November 30, 2022
Semi-Annual Report
DBX ETF Trust
Xtrackers International Real Estate ETF (HAUZ)
DBX ETF Trust
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To our Shareholders: (Unaudited)
Dear shareholder,
We are pleased to provide this semiannual report on our sector ETF for the period ended November 30, 2022.
The global economy has continued to experience a sharper-than-expected slowdown, due to inflation, interest rate hikes, geopolitical tensions, tightening global financial conditions and China’s economic slowdown. After experiencing two quarters of contraction, the U.S. Economy recovered, clocking GDP1 growth of 2.9% in Q3 2022 primarily driven by exports and consumer spending. Global equity markets were oversold during the reporting period on the back of accelerating inflation and fears surrounding central banks’ actions to control the price surge. However, in November, The U.S. Federal Reserve’s indication to slow the pace of rate hikes boosted investor sentiment and supported market gains.
The European economy experienced a slowdown owing to the ongoing energy crisis and advancing inflation. Furthermore, the Eurozone PMI2 was below 50 points for the fifth consecutive month of contraction in November 2022 clearly indicating a decline in GDP growth. However, monetary policy, increasing fiscal support in response to the energy crisis, and easing supply chain bottlenecks continued to support the economy. The European Central Bank (ECB) made significant headway in doing away with its monetary policy accommodation in October, when it increased its benchmark interest rate by 75 bps3. This was the third significant policy rate hike in a row. The manufacturing and services sectors remained dull, and business activity contracted for five straight months in November. The ECB hiked rates three times between July and October to counter red-hot inflation. Despite cooling marginally, prices remained at historical highs in the region. Meanwhile, the European markets expanded after Liz Truss resigned after 45 days as the UK’s prime minister. Newly appointed Prime Minister Rishi Sunak promised a supportive approach to restore the UK’s economic stability.
Japan’s GDP contracted in the third quarter of 2022, owing to inflation and a weak yen, as well as a large COVID-19 wave over the three-month period. A depleted yen and high commodity prices raised the cost of imports which, in turn, affected the trade balance this year. However, export growth continued to be strong. Industrial production numbers were influenced by production cuts announced by Japanese automakers as a result of the global semiconductor shortage. The Japanese government announced new measures to tackle unprecedented inflation.
Global real estate markets continued to battle a change in the macro environment, due to the war in Ukraine, spiraling inflation, tightening central bank policy, and stagnating economies. Real assets as a whole underperformed throughout the reporting period, owing to the impact of rate hikes and a strengthening U.S. dollar. Homeowners around the world had to deal with more unsustainable mortgage payments, and prospective homebuyers were confronted with growing housing prices, which outpaced wage growth.
We believe the global economy is likely to witness weaker growth ahead, weighed down by record-high inflation and high retail inventories. We expect global inflation to peak in the fourth quarter of 2022. While the U.S. might narrowly miss a recession in 2023, the Eurozone is expected to witness a contraction in GDP. Meanwhile, slowing demand and declining housing prices are likely to stall the pace of inflation and prompt the major central banks around the globe to pause or scale back further rate hikes.
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.
2 Purchasing Managers’ Indexes (PMI) are economic indicators derived from monthly surveys of private sector companies.
3 Basis points (bps) are a unit of measurement equal to 1/100th of 1 percent and a standard measure for interest rates.
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.
1
DBX ETF Trust
Xtrackers International Real Estate ETF (HAUZ)
The Xtrackers International Real Estate 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 iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index (the “Underlying Index”). The Underlying Index is a free-float capitalization weighted index that provides exposure to publicly traded real estate securities in countries outside the United States, excluding Pakistan and Vietnam. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of November 30, 2022 (18.1% of Net Assets) |
Description | % of Net Assets | |||
Goodman Group (Australia) |
2.5% | |||
Mitsubishi Estate Co. Ltd. (Japan) |
2.2% | |||
Mitsui Fudosan Co. Ltd. (Japan) |
2.2% | |||
Sun Hung Kai Properties Ltd. (Hong Kong) |
2.1% | |||
Vonovia SE (Germany) |
2.0% | |||
Link (Hong Kong) |
1.6% | |||
China Resources Land Ltd. (Hong Kong) |
1.5% | |||
Sumitomo Realty & Development Co. Ltd. (Japan) |
1.4% | |||
CK Asset Holdings Ltd. (Hong Kong) |
1.3% | |||
Segro PLC (United Kingdom) |
1.3% |
Country Diversification* as of November 30, 2022 |
Japan |
22.7% | |||
Hong Kong |
14.2% | |||
Australia |
10.4% | |||
Singapore |
7.1% | |||
United Kingdom |
6.9% | |||
Canada |
6.7% | |||
Sweden |
3.6% | |||
Germany |
3.0% | |||
France |
2.5% | |||
Philippines |
2.4% | |||
Thailand |
2.4% | |||
Israel |
2.3% | |||
Switzerland |
2.0% | |||
Other |
13.8% | |||
|
|
|||
Total |
100.0% |
Sector Diversification* as of November 30, 2022 |
Real Estate Operations/Development |
34.0% | |||
Diversified |
16.3% | |||
Real Estate Management/Services |
12.4% | |||
Warehouse/Industry |
9.3% | |||
Shopping Centers |
9.0% | |||
Office Property |
5.8% | |||
Apartments |
3.8% | |||
Other |
9.4% | |||
|
|
|||
Total |
100.0% |
* 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 4.
2
DBX ETF Trust
As a shareholder of the Fund, 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 resent six-month period the Fund limited these expenses; had it 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 Fund 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, 2022 to November 30, 2022).
Actual expenses
The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value June 1, 2022 |
Ending Account Value November 30, 2022 |
Annualized Expense Ratio |
Expenses Paid During the Period Per $1,000(1) |
|||||||||||||
Xtrackers International Real Estate ETF | ||||||||||||||||
Actual |
$ | 1,000.00 | $ | 874.80 | 0.10 | % | $ | 0.47 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.57 | 0.10 | % | $ | 0.51 |
(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.
3
DBX ETF Trust
Xtrackers International Real Estate ETF
November 30, 2022 (Unaudited)
Number |
Value |
|||||||
COMMON STOCKS — 98.8% | ||||||||
Australia — 10.3% | ||||||||
Abacus Property Group REIT |
240,227 | $ | 442,420 | |||||
Arena REIT |
221,871 | 579,489 | ||||||
BWP Trust REIT |
285,390 | 783,616 | ||||||
Centuria Industrial REIT |
330,338 | 712,352 | ||||||
Centuria Office REIT |
309,544 | 328,573 | ||||||
Charter Hall Group REIT |
288,096 | 2,691,484 | ||||||
Charter Hall Long Wale REIT |
393,528 | 1,172,779 | ||||||
Charter Hall Retail REIT |
309,519 | 839,504 | ||||||
Charter Hall Social Infrastructure REIT |
212,825 | 487,449 | ||||||
Cromwell Property Group REIT (a) |
976,445 | 461,017 | ||||||
Dexus REIT |
643,867 | 3,449,583 | ||||||
Dexus Industria REIT |
121,749 | 239,714 | ||||||
GDI Property Group Partnership REIT |
304,885 | 158,241 | ||||||
Goodman Group REIT |
1,032,703 | 13,223,419 | ||||||
GPT Group REIT |
966,697 | 2,900,339 | ||||||
Growthpoint Properties Australia Ltd. REIT |
182,138 | 392,769 | ||||||
HMC Capital Ltd. REIT |
126,729 | 443,024 | ||||||
HomeCo Daily Needs REIT |
905,090 | 800,103 | ||||||
Ingenia Communities Group REIT |
219,821 | 635,965 | ||||||
Lifestyle Communities Ltd. |
59,856 | 764,833 | ||||||
Mirvac Group REIT |
2,370,671 | 3,540,435 | ||||||
National Storage REIT |
657,021 | 1,051,617 | ||||||
REA Group Ltd. (a) |
30,691 | 2,534,485 | ||||||
Region RE Ltd. REIT |
670,195 | 1,238,770 | ||||||
Rural Funds Group REIT |
233,034 | 422,930 | ||||||
Scentre Group REIT |
3,111,606 | 6,189,014 | ||||||
Stockland REIT |
1,446,690 | 3,681,625 | ||||||
US Masters Residential Property Fund REIT* |
182,497 | 35,443 | ||||||
Vicinity Ltd. REIT |
2,769,939 | 3,765,708 | ||||||
Waypoint REIT Ltd. REIT |
423,957 | 789,309 | ||||||
|
|
|||||||
(Cost $58,948,057) |
54,756,009 | |||||||
|
|
|||||||
Austria — 0.2% | ||||||||
CA Immobilien Anlagen AG |
29,308 | 956,610 | ||||||
IMMOFINANZ AG* |
19,259 | 243,513 | ||||||
UBM Development AG |
2,821 | 86,268 | ||||||
|
|
|||||||
(Cost $1,512,449) |
1,286,391 | |||||||
|
|
|||||||
Belgium — 1.7% | ||||||||
Aedifica SA REIT |
23,951 | 1,848,354 | ||||||
Ascencio REIT |
3,217 | 172,244 | ||||||
Atenor |
2,167 | 108,662 | ||||||
Care Property Invest NV REIT (a) |
16,087 | 245,478 | ||||||
Cofinimmo SA REIT |
17,757 | 1,515,702 | ||||||
Home Invest Belgium SA REIT |
6,514 | 155,908 | ||||||
Immobel SA |
