UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22487
DBX ETF Trust
(Exact name of registrant as specified in charter)
875 Third Avenue
New York, New York 10022
(Address of principal executive offices) (Zip code)
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 454-4500
Date of fiscal year end: May 31
Date of reporting period: November 30, 2020
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. | Reports to Stockholders. |
The Report to Shareholders is attached herewith.
November 30, 2020
Semi-Annual Report
DBX ETF Trust
Xtrackers Eurozone Equity ETF (EURZ)
Xtrackers International Real Estate ETF (HAUZ)
Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN)
DBX ETF Trust
Page | ||||
1 | ||||
Portfolio Summary | ||||
3 | ||||
4 | ||||
5 | ||||
6 | ||||
Schedules of Investments | ||||
7 | ||||
12 | ||||
21 | ||||
26 | ||||
27 | ||||
28 | ||||
30 | ||||
32 | ||||
40 | ||||
41 |
To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for three of our sector ETFs for the period ended November 30, 2020.
The global economy started 2020 with hopes of easing US-China trade tensions; however, the pandemic unleashed a health and economic crisis unprecedented in scope and magnitude. Lockdowns and the closing of national borders paralyzed economic activity across the board, laying off millions of workers worldwide. Major economies started opening up by June, as the mortality rate seemed to fall with greater access to healthcare. Record levels of fiscal stimulus, sustained low-interest rates, and benign inflation created a supportive environment to fight the pandemic and minimize the impact of a catastrophic downturn.
The lockdowns, social distancing, associated disruptions in supply chains, and lower demand significantly reduced economic activity in Europe. At the beginning of the review period, the EU approved a €750 billion fund to help member states recover from the pandemic. In the last few months, coronavirus infections have started to resurface again, and most countries have implemented more lockdown restrictions. However, the new restrictions are more localised, rather than countrywide measures. Various European countries, including Germany, extended their furlough schemes, which are designed to support jobs through the crisis. The UK economy recovered some lost ground in Q3, following record contraction in Q2, and the GDP1 rose solidly in July and August, while retail sales were robust throughout the quarter. Meanwhile, France made the biggest recovery, on the back of government spending and household consumption.
Japan’s economy rebounded in Q3 after a severe decline in Q2. Prime minister Shinzo Abe resigned and was replaced by Yoshihide Suga; the change in leader had little impact on the market, as prime minister Yoshihide Suga has represented continuity and stability. Meanwhile, data showed that industrial production improved in September, especially in export-related sectors, such as automobiles, electronics, and machinery. The quarterly earnings reporting season turned out to be better than expected. Nevertheless, consumer prices were down in October versus a year earlier. The Bank of Japan has enhanced monetary easing since March, and these responses have had positive effects, coupled with the government’s measures and efforts by financial institutions. In November, prime minister Yoshihide Suga ordered the formulation of a supplementary budget for additional economic stimulus, in addition to a slate of measures announced earlier.
Global office leasing activity was much lower in Q3 than a year ago, but it was still an improvement on Q2. The retail and hospitality sectors remained the most affected. Globally, real estate debt markets continue to be supported by a low-interest-rate environment, government intervention, and diversification of lender profiles.
The global economy is climbing out from the depths to which it plummeted during the lockdown in the first half of 2020. Indicators show that, after an initial burst of pent-up demand, spending is progressing more slowly. Inflation is expected to remain low, meaning that central banks are unlikely to increase interest rates in a hurry. Recent news on the efficacy of potentially successful coronavirus vaccines has also come as welcome news, reducing the risk of renewed full-scale lockdowns and likely being supportive of global growth.
1
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 The gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
2
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers Eurozone Equity ETF (EURZ)
The Xtrackers Eurozone 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 NASDAQ Eurozone Large Mid Cap Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of large- and mid-capitalization companies based in the countries in the Economic and Monetary Union (the “EMU” or “Eurozone”) of the European Union (“EU”). It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of November 30, 2020 (22.8% of Net Assets) |
Description | % of Net Assets | |||
ASML Holding NV (Netherlands) | 3.3% | |||
LVMH Moet Hennessy Louis Vuitton SE (France) | 3.3% | |||
SAP SE (Germany) | 2.7% | |||
Sanofi (France) | 2.3% | |||
Siemens AG (Germany) | 2.1% | |||
TOTAL SE (France) | 2.1% | |||
Allianz SE (Germany) | 1.9% | |||
L’Oreal SA (France) | 1.9% | |||
Air Liquide SA (France) | 1.6% | |||
Iberdrola SA (Spain) | 1.6% |
Country Diversification* as of November 30, 2020 |
France | 34.2% | |||
Germany | 27.7% | |||
Netherlands | 11.4% | |||
Spain | 8.1% | |||
Italy | 6.6% | |||
Finland | 3.9% | |||
Belgium | 3.6% | |||
Other | 4.5% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of November 30, 2020 |
Industrials | 15.4% | |||
Financials | 15.1% | |||
Consumer Discretionary | 14.2% | |||
Information Technology | 12.2% | |||
Consumer Staples | 8.4% | |||
Health Care | 8.4% | |||
Utilities | 7.6% | |||
Materials | 7.6% | |||
Communication Services | 5.1% | |||
Energy | 3.9% | |||
Real Estate | 2.1% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding exchange-traded funds, securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 7.
3
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers International Real Estate ETF (HAUZ)
The Xtrackers International Real Estate ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index (the “Underlying Index”). The Underlying Index is a free-float capitalization weighted index that provides exposure to publicly traded real estate securities in countries outside the United States, excluding Pakistan and Vietnam. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of November 30, 2020 (20.0% of Net Assets) |
Description | % of Net Assets | |||
Vonovia SE (Germany) | 3.5% | |||
Mitsubishi Estate Co. Ltd. (Japan) | 2.4% | |||
Goodman Group (Australia) | 2.3% | |||
Sun Hung Kai Properties Ltd. (Hong Kong) | 2.0% | |||
Mitsui Fudosan Co. Ltd. (Japan) | 2.0% | |||
Link (Hong Kong) | 1.8% | |||
Deutsche Wohnen SE (Germany) | 1.7% | |||
Sumitomo Realty & Development Co. Ltd. (Japan) | 1.5% | |||
Segro PLC (United Kingdom) | 1.4% | |||
CK Asset Holdings Ltd. (Hong Kong) | 1.4% |
Sector Diversification* as of November 30, 2020 |
Real Estate Operations/Development | 33.6% | |||
Diversified | 16.7% | |||
Real Estate Management/Services | 16.3% | |||
Shopping Centers | 8.8% | |||
Warehouse/Industry | 8.5% | |||
Office Property | 6.5% | |||
Apartments | 3.4% | |||
Other | 6.2% | |||
|
| |||
Total | 100.0% |
Country Diversification* as of November 30, 2020 |
Japan | 20.6% | |||
Hong Kong | 13.6% | |||
Australia | 9.6% | |||
Germany | 7.6% | |||
United Kingdom | 6.3% | |||
Singapore | 6.3% | |||
Canada | 5.8% | |||
Sweden | 4.8% | |||
France | 3.5% | |||
Philippines | 2.6% | |||
Belgium | 2.0% | |||
Other | 17.3% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding exchange-traded funds, securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 12.
4
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN)
The Xtrackers Japan JPX-Nikkei 400 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 JPX-Nikkei 400 Net Total Return Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of issuers who are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks). It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of November 30, 2020 (15.3% of Net Assets) |
Description | % of Net Assets | |||
Nidec Corp. | 1.6% | |||
Sony Corp. | 1.6% | |||
Daiichi Sankyo Co. Ltd. | 1.6% | |||
Nippon Telegraph & Telephone Corp. | 1.5% | |||
Daikin Industries Ltd. | 1.5% | |||
SoftBank Group Corp. | 1.5% | |||
Keyence Corp. | 1.5% | |||
Shin-Etsu Chemical Co. Ltd. | 1.5% | |||
Mitsubishi UFJ Financial Group, Inc. | 1.5% | |||
Recruit Holdings Co. Ltd. | 1.5% |
Sector Diversification* as of November 30, 2020 |
Industrials | 23.7% | |||
Consumer Discretionary | 15.2% | |||
Information Technology | 12.6% | |||
Health Care | 11.7% | |||
Consumer Staples | 9.3% | |||
Financials | 9.1% | |||
Communication Services | 7.7% | |||
Materials | 5.9% | |||
Real Estate | 2.9% | |||
Utilities | 1.2% | |||
Energy | 0.7% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 21.
5
DBX ETF Trust
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 International Real Estate ETF and Xtrackers Japan JPX-Nikkei 400 Equity ETF limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2020 to November 30, 2020).
Actual expenses
The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value June 1, 2020 | Ending Account Value November 30, 2020 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers Eurozone Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,247.30 | 0.09 | % | $ | 0.51 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.62 | 0.09 | % | $ | 0.46 | ||||||||
Xtrackers International Real Estate ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,169.60 | 0.10 | % | $ | 0.54 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.57 | 0.10 | % | $ | 0.51 | ||||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,181.50 | 0.09 | % | $ | 0.49 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.62 | 0.09 | % | $ | 0.46 |
(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.
6
DBX ETF Trust
Schedule of Investments
November 30, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 97.6% | ||||||||
Austria — 0.6% | ||||||||
Erste Group Bank AG* | 145 | $ | 4,180 | |||||
OMV AG | 71 | 2,412 | ||||||
Raiffeisen Bank International AG* | 68 | 1,306 | ||||||
Telekom Austria AG | 67 | 493 | ||||||
Verbund AG | 62 | 4,365 | ||||||
voestalpine AG | 62 | 1,991 | ||||||
|
| |||||||
(Cost $17,521) | 14,747 | |||||||
|
| |||||||
Belgium — 3.5% | ||||||||
Ackermans & van Haaren NV | 12 | 1,751 | ||||||
Ageas SA/NV | 91 | 4,487 | ||||||
Anheuser-Busch InBev SA/NV | 521 | 34,826 | ||||||
Elia Group SA/NV | 33 | 3,742 | ||||||
Etablissements Franz Colruyt NV | 27 | 1,616 | ||||||
Galapagos NV* | 22 | 2,715 | ||||||
Groupe Bruxelles Lambert SA | 38 | 3,713 | ||||||
KBC Group NV* | 135 | 9,431 | ||||||
Proximus SADP | 68 | 1,424 | ||||||
Sofina SA | 8 | 2,545 | ||||||
Solvay SA | 36 | 4,127 | ||||||
Telenet Group Holding NV | 24 | 1,028 | ||||||
UCB SA | 64 | 6,856 | ||||||
Umicore SA | 89 | 4,000 | ||||||
Warehouses De Pauw CVA REIT | 64 | 2,174 | ||||||
|
| |||||||
(Cost $101,508) | 84,435 | |||||||
|
| |||||||
Finland — 3.9% | ||||||||
Elisa OYJ | 73 | 3,930 | ||||||
Fortum OYJ | 212 | 4,870 | ||||||
Huhtamaki OYJ | 48 | 2,417 | ||||||
Kesko OYJ, Class B | 126 | 3,316 | ||||||
Kone OYJ, Class B | 199 | 16,739 | ||||||
Metso Outotec OYJ | 349 | 3,131 | ||||||
Neste OYJ | 222 | 14,919 | ||||||
Nokia OYJ* | 2,740 | 10,972 | ||||||
Orion OYJ, Class B | 48 | 2,266 | ||||||
Sampo OYJ, Class A | 255 | 11,051 | ||||||
Stora Enso OYJ, Class R | 318 | 5,390 | ||||||
UPM-Kymmene OYJ | 268 | 8,855 | ||||||
Valmet OYJ | 67 | 1,700 | ||||||
Wartsila OYJ Abp | 225 | 2,121 | ||||||
|
| |||||||
(Cost $83,748) | 91,677 | |||||||
|
| |||||||
France — 34.0% | ||||||||
Accor SA* | 93 | 3,198 | ||||||
Aeroports de Paris | 14 | 1,773 | ||||||
Air Liquide SA (a) | 235 | 38,694 | ||||||
Airbus SE* | 308 | 32,322 | ||||||
Alstom SA* | 121 | 6,465 | ||||||
Amundi SA, 144A* | 30 | 2,397 | ||||||
Arkema SA | 34 | 3,974 | ||||||
Atos SE* | 49 | 4,506 | ||||||
AXA SA | 1,048 | 24,711 | ||||||
BioMerieux | 22 | 3,179 | ||||||
BNP Paribas SA* | 546 | 28,062 | ||||||
Bollore SA | 447 | 1,740 | ||||||
Bouygues SA | 107 | 4,272 |
Number | Value | |||||||
France (Continued) | ||||||||
Bureau Veritas SA* | 163 | $ | 4,219 | |||||
Capgemini SE | 73 | 10,156 | ||||||
Carrefour SA | 306 | 5,026 | ||||||
Cie de Saint-Gobain* | 251 | 11,956 | ||||||
Cie Generale des Etablissements Michelin SCA | 92 | 11,495 | ||||||
CNP Assurances* | 81 | 1,294 | ||||||
Covivio REIT | 22 | 1,803 | ||||||
Credit Agricole SA* | 547 | 6,330 | ||||||
Danone SA | 329 | 21,197 | ||||||
Dassault Systemes SE | 69 | 12,798 | ||||||
Edenred | 101 | 5,791 | ||||||
Eiffage SA* | 38 | 3,734 | ||||||
Engie SA* | 900 | 13,317 | ||||||
EssilorLuxottica SA* | 152 | 22,064 | ||||||
Eurazeo SE* | 21 | 1,299 | ||||||
Faurecia SE* | 38 | 1,896 | ||||||
Gecina SA REIT | 16 | 2,436 | ||||||
Getlink SE* | 204 | 3,404 | ||||||
Hermes International | 17 | 16,622 | ||||||
ICADE REIT | 16 | 1,186 | ||||||
Iliad SA | 9 | 1,832 | ||||||
Ipsen SA | 18 | 1,741 | ||||||
Kering SA | 34 | 24,606 | ||||||
Klepierre SA REIT | 105 | 2,324 | ||||||
La Francaise des Jeux SAEM, 144A | 59 | 2,467 | ||||||
Legrand SA | 129 | 10,953 | ||||||
L’Oreal SA | 124 | 45,507 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 134 | 77,404 | ||||||
Natixis SA* | 455 | 1,404 | ||||||
Orange SA | 954 | 12,085 | ||||||
Orpea SA* | 25 | 3,134 | ||||||
Pernod Ricard SA | 87 | 16,651 | ||||||
Peugeot SA* | 273 | 6,455 | ||||||
Publicis Groupe SA | 90 | 4,101 | ||||||
Remy Cointreau SA | 10 | 1,782 | ||||||
Renault SA* | 103 | 4,110 | ||||||
Rubis SCA | 47 | 2,017 | ||||||
Safran SA* | 156 | 22,822 | ||||||
Sanofi | 539 | 54,617 | ||||||
Sartorius Stedim Biotech | 12 | 4,349 | ||||||
Schneider Electric SE | 269 | 37,535 | ||||||
SCOR SE* | 90 | 3,083 | ||||||
SEB SA | 13 | 2,320 | ||||||
Societe Generale SA* | 344 | 6,866 | ||||||
Sodexo SA | 42 | 3,485 | ||||||
SOITEC* | 11 | 1,930 | ||||||
Suez SA | 190 | 3,667 | ||||||
Teleperformance | 26 | 8,683 | ||||||
Thales SA | 49 | 4,517 | ||||||
TOTAL SE | 1,160 | 49,711 | ||||||
Ubisoft Entertainment SA* | 54 | 5,153 | ||||||
Unibail-Rodamco-Westfield REIT | 68 | 4,840 | ||||||
Valeo SA | 102 | 3,968 | ||||||
Veolia Environnement SA | 272 | 6,267 | ||||||
Vinci SA | 275 | 28,126 | ||||||
Vivendi SA | 429 | 12,922 |
See Notes to Financial Statements. | 7 |
DBX ETF Trust
Schedule of Investments
Xtrackers Eurozone Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
France (Continued) | ||||||||
Wendel SE | 14 | $ | 1,587 | |||||
Worldline SA, 144A* | 105 | 9,734 | ||||||
|
| |||||||
(Cost $805,350) | 808,071 | |||||||
|
| |||||||
Germany — 25.8% | ||||||||
1&1 Drillisch AG | 24 | 569 | ||||||
adidas AG* | 88 | 28,138 | ||||||
Allianz SE | 196 | 46,342 | ||||||
BASF SE | 436 | 31,986 | ||||||
Bayer AG | 469 | 27,080 | ||||||
Bayerische Motoren Werke AG | 157 | 13,717 | ||||||
Bechtle AG | 12 | 2,623 | ||||||
Beiersdorf AG | 62 | 6,952 | ||||||
Brenntag AG | 72 | 5,517 | ||||||
Carl Zeiss Meditec AG | 18 | 2,407 | ||||||
Commerzbank AG* | 512 | 3,191 | ||||||
CompuGroup Medical SE & Co. KGaA | 14 | 1,395 | ||||||
Continental AG | 54 | 7,377 | ||||||
Covestro AG, 144A | 77 | 4,306 | ||||||
Daimler AG | 427 | 28,833 | ||||||
Delivery Hero SE, 144A* | 54 | 6,540 | ||||||
Deutsche Bank AG*(b) | 1,016 | 11,355 | ||||||
Deutsche Boerse AG | 83 | 13,875 | ||||||
Deutsche Lufthansa AG* | 202 | 2,331 | ||||||
Deutsche Post AG | 451 | 21,849 | ||||||
Deutsche Telekom AG | 1,601 | 28,947 | ||||||
Deutsche Wohnen SE | 163 | 8,197 | ||||||
E.ON SE | 977 | 10,607 | ||||||
Evonik Industries AG | 87 | 2,634 | ||||||
Evotec SE* | 59 | 1,805 | ||||||
Fielmann AG* | 12 | 894 | ||||||
Fresenius Medical Care AG & Co. KGaA | 105 | 8,855 | ||||||
Fresenius SE & Co. KGaA | 206 | 9,241 | ||||||
FUCHS PETROLUB SE | 14 | 641 | ||||||
GEA Group AG | 77 | 2,644 | ||||||
Hannover Rueck SE | 30 | 5,035 | ||||||
HeidelbergCement AG | 72 | 5,128 | ||||||
Hella GmbH & Co. KGaA* | 22 | 1,266 | ||||||
HelloFresh SE* | 60 | 3,537 | ||||||
Henkel AG & Co. KGaA | 50 | 4,839 | ||||||
HOCHTIEF AG | 9 | 871 | ||||||
Infineon Technologies AG | 609 | 21,505 | ||||||
KION Group AG | 34 | 2,621 | ||||||
LANXESS AG | 34 | 2,386 | ||||||
LEG Immobilien AG | 35 | 5,001 | ||||||
Merck KGaA | 63 | 10,087 | ||||||
MorphoSys AG* | 14 | 1,577 | ||||||
MTU Aero Engines AG | 20 | 4,736 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 66 | 18,443 | ||||||
Nemetschek SE | 29 | 2,300 | ||||||
OSRAM Licht AG* | 13 | 806 | ||||||
Puma SE* | 44 | 4,387 | ||||||
Rational AG | 2 | 1,782 | ||||||
Rheinmetall AG | 18 | 1,605 | ||||||
RWE AG | 331 | 13,767 | ||||||
SAP SE | 517 | 63,068 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Scout24 AG, 144A | 49 | $ | 3,757 | |||||
Siemens AG | 375 | 50,240 | ||||||
Symrise AG | 57 | 7,159 | ||||||
Talanx AG | 26 | 962 | ||||||
TeamViewer AG, 144A* | 57 | 2,723 | ||||||
Telefonica Deutschland Holding AG | 447 | 1,237 | ||||||
thyssenkrupp AG* | 159 | 1,065 | ||||||
Uniper SE | 49 | 1,665 | ||||||
United Internet AG | 44 | 1,760 | ||||||
Varta AG* | 8 | 1,084 | ||||||
Vonovia SE | 236 | 16,227 | ||||||
Wacker Chemie AG | 9 | 1,127 | ||||||
Zalando SE, 144A* | 66 | 6,695 | ||||||
|
| |||||||
(Cost $605,419) | 611,296 | |||||||
|
| |||||||
Greece — 0.1% | ||||||||
Hellenic Telecommunications Organization SA (Cost $1,722) | 123 | 2,055 | ||||||
|
| |||||||
Ireland — 1.9% | ||||||||
CRH PLC | 400 | 15,704 | ||||||
Kerry Group PLC, Class A | 70 | 9,830 | ||||||
Kingspan Group PLC* | 69 | 6,038 | ||||||
Ryanair Holdings PLC, ADR* | 93 | 9,650 | ||||||
Smurfit Kappa Group PLC | 101 | 4,306 | ||||||
|
| |||||||
(Cost $35,702) | 45,528 | |||||||
|
| |||||||
Italy — 6.5% | ||||||||
A2A SpA | 779 | 1,191 | ||||||
ACEA SpA | 24 | 507 | ||||||
Amplifon SpA* | 33 | 1,325 | ||||||
Assicurazioni Generali SpA | 674 | 11,545 | ||||||
Atlantia SpA* | 252 | 4,606 | ||||||
Banca Mediolanum SpA* | 129 | 1,174 | ||||||
Buzzi Unicem SpA | 36 | 879 | ||||||
Buzzi Unicem SpA-RSP | 18 | 295 | ||||||
Davide Campari-Milano NV | 278 | 3,224 | ||||||
De’ Longhi SpA* | 24 | 840 | ||||||
DiaSorin SpA | 12 | 2,535 | ||||||
Enel SpA | 3,652 | 36,565 | ||||||
Eni SpA | 1,238 | 12,296 | ||||||
FinecoBank Banca Fineco SpA* | 290 | 4,556 | ||||||
Hera SpA | 586 | 2,145 | ||||||
Infrastrutture Wireless Italiane SpA, 144A | 223 | 2,878 | ||||||
Intesa Sanpaolo SpA* | 8,927 | 20,560 | ||||||
Italgas SpA | 235 | 1,512 | ||||||
Mediobanca Banca di Credito Finanziario SpA* | 370 | 3,308 | ||||||
Moncler SpA* | 95 | 4,677 | ||||||
Nexi SpA, 144A* | 207 | 3,912 | ||||||
Pirelli & C SpA, 144A* | 249 | 1,340 | ||||||
Poste Italiane SpA, 144A | 231 | 2,361 | ||||||
Prysmian SpA | 129 | 4,233 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 33 | 1,762 | ||||||
Snam SpA | 1,024 | 5,761 | ||||||
Telecom Italia SpA | 5,126 | 2,407 |
See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of Investments
Xtrackers Eurozone Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Italy (Continued) | ||||||||
Telecom Italia SpA-RSP | 2,643 | $ | 1,345 | |||||
Terna Rete Elettrica Nazionale SpA | 701 | 5,259 | ||||||
UniCredit SpA* | 1,007 | 10,411 | ||||||
|
| |||||||
(Cost $152,766) | 155,409 | |||||||
|
| |||||||
Luxembourg — 0.8% | ||||||||
ArcelorMittal SA* | 353 | 6,482 | ||||||
Aroundtown SA* | 587 | 4,085 | ||||||
Eurofins Scientific SE* | 60 | 4,885 | ||||||
Grand City Properties SA | 56 | 1,326 | ||||||
RTL Group SA* | 29 | 1,337 | ||||||
Tenaris SA | 235 | 1,823 | ||||||
|
| |||||||
(Cost $22,346) | 19,938 | |||||||
|
| |||||||
Netherlands — 11.4% | ||||||||
Aalberts NV | 36 | 1,563 | ||||||
ABN AMRO Bank NV, 144A* | 408 | 4,222 | ||||||
Adyen NV, 144A* | 14 | 26,828 | ||||||
Aegon NV | 889 | 3,335 | ||||||
Akzo Nobel NV | 90 | 9,588 | ||||||
Altice Europe NV* | 322 | 1,702 | ||||||
Argenx SE* | 21 | 6,009 | ||||||
ASM International NV | 24 | 4,253 | ||||||
ASML Holding NV | 181 | 78,778 | ||||||
ASR Nederland NV | 62 | 2,320 | ||||||
Euronext NV, 144A | 25 | 2,661 | ||||||
EXOR NV | 56 | 3,911 | ||||||
Heineken Holding NV | 52 | 4,818 | ||||||
Heineken NV | 117 | 12,389 | ||||||
IMCD NV | 21 | 2,635 | ||||||
ING Groep NV* | 1,936 | 18,932 | ||||||
Just Eat Takeaway.com NV, 144A* | 54 | 5,751 | ||||||
Koninklijke Ahold Delhaize NV | 515 | 14,779 | ||||||
Koninklijke DSM NV | 89 | 14,617 | ||||||
Koninklijke KPN NV | 1,584 | 4,735 | ||||||
Koninklijke Philips NV* | 461 | 23,911 | ||||||
Koninklijke Vopak NV | 34 | 1,791 | ||||||
NN Group NV | 146 | 5,947 | ||||||
Randstad NV* | 57 | 3,545 | ||||||
Wolters Kluwer NV | 129 | 10,848 | ||||||
|
| |||||||
(Cost $214,716) | 269,868 | |||||||
|
| |||||||
Portugal — 0.5% | ||||||||
EDP — Energias de Portugal SA | 1,553 | 8,300 | ||||||
Galp Energia SGPS SA | 225 | 2,434 | ||||||
Jeronimo Martins SGPS SA | 121 | 2,079 | ||||||
|
| |||||||
(Cost $12,030) | 12,813 | |||||||
|
| |||||||
Spain — 8.0% | ||||||||
Acciona SA | 12 | 1,532 | ||||||
ACS Actividades de Construccion y Servicios SA | 133 | 4,214 | ||||||
Aena SME SA, 144A* | 36 | 5,882 | ||||||
Amadeus IT Group SA | 197 | 13,541 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 3,265 | 15,349 | ||||||
Banco Santander SA* | 7,791 | 22,530 | ||||||
Bankia SA | 544 | 938 | ||||||
Bankinter SA | 309 | 1,534 |
Number | Value | |||||||
Spain (Continued) | ||||||||
CaixaBank SA | 1,730 | $ | 4,443 | |||||
Cellnex Telecom SA, 144A* | 191 | 12,082 | ||||||
Enagas SA | 113 | 2,760 | ||||||
Endesa SA | 156 | 4,473 | ||||||
Ferrovial SA* | 2 | 56 | ||||||
Ferrovial SA | 253 | 7,057 | ||||||
Grifols SA | 144 | 4,091 | ||||||
Iberdrola SA | 2,758 | 37,758 | ||||||
Industria de Diseno Textil SA | 556 | 18,523 | ||||||
Inmobiliaria Colonial Socimi SA REIT | 137 | 1,311 | ||||||
Mapfre SA | 471 | 905 | ||||||
Naturgy Energy Group SA | 160 | 3,701 | ||||||
Red Electrica Corp. SA | 214 | 4,386 | ||||||
Repsol SA | 744 | 7,171 | ||||||
Siemens Gamesa Renewable Energy SA | 113 | 4,046 | ||||||
Telefonica SA | 2,525 | 11,046 | ||||||
|
| |||||||
(Cost $223,151) | 189,329 | |||||||
|
| |||||||
Switzerland — 0.6% | ||||||||
STMicroelectronics NV | 341 | 13,392 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,318,558 | |||||||
|
| |||||||
PREFERRED STOCKS — 2.0% | ||||||||
Germany — 1.9% | ||||||||
Bayerische Motoren Werke AG | 26 | 1,723 | ||||||
FUCHS PETROLUB SE | 34 | 1,949 | ||||||
Henkel AG & Co. KGaA | 87 | 9,391 | ||||||
Porsche Automobil Holding SE | 77 | 4,909 | ||||||
Sartorius AG | 18 | 8,225 | ||||||
Volkswagen AG | 105 | 17,753 | ||||||
|
| |||||||
(Cost $41,302) | 43,950 | |||||||
|
| |||||||
Spain — 0.1% | ||||||||
Grifols SA, Class B (Cost $2,851) | 129 | 2,407 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 46,357 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Germany — 0.0% | ||||||||
KION Group AG*, expires 12/9/20 (Cost $0) | 34 | 6 | ||||||
|
| |||||||
Spain — 0.0% | ||||||||
Banco Santander SA*, expires 12/7/20 (Cost $922) | 7,791 | 976 | ||||||
|
| |||||||
TOTAL RIGHTS | 982 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 0.2% | ||||||||
iShares MSCI Eurozone ETF | 110 | 4,724 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.0% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (c)(d) | 461 | 461 | ||||||
|
|
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Xtrackers Eurozone Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
CASH EQUIVALENTS — 0.0% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) | 360 | $ | 360 | |||||
|
| |||||||
TOTAL INVESTMENTS — 99.8% (Cost $2,333,457) | $ | 2,371,442 | ||||||
Other assets and liabilities, net — 0.2% | 3,733 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,375,175 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
Value ($) at 5/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2020 | Value ($) at 11/30/2020 | ||||||||||||||||||||||||||||
COMMON STOCKS — 0.5% |
| |||||||||||||||||||||||||||||||||||
Germany — 0.5% |
| |||||||||||||||||||||||||||||||||||
Deutsche Bank AG*(b) |
| |||||||||||||||||||||||||||||||||||
16,067 | 1,560 | (9,750 | ) | 1,220 | 2,258 | — | — | 1,016 | 11,355 | |||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (c)(d) |
| |||||||||||||||||||||||||||||||||||
55,855 | — | (55,394 | )(e) | — | — | 430 | — | 461 | 461 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) |
| |||||||||||||||||||||||||||||||||||
187 | 46,253 | (46,080 | ) | — | — | — | — | 360 | 360 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
72,109 | 47,813 | (111,224 | ) | 1,220 | 2,258 | 430 | — | 1,837 | 12,176 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $35,179, which is 1.5% of net assets. |
(b) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $36,671. |
(e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
ADR: | American Depositary Receipt |
REIT: | Real Estate Investment Trust |
RSP: | Risparmio (Convertible Savings Shares) |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Securities are listed in country of domicile.
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Xtrackers Eurozone Equity ETF (Continued)
November 30, 2020 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (f) | $ | 2,318,558 | $ | — | $ | — | $ | 2,318,558 | ||||||||
Preferred Stocks (f) | 46,357 | — | — | 46,357 | ||||||||||||
Rights (f) | 982 | — | — | 982 | ||||||||||||
Exchange-Traded Funds | 4,724 | — | — | 4,724 | ||||||||||||
Short-Term Investments (f) | 821 | — | — | 821 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 2,371,442 | $ | — | $ | — | $ | 2,371,442 | ||||||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF
November 30, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 98.9% | ||||||||
Australia — 9.5% | ||||||||
Abacus Property Group REIT | 110,397 | $ | 254,613 | |||||
ALE Property Group REIT | 37,706 | 129,472 | ||||||
Arena REIT | 114,124 | 235,458 | ||||||
Aventus Group REIT (a) | 130,795 | 257,325 | ||||||
BWP Trust REIT | 154,073 | 489,309 | ||||||
Centuria Industrial REIT | 129,629 | 297,058 | ||||||
Centuria Office REIT | 126,251 | 207,453 | ||||||
Charter Hall Group REIT | 143,423 | 1,451,004 | ||||||
Charter Hall Long Wale REIT | 133,630 | 476,572 | ||||||
Charter Hall Retail REIT | 165,082 | 463,451 | ||||||
Charter Hall Social Infrastructure REIT | 106,028 | 234,380 | ||||||
Cromwell Property Group REIT (a) | 550,563 | 346,858 | ||||||
Dexus REIT | 339,653 | 2,445,171 | ||||||
GDI Property Group REIT | 171,804 | 146,216 | ||||||
Goodman Group REIT | 511,724 | 7,043,554 | ||||||
GPT Group REIT | 512,450 | 1,782,267 | ||||||
Growthpoint Properties Australia Ltd. REIT | 96,185 | 258,690 | ||||||
Ingenia Communities Group REIT | 96,787 | 335,906 | ||||||
Mirvac Group REIT | 1,207,164 | 2,294,907 | ||||||
National Storage REIT | 293,059 | 413,526 | ||||||
REA Group Ltd. | 15,546 | 1,663,735 | ||||||
Scentre Group REIT | 1,603,938 | 3,309,214 | ||||||
Shopping Centres Australasia Property Group REIT | 323,313 | 609,877 | ||||||
Stockland REIT | 735,947 | 2,467,386 | ||||||
US Masters Residential Property Fund REIT* | 124,388 | 28,413 | ||||||
Vicinity Centres REIT | 1,419,441 | 1,725,760 | ||||||
Waypoint REIT (a) | 235,698 | 467,183 | ||||||
|
| |||||||
(Cost $26,246,418) | 29,834,758 | |||||||
|
| |||||||
Austria — 0.4% | ||||||||
CA Immobilien Anlagen AG | 19,037 | 661,529 | ||||||
IMMOFINANZ AG* | 24,498 | 457,737 | ||||||
S IMMO AG | 13,019 | 243,255 | ||||||
UBM Development AG | 866 | 36,568 | ||||||
|
| |||||||
(Cost $1,508,594) | 1,399,089 | |||||||
|
| |||||||
Belgium — 2.0% | ||||||||
Aedifica SA REIT | 10,321 | 1,195,092 | ||||||
Ascencio REIT | 1,904 | 110,576 | ||||||
Befimmo SA REIT | 7,417 | 329,159 | ||||||
Care Property Invest NV REIT | 7,614 | 245,913 | ||||||
Cofinimmo SA REIT | 8,286 | 1,236,983 | ||||||
Immobel SA | 1,445 | 108,550 | ||||||
Intervest Offices & Warehouses NV REIT | 7,794 | 211,636 | ||||||
Montea C.V.A REIT | 3,851 | 450,983 | ||||||
Retail Estates NV REIT | 3,428 | 247,675 | ||||||
VGP NV | 2,617 | 375,029 | ||||||
Warehouses De Pauw CVA REIT | 40,162 | 1,364,388 | ||||||
Xior Student Housing NV REIT | 4,742 | 279,648 | ||||||
|
| |||||||
(Cost $5,433,740) | 6,155,632 | |||||||
|
| |||||||
Brazil — 0.7% | ||||||||
Aliansce Sonae Shopping Centers SA* | 40,164 | 195,744 | ||||||
BR Malls Participacoes SA* | 257,540 | 468,111 |
Number | Value | |||||||
Brazil (Continued) | ||||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 92,344 | $ | 463,936 | |||||
Ez Tec Empreendimentos e Participacoes SA | 46,250 | 351,631 | ||||||
Iguatemi Empresa de Shopping Centers SA | 30,092 | 202,023 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 95,290 | 401,070 | ||||||
|
| |||||||
(Cost $2,784,299) | 2,082,515 | |||||||
|
| |||||||
Canada — 5.7% | ||||||||
Allied Properties Real Estate Investment Trust REIT | 37,637 | 1,185,541 | ||||||
Altus Group Ltd. | 12,481 | 474,045 | ||||||
American Hotel Income Properties REIT LP (a) | 35,022 | 98,642 | ||||||
Artis Real Estate Investment Trust REIT (a) | 37,625 | 311,243 | ||||||
Boardwalk Real Estate Investment Trust REIT (a) | 10,825 | 289,274 | ||||||
Canadian Apartment Properties REIT (a) | 53,357 | 2,106,447 | ||||||
Chartwell Retirement Residences | 66,829 | 582,220 | ||||||
Choice Properties Real Estate Investment Trust REIT (a) | 76,985 | 787,137 | ||||||
Colliers International Group, Inc. | 11,812 | 1,055,870 | ||||||
Cominar Real Estate Investment Trust REIT (a) | 53,872 | 371,230 | ||||||
Crombie Real Estate Investment Trust REIT (a) | 29,138 | 330,751 | ||||||
CT Real Estate Investment Trust REIT | 20,208 | 232,504 | ||||||
Dream Industrial Real Estate Investment Trust REIT | 45,691 | 449,188 | ||||||
Dream Office Real Estate Investment Trust REIT | 12,076 | 196,623 | ||||||
DREAM Unlimited Corp., Class A | 9,224 | 138,655 | ||||||
First Capital Real Estate Investment Trust REIT (a) | 59,420 | 713,920 | ||||||
FirstService Corp. | 11,086 | 1,515,204 | ||||||
Granite Real Estate Investment Trust REIT (a) | 17,846 | 1,052,379 | ||||||
H&R Real Estate Investment Trust REIT (a) | 86,751 | 947,908 | ||||||
InterRent Real Estate Investment Trust REIT (a) | 43,533 | 470,972 | ||||||
Killam Apartment Real Estate Investment Trust REIT (a) | 30,442 | 413,912 | ||||||
Minto Apartment Real Estate Investment Trust REIT (a) | 13,214 | 194,656 | ||||||
Morguard Corp. | 1,421 | 126,332 | ||||||
Morguard North American Residential Real Estate Investment Trust REIT | 9,005 | 111,598 | ||||||
NorthWest Healthcare Properties Real Estate Investment Trust REIT (a) | 45,628 | 428,852 | ||||||
RioCan Real Estate Investment Trust REIT (a) | 99,173 | 1,342,306 | ||||||
SmartCentres Real Estate Investment Trust REIT (a) | 39,157 | 727,905 |
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Canada (Continued) | ||||||||
Summit Industrial Income REIT (a) | 40,299 | $ | 412,039 | |||||
Tricon Residential, Inc. | 60,925 | 514,800 | ||||||
True North Commercial Real Estate Investment Trust REIT | 23,858 | 119,299 | ||||||
WPT Industrial Real Estate Investment Trust REIT | 20,783 | 290,754 | ||||||
|
| |||||||
(Cost $17,456,877) | 17,992,206 | |||||||
|
| |||||||
Chile — 0.1% | ||||||||
Parque Arauco SA | 190,187 | 293,080 | ||||||
Plaza SA | 93,847 | 152,816 | ||||||
|
| |||||||
(Cost $577,564) | 445,896 | |||||||
|
| |||||||
China — 1.5% | ||||||||
A-Living Smart City Services Co. Ltd., 144A | 131,609 | 554,277 | ||||||
China Vanke Co. Ltd., Class H | 523,275 | 1,987,804 | ||||||
Colour Life Services Group Co. Ltd.* | 134,273 | 64,777 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 391,657 | 510,253 | ||||||
Poly Property Services Co. Ltd. (a) | 45,743 | 333,078 | ||||||
Powerlong Real Estate Holdings Ltd. | 446,127 | 322,259 | ||||||
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B | 91,332 | 87,953 | ||||||
Shanghai Lingang Holdings Corp. Ltd., Class B | 34,255 | 46,998 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 325,652 | 253,357 | ||||||
Shanghai Shibei Hi-Tech Co. Ltd., Class B | 120,865 | 42,061 | ||||||
Shenzhen Wongtee International Enterprise Co. Ltd., Class B* | 188,929 | 35,580 | ||||||
Sino-Ocean Group Holding Ltd. | 944,805 | 198,650 | ||||||
Zhenro Properties Group Ltd. | 600,495 | 370,250 | ||||||
|
| |||||||
(Cost $4,899,503) | 4,807,297 | |||||||
|
| |||||||
Egypt — 0.1% | ||||||||
Arab Co. for Asset Management & Development* | 41,469 | 14,563 | ||||||
Cairo Investment & Real Estate Development Co. SAE | 63,401 | 56,531 | ||||||
Emaar Misr for Development SAE* | 226,940 | 36,305 | ||||||
Heliopolis Housing | 135,100 | 59,155 | ||||||
Medinet Nasr Housing | 185,249 | 45,220 | ||||||
Palm Hills Developments SAE* | 635,916 | 56,742 | ||||||
Six of October Development & Investment | 55,509 | 52,042 | ||||||
Talaat Moustafa Group | 232,631 | 104,973 | ||||||
|
| |||||||
(Cost $409,055) | 425,531 | |||||||
|
| |||||||
Finland — 0.5% | ||||||||
Adapteo OYJ* | 12,508 | 133,423 | ||||||
Citycon OYJ (a) | 27,268 | 254,420 | ||||||
Kojamo OYJ | 60,158 | 1,259,318 | ||||||
|
| |||||||
(Cost $1,394,216) | 1,647,161 | |||||||
|
|
Number | Value | |||||||
France — 3.5% | ||||||||
Altarea SCA REIT | 1,316 | $ | 213,462 | |||||
ARGAN SA REIT | 3,366 | 319,697 | ||||||
Carmila SA REIT | 15,990 | 226,467 | ||||||
Covivio REIT | 18,117 | 1,484,503 | ||||||
Covivio Hotels SACA REIT (a) | 22,597 | 433,840 | ||||||
Gecina SA REIT | 14,665 | 2,233,133 | ||||||
ICADE REIT | 9,482 | 702,660 | ||||||
Klepierre SA REIT (a) | 67,015 | 1,483,023 | ||||||
Mercialys SA REIT | 20,992 | 166,358 | ||||||
Nexity SA | 12,636 | 492,755 | ||||||
Unibail-Rodamco-Westfield REIT (a) | 43,070 | 3,065,462 | ||||||
|
| |||||||
(Cost $13,101,063) | 10,821,360 | |||||||
|
| |||||||
Germany — 7.5% | ||||||||
ADLER Group SA, 144A* | 27,825 | 806,811 | ||||||
alstria office REIT-AG REIT | 55,793 | 900,318 | ||||||
Deutsche EuroShop AG* | 14,084 | 294,659 | ||||||
Deutsche Wohnen SE | 103,302 | 5,194,880 | ||||||
Hamborner REIT AG REIT | 21,158 | 226,644 | ||||||
Instone Real Estate Group AG, 144A* | 14,462 | 371,938 | ||||||
LEG Immobilien AG | 21,966 | 3,138,901 | ||||||
PATRIZIA AG | 13,643 | 390,043 | ||||||
TAG Immobilien AG* | 45,081 | 1,351,384 | ||||||
Vonovia SE | 158,932 | 10,927,787 | ||||||
|
| |||||||
(Cost $19,164,648) | 23,603,365 | |||||||
|
| |||||||
Greece — 0.1% | ||||||||
LAMDA Development SA* (Cost $186,854) | 27,346 | 199,539 | ||||||
|
| |||||||
Guernsey — 0.1% | ||||||||
UK Commercial Property REIT Ltd. REIT (Cost $218,259) | 220,539 | 208,457 | ||||||
|
| |||||||
Hong Kong — 13.5% | ||||||||
Asia Standard International Group Ltd.* | 35,571 | 4,038 | ||||||
C C Land Holdings Ltd. | 652,401 | 156,526 | ||||||
Champion REIT | 756,792 | 452,953 | ||||||
China Jinmao Holdings Group Ltd. | 1,692,086 | 870,870 | ||||||
China Motor Bus Co. Ltd. | 5,438 | 75,757 | ||||||
China Oceanwide Holdings Ltd.* | 392,859 | 8,615 | ||||||
China Overseas Grand Oceans Group Ltd. | 556,823 | 331,831 | ||||||
China Overseas Land & Investment Ltd. | 1,149,249 | 2,795,851 | ||||||
China Overseas Property Holdings Ltd. | 402,023 | 262,916 | ||||||
China Resources Land Ltd. | 887,960 | 3,848,495 | ||||||
China Shandong Hi-Speed Financial Group Ltd.*(a) | 1,414,138 | 66,580 | ||||||
Chinese Estates Holdings Ltd. | 121,771 | 61,887 | ||||||
Chuang’s Consortium International Ltd. | 87,348 | 10,478 | ||||||
CK Asset Holdings Ltd. | 808,110 | 4,424,930 | ||||||
CSI Properties Ltd. | 1,193,200 | 33,553 | ||||||
Emperor International Holdings Ltd. | 294,765 | 39,923 | ||||||
ESR Cayman Ltd., 144A* | 457,225 | 1,377,130 | ||||||
Far East Consortium International Ltd. | 353,751 | 116,814 | ||||||
Fullshare Holdings Ltd.* | 2,459,752 | 46,958 | ||||||
Hang Lung Group Ltd. | 257,927 | 648,103 | ||||||
Hang Lung Properties Ltd. | 580,029 | 1,438,008 |
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Henderson Land Development Co. Ltd. | 407,087 | $ | 1,706,589 | |||||
HKR International Ltd. | 182,492 | 85,920 | ||||||
Hong Kong Ferry Holdings Co. Ltd. | 74,127 | 59,091 | ||||||
Hongkong Land Holdings Ltd. | 365,487 | 1,487,532 | ||||||
Hysan Development Co. Ltd. | 184,522 | 741,420 | ||||||
Joy City Property Ltd. | 1,094,515 | 70,591 | ||||||
K Wah International Holdings Ltd. | 376,055 | 187,239 | ||||||
Kerry Properties Ltd. | 178,539 | 456,912 | ||||||
Kowloon Development Co. Ltd. | 87,882 | 84,566 | ||||||
Lai Sun Development Co. Ltd. | 45,314 | 37,525 | ||||||
Landing International Development Ltd.* | 162,336 | 4,628 | ||||||
Langham Hospitality Investments and Langham Hospitality Investments Ltd. (b) | 431,953 | 59,618 | ||||||
Link REIT | 638,777 | 5,602,946 | ||||||
New World Development Co. Ltd. | 434,260 | 2,201,408 | ||||||
Poly Property Group Co. Ltd. | 573,583 | 177,568 | ||||||
Prosperity REIT | 396,258 | 125,739 | ||||||
Regal Real Estate Investment Trust REIT | 313,988 | 52,247 | ||||||
SEA Holdings Ltd. | 70,522 | 66,406 | ||||||
Shenzhen Investment Ltd. | 755,159 | 275,666 | ||||||
Sino Land Co. Ltd. | 999,001 | 1,365,935 | ||||||
Sun Hung Kai Properties Ltd. | 478,707 | 6,390,993 | ||||||
Suncity Group Holdings Ltd.*(a) | 517,288 | 50,711 | ||||||
Sunlight Real Estate Investment Trust REIT | 262,366 | 126,234 | ||||||
Swire Properties Ltd. | 324,727 | 990,622 | ||||||
TAI Cheung Holdings Ltd. | 103,702 | 63,004 | ||||||
Wang On Properties Ltd. | 974,745 | 11,442 | ||||||
Wharf Real Estate Investment Co. Ltd. | 475,888 | 2,212,933 | ||||||
Yuexiu Property Co. Ltd. | 2,083,966 | 432,788 | ||||||
|
| |||||||
(Cost $46,330,083) | 42,200,489 | |||||||
|
| |||||||
India — 0.7% | ||||||||
Brigade Enterprises Ltd. | 35,408 | 104,566 | ||||||
DLF Ltd. | 295,884 | 747,938 | ||||||
Godrej Properties Ltd.* | 32,085 | 504,933 | ||||||
Indiabulls Real Estate Ltd.* | 77,152 | 67,457 | ||||||
Oberoi Realty Ltd.* | 39,584 | 247,693 | ||||||
Omaxe Ltd.* | 16,324 | 15,265 | ||||||
Prestige Estates Projects Ltd. | 49,095 | 177,204 | ||||||
Sobha Ltd. | 10,631 | 44,638 | ||||||
Sunteck Realty Ltd. | 27,681 | 117,723 | ||||||
|
| |||||||
(Cost $1,911,891) | 2,027,417 | |||||||
|
| |||||||
Indonesia — 0.4% | ||||||||
PT Alam Sutera Realty Tbk* | 4,164,408 | 69,603 | ||||||
PT Andalan Perkasa Abadi Tbk*(c) | 507,804 | 3,740 | ||||||
PT Bumi Serpong Damai Tbk* | 3,457,413 | 257,102 | ||||||
PT Ciputra Development Tbk | 2,721,892 | 178,311 | ||||||
PT Jaya Real Property Tbk | 1,062,343 | 39,499 | ||||||
PT Jaya Sukses Makmur Sentosa Tbk* | 502,957 | 15,673 | ||||||
PT Kawasan Industri Jababeka Tbk* | 4,381,402 | 65,783 | ||||||
PT Lippo Cikarang Tbk* | 399,061 | 40,697 | ||||||
PT Lippo Karawaci Tbk* | 11,950,042 | 198,039 | ||||||
PT Pakuwon Jati Tbk* | 4,549,112 | 161,088 |
Number | Value | |||||||
Indonesia (Continued) | ||||||||
PT PP Properti Tbk | 7,734,009 | $ | 50,392 | |||||
PT Puradelta Lestari Tbk | 2,878,661 | 53,007 | ||||||
PT Sanurhasta Mitra Tbk* | 399,745 | 1,416 | ||||||
PT Summarecon Agung Tbk* | 2,646,972 | 153,719 | ||||||
|
| |||||||
(Cost $1,161,295) | 1,288,069 | |||||||
|
| |||||||
Ireland — 0.1% | ||||||||
Hibernia REIT PLC REIT (Cost $294,467) | 213,026 | 291,516 | ||||||
|
| |||||||
Israel — 1.5% | ||||||||
AFI Properties Ltd.* | 7,351 | 249,337 | ||||||
Airport City Ltd.* | 22,308 | 301,652 | ||||||
Alony Hetz Properties & Investments Ltd. | 46,664 | 612,501 | ||||||
Alrov Properties and Lodgings Ltd.* | 1,860 | 65,790 | ||||||
Amot Investments Ltd. | 52,767 | 280,204 | ||||||
Arad Investment & Industrial Development Ltd. | 1,278 | 120,880 | ||||||
Azrieli Group Ltd. | 11,151 | 681,554 | ||||||
Bayside Land Corp. | 43,096 | 330,951 | ||||||
Big Shopping Centers Ltd.* | 1,712 | 176,124 | ||||||
Blue Square Real Estate Ltd. | 1,666 | 91,039 | ||||||
Gazit-Globe Ltd. | 17,247 | 100,039 | ||||||
Israel Canada T.R Ltd. | 27,892 | 62,671 | ||||||
Isras Investment Co. Ltd. | 477 | 96,080 | ||||||
Melisron Ltd. | 5,954 | 292,210 | ||||||
Menivim- The New REIT Ltd. REIT | 138,122 | 78,445 | ||||||
Mivne Real Estate KD Ltd. | 198,948 | 494,879 | ||||||
Norstar Holdings, Inc. (a) | 3,806 | 23,182 | ||||||
Property & Building Corp. Ltd. | 714 | 64,596 | ||||||
Reit 1 Ltd. REIT | 59,484 | 282,576 | ||||||
Sella Capital Real Estate Ltd. REIT | 62,197 | 139,263 | ||||||
Summit Real Estate Holdings Ltd. | 12,105 | 142,845 | ||||||
Villar International Ltd.* | 1,428 | 57,942 | ||||||
|
| |||||||
(Cost $4,477,849) | 4,744,760 | |||||||
|
| |||||||
Italy — 0.0% | ||||||||
Immobiliare Grande Distribuzione SIIQ SpA REIT (Cost $97,560) | 17,261 | 74,228 | ||||||
|
| |||||||
Japan — 20.4% | ||||||||
Activia Properties, Inc. REIT (a) | 217 | 811,604 | ||||||
Advance Residence Investment Corp. REIT | 431 | 1,246,190 | ||||||
Aeon Mall Co. Ltd. | 29,600 | 475,474 | ||||||
AEON REIT Investment Corp. REIT | 460 | 538,633 | ||||||
Comforia Residential REIT, Inc. REIT | 197 | 546,556 | ||||||
Daibiru Corp. | 17,700 | 227,965 | ||||||
Daito Trust Construction Co. Ltd. | 21,600 | 2,121,160 | ||||||
Daiwa House REIT Investment Corp. REIT | 617 | 1,486,954 | ||||||
Daiwa Office Investment Corp. REIT (a) | 84 | 482,532 | ||||||
Daiwa Securities Living Investments Corp. REIT | 653 | 561,727 | ||||||
Frontier Real Estate Investment Corp. REIT (a) | 153 | 550,228 | ||||||
Fukuoka REIT Corp. REIT | 235 | 313,033 |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Global One Real Estate Investment Corp. REIT | 288 | $ | 277,298 | |||||
GLP J REIT | 1,176 | 1,780,776 | ||||||
Goldcrest Co. Ltd. | 4,700 | 63,328 | ||||||
Hankyu Hanshin REIT, Inc. REIT | 218 | 251,920 | ||||||
Heiwa Real Estate Co. Ltd. | 9,800 | 321,419 | ||||||
Heiwa Real Estate REIT, Inc. REIT | 252 | 282,269 | ||||||
Hoshino Resorts REIT, Inc. REIT | 67 | 321,266 | ||||||
Hulic Co. Ltd. | 168,100 | 1,703,972 | ||||||
Hulic Reit, Inc. REIT | 381 | 518,109 | ||||||
Ichigo Office REIT Investment Corp. REIT | 476 | 320,453 | ||||||
Industrial & Infrastructure Fund Investment Corp. REIT | 572 | 965,447 | ||||||
Invesco Office J-Reit, Inc. REIT | 2,833 | 373,839 | ||||||
Invincible Investment Corp. REIT | 1,900 | 563,942 | ||||||
Japan Excellent, Inc. REIT | 382 | 454,993 | ||||||
Japan Hotel REIT Investment Corp. REIT | 1,372 | 676,296 | ||||||
Japan Logistics Fund, Inc. REIT | 272 | 769,504 | ||||||
Japan Prime Realty Investment Corp. REIT | 301 | 884,742 | ||||||
Japan Real Estate Investment Corp. REIT | 430 | 2,235,052 | ||||||
Japan Retail Fund Investment Corp. REIT | 810 | 1,293,359 | ||||||
Kenedix Office Investment Corp. REIT | 130 | 825,318 | ||||||
Kenedix Residential Next Investment Corp. REIT | 222 | 379,172 | ||||||
Kenedix Retail REIT Corp. REIT | 176 | 390,398 | ||||||
LaSalle Logiport REIT | 430 | 644,124 | ||||||
Leopalace21 Corp.*(a) | 71,500 | 106,281 | ||||||
LIFULL Co. Ltd. | 23,800 | 89,243 | ||||||
MCUBS MidCity Investment Corp. REIT | 546 | 431,983 | ||||||
Mirai Corp. REIT (a) | 483 | 178,100 | ||||||
Mitsubishi Estate Co. Ltd. | 430,000 | 7,439,175 | ||||||
Mitsubishi Estate Logistics REIT Investment Corp. REIT | 89 | 340,125 | ||||||
Mitsui Fudosan Co. Ltd. | 299,100 | 6,257,364 | ||||||
Mitsui Fudosan Logistics Park, Inc. REIT | 122 | 580,312 | ||||||
Mori Hills REIT Investment Corp. REIT | 482 | 637,428 | ||||||
Mori Trust Sogo Reit, Inc. REIT | 288 | 347,450 | ||||||
Nippon Accommodations Fund, Inc. REIT | 155 | 857,684 | ||||||
Nippon Building Fund, Inc. REIT | 438 | 2,423,649 | ||||||
Nippon Prologis REIT, Inc. REIT (a) | 650 | 2,041,477 | ||||||
NIPPON REIT Investment Corp. REIT | 153 | 514,280 | ||||||
Nomura Real Estate Holdings, Inc. | 36,800 | 797,583 | ||||||
Nomura Real Estate Master Fund, Inc. REIT | 1,441 | 1,879,415 | ||||||
Open House Co. Ltd. | 21,200 | 840,681 | ||||||
Orix JREIT, Inc. REIT | 860 | 1,286,598 | ||||||
Premier Investment Corp. REIT | 419 | 480,579 | ||||||
Relo Group, Inc. | 37,800 | 1,055,971 | ||||||
Sekisui House Reit, Inc. REIT | 1,299 | 929,325 | ||||||
SOSiLA Logistics REIT, Inc. REIT | 163 | 194,772 | ||||||
Starts Corp., Inc. | 10,300 | 278,453 | ||||||
Sumitomo Realty & Development Co. Ltd. | 147,400 | 4,813,205 | ||||||
Takara Leben Co. Ltd. | 25,100 | 71,250 | ||||||
TOC Co. Ltd. | 19,300 | 118,271 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Tokyo Tatemono Co. Ltd. | 64,500 | $ | 886,392 | |||||
Tokyu Fudosan Holdings Corp. | 184,900 | 897,237 | ||||||
Tokyu REIT, Inc. REIT | 276 | 402,056 | ||||||
United Urban Investment Corp. REIT (a) | 962 | 1,088,621 | ||||||
|
| |||||||
(Cost $65,994,215) | 63,924,012 | |||||||
|
| |||||||
Jersey Island — 0.0% | ||||||||
Atrium European Real Estate Ltd.* (Cost $161,683) | 47,219 | 140,644 | ||||||
|
| |||||||
Luxembourg — 1.2% | ||||||||
Aroundtown SA* | 368,409 | 2,563,941 | ||||||
Grand City Properties SA | 32,147 | 761,394 | ||||||
Shurgard Self Storage SA (a) | 7,771 | 329,997 | ||||||
|
| |||||||
(Cost $3,689,284) | 3,655,332 | |||||||
|
| |||||||
Malaysia — 0.6% | ||||||||
Axis Real Estate Investment Trust REIT | 312,939 | 164,381 | ||||||
Capitaland Malaysia Mall Trust REIT | 158,700 | 23,762 | ||||||
Eastern & Oriental Bhd | 117,000 | 11,344 | ||||||
Eco World Development Group Bhd* | 200,600 | 18,711 | ||||||
Eco World International Bhd* | 344,000 | 36,730 | ||||||
IGB Bhd* | 95,921 | 62,393 | ||||||
IGB Real Estate Investment Trust REIT | 438,800 | 178,794 | ||||||
IOI Properties Group Bhd | 352,525 | 108,163 | ||||||
Iskandar Waterfront City Bhd* | 160,000 | 20,029 | ||||||
KLCCP Stapled Group (b) | 63,400 | 119,517 | ||||||
KSL Holdings Bhd* | 195,700 | 28,582 | ||||||
Land & General Bhd* | 1,251,300 | 30,714 | ||||||
LBS Bina Group Bhd* | 469,869 | 44,980 | ||||||
Mah Sing Group Bhd | 369,900 | 80,354 | ||||||
Malton Bhd* | 272,900 | 29,474 | ||||||
Matrix Concepts Holdings Bhd | 178,996 | 73,373 | ||||||
MKH Bhd | 90,100 | 31,626 | ||||||
MRCB-QUILL REIT | 229,000 | 48,903 | ||||||
Paramount Corp. Bhd | 200,640 | 41,123 | ||||||
Pavilion Real Estate Investment Trust REIT | 158,300 | 61,004 | ||||||
Sime Darby Property Bhd | 727,546 | 107,150 | ||||||
SP Setia Bhd Group | 421,205 | 83,745 | ||||||
Sunway Bhd | 457,361 | 159,414 | ||||||
Sunway Real Estate Investment Trust REIT | 335,900 | 123,674 | ||||||
Tropicana Corp. Bhd* | 30,891 | 6,521 | ||||||
UEM Sunrise Bhd* | 159,900 | 16,681 | ||||||
UOA Development Bhd | 207,300 | 81,414 | ||||||
YNH Property Bhd | 128,800 | 87,574 | ||||||
YTL Hospitality REIT | 258,700 | 54,928 | ||||||
|
| |||||||
(Cost $2,053,286) | 1,935,058 | |||||||
|
| |||||||
Mexico — 0.9% | ||||||||
CFE Capital S de RL de CV REIT | 258,828 | 335,662 | ||||||
Corp. Inmobiliaria Vesta SAB de CV | 176,690 | 316,887 | ||||||
Fibra Uno Administracion SA de CV REIT | 1,229,828 | 1,226,381 | ||||||
Macquarie Mexico Real Estate Management SA de CV REIT, 144A | 233,529 | 297,175 | ||||||
PLA Administradora Industrial S de RL de CV REIT | 260,527 | 373,539 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Mexico (Continued) | ||||||||
Prologis Property Mexico SA de CV REIT | 143,519 | $ | 310,798 | |||||
|
| |||||||
(Cost $2,869,827) | 2,860,442 | |||||||
|
| |||||||
New Zealand — 0.7% | ||||||||
Argosy Property Ltd. | 282,802 | 296,142 | ||||||
Goodman Property Trust REIT | 330,299 | 557,122 | ||||||
Kiwi Property Group Ltd. | 475,265 | 397,480 | ||||||
Precinct Properties New Zealand Ltd. | 331,826 | 401,117 | ||||||
Property for Industry Ltd. (a) | 152,939 | 311,708 | ||||||
Vital Healthcare Property Trust REIT | 122,853 | 256,865 | ||||||
|
| |||||||
(Cost $1,888,612) | 2,220,434 | |||||||
|
| |||||||
Norway — 0.4% | ||||||||
Entra ASA, 144A (a) | 50,501 | 1,013,829 | ||||||
Norwegian Property ASA | 16,049 | 22,198 | ||||||
Olav Thon Eiendomsselskap ASA* | 8,252 | 146,283 | ||||||
Selvaag Bolig ASA | 14,482 | 84,865 | ||||||
|
| |||||||
(Cost $919,784) | 1,267,175 | |||||||
|
| |||||||
Philippines — 2.6% | ||||||||
8990 Holdings, Inc.* | 348,700 | 64,402 | ||||||
Ayala Corp. | 91,495 | 1,567,099 | ||||||
Ayala Land, Inc. | 2,538,896 | 2,006,615 | ||||||
Belle Corp. | 976,000 | 32,479 | ||||||
DoubleDragon Properties Corp.* | 238,570 | 72,940 | ||||||
Filinvest Land, Inc. | 3,034,000 | 71,938 | ||||||
GT Capital Holdings, Inc. | 29,111 | 351,173 | ||||||
Megaworld Corp.* | 3,686,600 | 293,671 | ||||||
Robinsons Land Corp. | 581,261 | 200,927 | ||||||
SM Prime Holdings, Inc. | 4,530,157 | 3,391,964 | ||||||
Vista Land & Lifescapes, Inc. | 1,097,700 | 108,446 | ||||||
|
| |||||||
(Cost $7,772,549) | 8,161,654 | |||||||
|
| |||||||
Poland — 0.1% | ||||||||
Atal SA* | 1,875 | 16,209 | ||||||
Develia SA | 150,966 | 71,777 | ||||||
Dom Development SA | 2,891 | 77,135 | ||||||
Echo Investment SA* | 61,195 | 64,656 | ||||||
Globe Trade Centre SA* | 60,484 | 111,350 | ||||||
MLP Group SA | 2,728 | 60,048 | ||||||
|
| |||||||
(Cost $408,068) | 401,175 | |||||||
|
| |||||||
Romania — 0.2% | ||||||||
NEPI Rockcastle PLC (Cost $724,249) | 103,587 | 527,297 | ||||||
|
| |||||||
Russia — 0.3% | ||||||||
LSR Group PJSC | 15,451 | 184,172 | ||||||
PIK Group PJSC | 82,089 | 637,546 | ||||||
|
| |||||||
(Cost $648,832) | 821,718 | |||||||
|
| |||||||
Singapore — 6.2% | ||||||||
AIMS APAC REIT | 136,500 | 122,266 | ||||||
ARA LOGOS Logistics Trust REIT | 333,000 | 149,138 | ||||||
Ascendas India Trust | 262,600 | 268,539 | ||||||
Ascendas Real Estate Investment Trust REIT | 909,774 | 2,016,891 | ||||||
Ascott Residence Trust | 608,096 | 472,061 | ||||||
Bukit Sembawang Estates Ltd. | 48,700 | 145,406 |
Number | Value | |||||||
Singapore (Continued) | ||||||||
CapitaLand Integrated Commercial Trust REIT | 1,412,779 | $ | 2,045,825 | |||||
CapitaLand Ltd. | 798,151 | 1,864,755 | ||||||
CapitaLand Retail China Trust REIT | 236,041 | 211,427 | ||||||
CDL Hospitality Trusts (b) | 238,100 | 223,935 | ||||||
Chip Eng Seng Corp. Ltd. (a) | 142,500 | 42,547 | ||||||
City Developments Ltd. | 141,298 | 822,665 | ||||||
Cromwell European Real Estate Investment Trust REIT | 454,200 | 263,508 | ||||||
ESR REIT | 730,885 | 220,951 | ||||||
Far East Hospitality Trust (b) | 285,400 | 135,276 | ||||||
First Real Estate Investment Trust REIT | 179,400 | 56,912 | ||||||
Frasers Centrepoint Trust REIT | 287,300 | 497,526 | ||||||
Frasers Hospitality Trust (b) | 238,000 | 94,155 | ||||||
Frasers Logistics & Commercial Trust REIT | 915,878 | 943,429 | ||||||
Frasers Property Ltd. | 119,000 | 109,256 | ||||||
GuocoLand Ltd. | 95,200 | 112,986 | ||||||
Ho Bee Land Ltd. | 45,000 | 79,271 | ||||||
Keppel REIT | 540,500 | 423,621 | ||||||
Keppel DC REIT | 406,055 | 851,694 | ||||||
Keppel Pacific Oak US REIT | 261,565 | 183,095 | ||||||
Lippo Malls Indonesia Retail Trust REIT | 547,300 | 33,499 | ||||||
Manulife US Real Estate Investment Trust REIT | 503,526 | 375,127 | ||||||
Mapletree Commercial Trust REIT | 678,870 | 1,033,735 | ||||||
Mapletree Industrial Trust REIT | 516,988 | 1,134,541 | ||||||
Mapletree Logistics Trust REIT | 811,669 | 1,193,542 | ||||||
Mapletree North Asia Commercial Trust REIT | 652,100 | 438,076 | ||||||
OUE Commercial Real Estate Investment Trust REIT | 738,439 | 209,455 | ||||||
Parkway Life Real Estate Investment Trust REIT | 50,400 | 150,105 | ||||||
Prime US REIT | 157,500 | 120,488 | ||||||
Soilbuild Business Space REIT | 307,936 | 113,778 | ||||||
SPH REIT | 285,500 | 176,879 | ||||||
Starhill Global REIT | 452,200 | 163,706 | ||||||
Suntec Real Estate Investment Trust REIT | 653,800 | 736,910 | ||||||
United Industrial Corp. Ltd. | 41,400 | 70,458 | ||||||
UOL Group Ltd. | 142,617 | 784,569 | ||||||
Wing Tai Holdings Ltd. | 154,200 | 214,087 | ||||||
Yanlord Land Group Ltd. | 188,100 | 155,849 | ||||||
|
| |||||||
(Cost $19,046,579) | 19,461,939 | |||||||
|
| |||||||
South Africa — 0.6% | ||||||||
Attacq Ltd. REIT | 213,278 | 51,679 | ||||||
Equites Property Fund Ltd. REIT | 145,193 | 161,740 | ||||||
Fortress REIT Ltd., Class A REIT | 340,383 | 285,701 | ||||||
Fortress REIT Ltd., Class B REIT | 428,429 | 64,224 | ||||||
Growthpoint Properties Ltd. REIT | 833,872 | 639,564 | ||||||
Hyprop Investments Ltd. REIT* | 67,952 | 123,643 | ||||||
Redefine Properties Ltd. REIT* | 1,702,458 | 260,711 | ||||||
Resilient REIT Ltd. REIT | 90,268 | 220,942 | ||||||
SA Corporate Real Estate Ltd. REIT | 645,115 | 58,358 | ||||||
Vukile Property Fund Ltd. REIT | 264,688 | 119,036 | ||||||
|
| |||||||
(Cost $3,285,637) | 1,985,598 | |||||||
|
|
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
South Korea — 0.2% | ||||||||
Dongwon Development Co. Ltd. | 11,770 | $ | 46,854 | |||||
Korea Asset In Trust Co. Ltd. | 22,153 | 79,279 | ||||||
Korea Real Estate Investment & Trust Co. Ltd. | 39,059 | 65,125 | ||||||
LOTTE Reit Co. Ltd. REIT | 21,838 | 105,583 | ||||||
Seobu T&D* | 6,959 | 43,897 | ||||||
Shinhan Alpha REIT Co. Ltd. REIT | 16,222 | 108,924 | ||||||
SK D&D Co. Ltd. | 2,272 | 92,498 | ||||||
|
| |||||||
(Cost $422,696) | 542,160 | |||||||
|
| |||||||
Spain — 0.7% | ||||||||
Aedas Homes SA, 144A* | 5,457 | 121,415 | ||||||
Inmobiliaria Colonial Socimi SA REIT | 83,318 | 797,320 | ||||||
Lar Espana Real Estate Socimi SA REIT | 22,129 | 133,677 | ||||||
Merlin Properties Socimi SA REIT | 116,785 | 1,076,376 | ||||||
Neinor Homes SA, 144A* | 16,722 | 196,228 | ||||||
|
| |||||||
(Cost $2,678,765) | 2,325,016 | |||||||
|
| |||||||
Sweden — 4.7% | ||||||||
Atrium Ljungberg AB, Class B | 13,740 | 281,558 | ||||||
Castellum AB | 72,347 | 1,794,766 | ||||||
Catena AB | 8,303 | 373,889 | ||||||
Corem Property Group AB, Class B | 48,560 | 112,742 | ||||||
Dios Fastigheter AB | 29,088 | 259,588 | ||||||
Fabege AB | 86,171 | 1,356,603 | ||||||
Fastighets AB Balder, Class B* | 29,987 | 1,503,953 | ||||||
FastPartner AB, Class A | 16,895 | 185,159 | ||||||
Heba Fastighets AB, Class B | 12,084 | 163,245 | ||||||
Hufvudstaden AB, Class A | 34,857 | 554,874 | ||||||
JM AB (a) | 16,731 | 537,169 | ||||||
Klovern AB, Class B | 173,330 | 286,256 | ||||||
Kungsleden AB | 55,560 | 587,783 | ||||||
L E Lundbergforetagen AB, Class B* | 22,715 | 1,166,868 | ||||||
Nyfosa AB* | 55,642 | 548,301 | ||||||
Pandox AB* | 33,476 | 579,485 | ||||||
Platzer Fastigheter Holding AB, Class B | 20,397 | 247,157 | ||||||
Sagax AB, Class B | 47,619 | 875,547 | ||||||
Sagax AB, Class D | 31,971 | 120,783 | ||||||
Samhallsbyggnadsbolaget i Norden AB (a) | 304,229 | 1,037,611 | ||||||
Samhallsbyggnadsbolaget i Norden AB, Class D | 43,921 | 158,480 | ||||||
Wallenstam AB, Class B | 64,159 | 970,292 | ||||||
Wihlborgs Fastigheter AB | 43,745 | 967,535 | ||||||
|
| |||||||
(Cost $11,495,166) | 14,669,644 | |||||||
|
| |||||||
Switzerland — 1.7% | ||||||||
Allreal Holding AG | 4,442 | 941,098 | ||||||
Mobimo Holding AG* | 2,058 | 602,419 | ||||||
PSP Swiss Property AG | 14,149 | 1,730,138 | ||||||
Swiss Prime Site AG | 23,233 | 2,099,259 | ||||||
|
| |||||||
(Cost $5,377,923) | 5,372,914 | |||||||
|
| |||||||
Taiwan — 1.1% | ||||||||
Cathay No. 1 REIT | 396,367 | 261,440 | ||||||
Cathay No. 2 REIT | 218,745 | 151,727 | ||||||
Cathay Real Estate Development Co. Ltd. | 159,905 | 118,095 | ||||||
Chong Hong Construction Co. Ltd. | 71,307 | 207,648 |
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Farglory Land Development Co. Ltd. | 65,813 | $ | 120,531 | |||||
Fubon No. 1 REIT | 184,018 | 118,730 | ||||||
Fubon No. 2 REIT | 213,355 | 126,505 | ||||||
Highwealth Construction Corp. | 347,215 | 542,095 | ||||||
Hong Pu Real Estate Development Co. Ltd. | 72,132 | 60,864 | ||||||
Huaku Development Co. Ltd. | 74,426 | 230,309 | ||||||
Huang Hsiang Construction Corp. | 61,039 | 85,019 | ||||||
Hung Sheng Construction Ltd. | 134,408 | 89,597 | ||||||
KEE TAI Properties Co. Ltd. | 141,788 | 57,456 | ||||||
Kindom Development Co. Ltd. | 122,400 | 161,468 | ||||||
Kuoyang Construction Co. Ltd. | 105,562 | 97,405 | ||||||
O-Bank No1 Real Estate Investment Trust REIT | 87,357 | 30,618 | ||||||
Prince Housing & Development Corp. | 422,417 | 177,844 | ||||||
Radium Life Tech Co. Ltd. | 175,672 | 82,589 | ||||||
Ruentex Development Co. Ltd. | 217,104 | 320,296 | ||||||
Shin Kong No.1 REIT | 340,612 | 232,671 | ||||||
Shining Building Business Co. Ltd.* | 120,952 | 76,808 | ||||||
Sinyi Realty, Inc. | 103,039 | 110,622 | ||||||
Taiwan Land Development Corp.* | 243,531 | 67,328 | ||||||
|
| |||||||
(Cost $2,892,958) | 3,527,665 | |||||||
|
| |||||||
Thailand — 1.9% | ||||||||
Amata Corp. PCL, NVDR | 249,300 | 138,454 | ||||||
Ananda Development PCL, NVDR | 499,800 | 28,419 | ||||||
AP Thailand PCL, NVDR | 772,500 | 178,760 | ||||||
Asset World Corp. PCL, NVDR | 2,409,800 | 380,788 | ||||||
Bangkok Land PCL, NVDR | 4,417,400 | 148,950 | ||||||
Central Pattana PCL, NVDR | 1,025,500 | 1,720,467 | ||||||
CPN Retail Growth Leasehold REIT | 506,600 | 380,159 | ||||||
Frasers Property Thailand Industrial Freehold & Leasehold REIT | 554,400 | 227,258 | ||||||
Frasers Property Thailand PCL, NVDR | 182,225 | 75,902 | ||||||
Golden Ventures Leasehold Real Estate Investment Trust REIT | 12,700 | 5,038 | ||||||
Grand Canal Land PCL, NVDR* | 541,100 | 40,784 | ||||||
IMPACT Growth Real Estate Investment Trust REIT | 185,800 | 126,528 | ||||||
Land & Houses PCL, NVDR | 2,632,900 | 683,249 | ||||||
LH Hotel Leasehold Real Estate Investment Trust, Class F REIT | 10,900 | 3,585 | ||||||
LPN Development PCL, NVDR | 452,100 | 70,842 | ||||||
Noble Development PCL, NVDR | 69,800 | 46,841 | ||||||
Origin Property PCL, NVDR | 333,200 | 85,365 | ||||||
Platinum Group PCL, NVDR | 571,500 | 45,342 | ||||||
Principal Capital PCL, NVDR* | 547,200 | 61,504 | ||||||
Property Perfect PCL, NVDR | 2,937,930 | 36,906 | ||||||
Pruksa Holding PCL, NVDR | 261,800 | 108,182 | ||||||
Quality Houses PCL, NVDR | 2,670,600 | 204,820 | ||||||
Sansiri PCL, NVDR | 5,242,300 | 136,906 | ||||||
SC Asset Corp. PCL, NVDR | 547,200 | 49,565 | ||||||
Siam Future Development PCL, NVDR | 404,240 | 65,480 | ||||||
Singha Estate PCL, NVDR | 1,104,800 | 54,418 | ||||||
Supalai PCL, NVDR | 452,200 | 267,583 | ||||||
U City PCL, NVDR* | 917,900 | 38,840 | ||||||
Univentures PCL, NVDR | 190,400 | 19,135 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Thailand (Continued) | ||||||||
WHA Corp. PCL, NVDR | 2,873,300 | $ | 298,253 | |||||
WHA Premium Growth Freehold & Leasehold Real Estate InvestmentTrust, Class F REIT | 397,000 | 169,299 | ||||||
|
| |||||||
(Cost $6,313,158) | 5,897,622 | |||||||
|
| |||||||
Turkey — 0.2% | ||||||||
AKIS Gayrimenkul Yatirimi AS REIT* | 67,937 | 30,571 | ||||||
Akmerkez Gayrimenkul Yatirim Ortakligi AS REIT | 2,409 | 17,031 | ||||||
Alarko Gayrimenkul Yatirim Ortakligi AS REIT | 14,528 | 36,570 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 596,693 | 164,768 | ||||||
Is Gayrimenkul Yatirim Ortakligi AS REIT* | 195,814 | 52,068 | ||||||
Reysas Gayrimenkul Yatirim Ortakligi AS REIT* | 34,609 | 21,149 | ||||||
Torunlar Gayrimenkul Yatirim Ortakligi AS REIT* | 62,250 | 28,808 | ||||||
Vakif Gayrimenkul Yatirim Ortakligi AS REIT* | 85,734 | 40,224 | ||||||
Yeni Gimat Gayrimenkul Ortakligi AS | 43,178 | 69,330 | ||||||
|
| |||||||
(Cost $408,886) | 460,519 | |||||||
|
| |||||||
United Kingdom — 6.3% | ||||||||
Assura PLC REIT | 813,890 | 812,765 | ||||||
Big Yellow Group PLC REIT | 53,365 | 810,768 | ||||||
British Land Co. PLC REIT | 273,490 | 1,722,286 | ||||||
Capital & Counties Properties PLC REIT | 205,409 | 369,390 | ||||||
Derwent London PLC | 32,786 | 1,331,513 | ||||||
Empiric Student Property PLC REIT | 198,257 | 193,219 | ||||||
Grainger PLC | 207,370 | 781,823 | ||||||
Great Portland Estates PLC REIT | 73,308 | 628,912 | ||||||
Land Securities Group PLC REIT | 215,218 | 1,889,463 | ||||||
LondonMetric Property PLC REIT | 279,978 | 816,346 | ||||||
LXI REIT PLC REIT | 151,217 | 231,357 | ||||||
Primary Health Properties PLC REIT | 402,972 | 763,943 | ||||||
Safestore Holdings PLC REIT | 65,924 | 677,252 | ||||||
Savills PLC* | 43,367 | 532,654 | ||||||
Segro PLC REIT | 366,410 | 4,461,286 | ||||||
Shaftesbury PLC REIT | 57,087 | 403,172 | ||||||
St. Modwen Properties PLC | 63,820 | 309,287 | ||||||
Tritax Big Box REIT PLC REIT | 523,414 | 1,155,789 | ||||||
UNITE Group PLC, Series 6* | 99,941 | 1,320,254 | ||||||
Workspace Group PLC REIT | 40,837 | 372,641 | ||||||
|
| |||||||
(Cost $18,621,991) | 19,584,120 | |||||||
|
| |||||||
United States — 0.0% | ||||||||
Eagle Hospitality Trust*(c) (Cost $94,982) | 173,500 | 23,770 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 310,015,193 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.1% | ||||||||
Sweden — 0.1% | ||||||||
Klovern AB (Cost $190,288) | 5,473 | 206,444 | ||||||
|
|
Number | Value | |||||||
RIGHTS — 0.0% | ||||||||
China — 0.0% | ||||||||
China Resources Mixc Lifestyle Services Ltd.*, expires 12/31/20 (c) | 6,714 | $ | 0 | |||||
Sino-Ocean Group Holding Ltd.*, expires 12/31/20 (c) | 3,747 | 0 | ||||||
|
| |||||||
(Cost $0) | 0 | |||||||
|
| |||||||
Malaysia — 0.0% | ||||||||
Sunway Bhd*, expires 12/3/20 (c) (Cost $0) | 88,272 | 1,625 | ||||||
|
| |||||||
Singapore — 0.0% | ||||||||
Ascendas Real Estate Investment Trust*, expires 12/8/20 | 32,795 | 245 | ||||||
CapitaLand Retail China Trust*, expires 12/15/20 | 13,106 | 293 | ||||||
|
| |||||||
(Cost $0) | 538 | |||||||
|
| |||||||
Sweden — 0.0% | ||||||||
Klovern AB*(a), expires 12/9/20 (Cost $0) | 168,924 | 20,153 | ||||||
|
| |||||||
Thailand — 0.0% | ||||||||
CPN Retail Growth Leasehold REIT*, expires 12/31/20 (c) | 136 | 0 | ||||||
CPN Retail Growth Leasehold REIT*, expires 12/31/20 (c) | 73,128 | 0 | ||||||
WHA Premium Growth Freehold & Leasehold Real Estate InvestmentTrust*, expires 1/21/21 (c) | 27,067 | 0 | ||||||
|
| |||||||
(Cost $0) | 0 | |||||||
|
| |||||||
TOTAL RIGHTS | 22,316 | |||||||
|
| |||||||
WARRANTS — 0.0% | ||||||||
Malaysia — 0.0% | ||||||||
Paramount Corp. Bhd*, expires 7/28/24 (Cost $0) | 7,840 | 308 | ||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 0.3% | ||||||||
iShares Global REIT ETF (a) | 11,000 | 252,780 | ||||||
Vanguard Global ex-U.S. Real Estate ETF | 11,500 | 608,465 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS | 861,245 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 5.4% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (d)(e) (Cost $16,900,124) | 16,900,124 | 16,900,124 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.4% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (d) | 1,266,396 | 1,266,396 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 105.1% (Cost $324,565,913) | $ | 329,272,026 | ||||||
Other assets and liabilities, net — (5.1%) | (15,957,104 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 313,314,922 | ||||||
|
|
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF (Continued)
November 30, 2020 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
Value ($) at 5/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2020 | Value ($) at 11/30/2020 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 5.4% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (d)(e) |
| |||||||||||||||||||||||||||||||||||
8,505,313 | 8,394,811 | (f) | — | — | — | 1,493 | — | 16,900,124 | 16,900,124 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.4% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (d) |
| |||||||||||||||||||||||||||||||||||
643,631 | 13,073,339 | (12,450,574 | ) | — | — | 227 | — | 1,266,396 | 1,266,396 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
9,148,944 | 21,468,150 | (12,450,574 | ) | — | — | 1,720 | — | 18,166,520 | 18,166,520 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $19,722,948, which is 6.3% of net assets. |
(b) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(c) | Investment was valued using significant unobservable inputs. |
(d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $4,979,386. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
NVDR: | Non Voting Depositary Receipt |
PJSC: | Public Joint Stock Company |
REIT: | Real Estate Investment Trust |
SAE: | Societe Anonyme Egyptienne |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Securities are listed in country of domicile.
At November 30, 2020, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||
MINI TOPIX Index Futures | JPY | 18 | $ | 280,081 | $ | 303,035 | 12/10/2020 | $ | 22,954 | |||||||||
EURO STOXX 50 Futures | EUR | 6 | 235,008 | 251,561 | 12/18/2020 | 16,553 | ||||||||||||
E-Mini S&P 500 Futures | USD | 2 | 335,775 | 362,320 | 12/18/2020 | 26,545 | ||||||||||||
MINI HSI Index Futures | HKD | 25 | 854,092 | 852,370 | 12/30/2020 | (1,722 | ) | |||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 64,330 | ||||||||||||||||
|
|
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
EUR | Euro |
HKD | Hong Kong Dollar |
JPY | Japanese Yen |
USD | U.S. Dollar |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF (Continued)
November 30, 2020 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (g) | $ | 309,987,683 | $ | — | $ | 27,510 | $ | 310,015,193 | ||||||||
Preferred Stocks | 206,444 | — | — | 206,444 | ||||||||||||
Rights (g) | 20,153 | 538 | 1,625 | 22,316 | ||||||||||||
Warrants | 308 | — | — | 308 | ||||||||||||
Exchange-Traded Funds | 861,245 | — | — | 861,245 | ||||||||||||
Short-Term Investments (g) | 18,166,520 | — | — | 18,166,520 | ||||||||||||
Derivatives (h) | ||||||||||||||||
Futures Contracts | 66,052 | — | — | 66,052 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 329,308,405 | $ | 538 | $ | 29,135 | $ | 329,338,078 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (h) | ||||||||||||||||
Futures Contracts | $ | (1,722 | ) | $ | — | $ | — | $ | (1,722 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (1,722 | ) | $ | — | $ | — | $ | (1,722 | ) | ||||||
|
|
|
|
|
|
|
|
(g) | See Schedule of Investments for additional detailed categorizations. |
(h) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
During the period ended November 30, 2020, the amount of transfers from Level 1 to Level 3 was $14,730. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers Japan JPX-Nikkei 400 Equity ETF
November 30, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 98.1% | ||||||||
Communication Services — 7.5% | ||||||||
Capcom Co. Ltd. | 400 | $ | 22,556 | |||||
Daiichikosho Co. Ltd. | 200 | 6,464 | ||||||
Dentsu Group, Inc. | 900 | 29,345 | ||||||
Dip Corp. | 100 | 2,334 | ||||||
GungHo Online Entertainment, Inc. | 240 | 6,106 | ||||||
Hakuhodo DY Holdings, Inc. | 1,200 | 17,377 | ||||||
Kakaku.com, Inc. | 600 | 16,854 | ||||||
KDDI Corp. | 6,200 | 177,334 | ||||||
Koei Tecmo Holdings Co. Ltd. | 200 | 10,645 | ||||||
Konami Holdings Corp. | 300 | 15,737 | ||||||
Mixi, Inc. | 200 | 5,468 | ||||||
Nexon Co. Ltd. | 2,100 | 63,539 | ||||||
Nintendo Co. Ltd. | 381 | 216,524 | ||||||
Nippon Telegraph & Telephone Corp. | 10,400 | 245,850 | ||||||
SoftBank Group Corp. | 3,500 | 244,085 | ||||||
Square Enix Holdings Co. Ltd. | 400 | 24,589 | ||||||
Toho Co. Ltd. | 500 | 21,194 | ||||||
Z Holdings Corp. | 11,600 | 73,088 | ||||||
|
| |||||||
(Cost $973,097) | 1,199,089 | |||||||
|
| |||||||
Consumer Discretionary — 14.9% | ||||||||
ABC-Mart, Inc. | 170 | 8,869 | ||||||
Aisin Seiki Co. Ltd. | 700 | 20,777 | ||||||
Bandai Namco Holdings, Inc. | 900 | 82,254 | ||||||
Bic Camera, Inc. | 500 | 5,375 | ||||||
Bridgestone Corp. | 2,300 | 80,376 | ||||||
Casio Computer Co. Ltd. | 800 | 14,385 | ||||||
Denso Corp. | 1,900 | 89,812 | ||||||
Fast Retailing Co. Ltd. | 112 | 92,307 | ||||||
Goldwin, Inc. | 151 | 10,166 | ||||||
Haseko Corp. | 1,100 | 11,910 | ||||||
Hikari Tsushin, Inc. | 87 | 20,917 | ||||||
HIS Co. Ltd.* | 200 | 3,088 | ||||||
Honda Motor Co. Ltd. | 6,800 | 187,257 | ||||||
Iida Group Holdings Co. Ltd. | 700 | 14,084 | ||||||
Isuzu Motors Ltd. | 2,400 | 23,430 | ||||||
Izumi Co. Ltd. | 200 | 6,905 | ||||||
J. Front Retailing Co. Ltd. | 1,100 | 8,830 | ||||||
Koito Manufacturing Co. Ltd. | 500 | 30,113 | ||||||
KOMEDA Holdings Co. Ltd. | 200 | 3,567 | ||||||
K’s Holdings Corp. | 800 | 9,728 | ||||||
Marui Group Co. Ltd. | 800 | 14,623 | ||||||
Mazda Motor Corp. | 2,600 | 15,384 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 300 | 14,586 | ||||||
NGK Spark Plug Co. Ltd. | 600 | 10,881 | ||||||
Nifco, Inc. | 300 | 10,573 | ||||||
Nikon Corp. | 1,500 | 9,336 | ||||||
Nitori Holdings Co. Ltd. | 362 | 77,173 | ||||||
Nojima Corp. | 100 | 2,618 | ||||||
Oriental Land Co. Ltd. | 863 | 147,027 | ||||||
PALTAC Corp. | 100 | 5,735 | ||||||
Pan Pacific International Holdings Corp. | 1,900 | 44,951 | ||||||
Panasonic Corp. | 9,900 | 105,622 | ||||||
Rakuten, Inc. | 3,800 | 42,601 | ||||||
Rinnai Corp. | 164 | 19,156 | ||||||
Ryohin Keikaku Co. Ltd. | 1,100 | 22,649 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Sekisui Chemical Co. Ltd. | 1,800 | $ | 31,123 | |||||
Sekisui House Ltd. | 2,900 | 52,229 | ||||||
Seria Co. Ltd. | 200 | 7,049 | ||||||
Sharp Corp. | 1,000 | 13,426 | ||||||
Shimano, Inc. | 330 | 78,295 | ||||||
Skylark Holdings Co. Ltd. (a) | 1,000 | 15,162 | ||||||
Sony Corp. | 2,800 | 260,573 | ||||||
Stanley Electric Co. Ltd. | 600 | 17,665 | ||||||
Subaru Corp. | 2,700 | 53,676 | ||||||
Sumitomo Electric Industries Ltd. | 3,100 | 35,497 | ||||||
Sumitomo Forestry Co. Ltd. | 700 | 12,761 | ||||||
Sumitomo Rubber Industries Ltd. (a) | 800 | 7,081 | ||||||
Sushiro Global Holdings Ltd. | 500 | 15,919 | ||||||
Suzuki Motor Corp. | 1,700 | 91,362 | ||||||
T-Gaia Corp. | 100 | 1,764 | ||||||
Toyo Tire Corp. | 500 | 7,897 | ||||||
Toyoda Gosei Co. Ltd. | 300 | 8,148 | ||||||
Toyota Boshoku Corp. | 300 | 3,942 | ||||||
Toyota Industries Corp. | 700 | 50,616 | ||||||
Toyota Motor Corp. | 3,246 | 217,873 | ||||||
TS Tech Co. Ltd. | 200 | 5,850 | ||||||
USS Co. Ltd. | 900 | 18,850 | ||||||
Workman Co. Ltd. | 100 | 8,890 | ||||||
Yamaha Corp. | 500 | 28,578 | ||||||
Yamaha Motor Co. Ltd. | 1,200 | 23,131 | ||||||
Yokohama Rubber Co. Ltd. | 500 | 7,303 | ||||||
Zensho Holdings Co. Ltd. | 400 | 10,012 | ||||||
ZOZO, Inc. | 600 | 14,983 | ||||||
|
| |||||||
(Cost $2,145,113) | 2,366,720 | |||||||
|
| |||||||
Consumer Staples — 9.1% | ||||||||
Aeon Co. Ltd. | 3,300 | 98,264 | ||||||
Ain Holdings, Inc. | 100 | 6,818 | ||||||
Ajinomoto Co., Inc. | 1,900 | 39,731 | ||||||
Ariake Japan Co. Ltd. | 100 | 6,627 | ||||||
Asahi Group Holdings Ltd. | 1,900 | 73,558 | ||||||
Calbee, Inc. | 400 | 11,834 | ||||||
Cosmos Pharmaceutical Corp. | 74 | 12,774 | ||||||
Create SD Holdings Co. Ltd. | 100 | 3,558 | ||||||
Fancl Corp. | 300 | 12,184 | ||||||
Ito En Ltd. | 300 | 23,189 | ||||||
Japan Tobacco, Inc. | 4,600 | 93,522 | ||||||
Kagome Co. Ltd. | 400 | 14,615 | ||||||
Kao Corp. | 2,100 | 157,246 | ||||||
Kewpie Corp. | 500 | 10,424 | ||||||
Kikkoman Corp. | 600 | 37,344 | ||||||
Kirin Holdings Co. Ltd. | 3,600 | 78,491 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 240 | 28,885 | ||||||
Kobe Bussan Co. Ltd. | 600 | 20,945 | ||||||
Kose Corp. | 162 | 24,764 | ||||||
Kotobuki Spirits Co. Ltd. | 100 | 5,121 | ||||||
Kusuri no Aoki Holdings Co. Ltd. | 100 | 8,343 | ||||||
Lawson, Inc. | 200 | 9,072 | ||||||
Lion Corp. | 1,100 | 26,035 | ||||||
Maruha Nichiro Corp. | 200 | 4,074 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 400 | 18,739 | ||||||
MEIJI Holdings Co. Ltd. | 600 | 42,465 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Consumer Staples (Continued) | ||||||||
Morinaga & Co. Ltd. | 200 | $ | 7,308 | |||||
Morinaga Milk Industry Co. Ltd. | 200 | 9,724 | ||||||
NH Foods Ltd. | 300 | 12,817 | ||||||
Nichirei Corp. | 400 | 10,871 | ||||||
Nippon Suisan Kaisha Ltd. | 1,400 | 5,384 | ||||||
Nissin Foods Holdings Co. Ltd. | 364 | 30,090 | ||||||
Pigeon Corp. | 600 | 26,814 | ||||||
Pola Orbis Holdings, Inc. | 400 | 7,998 | ||||||
Rohto Pharmaceutical Co. Ltd. | 400 | 13,138 | ||||||
Seven & i Holdings Co. Ltd. | 3,300 | 104,847 | ||||||
Shiseido Co. Ltd. | 1,700 | 119,990 | ||||||
Sugi Holdings Co. Ltd. | 200 | 13,292 | ||||||
Sundrug Co. Ltd. | 300 | 12,601 | ||||||
Suntory Beverage & Food Ltd. | 600 | 21,952 | ||||||
Toyo Suisan Kaisha Ltd. | 400 | 19,679 | ||||||
Tsuruha Holdings, Inc. | 184 | 26,963 | ||||||
Unicharm Corp. | 1,800 | 87,398 | ||||||
Welcia Holdings Co. Ltd. | 500 | 20,115 | ||||||
Yakult Honsha Co. Ltd. | 600 | 28,626 | ||||||
Yaoko Co. Ltd. | 100 | 6,847 | ||||||
|
| |||||||
(Cost $1,436,632) | 1,455,076 | |||||||
|
| |||||||
Energy — 0.7% | ||||||||
Cosmo Energy Holdings Co. Ltd. | 200 | 3,403 | ||||||
ENEOS Holdings, Inc. | 13,000 | 44,694 | ||||||
Idemitsu Kosan Co. Ltd. | 1,000 | 20,849 | ||||||
Inpex Corp. | 4,300 | 24,082 | ||||||
Iwatani Corp. | 200 | 10,894 | ||||||
|
| |||||||
(Cost $214,978) | 103,922 | |||||||
|
| |||||||
Financials — 8.9% | ||||||||
Acom Co. Ltd. | 1,700 | 8,168 | ||||||
AEON Financial Service Co. Ltd. | 500 | 5,457 | ||||||
Aozora Bank Ltd. | 500 | 9,086 | ||||||
Chiba Bank Ltd. | 2,800 | 15,896 | ||||||
Concordia Financial Group Ltd. | 4,900 | 17,434 | ||||||
Dai-ichi Life Holdings, Inc. | 4,900 | 77,277 | ||||||
Daiwa Securities Group, Inc. | 6,700 | 29,177 | ||||||
Financial Products Group Co. Ltd. | 300 | 1,430 | ||||||
Fukuoka Financial Group, Inc. | 700 | 12,506 | ||||||
Fuyo General Lease Co. Ltd. | 100 | 6,118 | ||||||
Japan Exchange Group, Inc. | 2,400 | 59,462 | ||||||
Mebuki Financial Group, Inc. | 4,500 | 9,235 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 54,600 | 234,841 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 2,100 | 9,647 | ||||||
Mizuho Financial Group, Inc. | 11,500 | 146,404 | ||||||
MS&AD Insurance Group Holdings, Inc. | 2,200 | 64,033 | ||||||
Nomura Holdings, Inc. | 14,800 | 74,373 | ||||||
Orient Corp. | 2,400 | 2,647 | ||||||
ORIX Corp. | 5,500 | 81,913 | ||||||
Resona Holdings, Inc. | 9,200 | 32,265 | ||||||
SBI Holdings, Inc. | 1,000 | 27,140 | ||||||
Seven Bank Ltd. | 2,800 | 6,149 | ||||||
Shinsei Bank Ltd. | 700 | 8,338 | ||||||
Sompo Holdings, Inc. | 1,600 | 61,530 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 5,800 | 168,646 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 1,600 | 46,815 | ||||||
T&D Holdings, Inc. | 2,500 | 29,226 |
Number | Value | |||||||
Financials (Continued) | ||||||||
Tokio Marine Holdings, Inc. | 3,000 | $ | 149,317 | |||||
Tokyo Century Corp. | 200 | 13,253 | ||||||
Zenkoku Hosho Co. Ltd. | 200 | 9,158 | ||||||
|
| |||||||
(Cost $1,804,741) | 1,416,941 | |||||||
|
| |||||||
Health Care — 11.5% | ||||||||
Alfresa Holdings Corp. | 900 | 18,039 | ||||||
Asahi Intecc Co. Ltd. | 1,000 | 36,682 | ||||||
Astellas Pharma, Inc. | 7,400 | 105,278 | ||||||
Chugai Pharmaceutical Co. Ltd. | 2,700 | 130,605 | ||||||
Daiichi Sankyo Co. Ltd. | 6,999 | 247,943 | ||||||
Eisai Co. Ltd. | 1,000 | 75,637 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 200 | 11,738 | ||||||
Hoya Corp. | 1,700 | 226,775 | ||||||
Japan Lifeline Co. Ltd. | 300 | 4,137 | ||||||
Kaken Pharmaceutical Co. Ltd. | 200 | 7,308 | ||||||
Kyowa Kirin Co. Ltd. | 900 | 24,469 | ||||||
M3, Inc. | 1,800 | 166,095 | ||||||
Medipal Holdings Corp. | 1,000 | 18,825 | ||||||
Nihon Kohden Corp. | 400 | 12,659 | ||||||
Nippon Shinyaku Co. Ltd. | 200 | 14,308 | ||||||
Olympus Corp. | 4,800 | 103,871 | ||||||
Ono Pharmaceutical Co. Ltd. | 2,000 | 63,352 | ||||||
Otsuka Holdings Co. Ltd. | 1,800 | 73,226 | ||||||
Santen Pharmaceutical Co. Ltd. | 1,600 | 26,622 | ||||||
Sawai Pharmaceutical Co. Ltd. | 200 | 9,043 | ||||||
Shionogi & Co. Ltd. | 1,100 | 59,001 | ||||||
Ship Healthcare Holdings, Inc. | 100 | 4,987 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 600 | 7,613 | ||||||
Sysmex Corp. | 600 | 62,891 | ||||||
Takeda Pharmaceutical Co. Ltd. | 6,100 | 219,079 | ||||||
Terumo Corp. | 2,400 | 95,448 | ||||||
|
| |||||||
(Cost $1,398,982) | 1,825,631 | |||||||
|
| |||||||
Industrials — 23.3% | ||||||||
AGC, Inc. | 800 | 26,660 | ||||||
Aica Kogyo Co. Ltd. | 300 | 10,616 | ||||||
Amada Co. Ltd. | 1,100 | 10,612 | ||||||
ANA Holdings, Inc.*(a) | 1,500 | 36,214 | ||||||
BayCurrent Consulting, Inc. | 50 | 8,334 | ||||||
Benefit One, Inc. | 300 | 9,696 | ||||||
Central Japan Railway Co. | 706 | 90,048 | ||||||
COMSYS Holdings Corp. | 400 | 11,853 | ||||||
Daifuku Co. Ltd. | 434 | 50,361 | ||||||
Daikin Industries Ltd. | 1,082 | 245,558 | ||||||
DMG Mori Co. Ltd. | 500 | 7,394 | ||||||
East Japan Railway Co. | 1,500 | 93,330 | ||||||
en-japan, Inc. | 100 | 3,117 | ||||||
FANUC Corp. | 799 | 194,358 | ||||||
Fuji Corp. | 400 | 9,701 | ||||||
Fuji Electric Co. Ltd. | 500 | 17,790 | ||||||
Furukawa Electric Co. Ltd. | 300 | 7,607 | ||||||
Hankyu Hanshin Holdings, Inc. | 1,100 | 35,972 | ||||||
Hazama Ando Corp. | 600 | 3,959 | ||||||
Hino Motors Ltd. | 1,100 | 9,547 | ||||||
Hitachi Construction Machinery Co. Ltd. | 400 | 11,090 | ||||||
Hitachi Transport System Ltd. | 200 | 5,965 | ||||||
Hoshizaki Corp. | 300 | 29,720 |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
IHI Corp. | 600 | $ | 8,925 | |||||
ITOCHU Corp. | 6,000 | 158,725 | ||||||
Japan Airlines Co. Ltd.* | 1,700 | 32,231 | ||||||
Japan Airport Terminal Co. Ltd. | 300 | 17,492 | ||||||
Japan Steel Works Ltd. | 300 | 7,336 | ||||||
Kajima Corp. | 2,200 | 28,968 | ||||||
Kanamoto Co. Ltd. | 100 | 2,084 | ||||||
Kanematsu Corp. | 200 | 2,311 | ||||||
Keihan Holdings Co. Ltd. | 500 | 23,568 | ||||||
Keio Corp. | 400 | 28,425 | ||||||
Keisei Electric Railway Co. Ltd. | 600 | 20,168 | ||||||
Kintetsu Group Holdings Co. Ltd. | 800 | 35,521 | ||||||
Komatsu Ltd. | 3,900 | 94,999 | ||||||
Kubota Corp. | 4,500 | 89,353 | ||||||
Kumagai Gumi Co. Ltd. | 100 | 2,265 | ||||||
Kyowa Exeo Corp. | 400 | 10,307 | ||||||
Kyudenko Corp. | 200 | 5,725 | ||||||
Kyushu Railway Co. | 700 | 14,755 | ||||||
Maeda Corp. | 700 | 5,491 | ||||||
Makita Corp. | 1,100 | 56,965 | ||||||
Marubeni Corp. | 8,700 | 50,769 | ||||||
Meitec Corp. | 100 | 4,608 | ||||||
MINEBEA MITSUMI, Inc. | 1,600 | 33,358 | ||||||
MISUMI Group, Inc. | 1,100 | 34,548 | ||||||
Mitsubishi Corp. | 5,600 | 130,662 | ||||||
Mitsubishi Electric Corp. | 8,600 | 126,474 | ||||||
Mitsubishi Heavy Industries Ltd. | 1,500 | 33,826 | ||||||
Mitsui & Co. Ltd. | 7,300 | 124,613 | ||||||
Miura Co. Ltd. | 400 | 21,060 | ||||||
MonotaRO Co. Ltd. | 600 | 36,653 | ||||||
Nabtesco Corp. | 500 | 20,667 | ||||||
Nagoya Railroad Co. Ltd. | 900 | 24,788 | ||||||
Nankai Electric Railway Co. Ltd. | 600 | 15,087 | ||||||
NGK Insulators Ltd. | 1,000 | 15,910 | ||||||
Nichias Corp. | 200 | 4,674 | ||||||
Nidec Corp. | 2,048 | 261,315 | ||||||
Nihon M&A Center, Inc. | 600 | 42,004 | ||||||
Nippo Corp. | 300 | 7,846 | ||||||
Nippon Express Co. Ltd. | 300 | 20,082 | ||||||
Nippon Steel Trading Corp. | 100 | 3,404 | ||||||
Nishimatsu Construction Co. Ltd. | 200 | 3,721 | ||||||
NSK Ltd. | 1,600 | 12,966 | ||||||
Obara Group, Inc. | 100 | 3,251 | ||||||
Obayashi Corp. | 2,600 | 22,939 | ||||||
Odakyu Electric Railway Co. Ltd. | 1,300 | 39,458 | ||||||
OSG Corp. | 400 | 7,239 | ||||||
Outsourcing, Inc. | 500 | 6,876 | ||||||
Park24 Co. Ltd.* | 500 | 7,461 | ||||||
Penta-Ocean Construction Co. Ltd. | 1,100 | 8,197 | ||||||
Persol Holdings Co. Ltd. | 800 | 14,669 | ||||||
Pilot Corp. | 200 | 5,675 | ||||||
Recruit Holdings Co. Ltd. | 5,500 | 232,079 | ||||||
Sankyu, Inc. | 200 | 7,375 | ||||||
Sanwa Holdings Corp. | 700 | 8,526 | ||||||
Secom Co. Ltd. | 859 | 85,632 | ||||||
Seibu Holdings, Inc. | 1,100 | 10,918 | ||||||
Shimizu Corp. | 2,800 | 21,294 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
SMC Corp. | 267 | $ | 169,815 | |||||
SMS Co. Ltd. | 300 | 10,889 | ||||||
Sohgo Security Services Co. Ltd. | 300 | 16,082 | ||||||
Sojitz Corp. | 4,400 | 9,663 | ||||||
Sotetsu Holdings, Inc. | 400 | 9,778 | ||||||
Sumitomo Corp. | 5,400 | 66,623 | ||||||
Sumitomo Heavy Industries Ltd. | 500 | 10,803 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 300 | 1,234 | ||||||
Taisei Corp. | 900 | 31,848 | ||||||
Takeuchi Manufacturing Co. Ltd. | 100 | 2,356 | ||||||
TechnoPro Holdings, Inc. | 200 | 16,878 | ||||||
THK Co. Ltd. | 500 | 15,464 | ||||||
Tobu Railway Co. Ltd. | 900 | 27,015 | ||||||
Toda Corp. | 1,200 | 7,054 | ||||||
TOKAI Holdings Corp. | 400 | 3,802 | ||||||
Tokyu Construction Co. Ltd. | 500 | 2,249 | ||||||
Tokyu Corp. | 2,200 | 26,731 | ||||||
TOTO Ltd. | 600 | 34,006 | ||||||
Toyota Tsusho Corp. | 1,000 | 34,620 | ||||||
UT Group Co. Ltd.* | 100 | 3,160 | ||||||
West Japan Railway Co. | 800 | 36,550 | ||||||
Yamato Holdings Co. Ltd. | 1,400 | 35,404 | ||||||
Yaskawa Electric Corp. | 900 | 43,414 | ||||||
|
| |||||||
(Cost $3,480,494) | 3,701,178 | |||||||
|
| |||||||
Information Technology — 12.4% | ||||||||
Advantest Corp. | 600 | 41,774 | ||||||
Alps Alpine Co. Ltd. | 700 | 8,781 | ||||||
Anritsu Corp. | 600 | 13,689 | ||||||
Azbil Corp. | 500 | 22,465 | ||||||
Brother Industries Ltd. | 1,000 | 19,180 | ||||||
Canon, Inc. | 4,300 | 76,433 | ||||||
Daiwabo Holdings Co. Ltd. | 100 | 6,253 | ||||||
Digital Garage, Inc. | 200 | 8,104 | ||||||
Disco Corp. | 114 | 36,351 | ||||||
Elecom Co. Ltd. | 100 | 4,579 | ||||||
Fujitsu Ltd. | 800 | 111,283 | ||||||
GMO Payment Gateway, Inc. | 200 | 28,080 | ||||||
Hamamatsu Photonics KK | 650 | 36,591 | ||||||
Hitachi Ltd. | 4,100 | 155,940 | ||||||
Horiba Ltd. | 200 | 10,741 | ||||||
Infocom Corp. | 100 | 3,510 | ||||||
Itochu Techno-Solutions Corp. | 400 | 14,136 | ||||||
Justsystems Corp. | 100 | 6,742 | ||||||
Keyence Corp. | 467 | 238,661 | ||||||
Kyocera Corp. | 1,200 | 68,622 | ||||||
Lasertec Corp. | 400 | 42,196 | ||||||
MCJ Co. Ltd. | 200 | 1,839 | ||||||
Murata Manufacturing Co. Ltd. | 2,500 | 218,868 | ||||||
NEC Corp. | 1,000 | 53,992 | ||||||
Nihon Unisys Ltd. | 300 | 11,105 | ||||||
Nomura Research Institute Ltd. | 1,200 | 40,566 | ||||||
NS Solutions Corp. | 100 | 2,958 | ||||||
NTT Data Corp. | 2,200 | 29,284 | ||||||
Obic Co. Ltd. | 289 | 65,047 | ||||||
Omron Corp. | 800 | 72,347 | ||||||
Oracle Corp. | 169 | 18,752 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Otsuka Corp. | 500 | $ | 24,263 | |||||
Renesas Electronics Corp.* | 3,700 | 32,928 | ||||||
SCREEN Holdings Co. Ltd. | 200 | 13,349 | ||||||
SCSK Corp. | 200 | 11,949 | ||||||
Seiko Epson Corp. | 1,100 | 16,425 | ||||||
Shimadzu Corp. | 1,000 | 36,011 | ||||||
SUMCO Corp. | 1,100 | 22,301 | ||||||
Systena Corp. | 300 | 6,186 | ||||||
Taiyo Yuden Co. Ltd. | 400 | 18,163 | ||||||
TDK Corp. | 409 | 57,737 | ||||||
TIS, Inc. | 800 | 15,942 | ||||||
Tokyo Electron Ltd. | 539 | 183,345 | ||||||
Tokyo Seimitsu Co. Ltd. | 200 | 8,832 | ||||||
Toshiba TEC Corp. | 100 | 3,596 | ||||||
Trend Micro, Inc. | 400 | 21,750 | ||||||
Ulvac, Inc. | 200 | 8,094 | ||||||
Yokogawa Electric Corp. | 800 | 14,147 | ||||||
|
| |||||||
(Cost $1,417,489) | 1,963,887 | |||||||
|
| |||||||
Materials — 5.8% | ||||||||
Air Water, Inc. | 800 | 13,204 | ||||||
Asahi Holdings, Inc. | 200 | 5,955 | ||||||
Asahi Kasei Corp. | 5,500 | 50,482 | ||||||
Daicel Corp. | 1,100 | 7,743 | ||||||
Denka Co. Ltd. | 300 | 9,293 | ||||||
DIC Corp. | 400 | 9,847 | ||||||
JFE Holdings, Inc.* | 2,200 | 20,170 | ||||||
JSR Corp. | 800 | 22,134 | ||||||
Kansai Paint Co. Ltd. | 1,000 | 30,352 | ||||||
KH Neochem Co. Ltd. | 200 | 5,345 | ||||||
Kuraray Co. Ltd. | 1,400 | 13,909 | ||||||
Mitsubishi Chemical Holdings Corp. | 5,500 | 30,460 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 800 | 16,986 | ||||||
Mitsui Chemicals, Inc. | 800 | 22,502 | ||||||
Nippon Paint Holdings Co. Ltd. | 700 | 89,753 | ||||||
Nippon Sanso Holdings Corp. | 800 | 13,380 | ||||||
Nippon Steel Corp.* | 3,800 | 46,518 | ||||||
Nissan Chemical Corp. | 500 | 29,921 | ||||||
Nitto Denko Corp. | 600 | 49,715 | ||||||
NOF Corp. | 300 | 13,321 | ||||||
Oji Holdings Corp. | 3,500 | 15,910 | ||||||
Shin-Etsu Chemical Co. Ltd. | 1,431 | 235,149 | ||||||
Showa Denko KK | 600 | 11,146 | ||||||
Sumitomo Chemical Co. Ltd. | 6,400 | 22,709 | ||||||
Sumitomo Metal Mining Co. Ltd. | 1,100 | 41,004 | ||||||
Taiheiyo Cement Corp. | 500 | 13,455 | ||||||
Teijin Ltd. | 700 | 11,976 | ||||||
Tokai Carbon Co. Ltd. | 700 | 7,693 | ||||||
Tokuyama Corp. | 200 | 4,252 | ||||||
Toray Industries, Inc. | 6,000 | 32,574 | ||||||
Tosoh Corp. | 1,300 | 20,521 | ||||||
Ube Industries Ltd. | 500 | 8,511 | ||||||
|
| |||||||
(Cost $893,907) | 925,890 | |||||||
|
| |||||||
Real Estate — 2.8% | ||||||||
Aeon Mall Co. Ltd. | 400 | 6,425 | ||||||
Daito Trust Construction Co. Ltd. | 300 | 29,461 | ||||||
Daiwa House Industry Co. Ltd. | 2,700 | 82,858 |
Number | Value | |||||||
Real Estate (Continued) | ||||||||
Hulic Co. Ltd. | 1,600 | $ | 16,219 | |||||
Ichigo, Inc. | 1,100 | 3,481 | ||||||
Mitsubishi Estate Co. Ltd. | 6,000 | 103,802 | ||||||
Mitsui Fudosan Co. Ltd. | 4,200 | 87,867 | ||||||
Nomura Real Estate Holdings, Inc. | 500 | 10,837 | ||||||
Open House Co. Ltd. | 300 | 11,896 | ||||||
Relo Group, Inc. | 400 | 11,174 | ||||||
Starts Corp., Inc. | 100 | 2,703 | ||||||
Sumitomo Realty & Development Co. Ltd. | 1,900 | 62,043 | ||||||
Tokyo Tatemono Co. Ltd. | 800 | 10,994 | ||||||
Tokyu Fudosan Holdings Corp. | 2,600 | 12,617 | ||||||
|
| |||||||
(Cost $474,047) | 452,377 | |||||||
|
| |||||||
Utilities — 1.2% | ||||||||
Chubu Electric Power Co., Inc. | 2,600 | 31,355 | ||||||
Chugoku Electric Power Co., Inc. | 1,200 | 15,271 | ||||||
Electric Power Development Co. Ltd. | 600 | 8,079 | ||||||
Hokkaido Electric Power Co., Inc. | 700 | 2,631 | ||||||
Kansai Electric Power Co., Inc. | 3,400 | 31,149 | ||||||
Kyushu Electric Power Co., Inc. | 1,800 | 15,208 | ||||||
Osaka Gas Co. Ltd. | 1,700 | 32,671 | ||||||
Tohoku Electric Power Co., Inc. | 2,200 | 18,461 | ||||||
Tokyo Gas Co. Ltd. | 1,700 | 38,222 | ||||||
|
| |||||||
(Cost $253,050) | 193,047 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 15,603,758 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.4% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (b)(c) | 59,776 | 59,776 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.1% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (b) | 19,832 | 19,832 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 98.6% (Cost $14,572,138) | $ | 15,683,366 | ||||||
Other assets and liabilities, net — 1.4% | 216,925 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 15,900,291 | ||||||
|
|
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)
November 30, 2020 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
Value ($) at 5/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2020 | Value ($) at 11/30/2020 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.4% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (b)(c) |
| |||||||||||||||||||||||||||||||||||
76,899 | — | (17,123 | )(d) | — | — | 38 | — | 59,776 | 59,776 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.1% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (b) |
| |||||||||||||||||||||||||||||||||||
56,879 | 329,954 | (367,001 | ) | — | — | 18 | — | 19,832 | 19,832 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
133,778 | 329,954 | (384,124 | ) | — | — | 56 | — | 79,608 | 79,608 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $53,012, which is 0.3% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $4,434. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
At November 30, 2020, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||
JPX-Nikkei 400 Index Futures | JPY | 14 | $ | 203,824 | $ | 214,414 | 12/10/2020 | $ | 10,590 |
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
JPY | Japanese Yen |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (e) | $ | 15,603,758 | $ | — | $ | — | $ | 15,603,758 | ||||||||
Short-Term Investments (e) | 79,608 | — | — | 79,608 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Futures Contracts | 10,590 | — | — | 10,590 | ||||||||||||
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TOTAL | $ | 15,693,956 | $ | — | $ | — | $ | 15,693,956 | ||||||||
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(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
November 30, 2020 (Unaudited)
Xtrackers Eurozone Equity ETF | Xtrackers International Real Estate ETF | Xtrackers Japan JPX-Nikkei 400 Equity ETF | ||||||||||
Assets | ||||||||||||
Investment in non-affiliated securities at value | $ | 2,359,266 | $ | 311,105,506 | $ | 15,603,758 | ||||||
Investment in affiliated securities at value | 11,355 | — | — | |||||||||
Investment in DWS Government Money Market Series | 360 | 1,266,396 | 19,832 | |||||||||
Investment in DWS Government & Agency Securities Portfolio* | 461 | 16,900,124 | 59,776 | |||||||||
Foreign currency at value | 912 | 357,025 | 270,645 | |||||||||
Deposit with broker for futures contracts | — | 150,668 | 10,393 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 43,227 | — | 544,147 | |||||||||
Capital shares | — | 774 | — | |||||||||
Dividends | 73 | 906,254 | 89,615 | |||||||||
Interest | — | 8 | 1 | |||||||||
Securities lending income | 26 | 27,071 | 126 | |||||||||
Foreign tax reclaim | 1,522 | 74,885 | — | |||||||||
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Total assets | $ | 2,417,202 | $ | 330,788,711 | $ | 16,598,293 | ||||||
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Liabilities | ||||||||||||
Payable upon return of securities loaned | $ | 461 | $ | 16,900,124 | $ | 59,776 | ||||||
Payables: | ||||||||||||
Investment securities purchased | 41,399 | 505,797 | 630,572 | |||||||||
Investment advisory fees | 167 | 24,276 | 1,133 | |||||||||
Variation margin on futures contracts | — | 23,129 | 6,521 | |||||||||
Deferred foreign tax payable | — | 20,463 | — | |||||||||
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Total liabilities | 42,027 | 17,473,789 | 698,002 | |||||||||
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Net Assets, at value | $ | 2,375,175 | $ | 313,314,922 | $ | 15,900,291 | ||||||
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Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 2,834,668 | $ | 314,378,544 | $ | 16,366,557 | ||||||
Distributable earnings (loss) | (459,493 | ) | (1,063,622 | ) | (466,266 | ) | ||||||
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Net Assets, at value | $ | 2,375,175 | $ | 313,314,922 | $ | 15,900,291 | ||||||
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Number of Common Shares outstanding | 100,001 | 11,900,001 | 500,001 | |||||||||
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Net Asset Value | $ | 23.75 | $ | 26.33 | $ | 31.80 | ||||||
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Investment in non-affiliated securities at cost | $ | 2,321,727 | $ | 306,399,393 | $ | 14,492,530 | ||||||
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Investment in affiliated securities at cost | $ | 10,909 | $ | — | $ | — | ||||||
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Value of securities loaned | $ | 35,179 | $ | 19,722,948 | $ | 53,012 | ||||||
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Investment in DWS Government Money Market Series at cost | $ | 360 | $ | 1,266,396 | $ | 19,832 | ||||||
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Investment in DWS Government & Agency Securities Portfolio at cost* | $ | 461 | $ | 16,900,124 | $ | 59,776 | ||||||
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Non-cash collateral for securities on loan | $ | 36,671 | $ | 4,979,386 | $ | 4,434 | ||||||
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Foreign currency at cost | $ | 908 | $ | 348,998 | $ | 270,158 | ||||||
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* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
For the Six Months Ended November 30, 2020 (Unaudited)
Xtrackers Eurozone Equity ETF | Xtrackers International Real Estate ETF | Xtrackers Japan JPX-Nikkei 400 Equity ETF | ||||||||||
Investment Income | ||||||||||||
Unaffiliated dividend income* | $ | 18,538 | $ | 4,600,238 | $ | 147,529 | ||||||
Income distributions from affiliated funds | — | 227 | 18 | |||||||||
Affiliated securities lending income | 430 | 1,493 | 38 | |||||||||
Unaffiliated non-cash dividend income | 8,802 | 780,420 | — | |||||||||
Unaffiliated securities lending income, net of borrower rebates | — | 96,922 | 1,656 | |||||||||
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Total investment income | 27,770 | 5,479,300 | 149,241 | |||||||||
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Expenses | ||||||||||||
Investment advisory fees | 1,049 | 158,176 | 8,598 | |||||||||
Other expenses | 57 | 57 | 57 | |||||||||
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Total expenses | 1,106 | 158,233 | 8,655 | |||||||||
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Less fees waived (see note 3): | ||||||||||||
Waiver | — | (26,543 | ) | (11 | ) | |||||||
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Net expenses | 1,106 | 131,690 | 8,644 | |||||||||
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Net investment income (loss) | 26,664 | 5,347,610 | 140,597 | |||||||||
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Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (30,768 | ) | (4,410,985 | ) | 267,826 | |||||||
Investments in affiliates | (614 | ) | — | — | ||||||||
In-kind redemptions | (77,665 | ) | — | 169,732 | ||||||||
In-kind redemptions in affiliates | 1,834 | — | — | |||||||||
Futures contracts | — | 305,980 | 39,563 | |||||||||
Foreign currency transactions | 157 | 73,663 | 8,618 | |||||||||
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Net realized gain (loss) | (107,056 | ) | (4,031,342 | ) | 485,739 | |||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments** | 621,075 | 40,812,406 | 2,385,711 | |||||||||
Investments in affiliates | 2,258 | — | — | |||||||||
Futures contracts | — | (48,535 | ) | (25,076 | ) | |||||||
Foreign currency translations | 79 | 4,275 | (874 | ) | ||||||||
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Net change in unrealized appreciation (depreciation) | 623,412 | 40,768,146 | 2,359,761 | |||||||||
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Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 516,356 | 36,736,804 | 2,845,500 | |||||||||
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Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 543,020 | $ | 42,084,414 | $ | 2,986,097 | ||||||
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* Unaffiliated foreign tax withheld | $ | 3,659 | $ | 441,134 | $ | 16,378 | ||||||
** Net of change in deferred foreign taxes | $ | — | $ | 20,463 | $ | — |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Xtrackers Eurozone Equity ETF | Xtrackers International Real Estate ETF | |||||||||||||||
For the Six Months Ended November 30, 2020 (Unaudited) | Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | Year Ended May 31, 2020 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 26,664 | $ | 68,735 | $ | 5,347,610 | $ | 4,765,148 | ||||||||
Net realized gain (loss) | (107,056 | ) | 50,428 | (4,031,342 | ) | (2,742,990 | ) | |||||||||
Net change in net unrealized appreciation (depreciation) | 623,412 | (412,293 | ) | 40,768,146 | (35,011,942 | ) | ||||||||||
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Net increase (decrease) in net assets resulting from operations | 543,020 | (293,130 | ) | 42,084,414 | (32,989,784 | ) | ||||||||||
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Distributions to Shareholders | (42,401 | ) | (78,087 | ) | (3,646,848 | ) | (5,184,811 | ) | ||||||||
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Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 3,201,199 | 44,099,472 | 210,264,081 | ||||||||||||
Value of shares redeemed | (2,013,188 | ) | (1,051,853 | ) | — | (1,160,117 | ) | |||||||||
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Net increase (decrease) in net assets resulting from fund share transactions | (2,013,188 | ) | 2,149,346 | 44,099,472 | 209,103,964 | |||||||||||
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Total net increase (decrease) in Net Assets | (1,512,569 | ) | 1,778,129 | 82,537,038 | 170,929,369 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 3,887,744 | 2,109,615 | 230,777,884 | 59,848,515 | ||||||||||||
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End of period | $ | 2,375,175 | $ | 3,887,744 | $ | 313,314,922 | $ | 230,777,884 | ||||||||
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Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 200,001 | 100,001 | 10,100,001 | 2,150,001 | ||||||||||||
Shares sold | — | 150,000 | 1,800,000 | 8,000,000 | ||||||||||||
Shares redeemed | (100,000 | ) | (50,000 | ) | — | (50,000 | ) | |||||||||
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Shares outstanding, end of period | 100,001 | 200,001 | 11,900,001 | 10,100,001 | ||||||||||||
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See Notes to Financial Statements. | 28 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers Japan JPX-Nikkei 400 Equity ETF | ||||||||
For the Six Months Ended November 30, 2020 (Unaudited) | Year Ended May 31, 2020 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income (loss) | $ | 140,597 | $ | 585,771 | ||||
Net realized gain (loss) | 485,739 | (887,108 | ) | |||||
Net change in net unrealized appreciation (depreciation) | 2,359,761 | 2,036,582 | ||||||
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Net increase (decrease) in net assets resulting from operations | 2,986,097 | 1,735,245 | ||||||
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Distributions to Shareholders | (223,136 | ) | (744,817 | ) | ||||
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Fund Shares Transactions | ||||||||
Proceeds from shares sold | — | — | ||||||
Value of shares redeemed | (8,615,486 | ) | (8,954,339 | ) | ||||
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Net increase (decrease) in net assets resulting from fund share transactions | (8,615,486 | ) | (8,954,339 | ) | ||||
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Total net increase (decrease) in Net Assets | (5,852,525 | ) | (7,963,911 | ) | ||||
Net Assets | ||||||||
Beginning of period | 21,752,816 | 29,716,727 | ||||||
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End of period | $ | 15,900,291 | $ | 21,752,816 | ||||
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Changes in Shares Outstanding | ||||||||
Shares outstanding, beginning of period | 800,001 | 1,150,001 | ||||||
Shares sold | — | — | ||||||
Shares redeemed | (300,000 | ) | (350,000 | ) | ||||
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Shares outstanding, end of period | 500,001 | 800,001 | ||||||
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See Notes to Financial Statements. | 29 |
DBX ETF Trust
Xtrackers Eurozone Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2020 (Unaudited) | Years Ended May 31, | Period Ended 5/31/2016(a) | |||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||
Net Asset Value, beginning of period | $ | 19.44 | $ | 21.10 | $ | 23.60 | $ | 23.94 | $ | 20.25 | $ | 25.00 | ||||||||||||
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Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.25 | 0.32 | 0.65 | 0.73 | 0.74 | 0.53 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 4.48 | (1.37 | ) | (2.52 | ) | (0.68 | ) | 3.74 | (4.99 | ) | ||||||||||||||
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Total from investment operations | 4.73 | (1.05 | ) | (1.87 | ) | 0.05 | 4.48 | (4.46 | ) | |||||||||||||||
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Less distributions from: |
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Net investment income | (0.42 | ) | (0.61 | ) | (0.63 | ) | (0.39 | ) | (0.79 | ) | (0.29 | ) | ||||||||||||
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Total distributions | (0.42 | ) | (0.61 | ) | (0.63 | ) | (0.39 | ) | (0.79 | ) | (0.29 | ) | ||||||||||||
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Net Asset Value, end of period | $ | 23.75 | $ | 19.44 | $ | 21.10 | $ | 23.60 | $ | 23.94 | $ | 20.25 | ||||||||||||
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Total Return (%) | 24.73 | ** | (5.29 | ) | (8.09 | )(c) | 0.22 | (c) | 23.01 | (17.94 | )** | |||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 2 | 4 | 2 | 2 | 2 | 2 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.09 | * | 0.09 | 0.10 | 0.27 | 0.45 | 0.45 | * | ||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.09 | * | 0.09 | 0.09 | 0.26 | 0.45 | 0.45 | * | ||||||||||||||||
Ratio of net investment income (loss) (%) | 1.91 | * | 1.52 | 3.00 | 3.01 | 3.62 | 3.18 | * | ||||||||||||||||
Portfolio turnover rate (%)(d) | 7 | ** | 9 | 14 | 93 | 20 | 20 | ** | ||||||||||||||||
Xtrackers International Real Estate ETF Selected Per Share Data | For the Six Months Ended 11/30/2020 (Unaudited) | Years Ended May 31, | ||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
Net Asset Value, beginning of period | $ | 22.85 | $ | 27.84 | $ | 29.17 | $ | 26.22 | $ | 22.27 | $ | 27.90 | ||||||||||||
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Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.49 | 0.84 | 1.14 | 0.68 | 0.56 | 0.63 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 3.35 | (4.74 | ) | (1.98 | ) | 3.01 | 3.89 | (4.19 | ) | |||||||||||||||
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Total from investment operations | 3.84 | (3.90 | ) | (0.84 | ) | 3.69 | 4.45 | (3.56 | ) | |||||||||||||||
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Less distributions from: |
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Net investment income | (0.36 | ) | (1.09 | ) | (0.49 | ) | (0.74 | ) | (0.50 | ) | (1.09 | ) | ||||||||||||
Net realized gains | — | — | — | — | — | (0.98 | ) | |||||||||||||||||
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Total distributions | (0.36 | ) | (1.09 | ) | (0.49 | ) | (0.74 | ) | (0.50 | ) | (2.07 | ) | ||||||||||||
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Net Asset Value, end of period | $ | 26.33 | $ | 22.85 | $ | 27.84 | $ | 29.17 | $ | 26.22 | $ | 22.27 | ||||||||||||
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Total Return (%) | 16.96 | **(c) | (14.80 | )(c) | (2.78 | )(c) | 14.20 | 20.34 | (12.98 | ) | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 313 | 231 | 60 | 4 | 4 | 4 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.12 | * | 0.12 | 0.30 | 0.60 | 0.60 | 0.60 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.10 | * | 0.10 | 0.28 | 0.60 | 0.60 | 0.60 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 3.76 | * | 3.21 | 4.25 | 2.40 | 2.34 | 2.64 | |||||||||||||||||
Portfolio turnover rate (%)(d) | 5 | ** | 12 | 43 | 24 | 14 | 34 |
(a) | For the period August 19, 2015 (commencement of operations) through May 31, 2016. |
(b) | Based on average shares outstanding during the period. |
(c) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers Japan JPX-Nikkei 400 Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2020 (Unaudited) | Years Ended May 31, | Period Ended 5/31/2016(a) | |||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||
Net Asset Value, beginning of period | $ | 27.19 | $ | 25.84 | $ | 29.39 | $ | 26.24 | $ | 23.19 | $ | 25.00 | ||||||||||||
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Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(b) | 0.21 | 0.58 | 0.28 | 0.40 | 0.35 | 0.28 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 4.68 | 1.47 | (3.62 | ) | 3.30 | 3.04 | (1.97 | ) | ||||||||||||||||
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Total from investment operations | 4.89 | 2.05 | (3.34 | ) | 3.70 | 3.39 | (1.69 | ) | ||||||||||||||||
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Less distributions from: |
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Net investment income | (0.28 | ) | (0.70 | ) | (0.21 | ) | (0.55 | ) | (0.34 | ) | (0.12 | ) | ||||||||||||
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Total distributions | (0.28 | ) | (0.70 | ) | (0.21 | ) | (0.55 | ) | (0.34 | ) | (0.12 | ) | ||||||||||||
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Net Asset Value, end of period | $ | 31.80 | $ | 27.19 | $ | 25.84 | $ | 29.39 | $ | 26.24 | $ | 23.19 | ||||||||||||
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Total Return (%) | 18.15 | **(c) | 7.87 | (c) | (11.35 | )(c)(d) | 14.21 | (c) | 14.75 | (6.78 | )** | |||||||||||||
Ratios to Average Net Assets and | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 16 | 22 | 30 | 128 | 10 | 19 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.09 | * | 0.09 | 0.10 | 0.21 | 0.40 | 0.40 | * | ||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.09 | * | 0.09 | 0.09 | 0.18 | 0.40 | 0.40 | * | ||||||||||||||||
Ratio of net investment income (loss) (%) | 1.47 | * | 2.14 | 1.00 | 1.39 | 1.46 | 1.31 | * | ||||||||||||||||
Portfolio turnover | 12 | ** | 12 | 149 | 78 | 22 | 8 | ** |
(a) | For the period June 24, 2015 (commencement of operations) through May 31, 2016. |
(b) | Based on average shares outstanding during the period. |
(c) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(d) | The Fund’s total return includes a reimbursement by the Advisor for a realized loss on a trade executed incorrectly, which otherwise would have reduced total return by 0.22%. |
(e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2020, the Trust consists of thirty-three 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:
Xtrackers Eurozone Equity ETF |
Xtrackers International Real Estate ETF |
Xtrackers Japan JPX-Nikkei 400 Equity ETF |
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”).
Xtrackers Eurozone Equity ETF offers shares that are listed and traded on the Cboe BZX Exchange (“Cboe”). Xtrackers International Real Estate ETF and Xtrackers Japan JPX-Nikkei 400 Equity ETF offer 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:
Fund | Underlying Index | |
Xtrackers Eurozone Equity ETF | NASDAQ Eurozone Large Mid Cap Index | |
Xtrackers International Real Estate ETF | iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index | |
Xtrackers Japan JPX-Nikkei 400 Equity ETF | JPX-Nikkei 400 Net Total Return Index |
The NASDAQ Eurozone Large Mid Cap Index is designed to track the performance of equity securities of large- and mid-capitalization companies based in the countries in the Economic and Monetary Union of the European Union. The NASDAQ Eurozone Large Mid Cap Index is rebalanced semi-annually in March and September.
The iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index is a free-float capitalization weighted index designed to measure the performance of international real estate securities of issuers incorporated outside the United States, Pakistan and Vietnam. The iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index is rebalanced quarterly.
The JPX-Nikkei Index 400 Net Total Return Index is designed to reflect the performance of the Japanese stock market, specifically companies which are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks). The JPX-Nikkei Index 400 Total Return Index is rebalanced annually.
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 International Real Estate 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.
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DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
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.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.
Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; 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.
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DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Interest income is recorded on the accrual basis. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.
Tax Information and Dividends and Distributions to Shareholders It is 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 Xtrackers Eurozone Equity ETF, Xtrackers International Real Estate ETF and Xtrackers Japan JPX-Nikkei 400 Equity ETF to pay out dividends from its net investment income semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The 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, 2020, the Funds did not incur any interest or penalties.
At May 31, 2020, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
Short-Term | Long-Term | Total Amount | ||||||||||
Xtrackers Eurozone Equity ETF | $ | 108,073 | $ | 283,166 | $ | 391,239 | ||||||
Xtrackers International Real Estate ETF | 783,108 | 137,042 | 920,150 | |||||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 1,587,277 | 353,471 | 1,940,748 |
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DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
As of May 31, 2020, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
Aggregate Tax Cost | Net Unrealized Appreciation (Depreciation) | Aggregate Gross Unrealized Appreciation | Aggregate Gross Unrealized (Depreciation) | |||||||||||||
Xtrackers Eurozone Equity ETF | $ | 4,547,918 | $ | (608,597 | ) | $ | 231,441 | $ | (840,038 | ) | ||||||
Xtrackers International Real Estate ETF | 279,831,803 | (41,764,724 | ) | 4,764,563 | (46,529,287 | ) | ||||||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 23,053,365 | (1,514,387 | ) | 2,035,819 | (3,550,206 | ) |
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, 2020, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
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 Funds 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, 2020, 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, 2020) 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.
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DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
As of November 30, 2020, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.
Remaining Contractual Maturity of the Agreements, as of November 30, 2020 | ||||||||||||||||||||
Securities Lending Transactions | Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | |||||||||||||||
Xtrackers Eurozone Equity ETF | ||||||||||||||||||||
Common Stocks | $ | 461 | $ | — | $ | 94 | $ | 36,577 | $ | 37,132 | ||||||||||
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Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 37,132 | |||||||||||||||||
Xtrackers International Real Estate ETF | ||||||||||||||||||||
Common Stocks | $ | 16,688,924 | $ | 13,846 | $ | 142,966 | $ | 4,822,574 | $ | 21,668,310 | ||||||||||
Exchange-Traded Funds | 211,200 | — | — | — | 211,200 | |||||||||||||||
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Total Borrowings | $ | 16,900,124 | $ | 13,846 | $ | 142,966 | $ | 4,822,574 | $ | 21,879,510 | ||||||||||
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Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 21,879,510 | |||||||||||||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | ||||||||||||||||||||
Common Stocks | $ | 59,776 | $ | — | $ | 337 | $ | 4,097 | $ | 64,210 | ||||||||||
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Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 64,210 |
Derivatives
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, 2020, Xtrackers International Real Estate ETF and Xtrackers Japan JPX-Nikkei 400 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, 2020 is included in a table following the Funds’ Schedule of Investments.
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DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
The following tables summarize the value of the Funds’ derivative instruments held as of November 30, 2020 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives | Liability Derivatives | |||||||||||||
Xtrackers International Real Estate ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 66,052 | Unrealized depreciation on futures contracts* | $ | 1,722 | ||||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 10,590 | Unrealized depreciation on futures contracts* | $ | — |
* | Includes cumulative appreciation or cumulative depreciation on futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2020 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
Net Realized Gain (Loss) from: | ||||
Futures Contracts — Equity Contracts | ||||
Xtrackers International Real Estate ETF | $ | 305,980 | ||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 39,563 | |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures Contracts — Equity Contracts | ||||
Xtrackers International Real Estate ETF | $ | (48,535 | ) | |
Xtrackers Japan JPX-Nikkei 400 Equity ETF | (25,076 | ) |
For the period ended November 30, 2020 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | ||||
Xtrackers International Real Estate ETF | $ | 1,726,386 | ||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 170,868 |
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.
3. Investment Advisory and Other Agreements
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.
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DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
For its investment advisory services to the Funds below, the Advisor was 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:
Unitary Advisory Fee | ||||
Xtrackers Eurozone Equity ETF | 0.09 | % | ||
Xtrackers International Real Estate ETF | 0.12 | % | ||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 0.09 | % |
The Advisor for Xtrackers International Real Estate ETF has contractually agreed, until September 30, 2021, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses of the Fund from exceeding 0.10% of the Fund’s average daily net assets. This agreement may only be terminated by the Fund’s Board (and may not be terminated by the Advisor) prior to that time. For the period ended November 30, 2020, the Advisor waived $26,363 of the expenses of the Fund.
The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the period ended November 30, 2020, the Advisor waived expenses of the Funds as follows:
Expenses Waived | ||||
Xtrackers International Real Estate ETF | $ | 180 | ||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 11 |
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).
4. Investment Portfolio Transactions
For the period ended November 30, 2020, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Xtrackers Eurozone Equity ETF | $ | 156,631 | $ | 174,918 | ||||
Xtrackers International Real Estate ETF | 23,745,159 | 12,994,006 | ||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 2,206,955 | 2,217,468 |
For the period ended November 30, 2020, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers Eurozone Equity ETF | $ | — | $ | 2,013,081 | ||||
Xtrackers International Real Estate ETF | 35,074,476 | — | ||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | — | 8,577,828 |
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DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
5. Fund Share Transactions
As of November 30, 2020, 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 a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers International Real Estate ETF and certain other funds managed by the Advisor to borrow up to $105 million. The Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain the Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. The Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at November 30, 2020.
7. Other — COVID-19 Pandemic
A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity and increased government activity. Specifically, COVID-19 has led to significant death and morbidity, and concerns about its further spread have resulted in the closing of schools and non-essential businesses, cancellations, shelter-in place orders, lower consumer spending in certain sectors, social distancing, bans on large social gatherings and travel, quarantines, government economic stimulus measures, reduced productivity, rapid increases in unemployment, increased demand for and strain on government and medical resources, border closings and global trade and supply chain interruptions, among others. 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. The pandemic may 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. A Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and a prolonged pandemic may result in a Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on each Fund and reflect the consequences as appropriate in each Fund’s accounting and financial reporting.
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DBX ETF Trust
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Portfolio Holdings Information
The 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.
Discount & Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca or Cboe, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.
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DBX ETF Trust
DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.
California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.
Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.
41
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
Investing involves risk, including possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. There are special risks associated with an investment in real estate, including REITS. These risks include credit risk, interest rate fluctuations and the impact of varied economic conditions. Investing in foreign securities, particularly those of emerging markets, present certain risks such as currency fluctuations, political and economical changes, and market risks. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. The European financial markets have recently experienced volatility and adverse trends in recent years due to concerns about economic downturns or rising government debt levels in several European countries, including Greece, Ireland, Italy, Portugal and Spain. A default or debt restructuring by any European country would adversely impact holders of that country’s debt, and sellers of credit default swaps linked to that country’s creditworthiness (which may be located in countries other than those listed in the previous sentence). These events have adversely affected the exchange rate of the euro, the common currency of certain EU countries, and may continue to significantly affect every country in Europe, including countries that do not use the euro. Italy, Portugal and Spain currently have high levels of debt and public spending, which may stifle economic growth, contribute to prolonged periods of recession or lower sovereign debt ratings and adversely impact investments in the Funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of a Fund may diverge from that of an Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. A fund that focuses its investments in Japan can be impacted by the events and developments in Japan, which can adversely affect performance. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that fund. Please read the prospectus for more information.
War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. or Cboe BZX Exchange, Inc., as applicable. 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.
Nasdaq® and NASDAQ Eurozone Large Mid Cap Index are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by DBX Advisors LLC. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).
The iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index is the intellectual property (including registered trademarks) of STOXX Limited, Zug, Switzerland (“STOXX”), Deutsche Börse Group or their licensors, which is used under license. Xtrackers International Real Estate ETF is neither sponsored nor promoted, distributed or in any other manner supported by STOXX, Deutsche Börse Group or their licensors, research partners or data providers and STOXX, Deutsche Börse Group and their licensors, research partners or data providers do not give any warranty, and exclude any liability (whether in negligence or otherwise) with respect thereto generally or specifically in relation to any errors, omissions or interruptions in the Index or its data.
The “JPX-Nikkei Index 400” is a copyrightable work calculated through such methodology as independently developed by Nikkei Inc. (hereinafter called “Nikkei”), and Tokyo Stock Exchange, Inc. (hereinafter called “TSE”) and Nikkei and TSE jointly own copyrights and any other intellectual property rights subsisting in the “JPX-Nikkei Index 400” itself and the methodology to calculate the “JPX-Nikkei Index 400.” The ownership of trademarks and any other intellectual property rights with respect to marks representing the “JPX-Nikkei Index 400 belong” to Nikkei, TSE and Japan Exchange Group, Inc. Nikkei and TSE have no obligation to publish the “JPX-Nikkei Index 400” continuously, and Nikkei and TSE shall not be liable for any errors, delays or suspension of the publication of the “JPXNikkei Index 400.” Nikkei and TSE shall have the right to make any changes in the “JPX-Nikkei Index 400” regarding the calculation methods, etc., and to discontinue the publication thereof.
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 © 2021 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Invesment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022 | Administrator, custodian, The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 | Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203 | ||
Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 | Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
R-049074-5 (1/21) DBX004708 (1/22)
November 30, 2020
Semi-Annual Report
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)
DBX ETF Trust
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33 |
To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for our Xtrackers MSCI EAFE Hedged Equity ETF for the period ended November 30, 2020.
As many economies tentatively reopened, the global economy started recovering from the depths to which it had plunged in April following the COVID-19 outbreak. The pandemic still dominates the global economic outlook, with the second wave of the coronavirus prompting renewed national lockdowns and tighter restrictions around the world. The US saw its economy improve rapidly, after the historic contraction earlier this year, led by pandemic-induced lockdowns. The US unemployment rate witnessed a steady decline from its June highs, although the jobless rate remains well above pre-pandemic levels. In response to the economic downturn, the Federal Reserve Board initiated an unprecedented stimulus rollout along with massive rate cuts. Associated disruptions in supply chains along with lower demand led to a record collapse in the Eurozone economic activity. Emerging markets were the hardest hit due to the pandemic, while China recovered faster than expected.
The European economy experienced a mixed recovery. The industrial output rose, but services Purchasing Managers’ Indexes (PMI1) fell into the contractionary territory and consumer confidence appeared downbeat. The continent witnessed a sharp decline in activity in its dominant services sector, which represents about three-quarters of overall economic activity. As a result, the unemployment rate surged in the Eurozone over the last two quarters. The French economy, which relies heavily on consumer services, saw a sharp decline in activity, along with a notable loss of industrial production growth in July–August, amid the emergence of the second wave of COVID-19 cases and subsequent lockdowns. Germany, being more dependent on manufacturing goods for export, continued to propel its economy alongside industrial production, which swung from contraction to expansion in just three months. The United Kingdom’s GDP2 rose solidly in Q2 2020, while retail sales were robust throughout the quarter. However, the recovery lost momentum in September and early in Q4 2020 due to the snapback of restrictions at home and abroad. At Brexit3 negotiations, both the EU and Britain are calling for the other to compromise on the three main issues of contention — fishing, state aid, and method of resolution for any future disputes.
Emerging markets continue to recover from a sharp drop in economic activity. Japan posted its first expansion in four quarters as exports and consumption improved, while progress in developing COVID-19 vaccines continued to lift global markets. The country welcomed its new leader Yoshihide Suga after former prime minister Shinzo Abe stepped down due to ill health. The Bank of Japan introduced a special deposit facility to strengthen the resilience of the regional financial system and is set to extend a range of measures aimed at easing corporate funding strains (caused by the spike in new COVID-19 cases) beyond March. On the other hand, China’s manufacturing PMI continues to expand, along with non-manufacturing and services PMIs, as the nation aims to move towards a more domestic-oriented growth as opposed to growth driven by external demand and exports. In Australia, business confidence coupled with a sizable contraction in merchandise exports indicated weak private sector activity. However, the announcement of the adoption of an expansionary budget for FY 2021 boosted consumer and business confidence significantly.
The COVID-19 pandemic has delivered one of the worst setbacks on the global economy since the Great Depression. Even with the US suffering its most rampant transmission yet and major nations in Europe finding themselves under another round of lockdown, there are few signs of a permanent economic scarring one might expect from such a sharp contraction.
1
Additionally, easing monetary and fiscal policies across the globe and the news around successful vaccine candidates are driving expectations of a faster global economic recovery.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 Purchasing Managers’ Indexes (PMI) are economic indicators derived from monthly surveys of private sector companies.
2 GDP provides an economic snapshot of a country, used to estimate the size of an economy by summing he monetary value of all finished goods and services made within a country during a specific period.
3 Brexit is a combination of the words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.
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.
2
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)
The Xtrackers MSCI EAFE Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track developed market performance while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of November 30, 2020 (11.4% of Net Assets) |
Description | % of Net Assets | |||
Nestle SA (Switzerland) | 2.1% | |||
Roche Holding AG (Switzerland) | 1.5% | |||
Novartis AG (Switzerland) | 1.3% | |||
ASML Holding NV (Netherlands) | 1.2% | |||
LVMH Moet Hennessy Louis Vuitton SE (France) | 1.0% | |||
Toyota Motor Corp. (Japan) | 0.9% | |||
AstraZeneca PLC (United Kingdom) | 0.9% | |||
AIA Group Ltd. (Hong Kong) | 0.9% | |||
Royal Dutch Shell PLC (Netherlands) | 0.8% | |||
SAP SE (Germany) | 0.8% |
Country Diversification* as of November 30, 2020 |
Japan | 25.5% | |||
United Kingdom | 12.4% | |||
France | 10.9% | |||
Switzerland | 10.0% | |||
Germany | 9.2% | |||
Australia | 7.1% | |||
Netherlands | 4.8% | |||
Sweden | 3.2% | |||
Hong Kong | 3.2% | |||
Spain | 2.5% | |||
Denmark | 2.5% | |||
Italy | 2.1% | |||
Other | 6.6% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of November 30, 2020 |
Financials | 16.4% | |||
Industrials | 15.3% | |||
Health Care | 13.2% | |||
Consumer Discretionary | 12.3% | |||
Consumer Staples | 11.1% | |||
Information Technology | 8.7% | |||
Materials | 7.6% | |||
Communication Services | 5.2% | |||
Utilities | 3.9% | |||
Real Estate | 3.2% | |||
Energy | 3.1% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 5.
