May 31, 2022

Annual Report

DBX ETF Trust

 

Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR)

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)

Xtrackers MSCI All China Equity ETF (CN)

Xtrackers MSCI China A Inclusion Equity ETF (ASHX)

 

LOGO


DBX ETF Trust

 

Table of Contents

 

     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  


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 20th 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.

 

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DBX ETF Trust

 

Management’s Discussion of Fund Performance (Unaudited)

 

Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR)

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.

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)

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.

Xtrackers MSCI All China Equity ETF (CN)

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.

MSCI China A Inclusion Equity ETF (ASHX)

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.

*************************

 

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DBX ETF Trust

 

Management’s Discussion of Fund Performance (Unaudited) (Continued)

 

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.

 

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5


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR)

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.

 

Performance as of May 31, 2022

 

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%

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.

 

6


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

1 Based on Net Asset Value from commencement of operations, November 6, 2013.

Sector Diversification* as of May 31, 2022

 

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%  
Ten Largest Equity Holdings
as of May 31, 2022 (24.3% of Net Assets)

 

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%  

 

* As a percent of total investments.

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

 

7


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)

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.

 

Performance as of May 31, 2022

 

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%

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.

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.

 

8


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

1 Based on Net Asset Value from commencement of operations, May 21, 2014.

Sector Diversification* as of May 31, 2022

 

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%  
Ten Largest Equity Holdings
as of May 31, 2022 (6.7% of Net Assets)

 

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%  

 

* As a percentage of total investments.

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

 

9


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI All China Equity ETF (CN)

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.

 

Performance as of May 31, 2022

 

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%

1 Total 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.

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.

 

10


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI All China Equity ETF (CN) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

1 Based on Net Asset Value from commencement of operations, April 30, 2014.

Sector Diversification* as of May 31, 2022

 

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%  
Ten Largest Equity and ETF Holdings
as of May 31, 2022 (72.0% of Net Assets)

 

Description   % of Net Assets  

Xtrackers MSCI China A Inclusion Equity ETF

    44.3%  

Tencent Holdings Ltd.

    7.8%  

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

    5.4%  

Alibaba Group Holding Ltd.

    5.0%  

Meituan

    2.6%  

China Construction Bank Corp.

    1.9%  

JD.com, Inc.

    1.6%  

NetEase, Inc.

    1.2%  

Ping An Insurance Group Co. of China Ltd.

    1.1%  

Baidu, Inc.

    1.1%  

 

* 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.

 

11


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI China A Inclusion Equity ETF (ASHX)

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.

 

Performance as of May 31, 2022

 

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%

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.

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.

 

12


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI China A Inclusion Equity ETF (ASHX) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

1 Based on Net Asset Value from commencement of operations, October 20, 2015.

Sector Diversification* as of May 31, 2022

 

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%  
Ten Largest Equity Holdings
as of May 31, 2022 (18.8% of Net Assets)

 

Description   % of Net Assets  

Kweichow Moutai Co. Ltd.

    5.6%  

Contemporary Amperex Technology Co. Ltd.

    2.4%  

China Merchants Bank Co. Ltd.

    2.1%  

Wuliangye Yibin Co. Ltd.

    1.7%  

China Yangtze Power Co. Ltd.

    1.4%  

BYD Co. Ltd.

    1.4%  

Ping An Insurance Group Co. of China Ltd.

    1.2%  

LONGi Green Energy Technology Co. Ltd.

    1.1%  

Industrial Bank Co. Ltd.

    1.0%  

Shenzhen Mindray Bio-Medical Electronics Co. Ltd.

    0.9%  

 

* As a percent of total investments excluding cash equivalents.

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

 

13


DBX ETF Trust

 

Fees and Expenses (Unaudited)

 

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).

Actual expenses

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

Hypothetical example for comparison purposes

The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the 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.

 

      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  

(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.

 

14


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Harvest CSI 300 China A-Shares ETF

May 31, 2022

 

   

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  
   

 

 

 

 

See Notes to Financial Statements.   15  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

May 31, 2022

 

   

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  

 

See Notes to Financial Statements.   16  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

May 31, 2022

 

   

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  

 

See Notes to Financial Statements.   17  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

May 31, 2022

 

   

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  

 

See Notes to Financial Statements.   18  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

May 31, 2022

 

   

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  
   

 

 

 
*

Non-income producing security.

 

JSC:   Joint Stock Company

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of May 31, 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.

 

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  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   19  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

May 31, 2022

 

   

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  

 

See Notes to Financial Statements.   20  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

May 31, 2022

 

   

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  

 

See Notes to Financial Statements.   21  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

May 31, 2022

 

   

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  

 

See Notes to Financial Statements.   22  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

May 31, 2022

 

   

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  

 

See Notes to Financial Statements.   23  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

May 31, 2022

 

   

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  

 

See Notes to Financial Statements.   24  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

May 31, 2022

 

   

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  
   

 

 

 

 

See Notes to Financial Statements.   25  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

May 31, 2022

 

   

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  
   

 

 

 
*

Non-income producing security.

(a)

Investment was valued using significant unobservable inputs.

 

JSC:   Joint Stock Company

 

See Notes to Financial Statements.   26  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

May 31, 2022

 

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of May 31, 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.

 

Assets

     Level 1        Level 2        Level 3        Total  

Common Stocks (a)

     $ 33,857,574        $   —        $ 156,688        $ 34,014,262  
    

 

 

      

 

 

      

 

 

      

 

 

 

TOTAL

     $ 33,857,574        $   —        $ 156,688        $ 34,014,262  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

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.

 

See Notes to Financial Statements.   27  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All China Equity ETF

May 31, 2022

 

   

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  

 

See Notes to Financial Statements.   28  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All China Equity ETF (Continued)

May 31, 2022

 

   

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  

 

See Notes to Financial Statements.   29  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All China Equity ETF (Continued)

May 31, 2022

 

   

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  
   

 

 

 

 

See Notes to Financial Statements.   30  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All China Equity ETF (Continued)

May 31, 2022

 

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

 

     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 FUNDS49.6%

 

  

Xtrackers Harvest CSI 500 China A-Shares<