2,586 | 128,341 | ||||||
Intervest Offices & Warehouses NV REIT (b) |
15,241 | 321,704 | ||||||
Montea NV REIT |
7,861 | 513,165 | ||||||
Nextensa REIT |
1,528 | 72,765 | ||||||
Retail Estates NV REIT |
6,060 | 376,253 | ||||||
VGP NV |
8,107 | 640,244 | ||||||
Warehouses De Pauw CVA REIT |
85,446 | 2,225,881 | ||||||
Wereldhave Belgium Comm VA REIT |
1,316 | 67,412 | ||||||
Xior Student Housing NV REIT |
13,837 | 388,951 | ||||||
|
|
|||||||
(Cost $12,910,075) |
8,781,064 | |||||||
|
|
Number |
Value |
|||||||
Brazil — 0.5% | ||||||||
Aliansce Sonae Shopping Centers SA |
91,917 | $ | 313,043 | |||||
BR Malls Participacoes SA |
421,497 | 701,319 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes |
185,518 | 506,587 | ||||||
Ez Tec Empreendimentos e Participacoes SA |
83,523 | 239,032 | ||||||
Multiplan Empreendimentos Imobiliarios SA |
189,952 | 828,250 | ||||||
|
|
|||||||
(Cost $3,443,810) |
2,588,231 | |||||||
|
|
|||||||
Canada — 6.6% | ||||||||
Allied Properties Real Estate Investment Trust REIT |
77,502 | 1,501,219 | ||||||
Altus Group Ltd. |
27,394 | 1,075,594 | ||||||
American Hotel Income Properties REIT LP (a) |
38,655 | 80,121 | ||||||
Artis Real Estate Investment Trust REIT (a) |
45,072 | 308,193 | ||||||
Boardwalk Real Estate Investment Trust REIT |
20,694 | 760,780 | ||||||
Canadian Apartment Properties REIT (a) |
104,273 | 3,361,164 | ||||||
Chartwell Retirement Residences |
141,066 | 865,729 | ||||||
Choice Properties Real Estate Investment Trust REIT (a) |
150,576 | 1,636,044 | ||||||
Colliers International Group, Inc. |
22,563 | 2,114,002 | ||||||
Crombie Real Estate Investment Trust REIT (a) |
62,703 | 752,510 | ||||||
CT Real Estate Investment Trust REIT (a) |
42,704 | 490,764 | ||||||
Dream Industrial Real Estate Investment Trust REIT |
153,413 | 1,368,122 | ||||||
Dream Office Real Estate Investment Trust REIT (a) |
21,110 | 241,044 | ||||||
DREAM Unlimited Corp., Class A |
15,383 | 327,926 | ||||||
First Capital Real Estate Investment Trust REIT (a) |
120,545 | 1,524,929 | ||||||
FirstService Corp. |
22,242 | 2,859,123 | ||||||
Granite Real Estate Investment Trust REIT |
39,695 | 2,333,329 | ||||||
H&R Real Estate Investment Trust REIT (a) |
165,957 | 1,522,833 | ||||||
InterRent Real Estate Investment Trust REIT |
86,481 | 799,297 | ||||||
Killam Apartment Real Estate Investment Trust REIT (a) |
69,398 | 870,226 | ||||||
Minto Apartment Real Estate Investment Trust REIT, 144A (a) |
22,799 | 244,017 | ||||||
Morguard Corp. |
2,566 | 216,417 | ||||||
Morguard North American Residential Real Estate Investment Trust REIT (a) |
18,981 | 228,354 | ||||||
NorthWest Healthcare Properties Real Estate Investment Trust REIT |
127,900 | 956,632 | ||||||
Primaris Real Estate Investment Trust REIT |
43,118 | 476,757 | ||||||
RioCan Real Estate Investment Trust REIT (a) |
187,467 | 2,923,252 | ||||||
SmartCentres Real Estate Investment Trust REIT (a) |
79,350 | 1,609,593 |
See Notes to Financial Statements. | 4 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF (Continued)
November 30, 2022 (Unaudited)
Number |
Value |
|||||||
Canada (Continued) | ||||||||
Summit Industrial Income REIT |
114,062 | $ | 1,897,247 | |||||
Tricon Residential, Inc. |
165,957 | 1,411,436 | ||||||
True North Commercial Real Estate Investment Trust REIT (a) |
50,302 | 225,222 | ||||||
|
|
|||||||
(Cost $39,700,061) |
34,981,876 | |||||||
|
|
|||||||
Chile — 0.2% | ||||||||
Cencosud Shopping SA |
287,468 | 365,327 | ||||||
Parque Arauco SA |
415,519 | 437,191 | ||||||
Plaza SA |
162,321 | 181,110 | ||||||
|
|
|||||||
(Cost $1,339,597) |
983,628 | |||||||
|
|
|||||||
China — 1.2% | ||||||||
A-Living Smart City Services Co. Ltd., 144A |
412,938 | 477,718 | ||||||
China Resources Mixc Lifestyle Services Ltd., 144A |
363,960 | 1,722,929 | ||||||
China Vanke Co. Ltd., Class H |
1,038,074 | 2,135,862 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H*(a) |
1,060,267 | 264,880 | ||||||
Poly Property Services Co. Ltd., Class H |
99,715 | 587,648 | ||||||
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B |
134,500 | 123,067 | ||||||
Shanghai Lingang Holdings Corp. Ltd., Class B |
71,106 | 65,844 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B |
653,128 | 525,115 | ||||||
Sino-Ocean Group Holding Ltd. |
2,005,458 | 254,360 | ||||||
|
|
|||||||
(Cost $9,229,177) |
6,157,423 | |||||||
|
|
|||||||
Denmark — 0.0% | ||||||||
Jeudan A/S (a) |
||||||||
(Cost $232,664) |
5,829 | 207,380 | ||||||
|
|
|||||||
Egypt — 0.1% | ||||||||
Arab Developers Holding* |
1,870,254 | 31,615 | ||||||
El Kahera Housing* |
428,198 | 21,401 | ||||||
Emaar Misr for Development SAE* |
501,235 | 55,942 | ||||||
Heliopolis Housing |
211,443 | 53,744 | ||||||
Medinet Nasr Housing* |
687,824 | 86,013 | ||||||
Palm Hills Developments SAE |
743,811 | 51,718 | ||||||
Pioneers Properties* |
533,726 | 43,220 | ||||||
Six of October Development & Investment* |
55,509 | 29,326 | ||||||
Talaat Moustafa Group |
628,120 | 222,593 | ||||||
|
|
|||||||
(Cost $729,141) |
595,572 | |||||||
|
|
|||||||
Finland — 0.4% | ||||||||
Citycon OYJ* |
49,589 | 329,843 | ||||||
Kojamo OYJ |
116,488 | 1,712,771 | ||||||
|
|
|||||||
(Cost $2,616,188) |
2,042,614 | |||||||
|
|
|||||||
France — 2.5% | ||||||||
Altarea SCA REIT |
2,968 | 413,783 | ||||||
ARGAN SA REIT |
6,230 | 494,575 | ||||||
Carmila SA REIT* |
33,623 | 474,293 | ||||||
Covivio REIT |
27,880 | 1,587,478 | ||||||
Gecina SA REIT |
28,524 | 2,738,729 | ||||||
ICADE REIT |
19,147 | 777,154 |
Number |
Value |
|||||||
France (Continued) | ||||||||
Klepierre SA REIT* |
114,349 | $ | 2,587,914 | |||||
Mercialys SA REIT |
43,053 | 406,723 | ||||||
Nexity SA |
24,231 | 599,286 | ||||||
Unibail-Rodamco-Westfield REIT* |
61,784 | 3,221,510 | ||||||
|
|
|||||||
(Cost $17,426,075) |
13,301,445 | |||||||
|
|
|||||||
Germany — 3.0% | ||||||||
Deutsche EuroShop AG |
5,803 | 127,149 | ||||||
Deutsche Wohnen SE |
31,584 | 670,572 | ||||||
DIC Asset AG |
25,073 | 193,881 | ||||||
Hamborner REIT AG REIT |
42,500 | 317,699 | ||||||
Instone Real Estate Group SE, 144A |
30,781 | 269,079 | ||||||
LEG Immobilien SE |
43,940 | 2,746,240 | ||||||
PATRIZIA SE |
27,653 | 267,930 | ||||||
TAG Immobilien AG |
105,200 | 617,420 | ||||||
Vonovia SE |
434,619 | 10,511,907 | ||||||
|
|
|||||||
(Cost $31,397,687) |
15,721,877 | |||||||
|
|
|||||||
Greece — 0.1% | ||||||||
LAMDA Development SA* |
||||||||
(Cost $379,382) |
51,444 | 304,574 | ||||||
|
|
|||||||
Hong Kong — 14.0% | ||||||||
C C Land Holdings Ltd. |
578,604 | 155,668 | ||||||
C&D International Investment Group Ltd. (a) |
361,619 | 848,743 | ||||||
Champion REIT (a) |
1,459,967 | 505,017 | ||||||
China Jinmao Holdings Group Ltd. |
4,167,144 | 976,987 | ||||||
China Motor Bus Co. Ltd. |
5,154 | 45,231 | ||||||
China Overseas Grand Oceans Group Ltd. |
1,176,194 | 542,476 | ||||||
China Overseas Land & Investment Ltd. |
2,247,486 | 6,075,454 | ||||||
China Overseas Property Holdings Ltd. |
774,770 | 856,609 | ||||||
China Resources Land Ltd. |
1,747,293 | 8,058,747 | ||||||
Chinese Estates Holdings Ltd.* |
233,564 | 67,327 | ||||||
CK Asset Holdings Ltd. |
1,171,619 | 6,987,235 | ||||||
Emperor International Holdings Ltd. |
296,842 | 20,536 | ||||||
ESR Group Ltd., 144A |
1,889,595 | 4,270,381 | ||||||
Far East Consortium International Ltd. |
693,114 | 164,277 | ||||||
Hang Lung Group Ltd. |
501,868 | 880,865 | ||||||
Hang Lung Properties Ltd. |
1,119,739 | 2,062,885 | ||||||
Henderson Land Development Co. Ltd. |
794,074 | 2,614,528 | ||||||
HKR International Ltd. |
296,554 | 86,244 | ||||||
Hong Kong Ferry Holdings Co. Ltd. |
139,456 | 116,846 | ||||||
Hongkong Land Holdings Ltd. |
653,287 | 2,619,681 | ||||||
Hysan Development Co. Ltd. |
365,219 | 961,534 | ||||||
Joy City Property Ltd.* |
1,820,999 | 60,657 | ||||||
K Wah International Holdings Ltd. |
584,583 | 184,239 | ||||||
Kerry Properties Ltd. |
351,466 | 670,017 | ||||||
Kowloon Development Co. Ltd. |
201,948 | 187,576 | ||||||
Lai Sun Development Co. Ltd.* |
70,552 | 14,552 | ||||||
Landing
International Development |
384,041 | 7,134 | ||||||
Langham Hospitality Investments and Langham Hospitality Investments Ltd. (c) |
435,004 | 41,798 | ||||||
Link REIT (a) |
1,279,678 | 8,607,148 | ||||||
New World Development Co. Ltd. |
830,401 | 1,966,025 |
See Notes to Financial Statements. | 5 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF (Continued)
November 30, 2022 (Unaudited)
Number |
Value |
|||||||
Hong Kong (Continued) | ||||||||
Poly Property Group Co. Ltd. |
930,419 | $ | 230,057 | |||||
Prosperity REIT |
686,676 | 152,194 | ||||||
Regal Real Estate Investment Trust REIT |
316,204 | 40,105 | ||||||
SEA Holdings Ltd. |
33,168 | 15,085 | ||||||
Shandong Hi-Speed Holdings Group Ltd.*(a) |
1,022,611 | 677,330 | ||||||
Shenzhen Investment Ltd. (a) |
1,320,942 | 214,925 | ||||||
Shun Tak Holdings Ltd.* |
916,618 | 146,790 | ||||||
Sino Land Co. Ltd. |
2,108,347 | 2,622,772 | ||||||
Sun Hung Kai Properties Ltd. |
930,232 | 11,166,836 | ||||||
Sunlight Real Estate Investment Trust REIT |
549,322 | 210,425 | ||||||
Swire Properties Ltd. |
637,036 | 1,426,608 | ||||||
