DBX ETF Trust

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this annual report for four of our flagship ETFs tracking China’s equity market for the period ended May 31, 2022.

The second half of 2021 saw global markets delivering robust returns and overcoming considerable pullbacks to close out the year with a compelling rally. The U.S. economy performed strongly, as stocks performed well on robust corporate earnings and positive macroeconomic news, such as the passage of the bipartisan federal infrastructure spending legislation, which buoyed equities. The global economic recovery was mired by higher inflation, fueled by soaring energy and food prices following Russia’s invasion of Ukraine in February, compounded by rising interest rates and supply chain disruptions. The Russia-Ukraine war and China’s zero-COVID-19 policy added to supply headwinds, causing a slowdown in Europe in April 2022. Central banks turned hawkish, demonstrating their aggressive intent by increasing interest rates by two or more percentage points across many developed nations as concerns over inflation grew among policymakers. The U.S. Federal Reserve raised rates twice since March 2022 and hinted that more increases were on the way. The European Central Bank is expected to hike rates in the forthcoming month to bring the era of negative deposit rates to an end. The Bank of England was the first developed-economy central bank to start hiking rates, raising rates in four consecutive meetings.

China recorded negative returns in the last two quarters of 2021 owing to a dampened outlook over inflation and interest rates. A significant sell-off in China was partially due to the government’s crackdown on the education and technology sectors. The Cyberspace Administration of China (CAC), which has emerged as a super-regulator over the course of the crackdown, summoned various tech chief executive officers in January 2022 to lecture them on the importance of following state guidance. The CAC’s burgeoning influence was evident in Tencent’s announcement it would produce more nationalistic content than Hollywood blockbusters.

A resurgence in COVID-19 cases, an anemic property sector, and decelerating economic growth hampered China’s growth. A zero-tolerance COVID-19 policy translated into strict lockdowns, hurting demand and production. Several economic data points came in weaker than expected. Retail sales continued to slide, with purchases edging significantly lower in many categories of goods. The number of cases in Hong Kong and China spiked to their highest level in more than two years during the second quarter, despite the Chinese government having one of the world’s strictest virus elimination policies. The unemployment rate inched higher as the city of Shanghai – China’s financial capital, which has a population of 25 million — went into a partial lockdown to curb the surge in the Omicron variant cases.

On the geopolitical front, Beijing’s opaque stance on Russia’s invasion of Ukraine raised the prospect of secondary sanctions, amplifying risk calculations of foreign businesses in China. Foreign capital, meanwhile, had been flowing out of China amid concerns around investability in the country. With the 20^th Communist Party Congress scheduled for November 2022, China’s leadership will likely firmly focus on ensuring stability and growth this year, pushing reform down its list of priorities. The People’s Bank of China (PBoC) announced its intention to strengthen the implementation of its prudent monetary policy by administering liquidity injections to stabilize economic growth, employment, and prices. Along with the China Banking and Insurance Regulatory Commission, the PBOC instructed leading asset management companies and banks to help developers by purchasing their liabilities (for restructuring) or funding M&A to help revitalize the real estate sector.

As the COVID-19 pandemic continues to wreak havoc in Shanghai, the authority’s “dynamic clearing” goal still faces major challenges. The situation is still quite severe, with localized shocks in the economy spreading or spilling over to other regions because of transportation and logistics bottlenecks. Also, economic ramifications of the war in Ukraine are expected to significantly slow global growth in 2022 and push inflation up. However, a fragmented recovery is anticipated, as divergent circumstances and the consequent policy responses of the countries will likely influence their growth.

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

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

The Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 Index (the ASHR Index). The ASHR Index is designed to reflect price fluctuation and performance of the China A-share market and is composed of the 300 largest and most liquid stocks in the China A-share market. ASHR is sub-advised by Harvest Global Investments. The continued strategic partnership between DWS and Harvest Global Investments provides investors with unique access to the expansive Chinese economy and stock market. For the 12-month period ended May 31, 2022, ASHR returned -25.79%, compared with the ASHR Index’s -25.18%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Financials, Health Care and Consumer Staples. The Energy and Utilities sectors were the positive contributors to performance.

The Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 500 Index (the ASHS Index). The ASHS Index tracks 500 small-cap companies listed on the China A-Shares market. For the 12-month period ended May 31, 2022, ASHS returned -13.89%, compared with the ASHS Index’s -12.27%.

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

The Xtrackers MSCI All China Equity ETF (CN) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China All Shares Index (the CN Index). The CN Index captures large and midcap representations across China A-shares, H-shares, B-shares, Red-chips, and P chips share classes, as well as securities of Chinese companies listed outside of China (e.g. American depository receipts). CN expects to obtain exposure to the A-Shares components of the CN Index indirectly by investing in the Xtrackers MSCI China A Inclusion Equity ETF, an affiliated fund advised by DBX Advisors LLC. CN may also invest in Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF or other affiliated funds advised by DBX Advisors LLC and sub-advised by Harvest Global Investments Limited. For the 12-month period ended May 31, 2022, CN returned -30.65%, compared with the CN Index’s -30.39%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Financials, Consumer Discretionary and Communication Services. The Energy sector was the only positive contributor to performance.

The Xtrackers MSCI China A Inclusion Equity ETF (ASHX) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China A Inclusion Index (the ASHX Index). The AHSX Index is designed to track the equity market performance of China A-Shares that are accessible through the Shanghi-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program. China A-Shares are equity securities issued by companies incorporated in mainland China and are denominated in renminbi. For the 12-month period ended May 31, 2022, ASHX returned -22.97%, compared with the ASHX Index’s -22.50%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Consumer Staples, Financials and Health Care. The Energy and Utilities sectors were the positive contributors to performance.

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 6-13 of this report for additional performance information, including performance data based on market value. The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.

The Xtrackers Harvest CSI 300 China A-Shares 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 CSI 300 Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market. The MSCI ACWI ex USA Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States). It is not possible to invest directly into an index.

¹ Total returns are calculated based on the commencement of operations, November 6, 2013 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2021 was 0.65%, 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.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 15.

The Xtrackers Harvest CSI 500 China A-Shares Small Cap 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 CSI 500 Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of small-cap companies in the China A-Share market and is composed of the 500 smallest and most liquid stocks in the China A-Share market. The MSCI ACWI ex USA Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States). It is not possible to invest directly into an index.

¹ Total returns are calculated based on the commencement of operations, May 21, 2014 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2021, was 0.65%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 20.

The Xtrackers MSCI All China 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 China All Shares Index (the “Underlying Index”). The Underlying Index is designed to capture large- and mid-capitalization representation across all China securities listed in Hong Kong, Shanghai and Shenzhen. The Underlying Index includes A-Shares, H-Shares, B-Shares, Red chips and P chips share classes, as well as securities of Chinese companies listed outside of China (e.g. American depository receipts). The Fund expects to obtain exposure to the A-Share components of the Underlying Index indirectly by investing in the Xtrackers MSCI China A Inclusion Equity ETF, an affiliated fund advised by DBX Advisors LLC (the “Advisor”). The Fund may also invest in Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF or other affiliated funds advised by the Advisor and sub-advised by Harvest Global Investments Limited. It is not possible to invest directly into an index.

¹Total returns are calculated based on the commencement of operations, April 30, 2014 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2021, was 0.75%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report. This expense ratio includes net expenses of the affiliated funds in which CN invests.

* As a percentage of total investments excluding securities lending collateral and cash equivalents. Sector percentages include the sector allocations of the Fund’s investment in Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 28.

The Xtrackers MSCI China A Inclusion 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 China A Inclusion Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of China A-Shares that are accessible through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program. China A-Shares are equity securities issued by companies incorporated in mainland China and are denominated in renminbi. The MSCI ACWI ex USA Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States). It is not possible to invest directly into an index.

¹ Total returns are calculated based on the commencement of operations, October 20, 2015 (“Inception”).

² On June 4, 2018, the Fund changed its Underlying Index from CSI 300 USD Hedged Index to the Underlying Index. Returns reflect performance for the CSI 300 USD Hedged Index prior to June 4, 2018. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2021, was 0.60%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report. This expense ratio includes net expenses of the affiliated funds in which ASHX invests.

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

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other fund expenses. In the most recent six-month period Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers MSCI All China Equity ETF limited these expenses; had they not done so, expenses would have been higher. In addition to the ongoing expenses which each Fund bears directly, the Xtrackers MSCI All China Equity ETF shareholders indirectly bear the expenses of Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Underlying Funds”) in which the Xtrackers MSCI All China Equity ETF invests. The Underlying Funds’ expenses are not included in Xtrackers MSCI All China Equity ETF’s annualized expense ratios used to calculate the expense estimate in the tables. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (December 1, 2021 to May 31, 2022).

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

The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 365.

(2) The Fund invests in other ETFs and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.


	Number of Shares		Value
COMMON STOCKS — 99.8%
Communication Services — 1.3%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		848,104	$	2,751,843
China United Network Communications Ltd., Class A		13,137,681		6,848,795
Focus Media Information Technology Co. Ltd., Class A		6,361,063		6,117,598
Mango Excellent Media Co. Ltd., Class A		469,649		2,547,523
Perfect World Co. Ltd., Class A		755,851		1,538,763
Zhejiang Century Huatong Group Co. Ltd., Class A *		2,842,520		1,975,777

(Cost $23,350,195)				21,780,299

Consumer Discretionary — 8.4%
Beijing Roborock Technology Co. Ltd., Class A		17,147		1,632,401
BYD Co. Ltd., Class A		550,244		24,391,087
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		95,124		2,149,000
China Tourism Group Duty Free Corp. Ltd., Class A		595,133		15,753,128
Chongqing Changan Automobile Co. Ltd., Class A		2,367,219		4,946,851
Ecovacs Robotics Co. Ltd., Class A		140,319		2,462,492
FAW Jiefang Group Co. Ltd., Class A		812,287		1,090,270
Fuyao Glass Industry Group Co. Ltd., Class A		881,462		5,300,260
Great Wall Motor Co. Ltd., Class A		777,494		3,866,797
Gree Electric Appliances, Inc. of Zhuhai, Class A		2,878,185		13,870,303
Guangzhou Automobile Group Co. Ltd., Class A		1,432,975		3,215,635
Haier Smart Home Co. Ltd., Class A		2,352,533		8,947,766
Huayu Automotive Systems Co. Ltd., Class A		1,021,026		3,372,575
Midea Group Co. Ltd., Class A		2,987,707		24,383,234
Offcn Education Technology Co. Ltd., Class A *		1,163,851		901,372
Oppein Home Group, Inc., Class A		120,428		2,157,619
SAIC Motor Corp. Ltd., Class A		2,927,473		7,538,501
Shandong Linglong Tyre Co. Ltd., Class A		382,891		1,221,718
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		972,501		1,456,821
Shenzhen Overseas Chinese Town Co. Ltd., Class A		2,434,577		2,089,750
Songcheng Performance Development Co. Ltd., Class A		1,057,665		2,024,861
Suning.com Co. Ltd., Class A *		2,635,902		931,874
TCL Technology Group Corp., Class A *		8,664,843		5,892,949
Zhejiang Supor Co. Ltd., Class A		114,338		964,992

(Cost $104,682,160)				140,562,256


	Number of Shares		Value
Consumer Staples — 15.7%
Anhui Gujing Distillery Co. Ltd., Class A		77,852	$	2,658,898
Chongqing Brewery Co. Ltd., Class A *		146,258		2,844,314
DaShenLin Pharmaceutical Group Co. Ltd., Class A		198,933		978,945
Eastroc Beverage Group Co. Ltd., Class A		25,800		558,668
Foshan Haitian Flavouring & Food Co. Ltd., Class A		859,893		9,872,249
Guangdong Haid Group Co. Ltd., Class A		521,263		4,675,789
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,075,127		4,564,317
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		3,122,919		17,777,083
Jiangsu King’s Luck Brewery JSC Ltd., Class A		376,747		2,595,550
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		364,975		9,021,178
Jiangxi Zhengbang Technology Co. Ltd., Class A		1,016,464		947,106
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A *		363,908		1,425,540
Juewei Food Co. Ltd., Class A *		226,328		1,752,174
Kweichow Moutai Co. Ltd., Class A		381,992		103,231,972
Luzhou Laojiao Co. Ltd., Class A		450,547		14,497,416
Muyuan Foods Co. Ltd., Class A		1,619,405		12,415,721
New Hope Liuhe Co. Ltd., Class A *		1,400,927		2,996,815
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		231,460		1,230,200
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		298,628		12,190,268
Tongwei Co. Ltd., Class A		1,636,189		11,076,231
Tsingtao Brewery Co. Ltd., Class A		216,682		3,010,599
Wens Foodstuffs Group Co. Ltd., Class A		2,707,275		7,328,359
Wuliangye Yibin Co. Ltd., Class A		1,179,031		30,272,776
Yifeng Pharmacy Chain Co. Ltd., Class A		234,082		1,628,808
Yihai Kerry Arawana Holdings Co. Ltd., Class A *		267,993		1,821,815
Yonghui Superstores Co. Ltd., Class A		2,273,383		1,495,041

(Cost $141,245,212)				262,867,832

Energy — 1.8%
China Coal Energy Co. Ltd., Class A		1,014,600		1,513,807
China Oilfield Services Ltd., Class A		351,259		792,444
China Petroleum & Chemical Corp., Class A		8,054,798		5,381,530
China Shenhua Energy Co. Ltd., Class A		2,003,336		10,191,489
PetroChina Co. Ltd., Class A		5,856,841		4,965,878
Shaanxi Coal Industry Co. Ltd., Class A		2,379,903		6,763,053

(Cost $18,532,176)				29,608,201


	Number of Shares		Value
Financials — 22.5%
Agricultural Bank of China Ltd., Class A		21,710,000	$	9,854,138
Bank of Beijing Co. Ltd., Class A		9,257,543		6,129,630
Bank of Chengdu Co. Ltd., Class A		1,364,756		3,125,926
Bank of China Ltd., Class A		13,218,100		6,316,492
Bank of Communications Co. Ltd., Class A		16,725,250		12,301,847
Bank of Hangzhou Co. Ltd., Class A		1,857,033		3,788,898
Bank of Jiangsu Co. Ltd., Class A		7,207,165		6,931,316
Bank of Nanjing Co. Ltd., Class A		3,113,643		5,037,427
Bank of Ningbo Co. Ltd., Class A		2,435,811		11,950,088
Bank of Shanghai Co. Ltd., Class A		6,052,088		5,811,382
BOC International China Co. Ltd., Class A		897,450		1,617,306
Caitong Securities Co. Ltd., Class A		1,964,968		2,116,413
Changjiang Securities Co. Ltd., Class A		2,362,790		2,013,972
China CITIC Bank Corp. Ltd., Class A		1,975,336		1,375,974
China Construction Bank Corp., Class A		4,361,428		3,907,024
China Everbright Bank Co. Ltd., Class A		10,336,204		4,830,942
China Galaxy Securities Co. Ltd., Class A		906,071		1,199,860
China International Capital Corp. Ltd., Class A		224,400		1,294,195
China Life Insurance Co. Ltd., Class A		1,031,085		3,838,284
China Merchants Bank Co. Ltd., Class A		7,476,735		44,453,841
China Merchants Securities Co. Ltd., Class A		2,265,654		4,378,240
China Minsheng Banking Corp. Ltd., Class A		15,318,208		8,742,771
China Pacific Insurance Group Co. Ltd., Class A		2,084,664		6,636,074
China Zheshang Bank Co. Ltd., Class A		5,072,339		2,469,494
CITIC Securities Co. Ltd., Class A		5,964,206		17,681,318
CSC Financial Co. Ltd., Class A		853,275		2,867,045
East Money Information Co. Ltd., Class A		6,494,905		22,027,511
Everbright Securities Co. Ltd., Class A		1,290,244		2,232,389
Founder Securities Co. Ltd., Class A		2,738,886		2,568,410
GF Securities Co. Ltd., Class A		1,831,891		4,692,583
Guosen Securities Co. Ltd., Class A		1,848,816		2,528,603
Guotai Junan Securities Co. Ltd., Class A		2,812,102		6,104,016
Haitong Securities Co. Ltd., Class A		5,831,163		7,975,210
Hithink RoyalFlush Information Network Co. Ltd., Class A		139,290		1,780,274
Hongta Securities Co. Ltd., Class A *		673,600		798,169
Huatai Securities Co. Ltd., Class A		3,231,693		6,448,379
Huaxia Bank Co. Ltd., Class A		3,855,461		3,072,587
Industrial & Commercial Bank of China Ltd., Class A		21,211,184		14,806,999
Industrial Bank Co. Ltd., Class A		8,786,389		25,863,612
Industrial Securities Co. Ltd., Class A		3,379,801		3,133,993
Nanjing Securities Co. Ltd., Class A		1,368,880		1,558,458
New China Life Insurance Co. Ltd., Class A		507,809		2,145,189


	Number of Shares		Value
Financials (Continued)
Orient Securities Co. Ltd., Class A		3,246,859	$	4,542,831
People’s Insurance Co. Group of China Ltd., Class A		1,762,898		1,235,916
Ping An Bank Co. Ltd., Class A *		5,957,456		12,636,893
Ping An Insurance Group Co. of China Ltd., Class A		6,524,729		43,201,711
Postal Savings Bank of China Co. Ltd., Class A		6,694,400		5,264,864
SDIC Capital Co. Ltd., Class A		1,652,149		1,522,091
Shanghai Pudong Development Bank Co. Ltd., Class A		7,224,510		8,593,006
Shenwan Hongyuan Group Co. Ltd., Class A		6,974,444		4,231,368
Sinolink Securities Co. Ltd., Class A		1,423,775		1,751,058
Tianfeng Securities Co. Ltd., Class A		2,974,260		1,354,468
Zheshang Securities Co. Ltd., Class A		1,060,250		1,534,270
Zhongtai Securities Co. Ltd., Class A		1,793,063		1,955,433

(Cost $352,674,231)				376,230,188

Health Care — 8.8%
Aier Eye Hospital Group Co. Ltd., Class A		1,633,833		9,094,934
Asymchem Laboratories Tianjin Co. Ltd., Class A		84,947		3,329,545
Autobio Diagnostics Co. Ltd., Class A *		151,926		967,019
Beijing Tiantan Biological Products Corp. Ltd., Class A		433,104		1,462,387
Beijing Tongrentang Co. Ltd., Class A		430,596		3,003,948
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		108,485		2,070,243
Betta Pharmaceuticals Co. Ltd., Class A		150,015		1,053,734
BGI Genomics Co. Ltd., Class A		160,496		1,579,835
Bloomage Biotechnology Corp. Ltd., Class A		62,857		1,385,858
Changchun High & New Technology Industry Group, Inc., Class A *		194,897		4,843,010
Chongqing Zhifei Biological Products Co. Ltd., Class A		480,443		6,281,636
Gan & Lee Pharmaceuticals Co. Ltd., Class A *		106,780		680,622
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		456,450		2,116,265
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		169,082		1,917,892
Hangzhou Tigermed Consulting Co. Ltd., Class A		322,882		4,155,797
Huadong Medicine Co. Ltd., Class A		543,638		3,157,343
Hualan Biological Engineering, Inc., Class A		700,289		1,961,711
Humanwell Healthcare Group Co. Ltd., Class A		589,144		1,475,618
Imeik Technology Development Co. Ltd., Class A		49,369		4,000,254
Intco Medical Technology Co. Ltd., Class A *		231,964		955,585
Jafron Biomedical Co. Ltd., Class A *		297,424		1,960,847


	Number of Shares		Value
Health Care (Continued)
Jiangsu Hengrui Medicine Co. Ltd., Class A		2,732,014	$	12,408,759
Lepu Medical Technology Beijing Co. Ltd., Class A		784,365		2,078,559
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A *		1,723,193		1,321,661
Ovctek China, Inc., Class A		315,950		2,178,117
Pharmaron Beijing Co. Ltd., Class A		157,644		2,816,598
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		736,422		4,831,891
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		693,238		1,869,266
Shanghai RAAS Blood Products Co. Ltd., Class A		2,569,601		2,167,157
Shenzhen Kangtai Biological Products Co. Ltd., Class A		250,188		2,334,539
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		296,291		13,426,414
Topchoice Medical Corp., Class A *		134,983		2,829,476
Walvax Biotechnology Co. Ltd., Class A		952,431		6,624,428
Winner Medical Co. Ltd., Class A		48,141		427,720
WuXi AppTec Co. Ltd., Class A		1,250,496		17,854,059
Yunnan Baiyao Group Co. Ltd., Class A		452,044		3,819,232
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		186,899		8,670,904
Zhejiang NHU Co. Ltd., Class A		1,149,401		3,571,054

