DBX ETF Trust

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this semi-annual report on our four flagship ETFs tracking China’s equity market for the period ended November 30, 2022.

The global economy has continued to face significant challenges during the reporting period, with high inflation, interest rate hikes, geopolitical tensions, and rising COVID-19 cases in China. 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. However, rising hopes of a slowdown in the pace of rate hikes by the U.S. Federal Reserve (Fed) boosted investor sentiment and supported gains for the markets. Despite reeling under high inflation, U.S. markets staged a turnaround toward the end of the period and posted their first back-to-back monthly gains since 2021. The Fed raised the policy rate by 75 bps¹ in June, July, September and November, bringing the rate between 3.75% and 4%. The Eurozone continued reeling under high energy prices, Russia’s war with Ukraine, and decades-high inflation throughout the period, and the European Central Bank (ECB) hiked interest rates by 75 bps in September, following a 50 bps hike in July, to fight soaring inflation.

China’s economy recovered at a faster-than-expected pace, with GDP² increasing by 3.9% year on year. The economy was buoyed by a series of policies and stimulus from Beijing. Industrial production rose in both mining and manufacturing. Economic data shows that growth in industrial activity has been a major source of strength for the economy. Automobile manufacturing also increased, and the country produced more than double the number of new-energy vehicles compared to last year. Investments in fixed assets continued to increase. Exports remain essential to China’s development, with imports only modestly improving throughout the period. The unemployment rate remained steady at 5.5%.

On the policy front, the People’s Bank of China (PBoC) kept its key lending rates unchanged for the third straight month in November. The State Council announced RMB300bn in policy financing for property and RMB200bn in special bonds for power producers. The PBoC lowered the rate of one-year medium-term lending facility loans to some financial institutions by 10 bps. This was followed by asymmetric one-year loan prime rates and a preliminary agreement with the U.S. over audit inspections. The PBoC also cut the seven-day reverse repo rate from 2.1% to 2% to boost support for the economy affected by COVID-19-related lockdowns and a property downturn.

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 help reduce inflation levels 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 serving your investment needs through innovative index-driven strategies.

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ Basis points (bps) are a unit of measurement equal to 1/100th of 1 percent and a standard measure for interest rates.

² The Gross Domestic Product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.

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

The Xtrackers Harvest CSI 300 China A-Shares ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market. It is not possible to invest directly into an index.

Ten Largest Equity Holdings

as of November 30, 2022 (22.4% of Net Assets)


Description	% of Net Assets
Kweichow Moutai Co. Ltd., Class A		5.6%
Contemporary Amperex Technology Co. Ltd., Class A		3.0%
Ping An Insurance Group Co. of China Ltd., Class A		2.7%
China Merchants Bank Co. Ltd., Class A		2.4%
Wuliangye Yibin Co. Ltd., Class A		1.7%
LONGi Green Energy Technology Co. Ltd., Class A		1.6%
Industrial Bank Co. Ltd., Class A		1.4%
China Yangtze Power Co. Ltd., Class A		1.4%
Midea Group Co. Ltd., Class A		1.3%
BYD Co. Ltd., Class A		1.3%

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 7.

The Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 500 Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of small-cap companies in the China A-Share market and is composed of the 500 smallest and most liquid stocks in the China A-Share market. It is not possible to invest directly into an index.

Ten Largest Equity Holdings

as of November 30, 2022 (6.4% of Net Assets)


Description	% of Net Assets
Guanghui Energy Co. Ltd., Class A		0.8%
Jiangsu Zhongtian Technology Co. Ltd., Class A		0.7%
Ming Yang Smart Energy Group Ltd., Class A		0.7%
Ninestar Corp., Class A		0.6%
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		0.6%
Wintime Energy Co. Ltd., Class A		0.6%
Beijing United Information Technology Co. Ltd., Class A		0.6%
Centre Testing International Group Co. Ltd., Class A		0.6%
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		0.6%
China Baoan Group Co. Ltd., Class A		0.6%

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 12 .

The Xtrackers MSCI All China Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China All Shares Index (the “Underlying Index”). The Underlying Index is designed to capture large- and mid-capitalization representation across all China securities listed in Hong Kong, Shanghai and Shenzhen. The Underlying Index includes A-Shares, H-Shares, B-Shares, Red chips and P chips share classes, as well as securities of Chinese companies listed outside of China (e.g. American depository receipts). The Fund expects to obtain exposure to the A-Share components of the Underlying Index indirectly by investing in the Xtrackers MSCI China A Inclusion Equity ETF, an affiliated fund advised by DBX Advisors LLC (the “Advisor”). The Fund may also invest in Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF or other affiliated funds advised by the Advisor and sub-advised by Harvest Global Investments Limited. It is not possible to invest directly into an index.

Ten Largest Equity and ETF Holdings

as of November 30, 2022 (72.2% of Net Assets)


Description	% of Net Assets
Xtrackers MSCI China A Inclusion Equity ETF		46.8%
Tencent Holdings Ltd.		6.8%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		4.7%
Alibaba Group Holding Ltd.		4.5%
Meituan		2.7%
JD.com, Inc.		1.8%
China Construction Bank Corp.		1.7%
Pinduoduo, Inc.		1.2%
Ping An Insurance Group Co. of China Ltd.		1.1%
Baidu, Inc.		0.9%

* As a percentage of total investments excluding securities lending collateral and cash equivalents. Sector percentages include the sector allocations of the Fund’s investment in Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 20.

The Xtrackers MSCI China A Inclusion Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China A Inclusion Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of China A-Shares that are accessible through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program. China A-Shares are equity securities issued by companies incorporated in mainland China and are denominated in renminbi. It is not possible to invest directly into an index.

Ten Largest Equity Holdings

as of November 30, 2022 (17.8% of Net Assets)


Description	% of Net Assets
Kweichow Moutai Co. Ltd.		5.2%
Contemporary Amperex Technology Co. Ltd.		2.4%
China Merchants Bank Co. Ltd.		1.9%
Wuliangye Yibin Co. Ltd.		1.6%
Ping An Insurance Group Co. of China Ltd.		1.3%
China Yangtze Power Co. Ltd.		1.2%
BYD Co. Ltd.		1.2%
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.		1.0%
China Tourism Group Duty Free Corp. Ltd.		1.0%
Industrial Bank Co. Ltd.		1.0%

* 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 24 .

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other fund expenses. In the most recent six-month period Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers MSCI All China Equity ETF limited these expenses; had they not done so, expenses would have been higher. In addition to the ongoing expenses which each Fund bears directly, the Xtrackers MSCI All China Equity ETF shareholders indirectly bear the expenses of Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Underlying Funds”) in which the Xtrackers MSCI All China Equity ETF invests. The Underlying Funds’ expenses are not included in Xtrackers MSCI All China Equity ETF’s annualized expense ratios used to calculate the expense estimate in the tables. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 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) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.

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


	Number of Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 1.2%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,030,804	$	2,586,354
China United Network Communications Ltd., Class A		16,008,781		10,019,048
Focus Media Information Technology Co. Ltd., Class A		7,951,653		6,759,489
Mango Excellent Media Co. Ltd., Class A		589,489		2,106,499
Zhejiang Century Huatong Group Co. Ltd., Class A*		3,697,913		2,067,676

(Cost $23,683,774)				23,539,066

Consumer Discretionary — 8.1%
Beijing Roborock Technology Co. Ltd., Class A		36,495		1,340,896
BYD Co. Ltd., Class A		698,195		25,714,447
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		116,524		2,182,660
China Tourism Group Duty Free Corp. Ltd., Class A		752,496		21,089,046
Chongqing Changan Automobile Co. Ltd., Class A		3,899,284		7,442,808
Ecovacs Robotics Co. Ltd., Class A		178,792		1,827,895
FAW Jiefang Group Co. Ltd., Class A		856,287		983,100
Fuyao Glass Industry Group Co. Ltd., Class A		1,270,244		6,693,322
Great Wall Motor Co. Ltd., Class A		971,477		4,409,006
Gree Electric Appliances, Inc. of Zhuhai, Class A		3,708,719		16,931,858
Guangzhou Automobile Group Co. Ltd., Class A		1,754,382		3,067,359
Haier Smart Home Co. Ltd., Class A		2,934,408		10,215,219
Huali Industrial Group Co. Ltd., Class A		82,117		569,282
Huayu Automotive Systems Co. Ltd., Class A		1,268,554		3,323,305
Huizhou Desay Sv Automotive Co. Ltd., Class A		232,097		3,622,866
Midea Group Co. Ltd., Class A		3,818,947		25,943,985
Offcn Education Technology Co. Ltd., Class A*		1,448,351		1,017,440
Oppein Home Group, Inc., Class A		146,728		2,269,704
SAIC Motor Corp. Ltd., Class A		3,732,776		8,041,431
Shandong Linglong Tyre Co. Ltd., Class A		495,791		1,413,540
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		1,225,601		1,266,222
Shenzhen Overseas Chinese Town Co. Ltd., Class A		3,138,857		2,605,895
TCL Technology Group Corp., Class A		10,808,943		6,166,502
Zhejiang Supor Co. Ltd., Class A		139,338		906,252

(Cost $135,003,527)				159,044,040

Consumer Staples — 14.3%
Anhui Gujing Distillery Co. Ltd., Class A		127,699		4,318,764


	Number of Shares		Value
Consumer Staples (Continued)
Chongqing Brewery Co. Ltd., Class A		181,327	$	2,830,641
Eastroc Beverage Group Co. Ltd., Class A		33,000		800,829
Foshan Haitian Flavouring & Food Co. Ltd., Class A		1,095,658		10,940,331
Guangdong Haid Group Co. Ltd., Class A		648,763		5,208,370
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,418,927		5,086,546
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		3,993,839		16,351,816
Jiangsu King’s Luck Brewery JSC Ltd., Class A		500,382		2,981,081
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		460,474		9,238,952
Kweichow Moutai Co. Ltd., Class A		483,193		109,647,497
Luzhou Laojiao Co. Ltd., Class A		566,396		14,951,545
Muyuan Foods Co. Ltd., Class A		2,073,877		14,147,729
New Hope Liuhe Co. Ltd., Class A*		1,760,727		3,403,289
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		406,007		2,091,557
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		382,332		13,892,969
Tongwei Co. Ltd., Class A		2,071,389		12,734,437
Tsingtao Brewery Co. Ltd., Class A		279,782		4,022,155
Wens Foodstuffs Group Co. Ltd., Class A		3,929,654		10,015,907
Wuliangye Yibin Co. Ltd., Class A		1,498,838		33,365,415
Yihai Kerry Arawana Holdings Co. Ltd., Class A		465,593		2,725,587
Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		73,162		1,315,815

(Cost $191,438,022)				280,071,232

Energy — 2.0%
China Coal Energy Co. Ltd., Class A		1,406,898		1,936,707
China Oilfield Services Ltd., Class A		472,359		1,187,861
China Petroleum & Chemical Corp., Class A		10,208,598		6,562,872
China Shenhua Energy Co. Ltd., Class A		2,596,184		11,255,799
PetroChina Co. Ltd., Class A		7,467,041		5,552,767
Shaanxi Coal Industry Co. Ltd., Class A		3,009,516		8,614,542
Yankuang Energy Group Co. Ltd., Class A		704,978		4,059,917

(Cost $30,333,717)				39,170,465

Financials — 21.7%
Agricultural Bank of China Ltd., Class A		26,074,800		10,657,200
Bank of Beijing Co. Ltd., Class A		11,458,043		6,975,854
Bank of Chengdu Co. Ltd., Class A		1,695,256		3,692,949
Bank of China Ltd., Class A		16,724,200		7,476,279
Bank of Communications Co. Ltd., Class A		21,581,450		14,456,137
Bank of Hangzhou Co. Ltd., Class A		2,329,633		4,370,676


	Number of Shares		Value
Financials (Continued)
Bank of Jiangsu Co. Ltd., Class A		9,189,065	$	9,663,160
Bank of Nanjing Co. Ltd., Class A		4,012,825		5,905,527
Bank of Ningbo Co. Ltd., Class A		3,085,358		14,059,682
Bank of Shanghai Co. Ltd., Class A		7,864,588		6,663,155
China CITIC Bank Corp. Ltd., Class A		2,443,629		1,744,347
China Construction Bank Corp., Class A		5,629,528		4,465,946
China Everbright Bank Co. Ltd., Class A		13,507,704		5,731,686
China Galaxy Securities Co. Ltd., Class A		1,064,071		1,498,000
China International Capital Corp. Ltd., Class A		446,319		2,431,606
China Life Insurance Co. Ltd., Class A		1,322,285		6,783,643
China Merchants Bank Co. Ltd., Class A		9,516,318		47,213,913
China Merchants Securities Co. Ltd., Class A		2,879,035		5,515,824
China Minsheng Banking Corp. Ltd., Class A		19,487,308		9,734,735
China Pacific Insurance Group Co. Ltd., Class A		2,717,280		9,386,087
China Zheshang Bank Co. Ltd., Class A*		6,383,684		2,672,533
CITIC Securities Co. Ltd., Class A		7,620,452		21,434,532
CSC Financial Co. Ltd., Class A		1,038,621		3,621,528
East Money Information Co. Ltd., Class A		8,225,834		21,596,397
Everbright Securities Co. Ltd., Class A		1,522,427		3,493,623
Founder Securities Co. Ltd., Class A		3,392,738		3,264,447
GF Securities Co. Ltd., Class A		2,318,702		5,268,244
Guosen Securities Co. Ltd., Class A		2,206,251		2,858,612
Guotai Junan Securities Co. Ltd., Class A		3,497,432		6,943,790
Haitong Securities Co. Ltd., Class A		7,505,127		9,521,934
Hithink RoyalFlush Information Network Co. Ltd., Class A		174,890		2,495,858
Hongta Securities Co. Ltd., Class A		757,510		853,568
Huatai Securities Co. Ltd., Class A		4,566,388		8,469,895
Huaxia Bank Co. Ltd., Class A		4,731,061		3,518,191
Industrial & Commercial Bank of China Ltd., Class A		27,261,584		16,636,009
Industrial Bank Co. Ltd., Class A		11,247,189		28,251,850
Industrial Securities Co. Ltd., Class A*		5,320,336		4,590,630
New China Life Insurance Co. Ltd., Class A		636,460		2,590,478
Orient Securities Co. Ltd., Class A		4,028,874		5,105,812
People’s Insurance Co. Group of China Ltd., Class A		2,606,898		2,005,178
Ping An Bank Co. Ltd., Class A		7,467,281		13,808,183
Ping An Insurance Group Co. of China Ltd., Class A		8,279,542		52,816,016
Postal Savings Bank of China Co. Ltd., Class A		8,462,100		5,356,026
SDIC Capital Co. Ltd., Class A		1,883,449		1,742,734
Shanghai Pudong Development Bank Co. Ltd., Class A		9,198,949		9,425,514


	Number of Shares		Value
Financials (Continued)
Shanghai Rural Commercial Bank Co. Ltd., Class A		694,800	$	582,743
Shenwan Hongyuan Group Co. Ltd., Class A		7,061,910		4,139,061
Zheshang Securities Co. Ltd., Class A		1,562,950		2,371,114
Zhongtai Securities Co. Ltd., Class A		2,261,263		2,211,056

(Cost $413,778,187)				426,071,962

Health Care — 8.3%
Aier Eye Hospital Group Co. Ltd., Class A		2,707,264		10,411,889
Asymchem Laboratories Tianjin Co. Ltd., Class A		160,573		3,057,210
Beijing Tiantan Biological Products Corp. Ltd., Class A		639,664		2,012,552
Beijing Tongrentang Co. Ltd., Class A		538,696		3,757,482
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		137,685		3,181,247
Bloomage Biotechnology Corp. Ltd., Class A		76,442		1,175,956
Changchun High & New Technology Industry Group, Inc., Class A		257,314		6,174,995
Chongqing Zhifei Biological Products Co. Ltd., Class A		615,943		7,907,273
Gan & Lee Pharmaceuticals Co. Ltd., Class A		175,880		850,889
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		579,761		2,411,540
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		219,365		2,123,153
Hangzhou Tigermed Consulting Co. Ltd., Class A		404,482		5,085,839
Huadong Medicine Co. Ltd., Class A		680,930		3,983,273
Hualan Biological Engineering, Inc., Class A		844,980		2,453,475
Imeik Technology Development Co. Ltd., Class A		66,905		4,553,731
Jafron Biomedical Co. Ltd., Class A		378,524		1,701,262
Jiangsu Hengrui Medicine Co. Ltd., Class A		3,475,219		19,643,646
Lepu Medical Technology Beijing Co. Ltd., Class A		974,365		3,131,984
Ovctek China, Inc., Class A		369,150		1,650,225
Pharmaron Beijing Co. Ltd., Class A		383,426		3,489,030
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		974,035		5,128,355
Shanghai RAAS Blood Products Co. Ltd., Class A		3,201,801		2,517,292
Shenzhen Kangtai Biological Products Co. Ltd., Class A		518,617		2,531,831
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		385,691		17,767,145
Topchoice Medical Corp., Class A*		165,883		2,978,217
Walvax Biotechnology Co. Ltd., Class A		1,228,984		7,372,387
WuXi AppTec Co. Ltd., Class A		1,588,858		17,587,711
Yunnan Baiyao Group Co. Ltd., Class A		562,404		4,515,865


	Number of Shares		Value
Health Care (Continued)
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		243,707	$	8,817,646
Zhejiang NHU Co. Ltd., Class A		1,430,781		4,000,083