Wharf Holdings Ltd. |
579,107 | 1,561,745 | ||||||
Wharf Real Estate Investment Co. Ltd. |
932,541 | 4,301,003 | ||||||
Yuexiu Property Co. Ltd. |
773,124 | 974,638 | ||||||
|
|
|||||||
(Cost $86,931,882) |
74,396,930 | |||||||
|
|
|||||||
India — 1.7% | ||||||||
Brigade Enterprises Ltd. |
97,874 | 584,399 | ||||||
DLF Ltd. |
584,464 | 2,889,799 | ||||||
Godrej Properties Ltd.* |
81,866 | 1,312,037 | ||||||
Indiabulls Real Estate Ltd.* |
309,616 | 316,702 | ||||||
Macrotech Developers Ltd., 144A* |
64,604 | 781,646 | ||||||
Oberoi Realty Ltd. |
71,576 | 812,035 | ||||||
Omaxe Ltd.* |
128 | 119 | ||||||
Phoenix Mills Ltd. |
60,148 | 1,077,197 | ||||||
Prestige Estates Projects Ltd. |
111,360 | 649,128 | ||||||
Privi Speciality Chemicals Ltd. |
10,536 | 161,993 | ||||||
Sobha Ltd. |
25,388 | 194,768 | ||||||
Sunteck Realty Ltd. |
39,700 | 197,169 | ||||||
|
|
|||||||
(Cost $7,441,680) |
8,976,992 | |||||||
|
|
|||||||
Indonesia — 0.3% | ||||||||
PT Alam Sutera Realty Tbk* |
9,863,483 | 110,977 | ||||||
PT Andalan Perkasa Abadi Tbk* |
507,804 | 1,614 | ||||||
PT Bumi Serpong Damai Tbk* |
5,856,540 | 340,637 | ||||||
PT Ciputra Development Tbk |
5,580,145 | 358,259 | ||||||
PT Jaya Real Property Tbk |
2,227,963 | 65,714 | ||||||
PT Kawasan Industri Jababeka Tbk* |
9,188,448 | 85,860 | ||||||
PT Lippo Cikarang Tbk* |
301,803 | 20,911 | ||||||
PT Lippo Karawaci Tbk* |
19,826,675 | 122,251 | ||||||
PT Pakuwon Jati Tbk |
9,540,119 | 287,450 | ||||||
PT PP Properti Tbk* |
3,262,532 | 10,369 | ||||||
PT Puradelta Lestari Tbk |
5,159,679 | 53,461 | ||||||
PT Summarecon Agung Tbk |
6,983,550 | 281,890 | ||||||
|
|
|||||||
(Cost $1,963,285) |
1,739,393 | |||||||
|
|
|||||||
Israel — 2.2% | ||||||||
Adgar Investment and Development Ltd. |
71,189 | 117,214 | ||||||
AFI Properties Ltd.* |
3,429 | 113,495 | ||||||
Africa Israel Residences Ltd. |
3,997 | 185,931 | ||||||
Airport City Ltd.* |
42,079 | 732,843 | ||||||
Alony Hetz Properties & Investments Ltd. |
90,755 | 1,038,989 | ||||||
Alrov Properties and Lodgings Ltd. (a) |
1,334 | 76,669 | ||||||
Amot Investments Ltd. |
127,264 | 806,304 |
Number |
Value |
|||||||
Israel (Continued) | ||||||||
Arad Investment & Industrial Development Ltd. |
1,597 | $ | 199,353 | |||||
Aura Investments Ltd. (a) |
76,781 | 136,102 | ||||||
Azrieli Group Ltd. |
22,020 | 1,532,331 | ||||||
Big Shopping Centers Ltd. |
6,839 | 783,543 | ||||||
Blue Square Real Estate Ltd. |
3,311 | 229,351 | ||||||
Duniec Brothers Ltd. (a) |
1,984 | 86,828 | ||||||
Electra Real Estate Ltd. |
13,959 | 163,367 | ||||||
G City Ltd. (a) |
50,437 | 175,418 | ||||||
Gav-Yam Lands Corp. Ltd. |
21,100 | 177,714 | ||||||
Israel Canada T.R Ltd. |
86,709 | 234,873 | ||||||
Isras Investment Co. Ltd. |
1,131 | 208,742 | ||||||
Keystone REIT Ltd. REIT |
66,215 | 120,904 | ||||||
Kvutzat Acro Ltd. |
13,149 | 163,872 | ||||||
Lahav L.R. Real Estate Ltd.*(a) |
36,433 | 39,313 | ||||||
Megureit Israel Ltd. REIT |
84,178 | 146,384 | ||||||
Melisron Ltd. |
14,436 | 1,066,498 | ||||||
Menivim- The New REIT Ltd. REIT |
358,156 | 179,062 | ||||||
Mivne Real Estate KD Ltd. |
400,117 | 1,324,330 | ||||||
Norstar Holdings, Inc. |
14,217 | 73,139 | ||||||
Prashkovsky Investments and Construction Ltd. (a) |
3,441 | 85,469 | ||||||
Property & Building Corp. Ltd.* |
1,165 | 82,387 | ||||||
Rani Zim Shopping Centers Ltd. |
96 | 109 | ||||||
Reit 1 Ltd. REIT |
112,646 | 609,868 | ||||||
REIT Azorim HF Living Ltd. REIT*(a) |
23,634 | 70,416 | ||||||
Sella Capital Real Estate Ltd. REIT |
140,713 | 355,667 | ||||||
Summit Real Estate Holdings Ltd. |
25,529 | 369,953 | ||||||
Villar International Ltd. |
2,988 | 141,160 | ||||||
Vitania Ltd. |
12,574 | 96,902 | ||||||
|
|
|||||||
(Cost $12,188,317) |
11,924,500 | |||||||
|
|
|||||||
Italy — 0.0% | ||||||||
Immobiliare Grande Distribuzione SIIQ SpA REIT |
34,075 | 110,519 | ||||||
Risanamento SpA*(a) |
850,161 | 104,344 | ||||||
|
|
|||||||
(Cost $226,810) |
214,863 | |||||||
|
|
|||||||
Japan — 22.4% | ||||||||
Activia Properties, Inc. REIT (a) |
454 | 1,389,265 | ||||||
Advance Logistics Investment Corp. REIT |
370 | 389,516 | ||||||
Advance Residence Investment Corp. REIT |
851 | 2,097,922 | ||||||
Aeon Mall Co. Ltd. |
57,100 | 677,229 | ||||||
AEON REIT Investment Corp. REIT |
1,019 | 1,165,489 | ||||||
Comforia Residential REIT, Inc. REIT |
409 | 924,749 | ||||||
CRE Logistics REIT, Inc. REIT |
368 | 541,425 | ||||||
Daito Trust Construction Co. Ltd. |
41,900 | 4,600,172 | ||||||
Daiwa House REIT Investment Corp. REIT |
1,290 | 2,842,733 | ||||||
Daiwa Office Investment Corp. REIT (a) |
167 | 810,226 | ||||||
Daiwa Securities Living Investments Corp. REIT |
1,109 | 937,810 | ||||||
ES-Con Japan Ltd. (a) |
24,300 | 145,932 | ||||||
ESCON Japan Reit Investment Corp. REIT |
197 | 167,578 | ||||||
Frontier Real Estate Investment Corp. REIT |
319 | 1,209,338 |
See Notes to Financial Statements. | 6 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF (Continued)
November 30, 2022 (Unaudited)
Number |
Value |
|||||||
Japan (Continued) | ||||||||
Fukuoka REIT Corp. REIT |
437 | $ | 545,859 | |||||
Global One Real Estate Investment Corp. REIT |
615 | 472,467 | ||||||
GLP J REIT |
2,730 | 3,012,900 | ||||||
Goldcrest Co. Ltd. |
6,500 | 82,170 | ||||||
Hankyu Hanshin REIT, Inc. REIT (a) |
445 | 486,968 | ||||||
Health Care & Medical Investment Corp. REIT |
180 | 243,930 | ||||||
Heiwa Real Estate Co. Ltd. |
17,800 | 521,729 | ||||||
Heiwa Real Estate REIT, Inc. REIT (a) |
585 | 675,387 | ||||||
Hoshino Resorts REIT, Inc. REIT |
149 | 735,710 | ||||||
Hulic Co. Ltd. |
414,400 | 3,424,131 | ||||||
Hulic Reit, Inc. REIT |
799 | 987,155 | ||||||
Ichigo Office REIT Investment Corp. REIT |
950 | 583,453 | ||||||
Ichigo, Inc. |
155,700 | 344,785 | ||||||
Industrial & Infrastructure Fund Investment Corp. REIT |
1,271 | 1,449,162 | ||||||
Invincible Investment Corp. REIT |
3,752 | 1,281,230 | ||||||
Japan Excellent, Inc. REIT |
819 | 800,570 | ||||||
Japan Hotel REIT Investment Corp. REIT |
2,652 | 1,419,696 | ||||||
Japan Logistics Fund, Inc. REIT |
536 | 1,231,102 | ||||||
Japan Metropolitan Fund Invest REIT |
4,251 | 3,354,129 | ||||||
Japan Prime Realty Investment Corp. REIT |
439 | 1,236,398 | ||||||
Japan Real Estate Investment Corp. REIT |
838 | 3,657,317 | ||||||
Kabuki-Za Co. Ltd. |
5,200 | 180,550 | ||||||
Keihanshin Building Co. Ltd. |
31,600 | 290,320 | ||||||
Kenedix Office Investment Corp. REIT |
504 | 1,219,005 | ||||||
Kenedix Residential Next Investment Corp. REIT |
624 | 934,167 | ||||||
Kenedix Retail REIT Corp. REIT |
358 | 681,416 | ||||||
Ki-Star Real Estate Co. Ltd. |
6,000 | 211,982 | ||||||
LaSalle Logiport REIT |
1,068 | 1,234,545 | ||||||
Leopalace21 Corp.* |
149,500 | 327,841 | ||||||
LIFULL Co. Ltd. |
49,800 | 88,865 | ||||||
Mirai Corp. REIT |
1,072 | 360,304 | ||||||
Mirarth Holdings, Inc. |
47,900 | 133,876 | ||||||
Mitsubishi Estate Co. Ltd. |
841,700 | 11,702,007 | ||||||
Mitsubishi Estate Logistics REIT Investment Corp. REIT |
283 | 893,375 | ||||||
Mitsui Fudosan Co. Ltd. |
581,200 | 11,564,439 | ||||||
Mitsui Fudosan Logistics Park, Inc. REIT |
326 | 1,166,956 | ||||||
Mori Hills REIT Investment Corp. REIT |
1,002 | 1,159,689 | ||||||
Mori Trust Hotel Reit, Inc. REIT |
138 | 133,708 | ||||||
Mori Trust Sogo Reit, Inc. REIT |
613 | 644,893 | ||||||
Nippon Accommodations Fund, Inc. REIT |
317 | 1,424,387 | ||||||
Nippon Building Fund, Inc. REIT |
1,028 | 4,714,920 | ||||||
Nippon Kanzai Co. Ltd. |
13,400 | 244,108 | ||||||
Nippon Prologis REIT, Inc. REIT (a) |
1,376 | 3,328,078 | ||||||
NIPPON REIT Investment Corp. REIT |
299 | 784,248 | ||||||
Nomura Real Estate Holdings, Inc. |
69,300 | 1,648,818 | ||||||
Nomura Real Estate Master Fund, Inc. REIT |
2,829 | 3,497,223 | ||||||
NTT UD REIT Investment Corp. REIT |
883 | 933,370 |
Number |
Value |
|||||||
Japan (Continued) | ||||||||
One REIT, Inc. REIT |
139 | $ | 251,921 | |||||
Open House Group Co. Ltd. |
49,800 | 2,062,806 | ||||||
Orix JREIT, Inc. REIT |
1,631 | 2,261,706 | ||||||
Pressance Corp. |
14,600 | 166,256 | ||||||
Relo Group, Inc. |
69,100 | 1,120,634 | ||||||
SAMTY Co. Ltd. (a) |
18,600 | 303,113 | ||||||
Samty Residential Investment Corp. REIT |
258 | 221,687 | ||||||
Sankei Real Estate, Inc. REIT |
294 | 196,154 | ||||||
Sekisui House Reit, Inc. REIT |
2,624 | 1,513,774 | ||||||
SOSiLA Logistics REIT, Inc. REIT (a) |
400 | 393,866 | ||||||
SRE Holdings Corp.* |
5,900 | 193,439 | ||||||
Star Asia Investment Corp. REIT |
1,058 | 423,837 | ||||||
Starts Corp., Inc. |
19,900 | 391,896 | ||||||
Starts Proceed Investment Corp. REIT |
109 | 182,942 | ||||||
Sumitomo Realty & Development Co. Ltd. |
288,500 | 7,682,858 | ||||||
Sun Frontier Fudousan Co. Ltd. |
15,200 | 127,665 | ||||||
Takara Leben Real Estate Investment Corp. REIT |
368 | 273,745 | ||||||
Tama Home Co. Ltd. (a) |
10,700 | 190,091 | ||||||
TOC Co. Ltd. |
29,400 | 153,173 | ||||||
Tokyo Tatemono Co. Ltd. |
128,300 | 1,766,263 | ||||||
Tokyu Fudosan Holdings Corp. |
361,900 | 1,924,393 | ||||||
Tokyu REIT, Inc. REIT |
567 | 876,058 | ||||||
Tosei Corp. (a) |
25,300 | 254,197 | ||||||
