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)
DBX ETF Trust
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Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts |
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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
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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3
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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DBX ETF Trust
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 |
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% | |||
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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 |
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% | |||
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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 |
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 |
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
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
Xtrackers Harvest CSI 300 China A-Shares ETF
May 31, 2022
Number |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
4,692,896 | |||||||
|
|
|||||||
SECURITIES LENDING COLLATERAL — 0.5% | ||||||||
DWS
Government & Agency Securities Portfolio “DWS Government Cash
Institutional Shares”, 0.68% (d)(e) |
46,367 | 46,367 | ||||||
|
|
|||||||
CASH EQUIVALENTS — 0.1% | ||||||||
DWS
Government Money Market Series “Institutional Shares”, 0.72% (d) |
6,466 | 6,466 | ||||||
|
|
|||||||
TOTAL
INVESTMENTS — 100.3% |
$ | 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 FUNDS — 49.6% |
|
|||||||||||||||||||||||||||||||||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (c) |
| |||||||||||||||||||||||||||||||||||
1,716,704 | 77,334 | (1,251,545 | ) | 108,768 | (144,810 | ) | 9,116 | — | 15,545 | 506,451 | ||||||||||||||||||||||||||
Xtrackers MSCI China A Inclusion Equity ETF (c) |
| |||||||||||||||||||||||||||||||||||
13,524,060 | 272,424 | (7,628,084 | ) | 2,162,172 | (4,144,127 | ) | 81,421 | — | 175,774 | 4,186,445 | ||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.5% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.68% (d)(e) |
| |||||||||||||||||||||||||||||||||||
1,306,704 | — | (1,260,337 | )(f) | — | — | 97 | — | 46,367 | 46,367 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.1% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.72% (d) |
| |||||||||||||||||||||||||||||||||||
4,222 | 534,437 | (532,193 | ) | — | — | 11 | — | 6,466 | 6,466 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
16,551,690 | 884,195 | (10,672,159 | ) | 2,270,940 | (4,288,937 | ) | 90,645 | — | 244,152 | 4,745,729 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Non-income producing security. |
(a) |
All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2022 amounted to $219,503, which is 2.3% of net assets. |
(b) |
Investment was valued using significant unobservable inputs. |
(c) |
Affiliated fund advised by DBX Advisors LLC. |
(d) |
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(e) |
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $190,447. |
(f) |
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended May 31, 2022. |
ADR: | American Depositary Receipt |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
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) |
$ | 4,699,829 | $ | — | $ | 31,515 | $ | 4,731,344 | ||||||||
Exchange-Traded Funds |
4,692,896 | — | — | 4,692,896 | ||||||||||||
Short-Term Investments (a) |
52,833 | — | — | 52,833 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 9,445,558 | $ | — | $ | 31,515 | $ | 9,477,073 | ||||||||
|
|
|
|
|
|
|
|
(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 $ 134,397, the amount of transfers from Level 3 to Level 1 was $ 10,780, The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. The investments were transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF
May 31, 2022
Number |
Value |
|||||||
COMMON STOCKS — 99.5% | ||||||||
Communication Services — 1.2% | ||||||||
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A |
2,300 | $ | 7,459 | |||||
Beijing Enlight Media Co. Ltd., Class A * |
3,400 | 3,960 | ||||||
China United Network Communications Ltd., Class A |
32,700 | 17,037 | ||||||
Focus Media Information Technology Co. Ltd., Class A |
15,523 | 14,920 | ||||||
G-bits Network Technology Xiamen Co. Ltd., Class A |
100 | 4,840 | ||||||
Giant Network Group Co. Ltd., Class A |
1,700 | 2,237 | ||||||
Kunlun Tech Co. Ltd., Class A |
1,300 | 2,873 | ||||||
Mango Excellent Media Co. Ltd., Class A |
1,900 | 10,300 | ||||||
Perfect World Co. Ltd., Class A |
2,100 | 4,273 | ||||||
Zhejiang Century Huatong Group Co. Ltd., Class A * |
8,220 | 5,710 | ||||||
|
|
|||||||
(Cost $79,421) |
73,609 | |||||||
|
|
|||||||
Consumer Discretionary — 6.6% | ||||||||
Beijing Roborock Technology Co. Ltd., Class A |
72 | 6,850 | ||||||
BTG Hotels Group Co. Ltd., Class A * |
1,000 | 3,325 | ||||||
BYD Co. Ltd., Class A |
1,898 | 84,085 | ||||||
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A |
300 | 6,774 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class A |
1,943 | 51,401 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A |
6,740 | 14,077 | ||||||
Ecovacs Robotics Co. Ltd., Class A |
500 | 8,769 | ||||||
FAW Jiefang Group Co. Ltd., Class A |
3,200 | 4,293 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A |
2,009 | 12,073 | ||||||
Great Wall Motor Co. Ltd., Class A |
2,300 | 11,432 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A |
3,100 | 14,931 | ||||||
Guangzhou Automobile Group Co. Ltd., Class A |
4,900 | 10,989 | ||||||
Haier Smart Home Co. Ltd., Class A |
6,400 | 24,328 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A * |
1,100 | 5,039 | ||||||
Huayu Automotive Systems Co. Ltd., Class A |
3,300 | 10,894 | ||||||
Huizhou Desay Sv Automotive Co. Ltd., Class A |
600 | 11,395 | ||||||
Jason Furniture Hangzhou Co. Ltd., Class A |
700 | 6,702 | ||||||
Mianyang Fulin Precision Co. Ltd., Class A * |
400 | 886 | ||||||
Ningbo Joyson Electronic Corp., Class A |
1,300 | 2,367 | ||||||
Ningbo Tuopu Group Co. Ltd., Class A * |
1,200 | 10,510 | ||||||
Oppein Home Group, Inc., Class A |
540 | 9,669 | ||||||
SAIC Motor Corp. Ltd., Class A |
8,127 | 20,916 | ||||||
Sailun Group Co. Ltd., Class A |
3,300 | 5,543 | ||||||
Shandong Linglong Tyre Co. Ltd., Class A |
1,300 | 4,146 | ||||||
Shanghai Jinjiang International Hotels Co. Ltd., Class A |
900 | 7,277 | ||||||
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A |
3,700 | 5,539 |
Number |
Value |
|||||||
Consumer Discretionary (Continued) | ||||||||
Shenzhen Kedali Industry Co. Ltd., Class A |
200 | $ | 4,023 | |||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A |
8,300 | 7,120 | ||||||
Songcheng Performance Development Co. Ltd., Class A |
2,843 | 5,440 | ||||||
TCL Technology Group Corp., Class A * |
15,200 | 10,331 | ||||||
Wuchan Zhongda Group Co. Ltd., Class A |
5,500 | 4,175 | ||||||
Xiamen Intretech, Inc., Class A |
700 | 2,033 | ||||||
Zhejiang Semir Garment Co. Ltd., Class A |
2,800 | 2,423 | ||||||
Zhejiang Supor Co. Ltd., Class A |
500 | 4,217 | ||||||
|
|
|||||||
(Cost $256,338) |
393,972 | |||||||
|
|
|||||||
Consumer Staples — 16.1% | ||||||||
Angel Yeast Co. Ltd., Class A |
800 | 5,084 | ||||||
Anhui Gujing Distillery Co. Ltd., Class A |
400 | 13,653 | ||||||
Anhui Kouzi Distillery Co. Ltd., Class A |
700 | 5,536 | ||||||
Anhui Yingjia Distillery Co. Ltd., Class A |
700 | 6,251 | ||||||
Anjoy Foods Group Co. Ltd., Class A |
300 | 5,904 | ||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A * |
4,200 | 4,898 | ||||||
Beijing Shunxin Agriculture Co. Ltd., Class A |
800 | 2,799 | ||||||
By-health Co. Ltd., Class A |
1,800 | 5,360 | ||||||
Chacha Food Co. Ltd., Class A |
600 | 4,985 | ||||||
Chongqing Brewery Co. Ltd., Class A * |
500 | 9,718 | ||||||
Chongqing Fuling Zhacai Group Co. Ltd., Class A |
900 | 4,298 | ||||||
DaShenLin Pharmaceutical Group Co. Ltd., Class A |
780 | 3,836 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A |
3,993 | 45,816 | ||||||
Fujian Sunner Development Co. Ltd., Class A |
1,400 | 3,683 | ||||||
Guangdong Haid Group Co. Ltd., Class A |
1,700 | 15,240 | ||||||
Heilongjiang Agriculture Co. Ltd., Class A |
1,300 | 3,270 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A |
3,600 | 15,274 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A |
6,813 | 38,760 | ||||||
Jiangsu King’s Luck Brewery JSC Ltd., Class A |
1,300 | 8,951 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A |
1,524 | 37,647 | ||||||
Jiangxi Zhengbang Technology Co. Ltd., Class A |
3,200 | 2,980 | ||||||
JiuGui Liquor Co. Ltd., Class A |
300 | 7,051 | ||||||
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A * |
800 | 3,132 | ||||||
Juewei Food Co. Ltd., Class A * |
600 | 4,642 | ||||||
Kweichow Moutai Co. Ltd., Class A |
1,250 | 337,611 | ||||||
Luzhou Laojiao Co. Ltd., Class A |
1,506 | 48,431 | ||||||
Muyuan Foods Co. Ltd., Class A |
5,485 | 42,028 | ||||||
New Hope Liuhe Co. Ltd., Class A * |
4,972 | 10,630 | ||||||
Proya Cosmetics Co. Ltd., Class A |
140 | 3,259 | ||||||
Shanghai Bairun Investment Holding Group Co. Ltd., Class A |
780 | 4,143 | ||||||
Shanghai Jahwa United Co. Ltd., Class A |
800 | 4,150 |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF (Continued)
May 31, 2022
Number |
Value |
|||||||
Consumer Staples (Continued) | ||||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A |
1,274 | $ | 51,976 | |||||
Sichuan Swellfun Co. Ltd., Class A |
500 | 5,651 | ||||||
Toly Bread Co. Ltd., Class A |
1,596 | 3,653 | ||||||
Tongwei Co. Ltd., Class A |
4,700 | 31,798 | ||||||
Tsingtao Brewery Co. Ltd., Class A |
700 | 9,720 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A |
6,744 | 18,245 | ||||||
Wuliangye Yibin Co. Ltd., Class A |
3,954 | 101,464 | ||||||
Yifeng Pharmacy Chain Co. Ltd., Class A |
786 | 5,466 | ||||||
Yihai Kerry Arawana Holdings Co. Ltd., Class A * |
1,500 | 10,191 | ||||||
Yonghui Superstores Co. Ltd., Class A |
8,666 | 5,696 | ||||||
Yuan Longping High-tech Agriculture Co. Ltd., Class A * |
1,200 | 3,214 | ||||||
Yunnan Botanee Bio-Technology Group Co. Ltd., Class A |
300 | 8,534 | ||||||
|
|
|||||||
(Cost $500,185) |
964,628 | |||||||
|
|
|||||||
Energy — 3.0% | ||||||||
China Petroleum & Chemical Corp., Class A |
33,150 | 22,135 | ||||||
China Shenhua Energy Co. Ltd., Class A |
6,800 | 34,573 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class A |
2,800 | 4,268 | ||||||
Guanghui Energy Co. Ltd., Class A * |
7,200 | 11,372 | ||||||
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A |
1,800 | 4,042 | ||||||
