DBX ETF Trust

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this semiannual report on our six currency-hedged equity ETFs for the period ended November 30, 2022.

Mounting inflation, rising COVID-19 cases in China, surging greenback, and escalating trade skirmishes with Russia weighed on global markets during the period. Major central banks across the world hiked interest rates to curb inflation, despite fears that doing so could tip the global economy into a recession. 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. Emerging market equity indices significantly lagged behind its developed market counterparts over the period, weighed down by high inflation, strong dollar, and weak Chinese economy. Heavyweight China faced headwinds from fresh COVID-19 cases, civil unrest, and concerns over subdued economic growth as a result of its stringent policies.

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. The U.S. labor market remained resilient, with the unemployment rate unchanged at 3.7%. The U.S. Federal Reserve (Fed) approved a fourth consecutive rate hike, bringing rates in the U.S. to their highest level since 2008. Fed officials noted the rate hikes had had little impact on soaring inflation, the Fed’s hint at slowing the pace of rate hikes in November boosted investor sentiment.

The Eurozone recovered on higher-than-expected corporate earnings and hopes of a slowdown in rate hikes by the European Central Bank (ECB) after inflation cooled in the Eurozone. The region, however, continued to reel under high energy prices, Russia’s war with Ukraine, and decades-high inflation throughout the period. The manufacturing and services sectors remained dull, and business activity had contracted for five straight months by November. The ECB hiked rates three times between July and October to counter red-hot inflation. Despite cooling marginally, prices in the region remained at historical highs. Political events in the UK took center-stage, with a new prime minister and a fiscal reversal as the Bank of England ended its gilt-purchasing program.

In Japan, markets were buoyed by expectations of reduced monetary tightening by the Fed. Japan’s GDP¹, however, contracted in the third quarter for the first time in a year. The contraction came on the back of spike in inflation, weakness in the yen, and high import costs. The Japanese government announced new measures to tackle unprecedented inflation.

Fresh COVID-19 cases, the Zero COVID policy, and softness in its property market wreaked havoc on China’s economy. However, markets improved toward the end of the period, with the government working towards relaxing policies and supporting the property sector. Against a backdrop of China’s coronavirus policies, regulations fueling a tech war between the U.S. and China, and concerns around slowing global demand, Taiwan’s export-oriented economy struggled.

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. may narrowly miss a recession in 2023, the Eurozone is expected to witness a contraction in GDP¹. Meanwhile, slowing demand and declining housing prices are likely to slow inflation and prompt the world’s major central banks to pause or scale back further rate hikes.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

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

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

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

Ten Largest Equity Holdings
as of November 30, 2022 (10.8% of Net Assets)



Description	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		1.7%
Nestle SA (Switzerland)		1.4%
Samsung Electronics Co. Ltd. (South Korea)		1.1%
Roche Holding AG (Switzerland)		1.0%
ASML Holding NV (Netherlands)		1.0%
Tencent Holdings Ltd. (China)		1.0%
Shell PLC (United Kingdom)		0.9%
LVMH Moet Hennessy Louis Vuitton SE (France)		0.9%
AstraZeneca PLC (United Kingdom)		0.9%
Novo Nordisk A/S (Denmark)		0.9%

Country Diversification* as of November 30, 2022


Japan			13.9%
United Kingdom			9.3%
Canada			8.1%
China			8.0%
France			7.3%
Switzerland			6.9%
Germany			5.1%
Australia			5.1%
India			4.2%
Taiwan			4.0%
South Korea			3.4%
Netherlands			3.0%
Hong Kong			2.3%
Sweden			2.1%
Other			17.3%

Total			100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 9.

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

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 38.

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

* 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 59.

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

* 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 67.

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

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 76.

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

* 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 79.

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other Fund expenses. In the most recent six-month period the Funds limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2022 to November 30, 2022).

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

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

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

(1) Includes interest expense on collateral received on forward foreign currency contracts of 0.02%, 0.02%, 0.03% and 0.04% for Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF, respectively.

(2) 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.


	Number of Shares		Value
COMMON STOCKS — 95.6%
Australia — 4.9%
Ampol Ltd.		1,741	$	33,785
APA Group (a)		6,471		49,149
Aristocrat Leisure Ltd.		3,469		82,481
ASX Ltd.		1,129		54,002
Aurizon Holdings Ltd.		11,688		30,226
Australia & New Zealand Banking Group Ltd.		18,572		311,866
BHP Group Ltd.		31,211		964,317
BlueScope Steel Ltd.		3,404		40,502
Brambles Ltd.		8,119		66,735
Cochlear Ltd.		351		50,993
Coles Group Ltd.		8,545		98,309
Commonwealth Bank of Australia		10,454		765,337
Computershare Ltd.		3,152		59,562
CSL Ltd.		2,938		598,470
Dexus REIT		5,645		30,652
Endeavour Group Ltd.		7,738		36,608
Fortescue Metals Group Ltd.		10,504		138,172
Goodman Group REIT		10,573		137,213
GPT Group REIT		11,034		33,552
IDP Education Ltd. (b)		1,240		25,073
IGO Ltd.		4,483		46,860
Insurance Australia Group Ltd.		14,724		47,771
Lendlease Corp. Ltd. (a)		3,916		20,227
Lottery Corp. Ltd.*		13,414		41,973
Macquarie Group Ltd.		2,208		267,829
Medibank Pvt Ltd.		15,582		30,989
Mineral Resources Ltd.		964		57,200
Mirvac Group REIT		21,179		32,057
National Australia Bank Ltd.		19,419		415,718
Newcrest Mining Ltd.		5,473		73,590
Northern Star Resources Ltd.		6,974		50,176
Orica Ltd.		2,566		25,829
Origin Energy Ltd.		10,766		57,436
Pilbara Minerals Ltd.*		15,747		49,807
Qantas Airways Ltd.*		5,390		22,829
QBE Insurance Group Ltd.		9,512		83,092
Ramsay Health Care Ltd.		1,077		48,108
REA Group Ltd. (b)		326		27,285
Reece Ltd.		1,757		18,294
Rio Tinto Ltd.		2,308		171,726
Santos Ltd.		19,972		100,314
Scentre Group REIT		30,037		60,551
SEEK Ltd.		1,941		29,089
Sonic Healthcare Ltd.		2,987		65,445
South32 Ltd.		29,525		80,561
Stockland REIT		14,262		36,785
Suncorp Group Ltd.		7,394		59,823
Telstra Group Ltd.		24,349		65,777
Transurban Group (a)		18,839		182,726
Treasury Wine Estates Ltd.		4,503		42,179
Vicinity Ltd. REIT		25,987		35,807
Washington H Soul Pattinson & Co. Ltd.		1,181		22,693
Wesfarmers Ltd.		7,055		232,581
Westpac Banking Corp.		21,828		352,171
WiseTech Global Ltd.		973		37,638


	Number of Shares		Value
Australia (Continued)
Woodside Energy Group Ltd.		11,793	$	298,488
Woolworths Group Ltd.		7,358		172,152

(Cost $6,839,232)				7,070,580

Austria — 0.1%
Erste Group Bank AG		1,931		59,478
OMV AG		894		46,664
Verbund AG		394		35,280
voestalpine AG		742		20,045

(Cost $169,438)				161,467

Belgium — 0.5%
Ageas SA/NV		1,065		42,634
Anheuser-Busch InBev SA/NV		5,439		317,233
D’ieteren Group		108		20,308
Elia Group SA/NV		191		27,031
Groupe Bruxelles Lambert NV		626		49,912
KBC Group NV		1,455		79,852
Sofina SA		93		19,897
Solvay SA		445		43,473
UCB SA		775		61,920
Umicore SA		1,218		43,347
Warehouses De Pauw CVA REIT		1,045		27,512

(Cost $949,701)				733,119

Brazil — 1.1%
Ambev SA		26,300		80,684
Americanas SA		3,811		7,755
Atacadao SA		2,964		9,122
B3 SA — Brasil Bolsa Balcao		34,459		84,531
Banco Bradesco SA		9,678		25,662
Banco BTG Pactual SA		6,891		33,424
Banco do Brasil SA		5,000		33,993
Banco Santander Brasil SA		2,049		10,921
BB Seguridade Participacoes SA		4,893		29,531
BRF SA*		4,187		7,601
CCR SA		8,872		20,191
Centrais Eletricas Brasileiras SA		6,261		57,309
Cia de Saneamento Basico do Estado de Sao Paulo		2,362		27,442
Cia Siderurgica Nacional SA		3,957		11,072
Cosan SA		8,284		28,782
CPFL Energia SA		1,773		11,924
Energisa SA		1,284		10,716
Engie Brasil Energia SA		1,304		9,926
Equatorial Energia SA		5,875		31,190
Hapvida Participacoes e Investimentos SA, 144A		26,828		26,883
Hypera SA		3,014		25,811
JBS SA		5,104		21,687
Klabin SA		3,942		14,965
Localiza Rent a Car SA*		14		154
Localiza Rent a Car SA		4,759		55,116
Lojas Renner SA		6,078		27,114
Magazine Luiza SA*		19,206		12,621
Natura & Co. Holding SA		6,002		13,544
Petro Rio SA*		3,690		25,634
Petroleo Brasileiro SA		22,799		133,516


	Number of Shares		Value
Brazil (Continued)
Raia Drogasil SA		7,925	$	35,201
Rede D’Or Sao Luiz SA, 144A		2,233		13,365
Rumo SA		9,383		35,186
Sendas Distribuidora SA		6,072		23,460
Suzano SA		4,434		45,414
Telefonica Brasil SA		3,910		28,669
TIM SA		4,993		12,508
TOTVS SA		1,901		11,305
Ultrapar Participacoes SA		3,444		9,424
Vale SA		23,621		390,137
Vibra Energia SA		7,838		24,967
WEG SA		10,723		80,588