3
DBX ETF Trust
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other Fund expenses. In the most resent six-month period the Fund limited these expenses; had it not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.
The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2020 to November 30, 2020).
Actual expenses
The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value June 1, 2020 | Ending Account Value November 30, 2020 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers MSCI EAFE Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,133.10 | 0.35 | % | $ | 1.87 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.31 | 0.35 | % | $ | 1.78 |
(1) Expenses are equal to the 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.
4
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF
November 30, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 96.3% | ||||||||
Australia — 6.9% | ||||||||
Afterpay Ltd.* | 50,956 | $ | 3,553,779 | |||||
AGL Energy Ltd. | 152,110 | 1,507,361 | ||||||
AMP Ltd. | 780,594 | 979,822 | ||||||
Ampol Ltd. | 60,068 | 1,351,448 | ||||||
APA Group (a) | 282,766 | 2,148,292 | ||||||
Aristocrat Leisure Ltd.* | 132,480 | 3,117,738 | ||||||
ASX Ltd. | 46,049 | 2,606,494 | ||||||
Aurizon Holdings Ltd. | 463,047 | 1,444,574 | ||||||
AusNet Services | 474,533 | 646,154 | ||||||
Australia & New Zealand Banking Group Ltd. | 675,088 | 11,219,219 | ||||||
BHP Group Ltd. | 694,306 | 19,402,586 | ||||||
BHP Group PLC | 505,717 | 11,451,914 | ||||||
BlueScope Steel Ltd. | 116,004 | 1,456,112 | ||||||
Brambles Ltd. | 374,805 | 3,015,378 | ||||||
CIMIC Group Ltd.* | 22,868 | 429,225 | ||||||
Coca-Cola Amatil Ltd. | 135,645 | 1,259,564 | ||||||
Cochlear Ltd. | 15,298 | 2,475,207 | ||||||
Coles Group Ltd. | 316,437 | 4,148,533 | ||||||
Commonwealth Bank of Australia | 422,322 | 24,512,141 | ||||||
Computershare Ltd. | 114,944 | 1,204,870 | ||||||
Crown Resorts Ltd. | 87,258 | 617,459 | ||||||
CSL Ltd. | 108,200 | 23,619,181 | ||||||
Dexus REIT | 260,896 | 1,871,060 | ||||||
Evolution Mining Ltd. | 394,461 | 1,439,084 | ||||||
Fortescue Metals Group Ltd. | 402,543 | 5,386,724 | ||||||
Goodman Group REIT | 407,929 | 5,593,547 | ||||||
GPT Group REIT | 466,991 | 1,617,992 | ||||||
Insurance Australia Group Ltd. | 550,092 | 2,079,545 | ||||||
Lendlease Corp. Ltd. (a) | 158,320 | 1,645,602 | ||||||
Macquarie Group Ltd. | 82,556 | 8,403,437 | ||||||
Magellan Financial Group Ltd. | 30,524 | 1,325,996 | ||||||
Medibank Pvt Ltd. | 654,544 | 1,369,334 | ||||||
Mirvac Group REIT | 943,464 | 1,786,779 | ||||||
National Australia Bank Ltd. | 774,532 | 13,014,005 | ||||||
Newcrest Mining Ltd. | 201,895 | 3,991,055 | ||||||
Northern Star Resources Ltd. | 176,375 | 1,632,593 | ||||||
Oil Search Ltd. | 468,587 | 1,252,038 | ||||||
Orica Ltd. | 94,672 | 1,122,328 | ||||||
Origin Energy Ltd. | 436,750 | 1,660,690 | ||||||
Qantas Airways Ltd.* | 185,167 | 731,260 | ||||||
QBE Insurance Group Ltd. | 374,341 | 2,747,851 | ||||||
Ramsay Health Care Ltd. | 42,684 | 1,975,495 | ||||||
REA Group Ltd. | 12,650 | 1,348,660 | ||||||
Rio Tinto Ltd. | 86,954 | 6,472,221 | ||||||
Santos Ltd. | 397,873 | 1,799,082 | ||||||
Scentre Group REIT | 1,250,033 | 2,569,244 | ||||||
SEEK Ltd. | 78,996 | 1,510,562 | ||||||
Sonic Healthcare Ltd. | 106,286 | 2,569,955 | ||||||
South32 Ltd. | 1,173,026 | 2,066,544 | ||||||
Stockland REIT | 596,697 | 1,992,926 | ||||||
Suncorp Group Ltd. | 319,127 | 2,363,636 | ||||||
Sydney Airport (a) | 273,841 | 1,348,798 | ||||||
Tabcorp Holdings Ltd. | 540,362 | 1,523,147 | ||||||
Telstra Corp. Ltd. | 974,788 | 2,196,718 | ||||||
TPG Telecom Ltd.* | 93,350 | 525,576 |
Number | Value | |||||||
Australia (Continued) | ||||||||
Transurban Group (a) | 652,651 | $ | 6,716,683 | |||||
Treasury Wine Estates Ltd. | 171,760 | 1,083,031 | ||||||
Vicinity Centres REIT | 1,054,698 | 1,277,432 | ||||||
Washington H Soul Pattinson & Co. Ltd. (b) | 32,133 | 684,973 | ||||||
Wesfarmers Ltd. | 268,465 | 9,744,954 | ||||||
Westpac Banking Corp. | 860,737 | 12,718,622 | ||||||
WiseTech Global Ltd. | 36,802 | 834,749 | ||||||
Woodside Petroleum Ltd. | 238,333 | 3,913,596 | ||||||
Woolworths Group Ltd. | 299,705 | 8,135,546 | ||||||
|
| |||||||
(Cost $265,234,912) | 256,210,121 | |||||||
|
| |||||||
Austria — 0.2% | ||||||||
Erste Group Bank AG* | 67,939 | 1,953,091 | ||||||
OMV AG | 35,085 | 1,188,574 | ||||||
Raiffeisen Bank International AG* | 36,154 | 692,609 | ||||||
Verbund AG | 16,833 | 1,181,665 | ||||||
voestalpine AG | 27,533 | 881,500 | ||||||
|
| |||||||
(Cost $5,795,688) | 5,897,439 | |||||||
|
| |||||||
Belgium — 0.9% | ||||||||
Ageas SA/NV | 43,338 | 2,130,901 | ||||||
Anheuser-Busch InBev SA/NV | 180,893 | 12,057,699 | ||||||
Elia Group SA/NV | 6,598 | 746,117 | ||||||
Etablissements Franz Colruyt NV | 13,615 | 812,358 | ||||||
Galapagos NV* | 10,085 | 1,240,885 | ||||||
Groupe Bruxelles Lambert SA | 26,872 | 2,618,195 | ||||||
KBC Group NV* | 59,113 | 4,117,960 | ||||||
Proximus SADP | 35,279 | 736,866 | ||||||
Sofina SA | 3,944 | 1,251,425 | ||||||
Solvay SA | 18,482 | 2,112,915 | ||||||
UCB SA | 30,080 | 3,213,499 | ||||||
Umicore SA | 50,499 | 2,263,134 | ||||||
|
| |||||||
(Cost $42,326,568) | 33,301,954 | |||||||
|
| |||||||
Chile — 0.0% | ||||||||
Antofagasta PLC | ||||||||
(Cost $1,104,262) | 97,987 | 1,637,466 | ||||||
|
| |||||||
Denmark — 2.4% | ||||||||
A.P. Moller — Maersk A/S, Class A | 775 | 1,467,982 | ||||||
A.P. Moller — Maersk A/S, Class B | 1,425 | 2,908,140 | ||||||
Ambu A/S, Class B (b) | 38,967 | 1,305,727 | ||||||
Carlsberg A/S, Class B | 25,552 | 3,801,557 | ||||||
Chr Hansen Holding A/S* | 25,308 | 2,452,039 | ||||||
Coloplast A/S, Class B | 28,240 | 4,215,952 | ||||||
Danske Bank A/S* | 171,595 | 2,828,202 | ||||||
Demant A/S* | 26,340 | 991,939 | ||||||
DSV PANALPINA A/S | 50,490 | 7,966,484 | ||||||
Genmab A/S* | 15,632 | 5,997,085 | ||||||
GN Store Nord AS | 30,014 | 2,443,369 | ||||||
H Lundbeck A/S | 17,927 | 548,279 | ||||||
Novo Nordisk A/S, Class B | 409,876 | 27,567,219 | ||||||
Novozymes A/S, Class B | 50,787 | 2,904,695 | ||||||
Orsted A/S, 144A | 45,010 | 8,107,311 | ||||||
Pandora A/S | 25,502 | 2,554,205 | ||||||
ROCKWOOL International A/S, Class B | 1,251 | 457,082 | ||||||
Tryg A/S | 27,957 | 810,458 |
See Notes to Financial Statements. | 5 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Denmark (Continued) | ||||||||
Vestas Wind Systems A/S | 47,238 | $ | 9,655,471 | |||||
|
| |||||||
(Cost $59,677,218) | 88,983,196 | |||||||
|
| |||||||
Finland — 1.2% | ||||||||
Elisa OYJ | 33,847 | 1,816,850 | ||||||
Fortum OYJ | 105,847 | 2,424,818 | ||||||
Kesko OYJ, Class B | 51,789 | 1,359,085 | ||||||
Kone OYJ, Class B | 80,771 | 6,775,176 | ||||||
Neste OYJ | 100,766 | 6,752,771 | ||||||
Nokia OYJ* | 1,342,319 | 5,359,973 | ||||||
Nordea Bank Abp* | 778,594 | 6,651,305 | ||||||
Orion OYJ, Class B | 25,126 | 1,182,678 | ||||||
Sampo OYJ, Class A | 111,501 | 4,818,739 | ||||||
Stora Enso OYJ, Class R | 141,435 | 2,390,634 | ||||||
UPM-Kymmene OYJ | 127,300 | 4,194,096 | ||||||
Wartsila OYJ Abp | 104,219 | 979,873 | ||||||
|
| |||||||
(Cost $42,567,024) | 44,705,998 | |||||||
|
| |||||||
France — 10.6% | ||||||||
Accor SA* | 47,680 | 1,635,160 | ||||||
Aeroports de Paris | 7,250 | 915,841 | ||||||
Air Liquide SA | 113,067 | 18,565,146 | ||||||
Airbus SE* | 140,295 | 14,681,709 | ||||||
Alstom SA* | 15,281 | 814,779 | ||||||
Alstom SA* | 55,361 | 2,951,873 | ||||||
Amundi SA, 144A* | 14,435 | 1,150,216 | ||||||
Arkema SA | 16,422 | 1,914,237 | ||||||
Atos SE* | 23,454 | 2,150,882 | ||||||
AXA SA | 463,843 | 10,906,565 | ||||||
BioMerieux | 9,735 | 1,402,779 | ||||||
BNP Paribas SA* | 269,855 | 13,830,299 | ||||||
Bollore SA | 216,956 | 842,123 | ||||||
Bouygues SA | 55,375 | 2,204,887 | ||||||
Bureau Veritas SA* | 67,542 | 1,743,482 | ||||||
Capgemini SE | 38,142 | 5,291,386 | ||||||
Carrefour SA | 150,120 | 2,458,643 | ||||||
Cie de Saint-Gobain* | 123,071 | 5,845,791 | ||||||
Cie Generale des Etablissements Michelin SCA | 40,364 | 5,029,084 | ||||||
CNP Assurances* | 41,380 | 658,958 | ||||||
Covivio REIT | 11,855 | 968,676 | ||||||
Credit Agricole SA* | 274,502 | 3,167,655 | ||||||
Danone SA | 146,440 | 9,408,326 | ||||||
Dassault Aviation SA* | 615 | 634,567 | ||||||
Dassault Systemes SE | 31,231 | 5,776,223 | ||||||
Edenred | 57,937 | 3,312,453 | ||||||
Eiffage SA* | 21,541 | 2,110,604 | ||||||
Electricite de France SA* | 147,715 | 2,240,409 | ||||||
Engie SA* | 434,791 | 6,415,589 | ||||||
EssilorLuxottica SA* | 67,946 | 9,835,353 | ||||||
Eurazeo SE* | 8,746 | 539,369 | ||||||
Faurecia SE* | 17,952 | 892,967 | ||||||
Gecina SA REIT | 11,448 | 1,738,378 | ||||||
Getlink SE* | 106,118 | 1,765,833 | ||||||
Hermes International | 7,554 | 7,365,427 | ||||||
Iliad SA | 3,570 | 724,793 | ||||||
Ipsen SA | 9,021 | 870,004 |
Number | Value | |||||||
France (Continued) | ||||||||
Kering SA | 18,098 | $ | 13,060,874 | |||||
Klepierre SA REIT (b) | 46,863 | 1,034,161 | ||||||
La Francaise des Jeux SAEM, 144A | 18,782 | 783,248 | ||||||
Legrand SA | 63,811 | 5,402,787 | ||||||
L’Oreal SA | 60,263 | 22,054,255 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 66,405 | 38,251,130 | ||||||
Natixis SA* | 246,145 | 757,525 | ||||||
Orange SA | 473,506 | 5,981,467 | ||||||
Orpea SA* | 12,422 | 1,552,884 | ||||||
Pernod Ricard SA | 49,601 | 9,466,658 | ||||||
Peugeot SA* | 140,592 | 3,314,696 | ||||||
Publicis Groupe SA | 53,764 | 2,442,805 | ||||||
Remy Cointreau SA | 5,227 | 929,020 | ||||||
Renault SA* | 45,813 | 1,822,787 | ||||||
Safran SA* | 76,576 | 11,171,344 | ||||||
Sanofi | 270,054 | 27,287,992 | ||||||
Sartorius Stedim Biotech | 6,625 | 2,394,500 | ||||||
Schneider Electric SE | 129,815 | 18,063,251 | ||||||
SCOR SE* | 39,469 | 1,348,390 | ||||||
SEB SA | 4,676 | 832,204 | ||||||
Societe Generale SA* | 192,000 | 3,821,552 | ||||||
Sodexo SA | 20,995 | 1,737,046 | ||||||
Suez SA | 82,336 | 1,584,693 | ||||||
Teleperformance | 13,905 | 4,630,978 | ||||||
Thales SA | 24,357 | 2,238,923 | ||||||
TOTAL SE | 601,134 | 25,688,798 | ||||||
Ubisoft Entertainment SA* | 21,481 | 2,044,254 | ||||||
Unibail-Rodamco-Westfield REIT (b) | 18,633 | 1,322,471 | ||||||
Unibail-Rodamco-Westfield CDI (b) | 285,626 | 1,052,513 | ||||||
Valeo SA | 56,349 | 2,185,864 | ||||||
Veolia Environnement SA | 128,470 | 2,951,510 | ||||||
Vinci SA | 123,417 | 12,587,149 | ||||||
Vivendi SA | 196,869 | 5,913,156 | ||||||
Wendel SE | 6,542 | 739,394 | ||||||
Worldline SA, 144A* | 58,033 | 5,364,917 | ||||||
|
| |||||||
(Cost $339,962,402) | 394,575,662 | |||||||
|
| |||||||
Germany — 8.3% | ||||||||
adidas AG* | 45,439 | 14,488,186 | ||||||
Allianz SE | 99,910 | 23,556,678 | ||||||
BASF SE | 220,973 | 16,165,847 | ||||||
Bayer AG | 233,450 | 13,441,801 | ||||||
Bayerische Motoren Werke AG | 80,781 | 7,038,114 | ||||||
Bechtle AG | 5,679 | 1,237,647 | ||||||
Beiersdorf AG | 23,820 | 2,663,502 | ||||||
Brenntag AG | 38,871 | 2,970,291 | ||||||
Carl Zeiss Meditec AG | 9,294 | 1,239,455 | ||||||
Commerzbank AG* | 237,717 | 1,477,353 | ||||||
Continental AG | 26,204 | 3,569,603 | ||||||
Covestro AG, 144A | 44,502 | 2,481,689 | ||||||
Daimler AG | 204,599 | 13,776,971 | ||||||
Delivery Hero SE, 144A* | 30,625 | 3,698,771 | ||||||
Deutsche Bank AG*(c) | 467,514 | 5,210,355 | ||||||
Deutsche Boerse AG | 46,186 | 7,699,251 | ||||||
Deutsche Lufthansa AG*(b) | 59,991 | 690,271 | ||||||
Deutsche Post AG | 236,372 | 11,419,244 | ||||||
Deutsche Telekom AG | 793,480 | 14,306,402 |
See Notes to Financial Statements. | 6 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Germany (Continued) | ||||||||
Deutsche Wohnen SE | 80,718 | $ | 4,047,803 | |||||
E.ON SE | 533,463 | 5,775,440 | ||||||
Evonik Industries AG | 48,866 | 1,475,317 | ||||||
Fresenius Medical Care AG & Co. KGaA | 53,400 | 4,490,727 | ||||||
Fresenius SE & Co. KGaA | 102,130 | 4,568,471 | ||||||
GEA Group AG | 39,468 | 1,351,651 | ||||||
Hannover Rueck SE | 14,276 | 2,389,189 | ||||||
HeidelbergCement AG | 35,057 | 2,489,831 | ||||||
HelloFresh SE* | 34,407 | 2,022,571 | ||||||
Henkel AG & Co. KGaA | 23,564 | 2,273,965 | ||||||
HOCHTIEF AG | 6,274 | 605,451 | ||||||
Infineon Technologies AG | 306,519 | 10,793,444 | ||||||
KION Group AG | 15,693 | 1,206,279 | ||||||
Knorr-Bremse AG | 17,323 | 2,216,808 | ||||||
LANXESS AG | 19,344 | 1,353,551 | ||||||
LEG Immobilien AG | 17,061 | 2,431,158 | ||||||
Merck KGaA | 30,772 | 4,913,154 | ||||||
MTU Aero Engines AG | 12,665 | 2,990,522 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 33,376 | 9,300,224 | ||||||
Nemetschek SE | 13,742 | 1,086,800 | ||||||
Puma SE* | 23,840 | 2,370,556 | ||||||
Rational AG | 999 | 887,786 | ||||||
RWE AG | 153,422 | 6,363,245 | ||||||
SAP SE | 249,350 | 30,332,672 | ||||||
Scout24 AG, 144A | 25,629 | 1,959,639 | ||||||
Siemens AG | 182,359 | 24,363,042 | ||||||
Siemens Energy AG* | 90,975 | 2,702,139 | ||||||
Siemens Healthineers AG, 144A | 63,306 | 2,911,089 | ||||||
Symrise AG | 32,146 | 4,026,267 | ||||||
TeamViewer AG, 144A* | 36,499 | 1,738,467 | ||||||
Telefonica Deutschland Holding AG | 256,276 | 707,388 | ||||||
Uniper SE | 47,925 | 1,623,554 | ||||||
United Internet AG | 24,557 | 979,260 | ||||||
Volkswagen AG | 7,909 | 1,467,027 | ||||||
Vonovia SE | 122,862 | 8,424,044 | ||||||
Zalando SE, 144A* | 35,750 | 3,616,248 | ||||||
|
| |||||||
(Cost $305,422,025) | 309,386,210 | |||||||
|
| |||||||
Hong Kong — 3.1% | ||||||||
AIA Group Ltd. | 2,877,233 | 31,533,914 | ||||||
ASM Pacific Technology Ltd. | 71,727 | 897,623 | ||||||
Bank of East Asia Ltd. | 318,904 | 708,488 | ||||||
BOC Hong Kong Holdings Ltd. | 874,253 | 2,847,987 | ||||||
Budweiser Brewing Co. APAC Ltd., 144A | 410,028 | 1,412,421 | ||||||
CK Asset Holdings Ltd. | 617,584 | 3,382,308 | ||||||
CK Hutchison Holdings Ltd. | 644,765 | 4,679,112 | ||||||
CK Infrastructure Holdings Ltd. | 149,993 | 767,280 | ||||||
CLP Holdings Ltd. | 395,134 | 3,711,208 | ||||||
ESR Cayman Ltd., 144A* | 328,499 | 989,602 | ||||||
Galaxy Entertainment Group Ltd. | 516,088 | 3,928,396 | ||||||
Hang Lung Properties Ltd. | 508,594 | 1,261,142 | ||||||
Hang Seng Bank Ltd. | 184,836 | 3,221,672 | ||||||
Henderson Land Development Co. Ltd. | 348,538 | 1,461,413 | ||||||
HK Electric Investments & HK Electric Investments Ltd. (a) | 700,126 | 704,547 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
HKT Trust & HKT Ltd. (a) | 928,241 | $ | 1,214,334 | |||||
Hong Kong & China Gas Co. Ltd. | 2,554,728 | 3,935,396 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 285,304 | 14,185,970 | ||||||
Hongkong Land Holdings Ltd. | 303,500 | 1,235,245 | ||||||
Jardine Matheson Holdings Ltd. | 50,057 | 2,656,525 | ||||||
Jardine Strategic Holdings Ltd. | 49,787 | 1,189,411 | ||||||
Link REIT | 496,724 | 4,357,762 | ||||||
Melco Resorts & Entertainment Ltd., ADR | 58,554 | 1,061,584 | ||||||
MTR Corp. Ltd. | 371,827 | 2,017,188 | ||||||
New World Development Co. Ltd. | 380,624 | 1,929,871 | ||||||
PCCW Ltd. | 1,003,885 | 610,020 | ||||||
Power Assets Holdings Ltd. | 338,253 | 1,780,497 | ||||||
Sino Land Co. Ltd. | 753,095 | 1,029,900 | ||||||
SJM Holdings Ltd. | 464,203 | 543,194 | ||||||
Sun Hung Kai Properties Ltd. | 313,198 | 4,182,142 | ||||||
Swire Pacific Ltd., Class A | 138,818 | 796,976 | ||||||
Swire Properties Ltd. | 316,858 | 966,797 | ||||||
Techtronic Industries Co. Ltd. | 335,198 | 4,296,440 | ||||||
WH Group Ltd., 144A | 2,342,406 | 1,912,958 | ||||||
Wharf Real Estate Investment Co. Ltd. | 410,306 | 1,908,326 | ||||||
Xinyi Glass Holdings Ltd. | 311,516 | 699,309 | ||||||
|
| |||||||
(Cost $100,497,200) | 114,016,958 | |||||||
|
| |||||||
Ireland — 1.0% | ||||||||
CRH PLC | 186,910 | 7,317,410 | ||||||
DCC PLC | 23,709 | 1,795,948 | ||||||
Experian PLC | 222,877 | 7,862,026 | ||||||
Flutter Entertainment PLC* | 37,561 | 6,967,129 | ||||||
James Hardie Industries PLC CDI* | 106,408 | 3,081,393 | ||||||
Kerry Group PLC, Class A | 38,217 | 5,351,937 | ||||||
Kingspan Group PLC* | 37,012 | 3,229,559 | ||||||
Smurfit Kappa Group PLC | 57,564 | 2,447,231 | ||||||
|
| |||||||
(Cost $26,015,561) | 38,052,633 | |||||||
|
| |||||||
Isle of Man — 0.0% | ||||||||
GVC Holdings PLC* | ||||||||
(Cost $1,821,346) | 139,826 | 1,930,267 | ||||||
|
| |||||||
Israel — 0.6% | ||||||||
Azrieli Group Ltd. | 10,551 | 644,307 | ||||||
Bank Hapoalim BM* | 275,519 | 1,804,921 | ||||||
Bank Leumi Le-Israel BM | 351,934 | 1,976,763 | ||||||
Check Point Software Technologies Ltd.* | 27,116 | 3,191,011 | ||||||
CyberArk Software Ltd.* | 8,994 | 1,033,141 | ||||||
Elbit Systems Ltd. | 6,237 | 798,503 | ||||||
ICL Group Ltd. | 175,067 | 830,905 | ||||||
Israel Discount Bank Ltd., Class A | 271,573 | 919,501 | ||||||
Mizrahi Tefahot Bank Ltd. | 24,047 | 513,668 | ||||||
Nice Ltd.* | 14,992 | 3,604,443 | ||||||
Teva Pharmaceutical Industries Ltd., ADR* | 267,699 | 2,545,817 | ||||||
Wix.com Ltd.* | 12,469 | 3,184,957 | ||||||
|
| |||||||
(Cost $23,968,724) | 21,047,937 | |||||||
|
|
See Notes to Financial Statements. | 7 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Italy — 2.1% | ||||||||
Amplifon SpA* | 24,341 | $ | 974,711 | |||||
Assicurazioni Generali SpA | 261,185 | 4,461,465 | ||||||
Atlantia SpA* | 118,421 | 2,158,432 | ||||||
Davide Campari-Milano NV | 149,375 | 1,727,298 | ||||||
DiaSorin SpA | 6,121 | 1,289,435 | ||||||
Enel SpA | 1,943,182 | 19,401,050 | ||||||
Eni SpA | 602,256 | 5,964,890 | ||||||
Ferrari NV | 30,768 | 6,488,851 | ||||||
FinecoBank Banca Fineco SpA* | 147,450 | 2,310,262 | ||||||
Infrastrutture Wireless Italiane SpA, 144A | 67,225 | 865,244 | ||||||
Intesa Sanpaolo SpA* | 3,972,923 | 9,124,675 | ||||||
Mediobanca Banca di Credito Finanziario SpA* | 148,552 | 1,324,396 | ||||||
Moncler SpA* | 46,456 | 2,280,885 | ||||||
Nexi SpA, 144A* | 106,825 | 2,013,336 | ||||||
Poste Italiane SpA, 144A | 136,562 | 1,391,802 | ||||||
Prysmian SpA | 57,870 | 1,893,501 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 25,659 | 1,366,007 | ||||||
Snam SpA | 483,761 | 2,713,889 | ||||||
Telecom Italia SpA | 1,957,981 | 916,715 | ||||||
Telecom Italia SpA-RSP | 1,645,590 | 835,233 | ||||||
Terna Rete Elettrica Nazionale SpA | 337,157 | 2,522,461 | ||||||
UniCredit SpA* | 504,196 | 5,198,167 | ||||||
|
| |||||||
(Cost $76,981,973) | 77,222,705 | |||||||
|
| |||||||
Japan — 24.7% | ||||||||
ABC-Mart, Inc. | 9,400 | 489,808 | ||||||
Acom Co. Ltd. | 101,300 | 486,124 | ||||||
Advantest Corp. | 49,400 | 3,435,287 | ||||||
Aeon Co. Ltd. | 156,400 | 4,651,552 | ||||||
Aeon Mall Co. Ltd. | 22,600 | 362,596 | ||||||
AGC, Inc. | 41,200 | 1,371,360 | ||||||
Air Water, Inc. | 41,300 | 680,817 | ||||||
Aisin Seiki Co. Ltd. | 36,754 | 1,089,594 | ||||||
Ajinomoto Co., Inc. | 111,547 | 2,329,772 | ||||||
Alfresa Holdings Corp. | 44,600 | 892,854 | ||||||
Amada Co. Ltd. | 81,200 | 782,444 | ||||||
ANA Holdings, Inc.*(b) | 26,100 | 629,375 | ||||||
Asahi Group Holdings Ltd. | 108,265 | 4,186,454 | ||||||
Asahi Intecc Co. Ltd. | 47,300 | 1,732,974 | ||||||
Asahi Kasei Corp. | 301,600 | 2,764,956 | ||||||
Astellas Pharma, Inc. | 447,832 | 6,363,590 | ||||||
Azbil Corp. | 29,500 | 1,323,827 | ||||||
Bandai Namco Holdings, Inc. | 47,300 | 4,317,711 | ||||||
Bank of Kyoto Ltd. | 14,800 | 738,582 | ||||||
Bridgestone Corp. | 130,376 | 4,550,672 | ||||||
Brother Industries Ltd. | 51,300 | 982,759 | ||||||
Calbee, Inc. | 20,200 | 596,906 | ||||||
Canon, Inc. | 231,586 | 4,111,539 | ||||||
Capcom Co. Ltd. | 18,600 | 1,047,586 | ||||||
Casio Computer Co. Ltd. | 43,800 | 786,638 | ||||||
Central Japan Railway Co. | 34,154 | 4,351,036 | ||||||
Chiba Bank Ltd. | 160,800 | 911,816 | ||||||
Chubu Electric Power Co., Inc. | 153,700 | 1,851,319 | ||||||
Chugai Pharmaceutical Co. Ltd. | 159,900 | 7,725,437 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Chugoku Electric Power Co., Inc. | 74,900 | $ | 952,034 | |||||
Coca-Cola Bottlers Japan Holdings, Inc. (b) | 25,854 | 397,716 | ||||||
Concordia Financial Group Ltd. | 263,615 | 936,793 | ||||||
Cosmos Pharmaceutical Corp. | 5,500 | 948,276 | ||||||
CyberAgent, Inc. | 25,900 | 1,773,803 | ||||||
Dai Nippon Printing Co. Ltd. | 61,300 | 1,148,494 | ||||||
Daifuku Co. Ltd. | 26,021 | 3,015,844 | ||||||
Dai-ichi Life Holdings, Inc. | 254,738 | 4,012,611 | ||||||
Daiichi Sankyo Co. Ltd. | 405,193 | 14,337,001 | ||||||
Daikin Industries Ltd. | 59,188 | 13,416,514 | ||||||
Daito Trust Construction Co. Ltd. | 13,913 | 1,364,647 | ||||||
Daiwa House Industry Co. Ltd. | 138,536 | 4,246,314 | ||||||
Daiwa House REIT Investment Corp. REIT | 461 | 1,109,668 | ||||||
Daiwa Securities Group, Inc. | 336,187 | 1,462,285 | ||||||
Denso Corp. | 100,653 | 4,752,094 | ||||||
Dentsu Group, Inc. | 52,100 | 1,696,743 | ||||||
Disco Corp. | 7,100 | 2,261,255 | ||||||
East Japan Railway Co. | 74,353 | 4,620,711 | ||||||
Eisai Co. Ltd. | �� | 59,352 | 4,483,805 | |||||
ENEOS Holdings, Inc. | 735,928 | 2,527,109 | ||||||
FANUC Corp. | 45,517 | 11,058,800 | ||||||
Fast Retailing Co. Ltd. | 13,817 | 11,373,879 | ||||||
Fuji Electric Co. Ltd. | 26,600 | 945,268 | ||||||
FUJIFILM Holdings Corp. | 82,654 | 4,453,341 | ||||||
Fujitsu Ltd. | 47,902 | 6,655,350 | ||||||
Fukuoka Financial Group, Inc. | 37,500 | 669,181 | ||||||
GLP J REIT | 853 | 1,290,122 | ||||||
GMO Payment Gateway, Inc. | 10,700 | 1,500,460 | ||||||
Hakuhodo DY Holdings, Inc. | 65,159 | 942,434 | ||||||
Hamamatsu Photonics KK | 30,200 | 1,698,027 | ||||||
Hankyu Hanshin Holdings, Inc. | 55,740 | 1,820,626 | ||||||
Harmonic Drive Systems, Inc. | 6,300 | 502,672 | ||||||
Hikari Tsushin, Inc. | 5,000 | 1,200,670 | ||||||
Hino Motors Ltd. | 81,200 | 703,889 | ||||||
Hirose Electric Co. Ltd. | 8,966 | 1,267,607 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 13,000 | 762,069 | ||||||
Hitachi Construction Machinery Co. Ltd. | 26,000 | 719,981 | ||||||
Hitachi Ltd. | 227,201 | 8,631,026 | ||||||
Hitachi Metals Ltd. | 55,200 | 810,552 | ||||||
Honda Motor Co. Ltd. | 391,899 | 10,779,099 | ||||||
Hoshizaki Corp. (b) | 12,900 | 1,276,408 | ||||||
Hoya Corp. | 90,274 | 12,027,886 | ||||||
Hulic Co. Ltd. | 75,700 | 766,426 | ||||||
Ibiden Co. Ltd. | 21,300 | 997,672 | ||||||
Idemitsu Kosan Co. Ltd. | 46,284 | 963,807 | ||||||
Iida Group Holdings Co. Ltd. | 41,600 | 835,985 | ||||||
Inpex Corp. | 239,517 | 1,339,827 | ||||||
Isuzu Motors Ltd. | 130,500 | 1,272,500 | ||||||
Ito En Ltd. | 12,000 | 926,437 | ||||||
ITOCHU Corp. | 319,454 | 8,440,746 | ||||||
Itochu Techno-Solutions Corp. | 25,900 | 914,191 | ||||||
Japan Airlines Co. Ltd.* | 28,773 | 544,868 | ||||||
Japan Airport Terminal Co. Ltd. | 14,400 | 838,621 | ||||||
Japan Exchange Group, Inc. | 118,978 | 2,944,250 | ||||||
Japan Post Bank Co. Ltd. | 100,658 | 792,537 |
See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Japan Post Holdings Co. Ltd. | 376,513 | $ | 2,786,701 | |||||
Japan Post Insurance Co. Ltd. | 49,100 | 818,333 | ||||||
Japan Real Estate Investment Corp. REIT | 273 | 1,417,299 | ||||||
Japan Retail Fund Investment Corp. REIT | 644 | 1,027,069 | ||||||
Japan Tobacco, Inc. | 287,141 | 5,830,833 | ||||||
JFE Holdings, Inc.* | 116,985 | 1,071,242 | ||||||
JSR Corp. | 48,400 | 1,337,490 | ||||||
Kajima Corp. | 97,500 | 1,282,256 | ||||||
Kakaku.com, Inc. | 28,400 | 796,778 | ||||||
Kansai Electric Power Co., Inc. | 169,967 | 1,555,263 | ||||||
Kansai Paint Co. Ltd. | 39,200 | 1,188,391 | ||||||
Kao Corp. | 116,004 | 8,675,855 | ||||||
KDDI Corp. | 384,633 | 10,988,198 | ||||||
Keihan Holdings Co. Ltd. | 26,000 | 1,224,042 | ||||||
Keikyu Corp. | 49,950 | 854,987 | ||||||
Keio Corp. | 26,060 | 1,849,661 | ||||||
Keisei Electric Railway Co. Ltd. | 25,928 | 870,475 | ||||||
Keyence Corp. | 43,470 | 22,188,853 | ||||||
Kikkoman Corp. | 32,582 | 2,025,452 | ||||||
Kintetsu Group Holdings Co. Ltd. | 40,040 | 1,775,720 | ||||||
Kirin Holdings Co. Ltd. | 194,123 | 4,227,382 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 13,000 | 1,562,739 | ||||||
Kobe Bussan Co. Ltd. | 31,900 | 1,112,222 | ||||||
Koei Tecmo Holdings Co. Ltd. | 11,000 | 584,770 | ||||||
Koito Manufacturing Co. Ltd. | 26,000 | 1,563,985 | ||||||
Komatsu Ltd. | 207,473 | 5,047,715 | ||||||
Konami Holdings Corp. | 25,266 | 1,323,803 | ||||||
Kose Corp. | 8,800 | 1,343,602 | ||||||
Kubota Corp. | 246,481 | 4,888,304 | ||||||
Kuraray Co. Ltd. | 81,200 | 805,778 | ||||||
Kurita Water Industries Ltd. | 25,800 | 951,437 | ||||||
Kyocera Corp. | 78,400 | 4,477,962 | ||||||
Kyowa Kirin Co. Ltd. | 70,500 | 1,914,440 | ||||||
Kyushu Electric Power Co., Inc. | 72,800 | 614,337 | ||||||
Kyushu Railway Co. | 37,776 | 795,322 | ||||||
Lasertec Corp. | 19,400 | 2,044,061 | ||||||
Lawson, Inc. | 12,600 | 570,862 | ||||||
LINE Corp.* | 9,147 | 471,368 | ||||||
Lion Corp. | 55,200 | 1,304,920 | ||||||
LIXIL Group Corp. | 69,600 | 1,670,000 | ||||||
M3, Inc. | 106,842 | 9,847,066 | ||||||
Makita Corp. | 53,900 | 2,787,931 | ||||||
Marubeni Corp. | 405,100 | 2,361,143 | ||||||
Marui Group Co. Ltd. | 44,696 | 816,002 | ||||||
Mazda Motor Corp. | 139,700 | 825,622 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 18,122 | 880,063 | ||||||
Medipal Holdings Corp. | 40,200 | 755,868 | ||||||
MEIJI Holdings Co. Ltd. | 27,390 | 1,936,190 | ||||||
Mercari, Inc.* | 22,800 | 1,043,908 | ||||||
MINEBEA MITSUMI, Inc. | 85,720 | 1,785,012 | ||||||
MISUMI Group, Inc. | 69,800 | 2,189,607 | ||||||
Mitsubishi Chemical Holdings Corp. | 307,300 | 1,699,864 | ||||||
Mitsubishi Corp. | 321,625 | 7,495,341 | ||||||
Mitsubishi Electric Corp. | 437,579 | 6,427,465 | ||||||
Mitsubishi Estate Co. Ltd. | 286,151 | 4,944,602 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Mitsubishi Gas Chemical Co., Inc. | 36,700 | $ | 778,293 | |||||
Mitsubishi Heavy Industries Ltd. | 78,099 | 1,759,098 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 2,839,252 | 12,197,361 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 81,100 | 372,097 | ||||||
Mitsui & Co. Ltd. | 396,860 | 6,766,387 | ||||||
Mitsui Chemicals, Inc. | 43,200 | 1,213,655 | ||||||
Mitsui Fudosan Co. Ltd. | 220,626 | 4,610,111 | ||||||
Miura Co. Ltd. | 23,600 | 1,241,034 | ||||||
Mizuho Financial Group, Inc. | 555,058 | 7,057,850 | ||||||
MonotaRO Co. Ltd. | 29,000 | 1,769,444 | ||||||
MS&AD Insurance Group Holdings, Inc. | 105,821 | 3,076,310 | ||||||
Murata Manufacturing Co. Ltd. | 136,377 | 11,925,150 | ||||||
Nabtesco Corp. | 25,825 | 1,066,147 | ||||||
Nagoya Railroad Co. Ltd. | 42,540 | 1,170,257 | ||||||
NEC Corp. | 59,259 | 3,195,672 | ||||||
Nexon Co. Ltd. | 116,445 | 3,519,004 | ||||||
NGK Insulators Ltd. | 64,200 | 1,020,190 | ||||||
NGK Spark Plug Co. Ltd. | 38,400 | 695,540 | ||||||
NH Foods Ltd. | 21,296 | 908,752 | ||||||
Nidec Corp. | 106,346 | 13,553,003 | ||||||
Nihon M&A Center, Inc. | 33,900 | 2,370,402 | ||||||
Nintendo Co. Ltd. | 26,771 | 15,195,876 | ||||||
Nippon Building Fund, Inc. REIT | 354 | 1,956,494 | ||||||
Nippon Express Co. Ltd. | 19,300 | 1,290,364 | ||||||
Nippon Paint Holdings Co. Ltd. | 35,642 | 4,564,497 | ||||||
Nippon Prologis REIT, Inc. REIT | 477 | 1,496,336 | ||||||
Nippon Sanso Holdings Corp. | 41,000 | 684,904 | ||||||
Nippon Shinyaku Co. Ltd. | 12,500 | 893,199 | ||||||
Nippon Steel Corp.* | 192,209 | 2,350,142 | ||||||
Nippon Telegraph & Telephone Corp. | 298,602 | 7,050,325 | ||||||
Nippon Yusen KK | 31,100 | 678,004 | ||||||
Nissan Chemical Corp. | 27,949 | 1,670,515 | ||||||
Nissan Motor Co. Ltd.* | 554,142 | 2,614,128 | ||||||
Nisshin Seifun Group, Inc. | 47,700 | 775,353 | ||||||
Nissin Foods Holdings Co. Ltd. | 15,700 | 1,296,303 | ||||||
Nitori Holdings Co. Ltd. | 18,501 | 3,939,437 | ||||||
Nitto Denko Corp. | 36,224 | 2,997,848 | ||||||
Nomura Holdings, Inc. | 751,654 | 3,772,669 | ||||||
Nomura Real Estate Holdings, Inc. | 28,036 | 606,910 | ||||||
Nomura Real Estate Master Fund, Inc. REIT | 1,046 | 1,362,605 | ||||||
Nomura Research Institute Ltd. | 78,843 | 2,662,084 | ||||||
NSK Ltd. | 87,600 | 709,023 | ||||||
NTT Data Corp. | 145,634 | 1,936,207 | ||||||
Obayashi Corp. | 156,100 | 1,375,594 | ||||||
Obic Co. Ltd. | 16,500 | 3,709,339 | ||||||
Odakyu Electric Railway Co. Ltd. | 73,750 | 2,235,812 | ||||||
Oji Holdings Corp. | 195,868 | 889,286 | ||||||
Olympus Corp. | 277,916 | 6,006,872 | ||||||
Omron Corp. | 46,092 | 4,163,291 | ||||||
Ono Pharmaceutical Co. Ltd. | 87,306 | 2,762,181 | ||||||
Oracle Corp. | 10,200 | 1,130,402 | ||||||
Oriental Land Co. Ltd. | 48,800 | 8,303,946 | ||||||
ORIX Corp. | 313,146 | 4,658,197 | ||||||
Orix JREIT, Inc. REIT | 636 | 950,345 | ||||||
Osaka Gas Co. Ltd. | 87,000 | 1,670,000 |
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Otsuka Corp. | 26,100 | $ | 1,265,000 | |||||
Otsuka Holdings Co. Ltd. | 91,667 | 3,724,630 | ||||||
Pan Pacific International Holdings Corp. | 98,072 | 2,317,468 | ||||||
Panasonic Corp. | 528,185 | 5,628,408 | ||||||
PeptiDream, Inc.* | 23,800 | 1,212,797 | ||||||
Persol Holdings Co. Ltd. | 42,500 | 778,352 | ||||||
Pigeon Corp. | 26,100 | 1,165,000 | ||||||
Pola Orbis Holdings, Inc. | 26,100 | 521,250 | ||||||
Rakuten, Inc. | 205,486 | 2,300,892 | ||||||
Recruit Holdings Co. Ltd. | 307,253 | 12,949,360 | ||||||
Renesas Electronics Corp.* | 192,000 | 1,706,667 | ||||||
Resona Holdings, Inc. | 502,325 | 1,759,581 | ||||||
Ricoh Co. Ltd. | 162,300 | 1,083,555 | ||||||
Rinnai Corp. | 7,900 | 921,667 | ||||||
Rohm Co. Ltd. | 20,900 | 1,743,669 | ||||||
Ryohin Keikaku Co. Ltd. | 56,900 | 1,170,156 | ||||||
Santen Pharmaceutical Co. Ltd. | 81,151 | 1,348,630 | ||||||
SBI Holdings, Inc. | 54,925 | 1,488,867 | ||||||
SCSK Corp. | 13,900 | 829,473 | ||||||
Secom Co. Ltd. | 49,600 | 4,938,621 | ||||||
Sega Sammy Holdings, Inc. | 38,700 | 543,802 | ||||||
Seibu Holdings, Inc. | 50,000 | 495,690 | ||||||
Seiko Epson Corp. | 75,359 | 1,123,889 | ||||||
Sekisui Chemical Co. Ltd. | 89,200 | 1,540,494 | ||||||
Sekisui House Ltd. | 151,151 | 2,718,981 | ||||||
Seven & i Holdings Co. Ltd. | 182,576 | 5,793,815 | ||||||
SG Holdings Co. Ltd. | 76,700 | 2,292,184 | ||||||
Sharp Corp. | 45,773 | 613,814 | ||||||
Shimadzu Corp. | 53,100 | 1,909,871 | ||||||
Shimamura Co. Ltd. | 6,700 | 693,103 | ||||||
Shimano, Inc. | 17,494 | 4,145,609 | ||||||
Shimizu Corp. | 138,000 | 1,048,218 | ||||||
Shin-Etsu Chemical Co. Ltd. | 83,804 | 13,754,612 | ||||||
Shinsei Bank Ltd. | 38,200 | 454,448 | ||||||
Shionogi & Co. Ltd. | 65,095 | 3,487,321 | ||||||
Shiseido Co. Ltd. | 94,357 | 6,651,988 | ||||||
Shizuoka Bank Ltd. | 87,800 | 624,019 | ||||||
SMC Corp. | 13,382 | 8,500,903 | ||||||
SoftBank Corp. | 675,000 | 8,304,957 | ||||||
SoftBank Group Corp. | 374,128 | 26,059,950 | ||||||
Sohgo Security Services Co. Ltd. | 19,400 | 1,038,755 | ||||||
Sompo Holdings, Inc. | 81,035 | 3,112,551 | ||||||
Sony Corp. | 300,516 | 27,933,020 | ||||||
Square Enix Holdings Co. Ltd. | 23,800 | 1,461,284 | ||||||
Stanley Electric Co. Ltd. | 26,200 | 770,441 | ||||||
Subaru Corp. | 145,134 | 2,881,827 | ||||||
SUMCO Corp. | 61,300 | 1,241,266 | ||||||
Sumitomo Chemical Co. Ltd. | 361,022 | 1,279,484 | ||||||
Sumitomo Corp. | 286,076 | 3,525,256 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 56,600 | 717,259 | ||||||
Sumitomo Electric Industries Ltd. | 181,700 | 2,078,063 | ||||||
Sumitomo Metal Mining Co. Ltd. | 56,500 | 2,103,597 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 308,815 | 8,968,650 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 81,081 | 2,369,522 | ||||||
Sumitomo Realty & Development Co. Ltd. | 77,203 | 2,517,971 | ||||||
Sundrug Co. Ltd. | 19,700 | 826,494 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Suntory Beverage & Food Ltd. | 32,300 | $ | 1,180,311 | |||||
Suzuken Co. Ltd. | 17,810 | 680,670 | ||||||
Suzuki Motor Corp. | 85,526 | 4,590,878 | ||||||
Sysmex Corp. | 38,307 | 4,010,493 | ||||||
T&D Holdings, Inc. | 130,600 | 1,524,918 | ||||||
Taiheiyo Cement Corp. | 33,400 | 897,705 | ||||||
Taisei Corp. | 43,815 | 1,548,634 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 8,234 | 523,695 | ||||||
Takeda Pharmaceutical Co. Ltd. | 371,911 | 13,341,060 | ||||||
TDK Corp. | 30,724 | 4,331,966 | ||||||
Teijin Ltd. | 38,804 | 663,087 | ||||||
Terumo Corp. | 159,344 | 6,329,498 | ||||||
THK Co. Ltd. | 26,628 | 822,560 | ||||||
TIS, Inc. | 53,700 | 1,068,856 | ||||||
Tobu Railway Co. Ltd. | 45,479 | 1,363,499 | ||||||
Toho Co. Ltd. | 26,100 | 1,105,000 | ||||||
Toho Gas Co. Ltd. | 17,128 | 1,120,539 | ||||||
Tohoku Electric Power Co., Inc. | 96,313 | 807,221 | ||||||
Tokio Marine Holdings, Inc. | 151,750 | 7,543,894 | ||||||
Tokyo Century Corp. | 11,400 | 754,540 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* | 356,600 | 929,073 | ||||||
Tokyo Electron Ltd. | 35,064 | 11,913,028 | ||||||
Tokyo Gas Co. Ltd. | 87,580 | 1,966,775 | ||||||
Tokyu Corp. | 124,010 | 1,504,987 | ||||||
Tokyu Fudosan Holdings Corp. | 136,100 | 659,642 | ||||||
Toppan Printing Co. Ltd. | 65,189 | 889,792 | ||||||
Toray Industries, Inc. | 335,643 | 1,819,995 | ||||||
Toshiba Corp. | 89,516 | 2,505,419 | ||||||
Tosoh Corp. | 64,840 | 1,022,286 | ||||||
TOTO Ltd. | 30,615 | 1,733,091 | ||||||
Toyo Suisan Kaisha Ltd. | 23,400 | 1,149,828 | ||||||
Toyoda Gosei Co. Ltd. | 19,200 | 520,828 | ||||||
Toyota Industries Corp. | 32,400 | 2,340,000 | ||||||
Toyota Motor Corp. | 502,464 | 33,685,302 | ||||||
Toyota Tsusho Corp. | 53,511 | 1,850,332 | ||||||
Trend Micro, Inc. | 28,476 | 1,546,541 | ||||||
Tsuruha Holdings, Inc. | 10,000 | 1,463,602 | ||||||
Unicharm Corp. | 95,900 | 4,650,783 | ||||||
United Urban Investment Corp. REIT (b) | 718 | 811,533 | ||||||
USS Co. Ltd. | 50,300 | 1,052,253 | ||||||
Welcia Holdings Co. Ltd. | 23,600 | 948,295 | ||||||
West Japan Railway Co. | 41,906 | 1,912,262 | ||||||
Yakult Honsha Co. Ltd. | 28,679 | 1,366,648 | ||||||
Yamada Holdings Co. Ltd. | 156,800 | 744,950 | ||||||
Yamaha Corp. | 34,881 | 1,991,291 | ||||||
Yamaha Motor Co. Ltd. | 70,174 | 1,351,051 | ||||||
Yamato Holdings Co. Ltd. | 76,071 | 1,921,449 | ||||||
Yamazaki Baking Co. Ltd. (b) | 26,800 | 444,613 | ||||||
Yaskawa Electric Corp. | 57,420 | 2,766,500 | ||||||
Yokogawa Electric Corp. | 58,444 | 1,032,287 | ||||||
Z Holdings Corp. | 635,900 | 4,001,784 | ||||||
ZOZO, Inc. | 26,097 | 650,925 | ||||||
|
| |||||||
(Cost $757,887,468) | 918,729,472 | |||||||
|
|
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Jordan — 0.0% | ||||||||
Hikma Pharmaceuticals PLC | ||||||||
(Cost $1,395,613) | 43,763 | $ | 1,521,577 | |||||
|
| |||||||
Luxembourg — 0.2% | ||||||||
ArcelorMittal SA* | 168,576 | 3,086,671 | ||||||
Aroundtown SA* | 237,087 | 1,645,386 | ||||||
Eurofins Scientific SE* | 31,334 | 2,543,865 | ||||||
SES SA | 90,675 | 824,842 | ||||||
Tenaris SA | 117,132 | 906,231 | ||||||
|
| |||||||
(Cost $12,673,429) | 9,006,995 | |||||||
|
| |||||||
Macau — 0.1% | ||||||||
Sands China Ltd. | 596,751 | 2,448,272 | ||||||
Wynn Macau Ltd.* | 380,376 | 648,760 | ||||||
|
| |||||||
(Cost $3,761,487) | 3,097,032 | |||||||
|
| |||||||
Mexico — 0.0% | ||||||||
Fresnillo PLC | ||||||||
(Cost $546,874) | 38,781 | 544,152 | ||||||
|
| |||||||
Netherlands — 4.7% | ||||||||
ABN AMRO Bank NV, 144A* | 95,238 | 982,681 | ||||||
Adyen NV, 144A* | 4,408 | 8,423,457 | ||||||
Aegon NV | 435,182 | 1,627,921 | ||||||
Akzo Nobel NV | 47,426 | 5,038,317 | ||||||
Altice Europe NV* | 150,305 | 792,110 | ||||||
Argenx SE* | 10,638 | 3,035,341 | ||||||
ASML Holding NV | 102,013 | 44,275,573 | ||||||
EXOR NV | 25,995 | 1,810,257 | ||||||
Heineken Holding NV | 28,164 | 2,601,969 | ||||||
Heineken NV | 61,111 | 6,452,783 | ||||||
ING Groep NV* | 935,373 | 9,121,345 | ||||||
JDE Peet’s BV* | 17,898 | 690,661 | ||||||
Just Eat Takeaway.com NV, 144A* | 31,089 | 3,302,008 | ||||||
Koninklijke Ahold Delhaize NV | 262,195 | 7,503,104 | ||||||
Koninklijke DSM NV | 41,230 | 6,752,587 | ||||||
Koninklijke KPN NV | 840,910 | 2,506,698 | ||||||
Koninklijke Philips NV* | 217,454 | 11,247,162 | ||||||
Koninklijke Vopak NV | 16,822 | 883,512 | ||||||
NN Group NV | 73,697 | 2,993,320 | ||||||
Prosus NV* | 116,987 | 12,676,548 | ||||||
QIAGEN NV* | 55,265 | 2,663,945 | ||||||
Randstad NV* | 28,160 | 1,746,716 | ||||||
Royal Dutch Shell PLC, Class A | 974,396 | 16,513,106 | ||||||
Royal Dutch Shell PLC, Class B | 884,136 | 14,547,354 | ||||||
Wolters Kluwer NV | 64,936 | 5,445,367 | ||||||
|
| |||||||
(Cost $152,101,280) | 173,633,842 | |||||||
|
| |||||||
New Zealand — 0.4% | ||||||||
a2 Milk Co. Ltd.* | 178,686 | 1,848,097 | ||||||
Auckland International Airport Ltd.* | 294,353 | 1,605,795 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 137,128 | 3,453,859 | ||||||
Mercury NZ Ltd. | 170,455 | 717,139 | ||||||
Meridian Energy Ltd. | 316,412 | 1,426,612 | ||||||
Ryman Healthcare Ltd. | 100,157 | 1,034,490 | ||||||
Spark New Zealand Ltd. | 470,802 | 1,505,377 | ||||||
Xero Ltd.* | 28,993 | 2,819,907 | ||||||
|
| |||||||
(Cost $9,480,442) | 14,411,276 | |||||||
|
|
Number | Value | |||||||
Norway — 0.6% | ||||||||
Adevinta ASA* | 57,063 | $ | 941,653 | |||||
DNB ASA* | 225,066 | 4,077,090 | ||||||
Equinor ASA | 237,856 | 3,748,627 | ||||||
Gjensidige Forsikring ASA | 46,024 | 1,002,130 | ||||||
Mowi ASA | 104,721 | 2,119,517 | ||||||
Norsk Hydro ASA | 340,021 | 1,376,000 | ||||||
Orkla ASA | 181,064 | 1,734,131 | ||||||
Schibsted ASA, Class A* | 15,231 | 623,047 | ||||||
Schibsted ASA, Class B* | 22,900 | 834,047 | ||||||
Telenor ASA | 172,445 | 2,935,824 | ||||||
Yara International ASA | 39,956 | 1,616,044 | ||||||
|
| |||||||
(Cost $22,722,050) | 21,008,110 | |||||||
|
| |||||||
Portugal — 0.1% | ||||||||
EDP—Energias de Portugal SA | 653,514 | 3,483,007 | ||||||
Galp Energia SGPS SA | 120,315 | 1,297,976 | ||||||
Jeronimo Martins SGPS SA | 53,604 | 918,201 | ||||||
|
| |||||||
(Cost $5,058,922) | 5,699,184 | |||||||
|
| |||||||
Singapore — 1.0% | ||||||||
Ascendas Real Estate Investment Trust REIT | 746,852 | 1,653,917 | ||||||
CapitaLand Integrated Commercial Trust REIT | 1,097,217 | 1,587,146 | ||||||
CapitaLand Ltd. | 615,500 | 1,436,465 | ||||||
City Developments Ltd. | 107,800 | 626,954 | ||||||
DBS Group Holdings Ltd. | 436,895 | 8,209,189 | ||||||
Genting Singapore Ltd. | 1,391,978 | 861,456 | ||||||
Keppel Corp. Ltd. | 357,100 | 1,349,959 | ||||||
Mapletree Commercial Trust REIT | 553,200 | 841,463 | ||||||
Mapletree Logistics Trust REIT | 646,874 | 950,186 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 808,043 | 6,073,201 | ||||||
Singapore Airlines Ltd.* | 259,150 | 838,617 | ||||||
Singapore Exchange Ltd. | 209,300 | 1,387,374 | ||||||
Singapore Technologies Engineering Ltd. | 374,500 | 1,077,858 | ||||||
Singapore Telecommunications Ltd. | 1,965,289 | 3,502,249 | ||||||
Suntec Real Estate Investment Trust REIT | 633,000 | 712,694 | ||||||
United Overseas Bank Ltd. | 280,154 | 4,702,134 | ||||||
UOL Group Ltd. | 129,081 | 709,337 | ||||||
Venture Corp. Ltd. | 77,100 | 1,082,498 | ||||||
Wilmar International Ltd. | 463,166 | 1,453,923 | ||||||
|
| |||||||
(Cost $41,816,664) | 39,056,620 | |||||||
|
| |||||||
Spain — 2.4% | ||||||||
ACS Actividades de Construccion y Servicios SA | 65,364 | 2,065,413 | ||||||
Aena SME SA, 144A* | 16,096 | 2,622,738 | ||||||
Amadeus IT Group SA | 107,781 | 7,387,443 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 1,601,064 | 7,505,636 | ||||||
Banco Santander SA* | 4,140,589 | 11,940,290 | ||||||
CaixaBank SA | 862,977 | 2,210,129 | ||||||
Cellnex Telecom SA, 144A* | 75,447 | 4,759,044 | ||||||
Enagas SA | 59,360 | 1,445,892 | ||||||
Endesa SA | 75,721 | 2,165,064 | ||||||
Ferrovial SA* | 1,197 | 33,297 | ||||||
Ferrovial SA | 117,361 | 3,264,665 |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Spain (Continued) | ||||||||
Grifols SA | 71,801 | $ | 2,034,138 | |||||
Iberdrola SA | 1,450,020 | 19,795,938 | ||||||
Industria de Diseno Textil SA | 260,533 | 8,655,143 | ||||||
Naturgy Energy Group SA | 64,050 | 1,477,235 | ||||||
Red Electrica Corp. SA | 102,779 | 2,100,752 | ||||||
Repsol SA | 359,122 | 3,451,879 | ||||||
Siemens Gamesa Renewable Energy SA | 57,238 | 2,043,513 | ||||||
Telefonica SA | 1,127,641 | 4,919,060 | ||||||
|
| |||||||
(Cost $118,273,802) | 89,877,269 | |||||||
|
| |||||||
Sweden — 3.1% | ||||||||
Alfa Laval AB* | 73,613 | 1,856,439 | ||||||
Assa Abloy AB, Class B | 244,544 | 5,819,286 | ||||||
Atlas Copco AB, Class A | 158,337 | 7,978,786 | ||||||
Atlas Copco AB, Class B | 95,453 | 4,214,582 | ||||||
Boliden AB | 69,855 | 2,406,715 | ||||||
Electrolux AB, Series B | 55,455 | 1,329,332 | ||||||
Epiroc AB, Class A | 147,845 | 2,456,355 | ||||||
Epiroc AB, Class B | 100,277 | 1,593,554 | ||||||
EQT AB | 56,833 | 1,264,627 | ||||||
Essity AB, Class B | 150,717 | 4,777,944 | ||||||
Evolution Gaming Group AB, 144A | 37,732 | 3,225,536 | ||||||
Fastighets AB Balder, Class B* | 18,553 | 927,553 | ||||||
Hennes & Mauritz AB, Class B*(b) | 191,188 | 4,048,052 | ||||||
Hexagon AB, Class B* | 67,646 | 5,613,966 | ||||||
Husqvarna AB, Class B | 100,898 | 1,074,282 | ||||||
ICA Gruppen AB(b) | 24,368 | 1,177,928 | ||||||
Industrivarden AB, Class A* | 25,512 | 788,243 | ||||||
Industrivarden AB, Class C* | 38,830 | 1,184,336 | ||||||
Investment AB Latour, Class B | 37,786 | 994,774 | ||||||
Investor AB, Class B | 106,792 | 7,390,984 | ||||||
Kinnevik AB, Class B* | 60,455 | 3,009,393 | ||||||
L E Lundbergforetagen AB, Class B* | 19,574 | 1,002,332 | ||||||
Lundin Energy AB | 47,020 | 1,125,489 | ||||||
Nibe Industrier AB, Class B* | 74,750 | 2,105,609 | ||||||
Sandvik AB* | 269,518 | 6,044,350 | ||||||
Securitas AB, Class B* | 74,529 | 1,225,220 | ||||||
Skandinaviska Enskilda Banken AB, Class A* | 392,351 | 4,147,249 | ||||||
Skanska AB, Class B | 76,107 | 1,808,416 | ||||||
SKF AB, Class B | 89,746 | 2,209,931 | ||||||
Svenska Cellulosa AB SCA, Class B* | 145,230 | 2,347,718 | ||||||
Svenska Handelsbanken AB, Class A* | 366,029 | 3,717,092 | ||||||
Swedbank AB, Class A* | 218,630 | 3,956,645 | ||||||
Swedish Match AB | 40,628 | 3,272,257 | ||||||
Tele2 AB, Class B | 123,955 | 1,594,077 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 694,096 | 8,485,113 | ||||||
Telia Co. AB | 622,242 | 2,637,867 | ||||||
Volvo AB, Class B* | 343,106 | 7,792,681 | ||||||
|
| |||||||
(Cost $94,421,125) | 116,604,713 | |||||||
|
| |||||||
Switzerland — 9.7% | ||||||||
ABB Ltd. | 439,800 | 11,600,557 | ||||||
Adecco Group AG | 36,707 | 2,223,222 | ||||||
Alcon, Inc.* | 117,123 | 7,472,673 |
Number | Value | |||||||
Switzerland (Continued) | ||||||||
Baloise Holding AG | 11,022 | $ | 1,900,575 | |||||
Banque Cantonale Vaudoise | 7,683 | 791,338 | ||||||
Barry Callebaut AG | 701 | 1,504,980 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 22 | 1,956,094 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 260 | 2,218,762 | ||||||
Cie Financiere Richemont SA, Class A | 124,344 | 10,327,907 | ||||||
Clariant AG | 47,228 | 947,938 | ||||||
Coca-Cola HBC AG* | 47,762 | 1,376,631 | ||||||
Credit Suisse Group AG | 586,681 | 7,411,387 | ||||||
EMS-Chemie Holding AG | 2,144 | 1,959,386 | ||||||
Geberit AG | 8,852 | 5,328,246 | ||||||
Givaudan SA | 2,194 | 8,942,587 | ||||||
Glencore PLC* | 2,368,607 | 6,689,611 | ||||||
Julius Baer Group Ltd. | 53,291 | 3,075,191 | ||||||
Kuehne + Nagel International AG | 12,499 | 2,829,210 | ||||||
LafargeHolcim Ltd.* | 124,004 | 6,503,472 | ||||||
Logitech International SA | 39,202 | 3,467,463 | ||||||
Lonza Group AG | 17,827 | 11,173,875 | ||||||
Nestle SA | 686,479 | 76,432,402 | ||||||
Novartis AG | 527,653 | 47,768,927 | ||||||
Partners Group Holding AG | 4,549 | 4,880,633 | ||||||
Roche Holding AG | 167,168 | 55,011,379 | ||||||
Schindler Holding AG | 4,215 | 1,115,960 | ||||||
Schindler Holding AG Participation Certificates | 10,078 | 2,750,310 | ||||||
SGS SA | 1,493 | 4,253,510 | ||||||
Sika AG | 33,804 | 8,626,297 | ||||||
Sonova Holding AG* | 13,036 | 3,229,055 | ||||||
STMicroelectronics NV | 152,105 | 5,954,816 | ||||||
Straumann Holding AG | 2,637 | 3,023,663 | ||||||
Swatch Group AG — Bearer | 6,736 | 1,661,856 | ||||||
Swatch Group AG — Registered | 13,390 | 642,131 | ||||||
Swiss Life Holding AG | 7,294 | 3,257,117 | ||||||
Swiss Prime Site AG | 18,242 | 1,642,031 | ||||||
Swiss Re AG | 67,578 | 6,173,673 | ||||||
Swisscom AG | 6,160 | 3,253,700 | ||||||
Temenos AG | 15,656 | 1,977,781 | ||||||
UBS Group AG | 876,719 | 12,435,662 | ||||||
Vifor Pharma AG | 9,918 | 1,454,822 | ||||||
Zurich Insurance Group AG | 35,993 | 14,611,079 | ||||||
|
| |||||||
(Cost $305,930,374) | 359,857,909 | |||||||
|
| |||||||
United Arab Emirates — 0.0% | ||||||||
NMC Health PLC*(d) | ||||||||
(Cost $1,368,921) | 31,933 | 0 | ||||||
|
| |||||||
United Kingdom — 12.0% | ||||||||
3i Group PLC | 241,208 | 3,442,372 | ||||||
Admiral Group PLC | 46,681 | 1,777,992 | ||||||
Anglo American PLC | 292,800 | 8,640,323 | ||||||
Ashtead Group PLC | 107,402 | 4,554,654 | ||||||
Associated British Foods PLC | 84,960 | 2,389,881 | ||||||
AstraZeneca PLC | 313,772 | 32,648,744 | ||||||
Auto Trader Group PLC, 144A | 228,667 | 1,708,976 | ||||||
AVEVA Group PLC | 24,198 | 1,094,245 | ||||||
Aviva PLC | 961,216 | 4,116,005 |
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
BAE Systems PLC | 768,287 | $ | 5,162,183 | |||||
Barclays PLC* | 4,127,141 | 7,403,629 | ||||||
Barratt Developments PLC* | 264,870 | 2,189,293 | ||||||
Berkeley Group Holdings PLC | 30,576 | 1,884,855 | ||||||
BP PLC | 4,808,875 | 15,876,735 | ||||||
British American Tobacco PLC | 547,364 | 19,260,931 | ||||||
British Land Co. PLC REIT | 205,887 | 1,294,715 | ||||||
BT Group PLC | 2,105,263 | 3,278,148 | ||||||
Bunzl PLC | 79,816 | 2,510,136 | ||||||
Burberry Group PLC | 96,662 | 2,228,077 | ||||||
CNH Industrial NV* | 244,002 | 2,668,421 | ||||||
Coca-Cola European Partners PLC | 49,473 | 2,210,454 | ||||||
Compass Group PLC | 423,929 | 7,482,737 | ||||||
Croda International PLC | 33,375 | 2,650,058 | ||||||
Diageo PLC | 557,531 | 21,406,265 | ||||||
Direct Line Insurance Group PLC | 319,631 | 1,260,452 | ||||||
Evraz PLC | 127,478 | 656,507 | ||||||
Ferguson PLC | 53,610 | 6,020,652 | ||||||
Fiat Chrysler Automobiles NV* | 273,984 | 4,270,258 | ||||||
GlaxoSmithKline PLC | 1,195,954 | 21,843,108 | ||||||
Halma PLC | 90,446 | 2,672,013 | ||||||
Hargreaves Lansdown PLC | 78,802 | 1,502,286 | ||||||
HSBC Holdings PLC* | 4,873,841 | 25,226,803 | ||||||
Imperial Brands PLC | 224,774 | 4,078,342 | ||||||
Informa PLC* | 360,809 | 2,550,331 | ||||||
InterContinental Hotels Group PLC* | 41,055 | 2,541,231 | ||||||
Intertek Group PLC | 39,948 | 2,940,836 | ||||||
J Sainsbury PLC | 436,948 | 1,229,695 | ||||||
JD Sports Fashion PLC* | 104,440 | 1,080,737 | ||||||
Johnson Matthey PLC | 45,628 | 1,352,837 | ||||||
Kingfisher PLC* | 501,867 | 1,830,561 | ||||||
Land Securities Group PLC REIT | 167,241 | 1,466,169 | ||||||
Legal & General Group PLC | 1,413,023 | 4,760,295 | ||||||
Lloyds Banking Group PLC* | 16,988,207 | 8,067,163 | ||||||
London Stock Exchange Group PLC | 76,977 | 8,318,537 | ||||||
M&G PLC | 617,034 | 1,542,374 | ||||||
Melrose Industries PLC* | 1,158,638 | 2,371,022 | ||||||
Mondi PLC | 115,540 | 2,553,855 | ||||||
National Grid PLC | 833,683 | 9,429,333 | ||||||
Natwest Group PLC* | 1,148,048 | 2,366,186 | ||||||
Next PLC | 31,725 | 2,771,117 | ||||||
Ocado Group PLC* | 110,397 | 3,248,172 | ||||||
Pearson PLC | 173,832 | 1,499,386 | ||||||
Persimmon PLC | 76,297 | 2,701,562 | ||||||
Phoenix Group Holdings PLC | 131,216 | 1,253,904 | ||||||
Prudential PLC | 623,165 | 9,715,892 | ||||||
Reckitt Benckiser Group PLC | 170,296 | 14,947,675 | ||||||
RELX PLC | 460,721 | 10,733,332 | ||||||
Rentokil Initial PLC* | 437,818 | 2,902,629 | ||||||
Rio Tinto PLC | 268,793 | 17,322,238 | ||||||
Rolls-Royce Holdings PLC*(b) | 1,970,472 | 2,776,672 | ||||||
RSA Insurance Group PLC | 239,144 | 2,148,814 | ||||||
Sage Group PLC | 267,231 | 2,155,369 | ||||||
Schroders PLC | 29,557 | 1,268,413 | ||||||
Segro PLC REIT | 279,916 | 3,403,313 | ||||||
Severn Trent PLC | 56,671 | 1,804,914 | ||||||
Smith & Nephew PLC | 206,951 | 4,003,265 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Smiths Group PLC | 94,571 | $ | 1,839,470 | |||||
Spirax-Sarco Engineering PLC | 17,615 | 2,614,883 | ||||||
SSE PLC | 247,640 | 4,427,198 | ||||||
St James’s Place PLC | 131,422 | 1,787,095 | ||||||
Standard Chartered PLC* | 643,702 | 3,880,564 | ||||||
Standard Life Aberdeen PLC | 557,477 | 2,013,332 | ||||||
Taylor Wimpey PLC* | 843,618 | 1,731,430 | ||||||
Tesco PLC | 2,341,119 | 7,084,819 | ||||||
Unilever PLC | 357,859 | 21,693,663 | ||||||
Unilever PLC | 270,656 | 16,493,327 | ||||||
United Utilities Group PLC | 162,838 | 1,954,657 | ||||||
Vodafone Group PLC | 6,414,406 | 10,576,338 | ||||||
Whitbread PLC* | 48,086 | 1,943,050 | ||||||
Wm Morrison Supermarkets PLC | 572,452 | 1,372,552 | ||||||
WPP PLC | 291,634 | 2,821,076 | ||||||
|
| |||||||
(Cost $546,432,024) | 446,701,533 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 3,586,718,230 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.6% | ||||||||
Germany — 0.6% | ||||||||
Bayerische Motoren Werke AG | 14,613 | 965,685 | ||||||
FUCHS PETROLUB SE | 16,712 | 955,282 | ||||||
Henkel AG & Co. KGaA | 43,051 | 4,634,134 | ||||||
Porsche Automobil Holding SE | 37,103 | 2,358,971 | ||||||
Sartorius AG | 8,533 | 3,888,225 | ||||||
Volkswagen AG | 44,146 | 7,442,909 | ||||||
|
| |||||||
(Cost $23,115,697) | 20,245,206 | |||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 20,245,206 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Germany — 0.0% | ||||||||
KION Group AG*, expires 12/9/20 | 15,777 | 3,011 | ||||||
|
| |||||||
Singapore — 0.0% | ||||||||
Ascendas Real Estate Investment Trust*, expires 12/8/20 | 28,047 | 209 | ||||||
|
| |||||||
Spain — 0.0% | ||||||||
Banco Santander SA*, expires 12/7/20 | 4,029,097 | 503,200 | ||||||
|
| |||||||
United Kingdom — 0.0% | ||||||||
AVEVA Group PLC*, expires 12/14/20 | 12,255 | 182,983 | ||||||
|
| |||||||
TOTAL RIGHTS | 689,403 | |||||||
|
| |||||||
WARRANTS — 0.0% | ||||||||
Switzerland — 0.0% | ||||||||
Cie Financiere Richemont SA*, expires 11/22/23 | 255,836 | 50,675 | ||||||
|
|
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 0.3% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (e)(f) | 10,400,011 | $ | 10,400,011 | |||||
|
| |||||||
CASH EQUIVALENTS — 1.0% | ||||||||
DWS ESG Liquidity Fund “Capital Shares”, 0.18% (e) | 36,351,895 | 36,351,895 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 98.2% (Cost $3,435,764,710) | $ | 3,654,455,420 | ||||||
Other assets and liabilities, net —1.8% | 67,110,574 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 3,721,565,994 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
Value ($) at 5/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2020 | Value ($) at 11/30/2020 | ||||||||||||||||||||||||||||
COMMON STOCKS — 0.1% |
| |||||||||||||||||||||||||||||||||||
Germany — 0.1% |
| |||||||||||||||||||||||||||||||||||
Deutsche Bank AG (c) |
| |||||||||||||||||||||||||||||||||||
4,873,841 | — | (1,085,535 | ) | (2,657,781 | ) | 4,079,830 | — | — | 467,514 | 5,210,355 | ||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.3% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (e) (f) |
| |||||||||||||||||||||||||||||||||||
56,545,490 | — | (46,145,479 | )(g) | — | — | 6,840 | — | 10,400,011 | 10,400,011 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 1.0% |
| |||||||||||||||||||||||||||||||||||
DWS ESG Liquidity Fund “Capital Shares”, 0.18% (e) |
| |||||||||||||||||||||||||||||||||||
36,319,577 | 46,840 | – | — | (14,522 | ) | 48,638 | — | 36,351,895 | 36,351,895 | |||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (e) |
| |||||||||||||||||||||||||||||||||||
21,017,231 | 544,688,079 | (565,705,310 | ) | — | — | 9,338 | — | — | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
118,756,139 | 544,734,919 | (612,936,324 | ) | (2,657,781 | ) | 4,065,308 | 64,816 | — | 47,219,420 | 51,962,261 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(b) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $10,925,588, which is 0.3% of net assets. |
(c) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(d) | Investment was valued using significant unobservable inputs. |
(e) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(f) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $4,467,264. |
(g) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
ADR: | American Depositary Receipt |
CDI: | Chess Depositary Interest |
REIT: | Real Estate Investment Trust |
RSP: | Risparmio (Convertible Savings Shares) |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Securities are listed in country of domicile.
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
At November 30, 2020, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||
AMSTERDAM Index Futures | EUR | 50 | $ | 7,150,972 | $ | 7,224,981 | 12/18/2020 | $ | 74,009 | |||||||||||||
CAC40 10 EURO Futures | EUR | 215 | 13,995,119 | 14,128,548 | 12/18/2020 | 133,429 | ||||||||||||||||
DAX Index Futures | EUR | 27 | 10,523,931 | 10,734,588 | 12/18/2020 | 210,657 | ||||||||||||||||
FTSE/MIB Index Futures | EUR | 2 | 214,294 | 263,083 | 12/18/2020 | 48,789 | ||||||||||||||||
FTSE 100 Index Futures | GBP | 145 | 11,716,036 | 12,163,838 | 12/18/2020 | 447,802 | ||||||||||||||||
HANG SENG Index Futures | HKD | 22 | 3,761,770 | 3,751,130 | 12/30/2020 | (10,640 | ) | |||||||||||||||
IBEX 35 Index Futures | EUR | 42 | 3,964,280 | 4,039,493 | 12/18/2020 | 75,213 | ||||||||||||||||
MSCI EAFE Futures | USD | 32 | 2,967,456 | 3,252,800 | 12/18/2020 | 285,344 | ||||||||||||||||
OMXS30 Index Futures | SEK | 200 | 4,464,890 | 4,460,236 | 12/18/2020 | (4,654 | ) | |||||||||||||||
SPI 200 Futures | AUD | 60 | 6,494,862 | 7,188,921 | 12/17/2020 | 694,059 | ||||||||||||||||
SWISS MKT IX Futures | CHF | 100 | 11,486,129 | 11,560,935 | 12/18/2020 | 74,806 | ||||||||||||||||
TOPIX Index Futures | JPY | 166 | 25,871,079 | 27,913,123 | 12/10/2020 | 2,042,044 | ||||||||||||||||
|
| |||||||||||||||||||||
Total net unrealized appreciation | $ | 4,070,858 | ||||||||||||||||||||
|
|
As of November 30, 2020, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Citigroup Global Markets | 12/3/2020 | AUD | 116,981,842 | USD | 82,162,314 | $ | — | $ | (3,711,516 | ) | ||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | AUD | 138,082,300 | USD | 96,980,377 | — | (4,382,840 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | AUD | 66,850,600 | USD | 46,952,719 | — | (2,120,854 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | CHF | 110,000,800 | USD | 120,118,502 | — | (944,911 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | CHF | 113,211,100 | USD | 123,620,503 | — | (976,065 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | CHF | 108,499,800 | USD | 118,479,183 | — | (932,277 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | DKK | 184,372,000 | USD | 28,864,998 | — | (684,025 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | DKK | 194,893,000 | USD | 30,511,577 | — | (723,632 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | DKK | 180,112,200 | USD | 28,198,201 | — | (668,111 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | EUR | 320,515,700 | USD | 373,593,741 | — | (8,777,757 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | EUR | 311,868,000 | USD | 363,503,361 | — | (8,551,531 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | EUR | 303,535,800 | USD | 353,801,025 | — | (8,313,650 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | GBP | 112,942,500 | USD | 146,059,726 | — | (4,518,986 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | GBP | 120,861,000 | USD | 156,298,593 | — | (4,837,327 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | GBP | 118,192,500 | USD | 152,849,141 | — | (4,729,046 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | HKD | 17,291,000 | USD | 2,229,588 | — | (1,219 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | HKD | 204,749,000 | USD | 26,401,079 | — | (14,718 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | HKD | 207,853,300 | USD | 26,801,514 | — | (14,786 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | HKD | 383,876,000 | USD | 49,498,217 | — | (27,741 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | ILS | 8,966,300 | USD | 2,632,692 | — | (77,919 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | ILS | 11,086,900 | USD | 3,255,290 | — | (96,401 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | ILS | 16,488,100 | USD | 4,841,041 | — | (143,493 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | JPY | 31,252,284,300 | USD | 299,045,462 | — | (330,514 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | JPY | 32,132,688,600 | USD | 307,464,246 | — | (345,415 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | JPY | 31,727,853,300 | USD | 303,595,775 | — | (335,834 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | NOK | 27,831,400 | USD | 2,911,204 | — | (217,434 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | NOK | 22,921,200 | USD | 2,397,452 | — | (179,211 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | NOK | 113,290,200 | USD | 11,849,618 | — | (885,783 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | NZD | 5,881,200 | USD | 3,886,985 | — | (236,942 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | NZD | 5,240,400 | USD | 3,463,448 | — | (211,146 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | NZD | 5,538,600 | USD | 3,660,516 | — | (223,178 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | SEK | 331,091,400 | USD | 37,207,949 | — | (1,398,193 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | SEK | 352,772,300 | USD | 39,643,974 | — | (1,490,218 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | SEK | 341,923,800 | USD | 38,425,377 | — | (1,443,851 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | SGD | 17,304,000 | USD | 12,672,086 | — | (230,288 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | SGD | 17,227,600 | USD | 12,616,331 | — | (229,077 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | SGD | 16,739,200 | USD | 12,258,660 | — | (222,583 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 86,199,123 | AUD | 116,981,842 | — | (325,293 | ) |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 97,179,389 | AUD | 131,884,900 | $ | — | $ | (365,548 | ) | ||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 1,227,605 | AUD | 1,679,300 | 5,132 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 1,234,071 | AUD | 1,694,300 | 9,678 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 2,060,295 | AUD | 2,823,800 | 12,595 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 49,259,399 | AUD | 66,850,600 | — | (185,826 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 3,016,319 | CHF | 2,745,400 | 5,182 | — | |||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 97,777,576 | CHF | 88,515,400 | — | (360,318 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 20,464,637 | CHF | 18,740,000 | 160,016 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 121,430,686 | CHF | 109,931,200 | — | (443,873 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 1,792,407 | CHF | 1,632,700 | 4,491 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 1,822,471 | CHF | 1,647,200 | — | (9,614 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 119,852,862 | CHF | 108,499,800 | — | (441,403 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 29,630,539 | DKK | 184,372,000 | — | (81,516 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 782,269 | DKK | 4,906,800 | 4,137 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 464,813 | DKK | 2,918,100 | 2,867 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 29,590,036 | DKK | 184,124,000 | — | (80,759 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 467,854 | DKK | 2,944,100 | 3,993 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 28,945,777 | DKK | 180,112,200 | — | (79,465 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 63,676,691 | EUR | 54,628,000 | 1,493,877 | — | |||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 9,184,494 | EUR | 7,730,600 | 38,022 | — | |||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 308,814,493 | EUR | 258,157,100 | — | (836,079 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 5,453,600 | EUR | 4,597,500 | 31,164 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 362,008,518 | EUR | 302,632,100 | — | (971,947 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 5,488,948 | EUR | 4,638,400 | 44,609 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 363,089,524 | EUR | 303,535,800 | — | (974,850 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 23,322,813 | GBP | 18,034,000 | 720,718 | — | |||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 126,708,352 | GBP | 94,908,500 | — | (173,171 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 2,316,042 | GBP | 1,742,200 | 6,717 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 156,682,937 | GBP | 117,361,100 | — | (213,200 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 2,311,358 | GBP | 1,757,700 | 32,066 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 3,888,999 | GBP | 2,929,500 | 16,708 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 153,882,790 | GBP | 115,263,000 | — | (210,310 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 28,641,084 | HKD | 222,040,000 | 5,521 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 26,811,132 | HKD | 207,853,300 | 5,168 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 920,820 | HKD | 7,138,300 | 131 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 47,495,582 | HKD | 368,209,500 | 9,155 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 552,452 | HKD | 4,283,000 | 121 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 547,656 | HKD | 4,245,200 | 40 | — | |||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 2,712,991 | ILS | 8,966,300 | — | (2,380 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 3,354,635 | ILS | 11,086,900 | — | (2,943 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 56,917 | ILS | 192,300 | 1,218 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 95,791 | ILS | 320,500 | 1,100 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 57,126 | ILS | 190,600 | 494 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 4,776,112 | ILS | 15,784,700 | — | (4,223 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 299,713,680 | JPY | 31,252,284,300 | — | (337,704 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 4,673,389 | JPY | 485,158,100 | — | (25,899 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 7,862,467 | JPY | 815,790,700 | — | (47,738 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 4,728,911 | JPY | 489,474,400 | — | (40,073 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 290,983,125 | JPY | 30,342,265,400 | — | (324,522 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 284,012,969 | JPY | 29,615,168,300 | — | (319,469 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 20,216,650 | JPY | 2,112,685,000 | 21,459 | — | |||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 3,142,480 | NOK | 27,831,400 | — | (13,842 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 2,588,036 | NOK | 22,921,200 | — | (11,373 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 12,435,128 | NOK | 110,132,000 | — | (54,754 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 94,041 | NOK | 863,400 | 3,017 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 95,036 | NOK | 855,800 | 1,168 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 160,160 | NOK | 1,439,000 | 1,603 | — | |||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 101,207 | NZD | 146,100 | 1,239 | — |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 59,396 | NZD | 87,700 | $ | 2,100 | $ | — | |||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 3,968,993 | NZD | 5,647,400 | — | (9,007 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 3,682,964 | NZD | 5,240,400 | — | (8,369 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 60,306 | NZD | 86,900 | 629 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 3,831,466 | NZD | 5,451,700 | — | (8,706 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 38,725,753 | SEK | 331,091,400 | — | (119,611 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 586,991 | SEK | 5,106,800 | 8,476 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 990,858 | SEK | 8,511,300 | 1,582 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 39,668,318 | SEK | 339,154,200 | — | (122,032 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 6,237,021 | SEK | 55,497,000 | 234,077 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 32,909,631 | SEK | 281,365,000 | — | (101,720 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 587,470 | SEK | 5,061,800 | 2,750 | — | |||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 199,884 | SGD | 269,800 | 1,287 | — | |||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 334,511 | SGD | 449,700 | 798 | — | |||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 12,379,264 | SGD | 16,584,500 | — | (13,370 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 199,092 | SGD | 267,500 | 364 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 12,659,625 | SGD | 16,960,100 | — | (13,673 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 12,494,738 | SGD | 16,739,200 | — | (13,495 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2021 | AUD | 116,981,842 | USD | 86,229,070 | 321,489 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | AUD | 131,884,900 | USD | 97,214,338 | 362,445 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | AUD | 33,982,000 | USD | 25,048,472 | 93,219 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | AUD | 66,850,600 | USD | 49,276,446 | 183,585 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | CHF | 88,515,400 | USD | 97,916,890 | 356,420 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | CHF | 16,273,000 | USD | 18,000,230 | 64,351 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | CHF | 109,931,200 | USD | 121,600,602 | 435,928 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | CHF | 108,499,800 | USD | 120,021,903 | 434,899 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | DKK | 184,372,000 | USD | 29,662,312 | 80,087 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | DKK | 184,124,000 | USD | 29,621,788 | 79,355 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | DKK | 180,112,200 | USD | 28,977,211 | 78,465 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | EUR | 258,157,100 | USD | 309,171,525 | 827,265 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | EUR | 106,536,000 | USD | 127,568,550 | 321,366 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | EUR | 302,632,100 | USD | 362,423,124 | 957,680 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | EUR | 303,535,800 | USD | 363,506,886 | 962,058 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | GBP | 42,544,000 | USD | 56,811,215 | 56,609 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | GBP | 94,908,500 | USD | 126,783,710 | 173,740 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | GBP | 117,361,100 | USD | 156,777,354 | 215,135 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | GBP | 115,263,000 | USD | 153,973,848 | 210,540 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | HKD | 222,040,000 | USD | 28,642,377 | — | (5,933 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | HKD | 95,798,000 | USD | 12,357,183 | — | (2,981 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | HKD | 207,853,300 | USD | 26,811,824 | — | (6,072 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2021 | HKD | 368,209,500 | USD | 47,497,114 | — | (10,451 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2021 | ILS | 8,966,300 | USD | 2,713,463 | 2,303 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | ILS | 11,086,900 | USD | 3,355,061 | 2,690 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | ILS | 15,784,700 | USD | 4,776,403 | 3,548 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | JPY | 31,252,284,300 | USD | 299,960,497 | 337,629 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | JPY | 30,342,265,400 | USD | 291,224,987 | 326,679 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | JPY | 29,615,168,300 | USD | 284,247,402 | 319,942 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | JPY | 7,134,555,000 | USD | 68,476,521 | 75,894 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | NOK | 27,831,400 | USD | 3,143,103 | 13,797 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | NOK | 22,921,200 | USD | 2,588,620 | 11,408 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | NOK | 110,132,000 | USD | 12,437,759 | 54,744 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | NZD | 5,647,400 | USD | 3,969,196 | 8,958 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | NZD | 5,240,400 | USD | 3,683,161 | 8,332 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | NZD | 5,451,700 | USD | 3,831,673 | 8,669 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | SGD | 16,584,500 | USD | 12,379,541 | 13,458 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | SGD | 16,960,100 | USD | 12,658,775 | 12,629 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | SGD | 16,739,200 | USD | 12,494,831 | 13,397 | — | |||||||||||||||
Citigroup Global Markets | 1/7/2021 | SEK | 331,091,400 | USD | 38,761,088 | 119,979 | — |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Citigroup Global Markets | 1/7/2021 | SEK | 118,693,000 | USD | 13,896,281 | $ | 43,825 | $ | — | |||||||||||||
JP Morgan & Chase Co. | 1/7/2021 | SEK | 339,154,200 | USD | 39,704,308 | 122,204 | — | |||||||||||||||
RBC Capital Markets | 1/7/2021 | SEK | 281,365,000 | USD | 32,939,659 | 102,033 | — | |||||||||||||||
|
|
|
| |||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 10,712,223 | $ | (70,601,984 | ) | |||||||||||||||||
|
|
|
|
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
AUD | Australian Dollar |
CHF | Swiss Franc |
DKK | Danish Krone |
EUR | Euro |
GBP | Pound Sterling |
HKD | Hong Kong Dollar |
ILS | Israeli Shekel |
JPY | Japanese Yen |
NOK | Norwegian Krone |
NZD | New Zealand Dollar |
SEK | Swedish Krona |
SGD | Singapore Dollar |
USD | U.S. Dollar |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (h) | $ | 3,586,718,230 | $ | — | $ | 0 | $ | 3,586,718,230 | ||||||||
Preferred Stocks | 20,245,206 | — | — | 20,245,206 | ||||||||||||
Rights (h) | 689,194 | 209 | — | 689,403 | ||||||||||||
Warrants | 50,675 | — | — | 50,675 | ||||||||||||
Short-Term Investments (h) | 46,751,906 | — | — | 46,751,906 | ||||||||||||
Derivatives | ||||||||||||||||
Forward Foreign Currency Contracts | — | 10,712,223 | — | 10,712,223 | ||||||||||||
Futures Contracts | 4,086,152 | — | — | 4,086,152 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 3,658,541,363 | $ | 10,712,432 | $ | 0 | $ | 3,669,253,795 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (i) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (70,601,984 | ) | $ | — | $ | (70,601,984 | ) | ||||||
Futures Contracts | (15,294 | ) | — | — | (15,294 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (15,294 | ) | $ | (70,601,984 | ) | $ | — | $ | (70,617,278 | ) | |||||
|
|
|
|
|
|
|
|
(h) | See Schedule of Investments for additional detailed categorizations. |
(i) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
See Notes to Financial Statements. | 18 |
This Page is Intentionally Left Blank
19
DBX ETF Trust
November 30, 2020 (Unaudited)
Xtrackers MSCI EAFE Hedged Equity ETF | ||||
Assets | ||||
Investment in non-affiliated securities at value | $ | 3,602,493,159 | ||
Investment in affiliated securities at value | 5,210,355 | |||
Investment in DWS ESG Liquidity Fund | 36,351,895 | |||
Investment in DWS Government & Agency Securities Portfolio* | 10,400,011 | |||
Foreign currency at value | 7,490,886 | |||
Receivable for return of collateral pledged for forward foreign currency contracts | 70,246,904 | |||
Unrealized appreciation on forward foreign currency contracts | 10,712,223 | |||
Deposit with broker for futures contracts | 9,337,057 | |||
Receivables: | ||||
Investment securities sold | 79,730,610 | |||
Dividends | 8,452,551 | |||
Interest | 139 | |||
Securities lending income | 26,259 | |||
Foreign tax reclaim | 9,307,343 | |||
|
| |||
Total assets | $ | 3,849,759,392 | ||
|
| |||
Liabilities | ||||
Due to custodian | $ | 22,677,955 | ||
Payable upon return of securities loaned | 10,400,011 | |||
Unrealized depreciation on forward foreign currency contracts | 70,601,984 | |||
Payables: | ||||
Investment securities purchased | 22,826,623 | |||
Investment advisory fees | 1,048,888 | |||
Variation margin on futures contracts | 637,937 | |||
|
| |||
Total liabilities | 128,193,398 | |||
|
| |||
Net Assets, at value | $ | 3,721,565,994 | ||
|
| |||
Net Assets Consist of | ||||
Paid-in capital | $ | 3,864,431,914 | ||
Distributable earnings (loss) | (142,865,920 | ) | ||
|
| |||
Net Assets, at value | $ | 3,721,565,994 | ||
|
| |||
Number of Common Shares outstanding | 111,750,800 | |||
|
| |||
Net Asset Value | $ | 33.30 | ||
|
| |||
Investment in non-affiliated securities at cost | $ | 3,373,529,288 | ||
|
| |||
Investment in affiliated securities at cost | $ | 15,483,516 | ||
|
| |||
Value of securities loaned | $ | 10,925,588 | ||
|
| |||
Investment in DWS ESG Liquidity Fund at cost | $ | 36,351,895 | ||
|
| |||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | 10,400,011 | ||
|
| |||
Non-cash collateral for securities on loan | $ | 4,467,264 | ||
|
| |||
Foreign currency at cost | $ | 7,107,591 | ||
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
For the Six Months Ended November 30, 2020 (Unaudited)
Xtrackers MSCI EAFE Hedged Equity ETF | ||||
Investment Income | ||||
Unaffiliated interest income | $ | 6,884 | ||
Unaffiliated dividend income* | 35,932,724 | |||
Income distributions from affiliated funds | 57,976 | |||
Affiliated securities lending income | 6,840 | |||
Unaffiliated non-cash dividend income | 4,861,866 | |||
Unaffiliated securities lending income, net of borrower rebates | 384,754 | |||
|
| |||
Total investment income | 41,251,044 | |||
|
| |||
Expenses | ||||
Investment advisory fees | 6,535,481 | |||
Other expenses | 2,048 | |||
|
| |||
Total expenses | 6,537,529 | |||
|
| |||
Less fees waived (see note 3): | ||||
Waiver | (20,238 | ) | ||
|
| |||
Net expenses | 6,517,291 | |||
|
| |||
Net investment income (loss) | 34,733,753 | |||
|
| |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) from: | ||||
Investments | (72,007,960 | ) | ||
Investments in affiliates | (1,037,693 | ) | ||
In-kind redemptions | 27,941,702 | |||
In-kind redemptions in affiliates | (1,620,088 | ) | ||
Futures contracts | 16,785,045 | |||
Foreign currency transactions | 1,181,612 | |||
Forward foreign currency contracts | (155,753,042 | ) | ||
Payments by Affiliates (see note 6) | 756 | |||
|
| |||
Net realized gain (loss) | (184,509,668 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | 668,868,694 | |||
Investments in affiliates | 4,065,308 | |||
Futures contracts | (5,236,739 | ) | ||
Foreign currency translations | 1,015,100 | |||
Forward foreign currency contracts | (54,865,331 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) | 613,847,032 | |||
|
| |||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 429,337,364 | |||
|
| |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 464,071,117 | ||
|
| |||
* Unaffiliated foreign tax withheld | $ | 2,864,336 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF | ||||||||
For the Six Months Ended November 30, 2020 (Unaudited) | Year Ended May 31, 2020 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income (loss) | $ | 34,733,753 | $ | 99,734,732 | ||||
Net realized gain (loss) | (184,509,668 | ) | (53,828,366 | ) | ||||
Net change in net unrealized appreciation (depreciation) | 613,847,032 | (143,224,625 | ) | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 464,071,117 | (97,318,259 | ) | |||||
|
|
|
| |||||
Distributions to Shareholders | (47,269,581 | ) | (157,107,983 | ) | ||||
|
|
|
| |||||
Fund Shares Transactions | ||||||||
Proceeds from shares sold | — | 78,850,231 | ||||||
Value of shares redeemed | (525,753,989 | ) | (708,987,904 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from fund share transactions | (525,753,989 | ) | (630,137,673 | ) | ||||
|
|
|
| |||||
Total net increase (decrease) in Net Assets | (108,952,453 | ) | (884,563,915 | ) | ||||
Net Assets | ||||||||
Beginning of period | 3,830,518,447 | 4,715,082,362 | ||||||
|
|
|
| |||||
End of period | $ | 3,721,565,994 | $ | 3,830,518,447 | ||||
|
|
|
| |||||
Changes in Shares Outstanding | ||||||||
Shares outstanding, beginning of period | 128,750,800 | 152,750,800 | ||||||
Shares sold | — | 2,400,000 | ||||||
Shares redeemed | (17,000,000 | ) | (26,400,000 | ) | ||||
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| |||||
Shares outstanding, end of period | 111,750,800 | 128,750,800 | ||||||
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See Notes to Financial Statements. | 22 |
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2020 (Unaudited) | Years Ended May 31, | ||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
Net Asset Value, beginning of period | $ | 29.75 | $ | 30.87 | $ | 31.86 | $ | 30.68 | $ | 26.48 | $ | 30.75 | ||||||||||||
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Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) (a) | 0.29 | 0.66 | 0.91 | 0.80 | 0.74 | 0.76 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 3.63 | (0.76 | ) | (1.00 | ) | 1.33 | 4.18 | (4.03 | ) | |||||||||||||||
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Total from investment operations | 3.92 | (0.10 | ) | (0.09 | ) | 2.13 | 4.92 | (3.27 | ) | |||||||||||||||
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Less distributions from: |
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Net investment income | (0.37 | ) | (1.02 | ) | (0.90 | ) | (0.95 | ) | (0.72 | ) | (0.88 | ) | ||||||||||||
Net realized gains | — | — | — | — | — | (0.12 | ) | |||||||||||||||||
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Total distributions | (0.37 | ) | (1.02 | ) | (0.90 | ) | (0.95 | ) | (0.72 | ) | (1.00 | ) | ||||||||||||
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Net Asset Value, end of period | $ | 33.30 | $ | 29.75 | $ | 30.87 | $ | 31.86 | $ | 30.68 | $ | 26.48 | ||||||||||||
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Total Return (%) | 13.31 | **(b) | (0.56 | )(b) | (0.14 | )(b) | 7.05 | 19.17 | (10.90 | ) | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 3,722 | 3,831 | 4,715 | 6,140 | 8,638 | 11,984 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.35 | * | 0.36 | 0.36 | 0.35 | 0.35 | 0.35 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.35 | * | 0.36 | 0.36 | 0.35 | 0.35 | 0.35 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 1.73 | * | 2.10 | 2.93 | 2.57 | 2.72 | 2.82 | |||||||||||||||||
Portfolio turnover rate (%) (c) | 3 | ** | 9 | 5 | 10 | 14 | 15 |
(a) | Based on average shares outstanding during the period. |
(b) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2020, the Trust consists of thirty-three investment series of exchange-traded funds (“ETFs”) in operation and trading. These financial statements report on Xtrackers MSCI EAFE Hedged Equity ETF (the “Fund”), a diversified series of the Trust. The Fund 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.
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Fund and has overall responsibility for the general management and administration of the Fund, subject to the supervision of the Fund’s Board of Trustees (“Board”).
The Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 200,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Fund’s distributor. Shares are not individually redeemable securities of the Fund, and owners of shares may acquire those shares from the Fund or tender such shares for redemption to the Fund, in Creation Units only.
The investment objective of the Fund is to track the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the “Underlying Index”).
MSCI is the creator of the MSCI EAFE US Dollar Hedged Index. The MSCI EAFE US Dollar Hedged Index is designed to provide exposure to equity securities in developed international stock markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies.
The Underlying Index is rebalanced monthly on the last trading day of the month, when the index will take into account the effect of rolling into new 1-month forward contracts based on the newly determined weights of currency to be sold for the next month’s index calculation. The currency weights are determined as of the close of two business days before the first calendar day of following month and remain constant intra month. This means that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of the Underlying Index marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.
The Fund is entitled to use its Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no charge to the Fund in connection with the licensing agreement.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Fund.
Security Valuation The NAV of the Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
24
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
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.
Equity securities 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 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 are generally categorized as Level 1.
Investments in open-ended investment companies are valued at their NAV each business day and are categorized as Level 1.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate the Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis.
Tax Information and Dividends and Distributions to Shareholders It is the Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). The Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of the Fund to pay out dividends from its net investment income, if any, to investors semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Fund may occasionally be required to make supplemental distributions at some other time during the year. The Fund reserves the right to declare special distributions if, in
25
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
their reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.
The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statement of Operations. For the period ended November 30, 2020, the Fund did not incur any interest or penalties.
At May 31, 2020, for Federal income tax purposes, the Fund had capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
Short-Term | Long-Term | Total Amount | ||||||||||
$ | 949,614 | $ | 119,877,054 | $ | 120,826,668 |
As of May 31, 2020, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
Aggregate Tax Cost | Net Unrealized Appreciation (Depreciation) | Aggregate Gross Unrealized Appreciation | Aggregate Gross Unrealized (Depreciation) | |||||||||||||
$ | 4,336,737,752 | $ | (482,694,717 | ) | $ | 534,603,420 | $ | (1,017,298,137 | ) |
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in their Statement 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. Receivables and payables related to foreign taxes as of November 30, 2020, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.
Foreign Currency Translations The books and records of the Fund is 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.
26
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Securities Lending The Fund may lend securities to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2020, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.07% annualized effective rate as of November 30, 2020) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of November 30, 2020, the Fund had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.
Remaining Contractual Maturity of the Agreements, as of November 30, 2020 | ||||||||||||||||||||
Securities Lending Transactions | Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | |||||||||||||||
Common Stocks | $ | 10,400,011 | $ | — | $ | 676,630 | $ | 3,790,634 | $ | 14,867,275 | ||||||||||
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| |||||||||||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 14,867,275 |
Derivatives
Forward Foreign Currency Contracts The Fund may enter into forward foreign currency contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies. In addition, the Fund may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to shareholders.
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2020, the Fund invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies.
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency contracts. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.
A summary of the open forward currency contracts as of November 30, 2020 is included in a table following the Fund’s Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the Fund had to the value of non U.S currencies during the period ended November 30, 2020.
Futures Contracts The Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. The Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. The Fund will not use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of
27
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
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, 2020, the Fund utilized futures in order to simulate investment in the Fund’s Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time the Fund enters into a futures contract, the Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of November 30, 2020 is included in a table following the Fund’s Schedule of Investments.
The following table summarizes the value of the Fund’s derivative instruments held as of November 30, 2020 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives | Liability Derivatives | |||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 4,086,152 | Unrealized depreciation on futures contracts* | $ | 15,294 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 10,712,223 | Unrealized depreciation on forward foreign currency contracts | 70,601,984 | ||||||||||
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Total | $ | 14,798,375 | Total | $ | 70,617,278 | |||||||||
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* | Includes cumulative appreciation or cumulative depreciation of futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Fund’s earnings during the period ended November 30, 2020 and the related location in the accompanying Statement of Operations is summarized in the following table by primary underlying risk exposure:
Net Realized Gain (Loss) from: | ||||||||||
Futures Contracts — Equity Contracts | Forward Foreign Currency Contracts — Foreign Exchange Contracts | Total | ||||||||
$16,785,045 | $ | (155,753,042 | ) | $ | (138,967,997 | ) | ||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||
Futures Contracts — Equity Contracts | Forward Foreign Currency Contracts — Foreign Exchange Contracts | Total | ||||||||
$(5,236,739) | $ | (54,865,331 | ) | $ | (60,102,070 | ) |
28
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
For the period ended November 30, 2020 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | Forward Foreign Currency Contracts (Contract Value) | |||||||
$ | 100,914,238 | $ | (3,624,799,198 | ) |
As of November 30, 2020, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Fund may have collateral agreements with certain counterparties to mitigate risk. Interest expense from collateral received, if any, is included in Other expenses on the Statement of Operations. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received(a) | Net Amount of Derivatives Assets | Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged(a) | Net Amount of Derivatives Liabilities | |||||||||||||||||||||||||
Citigroup Global Markets | $ | 5,105,685 | $ | (5,105,685 | ) | $ | — | $ | — | $ | 23,422,646 | $ | (5,105,685 | ) | $ | 18,316,961 | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 2,771,875 | (2,771,875 | ) | — | — | 24,728,265 | (2,771,875 | ) | 21,956,390 | $ | — | |||||||||||||||||||||
RBC Capital Markets | 2,834,663 | (2,834,663 | ) | — | — | 22,451,073 | (2,834,663 | ) | 19,616,410 | $ | — | |||||||||||||||||||||
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$ | 10,712,223 | $ | (10,712,223 | ) | $ | — | $ | — | $ | 70,601,984 | $ | (10,712,223 | ) | $ | 59,889,761 | $ | — | |||||||||||||||
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(a) | The actual collateral received or pledged may be more than amount shown. |
Affiliated Cash Management Vehicles The Fund may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV and DWS ESG Liquidity Fund maintains a floating NAV. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Fund, subject to the supervision of the Fund’s Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Fund, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Fund to operate.
For its investment advisory services to the Fund, the Advisor is entitled to receive a unitary advisory fee from the Fund based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.35%.
29
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
The Advisor for the Fund has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated cash management vehicles. For the period from June 1, 2020 through November 30, 2020, the Advisor waived $20,238 of expenses to the Fund.
Out of the unitary advisory fee, the Advisor pays substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. The Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for the Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Fund.
The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Fund’s Independent Trustees).
4. Investment Portfolio Transactions
For the period ended November 30, 2020, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
$ | 116,836,657 | $ | 362,277,769 |
For the period ended November 30, 2020, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
$ | — | $ | 511,078,075 |
5. Fund Share Transactions
As of November 30, 2020, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by the Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statement of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Payments by Affiliates
During the period ended November 30, 2020, the Advisor agreed to reimburse Xtrackers MSCI EAFE Hedged Equity ETF $756 for a loss due to a trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.
7. Other — COVID-19 Pandemic
A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity and increased government activity. Specifically, COVID-19 has led to significant death and morbidity, and concerns about its further spread
30
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
have resulted in the closing of schools and non-essential businesses, cancellations, shelter-in place orders, lower consumer spending in certain sectors, social distancing, bans on large social gatherings and travel, quarantines, government economic stimulus measures, reduced productivity, rapid increases in unemployment, increased demand for and strain on government and medical resources, border closings and global trade and supply chain interruptions, among others. 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. The pandemic may affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and a prolonged pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on the Fund and reflect the consequences as appropriate in the Fund’s accounting and financial reporting.
31
DBX ETF Trust
Proxy Voting Policies and Procedures
The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the 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 Fund’s policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Portfolio Holdings Information
The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.
Information about the Fund’s portfolio holdings is available daily at www.Xtrackers.com.
Discount & Premium Information
Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.
32
DBX ETF Trust
DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.
California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.
Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.
33
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
Investing involves risk, including the 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. The Fund’s use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of the Fund 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 the Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.
War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
The 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 © 2021 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022 | Administrator, custodian, 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 5 Times Square New York, NY 10036 | Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
R-049078-5 (1/21) DBX004706 (1/22)
November 30, 2020
Semi-Annual Report
DBX ETF Trust
Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW)
Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)
Xtrackers MSCI Europe Hedged Equity ETF (DBEU)
Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)
Xtrackers MSCI Germany Hedged Equity ETF (DBGR)
Xtrackers MSCI Japan Hedged Equity ETF (DBJP)
DBX ETF Trust
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To our Shareholders: (Unaudited)
Dear shareholder,
We are pleased to provide this semi-annual report of our six currency hedged equity ETFs for the period ended November 30, 2020.
Major economies globally saw a deceleration in the pace, if not the direction, of contraction in most economic and fundamental indicators, thanks to proactive administrators and central banks. While reported growth numbers recovered partially, equity markets have surpassed record levels as investors reacted positively to abundant liquidity and steady progress in the development of a COVID-19 vaccine. Leading central banks worldwide continued their support while hinting at sustaining a lenient policy until their respective economies transition steadily out of the recessionary phase. Emerging market equity indices outpaced developed markets’ over the reporting period on solid gains posted by major economies like China, India, Taiwan, and Korea.
The U.S. GDP1 recovered marginally by the end of the review period, as lockdown measures were eased and unemployment levels receded partially. Weekly unemployment benefits helped maintain basic consumer spending, while anchoring housing investment. The Federal Reserve Board (FRB) maintained the federal funds rate near zero levels to infuse liquidity into the economy and adopted an accommodative stance to bring inflation back to target levels. Access to cheap credit helped boost business and investor confidence, as it was expected to spur investments. Further, equity markets avoided volatility, as the outcome of the presidential elections was in line with early predictions, confirming Democratic leader Joe Biden as President elect.
The Eurozone GDP oscillated between record contraction and all-time-high expansion over the prior two quarters in response to the level of restrictions imposed across the economies. Strong domestic demand buoyed industrial and business investment. However, consumer confidence has yet to gain strength amid a second wave of COVID-19 cases. Despite record liquidity levels, inflation levels slipped into negative territory, weighed down by lower energy costs. In addition to the factors contributing to the Eurozone’s growth, Germany fortified its balance of trade position by increasing exports. By magnitude, France charted the biggest recovery, building on government and household consumption. The U.K. economy also reported sharp recoveries; however, most fundamental factors fell short of pre-pandemic levels. Meanwhile, Brexit2 negotiations during the period were back to their “no deal” inertia as administration at both ends faced an amped critical responsibility against their respective current economic backdrops.
Returning to normalcy after posting solid growth in the last quarter, China steadily shifted to a more balanced support base by adding a consumption pillar, along with the industrial sector, which has been the principal growth catalyst. Furthermore, the country positioned itself as the hub for medical equipment and medicinal raw materials, creating a new market subtly called “lockdown goods.” As a result, despite a restrictive trade environment, China’s exports were steadfast, growing through the period. Elsewhere, Japan’s economy faced uncertainties, as its renowned prime minister Shinzo Abe had resigned and was replaced by Yoshihide Suga. His persistence with abenomic policies shall aid him in gradually gaining the trust of the markets.
Governments and central banks have worked together to revitalize the economy to an extent. However, the economic drivers would require additional stimulus packages to reclaim pre-COVID-19 levels. Keeping the significance of the recovery in mind, governments have reassured further support, even in case of a second wave. In addition, prospects of an effective vaccine are expected to sustain the current momentum. Our team appreciates your trust and looks forward to continue serving your investment needs through innovative index-driven strategies.
1
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 The gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.
2 Brexit is a combination of words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.
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.
2
This Page is Intentionally Left Blank
3
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW)
The Xtrackers MSCI All World ex US Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities in developed and emerging stock markets (excluding the United States), while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of November 30, 2020 (12.0% of Net Assets) |
Description | % of Net Assets | |||
Alibaba Group Holding Ltd. (China) | 2.0% | |||
Tencent Holdings Ltd. (China) | 1.7% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 1.7% | |||
Samsung Electronics Co. Ltd. (South Korea) | 1.4% | |||
Nestle SA (Switzerland) | 1.3% | |||
Roche Holding AG (Switzerland) | 1.0% | |||
Novartis AG (Switzerland) | 0.8% | |||
ASML Holding NV (Netherlands) | 0.8% | |||
LVMH Moet Hennessy Louis Vuitton SE (France) | 0.7% | |||
Toyota Motor Corp. (Japan) | 0.6% |
Country Diversification* as of November 30, 2020 |
Japan | 16.1% | |||
China | 11.4% | |||
United Kingdom | 7.8% | |||
France | 6.9% | |||
Canada | 6.4% | |||
Switzerland | 6.3% | |||
Germany | 5.8% | |||
Australia | 4.5% | |||
South Korea | 3.8% | |||
Taiwan | 3.8% | |||
Netherlands | 3.0% | |||
Hong Kong | 2.9% | |||
India | 2.7% | |||
Sweden | 2.0% | |||
Other | 16.6% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of November 30, 2020 |
Financials | 18.2% | |||
Consumer Discretionary | 13.9% | |||
Information Technology | 12.0% | |||
Industrials | 11.7% | |||
Health Care | 9.8% | |||
Consumer Staples | 9.0% | |||
Materials | 7.8% | |||
Communication Services | 7.2% | |||
Energy | 4.3% | |||
Utilities | 3.4% | |||
Real Estate | 2.7% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 11.
4
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)
The Xtrackers MSCI Emerging Markets Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EM US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track emerging market performance while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into and index.
Ten Largest Equity Holdings as of November 30, 2020 (29.3% of Net Assets) |
Description | % of Net Assets | |||
Alibaba Group Holding Ltd. (China) | 6.7% | |||
Tencent Holdings Ltd. (China) | 5.6% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 5.6% | |||
Samsung Electronics Co. Ltd. (South Korea) | 4.5% | |||
Meituan (China) | 1.8% | |||
Naspers Ltd. (South Africa) | 1.2% | |||
China Construction Bank Corp. (China) | 1.0% | |||
Reliance Industries Ltd. (India) | 1.0% | |||
JD.com, Inc. (China) | 1.0% | |||
Ping An Insurance Group Co. of China Ltd. (China) | 0.9% |
Country Diversification* as of November 30, 2020 |
China | 37.6% | |||
South Korea | 12.5% | |||
Taiwan | 12.3% | |||
India | 9.0% | |||
Brazil | 4.8% | |||
South Africa | 3.4% | |||
Hong Kong | 3.0% | |||
Russia | 2.9% | |||
Saudi Arabia | 2.6% | |||
Other | 11.9% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of November 30, 2020 |
Consumer Discretionary | 19.4% | |||
Information Technology | 18.9% | |||
Financials | 18.3% | |||
Communication Services | 12.1% | |||
Materials | 7.3% | |||
Consumer Staples | 5.7% | |||
Energy | 5.0% | |||
Health Care | 4.6% | |||
Industrials | 4.4% | |||
Real Estate | 2.2% | |||
Utilities | 2.1% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding exchange-traded funds, securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 38.
5
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI Europe Hedged Equity ETF (DBEU)
The X-trackers MSCI Europe Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Europe US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the developed markets in Europe, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of November 30, 2020 (17.7% of Net Assets) |
Description | % of Net Assets | |||
Nestle SA (Switzerland) | 3.3% | |||
Roche Holding AG (Switzerland) | 2.4% | |||
Novartis AG (Switzerland) | 2.1% | |||
ASML Holding NV (Netherlands) | 1.9% | |||
LVMH Moet Hennessy Louis Vuitton SE (France) | 1.6% | |||
AstraZeneca PLC (United Kingdom) | 1.4% | |||
Royal Dutch Shell PLC, Class A (Netherlands) | 1.3% | |||
SAP SE (Germany) | 1.3% | |||
Novo Nordisk A/S, Class B (Denmark) | 1.2% | |||
Sanofi (France) | 1.2% |
Country Diversification* as of November 30, 2020 |
United Kingdom | 19.8% | |||
France | 17.6% | |||
Switzerland | 16.0% | |||
Germany | 14.7% | |||
Netherlands | 7.7% | |||
Sweden | 5.1% | |||
Spain | 4.0% | |||
Denmark | 4.0% | |||
Italy | 3.4% | |||
Finland | 2.0% | |||
Other | 5.7% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of November 30, 2020 |
Financials | 15.7% | |||
Health Care | 14.8% | |||
Industrials | 14.6% | |||
Consumer Staples | 13.6% | |||
Consumer Discretionary | 11.2% | |||
Materials | 7.9% | |||
Information Technology | 7.4% | |||
Utilities | 5.0% | |||
Energy | 4.4% | |||
Communication Services | 4.0% | |||
Real Estate | 1.4% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 58.
6
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)
The Xtrackers MSCI Eurozone Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EMU IMI US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities based in the countries in the European Monetary Union (the “EMU”), while seeking to mitigate exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of November 30, 2020 (21.0% of Net Assets) |
Description | % of Net Assets | |||
ASML Holding NV (Netherlands) | 3.4% | |||
LVMH Moet Hennessy Louis Vuitton SE (France) | 2.9% | |||
SAP SE (Germany) | 2.3% | |||
Sanofi (France) | 2.1% | |||
TOTAL SE (France) | 1.9% | |||
Siemens AG (Germany) | 1.9% | |||
Allianz SE (Germany) | 1.8% | |||
L’Oreal SA (France) | 1.7% | |||
Iberdrola SA (Spain) | 1.5% | |||
Enel SpA (Italy) | 1.5% |
Country Diversification* as of November 30, 2020 |
France | 31.8% | |||
Germany | 27.7% | |||
Netherlands | 12.2% | |||
Spain | 7.9% | |||
Italy | 7.4% | |||
Finland | 3.7% | |||
Belgium | 3.3% | |||
Ireland | 2.3% | |||
Other | 3.7% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of November 30, 2020 |
Industrials | 16.0% | |||
Consumer Discretionary | 15.8% | |||
Financials | 14.2% | |||
Information Technology | 11.9% | |||
Health Care | 8.3% | |||
Consumer Staples | 7.7% | |||
Materials | 7.4% | |||
Utilities | 7.2% | |||
Communication Services | 4.9% | |||
Energy | 3.8% | |||
Real Estate | 2.8% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 66.
7
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI Germany Hedged Equity ETF (DBGR)
The Xtrackers MSCI Germany Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Germany US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the German equity market while mitigating exposure to fluctuations between the value of the US dollar and the euro. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of November 30, 2020 (50.8% of Net Assets) |
Description | % of Net Assets | |||
SAP SE | 8.9% | |||
Siemens AG | 7.2% | |||
Allianz SE | 6.9% | |||
BASF SE | 4.7% | |||
adidas AG | 4.3% | |||
Deutsche Telekom AG | 4.2% | |||
Daimler AG | 4.0% | |||
Bayer AG | 4.0% | |||
Deutsche Post AG | 3.4% | |||
Infineon Technologies AG | 3.2% |
Sector Diversification* as of November 30, 2020 |
Consumer Discretionary | 18.8% | |||
Industrials | 15.4% | |||
Financials | 14.9% | |||
Information Technology | 13.6% | |||
Health Care | 11.3% | |||
Materials | 8.6% | |||
Communication Services | 5.4% | |||
Real Estate | 5.0% | |||
Utilities | 4.1% | |||
Consumer Staples | 2.9% | |||
|
| |||
Total | 100.0% |
* 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 75.
8
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI Japan Hedged Equity ETF (DBJP)
The Xtrackers MSCI Japan Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Japan US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the Japanese equity market while mitigating exposure to fluctuations between the value of the US dollar and Japanese yen. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of November 30, 2020 (20.5% of Net Assets) |
Description | % of Net Assets | |||
Toyota Motor Corp. | 3.6% | |||
Sony Corp. | 3.0% | |||
SoftBank Group Corp. | 2.8% | |||
Keyence Corp. | 2.3% | |||
Nintendo Co. Ltd. | 1.6% | |||
Daiichi Sankyo Co. Ltd. | 1.5% | |||
Shin-Etsu Chemical Co. Ltd. | 1.5% | |||
Nidec Corp. | 1.4% | |||
Daikin Industries Ltd. | 1.4% | |||
Takeda Pharmaceutical Co. Ltd. | 1.4% |
Sector Diversification* as of November 30, 2020 |
Industrials | 20.8% | |||
Consumer Discretionary | 18.0% | |||
Information Technology | 13.8% | |||
Health Care | 11.5% | |||
Communication Services | 9.4% | |||
Financials | 8.4% | |||
Consumer Staples | 7.8% | |||
Materials | 5.1% | |||
Real Estate | 3.4% | |||
Utilities | 1.3% | |||
Energy | 0.5% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 78.
9
DBX ETF Trust
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other Fund expenses. In the most recent six-month period the Funds limted these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2020 to November 30, 2020).
Actual expenses
The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value June 1, 2020 | Ending Account Value November 30, 2020 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers MSCI All World ex US Hedged Equity ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,168.80 | 0.40 | % | $ | 2.17 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.06 | 0.40 | % | $ | 2.03 | ||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,263.70 | 0.65 | % | $ | 3.69 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.81 | 0.65 | % | $ | 3.29 | ||||||||
Xtrackers MSCI Europe Hedged Equity ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,122.30 | 0.45 | % | $ | 2.39 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,174.20 | 0.45 | % | $ | 2.45 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
Xtrackers MSCI Germany Hedged Equity ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,134.50 | 0.45 | % | $ | 2.41 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
Xtrackers MSCI Japan Hedged Equity ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,146.70 | 0.45 | % | $ | 2.42 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 |
(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.
