DBX ETF Trust

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this semi-annual report for our flagship ETFs tracking China’s equity market for the period ended November 30, 2021.

The global economy continued to recover during the reporting period, driven by expansive fiscal and monetary policies and rapid vaccination roll-out. The economic recovery, however, remained divergent between advanced and emerging markets due to disparities in vaccine access and policy support. The U.S. economy experienced accelerated growth in Q2 2021, although the growth rate moderated in Q3 2021 due to a decline in household spending and exports. The Eurozone economy grew more than expected, with France and Italy being the major contributors. China’s economic growth remained positive, although the growth rate continued to decline throughout 2021. China’s zero-tolerance policy towards COVID-19, which called for more frequent lockdowns, was responsible for this decline to some extent. Structural changes involving crackdowns on the property sector and technology giants as well as carbon emission cuts also took a toll on the world’s second largest economy.

China was the first major economy in the world to rebound rapidly. The country’s economy grew at an impressive rate at the beginning of 2021 as it emerged from the pandemic ahead of other global economies. However, the recovery lost steam, impeded by the government’s regulatory policies. The industrial sector was hit by a power crunch due to a coal shortage as well as environmental restrictions on the highly polluting steel industry. Beijing’s efforts to reduce leverage, following the Evergrande collapse, proved to be a huge drag on the sector that makes up about a quarter of the country’s GDP¹. Global supply constraints also played a role in dampening industrial output and put pressure on company earnings. Furthermore, COVID-19 flare-ups led to targeted restrictions under the authorities’ zero-tolerance approach, taking a toll on retail sales momentum. Nevertheless, stability in labor markets eased some of the concerns surrounding economic growth momentum.

On the policy front, the People’s Bank of China (PBoC) cut banks’ reserve requirement ratio in its July meeting on realization that the economy was weaker than expected and it required easier credit conditions. The collapse of real estate giant Evergrande made investors worry about the threat of cross defaults; however, China managed to contain the threat by announcing a hefty stimulus and implementing a trading ban on Evergrande’s bonds. Considering the uncertainties amid a regulatory crackdown on the property sector, power shortages at factories, and lackluster consumer spending, the PBoC has kept its monetary policy unchanged since April 2020. As China was ahead of the curve in the recovery, it was also one of the first countries to normalize its macroeconomic policies. However, the intensity of China’s fiscal contraction in the first half of this year was way beyond expectations, contributing to the growth slowdown.

Looking ahead, growth could moderate further as the government’s clampdown on the real estate sector and the broader regulatory uncertainty could weigh on momentum. New variants of the virus could provide further headwinds to the global economy. Power constraints could likely limit industrial output, although recent reforms to coal pricing should boost supply of the commodity and support electricity availability. Easing of commodity prices and waning supply chain disruptions could provide further relief to companies and policymakers. Investors would also look at fiscal and monetary policy response from the authorities to support growth by ensuring enough liquidity to avoid any spikes in interest rates.

Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ The gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.

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

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. It is not possible to invest directly into an index.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 8.

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. It is not possible to invest directly into an index.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 14.

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, Inc. (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.

* 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 22.

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. It is not possible to invest directly into an index.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 27.

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 (June 1, 2021 to, November 30, 2021).

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

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

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

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.

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


	Number of Shares		Value
COMMON STOCKS — 99.7%
Communication Services — 1.5%
China United Network Communications Ltd., Class A		15,313,281	$	9,332,526
Focus Media Information Technology Co. Ltd., Class A		7,894,163		8,766,470
Giant Network Group Co. Ltd., Class A		1,123,885		1,782,963
Mango Excellent Media Co. Ltd., Class A		545,134		3,725,560
Perfect World Co. Ltd., Class A		935,851		2,769,408
Wanda Film Holding Co. Ltd., Class A *		710,160		1,532,648
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,025,422		3,799,529
Zhejiang Century Huatong Group Co. Ltd., Class A *		3,020,920		3,478,104

(Cost $33,266,032)				35,187,208

Consumer Discretionary — 8.8%
Beijing Roborock Technology Co. Ltd., Class A		21,377		2,726,176
BYD Co. Ltd., Class A		695,493		33,286,219
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		118,624		4,043,258
China Tourism Group Duty Free Corp. Ltd., Class A		743,090		23,979,870
Chongqing Changan Automobile Co. Ltd., Class A		2,407,954		6,569,726
FAW Jiefang Group Co. Ltd., Class A		809,900		1,315,380
Fuyao Glass Industry Group Co. Ltd., Class A		1,101,827		7,959,323
Great Wall Motor Co. Ltd., Class A		952,230		8,953,190
Gree Electric Appliances, Inc., of Zhuhai, Class A		3,681,889		19,986,819
Guangzhou Automobile Group Co. Ltd., Class A		1,655,401		4,266,886
Haier Smart Home Co. Ltd., Class A		2,926,333		12,511,550
Hangzhou Robam Appliances Co. Ltd., Class A		387,612		1,915,989
Huayu Automotive Systems Co. Ltd., Class A		1,260,626		5,108,639
Midea Group Co. Ltd., Class A		3,749,190		39,915,197
Offcn Education Technology Co. Ltd., Class A *		1,418,951		2,124,025
Oppein Home Group, Inc., Class A		154,975		2,956,124
SAIC Motor Corp. Ltd., Class A		2,703,573		8,471,889
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		1,179,301		1,765,293
Shenzhen Overseas Chinese Town Co. Ltd., Class A		2,989,523		2,784,556
Songcheng Performance Development Co. Ltd., Class A		1,225,022		2,539,903
Suning.com Co. Ltd., Class A *		2,761,902		1,670,199
TCL Technology Group Corp., Class A		10,688,843		10,308,568
Zhejiang Supor Co. Ltd., Class A		163,838		1,583,695

(Cost $133,415,154)				206,742,474


	Number of Shares		Value
Consumer Staples — 16.0%
Anhui Gujing Distillery Co. Ltd., Class A		95,716	$	3,813,756
Beijing Shunxin Agriculture Co. Ltd., Class A		378,363		1,907,713
Chongqing Brewery Co. Ltd., Class A *		186,058		4,225,576
DaShenLin Pharmaceutical Group Co. Ltd., Class A		189,953		1,052,029
Foshan Haitian Flavouring & Food Co. Ltd., Class A		974,736		17,193,569
Guangdong Haid Group Co. Ltd., Class A		658,063		6,631,795
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,099,669		4,915,822
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		4,682,876		28,811,475
Jiangsu King’s Luck Brewery JSC Ltd., Class A		477,707		4,235,696
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		454,602		12,445,948
Jiangxi Zhengbang Technology Co. Ltd., Class A		1,175,164		1,788,634
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		420,808		2,171,294
Juewei Food Co. Ltd., Class A		244,528		2,493,483
Kweichow Moutai Co. Ltd., Class A		473,680		143,653,048
Luzhou Laojiao Co. Ltd., Class A		561,347		20,283,967
Muyuan Foods Co. Ltd., Class A		1,986,105		16,346,800
New Hope Liuhe Co. Ltd., Class A *		1,613,227		3,641,258
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		371,190		18,075,288
Tongwei Co. Ltd., Class A		2,052,989		14,485,238
Tsingtao Brewery Co. Ltd., Class A		275,082		4,267,627
Wens Foodstuffs Group Co. Ltd., Class A		3,412,475		8,549,278
Wuliangye Yibin Co. Ltd., Class A		1,468,432		50,281,658
Yifeng Pharmacy Chain Co. Ltd., Class A		295,882		2,098,338
Yonghui Superstores Co. Ltd., Class A		2,943,983		1,794,181

(Cost $186,390,654)				375,163,471

Energy — 1.2%
China Merchants Energy Shipping Co. Ltd., Class A		2,439,241		1,674,308
China Oilfield Services Ltd., Class A		463,228		985,901
China Petroleum & Chemical Corp., Class A		10,068,298		6,389,056
China Shenhua Energy Co. Ltd., Class A		2,535,415		7,781,671
PetroChina Co. Ltd., Class A		7,424,841		5,492,971
Shaanxi Coal Industry Co. Ltd., Class A		3,193,903		5,959,879

(Cost $23,404,080)				28,283,786

Financials — 23.4%
Agricultural Bank of China Ltd., Class A		21,843,300		9,984,136
AVIC Industry-Finance Holdings Co. Ltd., Class A		4,033,882		2,433,065
Bank of Beijing Co. Ltd., Class A		11,231,043		7,726,689
Bank of Chengdu Co. Ltd., Class A		1,634,845		2,878,601
Bank of China Ltd., Class A		16,119,100		7,722,179


	Number of Shares		Value
Financials (Continued)
Bank of Communications Co. Ltd., Class A		20,764,850	$	14,905,422
Bank of Hangzhou Co. Ltd., Class A		2,277,174		4,921,686
Bank of Jiangsu Co. Ltd., Class A		9,015,065		8,340,334
Bank of Nanjing Co. Ltd., Class A		3,916,043		5,578,970
Bank of Ningbo Co. Ltd., Class A (a)		2,763,169		16,874,580
Bank of Shanghai Co. Ltd., Class A		7,504,688		8,428,260
BOC International China Co. Ltd., Class A		619,100		1,323,483
Caitong Securities Co. Ltd., Class A		1,834,276		2,932,997
Changjiang Securities Co. Ltd., Class A		2,990,790		3,377,645
China CITIC Bank Corp. Ltd., Class A		2,506,736		1,771,823
China Construction Bank Corp., Class A		5,089,528		4,604,678
China Everbright Bank Co. Ltd., Class A		12,517,204		6,586,450
China Galaxy Securities Co. Ltd., Class A		1,086,871		1,780,580
China Great Wall Securities Co. Ltd., Class A		672,238		1,305,091
China International Capital Corp. Ltd., Class A		197,800		1,478,878
China Life Insurance Co. Ltd., Class A		1,266,463		5,878,266
China Merchants Bank Co. Ltd., Class A		9,395,094		73,032,782
China Merchants Securities Co. Ltd., Class A		2,892,260		7,732,077
China Minsheng Banking Corp. Ltd., Class A		15,969,008		9,757,236
China Pacific Insurance Group Co. Ltd., Class A		2,593,068		11,033,726
China Zheshang Bank Co. Ltd., Class A		6,379,339		3,436,917
Chinalin Securities Co. Ltd., Class A		200,900		329,758
Chongqing Rural Commercial Bank Co. Ltd., Class A		4,588,967		2,753,452
CITIC Securities Co. Ltd., Class A		6,532,511		24,389,820
CSC Financial Co. Ltd., Class A		755,265		3,325,230
East Money Information Co. Ltd., Class A		6,385,993		34,746,061
Everbright Securities Co. Ltd., Class A		1,447,744		3,285,935
Founder Securities Co. Ltd., Class A		3,100,586		3,774,372
GF Securities Co. Ltd., Class A		2,330,190		8,542,627
Guosen Securities Co. Ltd., Class A		2,226,116		3,856,760
Guotai Junan Securities Co. Ltd., Class A		3,474,002		9,129,043
Guoyuan Securities Co. Ltd., Class A		2,348,577		2,748,276
Haitong Securities Co. Ltd., Class A		7,377,731		13,709,033
Hithink RoyalFlush Information Network Co. Ltd., Class A		168,790		3,110,943
Hongta Securities Co. Ltd., Class A		761,580		1,337,385
Huatai Securities Co. Ltd., Class A		3,868,293		9,612,251
Huaxia Bank Co. Ltd., Class A		4,701,561		4,165,052
Industrial & Commercial Bank of China Ltd., Class A		26,453,784		19,030,602
Industrial Bank Co. Ltd., Class A		10,964,758		31,017,873
Industrial Securities Co. Ltd., Class A		4,141,199		5,567,998
Nanjing Securities Co. Ltd., Class A		1,431,280		2,140,232
New China Life Insurance Co. Ltd., Class A		648,429		3,861,139
Orient Securities Co. Ltd., Class A		3,149,356		6,955,147


	Number of Shares		Value
Financials (Continued)
People’s Insurance Co. Group of China Ltd., Class A		2,147,298	$	1,568,355
Ping An Bank Co. Ltd., Class A		7,422,956		20,333,991
Ping An Insurance Group Co. of China Ltd., Class A		8,155,029		61,766,355
Postal Savings Bank of China Co. Ltd., Class A		8,117,700		6,477,329
SDIC Capital Co. Ltd., Class A		2,049,089		2,578,057
Shanghai Pudong Development Bank Co. Ltd., Class A		8,886,660		11,878,658
Shenwan Hongyuan Group Co. Ltd., Class A		7,065,644		5,604,571
Sinolink Securities Co. Ltd., Class A		1,796,675		3,002,690
SooChow Securities Co. Ltd., Class A		2,269,347		3,118,949
Tianfeng Securities Co. Ltd., Class A		3,155,960		1,913,454
Western Securities Co. Ltd., Class A		1,422,609		1,751,866
Zheshang Securities Co. Ltd., Class A		1,164,265		2,271,291
Zhongtai Securities Co. Ltd., Class A		574,363		938,251

(Cost $458,091,247)				546,419,357

Health Care — 9.6%
Aier Eye Hospital Group Co. Ltd., Class A		2,078,183		13,931,807
Asymchem Laboratories Tianjin Co. Ltd., Class A		112,147		9,038,874
Autobio Diagnostics Co. Ltd., Class A		140,471		1,235,148
Beijing Tiantan Biological Products Corp. Ltd., Class A		536,204		2,527,524
Beijing Tongrentang Co. Ltd., Class A		531,256		3,029,907
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		54,760		2,154,619
Betta Pharmaceuticals Co. Ltd., Class A		189,833		2,481,709
BGI Genomics Co. Ltd., Class A		164,231		2,450,631
Bloomage Biotechnology Corp. Ltd., Class A		58,320		1,477,122
Changchun High & New Technology Industry Group, Inc., Class A		214,126		9,530,986
Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A		267,917		784,835
Chongqing Zhifei Biological Products Co. Ltd., Class A		605,904		12,265,594
Gan & Lee Pharmaceuticals Co. Ltd., Class A		57,580		651,002
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		529,350		2,442,834
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		220,430		3,789,187
Hangzhou Tigermed Consulting Co. Ltd., Class A		405,863		8,751,570
Huadong Medicine Co. Ltd., Class A		657,530		3,500,148
Hualan Biological Engineering, Inc., Class A		838,020		3,804,096
Humanwell Healthcare Group Co. Ltd., Class A		747,261		2,494,196
Intco Medical Technology Co. Ltd., Class A		250,582		2,569,780
Jafron Biomedical Co. Ltd., Class A		310,224		2,490,466
Jiangsu Hengrui Medicine Co. Ltd., Class A		3,410,722		26,877,550


	Number of Shares		Value
Health Care (Continued)
Lepu Medical Technology Beijing Co. Ltd., Class A		968,197	$	3,371,543
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A *		2,070,816		2,426,496
Ovctek China, Inc., Class A		396,750		3,558,380
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		912,612		8,027,373
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		875,838		2,531,284
Shanghai RAAS Blood Products Co. Ltd., Class A		2,763,501		2,843,153
Shenzhen Kangtai Biological Products Co. Ltd., Class A		311,288		5,618,977
Topchoice Medical Corp., Class A *		171,302		5,314,896
Walvax Biotechnology Co. Ltd., Class A		1,185,029		12,806,093
WuXi AppTec Co. Ltd., Class A		1,373,677		31,070,366
Yunnan Baiyao Group Co. Ltd., Class A		394,432		5,472,423
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		231,323		16,241,480
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		639,506		2,161,654
Zhejiang NHU Co. Ltd., Class A		1,200,002		5,471,776

(Cost $156,488,660)				225,195,479

Industrials — 11.4%
AECC Aviation Power Co. Ltd., Class A		905,171		9,147,680
Air China Ltd., Class A *		2,471,617		3,098,013
Beijing New Building Materials PLC, Class A		796,534		3,334,270
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		15,532,683		11,027,680
China CSSC Holdings Ltd., Class A		1,447,926		5,449,196
China Eastern Airlines Corp. Ltd., Class A *		3,638,865		2,663,490
China Railway Group Ltd., Class A		7,944,695		6,613,820
China Southern Airlines Co. Ltd., Class A *		4,912,826		4,722,610
China State Construction Engineering Corp. Ltd., Class A		16,326,000		11,898,632
COSCO SHIPPING Holdings Co. Ltd., Class A *		4,809,793		13,122,768
CRRC Corp. Ltd., Class A		9,590,161		9,173,656
Daqin Railway Co. Ltd., Class A		4,662,928		4,460,415
Eve Energy Co. Ltd., Class A		872,184		20,034,272
Gongniu Group Co. Ltd., Class A		73,475		1,817,804
Han’s Laser Technology Industry Group Co. Ltd., Class A		675,732		4,792,162
Jiangsu Hengli Hydraulic Co. Ltd., Class A		424,444		5,248,799
Jiangsu Zhongtian Technology Co. Ltd., Class A		2,050,159		5,983,186
Metallurgical Corp. of China Ltd., Class A		5,660,609		3,369,781
NARI Technology Co. Ltd., Class A		2,179,464		14,176,015
Power Construction Corp. of China Ltd., Class A		6,091,528		6,286,238
Sany Heavy Industry Co. Ltd., Class A		4,557,796		15,678,274


	Number of Shares		Value
Industrials (Continued)
SF Holding Co. Ltd., Class A		1,404,383	$	13,506,695
Shanghai Electric Group Co. Ltd., Class A		4,248,803		3,230,065
Shanghai International Airport Co. Ltd., Class A *		743,127		5,037,833
Shanghai International Port Group Co. Ltd., Class A		3,103,005		2,334,626
Shanghai M&G Stationery, Inc., Class A		322,941		2,840,603
Shenzhen Inovance Technology Co. Ltd., Class A		1,199,979		12,364,505
Spring Airlines Co. Ltd., Class A *		299,591		2,588,158
Sungrow Power Supply Co. Ltd., Class A		785,307		19,918,538
Weichai Power Co. Ltd., Class A		3,665,371		8,883,480
XCMG Construction Machinery Co. Ltd., Class A		3,782,174		3,522,860
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		2,204,177		6,335,732
YTO Express Group Co. Ltd., Class A		1,021,193		2,585,664
Yunda Holding Co. Ltd., Class A		890,435		2,780,468
Zhejiang Chint Electrics Co. Ltd., Class A		843,981		6,866,915
Zhejiang Dingli Machinery Co. Ltd., Class A		206,961		2,676,368
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		1,485,003		5,418,459
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		3,327,920		3,648,611

