DBX ETF Trust

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this annual report for our six currency hedged equity ETFs for the period ended May 31, 2022.

Globally, economic recovery had been underway, aided by accelerated vaccinations and high levels of post-infection immunity. However, developments around fast-spreading new variants, like Omicron, in Q1 2022 resulted in strict lockdowns, and the subsequent resurgence in cases raised concerns over the growth outlook and supply chain constraints. Geopolitical tensions stemming from the war in Ukraine amplified uncertainties and added to the woes of economies globally. Central banks pivoted to higher interest rates in the face of high inflation only to be challenged by slowing growth.

Recent economic data revealed the U.S. economy had contracted in Q1 2022, weighed down by trade imbalances and weaker inventory growth. The labor market remained tight, although consumer confidence had been ebbing amid high inflation concerns. U.S. equity markets witnessed heightened volatility over the period, due to escalating energy prices, coupled with concerns over the U.S. Federal Reserve’s (the Fed’s) tightening monetary policy, slowing growth, and geopolitical tensions. With inflation treading over highs unseen in over 40 years, the Fed indicated a hawkish stance and concluded its bond purchases in March 2022. The Fed subsequently raised rates twice over the period and announced it would commence pruning its balance sheet in June. Markets remained muted over this expected development. Taming inflation while keeping the U.S. economy’s recovery afloat evolved as a major challenge for the Fed.

Elevated inflation, slower economic growth, and a strong labor market highlighted Eurozone’s economic backdrop, alongside the war unfolding in Ukraine. Latest GDP¹ data revealed the Euro Area economy had matched growth in Q4 2021. Developments around the Omicron variant and associated restrictions and the impact of the war in Ukraine on commodity prices and supply chains were the predominant factors weighing on growth. Eurozone’s inflation treaded higher over the period amid rising geopolitical risks and gas supply concerns but stabilized in April 2022. Although the labor market remained a bright spot, consumer confidence dropped significantly over the period amid prevalent uncertainties. The accommodative European Central Bank (ECB) pivoted to a more hawkish tone lately. President Lagarde noted the ECB could end the bond-buying program in July 2022 and steer away from negative interest rates by the end of the third quarter, chalking out plans to incorporate further hikes.

Emerging economies were weighed down by a multitude of factors including high inflation alongside slowing growth, a hawkish Fed, the war in Ukraine, and heavyweight China facing a slowdown. Although the economies were better equipped to handle the pandemic, bouts of surging COVID-19 cases, a weak and pressurized property sector, and decelerating economic growth rattled China. A zero-tolerance COVID-19 policy entailed strict lockdowns and restrictions, impacting demand, mobility, and production, and unnerving global supply chains. Against this backdrop, emerging markets significantly underperformed developed markets over the reporting period.

Developments around the pandemic, central banks’ pivoting towards higher interest rates, sticky inflation alongside risks of recession, and geopolitics-fueled uncertainties are major themes for investors to digest. Although labor markets have recovered, and the number of Omicron infections receded, consumer confidence remained weak owing to a less favorable long-term economic outlook. The economic impairment from the war in Ukraine is expected to contribute to a significant slowdown in global growth in 2022. However, a fragmented recovery is anticipated, as policy responses based on the region’s needs would influence growth. Investors remain wary of further actions from central banks as they balance the task of taming inflation and supporting slowing growth.

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹The 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 MSCI All World ex US Hedged Equity ETF (DBAW) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA US Dollar Hedged Index (the DBAW Index). The DBAW Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the U.S.), while at the same time mitigating exposure to fluctuation between the value of the U.S. dollar and select non-U.S. currencies. For the 12-month period ended May 31, 2022, DBAW returned -3.94%, compared to the DBAW Index return of -3.80%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Consumer Discretionary, Information Technology and Industrials. The Energy sector was the only positive contributor to performance. From a geographical perspective, Saudi Arabia, Canada and United Kingdom were the major positive contributors, while Hong Kong, Japan and Germany contributed negatively to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.

The Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EM US Dollar Hedged Index (the DBEM Index). The DBEM Index is designed to provide exposure to equity securities in the global emerging markets, while at the same time mitigating exposure to fluctuations between the value of the US dollar and the currencies of countries included in the underlying index. For the 12-month period ended May 31, 2022, DBEM returned -16.88%, compared to the DBEM Index return of -16.32%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Consumer Discretionary, Information Technology and Communication Services. The Utilities sector was the only positive contributor to performance. From a geographical perspective, Saudi Arabia, Indonesia and United Arab Emirates were the major positive contributors, while Hong Kong, Korea and Russia contributed negatively to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.

The Xtrackers MSCI Europe Hedged Equity ETF (DBEU) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Europe US Dollar Hedged Index (the DBEU Index). The DBEU index is designed to provide exposure to equity securities in 15 developed European stock markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies. For the 12-month period ended May 31, 2022, DBEU returned 2.37%, compared to the DBEU Index return of 2.49%.

The majority of sectors contributed negatively to performance during the period with the greatest negative contribution coming from Consumer Discretionary, Industrials and Information Technology. The Energy and Health Care sectors were the only positive contributors to performance. From a geographical perspective Germany, France and Netherlands were the major detractors, while United Kingdom and Norway were the only positive contributors to the performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.

The Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EMU IMI U.S. Dollar Hedged Index (the DBEZ Index). The DBEZ Index is designed to provide exposure to equities in countries in the European Monetary Union, or the “Eurozone” that have adopted the euro as their common currency and sole legal tender, while at the same time mitigating exposure to the fluctuations between the value of the U.S. dollar and the euro. For the 12-month period ended May 31, 2022, DBEZ returned -3.33%, compared to the DBEZ Index return of -3.18%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Consumer Discretionary, Industrials and Information Technology. The Energy sector was the only positive contributor to performance. From a geographical perspective Germany, France and Netherlands were the major negative contributors, while Portugal was the only positive contributors to the performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against the euro. The currency hedging strategy contributed positively to performance.

The Xtrackers MSCI Germany Hedged Equity ETF (DBGR) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Germany US Dollar Hedged Index (the DBGR Index). The DBGR Index is designed to provide exposure to Germany’s equity market, while at the same time mitigating exposure to fluctuations between the value of the US dollar and euro. For the 12-month period ended May 31, 2022, DBGR returned -10.08%, compared to the DBGR Index return of -10.03%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from, Consumer Discretionary, Industrials and Information Technology. The Communication Services sector was the only positive contributor to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.

The Xtrackers MSCI Japan Hedged Equity ETF (DBJP) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Japan US Dollar Hedged Index (the DBJP Index). The DBJP Index is designed to track the performance of the Japanese equity market, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen. For the 12-month period ended May 31, 2022, DBJP returned 0.66%, compared to the DBJP Index return of 1.15%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Industrials, Consumer Discretionary and Communications. The Energy sector was the only positive contributor to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against the Japanese yen. The currency hedging strategy contributed positively to performance.

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 6-17 of this report for additional performance information, including performance data based on market value. The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.

The Xtrackers MSCI All World ex US Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities in developed and emerging stock markets (excluding the United States), while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.

¹ Total returns are calculated based on the commencement of operations, January 23, 2014 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2021, was 0.40%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.


*Country Diversification as of May 31, 2022**


Japan			13.7%
United Kingdom			9.5%
China			8.4%
Canada			8.3%
France			6.9%
Switzerland			6.9%
Germany			5.0%
Australia			4.9%
Taiwan			4.6%
India			3.7%
South Korea			3.7%
Netherlands			2.8%
Hong Kong			2.5%
Sweden			2.1%
Other			17.0%

Total			100.0%

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 19.

The Xtrackers MSCI Emerging Markets Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EM US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track emerging market performance while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into and index.

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

* As a percent of total investments excluding securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 48.

The X-trackers MSCI Europe Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Europe US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the developed markets in Europe, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.

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

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2021, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

* As a percent of total investments excluding, securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 69.

The Xtrackers MSCI Eurozone Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EMU IMI US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities based in the countries in the European Monetary Union (the “EMU”), while seeking to mitigate exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.

¹ Total returns are calculated based on the commencement of operations, December 10, 2014 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2021, as revised March 2, 2022 was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

* As a percent of total investments excluding exchange-traded funds, securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 77.

The Xtrackers MSCI Germany Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Germany US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the German equity market while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.

Prior to May 31, 2013, this Fund was known as dbx-trackers MSCI Canada Hedged Equity Fund (DBCN) and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2021, as revised March 2, 2022 was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

* As a percent of total investments excluding exchange-traded fund, securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 86.

The Xtrackers MSCI Japan Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Japan US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the Japanese equity market while mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen. It is not possible to invest directly into an index.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2021, as revised March 2, 2022 was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

* As a percent of total investments excluding exchange-traded fund, securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 89.

