34,527,966,000 | USD | 248,402,633 | — | (801,788 | ) | ||||||||||||||
Goldman Sachs & Co. |
7/5/2023 | JPY | 667,651,400 | USD | 4,816,432 | — | (2,319 | ) | ||||||||||||||
JP Morgan & Chase Co. |
7/5/2023 | JPY | 32,564,793,600 | USD | 234,279,091 | — | (756,200 | ) | ||||||||||||||
JP Morgan & Chase Co. |
7/5/2023 | JPY | 11,013,229,000 | USD | 79,230,666 | — | (256,940 | ) |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2023
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||
RBC Capital Markets |
7/5/2023 | JPY | 48,302,673,200 | USD | 347,499,996 | $ | — | $ | (1,122,906 | ) | ||||||||||||
JP Morgan & Chase Co. |
7/5/2023 | NOK | 1,414,500 | USD | 127,629 | — | (22 | ) | ||||||||||||||
RBC Capital Markets |
7/5/2023 | NOK | 74,833,200 | USD | 6,726,640 | — | (26,649 | ) | ||||||||||||||
RBC Capital Markets |
7/5/2023 | NOK | 77,011,200 | USD | 6,922,417 | — | (27,425 | ) | ||||||||||||||
RBC Capital Markets |
7/5/2023 | NOK | 115,968,400 | USD | 10,424,220 | — | (41,298 | ) | ||||||||||||||
Goldman Sachs & Co. |
7/5/2023 | NZD | 3,786,300 | USD | 2,268,978 | — | (11,128 | ) | ||||||||||||||
Goldman Sachs & Co. |
7/5/2023 | NZD | 6,422,400 | USD | 3,848,687 | — | (18,875 | ) | ||||||||||||||
Goldman Sachs & Co. |
7/5/2023 | NZD | 3,932,300 | USD | 2,356,470 | — | (11,557 | ) | ||||||||||||||
Goldman Sachs & Co. |
7/5/2023 | SEK | 468,574,900 | USD | 43,131,156 | — | (133,025 | ) | ||||||||||||||
JP Morgan & Chase Co. |
7/5/2023 | SEK | 14,795,000 | USD | 1,361,811 | — | (4,233 | ) | ||||||||||||||
JP Morgan & Chase Co. |
7/5/2023 | SEK | 7,505,500 | USD | 692,868 | — | (126 | ) | ||||||||||||||
JP Morgan & Chase Co. |
7/5/2023 | SEK | 387,733,300 | USD | 35,689,888 | — | (110,075 | ) | ||||||||||||||
RBC Capital Markets |
7/5/2023 | SEK | 549,940,700 | USD | 50,620,676 | — | (156,124 | ) | ||||||||||||||
Goldman Sachs & Co. |
7/5/2023 | SGD | 355,000 | USD | 262,762 | — | (84 | ) | ||||||||||||||
Goldman Sachs & Co. |
7/5/2023 | SGD | 21,718,400 | USD | 16,046,458 | — | (34,097 | ) | ||||||||||||||
JP Morgan & Chase Co. |
7/5/2023 | SGD | 22,513,300 | USD | 16,634,095 | — | (35,013 | ) | ||||||||||||||
RBC Capital Markets |
7/5/2023 | SGD | 22,973,800 | USD | 16,974,339 | — | (35,729 | ) | ||||||||||||||
RBC Capital Markets |
7/5/2023 | USD | 5,510,808 | GBP | 4,443,000 | 20,210 | — | |||||||||||||||
RBC Capital Markets |
7/5/2023 | USD | 4,247,311 | HKD | 33,219,000 | — | (1,215 | ) | ||||||||||||||
RBC Capital Markets |
7/5/2023 | USD | 1,184,825 | ILS | 4,418,000 | 1,131 | — | |||||||||||||||
Goldman Sachs & Co. |
7/5/2023 | USD | 136,022 | NZD | 227,000 | 677 | — | |||||||||||||||
|
|
|
|
|||||||||||||||||||
Total unrealized appreciation (depreciation) |
$ | 117,189,731 | $ | (13,317,641 | ) | |||||||||||||||||
|
|
|
|
For information on the Fund’s policy and additional disclosures regarding futures contracts and forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
AUD | Australian Dollar |
CHF | Swiss Franc |
DKK | Danish Krone |
EUR | Euro |
GBP | Pound Sterling |
HKD | Hong Kong Dollar |
ILS | Israeli Shekel |
JPY | Japanese Yen |
NOK | Norwegian Krone |
NZD | New Zealand Dollar |
SEK | Swedish Krona |
SGD | Singapore Dollar |
USD | U.S. Dollar |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2023
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (a) |
$ | 3,927,314,765 | $ | — | $ | — | $ | 3,927,314,765 | ||||||||
Preferred Stocks |
20,270,683 | — | — | 20,270,683 | ||||||||||||
Warrants |
316,020 | — | — | 316,020 | ||||||||||||
Short-Term Investments (a) |
126,125,169 | — | — | 126,125,169 | ||||||||||||
Derivatives (b) |
||||||||||||||||
Forward Foreign Currency Contracts |
— | 117,189,731 | — | 117,189,731 | ||||||||||||
Futures Contracts |
1,233,192 | — | — | 1,233,192 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 4,075,259,829 | $ | 117,189,731 | $ | — | $ | 4,192,449,560 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (b) |
||||||||||||||||
Forward Foreign Currency Contracts |
$ | — | $ | (13,317,641 | ) | $ | — | $ | (13,317,641 | ) | ||||||
Futures Contracts |
(1,122,393 | ) | — | — | (1,122,393 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | (1,122,393 | ) | $ | (13,317,641 | ) | $ | — | $ | (14,440,034 | ) | |||||
|
|
|
|
|
|
|
|
(a) |
See Schedule of Investments for additional detailed categorizations. |
(b) |
Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
See Notes to Financial Statements. | 20 |
This Page is Intentionally Left Blank
DBX ETF Trust
May 31, 2023
Xtrackers MSCI EAFE Hedged Equity ETF |
||||
Assets |
||||
Investment in non-affiliated securities at value |
$ | 3,942,696,660 | ||
Investment in affiliated securities at value |
5,204,808 | |||
Investment in DWS ESG Liquidity Fund |
11,805,537 | |||
Investment in DWS Government Money Market Series |
42,151,828 | |||
Investment in DWS Government & Agency Securities Portfolio* |
72,167,804 | |||
Cash |
3,217 | |||
Foreign currency at value |
24,223,346 | |||
Unrealized appreciation on forward foreign currency contracts |
117,189,731 | |||
Deposit with broker for futures contracts |
6,690,701 | |||
Receivables: | ||||
Investment securities sold |
16,284,322 | |||
Capital shares |
21,283,395 | |||
Dividends |
16,387,875 | |||
Interest |
180,356 | |||
Securities lending income |
258,010 | |||
Foreign tax reclaim |
9,331,005 | |||
|
|
|||
Total assets |
$ | 4,285,858,595 | ||
|
|
|||
Liabilities |
||||
Payable upon return of securities loaned |
$ | 72,167,804 | ||
Unrealized depreciation on forward foreign currency contracts |
13,317,641 | |||
Payables: | ||||
Investment securities purchased |
148,184,287 | |||
Investment advisory fees |
1,201,816 | |||
Variation margin on futures contracts |
1,801,390 | |||
|
|
|||
Total liabilities |
236,672,938 | |||
|
|
|||
Net Assets, at value |
$ | 4,049,185,657 | ||
|
|
|||
Net Assets Consist of |
||||
Paid-in capital |
$ | 4,098,720,652 | ||
Distributable earnings (loss) |
(49,534,995 | ) | ||
|
|
|||
Net Assets, at value |
$ | 4,049,185,657 | ||
|
|
|||
Number of Common Shares outstanding |
114,150,001 | |||
|
|
|||
Net Asset Value |
$ | 35.47 | ||
|
|
|||
Investment in non-affiliated securities at cost |
$ | 3,531,364,423 | ||
|
|
|||
Investment in affiliated securities at cost |
$ | 11,943,057 | ||
|
|
|||
Value of securities loaned |
$ | 114,405,535 | ||
|
|
|||
Investment in DWS ESG Liquidity Fund at cost |
$ | 11,809,080 | ||
|
|
|||
Investment in DWS Government Money Market Series at cost |
$ | 42,151,828 | ||
|
|
|||
Investment in DWS Government & Agency Securities Portfolio at cost* |
$ | 72,167,804 | ||
|
|
|||
Non-cash collateral for securities on loan |
$ | 63,336,398 | ||
|
|
|||
Foreign currency at cost |
$ | 24,613,125 | ||
|
|
* |
Represents collateral on securities loaned. |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
For the Year Ended May 31, 2023
Xtrackers MSCI EAFE Hedged Equity ETF |
||||
Investment Income |
||||
Unaffiliated dividend income* |
$ | 129,768,477 | ||
Affiliated dividend income |
170,231 | |||
Income distributions from affiliated funds |
2,379,886 | |||
Affiliated securities lending income |
906,067 | |||
Other income |
740,942 | |||
|
|
|||
Total investment income** |
133,965,603 | |||
|
|
|||
Expenses |
||||
Investment advisory fees |
13,981,604 | |||
Interest expense (see note 2): |
496,763 | |||
Other expenses |
63,612 | |||
|
|
|||
Total expenses |
14,541,979 | |||
|
|
|||
Less fees waived (see note 3): |
||||
Waiver |
(39,289 | ) | ||
|
|
|||
Net expenses |
14,502,690 | |||
|
|
|||
Net investment income (loss) |
119,462,913 | |||
|
|
|||
Realized and Unrealized Gain (Loss) |
||||
Net realized gain (loss) from: |
||||
Investments |
(279,118,796 | ) | ||
Investments in affiliates |
(3,655,078 | ) | ||
In-kind redemptions |
40,378,643 | |||
In-kind redemptions in affiliates |
50,121 | |||
Futures contracts |
5,423,047 | |||
Foreign currency transactions |
(1,792,314 | ) | ||
Forward foreign currency contracts |
58,546,963 | |||
Payments by Affiliates (see note 6) |
3,701 | |||
|
|
|||
Net realized gain (loss) |
(180,163,713 | ) | ||
|
|
|||
Net change in unrealized appreciation (depreciation) on: |
||||
Investments |
275,577,982 | |||
Investments in affiliates |
3,177,530 | |||
Futures contracts |
(536,363 | ) | ||
Foreign currency translations |
(368,860 | ) | ||
Forward foreign currency contracts |
144,184,679 | |||
|
|
|||
Net change in unrealized appreciation (depreciation) |
422,034,968 | |||
|
|
|||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions |
241,871,255 | |||
|
|
|||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 361,334,168 | ||
|
|
|||
* Unaffiliated foreign tax withheld |
$ | 11,851,552 |