(Cost $175,430,962)				266,638,341

Information Technology — 15.6%
360 Security Technology, Inc., Class A *		1,729,471		3,248,955
Advanced Micro-Fabrication Equipment Inc China, Class A *		195,581		4,916,175
Avary Holding Shenzhen Co. Ltd., Class A		568,224		3,591,508
Beijing Kingsoft Office Software, Inc., Class A		143,373		6,099,292
Beijing Shiji Information Technology Co. Ltd., Class A		409,984		1,826,301
BOE Technology Group Co. Ltd., Class A		23,345,275		17,674,425
Chaozhou Three-Circle Group Co. Ltd., Class A		898,413		5,884,524
China Greatwall Technology Group Co. Ltd., Class A		1,422,022		3,140,443
China Railway Signal & Communication Corp. Ltd., Class A		3,061,160		2,336,801
China Resources Microelectronics Ltd., Class A		230,118		2,587,269
Dawning Information Industry Co. Ltd., Class A		886,139		3,891,691
Foxconn Industrial Internet Co. Ltd., Class A		2,736,894		4,801,870
Gigadevice Semiconductor Beijing, Inc., Class A		413,232		9,775,032
Glodon Co. Ltd., Class A		753,211		7,557,546
GoerTek, Inc., Class A		1,832,453		14,990,050


	Number of Shares		Value
Information Technology (Continued)
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		272,426	$	2,971,804
Hangzhou First Applied Material Co. Ltd., Class A		302,272		5,773,388
Hundsun Technologies, Inc., Class A		932,038		8,551,062
Iflytek Co. Ltd., Class A		1,380,105		11,705,909
Inspur Electronic Information Industry Co. Ltd., Class A		837,406		4,274,828
JCET Group Co. Ltd., Class A		1,000,564		5,217,737
Lens Technology Co. Ltd., Class A		1,205,899		3,975,782
Lingyi iTech Guangdong Co., Class A *		2,327,960		2,479,159
LONGi Green Energy Technology Co. Ltd., Class A		3,322,960		45,628,392
Luxshare Precision Industry Co. Ltd., Class A		3,745,707		23,327,932
Montage Technology Co. Ltd., Class A		372,886		4,820,898
National Silicon Industry Group Co. Ltd., Class A *		420,373		1,957,097
NAURA Technology Group Co. Ltd., Class A		198,555		12,069,238
OFILM Group Co. Ltd., Class A *		1,798,212		2,474,254
Sanan Optoelectronics Co. Ltd., Class A		2,109,008		11,604,264
Shanghai Baosight Software Co. Ltd., Class A		362,454		3,773,985
Shengyi Technology Co. Ltd., Class A		1,013,181		3,755,764
Shennan Circuits Co. Ltd., Class A		166,461		2,745,371
Shenzhen Goodix Technology Co. Ltd., Class A		185,935		3,213,449
Shenzhen Sunway Communication Co. Ltd., Class A		793,362		3,115,378
Shenzhen Transsion Holdings Co. Ltd., Class A		187,438		4,924,940
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		1,130,120		4,262,025
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		1,693,198		11,967,943
Unigroup Guoxin Microelectronics Co. Ltd., Class A		334,257		12,122,296
Unisplendour Corp. Ltd., Class A		1,209,593		4,913,229
Universal Scientific Industrial Shanghai Co. Ltd., Class A		640,393		1,547,042
Will Semiconductor Co. Ltd. Shanghai, Class A		405,121		17,332,421
Wingtech Technology Co. Ltd., Class A		488,959		9,423,588
Wuhan Guide Infrared Co. Ltd., Class A		826,091		3,156,961
WUS Printed Circuit Kunshan Co. Ltd., Class A		1,263,510		3,008,688
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		748,200		9,315,921
Yealink Network Technology Corp. Ltd., Class A		244,578		2,974,582
Yonyou Network Technology Co. Ltd., Class A		1,302,254		6,655,988
Zhejiang Dahua Technology Co. Ltd., Class A		1,504,430		5,801,266
ZTE Corp., Class A		2,395,925		11,545,901

(Cost $239,829,708)				364,710,364


	Number of Shares		Value
Materials — 8.4%
Aluminum Corp. of China Ltd., Class A *		5,027,167	$	4,106,066
Anhui Conch Cement Co. Ltd., Class A		1,837,816		10,455,618
Baoshan Iron & Steel Co. Ltd., Class A		6,705,339		6,867,008
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		1,378,060		8,556,461
Bluestar Adisseo Co., Class A		433,215		806,345
China Jushi Co. Ltd., Class A		1,868,683		5,136,567
China Molybdenum Co. Ltd., Class A		5,503,385		5,091,485
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		1,650,150		13,949,749
Citic Pacific Special Steel Group Co. Ltd., Class A		803,255		2,573,848
Ganfeng Lithium Co. Ltd., Class A		612,093		16,104,877
Hengli Petrochemical Co. Ltd., Class A		1,638,527		5,433,017
Hengyi Petrochemical Co. Ltd., Class A		1,713,228		2,817,482
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A *		17,106,227		7,765,177
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,557,973		2,129,468
Jiangxi Copper Co. Ltd., Class A		795,001		2,845,845
Kingfa Sci & Tech Co. Ltd., Class A		1,374,841		2,930,431
LB Group Co. Ltd., Class A		921,355		4,046,349
Ningxia Baofeng Energy Group Co. Ltd., Class A		1,723,398		4,396,133
Rongsheng Petrochemical Co. Ltd., Class A		2,366,618		6,022,023
Shandong Gold Mining Co. Ltd., Class A		1,406,543		4,219,740
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		1,136,884		5,250,041
Shanghai Putailai New Energy Technology Co. Ltd., Class A		167,480		4,787,774
Wanhua Chemical Group Co. Ltd., Class A		1,210,861		18,210,939
Yunnan Energy New Material Co. Ltd., Class A		409,316		16,343,066
Zhejiang Huayou Cobalt Co. Ltd., Class A		643,539		13,080,020
Zhejiang Longsheng Group Co. Ltd., Class A		2,090,700		4,108,169
Zhongjin Gold Corp. Ltd., Class A		1,538,444		2,012,917
Zijin Mining Group Co. Ltd., Class A		10,489,252		16,722,832

(Cost $110,811,013)				196,769,447

Real Estate — 1.8%
China Fortune Land Development Co. Ltd., Class A *		1,422,087		737,122
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,337,524		4,203,982
China Vanke Co. Ltd., Class A		5,118,242		14,679,824
Gemdale Corp., Class A		1,598,902		2,511,430
Greenland Holdings Corp. Ltd., Class A		2,838,270		1,827,834
Jinke Properties Group Co. Ltd., Class A		2,170,812		1,404,814
Poly Developments and Holdings Group Co. Ltd., Class A		5,362,001		11,664,763


	Number of Shares		Value
Real Estate (Continued)
Seazen Holdings Co. Ltd., Class A		697,322	$	3,406,379
Shanghai Lingang Holdings Corp. Ltd., Class A		774,320		1,724,630

(Cost $43,398,509)				42,160,778

Utilities — 2.0%
CGN Power Co. Ltd., Class A		9,038,879		4,117,294
China National Nuclear Power Co. Ltd., Class A		4,301,101		4,614,234
China Yangtze Power Co. Ltd., Class A (a)		8,777,564		26,926,227
GD Power Development Co. Ltd., Class A		6,932,700		2,765,893
Huaneng Lancang River Hydropower, Inc., Class A		1,715,900		1,617,121


	Number of Shares		Value
Utilities (Continued)
Huaneng Power International, Inc., Class A		3,186,442	$	3,108,113
SDIC Power Holdings Co. Ltd., Class A		2,250,763		3,517,646

(Cost $36,970,106)				46,666,528

TOTAL COMMON STOCKS (Cost $1,597,496,125)				2,333,937,233

TOTAL INVESTMENTS — 99.7% (Cost $1,597,496,125)			$	2,333,937,233
Other assets and liabilities, net — 0.3%				6,074,747

NET ASSETS — 100.0%			$	2,340,011,980

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 November 30, 2021 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.

The following is a reconcilation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value:

Transfers between price levels are recognized at the beginning of the reporting period.

Significant unobservable inputs developed by the Pricing Committee and used in the fair value measurement of the Fund’s equity investments include the last traded price on the Exchange for securities suspended from trading. A significant change between last traded price, and the price of a security once it resumes trading on the securities exchange could result in a material change in the fair value measurement.


	Number of Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 3.2%
Beijing Enlight Media Co. Ltd., Class A		46,000	$	73,337
Beijing Gehua CATV Network Co. Ltd., Class A		37,600		44,885
Bluefocus Intelligent Communications Group Co. Ltd., Class A		78,600		85,557
China South Publishing & Media Group Co. Ltd., Class A		27,400		39,551
Chinese Universe Publishing and Media Group Co. Ltd., Class A		25,889		43,470
Dr Peng Telecom & Media Group Co. Ltd., Class A*		54,400		55,712
G-bits Network Technology Xiamen Co. Ltd., Class A		1,673		98,769
Hangzhou Shunwang Technology Co. Ltd., Class A		19,600		44,794
Inmyshow Digital Technology Group Co. Ltd., Class A		20,800		41,231
Jiangsu Broadcasting Cable Information Network Corp. Ltd., Class A		71,300		32,926
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		27,300		29,202
Kunlun Tech Co. Ltd., Class A		31,600		104,779
Leo Group Co. Ltd., Class A		261,295		97,680
NanJi E-Commerce Co. Ltd., Class A		75,800		77,747
Oriental Pearl Group Co. Ltd., Class A		77,000		94,942
Ourpalm Co. Ltd., Class A*		106,600		67,478
People.cn Co. Ltd., Class A		22,300		45,710
Wasu Media Holding Co. Ltd., Class A		18,900		21,731
Xinhuanet Co. Ltd., Class A		8,550		24,160
Youzu Interactive Co. Ltd., Class A*		28,300		68,189
Zhejiang Daily Digital Culture Group Co. Ltd., Class A		29,900		37,712
Zhejiang Huace Film & Television Co. Ltd., Class A		43,800		39,146

(Cost $1,281,197)				1,268,708

Consumer Discretionary — 8.1%
Anhui Jianghuai Automobile Group Corp. Ltd., Class A		51,700		137,320
Anhui Xinhua Media Co. Ltd., Class A		22,900		16,977
Anhui Zhongding Sealing Parts Co. Ltd., Class A		29,500		109,678
Autel Intelligent Technology Corp. Ltd., Class A		7,080		83,549
BAIC BluePark New Energy Technology Co. Ltd., Class A*		83,700		157,237
Beiqi Foton Motor Co. Ltd., Class A*		180,100		101,839
BTG Hotels Group Co. Ltd., Class A*		19,145		69,766
Chengdu Fusen Noble-House Industrial Co. Ltd., Class A		5,770		11,129
China Grand Automotive Services Group Co. Ltd., Class A*		155,000		61,352
Chongqing Department Store Co. Ltd., Class A		7,795		30,769
Chongqing Sokon Industry Group Co. Ltd., Class A*		15,800		172,828


	Number of Shares		Value
Consumer Discretionary (Continued)
Chow Tai Seng Jewellery Co. Ltd., Class A		17,200	$	47,143
DongFeng Automobile Co. Ltd., Class A		32,300		36,630
Eastern Pioneer Driving School Co. Ltd., Class A		14,180		19,066
Ecovacs Robotics Co. Ltd., Class A		8,833		227,439
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A		12,700		47,596
Hang Zhou Great Star Industrial Co. Ltd., Class A*		26,853		135,098
Hisense Visual Technology Co. Ltd., Class A		30,700		64,038
HLA Group Corp. Ltd., Class A		50,200		50,149
Joyoung Co. Ltd., Class A		11,900		42,468
Keboda Technology Co. Ltd., Class A		1,900		25,964
KingClean Electric Co. Ltd., Class A		4,500		21,707
Liaoning Cheng Da Co. Ltd., Class A		41,258		119,760
New Guomai Digital Culture Co. Ltd., Class A		12,400		26,450
Ningbo Huaxiang Electronic Co. Ltd., Class A		19,800		64,160
Ningbo Joyson Electronic Corp., Class A		32,020		115,024
Ningbo Tuopu Group Co. Ltd., Class A		17,107		180,165
Rainbow Digital Commercial Co. Ltd., Class A		18,300		17,247
Shanghai Jinjiang International Hotels Co. Ltd., Class A		14,300		117,203
Shenzhen MTC Co. Ltd., Class A*		71,600		55,333
Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A*		37,250		41,951
Sichuan Changhong Electric Co. Ltd., Class A		142,800		66,168
Suofeiya Home Collection Co. Ltd., Class A		24,918		66,146
Visual China Group Co. Ltd., Class A		19,500		55,623
Wangfujing Group Co. Ltd., Class A		22,530		100,114
Wanxiang Qianchao Co. Ltd., Class A		53,300		53,078
Weifu High-Technology Group Co. Ltd., Class A		20,000		66,033
Wuchan Zhongda Group Co. Ltd., Class A		117,200		111,558
Wuhan Department Store Group Co. Ltd., Class A		16,709		25,799
Xiamen Intretech, Inc., Class A		9,330		48,976
Zhejiang Orient Financial Holdings Group Co. Ltd., Class A		69,138		47,783
Zhejiang Semir Garment Co. Ltd., Class A		31,500		35,772
Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A		61,500		55,158
Zhejiang Yasha Decoration Co. Ltd., Class A		25,600		29,917

(Cost $2,181,031)				3,169,160

Consumer Staples — 6.6%
Anhui Kouzi Distillery Co. Ltd., Class A		13,900		144,469
Anhui Yingjia Distillery Co. Ltd., Class A		9,400		100,814
Beijing Dabeinong Technology Group Co. Ltd., Class A		128,462		183,013
Beijing Yanjing Brewery Co. Ltd., Class A		52,400		55,968


	Number of Shares		Value
Consumer Staples (Continued)
Bestore Co. Ltd., Class A		2,200	$	14,617
Bright Dairy & Food Co. Ltd., Class A		24,700		53,656
By-health Co. Ltd., Class A		33,100		122,386
C&S Paper Co. Ltd., Class A		25,800		67,433
Chacha Food Co. Ltd., Class A		11,800		99,308
Chongqing Fuling Zhacai Group Co. Ltd., Class A		20,738		105,865
COFCO Sugar Holding Co. Ltd., Class A		42,400		63,335
Fujian Sunner Development Co. Ltd., Class A		28,900		99,458
Guangdong Marubi Biotechnology Co. Ltd., Class A		2,200		10,442
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		19,700		92,273
Heilongjiang Agriculture Co. Ltd., Class A		28,300		63,388
Jiajiayue Group Co. Ltd., Class A		9,300		21,196
JiuGui Liquor Co. Ltd., Class A		8,800		310,423
Laobaixing Pharmacy Chain JSC, Class A		7,954		53,822
New Hope Dairy Co. Ltd., Class A		7,400		16,854
Opple Lighting Co. Ltd., Class A		5,790		17,798
Pengdu Agriculture & Animal Husbandry Co. Ltd., Class A*		127,420		81,657
Proya Cosmetics Co. Ltd., Class A		3,922		122,376
Shandong Yisheng Livestock & Poultry Breeding Co. Ltd., Class A*		23,600		39,812
Shanghai Bailian Group Co. Ltd., Class A		31,100		64,579
Shanghai Flyco Electrical Appliance Co. Ltd., Class A		1,800		11,516
Shanghai Jahwa United Co. Ltd., Class A		13,164		86,574
Shenzhen Agricultural Products Group Co. Ltd., Class A		25,900		25,182
Sichuan Swellfun Co. Ltd., Class A		7,499		153,490
Sichuan Teway Food Group Co. Ltd., Class A		6,014		23,285
Tech-Bank Food Co. Ltd., Class A		57,020		56,693
Toly Bread Co. Ltd., Class A		14,989		72,561
Yantai Changyu Pioneer Wine Co. Ltd., Class A		5,200		25,181
Yuan Longping High-tech Agriculture Co. Ltd., Class A*		40,754		153,888

(Cost $2,171,174)				2,613,312

Energy — 2.7%
China Petroleum Engineering Corp.		64,200		28,235
China Suntien Green Energy Corp. Ltd., Class A		5,400		14,190
CNOOC Energy Technology & Services Ltd., Class A		77,900		33,894
COFCO Capital Holdings Co. Ltd., Class A		7,000		8,906
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		51,100		47,436
Guanghui Energy Co. Ltd., Class A*		156,800		146,542
Guizhou Gas Group Corp. Ltd., Class A		8,600		13,225
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		29,700		54,068
Jizhong Energy Resources Co. Ltd., Class A		40,800		36,016


	Number of Shares		Value
Energy (Continued)
Nanjing Tanker Corp., Class A*		132,600	$	40,406
Oriental Energy Co. Ltd., Class A		44,800		88,946
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		46,770		78,605
Shanxi Coking Coal Energy Group Co. Ltd., Class A		79,050		99,084
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		46,400		78,712
Sinopec Oilfield Service Corp., Class A*		72,700		23,066
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		22,341		136,962
Yanzhou Coal Mining Co. Ltd., Class A		34,600		123,476