10
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
COMMON STOCKS — 96.8% | ||||||||||||
Argentina — 0.0% | ||||||||||||
Globant SA* | 160 | $ | 30,189 | |||||||||
|
| |||||||||||
Australia — 4.4% | ||||||||||||
Afterpay Ltd.* | 927 | 64,651 | ||||||||||
AGL Energy Ltd. | 2,811 | 27,856 | ||||||||||
AMP Ltd. | 14,205 | 17,830 | ||||||||||
Ampol Ltd. | 613 | 13,792 | ||||||||||
APA Group (a) | 5,164 | 39,233 | ||||||||||
Aristocrat Leisure Ltd.* | 2,443 | 57,493 | ||||||||||
ASX Ltd. | 919 | 52,018 | ||||||||||
Aurizon Holdings Ltd. | 5,429 | 16,937 | ||||||||||
AusNet Services | 8,265 | 11,254 | ||||||||||
Australia & New Zealand Banking Group Ltd. | 11,989 | 199,244 | ||||||||||
BHP Group Ltd. | 12,784 | 357,253 | ||||||||||
BHP Group PLC | 8,924 | 202,083 | ||||||||||
BlueScope Steel Ltd. | 2,590 | 32,510 | ||||||||||
Brambles Ltd. | 5,833 | 46,928 | ||||||||||
Coca-Cola Amatil Ltd. | 2,675 | 24,839 | ||||||||||
Cochlear Ltd. | 270 | 43,686 | ||||||||||
Coles Group Ltd. | 6,074 | 79,631 | ||||||||||
Commonwealth Bank of Australia | 7,435 | 431,537 | ||||||||||
Computershare Ltd. | 2,035 | 21,331 | ||||||||||
Crown Resorts Ltd. | 1,822 | 12,893 | ||||||||||
CSL Ltd. | 1,936 | 422,613 | ||||||||||
Dexus REIT | 4,525 | 32,452 | ||||||||||
Evolution Mining Ltd. | 5,259 | 19,186 | ||||||||||
Fortescue Metals Group Ltd. | 7,464 | 99,881 | ||||||||||
Goodman Group REIT | 6,808 | 93,352 | ||||||||||
GPT Group REIT | 8,392 | 29,076 | ||||||||||
Insurance Australia Group Ltd. | 10,917 | 41,270 | ||||||||||
Lendlease Corp. Ltd. (a) | 2,651 | 27,555 | ||||||||||
Macquarie Group Ltd. | 1,475 | 150,141 | ||||||||||
Magellan Financial Group Ltd. | 555 | 24,110 | ||||||||||
Medibank Pvt Ltd. | 11,844 | 24,778 | ||||||||||
Mirvac Group REIT | 17,279 | 32,724 | ||||||||||
National Australia Bank Ltd. | 13,407 | 225,270 | ||||||||||
Newcrest Mining Ltd. | 3,395 | 67,112 | ||||||||||
Northern Star Resources Ltd. | 3,320 | 30,731 | ||||||||||
Oil Search Ltd. | 8,047 | 21,501 | ||||||||||
Orica Ltd. | 1,679 | 19,904 | ||||||||||
Origin Energy Ltd. | 8,188 | 31,134 | ||||||||||
Qantas Airways Ltd.* | 3,240 | 12,795 | ||||||||||
QBE Insurance Group Ltd. | 6,328 | 46,451 | ||||||||||
Ramsay Health Care Ltd. | 813 | 37,627 | ||||||||||
REA Group Ltd. | 238 | 25,374 | ||||||||||
Rio Tinto Ltd. | 1,631 | 121,400 | ||||||||||
Santos Ltd. | 8,143 | 36,821 | ||||||||||
Scentre Group REIT | 24,235 | 49,811 | ||||||||||
SEEK Ltd. | 1,479 | 28,281 | ||||||||||
Sonic Healthcare Ltd. | 1,847 | 44,660 | ||||||||||
South32 Ltd. | 22,454 | 39,558 | ||||||||||
Stockland REIT | 10,846 | 36,225 | ||||||||||
Suncorp Group Ltd. | 3,561 | 26,375 | ||||||||||
Sydney Airport (a) | 5,920 | 29,159 |
Number | Value | |||||||||||
Australia (Continued) | ||||||||||||
Tabcorp Holdings Ltd. | 10,200 | $ | 28,751 | |||||||||
Telstra Corp. Ltd. | 18,517 | 41,729 | ||||||||||
TPG Telecom Ltd.* | 1,607 | 9,048 | ||||||||||
Transurban Group (a) | 11,965 | 123,136 | ||||||||||
Treasury Wine Estates Ltd. | 3,425 | 21,596 | ||||||||||
Vicinity Centres REIT | 12,562 | 15,215 | ||||||||||
Washington H Soul Pattinson & Co. Ltd. | 950 | 20,251 | ||||||||||
Wesfarmers Ltd. | 4,596 | 166,829 | ||||||||||
Westpac Banking Corp. | 14,715 | 217,435 | ||||||||||
WiseTech Global Ltd. (b) | 731 | 16,581 | ||||||||||
Woodside Petroleum Ltd. | 4,190 | 68,803 | ||||||||||
Woolworths Group Ltd. | 5,335 | 144,820 | ||||||||||
|
| |||||||||||
(Cost $4,348,124) | 4,554,520 | |||||||||||
|
| |||||||||||
Austria — 0.1% | ||||||||||||
Erste Group Bank AG* | 1,350 | 38,809 | ||||||||||
OMV AG | 674 | 22,833 | ||||||||||
Raiffeisen Bank International AG* | 677 | 12,969 | ||||||||||
Verbund AG | 260 | 18,252 | ||||||||||
voestalpine AG | 416 | 13,319 | ||||||||||
|
| |||||||||||
(Cost $130,893) | 106,182 | |||||||||||
|
| |||||||||||
Belgium — 0.6% | ||||||||||||
Ageas SA/NV | 625 | 30,731 | ||||||||||
Anheuser-Busch InBev SA/NV | 3,314 | 220,900 | ||||||||||
Elia Group SA/NV | 212 | 23,973 | ||||||||||
Etablissements Franz Colruyt NV | 217 | 12,948 | ||||||||||
Galapagos NV* | 192 | 23,624 | ||||||||||
Groupe Bruxelles Lambert SA | 472 | 45,988 | ||||||||||
KBC Group NV* | 1,049 | 73,076 | ||||||||||
Proximus SADP | 695 | 14,516 | ||||||||||
Sofina SA | 99 | 31,412 | ||||||||||
Solvay SA | 335 | 38,298 | ||||||||||
UCB SA | 490 | 52,348 | ||||||||||
Umicore SA | 851 | 38,138 | ||||||||||
|
| |||||||||||
(Cost $730,586) | 605,952 | |||||||||||
|
| |||||||||||
Brazil — 1.1% | ||||||||||||
Ambev SA | 20,724 | 54,079 | ||||||||||
Atacadao SA | 1,728 | 6,486 | ||||||||||
B2W Cia Digital* | 906 | 11,905 | ||||||||||
B3 SA — Brasil Bolsa Balcao | 9,375 | 98,223 | ||||||||||
Banco Bradesco SA | 5,817 | 23,507 | ||||||||||
Banco BTG Pactual SA | 1,039 | 15,364 | ||||||||||
Banco do Brasil SA | 3,608 | 22,803 | ||||||||||
Banco Santander Brasil SA | 2,882 | 21,061 | ||||||||||
BB Seguridade Participacoes SA | 3,381 | 18,024 | ||||||||||
BRF SA* | 2,728 | 11,218 | ||||||||||
CCR SA | 5,921 | 14,412 | ||||||||||
Cia Brasileira de Distribuicao | 602 | 7,782 | ||||||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 1,764 | 14,665 | ||||||||||
Cia Siderurgica Nacional SA | 2,953 | 12,959 | ||||||||||
Cosan SA | 700 | 10,131 | ||||||||||
Energisa SA | 1,284 | 11,154 | ||||||||||
Engie Brasil Energia SA | 1,304 | 10,306 | ||||||||||
Equatorial Energia SA | 4,715 | 19,177 |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
Brazil (Continued) | ||||||||||||
Hapvida Participacoes e Investimentos SA, 144A | 5,245 | $ | 14,117 | |||||||||
Hypera SA | 1,860 | 11,148 | ||||||||||
JBS SA | 5,044 | 21,796 | ||||||||||
Klabin SA | 2,672 | 12,509 | ||||||||||
Localiza Rent a Car SA | 3,286 | 41,230 | ||||||||||
Lojas Renner SA | 3,596 | 29,990 | ||||||||||
Magazine Luiza SA | 12,828 | 55,982 | ||||||||||
Multiplan Empreendimentos Imobiliarios SA | 1,318 | 5,577 | ||||||||||
Natura & Co. Holding SA* | 2,956 | 27,814 | ||||||||||
Notre Dame Intermedica Participacoes SA | 2,113 | 27,017 | ||||||||||
Petrobras Distribuidora SA | 3,362 | 12,883 | ||||||||||
Petroleo Brasileiro SA | 12,634 | 60,253 | ||||||||||
Raia Drogasil SA | 5,825 | 28,106 | ||||||||||
Rumo SA* | 5,811 | 20,565 | ||||||||||
Sul America SA | 1,663 | 13,292 | ||||||||||
Suzano SA* | 3,255 | 34,328 | ||||||||||
Telefonica Brasil SA | 1,890 | 15,787 | ||||||||||
TIM SA | 3,349 | 8,433 | ||||||||||
Ultrapar Participacoes SA | 3,444 | 13,069 | ||||||||||
Vale SA | 14,895 | 216,861 | ||||||||||
Via Varejo S/A* | 5,215 | 17,278 | ||||||||||
WEG SA | 3,417 | 46,924 | ||||||||||
|
| |||||||||||
(Cost $835,601) | 1,118,215 | |||||||||||
|
| |||||||||||
Canada — 6.2% | ||||||||||||
Agnico Eagle Mines Ltd. | 1,065 | 69,795 | ||||||||||
Air Canada* | 488 | 9,281 | ||||||||||
Algonquin Power & Utilities Corp. | 2,408 | 37,732 | ||||||||||
Alimentation Couche-Tard, Inc., Class B | 3,523 | 116,999 | ||||||||||
AltaGas Ltd. | 1,696 | 24,342 | ||||||||||
Atco Ltd., Class I | 342 | 10,281 | ||||||||||
B2Gold Corp. | 4,622 | 25,767 | ||||||||||
Bank of Montreal | 2,736 | 196,620 | ||||||||||
Bank of Nova Scotia | 5,291 | 257,481 | ||||||||||
Barrick Gold Corp. | 7,455 | 171,120 | ||||||||||
BCE, Inc. | 659 | 28,568 | ||||||||||
BlackBerry Ltd.* | 3,030 | 17,848 | ||||||||||
Brookfield Asset Management, Inc., Class A | 5,429 | 219,259 | ||||||||||
CAE, Inc. | 784 | 18,968 | ||||||||||
Cameco Corp. | 1,544 | 15,444 | ||||||||||
Canadian Apartment Properties REIT (b) | 476 | 18,751 | ||||||||||
Canadian Imperial Bank of Commerce | 1,960 | 165,227 | ||||||||||
Canadian National Railway Co. | 3,034 | 317,721 | ||||||||||
Canadian Natural Resources Ltd. | 4,726 | 107,824 | ||||||||||
Canadian Pacific Railway Ltd. | 574 | 185,442 | ||||||||||
Canadian Tire Corp. Ltd., Class A | 220 | 28,115 | ||||||||||
Canadian Utilities Ltd., Class A | 597 | 14,912 | ||||||||||
Canopy Growth Corp.*(b) | 890 | 25,575 | ||||||||||
CCL Industries, Inc., Class B | 686 | 30,246 | ||||||||||
Cenovus Energy, Inc. | 4,937 | 24,482 | ||||||||||
CGI, Inc.* | 912 | 67,352 | ||||||||||
CI Financial Corp. | 507 | 6,644 | ||||||||||
Constellation Software, Inc. | 85 | 105,262 | ||||||||||
Dollarama, Inc. | 1,419 | 58,084 |
Number | Value | |||||||||||
Canada (Continued) | ||||||||||||
Emera, Inc. | 1,066 | $ | 44,201 | |||||||||
Empire Co. Ltd., Class A | 779 | 21,318 | ||||||||||
Enbridge, Inc. | 8,553 | 267,121 | ||||||||||
Fairfax Financial Holdings Ltd. | 116 | 39,783 | ||||||||||
First Quantum Minerals Ltd. | 3,008 | 42,687 | ||||||||||
FirstService Corp. | 185 | 25,231 | ||||||||||
Fortis, Inc. | 2,033 | 81,855 | ||||||||||
Franco-Nevada Corp. | 781 | 103,959 | ||||||||||
George Weston Ltd. | 234 | 17,317 | ||||||||||
GFL Environmental, Inc. | 816 | 22,243 | ||||||||||
Gildan Activewear, Inc. | 1,023 | 26,751 | ||||||||||
Great-West Lifeco, Inc. | 1,360 | 31,636 | ||||||||||
Hydro One Ltd., 144A | 1,636 | 38,170 | ||||||||||
iA Financial Corp., Inc. | 484 | 21,194 | ||||||||||
IGM Financial, Inc. | 500 | 13,225 | ||||||||||
Imperial Oil Ltd. (b) | 1,260 | 21,810 | ||||||||||
Intact Financial Corp. | 636 | 71,151 | ||||||||||
Inter Pipeline Ltd. (b) | 1,617 | 16,111 | ||||||||||
Keyera Corp. (b) | 986 | 17,014 | ||||||||||
Kinross Gold Corp. | 4,650 | 33,120 | ||||||||||
Kirkland Lake Gold Ltd. | 1,118 | 45,806 | ||||||||||
Loblaw Cos. Ltd. | 615 | 30,402 | ||||||||||
Lundin Mining Corp. | 3,012 | 24,074 | ||||||||||
Magna International, Inc. | 1,157 | 70,951 | ||||||||||
Manulife Financial Corp. | 7,642 | 130,221 | ||||||||||
Metro, Inc. | 1,190 | 54,667 | ||||||||||
National Bank of Canada | 1,439 | 79,712 | ||||||||||
Northland Power, Inc. | 811 | 27,795 | ||||||||||
Nutrien Ltd. | 2,535 | 125,120 | ||||||||||
Onex Corp. | 352 | 18,802 | ||||||||||
Open Text Corp. | 1,127 | 49,750 | ||||||||||
Pan American Silver Corp. | 930 | 27,369 | ||||||||||
Parkland Corp. | 651 | 19,941 | ||||||||||
Pembina Pipeline Corp. | 2,394 | 61,053 | ||||||||||
Power Corp. of Canada | 2,548 | 57,368 | ||||||||||
Quebecor, Inc., Class B | 763 | 19,000 | ||||||||||
Restaurant Brands International, Inc. | 1,179 | 67,189 | ||||||||||
Ritchie Bros Auctioneers, Inc. | 492 | 35,387 | ||||||||||
Rogers Communications, Inc., Class B | 1,348 | 63,586 | ||||||||||
Royal Bank of Canada | 5,903 | 482,076 | ||||||||||
Saputo, Inc. | 971 | 26,939 | ||||||||||
Shaw Communications, Inc., Class B | 2,345 | 40,772 | ||||||||||
Shopify, Inc., Class A* | 459 | 494,014 | ||||||||||
SSR Mining, Inc.* | 942 | 17,437 | ||||||||||
Sun Life Financial, Inc. | 2,401 | 106,619 | ||||||||||
Suncor Energy, Inc. | 6,387 | 102,147 | ||||||||||
TC Energy Corp. | 3,924 | 172,617 | ||||||||||
Teck Resources Ltd., Class B | 2,319 | 36,641 | ||||||||||
TELUS Corp. | 1,085 | 20,928 | ||||||||||
Thomson Reuters Corp. | 718 | 56,911 | ||||||||||
TMX Group Ltd. | 249 | 24,501 | ||||||||||
Toromont Industries Ltd. | 322 | 22,027 | ||||||||||
Toronto-Dominion Bank | 7,761 | 414,016 | ||||||||||
Wheaton Precious Metals Corp. | 2,057 | 79,400 | ||||||||||
WSP Global, Inc. | 441 | 32,752 | ||||||||||
Yamana Gold, Inc. | 4,243 | 22,151 | ||||||||||
|
| |||||||||||
(Cost $5,622,752) | 6,491,180 | |||||||||||
|
|
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
Chile — 0.1% | ||||||||||||
Antofagasta PLC | 1,894 | $ | 31,651 | |||||||||
Banco de Chile | 190,744 | 16,811 | ||||||||||
Banco de Credito e Inversiones SA | 196 | 6,843 | ||||||||||
Banco Santander Chile | 312,455 | 13,574 | ||||||||||
Cencosud SA | 8,433 | 14,574 | ||||||||||
Colbun SA | 47,510 | 7,608 | ||||||||||
Empresas CMPC SA | 7,757 | 16,800 | ||||||||||
Empresas COPEC SA | 95 | 754 | ||||||||||
Enel Americas SA | 168,740 | 24,495 | ||||||||||
Enel Chile SA | 123,794 | 8,623 | ||||||||||
Falabella SA | 2,985 | 10,229 | ||||||||||
|
| |||||||||||
(Cost $180,664) | 151,962 | |||||||||||
|
| |||||||||||
China — 11.2% | ||||||||||||
360 Security Technology, Inc., Class A | 3,700 | 9,328 | ||||||||||
3SBio, Inc., 144A* | 9,800 | 9,710 | ||||||||||
51job, Inc., ADR* | 104 | 7,332 | ||||||||||
AAC Technologies Holdings, Inc. (b) | 3,648 | 20,426 | ||||||||||
Accelink Technologies Co. Ltd., Class A | 2,700 | 12,589 | ||||||||||
AECC Aviation Power Co. Ltd., Class A | 2,000 | 13,766 | ||||||||||
Agile Group Holdings Ltd. | 7,427 | 10,732 | ||||||||||
Agricultural Bank of China Ltd., Class A | 19,900 | 9,944 | ||||||||||
Agricultural Bank of China Ltd., Class H | 121,175 | 45,962 | ||||||||||
Aier Eye Hospital Group Co. Ltd., Class A | 930 | 8,644 | ||||||||||
Air China Ltd., Class H | 10,150 | 8,211 | ||||||||||
Airtac International Group | 527 | 15,346 | ||||||||||
AK Medical Holdings Ltd., 144A | 3,730 | 5,900 | ||||||||||
Alibaba Group Holding Ltd., ADR* | 7,994 | 2,105,300 | ||||||||||
A-Living Smart City Services Co. Ltd., 144A | 1,636 | 6,891 | ||||||||||
Aluminum Corp. of China Ltd., Class H* | 19,085 | 7,535 | ||||||||||
Anhui Conch Cement Co. Ltd., Class A | 1,200 | 10,297 | ||||||||||
Anhui Conch Cement Co. Ltd., Class H | 5,374 | 34,389 | ||||||||||
Anhui Gujing Distillery Co. Ltd., Class B | 1,210 | 14,331 | ||||||||||
ANTA Sports Products Ltd. | 4,731 | 64,333 | ||||||||||
Autohome, Inc., ADR | 292 | 27,571 | ||||||||||
AVIC Shenyang Aircraft Co. Ltd., Class A | 1,770 | 16,326 | ||||||||||
AviChina Industry & Technology Co. Ltd., Class H | 22,400 | 13,640 | ||||||||||
Baidu, Inc., ADR* | 1,133 | 157,476 | ||||||||||
Bank of Beijing Co. Ltd., Class A | 11,100 | 8,227 | ||||||||||
Bank of China Ltd., Class A | 16,800 | 8,420 | ||||||||||
Bank of China Ltd., Class H | 324,363 | 114,662 | ||||||||||
Bank of Communications Co. Ltd., Class A | 13,200 | 9,443 | ||||||||||
Bank of Communications Co. Ltd., Class H | 20,728 | 11,472 | ||||||||||
Bank of Jiangsu Co. Ltd., Class A | 10,000 | 9,462 | ||||||||||
Bank of Ningbo Co. Ltd., Class A | 1,900 | 10,648 | ||||||||||
Bank of Shanghai Co. Ltd., Class A | 5,590 | 6,851 | ||||||||||
Baozun, Inc., ADR*(b) | 163 | 6,057 | ||||||||||
BeiGene Ltd., ADR* | 170 | 43,467 | ||||||||||
Beijing Capital International Airport Co. Ltd., Class H | 6,648 | 4,983 | ||||||||||
BGI Genomics Co. Ltd., Class A | 500 | 9,934 |
Number | Value | |||||||||||
China (Continued) | ||||||||||||
Bilibili, Inc., ADR*(b) | 436 | $ | 27,407 | |||||||||
BOE Technology Group Co. Ltd., Class A | 15,500 | 12,736 | ||||||||||
BYD Co. Ltd., Class A | 900 | 23,531 | ||||||||||
BYD Co. Ltd., Class H (b) | 2,747 | 64,537 | ||||||||||
BYD Electronic International Co. Ltd. | 2,962 | 14,655 | ||||||||||
CanSino Biologics, Inc., Class H, 144A*(b) | 185 | 4,058 | ||||||||||
CGN Power Co. Ltd., Class H, 144A | 48,063 | 10,293 | ||||||||||
Changchun High & New Technology Industry Group, Inc., Class A | 200 | 11,134 | ||||||||||
China Aoyuan Group Ltd. | 5,194 | 5,408 | ||||||||||
China Cinda Asset Management Co. Ltd., Class H | 55,934 | 10,897 | ||||||||||
China CITIC Bank Corp. Ltd., Class H | 41,261 | 17,833 | ||||||||||
China Communications Construction Co. Ltd., Class H | 22,691 | 11,768 | ||||||||||
China Communications Services Corp. Ltd., Class H | 14,557 | 7,775 | ||||||||||
China Conch Venture Holdings Ltd. | 7,155 | 33,970 | ||||||||||
China Construction Bank Corp., Class H | 397,173 | 311,546 | ||||||||||
China East Education Holdings Ltd., 144A | 2,741 | 6,111 | ||||||||||
China Everbright Bank Co. Ltd., Class A | 14,000 | 9,228 | ||||||||||
China Everbright Bank Co. Ltd., Class H | 13,802 | 5,378 | ||||||||||
China Evergrande Group (b) | 7,717 | 16,268 | ||||||||||
China Feihe Ltd., 144A | 1,865 | 4,456 | ||||||||||
China Fortune Land Development Co. Ltd., Class A | 6,120 | 13,803 | ||||||||||
China Galaxy Securities Co. Ltd., Class A | 7,370 | 14,428 | ||||||||||
China Galaxy Securities Co. Ltd., Class H | 11,426 | 7,385 | ||||||||||
China Hongqiao Group Ltd. | 7,680 | 6,708 | ||||||||||
China Huarong Asset Management Co. Ltd., Class H, 144A | 121,330 | 13,932 | ||||||||||
China International Capital Corp. Ltd., Class H, 144A* | 4,718 | 10,993 | ||||||||||
China Lesso Group Holdings Ltd. | 5,600 | 9,999 | ||||||||||
China Life Insurance Co. Ltd., Class A | 700 | 4,509 | ||||||||||
China Life Insurance Co. Ltd., Class H | 31,694 | 71,885 | ||||||||||
China Literature Ltd., 144A*(b) | 2,090 | 15,882 | ||||||||||
China Longyuan Power Group Corp. Ltd., Class H | 10,545 | 8,870 | ||||||||||
China Medical System Holdings Ltd. | 10,265 | 10,489 | ||||||||||
China Meidong Auto Holdings Ltd. | 2,697 | 11,691 | ||||||||||
China Merchants Bank Co. Ltd., Class A | 7,200 | 48,334 | ||||||||||
China Merchants Bank Co. Ltd., Class H | 15,171 | 96,005 | ||||||||||
China Merchants Securities Co. Ltd., Class A* | 4,500 | 15,036 | ||||||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 1,800 | 4,008 | ||||||||||
China Minsheng Banking Corp. Ltd., Class A | 13,500 | 10,867 | ||||||||||
China Minsheng Banking Corp. Ltd., Class H | 29,546 | 16,315 | ||||||||||
China Molybdenum Co. Ltd., Class H | 15,596 | 7,324 |
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
China (Continued) | ||||||||||||
China National Building Material Co. Ltd., Class H | 16,803 | $ | 22,069 | |||||||||
China National Medicines Corp. Ltd., Class A | 1,500 | 10,183 | ||||||||||
China National Nuclear Power Co. Ltd., Class A | 12,600 | 9,396 | ||||||||||
China Oilfield Services Ltd., Class H | 11,246 | 8,517 | ||||||||||
China Pacific Insurance Group Co. Ltd., Class A | 1,600 | 9,392 | ||||||||||
China Pacific Insurance Group Co. Ltd., Class H | 11,650 | 44,339 | ||||||||||
China Petroleum & Chemical Corp., Class A | 9,200 | 5,855 | ||||||||||
China Petroleum & Chemical Corp., Class H | 105,258 | 47,665 | ||||||||||
China Railway Construction Corp. Ltd., Class H | 10,011 | 6,613 | ||||||||||
China Railway Group Ltd., Class A | 15,300 | 13,129 | ||||||||||
China Railway Group Ltd., Class H | 18,906 | 9,342 | ||||||||||
China Resources Pharmaceutical Group Ltd., 144A | 3,730 | 2,016 | ||||||||||
China Shenhua Energy Co. Ltd., Class H | 16,352 | 31,603 | ||||||||||
China Shipbuilding Industry Co. Ltd., Class A* | 8,500 | 5,603 | ||||||||||
China Southern Airlines Co. Ltd., Class H* | 7,780 | 4,778 | ||||||||||
China State Construction Engineering Corp. Ltd., Class A | 9,600 | 7,917 | ||||||||||
China Telecom Corp. Ltd., Class H | 62,892 | 18,987 | ||||||||||
China Tourism Group Duty Free Corp. Ltd., Class A | 800 | 23,474 | ||||||||||
China Tower Corp. Ltd., Class H, 144A | 192,244 | 30,259 | ||||||||||
China United Network Communications Ltd., Class A | 9,100 | 6,772 | ||||||||||
China Vanke Co. Ltd., Class A | 1,500 | 6,994 | ||||||||||
China Vanke Co. Ltd., Class H | 5,506 | 20,920 | ||||||||||
China Yangtze Power Co. Ltd., Class A | 6,200 | 18,937 | ||||||||||
China Yuhua Education Corp. Ltd., 144A | 11,200 | 10,563 | ||||||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A | 400 | 7,588 | ||||||||||
CIFI Holdings Group Co. Ltd. | 12,219 | 10,562 | ||||||||||
CITIC Ltd. | 27,166 | 21,239 | ||||||||||
CITIC Securities Co. Ltd., Class A | 2,200 | 10,124 | ||||||||||
CITIC Securities Co. Ltd., Class H | 8,023 | 18,052 | ||||||||||
CNOOC Ltd. | 79,241 | 83,115 | ||||||||||
Contemporary Amperex Technology Co. Ltd., Class A | 547 | 20,171 | ||||||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class A | 9,800 | 10,538 | ||||||||||
COSCO SHIPPING Holdings Co. Ltd., Class A* | 5,100 | 7,684 | ||||||||||
Country Garden Holdings Co. Ltd. | 35,108 | 46,382 | ||||||||||
Country Garden Services Holdings Co. Ltd. | 6,030 | 33,763 | ||||||||||
CRRC Corp. Ltd., Class A | 9,800 | 8,424 | ||||||||||
CRRC Corp. Ltd., Class H | 22,410 | 8,992 |
Number | Value | |||||||||||
China (Continued) | ||||||||||||
CSC Financial Co. Ltd., Class A | 1,960 | $ | 13,012 | |||||||||
CSPC Pharmaceutical Group Ltd. | 35,539 | 34,709 | ||||||||||
Dali Foods Group Co. Ltd., 144A | 16,109 | 9,976 | ||||||||||
Daqin Railway Co. Ltd., Class A | 10,400 | 10,709 | ||||||||||
Dongfeng Motor Group Co. Ltd., Class H | 12,958 | 13,341 | ||||||||||
East Money Information Co. Ltd., Class A | 3,200 | 13,365 | ||||||||||
ENN Energy Holdings Ltd. | 3,907 | 51,767 | ||||||||||
Eve Energy Co. Ltd., Class A | 1,600 | 15,674 | ||||||||||
Everbright Securities Co. Ltd., Class A | 4,400 | 12,831 | ||||||||||
Focus Media Information Technology Co. Ltd., Class A | 3,200 | 4,714 | ||||||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 600 | 14,507 | ||||||||||
Fosun International Ltd. | 6,539 | 9,449 | ||||||||||
Foxconn Industrial Internet Co. Ltd., Class A | 4,600 | 9,648 | ||||||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 1,100 | 6,699 | ||||||||||
GCL System Integration Technology Co. Ltd., Class A* | 12,400 | 7,496 | ||||||||||
GDS Holdings Ltd., ADR*(b) | 309 | 27,819 | ||||||||||
Genscript Biotech Corp.* | 3,773 | 5,423 | ||||||||||
GF Securities Co. Ltd., Class A | 6,300 | 16,199 | ||||||||||
Gigadevice Semiconductor Beijing, Inc., Class A | 120 | 3,765 | ||||||||||
GoerTek, Inc., Class A | 1,900 | 10,957 | ||||||||||
GOME Retail Holdings Ltd.*(b) | 47,600 | 5,650 | ||||||||||
Great Wall Motor Co. Ltd., Class H | 19,082 | 38,651 | ||||||||||
Gree Electric Appliances, Inc., of Zhuhai, Class A | 1,300 | 13,158 | ||||||||||
Greentown Service Group Co. Ltd. | 4,488 | 5,217 | ||||||||||
GSX Techedu, Inc., ADR*(b) | 343 | 22,051 | ||||||||||
Guangzhou Automobile Group Co. Ltd., Class H | 13,179 | 14,180 | ||||||||||
Guangzhou R&F Properties Co. Ltd., Class H | 11,200 | 14,594 | ||||||||||
Guotai Junan Securities Co. Ltd., Class A | 3,400 | 9,667 | ||||||||||
Haidilao International Holding Ltd., 144A | 2,800 | 18,369 | ||||||||||
Haier Smart Home Co. Ltd., Class A | 1,100 | 4,506 | ||||||||||
Haitian International Holdings Ltd. | 4,590 | 12,465 | ||||||||||
Haitong Securities Co. Ltd., Class H | 14,528 | 12,502 | ||||||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 2,500 | 17,341 | ||||||||||
Hansoh Pharmaceutical Group Co. Ltd., 144A* | 5,600 | 26,912 | ||||||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 1,100 | 7,705 | ||||||||||
Hengan International Group Co. Ltd. | 3,074 | 21,218 | ||||||||||
Hengli Petrochemical Co. Ltd., Class A | 1,800 | 7,133 | ||||||||||
Hua Hong Semiconductor Ltd., 144A*(b) | 2,753 | 13,657 | ||||||||||
Hualan Biological Engineering, Inc., Class A | 1,770 | 11,570 |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
China (Continued) | ||||||||||||
Huaneng Power International, Inc., Class A | 3,500 | $ | 2,732 | |||||||||
Huatai Securities Co. Ltd., Class A | 1,700 | 4,983 | ||||||||||
Huatai Securities Co. Ltd., Class H, 144A | 6,587 | 10,300 | ||||||||||
Huaxia Bank Co. Ltd., Class A | 9,400 | 9,323 | ||||||||||
Huazhu Group Ltd., ADR | 598 | 29,768 | ||||||||||
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A | 100 | 332 | ||||||||||
HUYA, Inc., ADR*(b) | 117 | 2,421 | ||||||||||
Industrial & Commercial Bank of China Ltd., Class A | 14,000 | 11,312 | ||||||||||
Industrial & Commercial Bank of China Ltd., Class H | 243,766 | 154,731 | ||||||||||
Industrial Bank Co. Ltd., Class A | 4,500 | 14,366 | ||||||||||
Industrial Securities Co. Ltd., Class A | 1,500 | 2,053 | ||||||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A* | 32,600 | 5,991 | ||||||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 11,900 | 9,543 | ||||||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 1,500 | 8,609 | ||||||||||
Innovent Biologics, Inc., 144A* | 3,423 | 22,545 | ||||||||||
iQIYI, Inc., ADR* | 1,034 | 23,120 | ||||||||||
JD.com, Inc., ADR* | 3,645 | 311,101 | ||||||||||
Jiangsu Expressway Co. Ltd., Class H | 9,076 | 10,211 | ||||||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 1,500 | 19,590 | ||||||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 400 | 10,814 | ||||||||||
Jiangxi Zhengbang Technology Co. Ltd., Class A | 4,300 | 12,186 | ||||||||||
JOYY, Inc., ADR | 223 | 19,863 | ||||||||||
KE Holdings, Inc., ADR*(b) | 347 | 22,670 | ||||||||||
Kingdee International Software Group Co. Ltd.* | 11,704 | 40,845 | ||||||||||
Kingsoft Corp. Ltd. | 4,227 | 21,214 | ||||||||||
Koolearn Technology Holding Ltd., 144A*(b) | 465 | 1,896 | ||||||||||
Kweichow Moutai Co. Ltd., Class A | 300 | 78,092 | ||||||||||
KWG Group Holdings Ltd. | 5,428 | 7,423 | ||||||||||
Lenovo Group Ltd. | 31,118 | 22,201 | ||||||||||
Lens Technology Co. Ltd., Class A | 2,610 | 13,010 | ||||||||||
Li Ning Co. Ltd. | 8,276 | 44,845 | ||||||||||
Lingyi iTech Guangdong Co., Class A | 6,500 | 14,028 | ||||||||||
Logan Group Co. Ltd. | 9,100 | 15,239 | ||||||||||
Longfor Group Holdings Ltd., 144A | 7,643 | 50,092 | ||||||||||
LONGi Green Energy Technology Co. Ltd., Class A | 1,500 | 15,651 | ||||||||||
Lufax Holding Ltd., ADR*(b) | 743 | 12,237 | ||||||||||
Luxshare Precision Industry Co. Ltd., Class A | 1,849 | 14,516 | ||||||||||
Luzhou Laojiao Co. Ltd., Class A | 800 | 22,275 | ||||||||||
Mango Excellent Media Co. Ltd., Class A | 1,200 | 12,495 | ||||||||||
Meituan, Class B* | 15,245 | 570,381 |
Number | Value | |||||||||||
China (Continued) | ||||||||||||
Metallurgical Corp. of China Ltd., Class A | 21,100 | $ | 8,973 | |||||||||
Microport Scientific Corp. | 3,730 | 16,097 | ||||||||||
Minth Group Ltd. | 3,179 | 15,790 | ||||||||||
Momo, Inc., ADR | 577 | 8,297 | ||||||||||
Muyuan Foods Co. Ltd., Class A | 810 | 9,473 | ||||||||||
Nanjing Securities Co. Ltd., Class A | 4,800 | 9,506 | ||||||||||
NetEase, Inc., ADR | 1,820 | 164,473 | ||||||||||
New China Life Insurance Co. Ltd., Class H | 4,356 | 18,293 | ||||||||||
New Hope Liuhe Co. Ltd., Class A | 1,400 | 5,522 | ||||||||||
New Oriental Education & Technology Group, Inc., ADR* | 684 | 112,757 | ||||||||||
Ninestar Corp., Class A | 548 | 2,469 | ||||||||||
NIO, Inc., ADR* | 4,616 | 233,247 | ||||||||||
OFILM Group Co. Ltd., Class A | 103 | 240 | ||||||||||
Orient Securities Co. Ltd., Class A | 1,600 | 2,821 | ||||||||||
People’s Insurance Co. Group of China Ltd., Class H | 31,443 | 9,939 | ||||||||||
PetroChina Co. Ltd., Class A | 7,700 | 5,040 | ||||||||||
PetroChina Co. Ltd., Class H | 87,968 | 28,032 | ||||||||||
PICC Property & Casualty Co. Ltd., Class H | 34,790 | 28,726 | ||||||||||
Pinduoduo, Inc., ADR* | 1,611 | 223,623 | ||||||||||
Ping An Bank Co. Ltd., Class A | 3,300 | 9,894 | ||||||||||
Ping An Healthcare and Technology Co. Ltd., 144A*(b) | 1,416 | 17,328 | ||||||||||
Ping An Insurance Group Co. of China Ltd., Class A | 3,400 | 46,490 | ||||||||||
Ping An Insurance Group Co. of China Ltd., Class H | 23,849 | 279,995 | ||||||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 2,900 | 7,585 | ||||||||||
Poly Property Services Co. Ltd. (b) | 1,305 | 9,504 | ||||||||||
Postal Savings Bank of China Co. Ltd., Class H, 144A | 56,411 | 31,877 | ||||||||||
Power Construction Corp. of China Ltd., Class A | 14,500 | 9,293 | ||||||||||
Qingdao Rural Commercial Bank Corp., Class A | 1,600 | 1,213 | ||||||||||
SAIC Motor Corp. Ltd., Class A | 1,500 | 6,039 | ||||||||||
Sanan Optoelectronics Co. Ltd., Class A | 1,800 | 7,340 | ||||||||||
Sany Heavy Industry Co. Ltd., Class A | 3,100 | 14,459 | ||||||||||
Seazen Group Ltd.* | 9,844 | 8,700 | ||||||||||
Semiconductor Manufacturing International Corp.* | 13,709 | 38,292 | ||||||||||
SF Holding Co. Ltd., Class A | 1,000 | 12,150 | ||||||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 8,054 | 16,667 | ||||||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 3,085 | 12,975 | ||||||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 3,931 | 3,058 | ||||||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 4,500 | 13,744 | ||||||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 9,300 | 14,209 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
China (Continued) | ||||||||||||
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 2,900 | $ | 8,210 | |||||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 300 | 10,966 | ||||||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 11,900 | 9,760 | ||||||||||
Shenzhen Goodix Technology Co. Ltd., Class A | 400 | 10,141 | ||||||||||
Shenzhen Kangtai Biological Products Co. Ltd., Class A | 560 | 11,589 | ||||||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 280 | 14,346 | ||||||||||
Shenzhou International Group Holdings Ltd. | 3,405 | 57,636 | ||||||||||
Silergy Corp. | 294 | 22,899 | ||||||||||
SINA Corp.* | 358 | 15,512 | ||||||||||
Sinopharm Group Co. Ltd., Class H | 5,641 | 13,944 | ||||||||||
Sinotruk Hong Kong Ltd. | 3,441 | 8,541 | ||||||||||
Smoore International Holdings Ltd., 144A* | 1,507 | 9,721 | ||||||||||
Sunac China Holdings Ltd. | 12,768 | 48,924 | ||||||||||
Sunny Optical Technology Group Co. Ltd. | 2,887 | 56,764 | ||||||||||
TAL Education Group, ADR* | 1,697 | 118,892 | ||||||||||
TCL Technology Group Corp., Class A | 1,164 | 1,239 | ||||||||||
Tencent Holdings Ltd. | 24,459 | 1,776,587 | ||||||||||
Tencent Music Entertainment Group, ADR* | 1,537 | 25,760 | ||||||||||
Tianma Microelectronics Co. Ltd., Class A | 1,000 | 2,328 | ||||||||||
Tingyi Cayman Islands Holding Corp. | 10,026 | 16,919 | ||||||||||
Tongcheng-Elong Holdings Ltd.* | 3,730 | 6,959 | ||||||||||
Tongwei Co. Ltd., Class A | 3,200 | 14,969 | ||||||||||
Topsports International Holdings Ltd., 144A | 6,733 | 10,024 | ||||||||||
TravelSky Technology Ltd., Class H | 4,441 | 10,073 | ||||||||||
Trip.com Group Ltd., ADR* | 2,140 | 71,883 | ||||||||||
Tsingtao Brewery Co. Ltd., Class H | 1,845 | 17,924 | ||||||||||
Unigroup Guoxin Microelectronics Co. Ltd., Class A | 840 | 12,815 | ||||||||||
Uni-President China Holdings Ltd. | 10,486 | 9,456 | ||||||||||
Unisplendour Corp. Ltd., Class A | 1,880 | 6,385 | ||||||||||
Vipshop Holdings Ltd., ADR* | 1,976 | 50,467 | ||||||||||
Walvax Biotechnology Co. Ltd., Class A | 1,700 | 11,077 | ||||||||||
Wanhua Chemical Group Co. Ltd., Class A | 1,021 | 12,592 | ||||||||||
Want Want China Holdings Ltd. | 26,346 | 17,981 | ||||||||||
Weichai Power Co. Ltd., Class A | 6,300 | 15,970 | ||||||||||
Weichai Power Co. Ltd., Class H | 4,122 | 8,413 | ||||||||||
Wens Foodstuffs Group Co. Ltd., Class A | 1,440 | 4,221 | ||||||||||
Will Semiconductor Co. Ltd., Class A | 400 | 13,088 | ||||||||||
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A | 1,900 | 7,540 | ||||||||||
Wuliangye Yibin Co. Ltd., Class A | 1,100 | 42,435 | ||||||||||
WuXi AppTec Co. Ltd., Class A | 492 | 7,721 |
Number | Value | |||||||||||
China (Continued) | ||||||||||||
WuXi AppTec Co. Ltd., Class H, 144A (b) | 1,381 | $ | 20,668 | |||||||||
Wuxi Biologics Cayman, Inc., 144A* | 12,468 | 123,698 | ||||||||||
Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 570 | 5,456 | ||||||||||
Xiaomi Corp., Class B, 144A* | 52,142 | 178,268 | ||||||||||
Xinyi Solar Holdings Ltd. | 14,606 | 26,645 | ||||||||||
XPeng, Inc., ADR* | 471 | 27,676 | ||||||||||
Yanzhou Coal Mining Co. Ltd., Class A | 700 | 1,208 | ||||||||||
Yihai International Holding Ltd.* | 2,005 | 23,501 | ||||||||||
Yonyou Network Technology Co. Ltd., Class A | 1,700 | 11,283 | ||||||||||
Yum China Holdings, Inc. | 1,715 | 96,692 | ||||||||||
Yunnan Baiyao Group Co. Ltd., Class A | 900 | 13,023 | ||||||||||
Zai Lab Ltd., ADR* | 256 | 28,360 | ||||||||||
Zhaojin Mining Industry Co. Ltd., Class H | 7,930 | 10,190 | ||||||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 3,900 | 12,374 | ||||||||||
Zhejiang Expressway Co. Ltd., Class H | 5,945 | 4,234 | ||||||||||
Zhenro Properties Group Ltd. | 16,800 | 10,360 | ||||||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*(b) | 2,050 | 9,905 | ||||||||||
Zhongjin Gold Corp. Ltd., Class A | 9,000 | 13,027 | ||||||||||
Zhongsheng Group Holdings Ltd. | 2,356 | 17,690 | ||||||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 1,982 | 6,239 | ||||||||||
Zijin Mining Group Co. Ltd., Class H | 27,395 | 27,321 | ||||||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 3,040 | 3,173 | ||||||||||
ZTE Corp., Class A | 1,512 | 7,975 | ||||||||||
ZTE Corp., Class H | 3,557 | 9,178 | ||||||||||
ZTO Express Cayman, Inc., ADR | 1,673 | 47,246 | ||||||||||
|
| |||||||||||
(Cost $8,043,619) | 11,584,815 | |||||||||||
|
| |||||||||||
Colombia — 0.0% | ||||||||||||
Ecopetrol SA | 23,874 | 13,815 | ||||||||||
Grupo de Inversiones Suramericana SA | 2,659 | 15,823 | ||||||||||
Interconexion Electrica SA ESP | 1,750 | 11,046 | ||||||||||
|
| |||||||||||
(Cost $33,793) | 40,684 | |||||||||||
|
| |||||||||||
Cyprus — 0.0% | ||||||||||||
Polymetal International PLC | 991 | 20,713 | ||||||||||
|
| |||||||||||
Czech Republic — 0.0% | ||||||||||||
CEZ AS | 4 | 85 | ||||||||||
Komercni banka AS* | 463 | 12,390 | ||||||||||
|
| |||||||||||
(Cost $8,929) | 12,475 | |||||||||||
|
| |||||||||||
Denmark — 1.5% | ||||||||||||
A.P. Moller — Maersk A/S, Class A | 16 | 30,307 | ||||||||||
A.P. Moller — Maersk A/S, Class B | 27 | 55,102 | ||||||||||
Ambu A/S, Class B | 724 | 24,260 | ||||||||||
Carlsberg A/S, Class B | 387 | 57,577 | ||||||||||
Chr Hansen Holding A/S* | 493 | 47,766 | ||||||||||
Coloplast A/S, Class B | 472 | 70,465 | ||||||||||
Danske Bank A/S* | 2,590 | 42,688 | ||||||||||
Demant A/S* | 505 | 19,018 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
Denmark (Continued) | ||||||||||||
DSV PANALPINA A/S | 840 | $ | 132,538 | |||||||||
Genmab A/S* | 294 | 112,791 | ||||||||||
GN Store Nord AS | 572 | 46,565 | ||||||||||
H Lundbeck A/S | 307 | 9,389 | ||||||||||
Novo Nordisk A/S, Class B | 7,459 | 501,673 | ||||||||||
Novozymes A/S, Class B | 1,006 | 57,537 | ||||||||||
Orsted AS, 144A | 827 | 148,961 | ||||||||||
Pandora A/S | 479 | 47,975 | ||||||||||
ROCKWOOL International A/S, Class B | 29 | 10,596 | ||||||||||
Tryg A/S | 558 | 16,176 | ||||||||||
Vestas Wind Systems A/S | 819 | 167,404 | ||||||||||
|
| |||||||||||
(Cost $1,039,249) | 1,598,788 | |||||||||||
|
| |||||||||||
Egypt — 0.0% | ||||||||||||
Commercial International Bank Egypt SAE | 5,849 | 23,195 | ||||||||||
Eastern Co. SAE | 4,376 | 3,007 | ||||||||||
ElSewedy Electric Co. | 4,141 | 2,404 | ||||||||||
|
| |||||||||||
(Cost $31,886) | 28,606 | |||||||||||
|
| |||||||||||
Finland — 0.8% | ||||||||||||
Elisa OYJ | 649 | 34,837 | ||||||||||
Fortum OYJ | 2,056 | 47,100 | ||||||||||
Kesko OYJ, Class B | 1,030 | 27,030 | ||||||||||
Kone OYJ, Class B | 1,388 | 116,427 | ||||||||||
Neste OYJ | 1,851 | 124,044 | ||||||||||
Nokia OYJ* | 25,491 | 101,787 | ||||||||||
Nordea Bank Abp* | 14,093 | 120,393 | ||||||||||
Orion OYJ, Class B | 530 | 24,947 | ||||||||||
Sampo OYJ, Class A | 1,970 | 85,138 | ||||||||||
Stora Enso OYJ, Class R | 2,485 | 42,003 | ||||||||||
UPM-Kymmene OYJ | 2,357 | 77,655 | ||||||||||
Wartsila OYJ Abp | 2,030 | 19,086 | ||||||||||
|
| |||||||||||
(Cost $786,833) | 820,447 | |||||||||||
|
| |||||||||||
France — 6.7% | ||||||||||||
Accor SA* | 947 | 32,477 | ||||||||||
Aeroports de Paris | 49 | 6,190 | ||||||||||
Air Liquide SA | 1,935 | 317,719 | ||||||||||
Airbus SE* | 2,473 | 258,797 | ||||||||||
Alstom SA* | 1,252 | 66,757 | ||||||||||
Amundi SA, 144A* | 290 | 23,108 | ||||||||||
Arkema SA | 319 | 37,184 | ||||||||||
Atos SE* | 406 | 37,233 | ||||||||||
AXA SA | 7,687 | 180,748 | ||||||||||
BioMerieux | 172 | 24,785 | ||||||||||
BNP Paribas SA* | 4,846 | 248,362 | ||||||||||
Bollore SA | 2,881 | 11,183 | ||||||||||
Bouygues SA | 877 | 34,920 | ||||||||||
Bureau Veritas SA* | 1,334 | 34,435 | ||||||||||
Capgemini SE | 719 | 99,746 | ||||||||||
Carrefour SA | 2,548 | 41,731 | ||||||||||
Cie de Saint-Gobain* | 2,182 | 103,643 | ||||||||||
Cie Generale des Etablissements Michelin SCA | 728 | 90,704 | ||||||||||
CNP Assurances* | 838 | 13,345 | ||||||||||
Covivio REIT | 268 | 21,898 |
Number | Value | |||||||||||
France (Continued) | ||||||||||||
Credit Agricole SA* | 5,075 | $ | 58,564 | |||||||||
Danone SA | 2,632 | 169,098 | ||||||||||
Dassault Aviation SA* | 13 | 13,414 | ||||||||||
Dassault Systemes SE | 573 | 105,977 | ||||||||||
Edenred | 1,081 | 61,804 | ||||||||||
Eiffage SA* | 348 | 34,097 | ||||||||||
Electricite de France SA* | 3,148 | 47,746 | ||||||||||
Engie SA* | 8,315 | 122,692 | ||||||||||
EssilorLuxottica SA* | 1,149 | 166,321 | ||||||||||
Eurazeo SE* | 182 | 11,224 | ||||||||||
Faurecia SE* | 341 | 16,962 | ||||||||||
Gecina SA REIT | 205 | 31,129 | ||||||||||
Getlink SE* | 2,314 | 38,506 | ||||||||||
Hermes International | 141 | 137,480 | ||||||||||
Iliad SA | 112 | 22,739 | ||||||||||
Ipsen SA | 194 | 18,710 | ||||||||||
Kering SA | 319 | 230,214 | ||||||||||
Klepierre SA REIT (b) | 937 | 20,677 | ||||||||||
La Francaise des Jeux SAEM, 144A | 237 | 9,883 | ||||||||||
Legrand SA | 1,198 | 101,433 | ||||||||||
L’Oreal SA | 1,081 | 395,610 | ||||||||||
LVMH Moet Hennessy Louis Vuitton SE | 1,158 | 667,040 | ||||||||||
Natixis SA* | 4,266 | 13,129 | ||||||||||
Orange SA (b) | 7,882 | 99,568 | ||||||||||
Orpea SA* | 226 | 28,252 | ||||||||||
Pernod Ricard SA (b) | 866 | 165,281 | ||||||||||
Peugeot SA* | 2,665 | 62,832 | ||||||||||
Publicis Groupe SA | 961 | 43,664 | ||||||||||
Remy Cointreau SA | 88 | 15,641 | ||||||||||
Renault SA* | 876 | 34,854 | ||||||||||
Safran SA* | 1,354 | 197,529 | ||||||||||
Sanofi | 4,744 | 479,364 | ||||||||||
Sartorius Stedim Biotech | 126 | 45,541 | ||||||||||
Schneider Electric SE | 2,224 | 309,461 | ||||||||||
SCOR SE* | 691 | 23,607 | ||||||||||
SEB SA | 86 | 15,306 | ||||||||||
Societe Generale SA* | 3,016 | 60,030 | ||||||||||
Sodexo SA | 369 | 30,530 | ||||||||||
Suez SA | 1,356 | 26,098 | ||||||||||
Teleperformance | 243 | 80,930 | ||||||||||
Thales SA | 474 | 43,571 | ||||||||||
TOTAL SE | 10,663 | 455,671 | ||||||||||
Ubisoft Entertainment SA* | 452 | 43,015 | ||||||||||
Unibail-Rodamco-Westfield REIT (b) | 594 | 42,159 | ||||||||||
Valeo SA | 1,099 | 42,632 | ||||||||||
Veolia Environnement SA | 1,785 | 41,009 | ||||||||||
Vinci SA | 2,213 | 225,701 | ||||||||||
Vivendi SA | 3,112 | 93,472 | ||||||||||
Wendel SE | 122 | 13,789 | ||||||||||
Worldline SA, 144A* | 942 | 87,084 | ||||||||||
|
| |||||||||||
(Cost $5,906,591) | 6,986,005 | |||||||||||
|
| |||||||||||
Germany — 5.3% | ||||||||||||
adidas AG* | 827 | 263,688 | ||||||||||
Allianz SE | 1,739 | 410,020 | ||||||||||
BASF SE | 3,981 | 291,240 | ||||||||||
Bayer AG | 4,116 | 236,995 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
Germany (Continued) | ||||||||||||
Bayerische Motoren Werke AG | 1,418 | $ | 123,544 | |||||||||
Bechtle AG | 115 | 25,062 | ||||||||||
Beiersdorf AG | 439 | 49,088 | ||||||||||
Brenntag AG | 697 | 53,261 | ||||||||||
Carl Zeiss Meditec AG | 185 | 24,672 | ||||||||||
Commerzbank AG* | 3,972 | 24,685 | ||||||||||
Continental AG | 503 | 68,520 | ||||||||||
Covestro AG, 144A | 709 | 39,538 | ||||||||||
Daimler AG | 3,590 | 241,738 | ||||||||||
Delivery Hero SE, 144A* | 536 | 64,736 | ||||||||||
Deutsche Bank AG*(c) | 8,939 | 99,624 | ||||||||||
Deutsche Boerse AG | 787 | 131,194 | ||||||||||
Deutsche Lufthansa AG*(b) | 987 | 11,357 | ||||||||||
Deutsche Post AG | 4,068 | 196,527 | ||||||||||
Deutsche Telekom AG | 14,320 | 258,189 | ||||||||||
Deutsche Wohnen SE | 1,430 | 71,711 | ||||||||||
E.ON SE | 10,080 | 109,129 | ||||||||||
Evonik Industries AG | 910 | 27,474 | ||||||||||
Fresenius Medical Care AG & Co. KGaA | 820 | 68,959 | ||||||||||
Fresenius SE & Co. KGaA | 1,866 | 83,470 | ||||||||||
GEA Group AG | 787 | 26,952 | ||||||||||
Hannover Rueck SE | 259 | 43,345 | ||||||||||
HeidelbergCement AG | 614 | 43,608 | ||||||||||
HelloFresh SE* | 624 | 36,681 | ||||||||||
Henkel AG & Co. KGaA | 465 | 44,873 | ||||||||||
HOCHTIEF AG | 86 | 8,299 | ||||||||||
Infineon Technologies AG | 5,699 | 200,679 | ||||||||||
KION Group AG | 252 | 19,371 | ||||||||||
Knorr-Bremse AG | 281 | 35,959 | ||||||||||
LANXESS AG | 425 | 29,738 | ||||||||||
LEG Immobilien AG | 316 | 45,029 | ||||||||||
Merck KGaA | 583 | 93,084 | ||||||||||
MTU Aero Engines AG | 183 | 43,211 | ||||||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 575 | 160,224 | ||||||||||
Nemetschek SE | 211 | 16,687 | ||||||||||
Puma SE* | 427 | 42,459 | ||||||||||
Rational AG | 19 | 16,885 | ||||||||||
RWE AG | 2,778 | 115,219 | ||||||||||
SAP SE | 4,375 | 532,205 | ||||||||||
Scout24 AG, 144A | 483 | 36,931 | ||||||||||
Siemens AG | 3,162 | 422,441 | ||||||||||
Siemens Energy AG* | 1,797 | 53,374 | ||||||||||
Siemens Healthineers AG, 144A | 1,158 | 53,250 | ||||||||||
Symrise AG | 553 | 69,263 | ||||||||||
TeamViewer AG, 144A* | 575 | 27,388 | ||||||||||
Telefonica Deutschland Holding AG | 2,938 | 8,110 | ||||||||||
Uniper SE | 871 | 29,507 | ||||||||||
United Internet AG | 356 | 14,196 | ||||||||||
Volkswagen AG | 147 | 27,267 | ||||||||||
Vonovia SE | 2,210 | 151,529 | ||||||||||
Zalando SE, 144A* | 581 | 58,770 | ||||||||||
|
| |||||||||||
(Cost $5,164,003) | 5,480,955 | |||||||||||
|
| |||||||||||
Greece — 0.0% | ||||||||||||
FF Group*(d) | 197 | 1,128 | ||||||||||
Hellenic Telecommunications Organization SA | 1,234 | 20,563 |
Number | Value | |||||||||||
Greece (Continued) | ||||||||||||
JUMBO SA | 606 | $ | 10,836 | |||||||||
OPAP SA | 697 | 7,857 | ||||||||||
|
| |||||||||||
(Cost $35,767) | 40,384 | |||||||||||
|
| |||||||||||
Hong Kong — 2.9% | ||||||||||||
AIA Group Ltd. | 51,839 | 568,145 | ||||||||||
Alibaba Health Information Technology Ltd.* | 13,233 | 38,925 | ||||||||||
Alibaba Pictures Group Ltd.* | 52,984 | 7,109 | ||||||||||
ASM Pacific Technology Ltd. | 1,057 | 13,228 | ||||||||||
Bank of East Asia Ltd. | 5,562 | 12,357 | ||||||||||
Beijing Enterprises Water Group Ltd.* | 30,268 | 12,262 | ||||||||||
BOC Hong Kong Holdings Ltd. | 16,574 | 53,992 | ||||||||||
Bosideng International Holdings Ltd. (b) | 29,865 | 13,100 | ||||||||||
Brilliance China Automotive Holdings Ltd. | 14,154 | 12,600 | ||||||||||
Budweiser Brewing Co. APAC Ltd., 144A | 9,425 | 32,466 | ||||||||||
China Everbright Environment Group Ltd. | 17,417 | 9,662 | ||||||||||
China Everbright Ltd. | 7,465 | 10,767 | ||||||||||
China Gas Holdings Ltd. | 8,382 | 30,874 | ||||||||||
China Jinmao Holdings Group Ltd. | 28,277 | 14,556 | ||||||||||
China Mengniu Dairy Co. Ltd.* | 12,665 | 64,052 | ||||||||||
China Merchants Port Holdings Co. Ltd. | 6,791 | 8,052 | ||||||||||
China Mobile Ltd. | 26,583 | 159,133 | ||||||||||
China Overseas Land & Investment Ltd. | 16,271 | 39,591 | ||||||||||
China Resources Beer Holdings Co. Ltd. | 5,565 | 41,104 | ||||||||||
China Resources Cement Holdings Ltd. | 10,892 | 13,546 | ||||||||||
China Resources Gas Group Ltd. | 4,326 | 20,846 | ||||||||||
China Resources Land Ltd. | 13,270 | 57,524 | ||||||||||
China Resources Power Holdings Co. Ltd. | 7,925 | 8,425 | ||||||||||
China State Construction International Holdings Ltd. | 18,665 | 12,329 | ||||||||||
China Taiping Insurance Holdings Co. Ltd. | 8,609 | 15,216 | ||||||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 3,180 | 1,497 | ||||||||||
China Unicom Hong Kong Ltd. | 25,237 | 15,173 | ||||||||||
China Youzan Ltd.* | 60,083 | 15,891 | ||||||||||
CK Asset Holdings Ltd. | 10,847 | 59,406 | ||||||||||
CK Hutchison Holdings Ltd. | 12,043 | 87,397 | ||||||||||
CK Infrastructure Holdings Ltd. | 3,185 | 16,293 | ||||||||||
CLP Holdings Ltd. | 7,203 | 67,653 | ||||||||||
COSCO SHIPPING Ports Ltd. | 8,483 | 5,603 | ||||||||||
ESR Cayman Ltd., 144A* | 7,025 | 21,163 | ||||||||||
Far East Horizon Ltd. | 11,969 | 12,709 | ||||||||||
Galaxy Entertainment Group Ltd. | 8,794 | 66,939 | ||||||||||
Geely Automobile Holdings Ltd. | 25,657 | 71,333 | ||||||||||
Guangdong Investment Ltd. | 13,879 | 23,063 | ||||||||||
Haier Electronics Group Co. Ltd. | 3,877 | 18,482 | ||||||||||
Hang Lung Properties Ltd. | 8,525 | 21,139 | ||||||||||
Hang Seng Bank Ltd. | 3,377 | 58,861 | ||||||||||
Henderson Land Development Co. Ltd. | 2,814 | 11,799 | ||||||||||
HK Electric Investments & HK Electric Investments Ltd. (a) | 11,799 | 11,873 |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
Hong Kong (Continued) | ||||||||||||
HKT Trust & HKT Ltd. (a) | 16,430 | $ | 21,494 | |||||||||
Hong Kong & China Gas Co. Ltd. | 46,781 | 72,063 | ||||||||||
Hong Kong Exchanges & Clearing Ltd. | 5,055 | 251,346 | ||||||||||
Hongkong Land Holdings Ltd. | 5,200 | 21,164 | ||||||||||
Hutchison China MediTech Ltd., ADR* | 244 | 7,564 | ||||||||||
Jardine Matheson Holdings Ltd. | 1,021 | 54,184 | ||||||||||
Jardine Strategic Holdings Ltd. | 1,146 | 27,378 | ||||||||||
Kunlun Energy Co. Ltd. | 15,136 | 11,404 | ||||||||||
Link REIT | 9,372 | 82,221 | ||||||||||
Melco Resorts & Entertainment Ltd., ADR | 1,104 | 20,016 | ||||||||||
MTR Corp. Ltd. | 6,629 | 35,963 | ||||||||||
New World Development Co. Ltd. | 6,588 | 33,403 | ||||||||||
Nine Dragons Paper Holdings Ltd. | 11,684 | 15,345 | ||||||||||
PCCW Ltd. | 12,702 | 7,718 | ||||||||||
Power Assets Holdings Ltd. | 6,034 | 31,762 | ||||||||||
Shenzhen International Holdings Ltd. | 3,864 | 6,351 | ||||||||||
Shenzhen Investment Ltd. | 42,930 | 15,674 | ||||||||||
Shimao Group Holdings Ltd. | 5,851 | 21,816 | ||||||||||
Sino Biopharmaceutical Ltd. | 42,993 | 43,264 | ||||||||||
Sino Land Co. Ltd. | 14,571 | 19,927 | ||||||||||
SJM Holdings Ltd. | 11,869 | 13,889 | ||||||||||
SSY Group Ltd. | 6,919 | 4,231 | ||||||||||
Sun Art Retail Group Ltd. | 11,042 | 11,596 | ||||||||||
Sun Hung Kai Properties Ltd. | 5,512 | 73,602 | ||||||||||
Swire Pacific Ltd., Class A | 2,597 | 14,910 | ||||||||||
Swire Properties Ltd. | 5,819 | 17,755 | ||||||||||
Techtronic Industries Co. Ltd. | 5,835 | 74,791 | ||||||||||
WH Group Ltd., 144A | 41,814 | 34,148 | ||||||||||
Wharf Holdings Ltd. | 8,400 | 20,786 | ||||||||||
Wharf Real Estate Investment Co. Ltd. | 7,111 | 33,073 | ||||||||||
Xinyi Glass Holdings Ltd. | 8,172 | 18,345 | ||||||||||
Yuexiu Property Co. Ltd. | 25,846 | 5,369 | ||||||||||
|
| |||||||||||
(Cost $2,827,560) | 2,978,687 | |||||||||||
|
| |||||||||||
Hungary — 0.1% | ||||||||||||
MOL Hungarian Oil & Gas PLC* | 1,407 | 9,423 | ||||||||||
OTP Bank Nyrt* | 697 | 27,651 | ||||||||||
Richter Gedeon Nyrt | 644 | 15,258 | ||||||||||
|
| |||||||||||
(Cost $44,903) | 52,332 | |||||||||||
|
| |||||||||||
India — 2.7% | ||||||||||||
Adani Green Energy Ltd.* | 1,753 | 26,900 | ||||||||||
Adani Ports & Special Economic Zone Ltd. | 2,391 | 13,287 | ||||||||||
Ambuja Cements Ltd. | 2,048 | 7,219 | ||||||||||
Apollo Hospitals Enterprise Ltd. | 476 | 15,091 | ||||||||||
Asian Paints Ltd. | 1,706 | 51,033 | ||||||||||
Aurobindo Pharma Ltd. | 998 | 11,705 | ||||||||||
Avenue Supermarts Ltd., 144A* | 522 | 16,136 | ||||||||||
Axis Bank Ltd.* | 9,365 | 76,077 | ||||||||||
Bajaj Auto Ltd. | 458 | 19,627 | ||||||||||
Bajaj Finance Ltd. | 1,176 | 77,951 | ||||||||||
Bajaj Finserv Ltd. | 189 | 22,353 | ||||||||||
Bandhan Bank Ltd., 144A* | 3,030 | 15,016 | ||||||||||
Berger Paints India Ltd. | 400 | 3,499 | ||||||||||
Bharat Petroleum Corp. Ltd. | 3,044 | 15,332 |
Number | Value | |||||||||||
India (Continued) | ||||||||||||
Bharti Airtel Ltd. | 5,547 | $ | 34,699 | |||||||||
Bharti Infratel Ltd. | 2,785 | 8,221 | ||||||||||
Biocon Ltd.* | 284 | 1,647 | ||||||||||
Britannia Industries Ltd. | 292 | 14,344 | ||||||||||
Cipla Ltd. | 1,660 | 16,713 | ||||||||||
Coal India Ltd. | 6,331 | 10,733 | ||||||||||
Colgate-Palmolive India Ltd. | 750 | 15,330 | ||||||||||
Container Corp. Of India Ltd. | 1,015 | 5,565 | ||||||||||
Dabur India Ltd. | 2,525 | 17,041 | ||||||||||
Divi’s Laboratories Ltd. | 629 | 30,620 | ||||||||||
DLF Ltd. | 6,791 | 17,166 | ||||||||||
Dr. Reddy’s Laboratories Ltd., ADR | 508 | 33,320 | ||||||||||
Eicher Motors Ltd. | 605 | 20,707 | ||||||||||
GAIL India Ltd. | 7,774 | 10,776 | ||||||||||
Godrej Consumer Products Ltd. | 1,909 | 18,038 | ||||||||||
Grasim Industries Ltd. | 1,418 | 16,769 | ||||||||||
Havells India Ltd. | 1,309 | 14,165 | ||||||||||
HCL Technologies Ltd. | 4,357 | 48,367 | ||||||||||
HDFC Asset Management Co. Ltd., 144A | 37 | 1,268 | ||||||||||
HDFC Life Insurance Co. Ltd., 144A* | 2,551 | 22,280 | ||||||||||
Hero MotoCorp Ltd. | 494 | 20,738 | ||||||||||
Hindalco Industries Ltd. | 5,786 | 17,685 | ||||||||||
Hindustan Petroleum Corp. Ltd. | 5,387 | 15,229 | ||||||||||
Hindustan Unilever Ltd. | 3,653 | 105,472 | ||||||||||
Housing Development Finance Corp. Ltd. | 7,384 | 224,966 | ||||||||||
ICICI Bank Ltd.* | 23,684 | 151,383 | ||||||||||
ICICI Lombard General Insurance Co. Ltd., 144A* | 659 | 12,915 | ||||||||||
ICICI Prudential Life Insurance Co. Ltd., 144A* | 2,550 | 15,209 | ||||||||||
Indian Oil Corp. Ltd. | 8,950 | 10,224 | ||||||||||
Indraprastha Gas Ltd. | 2,574 | 17,254 | ||||||||||
Info Edge India Ltd. | 291 | 16,922 | ||||||||||
Infosys Ltd. | 12,543 | 186,308 | ||||||||||
Infosys Ltd., ADR | 2,187 | 33,286 | ||||||||||
InterGlobe Aviation Ltd., 144A* | 911 | 18,626 | ||||||||||
Ipca Laboratories Ltd. | 443 | 12,961 | ||||||||||
ITC Ltd. | 10,413 | 27,229 | ||||||||||
JSW Steel Ltd. | 3,852 | 18,215 | ||||||||||
Jubilant Foodworks Ltd. | 158 | 5,336 | ||||||||||
Kotak Mahindra Bank Ltd.* | 2,418 | 62,268 | ||||||||||
Larsen & Toubro Infotech Ltd., 144A | 225 | 9,724 | ||||||||||
Larsen & Toubro Ltd. | 2,152 | 32,616 | ||||||||||
Lupin Ltd. | 1,353 | 16,293 | ||||||||||
Mahindra & Mahindra Ltd. | 3,303 | 32,202 | ||||||||||
Marico Ltd. | 2,701 | 13,411 | ||||||||||
Maruti Suzuki India Ltd. | 519 | 49,308 | ||||||||||
Motherson Sumi Systems Ltd. | 9,073 | 18,138 | ||||||||||
Nestle India Ltd. | 143 | 34,543 | ||||||||||
NTPC Ltd. | 18,894 | 24,161 | ||||||||||
Oil & Natural Gas Corp. Ltd. | 12,131 | 12,859 | ||||||||||
Page Industries Ltd. | 15 | 4,609 | ||||||||||
Petronet LNG Ltd. | 3,652 | 12,390 | ||||||||||
PI Industries Ltd. | 518 | 15,447 | ||||||||||
Pidilite Industries Ltd. | 786 | 16,372 |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
India (Continued) | ||||||||||||
Power Grid Corp. of India Ltd. | 8,381 | $ | 21,774 | |||||||||
Reliance Industries Ltd. | 12,049 | 313,980 | ||||||||||
SBI Life Insurance Co. Ltd., 144A* | 1,454 | 16,611 | ||||||||||
Shree Cement Ltd. | 32 | 10,503 | ||||||||||
Shriram Transport Finance Co. Ltd. | 903 | 13,049 | ||||||||||
Siemens Ltd. | 20 | 409 | ||||||||||
State Bank of India* | 8,408 | 27,731 | ||||||||||
Sun Pharmaceutical Industries Ltd. | 3,538 | 24,444 | ||||||||||
Tata Consultancy Services Ltd. | 3,906 | 141,335 | ||||||||||
Tata Consumer Products Ltd. | 2,120 | 15,401 | ||||||||||
Tata Motors Ltd.* | 7,221 | 17,585 | ||||||||||
Tata Steel Ltd. | 3,005 | 23,427 | ||||||||||
Tech Mahindra Ltd. | 2,583 | 30,584 | ||||||||||
Titan Co. Ltd. | 1,329 | 24,428 | ||||||||||
Torrent Pharmaceuticals Ltd. | 248 | 8,757 | ||||||||||
UltraTech Cement Ltd. | 406 | 26,326 | ||||||||||
United Spirits Ltd.* | 1,528 | 11,315 | ||||||||||
UPL Ltd. | 2,430 | 13,706 | ||||||||||
Vedanta Ltd. | 9,028 | 14,720 | ||||||||||
Wipro Ltd. | 4,873 | 23,063 | ||||||||||
Zee Entertainment Enterprises Ltd. | 4,114 | 10,708 | ||||||||||
|
| |||||||||||
(Cost $2,598,405) | 2,783,150 | |||||||||||
|
| |||||||||||
Indonesia — 0.4% | ||||||||||||
PT Adaro Energy Tbk | 25,514 | 2,512 | ||||||||||
PT Astra International Tbk | 86,595 | 32,504 | ||||||||||
PT Bank Central Asia Tbk | 41,619 | 91,447 | ||||||||||
PT Bank Mandiri Persero Tbk | 85,456 | 38,280 | ||||||||||
PT Bank Negara Indonesia Persero Tbk | 31,458 | 13,367 | ||||||||||
PT Bank Rakyat Indonesia Persero Tbk | 239,866 | 69,479 | ||||||||||
PT Barito Pacific Tbk* | 108,049 | 8,035 | ||||||||||
PT Charoen Pokphand Indonesia Tbk | 34,994 | 15,056 | ||||||||||
PT Gudang Garam Tbk* | 3,725 | 11,146 | ||||||||||
PT Indah Kiat Pulp & Paper Corp. Tbk | 15,707 | 9,650 | ||||||||||
PT Indofood CBP Sukses Makmur Tbk | 11,497 | 8,061 | ||||||||||
PT Indofood Sukses Makmur Tbk | 15,525 | 7,806 | ||||||||||
PT Kalbe Farma Tbk | 96,497 | 10,285 | ||||||||||
PT Perusahaan Gas Negara Tbk | 75,585 | 7,441 | ||||||||||
PT Semen Indonesia Persero Tbk | 17,479 | 14,483 | ||||||||||
PT Telekomunikasi Indonesia Persero Tbk | 223,138 | 51,044 | ||||||||||
PT Unilever Indonesia Tbk | 35,577 | 19,464 | ||||||||||
PT United Tractors Tbk | 8,509 | 13,860 | ||||||||||
|
| |||||||||||
(Cost $395,006) | 423,920 | |||||||||||
|
| |||||||||||
Ireland — 0.7% | ||||||||||||
CRH PLC | 3,256 | 127,470 | ||||||||||
DCC PLC | 462 | 34,996 | ||||||||||
Experian PLC | 4,115 | 145,157 | ||||||||||
Flutter Entertainment PLC* | 450 | 83,470 | ||||||||||
Flutter Entertainment PLC* | 170 | 31,060 | ||||||||||
James Hardie Industries PLC CDI* | 1,875 | 54,297 | ||||||||||
Kerry Group PLC, Class A | 723 | 101,250 | ||||||||||
Kingspan Group PLC* | 700 | 61,080 | ||||||||||
Smurfit Kappa Group PLC | 929 | 39,495 | ||||||||||
|
| |||||||||||
(Cost $494,149) | 678,275 | |||||||||||
|
|
Number | Value | |||||||||||
Isle of Man — 0.0% | ||||||||||||
GVC Holdings PLC* | 2,838 | $ | 39,178 | |||||||||
|
| |||||||||||
Israel — 0.4% | ||||||||||||
Azrieli Group Ltd. | 183 | 11,175 | ||||||||||
Bank Hapoalim BM* | 4,882 | 31,982 | ||||||||||
Bank Leumi Le-Israel BM | 4,006 | 22,501 | ||||||||||
Check Point Software Technologies Ltd.* | 529 | 62,253 | ||||||||||
CyberArk Software Ltd.* | 161 | 18,494 | ||||||||||
Elbit Systems Ltd. | 101 | 12,931 | ||||||||||
ICL Group Ltd. | 2,896 | 13,745 | ||||||||||
Israel Discount Bank Ltd., Class A | 6,204 | 21,006 | ||||||||||
Mizrahi Tefahot Bank Ltd. | 590 | 12,603 | ||||||||||
Nice Ltd.* | 269 | 64,674 | ||||||||||
Teva Pharmaceutical Industries Ltd., ADR* | 4,670 | 44,411 | ||||||||||
Wix.com Ltd.* | 225 | 57,472 | ||||||||||
|
| |||||||||||
(Cost $413,379) | 373,247 | |||||||||||
|
| |||||||||||
Italy — 1.3% | ||||||||||||
Amplifon SpA* | 505 | 20,222 | ||||||||||
Assicurazioni Generali SpA | 4,795 | 81,906 | ||||||||||
Atlantia SpA* | 2,172 | 39,589 | ||||||||||
Davide Campari-Milano NV | 2,530 | 29,256 | ||||||||||
DiaSorin SpA | 106 | 22,330 | ||||||||||
Enel SpA | 34,609 | 345,542 | ||||||||||
Eni SpA | 11,370 | 112,611 | ||||||||||
Ferrari NV | 536 | 113,040 | ||||||||||
FinecoBank Banca Fineco SpA* | 2,727 | 42,727 | ||||||||||
Infrastrutture Wireless Italiane SpA, 144A | 537 | 6,912 | ||||||||||
Intesa Sanpaolo SpA* | 72,326 | 166,112 | ||||||||||
Mediobanca Banca di Credito Finanziario SpA* | 3,143 | 28,021 | ||||||||||
Moncler SpA* | 739 | 36,283 | ||||||||||
Nexi SpA, 144A* | 1,896 | 35,734 | ||||||||||
Poste Italiane SpA, 144A | 2,737 | 27,895 | ||||||||||
Prysmian SpA | 1,116 | 36,515 | ||||||||||
Recordati Industria Chimica e Farmaceutica SpA | 470 | 25,021 | ||||||||||
Snam SpA | 9,798 | 54,967 | ||||||||||
Telecom Italia SpA | 37,920 | 17,754 | ||||||||||
Telecom Italia SpA-RSP | 15,663 | 7,950 | ||||||||||
Terna Rete Elettrica Nazionale SpA | 6,320 | 47,284 | ||||||||||
UniCredit SpA* | 8,990 | 92,685 | ||||||||||
|
| |||||||||||
(Cost $1,312,755) | 1,390,356 | |||||||||||
|
| |||||||||||
Japan — 15.8% | ||||||||||||
ABC-Mart, Inc. | 200 | 10,421 | ||||||||||
Acom Co. Ltd. | 1,700 | 8,158 | ||||||||||
Advantest Corp. | 1,000 | 69,540 | ||||||||||
Aeon Co. Ltd. | 2,800 | 83,276 | ||||||||||
Aeon Mall Co. Ltd. | 500 | 8,022 | ||||||||||
AGC, Inc. | 800 | 26,628 | ||||||||||
Air Water, Inc. | 1,000 | 16,485 | ||||||||||
Aisin Seiki Co. Ltd. | 800 | 23,716 | ||||||||||
Ajinomoto Co., Inc. | 1,500 | 31,329 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
Japan (Continued) | ||||||||||||
Alfresa Holdings Corp. | 900 | $ | 18,017 | |||||||||
Amada Co. Ltd. | 1,100 | 10,600 | ||||||||||
ANA Holdings, Inc.*(b) | 600 | 14,468 | ||||||||||
Asahi Group Holdings Ltd. | 1,600 | 61,870 | ||||||||||
Asahi Intecc Co. Ltd. | 1,000 | 36,638 | ||||||||||
Asahi Kasei Corp. | 5,500 | 50,422 | ||||||||||
Astellas Pharma, Inc. | 7,600 | 107,994 | ||||||||||
Azbil Corp. | 500 | 22,438 | ||||||||||
Bandai Namco Holdings, Inc. | 900 | 82,155 | ||||||||||
Bank of Kyoto Ltd. | 200 | 9,981 | ||||||||||
Bridgestone Corp. | 2,200 | 76,789 | ||||||||||
Brother Industries Ltd. | 919 | 17,605 | ||||||||||
Calbee, Inc. | 300 | 8,865 | ||||||||||
Canon, Inc. | 4,300 | 76,341 | ||||||||||
Capcom Co. Ltd. | 400 | 22,529 | ||||||||||
Casio Computer Co. Ltd. | 700 | 12,572 | ||||||||||
Central Japan Railway Co. | 500 | 63,697 | ||||||||||
Chiba Bank Ltd. | 2,100 | 11,908 | ||||||||||
Chubu Electric Power Co., Inc. | 2,900 | 34,931 | ||||||||||
Chugai Pharmaceutical Co. Ltd. | 2,864 | 138,372 | ||||||||||
Chugoku Electric Power Co., Inc. | 1,200 | 15,253 | ||||||||||
Coca-Cola Bottlers Japan Holdings, Inc. (b) | 600 | 9,230 | ||||||||||
Concordia Financial Group Ltd. | 3,900 | 13,859 | ||||||||||
Cosmos Pharmaceutical Corp. | 100 | 17,241 | ||||||||||
CyberAgent, Inc. | 300 | 20,546 | ||||||||||
Dai Nippon Printing Co. Ltd. | 1,000 | 18,736 | ||||||||||
Daifuku Co. Ltd. | 500 | 57,950 | ||||||||||
Dai-ichi Life Holdings, Inc. | 4,600 | 72,459 | ||||||||||
Daiichi Sankyo Co. Ltd. | 7,126 | 252,140 | ||||||||||
Daikin Industries Ltd. | 1,013 | 229,623 | ||||||||||
Daito Trust Construction Co. Ltd. | 300 | 29,425 | ||||||||||
Daiwa House Industry Co. Ltd. | 2,171 | 66,544 | ||||||||||
Daiwa House REIT Investment Corp. REIT | 11 | 26,478 | ||||||||||
Daiwa Securities Group, Inc. | 4,000 | 17,398 | ||||||||||
Denso Corp. | 1,900 | 89,704 | ||||||||||
Dentsu Group, Inc. | 900 | 29,310 | ||||||||||
Disco Corp. | 100 | 31,849 | ||||||||||
East Japan Railway Co. | 1,270 | 78,925 | ||||||||||
Eisai Co. Ltd. | 1,000 | 75,546 | ||||||||||
ENEOS Holdings, Inc. | 10,893 | 37,406 | ||||||||||
FANUC Corp. | 825 | 200,442 | ||||||||||
Fast Retailing Co. Ltd. | 258 | 212,380 | ||||||||||
Fuji Electric Co. Ltd. | 600 | 21,322 | ||||||||||
FUJIFILM Holdings Corp. | 1,400 | 75,431 | ||||||||||
Fujitsu Ltd. | 900 | 125,043 | ||||||||||
Fukuoka Financial Group, Inc. | 800 | 14,276 | ||||||||||
GLP J REIT | 18 | 27,224 | ||||||||||
GMO Payment Gateway, Inc. | 200 | 28,046 | ||||||||||
Hakuhodo DY Holdings, Inc. | 1,200 | 17,356 | ||||||||||
Hamamatsu Photonics KK | 600 | 33,736 | ||||||||||
Hankyu Hanshin Holdings, Inc. | 1,100 | 35,929 | ||||||||||
Harmonic Drive Systems, Inc. | 100 | 7,979 | ||||||||||
Hikari Tsushin, Inc. | 100 | 24,013 | ||||||||||
Hino Motors Ltd. | 1,000 | 8,669 | ||||||||||
Hirose Electric Co. Ltd. | 105 | 14,845 |
Number | Value | |||||||||||
Japan (Continued) | ||||||||||||
Hisamitsu Pharmaceutical Co., Inc. | 300 | $ | 17,586 | |||||||||
Hitachi Construction Machinery Co. Ltd. | 300 | 8,307 | ||||||||||
Hitachi Ltd. | 3,741 | 142,115 | ||||||||||
Hitachi Metals Ltd. | 1,148 | 16,857 | ||||||||||
Honda Motor Co. Ltd. | 6,743 | 185,465 | ||||||||||
Hoshizaki Corp. | 178 | 17,612 | ||||||||||
Hoya Corp. | 1,578 | 210,249 | ||||||||||
Hulic Co. Ltd. | 1,300 | 13,162 | ||||||||||
Ibiden Co. Ltd. | 400 | 18,736 | ||||||||||
Idemitsu Kosan Co. Ltd. | 1,032 | 21,490 | ||||||||||
Iida Group Holdings Co. Ltd. | 500 | 10,048 | ||||||||||
Inpex Corp. | 3,000 | 16,782 | ||||||||||
Isuzu Motors Ltd. | 2,300 | 22,427 | ||||||||||
Ito En Ltd. | 200 | 15,441 | ||||||||||
ITOCHU Corp. | 6,000 | 158,534 | ||||||||||
Itochu Techno-Solutions Corp. | 400 | 14,119 | ||||||||||
Japan Airlines Co. Ltd.* | 500 | 9,468 | ||||||||||
Japan Airport Terminal Co. Ltd. | 200 | 11,648 | ||||||||||
Japan Exchange Group, Inc. | 1,900 | 47,018 | ||||||||||
Japan Post Bank Co. Ltd. | 1,800 | 14,172 | ||||||||||
Japan Post Holdings Co. Ltd. | 5,699 | 42,180 | ||||||||||
Japan Post Insurance Co. Ltd. | 1,100 | 18,333 | ||||||||||
Japan Real Estate Investment Corp. REIT | 7 | 36,341 | ||||||||||
Japan Retail Fund Investment Corp. REIT | 7 | 11,164 | ||||||||||
Japan Tobacco, Inc. | 4,688 | 95,197 | ||||||||||
JFE Holdings, Inc.* | 1,700 | 15,567 | ||||||||||
JSR Corp. | 800 | 22,107 | ||||||||||
Kajima Corp. | 1,800 | 23,672 | ||||||||||
Kakaku.com, Inc. | 500 | 14,028 | ||||||||||
Kansai Electric Power Co., Inc. | 2,900 | 26,536 | ||||||||||
Kansai Paint Co. Ltd. | 800 | 24,253 | ||||||||||
Kao Corp. | 1,811 | 135,443 | ||||||||||
KDDI Corp. | 6,900 | 197,119 | ||||||||||
Keihan Holdings Co. Ltd. | 600 | 28,247 | ||||||||||
Keikyu Corp. | 1,100 | 18,829 | ||||||||||
Keio Corp. | 500 | 35,489 | ||||||||||
Keisei Electric Railway Co. Ltd. | 500 | 16,786 | ||||||||||
Keyence Corp. | 800 | 408,352 | ||||||||||
Kikkoman Corp. | 700 | 43,515 | ||||||||||
Kintetsu Group Holdings Co. Ltd. | 800 | 35,479 | ||||||||||
Kirin Holdings Co. Ltd. | 3,500 | 76,219 | ||||||||||
Kobayashi Pharmaceutical Co. Ltd. | 200 | 24,042 | ||||||||||
Kobe Bussan Co. Ltd. | 400 | 13,946 | ||||||||||
Koito Manufacturing Co. Ltd. | 400 | 24,061 | ||||||||||
Komatsu Ltd. | 3,900 | 94,885 | ||||||||||
Konami Holdings Corp. | 400 | 20,958 | ||||||||||
Kose Corp. | 200 | 30,536 | ||||||||||
Kubota Corp. | 4,300 | 85,279 | ||||||||||
Kuraray Co. Ltd. | 1,500 | 14,885 | ||||||||||
Kurita Water Industries Ltd. | 400 | 14,751 | ||||||||||
Kyocera Corp. | 1,184 | 67,626 | ||||||||||
Kyowa Kirin Co. Ltd. | 1,000 | 27,155 | ||||||||||
Kyushu Electric Power Co., Inc. | 1,700 | 14,346 | ||||||||||
Kyushu Railway Co. | 700 | 14,738 | ||||||||||
Lasertec Corp. | 300 | 31,609 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
Japan (Continued) | ||||||||||||
Lawson, Inc. | 300 | $ | 13,592 | |||||||||
LINE Corp.* | 200 | 10,307 | ||||||||||
Lion Corp. (b) | 1,032 | 24,396 | ||||||||||
LIXIL Group Corp. | 1,500 | 35,991 | ||||||||||
M3, Inc. | 1,842 | 169,767 | ||||||||||
Makita Corp. | 1,000 | 51,724 | ||||||||||
Marubeni Corp. | 6,900 | 40,217 | ||||||||||
Marui Group Co. Ltd. | 900 | 16,431 | ||||||||||
Mazda Motor Corp. | 2,200 | 13,002 | ||||||||||
McDonald’s Holdings Co. Japan Ltd. | 300 | 14,569 | ||||||||||
Medipal Holdings Corp. | 865 | 16,264 | ||||||||||
MEIJI Holdings Co. Ltd. | 500 | 35,345 | ||||||||||
Mercari, Inc.* | 400 | 18,314 | ||||||||||
MINEBEA MITSUMI, Inc. | 1,600 | 33,318 | ||||||||||
MISUMI Group, Inc. | 1,500 | 47,055 | ||||||||||
Mitsubishi Chemical Holdings Corp. | 5,300 | 29,318 | ||||||||||
Mitsubishi Corp. | 5,644 | 131,531 | ||||||||||
Mitsubishi Electric Corp. | 7,700 | 113,103 | ||||||||||
Mitsubishi Estate Co. Ltd. | 4,800 | 82,943 | ||||||||||
Mitsubishi Gas Chemical Co., Inc. | 600 | 12,724 | ||||||||||
Mitsubishi Heavy Industries Ltd. | 1,500 | 33,786 | ||||||||||
Mitsubishi UFJ Financial Group, Inc. | 47,300 | 203,200 | ||||||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 1,500 | 6,882 | ||||||||||
Mitsui & Co. Ltd. | 6,400 | 109,119 | ||||||||||
Mitsui Chemicals, Inc. | 800 | 22,475 | ||||||||||
Mitsui Fudosan Co. Ltd. | 3,700 | 77,314 | ||||||||||
Miura Co. Ltd. | 400 | 21,034 | ||||||||||
Mizuho Financial Group, Inc. | 10,750 | 136,692 | ||||||||||
MonotaRO Co. Ltd. | 600 | 36,609 | ||||||||||
MS&AD Insurance Group Holdings, Inc. | 1,700 | 49,421 | ||||||||||
Murata Manufacturing Co. Ltd. | 2,300 | 201,118 | ||||||||||
Nabtesco Corp. | 200 | 8,257 | ||||||||||
Nagoya Railroad Co. Ltd. | 800 | 22,008 | ||||||||||
NEC Corp. | 1,100 | 59,320 | ||||||||||
Nexon Co. Ltd. | 1,960 | 59,232 | ||||||||||
NGK Insulators Ltd. | 1,000 | 15,891 | ||||||||||
NGK Spark Plug Co. Ltd. | 800 | 14,490 | ||||||||||
NH Foods Ltd. | 500 | 21,336 | ||||||||||
Nidec Corp. | 1,900 | 242,141 | ||||||||||
Nihon M&A Center, Inc. | 700 | 48,946 | ||||||||||
Nintendo Co. Ltd. | 520 | 295,165 | ||||||||||
Nippon Building Fund, Inc. REIT | 7 | 38,688 | ||||||||||
Nippon Express Co. Ltd. | 300 | 20,057 | ||||||||||
Nippon Paint Holdings Co. Ltd. | 700 | 89,646 | ||||||||||
Nippon Prologis REIT, Inc. REIT (b) | 10 | 31,370 | ||||||||||
Nippon Sanso Holdings Corp. | 500 | 8,352 | ||||||||||
Nippon Shinyaku Co. Ltd. | 200 | 14,291 | ||||||||||
Nippon Steel Corp.* | 3,610 | 44,140 | ||||||||||
Nippon Telegraph & Telephone Corp. | 5,600 | 132,222 | ||||||||||
Nippon Yusen KK | 800 | 17,441 | ||||||||||
Nissan Chemical Corp. | 600 | 35,862 | ||||||||||
Nissan Motor Co. Ltd.* | 10,000 | 47,174 | ||||||||||
Nisshin Seifun Group, Inc. | 850 | 13,817 | ||||||||||
Nissin Foods Holdings Co. Ltd. | 215 | 17,752 | ||||||||||
Nitori Holdings Co. Ltd. | 301 | 64,092 | ||||||||||
Nitto Denko Corp. | 700 | 57,931 |
Number | Value | |||||||||
Japan (Continued) | ||||||||||
Nomura Holdings, Inc. | 12,500 | $ | 62,739 | |||||||
Nomura Real Estate Holdings, Inc. | 600 | 12,989 | ||||||||
Nomura Real Estate Master Fund, Inc. REIT | 15 | 19,540 | ||||||||
Nomura Research Institute Ltd. | 1,456 | 49,161 | ||||||||
NSK Ltd. | 1,800 | 14,569 | ||||||||
NTT Data Corp. | 2,700 | 35,897 | ||||||||
Obayashi Corp. | 2,400 | 21,149 | ||||||||
Obic Co. Ltd. | 300 | 67,443 | ||||||||
Odakyu Electric Railway Co. Ltd. | 1,500 | 45,474 | ||||||||
Oji Holdings Corp. | 4,122 | 18,715 | ||||||||
Olympus Corp. | 4,800 | 103,747 | ||||||||
Omron Corp. | 900 | 81,293 | ||||||||
Ono Pharmaceutical Co. Ltd. | 1,800 | 56,948 | ||||||||
Oracle Corp. | 200 | 22,165 | ||||||||
Oriental Land Co. Ltd. | 825 | 140,384 | ||||||||
ORIX Corp. | 6,000 | 89,253 | ||||||||
Orix JREIT, Inc. REIT | 12 | 17,931 | ||||||||
Osaka Gas Co. Ltd. | 1,308 | 25,108 | ||||||||
Otsuka Corp. | 508 | 24,621 | ||||||||
Otsuka Holdings Co. Ltd. | 1,583 | 64,321 | ||||||||
Pan Pacific International Holdings Corp. | 1,600 | 37,808 | ||||||||
Panasonic Corp. | 8,400 | 89,511 | ||||||||
PeptiDream, Inc.* | 500 | 25,479 | ||||||||
Persol Holdings Co. Ltd. | 500 | 9,157 | ||||||||
Pigeon Corp. | 600 | 26,782 | ||||||||
Pola Orbis Holdings, Inc. (b) | 400 | 7,989 | ||||||||
Rakuten, Inc. | 3,600 | 40,310 | ||||||||
Recruit Holdings Co. Ltd. | 5,500 | 231,801 | ||||||||
Renesas Electronics Corp.* | 3,600 | 32,000 | ||||||||
Resona Holdings, Inc. | 9,200 | 32,226 | ||||||||
Ricoh Co. Ltd. | 2,800 | 18,693 | ||||||||
Rinnai Corp. | 200 | 23,333 | ||||||||
Rohm Co. Ltd. | 400 | 33,372 | ||||||||
Ryohin Keikaku Co. Ltd. | 1,150 | 23,650 | ||||||||
Santen Pharmaceutical Co. Ltd. | 1,600 | 26,590 | ||||||||
SBI Holdings, Inc. | 1,317 | 35,700 | ||||||||
SCSK Corp. | 300 | 17,902 | ||||||||
Secom Co. Ltd. | 800 | 79,655 | ||||||||
Sega Sammy Holdings, Inc. | 700 | 9,836 | ||||||||
Seibu Holdings, Inc. | 400 | 3,966 | ||||||||
Seiko Epson Corp. | 1,500 | 22,371 | ||||||||
Sekisui Chemical Co. Ltd. | 1,800 | 31,086 | ||||||||
Sekisui House Ltd. | 2,800 | 50,368 | ||||||||
Seven & i Holdings Co. Ltd. | 2,687 | 85,268 | ||||||||
SG Holdings Co. Ltd. | 1,400 | 41,839 | ||||||||
Sharp Corp. (b) | 900 | 12,069 | ||||||||
Shimadzu Corp. | 1,200 | 43,161 | ||||||||
Shimamura Co. Ltd. | 100 | 10,345 | ||||||||
Shimano, Inc. | 353 | 83,652 | ||||||||
Shimizu Corp. | 2,500 | 18,989 | ||||||||
Shin-Etsu Chemical Co. Ltd. | 1,455 | 238,807 | ||||||||
Shinsei Bank Ltd. | 456 | 5,425 | ||||||||
Shionogi & Co. Ltd. | 1,209 | 64,770 | ||||||||
Shiseido Co. Ltd. | 1,806 | 127,320 | ||||||||
Shizuoka Bank Ltd. | 1,800 | 12,793 | ||||||||
SMC Corp. | 252 | 160,083 |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||
Japan (Continued) | ||||||||||
SoftBank Corp. | 12,300 | $ | 151,335 | |||||||
SoftBank Group Corp. | 6,700 | 466,690 | ||||||||
Sohgo Security Services Co. Ltd. | 400 | 21,418 | ||||||||
Sompo Holdings, Inc. | 1,300 | 49,933 | ||||||||
Sony Corp. | 5,300 | 492,636 | ||||||||
Square Enix Holdings Co. Ltd. | 400 | 24,559 | ||||||||
Stanley Electric Co. Ltd. | 800 | 23,525 | ||||||||
Subaru Corp. | 1,900 | 37,727 | ||||||||
SUMCO Corp. | 600 | 12,149 | ||||||||
Sumitomo Chemical Co. Ltd. | 6,800 | 24,100 | ||||||||
Sumitomo Corp. | 5,000 | 61,614 | ||||||||
Sumitomo Dainippon Pharma Co. Ltd. | 1,000 | 12,672 | ||||||||
Sumitomo Electric Industries Ltd. | 2,800 | 32,023 | ||||||||
Sumitomo Metal Mining Co. Ltd. | 900 | 33,509 | ||||||||
Sumitomo Mitsui Financial Group, Inc. | 5,400 | 156,828 | ||||||||
Sumitomo Mitsui Trust Holdings, Inc. | 1,610 | 47,051 | ||||||||
Sumitomo Realty & Development Co. Ltd. | 1,539 | 50,194 | ||||||||
Sundrug Co. Ltd. | 400 | 16,782 | ||||||||
Suntory Beverage & Food Ltd. | 700 | 25,580 | ||||||||
Suzuken Co. Ltd. | 400 | 15,287 | ||||||||
Suzuki Motor Corp. | 1,600 | 85,885 | ||||||||
Sysmex Corp. | 700 | 73,285 | ||||||||
T&D Holdings, Inc. | 2,600 | 30,358 | ||||||||
Taiheiyo Cement Corp. | 600 | 16,126 | ||||||||
Taisei Corp. | 900 | 31,810 | ||||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 100 | 6,360 | ||||||||
Takeda Pharmaceutical Co. Ltd. | 6,587 | 236,287 | ||||||||
TDK Corp. | 600 | 84,598 | ||||||||
Teijin Ltd. | 600 | 10,253 | ||||||||
Terumo Corp. | 2,600 | 103,278 | ||||||||
THK Co. Ltd. | 700 | 21,624 | ||||||||
TIS, Inc. | 800 | 15,923 | ||||||||
Tobu Railway Co. Ltd. | 692 | 20,747 | ||||||||
Toho Co. Ltd. | 500 | 21,169 | ||||||||
Toho Gas Co. Ltd. | 400 | 26,169 | ||||||||
Tohoku Electric Power Co., Inc. | 1,700 | 14,248 | ||||||||
Tokio Marine Holdings, Inc. | 2,734 | 135,914 | ||||||||
Tokyo Century Corp. | 200 | 13,238 | ||||||||
Tokyo Electric Power Co. Holdings, Inc.* | 6,500 | 16,935 | ||||||||
Tokyo Electron Ltd. | 598 | 203,171 | ||||||||
Tokyo Gas Co. Ltd. | 1,700 | 38,177 | ||||||||
Tokyu Corp. | 1,900 | 23,058 | ||||||||
Tokyu Fudosan Holdings Corp. | 2,600 | 12,602 | ||||||||
Toppan Printing Co. Ltd. | 1,500 | 20,474 | ||||||||
Toray Industries, Inc. | 5,700 | 30,908 | ||||||||
Toshiba Corp. | 1,851 | 51,807 | ||||||||
Tosoh Corp. | �� | 300 | 4,730 | |||||||
TOTO Ltd. | 640 | 36,230 | ||||||||
Toyo Suisan Kaisha Ltd. | 400 | 19,655 | ||||||||
Toyoda Gosei Co. Ltd. | 100 | 2,713 | ||||||||
Toyota Industries Corp. | 700 | 50,556 | ||||||||
Toyota Motor Corp. | 8,784 | 588,881 | ||||||||
Toyota Tsusho Corp. | 1,000 | 34,579 | ||||||||
Trend Micro, Inc. | 600 | 32,586 |
Number | Value | |||||||||||
Japan (Continued) | ||||||||||||
Tsuruha Holdings, Inc. | 200 | $ | 29,272 | |||||||||
Unicharm Corp. | 1,905 | 92,385 | ||||||||||
United Urban Investment Corp. REIT (b) | 12 | 13,563 | ||||||||||
USS Co. Ltd. | 1,100 | 23,011 | ||||||||||
Welcia Holdings Co. Ltd. | 400 | 16,073 | ||||||||||
West Japan Railway Co. | 800 | 36,506 | ||||||||||
Yakult Honsha Co. Ltd. | 500 | 23,827 | ||||||||||
Yamada Holdings Co. Ltd. | 2,576 | 12,238 | ||||||||||
Yamaha Corp. | 700 | 39,962 | ||||||||||
Yamaha Motor Co. Ltd. | 1,300 | 25,029 | ||||||||||
Yamato Holdings Co. Ltd. | 1,400 | 35,362 | ||||||||||
Yamazaki Baking Co. Ltd. (b) | 500 | 8,295 | ||||||||||
Yaskawa Electric Corp. | 1,200 | 57,816 | ||||||||||
Yokogawa Electric Corp. | 961 | 16,974 | ||||||||||
Z Holdings Corp. | 11,200 | 70,483 | ||||||||||
ZOZO, Inc. | 433 | 10,800 | ||||||||||
|
| |||||||||||
(Cost $13,003,591) | 16,363,266 | |||||||||||
|
| |||||||||||
Jordan — 0.0% | ||||||||||||
Hikma Pharmaceuticals PLC | ||||||||||||
(Cost $23,325) | 716 | 24,894 | ||||||||||
|
| |||||||||||
Kuwait — 0.1% | ||||||||||||
Agility Public Warehousing Co. KSC | 100 | 210 | ||||||||||
Kuwait Finance House KSCP | 19,907 | 44,260 | ||||||||||
Mobile Telecommunications Co. KSC | 11,344 | 21,549 | ||||||||||
National Bank of Kuwait SAKP | 28,000 | 76,900 | ||||||||||
|
| |||||||||||
(Cost $143,113) | 142,919 | |||||||||||
|
| |||||||||||
Luxembourg — 0.2% | ||||||||||||
ArcelorMittal SA* | 2,762 | 50,573 | ||||||||||
Aroundtown SA* | 4,186 | 29,051 | ||||||||||
Eurofins Scientific SE* | 660 | 53,582 | ||||||||||
Reinet Investments SCA | 608 | 10,829 | ||||||||||
SES SA | 1,646 | 14,973 | ||||||||||
Tenaris SA | 2,102 | 16,263 | ||||||||||
|
| |||||||||||
(Cost $209,428) | 175,271 | |||||||||||
|
| |||||||||||
Macau — 0.1% | ||||||||||||
Sands China Ltd. | 8,904 | 36,530 | ||||||||||
Wynn Macau Ltd.* | 7,884 | 13,447 | ||||||||||
|
| |||||||||||
(Cost $58,686) | 49,977 | |||||||||||
|
| |||||||||||
Malaysia — 0.5% | ||||||||||||
AMMB Holdings Bhd | 6,287 | 5,123 | ||||||||||
Axiata Group Bhd | 13,276 | 11,568 | ||||||||||
CIMB Group Holdings Bhd | 20,713 | 18,456 | ||||||||||
Dialog Group Bhd | 16,100 | 14,227 | ||||||||||
DiGi.Com Bhd | 21,544 | 21,153 | ||||||||||
Fraser & Neave Holdings Bhd | 800 | 6,374 | ||||||||||
Gamuda Bhd | 13,475 | 11,808 | ||||||||||
Genting Bhd | 16,200 | 16,144 | ||||||||||
Genting Plantations Bhd | 1,000 | 2,332 | ||||||||||
HAP Seng Consolidated Bhd | 2,069 | 4,190 | ||||||||||
Hartalega Holdings Bhd | 9,900 | 34,993 | ||||||||||
Hong Leong Bank Bhd | 5,082 | 21,431 | ||||||||||
Hong Leong Financial Group Bhd | 1,753 | 7,057 | ||||||||||
IHH Healthcare Bhd | 7,891 | 10,885 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||
Malaysia (Continued) | ||||||||||
IOI Corp. Bhd | 12,200 | $ | 13,086 | |||||||
Kossan Rubber Industries | 4,200 | 6,423 | ||||||||
Kuala Lumpur Kepong Bhd | 1,320 | 7,614 | ||||||||
Malayan Banking Bhd | 15,807 | 30,652 | ||||||||
Maxis Bhd | 13,500 | 16,237 | ||||||||
MISC Bhd | 6,700 | 11,167 | ||||||||
Nestle Malaysia Bhd | 300 | 9,867 | ||||||||
Petronas Chemicals Group Bhd | 9,057 | 14,272 | ||||||||
Petronas Dagangan Bhd | 1,500 | 7,644 | ||||||||
Petronas Gas Bhd | 1,941 | 8,652 | ||||||||
PPB Group Bhd | 1,840 | 8,401 | ||||||||
Press Metal Aluminium Holdings Bhd | 5,500 | 9,450 | ||||||||
Public Bank Bhd | 13,300 | 56,804 | ||||||||
QL Resources Bhd | 7,800 | 12,177 | ||||||||
RHB Bank Bhd | 6,800 | 8,596 | ||||||||
Sime Darby Plantation Bhd | 13,111 | 15,769 | ||||||||
Supermax Corp. Bhd* | 6,500 | 14,519 | ||||||||
Telekom Malaysia Bhd | 4,400 | 5,443 | ||||||||
Tenaga Nasional Bhd | 10,500 | 25,979 | ||||||||
Top Glove Corp. Bhd | 19,800 | 34,604 | ||||||||
Westports Holdings Bhd | 12,000 | 12,666 | ||||||||
|
| |||||||||
(Cost $498,495) | 515,763 | |||||||||
|
| |||||||||
Mexico — 0.5% | ||||||||||
Alfa SAB de CV, Class A | 10,471 | 8,243 | ||||||||
America Movil SAB de CV, Series L | 151,113 | 113,053 | ||||||||
Arca Continental SAB de CV | 1,756 | 8,569 | ||||||||
Becle SAB de CV | 3,953 | 9,269 | ||||||||
Cemex SAB de CV, Series CPO | 65,240 | 29,698 | ||||||||
Coca-Cola Femsa SAB de CV | 2,244 | 10,111 | ||||||||
Fibra Uno Administracion SA de CV REIT | 3,502 | 3,483 | ||||||||
Fomento Economico Mexicano SAB de CV | 8,788 | 63,463 | ||||||||
Gruma SAB de CV, Class B | 951 | 10,464 | ||||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B* | 1,707 | 17,477 | ||||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B* | 921 | 13,704 | ||||||||
Grupo Bimbo SAB de CV, Series A | 7,005 | 14,821 | ||||||||
Grupo Carso SAB de CV, Series A1 | 2,909 | 6,607 | ||||||||
Grupo Financiero Banorte SAB de CV, Class O* | 11,463 | 57,394 | ||||||||
Grupo Financiero Inbursa SAB de CV, Class O* | 18,420 | 17,982 | ||||||||
Grupo Mexico SAB de CV, Series B | 9,103 | 33,033 | ||||||||
Grupo Televisa SAB, Series CPO* | 10,662 | 17,103 | ||||||||
Industrias Penoles SAB de CV | 435 | 6,384 | ||||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 6,019 | 9,548 | ||||||||
Megacable Holdings SAB de CV, Series CPO | 1,900 | 6,915 | ||||||||
Orbia Advance Corp. SAB de CV | 8,561 | 17,524 | ||||||||
Wal-Mart de Mexico SAB de CV | 23,966 | 63,146 | ||||||||
|
| |||||||||
(Cost $645,813) | 537,991 | |||||||||
|
|
Number | Value | |||||||||
Netherlands — 2.9% | ||||||||||
ABN AMRO Bank NV, 144A* | 1,304 | $ | 13,455 | |||||||
Adyen NV, 144A* | 82 | 156,698 | ||||||||
Aegon NV | 6,439 | 24,087 | ||||||||
Akzo Nobel NV | 707 | 75,108 | ||||||||
Altice Europe NV* | 3,069 | 16,174 | ||||||||
Argenx SE* | 204 | 58,207 | ||||||||
ASML Holding NV | 1,843 | 799,897 | ||||||||
EXOR NV | 400 | 27,855 | ||||||||
Heineken Holding NV | 380 | 35,107 | ||||||||
Heineken NV | 1,032 | 108,970 | ||||||||
ING Groep NV* | 16,670 | 162,558 | ||||||||
Just Eat Takeaway.com NV, 144A* | 508 | 53,955 | ||||||||
Koninklijke Ahold Delhaize NV | 4,482 | 128,259 | ||||||||
Koninklijke DSM NV | 768 | 125,782 | ||||||||
Koninklijke KPN NV | 14,164 | 42,222 | ||||||||
Koninklijke Philips NV* | 3,832 | 198,199 | ||||||||
Koninklijke Vopak NV | 339 | 17,805 | ||||||||
NN Group NV | 1,252 | 50,852 | ||||||||
Prosus NV* | 2,114 | 229,070 | ||||||||
QIAGEN NV* | 1,062 | 51,192 | ||||||||
Randstad NV* | 429 | 26,610 | ||||||||
Royal Dutch Shell PLC, Class A | 17,936 | 303,962 | ||||||||
Royal Dutch Shell PLC, Class B | 15,563 | 256,070 | ||||||||
Wolters Kluwer NV | 1,206 | 101,132 | ||||||||
|
| |||||||||
(Cost $2,672,956) | 3,063,226 | |||||||||
|
| |||||||||
New Zealand — 0.2% | ||||||||||
a2 Milk Co. Ltd.* | 3,047 | 31,514 | ||||||||
Auckland International Airport Ltd.* | 4,344 | 23,698 | ||||||||
Fisher & Paykel Healthcare Corp. Ltd. | 2,494 | 62,817 | ||||||||
Mercury NZ Ltd. | 1,987 | 8,360 | ||||||||
Meridian Energy Ltd. | 5,861 | 26,425 | ||||||||
Ryman Healthcare Ltd. | 1,106 | 11,423 | ||||||||
Spark New Zealand Ltd. | 8,416 | 26,910 | ||||||||
Xero Ltd.* | 519 | 50,479 | ||||||||
|
| |||||||||
(Cost $163,686) | 241,626 | |||||||||
|
| |||||||||
Norway — 0.4% | ||||||||||
Adevinta ASA* | 1,204 | 19,868 | ||||||||
DNB ASA* | 3,688 | 66,809 | ||||||||
Equinor ASA | 4,442 | 70,006 | ||||||||
Gjensidige Forsikring ASA | 941 | 20,490 | ||||||||
Mowi ASA | 1,974 | 39,953 | ||||||||
Norsk Hydro ASA (b) | 6,256 | 25,317 | ||||||||
Orkla ASA | 3,814 | 36,528 | ||||||||
Schibsted ASA, Class B* | 497 | 18,101 | ||||||||
Telenor ASA | 3,341 | 56,880 | ||||||||
Yara International ASA | 483 | 19,535 | ||||||||
|
| |||||||||
(Cost $384,757) | 373,487 | |||||||||
|
| |||||||||
Peru — 0.1% | ||||||||||
Cia de Minas Buenaventura SAA, ADR*(b) | 907 | 10,068 | ||||||||
Credicorp Ltd. | 307 | 47,250 | ||||||||
Southern Copper Corp. | 352 | 20,898 | ||||||||
|
| |||||||||
(Cost $84,061) | 78,216 | |||||||||
|
|
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||
Philippines — 0.2% | ||||||||||
Aboitiz Equity Ventures, Inc. | 10,700 | $ | 9,391 | |||||||
Ayala Corp. | 1,340 | 22,951 | ||||||||
Ayala Land, Inc. | 43,800 | 34,617 | ||||||||
Bank of the Philippine Islands | 11,000 | 18,989 | ||||||||
BDO Unibank, Inc. | 9,350 | 20,088 | ||||||||
Globe Telecom, Inc. | 130 | 5,267 | ||||||||
International Container Terminal Services, Inc. | 7,870 | 19,118 | ||||||||
JG Summit Holdings, Inc. | 5,880 | 8,029 | ||||||||
Jollibee Foods Corp. | 3,270 | 12,854 | ||||||||
Manila Electric Co. | 870 | 5,096 | ||||||||
Metropolitan Bank & Trust Co. | 491 | 490 | ||||||||
PLDT, Inc. | 210 | 5,739 | ||||||||
Puregold Price Club, Inc. | 13,300 | 11,660 | ||||||||
SM Investments Corp. | 1,045 | 21,083 | ||||||||
SM Prime Holdings, Inc. | 46,800 | 35,042 | ||||||||
Universal Robina Corp. | 4,440 | 13,113 | ||||||||
|
| |||||||||
(Cost $227,020) | 243,527 | |||||||||
|
| |||||||||
Poland — 0.2% | ||||||||||
Allegro.eu SA, 144A* | 1,114 | 22,874 | ||||||||
Bank Polska Kasa Opieki SA* | 672 | 10,159 | ||||||||
CD Projekt SA* | 296 | 30,717 | ||||||||
Cyfrowy Polsat SA | 890 | 6,331 | ||||||||
Dino Polska SA, 144A* | 278 | 18,679 | ||||||||
KGHM Polska Miedz SA* | 578 | 22,945 | ||||||||
LPP SA* | 3 | 5,491 | ||||||||
Orange Polska SA* | 3,002 | 5,063 | ||||||||
PGE Polska Grupa Energetyczna SA* | 3,990 | 6,127 | ||||||||
Polski Koncern Naftowy ORLEN SA | 1,338 | 19,727 | ||||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 5,350 | 6,818 | ||||||||
Powszechna Kasa Oszczednosci Bank Polski SA* | 4,049 | 28,479 | ||||||||
Powszechny Zaklad Ubezpieczen SA* | 2,765 | 18,505 | ||||||||
|
| |||||||||
(Cost $195,227) | 201,915 | |||||||||
|
| |||||||||
Portugal — 0.1% | ||||||||||
EDP — Energias de Portugal SA | 11,649 | 62,085 | ||||||||
Galp Energia SGPS SA | 2,294 | 24,748 | ||||||||
Jeronimo Martins SGPS SA | 935 | 16,016 | ||||||||
|
| |||||||||
(Cost $94,408) | 102,849 | |||||||||
|
| |||||||||
Qatar — 0.2% | ||||||||||
Barwa Real Estate Co. | 8,950 | 8,113 | ||||||||
Commercial Bank PSQC | 8,970 | 10,714 | ||||||||
Industries Qatar QSC | 6,257 | 18,899 | ||||||||
Masraf Al Rayan QSC | 16,472 | 19,314 | ||||||||
Mesaieed Petrochemical Holding Co. | 20,910 | 12,006 | ||||||||
Qatar Electricity & Water Co. QSC | 1,690 | 8,348 | ||||||||
Qatar Fuel QSC | 1,750 | 8,890 | ||||||||
Qatar International Islamic Bank QSC | 4,987 | 12,152 | ||||||||
Qatar Islamic Bank SAQ | 4,957 | 22,677 | ||||||||
Qatar National Bank QPSC | 20,448 | 99,496 | ||||||||
|
| |||||||||
(Cost $187,307) | 220,609 | |||||||||
|
|
Number | Value | |||||||||||
Romania — 0.0% | ||||||||||||
NEPI Rockcastle PLC | ||||||||||||
(Cost $24,771) | 1,895 | $ | 9,640 | |||||||||
|
| |||||||||||
Russia — 0.8% | ||||||||||||
Alrosa PJSC | 11,998 | 13,824 | ||||||||||
Gazprom PJSC | 49,784 | 118,981 | ||||||||||
Inter RAO UES PJSC | 157,146 | 10,574 | ||||||||||
LUKOIL PJSC | 1,844 | 121,536 | ||||||||||
Magnit PJSC, GDR | 1,666 | 25,140 | ||||||||||
MMC Norilsk Nickel PJSC | 298 | 83,764 | ||||||||||
Mobile TeleSystems PJSC, ADR | 2,260 | 19,504 | ||||||||||
Moscow Exchange MICEX-RTS PJSC | 6,372 | 12,765 | ||||||||||
Novatek PJSC, GDR | 421 | 65,423 | ||||||||||
Novolipetskiy Metallurgicheskiy Kombinat PAO | 5,425 | 13,673 | ||||||||||
PhosAgro PJSC, GDR | 495 | 6,326 | ||||||||||
Polyus PJSC | 175 | 33,294 | ||||||||||
Rosneft Oil Co. PJSC | 4,792 | 28,096 | ||||||||||
Sberbank of Russia PJSC | 41,529 | 135,823 | ||||||||||
Severstal PAO | 977 | 14,330 | ||||||||||
Surgutneftegas PJSC | 33,263 | 15,369 | ||||||||||
Tatneft PJSC | 4,993 | 32,052 | ||||||||||
VTB Bank PJSC | 13,322,404 | 6,528 | ||||||||||
X5 Retail Group NV, GDR | 502 | 17,891 | ||||||||||
Yandex NV, Class A* | 1,338 | 94,128 | ||||||||||
|
| |||||||||||
(Cost $832,820) | 869,021 | |||||||||||
|
| |||||||||||
Saudi Arabia — 0.8% | ||||||||||||
Advanced Petrochemical Co. | 842 | 13,807 | ||||||||||
Al Rajhi Bank | 5,696 | 113,598 | ||||||||||
Alinma Bank* | 4,886 | 21,026 | ||||||||||
Almarai Co. JSC | 788 | 11,745 | ||||||||||
Arab National Bank | 2,656 | 14,446 | ||||||||||
Bank AlBilad | 1,067 | 7,510 | ||||||||||
Bank Al-Jazira | 1,168 | 4,273 | ||||||||||
Banque Saudi Fransi | 2,705 | 23,908 | ||||||||||
Bupa Arabia for Cooperative Insurance Co.* | 297 | 9,946 | ||||||||||
Dar Al Arkan Real Estate Development Co.* | 4,027 | 9,438 | ||||||||||
Etihad Etisalat Co.* | 2,362 | 18,704 | ||||||||||
Jarir Marketing Co. | 225 | 10,558 | ||||||||||
National Commercial Bank | 6,454 | 72,703 | ||||||||||
National Industrialization Co.* | 4,634 | 16,136 | ||||||||||
Rabigh Refining & Petrochemical Co.* | 1,926 | 7,292 | ||||||||||
Riyad Bank | 5,881 | 32,646 | ||||||||||
Sahara International Petrochemical Co.* | 2,629 | 11,804 | ||||||||||
Samba Financial Group | 4,828 | 39,776 | ||||||||||
Saudi Arabian Fertilizer Co. | 547 | 11,959 | ||||||||||
Saudi Arabian Mining Co.* | 2,043 | 22,960 | ||||||||||
Saudi Arabian Oil Co., 144A | 8,612 | 82,662 | ||||||||||
Saudi Basic Industries Corp. | 3,947 | 101,974 | ||||||||||
Saudi British Bank | 2,536 | 18,358 | ||||||||||
Saudi Cement Co. | 623 | 9,651 | ||||||||||
Saudi Electricity Co. | 2,687 | 15,446 | ||||||||||
Saudi Kayan Petrochemical Co.* | 4,804 | 15,345 |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||
Saudi Arabia (Continued) | ||||||||||
Saudi Telecom Co. | 2,630 | $ | 75,592 | |||||||
Savola Group | 735 | 9,024 | ||||||||
Yanbu National Petrochemical Co. | 1,170 | 19,185 | ||||||||
|
| |||||||||
(Cost $836,105) | 821,472 | |||||||||
|
| |||||||||
Singapore — 0.7% | ||||||||||
Ascendas Real Estate Investment Trust REIT | 13,352 | 29,568 | ||||||||
BOC Aviation Ltd., 144A | 716 | 6,365 | ||||||||
CapitaLand Integrated Commercial Trust REIT | 21,314 | 30,831 | ||||||||
CapitaLand Ltd. | 10,257 | 23,938 | ||||||||
City Developments Ltd. | 1,600 | 9,306 | ||||||||
DBS Group Holdings Ltd. | 7,600 | 142,803 | ||||||||
Genting Singapore Ltd. | 32,700 | 20,237 | ||||||||
Keppel Corp. Ltd. | 6,300 | 23,816 | ||||||||
Mapletree Commercial Trust REIT | 14,700 | 22,360 | ||||||||
Mapletree Logistics Trust REIT | 8,152 | 11,974 | ||||||||
Oversea-Chinese Banking Corp. Ltd. | 11,593 | 87,132 | ||||||||
Singapore Airlines Ltd.* | 6,550 | 21,196 | ||||||||
Singapore Exchange Ltd. | 2,893 | 19,177 | ||||||||
Singapore Technologies Engineering Ltd. | 7,230 | 20,809 | ||||||||
Singapore Telecommunications Ltd. | 36,600 | 65,223 | ||||||||
Suntec Real Estate Investment Trust REIT | 8,328 | 9,377 | ||||||||
United Overseas Bank Ltd. | 4,822 | 80,933 | ||||||||
UOL Group Ltd. | 1,500 | 8,243 | ||||||||
Venture Corp. Ltd. | 1,500 | 21,060 | ||||||||
Wilmar International Ltd. | 7,537 | 23,659 | ||||||||
|
| |||||||||
(Cost $712,141) | 678,007 | |||||||||
|
| |||||||||
South Africa — 1.0% | ||||||||||
Absa Group Ltd. | 2,940 | 20,921 | ||||||||
Anglo American Platinum Ltd. | 273 | 19,853 | ||||||||
AngloGold Ashanti Ltd. | 1,884 | 39,704 | ||||||||
Aspen Pharmacare Holdings Ltd.* | 1,591 | 12,686 | ||||||||
Bid Corp. Ltd. | 1,378 | 24,858 | ||||||||
Bidvest Group Ltd. | 1,499 | 15,792 | ||||||||
Capitec Bank Holdings Ltd.* | 221 | 18,488 | ||||||||
Clicks Group Ltd. | 1,058 | 16,040 | ||||||||
Discovery Ltd. | 2,045 | 16,269 | ||||||||
FirstRand Ltd. | 21,156 | 62,117 | ||||||||
Gold Fields Ltd. | 4,416 | 37,510 | ||||||||
Growthpoint Properties Ltd. REIT | 12,718 | 9,748 | ||||||||
Harmony Gold Mining Co. Ltd.* | 1,646 | 6,725 | ||||||||
Impala Platinum Holdings Ltd. | 3,546 | 37,259 | ||||||||
Kumba Iron Ore Ltd. | 302 | 10,277 | ||||||||
Mr Price Group Ltd. | 821 | 8,627 | ||||||||
MTN Group Ltd. | 7,458 | 31,900 | ||||||||
MultiChoice Group | 2,006 | 16,852 | ||||||||
Naspers Ltd., Class N | 1,883 | 380,455 | ||||||||
Nedbank Group Ltd. | 1,829 | 14,468 | ||||||||
Northam Platinum Ltd.* | 1,582 | 18,004 | ||||||||
Old Mutual Ltd. | 24,440 | 18,449 | ||||||||
Remgro Ltd. (b) | 2,367 | 14,089 | ||||||||
Sanlam Ltd. | 8,407 | 30,102 |
Number | Value | |||||||||
South Africa (Continued) | ||||||||||
Sasol Ltd.* | 1,727 | $ | 13,470 | |||||||
Shoprite Holdings Ltd. | 2,348 | 19,372 | ||||||||
Sibanye Stillwater Ltd. | 10,072 | 33,495 | ||||||||
SPAR Group Ltd. (b) | 704 | 8,680 | ||||||||
Standard Bank Group Ltd. | 6,447 | 50,431 | ||||||||
Tiger Brands Ltd. | 1,310 | 16,665 | ||||||||
Vodacom Group Ltd. (b) | 2,604 | 20,721 | ||||||||
Woolworths Holdings Ltd. | 4,357 | 9,844 | ||||||||
|
| |||||||||
(Cost $1,067,795) | 1,053,871 | |||||||||
|
| |||||||||
South Korea — 3.5% | ||||||||||
Alteogen, Inc.* | 87 | 12,635 | ||||||||
Amorepacific Corp. | 176 | 28,470 | ||||||||
AMOREPACIFIC Group | 63 | 2,995 | ||||||||
BGF retail Co. Ltd. | 34 | 3,856 | ||||||||
Celltrion Healthcare Co. Ltd.* | 301 | 33,213 | ||||||||
Celltrion Pharm, Inc.* | 52 | 8,896 | ||||||||
Celltrion, Inc.* | 384 | 117,988 | ||||||||
Cheil Worldwide, Inc. | 320 | 6,001 | ||||||||
CJ CheilJedang Corp. | 63 | 20,582 | ||||||||
Coway Co. Ltd.* | 364 | 22,829 | ||||||||
Daelim Industrial Co. Ltd. | 137 | 9,905 | ||||||||
DB Insurance Co. Ltd. | 302 | 12,009 | ||||||||
Douzone Bizon Co. Ltd. | 179 | 17,066 | ||||||||
E-MART, Inc. | 89 | 12,386 | ||||||||
Fila Holdings Corp. | 235 | 8,771 | ||||||||
GS Engineering & Construction Corp. | 342 | 9,797 | ||||||||
GS Retail Co. Ltd. | 176 | 5,368 | ||||||||
Hana Financial Group, Inc. | 1,277 | 39,064 | ||||||||
Hankook Tire & Technology Co. Ltd. | 536 | 15,840 | ||||||||
Hanmi Pharm. Co. Ltd. | 34 | 11,015 | ||||||||
Hanon Systems | 837 | 11,384 | ||||||||
Hanwha Solutions Corp. | 602 | 25,978 | ||||||||
HLB, Inc.* | 245 | 20,170 | ||||||||
Hotel Shilla Co. Ltd. | 152 | 10,989 | ||||||||
Hyundai Engineering & Construction Co. Ltd. | 63 | 1,913 | ||||||||
Hyundai Glovis Co. Ltd. | 90 | 14,477 | ||||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 3 | 758 | ||||||||
Hyundai Mobis Co. Ltd. | 288 | 63,506 | ||||||||
Hyundai Motor Co. | 644 | 105,631 | ||||||||
Hyundai Steel Co. | 525 | 15,087 | ||||||||
Kakao Corp. | 279 | 92,786 | ||||||||
Kangwon Land, Inc. | 553 | 11,219 | ||||||||
KB Financial Group, Inc. | 1,757 | 72,008 | ||||||||
Kia Motors Corp. | 1,164 | 60,801 | ||||||||
KMW Co. Ltd.* | 46 | 3,055 | ||||||||
Korea Electric Power Corp.* | 1,065 | 20,645 | ||||||||
Korea Investment Holdings Co. Ltd. | 206 | 13,795 | ||||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.* | 181 | 16,848 | ||||||||
Korea Zinc Co. Ltd. | 23 | 7,878 | ||||||||
KT&G Corp. | 517 | 38,546 | ||||||||
Kumho Petrochemical Co. Ltd. | 50 | 6,281 | ||||||||
LG Chem Ltd. | 203 | 146,762 | ||||||||
LG Corp. | 438 | 27,945 |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||
South Korea (Continued) | ||||||||||
LG Display Co. Ltd.* | 1,120 | $ | 15,435 | |||||||
LG Electronics, Inc. | 435 | 33,611 | ||||||||
LG Household & Health Care Ltd. | �� | 27 | 36,942 | |||||||
LG Innotek Co. Ltd. | 88 | 12,327 | ||||||||
LG Uplus Corp. | 922 | 9,957 | ||||||||
Lotte Chemical Corp. | 94 | 23,956 | ||||||||
Lotte Corp. | 129 | 4,127 | ||||||||
Mirae Asset Daewoo Co. Ltd. | 1,783 | 15,275 | ||||||||
NAVER Corp. | 534 | 133,916 | ||||||||
NCSoft Corp. | 79 | 57,828 | ||||||||
NH Investment & Securities Co. Ltd. | 483 | 4,692 | ||||||||
Orion Corp. | 110 | 11,780 | ||||||||
Ottogi Corp. | 8 | 4,020 | ||||||||
Pearl Abyss Corp.* | 18 | 3,369 | ||||||||
POSCO | 348 | 73,591 | ||||||||
POSCO Chemical Co. Ltd. | 133 | 10,998 | ||||||||
S-1 Corp. | 77 | 5,483 | ||||||||
Samsung Biologics Co. Ltd., 144A* | 79 | 56,115 | ||||||||
Samsung C&T Corp. | 413 | 44,974 | ||||||||
Samsung Card Co. Ltd. | 213 | 6,371 | ||||||||
Samsung Electro-Mechanics Co. Ltd. | 143 | 20,160 | ||||||||
Samsung Electronics Co. Ltd. | 20,038 | 1,207,839 | ||||||||
Samsung Fire & Marine Insurance Co. Ltd. | 131 | 22,257 | ||||||||
Samsung Heavy Industries Co. Ltd.* | 3,192 | 19,702 | ||||||||
Samsung Life Insurance Co. Ltd. | 218 | 14,047 | ||||||||
Samsung SDI Co. Ltd. | 254 | 122,346 | ||||||||
Samsung SDS Co. Ltd. | 146 | 22,826 | ||||||||
Samsung Securities Co. Ltd. | 383 | 13,654 | ||||||||
Seegene, Inc. | 80 | 13,585 | ||||||||
Shin Poong Pharmaceutical Co. Ltd.* | 149 | 17,774 | ||||||||
Shinhan Financial Group Co. Ltd. | 1,458 | 42,427 | ||||||||
Shinsegae, Inc. | 19 | 3,958 | ||||||||
SK Chemicals Co. Ltd. | 36 | 13,859 | ||||||||
SK Holdings Co. Ltd. | 172 | 32,875 | ||||||||
SK Hynix, Inc. | 2,304 | 203,009 | ||||||||
SK Innovation Co. Ltd. | 236 | 36,897 | ||||||||
SK Telecom Co. Ltd. | 140 | 30,048 | ||||||||
S-Oil Corp. | 231 | 14,529 | ||||||||
Woori Financial Group, Inc. | 2,394 | 21,267 | ||||||||
Yuhan Corp. | 195 | 11,349 | ||||||||
|
| |||||||||
(Cost $2,035,112) | 3,636,323 | |||||||||
|
| |||||||||
Spain — 1.5% | ||||||||||
ACS Actividades de Construccion y Servicios SA | 1,019 | 32,199 | ||||||||
Aena SME SA, 144A* | 296 | 48,231 | ||||||||
Amadeus IT Group SA | 1,887 | 129,337 | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 27,137 | 127,216 | ||||||||
Banco Santander SA* | 73,020 | 210,569 | ||||||||
Banco Santander SA* | 2,780 | 7,621 | ||||||||
CaixaBank SA | 15,974 | 40,910 | ||||||||
Cellnex Telecom SA, 144A* | 1,342 | 84,651 | ||||||||
Enagas SA | 931 | 22,677 | ||||||||
Endesa SA | 1,427 | 40,802 | ||||||||
Ferrovial SA* | 22 | 612 | ||||||||
Ferrovial SA | 2,222 | 61,810 |
Number | Value | |||||||||
Spain (Continued) | ||||||||||
Grifols SA (b) | 1,392 | $ | 39,436 | |||||||
Iberdrola SA | 25,236 | 344,526 | ||||||||
Industria de Diseno Textil SA | 4,577 | 152,052 | ||||||||
Naturgy Energy Group SA | 1,433 | 33,050 | ||||||||
Red Electrica Corp. SA | 1,861 | 38,038 | ||||||||
Repsol SA | 5,601 | 53,837 | ||||||||
Siemens Gamesa Renewable Energy SA | 1,078 | 38,487 | ||||||||
Telefonica SA | 17,999 | 78,516 | ||||||||
|
| |||||||||
(Cost $1,874,942) | 1,584,577 | |||||||||
|
| |||||||||
Sweden — 2.0% | ||||||||||
Alfa Laval AB* | 1,297 | 32,709 | ||||||||
Assa Abloy AB, Class B | 4,437 | 105,585 | ||||||||
Atlas Copco AB, Class A | 2,984 | 150,367 | ||||||||
Atlas Copco AB, Class B | 1,619 | 71,484 | ||||||||
Boliden AB | 1,316 | 45,340 | ||||||||
Electrolux AB, Series B | 1,146 | 27,471 | ||||||||
Epiroc AB, Class A | 2,895 | 48,099 | ||||||||
Epiroc AB, Class B | 2,120 | 33,690 | ||||||||
EQT AB | 840 | 18,691 | ||||||||
Essity AB, Class B | 2,616 | 82,931 | ||||||||
Evolution Gaming Group AB, 144A | 572 | 48,898 | ||||||||
Fastighets AB Balder, Class B* | 413 | 20,648 | ||||||||
Hennes & Mauritz AB, Class B* | 3,695 | 78,235 | ||||||||
Hexagon AB, Class B* | 1,174 | 97,431 | ||||||||
Husqvarna AB, Class B | 1,887 | 20,091 | ||||||||
ICA Gruppen AB | 339 | 16,387 | ||||||||
Industrivarden AB, Class C* | 470 | 14,335 | ||||||||
Investment AB Latour, Class B | 661 | 17,402 | ||||||||
Investor AB, Class B | 2,011 | 139,180 | ||||||||
Kinnevik AB, Class B* | 1,039 | 51,720 | ||||||||
L E Lundbergforetagen AB, Class B* | 197 | 10,088 | ||||||||
Lundin Energy AB | 853 | 20,418 | ||||||||
Nibe Industrier AB, Class B* | 1,402 | 39,492 | ||||||||
Sandvik AB* | 5,072 | 113,747 | ||||||||
Securitas AB, Class B* | 1,406 | 23,114 | ||||||||
Skandinaviska Enskilda Banken AB, Class A* | 7,168 | 75,768 | ||||||||
Skanska AB, Class B | 1,546 | 36,735 | ||||||||
SKF AB, Class B | 1,666 | 41,024 | ||||||||
Svenska Cellulosa AB SCA, Class B* | 2,426 | 39,218 | ||||||||
Svenska Handelsbanken AB, Class A* | 6,565 | 66,669 | ||||||||
Swedbank AB, Class A* | 4,040 | 73,114 | ||||||||
Swedish Match AB | 671 | 54,044 | ||||||||
Tele2 AB, Class B | 2,284 | 29,372 | ||||||||
Telefonaktiebolaget LM Ericsson, Class B | 12,808 | 156,574 | ||||||||
Telia Co. AB (b) | 10,037 | 42,550 | ||||||||
Volvo AB, Class B* | 5,599 | 127,165 | ||||||||
|
| |||||||||
(Cost $1,678,511) | 2,069,786 | |||||||||
|
| |||||||||
Switzerland — 6.2% | ||||||||||
ABB Ltd. | 7,621 | 201,018 | ||||||||
Adecco Group AG | 595 | 36,037 | ||||||||
Alcon, Inc.* | 2,210 | 141,002 | ||||||||
Baloise Holding AG | 212 | 36,556 |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||
Switzerland (Continued) | ||||||||||
Banque Cantonale Vaudoise | 140 | $ | 14,420 | |||||||
Barry Callebaut AG | 11 | 23,616 | ||||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 5 | 42,669 | ||||||||
Cie Financiere Richemont SA, Class A | 2,251 | 186,966 | ||||||||
Clariant AG | 1,006 | 20,192 | ||||||||
Coca-Cola HBC AG* | 712 | 20,522 | ||||||||
Credit Suisse Group AG | 10,840 | 136,939 | ||||||||
EMS-Chemie Holding AG | 35 | 31,986 | ||||||||
Geberit AG | 156 | 93,900 | ||||||||
Givaudan SA | 38 | 154,885 | ||||||||
Glencore PLC* | 44,642 | 126,082 | ||||||||
Julius Baer Group Ltd. | 1,026 | 59,206 | ||||||||
Kuehne + Nagel International AG | 257 | 58,173 | ||||||||
LafargeHolcim Ltd.* | 2,334 | 122,408 | ||||||||
Logitech International SA | 735 | 65,012 | ||||||||
Lonza Group AG | 298 | 186,785 | ||||||||
Nestle SA | 12,189 | 1,357,120 | ||||||||
Novartis AG | 9,572 | 866,562 | ||||||||
Partners Group Holding AG | 80 | 85,832 | ||||||||
Roche Holding AG | 3,029 | 996,778 | ||||||||
Schindler Holding AG | 85 | 22,505 | ||||||||
Schindler Holding AG Participation Certificates | 166 | 45,302 | ||||||||
SGS SA | 24 | 68,375 | ||||||||
Sika AG | 592 | 151,070 | ||||||||
Sonova Holding AG* | 234 | 57,962 | ||||||||
STMicroelectronics NV | 2,582 | 101,084 | ||||||||
Straumann Holding AG | 44 | 50,452 | ||||||||
Swatch Group AG — Bearer | 138 | 34,046 | ||||||||
Swatch Group AG — Registered | 230 | 11,030 | ||||||||
Swiss Life Holding AG | 129 | 57,605 | ||||||||
Swiss Prime Site AG | 269 | 24,214 | ||||||||
Swiss Re AG | 1,250 | 114,195 | ||||||||
Swisscom AG | 92 | 48,594 | ||||||||
Temenos AG | 292 | 36,888 | ||||||||
UBS Group AG | 15,207 | 215,701 | ||||||||
Vifor Pharma AG | 191 | 28,017 | ||||||||
Zurich Insurance Group AG | 674 | 273,605 | ||||||||
|
| |||||||||
(Cost $5,274,537) | 6,405,311 | |||||||||
|
| |||||||||
Taiwan — 3.7% | ||||||||||
Accton Technology Corp. | 3,348 | 28,074 | ||||||||
Acer, Inc. | 16,145 | 13,113 | ||||||||
Advantech Co. Ltd. | 1,562 | 16,824 | ||||||||
ASE Technology Holding Co. Ltd. | 14,299 | 38,428 | ||||||||
Asia Cement Corp. | 9,867 | 14,990 | ||||||||
Asustek Computer, Inc. | 2,806 | 24,513 | ||||||||
AU Optronics Corp.* | 25,038 | 10,717 | ||||||||
Catcher Technology Co. Ltd. | 2,747 | 18,119 | ||||||||
Cathay Financial Holding Co. Ltd. | 34,235 | 48,525 | ||||||||
Chailease Holding Co. Ltd. | 5,387 | 29,484 | ||||||||
Chang Hwa Commercial Bank Ltd. | 22,135 | 13,823 | ||||||||
Cheng Shin Rubber Industry Co. Ltd. | 9,594 | 14,306 | ||||||||
Chicony Electronics Co. Ltd. | 2,237 | 6,703 | ||||||||
China Development Financial Holding Corp. | 76,803 | 24,036 |
Number | Value | |||||||||
Taiwan (Continued) | ||||||||||
China Life Insurance Co. Ltd. | 8,572 | $ | 6,812 | |||||||
China Steel Corp. | 32,226 | 25,779 | ||||||||
Chunghwa Telecom Co. Ltd. | 16,844 | 64,120 | ||||||||
Compal Electronics, Inc. | 22,036 | 14,921 | ||||||||
CTBC Financial Holding Co. Ltd. | 82,728 | 55,583 | ||||||||
Delta Electronics, Inc. | 8,794 | 69,266 | ||||||||
E.Sun Financial Holding Co. Ltd. | 53,615 | 47,309 | ||||||||
Eclat Textile Co. Ltd. | 1,161 | 16,293 | ||||||||
Far Eastern New Century Corp. | 15,056 | 14,474 | ||||||||
Far EasTone Telecommunications Co. Ltd. | 8,193 | 17,822 | ||||||||
Feng TAY Enterprise Co. Ltd. | 2,395 | 15,419 | ||||||||
First Financial Holding Co. Ltd. | 49,219 | 36,782 | ||||||||
Formosa Chemicals & Fibre Corp. | 15,564 | 42,046 | ||||||||
Formosa Petrochemical Corp. | 6,187 | 19,645 | ||||||||
Formosa Plastics Corp. | 14,791 | 44,213 | ||||||||
Foxconn Technology Co. Ltd. | 4,226 | 7,799 | ||||||||
Fubon Financial Holding Co. Ltd. | 22,527 | 35,013 | ||||||||
Giant Manufacturing Co. Ltd. | 1,660 | 16,453 | ||||||||
Globalwafers Co. Ltd. | 1,395 | 27,310 | ||||||||
Highwealth Construction Corp. | 8,214 | 12,824 | ||||||||
Hiwin Technologies Corp. | 977 | 10,472 | ||||||||
Hon Hai Precision Industry Co. Ltd. | 49,977 | 144,307 | ||||||||
Hotai Motor Co. Ltd. | 1,345 | 30,248 | ||||||||
Hua Nan Financial Holdings Co. Ltd. | 44,998 | 28,654 | ||||||||
Innolux Corp.* | 59,730 | 21,061 | ||||||||
Inventec Corp. | 13,870 | 11,338 | ||||||||
Largan Precision Co. Ltd. | 365 | 41,299 | ||||||||
Lite-On Technology Corp. | 9,228 | 15,557 | ||||||||
MediaTek, Inc. | 6,350 | 156,842 | ||||||||
Mega Financial Holding Co. Ltd. | 44,881 | 44,798 | ||||||||
Micro-Star International Co. Ltd. | 1,704 | 7,473 | ||||||||
Nan Ya Plastics Corp. | 21,463 | 48,344 | ||||||||
Nanya Technology Corp. | 6,135 | 15,584 | ||||||||
Nien Made Enterprise Co. Ltd. | 661 | 7,804 | ||||||||
Novatek Microelectronics Corp. | 2,288 | 24,002 | ||||||||
Pegatron Corp. | 8,977 | 20,567 | ||||||||
Phison Electronics Corp. | 756 | 8,567 | ||||||||
Pou Chen Corp. | 11,351 | 12,445 | ||||||||
Powertech Technology, Inc. | 1,605 | 5,181 | ||||||||
President Chain Store Corp. | 2,267 | 20,600 | ||||||||
Quanta Computer, Inc. | 11,072 | 29,911 | ||||||||
Realtek Semiconductor Corp. | 1,424 | 18,535 | ||||||||
Ruentex Development Co. Ltd. | 3,777 | 5,572 | ||||||||
Shanghai Commercial & Savings Bank Ltd. | 12,050 | 16,488 | ||||||||
Shin Kong Financial Holding Co. Ltd. | 39,103 | 11,785 | ||||||||
SinoPac Financial Holdings Co. Ltd. | 46,659 | 18,171 | ||||||||
Standard Foods Corp. | 2,737 | 5,992 | ||||||||
Synnex Technology International Corp. | 7,783 | 12,151 | ||||||||
Taishin Financial Holding Co. Ltd. | 42,285 | 19,805 | ||||||||
Taiwan Business Bank | 20,606 | 7,193 | ||||||||
Taiwan Cement Corp. | 23,555 | 35,453 | ||||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 22,696 | 16,165 | ||||||||
Taiwan High Speed Rail Corp. | 9,687 | 10,689 | ||||||||
Taiwan Mobile Co. Ltd. | 5,265 | 17,936 |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||
Taiwan (Continued) | ||||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 104,680 | $ | 1,764,713 | |||||||
Unimicron Technology Corp. | 6,000 | 18,925 | ||||||||
Uni-President Enterprises Corp. | 21,589 | 49,234 | ||||||||
United Microelectronics Corp. | 49,267 | 70,005 | ||||||||
Vanguard International Semiconductor Corp. | 4,502 | 16,585 | ||||||||
Walsin Technology Corp. | 2,110 | 14,399 | ||||||||
Win Semiconductors Corp. | 1,988 | 23,366 | ||||||||
Wistron Corp. | 8,893 | 9,313 | ||||||||
WPG Holdings Ltd. | 10,759 | 16,099 | ||||||||
Yageo Corp. | 914 | 14,174 | ||||||||
Yuanta Financial Holding Co. Ltd. | 44,531 | 29,841 | ||||||||
Zhen Ding Technology Holding Ltd. | 2,151 | 9,320 | ||||||||
|
| |||||||||
(Cost $1,977,132) | 3,828,501 | |||||||||
|
| |||||||||
Thailand — 0.6% | ||||||||||
Advanced Info Service PCL, NVDR | 5,300 | 30,749 | ||||||||
Airports of Thailand PCL, NVDR | 19,600 | 41,468 | ||||||||
Bangkok Bank PCL, NVDR | 900 | 3,511 | ||||||||
Bangkok Dusit Medical Services PCL, NVDR | 45,500 | 32,339 | ||||||||
Bangkok Expressway & Metro PCL, NVDR | 48,800 | 14,761 | ||||||||
Berli Jucker PCL, NVDR | 5,400 | 6,694 | ||||||||
BTS Group Holdings PCL, NVDR | 35,100 | 11,835 | ||||||||
Bumrungrad Hospital PCL, NVDR | 1,700 | 6,997 | ||||||||
Central Pattana PCL, NVDR | 11,900 | 19,965 | ||||||||
Central Retail Corp. PCL, NVDR* | 7,600 | 8,165 | ||||||||
Charoen Pokphand Foods PCL, NVDR | 17,000 | 16,157 | ||||||||
CP ALL PCL, NVDR | 27,800 | 55,600 | ||||||||
Electricity Generating PCL, NVDR | 1,600 | 11,425 | ||||||||
Energy Absolute PCL, NVDR | 7,500 | 11,095 | ||||||||
Global Power Synergy PCL, Class F | 6,500 | 15,095 | ||||||||
Gulf Energy Development PCL, NVDR | 14,510 | 16,788 | ||||||||
Home Product Center PCL, NVDR | 22,400 | 10,885 | ||||||||
Indorama Ventures PCL, NVDR | 8,000 | 8,463 | ||||||||
Intouch Holdings PCL, NVDR | 10,900 | 19,998 | ||||||||
Kasikornbank PCL, NVDR | 8,900 | 32,364 | ||||||||
Krung Thai Bank PCL, NVDR | 19,600 | 6,933 | ||||||||
Land & Houses PCL, NVDR | 40,100 | 10,406 | ||||||||
Minor International PCL, NVDR* | 13,200 | 10,822 | ||||||||
PTT Exploration & Production PCL, NVDR | 6,500 | 20,789 | ||||||||
PTT Global Chemical PCL, NVDR | 6,300 | 11,923 | ||||||||
PTT PCL, NVDR | 52,400 | 69,289 | ||||||||
Ratch Group PCL, NVDR | 3,100 | 5,816 | ||||||||
Siam Cement PCL | 700 | 8,655 | ||||||||
Siam Cement PCL, NVDR | 2,800 | 34,618 | ||||||||
Siam Commercial Bank PCL, NVDR | 1,200 | 3,392 | ||||||||
Thai Oil PCL, NVDR | 8,100 | 12,719 | ||||||||
Thai Union Group PCL, NVDR | 15,300 | 7,637 | ||||||||
True Corp. PCL, NVDR | 49,600 | 5,345 | ||||||||
|
| |||||||||
(Cost $644,841) | 582,698 | |||||||||
|
| |||||||||
Turkey — 0.1% | ||||||||||
Akbank T.A.S.* | 19,123 | 14,721 |
Number | Value | |||||||||
Turkey (Continued) | ||||||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 6,222 | $ | 13,757 | |||||||
BIM Birlesik Magazalar AS | 1,872 | 16,757 | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 6,405 | 9,010 | ||||||||
Ford Otomotiv Sanayi AS | 220 | 3,033 | ||||||||
KOC Holding AS | 3,797 | 8,565 | ||||||||
Turkcell Iletisim Hizmetleri AS | 4,398 | 8,324 | ||||||||
Turkiye Garanti Bankasi AS* | 10,489 | 11,736 | ||||||||
Turkiye Petrol Rafinerileri AS* | 1,272 | 14,794 | ||||||||
Yapi ve Kredi Bankasi AS* | 38,855 | 14,210 | ||||||||
|
| |||||||||
(Cost $149,765) | 114,907 | |||||||||
|
| |||||||||
United Arab Emirates — 0.2% | ||||||||||
Abu Dhabi Commercial Bank PJSC | 12,383 | 20,497 | ||||||||
Aldar Properties PJSC | 5,899 | 4,882 | ||||||||
Dubai Islamic Bank PJSC | 15,361 | 18,735 | ||||||||
Emaar Properties PJSC* | 14,089 | 12,197 | ||||||||
Emirates NBD Bank PJSC | 11,346 | 33,824 | ||||||||
Emirates Telecommunications Group Co. PJSC | 7,664 | 36,138 | ||||||||
First Abu Dhabi Bank PJSC | 12,139 | 41,707 | ||||||||
NMC Health PLC*(d) | 462 | 0 | ||||||||
|
| |||||||||
(Cost $200,392) | 167,980 | |||||||||
|
| |||||||||
United Kingdom — 7.6% | ||||||||||
3i Group PLC | 3,924 | 56,001 | ||||||||
Admiral Group PLC | 709 | 27,004 | ||||||||
Anglo American PLC | 5,312 | 156,753 | ||||||||
Ashtead Group PLC | 1,967 | 83,416 | ||||||||
Associated British Foods PLC | 1,512 | 42,532 | ||||||||
AstraZeneca PLC | 5,545 | 576,971 | ||||||||
Auto Trader Group PLC, 144A | 4,170 | 31,165 | ||||||||
AVEVA Group PLC | 325 | 14,697 | ||||||||
Aviva PLC | 16,066 | 68,796 | ||||||||
BAE Systems PLC | 12,598 | 84,647 | ||||||||
Barclays PLC* | 74,044 | 132,827 | ||||||||
Barratt Developments PLC* | 3,857 | 31,880 | ||||||||
Berkeley Group Holdings PLC | 574 | 35,384 | ||||||||
BP PLC | 83,906 | 277,020 | ||||||||
British American Tobacco PLC | 9,617 | 338,408 | ||||||||
British Land Co. PLC REIT | 2,952 | 18,564 | ||||||||
BT Group PLC | 36,764 | 57,246 | ||||||||
Bunzl PLC | 1,550 | 48,746 | ||||||||
Burberry Group PLC | 1,563 | 36,027 | ||||||||
CNH Industrial NV* | 3,809 | 41,655 | ||||||||
Coca-Cola European Partners PLC | 1,040 | 46,467 | ||||||||
Compass Group PLC | 7,522 | 132,770 | ||||||||
Croda International PLC | 551 | 43,751 | ||||||||
Diageo PLC | 9,709 | 372,775 | ||||||||
Direct Line Insurance Group PLC | 4,847 | 19,114 | ||||||||
Evraz PLC | 3,869 | 19,925 | ||||||||
Ferguson PLC | 995 | 111,743 | ||||||||
Fiat Chrysler Automobiles NV* | 4,945 | 77,072 | ||||||||
GlaxoSmithKline PLC | 20,943 | 382,507 | ||||||||
Halma PLC | 1,372 | 40,532 | ||||||||
Hargreaves Lansdown PLC | 1,470 | 28,024 | ||||||||
HSBC Holdings PLC* | 87,656 | 453,704 | ||||||||
Imperial Brands PLC | 3,998 | 72,540 |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||
United Kingdom (Continued) | ||||||||||
Informa PLC* | 6,245 | $ | 44,142 | |||||||
InterContinental Hotels Group PLC* | 887 | 54,904 | ||||||||
Intertek Group PLC | 697 | 51,311 | ||||||||
J Sainsbury PLC | 8,683 | 24,436 | ||||||||
JD Sports Fashion PLC* | 1,349 | 13,959 | ||||||||
Johnson Matthey PLC | 696 | 20,636 | ||||||||
Kingfisher PLC* | 9,200 | 33,557 | ||||||||
Land Securities Group PLC REIT | 2,827 | 24,784 | ||||||||
Legal & General Group PLC | 24,830 | 83,649 | ||||||||
Lloyds Banking Group PLC* | 313,992 | 149,105 | ||||||||
London Stock Exchange Group PLC | 1,389 | 150,103 | ||||||||
M&G PLC | 12,087 | 30,213 | ||||||||
Melrose Industries PLC* | 22,442 | 45,925 | ||||||||
Mondi PLC | 2,134 | 47,169 | ||||||||
National Grid PLC | 15,055 | 170,279 | ||||||||
Natwest Group PLC* | 23,182 | 47,779 | ||||||||
Next PLC | 541 | 47,255 | ||||||||
Ocado Group PLC* | 1,939 | 57,051 | ||||||||
Pearson PLC | 3,600 | 31,052 | ||||||||
Persimmon PLC | 1,268 | 44,898 | ||||||||
Phoenix Group Holdings PLC | 2,354 | 22,495 | ||||||||
Prudential PLC | 10,893 | 169,835 | ||||||||
Reckitt Benckiser Group PLC | 3,090 | 271,224 | ||||||||
RELX PLC | 8,483 | 197,627 | ||||||||
Rentokil Initial PLC* | 8,298 | 55,014 | ||||||||
Rio Tinto PLC | 4,733 | 305,016 | ||||||||
Rolls-Royce Holdings PLC* | 31,871 | 44,911 | ||||||||
RSA Insurance Group PLC | 5,140 | 46,185 | ||||||||
Sage Group PLC | 4,854 | 39,150 | ||||||||
Schroders PLC | 535 | 22,959 | ||||||||
Segro PLC REIT | 4,935 | 60,001 | ||||||||
Severn Trent PLC | 716 | 22,804 | ||||||||
Smith & Nephew PLC | 3,949 | 76,390 | ||||||||
Smiths Group PLC | 1,895 | 36,859 | ||||||||
Spirax-Sarco Engineering PLC | 323 | 47,948 | ||||||||
SSE PLC | 4,210 | 75,265 | ||||||||
St James’s Place PLC | 1,977 | 26,884 | ||||||||
Standard Chartered PLC* | 11,235 | 67,730 | ||||||||
Standard Life Aberdeen PLC | 8,930 | 32,251 | ||||||||
Taylor Wimpey PLC* | 17,073 | 35,040 | ||||||||
Tesco PLC | 40,318 | 122,012 | ||||||||
Unilever PLC | 5,071 | 309,018 | ||||||||
Unilever PLC | 6,292 | 381,425 | ||||||||
United Utilities Group PLC | 2,545 | 30,549 | ||||||||
Vodafone Group PLC | 116,891 | 192,735 | ||||||||
Whitbread PLC* | 766 | 30,952 | ||||||||
Wm Morrison Supermarkets PLC | 8,863 | 21,251 | ||||||||
WPP PLC | 4,954 | 47,922 | ||||||||
|
| |||||||||
(Cost $8,927,337) | 7,924,322 | |||||||||
|
| |||||||||
United States — 0.1% | ||||||||||
Bausch Health Cos., Inc.* | 1,390 | 25,805 | ||||||||
Brookfield Renewable Corp., Class A | 336 | 26,364 | ||||||||
|
| |||||||||
(Cost $51,804) | 52,169 | |||||||||
|
| |||||||||
TOTAL COMMON STOCKS | 100,525,338 | |||||||||
|
|
Number | Value | |||||||||
PREFERRED STOCKS — 1.0% | ||||||||||
Brazil — 0.4% | ||||||||||
Banco Bradesco SA | 19,803 | $ | 89,822 | |||||||
Centrais Eletricas Brasileiras SA, Class B | 2,235 | 13,350 | ||||||||
Cia Paranaense de Energia | 232 | 2,956 | ||||||||
Gerdau SA | 4,611 | 19,451 | ||||||||
Itau Unibanco Holding SA | 18,505 | 98,649 | ||||||||
Itausa SA | 19,197 | 37,911 | ||||||||
Lojas Americanas SA | 4,952 | 21,195 | ||||||||
Petroleo Brasileiro SA | 23,154 | 107,615 | ||||||||
|
| |||||||||
(Cost $347,671) | 390,949 | |||||||||
|
| |||||||||
Chile — 0.0% | ||||||||||
Sociedad Quimica y Minera de Chile SA, Class B | 427 | 20,120 | ||||||||
|
| |||||||||
Colombia — 0.0% | ||||||||||
Bancolombia SA | 2,425 | 18,807 | ||||||||
|
| |||||||||
Germany — 0.4% | ||||||||||
Bayerische Motoren Werke AG | 165 | 10,904 | ||||||||
FUCHS PETROLUB SE | 350 | 20,006 | ||||||||
Henkel AG & Co. KGaA | 760 | 81,809 | ||||||||
Porsche Automobil Holding SE | 713 | 45,332 | ||||||||
Sartorius AG | 151 | 68,806 | ||||||||
Volkswagen AG | 748 | 126,111 | ||||||||
|
| |||||||||
(Cost $344,549) | 352,968 | |||||||||
|
| |||||||||
Russia — 0.0% | ||||||||||
Surgutneftegas PJSC | 32,280 | 16,782 | ||||||||
|
| |||||||||
South Korea — 0.2% | ||||||||||
AMOREPACIFIC Group | 10 | 318 | ||||||||
Hyundai Motor Co. — 2nd Preferred | 156 | 12,209 | ||||||||
LG Chem Ltd. | 22 | 7,088 | ||||||||
LG Household & Health Care Ltd. | 17 | 10,677 | ||||||||
Samsung Electronics Co. Ltd. | 3,591 | 198,283 | ||||||||
|
| |||||||||
(Cost $85,948) | 228,575 | |||||||||
|
| |||||||||
TOTAL PREFERRED STOCKS | 1,028,201 | |||||||||
|
| |||||||||
Principal | ||||||||||
CORPORATE BONDS — 0.0% | ||||||||||
India — 0.0% | ||||||||||
Britannia Industries Ltd. | INR 9,360 | 134 | ||||||||
|
|
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
RIGHTS — 0.0% | ||||||||
China — 0.0% | ||||||||
China Evergrande Group*, | 75 | $ | 0 | |||||
China Resources Mixc Lifestyle Services Ltd.*, expires 12/31/20 (d) | 102 | 0 | ||||||
Sino-Ocean Group Holding Ltd.*, expires 12/31/20 (d) | 48 | 0 | ||||||
Zhengqi Financial Holding Corp.*(d) | 271 | 0 | ||||||
|
| |||||||
(Cost $0) | 0 | |||||||
|
| |||||||
Germany — 0.0% | ||||||||
KION Group AG*, expires 12/9/20 | 252 | 48 | ||||||
|
| |||||||
Singapore — 0.0% | ||||||||
Ascendas Real Estate Investment Trust*, expires 12/8/20 | 494 | 4 | ||||||
|
| |||||||
Spain — 0.0% | ||||||||
Banco Santander SA*, expires 12/7/20 (Cost $8,984) | 75,800 | 9,467 | ||||||
|
| |||||||
Taiwan — 0.0% | ||||||||
Hiwin Technologies Corp.*, expires 12/22/20 | 29 | 112 | ||||||
|
| |||||||
United Kingdom — 0.0% | ||||||||
AVEVA Group PLC*, expires 12/9/20 | 252 | 3,763 | ||||||
|
| |||||||
TOTAL RIGHTS | 13,394 | |||||||
|
|
Number | Value | |||||||
WARRANTS — 0.0% | ||||||||
Switzerland — 0.0% | ||||||||
Cie Financiere Richemont SA*, expires 11/22/23 | 4,502 | $ | 892 | |||||
|
| |||||||
Thailand — 0.0% | ||||||||
BTS Group Holdings PCL*, expires 2/16/21 | 3,710 | 20 | ||||||
Minor International PCL*, expires 7/31/23 | 645 | 167 | ||||||
|
| |||||||
(Cost $0) | 187 | |||||||
|
| |||||||
TOTAL WARRANTS | 1,079 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.6% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (e)(f) (Cost $649,126) | 649,126 | 649,126 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.1% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (e) (Cost $114,870) | 114,870 | 114,870 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 98.5% (Cost $87,533,255) | $ | 102,332,142 | ||||||
Other assets and liabilities, net — 1.5% | 1,574,175 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 103,906,317 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
Value ($) at 5/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2020 | Value ($) at 11/30/2020 | ||||||||||||||||||||||||||||
COMMON STOCKS — 0.1% |
| |||||||||||||||||||||||||||||||||||
Germany — 0.1% |
| |||||||||||||||||||||||||||||||||||
Deutsche Bank AG*(c) |
| |||||||||||||||||||||||||||||||||||
82,252 | 2,541 | (10,755 | ) | 1,339 | 24,247 | — | — | 8,939 | 99,624 | |||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.6% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (e)(f) |
| |||||||||||||||||||||||||||||||||||
1,267,996 | — | (618,870 | )(g) | — | — | 230 | — | 649,126 | 649,126 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.1% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (e) |
| |||||||||||||||||||||||||||||||||||
1,949,518 | 12,135,680 | (13,970,328 | ) | — | — | 461 | — | 114,870 | 114,870 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
3,299,766 | 12,138,221 | (14,599,953 | ) | 1,339 | 24,247 | 691 | — | 772,935 | 863,620 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
(b) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $989,664, which is 1.0% of net assets. |
(c) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(d) | Investment was valued using significant unobservable inputs. |
(e) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(f) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $414,032. |
(g) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
ADR: | American Depositary Receipt |
CDI: | Chess Depositary Interest |
CPO: | Ordinary Participation Certificates |
GDR: | Global Depositary Receipt |
JSC: | Joint Stock Company |
KSC | Kuwait Shareholding Company |
KSCP | Kuwait Shareholding Company Public |
NVDR: | Non Voting Depositary Receipt |
PJSC: | Public Joint Stock Company |
PSQC | Public Shareholders Qatari Company |
QPSC: | Qatari Public Shareholders Company |
QSC: | Qatari Shareholders Company |
REIT: | Real Estate Investment Trust |
RSP: | Risparmio (Convertible Savings Shares) |
SAE: | Societe Anonyme Egyptienne |
SAQ: | Societe Anonyme Qatar |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Securities are listed in country of domicile.