(Cost $1,452,505)				1,599,045

Canada — 7.8%
Agnico Eagle Mines Ltd.		2,709		136,442
Air Canada*		1,018		14,599
Algonquin Power & Utilities Corp.		3,065		23,150
Alimentation Couche-Tard, Inc.		5,057		230,378
AltaGas Ltd.		2,090		35,068
ARC Resources Ltd.		4,451		66,112
Bank of Montreal		4,187		408,942
Bank of Nova Scotia (b)		7,448		388,582
Barrick Gold Corp. (b)		7,895		128,830
Barrick Gold Corp.		2,794		45,414
BCE, Inc.		455		21,668
Brookfield Asset Management, Inc., Class A		8,520		401,694
BRP, Inc.		310		23,198
CAE, Inc.*		1,806		39,056
Cameco Corp.		2,920		71,136
Canadian Apartment Properties REIT		436		14,164
Canadian Imperial Bank of Commerce		5,548		267,223
Canadian National Railway Co.		3,547		455,363
Canadian Natural Resources Ltd.		6,852		409,088
Canadian Pacific Railway Ltd.		5,665		463,804
Canadian Tire Corp. Ltd., Class A		348		39,411
Canadian Utilities Ltd., Class A		795		21,743
CCL Industries, Inc., Class B		906		43,066
Cenovus Energy, Inc. (b)		8,237		163,803
CGI, Inc.*		1,276		111,403
Constellation Software, Inc.		125		201,513
Descartes Systems Group, Inc.*		534		37,074
Dollarama, Inc.		1,752		107,231
Element Fleet Management Corp.		2,329		33,001
Emera, Inc.		1,595		62,097
Empire Co. Ltd., Class A		1,021		27,803
Enbridge, Inc.		12,473		515,091
Fairfax Financial Holdings Ltd.		149		85,489
First Quantum Minerals Ltd.		3,579		85,088
FirstService Corp.		251		32,518
Fortis, Inc.		2,784		112,051
Franco-Nevada Corp.		1,164		170,029
George Weston Ltd.		448		56,102
GFL Environmental, Inc.		1,080		31,312
Gildan Activewear, Inc.		880		25,481
Great-West Lifeco, Inc.		1,841		43,905


	Number of Shares		Value
Canada (Continued)
Hydro One Ltd., 144A		1,597	$	44,664
iA Financial Corp., Inc.		638		35,994
IGM Financial, Inc.		654		18,976
Imperial Oil Ltd. (b)		1,353		76,977
Intact Financial Corp.		1,047		156,651
Ivanhoe Mines Ltd., Class A*		3,638		32,563
Keyera Corp.		1,294		30,148
Kinross Gold Corp.		7,362		30,430
Loblaw Cos. Ltd.		1,089		98,282
Lundin Mining Corp.		3,958		24,363
Magna International, Inc.		1,673		103,018
Manulife Financial Corp.		11,785		212,282
Metro, Inc.		1,483		85,288
National Bank of Canada		2,001		142,702
Northland Power, Inc.		1,498		42,429
Nutrien Ltd.		3,395		272,857
Nuvei Corp., 144A*		390		12,021
Onex Corp.		462		24,348
Open Text Corp.		1,605		47,130
Pan American Silver Corp.		1,238		20,330
Parkland Corp.		871		18,558
Pembina Pipeline Corp.		3,516		128,365
Power Corp. of Canada		3,529		88,779
Quebecor, Inc., Class B (b)		1,005		21,659
Restaurant Brands International, Inc.		1,720		114,223
RioCan Real Estate Investment Trust REIT (b)		676		10,624
Ritchie Bros Auctioneers, Inc.		646		35,418
Rogers Communications, Inc., Class B		2,099		96,559
Royal Bank of Canada		8,457		841,079
Saputo, Inc.		1,455		36,128
Shaw Communications, Inc., Class B		2,999		81,845
Shopify, Inc., Class A*		7,193		295,495
Sun Life Financial, Inc.		3,664		173,619
Suncor Energy, Inc.		8,354		274,689
TC Energy Corp.		6,366		282,060
Teck Resources Ltd., Class B		3,005		111,385
TELUS Corp.		2,655		56,528
TFI International, Inc.		507		55,029
Thomson Reuters Corp.		992		116,807
TMX Group Ltd.		337		35,335
Toromont Industries Ltd.		515		39,197
Toronto-Dominion Bank		11,063		736,327
Tourmaline Oil Corp.		1,990		121,118
West Fraser Timber Co. Ltd. (b)		266		20,807
Wheaton Precious Metals Corp.		2,903		113,301
WSP Global, Inc.		715		85,764

(Cost $9,528,330)				11,151,273

Chile — 0.1%
Antofagasta PLC		2,488		42,236
Banco de Chile		258,773		24,483
Banco de Credito e Inversiones SA		222		6,012
Banco Santander Chile		361,173		14,041
Cencosud SA		8,433		12,538
Cia Cervecerias Unidas SA		667		4,042
Cia Sud Americana de Vapores SA		164,706		13,410


	Number of Shares		Value
Chile (Continued)
Empresas CMPC SA		7,496	$	12,416
Empresas Copec SA		2,226		15,558
Enel Americas SA		156,798		20,777
Enel Chile SA		123,794		5,630
Falabella SA		4,372		7,806

(Cost $231,618)				178,949

China — 7.7%
360 DigiTech, Inc., ADR		515		8,080
360 Security Technology, Inc., Class A		3,700		3,618
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		200		502
3SBio, Inc., 144A		9,586		10,125
AAC Technologies Holdings, Inc.* (b)		3,567		8,202
Advanced Micro-Fabrication Equipment Inc China, Class A*		350		4,888
AECC Aviation Power Co. Ltd., Class A		1,000		6,470
Agricultural Bank of China Ltd., Class A		28,900		11,812
Agricultural Bank of China Ltd., Class H		180,323		60,023
Aier Eye Hospital Group Co. Ltd., Class A		3,124		12,015
Air China Ltd., Class A*		7,800		11,579
Air China Ltd., Class H*		9,926		7,879
Airtac International Group		485		14,830
Alibaba Group Holding Ltd.*		90,995		930,809
Aluminum Corp. of China Ltd., Class A		7,300		4,631
Aluminum Corp. of China Ltd., Class H		18,664		7,814
Anhui Conch Cement Co. Ltd., Class A		1,200		4,869
Anhui Conch Cement Co. Ltd., Class H		8,227		29,755
Anhui Gujing Distillery Co. Ltd., Class A		300		10,146
Anhui Gujing Distillery Co. Ltd., Class B		126		1,842
ANTA Sports Products Ltd.		7,796		90,726
Asymchem Laboratories Tianjin Co. Ltd., Class A		280		5,331
Autohome, Inc., ADR		380		11,362
AviChina Industry & Technology Co. Ltd., Class H		21,908		10,265
Baidu, Inc., Class A*		13,273		172,647
Bank of Beijing Co. Ltd., Class A		11,100		6,758
Bank of China Ltd., Class A		16,800		7,510
Bank of China Ltd., Class H		476,276		168,902
Bank of Communications Co. Ltd., Class A		11,800		7,904
Bank of Communications Co. Ltd., Class H		49,744		28,085
Bank of Hangzhou Co. Ltd., Class A		3,700		6,942
Bank of Jiangsu Co. Ltd., Class A		11,600		12,198
Bank of Nanjing Co. Ltd., Class A		7,900		11,626
Bank of Ningbo Co. Ltd., Class A		2,210		10,071
Bank of Shanghai Co. Ltd., Class A		5,590		4,736
Baoshan Iron & Steel Co. Ltd., Class A		10,200		8,164
BeiGene Ltd.*		3,900		57,569
Beijing Capital International Airport Co. Ltd., Class H*		6,501		4,186
Beijing Kingsoft Office Software, Inc., Class A		256		9,293
Beijing Tiantan Biological Products Corp. Ltd., Class A		1,200		3,776


	Number of Shares		Value
China (Continued)
Beijing Tongrentang Co. Ltd., Class A		1,600	$	11,160
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		145		3,350
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		13,800		9,655
Betta Pharmaceuticals Co. Ltd., Class A		400		2,871
BGI Genomics Co. Ltd., Class A		500		4,260
Bilibili, Inc., Class Z*		1,128		18,312
BOE Technology Group Co. Ltd., Class A		15,500		7,875
BYD Co. Ltd., Class A		700		25,781
BYD Co. Ltd., Class H		4,808		117,877
BYD Electronic International Co. Ltd.		2,894		9,411
CGN Power Co. Ltd., Class H, 144A		82,381		19,934
Changchun High & New Technology Industry Group, Inc., Class A		200		4,800
Chaozhou Three-Circle Group Co. Ltd., Class A		1,100		4,711
China Cinda Asset Management Co. Ltd., Class H		54,699		7,143
China CITIC Bank Corp. Ltd., Class H		52,339		23,184
China Coal Energy Co. Ltd., Class H		16,390		15,024
China Communications Services Corp. Ltd., Class H		14,234		4,884
China Conch Venture Holdings Ltd.		10,486		23,815
China Construction Bank Corp., Class H		584,518		352,464
China CSSC Holdings Ltd., Class A		2,400		8,546
China Energy Engineering Corp. Ltd., Class A		17,700		6,154
China Everbright Bank Co. Ltd., Class A		14,000		5,941
China Everbright Bank Co. Ltd., Class H		13,497		4,009
China Evergrande Group* (c)		8,123		0
China Feihe Ltd., 144A		21,663		17,556
China Galaxy Securities Co. Ltd., Class A		7,370		10,375
China Galaxy Securities Co. Ltd., Class H		21,801		10,774
China Hongqiao Group Ltd.		14,641		13,552
China International Capital Corp. Ltd., Class H, 144A		8,796		16,374
China Jushi Co. Ltd., Class A		4,400		8,967
China Lesso Group Holdings Ltd.		5,474		6,651
China Life Insurance Co. Ltd., Class A		700		3,591
China Life Insurance Co. Ltd., Class H		44,592		67,708
China Literature Ltd., 144A*		2,048		7,302
China Longyuan Power Group Corp. Ltd., Class H		19,055		23,224
China Medical System Holdings Ltd.		8,280		12,000
China Meidong Auto Holdings Ltd.		2,636		4,981
China Merchants Bank Co. Ltd., Class A		7,600		37,706
China Merchants Bank Co. Ltd., Class H		24,538		123,146
China Merchants Energy Shipping Co. Ltd., Class A		6,700		6,247
China Merchants Securities Co. Ltd., Class A		4,200		8,047
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,300		4,994
China Minsheng Banking Corp. Ltd., Class A		13,500		6,744