Tosei Reit Investment Corp. REIT (a) |
164 | 157,254 | ||||||
United Urban Investment Corp. REIT (a) |
1,895 | 2,094,088 | ||||||
XYMAX REIT Investment Corp. REIT |
116 | 100,754 | ||||||
|
|
|||||||
(Cost $138,829,038) |
119,233,292 | |||||||
|
|
|||||||
Luxembourg — 0.3% | ||||||||
ADLER Group SA, 144A* |
47,224 | 87,961 | ||||||
Aroundtown SA |
501,646 | 1,185,414 | ||||||
Grand City Properties SA |
50,412 | 495,190 | ||||||
|
|
|||||||
(Cost $4,946,661) |
1,768,565 | |||||||
|
|
|||||||
Malaysia — 0.6% | ||||||||
AmFIRST Real Estate Investment Trust REIT |
442,600 | 36,821 | ||||||
Axis Real Estate Investment Trust REIT |
715,084 | 305,488 | ||||||
Capitaland Malaysia Trust REIT |
225,008 | 27,826 | ||||||
Eastern & Oriental Bhd* |
490,636 | 46,885 | ||||||
Eco World Development Group Bhd |
523,900 | 80,102 | ||||||
Eco World International Bhd* |
546,800 | 47,949 | ||||||
IGB Commercial Real Estate Investment Trust REIT |
859,000 | 320,616 | ||||||
IGB Commercial Real Estate Investment Trust REIT |
459,500 | 55,274 | ||||||
IOI Properties Group Bhd |
603,700 | 153,385 | ||||||
KIP REIT |
222,352 | 44,995 | ||||||
KLCCP Stapled Group (c) |
119,700 | 178,709 | ||||||
KSL Holdings Bhd* |
233,500 | 40,689 | ||||||
Land & General Bhd |
1,121,900 | 25,225 | ||||||
LBS Bina Group Bhd |
409,500 | 40,513 | ||||||
Mah Sing Group Bhd |
664,000 | 79,128 | ||||||
Malton Bhd* |
97,400 | 8,979 | ||||||
Matrix Concepts Holdings Bhd |
525,294 | 186,614 |
See Notes to Financial Statements. | 7 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF (Continued)
November 30, 2022 (Unaudited)
Number |
Value |
|||||||
Malaysia (Continued) | ||||||||
MKH Bhd |
125,900 | $ | 36,234 | |||||
Paramount Corp. Bhd |
202,240 | 34,105 | ||||||
Pavilion Real Estate Investment Trust REIT |
324,500 | 87,555 | ||||||
Sentral REIT |
204,400 | 40,903 | ||||||
Sime Darby Property Bhd |
1,651,346 | 180,079 | ||||||
SP Setia Bhd Group |
858,805 | 134,203 | ||||||
Sunway Bhd |
1,053,261 | 397,859 | ||||||
Sunway Real Estate Investment Trust REIT |
887,600 | 289,381 | ||||||
Symphony Life Bhd* |
322,700 | 30,837 | ||||||
Titijaya Land Bhd* |
487,600 | 26,860 | ||||||
Tropicana Corp. Bhd* |
208,591 | 64,254 | ||||||
UEM Sunrise Bhd* |
413,100 | 26,007 | ||||||
UOA Development Bhd |
199,400 | 72,183 | ||||||
YNH Property Bhd* |
239,100 | 224,719 | ||||||
YTL Hospitality REIT |
360,700 | 71,370 | ||||||
|
|
|||||||
(Cost $3,722,629) |
3,395,747 | |||||||
|
|
|||||||
Mexico — 1.2% | ||||||||
CFE Capital S de RL de CV REIT |
509,259 | 670,303 | ||||||
Corp. Inmobiliaria Vesta SAB de CV |
403,081 | 897,770 | ||||||
FIBRA Macquarie Mexico REIT, 144A |
462,410 | 687,403 | ||||||
Fibra MTY SAPI de CV REIT |
585,380 | 368,629 | ||||||
Fibra Uno Administracion SA de CV REIT |
1,705,601 | 2,110,267 | ||||||
Prologis Property Mexico SA de CV REIT (a) |
281,106 | 863,189 | ||||||
TF Administradora Industrial S de RL de CV REIT (a) |
471,372 | 680,775 | ||||||
|
|
|||||||
(Cost $5,238,682) |
6,278,336 | |||||||
|
|
|||||||
Netherlands — 0.6% | ||||||||
Argo Properties NV*(a) |
8,460 | 188,041 | ||||||
CTP NV, 144A |
68,438 | 738,496 | ||||||
Eurocommercial Properties NV REIT |
26,322 | 620,646 | ||||||
NEPI Rockcastle NV |
244,380 | 1,481,305 | ||||||
NSI NV REIT |
12,180 | 299,106 | ||||||
|
|
|||||||
(Cost $4,182,710) |
3,327,594 | |||||||
|
|
|||||||
New Zealand — 0.7% | ||||||||
Argosy Property Ltd. |
566,712 | 410,062 | ||||||
Goodman Property Trust REIT |
634,987 | 820,332 | ||||||
Kiwi Property Group Ltd. |
963,170 | 556,349 | ||||||
Precinct Properties New Zealand Ltd. |
803,288 | 638,620 | ||||||
Property for Industry Ltd. |
305,015 | 442,354 | ||||||
Stride Property Group (c) |
360,168 | 335,551 | ||||||
Vital Healthcare Property Trust REIT |
274,383 | 395,373 | ||||||
|
|
|||||||
(Cost $4,629,508) |
3,598,641 | |||||||
|
|
|||||||
Norway — 0.2% | ||||||||
Entra ASA, 144A |
35,231 | 369,583 | ||||||
KMC Properties ASA* |
46,137 | 31,001 | ||||||
Olav Thon Eiendomsselskap ASA |
16,137 | 287,260 | ||||||
Selvaag Bolig ASA |
30,583 | 88,334 | ||||||
|
|
|||||||
(Cost $1,229,600) |
776,178 | |||||||
|
|
Number |
Value |
|||||||
Philippines — 2.4% | ||||||||
8990 Holdings, Inc.* |
1,316,100 | $ | 221,289 | |||||
ACEN Corp. |
464,085 | 58,339 | ||||||
AREIT, Inc. REIT |
428,540 | 274,278 | ||||||
Ayala Corp. |
170,095 | 2,093,107 | ||||||
Ayala Land, Inc. |
4,800,896 | 2,673,766 | ||||||
Belle Corp.* |
1,272,000 | 27,662 | ||||||
DDMP Reit, Inc. REIT |
4,040,000 | 92,143 | ||||||
DoubleDragon Corp. |
308,370 | 38,055 | ||||||
Filinvest Land, Inc. |
4,149,000 | 66,020 | ||||||
Filinvest REIT Corp. REIT |
957,500 | 95,987 | ||||||
GT Capital Holdings, Inc. |
58,701 | 455,618 | ||||||
Megaworld Corp. |
6,882,600 | 272,578 | ||||||
MREIT, Inc. REIT |
587,300 | 122,943 | ||||||
RL Commercial REIT, Inc. REIT |
2,148,100 | 225,976 | ||||||
Robinsons Land Corp. |
1,174,261 | 333,427 | ||||||
SM Prime Holdings, Inc. |
8,733,557 | 5,620,606 | ||||||
Vista Land & Lifescapes, Inc. |
1,603,900 | 39,417 | ||||||
|
|
|||||||
(Cost $15,361,366) |
12,711,211 | |||||||
|
|
|||||||
Poland — 0.1% | ||||||||
Atal SA (a) |
6,777 | 46,276 | ||||||
Develia SA (a) |
318,405 | 152,543 | ||||||
Dom Development SA (a) |
6,607 | 132,434 | ||||||
Echo Investment SA (a) |
87,838 | 56,883 | ||||||
Globe Trade Centre SA (a) |
119,382 | 163,036 | ||||||
MLP Group SA* |
5,848 | 94,807 | ||||||
|
|
|||||||
(Cost $859,699) |
645,979 | |||||||
|
|
|||||||
Russia — 0.0% | ||||||||
LSR Group PJSC*(b) |
30,984 | 0 | ||||||
PIK Group PJSC*(b) |
192,287 | 0 | ||||||
|
|
|||||||
(Cost $2,472,023) |
0 | |||||||
|
|
|||||||
Singapore — 7.0% | ||||||||
AIMS APAC REIT |
402,300 | 352,302 | ||||||
Bukit Sembawang Estates Ltd. |
115,700 | 358,845 | ||||||
CapitaLand Ascendas REIT |
2,017,469 | 4,107,669 | ||||||
CapitaLand Ascott Trust (c) |
1,228,496 | 847,208 | ||||||
CapitaLand China Trust REIT |
712,147 | 587,263 | ||||||
Capitaland India Trust |
548,600 | 468,410 | ||||||
CapitaLand Integrated Commercial Trust REIT |
3,054,992 | 4,614,926 | ||||||
Capitaland Investment Ltd. |
1,500,663 | 4,019,144 | ||||||
CDL Hospitality Trusts (c) |
525,981 | 452,936 | ||||||
Chip Eng Seng Corp. Ltd. |
298,500 | 161,198 | ||||||
City Developments Ltd. |
304,698 | 1,843,353 | ||||||
Cromwell European Real Estate Investment Trust REIT |
226,119 | 358,548 | ||||||
Digital Core REIT Management Pte Ltd. REIT |
432,600 | 263,886 | ||||||
ESR-LOGOS REIT REIT |
3,752,287 | 944,712 | ||||||
Far East Hospitality Trust (c) |
597,400 | 274,657 | ||||||
First Real Estate Investment Trust REIT |
721,200 | 126,314 | ||||||
Frasers Centrepoint Trust REIT |
647,100 | 958,632 | ||||||
Frasers Hospitality Trust (c) |
498,000 | 161,724 | ||||||
Frasers Logistics & Commercial Trust REIT |
1,734,678 | 1,443,139 | ||||||
Frasers Property Ltd. |
276,700 | 186,782 |
See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF (Continued)
November 30, 2022 (Unaudited)
Number |
Value |
|||||||
Singapore (Continued) | ||||||||
GuocoLand Ltd. |
170,300 | $ | 201,333 | |||||
Ho Bee Land Ltd. |
138,900 | 247,330 | ||||||
Keppel REIT |
1,200,100 | 788,214 | ||||||
Keppel DC REIT |
815,155 | 1,100,516 | ||||||
Keppel Pacific Oak US REIT |
480,654 | 269,166 | ||||||
Lendlease Global Commercial REIT |
976,851 | 516,834 | ||||||
Lippo Malls Indonesia Retail Trust REIT* |
2,726,800 | 59,698 | ||||||
Manulife US Real Estate Investment Trust REIT |
929,226 | 362,398 | ||||||
Mapletree Industrial Trust REIT |
1,201,322 | 1,955,008 | ||||||
Mapletree Logistics Trust REIT |
1,916,191 | 2,251,381 | ||||||
Mapletree Pan Asia Commercial Trust REIT |
1,387,970 | 1,732,050 | ||||||
OUE Commercial Real Estate Investment Trust REIT |
1,622,139 | 432,081 | ||||||
Parkway Life Real Estate Investment Trust REIT |
235,100 | 667,401 | ||||||
Prime US REIT |
339,500 | 164,657 | ||||||
Singapore Land Group Ltd. |
103,400 | 168,271 | ||||||
SPH REIT |
628,800 | 412,990 | ||||||
Starhill Global REIT |
891,009 | 344,621 | ||||||
Suntec Real Estate Investment Trust REIT |
1,141,200 | 1,157,606 | ||||||
UOL Group Ltd. |
284,517 | 1,382,824 | ||||||
Wing Tai Holdings Ltd. |
205,800 | 225,279 | ||||||
Yanlord Land Group Ltd. |
342,200 | 245,980 | ||||||
|
|
|||||||
(Cost $40,573,326) |
37,217,286 | |||||||
|
|
|||||||
South Africa — 0.9% | ||||||||
Attacq Ltd. REIT |
375,102 | 168,600 | ||||||
Equites Property Fund Ltd. REIT |
407,777 | 397,041 | ||||||
Fortress REIT Ltd., Class A REIT* |
616,485 | 402,225 | ||||||
Fortress REIT Ltd., Class B REIT* |
559,828 | 149,529 | ||||||
Growthpoint Properties Ltd. REIT (a) |
1,759,063 | 1,469,551 | ||||||
Hyprop Investments Ltd. REIT |
190,948 | 385,659 | ||||||
Redefine Properties Ltd. REIT (a) |
3,598,441 | 853,168 | ||||||
Resilient REIT Ltd. REIT (a) |
197,990 | 620,965 | ||||||
SA Corporate Real Estate Ltd. REIT |
1,360,486 | 184,093 | ||||||
Vukile Property Fund Ltd. REIT |
475,647 | 386,450 | ||||||
|
|
|||||||
(Cost $5,550,323) |
5,017,281 | |||||||
|
|
|||||||
South Korea — 0.4% | ||||||||
D&D Platform REIT Co. Ltd. REIT |
20,000 | 52,470 | ||||||
E KOCREF CR-REIT Co. Ltd. REIT |