At November 30, 2020, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||
MINI S&P/TSX 60 Futures | CAD | 2 | $ | 74,322 | $ | 78,694 | 12/17/2020 | $ | 4,372 | |||||||||
MSCI EAFE Futures | USD | 15 | 1,428,515 | 1,524,750 | 12/18/2020 | 96,235 | ||||||||||||
MSCI Emerging Markets Index Futures | USD | 10 | 552,305 | 601,150 | 12/18/2020 | 48,845 | ||||||||||||
|
| |||||||||||||||||
Total unrealized appreciation | $ | 149,452 | ||||||||||||||||
|
|
As of November 30, 2020, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | AUD | 2,959,200 | USD | 2,078,357 | $ | — | $ | (93,927 | ) | ||||||||||||
RBC Capital Markets | 12/3/2020 | AUD | 2,762,500 | USD | 1,940,250 | — | (87,641 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | BRL | 3,906,200 | USD | 679,813 | — | (49,280 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | BRL | 3,423,100 | USD | 592,966 | — | (45,957 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | CAD | 3,056,900 | USD | 2,292,863 | — | (61,019 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | CAD | 2,502,100 | USD | 1,876,715 | — | (49,959 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | CAD | 2,656,500 | USD | 1,992,537 | — | (53,028 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | CHF | 2,375,700 | USD | 2,594,213 | — | (20,407 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | CHF | 1,772,600 | USD | 1,935,585 | — | (15,283 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | CHF | 1,797,100 | USD | 1,962,390 | — | (15,441 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | CLP | 102,090,400 | USD | 131,869 | — | (2,135 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | CLP | 13,480,400 | USD | 17,419 | — | (276 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | CNH | 10,170,800 | USD | 1,515,632 | — | (28,734 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | COP | 332,003,700 | USD | 86,022 | — | (6,284 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | COP | 23,380,500 | USD | 6,055 | — | (445 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | CZK | 1,161,500 | USD | 49,596 | — | (3,179 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | DKK | 3,108,000 | USD | 486,575 | — | (11,540 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | DKK | 6,595,100 | USD | 1,032,523 | — | (24,464 | ) |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Citigroup Global Markets | 12/3/2020 | EGP | 632,000 | USD | 39,792 | $ | — | $ | (463 | ) | ||||||||||||
Citigroup Global Markets | 12/3/2020 | EUR | 5,008,500 | USD | 5,837,918 | — | (137,165 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | EUR | 5,917,800 | USD | 6,897,598 | — | (162,268 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | EUR | 5,921,000 | USD | 6,901,512 | — | (162,172 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | GBP | 1,437,500 | USD | 1,859,007 | — | (57,516 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | GBP | 2,934,300 | USD | 3,794,665 | — | (117,442 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | GBP | 2,001,100 | USD | 2,587,867 | — | (80,067 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | HKD | 33,331,400 | USD | 4,297,897 | — | (2,371 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | HKD | 4,268,000 | USD | 550,334 | — | (304 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | HKD | 31,028,200 | USD | 4,000,877 | — | (2,242 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | HUF | 5,831,900 | USD | 18,507 | — | (885 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | HUF | 16,042,500 | USD | 50,913 | — | (2,434 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | IDR | 3,803,619,900 | USD | 255,946 | — | (13,346 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | IDR | 1,679,087,700 | USD | 113,032 | — | (5,846 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | ILS | 650,100 | USD | 190,883 | — | (5,650 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | ILS | 165,000 | USD | 48,445 | — | (1,436 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | INR | 171,217,300 | USD | 2,289,920 | — | (21,370 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | JPY | 564,119,800 | USD | 5,397,924 | — | (5,966 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | JPY | 551,053,900 | USD | 5,272,804 | — | (5,924 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | JPY | 597,605,500 | USD | 5,718,335 | — | (6,326 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | KRW | 1,189,186,700 | USD | 1,048,129 | — | (26,527 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | KRW | 1,611,616,700 | USD | 1,420,690 | — | (35,712 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | KRW | 1,245,817,400 | USD | 1,098,314 | — | (27,519 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | MXN | 8,562,600 | USD | 401,120 | — | (22,415 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | MXN | 968,700 | USD | 45,386 | — | (2,529 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | MXN | 2,305,000 | USD | 107,977 | — | (6,036 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | MYR | 2,212,800 | USD | 531,667 | — | (11,426 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | NOK | 3,495,200 | USD | 365,603 | — | (27,306 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | NZD | 13,300 | USD | 8,790 | — | (536 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | NZD | 238,100 | USD | 157,363 | — | (9,594 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | PHP | 561,200 | USD | 11,584 | — | (88 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | PHP | 12,357,800 | USD | 255,168 | — | (1,842 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | PLN | 607,200 | USD | 153,201 | — | (8,578 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | PLN | 54,900 | USD | 13,852 | — | (776 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | QAR | 801,500 | USD | 220,183 | 91 | — | |||||||||||||||
Citigroup Global Markets | 12/3/2020 | RUB | 33,233,700 | USD | 416,580 | — | (18,631 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | RUB | 32,394,000 | USD | 406,342 | — | (17,872 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | SEK | 9,458,900 | USD | 1,062,976 | — | (39,957 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | SEK | 9,154,900 | USD | 1,028,827 | — | (38,659 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | SGD | 728,700 | USD | 533,651 | — | (9,690 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | SGD | 212,300 | USD | 155,474 | — | (2,823 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | THB | 18,568,600 | USD | 595,107 | — | (18,721 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | TRY | 911,400 | USD | 107,159 | — | (9,249 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | TWD | 33,932,500 | USD | 1,196,298 | 5,754 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | TWD | 21,134,600 | USD | 744,569 | 3,049 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | TWD | 51,318,000 | USD | 1,807,927 | 7,403 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 2,180,487 | AUD | 2,959,200 | — | (8,202 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 2,035,570 | AUD | 2,762,500 | — | (7,679 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 726,010 | BRL | 3,906,200 | 3,084 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 635,522 | BRL | 3,423,100 | 3,400 | — | |||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 2,097,307 | CAD | 2,717,900 | — | (4,462 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 254,276 | CAD | 339,000 | 6,761 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 1,930,782 | CAD | 2,502,100 | — | (4,108 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 2,049,954 | CAD | 2,656,500 | — | (4,388 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 487,045 | CHF | 446,000 | 3,808 | — | |||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 2,131,622 | CHF | 1,929,700 | — | (7,855 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 1,958,025 | CHF | 1,772,600 | — | (7,157 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 1,985,143 | CHF | 1,797,100 | — | (7,311 | ) |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 133,098 | CLP | 102,090,400 | $ | 906 | $ | — | |||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 17,579 | CLP | 13,480,400 | 115 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 1,545,726 | CNH | 10,170,800 | — | (1,361 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 1,545,726 | CNY | 10,170,800 | — | (1,361 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 92,576 | COP | 332,003,700 | — | (270 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 6,524 | COP | 23,380,500 | — | (23 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 52,819 | CZK | 1,161,500 | — | (44 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 499,478 | DKK | 3,108,000 | — | (1,363 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 1,059,897 | DKK | 6,595,100 | — | (2,910 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 40,280 | EGP | 632,000 | — | (25 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 5,991,303 | EUR | 5,008,500 | — | (16,221 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 5,856,356 | EUR | 4,895,800 | — | (15,724 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 1,191,297 | EUR | 1,022,000 | 27,937 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 1,243,400 | EUR | 1,062,000 | 23,553 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 5,812,336 | EUR | 4,859,000 | — | (15,605 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 1,919,146 | GBP | 1,437,500 | — | (2,623 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 444,890 | GBP | 344,000 | 13,742 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 2,950,861 | GBP | 2,210,300 | — | (4,015 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 495,200 | GBP | 380,000 | 11,428 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 2,671,585 | GBP | 2,001,100 | — | (3,651 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 4,299,439 | HKD | 33,331,400 | 829 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 4,552,880 | HKD | 35,296,200 | 878 | — | |||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 19,427 | HUF | 5,831,900 | — | (35 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 53,441 | HUF | 16,042,500 | — | (95 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 268,428 | IDR | 3,803,619,900 | 865 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 118,371 | IDR | 1,679,087,700 | 507 | — | |||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 196,705 | ILS | 650,100 | — | (173 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 49,925 | ILS | 165,000 | — | (44 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 2,317,851 | INR | 171,217,300 | — | (6,561 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 5,409,986 | JPY | 564,119,800 | — | (6,096 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 5,284,621 | JPY | 551,053,900 | — | (5,894 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 74,362 | JPY | 7,774,000 | 108 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 252,129 | JPY | 26,348,000 | 268 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 5,403,873 | JPY | 563,483,500 | — | (6,079 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 1,074,689 | KRW | 1,189,186,700 | — | (33 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 1,457,356 | KRW | 1,611,616,700 | — | (954 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 1,125,908 | KRW | 1,245,817,400 | — | (75 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 417,352 | MXN | 8,562,600 | 6,183 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 48,059 | MXN | 968,700 | — | (144 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 114,342 | MXN | 2,305,000 | — | (329 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 543,152 | MYR | 2,212,800 | — | (58 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 394,648 | NOK | 3,495,200 | — | (1,738 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 9,347 | NZD | 13,300 | — | (21 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 167,337 | NZD | 238,100 | — | (380 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 11,663 | PHP | 561,200 | 8 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 256,812 | PHP | 12,357,800 | 198 | — | |||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 162,006 | PLN | 607,200 | — | (228 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 14,648 | PLN | 54,900 | — | (21 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 220,087 | QAR | 801,500 | 5 | — | |||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 434,456 | RUB | 33,233,700 | 755 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 423,479 | RUB | 32,394,000 | 736 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 1,106,336 | SEK | 9,458,900 | — | (3,403 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 924,590 | SEK | 7,904,900 | — | (2,858 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 140,481 | SEK | 1,250,000 | 5,272 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 543,928 | SGD | 728,700 | — | (587 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 158,468 | SGD | 212,300 | — | (171 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 107,619 | THB | 3,356,000 | 3,322 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 502,398 | THB | 15,212,600 | 490 | — |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 116,514 | TRY | 911,400 | $ | — | $ | (106 | ) | ||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 1,188,308 | TWD | 33,932,500 | 2,235 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 740,396 | TWD | 21,134,600 | 1,125 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 1,797,163 | TWD | 51,318,000 | 3,361 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 562,229 | ZAR | 8,701,200 | — | (607 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 579,329 | ZAR | 8,967,000 | — | (551 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | ZAR | 8,701,200 | USD | 533,690 | — | (27,932 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | ZAR | 8,967,000 | USD | 549,900 | — | (28,878 | ) | ||||||||||||||
Citigroup Global Markets | 12/8/2020 | AED | 625,100 | USD | 170,167 | — | (12 | ) | ||||||||||||||
Citigroup Global Markets | 12/8/2020 | USD | 166,111 | AED | 625,100 | 4,067 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | AED | 625,100 | USD | 166,104 | — | (4,066 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | AUD | 2,959,200 | USD | 2,181,271 | 8,132 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | AUD | 2,762,500 | USD | 2,036,275 | 7,586 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | AUD | 632,000 | USD | 465,450 | 1,330 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | BRL | 3,906,200 | USD | 725,720 | — | (2,988 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2021 | BRL | 3,423,100 | USD | 635,269 | — | (3,316 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2021 | BRL | 1,106,000 | USD | 205,309 | — | (1,017 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2021 | CAD | 804,000 | USD | 619,934 | 664 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | CAD | �� | 2,717,900 | USD | 2,097,946 | 4,523 | — | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | CAD | 2,502,100 | USD | 1,931,354 | 4,148 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | CAD | 2,656,500 | USD | 2,050,539 | 4,409 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | CHF | 1,929,700 | USD | 2,134,659 | 7,770 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | CHF | 1,772,600 | USD | 1,960,765 | 7,029 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | CHF | 342,000 | USD | 378,030 | 1,082 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | CHF | 1,797,100 | USD | 1,987,942 | 7,203 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | CLP | 102,090,400 | USD | 133,220 | — | (884 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | CLP | 13,480,400 | USD | 17,589 | — | (118 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | CNH | 10,170,800 | USD | 1,541,778 | 1,455 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | CNY | 10,170,800 | USD | 1,541,778 | 1,455 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | COP | 332,003,700 | USD | 92,428 | 263 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | COP | 23,380,500 | USD | 6,513 | 23 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | CZK | 1,161,500 | USD | 52,864 | 45 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | DKK | 3,108,000 | USD | 500,014 | 1,340 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | DKK | 6,595,100 | USD | 1,061,048 | 2,873 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | EGP | 632,000 | USD | 40,025 | 57 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | EUR | 5,008,500 | USD | 5,998,230 | 16,050 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | EUR | 4,895,800 | USD | 5,863,063 | 15,493 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | EUR | 4,859,000 | USD | 5,819,017 | 15,401 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | EUR | 2,509,000 | USD | 3,004,046 | 7,282 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | GBP | 1,437,500 | USD | 1,920,287 | 2,632 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | GBP | 776,000 | USD | 1,035,968 | 767 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | GBP | 2,210,300 | USD | 2,952,639 | 4,052 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | GBP | 2,001,100 | USD | 2,673,165 | 3,655 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | HKD | 33,331,400 | USD | 4,299,550 | — | (974 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | HKD | 3,176,000 | USD | 409,678 | — | (100 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2021 | HKD | 35,296,200 | USD | 4,553,027 | — | (1,002 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2021 | HUF | 5,831,900 | USD | 19,429 | 36 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | HUF | 16,042,500 | USD | 53,443 | 97 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | IDR | 3,803,619,900 | USD | 267,597 | — | (733 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2021 | IDR | 1,679,087,700 | USD | 117,955 | — | (498 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2021 | ILS | 650,100 | USD | 196,739 | 167 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | ILS | 165,000 | USD | 49,929 | 37 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | INR | 171,217,300 | USD | 2,309,721 | 6,304 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | INR | 39,454,000 | USD | 531,260 | 478 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | JPY | 564,119,800 | USD | 5,414,441 | 6,094 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | JPY | 122,352,000 | USD | 1,174,194 | 1,178 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | JPY | 551,053,900 | USD | 5,289,014 | 5,933 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | JPY | 563,483,500 | USD | 5,408,334 | 6,087 | — |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Citigroup Global Markets | 1/6/2021 | KRW | 423,003,000 | USD | 381,858 | $ | — | $ | (324 | ) | ||||||||||||
Citigroup Global Markets | 1/6/2021 | KRW | 1,189,186,700 | USD | 1,074,379 | — | (47 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | KRW | 1,611,616,700 | USD | 1,456,921 | 832 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | KRW | 1,245,817,400 | USD | 1,125,501 | — | (90 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2021 | KWD | 45,000 | USD | 147,145 | 152 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | MXN | 8,562,600 | USD | 415,953 | — | (5,987 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | MXN | 968,700 | USD | 47,890 | 155 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | MXN | 2,305,000 | USD | 113,940 | 356 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | MYR | 2,212,800 | USD | 542,220 | — | (233 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2021 | NOK | 3,495,200 | USD | 394,726 | 1,733 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | NZD | 13,300 | USD | 9,348 | 21 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | NZD | 238,100 | USD | 167,346 | 379 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | PHP | 561,200 | USD | 11,646 | — | (17 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2021 | PHP | 12,357,800 | USD | 256,439 | — | (396 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2021 | QAR | 801,500 | USD | 220,147 | — | (2 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | SGD | 728,700 | USD | 543,891 | 543 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | SGD | 212,300 | USD | 158,470 | 170 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | THB | 15,212,600 | USD | 502,303 | — | (500 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | TRY | 911,400 | USD | 115,110 | 238 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | TWD | 8,073,000 | USD | 283,562 | 233 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | TWD | 33,932,500 | USD | 1,189,967 | — | (921 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | TWD | 21,134,600 | USD | 742,738 | 1,002 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | TWD | 51,318,000 | USD | 1,800,948 | — | (98 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | ZAR | 8,701,200 | USD | 559,705 | 751 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | ZAR | 8,967,000 | USD | 576,702 | 673 | — | |||||||||||||||
Citigroup Global Markets | 1/7/2021 | PLN | 607,200 | USD | 162,060 | 227 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/7/2021 | PLN | 54,900 | USD | 14,653 | 21 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/7/2021 | SEK | 9,458,900 | USD | 1,107,340 | 3,408 | — | |||||||||||||||
RBC Capital Markets | 1/7/2021 | SEK | 2,251,000 | USD | 263,423 | 713 | — | |||||||||||||||
RBC Capital Markets | 1/7/2021 | SEK | 7,904,900 | USD | 925,434 | 2,867 | — | |||||||||||||||
Citigroup Global Markets | 1/12/2021 | RUB | 33,233,700 | USD | 432,804 | — | (467 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/12/2021 | RUB | 32,394,000 | USD | 421,873 | — | (451 | ) | ||||||||||||||
|
|
|
| |||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 309,847 | $ | (1,932,328 | ) | |||||||||||||||||
|
|
|
|
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
AED | Arab Emirates Dirham |
AUD | Australian Dollar |
BRL | Brazilian Real |
CAD | Canadian Dollar |
CHF | Swiss Franc |
CLP | Chilean Peso |
CNH | Chinese Yuan |
CNY | Chinese Renminbi |
COP | Colombian Peso |
CZK | Czech Koruna |
DKK | Danish Krone |
EGP | Egyptian Pound |
EUR | Euro |
GBP | Pound Sterling |
HKD | Hong Kong Dollar |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
ILS | Israeli Shekel |
INR | Indian Rupee |
JPY | Japanese Yen |
KRW | South Korean Won |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
NOK | Norwegian Krone |
NZD | New Zealand Dollar |
PHP | Philippine Peso |
PLN | Polish Zloty |
QAR | Qatari Rial |
RUB | Russian Ruble |
SEK | Swedish Krona |
SGD | Singapore Dollar |
THB | Thai Baht |
TRY | Turkish Lira |
TWD | New Taiwan Dollar |
USD | U.S. Dollar |
ZAR | South African Rand |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (h) | $ | 100,524,210 | $ | — | $ | 1,128 | $ | 100,525,338 | ||||||||
Preferred Stocks (h) | 1,028,201 | — | — | 1,028,201 | ||||||||||||
Corporate Bonds | — | 134 | — | 134 | ||||||||||||
Rights (h) | 13,278 | 116 | 0 | 13,394 | ||||||||||||
Warrants (h) | 1,079 | — | — | 1,079 | ||||||||||||
Short-Term Investments (h) | 763,996 | — | — | 763,996 | ||||||||||||
Derivatives (i) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 309,847 | — | 309,847 | ||||||||||||
Futures Contracts | 149,452 | — | — | 149,452 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 102,480,216 | $ | 310,097 | $ | 1,128 | $ | 102,791,441 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (i) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (1,932,328 | ) | $ | — | $ | (1,932,328 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (1,932,328 | ) | $ | — | $ | (1,932,328 | ) | ||||||
|
|
|
|
|
|
|
|
(h) | See Schedule of Investments for additional detailed categorizations. |
(i) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
COMMON STOCKS — 96.0% | ||||||||||||
Argentina — 0.1% | ||||||||||||
Globant SA* | 547 | $ | 103,208 | |||||||||
Telecom Argentina SA, ADR | 1,430 | 12,055 | ||||||||||
YPF SA, ADR* | 2,984 | 15,009 | ||||||||||
|
| |||||||||||
(Cost $119,947) | 130,272 | |||||||||||
|
| |||||||||||
Brazil — 3.6% | ||||||||||||
Ambev SA | 72,961 | 190,390 | ||||||||||
Atacadao SA | 6,513 | 24,448 | ||||||||||
B2W Cia Digital* | 3,674 | 48,279 | ||||||||||
B3 SA — Brasil Bolsa Balcao | 30,178 | 316,178 | ||||||||||
Banco Bradesco SA | 19,355 | 78,216 | ||||||||||
Banco BTG Pactual SA | 3,812 | 56,368 | ||||||||||
Banco do Brasil SA | 13,294 | 84,021 | ||||||||||
Banco Santander Brasil SA | 5,651 | 41,296 | ||||||||||
BB Seguridade Participacoes SA | 11,028 | 58,790 | ||||||||||
BRF SA* | 9,071 | 37,301 | ||||||||||
CCR SA | 18,270 | 44,470 | ||||||||||
Centrais Eletricas Brasileiras SA | 3,714 | 21,532 | ||||||||||
Cia Brasileira de Distribuicao | 2,537 | 32,793 | ||||||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 5,716 | 47,521 | ||||||||||
Cia Siderurgica Nacional SA | 10,327 | 45,318 | ||||||||||
Cosan SA | 2,540 | 36,763 | ||||||||||
CPFL Energia SA | 3,841 | 22,476 | ||||||||||
Energisa SA | 2,936 | 25,505 | ||||||||||
Engie Brasil Energia SA | 3,082 | 24,357 | ||||||||||
Equatorial Energia SA | 13,584 | 55,250 | ||||||||||
Hapvida Participacoes e Investimentos SA, 144A | 17,545 | 47,224 | ||||||||||
Hypera SA | 6,402 | 38,371 | ||||||||||
JBS SA | 16,547 | 71,502 | ||||||||||
Klabin SA | 10,831 | 50,704 | ||||||||||
Localiza Rent a Car SA | 9,543 | 119,737 | ||||||||||
Lojas Renner SA | 12,217 | 101,888 | ||||||||||
Magazine Luiza SA | 46,012 | 200,799 | ||||||||||
Multiplan Empreendimentos Imobiliarios SA | 5,298 | 22,419 | ||||||||||
Natura & Co. Holding SA* | 11,703 | 110,118 | ||||||||||
Notre Dame Intermedica Participacoes SA | 7,713 | 98,619 | ||||||||||
Petrobras Distribuidora SA | 12,786 | 48,997 | ||||||||||
Petroleo Brasileiro SA | 55,885 | 266,521 | ||||||||||
Raia Drogasil SA | 16,184 | 78,089 | ||||||||||
Rumo SA* | 17,741 | 62,786 | ||||||||||
Sul America SA | 4,235 | 33,849 | ||||||||||
Suzano SA* | 11,863 | 125,109 | ||||||||||
Telefonica Brasil SA | 6,690 | 55,881 | ||||||||||
TIM SA | 14,140 | 35,605 | ||||||||||
TOTVS SA | 6,045 | 30,183 | ||||||||||
Ultrapar Participacoes SA | 10,731 | 40,722 | ||||||||||
Vale SA | 55,203 | 803,717 | ||||||||||
Via Varejo S/A* | 20,141 | 66,731 | ||||||||||
WEG SA | 13,136 | 180,389 | ||||||||||
|
| |||||||||||
(Cost $2,740,582) | 3,981,232 | |||||||||||
|
|
Number | Value | |||||||||||
Chile — 0.4% | ||||||||||||
Banco de Chile | 704,646 | $ | 62,104 | |||||||||
Banco de Credito e Inversiones SA | 914 | 31,910 | ||||||||||
Banco Santander Chile | 1,008,582 | 43,817 | ||||||||||
Cencosud SA | 21,409 | 36,998 | ||||||||||
Cencosud Shopping SA | 5,673 | 9,441 | ||||||||||
Cia Cervecerias Unidas SA | 2,771 | 19,603 | ||||||||||
Colbun SA | 106,380 | 17,034 | ||||||||||
Empresas CMPC SA | 19,232 | 41,652 | ||||||||||
Empresas COPEC SA | 5,759 | 45,730 | ||||||||||
Enel Americas SA | 531,674 | 77,180 | ||||||||||
Enel Chile SA | 429,114 | 29,890 | ||||||||||
Falabella SA | 12,336 | 42,275 | ||||||||||
|
| |||||||||||
(Cost $589,826) | 457,634 | |||||||||||
|
| |||||||||||
China — 36.9% | ||||||||||||
360 Security Technology, Inc., Class A | 1,500 | 3,782 | ||||||||||
3SBio, Inc., 144A* | 19,408 | 19,230 | ||||||||||
51job, Inc., ADR* | 451 | 31,795 | ||||||||||
AAC Technologies Holdings, Inc. (a) | 11,721 | 65,629 | ||||||||||
AECC Aviation Power Co. Ltd., Class A | 2,500 | 17,208 | ||||||||||
Agile Group Holdings Ltd. | 5,339 | 7,715 | ||||||||||
Agricultural Bank of China Ltd., Class A | 95,400 | 47,670 | ||||||||||
Agricultural Bank of China Ltd., Class H | 405,535 | 153,821 | ||||||||||
Aier Eye Hospital Group Co. Ltd., Class A | 4,883 | 45,387 | ||||||||||
Air China Ltd., Class A | 1,000 | 1,197 | ||||||||||
Air China Ltd., Class H | 35,116 | 28,406 | ||||||||||
Airtac International Group | 2,210 | 64,356 | ||||||||||
Aisino Corp., Class A | 500 | 1,052 | ||||||||||
AK Medical Holdings Ltd., 144A | 6,000 | 9,490 | ||||||||||
Alibaba Group Holding Ltd., ADR* | 28,387 | 7,476,000 | ||||||||||
A-Living Smart City Services Co. Ltd., 144A | 6,260 | 26,369 | ||||||||||
Aluminum Corp. of China Ltd., Class A* | 18,200 | 11,416 | ||||||||||
Aluminum Corp. of China Ltd., Class H* | 35,057 | 13,840 | ||||||||||
Anhui Conch Cement Co. Ltd., Class A | 4,800 | 41,190 | ||||||||||
Anhui Conch Cement Co. Ltd., Class H | 14,701 | 94,074 | ||||||||||
Anhui Gujing Distillery Co. Ltd., Class A | 660 | 21,171 | ||||||||||
Anhui Gujing Distillery Co. Ltd., Class B | 1,400 | 16,581 | ||||||||||
ANTA Sports Products Ltd. | 16,681 | 226,831 | ||||||||||
Asymchem Laboratories Tianjin Co. Ltd., Class A | 460 | 16,788 | ||||||||||
Autobio Diagnostics Co. Ltd., Class A | 500 | 11,010 | ||||||||||
Autohome, Inc., ADR | 863 | 81,484 | ||||||||||
AVIC Aircraft Co. Ltd., Class A | 4,900 | 23,182 | ||||||||||
Avic Capital Co. Ltd., Class A | 2,300 | 1,624 | ||||||||||
AVIC Jonhon Optronic Technology Co. Ltd., Class A | 2,550 | 22,850 | ||||||||||
AVIC Shenyang Aircraft Co. Ltd., Class A | 1,555 | 14,343 |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
China (Continued) | ||||||||||||
AviChina Industry & Technology Co. Ltd., Class H | 41,841 | $ | 25,479 | |||||||||
Baidu, Inc., ADR* | 4,132 | 574,307 | ||||||||||
Bank of Beijing Co. Ltd., Class A | 16,300 | 12,081 | ||||||||||
Bank of Chengdu Co. Ltd., Class A | 14,155 | 24,465 | ||||||||||
Bank of China Ltd., Class A | 35,100 | 17,592 | ||||||||||
Bank of China Ltd., Class H | 1,121,038 | 396,287 | ||||||||||
Bank of Communications Co. Ltd., Class A | 33,700 | 24,107 | ||||||||||
Bank of Communications Co. Ltd., Class H | 102,608 | 56,791 | ||||||||||
Bank of Hangzhou Co. Ltd., Class A | 10,960 | 25,302 | ||||||||||
Bank of Jiangsu Co. Ltd., Class A | 12,479 | 11,808 | ||||||||||
Bank of Nanjing Co. Ltd., Class A | 8,400 | 10,997 | ||||||||||
Bank of Ningbo Co. Ltd., Class A | 4,900 | 27,461 | ||||||||||
Bank of Shanghai Co. Ltd., Class A | 12,540 | 15,370 | ||||||||||
Baoshan Iron & Steel Co. Ltd., Class A | 14,000 | 13,204 | ||||||||||
Baozun, Inc., ADR*(a) | 740 | 27,498 | ||||||||||
BBMG Corp., Class A | 22,100 | 10,405 | ||||||||||
BeiGene Ltd., ADR* | 669 | 171,057 | ||||||||||
Beijing Capital International Airport Co. Ltd., Class H | 30,204 | 22,640 | ||||||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A | 2,100 | 2,628 | ||||||||||
Beijing New Building Materials PLC, Class A | 3,870 | 22,923 | ||||||||||
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 2,407 | 12,503 | ||||||||||
Beijing Shiji Information Technology Co. Ltd., Class A | 200 | 1,014 | ||||||||||
Beijing Shunxin Agriculture Co. Ltd., Class A | 800 | 7,715 | ||||||||||
Beijing Sinnet Technology Co. Ltd., Class A | 1,800 | 5,222 | ||||||||||
Beijing Tiantan Biological Products Corp. Ltd., Class A | 1,440 | 8,694 | ||||||||||
Beijing Tongrentang Co. Ltd., Class A | 300 | 1,226 | ||||||||||
Betta Pharmaceuticals Co. Ltd., Class A | 600 | 8,319 | ||||||||||
BGI Genomics Co. Ltd., Class A | 600 | 11,920 | ||||||||||
Bilibili, Inc., ADR*(a) | 1,606 | 100,953 | ||||||||||
BOE Technology Group Co. Ltd., Class A | 33,400 | 27,444 | ||||||||||
BYD Co. Ltd., Class A | 1,300 | 33,990 | ||||||||||
BYD Co. Ltd., Class H | 9,842 | 231,224 | ||||||||||
BYD Electronic International Co. Ltd. | 10,704 | 52,960 | ||||||||||
Caitong Securities Co. Ltd., Class A | 7,080 | 14,291 | ||||||||||
CanSino Biologics, Inc., Class H, 144A*(a) | 1,000 | 21,933 | ||||||||||
CGN Power Co. Ltd., Class H, 144A | 133,391 | 28,568 | ||||||||||
Changchun High & New Technology Industry Group, Inc., Class A | 560 | 31,176 | ||||||||||
Changjiang Securities Co. Ltd., Class A | 1,400 | 1,880 | ||||||||||
Chaozhou Three-Circle Group Co. Ltd., Class A | 2,000 | 9,705 | ||||||||||
China Aoyuan Group Ltd. | 20,798 | 21,654 |
Number | Value | |||||||||||
China (Continued) | ||||||||||||
China Bohai Bank Co. Ltd., Class H, 144A* | 27,186 | $ | 18,133 | |||||||||
China Cinda Asset Management Co. Ltd., Class H | 124,839 | 24,320 | ||||||||||
China CITIC Bank Corp. Ltd., Class H | 145,588 | 62,923 | ||||||||||
China Communications Construction Co. Ltd., Class A | 700 | 842 | ||||||||||
China Communications Construction Co. Ltd., Class H | 72,724 | 37,718 | ||||||||||
China Communications Services Corp. Ltd., Class H | 36,562 | 19,529 | ||||||||||
China Conch Venture Holdings Ltd. | 26,142 | 124,116 | ||||||||||
China Construction Bank Corp., Class A | 10,400 | 11,294 | ||||||||||
China Construction Bank Corp., Class H | 1,419,512 | 1,113,479 | ||||||||||
China East Education Holdings Ltd., 144A | 6,541 | 14,582 | ||||||||||
China Eastern Airlines Corp. Ltd., Class A | 22,000 | 16,640 | ||||||||||
China Everbright Bank Co. Ltd., Class A | 57,800 | 38,099 | ||||||||||
China Everbright Bank Co. Ltd., Class H | 27,090 | 10,555 | ||||||||||
China Evergrande Group | 30,659 | 64,632 | ||||||||||
China Feihe Ltd., 144A | 14,000 | 33,451 | ||||||||||
China Film Co. Ltd., Class A | 500 | 1,007 | ||||||||||
China Fortune Land Development Co. Ltd., Class A | 3,250 | 7,330 | ||||||||||
China Galaxy Securities Co. Ltd., Class H | 67,168 | 43,415 | ||||||||||
China Gezhouba Group Co. Ltd., Class A | 1,200 | 1,241 | ||||||||||
China Greatwall Technology Group Co. Ltd., Class A | 3,300 | 7,227 | ||||||||||
China Hongqiao Group Ltd. | 31,205 | 27,255 | ||||||||||
China Huarong Asset Management Co. Ltd., Class H, 144A | 89,593 | 10,287 | ||||||||||
China International Capital Corp. Ltd., Class H, 144A*(a) | 20,143 | 46,933 | ||||||||||
China Jushi Co. Ltd., Class A | 4,000 | 10,218 | ||||||||||
China Lesso Group Holdings Ltd. | 16,210 | 28,944 | ||||||||||
China Life Insurance Co. Ltd., Class A | 2,400 | 15,459 | ||||||||||
China Life Insurance Co. Ltd., Class H | 110,441 | 250,489 | ||||||||||
China Literature Ltd., 144A* | 4,577 | 34,780 | ||||||||||
China Longyuan Power Group Corp. Ltd., Class H | 46,361 | 38,998 | ||||||||||
China Medical System Holdings Ltd. | 24,429 | 24,961 | ||||||||||
China Meidong Auto Holdings Ltd. | 7,726 | 33,491 | ||||||||||
China Merchants Bank Co. Ltd., Class A | 18,963 | 127,299 | ||||||||||
China Merchants Bank Co. Ltd., Class H | 56,563 | 357,941 | ||||||||||
China Merchants Energy Shipping Co. Ltd., Class A | 7,700 | 7,064 | ||||||||||
China Merchants Securities Co. Ltd., Class A* | 6,500 | 21,719 |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
China (Continued) | ||||||||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 11,500 | $ | 25,605 | |||||||||
China Minsheng Banking Corp. Ltd., Class A | 30,600 | 24,632 | ||||||||||
China Minsheng Banking Corp. Ltd., Class H | 96,594 | 53,338 | ||||||||||
China Molybdenum Co. Ltd., Class A | 15,700 | 10,945 | ||||||||||
China Molybdenum Co. Ltd., Class H | 53,780 | 25,256 | ||||||||||
China National Building Material Co. Ltd., Class H | 63,179 | 82,977 | ||||||||||
China National Chemical Engineering Co. Ltd., Class A | 13,200 | 13,011 | ||||||||||
China National Nuclear Power Co. Ltd., Class A | 11,400 | 8,501 | ||||||||||
China National Software & Service Co. Ltd., Class A | 600 | 6,626 | ||||||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A* | 7,000 | 14,395 | ||||||||||
China Oilfield Services Ltd., Class H | 28,361 | 21,478 | ||||||||||
China Pacific Insurance Group Co. Ltd., Class A | 5,300 | 31,112 | ||||||||||
China Pacific Insurance Group Co. Ltd., Class H | 42,643 | 162,297 | ||||||||||
China Petroleum & Chemical Corp., Class A | 38,600 | 24,564 | ||||||||||
China Petroleum & Chemical Corp., Class H | 372,755 | 168,799 | ||||||||||
China Railway Construction Corp. Ltd., Class A | 11,700 | 15,264 | ||||||||||
China Railway Construction Corp. Ltd., Class H | 27,709 | 18,303 | ||||||||||
China Railway Group Ltd., Class A | 18,600 | 15,961 | ||||||||||
China Railway Group Ltd., Class H | 47,155 | 23,301 | ||||||||||
China Resources Pharmaceutical Group Ltd., 144A | 23,653 | 12,786 | ||||||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 200 | 823 | ||||||||||
China Shenhua Energy Co. Ltd., Class A | 3,965 | 11,815 | ||||||||||
China Shenhua Energy Co. Ltd., Class H | 55,782 | 107,807 | ||||||||||
China Shipbuilding Industry Co. Ltd., Class A* | 32,085 | 21,149 | ||||||||||
China South Publishing & Media Group Co. Ltd., Class A | 6,200 | 10,132 | ||||||||||
China Southern Airlines Co. Ltd., Class A* | 1,800 | 1,722 | ||||||||||
China Southern Airlines Co. Ltd., Class H* | 18,515 | 11,370 | ||||||||||
China Spacesat Co. Ltd., Class A | 300 | 1,549 | ||||||||||
China State Construction Engineering Corp. Ltd., Class A | 44,040 | 36,320 | ||||||||||
China Telecom Corp. Ltd., Class H | 212,485 | 64,148 | ||||||||||
China Tourism Group Duty Free Corp. Ltd., Class A | 2,100 | 61,620 | ||||||||||
China Tower Corp. Ltd., Class H, 144A | 701,613 | 110,433 |
Number | Value | |||||||||||
China (Continued) | ||||||||||||
China TransInfo Technology Co. Ltd., Class A | 1,700 | $ | 5,061 | |||||||||
China United Network Communications Ltd., Class A | 46,055 | 34,274 | ||||||||||
China Vanke Co. Ltd., Class A | 11,300 | 52,688 | ||||||||||
China Vanke Co. Ltd., Class H | 24,307 | 92,354 | ||||||||||
China Yangtze Power Co. Ltd., Class A | 24,900 | 76,052 | ||||||||||
China Yuhua Education Corp. Ltd., 144A | 18,000 | 16,976 | ||||||||||
Chongqing Changan Automobile Co. Ltd., Class A* | 1,000 | 3,836 | ||||||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 32,315 | 13,841 | ||||||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A | 1,700 | 32,251 | ||||||||||
CIFI Holdings Group Co. Ltd. | 47,813 | 41,330 | ||||||||||
CITIC Ltd. | 88,482 | 69,178 | ||||||||||
CITIC Securities Co. Ltd., Class A | 13,400 | 61,666 | ||||||||||
CITIC Securities Co. Ltd., Class H | 30,235 | 68,029 | ||||||||||
CNOOC Ltd. | 256,932 | 269,493 | ||||||||||
Contemporary Amperex Technology Co. Ltd., Class A | 2,139 | 78,878 | ||||||||||
COSCO SHIPPING Holdings Co. Ltd., Class A* | 1,900 | 2,863 | ||||||||||
COSCO SHIPPING Holdings Co. Ltd., Class H* | 46,390 | 43,391 | ||||||||||
Country Garden Holdings Co. Ltd. | 101,123 | 133,595 | ||||||||||
Country Garden Services Holdings Co. Ltd. | 22,210 | 124,359 | ||||||||||
CRRC Corp. Ltd., Class A | 20,500 | 17,622 | ||||||||||
CRRC Corp. Ltd., Class H | 74,271 | 29,800 | ||||||||||
CSC Financial Co. Ltd., Class A | 2,925 | 19,418 | ||||||||||
CSPC Pharmaceutical Group Ltd. | 141,753 | 138,442 | ||||||||||
Dali Foods Group Co. Ltd., 144A | 26,224 | 16,240 | ||||||||||
Daqin Railway Co. Ltd., Class A | 12,100 | 12,460 | ||||||||||
Dawning Information Industry Co. Ltd., Class A | 1,400 | 7,519 | ||||||||||
DHC Software Co. Ltd., Class A | 800 | 1,119 | ||||||||||
Dong-E-E-Jiao Co. Ltd., Class A | 200 | 1,267 | ||||||||||
Dongfang Electric Corp. Ltd., Class A | 7,080 | 11,420 | ||||||||||
Dongfeng Motor Group Co. Ltd., Class H | 46,579 | 47,955 | ||||||||||
Dongxing Securities Co. Ltd., Class A | 600 | 1,205 | ||||||||||
DouYu International Holdings Ltd., ADR* | 1,329 | 17,623 | ||||||||||
East Money Information Co. Ltd., Class A | 6,456 | 26,965 | ||||||||||
ENN Energy Holdings Ltd. | 12,264 | 162,496 | ||||||||||
Eve Energy Co. Ltd., Class A | 1,967 | 19,269 | ||||||||||
Everbright Securities Co. Ltd., Class A | 4,800 | 13,997 | ||||||||||
Fangda Carbon New Material Co. Ltd., Class A* | 834 | 837 | ||||||||||
Fiberhome Telecommunication Technologies Co. Ltd., Class A | 1,300 | 4,908 | ||||||||||
Financial Street Holdings Co. Ltd., Class A | 800 | 846 |
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
China (Continued) | ||||||||||||
First Capital Securities Co. Ltd., Class A | 900 | $ | 1,446 | |||||||||
Focus Media Information Technology Co. Ltd., Class A | 11,720 | 17,266 | ||||||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 2,820 | 68,185 | ||||||||||
Fosun International Ltd. | 39,836 | 57,562 | ||||||||||
Founder Securities Co. Ltd., Class A* | 14,700 | 20,138 | ||||||||||
Foxconn Industrial Internet Co. Ltd., Class A | 3,700 | 7,761 | ||||||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 500 | 3,045 | ||||||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 9,719 | 46,519 | ||||||||||
Ganfeng Lithium Co. Ltd., Class A | 1,200 | 14,252 | ||||||||||
GD Power Development Co. Ltd., Class A | 20,300 | 6,629 | ||||||||||
GDS Holdings Ltd., ADR*(a) | 1,279 | 115,148 | ||||||||||
Gemdale Corp., Class A | 7,300 | 16,775 | ||||||||||
Genscript Biotech Corp.* | 16,104 | 23,145 | ||||||||||
GF Securities Co. Ltd., Class A | 6,700 | 17,228 | ||||||||||
GF Securities Co. Ltd., Class H | 19,457 | 27,161 | ||||||||||
Giant Network Group Co. Ltd., Class A | 300 | 813 | ||||||||||
Gigadevice Semiconductor Beijing, Inc., Class A | 458 | 14,371 | ||||||||||
Glodon Co. Ltd., Class A | 1,200 | 12,229 | ||||||||||
GoerTek, Inc., Class A | 3,900 | 22,491 | ||||||||||
GOME Retail Holdings Ltd.* | 150,938 | 17,915 | ||||||||||
Great Wall Motor Co. Ltd., Class H | 46,941 | 95,080 | ||||||||||
Gree Electric Appliances, Inc., of Zhuhai, Class A | 3,400 | 34,412 | ||||||||||
Greenland Holdings Corp. Ltd., Class A | 12,173 | 11,906 | ||||||||||
Greentown China Holdings Ltd. | 10,940 | 15,836 | ||||||||||
Greentown Service Group Co. Ltd. | 16,696 | 19,408 | ||||||||||
GSX Techedu, Inc., ADR*(a) | 1,236 | 79,462 | ||||||||||
Guangdong Haid Group Co. Ltd., Class A | 1,885 | 16,115 | ||||||||||
Guangdong HEC Technology Holding Co. Ltd., Class A* | 6,000 | 5,085 | ||||||||||
Guangzhou Automobile Group Co. Ltd., Class H | 43,676 | 46,995 | ||||||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 2,300 | 10,689 | ||||||||||
Guangzhou Haige Communications Group, Inc. Co., Class A | 600 | 1,122 | ||||||||||
Guangzhou R&F Properties Co. Ltd., Class H | 22,133 | 28,840 | ||||||||||
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | 1,200 | 19,550 | ||||||||||
Guosen Securities Co. Ltd., Class A | 8,900 | 18,573 | ||||||||||
Guotai Junan Securities Co. Ltd., Class A | 6,100 | 17,343 | ||||||||||
Guoyuan Securities Co. Ltd., Class A | 11,830 | 15,973 | ||||||||||
Haidilao International Holding Ltd., 144A | 12,325 | 80,857 | ||||||||||
Haier Smart Home Co. Ltd., Class A | 4,700 | 19,252 | ||||||||||
Haitian International Holdings Ltd. | 10,433 | 28,334 |
Number | Value | |||||||||||
China (Continued) | ||||||||||||
Haitong Securities Co. Ltd., Class A | 7,800 | $ | 15,993 | |||||||||
Haitong Securities Co. Ltd., Class H | 42,412 | 36,497 | ||||||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 9,700 | 67,282 | ||||||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 200 | 1,214 | ||||||||||
Hangzhou Tigermed Consulting Co. Ltd., Class A | 600 | 10,389 | ||||||||||
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A* | 1,560 | 26,265 | ||||||||||
Hansoh Pharmaceutical Group Co. Ltd., 144A* | 18,663 | 89,691 | ||||||||||
Hebei Construction Group Corp. Ltd., Class H | 6,556 | 18,608 | ||||||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 2,308 | 16,167 | ||||||||||
Hengan International Group Co. Ltd. | 10,386 | 71,687 | ||||||||||
Hengli Petrochemical Co. Ltd., Class A | 6,210 | 24,607 | ||||||||||
Hengtong Optic-electric Co. Ltd., Class A | 420 | 945 | ||||||||||
Hengyi Petrochemical Co. Ltd., Class A | 7,241 | 13,967 | ||||||||||
Hesteel Co. Ltd., Class A* | 2,700 | 939 | ||||||||||
Hithink RoyalFlush Information Network Co. Ltd., Class A | 500 | 10,864 | ||||||||||
Hua Hong Semiconductor Ltd., 144A* | 6,882 | 34,139 | ||||||||||
Huaan Securities Co. Ltd., Class A | 900 | 1,113 | ||||||||||
Huadian Power International Corp. Ltd., Class A | 2,000 | 1,094 | ||||||||||
Huadong Medicine Co. Ltd., Class A | 3,000 | 12,603 | ||||||||||
Hualan Biological Engineering, Inc., Class A | 2,573 | 16,819 | ||||||||||
Huaneng Power International, Inc., Class A | 1,200 | 937 | ||||||||||
Huaneng Power International, Inc., Class H | 69,210 | 27,144 | ||||||||||
Huatai Securities Co. Ltd., Class A | 9,300 | 27,261 | ||||||||||
Huatai Securities Co. Ltd., Class H, 144A | 21,004 | 32,843 | ||||||||||
Huaxia Bank Co. Ltd., Class A | 14,100 | 13,984 | ||||||||||
Huaxin Cement Co. Ltd., Class A | 1,500 | 5,584 | ||||||||||
Huayu Automotive Systems Co. Ltd., Class A | 3,200 | 15,193 | ||||||||||
Huazhu Group Ltd., ADR | 2,513 | 125,097 | ||||||||||
Hubei Biocause Pharmaceutical Co. Ltd., Class A | 1,000 | 797 | ||||||||||
Hundsun Technologies, Inc., Class A | 2,288 | 30,729 | ||||||||||
HUYA, Inc., ADR*(a) | 900 | 18,621 | ||||||||||
Iflytek Co. Ltd., Class A | 3,050 | 17,705 | ||||||||||
Industrial & Commercial Bank of China Ltd., Class A | 49,800 | 40,238 | ||||||||||
Industrial & Commercial Bank of China Ltd., Class H | 889,444 | 564,577 | ||||||||||
Industrial Bank Co. Ltd., Class A | 25,500 | 81,409 | ||||||||||
Industrial Securities Co. Ltd., Class A | 14,500 | 19,842 | ||||||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A* | 49,800 | 9,152 |
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
China (Continued) | ||||||||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 9,600 | $ | 7,698 | |||||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 7,600 | 43,620 | ||||||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 19,900 | 10,109 | ||||||||||
Innovent Biologics, Inc., 144A* | 14,907 | 98,181 | ||||||||||
Inspur Electronic Information Industry Co. Ltd., Class A | 1,585 | 6,740 | ||||||||||
iQIYI, Inc., ADR* | 3,572 | 79,870 | ||||||||||
Jafron Biomedical Co. Ltd., Class A | 950 | 9,415 | ||||||||||
JD.com, Inc., ADR* | 12,891 | 1,100,247 | ||||||||||
Jiangsu Expressway Co. Ltd., Class H | 23,490 | 26,426 | ||||||||||
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 1,332 | 18,517 | ||||||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 5,232 | 68,330 | ||||||||||
Jiangsu King’s Luck Brewery JSC Ltd., Class A | 2,640 | 19,495 | ||||||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 1,800 | 48,662 | ||||||||||
Jiangxi Copper Co. Ltd., Class A | 500 | 1,671 | ||||||||||
Jiangxi Copper Co. Ltd., Class H | 20,163 | 33,037 | ||||||||||
Jiangxi Zhengbang Technology Co. Ltd., Class A | 2,800 | 7,935 | ||||||||||
Jinke Properties Group Co. Ltd., Class A | 1,400 | 1,697 | ||||||||||
Jinxin Fertility Group Ltd., 144A | 16,214 | 28,282 | ||||||||||
Jointown Pharmaceutical Group Co. Ltd., Class A* | 500 | 1,336 | ||||||||||
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A | 980 | 9,023 | ||||||||||
JOYY, Inc., ADR | 921 | 82,033 | ||||||||||
Juewei Food Co. Ltd., Class A | 1,200 | 12,918 | ||||||||||
Kaisa Group Holdings Ltd.* | 42,823 | 22,541 | ||||||||||
KE Holdings, Inc., ADR*(a) | 1,443 | 94,271 | ||||||||||
Kingdee International Software Group Co. Ltd.* | 38,393 | 133,986 | ||||||||||
Kingsoft Cloud Holdings Ltd., ADR* | 751 | 30,213 | ||||||||||
Kingsoft Corp. Ltd. | 12,722 | 63,848 | ||||||||||
Koolearn Technology Holding Ltd., 144A*(a) | 3,500 | 14,269 | ||||||||||
Kweichow Moutai Co. Ltd., Class A | 1,200 | 312,368 | ||||||||||
KWG Group Holdings Ltd. | 22,191 | 30,347 | ||||||||||
Lenovo Group Ltd. | 109,303 | 77,982 | ||||||||||
Lens Technology Co. Ltd., Class A | 3,700 | 18,443 | ||||||||||
Lepu Medical Technology Beijing Co. Ltd., Class A | 3,020 | 13,260 | ||||||||||
Li Ning Co. Ltd. | 33,726 | 182,748 | ||||||||||
Liaoning Cheng Da Co. Ltd., Class A | 400 | 1,371 | ||||||||||
Lingyi iTech Guangdong Co., Class A | 6,890 | 14,870 | ||||||||||
Logan Group Co. Ltd. | 21,037 | 35,229 | ||||||||||
Lomon Billions Group Co. Ltd., Class A | 2,300 | 11,073 | ||||||||||
Longfor Group Holdings Ltd., 144A | 28,914 | 189,501 | ||||||||||
LONGi Green Energy Technology Co. Ltd., Class A | 3,250 | 33,911 |
Number | Value | |||||||||||
China (Continued) | ||||||||||||
Lufax Holding Ltd., ADR*(a) | 2,681 | $ | 44,156 | |||||||||
Luxshare Precision Industry Co. Ltd., Class A | 6,870 | 53,934 | ||||||||||
Luye Pharma Group Ltd., 144A (a) | 20,745 | 12,097 | ||||||||||
Luzhou Laojiao Co. Ltd., Class A | 1,200 | 33,413 | ||||||||||
Mango Excellent Media Co. Ltd., Class A | 2,735 | 28,479 | ||||||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A* | 3,708 | 7,107 | ||||||||||
Meituan, Class B* | 53,899 | 2,016,593 | ||||||||||
Metallurgical Corp. of China Ltd., Class A | 21,700 | 9,228 | ||||||||||
Microport Scientific Corp. | 10,417 | 44,955 | ||||||||||
Minth Group Ltd. | 10,689 | 53,093 | ||||||||||
Momo, Inc., ADR | 2,217 | 31,880 | ||||||||||
Muyuan Foods Co. Ltd., Class A | 3,332 | 38,967 | ||||||||||
NanJi E-Commerce Co. Ltd., Class A | 3,900 | 9,827 | ||||||||||
Nanjing Securities Co. Ltd., Class A | 4,000 | 7,922 | ||||||||||
NARI Technology Co. Ltd., Class A | 3,870 | 13,866 | ||||||||||
NAURA Technology Group Co. Ltd., Class A | 565 | 14,760 | ||||||||||
NavInfo Co. Ltd., Class A | 2,200 | 5,159 | ||||||||||
NetEase, Inc., ADR | 6,166 | 557,221 | ||||||||||
New China Life Insurance Co. Ltd., Class A | 2,100 | 19,529 | ||||||||||
New China Life Insurance Co. Ltd., Class H | 12,455 | 52,304 | ||||||||||
New Hope Liuhe Co. Ltd., Class A | 4,300 | 16,960 | ||||||||||
New Oriental Education & Technology Group, Inc., ADR* | 2,215 | 365,143 | ||||||||||
Ninestar Corp., Class A | 200 | 901 | ||||||||||
Ningbo Joyson Electronic Corp., Class A | 1,500 | 5,661 | ||||||||||
NIO, Inc., ADR* | 16,066 | 811,815 | ||||||||||
Noah Holdings Ltd., ADR*(a) | 513 | 15,185 | ||||||||||
Oceanwide Holdings Co. Ltd., Class A | 11,900 | 7,139 | ||||||||||
Offcn Education Technology Co. Ltd., Class A | 2,700 | 14,795 | ||||||||||
Offshore Oil Engineering Co. Ltd., Class A | 14,000 | 9,930 | ||||||||||
OFILM Group Co. Ltd., Class A | 4,100 | 9,558 | ||||||||||
Oppein Home Group, Inc., Class A | 1,260 | 24,415 | ||||||||||
Orient Securities Co. Ltd., Class A | 11,600 | 20,454 | ||||||||||
Oriental Pearl Group Co. Ltd., Class A | 910 | 1,314 | ||||||||||
People’s Insurance Co. Group of China Ltd., Class A | 6,700 | 7,052 | ||||||||||
People’s Insurance Co. Group of China Ltd., Class H | 118,826 | 37,559 | ||||||||||
Perfect World Co. Ltd., Class A | 2,250 | 9,210 | ||||||||||
PetroChina Co. Ltd., Class A | 13,632 | 8,923 | ||||||||||
PetroChina Co. Ltd., Class H | 324,360 | 103,363 | ||||||||||
Pharmaron Beijing Co. Ltd., Class H, 144A | 1,456 | 17,676 | ||||||||||
PICC Property & Casualty Co. Ltd., Class H | 79,002 | 65,232 | ||||||||||
Pinduoduo, Inc., ADR* | 5,690 | 789,829 | ||||||||||
Ping An Bank Co. Ltd., Class A | 20,100 | 60,262 |
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
China (Continued) | ||||||||||||
Ping An Healthcare and Technology Co. Ltd., 144A*(a) | 8,128 | $ | 99,463 | |||||||||
Ping An Insurance Group Co. of China Ltd., Class A | 10,900 | 149,043 | ||||||||||
Ping An Insurance Group Co. of China Ltd., Class H | 88,994 | 1,044,820 | ||||||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 14,400 | 37,661 | ||||||||||
Poly Property Services Co. Ltd. (a) | 1,800 | 13,109 | ||||||||||
Postal Savings Bank of China Co. Ltd., Class H, 144A | 153,456 | 86,716 | ||||||||||
Power Construction Corp. of China Ltd., Class A | 12,201 | 7,820 | ||||||||||
RiseSun Real Estate Development Co. Ltd., Class A | 8,800 | 9,770 | ||||||||||
Rongsheng Petro Chemical Co. Ltd., Class A | 1,850 | 7,227 | ||||||||||
SAIC Motor Corp. Ltd., Class A | 8,100 | 32,613 | ||||||||||
Sanan Optoelectronics Co. Ltd., Class A | 4,900 | 19,982 | ||||||||||
Sangfor Technologies, Inc., Class A | 375 | 11,487 | ||||||||||
Sany Heavy Industry Co. Ltd., Class A | 6,600 | 30,784 | ||||||||||
SDIC Capital Co. Ltd., Class A | 6,600 | 14,795 | ||||||||||
SDIC Power Holdings Co. Ltd., Class A | 5,900 | 8,486 | ||||||||||
Seazen Group Ltd.* | 34,845 | 30,794 | ||||||||||
Seazen Holdings Co. Ltd., Class A | 2,200 | 11,835 | ||||||||||
Semiconductor Manufacturing International Corp.* | 59,979 | 167,532 | ||||||||||
SF Holding Co. Ltd., Class A | 2,455 | 29,829 | ||||||||||
Shaanxi Coal Industry Co. Ltd., Class A | 7,100 | 11,258 | ||||||||||
Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 338 | 1,240 | ||||||||||
Shandong Gold Mining Co. Ltd., Class A | 4,536 | 16,424 | ||||||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 37,764 | 78,149 | ||||||||||
Shanghai Baosight Software Co. Ltd., Class A | 1,000 | 9,187 | ||||||||||
Shanghai Electric Group Co. Ltd., Class A* | 2,000 | 1,610 | ||||||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 1,700 | 13,426 | ||||||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 8,355 | 35,140 | ||||||||||
Shanghai International Airport Co. Ltd., Class A | 900 | 10,733 | ||||||||||
Shanghai International Port Group Co. Ltd., Class A | 11,400 | 8,016 | ||||||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 22,159 | 17,240 | ||||||||||
Shanghai M&G Stationery, Inc., Class A | 2,075 | 22,930 | ||||||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 500 | 1,527 | ||||||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 13,247 | 22,423 |
Number | Value | |||||||||||
China (Continued) | ||||||||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 33,600 | $ | 51,337 | |||||||||
Shanghai RAAS Blood Products Co. Ltd., Class A | 5,600 | 7,178 | ||||||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | 700 | 698 | ||||||||||
Shanxi Meijin Energy Co. Ltd., Class A* | 4,700 | 5,090 | ||||||||||
Shanxi Securities Co. Ltd., Class A | 9,050 | 11,037 | ||||||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 700 | 25,588 | ||||||||||
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A | 1,040 | 867 | ||||||||||
Shenergy Co. Ltd., Class A | 1,100 | 932 | ||||||||||
Shengyi Technology Co. Ltd., Class A | 2,455 | 10,407 | ||||||||||
Shennan Circuits Co. Ltd., Class A | 658 | 10,667 | ||||||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 21,000 | 17,223 | ||||||||||
Shenzhen Energy Group Co. Ltd., Class A | 14,760 | 12,711 | ||||||||||
Shenzhen Goodix Technology Co. Ltd., Class A | 565 | 14,324 | ||||||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 1,800 | 21,050 | ||||||||||
Shenzhen Kangtai Biological Products Co. Ltd., Class A | 470 | 9,727 | ||||||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 992 | 50,826 | ||||||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 17,700 | 19,570 | ||||||||||
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 200 | 827 | ||||||||||
Shenzhen Sunway Communication Co. Ltd., Class A | 1,100 | 7,832 | ||||||||||
Shenzhou International Group Holdings Ltd. | 12,855 | 217,593 | ||||||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 12,600 | 19,960 | ||||||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 400 | 1,252 | ||||||||||
Silergy Corp. | 1,000 | 77,888 | ||||||||||
SINA Corp.* | 871 | 37,740 | ||||||||||
Sinolink Securities Co. Ltd., Class A | 800 | 2,186 | ||||||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class A | 1,200 | 645 | ||||||||||
Sinopharm Group Co. Ltd., Class H | 22,474 | 55,554 | ||||||||||
Sinotruk Hong Kong Ltd. | 12,017 | 29,829 | ||||||||||
Smoore International Holdings Ltd., 144A* | 5,750 | 37,092 | ||||||||||
Songcheng Performance Development Co. Ltd., Class A | 2,520 | 7,379 | ||||||||||
SooChow Securities Co. Ltd., Class A | 1,040 | 1,598 | ||||||||||
Spring Airlines Co. Ltd., Class A | 1,200 | 9,259 | ||||||||||
Sunac China Holdings Ltd. | 40,177 | 153,948 | ||||||||||
Suning.com Co. Ltd., Class A | 8,800 | 12,229 | ||||||||||
Sunny Optical Technology Group Co. Ltd. | 10,418 | 204,837 |
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
China (Continued) | ||||||||||||
Sunwoda Electronic Co. Ltd., Class A | 1,800 | $ | 7,671 | |||||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 2,500 | 10,389 | ||||||||||
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A | 700 | 1,129 | ||||||||||
TAL Education Group, ADR* | 5,636 | 394,858 | ||||||||||
TBEA Co. Ltd., Class A | 11,100 | 14,380 | ||||||||||
TCL Technology Group Corp., Class A | 12,800 | 13,628 | ||||||||||
Tencent Holdings Ltd. | 86,304 | 6,268,719 | ||||||||||
Tencent Music Entertainment Group, ADR* | 5,658 | 94,828 | ||||||||||
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A | 3,200 | 10,843 | ||||||||||
Tianma Microelectronics Co. Ltd., Class A | 1,000 | 2,328 | ||||||||||
Tianqi Lithium Corp., Class A* | 1,700 | 7,186 | ||||||||||
Tingyi Cayman Islands Holding Corp. | 31,554 | 53,248 | ||||||||||
Tongcheng-Elong Holdings Ltd.* | 13,200 | 24,625 | ||||||||||
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A | 400 | 821 | ||||||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A | 2,600 | 1,066 | ||||||||||
Tongwei Co. Ltd., Class A | 3,800 | 17,776 | ||||||||||
Topchoice Medical Corp., Class A* | 755 | 24,045 | ||||||||||
Topsports International Holdings Ltd., 144A | 20,768 | 30,920 | ||||||||||
TravelSky Technology Ltd., Class H | 13,795 | 31,288 | ||||||||||
Trip.com Group Ltd., ADR* | 6,874 | 230,898 | ||||||||||
Tsingtao Brewery Co. Ltd., Class A | 200 | 2,764 | ||||||||||
Tsingtao Brewery Co. Ltd., Class H | 7,216 | 70,102 | ||||||||||
Unigroup Guoxin Microelectronics Co. Ltd., Class A | 700 | 10,679 | ||||||||||
Uni-President China Holdings Ltd. | 22,460 | 20,255 | ||||||||||
Unisplendour Corp. Ltd., Class A | 3,354 | 11,390 | ||||||||||
Venustech Group, Inc., Class A | 1,000 | 4,482 | ||||||||||
Vipshop Holdings Ltd., ADR* | 6,961 | 177,784 | ||||||||||
Walvax Biotechnology Co. Ltd., Class A | 1,300 | 8,470 | ||||||||||
Wanda Film Holding Co. Ltd., Class A* | 2,400 | 6,973 | ||||||||||
Wanhua Chemical Group Co. Ltd., Class A | 3,395 | 41,869 | ||||||||||
Want Want China Holdings Ltd. | 82,325 | 56,186 | ||||||||||
Weibo Corp., ADR* | 942 | 39,799 | ||||||||||
Weichai Power Co. Ltd., Class A | 5,900 | 14,956 | ||||||||||
Weichai Power Co. Ltd., Class H | 33,202 | 67,766 | ||||||||||
Weifu High-Technology Group Co. Ltd., Class A | 200 | 787 | ||||||||||
Wens Foodstuffs Group Co. Ltd., Class A | 7,480 | 21,926 | ||||||||||
Western Securities Co. Ltd., Class A | 900 | 1,312 | ||||||||||
Will Semiconductor Co. Ltd., Class A | 650 | 21,268 | ||||||||||
Wingtech Technology Co. Ltd., Class A | 1,035 | 16,568 | ||||||||||
Winning Health Technology Group Co. Ltd., Class A | 2,470 | 5,908 | ||||||||||
Wuhan Guide Infrared Co. Ltd., Class A | 1,870 | 10,784 |
Number | Value | |||||||||||
China (Continued) | ||||||||||||
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A | 1,000 | $ | 3,969 | |||||||||
Wuliangye Yibin Co. Ltd., Class A | 4,100 | 158,167 | ||||||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A | 2,000 | 6,039 | ||||||||||
WuXi AppTec Co. Ltd., Class A | 1,715 | 26,915 | ||||||||||
WuXi AppTec Co. Ltd., Class H, 144A (a) | 3,585 | 53,652 | ||||||||||
Wuxi Biologics Cayman, Inc., 144A* | 45,453 | 450,950 | ||||||||||
Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 1,000 | 9,571 | ||||||||||
XCMG Construction Machinery Co. Ltd., Class A | 8,400 | 6,940 | ||||||||||
Xiamen C & D, Inc., Class A | 700 | 971 | ||||||||||
Xiaomi Corp., Class B, 144A* | 184,621 | 631,199 | ||||||||||
Xinhu Zhongbao Co. Ltd., Class A | 2,200 | 1,093 | ||||||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 5,333 | 10,133 | ||||||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H (a) | 4,039 | 6,472 | ||||||||||
Xinyi Solar Holdings Ltd. | 63,919 | 116,605 | ||||||||||
XPeng, Inc., ADR*(a) | 1,600 | 94,016 | ||||||||||
Yadea Group Holdings Ltd., 144A | 15,356 | 27,776 | ||||||||||
Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 1,100 | 6,180 | ||||||||||
Yanzhou Coal Mining Co. Ltd., Class H | 24,425 | 20,136 | ||||||||||
Yealink Network Technology Corp. Ltd., Class A | 900 | 9,417 | ||||||||||
Yifeng Pharmacy Chain Co. Ltd., Class A | 1,100 | 16,877 | ||||||||||
Yihai International Holding Ltd.* | 7,844 | 91,939 | ||||||||||
Yonghui Superstores Co. Ltd., Class A | 7,800 | 9,264 | ||||||||||
Yonyou Network Technology Co. Ltd., Class A | 2,697 | 17,900 | ||||||||||
Yum China Holdings, Inc. | 5,822 | 328,244 | ||||||||||
Yunda Holding Co. Ltd., Class A | 1,560 | 4,075 | ||||||||||
Yunnan Baiyao Group Co. Ltd., Class A | 1,900 | 27,492 | ||||||||||
Yunnan Energy New Material Co. Ltd., Class A | 800 | 11,727 | ||||||||||
Zai Lab Ltd., ADR* | 1,080 | 119,642 | ||||||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 900 | 28,571 | ||||||||||
Zhaojin Mining Industry Co. Ltd., Class H | 15,551 | 19,983 | ||||||||||
Zhejiang Century Huatong Group Co. Ltd., Class A* | 8,280 | 9,859 | ||||||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 4,000 | 19,945 | ||||||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 5,600 | 17,767 | ||||||||||
Zhejiang Expressway Co. Ltd., Class H | 28,655 | 20,407 | ||||||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A* | 752 | 5,976 | ||||||||||
Zhejiang Longsheng Group Co. Ltd., Class A | 5,300 | 11,994 |
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
China (Continued) | ||||||||||||
Zhejiang NHU Co. Ltd., Class A | 4,245 | $ | 20,502 | |||||||||
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 5,205 | 18,514 | ||||||||||
Zhejiang Supor Co. Ltd., Class A | 945 | 10,031 | ||||||||||
Zhengzhou Yutong Bus Co. Ltd., Class A | 503 | 1,328 | ||||||||||
Zhenro Properties Group Ltd. | 27,749 | 17,113 | ||||||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A* | 6,155 | 29,739 | ||||||||||
Zhongji Innolight Co. Ltd., Class A | 700 | 5,204 | ||||||||||
Zhongjin Gold Corp. Ltd., Class A | 900 | 1,303 | ||||||||||
Zhongsheng Group Holdings Ltd. | 8,609 | 64,642 | ||||||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 9,526 | 29,987 | ||||||||||
Zijin Mining Group Co. Ltd., Class A | 26,800 | 37,814 | ||||||||||
Zijin Mining Group Co. Ltd., Class H | 87,522 | 87,284 | ||||||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 6,976 | 9,069 | ||||||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 20,462 | 21,357 | ||||||||||
ZTE Corp., Class A | 3,600 | 18,989 | ||||||||||
ZTE Corp., Class H | 11,612 | 29,962 | ||||||||||
ZTO Express Cayman, Inc., ADR | 6,414 | 181,131 | ||||||||||
|
| |||||||||||
(Cost $25,746,088) | 41,453,918 | |||||||||||
|
| |||||||||||
Colombia — 0.1% | ||||||||||||
Bancolombia SA | 4,079 | 31,396 | ||||||||||
Ecopetrol SA | 67,108 | 38,833 | ||||||||||
Grupo de Inversiones Suramericana SA | 3,686 | 21,934 | ||||||||||
Interconexion Electrica SA ESP | 7,633 | 48,180 | ||||||||||
|
| |||||||||||
(Cost $148,140) | 140,343 | |||||||||||
|
| |||||||||||
Cyprus — 0.1% | ||||||||||||
Polymetal International PLC | 3,543 | 74,051 | ||||||||||
|
| |||||||||||
Czech Republic — 0.1% | ||||||||||||
CEZ AS | 2,674 | 56,674 | ||||||||||
Komercni banka AS* | 1,290 | 34,521 | ||||||||||
Moneta Money Bank AS, 144A* | 7,868 | 23,486 | ||||||||||
|
| |||||||||||
(Cost $122,723) | 114,681 | |||||||||||
|
| |||||||||||
Egypt — 0.1% | ||||||||||||
Commercial International Bank Egypt SAE | 21,416 | 84,927 | ||||||||||
Eastern Co. SAE | 17,485 | 12,013 | ||||||||||
ElSewedy Electric Co. | 16,555 | 9,612 | ||||||||||
|
| |||||||||||
(Cost $116,179) | 106,552 | |||||||||||
|
| |||||||||||
Greece — 0.1% | ||||||||||||
FF Group*(b) | 1,458 | 8,348 | ||||||||||
Hellenic Telecommunications Organization SA | 3,974 | 66,223 | ||||||||||
JUMBO SA | 1,954 | 34,939 | ||||||||||
OPAP SA | 3,067 | 34,573 | ||||||||||
|
| |||||||||||
(Cost $143,257) | 144,083 | |||||||||||
|
|
Number | Value | |||||||||||
Hong Kong — 3.0% | ||||||||||||
Alibaba Health Information Technology Ltd.* | 58,843 | $ | 173,089 | |||||||||
Alibaba Pictures Group Ltd.* | 172,998 | 23,212 | ||||||||||
Beijing Enterprises Holdings Ltd. | 8,260 | 26,748 | ||||||||||
Beijing Enterprises Water Group Ltd.* | 74,043 | 29,995 | ||||||||||
Bosideng International Holdings Ltd. (a) | 54,735 | 24,010 | ||||||||||
Brilliance China Automotive Holdings Ltd. | 46,861 | 41,716 | ||||||||||
China Education Group Holdings Ltd. | 11,301 | 22,570 | ||||||||||
China Everbright Environment Group Ltd. | 49,969 | 27,721 | ||||||||||
China Everbright Ltd. | 16,808 | 24,244 | ||||||||||
China Gas Holdings Ltd. | 40,522 | 149,258 | ||||||||||
China Jinmao Holdings Group Ltd. | 91,197 | 46,945 | ||||||||||
China Mengniu Dairy Co. Ltd.* | 38,768 | 196,064 | ||||||||||
China Merchants Port Holdings Co. Ltd. | 19,988 | 23,699 | ||||||||||
China Mobile Ltd. | 90,681 | 542,842 | ||||||||||
China Overseas Land & Investment Ltd. | 50,855 | 123,741 | ||||||||||
China Overseas Property Holdings Ltd. | 20,000 | 13,082 | ||||||||||
China Power International Development Ltd. | 65,498 | 13,182 | ||||||||||
China Resources Beer Holdings Co. Ltd. | 20,371 | 150,462 | ||||||||||
China Resources Cement Holdings Ltd. | 43,279 | 53,826 | ||||||||||
China Resources Gas Group Ltd. | 14,858 | 71,596 | ||||||||||
China Resources Land Ltd. | 44,907 | 194,667 | ||||||||||
China Resources Power Holdings Co. Ltd. | 28,270 | 30,053 | ||||||||||
China State Construction International Holdings Ltd. | 20,493 | 13,537 | ||||||||||
China Taiping Insurance Holdings Co. Ltd. | 23,869 | 42,189 | ||||||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 41,479 | 19,533 | ||||||||||
China Unicom Hong Kong Ltd. | 91,286 | 54,882 | ||||||||||
China Youzan Ltd.* | 203,343 | 53,780 | ||||||||||
COSCO SHIPPING Ports Ltd. | 30,254 | 19,984 | ||||||||||
Far East Horizon Ltd. | 29,615 | 31,445 | ||||||||||
Geely Automobile Holdings Ltd. | 87,359 | 242,881 | ||||||||||
Guangdong Investment Ltd. | 49,465 | 82,196 | ||||||||||
Haier Electronics Group Co. Ltd. | 21,624 | 103,084 | ||||||||||
Hopson Development Holdings Ltd. | 8,788 | 22,959 | ||||||||||
Hutchison China MediTech Ltd., ADR* | 1,010 | 31,310 | ||||||||||
Kingboard Holdings Ltd. | 12,571 | 48,169 | ||||||||||
Kingboard Laminates Holdings Ltd. | 19,629 | 31,757 | ||||||||||
Kunlun Energy Co. Ltd. | 55,667 | 41,942 | ||||||||||
Lee & Man Paper Manufacturing Ltd. | 19,609 | 15,938 | ||||||||||
Nine Dragons Paper Holdings Ltd. | 26,958 | 35,406 | ||||||||||
Shenzhen International Holdings Ltd. | 18,601 | 30,574 | ||||||||||
Shenzhen Investment Ltd. | 49,117 | 17,933 | ||||||||||
Shimao Group Holdings Ltd. | 18,912 | 70,514 | ||||||||||
Sino Biopharmaceutical Ltd. | 165,811 | 166,858 | ||||||||||
SSY Group Ltd. | 26,110 | 15,967 | ||||||||||
Sun Art Retail Group Ltd. | 38,732 | 40,676 |
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
Hong Kong (Continued) | ||||||||||||
Vinda International Holdings Ltd. | 6,000 | $ | 17,146 | |||||||||
Wharf Holdings Ltd. | 18,229 | 45,108 | ||||||||||
Yuexiu Property Co. Ltd. | 111,772 | 23,217 | ||||||||||
|
| |||||||||||
(Cost $3,107,623) | 3,321,707 | |||||||||||
|
| |||||||||||
Hungary — 0.2% | ||||||||||||
MOL Hungarian Oil & Gas PLC* | 7,109 | 47,610 | ||||||||||
OTP Bank Nyrt* | 3,563 | 141,347 | ||||||||||
Richter Gedeon Nyrt | 2,049 | 48,546 | ||||||||||
|
| |||||||||||
(Cost $180,498) | 237,503 | |||||||||||
|
| |||||||||||
India — 8.8% | ||||||||||||
ACC Ltd. | 1,132 | 26,063 | ||||||||||
Adani Green Energy Ltd.* | 5,809 | 89,140 | ||||||||||
Adani Ports & Special Economic Zone Ltd. | 7,637 | 42,441 | ||||||||||
Ambuja Cements Ltd. | 9,810 | 34,580 | ||||||||||
Apollo Hospitals Enterprise Ltd. | 1,343 | 42,579 | ||||||||||
Asian Paints Ltd. | 5,839 | 174,666 | ||||||||||
Aurobindo Pharma Ltd. | 4,097 | 48,051 | ||||||||||
Avenue Supermarts Ltd., 144A* | 2,461 | 76,074 | ||||||||||
Axis Bank Ltd.* | 10,846 | 88,108 | ||||||||||
Axis Bank Ltd., GDR* | 4,537 | 180,573 | ||||||||||
Bajaj Auto Ltd. | 1,137 | 48,724 | ||||||||||
Bajaj Finance Ltd. | 4,047 | 268,254 | ||||||||||
Bajaj Finserv Ltd. | 665 | 78,651 | ||||||||||
Balkrishna Industries Ltd. | 1,394 | 31,236 | ||||||||||
Bandhan Bank Ltd., 144A* | 11,484 | 56,911 | ||||||||||
Berger Paints India Ltd. | 3,192 | 27,920 | ||||||||||
Bharat Forge Ltd. | 4,206 | 28,872 | ||||||||||
Bharat Petroleum Corp. Ltd. | 11,131 | 56,064 | ||||||||||
Bharti Airtel Ltd. | 19,984 | 125,007 | ||||||||||
Bharti Infratel Ltd. | 6,014 | 17,752 | ||||||||||
Biocon Ltd.* | 4,341 | 25,167 | ||||||||||
Britannia Industries Ltd. | 1,685 | 82,774 | ||||||||||
Cipla Ltd. | 5,106 | 51,407 | ||||||||||
Coal India Ltd. | 17,205 | 29,168 | ||||||||||
Colgate-Palmolive India Ltd. | 1,889 | 38,611 | ||||||||||
Container Corp. Of India Ltd. | 3,624 | 19,870 | ||||||||||
Dabur India Ltd. | 9,261 | 62,502 | ||||||||||
Divi’s Laboratories Ltd. | 1,995 | 97,118 | ||||||||||
DLF Ltd. | 8,973 | 22,682 | ||||||||||
Dr. Reddy’s Laboratories Ltd., ADR | 1,811 | 118,783 | ||||||||||
Eicher Motors Ltd. | 2,050 | 70,163 | ||||||||||
GAIL India Ltd. | 27,552 | 38,190 | ||||||||||
Godrej Consumer Products Ltd. | 6,164 | 58,243 | ||||||||||
Grasim Industries Ltd. | 4,248 | 50,235 | ||||||||||
Havells India Ltd. | 4,049 | 43,816 | ||||||||||
HCL Technologies Ltd. | 16,758 | 186,031 | ||||||||||
HDFC Asset Management Co. Ltd., 144A | 687 | 23,552 | ||||||||||
HDFC Life Insurance Co. Ltd., 144A* | 11,048 | 96,492 | ||||||||||
Hero MotoCorp Ltd. | 1,469 | 61,668 | ||||||||||
Hindalco Industries Ltd. | 23,582 | 72,077 | ||||||||||
Hindustan Petroleum Corp. Ltd. | 8,113 | 22,935 | ||||||||||
Hindustan Unilever Ltd. | 12,408 | 358,252 |
Number | Value | |||||||||||
India (Continued) | ||||||||||||
Housing Development Finance Corp. Ltd. | 25,972 | $ | 791,281 | |||||||||
ICICI Bank Ltd., ADR*(a) | 11,645 | 149,755 | ||||||||||
ICICI Bank Ltd.* | 52,999 | 338,757 | ||||||||||
ICICI Lombard General Insurance Co. Ltd., 144A* | 2,992 | 58,639 | ||||||||||
ICICI Prudential Life Insurance Co. Ltd., 144A* | 5,024 | 29,965 | ||||||||||
Indian Oil Corp. Ltd. | 31,012 | 35,427 | ||||||||||
Indraprastha Gas Ltd. | 3,185 | 21,349 | ||||||||||
Info Edge India Ltd. | 948 | 55,126 | ||||||||||
Infosys Ltd. | 26,200 | 389,164 | ||||||||||
Infosys Ltd., ADR | 24,861 | 378,384 | ||||||||||
InterGlobe Aviation Ltd., 144A* | 1,521 | 31,098 | ||||||||||
Ipca Laboratories Ltd. | 1,100 | 32,184 | ||||||||||
ITC Ltd. | 43,871 | 114,718 | ||||||||||
JSW Steel Ltd. | 12,706 | 60,085 | ||||||||||
Jubilant Foodworks Ltd. | 1,048 | 35,390 | ||||||||||
Kotak Mahindra Bank Ltd.* | 8,303 | 213,819 | ||||||||||
Larsen & Toubro Infotech Ltd., 144A | 811 | 35,049 | ||||||||||
Larsen & Toubro Ltd. | 10,052 | 152,349 | ||||||||||
Lupin Ltd. | 3,731 | 44,929 | ||||||||||
Mahindra & Mahindra Ltd. | 11,742 | 114,477 | ||||||||||
Marico Ltd. | 5,640 | 28,003 | ||||||||||
Maruti Suzuki India Ltd. | 1,883 | 178,897 | ||||||||||
Motherson Sumi Systems Ltd. | 14,792 | 29,572 | ||||||||||
MRF Ltd. | 31 | 32,541 | ||||||||||
Muthoot Finance Ltd. | 1,858 | 28,903 | ||||||||||
Nestle India Ltd. | 512 | 123,678 | ||||||||||
NTPC Ltd. | 60,883 | 77,855 | ||||||||||
Oil & Natural Gas Corp. Ltd. | 34,040 | 36,083 | ||||||||||
Page Industries Ltd. | 92 | 28,268 | ||||||||||
Petronet LNG Ltd. | 11,376 | 38,595 | ||||||||||
PI Industries Ltd. | 1,306 | 38,946 | ||||||||||
Pidilite Industries Ltd. | 2,037 | 42,430 | ||||||||||
Piramal Enterprises Ltd. | 1,697 | 31,808 | ||||||||||
Power Grid Corp. of India Ltd. | 26,462 | 68,749 | ||||||||||
REC Ltd. | 13,897 | 22,791 | ||||||||||
Reliance Industries Ltd., GDR, 144A | 21,281 | 1,112,996 | ||||||||||
SBI Life Insurance Co. Ltd., 144A* | 5,717 | 65,313 | ||||||||||
Shree Cement Ltd. | 128 | 42,011 | ||||||||||
Shriram Transport Finance Co. Ltd. | 2,743 | 39,640 | ||||||||||
Siemens Ltd. | 1,003 | 20,498 | ||||||||||
State Bank of India* | 27,124 | 89,460 | ||||||||||
Sun Pharmaceutical Industries Ltd. | 13,706 | 94,694 | ||||||||||
Tata Consultancy Services Ltd. | 14,178 | 513,016 | ||||||||||
Tata Consumer Products Ltd. | 9,148 | 66,458 | ||||||||||
Tata Motors Ltd., ADR*(a) | 5,365 | 64,058 | ||||||||||
Tata Steel Ltd. | 10,263 | 80,011 | ||||||||||
Tech Mahindra Ltd. | 9,552 | 113,099 | ||||||||||
Titan Co. Ltd. | 4,806 | 88,337 | ||||||||||
Torrent Pharmaceuticals Ltd. | 745 | 26,308 | ||||||||||
Trent Ltd. | 2,702 | 26,281 | ||||||||||
UltraTech Cement Ltd. | 1,777 | 115,225 | ||||||||||
United Spirits Ltd.* | 4,141 | 30,665 | ||||||||||
UPL Ltd. | 7,692 | 43,385 |
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
India (Continued) | ||||||||||||
Vedanta Ltd. | 32,667 | $ | 53,264 | |||||||||
Wipro Ltd., ADR | 8,591 | 44,244 | ||||||||||
Wipro Ltd. | 8,462 | 40,050 | ||||||||||
Yes Bank Ltd.* | 125,242 | 24,860 | ||||||||||
Zee Entertainment Enterprises Ltd. | 14,746 | 38,380 | ||||||||||
|
| |||||||||||
(Cost $7,450,710) | 9,892,719 | |||||||||||
|
| |||||||||||
Indonesia — 1.3% | ||||||||||||
PT Ace Hardware Indonesia Tbk | 109,101 | 12,247 | ||||||||||
PT Adaro Energy Tbk | 145,522 | 14,325 | ||||||||||
PT Astra International Tbk | 320,390 | 120,260 | ||||||||||
PT Bank Central Asia Tbk | 142,864 | 313,906 | ||||||||||
PT Bank Mandiri Persero Tbk | 289,551 | 129,703 | ||||||||||
PT Bank Negara Indonesia Persero Tbk | 125,050 | 53,137 | ||||||||||
PT Bank Rakyat Indonesia Persero Tbk | 812,608 | 235,380 | ||||||||||
PT Barito Pacific Tbk* | 449,551 | 33,430 | ||||||||||
PT Charoen Pokphand Indonesia Tbk | 121,620 | 52,326 | ||||||||||
PT Gudang Garam Tbk* | 7,947 | 23,779 | ||||||||||
PT Indah Kiat Pulp & Paper Corp. Tbk | 38,243 | 23,496 | ||||||||||
PT Indocement Tunggal Prakarsa Tbk | 22,232 | 22,515 | ||||||||||
PT Indofood CBP Sukses Makmur Tbk | 44,482 | 31,188 | ||||||||||
PT Indofood Sukses Makmur Tbk | 57,836 | 29,082 | ||||||||||
PT Kalbe Farma Tbk | 277,367 | 29,564 | ||||||||||
PT Merdeka Copper Gold Tbk* | 116,561 | 16,015 | ||||||||||
PT Perusahaan Gas Negara Tbk | 88,906 | 8,752 | ||||||||||
PT Sarana Menara Nusantara Tbk | 271,742 | 21,074 | ||||||||||
PT Semen Indonesia Persero Tbk | 50,428 | 41,785 | ||||||||||
PT Telekomunikasi Indonesia Persero Tbk | 766,846 | 175,419 | ||||||||||
PT Unilever Indonesia Tbk | 111,089 | 60,776 | ||||||||||
PT United Tractors Tbk | 28,476 | 46,384 | ||||||||||
|
| |||||||||||
(Cost $1,417,520) | 1,494,543 | |||||||||||
|
| |||||||||||
Kuwait — 0.5% | ||||||||||||
Agility Public Warehousing Co. KSC | 15,370 | 32,313 | ||||||||||
Boubyan Bank KSCP | 18,070 | 34,740 | ||||||||||
Kuwait Finance House KSCP | 65,458 | 145,533 | ||||||||||
Mobile Telecommunications Co. KSC | 29,603 | 56,235 | ||||||||||
National Bank of Kuwait SAKP | 99,280 | 272,667 | ||||||||||
|
| |||||||||||
(Cost $542,200) | 541,488 | |||||||||||
|
| |||||||||||
Luxembourg — 0.0% | ||||||||||||
Reinet Investments SCA | 2,458 | 43,780 | ||||||||||
|
| |||||||||||
Malaysia — 1.6% | ||||||||||||
AMMB Holdings Bhd | 30,746 | 25,056 | ||||||||||
Axiata Group Bhd | 49,199 | 42,871 | ||||||||||
CIMB Group Holdings Bhd | 96,584 | 86,058 | ||||||||||
Dialog Group Bhd | 59,736 | 52,786 | ||||||||||
DiGi.Com Bhd | 47,060 | 46,205 | ||||||||||
Fraser & Neave Holdings Bhd | 1,800 | 14,342 | ||||||||||
Gamuda Bhd | 32,085 | 28,116 | ||||||||||
Genting Bhd | 37,467 | 37,338 | ||||||||||
Genting Malaysia Bhd | 45,934 | 27,624 | ||||||||||
Genting Plantations Bhd | 2,900 | 6,762 | ||||||||||
HAP Seng Consolidated Bhd | 11,451 | 23,189 | ||||||||||
Hartalega Holdings Bhd | 26,202 | 92,614 |
Number | Value | |||||||||||
Malaysia (Continued) | ||||||||||||
Hong Leong Bank Bhd | 11,541 | $ | 48,668 | |||||||||
Hong Leong Financial Group Bhd | 3,100 | 12,479 | ||||||||||
IHH Healthcare Bhd | 33,335 | 45,985 | ||||||||||
IOI Corp. Bhd | 31,994 | 34,319 | ||||||||||
Kossan Rubber Industries | 20,200 | 30,890 | ||||||||||
Kuala Lumpur Kepong Bhd | 7,210 | 41,589 | ||||||||||
Malayan Banking Bhd | 58,635 | 113,701 | ||||||||||
Malaysia Airports Holdings Bhd | 16,200 | 20,717 | ||||||||||
Maxis Bhd | 37,096 | 44,617 | ||||||||||
MISC Bhd | 20,400 | 34,000 | ||||||||||
Nestle Malaysia Bhd | 800 | 26,313 | ||||||||||
Petronas Chemicals Group Bhd | 37,924 | 59,762 | ||||||||||
Petronas Dagangan Bhd | 4,304 | 21,932 | ||||||||||
Petronas Gas Bhd | 13,135 | 58,550 | ||||||||||
PPB Group Bhd | 9,862 | 45,025 | ||||||||||
Press Metal Aluminium Holdings Bhd | 24,100 | 41,409 | ||||||||||
Public Bank Bhd | 41,822 | 178,621 | ||||||||||
QL Resources Bhd | 17,100 | 26,695 | ||||||||||
RHB Bank Bhd | 24,053 | 30,406 | ||||||||||
Sime Darby Bhd | 34,123 | 19,348 | ||||||||||
Sime Darby Plantation Bhd | 26,823 | 32,261 | ||||||||||
Supermax Corp. Bhd* | 23,600 | 52,715 | ||||||||||
Telekom Malaysia Bhd | 18,945 | 23,437 | ||||||||||
Tenaga Nasional Bhd | 34,105 | 84,384 | ||||||||||
Top Glove Corp. Bhd | 73,800 | 128,978 | ||||||||||
Westports Holdings Bhd | 14,807 | 15,628 | ||||||||||
|
| |||||||||||
(Cost $1,700,101) | 1,755,390 | |||||||||||
|
| |||||||||||
Mexico — 1.7% | ||||||||||||
Alfa SAB de CV, Class A | 48,431 | 38,126 | ||||||||||
America Movil SAB de CV, Series L | 483,983 | 362,085 | ||||||||||
Arca Continental SAB de CV | 6,643 | 32,416 | ||||||||||
Becle SAB de CV | 8,852 | 20,757 | ||||||||||
Cemex SAB de CV, Series CPO | 230,665 | 105,002 | ||||||||||
Coca-Cola Femsa SAB de CV | 8,593 | 38,717 | ||||||||||
Fibra Uno Administracion SA de CV REIT | 49,505 | 49,235 | ||||||||||
Fomento Economico Mexicano SAB de CV | 27,985 | 202,096 | ||||||||||
Gruma SAB de CV, Class B | 3,316 | 36,485 | ||||||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B* | 5,893 | 60,335 | ||||||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B* | 3,461 | 51,496 | ||||||||||
Grupo Bimbo SAB de CV, Series A | 23,479 | 49,676 | ||||||||||
Grupo Carso SAB de CV, Series A1 | 6,868 | 15,598 | ||||||||||
Grupo Financiero Banorte SAB de CV, Class O* | 38,089 | 190,706 | ||||||||||
Grupo Financiero Inbursa SAB de CV, Class O* | 26,670 | 26,036 | ||||||||||
Grupo Mexico SAB de CV, Series B | 42,560 | 154,444 | ||||||||||
Grupo Televisa SAB, Series CPO* | 40,559 | 65,062 | ||||||||||
Industrias Penoles SAB de CV | 2,241 | 32,887 | ||||||||||
Infraestructura Energetica Nova SAB de CV* | 8,675 | 30,798 | ||||||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 24,725 | 39,222 |
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
Mexico (Continued) | ||||||||||||
Megacable Holdings SAB de CV, Series CPO | 5,498 | $ | 20,011 | |||||||||
Orbia Advance Corp. SAB de CV | 16,848 | 34,488 | ||||||||||
Promotora y Operadora de Infraestructura SAB de CV | 3,794 | 30,290 | ||||||||||
Telesites SAB de CV* | 14,214 | 14,805 | ||||||||||
Wal-Mart de Mexico SAB de CV | 79,112 | 208,444 | ||||||||||
|
| |||||||||||
(Cost $2,598,950) | 1,909,217 | |||||||||||
|
| |||||||||||
Peru — 0.3% | ||||||||||||
Cia de Minas Buenaventura SAA, ADR* | 3,290 | 36,519 | ||||||||||
Credicorp Ltd. | 1,029 | 158,373 | ||||||||||
Southern Copper Corp. | 1,445 | 85,790 | ||||||||||
|
| |||||||||||
(Cost $270,545) | 280,682 | |||||||||||
|
| |||||||||||
Philippines — 0.7% | ||||||||||||
Aboitiz Equity Ventures, Inc. | 33,290 | 29,219 | ||||||||||
Aboitiz Power Corp. | 22,646 | 12,128 | ||||||||||
Ayala Corp. | 3,826 | 65,531 | ||||||||||
Ayala Land, Inc. | 120,724 | 95,414 | ||||||||||
Bank of the Philippine Islands | 20,844 | 35,983 | ||||||||||
BDO Unibank, Inc. | 26,345 | 56,602 | ||||||||||
Globe Telecom, Inc. | 574 | 23,256 | ||||||||||
GT Capital Holdings, Inc. | 1,504 | 18,143 | ||||||||||
International Container Terminal Services, Inc. | 16,232 | 39,432 | ||||||||||
JG Summit Holdings, Inc. | 42,654 | 58,241 | ||||||||||
Jollibee Foods Corp. | 6,833 | 26,860 | ||||||||||
Manila Electric Co. | 3,630 | 21,261 | ||||||||||
Megaworld Corp.* | 191,200 | 15,231 | ||||||||||
Metro Pacific Investments Corp. | 186,127 | 15,872 | ||||||||||
Metropolitan Bank & Trust Co. | 27,112 | 27,039 | ||||||||||
PLDT, Inc. | 1,321 | 36,102 | ||||||||||
Puregold Price Club, Inc. | 13,600 | 11,923 | ||||||||||
SM Investments Corp. | 3,768 | 76,018 | ||||||||||
SM Prime Holdings, Inc. | 148,591 | 111,258 | ||||||||||
Universal Robina Corp. | 14,909 | 44,032 | ||||||||||
|
| |||||||||||
(Cost $931,853) | 819,545 | |||||||||||
|
| |||||||||||
Poland — 0.7% | ||||||||||||
Allegro.eu SA, 144A* | 4,052 | 83,201 | ||||||||||
Bank Polska Kasa Opieki SA* | 2,783 | 42,070 | ||||||||||
CD Projekt SA* | 1,053 | 109,273 | ||||||||||
Cyfrowy Polsat SA | 4,472 | 31,812 | ||||||||||
Dino Polska SA, 144A* | 763 | 51,268 | ||||||||||
KGHM Polska Miedz SA* | 2,073 | 82,293 | ||||||||||
LPP SA* | 23 | 42,098 | ||||||||||
Orange Polska SA* | 8,806 | 14,851 | ||||||||||
PGE Polska Grupa Energetyczna SA* | 10,207 | 15,675 | ||||||||||
Polski Koncern Naftowy ORLEN SA | 3,788 | 55,850 | ||||||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 27,431 | 34,956 | ||||||||||
Powszechna Kasa Oszczednosci Bank Polski SA* | 13,450 | 94,602 | ||||||||||
Powszechny Zaklad Ubezpieczen SA* | 8,923 | 59,718 | ||||||||||
Santander Bank Polska SA* | 616 | 28,556 | ||||||||||
|
| |||||||||||
(Cost $833,228) | 746,223 | |||||||||||
|
|
Number | Value | |||||||||||
Qatar — 0.7% | ||||||||||||
Barwa Real Estate Co. | 28,937 | $ | 26,229 | |||||||||
Commercial Bank PSQC | 27,672 | 33,054 | ||||||||||
Industries Qatar QSC | 27,004 | 81,566 | ||||||||||
Masraf Al Rayan QSC | 60,108 | 70,477 | ||||||||||
Mesaieed Petrochemical Holding Co. | 80,210 | 46,054 | ||||||||||
Ooredoo QPSC | 6,867 | 12,747 | ||||||||||
Qatar Electricity & Water Co. QSC | 7,912 | 39,085 | ||||||||||
Qatar Fuel QSC | 7,672 | 38,974 | ||||||||||
Qatar Gas Transport Co. Ltd. | 31,239 | 27,784 | ||||||||||
Qatar International Islamic Bank QSC | 12,652 | 30,830 | ||||||||||
Qatar Islamic Bank SAQ | 19,312 | 88,347 | ||||||||||
Qatar National Bank QPSC | 65,938 | 320,841 | ||||||||||
|
| |||||||||||
(Cost $699,814) | 815,988 | |||||||||||
|
| |||||||||||
Romania — 0.0% | ||||||||||||
NEPI Rockcastle PLC | 6,574 | 33,443 | ||||||||||
|
| |||||||||||
Russia — 2.7% | ||||||||||||
Alrosa PJSC | 42,237 | 48,665 | ||||||||||
Gazprom PJSC, ADR | 985 | 4,580 | ||||||||||
Gazprom PJSC | 173,570 | 414,822 | ||||||||||
Inter RAO UES PJSC | 597,307 | 40,190 | ||||||||||
LUKOIL PJSC | 3,648 | 240,436 | ||||||||||
LUKOIL PJSC, ADR | 2,676 | 173,940 | ||||||||||
Magnit PJSC, GDR | 5,226 | 78,860 | ||||||||||
Mail.Ru Group Ltd., GDR* | 1,480 | 42,989 | ||||||||||
MMC Norilsk Nickel PJSC | 937 | 263,378 | ||||||||||
Mobile TeleSystems PJSC, ADR | 6,756 | 58,304 | ||||||||||
Moscow Exchange MICEX-RTS PJSC | 21,238 | 42,547 | ||||||||||
Novatek PJSC, GDR | 1,463 | 227,350 | ||||||||||
Novolipetskiy Metallurgicheskiy Kombinat PAO | 19,137 | 48,231 | ||||||||||
PhosAgro PJSC, GDR | 2,200 | 28,116 | ||||||||||
Polyus PJSC | 528 | 100,454 | ||||||||||
Rosneft Oil Co. PJSC, GDR | 15,920 | 92,463 | ||||||||||
Sberbank of Russia PJSC | 159,001 | 520,022 | ||||||||||
Severstal PAO, GDR | 2,697 | 39,403 | ||||||||||
Severstal PAO | 725 | 10,634 | ||||||||||
Surgutneftegas PJSC, ADR | 11,092 | 50,047 | ||||||||||
Tatneft PJSC | 20,325 | 130,472 | ||||||||||
VTB Bank PJSC, GDR | 10,145 | 9,445 | ||||||||||
VTB Bank PJSC | 36,674,306 | 17,969 | ||||||||||
X5 Retail Group NV, GDR | 1,793 | 63,903 | ||||||||||
Yandex NV, Class A* | 4,600 | 323,611 | ||||||||||
|
| |||||||||||
(Cost $2,934,638) | 3,070,831 | |||||||||||
|
| |||||||||||
Saudi Arabia — 2.6% | ||||||||||||
Abdullah Al Othaim Markets Co. | 731 | 24,792 | ||||||||||
Advanced Petrochemical Co. | 1,740 | 28,531 | ||||||||||
Al Rajhi Bank | 18,015 | 359,282 | ||||||||||
Alinma Bank* | 12,986 | 55,883 | ||||||||||
Almarai Co. JSC | 3,587 | 53,462 | ||||||||||
Arab National Bank | 8,833 | 48,044 | ||||||||||
Bank AlBilad | 6,574 | 46,274 | ||||||||||
Bank Al-Jazira | 6,916 | 25,299 | ||||||||||
Banque Saudi Fransi | 9,123 | 80,634 |
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
Saudi Arabia (Continued) | ||||||||||||
Bupa Arabia for Cooperative Insurance Co.* | 988 | $ | 33,086 | |||||||||
Co. for Cooperative Insurance* | 1,093 | 24,508 | ||||||||||
Dar Al Arkan Real Estate Development Co.* | 9,461 | 22,173 | ||||||||||
Dr Sulaiman Al Habib Medical Services Group Co. | 464 | 14,351 | ||||||||||
Emaar Economic City* | 6,611 | 17,344 | ||||||||||
Etihad Etisalat Co.* | 6,609 | 52,335 | ||||||||||
Jarir Marketing Co. | 656 | 30,783 | ||||||||||
Mobile Telecommunications Co. Saudi Arabia* | 6,923 | 25,140 | ||||||||||
National Commercial Bank | 21,440 | 241,519 | ||||||||||
National Industrialization Co.* | 5,760 | 20,057 | ||||||||||
Rabigh Refining & Petrochemical Co.* | 3,791 | 14,353 | ||||||||||
Riyad Bank | 19,662 | 109,146 | ||||||||||
Sahara International Petrochemical Co.* | 5,966 | 26,787 | ||||||||||
Samba Financial Group | 14,933 | 123,028 | ||||||||||
Saudi Airlines Catering Co. | 696 | 14,697 | ||||||||||
Saudi Arabian Fertilizer Co. | 2,993 | 65,436 | ||||||||||
Saudi Arabian Mining Co.* | 6,854 | 77,027 | ||||||||||
Saudi Arabian Oil Co., 144A | 32,102 | 308,130 | ||||||||||
Saudi Basic Industries Corp. | 13,257 | 342,506 | ||||||||||
Saudi British Bank | 10,823 | 78,346 | ||||||||||
Saudi Cement Co. | 1,309 | 20,278 | ||||||||||
Saudi Electricity Co. | 13,807 | 79,368 | ||||||||||
Saudi Industrial Investment Group | 3,904 | 27,324 | ||||||||||
Saudi Kayan Petrochemical Co.* | 12,956 | 41,383 | ||||||||||
Saudi Telecom Co. | 8,627 | 247,958 | ||||||||||
Savola Group | 3,863 | 47,430 | ||||||||||
Yanbu National Petrochemical Co. | 4,026 | 66,016 | ||||||||||
|
| |||||||||||
(Cost $2,889,168) | 2,892,710 | |||||||||||
|
| |||||||||||
Singapore — 0.0% | ||||||||||||
BOC Aviation Ltd., 144A | 3,716 | 33,032 | ||||||||||
|
| |||||||||||
South Africa — 3.3% | ||||||||||||
Absa Group Ltd. | 10,620 | 75,572 | ||||||||||
African Rainbow Minerals Ltd. | 1,500 | 23,231 | ||||||||||
Anglo American Platinum Ltd. | 805 | 58,541 | ||||||||||
AngloGold Ashanti Ltd. | 6,549 | 138,015 | ||||||||||
Aspen Pharmacare Holdings Ltd.* | 5,520 | 44,014 | ||||||||||
Bid Corp. Ltd. | 5,141 | 92,740 | ||||||||||
Bidvest Group Ltd. | 4,497 | 47,377 | ||||||||||
Capitec Bank Holdings Ltd.* | 1,080 | 90,349 | ||||||||||
Clicks Group Ltd. | 3,779 | 57,292 | ||||||||||
Discovery Ltd. | 6,799 | 54,089 | ||||||||||
Exxaro Resources Ltd. | 4,043 | 31,143 | ||||||||||
FirstRand Ltd. | 68,386 | 200,792 | ||||||||||
Gold Fields Ltd. | 13,734 | 116,656 | ||||||||||
Growthpoint Properties Ltd. REIT (a) | 43,106 | 33,040 | ||||||||||
Harmony Gold Mining Co. Ltd.* | 8,558 | 34,964 | ||||||||||
Impala Platinum Holdings Ltd. | 12,701 | 133,454 | ||||||||||
Kumba Iron Ore Ltd. | 971 | 33,044 | ||||||||||
Mr Price Group Ltd. | 4,419 | 46,435 | ||||||||||
MTN Group Ltd. | 27,046 | 115,685 |
Number | Value | |||||||||||
South Africa (Continued) | ||||||||||||
MultiChoice Group | 7,017 | $ | 58,950 | |||||||||
Naspers Ltd., Class N | 6,501 | 1,313,507 | ||||||||||
Nedbank Group Ltd. | 6,250 | 49,439 | ||||||||||
Northam Platinum Ltd.* | 5,369 | 61,101 | ||||||||||
Old Mutual Ltd. | 78,132 | 58,979 | ||||||||||
Rand Merchant Investment Holdings Ltd. | 12,920 | 25,446 | ||||||||||
Remgro Ltd. | 6,340 | 37,738 | ||||||||||
Sanlam Ltd. | 28,540 | 102,190 | ||||||||||
Sasol Ltd.* | 8,739 | 68,163 | ||||||||||
Shoprite Holdings Ltd. | 7,938 | 65,493 | ||||||||||
Sibanye Stillwater Ltd. | 35,998 | 119,712 | ||||||||||
SPAR Group Ltd. (a) | 3,029 | 37,345 | ||||||||||
Standard Bank Group Ltd. | 18,167 | 142,110 | ||||||||||
Tiger Brands Ltd. | 1,670 | 21,244 | ||||||||||
Vodacom Group Ltd. (a) | 9,409 | 74,871 | ||||||||||
Woolworths Holdings Ltd. | 15,151 | 34,232 | ||||||||||
|
| |||||||||||
(Cost $4,675,210) | 3,696,953 | |||||||||||
|
| |||||||||||
South Korea — 11.6% | ||||||||||||
Alteogen, Inc.* | 287 | 41,680 | ||||||||||
Amorepacific Corp. | 526 | 85,088 | ||||||||||
AMOREPACIFIC Group | 507 | 24,100 | ||||||||||
BGF retail Co. Ltd. | 104 | 11,795 | ||||||||||
Celltrion Healthcare Co. Ltd.* | 1,103 | 121,708 | ||||||||||
Celltrion Pharm, Inc.* | 259 | 44,308 | ||||||||||
Celltrion, Inc.* | 1,402 | 430,780 | ||||||||||
Cheil Worldwide, Inc. | 1,128 | 21,152 | ||||||||||
CJ CheilJedang Corp. | 138 | 45,083 | ||||||||||
CJ Corp. | 306 | 21,874 | �� | |||||||||
CJ ENM Co. Ltd. | 204 | 24,556 | ||||||||||
CJ Logistics Corp.* | 160 | 24,003 | ||||||||||
Coway Co. Ltd.* | 750 | 47,038 | ||||||||||
Daelim Industrial Co. Ltd. | 452 | 32,678 | ||||||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.* | 540 | 13,201 | ||||||||||
DB Insurance Co. Ltd. | 721 | 28,669 | ||||||||||
Doosan Bobcat, Inc. | 736 | 19,987 | ||||||||||
Doosan Heavy Industries & Construction Co. Ltd.* | 2,714 | 41,082 | ||||||||||
Douzone Bizon Co. Ltd. | 313 | 29,842 | ||||||||||
E-MART, Inc. | 277 | 38,550 | ||||||||||
Fila Holdings Corp. | 852 | 31,799 | ||||||||||
GS Engineering & Construction Corp. | 996 | 28,533 | ||||||||||
GS Holdings Corp. | 805 | 25,498 | ||||||||||
GS Retail Co. Ltd. | 433 | 13,207 | ||||||||||
Hana Financial Group, Inc. | 4,476 | 136,923 | ||||||||||
Hankook Tire & Technology Co. Ltd. | 953 | 28,162 | ||||||||||
Hanmi Pharm. Co. Ltd. | 91 | 29,482 | ||||||||||
Hanon Systems | 2,349 | 31,948 | ||||||||||
Hanwha Corp. | 414 | 9,653 | ||||||||||
Hanwha Solutions Corp. | 1,666 | 71,892 | ||||||||||
HLB, Inc.* | 651 | 53,596 | ||||||||||
Hotel Shilla Co. Ltd. | 560 | 40,486 | ||||||||||
Hyundai Engineering & Construction Co. Ltd. | 773 | 23,472 | ||||||||||
Hyundai Glovis Co. Ltd. | 300 | 48,258 |
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
South Korea (Continued) | ||||||||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 134 | $ | 33,847 | |||||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 987 | 19,891 | ||||||||||
Hyundai Mobis Co. Ltd. | 964 | 212,567 | ||||||||||
Hyundai Motor Co. | 2,169 | 355,767 | ||||||||||
Hyundai Steel Co. | 1,405 | 40,377 | ||||||||||
Industrial Bank of Korea | 4,142 | 34,811 | ||||||||||
Kakao Corp. | 846 | 281,350 | ||||||||||
Kangwon Land, Inc. | 1,636 | 33,192 | ||||||||||
KB Financial Group, Inc. | 5,579 | 228,646 | ||||||||||
Kia Motors Corp. | 4,186 | 218,653 | ||||||||||
KMW Co. Ltd.* | 432 | 28,695 | ||||||||||
Korea Aerospace Industries Ltd. | 1,354 | 28,449 | ||||||||||
Korea Electric Power Corp.* | 3,873 | 75,076 | ||||||||||
Korea Gas Corp. | 386 | 9,889 | ||||||||||
Korea Investment Holdings Co. Ltd. | 659 | 44,130 | ||||||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.* | 429 | 39,932 | ||||||||||
Korea Zinc Co. Ltd. | 125 | 42,813 | ||||||||||
Korean Air Lines Co. Ltd.* | 1,045 | 24,082 | ||||||||||
KT&G Corp. | 1,747 | 130,249 | ||||||||||
Kumho Petrochemical Co. Ltd. | 293 | 36,805 | ||||||||||
LG Chem Ltd. | 686 | 495,956 | ||||||||||
LG Corp. | 1,334 | 85,112 | ||||||||||
LG Display Co. Ltd.* | 3,412 | 47,023 | ||||||||||
LG Electronics, Inc. | 1,574 | 121,619 | ||||||||||
LG Household & Health Care Ltd. | 131 | 179,236 | ||||||||||
LG Innotek Co. Ltd. | 219 | 30,676 | ||||||||||
LG Uplus Corp. | 3,645 | 39,364 | ||||||||||
Lotte Chemical Corp. | 264 | 67,279 | ||||||||||
Lotte Corp. | 345 | 11,037 | ||||||||||
Lotte Shopping Co. Ltd. | 83 | 7,613 | ||||||||||
Meritz Securities Co. Ltd. | 5,293 | 17,651 | ||||||||||
Mirae Asset Daewoo Co. Ltd. | 3,238 | 27,741 | ||||||||||
NAVER Corp. | 1,822 | 456,920 | ||||||||||
NCSoft Corp. | 259 | 189,589 | ||||||||||
Neoplux Co. Ltd.* | 25 | 65 | ||||||||||
Netmarble Corp., 144A* | 344 | 38,860 | ||||||||||
NH Investment & Securities Co. Ltd. | 1,159 | 11,260 | ||||||||||
Orion Corp. | 425 | 45,513 | ||||||||||
Ottogi Corp. | 31 | 15,576 | ||||||||||
Pan Ocean Co. Ltd.* | 5,010 | 19,242 | ||||||||||
Pearl Abyss Corp.* | 117 | 21,898 | ||||||||||
POSCO | 1,087 | 229,866 | ||||||||||
POSCO Chemical Co. Ltd. | 329 | 27,205 | ||||||||||
S-1 Corp. | 320 | 22,788 | ||||||||||
Samsung Biologics Co. Ltd., 144A* | 265 | 188,234 | ||||||||||
Samsung C&T Corp. | 1,252 | 136,339 | ||||||||||
Samsung Card Co. Ltd. | 467 | 13,969 | ||||||||||
Samsung Electro-Mechanics Co. Ltd. | 878 | 123,779 | ||||||||||
Samsung Electronics Co. Ltd. | 71,986 | 4,339,132 | ||||||||||
Samsung Engineering Co. Ltd.* | 2,746 | 33,874 | ||||||||||
Samsung Fire & Marine Insurance Co. Ltd. | 463 | 78,663 | ||||||||||
Samsung Heavy Industries Co. Ltd.* | 7,964 | 49,157 | ||||||||||
Samsung Life Insurance Co. Ltd. | 1,131 | 72,875 |
Number | Value | |||||||||||
South Korea (Continued) | ||||||||||||
Samsung SDI Co. Ltd. | 813 | $ | 391,604 | |||||||||
Samsung SDS Co. Ltd. | 522 | 81,610 | ||||||||||
Samsung Securities Co. Ltd. | 1,050 | 37,434 | ||||||||||
Seegene, Inc. | 290 | 49,244 | ||||||||||
Shin Poong Pharmaceutical Co. Ltd.* | 450 | 53,680 | ||||||||||
Shinhan Financial Group Co. Ltd. | 6,241 | 181,610 | ||||||||||
Shinsegae, Inc. | 120 | 24,997 | ||||||||||
SK Biopharmaceuticals Co. Ltd.* | 213 | 36,092 | ||||||||||
SK Chemicals Co. Ltd. | 109 | 41,963 | ||||||||||
SK Holdings Co. Ltd. | 566 | 108,182 | ||||||||||
SK Hynix, Inc. | 8,108 | 714,410 | ||||||||||
SK Innovation Co. Ltd. | 882 | 137,893 | ||||||||||
SK Telecom Co. Ltd. | 624 | 133,930 | ||||||||||
S-Oil Corp. | 658 | 41,387 | ||||||||||
Woori Financial Group, Inc. | 8,124 | 72,169 | ||||||||||
Yuhan Corp. | 795 | 46,268 | ||||||||||
|
| |||||||||||
(Cost $7,021,079) | 13,036,888 | |||||||||||
|
| |||||||||||
Taiwan — 12.1% | ||||||||||||
Accton Technology Corp. | 8,112 | 68,021 | ||||||||||
Acer, Inc. | 41,804 | 33,954 | ||||||||||
Advantech Co. Ltd. | 5,732 | 61,739 | ||||||||||
ASE Technology Holding Co. Ltd. | 50,502 | 135,723 | ||||||||||
Asia Cement Corp. | 35,398 | 53,775 | ||||||||||
ASMedia Technology, Inc. | 391 | 22,566 | ||||||||||
Asustek Computer, Inc. | 11,409 | 99,670 | ||||||||||
AU Optronics Corp.* | 136,474 | 58,415 | ||||||||||
Catcher Technology Co. Ltd. | 10,692 | 70,524 | ||||||||||
Cathay Financial Holding Co. Ltd. | 105,286 | 149,234 | ||||||||||
Chailease Holding Co. Ltd. | 20,603 | 112,764 | ||||||||||
Chang Hwa Commercial Bank Ltd. | 82,931 | 51,791 | ||||||||||
Cheng Shin Rubber Industry Co. Ltd. | 28,610 | 42,660 | ||||||||||
Chicony Electronics Co. Ltd. | 9,128 | 27,350 | ||||||||||
China Development Financial Holding Corp. | 216,578 | 67,779 | ||||||||||
China Life Insurance Co. Ltd. | 45,200 | 35,919 | ||||||||||
China Steel Corp. | 170,114 | 136,079 | ||||||||||
Chunghwa Telecom Co. Ltd. | 57,045 | 217,152 | ||||||||||
Compal Electronics, Inc. | 68,943 | 46,684 | ||||||||||
CTBC Financial Holding Co. Ltd. | 276,219 | 185,584 | ||||||||||
Delta Electronics, Inc. | 30,329 | 238,886 | ||||||||||
E.Sun Financial Holding Co. Ltd. | 156,957 | 138,496 | ||||||||||
Eclat Textile Co. Ltd. | 2,518 | 35,337 | ||||||||||
Evergreen Marine Corp. Taiwan Ltd.* | 39,874 | 34,554 | ||||||||||
Far Eastern New Century Corp. | 46,555 | 44,754 | ||||||||||
Far EasTone Telecommunications Co. Ltd. | 22,472 | 48,882 | ||||||||||
Feng TAY Enterprise Co. Ltd. | 5,229 | 33,665 | ||||||||||
First Financial Holding Co. Ltd. | 169,318 | 126,532 | ||||||||||
Formosa Chemicals & Fibre Corp. | 53,316 | 144,034 | ||||||||||
Formosa Petrochemical Corp. | 18,509 | 58,769 | ||||||||||
Formosa Plastics Corp. | 59,532 | 177,954 | ||||||||||
Foxconn Technology Co. Ltd. | 16,450 | 30,358 | ||||||||||
Fubon Financial Holding Co. Ltd. | 97,684 | 151,825 | ||||||||||
Giant Manufacturing Co. Ltd. | 4,882 | 48,388 | ||||||||||
Globalwafers Co. Ltd. | 3,810 | 74,589 | ||||||||||
Highwealth Construction Corp. | 3,838 | 5,992 |
See Notes to Financial Statements. | 50 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
Taiwan (Continued) | ||||||||||||
Hiwin Technologies Corp. | 3,661 | $ | 39,240 | |||||||||
Hon Hai Precision Industry Co. Ltd. | 183,780 | 530,659 | ||||||||||
Hotai Motor Co. Ltd. | 4,564 | 102,641 | ||||||||||
Hua Nan Financial Holdings Co. Ltd. | 136,556 | 86,957 | ||||||||||
Innolux Corp.* | 136,321 | 48,067 | ||||||||||
Inventec Corp. | 37,404 | 30,577 | ||||||||||
Largan Precision Co. Ltd. | 1,430 | 161,802 | ||||||||||
Lite-On Technology Corp. | 24,640 | 41,539 | ||||||||||
MediaTek, Inc. | 22,561 | 557,247 | ||||||||||
Mega Financial Holding Co. Ltd. | 162,471 | 162,172 | ||||||||||
Micro-Star International Co. Ltd. | 10,576 | 46,382 | ||||||||||
Nan Ya Plastics Corp. | 65,483 | 147,496 | ||||||||||
Nanya Technology Corp. | 18,550 | 47,119 | ||||||||||
Nien Made Enterprise Co. Ltd. | 2,946 | 34,780 | ||||||||||
Novatek Microelectronics Corp. | 9,048 | 94,916 | ||||||||||
Oneness Biotech Co. Ltd.* | 2,888 | 28,979 | ||||||||||
Pegatron Corp. | 31,406 | 71,952 | ||||||||||
Phison Electronics Corp. | 2,823 | 31,991 | ||||||||||
Pou Chen Corp. | 36,766 | 40,310 | ||||||||||
Powertech Technology, Inc. | 10,097 | 32,591 | ||||||||||
President Chain Store Corp. | 6,952 | 63,172 | ||||||||||
Quanta Computer, Inc. | 45,635 | 123,284 | ||||||||||
Realtek Semiconductor Corp. | 5,294 | 68,909 | ||||||||||
Ruentex Development Co. Ltd. | 13,479 | 19,886 | ||||||||||
Shanghai Commercial & Savings Bank Ltd. | 50,972 | 69,745 | ||||||||||
Shin Kong Financial Holding Co. Ltd. | 138,370 | 41,702 | ||||||||||
SinoPac Financial Holdings Co. Ltd. | 174,056 | 67,784 | ||||||||||
Standard Foods Corp. | 7,588 | 16,612 | ||||||||||
Synnex Technology International Corp. | 17,611 | 27,496 | ||||||||||
Taishin Financial Holding Co. Ltd. | 147,414 | 69,046 | ||||||||||
Taiwan Business Bank | 100,840 | 35,203 | ||||||||||
Taiwan Cement Corp. | 75,664 | 113,884 | ||||||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 140,649 | 100,173 | ||||||||||
Taiwan High Speed Rail Corp. | 33,255 | 36,694 | ||||||||||
Taiwan Mobile Co. Ltd. | 26,378 | 89,862 | ||||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 371,603 | 6,264,547 | ||||||||||
Unimicron Technology Corp. | 17,807 | 56,165 | ||||||||||
Uni-President Enterprises Corp. | 67,860 | 154,755 | ||||||||||
United Microelectronics Corp. | 178,265 | 253,302 | ||||||||||
Vanguard International Semiconductor Corp. | 14,396 | 53,033 | ||||||||||
Walsin Technology Corp. | 5,010 | 34,188 | ||||||||||
Win Semiconductors Corp. | 4,929 | 57,932 | ||||||||||
Winbond Electronics Corp. | 43,240 | 27,762 | ||||||||||
Wistron Corp. | 43,625 | 45,687 | ||||||||||
Wiwynn Corp. | 1,252 | 29,958 | ||||||||||
WPG Holdings Ltd. | 21,501 | 32,173 | ||||||||||
Yageo Corp. | 4,890 | 75,831 | ||||||||||
Yuanta Financial Holding Co. Ltd. | 150,692 | 100,981 | ||||||||||
Zhen Ding Technology Holding Ltd. | 9,348 | 40,505 | ||||||||||
|
| |||||||||||
(Cost $6,765,354) | 13,578,086 | |||||||||||
|
|
Number | Value | |||||||||||
Thailand — 1.8% | ||||||||||||
Advanced Info Service PCL, NVDR | 18,774 | $ | 108,920 | |||||||||
Airports of Thailand PCL, NVDR | 60,200 | 127,365 | ||||||||||
Asset World Corp. PCL, NVDR | 91,000 | 14,380 | ||||||||||
B Grimm Power PCL, NVDR | 10,800 | 17,494 | ||||||||||
Bangkok Bank PCL, NVDR | 8,646 | 33,727 | ||||||||||
Bangkok Commercial Asset Management PCL, NVDR | 25,700 | 17,841 | ||||||||||
Bangkok Dusit Medical Services PCL, NVDR | 146,900 | 104,408 | ||||||||||
Bangkok Expressway & Metro PCL, NVDR | 109,100 | 33,001 | ||||||||||
Berli Jucker PCL, NVDR | 19,000 | 23,554 | ||||||||||
BTS Group Holdings PCL, NVDR | 125,844 | 42,433 | ||||||||||
Bumrungrad Hospital PCL, NVDR | 5,900 | 24,283 | ||||||||||
Central Pattana PCL, NVDR | 37,200 | 62,410 | ||||||||||
Central Retail Corp. PCL, NVDR* | 28,600 | 30,727 | ||||||||||
Charoen Pokphand Foods PCL, NVDR | 65,643 | 62,388 | ||||||||||
CP ALL PCL, NVDR | 83,100 | 166,200 | ||||||||||
Electricity Generating PCL, NVDR | 3,900 | 27,848 | ||||||||||
Energy Absolute PCL, NVDR | 22,900 | 33,877 | ||||||||||
Global Power Synergy PCL, NVDR | 10,800 | 25,081 | ||||||||||
Gulf Energy Development PCL, NVDR | 41,850 | 48,421 | ||||||||||
Home Product Center PCL, NVDR | 98,400 | 47,818 | ||||||||||
Indorama Ventures PCL, NVDR | 28,097 | 29,722 | ||||||||||
Intouch Holdings PCL, NVDR | 35,900 | 65,866 | ||||||||||
Kasikornbank PCL, NVDR | 27,979 | 101,742 | ||||||||||
Krung Thai Bank PCL, NVDR | 68,206 | 24,126 | ||||||||||
Krungthai Card PCL, NVDR | 11,700 | 19,726 | ||||||||||
Land & Houses PCL, NVDR | 124,100 | 32,204 | ||||||||||
Minor International PCL, NVDR* | 40,500 | 33,203 | ||||||||||
Muangthai Capital PCL, NVDR | 10,100 | 18,030 | ||||||||||
Osotspa PCL, NVDR | 10,800 | 13,031 | ||||||||||
PTT Exploration & Production PCL, NVDR | 20,213 | 64,648 | ||||||||||
PTT Global Chemical PCL, NVDR | 35,600 | 67,375 | ||||||||||
PTT PCL | 24,500 | 32,397 | ||||||||||
PTT PCL, NVDR | 141,780 | 187,478 | ||||||||||
Ratch Group PCL, NVDR | 11,200 | 21,012 | ||||||||||
Siam Cement PCL | 6,458 | 79,844 | ||||||||||
Siam Cement PCL, NVDR | 5,800 | 71,709 | ||||||||||
Siam Commercial Bank PCL, NVDR | 14,098 | 39,847 | ||||||||||
Srisawad Corp. PCL, NVDR | 10,800 | 20,797 | ||||||||||
Thai Oil PCL, NVDR | 18,157 | 28,511 | ||||||||||
Thai Union Group PCL, NVDR | 39,800 | 19,867 | ||||||||||
Total Access Communication PCL, NVDR | 11,600 | 14,380 | ||||||||||
True Corp. PCL, NVDR | 189,500 | 20,422 | ||||||||||
|
| |||||||||||
(Cost $2,145,964) | 2,058,113 | |||||||||||
|
| |||||||||||
Turkey — 0.3% | ||||||||||||
Akbank T.A.S.* | 45,545 | 35,062 | ||||||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 10,704 | 23,667 | ||||||||||
BIM Birlesik Magazalar AS | 7,100 | 63,555 | ||||||||||
Eregli Demir ve Celik Fabrikalari TAS | 22,518 | 31,675 | ||||||||||
Ford Otomotiv Sanayi AS | 1,335 | 18,403 | ||||||||||
Haci Omer Sabanci Holding AS | 15,448 | 19,043 |
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
Turkey (Continued) | ||||||||||||
KOC Holding AS | 12,751 | $ | 28,763 | |||||||||
Turk Hava Yollari AO* | 10,531 | 15,352 | ||||||||||
Turkcell Iletisim Hizmetleri AS | 13,444 | 25,444 | ||||||||||
Turkiye Garanti Bankasi AS* | 38,612 | 43,204 | ||||||||||
Turkiye Is Bankasi AS, Class C* | 23,601 | 19,647 | ||||||||||
Turkiye Petrol Rafinerileri AS* | 2,020 | 23,493 | ||||||||||
Turkiye Sise ve Cam Fabrikalari AS | 21,846 | 18,997 | ||||||||||
Yapi ve Kredi Bankasi AS* | 28,514 | 10,428 | ||||||||||
|
| |||||||||||
(Cost $744,104) | 376,733 | |||||||||||
|
| |||||||||||
United Arab Emirates — 0.6% | ||||||||||||
Abu Dhabi Commercial Bank PJSC | 46,177 | 76,435 | ||||||||||
Abu Dhabi Islamic Bank PJSC | 14,540 | 18,605 | ||||||||||
Aldar Properties PJSC | 63,178 | 52,288 | ||||||||||
Dubai Islamic Bank PJSC | 27,536 | 33,584 | ||||||||||
Emaar Malls PJSC* | 43,172 | 21,509 | ||||||||||
Emaar Properties PJSC* | 53,322 | 46,163 | ||||||||||
Emirates NBD Bank PJSC | 39,833 | 118,746 | ||||||||||
Emirates Telecommunications Group Co. PJSC | 23,883 | 112,615 | ||||||||||
First Abu Dhabi Bank PJSC | 42,640 | 146,500 | ||||||||||
|
| |||||||||||
(Cost $613,667) | 626,445 | |||||||||||
|
| |||||||||||
TOTAL COMMON STOCKS | 107,864,785 | |||||||||||
|
| |||||||||||
PREFERRED STOCKS — 2.1% | ||||||||||||
Brazil — 1.2% | ||||||||||||
Alpargatas SA | 2,267 | 16,990 | ||||||||||
Banco Bradesco SA | 63,705 | 288,952 | ||||||||||
Bradespar SA | 3,500 | 37,957 | ||||||||||
Centrais Eletricas Brasileiras SA, Class B | 4,441 | 26,526 | ||||||||||
Cia Energetica de Minas Gerais | 16,110 | 37,979 | ||||||||||
Cia Paranaense de Energia | 1,687 | 21,498 | ||||||||||
Gerdau SA | 15,735 | 66,377 | ||||||||||
Itau Unibanco Holding SA | 70,216 | 374,318 | ||||||||||
Itausa SA | 55,884 | 110,362 | ||||||||||
Lojas Americanas SA | 14,687 | 62,861 | ||||||||||
Petroleo Brasileiro SA | 68,525 | 318,489 | ||||||||||
|
| |||||||||||
(Cost $1,217,522) | 1,362,309 | |||||||||||
|
| |||||||||||
Chile — 0.1% | ||||||||||||
Embotelladora Andina SA, Class B | 5,576 | 12,624 | ||||||||||
Sociedad Quimica y Minera de Chile SA, Class B | 1,850 | 87,173 | ||||||||||
|
| |||||||||||
(Cost $49,095) | 99,797 | |||||||||||
|
| |||||||||||
Colombia — 0.1% | ||||||||||||
Bancolombia SA | 7,347 | 56,978 | ||||||||||
|
| |||||||||||
Russia — 0.0% | ||||||||||||
Surgutneftegas PJSC | 104,162 | 54,154 | ||||||||||
|
| |||||||||||
South Korea — 0.7% | ||||||||||||
AMOREPACIFIC Group | 37 | 1,177 | ||||||||||
Hyundai Motor Co. | 468 | 35,527 |
Number | Value | |||||||||||
South Korea (Continued) | ||||||||||||
Hyundai Motor Co. — 2nd Preferred | 584 | $ | 45,704 | |||||||||
LG Chem Ltd. | 110 | 35,439 | ||||||||||
LG Household & Health Care Ltd. | 33 | 20,726 | ||||||||||
Samsung Electronics Co. Ltd. | 12,266 | 677,288 | ||||||||||
|
| |||||||||||
(Cost $312,764) | 815,861 | |||||||||||
|
| |||||||||||
TOTAL PREFERRED STOCKS | 2,389,099 | |||||||||||
|
| |||||||||||
Principal | ||||||||||||
CORPORATE BONDS — 0.0% | ||||||||||||
India — 0.0% | ||||||||||||
Britannia Industries Ltd. | INR 29,160 | 419 | ||||||||||
|
| |||||||||||
Number | ||||||||||||
RIGHTS — 0.0% | ||||||||||||
China — 0.0% | ||||||||||||
China Resources Mixc Lifestyle Services Ltd.*, expires 12/31/20 (b) | 390 | 0 | ||||||||||
Sino-Ocean Group Holding Ltd.*, expires 12/31/20 (b) | 241 | 0 | ||||||||||
Zhengqi Financial Holding Corp.*(b) | 532 | 0 | ||||||||||
|
| |||||||||||
(Cost $0) | 0 | |||||||||||
|
| |||||||||||
Taiwan — 0.0% | ||||||||||||
Hiwin Technologies Corp.*, expires 12/22/20 | 110 | 426 | ||||||||||
|
| |||||||||||
TOTAL RIGHTS | 426 | |||||||||||
|
| |||||||||||
WARRANTS — 0.0% | ||||||||||||
Thailand — 0.0% | ||||||||||||
BTS Group Holdings PCL*, expires 2/16/21 | 14,384 | 76 | ||||||||||
Minor International PCL*, expires 7/31/23 | 1,841 | 478 | ||||||||||
Minor International PCL*, expires 9/30/21 | 2,475 | 51 | ||||||||||
Srisawad Corp. PCL*, expires 8/29/25 | 432 | 144 | ||||||||||
|
| |||||||||||
(Cost $0) | 749 | |||||||||||
|
| |||||||||||
TOTAL WARRANTS | 749 | |||||||||||
|
| |||||||||||
EXCHANGE-TRADED FUNDS — 0.0% | ||||||||||||
Global X MSCI Pakistan ETF | 875 | 24,588 | ||||||||||
|
|
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||||||
SECURITIES LENDING COLLATERAL — 0.5% | ||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (c)(d) | 542,972 | $ | 542,972 | |||||||||
|
| |||||||||||
CASH EQUIVALENTS — 0.3% | ||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) | 339,951 | 339,951 | ||||||||||
|
| |||||||||||
TOTAL INVESTMENTS — 98.9% (Cost $80,071,319) | $ | 111,162,989 | ||||||||||
Other assets and liabilities, net — 1.1% | 1,281,782 | |||||||||||
|
| |||||||||||
NET ASSETS — 100.0% | $ | 112,444,771 | ||||||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2020 | Value ($) at 11/30/2020 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.5% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (c)(d) |
| |||||||||||||||||||||||||||||||||||
404,374 | 138,598 | (e) | — | — | — | 123 | — | 542,972 | 542,972 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.3% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) |
| |||||||||||||||||||||||||||||||||||
1,075,539 | 5,575,070 | (6,310,658 | ) | — | — | 306 | — | 339,951 | 339,951 | |||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
1,479,913 | 5,713,668 | (6,310,658 | ) | — | — | 429 | — | 882,923 | 882,923 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
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|
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* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $1,205,729, which is 1.1% of net assets. |
(b) | Investment was valued using significant unobservable inputs. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $771,164. |
(e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
ADR: | American Depositary Receipt |
CPO: | Ordinary Participation Certificates |
GDR: | Global Depositary Receipt |
JSC: | Joint Stock Company |
KSC | Kuwait Shareholding Company |
KSCP | Kuwait Shareholding Company Public |
NVDR: | Non Voting Depositary Receipt |
PJSC: | Public Joint Stock Company |
PSQC | Public Shareholders Qatari Company |
QPSC: | Qatari Public Shareholders Company |
QSC: | Qatari Shareholders Company |
REIT: | Real Estate Investment Trust |
SAE: | Societe Anonyme Egyptienne |
SAQ: | Societe Anonyme Qatar |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Securities are listed in country of domicile.
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
At November 30, 2020, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||
MSCI Emerging Markets Index Futures | USD | 38 | $ | 2,126,480 | $2,284,370 | 12/18/2020 | $ | 157,890 |
As of November 30, 2020, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Citigroup Global Markets | 12/3/2020 | BRL | 8,318,800 | USD | 1,440,884 | $ | — | $ | (111,822 | ) | ||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | BRL | 2,271,000 | USD | 393,737 | — | (30,146 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | BRL | 5,059,600 | USD | 880,545 | — | (63,831 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | BRL | 12,905,200 | USD | 2,235,500 | — | (173,259 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | CLP | 363,705,300 | USD | 469,794 | — | (7,606 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | CLP | 95,364,400 | USD | 123,168 | — | (2,008 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | CNH | 18,882,200 | USD | 2,813,787 | — | (53,344 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | CNH | 3,258,000 | USD | 485,492 | — | (9,213 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | CNH | 14,896,700 | USD | 2,219,816 | — | (42,144 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | COP | 669,847,400 | USD | 173,558 | — | (12,678 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | CZK | 2,364,000 | USD | 100,946 | — | (6,468 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | EGP | 1,817,600 | USD | 114,440 | — | (1,332 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | EUR | 85,800 | USD | 100,006 | — | (2,353 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | HKD | 74,236,100 | USD | 9,572,272 | — | (5,336 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | HKD | 55,505,200 | USD | 7,157,083 | — | (3,948 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | HKD | 22,991,000 | USD | 2,964,556 | — | (1,640 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | HKD | 52,402,300 | USD | 6,756,923 | — | (3,787 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | HUF | 26,696,000 | USD | 84,723 | — | (4,050 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | HUF | 44,286,400 | USD | 140,538 | — | (6,728 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | IDR | 7,578,134,800 | USD | 510,274 | — | (26,250 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | IDR | 8,804,007,900 | USD | 592,424 | — | (30,891 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | IDR | 3,383,568,300 | USD | 227,773 | — | (11,780 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | INR | 136,375,800 | USD | 1,823,230 | — | (17,728 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | INR | 35,946,000 | USD | 480,619 | — | (4,621 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | INR | 488,311,900 | USD | 6,530,853 | — | (60,947 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | KRW | 5,389,677,100 | USD | 4,751,168 | — | (119,430 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | KRW | 575,793,000 | USD | 506,762 | — | (13,577 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | KRW | 9,279,065,500 | USD | 8,180,433 | — | (204,965 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | MXN | 20,344,500 | USD | 953,050 | — | (53,256 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | MXN | 6,043,400 | USD | 283,148 | — | (15,779 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | MXN | 11,175,500 | USD | 523,514 | — | (29,263 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | MYR | 7,675,800 | USD | 1,844,258 | — | (39,636 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | PHP | 24,308,100 | USD | 501,953 | — | (3,592 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | PHP | 423,100 | USD | 8,733 | — | (66 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | PHP | 16,343,200 | USD | 337,460 | — | (2,436 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | PLN | 2,192,800 | USD | 553,260 | — | (30,977 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | �� | PLN | 662,200 | USD | 167,078 | — | (9,355 | ) | |||||||||||||
Citigroup Global Markets | 12/3/2020 | QAR | 3,028,200 | USD | 831,889 | 345 | — | |||||||||||||||
Citigroup Global Markets | 12/3/2020 | RUB | 73,859,800 | USD | 925,822 | — | (41,406 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | RUB | 165,671,100 | USD | 2,078,136 | — | (91,404 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | THB | 59,102,600 | USD | 1,894,187 | — | (59,586 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | TRY | 925,200 | USD | 108,782 | — | (9,389 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | TRY | 2,139,100 | USD | 250,833 | — | (22,383 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | TWD | 101,380,700 | USD | 3,574,198 | 17,193 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | TWD | 219,071,500 | USD | 7,717,862 | 31,601 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | TWD | 20,253,000 | USD | 713,548 | 2,959 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | TWD | 60,352,500 | USD | 2,126,211 | 8,706 | — | |||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 1,544,480 | BRL | 8,318,800 | 8,226 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 1,362,471 | BRL | 7,330,600 | 5,787 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 235,274 | BRL | 1,354,000 | 17,451 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 2,144,560 | BRL | 11,551,200 | 11,474 | — |
See Notes to Financial Statements. | 54 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 474,174 | CLP | 363,705,300 | $ | 3,227 | $ | — | |||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 124,332 | CLP | 95,364,400 | 843 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 270,738 | CNH | 1,813,000 | 4,553 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 2,594,123 | CNH | 17,069,200 | — | (2,283 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 2,758,926 | CNH | 18,154,700 | — | (2,261 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 2,594,123 | CNY | 17,069,200 | — | (2,283 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 2,758,926 | CNY | 18,154,700 | — | (2,261 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 186,781 | COP | 669,847,400 | — | (544 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 107,503 | CZK | 2,364,000 | — | (90 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 115,844 | EGP | 1,817,600 | — | (73 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 102,634 | EUR | 85,800 | — | (276 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 9,575,763 | HKD | 74,236,100 | 1,846 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 7,159,652 | HKD | 55,505,200 | 1,380 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 8,470,210 | HKD | 65,665,300 | 1,633 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 1,254,903 | HKD | 9,728,000 | 160 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 88,931 | HUF | 26,696,000 | — | (158 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 147,532 | HUF | 44,286,400 | — | (266 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 534,484 | IDR | 7,578,134,800 | 2,040 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 621,313 | IDR | 8,804,007,900 | 2,002 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 238,531 | IDR | 3,383,568,300 | 1,022 | — | |||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 2,331,206 | INR | 172,321,800 | — | (5,006 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 391,378 | INR | 29,297,000 | 4,107 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 6,213,904 | INR | 459,014,900 | — | (17,589 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 5,394,466 | KRW | 5,965,470,100 | — | (3,530 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 646,060 | KRW | 731,695,000 | 15,166 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 7,724,691 | KRW | 8,547,370,500 | — | (518 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 991,617 | MXN | 20,344,500 | 14,690 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 299,824 | MXN | 6,043,400 | — | (897 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 554,373 | MXN | 11,175,500 | — | (1,596 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 1,884,094 | MYR | 7,675,800 | — | (201 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 505,145 | PHP | 24,308,100 | 400 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 8,793 | PHP | 423,100 | 6 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 339,634 | PHP | 16,343,200 | 262 | — | |||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 585,059 | PLN | 2,192,800 | — | (823 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 176,681 | PLN | 662,200 | — | (248 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 831,523 | QAR | 3,028,200 | 21 | — | |||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 163,498 | RUB | 13,005,000 | 6,809 | — | |||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 795,540 | RUB | 60,854,800 | 1,382 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 144,335 | RUB | 11,486,000 | 6,080 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 2,015,623 | RUB | 154,185,100 | 3,503 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 1,827,596 | THB | 55,339,600 | 1,782 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 121,403 | THB | 3,763,000 | 2,991 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 118,278 | TRY | 925,200 | — | (107 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 273,289 | TRY | 2,139,100 | — | (74 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 3,550,329 | TWD | 101,380,700 | 6,677 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 7,006,499 | TWD | 200,000,500 | 10,644 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 670,664 | TWD | 19,071,000 | — | (1,546 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 2,822,816 | TWD | 80,605,500 | 5,279 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 2,277,580 | ZAR | 35,248,400 | — | (2,459 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 168,815 | ZAR | 2,727,000 | 7,200 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 1,509,725 | ZAR | 23,367,900 | — | (1,435 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | ZAR | 37,975,400 | USD | 2,329,229 | — | (121,907 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | ZAR | 23,367,900 | USD | 1,433,033 | — | (75,256 | ) | ||||||||||||||
Citigroup Global Markets | 12/8/2020 | AED | 2,084,300 | USD | 567,394 | — | (39 | ) | ||||||||||||||
Citigroup Global Markets | 12/8/2020 | USD | 553,871 | AED | 2,084,300 | 13,562 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | AED | 2,084,300 | USD | 553,849 | — | (13,557 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2021 | BRL | 8,318,800 | USD | 1,543,763 | — | (8,122 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | BRL | 7,330,600 | USD | 1,361,927 | — | (5,608 | ) |
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
RBC Capital Markets | 1/6/2021 | BRL | 11,551,200 | USD | 2,143,705 | $ | — | $ | (11,190 | ) | ||||||||||||
RBC Capital Markets | 1/6/2021 | BRL | 3,536,000 | USD | 656,054 | — | (3,592 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2021 | CLP | 363,705,300 | USD | 474,607 | — | (3,149 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2021 | CLP | 95,364,400 | USD | 124,446 | — | (823 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | CNH | 17,069,200 | USD | 2,587,497 | 2,442 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | CNH | 18,154,700 | USD | 2,751,900 | 2,451 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | CNY | 17,069,200 | USD | 2,587,497 | 2,442 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | CNY | 2,028,000 | USD | 307,338 | 207 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | CNY | 18,154,700 | USD | 2,751,900 | 2,451 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | COP | 669,847,400 | USD | 186,482 | 531 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | CZK | 2,364,000 | USD | 107,597 | 95 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | EGP | 1,817,600 | USD | 115,111 | 162 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | EUR | 85,800 | USD | 102,752 | 272 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | HKD | 74,236,100 | USD | 9,576,195 | — | (1,984 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2021 | HKD | 8,808,000 | USD | 1,136,141 | — | (295 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | HKD | 55,505,200 | USD | 7,159,836 | — | (1,622 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2021 | HKD | 65,665,300 | USD | 8,470,483 | — | (1,864 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | HUF | 26,696,000 | USD | 88,934 | 162 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | HUF | 44,286,400 | USD | 147,530 | 264 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | IDR | 7,578,134,800 | USD | 532,629 | — | (1,978 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | IDR | 8,804,007,900 | USD | 619,390 | — | (1,698 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | IDR | 3,464,163,000 | USD | 243,595 | — | (788 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2021 | IDR | 3,383,568,300 | USD | 237,694 | — | (1,004 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2021 | INR | 172,321,800 | USD | 2,323,649 | 5,373 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | INR | 459,014,900 | USD | 6,192,110 | 16,901 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | INR | 139,844,000 | USD | 1,883,319 | 1,973 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | KRW | 2,548,647,000 | USD | 2,300,701 | — | (1,992 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | KRW | 5,965,470,100 | USD | 5,392,857 | 3,078 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | KRW | 8,547,370,500 | USD | 7,721,899 | — | (616 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2021 | KWD | 175,000 | USD | 572,232 | 592 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | MXN | 20,344,500 | USD | 988,293 | — | (14,226 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | MXN | 6,043,400 | USD | 298,770 | 969 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | MXN | 11,175,500 | USD | 552,422 | 1,725 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | MXN | 4,411,000 | USD | 218,134 | 772 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | MYR | 7,675,800 | USD | 1,880,863 | — | (808 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2021 | PHP | 24,308,100 | USD | 504,171 | — | (1,031 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | PHP | 423,100 | USD | 8,780 | — | (13 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2021 | PHP | 16,343,200 | USD | 339,141 | — | (524 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2021 | QAR | 3,028,200 | USD | 831,752 | — | (9 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | THB | 55,339,600 | USD | 1,827,252 | — | (1,819 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | THB | 12,034,000 | USD | 397,336 | — | (409 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | TRY | 925,200 | USD | 116,853 | 241 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | TRY | 2,139,100 | USD | 269,892 | 282 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | TWD | 101,380,700 | USD | 3,555,284 | — | (2,751 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | TWD | 200,000,500 | USD | 7,028,659 | 9,485 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | TWD | 36,028,000 | USD | 1,265,028 | 597 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | TWD | 80,605,500 | USD | 2,828,759 | — | (154 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | ZAR | 35,248,400 | USD | 2,267,354 | 3,040 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | ZAR | 5,600,000 | USD | 360,501 | 764 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | ZAR | 23,367,900 | USD | 1,502,880 | 1,755 | — | |||||||||||||||
Citigroup Global Markets | 1/7/2021 | PLN | 2,192,800 | USD | 585,254 | 819 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/7/2021 | PLN | 662,200 | USD | 176,743 | 250 | — | |||||||||||||||
Citigroup Global Markets | 1/12/2021 | RUB | 37,588,000 | USD | 489,191 | — | (848 | ) | ||||||||||||||
Citigroup Global Markets | 1/12/2021 | RUB | 60,854,800 | USD | 792,514 | — | (855 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/12/2021 | RUB | 154,185,100 | USD | 2,007,979 | — | (2,146 | ) | ||||||||||||||
|
|
|
| |||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 283,104 | $ | (1,769,611 | ) | |||||||||||||||||
|
|
|
|
See Notes to Financial Statements. | 56 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
AED | Arab Emirates Dirham |
BRL | Brazilian Real |
CLP | Chilean Peso |
CNH | Chinese Yuan |
CNY | Chinese Renminbi |
COP | Colombian Peso |
CZK | Czech Koruna |
EGP | Egyptian Pound |
EUR | Euro |
HKD | Hong Kong Dollar |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
INR | Indian Rupee |
KRW | South Korean Won |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
PHP | Philippine Peso |
PLN | Polish Zloty |
QAR | Qatari Rial |
RUB | Russian Ruble |
THB | Thai Baht |
TRY | Turkish Lira |
TWD | New Taiwan Dollar |
USD | U.S. Dollar |
ZAR | South African Rand |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (f) | $ | 107,856,437 | $ | — | $ | 8,348 | $ | 107,864,785 | ||||||||
Preferred Stocks (f) | 2,389,099 | — | — | 2,389,099 | ||||||||||||
Corporate Bonds | — | 419 | — | 419 | ||||||||||||
Rights (f) | — | 426 | 0 | 426 | ||||||||||||
Warrants | 749 | — | — | 749 | ||||||||||||
Exchange-Traded Funds | 24,588 | – | — | 24,588 | ||||||||||||
Short-Term Investments (f) | 882,923 | — | — | 882,923 | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 283,104 | — | 283,104 | ||||||||||||
Futures Contracts | 157,890 | — | — | 157,890 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 111,311,686 | $ | 283,949 | $ | 8,348 | $ | 111,603,983 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (1,769,611 | ) | $ | — | $ | (1,769,611 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (1,769,611 | ) | $ | — | $ | (1,769,611 | ) | ||||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
(g) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
See Notes to Financial Statements. | 57 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF
November 30, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 96.1% | ||||||||
Australia — 0.5% | ||||||||
BHP Group PLC | 96,119 | $ | 2,176,606 | |||||
|
| |||||||
Austria — 0.3% | ||||||||
Erste Group Bank AG* | 12,715 | 365,527 | ||||||
OMV AG | 6,569 | 222,538 | ||||||
Raiffeisen Bank International AG* | 6,921 | 132,587 | ||||||
Verbund AG | 3,085 | 216,565 | ||||||
voestalpine AG | 5,317 | 170,230 | ||||||
|
| |||||||
(Cost $1,333,333) | 1,107,447 | |||||||
|
| |||||||
Belgium — 1.4% | ||||||||
Ageas SA/NV | 7,832 | 385,094 | ||||||
Anheuser-Busch InBev SA/NV | 34,686 | 2,312,048 | ||||||
Elia Group SA/NV | 1,498 | 169,397 | ||||||
Etablissements Franz Colruyt NV | 2,530 | 150,956 | ||||||
Galapagos NV* | 1,950 | 239,933 | ||||||
Groupe Bruxelles Lambert SA | 5,170 | 503,724 | ||||||
KBC Group NV* | 11,376 | 792,481 | ||||||
Proximus SADP | 7,230 | 151,012 | ||||||
Sofina SA | 731 | 231,945 | ||||||
Solvay SA | 3,381 | 386,526 | ||||||
UCB SA | 5,759 | 615,244 | ||||||
Umicore SA | 9,151 | 410,106 | ||||||
|
| |||||||
(Cost $8,475,175) | 6,348,466 | |||||||
|
| |||||||
Chile — 0.1% | ||||||||
Antofagasta PLC | 17,957 | 300,080 | ||||||
|
| |||||||
Denmark — 3.8% | ||||||||
A.P. Moller — Maersk A/S, Class A | 141 | 267,078 | ||||||
A.P. Moller — Maersk A/S, Class B | 283 | 577,546 | ||||||
Ambu A/S, Class B (a) | 7,227 | 242,166 | ||||||
Carlsberg A/S, Class B | 4,687 | 697,319 | ||||||
Chr Hansen Holding A/S* | 4,877 | 472,522 | ||||||
Coloplast A/S, Class B | 5,462 | 815,423 | ||||||
Danske Bank A/S* | 31,808 | 524,255 | ||||||
Demant A/S* | 5,074 | 191,082 | ||||||
DSV PANALPINA A/S | 9,423 | 1,486,793 | ||||||
Genmab A/S* | 2,978 | 1,142,485 | ||||||
GN Store Nord AS | 5,836 | 475,095 | ||||||
H Lundbeck A/S | 2,797 | 85,543 | ||||||
Novo Nordisk A/S, Class B | 78,378 | 5,271,505 | ||||||
Novozymes A/S, Class B | 9,470 | 541,624 | ||||||
Orsted AS, 144A | 8,613 | 1,551,395 | ||||||
Pandora A/S | 4,531 | 453,812 | ||||||
ROCKWOOL International A/S, Class B | 357 | 130,438 | ||||||
Tryg A/S | 6,756 | 195,853 | ||||||
Vestas Wind Systems A/S | 8,967 | 1,832,859 | ||||||
|
| |||||||
(Cost $12,679,734) | 16,954,793 | |||||||
|
| |||||||
Finland — 1.9% | ||||||||
Elisa OYJ | 6,616 | 355,136 | ||||||
Fortum OYJ | 20,213 | 463,054 | ||||||
Kesko OYJ, Class B | 12,161 | 319,138 | ||||||
Kone OYJ, Class B | 15,469 | 1,297,560 | ||||||
Neste OYJ | 19,264 | 1,290,965 |
Number | Value | |||||||
Finland (Continued) | ||||||||
Nokia OYJ* | 257,303 | $ | 1,027,429 | |||||
Nordea Bank Abp* | 147,603 | 1,260,930 | ||||||
Orion OYJ, Class B | 4,923 | 231,725 | ||||||
Sampo OYJ, Class A | 21,447 | 926,875 | ||||||
Stora Enso OYJ, Class R | 27,016 | 456,643 | ||||||
UPM-Kymmene OYJ | 24,304 | 800,733 | ||||||
Wartsila OYJ Abp | 20,239 | 190,288 | ||||||
|
| |||||||
(Cost $8,919,423) | 8,620,476 | |||||||
|
| |||||||
France — 17.0% | ||||||||
Accor SA* | 8,453 | 289,891 | ||||||
Aeroports de Paris | 1,412 | 178,368 | ||||||
Air Liquide SA | 21,556 | 3,539,408 | ||||||
Airbus SE* | 26,765 | 2,800,926 | ||||||
Alstom SA* | 14,187 | 756,462 | ||||||
Amundi SA, 144A* | 2,765 | 220,322 | ||||||
Arkema SA | 3,132 | 365,083 | ||||||
Atos SE* | 4,544 | 416,714 | ||||||
AXA SA | 88,055 | 2,070,480 | ||||||
BioMerieux | 1,892 | 272,630 | ||||||
BNP Paribas SA* | 51,197 | 2,623,890 | ||||||
Bollore SA | 42,804 | 166,145 | ||||||
Bouygues SA | 10,480 | 417,286 | ||||||
Bureau Veritas SA* | 13,358 | 344,814 | ||||||
Capgemini SE | 7,329 | 1,016,742 | ||||||
Carrefour SA | 28,352 | 464,345 | ||||||
Cie de Saint-Gobain* | 23,556 | 1,118,894 | ||||||
Cie Generale des Etablissements Michelin SCA | 7,724 | 962,359 | ||||||
CNP Assurances* | 7,836 | 124,785 | ||||||
Covivio REIT | 2,437 | 199,128 | ||||||
Credit Agricole SA* | 52,168 | 602,000 | ||||||
Danone SA | 28,119 | 1,806,561 | ||||||
Dassault Aviation SA* | 106 | 109,373 | ||||||
Dassault Systemes SE | 6,015 | 1,112,484 | ||||||
Edenred | 11,077 | 633,309 | ||||||
Eiffage SA* | 3,836 | 375,854 | ||||||
Electricite de France SA* | 28,259 | 428,607 | ||||||
Engie SA* | 83,130 | 1,226,631 | ||||||
EssilorLuxottica SA* | 12,944 | 1,873,676 | ||||||
Eurazeo SE* | 1,903 | 117,359 | ||||||
Faurecia SE* | 3,850 | 191,506 | ||||||
Gecina SA REIT | 2,094 | 317,974 | ||||||
Getlink SE* | 20,127 | 334,919 | ||||||
Hermes International | 1,441 | 1,405,028 | ||||||
Iliad SA | 708 | 143,740 | ||||||
Ipsen SA | 1,721 | 165,977 | ||||||
Kering SA | 3,448 | 2,488,335 | ||||||
Klepierre SA REIT (a) | 8,879 | 195,940 | ||||||
La Francaise des Jeux SAEM, 144A | 3,928 | 163,806 | ||||||
Legrand SA | 12,150 | 1,028,723 | ||||||
L’Oreal SA | 11,458 | 4,193,247 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 12,636 | 7,278,688 | ||||||
Natixis SA* | 43,115 | 132,689 | ||||||
Orange SA | 90,756 | 1,146,457 | ||||||
Orpea SA* | 2,327 | 290,900 | ||||||
Pernod Ricard SA (a) | 9,537 | 1,820,196 | ||||||
Peugeot SA* | 26,764 | 631,007 |
See Notes to Financial Statements. | 58 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
France (Continued) | ||||||||
Publicis Groupe SA | 9,994 | $ | 454,084 | |||||
Remy Cointreau SA | 1,030 | 183,067 | ||||||
Renault SA* | 8,750 | 348,141 | ||||||
Safran SA* | 14,586 | 2,127,889 | ||||||
Sanofi | 51,575 | 5,211,470 | ||||||
Sartorius Stedim Biotech | 1,270 | 459,021 | ||||||
Schneider Electric SE | 24,550 | 3,416,037 | ||||||
SCOR SE* | 7,427 | 253,731 | ||||||
SEB SA | 1,000 | 177,973 | ||||||
Societe Generale SA* | 36,565 | 727,787 | ||||||
Sodexo SA | 3,942 | 326,146 | ||||||
Suez SA | 16,181 | 311,430 | ||||||
Teleperformance | 2,676 | 891,226 | ||||||
Thales SA | 4,863 | 447,012 | ||||||
TOTAL SE | 114,702 | 4,901,663 | ||||||
Ubisoft Entertainment SA* | 4,219 | 401,504 | ||||||
Unibail-Rodamco-Westfield REIT (a) | 6,280 | 445,721 | ||||||
Valeo SA | 10,557 | 409,522 | ||||||
Veolia Environnement SA | 24,521 | 563,353 | ||||||
Vinci SA | 23,691 | 2,416,216 | ||||||
Vivendi SA | 37,774 | 1,134,580 | ||||||
Wendel SE | 1,298 | 146,703 | ||||||
Worldline SA, 144A* | 10,828 | 1,001,005 | ||||||
|
| |||||||
(Cost $73,407,915) | 75,318,939 | |||||||
|
| |||||||
Germany — 13.3% | ||||||||
adidas AG* | 8,664 | 2,762,509 | ||||||
Allianz SE | 18,985 | 4,476,264 | ||||||
BASF SE | 41,782 | 3,056,669 | ||||||
Bayer AG | 44,703 | 2,573,951 | ||||||
Bayerische Motoren Werke AG | 14,919 | 1,299,831 | ||||||
Bechtle AG | 1,224 | 266,751 | ||||||
Beiersdorf AG | 4,580 | 512,126 | ||||||
Brenntag AG | 7,029 | 537,114 | ||||||
Carl Zeiss Meditec AG | 1,892 | 252,319 | ||||||
Commerzbank AG* | 44,796 | 278,396 | ||||||
Continental AG | 5,003 | 681,527 | ||||||
Covestro AG, 144A | 8,342 | 465,198 | ||||||
Daimler AG | 38,945 | 2,622,418 | ||||||
Delivery Hero SE, 144A* | 5,892 | 711,613 | ||||||
Deutsche Bank AG*(b) | 89,352 | 995,811 | ||||||
Deutsche Boerse AG | 8,645 | 1,441,130 | ||||||
Deutsche Lufthansa AG* | 14,100 | 162,238 | ||||||
Deutsche Post AG | 45,006 | 2,174,261 | ||||||
Deutsche Telekom AG | 151,671 | 2,734,620 | ||||||
Deutsche Wohnen SE | 15,559 | 780,244 | ||||||
E.ON SE | 102,081 | 1,105,161 | ||||||
Evonik Industries AG | 9,823 | 296,567 | ||||||
Fresenius Medical Care AG & Co. KGaA | 9,710 | 816,572 | ||||||
Fresenius SE & Co. KGaA | 19,031 | 851,293 | ||||||
GEA Group AG | 6,763 | 231,611 | ||||||
Hannover Rueck SE | 2,741 | 458,726 | ||||||
HeidelbergCement AG | 6,775 | 481,177 | ||||||
HelloFresh SE* | 6,695 | 393,557 | ||||||
Henkel AG & Co. KGaA | 4,793 | 462,533 | ||||||
HOCHTIEF AG | 1,136 | 109,626 | ||||||
Infineon Technologies AG | 59,386 | 2,091,157 |
Number | Value | |||||||
Germany (Continued) | ||||||||
KION Group AG | 3,048 | $ | 234,292 | |||||
Knorr-Bremse AG | 3,306 | 423,066 | ||||||
LANXESS AG | 3,798 | 265,756 | ||||||
LEG Immobilien AG | 3,224 | 459,414 | ||||||
Merck KGaA | 5,882 | 939,139 | ||||||
MTU Aero Engines AG | 2,417 | 570,714 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 6,374 | 1,776,115 | ||||||
Nemetschek SE | 2,707 | 214,086 | ||||||
Puma SE* | 4,460 | 443,485 | ||||||
Rational AG | 230 | 204,395 | ||||||
RWE AG | 29,237 | 1,212,617 | ||||||
SAP SE | 47,522 | 5,780,907 | ||||||
Scout24 AG, 144A | 4,905 | 375,045 | ||||||
Siemens AG | 34,812 | 4,650,860 | ||||||
Siemens Energy AG* | 18,187 | 540,190 | ||||||
Siemens Healthineers AG, 144A | 12,242 | 562,941 | ||||||
Symrise AG | 5,851 | 732,834 | ||||||
TeamViewer AG, 144A* | 7,005 | 333,652 | ||||||
Telefonica Deutschland Holding AG | 47,650 | 131,526 | ||||||
Uniper SE | 9,342 | 316,479 | ||||||
United Internet AG | 4,995 | 199,186 | ||||||
Volkswagen AG | 1,463 | 271,369 | ||||||
Vonovia SE | 23,738 | 1,627,598 | ||||||
Zalando SE, 144A* | 7,048 | 712,932 | ||||||
|
| |||||||
(Cost $63,021,968) | 59,061,568 | |||||||
|
| |||||||
Ireland — 1.5% | ||||||||
CRH PLC | 35,766 | 1,400,217 | ||||||
DCC PLC | 4,597 | 348,221 | ||||||
Experian PLC | 41,714 | 1,471,469 | ||||||
Flutter Entertainment PLC* | 7,050 | 1,307,693 | ||||||
Kerry Group PLC, Class A | 7,251 | 1,015,435 | ||||||
Kingspan Group PLC* | 7,030 | 613,417 | ||||||
Smurfit Kappa Group PLC | 11,054 | 469,941 | ||||||
|
| |||||||
(Cost $5,289,298) | 6,626,393 | |||||||
|
| |||||||
Isle of Man — 0.1% | ||||||||
GVC Holdings PLC* | 27,295 | 376,801 | ||||||
|
| |||||||
Italy — 3.3% | ||||||||
Amplifon SpA* | 5,521 | 221,083 | ||||||
Assicurazioni Generali SpA | 50,326 | 859,650 | ||||||
Atlantia SpA* | 22,568 | 411,342 | ||||||
Davide Campari-Milano NV | 26,465 | 306,028 | ||||||
DiaSorin SpA | 1,179 | 248,365 | ||||||
Enel SpA | 370,363 | 3,697,765 | ||||||
Eni SpA | 115,823 | 1,147,139 | ||||||
Ferrari NV | 5,741 | 1,210,754 | ||||||
FinecoBank Banca Fineco SpA* | 27,856 | 436,451 | ||||||
Infrastrutture Wireless Italiane SpA, 144A | 15,061 | 193,848 | ||||||
Intesa Sanpaolo SpA* | 753,188 | 1,729,859 | ||||||
Mediobanca Banca di Credito Finanziario SpA* | 28,581 | 254,810 | ||||||
Moncler SpA* | 8,787 | 431,422 | ||||||
Nexi SpA, 144A* | 20,032 | 377,544 | ||||||
Poste Italiane SpA, 144A | 24,009 | 244,693 |
See Notes to Financial Statements. | 59 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Italy (Continued) | ||||||||
Prysmian SpA | 10,766 | $ | 352,263 | |||||
Recordati Industria Chimica e Farmaceutica SpA | 4,632 | 246,594 | ||||||
Snam SpA | 91,913 | 515,630 | ||||||
Telecom Italia SpA | 369,058 | 172,791 | ||||||
Telecom Italia SpA-RSP | 273,103 | 138,616 | ||||||
Terna Rete Elettrica Nazionale SpA | 64,624 | 483,488 | ||||||
UniCredit SpA* | 96,787 | 997,856 | ||||||
|
| |||||||
(Cost $15,935,621) | 14,677,991 | |||||||
|
| |||||||
Jordan — 0.1% | ||||||||
Hikma Pharmaceuticals PLC | 7,901 | 274,707 | ||||||
|
| |||||||
Luxembourg — 0.4% | ||||||||
ArcelorMittal SA* | 32,635 | 597,555 | ||||||
Aroundtown SA* | 45,503 | 315,791 | ||||||
Eurofins Scientific SE* | 6,038 | 490,198 | ||||||
SES SA | 17,593 | 160,038 | ||||||
Tenaris SA | 21,561 | 166,814 | ||||||
|
| |||||||
(Cost $2,442,162) | 1,730,396 | |||||||
|
| |||||||
Mexico — 0.0% | ||||||||
Fresnillo PLC | 8,297 | 116,419 | ||||||
|
| |||||||
Netherlands — 7.5% | ||||||||
ABN AMRO Bank NV, 144A* | 19,242 | 198,542 | ||||||
Adyen NV, 144A* | 827 | 1,580,354 | ||||||
Aegon NV | 82,237 | 307,631 | ||||||
Akzo Nobel NV | 8,788 | 933,596 | ||||||
Altice Europe NV* | 28,640 | 150,933 | ||||||
Argenx SE* | 2,035 | 580,647 | ||||||
ASML Holding NV | 19,376 | 8,409,551 | ||||||
EXOR NV | 4,870 | 339,140 | ||||||
Heineken Holding NV | 5,257 | 485,675 | ||||||
Heineken NV | 11,804 | 1,246,398 | ||||||
ING Groep NV* | 177,548 | 1,731,370 | ||||||
JDE Peet’s BV* | 3,256 | 125,645 | ||||||
Just Eat Takeaway.com NV, 144A* | 5,759 | 611,672 | ||||||
Koninklijke Ahold Delhaize NV | 50,125 | 1,434,402 | ||||||
Koninklijke DSM NV | 7,852 | 1,285,989 | ||||||
Koninklijke KPN NV | 161,220 | 480,586 | ||||||
Koninklijke Philips NV* | 41,474 | 2,145,119 | ||||||
Koninklijke Vopak NV | 3,370 | 176,997 | ||||||
NN Group NV | 13,166 | 534,758 | ||||||
Prosus NV* | 22,190 | 2,404,477 | ||||||
QIAGEN NV* | 10,500 | 506,133 | ||||||
Randstad NV* | 5,442 | 337,558 | ||||||
Royal Dutch Shell PLC, Class A | 186,907 | 3,167,516 | ||||||
Royal Dutch Shell PLC, Class B | 167,917 | 2,762,864 | ||||||
Wolters Kluwer NV | 12,442 | 1,043,354 | ||||||
|
| |||||||
(Cost $31,621,659) | 32,980,907 | |||||||
|
| |||||||
Norway — 0.9% | ||||||||
Adevinta ASA* | 10,890 | 179,707 | ||||||
DNB ASA* | 43,183 | 782,264 | ||||||
Equinor ASA | 44,487 | 701,118 | ||||||
Gjensidige Forsikring ASA | 9,165 | 199,559 |
Number | Value | |||||||
Norway (Continued) | ||||||||
Mowi ASA | 19,965 | $ | 404,085 | |||||
Norsk Hydro ASA | 61,279 | 247,984 | ||||||
Orkla ASA | 33,913 | 324,800 | ||||||
Schibsted ASA, Class A* | 3,074 | 125,747 | ||||||
Schibsted ASA, Class B* | 4,583 | 166,919 | ||||||
Telenor ASA | 31,885 | 542,832 | ||||||
Yara International ASA | 7,931 | 320,774 | ||||||
|
| |||||||
(Cost $4,412,393) | 3,995,789 | |||||||
|
| |||||||
Portugal — 0.3% | ||||||||
EDP — Energias de Portugal SA | 126,899 | 676,329 | ||||||
Galp Energia SGPS SA | 22,981 | 247,922 | ||||||
Jeronimo Martins SGPS SA | 11,801 | 202,143 | ||||||
|
| |||||||
(Cost $1,059,985) | 1,126,394 | |||||||
|
| |||||||
Spain — 3.9% | ||||||||
ACS Actividades de Construccion y Servicios SA | 12,174 | 384,682 | ||||||
Aena SME SA, 144A* | 3,056 | 497,955 | ||||||
Amadeus IT Group SA | 20,509 | 1,405,712 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 303,401 | 1,422,315 | ||||||
Banco Santander SA* | 787,905 | 2,272,096 | ||||||
CaixaBank SA | 163,329 | 418,294 | ||||||
Cellnex Telecom SA, 144A* | 14,417 | 909,395 | ||||||
Enagas SA | 11,204 | 272,907 | ||||||
Endesa SA | 14,419 | 412,277 | ||||||
Ferrovial SA* | 237 | 6,593 | ||||||
Ferrovial SA | 22,164 | 616,542 | ||||||
Grifols SA (a) | 13,576 | 384,611 | ||||||
Iberdrola SA | 274,594 | 3,748,807 | ||||||
Industria de Diseno Textil SA | 49,654 | 1,649,551 | ||||||
Naturgy Energy Group SA | 13,823 | 318,811 | ||||||
Red Electrica Corp. SA | 19,557 | 399,735 | ||||||
Repsol SA | 66,637 | 640,515 | ||||||
Siemens Gamesa Renewable Energy SA | 10,868 | 388,010 | ||||||
Telefonica SA | 218,242 | 952,028 | ||||||
|
| |||||||
(Cost $23,522,330) | 17,100,836 | |||||||
|
| |||||||
Sweden — 5.0% | ||||||||
Alfa Laval AB* | 14,028 | 353,771 | ||||||
Assa Abloy AB, Class B | 45,645 | 1,086,190 | ||||||
Atlas Copco AB, Class A | 30,621 | 1,543,028 | ||||||
Atlas Copco AB, Class B | 17,693 | 781,208 | ||||||
Boliden AB | 12,490 | 430,318 | ||||||
Electrolux AB, Series B | 10,360 | 248,343 | ||||||
Epiroc AB, Class A | 29,028 | 482,283 | ||||||
Epiroc AB, Class B | 17,759 | 282,218 | ||||||
EQT AB | 10,649 | 236,958 | ||||||
Essity AB, Class B | 27,882 | 883,899 | ||||||
Evolution Gaming Group AB, 144A | 7,288 | 623,018 | ||||||
Fastighets AB Balder, Class B* | 4,489 | 224,426 | ||||||
Hennes & Mauritz AB, Class B*(a) | 36,578 | 774,471 | ||||||
Hexagon AB, Class B* | 12,826 | 1,064,434 | ||||||
Husqvarna AB, Class B | 19,194 | 204,362 | ||||||
ICA Gruppen AB | 4,709 | 227,629 | ||||||
Industrivarden AB, Class A* | 3,193 | 98,654 | ||||||
Industrivarden AB, Class C* | 7,278 | 221,983 | ||||||
Investment AB Latour, Class B | 6,926 | 182,338 |
See Notes to Financial Statements. | 60 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Sweden (Continued) | ||||||||
Investor AB, Class B | 20,775 | $ | 1,437,820 | |||||
Kinnevik AB, Class B* | 11,035 | 549,312 | ||||||
L E Lundbergforetagen AB, Class B* | 3,461 | 177,228 | ||||||
Lundin Energy AB | 8,710 | 208,486 | ||||||
Nibe Industrier AB, Class B* | 14,240 | 401,122 | ||||||
Sandvik AB* | 51,399 | 1,152,701 | ||||||
Securitas AB, Class B* | 14,749 | 242,466 | ||||||
Skandinaviska Enskilda Banken AB, Class A* | 74,148 | 783,763 | ||||||
Skanska AB, Class B | 15,929 | 378,497 | ||||||
SKF AB, Class B | 17,633 | 434,200 | ||||||
Svenska Cellulosa AB SCA, Class B* | 27,384 | 442,676 | ||||||
Svenska Handelsbanken AB, Class A* | 70,541 | 716,357 | ||||||
Swedbank AB, Class A* | 41,220 | 745,977 | ||||||
Swedish Match AB | 7,394 | 595,527 | ||||||
Tele2 AB, Class B | 22,993 | 295,693 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 132,840 | 1,623,929 | ||||||
Telia Co. AB (a) | 111,744 | 473,716 | ||||||
Volvo AB, Class B* | 64,961 | 1,475,405 | ||||||
|
| |||||||
(Cost $18,910,723) | 22,084,406 | |||||||
|
| |||||||
Switzerland — 15.5% | ||||||||
ABB Ltd. | 83,844 | 2,211,544 | ||||||
Adecco Group AG | 7,091 | 429,478 | ||||||
Alcon, Inc.* | 22,386 | 1,428,270 | ||||||
Baloise Holding AG | 2,164 | 373,149 | ||||||
Banque Cantonale Vaudoise | 1,395 | 143,683 | ||||||
Barry Callebaut AG | 138 | 296,273 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 4 | 355,653 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 47 | 401,084 | ||||||
Cie Financiere Richemont SA, Class A | 23,754 | 1,972,987 | ||||||
Clariant AG | 9,458 | 189,836 | ||||||
Coca-Cola HBC AG* | 9,373 | 270,155 | ||||||
Credit Suisse Group AG | 111,338 | 1,406,504 | ||||||
EMS-Chemie Holding AG | 375 | 342,710 | ||||||
Geberit AG | 1,686 | 1,014,847 | ||||||
Givaudan SA | 420 | 1,711,890 | ||||||
Glencore PLC* | 454,780 | 1,284,426 | ||||||
Julius Baer Group Ltd. | 10,192 | 588,136 | ||||||
Kuehne + Nagel International AG | 2,456 | 555,928 | ||||||
LafargeHolcim Ltd.* | 23,830 | 1,249,780 | ||||||
Logitech International SA | 7,564 | 669,045 | ||||||
Lonza Group AG | 3,390 | 2,124,835 | ||||||
Nestle SA | 131,154 | 14,602,654 | ||||||
Novartis AG | 101,049 | 9,148,062 | ||||||
Partners Group Holding AG | 851 | 913,040 | ||||||
Roche Holding AG | 31,973 | 10,521,624 | ||||||
Schindler Holding AG | 923 | 244,373 | ||||||
Schindler Holding AG Participation Certificates | 1,845 | 503,505 | ||||||
SGS SA | 275 | 783,466 | ||||||
Sika AG | 6,455 | 1,647,224 | ||||||
Sonova Holding AG* | 2,492 | 617,276 | ||||||
STMicroelectronics NV | 29,015 | 1,135,919 | ||||||
Straumann Holding AG | 471 | 540,063 | ||||||
Swatch Group AG — Bearer | 1,305 | 321,960 |
Number | Value | |||||||
Switzerland (Continued) | ||||||||
Swatch Group AG — Registered | 2,469 | $ | 118,403 | |||||
Swiss Life Holding AG | 1,385 | 618,468 | ||||||
Swiss Prime Site AG | 3,558 | 320,269 | ||||||
Swiss Re AG | 13,002 | 1,187,814 | ||||||
Swisscom AG | 1,177 | 621,689 | ||||||
Temenos AG | 3,114 | 393,383 | ||||||
UBS Group AG | 166,828 | 2,366,342 | ||||||
Vifor Pharma AG | 2,134 | 313,026 | ||||||
Zurich Insurance Group AG | 6,848 | 2,779,892 | ||||||
|
| |||||||
(Cost $60,665,202) | 68,718,665 | |||||||
|
| |||||||
United Arab Emirates — 0.0% | ||||||||
NMC Health PLC*(c) | 6,475 | 0 | ||||||
|
| |||||||
United Kingdom — 19.3% | ||||||||
3i Group PLC | 44,318 | 632,479 | ||||||
Admiral Group PLC | 8,954 | 341,041 | ||||||
Anglo American PLC | 55,838 | 1,647,740 | ||||||
Ashtead Group PLC | 20,472 | 868,167 | ||||||
Associated British Foods PLC | 16,403 | 461,408 | ||||||
AstraZeneca PLC | 59,735 | 6,215,573 | ||||||
Auto Trader Group PLC, 144A | 45,412 | 339,393 | ||||||
AVEVA Group PLC | 3,076 | 139,098 | ||||||
Aviva PLC | 178,932 | 766,201 | ||||||
BAE Systems PLC | 146,417 | 983,788 | ||||||
Barclays PLC* | 789,605 | 1,416,463 | ||||||
Barratt Developments PLC* | 46,409 | 383,595 | ||||||
Berkeley Group Holdings PLC | 5,744 | 354,088 | ||||||
BP PLC | 922,222 | 3,044,761 | ||||||
British American Tobacco PLC | 104,423 | 3,674,491 | ||||||
British Land Co. PLC REIT | 38,900 | 244,622 | ||||||
BT Group PLC | 406,168 | 632,453 | ||||||
Bunzl PLC | 15,339 | 482,397 | ||||||
Burberry Group PLC | 18,438 | 424,999 | ||||||
CNH Industrial NV* | 46,636 | 510,014 | ||||||
Coca-Cola European Partners PLC | 9,298 | 415,435 | ||||||
Compass Group PLC | 81,205 | 1,433,343 | ||||||
Croda International PLC | 6,290 | 499,442 | ||||||
Diageo PLC | 106,417 | 4,085,854 | ||||||
Direct Line Insurance Group PLC | 63,905 | 252,007 | ||||||
Evraz PLC | 24,695 | 127,178 | ||||||
Ferguson PLC | 10,240 | 1,150,000 | ||||||
Fiat Chrysler Automobiles NV* | 50,174 | 782,002 | ||||||
GlaxoSmithKline PLC | 228,384 | 4,171,244 | ||||||
Halma PLC | 17,308 | 511,324 | ||||||
Hargreaves Lansdown PLC | 14,938 | 284,779 | ||||||
HSBC Holdings PLC* | 926,955 | 4,797,881 | ||||||
Imperial Brands PLC | 43,465 | 788,637 | ||||||
Informa PLC* | 69,119 | 488,559 | ||||||
InterContinental Hotels Group PLC* | 7,914 | 489,862 | ||||||
Intertek Group PLC | 7,345 | 540,714 | ||||||
J Sainsbury PLC | 81,124 | 228,306 | ||||||
JD Sports Fashion PLC* | 20,001 | 206,969 | ||||||
Johnson Matthey PLC | 9,058 | 268,563 | ||||||
Kingfisher PLC* | 98,822 | 360,453 | ||||||
Land Securities Group PLC REIT | 32,133 | 281,704 | ||||||
Legal & General Group PLC | 271,675 | 915,239 |
See Notes to Financial Statements. | 61 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Lloyds Banking Group PLC* | 3,221,574 | $ | 1,529,824 | |||||
London Stock Exchange Group PLC | 14,401 | 1,556,247 | ||||||
M&G PLC | 118,020 | 295,010 | ||||||
Melrose Industries PLC* | 219,688 | 449,567 | ||||||
Mondi PLC | 22,395 | 495,011 | ||||||
National Grid PLC | 160,201 | 1,811,946 | ||||||
Natwest Group PLC* | 217,759 | 448,813 | ||||||
Next PLC | 6,055 | 528,893 | ||||||
Ocado Group PLC* | 22,115 | 650,682 | ||||||
Pearson PLC | 33,466 | 288,661 | ||||||
Persimmon PLC | 14,523 | 514,238 | ||||||
Phoenix Group Holdings PLC | 23,181 | 221,518 | ||||||
Prudential PLC | 118,757 | 1,851,564 | ||||||
Reckitt Benckiser Group PLC | 32,375 | 2,841,705 | ||||||
RELX PLC | 87,922 | 2,048,303 | ||||||
Rentokil Initial PLC* | 84,448 | 559,870 | ||||||
Rio Tinto PLC | 51,061 | 3,290,602 | ||||||
Rolls-Royce Holdings PLC* | 380,513 | 536,196 | ||||||
RSA Insurance Group PLC | 47,123 | 423,421 | ||||||
Sage Group PLC | 49,613 | 400,157 | ||||||
Schroders PLC | 5,648 | 242,379 | ||||||
Segro PLC REIT | 55,084 | 669,730 | ||||||
Severn Trent PLC | 11,100 | 353,524 | ||||||
Smith & Nephew PLC | 39,895 | 771,730 | ||||||
Smiths Group PLC | 18,551 | 360,829 | ||||||
Spirax-Sarco Engineering PLC | 3,398 | 504,421 | ||||||
SSE PLC | 47,311 | 845,805 | ||||||
St James’s Place PLC | 25,131 | 341,735 | ||||||
Standard Chartered PLC* | 122,079 | 735,954 | ||||||
Standard Life Aberdeen PLC | 102,300 | 369,457 | ||||||
Taylor Wimpey PLC* | 165,410 | 339,485 | ||||||
Tesco PLC | 445,786 | 1,349,061 | ||||||
Unilever PLC | 68,412 | 4,147,183 | ||||||
Unilever PLC | 51,324 | 3,127,599 | ||||||
United Utilities Group PLC | 31,484 | 377,924 | ||||||
Vodafone Group PLC | 1,220,819 | 2,012,937 | ||||||
Whitbread PLC* | 9,198 | 371,671 | ||||||
Wm Morrison Supermarkets PLC | 109,319 | 262,111 | ||||||
WPP PLC | 55,774 | 539,521 | ||||||
|
| |||||||
(Cost $107,585,497) | 85,107,550 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 424,805,629 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.9% | ||||||||
Germany — 0.9% | ||||||||
Bayerische Motoren Werke AG | 2,590 | 171,157 | ||||||
FUCHS PETROLUB SE | 3,255 | 186,061 | ||||||
Henkel AG & Co. KGaA | 8,120 | 874,060 | ||||||
Porsche Automobil Holding SE | 6,992 | 444,544 | ||||||
Sartorius AG | 1,621 | 738,640 | ||||||
Volkswagen AG | 8,453 | 1,425,156 | ||||||
|
| |||||||
(Cost $4,177,028) | 3,839,618 | |||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 3,839,618 | |||||||
|
|
Number | Value | |||||||
RIGHTS — 0.0% | ||||||||
Germany — 0.0% | ||||||||
KION Group AG*, expires 12/9/20 | 3,048 | $ | 582 | |||||
|
| |||||||
Spain — 0.0% | ||||||||
Banco Santander SA*, expires 12/7/20 | 815,089 | 101,798 | ||||||
|
| |||||||
United Kingdom — 0.0% | ||||||||
AVEVA Group PLC*, expires 12/9/20 | 2,392 | 35,715 | ||||||
|
| |||||||
TOTAL RIGHTS | 138,095 | |||||||
|
| |||||||
WARRANTS — 0.0% | ||||||||
Switzerland — 0.0% | ||||||||
Cie Financiere Richemont SA*, expires 11/22/23 | 48,882 | 9,682 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.5% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (d)(e) | 2,203,405 | 2,203,405 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.1% | ||||||||
DWS ESG Liquidity Fund “Capital Shares”, 0.18% (d) | 639,948 | 639,948 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 97.6% | $ | 431,636,377 | ||||||
Other assets and liabilities, net — 2.4% | 10,473,955 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 442,110,332 | ||||||
|
|
See Notes to Financial Statements. | 62 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
Value ($) at 5/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2020 | Value ($) at 11/30/2020 | ||||||||||||||||||||||||||||
COMMON STOCKS — 0.2% |
| |||||||||||||||||||||||||||||||||||
Germany — 0.2% |
| |||||||||||||||||||||||||||||||||||
Deutsche Bank AG*(b) |
| |||||||||||||||||||||||||||||||||||
993,168 | — | (280,297 | ) | (671,690 | ) | 954,630 | — | — | 89,352 | 995,811 | ||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.5% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (d)(e) |
| |||||||||||||||||||||||||||||||||||
7,981,610 | — | (5,778,205 | )(f) | — | — | 903 | — | 2,203,405 | 2,203,405 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.1% |
| |||||||||||||||||||||||||||||||||||
DWS ESG Liquidity Fund “Capital Shares”, 0.18% (d) |
| |||||||||||||||||||||||||||||||||||
639,380 | 824 | — | — | (256 | ) | 856 | — | 639,948 | 639,948 | |||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (d) |
| |||||||||||||||||||||||||||||||||||
8,725,094 | 103,337,506 | (112,062,600 | ) | — | — | 2,072 | — | — | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
18,339,252 | 103,338,330 | (118,121,102 | ) | (671,690 | ) | 954,374 | 3,831 | — | 2,932,705 | 3,839,164 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $3,583,912, which is 0.8% of net assets. |
(b) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(c) | Investment was valued using significant unobservable inputs. |
(d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $1,642,653. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
REIT: | Real Estate Investment Trust |
RSP: | Risparmio (Convertible Savings Shares) |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Securities are listed in country of domicile.