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 the Funds, except Xtrackers MSCI Eurozone Hedged Equity ETF, limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

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

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


	Number of Shares		Value
COMMON STOCKS — 97.8%
Australia — 4.9%
Ampol Ltd.		1,874	$	44,865
APA Group (a)		7,310		59,700
Aristocrat Leisure Ltd.		3,882		94,136
ASX Ltd.		1,213		70,337
Aurizon Holdings Ltd.		12,577		36,284
Australia & New Zealand Banking Group Ltd.		17,327		311,366
BHP Group Ltd.		32,360		1,035,985
BlueScope Steel Ltd.		3,663		47,843
Brambles Ltd.		9,155		71,483
Cochlear Ltd.		415		66,406
Coles Group Ltd.		8,420		105,927
Commonwealth Bank of Australia		11,063		828,552
Computershare Ltd.		3,390		56,442
Crown Resorts Ltd. *		2,576		23,737
CSL Ltd.		3,107		606,110
Dexus REIT		6,565		49,375
Domino’s Pizza Enterprises Ltd.		390		19,264
Endeavour Group Ltd.		8,326		43,380
Evolution Mining Ltd.		13,688		37,721
Fortescue Metals Group Ltd.		10,765		155,360
Goodman Group REIT		10,670		157,358
GPT Group REIT		11,874		40,988
IDP Education Ltd. (b)		1,338		23,112
Insurance Australia Group Ltd.		15,844		49,689
Lendlease Corp. Ltd. (a)		4,217		32,594
Lottery Corp. Ltd. *		14,436		49,106
Macquarie Group Ltd.		2,386		318,456
Medibank Pvt Ltd.		16,772		38,757
Mineral Resources Ltd.		1,041		47,701
Mirvac Group REIT		24,449		39,654
MMG Ltd. *		18,714		7,965
National Australia Bank Ltd.		20,554		461,103
Newcrest Mining Ltd.		5,893		105,897
Northern Star Resources Ltd.		7,506		48,211
Orica Ltd.		2,762		32,091
Origin Energy Ltd.		11,585		56,951
Qantas Airways Ltd. *		5,803		22,947
QBE Insurance Group Ltd.		9,346		80,687
Ramsay Health Care Ltd.		1,161		65,131
REA Group Ltd.		354		28,608
Reece Ltd.		1,890		21,742
Rio Tinto Ltd.		2,370		194,660
Santos Ltd.		21,491		126,469
Scentre Group REIT		32,659		67,266
SEEK Ltd.		2,088		36,337
Sonic Healthcare Ltd.		2,888		75,981
South32 Ltd.		31,772		114,006
Stockland REIT		15,347		44,055
Suncorp Group Ltd.		7,961		64,845
Telstra Corp. Ltd.		26,204		72,965
Transurban Group (a)		19,642		202,561
Treasury Wine Estates Ltd.		4,846		41,385
Vicinity Centres REIT		27,968		37,935
Washington H Soul Pattinson & Co. Ltd.		1,272		23,460
Wesfarmers Ltd.		7,437		251,861


	Number of Shares		Value
Australia (Continued)
Westpac Banking Corp.		22,757	$	389,834
WiseTech Global Ltd.		1,050		31,724
Woodside Energy Group Ltd.		6,164		131,646
Woolworths Group Ltd.		7,890		196,197

(Cost $7,061,272)				7,596,208

Austria — 0.1%
Erste Group Bank AG		2,207		68,734
OMV AG		964		56,299
Verbund AG		429		42,670
voestalpine AG		798		23,371

(Cost $193,185)				191,074

Belgium — 0.5%
Ageas SA/NV (b)		1,149		57,839
Anheuser-Busch InBev SA/NV		5,681		318,177
Elia Group SA/NV		193		31,763
Groupe Bruxelles Lambert SA		675		62,291
KBC Group NV		1,608		100,296
Proximus SADP		985		16,998
Sofina SA		100		23,554
Solvay SA		480		46,944
UCB SA		838		73,914
Umicore SA (b)		1,316		58,475
Warehouses De Pauw CVA REIT		755		27,834

(Cost $1,021,002)				818,085

Brazil — 1.2%
Ambev SA		28,898		86,283
Americanas SA		4,105		17,361
Atacadao SA		2,964		12,068
B3 SA — Brasil Bolsa Balcao		38,673		103,914
Banco Bradesco SA		10,413		36,985
Banco BTG Pactual SA		7,416		39,541
Banco do Brasil SA		5,385		41,493
Banco Inter SA		1,197		3,171
Banco Santander Brasil SA		2,049		14,465
BB Seguridade Participacoes SA		5,271		29,812
BRF SA *		4,509		14,848
CCR SA		9,551		26,809
Centrais Eletricas Brasileiras SA		1,047		9,284
Cia de Saneamento Basico do Estado de Sao Paulo		2,544		24,506
Cia Siderurgica Nacional SA		4,258		19,567
Cosan SA		6,035		27,441
Energisa SA		1,284		12,001
Engie Brasil Energia SA		1,304		12,045
Equatorial Energia SA		6,323		31,638
Hapvida Participacoes e Investimentos SA, 144A		28,872		40,824
Hypera SA		1,860		15,181
JBS SA		5,496		41,169
Klabin SA		4,243		19,945
Localiza Rent a Car SA		3,972		48,073
Lojas Renner SA		6,540		36,604
Magazine Luiza SA		19,206		15,033
Natura & Co. Holding SA		6,457		22,377
Petro Rio SA *		3,970		23,381


	Number of Shares		Value
Brazil (Continued)
Petroleo Brasileiro SA		23,681	$	165,728
Raia Drogasil SA		8,527		37,050
Rede D’Or Sao Luiz SA, 144A		2,408		18,149
Rumo SA		10,097		37,562
Suzano SA		4,770		53,697
Telefonica Brasil SA		4,211		45,233
TIM SA		4,993		15,129
TOTVS SA		4,554		27,185
Ultrapar Participacoes SA		3,444		10,413
Vale SA		25,953		470,781
Vibra Energia SA		8,440		34,523
WEG SA		11,542		61,613

(Cost $1,556,981)				1,802,882

Canada — 8.2%
Agnico Eagle Mines Ltd.		2,907		154,078
Air Canada *		1,095		19,210
Algonquin Power & Utilities Corp.		5,107		74,292
Alimentation Couche-Tard, Inc.		5,422		246,355
AltaGas Ltd.		2,251		54,351
ARC Resources Ltd.		3,920		59,039
Bank of Montreal		4,198		456,657
Bank of Nova Scotia		7,879		534,340
Barrick Gold Corp.		2,794		57,367
Barrick Gold Corp.		8,533		174,795
BCE, Inc.		490		26,696
BlackBerry Ltd. *		3,063		18,453
Brookfield Asset Management, Inc., Class A		9,156		462,994
CAE, Inc. *		1,946		48,602
Cameco Corp.		2,536		62,134
Canadian Apartment Properties REIT		471		18,433
Canadian Imperial Bank of Commerce		5,836		321,041
Canadian National Railway Co.		3,734		424,575
Canadian Natural Resources Ltd.		7,535		498,680
Canadian Pacific Railway Ltd.		6,033		430,469
Canadian Tire Corp. Ltd., Class A		453		62,238
Canadian Utilities Ltd., Class A		858		27,222
CCL Industries, Inc., Class B		976		46,854
Cenovus Energy, Inc.		8,326		193,002
CGI, Inc. *		1,384		118,250
Constellation Software, Inc.		135		212,476
Dollarama, Inc.		1,885		109,328
Emera, Inc.		1,721		85,543
Empire Co. Ltd., Class A		1,098		35,982
Enbridge, Inc.		13,131		606,589
Fairfax Financial Holdings Ltd.		163		90,462
First Quantum Minerals Ltd.		3,852		111,523
FirstService Corp.		272		34,831
Fortis, Inc.		2,975		150,038
Franco-Nevada Corp.		1,200		169,756
George Weston Ltd.		483		59,280
GFL Environmental, Inc.		1,164		35,522
Gildan Activewear, Inc.		1,458		45,924
Great-West Lifeco, Inc. (b)		1,693		46,459
Hydro One Ltd., 144A		1,979		55,200
iA Financial Corp., Inc.		687		35,674


	Number of Shares		Value
Canada (Continued)
IGM Financial, Inc.		703	$	21,654
Imperial Oil Ltd. (b)		1,500		82,160
Intact Financial Corp.		1,116		161,244
Ivanhoe Mines Ltd., Class A *		3,918		29,861
Keyera Corp.		1,392		37,099
Kinross Gold Corp.		7,922		35,575
Lightspeed Commerce, Inc. *		652		16,954
Loblaw Cos. Ltd.		1,046		96,500
Lundin Mining Corp.		4,259		37,915
Magna International, Inc.		1,816		117,846
Manulife Financial Corp.		12,613		233,642
Metro, Inc.		1,595		88,095
National Bank of Canada		2,151		165,094
Northland Power, Inc.		1,617		49,040
Nutrien Ltd.		3,530		344,976
Nuvei Corp., 144A *		425		21,763
Onex Corp.		497		29,655
Open Text Corp.		1,731		70,945
Pan American Silver Corp.		1,336		29,385
Parkland Corp.		941		28,018
Pembina Pipeline Corp.		3,655		147,373
Power Corp. of Canada		3,485		100,650
Quebecor, Inc., Class B		1,082		24,551
Restaurant Brands International, Inc.		1,926		101,138
RioCan Real Estate Investment Trust REIT		1,649		29,659
Ritchie Bros Auctioneers, Inc.		695		41,831
Rogers Communications, Inc., Class B		2,260		115,908
Royal Bank of Canada		8,988		939,197
Saputo, Inc.		1,558		31,324
Shaw Communications, Inc., Class B		2,888		81,833
Shopify, Inc., Class A *		742		278,562
Sun Life Financial, Inc. (b)		3,696		180,526
Suncor Energy, Inc.		9,492		381,901
TC Energy Corp.		6,351		367,598
Teck Resources Ltd., Class B		2,983		123,674
TELUS Corp.		2,846		71,215
TFI International, Inc.		549		45,084
Thomson Reuters Corp.		1,088		107,686
TMX Group Ltd.		365		39,716
Toromont Industries Ltd.		557		49,405
Toronto-Dominion Bank		11,805		902,140
Tourmaline Oil Corp.		1,965		121,301
West Fraser Timber Co. Ltd.		472		43,549
Wheaton Precious Metals Corp.		2,768		114,322
WSP Global, Inc.		785		86,652