15,427 | 63,633 | ||||||
ESR Kendall Square REIT Co. Ltd. REIT |
85,899 | 262,155 | ||||||
JR Global REIT REIT |
117,037 | 383,364 | ||||||
Koramco Energy Plus REIT |
26,386 | 99,134 | ||||||
Korea Asset In Trust Co. Ltd. |
37,138 | 91,940 | ||||||
Korea Real Estate Investment & Trust Co. Ltd. |
100,571 | 106,378 | ||||||
LOTTE Reit Co. Ltd. REIT |
71,444 | 212,352 | ||||||
Mirae Asset Global REIT Co. Ltd. REIT |
17,123 | 48,038 | ||||||
NH All-One REIT Co. Ltd. REIT |
34,506 | 82,285 | ||||||
Seobu T&D |
19,787 | 111,624 | ||||||
Shinhan Alpha REIT Co. Ltd. REIT |
46,171 | 240,159 | ||||||
SK D&D Co. Ltd. |
6,271 | 109,125 | ||||||
SK REITs Co. Ltd. REIT |
67,094 | 238,595 | ||||||
|
|
|||||||
(Cost $2,839,627) |
2,101,252 | |||||||
|
|
Number |
Value |
|||||||
Spain — 0.7% | ||||||||
Aedas Homes SA, 144A |
8,907 | $ | 138,484 | |||||
Inmobiliaria Colonial Socimi SA REIT |
181,998 | 1,100,941 | ||||||
Lar Espana Real Estate Socimi SA REIT |
19,422 | 92,190 | ||||||
Merlin Properties Socimi SA REIT (a) |
202,154 | 1,846,272 | ||||||
Metrovacesa SA, 144A*(a) |
11,327 | 83,973 | ||||||
Neinor Homes SA, 144A* |
20,552 | 186,008 | ||||||
|
|
|||||||
(Cost $4,467,183) |
3,447,868 | |||||||
|
|
|||||||
Sweden — 3.6% | ||||||||
Atrium Ljungberg AB, Class B |
27,459 | 432,338 | ||||||
Castellum AB (a) |
172,194 | 2,065,269 | ||||||
Catena AB |
19,408 | 666,116 | ||||||
Cibus Nordic Real Estate AB |
26,146 | 359,686 | ||||||
Corem Property Group AB, Class B |
344,780 | 231,011 | ||||||
Corem Property Group AB, Class D |
2,215 | 34,896 | ||||||
Dios Fastigheter AB |
56,978 | 411,688 | ||||||
Eastnine AB |
6,918 | 75,772 | ||||||
Fabege AB |
168,269 | 1,373,128 | ||||||
Fastighets AB Balder, Class B* |
377,673 | 1,631,632 | ||||||
Fastighets AB Trianon |
36,438 | 65,948 | ||||||
FastPartner AB, Class A |
31,706 | 233,102 | ||||||
Heba Fastighets AB, Class B (a) |
88,332 | 257,198 | ||||||
Hemnet Group AB |
38,659 | 477,809 | ||||||
Hufvudstaden AB, Class A |
72,633 | 1,007,373 | ||||||
JM AB |
32,700 | 512,097 | ||||||
John
Mattson Fastighetsforetagen |
11,865 | 75,660 | ||||||
K-fast Holding AB*(a) |
39,547 | 78,769 | ||||||
Klarabo Sverige AB, Class B*(a) |
59,764 | 90,230 | ||||||
Nivika Fastigheter AB, Class B* |
13,792 | 51,087 | ||||||
NP3 Fastigheter AB |
16,658 | 283,991 | ||||||
Nyfosa AB |
98,961 | 698,327 | ||||||
Pandox AB* |
59,144 | 723,784 | ||||||
Platzer Fastigheter Holding AB, Class B |
39,918 | 293,850 | ||||||
Sagax AB, Class A |
4,417 | 93,610 | ||||||
Sagax AB, Class B |
119,794 | 2,591,616 | ||||||
Sagax AB, Class D |
65,466 | 159,616 | ||||||
Samhallsbyggnadsbolaget i Norden AB (a) |
690,036 | 1,219,427 | ||||||
Samhallsbyggnadsbolaget i Norden AB, Class D (a) |
96,083 | 171,014 | ||||||
Stendorren Fastigheter AB* |
7,969 | 149,459 | ||||||
Swedish Logistic Property AB, Class B* |
38,358 | 86,149 | ||||||
Wallenstam AB, Class B (a) |
278,875 | 1,080,582 | ||||||
Wihlborgs Fastigheter AB |
166,687 | 1,274,717 | ||||||
|
|
|||||||
(Cost $28,535,037) |
18,956,951 | |||||||
|
|
|||||||
Switzerland — 2.0% | ||||||||
Allreal Holding AG |
9,415 | 1,419,044 | ||||||
Fundamenta Real Estate AG* |
14,835 | 255,360 | ||||||
Intershop Holding AG |
814 | 539,107 | ||||||
Mobimo Holding AG |
4,397 | 1,061,464 | ||||||
Peach Property Group AG*(a) |
6,273 | 125,098 | ||||||
PSP Swiss Property AG |
27,632 | 3,016,245 | ||||||
Swiss Prime Site AG |
46,240 | 3,809,856 | ||||||
Zug Estates Holding AG, Class B |
162 | 282,256 | ||||||
|
|
|||||||
(Cost $12,413,820) |
10,508,430 | |||||||
|
|
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF (Continued)
November 30, 2022 (Unaudited)
Number |
Value |
|||||||
Taiwan — 1.2% | ||||||||
Cathay No. 1 REIT |
827,504 | $ | 481,955 | |||||
Cathay Real Estate Development Co. Ltd. |
363,424 | 182,268 | ||||||
Chong Hong Construction Co. Ltd. |
135,740 | 316,670 | ||||||
Farglory Land Development Co. Ltd. |
161,144 | 285,211 | ||||||
Fubon No. 1 REIT |
314,630 | 167,467 | ||||||
Highwealth Construction Corp. |
913,204 | 1,323,762 | ||||||
Hong Pu Real Estate Development Co. Ltd.* |
130,515 | 96,074 | ||||||
Huaku Development Co. Ltd. |
153,338 | 442,071 | ||||||
Huang Hsiang Construction Corp. |
64,643 | 89,313 | ||||||
Hung Sheng Construction Ltd. |
221,721 | 185,093 | ||||||
KEE TAI Properties Co. Ltd. |
191,788 | 76,950 | ||||||
Kindom Development Co. Ltd. |
234,531 | 217,415 | ||||||
Kuo Yang Construction Co. Ltd.* |
203,597 | 127,143 | ||||||
O-Bank No1 Real Estate Investment Trust REIT |
87,357 | 23,602 | ||||||
Prince Housing & Development Corp. |
797,799 | 282,665 | ||||||
Radium Life Tech Co. Ltd. |
318,402 | 95,813 | ||||||
Ruentex Development Co. Ltd. |
1,300,917 | 1,942,609 | ||||||
Shining Building Business Co. Ltd.* |
318,249 | 98,547 | ||||||
Sinyi Realty, Inc. |
196,039 | 185,221 | ||||||
Taiwan Land Development Corp.*(b) |
243,531 | 0 | ||||||
|
|
|||||||
(Cost $6,051,896) |
6,619,849 | |||||||
|
|
|||||||
Thailand — 2.3% | ||||||||
Amata Corp. PCL, NVDR |
535,300 | 294,480 | ||||||
Ananda Development PCL, NVDR* |
2,464,400 | 94,341 | ||||||
AP Thailand PCL, NVDR |
1,518,400 | 434,874 | ||||||
Asset World Corp. PCL, NVDR |
4,855,500 | 867,422 | ||||||
Bangkok Land PCL, NVDR |
7,972,900 | 237,390 | ||||||
Central Pattana PCL, NVDR |
1,984,500 | 4,079,860 | ||||||
CP Tower Growth Leasehold Property Fund |
800 | 163 | ||||||
CPN Retail Growth Leasehold REIT |
1,036,700 | 543,852 | ||||||
Frasers Property Thailand Industrial Freehold & Leasehold REIT |
845,300 | 237,302 | ||||||
Frasers Property Thailand PCL, NVDR |
277,425 | 119,576 | ||||||
Golden Ventures Leasehold Real Estate Investment Trust REIT |
13,500 | 3,503 | ||||||
Grand Canal Land PCL, NVDR* |
734,300 | 45,809 | ||||||
IMPACT Growth Real Estate Investment Trust REIT |
344,232 | 118,112 | ||||||
Land & Houses PCL, NVDR |
5,001,000 | 1,361,395 | ||||||
LH Hotel Leasehold Real Estate Investment Trust, Class F REIT* |
11,700 | 3,650 | ||||||
LPN Development PCL, NVDR |
1,176,000 | 152,732 | ||||||
Noble Development PCL, NVDR |
809,757 | 112,973 | ||||||
Nusasiri PCL, NVDR* |
3,844,000 | 125,354 | ||||||
Origin Property PCL, NVDR |
553,200 | 164,713 | ||||||
Platinum Group PCL, NVDR* |
892,100 | 80,445 | ||||||
Principal Capital PCL, NVDR* |
492,100 | 83,726 | ||||||
Property Perfect PCL, NVDR |
5,424,806 | 59,994 | ||||||
Pruksa Holding PCL, NVDR |
547,800 | 187,959 | ||||||
Quality Houses PCL, NVDR |
5,020,100 | 316,025 | ||||||
Sansiri PCL, NVDR |
8,778,500 | 390,819 | ||||||
SC Asset Corp. PCL, NVDR |
1,147,300 | 134,039 | ||||||
Singha Estate PCL, NVDR* |
1,709,400 | 89,675 |
Number |
Value |
|||||||
Thailand (Continued) | ||||||||
Supalai PCL, NVDR |
946,900 | $ | 617,573 | |||||
U City PLC, NVDR* |
2,679,600 | 107,138 | ||||||
U City PLC, PFD NVDR* |
10,389,300 | 291,660 | ||||||
Univentures PCL, NVDR |
398,400 | 33,892 | ||||||
WHA Corp. PCL, NVDR |
6,399,800 | 696,873 | ||||||
WHA Premium Growth Freehold & Leasehold Real Estate Investment Trust, Class F REIT |
1,151,700 | 333,116 | ||||||
|
|
|||||||
(Cost $12,030,651) |
12,420,435 | |||||||
|
|
|||||||
Turkey — 0.4% | ||||||||
Akfen Gayrimenkul Yatirim Ortakligi AS REIT* |
207,636 | 60,189 | ||||||
AKIS Gayrimenkul Yatirimi AS REIT* |
37,623 | 13,456 | ||||||
Alarko Gayrimenkul Yatirim Ortakligi AS REIT |
16,752 | 67,030 | ||||||
Baskent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi AS |
62,111 | 73,823 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT |
1,258,364 | 466,289 | ||||||
Halk Gayrimenkul Yatirim Ortakligi AS REIT |
20,288 | 5,336 | ||||||
Is
Gayrimenkul Yatirim Ortakligi AS |
273,715 | 143,379 | ||||||
Kiler Gayrimenkul Yatirim Ortakligi AS REIT* |
2 | 0 | ||||||
Kizilbuk
Gayrimenkul Yatirim Ortakligi |
34,316 | 35,656 | ||||||
Kuyumcukent
Gayrimenkul Yatirimlari |
79,012 | 77,763 | ||||||
Ozak
Gayrimenkul Yatirim Ortakligi |
271,141 | 232,149 | ||||||
Panora Gayrimenkul Yatirim Ortakligi |
20,085 | 29,835 | ||||||
Reysas Gayrimenkul Yatirim Ortakligi AS, Class O REIT* |
6 | 4 | ||||||
Servet Gayrimenkul Yatirim Ortakligi AS, Class O* |
5,000 | 40,390 | ||||||
Sinpas Gayrimenkul Yatirim Ortakligi AS REIT* |
233,611 | 39,325 | ||||||
Torunlar Gayrimenkul Yatirim Ortakligi AS REIT* |
165,974 | 168,260 | ||||||
Vakif Gayrimenkul Yatirim Ortakligi AS REIT* |
343,066 | 76,016 | ||||||
Yeni Gimat Gayrimenkul Ortakligi AS |
168,121 | 287,708 | ||||||
Yesil Gayrimenkul Yatirim Ortakligi AS REIT* |
753,011 | 64,796 | ||||||
Ziraat Gayrimenkul Yatirim Ortakligi AS |
455,555 | 132,301 | ||||||
|
|
|||||||
(Cost $1,265,534) |
2,013,705 | |||||||
|
|
|||||||
United Kingdom — 6.8% | ||||||||
Assura PLC REIT |
1,759,236 | 1,122,960 | ||||||
Big Yellow Group PLC REIT |
113,151 | 1,468,792 | ||||||
British Land Co. PLC REIT |
521,599 | 2,449,282 | ||||||
Capital & Counties Properties PLC REIT |
431,442 | 521,511 | ||||||
CLS Holdings PLC REIT |
103,477 | 199,634 | ||||||
Derwent London PLC REIT |
61,846 | 1,726,413 | ||||||
Empiric Student Property PLC REIT |
359,846 | 368,974 | ||||||
Grainger PLC |
414,985 | 1,198,943 |
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF (Continued)