(Cost $686,541)				1,051,769

Financials — 4.8%
Bank of Changsha Co. Ltd., Class A		44,600		54,782
Bank of Guiyang Co. Ltd., Class A		96,400		98,118
Bank of Qingdao Co. Ltd., Class A		31,500		23,453
Bank of Suzhou Co. Ltd., Class A		62,200		65,165
Bank of Xi’an Co. Ltd., Class A		46,400		30,974
Bank of Zhengzhou Co. Ltd., Class A*		66,960		35,549
Dongxing Securities Co. Ltd., Class A		64,600		121,357
First Capital Securities Co. Ltd., Class A		133,400		145,836
Guolian Securities Co. Ltd., Class A		18,900		37,257
Huaan Securities Co. Ltd., Class A		113,015		90,355
Huaxi Securities Co. Ltd., Class A		61,700		89,936
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		105,755		113,952
Jiangsu Financial Leasing Co. Ltd., Class A		45,900		36,769
Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd., Class A		48,400		43,105
Jiangsu Zijin Rural Commercial Bank Co. Ltd., Class A		70,200		34,844
Minmetals Capital Co. Ltd., Class A		83,400		66,809
Northeast Securities Co. Ltd., Class A		55,249		76,194
Oceanwide Holdings Co. Ltd., Class A*		59,600		16,477
Pacific Securities Co. Ltd., Class A*		271,000		135,361
Polaris Bay Group Co. Ltd., Class A*		48,000		71,549
Qingdao Rural Commercial Bank Corp., Class A		102,900		61,741
Sealand Securities Co. Ltd., Class A		153,970		94,320
Shaanxi International Trust Co. Ltd., Class A		80,790		39,212
Shanghai AJ Group Co. Ltd., Class A		37,205		37,985
Shanxi Securities Co. Ltd., Class A		86,340		85,709
Southwest Securities Co. Ltd., Class A		133,000		101,529
Wuxi Rural Commercial Bank Co. Ltd., Class A		57,800		50,660
Xiamen Bank Co. Ltd., Class A		11,100		11,856

(Cost $1,941,984)				1,870,854

Health Care — 8.5%
Anhui Anke Biotechnology Group Co. Ltd., Class A		44,808		93,043
Apeloa Pharmaceutical Co. Ltd., Class A		23,000		149,275
Beijing SL Pharmaceutical Co. Ltd., Class A		24,500		41,177
Blue Sail Medical Co. Ltd., Class A		24,200		63,707


	Number of Shares		Value
Health Care (Continued)
China Animal Husbandry Industry Co. Ltd., Class A		23,757	$	41,308
China National Accord Medicines Corp. Ltd., Class A		5,373		28,036
China National Medicines Corp. Ltd., Class A		14,533		70,491
China Resources Double Crane Pharmaceutical Co. Ltd., Class A		19,849		39,346
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		15,018		57,628
Daan Gene Co. Ltd., Class A		37,918		126,503
Dezhan Healthcare Co. Ltd., Class A		34,400		20,857
Dian Diagnostics Group Co. Ltd., Class A		17,040		90,520
Double Medical Technology, Inc., Class A		1,800		13,356
Guangdong Zhongsheng Pharmaceutical Co. Ltd., Class A		25,100		47,941
Guangzhou Wondfo Biotech Co. Ltd., Class A		10,440		63,495
Guizhou Bailing Group Pharmaceutical Co. Ltd., Class A*		27,200		25,634
Guizhou Xinbang Pharmaceutical Co. Ltd., Class A*		47,050		50,032
Hainan Poly Pharm Co. Ltd., Class A		10,299		84,362
Haisco Pharmaceutical Group Co. Ltd., Class A		6,200		18,377
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		10,400		29,551
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		27,285		154,328
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		35,900		92,534
Jinyu Bio-Technology Co. Ltd., Class A		43,404		109,217
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		46,056		86,520
Jointown Pharmaceutical Group Co. Ltd., Class A		34,700		74,507
Livzon Pharmaceutical Group, Inc., Class A		14,662		83,068
Maccura Biotechnology Co. Ltd., Class A		15,000		73,628
Micro-Tech Nanjing Co. Ltd., Class A		1,591		62,550
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		14,060		92,026
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		21,200		62,370
Shandong Pharmaceutical Glass Co. Ltd., Class A		18,600		130,652
Shenzhen Chipscreen Biosciences Co. Ltd., Class A*		9,613		54,207
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A		14,200		35,686
Shenzhen Neptunus Bioengineering Co. Ltd., Class A*		63,350		32,538
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A*		17,300		76,793
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		32,300		87,009
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		44,100		131,610


	Number of Shares		Value
Health Care (Continued)
Tasly Pharmaceutical Group Co. Ltd., Class A		35,200	$	75,028
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A		69,000		47,904
Tianjin ZhongXin Pharmaceutical Group Corp. Ltd., Class A		11,362		43,938
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		55,100		95,548
Vcanbio Cell & Gene Engineering Corp. Ltd., Class A*		14,900		52,331
Winning Health Technology Group Co. Ltd., Class A		65,900		162,719
Yifan Pharmaceutical Co. Ltd., Class A		28,600		75,695
Zhejiang Conba Pharmaceutical Co. Ltd., Class A*		72,340		47,495
Zhejiang Medicine Co. Ltd., Class A		26,500		71,052
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		10,200		89,815

(Cost $2,890,635)				3,355,407

Industrials — 20.0%
AECC Aero-Engine Control Co. Ltd., Class A		30,900		149,974
AVIC Electromechanical Systems Co. Ltd., Class A		86,200		230,174
AVICOPTER PLC, Class A		14,300		163,518
Beijing Bei Mo Gao Ke Friction Material Co. Ltd., Class A		3,430		67,835
Beijing Originwater Technology Co. Ltd., Class A		85,600		95,059
Bohai Leasing Co. Ltd., Class A*		94,800		45,862
China Aluminum International Engineering Corp. Ltd., Class A*		15,100		9,226
China Baoan Group Co. Ltd., Class A		100,980		281,218
China Energy Engineering Corp. Ltd.*		502,518		193,383
China First Heavy Industries, Class A*		110,200		60,756
China International Marine Containers Group Co. Ltd., Class A		41,920		112,133
China Meheco Co. Ltd., Class A		20,387		35,993
China Merchants Port Group Co. Ltd., Class A		8,600		21,803
China National Chemical Engineering Co. Ltd., Class A		90,900		158,770
China Railway Hi-tech Industry Co. Ltd., Class A		51,600		62,245
China Southern Power Grid Energy Efficiency&Clean Energy Co. Ltd., Class A		29,200		36,876
China XD Electric Co. Ltd., Class A		81,100		74,266
CITIC Heavy Industries Co. Ltd., Class A		70,400		52,525
CMST Development Co. Ltd., Class A		33,600		32,827
COSCO SHIPPING Development Co. Ltd., Class A		153,600		77,928
Deppon Logistics Co. Ltd., Class A		11,800		18,071
Dongfang Electric Corp. Ltd., Class A		43,400		139,065
East Group Co. Ltd., Class A		36,700		65,485
Eternal Asia Supply Chain Management Ltd., Class A		59,700		58,232


	Number of Shares		Value
Industrials (Continued)
Fangda Carbon New Material Co. Ltd., Class A		89,400	$	169,631
Fujian Longking Co. Ltd., Class A		30,400		39,871
Gotion High-tech Co. Ltd., Class A*		39,381		411,470
Guangshen Railway Co. Ltd., Class A*		134,000		42,937
Guangxi Liugong Machinery Co. Ltd., Class A		43,230		51,606
Guangzhou Port Co. Ltd., Class A		47,500		23,651
Guosheng Financial Holding, Inc., Class A*		45,487		68,947
Hefei Meiya Optoelectronic Technology, Inc., Class A		10,900		66,686
Henan Pinggao Electric Co. Ltd., Class A		31,400		43,550
Hongfa Technology Co. Ltd., Class A		20,480		233,285
Infore Environment Technology Group Co. Ltd., Class A		38,700		48,387
Jiangsu Expressway Co. Ltd., Class A		16,900		22,166
Jihua Group Corp. Ltd., Class A*		104,100		44,639
Juneyao Airlines Co. Ltd., Class A		23,240		53,368
Kaishan Group Co. Ltd., Class A		16,200		39,899
Kuang-Chi Technologies Co. Ltd., Class A*		50,200		182,696
Liaoning Port Co. Ltd., Class A		228,620		60,329
Ming Yang Smart Energy Group Ltd., Class A		37,700		188,722
North Industries Group Red Arrow Co. Ltd., Class A*		27,947		132,744
Orient Group, Inc., Class A*		114,590		52,917
Qingdao Port International Co. Ltd., Class A		27,000		23,198
Qingdao TGOOD Electric Co. Ltd., Class A		24,481		115,974
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A		15,900		68,680
Shandong Hi-speed Co. Ltd., Class A		23,900		18,695
Shanghai Construction Group Co. Ltd., Class A		165,400		80,537
Shanghai Environment Group Co. Ltd., Class A		26,840		51,433
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A		13,649		32,051
Shanghai Tunnel Engineering Co. Ltd., Class A		73,000		57,790
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class A		14,200		28,170
Shanxi Coal International Energy Group Co. Ltd., Class A		30,400		38,391
Shenzhen Airport Co. Ltd., Class A*		41,500		46,152
Shenzhen Tagen Group Co. Ltd., Class A		50,809		41,898
Siasun Robot & Automation Co. Ltd., Class A*		51,100		82,431
Sichuan Road & Bridge Co. Ltd., Class A		55,600		104,799
Sieyuan Electric Co. Ltd., Class A		23,980		206,334
Sinochem International Corp., Class A		55,300		72,268
Sinoma International Engineering Co., Class A		41,550		76,293
Sinotrans Ltd., Class A		61,100		42,227
State Grid Yingda Co. Ltd., Class A		45,900		52,846
STO Express Co. Ltd., Class A*		23,600		30,731


	Number of Shares		Value
Industrials (Continued)
Sunwoda Electronic Co. Ltd., Class A		46,200	$	384,244
Suzhou Anjie Technology Co. Ltd., Class A		11,850		31,251
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		50,200		44,787
TangShan Port Group Co. Ltd., Class A		113,574		44,955
TBEA Co. Ltd., Class A		143,000		514,139
Tian Di Science & Technology Co. Ltd., Class A		65,700		43,239
Tianjin Port Co. Ltd., Class A		55,576		33,871
Topsec Technologies Group, Inc., Class A		46,280		136,444
Tus Environmental Science And Technology Development Co. Ltd., Class A*		34,300		24,190
Wolong Electric Group Co. Ltd., Class A		32,439		100,835
Xiamen C & D, Inc., Class A		64,100		81,251
Xiamen ITG Group Corp. Ltd., Class A		57,048		60,933
Xuji Electric Co. Ltd., Class A		24,500		103,864
Yantai Eddie Precision Machinery Co. Ltd., Class A		13,580		67,682
Yutong Bus Co. Ltd., Class A		53,900		93,467
Zhefu Holding Group Co. Ltd., Class A		63,900		67,047
Zhejiang Wanliyang Co. Ltd., Class A		27,700		66,786
Zhejiang Weiming Environment Protection Co. Ltd., Class A		14,776		83,901
Zhejiang Weixing New Building Materials Co. Ltd., Class A		24,880		72,453
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A		41,100		81,793
Zhongshan Broad Ocean Motor Co. Ltd., Class A		67,000		86,716
Zhuzhou Kibing Group Co. Ltd., Class A		62,900		157,880

(Cost $5,107,914)				7,873,351

Information Technology — 17.8%
Accelink Technologies Co. Ltd., Class A		17,300		63,314
Addsino Co. Ltd., Class A		50,600		130,027
Aisino Corp., Class A		43,700		91,361
Amlogic Shanghai Co. Ltd., Class A*		7,977		151,747
Arcsoft Corp. Ltd., Class A		7,988		61,304
Beijing E-Hualu Information Technology Co. Ltd., Class A*		15,740		82,155
Beijing Jetsen Technology Co. Ltd., Class A*		79,600		59,264
Beijing Orient National Communication Science & Technology Co. Ltd., Class A*		32,419		53,366
Beijing Sinnet Technology Co. Ltd., Class A		42,200		97,770
Beijing Teamsun Technology Co. Ltd., Class A		44,560		48,924
Beijing Thunisoft Corp. Ltd., Class A		32,600		61,088
Beijing Ultrapower Software Co. Ltd., Class A*		77,600		70,330
Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A		35,100		85,345
China National Software & Service Co. Ltd., Class A		11,600		94,491
China TransInfo Technology Co. Ltd., Class A		37,600		86,994


	Number of Shares		Value
Information Technology (Continued)
DHC Software Co. Ltd., Class A		74,700	$	85,184
Doushen Beijing Education & Technology, Inc., Class A*		26,620		17,185
Eastern Communications Co. Ltd., Class A		19,700		35,275
Fiberhome Telecommunication Technologies Co. Ltd., Class A		27,200		75,834
Fujian Star-net Communication Co. Ltd., Class A		18,200		72,040
GCL System Integration Technology Co. Ltd., Class A*		137,500		93,301
GRG Banking Equipment Co. Ltd., Class A		48,900		88,483
Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A		28,200		130,624
Guangzhou Haige Communications Group, Inc. Co., Class A		73,900		120,951
Hangzhou Lion Electronics Co. Ltd., Class A		1,700		36,315
Hangzhou Silan Microelectronics Co. Ltd., Class A		32,480		316,663
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		33,000		103,409
Hengtong Optic-electric Co. Ltd., Class A		55,800		144,441
Huagong Tech Co. Ltd., Class A		40,059		188,765
Hytera Communications Corp. Ltd., Class A		38,900		36,110
Ingenic Semiconductor Co. Ltd., Class A		7,300		156,044
IRICO Display Devices Co. Ltd., Class A*		55,600		61,307
Leyard Optoelectronic Co. Ltd., Class A		80,600		130,524
MLS Co. Ltd., Class A		29,600		79,039
Neusoft Corp., Class A*		34,900		61,232
Newland Digital Technology Co. Ltd., Class A		29,140		81,380
Ninestar Corp., Class A		25,400		174,905
PCI Technology Group Co. Ltd., Class A		55,350		69,552
Raytron Technology Co. Ltd., Class A		8,733		119,064
Rockchip Electronics Co. Ltd., Class A		6,400		147,834
Shanghai 2345 Network Holding Group Co. Ltd., Class A*		226,848		77,677
Shanghai Aiko Solar Energy Co. Ltd., Class A		32,100		115,109
Shanghai Belling Co. Ltd., Class A		22,300		97,971
Shenzhen Aisidi Co. Ltd., Class A		24,500		48,527
Shenzhen Everwin Precision Technology Co. Ltd., Class A		28,536		69,295
Shenzhen Huaqiang Industry Co. Ltd., Class A		12,840		32,693
Shenzhen Kaifa Technology Co. Ltd., Class A		37,400		90,761
Shenzhen Kingdom Sci-Tech Co. Ltd., Class A		23,400		50,759
Shenzhen Kinwong Electronic Co. Ltd., Class A		10,320		46,847
Shenzhen Sunlord Electronics Co. Ltd., Class A		25,300		151,367
Shenzhen Suntak Circuit Technology Co. Ltd., Class A		15,300		38,811
Sinosoft Co. Ltd., Class A		13,720		58,660


	Number of Shares		Value
Information Technology (Continued)
StarPower Semiconductor Ltd., Class A		1,900	$	143,250
Taiji Computer Corp. Ltd., Class A		16,419		74,274
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		12,400		72,260
Tianma Microelectronics Co. Ltd., Class A		48,800		95,814
Tianshui Huatian Technology Co. Ltd., Class A		86,200		186,982
TongFu Microelectronics Co. Ltd., Class A		26,600		91,041
Venustech Group, Inc., Class A		29,200		131,862
Visionox Technology, Inc., Class A*		37,200		51,419
Wangsu Science & Technology Co. Ltd., Class A		78,400		75,487
Westone Information Industry, Inc., Class A		22,904		204,667
Wonders Information Co. Ltd., Class A*		46,494		86,759
Wuhu Token Science Co. Ltd., Class A		94,800		170,346
Wuxi Taiji Industry Co. Ltd., Class A		59,100		76,770
Xiamen Faratronic Co. Ltd., Class A		5,300		217,444
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class A		5,200		26,724
Zhejiang Crystal-Optech Co. Ltd., Class A		44,262		121,735
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		25,100		283,191
Zhongji Innolight Co. Ltd., Class A		22,600		135,391

(Cost $5,177,982)				6,986,834

Materials — 22.3%
ADAMA Ltd., Class A		16,600		20,728
Angang Steel Co. Ltd., Class A		92,500		52,741
BBMG Corp., Class A		154,800		65,407
Beijing Sanju Environmental Protection and New Material Co. Ltd., Class A*		54,500		62,406
Beijing Shougang Co. Ltd., Class A*		47,400		47,203
Chengzhi Co. Ltd., Class A*		24,209		56,316
Chifeng Jilong Gold Mining Co. Ltd., Class A*		45,400		119,232
China Hainan Rubber Industry Group Co. Ltd., Class A		68,300		56,751
China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd., Class A*		55,800		48,469
China West Construction Group Co. Ltd., Class A		19,500		22,665
Chongqing Iron & Steel Co. Ltd., Class A*		258,900		81,332
COFCO Biotechnology Co. Ltd., Class A		43,285		79,411
CSG Holding Co. Ltd., Class A		54,361		83,764
Fangda Special Steel Technology Co. Ltd., Class A		41,246		46,840
Gansu Jiu Steel Group Hongxing Iron & Steel Co. Ltd., Class A*		119,800		39,704
GEM Co. Ltd., Class A		185,852		329,871
Grace Fabric Technology Co. Ltd., Class A		6,900		9,657
Guangdong HEC Technology Holding Co. Ltd., Class A*		57,605		99,530
Guangdong Hongda Blasting Co. Ltd., Class A		17,400		82,593
Guangdong Tapai Group Co. Ltd., Class A		27,600		43,222