(Cost $139,651,856)				146,683,917

Industrials — 13.8%
AECC Aviation Power Co. Ltd., Class A		980,871		5,808,378
Air China Ltd., Class A *		1,988,417		2,886,340
Beijing New Building Materials PLC, Class A		649,767		2,813,012
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		12,670,783		9,243,759
China CSSC Holdings Ltd., Class A		1,130,926		3,154,496
China Eastern Airlines Corp. Ltd., Class A *		3,646,465		2,632,906
China Energy Engineering Corp. Ltd. *		8,718,377		3,043,041
China Railway Group Ltd., Class A		6,600,995		6,496,673
China Southern Airlines Co. Ltd., Class A *		3,303,326		3,211,532
China State Construction Engineering Corp. Ltd., Class A		13,304,100		10,981,288
Contemporary Amperex Technology Co. Ltd., Class A		845,289		51,663,234
COSCO SHIPPING Holdings Co. Ltd., Class A *		3,892,763		8,951,226
CRRC Corp. Ltd., Class A		8,168,061		6,191,355
Daqin Railway Co. Ltd., Class A		3,950,728		3,971,146
Eve Energy Co. Ltd., Class A *		713,641		8,598,329
Gongniu Group Co. Ltd., Class A		53,875		1,176,526
Guangdong Kinlong Hardware Products Co. Ltd., Class A		77,669		976,753


	Number of Shares		Value
Industrials (Continued)
Han’s Laser Technology Industry Group Co. Ltd., Class A		564,796	$	2,522,143
Jiangsu Hengli Hydraulic Co. Ltd., Class A		336,143		2,684,914
Metallurgical Corp. of China Ltd., Class A		4,621,609		2,443,904
NARI Technology Co. Ltd., Class A		1,707,964		8,763,054
Power Construction Corp. of China Ltd., Class A		4,719,528		5,521,611
Sany Heavy Industry Co. Ltd., Class A		3,725,363		9,459,202
SF Holding Co. Ltd., Class A *		1,215,660		9,451,390
Shanghai International Airport Co. Ltd., Class A *		601,028		4,538,659
Shanghai International Port Group Co. Ltd., Class A		2,381,505		2,229,707
Shanghai M&G Stationery, Inc., Class A		251,341		1,949,582
Shenzhen Inovance Technology Co. Ltd., Class A		1,152,789		10,573,781
Spring Airlines Co. Ltd., Class A *		245,593		1,784,693
Sungrow Power Supply Co. Ltd., Class A *		640,094		7,667,129
Weichai Power Co. Ltd., Class A		3,007,971		5,456,749
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		696,960		5,067,851
XCMG Construction Machinery Co. Ltd., Class A		3,653,380		2,895,121
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		1,736,224		3,214,700
Yunda Holding Co. Ltd., Class A		721,535		1,962,860
Zhejiang Chint Electrics Co. Ltd., Class A		677,392		3,721,064
Zhejiang Dingli Machinery Co. Ltd., Class A		164,328		1,191,196
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		1,129,918		2,951,955
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		3,237,853		2,876,259

(Cost $223,819,110)				230,727,518

Information Technology — 13.4%
360 Security Technology, Inc., Class A *		1,977,168		2,452,393
Advanced Micro-Fabrication Equipment Inc China, Class A *		162,144		2,803,970
Anker Innovations Technology Co. Ltd., Class A		106,639		1,000,814
Avary Holding Shenzhen Co. Ltd., Class A		485,947		2,208,618
Beijing Kingsoft Office Software, Inc., Class A		115,640		3,549,492
BOE Technology Group Co. Ltd., Class A		19,148,075		10,871,276
Chaozhou Three-Circle Group Co. Ltd., Class A		784,199		3,479,586
China Greatwall Technology Group Co. Ltd., Class A		1,302,503		1,982,388


	Number of Shares		Value
Information Technology (Continued)
China Railway Signal & Communication Corp. Ltd., Class A		3,065,890	$	2,094,294
China Resources Microelectronics Ltd., Class A		193,893		1,535,925
Flat Glass Group Co. Ltd., Class A		350,558		2,306,945
Foxconn Industrial Internet Co. Ltd., Class A		2,986,631		4,210,051
Gigadevice Semiconductor Beijing, Inc., Class A *		336,117		7,232,394
Glodon Co. Ltd., Class A		597,711		4,817,145
GoerTek, Inc., Class A		1,490,334		9,093,147
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		235,253		2,471,469
Hangzhou First Applied Material Co. Ltd., Class A		337,853		4,015,468
Hundsun Technologies, Inc., Class A		742,189		4,458,360
Iflytek Co. Ltd., Class A		1,159,737		6,316,836
Inspur Electronic Information Industry Co. Ltd., Class A		709,726		2,620,739
JA Solar Technology Co. Ltd., Class A		398,134		5,582,405
JCET Group Co. Ltd., Class A		863,364		3,129,864
Lens Technology Co. Ltd., Class A		1,328,987		2,100,339
Lingyi iTech Guangdong Co., Class A *		1,909,760		1,364,626
LONGi Green Energy Technology Co. Ltd., Class A		2,662,707		31,591,101
Luxshare Precision Industry Co. Ltd., Class A		3,066,477		15,531,059
Maxscend Microelectronics Co. Ltd., Class A *		144,086		4,187,354
Montage Technology Co. Ltd., Class A		301,430		2,901,639
National Silicon Industry Group Co. Ltd., Class A *		551,104		1,847,608
NAURA Technology Group Co. Ltd., Class A		164,661		6,659,946
Qi An Xin Technology Group, Inc., Class A *		179,000		1,291,117
Shanghai Baosight Software Co. Ltd., Class A		241,527		1,887,930
Shengyi Technology Co. Ltd., Class A		867,481		2,110,388
Shennan Circuits Co. Ltd., Class A		140,373		1,936,897
Shenzhen Goodix Technology Co. Ltd., Class A		179,775		1,554,702
Shenzhen Transsion Holdings Co. Ltd., Class A		154,186		2,031,407
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		1,433,598		9,363,325
Trina Solar Co. Ltd., Class A		518,604		4,987,548
Unigroup Guoxin Microelectronics Co. Ltd., Class A *		261,054		6,937,455
Unisplendour Corp. Ltd., Class A		961,772		2,564,533
Universal Scientific Industrial Shanghai Co. Ltd., Class A		576,093		1,082,197
Will Semiconductor Co. Ltd. Shanghai, Class A		324,696		7,976,952
Wingtech Technology Co. Ltd., Class A		474,303		4,521,705
Wuhan Guide Infrared Co. Ltd., Class A		932,667		1,624,884


	Number of Shares		Value
Information Technology (Continued)
Yealink Network Technology Corp. Ltd., Class A		249,985	$	2,768,915
Yonyou Network Technology Co. Ltd., Class A		1,121,874		3,253,611
Zhejiang Dahua Technology Co. Ltd., Class A *		1,232,459		2,985,374
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		418,903		3,471,457
ZTE Corp., Class A		1,993,122		7,264,274

(Cost $192,540,434)				224,031,922

Materials — 9.2%
Aluminum Corp. of China Ltd., Class A *		4,903,767		3,783,147
Anhui Conch Cement Co. Ltd., Class A		1,476,216		8,144,564
Baoshan Iron & Steel Co. Ltd., Class A		5,482,742		5,256,468
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		1,096,860		7,320,068
China Jushi Co. Ltd., Class A		1,536,456		3,760,871
China Molybdenum Co. Ltd., Class A		4,530,485		3,237,273
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		1,338,571		6,984,110
Citic Pacific Special Steel Group Co. Ltd., Class A		649,057		1,889,174
Ganfeng Lithium Co. Ltd., Class A		488,920		8,715,674
Guangzhou Tinci Materials Technology Co. Ltd., Class A		712,200		4,059,503
Hengli Petrochemical Co. Ltd., Class A *		1,315,727		4,647,569
Hengyi Petrochemical Co. Ltd., Class A		1,374,428		2,196,861
Hoshine Silicon Industry Co. Ltd., Class A *		100,290		1,398,997
Huafon Chemical Co. Ltd., Class A		916,502		1,134,043
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A *		14,083,327		4,240,505
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,165,273		1,404,483
Jiangsu Eastern Shenghong Co. Ltd., Class A		1,100,300		2,576,240
Jiangxi Copper Co. Ltd., Class A		701,301		1,903,614
Kingfa Sci & Tech Co. Ltd., Class A *		1,122,741		1,503,603
LB Group Co. Ltd., Class A		751,150		2,136,819
Ningxia Baofeng Energy Group Co. Ltd., Class A		1,376,998		3,209,661
Rongsheng Petrochemical Co. Ltd., Class A		1,922,218		4,601,459
Shandong Gold Mining Co. Ltd., Class A		1,194,410		3,290,420
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A *		913,774		4,084,640
Shanghai Putailai New Energy Technology Co. Ltd., Class A *		213,760		4,117,974
Tianqi Lithium Corp., Class A *		631,733		9,305,416
Wanhua Chemical Group Co. Ltd., Class A		972,797		12,258,510


	Number of Shares		Value
Materials (Continued)
Yunnan Energy New Material Co. Ltd., Class A		328,718	$	10,723,036
Zhejiang Huayou Cobalt Co. Ltd., Class A *		588,539		8,329,738
Zhejiang Longsheng Group Co. Ltd., Class A		1,690,500		2,702,065
Zhongjin Gold Corp. Ltd., Class A		2,057,144		2,212,612
Zijin Mining Group Co. Ltd., Class A		8,966,852		13,513,075

(Cost $111,010,984)				154,642,192

Real Estate — 1.9%
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		1,927,424		3,609,138
China Vanke Co. Ltd., Class A		4,140,069		11,045,559
Gemdale Corp., Class A		1,340,502		2,387,622
Greenland Holdings Corp. Ltd., Class A		2,381,570		1,369,969
Poly Developments and Holdings Group Co. Ltd., Class A		4,356,931		10,122,987
Seazen Holdings Co. Ltd., Class A		554,743		2,016,038
Shanghai Lingang Holdings Corp. Ltd., Class A		620,560		1,316,326

(Cost $30,243,310)				31,867,639


	Number of Shares		Value
Utilities — 3.0%
CGN Power Co. Ltd., Class A		7,338,379	$	3,078,041
China National Nuclear Power Co. Ltd., Class A		5,853,401		6,365,919
China Three Gorges Renewables Group Co. Ltd., Class A		5,329,600		4,957,953
China Yangtze Power Co. Ltd., Class A		6,920,035		24,899,893
GD Power Development Co. Ltd., Class A		5,575,200		3,006,624
Huaneng Lancang River Hydropower, Inc., Class A		1,184,200		1,259,504
Huaneng Power International, Inc., Class A		2,703,642		2,993,022
SDIC Power Holdings Co. Ltd., Class A		1,887,466		2,923,586

(Cost $37,655,965)				49,484,542

TOTAL COMMON STOCKS (Cost $1,375,405,633)				1,668,486,506


TOTAL INVESTMENTS — 99.8% (Cost $1,375,405,633)			$	1,668,486,506
Other assets and liabilities, net — 0.2%				3,577,418

NET ASSETS — 100.0%			$	1,672,063,924

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, 2022 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.


	Number of Shares		Value
COMMON STOCKS — 99.5%
Communication Services — 3.2%
Beijing Enlight Media Co. Ltd., Class A *		47,400	$	55,243
Beijing Gehua CATV Network Co. Ltd., Class A		38,300		57,202
Beijing Jetsen Technology Co. Ltd., Class A *		83,200		63,066
Bluefocus Intelligent Communications Group Co. Ltd., Class A		99,100		93,081
China South Publishing & Media Group Co. Ltd., Class A		27,500		42,060
Chinese Universe Publishing and Media Group Co. Ltd., Class A		26,389		42,377
G-bits Network Technology Xiamen Co. Ltd., Class A		1,773		85,870
Inmyshow Digital Technology Group Co. Ltd., Class A		21,900		25,162
Jiangsu Broadcasting Cable Information Network Corp. Ltd., Class A		75,900		38,772
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		28,600		33,161
Kunlun Tech Co. Ltd., Class A		38,200		84,463
Leo Group Co. Ltd., Class A		263,195		69,391
NanJi E-Commerce Co. Ltd., Class A		76,100		61,331
Oriental Pearl Group Co. Ltd., Class A		79,000		87,337
Ourpalm Co. Ltd., Class A *		111,400		51,566
People.cn Co. Ltd., Class A		22,800		34,497
Wanda Film Holding Co. Ltd., Class A *		44,700		82,496
Wasu Media Holding Co. Ltd., Class A		21,400		25,069
Youzu Interactive Co. Ltd., Class A *		29,400		40,562
Zhejiang Huace Film & Television Co. Ltd., Class A *		46,100		31,007

(Cost $1,304,584)				1,103,713

Consumer Discretionary — 6.5%
Anhui Jianghuai Automobile Group Corp. Ltd., Class A		62,700		110,926
Anhui Zhongding Sealing Parts Co. Ltd., Class A		30,800		67,732
Autel Intelligent Technology Corp. Ltd., Class A *		10,917		50,206
BAIC BluePark New Energy Technology Co. Ltd., Class A *		86,900		95,420
Beiqi Foton Motor Co. Ltd., Class A *		191,600		76,921
BTG Hotels Group Co. Ltd., Class A *		24,145		80,333
China Grand Automotive Services Group Co. Ltd., Class A *		153,100		58,025
Chongqing Department Store Co. Ltd., Class A		7,995		25,954
Chow Tai Seng Jewellery Co. Ltd., Class A		18,200		38,714
DongFeng Automobile Co. Ltd., Class A		40,600		41,357
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A		13,117		34,996
Hang Zhou Great Star Industrial Co. Ltd., Class A *		27,753		70,053
Hangzhou Robam Appliances Co. Ltd., Class A *		18,900		86,636


	Number of Shares		Value
Consumer Discretionary (Continued)
Hisense Visual Technology Co. Ltd., Class A		32,300	$	58,595
HLA Group Corp. Ltd., Class A		51,100		39,269
Joyoung Co. Ltd., Class A		12,201		30,286
Keboda Technology Co. Ltd., Class A		2,000		17,554
KingClean Electric Co. Ltd., Class A		4,800		16,430
Liaoning Cheng Da Co. Ltd., Class A		42,558		89,317
Ningbo Huaxiang Electronic Co. Ltd., Class A		21,000		44,388
Ningbo Joyson Electronic Corp., Class A		38,720		70,531
Ningbo Tuopu Group Co. Ltd., Class A *		18,107		158,679
Shanghai Jinjiang International Hotels Co. Ltd., Class A		18,600		150,489
Shenzhen MTC Co. Ltd., Class A *		72,100		42,987
Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A *		44,950		38,382
Sichuan Changhong Electric Co. Ltd., Class A		151,700		64,766
Suofeiya Home Collection Co. Ltd., Class A		25,318		83,325
Wangfujing Group Co. Ltd., Class A		23,730		85,671
Wanxiang Qianchao Co. Ltd., Class A		60,300		51,308
Weifu High-Technology Group Co. Ltd., Class A		21,600		67,432
Wuchan Zhongda Group Co. Ltd., Class A		123,800		94,025
Xiamen Intretech, Inc., Class A		12,730		36,995
Zhejiang Orient Financial Holdings Group Co. Ltd., Class A		76,938		44,834
Zhejiang Semir Garment Co. Ltd., Class A		31,800		27,534
Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A		69,300		51,283
Zhejiang Yasha Decoration Co. Ltd., Class A		26,900		19,584

(Cost $2,250,109)				2,220,937

Consumer Staples — 5.8%
Angel Yeast Co. Ltd., Class A		20,200		128,454
Anhui Kouzi Distillery Co. Ltd., Class A		14,300		113,148
Anhui Yingjia Distillery Co. Ltd., Class A		9,700		86,676
Beijing Dabeinong Technology Group Co. Ltd., Class A *		132,862		155,044
Beijing Yanjing Brewery Co. Ltd., Class A		55,200		61,439
Bestore Co. Ltd., Class A		3,500		13,128
Bright Dairy & Food Co. Ltd., Class A *		25,800		46,533
By-health Co. Ltd., Class A		34,000		101,305
C&S Paper Co. Ltd., Class A		31,700		52,283
Chacha Food Co. Ltd., Class A		12,400		103,075
Chongqing Fuling Zhacai Group Co. Ltd., Class A		21,538		102,923
COFCO Sugar Holding Co. Ltd., Class A		44,100		54,766
Fujian Sunner Development Co. Ltd., Class A		30,100		79,223
Guangdong Marubi Biotechnology Co. Ltd., Class A		1,900		6,526
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		20,600		66,841
Heilongjiang Agriculture Co. Ltd., Class A		30,100		75,752


	Number of Shares		Value
Consumer Staples (Continued)
Jiajiayue Group Co. Ltd., Class A		9,800	$	19,818
Laobaixing Pharmacy Chain JSC, Class A		8,254		49,743
New Hope Dairy Co. Ltd., Class A		7,600		13,070
Opple Lighting Co. Ltd., Class A		6,090		15,464
Pengdu Agriculture & Animal Husbandry Co. Ltd., Class A *		130,320		58,567
Proya Cosmetics Co. Ltd., Class A		5,770		134,407
Shandong Yisheng Livestock & Poultry Breeding Co. Ltd., Class A *		24,900		32,675
Shanghai Bailian Group Co. Ltd., Class A		32,400		59,505
Shanghai Flyco Electrical Appliance Co. Ltd., Class A *		2,200		21,603
Shanghai Jahwa United Co. Ltd., Class A		13,764		71,444
Sichuan Teway Food Group Co. Ltd., Class A		9,314		29,286
Tech-Bank Food Co. Ltd., Class A *		58,220		56,253
Toly Bread Co. Ltd., Class A		21,544		49,346
Yantai Changyu Pioneer Wine Co. Ltd., Class A		5,100		21,545
Yuan Longping High-tech Agriculture Co. Ltd., Class A *		42,154		112,970

(Cost $2,069,608)				1,992,812

Energy — 4.7%
China Merchants Energy Shipping Co. Ltd., Class A		127,900		115,916
China Petroleum Engineering Corp.		67,000		30,512
China Suntien Green Energy Corp. Ltd., Class A		6,000		10,974
CNOOC Energy Technology & Services Ltd., Class A		83,700		34,355
COFCO Capital Holdings Co. Ltd., Class A		27,100		29,027
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		55,400		84,484
Guanghui Energy Co. Ltd., Class A *		183,600		290,162
Guizhou Gas Group Corp. Ltd., Class A		10,000		10,576
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		30,600		68,759
Jizhong Energy Resources Co. Ltd., Class A		42,600		50,223
Nanjing Tanker Corp., Class A *		134,500		66,892
Oriental Energy Co. Ltd., Class A		46,400		58,178
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		47,970		90,687
Shanxi Coking Coal Energy Group Co. Ltd., Class A		81,150		173,472
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		47,400		113,112
Sinopec Oilfield Service Corp., Class A *		88,400		25,956
Yankuang Energy Group Co. Ltd., Class A		35,300		204,328
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		23,041		139,443

(Cost $884,574)				1,597,056

Financials — 6.9%
AVIC Industry-Finance Holdings Co. Ltd., Class A		213,600		107,512
Bank of Changsha Co. Ltd., Class A		47,200		53,878