	Number of Shares		Value
China (Continued)
China Minsheng Banking Corp. Ltd., Class H (b)		28,896	$	9,951
China National Building Material Co. Ltd., Class H		29,449		25,864
China National Nuclear Power Co. Ltd., Class A		11,200		9,918
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		1,300		4,828
China Oilfield Services Ltd., Class H		10,996		13,782
China Pacific Insurance Group Co. Ltd., Class A		2,100		7,254
China Pacific Insurance Group Co. Ltd., Class H		13,944		31,455
China Petroleum & Chemical Corp., Class A		9,200		5,914
China Petroleum & Chemical Corp., Class H		160,651		75,482
China Railway Group Ltd., Class A		13,900		11,599
China Railway Group Ltd., Class H		18,491		10,392
China Resources Microelectronics Ltd., Class A		622		4,687
China Resources Mixc Lifestyle Services Ltd., 144A		3,535		16,722
China Resources Pharmaceutical Group Ltd., 144A		17,338		14,206
China Shenhua Energy Co. Ltd., Class A		2,690		11,663
China Shenhua Energy Co. Ltd., Class H		18,207		55,943
China Southern Airlines Co. Ltd., Class A*		10,000		10,573
China Southern Airlines Co. Ltd., Class H*		7,607		4,499
China State Construction Engineering Corp. Ltd., Class A		24,600		20,528
China Three Gorges Renewables Group Co. Ltd., Class A		12,800		10,536
China Tourism Group Duty Free Corp. Ltd., Class A		800		22,420
China Tourism Group Duty Free Corp. Ltd., Class H, 144A*		640		16,076
China Tower Corp. Ltd., Class H, 144A		293,078		31,518
China United Network Communications Ltd., Class A		10,000		6,258
China Vanke Co. Ltd., Class A		3,300		8,734
China Vanke Co. Ltd., Class H		9,974		20,507
China Yangtze Power Co. Ltd., Class A		10,200		30,717
China Zhenhua Group Science & Technology Co. Ltd., Class A		600		9,721
Chinasoft International Ltd.*		14,445		12,261
Chongqing Brewery Co. Ltd., Class A		200		3,122
Chongqing Changan Automobile Co. Ltd., Class A		3,640		6,948
Chongqing Rural Commercial Bank Co. Ltd., Class A		7,100		3,647
Chongqing Zhifei Biological Products Co. Ltd., Class A		800		10,270
CITIC Ltd.		29,803		30,486
CITIC Securities Co. Ltd., Class A		5,230		14,711


	Number of Shares		Value
China (Continued)
CITIC Securities Co. Ltd., Class H		14,270	$	28,427
CMOC Group Ltd., Class A		15,200		10,052
CMOC Group Ltd., Class H		15,252		7,049
Contemporary Amperex Technology Co. Ltd., Class A		877		47,917
COSCO SHIPPING Energy Transportation Co. Ltd., Class A*		2,600		5,675
COSCO SHIPPING Holdings Co. Ltd., Class A		6,330		11,346
COSCO SHIPPING Holdings Co. Ltd., Class H		18,876		20,372
Country Garden Holdings Co. Ltd. (b)		60,195		23,197
Country Garden Services Holdings Co. Ltd.		11,992		29,355
CRRC Corp. Ltd., Class A		13,700		10,421
CRRC Corp. Ltd., Class H		35,061		14,364
CSC Financial Co. Ltd., Class A		1,960		6,834
CSPC Pharmaceutical Group Ltd.		52,024		66,537
Dali Foods Group Co. Ltd., 144A		15,749		7,440
Daqin Railway Co. Ltd., Class A		7,700		7,485
Daqo New Energy Corp., ADR*		388		22,081
DaShenLin Pharmaceutical Group Co. Ltd., Class A		840		5,032
Dongfang Electric Corp. Ltd., Class A		3,300		11,315
Dongfeng Motor Group Co. Ltd., Class H		23,713		13,267
Dongyue Group Ltd.		9,332		10,263
East Money Information Co. Ltd., Class A		4,279		11,234
Ecovacs Robotics Co. Ltd., Class A		200		2,045
ENN Energy Holdings Ltd.		5,060		70,935
Eve Energy Co. Ltd., Class A		900		10,595
Everbright Securities Co. Ltd., Class A		1,800		4,131
Flat Glass Group Co. Ltd., Class H		2,614		6,743
Focus Media Information Technology Co. Ltd., Class A		3,200		2,720
Foshan Haitian Flavouring & Food Co. Ltd., Class A		1,518		15,157
Fosun International Ltd.		21,044		16,003
Founder Securities Co. Ltd., Class A		10,000		9,622
Foxconn Industrial Internet Co. Ltd., Class A		4,600		5,973
Fuyao Glass Industry Group Co. Ltd., Class A		1,100		5,796
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		3,423		14,944
Ganfeng Lithium Group Co. Ltd., Class A		700		8,047
Ganfeng Lithium Group Co. Ltd., Class H, 144A		2,119		18,393
GCL System Integration Technology Co. Ltd., Class A*		1,000		458
GD Power Development Co. Ltd., Class A*		12,900		8,293
GDS Holdings Ltd., Class A*		4,320		7,489
Gemdale Corp., Class A		1,700		2,823
Genscript Biotech Corp.*		6,892		17,435
GF Securities Co. Ltd., Class A		2,000		4,544
GF Securities Co. Ltd., Class H		6,132		8,887
GigaDevice Semiconductor, Inc., Class A		168		2,403


	Number of Shares		Value
China (Continued)
Ginlong Technologies Co. Ltd., Class A*		300	$	8,418
GoerTek, Inc., Class A		1,500		3,861
Gotion High-tech Co. Ltd., Class A		1,500		6,812
Great Wall Motor Co. Ltd., Class A		1,200		5,446
Great Wall Motor Co. Ltd., Class H		17,402		25,131
Gree Electric Appliances, Inc. of Zhuhai, Class A		1,000		4,565
Greentown China Holdings Ltd.		4,920		8,352
Greentown Service Group Co. Ltd.		8,393		5,738
Guangdong Haid Group Co. Ltd., Class A		1,300		10,437
Guanghui Energy Co. Ltd., Class A		2,500		3,796
Guangzhou Automobile Group Co. Ltd., Class A		3,800		6,644
Guangzhou Automobile Group Co. Ltd., Class H		17,222		12,259
Guangzhou Tinci Materials Technology Co. Ltd., Class A		800		5,104
Guosen Securities Co. Ltd., Class A		5,900		7,645
Guotai Junan Securities Co. Ltd., Class A		3,100		6,155
H World Group Ltd., ADR		1,416		54,204
Haichang Ocean Park Holdings Ltd., 144A*		29,052		12,014
Haidilao International Holding Ltd., 144A*		6,588		16,126
Haier Smart Home Co. Ltd., Class A		2,100		7,310
Haier Smart Home Co. Ltd., Class H		15,941		52,246
Haitian International Holdings Ltd.		4,489		11,552
Haitong Securities Co. Ltd., Class A		5,000		6,344
Haitong Securities Co. Ltd., Class H		14,205		8,729
Hangzhou First Applied Material Co. Ltd., Class A		560		4,775
Hangzhou Silan Microelectronics Co. Ltd., Class A		800		4,155
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A		788		7,435
Hansoh Pharmaceutical Group Co. Ltd., 144A		7,293		13,781
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,100		3,943
Hengan International Group Co. Ltd.		3,819		17,577
Hengli Petrochemical Co. Ltd., Class A		1,800		4,291
Hoshine Silicon Industry Co. Ltd., Class A		500		6,344
Hua Hong Semiconductor Ltd., 144A*		2,689		9,261
Huadong Medicine Co. Ltd., Class A		700		4,095
Hualan Biological Engineering, Inc., Class A		670		1,945
Huaneng Power International, Inc., Class A*		3,500		3,849
Huaneng Power International, Inc., Class H * (b)		17,022		7,845
Huatai Securities Co. Ltd., Class A		1,700		3,153
Huatai Securities Co. Ltd., Class H, 144A		9,693		11,181
Huaxia Bank Co. Ltd., Class A		9,400		6,990
Huayu Automotive Systems Co. Ltd., Class A		1,700		4,454