	Number of Shares		Value
Materials (Continued)
Guangzhou Tinci Materials Technology Co. Ltd., Class A		22,034	$	467,226
Hainan Mining Co. Ltd., Class A*		15,400		30,430
Hangzhou Iron & Steel Co., Class A		65,510		52,272
Hesteel Co. Ltd., Class A		159,300		58,300
Hongda Xingye Co. Ltd., Class A		90,578		87,498
Hoshine Silicon Industry Co. Ltd., Class A		5,800		140,597
Huabao Flavours & Fragrances Co. Ltd., Class A		4,800		53,115
Huafon Microfibre Shanghai Technology Co. Ltd.*		47,250		36,885
Huaibei Mining Holdings Co. Ltd., Class A		38,500		64,464
Huapont Life Sciences Co. Ltd., Class A		61,450		71,039
Huaxin Cement Co. Ltd., Class A		26,272		73,124
Hubei Xingfa Chemicals Group Co. Ltd., Class A		25,920		162,649
Hunan Gold Corp. Ltd., Class A*		32,800		53,683
Hunan Valin Steel Co. Ltd., Class A		127,720		100,908
Jiangsu Shagang Co. Ltd., Class A		68,100		60,008
Jiangsu Yangnong Chemical Co. Ltd., Class A		7,300		151,929
Jilin Yatai Group Co. Ltd., Class A		125,900		65,061
Jinduicheng Molybdenum Co. Ltd., Class A		39,800		46,511
Levima Advanced Materials Corp., Class A		7,900		50,776
Lianhe Chemical Technology Co. Ltd., Class A		28,859		81,412
Liuzhou Iron & Steel Co. Ltd., Class A		19,800		16,048
Luxi Chemical Group Co. Ltd., Class A		44,500		107,851
Maanshan Iron & Steel Co. Ltd., Class A		92,700		52,564
Nanjing Hanrui Cobalt Co. Ltd., Class A		8,500		131,001
Nanjing Iron & Steel Co. Ltd., Class A		119,100		65,663
Ningbo Shanshan Co. Ltd., Class A		43,761		257,280
ORG Technology Co. Ltd., Class A		65,650		73,214
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		167,500		99,450
Red Avenue New Materials Group Co. Ltd., Class A		7,000		57,186
Rising Nonferrous Metals Share Co. Ltd., Class A*		7,400		63,487
Sansteel Minguang Co. Ltd. Fujian, Class A		47,550		48,697
Satellite Chemical Co. Ltd., Class A		26,900		166,897
SGIS Songshan Co. Ltd., Class A		46,500		29,945
Shaanxi Beiyuan Chemical Industry Group Co. Ltd., Class A		16,000		20,407
Shandong Chenming Paper Holdings Ltd., Class A		47,350		53,401
Shandong Iron and Steel Co. Ltd., Class A		212,130		57,643
Shandong Nanshan Aluminum Co. Ltd., Class A		277,700		191,487
Shandong Sinocera Functional Material Co. Ltd., Class A		30,900		217,923
Shandong Sun Paper Industry JSC Ltd., Class A		61,300		110,536
Shanghai Huayi Group Co. Ltd., Class A		21,900		32,954
Shanxi Meijin Energy Co. Ltd., Class A*		82,700		175,363


	Number of Shares		Value
Materials (Continued)
Shanxi Taigang Stainless Steel Co. Ltd., Class A		88,100	$	99,219
Shanying International Holding Co. Ltd., Class A		121,100		60,678
Shenghe Resources Holding Co. Ltd., Class A		47,790		167,620
Shenzhen Capchem Technology Co. Ltd., Class A		11,000		209,409
Shenzhen Jinjia Group Co. Ltd., Class A		40,400		96,645
Shenzhen YUTO Packaging Technology Co. Ltd., Class A		14,740		73,161
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		100,500		77,508
Sichuan Hebang Biotechnology Co. Ltd., Class A*		204,780		108,718
Sinoma Science & Technology Co. Ltd., Class A		26,200		150,208
Skshu Paint Co. Ltd., Class A		5,840		109,177
Tangshan Jidong Cement Co. Ltd., Class A (a)		37,081		68,961
Tangshan Sanyou Chemical Industries Co. Ltd., Class A		48,500		71,762
Tianshan Aluminum Group Co. Ltd., Class A		20,900		26,854
Tongkun Group Co. Ltd., Class A		64,400		199,679
Tongling Nonferrous Metals Group Co. Ltd., Class A		285,400		153,762
Transfar Zhilian Co. Ltd., Class A		47,600		67,888
Weihai Guangwei Composites Co. Ltd., Class A		12,200		161,542
Western Mining Co. Ltd., Class A		74,400		151,102
Xiamen Tungsten Co. Ltd., Class A		33,420		137,375
Xinfengming Group Co. Ltd., Class A		29,416		65,749
Xinjiang Tianshan Cement Co. Ltd., Class A		24,300		50,688
Xinjiang Zhongtai Chemical Co. Ltd., Class A		67,100		102,866
Xinxing Ductile Iron Pipes Co. Ltd., Class A		88,450		51,821
Xinyu Iron & Steel Co. Ltd., Class A		61,900		51,919
Yintai Gold Co. Ltd., Class A		64,908		91,655
Yunnan Aluminium Co. Ltd., Class A*		73,100		122,743
Yunnan Chihong Zinc & Germanium Co. Ltd., Class A		120,600		94,904
Yunnan Copper Co. Ltd., Class A		40,800		88,502
Yunnan Tin Co. Ltd., Class A*		39,230		114,181
Zhejiang Hailiang Co. Ltd., Class A		37,800		75,997
Zhejiang Juhua Co. Ltd., Class A		52,790		109,453
Zhejiang Runtu Co. Ltd., Class A		31,000		43,920
Zhejiang Sanmei Chemical Industry Co. Ltd., Class A		6,960		27,844
Zibo Qixiang Tengda Chemical Co. Ltd., Class A		52,521		82,000

(Cost $5,571,985)				8,750,236

Real Estate — 3.1%
Beijing Capital Development Co. Ltd., Class A		45,000		33,362


	Number of Shares		Value
Real Estate (Continued)
Beijing Urban Construction Investment & Development Co. Ltd., Class A		47,720	$	31,481
China Merchants Property Operation & Service Co. Ltd., Class A		16,800		33,751
China Sports Industry Group Co. Ltd., Class A		26,801		48,916
China-Singapore Suzhou Industrial Park Development Group Co. Ltd., Class A		11,500		16,943
Cinda Real Estate Co. Ltd., Class A*		27,500		13,822
Financial Street Holdings Co. Ltd., Class A		43,800		37,908
Grandjoy Holdings Group Co. Ltd., Class A*		45,400		23,818
Greattown Holdings Ltd., Class A		61,164		33,818
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		44,800		28,147
Huafa Industrial Co. Ltd. Zhuhai, Class A		63,040		51,985
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		68,100		41,075
Nanjing Gaoke Co. Ltd., Class A		31,920		45,124
Red Star Macalline Group Corp. Ltd., Class A*		16,900		22,483
RiseSun Real Estate Development Co. Ltd., Class A		77,700		50,526
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class A		13,000		24,095
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		34,000		55,755
Shanghai Shimao Co. Ltd., Class A		37,800		18,346
Shanghai SMI Holding Co. Ltd., Class A		48,300		29,588
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		30,700		71,657
Sichuan Languang Development Co. Ltd., Class A*		58,165		15,257
Suning Universal Co. Ltd., Class A*		58,700		40,845
Tahoe Group Co. Ltd., Class A*		33,300		10,618
Tianjin Guangyu Development Co. Ltd., Class A		21,500		69,567
Xiangcai Co. Ltd., Class A		17,200		27,016
Xinhu Zhongbao Co. Ltd., Class A		162,100		73,074
Yango Group Co. Ltd., Class A		75,600		34,437
Youngor Group Co. Ltd., Class A		107,400		110,327
Zhejiang China Commodities City Group Co. Ltd., Class A		106,100		76,661


	Number of Shares		Value
Real Estate (Continued)
Zhongtian Financial Group Co. Ltd., Class A*		153,900	$	63,092

(Cost $1,461,998)				1,233,494

Utilities — 2.8%
Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A		172,990		88,037
CECEP Wind-Power Corp., Class A		118,400		119,023
Chengdu Xingrong Environment Co. Ltd., Class A		69,500		65,826
Chongqing Gas Group Corp. Ltd., Class A		12,200		16,193
Datang International Power Generation Co. Ltd., Class A		95,100		37,792
ENN Natural Gas Co. Ltd., Class A		22,800		69,978
Guangdong Baolihua New Energy Stock Co. Ltd., Class A		67,500		56,935
Huadian Power International Corp. Ltd., Class A		126,100		71,899
Hubei Energy Group Co. Ltd., Class A		75,600		54,029
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		118,700		68,425
Jinko Power Technology Co. Ltd., Class A		33,200		48,706
Luenmei Quantum Co. Ltd., Class A		35,350		44,808
Shanghai Electric Power Co. Ltd., Class A		30,000		46,933
Shenergy Co. Ltd., Class A		94,949		91,870
Shenzhen Energy Group Co. Ltd., Class A		55,260		70,046
Shenzhen Gas Corp. Ltd., Class A		23,300		33,084
State Grid Information & Communication Co. Ltd., Class A		19,100		57,572
Zhongshan Public Utilities Group Co. Ltd., Class A		34,760		45,590

(Cost $873,969)				1,086,746

TOTAL COMMON STOCKS (Cost $29,346,410)				39,259,871


TOTAL INVESTMENTS — 99.9% (Cost $29,346,410)			$	39,259,871
Other assets and liabilities, net — 0.1%				50,762

NET ASSETS — 100.0%			$	39,310,633

During the period ended November 30, 2021, the amount of transfers from Level 1 to Level 3 was $ 89,361. The investment was transferred from Level 1 to Level 3 due the lack of observable market data due to a decrease in market activity.


	Number of Shares		Value
COMMON STOCKS — 50.6%
Communication Services — 10.6%
Alibaba Pictures Group Ltd.*		77,021	$	7,904
Autohome, Inc., ADR		392		13,395
Baidu, Inc., ADR*		1,633		244,689
Bilibili, Inc., ADR*(a)		1,002		66,142
China Literature Ltd., 144A*(a)		2,438		17,106
China Tower Corp. Ltd., Class H, 144A		290,426		36,881
Hello Group, Inc., ADR (a)		1,078		12,472
iQIYI, Inc., ADR*		1,462		9,123
JOYY, Inc., ADR (a)		378		19,354
Kanzhun Ltd., ADR*		208		6,652
Kingsoft Corp. Ltd.		5,126		22,224
Kuaishou Technology, 144A*		1,472		16,040
NetEase, Inc., ADR		2,434		262,215
Tencent Holdings Ltd.		33,591		1,979,477
Tencent Music Entertainment Group, ADR*		4,045		29,083
Weibo Corp., ADR*(a)		397		15,805

(Cost $2,575,821)				2,758,562

Consumer Discretionary — 18.0%
Alibaba Group Holding Ltd.*		88,418		1,443,795
ANTA Sports Products Ltd.		6,813		108,542
Bosideng International Holdings Ltd.		21,941		15,423
Brilliance China Automotive Holdings Ltd.*(b)		21,577		20,205
BYD Co. Ltd., Class H		4,636		182,208
China Education Group Holdings Ltd.		2,497		4,593
China Meidong Auto Holdings Ltd.		3,550		17,213
China Yuhua Education Corp. Ltd., 144A		8,669		4,148
Dada Nexus Ltd., ADR*		346		6,252
Dongfeng Motor Group Co. Ltd., Class H		17,251		16,021
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		3,210		17,685
Geely Automobile Holdings Ltd.		35,805		106,324
GOME Retail Holdings Ltd.*(a)		38,282		3,339
Great Wall Motor Co. Ltd., Class H		19,651		82,175
Guangzhou Automobile Group Co. Ltd., Class H		19,224		19,678
Haidilao International Holding Ltd., 144A		6,251		13,808
Haier Smart Home Co. Ltd., Class H		12,683		47,505
HengTen Networks Group Ltd.*(a)		20,000		8,466
Huazhu Group Ltd., ADR*		994		39,283
JD Health International, Inc., 144A*		2,078		18,125
JD.com, Inc., ADR*		5,235		440,316
Jiumaojiu International Holdings Ltd., 144A		4,089		8,487
Li Auto, Inc., ADR*(a)		3,318		117,590
Li Ning Co. Ltd.		12,908		146,700
Meituan, Class B, 144A*		23,965		731,629
Minth Group Ltd.		4,788		22,172
New Oriental Education & Technology Group, Inc., ADR*		9,614		21,247
NIO, Inc., ADR*		8,148		318,831
Pinduoduo, Inc., ADR*		2,556		169,974
Shenzhou International Group Holdings Ltd.		4,816		90,811


	Number of Shares		Value
Consumer Discretionary (Continued)
TAL Education Group, ADR*(a)		2,395	$	12,406
Tongcheng-Elong Holdings Ltd.*		5,633		11,677
Topsports International Holdings Ltd., 144A		8,830		10,262
Trip.com Group Ltd., ADR*		3,074		84,535
Vipshop Holdings Ltd., ADR*		2,720		26,574
XPeng, Inc., ADR*(a)		2,264		124,520
Yadea Group Holdings Ltd., 144A		5,998		10,756
Yum China Holdings, Inc.		2,525		126,502
Zhongsheng Group Holdings Ltd.		3,996		32,882

(Cost $4,702,005)				4,682,659

Consumer Staples — 1.9%
Anhui Gujing Distillery Co. Ltd., Class B		606		8,387
China Feihe Ltd., 144A		21,874		29,125
China Mengniu Dairy Co. Ltd.*		19,223		107,262
China Resources Beer Holdings Co. Ltd.		9,268		75,848
Dali Foods Group Co. Ltd., 144A		15,548		8,177
Hengan International Group Co. Ltd.		4,632		22,370
Nongfu Spring Co. Ltd., Class H, 144A (a)		5,397		30,945
RLX Technology, Inc., ADR*(a)		3,684		15,141
Smoore International Holdings Ltd., 144A (a)		10,769		64,372
Sun Art Retail Group Ltd. (a)		12,000		4,879
Tingyi Cayman Islands Holding Corp.		14,121		27,351
Tsingtao Brewery Co. Ltd., Class H		3,011		24,275
Uni-President China Holdings Ltd.		10,119		9,930
Vinda International Holdings Ltd. (a)		1,833		4,961
Want Want China Holdings Ltd.		35,785		30,250
Yihai International Holding Ltd.*		3,169		16,992

(Cost $459,676)				480,265

Energy — 0.7%
China Coal Energy Co. Ltd., Class H		6,317		3,176
China Oilfield Services Ltd., Class H		10,800		8,562
China Petroleum & Chemical Corp., Class H		148,709		65,047
China Shenhua Energy Co. Ltd., Class H		19,680		40,795
China Suntien Green Energy Corp. Ltd., Class H		5,373		3,770
PetroChina Co. Ltd., Class H		130,129		56,586
Yanzhou Coal Mining Co. Ltd., Class H (a)		9,062		14,228

(Cost $227,726)				192,164

Financials — 6.5%
360 DigiTech, Inc., ADR*		521		12,129
Agricultural Bank of China Ltd., Class H		158,101		52,120
Bank of China Ltd., Class H		482,868		167,855
Bank of Communications Co. Ltd., Class H		54,225		31,578
China Bohai Bank Co. Ltd., Class H, 144A		10,000		2,976
China Cinda Asset Management Co. Ltd., Class H		67,760		10,865
China CITIC Bank Corp. Ltd., Class H		59,433		25,539
China Construction Bank Corp., Class H		572,347		372,958
China Everbright Bank Co. Ltd., Class H		21,679		7,453
China Galaxy Securities Co. Ltd., Class H		25,207		13,904
China Huarong Asset Management Co. Ltd., Class H, 144A*(b)		82,025		10,732


	Number of Shares		Value
Financials (Continued)
China International Capital Corp. Ltd., Class H, 144A		8,578	$	20,796
China Life Insurance Co. Ltd., Class H		47,750		78,646
China Merchants Bank Co. Ltd., Class H		23,443		181,329
China Minsheng Banking Corp. Ltd., Class H (a)		38,001		14,623
China Pacific Insurance Group Co. Ltd., Class H		16,072		46,592
China Taiping Insurance Holdings Co. Ltd.		10,235		14,258
CITIC Securities Co. Ltd., Class H		14,043		33,505
Far East Horizon Ltd. (a)		10,110		8,780
GF Securities Co. Ltd., Class H		7,823		13,627
Haitong Securities Co. Ltd., Class H		17,454		14,665
Huatai Securities Co. Ltd., Class H, 144A		8,322		11,935
Industrial & Commercial Bank of China Ltd., Class H		341,620		180,541
New China Life Insurance Co. Ltd., Class H		5,407		14,461
Noah Holdings Ltd., ADR*		243		8,852
People’s Insurance Co. Group of China Ltd., Class H		59,821		17,495
PICC Property & Casualty Co. Ltd., Class H		43,050		36,833
Ping An Insurance Group Co. of China Ltd., Class H		36,318		251,799
Postal Savings Bank of China Co. Ltd., Class H, 144A		47,786		32,426
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		2,982		10,175

(Cost $2,104,101)				1,699,447

Health Care — 3.5%
3SBio, Inc., 144A*		7,526		6,439
Akeso, Inc., 144A*		1,732		11,020
Alibaba Health Information Technology Ltd.*		25,589		23,600
BeiGene Ltd., ADR*		287		99,741
CanSino Biologics, Inc., Class H, 144A*(a)		432		9,498
China Medical System Holdings Ltd.		7,983		13,148
China Traditional Chinese Medicine Holdings Co. Ltd.		9,251		4,462
CSPC Pharmaceutical Group Ltd.		58,189		60,310
Genscript Biotech Corp.*		6,769		35,600
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A		781		12,453
Hansoh Pharmaceutical Group Co. Ltd., 144A		6,650		13,580
Hutchmed China Ltd., ADR*		469		15,880
Hygeia Healthcare Holdings Co. Ltd., 144A		1,043		8,114
I-Mab, ADR*		196		11,850
Innovent Biologics, Inc., 144A*		6,456		57,431
Jinxin Fertility Group Ltd., 144A*(a)		8,479		11,855
Legend Biotech Corp., ADR*		111		5,718
Microport Scientific Corp.		4,602		19,244
Pharmaron Beijing Co. Ltd., Class H, 144A		759		15,646
Ping An Healthcare and Technology Co. Ltd., 144A*(a)		2,788		10,514
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		12,780		18,066