	Number of Shares		Value
Financials (Continued)
Bank of Guiyang Co. Ltd., Class A		99,400	$	90,086
Bank of Qingdao Co. Ltd., Class A		34,470		17,918
Bank of Suzhou Co. Ltd., Class A		74,910		65,984
Bank of Xi’an Co. Ltd., Class A		47,000		26,050
Bank of Zhengzhou Co. Ltd., Class A *		207,106		82,216
Caida Securities Co. Ltd., Class A		28,100		34,054
China Great Wall Securities Co. Ltd., Class A		37,500		48,873
Chinalin Securities Co. Ltd., Class A *		11,300		23,834
Chongqing Rural Commercial Bank Co. Ltd., Class A		241,400		139,586
Dongxing Securities Co. Ltd., Class A		68,100		83,449
First Capital Securities Co. Ltd., Class A		138,100		116,057
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A		47,700		55,735
Guolian Securities Co. Ltd., Class A		29,200		45,011
Guosheng Financial Holding, Inc., Class A *		48,587		69,873
Guoyuan Securities Co. Ltd., Class A		123,400		106,661
Huaan Securities Co. Ltd., Class A *		117,115		75,089
Huaxi Securities Co. Ltd., Class A		65,400		69,069
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A *		110,255		120,074
Jiangsu Financial Leasing Co. Ltd., Class A		45,100		33,510
Jiangsu Zijin Rural Commercial Bank Co. Ltd., Class A		69,900		30,157
Minmetals Capital Co. Ltd., Class A		84,300		60,111
Northeast Securities Co. Ltd., Class A		58,749		56,676
Oceanwide Holdings Co. Ltd., Class A *		82,400		18,392
Polaris Bay Group Co. Ltd., Class A *		48,600		56,568
Qilu Bank Co. Ltd., Class A		21,600		16,243
Qingdao Rural Commercial Bank Corp., Class A		102,700		50,000
Sealand Securities Co. Ltd., Class A		159,170		82,023
Shaanxi International Trust Co. Ltd., Class A		88,990		39,992
Shanghai AJ Group Co. Ltd., Class A *		35,805		32,772
Shanxi Securities Co. Ltd., Class A		93,240		72,351
SooChow Securities Co. Ltd., Class A		137,820		133,577
Southwest Securities Co. Ltd., Class A		137,600		76,885
Western Securities Co. Ltd., Class A		110,800		102,576
Wuxi Rural Commercial Bank Co. Ltd., Class A		60,500		50,028
Xiamen Bank Co. Ltd., Class A		10,500		9,154

(Cost $2,959,691)				2,352,024

Health Care — 9.2%
Anhui Anke Biotechnology Group Co. Ltd., Class A		47,008		63,025
Apeloa Pharmaceutical Co. Ltd., Class A		23,800		73,943
Beijing SL Pharmaceutical Co. Ltd., Class A		29,000		42,748
Blue Sail Medical Co. Ltd., Class A		26,300		34,946
China Animal Husbandry Industry Co. Ltd., Class A		25,257		47,181
China National Accord Medicines Corp. Ltd., Class A		4,873		21,016


	Number of Shares		Value
Health Care (Continued)
China National Medicines Corp. Ltd., Class A		15,033	$	63,055
China Resources Double Crane Pharmaceutical Co. Ltd., Class A		20,949		86,049
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		15,318		100,690
Contec Medical Systems Co. Ltd., Class A		4,600		18,109
Daan Gene Co. Ltd., Class A		38,918		102,433
Dian Diagnostics Group Co. Ltd., Class A		17,340		77,926
Double Medical Technology, Inc., Class A		1,600		8,214
Guangzhou Wondfo Biotech Co. Ltd., Class A *		12,140		70,379
Guizhou Bailing Group Pharmaceutical Co. Ltd., Class A *		27,000		29,809
Guizhou Xinbang Pharmaceutical Co. Ltd., Class A		49,550		35,703
Hainan Poly Pharm Co. Ltd., Class A		10,699		44,395
Haisco Pharmaceutical Group Co. Ltd., Class A *		8,600		20,393
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		14,200		48,861
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		24,385		87,304
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		37,200		80,581
Jinyu Bio-Technology Co. Ltd., Class A		44,804		57,855
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		38,356		68,317
Joinn Laboratories China Co. Ltd., Class A		6,500		103,632
Jointown Pharmaceutical Group Co. Ltd., Class A		37,000		65,681
Livzon Pharmaceutical Group, Inc., Class A		14,862		73,692
Maccura Biotechnology Co. Ltd., Class A		17,300		49,551
Micro-Tech Nanjing Co. Ltd., Class A *		2,325		35,038
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		14,980		61,980
Porton Pharma Solutions Ltd., Class A		13,100		135,641
Sansure Biotech, Inc., Class A		4,641		33,622
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		22,900		66,825
Shandong Pharmaceutical Glass Co. Ltd., Class A		19,064		74,337
Shenzhen Chipscreen Biosciences Co. Ltd., Class A *		10,249		33,194
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A		14,800		37,291
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		18,300		70,673
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		33,100		108,143
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		34,100		90,977
Tasly Pharmaceutical Group Co. Ltd., Class A		35,800		55,452
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A		71,900		60,531


	Number of Shares		Value
Health Care (Continued)
Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A		11,762	$	38,887
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A *		57,000		86,668
Winning Health Technology Group Co. Ltd., Class A		68,500		86,606
Yifan Pharmaceutical Co. Ltd., Class A *		29,500		56,168
Zhejiang Conba Pharmaceutical Co. Ltd., Class A *		74,940		50,293
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		35,820		104,366
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		20,100		143,264
Zhejiang Medicine Co. Ltd., Class A		27,600		52,757
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		12,600		88,901

(Cost $3,556,294)				3,147,102

Industrials — 18.8%
AECC Aero-Engine Control Co. Ltd., Class A		32,300		133,884
AVIC Electromechanical Systems Co. Ltd., Class A (a)		92,400		156,688
AVICOPTER PLC, Class A		14,300		82,666
Beijing Bei Mo Gao Ke Friction Material Co. Ltd., Class A		9,659		89,595
Beijing Originwater Technology Co. Ltd., Class A		90,000		65,793
Beijing United Information Technology Co. Ltd., Class A		14,355		165,774
Bohai Leasing Co. Ltd., Class A *		99,700		31,962
China Baoan Group Co. Ltd., Class A		108,080		190,077
China First Heavy Industries, Class A *		118,100		53,605
China International Marine Containers Group Co. Ltd., Class A		50,620		101,839
China Meheco Co. Ltd., Class A		21,187		65,159
China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A		34,443		40,503
China Merchants Port Group Co. Ltd., Class A		9,000		20,681
China National Chemical Engineering Co. Ltd., Class A		122,000		172,341
China Railway Hi-tech Industry Co. Ltd., Class A		57,400		72,572
China Southern Power Grid Energy Efficiency&Clean Energy Co. Ltd., Class A		32,900		30,951
China XD Electric Co. Ltd., Class A		86,400		63,549
CITIC Heavy Industries Co. Ltd., Class A		78,800		42,732
CMST Development Co. Ltd., Class A		37,100		33,623
COSCO SHIPPING Development Co. Ltd., Class A		151,600		71,991
Deppon Logistics Co. Ltd., Class A		13,000		26,660
Dongfang Electric Corp. Ltd., Class A		45,100		94,450
East Group Co. Ltd., Class A		46,900		50,795
Eastern Air Logistics Co. Ltd., Class A		7,200		24,171
Eternal Asia Supply Chain Management Ltd., Class A		64,700		80,445


	Number of Shares		Value
Industrials (Continued)
Fangda Carbon New Material Co. Ltd., Class A		91,900	$	97,193
Ginlong Technologies Co. Ltd., Class A		6,000		151,898
Guangshen Railway Co. Ltd., Class A *		149,600		51,095
Guangxi Liugong Machinery Co. Ltd., Class A		46,730		44,662
Guangzhou Port Co. Ltd., Class A		56,300		29,771
Hefei Meiya Optoelectronic Technology, Inc., Class A		16,100		45,173
Hongfa Technology Co. Ltd., Class A *		21,480		170,605
Infore Environment Technology Group Co. Ltd., Class A		41,400		29,087
Jiangsu Expressway Co. Ltd., Class A		18,100		22,885
Jiangsu Zhongtian Technology Co. Ltd., Class A *		98,435		270,584
Jihua Group Corp. Ltd., Class A *		116,900		53,411
Juneyao Airlines Co. Ltd., Class A		24,340		48,129
Kaishan Group Co. Ltd., Class A *		17,851		38,240
Liaoning Port Co. Ltd., Class A		236,520		60,941
Ming Yang Smart Energy Group Ltd., Class A		63,000		240,184
Ningbo Ronbay New Energy Technology Co. Ltd., Class A		10,830		150,894
North Industries Group Red Arrow Co. Ltd., Class A *		34,347		127,962
Orient Group, Inc., Class A *		122,490		54,864
Qingdao Port International Co. Ltd., Class A		30,300		25,963
Qingdao TGOOD Electric Co. Ltd., Class A		25,681		62,745
Riyue Heavy Industry Co. Ltd., Class A		19,700		63,242
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A		17,600		53,653
Shandong Hi-speed Co. Ltd., Class A		23,100		20,520
Shanghai Construction Group Co. Ltd., Class A		178,000		83,727
Shanghai Environment Group Co. Ltd., Class A		30,340		45,995
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A		16,949		30,975
Shanghai Tunnel Engineering Co. Ltd., Class A		76,700		69,284
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class A		15,200		31,558
Shanxi Coal International Energy Group Co. Ltd., Class A		39,000		104,810
Shenzhen Airport Co. Ltd., Class A *		46,100		45,302
Shenzhen Tagen Group Co. Ltd., Class A		52,609		56,033
Siasun Robot & Automation Co. Ltd., Class A *		54,000		65,766
Sichuan Road & Bridge Co. Ltd., Class A		58,300		92,837
Sieyuan Electric Co. Ltd., Class A		24,980		136,772
Sinochem International Corp., Class A		58,500		58,189
Sinoma International Engineering Co., Class A		46,650		59,749
Sinotrans Ltd., Class A		62,500		37,076
State Grid Yingda Co. Ltd., Class A		76,500		60,049
STO Express Co. Ltd., Class A *		25,000		41,869


	Number of Shares		Value
Industrials (Continued)
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		50,900	$	38,887
Suzhou Maxwell Technologies Co. Ltd., Class A		3,360		189,751
TangShan Port Group Co. Ltd., Class A		125,174		51,004
Tian Di Science & Technology Co. Ltd., Class A		71,500		53,982
Tianjin Port Co. Ltd., Class A		63,676		40,254
Wolong Electric Group Co. Ltd., Class A		38,139		70,788
Xiamen C & D, Inc., Class A		67,800		135,387
Xiamen ITG Group Corp. Ltd., Class A		58,148		69,163
Xuji Electric Co. Ltd., Class A		24,800		71,999
Yantai Eddie Precision Machinery Co. Ltd., Class A		15,240		41,984
YTO Express Group Co. Ltd., Class A		51,300		156,539
Yutong Bus Co. Ltd., Class A		58,000		70,551
Zhefu Holding Group Co. Ltd., Class A		88,800		61,856
Zhejiang HangKe Technology, Inc. Co., Class A *		5,072		45,208
Zhejiang Wanliyang Co. Ltd., Class A *		28,800		32,659
Zhejiang Weiming Environment Protection Co. Ltd., Class A		15,376		66,060
Zhejiang Weixing New Building Materials Co. Ltd., Class A		26,080		71,691
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A		37,700		73,982
Zhongshan Broad Ocean Motor Co. Ltd., Class A		78,400		65,652
Zhuzhou Kibing Group Co. Ltd., Class A		64,500		106,381

(Cost $6,203,453)				6,409,976

Information Technology — 17.1%
3peak, Inc., Class A		1,241		101,968
Accelink Technologies Co. Ltd., Class A		18,922		46,175
Addsino Co. Ltd., Class A		52,300		89,863
Aisino Corp., Class A		45,400		75,491
Amlogic Shanghai Co. Ltd., Class A *		9,877		159,396
Arcsoft Corp. Ltd., Class A		7,993		28,677
Beijing E-Hualu Information Technology Co. Ltd., Class A		16,140		39,071
Beijing Orient National Communication Science & Technology Co. Ltd., Class A *		32,919		43,199
Beijing Shiji Information Technology Co. Ltd., Class A		18,225		56,022
Beijing Sinnet Technology Co. Ltd., Class A		49,700		72,739
Beijing Thunisoft Corp. Ltd., Class A		32,800		34,296
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A *		5,800		109,736
Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A		41,300		72,694
China National Software & Service Co. Ltd., Class A *		12,100		71,525
China TransInfo Technology Co. Ltd., Class A		44,400		57,999
China Zhenhua Group Science & Technology Co. Ltd., Class A		14,625		261,368


	Number of Shares		Value
Information Technology (Continued)
DHC Software Co. Ltd., Class A		79,300	$	70,325
Eastern Communications Co. Ltd., Class A		22,700		35,366
Fiberhome Telecommunication Technologies Co. Ltd., Class A		29,600		62,699
Fujian Star-net Communication Co. Ltd., Class A		19,800		64,482
GCL System Integration Technology Co. Ltd., Class A *		167,400		80,997
GRG Banking Equipment Co. Ltd., Class A		52,800		70,711
Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A		30,100		77,104
Guangzhou Haige Communications Group, Inc. Co., Class A		78,200		109,765
Hangzhou Lion Electronics Co. Ltd., Class A		16,280		150,423
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		33,100		113,251
Hengtong Optic-electric Co. Ltd., Class A		77,000		141,416
Huagong Tech Co. Ltd., Class A		41,359		126,700
Ingenic Semiconductor Co. Ltd., Class A		7,800		108,666
IRICO Display Devices Co. Ltd., Class A *		57,300		38,283
Leyard Optoelectronic Co. Ltd., Class A		82,700		77,057
MLS Co. Ltd., Class A		37,273		50,475
Neusoft Corp., Class A *		36,100		54,295
Newland Digital Technology Co. Ltd., Class A		34,240		63,910
Ninestar Corp., Class A		25,445		167,295
PCI Technology Group Co. Ltd., Class A		59,350		54,767
Raytron Technology Co. Ltd., Class A		10,906		64,010
Rockchip Electronics Co. Ltd., Class A		6,700		81,799
Shanghai 2345 Network Holding Group Co. Ltd., Class A *		243,048		79,007
Shanghai Aiko Solar Energy Co. Ltd., Class A		33,200		120,754
Shanghai Belling Co. Ltd., Class A		23,300		62,094
Shanghai Friendess Electronic Technology Corp. Ltd., Class A		1,700		53,141
Shenzhen Aisidi Co. Ltd., Class A		31,200		38,465
Shenzhen Everwin Precision Technology Co. Ltd., Class A		34,136		50,574
Shenzhen Huaqiang Industry Co. Ltd., Class A		13,840		25,439
Shenzhen Kaifa Technology Co. Ltd., Class A		39,200		64,418
Shenzhen Kingdom Sci-Tech Co. Ltd., Class A		28,200		40,597
Shenzhen Kinwong Electronic Co. Ltd., Class A *		11,320		39,020
Shenzhen SC New Energy Technology Corp., Class A		8,400		89,215
Shenzhen Sunlord Electronics Co. Ltd., Class A		26,700		105,472
Shenzhen Suntak Circuit Technology Co. Ltd., Class A		15,800		26,935
Shenzhen Sunway Communication Co. Ltd., Class A		39,000		90,555
Sinosoft Co. Ltd., Class A		14,820		47,798


	Number of Shares		Value
Information Technology (Continued)
StarPower Semiconductor Ltd., Class A		2,100	$	119,856
State Grid Information & Communication Co. Ltd., Class A		19,900		43,225
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		55,100		155,259
Taiji Computer Corp. Ltd., Class A		17,019		47,853
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		13,200		54,259
Tianma Microelectronics Co. Ltd., Class A		50,700		71,696
Tianshui Huatian Technology Co. Ltd., Class A		93,800		121,263
TongFu Microelectronics Co. Ltd., Class A		38,800		81,256
Topsec Technologies Group, Inc., Class A		47,780		66,351
Venustech Group, Inc., Class A *		30,000		81,298
Verisilicon Microelectronics Shanghai Co. Ltd., Class A *		10,256		69,567
Visionox Technology, Inc., Class A *		39,600		38,025
Wangsu Science & Technology Co. Ltd., Class A		98,900		75,410
Westone Information Industry, Inc., Class A		23,904		128,481
Wonders Information Co. Ltd., Class A *		47,594		62,884
Wuhu Token Science Co. Ltd., Class A		98,400		101,857
Wuxi Taiji Industry Co. Ltd., Class A		64,400		69,074
Xiamen Faratronic Co. Ltd., Class A		5,600		147,099
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class A		5,300		21,850
Zhejiang Crystal-Optech Co. Ltd., Class A		46,162		77,242
Zhongji Innolight Co. Ltd., Class A		22,600		108,810

(Cost $7,011,977)				5,860,114

Materials — 19.9%
ADAMA Ltd., Class A		17,100		29,919
Angang Steel Co. Ltd., Class A		94,000		48,863
BBMG Corp., Class A		164,500		69,245
Beijing Sanju Environmental Protection and New Material Co. Ltd., Class A *		58,500		41,188
Beijing Shougang Co. Ltd., Class A		53,200		35,464
Bluestar Adisseo Co., Class A		17,400		25,466
Cathay Biotech, Inc., Class A		5,126		67,727
Chengzhi Co. Ltd., Class A *		25,209		40,293
Chifeng Jilong Gold Mining Co. Ltd., Class A *		54,400		129,735
China Hainan Rubber Industry Group Co. Ltd., Class A		72,500		51,045
China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd., Class A *		58,400		38,931
China West Construction Group Co. Ltd., Class A		20,900		24,358
Chongqing Iron & Steel Co. Ltd., Class A *		260,800		73,057
COFCO Biotechnology Co. Ltd., Class A		45,285		67,363
CSG Holding Co. Ltd., Class A		55,761		51,957
Fangda Special Steel Technology Co. Ltd., Class A		52,746		65,107
Fushun Special Steel Co. Ltd., Class A *		63,700		157,926
Gansu Jiu Steel Group Hongxing Iron & Steel Co. Ltd., Class A *		122,500		35,417


	Number of Shares		Value
Materials (Continued)
GEM Co. Ltd., Class A		192,952	$	212,448
Guangdong HEC Technology Holding Co. Ltd., Class A *		61,305		66,764
Guangdong Hongda Holdings Group Co. Ltd., Class A		19,200		64,484
Guangdong Tapai Group Co. Ltd., Class A		33,000		43,700
Hainan Mining Co. Ltd., Class A *		16,800		20,612
Hangzhou Iron & Steel Co., Class A *		53,110		41,212
Hangzhou Oxygen Plant Group Co. Ltd., Class A		15,600		72,304
Hesteel Co. Ltd., Class A		163,200		57,452
Hongda Xingye Co. Ltd., Class A		102,078		55,508
Huabao Flavours & Fragrances Co. Ltd., Class A		4,900		18,938
Huaibei Mining Holdings Co. Ltd., Class A *		39,500		90,414
Huapont Life Sciences Co. Ltd., Class A *		64,750		53,057
Huaxin Cement Co. Ltd., Class A		26,972		80,122
Hubei Xingfa Chemicals Group Co. Ltd., Class A		31,320		176,317
Hunan Gold Corp. Ltd., Class A *		34,700		47,719
Hunan Valin Steel Co. Ltd., Class A *		164,820		132,340
Inner Mongolia Dazhong Mining Co. Ltd., Class A		9,500		17,334
Jiangsu Shagang Co. Ltd., Class A *		68,700		50,016
Jiangsu Yangnong Chemical Co. Ltd., Class A		7,600		167,825
Jiangsu Yoke Technology Co. Ltd., Class A		11,496		84,211
Jinduicheng Molybdenum Co. Ltd., Class A		44,500		49,730
Levima Advanced Materials Corp., Class A		8,300		34,179
Lianhe Chemical Technology Co. Ltd., Class A		29,959		66,915
Liuzhou Iron & Steel Co. Ltd., Class A		18,100		11,605
Luxi Chemical Group Co. Ltd., Class A *		45,500		131,548
Maanshan Iron & Steel Co. Ltd., Class A		94,500		55,068
Nanjing Hanrui Cobalt Co. Ltd., Class A		8,800		71,001
Nanjing Iron & Steel Co. Ltd., Class A		121,300		58,329
Ningbo Shanshan Co. Ltd., Class A		46,261		158,141
ORG Technology Co. Ltd., Class A		70,050		51,628
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A *		174,400		87,520
Red Avenue New Materials Group Co. Ltd., Class A		7,400		31,715
Rising Nonferrous Metals Share Co. Ltd., Class A *		7,300		39,936
Sansteel Minguang Co. Ltd. Fujian, Class A		47,050		48,774
SGIS Songshan Co. Ltd., Class A		45,200		24,579
Shaanxi Beiyuan Chemical Industry Group Co. Ltd., Class A *		19,900		23,222
Shandong Chenming Paper Holdings Ltd., Class A		48,250		40,260
Shandong Iron and Steel Co. Ltd., Class A		217,730		53,817