At November 30, 2020, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||
AMSTERDAM Index Futures | EUR | 8 | $ | 1,147,865 | $ | 1,155,997 | 12/18/2020 | $ | 8,132 | |||||||||
CAC40 10 EURO Futures | EUR | 36 | 2,343,104 | 2,365,710 | 12/18/2020 | 22,606 | ||||||||||||
DAX Index Futures | EUR | 4 | 1,577,056 | 1,590,309 | 12/18/2020 | 13,253 | ||||||||||||
FTSE 100 Index Futures | GBP | 34 | 2,741,537 | 2,852,210 | 12/18/2020 | 110,673 | ||||||||||||
FTSE/MIB Index Futures | EUR | 3 | 321,093 | 394,625 | 12/18/2020 | 73,532 | ||||||||||||
IBEX 35 Index Futures | EUR | 6 | 565,686 | 577,071 | 12/18/2020 | 11,385 | ||||||||||||
OMXS30 Index Futures | SEK | 36 | 803,873 | 802,843 | 12/18/2020 | (1,030 | ) | |||||||||||
SWISS MKT IX Futures | CHF | 20 | 2,286,844 | 2,312,187 | 12/18/2020 | 25,343 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 263,894 | ||||||||||||||||
|
|
As of November 30, 2020, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Citigroup Global Markets | 12/3/2020 | CHF | 4,890,000 | USD | 5,339,775 | $ | — | $ | (42,005 | ) | ||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | CHF | 30,722,222 | USD | 33,547,033 | — | (264,876 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | CHF | 29,694,917 | USD | 32,426,138 | — | (255,151 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | DKK | 33,733,100 | USD | 5,281,202 | — | (125,151 | ) |
See Notes to Financial Statements. | 63 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | DKK | 42,866,142 | USD | 6,710,931 | $ | — | $ | (159,161 | ) | ||||||||||||
RBC Capital Markets | 12/3/2020 | DKK | 39,375,700 | USD | 6,164,623 | — | (146,061 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | EUR | 38,051,900 | USD | 44,353,371 | — | (1,042,103 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | EUR | 69,549,623 | USD | 81,064,815 | — | (1,907,075 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | EUR | 77,322,273 | USD | 90,126,764 | — | (2,117,807 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | GBP | 13,470,454 | USD | 17,420,287 | — | (538,972 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | GBP | 30,312,350 | USD | 39,200,219 | — | (1,213,218 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | GBP | 25,920,820 | USD | 33,521,375 | — | (1,037,128 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | NOK | 10,153,700 | USD | 1,062,091 | — | (79,326 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | NOK | 10,981,291 | USD | 1,148,593 | — | (85,858 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | NOK | 12,328,800 | USD | 1,289,534 | — | (96,395 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | SEK | 78,167,950 | USD | 8,784,490 | — | (330,102 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | SEK | 49,075,236 | USD | 5,514,995 | — | (207,309 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | SEK | 73,745,100 | USD | 8,287,470 | — | (311,405 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 209,881 | CHF | 190,000 | — | (773 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 5,132,540 | CHF | 4,700,000 | 40,132 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 30,922,260 | CHF | 27,993,922 | — | (113,032 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 2,997,555 | CHF | 2,728,300 | 5,125 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 32,802,096 | CHF | 29,694,917 | — | (120,806 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 5,421,268 | DKK | 33,733,100 | — | (14,914 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 784,309 | DKK | 4,919,600 | 4,148 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 422,775 | DKK | 2,689,000 | 8,187 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 5,666,138 | DKK | 35,257,542 | — | (15,464 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 5,685,218 | DKK | 35,375,700 | — | (15,608 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 626,291 | DKK | 4,000,000 | 14,783 | — | |||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 45,518,710 | EUR | 38,051,900 | — | (123,237 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 73,851,262 | EUR | 61,738,223 | — | (198,281 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 9,280,513 | EUR | 7,811,400 | 38,396 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 78,856,223 | EUR | 65,922,273 | — | (211,719 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 13,288,364 | EUR | 11,400,000 | 311,703 | — | |||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 12,777,111 | GBP | 9,570,454 | — | (17,462 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 5,043,749 | GBP | 3,900,000 | 155,861 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 3,932,436 | GBP | 2,962,200 | 16,868 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 36,513,818 | GBP | 27,350,150 | — | (49,685 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 34,605,798 | GBP | 25,920,820 | — | (47,295 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 1,146,468 | NOK | 10,153,700 | — | (5,050 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 1,239,899 | NOK | 10,981,291 | — | (5,449 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 1,221,969 | NOK | 10,822,400 | — | (5,381 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 167,662 | NOK | 1,506,400 | 1,678 | — | |||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 8,142,497 | SEK | 69,615,450 | — | (25,150 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 995,667 | SEK | 8,552,500 | 1,577 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 5,739,962 | SEK | 49,075,236 | — | (17,658 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 1,236,233 | SEK | 11,000,000 | 46,396 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 7,338,930 | SEK | 62,745,100 | — | (22,684 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2021 | CHF | 190,000 | USD | 210,180 | 765 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | CHF | 3,271,000 | USD | 3,618,483 | 13,231 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | CHF | 27,993,922 | USD | 30,965,529 | 111,009 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | CHF | 29,694,917 | USD | 32,848,360 | 119,026 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | DKK | 33,733,100 | USD | 5,427,081 | 14,653 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | DKK | 5,694,000 | USD | 916,068 | 2,473 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | DKK | 35,257,542 | USD | 5,672,218 | 15,195 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | DKK | 35,375,700 | USD | 5,691,392 | 15,411 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | EUR | 38,051,900 | USD | 45,571,336 | 121,937 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | EUR | 61,738,223 | USD | 73,935,844 | 195,371 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | EUR | 65,922,273 | USD | 78,946,866 | 208,941 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | EUR | 20,549,000 | USD | 24,609,339 | 65,500 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | GBP | 9,570,454 | USD | 12,784,710 | 17,520 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | GBP | 27,350,150 | USD | 36,535,821 | 50,136 | — |
See Notes to Financial Statements. | 64 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
RBC Capital Markets | 1/6/2021 | GBP | 7,685,000 | USD | 10,265,784 | $ | 13,830 | $ | — | |||||||||||||||||||
RBC Capital Markets | 1/6/2021 | GBP | 25,920,820 | USD | 34,626,276 | 47,347 | — | |||||||||||||||||||||
Citigroup Global Markets | 1/6/2021 | NOK | 5,230,000 | USD | 590,643 | 2,593 | — | |||||||||||||||||||||
Citigroup Global Markets | 1/6/2021 | NOK | 10,153,700 | USD | 1,146,695 | 5,034 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | NOK | 10,981,291 | USD | 1,240,179 | 5,465 | — | |||||||||||||||||||||
RBC Capital Markets | 1/6/2021 | NOK | 10,822,400 | USD | 1,222,228 | 5,380 | — | |||||||||||||||||||||
Citigroup Global Markets | 1/7/2021 | SEK | 69,615,450 | USD | 8,149,927 | 25,227 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 1/7/2021 | SEK | 49,075,236 | USD | 5,745,169 | 17,683 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 1/7/2021 | SEK | 21,512,000 | USD | 2,520,009 | 9,380 | — | |||||||||||||||||||||
RBC Capital Markets | 1/7/2021 | SEK | 62,745,100 | USD | 7,345,626 | 22,754 | — | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 1,750,715 | $ | (10,968,751 | ) | |||||||||||||||||||||||
|
|
|
|
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
CHF | Swiss Franc |
DKK | Danish Krone |
EUR | Euro |
GBP | Pound Sterling |
NOK | Norwegian Krone |
SEK | Swedish Krona |
USD | U.S. Dollar |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (g) | $ | 424,805,629 | $ | — | $ | 0 | $ | 424,805,629 | ||||||||
Preferred Stocks | 3,839,618 | — | — | 3,839,618 | ||||||||||||
Rights (g) | 138,095 | — | — | 138,095 | ||||||||||||
Warrants | 9,682 | — | — | 9,682 | ||||||||||||
Short-Term Investments (g) | 2,843,353 | — | — | 2,843,353 | ||||||||||||
Derivatives (h) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 1,750,715 | — | 1,750,715 | ||||||||||||
Futures Contracts | 264,924 | — | — | 264,924 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 431,901,301 | $ | 1,750,715 | $ | 0 | $ | 433,652,016 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (h) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (10,968,751 | ) | $ | — | $ | (10,968,751 | ) | ||||||
Futures Contracts | (1,030 | ) | — | — | (1,030 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (1,030 | ) | $ | (10,968,751 | ) | $ | — | $ | (10,969,781 | ) | |||||
|
|
|
|
|
|
|
|
(g) | See Schedule of Investments for additional detailed categorizations. |
(h) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
See Notes to Financial Statements. | 65 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF
November 30, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 96.5% | ||||||||
Austria — 0.9% | ||||||||
Agrana Beteiligungs AG | 55 | $ | 1,096 | |||||
ANDRITZ AG | 234 | 9,864 | ||||||
AT&S Austria Technologie & Systemtechnik AG | 75 | 1,789 | ||||||
BAWAG Group AG, 144A* | 194 | 8,789 | ||||||
CA Immobilien Anlagen AG | 194 | 6,723 | ||||||
DO & CO AG* | 17 | 1,030 | ||||||
Erste Group Bank AG* | 819 | 23,544 | ||||||
EVN AG | 114 | 2,015 | ||||||
FACC AG* | 65 | 699 | ||||||
IMMOFINANZ AG* | 196 | 3,652 | ||||||
Lenzing AG*(a) | 44 | 3,774 | ||||||
Oesterreichische Post AG (a) | 117 | 4,194 | ||||||
OMV AG | 363 | 12,297 | ||||||
Palfinger AG | 45 | 1,355 | ||||||
Porr AG*(a) | 25 | 404 | ||||||
Raiffeisen Bank International AG* | 463 | 8,870 | ||||||
S IMMO AG | 144 | 2,683 | ||||||
S&T AG*(a) | 134 | 3,066 | ||||||
Schoeller-Bleckmann Oilfield Equipment AG | 45 | 1,476 | ||||||
Semperit AG Holding* | 32 | 916 | ||||||
Telekom Austria AG | 487 | 3,573 | ||||||
UNIQA Insurance Group AG | 420 | 3,186 | ||||||
Verbund AG | 205 | 14,391 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 114 | 2,717 | ||||||
voestalpine AG | 354 | 11,334 | ||||||
Wienerberger AG | 371 | 10,285 | ||||||
Zumtobel Group AG* | 85 | 634 | ||||||
|
| |||||||
(Cost $157,025) | 144,356 | |||||||
|
| |||||||
Belgium — 3.2% | ||||||||
Ackermans & van Haaren NV | 73 | 10,624 | ||||||
Aedifica SA REIT | 91 | 10,508 | ||||||
Ageas SA/NV | 520 | 25,568 | ||||||
AGFA-Gevaert NV* | 538 | 2,224 | ||||||
Akka Technologies*(a) | 39 | 1,182 | ||||||
Anheuser-Busch InBev SA/NV | 2,239 | 149,244 | ||||||
Barco NV | 194 | 4,190 | ||||||
Befimmo SA REIT | 45 | 1,991 | ||||||
Bekaert SA | 104 | 3,188 | ||||||
Biocartis Group NV, 144A* | 152 | 870 | ||||||
bpost SA | 293 | 3,544 | ||||||
Cie d’Entreprises CFE*(a) | 25 | 2,207 | ||||||
Cofinimmo SA REIT | 68 | 10,123 | ||||||
D’ieteren SA/NV | 74 | 5,155 | ||||||
Econocom Group SA/NV | 374 | 1,055 | ||||||
Elia Group SA/NV | 92 | 10,404 | ||||||
Etablissements Franz Colruyt NV | 175 | 10,442 | ||||||
Euronav NV | 505 | 3,973 | ||||||
Fagron | 233 | 5,397 | ||||||
Galapagos NV* | 125 | 15,380 | ||||||
Gimv NV | 40 | 2,317 | ||||||
Groupe Bruxelles Lambert SA | 317 | 30,886 | ||||||
Intervest Offices & Warehouses NV REIT | 93 | 2,518 |
Number | Value | |||||||
Belgium (Continued) | ||||||||
Ion Beam Applications | 65 | $ | 941 | |||||
KBC Ancora* | 115 | 4,779 | ||||||
KBC Group NV* | 731 | 50,923 | ||||||
Kinepolis Group NV* | 45 | 1,962 | ||||||
Melexis NV | 57 | 5,450 | ||||||
Mithra Pharmaceuticals SA* | 40 | 1,076 | ||||||
Montea C.V.A REIT | 35 | 4,087 | ||||||
Ontex Group NV*(a) | 234 | 2,864 | ||||||
Orange Belgium SA | 95 | 1,831 | ||||||
Proximus SADP | 470 | 9,817 | ||||||
Recticel SA | 84 | 955 | ||||||
Retail Estates NV REIT | 22 | 1,585 | ||||||
Sioen Industries NV* | 25 | 656 | ||||||
Sofina SA | 45 | 14,278 | ||||||
Solvay SA | 213 | 24,351 | ||||||
Telenet Group Holding NV | 146 | 6,235 | ||||||
Tessenderlo Group SA* | 66 | 2,452 | ||||||
UCB SA | 377 | 40,276 | ||||||
Umicore SA | 577 | 25,858 | ||||||
Van de Velde NV | 15 | 420 | ||||||
Warehouses De Pauw CVA REIT | 375 | 12,704 | ||||||
X-Fab Silicon Foundries SE, 144A* | 153 | 795 | ||||||
Xior Student Housing NV REIT | 50 | 2,940 | ||||||
|
| |||||||
(Cost $652,500) | 530,225 | |||||||
|
| |||||||
Finland — 3.7% | ||||||||
Aktia Bank OYJ* | 134 | 1,598 | ||||||
BasWare OYJ* | 21 | 964 | ||||||
Cargotec OYJ, Class B | 146 | 5,834 | ||||||
Caverion OYJ* | 384 | 2,666 | ||||||
Citycon OYJ (a) | 224 | 2,084 | ||||||
Elisa OYJ | 425 | 22,813 | ||||||
Finnair OYJ* | 1,633 | 1,217 | ||||||
Fortum OYJ | 1,308 | 29,965 | ||||||
F-Secure OYJ* | 254 | 1,253 | ||||||
Huhtamaki OYJ | 295 | 14,815 | ||||||
Kemira OYJ | 300 | 4,312 | ||||||
Kesko OYJ, Class B | 757 | 19,866 | ||||||
Kojamo OYJ | 364 | 7,598 | ||||||
Kone OYJ, Class B | 1,006 | 84,385 | ||||||
Konecranes OYJ | 198 | 6,755 | ||||||
Metsa Board OYJ | 519 | 4,668 | ||||||
Metso Outotec OYJ | 1,798 | 16,086 | ||||||
Musti Group OYJ* | 80 | 2,080 | ||||||
Neles OYJ | 320 | 4,130 | ||||||
Neste OYJ | 1,247 | 83,567 | ||||||
Nokia OYJ* | 16,682 | 66,612 | ||||||
Nokian Renkaat OYJ | 376 | 13,213 | ||||||
Oriola OYJ, Class B | 333 | 752 | ||||||
Orion OYJ, Class B | 295 | 13,886 | ||||||
Outokumpu OYJ*(a) | 862 | 2,640 | ||||||
Revenio Group OYJ | 59 | 3,090 | ||||||
Rovio Entertainment OYJ, 144A | 152 | 898 | ||||||
Sampo OYJ, Class A | 1,380 | 59,639 | ||||||
Sanoma OYJ | 203 | 2,954 | ||||||
Stora Enso OYJ, Class R | 1,722 | 29,106 | ||||||
TietoEVRY OYJ | 288 | 9,131 |
See Notes to Financial Statements. | 66 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Finland (Continued) | ||||||||
Tokmanni Group Corp. | 174 | $ | 3,171 | |||||
UPM-Kymmene OYJ | 1,580 | 52,056 | ||||||
Uponor OYJ | 154 | 3,134 | ||||||
Valmet OYJ | 403 | 10,196 | ||||||
Wartsila OYJ Abp | 1,294 | 12,166 | ||||||
YIT OYJ | 404 | 2,359 | ||||||
|
| |||||||
(Cost $535,800) | 601,659 | |||||||
|
| |||||||
France — 31.2% | ||||||||
AB Science SA* | 76 | 914 | ||||||
ABC arbitrage | 66 | 570 | ||||||
Accor SA* | 553 | 18,965 | ||||||
Aeroports de Paris | 92 | 11,622 | ||||||
Air France-KLM*(a) | 625 | 3,728 | ||||||
Air Liquide SA (a) | 1,401 | 230,039 | ||||||
Airbus SE* | 1,734 | 181,461 | ||||||
AKWEL | 25 | 619 | ||||||
Albioma SA | 65 | 3,322 | ||||||
ALD SA, 144A | 344 | 4,440 | ||||||
Alstom SA* | 909 | 48,484 | ||||||
Alten SA* | 91 | 9,693 | ||||||
Amundi SA, 144A* | 178 | 14,183 | ||||||
Arkema SA | 202 | 23,546 | ||||||
Atos SE* | 289 | 26,503 | ||||||
Aubay | 14 | 563 | ||||||
AXA SA | 5,689 | 133,768 | ||||||
Beneteau SA | 85 | 867 | ||||||
BioMerieux | 123 | 17,724 | ||||||
BNP Paribas SA* | 3,316 | 169,948 | ||||||
Boiron SA | 17 | 779 | ||||||
Bollore SA | 2,598 | 10,084 | ||||||
Bonduelle SCA | 35 | 831 | ||||||
Bouygues SA | 667 | 26,558 | ||||||
Bureau Veritas SA* | 872 | 22,509 | ||||||
Capgemini SE | 474 | 65,757 | ||||||
Carmila SA REIT | 164 | 2,316 | ||||||
Carrefour SA | 1,778 | 29,120 | ||||||
Casino Guichard Perrachon SA*(a) | 117 | 3,373 | ||||||
Cellectis SA* | 74 | 1,792 | ||||||
CGG SA* | 2,240 | 2,485 | ||||||
Chargeurs SA | 55 | 1,136 | ||||||
Cie de Saint-Gobain* | 1,524 | 72,389 | ||||||
Cie des Alpes | 15 | 347 | ||||||
Cie Generale des Etablissements Michelin SCA | 502 | 62,546 | ||||||
Cie Plastic Omnium SA | 201 | 6,944 | ||||||
CNP Assurances* | 537 | 8,552 | ||||||
Coface SA* | 274 | 2,781 | ||||||
Covivio REIT | 154 | 12,583 | ||||||
Credit Agricole SA* | 3,380 | 39,004 | ||||||
Danone SA | 1,825 | 117,251 | ||||||
Dassault Aviation SA* | 7 | 7,223 | ||||||
Dassault Systemes SE | 389 | 71,946 | ||||||
Derichebourg SA | 214 | 845 | ||||||
Devoteam SA* | 15 | 1,750 | ||||||
Edenred | 713 | 40,765 | ||||||
Eiffage SA* | 247 | 24,201 |
Number | Value | |||||||
France (Continued) | ||||||||
Electricite de France SA* | 1,829 | $ | 27,741 | |||||
Elior Group SA, 144A | 314 | 1,798 | ||||||
Elis SA* | 532 | 8,675 | ||||||
Engie SA* | 5,409 | 79,813 | ||||||
Eramet* | 25 | 1,089 | ||||||
EssilorLuxottica SA* | 840 | 121,592 | ||||||
Eurazeo SE* | 124 | 7,647 | ||||||
Eutelsat Communications SA (a) | 533 | 5,887 | ||||||
Faurecia SE* | 219 | 10,894 | ||||||
FFP | 15 | 1,558 | ||||||
Fnac Darty SA* | 45 | 2,420 | ||||||
Gaztransport Et Technigaz SA | 65 | 6,412 | ||||||
Gecina SA REIT | 134 | 20,348 | ||||||
Getlink SE* | 1,251 | 20,817 | ||||||
Groupe Crit* | 5 | 361 | ||||||
Groupe Guillin | 14 | 387 | ||||||
Guerbet | 14 | 537 | ||||||
Hermes International | 94 | 91,653 | ||||||
ICADE REIT | 84 | 6,207 | ||||||
ID Logistics Group* | 7 | 1,620 | ||||||
Iliad SA | 44 | 8,933 | ||||||
Imerys SA | 105 | 4,309 | ||||||
Innate Pharma SA*(a) | 115 | 626 | ||||||
Interparfums SA* | 54 | 2,696 | ||||||
Ipsen SA | 115 | 11,091 | ||||||
IPSOS | 124 | 3,979 | ||||||
JCDecaux SA* | 291 | 6,540 | ||||||
Kaufman & Broad SA | 39 | 1,645 | ||||||
Kering SA | 225 | 162,377 | ||||||
Klepierre SA REIT (a) | 615 | 13,572 | ||||||
Korian SA* | 181 | 6,015 | ||||||
La Francaise des Jeux SAEM, 144A | 275 | 11,468 | ||||||
Lagardere SCA* | 171 | 4,012 | ||||||
Legrand SA | 791 | 66,973 | ||||||
LISI* | 50 | 1,279 | ||||||
LNA Sante SA | 15 | 866 | ||||||
L’Oreal SA | 744 | 272,279 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 818 | 471,191 | ||||||
Maisons du Monde SA, 144A* | 124 | 2,046 | ||||||
Manitou BF SA* | 25 | 650 | ||||||
Mercialys SA REIT | 144 | 1,138 | ||||||
Mersen SA* | 55 | 1,601 | ||||||
Metropole Television SA* | 75 | 1,172 | ||||||
Natixis SA* | 2,932 | 9,023 | ||||||
Neoen SA, 144A* | 88 | 5,322 | ||||||
Nexans SA* | 79 | 4,990 | ||||||
Nexity SA | 124 | 4,822 | ||||||
Orange SA (a) | 5,928 | 74,884 | ||||||
Orpea SA* | 151 | 18,877 | ||||||
Pernod Ricard SA (a) | 633 | 120,812 | ||||||
Peugeot SA* | 1,770 | 41,731 | ||||||
Publicis Groupe SA | 625 | 28,397 | ||||||
Quadient SA | 105 | 1,873 | ||||||
Remy Cointreau SA | 71 | 12,619 | ||||||
Renault SA* | 559 | 22,241 | ||||||
Rexel SA* | 757 | 10,226 | ||||||
Rubis SCA | 274 | 11,727 |
See Notes to Financial Statements. | 67 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
France (Continued) | ||||||||
Safran SA* | 945 | $ | 137,862 | |||||
Sanofi | 3,351 | 338,607 | ||||||
Sartorius Stedim Biotech | 84 | 30,360 | ||||||
Schneider Electric SE | 1,586 | 220,686 | ||||||
SCOR SE* | 494 | 16,877 | ||||||
SEB SA | 65 | 11,568 | ||||||
SMCP SA, 144A* | 113 | 708 | ||||||
Societe BIC SA | 74 | 4,392 | ||||||
Societe Generale SA* | 2,375 | 47,272 | ||||||
Sodexo SA | 270 | 22,339 | ||||||
SOITEC* | 66 | 11,549 | ||||||
Sopra Steria Group* | 50 | 7,622 | ||||||
SPIE SA* | 353 | 7,213 | ||||||
Suez SA | 1,019 | 19,612 | ||||||
Synergie SE* | 15 | 512 | ||||||
Tarkett SA* | 88 | 1,530 | ||||||
Teleperformance | 173 | 57,617 | ||||||
Television Francaise 1* | 124 | 958 | ||||||
Thales SA | 311 | 28,587 | ||||||
TOTAL SE | 7,422 | 317,171 | ||||||
Trigano SA | 24 | 3,916 | ||||||
Ubisoft Entertainment SA* | 267 | 25,409 | ||||||
Unibail-Rodamco-Westfield REIT (a) | 414 | 29,384 | ||||||
Valeo SA | 673 | 26,107 | ||||||
Veolia Environnement SA | 1,588 | 36,483 | ||||||
Verallia SA, 144A | 102 | 3,389 | ||||||
Vicat SA | 62 | 2,529 | ||||||
Vilmorin & Cie SA | 24 | 1,434 | ||||||
Vinci SA | 1,522 | 155,227 | ||||||
Virbac SA* | 10 | 2,589 | ||||||
Vivendi SA | 2,461 | 73,919 | ||||||
Wendel SE | 85 | 9,607 | ||||||
Worldline SA, 144A* | 706 | 65,267 | ||||||
|
| |||||||
(Cost $4,551,675) | 5,096,586 | |||||||
|
| |||||||
Germany — 25.6% | ||||||||
Aareal Bank AG* | 161 | 3,937 | ||||||
adidas AG* | 565 | 180,150 | ||||||
ADLER Group SA, 144A* | 217 | 6,274 | ||||||
ADVA Optical Networking SE* | 134 | 1,127 | ||||||
AIXTRON SE* | 307 | 4,455 | ||||||
Allianz SE | 1,240 | 292,366 | ||||||
alstria office REIT-AG REIT | 481 | 7,740 | ||||||
Amadeus Fire AG* | 15 | 2,133 | ||||||
AURELIUS Equity Opportunities SE & Co. KGaA*(a) | 65 | 1,520 | ||||||
Aurubis AG | 93 | 7,084 | ||||||
BASF SE | 2,707 | 198,038 | ||||||
Basler AG | 14 | 1,089 | ||||||
Bayer AG | 2,897 | 166,806 | ||||||
Bayerische Motoren Werke AG | 973 | 84,773 | ||||||
BayWa AG | 40 | 1,467 | ||||||
Bechtle AG | 85 | 18,524 | ||||||
Beiersdorf AG | 298 | 33,322 | ||||||
Bertrandt AG | 15 | 679 | ||||||
bet-at-home.com AG | 5 | 192 | ||||||
Bilfinger SE | 102 | 2,818 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Borussia Dortmund GmbH & Co. KGaA* | 201 | $ | 1,368 | |||||
Brenntag AG | 447 | 34,157 | ||||||
CANCOM SE | 130 | 6,978 | ||||||
Carl Zeiss Meditec AG | 125 | 16,670 | ||||||
CECONOMY AG* | 540 | 2,667 | ||||||
Cewe Stiftung & Co. KGaA | 15 | 1,623 | ||||||
Commerzbank AG* | 2,956 | 18,371 | ||||||
CompuGroup Medical SE & Co. KGaA | 78 | 7,750 | ||||||
Continental AG | 320 | 43,592 | ||||||
Covestro AG, 144A | 543 | 30,281 | ||||||
CropEnergies AG | 156 | 2,601 | ||||||
CTS Eventim AG & Co. KGaA* | 184 | 11,139 | ||||||
Daimler AG | 2,520 | 169,688 | ||||||
Datagroup SE | 13 | 701 | ||||||
Delivery Hero SE, 144A* | 389 | 46,982 | ||||||
Dermapharm Holding SE | 46 | 3,071 | ||||||
Deutsche Bank AG*(b) | 5,784 | 64,462 | ||||||
Deutsche Beteiligungs AG | 36 | 1,404 | ||||||
Deutsche Boerse AG | 558 | 93,019 | ||||||
Deutsche EuroShop AG* | 126 | 2,629 | ||||||
Deutsche Lufthansa AG*(a) | 880 | 10,126 | ||||||
Deutsche Pfandbriefbank AG, 144A* | 397 | 3,959 | ||||||
Deutsche Post AG | 2,914 | 140,777 | ||||||
Deutsche Telekom AG | 9,833 | 177,288 | ||||||
Deutsche Wohnen SE | 1,014 | 50,850 | ||||||
Deutz AG* | 364 | 2,093 | ||||||
DIC Asset AG | 135 | 2,032 | ||||||
Draegerwerk AG & Co. KGaA | 6 | 428 | ||||||
Duerr AG | 174 | 6,355 | ||||||
E.ON SE | 6,636 | 71,843 | ||||||
Eckert & Ziegler Strahlen- und Medizintechnik AG | 55 | 2,843 | ||||||
Elmos Semiconductor SE | 28 | 898 | ||||||
ElringKlinger AG* | 83 | 1,333 | ||||||
Encavis AG | 244 | 5,222 | ||||||
Evonik Industries AG | 604 | 18,235 | ||||||
Evotec SE*(a) | 372 | 11,346 | ||||||
flatexDEGIRO AG* | 41 | 2,739 | ||||||
Fraport AG Frankfurt Airport Services Worldwide* | 125 | 7,094 | ||||||
Freenet AG | 404 | 8,255 | ||||||
Fresenius Medical Care AG & Co. KGaA | 626 | 52,644 | ||||||
Fresenius SE & Co. KGaA | 1,250 | 55,915 | ||||||
GEA Group AG | 463 | 15,856 | ||||||
Gerresheimer AG | 91 | 10,605 | ||||||
GRENKE AG (a) | 88 | 3,863 | ||||||
Hamborner REIT AG REIT | 234 | 2,500 | ||||||
Hamburger Hafen und Logistik AG | 75 | 1,644 | ||||||
Hannover Rueck SE | 177 | 29,622 | ||||||
HeidelbergCement AG | 453 | 32,173 | ||||||
HelloFresh SE* | 424 | 24,924 | ||||||
Henkel AG & Co. KGaA | 307 | 29,626 | ||||||
HOCHTIEF AG | 74 | 7,141 | ||||||
Hornbach Baumarkt AG | 19 | 871 | ||||||
Hornbach Holding AG & Co. KGaA | 25 | 2,660 | ||||||
HUGO BOSS AG | 194 | 5,973 | ||||||
Hypoport SE* | 10 | 5,260 |
See Notes to Financial Statements. | 68 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Germany (Continued) | ||||||||
Indus Holding AG | 45 | $ | 1,745 | |||||
Infineon Technologies AG | 3,846 | 135,429 | ||||||
Jenoptik AG | 174 | 5,210 | ||||||
JOST Werke AG, 144A* | 39 | 1,824 | ||||||
K+S AG | 604 | 5,443 | ||||||
KION Group AG | 190 | 14,605 | ||||||
Kloeckner & Co. SE* | 214 | 1,828 | ||||||
Knorr-Bremse AG | 210 | 26,874 | ||||||
Koenig & Bauer AG* | 34 | 952 | ||||||
Krones AG | 45 | 3,296 | ||||||
KWS Saat SE & Co. KGaA | 45 | 3,414 | ||||||
LANXESS AG | 253 | 17,703 | ||||||
LEG Immobilien AG | 207 | 29,497 | ||||||
LPKF Laser & Electronics AG | 84 | 2,305 | ||||||
MBB SE | 5 | 635 | ||||||
Merck KGaA | 382 | 60,991 | ||||||
METRO AG | 532 | 4,861 | ||||||
MLP SE | 184 | 1,141 | ||||||
MorphoSys AG* | 96 | 10,780 | ||||||
MTU Aero Engines AG | 155 | 36,599 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 413 | 115,082 | ||||||
Nemetschek SE | 170 | 13,445 | ||||||
New Work SE | 9 | 2,759 | ||||||
Nordex SE* | 193 | 4,515 | ||||||
Norma Group SE | 90 | 3,964 | ||||||
OHB SE* | 15 | 733 | ||||||
OSRAM Licht AG* | 118 | 7,291 | ||||||
PATRIZIA AG | 134 | 3,820 | ||||||
Pfeiffer Vacuum Technology AG | 16 | 2,962 | ||||||
PNE AG | 194 | 1,775 | ||||||
ProSiebenSat.1 Media SE*(a) | 673 | 9,742 | ||||||
Puma SE* | 290 | 28,836 | ||||||
Rational AG | 15 | 13,330 | ||||||
Rheinmetall AG | 132 | 11,740 | ||||||
RWE AG | 1,892 | 78,472 | ||||||
Salzgitter AG* | 102 | 2,059 | ||||||
SAP SE | 3,096 | 376,619 | ||||||
Scout24 AG, 144A | 309 | 23,627 | ||||||
SGL Carbon SE*(a) | 143 | 669 | ||||||
Siemens AG | 2,269 | 303,137 | ||||||
Siemens Energy AG* | 1,161 | 34,484 | ||||||
Siemens Healthineers AG, 144A | 796 | 36,604 | ||||||
Siltronic AG | 67 | 9,766 | ||||||
Sixt SE* | 44 | 5,046 | ||||||
SMA Solar Technology AG* | 35 | 2,015 | ||||||
Software AG | 151 | 6,495 | ||||||
STRATEC SE | 22 | 3,039 | ||||||
Stroeer SE & Co. KGaA | 92 | 8,231 | ||||||
Suedzucker AG | 208 | 3,300 | ||||||
Symrise AG | 378 | 47,344 | ||||||
TAG Immobilien AG* | 415 | 12,406 | ||||||
Takkt AG* | 94 | 1,209 | ||||||
TeamViewer AG, 144A* | 443 | 21,100 | ||||||
Telefonica Deutschland Holding AG | 3,094 | 8,540 | ||||||
thyssenkrupp AG* | 1,264 | 8,447 | ||||||
Uniper SE | 614 | 20,800 |
Number | Value | |||||||
Germany (Continued) | ||||||||
United Internet AG | 314 | $ | 12,521 | |||||
Varta AG* | 53 | 7,163 | ||||||
VERBIO Vereinigte BioEnergie AG | 75 | 2,326 | ||||||
Volkswagen AG | 100 | 18,549 | ||||||
Vonovia SE | 1,515 | 103,876 | ||||||
Vossloh AG* | 32 | 1,468 | ||||||
Wacker Chemie AG | 50 | 6,245 | ||||||
Wacker Neuson SE* | 84 | 1,608 | ||||||
Washtec AG* | 44 | 2,257 | ||||||
Wuestenrot & Wuerttembergische AG | 55 | 1,126 | ||||||
Zalando SE, 144A* | 446 | 45,115 | ||||||
zooplus AG* | 25 | 4,718 | ||||||
|
| |||||||
(Cost $4,072,932) | 4,184,147 | |||||||
|
| |||||||
Ireland — 2.2% | ||||||||
AerCap Holdings NV* | 390 | 14,336 | ||||||
AIB Group PLC* | 2,507 | 4,504 | ||||||
Bank of Ireland Group PLC* | 2,959 | 9,311 | ||||||
Cairn Homes PLC* | 2,682 | 2,975 | ||||||
CRH PLC | 2,308 | 90,357 | ||||||
Dalata Hotel Group PLC* | 493 | 2,229 | ||||||
Flutter Entertainment PLC* | 456 | 84,583 | ||||||
Glanbia PLC | 622 | 7,642 | ||||||
Glenveagh Properties PLC, 144A* | 2,992 | 2,998 | ||||||
Hibernia REIT PLC REIT | 1,976 | 2,696 | ||||||
Irish Residential Properties REIT PLC REIT | 1,640 | 2,731 | ||||||
Kerry Group PLC, Class A | 465 | 65,119 | ||||||
Kingspan Group PLC* | 452 | 39,440 | ||||||
Origin Enterprises PLC | 374 | 1,602 | ||||||
Smurfit Kappa Group PLC | 671 | 28,526 | ||||||
Uniphar PLC | 966 | 2,616 | ||||||
|
| |||||||
(Cost $324,259) | 361,665 | |||||||
|
| |||||||
Italy — 7.2% | ||||||||
A2A SpA | 4,982 | 7,595 | ||||||
ACEA SpA | 157 | 3,305 | ||||||
Amplifon SpA* | 391 | 15,657 | ||||||
Anima Holding SpA, 144A | 820 | 3,592 | ||||||
Arnoldo Mondadori Editore SpA* | 279 | 495 | ||||||
Ascopiave SpA | 147 | 620 | ||||||
Assicurazioni Generali SpA | 3,246 | 55,447 | ||||||
ASTM SpA* | 214 | 5,335 | ||||||
Atlantia SpA* | 1,428 | 26,028 | ||||||
Autogrill SpA* | 369 | 2,284 | ||||||
Azimut Holding SpA | 348 | 7,335 | ||||||
Banca Carige SpA*(c) | 462,340 | 827 | ||||||
Banca Farmafactoring SpA, 144A* | 238 | 1,306 | ||||||
Banca Generali SpA* | 168 | 5,579 | ||||||
Banca IFIS SpA* | 54 | 588 | ||||||
Banca Mediolanum SpA* | 559 | 5,071 | ||||||
Banca Monte dei Paschi di Siena SpA*(a) | 882 | 1,223 | ||||||
Banca Popolare di Sondrio SCPA* | 1,311 | 3,506 | ||||||
Banco BPM SpA* | 4,578 | 10,105 | ||||||
Biesse SpA* | 34 | 675 | ||||||
BPER Banca*(a) | 3,076 | 5,375 | ||||||
Brunello Cucinelli SpA* | 95 | 3,726 | ||||||
Buzzi Unicem SpA | 238 | 5,794 |
See Notes to Financial Statements. | 69 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Italy (Continued) | ||||||||
Buzzi Unicem SpA-RSP | 124 | $ | 2,024 | |||||
Carel Industries SpA, 144A | 125 | 2,609 | ||||||
Cementir Holding NV | 74 | 608 | ||||||
Cerved Group SpA* | 584 | 4,660 | ||||||
CIR SpA-Compagnie Industriali* | 2,259 | 1,284 | ||||||
Credito Emiliano SpA* | 270 | 1,498 | ||||||
Credito Valtellinese SpA* | 176 | 2,337 | ||||||
Danieli & C Officine Meccaniche SpA | 35 | 580 | ||||||
Danieli & C Officine Meccaniche SpA-RSP | 94 | 1,009 | ||||||
Datalogic SpA | 55 | 877 | ||||||
Davide Campari-Milano NV | 1,759 | 20,340 | ||||||
De’ Longhi SpA* | 204 | 7,120 | ||||||
DiaSorin SpA | 75 | 15,799 | ||||||
doValue SpA, 144A* | 102 | 1,098 | ||||||
El.En. SpA* | 25 | 732 | ||||||
Enav SpA, 144A | 879 | 3,863 | ||||||
Enel SpA | 24,049 | 240,109 | ||||||
Eni SpA | 7,416 | 73,450 | ||||||
ERG SpA | 184 | 4,434 | ||||||
Falck Renewables SpA | 384 | 2,492 | ||||||
Ferrari NV | 374 | 78,875 | ||||||
Fila SpA* | 65 | 652 | ||||||
Fincantieri SpA*(a) | 1,459 | 1,130 | ||||||
FinecoBank Banca Fineco SpA* | 1,791 | 28,062 | ||||||
Freni Brembo SpA* | 512 | 6,602 | ||||||
Gruppo MutuiOnline SpA | 65 | 2,295 | ||||||
GVS SpA, 144A* | 206 | 3,258 | ||||||
Hera SpA | 2,539 | 9,268 | ||||||
Illimity Bank SpA* | 189 | 1,977 | ||||||
IMA Industria Macchine Automatiche SpA* | 67 | 5,427 | ||||||
Immobiliare Grande Distribuzione SIIQ SpA REIT | 184 | 789 | ||||||
Infrastrutture Wireless Italiane SpA, 144A | 990 | 12,742 | ||||||
Interpump Group SpA | 234 | 10,155 | ||||||
Intesa Sanpaolo SpA* | 48,691 | 111,829 | ||||||
Iren SpA | 1,806 | 4,843 | ||||||
Italgas SpA | 1,548 | 9,934 | ||||||
Italmobiliare SpA | 45 | 1,519 | ||||||
Juventus Football Club SpA* | 1,473 | 1,428 | ||||||
La Doria SpA | 15 | 230 | ||||||
Leonardo SpA | 1,213 | 8,774 | ||||||
Maire Tecnimont SpA* | 354 | 666 | ||||||
MARR SpA* | 104 | 1,948 | ||||||
Mediaset SpA* | 754 | 1,778 | ||||||
Mediobanca Banca di Credito Finanziario SpA* | 1,906 | 16,993 | ||||||
Moncler SpA* | 570 | 27,986 | ||||||
Nexi SpA, 144A* | 1,299 | 24,482 | ||||||
Piaggio & C SpA | 504 | 1,584 | ||||||
Pirelli & C SpA, 144A* | 1,141 | 6,125 | ||||||
Poste Italiane SpA, 144A | 1,434 | 14,615 | ||||||
Prysmian SpA | 705 | 23,068 | ||||||
RAI Way SpA, 144A | 311 | 2,018 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 314 | 16,716 | ||||||
Reply SpA | 59 | 6,594 |
Number | Value | |||||||
Italy (Continued) | ||||||||
Saipem SpA (a) | 1,808 | $ | 4,410 | |||||
Salvatore Ferragamo SpA* | 124 | 2,219 | ||||||
Sanlorenzo SpA* | 79 | 1,461 | ||||||
Saras SpA* | 1,720 | 1,106 | ||||||
Sesa SpA* | 24 | 2,405 | ||||||
Snam SpA | 6,023 | 33,789 | ||||||
Societa Cattolica di Assicurazioni SC*(a) | 413 | 2,478 | ||||||
Tamburi Investment Partners SpA | 245 | 1,841 | ||||||
Technogym SpA, 144A* | 264 | 2,833 | ||||||
Telecom Italia SpA | 24,913 | 11,664 | ||||||
Telecom Italia SpA-RSP | 17,175 | 8,717 | ||||||
Terna Rete Elettrica Nazionale SpA | 4,213 | 31,520 | ||||||
Tinexta SpA* | 84 | 1,874 | ||||||
Tod’s SpA* | 26 | 803 | ||||||
UniCredit SpA* | 6,274 | 64,684 | ||||||
Unipol Gruppo SpA* | 1,333 | 6,392 | ||||||
Webuild SpA (a) | 539 | 823 | ||||||
Zignago Vetro SpA | 43 | 686 | ||||||
|
| |||||||
(Cost $1,142,207) | 1,182,458 | |||||||
|
| |||||||
Luxembourg — 0.9% | ||||||||
APERAM SA | 166 | 6,336 | ||||||
ArcelorMittal SA* | 2,105 | 38,543 | ||||||
Aroundtown SA* | 2,886 | 20,029 | ||||||
B&S Group SARL, 144A* | 200 | 1,894 | ||||||
Befesa SA, 144A | 113 | 5,877 | ||||||
Corestate Capital Holding SA*(a) | 35 | 698 | ||||||
Eurofins Scientific SE* | 390 | 31,662 | ||||||
Grand City Properties SA | 336 | 7,936 | ||||||
SES SA | 1,101 | 10,015 | ||||||
Solutions 30 SE*(a) | 279 | 5,648 | ||||||
Stabilus SA | 71 | 5,018 | ||||||
Tenaris SA | 1,442 | 11,157 | ||||||
|
| |||||||
(Cost $185,053) | 144,813 | |||||||
|
| |||||||
Netherlands — 12.0% | ||||||||
Aalberts NV | 305 | 13,207 | ||||||
ABN AMRO Bank NV, 144A* | 1,279 | 13,197 | ||||||
Accell Group NV* | 74 | 2,322 | ||||||
Adyen NV, 144A* | 54 | 103,191 | ||||||
Aegon NV | 5,258 | 19,669 | ||||||
Akzo Nobel NV | 570 | 60,554 | ||||||
Alfen Beheer BV, 144A* | 48 | 3,905 | ||||||
Altice Europe NV* | 1,823 | 9,607 | ||||||
AMG Advanced Metallurgical Group NV | 95 | 2,568 | ||||||
Arcadis NV* | 206 | 6,305 | ||||||
Argenx SE* | 132 | 37,664 | ||||||
ASM International NV | 135 | 23,857 | ||||||
ASML Holding NV | 1,260 | 546,864 | ||||||
ASR Nederland NV | 424 | 15,820 | ||||||
Basic-Fit NV, 144A* | 124 | 4,511 | ||||||
BE Semiconductor Industries NV | 222 | 11,601 | ||||||
Boskalis Westminster* | 251 | 5,793 | ||||||
Brunel International NV* | 74 | 650 | ||||||
Corbion NV | 187 | 9,681 | ||||||
Eurocommercial Properties NV* | 125 | 2,156 | ||||||
Euronext NV, 144A | 164 | 17,411 |
See Notes to Financial Statements. | 70 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Netherlands (Continued) | ||||||||
EXOR NV | 328 | $ | 22,841 | |||||
Flow Traders, 144A | 96 | 3,085 | ||||||
ForFarmers NV | 65 | 418 | ||||||
Fugro NV* | 233 | 1,305 | ||||||
Heineken Holding NV | 328 | 30,303 | ||||||
Heineken NV | 762 | 80,460 | ||||||
IMCD NV | 153 | 19,145 | ||||||
ING Groep NV* | 11,490 | 112,045 | ||||||
Intertrust NV, 144A* | 257 | 4,433 | ||||||
JDE Peet’s BV* | 221 | 8,528 | ||||||
Just Eat Takeaway.com NV, 144A* | 373 | 39,617 | ||||||
Koninklijke Ahold Delhaize NV | 3,250 | 93,004 | ||||||
Koninklijke BAM Groep NV* | 912 | 1,969 | ||||||
Koninklijke DSM NV | 509 | 83,363 | ||||||
Koninklijke KPN NV | 10,503 | 31,309 | ||||||
Koninklijke Philips NV* | 2,703 | 139,805 | ||||||
Koninklijke Vopak NV | 207 | 10,872 | ||||||
NIBC Holding NV, 144A* | 154 | 1,370 | ||||||
NN Group NV | 838 | 34,037 | ||||||
NSI NV REIT | 55 | 2,214 | ||||||
OCI NV* | 378 | 6,579 | ||||||
Pharming Group NV* | 1,679 | 2,380 | ||||||
PostNL NV* | 1,250 | 4,272 | ||||||
Prosus NV* | 1,439 | 155,928 | ||||||
QIAGEN NV* | 674 | 32,489 | ||||||
Randstad NV* | 347 | 21,524 | ||||||
SBM Offshore NV | 457 | 8,627 | ||||||
Shop Apotheke Europe NV, 144A* | 35 | 5,519 | ||||||
SIF Holding NV* | 24 | 454 | ||||||
Signify NV, 144A* | 404 | 17,108 | ||||||
TKH Group NV | 125 | 5,884 | ||||||
TomTom NV* | 214 | 1,747 | ||||||
Vastned Retail NV REIT | 46 | 1,257 | ||||||
Wereldhave NV REIT | 114 | 1,492 | ||||||
Wolters Kluwer NV | 803 | 67,337 | ||||||
|
| |||||||
(Cost $1,388,540) | 1,963,253 | |||||||
|
| |||||||
Portugal — 0.6% | ||||||||
Altri SGPS SA | 194 | 1,043 | ||||||
Banco Comercial Portugues SA, Class R* | 27,135 | 3,836 | ||||||
Corticeira Amorim SGPS SA | 149 | 1,813 | ||||||
CTT-Correios de Portugal SA* | 383 | 1,115 | ||||||
EDP — Energias de Portugal SA | 8,059 | 42,952 | ||||||
Galp Energia SGPS SA | 1,533 | 16,538 | ||||||
Jeronimo Martins SGPS SA | 775 | 13,275 | ||||||
Mota-Engil SGPS SA* | 312 | 542 | ||||||
Navigator Co. SA* | 749 | 2,230 | ||||||
NOS SGPS SA | 842 | 3,214 | ||||||
REN — Redes Energeticas Nacionais SGPS SA | 1,028 | 2,814 | ||||||
Semapa-Sociedade de Investimento e Gestao | 72 | 769 | ||||||
Sonae SGPS SA | 2,416 | 1,941 | ||||||
|
| |||||||
(Cost $96,983) | 92,082 | |||||||
|
| |||||||
Spain — 7.8% | ||||||||
Acciona SA (a) | 64 | 8,146 |
Number | Value | |||||||
Spain (Continued) | ||||||||
Acerinox SA | 436 | $ | 4,491 | |||||
ACS Actividades de Construccion y Servicios SA | 786 | 24,836 | ||||||
Aedas Homes SA, 144A* | 72 | 1,597 | ||||||
Aena SME SA, 144A* | 197 | 32,100 | ||||||
Almirall SA | 174 | 2,250 | ||||||
Amadeus IT Group SA | 1,325 | 90,817 | ||||||
Applus Services SA* | 384 | 3,699 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA | 254 | 901 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 19,979 | 93,660 | ||||||
Banco de Sabadell SA | 17,654 | 6,855 | ||||||
Banco Santander SA* | 51,065 | 147,257 | ||||||
Bankia SA | 3,640 | 6,257 | ||||||
Bankinter SA | 1,994 | 9,869 | ||||||
CaixaBank SA | 10,494 | 26,876 | ||||||
Cellnex Telecom SA, 144A* | 932 | 58,789 | ||||||
Cia de Distribucion Integral Logista Holdings SA | 195 | 3,577 | ||||||
CIE Automotive SA | 209 | 5,126 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA* | 56 | 2,358 | ||||||
Corp. Financiera Alba SA | 60 | 2,823 | ||||||
Distribuidora Internacional de Alimentacion SA* | 4,534 | 780 | ||||||
Ebro Foods SA | 207 | 4,909 | ||||||
eDreams ODIGEO SA* | 228 | 1,017 | ||||||
Enagas SA | 769 | 18,731 | ||||||
Ence Energia y Celulosa SA* | 325 | 1,125 | ||||||
Endesa SA | 944 | 26,991 | ||||||
Euskaltel SA, 144A | 244 | 2,654 | ||||||
Faes Farma SA | 812 | 3,647 | ||||||
Ferrovial SA | 1,433 | 39,862 | ||||||
Ferrovial SA* | 15 | 417 | ||||||
Fluidra SA | 143 | 3,156 | ||||||
Fomento de Construcciones y Contratas SA | 259 | 2,734 | ||||||
Gestamp Automocion SA, 144A | 461 | 1,906 | ||||||
Global Dominion Access SA, 144A* | 304 | 1,284 | ||||||
Grifols SA | 862 | 24,421 | ||||||
Grupo Catalana Occidente SA | 137 | 4,453 | ||||||
Grupo Empresarial San Jose SA | 67 | 377 | ||||||
Iberdrola SA | 17,686 | 241,452 | ||||||
Indra Sistemas SA* | 451 | 3,604 | ||||||
Industria de Diseno Textil SA | 3,213 | 106,739 | ||||||
Inmobiliaria Colonial Socimi SA REIT | 773 | 7,377 | ||||||
Lar Espana Real Estate Socimi SA REIT | 272 | 1,638 | ||||||
Liberbank SA* | 6,321 | 1,911 | ||||||
Mapfre SA | 3,428 | 6,571 | ||||||
Mediaset Espana Comunicacion SA* | 640 | 2,890 | ||||||
Melia Hotels International SA* | 324 | 2,087 | ||||||
Merlin Properties Socimi SA REIT | 1,082 | 9,945 | ||||||
Metrovacesa SA, 144A* | 116 | 862 | ||||||
Miquel y Costas & Miquel SA | 75 | 1,251 | ||||||
Naturgy Energy Group SA | 868 | 20,019 | ||||||
Neinor Homes SA, 144A* | 162 | 1,896 | ||||||
Pharma Mar SA | 48 | 5,537 |
See Notes to Financial Statements. | 71 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Spain (Continued) | ||||||||
Promotora de Informaciones SA, Class A* | 856 | $ | 801 | |||||
Prosegur Cash SA, 144A | 1,532 | 1,478 | ||||||
Prosegur Cia de Seguridad SA | 783 | 2,195 | ||||||
Red Electrica Corp. SA | 1,263 | 25,815 | ||||||
Repsol SA | 4,231 | 40,668 | ||||||
Sacyr SA | 1,131 | 2,642 | ||||||
Sacyr SA* | 23 | 54 | ||||||
Siemens Gamesa Renewable Energy SA | 703 | 25,099 | ||||||
Solaria Energia y Medio Ambiente SA* | 154 | 3,608 | ||||||
Talgo SA, 144A* | 304 | 1,487 | ||||||
Tecnicas Reunidas SA* | 94 | 1,155 | ||||||
Telefonica SA | 14,645 | 63,885 | ||||||
Unicaja Banco SA, 144A* | 2,650 | 2,094 | ||||||
Viscofan SA | 112 | 7,949 | ||||||
Zardoya Otis SA | 538 | 3,786 | ||||||
|
| |||||||
(Cost $1,598,052) | 1,267,243 | |||||||
|
| |||||||
Switzerland — 0.5% | ||||||||
STMicroelectronics NV | 1,877 | 73,483 | ||||||
|
| |||||||
United Kingdom — 0.7% | ||||||||
CNH Industrial NV* | 2,994 | 32,743 | ||||||
Coca-Cola European Partners PLC | 601 | 26,853 | ||||||
Dialog Semiconductor PLC* | 214 | 11,288 | ||||||
Fiat Chrysler Automobiles NV* | 3,290 | 51,277 | ||||||
|
| |||||||
(Cost $99,319) | 122,161 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 15,764,131 | |||||||
|
| |||||||
PREFERRED STOCKS — 1.6% | ||||||||
Germany — 1.6% | ||||||||
Bayerische Motoren Werke AG | 169 | 11,168 | ||||||
Draegerwerk AG & Co. KGaA | 25 | 1,944 | ||||||
FUCHS PETROLUB SE | 198 | 11,318 | ||||||
Henkel AG & Co. KGaA | 528 | 56,836 | ||||||
Jungheinrich AG | 134 | 5,850 | ||||||
Porsche Automobil Holding SE | 439 | 27,911 | ||||||
Sartorius AG | 104 | 47,390 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Sixt SE | 51 | $ | 3,656 | |||||
STO SE & Co. KGaA | 5 | 747 | ||||||
Volkswagen AG | 542 | 91,380 | ||||||
|
| |||||||
(Cost $232,004) | 258,200 | |||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 258,200 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Germany — 0.0% | ||||||||
KION Group AG*, expires 12/9/20 (Cost $0) | 190 | 36 | ||||||
|
| |||||||
Spain — 0.0% | ||||||||
Banco Santander SA*, expires 12/7/20 | 53,944 | 6,737 | ||||||
|
| |||||||
TOTAL RIGHTS | 6,773 | |||||||
|
| |||||||
WARRANTS — 0.0% | ||||||||
Spain — 0.0% | ||||||||
Abengoa SA*, expires 3/31/25 | 7,125 | 85 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 1.1% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (d)(e) | 190,232 | 190,232 | ||||||
|
| |||||||
CASH EQUIVALENTS — 1.8% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (d) | 290,438 | 290,438 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 101.0% (Cost $15,550,991) | $ | 16,509,859 | ||||||
Other assets and liabilities, net — (1.0%) | (167,496 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 16,342,363 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
Value ($) at 5/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2020 | Value ($) at 11/30/2020 | ||||||||||||||||||||||||||||
COMMON STOCKS — 0.4% |
| |||||||||||||||||||||||||||||||||||
Germany — 0.4% |
| |||||||||||||||||||||||||||||||||||
Deutsche Bank AG*(b) |
| |||||||||||||||||||||||||||||||||||
79,251 | 1,754 | (38,221 | ) | (54,714 | ) | 76,392 | — | — | 5,784 | 64,462 | ||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 1.1% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (d)(e) |
| |||||||||||||||||||||||||||||||||||
667,973 | — | (477,741 | )(f) | — | — | 65 | — | 190,232 | 190,232 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 1.8% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (d) |
| |||||||||||||||||||||||||||||||||||
290,364 | 2,678,559 | (2,678,485 | ) | — | — | 112 | — | 290,438 | 290,438 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
1,037,588 | 2,680,313 | (3,194,447 | ) | (54,714 | ) | 76,392 | 177 | — | 486,454 | 545,132 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 72 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $544,745, which is 3.3% of net assets. |
(b) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(c) | Investment was valued using significant unobservable inputs. |
(d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $389,699. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
REIT: | Real Estate Investment Trust |
RSP: | Risparmio (Convertible Savings Shares) |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Securities | are listed in country of domicile. |
At November 30, 2020, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Depreciation | ||||||||||||
EURO STOXX 50 Futures | EUR | 6 | $ | 252,432 | $250,857 | 12/18/2020 | $ | (1,575 | ) |
As of November 30, 2020, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Citigroup Global Markets | 12/3/2020 | EUR | 4,410,000 | USD | 5,140,305 | $ | — | $ | (120,774 | ) | ||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | EUR | 2,880,530 | USD | 3,357,454 | — | (78,985 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | EUR | 6,242,000 | USD | 7,275,669 | — | (170,964 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 5,275,361 | EUR | 4,410,000 | — | (14,283 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 3,445,690 | EUR | 2,880,530 | — | (9,251 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 880,063 | EUR | 755,000 | 20,644 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 32,783 | EUR | 28,000 | 621 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 1,374,066 | EUR | 1,159,000 | 8,607 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 5,143,660 | EUR | 4,300,000 | — | (13,810 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2021 | EUR | 1,994,000 | USD | 2,387,659 | 6,015 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | EUR | 4,410,000 | USD | 5,281,460 | 14,132 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | EUR | 2,880,530 | USD | 3,449,636 | 9,115 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | EUR | 4,300,000 | USD | 5,149,573 | 13,629 | — | |||||||||||||||
|
|
|
| |||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 72,763 | $ | (408,067 | ) | |||||||||||||||||
|
|
|
|
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
EUR | Euro |
USD | U.S. Dollar |
See Notes to Financial Statements. | 73 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (g) | $ | 15,763,304 | $ | — | $ | 827 | $ | 15,764,131 | ||||||||
Preferred Stocks | 258,200 | — | — | 258,200 | ||||||||||||
Rights (g) | 6,773 | — | — | 6,773 | ||||||||||||
Warrants | 85 | — | — | 85 | ||||||||||||
Short-Term Investments (g) | 480,670 | — | — | 480,670 | ||||||||||||
Derivatives (h) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 72,763 | — | 72,763 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 16,509,032 | $ | 72,763 | $ | 827 | $ | 16,582,622 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (h) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (408,067 | ) | $ | — | $ | (408,067 | ) | ||||||
Futures Contracts | (1,575 | ) | — | — | (1,575 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (1,575 | ) | $ | (408,067 | ) | $ | — | $ | (409,642 | ) | |||||
|
|
|
|
|
|
|
|
(g) | See Schedule of Investments for additional detailed categorizations. |
(h) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
See Notes to Financial Statements. | 74 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Germany Hedged Equity ETF
November 30, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 92.2% | ||||||||
Communication Services — 5.3% | ||||||||
Deutsche Telekom AG | 30,016 | $ | 541,187 | |||||
Scout24 AG, 144A | 969 | 74,091 | ||||||
Telefonica Deutschland Holding AG | 9,502 | 26,228 | ||||||
United Internet AG | 976 | 38,920 | ||||||
|
| |||||||
(Cost $724,585) | 680,426 | |||||||
|
| |||||||
Consumer Discretionary — 15.3% | ||||||||
adidas AG* | 1,715 | 546,826 | ||||||
Bayerische Motoren Werke AG | 2,978 | 259,461 | ||||||
Continental AG | 991 | 134,997 | ||||||
Daimler AG | 7,709 | 519,097 | ||||||
Delivery Hero SE, 144A* | 1,166 | 140,825 | ||||||
HelloFresh SE* | 1,331 | 78,241 | ||||||
Puma SE* | 883 | 87,802 | ||||||
Volkswagen AG | 292 | 54,163 | ||||||
Zalando SE, 144A* | 1,378 | 139,390 | ||||||
|
| |||||||
(Cost $1,901,506) | 1,960,802 | |||||||
|
| |||||||
Consumer Staples — 1.5% | ||||||||
Beiersdorf AG | 907 | 101,419 | ||||||
Henkel AG & Co. KGaA | 936 | 90,325 | ||||||
|
| |||||||
(Cost $182,687) | 191,744 | |||||||
|
| |||||||
Financials — 14.6% | ||||||||
Allianz SE | 3,757 | 885,822 | ||||||
Commerzbank AG* | 9,027 | 56,101 | ||||||
Deutsche Bank AG*(a) | 17,684 | 197,085 | ||||||
Deutsche Boerse AG | 1,711 | 285,225 | ||||||
Hannover Rueck SE | 543 | 90,875 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1,262 | 351,656 | ||||||
|
| |||||||
(Cost $1,911,607) | 1,866,764 | |||||||
|
| |||||||
Health Care — 10.0% | ||||||||
Bayer AG | 8,849 | 509,516 | ||||||
Carl Zeiss Meditec AG | 362 | 48,277 | ||||||
Fresenius Medical Care AG & Co. KGaA | 1,920 | 161,464 | ||||||
Fresenius SE & Co. KGaA | 3,766 | 168,461 | ||||||
Merck KGaA | 1,164 | 185,848 | ||||||
QIAGEN NV* | 2,079 | 100,214 | ||||||
Siemens Healthineers AG, 144A | 2,420 | 111,282 | ||||||
|
| |||||||
(Cost $2,087,134) | 1,285,062 | |||||||
|
| |||||||
Industrials — 15.1% | ||||||||
Brenntag AG | 1,391 | 106,292 | ||||||
Deutsche Lufthansa AG* | 2,694 | 30,998 | ||||||
Deutsche Post AG | 8,909 | 430,398 | ||||||
GEA Group AG | 1,382 | 47,329 | ||||||
HOCHTIEF AG | 220 | 21,230 | ||||||
KION Group AG | 585 | 44,967 | ||||||
Knorr-Bremse AG | 653 | 83,564 | ||||||
MTU Aero Engines AG | 478 | 112,868 | ||||||
Rational AG | 46 | 40,879 | ||||||
Siemens AG | 6,890 | 920,500 | ||||||
Siemens Energy AG* | 3,600 | 106,927 | ||||||
|
| |||||||
(Cost $1,647,288) | 1,945,952 | |||||||
|
|
Number | Value | |||||||
Information Technology — 13.4% | ||||||||
Bechtle AG | 246 | $ | 53,612 | |||||
Infineon Technologies AG | 11,761 | 414,139 | ||||||
Nemetschek SE | 520 | 41,125 | ||||||
SAP SE | 9,405 | 1,144,090 | ||||||
TeamViewer AG, 144A* | 1,358 | 64,682 | ||||||
|
| |||||||
(Cost $1,239,166) | 1,717,648 | |||||||
|
| |||||||
Materials — 8.1% | ||||||||
BASF SE | 8,273 | 605,232 | ||||||
Covestro AG, 144A | 1,653 | 92,181 | ||||||
Evonik Industries AG | 1,889 | 57,031 | ||||||
HeidelbergCement AG | 1,340 | 95,170 | ||||||
LANXESS AG | 749 | 52,409 | ||||||
Symrise AG | 1,158 | 145,039 | ||||||
|
| |||||||
(Cost $1,264,058) | 1,047,062 | |||||||
|
| |||||||
Real Estate — 4.9% | ||||||||
Aroundtown SA* | 8,997 | 62,439 | ||||||
Deutsche Wohnen SE | 3,078 | 154,354 | ||||||
LEG Immobilien AG | 646 | 92,054 | ||||||
Vonovia SE | 4,695 | 321,913 | ||||||
|
| |||||||
(Cost $459,462) | 630,760 | |||||||
|
| |||||||
Utilities — 4.0% | ||||||||
E.ON SE | 20,217 | 218,876 | ||||||
RWE AG | 5,786 | 239,977 | ||||||
Uniper SE | 1,812 | 61,385 | ||||||
|
| |||||||
(Cost $521,123) | 520,238 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 11,846,458 | |||||||
|
| |||||||
PREFERRED STOCKS — 5.9% | ||||||||
Consumer Discretionary — 3.1% | ||||||||
Bayerische Motoren Werke AG | 519 | 34,298 | ||||||
Porsche Automobil Holding SE | 1,379 | 87,675 | ||||||
Volkswagen AG | 1,672 | 281,895 | ||||||
|
| |||||||
(Cost $608,892) | 403,868 | |||||||
|
| |||||||
Consumer Staples — 1.4% | ||||||||
Henkel AG & Co. KGaA | 1,604 | 172,660 | ||||||
|
| |||||||
Health Care — 1.1% | ||||||||
Sartorius AG | 320 | 145,814 | ||||||
|
| |||||||
Materials — 0.3% | ||||||||
FUCHS PETROLUB SE | 626 | 35,783 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 758,125 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Industrials — 0.0% | ||||||||
KION Group AG*, expires 12/9/20 | 603 | 115 | ||||||
|
|
See Notes to Financial Statements. | 75 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Germany Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
EXCHANGE-TRADED FUNDS — 0.3% | ||||||||
iShares MSCI Germany ETF | 1,330 | $ | 40,645 | |||||
|
| |||||||
CASH EQUIVALENTS — 0.9% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (b) | 119,912 | 119,912 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.3% (Cost $12,966,114) | $ | 12,765,255 | ||||||
Other assets and liabilities, net — 0.7% | 92,119 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 12,857,374 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
Value ($) at 5/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2020 | Value ($) at 11/30/2020 | ||||||||||||||||||||||||||||
COMMON STOCKS — 1.6% |
| |||||||||||||||||||||||||||||||||||
Financials — 1.6% |
| |||||||||||||||||||||||||||||||||||
Deutsche Bank AG*(a) | ||||||||||||||||||||||||||||||||||||
213,743 | 3,593 | (78,404 | ) | (182,925 | ) | 241,078 | — | — | 17,684 | 197,085 | ||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”,0.03%(b)(c) |
| |||||||||||||||||||||||||||||||||||
111,300 | — | (111,300 | )(d) | — | — | 1 | — | — | — | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.9% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04%(b) |
| |||||||||||||||||||||||||||||||||||
229,525 | 1,979,814 | (2,089,427 | ) | — | — | 103 | — | 119,912 | 119,912 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
554,568 | 1,983,407 | (2,279,131 | ) | (182,925 | ) | 241,078 | 104 | — | 137,596 | 316,997 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At November 30, 2020, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||
DAX Mini Futures | EUR | 2 | $ | 157,664 | $159,031 | 12/18/2020 | $ | 1,367 |
As of November 30, 2020, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Citigroup Global Markets | 12/3/2020 | EUR | 1,408,067 | USD | 1,641,246 | $ | — | $ | (38,562 | ) | ||||||||||||
Citigroup Global Markets | 12/3/2020 | EUR | 56,000 | USD | 65,579 | — | (1,228 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | EUR | 4,248,000 | USD | 4,951,333 | — | (116,482 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | EUR | 4,847,919 | USD | 5,650,730 | — | (132,781 | ) |
See Notes to Financial Statements. | 76 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Germany Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 1,751,356 | EUR | 1,464,067 | $ | — | $ | (4,742 | ) | ||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 5,081,458 | EUR | 4,248,000 | — | (13,643 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 1,171,474 | EUR | 1,005,000 | 27,479 | — | |||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 4,596,900 | EUR | 3,842,919 | — | (12,342 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2021 | EUR | 1,080,000 | USD | 1,293,216 | 3,258 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2021 | EUR | 1,464,067 | USD | 1,753,381 | 4,692 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | EUR | 4,248,000 | USD | 5,087,277 | 13,443 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | EUR | 3,842,919 | USD | 4,602,184 | 12,180 | — | |||||||||||||||
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Total unrealized appreciation (depreciation) | $ | 61,052 | $ | (319,780 | ) | |||||||||||||||||
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For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
EUR | Euro |
USD | U.S. Dollar |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (e) | $ | 11,846,458 | $ | — | $ | — | $ | 11,846,458 | ||||||||
Preferred Stocks (e) | 758,125 | — | — | 758,125 | ||||||||||||
Rights | 115 | — | — | 115 | ||||||||||||
Exchange-Traded Funds | 40,645 | — | — | 40,645 | ||||||||||||
Short-Term Investments (e) | 119,912 | — | — | 119,912 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 61,052 | — | 61,052 | ||||||||||||
Futures Contracts | 1,367 | — | — | 1,367 | ||||||||||||
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TOTAL | $ | 12,766,622 | $ | 61,052 | $ | — | $ | 12,827,674 | ||||||||
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Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (319,780 | ) | $ | — | $ | (319,780 | ) | ||||||
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TOTAL | $ | — | $ | (319,780 | ) | $ | — | $ | (319,780 | ) | ||||||
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(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
See Notes to Financial Statements. | 77 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF
November 30, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 97.3% | ||||||||
Communication Services — 9.1% | ||||||||
Capcom Co. Ltd. | 4,600 | $ | 259,080 | |||||
CyberAgent, Inc. | 5,300 | 362,979 | ||||||
Dentsu Group, Inc. | 11,336 | 369,180 | ||||||
Hakuhodo DY Holdings, Inc. | 11,880 | 171,828 | ||||||
Kakaku.com, Inc. | 7,136 | 200,204 | ||||||
KDDI Corp. | 84,015 | 2,400,141 | ||||||
Koei Tecmo Holdings Co. Ltd. | 2,400 | 127,586 | ||||||
Konami Holdings Corp. | 4,864 | 254,847 | ||||||
LINE Corp.* | 1,947 | 100,334 | ||||||
Nexon Co. Ltd. | 24,964 | 754,420 | ||||||
Nintendo Co. Ltd. | 5,821 | 3,304,142 | ||||||
Nippon Telegraph & Telephone Corp. | 67,452 | 1,592,617 | ||||||
SoftBank Corp. | 149,600 | 1,840,625 | ||||||
SoftBank Group Corp. | 81,786 | 5,696,818 | ||||||
Square Enix Holdings Co. Ltd. | 4,800 | 294,713 | ||||||
Toho Co. Ltd. | 5,998 | 253,938 | ||||||
Z Holdings Corp. | 138,828 | 873,659 | ||||||
|
| |||||||
(Cost $15,485,893) | 18,857,111 | |||||||
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| |||||||
Consumer Discretionary — 17.6% | ||||||||
ABC-Mart, Inc. | 1,611 | 83,945 | ||||||
Aisin Seiki Co. Ltd. | 8,623 | 255,634 | ||||||
Bandai Namco Holdings, Inc. | 10,307 | 940,859 | ||||||
Bridgestone Corp. | 27,707 | 967,091 | ||||||
Casio Computer Co. Ltd. | 10,492 | 188,434 | ||||||
Denso Corp. | 22,610 | 1,067,478 | ||||||
Fast Retailing Co. Ltd. | 3,089 | 2,542,803 | ||||||
Hikari Tsushin, Inc. | 1,152 | 276,634 | ||||||
Honda Motor Co. Ltd. | 85,145 | 2,341,895 | ||||||
Iida Group Holdings Co. Ltd. | 7,266 | 146,016 | ||||||
Isuzu Motors Ltd. | 27,795 | 271,028 | ||||||
Koito Manufacturing Co. Ltd. | 5,472 | 329,159 | ||||||
Marui Group Co. Ltd. | 9,802 | 178,952 | ||||||
Mazda Motor Corp. | 31,104 | 183,823 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 3,519 | 170,894 | ||||||
Mercari, Inc.* | 4,800 | 219,770 | ||||||
NGK Spark Plug Co. Ltd. | 8,390 | 151,968 | ||||||
Nissan Motor Co. Ltd.* | 120,847 | 570,088 | ||||||
Nitori Holdings Co. Ltd. | 4,147 | 883,025 | ||||||
Oriental Land Co. Ltd. | 10,425 | 1,773,948 | ||||||
Pan Pacific International Holdings Corp. | 21,600 | 510,414 | ||||||
Panasonic Corp. | 114,344 | 1,218,465 | ||||||
Rakuten, Inc. | 45,438 | 508,784 | ||||||
Rinnai Corp. | 1,955 | 228,083 | ||||||
Ryohin Keikaku Co. Ltd. | 12,300 | 252,951 | ||||||
Sega Sammy Holdings, Inc. | 9,388 | 131,918 | ||||||
Sekisui Chemical Co. Ltd. | 18,152 | 313,487 | ||||||
Sekisui House Ltd. | 32,252 | 580,165 | ||||||
Sharp Corp. | 11,255 | 150,929 | ||||||
Shimamura Co. Ltd. | 1,170 | 121,034 | ||||||
Shimano, Inc. | 3,884 | 920,404 | ||||||
Sony Corp. | 65,793 | 6,115,472 | ||||||
Stanley Electric Co. Ltd. | 7,046 | 207,196 | ||||||
Subaru Corp. | 31,917 | 633,754 | ||||||
Sumitomo Electric Industries Ltd. | 39,213 | 448,471 | ||||||
Suzuki Motor Corp. | 19,189 | 1,030,030 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Toyoda Gosei Co. Ltd. | 3,363 | $ | 91,226 | |||||
Toyota Industries Corp. | 7,799 | 563,261 | ||||||
Toyota Motor Corp. | 110,473 | 7,406,135 | ||||||
USS Co. Ltd. | 11,418 | 238,859 | ||||||
Yamada Holdings Co. Ltd. | 34,747 | 165,082 | ||||||
Yamaha Corp. | 7,107 | 405,725 | ||||||
Yamaha Motor Co. Ltd. | 14,824 | 285,405 | ||||||
ZOZO, Inc. | 5,834 | 145,515 | ||||||
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(Cost $32,758,775) | 36,216,209 | |||||||
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Consumer Staples — 7.6% | ||||||||
Aeon Co. Ltd. | 34,302 | 1,020,189 | ||||||
Ajinomoto Co., Inc. | 24,301 | 507,551 | ||||||
Asahi Group Holdings Ltd. | 23,997 | 927,930 | ||||||
Calbee, Inc. | 4,908 | 145,030 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. (a) | 5,900 | 90,761 | ||||||
Cosmos Pharmaceutical Corp. | 1,100 | 189,655 | ||||||
Ito En Ltd. | 2,700 | 208,448 | ||||||
Japan Tobacco, Inc. | 62,989 | 1,279,087 | ||||||
Kao Corp. | 25,284 | 1,890,972 | ||||||
Kikkoman Corp. | 7,548 | 469,220 | ||||||
Kirin Holdings Co. Ltd. | 42,589 | 927,453 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 2,600 | 312,548 | ||||||
Kobe Bussan Co. Ltd. | 6,400 | 223,142 | ||||||
Kose Corp. | 1,788 | 272,995 | ||||||
Lawson, Inc. | 2,669 | 120,923 | ||||||
Lion Corp. | 11,688 | 276,303 | ||||||
MEIJI Holdings Co. Ltd. | 6,093 | 430,712 | ||||||
NH Foods Ltd. | 4,111 | 175,426 | ||||||
Nisshin Seifun Group, Inc. | 10,675 | 173,520 | ||||||
Nissin Foods Holdings Co. Ltd. | 3,470 | 286,508 | ||||||
Pigeon Corp. | 6,000 | 267,816 | ||||||
Pola Orbis Holdings, Inc. | 4,879 | 97,440 | ||||||
Seven & i Holdings Co. Ltd. | 39,002 | 1,237,678 | ||||||
Shiseido Co. Ltd. | 20,907 | 1,473,903 | ||||||
Sundrug Co. Ltd. | 3,857 | 161,817 | ||||||
Suntory Beverage & Food Ltd. | 7,236 | 264,419 | ||||||
Toyo Suisan Kaisha Ltd. | 4,612 | 226,624 | ||||||
Tsuruha Holdings, Inc. | 1,897 | 277,645 | ||||||
Unicharm Corp. | 21,074 | 1,022,008 | ||||||
Welcia Holdings Co. Ltd. | 4,900 | 196,892 | ||||||
Yakult Honsha Co. Ltd. | 6,638 | 316,322 | ||||||
Yamazaki Baking Co. Ltd. (a) | 6,006 | 99,640 | ||||||
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(Cost $16,290,628) | 15,570,577 | |||||||
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Energy — 0.5% | ||||||||
ENEOS Holdings, Inc. | 158,437 | 544,058 | ||||||
Idemitsu Kosan Co. Ltd. | 10,360 | 215,734 | ||||||
Inpex Corp. | 52,144 | 291,687 | ||||||
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(Cost $2,042,811) | 1,051,479 | |||||||
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Financials — 8.1% | ||||||||
Acom Co. Ltd. | 22,274 | 106,890 | ||||||
Bank of Kyoto Ltd. | 2,904 | 144,922 | ||||||
Chiba Bank Ltd. | 28,660 | 162,516 | ||||||
Concordia Financial Group Ltd. | 52,838 | 187,767 | ||||||
Dai-ichi Life Holdings, Inc. | 55,619 | 876,106 |
See Notes to Financial Statements. | 78 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
Daiwa Securities Group, Inc. | 78,344 | $ | 340,766 | |||||
Fukuoka Financial Group, Inc. | 9,348 | 166,813 | ||||||
Japan Exchange Group, Inc. | 26,732 | 661,515 | ||||||
Japan Post Bank Co. Ltd. (a) | 19,325 | 152,157 | ||||||
Japan Post Holdings Co. Ltd. | 80,870 | 598,546 | ||||||
Japan Post Insurance Co. Ltd. | 11,800 | 196,667 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 634,742 | 2,726,837 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 22,416 | 102,847 | ||||||
Mizuho Financial Group, Inc. | 126,777 | 1,612,035 | ||||||
MS&AD Insurance Group Holdings, Inc. | 23,689 | 688,660 | ||||||
Nomura Holdings, Inc. | 163,277 | 819,513 | ||||||
ORIX Corp. | 69,127 | 1,028,297 | ||||||
Resona Holdings, Inc. | 108,076 | 378,577 | ||||||
SBI Holdings, Inc. | 12,099 | 327,971 | ||||||
Shinsei Bank Ltd. | 8,547 | 101,680 | ||||||
Shizuoka Bank Ltd. | 22,582 | 160,497 | ||||||
Sompo Holdings, Inc. | 17,575 | 675,055 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 67,872 | 1,971,148 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 16,962 | 495,700 | ||||||
T&D Holdings, Inc. | 26,749 | 312,328 | ||||||
Tokio Marine Holdings, Inc. | 32,971 | 1,639,076 | ||||||
Tokyo Century Corp. | 2,200 | 145,613 | ||||||
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(Cost $21,888,214) | 16,780,499 | |||||||
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Health Care — 11.1% | ||||||||
Alfresa Holdings Corp. | 9,490 | 189,982 | ||||||
Asahi Intecc Co. Ltd. | 10,100 | 370,043 | ||||||
Astellas Pharma, Inc. | 97,135 | 1,380,266 | ||||||
Chugai Pharmaceutical Co. Ltd. | 34,835 | 1,683,024 | ||||||
Daiichi Sankyo Co. Ltd. | 88,983 | 3,148,498 | ||||||
Eisai Co. Ltd. | 13,012 | 983,004 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 2,806 | 164,490 | ||||||
Hoya Corp. | 19,686 | 2,622,914 | ||||||
Kyowa Kirin Co. Ltd. | 13,660 | 370,940 | ||||||
M3, Inc. | 22,984 | 2,118,315 | ||||||
Medipal Holdings Corp. | 9,582 | 180,167 | ||||||
Nippon Shinyaku Co. Ltd. | 2,300 | 164,349 | ||||||
Olympus Corp. | 61,076 | 1,320,096 | ||||||
Ono Pharmaceutical Co. Ltd. | 18,983 | 600,583 | ||||||
Otsuka Holdings Co. Ltd. | 20,200 | 820,770 | ||||||
PeptiDream, Inc.* | 4,900 | 249,693 | ||||||
Santen Pharmaceutical Co. Ltd. | 18,474 | 307,015 | ||||||
Shionogi & Co. Ltd. | 13,808 | 739,733 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 9,748 | 123,531 | ||||||
Suzuken Co. Ltd. | 3,332 | 127,344 | ||||||
Sysmex Corp. | 8,644 | 904,970 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 2,046 | 130,129 | ||||||
Takeda Pharmaceutical Co. Ltd. | 82,423 | 2,956,649 | ||||||
Terumo Corp. | 33,402 | 1,326,802 | ||||||
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(Cost $17,058,257) | 22,983,307 | |||||||
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Industrials — 20.3% | ||||||||
AGC, Inc. | 9,762 | 324,932 | ||||||
Amada Co. Ltd. | 17,534 | 168,958 | ||||||
ANA Holdings, Inc.*(a) | 5,718 | 137,884 | ||||||
Central Japan Railway Co. | 7,426 | 946,033 | ||||||
Dai Nippon Printing Co. Ltd. | 12,643 | 236,875 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Daifuku Co. Ltd. | 5,200 | $ | 602,682 | |||||
Daikin Industries Ltd. | 13,048 | 2,957,672 | ||||||
East Japan Railway Co. | 15,985 | 993,397 | ||||||
FANUC Corp. | 9,989 | 2,426,925 | ||||||
Fuji Electric Co. Ltd. | 6,706 | 238,307 | ||||||
Hankyu Hanshin Holdings, Inc. | 12,240 | 399,793 | ||||||
Harmonic Drive Systems, Inc. | 2,000 | 159,579 | ||||||
Hino Motors Ltd. | 14,860 | 128,815 | ||||||
Hitachi Construction Machinery Co. Ltd. | 5,520 | 152,857 | ||||||
Hoshizaki Corp. (a) | 2,654 | 262,604 | ||||||
ITOCHU Corp. | 70,588 | 1,865,105 | ||||||
Japan Airlines Co. Ltd.* | 7,054 | 133,580 | ||||||
Japan Airport Terminal Co. Ltd. | 2,735 | 159,280 | ||||||
Kajima Corp. | 22,576 | 296,905 | ||||||
Keihan Holdings Co. Ltd. | 5,004 | 235,581 | ||||||
Keikyu Corp. | 11,481 | 196,519 | ||||||
Keio Corp. | 5,336 | 378,733 | ||||||
Keisei Electric Railway Co. Ltd. | 6,784 | 227,758 | ||||||
Kintetsu Group Holdings Co. Ltd. | 9,010 | 399,581 | ||||||
Komatsu Ltd. | 45,637 | 1,110,325 | ||||||
Kubota Corp. | 53,863 | 1,068,231 | ||||||
Kurita Water Industries Ltd. | 5,342 | 196,999 | ||||||
Kyushu Railway Co. | 7,300 | 153,692 | ||||||
LIXIL Group Corp. | 14,016 | 336,303 | ||||||
Makita Corp. | 11,944 | 617,793 | ||||||
Marubeni Corp. | 87,887 | 512,253 | ||||||
MINEBEA MITSUMI, Inc. | 18,724 | 389,904 | ||||||
MISUMI Group, Inc. | 14,620 | 458,625 | ||||||
Mitsubishi Corp. | 70,191 | 1,635,773 | ||||||
Mitsubishi Electric Corp. | 95,726 | 1,406,090 | ||||||
Mitsubishi Heavy Industries Ltd. | 17,002 | 382,952 | ||||||
Mitsui & Co. Ltd. | 84,371 | 1,438,509 | ||||||
Miura Co. Ltd. | 4,300 | 226,121 | ||||||
MonotaRO Co. Ltd. | 6,600 | 402,701 | ||||||
Nabtesco Corp. | 5,572 | 230,032 | ||||||
Nagoya Railroad Co. Ltd. | 10,001 | 275,123 | ||||||
NGK Insulators Ltd. | 13,464 | 213,954 | ||||||
Nidec Corp. | 23,290 | 2,968,137 | ||||||
Nihon M&A Center, Inc. | 7,700 | 538,410 | ||||||
Nippon Express Co. Ltd. | 3,639 | 243,297 | ||||||
Nippon Yusen KK | 7,812 | 170,308 | ||||||
NSK Ltd. | 18,498 | 149,720 | ||||||
Obayashi Corp. | 32,108 | 282,944 | ||||||
Odakyu Electric Railway Co. Ltd. | 15,277 | 463,139 | ||||||
Persol Holdings Co. Ltd. | 9,200 | 168,490 | ||||||
Recruit Holdings Co. Ltd. | 66,291 | 2,793,874 | ||||||
Secom Co. Ltd. | 10,872 | 1,082,514 | ||||||
Seibu Holdings, Inc. | 10,230 | 101,418 | ||||||
SG Holdings Co. Ltd. | 16,800 | 502,069 | ||||||
Shimizu Corp. | 30,068 | 228,390 | ||||||
SMC Corp. | 2,958 | 1,879,067 | ||||||
Sohgo Security Services Co. Ltd. | 3,822 | 204,645 | ||||||
Sumitomo Corp. | 62,973 | 776,004 | ||||||
Taisei Corp. | 10,052 | 355,286 | ||||||
THK Co. Ltd. | 6,276 | 193,871 | ||||||
Tobu Railway Co. Ltd. | 10,290 | 308,503 | ||||||
Tokyu Corp. | 26,822 | 325,512 |
See Notes to Financial Statements. | 79 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Toppan Printing Co. Ltd. | 13,339 | $ | 182,070 | |||||
Toshiba Corp. | 20,223 | 566,012 | ||||||
TOTO Ltd. | 7,238 | 409,737 | ||||||
Toyota Tsusho Corp. | 10,931 | 377,978 | ||||||
West Japan Railway Co. | 8,579 | 391,479 | ||||||
Yamato Holdings Co. Ltd. | 15,917 | 402,041 | ||||||
Yaskawa Electric Corp. | 12,782 | 615,838 | ||||||
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(Cost $38,013,728) | 41,766,488 | |||||||
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Information Technology — 13.4% | ||||||||
Advantest Corp. | 10,500 | 730,172 | ||||||
Azbil Corp. | 6,300 | 282,716 | ||||||
Brother Industries Ltd. | 11,322 | 216,897 | ||||||
Canon, Inc. | 52,697 | 935,574 | ||||||
Disco Corp. | 1,500 | 477,730 | ||||||
FUJIFILM Holdings Corp. | 18,657 | 1,005,226 | ||||||
Fujitsu Ltd. | 10,340 | 1,436,606 | ||||||
GMO Payment Gateway, Inc. | 2,200 | 308,506 | ||||||
Hamamatsu Photonics KK | 7,288 | 409,775 | ||||||
Hirose Electric Co. Ltd. | 1,766 | 249,676 | ||||||
Hitachi Ltd. | 50,334 | 1,912,113 | ||||||
Ibiden Co. Ltd. | 5,500 | 257,615 | ||||||
Itochu Techno-Solutions Corp. | 4,800 | 169,425 | ||||||
Keyence Corp. | 9,486 | 4,842,040 | ||||||
Kyocera Corp. | 16,908 | 965,732 | ||||||
Lasertec Corp. | 3,800 | 400,383 | ||||||
Murata Manufacturing Co. Ltd. | 29,845 | 2,609,722 | ||||||
NEC Corp. | 13,593 | 733,032 | ||||||
Nomura Research Institute Ltd. | 16,722 | 564,608 | ||||||
NTT Data Corp. | 33,040 | 439,267 | ||||||
Obic Co. Ltd. | 3,662 | 823,248 | ||||||
Omron Corp. | 9,717 | 877,695 | ||||||
Oracle Corp. | 1,972 | 218,544 | ||||||
Otsuka Corp. | 5,560 | 269,479 | ||||||
Renesas Electronics Corp.* | 38,900 | 345,778 | ||||||
Ricoh Co. Ltd. | 35,734 | 238,569 | ||||||
Rohm Co. Ltd. | 4,612 | 384,775 | ||||||
SCSK Corp. | 2,800 | 167,088 | ||||||
Seiko Epson Corp. | 14,224 | 212,134 | ||||||
Shimadzu Corp. | 11,236 | 404,130 | ||||||
SUMCO Corp. | 13,500 | 273,362 | ||||||
TDK Corp. | 6,828 | 962,722 | ||||||
TIS, Inc. | 12,100 | 240,841 | ||||||
Tokyo Electron Ltd. | 7,814 | 2,654,814 | ||||||
Trend Micro, Inc. | 6,772 | 367,790 | ||||||
Yokogawa Electric Corp. | 12,808 | 226,226 | ||||||
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(Cost $20,690,509) | 27,614,010 | |||||||
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Materials — 5.0% | ||||||||
Air Water, Inc. | 9,704 | 159,967 | ||||||
Asahi Kasei Corp. | 64,784 | 593,915 | ||||||
Hitachi Metals Ltd. | 11,046 | 162,198 | ||||||
JFE Holdings, Inc.* | 25,219 | 230,933 | ||||||
JSR Corp. | 10,651 | 294,331 | ||||||
Kansai Paint Co. Ltd. | 9,206 | 279,090 | ||||||
Kuraray Co. Ltd. | 17,521 | 173,867 | ||||||
Mitsubishi Chemical Holdings Corp. | 67,096 | 371,149 |
Number | Value | |||||||
Materials (Continued) | ||||||||
Mitsubishi Gas Chemical Co., Inc. | 8,076 | $ | 171,267 | |||||
Mitsui Chemicals, Inc. | 9,681 | 271,977 | ||||||
Nippon Paint Holdings Co. Ltd. | 7,663 | 981,363 | ||||||
Nippon Sanso Holdings Corp. | 7,880 | 131,635 | ||||||
Nippon Steel Corp.* | 42,237 | 516,432 | ||||||
Nissan Chemical Corp. | 6,402 | 382,648 | ||||||
Nitto Denko Corp. | 8,318 | 688,386 | ||||||
Oji Holdings Corp. | 43,584 | 197,881 | ||||||
Shin-Etsu Chemical Co. Ltd. | 18,431 | 3,025,050 | ||||||
Sumitomo Chemical Co. Ltd. | 78,156 | 276,990 | ||||||
Sumitomo Metal Mining Co. Ltd. | 12,405 | 461,861 | ||||||
Taiheiyo Cement Corp. | 5,978 | 160,673 | ||||||
Teijin Ltd. | 9,959 | 170,181 | ||||||
Toray Industries, Inc. | 71,542 | 387,930 | ||||||
Tosoh Corp. | 13,300 | 209,692 | ||||||
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(Cost $10,467,031) | 10,299,416 | |||||||
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Real Estate — 3.4% | ||||||||
Aeon Mall Co. Ltd. | 4,622 | 74,156 | ||||||
Daito Trust Construction Co. Ltd. | 3,351 | 328,680 | ||||||
Daiwa House Industry Co. Ltd. | 29,417 | 901,670 | ||||||
Daiwa House REIT Investment Corp. REIT | 105 | 252,744 | ||||||
GLP J REIT | 191 | 288,878 | ||||||
Hulic Co. Ltd. | 15,810 | 160,069 | ||||||
Japan Real Estate Investment Corp. REIT | 72 | 373,793 | ||||||
Japan Retail Fund Investment Corp. REIT | 135 | 215,302 | ||||||
Mitsubishi Estate Co. Ltd. | 61,124 | 1,056,204 | ||||||
Mitsui Fudosan Co. Ltd. | 48,382 | 1,010,971 | ||||||
Nippon Building Fund, Inc. REIT | 76 | 420,038 | ||||||
Nippon Prologis REIT, Inc. REIT | 108 | 338,793 | ||||||
Nomura Real Estate Holdings, Inc. | 6,228 | 134,821 | ||||||
Nomura Real Estate Master Fund, Inc. REIT | 224 | 291,801 | ||||||
Orix JREIT, Inc. REIT | 133 | 198,736 | ||||||
Sumitomo Realty & Development Co. Ltd. | 16,450 | 536,516 | ||||||
Tokyu Fudosan Holdings Corp. | 31,927 | 154,742 | ||||||
United Urban Investment Corp. REIT (a) | 158 | 178,582 | ||||||
|
| |||||||
(Cost $8,083,095) | 6,916,496 | |||||||
|
| |||||||
Utilities — 1.2% | ||||||||
Chubu Electric Power Co., Inc. | 33,734 | 406,327 | ||||||
Chugoku Electric Power Co., Inc. | 15,168 | 192,796 | ||||||
Kansai Electric Power Co., Inc. | 37,007 | 338,628 | ||||||
Kyushu Electric Power Co., Inc. | 20,190 | 170,377 | ||||||
Osaka Gas Co. Ltd. | 19,389 | 372,180 | ||||||
Toho Gas Co. Ltd. | 3,828 | 250,433 | ||||||
Tohoku Electric Power Co., Inc. | 22,521 | 188,754 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* | 71,584 | 186,502 | ||||||
Tokyo Gas Co. Ltd. | 19,165 | 430,387 | ||||||
|
| |||||||
(Cost $3,266,463) | 2,536,384 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 200,591,976 | |||||||
|
|
See Notes to Financial Statements. | 80 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 0.3% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (b)(c) (Cost $686,954) | 686,954 | $ | 686,954 | |||||
|
| |||||||
CASH EQUIVALENTS — 1.3% | ||||||||
DWS ESG Liquidity Fund “Capital Shares”, 0.18% (b) | 117,684 | 117,684 | ||||||
|
| |||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (b) | 2,629,233 | 2,629,233 | ||||||
|
| |||||||
TOTAL CASH EQUIVALENTS | 2,746,917 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 98.9% (Cost $189,479,273) | $ | 204,025,847 | ||||||
Other assets and liabilities, net — 1.1% | 2,179,782 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 206,205,629 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2020 | Value ($) at 11/30/2020 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.3% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (b)(c) |
| |||||||||||||||||||||||||||||||||||
1,079,236 | — | (392,282 | )(d) | — | — | 473 | — | 686,954 | 686,954 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 1.3% |
| |||||||||||||||||||||||||||||||||||
DWS ESG Liquidity Fund “Capital Shares”, 0.18% (b) |
| |||||||||||||||||||||||||||||||||||
117,580 | 151 | — | — | (47 | ) | 157 | — | 117,684 | 117,684 | |||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (b) |
| |||||||||||||||||||||||||||||||||||
4,794,642 | 38,173,342 | (40,338,751 | ) | — | — | 1,433 | — | 2,629,233 | 2,629,233 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
5,991,458 | 38,173,493 | (40,731,033 | ) | — | (47 | ) | 2,063 | — | 3,433,871 | 3,433,871 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $872,458, which is 0.4% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $317,611. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
REIT: | Real Estate Investment Trust |
At November 30, 2020, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||||
TOPIX Index Futures | JPY | 21 | $ | 26,631,322 | $3,531,178 | 12/10/2020 | $ | 287,491 | ||||||||||||
Nikkei 225 Futures | JPY | 6 | 18,055,810 | 1,520,690 | 12/10/2020 | 186,681 | ||||||||||||||
|
| |||||||||||||||||||
Total unrealized appreciation | $ | 474,172 | ||||||||||||||||||
|
|
See Notes to Financial Statements. | 81 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
As of November 30, 2020, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Citigroup Global Markets | 12/3/2020 | JPY | 6,642,919,100 | USD | 63,564,468 | $ | — | $ | (70,253 | ) | ||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | JPY | 6,929,670,500 | USD | 66,307,116 | — | (74,492 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | JPY | 6,302,320,800 | USD | 60,305,308 | — | (66,709 | ) | ||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 5,587,908 | JPY | 584,009,000 | 6,508 | — | |||||||||||||||
Citigroup Global Markets | 12/3/2020 | USD | 58,105,776 | JPY | 6,058,910,100 | — | (65,471 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 5,741,530 | JPY | 600,000,000 | 6,069 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/3/2020 | USD | 60,701,707 | JPY | 6,329,670,500 | — | (67,698 | ) | ||||||||||||||
RBC Capital Markets | 12/3/2020 | USD | 60,440,002 | JPY | 6,302,320,800 | — | (67,985 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2021 | JPY | 6,058,910,100 | USD | 58,153,627 | 65,456 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | JPY | 6,329,670,500 | USD | 60,752,161 | 68,148 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2021 | JPY | 2,106,977,000 | USD | 20,219,577 | 19,502 | — | |||||||||||||||
RBC Capital Markets | 1/6/2021 | JPY | 6,302,320,800 | USD | 60,489,891 | 68,086 | — | |||||||||||||||
|
|
|
| |||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 233,769 | $ | (412,608 | ) | |||||||||||||||||
|
|
|
|
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
JPY | Japanese Yen |
USD | U.S. Dollar |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (e) | $ | 200,591,976 | $ | — | $ | — | $ | 200,591,976 | ||||||||
Short-Term Investments (e) | 3,433,871 | — | — | 3,433,871 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 233,769 | — | 233,769 | ||||||||||||
Futures Contracts | 474,172 | — | — | 474,172 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 204,500,019 | $ | 233,769 | $ | — | $ | 204,733,788 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (412,608 | ) | $ | — | $ | (412,608 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (412,608 | ) | $ | — | $ | (412,608 | ) | ||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
See Notes to Financial Statements. | 82 |
DBX ETF Trust
November 30, 2020 (Unaudited)
Xtrackers MSCI All World ex US Hedged Equity ETF | Xtrackers MSCI Emerging Markets Hedged Equity ETF | Xtrackers MSCI Europe Hedged Equity ETF | Xtrackers MSCI Eurozone Hedged Equity ETF | |||||||||||||
Assets | ||||||||||||||||
Investment in non-affiliated securities at value | $ | 101,468,522 | $ | 110,280,066 | $ | 427,797,213 | $ | 15,964,727 | ||||||||
Investment in affiliated securities at value | 99,624 | — | 995,811 | 64,462 | ||||||||||||
Investment in DWS ESG Liquidity Fund | — | — | 639,948 | — | ||||||||||||
Investment in DWS Government Money Market Series | 114,870 | 339,951 | — | 290,438 | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio* | 649,126 | 542,972 | 2,203,405 | 190,232 | ||||||||||||
Cash | — | 75 | — | — | ||||||||||||
Foreign currency at value | 226,701 | 263,761 | 863,140 | 21,572 | ||||||||||||
Receivable for return of collateral pledged for forward foreign currency contracts | 1,740,087 | 1,527,847 | 10,221,734 | 27,354 | ||||||||||||
Unrealized appreciation on forward foreign currency contracts | 309,847 | 283,104 | 1,750,715 | 72,763 | ||||||||||||
Deposit with broker for futures contracts | 166,501 | 181,260 | 1,259,972 | 33,682 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 2,395,285 | 1,530,006 | 13,141,960 | 280,417 | ||||||||||||
Variation margin on futures contracts | — | — | — | 50,372 | ||||||||||||
Dividends | 174,992 | 28,652 | 360,933 | 1,631 | ||||||||||||
Interest | 17 | 28 | 77 | 9 | ||||||||||||
Securities lending income | 918 | 672 | 5,913 | 547 | ||||||||||||
Foreign tax reclaim | 92,074 | 390 | 937,875 | 16,335 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | $ | 107,438,564 | $ | 114,978,784 | $ | 460,178,696 | $ | 17,014,541 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Due to custodian | $ | — | $ | — | $ | 1,679,546 | $ | — | ||||||||
Payable upon return of securities loaned | 649,126 | 542,972 | 2,203,405 | 190,232 | ||||||||||||
Unrealized depreciation on forward foreign currency contracts | 1,932,328 | 1,769,611 | 10,968,751 | 408,067 | ||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 836,693 | 51,968 | 2,944,947 | 67,795 | ||||||||||||
Investment advisory fees | 33,272 | 59,244 | 163,961 | 6,084 | ||||||||||||
Variation margin on futures contracts | 55,428 | 68,856 | 107,754 | — | ||||||||||||
Deferred foreign tax payable | 25,400 | 41,362 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 3,532,247 | 2,534,013 | 18,068,364 | 672,178 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 103,906,317 | $ | 112,444,771 | $ | 442,110,332 | $ | 16,342,363 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 94,063,803 | $ | 106,094,020 | $ | 591,616,743 | $ | 17,542,744 | ||||||||
Distributable earnings (loss) | 9,842,514 | 6,350,751 | (149,506,411 | ) | (1,200,381 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 103,906,317 | $ | 112,444,771 | $ | 442,110,332 | $ | 16,342,363 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 3,500,001 | 4,250,800 | 14,850,001 | 500,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 29.69 | $ | 26.45 | $ | 29.77 | $ | 32.68 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in non-affiliated securities at cost | $ | 86,636,059 | $ | 79,188,396 | $ | 444,128,650 | $ | 14,903,328 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in affiliated securities at cost | $ | 133,200 | $ | — | $ | 2,751,099 | $ | 166,993 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | 989,664 | $ | 1,205,729 | $ | 3,583,912 | $ | 544,745 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS ESG Liquidity Fund at cost | $ | — | $ | — | $ | 639,948 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government Money Market Series at cost | $ | 114,870 | $ | 339,951 | $ | — | $ | 290,438 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | 649,126 | $ | 542,972 | $ | 2,203,405 | $ | 190,232 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Non-cash collateral for securities on loan | $ | 414,032 | $ | 771,164 | $ | 1,642,653 | $ | 389,699 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currency at cost | $ | 222,192 | $ | 257,134 | $ | 865,955 | $ | 21,371 | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 83 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
November 30, 2020 (Unaudited)
Xtrackers MSCI Germany Hedged Equity ETF | Xtrackers MSCI Japan Hedged Equity ETF | |||||||
Assets | ||||||||
Investment in non-affiliated securities at value | $ | 12,448,258 | $ | 200,591,976 | ||||
Investment in affiliated securities at value | 197,085 | — | ||||||
Investment in DWS ESG Liquidity Fund | — | 117,684 | ||||||
Investment in DWS Government Money Market Series | 119,912 | 2,629,233 | ||||||
Investment in DWS Government & Agency Securities Portfolio* | — | 686,954 | ||||||
Foreign currency at value | 845 | 477,600 | ||||||
Receivable for return of collateral pledged for forward foreign currency contracts | 27,883 | 600,790 | ||||||
Unrealized appreciation on forward foreign currency contracts | 61,052 | 233,769 | ||||||
Deposit with broker for futures contracts | 20,367 | 257,009 | ||||||
Receivables: | ||||||||
Investment securities sold | 480,638 | 2,439,534 | ||||||
Dividends | 735 | 1,144,024 | ||||||
Interest | 3 | 76 | ||||||
Securities lending income | 14 | 576 | ||||||
|
|
|
| |||||
Total assets | $ | 13,356,792 | $ | 209,179,225 | ||||
|
|
|
| |||||
Liabilities | ||||||||
Payable upon return of securities loaned | $ | — | $ | 686,954 | ||||
Unrealized depreciation on forward foreign currency contracts | 319,780 | 412,608 | ||||||
Payables: | ||||||||
Investment securities purchased | 175,056 | 1,719,868 | ||||||
Investment advisory fees | 4,582 | 73,389 | ||||||
Variation margin on futures contracts | — | 80,777 | ||||||
|
|
|
| |||||
Total liabilities | 499,418 | 2,973,596 | ||||||
|
|
|
| |||||
Net Assets, at value | $ | 12,857,374 | $ | 206,205,629 | ||||
|
|
|
| |||||
Net Assets Consist of | ||||||||
Paid-in capital | $ | 21,617,273 | $ | 366,907,607 | ||||
Distributable earnings (loss) | (8,759,899 | ) | (160,701,978 | ) | ||||
|
|
|
| |||||
Net Assets, at value | $ | 12,857,374 | $ | 206,205,629 | ||||
|
|
|
| |||||
Number of Common Shares outstanding | 450,800 | 4,650,800 | ||||||
|
|
|
| |||||
Net Asset Value | $ | 28.52 | $ | 44.34 | ||||
|
| �� |
|
| ||||
Investment in non-affiliated securities at cost | $ | 12,247,324 | $ | 186,045,404 | ||||
|
|
|
| |||||
Investment in affiliated securities at cost | $ | 598,878 | $ | — | ||||
|
|
|
| |||||
Value of securities loaned | $ | — | $ | 872,458 | ||||
|
|
|
| |||||
Investment in DWS ESG Liquidity Fund at cost | $ | — | $ | 117,682 | ||||
|
|
|
| |||||
Investment in DWS Government Money Market Series at cost | $ | 119,912 | $ | 2,629,233 | ||||
|
|
|
| |||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | — | $ | 686,954 | ||||
|
|
|
| |||||
Non-cash collateral for securities on loan | $ | — | $ | 317,611 | ||||
|
|
|
| |||||
Foreign currency at cost | $ | 1,101 | $ | 350,837 | ||||
|
|
|
| |||||
* Represents collateral on securities loaned. |
See Notes to Financial Statements. | 84 |
DBX ETF Trust
For the Six Months Ended November 30, 2020 (Unaudited)
Xtrackers MSCI All World ex US Hedged Equity ETF | Xtrackers MSCI Emerging Markets Hedged Equity ETF | Xtrackers MSCI Europe Hedged Equity ETF | Xtrackers MSCI Eurozone Hedged Equity ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated interest income | $ | — | $ | — | $ | 3,220 | $ | — | ||||||||
Unaffiliated dividend income* | 1,101,582 | 1,237,925 | 4,044,340 | 165,250 | ||||||||||||
Income distributions from affiliated funds | 461 | 306 | 2,928 | 112 | ||||||||||||
Affiliated securities lending income | 230 | 123 | 903 | 65 | ||||||||||||
Unaffiliated non-cash dividend income | 115,375 | 101,624 | 939,554 | 67,029 | ||||||||||||
Unaffiliated securities lending income, net of borrower rebates | 9,704 | 4,445 | 61,553 | 6,412 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 1,227,352 | 1,344,423 | 5,052,498 | 238,868 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 205,810 | 336,699 | 1,033,282 | 40,822 | ||||||||||||
Other expenses | 507 | 747 | — | 73 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 206,317 | 337,446 | 1,033,282 | 40,895 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived (see note 3): | ||||||||||||||||
Waiver | (411 | ) | (310 | ) | (2,224 | ) | (99 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 205,906 | 337,136 | 1,031,058 | 40,796 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 1,021,446 | 1,007,287 | 4,021,440 | 198,072 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (802,014 | ) | (334,863 | ) | (15,681,788 | ) | (337,162 | ) | ||||||||
Investments in affiliates | — | — | (237,788 | ) | (19,634 | ) | ||||||||||
In-kind redemptions | 2,283,834 | — | 2,627,384 | 989,248 | ||||||||||||
In-kind redemptions in affiliates | 1,339 | — | (433,902 | ) | (35,080 | ) | ||||||||||
Futures contracts | 715,456 | 475,108 | 1,756,437 | 66,760 | ||||||||||||
Foreign currency transactions | (397 | ) | 3,754 | (203,111 | ) | 8,254 | ||||||||||
Forward foreign currency contracts | (3,795,424 | ) | (2,219,239 | ) | (24,082,402 | ) | (1,197,786 | ) | ||||||||
Payments by Affiliates (see note 6) | 82 | 878 | 242 | 8 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (1,597,124 | ) | (2,074,362 | ) | (36,254,928 | ) | (525,392 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments** | 18,144,568 | 25,890,916 | 92,652,852 | 3,519,705 | ||||||||||||
Investments in affiliates | 24,247 | — | 954,374 | 76,392 | ||||||||||||
Futures contracts | (267,858 | ) | 28,495 | (387,016 | ) | (19,866 | ) | |||||||||
Foreign currency translations | 6,424 | 11,335 | 271,334 | 12,118 | ||||||||||||
Forward foreign currency contracts | (1,417,086 | ) | (1,355,104 | ) | (7,198,882 | ) | (74,223 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 16,490,295 | 24,575,642 | 86,292,662 | 3,514,126 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 14,893,171 | 22,501,280 | 50,037,734 | 2,988,734 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 15,914,617 | $ | 23,508,567 | $ | 54,059,174 | $ | 3,186,806 | ||||||||
|
|
|
|
|
|
|
| |||||||||
*��� Unaffiliated foreign tax withheld | $ | 122,188 | $ | 177,098 | $ | 366,609 | $ | 25,349 | ||||||||
** Net of change in deferred foreign taxes | $ | 25,738 | $ | 41,362 | $ | — | $ | — |
See Notes to Financial Statements. | 85 |
DBX ETF Trust
Statements of Operations (Continued)
For the Six Months Ended November 30, 2020 (Unaudited)
Xtrackers MSCI Germany Hedged Equity ETF | Xtrackers MSCI Japan Hedged Equity ETF | |||||||
Investment Income | ||||||||
Unaffiliated interest income | $ | 66 | $ | — | ||||
Unaffiliated dividend income* | 285,057 | 1,815,103 | ||||||
Income distributions from affiliated funds | 103 | 1,590 | ||||||
Affiliated securities lending income | 1 | 473 | ||||||
Unaffiliated securities lending income, net of borrower rebates | 87 | 13,926 | ||||||
|
|
|
| |||||
Total investment income | 285,314 | 1,831,092 | ||||||
|
|
|
| |||||
Expenses | ||||||||
Investment advisory fees | 35,482 | 456,036 | ||||||
Other expenses | 57 | 1,227 | ||||||
|
|
|
| |||||
Total expenses | 35,539 | 457,263 | ||||||
|
|
|
| |||||
Less fees waived (see note 3): | ||||||||
Waiver | (78 | ) | (1,168 | ) | ||||
|
|
|
| |||||
Net expenses | 35,461 | 456,095 | ||||||
|
|
|
| |||||
Net investment income (loss) | 249,853 | 1,374,997 | ||||||
|
|
|
| |||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments | (591,742 | ) | (2,050,967 | ) | ||||
Investments in affiliates | (53,458 | ) | — | |||||
In-kind redemptions | 28,221 | 800,858 | ||||||
In-kind redemptions in affiliates | (129,467 | ) | — | |||||
Futures contracts | 29,177 | 668,978 | ||||||
Foreign currency transactions | 8,254 | 60,951 | ||||||
Forward foreign currency contracts | (921,815 | ) | (3,939,277 | ) | ||||
Payments by Affiliates (see note 6) | 9 | 21 | ||||||
|
|
|
| |||||
Net realized gain (loss) | (1,630,821 | ) | (4,459,436 | ) | ||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments | 2,875,646 | 33,361,822 | ||||||
Investments in affiliates | 241,078 | (47 | ) | |||||
Futures contracts | (11,930 | ) | (181,816 | ) | ||||
Foreign currency translations | 10,071 | 153,676 | ||||||
Forward foreign currency contracts | (73,235 | ) | (2,081,969 | ) | ||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | 3,041,630 | 31,251,666 | ||||||
|
|
|
| |||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 1,410,809 | 26,792,230 | ||||||
|
|
|
| |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 1,660,662 | $ | 28,167,227 | ||||
|
|
|
| |||||
* Unaffiliated foreign tax withheld | $ | 19,793 | $ | 201,573 |
See Notes to Financial Statements. | 86 |
DBX ETF Trust
Xtrackers MSCI All World ex US Hedged Equity ETF | Xtrackers MSCI Emerging Markets Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2020 (Unaudited) | Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | Year Ended May 31, 2020 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 1,021,446 | $ | 2,323,048 | $ | 1,007,287 | $ | 2,818,675 | ||||||||
Net realized gain (loss) | (1,597,124 | ) | (929,874 | ) | (2,074,362 | ) | 2,632,256 | |||||||||
Net change in net unrealized appreciation (depreciation) | 16,490,295 | (2,635,262 | ) | 24,575,642 | (7,981,539 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 15,914,617 | (1,242,088 | ) | 23,508,567 | (2,530,608 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (911,257 | ) | (3,108,889 | ) | (451,860 | ) | (3,043,154 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 2,713,463 | 5,902,631 | — | 7,124,993 | ||||||||||||
Value of shares redeemed | (12,480,284 | ) | (1,340,557 | ) | — | (24,500,575 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (9,766,821 | ) | 4,562,074 | — | (17,375,582 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 5,236,539 | 211,097 | 23,056,707 | (22,949,344 | ) | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 98,669,778 | 98,458,681 | 89,388,064 | 112,337,408 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 103,906,317 | $ | 98,669,778 | $ | 112,444,771 | $ | 89,388,064 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 3,850,001 | 3,700,001 | 4,250,800 | 5,150,800 | ||||||||||||
Shares sold | 100,000 | 200,000 | — | 300,000 | ||||||||||||
Shares redeemed | (450,000 | ) | (50,000 | ) | — | (1,200,000 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 3,500,001 | 3,850,001 | 4,250,800 | 4,250,800 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 87 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers MSCI Europe Hedged Equity ETF | Xtrackers MSCI Eurozone Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2020 (Unaudited) | Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | Year Ended May 31, 2020 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 4,021,440 | $ | 13,510,669 | $ | 198,072 | $ | 323,977 | ||||||||
Net realized gain (loss) | (36,254,928 | ) | 45,709,636 | (525,392 | ) | 1,822,432 | ||||||||||
Net change in net unrealized appreciation (depreciation) | 86,292,662 | (40,400,909 | ) | 3,514,126 | (2,164,324 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 54,059,174 | 18,819,396 | 3,186,806 | (17,915 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (6,744,240 | ) | (25,632,832 | ) | (209,610 | ) | (871,374 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 93,076,067 | — | — | ||||||||||||
Value of shares redeemed | (92,220,578 | ) | (448,670,118 | ) | (7,711,887 | ) | (9,320,761 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (92,220,578 | ) | (355,594,051 | ) | (7,711,887 | ) | (9,320,761 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (44,905,644 | ) | (362,407,487 | ) | (4,734,691 | ) | (10,210,050 | ) | ||||||||
Net Assets | ||||||||||||||||
Beginning of period | 487,015,976 | 849,423,463 | 21,077,054 | 31,287,104 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 442,110,332 | $ | 487,015,976 | $ | 16,342,363 | $ | 21,077,054 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 18,100,001 | 30,000,001 | 750,001 | 1,050,001 | ||||||||||||
Shares sold | — | 3,100,000 | — | — | ||||||||||||
Shares redeemed | (3,250,000 | ) | (15,000,000 | ) | (250,000 | ) | (300,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 14,850,001 | 18,100,001 | 500,001 | 750,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 88 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers MSCI Germany Hedged Equity ETF | Xtrackers MSCI Japan Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2020 (Unaudited) | Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | Year Ended May 31, 2020 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 249,853 | $ | 163,999 | $ | 1,374,997 | $ | 5,328,423 | ||||||||
Net realized gain (loss) | (1,630,821 | ) | 226,042 | (4,459,436 | ) | (14,608,871 | ) | |||||||||
Net change in net unrealized appreciation (depreciation) | 3,041,630 | 303,366 | 31,251,666 | 39,981,681 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 1,660,662 | 693,407 | 28,167,227 | 30,701,233 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (218,421 | ) | (538,046 | ) | (5,905,753 | ) | (11,391,476 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | — | 4,019,027 | 14,116,878 | ||||||||||||
Value of shares redeemed | (3,898,793 | ) | (8,052,872 | ) | (41,005,175 | ) | (226,135,390 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (3,898,793 | ) | (8,052,872 | ) | (36,986,148 | ) | (212,018,512 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (2,456,552 | ) | (7,897,511 | ) | (14,724,674 | ) | (192,708,755 | ) | ||||||||
Net Assets | ||||||||||||||||
Beginning of period | 15,313,926 | 23,211,437 | 220,930,303 | 413,639,058 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 12,857,374 | $ | 15,313,926 | $ | 206,205,629 | $ | 220,930,303 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 600,800 | 900,800 | 5,550,800 | 10,900,800 | ||||||||||||
Shares sold | — | — | 100,000 | 400,000 | ||||||||||||
Shares redeemed | (150,000 | ) | (300,000 | ) | (1,000,000 | ) | (5,750,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 450,800 | 600,800 | 4,650,800 | 5,550,800 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 89 |
DBX ETF Trust
Xtrackers MSCI All World ex US Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2020 (Unaudited) | Years Ended May 31, | ||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
Net Asset Value, beginning of period | $ | 25.63 | $ | 26.61 | $ | 27.71 | $ | 26.20 | $ | 22.62 | $ | 26.87 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) (a) | 0.27 | 0.62 | 0.73 | 0.67 | 0.64 | 0.64 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 4.03 | (0.76 | ) | (1.12 | ) | 1.51 | 3.42 | (3.57 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 4.30 | (0.14 | ) | (0.39 | ) | 2.18 | 4.06 | (2.93 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income | (0.24 | ) | (0.84 | ) | (0.71 | ) | (0.67 | ) | (0.48 | ) | (0.86 | ) | ||||||||||||
Net realized gains | — | — | — | — | — | (0.46 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.24 | ) | (0.84 | ) | (0.71 | ) | (0.67 | ) | (0.48 | ) | (1.32 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 29.69 | $ | 25.63 | $ | 26.61 | $ | 27.71 | $ | 26.20 | $ | 22.62 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 16.88 | **(b) | (0.78 | )(b) | (1.30 | )(b) | �� | 8.43 | 18.30 | (11.17 | ) | |||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 104 | 99 | 98 | 127 | 105 | 68 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.40 | * | 0.41 | 0.41 | 0.40 | 0.40 | 0.40 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.40 | * | 0.41 | 0.41 | 0.40 | 0.40 | 0.40 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 1.87 | * | 2.29 | 2.74 | 2.46 | 2.67 | 2.76 | |||||||||||||||||
Portfolio turnover rate (%)(c) | 7 | ** | 10 | 13 | 11 | 15 | 24 | |||||||||||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2020 (Unaudited) | Years Ended May 31, | ||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
Net Asset Value, beginning of period | $ | 21.03 | $ | 21.81 | $ | 23.91 | $ | 21.47 | $ | 18.62 | $ | 22.43 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) (a) | 0.24 | 0.58 | 0.52 | 0.41 | 0.35 | 0.43 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 5.29 | (0.74 | ) | (2.02 | ) | 2.39 | 2.81 | (3.60 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 5.53 | (0.16 | ) | (1.50 | ) | 2.80 | 3.16 | (3.17 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income | (0.11 | ) | (0.62 | ) | (0.60 | ) | (0.36 | ) | (0.31 | ) | (0.64 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.11 | ) | (0.62 | ) | (0.60 | ) | (0.36 | ) | (0.31 | ) | (0.64 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 26.45 | $ | 21.03 | $ | 21.81 | $ | 23.91 | $ | 21.47 | $ | 18.62 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 26.37 | **(b) | (1.01 | )(b) | (6.18 | )(b) | 13.09 | 17.19 | (14.32 | ) | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 112 | 89 | 112 | 195 | 188 | 130 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.65 | * | 0.66 | 0.66 | 0.65 | 0.65 | 0.65 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.65 | * | 0.66 | 0.66 | 0.65 | 0.65 | 0.65 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 1.85 | * | 2.62 | 2.29 | 1.74 | 1.74 | 2.20 | |||||||||||||||||
Portfolio turnover rate (%)(c) | 5 | ** | 20 | 13 | 15 | 43 | 32 |
(a) | Based on average shares outstanding during the period. |
(b) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 90 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers MSCI Europe Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2020 (Unaudited) | Years Ended May 31, | ||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
Net Asset Value, beginning of period | $ | 26.91 | $ | 28.31 | $ | 28.71 | $ | 28.29 | $ | 25.65 | $ | 29.47 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) (a) | 0.25 | 0.52 | 0.75 | 0.68 | 0.76 | 0.79 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 3.00 | (1.06 | )(b) | (0.26 | ) | 0.39 | 4.40 | (3.19 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 3.25 | (0.54 | ) | 0.49 | 1.07 | 5.16 | (2.40 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income | (0.39 | ) | (0.86 | ) | (0.89 | ) | (0.65 | ) | (0.85 | ) | (1.28 | ) | ||||||||||||
Net realized gains | — | — | — | — | (1.67 | ) | (0.14 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.39 | ) | (0.86 | ) | (0.89 | ) | (0.65 | ) | (2.52 | ) | (1.42 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 29.77 | $ | 26.91 | $ | 28.31 | $ | 28.71 | $ | 28.29 | $ | 25.65 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 12.23 | **(c) | (2.16 | )(c) | 1.88 | (c) | 3.82 | 21.77 | (8.46 | ) | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 442 | 487 | 849 | 1,543 | 2,747 | 3,310 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.45 | * | 0.46 | 0.47 | 0.45 | 0.45 | 0.45 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.45 | * | 0.46 | 0.47 | 0.45 | 0.45 | 0.45 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 1.55 | * | 1.79 | 2.67 | 2.41 | 2.95 | 3.08 | |||||||||||||||||
Portfolio turnover rate (%)(d) | 4 | ** | 13 | 7 | 11 | 17 | 18 | |||||||||||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2020 (Unaudited) | Years Ended May 31, | ||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
Net Asset Value, beginning of period | $ | 28.10 | $ | 29.80 | $ | 30.90 | $ | 30.29 | $ | 25.64 | $ | 29.30 | ||||||||||||
|
|
|
|
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|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) (a) | 0.33 | 0.40 | 0.71 | 0.62 | 0.73 | 0.78 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 4.53 | (1.15 | ) | (1.13 | ) | 0.63 | 4.84 | (3.15 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 4.86 | (0.75 | ) | (0.42 | ) | 1.25 | 5.57 | (2.37 | ) | |||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income | (0.28 | ) | (0.95 | ) | (0.68 | ) | (0.64 | ) | (0.92 | ) | (1.29 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.28 | ) | (0.95 | ) | (0.68 | ) | (0.64 | ) | (0.92 | ) | (1.29 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 32.68 | $ | 28.10 | $ | 29.80 | $ | 30.90 | $ | 30.29 | $ | 25.64 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 17.42 | **(c) | (2.80 | )(c) | (1.34 | )(c) | 4.19 | 22.56 | (8.45 | ) | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 16 | 21 | 31 | 42 | 65 | 83 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.45 | * | 0.47 | 0.47 | 0.45 | 0.45 | 0.45 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.45 | * | 0.46 | 0.47 | 0.45 | 0.45 | 0.45 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 1.82 | * | 1.31 | 2.42 | 2.05 | 2.76 | 3.11 | |||||||||||||||||
Portfolio turnover rate (%)(d) | 4 | ** | 11 | 5 | 14 | 16 | 22 |
(a) | Based on average shares outstanding during the period. |
(b) | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
(c) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 91 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers MSCI Germany Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2020 (Unaudited) | Years Ended May 31, | ||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
Net Asset Value, beginning of period | $ | 25.49 | $ | 25.77 | $ | 27.93 | $ | 27.87 | $ | 23.40 | $ | 27.34 | ||||||||||||
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| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) (a) | 0.44 | 0.24 | 0.53 | 0.57 | 0.40 | 0.33 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 2.95 | 0.08 | (2.02 | ) | (0.09 | ) | 4.78 | (2.93 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 3.39 | 0.32 | (1.49 | ) | 0.48 | 5.18 | (2.60 | ) | ||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income | (0.36 | ) | (0.60 | ) | (0.67 | ) | (0.42 | ) | (0.71 | ) | (1.34 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.36 | ) | (0.60 | ) | (0.67 | ) | (0.42 | ) | (0.71 | ) | (1.34 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 28.52 | $ | 25.49 | $ | 25.77 | $ | 27.93 | $ | 27.87 | $ | 23.40 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 13.45 | **(b) | 1.15 | (b) | (5.48 | )(b) | 1.73 | 22.93 | (9.99 | ) | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 13 | 15 | 23 | 36 | 66 | 110 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.45 | * | 0.45 | 0.46 | 0.45 | 0.45 | 0.45 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.45 | * | 0.45 | 0.46 | 0.45 | 0.45 | 0.45 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 3.17 | * | 0.90 | 2.03 | 2.04 | 1.63 | 1.37 | |||||||||||||||||
Portfolio turnover rate (%)(c) | 7 | ** | 14 | 11 | 17 | 12 | 16 | |||||||||||||||||
Xtrackers MSCI Japan Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2020 (Unaudited) | Years Ended May 31, | ||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
Net Asset Value, beginning of period | $ | 39.80 | $ | 37.95 | $ | 42.95 | $ | 38.65 | $ | 34.32 | $ | 44.54 | ||||||||||||
|
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|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) (a) | 0.28 | 0.67 | 0.64 | 0.52 | 0.53 | 0.48 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 5.41 | 2.27 | (4.24 | ) | 4.69 | 4.22 | (8.44 | ) | ||||||||||||||||
|
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|
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|
|
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|
|
|
| |||||||||||||
Total from investment operations | 5.69 | 2.94 | (3.60 | ) | 5.21 | 4.75 | (7.96 | ) | ||||||||||||||||
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|
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|
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|
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| |||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income | (1.15 | ) | (1.09 | ) | (1.40 | ) | (0.91 | ) | (0.42 | ) | (1.39 | ) | ||||||||||||
Net realized gains | — | — | — | — | — | (0.87 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (1.15 | ) | (1.09 | ) | (1.40 | ) | (0.91 | ) | (0.42 | ) | (2.26 | ) | ||||||||||||
|
|
|
|
|
|
|
|
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|
|
| |||||||||||||
Net Asset Value, end of period | $ | 44.34 | $ | 39.80 | $ | 37.95 | $ | 42.95 | $ | 38.65 | $ | 34.32 | ||||||||||||
|
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|
|
|
|
|
| |||||||||||||
Total Return (%) | 14.67 | **(b) | 7.88 | (b) | (8.59 | )(b) | 13.74 | 14.08 | (18.65 | ) | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 206 | 221 | 414 | 1,153 | 1,780 | 1,026 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.45 | * | 0.46 | 0.47 | 0.46 | 0.45 | 0.45 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.45 | * | 0.46 | 0.47 | 0.46 | 0.45 | 0.45 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 1.36 | * | 1.69 | 1.55 | 1.24 | 1.50 | 1.29 | |||||||||||||||||
Portfolio turnover rate (%)(c) | 3 | ** | 12 | 15 | 12 | 22 | 15 |
(a) | Based on average shares outstanding during the period. |
(b) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 92 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2020, the Trust consists of thirty-three 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:
Xtrackers MSCI All World ex US Hedged Equity ETF |
Xtrackers MSCI Emerging Markets Hedged Equity ETF |
Xtrackers MSCI Europe Hedged Equity ETF |
Xtrackers MSCI Eurozone Hedged Equity ETF |
Xtrackers MSCI Germany Hedged Equity ETF |
Xtrackers MSCI Japan Hedged Equity ETF |
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:
Fund | Underlying Index | |
Xtrackers MSCI All World ex US Hedged Equity ETF | MSCI ACWI ex USA US Dollar Hedged Index | |
Xtrackers MSCI Emerging Markets Hedged Equity ETF | MSCI EM US Dollar Hedged Index | |
Xtrackers MSCI Europe Hedged Equity ETF | MSCI Europe US Dollar Hedged Index | |
Xtrackers MSCI Eurozone Hedged Equity ETF | MSCI EMU IMI US Dollar Hedged Index | |
Xtrackers MSCI Germany Hedged Equity ETF | MSCI Germany US Dollar Hedged Index | |
Xtrackers MSCI Japan Hedged Equity ETF | MSCI Japan US Dollar Hedged Index |
The MSCI ACWI ex USA US Dollar Hedged Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States), while mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies.