(Cost $10,090,593)				12,698,930

Chile — 0.1%
Antofagasta PLC		2,677		49,840
Banco de Chile		278,478		28,986
Banco de Credito e Inversiones SA		205		7,615
Banco Santander Chile		388,669		19,440
Cencosud SA		8,433		13,518
Cia Cervecerias Unidas SA		667		4,761
Empresas CMPC SA		8,070		13,951
Empresas Copec SA		2,394		19,007
Enel Americas SA		168,740		18,266


	Number of Shares		Value
Chile (Continued)
Enel Chile SA		123,794	$	3,173
Falabella SA		4,372		12,802

(Cost $225,156)				191,359

China — 8.3%
360 DigiTech, Inc., ADR		557		8,762
360 Security Technology, Inc., Class A *		3,700		4,589
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		200		649
3SBio, Inc., 144A *		10,314		7,663
AAC Technologies Holdings, Inc. (b)		3,840		8,348
Advanced Micro-Fabrication Equipment Inc China, Class A *		350		6,053
AECC Aviation Power Co. Ltd., Class A		1,000		5,922
Agricultural Bank of China Ltd., Class A		28,900		13,118
Agricultural Bank of China Ltd., Class H		194,050		73,938
Aier Eye Hospital Group Co. Ltd., Class A		2,405		13,388
Air China Ltd., Class A *		7,800		11,322
Air China Ltd., Class H *		10,682		7,786
Airtac International Group		527		17,249
Alibaba Group Holding Ltd. *		97,165		1,191,779
A-Living Smart City Services Co. Ltd., 144A *		1,722		2,747
Aluminum Corp. of China Ltd., Class A *		7,300		5,632
Aluminum Corp. of China Ltd., Class H *		20,085		9,163
Anhui Conch Cement Co. Ltd., Class A		1,200		6,621
Anhui Conch Cement Co. Ltd., Class H		8,857		44,922
Anhui Gujing Distillery Co. Ltd., Class A		300		10,246
Anhui Gujing Distillery Co. Ltd., Class B		1,210		17,774
ANTA Sports Products Ltd.		7,289		83,134
Asymchem Laboratories Tianjin Co. Ltd., Class A		200		7,839
Autohome, Inc., ADR		408		14,827
AviChina Industry & Technology Co. Ltd., Class H		23,574		13,579
Baidu, Inc., ADR *		1,780		249,823
Bank of Beijing Co. Ltd., Class A		11,100		7,350
Bank of China Ltd., Class A		16,800		8,028
Bank of China Ltd., Class H *		505,261		202,820
Bank of Communications Co. Ltd., Class A		13,200		9,709
Bank of Communications Co. Ltd., Class H		53,531		36,496
Bank of Hangzhou Co. Ltd., Class A		4,400		8,977
Bank of Jiangsu Co. Ltd., Class A		13,000		12,502
Bank of Nanjing Co. Ltd., Class A		8,600		13,914
Bank of Ningbo Co. Ltd., Class A		2,910		14,276
Bank of Shanghai Co. Ltd., Class A		5,590		5,368
Baoshan Iron & Steel Co. Ltd., Class A		10,200		9,779
Beijing Capital International Airport Co. Ltd., Class H *		6,998		4,102
Beijing Kingsoft Office Software, Inc., Class A		256		7,858
Beijing Tiantan Biological Products Corp. Ltd., Class A		1,000		3,377
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		145		2,767


	Number of Shares		Value
China (Continued)
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		13,800	$	10,068
Betta Pharmaceuticals Co. Ltd., Class A		400		2,810
BGI Genomics Co. Ltd., Class A		500		4,922
Bilibili, Inc., ADR *(b)		1,212		27,088
BOE Technology Group Co. Ltd., Class A		15,500		8,800
BYD Co. Ltd., Class A		700		31,029
BYD Co. Ltd., Class H		5,253		187,435
BYD Electronic International Co. Ltd. (b)		3,118		6,922
CanSino Biologics, Inc., Class H, 144A *		480		4,835
CGN Power Co. Ltd., Class H, 144A		50,581		13,278
Changchun High & New Technology Industry Group, Inc., Class A *		200		4,970
Chaozhou Three-Circle Group Co. Ltd., Class A		1,100		4,881
China Cinda Asset Management Co. Ltd., Class H		58,864		9,977
China CITIC Bank Corp. Ltd., Class H		56,322		27,274
China Coal Energy Co. Ltd., Class H *		17,636		16,181
China Communications Services Corp. Ltd., Class H		15,319		7,184
China Conch Venture Holdings Ltd.		11,284		29,334
China Construction Bank Corp., Class H		620,630		461,882
China CSSC Holdings Ltd., Class A		2,400		6,694
China Energy Engineering Corp. Ltd. *		17,700		6,178
China Everbright Bank Co. Ltd., Class A		14,000		6,543
China Everbright Bank Co. Ltd., Class H		14,526		4,776
China Evergrande Group (c)		8,123		1,708
China Feihe Ltd., 144A		23,315		23,591
China Galaxy Securities Co. Ltd., Class A		7,370		9,760
China Galaxy Securities Co. Ltd., Class H		23,460		12,945
China Hongqiao Group Ltd. (b)		15,761		19,563
China Huarong Asset Management Co. Ltd., Class H, 144A *		38,726		1,727
China International Capital Corp. Ltd., Class H, 144A *		9,468		18,026
China Jushi Co. Ltd., Class A		4,400		10,770
China Lesso Group Holdings Ltd.		5,894		7,571
China Life Insurance Co. Ltd., Class A		700		2,606
China Life Insurance Co. Ltd., Class H		47,987		73,627
China Literature Ltd., 144A *		2,202		9,667
China Longyuan Power Group Corp. Ltd., Class H		20,511		44,069
China Medical System Holdings Ltd.		8,910		13,171
China Meidong Auto Holdings Ltd.		2,839		10,202
China Merchants Bank Co. Ltd., Class A		8,300		49,349
China Merchants Bank Co. Ltd., Class H		24,878		158,515
China Merchants Securities Co. Ltd., Class A		4,900		9,469
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		3,000		5,618
China Minsheng Banking Corp. Ltd., Class A		13,500		7,705
China Minsheng Banking Corp. Ltd., Class H (b)		31,094		12,046
China Molybdenum Co. Ltd., Class A		16,600		11,862
China Molybdenum Co. Ltd., Class H		16,414		8,053


	Number of Shares		Value
China (Continued)
China National Building Material Co. Ltd., Class H *		31,689	$	40,019
China National Medicines Corp. Ltd., Class A		600		2,517
China National Nuclear Power Co. Ltd., Class A		12,600		13,703
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		1,300		6,783
China Oilfield Services Ltd., Class H		11,836		14,027
China Pacific Insurance Group Co. Ltd., Class A		2,800		8,913
China Pacific Insurance Group Co. Ltd., Class H		16,855		39,435
China Petroleum & Chemical Corp., Class A		9,200		6,147
China Petroleum & Chemical Corp., Class H		155,505		75,105
China Railway Group Ltd., Class A		15,300		15,058
China Railway Group Ltd., Class H		19,898		13,769
China Resources Microelectronics Ltd., Class A		622		4,927
China Resources Mixc Lifestyle Services Ltd., 144A		3,808		18,780
China Shenhua Energy Co. Ltd., Class A		2,900		14,753
China Shenhua Energy Co. Ltd., Class H		21,676		72,509
China Southern Airlines Co. Ltd., Class A *		10,000		9,722
China Southern Airlines Co. Ltd., Class H *		8,188		4,518
China State Construction Engineering Corp. Ltd., Class A		25,700		21,213
China Suntien Green Energy Corp. Ltd., Class H *		10,929		6,379
China Three Gorges Renewables Group Co. Ltd., Class A		12,800		11,907
China Tourism Group Duty Free Corp. Ltd., Class A		800		21,176
China Tower Corp. Ltd., Class H, 144A		249,378		29,237
China United Network Communications Ltd., Class A		10,000		5,213
China Vanke Co. Ltd., Class A		4,000		10,672
China Vanke Co. Ltd., Class H		10,737		23,753
China Yangtze Power Co. Ltd., Class A		10,900		39,221
Chinasoft International Ltd. *		15,544		14,302
Chongqing Brewery Co. Ltd., Class A *		200		3,889
Chongqing Changan Automobile Co. Ltd., Class A		3,500		7,314
Chongqing Rural Commercial Bank Co. Ltd., Class A		7,100		4,105
Chongqing Zhifei Biological Products Co. Ltd., Class A		800		10,460
CIFI Ever Sunshine Services Group Ltd.		6,184		7,171
CIFI Holdings Group Co. Ltd.		22,306		9,693
CITIC Ltd.		36,712		41,216
CITIC Securities Co. Ltd., Class A		5,930		17,580
CITIC Securities Co. Ltd., Class H (b)		15,355		33,226
Contemporary Amperex Technology Co. Ltd., Class A		947		57,880