** |
Total investment income includes $4,879,474 of non-recurring foreign dividend reclaims and $740,942 of non-recurring related interest which are included in Unaffiliated dividend income and Other income, respectively. |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF |
||||||||
Year Ended May 31, 2023 |
Year Ended May 31, 2022 |
|||||||
Increase (Decrease) in Net Assets from Operations |
||||||||
Net investment income (loss) |
$ | 119,462,913 | $ | 123,933,141 | ||||
Net realized gain (loss) |
(180,163,713 | ) | 495,536,392 | |||||
Net change in net unrealized appreciation (depreciation) |
422,034,968 | (546,081,819 | ) | |||||
|
|
|
|
|||||
Net increase (decrease) in net assets resulting from operations |
361,334,168 | 73,387,714 | ||||||
|
|
|
|
|||||
Distributions to Shareholders |
(581,458,458 | ) | (95,706,043 | ) | ||||
|
|
|
|
|||||
Fund Shares Transactions |
||||||||
Proceeds from shares sold |
182,710,242 | 369,115,706 | ||||||
Value of shares redeemed |
(154,044,627 | ) | (61,152,615 | ) | ||||
|
|
|
|
|||||
Net increase (decrease) in net assets resulting from fund share transactions |
28,665,615 | 307,963,091 | ||||||
|
|
|
|
|||||
Total net increase (decrease) in Net Assets |
(191,458,675 | ) | 285,644,762 | |||||
Net Assets |
||||||||
Beginning of year |
$ | 4,240,644,332 | $ | 3,954,999,570 | ||||
|
|
|
|
|||||
End of year |
$ | 4,049,185,657 | $ | 4,240,644,332 | ||||
|
|
|
|
|||||
Changes in Shares Outstanding |
||||||||
Shares outstanding, beginning of year |
113,350,800 | 105,350,800 | ||||||
Shares sold |
5,200,000 | 9,600,000 | ||||||
Shares redeemed |
(4,400,799 | ) | (1,600,000 | ) | ||||
|
|
|
|
|||||
Shares outstanding, end of year |
114,150,001 | 113,350,800 | ||||||
|
|
|
|
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Xtrackers
MSCI EAFE Hedged Equity ETF Selected Per Share Data |
Years Ended May 31, | |||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net Asset Value, beginning of year |
$ | 37.41 | $ | 37.54 | $ | 29.75 | $ | 30.87 | $ | 31.86 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(a) |
1.05 | (b) | 1.13 | 0.78 | 0.66 | 0.91 | ||||||||||||||
Net realized and unrealized gain (loss) |
2.12 | (0.37 | ) | 7.82 | (0.76 | ) | (1.00 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total from investment operations |
3.17 | 0.76 | 8.60 | (0.10 | ) | (0.09 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income |
(0.64 | ) | (0.89 | ) | (0.81 | ) | (1.02 | ) | (0.90 | ) | ||||||||||
Net realized gains |
(4.47 | ) | — | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions |
(5.11 | ) | (0.89 | ) | (0.81 | ) | (1.02 | ) | (0.90 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value, end of year |
$ | 35.47 | $ | 37.41 | $ | 37.54 | $ | 29.75 | $ | 30.87 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return (%)(c) |
9.62 | 2.01 | 29.41 | (0.56 | ) | (0.14 | ) | |||||||||||||
Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||
Net Assets, end of year ($ millions) |
4,049 | 4,241 | 3,955 | 3,831 | 4,715 | |||||||||||||||
Ratio of expenses before fee waiver (%) |
0.36 | 0.35 | 0.35 | 0.36 | 0.36 | |||||||||||||||
Ratio of expenses after fee waiver (%) |
0.36 | 0.35 | 0.35 | 0.36 | 0.36 | |||||||||||||||
Ratio of net investment income (loss) (%) |
2.99 | (b) | 2.97 | 2.35 | 2.10 | 2.93 | ||||||||||||||
Portfolio turnover rate (%)(d) |
19 | 4 | 8 | 9 | 5 |
(a) |
Based on average shares outstanding during the period. |
(b) |
Net investment income per share and the ratio of net investment income include non-recurring foreign dividend reclaims and related interest amounting to $0.05 per share. Excluding these non-recurring amounts which are included in Unaffiliated dividend income and Other income, respectively in the Statement of Operations, the net investment income ratio would have been 2.85%. |
(c) |
Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(d) |
Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of May 31, 2023, the Trust consists of thirty-nine investment series of exchange-traded funds (“ETFs”) in operation and trading. These financial statements report on Xtrackers MSCI EAFE Hedged Equity ETF (the “Fund”), a diversified series of the Trust. The Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Fund and has overall responsibility for the general management and administration of the Fund, subject to the supervision of the Fund’s Board of Trustees (“Board”).
The Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 200,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Fund’s distributor. Shares are not individually redeemable securities of the Fund, and owners of shares may acquire those shares from the Fund or tender such shares for redemption to the Fund, in Creation Units only.
The investment objective of the Fund is to seek investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the “Underlying Index”).
MSCI is the creator of the MSCI EAFE US Dollar Hedged Index. The MSCI EAFE US Dollar Hedged Index is designed to track developed 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.
The Underlying Index is rebalanced monthly on the last trading day of the month, when the index will take into account the effect of rolling into new 1-month forward contracts based on the newly determined weights of currency to be sold for the next month’s index calculation. The currency weights are determined as of the close of two business days before the first calendar day of following month and remain constant intra month. This means that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of the Underlying Index marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.
The Fund is entitled to use its Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no charge to the Fund in connection with the licensing agreement.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Fund.
Security Valuation The NAV of the Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
26
DBX ETF Trust
Notes to Financial Statements (Continued)
The Fund’s Board has designated the Advisor as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee”) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.
Investments in open-ended investment companies are valued at their NAV each business day and are categorized as Level 1.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate the Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis.
Tax Information and Dividends and Distributions to Shareholders It is the Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). The Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the
27
DBX ETF Trust
Notes to Financial Statements (Continued)
policy of the Fund to pay out dividends from its net investment income, if any, to investors semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Fund may occasionally be required to make supplemental distributions at some other time during the year. The Fund reserves the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.
The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statement of Operations. For the year ended May 31, 2023, the Fund did not incur any interest or penalties.
As of May 31, 2023, the components of accumulated earnings (losses) on a tax basis were as follows:
Undistributed Ordinary Income* |
Capital and Other Gains (Losses) |
Unrealized Appreciation (Depreciation) |
Total Accumulated Earnings (Losses) |
|||||||||||||
$ | 190,207,244 | $ | (579,679,232 | ) | $ | 339,936,993 | $ | (49,534,995 | ) |
The tax character of dividends and distributions declared for the years ended May 31, 2023 and May 31, 2022 were as follows:
Ordinary Income* | Long-Term Capital Gains |
|||||||
2023 |
$ | 332,800,883 | $ | 248,657,575 | ||||
2022 |
95,706,043 | — |
* |
for tax purposes short-term capital gain distributions are considered ordinary income distributions |
Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. During the fiscal year ended May 31, 2023, the Fund incurred and will elect to defer post-October capital losses and late year ordinary losses as follows:
Post-October Losses on Capital |
||||
$ | 579,679,232 |
For the fiscal year ended May 31, 2023, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind and equalization.
Distributable earnings (loss) |
Paid-In Capital |
|||||||
$ | (39,558,327 | ) | $ | 39,558,327 |
28
DBX ETF Trust
Notes to Financial Statements (Continued)
As of May 31, 2023, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
Aggregate Tax Cost |
Net Unrealized Appreciation (Depreciation) |
Aggregate Gross Unrealized Appreciation |
Aggregate Gross Unrealized (Depreciation) |
|||||||||||||
$ | 3,745,892,398 | $ | 340,686,030 | $ | 782,998,791 | $ | (442,312,761 | ) |
Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in their Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Receivables and payables related to foreign taxes as of May 31, 2023, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.