Jizhong Energy Resources Co. Ltd., Class A |
3,300 | 3,888 | ||||||
Offshore Oil Engineering Co. Ltd., Class A |
5,300 | 3,539 | ||||||
PetroChina Co. Ltd., Class A |
22,735 | 19,265 | ||||||
Pingdingshan Tianan Coal Mining Co. Ltd., Class A |
2,200 | 5,043 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A |
9,799 | 27,830 | ||||||
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A |
2,200 | 4,157 | ||||||
Shanxi Coking Coal Energy Group Co. Ltd., Class A |
4,600 | 9,828 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A |
3,200 | 7,632 | ||||||
Yankuang Energy Group Co. Ltd., Class A |
2,700 | 15,619 | ||||||
Yantai Jereh Oilfield Services Group Co. Ltd., Class A |
1,100 | 6,653 | ||||||
|
|
|||||||
(Cost $107,968) |
179,844 | |||||||
|
|
|||||||
Financials — 18.1% | ||||||||
Agricultural Bank of China Ltd., Class A |
86,717 | 39,338 | ||||||
AVIC Industry-Finance Holdings Co. Ltd., Class A |
9,710 | 4,884 | ||||||
Bank of Beijing Co. Ltd., Class A |
21,314 | 14,104 | ||||||
Bank of Changsha Co. Ltd., Class A |
3,800 | 4,335 | ||||||
Bank of Chengdu Co. Ltd., Class A |
3,750 | 8,584 | ||||||
Bank of China Ltd., Class A |
36,112 | 17,247 | ||||||
Bank of Communications Co. Ltd., Class A |
39,838 | 29,285 | ||||||
Bank of Hangzhou Co. Ltd., Class A |
6,240 | 12,724 | ||||||
Bank of Jiangsu Co. Ltd., Class A |
15,299 | 14,705 | ||||||
Bank of Nanjing Co. Ltd., Class A |
10,600 | 17,139 | ||||||
Bank of Ningbo Co. Ltd., Class A |
6,855 | 33,611 |
Number |
Value |
|||||||
Financials (Continued) | ||||||||
Bank of Shanghai Co. Ltd., Class A |
14,135 | $ | 13,565 | |||||
BOC International China Co. Ltd., Class A |
2,800 | 5,043 | ||||||
Caitong Securities Co. Ltd., Class A |
4,810 | 5,178 | ||||||
Changjiang Securities Co. Ltd., Class A |
5,600 | 4,770 | ||||||
China Construction Bank Corp., Class A |
9,700 | 8,684 | ||||||
China Everbright Bank Co. Ltd., Class A |
43,631 | 20,380 | ||||||
China Galaxy Securities Co. Ltd., Class A |
4,700 | 6,220 | ||||||
China Great Wall Securities Co. Ltd., Class A |
2,700 | 3,517 | ||||||
China International Capital Corp. Ltd., Class A |
1,200 | 6,917 | ||||||
China Life Insurance Co. Ltd., Class A |
3,014 | 11,213 | ||||||
China Merchants Bank Co. Ltd., Class A |
21,043 | 125,041 | ||||||
China Merchants Securities Co. Ltd., Class A |
7,731 | 14,931 | ||||||
China Minsheng Banking Corp. Ltd., Class A |
35,471 | 20,233 | ||||||
China Pacific Insurance Group Co. Ltd., Class A |
7,177 | 22,833 | ||||||
China Zheshang Bank Co. Ltd., Class A |
16,300 | 7,931 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class A |
9,300 | 5,374 | ||||||
CITIC Securities Co. Ltd., Class A |
12,693 | 37,607 | ||||||
CSC Financial Co. Ltd., Class A |
4,200 | 14,104 | ||||||
Dongxing Securities Co. Ltd., Class A |
3,100 | 3,796 | ||||||
East Money Information Co. Ltd., Class A |
13,508 | 45,786 | ||||||
Everbright Securities Co. Ltd., Class A |
4,237 | 7,327 | ||||||
First Capital Securities Co. Ltd., Class A |
4,000 | 3,360 | ||||||
Founder Securities Co. Ltd., Class A |
8,700 | 8,154 | ||||||
GF Securities Co. Ltd., Class A |
5,900 | 15,105 | ||||||
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A |
2,865 | 3,346 | ||||||
Guolian Securities Co. Ltd., Class A |
2,100 | 3,235 | ||||||
Guosen Securities Co. Ltd., Class A |
6,700 | 9,158 | ||||||
Guotai Junan Securities Co. Ltd., Class A |
7,851 | 17,032 | ||||||
Guoyuan Securities Co. Ltd., Class A |
4,690 | 4,051 | ||||||
Haitong Securities Co. Ltd., Class A |
10,214 | 13,961 | ||||||
Hithink RoyalFlush Information Network Co. Ltd., Class A |
600 | 7,664 | ||||||
Huatai Securities Co. Ltd., Class A |
7,780 | 15,515 | ||||||
Huaxi Securities Co. Ltd., Class A |
2,800 | 2,955 | ||||||
Huaxia Bank Co. Ltd., Class A |
12,598 | 10,034 | ||||||
Industrial & Commercial Bank of China Ltd., Class A |
64,133 | 44,743 | ||||||
Industrial Bank Co. Ltd., Class A |
21,185 | 62,324 | ||||||
Industrial Securities Co. Ltd., Class A |
7,400 | 6,858 | ||||||
Nanjing Securities Co. Ltd., Class A |
4,200 | 4,779 | ||||||
New China Life Insurance Co. Ltd., Class A |
1,864 | 7,870 | ||||||
Northeast Securities Co. Ltd., Class A |
2,700 | 2,603 | ||||||
Orient Securities Co. Ltd., Class A |
7,585 | 10,606 | ||||||
People’s Insurance Co. Group of China Ltd., Class A |
7,200 | 5,045 | ||||||
Ping An Bank Co. Ltd., Class A * |
19,766 | 41,903 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A |
10,909 | 72,189 | ||||||
Postal Savings Bank of China Co. Ltd., Class A |
26,700 | 20,986 |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF (Continued)
May 31, 2022
Number |
Value |
|||||||
Financials (Continued) | ||||||||
Qingdao Rural Commercial Bank Corp., Class A |
5,000 | $ | 2,433 | |||||
SDIC Capital Co. Ltd., Class A |
6,780 | 6,243 | ||||||
Sealand Securities Co. Ltd., Class A |
5,260 | 2,709 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A |
30,327 | 36,051 | ||||||
Shanxi Securities Co. Ltd., Class A |
3,680 | 2,854 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A |
23,695 | 14,367 | ||||||
Sinolink Securities Co. Ltd., Class A |
3,200 | 3,933 | ||||||
SooChow Securities Co. Ltd., Class A |
5,373 | 5,205 | ||||||
Southwest Securities Co. Ltd., Class A |
7,200 | 4,021 | ||||||
Tianfeng Securities Co. Ltd., Class A |
9,600 | 4,369 | ||||||
Western Securities Co. Ltd., Class A |
4,600 | 4,256 | ||||||
Zheshang Securities Co. Ltd., Class A |
4,100 | 5,930 | ||||||
Zhongtai Securities Co. Ltd., Class A |
6,200 | 6,757 | ||||||
|
|
|||||||
(Cost $1,030,250) |
1,079,010 | |||||||
|
|
|||||||
Health Care — 8.7% | ||||||||
Aier Eye Hospital Group Co. Ltd., Class A |
5,518 | 30,699 | ||||||
Apeloa Pharmaceutical Co. Ltd., Class A |
1,300 | 4,037 | ||||||
Asymchem Laboratories Tianjin Co. Ltd., Class A |
200 | 7,835 | ||||||
Autobio Diagnostics Co. Ltd., Class A * |
540 | 3,435 | ||||||
Beijing Tiantan Biological Products Corp. Ltd., Class A |
1,340 | 4,522 | ||||||
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A |
580 | 11,062 | ||||||
Betta Pharmaceuticals Co. Ltd., Class A |
400 | 2,808 | ||||||
BGI Genomics Co. Ltd., Class A |
400 | 3,935 | ||||||
Bloomage Biotechnology Corp. Ltd., Class A |
303 | 6,677 | ||||||
CanSino Biologics, Inc., Class A * |
107 | 2,799 | ||||||
Changchun High & New Technology Industry Group, Inc., Class A * |
400 | 9,934 | ||||||
China National Medicines Corp. Ltd., Class A |
700 | 2,934 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A |
875 | 5,748 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A |
1,700 | 22,214 | ||||||
Daan Gene Co. Ltd., Class A |
1,496 | 3,935 | ||||||
Dong-E-E-Jiao Co. Ltd., Class A |
800 | 3,802 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A |
1,500 | 6,950 | ||||||
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A |
500 | 5,668 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class A |
350 | 4,502 | ||||||
Huadong Medicine Co. Ltd., Class A |
1,860 | 10,796 | ||||||
Hualan Biological Engineering, Inc., Class A |
1,840 | 5,151 | ||||||
Humanwell Healthcare Group Co. Ltd., Class A |
1,700 | 4,255 | ||||||
Imeik Technology Development Co. Ltd., Class A |
200 | 16,196 |
Number |
Value |
|||||||
Health Care (Continued) | ||||||||
Intco Medical Technology Co. Ltd., Class A * |
500 | $ | 2,059 | |||||
Jafron Biomedical Co. Ltd., Class A * |
750 | 4,942 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A |
6,576 | 29,851 | ||||||
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A |
1,200 | 4,294 | ||||||
Joincare Pharmaceutical Group Industry Co. Ltd., Class A |
2,200 | 3,916 | ||||||
Joinn Laboratories China Co. Ltd., Class A |
300 | 4,780 | ||||||
Jointown Pharmaceutical Group Co. Ltd., Class A |
1,500 | 2,661 | ||||||
Kangmei Pharmaceutical Co. Ltd., Class A * |
12,413 | 4,757 | ||||||
Lepu Medical Technology Beijing Co. Ltd., Class A |
2,000 | 5,297 | ||||||
Livzon Pharmaceutical Group, Inc., Class A |
600 | 2,973 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A * |
4,132 | 3,167 | ||||||
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A |
1,249 | 5,165 | ||||||
Ovctek China, Inc., Class A |
860 | 5,925 | ||||||
Pharmaron Beijing Co. Ltd., Class A |
700 | 12,499 | ||||||
Shandong Buchang Pharmaceuticals Co. Ltd., Class A |
1,238 | 3,611 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A |
2,200 | 14,426 | ||||||
Shanghai Junshi Biosciences Co. Ltd., Class A * |
745 | 9,423 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A |
2,800 | 7,546 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A |
7,400 | 6,237 | ||||||
Shenzhen Kangtai Biological Products Co. Ltd., Class A |
700 | 6,528 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A |
1,200 | 54,346 | ||||||
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A * |
700 | 4,256 | ||||||
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A |
1,200 | 4,632 | ||||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A |
1,780 | 5,812 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A |
1,600 | 4,266 | ||||||
Topchoice Medical Corp., Class A * |
300 | 6,285 | ||||||
Walvax Biotechnology Co. Ltd., Class A |
1,700 | 11,817 | ||||||
Winning Health Technology Group Co. Ltd., Class A |
2,210 | 2,793 | ||||||
WuXi AppTec Co. Ltd., Class A |
2,636 | 37,614 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A |
1,778 | 15,013 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A |
596 | 27,634 | ||||||
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A |
1,420 | 4,135 | ||||||
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A |
900 | 6,411 | ||||||
Zhejiang NHU Co. Ltd., Class A |
3,264 | 10,135 |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF (Continued)
May 31, 2022
Number |
Value |
|||||||
Health Care (Continued) | ||||||||
Zhejiang Orient Gene Biotech Co. Ltd., Class A |
114 | $ | 2,913 | |||||
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A |
500 | 3,526 | ||||||
|
|
|||||||
(Cost $432,746) |
521,539 | |||||||
|
|
|||||||
Industrials — 15.5% | ||||||||
AECC Aero-Engine Control Co. Ltd., Class A |
1,500 | 6,214 | ||||||
AECC Aviation Power Co. Ltd., Class A |
2,700 | 15,979 | ||||||
Air China Ltd., Class A * |
6,700 | 9,720 | ||||||
AVIC Electromechanical Systems Co. Ltd., Class A (a) |
4,200 | 7,118 | ||||||
AVICOPTER PLC, Class A |
700 | 4,044 | ||||||
Beijing New Building Materials PLC, Class A |
1,700 | 7,355 | ||||||
Beijing Originwater Technology Co. Ltd., Class A |
3,700 | 2,703 | ||||||
Beijing United Information Technology Co. Ltd., Class A |
435 | 5,021 | ||||||
Beijing-Shanghai High Speed Railway Co. Ltd., Class A |
42,800 | 31,206 | ||||||
China Baoan Group Co. Ltd., Class A |
2,700 | 4,746 | ||||||
China CSSC Holdings Ltd., Class A |
4,400 | 12,266 | ||||||