	Number of Shares		Value
China (Continued)
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		2,600	$	3,965
COSCO SHIPPING Holdings Co. Ltd., Class A *		7,030		16,165
COSCO SHIPPING Holdings Co. Ltd., Class H *		20,311		35,978
Country Garden Holdings Co. Ltd. (b)		64,780		40,615
Country Garden Services Holdings Co. Ltd.		12,909		51,161
CRRC Corp. Ltd., Class A		15,100		11,446
CRRC Corp. Ltd., Class H		37,728		15,145
CSC Financial Co. Ltd., Class A		1,960		6,586
CSPC Pharmaceutical Group Ltd.		57,376		61,418
Dali Foods Group Co. Ltd., 144A		16,953		8,555
Daqin Railway Co. Ltd., Class A		7,700		7,740
Daqo New Energy Corp., ADR *		306		14,963
DaShenLin Pharmaceutical Group Co. Ltd., Class A		700		3,445
Dongfeng Motor Group Co. Ltd., Class H		13,638		10,723
Dongyue Group Ltd.		10,046		12,764
East Money Information Co. Ltd., Class A		4,608		15,628
Ecovacs Robotics Co. Ltd., Class A		200		3,510
ENN Energy Holdings Ltd.		5,445		83,474
Eve Energy Co. Ltd., Class A *		900		10,844
Everbright Securities Co. Ltd., Class A		1,800		3,114
Flat Glass Group Co. Ltd., Class H *		2,817		11,721
Focus Media Information Technology Co. Ltd., Class A		3,200		3,078
Foshan Haitian Flavouring & Food Co. Ltd., Class A		1,518		17,428
Fosun International Ltd.		22,647		23,030
Founder Securities Co. Ltd., Class A		10,000		9,378
Foxconn Industrial Internet Co. Ltd., Class A		4,600		6,484
Fuyao Glass Industry Group Co. Ltd., Class A		1,100		6,614
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		3,682		17,877
Ganfeng Lithium Co. Ltd., Class A		500		8,913
Ganfeng Lithium Co. Ltd., Class H, 144A (b)		1,633		20,976
GCL System Integration Technology Co. Ltd., Class A *		1,000		484
GDS Holdings Ltd., ADR *(b)		582		16,290
Gemdale Corp., Class A		1,700		3,028
Genscript Biotech Corp. *		7,417		21,928
GF Securities Co. Ltd., Class A		2,000		5,123
GF Securities Co. Ltd., Class H *		6,601		8,715
Gigadevice Semiconductor Beijing, Inc., Class A *		168		3,615
Ginlong Technologies Co. Ltd., Class A		300		7,595
GoerTek, Inc., Class A		1,500		9,152
Great Wall Motor Co. Ltd., Class A		1,200		5,968
Great Wall Motor Co. Ltd., Class H		18,732		33,706
Gree Electric Appliances, Inc. of Zhuhai, Class A		1,000		4,819
Greentown China Holdings Ltd.		5,298		9,182


	Number of Shares		Value
China (Continued)
Greentown Service Group Co. Ltd.		9,037	$	9,109
Guangdong Haid Group Co. Ltd., Class A		1,300		11,661
Guanghui Energy Co. Ltd., Class A *		2,500		3,951
Guangzhou Automobile Group Co. Ltd., Class H		18,538		17,552
Guangzhou Tinci Materials Technology Co. Ltd., Class A		800		4,560
Guosen Securities Co. Ltd., Class A		5,900		8,069
Guotai Junan Securities Co. Ltd., Class A		3,800		8,248
Haidilao International Holding Ltd., 144A (b)		7,092		14,099
Haier Smart Home Co. Ltd., Class A		2,800		10,650
Haier Smart Home Co. Ltd., Class H		14,236		50,706
Haitian International Holdings Ltd.		4,832		12,408
Haitong Securities Co. Ltd., Class A		5,000		6,838
Haitong Securities Co. Ltd., Class H		15,290		10,833
Hangzhou First Applied Material Co. Ltd., Class A		560		6,656
Hangzhou Silan Microelectronics Co. Ltd., Class A		800		5,405
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A		851		8,209
Hansoh Pharmaceutical Group Co. Ltd., 144A		7,853		14,150
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,100		4,670
Hengan International Group Co. Ltd.		4,113		20,415
Hengli Petrochemical Co. Ltd., Class A *		1,800		6,358
Hua Hong Semiconductor Ltd., 144A *		2,899		10,991
Huadong Medicine Co. Ltd., Class A		700		4,065
Hualan Biological Engineering, Inc., Class A		670		1,877
Huaneng Power International, Inc., Class A		3,500		3,875
Huaneng Power International, Inc., Class H (b)		18,317		9,314
Huatai Securities Co. Ltd., Class A		1,700		3,392
Huatai Securities Co. Ltd., Class H, 144A		10,435		14,601
Huaxia Bank Co. Ltd., Class A		9,400		7,491
Huayu Automotive Systems Co. Ltd., Class A		1,700		5,615
Huazhu Group Ltd., ADR		1,253		40,723
Huizhou Desay Sv Automotive Co. Ltd., Class A		300		5,701
Hundsun Technologies, Inc., Class A		1,120		6,728
Hygeia Healthcare Holdings Co. Ltd., 144A (b)		2,285		12,681
Iflytek Co. Ltd., Class A		900		4,902
Imeik Technology Development Co. Ltd., Class A		100		8,103
Industrial & Commercial Bank of China Ltd., Class A		35,800		24,991
Industrial & Commercial Bank of China Ltd., Class H		355,110		213,142
Industrial Bank Co. Ltd., Class A		9,500		27,964
Industrial Securities Co. Ltd., Class A		1,500		1,391
Ingenic Semiconductor Co. Ltd., Class A		300		4,179


	Number of Shares		Value
China (Continued)
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A *		32,600	$	9,816
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,600		1,686
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		2,800		15,939
Inner Mongolia Yitai Coal Co. Ltd., Class B		8,700		14,486
Innovent Biologics, Inc., 144A *		7,513		23,313
Intco Medical Technology Co. Ltd., Class A *		400		1,648
iQIYI, Inc., ADR *		1,469		6,023
JA Solar Technology Co. Ltd., Class A		900		12,619
JD Health International, Inc., 144A *(b)		11,064		70,426
JD.com, Inc., Class A		13,034		375,380
Jiangsu Eastern Shenghong Co. Ltd., Class A		2,200		5,151
Jiangsu Expressway Co. Ltd., Class H		9,552		9,872
Jiangsu Hengli Hydraulic Co. Ltd., Class A		600		4,792
Jiangsu Hengrui Medicine Co. Ltd., Class A		2,500		11,355
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		400		9,887
Jiangsu Zhongtian Technology Co. Ltd., Class A *		1,300		3,574
Jiangxi Copper Co. Ltd., Class A		3,400		9,229
Jiangxi Copper Co. Ltd., Class H		4,282		6,963
Jiangxi Zhengbang Technology Co. Ltd., Class A		1,600		1,491
Jinxin Fertility Group Ltd., 144A *		5,750		4,514
Jiumaojiu International Holdings Ltd., 144A (b)		4,601		10,777
Kanzhun Ltd., ADR *		410		8,290
KE Holdings, Inc., ADR *		2,136		28,622
Kingdee International Software Group Co. Ltd. *		16,792		33,125
Kingsoft Corp. Ltd.		6,293		21,131
Kuaishou Technology, 144A *		11,375		110,167
Kweichow Moutai Co. Ltd., Class A		500		135,123
Lenovo Group Ltd.		52,596		51,878
Lens Technology Co. Ltd., Class A		2,610		4,125
Lepu Medical Technology Beijing Co. Ltd., Class A		1,200		3,180
Li Auto, Inc., ADR *		3,558		89,199
Li Ning Co. Ltd.		15,637		121,952
Lingyi iTech Guangdong Co., Class A *		3,100		2,215
Logan Group Co. Ltd. (c)		9,576		2,660
Longfor Group Holdings Ltd., 144A		11,769		58,716
LONGi Green Energy Technology Co. Ltd., Class A		2,100		24,915
Lufax Holding Ltd., ADR		4,012		25,235
Luxshare Precision Industry Co. Ltd., Class A		4,049		20,507
Luzhou Laojiao Co. Ltd., Class A		600		19,306
Mango Excellent Media Co. Ltd., Class A		1,200		6,509


	Number of Shares		Value
China (Continued)
Maxscend Microelectronics Co. Ltd., Class A *		100	$	2,906
Meituan, Class B, 144A *		26,665		635,431
Metallurgical Corp. of China Ltd., Class A		21,100		11,158
Microport Scientific Corp. (b)		3,926		7,775
Ming Yuan Cloud Group Holdings Ltd. *		1,597		1,972
Minth Group Ltd.		4,929		12,782
Montage Technology Co. Ltd., Class A		617		5,939
Muyuan Foods Co. Ltd., Class A		2,134		16,361
Nanjing Securities Co. Ltd., Class A		4,800		5,465
NARI Technology Co. Ltd., Class A		2,760		14,161
National Silicon Industry Group Co. Ltd., Class A *		1,306		4,378
NAURA Technology Group Co. Ltd., Class A		200		8,089
NetEase, Inc.		13,497		292,740
New China Life Insurance Co. Ltd., Class A		1,300		5,492
New China Life Insurance Co. Ltd., Class H		4,586		12,010
New Hope Liuhe Co. Ltd., Class A *		1,400		2,995
New Oriental Education & Technology Group, Inc., ADR *		890		11,623
Ninestar Corp., Class A		548		3,603
Ningbo Tuopu Group Co. Ltd., Class A *		500		4,382
Ningxia Baofeng Energy Group Co. Ltd., Class A		6,100		14,219
NIO, Inc., ADR *(b)		8,403		146,128
Nongfu Spring Co. Ltd., Class H, 144A		11,647		65,009
OFILM Group Co. Ltd., Class A *		103		88
Oppein Home Group, Inc., Class A		500		8,958
Orient Securities Co. Ltd., Class A		2,048		2,865
People’s Insurance Co. Group of China Ltd., Class H		71,455		22,491
PetroChina Co. Ltd., Class A		7,700		6,529
PetroChina Co. Ltd., Class H		141,472		75,899
Pharmaron Beijing Co. Ltd., Class A		400		7,147
Pharmaron Beijing Co. Ltd., Class H, 144A		777		9,372
PICC Property & Casualty Co. Ltd., Class H		43,396		42,140
Pinduoduo, Inc., ADR *		2,808		141,383
Ping An Bank Co. Ltd., Class A *		7,300		15,485
Ping An Healthcare and Technology Co. Ltd., 144A *(b)		2,246		6,039
Ping An Insurance Group Co. of China Ltd., Class A		4,300		28,471
Ping An Insurance Group Co. of China Ltd., Class H		41,536		266,243
Poly Developments and Holdings Group Co. Ltd., Class A		4,600		10,688
Pop Mart International Group Ltd., 144A *		4,057		15,639
Postal Savings Bank of China Co. Ltd., Class A		14,000		11,010
Postal Savings Bank of China Co. Ltd., Class H, 144A (b)		47,359		35,185
Power Construction Corp. of China Ltd., Class A		5,900		6,903