	Number of Shares		Value
Health Care (Continued)
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		3,087	$	15,978
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		4,384		7,997
Sino Biopharmaceutical Ltd.		65,861		48,070
Sinopharm Group Co. Ltd., Class H		8,546		18,570
Venus MedTech Hangzhou, Inc., Class H, 144A*		1,300		6,453
WuXi AppTec Co. Ltd., Class H, 144A		1,965		43,782
Wuxi Biologics Cayman, Inc., 144A*		20,781		283,092
Zai Lab Ltd., ADR*		458		31,717

(Cost $709,704)				919,828

Industrials — 1.9%
51job, Inc., ADR*		176		10,155
Air China Ltd., Class H*		15,036		9,470
AviChina Industry & Technology Co. Ltd., Class H		20,128		13,271
Beijing Capital International Airport Co. Ltd., Class H*		13,526		7,877
BOC Aviation Ltd., 144A		1,406		9,928
China Communications Services Corp. Ltd., Class H		17,954		8,567
China Conch Venture Holdings Ltd.		10,857		52,991
China Everbright Environment Group Ltd.		27,044		17,969
China Lesso Group Holdings Ltd.		7,660		11,182
China Merchants Port Holdings Co. Ltd.		11,300		17,423
China Railway Group Ltd., Class H		23,051		10,970
China Southern Airlines Co. Ltd., Class H*(a)		7,005		3,873
China State Construction International Holdings Ltd.		15,215		15,418
CITIC Ltd.		36,253		32,738
COSCO SHIPPING Holdings Co. Ltd., Class H*		18,250		31,229
COSCO SHIPPING Ports Ltd.		12,859		10,111
CRRC Corp. Ltd., Class H		13,432		5,961
DiDi Global, Inc., ADR*(a)		1,818		13,871
Fosun International Ltd.		16,223		17,730
Haitian International Holdings Ltd.		5,161		14,167
Jiangsu Expressway Co. Ltd., Class H		9,691		9,423
Sany Heavy Equipment International Holdings Co. Ltd.		6,064		6,308
Shenzhen International Holdings Ltd.		8,510		9,279
Sinotruk Hong Kong Ltd.		4,628		6,863
Weichai Power Co. Ltd., Class H		13,962		24,823
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		2,986		6,588
Zhejiang Expressway Co. Ltd., Class H		12,281		11,579
Zhuzhou CRRC Times Electric Co. Ltd.		2,701		17,808
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		9,545		6,269
ZTO Express Cayman, Inc., ADR		2,646		83,640

(Cost $502,892)				497,481

Information Technology — 2.9%
AAC Technologies Holdings, Inc.		4,920		21,458
Agora, Inc., ADR*		293		6,124


	Number of Shares		Value
Information Technology (Continued)
BYD Electronic International Co. Ltd. (a)		3,775	$	14,018
China Youzan Ltd.*		87,939		7,896
Chinasoft International Ltd.*		15,592		26,160
Chindata Group Holdings Ltd., ADR*		432		4,087
Daqo New Energy Corp., ADR*		326		18,693
Flat Glass Group Co. Ltd., Class H (a)		2,598		11,397
GDS Holdings Ltd., ADR*(a)		522		29,253
Hua Hong Semiconductor Ltd., 144A*		3,809		25,505
Kingboard Holdings Ltd.		4,179		20,960
Kingboard Laminates Holdings Ltd.		7,362		13,051
Kingdee International Software Group Co. Ltd.*		15,764		47,823
Kingsoft Cloud Holdings Ltd., ADR*(a)		350		6,048
Lenovo Group Ltd.		43,939		44,920
Ming Yuan Cloud Group Holdings Ltd.*(a)		2,598		7,432
Sunny Optical Technology Group Co. Ltd.		4,223		127,732
TravelSky Technology Ltd., Class H		5,434		8,992
Vnet Group, Inc., ADR*		528		5,132
Weimob, Inc., 144A*(a)		9,959		12,085
Xiaomi Corp., Class B, 144A*		86,667		214,337
Xinyi Solar Holdings Ltd.		29,335		53,809
ZTE Corp., Class H		4,868		13,207

(Cost $619,609)				740,119

Materials — 1.0%
Aluminum Corp. of China Ltd., Class H*		32,474		15,954
Anhui Conch Cement Co. Ltd., Class H		8,295		37,720
China Hongqiao Group Ltd.		13,079		12,683
China Molybdenum Co. Ltd., Class H		19,894		12,274
China National Building Material Co. Ltd., Class H		26,177		28,273
China Resources Cement Holdings Ltd.		18,200		13,307
Dongyue Group Ltd.		7,000		13,307
Ganfeng Lithium Co. Ltd., Class H, 144A		1,560		30,436
Huabao International Holdings Ltd.		5,198		14,969
Jiangxi Copper Co. Ltd., Class H		7,896		12,721
Lee & Man Paper Manufacturing Ltd.		7,636		5,270
MMG Ltd.*		17,324		6,289
Nine Dragons Paper Holdings Ltd.		11,247		12,638
Shandong Gold Mining Co. Ltd., Class H, 144A		3,898		7,000
Zijin Mining Group Co. Ltd., Class H		36,149		48,039

(Cost $225,638)				270,880

Real Estate — 2.2%
Agile Group Holdings Ltd.		5,508		3,632
A-Living Smart City Services Co. Ltd., 144A		2,946		6,946
China Evergrande Group (a)		13,241		3,889
China Jinmao Holdings Group Ltd.		34,733		10,604
China Overseas Land & Investment Ltd.		22,196		51,135
China Overseas Property Holdings Ltd. (a)		4,582		4,302
China Resources Land Ltd.		18,112		75,391
China Resources Mixc Lifestyle Services Ltd., 144A		3,464		17,151
China Vanke Co. Ltd., Class H		9,251		20,956
CIFI Ever Sunshine Services Group Ltd.		4,196		7,083


	Number of Shares		Value
Real Estate (Continued)
CIFI Holdings Group Co. Ltd.		21,735	$	11,849
Country Garden Holdings Co. Ltd.		48,900		43,155
Country Garden Services Holdings Co. Ltd.		9,391		56,798
Greentown China Holdings Ltd.		5,198		7,708
Greentown Service Group Co. Ltd.		9,476		9,092
Guangzhou R&F Properties Co. Ltd., Class H (a)		7,005		3,792
Hopson Development Holdings Ltd.		4,084		9,953
KE Holdings, Inc., ADR*		2,154		43,102
KWG Group Holdings Ltd.		9,355		6,936
Logan Group Co. Ltd.		9,840		9,504
Longfor Group Holdings Ltd., 144A		11,235		53,323
Powerlong Real Estate Holdings Ltd.		10,000		6,029
Seazen Group Ltd.*(b)		14,457		10,441
Shimao Group Holdings Ltd.		8,022		9,261
Shimao Services Holdings Ltd., 144A (a)		4,000		4,956
Sunac China Holdings Ltd.		16,430		29,590
Sunac Services Holdings Ltd., 144A		3,464		5,519
Wharf Holdings Ltd.		8,042		28,110
Yuexiu Property Co. Ltd.		10,775		10,062

(Cost $773,644)				560,269

Utilities — 1.4%
Beijing Enterprises Holdings Ltd.		3,905		13,199
Beijing Enterprises Water Group Ltd.		39,553		14,764
CGN Power Co. Ltd., Class H, 144A		53,397		14,658
China Gas Holdings Ltd.		19,068		34,292
China Longyuan Power Group Corp. Ltd., Class H		20,129		41,312
China Power International Development Ltd.		25,895		13,220
China Resources Gas Group Ltd.		6,157		31,868
China Resources Power Holdings Co. Ltd.		13,969		36,285
ENN Energy Holdings Ltd.		5,010		94,084
Guangdong Investment Ltd.		19,703		26,234
Huaneng Power International, Inc., Class H		26,126		11,696
Kunlun Energy Co. Ltd.		25,051		23,586

(Cost $307,304)				355,198

TOTAL COMMON STOCKS (Cost $13,208,120)				13,156,872

RIGHTS — 0.0%
Real Estate — 0.0%
CIFI Holdings Group Co. Ltd.*, expires 12/27/21 (Cost $0)		1,087		35

EXCHANGE-TRADED FUNDS — 49.2%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (c)		34,219		1,411,534
Xtrackers MSCI China A Inclusion Equity ETF (c)		379,130		11,390,923

TOTAL EXCHANGE-TRADED FUNDS (Cost $10,237,749)				12,802,457


	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 0.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (d)(e) (Cost $221,622)		221,622	$	221,622

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 0.04% (d) (Cost $27,759)		27,759		27,759


TOTAL INVESTMENTS — 100.7% (Cost $23,695,250)			$	26,208,745
Other assets and liabilities, net — (0.7%)				(189,065	)

NET ASSETS — 100.0%			$	26,019,680

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2021 is as follows:

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

During the period ended November 30, 2021, the amount of transfers from Level 1 to Level 3 was $ 19,180. The investment was transferred from Level 1 to Level 3 due the lack of observable market data due to a decrease in market activity.


	Number of Shares		Value
COMMON STOCKS — 99.5%
Communication Services — 1.2%
Beijing Enlight Media Co. Ltd., Class A		6,200	$	9,869
China United Network Communications Ltd., Class A		59,100		35,959
Focus Media Information Technology Co. Ltd., Class A		27,923		30,958
G-bits Network Technology Xiamen Co. Ltd., Class A		100		5,894
Giant Network Group Co. Ltd., Class A		3,300		5,227
Kunlun Tech Co. Ltd., Class A		2,300		7,614
Mango Excellent Media Co. Ltd., Class A		3,700		25,246
Perfect World Co. Ltd., Class A		3,700		10,931
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		4,300		15,907
Zhejiang Century Huatong Group Co. Ltd., Class A*		14,720		16,920

(Cost $143,945)				164,525

Consumer Discretionary — 6.8%
Autel Intelligent Technology Corp. Ltd., Class A		765		9,013
Beijing Roborock Technology Co. Ltd., Class A		130		16,552
BYD Co. Ltd., Class A		3,498		167,142
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		500		17,015
China Tourism Group Duty Free Corp. Ltd., Class A		3,743		120,592
Chongqing Changan Automobile Co. Ltd., Class A		12,140		33,068
Ecovacs Robotics Co. Ltd., Class A		900		23,136
FAW Jiefang Group Co. Ltd., Class A		5,700		9,242
Fuyao Glass Industry Group Co. Ltd., Class A		4,009		28,913
Great Wall Motor Co. Ltd., Class A		4,300		40,364
Haier Smart Home Co. Ltd., Class A		12,000		51,223
Hang Zhou Great Star Industrial Co. Ltd., Class A*		2,300		11,553
Hangzhou Robam Appliances Co. Ltd., Class A		1,900		9,377
Huayu Automotive Systems Co. Ltd., Class A		6,300		25,489
Huizhou Desay Sv Automotive Co. Ltd., Class A		900		19,622
Jason Furniture Hangzhou Co. Ltd., Class A		1,300		13,649
Liaoning Cheng Da Co. Ltd., Class A		3,200		9,274
Mianyang Fulin Precision Co. Ltd., Class A*		1,400		8,187
NavInfo Co. Ltd., Class A*		4,100		10,017
Ningbo Joyson Electronic Corp., Class A		3,000		10,759
Ningbo Tuopu Group Co. Ltd., Class A		2,200		23,132
Oppein Home Group, Inc., Class A		940		17,901
SAIC Motor Corp. Ltd., Class A		14,727		46,073
Sailun Group Co. Ltd., Class A		6,100		13,306
Shandong Linglong Tyre Co. Ltd., Class A		2,800		16,905


	Number of Shares		Value
Consumer Discretionary (Continued)
Shanghai Jinjiang International Hotels Co. Ltd., Class A		1,700	$	13,911
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		6,900		10,312
Shenzhen Kedali Industry Co. Ltd., Class A		400		11,056
Shenzhen MTC Co. Ltd., Class A*		9,100		7,021
Shenzhen Overseas Chinese Town Co. Ltd., Class A		16,500		15,344
Songcheng Performance Development Co. Ltd., Class A		5,243		10,853
Suning.com Co. Ltd., Class A*		15,864		9,578
Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A		1,100		19,320
TCL Technology Group Corp., Class A		27,600		26,575
Wangfujing Group Co. Ltd., Class A		1,800		7,985
Wuchan Zhongda Group Co. Ltd., Class A		9,900		9,408
Xiamen Intretech, Inc., Class A		1,300		6,813
Zhejiang Semir Garment Co. Ltd., Class A		5,200		5,896
Zhejiang Supor Co. Ltd., Class A		1,100		10,616

(Cost $529,899)				916,192

Consumer Staples — 15.9%
Angel Yeast Co. Ltd., Class A		1,600		14,056
Anhui Gujing Distillery Co. Ltd., Class A		800		31,824
Anhui Kouzi Distillery Co. Ltd., Class A		1,200		12,452
Anhui Yingjia Distillery Co. Ltd., Class A		1,200		12,849
Beijing Dabeinong Technology Group Co. Ltd., Class A		7,800		11,094
Beijing Shunxin Agriculture Co. Ltd., Class A		1,600		8,054
By-health Co. Ltd., Class A		3,400		12,551
C&S Paper Co. Ltd., Class A		2,500		6,524
Chacha Food Co. Ltd., Class A		1,100		9,243
Chongqing Brewery Co. Ltd., Class A*		900		20,407
Chongqing Fuling Zhacai Group Co. Ltd., Class A		1,700		8,664
DaShenLin Pharmaceutical Group Co. Ltd., Class A		1,480		8,183
Foshan Haitian Flavouring & Food Co. Ltd., Class A		6,730		118,519
Fu Jian Anjoy Foods Co. Ltd., Class A		500		13,620
Fujian Sunner Development Co. Ltd., Class A		2,600		8,933
Guangdong Haid Group Co. Ltd., Class A		3,300		33,203
Heilongjiang Agriculture Co. Ltd., Class A		3,500		7,827
Henan Shuanghui Investment & Development Co. Ltd., Class A		5,400		24,100
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		11,613		71,333
Jiangsu King’s Luck Brewery JSC Ltd., Class A		2,500		22,131
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		2,924		79,922
Jiangxi Zhengbang Technology Co. Ltd., Class A		5,600		8,510
JiuGui Liquor Co. Ltd., Class A		600		21,131
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		1,600		8,242


	Number of Shares		Value
Consumer Staples (Continued)
Juewei Food Co. Ltd., Class A		1,200	$	12,217
Kweichow Moutai Co. Ltd., Class A		2,450		741,806
Laobaixing Pharmacy Chain JSC, Class A		940		6,350
Luzhou Laojiao Co. Ltd., Class A		2,806		101,229
Muyuan Foods Co. Ltd., Class A		10,085		82,871
New Hope Liuhe Co. Ltd., Class A*		8,972		20,218
Proya Cosmetics Co. Ltd., Class A		400		12,461
Shanghai Bailian Group Co. Ltd., Class A		3,200		6,634
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		1,480		13,535
Shanghai Jahwa United Co. Ltd., Class A		1,400		9,192
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		2,274		110,554
Sichuan Swellfun Co. Ltd., Class A		900		18,391
Toly Bread Co. Ltd., Class A		1,940		9,376
Tongwei Co. Ltd., Class A		8,700		61,285
Tsingtao Brewery Co. Ltd., Class A		1,400		21,684
Wens Foodstuffs Group Co. Ltd., Class A		12,044		30,125
Wuliangye Yibin Co. Ltd., Class A		7,454		254,824
Yifeng Pharmacy Chain Co. Ltd., Class A		1,386		9,813
Yihai Kerry Arawana Holdings Co. Ltd., Class A		2,700		26,048
Yonghui Superstores Co. Ltd., Class A		15,466		9,410
Yuan Longping High-tech Agriculture Co. Ltd., Class A*		2,400		9,048

(Cost $968,022)				2,140,443

Energy — 1.7%
China Merchants Energy Shipping Co. Ltd., Class A		17,180		11,773
China Petroleum & Chemical Corp., Class A		59,750		37,854
China Shenhua Energy Co. Ltd., Class A		12,900		39,528
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		7,500		6,951
Guanghui Energy Co. Ltd., Class A*		12,800		11,943
Offshore Oil Engineering Co. Ltd., Class A		9,700		6,556
PetroChina Co. Ltd., Class A		40,935		30,235
Shaanxi Coal Industry Co. Ltd., Class A		18,399		34,277
Shanxi Coking Coal Energy Group Co. Ltd., Class A		8,200		10,262
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		5,900		9,993
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		1,900		11,629
Yanzhou Coal Mining Co. Ltd., Class A		4,900		17,458

(Cost $191,934)				228,459

Financials — 17.6%
Agricultural Bank of China Ltd., Class A		144,217		65,812
AVIC Industry-Finance Holdings Co. Ltd., Class A		15,310		9,219
Bank of Beijing Co. Ltd., Class A		41,714		28,652
Bank of Changsha Co. Ltd., Class A		7,000		8,584
Bank of Chengdu Co. Ltd., Class A		6,650		11,690
Bank of China Ltd., Class A		70,112		33,534
Bank of Communications Co. Ltd., Class A		75,738		54,278
Bank of Hangzhou Co. Ltd., Class A		11,240		24,254