China Eastern Airlines Corp. Ltd., Class A * |
9,100 | 6,567 | ||||||
China Energy Engineering Corp. Ltd. * |
33,700 | 11,756 | ||||||
China Meheco Co. Ltd., Class A |
1,000 | 3,074 | ||||||
China National Chemical Engineering Co. Ltd., Class A |
6,700 | 9,459 | ||||||
China Railway Group Ltd., Class A |
20,400 | 20,066 | ||||||
China Southern Airlines Co. Ltd., Class A * |
10,800 | 10,494 | ||||||
China State Construction Engineering Corp. Ltd., Class A |
42,200 | 34,812 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A |
2,400 | 146,600 | ||||||
COSCO SHIPPING Development Co. Ltd., Class A |
8,200 | 3,892 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A * |
12,850 | 29,531 | ||||||
CRRC Corp. Ltd., Class A |
25,300 | 19,166 | ||||||
Daqin Railway Co. Ltd., Class A |
14,700 | 14,767 | ||||||
Dongfang Electric Corp. Ltd., Class A |
3,000 | 6,279 | ||||||
Eve Energy Co. Ltd., Class A * |
1,862 | 22,421 | ||||||
Fangda Carbon New Material Co. Ltd., Class A |
4,273 | 4,516 | ||||||
Ginlong Technologies Co. Ltd., Class A |
350 | 8,856 | ||||||
Gotion High-tech Co. Ltd., Class A * |
1,800 | 9,939 | ||||||
Guangdong Kinlong Hardware Products Co. Ltd., Class A |
300 | 3,771 | ||||||
Hongfa Technology Co. Ltd., Class A * |
800 | 6,350 | ||||||
Jiangsu Hengli Hydraulic Co. Ltd., Class A |
1,308 | 10,441 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A * |
3,200 | 8,791 | ||||||
Jiangxi Special Electric Motor Co. Ltd., Class A * |
1,700 | 5,543 | ||||||
Keda Industrial Group Co. Ltd. |
1,800 | 4,137 | ||||||
Kuang-Chi Technologies Co. Ltd., Class A * |
2,200 | 5,148 |
Number |
Value |
|||||||
Industrials (Continued) | ||||||||
Liaoning Port Co. Ltd., Class A |
14,800 | $ | 3,811 | |||||
Luoyang Xinqianglian Slewing Bearing Co. Ltd., Class A |
340 | 4,290 | ||||||
Metallurgical Corp. of China Ltd., Class A |
19,214 | 10,154 | ||||||
Ming Yang Smart Energy Group Ltd., Class A |
2,200 | 8,382 | ||||||
NARI Technology Co. Ltd., Class A |
5,700 | 29,228 | ||||||
Ningbo Deye Technology Co. Ltd., Class A |
200 | 6,109 | ||||||
Ningbo Orient Wires & Cables Co. Ltd., Class A |
700 | 6,079 | ||||||
Ningbo Ronbay New Energy Technology Co. Ltd., Class A |
469 | 6,531 | ||||||
North Industries Group Red Arrow Co. Ltd., Class A * |
1,400 | 5,213 | ||||||
Power Construction Corp. of China Ltd., Class A |
16,200 | 18,942 | ||||||
Riyue Heavy Industry Co. Ltd., Class A |
1,200 | 3,850 | ||||||
Sany Heavy Industry Co. Ltd., Class A |
8,450 | 21,443 | ||||||
SF Holding Co. Ltd., Class A * |
5,000 | 38,851 | ||||||
Shanghai Construction Group Co. Ltd., Class A |
8,700 | 4,090 | ||||||
Shanghai Electric Group Co. Ltd., Class A |
13,700 | 8,348 | ||||||
Shanghai International Airport Co. Ltd., Class A * |
1,095 | 8,264 | ||||||
Shanghai International Port Group Co. Ltd., Class A |
10,000 | 9,357 | ||||||
Shanghai M&G Stationery, Inc., Class A |
900 | 6,977 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A |
2,700 | 24,751 | ||||||
Sichuan New Energy Power Co. Ltd. * |
1,200 | 3,629 | ||||||
Sichuan Road & Bridge Co. Ltd., Class A |
5,200 | 8,276 | ||||||
Sieyuan Electric Co. Ltd., Class A |
800 | 4,378 | ||||||
Sinotrans Ltd., Class A |
5,200 | 3,083 | ||||||
Sungrow Power Supply Co. Ltd., Class A * |
1,500 | 17,957 | ||||||
Sunwoda Electronic Co. Ltd., Class A |
1,800 | 7,203 | ||||||
Suzhou Maxwell Technologies Co. Ltd., Class A |
160 | 9,031 | ||||||
TBEA Co. Ltd., Class A |
4,081 | 13,747 | ||||||
Titan Wind Energy Suzhou Co. Ltd., Class A |
1,800 | 3,676 | ||||||
Weichai Power Co. Ltd., Class A |
6,900 | 12,510 | ||||||
Wuxi Lead Intelligent Equipment Co. Ltd., Class A |
800 | 5,814 | ||||||
Wuxi Shangji Automation Co. Ltd., Class A |
300 | 6,725 | ||||||
XCMG Construction Machinery Co. Ltd., Class A |
7,949 | 6,295 | ||||||
Xiamen C & D, Inc., Class A |
3,200 | 6,386 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A |
3,743 | 6,926 | ||||||
YTO Express Group Co. Ltd., Class A |
3,700 | 11,284 | ||||||
Yunda Holding Co. Ltd., Class A |
3,210 | 8,727 | ||||||
Zhefu Holding Group Co. Ltd., Class A |
6,000 | 4,177 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A |
2,217 | 12,171 | ||||||
Zhejiang Dingli Machinery Co. Ltd., Class A |
580 | 4,202 | ||||||
Zhejiang HangKe Technology, Inc. Co., Class A * |
441 | 3,928 |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF (Continued)
May 31, 2022
Number |
Value |
|||||||
Industrials (Continued) | ||||||||
Zhejiang Weiming Environment Protection Co. Ltd., Class A |
1,300 | $ | 5,582 | |||||
Zhejiang Weixing New Building Materials Co. Ltd., Class A |
1,700 | 4,670 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class A |
524 | 4,423 | ||||||
Zhuzhou Kibing Group Co. Ltd., Class A |
3,000 | 4,945 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A |
7,750 | 6,880 | ||||||
|
|
|||||||
(Cost $644,570) |
924,043 | |||||||
|
|
|||||||
Information Technology — 13.0% | ||||||||
360 Security Technology, Inc., Class A * |
7,700 | 9,545 | ||||||
Advanced Micro-Fabrication Equipment Inc China, Class A * |
649 | 11,217 | ||||||
Amlogic Shanghai Co. Ltd., Class A * |
386 | 6,226 | ||||||
Avary Holding Shenzhen Co. Ltd., Class A |
1,700 | 7,722 | ||||||
Beijing Kingsoft Office Software, Inc., Class A |
421 | 12,915 | ||||||
Beijing Shiji Information Technology Co. Ltd., Class A |
1,240 | 3,809 | ||||||
Beijing Sinnet Technology Co. Ltd., Class A |
1,700 | 2,487 | ||||||
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A * |
200 | 3,782 | ||||||
BOE Technology Group Co. Ltd., Class A |
36,702 | 20,825 | ||||||
Chaozhou Three-Circle Group Co. Ltd., Class A |
1,858 | 8,239 | ||||||
China Greatwall Technology Group Co. Ltd., Class A |
3,400 | 5,172 | ||||||
China Railway Signal & Communication Corp. Ltd., Class A |
7,720 | 5,270 | ||||||
China Resources Microelectronics Ltd., Class A |
1,151 | 9,112 | ||||||
China Zhenhua Group Science & Technology Co. Ltd., Class A |
500 | 8,930 | ||||||
DHC Software Co. Ltd., Class A |
3,700 | 3,279 | ||||||
Fiberhome Telecommunication Technologies Co. Ltd., Class A |
1,200 | 2,540 | ||||||
Flat Glass Group Co. Ltd., Class A |
1,700 | 11,181 | ||||||
Foxconn Industrial Internet Co. Ltd., Class A |
10,200 | 14,370 | ||||||
GCL System Integration Technology Co. Ltd., Class A * |
6,100 | 2,950 | ||||||
Gigadevice Semiconductor Beijing, Inc., Class A * |
712 | 15,312 | ||||||
GoerTek, Inc., Class A |
3,577 | 21,812 | ||||||
GRG Banking Equipment Co. Ltd., Class A |
2,600 | 3,480 | ||||||
Guangzhou Haige Communications Group, Inc. Co., Class A |
2,700 | 3,788 | ||||||
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A |
700 | 7,350 | ||||||
Hangzhou First Applied Material Co. Ltd., Class A |
1,344 | 15,964 | ||||||
Hangzhou Lion Electronics Co. Ltd., Class A |
700 | 6,464 | ||||||
Hangzhou Silan Microelectronics Co. Ltd., Class A |
1,400 | 9,453 |
Number |
Value |
|||||||
Information Technology (Continued) | ||||||||
Hengtong Optic-electric Co. Ltd., Class A |
2,300 | $ | 4,222 | |||||
Huagong Tech Co. Ltd., Class A |
1,200 | 3,674 | ||||||
Hundsun Technologies, Inc., Class A |
1,497 | 8,987 | ||||||
Iflytek Co. Ltd., Class A |
2,434 | 13,250 | ||||||
Ingenic Semiconductor Co. Ltd., Class A |
500 | 6,962 | ||||||
Inspur Electronic Information Industry Co. Ltd., Class A |
1,388 | 5,122 | ||||||
JA Solar Technology Co. Ltd., Class A |
1,700 | 23,823 | ||||||
JCET Group Co. Ltd., Class A |
1,800 | 6,522 | ||||||
Lens Technology Co. Ltd., Class A |
5,400 | 8,529 | ||||||
Lingyi iTech Guangdong Co., Class A * |
7,700 | 5,499 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A |
5,574 | 66,093 | ||||||
Luxshare Precision Industry Co. Ltd., Class A |
7,133 | 36,106 | ||||||
Maxscend Microelectronics Co. Ltd., Class A * |
320 | 9,294 | ||||||
Montage Technology Co. Ltd., Class A |
1,184 | 11,391 | ||||||
National Silicon Industry Group Co. Ltd., Class A * |
2,245 | 7,522 | ||||||
NAURA Technology Group Co. Ltd., Class A |
500 | 20,211 | ||||||
NavInfo Co. Ltd., Class A * |
2,200 | 4,331 | ||||||
Ninestar Corp., Class A |
1,500 | 9,856 | ||||||
OFILM Group Co. Ltd., Class A * |
3,500 | 3,003 | ||||||
Raytron Technology Co. Ltd., Class A |
495 | 2,904 | ||||||
Sangfor Technologies, Inc., Class A |
400 | 5,648 | ||||||
SG Micro Corp., Class A |
250 | 10,758 | ||||||
Shanghai Baosight Software Co. Ltd., Class A |
1,270 | 9,921 | ||||||
Shanghai Friendess Electronic Technology Corp. Ltd., Class A |
128 | 3,999 | ||||||
Shengyi Technology Co. Ltd., Class A |
2,600 | 6,322 | ||||||
Shennan Circuits Co. Ltd., Class A |
480 | 6,619 | ||||||
Shenzhen Goodix Technology Co. Ltd., Class A |
500 | 4,322 | ||||||
Shenzhen SC New Energy Technology Corp., Class A |
300 | 3,184 | ||||||
Shenzhen Sunlord Electronics Co. Ltd., Class A |
800 | 3,158 | ||||||
Shenzhen Transsion Holdings Co. Ltd., Class A |
696 | 9,164 | ||||||
StarPower Semiconductor Ltd., Class A |
200 | 11,408 | ||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A |
1,800 | 5,069 | ||||||
Thunder Software Technology Co. Ltd., Class A |
400 | 6,581 | ||||||
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A |
800 | 3,287 | ||||||
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A |
3,400 | 22,194 | ||||||
Tianma Microelectronics Co. Ltd., Class A |
2,500 | 3,533 | ||||||
Tianshui Huatian Technology Co. Ltd., Class A |
3,200 | 4,134 | ||||||
TongFu Microelectronics Co. Ltd., Class A |
1,200 | 2,512 | ||||||
Trina Solar Co. Ltd., Class A |
2,163 | 20,790 |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF (Continued)
May 31, 2022
Number |
Value |
|||||||
Information Technology (Continued) | ||||||||
Unigroup Guoxin Microelectronics Co. Ltd., Class A * |
600 | $ | 15,936 | |||||
Unisplendour Corp. Ltd., Class A |
3,008 | 8,016 | ||||||
Westone Information Industry, Inc., Class A |
800 | 4,297 | ||||||
Will Semiconductor Co. Ltd., Class A |
900 | 22,098 | ||||||
Wingtech Technology Co. Ltd., Class A |
1,264 | 12,043 | ||||||
Wuhan Guide Infrared Co. Ltd., Class A |
3,323 | 5,786 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A |
2,210 | 5,205 | ||||||
Xiamen Faratronic Co. Ltd., Class A |
200 | 5,250 | ||||||
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A |
500 | 5,321 | ||||||
Yealink Network Technology Corp. Ltd., Class A |
900 | 9,963 | ||||||
Yonyou Network Technology Co. Ltd., Class A |
3,626 | 10,510 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A * |
3,200 | 7,747 | ||||||
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A |
1,300 | 10,767 | ||||||
Zhongji Innolight Co. Ltd., Class A |
800 | 3,849 | ||||||
Zhuzhou Hongda Electronics Corp. Ltd., Class A |
400 | 3,373 | ||||||
ZTE Corp., Class A |
4,200 | 15,299 | ||||||
|
|
|||||||
(Cost $632,406) |
778,558 | |||||||
|
|