	Number of Shares		Value
China (Continued)
Qingdao Rural Commercial Bank Corp., Class A		1,600	$	779
RLX Technology, Inc., ADR *		4,342		8,597
Rongsheng Petrochemical Co. Ltd., Class A		3,250		7,780
SAIC Motor Corp. Ltd., Class A		3,100		7,983
Sangfor Technologies, Inc., Class A		400		5,652
Sany Heavy Equipment International Holdings Co. Ltd. *		7,357		7,407
Sany Heavy Industry Co. Ltd., Class A		3,500		8,887
Satellite Chemical Co. Ltd., Class A		1,500		8,844
SDIC Capital Co. Ltd., Class A		11,500		10,595
SDIC Power Holdings Co. Ltd., Class A		7,200		11,152
Seazen Group Ltd. *		10,360		4,396
Seazen Holdings Co. Ltd., Class A		2,500		9,085
SF Holding Co. Ltd., Class A *		2,000		15,549
SG Micro Corp., Class A		100		4,306
Shaanxi Coal Industry Co. Ltd., Class A		5,400		15,345
Shandong Gold Mining Co. Ltd., Class A		2,200		6,061
Shandong Gold Mining Co. Ltd., Class H, 144A		5,144		9,151
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A *		900		4,023
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		14,454		16,043
Shanghai Baosight Software Co. Ltd., Class A		700		5,472
Shanghai Baosight Software Co. Ltd., Class B		2,600		10,166
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,100		7,217
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		3,249		13,684
Shanghai Junshi Biosciences Co. Ltd., Class A *		270		3,417
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B *		3,931		3,656
Shanghai M&G Stationery, Inc., Class A		800		6,205
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		1,300		3,505
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		5,613		9,141
Shanghai Pudong Development Bank Co. Ltd., Class A		9,300		11,062
Shanghai Putailai New Energy Technology Co. Ltd., Class A *		400		7,706
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		2,900		5,378
Shanxi Coking Coal Energy Group Co. Ltd., Class A		1,600		3,420
Shanxi Meijin Energy Co. Ltd., Class A *		3,100		5,378
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		420		17,145
Shenwan Hongyuan Group Co. Ltd., Class A		11,900		7,220
Shenzhen Goodix Technology Co. Ltd., Class A		100		865


	Number of Shares		Value
China (Continued)
Shenzhen Inovance Technology Co. Ltd., Class A		1,050	$	9,631
Shenzhen Kangtai Biological Products Co. Ltd., Class A		560		5,225
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		480		21,751
Shenzhen SC New Energy Technology Corp., Class A		300		3,186
Shenzhen Transsion Holdings Co. Ltd., Class A		633		8,340
Shenzhou International Group Holdings Ltd.		5,280		73,004
Shimao Services Holdings Ltd., 144A *(c)		3,561		1,906
Silergy Corp.		496		51,950
Sinopharm Group Co. Ltd., Class H		8,721		21,627
Sinotruk Hong Kong Ltd.		3,623		5,143
Smoore International Holdings Ltd., 144A (b)		10,880		26,731
StarPower Semiconductor Ltd., Class A		100		5,707
Sunac China Holdings Ltd. (c)		14,174		8,273
Sungrow Power Supply Co. Ltd., Class A *		500		5,989
Sunny Optical Technology Group Co. Ltd.		4,588		72,382
Suzhou Maxwell Technologies Co. Ltd., Class A		100		5,647
TAL Education Group, ADR *		2,234		9,159
TBEA Co. Ltd., Class A		1,500		5,056
TCL Technology Group Corp., Class A *		1,164		792
Tencent Holdings Ltd.		40,517		1,871,159
Tencent Music Entertainment Group, ADR *		3,939		16,465
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		1,100		7,184
Tianma Microelectronics Co. Ltd., Class A		1,000		1,414
Tingyi Cayman Islands Holding Corp.		14,243		25,229
Tongcheng Travel Holdings Ltd. *		6,312		12,114
Tongwei Co. Ltd., Class A		1,700		11,508
Topsports International Holdings Ltd., 144A		7,087		5,256
TravelSky Technology Ltd., Class H		4,675		7,602
Trina Solar Co. Ltd., Class A		1,184		11,387
Trip.com Group Ltd., ADR *		3,274		72,224
Tsingtao Brewery Co. Ltd., Class A		800		11,115
Tsingtao Brewery Co. Ltd., Class H		3,204		27,683
Unigroup Guoxin Microelectronics Co. Ltd., Class A *		340		9,035
Uni-President China Holdings Ltd.		11,036		8,916
Unisplendour Corp. Ltd., Class A		1,880		5,013
Vipshop Holdings Ltd., ADR *		2,815		26,180
Walvax Biotechnology Co. Ltd., Class A		900		6,260
Wanhua Chemical Group Co. Ltd., Class A		1,021		12,866
Want Want China Holdings Ltd.		28,974		28,837
Weibo Corp., ADR *		361		7,942
Weichai Power Co. Ltd., Class A		2,800		5,079
Weichai Power Co. Ltd., Class H		12,391		19,264


	Number of Shares		Value
China (Continued)
Wens Foodstuffs Group Co. Ltd., Class A		2,440	$	6,605
Will Semiconductor Co. Ltd., Class A		400		9,827
Wingtech Technology Co. Ltd., Class A		478		4,557
Wuliangye Yibin Co. Ltd., Class A		1,700		43,649
WUS Printed Circuit Kunshan Co. Ltd., Class A		1,500		3,535
WuXi AppTec Co. Ltd., Class A		990		14,135
WuXi AppTec Co. Ltd., Class H, 144A		2,255		27,831
Wuxi Biologics Cayman, Inc., 144A *		22,913		169,354
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		912		6,631
Xiaomi Corp., Class B, 144A *		94,089		145,560
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		5,000		9,258
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		4,695		7,694
Xinyi Solar Holdings Ltd.		33,037		58,856
XPeng, Inc., ADR *		2,486		58,421
Xtep International Holdings Ltd.		9,238		13,303
Yadea Group Holdings Ltd., 144A (b)		7,519		12,207
Yankuang Energy Group Co. Ltd., Class A		700		4,052
Yankuang Energy Group Co. Ltd., Class H		10,224		33,614
Yifeng Pharmacy Chain Co. Ltd., Class A		600		4,175
Yihai International Holding Ltd. *		2,621		8,133
Yihai Kerry Arawana Holdings Co. Ltd., Class A *		1,000		6,798
Yonyou Network Technology Co. Ltd., Class A		1,700		4,930
Yum China Holdings, Inc.		2,755		125,242
Yunnan Baiyao Group Co. Ltd., Class A		560		4,731
Yunnan Energy New Material Co. Ltd., Class A		300		9,786
Zai Lab Ltd., ADR *		460		13,386
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		200		9,279
Zhejiang Chint Electrics Co. Ltd., Class A		1,200		6,592
Zhejiang Dahua Technology Co. Ltd., Class A *		4,300		10,416
Zhejiang Expressway Co. Ltd., Class H *		6,257		5,526
Zhejiang Huayou Cobalt Co. Ltd., Class A *		500		7,077
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		1,400		11,602
Zhejiang NHU Co. Ltd., Class A		2,160		6,711
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A *(b)		3,295		11,043
Zhongsheng Group Holdings Ltd.		4,118		29,230
Zhuzhou CRRC Times Electric Co. Ltd.		3,557		15,230
Zijin Mining Group Co. Ltd., Class A		7,500		11,303
Zijin Mining Group Co. Ltd., Class H		36,919		50,152
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		4,400		3,909
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		3,200		1,974
ZTE Corp., Class A		1,512		5,511
ZTE Corp., Class H		3,743		8,242
ZTO Express Cayman, Inc., ADR		2,820		75,971

(Cost $14,445,916)				12,926,275


	Number of Shares		Value
Colombia — 0.0%
Bancolombia SA		1,390	$	16,709
Ecopetrol SA		30,010		24,836
Interconexion Electrica SA ESP		2,902		18,305

(Cost $42,589)				59,850

Cyprus — 0.0%
TCS Group Holding PLC, GDR *(c) (Cost $34,897)		608		0

Czech Republic — 0.1%
CEZ AS		1,042		50,737
Komercni Banka AS		666		20,713
Moneta Money Bank AS, 144A (b)		1,986		6,608