	Number of Shares		Value
Materials (Continued)
Shandong Sinocera Functional Material Co. Ltd., Class A		32,500	$	173,564
Shandong Sun Paper Industry JSC Ltd., Class A		64,400		116,924
Shanghai Huayi Group Co. Ltd., Class A		22,600		30,029
Shanxi Meijin Energy Co. Ltd., Class A *		102,100		177,113
Shanxi Taigang Stainless Steel Co. Ltd., Class A		90,900		78,706
Shanying International Holding Co. Ltd., Class A		124,200		53,026
Shenghe Resources Holding Co. Ltd., Class A		56,490		149,529
Shenzhen Capchem Technology Co. Ltd., Class A		20,880		125,739
Shenzhen Jinjia Group Co. Ltd., Class A		42,200		56,515
Shenzhen YUTO Packaging Technology Co. Ltd., Class A		15,340		63,217
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		107,700		69,213
Sichuan Hebang Biotechnology Co. Ltd., Class A		249,180		126,913
Sinoma Science & Technology Co. Ltd., Class A *		27,100		91,544
Tangshan Jidong Cement Co. Ltd., Class A		37,981		57,977
Tangshan Sanyou Chemical Industries Co. Ltd., Class A		49,200		54,392
Tianshan Aluminum Group Co. Ltd., Class A		55,600		59,802
Tongling Nonferrous Metals Group Co. Ltd., Class A		297,600		143,997
Transfar Zhilian Co. Ltd., Class A		50,000		47,338
Weihai Guangwei Composites Co. Ltd., Class A		12,600		103,869
Western Mining Co. Ltd., Class A		77,200		139,470
Xiamen Tungsten Co. Ltd., Class A		34,820		102,183
Xinfengming Group Co. Ltd., Class A		30,016		53,733
Xinjiang Tianshan Cement Co. Ltd., Class A *		24,000		43,862
Xinjiang Zhongtai Chemical Co. Ltd., Class A		71,100		83,290
Xinxing Ductile Iron Pipes Co. Ltd., Class A		93,350		69,081
Xinyu Iron & Steel Co. Ltd., Class A		75,500		63,788
Yintai Gold Co. Ltd., Class A		68,208		104,527
Yunnan Aluminium Co. Ltd., Class A *		74,600		129,074
Yunnan Chihong Zinc & Germanium Co. Ltd., Class A		144,900		107,229
Yunnan Copper Co. Ltd., Class A		42,500		70,860
Yunnan Tin Co. Ltd., Class A		40,430		102,476
Zhejiang Hailiang Co. Ltd., Class A		49,000		76,926
Zhejiang Juhua Co. Ltd., Class A		54,790		95,865
Zhejiang Runtu Co. Ltd., Class A		37,500		46,401
Zhejiang Sanmei Chemical Industry Co. Ltd., Class A		7,460		22,306
Zibo Qixiang Tengda Chemical Co. Ltd., Class A		56,821		67,329

(Cost $6,114,280)				6,801,612


	Number of Shares		Value
Real Estate — 3.7%
Beijing Capital Development Co. Ltd., Class A		47,700	$	34,941
Beijing Urban Construction Investment & Development Co. Ltd., Class A		49,720		30,462
China Merchants Property Operation & Service Co. Ltd., Class A		16,900		43,595
China Sports Industry Group Co. Ltd., Class A		32,901		39,774
Cinda Real Estate Co. Ltd., Class A *		31,600		26,509
Financial Street Holdings Co. Ltd., Class A		47,800		41,173
Grandjoy Holdings Group Co. Ltd., Class A *		53,400		30,637
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		49,900		56,511
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		74,600		36,432
Jinke Properties Group Co. Ltd., Class A		121,900		57,339
Nanjing Gaoke Co. Ltd., Class A		34,220		55,619
Red Star Macalline Group Corp. Ltd., Class A *		18,300		15,078
RiseSun Real Estate Development Co. Ltd., Class A		83,000		38,420
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class A		13,450		29,739
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A *		33,700		55,329
Shanghai Shimao Co. Ltd., Class A		41,700		18,616
Shanghai SMI Holding Co. Ltd., Class A		50,900		34,846
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		31,800		58,975
Sichuan Languang Development Co. Ltd., Class A *		59,565		15,437
Suning Universal Co. Ltd., Class A *		60,200		32,915
Tianjin Guangyu Development Co. Ltd., Class A		22,800		45,733
Xiangcai Co. Ltd., Class A *		23,600		25,984
Xinhu Zhongbao Co. Ltd., Class A		168,100		70,257
Yango Group Co. Ltd., Class A		89,300		31,972
Youngor Group Co. Ltd., Class A		113,700		119,738
Zhejiang China Commodities City Group Co. Ltd., Class A		112,700		91,335


	Number of Shares		Value
Real Estate (Continued)
Zhongtian Financial Group Co. Ltd., Class A *		170,600	$	43,701
Zhuhai Huafa Properties Co. Ltd., Class A		64,940		67,319

(Cost $1,488,345)				1,248,386

Utilities — 3.7%
Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A		178,290		77,988
CECEP Wind-Power Corp., Class A		122,300		84,275
Chengdu Xingrong Environment Co. Ltd., Class A		73,500		57,915
Chongqing Gas Group Corp. Ltd., Class A		13,800		15,029
Datang International Power Generation Co. Ltd., Class A		100,700		37,864
ENN Natural Gas Co. Ltd., Class A		34,400		94,303
Guangdong Baolihua New Energy Stock Co. Ltd., Class A		84,900		55,451
Guangxi Guiguan Electric Power Co. Ltd., Class A		96,500		89,771
Huadian Power International Corp. Ltd., Class A		128,900		76,079
Hubei Energy Group Co. Ltd., Class A		78,000		52,931
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		131,100		76,985
Jinko Power Technology Co. Ltd., Class A		45,400		35,977
Luenmei Quantum Co. Ltd., Class A		35,950		38,505
Shanghai Electric Power Co. Ltd., Class A *		31,400		47,037
Shenergy Co. Ltd., Class A		98,549		84,444
Shenzhen Energy Group Co. Ltd., Class A		76,260		72,199
Shenzhen Gas Corp. Ltd., Class A		24,200		25,231
Wintime Energy Co. Ltd., Class A *		882,100		216,709
Zhongshan Public Utilities Group Co. Ltd., Class A		36,460		41,837

(Cost $1,317,660)				1,280,530

TOTAL COMMON STOCKS (Cost $35,160,575)				34,014,262


TOTAL INVESTMENTS — 99.5% (Cost $35,160,575)			$	34,014,262
Other assets and liabilities, net — 0.5%				165,257

NET ASSETS — 100.0%			$	34,179,519

During the year ended May 31, 2022, the amount of transfers from Level 1 to Level 3 was $ 138,983. The investment was transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.


	Number of Shares		Value
COMMON STOCKS — 50.1%
Communication Services — 11.3%
Alibaba Pictures Group Ltd. *		35,447	$	3,117
Autohome, Inc., ADR		182		6,614
Baidu, Inc., ADR *		729		102,315
Bilibili, Inc., ADR *(a)		439		9,812
China Literature Ltd., 144A *		1,122		4,927
China Tower Corp. Ltd., Class H, 144A		111,763		13,106
iQIYI, Inc., ADR *		872		3,575
JOYY, Inc., ADR (a)		146		6,189
Kanzhun Ltd., ADR *		222		4,489
Kingsoft Corp. Ltd.		2,359		7,923
Kuaishou Technology, 144A *		4,442		43,030
NetEase, Inc.		5,299		114,955
Tencent Holdings Ltd.		15,960		737,221
Tencent Music Entertainment Group, ADR *		1,862		7,783
Weibo Corp., ADR *		181		3,982

(Cost $1,201,593)				1,069,038

Consumer Discretionary — 16.4%
Alibaba Group Holding Ltd. *		38,698		474,751
Alibaba Health Information Technology Ltd. *		11,776		6,004
ANTA Sports Products Ltd.		3,128		35,683
Bosideng International Holdings Ltd.		8,327		4,426
Brilliance China Automotive Holdings Ltd. *(b)		21,577		20,077
BYD Co. Ltd., Class H		2,103		75,054
China Meidong Auto Holdings Ltd.		1,633		5,870
China Ruyi Holdings Ltd. *(a)		10,742		3,067
Dongfeng Motor Group Co. Ltd., Class H		7,939		6,243
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		1,475		7,163
Geely Automobile Holdings Ltd. *		15,670		29,960
Great Wall Motor Co. Ltd., Class H		8,252		14,851
Guangzhou Automobile Group Co. Ltd., Class H		7,731		7,322
Haidilao International Holding Ltd., 144A (a)		2,876		5,719
Haier Smart Home Co. Ltd., Class H		5,837		20,794
Huazhu Group Ltd., ADR		497		16,152
JD Health International, Inc., 144A *(a)		2,855		18,177
JD.com, Inc., Class A		5,107		147,113
Jiumaojiu International Holdings Ltd., 144A (a)		1,882		4,409
Li Auto, Inc., ADR *		1,396		34,998
Li Ning Co. Ltd.		6,137		47,872
Meituan, Class B, 144A *		10,468		249,507
Minth Group Ltd.		2,203		5,714
New Oriental Education & Technology Group, Inc., ADR *		442		5,772
NIO, Inc., ADR *(a)		3,355		58,343
Pinduoduo, Inc., ADR *		1,120		56,392
Ping An Healthcare and Technology Co. Ltd., 144A *(a)		1,283		3,451
Pop Mart International Group Ltd., 144A *		1,441		5,556
Shenzhou International Group Holdings Ltd.		2,108		29,153


	Number of Shares		Value
Consumer Discretionary (Continued)
TAL Education Group, ADR *		1,101	$	4,514
Tongcheng Travel Holdings Ltd. *		3,134		6,016
Topsports International Holdings Ltd., 144A		4,063		3,014
Trip.com Group Ltd., ADR *		1,383		30,509
Vipshop Holdings Ltd., ADR *		1,151		10,704
XPeng, Inc., ADR *		1,081		25,403
Xtep International Holdings Ltd.		3,379		4,867
Yadea Group Holdings Ltd., 144A (a)		2,762		4,485
Yum China Holdings, Inc.		1,087		49,415
Zhongsheng Group Holdings Ltd.		1,566		11,118

(Cost $2,236,607)				1,549,638

Consumer Staples — 1.9%
Anhui Gujing Distillery Co. Ltd., Class B		306		4,496
China Feihe Ltd., 144A		9,366		9,479
China Mengniu Dairy Co. Ltd. *		8,129		41,756
China Resources Beer Holdings Co. Ltd.		4,140		25,910
Dali Foods Group Co. Ltd., 144A		6,297		3,178
Hengan International Group Co. Ltd.		1,716		8,519
Nongfu Spring Co. Ltd., Class H, 144A		4,592		25,636
RLX Technology, Inc., ADR *		1,434		2,839
Smoore International Holdings Ltd., 144A (a)		4,956		12,179
Tingyi Cayman Islands Holding Corp.		5,240		9,284
Tsingtao Brewery Co. Ltd., Class H		1,385		11,969
Uni-President China Holdings Ltd.		3,972		3,210
Vinda International Holdings Ltd. (a)		1,165		2,919
Want Want China Holdings Ltd.		12,768		12,710
Yihai International Holding Ltd. *(a)		1,237		3,839

(Cost $199,197)				177,923

Energy — 1.2%
China Coal Energy Co. Ltd., Class H *		5,241		4,810
China Oilfield Services Ltd., Class H		4,969		5,890
China Petroleum & Chemical Corp., Class H		64,291		31,057
China Shenhua Energy Co. Ltd., Class H		8,680		29,042
China Suntien Green Energy Corp. Ltd., Class H *		3,413		1,992
PetroChina Co. Ltd., Class H		53,923		28,936
Yankuang Energy Group Co. Ltd., Class H		4,169		13,710

(Cost $104,096)				115,437

Financials — 8.0%
360 DigiTech, Inc., ADR		241		3,791
Agricultural Bank of China Ltd., Class H		75,156		28,643
Bank of China Ltd., Class H *		203,074		81,535
Bank of Communications Co. Ltd., Class H		22,989		15,677
China Cinda Asset Management Co. Ltd., Class H		23,162		3,926
China CITIC Bank Corp. Ltd., Class H		23,619		11,440
China Construction Bank Corp., Class H		245,663		182,864
China Everbright Bank Co. Ltd., Class H		9,978		3,281
China Galaxy Securities Co. Ltd., Class H		9,209		5,083
China Huarong Asset Management Co. Ltd., Class H, 144A *		82,025		3,659


	Number of Shares		Value
Financials (Continued)
China International Capital Corp. Ltd., Class H, 144A *		3,949	$	7,520
China Life Insurance Co. Ltd., Class H		19,150		29,388
China Merchants Bank Co. Ltd., Class H		10,035		63,953
China Minsheng Banking Corp. Ltd., Class H (a)		15,297		5,927
China Pacific Insurance Group Co. Ltd., Class H		6,925		16,206
China Taiping Insurance Holdings Co. Ltd.		4,280		4,921
CITIC Securities Co. Ltd., Class H (a)		5,348		11,575
Far East Horizon Ltd.		4,654		4,129
GF Securities Co. Ltd., Class H *		2,905		3,836
Haitong Securities Co. Ltd., Class H		8,031		5,691
Huatai Securities Co. Ltd., Class H, 144A		3,828		5,357
Industrial & Commercial Bank of China Ltd., Class H		144,207		86,573
Lufax Holding Ltd., ADR		2,150		13,524
New China Life Insurance Co. Ltd., Class H		2,487		6,514
People’s Insurance Co. Group of China Ltd., Class H		21,937		6,906
PICC Property & Casualty Co. Ltd., Class H		18,259		17,734
Ping An Insurance Group Co. of China Ltd., Class H		16,157		103,587
Postal Savings Bank of China Co. Ltd., Class H, 144A (a)		20,860		15,501
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A *(a)		1,812		6,074

(Cost $928,711)				754,815

Health Care — 2.4%
3SBio, Inc., 144A *		4,044		3,005
BeiGene Ltd., ADR *		122		16,741
CanSino Biologics, Inc., Class H, 144A *		200		2,015
China Medical System Holdings Ltd.		3,674		5,432
China Traditional Chinese Medicine Holdings Co. Ltd.		5,879		3,102
CSPC Pharmaceutical Group Ltd.		23,007		24,633
Genscript Biotech Corp. *		3,114		9,208
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A		361		3,483
Hansoh Pharmaceutical Group Co. Ltd., 144A		3,058		5,511
HUTCHMED China Ltd., ADR *		217		2,283
Hygeia Healthcare Holdings Co. Ltd., 144A (a)		886		4,918
Innovent Biologics, Inc., 144A *		2,642		8,200
Jinxin Fertility Group Ltd., 144A *		3,901		3,063
Legend Biotech Corp., ADR *(a)		120		5,075
Microport Scientific Corp. (a)		1,687		3,342
Pharmaron Beijing Co. Ltd., Class H, 144A		350		4,223
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		5,882		6,530
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		1,421		5,986
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		2,017		3,286
Sino Biopharmaceutical Ltd.		27,491		15,453


	Number of Shares		Value
Health Care (Continued)
Sinopharm Group Co. Ltd., Class H		3,524	$	8,741
WuXi AppTec Co. Ltd., Class H, 144A		906		11,184
Wuxi Biologics Cayman, Inc., 144A *		9,151		67,651
Zai Lab Ltd., ADR *		212		6,169

(Cost $263,106)				229,234

Industrials — 2.0%
Air China Ltd., Class H *		4,793		3,494
AviChina Industry & Technology Co. Ltd., Class H		6,585		3,794
Beijing Capital International Airport Co. Ltd., Class H *		6,223		3,649
BOC Aviation Ltd., 144A		547		4,518
China Communications Services Corp. Ltd., Class H		6,281		2,946
China Conch Venture Holdings Ltd.		4,380		11,389
China Everbright Environment Group Ltd.		9,775		5,881
China Lesso Group Holdings Ltd.		2,852		3,664
China Merchants Port Holdings Co. Ltd.		3,382		6,414
China Railway Group Ltd., Class H		10,609		7,343
China Southern Airlines Co. Ltd., Class H *		4,449		2,455
China State Construction International Holdings Ltd.		5,342		6,285
CITIC Ltd.		15,281		17,159
COSCO SHIPPING Holdings Co. Ltd., Class H *		8,399		14,881
COSCO SHIPPING Ports Ltd.		4,789		3,608
CRRC Corp. Ltd., Class H		11,391		4,574
Fosun International Ltd.		6,571		6,684
Haitian International Holdings Ltd.		1,692		4,346
Jiangsu Expressway Co. Ltd., Class H		3,209		3,317
Orient Overseas International Ltd.		338		10,383
Sany Heavy Equipment International Holdings Co. Ltd. *		3,300		3,323
Shenzhen International Holdings Ltd.		3,917		3,774
Sinotruk Hong Kong Ltd.		2,130		3,024
Weichai Power Co. Ltd., Class H		5,168		8,036
Xinjiang Goldwind Science & Technology Co. Ltd., Class H (a)		1,604		2,629
Zhejiang Expressway Co. Ltd., Class H *		3,794		3,351
Zhuzhou CRRC Times Electric Co. Ltd.		1,243		5,323
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		5,127		3,163
ZTO Express Cayman, Inc., ADR		1,076		28,987

(Cost $205,634)				188,394

Information Technology — 2.2%
AAC Technologies Holdings, Inc. (a)		1,917		4,168
BYD Electronic International Co. Ltd. (a)		1,737		3,857
Chinasoft International Ltd. *		7,176		6,604
Daqo New Energy Corp., ADR *		151		7,384
Flat Glass Group Co. Ltd., Class H *		1,196		4,977
GDS Holdings Ltd., ADR *(a)		242		6,774
Hua Hong Semiconductor Ltd., 144A *		1,381		5,237
Kingboard Holdings Ltd.		1,712		8,205
Kingboard Laminates Holdings Ltd.		2,458		4,129
Kingdee International Software Group Co. Ltd. *		6,838		13,492


	Number of Shares		Value
Information Technology (Continued)
Lenovo Group Ltd.		18,976	$	18,721
Ming Yuan Cloud Group Holdings Ltd. *		1,396		1,724
Sunny Optical Technology Group Co. Ltd.		1,822		28,750
TravelSky Technology Ltd., Class H		2,500		4,066
Xiaomi Corp., Class B, 144A *		39,285		60,789
Xinyi Solar Holdings Ltd.		12,842		22,883
ZTE Corp., Class H		2,241		4,936

(Cost $209,057)				206,696

Materials — 1.1%
Aluminum Corp. of China Ltd., Class H *		10,485		4,784
Anhui Conch Cement Co. Ltd., Class H		3,285		16,665
China Hongqiao Group Ltd. (a)		6,020		7,474
China Molybdenum Co. Ltd., Class H		9,155		4,492
China National Building Material Co. Ltd., Class H *		9,961		12,582
China Resources Cement Holdings Ltd.		6,419		5,081
Dongyue Group Ltd.		3,220		4,092
Ganfeng Lithium Co. Ltd., Class H, 144A (a)		718		9,225
Jiangxi Copper Co. Ltd., Class H		2,915		4,741
MMG Ltd. *		9,431		4,015
Nine Dragons Paper Holdings Ltd.		4,347		3,906
Shandong Gold Mining Co. Ltd., Class H, 144A		1,792		3,189
Zhaojin Mining Industry Co. Ltd., Class H		3,019		2,628
Zijin Mining Group Co. Ltd., Class H		15,196		20,647

(Cost $84,350)				103,521

Real Estate — 2.2%
A-Living Smart City Services Co. Ltd., 144A *		1,870		2,984
China Evergrande Group (b)		8,413		1,769
China Jinmao Holdings Group Ltd.		15,984		4,319
China Overseas Land & Investment Ltd.		9,766		28,381
China Overseas Property Holdings Ltd.		2,910		3,386
China Resources Land Ltd.		8,336		37,188
China Resources Mixc Lifestyle Services Ltd., 144A		1,593		7,858
China Vanke Co. Ltd., Class H		4,259		9,424
CIFI Ever Sunshine Services Group Ltd.		2,252		2,612
CIFI Holdings Group Co. Ltd.		9,227		4,011
Country Garden Holdings Co. Ltd. (a)		21,279		13,344
Country Garden Services Holdings Co. Ltd.		5,266		20,875
Greentown China Holdings Ltd.		2,390		4,143
Greentown Service Group Co. Ltd.		4,359		4,395
Hopson Development Holdings Ltd. (a)		1,880		3,063
KE Holdings, Inc., ADR *		800		10,720
Logan Group Co. Ltd. (b)		5,284		1,468
Longfor Group Holdings Ltd., 144A		4,820		24,052
Seazen Group Ltd. *		5,983		2,540
Shimao Group Holdings Ltd. (a)(b)		4,310		2,428
Shimao Services Holdings Ltd., 144A *(b)		2,540		1,360
Sunac China Holdings Ltd. (b)		7,560		4,413
Wharf Holdings Ltd.		3,146		10,526
Yuexiu Property Co. Ltd.		3,660		3,979

(Cost $339,679)				209,238


	Number of Shares		Value
Utilities — 1.4%
Beijing Enterprises Holdings Ltd.		1,326	$	4,648
Beijing Enterprises Water Group Ltd.		11,993		3,974
CGN Power Co. Ltd., Class H, 144A		24,574		6,452
China Gas Holdings Ltd.		7,997		11,926
China Longyuan Power Group Corp. Ltd., Class H		8,772		18,851
China Power International Development Ltd.		11,918		6,061
China Resources Gas Group Ltd.		2,456		10,284
China Resources Power Holdings Co. Ltd.		5,151		10,610
ENN Energy Holdings Ltd.		2,036		31,219
Guangdong Investment Ltd.		7,782		9,820
Huaneng Power International, Inc., Class H (a)		9,334		4,747
Kunlun Energy Co. Ltd.		10,234		8,818

(Cost $121,273)				127,410

TOTAL COMMON STOCKS (Cost $5,893,303)				4,731,344

EXCHANGE-TRADED FUNDS — 49.6%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (c)		15,545		506,451
Xtrackers MSCI China A Inclusion Equity ETF (c)		175,774		4,186,445

TOTAL EXCHANGE-TRADED FUNDS (Cost $5,343,920)				4,692,896

SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.68% (d)(e) (Cost $46,367)		46,367		46,367

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 0.72% (d) (Cost $6,466)		6,466		6,466


TOTAL INVESTMENTS — 100.3% (Cost $11,290,056)			$	9,477,073
Other assets and liabilities, net — (0.3%)				(32,721	)

NET ASSETS — 100.0%			$	9,444,352

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2022 is as follows:

During the year ended May 31, 2022, the amount of transfers from Level 1 to Level 3 was $ 134,397, the amount of transfers from Level 3 to Level 1 was $ 10,780, The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. The investments were transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.