(Cost $153,590,846)				161,973,183

Industrials — 15.8%
AECC Aviation Power Co. Ltd., Class A		1,226,471		7,935,175
Air China Ltd., Class A*		2,374,337		3,524,550
Beijing New Building Materials PLC, Class A		809,033		3,012,726
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		15,738,483		11,011,321
China CSSC Holdings Ltd., Class A		1,397,026		4,974,332
China Eastern Airlines Corp. Ltd., Class A*		4,341,824		3,296,519
China Energy Engineering Corp. Ltd., Class A		10,946,777		3,806,116
China National Chemical Engineering Co. Ltd., Class A		2,920,702		3,490,029
China Railway Group Ltd., Class A		8,623,930		7,196,348
China Southern Airlines Co. Ltd., Class A*		3,994,876		4,223,662
China State Construction Engineering Corp. Ltd., Class A		16,740,880		13,969,640
Contemporary Amperex Technology Co. Ltd., Class A		1,074,151		58,688,863
COSCO SHIPPING Holdings Co. Ltd., Class A		4,881,696		8,749,913
CRRC Corp. Ltd., Class A		10,491,699		7,980,686
Daqin Railway Co. Ltd., Class A		4,995,028		4,855,770
Eve Energy Co. Ltd., Class A		871,073		10,254,171
Ginlong Technologies Co. Ltd., Class A*		120,918		3,392,901
Gongniu Group Co. Ltd., Class A		65,459		1,267,572
Gotion High-tech Co. Ltd., Class A		865,156		3,928,927
Guangdong Kinlong Hardware Products Co. Ltd., Class A		103,979		1,533,615
Han’s Laser Technology Industry Group Co. Ltd., Class A		669,764		2,523,573
Jiangsu Hengli Hydraulic Co. Ltd., Class A		428,720		4,001,577
Metallurgical Corp. of China Ltd., Class A		6,173,709		2,917,561
NARI Technology Co. Ltd., Class A		2,643,376		9,967,360
Ningbo Ronbay New Energy Technology Co. Ltd., Class A		213,203		2,336,430
Power Construction Corp. of China Ltd., Class A		6,043,428		6,552,490
Sany Heavy Industry Co. Ltd., Class A		4,663,646		10,529,928
SF Holding Co. Ltd., Class A		1,513,110		11,380,884
Shanghai International Airport Co. Ltd., Class A*		803,884		6,329,356
Shanghai International Port Group Co. Ltd., Class A		2,672,947		2,067,361
Shanghai M&G Stationery, Inc., Class A		306,578		2,078,819
Shenzhen Inovance Technology Co. Ltd., Class A		1,449,671		14,454,638


	Number of Shares		Value
Industrials (Continued)
Spring Airlines Co. Ltd., Class A*		289,395	$	2,327,004
Sungrow Power Supply Co. Ltd., Class A		806,014		13,154,370
Sunwoda Electronic Co. Ltd., Class A		962,958		3,307,138
Suzhou Maxwell Technologies Co. Ltd., Class A		55,665		3,396,881
TBEA Co. Ltd., Class A		2,915,826		8,896,715
Weichai Power Co. Ltd., Class A		4,404,671		6,707,224
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		877,460		5,449,219
Wuxi Shangji Automation Co. Ltd., Class A		153,924		2,542,664
XCMG Construction Machinery Co. Ltd., Class A		4,979,187		3,723,906
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		2,306,624		3,767,747
Yunda Holding Co. Ltd., Class A		1,130,235		1,972,893
Zhejiang Chint Electrics Co. Ltd., Class A		862,592		3,520,659
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		1,442,918		4,504,991
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		4,222,153		3,499,262

(Cost $301,543,897)				309,003,486

Information Technology — 14.0%
360 Security Technology, Inc., Class A		2,798,268		2,736,139
Advanced Micro-Fabrication Equipment Inc China, Class A*		311,567		4,350,871
Anker Innovations Technology Co. Ltd., Class A		151,070		1,246,688
Avary Holding Shenzhen Co. Ltd., Class A		620,259		2,552,706
Beijing Kingsoft Office Software, Inc., Class A		146,209		5,307,259
BOE Technology Group Co. Ltd., Class A		30,461,075		15,475,970
Chaozhou Three-Circle Group Co. Ltd., Class A		1,044,699		4,474,454
China Greatwall Technology Group Co. Ltd., Class A		1,654,603		2,806,024
China Resources Microelectronics Ltd., Class A		479,516		3,613,493
Flat Glass Group Co. Ltd., Class A		430,758		2,151,207
Foxconn Industrial Internet Co. Ltd., Class A		3,879,431		5,037,543
GigaDevice Semiconductor, Inc., Class A		530,861		7,593,253
Glodon Co. Ltd., Class A		748,200		5,900,485
GoerTek, Inc., Class A		1,883,276		4,848,204
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		288,053		2,507,119
Hangzhou First Applied Material Co. Ltd., Class A		434,067		3,701,593
Hangzhou Silan Microelectronics Co. Ltd., Class A		716,927		3,723,794
Hundsun Technologies, Inc., Class A		1,222,352		6,931,885


	Number of Shares		Value
Information Technology (Continued)
Iflytek Co. Ltd., Class A		1,503,995	$	6,883,443
Ingenic Semiconductor Co. Ltd., Class A		164,322		1,840,634
Inspur Electronic Information Industry Co. Ltd., Class A		983,186		3,097,550
JA Solar Technology Co. Ltd., Class A		749,450		6,190,066
JCET Group Co. Ltd., Class A		1,274,864		4,523,072
Lens Technology Co. Ltd., Class A		1,709,287		2,578,563
Lingyi iTech Guangdong Co., Class A*		2,700,504		1,885,556
LONGi Green Energy Technology Co. Ltd., Class A		4,716,879		30,645,037
Luxshare Precision Industry Co. Ltd., Class A		3,862,325		16,942,498
Maxscend Microelectronics Co. Ltd., Class A		262,961		4,295,700
Montage Technology Co. Ltd., Class A		375,063		3,581,660
National Silicon Industry Group Co. Ltd., Class A*		987,818		2,699,995
NAURA Technology Group Co. Ltd., Class A		203,909		6,449,954
Qi An Xin Technology Group, Inc., Class A*		236,020		2,043,188
Sangfor Technologies, Inc., Class A		195,652		3,116,183
SG Micro Corp., Class A		197,677		4,965,454
Shanghai Baosight Software Co. Ltd., Class A		485,657		2,714,157
Shengyi Technology Co. Ltd., Class A		1,299,981		2,783,914
Shennan Circuits Co. Ltd., Class A		195,830		2,099,076
Shenzhen Goodix Technology Co. Ltd., Class A		211,680		1,563,016
Shenzhen Transsion Holdings Co. Ltd., Class A		198,726		2,192,446
StarPower Semiconductor Ltd., Class A		55,000		2,638,208
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		1,812,773		10,694,318
Thunder Software Technology Co. Ltd., Class A		269,431		4,378,070
Trina Solar Co. Ltd., Class A		848,582		7,767,534
Unigroup Guoxin Microelectronics Co. Ltd., Class A		470,082		8,771,946
Unisplendour Corp. Ltd., Class A		1,292,386		3,462,772
Will Semiconductor Co. Ltd. Shanghai, Class A		585,930		6,759,468
Wingtech Technology Co. Ltd., Class A		597,426		4,669,901
Wuhan Guide Infrared Co. Ltd., Class A		1,117,609		1,860,448
Yealink Network Technology Corp. Ltd., Class A		329,123		2,972,473
Yonyou Network Technology Co. Ltd., Class A		1,433,574		4,660,954
Zhejiang Dahua Technology Co. Ltd., Class A		1,609,859		2,714,151
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		531,803		4,867,883
ZTE Corp., Class A		2,645,134		9,196,941

(Cost $265,214,478)				273,464,916


	Number of Shares		Value
Materials — 9.6%
Aluminum Corp. of China Ltd., Class A		6,134,867	$	3,891,726
Anhui Conch Cement Co. Ltd., Class A		1,895,916		7,692,418
Baoshan Iron & Steel Co. Ltd., Class A		6,945,442		5,559,153
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		1,565,716		7,308,134
Cathay Biotech, Inc., Class A		143,308		1,275,575
China Jushi Co. Ltd., Class A		1,960,856		3,996,040
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		1,701,471		6,319,139
Citic Pacific Special Steel Group Co. Ltd., Class A		806,076		2,047,664
CMOC Group Ltd., Class A		5,665,885		3,746,997
CNGR Advanced Material Co. Ltd., Class A		143,700		1,544,381
Ganfeng Lithium Group Co. Ltd., Class A		879,700		10,112,283
Guangzhou Tinci Materials Technology Co. Ltd., Class A		1,058,538		6,754,020
Hengli Petrochemical Co. Ltd., Class A		1,637,683		3,904,529
Hengyi Petrochemical Co. Ltd., Class A		1,716,928		1,747,032
Hoshine Silicon Industry Co. Ltd., Class A		157,608		1,999,610
Huafon Chemical Co. Ltd., Class A		1,261,602		1,298,046
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		17,767,027		5,017,616
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,710,673		1,615,683
Jiangsu Eastern Shenghong Co. Ltd., Class A		1,402,000		2,642,261
Jiangxi Copper Co. Ltd., Class A		899,201		2,217,871
LB Group Co. Ltd., Class A		1,147,250		2,911,087
Ningxia Baofeng Energy Group Co. Ltd., Class A		1,734,774		3,254,647
Qinghai Salt Lake Industry Co. Ltd., Class A*		3,337,125		11,977,080
Rongsheng Petrochemical Co. Ltd., Class A		2,362,837		4,154,653
Satellite Chemical Co. Ltd., Class A		1,307,259		2,699,319
Shandong Gold Mining Co. Ltd., Class A		1,534,166		4,452,412
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		1,166,438		5,513,990
Shandong Nanshan Aluminum Co. Ltd., Class A		5,813,490		2,887,584
Shanghai Putailai New Energy Technology Co. Ltd., Class A		547,151		4,309,529
Tianqi Lithium Corp., Class A*		798,087		10,208,201
Wanhua Chemical Group Co. Ltd., Class A		1,233,714		15,669,933
Xinjiang Tianshan Cement Co. Ltd., Class A		541,851		698,994
Yunnan Energy New Material Co. Ltd., Class A		415,630		7,338,828
Zangge Mining Co. Ltd., Class A		387,001		1,690,481
Zhejiang Huayou Cobalt Co. Ltd., Class A		980,479		8,697,960


	Number of Shares		Value
Materials (Continued)
Zhejiang Longsheng Group Co. Ltd., Class A		2,162,100	$	2,997,782
Zhongjin Gold Corp. Ltd., Class A		2,442,544		2,797,342
Zijin Mining Group Co. Ltd., Class A		11,131,162		15,528,290

(Cost $173,547,939)				188,478,290

Real Estate — 2.0%
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,473,624		5,370,995
China Vanke Co. Ltd., Class A		5,256,356		13,912,117
Gemdale Corp., Class A		2,066,936		3,431,963
Greenland Holdings Corp. Ltd., Class A*		3,332,346		1,626,815
Poly Developments and Holdings Group Co. Ltd., Class A		5,513,931		13,028,823
Seazen Holdings Co. Ltd., Class A*		662,843		2,142,861

(Cost $34,732,113)				39,513,574

Utilities — 2.9%
CGN Power Co. Ltd., Class A		9,558,079		3,730,207
China Longyuan Power Group Corp. Ltd., Class A		103,200		289,252


	Number of Shares		Value
Utilities (Continued)
China National Nuclear Power Co. Ltd., Class A		7,339,701	$	6,499,689
China Three Gorges Renewables Group Co. Ltd., Class A		6,901,200		5,680,444
China Yangtze Power Co. Ltd., Class A		8,900,195		26,802,452
GD Power Development Co. Ltd., Class A*		7,099,453		4,564,074
Huaneng Lancang River Hydropower, Inc., Class A		1,588,000		1,521,191
Huaneng Power International, Inc., Class A*		3,414,842		3,755,796
SDIC Power Holdings Co. Ltd., Class A		2,417,966		3,774,613

(Cost $49,726,384)				56,617,718

TOTAL COMMON STOCKS (Cost $1,772,592,884)				1,956,947,932


TOTAL INVESTMENTS — 99.9% (Cost $1,772,592,884)			$	1,956,947,932
Other assets and liabilities, net — 0.1%				2,614,979

NET ASSETS — 100.0%			$	1,959,562,911

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.


	Number of Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 3.1%
Beijing Enlight Media Co. Ltd., Class A		35,000	$	41,127
Beijing Gehua CATV Network Co. Ltd., Class A		29,300		35,552
Beijing Jetsen Technology Co. Ltd., Class A*		56,100		37,737
Bluefocus Intelligent Communications Group Co. Ltd., Class A		70,100		53,522
China South Publishing & Media Group Co. Ltd., Class A		21,000		30,100
Chinese Universe Publishing and Media Group Co. Ltd., Class A		17,389		23,764
G-bits Network Technology Xiamen Co. Ltd., Class A		1,273		58,786
Inmyshow Digital Technology Group Co. Ltd., Class A		25,300		25,636
Jiangsu Broadcasting Cable Information Network Corp. Ltd., Class A		81,300		35,305
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		23,600		28,267
Kunlun Tech Co. Ltd., Class A		27,300		54,705
Leo Group Co. Ltd., Class A*		201,195		52,537
NanJi E-Commerce Co. Ltd., Class A		58,100		38,671
Oriental Pearl Group Co. Ltd., Class A		60,400		57,345
People.cn Co. Ltd., Class A		17,800		27,231
Perfect World Co. Ltd., Class A		38,700		74,638
Wanda Film Holding Co. Ltd., Class A*		32,500		61,620
Wasu Media Holding Co. Ltd., Class A		24,500		25,486
Youzu Interactive Co. Ltd., Class A*		22,900		28,599

(Cost $959,706)				790,628

Consumer Discretionary — 5.9%
Anhui Jianghuai Automobile Group Corp. Ltd., Class A		50,500		105,709
Anhui Zhongding Sealing Parts Co. Ltd., Class A		23,800		50,360
Autel Intelligent Technology Corp. Ltd., Class A		8,442		42,890
Beiqi Foton Motor Co. Ltd., Class A*		139,800		53,369
BTG Hotels Group Co. Ltd., Class A		16,445		56,712
China Grand Automotive Services Group Co. Ltd., Class A*		116,100		37,072
Chow Tai Seng Jewellery Co. Ltd., Class A		14,200		26,621
DongFeng Automobile Co. Ltd., Class A		23,000		20,955
Easyhome New Retail Group Co. Ltd., Class A		53,200		29,294
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A		10,117		24,336
Hang Zhou Great Star Industrial Co. Ltd., Class A*		19,453		59,134
Hangzhou Robam Appliances Co. Ltd., Class A		13,800		50,880
Hisense Visual Technology Co. Ltd., Class A		22,200		42,879
HLA Group Corp. Ltd., Class A		46,200		31,996
Joyoung Co. Ltd., Class A		9,201		20,174


	Number of Shares		Value
Consumer Discretionary (Continued)
Keboda Technology Co. Ltd., Class A		1,500	$	14,613
KingClean Electric Co. Ltd., Class A		3,800		16,550
Liaoning Cheng Da Co. Ltd., Class A		30,158		57,008
Ninebot Ltd.*		10,722		50,792
Ningbo Huaxiang Electronic Co. Ltd., Class A		15,000		31,633
Ningbo Joyson Electronic Corp., Class A*		27,920		59,196
Sailun Group Co. Ltd., Class A		72,000		97,479
Shenzhen MTC Co. Ltd., Class A*		63,000		31,114
Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A*		34,950		29,562
Sichuan Changhong Electric Co. Ltd., Class A		101,900		40,347
Songcheng Performance Development Co. Ltd., Class A		45,700		92,029
Suofeiya Home Collection Co. Ltd., Class A		17,618		42,730
Tianneng Battery Group Co. Ltd., Class A		3,936		21,304
Wangfujing Group Co. Ltd., Class A		19,630		71,205
Wanxiang Qianchao Co. Ltd., Class A		47,200		35,099
Weifu High-Technology Group Co. Ltd., Class A		16,700		43,371
Wuchan Zhongda Group Co. Ltd., Class A		87,400		56,435
Xiamen Intretech, Inc., Class A		9,730		24,496
Zhejiang Orient Financial Holdings Group Co. Ltd., Class A		47,838		25,526
Zhejiang Semir Garment Co. Ltd., Class A		24,300		17,415

(Cost $1,647,351)				1,510,285

Consumer Staples — 6.6%
Angel Yeast Co. Ltd., Class A		14,300		88,481
Anhui Kouzi Distillery Co. Ltd., Class A		9,900		66,033
Anhui Yingjia Distillery Co. Ltd., Class A		7,100		48,163
Anjoy Foods Group Co. Ltd., Class A		4,300		96,417
Beijing Dabeinong Technology Group Co. Ltd., Class A*		94,062		124,412
Beijing Yanjing Brewery Co. Ltd., Class A		39,800		57,838
Bestore Co. Ltd., Class A		3,000		15,752
Bright Dairy & Food Co. Ltd., Class A		20,800		30,108
By-health Co. Ltd., Class A		29,600		83,594
C&S Paper Co. Ltd., Class A		24,700		39,085
Chacha Food Co. Ltd., Class A		8,600		56,910
Chongqing Fuling Zhacai Group Co. Ltd., Class A		18,138		65,047
COFCO Sugar Holding Co. Ltd., Class A		29,900		30,170
DaShenLin Pharmaceutical Group Co. Ltd., Class A		10,760		64,455
Fujian Sunner Development Co. Ltd., Class A		21,900		77,886
Guangdong Marubi Biotechnology Co. Ltd., Class A		1,400		7,153
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		14,200		40,304
Heilongjiang Agriculture Co. Ltd., Class A		21,400		44,341
Juewei Food Co. Ltd., Class A		10,500		85,219
Laobaixing Pharmacy Chain JSC, Class A		7,020		41,324
New Hope Dairy Co. Ltd., Class A		6,100		9,886