The MSCI EM US Dollar Hedged Index is designed to provide exposure to equity securities in the global emerging markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected emerging market currencies.
The MSCI Europe US Dollar Hedged Index is designed to provide exposure to the developed markets in Europe, while mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies.
The MSCI EMU IMI US Dollar Hedged Index is designed to provide exposure to equity securities in countries in the European Monetary Union, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro.
The MSCI Germany US Dollar Hedged Index is designed to provide exposure to German equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the euro.
The MSCI Japan US Dollar Hedged Index is designed to provide exposure to Japanese equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen.
93
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
The MSCI Hedged Underlying Indices are rebalanced monthly on the last trading day of the month, when the index will take into account the effect of rolling into new 1-month forward contracts based on the newly determined weights of currency to be sold for the next month’s index calculation. The currency weights are determined as of the close of two business days before the first calendar day of the following month and remain constant intra month. This means that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of MSCI Hedged Indices marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.
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.
Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF are diversified series of the Trust. Xtrackers MSCI Germany Hedged Equity ETF is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. In addition, each Fund 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.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.
Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.
94
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Interest income is recorded on the accrual basis.
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 semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The 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.
95
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
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, 2020, the Funds did not incur any interest or penalties.
At May 31, 2020, 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.
Short-Term | Long-Term | Total Amount | ||||||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | — | $ | 1,496,679 | $ | 1,496,679 | ||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 10,392,893 | 7,998,110 | 18,391,003 | |||||||||
Xtrackers MSCI Europe Hedged Equity ETF | — | 83,522,829 | 83,522,829 | |||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | — | 1,307,560 | 1,307,560 | |||||||||
Xtrackers MSCI Germany Hedged Equity ETF | 1,391,384 | 5,427,698 | 6,819,082 | |||||||||
Xtrackers MSCI Japan Hedged Equity ETF | 72,266,077 | 95,372,069 | 167,638,146 |
As of May 31, 2020, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
Aggregate Tax Cost | Net Unrealized Appreciation (Depreciation) | Aggregate Gross Unrealized Appreciation | Aggregate Gross Unrealized (Depreciation) | |||||||||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | 103,515,665 | $ | (4,460,717 | ) | $ | 13,611,891 | $ | (18,072,608 | ) | ||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 88,614,155 | 1,424,075 | 19,587,544 | (18,163,469 | ) | |||||||||||
Xtrackers MSCI Europe Hedged Equity ETF | 614,442,701 | (119,640,065 | ) | 37,237,135 | (156,877,200 | ) | ||||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | 24,795,245 | (3,041,448 | ) | 2,922,037 | (5,963,485 | ) | ||||||||||
Xtrackers MSCI Germany Hedged Equity ETF | 18,942,505 | (3,554,536 | ) | 1,598,746 | (5,153,282 | ) | ||||||||||
Xtrackers MSCI Japan Hedged Equity ETF | 241,764,331 | (21,220,832 | ) | 21,699,733 | (42,920,565 | ) |
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, 2020, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
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.
96
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Securities Lending The Funds 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, 2020, 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, 2020) 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, 2020, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.
Remaining Contractual Maturity of the Agreements, as of November 30, 2020 | ||||||||||||||||||||
Securities Lending Transactions | Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | |||||||||||||||
Xtrackers MSCI All World ex US Hedged Equity ETF |
| |||||||||||||||||||
Common Stocks | $ | 649,126 | $ | 2,071 | $ | 10,222 | $ | 401,739 | $ | 1,063,158 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 1,063,158 | |||||||||||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF |
| |||||||||||||||||||
Common Stocks | $ | 542,972 | $ | 1,558 | $ | 31,711 | $ | 737,895 | $ | 1,314,136 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 1,314,136 | |||||||||||||||||
Xtrackers MSCI Europe Hedged Equity ETF |
| |||||||||||||||||||
Common Stocks | $ | 2,203,405 | $ | 8,017 | $ | — | $ | 1,634,636 | $ | 3,846,058 | ||||||||||
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Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 3,846,058 | |||||||||||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF |
| |||||||||||||||||||
Common Stocks | $ | 190,232 | $ | 837 | $ | 1,326 | $ | 387,536 | $ | 579,931 | ||||||||||
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Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 579,931 | |||||||||||||||||
Xtrackers MSCI Japan Hedged Equity ETF |
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Common Stocks | $ | 686,954 | $ | — | $ | 8,958 | $ | 308,653 | $ | 1,004,565 | ||||||||||
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Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 1,004,565 |
As of November 30, 2020, MSCI Germany Hedged Equity ETF had no securities on loan.
Derivatives
Forward Foreign Currency Contracts Each Fund may enter into forward foreign currency contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies. In addition, the Funds may enter into forward currency contracts and foreign currency futures contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to shareholders.
97
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2020, The Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF and Xtrackers MSCI Eurozone Hedged Equity ETF invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. Similarly, the Xtrackers MSCI Germany Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF each invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the euro and the Japanese yen, respectively.
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency contracts. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.
A summary of the open forward currency contracts as of November 30, 2020 is included in a table following the Funds’ Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the respective Fund had to the value of non U.S currencies during the period ended November 30, 2020.
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, 2020, Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF, Xtrackers MSCI Germany Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF utilized futures in order to simulate investments 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, 2020 is included in a table following the Funds’ Schedule of Investments.
98
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
The following tables summarize the value of the Funds’ derivative instruments held as of November 30, 2020 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives | Liability Derivatives | |||||||||||||
Xtrackers MSCI All World ex US Hedged Equity ETF |
| |||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 149,452 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 309,847 | Unrealized depreciation on forward foreign currency contracts | 1,932,328 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 459,299 | Total | $ | 1,932,328 | |||||||||
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|
|
| |||||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF |
| |||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 157,890 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 283,104 | Unrealized depreciation on forward foreign currency contracts | 1,769,611 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 440,994 | Total | $ | 1,769,611 | |||||||||
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|
|
| |||||||||||
Xtrackers MSCI Europe Hedged Equity ETF |
| |||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 264,924 | Unrealized depreciation on futures contracts* | $ | 1,030 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 1,750,715 | Unrealized depreciation on forward foreign currency contracts | 10,968,751 | ||||||||||
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|
| |||||||||||
Total | $ | 2,015,639 | Total | $ | 10,969,781 | |||||||||
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| |||||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF |
| |||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | — | Unrealized depreciation on futures contracts* | $ | 1,575 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 72,763 | Unrealized depreciation on forward foreign currency contracts | 408,067 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 72,763 | Total | $ | 409,642 | |||||||||
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|
| |||||||||||
Xtrackers MSCI Germany Hedged Equity ETF |
| |||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 1,367 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 61,052 | Unrealized depreciation on forward foreign currency contracts | 319,780 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 62,419 | Total | $ | 319,780 | |||||||||
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|
|
| |||||||||||
Xtrackers MSCI Japan Hedged Equity ETF |
| |||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 474,172 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 233,769 | Unrealized depreciation on forward foreign currency contracts | 412,608 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 707,941 | $ | 412,608 | ||||||||||
|
|
|
|
* | Includes cumulative appreciation or cumulative depreciation on futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
99
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2020 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
Net Realized Gain (Loss) from: | ||||||||||||
Futures Contracts — Equity Contracts | Forward Foreign Currency Contracts — Foreign Exchange Contracts | Total | ||||||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | 715,456 | $ | (3,795,424 | ) | $ | (3,079,968 | ) | ||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 475,108 | (2,219,239 | ) | (1,744,131 | ) | |||||||
Xtrackers MSCI Europe Hedged Equity ETF | 1,756,437 | (24,082,402 | ) | (22,325,965 | ) | |||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | 66,760 | (1,197,786 | ) | (1,131,026 | ) | |||||||
Xtrackers MSCI Germany Hedged Equity ETF | 29,177 | (921,815 | ) | (892,638 | ) | |||||||
Xtrackers MSCI Japan Hedged Equity ETF | 668,978 | (3,939,277 | ) | (3,270,299 | ) | |||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures Contracts — Equity Contracts | Forward Foreign Currency Contracts — Foreign Exchange Contracts | Total | ||||||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | (267,858 | ) | $ | (1,417,086 | ) | $ | (1,684,944 | ) | |||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 28,495 | (1,355,104 | ) | (1,326,609 | ) | |||||||
Xtrackers MSCI Europe Hedged Equity ETF | (387,016 | ) | (7,198,882 | ) | (7,585,898 | ) | ||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | (19,866 | ) | (74,223 | ) | (94,089 | ) | ||||||
Xtrackers MSCI Germany Hedged Equity ETF | (11,930 | ) | (73,235 | ) | (85,165 | ) | ||||||
Xtrackers MSCI Japan Hedged Equity ETF | (181,816 | ) | (2,081,969 | ) | (2,263,785 | ) |
For the period ended November 30, 2020 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | Forward Foreign Currency Contracts (Contract Value) | |||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | 2,439,441 | $ | (96,885,771 | ) | |||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 1,733,762 | (86,299,246 | ) | |||||
Xtrackers MSCI Europe Hedged Equity ETF | 13,478,429 | (443,929,124 | ) | |||||
Xtrackers MSCI Eurozone Hedged Equity ETF | 454,739 | (17,433,874 | ) | |||||
Xtrackers MSCI Germany Hedged Equity ETF | 329,282 | (14,833,121 | ) | |||||
Xtrackers MSCI Japan Hedged Equity ETF | 5,981,146 | (197,824,127 | ) |
As of November 30, 2020, the Funds have transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Funds may have collateral agreements with certain counterparties to mitigate risk. Interest expense from collateral received, if any, is included in Other expenses on the Statements of Operations. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to
100
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:
Fund | Gross Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received(a) | Net Amount of Derivatives Assets | Gross Amounts of Liabilities Presented in the Statements of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged(a) | Net Amount of Derivatives Liabilities | ||||||||||||||||||||||||
Xtrackers MSCI All World ex US Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Citigroup Global Markets | $ | 71,211 | $ | (71,211 | ) | $ | — | $ | — | $ | 456,639 | $ | (71,211 | ) | $ | (360,087 | ) | $ | 25,341 | |||||||||||||
JP Morgan & Chase Co. | 132,667 | (132,667 | ) | — | — | 805,249 | (132,667 | ) | (672,582 | ) | — | |||||||||||||||||||||
RBC Capital Markets | 105,969 | (105,969 | ) | — | — | 670,440 | (105,969 | ) | (564,471 | ) | — | |||||||||||||||||||||
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| |||||||||||||||||
$ | 309,847 | $ | (309,847 | ) | $ | — | $ | — | $ | 1,932,328 | $ | (309,847 | ) | $ | (1,597,140 | ) | $ | 25,341 | ||||||||||||||
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Xtrackers MSCI Emerging Markets Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Citigroup Global Markets | $ | 83,895 | $ | (83,895 | ) | $ | — | $ | — | $ | 371,894 | $ | (83,895 | ) | $ | (277,847 | ) | $ | 10,152 | |||||||||||||
JP Morgan & Chase Co. | 123,193 | (123,193 | ) | — | — | 744,032 | (123,193 | ) | (620,839 | ) | — | |||||||||||||||||||||
RBC Capital Markets | 76,016 | (76,016 | ) | — | — | 653,685 | (76,016 | ) | (577,669 | ) | — | |||||||||||||||||||||
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| |||||||||||||||||
$ | 283,104 | $ | (283,104 | ) | $ | — | $ | — | $ | 1,769,611 | $ | (283,104 | ) | $ | (1,476,355 | ) | $ | 10,152 | ||||||||||||||
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| |||||||||||||||||
Xtrackers MSCI Europe Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Citigroup Global Markets | $ | 401,003 | $ | (401,003 | ) | $ | — | $ | — | $ | 2,344,245 | $ | (401,003 | ) | $ | (1,943,242 | ) | $ | — | |||||||||||||
JP Morgan & Chase Co. | 476,963 | (476,963 | ) | — | — | 4,237,066 | (476,963 | ) | (3,760,103 | ) | — | |||||||||||||||||||||
RBC Capital Markets | 872,749 | (872,749 | ) | — | — | 4,387,440 | (872,749 | ) | (3,514,691 | ) | — | |||||||||||||||||||||
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| |||||||||||||||||
$ | 1,750,715 | $ | (1,750,715 | ) | $ | — | $ | — | $ | 10,968,751 | $ | (1,750,715 | ) | $ | (9,218,036 | ) | $ | — | ||||||||||||||
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| |||||||||||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Citigroup Global Markets | $ | 20,147 | $ | (20,147 | ) | $ | — | $ | — | $ | 135,057 | $ | (20,147 | ) | $ | (7,354 | ) | $ | 107,556 | |||||||||||||
JP Morgan & Chase Co. | 9,115 | (9,115 | ) | — | — | 88,236 | (9,115 | ) | — | 79,121 | ||||||||||||||||||||||
RBC Capital Markets | 43,501 | (43,501 | ) | — | — | 184,774 | (43,501 | ) | (20,000 | ) | 121,273 | |||||||||||||||||||||
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| |||||||||||||||||
$ | 72,763 | $ | (72,763 | ) | $ | — | $ | — | $ | 408,067 | $ | (72,763 | ) | $ | (27,354 | ) | $ | 307,950 | ||||||||||||||
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Xtrackers MSCI Germany Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Citigroup Global Markets | $ | 7,950 | $ | (7,950 | ) | $ | — | $ | — | $ | 44,532 | $ | (7,950 | ) | $ | (27,883 | ) | $ | 8,699 | |||||||||||||
JP Morgan & Chase Co. | 13,443 | (13,443 | ) | — | — | 130,125 | (13,443 | ) | — | 116,682 | ||||||||||||||||||||||
RBC Capital Markets | 39,659 | (39,659 | ) | — | — | 145,123 | (39,659 | ) | — | 105,464 | ||||||||||||||||||||||
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| |||||||||||||||||
$ | 61,052 | $ | (61,052 | ) | $ | — | $ | — | $ | 319,780 | $ | (61,052 | ) | $ | (27,883 | ) | $ | 230,845 | ||||||||||||||
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Xtrackers MSCI Japan Hedged Equity ETF |
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Citigroup Global Markets | $ | 71,964 | $ | (71,964 | ) | $ | — | $ | — | $ | 135,724 | $ | (71,964 | ) | $ | (63,760 | ) | $ | — | |||||||||||||
JP Morgan & Chase Co. | 93,719 | (93,719 | ) | — | — | 142,190 | (93,719 | ) | (30,000 | ) | 18,471 | |||||||||||||||||||||
RBC Capital Markets | 68,086 | (68,086 | ) | — | — | 134,694 | (68,086 | ) | (66,608 | ) | — | |||||||||||||||||||||
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$ | 233,769 | $ | (233,769 | ) | $ | — | $ | — | $ | 412,608 | $ | (233,769 | ) | $ | (160,368 | ) | $ | 18,471 | ||||||||||||||
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(a) | The actual collateral received or pledged may be more than amount shown. |
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.
101
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
3. Investment Advisory and Other Agreements
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.
For its investment advisory services to the Funds below, the Advisor was 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:
Unitary Advisory Fee | ||||
Xtrackers MSCI All World ex US Hedged Equity ETF | 0.40 | % | ||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 0.65 | % | ||
Xtrackers MSCI Europe Hedged Equity ETF | 0.45 | % | ||
Xtrackers MSCI Eurozone Hedged Equity ETF | 0.45 | % | ||
Xtrackers MSCI Germany Hedged Equity ETF | 0.45 | % | ||
Xtrackers MSCI Japan Hedged Equity ETF | 0.45 | % |
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 fund’s fees and expenses attributable to the Fund’s investments in affiliated cash management vehicles. For the period ended November 30, 2020, the Advisor waived expenses of the Funds as follows:
Expenses Waived | ||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | 411 | ||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 310 | |||
Xtrackers MSCI Europe Hedged Equity ETF | 2,224 | |||
Xtrackers MSCI Eurozone Hedged Equity ETF | 99 | |||
Xtrackers MSCI Germany Hedged Equity ETF | 78 | |||
Xtrackers MSCI Japan Hedged Equity ETF | 1,168 |
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).
4. Investment Portfolio Transactions
For the period ended November 30, 2020, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | 6,610,866 | $ | 12,569,696 | ||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 5,148,793 | 8,904,908 | ||||||
Xtrackers MSCI Europe Hedged Equity ETF | 17,737,426 | 56,962,906 | ||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | 658,310 | 1,967,342 | ||||||
Xtrackers MSCI Germany Hedged Equity ETF | 1,009,826 | 1,908,569 | ||||||
Xtrackers MSCI Japan Hedged Equity ETF | 6,176,964 | 15,446,046 |
102
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
For the period ended November 30, 2020, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | 2,012,915 | $ | 10,005,799 | ||||
Xtrackers MSCI Europe Hedged Equity ETF | — | 89,665,432 | ||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | — | 7,684,050 | ||||||
Xtrackers MSCI Germany Hedged Equity ETF | — | 3,872,342 | ||||||
Xtrackers MSCI Japan Hedged Equity ETF | 3,932,842 | 40,078,080 |
5. Fund Share Transactions
As of November 30, 2020, 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 a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Payments by Affiliates
During the period ended November 30, 2020, the Advisor agreed to reimburse Xtrackers MSCI All World ex US Hedged Equity ETF $82 for a loss due to a trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.
During the period ended November 30, 2020, the Advisor agreed to reimburse Xtrackers MSCI Emerging Markets Hedged Equity ETF $878 for a loss due to a trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.
During the period ended November 30, 2020, the Advisor agreed to reimburse Xtrackers MSCI Europe Hedged Equity ETF $242 for a loss due to a trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets.
During the period ended November 30, 2020, the Advisor agreed to reimburse Xtrackers MSCI Eurozone Hedged Equity ETF $8 for a loss due to a trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets.
During the period ended November 30, 2020, the Advisor agreed to reimburse Xtrackers MSCI Germany Hedged Equity ETF $9 for a loss due to a trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets.
During the period ended November 30, 2020, the Advisor agreed to reimburse Xtrackers MSCI Japan Hedged Equity ETF $21 for a loss due to a trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets.
7. Investing in Emerging Markets
The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.
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
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DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
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; 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; and different and less stringent financial reporting standards. In addition, in November 2020, the President of the United States issued an executive order (“CCMC Order”) prohibiting US persons, including the Funds, from transacting in securities of any Chinese company identified by the Secretary of Defense as a “Communist Chinese military company” (“CCMC”) or in instruments that are derivative of, or are designed to provide investment exposure to, prohibited CCMC securities. The prohibition takes effect on January 11, 2021. To the extent that any company in an Underlying Index is identified as CCMC at any time, it may have material adverse effect on a fund’s ability to track its Underlying Index.
8. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2020.
9. Other — COVID-19 Pandemic
A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity and increased government activity. Specifically, COVID-19 has led to significant death and morbidity, and concerns about its further spread have resulted in the closing of schools and non-essential businesses, cancellations, shelter-in place orders, lower consumer spending in certain sectors, social distancing, bans on large social gatherings and travel, quarantines, government economic stimulus measures, reduced productivity, rapid increases in unemployment, increased demand for and strain on government and medical resources, border closings and global trade and supply chain interruptions, among others. 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. The pandemic may 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. A Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and a prolonged pandemic may result in a Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on each Fund and reflect the consequences as appropriate in each Fund’s accounting and financial reporting.
104
DBX ETF Trust
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at 855-329-3837.
Portfolio Holdings Information
The 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.
Discount/Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca or Cboe, as applicable, 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.
105
DBX ETF Trust
DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.
California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.
Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.
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DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
Investing involves risk, including the 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. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The European financial markets have recently experienced volatility and adverse trends in recent years due to concerns about economic downturns or rising government debt levels in several European countries, including Greece, Ireland, Italy, Portugal and Spain. A default or debt restructuring by any European country would adversely impact holders of that country’s debt, and sellers of credit default swaps linked to that country’s creditworthiness (which may be located in countries other than those listed in the previous sentence). These events have adversely affected the exchange rate of the euro, the common currency of certain EU countries, and may continue to significantly affect every country in Europe, including countries that do not use the euro. Italy, Portugal and Spain currently have high levels of debt and public spending, which may stifle economic growth, contribute to prolonged periods of recession or lower sovereign debt ratings and adversely impact investments in the Fund. The Funds’ use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. DBGR is non-diversified and can take larger positions in fewer issues, increasing each Fund’s potential risk. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.
The U.S. government has imposed restrictions on the ability of U.S. investors to hold and/or acquire securities of certain Chinese companies. To the extent that an Underlying Index includes such a security and the Fund excludes it, the Fund’s tracking error may increase and the performance of the Fund and Underlying Index may diverge.
War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.
In June 2016, citizens of the United Kingdom approved a referendum to leave the European Union (EU) and in March 2017, the United Kingdom initiated the formal process of withdrawing from the EU. On January 31, 2020, the United Kingdom officially withdrew from the EU pursuant to a withdrawal agreement, providing for a transition period in which the United Kingdom negotiated and finalized a trade deal with the EU, the EU-UK Trade and Cooperation Agreement provisionally applied effective January 1, 2021. As a result, as of January 1, 2021 the United Kingdom is no longer part of the EU customs union and single market, nor is it subject to EU policies and international agreements. The long-term impact of the United Kingdom’s withdrawal from the EU is still unknown and could have adverse economic and political effects on the United Kingdom, the EU and its member countries, and the global economy, including financial markets and asset valuations.
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 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 © 2021 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022 | Administrator, custodian, 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 5 Times Square New York, NY 10036 | Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
R-049077-5 (1/21) DBX004705 (1/22)
November 30, 2020
Semi-Annual Report
DBX ETF Trust
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (ESCR)
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (ESEB)
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (ESHY)
Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF)
DBX ETF Trust
To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for our six ETFs tracking the fixed income market for the period ended November 30, 2020.
Globally, economic growth rebounded from the COVID-19-induced slump. The US economy grew at record pace as USD 3 trillion of pandemic relief fund injected by the government fueled consumer spending. Although still below the pre-crisis level, employment numbers globally continued to improve towards the end of the review period. The Eurozone economy grew more than expected in the third quarter. However, the region faces the threat of a second wave of infections, which would pressure economic recovery. On the other hand, the Chinese economy remained on a strong footing, aided by the country’s effective virus-control and policy measures to prop up growth.
Governments and central banks across the globe provided unprecedented stimulus packages to pull economies out of deep recession and catalyze momentum. At its November meeting, the Federal Reserve Board held the target range for interest rates at 0-0.25%. The decision was taken to shore up the economy amid the ongoing public health crisis, expected to keep inflation and employment levels depressed going forward. US investment-grade issuance reached record levels following the Federal Reserve’s unprecedented steps to bolster liquidity. On the high-yield side, bond issuers continued their refinancing, limiting the chances of future defaults. Against this backdrop, the European Central Bank signaled additional quantitative easing and expansion of the pandemic emergency purchase program it had announced in June.
People’s Bank of China shifted to a more steady stance in its recent meeting as the economy rallied. Policymakers in several other countries continued their dovish policies to cushion economies from further downfall owing to the pandemic. The Bank of Japan kept overnight interest rates on hold at its October meeting and hinted it would continue to buy Japanese government bonds, as needed, to keep 10-year bond yields at about 0%. Elsewhere, increased funding needs amid the COVID-19 pandemic sent the emerging market sovereign debt sales to $145 billion, which is at the higher end of historical range.
The International Monetary Fund (IMF) forecast a tough road ahead for emerging markets, together with several countries in the Eurozone including the bloc’s largest economies. Germany and France announced fresh lockdowns to curtail the reach of the virus. China, owing to its dependence on hard hit sectors including tourism, commodities and external financing will increase its focus on inbound growth. As countries across the world took measures to contain the pandemic, economic recovery after the collapse in spring has been quite impressive. Markets have interpreted the COVID-19 vaccine news and the likely U.S. election results as a sign of reduced tail risk for credit. Moreover, fiscal and monetary support remains in place, with central banks and governments ready to provide the required stimulus in case of approaching downside risks.
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
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
1
DBX ETF Trust
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (ESCR)
The Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG 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 Bloomberg Barclays MSCI US Corpo-rate Sustainability SRI Sector/Credit/Maturity Neutral Index (the “Underlying Index”). The Underlying Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the Bloomberg Barclays US Corporate Index (an investment grade corporate bond universe), resulting in a broad investment grade fixed income market exposure with ESG aspects. It is not possible to invest directly into an index.
Quality* as of November 30, 2020 |
Description | % of Market Value | |||
AAA | 2.3% | |||
AA | 7.7% | |||
A | 42.8% | |||
BBB | 47.2% | |||
|
| |||
Total | 100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”) or S&P Global Ratings (S&P) credit ratings. The ratings of Moody’s and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Country Diversification* as of November 30, 2020 |
United States | 87.8% | |||
Canada | 4.4% | |||
Japan | 2.5% | |||
Other | 5.3% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of November 30, 2020 |
Financial | 32.1% | |||
Consumer, Non-cyclical | 19.6% | |||
Technology | 10.3% | |||
Utilities | 8.1% | |||
Industrial | 8.0% | |||
Communications | 7.9% | |||
Energy | 6.5% | |||
Consumer, Cyclical | 4.4% | |||
Basic Materials | 3.1% | |||
|
| |||
Total | 100.0% |
Modified duration as of November 30, 2020: 8.9 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 9.
2
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (ESEB)
The Xtrackers J.P. Morgan ESG Emerging Markets Sovereign 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 J.P. Morgan ESG EMBI Global Diversified Sovereign Index (the “Underlying Index”). The Underlying Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the J.P. Morgan EMBI Global Diversified Sovereign Index, resulting in a broad emerging markets sovereign debt market exposure with ESG aspects. It is not possible to invest directly into an index.
Quality* as of November 30, 2020 |
Description | % of Market Value | |||
AA | 7.4% | |||
A | 10.5% | |||
BBB | 38.6% | |||
BB | 17.0% | |||
B | 21.0% | |||
CCC | 5.2% | |||
C | 0.3% | |||
|
| |||
Total | 100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”) or S&P Global Ratings (S&P) credit ratings. The ratings of Moody’s and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Country Diversification* as of November 30, 2020 |
Saudi Arabia | 5.0% | |||
Indonesia | 5.0% | |||
Uruguay | 4.9% | |||
Qatar | 4.7% | |||
United Arab Emirates | 4.6% | |||
Panama | 4.3% | |||
Oman | 4.0% | |||
Brazil | 4.0% | |||
Philippines | 3.6% | |||
Colombia | 3.5% | |||
Dominican Republic | 3.4% | |||
Ukraine | 2.9% | |||
Mexico | 2.8% | |||
Peru | 2.7% | |||
Turkey | 2.7% | |||
Russia | 2.5% | |||
Romania | 2.4% | |||
Egypt | 2.3% | |||
Ghana | 2.3% | |||
Argentina | 2.1% | |||
South Africa | 2.0% | |||
Other | 28.3% | |||
|
| |||
Total | 100.0% |
Modified duration as of November 30, 2020: 8.4 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
* As a percentage of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 19.
3
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (ESHY)
The Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond 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 J.P. Morgan ESG DM Corporate High Yield USD Index (the “Underlying Index”). The Underlying Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the J.P. Morgan DM High Yield USD Index (a USD denominated high yield corporate bond index of developed market issuers), resulting in a broad high yield fixed income market expo-sure with ESG aspects. It is not possible to invest directly into an index.
Quality* as of November 30, 2020 |
Description | % of Market Value | |||
BBB | 0.8% | |||
BB | 52.6% | |||
B | 34.4% | |||
CCC | 12.0% | |||
CC | 0.2% | |||
|
| |||
Total | 100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”) or S&P Global Ratings (S&P) credit ratings. The ratings of Moody’s and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Country Diversification* as of November 30, 2020 |
United States | 87.9% | |||
Canada | 4.8% | |||
Luxembourg | 1.9% | |||
France | 1.5% | |||
Netherlands | 1.1% | |||
Cayman Islands | 0.8% | |||
Australia | 0.7% | |||
United Kingdom | 0.4% | |||
Puerto Rico | 0.4% | |||
Finland | 0.2% | |||
Ireland | 0.2% | |||
Malta | 0.1% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of November 30, 2020 |
Consumer, Cyclical | 20.2% | |||
Consumer, Non-cyclical | 16.1% | |||
Energy | 15.0% | |||
Communications | 14.1% | |||
Financial | 12.0% | |||
Industrial | 10.6% | |||
Basic Materials | 5.4% | |||
Technology | 5.0% | |||
Utilities | 1.5% | |||
Diversified | 0.1% | |||
|
| |||
Total | 100.0% |
Modified duration as of November 30, 2020: 4.8 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 24.
4
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)
The Xtrackers Municipal Infrastructure Revenue Bond 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 Solactive Municipal Infrastructure Revenue Bond Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the U.S. long-term tax exempt bond market, consisting of infrastructure revenue bonds. It is not possible to invest directly into an index.
Quality* as of November 30, 2020 |
Description | % of Market Value | |||
AAA | 6.1% | |||
AA | 49.0% | |||
A | 43.8% | |||
BBB | 1.2% | |||
|
| |||
Total | 100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”) or S&P Global Ratings (S&P) credit ratings. The ratings of Moody’s and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Sector Diversification* as of November 30, 2020 |
Transportation | 35.5% | |||
Airport | 25.9% | |||
Water | 17.7% | |||
Power | 10.5% | |||
General | 6.5% | |||
Development | 2.8% | |||
Utilities | 1.1% | |||
|
| |||
Total | 100.0% |
Modified duration as of November 30, 2020: 6.5 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
* As a percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 32.
5
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW)
The Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA High Dividend Yield Index (the “Underlying Index”). The Underlying Index is designed to reflect the performance of equities (excluding real estate investment trusts (“REITs”)) in developed and emerging stock markets (excluding the United States) in its parent index, the MSCI ACWI ex US Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of November 30, 2020 (27.5% of Net Assets) |
Description | % of Net Assets | |||
Novartis AG (Switzerland) | 4.9% | |||
Unilever PLC (United Kingdom) | 3.9% | |||
Royal Bank of Canada (Canada) | 2.8% | |||
Sanofi (France) | 2.8% | |||
Siemens AG (Germany) | 2.5% | |||
Allianz SE (Germany) | 2.4% | |||
GlaxoSmithKline PLC (United Kingdom) | 2.2% | |||
Iberdrola SA (Spain) | 2.0% | |||
BHP Group Ltd. (Australia) | 2.0% | |||
Enel SpA (Italy) | 2.0% |
Country Diversification* as of November 30, 2020 |
United Kingdom | 14.9% | |||
Switzerland | 8.8% | |||
Japan | 8.4% | |||
Germany | 8.3% | |||
Canada | 7.6% | |||
China | 6.1% | |||
Hong Kong | 5.8% | |||
Australia | 5.0% | |||
France | 4.1% | |||
Taiwan | 3.9% | |||
Italy | 3.0% | |||
Spain | 3.0% | |||
Russia | 2.4% | |||
Saudi Arabia | 2.2% | |||
South Korea | 2.0% | |||
Brazil | 2.0% | |||
Other | 12.5% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of November 30, 2020 |
Financials | 25.3% | |||
Materials | 12.6% | |||
Health Care | 11.6% | |||
Consumer Staples | 11.1% | |||
Utilities | 8.9% | |||
Industrials | 8.1% | |||
Communication Services | 6.8% | |||
Energy | 4.7% | |||
Consumer Discretionary | 4.1% | |||
Information Technology | 3.4% | |||
Real Estate | 3.4% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding exchange-traded funds, securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 38.
6
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF)
The Xtrackers MSCI EAFE High Dividend Yield 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 EAFE High Dividend Yield Index (the “Underlying Index”). The Underlying Index is designed to reflect the performance of equities (excluding real estate investment trusts (“REITs”)) in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of November 30, 2020 (41.3% of Net Assets) |
Description | % of Net Assets | |||
Unilever PLC (United Kingdom) | 6.3% | |||
Novartis AG (Switzerland) | 5.2% | |||
Sanofi (France) | 4.5% | |||
TOTAL SE (France) | 4.2% | |||
Siemens AG (Germany) | 4.0% | |||
Allianz SE (Germany) | 3.9% | |||
GlaxoSmithKline PLC (United Kingdom) | 3.6% | |||
Iberdrola SA (Spain) | 3.2% | |||
Enel SpA (Italy) | 3.2% | |||
British American Tobacco PLC (United Kingdom) | 3.2% |
Country Diversification* as of November 30, 2020 |
United Kingdom | 24.2% | |||
Japan | 13.8% | |||
Germany | 13.5% | |||
France | 10.9% | |||
Switzerland | 9.7% | |||
Hong Kong | 5.9% | |||
Australia | 4.8% | |||
Italy | 4.8% | |||
Spain | 4.5% | |||
Singapore | 2.3% | |||
Other | 5.6% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of November 30, 2020 |
Financials | 17.1% | |||
Consumer Staples | 16.3% | |||
Health Care | 15.8% | |||
Utilities | 12.1% | |||
Materials | 10.8% | |||
Industrials | 10.0% | |||
Communication Services | 5.8% | |||
Energy | 4.4% | |||
Consumer Discretionary | 4.1% | |||
Real Estate | 3.1% | |||
Information Technology | 0.5% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 44.
7
DBX ETF Trust
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other Fund expenses. In the most recent six-month period the Funds, except for Xtrackers Municipal Infrastructure Revenue Bond ETF, limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the tables are based on an investment of $1,000 invested at the beginning of the six month period and held for the entire period (June 1, 2020 to November 30, 2020).
Actual expenses
The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value June 1, 2020 | Ending Account Value November 30, 2020 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,052.40 | 0.15 | % | $ | 0.77 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.32 | 0.15 | % | $ | 0.76 | ||||||||
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,095.70 | 0.35 | % | $ | 1.84 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.31 | 0.35 | % | $ | 1.78 | ||||||||
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,102.80 | 0.20 | % | $ | 1.05 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.07 | 0.20 | % | $ | 1.01 | ||||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,057.10 | 0.15 | % | $ | 0.77 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.32 | 0.15 | % | $ | 0.76 | ||||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,154.10 | 0.20 | % | $ | 1.08 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.07 | 0.20 | % | $ | 1.01 | ||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,163.80 | 0.20 | % | $ | 1.08 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.07 | 0.20 | % | $ | 1.01 |
(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.
8
DBX ETF Trust
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF
November 30, 2020 (Unaudited)
Principal | Value | |||||||
CORPORATE BONDS — 99.2% | ||||||||
Basic Materials — 3.1% | ||||||||
Chemicals — 2.3% | ||||||||
Dow Chemical Co. | $ | 20,000 | $ | 28,586 | ||||
2.10%, 11/15/30 | 10,000 | 10,248 | ||||||
3.60%, 11/15/50 (a) | 5,000 | 5,576 | ||||||
DuPont de Nemours, Inc. | 10,000 | 10,170 | ||||||
4.205%, 11/15/23 | 15,000 | 16,531 | ||||||
5.419%, 11/15/48 | 15,000 | 21,674 | ||||||
Ecolab, Inc. | 25,000 | 27,825 | ||||||
Linde, Inc. | 5,000 | 4,738 | ||||||
LYB International Finance III LLC | 25,000 | 27,987 | ||||||
LyondellBasell Industries NV | 10,000 | 12,270 | ||||||
Nutrien Ltd. | 20,000 | 20,863 | ||||||
5.00%, 4/1/49 | 15,000 | 20,851 | ||||||
Sherwin-Williams Co. | 5,000 | 5,548 | ||||||
4.50%, 6/1/47 | 20,000 | 26,662 | ||||||
|
| |||||||
(Cost $215,957) | 239,529 | |||||||
|
| |||||||
Forest Products & Paper — 0.1% | ||||||||
International Paper Co. | ||||||||
(Cost $10,847) | 10,000 | 13,292 | ||||||
|
| |||||||
Iron/Steel — 0.4% | ||||||||
Nucor Corp. | 20,000 | 23,518 | ||||||
Steel Dynamics, Inc. | 10,000 | 10,716 | ||||||
|
| |||||||
(Cost $31,269) | 34,234 | |||||||
|
| |||||||
Mining — 0.3% | ||||||||
Newmont Corp. | 20,000 | 21,010 | ||||||
4.875%, 3/15/42 | 5,000 | 6,871 | ||||||
Teck Resources Ltd. | 5,000 | 5,464 | ||||||
|
| |||||||
(Cost $29,896) | 33,345 | |||||||
|
| |||||||
Communications — 7.9% | ||||||||
Advertising — 0.1% | ||||||||
Omnicom Group, Inc. | ||||||||
(Cost $10,352) | 10,000 | 10,625 | ||||||
|
| |||||||
Internet — 1.3% | ||||||||
Alphabet, Inc. | 10,000 | 10,957 | ||||||
1.998%, 8/15/26 | 25,000 | 26,806 | ||||||
Amazon.com, Inc. | 15,000 | 18,197 |
Principal | Value | |||||||
Internet (Continued) | ||||||||
1.50%, 6/3/30 | $ | 25,000 | $ | 25,587 | ||||
4.25%, 8/22/57 | 20,000 | 28,504 | ||||||
eBay, Inc. | 5,000 | 5,193 | ||||||
4.00%, 7/15/42 | 15,000 | 17,305 | ||||||
|
| |||||||
(Cost $129,022) | 132,549 | |||||||
|
| |||||||
Media — 1.7% | ||||||||
Discovery Communications LLC | 25,000 | 27,430 | ||||||
5.20%, 9/20/47 | 10,000 | 12,752 | ||||||
4.00%, 9/15/55, 144A | 10,000 | 11,143 | ||||||
TWDC Enterprises 18 Corp. | ||||||||
MTN, 2.95%, 6/15/27 (a) | 15,000 | 16,674 | ||||||
Walt Disney Co. | 25,000 | 25,918 | ||||||
3.70%, 3/23/27 | 35,000 | 40,248 | ||||||
2.75%, 9/1/49 | 10,000 | 10,261 | ||||||
4.70%, 3/23/50 | 15,000 | 20,941 | ||||||
3.60%, 1/13/51 | 5,000 | 5,952 | ||||||
3.80%, 5/13/60 | 5,000 | 6,199 | ||||||
|
| |||||||
(Cost $163,390) | 177,518 | |||||||
|
| |||||||
Telecommunications — 4.8% | ||||||||
Cisco Systems, Inc. | 5,000 | 5,242 | ||||||
5.50%, 1/15/40 | 10,000 | 15,152 | ||||||
Corning, Inc. | 15,000 | 21,350 | ||||||
4.375%, 11/15/57 | 5,000 | 6,212 | ||||||
Deutsche Telekom International Finance BV 8.75%, 6/15/30 | 10,000 | 15,885 | ||||||
Orange SA | 6,000 | 8,848 | ||||||
Rogers Communications, Inc. | 10,000 | 10,934 | ||||||
4.50%, 3/15/43 | 10,000 | 12,737 | ||||||
4.30%, 2/15/48 | 5,000 | 6,387 | ||||||
Telefonica Europe BV | 30,000 | 45,993 | ||||||
TELUS Corp. | 25,000 | 28,469 | ||||||
Verizon Communications, Inc. | 25,000 | 27,785 | ||||||
4.016%, 12/3/29 | 35,000 | 41,833 | ||||||
4.40%, 11/1/34 | 25,000 | 31,636 | ||||||
4.272%, 1/15/36 | 20,000 | 25,158 | ||||||
4.812%, 3/15/39 | 20,000 | 26,719 | ||||||
5.012%, 4/15/49 | 5,000 | 7,103 | ||||||
5.012%, 8/21/54 | 5,000 | 7,237 | ||||||
4.672%, 3/15/55 | 40,000 | 55,343 | ||||||
2.987%, 10/30/56, 144A | 25,000 | 26,540 | ||||||
Vodafone Group PLC | 15,000 | 18,023 | ||||||
4.375%, 2/19/43 | 20,000 | 24,674 | ||||||
5.25%, 5/30/48 | 10,000 | 13,712 | ||||||
4.25%, 9/17/50 | 5,000 | 6,144 | ||||||
|
| |||||||
(Cost $425,991) | 489,116 | |||||||
|
|
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (Continued)
November 30, 2020 (Unaudited)
Principal | Value | |||||||
Consumer, Cyclical — 4.4% | ||||||||
Apparel — 0.3% | ||||||||
NIKE, Inc. | $ | 10,000 | $ | 10,923 | ||||
3.625%, 5/1/43 | 15,000 | 18,421 | ||||||
|
| |||||||
(Cost $25,447) | 29,344 | |||||||
|
| |||||||
Auto Manufacturers — 1.1% | ||||||||
American Honda Finance Corp. | ||||||||
MTN, 2.15%, 9/10/24 | 40,000 | 42,229 | ||||||
Cummins, Inc. | 10,000 | 10,041 | ||||||
Toyota Motor Credit Corp. | ||||||||
MTN, 2.90%, 3/30/23 | 25,000 | 26,454 | ||||||
GMTN, 3.45%, 9/20/23 | 10,000 | 10,835 | ||||||
3.65%, 1/8/29 | 25,000 | 29,495 | ||||||
|
| |||||||
(Cost $113,920) | 119,054 | |||||||
|
| |||||||
Office Furnishings — 0.1% | ||||||||
Steelcase, Inc. | ||||||||
(Cost $5,368) | 5,000 | 5,824 | ||||||
|
| |||||||
Retail — 2.8% | ||||||||
Darden Restaurants, Inc. | 5,000 | 5,460 | ||||||
Home Depot, Inc. | 20,000 | 22,307 | ||||||
2.70%, 4/15/30 | 45,000 | 50,085 | ||||||
3.90%, 6/15/47 | 5,000 | 6,384 | ||||||
4.50%, 12/6/48 | 5,000 | 7,008 | ||||||
3.50%, 9/15/56 | 10,000 | 12,289 | ||||||
Lowe’s Cos., Inc. | 30,000 | 34,983 | ||||||
4.375%, 9/15/45 | 6,000 | 7,648 | ||||||
4.55%, 4/5/49 | 10,000 | 13,497 | ||||||
Starbucks Corp. | 25,000 | 29,651 | ||||||
4.50%, 11/15/48 | 5,000 | 6,518 | ||||||
3.50%, 11/15/50 | 5,000 | 5,757 | ||||||
Target Corp. | 30,000 | 33,080 | ||||||
4.00%, 7/1/42 | 6,000 | 8,125 | ||||||
TJX Cos., Inc. | 8,000 | 8,617 | ||||||
Walgreens Boots Alliance, Inc. | 20,000 | 22,210 | ||||||
4.80%, 11/18/44 | 6,000 | 6,920 | ||||||
4.65%, 6/1/46 | 10,000 | 11,558 | ||||||
|
| |||||||
(Cost $263,686) | 292,097 | |||||||
|
| |||||||
Toys/Games/Hobbies — 0.1% | ||||||||
Hasbro, Inc. | ||||||||
(Cost $6,079) | 6,000 | 6,729 | ||||||
|
|
Principal | Value | |||||||
Consumer, Non-cyclical — 19.4% | ||||||||
Agriculture — 0.2% | ||||||||
Archer-Daniels-Midland Co. | ||||||||
(Cost $18,975) | $ | 15,000 | $ | 21,715 | ||||
|
| |||||||
Beverages — 2.3% | ||||||||
Coca-Cola Co. | 10,000 | 10,490 | ||||||
2.875%, 10/27/25 | 5,000 | 5,561 | ||||||
3.45%, 3/25/30 | 40,000 | 47,226 | ||||||
4.20%, 3/25/50 | 10,000 | 13,659 | ||||||
Keurig Dr Pepper, Inc. | 50,000 | 54,545 | ||||||
4.597%, 5/25/28 | 10,000 | 12,123 | ||||||
PepsiCo, Inc. | 20,000 | 20,715 | ||||||
2.75%, 3/19/30 | 30,000 | 33,649 | ||||||
4.45%, 4/14/46 | 6,000 | 8,356 | ||||||
4.00%, 5/2/47 | 10,000 | 12,850 | ||||||
3.625%, 3/19/50 | 10,000 | 12,623 | ||||||
|
| |||||||
(Cost $216,117) | 231,797 | |||||||
|
| |||||||
Biotechnology — 2.1% | ||||||||
Amgen, Inc. | 30,000 | 32,856 | ||||||
3.125%, 5/1/25 | 10,000 | 10,971 | ||||||
4.40%, 5/1/45 | 25,000 | 31,870 | ||||||
3.375%, 2/21/50 | 5,000 | 5,580 | ||||||
4.663%, 6/15/51 | 14,000 | 18,981 | ||||||
Baxalta, Inc. | 15,000 | 21,108 | ||||||
Biogen, Inc. | 10,000 | 11,439 | ||||||
5.20%, 9/15/45 | 15,000 | 20,077 | ||||||
Gilead Sciences, Inc. | 15,000 | 16,599 | ||||||
1.65%, 10/1/30 | 10,000 | 9,996 | ||||||
4.00%, 9/1/36 | 15,000 | 18,202 | ||||||
4.75%, 3/1/46 | 5,000 | 6,607 | ||||||
4.15%, 3/1/47 | 10,000 | 12,306 | ||||||
|
| |||||||
(Cost $197,560) | 216,592 | |||||||
|
| |||||||
Commercial Services — 0.5% | ||||||||
IHS Markit Ltd. | 10,000 | 12,100 | ||||||
Moody’s Corp. | 10,000 | 13,794 | ||||||
PayPal Holdings, Inc. | 5,000 | 5,568 | ||||||
3.25%, 6/1/50 | 10,000 | 11,537 | ||||||
RELX Capital, Inc. | 5,000 | 5,943 | ||||||
S&P Global, Inc. | 5,000 | 4,789 | ||||||
|
| |||||||
(Cost $50,722) | 53,731 | |||||||
|
| |||||||
Cosmetics/Personal Care — 0.7% | ||||||||
Colgate-Palmolive Co. | ||||||||
MTN, 4.00%, 8/15/45 | 5,000 | 6,866 |
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (Continued)
November 30, 2020 (Unaudited)
Principal | Value | |||||||
Cosmetics/Personal Care (Continued) | ||||||||
Estee Lauder Cos., Inc. | $ | 30,000 | $ | 31,765 | ||||
Procter & Gamble Co. | 15,000 | 15,374 | ||||||
2.85%, 8/11/27 | 11,000 | 12,384 | ||||||
3.60%, 3/25/50 (a) | 5,000 | 6,832 | ||||||
|
| |||||||
(Cost $69,240) | 73,221 | |||||||
|
| |||||||
Food — 1.8% | ||||||||
Campbell Soup Co. | 5,000 | 5,888 | ||||||
Conagra Brands, Inc. | 30,000 | 33,484 | ||||||
5.40%, 11/1/48 | 5,000 | 7,231 | ||||||
General Mills, Inc. | 10,000 | 11,321 | ||||||
4.70%, 4/17/48 | 10,000 | 14,030 | ||||||
Kroger Co. | 30,000 | 37,033 | ||||||
4.45%, 2/1/47 | 5,000 | 6,437 | ||||||
McCormick & Co., Inc. | 5,000 | 5,658 | ||||||
Mondelez International, Inc. | 10,000 | 10,976 | ||||||
Sysco Corp. | 5,000 | 5,622 | ||||||
3.25%, 7/15/27 | 25,000 | 27,637 | ||||||
6.60%, 4/1/50 | 10,000 | 15,559 | ||||||
|
| |||||||
(Cost $160,239) | 180,876 | |||||||
|
| |||||||
Healthcare-Products — 0.8% | ||||||||
Abbott Laboratories | 10,000 | 10,855 | ||||||
4.75%, 4/15/43 | 15,000 | 21,303 | ||||||
4.90%, 11/30/46 | 6,000 | 8,981 | ||||||
Medtronic, Inc. | 3,000 | 3,366 | ||||||
4.625%, 3/15/45 | 6,000 | 8,555 | ||||||
Thermo Fisher Scientific, Inc. | 15,000 | 16,597 | ||||||
4.497%, 3/25/30 | 5,000 | 6,290 | ||||||
4.10%, 8/15/47 (a) | 5,000 | 6,673 | ||||||
|
| |||||||
(Cost $75,472) | 82,620 | |||||||
|
| |||||||
Healthcare-Services — 1.3% | ||||||||
Aetna, Inc. | 5,000 | 6,034 | ||||||
Anthem, Inc. | 10,000 | 10,523 | ||||||
3.125%, 5/15/50 | 15,000 | 16,569 | ||||||
HCA, Inc. | 15,000 | 16,396 | ||||||
4.125%, 6/15/29 | 5,000 | 5,788 | ||||||
5.50%, 6/15/47 | 7,000 | 9,310 | ||||||
5.25%, 6/15/49 | 10,000 | 13,267 | ||||||
Humana, Inc. | ||||||||
3.125%, 8/15/29 | 30,000 | 33,326 |
Principal | Value | |||||||
Healthcare-Services (Continued) | ||||||||
Laboratory Corp. of America Holdings | $ | 10,000 | $ | 11,090 | ||||
Quest Diagnostics, Inc. | 5,000 | 5,530 | ||||||
2.80%, 6/30/31 | 5,000 | 5,503 | ||||||
|
| |||||||
(Cost $120,816) | 133,336 | |||||||
|
| |||||||
Household Products/Wares — 0.3% | ||||||||
Clorox Co. | 15,000 | 16,610 | ||||||
Kimberly-Clark Corp. | 15,000 | 17,155 | ||||||
|
| |||||||
(Cost $31,516) | 33,765 | |||||||
|
| |||||||
Pharmaceuticals — 9.4% | ||||||||
AbbVie, Inc. | 20,000 | 22,364 | ||||||
3.60%, 5/14/25 | 60,000 | 66,796 | ||||||
4.25%, 11/14/28 | 50,000 | 60,420 | ||||||
4.70%, 5/14/45 | 25,000 | 32,620 | ||||||
4.875%, 11/14/48 | 5,000 | 6,821 | ||||||
4.25%, 11/21/49 | 25,000 | 31,698 | ||||||
AmerisourceBergen Corp. | 10,000 | 12,180 | ||||||
AstraZeneca PLC | 5,000 | 6,037 | ||||||
1.375%, 8/6/30 | 5,000 | 4,951 | ||||||
6.45%, 9/15/37 | 10,000 | 15,611 | ||||||
4.375%, 11/16/45 | 10,000 | 13,444 | ||||||
Becton Dickinson and Co. | 10,000 | 13,164 | ||||||
Bristol-Myers Squibb Co. | 30,000 | 31,019 | ||||||
3.40%, 7/26/29 | 40,000 | 46,783 | ||||||
4.25%, 10/26/49 | 25,000 | 33,988 | ||||||
Cardinal Health, Inc. | 20,000 | 22,539 | ||||||
Cigna Corp. | 10,000 | 10,830 | ||||||
4.375%, 10/15/28 | 45,000 | 54,203 | ||||||
4.80%, 7/15/46 | 10,000 | 13,350 | ||||||
4.90%, 12/15/48 | 12,000 | 16,565 | ||||||
CVS Health Corp. | 10,000 | 11,334 | ||||||
3.875%, 7/20/25 | 45,000 | 50,813 | ||||||
4.30%, 3/25/28 | 5,000 | 5,879 | ||||||
3.25%, 8/15/29 | 35,000 | 39,033 | ||||||
4.78%, 3/25/38 | 10,000 | 12,704 | ||||||
5.125%, 7/20/45 | 25,000 | 33,718 | ||||||
5.05%, 3/25/48 | 20,000 | 27,023 | ||||||
Eli Lilly and Co. | 10,000 | 10,313 | ||||||
3.95%, 3/15/49 | 5,000 | 6,610 | ||||||
2.25%, 5/15/50 | 10,000 | 9,779 | ||||||
GlaxoSmithKline Capital PLC | 15,000 | 17,357 |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (Continued)
November 30, 2020 (Unaudited)
Principal | Value | |||||||
Pharmaceuticals (Continued) | ||||||||
GlaxoSmithKline Capital, Inc. | $ | 10,000 | $ | 10,552 | ||||
3.875%, 5/15/28 | 10,000 | 11,902 | ||||||
Johnson & Johnson | 20,000 | 20,714 | ||||||
2.625%, 1/15/25 (a) | 10,000 | 10,860 | ||||||
5.95%, 8/15/37 | 10,000 | 15,704 | ||||||
3.70%, 3/1/46 | 15,000 | 19,351 | ||||||
3.50%, 1/15/48 | 5,000 | 6,363 | ||||||
2.45%, 9/1/60 | 5,000 | 5,270 | ||||||
Merck & Co., Inc. | 25,000 | 26,545 | ||||||
4.15%, 5/18/43 | 5,000 | 6,631 | ||||||
3.70%, 2/10/45 | 10,000 | 12,618 | ||||||
4.00%, 3/7/49 | 5,000 | 6,640 | ||||||
Novartis Capital Corp. | 20,000 | 22,020 | ||||||
Sanofi | 5,000 | 5,891 | ||||||
Shire Acquisitions Investments Ireland DAC 2.875%, 9/23/23 | 20,000 | 21,228 | ||||||
3.20%, 9/23/26 | 15,000 | 16,770 | ||||||
Zoetis, Inc. | 5,000 | 6,850 | ||||||
4.45%, 8/20/48 | 5,000 | 6,706 | ||||||
|
| |||||||
(Cost $885,229) | 972,561 | |||||||
|
| |||||||
Energy — 6.5% | ||||||||
Oil & Gas — 4.1% | ||||||||
BP Capital Markets America, Inc. | 30,000 | 32,904 | ||||||
4.234%, 11/6/28 | 5,000 | 5,967 | ||||||
3.00%, 2/24/50 | 10,000 | 10,433 | ||||||
BP Capital Markets PLC | 10,000 | 11,187 | ||||||
Chevron Corp. | 10,000 | 10,672 | ||||||
1.554%, 5/11/25 | 10,000 | 10,391 | ||||||
2.954%, 5/16/26 | 15,000 | 16,618 | ||||||
2.236%, 5/11/30 | 5,000 | 5,382 | ||||||
3.078%, 5/11/50 | 5,000 | 5,593 | ||||||
ConocoPhillips Co. | 7,000 | 8,813 | ||||||
5.95%, 3/15/46 | 15,000 | 22,905 | ||||||
Devon Energy Corp. | 25,000 | 28,913 | ||||||
Exxon Mobil Corp. | 15,000 | 16,190 | ||||||
2.44%, 8/16/29 | 3,000 | 3,226 | ||||||
2.61%, 10/15/30 | 40,000 | 43,760 | ||||||
3.567%, 3/6/45 | 5,000 | 5,723 | ||||||
3.095%, 8/16/49 | 5,000 | 5,324 | ||||||
4.327%, 3/19/50 | 10,000 | 12,964 | ||||||
Hess Corp. | ||||||||
3.50%, 7/15/24 | 20,000 | 20,821 | ||||||
Husky Energy, Inc. | 10,000 | 10,713 |
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
Marathon Oil Corp. | $ | 5,000 | $ | 5,459 | ||||
Noble Energy, Inc. | 5,000 | 6,840 | ||||||
4.95%, 8/15/47 | 5,000 | 6,925 | ||||||
Phillips 66 | 15,000 | 15,759 | ||||||
5.875%, 5/1/42 | 10,000 | 13,708 | ||||||
4.875%, 11/15/44 | 7,000 | 8,877 | ||||||
Suncor Energy, Inc. | 10,000 | 13,366 | ||||||
4.00%, 11/15/47 | 10,000 | 10,701 | ||||||
Total Capital International SA | 10,000 | 10,979 | ||||||
3.455%, 2/19/29 | 10,000 | 11,556 | ||||||
3.127%, 5/29/50 | 5,000 | 5,499 | ||||||
Valero Energy Corp. | 5,000 | 5,259 | ||||||
3.40%, 9/15/26 | 15,000 | 16,190 | ||||||
|
| |||||||
(Cost $382,654) | 419,617 | |||||||
|
| |||||||
Oil & Gas Services — 0.7% | ||||||||
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor, Inc. | 8,000 | 9,237 | ||||||
Halliburton Co. | 1,000 | 1,107 | ||||||
2.92%, 3/1/30 (a) | 50,000 | 51,503 | ||||||
National Oilwell Varco, Inc. | 2,000 | 1,976 | ||||||
Schlumberger Investment SA | 5,000 | 5,388 | ||||||
|
| |||||||
(Cost $56,623) | 69,211 | |||||||
|
| |||||||
Pipelines — 1.7% | ||||||||
Cheniere Corpus Christi Holdings LLC | 10,000 | 11,619 | ||||||
Enbridge, Inc. | 10,000 | 10,845 | ||||||
3.70%, 7/15/27 | 40,000 | 44,978 | ||||||
ONEOK, Inc. | 20,000 | 20,930 | ||||||
4.35%, 3/15/29 | 25,000 | 27,411 | ||||||
5.20%, 7/15/48 | 5,000 | 5,462 | ||||||
TransCanada Pipelines Ltd. | 15,000 | 17,534 | ||||||
7.625%, 1/15/39 | 13,000 | 20,417 | ||||||
4.875%, 5/15/48 | 15,000 | 19,393 | ||||||
|
| |||||||
(Cost $156,785) | 178,589 | |||||||
|
| |||||||
Financial — 31.8% | ||||||||
Banks — 20.6% | ||||||||
Bank of New York Mellon Corp. | ||||||||
MTN, 2.20%, 8/16/23 | 5,000 | 5,233 | ||||||
MTN, 3.95%, 11/18/25 | 55,000 | 63,944 | ||||||
MTN, 3.30%, 8/23/29 | 10,000 | 11,455 |
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (Continued)
November 30, 2020 (Unaudited)
Principal | Value | |||||||
Banks (Continued) | ||||||||
Bank of Nova Scotia | $ | 30,000 | $ | 32,606 | ||||
4.50%, 12/16/25 | 15,000 | 17,287 | ||||||
Canadian Imperial Bank of Commerce | 25,000 | 25,907 | ||||||
Citigroup, Inc. | 50,000 | 52,383 | ||||||
3.875%, 10/25/23 | 5,000 | 5,500 | ||||||
3.875%, 3/26/25 | 10,000 | 11,160 | ||||||
3.30%, 4/27/25 | 10,000 | 11,110 | ||||||
4.40%, 6/10/25 | 10,000 | 11,457 | ||||||
4.45%, 9/29/27 | 65,000 | 76,310 | ||||||
4.125%, 7/25/28 | 20,000 | 23,347 | ||||||
2.976%, 11/5/30 | 5,000 | 5,474 | ||||||
2.666%, 1/29/31 | 60,000 | 64,635 | ||||||
4.75%, 5/18/46 | 10,000 | 13,450 | ||||||
4.65%, 7/23/48 | 40,000 | 55,698 | ||||||
Cooperatieve Rabobank UA | 10,000 | 14,801 | ||||||
Credit Suisse Group AG | 15,000 | 17,589 | ||||||
Credit Suisse Group Funding Guernsey Ltd. | 35,000 | 37,038 | ||||||
Deutsche Bank AG | 10,000 | 10,744 | ||||||
Discover Bank | 15,000 | 16,736 | ||||||
Goldman Sachs Group, Inc. | 55,000 | 58,653 | ||||||
4.00%, 3/3/24 | 15,000 | 16,583 | ||||||
MTN, 3.85%, 7/8/24 | 10,000 | 11,015 | ||||||
3.50%, 1/23/25 | 10,000 | 11,002 | ||||||
3.50%, 11/16/26 | 65,000 | 72,931 | ||||||
3.80%, 3/15/30 | 30,000 | 35,196 | ||||||
6.25%, 2/1/41 | 20,000 | 31,566 | ||||||
MTN, 4.80%, 7/8/44 | 5,000 | 6,972 | ||||||
5.15%, 5/22/45 | 5,000 | 7,038 | ||||||
4.75%, 10/21/45 (a) | 30,000 | 42,046 | ||||||
HSBC Holdings PLC | 20,000 | 30,068 | ||||||
HSBC USA, Inc. | 170,000 | 185,093 | ||||||
ING Groep NV | 10,000 | 11,509 | ||||||
KeyCorp | ||||||||
MTN, 4.10%, 4/30/28 | 5,000 | 5,910 | ||||||
M&T Bank Corp. | 30,000 | 32,484 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 15,000 | 16,280 | ||||||
3.287%, 7/25/27 | 20,000 | 22,437 | ||||||
4.05%, 9/11/28 | 75,000 | 89,129 | ||||||
3.741%, 3/7/29 | 5,000 | 5,834 | ||||||
Morgan Stanley 2.75%, 5/19/22 | 50,000 | 51,722 | ||||||
Series F, 3.875%, 4/29/24 | 15,000 | 16,594 | ||||||
GMTN, 3.70%, 10/23/24 | 15,000 | 16,686 | ||||||
MTN, 2.72%, 7/22/25 (a) | 25,000 | 26,746 |
Principal | Value | |||||||
Banks (Continued) | ||||||||
MTN, 3.125%, 7/27/26 | $ | 5,000 | $ | 5,590 | ||||
GMTN, 4.35%, 9/8/26 | 10,000 | 11,749 | ||||||
GMTN, 2.699%, 1/22/31 | 75,000 | 81,585 | ||||||
4.30%, 1/27/45 | 5,000 | 6,801 | ||||||
4.375%, 1/22/47 | 15,000 | 20,827 | ||||||
GMTN, 5.597%, 3/24/51 (a) | 25,000 | 40,387 | ||||||
PNC Financial Services Group, Inc. | 20,000 | 22,073 | ||||||
2.20%, 11/1/24 | 55,000 | 58,246 | ||||||
3.45%, 4/23/29 | 5,000 | 5,777 | ||||||
Royal Bank of Canada | ||||||||
GMTN, 2.25%, 11/1/24 | 30,000 | 31,886 | ||||||
Santander Holdings USA, Inc. | 10,000 | 11,345 | ||||||
Santander UK PLC | 10,000 | 11,013 | ||||||
State Street Corp. | 10,000 | 10,650 | ||||||
3.152%, 3/30/31 | 30,000 | 34,510 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 5,000 | 5,692 | ||||||
2.632%, 7/14/26 | 30,000 | 32,590 | ||||||
3.364%, 7/12/27 | 75,000 | 84,785 | ||||||
Toronto-Dominion Bank | ||||||||
MTN, 1.90%, 12/1/22 | 25,000 | 25,787 | ||||||
GMTN, 3.50%, 7/19/23 | 10,000 | 10,828 | ||||||
MTN, 1.15%, 6/12/25 | 30,000 | 30,661 | ||||||
Truist Bank | 25,000 | 26,351 | ||||||
3.20%, 4/1/24 | 5,000 | 5,424 | ||||||
Truist Financial Corp. | ||||||||
MTN, 3.05%, 6/20/22 | 75,000 | 77,980 | ||||||
MTN, 3.70%, 6/5/25 | 15,000 | 16,899 | ||||||
Westpac Banking Corp. | 55,000 | 56,910 | ||||||
3.35%, 3/8/27 | 15,000 | 17,060 | ||||||
|
| |||||||
(Cost $1,977,260) | 2,130,764 | |||||||
|
| |||||||
Diversified Financial Services — 3.7% | ||||||||
Ally Financial, Inc. | 50,000 | 56,891 | ||||||
American Express Co. | 25,000 | 26,612 | ||||||
4.05%, 12/3/42 | 10,000 | 12,686 | ||||||
American Express Credit Corp. | ||||||||
MTN, 3.30%, 5/3/27 | 5,000 | 5,677 | ||||||
BlackRock, Inc. | 30,000 | 33,836 | ||||||
Charles Schwab Corp. | 10,000 | 12,727 | ||||||
CME Group, Inc. | 15,000 | 17,739 | ||||||
5.30%, 9/15/43 | 5,000 | 7,541 | ||||||
GE Capital International Funding Co. Unlimited Co. | 25,000 | 28,853 |
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (Continued)
November 30, 2020 (Unaudited)
Principal | Value | |||||||
Diversified Financial Services (Continued) | ||||||||
Intercontinental Exchange, Inc. | $ | 50,000 | $ | 55,050 | ||||
Mastercard, Inc. | 20,000 | 21,262 | ||||||
2.95%, 11/21/26 | 10,000 | 11,246 | ||||||
3.80%, 11/21/46 | 15,000 | 19,187 | ||||||
Visa, Inc. | 10,000 | 10,491 | ||||||
3.15%, 12/14/25 | 5,000 | 5,585 | ||||||
2.75%, 9/15/27 | 20,000 | 22,323 | ||||||
4.15%, 12/14/35 | 15,000 | 19,580 | ||||||
3.65%, 9/15/47 | 10,000 | 12,838 | ||||||
|
| |||||||
(Cost $353,516) | 380,124 | |||||||
|
| |||||||
Insurance — 3.3% | ||||||||
Aflac, Inc. | 5,000 | 5,900 | ||||||
Allstate Corp. | 20,000 | 26,472 | ||||||
Arch Capital Group Ltd. | 5,000 | 5,920 | ||||||
Chubb INA Holdings, Inc. | 40,000 | 45,235 | ||||||
4.35%, 11/3/45 | 5,000 | 6,833 | ||||||
Equitable Holdings, Inc. | 10,000 | 11,838 | ||||||
Lincoln National Corp. | 40,000 | 43,868 | ||||||
Manulife Financial Corp. | 10,000 | 11,711 | ||||||
Marsh & McLennan Cos., Inc. | 10,000 | 12,237 | ||||||
Principal Financial Group, Inc. | 10,000 | 10,456 | ||||||
Progressive Corp. | 25,000 | 27,320 | ||||||
4.125%, 4/15/47 | 3,000 | 4,018 | ||||||
Prudential Financial, Inc. | ||||||||
MTN, 2.10%, 3/10/30 (a) | 25,000 | 26,597 | ||||||
MTN, 4.60%, 5/15/44 | 10,000 | 13,101 | ||||||
3.905%, 12/7/47 | 25,000 | 30,413 | ||||||
Travelers Cos., Inc. | 30,000 | 37,729 | ||||||
Voya Financial, Inc. | 5,000 | 5,736 | ||||||
Willis North America, Inc. | 10,000 | 11,059 | ||||||
5.05%, 9/15/48 | 5,000 | 7,059 | ||||||
|
| |||||||
(Cost $312,237) | 343,502 | |||||||
|
| |||||||
Real Estate Investment Trusts — 4.2% | ||||||||
Alexandria Real Estate Equities, Inc. | 25,000 | 28,539 | ||||||
American Tower Corp. | 15,000 | 15,970 | ||||||
3.80%, 8/15/29 | 7,000 | 8,108 | ||||||
2.90%, 1/15/30 | 20,000 | 21,850 |
Principal | Value | |||||||
Real Estate Investment Trusts (Continued) | ||||||||
AvalonBay Communities, Inc. | ||||||||
GMTN, 4.20%, 12/15/23 | $ | 30,000 | $ | 32,998 | ||||
Boston Properties LP | 20,000 | 21,288 | ||||||
3.40%, 6/21/29 | 10,000 | 11,042 | ||||||
Crown Castle International Corp. | 20,000 | 22,624 | ||||||
3.80%, 2/15/28 | 6,000 | 6,850 | ||||||
2.25%, 1/15/31 | 20,000 | 20,753 | ||||||
Duke Realty LP | 20,000 | 22,114 | ||||||
Equinix, Inc. | 25,000 | 26,675 | ||||||
ERP Operating LP | 20,000 | 26,183 | ||||||
Healthpeak Properties, Inc. | 20,000 | 21,946 | ||||||
Kimco Realty Corp. | 20,000 | 21,040 | ||||||
4.25%, 4/1/45 | 15,000 | 16,543 | ||||||
Prologis LP | 20,000 | 24,676 | ||||||
Ventas Realty LP | 25,000 | 29,140 | ||||||
Welltower, Inc. | 15,000 | 16,328 | ||||||
Weyerhaeuser Co. | 30,000 | 35,265 | ||||||
|
| |||||||
(Cost $398,893) | 429,932 | |||||||
|
| |||||||
Industrial — 7.9% | ||||||||
Building Materials — 0.8% | ||||||||
Carrier Global Corp. | 35,000 | 36,041 | ||||||
3.577%, 4/5/50, 144A | 10,000 | 11,338 | ||||||
Johnson Controls International PLC | 15,000 | 19,592 | ||||||
Owens Corning | 15,000 | 17,825 | ||||||
|
| |||||||
(Cost $74,188) | 84,796 | |||||||
|
| |||||||
Electrical Components & Equipment — 0.1% | ||||||||
Emerson Electric Co. | 5,000 | 5,387 | ||||||
|
| |||||||
Electronics — 0.5% | ||||||||
Agilent Technologies, Inc. | 10,000 | 10,443 | ||||||
Fortive Corp. | 10,000 | 11,079 | ||||||
Roper Technologies, Inc. | 30,000 | 34,545 | ||||||
|
| |||||||
(Cost $52,419) | 56,067 | |||||||
|
| |||||||
Environmental Control — 0.5% | ||||||||
Republic Services, Inc. | 15,000 | 15,592 |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (Continued)
November 30, 2020 (Unaudited)
Principal | Value | |||||||
Environmental Control (Continued) | ||||||||
2.30%, 3/1/30 | $ | 5,000 | $ | 5,317 | ||||
3.05%, 3/1/50 | 5,000 | 5,572 | ||||||
Waste Connections, Inc. | 5,000 | 5,383 | ||||||
Waste Management, Inc. | 10,000 | 11,321 | ||||||
4.10%, 3/1/45 | 5,000 | 6,341 | ||||||
|
| |||||||
(Cost $47,922) | 49,526 | |||||||
|
| |||||||
Hand/Machine Tools — 0.3% | ||||||||
Stanley Black & Decker, Inc. | ||||||||
(Cost $25,787) | 25,000 | 26,216 | ||||||
|
| |||||||
Machinery-Construction & Mining — 0.5% | ||||||||
Caterpillar, Inc. | 30,000 | 30,911 | ||||||
3.803%, 8/15/42 | 5,000 | 6,423 | ||||||
3.25%, 9/19/49 | 15,000 | 17,835 | ||||||
|
| |||||||
(Cost $51,003) | 55,169 | |||||||
|
| |||||||
Machinery-Diversified — 0.7% | ||||||||
Deere & Co. | 20,000 | 20,579 | ||||||
3.10%, 4/15/30 | 10,000 | 11,526 | ||||||
3.90%, 6/9/42 | 10,000 | 12,908 | ||||||
John Deere Capital Corp. | ||||||||
MTN, 3.45%, 3/13/25 | 10,000 | 11,190 | ||||||
Otis Worldwide Corp. | 15,000 | 17,377 | ||||||
|
| |||||||
(Cost $67,834) | 73,580 | |||||||
|
| |||||||
Miscellaneous Manufacturing — 1.2% | ||||||||
3M Co. | ||||||||
MTN, 2.25%, 3/15/23 | 20,000 | 20,872 | ||||||
MTN, 3.25%, 2/14/24 | 5,000 | 5,448 | ||||||
MTN, 4.00%, 9/14/48 | 15,000 | 19,486 | ||||||
Eaton Corp. | 15,000 | 18,915 | ||||||
Illinois Tool Works, Inc. | 10,000 | 10,885 | ||||||
Ingersoll-Rand Global Holding Co. Ltd. | 20,000 | 21,874 | ||||||
4.30%, 2/21/48 | 10,000 | 12,776 | ||||||
Parker-Hannifin Corp. 3.25%, 6/14/29 | 10,000 | 11,370 | ||||||
|
| |||||||
(Cost $113,952) | 121,626 | |||||||
|
| |||||||
Packaging & Containers — 0.1% | ||||||||
Bemis Co., Inc. | 5,000 | 5,374 | ||||||
Sonoco Products Co. | 5,000 | 5,545 | ||||||
|
| |||||||
(Cost $10,810) | 10,919 | |||||||
|
| |||||||
Transportation — 3.2% | ||||||||
Canadian Pacific Railway Co. | 10,000 | 10,869 | ||||||
CSX Corp. | 12,000 | 14,532 |
Principal | Value | |||||||
Transportation (Continued) | ||||||||
2.40%, 2/15/30 | $ | 30,000 | $ | 32,602 | ||||
3.80%, 11/1/46 | 25,000 | 30,651 | ||||||
FedEx Corp. | 20,000 | 24,343 | ||||||
5.25%, 5/15/50 | 20,000 | 28,563 | ||||||
Norfolk Southern Corp. | 35,000 | 45,241 | ||||||
Ryder System, Inc. | ||||||||
MTN, 2.875%, 6/1/22 | 15,000 | 15,505 | ||||||
Union Pacific Corp. | 10,000 | 10,331 | ||||||
3.70%, 3/1/29 | 10,000 | 11,744 | ||||||
2.40%, 2/5/30 | 20,000 | 21,710 | ||||||
3.799%, 10/1/51 | 5,000 | 6,172 | ||||||
3.839%, 3/20/60 | 25,000 | 30,936 | ||||||
United Parcel Service, Inc. | 30,000 | 37,818 | ||||||
3.75%, 11/15/47 | 10,000 | 12,624 | ||||||
|
| |||||||
(Cost $302,341) | 333,641 | |||||||
|
| |||||||
Technology — 10.2% | ||||||||
Computers — 4.3% | ||||||||
Apple, Inc. | 35,000 | 36,756 | ||||||
3.00%, 2/9/24 | 35,000 | 37,660 | ||||||
3.20%, 5/13/25 | 17,000 | 18,926 | ||||||
3.20%, 5/11/27 | 25,000 | 28,373 | ||||||
4.45%, 5/6/44 | 15,000 | 20,728 | ||||||
3.85%, 8/4/46 | 20,000 | 25,893 | ||||||
3.75%, 11/13/47 | 15,000 | 19,189 | ||||||
2.95%, 9/11/49 | 10,000 | 11,441 | ||||||
Dell International LLC / EMC Corp. | 25,000 | 30,376 | ||||||
5.30%, 10/1/29, 144A | 35,000 | 42,340 | ||||||
Hewlett Packard Enterprise Co. | 25,000 | 26,639 | ||||||
4.90%, 10/15/25 | 10,000 | 11,656 | ||||||
6.35%, 10/15/45 | 10,000 | 13,236 | ||||||
HP, Inc. | 15,000 | 16,570 | ||||||
International Business Machines Corp. | 20,000 | 20,540 | ||||||
3.625%, 2/12/24 | 15,000 | 16,473 | ||||||
1.95%, 5/15/30 | 20,000 | 20,685 | ||||||
4.00%, 6/20/42 | 15,000 | 19,072 | ||||||
4.25%, 5/15/49 | 10,000 | 13,321 | ||||||
Seagate HDD Cayman | 6,000 | 6,858 | ||||||
4.091%, 6/1/29, 144A | 4,000 | 4,432 | ||||||
|
| |||||||
(Cost $401,847) | 441,164 | |||||||
|
| |||||||
Semiconductors — 1.7% | ||||||||
Analog Devices, Inc. | 5,000 | 5,707 | ||||||
Applied Materials, Inc. | 3,000 | 4,159 | ||||||
Intel Corp. | 5,000 | 5,142 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (Continued)
November 30, 2020 (Unaudited)
Principal | Value | |||||||
Semiconductors (Continued) | ||||||||
3.70%, 7/29/25 | $ | 20,000 | $ | 22,638 | ||||
3.15%, 5/11/27 | 25,000 | 28,239 | ||||||
4.10%, 5/11/47 | 15,000 | 19,368 | ||||||
4.95%, 3/25/60 | 10,000 | 15,246 | ||||||
Lam Research Corp. | 2,000 | 2,899 | ||||||
2.875%, 6/15/50 (a) | 5,000 | 5,433 | ||||||
Micron Technology, Inc. | 25,000 | 27,868 | ||||||
NVIDIA Corp. | 12,000 | 13,469 | ||||||
3.70%, 4/1/60 | 10,000 | 12,949 | ||||||
Texas Instruments, Inc. | 5,000 | 6,912 | ||||||
|
| |||||||
(Cost $154,849) | 170,029 | |||||||
|
| |||||||
Software — 4.2% | ||||||||
Activision Blizzard, Inc. | 10,000 | 11,342 | ||||||
2.50%, 9/15/50 | 5,000 | 4,843 | ||||||
Fidelity National Information Services, Inc. | 15,000 | 15,943 | ||||||
Fiserv, Inc. | 40,000 | 47,661 | ||||||
3.50%, 7/1/29 | 10,000 | 11,478 | ||||||
Microsoft Corp. | 20,000 | 21,826 | ||||||
3.30%, 2/6/27 | 20,000 | 22,860 | ||||||
3.50%, 2/12/35 | 10,000 | 12,465 | ||||||
4.45%, 11/3/45 | 30,000 | 42,893 | ||||||
3.70%, 8/8/46 | 10,000 | 12,901 | ||||||
2.525%, 6/1/50 | 25,000 | 27,036 | ||||||
3.95%, 8/8/56 | 5,000 | 6,905 | ||||||
2.675%, 6/1/60 | 5,000 | 5,521 | ||||||
Oracle Corp. | ||||||||
3.40%, 7/8/24 | 10,000 | 10,935 | ||||||
2.50%, 4/1/25 | 40,000 | 42,945 | ||||||
2.95%, 5/15/25 | 10,000 | 10,930 | ||||||
2.95%, 4/1/30 | 20,000 | 22,458 | ||||||
4.30%, 7/8/34 | 25,000 | 31,966 | ||||||
4.00%, 7/15/46 | 10,000 | 12,225 | ||||||
4.00%, 11/15/47 | 10,000 | 12,261 | ||||||
3.85%, 4/1/60 | 25,000 | 30,992 | ||||||
salesforce.com, Inc. | 5,000 | 5,881 | ||||||
VMware, Inc. | 10,000 | 12,221 | ||||||
|
| |||||||
(Cost $394,024) | 436,488 | |||||||
|
| |||||||
Utilities — 8.0% | ||||||||
Electric — 6.7% | ||||||||
AEP Texas, Inc. | ||||||||
Series I, 2.10%, 7/1/30 | 10,000 | 10,500 | ||||||
CenterPoint Energy Houston Electric LLC | ||||||||
Series Z, 2.40%, 9/1/26 | 15,000 | 16,192 | ||||||
Series AC, 4.25%, 2/1/49 | 10,000 | 13,360 |
Principal | Value | |||||||
Electric (Continued) | ||||||||
CenterPoint Energy, Inc. | $ | 15,000 | $ | 16,458 | ||||
CMS Energy Corp. | 5,000 | 5,516 | ||||||
Commonwealth Edison Co. | 5,000 | 6,388 | ||||||
Consolidated Edison Co. of New York, Inc. | ||||||||
Series 20A, 3.35%, 4/1/30 | 10,000 | 11,575 | ||||||
Series 20B, 3.95%, 4/1/50 | 45,000 | 56,061 | ||||||
4.625%, 12/1/54 | 5,000 | 6,801 | ||||||
Consumers Energy Co. | 25,000 | 30,710 | ||||||
Emera US Finance LP | 10,000 | 11,201 | ||||||
Eversource Energy | ||||||||
Series N, 3.80%, 12/1/23 | 20,000 | 21,938 | ||||||
3.45%, 1/15/50 | 25,000 | 29,324 | ||||||
Exelon Corp. | 50,000 | 59,427 | ||||||
4.70%, 4/15/50 | 15,000 | 20,370 | ||||||
Exelon Generation Co. LLC | 40,000 | 43,113 | ||||||
Interstate Power and Light Co. | 10,000 | 11,005 | ||||||
Kentucky Utilities Co. | 20,000 | 22,859 | ||||||
Public Service Electric and Gas Co. | ||||||||
MTN, 2.25%, 9/15/26 | 5,000 | 5,392 | ||||||
MTN, 3.80%, 3/1/46 | 25,000 | 31,065 | ||||||
Public Service Enterprise Group, Inc. | ||||||||
2.65%, 11/15/22 | 25,000 | 26,065 | ||||||
Puget Energy, Inc. | 10,000 | 11,097 | ||||||
4.10%, 6/15/30, 144A | 15,000 | 17,024 | ||||||
Puget Sound Energy, Inc. | 10,000 | 11,237 | ||||||
San Diego Gas & Electric Co. | ||||||||
Series RRR, 3.75%, 6/1/47 | 20,000 | 23,928 | ||||||
Sempra Energy | 10,000 | 10,949 | ||||||
3.25%, 6/15/27 | 10,000 | 11,090 | ||||||
4.00%, 2/1/48 | 5,000 | 5,975 | ||||||
Southwestern Electric Power Co. | ||||||||
Series K, 2.75%, 10/1/26 | 60,000 | 64,868 | ||||||
Tampa Electric Co. | 10,000 | 13,255 | ||||||
Tucson Electric Power Co. | 10,000 | 12,445 | ||||||
WEC Energy Group, Inc. | 30,000 | 33,476 | ||||||
Wisconsin Power and Light Co. | 15,000 | 17,082 | ||||||
|
| |||||||
(Cost $659,018) | 687,746 | |||||||
|
| |||||||
Gas — 0.9% | ||||||||
Atmos Energy Corp. | 20,000 | 23,411 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (Continued)
November 30, 2020 (Unaudited)
Principal | Value | |||||||
Gas (Continued) | ||||||||
NiSource, Inc. | $ | 15,000 | $ | 16,899 | ||||
4.375%, 5/15/47 | 15,000 | 19,341 | ||||||
Southern California Gas Co. | ||||||||
Series VV, 4.30%, 1/15/49 | 25,000 | 33,023 | ||||||
|
| |||||||
(Cost $82,031) | 92,674 | |||||||
|
| |||||||
Water — 0.4% | ||||||||
American Water Capital Corp. | 10,000 | 11,061 | ||||||
2.80%, 5/1/30 | 5,000 | 5,529 | ||||||
3.45%, 5/1/50 | 15,000 | 17,947 | ||||||
Essential Utilities, Inc. | 10,000 | 11,228 | ||||||
|
| |||||||
(Cost $47,098) | 45,765 | |||||||
|
| |||||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $9,385,338) | 10,226,002 | |||||||
|
|
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 0.4% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (c)(d) | 43,260 | $ | 43,260 | |||||
|
| |||||||
CASH EQUIVALENTS — 0.3% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) | 33,933 | 33,933 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% | $ | 10,303,195 | ||||||
Other assets and liabilities, net — 0.1% | 6,967 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 10,310,162 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
Value ($) at 5/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2020 | Value ($) at 11/30/2020 | ||||||||||||||||||||||||||||
CORPORATE BONDS — 0.1% |
| |||||||||||||||||||||||||||||||||||
Financial — 0.1% |
| |||||||||||||||||||||||||||||||||||
Deutsche Bank AG, 3.70%, 5/30/24 (b) |
| |||||||||||||||||||||||||||||||||||
10,139 | — | — | — | 605 | 184 | — | 10,000 | 10,744 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.4% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (c)(d) |
| |||||||||||||||||||||||||||||||||||
10,080 | 33,180 | (e) | — | — | — | 11 | — | 43,260 | 43,260 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.3% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) |
| |||||||||||||||||||||||||||||||||||
83,235 | 345,823 | (395,125) | — | — | 12 | — | 33,933 | 33,933 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
103,454 | 379,003 | (395,125 | ) | — | 605 | 207 | — | 87,193 | 87,937 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $165,585, which is 1.6% of net assets. |
(b) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $126,153. |
(e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
GMTN: | Global Medium Term Note |
MTN: | Medium Term Note |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (Continued)
November 30, 2020 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds (f) | $ | — | $ | 10,226,002 | $ | — | $ | 10,226,002 | ||||||||
Short-Term Investments (f) | 77,193 | — | — | 77,193 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 77,193 | $ | 10,226,002 | $ | — | $ | 10,303,195 | ||||||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF
November 30, 2020 (Unaudited)
Principal | Value | |||||||
SOVEREIGN BONDS — 98.4% |
| |||||||
Argentina — 2.1% |
| |||||||
Argentine Republic Government International Bond | $ | 65,589 | $ | 28,006 | ||||
Step-Up Coupon, | 417,753 | 163,968 | ||||||
Step-Up Coupon, | 534,246 | 188,589 | ||||||
Step-Up Coupon, | 295,407 | 117,277 | ||||||
Step-Up Coupon, | 275,000 | 100,375 | ||||||
Step-Up Coupon, | 55,000 | 19,690 | ||||||
|
| |||||||
(Cost $772,402) | 617,905 | |||||||
|
| |||||||
Armenia — 0.8% | ||||||||
Republic of Armenia International Bond | ||||||||
(Cost $221,229) | 200,000 | 224,448 | ||||||
|
| |||||||
Azerbaijan — 0.7% | ||||||||
Republic of Azerbaijan International Bond | ||||||||
(Cost $215,230) | 200,000 | 218,428 | ||||||
|
| |||||||
Bahrain — 1.4% | ||||||||
Bahrain Government International Bond | 200,000 | 209,608 | ||||||
6.00%, 9/19/44, REGS | 200,000 | 203,755 | ||||||
|
| |||||||
(Cost $405,718) | 413,363 | |||||||
|
| |||||||
Barbados — 0.2% | ||||||||
Barbados Government International Bond | ||||||||
(Cost $48,570) | 50,000 | 48,500 | ||||||
|
| |||||||
Belarus — 0.7% | ||||||||
Republic of Belarus Ministry of Finance | ||||||||
(Cost $187,256) | 200,000 | 202,084 | ||||||
|
| |||||||
Belize — 0.0% | ||||||||
Belize Government International Bond, | ||||||||
(Cost $10,905) | 25,617 | 12,040 | ||||||
|
|
Principal | Value | |||||||
Bolivia — 0.3% | ||||||||
Bolivian Government International Bond | ||||||||
(Cost $97,465) | $ | 100,000 | $ | 101,865 | ||||
|
| |||||||
Brazil — 4.0% | ||||||||
Brazilian Government International Bond | 200,000 | 237,775 | ||||||
4.625%, 1/13/28 | 200,000 | 222,739 | ||||||
4.50%, 5/30/29 | 200,000 | 221,079 | ||||||
8.25%, 1/20/34 | 195,000 | 281,960 | ||||||
7.125%, 1/20/37 | 55,000 | 73,937 | ||||||
5.625%, 1/7/41 | 125,000 | 147,656 | ||||||
|
| |||||||
(Cost $1,096,365) | 1,185,146 | |||||||
|
| |||||||
Chile — 1.6% | ||||||||
Chile Government International Bond | 200,000 | 224,721 | ||||||
3.86%, 6/21/47 | 200,000 | 240,500 | ||||||
|
| |||||||
(Cost $435,474) | 465,221 | |||||||
|
| |||||||
China — 0.8% | ||||||||
China Government International Bond | ||||||||
(Cost $236,362) | 200,000 | 235,087 | ||||||
|
| |||||||
Colombia — 3.4% | ||||||||
Colombia Government International Bond | 200,000 | 215,047 | ||||||
3.875%, 4/25/27 | 200,000 | 220,112 | ||||||
6.125%, 1/18/41 | 150,000 | 198,975 | ||||||
5.625%, 2/26/44 | 75,000 | 95,737 | ||||||
5.00%, 6/15/45 | 250,000 | 301,563 | ||||||
|
| |||||||
(Cost $945,322) | 1,031,434 | |||||||
|
| |||||||
Costa Rica — 1.8% | ||||||||
Costa Rica Government International Bond | 200,000 | 189,200 | ||||||
4.375%, 4/30/25, REGS | 200,000 | 179,029 | ||||||
7.158%, 3/12/45, REGS | 200,000 | 175,800 | ||||||
|
| |||||||
(Cost $532,086) | 544,029 | |||||||
|
| |||||||
Croatia — 0.7% | ||||||||
Croatia Government International Bond | ||||||||
(Cost $210,750) | 200,000 | 220,835 | ||||||
|
| |||||||
Dominican Republic — 3.3% | ||||||||
Dominican Republic International Bond | 200,000 | 232,180 | ||||||
6.00%, 7/19/28, REGS | 100,000 | 114,156 | ||||||
4.875%, 9/23/32, REGS | 150,000 | 160,875 | ||||||
7.45%, 4/30/44, REGS | 275,000 | 340,175 | ||||||
6.85%, 1/27/45, REGS | 125,000 | 145,937 | ||||||
|
| |||||||
(Cost $878,545) | 993,323 | |||||||
|
|
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (Continued)
November 30, 2020 (Unaudited)
Principal | Value | |||||||
Ecuador — 1.6% | ||||||||
Ecuador Government International Bond | $ | 55,739 | $ | 24,665 | ||||
Step-Up Coupon, | 190,375 | 120,983 | ||||||
Step-Up Coupon, | 428,387 | 234,114 | ||||||
Step-Up Coupon, | 178,625 | 88,330 | ||||||
|
| |||||||
(Cost $543,812) | 468,092 | |||||||
|
| |||||||
Egypt — 2.2% | ||||||||
Egypt Government International Bond | 200,000 | 225,003 | ||||||
7.60%, 3/1/29, 144A | 200,000 | 223,510 | ||||||
7.60%, 3/1/29, REGS | 200,000 | 223,509 | ||||||
|
| |||||||
(Cost $613,718) | 672,022 | |||||||
|
| |||||||
El Salvador — 1.0% | ||||||||
El Salvador Government International Bond | 40,000 | 35,440 | ||||||
8.625%, 2/28/29, REGS | 60,000 | 56,310 | ||||||
7.65%, 6/15/35, 144A | 110,000 | 97,020 | ||||||
7.65%, 6/15/35, REGS | 135,000 | 119,070 | ||||||
|
| |||||||
(Cost $308,384) | 307,840 | |||||||
|
| |||||||
Gabon — 0.7% | ||||||||
Gabon Government International Bond | ||||||||
(Cost $198,000) | 200,000 | 197,207 | ||||||
|
| |||||||
Ghana — 2.2% | ||||||||
Ghana Government International Bond | 200,000 | 215,243 | ||||||
8.125%, 3/26/32, REGS | 250,000 | 255,009 | ||||||
7.875%, 2/11/35, REGS | 200,000 | 195,704 | ||||||
|
| |||||||
(Cost $601,148) | 665,956 | |||||||
|
| |||||||
Guatemala — 0.8% | ||||||||
Guatemala Government Bond | ||||||||
(Cost $209,550) | 200,000 | 229,972 | ||||||
|
| |||||||
Honduras — 0.2% | ||||||||
Honduras Government International Bond | ||||||||
(Cost $56,633) | 50,000 | 57,125 | ||||||
|
| |||||||
Hungary — 1.4% | ||||||||
Hungary Government International Bond | 100,000 | 110,217 | ||||||
5.75%, 11/22/23 | 96,000 | 109,819 |
Principal | Value | |||||||
Hungary (Continued) | ||||||||
5.375%, 3/25/24 | $ | 26,000 | $ | 29,729 | ||||
7.625%, 3/29/41 | 100,000 | 178,793 | ||||||
|
| |||||||
(Cost $396,317) | 428,558 | |||||||
|
| |||||||
Indonesia — 4.9% | ||||||||
Indonesia Government International Bond | 100,000 | 115,207 | ||||||
4.10%, 4/24/28 | 200,000 | 232,552 | ||||||
4.75%, 2/11/29 | 200,000 | 243,489 | ||||||
3.85%, 10/15/30 | 250,000 | 292,597 | ||||||
7.75%, 1/17/38, REGS | 200,000 | 317,757 | ||||||
5.25%, 1/17/42, REGS | 200,000 | 262,605 | ||||||
|
| |||||||
(Cost $1,399,796) | 1,464,207 | |||||||
|
| |||||||
Ivory Coast — 0.6% | ||||||||
Ivory Coast Government International Bond | ||||||||
(Cost $164,056) | 166,000 | 166,931 | ||||||
|
| |||||||
Jamaica — 0.9% | ||||||||
Jamaica Government International Bond | ||||||||
(Cost $215,673) | 200,000 | 272,200 | ||||||
|
| |||||||
Jordan — 0.7% | ||||||||
Jordan Government International Bond | ||||||||
(Cost $206,846) | 200,000 | 216,299 | ||||||
|
| |||||||
Kazakhstan — 1.1% | ||||||||
Kazakhstan Government International Bond | ||||||||
(Cost $297,370) | 200,000 | 323,719 | ||||||
|
| |||||||
Kenya — 0.7% | ||||||||
Kenya Government International Bond | ||||||||
(Cost $198,673) | 200,000 | 220,215 | ||||||
|
| |||||||
Kuwait — 0.8% | ||||||||
Kuwait International Government Bond | ||||||||
(Cost $218,669) | 200,000 | 227,996 | ||||||
|
| |||||||
Lebanon — 0.0% | ||||||||
Lebanon Government International Bond | ||||||||
(Cost $22,500) | 25,000 | 3,649 | ||||||
|
| |||||||
Malaysia — 0.9% | ||||||||
Malaysia Sovereign Sukuk Bhd | ||||||||
(Cost $264,816) | 250,000 | 274,089 | ||||||
|
| |||||||
Mexico — 2.7% | ||||||||
Mexico Government International Bond | 200,000 | 219,012 | ||||||
MTN, 8.30%, 8/15/31 | 50,000 | 74,750 | ||||||
Series A, MTN, 7.50%, 4/8/33 | 50,000 | 71,866 | ||||||
Series A, MTN, 6.75%, 9/27/34 | 10,000 | 13,873 | ||||||
6.05%, 1/11/40 | 26,000 | 34,110 | ||||||
MTN, 4.75%, 3/8/44 | 90,000 | 104,000 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (Continued)
November 30, 2020 (Unaudited)
Principal | Value | |||||||
Mexico (Continued) | ||||||||
5.55%, 1/21/45 (b) | $ | 25,000 | $ | 31,906 | ||||
4.60%, 1/23/46 | 100,000 | 114,092 | ||||||
4.60%, 2/10/48 | 75,000 | 85,560 | ||||||
4.50%, 1/31/50 | 50,000 | 56,751 | ||||||
GMTN, 5.75%, 10/12/10 | 10,000 | 12,556 | ||||||
|
| |||||||
(Cost $760,662) | 818,476 | |||||||
|
| |||||||
Mongolia — 0.7% | ||||||||
Mongolia Government International Bond | ||||||||
(Cost $182,688) | 200,000 | 208,000 | ||||||
|
| |||||||
Namibia — 0.7% | ||||||||
Namibia International Bonds | ||||||||
(Cost $211,000) | 200,000 | 210,464 | ||||||
|
| |||||||
Oman — 4.0% | ||||||||
Oman Government International Bond | 200,000 | 199,750 | ||||||
4.75%, 6/15/26, REGS | 200,000 | 193,290 | ||||||
5.625%, 1/17/28, REGS | 200,000 | 196,847 | ||||||
6.00%, 8/1/29, REGS | 200,000 | 199,175 | ||||||
6.75%, 1/17/48, REGS | 200,000 | 185,788 | ||||||
Oman Sovereign Sukuk Co. | 200,000 | 216,948 | ||||||
|
| |||||||
(Cost $1,098,633) | 1,191,798 | |||||||
|
| |||||||
Panama — 4.2% | ||||||||
Panama Bonos del Tesoro | 46,000 | 49,222 | ||||||
Panama Government International Bond | 100,000 | 109,915 | ||||||
7.125%, 1/29/26 | 100,000 | 126,857 | ||||||
3.875%, 3/17/28 | 150,000 | 170,228 | ||||||
6.70%, 1/26/36 | 175,000 | 257,785 | ||||||
4.50%, 4/1/56 | 250,000 | 318,750 | ||||||
3.87%, 7/23/60 | 200,000 | 233,752 | ||||||
|
| |||||||
(Cost $1,195,213) | 1,266,509 | |||||||
|
| |||||||
Paraguay — 1.7% | ||||||||
Paraguay Government International Bond | 200,000 | 231,502 | ||||||
6.10%, 8/11/44, REGS | 200,000 | 266,500 | ||||||
|
| |||||||
(Cost $474,317) | 498,002 | |||||||
|
| |||||||
Peru — 2.7% | ||||||||
Peruvian Government International Bond | 275,000 | 320,326 | ||||||
2.783%, 1/23/31 | 100,000 | 108,226 | ||||||
8.75%, 11/21/33 | 100,000 | 166,970 | ||||||
6.55%, 3/14/37 | 40,000 | 59,772 | ||||||
5.625%, 11/18/50 | 100,000 | 153,179 | ||||||
|
| |||||||
(Cost $783,086) | 808,473 | |||||||
|
| |||||||
Philippines — 3.5% | ||||||||
Philippine Government International Bond | 100,000 | 110,856 | ||||||
3.75%, 1/14/29 | 200,000 | 233,509 |
Principal | Value | |||||||
Philippines (Continued) | ||||||||
9.50%, 2/2/30 | $ | 200,000 | $ | 329,765 | ||||
6.375%, 10/23/34 | 100,000 | 146,977 | ||||||
3.70%, 2/2/42 | 200,000 | 233,942 | ||||||
|
| |||||||
(Cost $1,023,913) | 1,055,049 | |||||||
|
| |||||||
Poland — 1.6% | ||||||||
Republic of Poland Government International Bond | 250,000 | 264,961 | ||||||
3.25%, 4/6/26 | 200,000 | 225,975 | ||||||
|
| |||||||
(Cost $475,140) | 490,936 | |||||||
|
| |||||||
Qatar — 4.6% | ||||||||
Qatar Government International Bond | 200,000 | 236,681 | ||||||
9.75%, 6/15/30, 144A | 320,000 | 544,296 | ||||||
6.40%, 1/20/40, 144A | 100,000 | 158,014 | ||||||
6.40%, 1/20/40, REGS | 100,000 | 158,013 | ||||||
5.103%, 4/23/48, REGS | 200,000 | 286,505 | ||||||
|
| |||||||
(Cost $1,294,173) | 1,383,509 | |||||||
|
| |||||||
Romania — 2.3% | ||||||||
Romanian Government International Bond | 200,000 | 214,349 | ||||||
3.00%, 2/14/31, REGS | 100,000 | 107,146 | ||||||
6.125%, 1/22/44, 144A | 70,000 | 99,115 | ||||||
5.125%, 6/15/48, 144A | 50,000 | 64,465 | ||||||
5.125%, 6/15/48, REGS | 126,000 | 162,452 | ||||||
4.00%, 2/14/51, REGS | 50,000 | 54,873 | ||||||
|
| |||||||
(Cost $657,388) | 702,400 | |||||||
|
| |||||||
Russia — 2.4% | ||||||||
Russian Foreign Bond — Eurobond | 200,000 | 219,900 | ||||||
4.375%, 3/21/29, 144A | 200,000 | 231,998 | ||||||
5.25%, 6/23/47, REGS | 200,000 | 272,162 | ||||||
|
| |||||||
(Cost $692,130) | 724,060 | |||||||
|
| |||||||
Saudi Arabia — 4.9% | ||||||||
Saudi Government International Bond | 250,000 | 276,212 | ||||||
4.375%, 4/16/29, REGS | 200,000 | 236,719 | ||||||
4.50%, 4/17/30, REGS | 200,000 | 240,735 | ||||||
2.75%, 2/3/32, REGS | 200,000 | 211,009 | ||||||
4.50%, 10/26/46, REGS | 200,000 | 245,988 | ||||||
5.00%, 4/17/49, REGS | 200,000 | 265,750 | ||||||
|
| |||||||
(Cost $1,411,552) | 1,476,413 | |||||||
|
| |||||||
Senegal — 0.7% | ||||||||
Senegal Government International Bond | ||||||||
(Cost $200,918) | 200,000 | 219,155 | ||||||
|
| |||||||
South Africa — 2.0% | ||||||||
Republic of South Africa Government International Bond | 200,000 | 202,138 | ||||||
5.65%, 9/27/47 | 200,000 | 192,252 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (Continued)
November 30, 2020 (Unaudited)
Principal | Value | |||||||
South Africa (Continued) | ||||||||
6.30%, 6/22/48 | $ | 200,000 | $ | 205,628 | ||||
|
| |||||||
(Cost $561,198) | 600,018 | |||||||
|
| |||||||
Sri Lanka — 1.3% | ||||||||
Sri Lanka Government International Bond | 200,000 | 136,000 | ||||||
7.85%, 3/14/29, 144A | 200,000 | 119,000 | ||||||
7.55%, 3/28/30, REGS | 200,000 | 119,000 | ||||||
|
| |||||||
(Cost $464,510) | 374,000 | |||||||
|
| |||||||
Trinidad and Tobago — 0.7% | ||||||||
Trinidad & Tobago Government International Bond | ||||||||
(Cost $208,174) | 200,000 | 211,329 | ||||||
|
| |||||||
Turkey — 2.7% | ||||||||
Turkey Government International Bond | 55,000 | 59,886 | ||||||
4.25%, 4/14/26 | 200,000 | 192,758 | ||||||
4.875%, 10/9/26 | 200,000 | 196,069 | ||||||
11.875%, 1/15/30 | 140,000 | 197,887 | ||||||
6.875%, 3/17/36 | 100,000 | 104,035 | ||||||
7.25%, 3/5/38 | 50,000 | 53,885 | ||||||
|
| |||||||
(Cost $771,662) | 804,520 | |||||||
|
| |||||||
Ukraine — 2.8% | ||||||||
Ukraine Government International Bond | 100,000 | 109,566 | ||||||
7.75%, 9/1/25, 144A | 100,000 | 110,228 | ||||||
7.75%, 9/1/26, 144A | 100,000 | 110,919 | ||||||
7.75%, 9/1/27, REGS | 250,000 | 277,964 | ||||||
9.75%, 11/1/28, REGS | 200,000 | 238,469 | ||||||
|
| |||||||
(Cost $791,245) | 847,146 | |||||||
|
| |||||||
United Arab Emirates — 4.5% | ||||||||
Abu Dhabi Government International Bond | 200,000 | 224,500 | ||||||
2.50%, 9/30/29, REGS | 400,000 | 431,557 | ||||||
3.875%, 4/16/50, REGS | 200,000 | 248,673 | ||||||
Emirate of Dubai Government International Bonds | ||||||||
Series E, MTN, 5.25%, 1/30/43, REGS | 200,000 | 232,216 |
Principal | Value | |||||||
United Arab Emirates (Continued) | ||||||||
Sharjah Sukuk Ltd. | $ | 200,000 | $ | 215,479 | ||||
|
| |||||||
(Cost $1,322,938) | 1,352,425 | |||||||
|
| |||||||
Uruguay — 4.9% | ||||||||
Uruguay Government International Bond | 400,000 | 484,130 | ||||||
7.875%, 1/15/33 | 70,000 | 110,500 | ||||||
7.625%, 3/21/36 | 30,000 | 47,717 | ||||||
5.10%, 6/18/50 | 390,000 | 537,441 | ||||||
4.975%, 4/20/55 | 200,000 | 272,250 | ||||||
|
| |||||||
(Cost $1,315,926) | 1,452,038 | |||||||
|
| |||||||
Zambia — 0.3% | ||||||||
Zambia Government International Bond | ||||||||
(Cost $100,198) | 200,000 | 95,500 | ||||||
|
| |||||||
TOTAL SOVEREIGN BONDS | $ | 29,500,005 | ||||||
|
| |||||||
Number | ||||||||
SECURITIES LENDING COLLATERAL — 0.5% |
| |||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (c)(d) | ||||||||
(Cost $142,800) | 142,800 | 142,800 | ||||||
|
| |||||||
CASH EQUIVALENTS — 4.9% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) | ||||||||
(Cost $1,476,936) | 1,476,936 | 1,476,936 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 103.8% | $ | 31,119,741 | ||||||
Other assets and liabilities, net — (3.8%) | (1,137,491 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 29,982,250 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
Value ($) at 5/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2020 | Value ($) at 11/30/2020 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.5% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (c)(d) |
| |||||||||||||||||||||||||||||||||||
— | 142,800(e | ) | — | — | — | 14 | — | 142,800 | 142,800 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 4.9% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) |
| |||||||||||||||||||||||||||||||||||
127,325 | 3,529,712 | (2,180,101 | ) | — | — | 48 | — | 1,476,936 | 1,476,936 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
127,325 | 3,672,512 | (2,180,101 | ) | — | — | 62 | — | 1,619,736 | 1,619,736 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (Continued)
November 30, 2020 (Unaudited)
* | Non-income producing security. |
(a) | Defaulted security or security for which income has been deemed uncollectible. |
(b) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $158,045, which is 0.5% of net assets. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $19,699. |
(e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
GMTN: | Global Medium Term Note |
MTN: | Medium Term Note |
REGS: | Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Sovereign Bonds (f) | $ | — | $ | 29,500,005 | $ | — | $ | 29,500,005 | ||||||||
Short-Term Investments (f) | 1,619,736 | — | — | 1,619,736 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 1,619,736 | $ | 29,500,005 | $ | — | $ | 31,119,741 | ||||||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF
November 30, 2020 (Unaudited)
Principal | Value | |||||||
CORPORATE BONDS — 96.9% | ||||||||
Basic Materials — 5.2% | ||||||||
Chemicals — 2.0% | ||||||||
CF Industries, Inc. | $ | 48,000 | $ | 60,810 | ||||
Ingevity Corp., 144A | 45,000 | 45,948 | ||||||
Kraton Polymers LLC / Kraton Polymers Capital Corp., 144A | 34,000 | 35,169 | ||||||
Methanex Corp. | 25,000 | 26,335 | ||||||
NOVA Chemicals Corp., 144A | 50,000 | 51,594 | ||||||
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 144A | 15,000 | 15,366 | ||||||
Tronox, Inc., 144A | 30,000 | 31,199 | ||||||
Valvoline, Inc., 144A | 30,000 | 31,620 | ||||||
|
| |||||||
(Cost $266,696) | 298,041 | |||||||
|
| |||||||
Forest Products & Paper — 0.2% | ||||||||
Mercer International, Inc. | ||||||||
7.375%, 1/15/25 | ||||||||
(Cost $20,361) | 21,000 | 21,748 | ||||||
|
| |||||||
Iron/Steel — 0.6% | ||||||||
Allegheny Technologies, Inc. | 10,000 | 10,851 | ||||||
Big River Steel LLC / BRS Finance Corp., 144A | 23,000 | 24,423 | ||||||
Cleveland-Cliffs, Inc. | 25,000 | 24,969 | ||||||
United States Steel Corp. | 25,000 | 23,328 | ||||||
|
| |||||||
(Cost $69,313) | 83,571 | |||||||
|
| |||||||
Mining — 2.4% | ||||||||
Alcoa Nederland Holding BV, 144A | 25,000 | 27,113 | ||||||
Arconic Corp., 144A | 23,000 | 24,798 | ||||||
Compass Minerals International, Inc., 144A | 25,000 | 27,590 | ||||||
FMG Resources August 2006 Pty Ltd., 144A | 98,000 | 106,024 | ||||||
Freeport-McMoRan, Inc. | 75,000 | 93,047 | ||||||
Hudbay Minerals, Inc. | 21,000 | 21,932 | ||||||
6.125%, 4/1/29, 144A | 6,000 | 6,467 | ||||||
Novelis Corp., 144A | 48,000 | 50,400 | ||||||
|
| |||||||
(Cost $320,625) | 357,371 | |||||||
|
|
Principal | Value | |||||||
Communications — 13.6% | ||||||||
Advertising — 0.5% | ||||||||
Lamar Media Corp. | $ | 50,000 | $ | 50,594 | ||||
Outfront Media Capital LLC / Outfront Media Capital Corp., 144A | 25,000 | 25,635 | ||||||
|
| |||||||
(Cost $74,325) | 76,229 | |||||||
|
| |||||||
Internet — 0.3% | ||||||||
NortonLifeLock, Inc., 144A | ||||||||
5.00%, 4/15/25 | ||||||||
(Cost $50,753) | 50,000 | 51,055 | ||||||
|
| |||||||
Media — 5.9% | ||||||||
CCO Holdings LLC / CCO Holdings Capital | ||||||||
4.75%, 3/1/30 | 100,000 | 106,220 | ||||||
Clear Channel Worldwide Holdings, Inc. | 75,000 | 75,102 | ||||||
CSC Holdings LLC, 144A | 100,000 | 108,375 | ||||||
Diamond Sports Group LLC / Diamond Sports Finance Co., 144A | ||||||||
5.375%, 8/15/26 | 25,000 | 19,422 | ||||||
DISH DBS Corp. | 50,000 | 53,250 | ||||||
Gray Television, Inc., 144A | 50,000 | 55,187 | ||||||
Houghton Mifflin Harcourt Publishers, Inc., 144A | ||||||||
9.00%, 2/15/25 (a) | 25,000 | 24,867 | ||||||
iHeartCommunications, Inc., | 50,000 | 50,584 | ||||||
Nexstar Broadcasting, Inc., 144A | 50,000 | 53,391 | ||||||
Quebecor Media, Inc. | 100,000 | 108,350 | ||||||
TEGNA, Inc., 144A | 50,000 | 51,188 | ||||||
Univision Communications, Inc., 144A | 50,000 | 50,406 | ||||||
UPC Holding BV, 144A | 100,000 | 105,938 | ||||||
|
| |||||||
(Cost $805,278) | 862,280 | |||||||
|
| |||||||
Telecommunications — 6.9% | ||||||||
Altice France SA, 144A | 200,000 | 210,210 | ||||||
CenturyLink, Inc. | ||||||||
Series W, 6.75%, 12/1/23 | 100,000 | 111,092 | ||||||
CommScope, Inc. | 50,000 | 52,816 | ||||||
8.25%, 3/1/27, 144A | 50,000 | 53,938 | ||||||
Connect Finco SARL / Connect US Finco LLC, 144A | 50,000 | 51,892 |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)
November 30, 2020 (Unaudited)
Principal | Value | |||||||
Telecommunications (Continued) | ||||||||
Embarq Corp. | $ | 25,000 | $ | 30,077 | ||||
Frontier Communications Corp., 144A | 15,000 | 15,816 | ||||||
Intrado Corp., 144A | 12,000 | 11,497 | ||||||
Level 3 Financing, Inc. | 50,000 | 51,421 | ||||||
4.25%, 7/1/28, 144A | 25,000 | 25,837 | ||||||
Ligado Networks LLC, 144A | 50,000 | 48,500 | ||||||
Nokia OYJ | 25,000 | 31,502 | ||||||
Sprint Capital Corp. | 50,000 | 76,832 | ||||||
Telecom Italia Capital SA | 50,000 | 68,572 | ||||||
ViaSat, Inc., 144A | 50,000 | 50,938 | ||||||
Vodafone Group PLC | 50,000 | 61,536 | ||||||
Zayo Group Holdings, Inc., | 50,000 | 52,731 | ||||||
|
| |||||||
(Cost $951,827) | 1,005,207 | |||||||
|
| |||||||
Consumer, Cyclical — 19.6% | ||||||||
Airlines — 0.7% | ||||||||
American Airlines, Inc., 144A | 40,000 | 44,300 | ||||||
Delta Air Lines, Inc. | 50,000 | 56,279 | ||||||
|
| |||||||
(Cost $83,765) | 100,579 | |||||||
|
| |||||||
Apparel — 0.4% | ||||||||
Hanesbrands, Inc., 144A | 40,000 | 42,125 | ||||||
William Carter Co., 144A | 15,000 | 15,928 | ||||||
|
| |||||||
(Cost $56,021) | 58,053 | |||||||
|
| |||||||
Auto Manufacturers — 3.4% | ||||||||
Ford Motor Co. | 50,000 | 62,844 | ||||||
Ford Motor Credit Co. LLC | 200,000 | 201,000 | ||||||
5.125%, 6/16/25 | 200,000 | 216,190 | ||||||
Tesla, Inc., 144A | 12,000 | 12,506 | ||||||
|
| |||||||
(Cost $446,644) | 492,540 | |||||||
|
| |||||||
Auto Parts & Equipment — 2.0% | ||||||||
American Axle & Manufacturing, Inc. | 100,000 | 103,616 | ||||||
Clarios Global LP / Clarios US Finance Co., 144A | 33,000 | 35,571 |
Principal | Value | |||||||
Auto Parts & Equipment (Continued) | ||||||||
Cooper-Standard Automotive, Inc., 144A | $ | 25,000 | $ | 20,228 | ||||
Dana Financing Luxembourg SARL, 144A | 50,000 | 52,281 | ||||||
Goodyear Tire & Rubber Co. | 45,000 | 45,976 | ||||||
Tenneco, Inc. | 10,000 | 9,019 | ||||||
ZF North America Capital, Inc., 144A | 20,000 | 21,175 | ||||||
|
| |||||||
(Cost $249,469) | 287,866 | |||||||
|
| |||||||
Distribution/Wholesale — 1.7% | ||||||||
American Builders & Contractors Supply Co., Inc., 144A | 50,000 | 51,960 | ||||||
Avient Corp., 144A | 25,000 | 26,750 | ||||||
Core & Main LP, 144A | 50,000 | 51,344 | ||||||
HD Supply, Inc., 144A | 50,000 | 53,094 | ||||||
Performance Food Group, Inc., 144A | 37,000 | 39,426 | ||||||
Wolverine Escrow LLC, 144A | 38,000 | 31,991 | ||||||
|
| |||||||
(Cost $238,469) | 254,565 | |||||||
|
| |||||||
Entertainment — 2.2% | ||||||||
Caesars Entertainment, Inc., 144A | 40,000 | 42,632 | ||||||
Caesars Resort Collection LLC / CRC Finco, Inc., 144A | 50,000 | 50,066 | ||||||
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op | 30,000 | 30,206 | ||||||
Cinemark USA, Inc. | 25,000 | 23,711 | ||||||
International Game Technology PLC, 144A | 65,000 | 71,825 | ||||||
Scientific Games International, Inc., 144A | 50,000 | 53,715 | ||||||
Six Flags Entertainment Corp., 144A | 15,000 | 14,968 | ||||||
Speedway Motorsports LLC / Speedway Funding II, Inc., 144A | 15,000 | 14,813 | ||||||
Stars Group Holdings BV / Stars Group US Co.-Borrower LLC, 144A | 25,000 | 26,484 | ||||||
|
| |||||||
(Cost $295,912) | 328,420 | |||||||
|
| |||||||
Food Service — 0.2% | ||||||||
Aramark Services, Inc., 144A | ||||||||
(Cost $34,978) | 34,000 | 34,986 | ||||||
|
|
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)
November 30, 2020 (Unaudited)
Principal | Value | |||||||
Home Builders — 1.5% | ||||||||
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp., 144A | $ | 20,000 | $ | 21,137 | ||||
K Hovnanian Enterprises, Inc., 144A | 25,000 | 25,875 | ||||||
KB Home | 20,000 | 22,150 | ||||||
MDC Holdings, Inc. | 50,000 | 54,211 | ||||||
Picasso Finance Sub, Inc., 144A | 25,000 | 26,786 | ||||||
Taylor Morrison Communities, Inc., 144A | 30,000 | 34,144 | ||||||
Toll Brothers Finance Corp. | 25,000 | 28,747 | ||||||
|
| |||||||
(Cost $200,050) | 213,050 | |||||||
|
| |||||||
Housewares — 0.6% | ||||||||
Newell Brands, Inc. | ||||||||
(Cost $86,456) | 80,000 | 86,300 | ||||||
|
| |||||||
Leisure Time — 1.1% | ||||||||
Carnival Corp. | ||||||||
11.50%, 4/1/23, 144A | 25,000 | 28,505 | ||||||
9.875%, 8/1/27, 144A | 15,000 | 17,616 | ||||||
NCL Corp. Ltd., 144A | ||||||||
3.625%, 12/15/24 | 35,000 | 31,329 | ||||||
Royal Caribbean Cruises Ltd., 144A | 80,000 | 86,700 | ||||||
|
| |||||||
(Cost $144,166) | 164,150 | |||||||
|
| |||||||
Lodging — 2.2% | ||||||||
Hilton Domestic Operating Co., Inc., 144A | 147,000 | 158,484 | ||||||
Marriott Ownership Resorts, Inc. / ILG LLC | 50,000 | 52,586 | ||||||
Wyndham Destinations, Inc. | 50,000 | 54,781 | ||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A | 50,000 | 51,094 | ||||||
|
| |||||||
(Cost $292,936) | 316,945 | |||||||
|
| |||||||
Retail — 3.6% | ||||||||
1011778 BC ULC / New Red Finance, Inc., 144A | 26,000 | 26,554 | ||||||
Beacon Roofing Supply, Inc., 144A | 50,000 | 50,766 | ||||||
Bed Bath & Beyond, Inc. | 7,000 | 5,989 | ||||||
Carvana Co., 144A | 25,000 | 25,406 | ||||||
Gap, Inc., 144A | 50,000 | 58,063 | ||||||
Golden Nugget, Inc., 144A | 50,000 | 48,938 |
Principal | Value | |||||||
Retail (Continued) | ||||||||
L Brands, Inc. | $ | 50,000 | $ | 54,531 | ||||
Macy’s Retail Holdings LLC | 55,000 | 50,296 | ||||||
Nordstrom, Inc. | 25,000 | 24,069 | ||||||
PetSmart, Inc., 144A | 30,000 | 29,661 | ||||||
QVC, Inc. | 50,000 | 52,438 | ||||||
Staples, Inc., 144A | 50,000 | 50,396 | ||||||
Yum! Brands, Inc., 144A | 50,000 | 54,128 | ||||||
|
| |||||||
(Cost $455,665) | 531,235 | |||||||
|
| |||||||
Consumer, Non-cyclical — 15.6% | ||||||||
Agriculture — 0.3% | ||||||||
Darling Ingredients, Inc., 144A | ||||||||
(Cost $39,803) | 39,000 | 41,608 | ||||||
|
| |||||||
Commercial Services — 4.1% | ||||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp., 144A | 38,000 | 42,209 | ||||||
APX Group, Inc. | 28,000 | 29,102 | ||||||
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144A | 50,000 | 49,719 | ||||||
Herc Holdings, Inc., 144A | 19,000 | 20,057 | ||||||
Nielsen Finance LLC / Nielsen Finance Co., 144A | 36,000 | 36,036 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc., 144A | 100,000 | 106,125 | ||||||
Refinitiv US Holdings, Inc., 144A | 50,000 | 54,562 | ||||||
RR Donnelley & Sons Co., 144A | 25,000 | 29,094 | ||||||
Sabre GLBL, Inc., 144A | 50,000 | 53,950 | ||||||
Service Corp. International | 50,000 | 55,647 | ||||||
United Rentals North America, Inc. | 15,000 | 15,879 | ||||||
4.875%, 1/15/28 | 100,000 | 106,875 | ||||||
|
| |||||||
(Cost $550,733) | 599,255 | |||||||
|
| |||||||
Cosmetics/Personal Care — 0.2% | ||||||||
Coty, Inc., 144A | ||||||||
(Cost $22,274) | 25,000 | 24,413 | ||||||
|
|
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)
November 30, 2020 (Unaudited)
Principal | Value | |||||||
Food — 3.3% | ||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 144A | $ | 73,000 | $ | 78,963 | ||||
B&G Foods, Inc. | 34,000 | 35,306 | ||||||
Chobani LLC / Chobani Finance Corp., Inc., 144A | 34,000 | 35,636 | ||||||
Ingles Markets, Inc. | 26,000 | 26,497 | ||||||
Kraft Heinz Foods Co. | ||||||||
7.125%, 8/1/39, 144A | 55,000 | 77,445 | ||||||
5.00%, 6/4/42 | 25,000 | 28,687 | ||||||
5.20%, 7/15/45 | 75,000 | 88,656 | ||||||
4.375%, 6/1/46 | 25,000 | 26,740 | ||||||
Post Holdings, Inc., 144A | 50,000 | 52,281 | ||||||
US Foods, Inc., 144A | 36,000 | 36,563 | ||||||
|
| |||||||
(Cost $451,475) | 486,774 | |||||||
|
| |||||||
Healthcare-Products — 0.5% | ||||||||
Avantor Funding, Inc., 144A | 25,000 | 26,344 | ||||||
Hill-Rom Holdings, Inc., 144A | 25,000 | 26,125 | ||||||
Teleflex, Inc. | 25,000 | 26,620 | ||||||
|
| |||||||
(Cost $78,129) | 79,089 | |||||||
|
| |||||||
Healthcare-Services — 5.6% | ||||||||
AHP Health Partners, Inc., 144A | 25,000 | 27,464 | ||||||
Catalent Pharma Solutions, Inc., 144A | 35,000 | 36,897 | ||||||
Centene Corp. | ||||||||
5.375%, 8/15/26, 144A | 50,000 | 52,937 | ||||||
4.625%, 12/15/29 | 100,000 | 109,754 | ||||||
3.00%, 10/15/30 | 35,000 | 36,881 | ||||||
CHS/Community Health Systems, Inc. | ||||||||
9.875%, 6/30/23, 144A (a) | 25,000 | 24,216 | ||||||
8.625%, 1/15/24, 144A | 97,000 | 101,062 | ||||||
DaVita, Inc., 144A | ||||||||
4.625%, 6/1/30 | 25,000 | 26,297 | ||||||
HCA, Inc. | 100,000 | 121,115 | ||||||
7.50%, 11/6/33 | 25,000 | 33,589 | ||||||
One Call Corp., 144A | 50,000 | 43,375 | ||||||
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., | 50,000 | 55,048 | ||||||
Surgery Center Holdings, Inc., 144A | 20,000 | 20,363 | ||||||
Tenet Healthcare Corp., 144A | 100,000 | 103,124 | ||||||
US Renal Care, Inc., 144A | 25,000 | 27,687 | ||||||
|
| |||||||
(Cost $785,841) | 819,809 | |||||||
|
|
Principal | Value | |||||||
Household Products/Wares — 0.2% | ||||||||
ACCO Brands Corp., 144A | ||||||||
(Cost $29,962) | $ 30,000 | $ | 30,859 | |||||
|
| |||||||
Pharmaceuticals — 1.4% | ||||||||
Bausch Health Cos., Inc. | 35,000 | 36,057 | ||||||
7.00%, 1/15/28, 144A | 72,000 | 77,882 | ||||||
Elanco Animal Health, Inc. | 18,000 | 19,590 | ||||||
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 144A | 20,000 | 22,046 | ||||||
Par Pharmaceutical, Inc., 144A | 40,000 | 43,252 | ||||||
|
| |||||||
(Cost $192,631) | 198,827 | |||||||
|
| |||||||
Diversified — 0.1% | ||||||||
Holding Companies-Diversified — 0.1% | ||||||||
VistaJet Malta Finance PLC / XO Management Holding, Inc., 144A | ||||||||
10.50%, 6/1/24 | ||||||||
(Cost $12,316) | 15,000 | 15,112 | ||||||
|
| |||||||
Energy — 14.6% | ||||||||
Coal — 0.1% | ||||||||
SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp., 144A | ||||||||
(Cost $11,291) | 15,000 | 14,803 | ||||||
|
| |||||||
Oil & Gas — 8.5% | ||||||||
Antero Resources Corp. | 50,000 | 47,325 | ||||||
Apache Corp. | 75,000 | 77,618 | ||||||
Baytex Energy Corp., 144A | 25,000 | 11,812 | ||||||
Callon Petroleum Co. | 25,000 | 10,812 | ||||||
Cenovus Energy, Inc. | 25,000 | 27,532 | ||||||
6.75%, 11/15/39 | 35,000 | 41,714 | ||||||
Comstock Resources, Inc. | 50,000 | 52,938 | ||||||
Continental Resources, Inc. | 21,000 | 21,563 | ||||||
Endeavor Energy Resources LP / EER | 50,000 | 53,336 | ||||||
EQT Corp. | 50,000 | 57,320 | ||||||
Laredo Petroleum, Inc. | 20,000 | 13,619 | ||||||
MEG Energy Corp., 144A | 50,000 | 49,125 | ||||||
Murphy Oil Corp. | 50,000 | 47,130 |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)
November 30, 2020 (Unaudited)
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
Nabors Industries Ltd., 144A | $ | 50,000 | $ | 28,094 | ||||
Newfield Exploration Co. | 25,000 | 26,570 | ||||||
Occidental Petroleum Corp. | 100,000 | 93,400 | ||||||
7.50%, 5/1/31 | 50,000 | 52,688 | ||||||
6.45%, 9/15/36 | 50,000 | 48,940 | ||||||
Ovintiv, Inc. | 50,000 | 53,782 | ||||||
Parsley Energy LLC / Parsley Finance Corp., | 50,000 | 53,925 | ||||||
PBF Holding Co. LLC / PBF Finance Corp. | 50,000 | 26,344 | ||||||
Precision Drilling Corp., 144A | 20,000 | 13,271 | ||||||
QEP Resources, Inc. | 50,000 | 45,594 | ||||||
Range Resources Corp., 144A | 50,000 | 52,075 | ||||||
Seven Generations Energy Ltd., 144A | 25,000 | 25,139 | ||||||
SM Energy Co., 144A | 50,000 | 51,094 | ||||||
Southwestern Energy Co. | 50,000 | 51,094 | ||||||
Transocean Guardian Ltd., 144A | 78,000 | 61,815 | ||||||
WPX Energy, Inc. | 50,000 | 52,290 | ||||||
|
| |||||||
(Cost $1,096,546) | 1,247,959 | |||||||
|
| |||||||
Oil & Gas Services — 0.8% | ||||||||
Oceaneering International, Inc. | 25,000 | 22,682 | ||||||
USA Compression Partners LP / USA | 50,000 | 51,829 | ||||||
Weatherford International Ltd., 144A | 50,000 | 34,955 | ||||||
|
| |||||||
(Cost $101,212) | 109,466 | |||||||
|
| |||||||
Pipelines — 5.2% | ||||||||
Antero Midstream Partners LP / Antero | 50,000 | 45,120 | ||||||
Buckeye Partners LP, 144A | 50,000 | 50,094 | ||||||
DCP Midstream Operating LP | 50,000 | 54,031 | ||||||
6.75%, 9/15/37, 144A | 25,000 | 26,107 | ||||||
Energy Transfer Operating LP | ||||||||
Series G, 7.125%, Perpetual (b) | 25,000 | 23,744 | ||||||
EnLink Midstream Partners LP | 25,000 | 18,607 |
Principal | Value | |||||||
Pipelines (Continued) | ||||||||
EQM Midstream Partners LP | $ | 100,000 | $ | 102,175 | ||||
Genesis Energy LP / Genesis Energy Finance Corp. | 25,000 | 23,024 | ||||||
Hess Midstream Operations LP, 144A | 50,000 | 51,719 | ||||||
Holly Energy Partners LP / Holly Energy | 25,000 | 24,662 | ||||||
NuStar Logistics LP | 50,000 | 51,366 | ||||||
Rockies Express Pipeline LLC, 144A | 25,000 | 25,234 | ||||||
Ruby Pipeline LLC, 144A | 31,439 | 29,564 | ||||||
Tallgrass Energy Partners LP / Tallgrass | 50,000 | 49,625 | ||||||
Targa Resources Partners LP / Targa | 100,000 | 108,500 | ||||||
Western Midstream Operating LP | 50,000 | 53,469 | ||||||
5.45%, 4/1/44 | 25,000 | 23,422 | ||||||
|
| |||||||
(Cost $689,861) | 760,463 | |||||||
|
| |||||||
Financial — 11.6% | ||||||||
Banks — 1.5% | ||||||||
CIT Group, Inc. | 100,000 | 108,688 | ||||||
Freedom Mortgage Corp., | 50,000 | 51,500 | ||||||
Popular, Inc. | 50,000 | 54,057 | ||||||
|
| |||||||
(Cost $190,169) | 214,245 | |||||||
|
| |||||||
Diversified Financial Services — 3.5% | ||||||||
Ally Financial, Inc. | 50,000 | 58,464 | ||||||
Fairstone Financial, Inc., 144A | 50,000 | 53,026 | ||||||
Global Aircraft Leasing Co. Ltd., 144A | 51,812 | 46,247 | ||||||
LPL Holdings, Inc., 144A | 37,000 | 38,388 | ||||||
Nationstar Mortgage Holdings, Inc., 144A | 50,000 | 53,766 | ||||||
Navient Corp. | 50,000 | 52,031 | ||||||
MTN, 5.625%, 8/1/33 | 25,000 | 23,508 | ||||||
NFP Corp., 144A | 30,000 | 31,463 | ||||||
OneMain Finance Corp. | 100,000 | 114,438 | ||||||
Quicken Loans LLC, 144A | 25,000 | 26,484 |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)
November 30, 2020 (Unaudited)
Principal | Value | |||||||
Diversified Financial Services (Continued) | ||||||||
Quicken Loans LLC / Quicken Loans Co.-Issuer, Inc., 144A | $ | 15,000 | $ | 15,225 | ||||
|
| |||||||
(Cost $456,258) | 513,040 | |||||||
|
| |||||||
Insurance — 1.1% | ||||||||
Acrisure LLC / Acrisure Finance, Inc., 144A | 35,000 | 35,941 | ||||||
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A | 41,000 | 43,939 | ||||||
Genworth Holdings, Inc. | 50,000 | 46,656 | ||||||
HUB International Ltd., 144A | 36,000 | 37,611 | ||||||
|
| |||||||
(Cost $156,496) | 164,147 | |||||||
|
| |||||||
Real Estate — 0.4% | ||||||||
Howard Hughes Corp., 144A | 25,000 | 26,638 | ||||||
Realogy Group LLC / Realogy Co.-Issuer Corp., 144A | ||||||||
9.375%, 4/1/27 | 25,000 | 27,428 | ||||||
|
| |||||||
(Cost $51,506) | 54,066 | |||||||
|
| |||||||
Real Estate Investment Trusts — 4.8% | ||||||||
Brookfield Property REIT, Inc. / BPR | 25,000 | 23,047 | ||||||
EPR Properties | 50,000 | 49,175 | ||||||
ESH Hospitality, Inc., 144A | 50,000 | 51,261 | ||||||
HAT Holdings I LLC / HAT Holdings II LLC, 144A | 50,000 | 52,099 | ||||||
Iron Mountain, Inc. | 75,000 | 77,937 | ||||||
4.50%, 2/15/31, 144A | 25,000 | 25,533 | ||||||
iStar, Inc. | 25,000 | 25,044 | ||||||
Ladder Capital Finance Holdings LLLP / | 25,000 | 23,156 | ||||||
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. | 100,000 | 111,614 | ||||||
MPT Operating Partnership LP / MPT Finance Corp. | 50,000 | 53,029 | ||||||
SBA Communications Corp., 144A | 50,000 | 51,563 | ||||||
Service Properties Trust | 25,000 | 27,997 | ||||||
4.95%, 10/1/29 | 25,000 | 23,484 | ||||||
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A | 50,000 | 53,219 |
Principal | Value | |||||||
Real Estate Investment Trusts (Continued) | ||||||||
VICI Properties LP / VICI Note Co., Inc., 144A | $ | 50,000 | $ | 51,954 | ||||
|
| |||||||
(Cost $660,861) | 700,112 | |||||||
|
| |||||||
Venture Capital — 0.3% | ||||||||
Icahn Enterprises LP / Icahn Enterprises | ||||||||
(Cost $51,638) | 50,000 | 52,906 | ||||||
|
| |||||||
Industrial — 10.3% | ||||||||
Aerospace/Defense — 2.1% | ||||||||
Howmet Aerospace, Inc. | 36,000 | 39,191 | ||||||
6.875%, 5/1/25 | 34,000 | 39,642 | ||||||
Signature Aviation US Holdings, Inc., 144A | 36,000 | 37,080 | ||||||
Spirit AeroSystems, Inc., 144A | 36,000 | 38,588 | ||||||
TransDigm, Inc. | 77,000 | 81,717 | ||||||
7.50%, 3/15/27 | 50,000 | 53,459 | ||||||
Triumph Group, Inc., 144A | 20,000 | 19,440 | ||||||
|
| |||||||
(Cost $283,992) | 309,117 | |||||||
|
| |||||||
Building Materials — 0.5% | ||||||||
Builders FirstSource, Inc., 144A | 25,000 | 26,969 | ||||||
Standard Industries, Inc., 144A | 50,000 | 52,750 | ||||||
|
| |||||||
(Cost $74,865) | 79,719 | |||||||
|
| |||||||
Electrical Components & Equipment — 0.7% | ||||||||
EnerSys, 144A | 50,000 | 52,469 | ||||||
WESCO Distribution, Inc., 144A | 50,000 | 54,504 | ||||||
|
| |||||||
(Cost $102,251) | 106,973 | |||||||
|
| |||||||
Electronics — 0.4% | ||||||||
Sensata Technologies BV, 144A | ||||||||
(Cost $51,271) | 50,000 | 56,156 | ||||||
|
| |||||||
Engineering & Construction — 0.7% | ||||||||
Brand Industrial Services, Inc., 144A | 50,000 | 49,875 | ||||||
frontdoor, Inc., | 50,000 | 53,437 | ||||||
|
| |||||||
(Cost $92,543) | 103,312 | |||||||
|
| |||||||
Environmental Control — 0.5% | ||||||||
Covanta Holding Corp. | 50,000 | 53,365 | ||||||
GFL Environmental, Inc., 144A | 25,000 | 25,547 | ||||||
|
| |||||||
(Cost $73,843) | 78,912 | |||||||
|
|
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)
November 30, 2020 (Unaudited)
Principal | Value | |||||||
Machinery-Diversified — 0.4% | ||||||||
Titan Acquisition Ltd. / Titan Co-Borrower LLC, 144A | ||||||||
(Cost $47,253) | $ | 50,000 | $ | 52,000 | ||||
|
| |||||||
Miscellaneous Manufacturing — 0.5% | ||||||||
Bombardier, Inc., 144A | 55,000 | 46,972 | ||||||
FXI Holdings, Inc., 144A | 25,000 | 28,230 | ||||||
|
| |||||||
(Cost $65,884) | 75,202 | |||||||
|
| |||||||
Packaging & Containers — 3.7% | ||||||||
ARD Finance SA, 144A | 80,000 | 84,400 | ||||||
Ball Corp. | 76,000 | 85,658 | ||||||
Berry Global, Inc., 144A | 39,000 | 41,608 | ||||||
Cascades, Inc./Cascades USA, Inc., 144A | 42,000 | 44,599 | ||||||
Crown Americas LLC / Crown Americas Capital Corp. IV | 77,000 | 81,427 | ||||||
Graham Packaging Co., Inc., 144A | 25,000 | 26,797 | ||||||
Graphic Packaging International LLC | 46,000 | 48,813 | ||||||
LABL Escrow Issuer LLC, 144A | 19,000 | 21,102 | ||||||
Mauser Packaging Solutions Holding Co., 144A | 25,000 | 25,124 | ||||||
Owens-Brockway Glass Container, Inc., 144A | 36,000 | 38,767 | ||||||
Sealed Air Corp., 144A | 37,000 | 41,598 | ||||||
|
| |||||||
(Cost $518,348) | 539,893 | |||||||
|
| |||||||
Transportation — 0.4% | ||||||||
Kenan Advantage Group, Inc., 144A | 10,000 | 10,012 | ||||||
XPO Logistics, Inc., 144A | 50,000 | 50,141 | ||||||
|
| |||||||
(Cost $58,551) | 60,153 | |||||||
|
| |||||||
Trucking & Leasing — 0.4% | ||||||||
Fortress Transportation and Infrastructure Investors LLC, 144A | ||||||||
(Cost $46,728) | 50,000 | 50,470 | ||||||
|
| |||||||
Technology — 4.9% | ||||||||
Computers — 2.1% | ||||||||
Banff Merger Sub, Inc., 144A | 50,000 | 53,570 |
Principal | Value | |||||||
Computers (Continued) | ||||||||
Dell International LLC / EMC Corp., 144A | $ | 50,000 | $ | 51,862 | ||||
Diebold Nixdorf, Inc., 144A | 10,000 | 10,994 | ||||||
NCR Corp., 144A | 50,000 | 54,457 | ||||||
Presidio Holdings, Inc., 144A | 25,000 | 27,203 | ||||||
Vericast Corp., 144A | 50,000 | 51,188 | ||||||
Western Digital Corp. | 50,000 | 54,672 | ||||||
|
| |||||||
(Cost $272,697) | 303,946 | |||||||
|
| |||||||
Office/Business Equipment — 0.7% | ||||||||
CDW LLC / CDW Finance Corp. | 50,000 | 55,344 | ||||||
Xerox Corp. | 25,000 | 26,510 | ||||||
Xerox Holdings Corp., | 25,000 | 25,906 | ||||||
|
| |||||||
(Cost $104,501) | 107,760 | |||||||
|
| |||||||
Semiconductors — 0.2% | ||||||||
Advanced Micro Devices, Inc. | ||||||||
(Cost $27,181) | 25,000 | 27,609 | ||||||
|
| |||||||
Software — 1.9% | ||||||||
CDK Global, Inc. | 50,000 | 52,344 | ||||||
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 144A | 50,000 | 50,875 | ||||||
J2 Global, Inc., 144A | 15,000 | 15,588 | ||||||
MSCI, Inc., 144A | 50,000 | 53,603 | ||||||
SS&C Technologies, Inc., 144A | 50,000 | 53,625 | ||||||
Veritas US, Inc. / Veritas Bermuda Ltd., 144A | 50,000 | 50,610 | ||||||
|
| |||||||
(Cost $274,997) | 276,645 | |||||||
|
| |||||||
Utilities — 1.4% | ||||||||
Electric — 1.4% | ||||||||
Calpine Corp. | 75,000 | 77,816 | ||||||
5.00%, 2/1/31, 144A | 25,000 | 26,413 | ||||||
Clearway Energy Operating LLC, 144A | 50,000 | 53,668 | ||||||
NextEra Energy Operating Partners LP, | 50,000 | 54,875 | ||||||
|
| |||||||
(Cost $206,430) | 212,772 | |||||||
|
| |||||||
TOTAL CORPORATE BONDS | 14,191,783 | |||||||
|
|
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)
November 30, 2020 (Unaudited)
Principal | Value | |||||||
SECURITIES LENDING COLLATERAL — 2.0% |
| |||||||
DWS Government & Agency Securities | $ | 293,645 | $ | 293,645 | ||||
|
|
Principal | Value | |||||||
CASH EQUIVALENTS — 1.8% | ||||||||
DWS Government Money Market Series | $ | 262,773 | $ | 262,773 | ||||
|
| |||||||
TOTAL INVESTMENTS — 100.7% | $ | 14,748,201 | ||||||
Other assets and liabilities, net — (0.7%) | (101,586 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 14,646,615 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
Value ($) at 5/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2020 | Value ($) at 11/30/2020 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 2.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (c)(d) |
| |||||||||||||||||||||||||||||||||||
102,098 | 191,547 | (e) | — | — | — | 67 | — | 293,645 | 293,645 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 1.8% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) |
| |||||||||||||||||||||||||||||||||||
121,095 | 2,639,148 | (2,497,470 | ) | — | — | 60 | — | 262,773 | 262,773 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
223,193 | 2,830,695 | (2,497,470 | ) | — | — | 127 | — | 556,418 | 556,418 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $626,531, which is 4.3% of net assets. |
(b) | Perpetual, callable security with no stated maturity date. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $358,002. |