(Cost $55,854)				78,058

Denmark — 1.6%
A.P. Moller — Maersk A/S, Class A		19		54,890
A.P. Moller — Maersk A/S, Class B		34		99,206
Carlsberg A/S, Class B		634		80,711
Chr Hansen Holding A/S		671		50,312
Coloplast A/S, Class B		750		89,201
Danske Bank A/S		4,411		72,182
Demant A/S *		708		31,171
DSV A/S		1,348		221,267
Genmab A/S *		434		132,332
GN Store Nord AS		804		31,731
Novo Nordisk A/S, Class B		10,780		1,194,226
Novozymes A/S, Class B		1,311		83,221
Orsted AS, 144A		1,211		137,040
Pandora A/S		637		51,439
ROCKWOOL A/S, Class B		58		16,149
Tryg A/S		2,218		51,706
Vestas Wind Systems A/S		6,450		164,800

(Cost $1,876,152)				2,561,584

Egypt — 0.0%
Commercial International Bank Egypt SAE		10,851		24,029
Eastern Co. SAE		4,376		2,493

(Cost $34,730)				26,522

Finland — 0.7%
Elisa OYJ		939		53,125
Fortum OYJ		2,926		54,029
Kesko OYJ, Class B		1,750		43,811
Kone OYJ, Class B		2,165		110,355
Neste OYJ		2,765		126,779
Nokia OYJ		34,583		173,790
Nordea Bank Abp		20,531		208,591
Orion OYJ, Class B		762		31,249
Sampo OYJ, Class A		3,260		147,270
Stora Enso OYJ, Class R		3,800		73,492
UPM-Kymmene OYJ		3,364		119,141
Wartsila OYJ Abp		2,871		24,306

(Cost $1,198,732)				1,165,938

France — 6.8%
Accor SA *		1,062		34,853
Aeroports de Paris *		188		28,084


	Number of Shares		Value
France (Continued)
Air Liquide SA		3,072	$	537,038
Airbus SE		3,848		449,373
Alstom SA		1,971		53,746
Amundi SA, 144A (b)		406		23,602
Arkema SA		396		47,848
AXA SA (b)		11,780		297,317
BioMerieux		259		27,221
BNP Paribas SA (b)		7,333		418,100
Bollore SE		5,949		31,677
Bouygues SA (b)		1,466		50,567
Bureau Veritas SA		1,885		54,375
Capgemini SE		1,054		204,240
Carrefour SA *		3,939		80,472
Cie de Saint-Gobain (b)		3,241		191,714
Cie Generale des Etablissements Michelin SCA		1,088		141,623
Covivio REIT		384		27,991
Credit Agricole SA (b)		8,043		89,057
Danone SA (b)		4,254		249,946
Dassault Aviation SA		166		28,104
Dassault Systemes SE		4,265		179,416
Edenred *		1,565		77,151
Eiffage SA		524		51,810
Electricite de France SA		3,315		29,389
Engie SA (b)		11,704		157,010
EssilorLuxottica SA (b)		1,861		299,782
Eurazeo SE		269		20,764
Faurecia SE		526		14,580
Faurecia SE		153		4,004
Gecina SA REIT		162		19,026
Getlink SE		2,930		56,383
Hermes International		206		245,478
Ipsen SA		264		26,414
Kering SA		483		264,292
Klepierre SA REIT *		1,343		30,595
La Francaise des Jeux SAEM, 144A		600		21,862
Legrand SA (b)		1,711		147,976
L’Oreal SA		1,550		546,708
LVMH Moet Hennessy Louis Vuitton SE		1,770		1,134,790
Orange SA		12,721		159,073
Pernod Ricard SA		1,352		264,888
Publicis Groupe SA		1,468		80,185
Remy Cointreau SA (b)		146		26,849
Renault SA *		1,253		34,369
Safran SA		2,250		232,491
Sanofi (b)		7,363		785,554
Sartorius Stedim Biotech		187		64,462
Schneider Electric SE		3,417		473,360
SEB SA		183		19,489
Societe Generale SA (b)		5,326		142,972
Sodexo SA		543		40,479
Teleperformance		377		124,940
Thales SA		677		82,564
TotalEnergies SE (b)		16,025		956,351
Ubisoft Entertainment SA *		549		28,732
Unibail-Rodamco-Westfield REIT *		855		60,112
Valeo		1,485		32,921


	Number of Shares		Value
France (Continued)
Veolia Environnement SA *		4,219	$	117,943
Vinci SA		3,351		322,621
Vivendi SE		4,994		59,511
Wendel SE		180		18,503
Worldline SA, 144A *		1,533		62,555

(Cost $9,550,162)				10,585,302

Germany — 4.7%
adidas AG		1,099		217,632
Allianz SE		2,570		538,065
BASF SE		5,724		315,177
Bayer AG		6,381		456,095
Bayerische Motoren Werke AG		2,112		182,816
Bechtle AG		501		22,342
Beiersdorf AG		628		65,073
Brenntag SE		987		76,248
Carl Zeiss Meditec AG		272		36,282
Commerzbank AG *		6,427		55,736
Continental AG		810		61,983
Covestro AG, 144A		1,234		56,302
Daimler Truck Holding AG *		2,745		85,548
Delivery Hero SE, 144A *		1,109		42,551
Deutsche Bank AG (d)		13,191		146,908
Deutsche Boerse AG		1,207		202,465
Deutsche Lufthansa AG *		3,975		29,129
Deutsche Post AG		6,113		252,694
Deutsche Telekom AG		21,002		431,183
E.ON SE		14,349		146,095
Evonik Industries AG		1,565		41,885
Fresenius Medical Care AG & Co. KGaA		1,293		78,622
Fresenius SE & Co. KGaA		2,664		91,175
GEA Group AG		1,186		47,301
Hannover Rueck SE		375		57,328
HeidelbergCement AG		954		55,407
HelloFresh SE *		1,005		37,352
Henkel AG & Co. KGaA		668		45,000
Infineon Technologies AG		8,439		262,188
KION Group AG		473		23,191
Knorr-Bremse AG		461		31,466
LEG Immobilien SE		472		48,574
Mercedes-Benz Group AG		5,184		368,422
Merck KGaA		824		154,806
MTU Aero Engines AG		362		71,449
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		850		207,780
Nemetschek SE		368		26,256
Puma SE		659		48,971
Rational AG		48		31,176
Rheinmetall AG		244		49,325
RWE AG		4,110		180,904
SAP SE		6,632		660,645
Scout24 SE, 144A		544		33,674
Siemens AG		4,864		639,351
Siemens Energy AG		2,551		49,117
Siemens Healthineers AG, 144A		1,767		106,002
Symrise AG		843		92,989
Telefonica Deutschland Holding AG		9,959		31,636


	Number of Shares		Value
Germany (Continued)
Uniper SE		505	$	13,033
United Internet AG		609		19,967
Volkswagen AG		205		46,084
Vonovia SE		4,549		173,123
Zalando SE, 144A *		1,437		58,391

(Cost $7,899,667)				7,302,914

Greece — 0.1%
Alpha Services and Holdings SA *		12,934		13,677
Eurobank Ergasias Services and Holdings SA *		17,773		19,891
FF Group *(c)		197		0
Hellenic Telecommunications Organization SA		1,756		33,349
JUMBO SA		867		14,380
OPAP SA		1,043		15,553
Public Power Corp. SA *		1,254		8,239

(Cost $99,329)				105,089

Hong Kong — 2.5%
AIA Group Ltd.		78,677		811,113
Alibaba Health Information Technology Ltd. *		26,311		13,412
Alibaba Pictures Group Ltd. *		55,762		4,903
Beijing Enterprises Holdings Ltd.		5,118		17,936
Beijing Enterprises Water Group Ltd.		31,854		10,554
BOC Hong Kong Holdings Ltd.		24,223		93,068
Bosideng International Holdings Ltd. (b)		15,238		8,097
Brilliance China Automotive Holdings Ltd. *(c)		14,554		13,539
Budweiser Brewing Co. APAC Ltd., 144A		10,790		28,669
China Everbright Environment Group Ltd.		28,224		16,976
China Gas Holdings Ltd.		19,904		29,676
China Jinmao Holdings Group Ltd.		29,759		8,040
China Mengniu Dairy Co. Ltd. *		22,560		115,859
China Merchants Port Holdings Co. Ltd.		9,595		18,194
China Overseas Land & Investment Ltd.		24,801		72,059
China Overseas Property Holdings Ltd.		10,120		11,774
China Power International Development Ltd.		34,668		17,627
China Resources Beer Holdings Co. Ltd.		9,717		60,799
China Resources Cement Holdings Ltd.		20,271		16,042
China Resources Gas Group Ltd.		5,948		24,900
China Resources Land Ltd.		20,362		90,818
China Resources Power Holdings Co. Ltd.		12,340		25,412
China Ruyi Holdings Ltd. *(b)		12,282		3,506
China State Construction International Holdings Ltd.		12,757		15,005
China Taiping Insurance Holdings Co. Ltd.		9,061		10,415
China Traditional Chinese Medicine Holdings Co. Ltd.		19,836		10,465
Chow Tai Fook Jewellery Group Ltd. *		12,670		21,926
CK Asset Holdings Ltd.		12,519		81,761
CK Hutchison Holdings Ltd.		17,036		120,923
CK Infrastructure Holdings Ltd.		4,150		27,791
CLP Holdings Ltd.		10,821		107,904