	Number of Shares		Value
COMMON STOCKS — 99.5%
Communication Services — 1.2%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		2,300	$	7,459
Beijing Enlight Media Co. Ltd., Class A *		3,400		3,960
China United Network Communications Ltd., Class A		32,700		17,037
Focus Media Information Technology Co. Ltd., Class A		15,523		14,920
G-bits Network Technology Xiamen Co. Ltd., Class A		100		4,840
Giant Network Group Co. Ltd., Class A		1,700		2,237
Kunlun Tech Co. Ltd., Class A		1,300		2,873
Mango Excellent Media Co. Ltd., Class A		1,900		10,300
Perfect World Co. Ltd., Class A		2,100		4,273
Zhejiang Century Huatong Group Co. Ltd., Class A *		8,220		5,710

(Cost $79,421)				73,609

Consumer Discretionary — 6.6%
Beijing Roborock Technology Co. Ltd., Class A		72		6,850
BTG Hotels Group Co. Ltd., Class A *		1,000		3,325
BYD Co. Ltd., Class A		1,898		84,085
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		300		6,774
China Tourism Group Duty Free Corp. Ltd., Class A		1,943		51,401
Chongqing Changan Automobile Co. Ltd., Class A		6,740		14,077
Ecovacs Robotics Co. Ltd., Class A		500		8,769
FAW Jiefang Group Co. Ltd., Class A		3,200		4,293
Fuyao Glass Industry Group Co. Ltd., Class A		2,009		12,073
Great Wall Motor Co. Ltd., Class A		2,300		11,432
Gree Electric Appliances, Inc. of Zhuhai, Class A		3,100		14,931
Guangzhou Automobile Group Co. Ltd., Class A		4,900		10,989
Haier Smart Home Co. Ltd., Class A		6,400		24,328
Hangzhou Robam Appliances Co. Ltd., Class A *		1,100		5,039
Huayu Automotive Systems Co. Ltd., Class A		3,300		10,894
Huizhou Desay Sv Automotive Co. Ltd., Class A		600		11,395
Jason Furniture Hangzhou Co. Ltd., Class A		700		6,702
Mianyang Fulin Precision Co. Ltd., Class A *		400		886
Ningbo Joyson Electronic Corp., Class A		1,300		2,367
Ningbo Tuopu Group Co. Ltd., Class A *		1,200		10,510
Oppein Home Group, Inc., Class A		540		9,669
SAIC Motor Corp. Ltd., Class A		8,127		20,916
Sailun Group Co. Ltd., Class A		3,300		5,543
Shandong Linglong Tyre Co. Ltd., Class A		1,300		4,146
Shanghai Jinjiang International Hotels Co. Ltd., Class A		900		7,277
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		3,700		5,539


	Number of Shares		Value
Consumer Discretionary (Continued)
Shenzhen Kedali Industry Co. Ltd., Class A		200	$	4,023
Shenzhen Overseas Chinese Town Co. Ltd., Class A		8,300		7,120
Songcheng Performance Development Co. Ltd., Class A		2,843		5,440
TCL Technology Group Corp., Class A *		15,200		10,331
Wuchan Zhongda Group Co. Ltd., Class A		5,500		4,175
Xiamen Intretech, Inc., Class A		700		2,033
Zhejiang Semir Garment Co. Ltd., Class A		2,800		2,423
Zhejiang Supor Co. Ltd., Class A		500		4,217

(Cost $256,338)				393,972

Consumer Staples — 16.1%
Angel Yeast Co. Ltd., Class A		800		5,084
Anhui Gujing Distillery Co. Ltd., Class A		400		13,653
Anhui Kouzi Distillery Co. Ltd., Class A		700		5,536
Anhui Yingjia Distillery Co. Ltd., Class A		700		6,251
Anjoy Foods Group Co. Ltd., Class A		300		5,904
Beijing Dabeinong Technology Group Co. Ltd., Class A *		4,200		4,898
Beijing Shunxin Agriculture Co. Ltd., Class A		800		2,799
By-health Co. Ltd., Class A		1,800		5,360
Chacha Food Co. Ltd., Class A		600		4,985
Chongqing Brewery Co. Ltd., Class A *		500		9,718
Chongqing Fuling Zhacai Group Co. Ltd., Class A		900		4,298
DaShenLin Pharmaceutical Group Co. Ltd., Class A		780		3,836
Foshan Haitian Flavouring & Food Co. Ltd., Class A		3,993		45,816
Fujian Sunner Development Co. Ltd., Class A		1,400		3,683
Guangdong Haid Group Co. Ltd., Class A		1,700		15,240
Heilongjiang Agriculture Co. Ltd., Class A		1,300		3,270
Henan Shuanghui Investment & Development Co. Ltd., Class A		3,600		15,274
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		6,813		38,760
Jiangsu King’s Luck Brewery JSC Ltd., Class A		1,300		8,951
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		1,524		37,647
Jiangxi Zhengbang Technology Co. Ltd., Class A		3,200		2,980
JiuGui Liquor Co. Ltd., Class A		300		7,051
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A *		800		3,132
Juewei Food Co. Ltd., Class A *		600		4,642
Kweichow Moutai Co. Ltd., Class A		1,250		337,611
Luzhou Laojiao Co. Ltd., Class A		1,506		48,431
Muyuan Foods Co. Ltd., Class A		5,485		42,028
New Hope Liuhe Co. Ltd., Class A *		4,972		10,630
Proya Cosmetics Co. Ltd., Class A		140		3,259
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		780		4,143
Shanghai Jahwa United Co. Ltd., Class A		800		4,150


	Number of Shares		Value
Consumer Staples (Continued)
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		1,274	$	51,976
Sichuan Swellfun Co. Ltd., Class A		500		5,651
Toly Bread Co. Ltd., Class A		1,596		3,653
Tongwei Co. Ltd., Class A		4,700		31,798
Tsingtao Brewery Co. Ltd., Class A		700		9,720
Wens Foodstuffs Group Co. Ltd., Class A		6,744		18,245
Wuliangye Yibin Co. Ltd., Class A		3,954		101,464
Yifeng Pharmacy Chain Co. Ltd., Class A		786		5,466
Yihai Kerry Arawana Holdings Co. Ltd., Class A *		1,500		10,191
Yonghui Superstores Co. Ltd., Class A		8,666		5,696
Yuan Longping High-tech Agriculture Co. Ltd., Class A *		1,200		3,214
Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		300		8,534

(Cost $500,185)				964,628

Energy — 3.0%
China Petroleum & Chemical Corp., Class A		33,150		22,135
China Shenhua Energy Co. Ltd., Class A		6,800		34,573
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		2,800		4,268
Guanghui Energy Co. Ltd., Class A *		7,200		11,372
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		1,800		4,042
Jizhong Energy Resources Co. Ltd., Class A		3,300		3,888
Offshore Oil Engineering Co. Ltd., Class A		5,300		3,539
PetroChina Co. Ltd., Class A		22,735		19,265
Pingdingshan Tianan Coal Mining Co. Ltd., Class A		2,200		5,043
Shaanxi Coal Industry Co. Ltd., Class A		9,799		27,830
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		2,200		4,157
Shanxi Coking Coal Energy Group Co. Ltd., Class A		4,600		9,828
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		3,200		7,632
Yankuang Energy Group Co. Ltd., Class A		2,700		15,619
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		1,100		6,653

(Cost $107,968)				179,844

Financials — 18.1%
Agricultural Bank of China Ltd., Class A		86,717		39,338
AVIC Industry-Finance Holdings Co. Ltd., Class A		9,710		4,884
Bank of Beijing Co. Ltd., Class A		21,314		14,104
Bank of Changsha Co. Ltd., Class A		3,800		4,335
Bank of Chengdu Co. Ltd., Class A		3,750		8,584
Bank of China Ltd., Class A		36,112		17,247
Bank of Communications Co. Ltd., Class A		39,838		29,285
Bank of Hangzhou Co. Ltd., Class A		6,240		12,724
Bank of Jiangsu Co. Ltd., Class A		15,299		14,705
Bank of Nanjing Co. Ltd., Class A		10,600		17,139
Bank of Ningbo Co. Ltd., Class A		6,855		33,611


	Number of Shares		Value
Financials (Continued)
Bank of Shanghai Co. Ltd., Class A		14,135	$	13,565
BOC International China Co. Ltd., Class A		2,800		5,043
Caitong Securities Co. Ltd., Class A		4,810		5,178
Changjiang Securities Co. Ltd., Class A		5,600		4,770
China Construction Bank Corp., Class A		9,700		8,684
China Everbright Bank Co. Ltd., Class A		43,631		20,380
China Galaxy Securities Co. Ltd., Class A		4,700		6,220
China Great Wall Securities Co. Ltd., Class A		2,700		3,517
China International Capital Corp. Ltd., Class A		1,200		6,917
China Life Insurance Co. Ltd., Class A		3,014		11,213
China Merchants Bank Co. Ltd., Class A		21,043		125,041
China Merchants Securities Co. Ltd., Class A		7,731		14,931
China Minsheng Banking Corp. Ltd., Class A		35,471		20,233
China Pacific Insurance Group Co. Ltd., Class A		7,177		22,833
China Zheshang Bank Co. Ltd., Class A		16,300		7,931
Chongqing Rural Commercial Bank Co. Ltd., Class A		9,300		5,374
CITIC Securities Co. Ltd., Class A		12,693		37,607
CSC Financial Co. Ltd., Class A		4,200		14,104
Dongxing Securities Co. Ltd., Class A		3,100		3,796
East Money Information Co. Ltd., Class A		13,508		45,786
Everbright Securities Co. Ltd., Class A		4,237		7,327
First Capital Securities Co. Ltd., Class A		4,000		3,360
Founder Securities Co. Ltd., Class A		8,700		8,154
GF Securities Co. Ltd., Class A		5,900		15,105
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A		2,865		3,346
Guolian Securities Co. Ltd., Class A		2,100		3,235
Guosen Securities Co. Ltd., Class A		6,700		9,158
Guotai Junan Securities Co. Ltd., Class A		7,851		17,032
Guoyuan Securities Co. Ltd., Class A		4,690		4,051
Haitong Securities Co. Ltd., Class A		10,214		13,961
Hithink RoyalFlush Information Network Co. Ltd., Class A		600		7,664
Huatai Securities Co. Ltd., Class A		7,780		15,515
Huaxi Securities Co. Ltd., Class A		2,800		2,955
Huaxia Bank Co. Ltd., Class A		12,598		10,034
Industrial & Commercial Bank of China Ltd., Class A		64,133		44,743
Industrial Bank Co. Ltd., Class A		21,185		62,324
Industrial Securities Co. Ltd., Class A		7,400		6,858
Nanjing Securities Co. Ltd., Class A		4,200		4,779
New China Life Insurance Co. Ltd., Class A		1,864		7,870
Northeast Securities Co. Ltd., Class A		2,700		2,603
Orient Securities Co. Ltd., Class A		7,585		10,606
People’s Insurance Co. Group of China Ltd., Class A		7,200		5,045
Ping An Bank Co. Ltd., Class A *		19,766		41,903
Ping An Insurance Group Co. of China Ltd., Class A		10,909		72,189
Postal Savings Bank of China Co. Ltd., Class A		26,700		20,986


	Number of Shares		Value
Financials (Continued)
Qingdao Rural Commercial Bank Corp., Class A		5,000	$	2,433
SDIC Capital Co. Ltd., Class A		6,780		6,243
Sealand Securities Co. Ltd., Class A		5,260		2,709
Shanghai Pudong Development Bank Co. Ltd., Class A		30,327		36,051
Shanxi Securities Co. Ltd., Class A		3,680		2,854
Shenwan Hongyuan Group Co. Ltd., Class A		23,695		14,367
Sinolink Securities Co. Ltd., Class A		3,200		3,933
SooChow Securities Co. Ltd., Class A		5,373		5,205
Southwest Securities Co. Ltd., Class A		7,200		4,021
Tianfeng Securities Co. Ltd., Class A		9,600		4,369
Western Securities Co. Ltd., Class A		4,600		4,256
Zheshang Securities Co. Ltd., Class A		4,100		5,930
Zhongtai Securities Co. Ltd., Class A		6,200		6,757

(Cost $1,030,250)				1,079,010

Health Care — 8.7%
Aier Eye Hospital Group Co. Ltd., Class A		5,518		30,699
Apeloa Pharmaceutical Co. Ltd., Class A		1,300		4,037
Asymchem Laboratories Tianjin Co. Ltd., Class A		200		7,835
Autobio Diagnostics Co. Ltd., Class A *		540		3,435
Beijing Tiantan Biological Products Corp. Ltd., Class A		1,340		4,522
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		580		11,062
Betta Pharmaceuticals Co. Ltd., Class A		400		2,808
BGI Genomics Co. Ltd., Class A		400		3,935
Bloomage Biotechnology Corp. Ltd., Class A		303		6,677
CanSino Biologics, Inc., Class A *		107		2,799
Changchun High & New Technology Industry Group, Inc., Class A *		400		9,934
China National Medicines Corp. Ltd., Class A		700		2,934
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		875		5,748
Chongqing Zhifei Biological Products Co. Ltd., Class A		1,700		22,214
Daan Gene Co. Ltd., Class A		1,496		3,935
Dong-E-E-Jiao Co. Ltd., Class A		800		3,802
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		1,500		6,950
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		500		5,668
Hangzhou Tigermed Consulting Co. Ltd., Class A		350		4,502
Huadong Medicine Co. Ltd., Class A		1,860		10,796
Hualan Biological Engineering, Inc., Class A		1,840		5,151
Humanwell Healthcare Group Co. Ltd., Class A		1,700		4,255
Imeik Technology Development Co. Ltd., Class A		200		16,196


	Number of Shares		Value
Health Care (Continued)
Intco Medical Technology Co. Ltd., Class A *		500	$	2,059
Jafron Biomedical Co. Ltd., Class A *		750		4,942
Jiangsu Hengrui Medicine Co. Ltd., Class A		6,576		29,851
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		1,200		4,294
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		2,200		3,916
Joinn Laboratories China Co. Ltd., Class A		300		4,780
Jointown Pharmaceutical Group Co. Ltd., Class A		1,500		2,661
Kangmei Pharmaceutical Co. Ltd., Class A *		12,413		4,757
Lepu Medical Technology Beijing Co. Ltd., Class A		2,000		5,297
Livzon Pharmaceutical Group, Inc., Class A		600		2,973
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A *		4,132		3,167
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		1,249		5,165
Ovctek China, Inc., Class A		860		5,925
Pharmaron Beijing Co. Ltd., Class A		700		12,499
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		1,238		3,611
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		2,200		14,426
Shanghai Junshi Biosciences Co. Ltd., Class A *		745		9,423
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		2,800		7,546
Shanghai RAAS Blood Products Co. Ltd., Class A		7,400		6,237
Shenzhen Kangtai Biological Products Co. Ltd., Class A		700		6,528
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,200		54,346
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A *		700		4,256
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		1,200		4,632
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		1,780		5,812
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		1,600		4,266
Topchoice Medical Corp., Class A *		300		6,285
Walvax Biotechnology Co. Ltd., Class A		1,700		11,817
Winning Health Technology Group Co. Ltd., Class A		2,210		2,793
WuXi AppTec Co. Ltd., Class A		2,636		37,614
Yunnan Baiyao Group Co. Ltd., Class A		1,778		15,013
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		596		27,634
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		1,420		4,135
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		900		6,411
Zhejiang NHU Co. Ltd., Class A		3,264		10,135


	Number of Shares		Value
Health Care (Continued)
Zhejiang Orient Gene Biotech Co. Ltd., Class A		114	$	2,913
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		500		3,526

(Cost $432,746)				521,539

Industrials — 15.5%
AECC Aero-Engine Control Co. Ltd., Class A		1,500		6,214
AECC Aviation Power Co. Ltd., Class A		2,700		15,979
Air China Ltd., Class A *		6,700		9,720
AVIC Electromechanical Systems Co. Ltd., Class A (a)		4,200		7,118
AVICOPTER PLC, Class A		700		4,044
Beijing New Building Materials PLC, Class A		1,700		7,355
Beijing Originwater Technology Co. Ltd., Class A		3,700		2,703
Beijing United Information Technology Co. Ltd., Class A		435		5,021
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		42,800		31,206
China Baoan Group Co. Ltd., Class A		2,700		4,746
China CSSC Holdings Ltd., Class A		4,400		12,266
China Eastern Airlines Corp. Ltd., Class A *		9,100		6,567
China Energy Engineering Corp. Ltd. *		33,700		11,756
China Meheco Co. Ltd., Class A		1,000		3,074
China National Chemical Engineering Co. Ltd., Class A		6,700		9,459
China Railway Group Ltd., Class A		20,400		20,066
China Southern Airlines Co. Ltd., Class A *		10,800		10,494
China State Construction Engineering Corp. Ltd., Class A		42,200		34,812
Contemporary Amperex Technology Co. Ltd., Class A		2,400		146,600
COSCO SHIPPING Development Co. Ltd., Class A		8,200		3,892
COSCO SHIPPING Holdings Co. Ltd., Class A *		12,850		29,531
CRRC Corp. Ltd., Class A		25,300		19,166
Daqin Railway Co. Ltd., Class A		14,700		14,767
Dongfang Electric Corp. Ltd., Class A		3,000		6,279
Eve Energy Co. Ltd., Class A *		1,862		22,421
Fangda Carbon New Material Co. Ltd., Class A		4,273		4,516
Ginlong Technologies Co. Ltd., Class A		350		8,856
Gotion High-tech Co. Ltd., Class A *		1,800		9,939
Guangdong Kinlong Hardware Products Co. Ltd., Class A		300		3,771
Hongfa Technology Co. Ltd., Class A *		800		6,350
Jiangsu Hengli Hydraulic Co. Ltd., Class A		1,308		10,441
Jiangsu Zhongtian Technology Co. Ltd., Class A *		3,200		8,791
Jiangxi Special Electric Motor Co. Ltd., Class A *		1,700		5,543
Keda Industrial Group Co. Ltd.		1,800		4,137
Kuang-Chi Technologies Co. Ltd., Class A *		2,200		5,148