	Number of Shares		Value
China (Continued)
Huizhou Desay Sv Automotive Co. Ltd., Class A		300	$	4,683
Hundsun Technologies, Inc., Class A		1,456		8,257
Hygeia Healthcare Holdings Co. Ltd., 144A* (b)		2,124		13,284
Iflytek Co. Ltd., Class A		900		4,119
Imeik Technology Development Co. Ltd., Class A		100		6,806
Industrial & Commercial Bank of China Ltd., Class A		33,000		20,138
Industrial & Commercial Bank of China Ltd., Class H		335,234		167,811
Industrial Bank Co. Ltd., Class A		8,800		22,105
Industrial Securities Co. Ltd., Class A*		1,950		1,683
Ingenic Semiconductor Co. Ltd., Class A		300		3,360
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		32,600		9,207
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,600		1,550
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		2,100		8,598
Inner Mongolia Yitai Coal Co. Ltd., Class B		8,000		11,792
Innovent Biologics, Inc., 144A*		6,981		27,393
iQIYI, Inc., ADR*		1,364		4,051
JA Solar Technology Co. Ltd., Class A		1,260		10,407
JD Health International, Inc., 144A* (b)		6,650		57,978
JD.com, Inc., Class A		12,907		361,550
Jiangsu Eastern Shenghong Co. Ltd., Class A		2,200		4,146
Jiangsu Expressway Co. Ltd., Class H		8,873		7,997
Jiangsu Hengli Hydraulic Co. Ltd., Class A		600		5,600
Jiangsu Hengrui Medicine Co. Ltd., Class A		2,500		14,131
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		700		14,045
Jiangsu Zhongtian Technology Co. Ltd., Class A		1,300		3,079
Jiangxi Copper Co. Ltd., Class A		2,700		6,660
Jiangxi Copper Co. Ltd., Class H		3,974		5,749
Jiumaojiu International Holdings Ltd., 144A (b)		4,272		10,720
Kanzhun Ltd., ADR*		1,212		22,810
KE Holdings, Inc., ADR*		4,308		72,891
Kingdee International Software Group Co. Ltd.*		15,602		25,727
Kingsoft Corp. Ltd.		5,845		18,334
Koolearn Technology Holding Ltd., 144A*		2,750		14,435
Kuaishou Technology, 144A*		11,605		84,018
Kweichow Moutai Co. Ltd., Class A		500		113,461
Lenovo Group Ltd.		48,872		41,170
Lens Technology Co. Ltd., Class A		2,610		3,937
Lepu Medical Technology Beijing Co. Ltd., Class A		1,200		3,857


	Number of Shares		Value
China (Continued)
Li Auto, Inc., Class A*		7,282	$	72,765
Li Ning Co. Ltd.		14,028		110,001
Lingyi iTech Guangdong Co., Class A*		3,100		2,164
Longfor Group Holdings Ltd., 144A		10,936		32,972
LONGi Green Energy Technology Co. Ltd., Class A		3,340		21,700
Lufax Holding Ltd., ADR		5,225		9,718
Luxshare Precision Industry Co. Ltd., Class A		3,349		14,691
Luzhou Laojiao Co. Ltd., Class A		600		15,839
Mango Excellent Media Co. Ltd., Class A		1,200		4,288
Maxscend Microelectronics Co. Ltd., Class A		160		2,614
Meituan, Class B, 144A*		27,135		568,341
Metallurgical Corp. of China Ltd., Class A		21,100		9,971
Microport Scientific Corp.*		3,646		8,533
Ming Yang Smart Energy Group Ltd., Class A		2,300		8,738
Minth Group Ltd.		4,579		12,281
Montage Technology Co. Ltd., Class A		617		5,892
Muyuan Foods Co. Ltd., Class A		2,134		14,558
Nanjing Securities Co. Ltd., Class A		4,800		5,811
NARI Technology Co. Ltd., Class A		3,076		11,599
National Silicon Industry Group Co. Ltd., Class A*		1,306		3,570
NAURA Technology Group Co. Ltd., Class A		200		6,326
NetEase, Inc.		12,180		170,437
New China Life Insurance Co. Ltd., Class A		1,300		5,291
New China Life Insurance Co. Ltd., Class H		4,257		9,930
New Hope Liuhe Co. Ltd., Class A*		1,400		2,706
New Oriental Education & Technology Group, Inc.*		8,270		23,716
Ninestar Corp., Class A		548		4,202
Ningbo Deye Technology Co. Ltd., Class A		100		5,152
Ningbo Tuopu Group Co. Ltd., Class A		500		4,789
Ningxia Baofeng Energy Group Co. Ltd., Class A		5,666		10,630
NIO, Inc., ADR*		7,790		99,556
Nongfu Spring Co. Ltd., Class H, 144A (b)		10,821		62,480
OFILM Group Co. Ltd., Class A*		103		75
Oppein Home Group, Inc., Class A		500		7,734
Orient Securities Co. Ltd., Class A		2,048		2,595
People’s Insurance Co. Group of China Ltd., Class H		66,401		22,273
PetroChina Co. Ltd., Class A		7,700		5,726
PetroChina Co. Ltd., Class H		131,462		59,580
Pharmaron Beijing Co. Ltd., Class A		600		5,460
Pharmaron Beijing Co. Ltd., Class H, 144A		1,081		6,145
PICC Property & Casualty Co. Ltd., Class H		50,392		50,708
Pinduoduo, Inc., ADR*		3,093		253,750


	Number of Shares		Value
China (Continued)
Ping An Bank Co. Ltd., Class A		6,600	$	12,204
Ping An Healthcare and Technology Co. Ltd., 144A* (b)		2,085		5,194
Ping An Insurance Group Co. of China Ltd., Class A		3,200		20,413
Ping An Insurance Group Co. of China Ltd., Class H		38,619		236,086
Poly Developments and Holdings Group Co. Ltd., Class A		3,900		9,215
Pop Mart International Group Ltd., 144A (b)		3,770		8,369
Postal Savings Bank of China Co. Ltd., Class A		14,000		8,861
Postal Savings Bank of China Co. Ltd., Class H, 144A		44,006		26,367
Power Construction Corp. of China Ltd., Class A		5,900		6,397
Qinghai Salt Lake Industry Co. Ltd., Class A*		2,900		10,408
Rongsheng Petrochemical Co. Ltd., Class A		2,550		4,484
SAIC Motor Corp. Ltd., Class A		2,400		5,170
Sangfor Technologies, Inc., Class A		400		6,371
Sany Heavy Equipment International Holdings Co. Ltd.		6,832		7,268
Sany Heavy Industry Co. Ltd., Class A		2,800		6,322
Satellite Chemical Co. Ltd., Class A		2,937		6,064
SDIC Power Holdings Co. Ltd., Class A		6,500		10,147
Seazen Holdings Co. Ltd., Class A*		2,500		8,082
SF Holding Co. Ltd., Class A		1,860		13,990
SG Micro Corp., Class A		150		3,768
Shaanxi Coal Industry Co. Ltd., Class A		4,700		13,453
Shandong Gold Mining Co. Ltd., Class A		2,200		6,385
Shandong Gold Mining Co. Ltd., Class H, 144A		4,780		9,326
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		900		4,254
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		13,432		19,501
Shanghai Baosight Software Co. Ltd., Class A		910		5,086
Shanghai Baosight Software Co. Ltd., Class B		3,380		10,147
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,100		5,792
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		3,018		9,969
Shanghai Fudan Microelectronics Group Co. Ltd., Class H		2,852		13,309
Shanghai Junshi Biosciences Co. Ltd., Class A*		270		2,533
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		3,931		3,160
Shanghai M&G Stationery, Inc., Class A		800		5,425
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		1,300		3,570


	Number of Shares		Value
China (Continued)
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		5,214	$	8,638
Shanghai Pudong Development Bank Co. Ltd., Class A		9,300		9,529
Shanghai Putailai New Energy Technology Co. Ltd., Class A		800		6,301
Shanxi Coking Coal Energy Group Co. Ltd., Class A		1,600		2,988
Shanxi Meijin Energy Co. Ltd., Class A		3,100		4,325
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		420		15,262
Shenwan Hongyuan Group Co. Ltd., Class A		11,900		6,975
Shenzhen Dynanonic Co. Ltd., Class A		200		6,420
Shenzhen Inovance Technology Co. Ltd., Class A		1,050		10,470
Shenzhen Kangtai Biological Products Co. Ltd., Class A		896		4,374
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		445		20,499
Shenzhen SC New Energy Technology Corp., Class A		300		5,471
Shenzhen Transsion Holdings Co. Ltd., Class A		633		6,984
Shenzhou International Group Holdings Ltd.		4,510		40,216
Sichuan Yahua Industrial Group Co. Ltd., Class A		1,000		3,880
Silergy Corp.		1,844		26,850
Sinopharm Group Co. Ltd., Class H		8,105		19,134
Smoore International Holdings Ltd., 144A (b)		10,110		15,454
StarPower Semiconductor Ltd., Class A		100		4,797
Sunac China Holdings Ltd.* (c)		14,174		0
Sungrow Power Supply Co. Ltd., Class A		500		8,160
Sunny Optical Technology Group Co. Ltd.		5,102		59,375
Suzhou Maxwell Technologies Co. Ltd., Class A		100		6,102
TAL Education Group, ADR*		2,073		12,376
TBEA Co. Ltd., Class A		1,500		4,577
TCL Technology Group Corp., Class A		1,164		664
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		1,100		6,489
Tencent Holdings Ltd.		38,482		1,414,941
Tencent Music Entertainment Group, ADR*		3,659		25,650
Tianma Microelectronics Co. Ltd., Class A		1,000		1,300
Tianqi Lithium Corp., Class A*		800		10,233
Tingyi Cayman Islands Holding Corp.		13,235		21,621
Tongcheng Travel Holdings Ltd.*		10,603		22,642
Tongwei Co. Ltd., Class A		1,700		10,451
Topsports International Holdings Ltd., 144A		16,911		10,760
TravelSky Technology Ltd., Class H		4,346		8,735
Trina Solar Co. Ltd., Class A		1,184		10,838