|||||||
Materials — 12.2% | ||||||||
Aluminum Corp. of China Ltd., Class A * |
13,408 | 10,338 | ||||||
Anhui Conch Cement Co. Ltd., Class A |
4,064 | 22,409 | ||||||
Anhui Honglu Steel Construction Group Co. Ltd., Class A |
600 | 3,492 | ||||||
Asia — Potash International Investment Guangzhou Co. Ltd., Class A * |
700 | 3,697 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A |
22,057 | 21,134 | ||||||
BBMG Corp., Class A |
9,500 | 3,997 | ||||||
Beijing Easpring Material Technology Co. Ltd., Class A |
500 | 5,225 | ||||||
Chengtun Mining Group Co. Ltd., Class A |
2,700 | 3,028 | ||||||
Chengxin Lithium Group Co. Ltd., Class A |
800 | 5,885 | ||||||
Chifeng Jilong Gold Mining Co. Ltd., Class A * |
1,700 | 4,052 | ||||||
China Jushi Co. Ltd., Class A |
4,272 | 10,451 | ||||||
China Minmetals Rare Earth Co. Ltd., Class A |
1,100 | 4,458 | ||||||
China Molybdenum Co. Ltd., Class A |
18,600 | 13,283 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A |
3,793 | 19,779 | ||||||
CNGR Advanced Material Co. Ltd., Class A |
400 | 6,304 | ||||||
CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A |
3,190 | 3,701 | ||||||
Do-Fluoride New Materials Co. Ltd., Class A |
800 | 4,634 | ||||||
Ganfeng Lithium Co. Ltd., Class A |
1,200 | 21,379 | ||||||
GEM Co. Ltd., Class A |
5,200 | 5,722 | ||||||
Guangzhou Tinci Materials Technology Co. Ltd., Class A |
2,080 | 11,849 |
Number |
Value |
|||||||
Materials (Continued) | ||||||||
Hangzhou Oxygen Plant Group Co. Ltd., Class A |
900 | $ | 4,169 | |||||
Henan Shenhuo Coal & Power Co. Ltd., Class A |
2,100 | 4,433 | ||||||
Hengli Petrochemical Co. Ltd., Class A * |
6,220 | 21,958 | ||||||
Hengyi Petrochemical Co. Ltd., Class A |
3,960 | 6,326 | ||||||
Hesteel Co. Ltd., Class A |
11,200 | 3,940 | ||||||
Hoshine Silicon Industry Co. Ltd., Class A * |
500 | 6,971 | ||||||
Huafon Chemical Co. Ltd., Class A |
5,200 | 6,430 | ||||||
Huaibei Mining Holdings Co. Ltd., Class A * |
2,300 | 5,261 | ||||||
Huaxin Cement Co. Ltd., Class A |
1,600 | 4,750 | ||||||
Hubei Xingfa Chemicals Group Co. Ltd., Class A |
1,200 | 6,751 | ||||||
Hunan Valin Steel Co. Ltd., Class A * |
7,200 | 5,778 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A * |
48,600 | 14,625 | ||||||
Inner Mongolia ERDOS Resources Co. Ltd., Class A |
800 | 3,282 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A |
9,195 | 5,961 | ||||||
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A |
3,700 | 5,534 | ||||||
Jiangsu Eastern Shenghong Co. Ltd., Class A |
3,700 | 8,658 | ||||||
Jiangsu Yangnong Chemical Co. Ltd., Class A |
300 | 6,621 | ||||||
Jiangsu Yoke Technology Co. Ltd., Class A |
500 | 3,660 | ||||||
Jiangxi Copper Co. Ltd., Class A |
2,244 | 6,088 | ||||||
Kingfa Sci & Tech Co. Ltd., Class A * |
2,900 | 3,881 | ||||||
LB Group Co. Ltd., Class A |
2,700 | 7,676 | ||||||
Luxi Chemical Group Co. Ltd., Class A * |
2,200 | 6,357 | ||||||
Maanshan Iron & Steel Co. Ltd., Class A |
5,100 | 2,970 | ||||||
Ningbo Shanshan Co. Ltd., Class A |
2,200 | 7,516 | ||||||
Ningxia Baofeng Energy Group Co. Ltd., Class A |
6,600 | 15,375 | ||||||
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A * |
9,700 | 4,865 | ||||||
Rongsheng Petrochemical Co. Ltd., Class A |
10,728 | 25,666 | ||||||
Satellite Chemical Co. Ltd., Class A |
1,780 | 10,489 | ||||||
Shandong Gold Mining Co. Ltd., Class A |
3,753 | 10,333 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A * |
2,270 | 10,141 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A |
13,300 | 7,069 | ||||||
Shandong Sun Paper Industry JSC Ltd., Class A |
3,100 | 5,625 | ||||||
Shanghai Putailai New Energy Technology Co. Ltd., Class A * |
740 | 14,247 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A * |
4,500 | 7,802 | ||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A |
6,300 | 5,452 | ||||||
Shenghe Resources Holding Co. Ltd., Class A |
1,900 | 5,026 | ||||||
Shenzhen Capchem Technology Co. Ltd., Class A |
720 | 4,333 | ||||||
Shenzhen Dynanonic Co. Ltd., Class A |
200 | 8,899 |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF (Continued)
May 31, 2022
Number |
Value |
|||||||
Materials (Continued) | ||||||||
Shenzhen Senior Technology Material Co. Ltd., Class A |
1,198 | $ | 4,303 | |||||
Sichuan Hebang Biotechnology Co. Ltd., Class A |
9,200 | 4,683 | ||||||
Sichuan Yahua Industrial Group Co. Ltd., Class A |
1,000 | 4,265 | ||||||
Sinoma Science & Technology Co. Ltd., Class A * |
1,800 | 6,077 | ||||||
Sinomine Resource Group Co. Ltd., Class A |
300 | 4,516 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class A |
6,570 | 3,305 | ||||||
Skshu Paint Co. Ltd., Class A |
340 | 4,745 | ||||||
Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A |
600 | 5,417 | ||||||
Tangshan Jidong Cement Co. Ltd., Class A |
2,400 | 3,661 | ||||||
Tianshan Aluminum Group Co. Ltd., Class A |
4,700 | 5,052 | ||||||
Tibet Summit Resources Co. Ltd., Class A * |
900 | 3,099 | ||||||
Tongkun Group Co. Ltd., Class A |
2,500 | 6,408 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A |
11,700 | 5,658 | ||||||
Transfar Zhilian Co. Ltd., Class A |
3,390 | 3,208 | ||||||
Wanhua Chemical Group Co. Ltd., Class A |
3,200 | 40,301 | ||||||
Weihai Guangwei Composites Co. Ltd., Class A |
600 | 4,943 | ||||||
Western Mining Co. Ltd., Class A |
2,100 | 3,792 | ||||||
Western Superconducting Technologies Co. Ltd., Class A |
436 | 6,060 | ||||||
Xiamen Tungsten Co. Ltd., Class A |
1,400 | 4,106 | ||||||
Xinjiang Zhongtai Chemical Co. Ltd., Class A |
2,700 | 3,161 | ||||||
Yintai Gold Co. Ltd., Class A |
2,880 | 4,411 | ||||||
YongXing Special Materials Technology Co. Ltd., Class A |
400 | 7,192 | ||||||
Youngy Co. Ltd., Class A * |
300 | 5,987 | ||||||
Yunnan Aluminium Co. Ltd., Class A * |
3,500 | 6,052 | ||||||
Yunnan Energy New Material Co. Ltd., Class A |
900 | 29,342 | ||||||
Yunnan Tin Co. Ltd., Class A |
1,700 | 4,306 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A * |
1,232 | 17,427 | ||||||
Zhejiang Juhua Co. Ltd., Class A |
3,100 | 5,421 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A |
2,900 | 4,633 | ||||||
Zhejiang Yongtai Technology Co. Ltd., Class A |
900 | 3,564 | ||||||
Zibo Qixiang Tengda Chemical Co. Ltd., Class A |
2,800 | 3,316 | ||||||
Zijin Mining Group Co. Ltd., Class A |
20,997 | 31,624 | ||||||
|
|
|||||||
(Cost $578,694) |
729,770 | |||||||
|
|
|||||||
Real Estate — 1.9% | ||||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A |
8,215 | 15,374 | ||||||
China Vanke Co. Ltd., Class A |
10,196 | 27,187 | ||||||
Gemdale Corp., Class A |
4,722 | 8,406 | ||||||
Greenland Holdings Corp. Ltd., Class A |
9,581 | 5,508 | ||||||
Jinke Properties Group Co. Ltd., Class A |
5,700 | 2,679 |
Number |
Value |
|||||||
Real Estate (Continued) | ||||||||
Poly Developments and Holdings Group Co. Ltd., Class A |
12,073 | $ | 28,034 | |||||
Seazen Holdings Co. Ltd., Class A |
2,513 | 9,127 | ||||||
Shanghai Lingang Holdings Corp. Ltd., Class A |
1,700 | 3,604 | ||||||
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A |
1,700 | 3,151 | ||||||
Youngor Group Co. Ltd., Class A |
5,100 | 5,368 | ||||||
Zhejiang China Commodities City Group Co. Ltd., Class A |
6,200 | 5,022 | ||||||
|
|
|||||||
(Cost $120,078) |
113,460 | |||||||
|
|
|||||||
Utilities — 3.2% | ||||||||
CECEP Solar Energy Co. Ltd., Class A |
3,200 | 3,646 | ||||||
CECEP Wind-Power Corp., Class A |
5,200 | 3,581 | ||||||
China National Nuclear Power Co. Ltd., Class A |
18,084 | 19,656 | ||||||
China Three Gorges Renewables Group Co. Ltd., Class A |
29,200 | 27,148 | ||||||
China Yangtze Power Co. Ltd., Class A |
23,500 | 84,509 | ||||||
ENN Natural Gas Co. Ltd., Class A |
2,500 | 6,849 | ||||||
GD Power Development Co. Ltd., Class A |
18,700 | 10,079 | ||||||
Huadian Power International Corp. Ltd., Class A |
7,700 | 4,542 | ||||||
Huaneng Power International, Inc., Class A |
9,200 | 10,179 | ||||||
SDIC Power Holdings Co. Ltd., Class A |
7,195 | 11,138 | ||||||
Shenzhen Energy Group Co. Ltd., Class A |
4,200 | 3,974 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A |
4,100 | 7,391 | ||||||
|
|
|||||||
(Cost $154,233) |
192,692 | |||||||
|
|
|||||||
TOTAL
COMMON STOCKS |
5,951,125 | |||||||
|
|
|||||||
CASH EQUIVALENTS — 0.1% | ||||||||
DWS
Government Money Market Series “Institutional Shares”, 0.72% (b) |
3,816 | 3,816 | ||||||
|
|
|||||||
TOTAL
INVESTMENTS — 99.6% |
$ | 5,954,941 | ||||||
Other assets and liabilities, net — 0.4% |
21,317 | |||||||
|
|
|||||||
NET ASSETS — 100.0% |
$ | 5,976,258 | ||||||
|
|
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion 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 FUNDS — 0.0% |
|
|||||||||||||||||||||||||||||||||||
Xtrackers Harvest CSI 300 China A-Shares ETF (c) |
| |||||||||||||||||||||||||||||||||||
4,212 | — | (3,710 | ) | 1,510 | (2,012 | ) | — | — | — | — | ||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (b) |
| |||||||||||||||||||||||||||||||||||
— | 0(d | ) | — | — | — | 0 | — | — | — | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.1% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.72% (b) |
| |||||||||||||||||||||||||||||||||||
65,391 | 7,660,917 | (7,722,492 | ) | — | — | 103 | — | 3,816 | 3,816 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
69,603 | 7,660,917 | (7,726,202 | ) | 1,510 | (2,012 | ) | 103 | — | 3,816 | 3,816 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Non-income producing security. |
(a) |
Investment was valued using significant unobservable inputs. |
(b) |
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) |
Affiliated fund advised by DBX Advisors LLC. |
(d) |
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2022. |
JSC: | Joint Stock Company |
At May 31, 2022, open futures contracts purchased were as follows:
Contract Description |
Currency | Number of Contracts |
Notional Amount |
Contract Value |
Expiration Date |
Unrealized Appreciation |
||||||||||||
FTSE China A50 Index Futures |
USD | 1 | $ | 13,084 | $13,556 | 6/29/2022 | $ | 472 |
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
USD | U.S. Dollar |
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) |
$ | 5,944,007 | $ | — | $ | 7,118 | $ | 5,951,125 | ||||||||
Short-Term Investments (a) |
3,816 | — | — | 3,816 | ||||||||||||
Derivatives (b) |
||||||||||||||||
Futures Contracts |
472 | — | — | 472 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 5,948,295 | $ | — | $ | 7,118 | $ | 5,955,413 | ||||||||
|
|
|
|
|
|
|
|
(a) |
See Schedule of Investments for additional detailed categorizations. |
(b) |
Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
During the year ended May 31, 2022, the amount of transfers from Level 1 to Level 3 was $ 14,219. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.