	Number of Shares		Value
Consumer Staples (Continued)
Opple Lighting Co. Ltd., Class A		4,590	$	10,592
Pengdu Agriculture & Animal Husbandry Co. Ltd., Class A*		88,620		34,711
Proya Cosmetics Co. Ltd., Class A		4,170		100,355
Shanghai Bailian Group Co. Ltd., Class A		21,800		34,588
Shanghai Flyco Electrical Appliance Co. Ltd., Class A		1,700		18,063
Shanghai Jahwa United Co. Ltd., Class A		9,664		39,348
Sichuan Teway Food Group Co. Ltd., Class A		7,314		27,921
Tech-Bank Food Co. Ltd., Class A*		44,720		39,856
Toly Bread Co. Ltd., Class A		16,544		30,733
Yantai Changyu Pioneer Wine Co. Ltd., Class A		4,100		17,275
Yifeng Pharmacy Chain Co. Ltd., Class A		10,500		97,007
Yuan Longping High-tech Agriculture Co. Ltd., Class A*		30,454		68,113

(Cost $1,652,449)				1,691,140

Energy — 3.7%
China Merchants Energy Shipping Co. Ltd., Class A		91,700		85,499
China Petroleum Engineering Corp.		51,500		23,242
China Suntien Green Energy Corp. Ltd., Class A		4,500		6,910
CNOOC Energy Technology & Services Ltd., Class A		65,200		28,962
COFCO Capital Holdings Co. Ltd., Class A		25,500		25,947
COSCO SHIPPING Energy Transportation Co. Ltd., Class A*		40,100		87,525
Guanghui Energy Co. Ltd., Class A		130,300		197,859
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		20,900		39,893
Jizhong Energy Resources Co. Ltd., Class A		29,400		28,998
Oriental Energy Co. Ltd., Class A		32,300		39,146
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		34,170		81,904
Shanxi Coking Coal Energy Group Co. Ltd., Class A		57,350		107,107
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		33,700		91,203
Sinopec Oilfield Service Corp., Class A*		126,500		35,904
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		14,941		66,262

(Cost $507,233)				946,361

Financials — 8.7%
AVIC Industry-Finance Holdings Co. Ltd., Class A		147,700		71,477
Bank of Changsha Co. Ltd., Class A		55,600		54,524
Bank of Guiyang Co. Ltd., Class A		83,200		66,948
Bank of Lanzhou Co. Ltd., Class A		21,500		12,479
Bank of Qingdao Co. Ltd., Class A		46,270		24,296
Bank of Suzhou Co. Ltd., Class A		55,010		60,346
Bank of Xi’an Co. Ltd., Class A		35,000		17,633
Bank of Zhengzhou Co. Ltd., Class A*		150,206		52,865


	Number of Shares		Value
Financials (Continued)
BOC International China Co. Ltd., Class A		47,400	$	75,743
Caida Securities Co. Ltd., Class A		18,100		22,527
Caitong Securities Co. Ltd., Class A		94,725		101,763
Changjiang Securities Co. Ltd., Class A		110,998		88,528
China Great Wall Securities Co. Ltd., Class A		35,000		43,312
Chinalin Securities Co. Ltd., Class A		8,800		17,696
Chongqing Rural Commercial Bank Co. Ltd., Class A		182,400		93,705
Dongxing Securities Co. Ltd., Class A		46,300		54,208
First Capital Securities Co. Ltd., Class A		98,100		83,532
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A		41,755		37,925
Guolian Securities Co. Ltd., Class A		22,700		35,436
Guosheng Financial Holding, Inc., Class A*		33,787		38,743
Guoyuan Securities Co. Ltd., Class A		73,400		72,395
Huaan Securities Co. Ltd., Class A		80,715		56,472
Huaxi Securities Co. Ltd., Class A		45,400		54,958
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		78,555		84,503
Jiangsu Financial Leasing Co. Ltd., Class A		34,100		27,875
Jiangsu Zijin Rural Commercial Bank Co. Ltd., Class A		79,400		30,874
Minmetals Capital Co. Ltd., Class A		63,800		47,263
Nanjing Securities Co. Ltd., Class A		63,900		77,353
Northeast Securities Co. Ltd., Class A		40,249		40,098
Polaris Bay Group Co. Ltd., Class A*		35,300		36,721
Qilu Bank Co. Ltd., Class A		17,100		10,386
Qingdao Rural Commercial Bank Corp., Class A		105,300		44,831
Sealand Securities Co. Ltd., Class A		113,270		56,101
Shaanxi International Trust Co. Ltd., Class A		61,390		28,576
Shanxi Securities Co. Ltd., Class A		64,040		50,713
Sinolink Securities Co. Ltd., Class A		64,200		82,363
SooChow Securities Co. Ltd., Class A		113,020		110,831
Southwest Securities Co. Ltd., Class A		96,600		54,836
Tianfeng Securities Co. Ltd., Class A		201,400		87,746
Western Securities Co. Ltd., Class A		78,700		71,592
Xiamen Bank Co. Ltd., Class A		28,300		23,134
Yongan Futures Co. Ltd., Class A		5,300		13,193

(Cost $2,675,846)				2,216,500

Health Care — 11.8%
Anhui Anke Biotechnology Group Co. Ltd., Class A		32,808		47,258
Apeloa Pharmaceutical Co. Ltd., Class A		17,000		49,699
Autobio Diagnostics Co. Ltd., Class A		7,000		60,390
Betta Pharmaceuticals Co. Ltd., Class A		7,000		50,246
BGI Genomics Co. Ltd., Class A		7,200		61,338
Blue Sail Medical Co. Ltd., Class A*		19,800		27,312
CanSino Biologics, Inc., Class A		1,875		59,456
China Animal Husbandry Industry Co. Ltd., Class A		17,957		33,588
China Meheco Co. Ltd., Class A		20,421		48,745


	Number of Shares		Value
Health Care (Continued)
China National Accord Medicines Corp. Ltd., Class A		3,973	$	19,622
China National Medicines Corp. Ltd., Class A		10,233		40,400
China Resources Double Crane Pharmaceutical Co. Ltd., Class A		11,249		32,295
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		11,418		95,959
Contec Medical Systems Co. Ltd., Class A		4,300		15,884
Daan Gene Co. Ltd., Class A		27,718		70,529
Dian Diagnostics Group Co. Ltd., Class A		13,740		53,311
Double Medical Technology, Inc., Class A		1,100		5,904
Guangzhou Wondfo Biotech Co. Ltd., Class A		7,140		48,637
Guizhou Xinbang Pharmaceutical Co. Ltd., Class A		38,550		28,722
Hainan Poly Pharm Co. Ltd., Class A		7,099		26,436
Haisco Pharmaceutical Group Co. Ltd., Class A		6,600		20,194
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		10,400		48,292
Humanwell Healthcare Group Co. Ltd., Class A		27,800		88,570
Intco Medical Technology Co. Ltd., Class A		12,920		45,105
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		17,385		90,694
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		26,400		59,121
Jinyu Bio-Technology Co. Ltd., Class A		31,804		39,944
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		32,156		55,583
Joinn Laboratories China Co. Ltd., Class A		6,540		53,952
Jointown Pharmaceutical Group Co. Ltd., Class A		25,300		48,435
Livzon Pharmaceutical Group, Inc., Class A		10,862		58,299
Maccura Biotechnology Co. Ltd., Class A		11,300		30,709
Micro-Tech Nanjing Co. Ltd., Class A		2,137		24,068
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		14,974		37,295
Porton Pharma Solutions Ltd., Class A		9,100		53,930
Sansure Biotech, Inc., Class A		8,028		28,847
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		15,800		50,787
Shandong Pharmaceutical Glass Co. Ltd., Class A		13,538		55,755
Shanghai Junshi Biosciences Co. Ltd., Class A*		9,877		92,653
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		31,700		87,050
Shenzhen Chipscreen Biosciences Co. Ltd., Class A*		8,498		29,487
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A		11,300		21,986
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		9,000		62,789


	Number of Shares		Value
Health Care (Continued)
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		15,900	$	78,299
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		23,700		151,016
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		28,800		96,376
Tasly Pharmaceutical Group Co. Ltd., Class A		24,500		40,959
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A		49,200		46,362
Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A		8,462		36,915
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		39,200		51,347
Winner Medical Co. Ltd., Class A		3,800		36,309
Winning Health Technology Group Co. Ltd., Class A		49,800		61,769
Yifan Pharmaceutical Co. Ltd., Class A*		22,500		40,840
Zhejiang Conba Pharmaceutical Co. Ltd., Class A		57,940		39,057
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		25,720		74,097
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		14,317		80,460
Zhejiang Medicine Co. Ltd., Class A		18,400		33,033
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		8,900		63,961

(Cost $3,044,889)				2,990,076

Industrials — 17.9%
AECC Aero-Engine Control Co. Ltd., Class A		25,200		96,631
AVICOPTER PLC, Class A		10,400		70,815
Beijing Bei Mo Gao Ke Friction Material Co. Ltd., Class A		7,659		50,412
Beijing Easpring Material Technology Co. Ltd., Class A		10,600		92,184
Beijing Originwater Technology Co. Ltd., Class A		61,800		44,729
Beijing United Information Technology Co. Ltd., Class A		10,155		148,626
Bohai Leasing Co. Ltd., Class A*		62,700		21,089
Centre Testing International Group Co. Ltd., Class A		48,300		143,945
China Baoan Group Co. Ltd., Class A		76,580		142,369
China First Heavy Industries Co. Ltd., Class A*		93,100		40,033
China International Marine Containers Group Co. Ltd., Class A		55,280		58,289
China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A		26,443		29,496
China Merchants Port Group Co. Ltd., Class A		7,000		14,861
China Railway Hi-tech Industry Co. Ltd., Class A		40,500		46,498
China Southern Power Grid Energy Efficiency&Clean Energy Co. Ltd., Class A		34,500		29,768


	Number of Shares		Value
Industrials (Continued)
China XD Electric Co. Ltd., Class A		67,400	$	47,156
CITIC Heavy Industries Co. Ltd., Class A		62,800		32,797
CMST Development Co. Ltd., Class A		29,100		21,186
COSCO SHIPPING Development Co. Ltd., Class A		115,100		42,797
Deppon Logistics Co. Ltd., Class A*		10,000		26,779
Dongfang Electric Corp. Ltd., Class A		33,200		113,832
East Group Co. Ltd., Class A		34,500		36,867
Eastern Air Logistics Co. Ltd., Class A		5,700		12,966
Eternal Asia Supply Chain Management Ltd., Class A		50,300		40,403
Fangda Carbon New Material Co. Ltd., Class A*		67,800		61,964
GoodWe Technologies Co. Ltd., Class A		1,715		83,683
Guangshen Railway Co. Ltd., Class A*		112,600		34,036
Guangxi Liugong Machinery Co. Ltd., Class A		33,730		29,774
Guangzhou Port Co. Ltd., Class A		38,700		17,630
Hefei Meiya Optoelectronic Technology, Inc., Class A		11,500		39,822
Hongfa Technology Co. Ltd., Class A		24,612		121,235
Infore Environment Technology Group Co. Ltd., Class A		43,500		30,187
Jiangsu Expressway Co. Ltd., Class A		13,600		15,499
Jiangsu Zhongtian Technology Co. Ltd., Class A		77,835		184,358
Jihua Group Corp. Ltd., Class A*		77,600		34,249
Juneyao Airlines Co. Ltd., Class A*		19,740		44,066
Kaishan Group Co. Ltd., Class A*		12,351		28,167
Keda Industrial Group Co. Ltd., Class A		38,600		87,592
Kuang-Chi Technologies Co. Ltd., Class A*		42,700		106,288
Liaoning Port Co. Ltd., Class A		165,520		38,524
Ming Yang Smart Energy Group Ltd., Class A		45,800		173,998
Ningbo Deye Technology Co. Ltd., Class A		2,100		108,182
North Industries Group Red Arrow Co. Ltd., Class A		24,547		74,549
Orient Group, Inc., Class A*		73,690		27,818
Qingdao Port International Co. Ltd., Class A		23,800		19,117
Qingdao TGOOD Electric Co. Ltd., Class A		22,481		50,728
Riyue Heavy Industry Co. Ltd., Class A		13,700		38,515
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A		12,500		47,418
Shandong Hi-speed Co. Ltd., Class A		17,600		14,337
Shanghai Construction Group Co. Ltd., Class A		159,200		63,034
Shanghai Environment Group Co. Ltd., Class A		20,840		27,387
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A		12,249		21,103
Shanghai Tunnel Engineering Co. Ltd., Class A		64,700		50,501
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class A		11,700		21,088


	Number of Shares		Value
Industrials (Continued)
Shanxi Coal International Energy Group Co. Ltd., Class A		28,400	$	66,058
Shenzhen Airport Co. Ltd., Class A		31,000		32,247
Siasun Robot & Automation Co. Ltd., Class A*		37,200		52,846
Sichuan Road & Bridge Group Co. Ltd., Class A		56,200		93,554
Sieyuan Electric Co. Ltd., Class A		17,980		96,503
Sinochem International Corp., Class A		39,200		40,110
Sinoma International Engineering Co., Class A		35,850		47,519
Sinotrans Ltd., Class A		39,900		22,650
State Grid Yingda Co. Ltd., Class A		54,000		39,773
STO Express Co. Ltd., Class A*		21,800		31,557
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A*		38,900		28,652
TangShan Port Group Co. Ltd., Class A		84,774		35,250
Tian Di Science & Technology Co. Ltd., Class A		54,600		41,997
Tianjin Port Co. Ltd., Class A		40,076		23,887
Wolong Electric Group Co. Ltd., Class A		29,339		55,043
Xiamen C & D, Inc., Class A		42,100		93,025
Xiamen ITG Group Corp. Ltd., Class A		36,548		39,783
Xuji Electric Co. Ltd., Class A		20,200		62,551
Yantai Eddie Precision Machinery Co. Ltd., Class A		12,240		27,949
YTO Express Group Co. Ltd., Class A		39,700		109,413
Yutong Bus Co. Ltd., Class A		41,500		46,880
Zhefu Holding Group Co. Ltd., Class A		69,300		40,519
Zhejiang HangKe Technology, Inc. Co., Class A		3,961		25,774
Zhejiang Wanliyang Co. Ltd., Class A*		22,800		27,147
Zhejiang Weiming Environment Protection Co. Ltd., Class A		15,488		44,839
Zhejiang Weixing New Building Materials Co. Ltd., Class A		19,280		59,401
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A		26,500		49,002
Zhongshan Broad Ocean Motor Co. Ltd., Class A		60,900		47,362
Zhuzhou Kibing Group Co. Ltd., Class A		45,500		63,797

(Cost $4,271,348)				4,544,465

Information Technology — 15.5%
Accelink Technologies Co. Ltd., Class A		14,922		35,809
Addsino Co. Ltd., Class A		37,800		55,253
Aisino Corp., Class A		33,000		51,609
Amlogic Shanghai Co. Ltd., Class A*		7,149		76,609
Arcsoft Corp. Ltd., Class A		6,133		21,150
Beijing E-Hualu Information Technology Co. Ltd., Class A		12,640		41,670
Beijing Orient National Communication Science & Technology Co. Ltd., Class A*		26,219		31,107
Beijing Shiji Information Technology Co. Ltd., Class A		19,515		41,099
Beijing Sinnet Technology Co. Ltd., Class A		36,500		45,014


	Number of Shares		Value
Information Technology (Continued)
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A		4,000	$	58,747
Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A		28,800		54,727
Cambricon Technologies Corp. Ltd., Class A*		5,900		53,102
China National Software & Service Co. Ltd., Class A		11,660		107,061
China Railway Signal & Communication Corp. Ltd., Class A		83,746		55,858
China TransInfo Technology Co. Ltd., Class A*		32,200		41,082
DHC Software Co. Ltd., Class A		67,400		56,912
Fiberhome Telecommunication Technologies Co. Ltd., Class A		23,100		44,879
Fujian Star-net Communication Co. Ltd., Class A		13,600		38,871
GCL System Integration Technology Co. Ltd., Class A*		120,400		55,190
GRG Banking Equipment Co. Ltd., Class A		36,900		52,576
Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A		23,600		52,147
Guangzhou Haige Communications Group, Inc. Co., Class A		56,700		69,684
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		23,800		65,998
Hengtong Optic-electric Co. Ltd., Class A		54,300		126,378
Huagong Tech Co. Ltd., Class A		30,459		75,083
IRICO Display Devices Co. Ltd., Class A*		44,300		28,165
Leyard Optoelectronic Co. Ltd., Class A		62,400		51,894
MLS Co. Ltd., Class A		25,673		31,661
Neusoft Corp., Class A		25,900		39,844
Newland Digital Technology Co. Ltd., Class A		23,140		43,873
Ninestar Corp., Class A		20,745		159,066
PCI Technology Group Co. Ltd., Class A		39,650		32,692
Raytron Technology Co. Ltd., Class A		7,918		45,509
Shanghai 2345 Network Holding Group Co. Ltd., Class A		166,448		49,605
Shanghai Aiko Solar Energy Co. Ltd., Class A*		20,000		117,506
Shanghai Belling Co. Ltd., Class A		17,200		46,720
Shanghai Friendess Electronic Technology Corp. Ltd., Class A		1,380		45,524
Shenzhen Aisidi Co. Ltd., Class A		24,200		35,168
Shenzhen Everwin Precision Technology Co. Ltd., Class A*		24,636		40,591
Shenzhen Huaqiang Industry Co. Ltd., Class A		10,840		17,891
Shenzhen Kaifa Technology Co. Ltd., Class A		29,200		48,484
Shenzhen Kingdom Sci-Tech Co. Ltd., Class A		18,500		28,197
Shenzhen Kinwong Electronic Co. Ltd., Class A		7,520		22,251
Shenzhen SC New Energy Technology Corp., Class A		7,200		131,300