	Number of Shares		Value
China (Continued)
Trip.com Group Ltd., ADR*		3,514	$	112,272
Tsingtao Brewery Co. Ltd., Class A		800		11,501
Tsingtao Brewery Co. Ltd., Class H		4,473		41,747
Unigroup Guoxin Microelectronics Co. Ltd., Class A		475		8,864
Uni-President China Holdings Ltd.		10,252		8,978
Unisplendour Corp. Ltd., Class A		1,880		5,037
Vipshop Holdings Ltd., ADR*		2,612		29,124
Walvax Biotechnology Co. Ltd., Class A		900		5,399
Wanhua Chemical Group Co. Ltd., Class A		1,021		12,968
Want Want China Holdings Ltd.		26,923		18,268
Weibo Corp., ADR*		333		5,308
Weichai Power Co. Ltd., Class A		2,100		3,198
Weichai Power Co. Ltd., Class H		11,516		15,215
Wens Foodstuffs Group Co. Ltd., Class A		2,440		6,219
Will Semiconductor Co. Ltd., Class A		540		6,230
Wingtech Technology Co. Ltd., Class A		478		3,736
Wuliangye Yibin Co. Ltd., Class A		1,700		37,843
WUS Printed Circuit Kunshan Co. Ltd., Class A		1,500		2,699
WuXi AppTec Co. Ltd., Class A		920		10,184
WuXi AppTec Co. Ltd., Class H, 144A		2,094		20,589
Wuxi Biologics Cayman, Inc., 144A*		21,361		137,148
Wuxi Shangji Automation Co. Ltd., Class A		400		6,608
Xiaomi Corp., Class B, 144A*		96,739		127,814
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		4,300		7,024
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		4,359		4,682
Xinyi Solar Holdings Ltd.		30,699		35,412
XPeng, Inc., Class A*		5,888		25,366
Xtep International Holdings Ltd.		8,580		9,644
Yadea Group Holdings Ltd., 144A		6,987		13,131
Yankuang Energy Group Co. Ltd., Class A		700		4,031
Yankuang Energy Group Co. Ltd., Class H		9,496		31,427
Yifeng Pharmacy Chain Co. Ltd., Class A		600		5,543
Yihai International Holding Ltd.*		2,432		7,535
Yihai Kerry Arawana Holdings Co. Ltd., Class A		1,000		5,854
YongXing Special Materials Technology Co. Ltd., Class A		300		4,482
Yonyou Network Technology Co. Ltd., Class A		1,700		5,527
YTO Express Group Co. Ltd., Class A		4,500		12,402
Yum China Holdings, Inc.		2,590		142,761
Yunnan Baiyao Group Co. Ltd., Class A		560		4,497
Yunnan Energy New Material Co. Ltd., Class A		300		5,297
Zai Lab Ltd., ADR* (b)		588		22,673
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		200		7,236
Zhaojin Mining Industry Co. Ltd., Class H*		10,009		11,084


	Number of Shares		Value
China (Continued)
Zhejiang Chint Electrics Co. Ltd., Class A		1,200	$	4,898
Zhejiang Dahua Technology Co. Ltd., Class A		3,600		6,069
Zhejiang Expressway Co. Ltd., Class H		5,816		4,319
Zhejiang Huayou Cobalt Co. Ltd., Class A		650		5,766
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		600		5,492
Zhejiang NHU Co. Ltd., Class A		2,160		6,039
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		5,473		14,084
Zhongsheng Group Holdings Ltd.		3,824		19,485
Zhuzhou CRRC Times Electric Co. Ltd.		3,305		15,190
Zijin Mining Group Co. Ltd., Class A		6,800		9,486
Zijin Mining Group Co. Ltd., Class H		34,308		44,538
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		4,400		3,647
ZTE Corp., Class A		1,512		5,257
ZTE Corp., Class H		3,477		7,541
ZTO Express Cayman, Inc., ADR (b)		2,617		65,608

(Cost $13,633,683)				11,042,686

Colombia — 0.0%
Bancolombia SA		1,292		10,704
Ecopetrol SA		21,382		10,142
Interconexion Electrica SA ESP		2,692		10,873

(Cost $34,419)				31,719

Cyprus — 0.0%
Polymetal International PLC* (c)		1,738		0
TCS Group Holding PLC, GDR* (c)		608		0

(Cost $62,312)				0

Czech Republic — 0.0%
CEZ AS		965		33,161
Komercni Banka AS		617		18,196
Moneta Money Bank AS, 144A		1,846		5,681

(Cost $52,551)				57,038

Denmark — 1.7%
A.P. Moller — Maersk A/S, Class A		19		39,956
A.P. Moller — Maersk A/S, Class B		32		68,727
Carlsberg A/S, Class B		585		73,125
Chr Hansen Holding A/S		622		37,996
Coloplast A/S, Class B		756		88,175
Danske Bank A/S		4,096		73,070
Demant A/S*		659		18,441
DSV A/S		1,120		175,354
Genmab A/S*		403		184,326
Novo Nordisk A/S, Class B		10,167		1,257,512
Novozymes A/S, Class B		1,220		70,054
Orsted AS, 144A		1,089		94,545
Pandora A/S		588		43,406
ROCKWOOL A/S, Class B		51		11,057
Tryg A/S		2,057		47,632
Vestas Wind Systems A/S		6,278		157,636

(Cost $1,717,033)				2,441,012


	Number of Shares		Value
Egypt — 0.0%
Commercial International Bank Egypt SAE		15,165	$	24,740
Eastern Co. SAE		4,376		2,301

(Cost $32,658)				27,041

Finland — 0.8%
Elisa OYJ		869		44,997
Fortum OYJ		2,716		43,002
Kesko OYJ, Class B		1,624		34,627
Kone OYJ, Class B		2,250		111,238
Neste OYJ		2,515		129,128
Nokia OYJ		32,659		158,132
Nordea Bank Abp		19,753		205,959
Orion OYJ, Class B		706		37,277
Sampo OYJ, Class A		2,722		137,490
Stora Enso OYJ, Class R		3,527		51,291
UPM-Kymmene OYJ		3,085		112,263
Wartsila OYJ Abp		2,668		22,871

(Cost $1,111,284)				1,088,275

France — 7.1%
Accor SA*		985		25,850
Aeroports de Paris*		174		26,571
Air Liquide SA		3,207		461,269
Airbus SE		3,652		414,990
Alstom SA (b)		1,849		47,832
Amundi SA, 144A		378		21,044
Arkema SA		368		32,213
AXA SA		11,392		320,309
BioMerieux		238		23,790
BNP Paribas SA		6,824		379,410
Bollore SE		5,529		30,839
Bouygues SA		1,361		41,865
Bureau Veritas SA		1,752		45,615
Capgemini SE		1,030		183,281
Carrefour SA		3,659		62,539
Cie de Saint-Gobain		2,971		135,243
Cie Generale des Etablissements Michelin SCA		4,282		119,083
Covivio REIT		356		20,486
Credit Agricole SA		6,975		69,751
Danone SA		3,904		203,450
Dassault Aviation SA		152		23,916
Dassault Systemes SE		4,214		153,851
Edenred		1,429		78,039
Eiffage SA		443		43,305
Electricite de France SA		3,706		46,278
Engie SA		11,320		171,040
EssilorLuxottica SA		1,786		329,514
Eurazeo SE		248		15,445
Gecina SA REIT		171		16,593
Getlink SE		2,720		44,820
Hermes International		196		314,605
Ipsen SA		243		27,107
Kering SA		452		266,877
Klepierre SA REIT*		1,245		28,476
La Francaise des Jeux SAEM, 144A		466		18,534
Legrand SA		1,698		136,902


	Number of Shares		Value
France (Continued)
L’Oreal SA		1,474	$	544,208
LVMH Moet Hennessy Louis Vuitton SE		1,697		1,301,997
Orange SA (b)		12,611		128,186
Pernod Ricard SA (b)		1,278		251,282
Publicis Groupe SA		1,453		94,348
Remy Cointreau SA		132		22,637
Renault SA*		1,162		42,091
Safran SA		2,073		253,294
Sanofi		6,874		618,599
Sartorius Stedim Biotech		173		58,202
Schneider Electric SE		3,366		486,590
SEB SA		169		13,225
Societe Generale SA		4,744		118,429
Sodexo SA		598		57,063
Teleperformance		331		74,192
Thales SA		628		79,825
TotalEnergies SE (b)		15,205		954,245
Ubisoft Entertainment SA*		507		14,023
Unibail-Rodamco-Westfield REIT*		792		41,735
Valeo		1,380		25,490
Veolia Environnement SA		4,275		109,346
Vinci SA		3,295		331,289
Vivendi SE		4,637		41,401
Wendel SE		166		15,279
Worldline SA, 144A*		1,421		66,467

(Cost $9,019,836)				10,124,175

Germany — 4.6%
adidas AG		1,062		135,112
Allianz SE		2,466		524,387
BASF SE		5,604		282,916
Bayer AG		6,112		352,225
Bayerische Motoren Werke AG		2,090		187,712
Bechtle AG		466		16,667
Beiersdorf AG		579		62,631
Brenntag SE		901		56,236
Carl Zeiss Meditec AG		251		33,733
Commerzbank AG*		5,399		44,979
Continental AG		754		44,943
Covestro AG, 144A		1,246		49,491
Daimler Truck Holding AG*		2,840		92,708
Delivery Hero SE, 144A* (b)		1,032		43,998
Deutsche Bank AG (d)		12,404		130,651
Deutsche Boerse AG		1,182		216,355
Deutsche Lufthansa AG*		3,695		29,441
Deutsche Post AG		5,962		234,700
Deutsche Telekom AG		19,706		397,941
E.ON SE		14,083		133,710
Evonik Industries AG		1,453		28,312
Fresenius Medical Care AG & Co. KGaA		1,202		37,174
Fresenius SE & Co. KGaA		2,531		69,953
GEA Group AG		769		31,113
Hannover Rueck SE		347		65,574
HeidelbergCement AG		884		47,945
HelloFresh SE*		935		22,748
Henkel AG & Co. KGaA		577		38,247
Infineon Technologies AG		8,058		264,300