	Number of Shares		Value
Hong Kong (Continued)
COSCO SHIPPING Ports Ltd.		8,929	$	6,725
ESR Cayman Ltd., 144A *		11,955		35,421
Far East Horizon Ltd.		12,597		11,173
Futu Holdings Ltd., ADR *(b)		311		11,417
Galaxy Entertainment Group Ltd.		15,438		82,333
Geely Automobile Holdings Ltd. *		39,891		76,252
Guangdong Investment Ltd.		19,018		23,993
Hang Lung Properties Ltd.		12,476		23,307
Hang Seng Bank Ltd.		5,080		88,754
Henderson Land Development Co. Ltd.		8,767		37,203
HK Electric Investments & HK Electric Investments Ltd. (a)		16,719		16,001
HKT Trust & HKT Ltd. (a)		28,943		39,834
Hong Kong & China Gas Co. Ltd.		72,147		81,643
Hong Kong Exchanges & Clearing Ltd.		7,868		340,099
Hongkong Land Holdings Ltd.		8,100		37,584
Hopson Development Holdings Ltd.		3,604		5,870
HUTCHMED China Ltd., ADR *		557		5,860
Jardine Matheson Holdings Ltd.		1,421		82,475
Kingboard Holdings Ltd.		4,279		20,503
Kingboard Laminates Holdings Ltd.		7,257		12,189
Kunlun Energy Co. Ltd.		31,203		26,880
Link REIT		13,339		120,774
MTR Corp. Ltd.		9,700		52,349
New World Development Co. Ltd.		10,243		39,029
Nine Dragons Paper Holdings Ltd.		12,298		11,049
Orient Overseas International Ltd.		887		27,241
Power Assets Holdings Ltd.		8,784		57,368
Shenzhen International Holdings Ltd.		7,858		7,570
Shimao Group Holdings Ltd. (b)(c)		6,159		3,469
Sino Biopharmaceutical Ltd.		85,046		47,794
Sino Land Co. Ltd.		19,577		27,742
SITC International Holdings Co. Ltd.		8,103		30,565
Sun Hung Kai Properties Ltd.		9,590		117,199
Swire Pacific Ltd., Class A		3,663		22,266
Swire Properties Ltd.		6,125		14,986
Techtronic Industries Co. Ltd.		8,837		115,767
Vinda International Holdings Ltd.		3,368		8,438
WH Group Ltd., 144A		52,346		40,157
Wharf Holdings Ltd.		9,000		30,106
Wharf Real Estate Investment Co. Ltd.		11,496		55,523
Xinyi Glass Holdings Ltd.		11,698		29,725
Yuexiu Property Co. Ltd.		5,440		5,913

(Cost $3,894,246)				3,839,709

Hungary — 0.0%
MOL Hungarian Oil & Gas PLC		2,439		17,540
OTP Bank Nyrt		1,474		35,168
Richter Gedeon Nyrt		905		17,716

(Cost $95,208)				70,424

India — 3.7%
ACC Ltd.		400		11,327
Adani Enterprises Ltd.		1,725		48,161
Adani Green Energy Ltd. *		2,054		49,975
Adani Ports & Special Economic Zone Ltd.		3,149		30,009


	Number of Shares		Value
India (Continued)
Adani Power Ltd. *		5,231	$	21,780
Adani Total Gas Ltd.		1,731		53,464
Adani Transmission Ltd. *		1,787		47,301
Ambuja Cements Ltd.		4,048		19,261
Apollo Hospitals Enterprise Ltd.		640		32,804
Asian Paints Ltd.		2,417		89,028
Aurobindo Pharma Ltd.		1,823		12,464
Avenue Supermarts Ltd., 144A *		1,225		62,686
Axis Bank Ltd. *		14,378		126,897
Bajaj Auto Ltd.		458		22,796
Bajaj Finance Ltd.		1,726		135,218
Bajaj Finserv Ltd.		249		41,483
Balkrishna Industries Ltd.		525		15,816
Bandhan Bank Ltd., 144A		3,987		16,739
Berger Paints India Ltd.		1,200		9,504
Bharat Electronics Ltd.		7,369		22,282
Bharat Forge Ltd.		2,232		20,266
Bharat Petroleum Corp. Ltd.		2,205		9,265
Bharti Airtel Ltd. *		14,388		129,765
Biocon Ltd. *		2,284		9,829
Britannia Industries Ltd. *		620		29,131
Cholamandalam Investment and Finance Co. Ltd.		2,591		22,681
Cipla Ltd.		3,022		38,651
Coal India Ltd.		9,351		23,234
Colgate-Palmolive India Ltd.		750		15,719
Container Corp. Of India Ltd.		1,452		12,165
Dabur India Ltd.		4,299		28,739
Divi’s Laboratories Ltd.		831		38,440
DLF Ltd.		3,591		15,983
Dr. Reddy’s Laboratories Ltd.		721		40,581
Eicher Motors Ltd.		829		29,693
GAIL India Ltd.		9,254		17,546
Godrej Consumer Products Ltd. *		2,201		21,743
Godrej Properties Ltd. *		767		13,826
Grasim Industries Ltd.		1,774		32,644
Havells India Ltd.		1,515		23,452
HCL Technologies Ltd.		7,061		94,656
HDFC Life Insurance Co. Ltd., 144A		6,477		49,969
Hero MotoCorp Ltd.		748		26,726
Hindalco Industries Ltd.		7,067		38,464
Hindustan Petroleum Corp. Ltd.		3,845		11,282
Hindustan Unilever Ltd.		5,392		163,438
Housing Development Finance Corp. Ltd.		11,195		332,629
ICICI Bank Ltd.		33,440		324,273
ICICI Lombard General Insurance Co. Ltd., 144A		1,549		25,256
ICICI Prudential Life Insurance Co. Ltd., 144A		2,550		17,132
Indian Oil Corp. Ltd.		11,015		16,458
Indian Railway Catering & Tourism Corp. Ltd.		1,558		13,900
Indraprastha Gas Ltd.		1,513		7,370
Indus Towers Ltd.		4,143		10,769
Info Edge India Ltd.		482		25,854
Infosys Ltd.		21,828		422,748
InterGlobe Aviation Ltd., 144A *		661		15,654


	Number of Shares		Value
India (Continued)
ITC Ltd.		19,039	$	66,372
Jindal Steel & Power Ltd.		2,591		12,610
JSW Steel Ltd.		5,116		36,326
Jubilant Foodworks Ltd.		2,760		19,586
Kotak Mahindra Bank Ltd.		3,517		83,664
Larsen & Toubro Infotech Ltd., 144A		332		18,190
Larsen & Toubro Ltd.		4,319		92,042
Lupin Ltd.		1,353		10,781
Mahindra & Mahindra Ltd.		5,687		75,768
Marico Ltd.		3,535		24,299
Maruti Suzuki India Ltd.		792		81,268
Mindtree Ltd.		445		17,469
Motherson Sumi Systems Ltd.		7,852		13,219
Mphasis Ltd.		595		19,877
MRF Ltd.		18		18,003
Muthoot Finance Ltd.		756		11,131
Nestle India Ltd.		205		46,715
NTPC Ltd.		26,047		52,338
Oil & Natural Gas Corp. Ltd.		15,888		30,953
Page Industries Ltd.		42		24,449
Petronet LNG Ltd.		3,652		10,673
PI Industries Ltd.		747		26,540
Pidilite Industries Ltd.		933		26,984
Piramal Enterprises Ltd.		1,002		24,457
Power Grid Corp. of India Ltd.		19,526		58,576
Reliance Industries Ltd.		19,767		670,300
SBI Cards & Payment Services Ltd.		1,489		14,960
SBI Life Insurance Co. Ltd., 144A		2,711		41,000
Shree Cement Ltd.		79		22,505
Shriram Transport Finance Co. Ltd.		1,287		19,498
Siemens Ltd.		413		12,948
SRF Ltd.		1,050		33,325
State Bank of India		11,438		68,964
Sun Pharmaceutical Industries Ltd.		6,334		70,213
Tata Consultancy Services Ltd.		5,992		259,662
Tata Consumer Products Ltd.		3,546		34,701
Tata Elxsi Ltd.		231		24,937
Tata Motors Ltd. *		10,854		62,011
Tata Power Co. Ltd.		8,645		26,185
Tata Steel Ltd.		4,510		61,324
Tech Mahindra Ltd.		4,019		61,098
Titan Co. Ltd.		2,253		64,308
Torrent Pharmaceuticals Ltd.		248		9,048
Trent Ltd.		1,253		18,141
UltraTech Cement Ltd.		621		48,654
United Spirits Ltd. *		2,000		20,851
UPL Ltd.		3,075		30,878
Vedanta Ltd.		6,798		28,099
Wipro Ltd.		9,083		55,929
Yes Bank Ltd. *		56,316		9,539
Zomato Ltd. *		9,586		9,217

(Cost $4,983,211)				5,719,511

Indonesia — 0.5%
Aneka Tambang Tbk *		51,000		8,779
PT Adaro Energy Indonesia Tbk		88,280		19,798
PT Astra International Tbk		122,521		61,761