	Number of Shares		Value
Information Technology (Continued)
Shenzhen Sunlord Electronics Co. Ltd., Class A		19,200	$	69,101
Shenzhen Suntak Circuit Technology Co. Ltd., Class A		12,800		19,183
Shenzhen Sunway Communication Co. Ltd., Class A		29,100		69,710
Sinosoft Co. Ltd., Class A		11,020		46,245
State Grid Information & Communication Co. Ltd., Class A		13,800		33,000
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		39,000		143,349
Taiji Computer Corp. Ltd., Class A		11,919		49,206
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		9,500		50,099
Tianma Microelectronics Co. Ltd., Class A		35,900		46,668
Tianshui Huatian Technology Co. Ltd., Class A		68,300		85,394
TongFu Microelectronics Co. Ltd., Class A*		27,100		66,650
Topsec Technologies Group, Inc., Class A		33,680		53,533
Venustech Group, Inc., Class A		19,600		75,018
Verisilicon Microelectronics Shanghai Co. Ltd., Class A*		7,754		52,512
Visionox Technology, Inc., Class A*		30,600		26,142
Wangsu Science & Technology Co. Ltd., Class A		73,000		56,875
Westone Information Industry, Inc., Class A		17,004		85,015
Wonders Information Co. Ltd., Class A*		36,594		46,220
Wuhu Token Science Co. Ltd., Class A		71,200		64,365
Wuxi Taiji Industry Co. Ltd., Class A		45,300		36,322
Xiamen Faratronic Co. Ltd., Class A		4,000		89,691
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class A		4,300		21,108
Zhejiang Crystal-Optech Co. Ltd., Class A		42,362		72,623
Zhejiang Supcon Technology Co. Ltd., Class A		8,820		113,817
Zhongji Innolight Co. Ltd., Class A		14,100		57,289

(Cost $4,260,395)				3,952,691

Materials — 19.9%
ADAMA Ltd., Class A		13,100		17,847
Angang Steel Co. Ltd., Class A		72,000		28,304
BBMG Corp., Class A		126,500		47,932
Beijing Haixin Energy Technology Co. Ltd., Class A		48,300		29,680
Beijing Shougang Co. Ltd., Class A		42,400		24,249
Bluestar Adisseo Co., Class A		13,900		17,734
Chengxin Lithium Group Co. Ltd., Class A		17,400		104,650
Chengzhi Co. Ltd., Class A*		19,709		26,460
Chifeng Jilong Gold Mining Co. Ltd., Class A*		38,100		106,572
China Hainan Rubber Industry Group Co. Ltd., Class A		57,000		35,754
China Rare Earth Resources And Technology Co. Ltd., Class A*		17,200		79,990
Chongqing Iron & Steel Co. Ltd., Class A*		199,300		46,951


	Number of Shares		Value
Materials (Continued)
COFCO Biotechnology Co. Ltd., Class A		32,785	$	40,711
CSG Holding Co. Ltd., Class A		40,161		41,321
Do-Fluoride New Materials Co. Ltd., Class A		22,100		119,494
Fangda Special Steel Technology Co. Ltd., Class A		33,046		28,655
Fushun Special Steel Co. Ltd., Class A*		44,900		96,026
Gansu Jiu Steel Group Hongxing Iron & Steel Co. Ltd., Class A*		94,000		22,811
Guangdong HEC Technology Holding Co. Ltd., Class A		42,605		56,231
Guangdong Hongda Holdings Group Co. Ltd., Class A		14,900		62,548
Guangdong Tapai Group Co. Ltd., Class A		21,600		23,358
Guangdong Zhongnan Iron & Steel Co. Ltd., Class A		34,200		14,998
Hainan Mining Co. Ltd., Class A*		18,100		18,494
Hangzhou Iron & Steel Co., Class A		40,610		24,839
Hangzhou Oxygen Plant Group Co. Ltd., Class A		12,100		70,782
Hesteel Co. Ltd., Class A		124,200		43,007
Hongda Xingye Co. Ltd., Class A*		68,078		32,849
Huabao Flavours & Fragrances Co. Ltd., Class A		3,900		13,793
Huaibei Mining Holdings Co. Ltd., Class A		28,600		58,325
Huapont Life Sciences Co. Ltd., Class A		46,050		35,747
Huaxin Cement Co. Ltd., Class A		19,072		42,007
Hubei Xingfa Chemicals Group Co. Ltd., Class A		22,420		97,425
Hunan Gold Corp. Ltd., Class A		23,800		48,165
Hunan Valin Steel Co. Ltd., Class A		116,020		79,032
Inner Mongolia Dazhong Mining Co. Ltd., Class A*		7,500		15,785
Jiangsu Yangnong Chemical Co. Ltd., Class A		5,600		84,114
Jiangsu Yoke Technology Co. Ltd., Class A		8,496		64,626
Jinduicheng Molybdenum Co. Ltd., Class A		29,700		41,348
Kingfa Sci & Tech Co. Ltd., Class A		51,400		73,382
Lianhe Chemical Technology Co. Ltd., Class A		21,559		53,175
Liuzhou Iron & Steel Co. Ltd., Class A		13,600		6,832
Luxi Chemical Group Co. Ltd., Class A		33,000		62,053
Maanshan Iron & Steel Co. Ltd., Class A		72,500		29,735
Nanjing Hanrui Cobalt Co. Ltd., Class A		6,200		38,257
Nanjing Iron & Steel Co. Ltd., Class A		83,100		39,389
ORG Technology Co. Ltd., Class A		53,550		38,150
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		122,300		93,897
Red Avenue New Materials Group Co. Ltd., Class A		5,900		28,912
Rising Nonferrous Metals Share Co. Ltd., Class A*		5,800		34,727
Sansteel Minguang Co. Ltd. Fujian, Class A		34,450		24,542
Shaanxi Beiyuan Chemical Industry Group Co. Ltd., Class A		38,590		31,490


	Number of Shares		Value
Materials (Continued)
Shandong Chenming Paper Holdings Ltd., Class A*		37,250	$	27,013
Shandong Iron and Steel Co. Ltd., Class A		156,730		34,476
Shandong Sinocera Functional Material Co. Ltd., Class A		23,300		90,503
Shandong Sun Paper Industry JSC Ltd., Class A		45,500		70,900
Shanghai Huayi Group Co. Ltd., Class A		20,600		18,914
Shanxi Taigang Stainless Steel Co. Ltd., Class A		61,300		39,235
Shanying International Holding Co. Ltd., Class A		94,700		33,867
Shenghe Resources Holding Co. Ltd., Class A		39,890		82,481
Shenzhen Capchem Technology Co. Ltd., Class A		15,080		85,068
Shenzhen Dynanonic Co. Ltd., Class A		3,000		96,300
Shenzhen Jinjia Group Co. Ltd., Class A		28,300		31,046
Shenzhen YUTO Packaging Technology Co. Ltd., Class A		11,140		51,918
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		76,200		45,527
Shinghwa Advanced Material Group Co. Ltd., Class A		4,000		57,249
Sichuan Hebang Biotechnology Co. Ltd., Class A		176,980		79,619
Sichuan Yahua Industrial Group Co. Ltd., Class A		33,200		128,815
Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A		11,600		100,255
Tangshan Jidong Cement Co. Ltd., Class A		28,481		35,165
Tangshan Sanyou Chemical Industries Co. Ltd., Class A		33,700		31,756
Tianshan Aluminum Group Co. Ltd., Class A		38,100		38,659
Tongling Nonferrous Metals Group Co. Ltd., Class A		210,300		87,446
Transfar Zhilian Co. Ltd., Class A		34,700		28,069
Weihai Guangwei Composites Co. Ltd., Class A		9,000		90,799
Western Mining Co. Ltd., Class A		54,300		83,995
Western Superconducting Technologies Co. Ltd., Class A		8,134		112,963
Xiamen Tungsten Co. Ltd., Class A		24,920		76,070
Xinfengming Group Co. Ltd., Class A		23,016		32,271
Xinjiang Zhongtai Chemical Co. Ltd., Class A		55,600		51,367
Xinxing Ductile Iron Pipes Co. Ltd., Class A		71,350		39,287
Xinyu Iron & Steel Co. Ltd., Class A		58,000		35,476
Yintai Gold Co. Ltd., Class A		47,908		97,224
YongXing Special Materials Technology Co. Ltd., Class A		5,700		85,155
Yunnan Aluminium Co. Ltd., Class A		49,300		74,442
Yunnan Chihong Zinc & Germanium Co. Ltd., Class A		102,500		76,805


	Number of Shares		Value
Materials (Continued)
Yunnan Copper Co. Ltd., Class A		34,800	$	59,115
Yunnan Tin Co. Ltd., Class A		28,830		54,948
Yunnan Yuntianhua Co. Ltd., Class A*		36,700		110,155
Zhejiang Hailiang Co. Ltd., Class A		33,700		58,682
Zhejiang Juhua Co. Ltd., Class A		39,490		94,432
Zhejiang Sanmei Chemical Industry Co. Ltd., Class A		5,960		24,393
Zhejiang Yongtai Technology Co. Ltd., Class A		17,900		65,616
Zibo Qixiang Tengda Chemical Co. Ltd., Class A*		47,621		50,416

(Cost $4,964,331)				5,065,047

Real Estate — 3.3%
Beijing Capital Development Co. Ltd., Class A		35,700		33,843
China Green Electricity Investment of Tianjin Co. Ltd., Class A		16,000		33,197
China Merchants Property Operation & Service Co. Ltd., Class A		12,900		29,090
Financial Street Holdings Co. Ltd., Class A		36,800		32,118
Grandjoy Holdings Group Co. Ltd., Class A*		41,400		24,206
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		36,300		57,697
Jiangsu Zhongnan Construction Group Co. Ltd., Class A*		57,100		22,203
Jinke Properties Group Co. Ltd., Class A*		100,700		34,298
Nanjing Gaoke Co. Ltd., Class A		36,908		38,498
Red Star Macalline Group Corp. Ltd., Class A		13,300		9,117
RiseSun Real Estate Development Co. Ltd., Class A*		63,000		23,156
Shanghai Lingang Holdings Corp. Ltd., Class A		27,600		49,470
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		22,800		32,842
Shanghai Shimao Co. Ltd., Class A*		31,200		13,328
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		24,800		43,255
Suning Universal Co. Ltd., Class A		46,200		23,210
Xiangcai Co. Ltd., Class A		24,000		27,044
Xinhu Zhongbao Co. Ltd., Class A*		124,000		49,273
Yango Group Co. Ltd., Class A*		73,700		23,219
Youngor Group Co. Ltd., Class A		77,200		70,666


	Number of Shares		Value
Real Estate (Continued)
Zhejiang China Commodities City Group Co. Ltd., Class A		79,800	$	50,169
Zhongtian Financial Group Co. Ltd., Class A*		132,100		32,807
Zhuhai Huafa Properties Co. Ltd., Class A		48,940		77,996

(Cost $983,187)				830,702

Utilities — 3.5%
Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A		123,890		50,812
CECEP Wind-Power Corp., Class A		111,930		64,332
Chengdu Xingrong Environment Co. Ltd., Class A		50,300		36,263
Chongqing Gas Group Corp. Ltd., Class A		7,100		8,635
Datang International Power Generation Co. Ltd., Class A*		75,800		32,165
Guangdong Baolihua New Energy Stock Co. Ltd., Class A		64,900		60,235
Guangxi Guiguan Electric Power Co. Ltd., Class A		70,300		61,755
Huadian Power International Corp. Ltd., Class A		92,800		77,702
Hubei Energy Group Co. Ltd., Class A		60,000		37,806
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		90,200		49,411
Jinko Power Technology Co. Ltd., Class A		48,200		35,022
Luenmei Quantum Co. Ltd., Class A		27,450		26,568
Shanghai Electric Power Co. Ltd., Class A*		32,700		48,030
Shenergy Co. Ltd., Class A		68,149		55,611
Shenzhen Energy Group Co. Ltd., Class A		51,260		44,739
Shenzhen Gas Corp. Ltd., Class A		18,700		18,497
Wintime Energy Co. Ltd., Class A*		645,500		150,235
Zhongshan Public Utilities Group Co. Ltd., Class A		24,260		24,685

(Cost $867,327)				882,503

TOTAL COMMON STOCKS (Cost $25,834,062)				25,420,398


TOTAL INVESTMENTS — 99.9% (Cost $25,834,062)			$	25,420,398
Other assets and liabilities, net — 0.1%				29,277

NET ASSETS — 100.0%			$	25,449,675


	Number of Shares		Value
COMMON STOCKS — 48.0%
Communication Services — 9.7%
Autohome, Inc., ADR		182	$	5,442
Baidu, Inc., Class A*		5,631		73,296
Bilibili, Inc., Class Z*		439		7,132
China Literature Ltd., 144A*		1,122		4,003
China Ruyi Holdings Ltd.*(a)		10,742		2,353
China Tower Corp. Ltd., Class H, 144A		111,763		12,027
iQIYI, Inc., ADR*		872		2,590
JOYY, Inc., ADR (a)		119		3,625
Kanzhun Ltd., ADR*		522		9,824
Kingsoft Corp. Ltd.		2,359		7,404
Kuaishou Technology, 144A*		4,442		32,182
NetEase, Inc.		5,036		70,519
Tencent Holdings Ltd.		16,010		589,081
Tencent Music Entertainment Group, ADR*		1,862		13,053
Weibo Corp., ADR*		181		2,885

(Cost $1,200,137)				835,416

Consumer Discretionary — 16.9%
Alibaba Group Holding Ltd.*		37,928		388,245
Alibaba Health Information Technology Ltd.*		11,776		9,640
ANTA Sports Products Ltd.		3,128		36,428
Bosideng International Holdings Ltd.		8,327		4,097
BYD Co. Ltd., Class H		2,103		51,595
China Meidong Auto Holdings Ltd.		1,633		3,088
China Tourism Group Duty Free Corp. Ltd., Class H, 144A*		160		4,022
Chow Tai Fook Jewellery Group Ltd.		4,700		8,225
Dongfeng Motor Group Co. Ltd., Class H		7,939		4,445
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		1,475		6,444
Geely Automobile Holdings Ltd.		15,360		22,394
Great Wall Motor Co. Ltd., Class H		8,252		11,925
Guangzhou Automobile Group Co. Ltd., Class H		7,731		5,507
H World Group Ltd., ADR		497		19,025
Haichang Ocean Park Holdings Ltd., 144A*		7,500		3,104
Haidilao International Holding Ltd., 144A*		2,876		7,045
Haier Smart Home Co. Ltd., Class H		5,837		19,144
JD Health International, Inc., 144A*(a)		2,855		24,909
JD.com, Inc., Class A		5,495		154,033
Jiumaojiu International Holdings Ltd., 144A(a)		1,882		4,726
Koolearn Technology Holding Ltd., 144A*		900		4,727
Li Auto, Inc., Class A*(a)		2,792		27,918
Li Ning Co. Ltd.		6,012		47,176
Meituan, Class B, 144A*		11,245		235,690
Minth Group Ltd.		1,930		5,180
New Oriental Education & Technology Group, Inc.*		3,883		11,143
NIO, Inc., ADR*		3,355		42,877
Pinduoduo, Inc., ADR*		1,289		105,750
Ping An Healthcare and Technology Co. Ltd., 144A*(a)		1,283		3,199
Pop Mart International Group Ltd., 144A(a)		1,441		3,201


	Number of Shares		Value
Consumer Discretionary (Continued)
Shenzhou International Group Holdings Ltd.		2,108	$	18,810
TAL Education Group, ADR*		1,101		6,573
Tongcheng Travel Holdings Ltd.*		3,134		6,697
Topsports International Holdings Ltd., 144A		4,063		2,587
Trip.com Group Ltd., ADR*		1,383		44,187
Vipshop Holdings Ltd., ADR*		1,151		12,834
XPeng, Inc., Class A*(a)		2,162		9,320
Xtep International Holdings Ltd.(a)		3,379		3,801
Yadea Group Holdings Ltd., 144A		2,762		5,195
Yum China Holdings, Inc.		1,087		59,915
Zhongsheng Group Holdings Ltd.		1,566		7,985

(Cost $2,186,953)				1,452,806

Consumer Staples — 1.9%
Anhui Gujing Distillery Co. Ltd., Class B		306		4,477
China Feihe Ltd., 144A		9,366		7,596
China Mengniu Dairy Co. Ltd.*		8,129		36,242
China Resources Beer Holdings Co. Ltd.		4,140		28,403
Dali Foods Group Co. Ltd., 144A		6,297		2,977
Hengan International Group Co. Ltd.		1,716		7,903
Nongfu Spring Co. Ltd., Class H, 144A(a)		4,592		26,532
Smoore International Holdings Ltd., 144A(a)		4,590		7,021
Tingyi Cayman Islands Holding Corp.		5,240		8,566
Tsingtao Brewery Co. Ltd., Class H		1,588		14,831
Uni-President China Holdings Ltd.		3,972		3,481
Vinda International Holdings Ltd.(a)		923		2,401
Want Want China Holdings Ltd.		12,768		8,670
Yihai International Holding Ltd.*		1,237		3,835