See Notes to Financial Statements. | 39 |
DBX ETF Trust
May 31, 2022
Xtrackers Harvest CSI 300 China A-Shares ETF |
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF |
Xtrackers MSCI All China Equity ETF |
Xtrackers MSCI China A Inclusion Equity ETF |
|||||||||||||
Assets |
||||||||||||||||
Investment in non-affiliated securities at value |
$ | 1,668,486,506 | $ | 34,014,262 | $ | 4,731,344 | $ | 5,951,125 | ||||||||
Investment in affiliated securities at value |
— | — | 4,692,896 | — | ||||||||||||
Investment in DWS Government Money Market Series |
— | — | 6,466 | 3,816 | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio* |
— | — | 46,367 | — | ||||||||||||
Cash |
55,153,647 | 542 | — | — | ||||||||||||
Foreign currency at value |
4,243,648 | † | 182,571 | † | 832 | 21,828 | ||||||||||
Deposit with broker for futures contracts |
— | — | — | 990 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold |
— | — | 128,288 | — | ||||||||||||
Variation margin on futures contracts |
— | — | — | 1,412 | ||||||||||||
Dividends |
— | — | 14,625 | — | ||||||||||||
Interest |
— | — | 2 | 12 | ||||||||||||
Securities lending income |
— | — | 185 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
$ | 1,727,883,801 | $ | 34,197,375 | $ | 9,621,005 | $ | 5,979,183 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities |
||||||||||||||||
Due to foreign custodian |
$ | 10,050 | $ | — | $ | — | $ | — | ||||||||
Payable upon return of securities loaned |
— | — | 46,367 | — | ||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased |
— | — | 128,817 | — | ||||||||||||
Investment advisory fees |
852,136 | 17,856 | 1,469 | 2,925 | ||||||||||||
Due to authorized participant |
54,957,691 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities |
55,819,877 | 17,856 | 176,653 | 2,925 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Assets, at value |
$ | 1,672,063,924 | $ | 34,179,519 | $ | 9,444,352 | $ | 5,976,258 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Assets Consist of |
||||||||||||||||
Paid-in capital |
$ | 1,835,850,879 | $ | 50,081,796 | $ | 24,819,567 | $ | 6,005,654 | ||||||||
Distributable earnings (loss) |
(163,786,955 | ) | (15,902,277 | ) | (15,375,215 | ) | (29,396 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Assets, at value |
$ | 1,672,063,924 | $ | 34,179,519 | $ | 9,444,352 | $ | 5,976,258 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Number of Common Shares outstanding |
54,250,001 | 1,050,001 | 300,001 | 250,001 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Asset Value |
$ | 30.82 | $ | 32.55 | $ | 31.48 | $ | 23.90 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Investment in non-affiliated securities at cost |
$ | 1,375,405,633 | $ | 35,160,575 | $ | 5,893,303 | $ | 4,536,889 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Investment in affiliated securities at cost |
$ | — | $ | — | $ | 5,343,920 | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Value of securities loaned |
$ | — | $ | — | $ | 219,503 | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Investment in DWS Government Money Market Series at cost |
$ | — | $ | — | $ | 6,466 | $ | 3,816 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Investment in DWS Government & Agency Securities Portfolio at cost* |
$ | — | $ | — | $ | 46,367 | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Non-cash collateral for securities on loan |
$ | — | $ | — | $ | 190,447 | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Foreign currency at cost |
$ | 4,227,730 | $ | 181,186 | $ | 832 | $ | 21,819 | ||||||||
|
|
|
|
|
|
|
|
* |
Represents collateral on securities loaned. |
† |
Included in foreign currency at value is $153,836 and $15,055 respectively which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited. |
See Notes to Financial Statements. | 40 |
DBX ETF Trust
For the Year Ended May 31, 2022
Xtrackers Harvest CSI 300 China A-Shares ETF |
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF |
Xtrackers MSCI All China Equity ETF |
Xtrackers MSCI China A Inclusion Equity ETF |
|||||||||||||
Investment Income |
||||||||||||||||
Unaffiliated interest income |
$ | 6,396 | $ | 247 | $ | — | $ | — | ||||||||
Unaffiliated dividend income* |
39,706,333 | 519,315 | 219,139 | 202,483 | ||||||||||||
Income distributions from affiliated funds |
— | — | 90,548 | 103 | ||||||||||||
Affiliated securities lending income |
— | — | 97 | 0 | ||||||||||||
Unaffiliated non-cash dividend income |
— | — | 33,125 | – | ||||||||||||
Unaffiliated securities lending income, net of borrower rebates |
— | — | 11,790 | 40 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total investment income |
39,712,729 | 519,562 | 354,699 | 202,626 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Expenses |
||||||||||||||||
Investment advisory fees |
15,903,761 | 244,812 | 114,082 | 71,147 | ||||||||||||
Other expenses |
172 | 57 | 57 | 57 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses |
15,903,933 | 244,869 | 114,139 | 71,204 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Less fees waived (see note 3): |
||||||||||||||||
Waiver |
— | — | (65,140 | ) | (65 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net expenses |
15,903,933 | 244,869 | 48,999 | 71,139 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income (loss) |
23,808,796 | 274,693 | 305,700 | 131,487 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Realized and Unrealized Gain (Loss) |
||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments |
(156,358,289 | ) | 5,612,485 | (1,614,394 | ) | 2,050,254 | ||||||||||
Investments in affiliates |
— | — | 21,510 | 1,510 | ||||||||||||
In-kind redemptions |
— | — | 446,035 | — | ||||||||||||
In-kind redemptions in affiliates |
— | — | 2,249,430 | — | ||||||||||||
Futures contracts |
— | — | (21,863 | ) | (20,053 | ) | ||||||||||
Foreign currency transactions |
(5,140,902 | ) | (3,422 | ) | (696 | ) | (980 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized gain (loss) |
(161,499,191 | ) | 5,609,063 | 1,080,022 | 2,030,731 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
Investments |
(694,703,154 | ) | (11,756,607 | ) | (4,970,218 | ) | (4,571,667 | ) | ||||||||
Investments in affiliates |
— | — | (4,288,937 | ) | (2,012 | ) | ||||||||||
Futures contracts |
— | — | (70 | ) | 2,490 | |||||||||||
Foreign currency translations |
15,119 | (467 | ) | (55 | ) | 10 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) |
(694,688,035 | ) | (11,757,074 | ) | (9,259,280 | ) | (4,571,179 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions |
(856,187,226 | ) | (6,148,011 | ) | (8,179,258 | ) | (2,540,448 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | (832,378,430 | ) | $ | (5,873,318 | ) | $ | (7,873,558 | ) | $ | (2,408,961 | ) | ||||
|
|
|
|
|
|
|
|
|||||||||
* Unaffiliated foreign tax withheld |
$ | 4,424,629 | $ | 58,623 | $ | 15,321 | $ | 22,570 |
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Xtrackers Harvest CSI 300 China A-Shares ETF |
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF |
|||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
Net investment income (loss) |
$ | 23,808,796 | $ | 17,436,230 | $ | 274,693 | $ | 129,615 | ||||||||
Net realized gain (loss) |
(161,499,191 | ) | (13,438,458 | ) | 5,609,063 | 2,408,129 | ||||||||||
Net change in net unrealized appreciation (depreciation) |
(694,688,035 | ) | 738,559,351 | (11,757,074 | ) | 8,629,959 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
(832,378,430 | ) | 742,557,123 | (5,873,318 | ) | 11,167,703 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions to Shareholders |
(23,518,334 | ) | (21,126,939 | ) | (315,040 | ) | (153,080 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Fund Shares Transactions |
||||||||||||||||
Proceeds from shares sold |
1,830,677,155 | 2,035,428,349 | 7,908,275 | 1,786,849 | ||||||||||||
Value of shares redeemed |
(2,017,705,513 | ) | (1,312,632,305 | ) | (7,816,588 | ) | (2,872,080 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from fund share transactions |
(187,028,358 | ) | 722,796,044 | 91,687 | (1,085,231 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total net increase (decrease) in Net Assets |
(1,042,925,122 | ) | 1,444,226,228 | (6,096,671 | ) | 9,929,392 | ||||||||||
Net Assets |
||||||||||||||||
Beginning of year |
2,714,989,046 | 1,270,762,818 | 40,276,190 | 30,346,798 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of year |
$ | 1,672,063,924 | $ | 2,714,989,046 | $ | 34,179,519 | $ | 40,276,190 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in Shares Outstanding |
||||||||||||||||
Shares outstanding, beginning of year |
64,900,001 | 46,750,001 | 1,050,001 | 1,100,001 | ||||||||||||
Shares sold |
47,950,000 | 54,150,000 | 200,000 | 50,000 | ||||||||||||
Shares redeemed |
(58,600,000 | ) | (36,000,000 | ) | (200,000 | ) | (100,000 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding, end of year |
54,250,001 | 64,900,001 | 1,050,001 | 1,050,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers MSCI All China Equity ETF |
Xtrackers MSCI China A Inclusion Equity ETF |
|||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
Net investment income (loss) |
$ | 305,700 | $ | 305,332 | $ | 131,487 | $ | 95,035 | ||||||||
Net realized gain (loss) |
1,080,022 | (145,482 | ) | 2,030,731 | 815,728 | |||||||||||
Net change in net unrealized appreciation (depreciation) |
(9,259,280 | ) | 8,357,826 | (4,571,179 | ) | 4,387,542 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
(7,873,558 | ) | 8,517,676 | (2,408,961 | ) | 5,298,305 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions to Shareholders |
(423,116 | ) | (227,422 | ) | (114,292 | ) | (106,403 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Fund Shares Transactions |
||||||||||||||||
Proceeds from shares sold |
— | 9,229,394 | — | 1,666,468 | ||||||||||||
Value of shares redeemed |
(17,240,981 | ) | (2,131,579 | ) | (7,191,275 | ) | (5,154,277 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from fund share transactions |
(17,240,981 | ) | 7,097,815 | (7,191,275 | ) | (3,487,809 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Total net increase (decrease) in Net Assets |
(25,537,655 | ) | 15,388,069 | (9,714,528 | ) | 1,704,093 | ||||||||||
Net Assets |
||||||||||||||||
Beginning of year |
34,982,007 | 19,593,938 | 15,690,786 | 13,986,693 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of year |
$ | 9,444,352 | $ | 34,982,007 | $ | 5,976,258 | $ | 15,690,786 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in Shares Outstanding |
||||||||||||||||
Shares outstanding, beginning of year |
750,001 | 600,001 | 500,001 | 700,001 | ||||||||||||
Shares sold |
— | 200,000 | — | 50,000 | ||||||||||||
Shares redeemed |
(450,000 | ) | (50,000 | ) | (250,000 | ) | (250,000 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding, end of year |
300,001 | 750,001 | 250,001 | 500,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Xtrackers
Harvest CSI 300 China A-Shares
ETF Selected Per Share Data |
Years Ended May 31, | |||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net Asset Value, beginning of year |
$ | 41.83 | $ | 27.18 | $ | 26.27 | $ | 29.56 | $ | 25.84 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||
Net investment income (loss)(a) |
0.36 | 0.30 | 0.29 | 0.22 | 0.25 | |||||||||||||||
Net realized and unrealized gain (loss) |
(11.02 | ) | 14.67 | 0.91 | (3.22 | ) | 3.73 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total from investment operations |
(10.66 | ) | 14.97 | 1.20 | (3.00 | ) | 3.98 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income |
(0.35 | ) | (0.32 | ) | (0.29 | ) | — | (0.26 | ) | |||||||||||
Net realized gains |
— | — | — | (0.29 | ) | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions |
(0.35 | ) | (0.32 | ) | (0.29 | ) | (0.29 | ) | (0.26 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value, end of year |
$ | 30.82 | $ | 41.83 | $ | 27.18 | $ | 26.27 | $ | 29.56 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return (%) |
(25.67 | ) | 55.20 | 4.50 | (10.02 | ) | 15.38 | |||||||||||||
Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||
Net Assets, end of year ($ millions) |
1,672 | 2,715 | 1,271 | 1,449 | 686 | |||||||||||||||
Ratio of expenses (%) |
0.65 | 0.65 | 0.65 | 0.65 | 0.66 | |||||||||||||||
Ratio of net investment income (loss) (%) |
0.97 | 0.79 | 1.05 | 0.87 | 0.82 | |||||||||||||||
Portfolio turnover rate (%)(b) |
95 | 78 | 115 | 81 | 65 |
Xtrackers
Harvest CSI 500 China A-Shares
Small Cap ETF Selected Per Share Data |
Years Ended May 31, | |||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net Asset Value, beginning of year |
$ | 38.36 | $ | 27.59 | $ | 25.93 | $ | 32.53 | $ | 31.36 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(a) |
0.28 | 0.13 | 0.17 | 0.20 | 0.04 | |||||||||||||||
Net realized and unrealized gain (loss) |
(5.77 | ) | 10.79 | 1.65 | (6.80 | ) | 1.13 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total from investment operations |
(5.49 | ) | 10.92 | 1.82 | (6.60 | ) | 1.17 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income |
(0.32 | ) | (0.15 | ) | (0.16 | ) | – | – | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions |
(0.32 | ) | (0.15 | ) | (0.16 | ) | – | – | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value, end of year |
$ | 32.55 | $ | 38.36 | $ | 27.59 | $ | 25.93 | $ | 32.53 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return (%) |
(14.50 | ) | 39.64 | 7.02 | (20.29 | ) | 3.73 | |||||||||||||
Ratios
to Average Net Assets and |
||||||||||||||||||||
Net Assets, end of year ($ millions) |
34 | 40 | 30 | 74 | 24 | |||||||||||||||
Ratio of expenses (%) |
0.65 | 0.65 | 0.65 | 0.65 | 0.65 | |||||||||||||||
Ratio of net investment income (loss) (%) |
0.73 | 0.37 | 0.63 | 0.74 | 0.10 | |||||||||||||||
Portfolio turnover rate (%)(b) |
62 | 34 | 48 | 16 | 29 |
(a) |
Based on average shares outstanding during the period. |
(b) |
Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers
MSCI All China Equity ETF Selected Per Share Data |
Years Ended May 31, | |||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net Asset Value, beginning of year |
$ | 46.64 | $ | 32.66 | $ | 31.13 | $ | 37.78 | $ | 30.54 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||
Net investment income (loss)(a) |
0.54 | 0.48 | 0.76 | 0.36 | 0.79 | |||||||||||||||
Net realized and unrealized gain (loss) |
(14.93 | ) | 13.85 | 2.21 | (6.42 | ) | 6.75 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total from investment operations |
(14.39 | ) | 14.33 | 2.97 | (6.06 | ) | 7.54 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less distributions from: |
|
|||||||||||||||||||
Net investment income |
(0.77 | ) | (0.35 | ) | (1.44 | ) | (0.59 | ) | (0.30 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions |
(0.77 | ) | (0.35 | ) | (1.44 | ) | (0.59 | ) | (0.30 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value, end of year |
$ | 31.48 | $ | 46.64 | $ | 32.66 | $ | 31.13 | $ | 37.78 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return (%)(b) |
(31.15 | ) | 43.94 | 9.35 | (15.89 | ) | 24.71 | |||||||||||||
Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||
Net Assets, end of year ($ millions) |
9 | 35 | 20 | 227 | 36 | |||||||||||||||
Ratio of expenses before fee waiver (%)(c) |
0.50 | 0.50 | 0.50 | 0.50 | 0.60 | |||||||||||||||
Ratio of expenses after fee waiver (%)(c) |
0.21 | 0.25 | 0.26 | 0.28 | 0.36 | |||||||||||||||
Ratio of net investment income (loss) (%) |
1.34 | 1.10 | 2.27 | 1.07 | 2.10 | |||||||||||||||
Portfolio turnover rate (%)(d) |
5 | 8 | 14 | 102 | 3 |
Xtrackers
MSCI China A Inclusion Equity ETF Selected Per Share Data |
Years Ended May 31, | |||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net Asset Value, beginning of year |
$ | 31.38 | $ | 19.98 | $ | 18.75 | $ | 20.80 | $ | 19.53 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(a) |
0.32 | 0.20 | 0.41 | 0.15 | 0.52 | |||||||||||||||
Net realized and unrealized gain (loss) |
(7.55 | ) | 11.44 | 1.19 | (2.03 | ) | 1.30 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total from investment operations |
(7.23 | ) | 11.64 | 1.60 | (1.88 | ) | 1.82 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income |
(0.25 | ) | (0.24 | ) | (0.37 | ) | (0.17 | ) | (0.55 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions |
(0.25 | ) | (0.24 | ) | (0.37 | ) | (0.17 | ) | (0.55 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value, end of year |
$ | 23.90 | $ | 31.38 | $ | 19.98 | $ | 18.75 | $ | 20.80 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return (%)(b) |
(23.20 | ) | 58.37 | 8.49 | (8.91 | ) | 9.12 | |||||||||||||
Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||
Net Assets, end of year ($ millions) |
6 | 16 | 14 | 83 | 2 | |||||||||||||||
Ratio of expenses before fee waiver (%)(c) |
0.60 | 0.60 | 0.60 | 0.60 | 0.70 | |||||||||||||||
Ratio of expenses after fee waiver (%)(c) |
0.60 | 0.60 | 0.60 | 0.60 | 0.05 | |||||||||||||||
Ratio of net investment income (loss) (%) |
1.11 | 0.74 | 2.03 | 0.75 | 2.38 | |||||||||||||||
Portfolio turnover rate (%)(d) |
18 | 33 | 27 | 180 | 3 |
(a) |
Based on average shares outstanding during the period. |
(b) |
Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(c) |
The Fund invests in other ETFs and indirectly bears its proportionate shares 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. |
(d) |
Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | 45 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of May 31, 2022, the Trust consists of thirty-four investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
Xtrackers Harvest CSI 300 China A-Shares ETF |
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF |
Xtrackers MSCI All China Equity ETF |
Xtrackers MSCI China A Inclusion Equity ETF |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).
Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
Fund |
Underlying Index | |
Xtrackers Harvest CSI 300 China A-Shares ETF | CSI 300 Index | |
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | CSI 500 Index | |
Xtrackers MSCI All China Equity ETF | MSCI China All Shares Index | |
Xtrackers MSCI China A Inclusion Equity ETF | MSCI China A Inclusion Index |
CSI 300 Index is calculated and maintained by China Securities Index Co., Ltd. It is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market. Constituent stocks for the Underlying Index generally must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange for specified time periods, have demonstrated positive performance, and not be subject to abnormal volatility or other evidence of possible market manipulation, among other factors. The composition of the Underlying Index is reviewed every six-months.
CSI 500 Index is calculated and maintained by China Securities Index Co., Ltd. is designed to reflect the price fluctuation and performance of small-cap companies in the China A-Share market and is composed of the 500 smallest and most liquid stocks in the China A-Share market. Constituent stocks for the Underlying Index generally must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange for specified time periods, have demonstrated positive performance, and not be subject to abnormal volatility or other evidence of possible market manipulation, among other factors. The composition of the Underlying Index is reviewed every six-months.
MSCI China All Shares Index and MSCI China A Inclusion Equity Index are each calculated and maintained by MSCI, Inc. (“MSCI”). The MSCI China All Share Index is designed to capture large- and mid-capitalization representation across all China securities listed in Hong Kong, Shanghai and Shenzhen. The Underlying Index is intended to give investors a means of tracking the overall performance of equity securities that are a representative sample of the entire Chinese investment universe. The Underlying Index is comprised of A-Shares, B-Shares, H-Shares, Red chips and P chips share classes as well as securities of Chinese companies listed outside of China (e.g. American depository receipts). The Underlying Index is rebalanced on a quarterly basis.
The MSCI China A Inclusion Index is designed to track the equity market performance of China A-Shares that are accessible through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect
46
DBX ETF Trust
Notes to Financial Statements (Continued)
program (together “Stock Connect”). “A-Shares” are equity securities issued by companies incorporated in mainland China and are denominated in renminbi. Certain eligible A-Shares are traded on the Shanghai or Shenzhen Stock Exchanges. The Underlying Index is designed to track the inclusion of A-Shares in the MSCI Emerging Markets Index over time and is constructed by MSCI by applying eligibility criteria for the MSCI Global Investable Market Indexes, and then excluding mid- and small-capitalization A-Shares (as determined by MSCI), A-Shares suspended for trading for more than 50 days in the past 12 months and A-Shares that are not accessible through Stock Connect. The Underlying Index is weighted by each issuer’s free float-adjusted market capitalization (i.e., includes only shares that are readily available for trading in the market) available to foreign investors and includes only large-capitalization companies, as determined by MSCI. The Underlying Index is rebalanced on a quarterly basis.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements. Each Fund is a diversified series of the Trust. In addition, each Fund, with the exception of Xtrackers MSCI All China Equity ETF, may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.
Investments in open-end investment companies are valued at their NAV each business day and are categorized as a Level 1.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In
47
DBX ETF Trust
Notes to Financial Statements (Continued)
accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; length of time of a halt in trading of the security; movement in the security’s proxy index; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Distributions of income and capital gains from investments in affiliated funds are recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income.
Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended May 31, 2022, the Funds did not incur any interest or penalties.
48
DBX ETF Trust
Notes to Financial Statements (Continued)
As of May 31, 2022, the components of accumulated earnings (losses) on a tax basis were as follows:
Undistributed Ordinary Income* |
Capital and Other Gains (Losses) |
Unrealized Appreciation (Depreciation) |
Total Accumulated Earnings (Losses) |
|||||||||||||
Xtrackers Harvest CSI 300 China A-Shares ETF |
$ | 1,074,342 | $ | (345,801,588 | ) | $ | 180,940,291 | $ | (163,786,955 | ) | ||||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF |
220,850 | (13,951,605 | ) | (2,171,522 | ) | (15,902,277 | ) | |||||||||
Xtrackers MSCI All China Equity ETF |
41,908 | (13,473,536 | ) | (1,943,587 | ) | (15,375,215 | ) | |||||||||
Xtrackers MSCI China A Inclusion Equity ETF |
19,993 | (1,370,051 | ) | 1,320,662 | (29,396 | ) |
The tax character of dividends and distributions declared for the years ended May 31, 2022 and May 31, 2021 were as follows:
Year Ended May 31, 2022 |
||||
Ordinary Income* | ||||
Xtrackers Harvest CSI 300 China A-Shares ETF |
$ | 23,518,334 | ||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF |
315,040 | |||
Xtrackers MSCI All China Equity ETF |
423,116 | |||
Xtrackers MSCI China A Inclusion Equity ETF |
114,292 |
Year Ended May 31, 2021 |
||||
Ordinary Income* | ||||
Xtrackers Harvest CSI 300 China A-Shares ETF |
$ | 21,126,939 | ||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF |
153,080 | |||
Xtrackers MSCI All China Equity ETF |
227,422 | |||
Xtrackers MSCI China A Inclusion Equity ETF |
106,403 |
* |
For tax purposes short-term capital gain distributions are considered ordinary income distributions. |
At May 31, 2022, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
Short-Term | Long-Term | Total Amount | ||||||||||
Xtrackers Harvest CSI 300 China A-Shares ETF |
$ | 292,519,760 | $ | 53,281,828 | $ | 345,801,588 | ||||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF |
13,051,086 | 900,519 | 13,951,605 | |||||||||
Xtrackers MSCI All China Equity ETF |
8,167,344 | 5,306,192 | 13,473,536 | |||||||||
Xtrackers MSCI China A Inclusion Equity ETF |
1,370,051 | — | 1,370,051 |
For the fiscal year ended May 31, 2022, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind.
Distributable earnings (loss) |
Paid-In Capital |
|||||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF |
$ | (3 | ) | $ | 3 | |||
Xtrackers MSCI All China Equity ETF |
(2,629,084 | ) | 2,629,084 |
49
DBX ETF Trust
Notes to Financial Statements (Continued)
As of May 31, 2021, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
Aggregate Tax Cost |
Net Unrealized Appreciation (Depreciation) |
Aggregate Gross Unrealized Appreciation |
Aggregate Gross Unrealized (Depreciation) |
|||||||||||||
Xtrackers Harvest CSI 300 China A-Shares ETF |
$ | 1,487,562,133 | $ | 180,924,373 | $ | 400,845,479 | $(219,921,106) | |||||||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF |
36,187,169 | (2,172,907 | ) | |
4,186,104 |
|
(6,359,011 | ) | ||||||||
Xtrackers MSCI All China Equity ETF |
11,420,667 | (1,943,594 | ) | |
553,221 |
|
(2,496,815 | ) | ||||||||
Xtrackers MSCI China A Inclusion Equity ETF |
4,634,760 | 1,320,653 | |
1,885,315 |
|
(564,662 | ) |
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of May 31, 2022, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
The Funds’ direct investments in China A-Shares will be subject to a number of Chinese tax rules and the application of many of those rules is evolving. Chinese taxes that may apply to the Funds’ direct investments in A-Shares include withholding income tax (“WHT”) on dividends, WHT on bank interest, WHT on capital gains realized from the disposal of equity investments prior to November 17, 2014 and stamp tax. China imposes WHT at a rate of 10% on dividends on shares and interest income derived by non People’s Republic of China (“PRC”) enterprises including Qualified Foreign Institutional Investors (“QFII”) and Renminbi Qualified Foreign Institutional Investors (“RQFII”) from PRC resident issuers, subject to any lower rate provided by an applicable tax treaty.
With the approval from the PRC State Council, the PRC State Administration of Taxation, the PRC Ministry of Finance and the China Securities Regulatory Commission jointly issued Caishui [2014] 79 (Circular 79) on November 14, 2014. According to Circular 79, RQFIIs are temporarily exempt from WHT with respect to gains derived from the trading of equity investments (including shares in PRC enterprises) effective from November 17, 2014. With respect to gains derived from equity investments prior to November 17, 2014, RQFIIs are subject to WHT at a rate of 10% on such gains on a gross basis, subject to any lower rate provided by an applicable tax treaty. The above WHT treatment applies to RQFIIs which do not have a permanent establishment (“PE”) in the PRC. The Funds do not have PEs in the PRC, therefore, the Funds are only subject to WHT at 10% with respect to gross realized gains derived from the disposal of land-rich A-Share companies and exempt from WHT with respect to gross realized gains derived from non land-rich A-Share companies prior to November 17, 2014. Land-rich enterprises refer to companies whose value of immovable property in the PRC is greater than 50% of the value of their total assets at any time during the three-year period before the alienation of the PRC companies’ shares. The WHT relating to the realized gains from shares in land-rich companies prior to November 17, 2014 has been paid by the Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF while realized gains from shares in non land-rich companies prior to November 17, 2014 were granted treaty relief pursuant to the PRC-US Double Taxation Arrangement.
The PRC rules for taxation of RQFIIs (and QFIIs) are evolving and the tax regulations to be issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance, as well as the practices adopted by the local PRC authorities, may apply retroactively which may adversely affect the Fund and its shareholders.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the
50
DBX ETF Trust
Notes to Financial Statements (Continued)
prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended May 31, 2022, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.08% annualized effective rate as of May 31, 2022) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of May 31, 2022, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at year end.
Remaining Contractual Maturity of the Agreements, as of May 31, 2022 |
||||||||||||||||||||
Securities Lending Transactions | Overnight and Continuous |
<30 Days | Between 30 & 90 days |
>90 days | Total | |||||||||||||||
Xtrackers MSCI All China Equity ETF |
| |||||||||||||||||||
Common Stocks |
$ | 46,367 | $ | — | $ | — | $ | 190,447 | $ | 236,814 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
|
$ | 236,814 |
Derivatives
Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the year ended May 31, 2022, Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF utilized futures in order to simulate investment in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each
51
DBX ETF Trust
Notes to Financial Statements (Continued)
Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of May 31, 2022 is included in a table following the Funds’ Schedule of Investments.