November 30, 2022 (Unaudited)
Number |
Value |
|||||||
United Kingdom (Continued) | ||||||||
Great Portland Estates PLC REIT |
122,683 | $ | 727,886 | |||||
Hammerson PLC REIT |
2,184,415 | 626,422 | ||||||
Helical PLC REIT |
72,266 | 288,306 | ||||||
Henry Boot PLC |
71,151 | 198,277 | ||||||
Industrials REIT Ltd. REIT |
159,011 | 263,342 | ||||||
Land Securities Group PLC REIT |
411,105 | 3,007,031 | ||||||
LondonMetric Property PLC REIT |
567,144 | 1,195,479 | ||||||
LXI REIT PLC REIT |
969,682 | 1,321,085 | ||||||
Picton Property Income Ltd. REIT |
330,411 | 342,333 | ||||||
Primary Health Properties PLC REIT |
796,024 | 1,055,107 | ||||||
Rightmove PLC |
512,381 | 3,376,817 | ||||||
Safestore Holdings PLC REIT |
129,799 | 1,402,019 | ||||||
Savills PLC |
85,706 | 967,088 | ||||||
Segro PLC REIT |
735,072 | 6,922,642 | ||||||
Shaftesbury PLC REIT |
118,389 | 505,306 | ||||||
Tritax Big Box REIT PLC REIT |
1,145,071 | 1,950,041 | ||||||
UK Commercial Property REIT Ltd. REIT |
465,112 | 325,140 | ||||||
UNITE Group PLC REIT, Series 6 |
197,975 | 2,174,964 | ||||||
Workspace Group PLC REIT |
87,017 | 439,178 | ||||||
|
|
|||||||
(Cost $48,058,485) |
36,144,972 | |||||||
|
|
|||||||
TOTAL
COMMON STOCKS |
525,144,334 | |||||||
|
|
|||||||
PREFERRED STOCKS — 0.0% | ||||||||
Thailand — 0.0% | ||||||||
U City PLC* |
||||||||
(Cost $1,617) |
64,000 | 1,796 | ||||||
|
|
|||||||
RIGHTS — 0.0% | ||||||||
Austria — 0.0% | ||||||||
S IMMO AG*, expires 12/31/49 (b) |
||||||||
(Cost $0) |
22,553 | 0 | ||||||
|
|
|||||||
Hong Kong — 0.0% | ||||||||
Lai Sun Development Co. Ltd.*, expires 1/6/23 (b) |
||||||||
(Cost $0) |
35,276 | 0 | ||||||
|
|
|||||||
Israel — 0.0% | ||||||||
Norstar Holdings, Inc.*, expires 12/28/22 |
43 | 3,552 | ||||||
REIT Azorim HF Living Ltd.*, expires 12/16/22 (b) |
369 | 0 | ||||||
|
|
|||||||
(Cost $0) |
3,552 | |||||||
|
|
|||||||
TOTAL
RIGHTS |
3,552 | |||||||
|
|
|||||||
WARRANTS — 0.0% | ||||||||
Malaysia — 0.0% | ||||||||
Eco World Development Group Bhd*, expires 4/12/29 |
106,640 | 2,757 | ||||||
Paramount Corp. Bhd*, expires 7/28/24 |
7,840 | 53 | ||||||
|
|
|||||||
(Cost $0) |
2,810 | |||||||
|
|
Number |
Value |
|||||||
Thailand — 0.0% | ||||||||
Noble Development PCL*, expires 1/12/24 |
||||||||
(Cost $0) |
54,825 | $ | 731 | |||||
|
|
|||||||
TOTAL
WARRANTS |
3,541 | |||||||
|
|
|||||||
EXCHANGE-TRADED FUNDS — 0.0% | ||||||||
iShares Global REIT ETF |
2,500 | 59,000 | ||||||
Vanguard Global ex-U.S. Real Estate ETF |
1,500 | 63,450 | ||||||
|
|
|||||||
TOTAL
EXCHANGE-TRADED FUNDS |
122,450 | |||||||
|
|
|||||||
SECURITIES LENDING COLLATERAL — 2.7% | ||||||||
DWS
Government & Agency Securities Portfolio “DWS Government Cash
Institutional Shares”, 3.69% (d)(e) |
14,292,581 | 14,292,581 | ||||||
|
|
|||||||
CASH EQUIVALENTS — 0.3% | ||||||||
DWS
Government Money Market Series “Institutional Shares”, 3.74% (d) |
1,379,311 | 1,379,311 | ||||||
|
|
|||||||
TOTAL INVESTMENTS — 101.8% |
||||||||
(Cost $647,673,279) |
$ | 540,947,565 | ||||||
Other assets and liabilities, net — (1.8%) |
(9,390,151 | ) | ||||||
|
|
|||||||
NET ASSETS — 100.0% |
$ | 531,557,414 | ||||||
|
|
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF (Continued)
November 30, 2022 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2022 is as follows:
Value ($) at 5/31/2022 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) | Capital Gain Distributions ($) |
Number of Shares at 11/30/2022 |
Value ($) at 11/30/2022 |
||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 2.7% |
|
|||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (d)(e) |
|
|||||||||||||||||||||||||||||||||||
10,913,250 | 3,379,331 | (f) | — | — | — | 105,343 | — | 14,292,581 | 14,292,581 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.3% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 3.74% (d) |
| |||||||||||||||||||||||||||||||||||
620,850 | 13,055,555 | (12,297,094 | ) | — | — | 10,371 | — | 1,379,311 | 1,379,311 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
11,534,100 | 16,434,886 | (12,297,094 | ) | — | — | 115,714 | — | 15,671,892 | 15,671,892 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Non-income producing security. |
(a) |
All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2022 amounted to $41,740,541, which is 7.9% of net assets. |
(b) |
Investment was valued using significant unobservable inputs. |
(c) |
Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(d) |
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(e) |
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $30,658,947. |
(f) |
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2022. |
CVA: | Credit Valuation Adjustment |
NVDR: | Non Voting Depositary Receipt |
PJSC: | Public Joint Stock Company |
REIT: | Real Estate Investment Trust |
SAE: | Societe Anonyme Egyptienne |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Securities are listed in country of domicile.
At November 30, 2022, open futures contracts purchased were as follows:
Contract Description |
Currency | Number of Contracts |
Notional Amount |
Contract Value |
Expiration Date |
Unrealized Appreciation (Depreciation) |
||||||||||||
EURO CAC40 10 Futures |
EUR | 4 | $ | 273,044 | $ | 277,450 | 12/16/2022 | $ | 4,406 | |||||||||
EURO STOXX 50 Futures |
EUR | 22 | 841,792 | 898,164 | 12/16/2022 | 56,372 | ||||||||||||
E-Mini S&P 500 Futures |
USD | 10 | 2,064,925 | 2,040,625 | 12/16/2022 | (24,300 | ) | |||||||||||
MINI TOPIX Index Futures |
JPY | 15 | 205,094 | 213,917 | 12/08/2022 | 8,823 | ||||||||||||
SPI 200 Futures |
AUD | 13 | 1,500,057 | 1,590,823 | 12/15/2022 | 90,766 | ||||||||||||
TOPIX Index Futures |
JPY | 8 | 1,131,284 | 1,140,891 | 12/08/2022 | 9,607 | ||||||||||||
|
|
|||||||||||||||||
Total net unrealized appreciation |
$ | 145,674 | ||||||||||||||||
|
|
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
AUD | Australian Dollar |
EUR | Euro |
JPY | Japanese Yen |
USD | U.S. Dollar |
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF (Continued)
November 30, 2022 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (a) |
$ | 524,822,630 | $ | — | $ | 321,704 | $ | 525,144,334 | ||||||||
Preferred Stocks |
1,796 | — | — | 1,796 | ||||||||||||
Rights (a) |
– | 3,552 | 0 | 3,552 | ||||||||||||
Warrants (a) |
3,541 | – | – | 3,541 | ||||||||||||
Exchange-Traded Funds |
122,450 | – | – | 122,450 | ||||||||||||
Short-Term Investments (a) |
15,671,892 | — | — | 15,671,892 | ||||||||||||
Derivatives (b) |
||||||||||||||||
Futures Contracts |
169,974 | – | – | 169,974 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 540,792,283 | $ | 3,552 | $ | 321,704 | $ | 541,117,539 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (b) |
||||||||||||||||
Futures Contracts |
$ | (24,300 | ) | $ | — | $ | — | $ | (24,300 | ) | ||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | (24,300 | ) | $ | — | $ | — | $ | (24,300 | ) | ||||||
|
|
|
|
|
|
|
|
(a) |
See Schedule of Investments for additional detailed categorizations. |
(b) |
Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
During the period ended November 30, 2022, the amount of transfers from Level 1 to Level 3 was $398,547. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.
See Notes to Financial Statements. | 13 |
DBX ETF Trust
November 30, 2022 (Unaudited)
Xtrackers International Real Estate ETF |
||||
Assets |
||||
Investment in non-affiliated securities at value |
$ | 525,275,673 | ||
Investment in DWS Government Money Market Series |
1,379,311 | |||
Investment in DWS Government & Agency Securities Portfolio* |
14,292,581 | |||
Foreign currency at value |
2,526,318 | |||
Deposit with broker for futures contracts |
425,410 | |||
Receivables: | ||||
Investment securities sold |
2,635 | |||
Variation margin on futures contracts |
64,603 | |||
Dividends |
1,809,841 | |||
Interest |
3,911 | |||
Securities lending income |
37,388 | |||
Foreign tax reclaim |
287,786 | |||
|
|
|||
Total assets |
$ | 546,105,457 | ||
|
|
|||
Liabilities |
||||
Payable upon return of securities loaned |
$ | 14,292,581 | ||
Payables: | ||||
Investment advisory fees |
41,824 | |||
Deferred foreign tax payable |
213,638 | |||
|
|
|||
Total liabilities |
14,548,043 | |||
|
|
|||
Net Assets, at value |
$ | 531,557,414 | ||
|
|
|||
Net Assets Consist of |
||||
Paid-in capital |
$ | 658,289,587 | ||
Distributable earnings (loss) |
(126,732,173 | ) | ||
|
|
|||
Net Assets, at value |
$ | 531,557,414 | ||
|
|
|||
Number of Common Shares outstanding |
24,800,001 | |||
|
|
|||
Net Asset Value |
$ | 21.43 | ||
|
|
|||
Investment in non-affiliated securities at cost |
$ | 632,001,387 | ||
|
|
|||
Value of securities loaned |
$ | 41,740,541 | ||
|
|
|||
Investment in DWS Government Money Market Series at cost |
$ | 1,379,311 | ||
|
|
|||
Investment in DWS Government & Agency Securities Portfolio at cost* |
$ | 14,292,581 | ||
|
|
|||
Non-cash collateral for securities on loan |
$ | 30,658,947 | ||
|
|
|||
Foreign currency at cost |
$ | 2,468,006 | ||
|
|
* |
Represents collateral on securities loaned. |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