(Cost $180,526)				162,935

Energy — 1.2%
China Coal Energy Co. Ltd., Class H		5,241		4,808
China Oilfield Services Ltd., Class H		4,969		6,232
China Petroleum & Chemical Corp., Class H		64,291		30,228
China Shenhua Energy Co. Ltd., Class H		8,680		26,689
PetroChina Co. Ltd., Class H		53,923		24,456
Yankuang Energy Group Co. Ltd., Class H		3,879		12,846

(Cost $101,425)				105,259

Financials — 7.5%
360 DigiTech, Inc., ADR		341		5,350
Agricultural Bank of China Ltd., Class H		75,156		25,034
Bank of China Ltd., Class H		203,074		72,067
Bank of Communications Co. Ltd., Class H		22,989		12,989
China Cinda Asset Management Co. Ltd., Class H		23,162		3,027
China CITIC Bank Corp. Ltd., Class H		23,619		10,470
China Construction Bank Corp., Class H		245,663		148,238
China Everbright Bank Co. Ltd., Class H		9,978		2,966
China Galaxy Securities Co. Ltd., Class H		9,209		4,554
China International Capital Corp. Ltd., Class H, 144A		3,949		7,356
China Life Insurance Co. Ltd., Class H		19,150		29,097
China Merchants Bank Co. Ltd., Class H		10,035		50,397


	Number of Shares		Value
Financials (Continued)
China Minsheng Banking Corp. Ltd., Class H(a)		15,297	$	5,272
China Pacific Insurance Group Co. Ltd., Class H		6,925		15,632
China Taiping Insurance Holdings Co. Ltd.		4,280		4,343
CITIC Securities Co. Ltd., Class H		5,348		10,661
Far East Horizon Ltd.		4,654		3,536
GF Securities Co. Ltd., Class H		2,905		4,213
Haitong Securities Co. Ltd., Class H		8,031		4,939
Huatai Securities Co. Ltd., Class H, 144A		3,828		4,419
Industrial & Commercial Bank of China Ltd., Class H		144,207		72,237
Lufax Holding Ltd., ADR		1,754		3,262
New China Life Insurance Co. Ltd., Class H		2,487		5,805
People’s Insurance Co. Group of China Ltd., Class H		21,937		7,363
PICC Property & Casualty Co. Ltd., Class H		17,627		17,750
Ping An Insurance Group Co. of China Ltd., Class H		16,157		98,840
Postal Savings Bank of China Co. Ltd., Class H, 144A		20,860		12,507
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		1,812		4,666

(Cost $911,246)				646,990

Health Care — 2.7%
3SBio, Inc., 144A		4,044		4,274
BeiGene Ltd.*(a)		1,586		23,428
China Medical System Holdings Ltd.		3,674		5,328
China Resources Pharmaceutical Group Ltd., 144A		3,500		2,870
China Traditional Chinese Medicine Holdings Co. Ltd.		5,879		2,930
CSPC Pharmaceutical Group Ltd.		23,007		29,446
Genscript Biotech Corp.*		3,114		7,883
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A		361		3,408
Hansoh Pharmaceutical Group Co. Ltd., 144A		3,058		5,783
HUTCHMED China Ltd.*(a)		1,085		2,982
Hygeia Healthcare Holdings Co. Ltd., 144A*		886		5,545
Innovent Biologics, Inc., 144A*		2,642		10,374
Legend Biotech Corp., ADR*		145		7,469
Microport Scientific Corp.*		1,687		3,951
Pharmaron Beijing Co. Ltd., Class H, 144A		525		2,986
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		5,882		8,545
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		1,421		4,697
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		2,017		3,344
Sino Biopharmaceutical Ltd.		27,491		16,131
Sinopharm Group Co. Ltd., Class H		3,524		8,325
WuXi AppTec Co. Ltd., Class H, 144A		906		8,914
Wuxi Biologics Cayman, Inc., 144A*		9,151		58,795
Zai Lab Ltd., ADR*(a)		212		8,175

(Cost $241,879)				235,583


	Number of Shares		Value
Industrials — 1.8%
Air China Ltd., Class H*		4,793	$	3,807
AviChina Industry & Technology Co. Ltd., Class H		6,585		3,088
Beijing Capital International Airport Co. Ltd., Class H*		4,795		3,090
BOC Aviation Ltd., 144A		547		4,292
China Communications Services Corp. Ltd., Class H		6,281		2,157
China Conch Venture Holdings Ltd.		4,380		9,955
China Everbright Environment Group Ltd.		9,775		4,471
China Lesso Group Holdings Ltd.		2,852		3,468
China Merchants Port Holdings Co. Ltd.		3,382		4,913
China Railway Group Ltd., Class H		10,609		5,967
China Southern Airlines Co. Ltd., Class H*		4,449		2,633
China State Construction International Holdings Ltd.		5,342		6,399
CITIC Ltd.		15,281		15,642
COSCO SHIPPING Holdings Co. Ltd., Class H		8,399		9,071
COSCO SHIPPING Ports Ltd.		4,789		3,614
CRRC Corp. Ltd., Class H		11,391		4,670
Fosun International Ltd.		6,571		5,001
Haitian International Holdings Ltd.		1,692		4,357
Jiangsu Expressway Co. Ltd., Class H		3,209		2,894
Orient Overseas International Ltd.		338		6,331
Sany Heavy Equipment International Holdings Co. Ltd.		3,300		3,513
Shenzhen International Holdings Ltd.		3,180		2,925
Weichai Power Co. Ltd., Class H		5,168		6,833
Xinjiang Goldwind Science & Technology Co. Ltd., Class H(a)		1,604		1,724
Zhejiang Expressway Co. Ltd., Class H		3,794		2,819
Zhuzhou CRRC Times Electric Co. Ltd.		1,243		5,717
ZTO Express Cayman, Inc., ADR(a)		1,076		26,975

(Cost $194,483)				156,326

Information Technology — 2.2%
AAC Technologies Holdings, Inc.*(a)		1,917		4,411
BYD Electronic International Co. Ltd.		1,737		5,652
Chinasoft International Ltd.*		7,176		6,095
Daqo New Energy Corp., ADR*		151		8,593
Flat Glass Group Co. Ltd., Class H		1,196		3,088
GCL Technology Holdings Ltd.*		50,000		15,630
GDS Holdings Ltd., Class A*		1,936		3,358
Hua Hong Semiconductor Ltd., 144A*		1,381		4,759
Kingboard Holdings Ltd.		1,712		5,615
Kingboard Laminates Holdings Ltd.		2,458		2,576
Kingdee International Software Group Co. Ltd.*		6,838		11,284
Lenovo Group Ltd.		18,976		15,997
Shanghai Fudan Microelectronics Group Co. Ltd., Class H		600		2,802
Sunny Optical Technology Group Co. Ltd.		1,822		21,218
TravelSky Technology Ltd., Class H		2,500		5,029
Xiaomi Corp., Class B, 144A*		39,285		51,940
Xinyi Solar Holdings Ltd.		12,842		14,824
ZTE Corp., Class H		1,931		4,191

(Cost $219,091)				187,062


	Number of Shares		Value
Materials — 1.0%
Aluminum Corp. of China Ltd., Class H		10,485	$	4,393
Anhui Conch Cement Co. Ltd., Class H		3,285		11,889
China Hongqiao Group Ltd.		6,020		5,576
China National Building Material Co. Ltd., Class H		9,961		8,754
China Resources Cement Holdings Ltd.		6,419		3,462
CMOC Group Ltd., Class H		9,155		4,234
Dongyue Group Ltd.		3,220		3,544
Ganfeng Lithium Group Co. Ltd., Class H, 144A		928		8,061
Jiangxi Copper Co. Ltd., Class H		2,915		4,220
Nine Dragons Paper Holdings Ltd.		4,347		3,447
Shandong Gold Mining Co. Ltd., Class H, 144A		1,792		3,499
Zhaojin Mining Industry Co. Ltd., Class H*		3,019		3,346
Zijin Mining Group Co. Ltd., Class H		14,658		19,042

(Cost $78,836)				83,467

Real Estate — 1.9%
C&D International Investment Group Ltd.		1,500		3,521
China Evergrande Group*(b)		8,413		0
China Jinmao Holdings Group Ltd.		17,308		4,058
China Overseas Land & Investment Ltd.		9,766		26,400
China Overseas Property Holdings Ltd.		2,910		3,217
China Resources Land Ltd.		8,336		38,447
China Resources Mixc Lifestyle Services Ltd., 144A		1,593		7,541
China Vanke Co. Ltd., Class H		4,259		8,763
Country Garden Holdings Co. Ltd.(a)		21,279		8,206
Country Garden Services Holdings Co. Ltd.		5,266		12,899
Greentown China Holdings Ltd.		2,390		4,060
Greentown Service Group Co. Ltd.		4,359		2,982
Hopson Development Holdings Ltd.		206		234
KE Holdings, Inc., ADR*		1,702		28,798
Longfor Group Holdings Ltd., 144A		4,820		14,542
Shimao Group Holdings Ltd.*(a)(b)		4,310		0
Sunac China Holdings Ltd.*(b)		7,560		0
Yuexiu Property Co. Ltd.		3,660		4,614

(Cost $307,799)				168,282

Utilities — 1.2%
Beijing Enterprises Holdings Ltd.		1,326		4,196
Beijing Enterprises Water Group Ltd.		11,993		3,181


	Number of Shares		Value
Utilities (Continued)
CGN Power Co. Ltd., Class H, 144A		24,574	$	5,950
China Gas Holdings Ltd.		7,997		10,153
China Longyuan Power Group Corp. Ltd., Class H		8,772		10,699
China Power International Development Ltd.		13,822		5,312
China Resources Gas Group Ltd.		2,456		8,653
China Resources Power Holdings Co. Ltd.		5,151		9,490
ENN Energy Holdings Ltd.		2,036		28,562
Guangdong Investment Ltd.		7,782		7,138
Huaneng Power International, Inc., Class H*(a)		9,334		4,305
Kunlun Energy Co. Ltd.		10,234		7,867

(Cost $122,342)				105,506

TOTAL COMMON STOCKS (Cost $5,744,717)				4,139,632

EXCHANGE-TRADED FUNDS — 51.6%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF(c)		12,618		405,543
Xtrackers MSCI China A Inclusion Equity ETF(c)		181,353		4,036,954

TOTAL EXCHANGE-TRADED FUNDS (Cost $5,354,982)				4,442,497

SECURITIES LENDING COLLATERAL — 0.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69%(d)(e) (Cost $40,230)		40,230		40,230

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 3.74%(d) (Cost $22,425)		22,425		22,425


TOTAL INVESTMENTS — 100.3% (Cost $11,162,354)			$	8,644,784
Other assets and liabilities, net — (0.3%)				(27,540	)

NET ASSETS — 100.0%			$	8,617,244

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2022 is as follows:

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


	Number of Shares		Value
COMMON STOCKS — 99.2%
Communication Services — 1.1%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		2,300	$	5,740
Beijing Enlight Media Co. Ltd., Class A		2,500		2,922
China United Network Communications Ltd., Class A		32,700		20,358
Focus Media Information Technology Co. Ltd., Class A		13,223		11,182
G-bits Network Technology Xiamen Co. Ltd., Class A		100		4,594
Mango Excellent Media Co. Ltd., Class A		1,900		6,754
Perfect World Co. Ltd., Class A		2,100		4,029
Zhejiang Century Huatong Group Co. Ltd., Class A*		8,220		4,572

(Cost $66,632)				60,151

Consumer Discretionary — 6.3%
Beijing Roborock Technology Co. Ltd., Class A		100		3,655
Bethel Automotive Safety Systems Co. Ltd., Class A		400		4,790
BTG Hotels Group Co. Ltd., Class A		1,000		3,430
BYD Co. Ltd., Class A		1,798		65,873
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		300		5,590
China Tourism Group Duty Free Corp. Ltd., Class A		1,943		54,168
Chongqing Changan Automobile Co. Ltd., Class A		8,762		16,637
Ecovacs Robotics Co. Ltd., Class A		500		5,085
FAW Jiefang Group Co. Ltd., Class A		3,200		3,655
Fuyao Glass Industry Group Co. Ltd., Class A		2,009		10,531
Great Wall Motor Co. Ltd., Class A		2,300		10,384
Gree Electric Appliances, Inc. of Zhuhai, Class A		2,800		12,716
Guangzhou Automobile Group Co. Ltd., Class A		4,900		8,522
Haier Smart Home Co. Ltd., Class A		6,400		22,163
Hangzhou Robam Appliances Co. Ltd., Class A		1,100		4,034
Huayu Automotive Systems Co. Ltd., Class A		3,300		8,600
Huizhou Desay Sv Automotive Co. Ltd., Class A		600		9,317
Jason Furniture Hangzhou Co. Ltd., Class A		910		4,625
Ningbo Joyson Electronic Corp., Class A*		1,300		2,742
Ningbo Tuopu Group Co. Ltd., Class A		1,200		11,433
Oppein Home Group, Inc., Class A		540		8,309
SAIC Motor Corp. Ltd., Class A		8,127		17,416
Sailun Group Co. Ltd., Class A		3,300		4,444
Shandong Linglong Tyre Co. Ltd., Class A		1,700		4,821
Shanghai Jinjiang International Hotels Co. Ltd., Class A		900		7,052
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		3,700		3,803
Shenzhen Kedali Industry Co. Ltd., Class A		200		2,720


	Number of Shares		Value
Consumer Discretionary (Continued)
Shenzhen Overseas Chinese Town Co. Ltd., Class A		8,300	$	6,855
Songcheng Performance Development Co. Ltd., Class A		2,843		5,695
TCL Technology Group Corp., Class A		12,500		7,094
Wuchan Zhongda Group Co. Ltd., Class A		5,500		3,533
Zhejiang Supor Co. Ltd., Class A		500		3,235

(Cost $252,018)				342,927

Consumer Staples — 14.9%
Angel Yeast Co. Ltd., Class A		1,000		6,155
Anhui Gujing Distillery Co. Ltd., Class A		400		13,457
Anhui Kouzi Distillery Co. Ltd., Class A		700		4,645
Anhui Yingjia Distillery Co. Ltd., Class A		700		4,724
Anjoy Foods Group Co. Ltd., Class A		300		6,692
Beijing Dabeinong Technology Group Co. Ltd., Class A*		4,200		5,526
Beijing Yanjing Brewery Co. Ltd., Class A		2,300		3,325
By-health Co. Ltd., Class A		1,800		5,057
Chacha Food Co. Ltd., Class A		200		1,317
Chongqing Brewery Co. Ltd., Class A		500		7,764
Chongqing Fuling Zhacai Group Co. Ltd., Class A		900		3,211
DaShenLin Pharmaceutical Group Co. Ltd., Class A		936		5,577
Foshan Haitian Flavouring & Food Co. Ltd., Class A		3,893		38,669
Fujian Sunner Development Co. Ltd., Class A		1,400		4,953
Guangdong Haid Group Co. Ltd., Class A		1,700		13,576
Heilongjiang Agriculture Co. Ltd., Class A		2,000		4,122
Henan Shuanghui Investment & Development Co. Ltd., Class A		3,600		12,838
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		6,213		25,304
Jiangsu King’s Luck Brewery JSC Ltd., Class A		1,300		7,704
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		1,524		30,417
JiuGui Liquor Co. Ltd., Class A		300		5,022
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		800		4,173
Juewei Food Co. Ltd., Class A		600		4,844
Kweichow Moutai Co. Ltd., Class A		1,250		282,168
Luzhou Laojiao Co. Ltd., Class A		1,506		39,547
Muyuan Foods Co. Ltd., Class A		5,485		37,222
New Hope Liuhe Co. Ltd., Class A*		4,072		7,829
Proya Cosmetics Co. Ltd., Class A		140		3,352
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		1,092		5,596
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		1,274		46,051
Sichuan Swellfun Co. Ltd., Class A		500		4,426
Toly Bread Co. Ltd., Class A		1,596		2,949
Tongwei Co. Ltd., Class A		4,400		26,909
Tsingtao Brewery Co. Ltd., Class A		700		10,010
Wens Foodstuffs Group Co. Ltd., Class A		6,744		17,099


	Number of Shares		Value
Consumer Staples (Continued)
Wuliangye Yibin Co. Ltd., Class A		3,954	$	87,558
Yifeng Pharmacy Chain Co. Ltd., Class A		786		7,224
Yihai Kerry Arawana Holdings Co. Ltd., Class A		1,500		8,735
Yuan Longping High-tech Agriculture Co. Ltd., Class A*		1,200		2,670
Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		300		5,367