	Number of Shares		Value
Germany (Continued)
Knorr-Bremse AG		426	$	24,044
LEG Immobilien SE		458		28,929
Mercedes-Benz Group AG		4,813		322,542
Merck KGaA		801		144,866
MTU Aero Engines AG		334		69,651
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		862		270,176
Nemetschek SE		340		16,487
Puma SE		610		30,913
Rational AG		18		11,098
Rheinmetall AG		272		55,024
RWE AG		3,914		171,062
SAP SE		6,387		694,274
Scout24 SE, 144A		502		27,143
Siemens AG		4,679		638,906
Siemens Energy AG (b)		2,809		46,213
Siemens Healthineers AG, 144A		1,811		95,470
Symrise AG		879		99,655
Telefonica Deutschland Holding AG		9,252		22,028
United Internet AG		567		11,906
Volkswagen AG		191		36,382
Vonovia SE		4,553		111,292
Zalando SE, 144A*		1,332		41,222

(Cost $7,376,303)				6,645,185

Greece — 0.1%
Alpha Services and Holdings SA*		12,017		12,649
Eurobank Ergasias Services and Holdings SA*		16,513		18,730
Hellenic Telecommunications Organization SA		1,630		25,019
JUMBO SA		804		12,708
Mytilineos SA		239		4,462
National Bank of Greece SA*		1,750		7,047
OPAP SA		966		13,299
Public Power Corp. SA*		1,163		7,975
Terna Energy SA		661		13,413

(Cost $115,817)				115,302

Hong Kong — 2.2%
AIA Group Ltd.		73,059		734,243
Alibaba Health Information Technology Ltd.*		25,048		20,491
Beijing Enterprises Holdings Ltd.		4,754		15,033
Beijing Enterprises Water Group Ltd.		29,600		7,844
BOC Hong Kong Holdings Ltd.		20,760		65,781
Bosideng International Holdings Ltd.		14,160		6,961
Budweiser Brewing Co. APAC Ltd., 144A		10,027		28,755
C&D International Investment Group Ltd.		5,397		12,658
China Everbright Environment Group Ltd.		26,229		11,988
China Gas Holdings Ltd.		18,497		23,468
China Jinmao Holdings Group Ltd.		29,943		7,015
China Mengniu Dairy Co. Ltd.*		20,964		93,401
China Merchants Port Holdings Co. Ltd.		8,916		12,944
China Overseas Land & Investment Ltd.		20,926		56,528
China Overseas Property Holdings Ltd.		9,399		10,385


	Number of Shares		Value
Hong Kong (Continued)
China Power International Development Ltd.		32,211	$	12,371
China Resources Beer Holdings Co. Ltd.		10,531		72,198
China Resources Cement Holdings Ltd.		18,836		10,152
China Resources Gas Group Ltd.		5,528		19,462
China Resources Land Ltd.		19,244		88,694
China Resources Power Holdings Co. Ltd.		11,465		21,107
China Ruyi Holdings Ltd.* (b)		11,414		2,499
China State Construction International Holdings Ltd.		11,854		14,190
China Taiping Insurance Holdings Co. Ltd.		8,417		8,535
China Traditional Chinese Medicine Holdings Co. Ltd.		18,429		9,178
Chow Tai Fook Jewellery Group Ltd.		11,774		20,591
CK Asset Holdings Ltd.		10,635		63,380
CK Hutchison Holdings Ltd.		17,110		99,230
CK Infrastructure Holdings Ltd.		3,856		19,401
CLP Holdings Ltd.		10,051		72,832
COSCO SHIPPING Ports Ltd.		8,299		6,258
ESR Group Ltd., 144A		14,371		32,455
Far East Horizon Ltd.		11,701		8,883
Futu Holdings Ltd., ADR*		290		17,832
Galaxy Entertainment Group Ltd.		14,346		85,772
GCL Technology Holdings Ltd.*		124,733		38,964
Geely Automobile Holdings Ltd.		37,070		54,008
Guangdong Investment Ltd.		17,674		16,201
Hang Lung Properties Ltd.		11,594		21,345
Hang Seng Bank Ltd.		4,817		74,127
Henderson Land Development Co. Ltd.		11,194		36,831
HK Electric Investments & HK Electric Investments Ltd. (a)		15,536		11,477
HKT Trust & HKT Ltd. (a)		26,892		32,638
Hong Kong & China Gas Co. Ltd.		76,154		64,738
Hong Kong Exchanges & Clearing Ltd.		7,287		285,474
Hongkong Land Holdings Ltd.		7,400		29,674
Hopson Development Holdings Ltd.		367		417
Jardine Matheson Holdings Ltd.		921		44,503
Kingboard Holdings Ltd.		3,978		13,038
Kingboard Laminates Holdings Ltd.		6,739		7,057
Kunlun Energy Co. Ltd.		28,991		22,270
Link REIT		13,436		90,308
MTR Corp. Ltd.		10,699		51,434
New World Development Co. Ltd.		9,515		22,512
Nine Dragons Paper Holdings Ltd.		11,423		9,052
Orient Overseas International Ltd.		824		15,423
Power Assets Holdings Ltd.		8,161		41,949
Shenzhen International Holdings Ltd.		8,123		7,467
Shimao Group Holdings Ltd.* (b)(c)		6,159		0
Sino Biopharmaceutical Ltd.		53,674		31,472
Sino Land Co. Ltd.		15,293		19,011
SITC International Holdings Co. Ltd.		7,529		16,425
Sun Hung Kai Properties Ltd.		8,368		100,382
Swire Pacific Ltd., Class A		3,404		26,606
Swire Properties Ltd.		8,946		20,020
Techtronic Industries Co. Ltd.		8,024		95,331


	Number of Shares		Value
Hong Kong (Continued)
Vinda International Holdings Ltd.		3,130	$	8,135
WH Group Ltd., 144A		39,827		23,302
Wharf Real Estate Investment Co. Ltd.		10,684		49,242
Xinyi Glass Holdings Ltd.		10,872		20,823
Yuexiu Property Co. Ltd.		11,791		14,854

(Cost $3,558,044)				3,209,025

Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		2,264		16,236
OTP Bank Nyrt		1,369		37,425
Richter Gedeon Nyrt		842		18,093

(Cost $91,148)				71,754

India — 4.1%
ABB India Ltd.		364		13,412
ACC Ltd.		400		12,590
Adani Enterprises Ltd.		1,838		88,426
Adani Green Energy Ltd.*		1,907		49,562
Adani Ports & Special Economic Zone Ltd.		2,531		27,381
Adani Power Ltd.*		4,860		19,858
Adani Total Gas Ltd.		1,501		66,957
Adani Transmission Ltd.*		1,826		65,216
Ambuja Cements Ltd.		3,761		26,359
Apollo Hospitals Enterprise Ltd.		591		34,300
Asian Paints Ltd.		2,199		85,738
AU Small Finance Bank Ltd., 144A		1,340		10,519
Aurobindo Pharma Ltd.		1,823		10,462
Avenue Supermarts Ltd., 144A*		1,134		56,055
Axis Bank Ltd.		13,283		147,002
Bajaj Auto Ltd.		423		19,482
Bajaj Finance Ltd.		1,709		141,044
Bajaj Finserv Ltd.		2,280		45,538
Bajaj Holdings & Investment Ltd.		177		13,682
Balkrishna Industries Ltd.		483		12,111
Bandhan Bank Ltd., 144A*		3,700		10,832
Berger Paints India Ltd.		1,200		9,171
Bharat Electronics Ltd.		20,532		26,498
Bharat Forge Ltd.		2,071		21,859
Bharat Petroleum Corp. Ltd.		6,191		25,935
Bharti Airtel Ltd.		13,283		138,439
Biocon Ltd.		2,284		7,933
Britannia Industries Ltd.		794		42,532
Cholamandalam Investment and Finance Co. Ltd.		2,409		21,146
Cipla Ltd.		2,805		39,254
Coal India Ltd.		8,686		24,239
Colgate-Palmolive India Ltd.		694		13,909
Container Corp. Of India Ltd.		1,452		13,764
Dabur India Ltd.		3,991		28,834
Divi’s Laboratories Ltd.		945		39,509
DLF Ltd.		3,332		16,475
Dr. Reddy’s Laboratories Ltd.		827		45,568
Eicher Motors Ltd.		766		32,776
GAIL India Ltd.		13,881		16,150
Godrej Consumer Products Ltd.*		2,758		29,852
Godrej Properties Ltd.*		767		12,292
Grasim Industries Ltd.		1,648		35,612