The following tables summarize the value of the Funds’ derivative instruments held as of May 31, 2022 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives |
Liability Derivatives |
|||||||||||||
Xtrackers MSCI China A Inclusion Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 472 | Unrealized depreciation on futures contracts* | $ | — |
* |
Includes cumulative appreciation or cumulative depreciation on futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the year ended May 31, 2022 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
Net Realized Gain (Loss) from: |
||||
Futures Contracts— Equity Contracts |
||||
Xtrackers MSCI All China Equity ETF |
$ | (21,863 | ) | |
Xtrackers MSCI China A Inclusion Equity ETF |
(20,053 | ) | ||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||
Futures Contracts— Equity Contracts |
||||
Xtrackers MSCI All China Equity ETF |
$ | (70 | ) | |
Xtrackers MSCI China A Inclusion Equity ETF |
2,490 |
For the year ended May 31, 2022 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) |
||||
Xtrackers MSCI All China Equity ETF |
$ | 42,431 | ||
Xtrackers MSCI China A Inclusion Equity ETF |
40,673 |
Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to
52
DBX ETF Trust
Notes to Financial Statements (Continued)
the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
Harvest Global Investments Limited serves as investment sub-Advisor (the “Sub-Advisor”) to the Xtrackers Harvest CSI 300 China A-Shares ETF and the Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF. The Sub-Advisor is responsible for day-to-day management of each Fund, subject to supervision of the Advisor.
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary advisory fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Advisory Fee |
||||
Xtrackers Harvest CSI 300 China A-Shares ETF |
0.65 | % | ||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF |
0.65 | % | ||
Xtrackers MSCI All China Equity ETF |
0.50 | % | ||
Xtrackers MSCI China A Inclusion Equity ETF |
0.60 | % |
The Advisor for Xtrackers MSCI All China Equity ETF has contractually agreed, until November 14, 2024, to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. In addition, the Advisor has contractually agreed, until September 30, 2022, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the Fund from exceeding 0.50% of the Fund’s average daily net assets. For the year ended May 31, 2022, the Advisor waived $64,951 of the expenses of the Fund which were attributable to the Fund’s investments in affiliated funds.
The Advisor for Xtrackers MSCI China A Inclusion Equity ETF has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. For the year ended May 31, 2022, the Advisor waived $8 of the expenses of the Fund.
The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired funds’ fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the year ended May 31, 2022, the Advisor waived expenses of the Funds as follows:
Expenses Waived |
||||
Xtrackers MSCI All China Equity ETF |
$ | 189 | ||
Xtrackers MSCI China A Inclusion Equity ETF |
57 |
Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
53
DBX ETF Trust
Notes to Financial Statements (Continued)
The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Investment Portfolio Transactions
For the year ended May 31, 2022, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Xtrackers Harvest CSI 300 China A-Shares ETF |
$ | 2,313,143,650 | $ | 2,502,556,639 | ||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF |
23,222,864 | 23,226,413 | ||||||
Xtrackers MSCI All China Equity ETF |
1,120,506 | 5,249,357 | ||||||
Xtrackers MSCI China A Inclusion Equity ETF |
2,039,496 | 9,188,765 |
For the year ended May 31, 2022, the cost of in-kind purchases and proceeds from in-kind sale were as follows:
Purchases | Sales | |||||||
Xtrackers MSCI All China Equity ETF |
$ | — | $ | 13,181,126 |
5. Fund Share Transactions
As of May 31, 2022, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of Xtrackers MSCI All China Equity ETF generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. The purchase of Creation Units for Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF and Xtrackers MSCI China A Inclusion Equity ETF are generally issued in exchange for a specific amount of cash totaling the NAV of the Creation Units. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Concentration of Ownership
From time to time, Xtrackers MSCI China A Inclusion Equity ETF may have a concentration of several shareholders, including affiliated funds, holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. As of May 31, 2022, Xtrackers MSCI All China Equity ETF held 70% of the total shares outstanding of the Fund.
7. Investing in China
Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in lack of liquidity and in price volatility; currency revaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets (including both direct and indirect market stabilization efforts, which may affect valuations of Chinese issuers), whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform programs; limitations on the use of brokers (or action by the Chinese government that discourages brokers from serving international clients); higher rates of inflation; greater political, economic and social uncertainty; higher market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade limitations; restrictions on foreign ownership which require US investors
54
DBX ETF Trust
Notes to Financial Statements (Continued)
to invest in offshore special purpose companies to obtain indirect exposure to Chinese issuers; custody risks associated with investing through Stock Connect, an RQFII or other programs to access the Chinese securities markets, both interim and permanent market regulations which may affect the ability of certain stockholders to sell Chinese securities when it would otherwise be advisable; different and less stringent financial reporting standards; and increased political pressure from the US and other countries to restrict the ability of investors outside China to invest in Chinese issuers. In addition, in June 2021, the President of the United States issued an executive order (“CMIC Order”) prohibiting US persons, including the Funds, from purchasing or selling publicly traded securities (including publicly traded securities that are derivative of, or designed to provide exposure to, such securities) of any Chinese company identified as a “Chinese Military-Industrial Complex Company” (“CMIC”). This prohibition, effective August 2, 2021, expands on similar sanctions imposed by the prior administration on certain designated Chinese military companies (“CCMCs”) that took effect in January 2021. To the extent that any company in an Underlying Index is identified as a CMIC at any time (or was previously designed as a CCMC), it may have material adverse effect on a fund’s ability to track its Underlying Index.
8. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, Xtrackers MSCI China A Inclusion Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at May 31, 2022.
9. Other — COVID-19 Pandemic
A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain interruptions. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to significant portions of the population remaining unvaccinated and/or the lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Funds’ and their investments may be adversely affected by the effects of the COVID-19 pandemic, and the pandemic may result in the Funds and their service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on the Funds and reflect the consequences as appropriate in the Funds’ accounting and financial reporting.
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DBX ETF Trust
To the Shareholders of
Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF and the Board of Trustees of DBX ETF Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF (collectively referred to as the “Funds”), (four of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of May 31, 2022, and the related statements of operations for the year ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (four of the funds constituting DBX ETF Trust) at May 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of the internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2022, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.
New York, New York
July 27, 2022
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DBX ETF Trust
In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (“Advisors”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). Advisors has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of Advisors that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.
Xtrackers MSCI All China Equity ETF
In February 2022, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2020 through November 30, 2021 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported that there were no material changes made to the Program during the Reporting Period.
Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF and Xtrackers MSCI China A Inclusion Equity ETF
In February 2022, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2020 through November 30, 2021 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, on two occasions the Fund did experience a temporary breach of the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). The breaches were caused by the temporary reclassification of Chinese securities as illiquid due to an extended Chinese and Taiwan holiday market closure in February 2021 and a separate extended Chinese holiday market closure in October 2021. Because notifications to the Fund’s board of the anticipated extended holiday closures were made before the start of each holiday closure no filing on Form N-LIQUID was required. Also, because the holiday closures were anticipated in advance, no actions were needed to rebalance the Fund’s portfolio. Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported that there were no material changes made to the Program during the Reporting Period.
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DBX ETF Trust
Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF
Board Approval of Investment Advisory Agreement with DBX Advisors LLC
After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 16-17, 2022 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).
Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Adviser”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees also took into consideration the discussions they had with management during the Meeting and among themselves during their Executive Sessions held on February 16 and February 17, 2022. The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.
In reaching its decision to continue in effect the Investment Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Adviser from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Adviser.
The Board reached a determination, with the assistance of Independent Trustee Counsel and Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of each Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.
The Board considered the following in determining whether to approve the Investment Advisory Agreement:
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services provided and the risks incurred by the Adviser under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Adviser continuously during the prior year, in addition to the information the Adviser had provided in response to the Board’s requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Adviser, including portfolio management.
The Board considered that the Adviser provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Adviser pays or arranges for the compensation of officers of the Trust who are
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DBX ETF Trust
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts (Unaudited) (Continued)
also officers or employees of the Adviser or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operations. The Board also considered that in addition to managing the Funds’ portfolios directly, the Adviser provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds.
The Board considered the information regarding each Fund’s tracking error compared to its underlying index that had been provided by the Adviser and by Broadridge. The Board took note of the detailed information provided by the Adviser throughout the year with respect to each Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for each Fund during the year was in an expected range.
Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to the Adviser, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Adviser in supervising third party service providers to the Funds, such as the administrator and the custodian, noting the Adviser’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Adviser, which supports the Funds’ compliance program.
Adviser’s Financial Resources. In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Adviser has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared each Fund’s advisory fee and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board also noted that the advisory fees and total expenses (after waivers/reimbursements) for Xtrackers MSCI All China Equity ETF were below or equal to the average and/or median of the ETFs in the Fund’s respective Peer Group compiled by Broadridge, but Xtrackers MSCI China A Inclusion Equity ETF had advisory fees and/or total expenses (after waivers/reimbursements) that were above the average and/or median of its respective Peer Group. The Board considered, however, that Xtrackers MSCI China A Inclusion Equity ETF’s total expenses were below the average and median of its Peer Group. The Board accordingly noted that each Fund’s fee is competitive with the fees of applicable peer ETFs.
The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Adviser pays all of the Funds’ costs (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Adviser and that the Adviser also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered the expenses of the Adviser in developing and rendering services provided to the Funds and the information provided by the Adviser to the Board regarding the Funds’ profitability. The Board considered that the Adviser had provided extensive information about the Adviser’s profitability and the Adviser’s methodology in determining profitability. While the Adviser had provided information about the Adviser’s expenses relating to marketing the Funds, the Board considered the Adviser’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Adviser’s profitability with respect to each profitable Fund was not excessive.
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DBX ETF Trust
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts (Unaudited) (Continued)
The Board considered whether the Adviser would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Funds.
Economies of Scale. The Board considered that certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
Board Approval of Investment Advisory Agreement with DBX Advisors LLC and Investment Sub-Advisory Agreement with Harvest Global Investments Limited
After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 16-17, 2022 (the “Meeting”), the Trustees, all of whom are Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement and Investment Sub-Advisory Agreement with respect to Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).
Before reaching their decision to continue in effect the Investment Advisory Agreement and the Investment Sub-Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Adviser”) and Harvest Global Investments Limited (“Harvest” or “Sub-Adviser”) for purposes of reviewing the agreements’ terms and also took into consideration the discussions they had with management during the Meeting and among themselves during their Executive Sessions held on February 16-17, 2022. The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance and related financial information, presentations given by DBX and Harvest, as well as periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.
In reaching its decision with respect to the Investment Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Adviser from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Adviser.
In reaching its decision with respect to the Investment Sub-Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the performance of Harvest with respect to its management of the Funds, as well as Harvest’s financial resources and its resulting ability to perform its obligations under the Investment Sub-Advisory Agreement; (3) the total cost of the services provided by Harvest from its relationship with the Funds; (4) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (5) fall out benefits, if any, enjoyed by the Sub-Adviser.
The Board reached a determination, with the assistance of Independent Trustee Counsel and Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement and the compensation to be received thereunder is in
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DBX ETF Trust
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts (Unaudited) (Continued)
the best interests of each Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.
The Board considered the following in determining whether to approve the Investment Advisory Agreement:
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services provided and the risks incurred by the Adviser under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Adviser continuously during the prior year, in addition to the information the Adviser had provided in response to the Board’s requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Adviser, including portfolio management.
The Board considered that the Adviser provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Adviser pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Adviser or one of its DWS Group affiliates, except as may otherwise be determined by the Board. The Board also considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operation. The Board also considered the role played by the Adviser in working with Harvest to manage the Funds’ portfolios, noting that the Adviser provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds. The Board considered the information regarding each Fund’s tracking error compared to its underlying index that had been provided by the Adviser and by Broadridge Financial Solutions Inc. (“Broadridge”). The Board took note of the detailed information provided by the Adviser throughout the year with respect to each Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for each Fund during the year was in an expected range.
Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to the Adviser, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Adviser in supervising third party service providers to the Funds, such as the administrator and the custodian, noting the Adviser’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Adviser, which supports the Funds’ compliance program.
Adviser’s Financial Resources. In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Adviser has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared each Fund’s advisory fee and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board considered that while each Fund’s advisory fees and total expenses after waivers/reimbursements were above the average and median of those Funds’ respective Peer Groups, many of those other ETFs in the Funds’ respective Peer Groups only invested directly in A-Shares through the Stock Connect programs, rather than also utilizing the Renminbi Qualified Foreign Institutional Investor (“RQFII”) program, as the Funds did using the quota allocated to the Sub-Adviser. The Board also noted that the Chinese authorities had recently abolished the quotas
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DBX ETF Trust
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts (Unaudited) (Continued)
under the RQFII system, but that it remained in the Funds’ best interests to continue utilizing Harvest as the Funds’ sub-adviser and that Harvest’s local market capabilities provided the Funds with the widest feasible range of means to access A-shares.
The Board considered that the fee for the Funds is a unitary fee pursuant to which the Adviser pays all of the Funds’ costs (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that the Funds’ portfolios are managed on a day-to-day basis by the Sub-Adviser, which receives a fee from the Adviser. The Board considered the allocation of responsibilities between the Adviser and Sub-Adviser and noted that the Adviser provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee is reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered the expenses of the Adviser in developing and rendering services to the Funds and the information provided by the Adviser to the Board regarding the Funds’ profitability. The Board considered that the Adviser had provided extensive information about the Adviser’s profitability and the Adviser’s methodology in determining profitability. While the Adviser had provided information about the Adviser’s expenses relating to marketing the Funds, the Board considered the Adviser’s profitability without accounting for such expenses. The Board determined that only Xtrackers Harvest CSI 300 China A-Shares ETF was profitable as of this time and the Adviser’s profitability with respect to the Fund was not excessive. The Board also noted that since the fee paid by the Adviser to the Sub-Adviser under the Investment Sub-Advisory Agreement contained breakpoints, the Adviser could experience increased profitability as the Funds’ assets increased. The Board considered whether the Adviser would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Funds.