(Cost $475,067)				813,784

Energy — 3.3%
China Merchants Energy Shipping Co. Ltd., Class A		8,100		7,513
China Petroleum & Chemical Corp., Class A		33,150		21,200
China Shenhua Energy Co. Ltd., Class A		6,800		29,327
COSCO SHIPPING Energy Transportation Co. Ltd., Class A*		3,600		7,816
Guanghui Energy Co. Ltd., Class A		7,200		10,876
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		1,800		3,418
Jizhong Energy Resources Co. Ltd., Class A		3,300		3,238
Offshore Oil Engineering Co. Ltd., Class A		3,900		3,149
PetroChina Co. Ltd., Class A		21,235		15,708
Pingdingshan Tianan Coal Mining Co. Ltd., Class A		2,200		3,826
Shaanxi Coal Industry Co. Ltd., Class A		9,799		27,902
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		2,200		5,246
Shanxi Coking Coal Energy Group Co. Ltd., Class A		4,600		8,546
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		3,200		8,615
Yankuang Energy Group Co. Ltd., Class A		2,700		15,468
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		1,100		4,853

(Cost $116,173)				176,701

Financials — 17.9%
Agricultural Bank of China Ltd., Class A		86,717		35,257
AVIC Industry-Finance Holdings Co. Ltd., Class A		9,710		4,674
Bank of Beijing Co. Ltd., Class A		21,314		12,908
Bank of Changsha Co. Ltd., Class A		3,800		3,707
Bank of Chengdu Co. Ltd., Class A		3,750		8,126
Bank of China Ltd., Class A		36,112		16,059
Bank of Communications Co. Ltd., Class A		39,838		26,545
Bank of Hangzhou Co. Ltd., Class A		6,240		11,646
Bank of Jiangsu Co. Ltd., Class A		15,299		16,004
Bank of Nanjing Co. Ltd., Class A		10,600		15,518
Bank of Ningbo Co. Ltd., Class A		6,455		29,261
Bank of Shanghai Co. Ltd., Class A		14,135		11,913
Bank of Suzhou Co. Ltd., Class A		3,400		3,710
BOC International China Co. Ltd., Class A		2,800		4,451
Caitong Securities Co. Ltd., Class A		4,810		5,140
Changjiang Securities Co. Ltd., Class A		5,600		4,443
China Construction Bank Corp., Class A		9,700		7,655
China Everbright Bank Co. Ltd., Class A		43,631		18,417


	Number of Shares		Value
Financials (Continued)
China Galaxy Securities Co. Ltd., Class A		4,700	$	6,582
China Great Wall Securities Co. Ltd., Class A		2,700		3,324
China International Capital Corp. Ltd., Class A		1,200		6,503
China Life Insurance Co. Ltd., Class A		2,814		14,361
China Merchants Bank Co. Ltd., Class A		20,743		102,374
China Merchants Securities Co. Ltd., Class A		7,731		14,734
China Minsheng Banking Corp. Ltd., Class A		37,671		18,720
China Pacific Insurance Group Co. Ltd., Class A		6,677		22,943
China Zheshang Bank Co. Ltd., Class A*		16,300		6,788
Chongqing Rural Commercial Bank Co. Ltd., Class A		9,300		4,753
CITIC Securities Co. Ltd., Class A		12,093		33,837
CSC Financial Co. Ltd., Class A		4,200		14,568
Dongxing Securities Co. Ltd., Class A		3,100		3,610
East Money Information Co. Ltd., Class A		13,508		35,279
Everbright Securities Co. Ltd., Class A		4,237		9,672
First Capital Securities Co. Ltd., Class A		4,000		3,388
Founder Securities Co. Ltd., Class A		8,700		8,327
GF Securities Co. Ltd., Class A		5,900		13,335
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A		3,867		3,494
Guolian Securities Co. Ltd., Class A		2,100		3,261
Guosen Securities Co. Ltd., Class A		6,700		8,636
Guotai Junan Securities Co. Ltd., Class A		7,851		15,506
Guoyuan Securities Co. Ltd., Class A		4,690		4,602
Haitong Securities Co. Ltd., Class A		8,914		11,250
Hithink RoyalFlush Information Network Co. Ltd., Class A		600		8,518
Huatai Securities Co. Ltd., Class A		6,880		12,694
Huaxi Securities Co. Ltd., Class A		2,800		3,372
Huaxia Bank Co. Ltd., Class A		12,598		9,319
Industrial & Commercial Bank of China Ltd., Class A		63,333		38,446
Industrial Bank Co. Ltd., Class A		21,185		52,936
Industrial Securities Co. Ltd., Class A*		6,620		5,682
Nanjing Securities Co. Ltd., Class A		4,200		5,058
New China Life Insurance Co. Ltd., Class A		1,964		7,952
Orient Securities Co. Ltd., Class A		7,585		9,562
People’s Insurance Co. Group of China Ltd., Class A		7,200		5,509
Ping An Bank Co. Ltd., Class A		19,866		36,543
Ping An Insurance Group Co. of China Ltd., Class A		10,809		68,590
Postal Savings Bank of China Co. Ltd., Class A		26,700		16,811
Sealand Securities Co. Ltd., Class A		5,260		2,591
Shanghai Pudong Development Bank Co. Ltd., Class A		30,327		30,911
Shanghai Rural Commercial Bank Co. Ltd., Class A		9,400		7,843
Shanxi Securities Co. Ltd., Class A		3,680		2,899
Shenwan Hongyuan Group Co. Ltd., Class A		23,695		13,815


	Number of Shares		Value
Financials (Continued)
Sinolink Securities Co. Ltd., Class A		3,200	$	4,084
SooChow Securities Co. Ltd., Class A		5,373		5,241
Southwest Securities Co. Ltd., Class A		7,200		4,066
Western Securities Co. Ltd., Class A		4,600		4,163
Zheshang Securities Co. Ltd., Class A		4,100		6,187
Zhongtai Securities Co. Ltd., Class A		6,200		6,031

(Cost $1,007,304)				974,104

Health Care — 9.1%
Aier Eye Hospital Group Co. Ltd., Class A		7,168		27,423
Apeloa Pharmaceutical Co. Ltd., Class A		1,300		3,781
Asymchem Laboratories Tianjin Co. Ltd., Class A		320		6,061
Beijing Tiantan Biological Products Corp. Ltd., Class A		1,608		5,033
Beijing Tongrentang Co. Ltd., Class A		1,400		9,714
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		580		13,331
Betta Pharmaceuticals Co. Ltd., Class A		400		2,856
BGI Genomics Co. Ltd., Class A		400		3,390
Bloomage Biotechnology Corp. Ltd., Class A		303		4,637
Changchun High & New Technology Industry Group, Inc., Class A		400		9,549
China Meheco Co. Ltd., Class A		1,400		3,324
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		1,075		8,987
Chongqing Zhifei Biological Products Co. Ltd., Class A		1,600		20,433
Daan Gene Co. Ltd., Class A		1,496		3,787
Dong-E-E-Jiao Co. Ltd., Class A		500		2,735
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		1,500		6,207
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		500		4,814
Hangzhou Tigermed Consulting Co. Ltd., Class A		450		5,629
Huadong Medicine Co. Ltd., Class A		1,860		10,824
Hualan Biological Engineering, Inc., Class A		1,840		5,315
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		900		4,157
Humanwell Healthcare Group Co. Ltd., Class A		1,700		5,388
Imeik Technology Development Co. Ltd., Class A		200		13,541
Jafron Biomedical Co. Ltd., Class A		950		4,247
Jiangsu Hengrui Medicine Co. Ltd., Class A		6,276		35,289
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		1,200		6,227
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		1,300		2,235
Joinn Laboratories China Co. Ltd., Class A		420		3,447
Jointown Pharmaceutical Group Co. Ltd., Class A		1,500		2,857
Kangmei Pharmaceutical Co. Ltd., Class A*		12,413		4,714


	Number of Shares		Value
Health Care (Continued)
Lepu Medical Technology Beijing Co. Ltd., Class A		2,000	$	6,395
Livzon Pharmaceutical Group, Inc., Class A		600		3,203
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*		4,132		3,109
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		1,623		4,021
Ovctek China, Inc., Class A		860		3,824
Pharmaron Beijing Co. Ltd., Class A		1,050		9,505
Porton Pharma Solutions Ltd., Class A		500		2,948
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		1,238		3,959
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		2,200		11,522
Shanghai Junshi Biosciences Co. Ltd., Class A*		745		6,952
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		2,800		7,649
Shanghai RAAS Blood Products Co. Ltd., Class A		7,400		5,787
Shenzhen Kangtai Biological Products Co. Ltd., Class A		1,120		5,439
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,200		54,989
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		700		4,858
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		1,200		5,878
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		1,780		11,283
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		1,600		5,326
Topchoice Medical Corp., Class A*		300		5,358
Walvax Biotechnology Co. Ltd., Class A		1,700		10,145
WuXi AppTec Co. Ltd., Class A		2,636		29,026
Yunnan Baiyao Group Co. Ltd., Class A		1,778		14,202
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		596		21,451
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		1,420		4,069
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		900		5,031
Zhejiang NHU Co. Ltd., Class A		3,264		9,077
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		500		3,574

(Cost $421,029)				498,512

Industrials — 16.4%
AECC Aero-Engine Control Co. Ltd., Class A		1,500		5,722
AECC Aviation Power Co. Ltd., Class A		2,700		17,377
Air China Ltd., Class A*		6,700		9,894
AVIC Electromechanical Systems Co. Ltd., Class A		4,200		6,570
AVICOPTER PLC, Class A		700		4,741
Beijing Easpring Material Technology Co. Ltd., Class A		500		4,325


	Number of Shares		Value
Industrials (Continued)
Beijing New Building Materials PLC, Class A		1,700	$	6,297
Beijing Originwater Technology Co. Ltd., Class A		3,700		2,664
Beijing United Information Technology Co. Ltd., Class A		535		7,789
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		40,300		28,048
China Baoan Group Co. Ltd., Class A		2,700		4,993
China CSSC Holdings Ltd., Class A		4,400		15,585
China Eastern Airlines Corp. Ltd., Class A*		9,100		6,873
China Energy Engineering Corp. Ltd., Class A		33,700		11,656
China National Chemical Engineering Co. Ltd., Class A		5,200		6,181
China Railway Group Ltd., Class A		20,500		17,017
China Southern Airlines Co. Ltd., Class A*		10,800		11,359
China State Construction Engineering Corp. Ltd., Class A		42,400		35,196
Contemporary Amperex Technology Co. Ltd., Class A		2,400		130,443
COSCO SHIPPING Development Co. Ltd., Class A		10,800		3,995
COSCO SHIPPING Holdings Co. Ltd., Class A		12,850		22,912
CRRC Corp. Ltd., Class A		23,100		17,479
Dajin Heavy Industry Co. Ltd., Class A		500		3,083
Daqin Railway Co. Ltd., Class A		14,200		13,732
Dongfang Electric Corp. Ltd., Class A		3,000		10,232
Eve Energy Co. Ltd., Class A		1,962		22,975
Fangda Carbon New Material Co. Ltd., Class A*		4,273		3,885
Gaona Aero Material Co. Ltd., Class A		500		3,367
Ginlong Technologies Co. Ltd., Class A*		350		9,769
Gotion High-tech Co. Ltd., Class A		1,800		8,131
Guangdong Kinlong Hardware Products Co. Ltd., Class A		300		4,402
Guangzhou Great Power Energy & Technology Co. Ltd., Class A		400		4,304
Hongfa Technology Co. Ltd., Class A		420		2,058
Jiangsu Hengli Hydraulic Co. Ltd., Class A		1,308		12,145
Jiangsu Zhongtian Technology Co. Ltd., Class A		3,700		8,718
Jiangxi Special Electric Motor Co. Ltd., Class A*		1,700		4,879
Juneyao Airlines Co. Ltd., Class A*		1,800		3,997
Keda Industrial Group Co. Ltd., Class A		1,800		4,063
Kuang-Chi Technologies Co. Ltd., Class A*		2,200		5,448
Liaoning Port Co. Ltd., Class A		14,800		3,427
Luoyang Xinqianglian Slewing Bearing Co. Ltd., Class A		340		3,134
Metallurgical Corp. of China Ltd., Class A		19,214		9,033
Ming Yang Smart Energy Group Ltd., Class A		2,200		8,314
NARI Technology Co. Ltd., Class A		6,840		25,656
Ningbo Deye Technology Co. Ltd., Class A		200		10,249
Ningbo Orient Wires & Cables Co. Ltd., Class A		700		7,012


	Number of Shares		Value
Industrials (Continued)
Ningbo Ronbay New Energy Technology Co. Ltd., Class A		469	$	5,113
North Industries Group Red Arrow Co. Ltd., Class A		1,400		4,229
Power Construction Corp. of China Ltd., Class A		14,500		15,639
Pylon Technologies Co. Ltd., Class A		159		7,362
Riyue Heavy Industry Co. Ltd., Class A		600		1,678
Sany Heavy Industry Co. Ltd., Class A		8,150		18,305
SF Holding Co. Ltd., Class A		5,000		37,411
Shanghai Construction Group Co. Ltd., Class A		8,700		3,427
Shanghai Electric Group Co. Ltd., Class A*		13,700		8,200
Shanghai International Airport Co. Ltd., Class A*		1,295		10,143
Shanghai International Port Group Co. Ltd., Class A		10,000		7,694
Shanghai M&G Stationery, Inc., Class A		900		6,071
Shenzhen Inovance Technology Co. Ltd., Class A		2,700		26,781
Shenzhen Kstar Science And Technology Co. Ltd., Class A		600		4,333
Sichuan New Energy Power Co. Ltd.*		1,600		4,703
Sichuan Road and Bridge Group Co. Ltd., Class A		5,200		8,611
Sieyuan Electric Co. Ltd., Class A		800		4,271
Sungrow Power Supply Co. Ltd., Class A		1,500		24,352
Sunwoda Electronic Co. Ltd., Class A		1,800		6,149
Suzhou Maxwell Technologies Co. Ltd., Class A		160		9,713
TBEA Co. Ltd., Class A		3,481		10,566
Titan Wind Energy Suzhou Co. Ltd., Class A		1,800		3,598
Weichai Power Co. Ltd., Class A		6,900		10,452
Wuxi Shangji Automation Co. Ltd., Class A		420		6,902
XCMG Construction Machinery Co. Ltd., Class A		11,749		8,741
Xiamen C & D, Inc., Class A		3,200		7,034
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		3,743		6,082
YTO Express Group Co. Ltd., Class A		3,700		10,144
Yunda Holding Co. Ltd., Class A		3,210		5,574
Zhefu Holding Group Co. Ltd., Class A		6,000		3,490
Zhejiang Chint Electrics Co. Ltd., Class A		2,217		9,001
Zhejiang Dingli Machinery Co. Ltd., Class A		580		4,158
Zhejiang HangKe Technology, Inc. Co., Class A		441		2,854
Zhejiang Weiming Environment Protection Co. Ltd., Class A		1,590		4,579
Zhejiang Weixing New Building Materials Co. Ltd., Class A		1,700		5,210
Zhuzhou CRRC Times Electric Co. Ltd., Class A		524		4,117
Zhuzhou Kibing Group Co. Ltd., Class A		3,000		4,184
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		7,750		6,389

(Cost $671,362)				896,389


	Number of Shares		Value
Information Technology — 12.7%
360 Security Technology, Inc., Class A		7,700	$	7,490
Advanced Micro-Fabrication Equipment Inc China, Class A*		649		9,015
Amlogic Shanghai Co. Ltd., Class A*		386		4,115
Avary Holding Shenzhen Co. Ltd., Class A		2,000		8,188
Beijing Kingsoft Office Software, Inc., Class A		421		15,202
Beijing Shiji Information Technology Co. Ltd., Class A		1,736		3,637
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A		200		2,922
BOE Technology Group Co. Ltd., Class A		37,702		19,054
Chaozhou Three-Circle Group Co. Ltd., Class A		1,758		7,490
China Greatwall Technology Group Co. Ltd., Class A		3,400		5,736
China National Software & Service Co. Ltd., Class A		600		5,480
China Railway Signal & Communication Corp. Ltd., Class A		7,720		5,122
China Resources Microelectronics Ltd., Class A		1,151		8,628
China Zhenhua Group Science & Technology Co. Ltd., Class A		500		8,058
DHC Software Co. Ltd., Class A		2,500		2,100
Flat Glass Group Co. Ltd., Class A		1,700		8,445
Foxconn Industrial Internet Co. Ltd., Class A		10,200		13,176
GCL System Integration Technology Co. Ltd., Class A*		6,100		2,781
GigaDevice Semiconductor, Inc., Class A		712		10,131
GoerTek, Inc., Class A		3,577		9,160
GRG Banking Equipment Co. Ltd., Class A		2,600		3,685
Guangzhou Haige Communications Group, Inc. Co., Class A		1,800		2,201
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		700		6,061
Hangzhou Chang Chuan Technology Co. Ltd., Class A		600		4,884
Hangzhou First Applied Material Co. Ltd., Class A		1,344		11,401
Hangzhou Lion Electronics Co. Ltd., Class A		700		4,582
Hangzhou Silan Microelectronics Co. Ltd., Class A		1,400		7,234
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		1,600		4,414
Hengtong Optic-electric Co. Ltd., Class A		2,300		5,325
Huagong Tech Co. Ltd., Class A		1,200		2,943
Hundsun Technologies, Inc., Class A		1,946		10,978
Iflytek Co. Ltd., Class A		2,434		11,082
Ingenic Semiconductor Co. Ltd., Class A		500		5,571
Inspur Electronic Information Industry Co. Ltd., Class A		1,288		4,037
JA Solar Technology Co. Ltd., Class A		2,380		19,555
JCET Group Co. Ltd., Class A		1,800		6,353
Lens Technology Co. Ltd., Class A		5,400		8,104