In consideration of recent decisions rendered by European courts, the Fund has filed for additional reclaims (“EU reclaims”) related to prior years. A corresponding receivable is established when both the amount is known and significant contingencies or uncertainties regarding collectability are removed. These amounts, if any, are reported in dividends and interest receivable in the Statement of Assets and Liabilities. For the year ended May 31, 2023, the Fund received reclaims and interest related to EU reclaims, which is reported in unaffiliated dividend income and other income in the Statement of Operations. Expenses incurred related to filing EU reclaims are recorded in other expenses in the Statement of Operations. For U.S. income tax purposes, EU reclaims received by the Fund, if any, reduce the amount of foreign taxes Fund shareholders can use as tax credits in their individual income tax returns. In the event that EU reclaims received by a fund during the fiscal year exceed foreign withholding taxes paid, and a fund previously passed foreign tax credits on to its shareholders, a fund must either amend historic tax reporting to shareholders or enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the fund’s shareholders. For the year ended May 31, 2023, the EU reclaims received by the Fund did not exceed the foreign withholding taxes of the Fund.
Foreign Currency Translations The books and records of the Fund is maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Fund may lend securities to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended May 31, 2023, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.08% annualized effective rate as of May 31, 2023) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or
29
DBX ETF Trust
Notes to Financial Statements (Continued)
by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of May 31, 2023, the Fund had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.
Remaining Contractual Maturity of the Agreements, as of May 31, 2023 |
||||||||||||||||||||
Securities Lending Transactions | Overnight and Continuous |
<30 Days | Between 30 & 90 days |
>90 days | Total | |||||||||||||||
Common Stocks |
$ | 70,741,282 | $ | — | $ | 100,134 | $ | 63,236,264 | $ | 134,077,680 | ||||||||||
Preferred Stocks |
1,426,522 | — | — | — | 1,426,522 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Borrowings |
$ | 72,167,804 | $ | — | $ | 100,134 | $ | 63,236,264 | $ | 135,504,202 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
|
$ | 135,504,202 |
Derivatives
Forward Foreign Currency Contracts The Fund may enter into forward foreign currency contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies. In addition, the Fund may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to shareholders.
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the year ended May 31, 2023, the Fund invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies.
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency contracts. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.
A summary of the open forward currency contracts as of May 31, 2023 is included in a table following the Fund’s Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the Fund had to the value of non U.S currencies during the year ended May 31, 2023.
Futures Contracts The Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. The Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. The Fund will not use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the year ended May 31, 2023, the Fund utilized futures in order to simulate investment in the Fund’s Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time the Fund enters into a futures contract, the Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately
30
DBX ETF Trust
Notes to Financial Statements (Continued)
negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of May 31, 2023 is included in a table following the Fund’s Schedule of Investments.
The following table summarizes the value of the Fund’s derivative instruments held as of May 31, 2023 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives |
Liability Derivatives |
|||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 1,233,192 | Unrealized depreciation on futures contracts* | $ | 1,122,393 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 117,189,731 | Unrealized depreciation on forward foreign currency contracts | 13,317,641 | ||||||||||
|
|
|
|
|||||||||||
Total | $ | 118,422,923 | Total | $ | 14,440,034 | |||||||||
|
|
|
|
* |
Includes cumulative appreciation or cumulative depreciation of futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Fund’s earnings during the year ended May 31, 2023 and the related location in the accompanying Statement of Operations is summarized in the following table by primary underlying risk exposure:
Net Realized Gain (Loss) from: |
||||||||||||
Futures Contracts — Equity Contracts |
Forward
Foreign Currency Contracts — Foreign Exchange Contracts |
Total | ||||||||||
$ | 5,423,047 | $ | 58,546,963 | $ | 63,970,010 |
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||
Futures Contracts — Equity Contracts |
Forward Foreign Currency Contracts — Foreign Exchange Contracts |
Total | ||||||||||
$ | (536,363 | ) | $ | 144,184,679 | $ | 143,648,316 |
For the year ended May 31, 2023 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) |
Forward Foreign Currency Contracts (Contract Value) |
|||||||
$ | 88,509,089 | $ | (3,947,793,465 | ) |
31
DBX ETF Trust
Notes to Financial Statements (Continued)
As of May 31, 2023, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Fund may have collateral agreements with certain counterparties to mitigate risk. Interest expense from collateral received, if any, is included in Interest expense on the Statement of Operations. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Received(a) |
Net Amount of Derivatives Assets |
Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Pledged(a) |
Net Amount of Derivatives Liabilities |
|||||||||||||||||||||||||
Goldman Sachs & Co. |
$ | 38,215,161 | $ | (4,127,283 | ) | $ | — | $ | 34,087,878 | $ | 4,127,283 | $ | (4,127,283 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. |
33,522,336 | (4,159,907 | ) | — | 29,362,429 | 4,159,907 | (4,159,907 | ) | — | — | ||||||||||||||||||||||
RBC Capital Markets |
45,452,234 | (5,030,451 | ) | — | 40,421,783 | 5,030,451 | (5,030,451 | ) | — | — | ||||||||||||||||||||||
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$ | 117,189,731 | $ | (13,317,641 | ) | $ | — | $ | 103,872,090 | $ | 13,317,641 | $ | (13,317,641 | ) | $ | — | $ | — | |||||||||||||||
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(a) |
The actual collateral received or pledged may be more than amount shown. |
Affiliated Cash Management Vehicles The Fund may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV and DWS ESG Liquidity Fund maintains a floating NAV. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Fund, subject to the supervision of the Fund’s Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Fund, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Fund to operate.