	Number of Shares		Value
India (Continued)
Havells India Ltd.		1,403	$	21,596
HCL Technologies Ltd.		6,557		90,243
HDFC Life Insurance Co. Ltd., 144A		6,015		43,623
Hero MotoCorp Ltd.		692		24,234
Hindalco Industries Ltd.		8,854		49,001
Hindustan Petroleum Corp. Ltd.		3,845		11,289
Hindustan Unilever Ltd.		4,976		164,022
Housing Development Finance Corp. Ltd.		10,576		349,677
ICICI Bank Ltd.		31,559		369,277
ICICI Lombard General Insurance Co. Ltd., 144A		1,437		21,372
ICICI Prudential Life Insurance Co. Ltd., 144A		2,368		13,847
Indian Hotels Co. Ltd.		5,027		19,855
Indian Oil Corp. Ltd.		15,346		14,444
Indian Railway Catering & Tourism Corp. Ltd.		1,558		14,085
Indraprastha Gas Ltd.		1,513		8,223
Indus Towers Ltd.		4,143		10,195
Info Edge India Ltd.		447		21,921
Infosys Ltd.		20,406		409,680
InterGlobe Aviation Ltd., 144A*		612		14,560
ITC Ltd.		17,688		73,848
Jindal Steel & Power Ltd.		2,591		17,046
JSW Steel Ltd.		4,752		43,379
Jubilant Foodworks Ltd.		2,564		17,217
Kotak Mahindra Bank Ltd.		3,136		74,978
Larsen & Toubro Infotech Ltd., 144A		304		18,062
Larsen & Toubro Ltd.		4,365		111,212
Lupin Ltd.		1,353		12,728
Mahindra & Mahindra Ltd.		5,281		84,666
Marico Ltd.		3,283		20,453
Maruti Suzuki India Ltd.		736		81,106
Mindtree Ltd. (c)		410		18,053
Mphasis Ltd.		553		13,698
MRF Ltd.		5		5,744
Muthoot Finance Ltd.		756		10,033
Nestle India Ltd.		226		56,014
NTPC Ltd.		24,206		51,185
Oil & Natural Gas Corp. Ltd.		14,761		25,576
Page Industries Ltd.		35		20,379
Petronet LNG Ltd.		3,652		9,536
PI Industries Ltd.		355		15,227
Pidilite Industries Ltd.		770		25,990
Power Grid Corp. of India Ltd.		17,432		47,949
Reliance Industries Ltd.		18,594		623,638
Samvardhana Motherson International Ltd.		11,778		10,811
SBI Cards & Payment Services Ltd.		1,384		14,008
SBI Life Insurance Co. Ltd., 144A		2,515		39,620
Shree Cement Ltd.		72		21,113
Shriram Transport Finance Co. Ltd.		1,196		19,827
Siemens Ltd.		413		14,073
SRF Ltd.		973		28,265
State Bank of India		10,321		76,353
Sun Pharmaceutical Industries Ltd.		5,886		75,606


	Number of Shares		Value
India (Continued)
Tata Consultancy Services Ltd.		5,640	$	234,835
Tata Consumer Products Ltd.		3,294		33,089
Tata Elxsi Ltd.		210		18,077
Tata Motors Ltd.*		10,084		54,410
Tata Power Co. Ltd.		8,029		22,164
Tata Steel Ltd.		49,858		65,907
Tech Mahindra Ltd.		3,732		49,356
Titan Co. Ltd.		2,378		77,470
Torrent Pharmaceuticals Ltd.		496		10,110
Trent Ltd.		1,162		20,999
Tube Investments of India Ltd.		613		20,861
TVS Motor Co. Ltd.		1,211		15,587
UltraTech Cement Ltd.		709		61,614
United Spirits Ltd.*		1,860		21,294
UPL Ltd.		2,858		27,714
Varun Beverages Ltd.		1,445		22,175
Vedanta Ltd.		2,680		10,016
Wipro Ltd.		8,439		42,166
Yes Bank Ltd.*		56,316		11,860
Zomato Ltd.*		9,586		7,681

(Cost $4,697,886)				5,874,195

Indonesia — 0.5%
Aneka Tambang Tbk		47,388		5,979
PT Adaro Energy Indonesia Tbk		82,036		20,181
PT Astra International Tbk		100,569		38,677
PT Bank Central Asia Tbk		347,439		205,396
PT Bank Jago Tbk*		23,116		6,745
PT Bank Mandiri Persero Tbk		112,355		75,170
PT Bank Negara Indonesia Persero Tbk		41,364		26,031
PT Bank Rakyat Indonesia Persero Tbk		433,646		137,276
PT Barito Pacific Tbk		142,057		7,134
PT Charoen Pokphand Indonesia Tbk		46,010		16,671
PT Gudang Garam Tbk		4,911		6,228
PT Indah Kiat Pulp & Paper Tbk		20,659		13,132
PT Indofood CBP Sukses Makmur Tbk		15,127		9,712
PT Indofood Sukses Makmur Tbk		13,056		5,353
PT Kalbe Farma Tbk		126,870		16,694
PT Merdeka Copper Gold Tbk*		79,644		21,010
PT Sarana Menara Nusantara Tbk		163,488		11,743
PT Semen Indonesia Persero Tbk		22,985		11,104
PT Sumber Alfaria Trijaya Tbk		108,173		21,247
PT Telkom Indonesia Persero Tbk		276,435		70,991
PT Unilever Indonesia Tbk		46,781		14,274
PT United Tractors Tbk		11,193		21,914
PT Vale Indonesia Tbk*		18,118		8,494

(Cost $689,656)				771,156

Ireland — 0.6%
AerCap Holdings NV*		803		49,304
AIB Group PLC		6,701		21,575
Bank of Ireland Group PLC		6,581		53,471
CRH PLC		4,458		176,328
DCC PLC		616		32,585
Experian PLC		5,627		197,016
Flutter Entertainment PLC*		1,063		155,692
James Hardie Industries PLC CDI		2,457		48,697


	Number of Shares		Value
Ireland (Continued)
Kerry Group PLC, Class A		937	$	88,280
Kingspan Group PLC		920		51,161
Smurfit Kappa Group PLC		1,532		54,569

(Cost $924,351)				928,678

Israel — 0.5%
Azrieli Group Ltd.		249		17,523
Bank Hapoalim BM		7,920		75,723
Bank Leumi Le-Israel BM		9,709		87,449
Bezeq The Israeli Telecommunication Corp. Ltd.		14,022		25,892
Check Point Software Technologies Ltd.*		627		83,284
CyberArk Software Ltd.*		284		42,336
Elbit Systems Ltd.		186		32,383
ICL Group Ltd.		4,138		34,057
Israel Discount Bank Ltd., Class A		7,946		46,649
Mizrahi Tefahot Bank Ltd.		983		35,986
Nice Ltd.*		373		70,734
Teva Pharmaceutical Industries Ltd., ADR*		6,547		57,417
Tower Semiconductor Ltd.*		690		30,619
Wix.com Ltd.*		337		30,495
ZIM Integrated Shipping Services Ltd. (b)		394		8,282

(Cost $741,557)				678,829

Italy — 1.2%
Amplifon SpA		798		22,296
Assicurazioni Generali SpA		7,024		123,817
Atlantia SpA		3,242		77,357
Davide Campari-Milano NV		3,324		34,676
DiaSorin SpA		150		19,816
Enel SpA		49,790		266,000
Eni SpA		15,407		229,650
Ferrari NV		780		171,993
FinecoBank Banca Fineco SpA		3,585		57,600
Infrastrutture Wireless Italiane SpA, 144A		2,148		21,230
Intesa Sanpaolo SpA		98,738		218,029
Mediobanca Banca di Credito Finanziario SpA		2,730		26,175
Moncler SpA		1,205		61,505
Nexi SpA, 144A*		3,808		33,302
Poste Italiane SpA, 144A		3,094		30,219
Prysmian SpA		1,468		51,022
Recordati Industria Chimica e Farmaceutica SpA		624		26,389
Snam SpA		11,803		59,790
Telecom Italia SpA* (b)		59,521		12,771
Terna — Rete Elettrica Nazionale		8,322		63,304
UniCredit SpA		11,471		155,464

(Cost $1,829,364)				1,762,405

Japan — 13.4%
Advantest Corp.		1,000		66,116
Aeon Co. Ltd.		4,400		89,950
AGC, Inc.		1,200		39,974


	Number of Shares		Value
Japan (Continued)
Aisin Corp.		800	$	21,812
Ajinomoto Co., Inc.		2,800		87,899
ANA Holdings, Inc.*		600		12,794
Asahi Group Holdings Ltd.		3,000		95,546
Asahi Intecc Co. Ltd.		1,300		22,726
Asahi Kasei Corp.		7,800		57,558
Astellas Pharma, Inc.		11,100		171,054
Azbil Corp.		800		24,187
Bandai Namco Holdings, Inc.		1,300		85,151
Bridgestone Corp.		3,400		127,220
Brother Industries Ltd.		1,519		24,354
Canon, Inc.		5,800		134,909
Capcom Co. Ltd.		1,100		33,257
Central Japan Railway Co.		900		108,386
Chiba Bank Ltd.		3,300		19,931
Chubu Electric Power Co., Inc.		4,000		37,309
Chugai Pharmaceutical Co. Ltd.		3,864		101,406
Concordia Financial Group Ltd.		6,100		21,071
CyberAgent, Inc.		2,500		22,250
Dai Nippon Printing Co. Ltd.		1,400		28,803
Daifuku Co. Ltd.		600		30,589
Dai-ichi Life Holdings, Inc.		5,600		103,147
Daiichi Sankyo Co. Ltd.		10,626		347,659
Daikin Industries Ltd.		1,513		245,483
Daito Trust Construction Co. Ltd.		400		44,377
Daiwa House Industry Co. Ltd.		3,371		77,116
Daiwa House REIT Investment Corp. REIT		10		22,268
Daiwa Securities Group, Inc.		9,500		41,828
Denso Corp.		2,700		146,917
Dentsu Group, Inc.		1,300		41,422
Disco Corp.		200		58,802
East Japan Railway Co.		1,870		105,776
Eisai Co. Ltd.		1,500		101,369
ENEOS Holdings, Inc.		16,393		55,320
FANUC Corp.		1,125		165,911
Fast Retailing Co. Ltd.		358		209,501
Fuji Electric Co. Ltd.		900		36,628
FUJIFILM Holdings Corp.		2,300		121,837
Fujitsu Ltd.		1,200		160,461
GLP J REIT		33		36,802
GMO Payment Gateway, Inc.		300		26,418
Hakuhodo DY Holdings, Inc.		1,200		11,566
Hamamatsu Photonics KK		900		46,665
Hankyu Hanshin Holdings, Inc.		1,500		46,600
Hikari Tsushin, Inc.		100		13,882
Hirose Electric Co. Ltd.		205		27,019
Hitachi Construction Machinery Co. Ltd.		600		13,947
Hitachi Ltd.		5,941		314,022
Honda Motor Co. Ltd.		10,043		244,075
Hoshizaki Corp.		656		22,019
Hoya Corp.		2,178		221,759
Hulic Co. Ltd.		2,600		21,709
Ibiden Co. Ltd.		600		23,941
Idemitsu Kosan Co. Ltd.		1,232		28,906
Iida Group Holdings Co. Ltd.		800		12,705
Inpex Corp.		6,400		71,049