	Number of Shares		Value
Information Technology (Continued)
Lingyi iTech Guangdong Co., Class A*		7,700	$	5,348
LONGi Green Energy Technology Co. Ltd., Class A		7,603		49,137
Luxshare Precision Industry Co. Ltd., Class A		7,033		30,689
Maxscend Microelectronics Co. Ltd., Class A		512		8,320
Montage Technology Co. Ltd., Class A		1,184		11,247
National Silicon Industry Group Co. Ltd., Class A*		2,245		6,104
NAURA Technology Group Co. Ltd., Class A		500		15,733
NavInfo Co. Ltd., Class A		2,200		3,659
Ninestar Corp., Class A		1,500		11,441
OFILM Group Co. Ltd., Class A*		3,500		2,520
Raytron Technology Co. Ltd., Class A		495		2,830
Sangfor Technologies, Inc., Class A		400		6,337
SG Micro Corp., Class A		375		9,370
Shanghai Baosight Software Co. Ltd., Class A		1,351		7,511
Shanghai Friendess Electronic Technology Corp. Ltd., Class A		128		4,200
Shanghai Fudan Microelectronics Group Co. Ltd., Class A		500		5,377
Shengyi Technology Co. Ltd., Class A		2,600		5,539
Shennan Circuits Co. Ltd., Class A		580		6,184
Shenzhen SC New Energy Technology Corp., Class A		300		5,442
Shenzhen Sunlord Electronics Co. Ltd., Class A		800		2,864
Shenzhen Transsion Holdings Co. Ltd., Class A		696		7,638
StarPower Semiconductor Ltd., Class A		200		9,543
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		1,800		6,581
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		3,400		19,953
Thunder Software Technology Co. Ltd., Class A		400		6,466
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		800		4,197
Tianma Microelectronics Co. Ltd., Class A		2,500		3,233
Tianshui Huatian Technology Co. Ltd., Class A		3,200		3,980
TongFu Microelectronics Co. Ltd., Class A*		1,200		2,936
Trina Solar Co. Ltd., Class A		2,171		19,768
Unigroup Guoxin Microelectronics Co. Ltd., Class A		839		15,574
Unisplendour Corp. Ltd., Class A		3,008		8,017
Westone Information Industry, Inc., Class A		800		3,979
Will Semiconductor Co. Ltd., Class A		1,215		13,943
Wingtech Technology Co. Ltd., Class A		1,264		9,829
Wuhan DR Laser Technology Corp. Ltd., Class A		200		3,728
Wuhan Guide Infrared Co. Ltd., Class A		3,323		5,503
WUS Printed Circuit Kunshan Co. Ltd., Class A		2,210		3,956


	Number of Shares		Value
Information Technology (Continued)
Xiamen Faratronic Co. Ltd., Class A		200	$	4,461
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A		500		3,997
Yealink Network Technology Corp. Ltd., Class A		900		8,086
Yonyou Network Technology Co. Ltd., Class A		3,626		11,727
Zhejiang Dahua Technology Co. Ltd., Class A		3,200		5,367
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		1,300		11,837
Zhejiang Supcon Technology Co. Ltd., Class A		400		5,135
Zhongji Innolight Co. Ltd., Class A		800		3,233
Zhuzhou Hongda Electronics Corp. Ltd., Class A		400		2,512
ZTE Corp., Class A		4,200		14,527

(Cost $638,357)				693,898

Materials — 12.3%
Aluminum Corp. of China Ltd., Class A		13,408		8,461
Anhui Conch Cement Co. Ltd., Class A		4,064		16,403
Anhui Honglu Steel Construction Group Co. Ltd., Class A		780		3,699
Asia — Potash International Investment Guangzhou Co. Ltd., Class A*		700		2,785
Baoshan Iron & Steel Co. Ltd., Class A		22,557		17,960
BBMG Corp., Class A		9,500		3,581
Chengtun Mining Group Co. Ltd., Class A		2,700		2,321
Chengxin Lithium Group Co. Ltd., Class A		800		4,786
Chifeng Jilong Gold Mining Co. Ltd., Class A*		1,700		4,730
China Jushi Co. Ltd., Class A		3,672		7,444
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		3,793		14,013
China Rare Earth Resources And Technology Co. Ltd., Class A*		1,100		5,089
CMOC Group Ltd., Class A		18,600		12,236
CNGR Advanced Material Co. Ltd., Class A		400		4,276
CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A		3,190		3,143
Do-Fluoride New Materials Co. Ltd., Class A		800		4,303
Ganfeng Lithium Group Co. Ltd., Class A		1,680		19,211
GEM Co. Ltd., Class A		5,200		5,983
Guangdong HEC Technology Holding Co. Ltd., Class A		2,600		3,414
Guangzhou Tinci Materials Technology Co. Ltd., Class A		2,080		13,202
Hangzhou Oxygen Plant Group Co. Ltd., Class A		900		5,237
Henan Shenhuo Coal & Power Co. Ltd., Class A		2,100		4,975
Hengli Petrochemical Co. Ltd., Class A		6,220		14,752
Hengyi Petrochemical Co. Ltd., Class A		3,960		4,008
Hesteel Co. Ltd., Class A		11,200		3,858
Hoshine Silicon Industry Co. Ltd., Class A		500		6,310
Huafon Chemical Co. Ltd., Class A		5,200		5,322


	Number of Shares		Value
Materials (Continued)
Huaibei Mining Holdings Co. Ltd., Class A		2,300	$	4,666
Huaxin Cement Co. Ltd., Class A		1,600		3,506
Hubei Feilihua Quartz Glass Co. Ltd., Class A		500		4,070
Hubei Xingfa Chemicals Group Co. Ltd., Class A		1,200		5,187
Hunan Valin Steel Co. Ltd., Class A		7,200		4,879
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		48,600		13,653
Inner Mongolia ERDOS Resources Co. Ltd., Class A		1,120		2,557
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		9,195		5,452
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		3,700		4,241
Jiangsu Eastern Shenghong Co. Ltd., Class A		4,300		8,062
Jiangsu Yangnong Chemical Co. Ltd., Class A		300		4,483
Jiangsu Yoke Technology Co. Ltd., Class A		500		3,783
Jiangxi Copper Co. Ltd., Class A		2,244		5,506
Kingfa Sci & Tech Co. Ltd., Class A		2,900		4,119
LB Group Co. Ltd., Class A		2,000		5,048
Luxi Chemical Group Co. Ltd., Class A		2,200		4,115
Ningbo Shanshan Co. Ltd., Class A		2,200		5,982
Ningxia Baofeng Energy Group Co. Ltd., Class A		5,700		10,638
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		9,700		7,408
Qinghai Salt Lake Industry Co. Ltd., Class A*		5,500		19,636
Rongsheng Petrochemical Co. Ltd., Class A		9,728		17,016
Satellite Chemical Co. Ltd., Class A		3,486		7,160
Shandong Gold Mining Co. Ltd., Class A		3,753		10,835
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		2,270		10,675
Shandong Nanshan Aluminum Co. Ltd., Class A		9,900		4,892
Shandong Sun Paper Industry JSC Ltd., Class A		3,100		4,805
Shandong Weifang Rainbow Chemical Co. Ltd., Class A		200		2,674
Shanghai Putailai New Energy Technology Co. Ltd., Class A		1,480		11,596
Shanxi Meijin Energy Co. Ltd., Class A		4,500		6,245
Shanxi Taigang Stainless Steel Co. Ltd., Class A		6,300		4,011
Shenghe Resources Holding Co. Ltd., Class A		1,900		3,908
Shenzhen Capchem Technology Co. Ltd., Class A		720		4,040
Shenzhen Dynanonic Co. Ltd., Class A		200		6,386
Shenzhen Senior Technology Material Co. Ltd., Class A		1,198		3,868
Shenzhen YUTO Packaging Technology Co. Ltd., Class A		900		4,173
Sichuan Hebang Biotechnology Co. Ltd., Class A		9,200		4,117


	Number of Shares		Value
Materials (Continued)
Sichuan Yahua Industrial Group Co. Ltd., Class A		1,300	$	5,018
Sinoma Science & Technology Co. Ltd., Class A		1,800		5,916
Sinomine Resource Group Co. Ltd., Class A		420		4,612
Sinopec Shanghai Petrochemical Co. Ltd., Class A		6,570		3,052
Skshu Paint Co. Ltd., Class A*		340		5,781
Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A		600		5,158
Tangshan Jidong Cement Co. Ltd., Class A		2,400		2,948
Tianqi Lithium Corp., Class A*		1,500		19,086
Tianshan Aluminum Group Co. Ltd., Class A		3,000		3,028
Tibet Summit Resources Co. Ltd., Class A*		900		2,926
Tongkun Group Co. Ltd., Class A		2,500		5,001
Tongling Nonferrous Metals Group Co. Ltd., Class A		11,700		4,840
Wanhua Chemical Group Co. Ltd., Class A		3,200		40,432
Weihai Guangwei Composites Co. Ltd., Class A		600		6,022
Western Mining Co. Ltd., Class A		2,100		3,231
Western Superconducting Technologies Co. Ltd., Class A		436		6,023
Xiamen Tungsten Co. Ltd., Class A		1,400		4,251
Xinjiang Zhongtai Chemical Co. Ltd., Class A		2,700		2,481
Yintai Gold Co. Ltd., Class A		2,880		5,814
YongXing Special Materials Technology Co. Ltd., Class A		400		5,945
Youngy Co. Ltd., Class A*		200		3,473
Yunnan Aluminium Co. Ltd., Class A		3,500		5,257
Yunnan Energy New Material Co. Ltd., Class A		900		15,808
Yunnan Tin Co. Ltd., Class A		1,700		3,223
Yunnan Yuntianhua Co. Ltd., Class A*		1,800		5,374
Zangge Mining Co. Ltd., Class A		1,600		6,952
Zhejiang Huayou Cobalt Co. Ltd., Class A		1,601		14,128
Zhejiang Juhua Co. Ltd., Class A		2,500		5,947
Zhejiang Yongtai Technology Co. Ltd., Class A		900		3,282
Zibo Qixiang Tengda Chemical Co. Ltd., Class A*		2,800		2,949
Zijin Mining Group Co. Ltd., Class A		20,997		29,138

(Cost $626,891)				671,990

Real Estate — 1.9%
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		8,215		17,744
China Vanke Co. Ltd., Class A		9,396		24,738
Gemdale Corp., Class A		4,722		7,799
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		3,000		4,743
Poly Developments and Holdings Group Co. Ltd., Class A		12,073		28,378
Seazen Holdings Co. Ltd., Class A*		1,913		6,152


	Number of Shares		Value
Real Estate (Continued)
Shanghai Lingang Holdings Corp. Ltd., Class A		2,500	$	4,458
Youngor Group Co. Ltd., Class A		5,100		4,644
Zhejiang China Commodities City Group Co. Ltd., Class A		6,200		3,878

(Cost $105,302)				102,534

Utilities — 3.3%
CECEP Solar Energy Co. Ltd., Class A		4,100		4,329
CECEP Wind-Power Corp., Class A		6,760		3,865
China National Nuclear Power Co. Ltd., Class A		18,084		15,930
China Three Gorges Renewables Group Co. Ltd., Class A		29,200		23,909
China Yangtze Power Co. Ltd., Class A		22,800		68,301
Datang International Power Generation Co. Ltd., Class A*		7,800		3,292
ENN Natural Gas Co. Ltd., Class A		2,500		6,565
GD Power Development Co. Ltd., Class A*		18,700		11,959
Huadian Power International Corp. Ltd., Class A		7,700		6,413
Huaneng Power International, Inc., Class A*		9,200		10,066
SDIC Power Holdings Co. Ltd., Class A		7,095		11,018
Shanghai Electric Power Co. Ltd., Class A*		2,600		3,799
Shenzhen Energy Group Co. Ltd., Class A		4,200		3,647
Sichuan Chuantou Energy Co. Ltd., Class A		4,100		6,905

(Cost $161,185)				179,998

TOTAL COMMON STOCKS (Cost $4,541,320)				5,410,988

EXCHANGE-TRADED FUNDS — 0.5%
Xtrackers Harvest CSI 300 China A-Shares ETF(a) (Cost $28,100)		1,000		28,320

CASH EQUIVALENTS — 1.0%
DWS Government Money Market Series “Institutional Shares”, 3.74%(b) (Cost $56,478)		56,478		56,478


TOTAL INVESTMENTS — 100.7%
(Cost $4,625,898)			$	5,495,786
Other assets and liabilities, net — (0.7%)				(37,536	)

NET ASSETS — 100.0%			$	5,458,250

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2022 is as follows:

During the period ended November 30, 2022, the amount of transfers from Level 3 to Level 1 was $ 7,118. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.

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”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

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

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

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

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

CSI 500 Index is calculated and maintained by China Securities Index Co., Ltd. is designed to reflect the price fluctuation and performance of small-cap companies in the China A-Share market and is composed of the 500 smallest and most liquid stocks in the China A-Share market. Constituent stocks for the Underlying Index generally must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange for specified time periods, have demonstrated positive performance, and not be subject to abnormal volatility or other evidence of possible market manipulation, among other factors. The composition of the Underlying Index is reviewed every six-months.

MSCI China All Shares Index and MSCI China A Inclusion Equity Index are each calculated and maintained by MSCI, Inc. (“MSCI”). The MSCI China All Share Index is designed to capture large- and mid-capitalization representation across all China securities listed in Hong Kong, Shanghai and Shenzhen. The Underlying Index is intended to give investors a means of tracking the overall performance of equity securities that are a representative sample of the entire Chinese investment universe. The Underlying Index is comprised of A-Shares, B-Shares, H-Shares, Red chips and P chips share classes as well as securities of Chinese companies listed outside of China (e.g. American depository receipts). The Underlying Index is rebalanced on a quarterly basis..

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

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

Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.

Each Fund is a diversified series of the Trust. In addition, each Fund, with the exception of Xtrackers MSCI All China Equity ETF, may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended November 30, 2022, the Funds 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 loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

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:

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

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of November 30, 2022, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

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

Since November 17, 2014, RQFIIs have been temporarily exempt from WHT with respect to gains derived from the trading of equity investments (including shares in PRC enterprises). With respect to gains derived from equity investments prior to November 17, 2014, RQFIIs are subject to WHT at a rate of 10% on such gains on a gross basis, subject to any lower rate provided by an applicable tax treaty. The above WHT treatment applies to RQFIIs which do not have a permanent establishment (“PE”) in the PRC. The Funds do not have PEs in the PRC, therefore, the Funds are only subject to WHT at 10% with respect to gross realized gains derived from the disposal of land-rich A-Share companies and exempt from WHT with respect to gross realized gains derived from non land-rich A-Share companies prior to November 17, 2014. Land-rich enterprises refer to companies whose value of immovable property in the PRC is greater than 50% of the value of their total assets at any time during the

three-year period before the alienation of the PRC companies’ shares. The WHT relating to the realized gains from shares in land-rich companies prior to November 17, 2014 has been paid by the Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF while realized gains from shares in non land-rich companies prior to November 17, 2014 were granted treaty relief pursuant to the PRC-US Double Taxation Arrangement.

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

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

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

Securities Lending The Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2022, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.07% annualized effective rate as of November 30, 2022) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of November 30, 2022, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2022, Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF utilized futures in order to simulate investment in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

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

A summary of the open futures contracts as of November 30, 2022 is included in a table following the Funds’ Schedule of Investments.

The following tables summarize the value of the Funds’ derivative instruments held as of November 30, 2022 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2022 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

For the period ended November 30, 2022 the average monthly volume of derivatives was as follows:

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

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

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

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

The Advisor for Xtrackers MSCI All China Equity ETF has contractually agreed, until November 14, 2024, to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. In addition, the Advisor has contractually agreed, until September 30, 2023, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses

(except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the Fund from exceeding 0.50% of the Fund’s average daily net assets. For the period ended November 30, 2022, the Advisor waived $13,996 of the expenses of the Fund which were attributable to the Fund’s investments in affiliated funds.

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired funds’ fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the period ended November 30, 2022, the Advisor waived expenses of the Funds as follows:

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

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

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

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

For the period ended November 30, 2022, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

As of November 30, 2022, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of Xtrackers MSCI All China Equity ETF generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. The purchase of Creation Units for Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF and Xtrackers MSCI China A Inclusion Equity ETF are generally issued in exchange for a specific amount of cash totaling the NAV of the Creation Units. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

From time to time, Xtrackers MSCI China A Inclusion Equity ETF may have a concentration of several shareholders, including affiliated funds, holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. As of November 30, 2022, Xtrackers MSCI All China Equity ETF held 73% of the total shares outstanding of the Fund.

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

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, Xtrackers MSCI China A Inclusion Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate (SOFR) plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2022.

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 Funds’ and their 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 Funds and reflect the consequences as appropriate in the Funds’ accounting and financial reporting.

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

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

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

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

Investing involves risk, including possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Special risks associated with investments in Chinese companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards, the nature and extent of intervention by the Chinese government in the Chinese securities markets, and the potential unavailability of A shares. Uncertainties in the Chinese tax rules governing taxation of income and gains from investments in A-shares could result in unexpected tax liabilities for the Funds which may reduce Fund returns. Any reduction or elimination of access to A-shares will have a material adverse effect on the ability of the Funds to achieve its investment objective. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.

The U.S. government has imposed restrictions on the ability of U.S. investors to hold and/or acquire securities of certain Chinese companies. To the extent that an Underlying Index includes such a security and the Fund excludes it, the Fund’s tracking error may increase and the performance of the Fund and Underlying Index may diverge.

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Funds and their investments.