	Number of Shares		Value
Industrials (Continued)
Liaoning Port Co. Ltd., Class A		14,800	$	3,811
Luoyang Xinqianglian Slewing Bearing Co. Ltd., Class A		340		4,290
Metallurgical Corp. of China Ltd., Class A		19,214		10,154
Ming Yang Smart Energy Group Ltd., Class A		2,200		8,382
NARI Technology Co. Ltd., Class A		5,700		29,228
Ningbo Deye Technology Co. Ltd., Class A		200		6,109
Ningbo Orient Wires & Cables Co. Ltd., Class A		700		6,079
Ningbo Ronbay New Energy Technology Co. Ltd., Class A		469		6,531
North Industries Group Red Arrow Co. Ltd., Class A *		1,400		5,213
Power Construction Corp. of China Ltd., Class A		16,200		18,942
Riyue Heavy Industry Co. Ltd., Class A		1,200		3,850
Sany Heavy Industry Co. Ltd., Class A		8,450		21,443
SF Holding Co. Ltd., Class A *		5,000		38,851
Shanghai Construction Group Co. Ltd., Class A		8,700		4,090
Shanghai Electric Group Co. Ltd., Class A		13,700		8,348
Shanghai International Airport Co. Ltd., Class A *		1,095		8,264
Shanghai International Port Group Co. Ltd., Class A		10,000		9,357
Shanghai M&G Stationery, Inc., Class A		900		6,977
Shenzhen Inovance Technology Co. Ltd., Class A		2,700		24,751
Sichuan New Energy Power Co. Ltd. *		1,200		3,629
Sichuan Road & Bridge Co. Ltd., Class A		5,200		8,276
Sieyuan Electric Co. Ltd., Class A		800		4,378
Sinotrans Ltd., Class A		5,200		3,083
Sungrow Power Supply Co. Ltd., Class A *		1,500		17,957
Sunwoda Electronic Co. Ltd., Class A		1,800		7,203
Suzhou Maxwell Technologies Co. Ltd., Class A		160		9,031
TBEA Co. Ltd., Class A		4,081		13,747
Titan Wind Energy Suzhou Co. Ltd., Class A		1,800		3,676
Weichai Power Co. Ltd., Class A		6,900		12,510
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		800		5,814
Wuxi Shangji Automation Co. Ltd., Class A		300		6,725
XCMG Construction Machinery Co. Ltd., Class A		7,949		6,295
Xiamen C & D, Inc., Class A		3,200		6,386
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		3,743		6,926
YTO Express Group Co. Ltd., Class A		3,700		11,284
Yunda Holding Co. Ltd., Class A		3,210		8,727
Zhefu Holding Group Co. Ltd., Class A		6,000		4,177
Zhejiang Chint Electrics Co. Ltd., Class A		2,217		12,171
Zhejiang Dingli Machinery Co. Ltd., Class A		580		4,202
Zhejiang HangKe Technology, Inc. Co., Class A *		441		3,928


	Number of Shares		Value
Industrials (Continued)
Zhejiang Weiming Environment Protection Co. Ltd., Class A		1,300	$	5,582
Zhejiang Weixing New Building Materials Co. Ltd., Class A		1,700		4,670
Zhuzhou CRRC Times Electric Co. Ltd., Class A		524		4,423
Zhuzhou Kibing Group Co. Ltd., Class A		3,000		4,945
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		7,750		6,880

(Cost $644,570)				924,043

Information Technology — 13.0%
360 Security Technology, Inc., Class A *		7,700		9,545
Advanced Micro-Fabrication Equipment Inc China, Class A *		649		11,217
Amlogic Shanghai Co. Ltd., Class A *		386		6,226
Avary Holding Shenzhen Co. Ltd., Class A		1,700		7,722
Beijing Kingsoft Office Software, Inc., Class A		421		12,915
Beijing Shiji Information Technology Co. Ltd., Class A		1,240		3,809
Beijing Sinnet Technology Co. Ltd., Class A		1,700		2,487
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A *		200		3,782
BOE Technology Group Co. Ltd., Class A		36,702		20,825
Chaozhou Three-Circle Group Co. Ltd., Class A		1,858		8,239
China Greatwall Technology Group Co. Ltd., Class A		3,400		5,172
China Railway Signal & Communication Corp. Ltd., Class A		7,720		5,270
China Resources Microelectronics Ltd., Class A		1,151		9,112
China Zhenhua Group Science & Technology Co. Ltd., Class A		500		8,930
DHC Software Co. Ltd., Class A		3,700		3,279
Fiberhome Telecommunication Technologies Co. Ltd., Class A		1,200		2,540
Flat Glass Group Co. Ltd., Class A		1,700		11,181
Foxconn Industrial Internet Co. Ltd., Class A		10,200		14,370
GCL System Integration Technology Co. Ltd., Class A *		6,100		2,950
Gigadevice Semiconductor Beijing, Inc., Class A *		712		15,312
GoerTek, Inc., Class A		3,577		21,812
GRG Banking Equipment Co. Ltd., Class A		2,600		3,480
Guangzhou Haige Communications Group, Inc. Co., Class A		2,700		3,788
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		700		7,350
Hangzhou First Applied Material Co. Ltd., Class A		1,344		15,964
Hangzhou Lion Electronics Co. Ltd., Class A		700		6,464
Hangzhou Silan Microelectronics Co. Ltd., Class A		1,400		9,453


	Number of Shares		Value
Information Technology (Continued)
Hengtong Optic-electric Co. Ltd., Class A		2,300	$	4,222
Huagong Tech Co. Ltd., Class A		1,200		3,674
Hundsun Technologies, Inc., Class A		1,497		8,987
Iflytek Co. Ltd., Class A		2,434		13,250
Ingenic Semiconductor Co. Ltd., Class A		500		6,962
Inspur Electronic Information Industry Co. Ltd., Class A		1,388		5,122
JA Solar Technology Co. Ltd., Class A		1,700		23,823
JCET Group Co. Ltd., Class A		1,800		6,522
Lens Technology Co. Ltd., Class A		5,400		8,529
Lingyi iTech Guangdong Co., Class A *		7,700		5,499
LONGi Green Energy Technology Co. Ltd., Class A		5,574		66,093
Luxshare Precision Industry Co. Ltd., Class A		7,133		36,106
Maxscend Microelectronics Co. Ltd., Class A *		320		9,294
Montage Technology Co. Ltd., Class A		1,184		11,391
National Silicon Industry Group Co. Ltd., Class A *		2,245		7,522
NAURA Technology Group Co. Ltd., Class A		500		20,211
NavInfo Co. Ltd., Class A *		2,200		4,331
Ninestar Corp., Class A		1,500		9,856
OFILM Group Co. Ltd., Class A *		3,500		3,003
Raytron Technology Co. Ltd., Class A		495		2,904
Sangfor Technologies, Inc., Class A		400		5,648
SG Micro Corp., Class A		250		10,758
Shanghai Baosight Software Co. Ltd., Class A		1,270		9,921
Shanghai Friendess Electronic Technology Corp. Ltd., Class A		128		3,999
Shengyi Technology Co. Ltd., Class A		2,600		6,322
Shennan Circuits Co. Ltd., Class A		480		6,619
Shenzhen Goodix Technology Co. Ltd., Class A		500		4,322
Shenzhen SC New Energy Technology Corp., Class A		300		3,184
Shenzhen Sunlord Electronics Co. Ltd., Class A		800		3,158
Shenzhen Transsion Holdings Co. Ltd., Class A		696		9,164
StarPower Semiconductor Ltd., Class A		200		11,408
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		1,800		5,069
Thunder Software Technology Co. Ltd., Class A		400		6,581
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		800		3,287
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		3,400		22,194
Tianma Microelectronics Co. Ltd., Class A		2,500		3,533
Tianshui Huatian Technology Co. Ltd., Class A		3,200		4,134
TongFu Microelectronics Co. Ltd., Class A		1,200		2,512
Trina Solar Co. Ltd., Class A		2,163		20,790


	Number of Shares		Value
Information Technology (Continued)
Unigroup Guoxin Microelectronics Co. Ltd., Class A *		600	$	15,936
Unisplendour Corp. Ltd., Class A		3,008		8,016
Westone Information Industry, Inc., Class A		800		4,297
Will Semiconductor Co. Ltd., Class A		900		22,098
Wingtech Technology Co. Ltd., Class A		1,264		12,043
Wuhan Guide Infrared Co. Ltd., Class A		3,323		5,786
WUS Printed Circuit Kunshan Co. Ltd., Class A		2,210		5,205
Xiamen Faratronic Co. Ltd., Class A		200		5,250
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A		500		5,321
Yealink Network Technology Corp. Ltd., Class A		900		9,963
Yonyou Network Technology Co. Ltd., Class A		3,626		10,510
Zhejiang Dahua Technology Co. Ltd., Class A *		3,200		7,747
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		1,300		10,767
Zhongji Innolight Co. Ltd., Class A		800		3,849
Zhuzhou Hongda Electronics Corp. Ltd., Class A		400		3,373
ZTE Corp., Class A		4,200		15,299

(Cost $632,406)				778,558

Materials — 12.2%
Aluminum Corp. of China Ltd., Class A *		13,408		10,338
Anhui Conch Cement Co. Ltd., Class A		4,064		22,409
Anhui Honglu Steel Construction Group Co. Ltd., Class A		600		3,492
Asia — Potash International Investment Guangzhou Co. Ltd., Class A *		700		3,697
Baoshan Iron & Steel Co. Ltd., Class A		22,057		21,134
BBMG Corp., Class A		9,500		3,997
Beijing Easpring Material Technology Co. Ltd., Class A		500		5,225
Chengtun Mining Group Co. Ltd., Class A		2,700		3,028
Chengxin Lithium Group Co. Ltd., Class A		800		5,885
Chifeng Jilong Gold Mining Co. Ltd., Class A *		1,700		4,052
China Jushi Co. Ltd., Class A		4,272		10,451
China Minmetals Rare Earth Co. Ltd., Class A		1,100		4,458
China Molybdenum Co. Ltd., Class A		18,600		13,283
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		3,793		19,779
CNGR Advanced Material Co. Ltd., Class A		400		6,304
CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A		3,190		3,701
Do-Fluoride New Materials Co. Ltd., Class A		800		4,634
Ganfeng Lithium Co. Ltd., Class A		1,200		21,379
GEM Co. Ltd., Class A		5,200		5,722
Guangzhou Tinci Materials Technology Co. Ltd., Class A		2,080		11,849


	Number of Shares		Value
Materials (Continued)
Hangzhou Oxygen Plant Group Co. Ltd., Class A		900	$	4,169
Henan Shenhuo Coal & Power Co. Ltd., Class A		2,100		4,433
Hengli Petrochemical Co. Ltd., Class A *		6,220		21,958
Hengyi Petrochemical Co. Ltd., Class A		3,960		6,326
Hesteel Co. Ltd., Class A		11,200		3,940
Hoshine Silicon Industry Co. Ltd., Class A *		500		6,971
Huafon Chemical Co. Ltd., Class A		5,200		6,430
Huaibei Mining Holdings Co. Ltd., Class A *		2,300		5,261
Huaxin Cement Co. Ltd., Class A		1,600		4,750
Hubei Xingfa Chemicals Group Co. Ltd., Class A		1,200		6,751
Hunan Valin Steel Co. Ltd., Class A *		7,200		5,778
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A *		48,600		14,625
Inner Mongolia ERDOS Resources Co. Ltd., Class A		800		3,282
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		9,195		5,961
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		3,700		5,534
Jiangsu Eastern Shenghong Co. Ltd., Class A		3,700		8,658
Jiangsu Yangnong Chemical Co. Ltd., Class A		300		6,621
Jiangsu Yoke Technology Co. Ltd., Class A		500		3,660
Jiangxi Copper Co. Ltd., Class A		2,244		6,088
Kingfa Sci & Tech Co. Ltd., Class A *		2,900		3,881
LB Group Co. Ltd., Class A		2,700		7,676
Luxi Chemical Group Co. Ltd., Class A *		2,200		6,357
Maanshan Iron & Steel Co. Ltd., Class A		5,100		2,970
Ningbo Shanshan Co. Ltd., Class A		2,200		7,516
Ningxia Baofeng Energy Group Co. Ltd., Class A		6,600		15,375
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A *		9,700		4,865
Rongsheng Petrochemical Co. Ltd., Class A		10,728		25,666
Satellite Chemical Co. Ltd., Class A		1,780		10,489
Shandong Gold Mining Co. Ltd., Class A		3,753		10,333
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A *		2,270		10,141
Shandong Nanshan Aluminum Co. Ltd., Class A		13,300		7,069
Shandong Sun Paper Industry JSC Ltd., Class A		3,100		5,625
Shanghai Putailai New Energy Technology Co. Ltd., Class A *		740		14,247
Shanxi Meijin Energy Co. Ltd., Class A *		4,500		7,802
Shanxi Taigang Stainless Steel Co. Ltd., Class A		6,300		5,452
Shenghe Resources Holding Co. Ltd., Class A		1,900		5,026
Shenzhen Capchem Technology Co. Ltd., Class A		720		4,333
Shenzhen Dynanonic Co. Ltd., Class A		200		8,899


	Number of Shares		Value
Materials (Continued)
Shenzhen Senior Technology Material Co. Ltd., Class A		1,198	$	4,303
Sichuan Hebang Biotechnology Co. Ltd., Class A		9,200		4,683
Sichuan Yahua Industrial Group Co. Ltd., Class A		1,000		4,265
Sinoma Science & Technology Co. Ltd., Class A *		1,800		6,077
Sinomine Resource Group Co. Ltd., Class A		300		4,516
Sinopec Shanghai Petrochemical Co. Ltd., Class A		6,570		3,305
Skshu Paint Co. Ltd., Class A		340		4,745
Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A		600		5,417
Tangshan Jidong Cement Co. Ltd., Class A		2,400		3,661
Tianshan Aluminum Group Co. Ltd., Class A		4,700		5,052
Tibet Summit Resources Co. Ltd., Class A *		900		3,099
Tongkun Group Co. Ltd., Class A		2,500		6,408
Tongling Nonferrous Metals Group Co. Ltd., Class A		11,700		5,658
Transfar Zhilian Co. Ltd., Class A		3,390		3,208
Wanhua Chemical Group Co. Ltd., Class A		3,200		40,301
Weihai Guangwei Composites Co. Ltd., Class A		600		4,943
Western Mining Co. Ltd., Class A		2,100		3,792
Western Superconducting Technologies Co. Ltd., Class A		436		6,060
Xiamen Tungsten Co. Ltd., Class A		1,400		4,106
Xinjiang Zhongtai Chemical Co. Ltd., Class A		2,700		3,161
Yintai Gold Co. Ltd., Class A		2,880		4,411
YongXing Special Materials Technology Co. Ltd., Class A		400		7,192
Youngy Co. Ltd., Class A *		300		5,987
Yunnan Aluminium Co. Ltd., Class A *		3,500		6,052
Yunnan Energy New Material Co. Ltd., Class A		900		29,342
Yunnan Tin Co. Ltd., Class A		1,700		4,306
Zhejiang Huayou Cobalt Co. Ltd., Class A *		1,232		17,427
Zhejiang Juhua Co. Ltd., Class A		3,100		5,421
Zhejiang Longsheng Group Co. Ltd., Class A		2,900		4,633
Zhejiang Yongtai Technology Co. Ltd., Class A		900		3,564
Zibo Qixiang Tengda Chemical Co. Ltd., Class A		2,800		3,316
Zijin Mining Group Co. Ltd., Class A		20,997		31,624

(Cost $578,694)				729,770

Real Estate — 1.9%
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		8,215		15,374
China Vanke Co. Ltd., Class A		10,196		27,187
Gemdale Corp., Class A		4,722		8,406
Greenland Holdings Corp. Ltd., Class A		9,581		5,508
Jinke Properties Group Co. Ltd., Class A		5,700		2,679


	Number of Shares		Value
Real Estate (Continued)
Poly Developments and Holdings Group Co. Ltd., Class A		12,073	$	28,034
Seazen Holdings Co. Ltd., Class A		2,513		9,127
Shanghai Lingang Holdings Corp. Ltd., Class A		1,700		3,604
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		1,700		3,151
Youngor Group Co. Ltd., Class A		5,100		5,368
Zhejiang China Commodities City Group Co. Ltd., Class A		6,200		5,022

(Cost $120,078)				113,460

Utilities — 3.2%
CECEP Solar Energy Co. Ltd., Class A		3,200		3,646
CECEP Wind-Power Corp., Class A		5,200		3,581
China National Nuclear Power Co. Ltd., Class A		18,084		19,656
China Three Gorges Renewables Group Co. Ltd., Class A		29,200		27,148
China Yangtze Power Co. Ltd., Class A		23,500		84,509
ENN Natural Gas Co. Ltd., Class A		2,500		6,849
GD Power Development Co. Ltd., Class A		18,700		10,079
Huadian Power International Corp. Ltd., Class A		7,700		4,542
Huaneng Power International, Inc., Class A		9,200		10,179
SDIC Power Holdings Co. Ltd., Class A		7,195		11,138
Shenzhen Energy Group Co. Ltd., Class A		4,200		3,974
Sichuan Chuantou Energy Co. Ltd., Class A		4,100		7,391

(Cost $154,233)				192,692

TOTAL COMMON STOCKS (Cost $4,536,889)				5,951,125

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 0.72% (b) (Cost $3,816)		3,816		3,816

TOTAL INVESTMENTS — 99.6% (Cost $4,540,705)			$	5,954,941
Other assets and liabilities, net — 0.4%				21,317

NET ASSETS — 100.0%			$	5,976,258

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2022 is as follows:

For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

During the year ended May 31, 2022, the amount of transfers from Level 1 to Level 3 was $ 14,219. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.

DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.

As of May 31, 2022, the Trust consists of thirty-four investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

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 Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).

Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:

CSI 300 Index is calculated and maintained by China Securities Index Co., Ltd. It is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market. Constituent stocks for the Underlying Index generally must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange for specified time periods, have demonstrated positive performance, and not be subject to abnormal volatility or other evidence of possible market manipulation, among other factors. The composition of the Underlying Index is reviewed every six-months.

CSI 500 Index is calculated and maintained by China Securities Index Co., Ltd. is designed to reflect the price fluctuation and performance of small-cap companies in the China A-Share market and is composed of the 500 smallest and most liquid stocks in the China A-Share market. Constituent stocks for the Underlying Index generally must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange for specified time periods, have demonstrated positive performance, and not be subject to abnormal volatility or other evidence of possible market manipulation, among other factors. The composition of the Underlying Index is reviewed every six-months.

MSCI China All Shares Index and MSCI China A Inclusion Equity Index are each calculated and maintained by MSCI, Inc. (“MSCI”). The MSCI China All Share Index is designed to capture large- and mid-capitalization representation across all China securities listed in Hong Kong, Shanghai and Shenzhen. The Underlying Index is intended to give investors a means of tracking the overall performance of equity securities that are a representative sample of the entire Chinese investment universe. The Underlying Index is comprised of A-Shares, B-Shares, H-Shares, Red chips and P chips share classes as well as securities of Chinese companies listed outside of China (e.g. American depository receipts). The Underlying Index is rebalanced on a quarterly basis.

The MSCI China A Inclusion Index is designed to track the equity market performance of China A-Shares that are accessible through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect

program (together “Stock Connect”). “A-Shares” are equity securities issued by companies incorporated in mainland China and are denominated in renminbi. Certain eligible A-Shares are traded on the Shanghai or Shenzhen Stock Exchanges. The Underlying Index is designed to track the inclusion of A-Shares in the MSCI Emerging Markets Index over time and is constructed by MSCI by applying eligibility criteria for the MSCI Global Investable Market Indexes, and then excluding mid- and small-capitalization A-Shares (as determined by MSCI), A-Shares suspended for trading for more than 50 days in the past 12 months and A-Shares that are not accessible through Stock Connect. The Underlying Index is weighted by each issuer’s free float-adjusted market capitalization (i.e., includes only shares that are readily available for trading in the market) available to foreign investors and includes only large-capitalization companies, as determined by MSCI. The Underlying Index is rebalanced on a quarterly basis.

Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements. Each Fund is a diversified series of the Trust. In addition, each Fund, with the exception of Xtrackers MSCI All China Equity ETF, 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.

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 Funds. 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 Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.

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. Each 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 Funds.

Security Valuation The NAV of each 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.

Various inputs are used in determining the value of the Funds’ 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 Funds’ 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 and ETFs 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 or ETFs 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 and ETFs are generally categorized as Level 1.

Investments in open-end investment companies are valued at their NAV each business day and are categorized as a 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.

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 Board and are generally categorized as Level 3. In

accordance with the Funds’ 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; length of time of a halt in trading of the security; movement in the security’s proxy index; 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 a 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. Distributions of income and capital gains from investments in affiliated funds are recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.

Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each 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 policy of each Fund to pay out dividends from its net investment income, if any, to investors 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 Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each 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 Funds’ 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 Funds’ financial statements.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended May 31, 2022, the Funds did not incur any interest or penalties.

As of May 31, 2022, the components of accumulated earnings (losses) on a tax basis were as follows:

The tax character of dividends and distributions declared for the years ended May 31, 2022 and May 31, 2021 were as follows:

At May 31, 2022, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

For the fiscal year ended May 31, 2022, 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.

As of May 31, 2021, 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:

Foreign Taxes The Funds 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 Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements 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, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of May 31, 2022, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

The Funds’ direct investments in China A-Shares will be subject to a number of Chinese tax rules and the application of many of those rules is evolving. Chinese taxes that may apply to the Funds’ direct investments in A-Shares include withholding income tax (“WHT”) on dividends, WHT on bank interest, WHT on capital gains realized from the disposal of equity investments prior to November 17, 2014 and stamp tax. China imposes WHT at a rate of 10% on dividends on shares and interest income derived by non People’s Republic of China (“PRC”) enterprises including Qualified Foreign Institutional Investors (“QFII”) and Renminbi Qualified Foreign Institutional Investors (“RQFII”) from PRC resident issuers, subject to any lower rate provided by an applicable tax treaty.

With the approval from the PRC State Council, the PRC State Administration of Taxation, the PRC Ministry of Finance and the China Securities Regulatory Commission jointly issued Caishui [2014] 79 (Circular 79) on November 14, 2014. According to Circular 79, RQFIIs are temporarily exempt from WHT with respect to gains derived from the trading of equity investments (including shares in PRC enterprises) effective from November 17, 2014. With respect to gains derived from equity investments prior to November 17, 2014, RQFIIs are subject to WHT at a rate of 10% on such gains on a gross basis, subject to any lower rate provided by an applicable tax treaty. The above WHT treatment applies to RQFIIs which do not have a permanent establishment (“PE”) in the PRC. The Funds do not have PEs in the PRC, therefore, the Funds are only subject to WHT at 10% with respect to gross realized gains derived from the disposal of land-rich A-Share companies and exempt from WHT with respect to gross realized gains derived from non land-rich A-Share companies prior to November 17, 2014. Land-rich enterprises refer to companies whose value of immovable property in the PRC is greater than 50% of the value of their total assets at any time during the three-year period before the alienation of the PRC companies’ shares. The WHT relating to the realized gains from shares in land-rich companies prior to November 17, 2014 has been paid by the Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF while realized gains from shares in non land-rich companies prior to November 17, 2014 were granted treaty relief pursuant to the PRC-US Double Taxation Arrangement.

The PRC rules for taxation of RQFIIs (and QFIIs) are evolving and the tax regulations to be issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance, as well as the practices adopted by the local PRC authorities, may apply retroactively which may adversely affect the Fund and its shareholders.

Foreign Currency Translations The books and records of the Funds are 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 Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds 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, 2022, the Funds 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, 2022) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or 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 Funds are not able to recover securities lent, the Funds 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 Funds are 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, 2022, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at year end.

Futures Contracts Each 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. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will 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, 2022, Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF utilized futures in order to simulate investment in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

At the time each Fund enters into a futures contract, each 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, each 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 each

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 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 each 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 each 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, 2022 is included in a table following the Funds’ Schedule of Investments.

The following tables summarize the value of the Funds’ derivative instruments held as of May 31, 2022 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the year ended May 31, 2022 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

For the year ended May 31, 2022 the average monthly volume of derivatives was as follows:

Affiliated Cash Management Vehicles The Funds 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 Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. 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.

The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, 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 Funds to operate.

Harvest Global Investments Limited serves as investment sub-Advisor (the “Sub-Advisor”) to the Xtrackers Harvest CSI 300 China A-Shares ETF and the Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF. The Sub-Advisor is responsible for day-to-day management of each Fund, subject to supervision of the Advisor.

For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary advisory fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:

The Advisor for Xtrackers MSCI All China Equity ETF has contractually agreed, until November 14, 2024, 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 funds. In addition, the Advisor has contractually agreed, until September 30, 2022, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the Fund from exceeding 0.50% of the Fund’s average daily net assets. For the year ended May 31, 2022, the Advisor waived $64,951 of the expenses of the Fund which were attributable to the Fund’s investments in affiliated funds.

The Advisor for Xtrackers MSCI China A Inclusion Equity ETF 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 funds. For the year ended May 31, 2022, the Advisor waived $8 of the expenses of the Fund.

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired funds’ fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the year ended May 31, 2022, the Advisor waived expenses of the Funds as follows:

Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each 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.

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 each Fund.

ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.

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 Funds’ Independent Trustees).

For the year ended May 31, 2022, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

For the year ended May 31, 2022, the cost of in-kind purchases and proceeds from in-kind sale were as follows:

As of May 31, 2022, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of Xtrackers MSCI All China Equity ETF generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. The purchase of Creation Units for Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF and Xtrackers MSCI China A Inclusion Equity ETF are generally issued in exchange for a specific amount of cash totaling the NAV of the Creation Units. 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.

From time to time, Xtrackers MSCI China A Inclusion Equity ETF may have a concentration of several shareholders, including affiliated funds, holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. As of May 31, 2022, Xtrackers MSCI All China Equity ETF held 70% of the total shares outstanding of the Fund.

Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in lack of liquidity and in price volatility; currency revaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets (including both direct and indirect market stabilization efforts, which may affect valuations of Chinese issuers), whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform programs; limitations on the use of brokers (or action by the Chinese government that discourages brokers from serving international clients); higher rates of inflation; greater political, economic and social uncertainty; higher market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade limitations; restrictions on foreign ownership which require US investors

to invest in offshore special purpose companies to obtain indirect exposure to Chinese issuers; custody risks associated with investing through Stock Connect, an RQFII or other programs to access the Chinese securities markets, both interim and permanent market regulations which may affect the ability of certain stockholders to sell Chinese securities when it would otherwise be advisable; different and less stringent financial reporting standards; and increased political pressure from the US and other countries to restrict the ability of investors outside China to invest in Chinese issuers. In addition, in June 2021, the President of the United States issued an executive order (“CMIC Order”) prohibiting US persons, including the Funds, from purchasing or selling publicly traded securities (including publicly traded securities that are derivative of, or designed to provide exposure to, such securities) of any Chinese company identified as a “Chinese Military-Industrial Complex Company” (“CMIC”). This prohibition, effective August 2, 2021, expands on similar sanctions imposed by the prior administration on certain designated Chinese military companies (“CCMCs”) that took effect in January 2021. To the extent that any company in an Underlying Index is identified as a CMIC at any time (or was previously designed as a CCMC), it may have material adverse effect on a fund’s ability to track its Underlying Index.

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, Xtrackers MSCI China A Inclusion Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at May 31, 2022.

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain interruptions. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to significant portions of the population remaining unvaccinated and/or the lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Funds’ and their investments may be adversely affected by the effects of the COVID-19 pandemic, and the pandemic may result in the Funds and their service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on the Funds and reflect the consequences as appropriate in the Funds’ accounting and financial reporting.

Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF and the Board of Trustees of DBX ETF Trust

We have audited the accompanying statements of assets and liabilities of Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF (collectively referred to as the “Funds”), (four of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of May 31, 2022, and the related statements of operations for the year 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 each of the Funds (four of the funds constituting DBX ETF Trust) at May 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ 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, 2022, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. 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.

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (“Advisors”) 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). Advisors has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of Advisors 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 2022, as required by the Program and the Liquidity Rule, Advisors 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, 2020 through November 30, 2021 (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 3 business days or less in current market conditions without significantly changing their market value). As a result, your 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, the 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). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported that there were no material changes made to the Program during the Reporting Period.

Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF and Xtrackers MSCI China A Inclusion Equity ETF

In February 2022, as required by the Program and the Liquidity Rule, Advisors 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, 2020 through November 30, 2021 (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, your 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, on two occasions the Fund did experience a temporary breach of 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 breaches were caused by the temporary reclassification of Chinese securities as illiquid due to an extended Chinese and Taiwan holiday market closure in February 2021 and a separate extended Chinese holiday market closure in October 2021. Because notifications to the Fund’s board of the anticipated extended holiday closures were made before the start of each holiday closure no filing on Form N-LIQUID was required. Also, because the holiday closures were anticipated in advance, no actions were needed to rebalance the Fund’s portfolio. Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported that there were no material changes made to the Program during the Reporting Period.

Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 16-17, 2022 (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 MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF (each a “Fund,” and collectively, the “Funds”). 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 “Adviser”) 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 each 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) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees also took into consideration the discussions they had with management during the Meeting and among themselves during their Executive Sessions held on February 16 and February 17, 2022. 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 each 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 Funds.

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 Funds and their 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 Adviser from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Adviser.

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 each 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 Adviser under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Adviser continuously during the prior year, in addition to the information the Adviser 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 Funds, 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 Adviser, including portfolio management.

also officers or employees of the Adviser or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operations. The Board also considered that in addition to managing the Funds’ portfolios directly, the Adviser 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 Funds.

The Board considered the information regarding each Fund’s tracking error compared to its underlying index that had been provided by the Adviser and by Broadridge. The Board took note of the detailed information provided by the Adviser throughout the year with respect to each Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for each 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 Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to the Adviser, 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 Funds’ service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Adviser in supervising third party service providers to the Funds, such as the administrator and the custodian, noting the Adviser’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 Adviser, which supports the Funds’ compliance program.

Adviser’s Financial Resources. In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Adviser has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.

Reasonableness of Advisory Fee. The Board compared each 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 Funds. The Board also noted that the advisory fees and total expenses (after waivers/reimbursements) for Xtrackers MSCI All China Equity ETF were below or equal to the average and/or median of the ETFs in the Fund’s respective Peer Group compiled by Broadridge, but Xtrackers MSCI China A Inclusion Equity ETF had advisory fees and/or total expenses (after waivers/reimbursements) that were above the average and/or median of its respective Peer Group. The Board considered, however, that Xtrackers MSCI China A Inclusion Equity ETF’s total expenses were below the average and median of its Peer Group. The Board accordingly noted that each Fund’s fee is competitive with the fees of applicable peer ETFs.

The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Adviser pays all of the Funds’ costs (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Adviser and that the Adviser 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 Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.

Costs of Services and Profitability. The Board considered the expenses of the Adviser in developing and rendering services provided to the Funds and the information provided by the Adviser to the Board regarding the Funds’ profitability. The Board considered that the Adviser had provided extensive information about the Adviser’s profitability and the Adviser’s methodology in determining profitability. While the Adviser had provided information about the Adviser’s expenses relating to marketing the Funds, the Board considered the Adviser’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Adviser’s profitability with respect to each profitable Fund was not excessive.

The Board considered whether the Adviser would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Funds.

Economies of Scale. The Board considered that certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets.

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.

Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC and Investment Sub-Advisory Agreement with Harvest Global Investments Limited

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 16-17, 2022 (the “Meeting”), the Trustees, all of whom are Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement and Investment Sub-Advisory Agreement with respect to Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to continue in effect the Investment Advisory Agreement and the Investment Sub-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 “Adviser”) and Harvest Global Investments Limited (“Harvest” or “Sub-Adviser”) for purposes of reviewing the agreements’ terms and also took into consideration the discussions they had with management during the Meeting and among themselves during their Executive Sessions held on February 16-17, 2022. 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 each Fund’s investment performance and related financial information, presentations given by DBX and Harvest, as well as periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.

In reaching its decision with respect to the Investment Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their 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 Adviser from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Adviser.

In reaching its decision with respect to the Investment Sub-Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the performance of Harvest with respect to its management of the Funds, as well as Harvest’s financial resources and its resulting ability to perform its obligations under the Investment Sub-Advisory Agreement; (3) the total cost of the services provided by Harvest from its relationship with the Funds; (4) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (5) fall out benefits, if any, enjoyed by the Sub-Adviser.

the best interests of each 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:

The Board considered that the Adviser provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Adviser pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Adviser or one of its DWS Group affiliates, except as may otherwise be determined by the Board. The Board also considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operation. The Board also considered the role played by the Adviser in working with Harvest to manage the Funds’ portfolios, noting that the Adviser 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 Funds. The Board considered the information regarding each Fund’s tracking error compared to its underlying index that had been provided by the Adviser and by Broadridge Financial Solutions Inc. (“Broadridge”). The Board took note of the detailed information provided by the Adviser throughout the year with respect to each Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for each Fund during the year was in an expected range.

Reasonableness of Advisory Fee. The Board compared each 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 Funds. The Board considered that while each Fund’s advisory fees and total expenses after waivers/reimbursements were above the average and median of those Funds’ respective Peer Groups, many of those other ETFs in the Funds’ respective Peer Groups only invested directly in A-Shares through the Stock Connect programs, rather than also utilizing the Renminbi Qualified Foreign Institutional Investor (“RQFII”) program, as the Funds did using the quota allocated to the Sub-Adviser. The Board also noted that the Chinese authorities had recently abolished the quotas

under the RQFII system, but that it remained in the Funds’ best interests to continue utilizing Harvest as the Funds’ sub-adviser and that Harvest’s local market capabilities provided the Funds with the widest feasible range of means to access A-shares.

The Board considered that the fee for the Funds is a unitary fee pursuant to which the Adviser pays all of the Funds’ costs (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that the Funds’ portfolios are managed on a day-to-day basis by the Sub-Adviser, which receives a fee from the Adviser. The Board considered the allocation of responsibilities between the Adviser and Sub-Adviser and noted that the Adviser 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 Funds. Based on its review, the Board concluded that the advisory fee is reasonable in light of the services provided.

Costs of Services and Profitability. The Board considered the expenses of the Adviser in developing and rendering services to the Funds and the information provided by the Adviser to the Board regarding the Funds’ profitability. The Board considered that the Adviser had provided extensive information about the Adviser’s profitability and the Adviser’s methodology in determining profitability. While the Adviser had provided information about the Adviser’s expenses relating to marketing the Funds, the Board considered the Adviser’s profitability without accounting for such expenses. The Board determined that only Xtrackers Harvest CSI 300 China A-Shares ETF was profitable as of this time and the Adviser’s profitability with respect to the Fund was not excessive. The Board also noted that since the fee paid by the Adviser to the Sub-Adviser under the Investment Sub-Advisory Agreement contained breakpoints, the Adviser could experience increased profitability as the Funds’ assets increased. The Board considered whether the Adviser would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Funds.

Economies of Scale. The Board considered that Xtrackers Harvest CSI 300 China A-Shares ETF 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 considered that Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF was not experiencing economies of scale at this time and determined to evaluate the economies of scale on an ongoing basis as a result of asset growth of the Funds.

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.

The Board considered the following in determining whether to approve the Investment Sub-Advisory Agreement:

Nature, Extent and Quality of Services. In considering the nature, extent and quality of services that Harvest provides to the Funds, the Board reviewed in detail the nature, extent and quality of services provided by Harvest under the Investment Sub-Advisory Agreement. In doing so, the Board considered the information it had received from the Sub-Adviser continuously during the prior year, in addition to the information the Sub-Adviser 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 Funds, including arranging for, or implementing, the purchase and sale of portfolio securities.

The Board also considered Harvest’s operational capabilities and resources, and its experience in serving as investment sub-adviser to the Funds. The Board considered the professional experience, qualifications and performance of Harvest’s senior management and key professional personnel, as well as Harvest’s depth and breadth of experience in managing investment portfolios consisting of China A-Shares, and their techniques for implementing such strategies while minimizing index tracking error. The Board also noted that the Chinese authorities had recently abolished the quotas under the RQFII system, but that it remained in the Funds’ best interests to continue utilizing Harvest as the Funds’ sub-adviser and that Harvest’s local market capabilities provided the Funds with the widest feasible range of means to access A-shares. In addition, the Board considered

Harvest’s operational capabilities and resources, and Harvest’s experience in managing index funds covering various asset classes. The Board noted that Harvest manages its index-based portfolios using both full replication and sampling techniques and maintains strict discipline in the implementation of its indexing strategies. To that end, the Board noted that when there are changes to a benchmark index, Harvest closely monitors any such changes to devise strategies to realign its portfolios at the lowest possible cost while tracking the respective benchmark index. The Board also noted Harvest’s processes to minimize the cost of trading.

Based on its review, the Board concluded that the nature, extent, and quality of services provided by Harvest under the Investment Sub-Advisory Agreement are reasonable and appropriate in relation to the fees paid to Harvest, taking special consideration of the fact that the fees paid to Harvest are payable by the Adviser and not the Funds.

Performance of Harvest; Harvest’s Financial Resources. The Board considered Harvest’s performance in managing the Funds and its ability to minimize tracking error. The Board concluded that, given Harvest’s capabilities and experience in managing the Funds, Harvest had generally been able to keep the Funds’ tracking error within acceptable ranges.

The Board also considered Harvest’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that Harvest has the financial resources necessary to perform its obligations under the Investment Sub-Advisory Agreement.

Reasonableness of Sub-Advisory Fee. The Board considered that the fee paid to Harvest in respect of the Funds would be paid by the Adviser and not the Funds. Based on its review, the Board concluded that the fees agreed upon with Harvest are reasonable in light of the nature and quality of investment advisory services rendered for each Fund. The Board reached its conclusion based in part on the aggregate fees paid by the Funds, the fact that the sub-advisory fee is paid by the Adviser and not the Funds, and fees paid by comparable funds to advisers.

Costs of Services and Profitability. The Board considered that the fees paid by the Adviser to Harvest under the Investment Sub-Advisory Agreement contain breakpoints. The Board further considered that specific information about Harvest’s profitability with respect to its services provided to the Funds was not available because Harvest receives a fixed fee which is computed as a percentage of each Fund’s advisory fees and does not calculate the profitability of its sub-advisory services on a per-Fund level. The Board also considered that the overall fees paid by each Fund remained reasonable.

The Board also considered whether Harvest would benefit in other ways from its relationship with the Funds. The Board discussed Harvest’s practices regarding the selection and compensation of brokers and dealers that execute portfolio transactions for the Funds and the brokers’ and dealers’ provision of brokerage services to Harvest.

Economies of Scale. The Board considered that Xtrackers Harvest CSI 300 China A-Shares ETF 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 considered that Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF was not experiencing economies of scale at this time and determined to evaluate the economies of scale on an ongoing basis as a result of asset growth of the Funds.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Sub-Advisory Agreement was fair and reasonable and it was unanimously approved.

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.

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.

The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each 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 Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their 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 each Fund’s portfolio holdings is available daily at www.Xtrackers.com.

Information regarding how often shares of each 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.

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.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its period ended May 31, 2022.

* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.

Each 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:

Investing involves risk, including 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. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Special risks associated with investments in Chinese companies include exposure to 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 nature and extent of intervention by the Chinese government in the Chinese securities markets, and the potential unavailability of A shares. Uncertainties in the Chinese tax rules governing taxation of income and gains from investments in A-shares could result in unexpected tax liabilities for the Funds which may reduce Fund returns. Any reduction or elimination of access to A-shares will have a material adverse effect on the ability of the Funds to achieve its investment objective. Performance of the Funds 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 these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.

The U.S. government has imposed restrictions on the ability of U.S. investors to hold and/or acquire securities of certain Chinese companies. To the extent that an Underlying Index includes such a security and the Fund excludes it, the Fund’s tracking error may increase and the performance of the Fund and Underlying Index may diverge.

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises 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 Funds and their 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 CSI Indexes are calculated by China Securities Index Co., Ltd. (CSI). CSI does not make any warranties, express or implied, to its customers or any other party regarding the accuracy or completeness of any data related to the Index. All information is provided for information purposes only. CSI accepts no liability for any errors or any loss arising from the use of information it provides.