	Number of Shares		Value
Financials (Continued)
Bank of Jiangsu Co. Ltd., Class A		29,499	$	27,247
Bank of Nanjing Co. Ltd., Class A		19,000		27,024
Bank of Ningbo Co. Ltd., Class A (a)		12,050		73,470
Bank of Shanghai Co. Ltd., Class A		26,535		29,752
BOC International China Co. Ltd., Class A		3,700		7,897
Caitong Securities Co. Ltd., Class A		6,600		10,536
Changjiang Securities Co. Ltd., Class A		10,000		11,275
China Construction Bank Corp., Class A		19,200		17,343
China Everbright Bank Co. Ltd., Class A		78,831		41,413
China Galaxy Securities Co. Ltd., Class A		8,600		14,066
China Great Wall Securities Co. Ltd., Class A		5,100		9,885
China International Capital Corp. Ltd., Class A		2,100		15,675
China Life Insurance Co. Ltd., Class A		5,614		26,015
China Merchants Bank Co. Ltd., Class A		39,843		309,217
China Merchants Securities Co. Ltd., Class A		14,031		37,449
China Minsheng Banking Corp. Ltd., Class A		67,871		41,403
China Pacific Insurance Group Co. Ltd., Class A		12,977		55,129
China Zheshang Bank Co. Ltd., Class A		34,400		18,503
Chongqing Rural Commercial Bank Co. Ltd., Class A		16,900		10,124
CITIC Securities Co. Ltd., Class A		20,555		76,620
CSC Financial Co. Ltd., Class A		8,500		37,363
Dongxing Securities Co. Ltd., Class A		5,500		10,315
East Money Information Co. Ltd., Class A		19,840		107,774
Everbright Securities Co. Ltd., Class A		7,737		17,532
First Capital Securities Co. Ltd., Class A		9,100		9,932
Founder Securities Co. Ltd., Class A		15,700		19,081
GF Securities Co. Ltd., Class A		11,600		42,457
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A		5,265		7,348
Guolian Securities Co. Ltd., Class A		3,700		7,282
Guosen Securities Co. Ltd., Class A		11,900		20,583
Guotai Junan Securities Co. Ltd., Class A		14,251		37,388
Guoyuan Securities Co. Ltd., Class A		8,290		9,685
Haitong Securities Co. Ltd., Class A		18,414		34,161
Hithink RoyalFlush Information Network Co. Ltd., Class A		1,100		20,241
Huaan Securities Co. Ltd., Class A		9,820		7,838
Huatai Securities Co. Ltd., Class A		14,180		35,178
Huaxi Securities Co. Ltd., Class A		5,200		7,567
Huaxia Bank Co. Ltd., Class A		25,598		22,640
Industrial & Commercial Bank of China Ltd., Class A		121,033		86,929
Industrial Bank Co. Ltd., Class A		39,885		112,646
Industrial Securities Co. Ltd., Class A		13,400		17,988
Nanjing Securities Co. Ltd., Class A		7,500		11,197
New China Life Insurance Co. Ltd., Class A		4,164		24,755
Northeast Securities Co. Ltd., Class A		5,000		6,884
Orient Securities Co. Ltd., Class A		11,751		25,909
Pacific Securities Co. Ltd., Class A*		13,500		6,732
People’s Insurance Co. Group of China Ltd., Class A		12,800		9,334


	Number of Shares		Value
Financials (Continued)
Ping An Bank Co. Ltd., Class A		37,266	$	101,919
Ping An Insurance Group Co. of China Ltd., Class A		20,609		155,840
Postal Savings Bank of China Co. Ltd., Class A		50,700		40,389
Qingdao Rural Commercial Bank Corp., Class A		12,300		7,368
SDIC Capital Co. Ltd., Class A		12,080		15,174
Sealand Securities Co. Ltd., Class A		9,560		5,847
Shanghai Pudong Development Bank Co. Ltd., Class A		56,027		74,769
Shanxi Securities Co. Ltd., Class A		6,780		6,720
Shenwan Hongyuan Group Co. Ltd., Class A		42,895		33,970
Sinolink Securities Co. Ltd., Class A		6,000		10,011
SooChow Securities Co. Ltd., Class A		7,210		9,893
Southwest Securities Co. Ltd., Class A		13,200		10,060
Tianfeng Securities Co. Ltd., Class A		17,200		10,411
Western Securities Co. Ltd., Class A		8,200		10,081
Zheshang Securities Co. Ltd., Class A		7,300		14,218
Zhongtai Securities Co. Ltd., Class A		11,400		18,592

(Cost $1,947,983)				2,378,067

Health Care — 10.0%
Aier Eye Hospital Group Co. Ltd., Class A		10,418		69,727
Apeloa Pharmaceutical Co. Ltd., Class A		2,200		14,255
Asymchem Laboratories Tianjin Co. Ltd., Class A		500		40,234
Autobio Diagnostics Co. Ltd., Class A		1,140		10,008
Beijing Tiantan Biological Products Corp. Ltd., Class A		2,540		11,954
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		800		31,426
Betta Pharmaceuticals Co. Ltd., Class A		800		10,442
BGI Genomics Co. Ltd., Class A		800		11,918
CanSino Biologics, Inc., Class A*		193		8,474
Changchun High & New Technology Industry Group, Inc., Class A		800		35,551
China National Medicines Corp. Ltd., Class A		1,500		7,264
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		1,675		6,417
Chongqing Zhifei Biological Products Co. Ltd., Class A		3,100		62,653
Daan Gene Co. Ltd., Class A		2,996		9,979
Dong-E-E-Jiao Co. Ltd., Class A		1,200		7,700
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		2,400		11,058
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		900		15,446
Hangzhou Tigermed Consulting Co. Ltd., Class A		750		16,146
Huadong Medicine Co. Ltd., Class A		3,460		18,388
Hualan Biological Engineering, Inc., Class A		3,440		15,590
Humanwell Healthcare Group Co. Ltd., Class A		3,300		10,997


	Number of Shares		Value
Health Care (Continued)
Imeik Technology Development Co. Ltd., Class A		400	$	35,428
Intco Medical Technology Co. Ltd., Class A		1,100		11,263
Jafron Biomedical Co. Ltd., Class A		1,550		12,423
Jiangsu Hengrui Medicine Co. Ltd., Class A		12,176		95,795
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		2,000		11,294
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		4,200		7,877
Joinn Laboratories China Co. Ltd., Class A		600		13,173
Jointown Pharmaceutical Group Co. Ltd., Class A		4,000		8,575
Lepu Medical Technology Beijing Co. Ltd., Class A		3,600		12,516
Livzon Pharmaceutical Group, Inc., Class A		1,000		5,656
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*		8,432		9,864
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		2,349		15,350
Ovctek China, Inc., Class A		1,660		14,864
PharmaBlock Sciences Nanjing, Inc., Class A		400		9,563
Pharmaron Beijing Co. Ltd., Class A		1,300		37,024
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		2,238		6,573
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		3,800		33,371
Shanghai Junshi Biosciences Co. Ltd., Class A*		1,202		11,489
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		3,900		11,253
Shanghai RAAS Blood Products Co. Ltd., Class A		13,400		13,764
Shenzhen Kangtai Biological Products Co. Ltd., Class A		1,300		23,428
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		2,300		129,278
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		1,200		9,138
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A*		2,100		9,307
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		3,380		9,090
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		2,300		6,853
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		4,300		7,444
Topchoice Medical Corp., Class A*		600		18,586
Walvax Biotechnology Co. Ltd., Class A		3,100		33,446
Winning Health Technology Group Co. Ltd., Class A		4,210		10,378
WuXi AppTec Co. Ltd., Class A		4,936		111,463
Yunnan Baiyao Group Co. Ltd., Class A		2,370		32,829
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		1,196		83,836
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		3,020		10,192


	Number of Shares		Value
Health Care (Continued)
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		1,700	$	15,979
Zhejiang NHU Co. Ltd., Class A		5,120		23,308
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		1,100		9,670

(Cost $847,159)				1,346,967

Industrials — 16.3%
AECC Aero-Engine Control Co. Ltd., Class A		2,200		10,660
AECC Aviation Power Co. Ltd., Class A		5,100		51,457
Air China Ltd., Class A*		13,300		16,644
AVIC Electromechanical Systems Co. Ltd., Class A		7,600		20,261
AVICOPTER PLC, Class A		1,200		13,700
Beijing New Building Materials PLC, Class A		3,300		13,791
Beijing Originwater Technology Co. Ltd., Class A		6,800		7,539
Beijing United Information Technology Co. Ltd., Class A		700		13,046
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		77,300		54,791
China Baoan Group Co. Ltd., Class A		5,000		13,902
China CSSC Holdings Ltd., Class A		8,900		33,440
China Eastern Airlines Corp. Ltd., Class A*		16,300		11,912
China National Chemical Engineering Co. Ltd., Class A		12,200		21,274
China Railway Group Ltd., Class A		38,000		31,583
China Southern Airlines Co. Ltd., Class A*		19,600		18,811
China State Construction Engineering Corp. Ltd., Class A		78,700		57,265
Contemporary Amperex Technology Co. Ltd., Class A		4,500		479,861
COSCO SHIPPING Development Co. Ltd., Class A		14,600		7,395
COSCO SHIPPING Holdings Co. Ltd., Class A*		24,350		66,327
CRRC Corp. Ltd., Class A		47,900		45,745
Dongfang Electric Corp. Ltd., Class A		5,400		17,275
Eve Energy Co. Ltd., Class A		3,662		83,980
Fangda Carbon New Material Co. Ltd., Class A		7,573		14,346
Ginlong Technologies Co. Ltd., Class A		500		19,993
Gotion High-tech Co. Ltd., Class A*		2,400		25,036
Guangdong Kinlong Hardware Products Co. Ltd., Class A		600		14,396
Hefei Meiya Optoelectronic Technology, Inc., Class A		1,200		7,330
Hongfa Technology Co. Ltd., Class A		1,400		15,921
Jiangsu Hengli Hydraulic Co. Ltd., Class A		2,508		30,964
Jiangsu Zhongtian Technology Co. Ltd., Class A		5,900		17,191
Kuang-Chi Technologies Co. Ltd., Class A*		4,100		14,897
Luoyang Xinqianglian Slewing Bearing Co. Ltd., Class A		300		9,941
Metallurgical Corp. of China Ltd., Class A		36,314		21,583


	Number of Shares		Value
Industrials (Continued)
Ming Yang Smart Energy Group Ltd., Class A		4,000	$	19,991
NARI Technology Co. Ltd., Class A		10,600		68,834
North Industries Group Red Arrow Co. Ltd., Class A*		2,600		12,330
Power Construction Corp. of China Ltd., Class A		29,300		30,188
Riyue Heavy Industry Co. Ltd., Class A		2,000		11,419
Sany Heavy Industry Co. Ltd., Class A		16,250		55,807
SF Holding Co. Ltd., Class A		9,400		90,258
Shanghai Construction Group Co. Ltd., Class A		19,000		9,237
Shanghai Electric Group Co. Ltd., Class A		24,800		18,823
Shanghai International Airport Co. Ltd., Class A*		1,895		12,826
Shanghai International Port Group Co. Ltd., Class A		19,400		14,572
Shanghai M&G Stationery, Inc., Class A		1,900		16,685
Shenzhen Inovance Technology Co. Ltd., Class A		5,100		52,465
Sichuan Road & Bridge Co. Ltd., Class A		9,600		18,065
Sieyuan Electric Co. Ltd., Class A		1,400		12,027
Sinotrans Ltd., Class A		9,600		6,624
Spring Airlines Co. Ltd., Class A*		1,698		14,645
Sungrow Power Supply Co. Ltd., Class A		2,800		70,904
Sunwoda Electronic Co. Ltd., Class A		3,100		25,741
Suzhou Maxwell Technologies Co. Ltd., Class A		200		22,111
TBEA Co. Ltd., Class A		7,281		26,136
Titan Wind Energy Suzhou Co. Ltd., Class A		3,400		11,085
Topsec Technologies Group, Inc., Class A		2,300		6,770
Weichai Power Co. Ltd., Class A		13,400		32,424
Wuxi Shangji Automation Co. Ltd., Class A		500		17,395
XCMG Construction Machinery Co. Ltd., Class A		14,349		13,344
Xiamen C & D, Inc., Class A		5,800		7,340
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		6,643		19,064
Yantai Eddie Precision Machinery Co. Ltd., Class A		1,760		8,757
Youngy Co. Ltd., Class A*		500		11,252
YTO Express Group Co. Ltd., Class A		5,900		14,915
Yunda Holding Co. Ltd., Class A		5,710		17,801
Yutong Bus Co. Ltd., Class A		3,600		6,233
Zhefu Holding Group Co. Ltd., Class A		10,800		11,313
Zhejiang Chint Electrics Co. Ltd., Class A		4,117		33,443
Zhejiang Dingli Machinery Co. Ltd., Class A		980		12,653
Zhejiang HangKe Technology, Inc. Co., Class A		794		15,311
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		7,030		25,609
Zhejiang Weiming Environment Protection Co. Ltd., Class A		2,200		12,472
Zhejiang Weixing New Building Materials Co. Ltd., Class A		3,300		9,594


	Number of Shares		Value
Industrials (Continued)
Zhuzhou Kibing Group Co. Ltd., Class A		5,400	$	13,532
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		14,150		15,488

(Cost $1,152,327)				2,207,740

Information Technology — 14.7%
360 Security Technology, Inc., Class A*		13,700		25,695
Addsino Co. Ltd., Class A		3,100		7,953
Advanced Micro-Fabrication Equipment Inc China, Class A*		1,169		29,337
Avary Holding Shenzhen Co. Ltd., Class A		3,100		19,562
Beijing BDStar Navigation Co. Ltd., Class A*		1,100		6,762
Beijing E-Hualu Information Technology Co. Ltd., Class A*		1,440		7,504
Beijing Kingsoft Office Software, Inc., Class A		760		32,279
Beijing Shiji Information Technology Co. Ltd., Class A		2,040		9,073
Beijing Sinnet Technology Co. Ltd., Class A		3,200		7,402
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A		400		11,644
BOE Technology Group Co. Ltd., Class A		71,802		54,272
Chaozhou Three-Circle Group Co. Ltd., Class A		3,458		22,613
China Greatwall Technology Group Co. Ltd., Class A		6,200		13,670
China National Software & Service Co. Ltd., Class A		1,000		8,133
China Railway Signal & Communication Corp. Ltd., Class A		13,918		10,607
China TransInfo Technology Co. Ltd., Class A		3,200		7,392
China Zhenhua Group Science & Technology Co. Ltd., Class A		1,000		18,980
Dawning Information Industry Co. Ltd., Class A		2,600		11,400
DHC Software Co. Ltd., Class A		6,500		7,400
Fiberhome Telecommunication Technologies Co. Ltd., Class A		2,100		5,845
Flat Glass Group Co. Ltd., Class A		2,800		19,992
Foxconn Industrial Internet Co. Ltd., Class A		13,400		23,472
GCL System Integration Technology Co. Ltd., Class A*		10,900		7,384
Gigadevice Semiconductor Beijing, Inc., Class A		1,312		30,985
GoerTek, Inc., Class A		6,577		53,715
GRG Banking Equipment Co. Ltd., Class A		4,600		8,310
Guangzhou Haige Communications Group, Inc. Co., Class A		4,700		7,680
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		1,300		14,158
Hangzhou First Applied Material Co. Ltd., Class A		1,860		35,468
Hangzhou Silan Microelectronics Co. Ltd., Class A		2,600		25,307


	Number of Shares		Value
Information Technology (Continued)
Hengtong Optic-electric Co. Ltd., Class A		4,300	$	11,113
Huagong Tech Co. Ltd., Class A		2,000		9,409
Hundsun Technologies, Inc., Class A		2,897		26,536
Iflytek Co. Ltd., Class A		4,334		36,701
Ingenic Semiconductor Co. Ltd., Class A		900		19,207
Inspur Electronic Information Industry Co. Ltd., Class A		2,688		13,700
JA Solar Technology Co. Ltd., Class A		3,100		42,274
JCET Group Co. Ltd., Class A		3,400		17,702
Lakala Payment Co. Ltd., Class A		1,600		7,128
Lens Technology Co. Ltd., Class A		9,800		32,258
Leyard Optoelectronic Co. Ltd., Class A		4,900		7,922
Lingyi iTech Guangdong Co., Class A*		14,100		14,991
LONGi Green Energy Technology Co. Ltd., Class A		10,374		142,217
Luxshare Precision Industry Co. Ltd., Class A		13,533		84,146
Maxscend Microelectronics Co. Ltd., Class A		620		36,441
Montage Technology Co. Ltd., Class A		1,510		19,491
National Silicon Industry Group Co. Ltd., Class A*		4,047		18,811
NAURA Technology Group Co. Ltd., Class A		1,000		60,687
Ninestar Corp., Class A		2,100		14,437
OFILM Group Co. Ltd., Class A*		6,300		8,654
Raytron Technology Co. Ltd., Class A		891		12,128
Sanan Optoelectronics Co. Ltd., Class A		8,579		47,127
Sangfor Technologies, Inc., Class A		800		24,614
SG Micro Corp., Class A		450		24,205
Shanghai Baosight Software Co. Ltd., Class A		2,070		21,518
Shengyi Technology Co. Ltd., Class A		4,600		17,024
Shennan Circuits Co. Ltd., Class A		980		16,136
Shenzhen Goodix Technology Co. Ltd., Class A		900		15,529
Shenzhen Kaifa Technology Co. Ltd., Class A		3,300		7,995
Shenzhen SC New Energy Technology Corp., Class A		700		13,304
Shenzhen Sunlord Electronics Co. Ltd., Class A		1,600		9,557
Shenzhen Sunway Communication Co. Ltd., Class A		1,800		7,057
Shenzhen Transsion Holdings Co. Ltd., Class A		1,252		32,843
StarPower Semiconductor Ltd., Class A		300		22,582
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		3,200		12,049
Thunder Software Technology Co. Ltd., Class A		800		19,691
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		1,400		8,145
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		6,200		43,752
Tianma Microelectronics Co. Ltd., Class A		4,500		8,821
Tianshui Huatian Technology Co. Ltd., Class A		5,900		12,777