	Number of Shares		Value
Japan (Continued)
Isuzu Motors Ltd.		3,300	$	42,872
Ito En Ltd.		300		11,449
ITOCHU Corp.		7,100		220,419
Itochu Techno-Solutions Corp.		500		12,130
Japan Airlines Co. Ltd.*		900		17,812
Japan Exchange Group, Inc.		3,000		42,918
Japan Metropolitan Fund Invest REIT		45		35,879
Japan Post Bank Co. Ltd.		2,400		18,266
Japan Post Holdings Co. Ltd.		13,599		106,161
Japan Post Insurance Co. Ltd.		1,100		18,218
Japan Real Estate Investment Corp. REIT		7		30,871
Japan Tobacco, Inc.		7,088		144,516
JFE Holdings, Inc.		2,700		29,837
JSR Corp.		1,200		24,966
Kajima Corp.		2,600		29,184
Kakaku.com, Inc.		1,100		19,341
Kansai Electric Power Co., Inc.		5,000		42,219
Kao Corp.		2,811		111,166
KDDI Corp.		10,000		297,704
Keio Corp.		600		22,246
Keisei Electric Railway Co. Ltd.		800		22,681
Keyence Corp.		1,174		485,787
Kikkoman Corp.		900		50,315
Kintetsu Group Holdings Co. Ltd.		1,000		35,484
Kirin Holdings Co. Ltd.		4,600		72,120
Kobayashi Pharmaceutical Co. Ltd.		400		24,622
Kobe Bussan Co. Ltd.		800		20,711
Koei Tecmo Holdings Co. Ltd.		520		8,943
Koito Manufacturing Co. Ltd.		1,200		18,814
Komatsu Ltd.		5,700		131,221
Konami Group Corp.		600		28,025
Kose Corp.		200		20,986
Kubota Corp.		6,400		94,084
Kurita Water Industries Ltd.		700		30,922
Kyocera Corp.		1,984		100,299
Kyowa Kirin Co. Ltd.		1,700		39,087
Lasertec Corp.		400		72,808
Lixil Corp.		1,300		19,854
M3, Inc.		2,442		74,362
Makita Corp.		1,400		31,733
Marubeni Corp.		8,800		98,649
Mazda Motor Corp.		3,200		25,282
McDonald’s Holdings Co. Japan Ltd.		700		25,903
MEIJI Holdings Co. Ltd.		700		33,456
MINEBEA MITSUMI, Inc.		2,200		35,735
MISUMI Group, Inc.		1,800		43,667
Mitsubishi Chemical Group Corp.		7,900		41,717
Mitsubishi Corp.		7,644		254,911
Mitsubishi Electric Corp.		11,100		110,727
Mitsubishi Estate Co. Ltd.		6,600		92,722
Mitsubishi HC Capital, Inc.		4,000		18,944
Mitsubishi Heavy Industries Ltd.		2,000		79,035
Mitsubishi UFJ Financial Group, Inc.		71,800		392,615
Mitsui & Co. Ltd.		8,600		248,054
Mitsui Chemicals, Inc.		1,100		24,694
Mitsui Fudosan Co. Ltd.


Financials			20.6%
Industrials			12.4%
Consumer Discretionary			11.4%
Information Technology			11.3%
Health Care			9.6%
Consumer Staples			9.0%
Materials			8.3%
Energy			6.2%
Communication Services			5.7%
Utilities			3.3%
Real Estate			2.2%

Total			100.0%


Financials			22.2%
Information Technology			19.6%
Consumer Discretionary			13.5%
Communication Services			9.1%
Materials			9.0%
Consumer Staples			6.3%
Industrials			6.2%
Energy			5.1%
Health Care			3.9%
Utilities			3.1%
Real Estate			2.0%

Total			100.0%


Financials			16.3%
Health Care			15.7%
Industrials			14.3%
Consumer Staples			13.2%
Consumer Discretionary			10.4%
Materials			7.4%
Information Technology			7.3%
Energy			6.8%
Utilities			4.3%
Communication Services			3.4%
Real Estate			0.9%

Total			100.0%



Description	% of Net Assets
ASML Holding NV (Netherlands)		4.6%
LVMH Moet Hennessy Louis Vuitton SE (France)		4.1%
TotalEnergies SE (France)		3.1%
SAP SE (Germany)		2.2%
Siemens AG (Germany)		2.0%
Sanofi (France)		2.0%
L’Oreal SA (France)		1.7%
Allianz SE (Germany)		1.7%
Schneider Electric SE (France)		1.5%
Air Liquide SA (France)		1.5%


Industrials			16.4%
Financials			15.6%
Consumer Discretionary			15.1%
Information Technology			12.8%
Health Care			8.1%
Consumer Staples			7.5%
Materials			6.8%
Utilities			6.3%
Energy			5.5%
Communication Services			4.4%
Real Estate			1.5%

Total			100.0%


	Page
Shareholder Letter		1
Management’s Discussion of Fund Performance
Portfolio Summary
Xtrackers MSCI All World ex US Hedged Equity ETF		2
Xtrackers MSCI Emerging Markets Hedged Equity ETF		3
Xtrackers MSCI Europe Hedged Equity ETF		4
Xtrackers MSCI Eurozone Hedged Equity ETF		5
Xtrackers MSCI Germany Hedged Equity ETF		6
Xtrackers MSCI Japan Hedged Equity ETF		7
Fees and Expenses		8
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF		9
Xtrackers MSCI Emerging Markets Hedged Equity ETF		38
Xtrackers MSCI Europe Hedged Equity ETF		59
Xtrackers MSCI Eurozone Hedged Equity ETF		67
Xtrackers MSCI Germany Hedged Equity ETF		76
Xtrackers MSCI Japan Hedged Equity ETF		79
Statements of Assets and Liabilities		84
Statements of Operations		86
Statements of Changes in Net Assets		88
Financial Highlights		91
Notes to Financial Statements		94
Additional Information		106


China			28.2%
India			15.1%
Taiwan			14.2%
South Korea			11.8%
Brazil			5.5%
Saudi Arabia			4.2%
South Africa			3.6%
Mexico			2.4%
Thailand			2.1%
Hong Kong			2.1%
Indonesia			2.0%
Other			8.8%

Total			100.0%


United Kingdom			22.7%
France			17.7%
Switzerland			16.7%
Germany			12.4%
Netherlands			7.3%
Sweden			5.0%
Denmark			4.3%
Spain			3.8%
Italy			3.1%
Other			7.0%

Total			100.0%


France			33.8%
Germany			24.7%
Netherlands			14.2%
Spain			7.8%
Italy			7.2%
Finland			3.6%
Belgium			3.0%
Ireland			2.2%
Other			3.5%

Total			100.0%


Industrials			18.1%
Financials			17.6%
Consumer Discretionary			16.3%
Information Technology			13.8%
Health Care			11.8%
Materials			6.9%
Communication Services			6.3%
Utilities			4.2%
Consumer Staples			2.9%
Real Estate			2.1%

Total			100.0%


Description	% of Net Assets
Toyota Motor Corp.		4.8%
Sony Group Corp.		3.2%
Keyence Corp.		2.5%
Mitsubishi UFJ Financial Group, Inc.		2.0%
Daiichi Sankyo Co. Ltd.		1.8%
SoftBank Group Corp.		1.6%
Hitachi Ltd.		1.6%
Tokyo Electron Ltd.		1.5%
KDDI Corp.		1.5%
Shin-Etsu Chemical Co. Ltd.		1.5%


Industrials			22.5%
Consumer Discretionary			18.4%
Information Technology			13.7%
Financials			10.6%
Health Care			10.1%
Communication Services			8.4%
Consumer Staples			6.6%
Materials			4.5%
Real Estate			3.4%
Utilities			1.0%
Energy			0.8%

Total			100.0%


	Beginning Account Value June 1, 2022		Ending Account Value November 30, 2022		Annualized Expense Ratio⁽¹⁾			Expenses Paid During the Period Per $1,000⁽²⁾
Xtrackers MSCI All World ex US Hedged Equity ETF
Actual	$	1,000.00	$	1,002.70		0.43	%	$	2.16
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.91		0.43	%	$	2.18
Xtrackers MSCI Emerging Markets Hedged Equity ETF
Actual	$	1,000.00	$	949.50		0.67	%	$	3.27
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.71		0.67	%	$	3.40
Xtrackers MSCI Europe Hedged Equity ETF
Actual	$	1,000.00	$	1,023.30		0.49	%	$	2.49
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.61		0.49	%	$	2.48
Xtrackers MSCI Eurozone Hedged Equity ETF
Actual	$	1,000.00	$	1,022.10		0.46	%	$	2.33
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.76		0.46	%	$	2.33
Xtrackers MSCI Germany Hedged Equity ETF
Actual	$	1,000.00	$	1,000.20		0.45	%	$	2.26
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81		0.45	%	$	2.28
Xtrackers MSCI Japan Hedged Equity ETF
Actual	$	1,000.00	$	1,060.80		0.49	%	$	2.53
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.61		0.49	%	$	2.48


See Notes to Financial Statements.		9


See Notes to Financial Statements.		10