For its investment advisory services to the Fund, the Advisor is entitled to receive a unitary advisory fee from the Fund based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.35%.
The Advisor for the Fund has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated cash management vehicles. For the period from June 1, 2022 through May 31, 2023, the Advisor waived $39,289 of expenses to the Fund.
Out of the unitary advisory fee, the Advisor pays substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. The Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
32
DBX ETF Trust
Notes to Financial Statements (Continued)
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for the Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Fund.
The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Fund’s Independent Trustees).
4. Investment Portfolio Transactions
For the year ended May 31, 2023, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
$ | 740,400,606 | $ | 1,002,235,474 |
For the year ended May 31, 2023, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
$ | 172,925,512 | $ | 148,666,382 |
5. Fund Share Transactions
As of May 31, 2023, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by the Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statement of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Payments by Affiliates
During the year ended May 31, 2023, the Advisor agreed to reimburse Xtrackers MSCI EAFE Hedged Equity ETF $3,701 for a loss due to a FX trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.
33
DBX ETF Trust
To the Shareholders and the Board of Trustees of Xtrackers MSCI EAFE Hedged Equity ETF
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Xtrackers MSCI EAFE Hedged Equity ETF (the “Fund”), (one of the funds constituting DBX ETF Trust (the “Trust”)), including the schedule of investments, as of May 31, 2023, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting DBX ETF Trust) at May 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of the internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2023, by correspondence with the custodians, brokers and others; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.
New York, New York
July 25, 2023
34
DBX ETF Trust
Regulatory Update — Tailored Shareholder Report
Effective January 24, 2023, the SEC amended the rules for mutual fund and exchange-traded fund (“ETF”) annual and semi-annual shareholder reports. The amended rules apply to mutual funds and ETFs that are registered on Form N-1A (i.e., open-end funds) and implement a new streamlined disclosure framework requiring “concise and visually engaging” shareholder reports highlighting key information, including a simplified expense presentation, performance information, portfolio holdings and certain fund statistics. The amended rules seek to simplify shareholder reporting by consolidating investor friendly data in one report and moving other data to Form N-CSR, creating a layered disclosure framework. Certain information from the Fund’s current shareholder reports, including the Fund’s investment portfolio, financial statements and financial highlights, will move to Form N-CSR. This information must be available online, delivered free of charge upon request and filed on a semiannual basis on Form N-CSR. Notably, the amended rules will require mutual funds and ETFs to prepare separate individual shareholder reports for each fund share class. The amendments also include a revised definition of “appropriate broad-based securities market index” that will affect performance presentations in the new streamlined reports and mutual fund and ETF prospectuses. The amended rules and related form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of the amended rules and form amendments on the content of the Fund’s current shareholder reports.
35
DBX ETF Trust
In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), the Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (the “Advisor”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). The Advisor has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of the Advisor that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.
In February 2023, as required by the Program and the Liquidity Rule, the Advisor provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2021 through November 30, 2022 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, the Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, your Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). The Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, the Advisor stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. The Advisor also reported that there were no material changes made to the Program during the Reporting Period.
36
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF
Board Approval of Investment Advisory Agreement with DBX Advisors LLC
After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 15-16, 2023 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers International Real Estate ETF, (the “Fund”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).
Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for the Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) the Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees met with representatives of the Advisor on February 13, 2023 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held on February 15 and February 16, 2023.
The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of the Fund’s investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Fund.
In reaching its decision to continue in effect the Investment Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Fund and its shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Advisor from its relationship with the Fund; (5) the extent to which economies of scale have been realized, and if the Fund’s shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Advisor.
The Board reached a determination, with the assistance of Independent Trustee Counsel and Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of the Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.
The Board considered the following in determining whether to approve the Investment Advisory Agreement:
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services provided and the risks incurred by the Advisor under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Advisor continuously during the prior year, in addition to the information the Advisor had provided in response to the Board’s requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.
37
DBX ETF Trust
Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)
The Board considered that the Advisor provides, at its own expense, office facilities and equipment for use by the Fund and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Advisor pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Advisor arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Fund’s operations. The Board also considered that in addition to managing the Fund’s portfolios directly, the Advisor provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Fund.
The Board considered the information regarding the Fund’s tracking error compared to its underlying index that had been provided by the Advisor and by Broadridge. The Board took note of the detailed information provided by the Advisor throughout the year with respect to the Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for the Fund during the year was in an expected range.
Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Advisor under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to the Advisor, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Fund’s service providers. The Board considered the staffing of the Advisor, including the training, qualifications and experience of investment personnel in managing the Fund. The Board also considered the expertise of the Advisor in supervising third party service providers to the Fund, such as the administrator and the custodian, noting the Advisor’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Advisor, which supports the Fund’s compliance program.
Advisor’s Financial Resources. In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared the Fund’s advisory fee and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Fund. The Board noted that the Peer Groups for currency-hedged Funds included ETFs that were not currency hedged. The Board also noted that the advisory fees and total expenses (after waivers/reimbursements) for the Fund were below or equal to the average and/or median of the ETFs in the Fund’s Peer Group compiled by Broadridge.
The Board accordingly noted that the Fund’s fee is competitive with the fees of applicable peer ETFs.
The Board considered that the fee for the Fund is a unitary fee pursuant to which the Advisor pays all of the Fund’s costs (subject to certain specified exceptions). The Board considered that the Fund’s fee had been priced to scale when it was established. The Board also considered that the Fund’s portfolio is managed on a day-to-day basis by the Advisor and that the Advisor also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Fund. Based on its review, the Board concluded that the advisory fee for the Fund is reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered the expenses of the Advisor in developing and rendering services provided to the Fund and the information provided by the Advisor to the Board regarding the Fund’s profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Fund, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although the Fund was profitable as of this time, the Advisor’s profitability with respect to the Fund was not excessive. The Board considered
38
DBX ETF Trust
Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)
whether the Advisor would benefit in other ways from its relationships with the Fund and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Fund.
Economies of Scale. The Board considered that the Fund had attracted a substantial amount of assets, but determined that the Fund was not experiencing economies of scale beyond what was reflected in the Fund’s unitary fee, which the Board noted was very competitive. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisers can share benefits of economies of scale.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
39
DBX ETF Trust
Identification and Background
The Board has responsibility for the overall management and operations of the funds, including general supervision of the duties performed by the Advisor and other service providers. Each Board Member serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.
The Trust currently has three Board Members. The three Independent Board Members have no affiliation or business connection with the Advisor or any of its affiliated persons and do not own any stock or other securities issued by the Advisor.
The Independent Board Members of the Trust, their term of office and length of time served, their principal business occupations during the past five years, the number of portfolios in the fund complex (defined below) overseen by each Independent Board Member, and other directorships, if any, held by the Board Members are shown below. The fund complex includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor. As of the date of this shareholder report, the fund complex consists of the funds in the Trust, as well as the registered funds advised by affiliates of the Advisor.
Shareholder Communications to the Board. Shareholders may send communications to the Trust’s Board by addressing the communications directly to the Board (or individual Board Members) and/or otherwise clearly indicating in the salutation that the communication is for the Board (or individual Board Members). The shareholder may send the communication to either the Trust’s office or directly to such Board members c/o 875 Third Avenue, New York, NY 10022. Other shareholder communications received by the Trust not directly addressed and sent to the Board will be reviewed and generally responded to by management. Such communications will be forwarded to the Board at management’s discretion based on the matters contained therein.
Independent Board Members |
||||||
Name, Year of Birth, Position with the Trust and Length of Time Served(1) |
Business Experience and Directorships During the Past 5 Years |
Number of Portfolios in Fund Complex Overseen |
Other Directorships Held by Board Member | |||
Stephen R. Byers (1953) Chairperson since 2016, and Board Member since 2011 (formerly, Lead Independent Board Member, 2015-2016) |
Independent Director (2011-present); Independent Consultant (2014-present); Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer, the Dreyfus Corporation (2002-2006). | 42 | The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum | |||
George O. Elston (1964) Board Member since 2011, Chairperson of the Audit Committee since 2015 |
Chief Financial Officer, EyePoint Pharmaceuticals, Inc. (2019-present); Chief Financial Officer, Enzyvant (2018-2019); Chief Executive Officer, 2X Oncology, Inc. (2017-2018); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013). | 42 | — | |||
J. David Officer (1948) Board Member since 2011, Chairperson of the Nominating Committee since 2015 |
Independent Director (2010-present); Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009). | 42 | (Chairman of) Ilex Management Ltd; Old Westbury Funds |
40
DBX ETF Trust
Board Members and Officers (Unaudited) (Continued)
Officers(2) | ||||||
Name, Year of Birth, Position with the Trust and Length of Time Served(3) |
Business Experience and Directorships During the Past 5 Years | |||||
Freddi Klassen(4) (1975) President and Chief Executive Officer, 2016-present |