	Number of Shares		Value
Indonesia (Continued)
PT Bank Central Asia Tbk		345,781	$	183,787
PT Bank Jago Tbk *		24,880		15,997
PT Bank Mandiri Persero Tbk		120,909		70,484
PT Bank Negara Indonesia Persero Tbk		44,514		28,010
PT Bank Rakyat Indonesia Persero Tbk		430,446		136,682
PT Barito Pacific Tbk		152,872		8,754
PT Charoen Pokphand Indonesia Tbk		49,517		18,338
PT Gudang Garam Tbk		5,289		11,426
PT Indah Kiat Pulp & Paper Tbk		22,234		12,580
PT Indofood CBP Sukses Makmur Tbk		16,282		9,575
PT Indofood Sukses Makmur Tbk		21,969		9,944
PT Kalbe Farma Tbk		136,530		15,684
PT Merdeka Copper Gold Tbk *		85,706		32,035
PT Sarana Menara Nusantara Tbk		175,934		12,066
PT Semen Indonesia Persero Tbk		24,735		12,384
PT Sumber Alfaria Trijaya Tbk *		116,412		14,531
PT Telkom Indonesia Persero Tbk		315,700		93,318
PT Tower Bersama Infrastructure Tbk *		51,794		10,479
PT Unilever Indonesia Tbk		50,344		16,331
PT United Tractors Tbk		12,047		25,861
PT Vale Indonesia Tbk *		19,497		10,998

(Cost $738,427)				839,602

Ireland — 0.6%
AerCap Holdings NV *		866		42,815
CRH PLC		4,681		194,102
DCC PLC		665		47,010
Experian PLC		5,921		198,166
Flutter Entertainment PLC *		1,044		127,601
Flutter Entertainment PLC *		62		7,625
James Hardie Industries PLC CDI		2,848		73,784
Kerry Group PLC, Class A		995		102,973
Kingspan Group PLC		990		81,624
Smurfit Kappa Group PLC		1,651		66,927

(Cost $912,641)



Average Annual Total Return

	Net Asset Value	Market Value	MSCI ACWI ex USA US Dollar Hedged Index	MSCI ACWI ex USA Index
One Year	-3.94%	-4.31%	-3.80%	-12.31%
Five Year	6.34%	6.27%	6.71%	4.42%
Since Inception¹	6.21%	6.21%	6.63%	3.59%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI ACWI ex USA US Dollar Hedged Index	MSCI ACWI ex USA Index
One Year	-3.94%	-4.31%	-3.80%	-12.31%
Five Year	35.97%	35.52%	38.35%	24.16%
Since Inception¹	65.41%	65.41%	71.02%	34.24%


Description	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		2.0%
Nestle SA (Switzerland)		1.4%
Samsung Electronics Co. Ltd. (South Korea)		1.3%
Tencent Holdings Ltd. (China)		1.2%
Roche Holding AG (Switzerland)		1.1%
ASML Holding NV (Netherlands)		1.0%
Shell PLC (United Kingdom)		1.0%
AstraZeneca PLC (United Kingdom)		0.9%
Novartis AG (Switzerland)		0.8%
Novo Nordisk A/S (Denmark)		0.8%



Average Annual Total Return

	Net Asset Value	Market Value	MSCI EM US Dollar Hedged Index	MSCI EM Index
One Year	-16.88%	-18.07%	-16.32%	-18.90%
Five Year	4.22%	3.90%	5.01%	3.80%
Ten Year	3.43%	3.30%	4.98%	4.17%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI EM US Dollar Hedged Index	MSCI EM Index
One Year	-16.88%	-18.07%	-16.32%	-18.90%
Five Year	22.96%	21.09%	27.66%	20.51%
Ten Year	40.13%	38.41%	62.57%	50.45%


Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)			6.8%
Samsung Electronics Co. Ltd. (South Korea)			4.3%
Tencent Holdings Ltd. (China)			4.1%
Alibaba Group Holding Ltd. (China)			2.7%
Reliance Industries Ltd. (India)			1.5%
Meituan (China)			1.4%
Vale SA (Brazil)			1.0%
China Construction Bank Corp. (China)			1.0%
Infosys Ltd. (India)			0.9%
JD.com, Inc. (China)			0.8%



Average Annual Total Return

	Net Asset Value	Market Value	MSCI Europe US Dollar Hedged Index	MSCI Europe Index
One Year	2.37%	2.42%	2.49%	-9.89%
Five Year	6.66%	6.66%	6.92%	4.10%
Since Inception¹	7.76%	7.75%	8.05%	3.92%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI Europe US Dollar Hedged Index	MSCI Europe Index
One Year	2.37%	2.42%	2.49%	-9.89%
Five Year	38.04%	38.01%	39.71%	22.24%
Since Inception¹	91.15%	91.07%	95.75%	39.63%


	Page
Shareholder Letter		1
Management’s Discussion of Fund Performance		3
Performance Summary
Xtrackers MSCI All World ex US Hedged Equity ETF		6
Xtrackers MSCI Emerging Markets Hedged Equity ETF		8
Xtrackers MSCI Europe Hedged Equity ETF		10
Xtrackers MSCI Eurozone Hedged Equity ETF		12
Xtrackers MSCI Germany Hedged Equity ETF		14
Xtrackers MSCI Japan Hedged Equity ETF		16
Fees and Expenses		18
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF		19
Xtrackers MSCI Emerging Markets Hedged Equity ETF		48
Xtrackers MSCI Europe Hedged Equity ETF		69
Xtrackers MSCI Eurozone Hedged Equity ETF		77
Xtrackers MSCI Germany Hedged Equity ETF		86
Xtrackers MSCI Japan Hedged Equity ETF		89
Statements of Assets and Liabilities		94
Statements of Operations		96
Statements of Changes in Net Assets		98
Financial Highlights		101
Notes to Financial Statements		104
Report of Independent Registered Public Accounting Firm		117
Liquidity Risk Management		118
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts		119
Board Members and Officers		122
Additional Information		125


Financials			20.4%
Industrials			12.0%
Information Technology			11.8%
Consumer Discretionary			11.0%
Health Care			9.3%
Materials			8.6%
Consumer Staples			8.5%
Communication Services			6.4%
Energy			6.1%
Utilities			3.4%
Real Estate			2.5%

Total			100.0%


Ten Largest Equity Holdings as of May 31, 2022 (11.5% of Net Assets)


Financials			21.7%
Information Technology			20.9%
Consumer Discretionary			12.9%
Communication Services			10.5%
Materials			9.0%
Consumer Staples			5.9%
Industrials			5.7%
Energy			5.0%
Health Care			3.6%
Utilities			2.8%
Real Estate			2.0%

Total			100.00%


China			29.0%
Taiwan			15.6%
India			12.7%
South Korea			12.6%
Brazil			5.5%
Saudi Arabia			4.4%
South Africa			3.7%
Mexico			2.2%
Hong Kong			2.1%
Other			12.2%

Total			100.0%


Financials			16.0%
Health Care			15.8%
Industrials			14.2%
Consumer Staples			13.0%
Consumer Discretionary			9.9%
Materials			7.8%
Information Technology			7.1%
Energy			6.6%
Utilities			4.5%
Communication Services			3.9%
Real Estate			1.2%

Total			100.0%


United Kingdom			23.5%
France			16.9%
Switzerland			16.7%
Germany			12.4%
Netherlands			7.0%
Sweden			5.2%
Denmark			4.1%
Spain			4.0%
Italy			3.1%
Other			7.1%

Total			100.0%


Industrials			16.3%
Financials			15.1%
Consumer Discretionary			14.5%
Information Technology			12.4%
Health Care			8.0%
Consumer Staples			7.4%
Materials			7.5%
Utilities			6.5%
Energy			5.1%
Communication Services			5.0%
Real Estate			2.2%

Total			100.0%


France			32.7%
Germany			25.1%
Netherlands			13.9%
Spain			8.2%
Italy			7.2%
Finland			3.6%
Belgium			3.2%
Ireland			2.2%
Other			3.9%

Total			100.0%


Industrials			17.8%
Consumer Discretionary			16.8%
Financials			15.7%
Health Care			13.4%
Information Technology			12.4%
Materials			7.2%
Communication Services			6.3%
Utilities			4.3%
Real Estate			3.2%
Consumer Staples			2.9%

Total			100.0%


Industrials			22.2%
Consumer Discretionary			18.7%
Information Technology			14.4%
Financials			10.2%
Health Care			9.4%
Communication Services			8.7%
Consumer Staples			6.1%
Materials			4.9%
Real Estate			3.5%
Utilities			1.0%
Energy			0.9%

Total			100.0%


Description	% of Net Assets
Toyota Motor Corp.		5.2%
Sony Group Corp.		3.5%
Keyence Corp.		2.3%
Tokyo Electron Ltd.		2.0%
Mitsubishi UFJ Financial Group, Inc.		2.0%
KDDI Corp.		1.7%
Shin-Etsu Chemical Co. Ltd.		1.6%
Recruit Holdings Co. Ltd.		1.6%
Hitachi Ltd.		1.5%
SoftBank Group Corp.		1.5%


	Beginning Account Value December 1, 2021		Ending Account Value May 31, 2022		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers MSCI All World ex US Hedged Equity ETF
Actual	$	1,000.00	$	969.70		0.40	%	$	1.96
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.94		0.40	%	$	2.02
Xtrackers MSCI Emerging Markets Hedged Equity ETF
Actual	$	1,000.00	$	903.30		0.65	%	$	3.08
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.69		0.65	%	$	3.28
Xtrackers MSCI Europe Hedged Equity ETF
Actual	$	1,000.00	$	991.30		0.45	%	$	2.23
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.69		0.45	%	$	2.27
Xtrackers MSCI Eurozone Hedged Equity ETF
Actual	$	1,000.00	$	951.10		0.45	%	$	2.19
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.69		0.45	%	$	2.27
Xtrackers MSCI Germany Hedged Equity ETF
Actual	$	1,000.00	$	924.90		0.45	%	$	2.16
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.69		0.45	%	$	2.27
Xtrackers MSCI Japan Hedged Equity ETF
Actual	$	1,000.00	$	1,001.20		0.45	%	$	2.25
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.69		0.45	%	$	2.27