(e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
MTN: | Medium Term Note |
PIK: | Denotes that all or a portion of the income is paid in-kind in the form of additional principal. |
REIT: | Real Estate Investment Trust |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds (f) | $ | — | $ | 14,191,783 | $ | — | $ | 14,191,783 | ||||||||
Short-Term Investments (f) | 556,418 | — | — | 556,418 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 556,418 | $ | 14,191,783 | $ | — | $ | 14,748,201 | ||||||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF
November 30, 2020 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS — 98.8% |
| |||||||
Alabama — 0.4% | ||||||||
Alabama Federal Aid Highway Finance Authority, Government FD/ Grant Revenue, | $ | 200,000 | $ | 250,460 | ||||
Lower Alabama Gas District, Natural Gas Revenue, | 160,000 | 212,822 | ||||||
|
| |||||||
(Cost $423,599) | 463,282 | |||||||
|
| |||||||
Arizona — 2.2% | ||||||||
City of Mesa AZ Utility System Revenue, Multiple Utility Revenue, | 500,000 | 640,310 | ||||||
Salt River Project Agricultural Improvement & Power District, Electric, Power & Light Revenue, | 35,000 | 44,889 | ||||||
Series A, 5.00%, 1/1/38 | 450,000 | 553,549 | ||||||
Series A, 5.00%, 1/1/39 | 500,000 | 631,905 | ||||||
Series A, 5.00%, 1/1/47 | 500,000 | 649,150 | ||||||
|
| |||||||
(Cost $2,357,188) | 2,519,803 | |||||||
|
| |||||||
California — 18.5% | ||||||||
Alameda Corridor Transportation Authority,Transit Revenue, | 165,000 | 193,344 | ||||||
Bay Area Toll Authority, Highway Revenue Tolls, | 260,000 | 283,941 | ||||||
4.00%, 4/1/38 | 25,000 | 28,894 | ||||||
Series 7, 4.00%, 4/1/42 | 35,000 | 40,102 | ||||||
Sub-Series S-H, 5.00%, 4/1/44 | 405,000 | 512,114 | ||||||
Sub-Series S-8, 3.00%, 4/1/54 | 300,000 | 315,531 | ||||||
Series F-1, 5.00%, 4/1/56 | 100,000 | 119,566 | ||||||
Sub-Series S-8, 5.00%, 4/1/56 | 900,000 | 1,106,586 | ||||||
City of Long Beach CA Harbor Revenue, Private Airport & Marina Revenue, | 125,000 | 154,724 | ||||||
City of Los Angeles Department of Airports, Private Airport & Marina Revenue, | 125,000 | 154,924 | ||||||
Series A, AMT, 4.00%, 5/15/44 | 1,225,000 | 1,411,433 | ||||||
Series C, AMT, 5.00%, 5/15/44 | 200,000 | 240,614 | ||||||
Series F, AMT, 3.00%, 5/15/49 | 330,000 | 344,121 | ||||||
Series F, AMT, 4.00%, 5/15/49 | 500,000 | 571,700 | ||||||
Series D, AMT, 5.00%, 5/15/49 | 100,000 | 121,737 | ||||||
City of San Francisco CA Public Utilities Commission Water Revenue, Water Revenue, | 150,000 | 191,778 | ||||||
East Bay Municipal Utility District Water System Revenue, Water Revenue, | 100,000 | 123,909 |
Principal | Value | |||||||
California (Continued) | ||||||||
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue, | $ | 345,000 | $ | 463,131 | ||||
Series A, 5.00%, 7/1/42 | 225,000 | 278,773 | ||||||
Series A, 5.00%, 7/1/44 | 175,000 | 220,500 | ||||||
Los Angeles County Sanitation Districts Financing Authority, Sewer Revenue, Series A, 4.00%, 10/1/42 | 100,000 | 111,831 | ||||||
Los Angeles Department of Water & Power Power System Revenue, Electric, Power & Light Revenue, | 410,000 | 547,592 | ||||||
Series A, 5.00%, 7/1/45 | 500,000 | 640,560 | ||||||
Los Angeles Department of Water & Power, Electric, Power & Light Revenue, | 25,000 | 33,604 | ||||||
Series A, 5.00%, 7/1/42 | 500,000 | 611,400 | ||||||
Series A, 5.00%, 7/1/46 | 750,000 | 890,895 | ||||||
Series D, 5.00%, 7/1/49 | 100,000 | 129,115 | ||||||
Los Angeles Department of Water, Water Revenue, | 500,000 | 599,670 | ||||||
Series A, 5.00%, Issued 5/11/17, 7/1/41 | 200,000 | 245,750 | ||||||
Series A, 5.00%, 7/1/50 | 210,000 | 276,095 | ||||||
Metropolitan Water District of Southern California, Water Revenue, | 100,000 | 134,844 | ||||||
Norman Y Mineta San Jose International Airport SJC, Private Airport & Marina Revenue, | 500,000 | 590,725 | ||||||
Sacramento Municipal Utility District, Electric, Power & Light Revenue, | 400,000 | 483,380 | ||||||
San Diego County Regional Airport Authority, Private Airport & Marina Revenue, | 200,000 | 248,894 | ||||||
San Diego County Regional Transportation Commission, Sales Tax Revenue, | 280,000 | 338,184 | ||||||
San Francisco City & County Airport Commission-San Francisco International Airport, Private Airport & Marina Revenue, | ||||||||
Series A, AMT, 5.00%, 5/1/37 | 1,000,000 | 1,258,090 | ||||||
Series A, AMT, 5.00%, 5/1/44 | 150,000 | 185,475 | ||||||
Series E, AMT, 5.00%, 5/1/45 | 1,225,000 | 1,510,903 | ||||||
Series B, AMT, 5.00%, 5/1/46 | 500,000 | 579,695 | ||||||
Series C, 5.00%, 5/1/46 | 600,000 | 707,478 | ||||||
Series A, AMT, 5.00%, 5/1/47 | 200,000 | 236,570 | ||||||
Series B, 5.00%, 5/1/47 | 25,000 | 30,072 | ||||||
Series D, AMT, 5.25%, 5/1/48 | 870,000 | 1,063,975 | ||||||
Series A, AMT, 4.00%, 5/1/49 | 1,300,000 | 1,468,597 | ||||||
Series A, AMT, 5.00%, 5/1/49 | 200,000 | 245,450 | ||||||
Series F, 5.00%, 5/1/50 | 900,000 | 1,122,048 |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)
November 30, 2020 (Unaudited)
Principal | Value | |||||||
California (Continued) | ||||||||
Southern California Public Power Authority, Natural Gas Revenue, | $ | 150,000 | $ | 205,485 | ||||
|
| |||||||
(Cost $20,211,165) | 21,373,799 | |||||||
|
| |||||||
Colorado — 3.1% | ||||||||
City & County of Denver Co. Airport System Revenue, Private Airport & Marina Revenue, | 250,000 | 311,628 | ||||||
Series A, AMT, 5.00%, 12/1/34 | 250,000 | 309,820 | ||||||
Sub-Series A, AMT, 5.00%, 12/1/36 | 265,000 | 375,606 | ||||||
Series A, AMT, 5.00%, 12/1/38 | 320,000 | 392,144 | ||||||
Series A, AMT, 4.00%, 12/1/43 | 650,000 | 726,596 | ||||||
Series A, AMT, 5.00%, 12/1/43 | 325,000 | 392,366 | ||||||
Series A, AMT, 5.00%, 12/1/48 | 700,000 | 838,544 | ||||||
Colorado Bridge Enterprise, Miscellaneous Revenue, AMT, 4.00%, 6/30/51 | 250,000 | 274,367 | ||||||
|
| |||||||
(Cost $3,373,671) | 3,621,071 | |||||||
|
| |||||||
Connecticut — 0.3% | ||||||||
State of Connecticut Special Tax Revenue, Fuel Sales Tax Revenue, | 300,000 | 392,922 | ||||||
|
| |||||||
District of Columbia — 4.4% | ||||||||
District of Columbia Water & Sewer Authority, Water Revenue, | 245,000 | 296,619 | ||||||
Series B, 5.00%, 10/1/49 | 250,000 | 311,050 | ||||||
District of Columbia, Income Tax Revenue, | 500,000 | 645,635 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Highway Revenue Tolls, | 1,000,000 | 1,125,250 | ||||||
Series B, 3.00%, 10/1/50 | 700,000 | 714,672 | ||||||
Series B, 4.00%, 10/1/53 | 1,350,000 | 1,501,362 | ||||||
Washington Metropolitan Area Transit Authority, Transit Revenue, | 365,000 | 442,201 | ||||||
|
| |||||||
(Cost $4,937,288) | 5,036,789 | |||||||
|
| |||||||
Florida — 8.4% | ||||||||
Central Florida Expressway Authority, Highway Revenue Tolls, | 105,000 | 129,219 | ||||||
City of Cape Coral FL Water & Sewer Revenue, Water Revenue, | 150,000 | 186,007 | ||||||
City of Gainesville FL Utilities System Revenue, Multiple Utility Revenue, | 100,000 | 128,849 | ||||||
County of Broward FL Airport System Revenue, Private Airport & Marina Revenue, | 100,000 | 113,633 | ||||||
Series A, AMT, 4.00%, 10/1/49 | 150,000 | 169,207 |
Principal | Value | |||||||
Florida (Continued) | ||||||||
County of Broward FL Port Facilities Revenue, Private Airport & Marina Revenue, | $ | 500,000 | $ | 542,900 | ||||
County of Miami-Dade FL Aviation Revenue, Private Airport & Marina Revenue, | 500,000 | 566,600 | ||||||
Series B, AMT, 5.00%, 10/1/40 | 395,000 | 468,146 | ||||||
5.00%, 10/1/41 | 425,000 | 498,874 | ||||||
Series A, AMT, 4.00%, 10/1/44 | 100,000 | 112,019 | ||||||
Series A, AMT, 5.00%, 10/1/44 | 100,000 | 121,676 | ||||||
Series A, AMT, 5.00%, 10/1/49 | 350,000 | 422,845 | ||||||
County of Miami-Dade FL Transit System, Sales Tax Revenue, | 90,000 | 101,755 | ||||||
Series A, 4.00%, 7/1/49 | 500,000 | 591,145 | ||||||
County of Miami-Dade FL Water & Sewer System Revenue, Water Revenue, | 165,000 | 192,078 | ||||||
Series B, 4.00%, 10/1/44 | 150,000 | 179,315 | ||||||
4.00%, 10/1/48 | 400,000 | 467,308 | ||||||
Series B, 3.00%, 10/1/49 | 150,000 | 163,824 | ||||||
Series B, 4.00%, 10/1/49 | 575,000 | 679,742 | ||||||
Greater Orlando Aviation Authority, Private Airport & Marina Revenue, | 100,000 | 117,322 | ||||||
Series A, AMT, 4.00%, 10/1/49 | 500,000 | 568,290 | ||||||
Sub-Series A, AMT, 5.00%, 10/1/52 | 500,000 | 584,105 | ||||||
Series A, AMT, 3.25%, 10/1/54 | 250,000 | 262,900 | ||||||
Hillsborough County Aviation Authority, Private Airport & Marina Revenue, | 50,000 | 60,716 | ||||||
JEA Electric System Revenue, Electric, Power & Light Revenue, | 500,000 | 538,490 | ||||||
JEA Water & Sewer System Revenue, Water Revenue, | 250,000 | 305,015 | ||||||
Putnam County Development Authority, Electric, Power & Light Revenue, | 250,000 | 304,903 | ||||||
Tampa-Hillsborough County Expressway Authority, Highway Revenue Tolls, | 1,000,000 | 1,152,130 | ||||||
|
| |||||||
(Cost $9,260,410) | 9,729,013 | |||||||
|
| |||||||
Georgia — 0.9% | ||||||||
City of Atlanta GA Department of Aviation, Private Airport & Marina Revenue, | 200,000 | 225,856 | ||||||
City of Atlanta GA Water & Wastewater, Water Revenue, | 250,000 | 311,330 | ||||||
Development Authority of Burke County, Electric, Power & Light Revenue, | 290,000 | 325,769 |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)
November 30, 2020 (Unaudited)
Principal | Value | |||||||
Georgia (Continued) | ||||||||
Main Street Natural Gas, Inc., Natural Gas Revenue, | $ | 30,000 | $ | 36,066 | ||||
Municipal Electric Authority of Georgia, Electric, Power & Light Revenue, | 100,000 | 111,978 | ||||||
|
| |||||||
(Cost $933,265) | 1,010,999 | |||||||
|
| |||||||
Guam — 0.1% | ||||||||
Guam Government Waterworks Authority, Water Revenue, | 125,000 | 142,267 | ||||||
|
| |||||||
Hawaii — 0.9% | ||||||||
City & County Honolulu HI Wastewater System, Sewer Revenue, | 500,000 | 584,880 | ||||||
State of Hawaii Airports System Revenue, Private Airport & Marina Revenue, | 400,000 | 481,768 | ||||||
|
| |||||||
(Cost $994,555) | 1,066,648 | |||||||
|
| |||||||
Illinois — 6.2% | ||||||||
Chicago Midway International Airport, Private Airport & Marina Revenue, | 500,000 | 577,675 | ||||||
Chicago O’Hare International Airport, Private Airport & Marina Revenue, | 800,000 | 930,664 | ||||||
Series A, AMT, 4.00%, 1/1/43 | 40,000 | 44,650 | ||||||
Series B, 4.00%, 1/1/44 | 75,000 | 85,082 | ||||||
Series D, 5.00%, 1/1/47 | 500,000 | 584,305 | ||||||
Series B, 5.00%, 1/1/48 | 800,000 | 969,368 | ||||||
Series D, 5.00%, 1/1/52 | 140,000 | 162,932 | ||||||
Series D, AMT, 5.00%, 1/1/52 | 375,000 | 430,429 | ||||||
Series A, AMT, 4.375%, 1/1/53 | 25,000 | 28,284 | ||||||
Series B, 5.00%, 1/1/53 | 500,000 | 602,920 | ||||||
Illinois Municipal Electric Agency, Electric, Power & Light Revenue, | 45,000 | 49,986 | ||||||
Illinois State Toll Highway Authority, Highway Revenue Tolls, | 10,000 | 12,015 | ||||||
Series C, 5.00%, 1/1/36 | 50,000 | 57,604 | ||||||
Series A, 5.00%, 1/1/40 | 1,090,000 | 1,267,103 | ||||||
Series A, 5.00%, 1/1/42 | 500,000 | 608,795 | ||||||
Series A, 4.00%, 1/1/44 | 300,000 | 346,662 | ||||||
Series A, 5.00%, 1/1/44 | 300,000 | 378,543 | ||||||
|
| |||||||
(Cost $6,692,090) | 7,137,017 | |||||||
|
| |||||||
Indiana — 0.3% | ||||||||
Indiana Finance Authority, Sewer Revenue, | 100,000 | 120,015 | ||||||
Indiana Municipal Power Agency, Electric, Power & Light Revenue, | 200,000 | 237,782 | ||||||
|
| |||||||
(Cost $337,733) | 357,797 | |||||||
|
|
Principal | Value | |||||||
Kentucky — 0.3% | ||||||||
Kentucky Economic Development Finance Authority, Lease Revenue, | $ | 255,000 | $ | 285,684 | ||||
Kentucky Municipal Power Agency, Electric, Power & Light Revenue, | 45,000 | 48,543 | ||||||
Louisville & Jefferson County Metropolitan Sewer District, Sewer Revenue, | 10,000 | 10,523 | ||||||
|
| |||||||
(Cost $331,802) | 344,750 | |||||||
|
| |||||||
Louisiana — 1.1% | ||||||||
East Baton Rouge Sewerage Commission, Sewer Revenue, | 30,000 | 35,395 | ||||||
Jefferson Sales Tax District, Sales Tax Revenue, | 400,000 | 468,960 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, Industrial Revenue, | 450,000 | 493,074 | ||||||
New Orleans Aviation Board, Private Airport & Marina Revenue, | 250,000 | 290,040 | ||||||
|
| |||||||
(Cost $1,218,869) | 1,287,469 | |||||||
|
| |||||||
Maryland — 0.2% | ||||||||
State of Maryland Department of Transportation, Fuel Sales Tax Revenue, | 190,000 | 216,648 | ||||||
|
| |||||||
Massachusetts — 0.4% | ||||||||
Massachusetts Port Authority, Private Airport & Marina Revenue, | 400,000 | 491,832 | ||||||
|
| |||||||
Michigan — 0.7% | ||||||||
Great Lakes Water Authority Sewage Disposal System Revenue, Water Revenue, | 430,000 | 516,731 | ||||||
Great Lakes Water Authority Water Supply System Revenue, Water Revenue, | 125,000 | 148,579 | ||||||
Lansing Board of Water & Light, Electric, Power & Light Revenue, | 35,000 | 44,646 | ||||||
Series A, 5.00%, 7/1/48 | 90,000 | 114,014 | ||||||
|
| |||||||
(Cost $760,263) | 823,970 | |||||||
|
| |||||||
Missouri — 0.5% | ||||||||
Metropolitan St Louis Sewer District, Sewer Revenue, | 245,000 | 300,899 |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)
November 30, 2020 (Unaudited)
Principal | Value | |||||||
Missouri (Continued) | ||||||||
Missouri Joint Municipal Electric Utility Commission, Electric, Power & Light Revenue | $ | 235,000 | $ | 276,163 | ||||
|
| |||||||
(Cost $557,583) | 577,062 | |||||||
|
| |||||||
Nevada — 1.1% | ||||||||
Las Vegas Convention & Visitors Authority, Hotel Occupancy Tax, | 800,000 | 948,120 | ||||||
Series B, 4.00%, 7/1/49 | 250,000 | 268,435 | ||||||
|
| |||||||
(Cost $1,152,681) | 1,216,555 | |||||||
|
| |||||||
New Jersey — 2.4% | ||||||||
New Jersey Turnpike Authority, Highway Revenue Tolls, | 10,000 | 12,313 | ||||||
Series B, 5.00%, 1/1/31 | 20,000 | 25,079 | ||||||
Series A, 5.00%, 1/1/33 | 10,000 | 12,211 | ||||||
Series B, 5.00%, 1/1/34 | 130,000 | 161,174 | ||||||
Series G, 3.25%, 1/1/38 | 795,000 | 850,539 | ||||||
Series E, 5.00%, 1/1/45 | 850,000 | 966,883 | ||||||
Series A, 5.00%, 1/1/48 | 650,000 | 801,171 | ||||||
|
| |||||||
(Cost $2,642,433) | 2,829,370 | |||||||
|
| |||||||
New York — 25.1% | ||||||||
Long Island Power Authority, Electric, Power & Light Revenue, | 185,000 | 226,444 | ||||||
Metropolitan Transportation Authority, Fuel Sales Tax Revenue, | 900,000 | 1,084,797 | ||||||
Metropolitan Transportation Authority, Transit Revenue, | 100,000 | 113,767 | ||||||
Series C-1, 3.25%, 11/15/36 | 180,000 | 176,373 | ||||||
Series C-1, 4.00%, 11/15/37 | 155,000 | 163,478 | ||||||
Series B, 5.00%, 11/15/37 | 900,000 | 995,895 | ||||||
Sub-Series D-1, 5.00%, 11/15/39 | 20,000 | 21,558 | ||||||
Series D, 4.00%, 11/15/42 | 300,000 | 315,390 | ||||||
Series - A-1 - Group 1, 4.00%, 11/15/44 | 500,000 | 567,015 | ||||||
Series A, Sub-Series A-2, 5.00%, 11/15/44 | 100,000 | 120,633 | ||||||
Sub-Series D-1, 5.25%, 11/15/44 | 50,000 | 54,358 | ||||||
Series E, 4.00%, 11/15/45 | 1,000,000 | 1,063,330 | ||||||
Series C-1, 4.75%, 11/15/45 | 1,000,000 | 1,129,910 | ||||||
Sub-Series A-1, 5.00%, 11/15/45 | 200,000 | 215,516 | ||||||
Series D, 4.00%, 11/15/46 | 500,000 | 524,300 | ||||||
Series D-2, 4.00%, 11/15/48 | 375,000 | 397,762 | ||||||
Series A-1-GROUP 1, 5.00%, 11/15/48 | 600,000 | 690,126 | ||||||
Series C-1, 5.00%, 11/15/50 | 1,000,000 | 1,148,450 | ||||||
Series A-1-GROUP 2, 4.00%, 11/15/54 | 845,000 | 952,628 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, Income Tax Revenue, | 300,000 | 358,590 |
Principal | Value | |||||||
New York (Continued) | ||||||||
Sub-Series E-1, 5.00%, 2/1/35 | $ | 180,000 | $ | 214,754 | ||||
Series A, Sub-Series E-1, 5.00%, 2/1/36 | 200,000 | 245,274 | ||||||
Sub-Series E-1, 5.00%, 2/1/38 | 300,000 | 356,430 | ||||||
Sub-Series A-1, 5.00%, 5/1/40 | 500,000 | 596,470 | ||||||
Sub-Series A-1, 4.00%, 5/1/42 | 15,000 | 16,782 | ||||||
New York City Water & Sewer System, Water Revenue, | 95,000 | 110,183 | ||||||
Sub-Series CC-1, 5.00%, 6/15/38 | 715,000 | 876,955 | ||||||
Series GG, 5.00%, 6/15/39 | 650,000 | 763,730 | ||||||
Series HH, 5.00%, 6/15/39 | 150,000 | 176,245 | ||||||
Series AA, 4.00%, 6/15/40 | 1,100,000 | 1,322,585 | ||||||
Sub-Series EE-2, 5.00%, 6/15/40 | 35,000 | 45,081 | ||||||
Series AA-2, 4.00%, 6/15/42 | 500,000 | 606,770 | ||||||
Sub-Series CC-1, 4.00%, 6/15/46 | 50,000 | 56,107 | ||||||
Series CC, 5.00%, 6/15/46 | 500,000 | 582,415 | ||||||
Sub-Series CC-1, 5.00%, 6/15/46 | 300,000 | 359,064 | ||||||
Series DD, 5.00%, 6/15/47 | 1,200,000 | 1,456,968 | ||||||
Series CC, 5.00%, 6/15/48 | 965,000 | 1,174,453 | ||||||
Series DD-1, 5.00%, 6/15/48 | 300,000 | 369,840 | ||||||
Series BB-1, 4.00%, 6/15/49 | 200,000 | 235,482 | ||||||
Series CC-1, 4.00%, 6/15/49 | 200,000 | 235,482 | ||||||
Series DD-1, 5.00%, 6/15/49 | 400,000 | 496,248 | ||||||
Series AA-1, 3.00%, 6/15/50 | 245,000 | 262,890 | ||||||
Series GG-1, 4.00%, 6/15/50 | 605,000 | 716,163 | ||||||
Sub-Series DD-1, 4.00%, 6/15/50 | 250,000 | 295,935 | ||||||
New York Convention Center Development Corp., Hotel Occupancy Tax, | ||||||||
Series A, 5.00%, 11/15/46 | 25,000 | 28,399 | ||||||
New York Liberty Development Corp., Industrial Revenue, | ||||||||
2.625%, 9/15/69 | 300,000 | 305,937 | ||||||
Class 3, 2.80%, 9/15/69 | 500,000 | 485,375 | ||||||
New York Power Authority, Electric, Power & Light Revenue, | 2,000,000 | 2,174,080 | ||||||
Series A, 4.00%, 11/15/60 | 525,000 | 612,376 | ||||||
New York State Environmental Facilities Corp., Water Revenue, | 100,000 | 123,968 | ||||||
New York Transportation Development Corp., Industrial Revenue, | 485,000 | 562,915 | ||||||
AMT, 5.00%, 1/1/31 | 175,000 | 202,318 | ||||||
AMT, 5.00%, 1/1/34 | 500,000 | 570,900 | ||||||
AMT, 4.00%, 1/1/36 | 270,000 | 290,671 | ||||||
Port Authority of New York & New Jersey, Private Airport & Marina Revenue, | ||||||||
5.00%, 11/1/31 | 700,000 | 921,564 | ||||||
5.00%, 10/15/35 | 65,000 | 76,624 | ||||||
5.00%, 10/15/41 | 250,000 | 290,335 | ||||||
Triborough Bridge & Tunnel Authority, Highway Revenue Tolls, | 450,000 | 525,393 | ||||||
|
| |||||||
(Cost $27,756,920) | 29,063,481 | |||||||
|
|
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)
November 30, 2020 (Unaudited)
Principal | Value | |||||||
Ohio — 0.1% | ||||||||
Northeast Ohio Regional Sewer District, Sewer Revenue, | $ | 100,000 | $ | 110,999 | ||||
Ohio Water Development Authority Water Pollution Control Loan Fund, Water Revenue, | 10,000 | 12,761 | ||||||
Series A, 5.00%, 6/1/30 | 10,000 | 12,702 | ||||||
|
| |||||||
(Cost $126,448) | 136,462 | |||||||
|
| |||||||
Oklahoma — 0.6% | ||||||||
Oklahoma Turnpike Authority, Highway Revenue Tolls, | 350,000 | 399,087 | ||||||
Series A, 5.00%, 1/1/43 | 280,000 | 340,049 | ||||||
|
| |||||||
(Cost $688,531) | 739,136 | |||||||
|
| |||||||
Oregon — 1.0% | ||||||||
Port of Portland OR Airport Revenue, Private Airport & Marina Revenue, | 1,000,000 | 1,156,960 | ||||||
|
| |||||||
Pennsylvania — 5.1% | ||||||||
City of Philadelphia PA Airport Revenue,Private Airport & Marina Revenue, | 300,000 | 351,687 | ||||||
City of Philadelphia PA Water & Wastewater, Water Revenue, | 35,000 | 43,243 | ||||||
Series A, 5.00%, 11/1/50 | 500,000 | 639,325 | ||||||
Delaware River Joint Toll Bridge Commission, Highway Revenue Tolls, | 365,000 | 446,797 | ||||||
Pennsylvania Turnpike Commission, Fran. Tax & Bus. LIC Fees, | 300,000 | 383,118 | ||||||
Series A, 5.00%, 12/1/48 | 450,000 | 564,471 | ||||||
Pennsylvania Turnpike Commission, Highway Revenue Tolls, | 500,000 | 618,555 | ||||||
Sub-Series B-1, 5.00%, 6/1/42 | 100,000 | 118,612 | ||||||
Series A-2, 5.00%, 12/1/43 | 250,000 | 309,055 | ||||||
Sub-Series A, 5.00%, 12/1/44 | 500,000 | 620,045 | ||||||
Series A-1, 5.00%, 12/1/46 | 900,000 | 1,056,474 | ||||||
Series A-1, 5.00%, 12/1/47 | 500,000 | 600,665 | ||||||
Sub-Series A, 4.00%, 12/1/49 | 100,000 | 115,627 | ||||||
|
| |||||||
(Cost $5,589,223) | 5,867,674 | |||||||
|
| |||||||
Puerto Rico — 0.7% | ||||||||
Puerto Rico Highway & Transportation Authority, Fuel Sales Tax Revenue, | 425,000 | 504,343 | ||||||
Series N, 5.25%, 7/1/36 | 175,000 | 207,631 | ||||||
Puerto Rico Highway & Transportation Authority, Highway Revenue Tolls, | 50,000 | 52,963 |
Principal | Value | |||||||
Puerto Rico (Continued) | ||||||||
Series L, 5.25%, 7/1/41 | $ | 25,000 | $ | 29,781 | ||||
|
| |||||||
(Cost $724,898) | 794,718 | |||||||
|
| |||||||
South Carolina — 0.5% | ||||||||
South Carolina Ports Authority, Private Airport & Marina Revenue, | 100,000 | 105,671 | ||||||
South Carolina Public Service Authority, Nuclear Revenue, | 365,000 | 422,013 | ||||||
Series E, 5.25%, 12/1/55 | 50,000 | 59,250 | ||||||
|
| |||||||
(Cost $537,153) | 586,934 | |||||||
|
| |||||||
Tennessee — 1.2% | ||||||||
Metropolitan Nashville Airport Authority, Private Airport & Marina Revenue, | 550,000 | 611,974 | ||||||
Series A, 5.00%, 7/1/54 | 525,000 | 643,230 | ||||||
Series B, AMT, 5.00%, 7/1/54 | 100,000 | 121,849 | ||||||
|
| |||||||
(Cost $1,372,693) | 1,377,053 | |||||||
|
| |||||||
Texas — 7.4% | ||||||||
Central Texas Regional Mobility Authority, Highway Revenue Tolls, | 100,000 | 114,078 | ||||||
City of Austin TX Electric Utility Revenue, Electric, Power & Light Revenue, | 625,000 | 803,075 | ||||||
City of Dallas TX Waterworks & Sewer System Revenue, Water Revenue, | 500,000 | 607,070 | ||||||
City of Houston TX Combined Utility System, Water Revenue, | 500,000 | 612,695 | ||||||
Series D, 5.00%, 11/15/39 | 85,000 | 98,144 | ||||||
Series C, 3.00%, 11/15/47 | 360,000 | 394,675 | ||||||
Series C, 4.00%, 11/15/49 | 55,000 | 66,452 | ||||||
City of San Antonio TX Electric & Gas Systems, Electric, Power & Light Revenue, | 150,000 | 186,521 | ||||||
County of Harris TX, Highway Revenue Tolls, | 200,000 | 239,918 | ||||||
Dallas Area Rapid Transit, Sales Tax Revenue, | 855,000 | 1,020,391 | ||||||
Harris County Toll Road Authority, Highway Revenue Tolls, | 555,000 | 634,953 | ||||||
North Texas Tollway Authority, Highway Revenue Tolls, | 500,000 | 574,105 | ||||||
Series A, 5.00%, 1/1/43 | 125,000 | 153,173 | ||||||
Series A, 5.00%, 1/1/48 | 1,500,000 | 1,824,015 | ||||||
Series B, 5.00%, 1/1/48 | 390,000 | 458,289 |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)
November 30, 2020 (Unaudited)
Principal | Value | |||||||
Texas (Continued) | ||||||||
Texas Water Development Board, Water Revenue, | $ | 600,000 | $ | 718,614 | ||||
|
| |||||||
(Cost $8,029,885) | 8,506,168 | |||||||
|
| |||||||
Utah — 1.1% | ||||||||
Salt Lake City Corp Airport, Private Airport & Marina Revenue, | 400,000 | 481,768 | ||||||
Series A, AMT, 5.00%, 7/1/47 | 450,000 | 534,510 | ||||||
Series A, AMT, 5.25%, 7/1/48 | 225,000 | 274,041 | ||||||
|
| |||||||
(Cost $1,191,411) | 1,290,319 | |||||||
|
| |||||||
Virginia — 1.5% | ||||||||
Chesapeake Bay Bridge & Tunnel District, Highway Revenue Tolls, | 190,000 | 225,055 | ||||||
Virginia Small Business Financing Authority, Highway Revenue Tolls, | 550,000 | 628,254 | ||||||
AMT, 5.00%, 12/31/56 | 750,000 | 854,280 | ||||||
|
| |||||||
(Cost $1,602,155) | 1,707,589 | |||||||
|
| |||||||
Washington — 1.8% | ||||||||
Central Puget Sound Regional Transit Authority, Sales Tax Revenue, | 120,000 | 144,572 |
Principal | Value | |||||||
Washington (Continued) | ||||||||
Series S-1, 5.00%, 11/1/45 | $ | 400,000 | $ | 475,308 | ||||
Series 1, 5.00%, 11/1/50 | 190,000 | 224,970 | ||||||
Energy Northwest, Nuclear Revenue, | 300,000 | 392,181 | ||||||
Port of Seattle WA, Private Airport & Marina Revenue, | 190,000 | 225,304 | ||||||
AMT, 5.00%, 4/1/44 | 500,000 | 604,050 | ||||||
|
| |||||||
(Cost $1,942,541) | 2,066,385 | |||||||
|
| |||||||
Wisconsin — 0.3% | ||||||||
Wisconsin Department of Transportation, Miscellaneous Revenue, | 45,000 | 57,259 | ||||||
Wisconsin Health & Educational Facilities Authority, Electric, Power & Light Revenue, | 245,000 | 299,086 | ||||||
|
| |||||||
(Cost $328,317) | 356,345 | |||||||
|
| |||||||
TOTAL MUNICIPAL BONDS | 114,288,287 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 98.8% | $ | 114,288,287 | ||||||
Other assets and liabilities, net — 1.2% | 1,376,043 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 115,664,330 | ||||||
|
|
AMT: | Alternative Minimum Tax |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Municipal Bonds (a) | $ | — | $ | 114,288,287 | $ | — | $ | 114,288,287 | ||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | 114,288,287 | $ | — | $ | 114,288,287 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
November 30, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 98.3% | ||||||||
Australia — 5.0% | ||||||||
AGL Energy Ltd. | 3,104 | $ | 30,877 | |||||
Aurizon Holdings Ltd. | 9,465 | 29,641 | ||||||
BHP Group Ltd. | 14,990 | 420,498 | ||||||
Coca-Cola Amatil Ltd. | 2,494 | 23,247 | ||||||
Computershare Ltd. | 2,356 | 24,790 | ||||||
Fortescue Metals Group Ltd. | 8,589 | 115,374 | ||||||
Magellan Financial Group Ltd. | 641 | 27,952 | ||||||
Medibank Pvt Ltd. | 13,622 | 28,606 | ||||||
Rio Tinto Ltd. | 1,896 | 141,663 | ||||||
Wesfarmers Ltd. | 5,765 | 210,061 | ||||||
|
| |||||||
(Cost $892,227) | 1,052,709 | |||||||
|
| |||||||
Belgium — 0.1% | ||||||||
Proximus SADP | 895 | 18,746 | ||||||
|
| |||||||
Brazil — 1.7% | ||||||||
BB Seguridade Participacoes SA | 4,052 | 21,486 | ||||||
CPFL Energia SA | 800 | 4,656 | ||||||
Engie Brasil Energia SA | 1,157 | 9,095 | ||||||
Hypera SA | 2,220 | 13,235 | ||||||
Petrobras Distribuidora SA | 3,586 | 13,669 | ||||||
Telefonica Brasil SA | 2,583 | 21,460 | ||||||
Vale SA | 18,730 | 271,240 | ||||||
|
| |||||||
(Cost $362,813) | 354,841 | |||||||
|
| |||||||
Canada — 7.5% | ||||||||
BCE, Inc. | 766 | 33,279 | ||||||
Canadian Tire Corp. Ltd., Class A | 288 | 36,885 | ||||||
Great-West Lifeco, Inc. | 1,404 | 32,730 | ||||||
iA Financial Corp., Inc. | 533 | 23,390 | ||||||
IGM Financial, Inc. | 491 | 13,015 | ||||||
Inter Pipeline Ltd. (a) | 2,055 | 20,520 | ||||||
Keyera Corp. (a) | 1,274 | 22,031 | ||||||
Magna International, Inc. | 1,426 | 87,635 | ||||||
Manulife Financial Corp. | 9,794 | 167,252 | ||||||
Pembina Pipeline Corp. | 2,758 | 70,488 | ||||||
Power Corp. of Canada | 2,811 | 63,426 | ||||||
Royal Bank of Canada | 7,247 | 593,114 | ||||||
Shaw Communications, Inc., Class B | 2,321 | 40,442 | ||||||
Sun Life Financial, Inc. | 2,976 | 132,438 | ||||||
TC Energy Corp. | 4,758 | 209,757 | ||||||
TELUS Corp. | 2,115 | 40,883 | ||||||
|
| |||||||
(Cost $1,555,208) | 1,587,285 | |||||||
|
| |||||||
Chile — 0.2% | ||||||||
Cia Cervecerias Unidas SA | 937 | 6,584 | ||||||
Enel Americas SA | 163,584 | 23,588 | ||||||
Enel Chile SA | 166,595 | 11,526 | ||||||
|
| |||||||
(Cost $51,295) | 41,698 | |||||||
|
| |||||||
China — 6.1% | ||||||||
Anhui Conch Cement Co. Ltd., Class A | 1,100 | 9,445 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 6,164 | 39,437 | ||||||
China Communications Services Corp. Ltd., Class H | 10,248 | 5,473 | ||||||
China Construction Bank Corp., Class H | 487,894 | 382,637 |
Number | Value | |||||||
China (Continued) | ||||||||
China Fortune Land Development Co. Ltd., Class A | 1,310 | $ | 2,956 | |||||
China Hongqiao Group Ltd. | 8,198 | 7,159 | ||||||
China Medical System Holdings Ltd. | 7,577 | 7,741 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 1,600 | 9,398 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 14,129 | 53,764 | ||||||
China Railway Group Ltd., Class H | 16,876 | 8,337 | ||||||
China Shenhua Energy Co. Ltd., Class A | 1,500 | 4,473 | ||||||
China Shenhua Energy Co. Ltd., Class H | 17,036 | 32,918 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 9,800 | 8,087 | ||||||
China Telecom Corp. Ltd., Class H | 76,485 | 23,086 | ||||||
China Vanke Co. Ltd., Class A | 3,400 | 15,863 | ||||||
China Vanke Co. Ltd., Class H | 7,809 | 29,665 | ||||||
China Yangtze Power Co. Ltd., Class A | 6,700 | 20,477 | ||||||
CIFI Holdings Group Co. Ltd. | 19,957 | 17,248 | ||||||
CNOOC Ltd. | 90,219 | 94,612 | ||||||
Country Garden Holdings Co. Ltd. | 37,460 | 49,480 | ||||||
CRRC Corp. Ltd., Class H | 24,626 | 9,879 | ||||||
Daqin Railway Co. Ltd., Class A | 5,300 | 5,461 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 14,543 | 14,970 | ||||||
Fujian Sunner Development Co. Ltd., Class A | 900 | 3,604 | ||||||
Gemdale Corp., Class A | 1,900 | 4,369 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 14,590 | 15,696 | ||||||
Hengan International Group Co. Ltd. | 3,729 | 25,734 | ||||||
Huaxin Cement Co. Ltd., Class A | 600 | 2,235 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 900 | 4,276 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 15,700 | 12,694 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 308,132 | 195,551 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 3,200 | 2,568 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 7,095 | 7,980 | ||||||
Logan Group Co. Ltd. | 7,797 | 13,055 | ||||||
New China Life Insurance Co. Ltd., Class H | 4,011 | 16,841 | ||||||
People’s Insurance Co. Group of China Ltd., Class H | 38,348 | 12,119 | ||||||
Postal Savings Bank of China Co. Ltd., Class H, 144A | 50,243 | 28,386 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A | 2,000 | 2,222 | ||||||
Seazen Holdings Co. Ltd., Class A | 900 | 4,845 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 2,600 | 4,125 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 6,040 | 4,699 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 3,362 | 5,690 | ||||||
Shenergy Co. Ltd., Class A | 3,400 | 2,883 |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
China (Continued) | ||||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 3,000 | $ | 3,319 | |||||
Sinopharm Group Co. Ltd., Class H | 6,484 | 16,025 | ||||||
Uni-President China Holdings Ltd. | 5,160 | 4,652 | ||||||
Want Want China Holdings Ltd. | 28,415 | 19,389 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A | 1,400 | 4,106 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 300 | 4,344 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 9,518 | 6,777 | ||||||
Zhejiang Weixing New Building Materials Co. Ltd., Class A | 1,100 | 3,156 | ||||||
|
| |||||||
(Cost $1,435,442) | 1,283,906 | |||||||
|
| |||||||
Colombia — 0.1% | ||||||||
Ecopetrol SA | 28,161 | 16,341 | ||||||
|
| |||||||
Cyprus — 0.1% | ||||||||
Polymetal International PLC | 1,171 | 24,423 | ||||||
|
| |||||||
Denmark — 0.3% | ||||||||
Pandora A/S | 505 | 50,724 | ||||||
Tryg A/S | 604 | 17,559 | ||||||
|
| |||||||
(Cost $42,709) | 68,283 | |||||||
|
| |||||||
Egypt — 0.0% | ||||||||
Eastern Co. SAE | 5,836 | 4,010 | ||||||
ElSewedy Electric Co. | 5,527 | 3,209 | ||||||
|
| |||||||
(Cost $8,548) | 7,219 | |||||||
|
| |||||||
Finland — 1.1% | ||||||||
Elisa OYJ | 722 | 38,865 | ||||||
Fortum OYJ | 2,236 | 51,368 | ||||||
Orion OYJ, Class B | 531 | 25,064 | ||||||
UPM-Kymmene OYJ | 2,709 | 89,503 | ||||||
Wartsila OYJ Abp | 2,176 | 20,516 | ||||||
|
| |||||||
(Cost $223,286) | 225,316 | |||||||
|
| |||||||
France — 4.1% | ||||||||
Bouygues SA | 1,146 | 45,759 | ||||||
Danone SA | 3,134 | 201,915 | ||||||
Sanofi | 5,765 | 584,169 | ||||||
Sodexo SA | 440 | 36,506 | ||||||
|
| |||||||
(Cost $742,098) | 868,349 | |||||||
|
| |||||||
Germany — 8.3% | ||||||||
Allianz SE | 2,121 | 501,491 | ||||||
BASF SE | 4,639 | 340,331 | ||||||
Bayer AG | 4,986 | 287,895 | ||||||
Evonik Industries AG | 1,017 | 30,791 | ||||||
Hannover Rueck SE | 307 | 51,523 | ||||||
HOCHTIEF AG | 147 | 14,225 | ||||||
Siemens AG | 3,885 | 520,491 | ||||||
|
| |||||||
(Cost $1,717,157) | 1,746,747 | |||||||
|
| |||||||
Greece — 0.1% | ||||||||
Hellenic Telecommunications Organization SA (Cost $19,365) | 1,158 | 19,351 | ||||||
|
|
Number | Value | |||||||
Hong Kong — 5.8% | ||||||||
Beijing Enterprises Holdings Ltd. | 2,841 | $ | 9,198 | |||||
BOC Hong Kong Holdings Ltd. | 18,925 | 61,639 | ||||||
Bosideng International Holdings Ltd. (a) | 17,049 | 7,477 | ||||||
China Everbright Environment Group Ltd. | 22,237 | 12,334 | ||||||
China Merchants Port Holdings Co. Ltd. | 9,112 | 10,802 | ||||||
China Mobile Ltd. | 31,106 | 186,175 | ||||||
China Overseas Land & Investment Ltd. | 18,770 | 45,663 | ||||||
China Resources Cement Holdings Ltd. | 13,492 | 16,777 | ||||||
China Resources Land Ltd. | 15,939 | 69,081 | ||||||
China State Construction International Holdings Ltd. | 12,324 | 8,139 | ||||||
CK Asset Holdings Ltd. | 13,041 | 71,408 | ||||||
CK Hutchison Holdings Ltd. | 13,691 | 99,338 | ||||||
CK Infrastructure Holdings Ltd. | 3,891 | 19,900 | ||||||
CLP Holdings Ltd. | 8,326 | 78,185 | ||||||
Guangdong Investment Ltd. | 14,386 | 23,901 | ||||||
Hang Lung Properties Ltd. | 10,007 | 24,809 | ||||||
Hang Seng Bank Ltd. | 3,890 | 67,790 | ||||||
Henderson Land Development Co. Ltd. | 6,891 | 28,888 | ||||||
HKT Trust & HKT Ltd. (b) | 18,969 | 24,811 | ||||||
Hopson Development Holdings Ltd. | 3,136 | 8,191 | ||||||
Jardine Matheson Holdings Ltd. | 1,100 | 58,377 | ||||||
Kingboard Holdings Ltd. | 3,607 | 13,819 | ||||||
Kingboard Laminates Holdings Ltd. | 5,947 | 9,620 | ||||||
Lee & Man Paper Manufacturing Ltd. | 7,638 | 6,207 | ||||||
Power Assets Holdings Ltd. | 6,942 | 36,534 | ||||||
Shenzhen International Holdings Ltd. | 3,893 | 6,398 | ||||||
Shimao Group Holdings Ltd. | 6,061 | 22,594 | ||||||
Sino Land Co. Ltd. | 15,640 | 21,385 | ||||||
Sun Hung Kai Properties Ltd. | 6,585 | 87,913 | ||||||
WH Group Ltd., 144A | 47,104 | 38,461 | ||||||
Wharf Real Estate Investment Co. Ltd. | 8,405 | 39,084 | ||||||
|
| |||||||
(Cost $1,373,814) | 1,214,898 | |||||||
|
| |||||||
India — 0.8% | ||||||||
Bajaj Auto Ltd. | 394 | 16,884 | ||||||
Bharat Petroleum Corp. Ltd. | 3,822 | 19,250 | ||||||
Bharti Infratel Ltd. | 1,734 | 5,118 | ||||||
GAIL India Ltd. | 9,566 | 13,260 | ||||||
Hero MotoCorp Ltd. | 574 | 24,096 | ||||||
Hindustan Petroleum Corp. Ltd. | 3,255 | 9,202 | ||||||
Indian Oil Corp. Ltd. | 10,940 | 12,498 | ||||||
ITC Ltd. | 14,255 | 37,275 | ||||||
Power Grid Corp. of India Ltd. | 10,009 | 26,004 | ||||||
|
| |||||||
(Cost $172,223) | 163,587 | |||||||
|
| |||||||
Indonesia — 1.3% | ||||||||
PT Adaro Energy Tbk | 80,014 | 7,877 | ||||||
PT Astra International Tbk | 100,520 | 37,731 | ||||||
PT Bank Mandiri Persero Tbk | 94,043 | 42,126 | ||||||
PT Bank Negara Indonesia Persero Tbk | 36,704 | 15,597 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 281,009 | 81,397 | ||||||
PT Indofood Sukses Makmur Tbk | 20,429 | 10,272 | ||||||
PT Telekomunikasi Indonesia Persero Tbk | 248,110 | 56,756 | ||||||
PT United Tractors Tbk | 9,363 | 15,251 | ||||||
|
| |||||||
(Cost $238,863) | 267,007 | |||||||
|
|
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Italy — 3.0% | ||||||||
Assicurazioni Generali SpA | 5,715 | $ | 97,896 | |||||
Enel SpA | 41,332 | 413,824 | ||||||
Snam SpA | 10,254 | 57,686 | ||||||
Terna Rete Elettrica Nazionale SpA | 7,214 | 54,124 | ||||||
|
| |||||||
(Cost $603,854) | 623,530 | |||||||
|
| |||||||
Japan — 8.4% | ||||||||
Amada Co. Ltd. | 1,900 | 18,330 | ||||||
Asahi Kasei Corp. | 6,200 | 56,907 | ||||||
Bridgestone Corp. | 2,600 | 90,860 | ||||||
Daiwa House Industry Co. Ltd. | 2,900 | 88,996 | ||||||
Isuzu Motors Ltd. | 3,100 | 30,264 | ||||||
ITOCHU Corp. | 6,800 | 179,888 | ||||||
Japan Tobacco, Inc. | 6,009 | 122,168 | ||||||
Kajima Corp. | 2,200 | 28,968 | ||||||
KDDI Corp. | 8,200 | 234,538 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 900 | 19,109 | ||||||
MS&AD Insurance Group Holdings, Inc. | 2,278 | 66,303 | ||||||
NGK Spark Plug Co. Ltd. | 900 | 16,321 | ||||||
Nippon Telegraph & Telephone Corp. | 6,500 | 153,656 | ||||||
Obayashi Corp. | 3,000 | 26,468 | ||||||
Pola Orbis Holdings, Inc. (a) | 500 | 9,998 | ||||||
Sekisui House Ltd. | 3,075 | 55,381 | ||||||
SoftBank Corp. | 14,600 | 179,849 | ||||||
Sompo Holdings, Inc. | 1,700 | 65,375 | ||||||
Sumitomo Chemical Co. Ltd. | 8,300 | 29,451 | ||||||
Sumitomo Electric Industries Ltd. | 3,700 | 42,367 | ||||||
T&D Holdings, Inc. | 2,700 | 31,564 | ||||||
Taisei Corp. | 900 | 31,848 | ||||||
Tokio Marine Holdings, Inc. | 3,200 | 159,271 | ||||||
Tosoh Corp. | 1,500 | 23,678 | ||||||
|
| |||||||
(Cost $1,700,564) | 1,761,558 | |||||||
|
| |||||||
Kuwait — 0.1% | ||||||||
Mobile Telecommunications Co. KSC | 9,689 | 18,405 | ||||||
|
| |||||||
Malaysia — 0.5% | ||||||||
HAP Seng Consolidated Bhd | 3,082 | 6,241 | ||||||
Maxis Bhd | 13,600 | 16,357 | ||||||
Petronas Gas Bhd | 4,600 | 20,505 | ||||||
Public Bank Bhd | 14,600 | 62,357 | ||||||
Sime Darby Bhd | 15,600 | 8,845 | ||||||
|
| |||||||
(Cost $101,571) | 114,305 | |||||||
|
| |||||||
Mexico — 0.4% | ||||||||
Coca-Cola Femsa SAB de CV | 2,895 | 13,079 | ||||||
Grupo Mexico SAB de CV, Series B | 15,302 | 55,677 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 8,679 | 13,804 | ||||||
|
| |||||||
(Cost $57,748) | 82,560 | |||||||
|
| |||||||
Netherlands — 1.0% | ||||||||
Koninklijke Ahold Delhaize NV | 5,585 | 160,272 | ||||||
NN Group NV | 1,460 | 59,467 | ||||||
|
| |||||||
(Cost $205,371) | 219,739 | |||||||
|
|
Number | Value | |||||||
New Zealand — 0.1% | ||||||||
Spark New Zealand Ltd. | ||||||||
(Cost $23,442) | 9,251 | $ | 29,647 | |||||
|
| |||||||
Norway — 0.3% | ||||||||
Gjensidige Forsikring ASA | 999 | 21,849 | ||||||
Mowi ASA | 2,215 | 45,030 | ||||||
|
| |||||||
(Cost $73,625) | 66,879 | |||||||
|
| |||||||
Peru — 0.4% | ||||||||
Credicorp Ltd. | 339 | 52,175 | ||||||
Southern Copper Corp. | 426 | 25,292 | ||||||
|
| |||||||
(Cost $61,151) | 77,467 | |||||||
|
| |||||||
Philippines — 0.1% | ||||||||
Aboitiz Power Corp. | 8,900 | 4,766 | ||||||
Globe Telecom, Inc. | 167 | 6,766 | ||||||
International Container Terminal Services, Inc. | 5,450 | 13,240 | ||||||
|
| |||||||
(Cost $20,510) | 24,772 | |||||||
|
| |||||||
Portugal — 0.4% | ||||||||
EDP — Energias de Portugal SA | 14,047 | 75,076 | ||||||
|
| |||||||
Qatar — 1.1% | ||||||||
Industries Qatar QSC | 9,078 | 27,420 | ||||||
Masraf Al Rayan QSC | 21,369 | 25,055 | ||||||
Mesaieed Petrochemical Holding Co. | 20,729 | 11,902 | ||||||
Qatar Electricity & Water Co. QSC | 2,939 | 14,519 | ||||||
Qatar Fuel QSC | 2,833 | 14,392 | ||||||
Qatar Islamic Bank SAQ | 5,460 | 24,978 | ||||||
Qatar National Bank QPSC | 22,630 | 110,113 | ||||||
|
| |||||||
(Cost $213,327) | 228,379 | |||||||
|
| |||||||
Russia — 2.4% | ||||||||
Alrosa PJSC | 14,562 | 16,743 | ||||||
Gazprom PJSC | 59,661 | 142,283 | ||||||
Inter RAO UES PJSC | 170,079 | 11,419 | ||||||
LUKOIL PJSC | 2,072 | 136,273 | ||||||
MMC Norilsk Nickel PJSC | 318 | 89,195 | ||||||
Mobile TeleSystems PJSC, ADR | 2,584 | 22,300 | ||||||
Novolipetskiy Metallurgicheskiy Kombinat PAO | 6,892 | 17,333 | ||||||
PhosAgro PJSC, GDR | 776 | 9,917 | ||||||
Severstal PAO | 1,208 | 17,681 | ||||||
Tatneft PJSC | 7,037 | 45,077 | ||||||
|
| |||||||
(Cost $513,176) | 508,221 | |||||||
|
| |||||||
Saudi Arabia — 2.2% | ||||||||
Abdullah Al Othaim Markets Co. | 150 | 5,087 | ||||||
Advanced Petrochemical Co. | 637 | 10,445 | ||||||
Al Rajhi Bank | 6,177 | 123,191 | ||||||
Arab National Bank | 3,370 | 18,330 | ||||||
Bank AlBilad | 2,137 | 15,042 | ||||||
Bank Al-Jazira | 2,466 | 9,021 | ||||||
Banque Saudi Fransi | 3,290 | 29,079 | ||||||
Jarir Marketing Co. | 342 | 16,049 | ||||||
National Commercial Bank | 7,367 | 82,988 | ||||||
Riyad Bank | 6,644 | 36,882 |
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Saudi Arabia (Continued) | ||||||||
Samba Financial Group | 4,870 | $ | 40,122 | |||||
Saudi Telecom Co. | 3,007 | 86,427 | ||||||
|
| |||||||
(Cost $451,606) | 472,663 | |||||||
|
| |||||||
Singapore — 1.4% | ||||||||
Oversea-Chinese Banking Corp. Ltd. | 16,892 | 127,097 | ||||||
Singapore Exchange Ltd. | 3,941 | 26,152 | ||||||
Singapore Technologies Engineering Ltd. | 7,400 | 21,321 | ||||||
United Overseas Bank Ltd. | 5,900 | 99,133 | ||||||
Venture Corp. Ltd. | 1,300 | 18,272 | ||||||
|
| |||||||
(Cost $295,410) | 291,975 | |||||||
|
| |||||||
South Africa — 0.9% | ||||||||
African Rainbow Minerals Ltd. | 495 | 7,671 | ||||||
Exxaro Resources Ltd. | 1,146 | 8,833 | ||||||
FirstRand Ltd. | 24,148 | 70,948 | ||||||
Kumba Iron Ore Ltd. | 353 | 12,021 | ||||||
Sanlam Ltd. | 8,814 | 31,580 | ||||||
SPAR Group Ltd.(a) | 1,125 | 13,879 | ||||||
Standard Bank Group Ltd. | 6,541 | 51,200 | ||||||
|
| |||||||
(Cost $277,746) | 196,132 | |||||||
|
| |||||||
South Korea — 0.8% | ||||||||
Cheil Worldwide, Inc. | 416 | 7,801 | ||||||
DB Insurance Co. Ltd. | 238 | 9,464 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 302 | 6,086 | ||||||
Korea Zinc Co. Ltd. | 42 | 14,385 | ||||||
KT&G Corp. | 580 | 43,243 | ||||||
LG Uplus Corp. | 1,010 | 10,907 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 154 | 26,164 | ||||||
SK Telecom Co. Ltd. | 198 | 42,497 | ||||||
|
| |||||||
(Cost $173,724) | 160,547 | |||||||
|
| |||||||
Spain — 2.9% | ||||||||
ACS Actividades de Construccion y Servicios SA | 1,353 | 42,873 | ||||||
Enagas SA | 1,255 | 30,655 | ||||||
Endesa SA | 1,609 | 46,135 | ||||||
Iberdrola SA | 30,717 | 420,532 | ||||||
Naturgy Energy Group SA | 1,496 | 34,600 | ||||||
Red Electrica Corp. SA | 2,188 | 44,847 | ||||||
|
| |||||||
(Cost $447,541) | 619,642 | |||||||
|
| |||||||
Sweden — 0.1% | ||||||||
Lundin Energy AB | 927 | 22,259 | ||||||
|
| |||||||
Switzerland — 8.8% | ||||||||
ABB Ltd. | 9,318 | 246,717 | ||||||
Adecco Group AG | 777 | 47,240 | ||||||
Baloise Holding AG | 238 | 41,196 | ||||||
Novartis AG | 11,281 | 1,025,172 | ||||||
Swiss Life Holding AG | 155 | 69,478 | ||||||
Swiss Prime Site AG | 377 | 34,064 | ||||||
Swisscom AG | 133 | 70,518 | ||||||
Zurich Insurance Group AG | 766 | 312,137 | ||||||
|
| |||||||
(Cost $1,750,160) | 1,846,522 | |||||||
|
|
Number | Value | |||||||
Taiwan — 3.9% | ||||||||
Asia Cement Corp. | 12,313 | $ | 18,705 | |||||
Catcher Technology Co. Ltd. | 3,333 | 21,984 | ||||||
Chicony Electronics Co. Ltd. | 3,000 | 8,989 | ||||||
Compal Electronics, Inc. | 23,525 | 15,929 | ||||||
CTBC Financial Holding Co. Ltd. | 89,646 | 60,230 | ||||||
Eclat Textile Co. Ltd. | 916 | 12,855 | ||||||
First Financial Holding Co. Ltd. | 51,565 | 38,535 | ||||||
Formosa Chemicals & Fibre Corp. | 17,202 | 46,471 | ||||||
Formosa Plastics Corp. | 18,816 | 56,245 | ||||||
Fubon Financial Holding Co. Ltd. | 33,159 | 51,537 | ||||||
Globalwafers Co. Ltd. | 1,238 | 24,237 | ||||||
Hon Hai Precision Industry Co. Ltd. | 62,817 | 181,382 | ||||||
Lite-On Technology Corp. | 12,126 | 20,442 | ||||||
Micro-Star International Co. Ltd. | 3,163 | 13,872 | ||||||
Nien Made Enterprise Co. Ltd. | 945 | 11,157 | ||||||
Novatek Microelectronics Corp. | 2,841 | 29,803 | ||||||
Phison Electronics Corp. | 971 | 11,004 | ||||||
Powertech Technology, Inc. | 3,695 | 11,927 | ||||||
President Chain Store Corp. | 2,712 | 24,644 | ||||||
Shanghai Commercial & Savings Bank Ltd. | 18,943 | 25,920 | ||||||
Standard Foods Corp. | 2,041 | 4,468 | ||||||
Synnex Technology International Corp. | 5,844 | 9,124 | ||||||
Taiwan Cement Corp. | 23,586 | 35,500 | ||||||
Vanguard International Semiconductor Corp. | 5,133 | 18,909 | ||||||
Walsin Technology Corp. | 1,762 | 12,024 | ||||||
Wistron Corp. | 13,212 | 13,837 | ||||||
Wiwynn Corp. | 366 | 8,757 | ||||||
WPG Holdings Ltd. | 6,156 | 9,212 | ||||||
Zhen Ding Technology Holding Ltd. | 3,607 | 15,629 | ||||||
|
| |||||||
(Cost $752,206) | 813,328 | |||||||
|
| |||||||
Thailand — 0.8% | ||||||||
Bangkok Bank PCL, NVDR | 3,000 | 11,702 | ||||||
Bangkok Commercial Asset Management PCL, NVDR | 10,400 | 7,220 | ||||||
Kasikornbank PCL, NVDR | 8,500 | 30,909 | ||||||
Land & Houses PCL, NVDR | 51,100 | 13,261 | ||||||
PTT PCL, NVDR | 57,300 | 75,769 | ||||||
Ratch Group PCL, NVDR | 3,200 | 6,003 | ||||||
Siam Commercial Bank PCL, NVDR | 5,300 | 14,980 | ||||||
|
| |||||||
(Cost $194,116) | 159,844 | |||||||
|
| |||||||
Turkey — 0.0% | ||||||||
Ford Otomotiv Sanayi AS | 373 | 5,140 | ||||||
|
| |||||||
United Arab Emirates — 0.8% | ||||||||
Abu Dhabi Islamic Bank PJSC | 5,718 | 7,317 | ||||||
Aldar Properties PJSC | 23,342 | 19,318 | ||||||
Dubai Islamic Bank PJSC | 10,699 | 13,049 | ||||||
Emirates NBD Bank PJSC | 12,795 | 38,143 | ||||||
Emirates Telecommunications Group Co. PJSC | 8,619 | 40,641 | ||||||
First Abu Dhabi Bank PJSC | 13,328 | 45,792 | ||||||
|
| |||||||
(Cost $149,254) | 164,260 | |||||||
|
|
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
United Kingdom — 14.9% | ||||||||
3i Group PLC | 4,909 | $ | 70,158 | |||||
Admiral Group PLC | 974 | 37,151 | ||||||
Anglo American PLC | 6,234 | 184,223 | ||||||
BAE Systems PLC | 16,290 | 109,610 | ||||||
British American Tobacco PLC | 11,655 | 410,707 | ||||||
Direct Line Insurance Group PLC | 6,932 | 27,375 | ||||||
GlaxoSmithKline PLC | 25,517 | 466,711 | ||||||
Hargreaves Lansdown PLC | 1,684 | 32,150 | ||||||
Imperial Brands PLC | 4,803 | 87,271 | ||||||
M&G PLC | 13,139 | 32,890 | ||||||
National Grid PLC | 17,898 | 202,723 | ||||||
Rio Tinto PLC | 5,700 | 367,857 | ||||||
Schroders PLC | 634 | 27,246 | ||||||
Severn Trent PLC | 1,206 | 38,464 | ||||||
Standard Life Aberdeen PLC | 11,371 | 41,125 | ||||||
Tesco PLC | 49,784 | 150,874 | ||||||
Unilever PLC | 13,359 | 815,235 | ||||||
Wm Morrison Supermarkets PLC | 12,257 | 29,430 | ||||||
|
| |||||||
(Cost $3,187,011) | 3,131,200 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 20,674,756 | |||||||
|
| |||||||
PREFERRED STOCKS — 1.5% | ||||||||
Brazil — 0.3% | ||||||||
Cia Paranaense de Energia | 424 | 5,374 | ||||||
Itausa SA | 21,349 | 41,936 | ||||||
|
| |||||||
(Cost $57,968) | 47,310 | |||||||
|
| |||||||
Chile — 0.0% | ||||||||
Embotelladora Andina SA, Class B | 2,045 | 4,599 | ||||||
|
| |||||||
South Korea — 1.2% | ||||||||
Hyundai Motor Co. | 141 | 10,704 | ||||||
Hyundai Motor Co.-2nd Preferred | 197 | 15,417 |
Number | Value | |||||||
South Korea (Continued) | ||||||||
Samsung Electronics Co. Ltd. | 4,170 | $ | 230,254 | |||||
|
| |||||||
(Cost $149,532) | 256,375 | |||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 308,284 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
China — 0.0% | ||||||||
China Resources Mixc Lifestyle Services Ltd.*, expires 12/31/20 (c) | 141 | 0 | ||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 0.0% | ||||||||
WisdomTree Emerging Markets High Dividend Fund (a) | 100 | 3,937 | ||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (d) | 400 | 8,988 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS | 12,925 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.5% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (e)(f) | ||||||||
(Cost $103,109) | 103,109 | 103,109 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.4% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (e) | 83,058 | 83,058 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.7% | $ | 21,182,132 | ||||||
Other assets and liabilities, net — (0.7%) | (151,858 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 21,030,274 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
Value ($) at 5/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2020 | Value ($) at 11/30/2020 | ||||||||||||||||||||||||||||
EXCHANGE-TRADED FUNDS — 0.0% |
| |||||||||||||||||||||||||||||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (d) |
| |||||||||||||||||||||||||||||||||||
— | 135,070 | (126,758 | ) | 4 | 672 | 737 | — | 400 | 8,988 | |||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.5% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (e)(f) |
| |||||||||||||||||||||||||||||||||||
237,415 | — | (134,306 | )(g) | — | — | 77 | — | 103,109 | 103,109 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.4% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (e) |
| |||||||||||||||||||||||||||||||||||
128,203 | 842,762 | (887,907 | ) | — | — | 12 | — | 83,058 | 83,058 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
365,618 | 977,832 | (1,148,971 | ) | 4 | 672 | 826 | — | 186,567 | 195,155 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $127,431, which is 0.6% of net assets. |
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)
November 30, 2020 (Unaudited)
(b) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(c) | Investment was valued using significant unobservable inputs. |
(d) | Affiliated fund advised by DBX Advisors LLC. |
(e) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(f) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $33,080. |
(g) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
ADR: | American Depositary Receipt |
GDR: | Global Depositary Receipt |
KSC | Kuwait Shareholding Company |
NVDR: | Non Voting Depositary Receipt |
PJSC: | Public Joint Stock Company |
QPSC: | Qatari Public Shareholders Company |
QSC: | Qatari Shareholders Company |
SAE: | Societe Anonyme Egyptienne |
SAQ: | Societe Anonyme Qatar |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Securities are listed in country of domicile.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (h) | $ | 20,674,756 | $ | — | $ | — | $ | 20,674,756 | ||||||||
Preferred Stocks (h) | 308,284 | — | — | 308,284 | ||||||||||||
Rights | — | — | 0 | 0 | ||||||||||||
Exchange-Traded Funds | 12,925 | — | — | 12,925 | ||||||||||||
Short-Term Investments (h) | 186,167 | — | — | 186,167 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 21,182,132 | $ | — | $ | 0 | $ | 21,182,132 | ||||||||
|
|
|
|
|
|
|
|
(h) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
November 30, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.9% | ||||||||
Australia — 4.8% | ||||||||
Aurizon Holdings Ltd. | 385,668 | $ | 1,207,763 | |||||
Coca-Cola Amatil Ltd. | 95,810 | 893,060 | ||||||
Computershare Ltd. | 99,619 | 1,048,213 | ||||||
Fortescue Metals Group Ltd. | 334,894 | 4,498,557 | ||||||
Magellan Financial Group Ltd. | 25,186 | 1,098,281 | ||||||
Medibank Pvt Ltd. | 556,645 | 1,168,967 | ||||||
Rio Tinto Ltd. | 74,014 | 5,530,075 | ||||||
Treasury Wine Estates Ltd. | 144,861 | 916,904 | ||||||
Wesfarmers Ltd. | 228,309 | 8,318,950 | ||||||
|
| |||||||
(Cost $19,516,360) | 24,680,770 | |||||||
|
| |||||||
Belgium — 0.1% | ||||||||
Proximus SADP | 30,527 | 639,403 | ||||||
|
| |||||||
Denmark — 0.5% | ||||||||
Pandora A/S | 19,545 | 1,963,138 | ||||||
Tryg A/S | 29,780 | 865,762 | ||||||
|
| |||||||
(Cost $2,022,773) | 2,828,900 | |||||||
|
| |||||||
Finland — 1.8% | ||||||||
Elisa OYJ | 28,599 | 1,539,456 | ||||||
Fortum OYJ | 89,486 | 2,055,765 | ||||||
Orion OYJ, Class B | 21,063 | 994,218 | ||||||
UPM-Kymmene OYJ | 107,278 | 3,544,365 | ||||||
Wartsila OYJ Abp | 87,182 | 821,992 | ||||||
|
| |||||||
(Cost $8,234,246) | 8,955,796 | |||||||
|
| |||||||
France — 10.9% | ||||||||
Bouygues SA | 45,129 | 1,801,964 | ||||||
Danone SA | 123,029 | 7,926,436 | ||||||
Faurecia SE* | 20 | 998 | ||||||
Sanofi | 226,755 | 22,977,124 | ||||||
Sodexo SA | 17,030 | 1,412,953 | ||||||
TOTAL SE | 503,826 | 21,590,907 | ||||||
|
| |||||||
(Cost $52,315,968) | 55,710,382 | |||||||
|
| |||||||
Germany — 13.5% | ||||||||
Allianz SE | 83,430 | 19,726,278 | ||||||
BASF SE | 182,870 | 13,415,892 | ||||||
Bayer AG | 196,024 | 11,318,546 | ||||||
Evonik Industries AG | 41,371 | 1,252,542 | ||||||
Hannover Rueck SE | 12,087 | 2,028,525 | ||||||
HOCHTIEF AG | 5,087 | 492,282 | ||||||
Siemens AG | 153,077 | 20,508,414 | ||||||
|
| |||||||
(Cost $62,562,284) | 68,742,479 | |||||||
|
| |||||||
Hong Kong — 5.9% | ||||||||
BOC Hong Kong Holdings Ltd. | 739,594 | 2,408,868 | ||||||
CK Asset Holdings Ltd. | 516,446 | 2,827,879 | ||||||
CK Hutchison Holdings Ltd. | 538,294 | 3,905,713 | ||||||
CK Infrastructure Holdings Ltd. | 132,242 | 676,349 | ||||||
CLP Holdings Ltd. | 328,563 | 3,085,377 | ||||||
Hang Lung Properties Ltd. | 412,752 | 1,023,295 | ||||||
Hang Seng Bank Ltd. | 152,988 | 2,666,066 | ||||||
Henderson Land Development Co. Ltd. | 291,709 | 1,222,901 | ||||||
HKT Trust & HKT Ltd. (b) | 756,674 | 989,703 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Jardine Matheson Holdings Ltd. | 43,688 | $ | 2,318,522 | |||||
New World Development Co. Ltd. | 86 | 436 | ||||||
Power Assets Holdings Ltd. | 277,429 | 1,460,059 | ||||||
Sino Land Co. Ltd. | 638,009 | 872,350 | ||||||
Sun Hung Kai Properties Ltd. | 260,334 | 3,475,598 | ||||||
WH Group Ltd., 144A | 1,867,500 | 1,524,834 | ||||||
Wharf Real Estate Investment Co. Ltd. | 334,262 | 1,554,356 | ||||||
|
| |||||||
(Cost $29,849,027) | 30,012,306 | |||||||
|
| |||||||
Italy — 4.8% | ||||||||
Assicurazioni Generali SpA | 221,874 | 3,800,612 | ||||||
Enel SpA | 1,620,993 | 16,229,708 | ||||||
Snam SpA | 405,256 | 2,279,862 | ||||||
Terna Rete Elettrica Nazionale SpA | 288,135 | 2,161,754 | ||||||
|
| |||||||
(Cost $23,245,629) | 24,471,936 | |||||||
|
| |||||||
Japan — 13.8% | ||||||||
Amada Co. Ltd. | 65,600 | 632,880 | ||||||
Asahi Kasei Corp. | 252,874 | 2,321,033 | ||||||
Bridgestone Corp. | 107,600 | 3,760,196 | ||||||
Daiwa House Industry Co. Ltd. | 113,371 | 3,479,139 | ||||||
Isuzu Motors Ltd. | 111,900 | 1,092,440 | ||||||
ITOCHU Corp. | 271,000 | 7,169,058 | ||||||
Japan Tobacco, Inc. | 240,500 | 4,889,571 | ||||||
Kajima Corp. | 85,600 | 1,127,104 | ||||||
KDDI Corp. | 320,700 | 9,172,743 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 29,397 | 624,166 | ||||||
MS&AD Insurance Group Holdings, Inc. | 90,500 | 2,634,068 | ||||||
NGK Spark Plug Co. Ltd. | 30,800 | 558,550 | ||||||
Nippon Telegraph & Telephone Corp. | 257,600 | 6,089,513 | ||||||
Obayashi Corp. | 117,200 | 1,034,035 | ||||||
Pola Orbis Holdings, Inc. (c) | 18,600 | 371,911 | ||||||
Seiko Epson Corp. | 52,809 | 788,526 | ||||||
Sekisui House Ltd. | 124,324 | 2,239,084 | ||||||
SoftBank Corp. | 574,300 | 7,074,451 | ||||||
Sompo Holdings, Inc. | 67,800 | 2,607,317 | ||||||
Sumitomo Chemical Co. Ltd. | 304,500 | 1,080,460 | ||||||
Sumitomo Electric Industries Ltd. | 152,000 | 1,740,475 | ||||||
T&D Holdings, Inc. | 107,924 | 1,261,658 | ||||||
Taisei Corp. | 36,100 | 1,277,478 | ||||||
Tokio Marine Holdings, Inc. | 126,576 | 6,299,971 | ||||||
Tosoh Corp. | 52,520 | 829,038 | ||||||
|
| |||||||
(Cost $65,701,463) | 70,154,865 | |||||||
|
| |||||||
Luxembourg — 0.0% | ||||||||
Aroundtown SA (a) | 24 | 167 | ||||||
|
| |||||||
Netherlands — 1.7% | ||||||||
Koninklijke Ahold Delhaize NV | 219,606 | 6,302,002 | ||||||
NN Group NV | 57,811 | 2,354,679 | ||||||
|
| |||||||
(Cost $8,131,772) | 8,656,681 | |||||||
|
| |||||||
New Zealand — 0.2% | ||||||||
Spark New Zealand Ltd. | 374,482 | 1,200,128 | ||||||
|
|
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Norway — 0.5% | ||||||||
Gjensidige Forsikring ASA | 38,570 | $ | 843,553 | |||||
Mowi ASA | 88,525 | 1,799,666 | ||||||
|
| |||||||
(Cost $2,694,060) | 2,643,219 | |||||||
|
| |||||||
Portugal — 0.6% | ||||||||
EDP — Energias de Portugal SA | 548,855 | 2,933,424 | ||||||
|
| |||||||
Singapore — 2.3% | ||||||||
Oversea-Chinese Banking Corp. Ltd. | 667,702 | 5,023,838 | ||||||
Singapore Exchange Ltd. | 162,250 | 1,076,661 | ||||||
Singapore Technologies Engineering Ltd. | 299,800 | 863,796 | ||||||
United Overseas Bank Ltd. | 227,500 | 3,822,516 | ||||||
Venture Corp. Ltd. | 54,300 | 763,208 | ||||||
|
| |||||||
(Cost $11,264,363) | 11,550,019 | |||||||
|
| |||||||
Spain — 4.5% | ||||||||
ACS Actividades de Construccion y Servicios SA | 53,706 | 1,701,801 | ||||||
Enagas SA | 50,183 | 1,225,791 | ||||||
Endesa SA | 64,158 | 1,839,598 | ||||||
Iberdrola SA | 1,199,158 | 16,417,095 | ||||||
Industria de Diseno Textil SA | 30 | 1,000 | ||||||
Red Electrica Corp. SA | 87,576 | 1,795,037 | ||||||
|
| |||||||
(Cost $18,544,058) | 22,980,322 | |||||||
|
| |||||||
Sweden — 0.2% | ||||||||
Lundin Energy AB | 37,396 | 897,968 | ||||||
|
| |||||||
Switzerland — 9.6% | ||||||||
Adecco Group AG | 31,208 | 1,897,369 | ||||||
Baloise Holding AG | 9,299 | 1,609,581 | ||||||
Novartis AG | 292,619 | 26,592,030 | ||||||
Swiss Life Holding AG | 6,080 | 2,725,355 | ||||||
Swiss Prime Site AG | 15,330 | 1,385,170 | ||||||
Swisscom AG | 5,204 | 2,759,218 | ||||||
Zurich Insurance Group AG | 30,083 | 12,258,498 | ||||||
|
| |||||||
(Cost $44,914,464) | 49,227,221 | |||||||
|
|
Number | Value | |||||||
United Kingdom — 24.2% | ||||||||
BAE Systems PLC | 639,004 | $ | 4,299,639 | |||||
Schroders PLC | 25,318 | 1,088,049 | ||||||
3i Group PLC | 194,861 | 2,784,899 | ||||||
Admiral Group PLC | 38,216 | 1,457,650 | ||||||
Anglo American PLC | 245,766 | 7,262,719 | ||||||
British American Tobacco PLC | 458,632 | 16,161,583 | ||||||
Direct Line Insurance Group PLC | 266,888 | 1,053,962 | ||||||
GlaxoSmithKline PLC | 1,003,065 | 18,346,260 | ||||||
Hargreaves Lansdown PLC | 65,858 | 1,257,310 | ||||||
Imperial Brands PLC | 189,336 | 3,440,244 | ||||||
M&G PLC | 520,576 | 1,303,117 | ||||||
National Grid PLC | 704,466 | 7,979,186 | ||||||
Rio Tinto PLC | 224,558 | 14,492,158 | ||||||
Severn Trent PLC | 48,262 | 1,539,286 | ||||||
Standard Life Aberdeen PLC | 452,485 | 1,636,482 | ||||||
Tesco PLC | 1,944,749 | 5,893,690 | ||||||
Unilever PLC | 524,717 | 32,020,952 | ||||||
Wm Morrison Supermarkets PLC | 475,710 | 1,142,222 | ||||||
|
| |||||||
(Cost $120,470,468) | 123,159,408 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 509,445,394 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.1% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (d)(e) | 346,694 | 346,694 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.2% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (d) | 989,509 | 989,509 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.2% | $ | 510,781,597 | ||||||
Other assets and liabilities, net — (0.2%) | (941,671 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 509,839,926 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
Value ($) at 5/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2020 | Value ($) at 11/30/2020 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.1% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (d)(e) |
| |||||||||||||||||||||||||||||||||||
5,636,041 | — | (5,289,347 | )(f) | — | — | 2,198 | — | 346,694 | 346,694 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.2% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04%(d) |
| |||||||||||||||||||||||||||||||||||
802,916 | 18,498,469 | (18,311,876) | — | — | 469 | — | 989,509 | 989,509 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
6,438,957 | 18,498,469 | (23,601,223 | ) | — | — | 2,667 | — | 1,336,203 | 1,336,203 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | Company Declared its annual dividend during the 12-month period ended November 30, 2020, the scheduled payment date was subsequent to November 30, 2020. |
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)
November 30, 2020 (Unaudited)
(b) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(c) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $329,321, which is 0.1% of net assets. |
(d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Securities are listed in country of domicile.
At November 30, 2020, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||
MSCI EAFE Futures | USD | 13 | $ | 1,218,569 | $ | 1,321,450 | 12/18/2020 | $ | 102,881 |
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
USD | U.S. Dollar |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (g) | $ | 509,445,394 | $ | — | $ | — | $ | 509,445,394 | ||||||||
Short-Term Investments (g) | 1,336,203 | — | — | 1,336,203 | ||||||||||||
Derivatives (h) | ||||||||||||||||
Futures Contracts | 102,881 | — | — | 102,881 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 510,884,478 | $ | — | $ | — | $ | 510,884,478 | ||||||||
|
|
|
|
|
|
|
|
(g) | See Schedule of Investments for additional detailed categorizations. |
(h) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 46 |
DBX ETF Trust
November 30, 2020 (Unaudited)
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF | Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF | Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF | Xtrackers Municipal Infrastructure Revenue Bond ETF | |||||||||||||
Assets | ||||||||||||||||
Investment in non-affiliated securities at value | $ | 10,215,258 | $ | 29,500,005 | $ | 14,191,783 | $ | 114,288,287 | ||||||||
Investment in affiliated securities at value | 10,744 | — | — | — | ||||||||||||
Investment in DWS Government Money Market Series | 33,933 | 1,476,936 | 262,773 | — | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio* | 43,260 | 142,800 | 293,645 | — | ||||||||||||
Cash | — | 8,628 | — | 477,523 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 95,467 | — | 4,322,875 | — | ||||||||||||
Interest | 78,906 | 370,765 | 293,376 | 1,274,460 | ||||||||||||
Securities lending income | 37 | 49 | 440 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | $ | 10,477,605 | $ | 31,499,183 | $ | 19,364,892 | $ | 116,040,270 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Payable upon return of securities loaned | $ | 43,260 | $ | 142,800 | $ | 293,645 | $ | — | ||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 122,928 | 1,366,069 | 238,174 | 362,110 | ||||||||||||
Capital shares | — | — | 4,183,409 | — | ||||||||||||
Investment advisory fees | 1,255 | 8,064 | 3,049 | 13,830 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 167,443 | 1,516,933 | 4,718,277 | 375,940 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 10,310,162 | $ | 29,982,250 | $ | 14,646,615 | $ | 115,664,330 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 10,701,174 | $ | 29,570,572 | $ | 14,958,189 | $ | 109,608,324 | ||||||||
Distributable earnings (loss) | (391,012 | ) | 411,678 | (311,574 | ) | 6,056,006 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 10,310,162 | $ | 29,982,250 | $ | 14,646,615 | $ | 115,664,330 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 450,001 | 1,350,001 | 700,001 | 4,000,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 22.91 | $ | 22.21 | $ | 20.92 | $ | 28.92 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in non-affiliated securities at cost | $ | 9,375,463 | $ | 28,206,304 | $ | 13,074,046 | $ | 108,328,373 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in affiliated securities at cost | $ | 9,875 | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | 165,585 | $ | 158,045 | $ | 626,531 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government Money Market Series at cost | $ | 33,933 | $ | 1,476,936 | $ | 262,773 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | 43,260 | $ | 142,800 | $ | 293,645 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Non-cash collateral for securities on loan | $ | 126,153 | $ | 19,699 | $ | 358,002 | $ | — | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
November 30, 2020 (Unaudited)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | Xtrackers MSCI EAFE High Dividend Yield Equity ETF | |||||||
Assets | ||||||||
Investment in non-affiliated securities at value | $ | 20,986,977 | $ | 509,445,394 | ||||
Investment in affiliated securities at value | 8,988 | — | ||||||
Investment in DWS Government Money Market Series | 83,058 | 989,509 | ||||||
Investment in DWS Government & Agency Securities Portfolio* | 103,109 | 346,694 | ||||||
Foreign currency at value | 37,419 | 324,069 | ||||||
Deposit with broker for futures contracts | — | 102,960 | ||||||
Foreign tax receivable | 264 | — | ||||||
Receivables: | ||||||||
Investment securities sold | 5,294,251 | 221,423,675 | ||||||
Capital shares | — | 4,195,022 | ||||||
Variation margin on futures contracts | 9,304 | 79,603 | ||||||
Dividends | 55,783 | 2,030,911 | ||||||
Interest | 1 | 14 | ||||||
Securities lending income | 80 | 821 | ||||||
Foreign tax reclaim | 22,623 | 302,982 | ||||||
|
|
|
| |||||
Total assets | $ | 26,601,857 | $ | 739,241,654 | ||||
|
|
|
| |||||
Liabilities | ||||||||
Payable upon return of securities loaned | $ | 103,109 | $ | 346,694 | ||||
Payables: | ||||||||
Investment securities purchased | 5,465,144 | 160,015,367 | ||||||
Capital shares | — | 68,958,462 | ||||||
Investment advisory fees | 3,330 | 81,205 | ||||||
|
|
|
| |||||
Total liabilities | 5,571,583 | 229,401,728 | ||||||
|
|
|
| |||||
Net Assets, at value | $ | 21,030,274 | $ | 509,839,926 | ||||
|
|
|
| |||||
Net Assets Consist of | ||||||||
Paid-in capital | $ | 24,727,242 | $ | 521,242,604 | ||||
Distributable earnings (loss) | (3,696,968 | ) | (11,402,678 | ) | ||||
|
|
|
| |||||
Net Assets, at value | $ | 21,030,274 | $ | 509,839,926 | ||||
|
|
|
| |||||
Number of Common Shares outstanding | 900,001 | 22,550,001 | ||||||
|
|
|
| |||||
Net Asset Value | $ | 23.37 | $ | 22.61 | ||||
|
|
|
| |||||
Investment in non-affiliated securities at cost | $ | 20,465,467 | $ | 474,509,114 | ||||
|
|
|
| |||||
Investment in affiliated securities at cost | $ | 8,316 | $ | — | ||||
|
|
|
| |||||
Value of securities loaned | $ | 127,431 | $ | 329,321 | ||||
|
|
|
| |||||
Investment in DWS Government Money Market Series at cost | $ | 83,058 | $ | 989,509 | ||||
|
|
|
| |||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | 103,109 | $ | 346,694 | ||||
|
|
|
| |||||
Non-cash collateral for securities on loan | $ | 33,080 | $ | — | ||||
|
|
|
| |||||
Foreign currency at cost | $ | 37,194 | $ | 314,578 | ||||
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 48 |
DBX ETF Trust
For the Six Months Ended November 30, 2020 (Unaudited)
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF | Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF | Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF | Xtrackers Municipal Infrastructure Revenue Bond ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated interest income | $ | 126,037 | $ | 474,486 | $ | 612,014 | $ | 1,413,729 | ||||||||
Affiliated interest income | 184 | — | — | — | ||||||||||||
Income distributions from affiliated funds | 12 | 48 | 60 | — | ||||||||||||
Affiliated securities lending income | 11 | 14 | 67 | — | ||||||||||||
Unaffiliated securities lending income, net of borrower rebates | 220 | 172 | 1,926 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 126,464 | 474,720 | 614,067 | 1,413,729 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 7,640 | 39,222 | 19,089 | 79,101 | ||||||||||||
Other expenses | 25 | 25 | 25 | 57 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 7,665 | 39,247 | 19,114 | 79,158 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived (see note 3): | ||||||||||||||||
Waiver | (12 | ) | (64 | ) | (73 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 7,653 | 39,183 | 19,041 | 79,158 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 118,811 | 435,537 | 595,026 | 1,334,571 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | 54,405 | 270,590 | 378,471 | 55,705 | ||||||||||||
In-kind redemptions | — | — | 306,637 | — | ||||||||||||
Payments by Affiliates (see note 6) | — | — | 138 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 54,405 | 270,590 | 685,246 | 55,705 | ||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 343,781 | 1,184,541 | 571,569 | 4,342,764 | ||||||||||||
Investments in affiliates | 605 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 344,386 | 1,184,541 | 571,569 | 4,342,764 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments | 398,791 | 1,455,131 | 1,256,815 | 4,398,469 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 517,602 | $ | 1,890,668 | $ | 1,851,841 | $ | 5,733,040 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Statements of Operations (Continued)
For the Six Months Ended November 30, 2020 (Unaudited)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | Xtrackers MSCI EAFE High Dividend Yield Equity ETF | |||||||
Investment Income | ||||||||
Unaffiliated dividend income* | $ | 423,250 | $ | 8,321,542 | ||||
Income distributions from affiliated funds | 749 | 469 | ||||||
Affiliated securities lending income | 77 | 2,198 | ||||||
Unaffiliated non-cash dividend income | 101,349 | 2,820,962 | ||||||
Unaffiliated securities lending income, net of borrower rebates | 3,242 | 116,378 | ||||||
|
|
|
| |||||
Total investment income | 528,667 | 11,261,549 | ||||||
|
|
|
| |||||
Expenses | ||||||||
Investment advisory fees | 20,224 | 463,276 | ||||||
Other expenses | 57 | 401 | ||||||
|
|
|
| |||||
Total expenses | 20,281 | 463,677 | ||||||
|
|
|
| |||||
Less fees waived (see note 3): | ||||||||
Waiver | (35 | ) | (362 | ) | ||||
|
|
|
| |||||
Net expenses | 20,246 | 463,315 | ||||||
|
|
|
| |||||
Net investment income (loss) | 508,421 | 10,798,234 | ||||||
|
|
|
| |||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments | (642,191 | ) | (12,037,024 | ) | ||||
Investments in affiliates | 4 | — | ||||||
In-kind redemptions | 1,272 | 15,963,356 | ||||||
Futures contracts | 53,483 | 1,099,069 | ||||||
Foreign currency transactions | 5,191 | 219,444 | ||||||
|
|
|
| |||||
Net realized gain (loss) | (582,241 | ) | 5,244,845 | |||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments** | 3,007,133 | 53,749,312 | ||||||
Investments in affiliates | 672 | — | ||||||
Futures contracts | (23,266 | ) | (285,966 | ) | ||||
Foreign currency translations | 3,879 | (32,893 | ) | |||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | 2,988,418 | 53,430,453 | ||||||
|
|
|
| |||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 2,406,177 | 58,675,298 | ||||||
|
|
|
| |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 2,914,598 | $ | 69,473,532 | ||||
|
|
|
| |||||
* Unaffiliated foreign tax withheld | $ | 40,417 | $ | 460,037 | ||||
** Net of change in deferred foreign taxes | $ | (6 | ) | $ | — |
See Notes to Financial Statements. | 50 |
DBX ETF Trust
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF | Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF | |||||||||||||||
For the Six Months Ended November 30, 2020 (Unaudited) | Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | Year Ended May 31, 2020 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 118,811 | $ | 206,829 | $ | 435,537 | $ | 393,152 | ||||||||
Net realized gain (loss) | 54,405 | (379,633 | ) | 270,590 | (276,150 | ) | ||||||||||
Net change in net unrealized appreciation (depreciation) | 344,386 | 442,059 | 1,184,541 | 142,587 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 517,602 | 269,255 | 1,890,668 | 259,589 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (116,181 | ) | (213,862 | ) | (377,873 | ) | (384,666 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 5,325,572 | 14,031,894 | 19,649,326 | ||||||||||||
Value of shares redeemed | — | (2,383,293 | ) | — | (12,017,544 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | 2,942,279 | 14,031,894 | 7,631,782 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 401,421 | 2,997,672 | 15,544,689 | 7,506,705 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 9,908,741 | 6,911,069 | 14,437,561 | 6,930,856 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 10,310,162 | $ | 9,908,741 | $ | 29,982,250 | $ | 14,437,561 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 450,001 | 300,001 | 700,001 | 300,001 | ||||||||||||
Shares sold | — | 250,000 | 650,000 | 900,000 | ||||||||||||
Shares redeemed | — | (100,000 | ) | — | (500,000 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 450,001 | 450,001 | 1,350,001 | 700,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF | Xtrackers Municipal Infrastructure Revenue Bond ETF | |||||||||||||||
For the Six Months Ended November 30, 2020 (Unaudited) | Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | Year Ended May 31, 2020 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 595,026 | $ | 572,901 | $ | 1,334,571 | $ | 2,110,866 | ||||||||
Net realized gain (loss) | 685,246 | (1,416,344 | ) | 55,705 | 499,255 | |||||||||||
Net change in net unrealized appreciation (depreciation) | 571,569 | 660,323 | 4,342,764 | (806,061 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 1,851,841 | (183,120 | ) | 5,733,040 | 1,804,060 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (570,484 | ) | (514,773 | ) | (1,486,475 | ) | (1,935,086 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 12,754,870 | 14,280,456 | 33,722,192 | ||||||||||||
Value of shares redeemed | (5,206,838 | ) | — | — | (4,325,592 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (5,206,838 | ) | 12,754,870 | 14,280,456 | 29,396,600 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (3,925,481 | ) | 12,056,977 | 18,527,021 | 29,265,574 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 18,572,096 | 6,515,119 | 97,137,309 | 67,871,735 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 14,646,615 | $ | 18,572,096 | $ | 115,664,330 | $ | 97,137,309 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 950,001 | 300,001 | 3,500,001 | 2,450,001 | ||||||||||||
Shares sold | — | 650,000 | 500,000 | 1,200,000 | ||||||||||||
Shares redeemed | (250,000 | ) | — | — | (150,000 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 700,001 | 950,001 | 4,000,001 | 3,500,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | Xtrackers MSCI EAFE High Dividend Yield Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2020 (Unaudited) | Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | Year Ended May 31, 2020 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 508,421 | $ | 1,044,097 | $ | 10,798,234 | $ | 13,739,487 | ||||||||
Net realized gain (loss) | (582,241 | ) | (2,088,893 | ) | 5,244,845 | (44,165,173 | ) | |||||||||
Net change in net unrealized appreciation (depreciation) | 2,988,418 | (581,521 | ) | 53,430,453 | 2,053,231 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 2,914,598 | (1,626,317 | ) | 69,473,532 | (28,372,455 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (603,131 | ) | (1,173,193 | ) | (10,774,868 | ) | (13,640,273 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 9,841,629 | 120,648,903 | 266,608,659 | ||||||||||||
Value of shares redeemed | (1,109,164 | ) | (10,905,892 | ) | (78,179,158 | ) | (60,156,321 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (1,109,164 | ) | (1,064,263 | ) | 42,469,745 | 206,452,338 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 1,202,303 | (3,863,773 | ) | 101,168,409 | 164,439,610 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 19,827,971 | 23,691,744 | 408,671,517 | 244,231,907 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 21,030,274 | $ | 19,827,971 | $ | 509,839,926 | $ | 408,671,517 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 950,001 | 1,000,001 | 20,550,001 | 11,100,001 | ||||||||||||
Shares sold | — | 400,000 | 5,500,000 | 12,200,000 | ||||||||||||
Shares redeemed | (50,000 | ) | (450,000 | ) | (3,500,000 | ) | (2,750,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 900,001 | 950,001 | 22,550,001 | 20,550,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Xtrackers Bloomberg Barclays US Investment Grade Selected Per Share Data | For the Six Months Ended 11/30/2020 (Unaudited) | Years Ended May 31, | ||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
Net Asset Value, beginning of period | $ | 22.02 | $ | 23.04 | $ | 23.84 | $ | 24.09 | $ | 23.79 | $ | 24.63 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.26 | 0.73 | 0.83 | 0.78 | 0.73 | �� | 0.71 | |||||||||||||||||
Net realized and unrealized gain (loss) | 0.89 | (0.98 | )(b) | (0.32 | ) | (0.28 | ) | 0.39 | (0.73 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 1.15 | (0.25 | ) | 0.51 | 0.50 | 1.12 | (0.02 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.26 | ) | (0.77 | ) | (0.83 | ) | (0.75 | ) | (0.82 | ) | (0.82 | ) | ||||||||||||
Net realized gains | — | — | (0.48 | ) | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.26 | ) | (0.77 | ) | (1.31 | ) | (0.75 | ) | (0.82 | ) | (0.82 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 22.91 | $ | 22.02 | $ | 23.04 | $ | 23.84 | $ | 24.09 | $ | 23.79 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 5.24 | **(c) | (1.16 | )(c) | 2.28 | (c) | 2.05 | 4.79 | (0.04 | ) | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 10 | 10 | 7 | 10 | 6 | 5 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.15 | * | 0.24 | 0.25 | 0.25 | 0.25 | 0.25 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.15 | * | 0.24 | 0.25 | 0.25 | 0.25 | 0.25 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 2.33 | * | 3.18 | 3.53 | 3.22 | 3.04 | 3.00 | |||||||||||||||||
Portfolio turnover rate (%) (d) | 12 | ** | 57 | 25 | 33 | 26 | 14 | |||||||||||||||||
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF Selected Per Share Data | For the Six Months Ended 11/30/2020 (Unaudited) | Years Ended May 31, | ||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
Net Asset Value, beginning of period | $ | 20.63 | $ | 23.10 | $ | 24.36 | $ | 24.91 | $ | 23.96 | $ | 25.03 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.42 | 0.89 | 1.05 | 0.99 | 1.07 | 1.07 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 1.54 | (2.37 | ) | (0.29 | ) | (0.48 | ) | 1.18 | (0.80 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 1.96 | (1.48 | ) | 0.76 | 0.51 | 2.25 | 0.27 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.38 | ) | (0.99 | ) | (1.04 | ) | (1.02 | ) | (1.30 | ) | (1.26 | ) | ||||||||||||
Net realized gains | — | — | (0.98 | ) | (0.04 | ) | — | (0.08 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.38 | ) | (0.99 | ) | (2.02 | ) | (1.06 | ) | (1.30 | ) | (1.34 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 22.21 | $ | 20.63 | $ | 23.10 | $ | 24.36 | $ | 24.91 | $ | 23.96 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 9.57 | **(c) | (6.79 | )(c) | 3.31 | (c) | 2.03 | 9.61 | 1.22 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 30 | 14 | 7 | 9 | 6 | 6 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.35 | * | 0.44 | 0.45 | 0.45 | 0.47 | 0.50 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.35 | * | 0.44 | 0.45 | 0.45 | 0.47 | 0.50 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 3.89 | * | 3.85 | 4.37 | 3.94 | 4.35 | 4.45 | |||||||||||||||||
Portfolio turnover rate (%) (d) | 21 | ** | 26 | 31 | 48 | 35 | 15 |
(a) | Based on average shares outstanding during the period. |
(b) | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
(c) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 54 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers J.P. Morgan ESG USD High Yield Corporate Selected Per Share Data | For the Six Months Ended 11/30/2020 (Unaudited) | Years Ended May 31, | ||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
Net Asset Value, beginning of period | $ | 19.55 | $ | 21.72 | $ | 22.68 | $ | 23.42 | $ | 22.23 | $ | 24.57 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.63 | 1.26 | 1.32 | 1.27 | 1.17 | 1.08 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 1.35 | (2.19 | ) | (0.82 | ) | (0.53 | ) | 1.30 | (2.10 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 1.98 | (0.93 | ) | 0.50 | 0.74 | 2.47 | (1.02 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.61 | ) | (1.24 | ) | (1.46 | ) | (1.48 | ) | (1.28 | ) | (1.32 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.61 | ) | (1.24 | ) | (1.46 | ) | (1.48 | ) | (1.28 | ) | (1.32 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 20.92 | $ | 19.55 | $ | 21.72 | $ | 22.68 | $ | 23.42 | $ | 22.23 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 10.28 | **(b) | (4.58 | )(b) | 2.18 | (b) | 3.24 | (b) | 11.40 | (4.06 | ) | |||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 15 | 19 | 7 | 3 | 11 | 9 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.20 | * | 0.33 | (c) | 0.35 | (c) | 0.35 | (c) | 0.39 | 0.45 | ||||||||||||||
Ratio of expenses after fee waiver (%) | 0.20 | * | 0.19 | (c) | 0.14 | (c) | 0.33 | (c) | 0.39 | 0.45 | ||||||||||||||
Ratio of net investment income (loss) (%) | 6.23 | * | 6.06 | 5.91 | 5.47 | 5.08 | 4.81 | |||||||||||||||||
Portfolio turnover rate (%) (d) | 32 | ** | 113 | 19 | 50 | 33 | 35 | |||||||||||||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF Selected Per Share Data | For the Six Months Ended 11/30/2020 (Unaudited) | Years Ended May 31, | ||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
Net Asset Value, beginning of period | $ | 27.75 | $ | 27.70 | $ | 26.52 | $ | 26.71 | $ | 27.17 | $ | 25.49 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.36 | 0.76 | 0.75 | 0.70 | 0.66 | 0.80 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 1.21 | 0.00 | (e) | 1.18 | (0.20 | ) | (0.46 | ) | 1.67 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 1.57 | 0.76 | 1.93 | 0.50 | 0.20 | 2.47 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.40 | ) | (0.71 | ) | (0.75 | ) | (0.69 | ) | (0.66 | ) | (0.79 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.40 | ) | (0.71 | ) | (0.75 | ) | (0.69 | ) | (0.66 | ) | (0.79 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 28.92 | $ | 27.75 | $ | 27.70 | $ | 26.52 | $ | 26.71 | $ | 27.17 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 5.71 | ** | 2.77 | 7.45 | (b) | 1.87 | 0.77 | 9.89 | ||||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 116 | 97 | 68 | 58 | 60 | 37 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.15 | * | 0.15 | 0.25 | 0.30 | 0.30 | 0.30 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.15 | * | 0.15 | 0.22 | 0.30 | 0.30 | 0.30 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 2.53 | * | 2.72 | 2.85 | 2.61 | 2.50 | 3.07 | |||||||||||||||||
Portfolio turnover rate (%) (d) | 5 | ** | 12 | 25 | 28 | 0 | 13 |
(a) | Based on average shares outstanding during the period. |
(b) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(c) | The Fund invested in other ETFs and indirectly bore its proportionate shares of fees and expenses incurred by the Underlying Funds in which the Fund was invested. This ratio did not included these indirect fees and expenses. |
(d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(e) | Less than 0.005. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2020 (Unaudited) | Years Ended May 31, | Period Ended 5/31/2016(a) | |||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||
Net Asset Value, beginning of period | $ | 20.87 | $ | 23.69 | $ | 25.42 | $ | 26.14 | $ | 22.96 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(b) | 0.55 | 0.94 | 1.21 | 1.35 | 1.02 | 0.70 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 2.60 | (2.78 | ) | (1.92 | ) | (1.20 | ) | 3.07 | (2.38 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 3.15 | (1.84 | ) | (0.71 | ) | 0.15 | 4.09 | (1.68 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.65 | ) | (0.98 | ) | (1.02 | ) | (0.87 | ) | (0.60 | ) | (0.36 | ) | ||||||||||||
Net realized gains | — | — | — | — | (0.31 | ) | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.65 | ) | (0.98 | ) | (1.02 | ) | (0.87 | ) | (0.91 | ) | (0.36 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 23.37 | $ | 20.87 | $ | 23.69 | $ | 25.42 | $ | 26.14 | $ | 22.96 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 15.41 | **(c) | (8.19 | )(c) | (2.82 | )(c) | 0.54 | 18.17 | (6.67 | )** | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 21 | 20 | 24 | 27 | 4 | 3 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.20 | * | 0.20 | 0.20 | 0.32 | 0.45 | 0.45 | * | ||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.20 | * | 0.20 | 0.20 | 0.32 | 0.45 | 0.45 | * | ||||||||||||||||
Ratio of net investment income (loss) (%) | 4.53 | * | 3.94 | 4.96 | 5.29 | 4.17 | 3.83 | * | ||||||||||||||||
Portfolio turnover rate (%) (d) | 32 | ** | 40 | 30 | 76 | 36 | 33 | ** | ||||||||||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2020 (Unaudited) | Years Ended May 31, | Period Ended 5/31/2016(a) | |||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||
Net Asset Value, beginning of period | $ | 19.89 | $ | 22.00 | $ | 23.69 | $ | 24.99 | $ | 23.16 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(b) | 0.49 | 0.85 | 1.36 | 1.50 | 1.06 | 0.88 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 2.72 | (2.00 | ) | (2.25 | ) | (1.99 | ) | 3.03 | (2.17 | ) | ||||||||||||||
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Total from investment operations | 3.21 | (1.15 | ) | (0.89 | ) | (0.49 | ) | 4.09 | (1.29 | ) | ||||||||||||||
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Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.49 | ) | (0.96 | ) | (0.80 | ) | (0.81 | ) | (0.95 | ) | (0.38 | ) | ||||||||||||
Net realized gains | — | — | — | — | (1.31 | ) | (0.17 | ) | ||||||||||||||||
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Total distributions | (0.49 | ) | (0.96 | ) | (0.80 | ) | (0.81 | ) | (2.26 | ) | (0.55 | ) | ||||||||||||
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Net Asset Value, end of period | $ | 22.61 | $ | 19.89 | $ | 22.00 | $ | 23.69 | $ | 24.99 | $ | 23.16 | ||||||||||||
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Total Return (%) | 16.38 | **(c) | (5.58 | )(c) | (3.76 | )(c) | (2.02 | ) | 18.93 | (e) | (5.08 | )** | ||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 510 | 409 | 244 | 24 | 5 | 5 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.20 | * | 0.20 | 0.20 | 0.33 | 0.45 | 0.45 | * | ||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.20 | * | 0.20 | 0.20 | 0.33 | 0.45 | 0.45 | * | ||||||||||||||||
Ratio of net investment income (loss) (%) | 4.05 | * | 3.86 | 6.06 | 6.28 | 4.48 | 4.86 | * | ||||||||||||||||
Portfolio turnover rate (%) (d) | 38 | ** | 57 | 20 | 56 | 41 | 33 | ** |
(a) | For the period August 12, 2015 (commencement of operations) through May 31, 2016. |
(b) | Based on average shares outstanding during the period. |
(c) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(e) | The Fund’s total return includes a reimbursement by the Advisor for a realized loss on a trade executed incorrectly, which otherwise would have reduced total return by 0.32%. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 56 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2020, the Trust consists of thirty-three 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:
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF | ||
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF | ||
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF | ||
Xtrackers Municipal Infrastructure Revenue Bond ETF | ||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | ||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF |
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”).
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF and Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF offer shares that are listed and traded on the Cboe Bats BZX Exchange. Inc. (“Cboe”). Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF offer 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:
Fund | Underlying Index | |
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF | Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index* | |
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF | J.P. Morgan ESG EMBI Global Diversified Sovereign Index | |
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF | J.P. Morgan ESG DM Corporate High Yield USD Index | |
Xtrackers Municipal Infrastructure Revenue Bond ETF | Solactive Municipal Infrastructure Revenue Bond Index | |
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | MSCI ACWI ex USA High Dividend Yield Index | |
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | MSCI EAFE High Dividend Yield Index |
The Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the Bloomberg Barclays US Corporate Index (an investment grade corporate bond universe), resulting in a broad investment grade fixed income market exposure with ESG aspects. Under normal circumstances, the Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index is reconstituted and rebalanced on a monthly basis.
The J.P. Morgan ESG EMBI Global Diversified Sovereign Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the J.P. Morgan EMBI Global Diversified Sovereign Index, resulting in a broad emerging markets sovereign debt market exposure with ESG aspects. The J.P. Morgan ESG DM Corporate High Yield USD Index is designed to apply environmental, social and governance (“ESG”) considerations to a
57
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the J.P. Morgan DM High Yield USD Index (a USD denominated high yield corporate bond index of developed market issuers), resulting in a broad high yield fixed income market exposure with ESG aspects. Under normal circumstances, the J.P. Morgan Indices are reconstituted and rebalanced on a monthly basis.
The Solactive Municipal Infrastructure Revenue Bond Index is designed to track the returns of the segment of the U.S. long term tax-exempt bond market, consisting of infrastructure revenue bonds. It is comprised of tax-exempt municipal securities issued by states, cities, counties, districts, their respective agencies and other tax-exempt issuers. The Underlying Index is intended to track bonds that have been issued with the intention of funding federal, state and local infrastructure projects such as water and sewer systems, public power systems, toll roads, bridges, tunnels and many other public use projects. It is designed to only hold bonds issued by state and local municipalities where the interest and principal repayments are generated from dedicated revenue streams or a double-barreled revenue stream (pledged revenue stream and a general obligation pledge). Under normal circumstances, the Solactive Municipal Infrastructure Revenue Bond Index is rebalanced monthly on the last business day of each month.
The MSCI ACWI ex USA High Dividend Yield Index is designed to track the performance of equity securities (excluding real estate investment trusts (“REITs”)) in developed and emerging stock markets (excluding the United States) in its parent index, the MSCI ACWI ex US Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. The MSCI EAFE High Dividend Yield Index is designed to reflect the performance of equities (excluding REITs) in developed markets in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. Under normal circumstances, the MSCI High Dividend Yield Indices are rebalanced semi-annually in May and November.
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.
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF and Xtrackers MSCI All World ex US High Dividend Yield Equity ETF are diversified series of the Trust. Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF are non-diversified and are not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. In addition, each Fund, with the exception of Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF, Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF and Xtrackers Municipal Infrastructure Revenue Bond 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.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. 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.
58
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Municipal debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.
Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker dealers. These securities are generally categorized as Level 2.
Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.
Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; 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.
59
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.
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 Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF, Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF and Xtrackers Municipal Infrastructure Revenue Bond ETF to pay out dividends from its net investment income monthly and Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF to pay out dividends from net investment income quarterly. 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, 2020, the Funds did not incur any interest or penalties.
At May 31, 2020, 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.
Short-Term | Long-Term | Total Amount | ||||||||||||
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF | $ | 534,428 | $ | 768,783 | $ | 1,303,211 | ||||||||
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF | 454,690 | 773,560 | 1,228,250 | |||||||||||
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF | 722,743 | 1,477,103 | 2,199,846 | |||||||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF | 118,771 | 22,882 | 141,653 | |||||||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 1,036,232 | 2,584,214 | 3,620,446 | |||||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 18,487,982 | 30,160,860 | 48,648,842 |
60
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
As of May 31, 2020, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
Aggregate Tax Cost | Net Unrealized Appreciation (Depreciation) | Aggregate Gross Unrealized Appreciation | Aggregate Gross Unrealized (Depreciation) | |||||||||||||
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF | $ | 9,407,086 | $ | 494,217 | $ | 497,447 | $ | (3,230 | ) | |||||||
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF | 14,221,066 | 82,211 | 469,057 | (386,846 | ) | |||||||||||
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF | 17,923,140 | 543,950 | 592,906 | (48,956 | ) | |||||||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF | 93,824,302 | 1,617,150 | 2,721,835 | (1,104,685 | ) | |||||||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 22,733,654 | (2,650,394 | ) | 587,223 | (3,237,617 | ) | ||||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 437,036,347 | (27,069,717 | ) | 7,157,930 | (34,227,647 | ) |
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, 2020, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
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 Funds, except the Xtrackers Municipal Infrastructure Revenue Bond 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, 2020, 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, 2020) 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
61
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
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, 2020, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.
Remaining Contractual Maturity of the Agreements, as of November 30, 2020 | ||||||||||||||||||||
Securities Lending Transactions | Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | |||||||||||||||
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF |
| |||||||||||||||||||
Corporate Bonds | $ | 43,260 | $ | 1,130 | $ | 15,231 | $ | 109,792 | $ | 169,413 | ||||||||||
|
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|
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|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 169,413 | |||||||||||||||||
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF |
| |||||||||||||||||||
Common Stocks | $ | 142,800 | $ | 177 | $ | 2,378 | $ | 17,144 | $ | 162,499 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 162,499 | |||||||||||||||||
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF |
| |||||||||||||||||||
Corporate Bonds | $ | 293,645 | $ | 2,621 | $ | 35,308 | $ | 320,073 | $ | 651,647 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 651,647 | |||||||||||||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF |
| |||||||||||||||||||
Common Stocks | $ | 93,392 | $ | — | $ | 2,516 | $ | 30,564 | $ | 126,472 | ||||||||||
Exchange-Traded Funds | 9,717 | — | — | — | $ | 9,717 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Borrowings | $ | 103,109 | $ | — | $ | 2,516 | $ | 30,564 | $ | 136,189 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 136,189 | |||||||||||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF |
| |||||||||||||||||||
Common Stocks | $ | 346,694 | $ | — | $ | — | $ | — | $ | 346,694 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 346,694 |
Derivatives
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, 2020, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF utilized futures in order to simulate investment in the 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).
62
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
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, 2020 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, 2020 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives | Liability Derivatives | |||||||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 102,881 | Unrealized depreciation on futures contracts* | $ | — |
* | Includes cumulative appreciation or cumulative depreciation on futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2020 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
Net Realized Gain (Loss) from: | ||||
Futures Contracts — Equity Contracts | ||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | $ | 53,483 | ||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 1,099,069 | |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures Contracts — Equity Contracts | ||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | $ | (23,266 | ) | |
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | (285,966 | ) |
For the period ended November 30, 2020 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | ||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | $ | 139,878 | ||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 3,637,873 |
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.
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DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
3. Investment Advisory and Other Agreements
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.
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:
Unitary Advisory Fee | ||||
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF | 0.15 | % | ||
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF | 0.35 | % | ||
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF | 0.20 | % | ||
Xtrackers Municipal Infrastructure Revenue Bond ETF | 0.15 | % | ||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 0.20 | % | ||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 0.20 | % |
The Advisor for Xtrackers MSCI All World ex US High Dividend Yield Equity ETF has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. For the period ended November 30, 2020, the Advisor waived $24 of the expenses of the Fund.
The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the period ended November 30, 2020, the Advisor waived expenses of the Funds as follows:
Expenses Waived | ||||
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF | $ | 12 | ||
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF | 64 | |||
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF | 73 | |||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 11 | |||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 362 |
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 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 the 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).
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DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
4. Investment Portfolio Transactions
For the period ended November 30, 2020, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF | $ | 1,244,574 | $ | 1,191,694 | ||||
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF | 12,929,935 | 4,532,233 | ||||||
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF | 5,693,961 | 6,933,998 | ||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF | 15,385,556 | 5,442,614 | ||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 6,213,493 | 6,340,231 | ||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 185,564,062 | 172,704,558 |
For the period ended November 30, 2020, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF | $ | — | $ | — | ||||
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF | 5,526,590 | — | ||||||
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF | — | 4,113,846 | ||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF | 5,159,514 | — | ||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | — | 973,637 | ||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 112,038,794 | 77,115,558 |
5. Fund Share Transactions
As of November 30, 2020, 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 a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Payments by Affiliates
During the period ended November 30, 2020, the Advisor agreed to reimburse Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF $138 for a loss due to a trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.
7. Concentration of Ownership
From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At November 30, 2020, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:
Approximate Percent of Outstanding Shares Held | ||||
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF | 52 | % | ||
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF | 33 | % | ||
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF | 54 | % |
65
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
8. Investing in Emerging Markets
The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.
9. Investing in High-Yield Debt Securities
High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. A fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in NAV of a fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.
10. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2020.
11. Other — COVID-19 Pandemic
A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity and increased government activity. Specifically, COVID-19 has led to significant death and morbidity, and concerns about its further spread have resulted in the closing of schools and non-essential businesses, cancellations, shelter-in place orders, lower consumer spending in certain sectors, social distancing, bans on large social gatherings and travel, quarantines, government economic stimulus measures, reduced productivity, rapid increases in unemployment, increased demand for and strain on government and medical resources, border closings and global trade and supply chain interruptions, among others. 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. The pandemic may 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. A Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and a prolonged pandemic may result in a Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on each Fund and reflect the consequences as appropriate in each Fund’s accounting and financial reporting.
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DBX ETF Trust
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at 855-329-3837.
Portfolio Holdings Information
The 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.
Discount/Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca or Cboe, as applicable, at a price
above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.
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DBX ETF Trust
DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.
California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.
Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.
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DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
Investing involves risk, including possible loss of principal. Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. In certain situations, it may be difficult or impossible to sell an investment at an acceptable price. 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. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. With respect to ESHY, ESCR and ESEB, investing in securities that meet ESG criteria may result in the fund forgoing otherwise attractive opportunities, which may result in underperformance when compared to funds that do not consider ESG factors. The Funds’ use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. ESEB and HDEF are currently non-diversified and can take larger positions in fewer issues, increasing its potential risk. Stocks may decline in value. Dividends are not guaranteed. If the dividend-paying stocks held by the Fund reduce or stop paying dividends, the Fund’s ability to generate income may be adversely affected. 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.
War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. or CBOE BZX Exchange, Inc., as applicable. 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.
ESHY and ESEB are not sponsored, endorsed, or promoted by JP Morgan Chase & Co. (“JP Morgan”) and JP Morgan bears no liability with respect to any index on which such fund is based. The accuracy, completeness or relevance of the information which has been obtained from external sources cannot be guaranteed, although it has been obtained from sources reasonably believed to be reliable. Subject to any applicable law, JP Morgan shall not assume any liability in this respect. The index described herein is a proprietary J.P. Morgan index. The prospectus contains a detailed description of the limited relationship that JP Morgan has with DBX Advisors, LLC. Index provider website: www.jpmorgan.com/country/US/en/jpmorgan/investbk/solutioins/research/indices/composition.
BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays is affiliated with, and neither approves, endorses, reviews or recommends the Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF. Neither Bloomberg nor Barclays guarantees the timeliness, accurateness or completeness of any data or information relating to the Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index, and neither shall be liable in any way to the DBX Advisors LLC, investors in the Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF or other third parties in respect of the use or accuracy of the Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index or any data included therein.
RVNU is not sponsored, endorsed, sold or promoted in any other manner by Solactive AG (the “Licensor”) nor does the trade mark or the Index Price at any time or in any other respect.
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 © 2021 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022 | Administrator, custodian, The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 | Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203 | ||
Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 | Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
R-049075-5 (1/21) DBX004707 (1/22)
November 30, 2020
Semi-Annual Report
DBX ETF Trust
Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)
Xtrackers MSCI All China Equity ETF (CN)
Xtrackers MSCI China A Inclusion Equity ETF (ASHX)
DBX ETF Trust
Page | ||||
1 | ||||
Portfolio Summary | ||||
3 | ||||
4 | ||||
5 | ||||
6 | ||||
7 | ||||
Schedule of Investments | ||||
8 | ||||
13 | ||||
21 | ||||
26 | ||||
34 | ||||
35 | ||||
36 | ||||
38 | ||||
40 | ||||
49 | ||||
50 |
To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for our flagship ETFs tracking China’s equity market for the period ended November 30, 2020.
The global economy experienced sustained growth during the reporting period, driven by expansive reopening of economies around the world and aggressive monetary stimulus efforts. This rebound in growth follows a sharp decline in activity triggered by the unprecedented impact of the coronavirus pandemic early this year. Economic activity in China has largely normalized, backed by a conducive environment for further reopening following quick control of local second-wave outbreaks. Exports have been one of the driving forces behind the rebound in the region, followed by industrial production, improvement in investment, and slow but recovering consumption. Furthermore, robust global demand and reduced risks of trade tensions boosted China’s manufacturing capital expenditure.
With the pandemic under control, China is the first major economy where supply and demand are close to normalizing. Given the strong growth momentum, the industrial sector has staged an impressive turnaround, aided by resilient exports. The country’s manufacturing Purchasing Managers’ Index1 also steadily increased, driven by demand-side indices, including higher new orders. Moreover, medium- to long-term bank loans to manufacturing firms have risen, providing more support to the sector. As global trade gradually resumed, imports rose as inbound shipments grew, backed by improving domestic demand and higher commodity prices. While infrastructure investment softened, fixed asset investments continued to edge up, largely owing to a recovery in manufacturing activity and a strong property sector. China’s service sector activity also recorded expansionary prints for consecutive months from March, as the easing of coronavirus-related lockdown measures revived consumer demand. However, compared to exports and investments, growth of retail sales lagged, albeit recovering, as consumers remain wary of spending in the midst of the pandemic. Reflecting the momentum in services and consumption, unemployment rates, which hit historic levels in the wake of the COVID-19 outbreak, gradually eased to near pre-pandemic levels.
On the policy front, the People’s Bank of China (PBoC) has maintained a broadly neutral monetary policy by keeping its benchmark loan rate steady since May 2020 and being more prudent with liquidity injections. The PBoC also signaled a gradual exit from accommodative monetary policy and will consider the timely withdrawal of policy tools in advance. Policymakers have adopted a cautious approach, even as consumer prices continued their downward trend and fell sharply in October 2020, marking the lowest rate since 2009, largely due to falling food prices. In addition, China unveiled its 14th five-year plan to guide the country’s development in the next five years, with a focus on productivity and domestic demand, led by technology and innovation, boosting domestic supply chains and broader urbanization.
China’s growth momentum continues to build, as the country weathered the pandemic, relatively better than the developed world and other emerging market economies. The combination of faster-than-expected fadeout of the global virus impact and a cautious approach on monetary and fiscal policies should keep the economy afloat. However, aggressive easing is unlikely unless there is a sharp growth slowdown. The high efficacy of vaccines under development has also come as welcome news, reducing the risk of renewed full-scale lockdowns and likely supporting global growth.
1
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 Purchasing Managers’ Indexes (PMI) are economic indicators derived from monthly surveys of private sector companies.
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.
2
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR)
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, 2020 (26.10% of Net Assets) |
Description | % of Net Assets | |||
Ping An Insurance Group Co. of China Ltd. | 5.5% | |||
Kweichow Moutai Co. Ltd. | 4.9% | |||
Wuliangye Yibin Co. Ltd. | 2.8% | |||
China Merchants Bank Co. Ltd. | 2.6% | |||
Midea Group Co. Ltd. | 2.4% | |||
Gree Electric Appliances, Inc., of Zhuhai | 1.8% | |||
Jiangsu Hengrui Medicine Co. Ltd. | 1.8% | |||
Industrial Bank Co. Ltd. | 1.5% | |||
CITIC Securities Co. Ltd. | 1.5% | |||
Inner Mongolia Yili Industrial Group Co. Ltd. | 1.3% |
Sector Diversification* as of November 30, 2020 |
Financials | 28.9% | |||
Consumer Staples | 14.9% | |||
Information Technology | 11.7% | |||
Industrials | 11.2% | |||
Consumer Discretionary | 10.2% | |||
Health Care | 8.0% | |||
Materials | 6.5% | |||
Real Estate | 3.4% | |||
Communication Services | 1.9% | |||
Utilities | 1.9% | |||
Energy | 1.4% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 8.
3
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)
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, 2020 (6.6% of Net Assets) |
Description | % of Net Assets | |||
Sungrow Power Supply Co. Ltd. | 0.9% | |||
Shandong Hualu Hengsheng Chemical Co. Ltd. | 0.8% | |||
Humanwell Healthcare Group Co. Ltd. | 0.7% | |||
Tianshui Huatian Technology Co. Ltd. | 0.7% | |||
Liaoning Cheng Da Co. Ltd. | 0.6% | |||
Asymchem Laboratories Tianjin Co. Ltd. | 0.6% | |||
Centre Testing International Group Co. Ltd. | 0.6% | |||
Kingfa Sci & Tech Co. Ltd. | 0.6% | |||
Sunwoda Electronic Co. Ltd. | 0.6% | |||
Shandong Sinocera Functional Material Co. Ltd. | 0.5% |
Sector Diversification* as of November 30, 2020 |
Materials | 18.7% | |||
Industrials | 17.7% | |||
Information Technology | 15.8% | |||
Health Care | 12.6% | |||
Consumer Discretionary | 10.1% | |||
Consumer Staples | 7.2% | |||
Financials | 5.0% | |||
Communication Services | 4.7% | |||
Real Estate | 3.7% | |||
Utilities | 2.3% | |||
Energy | 2.2% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 13.
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DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI All China Equity ETF (CN)
The Xtrackers MSCI All China Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China All Shares Index (the “Underlying Index”). The Underlying Index is designed to capture large- and mid-capitalization representation across all China securities listed in Hong Kong, Shanghai and Shenzhen. The Underlying Index includes A-Shares, H-Shares, B-Shares, Red chips and P chips share classes, as well as securities of Chinese companies listed outside of China (e.g. American depository receipts). The Fund expects to obtain exposure to the A-Share components of the Underlying Index indirectly by investing in the Xtrackers MSCI China A Inclusion Equity ETF, an affiliated fund advised by DBX Advisors, Inc. (the “Advisor”). The Fund may also invest in Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF or other affiliated funds advised by the Advisor and sub-advised by Harvest Global Investments Limited. It is not possible to invest directly into an index.
Ten Largest Equity and ETF Holdings as of November 30, 2020 72.1% of Net Assets) |
Description | % of Net Assets | |||
Xtrackers MSCI China A Inclusion Equity ETF | 36.4% | |||
Alibaba Group Holding Ltd. | 11.1% | |||
Tencent Holdings Ltd. | 9.3% | |||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 4.9% | |||
Meituan | 3.0% | |||
China Construction Bank Corp. | 1.7% | |||
JD.com, Inc. | 1.7% | |||
Ping An Insurance Group Co. of China Ltd. | 1.6% | |||
NIO, Inc. | 1.2% | |||
Pinduoduo, Inc. | 1.2% |
Sector Diversification * as of November 30, 2020 |
Consumer Discretionary | 26.7% | |||
Financials | 15.9% | |||
Communication Services | 14.1% | |||
Information Technology | 8.5% | |||
Consumer Staples | 8.0% | |||
Industrials | 7.6% | |||
Health Care | 7.2% | |||
Materials | 4.6% | |||
Real Estate | 3.7% | |||
Utilities | 1.9% | |||
Energy | 1.8% | |||
|
| |||
Total | 100.0% |
* 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 21.
5
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI China A Inclusion Equity ETF (ASHX)
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, 2020 (19.7% of Net Assets) |
Description | % of Net Assets | |||
Kweichow Moutai Co. Ltd. | 5.4% | |||
Wuliangye Yibin Co. Ltd. | 2.5% | |||
Ping An Insurance Group Co. of China Ltd. | 2.5% | |||
China Merchants Bank Co. Ltd. | 2.3% | |||
Contemporary Amperex Technology Co. Ltd. | 1.4% | |||
Jiangsu Hengrui Medicine Co. Ltd. | 1.2% | |||
China Yangtze Power Co. Ltd. | 1.1% | |||
Industrial Bank Co. Ltd. | 1.1% | |||
Hangzhou Hikvision Digital Technology Co. Ltd. | 1.1% | |||
Foshan Haitian Flavouring & Food Co. Ltd. | 1.1% |
Sector Diversification* as of November 30, 2020 |
Financials | 22.3% | |||
Consumer Staples | 17.1% | |||
Information Technology | 13.7% | |||
Industrials | 13.0% | |||
Health Care | 10.1% | |||
Materials | 7.8% | |||
Consumer Discretionary | 6.9% | |||
Real Estate | 3.1% | |||
Communication Services | 2.2% | |||
Utilities | 2.1% | |||
Energy | 1.7% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding exchange-traded funds and securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 26.
6
DBX ETF Trust
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, 2020 to November 30, 2020).
Actual expenses
The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value June 1, 2020 | Ending Account Value November 30, 2020 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers Harvest CSI 300 China A-Shares ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,405.10 | 0.65 | % | $ | 3.92 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.81 | 0.65 | % | $ | 3.29 | ||||||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,271.10 | 0.65 | % | $ | 3.70 | ||||||||
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 | $ | 1,340.20 | 0.25 | % | $ | 1.47 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.82 | 0.25 | % | $ | 1.27 | ||||||||
Xtrackers MSCI China A Inclusion Equity ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,391.40 | 0.60 | % | $ | 3.60 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.06 | 0.60 | % | $ | 3.04 |
(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.