Chief Administrative Officer Investment Division Americas, of DWS Investment Management Americas, Inc. and Manager (since 2023) and Chief Operating Officer of the Advisor (2016-present). Formerly: Programmes (Head 2021-2023), of DWS Investment Management Americas, Inc.; Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014-2020); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013). | |||||
Diane Kenneally(5) (1966) Treasurer, Chief Financial Officer and Controller, 2019-present |
Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; Chief Financial Officer and Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2018-present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present); formerly: Assistant Treasurer for the DWS funds (2007-2018). | |||||
Frank Gecsedi(4) (1967) Chief Compliance Officer, 2010-present |
AFC Compliance US (Senior Team Lead), of DWS Investment Management Americas, Inc.; Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Advisor (2010-present); Chief Compliance Officer of DWS Distributors, Inc. (2019-2022); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012). | |||||
Bryan Richards(4) (1978) Vice President, 2016-present |
Portfolio Engineering, Systematic Investments Solutions (Head), of DWS Investment Management Americas, Inc. (2018-present); Portfolio Manager in the Passive Asset Management Department at DWS (2011-present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015). | |||||
John Millette(5) (1962) Secretary, 2020-present |
Legal (Associate General Counsel), DWS US Retail Legal (2003-present), of DWS Investment Management Americas, Inc.; Vice President and Secretary of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (1999-present); Chief Legal Officer, DWS Investment Management Americas, Inc. (2015-present); Director and Vice President of DWS Trust Company (2016-present); Vice President, DBX Advisors LLC (2021-present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011-present); formerly: Secretary of Deutsche Investment Management Americas Inc. (2015-2017); and Assistant Secretary of DBX ETF Trust (2019-2020). |
41
DBX ETF Trust
Board Members and Officers (Unaudited) (Continued)
Name, Year of Birth, Position with the Trust and Length of Time Served(3) |
Business Experience and Directorships During the Past 5 Years | |||||
Caroline Pearson(5) (1962) Assistant Secretary, 2020-present |
Legal (Senior Team Lead), DWS US Retail Legal, of DWS Investment Management Americas, Inc.; Chief Legal Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2010-present); Chief Legal Officer, DBX Advisors LLC (2020-present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012-present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002-2017); Secretary, Deutsche AM Service Company (2010-2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020-2021). | |||||
Paul Antosca(5) (1957) Assistant Treasurer, 2019-present |
Fund Administration Tax (Head), of DWS Investment Management Americas, Inc.; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2007-present). | |||||
Jeffrey Berry(5) (1959) Assistant Treasurer, 2019-present |
Fund Administration (Senior Specialist), of DWS Investment Management Americas, Inc. | |||||
Sheila Cadogan(5) (1966) Assistant Treasurer, 2019-present |
Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2017-present); Director and Vice President, DWS Trust Company (2018-present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present). | |||||
Christina A. Morse(6) (1964) Assistant Secretary, 2017-present |
Vice President at BNY Mellon Asset Servicing (2014-present); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014). | |||||
Christian Rijs(4) (1980) Anti-Money Laundering Compliance Officer, since October 21, 2021 |
Senior Team Lead Anti-Financial Crime and Compliance, DWS Investment Management Americas, Inc.; AML Officer, DWS Trust Company (since November 2, 2021); AML Officer, DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO. |
(1) |
The length of time served is represented by the year in which the Board Member joined the Board. |
(2) |
As a result of their respective positions held with the Advisor and its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Funds. |
(3) |
The length of time served is represented by the year in which the officer was first elected to the Trust in such capacity. |
(4) |
Address: 875 Third Avenue, New York, New York 10022. |
(5) |
Address: 100 Summer Street, Boston, MA 02110. |
(6) |
Address: BNY Mellon Asset Servicing, 240 Greenwich Street, New York, NY 10286. |
The Funds’ Statement of Additional Information (“SAI”) includes additional information about the Funds’ Board Members. The SAI is available by calling 855-329-3837, or on the Company’s website at www.Xtrackers.com.
42
DBX ETF Trust
Proxy Voting Policies and Procedures
The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Portfolio Holdings Information
The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.
Information about the Fund’s portfolio holdings is available daily at www.Xtrackers.com.
Discount & Premium Information
Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.
Tax Information
Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.
The Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its fiscal year ended May 31, 2023.
Qualified Dividend Income* |
||||
44% |
* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.
The Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:
Gross Foreign Income |
Foreign Taxes Paid | |||||||
$143,032,795 | $2,450,204 |
43
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. The Fund’s use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in the Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.
War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change and related geopolitical events have led and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
The Funds or securities referred to herein are not sponsored, endorsed, issued, sold or promoted by MSCI, and MSCI bears no liability with respect to any such Funds or securities or any index on which such Funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX Advisors LLC and any related funds.
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Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022 |
Administrator, custodian, fund accounting agent, lending agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 |
Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203 | ||
Independent registered public accounting firm Ernst & Young LLP One Manhattan West New York, NY, 10001 |
Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019 |
R-38753-9 (7/23) DBX005558 (7/24)