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

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

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

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

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

Copyright © 2023 DWS Group. All rights reserved. Xtrackers^TM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.


	Beginning Account Value June 1, 2022		Ending Account Value November 30, 2022		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers Harvest CSI 300 China A-Shares ETF
Actual	$	1,000.00	$	903.00		0.65	%	$	3.10
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		0.65	%	$	3.29
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
Actual	$	1,000.00	$	977.30		0.65	%	$	3.22
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		0.65	%	$	3.29
Xtrackers MSCI All China Equity ETF⁽²⁾
Actual	$	1,000.00	$	912.30		0.19	%	$	0.91
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.12		0.19	%	$	0.96
Xtrackers MSCI China A Inclusion Equity ETF
Actual	$	1,000.00	$	913.40		0.60	%	$	2.88
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.06		0.60	%	$	3.04


	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
EXCHANGE-TRADED FUNDS — 51.6%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (c)
		506,451		3,992		(96,835	)		(22,819	)		14,754			—		—		12,618		405,543
Xtrackers MSCI China A Inclusion Equity ETF (c)
		4,186,445		126,724		—			—			(276,215	)		—		—		181,353		4,036,954


	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 — 0.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (d)(e)
		46,367		—		(6,137	) (f)		—			—			488		—		40,230		40,230

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 3.74% (d)
		6,466		56,253		(40,294	)		—			—			111		—		22,425		22,425

		4,745,729		186,969		(143,266	)		(22,819	)		(261,461	)		599		—		256,626		4,505,152


	Page
Shareholder Letter		1
Portfolio Summary
Xtrackers Harvest CSI 300 China A-Shares ETF		2
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		3
Xtrackers MSCI All China Equity ETF		4
Xtrackers MSCI China A Inclusion Equity ETF		5
Fees and Expenses		6
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF		7
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		12
Xtrackers MSCI All China Equity ETF		20
Xtrackers MSCI China A Inclusion Equity ETF		24
Statements of Assets and Liabilities		32
Statements of Operations		33
Statements of Changes in Net Assets		34
Financial Highlights		36
Notes to Financial Statements		38
Additional Information		47


Financials			21.8%
Industrials			15.8%
Consumer Staples			14.3%
Information Technology			14.0%
Materials			9.6%
Health Care			8.3%
Consumer Discretionary			8.1%
Utilities			2.9%
Real Estate			2.0%
Energy			2.0%
Communication Services			1.2%

Total			100.0%


Materials			19.9%
Industrials			17.9%
Information Technology			15.5%
Health Care			11.8%
Financials			8.7%
Consumer Staples			6.7%
Consumer Discretionary			5.9%
Energy			3.7%
Utilities			3.5%
Real Estate			3.3%
Communication Services			3.1%

Total			100.0%


Consumer Discretionary			20.2%
Financials			16.5%
Industrials			10.5%
Communication Services			10.4%
Consumer Staples			9.3%
Information Technology			8.9%
Materials			7.7%
Health Care			7.6%
Utilities			3.0%
Real Estate			3.0%
Energy			2.9%

Total			100.0%


Financials			18.0%
Industrials			16.6%
Consumer Staples			15.1%
Information Technology			12.8%
Materials			12.4%
Health Care			9.2%
Consumer Discretionary			6.3%
Utilities			3.3%
Energy			3.3%
Real Estate			1.9%
Communication Services			1.1%

Total			100.0%


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	1,956,947,932	$	—	$	—	$	1,956,947,932

TOTAL	$	1,956,947,932	$	—	$	—	$	1,956,947,932


	Xtrackers Harvest CSI 300 China A-Shares ETF			Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF			Xtrackers MSCI All China Equity ETF			Xtrackers MSCI China A Inclusion Equity ETF
Assets
Investment in non-affiliated securities at value	$	1,956,947,932		$	25,420,398		$	4,139,632		$	5,410,988
Investment in affiliated securities at value		—			—			4,442,497			28,320
Investment in DWS Government Money Market Series		—			—			22,425			56,478
Investment in DWS Government & Agency Securities Portfolio*		—			—			40,230			—
Cash		2,560			—			—			—
Foreign currency at value		2,981,788	^†		44,829	^†		9,215			—
Deposit with broker for futures contracts		—			—			1,870			935
Receivables:
Investment securities sold		—			—			214,057			—
Variation margin on futures contracts		—			—			146			73
Dividends		—			—			3,450			—
Interest		—			—			61			46
Securities lending income		—			—			105			—
Due from authorized participant		567,218			—			—			—

Total assets	$	1,960,499,498		$	25,465,227		$	8,873,688		$	5,496,840


Liabilities
Due to custodian	$	—		$	593		$	—		$	—
Due to foreign custodian		—			—			—			681
Payable upon return of securities loaned	$	—		$	—		$	40,230		$	—
Payables:
Investment securities purchased		—			—			215,056			35,323
Investment advisory fees		936,587			14,959			1,158			2,586

Total liabilities		936,587			15,552			256,444			38,590

Net Assets, at value	$	1,959,562,911		$	25,449,675		$	8,617,244		$	5,458,250


Net Assets Consist of
Paid-in capital	$	2,298,624,202		$	42,032,130		$	24,819,567		$	6,005,654
Distributable earnings (loss)		(339,061,291	)		(16,582,455	)		(16,202,323	)		(547,404	)

Net Assets, at value	$	1,959,562,911		$	25,449,675		$	8,617,244		$	5,458,250


Number of Common Shares outstanding		70,400,001			800,001			300,001			250,001

Net Asset Value	$	27.83		$	31.81		$	28.72		$	21.83

Investment in non-affiliated securities at cost	$	1,772,592,884		$	25,834,062		$	5,744,717		$	4,541,320

Investment in affiliated securities at cost	$	—		$	—		$	5,354,982		$	28,100

Value of securities loaned	$	—		$	—		$	189,213		$	—

Investment in DWS Government Money Market Series at cost	$	—		$	—		$	22,425		$	56,478

Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	—		$	40,230		$	—

Non-cash collateral for securities on loan	$	—		$	—		$	157,703		$	—

Foreign currency at cost	$	2,965,852		$	45,446		$	9,181		$	(679	)


	Xtrackers Harvest CSI 300 China A-Shares ETF						Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
	For the Six Months Ended November 30, 2022 (Unaudited)			Year Ended May 31, 2022			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)	$	33,622,249		$	23,808,796		$	302,591		$	274,693
Net realized gain (loss)		(100,170,778	)		(161,499,191	)		(1,713,416	)		5,609,063
Net change in net unrealized appreciation (depreciation)		(108,725,807	)		(694,688,035	)		730,647			(11,757,074	)

Net increase (decrease) in net assets resulting from operations		(175,274,336	)		(832,378,430	)		(680,178	)		(5,873,318	)

Distributions to Shareholders		—			(23,518,334	)		—			(315,040	)


Fund Shares Transactions
Proceeds from shares sold		1,504,026,465			1,830,677,155			—			7,908,275
Value of shares redeemed		(1,041,253,142	)		(2,017,705,513	)		(8,049,666	)		(7,816,588	)

Net increase (decrease) in net assets resulting from fund share transactions		462,773,323			(187,028,358	)		(8,049,666	)		91,687

Total net increase (decrease) in Net Assets		287,498,987			(1,042,925,122	)		(8,729,844	)		(6,096,671	)

Net Assets
Beginning of period		1,672,063,924			2,714,989,046			34,179,519			40,276,190

End of period	$	1,959,562,911		$	1,672,063,924		$	25,449,675		$	34,179,519


Changes in Shares Outstanding
Shares outstanding, beginning of period		54,250,001			64,900,001			1,050,001			1,050,001
Shares sold		49,000,000			47,950,000			—			200,000
Shares redeemed		(32,850,000	)		(58,600,000	)		(250,000	)		(200,000	)

Shares outstanding, end of period		70,400,001			54,250,001			800,001			1,050,001


	Xtrackers MSCI All China Equity ETF						Xtrackers MSCI China A Inclusion Equity ETF
	For the Six Months Ended November 30, 2022 (Unaudited)			Year Ended May 31, 2022			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)	$	78,532		$	305,700		$	79,298		$	131,487
Net realized gain (loss)		(201,973	)		1,080,022			(52,893	)		2,030,731
Net change in net unrealized appreciation (depreciation)		(703,667	)		(9,259,280	)		(544,413	)		(4,571,179	)

Net increase (decrease) in net assets resulting from operations		(827,108	)		(7,873,558	)		(518,008	)		(2,408,961	)

Distributions to Shareholders		—			(423,116	)		—			(114,292	)


Fund Shares Transactions
Proceeds from shares sold		—			—			—			—
Value of shares redeemed		—			(17,240,981	)		—			(7,191,275	)

Net increase (decrease) in net assets resulting from fund share transactions		—			(17,240,981	)		—			(7,191,275	)

Total net increase (decrease) in Net Assets		(827,108	)		(25,537,655	)		(518,008	)		(9,714,528	)

Net Assets
Beginning of period		9,444,352			34,982,007			5,976,258			15,690,786

End of period	$	8,617,244		$	9,444,352		$	5,458,250		$	5,976,258


Changes in Shares Outstanding
Shares outstanding, beginning of period		300,001			750,001			250,001			500,001
Shares sold		—			—			—			—
Shares redeemed		—			(450,000	)		—			(250,000	)

Shares outstanding, end of period		300,001			300,001			250,001			250,001


Xtrackers Harvest CSI 300 China A-Shares ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2022 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	30.82		$	41.83		$	27.18		$	26.27		$	29.56		$	25.84

Income (loss) from investment operations:
Net investment income (loss)(a)		0.52			0.36			0.30			0.29			0.22			0.25
Net realized and unrealized gain (loss)		(3.51	)		(11.02	)		14.67			0.91			(3.22	)		3.73

Total from investment operations		(2.99	)		(10.66	)		14.97			1.20			(3.00	)		3.98

Less distributions from:
Net investment income		—			(0.35	)		(0.32	)		(0.29	)		—			(0.26	)
Net realized gains		—			—			—			—			(0.29	)		—

Total distributions		—			(0.35	)		(0.32	)		(0.29	)		(0.29	)		(0.26	)

Net Asset Value, end of period	$	27.83		$	30.82		$	41.83		$	27.18		$	26.27		$	29.56

Total Return (%)		(9.70	)**		(25.67	)		55.20			4.50			(10.02	)		15.38

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		1,960			1,672			2,715			1,271			1,449			686
Ratio of expenses (%)		0.65	*		0.65			0.65			0.65			0.65			0.66
Ratio of net investment income (loss) (%)		3.45	*		0.97			0.79			1.05			0.87			0.82
Portfolio turnover rate (%)(b)		59	**		95			78			115			81			65

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2022 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	32.55		$	38.36		$	27.59		$	25.93		$	32.53		$	31.36

Income (loss) from investment operations:
Net investment income (loss)(a)		0.30			0.28			0.13			0.17			0.20			0.04
Net realized and unrealized gain (loss)		(1.04	)		(5.77	)		10.79			1.65			(6.80	)		1.13

Total from investment operations		(0.74	)		(5.49	)		10.92			1.82			(6.60	)		1.17

Less distributions from:
Net investment income		—			(0.32	)		(0.15	)		(0.16	)		—			—

Total distributions		—			(0.32	)		(0.15	)		(0.16	)		—			—

Net Asset Value, end of period	$	31.81		$	32.55		$	38.36		$	27.59		$	25.93		$	32.53

Total Return (%)		(2.27	)**		(14.50	)		39.64			7.02			(20.29	)		3.73

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		25			34			40			30			74			24
Ratio of expenses (%)		0.65	*		0.65			0.65			0.65			0.65			0.65
Ratio of net investment income (loss) (%)		1.85	*		0.73			0.37			0.63			0.74			0.10
Portfolio turnover rate (%)(b)		21	**		62			34			48			16			29


*Sector Diversification as of November 30, 2022**


*Sector Diversification as of November 30, 2022**


Xtrackers MSCI All China Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			Years Ended May 31,
Xtrackers MSCI All China Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	31.48		$	46.64		$	32.66		$	31.13		$	37.78		$	30.54

Income (loss) from investment operations:
Net investment income (loss)(a)		0.26			0.54			0.48			0.76			0.36			0.79
Net realized and unrealized gain (loss)		(3.02	)		(14.93	)		13.85			2.21			(6.42	)		6.75

Total from investment operations		(2.76	)		(14.39	)		14.33			2.97			(6.06	)		7.54

Less distributions from:
Net investment income		—			(0.77	)		(0.35	)		(1.44	)		(0.59	)		(0.30	)

Total distributions		—			(0.77	)		(0.35	)		(1.44	)		(0.59	)		(0.30	)

Net Asset Value, end of period	$	28.72		$	31.48		$	46.64		$	32.66		$	31.13		$	37.78

Total Return (%)(b)		(8.77	)**		(31.15	)		43.94			9.35			(15.89	)		24.71

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		9			9			35			20			227			36
Ratio of expenses before fee waiver (%)(c)		0.50	*		0.50			0.50			0.50			0.50			0.60
Ratio of expenses after fee waiver (%)(c)		0.19	*		0.21			0.25			0.26			0.28			0.36
Ratio of net investment income (loss) (%)		1.76	*		1.34			1.10			2.27			1.07			2.10
Portfolio turnover rate (%)(d)		3	**		5			8			14			102			3

Xtrackers MSCI China A Inclusion Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2022 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	23.90		$	31.38		$	19.98		$	18.75		$	20.80		$	19.53

Income (loss) from investment operations:
Net investment income (loss)(a)		0.32			0.32			0.20			0.41			0.15			0.52
Net realized and unrealized gain (loss)		(2.39	)		(7.55	)		11.44			1.19			(2.03	)		1.30

Total from investment operations		(2.07	)		(7.23	)		11.64			1.60			(1.88	)		1.82

Less distributions from:
Net investment income		—			(0.25	)		(0.24	)		(0.37	)		(0.17	)		(0.55	)

Total distributions		—			(0.25	)		(0.24	)		(0.37	)		(0.17	)		(0.55	)

Net Asset Value, end of period	$	21.83		$	23.90		$	31.38		$	19.98		$	18.75		$	20.80

Total Return (%)(b)		(8.66	)**		(23.20	)		58.37			8.49			(8.91	)		9.12

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		5			6			16			14			83			2
Ratio of expenses before fee waiver (%)(c)		0.60	*		0.60			0.60			0.60			0.60			0.70
Ratio of expenses after fee waiver (%)(c)		0.60	*		0.60			0.60			0.60			0.60			0.05
Ratio of net investment income (loss) (%)		2.73	*		1.11			0.74			2.03			0.75			2.38
Portfolio turnover rate (%)(d)		4	**		18			33			27			180			3


Fund		Underlying Index
Xtrackers Harvest CSI 300 China A-Shares ETF		CSI 300 Index
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		CSI 500 Index
Xtrackers MSCI All China Equity ETF		MSCI China All Shares Index
Xtrackers MSCI China A Inclusion Equity ETF		MSCI China A Inclusion Index


	Short-Term		Long-Term		Total Amount
Xtrackers Harvest CSI 300 China A-Shares ETF	$	292,519,760	$	53,281,828	$	345,801,588
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		13,051,086		900,519		13,951,605
Xtrackers MSCI All China Equity ETF		8,167,344		5,306,192		13,473,536
Xtrackers MSCI China A Inclusion Equity ETF		1,370,051		—		1,370,051


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers Harvest CSI 300 China A-Shares ETF	$	1,487,562,133	$	180,924,373		$	400,845,479	$	(219,921,106	)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		36,187,169		(2,172,907	)		4,186,104		(6,359,011	)
Xtrackers MSCI All China Equity ETF		11,420,667		(1,943,594	)		553,221		(2,496,815	)
Xtrackers MSCI China A Inclusion Equity ETF		4,634,760		1,320,653			1,885,315		(564,662	)


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
Xtrackers MSCI All China Equity ETF
Common Stocks	$	40,230	$	—	$	1,218	$	156,485	$	197,933

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	197,933


		Asset Derivatives			Liability Derivatives
Xtrackers MSCI All China Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	854	Unrealized depreciation on futures contracts*	$	—
Xtrackers MSCI China A Inclusion Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	427	Unrealized depreciation on futures contracts*	$	—


Net Realized Gain (Loss) from:

	Futures Contracts — Equity Contracts
Xtrackers MSCI All China Equity ETF	$	(7,048	)
Xtrackers MSCI China A Inclusion Equity ETF		(2,620	)



Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts — Equity Contracts
Xtrackers MSCI All China Equity ETF	$	854
Xtrackers MSCI China A Inclusion Equity ETF		(45	)


	Futures Contracts (Contract Value)
Xtrackers MSCI All China Equity ETF	$	28,559
Xtrackers MSCI China A Inclusion Equity ETF		17,279


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


	Expenses Waived
Xtrackers MSCI All China Equity ETF	$	48
Xtrackers MSCI China A Inclusion Equity ETF		37


	Purchases		Sales
Xtrackers Harvest CSI 300 China A-Shares ETF	$	1,619,057,053	$	1,124,595,623
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		6,815,447		14,542,989
Xtrackers MSCI All China Equity ETF		307,349		248,190
Xtrackers MSCI China A Inclusion Equity ETF		339,534		254,913


Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022	Investment sub-advisor Harvest Global Investments Limited 31/F, One Exchange Square 8 Connaught Place Central, Hong Kong	Administrator, custodian, fund accounting agent, lending agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286

Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203	Independent registered public accounting firm Ernst & Young LLP One Manhattan West New York, NY 10001	Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019