	Number of Shares		Value
Information Technology (Continued)
TongFu Microelectronics Co. Ltd., Class A		2,400	$	8,201
Unigroup Guoxin Microelectronics Co. Ltd., Class A		1,200		43,449
Unisplendour Corp. Ltd., Class A		5,408		21,931
Universal Scientific Industrial Shanghai Co. Ltd., Class A		2,800		6,753
Westone Information Industry, Inc., Class A		1,600		14,274
Will Semiconductor Co. Ltd., Class A		1,700		72,614
Wingtech Technology Co. Ltd., Class A		2,364		45,487
Wuhan Guide Infrared Co. Ltd., Class A		4,374		16,688
Wuhu Token Science Co. Ltd., Class A		4,400		7,894
WUS Printed Circuit Kunshan Co. Ltd., Class A		4,010		9,533
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		1,600		19,889
Xiamen Faratronic Co. Ltd., Class A		400		16,384
Yealink Network Technology Corp. Ltd., Class A		1,800		21,856
Yonyou Network Technology Co. Ltd., Class A		6,426		32,791
Zhejiang Dahua Technology Co. Ltd., Class A		5,800		22,329
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		2,500		28,160
Zhongji Innolight Co. Ltd., Class A		1,500		8,971
Zhuzhou Hongda Electronics Corp. Ltd., Class A		700		10,586
ZTE Corp., Class A		7,600		36,565

(Cost $1,202,685)				1,989,028

Materials — 11.5%
Aluminum Corp. of China Ltd., Class A*		26,108		21,290
Anhui Conch Cement Co. Ltd., Class A		7,564		42,963
Anhui Honglu Steel Construction Group Co. Ltd., Class A		1,000		7,966
Baoshan Iron & Steel Co. Ltd., Class A		44,057		45,046
BBMG Corp., Class A		17,100		7,213
Beijing Easpring Material Technology Co. Ltd., Class A		800		13,148
Chengtun Mining Group Co. Ltd., Class A		5,100		9,277
Chengxin Lithium Group Co. Ltd., Class A*		1,600		15,052
Chifeng Jilong Gold Mining Co. Ltd., Class A*		3,300		8,653
China Jushi Co. Ltd., Class A		7,772		21,329
China Minmetals Rare Earth Co. Ltd., Class A		1,900		13,271
China Molybdenum Co. Ltd., Class A		35,400		32,697
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		6,993		59,020
CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A		3,800		8,086
Do-Fluoride New Materials Co. Ltd., Class A		1,400		10,692
Ganfeng Lithium Co. Ltd., Class A		2,200		57,791
GEM Co. Ltd., Class A		9,500		16,834
Guangzhou Tinci Materials Technology Co. Ltd., Class A		1,840		38,953


	Number of Shares		Value
Materials (Continued)
Hangzhou Oxygen Plant Group Co. Ltd., Class A		2,000	$	8,183
Hengli Petrochemical Co. Ltd., Class A		11,120		36,812
Hengyi Petrochemical Co. Ltd., Class A		7,160		11,756
Hesteel Co. Ltd., Class A		20,200		7,381
Hoshine Silicon Industry Co. Ltd., Class A		800		19,361
Huafon Chemical Co. Ltd., Class A		9,300		15,605
Huaxin Cement Co. Ltd., Class A		2,800		7,781
Hubei Xingfa Chemicals Group Co. Ltd., Class A		2,100		13,156
Hunan Valin Steel Co. Ltd., Class A		12,900		10,175
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A*		87,400		39,610
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		17,795		14,790
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A*		6,800		7,710
Jiangsu Eastern Shenghong Co. Ltd., Class A		6,500		24,147
Jiangsu Yangnong Chemical Co. Ltd., Class A		600		12,467
Jiangsu Yoke Technology Co. Ltd., Class A		900		11,267
Jiangxi Copper Co. Ltd., Class A		4,044		14,453
Kingfa Sci & Tech Co. Ltd., Class A		5,300		11,278
LB Group Co. Ltd., Class A		4,700		20,608
Luxi Chemical Group Co. Ltd., Class A		3,800		9,195
Ningxia Baofeng Energy Group Co. Ltd., Class A		12,200		31,070
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		17,300		10,255
Rongsheng Petrochemical Co. Ltd., Class A		19,328		49,102
Satellite Chemical Co. Ltd., Class A		3,380		20,937
Shandong Gold Mining Co. Ltd., Class A		6,853		20,526
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		4,170		19,225
Shandong Nanshan Aluminum Co. Ltd., Class A		24,100		16,591
Shandong Sun Paper Industry JSC Ltd., Class A		5,500		9,901
Shanghai Putailai New Energy Technology Co. Ltd., Class A		1,340		38,245
Shanxi Meijin Energy Co. Ltd., Class A*		8,100		17,148
Shanxi Taigang Stainless Steel Co. Ltd., Class A		11,500		12,930
Shenghe Resources Holding Co. Ltd., Class A		3,500		12,256
Shenzhen Capchem Technology Co. Ltd., Class A		800		15,205
Shenzhen Senior Technology Material Co. Ltd., Class A		1,400		10,077
Sichuan Hebang Biotechnology Co. Ltd., Class A*		16,700		8,852
Sichuan New Energy Power Co. Ltd.*		2,400		11,216
Sichuan Yahua Industrial Group Co. Ltd., Class A		2,200		10,626
Sinoma Science & Technology Co. Ltd., Class A		3,200		18,316


	Number of Shares		Value
Materials (Continued)
Sinopec Shanghai Petrochemical Co. Ltd., Class A		11,770	$	8,490
Skshu Paint Co. Ltd., Class A		740		13,812
Tangshan Jidong Cement Co. Ltd., Class A (a)		3,100		5,756
Tianshan Aluminum Group Co. Ltd., Class A		8,700		11,160
Tibet Summit Resources Co. Ltd., Class A		1,700		10,160
Tongkun Group Co. Ltd., Class A		4,500		13,930
Tongling Nonferrous Metals Group Co. Ltd., Class A		21,100		11,349
Transfar Zhilian Co. Ltd., Class A		6,190		8,814
Wanhua Chemical Group Co. Ltd., Class A		6,000		90,091
Weihai Guangwei Composites Co. Ltd., Class A		1,000		13,220
Western Superconducting Technologies Co. Ltd., Class A		786		11,968
Xiamen Tungsten Co. Ltd., Class A		2,600		10,670
Xinjiang Zhongtai Chemical Co. Ltd., Class A		4,800		7,347
Yintai Gold Co. Ltd., Class A		5,280		7,444
YongXing Special Materials Technology Co. Ltd., Class A		800		18,159
Yunnan Aluminium Co. Ltd., Class A*		6,300		10,561
Yunnan Energy New Material Co. Ltd., Class A		1,700		67,767
Yunnan Tin Co. Ltd., Class A*		3,100		9,008
Zhejiang Huayou Cobalt Co. Ltd., Class A		2,332		47,321
Zhejiang Juhua Co. Ltd., Class A		5,500		11,385
Zhejiang Longsheng Group Co. Ltd., Class A		6,500		12,752
Zhejiang Yongtai Technology Co. Ltd., Class A*		1,700		16,728
Zhongjin Gold Corp. Ltd., Class A		9,700		12,671
Zibo Qixiang Tengda Chemical Co. Ltd., Class A		5,200		8,106
Zijin Mining Group Co. Ltd., Class A		38,997		62,071

(Cost $974,164)				1,558,234

Real Estate — 1.6%
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		15,515		27,858
China Vanke Co. Ltd., Class A		18,396		52,677
Gemdale Corp., Class A		9,422		14,775
Greenland Holdings Corp. Ltd., Class A		17,181		11,047
Jinke Properties Group Co. Ltd., Class A		10,400		6,719
Poly Developments and Holdings Group Co. Ltd., Class A		22,873		49,678
RiseSun Real Estate Development Co. Ltd., Class A		3,300		2,142
Seazen Holdings Co. Ltd., Class A		4,513		22,010
Shanghai Lingang Holdings Corp. Ltd., Class A		3,200		7,116
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		3,200		7,457
Youngor Group Co. Ltd., Class A		9,100		9,333


	Number of Shares		Value
Real Estate (Continued)
Zhejiang China Commodities City Group Co. Ltd., Class A		11,000	$	7,935

(Cost $228,361)				218,747

Utilities — 2.2%
CECEP Solar Energy Co. Ltd., Class A		5,600		8,782
CECEP Wind-Power Corp., Class A		9,500		9,534
China National Nuclear Power Co. Ltd., Class A		27,784		29,758
China Yangtze Power Co. Ltd., Class A (a)		45,700		139,963
ENN Natural Gas Co. Ltd., Class A		4,500		13,789
GD Power Development Co. Ltd., Class A		33,500		13,344
Huadian Power International Corp. Ltd., Class A		13,700		7,799
Huaneng Power International, Inc., Class A		14,800		14,413
SDIC Power Holdings Co. Ltd., Class A		13,195		20,588
Shenergy Co. Ltd., Class A		9,800		9,467
Shenzhen Energy Group Co. Ltd., Class A		7,600		9,618
Sichuan Chuantou Energy Co. Ltd., Class A		7,300		13,073

(Cost $228,206)				290,128

TOTAL COMMON STOCKS (Cost $8,414,685)				13,438,530

CASH EQUIVALENTS — 0.5%
DWS Government Money Market Series “Institutional Shares”, 0.04% (b) (Cost $72,219)		72,219		72,219


TOTAL INVESTMENTS — 100.0% (Cost $8,486,904)			$	13,510,749
Other assets and liabilities, net — (0.0)%				(4,974	)

NET ASSETS — 100.0%			$	13,505,775

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2021 is as follows:

The following is a reconcilation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value:

Transfers between price levels are recognized at the beginning of the reporting period.

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 November 30, 2021, the Trust consists of thirty-five investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).

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

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

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

CSI 500 Index is calculated and maintained by China Securities Index Co., Ltd. It is a modified free-float market capitalization weighted index 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 a rules-based, free-float adjusted market capitalization index comprised of equity securities that are listed in Hong Kong, Shanghai and Shenzhen. The Underlying Index is intended to give investors a means of tracking the overall performance of equity securities that are a representative sample of the entire Chinese investment universe. The Underlying Index is comprised of A-Shares, B-Shares, H-Shares, Red chips and P chips share classes as well as securities of Chinese companies listed outside of China (e.g. American depository receipts). The Underlying Index is rebalanced on a quarterly basis.

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

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

Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements. Each Fund is a diversified series of the Trust. In addition, each Fund, with the exception of Xtrackers MSCI All China Equity ETF, may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.

Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.

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

Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.

Investments in open-end investment companies are valued at their NAV each business day and are categorized as a Level 1.

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as

determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; length of time of a halt in trading of the security; movement in the security’s proxy index; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.

Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.

Cash Cash consists of cash held at banks and is on deposit with major financial institutions.

Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Distributions of income and capital gains from investments in affiliated funds are recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.

Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income.

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended November 30, 2021, the Funds did not incur any interest or penalties.

At May 31, 2021, 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.

Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the fiscal year ended May 31, 2021, the Fund listed below incurred and will elect to defer late year ordinary losses as follows. The Funds had no post-October capital losses.

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:

The tax character of current year distributions will be determined at the end of the current fiscal year.

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 November 30, 2021, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

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

With the approval from the PRC State Council, the PRC State Administration of Taxation, the PRC Ministry of Finance and the China Securities Regulatory Commission jointly issued Caishui [2014] 79 (Circular 79) on November 14, 2014. According to Circular 79, RQFIIs are temporarily exempt from WHT with respect to gains

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

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

Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Securities Lending The Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2021, 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 (0.03% annualized effective rate as of November 30, 2021) 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 November 30, 2021, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2021, Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF utilized futures in order to simulate investment in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).

Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

A summary of the open futures contracts as of November 30, 2021 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 November 30, 2021 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2021 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

For the period ended November 30, 2021 the average monthly volume of derivatives was as follows:

Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.

The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.

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

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

The Advisor for Xtrackers MSCI All China Equity ETF has contractually agreed, until November 14, 2024, to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. In addition, the Advisor has contractually agreed, until September 30, 2022, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the Fund from exceeding 0.50% of the Fund’s average daily net assets. For the period ended November 30, 2021, the Advisor waived $43,651 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 period ended November 30, 2021, 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 period ended November 30, 2021, the Advisor waived expenses of the Funds as follows:

Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for each Fund.

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

The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).

For the period ended November 30, 2021, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

For the period ended November 30, 2021, the cost of in-kind purchases and proceeds from in-kind sale were as follows:

As of November 30, 2021, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of Xtrackers MSCI All China Equity ETF generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. The purchase of Creation Units for Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF and Xtrackers MSCI China A Inclusion Equity ETF are generally issued in exchange for a specific amount of cash totaling the NAV of the Creation Units. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

From time to time, Xtrackers MSCI China A Inclusion Equity ETF may have a concentration of several shareholders, including affiliated funds, holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. As of November 30, 2021, Xtrackers MSCI All China Equity ETF held 84% of the total shares outstanding of the Fund.

Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in lack of liquidity and in price volatility; currency revaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets (including both direct and indirect market stabilization efforts, which may affect valuations of Chinese issuers), whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform programs; limitations on the use of brokers (or action by the Chinese government that discourages brokers from serving international clients); higher rates of inflation; greater political, economic and social uncertainty; higher market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade limitations; restrictions on foreign ownership which require US investors to invest in offshore special purpose companies to obtain indirect exposure to Chinese issuers; custody risks associated with investing through Stock Connect, an RQFII or other programs to access the Chinese securities markets, both interim and permanent market regulations which may affect the ability of certain stockholders to sell Chinese securities when it would otherwise be advisable; different and less stringent financial reporting standards; and increased political pressure from the US and other countries to restrict the ability of investors outside China to invest in Chinese issuers. In addition, in June 2021, President Biden issued an executive order (“CMIC Order”) prohibiting US persons, including the Funds, from purchasing or selling publicly traded securities (including publicly traded securities that are derivative of, or designed to provide exposure to, such securities) of any Chinese company identified as a “Chinese Military-Industrial Complex Company” (“CMIC”). This prohibition, effective August 2, 2021, expands on similar sanctions imposed by the prior administration on certain designated Chinese military companies (“CCMCs”) that took effect in January 2021. To the extent that any company in an Underlying Index is identified as a CMIC at any time (or was previously designed as a CCMC), it may have material adverse effect on a fund’s ability to track its Underlying Index.

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, Xtrackers MSCI China A Inclusion Equity ETF and certain other funds managed by the Advisor to borrow up to

$105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2021.

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 low vaccination rates 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.

The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.

Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.

Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.

DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.

California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.

Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.

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, economic uncertainty, trade disputes, public health crises (including the ongoing pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.

Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.

DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.

The CSI Indexes are calculated by China Securities Index Co., Ltd. (CSI). CSI does not make any warranties, express or implied, to its customers or any other party regarding the accuracy or completeness of any data related to the Index. All information is provided for information purposes only. CSI accepts no liability for any errors or any loss arising from the use of information it provides.

The Funds or securities referred to herein are not sponsored, endorsed, issued, sold or promoted by MSCI, and MSCI bears no liability with respect to any such Funds or securities or any index on which such Funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX Advisors LLC and any related funds.

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


	Beginning Account Value June 1, 2021		Ending Account Value November 30, 2021		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers Harvest CSI 300 China A-Shares ETF
Actual	$	1,000.00	$	920.20		0.65	%	$	3.13
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		0.65	%	$	3.29
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
Actual	$	1,000.00	$	1,078.70		0.65	%	$	3.39
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		0.65	%	$	3.29
Xtrackers MSCI All China Equity ETF⁽²⁾
Actual	$	1,000.00	$	858.30		0.22	%	$	1.02
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.97		0.22	%	$	1.12
Xtrackers MSCI China A Inclusion Equity ETF
Actual	$	1,000.00	$	956.30		0.60	%	$	2.94
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.06		0.60	%	$	3.04


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (b)	$	2,290,136,426	$	—	$	43,800,807	$	2,333,937,233

TOTAL	$	2,290,136,426	$	—	$	43,800,807	$	2,333,937,233


Balance at May 31, 2021	$	—
Purchases		15,523,576
Sales		(11,682,033	)
Realized gain (loss)		(835,098	)
Change in unrealized gain (loss)		(1,551,198	)
Transfers into Level 3 (c)		42,345,560
Transfer out of Level 3 (c)		—
Balance at November 30, 2021		43,800,807
Change in unrealized gain (loss) related to investments still held at November 30, 2021		(1,551,198	)


Asset Class	Fair Value at 11/30/2021		Valuation Technique	Unobservable Input
Foreign Stock	$	43,800,807	Market Approach	Last Traded Price


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (b)	$	39,190,910	$	—	$	68,961	$	39,259,871

TOTAL	$	39,190,910	$	—	$	68,961	$	39,259,871


	Page
Shareholder Letter		1
Portfolio Summary
Xtrackers Harvest CSI 300 China A-Shares ETF		3
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		4
Xtrackers MSCI All China Equity ETF		5
Xtrackers MSCI China A Inclusion Equity ETF		6
Fees and Expenses		7
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF		8
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		14
Xtrackers MSCI All China Equity ETF		22
Xtrackers MSCI China A Inclusion Equity ETF		27
Statements of Assets and Liabilities		36
Statements of Operations		37
Statements of Changes in Net Assets		38
Financial Highlights		40
Notes to Financial Statements		42
Additional Information		52
Privacy Policy Notice		53


Ten Largest Equity Holdings as of November 30, 2021 (23.2% of Net Assets)


Description	% of Net Assets
Kweichow Moutai Co. Ltd.		6.1%
China Merchants Bank Co. Ltd.		3.1%
Ping An Insurance Group Co. of China Ltd.		2.6%
Wuliangye Yibin Co. Ltd.		2.2%
LONGi Green Energy Technology Co. Ltd.		2.0%
Midea Group Co. Ltd.		1.7%
East Money Information Co. Ltd.		1.5%
BYD Co. Ltd.		1.4%
WuXi AppTec Co. Ltd.		1.3%
Industrial Bank Co. Ltd.		1.3%