7
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF
November 30, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.9% | ||||||||
Communication Services — 1.9% | ||||||||
China Film Co. Ltd., Class A | 662,149 | $ | 1,333,510 | |||||
China Satellite Communications Co. Ltd., Class A | 358,300 | 1,055,168 | ||||||
China United Network Communications Ltd., Class A | 8,394,563 | 6,247,283 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 9,272,252 | 13,660,102 | ||||||
Giant Network Group Co. Ltd., Class A | 536,010 | 1,452,328 | ||||||
Mango Excellent Media Co. Ltd., Class A | 640,573 | 6,670,163 | ||||||
Oriental Pearl Group Co. Ltd., Class A | 1,866,141 | 2,695,392 | ||||||
Perfect World Co. Ltd., Class A | 880,620 | 3,604,494 | ||||||
Wanda Film Holding Co. Ltd., Class A* | 766,960 | 2,228,356 | ||||||
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A | 1,143,722 | 4,538,965 | ||||||
Zhejiang Century Huatong Group Co. Ltd., Class A* | 2,705,445 | 3,221,453 | ||||||
|
| |||||||
(Cost $36,911,986) | 46,707,214 | |||||||
|
| |||||||
Consumer Discretionary — 10.2% | ||||||||
BYD Co. Ltd., Class A | 821,533 | 21,479,740 | ||||||
China Grand Automotive Services Group Co. Ltd., Class A* | 3,666,793 | 1,915,763 | ||||||
China Shipbuilding Industry Group Power Co. Ltd., Class A* | 600,145 | 1,612,431 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class A | 883,180 | 25,915,126 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A* | 2,022,063 | 7,757,557 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 1,266,830 | 7,715,422 | ||||||
Great Wall Motor Co. Ltd., Class A | 1,110,811 | 4,705,282 | ||||||
Gree Electric Appliances, Inc., of Zhuhai, Class A | 4,353,615 | 44,063,805 | ||||||
Guangzhou Automobile Group Co. Ltd., Class A | 853,139 | 1,769,976 | ||||||
Haier Smart Home Co. Ltd., Class A | 3,436,274 | 14,075,561 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 417,312 | 2,533,331 | ||||||
HLA Corp. Ltd., Class A | 1,217,696 | 1,239,113 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 1,415,076 | 6,718,398 | ||||||
Midea Group Co. Ltd., Class A | 4,439,206 | 58,556,096 | ||||||
Offcn Education Technology Co. Ltd., Class A | 619,343 | 3,393,866 | ||||||
Oppein Home Group, Inc., Class A | 159,865 | 3,097,655 | ||||||
SAIC Motor Corp. Ltd., Class A | 3,166,988 | 12,751,261 | ||||||
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A | 1,400,501 | 1,922,865 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 3,725,723 | 4,119,447 | ||||||
Songcheng Performance Development Co. Ltd., Class A | 1,410,405 | 4,129,979 | ||||||
Suning.com Co. Ltd., Class A | 3,369,702 | 4,682,843 | ||||||
TCL Technology Group Corp., Class A | 12,203,943 | 12,993,172 | ||||||
Zhejiang Supor Co. Ltd., Class A | 141,978 | 1,507,069 | ||||||
|
| |||||||
(Cost $147,353,789) | 248,655,758 | |||||||
|
|
Number | Value | |||||||
Consumer Staples — 14.8% | ||||||||
Anhui Gujing Distillery Co. Ltd., Class A | 104,247 | $ | 3,343,909 | |||||
Beijing Shunxin Agriculture Co. Ltd., Class A | 480,663 | 4,635,658 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 881,411 | 21,311,721 | ||||||
Guangdong Haid Group Co. Ltd., Class A | 715,757 | 6,119,189 | ||||||
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A | 472,231 | 1,874,092 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 895,937 | 6,275,723 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 5,489,773 | 31,508,539 | ||||||
Jiangsu King’s Luck Brewery JSC Ltd., Class A | 574,474 | 4,242,114 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 541,380 | 14,635,892 | ||||||
Jiangxi Zhengbang Technology Co. Ltd., Class A | 1,133,670 | 3,212,886 | ||||||
Kweichow Moutai Co. Ltd., Class A | 454,161 | 118,221,056 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 659,619 | 18,366,385 | ||||||
Muyuan Foods Co. Ltd., Class A | 1,366,502 | 15,980,780 | ||||||
New Hope Liuhe Co. Ltd., Class A | 2,037,776 | 8,037,581 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 236,909 | 8,660,013 | ||||||
Tongwei Co. Ltd., Class A | 2,310,989 | 10,810,495 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A | 4,038,275 | 11,837,233 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 1,756,043 | 67,743,221 | ||||||
Yonghui Superstores Co. Ltd., Class A | 3,447,183 | 4,094,191 | ||||||
|
| |||||||
(Cost $191,548,620) | 360,910,678 | |||||||
|
| |||||||
Energy — 1.4% | ||||||||
China Coal Energy Co. Ltd., Class A | 1,651,617 | 1,116,263 | ||||||
China Oilfield Services Ltd., Class A | 526,428 | 1,045,788 | ||||||
China Petroleum & Chemical Corp., Class A | 12,070,891 | 7,681,576 | ||||||
China Shenhua Energy Co. Ltd., Class A | 2,995,293 | 8,925,556 | ||||||
CNOOC Energy Technology & Services Ltd., Class A | 1,861,900 | 701,302 | ||||||
Offshore Oil Engineering Co. Ltd., Class A | 2,006,279 | 1,423,001 | ||||||
PetroChina Co. Ltd., Class A | 8,766,441 | 5,738,490 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 3,628,203 | 5,752,929 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A* | 1,119,900 | 1,212,734 | ||||||
Yanzhou Coal Mining Co. Ltd., Class A | 789,532 | 1,362,214 | ||||||
|
| |||||||
(Cost $31,498,456) | 34,959,853 | |||||||
|
| |||||||
Financials — 28.9% | ||||||||
Agricultural Bank of China Ltd., Class A | 25,910,600 | 12,947,036 | ||||||
Avic Capital Co. Ltd., Class A | 4,850,182 | 3,425,373 | ||||||
Bank of Beijing Co. Ltd., Class A | 13,347,843 | 9,892,998 |
See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
Bank of Changsha Co. Ltd., Class A | 915,077 | $ | 1,352,283 | |||||
Bank of Chengdu Co. Ltd., Class A | 1,971,545 | 3,407,579 | ||||||
Bank of China Ltd., Class A | 19,028,100 | 9,536,881 | ||||||
Bank of Communications Co. Ltd., Class A | 24,963,785 | 17,857,815 | ||||||
Bank of Guiyang Co. Ltd., Class A | 2,032,629 | 2,537,622 | ||||||
Bank of Hangzhou Co. Ltd., Class A | 2,146,368 | 4,955,013 | ||||||
Bank of Jiangsu Co. Ltd., Class A | 8,349,174 | 7,900,026 | ||||||
Bank of Nanjing Co. Ltd., Class A | 5,431,542 | 7,110,946 | ||||||
Bank of Ningbo Co. Ltd., Class A | 2,730,811 | 15,304,353 | ||||||
Bank of Shanghai Co. Ltd., Class A | 8,987,659 | 11,015,827 | ||||||
Bank of Xi’an Co. Ltd., Class A | 1,222,317 | 1,004,334 | ||||||
Caitong Securities Co. Ltd., Class A | 2,272,976 | 4,587,930 | ||||||
Changjiang Securities Co. Ltd., Class A | 3,498,090 | 4,696,564 | ||||||
China CITIC Bank Corp. Ltd., Class A | 2,774,336 | 2,207,940 | ||||||
China Construction Bank Corp., Class A | 6,071,328 | 6,593,056 | ||||||
China Everbright Bank Co. Ltd., Class A | 14,361,304 | 9,466,307 | ||||||
China Galaxy Securities Co. Ltd., Class A | 1,157,371 | 2,265,805 | ||||||
China Great Wall Securities Co. Ltd., Class A | 855,038 | 1,699,895 | ||||||
China Life Insurance Co. Ltd., Class A | 1,509,722 | 9,724,387 | ||||||
China Merchants Bank Co. Ltd., Class A | 9,332,832 | 62,651,678 | ||||||
China Merchants Securities Co. Ltd., Class A* | 3,363,910 | 11,239,941 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 19,175,708 | 15,435,626 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 2,457,146 | 14,423,725 | ||||||
China Zheshang Bank Co. Ltd., Class A | 1,981,396 | 1,239,840 | ||||||
Chinalin Securities Co. Ltd., Class A | 246,800 | 551,385 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class A | 1,031,000 | 721,866 | ||||||
CITIC Securities Co. Ltd., Class A | 7,730,543 | 35,575,386 | ||||||
CSC Financial Co. Ltd., Class A | 475,309 | 3,155,395 | ||||||
Dongxing Securities Co. Ltd., Class A | 1,252,353 | 2,514,521 | ||||||
East Money Information Co. Ltd., Class A | 6,253,535 | 26,118,923 | ||||||
Everbright Securities Co. Ltd., Class A | 1,767,544 | 5,154,285 | ||||||
Founder Securities Co. Ltd., Class A* | 3,705,086 | 5,075,768 | ||||||
GF Securities Co. Ltd., Class A | 2,669,835 | 6,864,965 | ||||||
Guosen Securities Co. Ltd., Class A | 2,630,045 | 5,488,415 | ||||||
Guotai Junan Securities Co. Ltd., Class A | 4,068,146 | 11,566,431 | ||||||
Guoyuan Securities Co. Ltd., Class A | 2,305,707 | 3,113,170 | ||||||
Haitong Securities Co. Ltd., Class A | 8,768,879 | 17,979,385 | ||||||
Hithink RoyalFlush Information Network Co. Ltd., Class A | 195,790 | 4,254,080 | ||||||
Hongta Securities Co. Ltd., Class A | 366,800 | 941,484 | ||||||
Huatai Securities Co. Ltd., Class A | 5,318,799 | 15,590,781 | ||||||
Huaxia Bank Co. Ltd., Class A | 5,564,716 | 5,518,908 | ||||||
Hubei Biocause Pharmaceutical Co. Ltd., Class A | 1,781,840 | 1,420,774 |
Number | Value | |||||||
Financials (Continued) | ||||||||
Industrial & Commercial Bank of China Ltd., Class A | 31,804,784 | $ | 25,698,103 | |||||
Industrial Bank Co. Ltd., Class A | 11,275,196 | 35,995,963 | ||||||
Industrial Securities Co. Ltd., Class A | 4,244,749 | 5,808,631 | ||||||
Minmetals Capital Co. Ltd., Class A | 2,030,360 | 2,223,337 | ||||||
New China Life Insurance Co. Ltd., Class A | 755,745 | 7,028,077 | ||||||
Orient Securities Co. Ltd., Class A | 3,249,456 | 5,729,806 | ||||||
People’s Insurance Co. Group of China Ltd., Class A | 1,917,006 | 2,017,686 | ||||||
Ping An Bank Co. Ltd., Class A | 8,813,716 | 26,424,282 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 9,815,394 | 134,212,193 | ||||||
Postal Savings Bank of China Co. Ltd., Class A | 2,420,000 | 1,922,268 | ||||||
Qingdao Rural Commercial Bank Corp., Class A | 2,442,929 | 1,851,435 | ||||||
SDIC Capital Co. Ltd., Class A | 1,525,377 | 3,419,484 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 10,667,030 | 16,298,156 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 8,133,222 | 6,670,423 | ||||||
Sinolink Securities Co. Ltd., Class A | 2,189,575 | 5,982,573 | ||||||
SooChow Securities Co. Ltd., Class A | 2,799,435 | 4,302,768 | ||||||
Southwest Securities Co. Ltd., Class A | 3,016,932 | 2,460,576 | ||||||
Tianfeng Securities Co. Ltd., Class A | 3,020,060 | 2,779,619 | ||||||
Western Securities Co. Ltd., Class A | 1,600,509 | 2,333,600 | ||||||
Zheshang Securities Co. Ltd., Class A | 1,643,465 | 4,116,026 | ||||||
|
| |||||||
(Cost $532,676,046) | 703,361,708 | |||||||
|
| |||||||
Health Care — 8.0% | ||||||||
Aier Eye Hospital Group Co. Ltd., Class A | 1,817,712 | 16,895,595 | ||||||
Autobio Diagnostics Co. Ltd., Class A | 119,721 | 2,636,182 | ||||||
Beijing Tongrentang Co. Ltd., Class A | 499,156 | 2,039,321 | ||||||
Changchun High & New Technology Industry Group, Inc., Class A | 257,437 | 14,331,815 | ||||||
Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A | 242,357 | 1,634,314 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A | 584,448 | 11,087,664 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 507,755 | 2,359,786 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class A | 476,163 | 8,244,371 | ||||||
Huadong Medicine Co. Ltd., Class A | 781,272 | 3,282,098 | ||||||
Hualan Biological Engineering, Inc., Class A | 996,630 | 6,514,831 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 3,361,714 | 43,904,162 | ||||||
Jointown Pharmaceutical Group Co. Ltd., Class A* | 665,102 | 1,776,851 | ||||||
Lepu Medical Technology Beijing Co. Ltd., Class A | 1,130,934 | 4,965,721 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A* | 2,478,936 | 4,751,400 |
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Health Care (Continued) | ||||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 1,092,503 | $ | 8,628,255 | |||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 1,033,667 | 3,157,110 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A | 1,816,301 | 2,328,237 | ||||||
Shenzhen Kangtai Biological Products Co. Ltd., Class A | 298,613 | 6,179,795 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 903,609 | 2,828,496 | ||||||
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A | 1,280,627 | 2,627,696 | ||||||
Walvax Biotechnology Co. Ltd., Class A | 1,390,410 | 9,059,352 | ||||||
WuXi AppTec Co. Ltd., Class A | 933,273 | 14,646,442 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 463,633 | 6,708,532 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 270,823 | 8,597,464 | ||||||
Zhejiang NHU Co. Ltd., Class A | 1,157,350 | 5,589,704 | ||||||
|
| |||||||
(Cost $129,539,267) | 194,775,194 | |||||||
|
| |||||||
Industrials — 11.2% | ||||||||
AECC Aviation Power Co. Ltd., Class A | 972,205 | 6,691,828 | ||||||
Air China Ltd., Class A | 2,688,047 | 3,217,066 | ||||||
AVIC Aircraft Co. Ltd., Class A | 1,255,612 | 5,940,329 | ||||||
AVIC Shenyang Aircraft Co. Ltd., Class A | 380,827 | 3,512,595 | ||||||
AVICOPTER PLC, Class A | 262,574 | 2,142,322 | ||||||
Beijing New Building Materials PLC, Class A | 762,386 | 4,515,819 | ||||||
Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 2,661,516 | 2,344,521 | ||||||
China Avionics Systems Co. Ltd., Class A | 705,930 | 1,928,811 | ||||||
China Communications Construction Co. Ltd., Class A | 3,178,809 | 3,823,724 | ||||||
China Eastern Airlines Corp. Ltd., Class A | 4,050,165 | 3,063,367 | ||||||
China Gezhouba Group Co. Ltd., Class A | 2,443,512 | 2,527,310 | ||||||
China National Chemical Engineering Co. Ltd., Class A | 2,233,804 | 2,201,845 | ||||||
China Railway Construction Corp. Ltd., Class A | 4,164,180 | 5,432,749 | ||||||
China Railway Group Ltd., Class A | 7,355,595 | 6,311,946 | ||||||
China Shipbuilding Industry Co. Ltd., Class A* | 8,238,494 | 5,430,434 | ||||||
China Southern Airlines Co. Ltd., Class A* | 4,000,326 | 3,827,656 | ||||||
China Spacesat Co. Ltd., Class A | 525,851 | 2,715,430 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 18,918,994 | 15,602,524 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A* | 4,379,187 | 6,597,846 | ||||||
CRRC Corp. Ltd., Class A | 10,965,135 | 9,425,999 | ||||||
Daqin Railway Co. Ltd., Class A | 5,356,928 | 5,516,232 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Eve Energy Co. Ltd., Class A | 833,620 | $ | 8,166,290 | |||||
Fangda Carbon New Material Co. Ltd., Class A* | 2,052,195 | 2,060,236 | ||||||
Guangzhou Baiyun International Airport Co. Ltd., Class A | 1,080,444 | 2,466,370 | ||||||
Hainan Airlines Holding Co. Ltd., Class A* | 10,392,800 | 2,509,728 | ||||||
Han’s Laser Technology Industry Group Co. Ltd., Class A | 767,883 | 4,611,356 | ||||||
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 361,866 | 5,030,466 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A | 2,234,359 | 3,668,391 | ||||||
Metallurgical Corp. of China Ltd., Class A | 6,454,400 | 2,744,801 | ||||||
NARI Technology Co. Ltd., Class A | 2,106,684 | 7,547,868 | ||||||
Ningbo Zhoushan Port Co. Ltd., Class A | 2,877,897 | 1,730,882 | ||||||
Power Construction Corp. of China Ltd., Class A | 6,887,171 | 4,414,183 | ||||||
Qingdao Port International Co. Ltd., Class A | 633,380 | 584,878 | ||||||
Sany Heavy Industry Co. Ltd., Class A | 5,330,897 | 24,864,349 | ||||||
SF Holding Co. Ltd., Class A | 1,206,295 | 14,656,845 | ||||||
Shanghai Construction Group Co. Ltd., Class A | 4,031,911 | 1,879,950 | ||||||
Shanghai Electric Group Co. Ltd., Class A* | 3,298,943 | 2,655,509 | ||||||
Shanghai International Airport Co. Ltd., Class A | 875,622 | 10,442,246 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 3,148,605 | 2,214,095 | ||||||
Shanghai M&G Stationery, Inc., Class A | 336,512 | 3,718,692 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 947,579 | 11,081,617 | ||||||
Spring Airlines Co. Ltd., Class A | 332,791 | 2,567,629 | ||||||
STO Express Co. Ltd., Class A | 539,197 | 1,040,035 | ||||||
TBEA Co. Ltd., Class A | 3,351,072 | 4,341,400 | ||||||
Weichai Power Co. Ltd., Class A | 4,323,091 | 10,958,414 | ||||||
XCMG Construction Machinery Co. Ltd., Class A | 4,240,577 | 3,503,651 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 2,506,647 | 4,762,637 | ||||||
YTO Express Group Co. Ltd., Class A | 1,142,583 | 2,240,325 | ||||||
Yunda Holding Co. Ltd., Class A | 1,037,404 | 2,710,026 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 984,080 | 4,906,799 | ||||||
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 1,630,175 | 5,798,532 | ||||||
Zhengzhou Yutong Bus Co. Ltd., Class A | 1,219,355 | 3,218,673 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 4,687,367 | 6,093,962 | ||||||
|
| |||||||
(Cost $198,165,558) | 271,961,188 | |||||||
|
|
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Information Technology — 11.7% | ||||||||
360 Security Technology, Inc., Class A | 907,666 | $ | 2,288,396 | |||||
Aisino Corp., Class A | 1,010,774 | 2,126,184 | ||||||
Avary Holding Shenzhen Co. Ltd., Class A | 236,724 | 2,000,804 | ||||||
AVIC Jonhon Optronic Technology Co. Ltd., Class A | 500,175 | 4,481,991 | ||||||
Beijing Shiji Information Technology Co. Ltd., Class A | 278,489 | 1,411,859 | ||||||
BOE Technology Group Co. Ltd., Class A | 24,628,591 | 20,236,426 | ||||||
Chaozhou Three-Circle Group Co. Ltd., Class A | 962,551 | 4,670,804 | ||||||
China Greatwall Technology Group Co. Ltd., Class A | 1,604,420 | 3,513,827 | ||||||
Dawning Information Industry Co. Ltd., Class A | 917,089 | 4,925,164 | ||||||
Fiberhome Telecommunication Technologies Co. Ltd., Class A | 634,403 | 2,395,319 | ||||||
Foxconn Industrial Internet Co. Ltd., Class A | 1,788,794 | 3,751,898 | ||||||
Gigadevice Semiconductor Beijing, Inc., Class A | 295,658 | 9,276,751 | ||||||
Glodon Co. Ltd., Class A | 825,911 | 8,416,911 | ||||||
GoerTek, Inc., Class A | 2,066,064 | 11,914,652 | ||||||
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | 242,131 | 3,944,806 | ||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 3,388,237 | 23,501,835 | ||||||
Hengtong Optic-electric Co. Ltd., Class A | 1,244,728 | 2,799,796 | ||||||
Hundsun Technologies, Inc., Class A | 756,502 | 10,160,304 | ||||||
Iflytek Co. Ltd., Class A | 1,391,190 | 8,075,587 | ||||||
Inspur Electronic Information Industry Co. Ltd., Class A | 904,296 | 3,845,614 | ||||||
Lens Technology Co. Ltd., Class A | 1,173,684 | 5,850,416 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 2,392,223 | 24,960,621 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 3,807,838 | 29,893,859 | ||||||
NAURA Technology Group Co. Ltd., Class A | 224,610 | 5,867,519 | ||||||
OFILM Group Co. Ltd., Class A | 1,718,012 | 4,005,268 | ||||||
Sanan Optoelectronics Co. Ltd., Class A | 2,030,515 | 8,280,327 | ||||||
Shengyi Technology Co. Ltd., Class A | 1,023,762 | 4,339,661 | ||||||
Shennan Circuits Co. Ltd., Class A | 128,212 | 2,078,513 | ||||||
Shenzhen Goodix Technology Co. Ltd., Class A | 162,615 | 4,122,551 | ||||||
Shenzhen Sunway Communication Co. Ltd., Class A | 702,262 | 5,000,158 | ||||||
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A | 1,653,098 | 5,601,381 | ||||||
Unisplendour Corp. Ltd., Class A | 1,278,781 | 4,342,751 | ||||||
Universal Scientific Industrial Shanghai Co. Ltd., Class A | 604,093 | 2,009,300 | ||||||
Will Semiconductor Co. Ltd. Shanghai, Class A | 152,181 | 4,979,477 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Wingtech Technology Co. Ltd., Class A | 338,453 | $ | 5,417,963 | |||||
WUS Printed Circuit Kunshan Co. Ltd., Class A | 1,105,759 | 3,338,672 | ||||||
Yealink Network Technology Corp. Ltd., Class A | 246,898 | 2,583,276 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 1,474,424 | 9,785,901 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 1,633,830 | 5,183,729 | ||||||
ZTE Corp., Class A | 2,453,663 | 12,942,456 | ||||||
|
| |||||||
(Cost $186,867,465) | 284,322,727 | |||||||
|
| |||||||
Materials — 6.5% | ||||||||
Aluminum Corp. of China Ltd., Class A* | 5,907,717 | 3,705,670 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 2,180,060 | 18,707,419 | ||||||
Baiyin Nonferrous Group Co. Ltd., Class A | 1,349,400 | 612,786 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 8,026,439 | 7,570,272 | ||||||
BBMG Corp., Class A | 3,021,729 | 1,422,703 | ||||||
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 1,499,155 | 7,786,991 | ||||||
Bluestar Adisseo Co., Class A | 262,615 | 526,490 | ||||||
China Jushi Co. Ltd., Class A | 1,899,144 | 4,851,554 | ||||||
China Molybdenum Co. Ltd., Class A | 6,368,985 | 4,439,969 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A* | 1,983,350 | 4,078,636 | ||||||
Citic Pacific Special Steel Group Co. Ltd., Class A | 336,624 | 1,072,624 | ||||||
Ganfeng Lithium Co. Ltd., Class A | 699,492 | 8,307,809 | ||||||
Hengli Petrochemical Co. Ltd., Class A | 1,905,694 | 7,551,344 | ||||||
Hengyi Petrochemical Co. Ltd., Class A | 1,658,451 | 3,198,919 | ||||||
Hesteel Co. Ltd., Class A* | 3,829,010 | 1,331,739 | ||||||
Hoshine Silicon Industry Co. Ltd., Class A | 126,979 | 755,217 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A* | 20,586,007 | 3,783,158 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 3,046,673 | 2,443,188 | ||||||
Jiangxi Copper Co. Ltd., Class A | 927,990 | 3,100,723 | ||||||
Lomon Billions Group Co. Ltd., Class A | 908,536 | 4,374,198 | ||||||
Ningxia Baofeng Energy Group Co. Ltd., Class A | 738,300 | 1,411,743 | ||||||
Rongsheng Petro Chemical Co. Ltd., Class A | 1,846,079 | 7,211,377 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 1,630,925 | 5,905,235 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A | 6,472,859 | 2,831,298 | ||||||
Tianqi Lithium Corp., Class A* | 788,397 | 3,332,385 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 1,426,861 | 17,596,840 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A* | 623,096 | 4,951,305 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A | 2,364,700 | 5,351,300 |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Materials (Continued) | ||||||||
Zhongjin Gold Corp. Ltd., Class A | 1,668,439 | $ | 2,414,906 | |||||
Zijin Mining Group Co. Ltd., Class A | 12,419,312 | 17,523,071 | ||||||
|
| |||||||
(Cost $99,294,113) | 158,150,869 | |||||||
|
| |||||||
Real Estate — 3.4% | ||||||||
China Fortune Land Development Co. Ltd., Class A | 1,425,207 | 3,214,411 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 2,852,019 | 6,350,141 | ||||||
China Vanke Co. Ltd., Class A | 6,166,842 | 28,753,994 | ||||||
Gemdale Corp., Class A | 2,035,662 | 4,677,799 | ||||||
Greenland Holdings Corp. Ltd., Class A | 3,257,781 | 3,186,433 | ||||||
Jiangsu Zhongnan Construction Group Co. Ltd., Class A | 1,667,117 | 2,504,145 | ||||||
Jinke Properties Group Co. Ltd., Class A | 1,920,811 | 2,328,008 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 6,466,101 | 16,911,129 | ||||||
Red Star Macalline Group Corp. Ltd., Class A | 394,986 | 555,507 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A | 1,554,830 | 1,726,224 | ||||||
Seazen Holdings Co. Ltd., Class A | 818,078 | 4,400,887 | ||||||
Shanghai Lingang Holdings Corp. Ltd., Class A | 530,445 | 1,740,974 | ||||||
Xinhu Zhongbao Co. Ltd., Class A | 3,895,666 | 1,934,758 | ||||||
Yango Group Co. Ltd., Class A | 1,491,910 | 1,626,912 | ||||||
Youngor Group Co. Ltd., Class A | 2,516,822 | 2,763,680 | ||||||
|
| |||||||
(Cost $66,442,043) | 82,675,002 | |||||||
|
|
Number | Value | |||||||
Utilities — 1.9% | ||||||||
CGN Power Co. Ltd., Class A | 5,327,679 | $ | 2,273,743 | |||||
China National Nuclear Power Co. Ltd., Class A | 5,609,601 | 4,183,217 | ||||||
China Yangtze Power Co. Ltd., Class A | 7,991,727 | 24,408,984 | ||||||
GD Power Development Co. Ltd., Class A | 10,648,800 | 3,477,252 | ||||||
Huadian Power International Corp. Ltd., Class A | 2,934,600 | 1,604,532 | ||||||
Huaneng Lancang River Hydropower, Inc., Class A | 1,632,500 | 1,143,013 | ||||||
Huaneng Power International, Inc., Class A | 3,960,042 | 3,091,433 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 2,438,680 | 3,507,533 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 1,194,036 | 1,891,467 | ||||||
|
| |||||||
(Cost $38,501,503) | 45,581,174 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,432,061,365 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% (Cost $1,658,798,846) | $ | 2,432,061,365 | ||||||
Other assets and liabilities, net — 0.1% | 2,838,045 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,434,899,410 | ||||||
|
|
* | Non-income producing security. |
JSC: | Joint Stock Company |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (a) | $ | 2,432,061,365 | $ | — | $ | — | $ | 2,432,061,365 | ||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 2,432,061,365 | $ | — | $ | — | $ | 2,432,061,365 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
November 30, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.8% | ||||||||
Communication Services — 4.6% | ||||||||
Beijing Enlight Media Co. Ltd., Class A | 50,800 | $ | 100,070 | |||||
Beijing Gehua CATV Network Co. Ltd., Class A | 42,100 | 67,138 | ||||||
Beijing Kunlun Tech Co. Ltd., Class A | 35,500 | 118,833 | ||||||
Bluefocus Intelligent Communications Group Co. Ltd., Class A* | 86,100 | 85,784 | ||||||
Changjiang Publishing & Media Co. Ltd., Class A | 26,212 | 22,533 | ||||||
China South Publishing & Media Group Co. Ltd., Class A | 31,100 | 50,824 | ||||||
Chinese Universe Publishing and Media Group Co. Ltd., Class A | 29,289 | 52,313 | ||||||
Dr Peng Telecom & Media Group Co. Ltd., Class A* | 62,000 | 73,731 | ||||||
G-bits Network Technology Xiamen Co. Ltd., Class A | 1,873 | 106,906 | ||||||
Guizhou Broadcasting & TV Information Network Co. Ltd., Class A | 18,200 | 17,414 | ||||||
Hangzhou Shunwang Technology Co. Ltd., Class A | 18,000 | 50,056 | ||||||
Jiangsu Broadcasting Cable Information Network Corp. Ltd., Class A | 129,600 | 72,042 | ||||||
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | 33,000 | 34,683 | ||||||
Leo Group Co. Ltd., Class A | 291,695 | 151,957 | ||||||
NanJi E-Commerce Co. Ltd., Class A | 74,250 | 187,085 | ||||||
Ourpalm Co. Ltd., Class A* | 119,300 | 116,687 | ||||||
People.cn Co. Ltd., Class A | 23,900 | 63,995 | ||||||
Shandong Publishing & Media Co. Ltd., Class A | 27,109 | 26,062 | ||||||
Wasu Media Holding Co. Ltd., Class A | 24,800 | 36,499 | ||||||
Xinhuanet Co. Ltd., Class A | 8,950 | 26,371 | ||||||
Youzu Interactive Co. Ltd., Class A | 26,900 | 67,289 | ||||||
Zhejiang Daily Digital Culture Group Co. Ltd., Class A | 33,800 | 46,766 | ||||||
Zhejiang Huace Film & Television Co. Ltd., Class A | 53,200 | 58,094 | ||||||
|
| |||||||
(Cost $1,384,113) | 1,633,132 | |||||||
|
| |||||||
Consumer Discretionary — 10.1% | ||||||||
Anhui Jianghuai Automobile Group Corp. Ltd., Class A | 57,200 | 84,355 | ||||||
Anhui Xinhua Media Co. Ltd., Class A | 25,800 | 20,533 | ||||||
Anhui Zhongding Sealing Parts Co. Ltd., Class A | 31,700 | 61,867 | ||||||
BAIC BluePark New Energy Technology Co. Ltd., Class A* | 75,400 | 98,599 | ||||||
Beiqi Foton Motor Co. Ltd., Class A* | 198,800 | 101,450 | ||||||
Besttone Holdings Co. Ltd., Class A | 13,700 | 29,900 | ||||||
BTG Hotels Group Co. Ltd., Class A | 21,345 | 75,438 | ||||||
CCOOP Group Co. Ltd., Class A* | 103,800 | 52,498 | ||||||
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A | 6,000 | 173,451 | ||||||
Chengdu Fusen Noble-House Industrial Co. Ltd., Class A | 6,570 | 15,447 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
China CYTS Tours Holding Co. Ltd., Class A | 25,000 | $ | 42,489 | |||||
Chongqing Department Store Co. Ltd., Class A | 10,495 | 48,472 | ||||||
Chongqing Sokon Industry Group Co. Ltd., Class A | 10,900 | 31,454 | ||||||
Chow Tai Seng Jewellery Co. Ltd., Class A | 9,500 | 38,366 | ||||||
Dashang Co. Ltd., Class A | 6,300 | 22,601 | ||||||
DongFeng Automobile Co. Ltd., Class A | 34,600 | 33,895 | ||||||
Eastern Pioneer Driving School Co. Ltd., Class A | 12,700 | 39,715 | ||||||
Easyhome New Retail Group Co. Ltd., Class A | 13,000 | 16,427 | ||||||
Ecovacs Robotics Co. Ltd., Class A* | 9,733 | 92,685 | ||||||
FAW Jiefang Group Co. Ltd.* | 8,000 | 15,589 | ||||||
FAW Jiefang Group Co. Ltd., Class A* | 31,900 | 62,160 | ||||||
Global Top E-Commerce Co. Ltd., Class A* | 47,050 | 44,233 | ||||||
Hang Zhou Great Star Industrial Co. Ltd., Class A | 23,253 | 98,815 | ||||||
Hisense Visual Technology Co. Ltd., Class A | 34,000 | 57,577 | ||||||
Huizhou Desay Sv Automotive Co. Ltd., Class A | 7,100 | 79,679 | ||||||
Jason Furniture Hangzhou Co. Ltd., Class A | 8,214 | 94,813 | ||||||
Joyoung Co. Ltd., Class A | 13,300 | 65,973 | ||||||
Keboda Technology Co. Ltd., Class A | 1,900 | 21,144 | ||||||
KingClean Electric Co. Ltd., Class A | 3,500 | 17,144 | ||||||
Kuang-Chi Technologies Co. Ltd., Class A* | 37,300 | 117,097 | ||||||
Liaoning Cheng Da Co. Ltd., Class A | 66,058 | 226,440 | ||||||
Loncin Motor Co. Ltd., Class A | 44,450 | 27,004 | ||||||
Ningbo Huaxiang Electronic Co. Ltd., Class A | 21,600 | 53,834 | ||||||
Ningbo Joyson Electronic Corp., Class A | 35,520 | 134,059 | ||||||
Ningbo Tuopu Group Co. Ltd., Class A | 18,207 | 90,202 | ||||||
Rainbow Digital Commercial Co. Ltd., Class A | 20,800 | 27,168 | ||||||
Shandong Linglong Tyre Co. Ltd., Class A | 23,247 | 109,417 | ||||||
Shanghai Jinjiang International Hotels Co. Ltd., Class A | 13,900 | 102,452 | ||||||
Shenzhen MTC Co. Ltd., Class A* | 78,300 | 67,190 | ||||||
Shenzhen Tellus Holding Co. Ltd., Class A | 5,130 | 14,726 | ||||||
Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A* | 41,450 | 43,501 | ||||||
Sichuan Changhong Electric Co. Ltd., Class A | 159,500 | 70,494 | ||||||
Sinomach Automobile Co. Ltd., Class A | 18,850 | 18,838 | ||||||
Sou Yu Te Group Co. Ltd., Class A* | 80,124 | 27,989 | ||||||
Suofeiya Home Collection Co. Ltd., Class A | 27,618 | 114,512 | ||||||
Visual China Group Co. Ltd., Class A | 18,200 | 46,714 | ||||||
Wangfujing Group Co. Ltd., Class A | 16,730 | 87,255 | ||||||
Wanxiang Qianchao Co. Ltd., Class A | 57,200 | 55,600 |
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Weifu High-Technology Group Co. Ltd., Class A | 25,300 | $ | 99,522 | |||||
Wuchan Zhongda Group Co. Ltd., Class A | 109,500 | 76,335 | ||||||
Wuhan Department Store Group Co. Ltd., Class A | 19,909 | 38,129 | ||||||
Xiamen Intretech, Inc., Class A | 5,900 | 59,724 | ||||||
Xinhua Winshare Publishing and Media Co. Ltd., Class A | 6,800 | 10,741 | ||||||
Zhejiang Orient Financial Holdings Group Co. Ltd., Class A | 48,214 | 49,355 | ||||||
Zhejiang Semir Garment Co. Ltd., Class A | 35,000 | 47,364 | ||||||
Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A | 56,800 | 64,700 | ||||||
Zhejiang Yasha Decoration Co. Ltd., Class A | 29,000 | 37,086 | ||||||
|
| |||||||
(Cost $2,498,551) | 3,554,217 | |||||||
|
| |||||||
Consumer Staples — 7.2% | ||||||||
Angel Yeast Co. Ltd., Class A | 21,375 | 149,335 | ||||||
Anhui Yingjia Distillery Co. Ltd., Class A | 10,400 | 49,503 | ||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A | 126,862 | 158,765 | ||||||
Beijing Yanjing Brewery Co. Ltd., Class A | 61,000 | 76,248 | ||||||
Bright Dairy & Food Co. Ltd., Class A | 26,500 | 59,486 | ||||||
C&S Paper Co. Ltd., Class A | 28,300 | 88,414 | ||||||
Chacha Food Co. Ltd., Class A | 13,100 | 107,339 | ||||||
Chongqing Brewery Co. Ltd., Class A | 10,400 | 165,852 | ||||||
Chongqing Fuling Zhacai Group Co. Ltd., Class A | 23,838 | 137,578 | ||||||
COFCO Sugar Holding Co. Ltd., Class A | 46,300 | 61,741 | ||||||
DaShenLin Pharmaceutical Group Co. Ltd., Class A | 8,508 | 114,371 | ||||||
Guangdong Marubi Biotechnology Co. Ltd., Class A | 1,900 | 15,877 | ||||||
Hebei Chengde Lolo Co., Class A | 27,915 | 30,738 | ||||||
Heilongjiang Agriculture Co. Ltd., Class A | 30,700 | 79,872 | ||||||
Hunan Dakang International Food & Agriculture Co. Ltd., Class A* | 110,320 | 41,050 | ||||||
Jiajiayue Group Co. Ltd., Class A | 10,500 | 38,529 | ||||||
Juewei Food Co. Ltd., Class A | 13,100 | 141,023 | ||||||
Laobaixing Pharmacy Chain JSC, Class A | 7,054 | 77,041 | ||||||
New Hope Dairy Co. Ltd., Class A | 5,500 | 15,011 | ||||||
Opple Lighting Co. Ltd., Class A | 6,490 | 32,075 | ||||||
Proya Cosmetics Co. Ltd., Class A | 2,622 | 61,470 | ||||||
Shandong Yisheng Livestock & Poultry Breeding Co. Ltd., Class A | 25,500 | 47,211 | ||||||
Shanghai Bailian Group Co. Ltd., Class A | 34,700 | 69,145 | ||||||
Shanghai Flyco Electrical Appliance Co. Ltd., Class A | 2,100 | 16,760 | ||||||
Shanghai Jahwa United Co. Ltd., Class A | 14,464 | 82,335 | ||||||
Shanghai Maling Aquarius Co. Ltd., Class A | 28,400 | 42,185 | ||||||
Shenzhen Agricultural Products Group Co. Ltd., Class A | 29,400 | 30,363 | ||||||
Sichuan Swellfun Co. Ltd., Class A | 8,399 | 89,294 | ||||||
Sichuan Teway Food Group Co. Ltd., Class A | 2,845 | 25,407 |
Number | Value | |||||||
Consumer Staples (Continued) | ||||||||
Tech-Bank Food Co. Ltd., Class A* | 34,100 | $ | 79,447 | |||||
Toly Bread Co. Ltd., Class A | 8,535 | 77,777 | ||||||
Yantai Changyu Pioneer Wine Co. Ltd., Class A | 5,900 | 34,598 | ||||||
Yifeng Pharmacy Chain Co. Ltd., Class A | 9,160 | 140,540 | ||||||
Yuan Longping High-tech Agriculture Co. Ltd., Class A* | 39,854 | 103,869 | ||||||
|
| |||||||
(Cost $1,681,660) | 2,540,249 | |||||||
|
| |||||||
Energy — 2.2% | ||||||||
China Petroleum Engineering Corp. | 72,400 | 33,978 | ||||||
COFCO Capital Holdings Co. Ltd., Class A | 8,000 | 12,175 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class A | 60,000 | 64,518 | ||||||
Guanghui Energy Co. Ltd., Class A* | 176,000 | 81,262 | ||||||
Guizhou Gas Group Corp. Ltd., Class A | 9,800 | 17,459 | ||||||
Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia, Class A | 24,900 | 43,793 | ||||||
Jizhong Energy Resources Co. Ltd., Class A | 45,900 | 27,606 | ||||||
Nanjing Tanker Corp., Class A* | 149,400 | 58,996 | ||||||
Oriental Energy Co. Ltd., Class A | 50,000 | 85,052 | ||||||
Shandong Xinchao Energy Corp. Ltd., Class A* | 176,200 | 44,691 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | 51,800 | 51,688 | ||||||
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A | 88,450 | 73,751 | ||||||
Yang Quan Coal Industry Group Co. Ltd., Class A | 51,900 | 42,644 | ||||||
Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 24,841 | 139,556 | ||||||
|
| |||||||
(Cost $666,053) | 777,169 | |||||||
|
| |||||||
Financials — 5.0% | ||||||||
Bank of Qingdao Co. Ltd., Class A | 35,700 | 29,333 | ||||||
Bank of Zhengzhou Co. Ltd., Class A | 75,760 | 43,609 | ||||||
First Capital Securities Co. Ltd., Class A | 109,100 | 175,310 | ||||||
Guangdong Golden Dragon Development, Inc., Class A* | 19,374 | 42,460 | ||||||
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A | 23,785 | 59,064 | ||||||
Huaan Securities Co. Ltd., Class A | 78,143 | 96,608 | ||||||
Huaxi Securities Co. Ltd., Class A | 56,800 | 108,352 | ||||||
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A | 118,355 | 139,850 | ||||||
Jiangsu Financial Leasing Co. Ltd., Class A | 38,800 | 34,238 | ||||||
Jiangsu Jiangyin Rural Commercial Bank Co. Ltd., Class A | 93,780 | 59,821 | ||||||
Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd., Class A | 54,800 | 53,100 | ||||||
Jiangsu Zijin Rural Commercial Bank Co. Ltd., Class A | 79,000 | 50,514 | ||||||
Kunwu Jiuding Investment Holdings Co. Ltd., Class A* | 5,600 | 20,098 | ||||||
Northeast Securities Co. Ltd., Class A | 60,649 | 91,652 |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
Oceanwide Holdings Co. Ltd., Class A | 67,500 | $ | 40,495 | |||||
Pacific Securities Co. Ltd., Class A* | 294,300 | 176,110 | ||||||
Polaris Bay Group Co. Ltd., Class A* | 52,700 | 97,729 | ||||||
Sealand Securities Co. Ltd., Class A | 164,870 | 137,971 | ||||||
Shaanxi International Trust Co. Ltd., Class A | 85,590 | 48,877 | ||||||
Shanghai AJ Group Co. Ltd., Class A | 42,105 | 52,822 | ||||||
Shanxi Securities Co. Ltd., Class A | 95,440 | 116,398 | ||||||
Wuxi Rural Commercial Bank Co. Ltd., Class A | 56,000 | 51,031 | ||||||
Xishui Strong Year Co. Ltd. Inner Mongolia, Class A* | 28,400 | 25,664 | ||||||
|
| |||||||
(Cost $1,447,097) | 1,751,106 | |||||||
|
| |||||||
Health Care — 12.6% | ||||||||
Anhui Anke Biotechnology Group Co. Ltd., Class A | 41,340 | 97,633 | ||||||
Apeloa Pharmaceutical Co. Ltd., Class A | 25,500 | 80,750 | ||||||
Asymchem Laboratories Tianjin Co. Ltd., Class A | 6,004 | 219,124 | ||||||
Beijing SL Pharmaceutical Co. Ltd., Class A | 26,600 | 46,864 | ||||||
Beijing Tiantan Biological Products Corp. Ltd., Class A | 27,095 | 163,578 | ||||||
Betta Pharmaceuticals Co. Ltd., Class A | 8,700 | 120,626 | ||||||
Blue Sail Medical Co. Ltd., Class A | 20,800 | 63,182 | ||||||
China Animal Husbandry Industry Co. Ltd., Class A | 26,357 | 54,642 | ||||||
China National Accord Medicines Corp. Ltd., Class A | 6,473 | 48,644 | ||||||
China National Medicines Corp. Ltd., Class A | 13,033 | 88,481 | ||||||
China Resources Double Crane Pharmaceutical Co. Ltd., Class A | 22,549 | 43,186 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 16,918 | 69,633 | ||||||
Da An Gene Co. Ltd. of Sun Yat-Sen University, Class A | 26,562 | 132,967 | ||||||
Dezhan Healthcare Co. Ltd., Class A* | 38,800 | 38,304 | ||||||
Dian Diagnostics Group Co. Ltd., Class A | 18,740 | 94,352 | ||||||
Double Medical Technology, Inc., Class A | 1,700 | 17,839 | ||||||
Guangdong Zhongsheng Pharmaceutical Co. Ltd., Class A | 28,200 | 53,494 | ||||||
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | 9,900 | 130,813 | ||||||
Guangzhou Wondfo Biotech Co. Ltd., Class A | 8,900 | 88,605 | ||||||
Guizhou Bailing Group Pharmaceutical Co. Ltd., Class A | 30,500 | 40,904 | ||||||
Guizhou Xinbang Pharmaceutical Co. Ltd., Class A* | 57,750 | 55,783 | ||||||
Hainan Poly Pharm Co. Ltd., Class A | 9,399 | 60,855 | ||||||
Haisco Pharmaceutical Group Co. Ltd., Class A | 7,000 | 20,466 | ||||||
Harbin Pharmaceutical Group Co. Ltd., Class A* | 65,020 | 32,193 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A | 11,500 | $ | 38,198 | |||||
Humanwell Healthcare Group Co. Ltd., Class A | 46,700 | 236,188 | ||||||
Jiangsu Kanion Pharmaceutical Co. Ltd., Class A | 17,948 | 33,583 | ||||||
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 25,985 | 109,320 | ||||||
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A | 40,200 | 106,175 | ||||||
Jilin Zixin Pharmaceutical Industrial Co. Ltd., Class A* | 33,300 | 19,370 | ||||||
Jinyu Bio-Technology Co. Ltd., Class A | 48,604 | 178,864 | ||||||
Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 42,056 | 89,487 | ||||||
Livzon Pharmaceutical Group, Inc., Class A | 16,062 | 102,922 | ||||||
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A | 12,120 | 68,477 | ||||||
Ovctek China, Inc., Class A | 13,100 | 127,336 | ||||||
Realcan Pharmaceutical Group Co. Ltd., Class A* | 45,530 | 38,931 | ||||||
Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 24,700 | 90,596 | ||||||
Shandong Pharmaceutical Glass Co. Ltd., Class A | 20,600 | 136,662 | ||||||
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A | 16,200 | 46,035 | ||||||
Shenzhen Neptunus Bioengineering Co. Ltd., Class A* | 71,650 | 44,617 | ||||||
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 18,100 | 74,855 | ||||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 26,000 | 99,313 | ||||||
Tasly Pharmaceutical Group Co. Ltd., Class A | 39,300 | 99,142 | ||||||
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A | 78,100 | 60,851 | ||||||
Tianjin ZhongXin Pharmaceutical Group Corp. Ltd., Class A | 12,362 | 29,946 | ||||||
Vcanbio Cell & Gene Engineering Corp. Ltd., Class A* | 14,100 | 47,948 | ||||||
Winning Health Technology Group Co. Ltd., Class A | 73,755 | 176,428 | ||||||
Yifan Pharmaceutical Co. Ltd., Class A | 32,100 | 100,237 | ||||||
Zhejiang Conba Pharmaceutical Co. Ltd., Class A* | 80,740 | 62,049 | ||||||
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | 31,440 | 146,785 | ||||||
Zhejiang Medicine Co. Ltd., Class A | 29,200 | 62,266 | ||||||
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A | 13,600 | 120,752 | ||||||
|
| |||||||
(Cost $3,299,848) | 4,410,251 | |||||||
|
| |||||||
Industrials — 17.7% | ||||||||
AECC Aero-Engine Control Co. Ltd., Class A | 24,800 | 76,876 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Avic Aviation High-Technology Co. Ltd., Class A | 24,100 | $ | 85,284 | |||||
AVIC Electromechanical Systems Co. Ltd., Class A | 100,700 | 165,636 | ||||||
Avic Heavy Machinery Co. Ltd., Class A | 24,200 | 67,555 | ||||||
Beijing Originwater Technology Co. Ltd., Class A | 82,100 | 105,116 | ||||||
Beijing Watertek Information Technology Co. Ltd., Class A | 52,977 | 40,633 | ||||||
Bohai Leasing Co. Ltd., Class A* | 106,800 | 43,147 | ||||||
Centre Testing International Group Co. Ltd., Class A | 57,600 | 207,158 | ||||||
China Aerospace Times Electronics Co. Ltd., Class A | 94,100 | 98,613 | ||||||
China Aluminum International Engineering Corp. Ltd., Class A | 13,300 | 7,777 | ||||||
China Baoan Group Co. Ltd., Class A | 111,580 | 126,083 | ||||||
China CAMC Engineering Co. Ltd., Class A | 21,382 | 24,616 | ||||||
China First Heavy Industries, Class A* | 118,700 | 55,166 | ||||||
China High Speed Railway Technology Co. Ltd., Class A | 84,296 | 34,824 | ||||||
China International Marine Containers Group Co. Ltd., Class A | 46,120 | 103,179 | ||||||
China Meheco Co. Ltd., Class A | 23,087 | 52,596 | ||||||
China Merchants Port Group Co. Ltd., Class A | 4,500 | 11,222 | ||||||
China Nuclear Engineering & Construction Corp. Ltd., Class A | 34,400 | 40,543 | ||||||
China Railway Hi-tech Industry Co. Ltd., Class A | 57,700 | 82,463 | ||||||
China Railway Tielong Container Logistics Co. Ltd., Class A | 39,500 | 32,035 | ||||||
China XD Electric Co. Ltd., Class A | 88,800 | 61,635 | ||||||
CITIC Heavy Industries Co. Ltd., Class A | 75,000 | 43,513 | ||||||
CMST Development Co. Ltd., Class A* | 38,100 | 27,892 | ||||||
COSCO SHIPPING Development Co. Ltd., Class A | 171,300 | 77,270 | ||||||
COSCO SHIPPING Specialized Carriers Co. Ltd., Class A* | 46,500 | 30,792 | ||||||
Dalian Port PDA Co. Ltd., Class A | 133,820 | 39,836 | ||||||
Deppon Logistics Co. Ltd., Class A | 12,400 | 25,424 | ||||||
Dongfang Electric Corp. Ltd., Class A | 48,100 | 77,583 | ||||||
East Group Co. Ltd., Class A | 40,100 | 55,909 | ||||||
Eternal Asia Supply Chain Management Ltd., Class A | 64,300 | 48,927 | ||||||
Far East Smarter Energy Co. Ltd., Class A | 48,000 | 28,577 | ||||||
Fujian Longking Co. Ltd., Class A | 37,000 | 56,757 | ||||||
Gotion High-tech Co. Ltd., Class A* | 38,781 | 172,400 | ||||||
Guangshen Railway Co. Ltd., Class A | 146,500 | 52,733 | ||||||
Guangxi Liugong Machinery Co. Ltd., Class A | 44,730 | 52,718 | ||||||
Guangzhou Port Co. Ltd., Class A | 80,200 | 42,632 | ||||||
Guosheng Financial Holding, Inc., Class A* | 50,187 | 94,365 | ||||||
Hefei Meiya Optoelectronic Technology, Inc., Class A | 11,700 | 78,898 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Henan Pinggao Electric Co. Ltd., Class A | 35,200 | $ | 36,996 | |||||
Hongfa Technology Co. Ltd., Class A | 19,280 | 140,233 | ||||||
Huaihe Energy Group Co. Ltd., Class A | 67,200 | 23,066 | ||||||
Hunan Corun New Energy Co. Ltd., Class A* | 50,111 | 34,325 | ||||||
Infore Environment Technology Group Co. Ltd., Class A | 41,000 | 54,362 | ||||||
Inner Mongolia First Machinery Group Co. Ltd., Class A | 36,500 | 56,212 | ||||||
Jiangxi Hongdu Aviation Industry Co. Ltd., Class A | 18,600 | 102,461 | ||||||
Jihua Group Corp. Ltd., Class A | 95,100 | 46,797 | ||||||
Juneyao Airlines Co. Ltd., Class A | 25,540 | 44,957 | ||||||
Ming Yang Smart Energy Group Ltd., Class A | 32,400 | 83,901 | ||||||
Minmetals Development Co. Ltd., Class A* | 18,500 | 20,764 | ||||||
North Industries Group Red Arrow Co. Ltd., Class A | 30,147 | 46,245 | ||||||
North Navigation Control Technology Co. Ltd., Class A* | 45,100 | 62,127 | ||||||
Orient Group, Inc., Class A* | 128,490 | 78,450 | ||||||
Qingdao TGOOD Electric Co. Ltd., Class A | 25,881 | 101,257 | ||||||
Rizhao Port Co. Ltd., Class A | 79,800 | 35,148 | ||||||
Saurer Intelligent Technology Co. Ltd., Class A* | 49,200 | 32,431 | ||||||
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A | 17,300 | 63,769 | ||||||
Shandong Hi-speed Co. Ltd., Class A | 27,000 | 29,484 | ||||||
Shanghai Environment Group Co. Ltd., Class A | 28,240 | 49,796 | ||||||
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A | 13,949 | 41,629 | ||||||
Shanghai Tunnel Engineering Co. Ltd., Class A | 81,500 | 71,546 | ||||||
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class A | 16,100 | 35,872 | ||||||
Shenzhen Airport Co. Ltd., Class A | 44,400 | 60,017 | ||||||
Shenzhen Colibri Technologies Co. Ltd., Class A | 1,800 | 6,192 | ||||||
Shenzhen Tagen Group Co. Ltd., Class A | 56,609 | 59,152 | ||||||
Shenzhen Techand Ecology & Environment Co. Ltd., Class A* | 71,150 | 35,877 | ||||||
Shouhang High-Tech Energy Co. Ltd., Class A* | 87,955 | 33,797 | ||||||
Siasun Robot & Automation Co. Ltd., Class A* | 54,000 | 112,196 | ||||||
Sichuan Road & Bridge Co. Ltd., Class A | 103,000 | 76,340 | ||||||
Sieyuan Electric Co. Ltd., Class A | 26,280 | 90,644 | ||||||
Sinochem International Corp., Class A | 59,760 | 50,373 | ||||||
Sinoma International Engineering Co., Class A | 45,150 | 49,030 | ||||||
Sinotrans Ltd., Class A | 68,100 | 49,026 | ||||||
Sungrow Power Supply Co. Ltd., Class A | 44,100 | 321,899 | ||||||
Sunwoda Electronic Co. Ltd., Class A | 47,500 | 202,432 | ||||||
Suzhou Anjie Technology Co. Ltd., Class A* | 13,750 | 38,676 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A | 58,100 | $ | 93,712 | |||||
TangShan Port Group Co. Ltd., Class A | 127,974 | 50,923 | ||||||
Tian Di Science & Technology Co. Ltd., Class A | 71,700 | 35,609 | ||||||
Tianjin Capital Environmental Protection Group Co. Ltd., Class A | 18,800 | 19,730 | ||||||
Tianjin Port Co. Ltd., Class A | 52,164 | 38,345 | ||||||
Topsec Technologies Group, Inc., Class A* | 35,080 | 107,730 | ||||||
Tus Environmental Science And Technology Development Co. Ltd., Class A* | 30,900 | 34,869 | ||||||
Wolong Electric Group Co. Ltd., Class A | 33,739 | 67,692 | ||||||
Xiamen C & D, Inc., Class A | 73,500 | 101,919 | ||||||
Xiamen ITG Group Corp. Ltd., Class A | 56,048 | 61,801 | ||||||
Xinjiang Communications Construction Group Co. Ltd., Class A | 8,400 | 16,828 | ||||||
Xuji Electric Co. Ltd., Class A | 26,200 | 66,691 | ||||||
Zhefu Holding Group Co. Ltd., Class A | 69,600 | 47,040 | ||||||
Zhejiang Dingli Machinery Co. Ltd., Class A | 8,420 | 132,357 | ||||||
Zhejiang Kaishan Compressor Co. Ltd., Class A* | 14,800 | 31,807 | ||||||
Zhejiang Wanliyang Co. Ltd., Class A | 29,000 | 42,194 | ||||||
Zhejiang Weiming Environment Protection Co. Ltd., Class A | 16,276 | 51,517 | ||||||
Zhejiang Weixing New Building Materials Co. Ltd., Class A | 27,180 | 77,938 | ||||||
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A | 45,100 | 66,648 | ||||||
Zhongshan Broad Ocean Motor Co. Ltd., Class A* | 61,300 | 42,175 | ||||||
|
| |||||||
(Cost $4,821,444) | 6,193,387 | |||||||
|
| |||||||
Information Technology — 15.8% | ||||||||
Accelink Technologies Co. Ltd., Class A | 17,500 | 81,597 | ||||||
Addsino Co. Ltd., Class A | 55,600 | 184,089 | ||||||
Anhui Tatfook Technology Co. Ltd., Class A* | 16,540 | 29,994 | ||||||
Beijing Dahao Technology Corp. Ltd., Class A (a) | 8,046 | 10,620 | ||||||
Beijing E-Hualu Information Technology Co. Ltd., Class A | 16,840 | 73,225 | ||||||
Beijing Jetsen Technology Co. Ltd., Class A* | 89,100 | 73,481 | ||||||
Beijing Orient National Communication Science & Technology Co. Ltd., Class A | 36,519 | 69,719 | ||||||
Beijing Teamsun Technology Co. Ltd., Class A | 47,560 | 69,922 | ||||||
Beijing Thunisoft Corp. Ltd., Class A | 28,100 | 111,689 | ||||||
Beijing Ultrapower Software Co. Ltd., Class A* | 84,800 | 77,404 | ||||||
Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A | 36,900 | 55,539 | ||||||
Changsha Jingjia Microelectronics Co. Ltd., Class A | 5,200 | 48,697 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
China TransInfo Technology Co. Ltd., Class A | 34,200 | $ | 101,808 | |||||
Doushen Beijing Education & Technology, Inc., Class A* | 30,020 | 54,759 | ||||||
Eastern Communications Co. Ltd., Class A | 20,700 | 41,311 | ||||||
Flat Glass Group Co. Ltd., Class A | 7,100 | 37,095 | ||||||
Fujian Star-net Communication Co. Ltd., Class A | 17,600 | 64,154 | ||||||
GCI Science & Technology Co. Ltd., Class A | 14,900 | 36,366 | ||||||
GCL System Integration Technology Co. Ltd., Class A* | 131,700 | 79,609 | ||||||
GRG Banking Equipment Co. Ltd., Class A | 52,100 | 92,264 | ||||||
Guangdong Ellington Electronics Technology Co. Ltd., Class A | 17,300 | 20,993 | ||||||
Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A* | 31,000 | 154,901 | ||||||
Guangzhou Haige Communications Group, Inc. Co., Class A | 79,600 | 148,822 | ||||||
Guomai Technologies, Inc., Class A | 21,800 | 27,051 | ||||||
Hangzhou First Applied Material Co. Ltd., Class A | 9,966 | 108,436 | ||||||
Hangzhou Silan Microelectronics Co. Ltd., Class A | 34,080 | 83,283 | ||||||
Hengdian Group DMEGC Magnetics Co. Ltd., Class A | 35,500 | 74,352 | ||||||
Hexing Electrical Co. Ltd., Class A | 8,470 | 19,271 | ||||||
HNA Technology Co. Ltd., Class A* | 78,000 | 40,515 | ||||||
Holitech Technology Co. Ltd., Class A | 80,800 | 56,696 | ||||||
Huagong Tech Co. Ltd., Class A | 34,759 | 130,184 | ||||||
Hubei Kaile Science & Technology Co. Ltd., Class A* | 34,600 | 62,534 | ||||||
Hytera Communications Corp. Ltd., Class A* | 39,800 | 42,555 | ||||||
IRICO Display Devices Co. Ltd., Class A* | 31,000 | 30,415 | ||||||
Jiangsu Zongyi Co. Ltd., Class A* | 33,700 | 29,430 | ||||||
Leyard Optoelectronic Co. Ltd., Class A | 76,900 | 89,348 | ||||||
MLS Co. Ltd., Class A | 30,700 | 69,101 | ||||||
Neusoft Corp., Class A* | 37,600 | 63,388 | ||||||
Newland Digital Technology Co. Ltd., Class A | 31,840 | 73,988 | ||||||
PCI-Suntek Technology Co. Ltd., Class A | 60,500 | 79,666 | ||||||
Shanghai 2345 Network Holding Group Co. Ltd., Class A | 247,248 | 95,381 | ||||||
Shanghai Baosight Software Co. Ltd., Class A | 11,150 | 102,436 | ||||||
Shanghai Belling Co. Ltd., Class A | 24,300 | 55,397 | ||||||
Shenzhen Aisidi Co. Ltd., Class A | 26,800 | 34,232 | ||||||
Shenzhen Everwin Precision Technology Co. Ltd., Class A | 25,980 | 103,775 | ||||||
Shenzhen Kaifa Technology Co. Ltd., Class A | 31,800 | 99,348 | ||||||
Shenzhen Kingdom Sci-Tech Co. Ltd., Class A | 26,000 | 71,474 | ||||||
Shenzhen Kinwong Electronic Co. Ltd., Class A | 11,020 | 53,274 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Shenzhen Sunlord Electronics Co. Ltd., Class A | 27,900 | $ | 107,969 | |||||
Shenzhen Suntak Circuit Technology Co. Ltd., Class A | 15,300 | 37,854 | ||||||
Taiji Computer Corp. Ltd., Class A | 15,019 | 61,611 | ||||||
Thunder Software Technology Co. Ltd., Class A | 12,800 | 171,640 | ||||||
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A | 10,000 | 57,835 | ||||||
Tianma Microelectronics Co. Ltd., Class A | 42,500 | 98,953 | ||||||
Tianshui Huatian Technology Co. Ltd., Class A | 94,800 | 230,081 | ||||||
Tongding Interconnection Information Co. Ltd., Class A* | 32,800 | 23,414 | ||||||
TongFu Microelectronics Co. Ltd., Class A* | 28,700 | 115,293 | ||||||
Venustech Group, Inc., Class A | 28,248 | 126,606 | ||||||
Visionox Technology, Inc., Class A* | 35,500 | 69,984 | ||||||
Wangsu Science & Technology Co. Ltd., Class A | 84,200 | 98,853 | ||||||
Westone Information Industry, Inc., Class A | 25,404 | 72,151 | ||||||
Wonders Information Co. Ltd., Class A* | 35,994 | 125,461 | ||||||
Wuhan Guide Infrared Co. Ltd., Class A | 27,535 | 158,790 | ||||||
Wuhu Token Science Co. Ltd., Class A | 105,400 | 158,479 | ||||||
Wuxi Taiji Industry Co. Ltd., Class A | 54,700 | 89,641 | ||||||
Xiamen Faratronic Co. Ltd., Class A | 5,800 | 73,908 | ||||||
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class A | 5,300 | 23,151 | ||||||
Zhejiang Crystal-Optech Co. Ltd., Class A | 52,562 | 101,544 | ||||||
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 27,800 | 118,391 | ||||||
|
| |||||||
(Cost $4,194,594) | 5,535,197 | |||||||
|
| |||||||
Materials — 18.6% | ||||||||
ADAMA Ltd., Class A | 19,700 | 25,103 | ||||||
Angang Steel Co. Ltd., Class A | 103,600 | 49,407 | ||||||
Befar Group Co. Ltd., Class A | 46,733 | 38,540 | ||||||
Beijing Sanju Environmental Protection and New Material Co. Ltd., Class A | 61,000 | 62,444 | ||||||
Beijing Shougang Co. Ltd., Class A* | 68,600 | 42,718 | ||||||
Chengzhi Co. Ltd., Class A | 16,209 | 34,514 | ||||||
China Hainan Rubber Industry Group Co. Ltd., Class A | 74,000 | 59,117 | ||||||
China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd., Class A* | 59,700 | 46,424 | ||||||
China West Construction Group Co. Ltd., Class A | 21,800 | 31,189 | ||||||
Chongqing Iron & Steel Co. Ltd., Class A* | 253,300 | 60,399 | ||||||
COFCO Biotechnology Co. Ltd., Class A | 48,385 | 63,860 | ||||||
CSG Holding Co. Ltd., Class A | 60,561 | 63,005 | ||||||
Do-Fluoride Chemicals Co. Ltd., Class A | 29,600 | 70,176 | ||||||
Elion Clean Energy Co. Ltd., Class A | 59,300 | 29,721 | ||||||
Fangda Special Steel Technology Co. Ltd., Class A* | 46,646 | 52,001 |
Number | Value | |||||||
Materials (Continued) | ||||||||
Gansu Jiu Steel Group Hongxing Iron & Steel Co. Ltd., Class A* | 135,200 | $ | 34,292 | |||||
GEM Co. Ltd., Class A | 165,252 | 128,252 | ||||||
Grace Fabric Technology Co. Ltd., Class A | 4,200 | 6,589 | ||||||
Guangdong HEC Technology Holding Co. Ltd., Class A* | 65,105 | 55,175 | ||||||
Guangdong Tapai Group Co. Ltd., Class A | 30,900 | 64,201 | ||||||
Guangzhou Tinci Materials Technology Co. Ltd., Class A | 11,820 | 141,068 | ||||||
Hainan Mining Co. Ltd., Class A* | 16,900 | 15,067 | ||||||
Hangzhou Iron & Steel Co., Class A | 58,310 | 53,668 | ||||||
Hongda Xingye Co. Ltd., Class A | 67,278 | 41,179 | ||||||
Huafon Microfibre Shanghai Technology Co. Ltd. | 36,850 | 38,618 | ||||||
Huaibei Mining Holdings Co. Ltd., Class A | 18,800 | 32,351 | ||||||
Huapont Life Sciences Co. Ltd., Class A | 68,550 | 56,013 | ||||||
Huaxin Cement Co. Ltd., Class A | 29,472 | 109,711 | ||||||
Hubei Xingfa Chemicals Group Co. Ltd., Class A | 24,220 | 44,804 | ||||||
Hunan Gold Corp. Ltd., Class A | 36,400 | 47,599 | ||||||
Hunan Valin Steel Co. Ltd., Class A | 79,620 | 64,695 | ||||||
Jiangsu Eastern Shenghong Co. Ltd., Class A | 41,800 | 63,676 | ||||||
Jiangsu Shagang Co. Ltd., Class A | 76,200 | 142,003 | ||||||
Jiangsu Yangnong Chemical Co. Ltd., Class A | 8,000 | 140,943 | ||||||
Jilin Yatai Group Co. Ltd., Class A* | 140,300 | 68,614 | ||||||
Jinduicheng Molybdenum Co. Ltd., Class A | 41,900 | 38,819 | ||||||
Kingfa Sci & Tech Co. Ltd., Class A | 77,900 | 205,629 | ||||||
Lianhe Chemical Technology Co. Ltd., Class A | 31,959 | 106,397 | ||||||
Liuzhou Iron & Steel Co. Ltd., Class A | 22,200 | 17,095 | ||||||
Luxi Chemical Group Co. Ltd., Class A | 44,400 | 85,304 | ||||||
Maanshan Iron & Steel Co. Ltd., Class A | 128,900 | 54,425 | ||||||
Nanjing Hanrui Cobalt Co. Ltd., Class A | 6,500 | 68,068 | ||||||
Nanjing Iron & Steel Co. Ltd., Class A | 132,600 | 65,654 | ||||||
Ningbo Shanshan Co. Ltd., Class A | 49,261 | 102,425 | ||||||
ORG Technology Co. Ltd., Class A | 61,050 | 54,057 | ||||||
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A* | 185,500 | 67,898 | ||||||
Red Avenue New Materials Group Co. Ltd., Class A | 7,600 | 43,054 | ||||||
Rising Nonferrous Metals Share Co. Ltd., Class A* | 7,800 | 39,212 | ||||||
Sansteel Minguang Co. Ltd. Fujian, Class A | 53,050 | 57,609 | ||||||
SGIS Songshan Co. Ltd., Class A | 52,400 | 38,201 | ||||||
Shandong Chenming Paper Holdings Ltd., Class A | 57,850 | 60,273 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 49,261 | 262,608 | ||||||
Shandong Iron and Steel Co. Ltd., Class A* | 236,330 | 52,405 | ||||||
Shandong Sinocera Functional Material Co. Ltd., Class A | 33,300 | 191,580 |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Materials (Continued) | ||||||||
Shandong Sun Paper Industry JSC Ltd., Class A | 67,300 | $ | 150,255 | |||||
Shanghai Huayi Group Co. Ltd., Class A | 24,200 | 22,457 | ||||||
Shanghai Putailai New Energy Technology Co. Ltd., Class A | 5,600 | 85,673 | ||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A | 98,400 | 56,043 | ||||||
Shanying International Holding Co. Ltd., Class A* | 138,900 | 69,406 | ||||||
Shenghe Resources Holding Co. Ltd., Class A* | 53,190 | 71,494 | ||||||
Shenzhen Jinjia Group Co. Ltd., Class A | 38,000 | 58,233 | ||||||
Shenzhen YUTO Packaging Technology Co. Ltd., Class A | 15,140 | 60,406 | ||||||
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | 108,100 | 81,762 | ||||||
Sichuan Hebang Biotechnology Co. Ltd., Class A* | 228,780 | 50,730 | ||||||
Sinoma Science & Technology Co. Ltd., Class A | 29,000 | 82,893 | ||||||
Tangshan Jidong Cement Co. Ltd., Class A | 40,781 | 98,357 | ||||||
Tangshan Sanyou Chemical Industries Co. Ltd., Class A | 53,600 | 75,302 | ||||||
Tibet Summit Resources Co. Ltd., Class A* | 15,820 | 25,348 | ||||||
Tongkun Group Co. Ltd., Class A | 61,000 | 182,606 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A | 318,200 | 130,485 | ||||||
Transfar Zhilian Co. Ltd., Class A | 56,400 | 48,055 | ||||||
Western Mining Co. Ltd., Class A | 82,300 | 174,369 | ||||||
Xiamen Tungsten Co. Ltd., Class A | 36,520 | 84,142 | ||||||
Xinfengming Group Co. Ltd., Class A | 7,216 | 13,655 | ||||||
Xinjiang Tianshan Cement Co. Ltd., Class A | 27,200 | 68,122 | ||||||
Xinjiang Zhongtai Chemical Co. Ltd., Class A | 74,200 | 68,630 | ||||||
Xinxing Ductile Iron Pipes Co. Ltd., Class A | 103,450 | 60,334 | ||||||
Xinyu Iron & Steel Co. Ltd., Class A | 69,000 | 48,416 | ||||||
Yintai Gold Co. Ltd., Class A | 72,108 | 97,799 | ||||||
Yunnan Aluminium Co. Ltd., Class A* | 67,700 | 97,167 | ||||||
Yunnan Chihong Zinc & Germanium Co. Ltd., Class A | 132,100 | 100,316 | ||||||
Yunnan Copper Co. Ltd., Class A* | 44,100 | 109,911 | ||||||
Yunnan Tin Co. Ltd., Class A* | 43,330 | 72,390 | ||||||
Zhejiang Hailiang Co. Ltd., Class A | 42,200 | 53,774 | ||||||
Zhejiang Huafeng Spandex Co. Ltd., Class A | 60,000 | 87,117 | ||||||
Zhejiang Jiahua Energy Chemical Industry Co. Ltd., Class A | 43,400 | 71,189 | ||||||
Zhejiang Jinke Culture Industry Co. Ltd., Class A* | 76,591 | 44,901 | ||||||
Zhejiang Juhua Co. Ltd., Class A | 58,290 | 69,851 | ||||||
Zhejiang Runtu Co. Ltd., Class A | 29,900 | 45,185 | ||||||
Zhejiang Sanmei Chemical Industry Co. Ltd., Class A | 3,660 | 10,406 |
Number | Value | |||||||
Materials (Continued) | ||||||||
Zhejiang Satellite Petrochemical Co. Ltd., Class A | 21,200 | $ | 83,297 | |||||
Zibo Qixiang Tengda Chemical Co. Ltd., Class A | 30,715 | 44,130 | ||||||
|
| |||||||
(Cost $4,823,921) | 6,542,455 | |||||||
|
| |||||||
Real Estate — 3.7% | ||||||||
Beijing Capital Development Co. Ltd., Class A | 55,800 | 53,137 | ||||||
Beijing Urban Construction Investment & Development Co. Ltd., Class A | 58,620 | 50,392 | ||||||
China Enterprise Co. Ltd., Class A | 79,200 | 44,747 | ||||||
China Merchants Property Operation & Service Co. Ltd., Class A | 18,300 | 64,481 | ||||||
China Sports Industry Group Co. Ltd., Class A | 27,701 | 57,765 | ||||||
China-Singapore Suzhou Industrial Park Development Group Co. Ltd., Class A | 7,100 | 11,614 | ||||||
Chongqing Dima Industry Co. Ltd., Class A | 66,600 | 30,143 | ||||||
Cinda Real Estate Co. Ltd., Class A | 37,000 | 25,456 | ||||||
Financial Street Holdings Co. Ltd., Class A | 51,600 | 54,545 | ||||||
Grandjoy Holdings Group Co. Ltd., Class A | 55,700 | 40,268 | ||||||
Greattown Holdings Ltd., Class A | 68,864 | 49,366 | ||||||
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A | 67,200 | 51,235 | ||||||
HNA Infrastructure Investment Group Co. Ltd., Class A* | 67,500 | 71,660 | ||||||
Huafa Industrial Co. Ltd. Zhuhai, Class A | 73,340 | 72,291 | ||||||
Nanjing Gaoke Co. Ltd., Class A | 37,420 | 59,788 | ||||||
Shanghai Industrial Development Co. Ltd., Class A | 39,890 | 32,352 | ||||||
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class A | 14,700 | 28,087 | ||||||
Shanghai Shimao Co. Ltd., Class A | 48,700 | 41,198 | ||||||
Shanghai SMI Holding Co. Ltd., Class A | 54,600 | 46,356 | ||||||
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 33,500 | 94,839 | ||||||
Shenzhen Huaqiang Industry Co. Ltd., Class A | 13,540 | 28,071 | ||||||
Shenzhen World Union Group, Inc., Class A | 52,910 | 42,591 | ||||||
Sichuan Languang Development Co. Ltd., Class A | 65,265 | 51,148 | ||||||
Suning Universal Co. Ltd., Class A | 65,700 | 33,029 | ||||||
Tahoe Group Co. Ltd., Class A* | 43,100 | 26,773 | ||||||
Tianjin Guangyu Development Co. Ltd., Class A | 24,200 | 24,478 | ||||||
Zhejiang China Commodities City Group Co. Ltd., Class A | 117,500 | 97,616 | ||||||
|
| |||||||
(Cost $1,260,651) | 1,283,426 | |||||||
|
| |||||||
Utilities — 2.3% | ||||||||
An Hui Wenergy Co. Ltd., Class A | 49,100 | 31,022 | ||||||
Beijing Capital Co. Ltd., Class A | 191,790 | 88,843 | ||||||
CECEP Wind-Power Corp., Class A | 86,400 | 37,530 |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Utilities (Continued) | ||||||||
Chengdu Xingrong Environment Co. Ltd., Class A | 77,600 | $ | 59,518 | |||||
Chongqing Gas Group Corp. Ltd., Class A | 8,100 | 8,698 | ||||||
Guangdong Baolihua New Energy Stock Co. Ltd., Class A | 75,200 | 81,776 | ||||||
Hubei Energy Group Co. Ltd., Class A | 84,300 | 52,238 | ||||||
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A | 100,500 | 39,686 | ||||||
Jointo Energy Investment Co. Ltd. Hebei, Class A | 31,000 | 26,648 | ||||||
Luenmei Quantum Co. Ltd., Class A | 39,550 | 81,752 | ||||||
Shanghai Electric Power Co. Ltd., Class A | 56,500 | 63,758 | ||||||
Shenergy Co. Ltd., Class A | 106,249 | 90,045 | ||||||
Shenzhen Energy Group Co. Ltd., Class A | 61,760 | 53,185 |
Number | Value | |||||||
Utilities (Continued) | ||||||||
Shenzhen Gas Corp. Ltd., Class A | 24,900 | $ | 28,439 | |||||
Zhongshan Public Utilities Group Co. Ltd., Class A | 38,260 | 50,555 | ||||||
|
| |||||||
(Cost $740,464) | 793,693 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 35,014,282 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.8% | $ | 35,014,282 | ||||||
Other assets and liabilities, net — 0.2% | 55,350 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 35,069,632 | ||||||
|
|
* | Non-income producing security. |
(a) | Investment was valued using significant unobservable inputs. |
JSC: | Joint Stock Company |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (b) | $ | 35,003,662 | $ | — | $ | 10,620 | $ | 35,014,282 | ||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 35,003,662 | $ | — | $ | 10,620 | $ | 35,014,282 | ||||||||
|
|
|
|
|
|
|
|
(b) | See Schedule of Investments for additional detailed categorizations. |
During the period ended November 30, 2020, the amount of transfers from Level 1 to Level 3 was $9,214 and from Level 3 to Level 1 was $68,258. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. The investments were transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All China Equity ETF
November 30, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 58.3% | ||||||||
Communication Services — 13.0% | ||||||||
Alibaba Pictures Group Ltd.* | 65,161 | $ | 8,741 | |||||
Autohome, Inc., ADR | 332 | 31,348 | ||||||
Baidu, Inc., ADR* | 1,466 | 203,759 | ||||||
Bilibili, Inc., ADR*(a) | 542 | 34,070 | ||||||
China Literature Ltd., 144A*(a) | 1,477 | 11,222 | ||||||
China Mobile Ltd. | 32,908 | 196,960 | ||||||
China Telecom Corp. Ltd., Class H | 68,108 | 20,558 | ||||||
China Tower Corp. Ltd., Class H, 144A | 245,706 | 38,666 | ||||||
China Unicom Hong Kong Ltd. | 35,720 | 21,471 | ||||||
HUYA, Inc., ADR*(a) | 356 | 7,366 | ||||||
iQIYI, Inc., ADR* | 1,236 | 27,637 | ||||||
JOYY, Inc., ADR | 320 | 28,502 | ||||||
Momo, Inc., ADR | 912 | 13,115 | ||||||
NetEase, Inc., ADR | 2,209 | 199,627 | ||||||
SINA Corp.* | 351 | 15,209 | ||||||
Tencent Holdings Ltd. | 30,719 | 2,230,867 | ||||||
Tencent Music Entertainment Group, ADR* | 2,036 | 34,123 | ||||||
Weibo Corp., ADR* | 335 | 14,154 | ||||||
|
| |||||||
(Cost $2,524,653) | 3,137,395 | |||||||
|
| |||||||
Consumer Discretionary — 23.5% | ||||||||
Alibaba Group Holding Ltd., ADR* | 10,167 | 2,677,581 | ||||||
ANTA Sports Products Ltd. | 5,764 | 78,365 | ||||||
Baozun, Inc., ADR*(a) | 246 | 9,141 | ||||||
Bosideng International Holdings Ltd. (a) | 22,792 | 9,996 | ||||||
Brilliance China Automotive Holdings Ltd. | 16,942 | 15,079 | ||||||
BYD Co. Ltd., Class H (a) | 3,107 | 72,981 | ||||||
China East Education Holdings Ltd., 144A | 3,237 | 7,215 | ||||||
China Education Group Holdings Ltd. | 2,497 | 4,986 | ||||||
China Meidong Auto Holdings Ltd. | 3,004 | 13,020 | ||||||
China Yuhua Education Corp. Ltd., 144A | 7,331 | 6,913 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 14,595 | 15,023 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 3,562 | 17,046 | ||||||
Geely Automobile Holdings Ltd. | 32,491 | 90,317 | ||||||
GOME Retail Holdings Ltd.*(a) | 38,282 | 4,543 | ||||||
Great Wall Motor Co. Ltd., Class H | 16,626 | 33,670 | ||||||
GSX Techedu, Inc., ADR*(a) | 432 | 27,773 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 16,264 | 17,497 | ||||||
Haidilao International Holding Ltd., 144A | 3,823 | 25,076 | ||||||
Haier Electronics Group Co. Ltd. | 7,098 | 33,830 | ||||||
Huazhu Group Ltd., ADR | 742 | 36,937 | ||||||
JD.com, Inc., ADR* | 4,646 | 396,536 | ||||||
Li Ning Co. Ltd. | 11,767 | 63,749 | ||||||
Meituan, Class B* | 19,264 | 720,614 | ||||||
Minth Group Ltd. | 4,050 | 20,113 | ||||||
New Oriental Education & Technology Group, Inc., ADR* | 814 | 134,188 | ||||||
NIO, Inc., ADR* | 5,690 | 287,516 | ||||||
Pinduoduo, Inc., ADR* | 2,039 | 283,034 | ||||||
Shenzhou International Group Holdings Ltd. | 4,328 | 73,245 | ||||||
TAL Education Group, ADR* | 2,074 | 145,304 | ||||||
Tongcheng-Elong Holdings Ltd.* | 4,765 | 8,888 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Topsports International Holdings Ltd., 144A | 7,470 | $ | 11,119 | |||||
Trip.com Group Ltd., ADR* | 2,650 | 89,013 | ||||||
Vipshop Holdings Ltd., ADR* | 2,470 | 63,084 | ||||||
XPeng, Inc., ADR*(a) | 550 | 32,318 | ||||||
Yum China Holdings, Inc. | 2,137 | 120,484 | ||||||
Zhongsheng Group Holdings Ltd. | 3,380 | 25,375 | ||||||
|
| |||||||
(Cost $3,467,191) | 5,671,569 | |||||||
|
| |||||||
Consumer Staples — 1.4% | ||||||||
Anhui Gujing Distillery Co. Ltd., Class B | 700 | 8,289 | ||||||
China Feihe Ltd., 144A | 4,582 | 10,946 | ||||||
China Mengniu Dairy Co. Ltd.* | 14,796 | 74,815 | ||||||
China Resources Beer Holdings Co. Ltd. | 7,841 | 57,903 | ||||||
Dali Foods Group Co. Ltd., 144A | 14,167 | 8,772 | ||||||
Hengan International Group Co. Ltd. | 3,918 | 27,038 | ||||||
Smoore International Holdings Ltd., 144A* | 2,515 | 16,221 | ||||||
Sun Art Retail Group Ltd. | 14,494 | 15,218 | ||||||
Tingyi Cayman Islands Holding Corp. | 11,947 | 20,157 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 2,547 | 24,739 | ||||||
Uni-President China Holdings Ltd. | 8,559 | 7,717 | ||||||
Vinda International Holdings Ltd. | 1,833 | 5,237 | ||||||
Want Want China Holdings Ltd. | 30,274 | 20,658 | ||||||
Yihai International Holding Ltd.* | 2,681 | 31,418 | ||||||
|
| |||||||
(Cost $238,513) | 329,128 | |||||||
|
| |||||||
Energy — 1.1% | ||||||||
China Oilfield Services Ltd., Class H | 9,137 | 6,918 | ||||||
China Petroleum & Chemical Corp., Class H | 134,679 | 60,977 | ||||||
China Shenhua Energy Co. Ltd., Class H | 19,791 | 38,242 | ||||||
CNOOC Ltd. | 98,824 | 103,636 | ||||||
PetroChina Co. Ltd., Class H | 121,870 | 38,829 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 8,256 | 6,805 | ||||||
|
| |||||||
(Cost $402,355) | 255,407 | |||||||
|
| |||||||
Financials — 7.5% | ||||||||
Agricultural Bank of China Ltd., Class H | 153,544 | 58,229 | ||||||
Bank of China Ltd., Class H | 423,688 | 149,746 | ||||||
Bank of Communications Co. Ltd., Class H | 45,875 | 25,386 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 57,327 | 11,166 | ||||||
China CITIC Bank Corp. Ltd., Class H | 50,281 | 21,727 | ||||||
China Construction Bank Corp., Class H | 512,764 | 402,142 | ||||||
China Everbright Bank Co. Ltd., Class H | 19,752 | 7,694 | ||||||
China Everbright Ltd. | 4,806 | 6,931 | ||||||
China Galaxy Securities Co. Ltd., Class H | 21,326 | 13,782 | ||||||
China Huarong Asset Management Co. Ltd., Class H, 144A | 69,361 | 7,963 | ||||||
China International Capital Corp. Ltd., Class H, 144A* | 7,256 | 16,903 | ||||||
China Life Insurance Co. Ltd., Class H | 41,242 | 93,523 | ||||||
China Merchants Bank Co. Ltd., Class H | 20,932 | 132,437 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 32,150 | 17,749 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 15,355 | 58,429 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 8,659 | 15,302 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All China Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 8,977 | $ | 3,844 | |||||
CITIC Securities Co. Ltd., Class H | 11,881 | 26,728 | ||||||
Far East Horizon Ltd. | 12,951 | 13,749 | ||||||
GF Securities Co. Ltd., Class H | 6,619 | 9,238 | ||||||
Haitong Securities Co. Ltd., Class H | 14,767 | 12,705 | ||||||
Huatai Securities Co. Ltd., Class H, 144A | 7,040 | 11,006 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 326,169 | 206,998 | ||||||
Lufax Holding Ltd., ADR*(a) | 900 | 14,823 | ||||||
New China Life Insurance Co. Ltd., Class H | 4,575 | 19,209 | ||||||
Noah Holdings Ltd., ADR*(a) | 205 | 6,068 | ||||||
People’s Insurance Co. Group of China Ltd., Class H | 50,611 | 15,994 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 36,420 | 30,066 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 31,747 | 372,651 | ||||||
Postal Savings Bank of China Co. Ltd., Class H, 144A | 47,442 | 26,804 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A* | 1,144 | 5,526 | ||||||
|
| |||||||
(Cost $1,942,430) | 1,814,518 | |||||||
|
| |||||||
Health Care — 2.9% | ||||||||
3SBio, Inc., 144A* | 7,346 | 7,277 | ||||||
AK Medical Holdings Ltd., 144A | 1,833 | 2,899 | ||||||
Alibaba Health Information Technology Ltd.* | 21,650 | 63,672 | ||||||
BeiGene Ltd., ADR* | 243 | 62,133 | ||||||
CanSino Biologics, Inc., Class H, | 366 | 8,026 | ||||||
China Medical System Holdings Ltd. | 6,753 | 6,899 | ||||||
China Resources Pharmaceutical Group Ltd., 144A | 7,288 | 3,939 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 9,251 | 4,355 | ||||||
CSPC Pharmaceutical Group Ltd. | 49,228 | 48,069 | ||||||
Genscript Biotech Corp.* | 4,589 | 6,594 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A* | 661 | 11,127 | ||||||
Hansoh Pharmaceutical Group Co. Ltd., 144A* | 7,318 | 35,162 | ||||||
Hutchison China MediTech Ltd., ADR* | 397 | 12,307 | ||||||
Innovent Biologics, Inc., 144A* | 5,462 | 35,967 | ||||||
Jinxin Fertility Group Ltd., 144A | 7,173 | 12,509 | ||||||
Luye Pharma Group Ltd., 144A (a) | 8,922 | 5,202 | ||||||
Microport Scientific Corp. | 3,894 | 16,802 | ||||||
Ping An Healthcare and Technology Co. Ltd., 144A* | 1,952 | 23,882 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 10,812 | 22,370 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 3,197 | 13,444 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 3,994 | 6,759 | ||||||
Sino Biopharmaceutical Ltd. | 55,720 | 56,061 | ||||||
Sinopharm Group Co. Ltd., Class H | 7,230 | 17,869 | ||||||
SSY Group Ltd. | 10,656 | 6,515 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
WuXi AppTec Co. Ltd., Class H, 144A | 1,385 | $ | 20,724 | |||||
Wuxi Biologics Cayman, Inc., 144A* | 16,538 | 164,047 | ||||||
Zai Lab Ltd., ADR* | 300 | 33,234 | ||||||
|
| |||||||
(Cost $507,114) | 707,844 | |||||||
|
| |||||||
Industrials — 2.0% | ||||||||
51job, Inc., ADR* | 148 | 10,434 | ||||||
Air China Ltd., Class H | 12,721 | 10,288 | ||||||
A-Living Smart City Services Co. Ltd., 144A | 2,492 | 10,495 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 17,029 | 10,368 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 12,324 | 9,236 | ||||||
BOC Aviation Ltd., 144A | 1,190 | 10,576 | ||||||
China Communications Construction Co. Ltd., Class H | 23,937 | 12,412 | ||||||
China Communications Services Corp. Ltd., Class H | 16,358 | 8,736 | ||||||
China Conch Venture Holdings Ltd. | 9,185 | 43,600 | ||||||
China Everbright Environment Group Ltd. | �� | 22,879 | 12,690 | |||||
China Lesso Group Holdings Ltd. | 6,480 | 11,568 | ||||||
China Merchants Port Holdings Co. Ltd. | 9,560 | 11,333 | ||||||
China Railway Construction Corp. Ltd., Class H | 10,096 | 6,668 | ||||||
China Railway Group Ltd., Class H | 19,502 | 9,635 | ||||||
China Southern Airlines Co. Ltd., Class H* | 7,005 | 4,301 | ||||||
China State Construction International Holdings Ltd. | 13,861 | 9,154 | ||||||
CITIC Ltd. | 30,671 | 23,975 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H* | 11,878 | 11,108 | ||||||
COSCO SHIPPING Ports Ltd. | 11,715 | 7,737 | ||||||
Country Garden Services Holdings Co. Ltd. | 6,845 | 38,320 | ||||||
CRRC Corp. Ltd., Class H | 23,740 | 9,524 | ||||||
Fosun International Ltd. | 15,839 | 22,883 | ||||||
Greentown Service Group Co. Ltd. | 8,017 | 9,317 | ||||||
Haitian International Holdings Ltd. | 4,367 | 11,857 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 8,199 | 9,222 | ||||||
Shenzhen International Holdings Ltd. | 6,639 | 10,910 | ||||||
Sinotruk Hong Kong Ltd. | 3,916 | 9,719 | ||||||
Weichai Power Co. Ltd., Class H | 11,812 | 24,104 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H (a) | 3,448 | 5,524 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 10,390 | 7,398 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 3,464 | 10,902 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 8,075 | 8,427 | ||||||
ZTO Express Cayman, Inc., ADR | 2,238 | 63,201 | ||||||
|
| |||||||
(Cost $503,568) | 475,622 | |||||||
|
| |||||||
Information Technology — 2.7% | ||||||||
AAC Technologies Holdings, Inc. (a) | 4,162 | 23,300 | ||||||
BYD Electronic International Co. Ltd. | 3,193 | 15,795 | ||||||
China Youzan Ltd.* | 74,399 | 19,673 |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All China Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Information Technology (Continued) | ||||||||
GDS Holdings Ltd., ADR*(a) | 358 | $ | 32,231 | |||||
Hua Hong Semiconductor Ltd., 144A*(a) | 2,436 | 12,082 | ||||||
Kingboard Holdings Ltd. | 4,381 | 16,784 | ||||||
Kingboard Laminates Holdings Ltd. | 6,228 | 10,074 | ||||||
Kingdee International Software Group Co. Ltd.* | 13,337 | 46,535 | ||||||
Kingsoft Corp. Ltd. | 4,336 | 21,757 | ||||||
Lenovo Group Ltd. | 42,157 | 30,071 | ||||||
Semiconductor Manufacturing International Corp.* | 17,880 | 49,932 | ||||||
Sunny Optical Technology Group Co. Ltd. | 3,827 | 75,232 | ||||||
TravelSky Technology Ltd., Class H | 4,598 | 10,427 | ||||||
Xiaomi Corp., Class B, 144A* | 66,581 | 227,591 | ||||||
Xinyi Solar Holdings Ltd. | 24,380 | 44,467 | ||||||
ZTE Corp., Class H | 4,118 | 10,624 | ||||||
|
| |||||||
(Cost $339,527) | 646,575 | |||||||
|
| |||||||
Materials — 0.8% | ||||||||
Aluminum Corp. of China Ltd., Class H* | 27,474 | 10,844 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 7,017 | 44,894 | ||||||
China Hongqiao Group Ltd. | 11,065 | 9,663 | ||||||
China Molybdenum Co. Ltd., Class H | 13,034 | 6,120 | ||||||
China National Building Material Co. Ltd., Class H | 22,146 | 29,081 | ||||||
China Resources Cement Holdings Ltd. | 15,396 | 19,144 | ||||||
Jiangxi Copper Co. Ltd., Class H | 6,680 | 10,943 | ||||||
Lee & Man Paper Manufacturing Ltd. | 7,636 | 6,205 | ||||||
Nine Dragons Paper Holdings Ltd. | 9,515 | 12,494 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H | 7,577 | 9,735 | ||||||
Zijin Mining Group Co. Ltd., Class H | 30,582 | 30,493 | ||||||
|
| |||||||
(Cost $137,765) | 189,616 | |||||||
|
| |||||||
Real Estate — 2.3% | ||||||||
Agile Group Holdings Ltd. | 8,044 | 11,621 | ||||||
China Aoyuan Group Ltd. | 6,128 | 6,379 | ||||||
China Evergrande Group | 9,703 | 20,451 | ||||||
China Jinmao Holdings Group Ltd. | 29,384 | 15,123 | ||||||
China Overseas Land & Investment Ltd. | 20,469 | 49,796 | ||||||
China Overseas Property Holdings Ltd. | 4,582 | 2,997 | ||||||
China Resources Land Ltd. | 17,015 | 73,745 | ||||||
China Vanke Co. Ltd., Class H | 7,827 | 29,733 | ||||||
CIFI Holdings Group Co. Ltd. | 18,388 | 15,892 | ||||||
Country Garden Holdings Co. Ltd. | 41,370 | 54,644 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 5,528 | 7,202 | ||||||
Kaisa Group Holdings Ltd.* | 16,487 | 8,677 | ||||||
KE Holdings, Inc., ADR*(a) | 508 | 33,188 | ||||||
KWG Group Holdings Ltd. | 7,915 | 10,822 | ||||||
Logan Group Co. Ltd. | 8,325 | 13,939 | ||||||
Longfor Group Holdings Ltd., 144A | 10,351 | 67,827 | ||||||
Poly Property Services Co. Ltd. | 550 | 4,005 | ||||||
Seazen Group Ltd.* | 12,229 | 10,805 | ||||||
Shenzhen Investment Ltd. | 20,434 | 7,459 | ||||||
Shimao Group Holdings Ltd. | 6,786 | 25,297 | ||||||
Sunac China Holdings Ltd. | 13,900 | 53,251 | ||||||
Wharf Holdings Ltd. | 8,496 | 21,019 | ||||||
Yuexiu Property Co. Ltd. | 45,581 | 9,466 |
Number | Value | |||||||
Real Estate (Continued) | ||||||||
Zhenro Properties Group Ltd. | 8,966 | $ | 5,528 | |||||
|
| |||||||
(Cost $543,932) | 558,866 | |||||||
|
| |||||||
Utilities — 1.1% | ||||||||
Beijing Enterprises Holdings Ltd. | 3,303 | 10,694 | ||||||
Beijing Enterprises Water Group Ltd.* | 33,461 | 13,553 | ||||||
CGN Power Co. Ltd., Class H, 144A | 45,176 | 9,673 | ||||||
China Gas Holdings Ltd. | 13,787 | 50,773 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 17,030 | 14,323 | ||||||
China Power International Development Ltd. | 29,895 | 6,016 | ||||||
China Resources Gas Group Ltd. | 5,209 | 25,096 | ||||||
China Resources Power Holdings Co. Ltd. | 11,818 | 12,561 | ||||||
ENN Energy Holdings Ltd. | 4,576 | 60,620 | ||||||
Guangdong Investment Ltd. | 16,670 | 27,695 | ||||||
Huaneng Power International, Inc., Class H | 23,804 | 9,334 | ||||||
Kunlun Energy Co. Ltd. | 21,194 | 15,966 | ||||||
|
| |||||||
(Cost $261,658) | 256,304 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 14,042,844 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Financials — 0.0% | ||||||||
Zhengqi Financial Holding Corp.*(b) | 2,516 | 0 | ||||||
|
| |||||||
Real Estate — 0.0% | ||||||||
China Resources Mixc Lifestyle Services Ltd.*, expires 12/31/20 (b) | 130 | 0 | ||||||
Sino-Ocean Group Holding Ltd.*, expires 12/31/20 (b) | 93 | 0 | ||||||
|
| |||||||
(Cost $0) | 0 | |||||||
|
| |||||||
TOTAL RIGHTS | 0 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 41.3% | ||||||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (a)(c) | 33,566 | 1,170,513 | ||||||
Xtrackers MSCI China A Inclusion | 315,504 | 8,764,701 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS | 9,935,214 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 4.9% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (d)(e) | 1,170,497 | 1,170,497 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.1% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (d) | 32,832 | 32,832 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 104.6% (Cost $19,902,282) | $ | 25,181,387 | ||||||
Other assets and liabilities, net — (4.6%) | (1,105,599 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 24,075,788 | ||||||
|
|
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All China Equity ETF (Continued)
November 30, 2020 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
Value ($) at 5/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2020 | Value ($) at 11/30/2020 | ||||||||||||||||||||||||||||
EXCHANGE-TRADED FUNDS — 41.3% |
| |||||||||||||||||||||||||||||||||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (a)(c) | ||||||||||||||||||||||||||||||||||||
1,059,284 | 43,958 | (214,827 | ) | (16,159 | ) | 298,257 | — | — | 33,566 | 1,170,513 | ||||||||||||||||||||||||||
Xtrackers MSCI China A Inclusion Equity ETF (c) | ||||||||||||||||||||||||||||||||||||
6,733,326 | 170,857 | (776,987 | ) | 169,051 | 2,468,454 | — | — | 315,504 | 8,764,701 | |||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 4.9% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (d)(e) |
| |||||||||||||||||||||||||||||||||||
1,797,929 | — | (627,432 | )(f) | — | — | 244 | — | 1,170,497 | 1,170,497 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.1% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (d) |
| |||||||||||||||||||||||||||||||||||
11,737 | 180,173 | (159,078 | ) | — | — | 5 | — | 32,832 | 32,832 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
9,602,276 | 394,988 | (1,778,324 | ) | 152,892 | 2,766,711 | 249 | — | 1,552,399 | 11,138,543 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $1,427,622, which is 5.9% of net assets. |
(b) | Investment was valued using significant unobservable inputs. |
(c) | Affiliated fund advised by DBX Advisors LLC. |
(d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $317,392. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
ADR: | American Depositary Receipt |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At November 30, 2020, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||
FTSE China A50 Index Futures | USD | 2 | $ | 33,224 | $ | 33,434 | 12/30/2020 | $ | 210 | |||||||||
MSCI China Free Index Futures | USD | 1 | 54,105 | 57,845 | 12/18/2020 | 3,740 | ||||||||||||
|
| |||||||||||||||||
Total unrealized appreciation | $ | 3,950 | ||||||||||||||||
|
|
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
USD | U.S. Dollar |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All China Equity ETF (Continued)
November 30, 2020 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (g) | $ | 14,042,844 | $ | — | $ | — | $ | 14,042,844 | ||||||||
Rights (g) | — | — | 0 | 0 | ||||||||||||
Exchange-Traded Funds | 9,935,214 | — | — | 9,935,214 | ||||||||||||
Short-Term Investments (g) | 1,203,329 | — | — | 1,203,329 | ||||||||||||
Derivatives (h) | ||||||||||||||||
Futures Contracts | 3,950 | — | — | 3,950 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 25,185,337 | $ | — | $ | 0 | $ | 25,185,337 | ||||||||
|
|
|
|
|
|
|
|
(g) | See Schedule of Investments for additional detailed categorizations. |
(h) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF
November 30, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Communication Services — 2.2% | ||||||||
Beijing Enlight Media Co. Ltd., Class A | 6,200 | $ | 12,221 | |||||
Beijing Kunlun Tech Co. Ltd., Class A | 2,200 | 7,369 | ||||||
China Film Co. Ltd., Class A | 3,500 | 7,053 | ||||||
China South Publishing & Media Group Co. Ltd., Class A | 4,100 | 6,705 | ||||||
China United Network Communications Ltd., Class A | 55,600 | 41,405 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 31,123 | 45,881 | ||||||
G-bits Network Technology Xiamen Co. Ltd., Class A | 100 | 5,712 | ||||||
Giant Network Group Co. Ltd., Class A | 3,300 | 8,947 | ||||||
Leo Group Co. Ltd., Class A | 13,900 | 7,246 | ||||||
Mango Excellent Media Co. Ltd., Class A | 3,700 | 38,552 | ||||||
NanJi E-Commerce Co. Ltd., Class A | 5,400 | 13,615 | ||||||
Oriental Pearl Group Co. Ltd., Class A | 7,597 | 10,980 | ||||||
Perfect World Co. Ltd., Class A | 4,500 | 18,431 | ||||||
Wanda Film Holding Co. Ltd., Class A* | 4,400 | 12,792 | ||||||
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A | 4,600 | 18,267 | ||||||
Zhejiang Century Huatong Group Co. Ltd., Class A* | 16,220 | 19,326 | ||||||
|
| |||||||
(Cost $211,138) | 274,502 | |||||||
|
| |||||||
Consumer Discretionary — 6.9% | ||||||||
BYD Co. Ltd., Class A | 3,798 | 99,366 | ||||||
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A | 600 | 17,356 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class A | 4,043 | 118,710 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A* | 8,900 | 34,166 | ||||||
FAW Jiefang Group Co. Ltd., Class A* | 6,000 | 11,699 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 4,209 | 25,651 | ||||||
Great Wall Motor Co. Ltd., Class A | 4,600 | 19,498 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A | 6,300 | 63,805 | ||||||
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A | 1,300 | 8,328 | ||||||
Haier Smart Home Co. Ltd., Class A | 13,300 | 54,514 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 1,900 | 11,542 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 6,700 | 31,830 | ||||||
Jason Furniture Hangzhou Co. Ltd., Class A | 1,300 | 15,015 | ||||||
Joyoung Co. Ltd., Class A | 1,400 | 6,949 | ||||||
Kuang-Chi Technologies Co. Ltd., Class A* | 4,600 | 14,450 | ||||||
Liaoning Cheng Da Co. Ltd., Class A | 3,200 | 10,976 | ||||||
NavInfo Co. Ltd., Class A | 4,100 | 9,621 | ||||||
Ningbo Joyson Electronic Corp., Class A | 2,500 | 9,442 | ||||||
Ningbo Tuopu Group Co. Ltd., Class A | 2,400 | 11,898 | ||||||
Offcn Education Technology Co. Ltd., Class A | 3,500 | 19,192 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Oppein Home Group, Inc., Class A | 840 | $ | 16,287 | |||||
SAIC Motor Corp. Ltd., Class A | 16,427 | 66,183 | ||||||
Shandong Linglong Tyre Co. Ltd., Class A | 2,700 | 12,716 | ||||||
Shanghai Jinjiang International Hotels Co. Ltd., Class A | 1,600 | 11,801 | ||||||
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A | 6,400 | 8,793 | ||||||
Shenzhen MTC Co. Ltd., Class A* | 9,000 | 7,728 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 16,400 | 18,145 | ||||||
Songcheng Performance Development Co. Ltd., Class A | 5,843 | 17,121 | ||||||
Suning.com Co. Ltd., Class A | 19,664 | 27,345 | ||||||
Suofeiya Home Collection Co. Ltd., Class A | 1,000 | 4,149 | ||||||
TCL Technology Group Corp., Class A | 28,600 | 30,469 | ||||||
Wangfujing Group Co. Ltd., Class A | 1,600 | 8,350 | ||||||
Weifu High-Technology Group Co. Ltd., Class A | 1,500 | 5,904 | ||||||
Wuchan Zhongda Group Co. Ltd., Class A | 10,700 | 7,464 | ||||||
Xiamen Intretech, Inc., Class A | 900 | 9,116 | ||||||
Zhejiang Semir Garment Co. Ltd., Class A | 5,200 | 7,041 | ||||||
Zhejiang Supor Co. Ltd., Class A | 1,100 | 11,684 | ||||||
|
| |||||||
(Cost $527,013) | 864,304 | |||||||
|
| |||||||
Consumer Staples — 17.0% | ||||||||
Angel Yeast Co. Ltd., Class A | 1,900 | 13,283 | ||||||
Anhui Gujing Distillery Co. Ltd., Class A | 800 | 25,678 | ||||||
Anhui Kouzi Distillery Co. Ltd., Class A | 1,400 | 12,766 | ||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A | 9,000 | 11,271 | ||||||
Beijing Shunxin Agriculture Co. Ltd., Class A | 1,600 | 15,441 | ||||||
Beijing Yanjing Brewery Co. Ltd., Class A | 6,400 | 8,005 | ||||||
By-health Co. Ltd., Class A | 3,200 | 12,207 | ||||||
C&S Paper Co. Ltd., Class A | 2,500 | 7,815 | ||||||
Chacha Food Co. Ltd., Class A | 1,100 | 9,019 | ||||||
Chongqing Brewery Co. Ltd., Class A | 1,000 | 15,958 | ||||||
Chongqing Fuling Zhacai Group Co. Ltd., Class A | 1,700 | 9,818 | ||||||
DaShenLin Pharmaceutical Group Co. Ltd., Class A | 1,300 | 17,487 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 5,631 | 136,240 | ||||||
Fu Jian Anjoy Foods Co. Ltd., Class A | 500 | 12,438 | ||||||
Fujian Sunner Development Co. Ltd., Class A | 2,600 | 10,412 | ||||||
Guangdong Haid Group Co. Ltd., Class A | 3,300 | 28,231 | ||||||
Heilongjiang Agriculture Co. Ltd., Class A | 3,900 | 10,153 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 5,800 | 40,653 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 13,013 | 74,736 | ||||||
Jiangsu King’s Luck Brewery JSC Ltd., Class A | 2,600 | 19,212 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 3,224 | 87,215 |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Consumer Staples (Continued) | ||||||||
Jiangxi Zhengbang Technology Co. Ltd., Class A | 5,700 | $ | 16,165 | |||||
JiuGui Liquor Co. Ltd., Class A | 700 | 11,343 | ||||||
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A | 1,800 | 16,583 | ||||||
Juewei Food Co. Ltd., Class A | 1,200 | 12,926 | ||||||
Kweichow Moutai Co. Ltd., Class A | 2,600 | 677,234 | ||||||
Laobaixing Pharmacy Chain JSC, Class A | 840 | 9,180 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 3,106 | 86,539 | ||||||
Muyuan Foods Co. Ltd., Class A | 7,847 | 91,827 | ||||||
New Hope Liuhe Co. Ltd., Class A | 9,172 | 36,200 | ||||||
Proya Cosmetics Co. Ltd., Class A | 400 | 9,384 | ||||||
Qianhe Condiment and Food Co. Ltd., Class A | 1,400 | 7,543 | ||||||
Sanquan Food Co. Ltd., Class A | 1,700 | 6,699 | ||||||
Shanghai Bairun Investment Holding Group Co. Ltd., Class A | 1,100 | 12,797 | ||||||
Shanghai Jahwa United Co. Ltd., Class A | 1,200 | 6,835 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 1,810 | 66,206 | ||||||
Sichuan Swellfun Co. Ltd., Class A | 1,200 | 12,766 | ||||||
Toly Bread Co. Ltd., Class A | 1,100 | 10,030 | ||||||
Tongwei Co. Ltd., Class A | 8,500 | 39,787 | ||||||
Tsingtao Brewery Co. Ltd., Class A | 1,300 | 17,979 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A | 13,544 | 39,727 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 8,154 | 314,762 | ||||||
Yifeng Pharmacy Chain Co. Ltd., Class A | 1,120 | 17,195 | ||||||
Yonghui Superstores Co. Ltd., Class A | 20,566 | 24,442 | ||||||
Yuan Longping High-tech Agriculture Co. Ltd., Class A* | 3,300 | 8,606 | ||||||
|
| |||||||
(Cost $990,631) | 2,130,793 | |||||||
|
| |||||||
Energy — 1.6% | ||||||||
China Merchants Energy Shipping Co. Ltd., Class A | 14,300 | 13,126 | ||||||
China Petroleum & Chemical Corp., Class A | 54,850 | 34,927 | ||||||
China Shenhua Energy Co. Ltd., Class A | 11,900 | 35,483 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class A | 7,500 | 8,070 | ||||||
Guanghui Energy Co. Ltd., Class A* | 12,800 | 5,914 | ||||||
Offshore Oil Engineering Co. Ltd., Class A | 8,600 | 6,104 | ||||||
PetroChina Co. Ltd., Class A | 44,035 | 28,844 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 17,599 | 27,923 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | 6,600 | 6,590 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A* | 9,100 | 9,861 | ||||||
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A | 9,100 | 7,593 | ||||||
Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 1,900 | 10,681 | ||||||
Yanzhou Coal Mining Co. Ltd., Class A | 5,200 | 8,978 | ||||||
|
| |||||||
(Cost $212,764) | 204,094 | |||||||
|
| |||||||
Financials — 22.2% | ||||||||
Agricultural Bank of China Ltd., Class A | 157,717 | 78,859 | ||||||
Avic Capital Co. Ltd., Class A | 18,910 | 13,364 | ||||||
Bank of Beijing Co. Ltd., Class A | 46,114 | 34,200 |
Number | Value | |||||||
Financials (Continued) | ||||||||
Bank of Chengdu Co. Ltd., Class A | 7,650 | $ | 13,231 | |||||
Bank of China Ltd., Class A | 74,612 | 37,420 | ||||||
Bank of Communications Co. Ltd., Class A | 82,338 | 58,938 | ||||||
Bank of Hangzhou Co. Ltd., Class A | 12,240 | 28,275 | ||||||
Bank of Jiangsu Co. Ltd., Class A | 24,461 | 23,160 | ||||||
Bank of Nanjing Co. Ltd., Class A | 21,100 | 27,642 | ||||||
Bank of Ningbo Co. Ltd., Class A | 12,650 | 70,940 | ||||||
Bank of Shanghai Co. Ltd., Class A | 31,135 | 38,186 | ||||||
Caitong Securities Co. Ltd., Class A | 7,600 | 15,350 | ||||||
Changjiang Securities Co. Ltd., Class A | 12,100 | 16,256 | ||||||
China Construction Bank Corp., Class A | 20,600 | 22,385 | ||||||
China Everbright Bank Co. Ltd., Class A | 83,931 | 55,359 | ||||||
China Galaxy Securities Co. Ltd., Class A | 9,500 | 18,610 | ||||||
China Great Wall Securities Co. Ltd., Class A | 3,900 | 7,759 | ||||||
China Life Insurance Co. Ltd., Class A | 5,814 | 37,473 | ||||||
China Merchants Bank Co. Ltd., Class A | 43,443 | 291,823 | ||||||
China Merchants Securities Co. Ltd., Class A* | 16,031 | 53,599 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 76,471 | 61,596 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 13,577 | 79,750 | ||||||
China Zheshang Bank Co. Ltd., Class A | 23,000 | 14,401 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class A | 10,000 | 7,006 | ||||||
CITIC Securities Co. Ltd., Class A | 22,455 | 103,403 | ||||||
CSC Financial Co. Ltd., Class A | 5,800 | 38,529 | ||||||
Dongxing Securities Co. Ltd., Class A | 6,300 | 12,658 | ||||||
East Money Information Co. Ltd., Class A | 17,600 | 73,557 | ||||||
Everbright Securities Co. Ltd., Class A | 7,937 | 23,160 | ||||||
First Capital Securities Co. Ltd., Class A | 9,100 | 14,632 | ||||||
Founder Securities Co. Ltd., Class A* | 17,100 | 23,441 | ||||||
GF Securities Co. Ltd., Class A | 12,200 | 31,390 | ||||||
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A | 3,900 | 9,691 | ||||||
Guolian Securities Co. Ltd., Class A* | 3,000 | 8,708 | ||||||
Guosen Securities Co. Ltd., Class A | 9,100 | 19,002 | ||||||
Guotai Junan Securities Co. Ltd., Class A | 15,651 | 44,527 | ||||||
Guoyuan Securities Co. Ltd., Class A | 9,490 | 12,822 | ||||||
Haitong Securities Co. Ltd., Class A | 20,414 | 41,883 | ||||||
Hithink RoyalFlush Information Network Co. Ltd., Class A | 1,100 | 23,916 | ||||||
Huaan Securities Co. Ltd., Class A | 8,400 | 10,392 | ||||||
Huatai Securities Co. Ltd., Class A | 15,480 | 45,405 | ||||||
Huaxi Securities Co. Ltd., Class A | 6,000 | 11,453 | ||||||
Huaxia Bank Co. Ltd., Class A | 27,198 | 26,992 | ||||||
Hubei Biocause Pharmaceutical Co. Ltd., Class A | 11,000 | 8,777 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 114,133 | 92,278 | ||||||
Industrial Bank Co. Ltd., Class A | 43,785 | 139,874 | ||||||
Industrial Securities Co. Ltd., Class A | 13,400 | 18,349 | ||||||
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A | 5,700 | 6,740 | ||||||
Nanjing Securities Co. Ltd., Class A | 7,500 | 14,863 | ||||||
New China Life Insurance Co. Ltd., Class A | 4,364 | 40,609 |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
Northeast Securities Co. Ltd., Class A | 5,600 | $ | 8,468 | |||||
Oceanwide Holdings Co. Ltd., Class A | 8,100 | 4,862 | ||||||
Orient Securities Co. Ltd., Class A | 13,151 | 23,204 | ||||||
Pacific Securities Co. Ltd., Class A* | 14,700 | 8,802 | ||||||
People’s Insurance Co. Group of China Ltd., Class A | 12,800 | 13,481 | ||||||
Ping An Bank Co. Ltd., Class A | 40,866 | 122,599 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 22,809 | 312,084 | ||||||
Postal Savings Bank of China Co. Ltd., Class A | 24,200 | 19,235 | ||||||
Qingdao Rural Commercial Bank Corp., Class A | 11,000 | 8,342 | ||||||
SDIC Capital Co. Ltd., Class A | 8,100 | 18,170 | ||||||
Sealand Securities Co. Ltd., Class A | 11,960 | 10,015 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 62,127 | 94,985 | ||||||
Shanxi Securities Co. Ltd., Class A | 7,580 | 9,250 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 47,195 | 38,732 | ||||||
Sinolink Securities Co. Ltd., Class A | 6,700 | 18,318 | ||||||
SooChow Securities Co. Ltd., Class A | 8,510 | 13,088 | ||||||
Southwest Securities Co. Ltd., Class A | 13,200 | 10,773 | ||||||
Tianfeng Securities Co. Ltd., Class A | 14,000 | 12,894 | ||||||
Western Securities Co. Ltd., Class A | 7,900 | 11,526 | ||||||
Zheshang Securities Co. Ltd., Class A | 7,300 | 18,295 | ||||||
|
| |||||||
(Cost $2,003,810) | 2,779,756 | |||||||
|
| |||||||
Health Care — 10.1% | ||||||||
Aier Eye Hospital Group Co. Ltd., Class A | 8,715 | 81,058 | ||||||
Apeloa Pharmaceutical Co. Ltd., Class A | 2,000 | 6,337 | ||||||
Asymchem Laboratories Tianjin Co. Ltd., Class A | 500 | 18,260 | ||||||
Autobio Diagnostics Co. Ltd., Class A | 600 | 13,220 | ||||||
Beijing Tiantan Biological Products Corp. Ltd., Class A | 2,640 | 15,948 | ||||||
Beijing Tongrentang Co. Ltd., Class A | 2,900 | 11,856 | ||||||
Betta Pharmaceuticals Co. Ltd., Class A | 900 | 12,487 | ||||||
BGI Genomics Co. Ltd., Class A | 900 | 17,892 | ||||||
Changchun High & New Technology Industry Group, Inc., Class A | 800 | 44,566 | ||||||
Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A | 1,500 | 10,122 | ||||||
China National Accord Medicines Corp. Ltd., Class A | 700 | 5,264 | ||||||
China National Medicines Corp. Ltd., Class A | 1,400 | 9,511 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 2,375 | 9,782 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A | 3,400 | 64,544 | ||||||
Da An Gene Co. Ltd. of Sun Yat-Sen University, Class A | 2,060 | 10,319 | ||||||
Dong-E-E-Jiao Co. Ltd., Class A | 1,300 | 8,241 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 3,000 | 13,951 | ||||||
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | 1,000 | 13,222 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Guangzhou Wondfo Biotech Co. Ltd., Class A | 800 | $ | 7,970 | |||||
Hangzhou Tigermed Consulting Co. Ltd., Class A | 850 | 14,726 | ||||||
Huadong Medicine Co. Ltd., Class A | 3,660 | 15,385 | ||||||
Hualan Biological Engineering, Inc., Class A | 3,840 | 25,118 | ||||||
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A | 1,800 | 5,983 | ||||||
Humanwell Healthcare Group Co. Ltd., Class A | 2,600 | 13,158 | ||||||
Intco Medical Technology Co. Ltd., Class A | 500 | 9,939 | ||||||
Jafron Biomedical Co. Ltd., Class A | 1,650 | 16,362 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 11,214 | 146,550 | ||||||
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 2,100 | 8,840 | ||||||
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A | 2,200 | 5,814 | ||||||
Jinyu Bio-Technology Co. Ltd., Class A | 2,400 | 8,838 | ||||||
Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 4,200 | 8,943 | ||||||
Jointown Pharmaceutical Group Co. Ltd., Class A* | 4,000 | 10,693 | ||||||
Lepu Medical Technology Beijing Co. Ltd., Class A | 3,900 | 17,135 | ||||||
Livzon Pharmaceutical Group, Inc., Class A | 1,400 | 8,977 | ||||||
Maccura Biotechnology Co. Ltd., Class A | 1,200 | 7,625 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A* | 8,432 | 16,172 | ||||||
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A | 1,730 | 9,781 | ||||||
Ovctek China, Inc., Class A | 1,100 | 10,699 | ||||||
Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 2,538 | 9,315 | ||||||
Shandong Pharmaceutical Glass Co. Ltd., Class A | 1,300 | 8,630 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 4,400 | 34,772 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 4,100 | 12,531 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A | 11,200 | 14,366 | ||||||
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A | 2,000 | 5,687 | ||||||
Shenzhen Kangtai Biological Products Co. Ltd., Class A | 1,400 | 28,992 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 2,100 | 107,666 | ||||||
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 1,900 | 7,863 | ||||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 2,400 | 9,173 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 3,100 | 9,710 | ||||||
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A | 6,200 | 4,834 |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Health Care (Continued) | ||||||||
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A | 4,800 | $ | 9,855 | |||||
Topchoice Medical Corp., Class A* | 700 | 22,308 | ||||||
Walvax Biotechnology Co. Ltd., Class A | 3,300 | 21,515 | ||||||
Winning Health Technology Group Co. Ltd., Class A | 4,810 | 11,513 | ||||||
WuXi AppTec Co. Ltd., Class A | 4,480 | 70,353 | ||||||
Yifan Pharmaceutical Co. Ltd., Class A | 2,700 | 8,436 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 2,670 | 38,658 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 1,296 | 41,169 | ||||||
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | 3,520 | 16,445 | ||||||
Zhejiang NHU Co. Ltd., Class A | 4,600 | 22,231 | ||||||
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A | 1,100 | 9,773 | ||||||
|
| |||||||
(Cost $778,182) | 1,261,083 | |||||||
|
| |||||||
Industrials — 13.0% | ||||||||
AECC Aero-Engine Control Co. Ltd., Class A | 2,200 | 6,824 | ||||||
AECC Aviation Power Co. Ltd., Class A | 4,900 | 33,749 | ||||||
Air China Ltd., Class A | 12,700 | 15,209 | ||||||
AVIC Aircraft Co. Ltd., Class A | 5,600 | 26,511 | ||||||
AVIC Electromechanical Systems Co. Ltd., Class A | 7,600 | 12,509 | ||||||
AVIC Shenyang Aircraft Co. Ltd., Class A | 2,600 | 23,997 | ||||||
AVICOPTER PLC, Class A | 1,200 | 9,797 | ||||||
Beijing New Building Materials PLC, Class A | 3,900 | 23,116 | ||||||
Beijing Originwater Technology Co. Ltd., Class A | 6,800 | 8,712 | ||||||
Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 24,800 | 21,860 | ||||||
Centre Testing International Group Co. Ltd., Class A | 1,800 | 6,478 | ||||||
China Aerospace Times Electronics Co. Ltd., Class A | 6,200 | 6,502 | ||||||
China Avionics Systems Co. Ltd., Class A | 3,000 | 8,202 | ||||||
China Communications Construction Co. Ltd., Class A | 9,700 | 11,676 | ||||||
China Eastern Airlines Corp. Ltd., Class A | 21,200 | 16,045 | ||||||
China Gezhouba Group Co. Ltd., Class A | 10,300 | 10,660 | ||||||
China National Chemical Engineering Co. Ltd., Class A | 11,300 | 11,146 | ||||||
China Railway Construction Corp. Ltd., Class A | 24,294 | 31,715 | ||||||
China Railway Group Ltd., Class A | 42,400 | 36,408 | ||||||
China Shipbuilding Industry Co. Ltd., Class A* | 50,100 | 33,045 | ||||||
China Southern Airlines Co. Ltd., Class A* | 19,500 | 18,670 | ||||||
China Spacesat Co. Ltd., Class A | 2,700 | 13,951 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 90,811 | 74,940 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A | 4,900 | 180,810 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A* | 18,400 | 27,740 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
CRRC Corp. Ltd., Class A | 51,644 | $ | 44,424 | |||||
Daqin Railway Co. Ltd., Class A | 31,913 | 32,883 | ||||||
Dongfang Electric Corp. Ltd., Class A | 6,300 | 10,168 | ||||||
East Group Co. Ltd., Class A | 4,500 | 6,278 | ||||||
Eve Energy Co. Ltd., Class A | 4,062 | 39,818 | ||||||
Fangda Carbon New Material Co. Ltd., Class A* | 8,373 | 8,411 | ||||||
Gotion High-tech Co. Ltd., Class A* | 2,400 | 10,676 | ||||||
Guangdong Kinlong Hardware Products Co. Ltd., Class A | 700 | 13,659 | ||||||
Guangzhou Baiyun International Airport Co. Ltd., Class A | 4,800 | 10,964 | ||||||
Hainan Airlines Holding Co. Ltd., Class A* | 31,800 | 7,684 | ||||||
Hefei Meiya Optoelectronic Technology, Inc., Class A | 1,300 | 8,772 | ||||||
Hongfa Technology Co. Ltd., Class A | 1,500 | 10,917 | ||||||
Inner Mongolia First Machinery Group Co. Ltd., Class A | 3,400 | 5,240 | ||||||
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 2,708 | 37,669 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A | 6,500 | 10,679 | ||||||
Metallurgical Corp. of China Ltd., Class A | 39,214 | 16,687 | ||||||
NARI Technology Co. Ltd., Class A | 9,900 | 35,493 | ||||||
Power Construction Corp. of China Ltd., Class A | 32,800 | 21,036 | ||||||
Sany Heavy Industry Co. Ltd., Class A | 17,950 | 83,776 | ||||||
SF Holding Co. Ltd., Class A | 7,800 | 94,834 | ||||||
Shanghai Construction Group Co. Ltd., Class A | 19,500 | 9,098 | ||||||
Shanghai Electric Group Co. Ltd., Class A* | 17,100 | 13,774 | ||||||
Shanghai International Airport Co. Ltd., Class A | 2,195 | 26,193 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 19,400 | 13,651 | ||||||
Shanghai M&G Stationery, Inc., Class A | 2,100 | 23,221 | ||||||
Shenzhen Airport Co. Ltd., Class A | 4,800 | 6,492 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 3,600 | 42,128 | ||||||
Siasun Robot & Automation Co. Ltd., Class A* | 3,000 | 6,237 | ||||||
Sinotrans Ltd., Class A | 9,600 | 6,916 | ||||||
Spring Airlines Co. Ltd., Class A | 1,898 | 14,653 | ||||||
STO Express Co. Ltd., Class A | 3,200 | 6,176 | ||||||
Sungrow Power Supply Co. Ltd., Class A | 3,000 | 21,912 | ||||||
Sunwoda Electronic Co. Ltd., Class A | 3,300 | 14,073 | ||||||
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A | 5,700 | 9,200 | ||||||
TBEA Co. Ltd., Class A | 7,881 | 10,217 | ||||||
Topsec Technologies Group, Inc., Class A* | 2,000 | 6,146 | ||||||
Weichai Power Co. Ltd., Class A | 12,900 | 32,721 | ||||||
XCMG Construction Machinery Co. Ltd., Class A | 16,449 | 13,599 | ||||||
Xiamen C & D, Inc., Class A | 6,500 | 9,019 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 7,843 | 14,911 | ||||||
Yantai Eddie Precision Machinery Co. Ltd., Class A | 1,300 | 10,521 |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
YTO Express Group Co. Ltd., Class A | 6,000 | $ | 11,772 | |||||
Yunda Holding Co. Ltd., Class A | 4,810 | 12,573 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 4,617 | 23,036 | ||||||
Zhejiang Dingli Machinery Co. Ltd., Class A | 980 | 15,415 | ||||||
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 7,930 | 28,225 | ||||||
Zhejiang Weixing New Building Materials Co. Ltd., Class A | 3,300 | 9,469 | ||||||
Zhengzhou Yutong Bus Co. Ltd., Class A | 5,000 | 13,207 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 14,650 | 19,059 | ||||||
|
| |||||||
(Cost $1,098,646) | 1,623,954 | |||||||
|
| |||||||
Information Technology — 13.7% | ||||||||
360 Security Technology, Inc., Class A | 9,800 | 24,724 | ||||||
Accelink Technologies Co. Ltd., Class A | 1,500 | 6,999 | ||||||
Addsino Co. Ltd., Class A | 2,900 | 9,608 | ||||||
Aisino Corp., Class A | 4,096 | 8,622 | ||||||
AVIC Jonhon Optronic Technology Co. Ltd., Class A | 2,200 | 19,727 | ||||||
Beijing BDStar Navigation Co. Ltd., Class A* | 1,000 | 8,559 | ||||||
Beijing E-Hualu Information Technology Co. Ltd., Class A | 1,440 | 6,266 | ||||||
Beijing Shiji Information Technology Co. Ltd., Class A | 1,700 | 8,624 | ||||||
Beijing Sinnet Technology Co. Ltd., Class A | 3,200 | 9,289 | ||||||
Beijing Thunisoft Corp. Ltd., Class A | 1,300 | 5,170 | ||||||
BOE Technology Group Co. Ltd., Class A | 71,402 | 58,706 | ||||||
Chaozhou Three-Circle Group Co. Ltd., Class A | 3,758 | 18,248 | ||||||
China Greatwall Technology Group Co. Ltd., Class A | 6,200 | 13,587 | ||||||
China National Software & Service Co. Ltd., Class A | 1,000 | 11,050 | ||||||
China TransInfo Technology Co. Ltd., Class A | 2,900 | 8,638 | ||||||
Dawning Information Industry Co. Ltd., Class A | 2,840 | 15,262 | ||||||
DHC Software Co. Ltd., Class A | 7,200 | 10,078 | ||||||
Fiberhome Telecommunication Technologies Co. Ltd., Class A | 2,300 | 8,690 | ||||||
Foxconn Industrial Internet Co. Ltd., Class A | 12,800 | 26,865 | ||||||
GCL System Integration Technology Co. Ltd., Class A* | 12,100 | 7,319 | ||||||
Gigadevice Semiconductor Beijing, Inc., Class A | 980 | 30,769 | ||||||
Glodon Co. Ltd., Class A | 1,200 | 12,237 | ||||||
GoerTek, Inc., Class A | 6,977 | 40,261 | ||||||
GRG Banking Equipment Co. Ltd., Class A | 5,100 | 9,037 | ||||||
Guangzhou Haige Communications Group, Inc. Co., Class A | 5,200 | 9,728 | ||||||
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | 1,400 | 22,824 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Hangzhou First Applied Material Co. Ltd., Class A | 1,300 | $ | 14,154 | |||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 19,700 | 136,733 | ||||||
Hangzhou Silan Microelectronics Co. Ltd., Class A | 3,100 | 7,580 | ||||||
Hengtong Optic-electric Co. Ltd., Class A | 4,300 | 9,678 | ||||||
Huagong Tech Co. Ltd., Class A | 1,800 | 6,746 | ||||||
Hundsun Technologies, Inc., Class A | 2,184 | 29,351 | ||||||
Iflytek Co. Ltd., Class A | 5,034 | 29,240 | ||||||
Ingenic Semiconductor Co. Ltd., Class A* | 800 | 11,562 | ||||||
Inspur Electronic Information Industry Co. Ltd., Class A | 3,088 | 13,141 | ||||||
JA Solar Technology Co. Ltd., Class A* | 2,200 | 11,020 | ||||||
Lakala Payment Co. Ltd., Class A | 1,600 | 8,109 | ||||||
Lens Technology Co. Ltd., Class A | 9,200 | 45,888 | ||||||
Leyard Optoelectronic Co. Ltd., Class A | 4,600 | 5,348 | ||||||
Lingyi iTech Guangdong Co., Class A | 12,400 | 26,779 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 8,110 | 84,675 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 14,833 | 116,523 | ||||||
Maxscend Microelectronics Co. Ltd., Class A | 300 | 25,669 | ||||||
NAURA Technology Group Co. Ltd., Class A | 1,000 | 26,140 | ||||||
Ninestar Corp., Class A | 2,400 | 10,822 | ||||||
OFILM Group Co. Ltd., Class A | 5,700 | 13,297 | ||||||
Sanan Optoelectronics Co. Ltd., Class A | 9,479 | 38,680 | ||||||
Sangfor Technologies, Inc., Class A | 800 | 24,521 | ||||||
SG Micro Corp., Class A | 300 | 14,182 | ||||||
Shanghai Baosight Software Co. Ltd., Class A | 1,800 | 16,548 | ||||||
Shengyi Technology Co. Ltd., Class A | 4,600 | 19,512 | ||||||
Shennan Circuits Co. Ltd., Class A | 1,080 | 17,520 | ||||||
Shenzhen Goodix Technology Co. Ltd., Class A | 1,000 | 25,368 | ||||||
Shenzhen Kaifa Technology Co. Ltd., Class A | 3,300 | 10,316 | ||||||
Shenzhen SC New Energy Technology Corp., Class A | 700 | 11,515 | ||||||
Shenzhen Sunway Communication Co. Ltd., Class A | 2,000 | 14,249 | ||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 3,800 | 15,801 | ||||||
Thunder Software Technology Co. Ltd., Class A | 800 | 10,734 | ||||||
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A | 1,700 | 9,838 | ||||||
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A | 6,300 | 21,361 | ||||||
Tianma Microelectronics Co. Ltd., Class A | 5,400 | 12,581 | ||||||
Tianshui Huatian Technology Co. Ltd., Class A | 5,900 | 14,329 | ||||||
TongFu Microelectronics Co. Ltd., Class A* | 2,200 | 8,844 | ||||||
Unigroup Guoxin Microelectronics Co. Ltd., Class A | 1,300 | 19,846 |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Unisplendour Corp. Ltd., Class A | 5,908 | $ | 20,077 | |||||
Universal Scientific Industrial Shanghai Co. Ltd., Class A | 2,900 | 9,652 | ||||||
Venustech Group, Inc., Class A | 1,000 | 4,485 | ||||||
Visionox Technology, Inc., Class A* | 3,100 | 6,115 | ||||||
Wangsu Science & Technology Co. Ltd., Class A | 5,600 | 6,579 | ||||||
Will Semiconductor Co. Ltd. Shanghai, Class A | 1,800 | 58,935 | ||||||
Wingtech Technology Co. Ltd., Class A | 2,500 | 40,046 | ||||||
Wonders Information Co. Ltd., Class A* | 2,300 | 8,022 | ||||||
Wuhan Guide Infrared Co. Ltd., Class A | 3,510 | 20,255 | ||||||
Wuhu Token Science Co. Ltd., Class A | 4,900 | 7,372 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A | 3,700 | 11,179 | ||||||
Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 1,800 | 17,240 | ||||||
Wuxi Taiji Industry Co. Ltd., Class A | 4,000 | 6,559 | ||||||
Yealink Network Technology Corp. Ltd., Class A | 1,600 | 16,752 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 6,926 | 45,998 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 6,400 | 20,319 | ||||||
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 2,600 | 11,080 | ||||||
Zhongji Innolight Co. Ltd., Class A | 1,500 | 11,159 | ||||||
ZTE Corp., Class A | 8,000 | 42,225 | ||||||
|
| |||||||
(Cost $1,093,917) | 1,713,136 | |||||||
|
| |||||||
Materials — 7.8% | ||||||||
Aluminum Corp. of China Ltd., Class A* | 25,908 | 16,262 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 8,664 | 74,395 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 39,357 | 37,144 | ||||||
BBMG Corp., Class A | 19,100 | 8,999 | ||||||
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 4,800 | 24,949 | ||||||
Chifeng Jilong Gold Mining Co. Ltd., Class A* | 3,200 | 8,433 | ||||||
China Jushi Co. Ltd., Class A | 7,400 | 18,916 | ||||||
China Molybdenum Co. Ltd., Class A | 38,600 | 26,926 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A* | 7,293 | 15,007 | ||||||
Ganfeng Lithium Co. Ltd., Class A | 2,400 | 28,523 | ||||||
GEM Co. Ltd., Class A | 9,300 | 7,222 | ||||||
Guangdong HEC Technology Holding Co. Ltd., Class A* | 6,500 | 5,512 | ||||||
Guangdong Hongda Blasting Co. Ltd., Class A | 1,300 | 8,209 | ||||||
Guangzhou Tinci Materials Technology Co. Ltd., Class A | 1,100 | 13,137 | ||||||
Hengli Petrochemical Co. Ltd., Class A | 12,520 | 49,643 | ||||||
Hengyi Petrochemical Co. Ltd., Class A | 8,260 | 15,943 | ||||||
Hesteel Co. Ltd., Class A* | 22,400 | 7,796 | ||||||
Huaxin Cement Co. Ltd., Class A | 2,600 | 9,685 | ||||||
Hunan Valin Steel Co. Ltd., Class A | 12,900 | 10,489 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A* | 93,700 | 17,231 |
Number | Value | |||||||
Materials (Continued) | ||||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 17,795 | $ | 14,279 | |||||
Jiangsu Shagang Co. Ltd., Class A | 4,800 | 8,951 | ||||||
Jiangsu Yangnong Chemical Co. Ltd., Class A | 700 | 12,341 | ||||||
Jiangxi Copper Co. Ltd., Class A | 4,844 | 16,196 | ||||||
Kingfa Sci & Tech Co. Ltd., Class A | 5,300 | 13,999 | ||||||
Lomon Billions Group Co. Ltd., Class A | 3,200 | 15,417 | ||||||
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A* | 19,200 | 7,032 | ||||||
Rongsheng Petro Chemical Co. Ltd., Class A | 11,252 | 43,982 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 7,553 | 27,365 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 3,500 | 18,670 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A | 27,100 | 11,861 | ||||||
Shandong Sinocera Functional Material Co. Ltd., Class A | 2,000 | 11,514 | ||||||
Shandong Sun Paper Industry JSC Ltd., Class A | 5,500 | 12,287 | ||||||
Shanghai Putailai New Energy Technology Co. Ltd., Class A | 900 | 13,778 | ||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A | 12,100 | 6,896 | ||||||
Shenzhen Capchem Technology Co. Ltd., Class A | 800 | 9,848 | ||||||
Sinoma Science & Technology Co. Ltd., Class A | 3,300 | 9,439 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class A | 12,670 | 6,816 | ||||||
Skshu Paint Co. Ltd., Class A | 500 | 10,458 | ||||||
Tangshan Jidong Cement Co. Ltd., Class A | 3,100 | 7,481 | ||||||
Tianqi Lithium Corp., Class A* | 3,190 | 13,492 | ||||||
Tongkun Group Co. Ltd., Class A | 4,100 | 12,281 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A | 17,000 | 6,976 | ||||||
Transfar Zhilian Co. Ltd., Class A | 6,890 | 5,874 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 6,800 | 83,916 | ||||||
Weihai Guangwei Composites Co. Ltd., Class A | 1,000 | 10,882 | ||||||
Xiamen Tungsten Co. Ltd., Class A | 3,300 | 7,608 | ||||||
Yintai Gold Co. Ltd., Class A | 5,880 | 7,980 | ||||||
Yunnan Energy New Material Co. Ltd., Class A | 1,800 | 26,404 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A* | 2,232 | 17,748 | ||||||
Zhejiang Juhua Co. Ltd., Class A | 6,100 | 7,314 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A | 7,700 | 17,436 | ||||||
Zhongjin Gold Corp. Ltd., Class A | 10,700 | 15,497 | ||||||
Zijin Mining Group Co. Ltd., Class A | 41,697 | 58,871 | ||||||
|
| |||||||
(Cost $641,718) | 975,310 | |||||||
|
| |||||||
Real Estate — 3.1% | ||||||||
China Fortune Land Development Co. Ltd., Class A | 8,502 | 19,188 | ||||||
China Merchants Property Operation & Service Co. Ltd., Class A | 2,400 | 8,462 |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF (Continued)
November 30, 2020 (Unaudited)
Number | Value | |||||||
Real Estate (Continued) | ||||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 14,115 | $ | 31,448 | |||||
China Vanke Co. Ltd., Class A | 20,496 | 95,628 | ||||||
Financial Street Holdings Co. Ltd., Class A | 6,800 | 7,193 | ||||||
Gemdale Corp., Class A | 9,522 | 21,895 | ||||||
Greenland Holdings Corp. Ltd., Class A | 18,373 | 17,982 | ||||||
Jiangsu Zhongnan Construction Group Co. Ltd., Class A | 8,200 | 12,325 | ||||||
Jinke Properties Group Co. Ltd., Class A | 10,600 | 12,855 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 25,173 | 65,879 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A | 9,200 | 10,221 | ||||||
Seazen Holdings Co. Ltd., Class A | 4,713 | 25,370 | ||||||
Shanghai Lingang Holdings Corp. Ltd., Class A | 2,600 | 8,539 | ||||||
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 3,600 | 10,198 | ||||||
Xinhu Zhongbao Co. Ltd., Class A | 18,100 | 8,995 | ||||||
Yango Group Co. Ltd., Class A | 8,900 | 9,712 | ||||||
Youngor Group Co. Ltd., Class A | 8,800 | 9,669 | ||||||
Zhongtian Financial Group Co. Ltd., Class A* | 14,400 | 7,003 | ||||||
|
| |||||||
(Cost $318,502) | 382,562 | |||||||
|
| |||||||
Utilities — 2.1% | ||||||||
China National Nuclear Power Co. Ltd., Class A | 29,384 | 21,927 | ||||||
China Yangtze Power Co. Ltd., Class A | 46,500 | 142,116 | ||||||
GD Power Development Co. Ltd., Class A | 44,800 | 14,638 |
Number | Value | |||||||
Utilities (Continued) | ||||||||
Huadian Power International Corp. Ltd., Class A | 14,400 | $ | 7,878 | |||||
Huaneng Power International, Inc., Class A | 15,500 | 12,108 | ||||||
Luenmei Quantum Co. Ltd., Class A | 3,300 | 6,826 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 14,595 | 21,005 | ||||||
Shanghai Electric Power Co. Ltd., Class A | 5,100 | 5,759 | ||||||
Shenergy Co. Ltd., Class A | 10,900 | 9,244 | ||||||
Shenzhen Energy Group Co. Ltd., Class A | 8,400 | 7,238 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 9,400 | 14,900 | ||||||
|
| |||||||
(Cost $225,896) | 263,639 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $8,102,217) | 12,473,133 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 0.3% | ||||||||
Xtrackers Harvest CSI 300 China A-Shares ETF (a)(b) | 950 | 36,385 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (c)(d) | 118 | 118 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.0% (Cost $8,129,304) | $ | 12,509,636 | ||||||
Other assets and liabilities, net — 0.0% | 960 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 12,510,596 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
Value ($) at 5/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2020 | Value ($) at 11/30/2020 | ||||||||||||||||||||||||||||
EXCHANGE-TRADED FUNDS — 0.3% |
| |||||||||||||||||||||||||||||||||||
Xtrackers Harvest CSI 300 China A-Shares ETF (a)(b) |
| |||||||||||||||||||||||||||||||||||
2,723 | 72,798 | (51,538 | ) | 3,508 | 8,894 | — | — | 950 | 36,385 | |||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (c)(d) |
| |||||||||||||||||||||||||||||||||||
2,613 | — | (2,495 | )(e) | — | — | 6 | — | 118 | 118 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04% (c) |
| |||||||||||||||||||||||||||||||||||
339,973 | 4,957,845 | (5,297,818 | ) | — | — | 39 | — | — | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
345,309 | 5,030,643 | (5,351,851 | ) | 3,508 | 8,894 | 45 | — | 1,068 | 36,503 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $115, which is 0.0% of net assets. |
(b) | Affiliated fund advised by DBX Advisors LLC. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF (Continued)
November 30, 2020 (Unaudited)
JSC: | Joint Stock Company |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (f) | $ | 12,473,133 | $ | — | $ | — | $ | 12,473,133 | ||||||||
Exchange-Traded Funds | 36,385 | — | — | 36,385 | ||||||||||||
Short-Term Investments (f) | 118 | — | — | 118 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 12,509,636 | $ | — | $ | — | $ | 12,509,636 | ||||||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
November 30, 2020 (Unaudited)
Xtrackers Harvest CSI 300 China A-Shares ETF | Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | Xtrackers MSCI All China Equity ETF | Xtrackers MSCI China A Inclusion Equity ETF | |||||||||||||
Assets | ||||||||||||||||
Investment in non-affiliated securities at value | $ | 2,432,061,365 | $ | 35,014,282 | $ | 14,042,844 | $ | 12,473,133 | ||||||||
Investment in affiliated securities at value | — | — | 9,935,214 | 36,385 | ||||||||||||
Investment in DWS Government Money Market Series | — | — | 32,832 | — | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio* | — | — | 1,170,497 | 118 | ||||||||||||
Cash | 14,321,931 | 11,207 | — | — | ||||||||||||
Foreign currency at value | 8,276,034 | † | 58,326 | † | 56,969 | 10,822 | ||||||||||
Deposit with broker for futures contracts | — | — | 7,805 | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | 4,554 | 401,027 | 8,677 | ||||||||||||
Capital shares | 5,758,058 | — | — | — | ||||||||||||
Dividends | — | — | 1,459 | — | ||||||||||||
Interest | — | — | — | — | ||||||||||||
Securities lending income | — | — | 2,479 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | $ | 2,460,417,388 | $ | 35,088,369 | $ | 25,651,126 | $ | 12,529,135 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Due to custodian | $ | — | $ | — | $ | — | $ | 12,337 | ||||||||
Payable upon return of securities loaned | — | — | 1,170,497 | 118 | ||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 5,750,713 | — | 397,991 | — | ||||||||||||
Investment advisory fees | 1,173,924 | 18,737 | 5,066 | 6,084 | ||||||||||||
Variation margin on futures contracts | — | — | 1,784 | — | ||||||||||||
Due to authorized participant | 18,593,341 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 25,517,978 | 18,737 | 1,575,338 | 18,539 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 2,434,899,410 | $ | 35,069,632 | $ | 24,075,788 | $ | 12,510,596 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 1,915,242,422 | $ | 48,214,397 | $ | 29,776,085 | $ | 11,549,688 | ||||||||
Distributable earnings (loss) | 519,656,988 | (13,144,765 | ) | (5,700,297 | ) | 960,908 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 2,434,899,410 | $ | 35,069,632 | $ | 24,075,788 | $ | 12,510,596 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 63,750,001 | 1,000,001 | 550,001 | 450,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 38.19 | $ | 35.07 | $ | 43.77 | $ | 27.80 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in non-affiliated securities at cost | $ | 1,658,798,846 | $ | 26,818,396 | $ | 10,868,706 | $ | 8,102,217 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in affiliated securities at cost | $ | — | $ | — | $ | 7,830,247 | $ | 26,969 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | — | $ | — | $ | 1,427,622 | $ | 115 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government Money Market Series at cost | $ | — | $ | — | $ | 32,832 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | — | $ | — | $ | 1,170,497 | $ | 118 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Non-cash collateral for securities on loan | $ | — | $ | — | $ | 317,392 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currency at cost | $ | 8,285,726 | $ | 57,251 | $ | 57,010 | $ | 10,820 | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
† | Included in foreign currency at value is $55,078 and $4,509 respectively which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited. |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
For the Six Months Ended November 30, 2020 (Unaudited)
Xtrackers Harvest CSI 300 China A-Shares ETF | Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | Xtrackers MSCI All China Equity ETF | Xtrackers MSCI China A Inclusion Equity ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated interest income | $ | 7,646 | $ | 114 | $ | — | $ | — | ||||||||
Unaffiliated dividend income* | 27,281,805 | 242,183 | 175,688 | 144,780 | ||||||||||||
Income distributions from affiliated funds | — | — | 5 | 39 | ||||||||||||
Affiliated securities lending income | — | — | 244 | 6 | ||||||||||||
Unaffiliated securities lending income, net of borrower rebates | — | — | 14,919 | 671 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 27,289,451 | 242,297 | 190,856 | 145,496 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 6,190,615 | 109,730 | 59,017 | 34,253 | ||||||||||||
Other expenses | 57 | 57 | 57 | 57 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 6,190,672 | 109,787 | 59,074 | 34,310 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived (see note 3): | ||||||||||||||||
Waiver | — | — | (28,998 | ) | (167 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 6,190,672 | 109,787 | 30,076 | 34,143 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 21,098,779 | 132,510 | 160,780 | 111,353 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | 1,861,856 | 1,219,198 | (253,879 | ) | 772,076 | |||||||||||
Investments in affiliates | — | — | (14,306 | ) | 3,508 | |||||||||||
In-kind redemptions | — | — | 334,368 | — | ||||||||||||
In-kind redemptions in affiliates | — | — | 167,198 | — | ||||||||||||
Futures contracts | — | — | 25,160 | — | ||||||||||||
Foreign currency transactions | 1,986,434 | 17,171 | (448 | ) | (9,973 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 3,848,290 | 1,236,369 | 258,093 | 765,611 | ||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 524,045,325 | 6,213,310 | 3,428,958 | 2,771,853 | ||||||||||||
Investments in affiliates | — | — | 2,766,711 | 8,894 | ||||||||||||
Futures contracts | — | — | (1,370 | ) | — | |||||||||||
Foreign currency translations | (15,031 | ) | 1,585 | 247 | 1,242 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 524,030,294 | 6,214,895 | 6,194,546 | 2,781,989 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 527,878,584 | 7,451,264 | 6,452,639 | 3,547,600 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 548,977,363 | $ | 7,583,774 | $ | 6,613,419 | $ | 3,658,953 | ||||||||
|
|
|
|
|
|
|
| |||||||||
* Unaffiliated foreign tax withheld | $ | 3,033,486 | $ | 27,646 | $ | 14,838 | $ | 16,262 |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
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, 2020 (Unaudited) | Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | Year Ended May 31, 2020 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 21,098,779 | $ | 17,755,118 | $ | 132,510 | $ | 288,193 | ||||||||
Net realized gain (loss) | 3,848,290 | (118,536,199 | ) | 1,236,369 | (9,363,413 | ) | ||||||||||
Net change in net unrealized appreciation (depreciation) | 524,030,294 | 105,330,618 | 6,214,895 | 11,865,278 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 548,977,363 | 4,549,537 | 7,583,774 | 2,790,058 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | — | (16,323,622 | ) | — | (267,342 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 1,226,195,798 | 1,688,068,201 | — | 5,744,566 | ||||||||||||
Value of shares redeemed | (611,036,569 | ) | (1,854,188,349 | ) | (2,860,940 | ) | (51,817,790 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 615,159,229 | (166,120,148 | ) | (2,860,940 | ) | (46,073,224 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 1,164,136,592 | (177,894,233 | ) | 4,722,834 | (43,550,508 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | ||||||||||||||||
Beginning of period | 1,270,762,818 | 1,448,657,051 | 30,346,798 | 73,897,306 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,434,899,410 | $ | 1,270,762,818 | $ | 35,069,632 | $ | 30,346,798 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 46,750,001 | 55,150,001 | 1,100,001 | 2,850,001 | ||||||||||||
Shares sold | 35,000,000 | 58,350,000 | — | 200,000 | ||||||||||||
Shares redeemed | (18,000,000 | ) | (66,750,000 | ) | (100,000 | ) | (1,950,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 63,750,001 | 46,750,001 | 1,000,001 | 1,100,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers MSCI All China Equity ETF | Xtrackers MSCI China A Inclusion Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2020 (Unaudited) | Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | Year Ended May 31, 2020 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 160,780 | $ | 1,014,809 | $ | 111,353 | $ | 376,578 | ||||||||
Net realized gain (loss) | 258,093 | (17,508,451 | ) | 765,611 | (1,852,711 | ) | ||||||||||
Net change in net unrealized appreciation (depreciation) | 6,194,546 | 23,027,209 | 2,781,989 | 3,632,894 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 6,613,419 | 6,533,567 | 3,658,953 | 2,156,761 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | — | (1,586,476 | ) | — | (280,238 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 8,845,595 | — | — | ||||||||||||
Value of shares redeemed | (2,131,569 | ) | (221,424,743 | ) | (5,135,050 | ) | (70,409,971 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (2,131,569 | ) | (212,579,148 | ) | (5,135,050 | ) | (70,409,971 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 4,481,850 | (207,632,057 | ) | (1,476,097 | ) | (68,533,448 | ) | |||||||||
Net Assets | ||||||||||||||||
Beginning of period | 19,593,938 | 227,225,995 | 13,986,693 | 82,520,141 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 24,075,788 | $ | 19,593,938 | $ | 12,510,596 | $ | 13,986,693 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 600,001 | 7,300,001 | 700,001 | 4,400,001 | ||||||||||||
Shares sold | — | 250,000 | — | — | ||||||||||||
Shares redeemed | (50,000 | ) | (6,950,000 | ) | (250,000 | ) | (3,700,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 550,001 | 600,001 | 450,001 | 700,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Xtrackers Harvest CSI 300 China A-Shares ETF Selected Per Share Data | For the Six Months Ended 11/30/2020 (Unaudited) | Years Ended May 31, | ||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
Net Asset Value, beginning of period | $ | 27.18 | $ | 26.27 | $ | 29.56 | $ | 25.84 | $ | 23.74 | $ | 49.93 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.38 | 0.29 | 0.22 | 0.25 | 0.30 | 0.43 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 10.63 | 0.91 | (b) | (3.22 | ) | 3.73 | 1.97 | (18.19 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 11.01 | 1.20 | (3.00 | ) | 3.98 | 2.27 | (17.76 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income | — | (0.29 | ) | — | (0.26 | ) | (0.17 | ) | (0.33 | ) | ||||||||||||||
Net realized gains | — | — | (0.29 | ) | — | — | (8.10 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | — | (0.29 | ) | (0.29 | ) | (0.26 | ) | (0.17 | ) | (8.43 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 38.19 | $ | 27.18 | $ | 26.27 | $ | 29.56 | $ | 25.84 | $ | 23.74 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 40.51 | ** | 4.50 | (10.02 | ) | 15.38 | 9.62 | (38.10 | ) | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 2,435 | 1,271 | 1,449 | 686 | 367 | 326 | ||||||||||||||||||
Ratio of expenses (%) | 0.65 | * | 0.65 | 0.65 | 0.66 | 0.67 | 0.80 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 2.22 | * | 1.05 | 0.87 | 0.82 | 1.24 | 1.27 | |||||||||||||||||
Portfolio turnover rate (%)(c) | 38 | ** | 115 | 81 | 65 | 68 | 159 | |||||||||||||||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF Selected Per Share Data | For the Six Months Ended 11/30/2020 (Unaudited) | Years Ended May 31, | ||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
Net Asset Value, beginning of period | $ | 27.59 | $ | 25.93 | $ | 32.53 | $ | 31.36 | $ | 33.00 | $ | 65.42 | ||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.13 | 0.17 | 0.20 | 0.04 | (0.03 | ) | (0.05 | ) | ||||||||||||||||
Net realized and unrealized gain (loss) | 7.35 | 1.65 | (6.80 | ) | 1.13 | (1.61 | ) | (28.91 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 7.48 | 1.82 | (6.60 | ) | 1.17 | (1.64 | ) | (28.96 | ) | |||||||||||||||
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|
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|
|
|
| |||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income | — | (0.16 | ) | — | — | — | (0.17 | ) | ||||||||||||||||
Net realized gains | — | — | — | — | — | (3.29 | ) | |||||||||||||||||
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|
|
|
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|
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|
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|
| |||||||||||||
Total distributions | — | (0.16 | ) | — | — | — | (3.46 | ) | ||||||||||||||||
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|
|
|
|
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|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 35.07 | $ | 27.59 | $ | 25.93 | $ | 32.53 | $ | 31.36 | $ | 33.00 | ||||||||||||
|
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|
|
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|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 27.11 | ** | 7.02 | (20.29 | ) | 3.73 | (4.97 | ) | (45.37 | ) | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 35 | 30 | 74 | 24 | 20 | 21 | ||||||||||||||||||
Ratio of expenses (%) | 0.65 | * | 0.65 | 0.65 | 0.65 | 0.67 | 0.80 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 0.78 | * | 0.63 | 0.74 | 0.10 | (0.09 | ) | (0.11 | ) | |||||||||||||||
Portfolio turnover rate (%)(c) | 15 | ** | 48 | 16 | 29 | 51 | 215 |
(a) | Based on average shares outstanding during the period. |
(b) | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
(c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers MSCI All China Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2020 (Unaudited) | Years Ended May 31, | ||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
Net Asset Value, beginning of period | $ | 32.66 | $ | 31.13 | $ | 37.78 | $ | 30.54 | �� | $ | 28.36 | $ | 46.01 | |||||||||||
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|
|
|
|
|
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| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.27 | 0.76 | 0.36 | 0.79 | 0.91 | 2.15 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 10.84 | 2.21 | (6.42 | ) | 6.75 | 4.26 | (15.46 | ) | ||||||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 11.11 | 2.97 | (6.06 | ) | 7.54 | 5.17 | (13.31 | ) | ||||||||||||||||
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|
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| |||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income | — | (1.44 | ) | (0.59 | ) | (0.30 | ) | (2.99 | ) | (4.34 | ) | |||||||||||||
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|
|
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|
|
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|
| |||||||||||||
Total distributions | — | (1.44 | ) | (0.59 | ) | (0.30 | ) | (2.99 | ) | (4.34 | ) | |||||||||||||
|
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|
|
| |||||||||||||
Net Asset Value, end of period | $ | 43.77 | $ | 32.66 | $ | 31.13 | $ | 37.78 | $ | 30.54 | $ | 28.36 | ||||||||||||
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|
|
|
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|
|
| |||||||||||||
Total Return (%)(b) | 34.02 | ** | 9.35 | (15.89 | ) | 24.71 | 20.03 | (29.80 | ) | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 24 | 20 | 227 | 36 | 5 | 7 | ||||||||||||||||||
Ratio of expenses before fee waiver (%)(c) | 0.50 | * | 0.50 | 0.50 | 0.60 | 0.60 | 0.60 | |||||||||||||||||
Ratio of expenses after fee waiver (%)(c) | 0.25 | * | 0.26 | 0.28 | 0.36 | 0.35 | 0.26 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 1.36 | * | 2.27 | 1.07 | 2.10 | 3.10 | 6.46 | |||||||||||||||||
Portfolio turnover rate (%)(d) | 3 | ** | 14 | 102 | 3 | 7 | 36 | |||||||||||||||||
Xtrackers MSCI China A Inclusion Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2020 (Unaudited) | Years Ended May 31, | Period Ended 5/31/2016(e) | |||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||
Net Asset Value, beginning of period | $ | 19.98 | $ | 18.75 | $ | 20.80 | $ | 19.53 | $ | 21.86 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.25 | 0.41 | 0.15 | 0.52 | 0.29 | 0.40 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 7.57 | 1.19 | (2.03 | ) | 1.30 | 1.05 | (2.80 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 7.82 | 1.60 | (1.88 | ) | 1.82 | 1.34 | (2.40 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income | — | (0.37 | ) | (0.17 | ) | (0.55 | ) | (2.82 | ) | (0.74 | ) | |||||||||||||
Net realized gains | — | — | — | — | (0.85 | ) | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | — | (0.37 | ) | (0.17 | ) | (0.55 | ) | (3.67 | ) | (0.74 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 27.80 | $ | 19.98 | $ | 18.75 | $ | 20.80 | $ | 19.53 | $ | 21.86 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%)(b) | 39.14 | ** | 8.49 | (8.91 | ) | 9.12 | 6.42 | (f) | (10.01 | )** | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 13 | 14 | 83 | 2 | 3 | 2 | ||||||||||||||||||
Ratio of expenses before fee waiver (%)(c) | 0.60 | * | 0.60 | 0.60 | 0.70 | 0.72 | 1.25 | *** | ||||||||||||||||
Ratio of expenses after fee waiver (%)(c) | 0.60 | * | 0.60 | 0.60 | 0.05 | 0.05 | 0.45 | *** | ||||||||||||||||
Ratio of net investment income (loss) (%) | 1.95 | * | 2.03 | 0.75 | 2.38 | 1.41 | 2.92 | * | ||||||||||||||||
Portfolio turnover rate (%)(d) | 7 | ** | 27 | 180 | 3 | 6 | 4 | ** |
(a) | Based on average shares outstanding during the period. |
(b) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(c) | The Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not included these indirect fees and expenses. |
(d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(e) | For the period October 20, 2015 (commencement of operations) through May 31, 2016. |
(f) | The Fund’s total return includes a reimbursement by the Advisor for a realized loss on a trade executed incorrectly, which otherwise would have reduced total return by 0.41%. |
* | Annualized. |
** | Not Annualized. |
*** | Annualized. Includes excise tax expense that is not annualized. |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2020, the Trust consists of thirty-three 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:
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 |
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:
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 |
CSI 300 Index is calculated and maintained by China Securities Index Co., Ltd. It is a modified free-float market capitalization weighted index composed of the 300 largest and most liquid stocks in the China A-Share market. Constituent stocks for the Underlying Index generally must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange for specified time periods, have demonstrated positive performance, and not be subject to abnormal volatility or other evidence of possible market manipulation, among other factors. The composition of the Underlying Index is reviewed every six-months.
CSI 500 Index is calculated and maintained by China Securities Index Co., Ltd. It is a modified free-float market capitalization weighted index composed of the 500 smallest and most liquid stocks in the China A-Share market. Constituent stocks for the Underlying Index generally must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange for specified time periods, have demonstrated positive performance, and not be subject to abnormal volatility or other evidence of possible market manipulation, among other factors. The composition of the Underlying Index is reviewed every six-months.
MSCI China All Shares Index and MSCI China A Inclusion Equity Index are each calculated and maintained by MSCI, Inc. (“MSCI”). The MSCI China All Share Index is a rules-based, free-float adjusted market capitalization index comprised of equity securities that are listed in Hong Kong, Shanghai and Shenzhen. The Underlying Index is intended to give investors a means of tracking the overall performance of equity securities that are a representative sample of the entire Chinese investment universe. The Underlying Index is comprised of A-Shares, B-Shares, H-Shares, Red chips and P chips share classes as well as securities of Chinese companies listed outside of China (e.g. American depository receipts). The Underlying Index is rebalanced on a quarterly basis.
The MSCI China A Inclusion Index is designed to track the equity market performance of China A-Shares that are accessible through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (together “Stock Connect”). “A-Shares” are equity securities issued by companies incorporated in mainland China and are denominated in renminbi. Certain eligible A-Shares are traded on the Shanghai or
40
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
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. Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF are diversified series of the Trust. Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF are non-diversified and are not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the fund’s shares to greater price volatility than that experienced by more diversified investment companies. 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.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.
Investments in open-end investment companies are valued at their NAV each business day and are categorized as a Level 1.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
41
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; length of time of a halt in trading of the security; movement in the security’s proxy index; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Distributions of income and capital gains from investments in affiliated funds are recorded on the ex-dividend date. Interest income is recorded on the accrual basis.
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, 2020, the Funds did not incur any interest or penalties.
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Notes to Financial Statements (Unaudited) (Continued)
At May 31, 2020, 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.
Short-Term | Long-Term | Total Amount | ||||||||||
Xtrackers Harvest CSI 300 China A-Shares ETF | $ | 98,419,937 | $ | 97,830,125 | $ | 196,250,062 | ||||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 14,804,329 | 6,589,912 | 21,394,241 | |||||||||
Xtrackers MSCI All China Equity ETF | 7,274,409 | 3,923,083 | 11,197,492 | |||||||||
Xtrackers MSCI China A Inclusion Equity ETF | 3,952,636 | 190,488 | 4,143,124 |
As of May 31, 2020, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
Aggregate Tax Cost | Net Unrealized Appreciation (Depreciation) | Aggregate Gross Unrealized Appreciation | Aggregate Gross Unrealized (Depreciation) | |||||||||||||
Xtrackers Harvest CSI 300 China A-Shares ETF | $ | 1,106,488,011 | $ | 160,571,384 | $ | 275,333,053 | $ | (114,761,669 | ) | |||||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 29,740,388 | 513,359 | 5,429,178 | (4,915,819 | ) | |||||||||||
Xtrackers MSCI All China Equity ETF | 22,526,399 | (1,181,524 | ) | 1,339,731 | (2,521,255 | ) | ||||||||||
Xtrackers MSCI China A Inclusion Equity ETF | 12,865,367 | 1,444,357 | 2,466,060 | (1,021,703 | ) |
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, 2020, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
The Funds’ direct investments in China A-Shares will be subject to a number of Chinese tax rules and the application of many of those rules is evolving. Chinese taxes that may apply to the Funds’ direct investments in A-Shares include withholding income tax (“WHT”) on dividends, WHT on bank interest, WHT on capital gains realized from the disposal of equity investments prior to November 17, 2014 and stamp tax. China imposes WHT at a rate of 10% on dividends on shares and interest income derived by non People’s Republic of China (“PRC”) enterprises including Qualified Foreign Institutional Investors (“QFII”) and renminbi Qualified Foreign Institutional Investors (“RQFII”) from PRC resident issuers, subject to any lower rate provided by an applicable tax treaty.
With the approval from the PRC State Council, the PRC State Administration of Taxation, the PRC Ministry of Finance and the China Securities Regulatory Commission jointly issued Caishui [2014] 79 (Circular 79) on November 14, 2014. According to Circular 79, RQFIIs are temporarily exempt from WHT with respect to gains derived from the trading of equity investments (including shares in PRC enterprises) effective from November 17, 2014. With respect to gains derived from equity investments prior to November 17, 2014, RQFIIs are subject to WHT at a rate of 10% on such gains on a gross basis, subject to any lower rate provided by an applicable tax treaty. The above WHT treatment applies to RQFIIs which do not have a permanent establishment (“PE”) in the PRC. The Funds do not have PEs in the PRC, therefore, the Funds are only subject to WHT at 10% with respect to gross realized gains derived from the disposal of land-rich A-Share companies and exempt from WHT with respect to gross realized gains derived from non land-rich A-Share companies prior to November 17, 2014. Land-rich enterprises refer to companies whose value of immovable property in the PRC is greater than 50% of the value of their total assets at any time during the three-year period before the alienation of the PRC companies’ shares. The WHT relating to the realized gains from shares in land-rich companies prior to November 17, 2014 has
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Notes to Financial Statements (Unaudited) (Continued)
been paid by the Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, respectively; 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, 2020, 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, 2020) 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, 2020, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.
Remaining Contractual Maturity of the Agreements, as of November 30, 2020 | ||||||||||||||||||||
Securities Lending Transactions Xtrackers MSCI All China Equity ETF | Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | |||||||||||||||
Common Stocks | $ | 57,622 | $ | 1,014 | $ | 10,955 | $ | 305,423 | $ | 375,014 | ||||||||||
Exchange-Traded Funds | 1,112,875 | — | — | — | 1,112,875 | |||||||||||||||
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Total Borrowings | $ | 1,170,497 | $ | 1,014 | $ | 10,955 | $ | 305,423 | $ | 1,487,889 | ||||||||||
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Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 1,487,889 |
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Notes to Financial Statements (Unaudited) (Continued)
Securities Lending Transactions Xtrackers MSCI China A Inclusion Equity ETF | Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | |||||||||||||||
Exchange-Traded Funds | $ | 118 | $ | — | $ | — | $ | — | $ | 118 | ||||||||||
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Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 118 |
Derivatives
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, 2020, Xtrackers MSCI All China Equity ETF utilized futures in order to simulate investment in the 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, 2020 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, 2020 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives | Liability Derivatives | |||||||||||||
Xtrackers MSCI All China Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 3,950 | Unrealized depreciation on futures contracts* | $ | — |
* | Includes cumulative appreciation or cumulative depreciation on futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2020 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
Net Realized Gain (Loss) from: | ||||
Futures Contracts — Equity Contracts | ||||
Xtrackers MSCI All China Equity ETF | $ | 25,160 |
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Notes to Financial Statements (Unaudited) (Continued)
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures Contracts —Equity Contracts | ||||
Xtrackers MSCI All China Equity ETF | $ | (1,370 | ) |
For the period ended November 30, 2020 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | ||||
Xtrackers MSCI All China Equity ETF | $ | 86,758 |
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.
3. Investment Advisory and Other Agreements
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:
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 | % |
The Advisor for Xtrackers MSCI All China Equity ETF has contractually agreed, until November 14, 2021, 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, 2021, to waive a portion of its management fees to the extent necessary to prevent the operating expenses of the Fund from exceeding 0.50% of the Fund’s average daily net assets. For the period ended November 30, 2020, the Advisor waived $28,991 of the expenses of the Fund which were attributable to the Fund’s investments in affiliated funds.
The Advisor for Xtrackers MSCI China A Inclusion Equity ETF has contractually agreed to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. For the period ended November 30, 2020, the Advisor waived $145 of the expenses of the Fund.
The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired funds’ fees and expenses attributable to the Funds’ investments in affiliated cash
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Notes to Financial Statements (Unaudited) (Continued)
management vehicles. For the period ended November 30, 2020, the Advisor waived expenses of the Funds as follows:
Expenses Waived | ||||
Xtrackers MSCI All China Equity ETF | $ | 7 | ||
Xtrackers MSCI China A Inclusion Equity ETF | 22 |
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).
4. Investment Portfolio Transactions
For the period ended November 30, 2020, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Xtrackers Harvest CSI 300 China A-Shares ETF | $ | 1,346,512,003 | $ | 707,417,216 | ||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 5,059,960 | 7,731,961 | ||||||
Xtrackers MSCI All China Equity ETF | 865,112 | 722,660 | ||||||
Xtrackers MSCI China A Inclusion Equity ETF | 828,373 | 5,842,323 |
For the period ended November 30, 2020, the cost of in-kind purchases and proceeds from in-kind sale were as follows:
Purchases | Sales | |||||||
Xtrackers MSCI All China Equity ETF | $ | — | $ | 2,128,467 |
5. Fund Share Transactions
As of November 30, 2020, 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.
6. Investing in China
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
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DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
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; 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; and different and less stringent financial reporting standards. In addition, in November 2020, the President of the United States issued an executive order (“CCMC Order”) prohibiting US persons, including the Funds, from transacting in securities of any Chinese company identified by the Secretary of Defense as a “Communist Chinese military company” (“CCMC”) or in instruments that are derivative of, or are designed to provide investment exposure to, prohibited CCMC securities. The prohibition takes effect on January 11, 2021. To the extent that any company in an Underlying Index is identified as CCMC at any time, it may have material adverse effect on a fund’s ability to track its Underlying Index.
7. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, Xtrackers MSCI China A Inclusion Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2020.
8. Other — COVID-19 Pandemic
A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity and increased government activity. Specifically, COVID-19 has led to significant death and morbidity, and concerns about its further spread have resulted in the closing of schools and non-essential businesses, cancellations, shelter-in place orders, lower consumer spending in certain sectors, social distancing, bans on large social gatherings and travel, quarantines, government economic stimulus measures, reduced productivity, rapid increases in unemployment, increased demand for and strain on government and medical resources, border closings and global trade and supply chain interruptions, among others. 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. The pandemic may 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. A Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and a prolonged pandemic may result in a Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on each Fund and reflect the consequences as appropriate in each Fund’s accounting and financial reporting.
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DBX ETF Trust
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Portfolio Holdings Information
The 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.
Discount & Premium Information
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.
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DBX ETF Trust
DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.
California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.
Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.
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DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
Investing involves risk, including possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. 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. CN and ASHX are currently non-diversified and can take larger positions in fewer issues, increasing the Fund’s potential risk. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.
The U.S. government has imposed restrictions on the ability of U.S. investors to hold and/or acquire securities of certain Chinese companies. To the extent that an Underlying Index includes such a security and the Fund excludes it, the Fund’s tracking error may increase and the performance of the Fund and Underlying Index may diverge.
War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
The CSI Indexes are calculated by China Securities Index Co., Ltd. (CSI). CSI does not make any warranties, express or implied, to its customers or any other party regarding the accuracy or completeness of any data related to the Index. All information is provided for information purposes only. CSI accepts no liability for any errors or any loss arising from the use of information it provides.
The Funds or securities referred to herein are not sponsored, endorsed, issued, sold or promoted by MSCI, and MSCI bears no liability with respect to any such Funds or securities or any index on which such Funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX Advisors LLC and any related funds.
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Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
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 5 Times Square New York, NY 10036 | Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
R-049076-5 (1/21) DBX004704 (1/22)
Item 1 (continued)
(b) Not applicable.
Item 2. | Code of Ethics. |
Not applicable.
Item 3. | Audit Committee Financial Expert. |
Stephen R. Byers, George O. Elston, and J. David Officer are the designated financial experts on the Audit Committee of DBX ETF Trust. With respect to DBX ETF Trust, Stephen Byers, George O. Elston, and J. David Officer are not “interested persons” as such terms are defined by Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Item 4. | Principal Accountant Fees and Services. |
Not applicable.
Item 5. | Audit Committee of Listed Registrants. |
The Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are Stephen R. Byers, George O. Elston, and J. David Officer.
Item 6. | Investments. |
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. | Controls and Procedures. |
(a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. |
(b) There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
(a)(1) | Not applicable. | |||
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. | |||
(a)(3) | Not applicable. | |||
(a)(4) | Not applicable. | |||
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | DBX ETF Trust | |
By (Signature and Title) | /s/ Freddi Klassen | |
Freddi Klassen | ||
President and Chief Executive Officer |
Date February 4, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Freddi Klassen | |
Freddi Klassen | ||
President and Chief Executive Officer |
Date February 4, 2021
By (Signature and Title) | /s/ Diane Kenneally | |
Diane Kenneally | ||
Treasurer and Chief Financial Officer |
Date February 4, 2021