For the Six Months Ended November 30, 2022 (Unaudited)
Xtrackers International Real Estate ETF |
||||
Investment Income |
||||
Unaffiliated dividend income* |
$ | 9,397,734 | ||
Income distributions from affiliated funds |
10,371 | |||
Affiliated securities lending income |
105,343 | |||
Unaffiliated securities lending income, net of borrower rebates |
64,795 | |||
|
|
|||
Total investment income |
9,578,243 | |||
|
|
|||
Expenses |
||||
Investment advisory fees |
307,045 | |||
Other expenses |
179 | |||
|
|
|||
Total expenses |
307,224 | |||
|
|
|||
Less fees waived (see note 3): |
||||
Waiver |
(51,401 | ) | ||
|
|
|||
Net expenses |
255,823 | |||
|
|
|||
Net investment income (loss) |
9,322,420 | |||
|
|
|||
Realized and Unrealized Gain (Loss) |
||||
Net realized gain (loss) from: |
||||
Investments |
(5,187,313 | ) | ||
In-kind redemptions |
462,033 | |||
Futures contracts |
(96,150 | ) | ||
Foreign currency transactions |
(258,366 | ) | ||
|
|
|||
Net realized gain (loss) |
(5,079,796 | ) | ||
|
|
|||
Net change in unrealized appreciation (depreciation) on: |
||||
Investments** |
(72,210,889 | ) | ||
Futures contracts |
78,693 | |||
Foreign currency translations |
93,700 | |||
|
|
|||
Net change in unrealized appreciation (depreciation) |
(72,038,496 | ) | ||
|
|
|||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions |
(77,118,292 | ) | ||
|
|
|||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | (67,795,872 | ) | |
|
|
|||
* Unaffiliated foreign tax withheld |
$ | 998,927 | ||
** Including change in deferred foreign taxes |
$ | 95,498 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Xtrackers International Real Estate ETF |
||||||||
For
the Six Months Ended November 30, 2022 (Unaudited) |
Year Ended May 31, 2022 |
|||||||
Increase (Decrease) in Net Assets from Operations |
||||||||
Net investment income (loss) |
$ | 9,322,420 | $ | 18,055,590 | ||||
Net realized gain (loss) |
(5,079,796 | ) | (2,295,310 | ) | ||||
Net change in net unrealized appreciation (depreciation) |
(72,038,496 | ) | (83,902,671 | ) | ||||
|
|
|
|
|||||
Net increase (decrease) in net assets resulting from operations |
(67,795,872 | ) | (68,142,391 | ) | ||||
|
|
|
|
|||||
Distributions to Shareholders |
(3,842,456 | ) | (23,945,405 | ) | ||||
|
|
|
|
|||||
Fund Shares Transactions |
||||||||
Proceeds from shares sold |
47,555,598 | 212,069,381 | ||||||
Value of shares redeemed |
(3,232,508 | ) | (18,792,278 | ) | ||||
|
|
|
|
|||||
Net increase (decrease) in net assets resulting from fund share transactions |
44,323,090 | 193,277,103 | ||||||
|
|
|
|
|||||
Total net increase (decrease) in Net Assets |
(27,315,238 | ) | 101,189,307 | |||||
Net Assets |
||||||||
Beginning of period |
$ | 558,872,652 | $ | 457,683,345 | ||||
|
|
|
|
|||||
End of period |
$ | 531,557,414 | $ | 558,872,652 | ||||
|
|
|
|
|||||
Changes in Shares Outstanding |
||||||||
Shares outstanding, beginning of period |
22,650,001 | 15,700,001 | ||||||
Shares sold |
2,300,000 | 7,700,000 | ||||||
Shares redeemed |
(150,000 | ) | (750,000 | ) | ||||
|
|
|
|
|||||
Shares outstanding, end of period |
24,800,001 | 22,650,001 | ||||||
|
|
|
|
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Xtrackers
International Real Estate ETF Selected Per Share Data |
For
the Six Months Ended 11/30/2022 (Unaudited) |
Years Ended May 31, | ||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||
Net Asset Value, beginning of period |
$ | 24.67 | $ | 29.15 | $ | 22.85 | $ | 27.84 | $ | 29.17 | $ | 26.22 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(a) |
0.39 | 0.92 | 0.92 | 0.84 | 1.14 | 0.68 | ||||||||||||||||||
Net realized and unrealized gain (loss) |
(3.46 | ) | (4.05 | ) | 6.28 | (4.74 | ) | (1.98 | ) | 3.01 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total from investment operations |
(3.07 | ) | (3.13 | ) | 7.20 | (3.90 | ) | (0.84 | ) | 3.69 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income |
(0.17 | ) | (1.35 | ) | (0.90 | ) | (1.09 | ) | (0.49 | ) | (0.74 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total distributions |
(0.17 | ) | (1.35 | ) | (0.90 | ) | (1.09 | ) | (0.49 | ) | (0.74 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Asset Value, end of period |
$ | 21.43 | $ | 24.67 | $ | 29.15 | $ | 22.85 | $ | 27.84 | $ | 29.17 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Return (%) |
(12.52 | )**(b) | (11.26 | )(b) | 32.15 | (b) | (14.80 | )(b) | (2.78 | )(b) | 14.20 | |||||||||||||
Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||||||
Net Assets, end of period ($ millions) |
532 | 559 | 458 | 231 | 60 | 4 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) |
0.12 | * | 0.12 | 0.12 | 0.12 | 0.30 | 0.60 | |||||||||||||||||
Ratio of expenses after fee waiver (%) |
0.10 | * | 0.10 | 0.10 | 0.10 | 0.28 | 0.60 | |||||||||||||||||
Ratio of net investment income (loss) (%) |
3.64 | * | 3.38 | 3.55 | 3.21 | 4.25 | 2.40 | |||||||||||||||||
Portfolio turnover rate (%)(c) |
3 | ** | 17 | 9 | 12 | 43 | 24 |
(a) |
Based on average shares outstanding during the period. |
(b) |
Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(c) |
Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* |
Annualized. |
** |
Not Annualized. |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Notes to Financial Statements (Unaudited)
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2022, the Trust consists of thirty-eight investment series of exchange-traded funds (“ETFs”) in operation and trading. These financial statements report on Xtrackers International Real Estate ETF (the “Fund”), a diversified series of the Trust.
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 Fund and has overall responsibility for the general management and administration of the Fund, subject to the supervision of the Fund’s Board of Trustees (“Board”).
The Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, the 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 Fund’s distributor. Shares are not individually redeemable securities of the Fund, and owners of shares may acquire those shares from the Fund or tender such shares for redemption to the Fund, in Creation Units only.
The investment objective of the Fund is to track the performance, before fees and expenses, of the iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index (the “Underlying Index”).
The iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index is a free-float capitalization weighted index designed to measure the performance of international real estate securities of issuers incorporated outside the United States, excluding Pakistan and Vietnam. The iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index is rebalanced quarterly.
The Fund is entitled to use its Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no charge to the Fund in connection with the licensing agreement.
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 Fund. 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 Fund that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The 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 Fund.
Security Valuation The NAV of the 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.
The Fund’s Board has designated the Advisor as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee”) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.
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,
18
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
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.
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 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 Pricing Committee and are generally categorized as Level 3. In accordance with the Fund’s 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; 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. 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 the Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). The 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 the Fund to pay out dividends from its net investment income, if any, semi-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 Fund may occasionally be required to make supplemental distributions at some other time during the year. The Fund reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of the 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
19
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
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 Fund’s 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 Fund’s financial statements.
The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statement of Operations. For the period ended November 30, 2022, the Fund did not incur any interest or penalties.
At May 31, 2022, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
Short-Term | Long-Term | Total Amount | ||||||||||
$ | 1,682,956 | $ | 415,035 | $ | 2,097,991 |
As of May 31, 2022, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
Aggregate Tax Cost |
Net Unrealized Appreciation (Depreciation) |
Aggregate Gross Unrealized Appreciation |
Aggregate Gross Unrealized (Depreciation) |