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.

Copyright © 2022 DWS Group. All rights reserved. Xtrackers^TM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.



Average Annual Total Return

	Net Asset Value	Market Value	CSI 300 Index	MSCI ACWI ex USA Index
One Year	-25.79%	-26.13%	-25.18%	-12.31%
Five Year	4.59%	4.70%	5.66%	4.42%
Since Inception¹	6.40%	6.37%	7.32%	3.71%

Cumulative Total Returns

	Net Asset Value	Market Value	CSI 300 Index	MSCI ACWI ex USA Index
One Year	-25.79%	-26.13%	-25.18%	-12.31%
Five Year	25.15%	25.82%	31.67%	24.16%
Since Inception¹	70.09%	69.72%	83.24%	36.66%



Average Annual Total Return

	Net Asset Value	Market Value	CSI 500 Index	MSCI ACWI ex USA Index
One Year	-13.89%	-13.97%	-12.27%	-12.31%
Five Year	1.11%	1.25%	2.30%	4.42%
Since Inception¹	4.68%	4.67%	6.34%	3.38%

Cumulative Total Returns

	Net Asset Value	Market Value	CSI 500 Index	MSCI ACWI ex USA Index
One Year	-13.89%	-13.97%	-12.27%	-12.31%
Five Year	5.65%	6.40%	12.02%	24.16%
Since Inception¹	44.33%	44.34%	63.83%	30.63%



Average Annual Total Return

	Net Asset Value	Market Value	MSCI China All Shares Index
One Year	-30.65%	-31.18%	-30.39%
Five Year	2.59%	2.56%	2.72%
Since Inception¹	7.42%	7.33%	6.77%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI China All Shares Index
One Year	-30.65%	-31.18%	-30.39%
Five Year	13.66%	13.45%	14.38%
Since Inception¹	78.38%	77.33%	69.97%



Average Annual Total Return

	Net Asset Value	Market Value	MSCI China A Inclusion Index²	MSCI ACWI ex USA Index
One Year	-22.97%	-23.77%	-22.50%	-12.31%
Five Year	5.58%	5.48%	5.40%	4.42%
Since Inception¹	3.51%	3.46%	3.04%	5.44%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI China A Inclusion Index²	MSCI ACWI ex USA Index
One Year	-22.97%	-23.77%	-22.50%	-12.31%
Five Year	31.17%	30.56%	30.06%	24.16%
Since Inception¹	25.61%	25.25%	21.92%	41.97%


	Beginning Account Value December 1, 2021		Ending Account Value May 31, 2022		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers Harvest CSI 300 China A-Shares ETF
Actual	$	1,000.00	$	807.80		0.65	%	$	2.93
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.69		0.65	%	$	3.28
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
Actual	$	1,000.00	$	792.60		0.65	%	$	2.90
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.69		0.65	%	$	3.28
Xtrackers MSCI All China Equity ETF (2)
Actual	$	1,000.00	$	802.20		0.19	%	$	0.85
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.98		0.19	%	$	0.96
Xtrackers MSCI China A Inclusion Equity ETF
Actual	$	1,000.00	$	803.10		0.60	%	$	2.70
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.94		0.60	%	$	3.02


	Page
Shareholder Letter		1
Management’s Discussion of Fund Performance		3
Performance Summary
Xtrackers Harvest CSI 300 China A-Shares ETF		6
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		8
Xtrackers MSCI All China Equity ETF		10
Xtrackers MSCI China A Inclusion Equity ETF		12
Fees and Expenses		14
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF		15
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		20
Xtrackers MSCI All China Equity ETF		28
Xtrackers MSCI China A Inclusion Equity ETF		32
Statements of Assets and Liabilities		40
Statements of Operations		41
Statements of Changes in Net Assets		42
Financial Highlights		44
Notes to Financial Statements		46
Report of Independent Registered Public Accounting Firm		56
Liquidity Risk Management		57
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts		58
Board Members and Officers		64
Additional Information		67


Financials			22.5%
Consumer Staples			15.8%
Industrials			13.8%
Information Technology			13.4%
Materials			9.3%
Health Care			8.8%
Consumer Discretionary			8.4%
Utilities			3.0%
Real Estate			1.9%
Energy			1.8%
Communication Services			1.3%

Total			100.0%


Description	% of Net Assets
Kweichow Moutai Co. Ltd.		6.2%
Contemporary Amperex Technology Co. Ltd.		3.1%
China Merchants Bank Co. Ltd.		2.7%
Ping An Insurance Group Co. of China Ltd.		2.6%
LONGi Green Energy Technology Co. Ltd.		1.9%
Wuliangye Yibin Co. Ltd.		1.8%
Industrial Bank Co. Ltd.		1.5%
China Yangtze Power Co. Ltd.		1.5%
BYD Co. Ltd.		1.5%
Midea Group Co. Ltd.		1.5%


Materials			20.0%
Industrials			18.8%
Information Technology			17.2%
Health Care			9.3%
Financials			6.9%
Consumer Discretionary			6.5%
Consumer Staples			5.9%
Energy			4.7%
Utilities			3.8%
Real Estate			3.7%
Communication Services			3.2%

Total			100.0%


Description	% of Net Assets
Guanghui Energy Co. Ltd.		0.9%
Jiangsu Zhongtian Technology Co. Ltd.		0.8%
China Zhenhua Group Science & Technology Co. Ltd.		0.8%
Ming Yang Smart Energy Group Ltd.		0.7%
Wintime Energy Co. Ltd.		0.6%
GEM Co. Ltd.		0.6%
Yankuang Energy Group Co. Ltd.		0.6%
China Baoan Group Co. Ltd.		0.6%
Suzhou Maxwell Technologies Co. Ltd.		0.6%
Shanxi Meijin Energy Co. Ltd.		0.5%


Consumer Discretionary			19.7%
Financials			16.4%
Communication Services			12.1%
Industrials			9.9%
Consumer Staples			9.4%
Information Technology			9.0%
Materials			7.6%
Health Care			6.8%
Real Estate			3.3%
Utilities			3.0%
Energy			2.8%

Total			100.0%


Financials			18.1%
Consumer Staples			16.2%
Industrials			15.5%
Information Technology			13.1%
Materials			12.3%
Health Care			8.8%
Consumer Discretionary			6.6%
Utilities			3.3%
Energy			3.0%
Real Estate			1.9%
Communication Services			1.2%

Total			100.0%


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	1,668,486,506	$	–	$	–	$	1,668,486,506

TOTAL	$	1,668,486,506	$	–	$	–	$	1,668,486,506


	Value ($) at 5/31/2021		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2022		Value ($) at 5/31/2022
EXCHANGE-TRADED FUNDS — 49.6%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (c)
		1,716,704		77,334		(1,251,545	)		108,768		(144,810	)		9,116		—		15,545		506,451
Xtrackers MSCI China A Inclusion Equity ETF (c)
		13,524,060		272,424		(7,628,084	)		2,162,172		(4,144,127	)		81,421		—		175,774		4,186,445

SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.68% (d)(e)
		1,306,704		—		(1,260,337	)(f)		—		—			97		—		46,367		46,367

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 0.72% (d)
		4,222		534,437		(532,193	)		—		—			11		—		6,466		6,466

		16,551,690		884,195		(10,672,159	)		2,270,940		(4,288,937	)		90,645		—		244,152		4,745,729


	Xtrackers Harvest CSI 300 China A-Shares ETF			Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF			Xtrackers MSCI All China Equity ETF			Xtrackers MSCI China A Inclusion Equity ETF
Assets
Investment in non-affiliated securities at value	$	1,668,486,506		$	34,014,262		$	4,731,344		$	5,951,125
Investment in affiliated securities at value		—			—			4,692,896			—
Investment in DWS Government Money Market Series		—			—			6,466			3,816
Investment in DWS Government & Agency Securities Portfolio*		—			—			46,367			—
Cash		55,153,647			542			—			—
Foreign currency at value		4,243,648	^†		182,571	^†		832			21,828
Deposit with broker for futures contracts		—			—			—			990
Receivables:
Investment securities sold		—			—			128,288			—
Variation margin on futures contracts		—			—			—			1,412
Dividends		—			—			14,625			—
Interest		—			—			2			12
Securities lending income		—			—			185			—

Total assets	$	1,727,883,801		$	34,197,375		$	9,621,005		$	5,979,183


Liabilities
Due to foreign custodian	$	10,050		$	—		$	—		$	—
Payable upon return of securities loaned		—			—			46,367			—
Payables:
Investment securities purchased		—			—			128,817			—
Investment advisory fees		852,136			17,856			1,469			2,925
Due to authorized participant		54,957,691			—			—			—

Total liabilities		55,819,877			17,856			176,653			2,925

Net Assets, at value	$	1,672,063,924		$	34,179,519		$	9,444,352		$	5,976,258


Net Assets Consist of
Paid-in capital	$	1,835,850,879		$	50,081,796		$	24,819,567		$	6,005,654
Distributable earnings (loss)		(163,786,955	)		(15,902,277	)		(15,375,215	)		(29,396	)

Net Assets, at value	$	1,672,063,924		$	34,179,519		$	9,444,352		$	5,976,258


Number of Common Shares outstanding		54,250,001			1,050,001			300,001			250,001

Net Asset Value	$	30.82		$	32.55		$	31.48		$	23.90

Investment in non-affiliated securities at cost	$	1,375,405,633		$	35,160,575		$	5,893,303		$	4,536,889

Investment in affiliated securities at cost	$	—		$	—		$	5,343,920		$	—

Value of securities loaned	$	—		$	—		$	219,503		$	—

Investment in DWS Government Money Market Series at cost	$	—		$	—		$	6,466		$	3,816

Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	—		$	46,367		$	—

Non-cash collateral for securities on loan	$	—		$	—		$	190,447		$	—

Foreign currency at cost	$	4,227,730		$	181,186		$	832		$	21,819


	Xtrackers Harvest CSI 300 China A-Shares ETF						Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
	Year Ended May 31,						Year Ended May 31,
	2022			2021			2022			2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	23,808,796		$	17,436,230		$	274,693		$	129,615
Net realized gain (loss)		(161,499,191	)		(13,438,458	)		5,609,063			2,408,129
Net change in net unrealized appreciation (depreciation)		(694,688,035	)		738,559,351			(11,757,074	)		8,629,959

Net increase (decrease) in net assets resulting from operations		(832,378,430	)		742,557,123			(5,873,318	)		11,167,703

Distributions to Shareholders		(23,518,334	)		(21,126,939	)		(315,040	)		(153,080	)


Fund Shares Transactions
Proceeds from shares sold		1,830,677,155			2,035,428,349			7,908,275			1,786,849
Value of shares redeemed		(2,017,705,513	)		(1,312,632,305	)		(7,816,588	)		(2,872,080	)

Net increase (decrease) in net assets resulting from fund share transactions		(187,028,358	)		722,796,044			91,687			(1,085,231	)

Total net increase (decrease) in Net Assets		(1,042,925,122	)		1,444,226,228			(6,096,671	)		9,929,392

Net Assets
Beginning of year		2,714,989,046			1,270,762,818			40,276,190			30,346,798

End of year	$	1,672,063,924		$	2,714,989,046		$	34,179,519		$	40,276,190


Changes in Shares Outstanding
Shares outstanding, beginning of year		64,900,001			46,750,001			1,050,001			1,100,001
Shares sold		47,950,000			54,150,000			200,000			50,000
Shares redeemed		(58,600,000	)		(36,000,000	)		(200,000	)		(100,000	)

Shares outstanding, end of year		54,250,001			64,900,001			1,050,001			1,050,001


	Xtrackers MSCI All China Equity ETF						Xtrackers MSCI China A Inclusion Equity ETF
	Year Ended May 31,						Year Ended May 31,
	2022			2021			2022			2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	305,700		$	305,332		$	131,487		$	95,035
Net realized gain (loss)		1,080,022			(145,482	)		2,030,731			815,728
Net change in net unrealized appreciation (depreciation)		(9,259,280	)		8,357,826			(4,571,179	)		4,387,542

Net increase (decrease) in net assets resulting from operations		(7,873,558	)		8,517,676			(2,408,961	)		5,298,305

Distributions to Shareholders		(423,116	)		(227,422	)		(114,292	)		(106,403	)


Fund Shares Transactions
Proceeds from shares sold		—			9,229,394			—			1,666,468
Value of shares redeemed		(17,240,981	)		(2,131,579	)		(7,191,275	)		(5,154,277	)

Net increase (decrease) in net assets resulting from fund share transactions		(17,240,981	)		7,097,815			(7,191,275	)		(3,487,809	)

Total net increase (decrease) in Net Assets		(25,537,655	)		15,388,069			(9,714,528	)		1,704,093

Net Assets
Beginning of year		34,982,007			19,593,938			15,690,786			13,986,693

End of year	$	9,444,352		$	34,982,007		$	5,976,258		$	15,690,786


Changes in Shares Outstanding
Shares outstanding, beginning of year		750,001			600,001			500,001			700,001
Shares sold		—			200,000			—			50,000
Shares redeemed		(450,000	)		(50,000	)		(250,000	)		(250,000	)

Shares outstanding, end of year		300,001			750,001			250,001			500,001


Xtrackers Harvest CSI 300 China A-Shares ETF Selected Per Share Data	Years Ended May 31,
	2022			2021			2020			2019			2018
Net Asset Value, beginning of year	$	41.83		$	27.18		$	26.27		$	29.56		$	25.84

Income (loss) from investment operations:
Net investment income (loss)(a)		0.36			0.30			0.29			0.22			0.25
Net realized and unrealized gain (loss)		(11.02	)		14.67			0.91			(3.22	)		3.73

Total from investment operations		(10.66	)		14.97			1.20			(3.00	)		3.98

Less distributions from:
Net investment income		(0.35	)		(0.32	)		(0.29	)		—			(0.26	)
Net realized gains		—			—			—			(0.29	)		—

Total distributions		(0.35	)		(0.32	)		(0.29	)		(0.29	)		(0.26	)

Net Asset Value, end of year	$	30.82		$	41.83		$	27.18		$	26.27		$	29.56

Total Return (%)		(25.67	)		55.20			4.50			(10.02	)		15.38

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		1,672			2,715			1,271			1,449			686
Ratio of expenses (%)		0.65			0.65			0.65			0.65			0.66
Ratio of net investment income (loss) (%)		0.97			0.79			1.05			0.87			0.82
Portfolio turnover rate (%)(b)		95			78			115			81			65


Xtrackers MSCI All China Equity ETF Selected Per Share Data	Years Ended May 31,
Xtrackers MSCI All China Equity ETF Selected Per Share Data	2022			2021			2020			2019			2018
Net Asset Value, beginning of year	$	46.64		$	32.66		$	31.13		$	37.78		$	30.54

Income (loss) from investment operations:
Net investment income (loss)(a)		0.54			0.48			0.76			0.36			0.79
Net realized and unrealized gain (loss)		(14.93	)		13.85			2.21			(6.42	)		6.75

Total from investment operations		(14.39	)		14.33			2.97			(6.06	)		7.54

Less distributions from:
Net investment income		(0.77	)		(0.35	)		(1.44	)		(0.59	)		(0.30	)

Total distributions		(0.77	)		(0.35	)		(1.44	)		(0.59	)		(0.30	)

Net Asset Value, end of year	$	31.48		$	46.64		$	32.66		$	31.13		$	37.78

Total Return (%)(b)		(31.15	)		43.94			9.35			(15.89	)		24.71

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		9			35			20			227			36
Ratio of expenses before fee waiver (%)(c)		0.50			0.50			0.50			0.50			0.60
Ratio of expenses after fee waiver (%)(c)		0.21			0.25			0.26			0.28			0.36
Ratio of net investment income (loss) (%)		1.34			1.10			2.27			1.07			2.10
Portfolio turnover rate (%)(d)		5			8			14			102			3


Fund		Underlying Index
Xtrackers Harvest CSI 300 China A-Shares ETF		CSI 300 Index
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		CSI 500 Index
Xtrackers MSCI All China Equity ETF		MSCI China All Shares Index
Xtrackers MSCI China A Inclusion Equity ETF		MSCI China A Inclusion Index


	Undistributed Ordinary Income*		Capital and Other Gains (Losses)			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Losses)
Xtrackers Harvest CSI 300 China A-Shares ETF	$	1,074,342	$	(345,801,588	)	$	180,940,291		$	(163,786,955	)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		220,850		(13,951,605	)		(2,171,522	)		(15,902,277	)
Xtrackers MSCI All China Equity ETF		41,908		(13,473,536	)		(1,943,587	)		(15,375,215	)
Xtrackers MSCI China A Inclusion Equity ETF		19,993		(1,370,051	)		1,320,662			(29,396	)


	Year Ended May 31, 2022
	Ordinary Income*
Xtrackers Harvest CSI 300 China A-Shares ETF	$	23,518,334
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		315,040
Xtrackers MSCI All China Equity ETF		423,116
Xtrackers MSCI China A Inclusion Equity ETF		114,292


	Year Ended May 31, 2021
	Ordinary Income*
Xtrackers Harvest CSI 300 China A-Shares ETF	$	21,126,939
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		153,080
Xtrackers MSCI All China Equity ETF		227,422
Xtrackers MSCI China A Inclusion Equity ETF		106,403


	Short-Term		Long-Term		Total Amount
Xtrackers Harvest CSI 300 China A-Shares ETF	$	292,519,760	$	53,281,828	$	345,801,588
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		13,051,086		900,519		13,951,605
Xtrackers MSCI All China Equity ETF		8,167,344		5,306,192		13,473,536
Xtrackers MSCI China A Inclusion Equity ETF		1,370,051		—		1,370,051


	Distributable earnings (loss)			Paid-In Capital
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	$	(3	)	$	3
Xtrackers MSCI All China Equity ETF		(2,629,084	)		2,629,084


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers Harvest CSI 300 China A-Shares ETF	$	1,487,562,133	$	180,924,373		$	400,845,479		$(219,921,106)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		36,187,169		(2,172,907	)		4,186,104		(6,359,011	)
Xtrackers MSCI All China Equity ETF		11,420,667		(1,943,594	)		553,221		(2,496,815	)
Xtrackers MSCI China A Inclusion Equity ETF		4,634,760		1,320,653			1,885,315		(564,662	)


Remaining Contractual Maturity of the Agreements, as of May 31, 2022

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers MSCI All China Equity ETF
Common Stocks	$	46,367	$	—	$	—	$	190,447	$	236,814

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	236,814


		Asset Derivatives			Liability Derivatives
Xtrackers MSCI China A Inclusion Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	472	Unrealized depreciation on futures contracts*	$	—


Net Realized Gain (Loss) from:

	Futures Contracts— Equity Contracts
Xtrackers MSCI All China Equity ETF	$	(21,863	)
Xtrackers MSCI China A Inclusion Equity ETF		(20,053	)

Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts— Equity Contracts
Xtrackers MSCI All China Equity ETF	$	(70	)
Xtrackers MSCI China A Inclusion Equity ETF		2,490


	Futures Contracts (Contract Value)
Xtrackers MSCI All China Equity ETF	$	42,431
Xtrackers MSCI China A Inclusion Equity ETF		40,673


	Unitary Advisory Fee
Xtrackers Harvest CSI 300 China A-Shares ETF		0.65	%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		0.65	%
Xtrackers MSCI All China Equity ETF		0.50	%
Xtrackers MSCI China A Inclusion Equity ETF		0.60	%


	Expenses Waived
Xtrackers MSCI All China Equity ETF	$	189
Xtrackers MSCI China A Inclusion Equity ETF		57


	Purchases		Sales
Xtrackers Harvest CSI 300 China A-Shares ETF	$	2,313,143,650	$	2,502,556,639
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		23,222,864		23,226,413
Xtrackers MSCI All China Equity ETF		1,120,506		5,249,357
Xtrackers MSCI China A Inclusion Equity ETF		2,039,496		9,188,765


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).	34	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, Enzyvant (2018-present); 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).	34	—
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).	34	(Chairman of) Ilex Management Ltd; Old Westbury Funds


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		Programmes (Head since 2021), of DWS Investment Management Americas, Inc. and Manager and Chief Operating Officer of the Advisor (2016 -present). Formerly: Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014 -2020); Manager and Chief Operating Officer of DWS Investment Management Americas, Inc. (2018-present) and the Advisor (2016-present); 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⁽⁴⁾(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).