Economies of Scale. The Board considered that Xtrackers Harvest CSI 300 China A-Shares ETF had attracted a substantial amount of assets), but determined that the Fund was not experiencing economies of scale beyond what was reflected in the Fund’s unitary fee, which the Board noted was very competitive. The Board considered that Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF was not experiencing economies of scale at this time and determined to evaluate the economies of scale on an ongoing basis as a result of asset growth of the Funds.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
The Board considered the following in determining whether to approve the Investment Sub-Advisory Agreement:
Nature, Extent and Quality of Services. In considering the nature, extent and quality of services that Harvest provides to the Funds, the Board reviewed in detail the nature, extent and quality of services provided by Harvest under the Investment Sub-Advisory Agreement. In doing so, the Board considered the information it had received from the Sub-Adviser continuously during the prior year, in addition to the information the Sub-Adviser had provided in response to the Board’s requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities.
The Board also considered Harvest’s operational capabilities and resources, and its experience in serving as investment sub-adviser to the Funds. The Board considered the professional experience, qualifications and performance of Harvest’s senior management and key professional personnel, as well as Harvest’s depth and breadth of experience in managing investment portfolios consisting of China A-Shares, and their techniques for implementing such strategies while minimizing index tracking error. The Board also noted that the Chinese authorities had recently abolished the quotas under the RQFII system, but that it remained in the Funds’ best interests to continue utilizing Harvest as the Funds’ sub-adviser and that Harvest’s local market capabilities provided the Funds with the widest feasible range of means to access A-shares. In addition, the Board considered
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DBX ETF Trust
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts (Unaudited) (Continued)
Harvest’s operational capabilities and resources, and Harvest’s experience in managing index funds covering various asset classes. The Board noted that Harvest manages its index-based portfolios using both full replication and sampling techniques and maintains strict discipline in the implementation of its indexing strategies. To that end, the Board noted that when there are changes to a benchmark index, Harvest closely monitors any such changes to devise strategies to realign its portfolios at the lowest possible cost while tracking the respective benchmark index. The Board also noted Harvest’s processes to minimize the cost of trading.
Based on its review, the Board concluded that the nature, extent, and quality of services provided by Harvest under the Investment Sub-Advisory Agreement are reasonable and appropriate in relation to the fees paid to Harvest, taking special consideration of the fact that the fees paid to Harvest are payable by the Adviser and not the Funds.
Performance of Harvest; Harvest’s Financial Resources. The Board considered Harvest’s performance in managing the Funds and its ability to minimize tracking error. The Board concluded that, given Harvest’s capabilities and experience in managing the Funds, Harvest had generally been able to keep the Funds’ tracking error within acceptable ranges.
The Board also considered Harvest’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that Harvest has the financial resources necessary to perform its obligations under the Investment Sub-Advisory Agreement.
Reasonableness of Sub-Advisory Fee. The Board considered that the fee paid to Harvest in respect of the Funds would be paid by the Adviser and not the Funds. Based on its review, the Board concluded that the fees agreed upon with Harvest are reasonable in light of the nature and quality of investment advisory services rendered for each Fund. The Board reached its conclusion based in part on the aggregate fees paid by the Funds, the fact that the sub-advisory fee is paid by the Adviser and not the Funds, and fees paid by comparable funds to advisers.
Costs of Services and Profitability. The Board considered that the fees paid by the Adviser to Harvest under the Investment Sub-Advisory Agreement contain breakpoints. The Board further considered that specific information about Harvest’s profitability with respect to its services provided to the Funds was not available because Harvest receives a fixed fee which is computed as a percentage of each Fund’s advisory fees and does not calculate the profitability of its sub-advisory services on a per-Fund level. The Board also considered that the overall fees paid by each Fund remained reasonable.
The Board also considered whether Harvest would benefit in other ways from its relationship with the Funds. The Board discussed Harvest’s practices regarding the selection and compensation of brokers and dealers that execute portfolio transactions for the Funds and the brokers’ and dealers’ provision of brokerage services to Harvest.
Economies of Scale. The Board considered that Xtrackers Harvest CSI 300 China A-Shares ETF had attracted a substantial amount of assets, but determined that the Fund was not experiencing economies of scale beyond what was reflected in the Fund’s unitary fee, which the Board noted was very competitive. The Board considered that Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF was not experiencing economies of scale at this time and determined to evaluate the economies of scale on an ongoing basis as a result of asset growth of the Funds.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Sub-Advisory Agreement was fair and reasonable and it was unanimously approved.
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DBX ETF Trust
Identification and Background
The Board has responsibility for the overall management and operations of the funds, including general supervision of the duties performed by the Advisor and other service providers. Each Board Member serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.
The Trust currently has three Board Members. The three Independent Board Members have no affiliation or business connection with the Advisor or any of its affiliated persons and do not own any stock or other securities issued by the Advisor.
The Independent Board Members of the Trust, their term of office and length of time served, their principal business occupations during the past five years, the number of portfolios in the fund complex (defined below) overseen by each Independent Board Member, and other directorships, if any, held by the Board Members are shown below. The fund complex includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor. As of the date of this shareholder report, the fund complex consists of the funds in the Trust, as well as the registered funds advised by affiliates of the Advisor.
Shareholder Communications to the Board. Shareholders may send communications to the Trust’s Board by addressing the communications directly to the Board (or individual Board Members) and/or otherwise clearly indicating in the salutation that the communication is for the Board (or individual Board Members). The shareholder may send the communication to either the Trust’s office or directly to such Board members c/o 875 Third Avenue, New York, NY 10022. Other shareholder communications received by the Trust not directly addressed and sent to the Board will be reviewed and generally responded to by management. Such communications will be forwarded to the Board at management’s discretion based on the matters contained therein.
Independent Board Members |
||||||
Name, Year of Birth, Position with the Trust and Length of Time Served(1) |
Business Experience and Directorships During the Past 5 Years |
Number of Portfolios in Fund Complex Overseen |
Other Directorships Held by Board Member | |||
Stephen R. Byers (1953) Chairperson since 2016, and Board Member since 2011 (formerly, Lead Independent Board Member, 2015-2016) |
Independent Director (2011- present); Independent Consultant (2014-present); Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer, the Dreyfus Corporation (2002-2006). | 34 | The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum | |||
George O. Elston (1964) Board Member since 2011, Chairperson of the Audit Committee since 2015 |
Chief Financial Officer, Enzyvant (2018-present); Chief Executive Officer, 2X Oncology, Inc. (2017-2018); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013). | 34 | — | |||
J. David Officer (1948) Board Member since 2011, Chairperson of the Nominating Committee since 2015 |
Independent Director (2010-present); Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009). | 34 | (Chairman of) Ilex Management Ltd; Old Westbury Funds |
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DBX ETF Trust
Board Members and Officers (Unaudited) (Continued)
Officers(2) |
||
Name, Year of Birth, Position with the Trust and Length of Time Served(3) |
Business Experience and Directorships During the Past 5 Years | |
Freddi Klassen(4) (1975) President and Chief Executive Officer, 2016-present |
Programmes (Head since 2021), of DWS Investment Management Americas, Inc. and Manager and Chief Operating Officer of the Advisor (2016 -present). Formerly: Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014 -2020); Manager and Chief Operating Officer of DWS Investment Management Americas, Inc. (2018-present) and the Advisor (2016-present); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013). | |
Diane Kenneally(4) (1966) Treasurer, Chief Financial Officer and Controller, 2019-present |
Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; Chief Financial Officer and Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2018-present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present); formerly: Assistant Treasurer for the DWS funds (2007-2018). | |
Frank Gecsedi(4) (1967) Chief Compliance Officer, 2010-present |
AFC Compliance US (Senior Team Lead), of DWS Investment Management Americas, Inc.; Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Advisor (2010-present); Chief Compliance Officer of DWS Distributors, Inc. (2019-2022); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012). | |
Bryan Richards(4) (1978) Vice President, 2016-present |
Portfolio Engineering, Systematic Investments Solutions (Head), of DWS Investment Management Americas, Inc.(2018-present); Portfolio Manager in the Passive Asset Management Department at DWS (2011-present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015). | |
John Millette(5) (1962) Secretary, 2020-present |
Legal (Associate General Counsel), DWS US Retail Legal (2003-present), of DWS Investment Management Americas, Inc.; Vice President and Secretary of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (1999-present); Chief Legal Officer, DWS Investment Management Americas, Inc. (2015-present); Director and Vice President of DWS Trust Company (2016-present); Vice President, DBX Advisors LLC (2021-present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011-present); formerly: Secretary of Deutsche Investment Management Americas Inc. (2015-2017); and Assistant Secretary of DBX ETF Trust (2019-2020). |
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DBX ETF Trust
Board Members and Officers (Unaudited) (Continued)
Name, Year of Birth, Position with the Trust and Length of Time Served(3) |
Business Experience and Directorships During the Past 5 Years | |
Caroline Pearson(5) (1962) Assistant Secretary, 2020-present |
Legal (Senior Team Lead), DWS US Retail Legal, of DWS Investment Management Americas, Inc.; Chief Legal Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2010-present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020-present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012-present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002-2017); and Secretary, Deutsche AM Service Company (2010-2017). | |
Paul Antosca(5) (1957) Assistant Treasurer, 2019-present |
Fund Administration Tax (Head), of DWS Investment Management Americas, Inc.; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2007-present). | |
Jeffrey Berry(5) (1959) Assistant Treasurer, 2019-present |
Fund Administration (Senior Specialist), of DWS Investment Management Americas, Inc. | |
Sheila Cadogan(5) (1966) Assistant Treasurer, 2019-present |
Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2017-present); Director and Vice President, DWS Trust Company (2018-present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present). | |
Christina A. Morse(6) (1964) Assistant Secretary, 2017-present |
Vice President at BNY Mellon Asset Servicing (2014-present); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014). | |
Christian Rijs(4) (1980) Anti-Money Laundering Compliance Officer, since October 21, 2021 |
Senior Team Lead Anti-Financial Crime and Compliance, DWS Investment Management Americas, Inc.; AML Officer, DWS Trust Company (since November 2, 2021); AML Officer, DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO. |
(1) |
The length of time served is represented by the year in which the Board Member joined the Board. |
(2) |
As a result of their respective positions held with the Advisor and its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Funds. |
(3) |
The length of time served is represented by the year in which the officer was first elected to the Trust in such capacity. |
(4) |
Address: 875 Third Avenue, New York, New York 10022. |
(5) |
Address: 100 Summer Street, Boston, MA 02110. |
(6) |
Address: BNY Mellon Asset Servicing, 240 Greenwich Street, New York, NY 10286. |
The Funds’ Statement of Additional Information (“SAI”) includes additional information about the Funds’ Board Members. The SAI is available by calling 855-329-3837, or on the Company’s website at www.Xtrackers.com.
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DBX ETF Trust
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Portfolio Holdings Information
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.
Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.
Discount & Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.
Tax Information
Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its period ended May 31, 2022.
Qualified Dividend Income* | ||
Xtrackers Harvest CSI 300 China A-Shares ETF |
100% | |
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF |
100% | |
Xtrackers MSCI All China Equity ETF |
87% | |
Xtrackers MSCI China A Inclusion Equity ETF |
100% |
* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.
Each Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:
Gross Foreign Income | Foreign Taxes Paid | |||||||
Xtrackers Harvest CSI 300 China A-Shares ETF |
$44,425,320 | $4,396,630 | ||||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF |
584,118 | 58,613 | ||||||
Xtrackers MSCI All China Equity ETF |
— | — | ||||||
Xtrackers MSCI China A Inclusion Equity ETF |
226,817 | 22,570 |
67
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
Investing involves risk, including possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Special risks associated with investments in Chinese companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards, the nature and extent of intervention by the Chinese government in the Chinese securities markets, and the potential unavailability of A shares. Uncertainties in the Chinese tax rules governing taxation of income and gains from investments in A-shares could result in unexpected tax liabilities for the Funds which may reduce Fund returns. Any reduction or elimination of access to A-shares will have a material adverse effect on the ability of the Funds to achieve its investment objective. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.
The U.S. government has imposed restrictions on the ability of U.S. investors to hold and/or acquire securities of certain Chinese companies. To the extent that an Underlying Index includes such a security and the Fund excludes it, the Fund’s tracking error may increase and the performance of the Fund and Underlying Index may diverge.
War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Funds and their investments.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
The CSI Indexes are calculated by China Securities Index Co., Ltd. (CSI). CSI does not make any warranties, express or implied, to its customers or any other party regarding the accuracy or completeness of any data related to the Index. All information is provided for information purposes only. CSI accepts no liability for any errors or any loss arising from the use of information it provides.
The Funds or securities referred to herein are not sponsored, endorsed, issued, sold or promoted by MSCI, and MSCI bears no liability with respect to any such Funds or securities or any index on which such Funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX Advisors LLC and any related funds.
Copyright © 2022 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022 |
Investment sub-advisor Harvest Global Investments Limited 31/F, One Exchange Square 8 Connaught Place Central, Hong Kong |
Administrator, custodian, fund accounting agent, lending agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 | ||
Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203 |
Independent registered public accounting firm Ernst & Young LLP One Manhattan West New York, NY 10001 |
Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019 |
R-35360-9 (7/22) DBX005230 (7/23)