|||||||||||||
$ | 622,546,613 | $ | (56,269,614 | ) | $ | 14,308,035 | $ | (70,577,649 | ) |
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Fund 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 Fund invest. These foreign taxes, if any, are paid by the Fund 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, 2022, if any, are disclosed in the Fund’s Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Fund 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 Fund may lend securities to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the
20
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
securities to maintain collateral with the Fund 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, 2022, the Fund 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 (0.07% annualized effective rate as of November 30, 2022) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its 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 Fund is not able to recover securities lent, the Fund 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 Fund is 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, 2022, the Fund had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.
Remaining Contractual Maturity of the Agreements, as of November 30, 2022 |
||||||||||||||||||||
Securities Lending Transactions | Overnight and Continuous |
<30 Days | Between 30 & 90 days |
>90 days | Total | |||||||||||||||
Common Stocks |
$ | 14,292,581 | $ | 6,310 | $ | 2,446,219 | $ | 28,206,418 | $ | 44,951,528 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
|
$ | 44,951,528 |
Derivatives
Futures Contracts The 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. The Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. The Fund will not 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, 2022, the Fund utilized futures in order to simulate investment in the Fund’s Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time the Fund enters into a futures contract, the 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, the 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 the 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 the 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 the 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, 2022 is included in a table following the Fund’s Schedule of Investments.
21
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
The following table summarizes the value of the Fund’s derivative instruments held as of November 30, 2022 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives |
Liability Derivatives |
|||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 169,974 | Unrealized depreciation on futures contracts* | $ | 24,300 |
* |
Includes cumulative appreciation or cumulative depreciation on futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Fund’s earnings during the period ended November 30, 2022 and the related location in the accompanying Statement of Operations is summarized in the following table by primary underlying risk exposure:
Net Realized Gain (Loss) from: |
||||
Futures Contracts — Equity Contracts |
||||
$ | (96,150 | ) |
Net Change in Unrealized Appreciation (Depreciation) on: |
||||
Futures Contracts — Equity Contracts |
||||
$ | 78,693 |
For the period ended November 30, 2022 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) |
||||
Xtrackers International Real Estate ETF |
$ | 3,865,995 |
Affiliated Cash Management Vehicles The Fund 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 Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. 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.
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Fund, subject to the supervision of the Fund’s Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Fund, 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 Fund to operate.
For its investment advisory services to the Fund, the Advisor is entitled to receive a unitary advisory fee from the Fund based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.12%.
The Advisor for the Fund has contractually agreed, until September 30, 2023, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.10% of the Fund’s average daily net assets. This agreement may only be terminated by the
22
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Fund’s Board (and may not be terminated by the Advisor) prior to that time. For the period ended November 30, 2022, the Advisor waived $51,153 of the expenses of the Fund.
The Advisor for the Fund 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 cash management vehicles. For the period from June 1, 2022 through November 30, 2022, the Advisor waived $248 of expenses to the Fund.
Out of the unitary advisory fee, the Advisor pays substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services and expenses of the Independent Trustees. The 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 the Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Fund.
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 Fund’s Independent Trustees).
4. Investment Portfolio Transactions
For the period ended November 30, 2022, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Xtrackers International Real Estate ETF |
$ | 25,711,143 | $ | 13,785,213 |
For the period ended November 30, 2022, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers International Real Estate ETF |
$ | 38,475,374 | $ | 3,021,662 |
5. Fund Share Transactions
As of November 30, 2022, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by the Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statement of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers International Real Estate ETF and certain other funds managed by the Advisor to borrow up to $105 million. The 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 the Fund’s status as a regulated
23
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate (SOFR) plus .10%. The 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 Fund had no outstanding loans at November 30, 2022.
7. Other — COVID-19 Pandemic
A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, which at times has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain interruptions. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to significant portions of the population remaining unvaccinated and/or the lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic. Management will continue to monitor the impact COVID-19 has on the Fund and reflect the consequences as appropriate in the Fund’s accounting and financial reporting.
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DBX ETF Trust
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Portfolio Holdings Information
The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.
Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.
Discount & Premium Information
Information regarding how often shares of the 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.
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DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
Investing involves risk, including possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. There are special risks associated with an investment in real estate, including REITS. These risks include credit risk, interest rate fluctuations and the impact of varied economic conditions. Investing in foreign securities, particularly those of emerging markets, present certain risks such as currency fluctuations, political and economical changes, and market risks. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of a Fund may diverge from that of an Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that fund. Please read the prospectus for more information.
War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Funds and its 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 iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index is the intellectual property (including registered trademarks) of STOXX Limited, Zug, Switzerland (“STOXX”), Deutsche Börse Group or their licensors, which is used under license. Xtrackers International Real Estate ETF is neither sponsored nor promoted, distributed or in any other manner supported by STOXX, Deutsche Börse Group or their licensors, research partners or data providers and STOXX, Deutsche Börse Group and their licensors, research partners or data providers do not give any warranty, and exclude any liability (whether in negligence or otherwise) with respect thereto generally or specifically in relation to any errors, omissions or interruptions in the Index or its data.
Copyright © 2023 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Invesment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022 |
Administrator,
custodian, The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 |
Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203 | ||
Independent registered public accounting firm Ernst & Young LLP One Manhattan West New York, NY, 10001 |
Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019 |
R-049074-7 (1/23) DBX005411 (1/24)