Financials			23.4%
Consumer Staples			16.1%
Information Technology			15.6%
Industrials			11.4%
Health Care			9.7%
Consumer Discretionary			8.9%
Materials			8.4%
Utilities			2.0%
Real Estate			1.8%
Communication Services			1.5%
Energy			1.2%

Total			100.0%


Description	% of Net Assets
TBEA Co. Ltd.		1.3%
Guangzhou Tinci Materials Technology Co. Ltd.		1.2%
Gotion High-tech Co. Ltd.		1.0%
Sunwoda Electronic Co. Ltd.		1.0%
GEM Co. Ltd.		0.8%
Hangzhou Silan Microelectronics Co. Ltd.		0.8%
JiuGui Liquor Co. Ltd.		0.8%
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd.		0.7%
China Baoan Group Co. Ltd.		0.7%
Ningbo Shanshan Co. Ltd.		0.7%


Materials			22.3%
Industrials			20.0%
Information Technology			17.8%
Health Care			8.5%
Consumer Discretionary			8.1%
Consumer Staples			6.7%
Financials			4.8%
Communication Services			3.2%
Real Estate			3.1%
Utilities			2.8%
Energy			2.7%

Total			100.0%


Consumer Discretionary			21.5%
Financials			14.6%
Communication Services			11.3%
Information Technology			10.3%
Industrials			10.2%
Consumer Staples			9.1%
Health Care			8.4%
Materials			7.4%
Real Estate			3.0%
Utilities			2.5%
Energy			1.7%

Total			100.0%


Financials			17.7%
Industrials			16.5%
Consumer Staples			15.9%
Information Technology			14.8%
Materials			11.6%
Health Care			10.0%
Consumer Discretionary			6.8%
Utilities			2.2%
Energy			1.7%
Real Estate			1.6%
Communication Services			1.2%

Total			100.0%


	Value ($) at 5/31/2021		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2021		Value ($) at 11/30/2021
EXCHANGE-TRADED FUNDS — 49.2%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (c)
		1,716,704		72,289		(511,012	)		53,344		80,209			—		—		34,219		1,411,534
Xtrackers MSCI China A Inclusion Equity ETF (c)
		13,524,060		219,748		(1,750,101	)		550,630		(1,153,414	)		—		—		379,130		11,390,923

SECURITIES LENDING COLLATERAL — 0.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (d)(e)
		1,306,704		—		(1,085,082	)(f)		—		—			36		—		221,622		221,622

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 0.04% (d)
		4,222		169,808		(146,271	)		—		—			3		—		27,759		27,759

		16,551,690		461,845		(3,492,466	)		603,974		(1,073,205	)		39		—		662,730		13,051,838


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value	Expiration Date		Unrealized Depreciation
FTSE China A50 Index Futures	USD	3	$	47,001	$46,182		12/30/2021	$	(819	)


Balance at May 31, 2021	$	—
Purchases		11,568
Sales		(34,828	)
Realized gain (loss)		2,548
Change in unrealized gain (loss)		(13,563	)
Transfers into Level 3 (g)		253,464
Transfer out of Level 3 (g)		—
Balance at November 30, 2021		219,189
Change in unrealized gain (loss) related to investments still held at November 30, 2021		(13,563	)


	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	$	2,333,937,233		$	39,259,871		$	13,156,907		$	13,438,530
Investment in affiliated securities at value		—			—			12,802,457			—
Investment in DWS Government Money Market Series		—			—			27,759			72,219
Investment in DWS Government & Agency Securities Portfolio*		—			—			221,622			—
Cash		3,512,426			2,077			—			—
Foreign currency at value		13,446,021	†		85,884	†		18,615			—
Deposit with broker for futures contracts		—			—			2,970			3,960
Receivables:
Investment securities sold		—			—			304,599			29,146
Capital shares		15,573			—			—			—
Dividends		—			—			4,202			—
Interest		—			—			1			11
Securities lending income		—			—			539			—

Total assets	$	2,350,911,253		$	39,347,832		$	26,539,671		$	13,543,866


Liabilities
Due to foreign custodian	$	—		$	—		$	—		$	30,493
Payable upon return of securities loaned		—			—			221,622			—
Payables:
Investment securities purchased		—			16,649			292,996			—
Capital shares		9,631,158			—			—			—
Investment advisory fees		1,268,115			20,550			5,127			7,270
Variation margin on futures contracts		—			—			246			328

Total liabilities		10,899,273			37,199			519,991			38,091

Net Assets, at value	$	2,340,011,980		$	39,310,633		$	26,019,680		$	13,505,775


Net Assets Consist of
Paid-in capital	$	1,877,228,974		$	46,301,934		$	35,253,553		$	11,682,132
Distributable earnings (loss)		462,783,006			(6,991,301	)		(9,233,873	)		1,823,643

Net Assets, at value	$	2,340,011,980		$	39,310,633		$	26,019,680		$	13,505,775


Number of Common Shares outstanding		60,800,001			950,001			650,001			450,001

Net Asset Value	$	38.49		$	41.38		$	40.03		$	30.01


Investment in non-affiliated securities at cost	$	1,597,496,125		$	29,346,410		$	13,208,120		$	8,414,685

Investment in affiliated securities at cost	$	—		$	—		$	10,237,749		$	—

Value of securities loaned	$	—		$	—		$	644,411		$	—

Investment in DWS Government Money Market Series at cost	$	—		$	—		$	27,759		$	72,219

Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	—		$	221,622		$	—

Non-cash collateral for securities on loan	$	—		$	—		$	442,387		$	—

Foreign currency at cost	$	13,395,404		$	84,497		$	18,626		$	(30,492	)


	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 dividend income*	$	35,426,958		$	377,021		$	198,475		$	185,062
Income distributions from affiliated funds		—			—			3			23
Affiliated securities lending income		—			—			36			0
Unaffiliated securities lending income, net of borrower rebates		—			—			10,513			40

Total investment income		35,426,958			377,021			209,027			185,125

Expenses
Investment advisory fees		7,950,880			124,049			79,262			44,944
Other expenses		172			57			57			57

Total expenses		7,951,052			124,106			79,319			45,001

Less fees waived (see note 3):
Waiver		—			—			(43,653	)		(23	)

Net expenses		7,951,052			124,106			35,666			44,978

Net investment income (loss)		27,475,906			252,915			173,361			140,147


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(4,781,613	)		3,165,829			(740,269	)		168,429
Investments in affiliates		—			—			27,302			1,510
In-kind redemptions		—			—			133,530			—
In-kind redemptions in affiliates		—			—			576,672			—
Futures contracts		—			—			(20,815	)		(18,607	)
Foreign currency transactions		(727,995	)		1,169			(558	)		1,461

Net realized gain (loss)		(5,509,608	)		3,166,998			(24,138	)		152,793
Net change in unrealized appreciation (depreciation) on:
Investments		(251,342,919	)		(696,833	)		(3,859,472	)		(962,058	)
Investments in affiliates		—			—			(1,073,205	)		(2,012	)
Futures contracts		—			—			(889	)		926
Foreign currency translations		49,818			(465	)		(73	)		(10	)

Net change in unrealized appreciation (depreciation)		(251,293,101	)		(697,298	)		(4,933,639	)		(963,154	)

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(256,802,709	)		2,469,700			(4,957,777	)		(810,361	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	(229,326,803	)	$	2,722,615		$	(4,784,416	)	$	(670,214	)

* Unaffiliated foreign tax withheld	$	3,989,481		$	42,813		$	14,673		$	21,049


	Xtrackers Harvest CSI 300 China A-Shares ETF						Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
	For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	27,475,906		$	17,436,230		$	252,915		$	129,615
Net realized gain (loss)		(5,509,608	)		(13,438,458	)		3,166,998			2,408,129
Net change in net unrealized appreciation (depreciation)		(251,293,101	)		738,559,351			(697,298	)		8,629,959

Net increase (decrease) in net assets resulting from operations		(229,326,803	)		742,557,123			2,722,615			11,167,703

Distributions to Shareholders		—			(21,126,939	)		—			(153,080	)


Fund Shares Transactions
Proceeds from shares sold		526,801,005			2,035,428,349			2,067,797			1,786,849
Value of shares redeemed		(672,451,268	)		(1,312,632,305	)		(5,755,969	)		(2,872,080	)

Net increase (decrease) in net assets resulting from fund share transactions		(145,650,263	)		722,796,044			(3,688,172	)		(1,085,231	)

Total net increase (decrease) in Net Assets		(374,977,066	)		1,444,226,228			(965,557	)		9,929,392

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

End of period	$	2,340,011,980		$	2,714,989,046		$	39,310,633		$	40,276,190


Changes in Shares Outstanding
Shares outstanding, beginning of period		64,900,001			46,750,001			1,050,001			1,100,001
Shares sold		13,250,000			54,150,000			50,000			50,000
Shares redeemed		(17,350,000	)		(36,000,000	)		(150,000	)		(100,000	)

Shares outstanding, end of period		60,800,001			64,900,001			950,001			1,050,001


	Xtrackers MSCI All China Equity ETF						Xtrackers MSCI China A Inclusion Equity ETF
	For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	173,361		$	305,332		$	140,147		$	95,035
Net realized gain (loss)		(24,138	)		(145,482	)		152,793			815,728
Net change in net unrealized appreciation (depreciation)		(4,933,639	)		8,357,826			(963,154	)		4,387,542

Net increase (decrease) in net assets resulting from operations		(4,784,416	)		8,517,676			(670,214	)		5,298,305

Distributions to Shareholders		—			(227,422	)		—			(106,403	)


Fund Shares Transactions
Proceeds from shares sold		—			9,229,394			—			1,666,468
Value of shares redeemed		(4,177,911	)		(2,131,579	)		(1,514,797	)		(5,154,277	)

Net increase (decrease) in net assets resulting from fund share transactions		(4,177,911	)		7,097,815			(1,514,797	)		(3,487,809	)

Total net increase (decrease) in Net Assets		(8,962,327	)		15,388,069			(2,185,011	)		1,704,093

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

End of period	$	26,019,680		$	34,982,007		$	13,505,775		$	15,690,786


Changes in Shares Outstanding
Shares outstanding, beginning of period		750,001			600,001			500,001			700,001
Shares sold		—			200,000			—			50,000
Shares redeemed		(100,000	)		(50,000	)		(50,000	)		(250,000	)

Shares outstanding, end of period		650,001			750,001			450,001			500,001


Xtrackers Harvest CSI 300 China A-Shares ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2021 (Unaudited)			2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	41.83		$	27.18		$	26.27		$	29.56		$	25.84		$	23.74

Income (loss) from investment operations:
Net investment income (loss)(a)		0.44			0.30			0.29			0.22			0.25			0.30
Net realized and unrealized gain (loss)		(3.78	)		14.67			0.91	(b)		(3.22	)		3.73			1.97

Total from investment operations		(3.34	)		14.97			1.20			(3.00	)		3.98			2.27

Less distributions from:
Net investment income		—			(0.32	)		(0.29	)		—			(0.26	)		(0.17	)
Net realized gains		—			—			—			(0.29	)		—			—

Total distributions		—			(0.32	)		(0.29	)		(0.29	)		(0.26	)		(0.17	)

Net Asset Value, end of period	$	38.49		$	41.83		$	27.18		$	26.27		$	29.56		$	25.84

Total Return (%)		(7.98	)**		55.20			4.50			(10.02	)		15.38			9.62

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		2,340			2,715			1,271			1,449			686			367
Ratio of expenses (%)		0.65	*		0.65			0.65			0.65			0.66			0.67
Ratio of net investment income (loss) (%)		2.25	*		0.79			1.05			0.87			0.82			1.24
Portfolio turnover rate (%)(c)		33	**		78			115			81			65			68

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2021 (Unaudited)			2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	38.36		$	27.59		$	25.93		$	32.53		$	31.36		$	33.00

Income (loss) from investment operations:
Net investment income (loss)(a)		0.26			0.13			0.17			0.20			0.04			(0.03	)
Net realized and unrealized gain (loss)		2.76			10.79			1.65			(6.80	)		1.13			(1.61	)

Total from investment operations		3.02			10.92			1.82			(6.60	)		1.17			(1.64	)

Less distributions from:
Net investment income		—			(0.15	)		(0.16	)		—			—			—

Total distributions		—			(0.15	)		(0.16	)		—			—			—

Net Asset Value, end of period	$	41.38		$	38.36		$	27.59		$	25.93		$	32.53		$	31.36

Total Return (%)		7.87	**		39.64			7.02			(20.29	)		3.73			(4.97	)

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		39			40			30			74			24			20
Ratio of expenses (%)		0.65	*		0.65			0.65			0.65			0.65			0.67
Ratio of net investment income (loss) (%)		1.33	*		0.37			0.63			0.74			0.10			(0.09	)
Portfolio turnover rate (%)(c)		25	**		34			48			16			29			51


Xtrackers MSCI All China Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
Xtrackers MSCI All China Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	46.64		$	32.66		$	31.13		$	37.78		$	30.54		$	28.36

Income (loss) from investment operations:
Net investment income (loss)(a)		0.23			0.48			0.76			0.36			0.79			0.91
Net realized and unrealized gain (loss)		(6.84	)		13.85			2.21			(6.42	)		6.75			4.26

Total from investment operations		(6.61	)		14.33			2.97			(6.06	)		7.54			5.17

Less distributions from:
Net investment income		—			(0.35	)		(1.44	)		(0.59	)		(0.30	)		(2.99	)

Total distributions		—			(0.35	)		(1.44	)		(0.59	)		(0.30	)		(2.99	)

Net Asset Value, end of period	$	40.03		$	46.64		$	32.66		$	31.13		$	37.78		$	30.54

Total Return (%)(b)		(14.17	)**		43.94			9.35			(15.89	)		24.71			20.03

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		26			35			20			227			36			5
Ratio of expenses before fee waiver (%)(c)		0.50	*		0.50			0.50			0.50			0.60			0.60
Ratio of expenses after fee waiver (%)(c)		0.22	*		0.25			0.26			0.28			0.36			0.35
Ratio of net investment income (loss) (%)		1.09	*		1.10			2.27			1.07			2.10			3.10
Portfolio turnover rate (%)(d)		3	**		8			14			102			3			7

Xtrackers MSCI China A Inclusion Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2021 (Unaudited)			2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	31.38		$	19.98		$	18.75		$	20.80		$	19.53		$	21.86

Income (loss) from investment operations:
Net investment income (loss)(a)		0.28			0.20			0.41			0.15			0.52			0.29
Net realized and unrealized gain (loss)		(1.65	)		11.44			1.19			(2.03	)		1.30			1.05

Total from investment operations		(1.37	)		11.64			1.60			(1.88	)		1.82			1.34

Less distributions from:
Net investment income		—			(0.24	)		(0.37	)		(0.17	)		(0.55	)		(2.82	)
Net realized gains		—			—			—			—			—			(0.85	)

Total distributions		—			(0.24	)		(0.37	)		(0.17	)		(0.55	)		(3.67	)

Net Asset Value, end of period	$	30.01		$	31.38		$	19.98		$	18.75		$	20.80		$	19.53

Total Return (%)(b)		(4.37	)**		58.37			8.49			(8.91	)		9.12			6.42	(e)

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		14			16			14			83			2			3
Ratio of expenses before fee waiver (%)(c)		0.60	*		0.60			0.60			0.60			0.70			0.72
Ratio of expenses after fee waiver (%)(c)		0.60	*		0.60			0.60			0.60			0.05			0.05
Ratio of net investment income (loss) (%)		1.87	*		0.74			2.03			0.75			2.38			1.41
Portfolio turnover rate (%)(d)		10	**		33			27			180			3			6


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


	Short-Term		Long-Term		Total Amount
Xtrackers Harvest CSI 300 China A-Shares ETF	$	90,874,516	$	88,372,243	$	179,246,759
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		14,207,936		5,251,103		19,459,039
Xtrackers MSCI All China Equity ETF		7,314,851		4,531,447		11,846,298
Xtrackers MSCI China A Inclusion Equity ETF		3,350,913		—		3,350,913


	Late Year Ordinary Losses
Xtrackers MSCI China A Inclusion Equity ETF	$	9,410


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers Harvest CSI 300 China A-Shares ETF	$	1,842,673,593	$	866,287,191	$	933,007,498	$	(66,720,307	)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		30,740,431		9,421,665		11,670,470		(2,248,805	)
Xtrackers MSCI All China Equity ETF		28,950,002		7,253,489		8,003,840		(750,351	)
Xtrackers MSCI China A Inclusion Equity ETF		9,835,476		5,854,181		6,172,745		(318,564	)


Remaining Contractual Maturity of the Agreements, as of November 30, 2021

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers MSCI All China Equity ETF
Common Stocks	$	221,622	$	1,202	$	32,020	$	409,165	$	664,009

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	664,009


		Asset Derivatives			Liability Derivatives
Xtrackers MSCI All China Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	819
Xtrackers MSCI China A Inclusion Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	1,092


Net Realized Gain (Loss) from:

	Futures Contracts— Equity Contracts
Xtrackers MSCI All China Equity ETF	$	(20,815	)
Xtrackers MSCI China A Inclusion Equity ETF		(18,607	)

Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts— Equity Contracts
Xtrackers MSCI All China Equity ETF	$	(889	)
Xtrackers MSCI China A Inclusion Equity ETF		926


	Futures Contracts (Contract Value)
Xtrackers MSCI All China Equity ETF	$	72,208
Xtrackers MSCI China A Inclusion Equity ETF		65,495



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


	Expenses Waived
Xtrackers MSCI All China Equity ETF	$	2
Xtrackers MSCI China A Inclusion Equity ETF		15


	Purchases		Sales
Xtrackers Harvest CSI 300 China A-Shares ETF	$	804,693,064	$	923,591,948
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		9,625,078		12,996,232
Xtrackers MSCI All China Equity ETF		829,498		2,437,463
Xtrackers MSCI China A Inclusion Equity ETF		1,442,374		2,832,107


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